Federal Reserve Bulletin, 1932-04

FEDERAL RESERVE BULLETIN APRIL, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Comments and Recommendations on the Glass Bill Report of Reconstruction Finance Corporation Annual Reports of Central Banks: Belgium, Germany, Switzerland UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor, OGDEN L. MILLS, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. WAYLAND W. MAGEE. FLOYD R. HARRISON, Assistant to the Governor. LEO H. PAULGER, Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research CHESTER MORRILL, Secretary. and Statistics. E. M. MCCLELLAND, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research J. C. NOELL, Assistant Secretary and Fiscal Agent. and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) THOMAS M. STEELE. District No. 2 (NEW YORK) ROBERT H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) ' J. A. HOUSE. District No. 5 (RICHMOND) HOWARD BRUCE. District No. 6 (ATLANTA) JOHN K. OTTLEY. District No. 7 (CHICAGO) MELVIN A. TRAYLOR, Vice President. District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) WALTER S. MCLUCAS. District No. 11 (DALLAS) J. H. FROST. District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R of e — serve Bank Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss... Roy A. Young W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.* A. W. Gilbart J. W. Jones.1 E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.1 L. R. Rounds Allan Sproul.1 L. F. Sailer L. Werner Knoke.1 Philadelphia R. L. Austin _ Geo. W. Norris Wm. H. Hutt . . C. A. Mcllhennv. W. G. McCreedy.2 Cleveland. _ George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black W. S.Johns M. W. Bell. H. F. Conniff W. S. McLarin, jr.* Chicago _ Eugene M. Stevens J. B. McDougal C. R. McKay . . W. C. Bachman.1 John H. Blair D. A. Jones.1 J. H. Dillard 0. J. Netterstrom.1 E. A. Delaney.1 St. Louis _... John S. Wood Wm. McC. Martin.__ 0. M. Attebery S. F. Gilmore.2 FA . NTT. HTJa Ql l1.1*1 2 G. 0. Hollocher.* 0. C. Phillips.* Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.2 Kansas City M. L. McClure Geo. H. Hamilton C. A. Worthington.__. J. W. Helm. Dallas C. C. Walsh B. A. McKinney TR .W R . TGTipllbmert Fred Harris. R. B. Coleman W. 0. Ford.1 San Francisco Isaac B. Newton Jno. U. Calkins.. Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. ' Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch ___ J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch ... Hugh Foster. San Francisco: Birmingham branch.._ A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch __ __ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch John T. Moore. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 203 Changes in foreign central bank discount rates , 205 Federal Reserve Board's comments and recommendations on the Glass bill 206 Statement of Federal Advisory Council on the Glass bill 222 First quarterly report of the Reconstruction Finance Corporation 225 Condition of all banks in the United States on Dec. 31, 1931 234, 270-273 Annual report of the National Bank of Belgium 242 Annual report of the German Reichsbank 244 Annual report of the National Bank of Switzerland 251 National summary of business conditions 227 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 228-231 Member and nonmember bank credit— All banks in the United States 234, 270-273 All member banks 232-234, 274 Weekly reporting member banks in leading cities 235, 275 Brokers' loans 235 Acceptances and commercial paper 236 Discount rates and money rates 238, 276 Bank suspensions and banks reopened 237, 278-280 Member bank holdings of eligible assets (Government securities and eligible paper) 237 Security prices, security issues, United States Government securities 239 Production, employment, car loadings, and commodity prices 240, 281-283 Merchandise exports and imports 241 Department stores—indexes of sales and stocks 241 Freight-car loadings, by classes 241 Financial statistics for foreign countries: Gold reserves of central banks and governments 255 Gold production 256 Gold movements 256-258 Government note issues and reserves 259 Bank for International Settlements 259 Central banks . 260-262 Commercial banks 263 Discount rates of central banks 264 Money rates 264 Foreign exchange rates 265 Price movements— Security prices 266 Wholesale prices 266,267 Retail food prices and cost of living 267 Federal reserve statistics by districts, etc.: Banking and financial statistics 268-280 Industrialjmd commercial statistics 281-284 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 18 APRIL, 1932 No. 4 REVIEW OF THE MONTH penditures. As a consequence of the return flow Banking conditions showed further improve- of currency, the Treasury transfers, and other ment in March. Bank suspensions, which had factors affecting the interdistrict movement of numbered 342 in January and funds, discounts for member banks declined at 122 in February, were 45 in all the Federal reserve banks, the largest de- March, and deposits of banks clines being reported by the Federal Reserve that reopened their doors in March were approx- Banks of New York, Philadelphia, and Cleveimately as large as deposits in those that sus- land. Conditions in the money market conpended during the month. Restoration of tinued to be easy and there was some decline confidence, following upon the reduction in in short-term money rates. bank failures, was reflected in a continued and On March 29 the Federal Reserve Board accelerated return flow of currency from the submitted to the Committee on Banking and public to the banks. Liquidation of bank Board's letter to Currency of the United States loans continued during the month, but was Senate Com- Senate its comments and recoffset in part by an increase in investments, mittee ommendations on Senate Bill particularly in holdings of United States Gov- 4115, introduced by Senator Glass on March ernment securities. Reserve balances of mem- 17, 1932. This bill was drafted in accordance ber banks with the reserve banks, which had with a resolution adopted by the Senate in declined practically continuously from the 1930, and proposes many fundamental changes middle of last year to the end of February, in the country's banking laws. The board's showed an increase in March. As a conse- report on the bill, which represented the unanquence chiefly of the return flow of currency, imous recommendations of the Federal Reserve together with an increase in the country's stock Board, was presented to the committee by of monetary gold, the total volume of reserve Governor Eugene Meyer at a hearing on bank credit declined in March by $112,000,000. March 29, and has been printed in the record There was an increase of $130,000,000 in the of the committee's hearings, together with reserve banks' holdings of United States Gov- Governor Meyer's oral testimony. The report ernment securities, accompanied by a decline was in the form of a memorandum in which in their holdings of acceptances and a reduction the bill was discussed in detail, section by of $200,000,000 in the indebtedness of member section, and was accompanied by a letter of banks to the reserve banks. Although pur- transmittal summarizing the board's comments chases of United States Government securities and recommendations regarding the bill. The by the reserve banks were made largely in New full text of the report and of the accompanying York, the funds thus placed in the market were letter will be found on pages 206-221 of this distributed to a considerable extent to other issue of the BULLETIN. parts of the country through Treasury transfers The Federal Advisory Council at a special of funds, in part to cover payments of loans meeting on March 29 issued a statement of its made by the Reconstruction Finance Corpora- recommendations respecting the bill, which tion and in part as ordinary Government ex- appears on pages 222-225. 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 FEDERAL RESERVE BULLETIN APRIL, 1932 Gold movements in Europe during the past change had fluctuated between $3.40 and $3.50. month were similar in character to those of This level was considerably above that of last the month preceding. The December; and its maintenance, at a time B*mk of France increased its when the British Government was preparing gold stock by $106,000,000, to liquidate indebtedness abroad, was followed nearly two-thirds of which was taken from the by increased confidence in the pound. The United States. The remainder was drawn resulting high premium on forward transactions largely from the London bullion market, where heightened the attractiveness of London as a Indian and South African shipments were dis- market for the investment of short-term funds. posed of in substantial volume. Late in March the dollar rate on sterling was The loss of $13,000,000 of gold by Germany at the level of $3.75. reflected the partial repayment by the Riechs- Money rates on the open-market in London bank of the $100,000,000 emergency credit continued to ease. Bankers' balances at the obtained last June and periodically renewed. Bank of England remained large throughout The most recent renewal—that of March 4— the month ending March 23, as indicated by provided for the repayment of 10 per cent of the accompanying condition statement. In the principal; and the Keichsbank drew the fact, heavy purchases of securities by the Bank required funds from its gold reserves. of England increased these balances substantially, notwithstanding large withdrawals of GOLD RESERVES OF SELECTED CENTRAL BANKS [In millions of dollars] BAXK OF ENGLAND [In thousands of pounds sterling] Change from— Central bank of - D 19 a 3 t 2 e re G se o r l v d es Month Year Mar. 23, ! ! Change . .. from— before before j m2 Feb. 24, ! Mar. 25, I . 1932 ! 1931 England i Ma 588 : -118 France .. Ma 2,999 | +800 Gold [ 120,807 +34 , -22,807 Germany Mai 209 i -13 -33(5 Discounts and advances I 11,273 -220 1 -89 Italy Ma +17 Securities... | 357,450 +15,302 ; +49, 423 Belgium _.; Ma 349 ! -2 +149 -B ank- ers'- d-e posi"t s.. 73,449 +5,525 i +15, 745 N Sw et i h tz e e r r l l a a n n d d s ; : M M M ar 3 47 5 1 2 ! i - + 11 3 + + 1 3 7 4 3 7 O No th te e s r d in e p c o ir s c i u ts l . a . t . i .. on. 3 4 5 3 8 . . 4 8 0 3 9 5 + - 2 1 . 2 , 9 4 1 3 4 2 + 1 + 0, 1 0 9 2 8 8 v Preliminary. notes into circulation. In the latter part of The British Government on March 4 repaid March the rate on prime bankers' acceptances $150,000,000 and on March 29 an additional averaged below 3 per cent and that on treasury «' L. <• IT i A $30,000,000 of the $200,000,000bills below 2 per cent. The Bank of England Bank of England ' ,., , , , . lowered its rate of discount on March 10 from 1-year credit extended on Au- 5 to 4 per cent and on March 17 to 3}i per cent. gust 28, 1931, by a consortium of private banks Bank of France holdings of foreign exchange in this country. Retirements of $100,000,000 declined further during the four weeks ending of a similar credit granted by private lenders in March 18, by about 3,800,000,- France were also announced during the month. Bank of France 000 francs. Only 2,700,000,000 In conjunction with these payments all restricfrancs of this decline was represented by direct tions on dealings in sterling exchange were reconversions into gold. The remaining 1,100,moved. 000,000 francs was purchased from the bank Throughout most of January and February, with drafts on "other deposits," wliich include the two months immediately preceding the first balances of the French commercial banks. of these repayments, quotations on sterling ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

205 APRIL, 1932 FEDERAL RESERVE BULLETIN Until recently the flow of short-term funds of the German commercial banks now in proginto Paris, including the drawing by French ress. This reorganization is discussed more private banks on their foreign balances, had been for some months a principal source not only KEICHSBAXK [In millions of reichsm.irks] of the gold acquired by the Bank of France outside of conversion operations, but also of foreign Change from— currencies used in paying for a net excess of Mar. 23, \ merchandise imports into the country. The '• 1932 Feb. 23, i Mar. 23, 1932 ! 1931 flow of short-term funds into France has lately Gold.... 877 -53 i -1,409 BANK OF FRA.VCE Foreign exchange reserves 142 -4 i -81 Discounts and advances.. 3,354 +41 i +1,793 lln millions of francs] D Se e c p u o r s it i i t e s s 3 4 0 9 2 i : + + 1 2 5 0 9 0 + + 1 26 4 0 8 Notes in circulation _ 4,005 +3 • +240 Change from— ! Mar. IS, !• fully in the Reichsbank's annual report for 1931 | 1932 Feb. 19, i Mar. 20, 1932 ; 1931 printed elsewhere in this BULLETIN. The increase in the security portfolio of the Gold : 76,f>09 +2, 094 i +20, 406 bank represents the purchase of 200,000,000 Foreign exchange 12,728 -3,827 i -13. 548 G D o om ve e r s n t m ic e d n i t s c d o e u p n o t s s i ts a nd advances : 3 7 , , 8 1 2 0 3 1 + -0 3 0 4 7 9 I : - - 1 8, , 8 0 0 3 4 4 reiebsmarks of new capital stock of the Gold Other deposits 23,837 i -1,339 +11.953 Discount Bank to enable the latter to partici- Notes in circulation"-"."._ "~~~ ~ I~~....... 81,929 ! -050 + 4, 559 pate in the program of the German Government diminished, however, partly because the foreign for reconstruction of the principal commercial balances of French banks, as evidenced by the banks. The Gold Discount Bank, with the funds reports of the four large Paris institutions, have thus placed at its disposal, purchased capital been largely repatriated. An additional factor shares of the reorganized institutions, while the has been the increased flow of funds from Paris Government not only purchased capital shares and elsewhere to London, consequent upon the in substantial volume but in addition advanced improvement of financial conditions in England. funds to be used in absorbing losses sustained At the same time French foreign trade has by the commercial banks. continued adverse, and it has therefore been necessary for the market to purchase exchange from the Bank of France. Changes in Bill Rates The German Ileichsbank lost 57,000,000 At the Federal Reserve Bank of New York buying rates on bills having maturities up to reiehsmarks of gold and foreign exchange 120 days were reduced March 25 as follows: reserves in the month ended Reichsbank Bills having maturities up to 45 days, from 2% March 23. About 42,000,000 to 2% per cent; 45 to 120 days from 2% to 2% reichsmarks of this loss was attributable to the per cent. fact that on March 4 the bank repaid 10 per cent of the $100,000,000 credit granted by a Changes in Foreign Central Bank Discount Rates group of central banks last June. Deposits at The following changes in discount rates durthe Reichsbank increased during the month to ing the period March 13-April 1 have been the largest figure reported since last November. reported by central banks in foreign countries: This expansion is to be associated with the Austrian National Bank—March 18, from 8 to 7 increase of 200,000,000 reichsmarks in security per cent. Bank of England—March 17, from 4 to 3% Per cent. holdings consequent upon the reorganization Bank of Italy—March 21, from 7 to 6 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN APRIL, 1932 FEDERAL RESERVE BOARD'S COMMENTS AND RECOMMENDATIONS ON THE GLASS BILL (S. 4115) MARCH 29, 1932. particular procedure. The board believes that Hon. PETER NORBECK:, nothing further is necessary or advisable at Chairman Committee on this time than an amendment clarifying its Banking and Currency, power of supervision over open-market opera- United States Senate, tions of the Federal reserve banks and their Washington, D. C. relationships with foreign banks, as set out in DEAR SENATOR NORBECK: On March 17, the memorandum attached. 1932, I received a letter from Senator Glass The board is not in sympathy with the inclosing copies of Senate bill 4115, and stating provisions of the bill discriminating against that the Banking and Currency Committee member-bank collateral notes. Experience would be glad to have the Federal Reserve shows that the particular instrument on which Board make any comments or suggestions that Federal reserve credit is obtained is not an in its judgment would seem desirable. Ac- adequate test of the use to be made by the cordingly, there is inclosed herewith for the member bank of the proceeds of the credit and consideration of your committee a memoran- that an attempt to control speculation through dum containing the board's comments and restrictions on member-bank collateral notes recommendations. would not be effective in accomplishing the The subjects dealt with in the bill may be purpose of this section of the bill. Indeed, it classified under three general heads: (1) Those probably would interfere seriously with the relating more directly to the Federal Reserve convenient and economical operation of the Board and the reserve banks; (2) those con- system. In this connection the Federal Recerning primarily member banks, and (3) those serve Board desires to renew the recommendadealing with affiliates of member banks. tion made in its annual reports for several The Federal Reserve Board is in sympathy years, that the maturity for which advances with the purpose of the bill to strengthen the may be made to member banks on their prosupervision of the Federal reserve system over missory notes secured by paper which is eligible general credit conditions and to invest the for discount be increased from 15 to 90 days. Federal reserve authorities with certain dis- Such an amendment would be especially helpciplinary powers in relation to banks that ful to country banks. pursue unsafe and unsound policies or abuse The board is of the opinion that the adoption the privileges of membership. The board's of a system of reserves based on velocity of recommendations on this subject are incor- accounts as well as on their volume, as recomporated in its proposed revision of sections 3 mended by the system's committee on reserves, and 29 of the bill. would be an important step in strengthening With respect to the section of the bill deal- the influence that the Federal reserve system ing with open-market operations, the board could exert in the direction of sound credit concalls attention to the fact that there is already ditions. The section of the bill dealing with in existence an open-market committee on reserves would accentuate rather than reduce which each of the Federal reserve banks has the inequalities that have grown up in the disrepresentation. This has come about as the tribution of reserves between different classes result of natural development. The board of member banks. The board also believes it believes that it would be inadvisable to disturb should not be overlooked that this section of this development by crystallizing into law any the bill would exert a tightening influence on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 207 credit conditions at times when it would be for the convenience of each member of your contrary to the public interest. committee. The board is in favor of establishing a liqui- Very truly yours, dating corporation, but proposes to limit the EUGENE MEYER, Governor. scope of its operations to member banks and suggests a different method of financing it, to- COMMENTS AND RECOMMENDATIONS l gether with certain changes in the provisions SECTION 2 for its administration. If the section on branch banking is enacted This section defines affiliates and upon its in the form proposed in the bill, it is suggested scope depends in a large measure the scope and that certain sections of existing law be modified effect of all provisions of the bill relating to affiliates. so as to bring them into harmony with the While the definition contained in the bill purposes indicated in this section of the bill. mentions certain specific types of institutions With respect to affiliates the board believes which are frequently affiliated with member that important reforms to be accomplished at banks, the words "or a corporation" in line 4 the present time are the granting of power to on page 2 make it applicable to corporations of any character which are affiliated with member the supervisory authorities to obtain reports banks in any of the ways described in the and to make examinations of all affiliates of succeeding paragraphs of the definition. member banks and the prescribing of limita- It is believed that the most satisfactory solutions on the loans that a member bank may tion of this problem is to make the definition make to its affiliates. The board realizes that very broad, but in dealing with affiliates to observe the following principles: (1) To require many evils have developed through the operathem to make reports and to submit to examtion of affiliates connected with member banks, ination at the discretion of the Federal Reserve particularly affiliates dealing in securities. The Board or the Comptroller of the Currency; (2) attached memorandum contains a draft of a to limit the loans that can be extended to an provision for the separation of such affiliates affiliate by a member bank; and (3) to prohibit the tying up of capital stock of an affiliate with after a lapse of three years. the capital stock of a member bank. In favor- The board takes the view that legislation ing these limitations the board has in mind that further materially restricting the character of it may not be desirable to abolish all the existmember-bank loans and investments is not de- ing relationships between member banks and sirable at a time when the country's banking their affiliates, but that it is desirable to protect the operations of the member banks from being system is going through a period of severe readunduly influenced by their affiliates. Recent justment. Some of the provisions of the pro- experience has demonstrated that operations of posed bill would have a tendency to bring about the affiliates at times have unfavorable effects further contraction of credit and thus retard on the condition of member banks. With these principles in mind it is recomthe recovery of business. It is for these reasons mended that the definition of affiliates be broadthat changes in a number of sections of the bill ened by eliminating from paragraph (b) in lines are suggested. 1 to 4, page 2, all references to specific types of It should be recognized that effective super- corporations, and by inserting other words vision of banking in this country has been which would make the definition applicable not only to corporations but to business trusts, seriously hampered by the competition between associations, or other similar organizations, remember and nonmember banks, and that the gardless of the type of business in which they establishment of a unified system of banking are engaged. Certain other changes in the under national supervision is essential to phraseology of the definition are also suggested fundamental banking reform. for the purpose of clarifying them. The changes suggested are as follows: Copies of this letter and the inclosed memorandum are being sent to Senator Glass, and 1 All references are to sections, pages, and lines of Senate bill 4115 in the board will be glad to supply you with copies the form in which it was introduced on Mar. 14 (calendar day, Mar. 17), 1932. 110331—32 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN A PHIL, 1932 1. On page 2 change lines 1 to 4, inclusive, it from the privilege of using the system's to read as follows: credit facilities. In this connection attention is invited to the fact that section 4 of the Fed- (b) The term "affiliate" includes any corporation, eral reserve act requires the chairman and business trust, association, or other similar organization. Federal reserve agent at each Federal reserve bank to "make regular reports to the Federal 2. In lines 9, 11, and 22 on page 2, strike out Reserve Board" and to "act as its official the words "managing officers" and substitute representative for the performance of the funcin lieu thereof the words " persons exercising tions conferred upon it by" the Federal reserve similar functions." act, 3. In lines 9 and 18 on page 2 and in line 3 It is recommended that section 3 of the bill on page 3 strike out the words " annual meetbe changed to read as follows: ing" and substitute in lieu thereof the word "election." SEC. 3. The paragraph of section 4 of the Federal reserve act, as amended, which begins with the words* SECTION 3 "Said board shall administer the affairs of said bank fairly and impartially," is amended and reenacted to The Federal Reserve Board understands that read as follows: the principles underlying section 3 of the bill "Said board of directors shall administer the affairs are (1) that discounting at the Federal reserve of said bank fairly and impartially and without disbanks is a privilege and not a right; (2) that the crimination in favor of or against any member bank or banks and may, subject to the provisions of law and Federal reserve system has the responsibility the orders of the Federal Reserve Board, extend to of keeping itself informed about the use of bank each member bank such discounts, advancements and credit; (3) that the power of Federal reserve accommodations as may be safely and reasonably made banks to withhold credit accommodations with due regard for the claims and demands of other member banks, the maintenance of sound credit condishould be used to discourage unsound banking tions and the accommodation of commerce, industry practices; and (4) that the Federal Reserve and agriculture. The Federal Reserve Board may Board should have power to suspend a member prescribe regulations further defining within the limitabank from the use of Federal reserve credit tions of this act the conditions under which discounts, advancements and accommodations may be extended facilities. The board is in sympathy with to member banks. Each Federal reserve bank snail these principles. keep itself informed of the general character and amount For the purpose of accomplishing these of the loans and investments of its member banks with a view to ascertaining whether undue use is being made objectives a substitute for section 3 is suggested. of bank credit for the speculative carrying of or trading This substitute includes a revision of the para- in securities, real estate or commodities, or for any graph of section 4 of the Federal reserve act other purpose inconsistent with the maintenance of which now reads as follows: sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts or other credit Said board shall administer the affairs of said bank accommodations, the Federal reserve bank shall give fairly and impartially and without discrimination in consideration to such information. The chairman of favor of or against any member bank or banks and the Federal reserve bank shall report to the Federal shall, subject to the provisions of law and the orders Reserve Board any such undue use of bank credit by of the Federal Reserve Board, extend to each member any member bank, together with his recommendation. bank such discounts, advancements and accommoda- Whenever, in the judgment of the Federal Reserve tions as may be safely and reasonably made with due Board, any member bank is making such undue use of regard for the claims and demands of other member bank credit, the board may, in its discretion, after banks. reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities In this revision [see below] the word "may" of the Federal reserve system and may terminate such is substituted for "shall" and the remaining suspension or may renew it from time to time.'' language of the section is made somewhat more general than in the bill. SECTION 4 Member banks as a rale do not borrow to relend, but to make up deficiencies in reserves It is recommended that this section be arising from withdrawals of deposits or from omitted. It prohibits banks that belong to a other causes. It is therefore usually impossible group or a chain from voting for Federal reserve to say that a loan to a member bank is granted bank directors. The -wording of the section is for this or that specific purpose. However, it such as not to confine the prohibition to group would be possible to determine whether the and chain banks, however, but to include all loan and investment policies of a bank are banks that are not controlled entirely by locally inconsistent with the purposes of the Federal resident stockholders. Since the stock of reserve act, and, if so, to refuse accommodation many important banks is widely owned throughto such bank or in aggravated cases to suspend out the country, this might restrict the voting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

209 APRIL, 1932 FEDERAL RESERVE BULLETIN privilege to smaller and less important banks it is recommended that section 6 of the bill be that are owned by local stockholders. It is to changed to read as follows: be feared that this section would bar from par- SEC. 0. Section 9 of the Federal reserve act, as ticipation in the selection of Federal reserve amended, is further amended by adding at the end directors many of the better managed banks. thereof two new paragraphs reading as follows: ""Whenever it shall be deemed necessary in order to obtain adequate information regarding the relations SECTION 5 between any bank admitted to membership under the provisions of this section and its affiliates or the effect This section would amend the first paragraph of such relations upon the management or condition of section 7 of the Federal reserve act so that, of such bank, it may be required under rules and reguafter the payment of expenses and dividends, lations prescribed by the Federal Reserve Board to obtain and furnish such reports as to any or all of its all of the net earnings of a Federal reserve bank affiliates as may be called for. Each such report shall over and above any amounts necessary to contain such information and shall be submitted at restore its surplus to the amount on December such time as may be specified in the call therefor. Any 31, 1931, would be paid to the Federal Liqui- member bank which fails to furnish any report of an affiliate when and as required shall be subject to a dating Corporation. The amendment is also penalty of $100 for each day during which such failure worded in such a way as to prevent the pay- continues. Such penalty may be assessed by the Fedment of any dividends out of surplus and to eral Reserve Board, in its discretion, and, when assessed, prevent the payment of dividends whenever may be collected by the Federal reserve bank by suit or otherwise. the surplus of a Federal reserve bank is less "Any examiner selected or approved by the Federal than it was on December 31, 1931. Reserve Board may examine any affiliate of any bank A different method of financing the liqui- admitted to membership under the provisions of this dating corporation is proposed and will be dis- section when it shall be deemed necessary in order to cussed under the appropriate section. For this inform the Federal Reserve Board or t lie Federal reserve bank of the relations of such affiliate with such member reason a modification of section 5 is suggested bank or of the effect of such relation* upon the managewhich would not change the provisions of the ment or condition of such member bank. The exampresent law in regard to the surplus of the iner making the examination of any such affiliate shall have power to make a thorough examination of all the Federal reserve banks, but would authorize the affairs of the affiliate, and in doing so he shall have Secretary of the Treasury to use the franchise power to administer oaths and to examine any of the tax received from the Federal reserve banks officers, directors, employees, and agents thereof under for the purpose of supplementing the funds of oath, and to make a report of his findings to the Federal Reserve Board or to the Federal reserve bank. the corporation. The expenses of any examination made under the pro- As changed, section 5 of the bill would read visions of this paragraph may, in Die discretion of the as follows: Federal Reserve Board, be assessed against the affiliate examined and, when so assessed, shall be paid by the SEC. 5. The second paragraph of section 7 of Die affiliate examined. If such affiliate shall refuse to pay Federal reserve act, as amended, is amended to read as such expenses or shall fail to do so within sixty days follows: after the date of such assessment, then such expenses "The net earnings derived by the United States from may be assessed against the affiliated member bank Federal reserve banks shall, in the discretion of the and, when so assessed, shall be paid by sr.ch member Secretary of the Treasury (1) be used to supplement bank: Provided, hoircrcr, That, if the affiliation is with the gold reserve held against outstanding United two or more member banks, such expenses may be States notes, or (2) be applied to the reduction of the assessed against, and collect eel from, any or all of such outstanding bonded indebtedness of the United States member banks in such proportions as the Federal Reunder regulations to be prescribed by the Secretary of serve Board may prescribe. If any affiliate of a bank the Treasury, or (3) be invested in debentures or other admitted to membership under the provisions of this such obligations of the Federal Liquidating Corpora- section shall refuse to permit, an examiner to make an tion. Should a Federal reserve bank be dissolved or ! examination of such affiliate or refuse to give any ingo into liquidation, any surplus remaining, after the | formation required in the course of any such examinapayment of all debts, dividend requirements as herein- tion, the member bank with which it is affiliated shall before provided, and the par value of the stock, shall be subject to a penalty of not more than $100 for each be paid to and become the property of the United day that any such refusal shall cont inue. Such penalty States and shall be similarly applied." may be assessed by the Federal Reserve Board in its discretion, and, when so assessed, may be collected by the Federal reserve bank bv suit or otherwise." SECTION 6 In order that reports of affiliates of State | SECTION 7 member banks may be required only when ; deemed necessary by the Federal Reserve ; If this section is adopted in its present form, Board and also in order that suitable provision ; certain changes should be made in the text for may be made for the examination of affiliates j the purpose of clarification and of providing for of State member banks when deemed necessary, ' certain matters not now covered in the bill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN APRIL, 1932 which will be referred to at the appropriate reserve banks, in proportion to their capital stock and places. surplus, assessments sufficient to defray all costs and expenses incurred under the provisions of this For the purposes of clarification, it is sugparagraph." gested that subsection (b) be amended as SECTION 8 follows: 1. In lines 6, 11, and 12 on page 8 it is sug- The purpose of this section is to prevent the gested that the word "appointive" be inserted undue use of bank loans for speculation in before the word "member." securities. It is believed that this is sufficiently 2. In line 13 on page 8 it is suggested that covered in section 3, and therefore the omission after the words "twelve years" there be of section 8 is recommended. inserted the words "from the expiration of the term of his predecessor." SECTION 9 In order that the domicile of the board may be fixed for legal reasons, and in order that In accordance with the principles indicated provision may be made for a chairman of the in the discussion of section 2 it is recommended board, it is suggested that the following be that section 9 of the bill be changed to read as inserted at the beginning of line 23 on page 8: follows: The principal offices of the board shall be in the SEC. 9. The Federal reserve act, as amended, is District of Columbia. At meetings of the board the amended by inserting between sections 23 and 24 governor shall preside as chairman, and, in his absence, thereof the following new section: the vice governor shall preside. In the absence of ''Section 23(a). No national banking association both the governor and the vice governor the board and no State member bank shall (1) make any loan or shall elect a member to act as chairman pro tern. any extension of credit to, or purchase securities under If the authority of the Secretary of the repurchase agreement from, any of its affiliates, or (2) Treasury to assign quarters to the Federal invest any of its funds in the capital stock, bonds, or other obligation of any such affiliate, or (3) accept the Reserve Board is repealed, it would seem that capital stock, bonds, or other obligations of any such the board should be authorized to purchase or affiliate as collateral security for advances made to any construct a building for its own use and that, individual, partnership, association, or corporation; in the interest of convenience and efficiency, if, in the case of any such affiliate, the aggregate amount of such loans or extensions of credit, repurchase agreespace should be provided in such building for ments, investments, and advances against such collatthe Comptroller of the Currency and his staff eral security will exceed 10 per centum of the capital and for the proposed Federal Liquidating Cor- stock and surplus of such national banking association or State member bank, or if, in the case of all such poration. For this purpose it is suggested that affiliates, the aggregate amount of such loans, extenthe following be added at the end of section 7 sions of credit, investments, and advances against such of the bill: collateral security will exceed 20 per centum of the capital stock and surplus of such national banking (d) Section 10 of the Federal reserve act, as amended, association or State member bank: Provided, however, is further amended by adding at the end thereof a That nothing in this section, or in any section of the new paragraph reading as follows: banking act of 1932, shall be construed as authorizing "The Federal Reserve Board is authorized and member banks to invest their funds in stock otherwise empowered to acquire by purchase, condemnation, or than as specifically authorized by existing law. otherwise, a building located in the District of Columbia which will provide suitable and adequate offices "Each loan or extension of credit to an affiliate wherein the functions of the board and the Comptroller within the foregoing limitations shall be secured by of the Currency may be carried on, or to acquire by collateral having a market value at the time of making purchase, condemnation, or otherwise such site located the loan or extension of credit of at least 20 per centum in the District of Columbia as it may deem necessary more than the amount of such loan: Provided, That and to cause to be constructed thereon a building which this requirement shall not apply to loans or extensions will provide suitable and adequate offices for the pur- of credit on the security of obligations of the United poses of the Federal Reserve Board and the Comptrol- States Government, Reconstruction Finance Corporaler of the Currency, and to maintain, repair, enlarge, or tion, Federal intermediate credit banks, or Federal remodel any building so acquired or constructed. land banks, or on the security of notes, drafts, bills The Federal Reserve Board may assign offices in any of exchange, or acceptances eligible for discount or such building for the use of the Comptroller of the purchase by Federal reserve banks: And provided Currency and the Federal Liquidating Corporation further, That when any loan is made on the security without making any charge for the use of such offices, of obligations of any State or political subdivision or and nothing contained in the act of June 3, 1864, or agency thereof such obligations shall have a market in section 331 of the Revised Statutes (title 12, section value at the time of making the loan of at least 10 13, U. S. C), or in any other provision of law shall be per centum more than the amount of such loan. A construed as preventing the Comptroller of the Cur- loan or extension of credit to a director, officer, clerk, rency from making full use of any offices so assigned or other employee or any representative of any such and from keeping therein the records and all other affiliate shall be deemed a loan to the affiliate to the valuable things belonging to his department. The extent that the proceeds of such loan are_used for the Federal Reserve Board may levy upon the Federal benefit of, or transferred to, the affiliate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDEJRAL RESERVE BULLETIN 211 "The provisions of this section shall not apply to any "The time, character, and volume of all purchases affiliate of such national banking association or State and sales in the open market under this section shall member bank, (1) the sole function of which is to hold be governed with a view to accommodating commerce its banking house or houses and the site or sites and business and with regard to their bearing upon the thereof, (2) the sole function of which is to conduct a general credit situation of the country." safe deposit business, (3) in the capital stock of which such bank has been authorized to invest pursuant to FEDERAL LIQUIDATING CORPORATION section 25 of the Federal reserve act, (4) organized under section 25 (a) of the Federal reserve act, or (5) The other part of section 10 deals with the transacting only the business of an agricultural credit corporation or livestock loan company; but as to such proposed Federal Liquidating Corporation, and affiliates member banks shall continue subject to the there is submitted a proposed substitute for provisions of existing law limiting the amounts which the section as drafted in the bill. The substithey may lend to, or invest in the stock or other obligatute would confine the benefits of the liquidattions of, such colorations." ing corporation to member banks. Provision SECTION 10 is made for assistance to nonmember banks in the Reconstruction Finance Corporation act, This section of the bill deals with two sepaand it would render membership in the system rate and distinct subjects—(1) open-market more attractive if the benefits of the corporation operations of the Federal reserve banks, and were confined to member banks. In the sub- (2) the proposed Federal Liquidating Corporastitute it is proposed that $100,000,000 of the tion. For convenience, these subjects will be capital of the liquidating corporation be subdiscussed separately. scribed by the Treasury. This subscription to capital may be considered as being derived OPEN-MARKET OPERATIONS from the franchise tax previously paid to the The first part of section 10 would establish Treasury by the reserve banks. In addition, a Federal open-market committee along the lines it is proposed that the corporation be authorized of the existing open-market policy conference, to issue debentures up to twice the amount of which functions as a piece of administrative its subscribed capital and that the Federal machinery without specific legal status. reserve banks be given authority to purchase The statement in paragraph (b) of section 10 those debentures up to one-fourth of their which says that "No Federal reserve bank shall surplus. This is not a propitious time to ask engage in open-market operations, except after the member banks to contribute to the liquiapproval and authorization by the committee," dating corporation. The banks are going appears to be too rigid. It deprives an indithrough a very difficult period and to tax them vidual reserve bank of all authority to make for this purpose would be a considerable purchases in the open market except after hardship on them. obtaining the consent of both the board and the committee. The open-market committee would In order to make the operations of the corpohave no authority to act without approval of ration more easily manageable, it is proposed the board and the board would have no authority that the directorate be comprised of 5 members to act without approval of the committee. This instead of 14, as proposed in the bill. would result in the possibility of obstruction of For the reasons which have been stated the any system program and would tend to make following separate section on the Federal the operation of the Federal reserve system less Liquidating Corporation has been drafted: timely and less efficient. SEC. 5A. The Federal reserve act, as amended, is Lines 19 to 23 in paragraph (c) on page 12 of further amended by inserting between sections 28 this section would incorporate into law a prin- and 29 thereof the following new section: "SEC. 28A. (a) There is hereby created a Federal ciple which the Federal Reserve Board has Liquidating Corporation (hereafter referred to as the adopted in practice. 'corporation') for the purpose of making loans on, or The following substitute for the first part of purchasing and liquidating as hereinafter provided, all section 10 of the bill is suggested: or any part of the assets of any member bank for which a receiver has been appointed. The term 'receiver7 SEC. 10. Section 14 of the Federal reserve act, as as used in this section shall mean a receiver of a national amended, is further amended by striking out the words bank, and a receiver, liquidating agent, commission, "Every Federal reserve bank shall have power;" and person, or other agency charged by State law with the inserting in lieu thereof the following: responsibility and the duty of winding up the affairs of "Subject to such regulations, limitations, restrictions, an insolvent State member bank. and procedure as the Federal Ileserve Board may "(b) The management of the corporation shall be prescribe, every Federal reserve bank shall have power." vested in a board of directors consisting of five members, Section 14 of the Federal reserve act, as amended, one of whom shall be the Comptroller of the Currency, is further amended by adding at the end thereof a one a member of the Federal Reserve Board designated new paragraph reading as follows: by the board for the purpose, and three selected an- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN APRIL, 1932 nually by the governors of the twelve Federal reserve tion and the receiver, subject to the approval of (1) banks under such procedure as may be prescribed by the Comptroller of the Currency in the case of any the Federal Reserve Board. national bank, or (2) the person or agency designated "(c) The corporation shall have a capital stock of by State law in the case of any State bank; except $100,000,000, all of which shall be subscribed by the that, in no case shall the corporation make any loan United States of America and payment for which shall or purchase any assets in an amount which in the be subject to call in whole or in part by the board of opinion of the corporation shall not fully protect such directors of the corporation. corporation and no such loan or purchase shall be "There is hereby authorized to be appropriated out of made in the case of State member banks unless expressly any money in the Treasury not otherwise appropriated authorized by the law of the State in which the bank the sum of $100,000,000 for the purpose of making is located. Receivers of national banks are hereby payments upon such subscription. Receipts for pay- j authorized and empowered with the approval of the merits by the United States for or on account of such Comptroller of the Currency to borrow on, or sell, stock shall be issued by the corporation to the Secre- assets of banks of which they are receivers, and the tary of the Treasury and shall be evidence of the stock proceeds of every such sale or loan shall be utilized ownership of the United States. for the same purposes and in the same manner as other "Any Federal reserve bank may purchase and hold funds realized from the liquidation of the assets of such any debentures or other such obligations of the cor- banks. The Comptroller of the Currency may, in his poration in an amount noft exceeding one-fourth of discretion, pay dividends on proved claims at any time the amount of its surplus fund. after the expiration of the period of advertisement " (d) The corporation shall have power— made pursuant to section 5235 of the Revised Statutes, "First. To adopt, alter, and use a corporate seal; and no liability shall attach to the Comptroller of the "Second. To have perpetual succession from the Currency or to the receiver of any national bank by date of enactment hereof, unless it is sooner dissolved reason of any such payment for failure to pay dividends by an act of Congress; to a claimant whose claim is not proved at the time of "Third. To make contracts; to purchase, lease, and any such payment. If the amount realized from any hold or dispose of such real estate or personal property assets acquired by the corporation under the provisions as may be necessary or convenient for the transaction j of this section exceeds the sum paid therefor or loaned of its business; jthereon, the corporation shall"make an additional pay- "Fourth. To sue and be sued, complain and defend ment to the receiver of the bank equal to the amount in any court of competent jurisdiction; : of such excess, if any, after deducting the expenses of "Fifth. To appoint, employ, and fix the compensa- j liquidating such assets and an amount equal to interest tion of such officers, employees, attorneys, and agents i at the rate of 6 per centum per annum. All loans made as shall be necessary for the transaction of the business by the corporation to receivers shall bear interest at of the corporation, without regard to the provisions of the rate of 6 per centum per annum. other laws applicable to the employment and com- " (g) Money of the corporation not otherwise empensation of officers or employees of the United States, ployed shall be invested in securities of the Government to define their authority and duties, to require bonds ! of the United States, except that for temporary of them and fix the penalty thereof and to dismiss them periods, in the discretion of the board of directors, at pleasure. Nothing in this or any other act shall be funds of the corporation may be deposited subject to construed to prevent the appointment and compensa- check in any Federal reserve bank or with the Treastion as a director, officer, or employee of the corpora- urer of the United States. When designated for that tion of any officer or employee of the United States in purpose by the Secretary of the Treasury, the corporaany board, commission, independent establishment, or tion shall be a depositary of public moneys, except executive department thereof; receipts from customs, under such regulations as may "Sixth. To prescribe, amend, and repeal by its be prescribed by the said Secretary, and may also be board of directors by-laws and rules and regulations employed as a financial agent of the Government. not inconsistent with law governing the manner in It shall perform all such reasonable duties a depositary which its general business may be conducted and the of public moneys and financial agent of the Governprivileges granted to it by law may be exercised and ment as may be required of it. enjoyed; " (h) The corporation is authorized and empowered "Seventh. To exercise such incidental powers as to issue and to have outstanding at any one time in an shall be reasonably necessary to carry out the powers amount aggregating not more than twice the amount so granted. of its capital, notes, debentures, bonds, or other such " (e) The board of directors of the corporation shall obligations, to be redeemable at the option of the corpodetermine and prescribe the manner in which its l ration before maturity in such manner as may be obligations shall be incurred and its expenses allowed | stipulated in such obligations, to bear such rate or and paid. The corporation shall be entitled to the | rates of interest, and to mature at such time or times free use of the United States mails in the same manner i as may be determined by the corporation: Provided, as the executive departments of the Government. j That the corporation may sell on a discount basis The corporation with the consent of any Federal | short-term obligations payable at maturity without reserve bank or of any board, commission, independent ! interest. Obligations of the corporation may be seestablishment, or executive department of the Govern- I cured by assets of the corporation in such manner as ment, including any field service thereof, may avail ' shall be prescribed by the board of directors. Such itself of the use of information, services, and facilities i obligations may be offered for sale at such price or thereof in carrying out the provisions of this act. ! prices as the corporation may determine. The said " (f) Upon the application of the receiver of any obligations shall be fully and unconditionally guarmember bank, the corporation may in its discretion anteed both as to interest and principal by the" United purchase the assets of such bank, in whole or in part, ! States, and such guaranty shall be expressed on the face or make loans to the receiver on the security of such [ thereof. In the event that the corporation shall be assets or any portion thereof, on such terms and con- unable to pay upon demand, when due, the principal ditions as shall be agreed upon between the corpora- j of or interest on notes, debentures, bonds, or other such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 213 obligations issued by it, the Secretary of the Treasury auditor, or examiner of the corporation, makes any shall pay the amount thereof, which is hereby author- false entry in any book, report, or statement of or to ized to be appropriated, out of any moneys in the the corporation, or without being duly authorized Treasury not otherwise appropriated, and thereupon draws any order or issues, puts forth or assigns any to the extent of the amounts so paid the Secretary of note, debenture, bond, or other such obligation, or the Treasury shall succeed to all the rights of the draft, bill of exchange, mortgage, judgment, or decree holders of such notes, debentures, bonds, or other such thereof, shall be punished by a fine of not more than obligations. $10,000 or by imprisonment for not more than five " (i) All obligations issued by the corporation shall be years, or both. exempt, both as to principal and interest, from all taxa- "(o) No individual association, partnership, or cortion (except estate or inheritance taxes) now or here- poration shall use the words ' Federal Liquidating Corafter imposed by the United States, by any Territory, poration,' or a combination of these three words, as the dependency, or possession thereof, or by any State, name or a part thereof under which he or it shall do county, municipality, or local taxing authority. The business. Every individual, partnership, association, or corporation, including its franchise, its capital, re- corporation violating this subdivision shall be punished serves, and surplus, and its income, shall be exempt by a fine of not exceeding $1,000, or by imprisonment from all taxation now or hereafter imposed by the not exceeding one year, or both. United States, by any Territory, dependency, or posses- "(p) The provisions of sections 112, 113, 114, 115, sion thereof, or by any State, county, municipality, or 116, and 117 of the Criminal Code of the United States local taxing authority, except that any real property of (U. S. C, title 18 ch. 5, sees. 202 to 207, inclusive), the corporation shall be subject to State, county, insofar as applicable, are extended to apply to contracts municipal, or local taxation to the same extent accord- or agreements with the corporation under this act, ing to its value as other real property is taxed. which for the purposes hereof shall be held to include 11 (j) In order that the corporation may be supplied loans, advances, extensions and renewals thereof, and with «euch forms of obligations as it may need for issu- acceptances, releases, and substitutions of security ance under this act, the Secretary of the Treasury is therefor, purchases or sales of assets, and all contracts authorized to prepare such forms as shall be suitable and agreements pertaining to the same. and approved by the corporation, to be held in the " (q) The Secret Service Division of the Treasury Treasury subject to delivery, upon order of the cor- Department is authorized to detect, arrest, and deliver poration. The engraved plates, dies, bed pieces, and into the custody of the United States marshal having other material executed in connection therewith shall jurisdiction any person committing any of the offenses remain in the custody of the Secretary of the Treasury. punishable under this section." The corporation shall reimburse the Secretary of the Treasury for any expenses incurred in the preparation, custody, and delivery of such obligations. SECTION 11 44 (k) The corporation shall annually make a report of its operations to the Congress as soon as practicable Section 11 imposes a discriminatory rate after the 1st day of January in each year. against member-bank collateral notes. It also 44 (1) Whoever, for the purpose of obtaining any loan prescribes limitations on the use of such notes from the corporation, or any extension or renewal by banks that may be making loans on stockthereof, or the acceptance, release, or substitution of security therefor, or for the purpose of inducing the exchange collateral. It is believed that the corporation to purchase any assets, or for the purpose of purposes of this section are accomplished by influencing in any way the action of the corporation the proposed revision of section 3 and that no under this act, makes any statement, knowing it to be further limitations along this line are desirafalse, or wilfully overvalues any security, shall be punished by a fine of not more than $5,000, or by im- ble. The theory underlying this section, prisonment for not more than two years, or both. namely, that there is a more direct connection "(in) Whoever (1) falsely makes, forges, or counter- between member-bank collateral notes and the feits any obligation or coupon, in imitation of or puruse of reserve credit for speculative activity porting to be an obligation or coupon, issued by the corporation, or (2) passes, utters, or publishes, or at- than between other borrowings and this activtempts to pass, utter, or publish, any false, forged or ity, is unfounded. Member banks borrow on counterfeited obligation or coupon, purporting to have 15-day notes, because of the greater convenbeen issued by the corporation, knowing the same to ience both to them and to the Federal reserve be false, forged or counterfeited, or (3) falsely alters any obligation, or coupon, issued or purporting to have j bank; and if this form of borrowing were probeen issued bj* the corporation, or (4) passes, utters, or ! hibitcd or made more expensive, they would publishes, or attempts to pass, utter, or publish as ! merely substitute the procedure of rediscounttrue, any falsely altered or spurious obligation or coupon, issued or purporting to have been issued by the | ing eligible paper without any change in the corporation, knowing the same to be falsely altered or use of the proceeds. For these reasons it is spurious, shall be punished by a fine of not more than believed that this section would make the $10,000 or by imprisonment for not more than five operation of the Federal reserve banks less years, or both. efficient and more expensive. " (n) Whoever, being connected in any capacity with the corporation, (I) embezzles, abstracts, purloins, or The recommendation has been made by the willfully misapplies any moneys, funds, securities, or Federal Reserve Board in its annual reports other things of value, whether belonging to it or for several years that the maturity for which pledged, or otherwise entrusted to it, or (2) with intent advances may be made to member banks on to defraud the corporation or any other body, politic or corporate, or any individual, or to deceive any officer, their promissory notes secured by paper which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN APRIL, 1932 is eligible for discount be increased from 15 to ments on time deposits to the level of those on 90 days. Such an amendment would be es- demand deposits would increase reserve requirepecially helpful to country banks, and it is ments by $132,000,000 a year for five years recommended that the following be substi- with an" ultimate increase of $660,000,000. tuted for section 11 of the bill: Unless there were a contraction in the amount of member-bank deposits, this increase would SEC. 11. The seventh paragraph of section 13 of the Federal reserve act, as amended, is amended and result in an addition of about $230,000,000 to reenacted to read as follows: the gold requirements of the Federal reserve "Any Federal reserve bank may make advances for banks. It would be an influence in the direcperiods not exceeding fifteen days to its member banks tion of credit contraction without regard to the on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness or course of business and credit and would be Treasury bills of the United States; and any Federal particularly undesirable at this time. Furtherreserve bank may make advances for periods not ex- more, the increase would fall heaviest on banks ceeding ninety days to its member banks on their outside of the principal financial centers, which promissory notes secured by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for have been discriminated against under the rediscount or for purchase by Federal reserve banks existing reserve requirements both because, under the provisions of this act. All such advances owing to their distance from the cash facilities shall be made at rates to be established by such Federal reserve banks, subject to the review and determination of the Federal reserve banks, they are required of the Federal Reserve Board." to carry relatively large amounts of cash in vault, which under existing law does not count SECTION 12 as reserve, and because they are not in a position to take advantage of deductions in deter- Section 12 deals with relations of Federal re- mining net deposits. serve banks with foreign banks.. It is recom- The proposal, therefore, would both increase mended that the words "subject to the powers the burden of reserves and increase the inconveyed to and bestowed upon the Federal equalities in their present distribution. open market committee by section 12A of this Any thorough-going revision of section 19 of act" be omitted. From the middle of line 18 the Federal reserve act should base required on page 26 through the word "writing" in line reserves, in so far as practicable, upon the 11 on page 27, the section is acceptable, but activity of the business handled through each the omission of the words "and control" in bank, rather than on an arbitrary classification line 19 on page 26 is suggested, in order to pre- of banks according to location. A proposal serve the distinction between supervision and submitted in the Report of the Committee on operation. Bank Reserves of the Federal Reserve System It is recommended, therefore, that section 12 embodies a method of calculating required of the bill be amended as follows: reserves which is believed to be sound in 1. Strike out the following language in lines principle and which would make fluctuations 16, 17, and 18 on page 26: in the volume of required reserves exert an (g) Subject to the powers conveyed to and bestowed influence in the direction of sound credit upon the Federal open market committee by section conditions and would also eliminate many 12A of this act; inequitable and unfair features of the present 2. Strike out the words "and control" in law. line 19 on page 26; and There is submitted a proposed substitute for 3. On page 27, line 11, insert a period after section 13 of the bill which incorporates the the word "writing" and strike out everything proposals of the committee on bank reserves of in line 11 after that word and all of lines 12, 13, the Federal reserve system with slight modifi- 14, and 15. cations. Section 13 includes two subjects not directly SECTION 13 related to bank reserves and not covered in the The principal feature of this section is that report of the reserve committee, namely, a it discontinues the distinction between time prohibition against brokers' loans for the acdeposits and demand deposits in so far as count of others and a provision subjecting the reserve requirements are concerned. The dis- market for Federal funds to regulation by the tinction between these two types of deposits Federal Reserve Board. has led to many abuses and has been a factor The purpose sought to be accomplished by in making possible a growth of bank credit paragraph (d) is desirable, but it is believed without a corresponding growth in reserves. that the language used is too far-reaching. The proposal which would raise the require- It is suggested that the paragraph be changed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 215 so as to prohibit a member bank from acting in the form of a reserve balance on deposit with the as a medium or agent of a nonbanking corpora- Federal reserve bank, may, at the option of such member bank, consist of a reserve balance on deposit with tion or individual in making loans on the the Federal reserve bank, or of cash owned by such security of stocks, bonds, and other investment member bank either in its actual possession or in securities to brokers or dealers in such securities. transit between such member bank and the Federal This suggestion is incorporated in paragraph reserve bank: Provided, That when, in its judgment the public interest so requires, the Federal Reserve (n) of the proposed revision of section 13 of the Board may limit to an amount less than that permitted bill. It is not thought that a provision pro- hercunder the amount of cash which any member bank hibiting a member bank from making loans to or banks may count as reserve: Provided, however, any corporation or individual, if the proceeds That, in prescribing such limitations, the Federal Reserve Board shall be guided by the general principle of such transaction are to be used directly or that member banks should be permitted to count as indirectly for the purpose of making loans reserve, within the limitations of this section, as much protected by collateral security in favor of any cash as they reasonably need in view of the character investment banker, broker, or member of any of their business and their degree of accessibility to the currency facilities of the Federal reserve banks. stock exchange or any dealer in securities, would " (c) The term 'gross deposits/ within the meaning be enforceable, as it is impossible to follow the of this section, shall include all deposit liabilities of proceeds of loans once they have been granted. any member bank whether or not immediately avail- Paragraphs (f) and (g) of the bill seek to able for withdrawal by the depositor, all liabilities for certified checks, cashiers', treasurers', and other control the market for Federal funds by placing officers' checks, cash letters of credit, travelers' checks, limitations on the use of balances standing to and all other similar liabilities, as further defined and the credit of member banks upon the books of specified by the Federal Reserve Board: Provided, the Federal reserve banks. It is not believed however, That, in computing the amount of 'gross deposits,' (1) amounts shown on the books of any memthat regulation of the market for Federal funds ber bank as liabilities of such bank payable to a branch by law is desirable. It is better to have these of such bank located in a foreign country or in a deliquid funds move freely where they are most pendency or possession of the United States, and (2) needed than to have them thrown on the call liabilities payable only at such a branch, shall be treated as though said liabilities were due to or payable at a market. The Federal reserve banks keep in nonmember I>ank. close touch with transactions in Federal funds " (d) The term 'net deposits,' as used in this section, and a ruling of the Federal Keserve Board now shall mean the amount of the gross deposits of any requires member banks to report purchases of member bank, as above defined and as further defined Federal funds as borrowed money. by the Federal Reserve Board, minus the sum of (1) all balances due to such member bank from other The proposed substitute for section 13 of member banks and their branches in the United States, the bill is as follows: and (2) checks and other cash items in process of collection which are payable immediately upon presenta- SEC. 13. Section 19 of the Federal reserve act tion in the United States, within the meaning of these (United States Code, title 12, sections 461 to 466, terms as further defined by the Federal Reserve Board. inclusive, and section 374), as amended, is further " (e) The term 'average daily debits to deposit amended and reenacted to read as follows: accounts,' as used in this section, shall mean the average daily amount of checks, drafts, and other items "RESERVES OF MEMBER BANKS debited or charged by any member bank to any and ''SEC. 19. (a) Each member bank shall establish all accounts included in gross deposits as above defined and maintain reserves equal to five per centum of the and as further defined by the Federal Reserve Board, amount of its net deposits, plus fifty per centum of except charges resulting from the payment of certified the amount of its average daily debits to deposit checks and cashiers', treasurers', and other officers' accounts: Provided, That any member bank, at its checks. option, for any period not less than 90 days, may omit "(f) The term 'cash,' within the meaning of this any specific deposit account or accounts from such section, shall include all kind of currency and coin computation of its reserve requirements if such issued or coined under authority of the laws of the account or accounts are reported separately to the United States. Federal reserve bank and if a reserve of 50 per cent " (g) The term 'reserve balances/ as used in this is maintained against such account or accounts: section, shall mean a member bank's actual net balance Provided, however, That, in no event, shall the aggregate on the books of the Federal reserve bank representing reserves required to be maintained by any member funds available for reserve purposes under regulations bank exceed fifteen per centum of its gross deposits. prescribed by the Federal Reserve Board. " (b) Each member bank located in the vicinity of a "(h) The term 'vicinity of a Federal reserve bank Federal reserve bank or branch thereof shall maintain or branch thereof/ as used in this section, shall mean not less than four-fifths of its total required reserves the city in which a Federal reserve bank or branch in the form of a reserve balance on deposit with the thereof is located, until such term is otherwise defined Federal reserve bank, and every other member bank by the Federal Reserve Board: Provided, That, with shall maintain not less than two-fifths of its total re- respect to each Federal reserve bank and each branch quired reserves in the form of a reserve balance on de- thereof, the Federal Reserve Board, from time to time, posit with the Federal reserve bank. The remainder in its discretion, may either (1) define a specific geoof the total required reserves of each member bank, graphic area as comprising the vicinity of such Federal over and above the amount required to be maintained reserve bank or branch thereof, within the meaning of 110331—32 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN APRIL, 1932 this section, or (2) compile a list of member banks comply with all the conditions now provided by law which shall be deemed to be located in the vicinity of regulating them; or said banks may, with the consent such Federal reserve bank or branch thereof, within of the Federal Reserve Board, become member banks the meaning of this section, and add banks to, or re- of any one of the Federal reserve districts, and shall in move banks from, such list, from time to time: Pro- that event take stock, maintain reserves, and be subject vided, however, That, in defining such areas and com- to all the other provisions of this act. piling such lists, the Federal Reserve Board shall be " (p) All acts or parts of acts in conflict with this guided by the general principle indicated in subsection section are hereby repealed only in so far as they are (b) hereof. in conflict with the provisions of this section." "(i) With respect to each member bank, the term There are hereby repealed the provisions of section 7 'Federal reserve bank,' as used in this section, shall of the first Liberty bond act, approved April 24, 1917, mean the Federal reserve bank of the district in which section 8 of the second Liberty bond act, approved such member bank is located. September 24, 1917, and section 8 of the third Liberty "(j) The Federal Reserve Board is authorized and bond act, approved April 4, 1918 (U. S. Code, title 31, empowered to prescribe regulations defining further section 771), which read as follows: the various terms used in this act, fixing periods over "That the provisions of section fifty-one hundred which reserve requirements and actual reserves may and ninety-one of the Revised Statutes, as amended by be averaged, determining the methods by which reserve the Federal reserve act, and the amendments thereof, requirements and actual reserves shall be computed, with reference to the reserves required to be kept by and prescribing penalties for deficiencies in reserves. national banking associations and other member banks Such regulations and all other regulations of the Fedof the Federal reserve system, shall not apply to eral Reserve Board shall have the force and efFect of deposits of public moneys by the United States in law and the courts shall take judicial notice of them. designated depositaries." "(k) Subject to such regulations and penalties as, This section shall become effective on the first day may be prescribed by the Federal Reserve Board, any of the seventh calendar month following the enactment member bank may draw against or otherwise utilize of this act. its reserves for the purpose of meeting existing liabilities: Provided, however, That, whenever the reserves of any SECTION 14 member bank have been continuously deficient for fourteen consecutive calendar days, the ^Federal reserve The first portion of this section down to agent or assistant Federal reserve agent of the district line 4 on page 33 is existing law. The sentence in which such member bank is located shall send to each in lines 4 to 8, inclusive, is new and would director of such bank, by registered mail, a letter advising him of such deficiency and calling attention interfere greatly with the financing of realto the provisions of this subsection; and each director estate transactions. When a time loan has of such bank who after receipt of such a letter, assents been made, there appears to be no warrant, in to or acquiesces in the making of additional loans or the absence of default, for revising the valuainvestments by such bank before the reserves of such bank shall have been restored to the amount required tions on which the loan is based; and this by this section, shall be held liable in his personal or provision, together with that in lines 4 to 9 on individual capacity for any and all losses sustained page 34, would require the real estate on by such bank on any such loans or investments. which each such loan is based to be revalued " (1) All penalties for deficiencies in reserves incurred at least five times each year. It could not under regulations prescribed by the Federal Reserve Board pursuant to the provisions of this act shall be reasonably be expected that real-estate loans paid to the Federal reserve bank by the member bank would be made or applied for under such against which they are assessed. conditions. "(m) No member bank shall keep on deposit with an}' State bank or trust company which is not a member The sentence in lines 17 to 20 on page 33 bank a sum in excess of ten per centum of its own paid- would classify as real-estate loans all unsecured up capital and surplus. No member bank shall act loans whose eventual safety depends upon the as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve value of real estate, thereby subjecting all such bank under the provisions of this act, except by per- loans to all the limitations or restrictions in this mission of the Federal Reserve Board. section. This would produce confusion and " (n) No member bank shall act as the medium or uncertainty in a large volume of loans and agent of any nonbanking corporation, partnership, association, business trust, or individual in making would interefere with the extension of adequate loans on the security of stocks, bonds, and other credit, particularly in the agricultural sections investment securities to brokers or dealers in stocks, of the country. bonds, and other investment securities. Every violation of this provision by any member bank shall be The remaining amendments in this section punishable by a fine of not more than $100 per day make what appear to be unnecessary changes during the continuance of such violation; and such fine in the proportion of the real-estate loans may be collected, by suit or otherwise, by the Federal reserve bank of the district in which such member bank permitted and propose, without segregation, to is located. give time depositors a preferred claim on all "(o) National banks or banks organized under local real-estate loans and other assets of the bank laws, located in Alaska or in a dependency or insular acquired under this section. Such a provision possession or any part of the United States outside the would be difficult to administer and would be continental United States, may remain nonmember banks, and shall in that event maintain reserves and unfair to the other depositors. 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217 APRIL, 1932 FEDERAL RESERVE BULLETIN The sentence in lines 15 to 22 on page 34 is SECTION 17 existing law and is inconsistent with section 24 The modification of the units in which bank of the bill, which will be discussed later. stocks can be issued would create unnecessary It would seem desirable to limit the amount complications; and it is recommended that all which banks may invest in bank premises, of section 17 be omitted, with the exception but it is suggested, that this be accomplished of the sentence in lines 17 to 23 on page 38, directly instead of indirectly. which should be made effective not less than It is recommended, therefore, that section 14 three years after enactment. of the bill be stricken out and that the following As modified, section 17 would read as follows: new section be substituted: SEC. 17. Section 5139 of the Revised Statutes, as SEC. 14. The Federal reserve act, as amended, is amended, is amended by adding at the end thereof a amended by inserting between section 24 and section 25 new paragraph reading as follows: thereof the following new section: "After three years from the date of the enactment of "SEC. 24(a). Except with the permission of the this act, no certificate representing the stock of any Comptroller of the Currency, no national bank, and such association shall represent the stock of any other except with the permission" of the Federal Reserve corporation, nor shall the ownership, sale, or transfer Board, no State member bank, shall hereafter invest of any certificate representing the stock of any such in bank premises or in the stock or obligations of, or association be conditioned in any manner whatsoever in loans to, any corporation owning or holding its upon the ownership, sale, or transfer of a certificate bank premises a sum exceeding the amount of the representing the stock of any other corporation." capital stock of such bank." SECTION 18 SECTION 15 The first part of this section would prohibit This section would make it necessary for any director, officer, or employee of any memmember banks to dispose of a large amount of ber bank from acting as a director, officer, or securities at this time which would be very unemployee of certain other specified classes of fortunate. Since it is aimed generally at inbusiness enterprises. It would be capable of vestments in securities, it is believed that its easy evasion and would become ineffective in purpose is covered sufficiently by the proposed many cases. The latter part of the section substitute for section 3 of the bill. would prohibit any member bank from clearing The clause commencing in line 19 on page 35 checks or doing the ordinary banking business apparently is intended to enable national of a correspondent for any of the types of banks to compete more effectively with State business enterprises mentioned in this section. banks. Its tendency would be to lower the The language of the section is so broad that it standards of banking in the national banking would include banks within the classes of system to the standard of the State banks, business enterprises to which the prohibitions where more liberal powers are granted to State of the section would apply. For example, all banks by State law. interlocking bank directorates now expressly The definition of investment securities which authorized by law or permitted under certain is contained in the law, as amended by the act conditions would be prohibited, and one bank of February 25, 1927, would be stricken out would be prohibited from acting as a correand apparently the comptroller would be given spondent of another bank. It is therefore unlimited power to prescribe his own defini- recommended that this entire section be tion except that stocks could not be included. omitted. This modification is undesirable. It has been clearly demonstrated that For the reasons stated it is recommended affiliations between member banks and secuthat this section be omitted entirely. rity companies have contributed to undesirable banking developments. There are, SECTION 16 however, difficulties in the way of accomplish- This amendment is believed to be desirable; ing a complete divorce of member banks from but it is recommended that it be strengthened their affiliates arising from the fact that a law and that a means of evasion be eliminated by intended for that purpose is likely to be susstriking out the exception in lines 17 to 21, ceptible of evasion or else to apply to many inclusive, on page 37, which would permit the cases to which it is not intended to apply. organization of national banks with a capital Therefore the board is not prepared at this of $25,000 in certain circumstances. time to make a definite recommendation, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN APRIL, 1932 submits, for the consideration of the Committee panies and requiring all eligible State banks on Banking and Currency, a substitute for controlled by them to be members of the section 18 which is designed to provide for the Federal reserve system. divorce of security affiliates from member It is therefore recommended that section 19 banks after three years: of the bill be changed to read as follows: SEC. 18. From and after three years from the date SEC. 19. Section 5144 of the Revised Statutes, as of the enactment of this act, no member bank shall be amended, is amended, to read as follows: affiliated in any manner described in section 2 (b) "SEC. 5144. In all elections of directors and in hereof with any corporation, association, business trust, deciding all questions at meetings of shareholders each or other similar organization engaged principally in the shareholder shall be entitled to one vote on each share issue, flotation, underwriting, public sale, or distribu- of stock held by him, except that shares of its own stock tion at wholesale or retail, of stocks, bonds, debentures, held by any national bank as trustee shall not be voted, notes, or other securities. and shares owned or controlled by any affiliate, as For every violation of this section the member bank defined by the banking act of 1932, or by any officer, involved shall be subject to a penalty not exceeding director, employee, proxy, nominee, or representative $1,000 per day for each day during which such violation or agent thereof, shall not be voted unless such affiliate continues. Such penalty may be assessed by the shall have filed with the Comptroller of the Currency Federal Reserve Board, in its discretion, and, when so an agreement in such form as may be prescribed by assessed, may be collected by the Federal reserve bank him accepting, and agreeing to submit to and comply by suit or otherwise. with, all of the provisions of this section, and such If any such violation shall continue for six calendar agreement shall not have been terminated. Sharemonths after the member bank shall have been warned holders may vote by proxies duly authorized in writing; by the Federal Reserve Board to discontinue the same but no officer, clerk, teller, or bookkeeper of such asso- (a) in the case of a national bank, all the rights, privi- ciation shall act as proxy; and no shareholder whose leges, and franchises granted to it under the national liability is past due and unpaid shall be allowed to vote. bank act may be forfeited in the manner prescribed in "Within a period of one year from the date of any section 5239 of the Revised Statutes, or, (b) in the case such agreement, each nonmember State bank owned of a State member bank, all of its rights and privileges or controlled by such affiliate which is eligible for of membership in the Federal reserve system may be membership in the Federal reserve system shall apply forfeited in the manner prescribed in section 9 of the for membership therein in the manner prescribed by, Federal reserve act. ! and subject to the terms of, section 9 of the Federal reserve act. If such application is approved by the SECTIONS 19 AND 20 Federal Reserve Board, such bank shall become a member of the Federal reserve system and shall It is recommended that section 19 of the bill comply with all of the provisions of law applicable to be combined with section 20 in the manner member banks. If such application is not approved hereinafter proposed; that the combined section by the Federal Reserve Board, or if any such bank shall fail to become, or shall cease to be, a member be known as section 19; and that a new section of the Federal reserve system at any time while such applicable to holding companies which own or agreement remains in effect, such affiliate shall divest control State member banks be substituted for itself of all stock ownership or other interest in, or section 20. control of, such bank. 1 'Except as otherwise provided herein, every such Under the definition of "affiliate" contained affiliate, (1) on January 1, 1934, and at all times therein section 2 and under the provisions of sections after while such agreement remains in effect, shall 6, 27, and 28 of the bill, if amended in accord- possess, free and clear of any lien, pledge, or hypothecaance with the recommendations contained in tion of any nature, readily marketable assets other than bank stock, which shall not amount to less than this report, all holding companies which control j lo per centum of the aggregate par value of bank member banks and all banks owned or con- stocks held or owned by such affiliate, and (2) shall trolled by such holding companies will be affili- reinvest in readily marketable assets other than bank ates of such member banks and will be required stock all net earnings over and above 6 per centum per annum on the book value of its own shares outstanding, to make reports and submit to examinations until its readily marketable assets other than bank whenever deemed necessary or advisable by the stocks shall amount to 25 per centum of the aggregate Comptroller of the Currency, the Federal jpar value of bank shares held or owned by it: Provided, Reserve Board or examiners appointed by them; j however, That, in computing the amount of readily marketable assets, other than bank stock, which any and therefore it is suggested that the provisions such affiliate is required to possess at any given time, regarding examinations and condition reports credit shall be given to such affiliate for all contribuof holding companies be omitted from this sec- tions which it has made during the preceding three tion and from the corresponding sections re- years to banks owned or controlled by it at the time such computation is made. The term 'contribution,' garding holding companies which own or control as herein used, shall include all such gifts of money, State member banks. assets or other things of value to any such bank, all It is also suggested that there be inserted in such amounts paid for worthless or doubtful assets purchased from any such bank, and all such other section 19 and in the proposed new section 20 similar amounts as the Comptroller of the Currency, certain additional provisions providing for the in his discretion, may permit to be treated as conregulation and supervision of holding com- tributions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

219 APRIL, 1932 FEDERAL RESERVE BULLETIN "If any such affiliate shall fail to comply with the or controls such member bank directly or indirectly provisions of this section or with the provisions of any shall have filed such an agreement with the Federal agreement with the Comptroller of the Currency made Reserve Board. pursuant thereto, the comptroller, in his discretion, "Within a period of one year from the date of any may terminate such agreement. such agreement, each nonmember State bank owned or " Any officer, director, agent, or employee of any such controlled by such affiliate which is eligible for memberaffiliate, which has entered into an agreement with ship in the Federal reserve system shall apply for the Comptroller of the Currency in accordance with membership therein in the manner prescribed by, and the provisions of this section, who shall make any false subject to the terms of, section 9 of this act. If such entry in any book, report or statement of such affiliate application is approved by the Federal Reserve Board, with intent in any case to injure or defraud such affiliate, such bank shall become a member of the Federal any member bank or any other company, body politic reserve system and shall comply with all of the proor corporate, or any individual person, or with intent visions of law applicable to member banks. If such to deceive any officer of such affiliate or of any member application is not approved by the Federal Reserve bank, or the Comptroller of *he Currency, or any agen: Board, or if any such bank shall fail to become, or cease or examiner appointed to examine the affairs of such to be, a member of the Federal reserve system at any affiliate, shall be deemed guilty of a misdemeanor and time while such agreement remains in effect, such upon conviction thereof in any district court of the affiliate shall divest itself of all of the stock ownership United States shall be fined not more than $5,000 or or other interest in, or control of, such bank. shall be imprisoned for not more than five years, or "Except as provided herein, every such affiliate (1) both, in the discretion of the court. on January 1, 1934, and at all times thereafter during "No national bank shall (1) make any loan on the the membership in the Federal reserve system of any stock of any affiliate which owns or controls such na- State bank owned or controlled by it, shall possess, tional bank directly or indirectly, (2) make any loan free and clear of any lien, pledge or hypothecation of to any affiliate which owns or controls such national any nature, readily marketable assets other than bank bank, directly or indirectly, on the security of any stock, which shall not amount to less than 15 per cent shares of stock of any corporation owned or controlled of the aggregate par value of bank stocks held or owned by such affiliate, or (3) be the purchaser or holder of by sucn affiliate; and (2) shall reinvest in readily the stock of such affiliate; unless such security or pur- marketable assets other than bank stock all net earnchase shall be necessary to prevent loss upon a debt ings over and above 6 per centum per annum on the previously contracted in good faith; and any stock so book value of its own shares outstanding, until its purchased or acquired shall be sold or disposed of at readily marketable assets, other than bank stocks, public or private sale within two years from the date shall amount to 25 per centum of the aggregate par of its acquisition. value of bank shares held or owned by it: Provided, " Unless there is an effect at the time an agreement however, That, in computing tne amount of readily filed with the Comptroller of the Currency pursuant marketable assets, otner than bank stock, which any to the terms of this section, any person, firm, corpora- sucli affiliate is required to possess at any given time, tion, association, business trust, or other organization, credit shall be given to such affiliate for all contributions which shall vote, or cause, direct, authorize, or permit which it has made during the preceding three years to to l)c voted, the stock of any national bank owned or banks owned or controlled by it at the time sucn comcontrolled by any affiliate, or by any officer, director, putation is made. The term 'contribution,' as herein employee, proxy, nominee or representative or agent used, shall include all such gifts of money, assets or thereof, shall be deemed guilty of a misdemeanor and, otlier things of value to any such bank, all such amounts upon conviction thereof in any district court of the paid for worthless or doubtful assets purchased from United States, shall be fined not more than $5,000 for any such bank, and all such other similar amounts each such offense. Each vote cast shall constitute a as the Federal Reserve Board, in its discretion, may separate offense within the meaning of this paragraph." permit to be treated as contributions. It is recommended that, in lieu of section 20, "If any such affiliate shall fail to comply with the provisions of this section or with the provisions of any there be inserted a new section 20 making agreement with the Federal Reserve Board made similar requirements regarding holding com- pursuant thereto, the said board, in its discretion, may panies which own or control State member require any State member bank owned or controlled by banks of the Federal reserve system; and it is such affiliate to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of recommended that such new section 20 read membership in the Federal reserve system as provided as follows: in section 9 of this act. SEC. 20. The Federal reserve act, as amended, is "Any officer, director, agent, or employee of any further amended by inserting therein immediately such affiliate which has filed an agreement with the after section 9 thereof a new section reading as follows: Federal Reserve Board, as provided in this section, who "Sue. QA. No State bank shall bo permitted to shall make any false entry in any book, report, or statebecome a member of the Federal reserve system unless ment of such affiliate with intent in any case to injure any affiliate of such State bank or trust company, as or defraud such affiliate, any member bank or any other defined in the banking act of 1.9^2, which owns or company, body politic or corporate, or any individual controls such member bank directly or indirectly shall person, or with intent to deceive any officer of such have filed with the Federal Reserve Board an agree- affiliate or of any member bank, or the Federal Reserve ment in such form as may be prescribed by such board Board, or any agent or examiner appointed to examine accepting, and agreeing to submit to and comply with, the affairs of such affiliate, shall be deemed guilty of a all of the provisions of this section; and no State bank misdemeanor, and upon conviction thereof in any disshall remain a member of the Federal reserve system trict court of the United States, shall be fined not more after one year from the date of the enactment of this than $5,000 or shall be imprisoned for not more than act unless anv affiliate of such State bank which owns five years, or both, in the discretion of the court. 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220 FEDEKAL KESERVE BULLETIN APRIL, 1932 "No State member bank shall (1) make any loan on would place member banks at a disadvantage the stock of any affiliate which owns or controls such in competition with nonmember banks. It is State member bank directly or indirectly, (2) make an}' therefore recommended that this section be loan to any affiliate which owns or controls such State member bank, directly or indirectly, on the securit}^ of omitted. any shares of stock of any corporation owned or control- SECTION 25 led by such affiliate, or (3) be the purchaser or holder of the stock of such affiliate; unless such security or pur- In the interests of clarity it is recommended chase shall be necessary to prevent loss upon a debt that subsection (a) of section 25 of the bill be previously contracted in good faith; and any stock so purchased or acquired shall be sold or disposed of at amended by striking out the period at the end public or private sale within two years from the date thereof (i. e., at the end of line 8 on page 48) of its acquisition." and inserting the following: "in which such SECTION 21 corporation owns or controls a majority If the Committee on Banking and Currency interest." decides to recommend the enactment of section It is recommended that the remainder of 21 of the bill in substantially its present form, section 25 of the bill (p. 48, lines 9 to 25, and it is suggested that paragraph (d) of section p. 49, lines 1 to 21) be omitted entirely. 5155 of the Revised Statutes (which forbids the The first part of paragraph (b) (lines 9 to 18, establishment of any branch in a place with a inclusive, on p. 48) would seem to be unnecespopulation of less than 25,000), be amended in sary because the exceptions in section 5200 are order that small communities may not be not applicable to borrowers of the kind dedenied the banking facilities which otherwise scribed, except the eighth exception, which apmight be provided under this section. It is plies only to loans secured by Government also suggested that the second paragraph of securities. section 9 of the Federal reserve act be amended In so far as the remainder of paragraph (b) so as to place State member banks on the same and the provisions of paragraph (c) relate to basis as national banks with respect to branches affiliates of national banking associations, the either in this country or in foreign countries. exact meaning of the restrictions is not clear; The sentence commencing in line 7 on page but these provisions appear to be in conflict 46 of the bill might be substituted for para- \yith those of section 9 of the bill, and the graph (d) of section 5155 of the Revised Stat- limitations on loans which may be made by utes; and the following might be added at the national banking associations to their affiliates end of the second paragraph of section 9 of the are covered adequately by the proposed sub- Federal reserve act: stitute for section 9. This substitute contains a limitation on loans that may be made to one Provided, however, That nothing herein contained affiliate and a separate limitation on the aggreshall prevent any State member bank from establishing and operating branches in the United States or any gate amount of loans that may be made to all dependency or insular possession thereof or in any affiliates of the same member bank. foreign country, on the same terms and conditions and In the comments upon the definition of the subject to the same limitations and restrictions as are term "affiliate" in section 2 of the bill certain applicable to the establishment of branches by national banks. principles were indicated which have been SECTION 23 applied in the recommendations with respect to various sections of the bill relating to affil- This section is desirable; but, in view of the iates; and it is believed that these recommendafact that the Federal reserve act authorizes tions arc sufficient. different rates of discount for different classes of paper, it is recommended that this section SECTION 26 be amended by striking out the word "of" in line 2 on page 47 and inserting in lieu thereof It is recommended that this section be the words "on 90-day commercial paper in omitted entirely. effect at." It would apply to all loans on "collateral security" regardless of the nature of the se- SECTION 24 curity, and would nullify certain provisions of While it is recognized that certain evils arise section 5200 of the Revised Statutes, including from the competitive bidding for deposits those permitting national banks to make loans through the payment of unduly high rates, it (1) in amounts not exceeding 25 per cent of is believed that it is undesirable to further their capital and surplus on the security of regulate by law the rates of interest which ma}^ shipping documents or chattel mortgages on be paid on deposits, especially since to do so livestock, and (2) in amounts not exceeding 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

221 APRIL, 1932 FEDEKA.L RESERVE BULLETIN per cent of their capital and surplus on the or the effect of such relations upon the management security of shipping documents, warehouse re- or condition of such national bank. The examiner making the examination of any affiliate of a national ceipts, or other such documents covering bank shall have power to make a thorough examination readily marketable nonperishable staples. It of all the affairs of the affiliate, and in doing so he shall would greatly curtail the amount of credit have power to administer oaths and to examine any of which could be extended by banks in agricul- the officers and agents thereof under oath and to make a report of his findings to the Comptroller of the tural communities to farmers, cattlemen, and Currency. The expense of examinations provided for dealers in cotton, grain, and other agricultural in this paragraph may be assessed by the Comptroller com modi ties. of the Currency upon the affiliates examined in proportion to assets or resources held by the affiliates upon the SECTION 27 dates of examination of the various affiliates. If any In order that reports of affiliates of national such affiliate shall refuse to pay such expenses or shall fail to do so within sixty days after the date of such banks may be required only when deemed assessment, then such expenses may be assessed against necessary and to clarify the provisions of the the affiliated national bank and, when so assessed, shall bill with respect to such reports, it is recom- be paid by such national bank: Provided, however, That, if the affiliation is with two or more national banks, such mended that section 27 of the bill be amended expenses may be assessed against, and collected from, to read as follows: any or all of such national banks in such proportions as SEC. 27. Section 5211 of the Revised Statutes of the the Comptroller of the Currency may prescribe. If any United States, as amended, is further amended by affiliate of a national bank shall refuse to permit an adding at the end thereof the following new paragraph: examiner to make an examination of the affiliate or "Whenever it shall be deemed necessary in order to shall refuse to give any information required in the obtain adequate information regarding the relations course of any such examination, the national bank between any national bank and its affiliates, or the with which it is affiliated shall be subject to a penalty effect of such relations upon the management or con- of not more than $100 for each day that any such refusal dition of such bank, it may be required under rules shall continue. Such penalty may be assessed by the and regulations prescribed by the Comptroller of the Federal Reserve Board, in its discretion, and, when Currency to obtain and furnish such reports as to any assessed, may be collected by the Federal reserve bank or all of its affiliates as may be called for. Each such by suit or otherwise." report shall contain such information and shall be submitted at such time as ma}' bo specified in the SECTION 29 call therefor." SECTION 28 Section 29 provides for the removal of officers or directors of national banks under certain Section 28 of the bill purports to authorize circumstances. It is believed that there should examinations of affiliates of both national banks be some means by which in extreme cases and State member banks; but it is doubtful unsatisfactoiy management could be corrected whether it would accomplish this purpose as to through the removal of officers and directors State member banks, because it amends the responsible there!" or. first paragraph of Section 5240 of the Revised It is believed however that the power of Statutes so as to provide for such examinations removal should be vested in the Federal Reto be made by examiners acting under the serve Board as a whole rather than in a special jurisdiction of the Comptroller of the Currency, committee consisting of three officials, one of whereas section 9 of the Federal reserve act, as whom is the person bringing the charges against amended by the act of June 21, 1917, exempts the accused officer or director; and in order to State member banks from examination by the afFord adequate additional protection to the Comptroller of the Currency under the prointerests of the banks and their officers and visions of the first two paragraphs of section directors, certain other changes in this section 5240 of the Revised Statutes. It has been should be made. It is therefore recommended recommended above that section 6 of the bill that section 29 be amended to read as follows: be amended so as to provide for examinations of affiliates of State member banks; and it is SEC. 29. Whenever, in the opinion of the Comptroller recommended that section 28 of the bill be of the Currency, any director or officer of a national amended to read as follows: bank, or of a bank or trust company doing business in the District of Columbia, or whenever, in the opinion ^ SEC. 28. Section 5240 of the Revised Statutes of the of a Federal reserve agent, any director or officer United States, as amended, is further amended by of a State member bank in his district, shall have conadding at the end thereof a new paragraph reading as tinued to violate any law relating to such bank or shall follows: have continued unsafe or unsound practices in conduct- "Examiners appointed under the provisions of the ing the business of such bank after having been warned first paragraph of this section may examine any affiliate by the Comptroller of the Currency or the Federal of a national bank whenever it shall be deemed neces- reserve agent, as the case may be, to discontinue such sary in order to obtain adequate information concerning violations of law or such unsafe or unsound practices, the relations of such affiliate with such national bank the Comptroller of the Currency or the Federal reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN APRIL, 1932 agent, as the case may be, may certify the facts to the such director or officer. A copy of such order shall also Federal Reserve Board. In any such case the Federal be served upon the bank of which lie is a director or Reserve Board may cause notice to be served upon such officer, whereupon such director or officer shall cease director or officer to appear before such board to show to be an officer or director of such bank: Provided, cause why lie should not be removed from office. A however, That such order and the findings of fact upon copy of such order shall be sent to each director of the whicn it is based shall not be made public or disclosed bank affected by registered mail. If, after granting to anyone except to the officer or director involved tne accused director or officer a reasonable opportunity and the directors of the bank involved, and no such to be heard, tne Federal Reserve Board findst hat he has finding or order nor the evidence upon which it is based continued to violate any law relating to such bank or shall be produced in any court of law except as evidence has continued unsafe or unsound practices in conduct- to punish violations of law under this section. Any ing tne business of such bank after having been warned such director or officer upon whom any such order has by the Comptroller of the Currency or the Federal been served as herein provided and who thereafter reserve agent to discontinue such violation of law or participates in any manner in the management of such such unsafe or unsound practices, the Federal Reserve bank shall be fined not more than $5,000 or imprisoned Board, in its discretion, may order that he be removed for not more than 5 years, or both, in the discretion of from office. A copy of such order shall be served upon t^e court. STATEMENT OF FEDERAL ADVISORY COUNCIL ON THE GLASS BILL (S. 4115) MARCH 29, 1932. In addition to the above general expression The Federal Advisory Council has given of opinion, the Federal Advisory Council careful consideration to Senate bill 4115. It desires to point out, in some detail, its specific is of the opinion that the present is an inop- objections to certain features of the bill. portune time to raise many of the issues pre- 1. Control of affiliates.—The Federal Adsented in this proposed legislative measure. visory Council is in accord with the purpose Reforms in our banking system may be desira- sought to be achieved in section 20 and believes ble, but such should be made at a time when that a control of affiliates is desirable. the country has passed through the present The definition of affiliates in section 2, howcrisis and when there is no danger that legis- ever, is much too broad and comprehensive. lative enactments will retard recovery and add It brings within the provisions of the act any to the existing difficulties with which banks corporation, regardless of its business, which are confronted. may happen to have a majority of its executive The council feels that the effect of this pro- committee, directors, or managing officers posed measure is likely to destroy the benefits directors of a member bank. of the Glass-Steagall Act, the Reconstruction Section 9 limits the sum which a parent mem- Finance Corporation act, and similar measures. ber bank may lend to an affiliate to 10 per cent If the bill should be enacted into law it would of the capital and surplus of the parent bank, necessitate a wholesale liquidation of securities, and such loans must be secured by 120 per which would most certainly cause a further cent of listed exchange securities or 100 per decline in the prices of all securities. Such cent of either eligible paper or savings banks' deflation would work extreme hardship not securities, neither of which would be for the merely upon banks but upon all holders of most part in the possession of an affiliate, securities in this country, and especially upon unless it happened to be a bank. Furtherthose who have borrowed from banks and who more, this provision would seem to bar the are finding difficulties even at present in meet- acceptance of real-estate mortgages as collateral ing their obligations. from an affiliate upon the part of those banks It must also be pointed out that, in the opin- located in States where there are no laws ion of the council, the thesis apparently under- regulating the investments of savings banks. lying this measure that loans upon securities Likewise, commodity or livestock paper, unless are in general undesirable and should be dras- its maturity is such as to make it eligible, tically limited would undermine the customary could not be used as collateral for a loan made system of capital financing which has been an to an affiliate. inherent part of the present industrial and The Federal Advisory Council also believes financial system almost from its beginning. that the provision in section 25, page 49, para- Without the flotation of securities which have graph 2, which refers to the sale for cash of been financed directly or indirectly by banks, the stock of an affiliate within a 3-year period it would have been impossible to build up the is not at all clear. If this means that the stock large enterprises which have contributed so of the affiliate held by the parent institution much to the progress of industrial develop- must be sold for cash away from the bank, in ment in this country. other words divorcing the affiliate from control Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 223 by the bank, it will create a distinct hardship, undesirable, entirely aside from other features as there are large numbers of such affiliates in in this section to which reference will be made existence to-day whose compulsory liquidation hereafter. would cause serious financial losses. Appar- The Federal Advisory Council believes that ently this section is in conflict with some of the subdivisions F and G of section 13 give power provisions of section 20. to the Federal Reserve Board to regulate what 2. Centralization of power.—It was the origi- is a purely routine loan operation of a member nal intention of the Federal reserve act to bank. The ability of member banks to trade decentralize the banking power in this country in Federal reserve funds tends to maintain a by establishing 12 autonomous regional Federal greater degree of liquidity in the general reserve banks. The Federal Reserve Board banking situation than would otherwise be the itself was planned originally to be largely a case. In this connection attention is called to supervising and coordinating body. The pro- the ever increasing restrictions upon, and to posed act, however, tends to increase radically the diminishing scope of, loaning operations of the power of the Federal Reserve Board at the banks. This results in increasing unnecessary expense of the individual Federal reserve banks balances on the part of member banks and and to make of the Federal reserve system in makes it more difficult for them to employ effect a centralized banking institution. In funds profitably. support of this statement attention is called 3. Liquidating corporation.— In general the to the following sections. 3ouncil indorses the idea of a liquidating Section 3 delegates the power of direct action corporation. It is, however, not in harmony to the Federal Reserve Board, which even if with the provisions as set forth under section practical would result in so embarrassing the 10 (sec. 12B) of the proposed act. The council operations of member banks as to lead to the is of the opinion that such a corporation as is elimination of important and necessary activities proposed should be financed entirely by Govor to the virtual surrender of individual bank ernment money, as is intended to be done in management to the Federal Reserve Board. the case of nonmember banks. Furthermore, Section 8 gives power to the Federal Reserve the council believes that it might be well to Board to fix the percentage of the capital and consider the possibility of creating 12 agencies, surplus which any member bank may lend in one in each of the Federal reserve districts, the form of collateral loans, and it is within the rather than seeking to create a single body for power of the Federal Reserve Board to change the whole country. Such 12 agencies might this percentage at any time upon 10 days' then be placed under the control and guidance notice and to direct any member bank to refrain of the Federal Reserve Board or some other from an increase of its security loans for any coordinating group. In no event does the period up to one year. This would be a tre- council believe it proper to require member mendous increase in the powers of the Federal banks to furnish the funds needed for such a Reserve Board and would introduce an element corporation without at the same time giving of uncertainty in the minds of those directing the member banks control of such a corporation any given member bank as to when the bank in for which they are to furnish the capital from question might be subjected to the direct action out of their own resources. The council authorized in this section. furthermore suggests the possibility of having The power of control by the Federal Reserve ! the activities of a Federal Liquidating Corpora- Board over the actions of the Federal open- jtion taken over by the Reconstruction Finance market committee, as authorized in section 10, !Corporation. might possibly tend to slow up open-market j 4. Increase of reserves.—The Federal Advioperations at times when quickness of action sory Council presumes that the requirement of might be absolutely essential in order to bring larger reserves as set forth in section 13 of the about desired results. proposed act is intended to provide for greater In section 11 the Federal Reserve Board is liquidity on the part of banks. The council empowered to cancel the right of any member believes, however, that the experience of the bank to borrow on so-called 15-day paper and last 10 years has clearly indicated that there is to declare existing loans due if such a member little or no relation between reserves and bank has failed to heed a notice instructing it liquidity. In the opinion of the council not to increase loans on collaterial security. liquidity is the result of careful and prudent It would appear to the Federal Advisory bank management and is measured by the Council that this endows the Federal Reserve character of the assets held by the bank. Fur- Board with an arbitrary power which is highly thermore, the imposition of additional reserves lio:t3l—32 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN APRIL, 1932 will reduce available resources in the member and thereby the interest rate on all other classes banks at a time when these are largely needed, of securities, and thus depreciate the market while at the same time they will bring no price of securities generally. It should also be advantage to the system, the resources of pointed out that the ability of member banks which have been and are ample to take care of to borrow on their promissory notes for a changing financial situations. The effect of period of not exceeding 15 days is essential in this requirement would also be to tie up an periods of depression when sufficient eligible additional volume of gold as a reserve against paper is not available for rediscount. increased member-bank deposits in the Federal 7. Limitation of interest on deposits.—The reserve banks without any apparent justifi- limitation of interest which member banks cation. may pay upon deposit balances, provided for 5. Segregation of time deposits.—The Fed- in section 24 of the proposed act, places such eral Advisory Council regards the provisions in banks in unfair competition with nonmember section 14 of the proposed act, intended to banks not so restricted. It should be rememsegregate the assets behind time deposits from bered that money is a commodity like any other those against other deposits, as likely to lead to and that member banks should be free to pay undesirable results. In the opinion of the the rates necessary to hold their deposits. council this provision will lead either to the 8. Branch and group banking.—In reference withdrawal of demand deposits or the diversion to section 21 and other sections of the proposed of demand deposits into time deposits. It be- act referring to branch or group banking, the lieves that the increase of investment in real council begs leave to refer to the recommendaestate foreseen in this section will tend to tions which it made on September 15, 1931, a reduce the liquidity of banks. There is also copy of which is appended hereto [see below]. imposed upon the Comptroller of the Currency 9. Collateral loans and securities.—In the a duty which burdens him with tremendous general statement the Federal Advisory Counresponsibility, in so far as he is required to cil has already expressed its views regarding the specify the type of property and the securities desire to limit collateral loans. It wishes here, in which one-half of the time deposits of the however, to discuss somewhat more in detail the member bank may be invested in the absence provisions in sections 8, 11, 13, 15, etc., all of of State laws governing the investment of such which deal in whole or in part with the control funds. It has been the experience of a number of the volume of collateral loans and the volume of members of the council that the absence of of securities held by member banks. These restriction in respect to the investment of time sections give arbitrary powers of control and deposits has produced a greater degree of the right to impose penalties to the Federal liquidity in banks than can possibly be accom- Keserve Board. These sections deal with conplished under the permissions granted in this trol of volume of collateral loans and volume section. of securities held by member banks and place The council feels that the views here set- arbitrary powers of control and penalties in the forth in regard to section 14 might be much Federal Reserve Board. The enforcement of amplified. In its opinion the most important the mandatory provisions of these sections will effect of this section would be to bring about a result in the enforced liquidation and to the disruption of the present credit structure of detriment of general business. The council the country. Many banks in this country believes that such liquidation will retard if it having a large percentage of time deposits use docs not entirely defeat the beneficent effects these funds for the purpose of aiding commerce, that may be expected to be realized as a result industry, and agriculture in their respective of the Glass-Stengall bill and the Reconstruccommunities. These would be compelled under tion Finance Corporation act. The council the provisions of section 14 to liquidate a large does not share the view of the proponents of the proportion of these loans and invest the funds bill that the underlying cause of either bank so obtained in real estate or specified securities. disasters or depression is directly related to the 6. Fifteen-day paper.—Section 11 penalizes volume of collateral loans or the volume of borrowers on so-called 15-day paper. In the securities held by banks. These did not, and opinion of the Federal Advisory Council such do not now, impair the ability of member banks a provision would make Government bonds a properly to care for those types of loans the much less desirable form of investment for proceeds of which go more directly into commember banks. It would handicap the United merce, industry, and agriculture. States Treasury in its necessary financing, In conclusion the council calls attention to increasing the rate on Government securities the fact that the bill, if enacted into law, would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 225 in effect place an undeserved stigma upon the owning in excess of 20 per cent of the stock of a flotation and selling of securities and make it national bank. almost impossible for banks to do business with (c) No national bank should be permitted to dealers in securities. There would seem to be make a loan on the security of the stock of a no justification whatsoever for such drastic corporation owning in excess of 20 per cent of action. the stock of the lending bank. Finally, the council believes that it is not II. Branch banking.—A. The McFadden Act possible to promote activity in commerce, should be amended to permit national banks in industry, and agriculture under an easy-money important commercial and financial centers to and credit policy and at the same time prevent establish branches in the area that is econompeople by admonition or restriction from buying ically and financially tributary to such centers securities which are being made attractive by without regard to State boundaries or to State this very activity. banking laws. The privilege should be limited to banks in cities serving a territory sufficient STATEMENT OF SEPTEMBER 15, 1931 to provide economic diversification. The area I. Group and chain banking.—No national within which banks located in such cities may bank should be permitted to become a part of extend their branches should be defined by a a group banking system except on the condi- committee consisting of the Comptroller of the tion that all other banks in the group are Currency, the Secretary of the Treasury, and members of the Federal reserve system to the the Governor of the Federal Reserve Board. end that the Federal Government have visito- Banks permitted to have branches in an area rial powers over the entire group. More should have capital adequate to their deposit specifically: liabilities, the minimum not to be less than (a) No corporation should be permitted to $1,000,000. The extension of branches Should own in excess of 20 per cent of the stock of a be subject to the approval of the Comptroller national bank if it owns at the same time in of the Currency. excess of 20 per cent of the stock of a State B. The national bank consolidation act bank unless said State bank is a member of the should be amended to permit any bank within Federal reserve system. the branch-bank area to consolidate under (6) The Comptroller of the Currency should national charter with the approval of the be given visitorial power over any corporation Comptroller of the Currency. FIRST QUARTERLY REPORT OF RECONSTRUCTION FINANCE CORPORATION The Reconstruction Finance Corporation Detroit, Mich.; El Paso, Tex.; Helena, Mont.; made its first quarterly report to Congress on Houston, Tex.; Jacksonville, Fla.; Kansas City, April 1, 1932. The text of the report, together Mo.; Little Rock, Ark.; Los Angeles, Calif.; with a table showing aggregate loans to each Louisville, Ky.; Memphis, Tenn.; Minneapolis, class of borrower, is given herewith:l Minn.; Nashville, Tenn.; New Orleans, La.; Pursuant to the provisions of section 15 of New York, N. Y.; Oklahoma. City, Okla.; the Reconstruction Finance Corporation Act, Omaha, Nebr.; Philadelphia, Pa.; Portland, we have the honor to submit the first quarterly Oreg.; Richmond, Va.; St. Louis, Mo.; Salt report of the corporation covering its operations Lake City, Utah; San Antonio, Tex.; San Franto and including March 31, 1932. cisco, Calif.; Seattle, Wash.; Spokane, Wash. As the act was approved by the President on Each of these agencies is in charge of a January 22, 1932, and the board of directors of manager, selected by the board, who receives the corporation was organized on February 2, applications for loans and transmits them to the operations reported herein coyer a period of Washington with his recommendations. Comonly two months. During this time the board petent local advisory committees, the memhas set up its central organization in Washing- bers of which serve without compensation, ton and established 33 separate agencies in also have been appointed by the board to various sections of the country. These agencies assist the managers. The membership of these are located at Atlanta, Ga.; Birmingham, Ala.; advisory committees totals 363. Boston, Mass.; Charlotte, N. C; Chicago, 111.; The Reconstruction Finance Corporation Cleveland, Ohio; Dallas, Tex.; Denver, Colo.; functions solely through the medium of loans. These loans, exclusive of acceptances referred i The report contains, in addition, the following tables: Number of borrowers, by States and classes; statement of condition as of Mtir. 31, to in section 5 (a) of the act and of the direct 1932; names and compensation of directors, officers, and employees loans or advances to farmers which, under receiving from the corporation more than $400 per month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN APKIL, 1932 section 2, are to be negotiated by the Secretary to 858 banks and trust companies (including of Agriculture, are authorized to be made to $2,173,000 to aid in the reorganization or banks, savings banks, trust companies, building liquidation of 7 closed banks); $4,879,750 to and loan associations, railroads and railroad 30 building and loan associations; $7,080,000 receivers, insurance companies, mortgage-loan to 18 insurance companies; $775,000 to 2 companies, credit unions, Federal land banks, joint-stock land banks; $496,990 to 1 livestock joint-stock land banks, Federal intermediate credit corporation; $21,200 to 2 agricultural credit banks, agricultural credit corporations, credit corporations; $6,517,000 to 8 mortgagelivestock credit corporations, and to aid in the loan companies; and $60,787,757 to 16 railreorganization or liquidation of closed banks. roads (including $7,335,800 to 2 railroad re- It is provided by law that the loans shall be ceivers). In addition, the corporation had fully and adequately secured. outstanding on March 31, 1932, as indicated Realizing that it was essential and in the in the attached table, agreements to make public interest that its work should be expedited loans totaling $6,817,500 upon the performance as much as possible, the active loaning opera- of specified conditions. The corporation also tions of the corporation were commenced and allocated $50,000,000 to the Secretary of carried on while it was in the process of building Agriculture in accordance with the provisions up its executive and administrative staffs. of section 2 of the Reconstruction Finance This threw an immense amount of work on Corporation act, and agreed to take all or any that portion of the staff which was first as- part of the February 15 and March 15 issues sembled. The board expresses its appreciation of Federal intermediate credit bank debentures, of their accomplishment, which necessitated aggregating $47,345,000, which might remain incessant and continuing work on their part, unsold on the dates indicated. As all the night*and day. Federal intermediate credit bank debentures The board is endeavoring to give prompt were sold in the open market, it was unnecesconsideration to the many applications which I sary for the corporation to take any part of the come to it each day and to make its decisions ' issues in question. without undue delay. Of the total loans authorized, the corporation Altogether, at the close of March 31, 1932, at the close of March 31, 1932, had advanced the corporation had authorized 974 separate $192,346,308.01, and repayments amounted to loans in the aggregate sum of $238,739,939.06 $7,471,894.36, leaving $184,874,413.65 outto 935 institutions, as follows: $158,182,242.06 standing on the books of the corporation. AGGREGATE LOANS TO EACH CLASS OF BORROWER, FEBRUARY 2 TO MARCH 31, 1932, "EXCLUSIVE Authorized 1 Advanced Repaid Outstanding Hanks and trust companies 2 .__ $158,182,242. 0t> $125,417,141.01 $6, 249, 542. 36 $119,107,598.05 Building and loan associations..- ' """ ~" "" 2, 430, 500. 00 2, 430, 500. 00 Insurance companies 'i, 035, 920. 00 . 74," 400." 66" 0, 501, 520. 00 Mortgage loan companies 1,277,000.00 1, 277,000. 00 Joint-stock land banks Livestock credit corporations Agricultural credit corporations. Railroads (including receivers). . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A VEIL, 1932 FEDERAL RESERVE BULLETIN 227 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 25 and released for publication March 28] Volume of industrial production and factory decrease in the value of awards reflects reducemployment increased from January to Feb- tions in building costs. ruary l>3^ an amount smaller than is usual at Distribution.—Ca rl o a dings o f mcrcha nd i se this season. Improvement in the banking situ- j and of miscellaneous freight showed none of the ation during February and the first three weeks \usual seasonal increase in February, while sales of March was reflected in a decline in bank jat department stores remained unchanged, as is suspensions and a return flow of currency from \usual at this season. the public to the banks. ; Wholesale prices.—Wholesale commodity Production and employment.—Output of prices, as measured by the index of the Bureau industrial products increased less than season- of Labor Statistics, declined further from 67 ally in February, and the Federal Reserve per cent of the 1926 average for January to 66 Board's index, which makes allowance for the per cent for February. Between the first week usual seasonal variations, declined from 71 per of February and the third week of March there cent of the 1923-1925 average to 70 per cent. were increases in the prices of cotton, livestock, Activity in the steel industry during February and meats, while prices of grains, nonferrous and the first three weeks of March showed metals, and imported raw materials, including little change from the January rate, although silk, sugar, and rubber, declined considerably. ordinarily substantial increases are reported Bank credit.—In the banking situation the at this time of year. Automobile production |important developments in February and the continued in small volume, showing none of the first half of March were a considerable reducusual seasonal expansion, and the number of tion in the number of bank suspensions and a cars produced in the 3-month period ending in return flow of currency from the public to the February was about 35 per cent less than in banks. The country's stock of monetary gold the corresponding period a year ago. In the declined in February but increased somewhat lumber industry output declined further, con- in the first half of March. Member bank trary to seasonal tendency. Activity at cotton reserve balances, after decreasing almost conmills and shoe factories increased by more than tinuously since last summer, showed a slight the seasonal amount and was at about the increase for the first two weeks in March. same level as in the corresponding month last- Purchases of United States Government obliyear. gations by the Federal reserve banks, beginning Volume of employment at factories increased in March, were accompanied by a considerable in February by somewhat less than the usual decline in member bank indebtedness to the seasonal amount. In the iron and steel, auto- reserve banks. mobile, and machinery industries the number ' Loans and investments of member banks in employed showed an increase smaller than is |leading cities continued to decline until the usual in this month, and at lumber mills a con- middle of March, when there was a substantial tinued decline in employment was reported. increase, owing largely to the banks' purchases At establishments producing fabrics, wearing of United States Government securities issued on apparel, and shoes volume of employment March 15. Demand and time deposits of these increased by more than the seasonal amount. banks decreased further during February but Daily average value of total building con- showed little change in the first half of M&rch. tracts awarded, as reported by the F. W. Open-market rates on acceptances and com- Dodge Corporation, showed little change in mercial paper declined during February and the February and the first half of March, and for first half of March. During this period yields the period between the 1st of January and the on Treasury and other high grade bonds middle of March the value of contracts was decreased to the lowest point since early De- 65 per cent less than a year ago, reflecting con- cember, but after the middle of the month tinued declines in residential building as well yields on high-grade corporate bonds increased as in other types of construction; part of the somewhat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN APRIL, 1932 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 [5500 5500 5000 —• 5000 4500 *' 4500 , 4 -> :: ::-—— 4000 Member Bank Reserve Balances ; 2500 2500 r 2000 2000 1500 ; -' 1500 t 1000 500 .[_..... 1 j 0 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending March 2G Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 229 APRIL, 1932 FEDERAL RESERVE BANK CREDIT RESERVE BANK. CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit oiitstandiitg Factors of decrease Factors o"increase Month or week B co il u ls n d te i d s- Bil]s | United r c O e b r s a t e e h n d r e k v i r t e Total g M ol o d n e st t o a c ry k T c a r u d e r j a u re s s n u te c r d y y i M n l a c o ti i n r o c e n u y - : M b r a e b e l s a a m e n n r b k c v e e e s r d m e N e p e m o o tc s n b . i - t e s r , p c U f e a u n n p n d e i d t x e a s - d l 1931—Januarv _. 253 200 047 23 1,129 4, 022 1,784 4, 095 2, 433 28 379 February 216 H)2 : 003 15 936 4, 050 1,780 4, 598 2, 370 25 379 March 176 123 : 004 18 4, 082 1,778 4, 590 2, 380 24 381 \pril 155 173 000 24 952 4,711 1,770 4, 047 2, 376 27 383 Mav 163 144 599 20 926 4, 707 1, 783 4, 079 2, 3S7 28 382 J line 188 • 121 010 20 945 4,805 1,759 4, 750 2, 404 35 380 Julv - - 109 i 79 • 674 32 954 4,958 1, 784 4. 830 2, 407 83 370 August 222 i 135 712 38 1,107 4,975 1, 704 4,947 2, 345 187 307 September 280 259 : 730 38 1.313 4,948 1, 708 5,133 2, 333 199 304 October . _ _ 013 092 733 50 2,088 4, 447 1, 708 5, 478 2, 250 208 301 November 095 500 727 53 2,035 4, 363 1,766 5.518 2,118 171 357 December 774 340 777 59 1,950 4, 450 1, 782 5, 011 2, 009 144 358 1932—January . 828 : 221 759 57 1,865 4.452 1,773 5, 045 1, 979 113 353 February 848 i 151 743 43 1,785 4, 384 1,787 5, 027 1, 907 73 349 March 714 105 809 24 1, 652 4,372 1,792 5,531 1,899 37 349 Week ending (Saturday)— Dec 20 842 : 281 790 72 1,991 4, 467 1, 780 5, 727 2,013 145 359 Jan 2 803 • 315 791 58 1,967 4, 459 1, 707 5, 666 2. 053 118 350 Jan.9 815 ! 288 771 00 1,934 4, 404 1, 700 5, 680 2. 020 111 353 Jan 10 820 : 222 752 55 1,855 4. 404 1,774 5. 040 1,087 108 352 Jan. 23 831 187 : 752 53 1,823 4,454 1,780 5, 032 1,950 119 350 Jan 30 859 : 102 • 749 52 1,822 4, 429 1,773 5,017 1, 911 117 349 Feb. 6 --- -- 802 • 157 749 54 1,822 4,410 1,777 5, 045 1, 925 91 318 Fob 13 843 '• 166 742 52 1,803 4, 405 1,777 5, 042 1,917 78 348 Feb. 20 850 : 150 ; 741 43 1,790 4, 379 1,794 5, 027 1, 900 82 348 Feb 27 842 139 ' 740 31 1,752 4, 350 1, 795 5, 005 1, 895 55 348 Mar 5 828 125 754 24 1,731 4, 352 1,783 5, 594 1,885 41 346 Var 12 757 130 • 780 20 1,705 4, 303 1,778 5, 503 1,901 34 348 Mar 19 084 107 820 23 1,634 4, 374 1,825 5, 537 1,909 37 350 Mar. 20 007 84 825: 23 1,599 4,382 1,791 5,498 1, 890 33 351 Apr. 2 051 68 854 1 22 1,595 4,390 1,789 5, 409 1,909 45 351 End of month series "Wednesday series 1932 1932 i ! i I Oct. iXov.! Dec. Jan. Feb. : Mar. 1 Feb. Mar. • Mar.' Alar. Mar. • Mar. 31 • 30 31 : 31 29 j 31 24 2 '. 9 . 10 23 i 30 Bills discounted 7,8 038 899 828 039 Bills discounted ' 835 828 748 661 C66 633 Bills bought 452 339 153 109 i 08 Bills bought I 133 • 116 138 . 100 ' 82 06 United Stales securities 717 81? 74'i 740 j 872 Special Treasury certificates ! : 32 Other reserve bank credit _ 44 59 58 32 I 18 Other United States securities.J 741 . 7(0 785 810 835 872 Other reserve bank credit.. ; 25; 25 27 • 25 15 10 Total reserve bank credit 2,184 1,931 1,853 1,856 1,709 ,597 Total reserve bank credit 1,734 ,729 1,698 1,634 1,597 i 1,587 Monetary gold stock 4,292 1, -114 |4,4C0 ;4,415 ;4, 353 3s8 Monetary gold stock.. 4,350 ,350 4,362 4,374 4,381 4,388 Treasury currency adjusted 1, 7-37 1, 7)9 11, 759 :1,775 il. 791 800 Treasury currency adjusted ,1,780 ,791 1,775 1,838 1,792 1,780 Money in circulation 5,540 5, 53'i i.V-47 5,042 ;5.003 '*; 459 Money in circulation '5, 592 583 5,544 5,522 5,480 j 5,439 Member bank reserve balances. 2, 1('>7 2,051 1,947 921 Member bank reserve balances. 1,878 902 1,910 :1,919 1,911 1,9.11 Xonmember deposits, etc 181 170 ' 110: 107 . 59 Unexpended capital funds, non- j Unexpended capital funds 355 357 354! 350 ; 347 I 349 member deposits, etc _J 395 385 382 405 380 \ 405 * Preliminary. For explanation of relations between movements of reserve bank credit, factors of decrease, and factors of increase see BULLETIN for July, 1929, pp. 432-438. Back figures.—Sec (for averages of daily figures) Annual Report for 1930 (Tables 1, 2. and 3). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN APRIL, 1932 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] • Mar. 31, 1932 '• Feb. 29, 1932 Mar. 31, 1931 HESOURCES Gold with Federal reserve agents 2,211,147 2,008,907 1, 733,124 Gold redemption fund with United States Treasury 44,565 ! 55,743 32, 047 Gold held exclusively against Federal reserve notes.. 2,255,712 2, 12-1, 050 1,705.771 Gold settlement fund with Federal Reserve Board 270,289 ' 203,003 499, 970 Gold and gold certificates held by banks 487,702 519, 790 848,894 Total gold reserves 3,019,703 2.93S, 109 3.114,041 Reserves other than gold 215,401 201,045 181,037 Total reserves 3,235,104 3,139, 754 3. 290, 278 Nonreserve cash ... 77,805 71,548 73,124 Bills discounted: For member banks 032,300 i 817,489 250, 027 For intermediate credit banks 5.910 : 10, 573 121 For nonmember banks (secured by adjusted service certificates). 208 i 415 Total bills discounted 038,550 828, 477 250,225 Bills bought: Payable in dollars— Bought outright 31,843 08,819 113,380 Under resale agreement ... 4,930 0,852 9,800 Payable in foreign currencies ... .. 30,778 33, 478 1,003 Total bills bought 07,557 109,149 124,303 United States securities: Bought outright . 800,070 740, 032 598, 431 Under resale agreement .... 11,502 . 100 Total United States securities. 871,C32 I 740, 032 598, 531 Other reserve bank credit: Federal intermediate credit bank debentures 200 10,000 Federal land bank bonds Munici pal warrants 7,040 4,003 Due from foreign banks 0,045 : 8, 007 707 Reserve bank float (uncollected items in excess of deferred availability items)... 4,011 i 8, 019 10,553 Total reserve bank credit outstanding _ 1,596,841 i 1,708,887 990,319 Federal reserve notes of other reserve banks 15,792 " 15,910 14,278 Uncollected items not included in float . .. . 349,448 340, 027 403,183 Bank premises 57,853 57,821 58, 322 All other resources ._ .. . .. 30,199 39, 577 17,001 Total resources.. ... .. ...| i—•;5,309,102! 5,374,130 4,913,105 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. 2.547,094 15,910 14,278 Outside Federal reserve banks 15, 792 ! 2,035, 253 1,472,080 1 Total notes in circulation ....... 2,503,480 ! 2,051,109 1,480,358 Deposits: Member bank—reserve account... 1,923,533 : 1.848,887 2, 428, 081 Government 29,540 ; 35, 825 55,910 Foreign bank 30,300 : 10,583 5,145 Other deposits 28,397 ; 30,023 10,515 Total deposits ... . 2,012,100 1,937,318 2, 505, 057 Deferred availability items . .. 349,448 340, 027 403,183 Capital paid in ... 155,023 157, 492 108,828 Surplus . . . 259,421 259,421 274, 030 All other liabilities 29,018 28,103 .14,443 Total liabilities 5,309,102 5.37-1,130 4,913,105 Contingent liability on bills purchased for foreign correspondents 335,432 : 311,870 430, 779 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: I H s e su ld e d b y to F F e e d d e e ra ra l l re re s s e e r r v v e e b b a a n n k k s s 1 by Federal reserve agents 2,8 2 1 5 0 3 , , 5 0 8 9 4 8 ; 2,9 2 1 0 1 0 , , 7 5 4 7 3 4 1,8 3 7 8 5 9 , , 2 0 8 4 4 2 In actual circulation 2, 503, 480 2,051,109 | 1,480,358 Collateral held by agents as security for notes issued to banks: Gold . 2.211,147 2, 008,907 1,733,124 Eligible paper 007, 000 892,153 351,122 Total collateral.. 2,878,147 2,901.000 2, 084, 240 ' Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 231 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In thousands of dollars] [In millions of dollars] 1932 Analysis of changes I Gold I stock March •pphrmrv January- Month at end Increase j Net re- Domes- From or to— (preliminary) Jjeoruarj, February of in stock ;!set gold lease tic promonth. during ';import from ear-duction, I month : mark i etc.2 Im- Ex- Im- Ex- I Im- Exports ports ports ports | ports ports J •• 1929—January I 4,127 -14.4 :j 47.2 -65.0 3.4 February \ 4,153 26.4 jj 25. 5 .9 Belgium.. 6,341 ; 17,859 •• 30,412 March I 4,188 34.4 ! 24.8 2.1 England.. j 235 ' 171 I 3,604 April ! 4,260 72.4 I, 23.1 478..56 0.7 France 37,533 j 98, 203 181,987 May i 4,301 40.6 ,. 23.6 16.1 0.9 Germany - I 495 • i 566 June | 4,324 23.4 ;. 30.2 -7.5 0.7 Italy. July— 4,341 16.3 : 34. 7 -22.0 3.6 Netherlands 8,672 14, 929 August ! 4,360 18.9 !• 18.4 -1.0 1.5 Portugal.. _ 2,386 ! 2,386 Septern her j 4,372 12.1 i. 17.6 -6.6 1.1 Sweden i October | 4,386 14.4 i 17.5 -4.5 1.4 Switzerland 6 254 2,013 November j 4,367 -19.2 ! -23. 2 1.0 2.3 Canada. 7,002 8,417 11 10,579 j 27 December j 4,284 -82.9 ;l -64. 4 -22.0 3.5 Central America. 69 ! 191 ! Mexico.. 2,375 • 965 : 2,073 ! 20 Total (12mos.)~; 142.4 i 175.1 , -55.4 22.7 Argentina [ 2,683' 1,157 | 10,267 Colombia ; i 7 i 2,956 1930—January ____; 4,291 6.8 ;. 4.0 : 0.5 2.3 Ecuador _ _ __' 205 ! 312 ! February I 4,353 59.9 |! 60.0 0.0 1.9 Peru ._• i .! 166 . 57 . March | 4,423 68.2: 55.5 j 13.0 -0.3 Uruguay i ; 1,000 ' 1, 000 • April ] 4,491 68.5 ;! 65.7 0.5 2.3 Venezuela.. 133 '• 254 May.— - 4,517 25.9 ii 23. 5 2.0 0.5 British India _ 2,575 ; 7,252 June _ ! 4,535 17.6 j! 13.9 , 2.0 1.7 China and Hong - I July. -_i 4,517 -18.4 |; -19.6 -3. 0 4.3 Kong 2,903 I : 819 987 August.. 4,501 -15.5 i| -19.6 0.0 4.2 Dutch East Indies.1.. ' 278 ; 693 : September. 4,511 10.2 ;; 2.5 4.0 3.7 Japan _.: 19,441 i 29,410 | October 4,535 23.3 I, 26.4 ' -6.1 • 3.1 Philippine Islands : i 289 I 581 ! November. 4,571 36.8 i! 35. 2 -2.1 ' 3.8 All other countries!.. 2,208 \ 33 j 2,288 i 24 3,656 i 74 December j 4,593 ! 22.1 j| 32.7 -15.2 | 4.5 Total * 17,171 : 2 43,913 37,644 128,211 70,550 236,075 Total (12 mos.)..; : 305.4 280.2 -4.4 32.0 1931— J J A F M M J u u e a p a l n a n b y r y e r i u r c l u a h r a y r y. ! ! \ I 4 4 4 4 4 4 4 , , , , , , , 6 7 9 6 6 7 9 6 2 5 9 4 9 4 5 6 6 7 3 8 9 ! : . i . ! i 1 - 4 2 3 2 7 5 6 9 2 2 8 2 8 . . 6 . . . . . 4 0 7 0 4 0 3 2 4 4 6 1 1 5 3 9 9 4 9 6 . . . . . . . 4 6 1 8 6 5 5 - - 2 9 1 7 9 3 4 2 2 1 . . . . . 5 . . 7 0 5 0 3 9 ; i , : : -1 1 3 3 3 3 3 1 8 . . . . . . . 3 6 9 3 1 3 8 im 1 2 p I o A n r t c t s l N u , K d e $ w e 1 I s 0 N Y ,5 a 8 o D ll 6 r , k m S 0 — 0 o 0 v * i O m em p F o e r n [ t I M t s n s , o m O $6 f i , N u l 5 l 8 n i E o 5 r , n e 0 Y p s 0 o 0 o r ; f t I e e d N x d o p l o o la r r C t i r s g s , I ] i n R $ 4 o C 3 r ,9 U d 13 e L , s 0 t A 0 i 0 n T . a t I io O E n l . s N ewhere August _ 4,995 ! 45.7 57. 5 -16.0 | 4.2 September ___; 4,741 j -254.3 20.6 -279.1 : 4.2 1932 1931 N O o ct v o e b m er b er '. 4 4 , , 4 29 1 2 4 i : -4 1 4 2 8 2 . . 4 0 i -33 8 7 9 . . 7 4 -10 2 7 8 . . 6 3 -3 4 . . 1 2 Kind of money December 4,460 ; 45.8 56.9 -22.9 : 11.9 Mar. 31 v \ Feb. 29 Mar. 31 Total (12mos.)..! ; -133.4 145.3 -320.8 ! 42.1 1932— M F J e a a b n r r c u u h a a r r v y y . .. _ _ .. _ : : ; 4 4 4 , , , 3 4 3 5 8 1 4 9 6 : j ; - - - 4 6 4 -3 2 4 4 . . . 3 2 0 j ; | : i - - - 9 7 2 0 5 6 . . 6 . 0 7 2 2 58 5 6 . . . 3 4 4 5 3 1. . . 9 4 3 G G Fe o o d l l d d e r c c a o l e r i r n t e if s i e c r a v t e e s notes. 2,5 4 7 4 0 7 6 4 9 . 2, 4 8 6 0 2 3 6 0 4 I I 1 1 , ,0 4 3 4 7 5 7 1 4 Total (3 mos.) *_'. -71.6 i! -192.3 110.1 I 10.6 Trea S s t u a r n y d a c r u d r r s e i n lv c e y r : 1 dollars 31 ! 35 Silver certificates 355 j 372 1 Gold released from earmark at Federal reserve banks less gold placed Treasury notes of 1890 1 1 1 under earmark. Subsidiary silver 259 260 271 2 This figure, derived from preceding columns, represents the excess of Minor coin 114 114 116 domestic production over nonmonetary consumption of gold—chiefly United States notes 274 . 280 289 consumption in the arts. In any given month, however, it may be Federal reserve bank notes.. 3 3 3 predominantly affected by the fact that on the final day of the month National bank notes 691 648 (a) gold bullion or foreign gold coin recently imported may not yet have reached a reserve bank or the Treasury, and (6) gold bullion recently Total Treasury currency 1,730 1,743 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies Total money in circulation.. 5,459 5,603 in official reports of gold imports and exports. p Preliminary figures. v Figures preliminary. i For explanation of the term "Treasury currency" see BULLETIN for July, 1929, p. 432. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN APRIL, 1932 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll i Ne u w it y Y » ork : O ci t t h ie e s r C b o a u n n k t s ry"! ™ b a a J n - k a s U | Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e 'C b o a u n n k t s ry" 1931—January 2,433 891 • 955 587 104.7 51.5 22.5 ; 30.7 February... 2,370 847 945 578 56.6 11.6 18.2 i 26.7 March 2,386 860 945 580 66.5 19.4 18.7 ' 28.4 April 2, 376 829 . 962 585 55.6 7.2 20.2 28.2 May.. 2,387 848 961 578 66.8 15.5 j 23.6 : 27.7 June 2, 404 882 949 573 128.9 71.4 ! 27.0 ! 30.5 July 2,407 887 950 570 124.4 60.6 i 32.8 ! 30.9 August 2.345 843 943 559 100.6 34.3 35.7 ' 30.6 September.. 2,333 864 918 551 120.3 53.8 ! 36.7 i 29.8 October 2, 256 848 872 536 129.1 52.5 : 39.7 l 37.0 November- 2,118 774 832 512 57.0 10.7 i 19.4 | 26.9 December.. 2,076 766 807 503 66.3 18.5 j 16.9 i 30.9 1932—January.. 1,979 724 767 488 35.4 4.5 i 1.8 i 29.2 February- 1, 907 681 753 473 43.8 11.3 ! 25.3 Week ending (Friday)— Dec. 25 2,020 ; 748 ' 782 489 8.4 ; 4.9 j Jan. 1 2,041 752 800 489 i7.5: 22.5 ! Jan. 8. 2,035 748 780 507 9.1 1.1 " Jan. 15 1,990 727 773 490 7.6 j 3.2 Jan. 22_.__ 1,903 717 759 487 6.0 I -2.1 s Jan. 29_ 1,941 712 755 474 4.8 | 1.9 i I F F e e b b . . 1 5 2 . . . 1 1, , 9 9 1 3 7 0 6 68 9 6 9 7 75 5 4 3 4 4 7 7 7 8 io 4 . . 5 5 ; i 1 5 1 . . 8 7 : (*) Feb. 19. 1, 906 (580 754 473 7.8; 10.2 i Feb. 26. 1, 895 673 752 469 (2) 8.7 : 13.4 Mar. 4... 1,890 675 740 4(58 3.9 ; 11.1 : Mar. 11. _ 1, 894 070 753 470 7.2 • 19.9 j Mar. 18- 1,913 689 759 465 (2) 14.4 ! 24.3 i Central reserve city banks only. 1 Figures not available by weeks. 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 ! i ba b n e k r s C N i e ty w i O ci t t h ie e s r "C b t a r o n y u k " n s - a T ll b o a b m t n e a e r k m l s - - I 1 i | C Y N i e o t w r y k i r O e c s i t e t h i r e e v s r e '' b C t a r o n y u k " n s - o T il b o a b m t n a e a l r k m — s i ; : ' C Y N i o e t w r y k i r O e c s i t t e h i r e e v s r e '' b C t a r o n y u k " n s j 1931—January ._._ 32,048 ' 7,445 • 12,942 11,662 18,572 6,163 7,243 5,165 13,477 1,282 5,698 6,496 February.._ 31,968 i- 7,453 12,932 11,583 18,389 6,120 7,170 5,099 13,580 i 1,334 5,761 6,485 March _J 32,069 • 7,472 13,003 11,594 18,431 6,169 7,159 5,103 13.637 | 1,303 5,843 6,491 April i 32,179 :: 7,336 13,181 11,662 18.491 6,019 7,309 5,163 13,688 i 1,317 6,872 6,498 May 32,168 :i 7,439 13,157 11,573 18,419 6,094 7,236 5,090 13,749 i 1,345 5,921 6,483 June I 31,602 •• 7,232 12,939 11,432 18,055 5,934 7,132 4, 988 13,548 : 1,297 5,807 6,444 July ! 31,526 ij 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13,404 1,260 5,728 6,415 August.._ --I 31,041 : 7,147 12, 702 11,192 17, 783 5,946 7,012 4,825 13,259 1,201 5,691 6,367 September ' 30,500 ij 7,126 12,356 11,018 17,525 5,962 6,805 4,758 12,974 i 1,163 5, 552 6,259 October. '• 29,138 !i 6,937 11,657 10,544 16,859 5,872 6,421 4. 567 12,279 : 1,065 5,236 5,977 November ! 28,218 \ 6,612 11,350 10,256 16. 358 5,653 6,273 4, 432 11,860 959 5,076 5,825 December ! 27,438 ! 6,414 11, 048 9,976 15,985 5,546 6,106 4,333 11,452 868 4,942 5,643 1932—January... ! 26,592 !! 6,165 10,706 9,720 15, 447 5,343 5,921 4,183 11,145 822 4,786 5,537 February... ; 25,715 || 5, 797 : 10,413 9,505 14,789 j 5,001 5,723 4,0(54 10, 926 796 4,090 5,440 i Central reserve city banks only. Back figures.—Sea BULLETIN for June, 1931, p. 347. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 233 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments _|l !| Total Total Purchased paper j loans Call date i m n lo a v e n a e n n d s t s t s - . • : i 1 ! | | b L a o t n o a k n s s! ! Total s b c t a o u o S b n r n e c y e d - d k d s s c r u S b e r e y a e - l d O c c u w a u u n t s n h r r e i s s e e d - e e e d d r - - i ! ; Total A U S a p a c n n t b i a a c c i n y e l t t e e e e p - s s d t- a a c b p a A n e r b a c o p c y l e - e a t - - s d j | j C p m c a o i e p a m r e l - r - j Y L N k b o o i t r e e n o a o r r w k n - s s i j Total I | I 1 s U m G i e e t c . r i o e e S n u n v s . - r t - - s O i e t t c i h e u e s r r - ; ! • l • 1 ! i l ( I b I s c o b a t u s n o n y e r d c d - e k s d 1 s TOTAL—ALL MEMBER RANKS 1928—Oct. 3 31,929 : 548 i 21,242 6,646 i 3,089 11, 507 2, 537 80 101 457 1,899 10,604 ; 4,386 6,218 8,819 Dec. 31 35, 684 538 ! 21,462 7,348 ! 3.123 10,991 3, 15S 109 103 390 2, 556 10.529 ! 4,312 6,217 10,172 1929—Mar. 27 35, 393 548 21,903 7, 540 3,123 11,240 2, 494 146 93 376 1,879 10,448 ' 4,454 5,994 9,693 June 29 35,711 | 670 22, 516 7. 734 3,164 11,618 2.472 10S 90 249 2, 025 10,052 ! 4,155 5,898 10,094 Oct. 4 35,914 i 640 23, 249 8, 109 3,152 11.9SS 2, 276 93 70 22* 1,885 9,749 • 4, 022 5. 727 10,314 Dec. 31 35,934 714 I23.194 8,488 i 3. 191 11,515 2,243 212 80 291 1,660 9,784 I 3,863 5,921 10,505 1930—Mar. 27 . 35,056 527 I21, 495 7,730 !3,170 10, 595 3, 097 175 79 499 2,344 I 9,937 ; 4.085 5, 852 10,334 June 3300 I 35,656 , 535 |21, 565 8.061 i 3, 155 10. 349 3,113 170 71 507 2,365 ' 10, 442 ; 4,061 6, 380 10,656 Sept. 24 35,472 i 466 21,010 7.864 , 3,163 9.9S2 3, 262 205 62 5'23 2,472 i 10,734 || 4, 095 6, 639 10,511 Dec. 31.— - 34,860 631 ;21.007 7,942 3,234 9,831 2, 233 315 55 366 1,498 | 10,989 J 4,125 6, 864 9,754 1931—Mar. 25 34,729 446 '19, 940 7.423 3, 220 9, 298 2,454 361 101 301 J,030 ! 11,889 5, 002 i), 880 9,272 June 30_ -- 33,923 457 19, 257 7,117 ! 3, 21.0 8,922 2,103 389 113 381 1,217 : 12, 100 5, 343 0, 763 8,503 Sept. 29 33, 073 599 18,713 0,842 !3,149 8, 722 1, 563 268 70 290 928 12,199 5, 564 6, 035 8,081 Dec. 31 - 30,575 790 j 17,570 0,290 3, 038 8,244 901 140 41 140 575 . 11,314 5,319 5, 996 7,320 NEW YORK CITY 3 1928—Oct. 3 7,197 287 I 3,919 1,530 130 2, 253 50 55 03 880 1,942N 1,130 813 .; 2, 500 Dec. 31 7,951 288 ! 3,940 1,708 132 2. 100 01 61 29 1,039 ! 1, 933:| 1,094 83!) il 3,491 1929—Mar. 27 7, 720 "25"1 " 4,253 1,744 148 j 2, 301 59 52 37 1,102 1,972;! 1,135 838 i: 2,971 J O u c n t e . 4 29 . .. - 8 8 , , 1 lt 5 iO 0 3 3 1 0 4 2 4 4 , , 8 5 4 3 ( 2 5 1 1 , , 9 8 4 7 4 7 i ! 1 17 7 6 5 ; I 2 2, , 4 7 8 2 0 0 5 5 8 9 3 5 3 8 2 8 1 llouJi ! 1 1 , , 8 8 0 1 7 01 1 9 , 8 0 9 00 8 81 1 7 3 :; 3 3, , 1 3 9 9 1 3 Dec. 31.- — 8, 774 322 4, 904 2,200 , 109 ' 2, 595 397 128 40 21 1, 202 2,091 1,112 979 3, 502 1930—Mar. 27 8,238 199 4, 338 1,930 I 150 | 2, 252 055 89 40 49 J, 477 2,046 1, 150 897 \ 3, 504 June 30 8, 798 190 4, 308 2.022 ! 157 I 2, 129 091 144 29 35 1,883 ; 2,203 1,147 ,050 !' 3,983 Sept. 21 8, 557 109 4, 270 2,0.'U j 157 2, 087 912 148 28 22 1,714 '2,198 1, 091 , 1071: 3, 798 Dec. 31 8, 582 283 4, 338 2. 137 ! 147 2, 054 ., 525 188 22 34 .1,281 :2,435 1,239 197 i| 3, 550 1931—Mar. 25 8,473 154 4,007 !,<H;O I 150 1, 890 |,051 199 51 35 1,307 : 2, 662 1, 400 190 ;j 3, 397 June 30 8,287 • 150 3, 839 1,897 | 160 1,782 i 14,94797 290 44 94 1,003 i 2, 801 1,056 145 !i 3, 026 Sept. 29 8,253 250 3, 850 1,810 i 152 1,881 I 1, 121 201 33 48 839 j 3, 032 1,830 202 ': 2,780 Dec. 31 7,400 374 3, 094 1,728 j 153 1,813 '•• 095 107 17 29 542 | 2, 697 1,708 928 I 2,474 OTI1ER RESERVE CITIES 041 i 1928—Oct. 3._ --- 214 9, 090 3, 382 1,530 4,178 875 6 30 199 3, 935 1,894 2,041 j 4,130 Dec. 31 — 213 9, 267 3, 734 1,547 3, 980 742 18 34 150 541 i 3,814 1,836 2,008 I 4,381 1929—Mar. 27 258 9, 280 IJ, 740 1,509 4,036 645 43 32 147 423 3, 736 1,896 1,840 ; 4,292 June 29 308 9,434 .'5,718 1,503 4,213 480 17 25 88 349 3,611 , 1, 705 1,846 j! 4,221 Oct4 - 294 9, 775 3, 869 1,491 4,415 526 8 31 75 413 3,388 1,671 1,717 ' 4,429 1930— D M ec a . r . 3 2 1 7 - 3 2 4 6 6 3 9 8, , 9 7 5 4 1 8 . 3 3 , , 9 0 7 0 5 4 1 1, , 5 5 4 5 4 9 I | 3 4 , ,2 8 1 0 4 2 4 94 3 5 8 5 5 1 9 3 2 5 9 2 1 4 0 2 8 2 60 5 9 0 3 3 , , 4 2 1 5 6 3 \\ ! 1 1 , , 6 4 0 8 2 4 1 1, , 7 7 5 0 4 9 ! .' 4 4 , , 3 3 6 9 8 7 J S u e n p e t . 3 2 O 1 ._ 2 2 7 3 7 5 9 8, . 7 0 2 2 0 9 3 3, , ( 8 V 1 .i 1 '?. 1 1 . , 5 5 2 2 4 6 ' 3 3 , , 0 5 9 0 3 7 1, 7 0 1 0 0 4 5 1 4 8 3 3 8 1 3 3 0 3 1 7 3 6 5 4 3 3 3 3 , , 9 6 1 8 7 5i !l ! 1 1 , , 7 6 8 8 5 6 2 1 , , 1 90 6 9 1 ; | 4 4 , , 3 3 0 8 6 7 Dec. 31 286 8, 900 3, 650 1,631 3, 020 531 122 29 212 107 : 4,035 il 1,727 2,308 3,991 1931—Mar. 25... 235 8, -109 3,366 1,619 3,423 645 158 48 212 227 i 4, 676i," 2,313 2, 304 3,729 June 30 247 S, 100 3.188 1,021 3,291 470 91 67 189 124 ! 4, 750il 2,408 2,342 • 3.459 Sept. 29... 284 7.845 3,092 1,585 • 3, 108 326 67 35 167 56 : 4, 561II 2,301 2.200 i 3,317 Dec. 3L_. 347 7,407 2,800 1,538 3,003 135 35 21 62 16 . 4,226 H 2,133 2,093 : 3,050 "COUNTRY" BANKS 1928—Oct. 3. 13,612 8, 225 1,727 1,423 5,075 614 24 ; 17 i 195 378 : 4,727 .! 1,302 3,365 2,129 Dec. 31.- - 13,667 8, 254 1, 900 1,444 4,904 625 30 ! 211 376 ! 4, 751li 1,382 3,370 I 2,300 1929—Mar. 27 13,741 8, 364 2,050 1,405 . 4, 843 598 44 l 1.92 354 • 4,740 i! 1,424 3,316 ! 2,429 June 29 13,719 8,551 2, 139 1,486 4, 920 496 33 140 316 ! 4,623 :j 1,384 3,240 : 2,480 Oct. 4 13,780 8, 027 2.295 1,482 4, 847 553 27 144 370 4,554 "; 1,301 3.193 I 2, 694 Dec. 31 13,375 8,4Sl 2,314 1,462 4,705 409 33 ! 5 1GS 208 4,439 j 1,267 3,172 2, 545 1930—Mar. 27 —- 13,243 8, 200 2,190 1,475 4,541 496 27 ! 4 207 258 i 4,475 !, 1,273 3,202 | 2,462 June 30 _ 13,157 8, 229 2, 227 1, 475 4,527 312 8 I 4 171 129 • 4, 554 ' 1,229 3,326 2,307 Sept. 24 _ 12,944 8,007 2,200 1,480 4,320 280 4 104 115 4, 5*9 1,219 3,370 2,326 1931— D M ec a . r . 3 2 1 5—. 1 1 2 2 , , 5 2 1 9 9 0 . 7 7, , 5 7 2 0 1 2 2 2 , , 0 1 9 4 7 9 1 1 , , 4 4 5 4 5 9 4 3 , , 1 9 5 7 8 8 1 1 5 7 8 7 4 5 ! i 3 2 ! : 1 11 2 4 0 4 3 9 6 ! 4 4, , 5 5 5 1 0 9 1 1, , 2 1 2 5 4 9 3 3 , , 3 3 5 2 9 6 2 2, , 1 2 4 1 7 3 June 30 12,068 . 7,3J 8 2,031 1,437 3,849 135 5 2 j 101 30 4, 555 1,279 3, 276 ! 2,078 Sept. 29 11,805 7,018 1,935 1,411 3,673 . 11.6 ! 2 i 81 32 4.000 1,433 3,172 !: 1,985 Dec. 31. - 10,999 6,469 1,756 1,346 3,307 I 71 2 i 16 4,392 1,418 2,974 1,796 I 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 availabe for dates prior to Oct. 3, 1928, but comparable figures of total loans secured by stocks and bonds are given for Juno 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN APRIL, 1932 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. For back figures see BULLETIN for May, 1931 (p. 253), and Annual Report for 1930 (Tables 42-43)] Total loans and investments Deposits (exclusive of interbank deposits) Member banks Date Total 1928—June 30 57,265 39, 464 17,801 j 35,061 Oct. 3 57, 219 39, 671 17,549 i. 34,929 Dec. 31 i 58,266 40, 763 17,504 ; | 35, 684 1929—Mar. 27 j 58,019 40, 557 17,462 j 35, 393 June 29 i 58,474 41,512 16,962 ! 35,711 Oct. 4 ! 58,835 42, 201 16,634 j 35, 914 Dec. 31 ' 58,417 41,898 16,519 h 35, 934 1930-Mar. 27 _J 57,386 40, 686 16,700 ! June 30 i 58,108 40, 618 17,490 |! Sept. 24 j 57,590 39, 715 17.875 j! Dec. 31 i 56,209 38,135 18,074 || 1931—Mar. 25.. 55,924 36, 813 19,111 June 30.. 55.021 35, 384 19, 637 Sept. 29_ 53,365 33, 750 19,615 Dec. 31.. 50,097 31,010 18, 481 NUMBER OF BANKS BANK LOANS AND INVESTMENTS, PERCENT AGE DISTRIBUTION Member banks [Figures for December 31, 1931] Nonmem- Date Total ti N on a a - l State ba b n e k r s To in ta v l e s lo tm an e s n a ts nd Number . of banks Amount Percent- (millions age dis 1925—Dec. 31 28,257 8,048 1,441 18,768 of dollars) j tribution 1926—Dec. 31.__ 27, 367 9,260 7,906 1,354 18.107 All banks in the United States . 19,968 50, 097 100 1927— D Ju ec n . e 3 3 1 0 2 2 6 6 , , 4 7 1 6 6 5 9 9, , 0 0 3 9 4 9 7 7, , 7 7 5 9 9 0 1 1 , , 3 2 0 7 9 5 1 1 7 7 , , 6 38 0 2 6 Member banks—total 7,246 30, 575 61 1928—June 30 25,941 8,929 7,685 1,244 ' 17,012 Re C se e r n v t e ra l c i r ty es e b r a v n e k s c it ( y 6 2 b ci a ti n e k s) s - : 403 19, 570 39 Dec. 31 25, 576 8,837 7,629 1,208 16,739 New York City ! 39 ; 7,400 ! 15 1929—June 29 25,110 8,707 7, 530 1,177 10, 403 Ot C h h er i c r a e g s o erve city banks- 12 i 1,517 j 3 Dec. 29.. _ 24, 030 8,522 7,403 1,119 16.108 New York City | 9 ! 31 L 1930— D Ju e n c. e 3 3 1 0 2 2 2 3 , , 8 76 5 9 2 8 8 , , 0 31 5 5 2 7 7 , , 2 0 4 3 7 3 1 1 , , 0 0 1 6 9 8 1 1 5 4 , ,7 5 1 3 7 7 Ot C ( h 1 h e 0 r i c c a i F t g i e e o d s ) e ral reserve bank cities : I | 9 2 7 3 5, 2 0 0 9 0 L 10 Federal reserve branch cities (25 • 1931— D S J e u e p n c. e t . 3 3 2 1 O 9 ._ .__. 2 2 1 1 1 9 . , , 2 9 9 9 0 0 4 8 3 7 7 7 , , , 2 7 5 4 9 8 6 9 2 6 6 6 , , , 8 3 0 0 0 5 0 8 3 9 9 8 8 4 7 2 6 8 1 1 1 2 4 3 , , , 7 1 6 2 2 9 2 1 5 "C O o t c u h i n e ti r e t r s r y ) e " s er b v a e n k c s i ti 1 e s (25 cities) _.._ ; ; 0,8 1 4 9 3 3 0 3 10 4 1, , , 0 9 2 9 9 0 9 9 0 22 2 i All banks in the United States; includes national banks, State com- Nonmember banks 12,722! 19,522 mercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. 1 Includes certain outlying banks in reserve cities. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 235 REPORTING MEMBER BANKS [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks New York City Loans and investments Loans and investment Month or date : Bor- Bor- . row- row- Investments : ings Investments ings Loans All : at Loans All at Total on se- other : F. R. Total on se- other F. R. curities loans Total U cu . r S i . t i s e o s - banks curities loaDS ! Total U c . u r S i . t ie se s - banks i 1931 January 22, 600 7,495 8,399 0, 700 3,163 82 7,906 3,111 2,472 i 2,323 1,254 14,754 77 February... 22,659 7,315 8,242 7,102 3,385 57 I 7,965 3,079 2,410 : 2,476 1,353 14,694 I 55 March _ 22, 839 7,302 8,150 7,387 3,638 35 7,975 3,176 2,295 : 2,504 1,391 14,864 | 35 April 22,942 7,157 8,040 7,745 3, 913 26 ! 7,889 3,080 2,242 2,567 1,414 15,053 I 26 May. _. 22, 713 7,893 7,822 3,957 28 7,875 3,039 2,194 • 2,642 1,460 14,838 28 June 22,439 6,770 7, 853 7,810 4,048 50 7, 094 2.846 2,204 ' 2,644 1,523 14,745 56 July 22, 393 (i, 631 7, 904 7, 798 4,121 44 7,780 2, 764 2,305 2, 051 1,608 14, 613 44 August 22,093 0, 480 7,900 7, 713 4,074 75 7, 633 2, 640 2,370 2, 623 1,600 14, 400 72 September.. 22, 078 6,413 7,870 7,795 4,154 127 7,744 2, 657 2,375 2,712 1, 052 14,334 124 October 21, 425 5, 971 7, 079 7,775 4,171 398 7,400 2, 369 2,272 2,825 1,750 13,959 324 November.. 21,023 5, 859 7, 586 7, 578 4,072 404 7,258 2,277 2,243 2,738 1,705 13,765 388 December _ 20, 749 5, 703 7,441 7,545 4, 127 499 7,105 2,237 2,218 2,710 1,732 13,584 416 1932 January. 20,178 5,644 7, 331 7, 203 3, 943 409 6,921 2,209 2,220 ; 2,492 1, 031 13, 257 435 February.. 19, 775 5,497 7, 214 7, 004 3, 856 484 6, 645 2,127 2,171 2,347 1,521 13,130 461 March 19, 434 5,388 ' 6,987 7. 059 3, 866 308 6.521 2,005 2,078 2,378 1, 547 12,913 365 Jan. f>__. 20,379 5, 087 7,390 7,302 4,057 483 7,039 I 2,223 i 2,249 2,567 1, 722 00 ! 13,340 423 Jan. 13.. 20, 287 5, 000 7,371 7,250 3,990 409 . 2,210 ! 2, 249 2,523 | 1,670 45; 13, 299 424 Jan. 20.. 20, 052 5, 032 7, 303 7,117 3,880 457 j 6,838 2,205 2,211 2,422 ! 1,578 15 i 13, 214 442 Jan. 27.. 19,992 5,596 7, 259 7,137 3,841 467 | 6,819 | 2,194 2,171 2,454 j 1,547 15 i 13,173 452 I Feb. 3.. 19,979 5,574 7, 256 7,149 3,925 492 0,794 2,178 2,181 2,435 j 1,593 35 i 13,185 457 Feb. 10. 19, 785 5, 504 ;7,212 7,009 3,853 472 (>,038 2,124 2,108 2,340 i 1,520 15 I 13,147 457 Feb. 17. 19, 731 5,474 !7,217 7.040 3,840 493 6, 003 2,112 2,177 2,314 : 1,490 20 '13,128 473 Feb. 24. 19,600 5,438 I7,171 6, 997 3,800 478 0,544 ; 2,092 2,158 2,294 1,477 20 i 13, 002 458 Mar. 2... 19,523 | 5,440 7,148 0, 935 3,742 474 0,540 ! 2,109 2,100 2,271 | 1,445 15 12, 983 459 Mar. 9— 19,305 ! 5,420 7,010 0,869 3,704 397 0,421 j 2, 097 2,077 2,247 I 1,437 12,884 397 Mar. 10.. 19,588 ! 5,413 0, 975 7,200 4,016 328 "0,017 ! 2,006 2,082 2,469 I 1,643 12,971 328 Mar. 23.. 19,403 5,337 0,917 7,149 3,951 334 0,480 i 2, 009 2,039 2,438 i 1,601 12,917 334 Mar. 30. 19, 354 5,328 6,883 7,143 3,920 j 305 6,541 | 2,043 2,031 2,467 ! 1,610 12,813 305 BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- For count of For ac- From New From private Month or date Total own ac- out-of- count of Total an Y d o r tr k u s b t a n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , count b t a o n w k n si others End of month panies agencies, etc. 1931—January.. 1,798 : 1,132 329 337 February. 1,759 •; 1,186 290 283 i 1931 1932 1932 1931 1932 March.... 1,858 1,335 264 259 April 1,824 1,322 271 231 May 1,644 i 1,279 191 174 J F M a e n a b r u r c a u h r a y r y ; | i 1 1 1 , , , 7 8 9 2 4 0 0 0 9 2 1 19 1 6 4 7 3 '• 1 1 1 4 3 4 2 8 0 J J A S u u e u n l p y g e t u e s m t ber ! 1 1 1 1 , , , , 4 3 4 2 6 3 4 6 4 4 2 8 ' ; : 1 1 , , 1 0 9 9 1 6 5 4 0 2 1 3 2 2 1 1 0 2 8 7 4 6 1 4 1 1 1 1 5 7 6 6 1 3 5 8 April.... _ | 1,651 185 ' October 921 ! 674 90 157 May | 1,435 141 November. 802 !; 588 124 90 June : 1,391 170 December. 655 ;; 554 88 13 1932—January... 544 !; 473 65 6 July 173 ! February.. 495 .; 417 72 6 August 194 March 531 i; 432 94 5 September 112 Mar. 2... 495 • 429 l 01 5 October 108 Mar. 9... 552 404 84 4 November ._ 148 i Mar. 10- 561 431 125 5 December 132 i Mar. 23.. 524 399 120 5 Mar. 30.. 525 i 438 82 5 Back figures.—See Annual Report for 1930 (Table 57). i Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Report for 1930 (Table 56). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN APRIL, 1932 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR AC- CLASSES OF BANKERS' ACCEPTANCES (DOLLAR CEPTANCES) ACCEPTANCES) Jin millions of dollars] [In millions of dollars] Based Based ^ rrJJssee^^e'e!H!eelldd7b7 ggrroouupp oof ac- on goods on : banks !! cceeppttiinngg bbaannkkss ! stored in goods BasedBased U S n ta i t t e e s d sto in red End of month s T t o i a o n u n t g t a d - l - o F w o n r i : ! i c o o F a f u c o f - n o r r t: - i ! \ Bills j I j o H t b e h y l e d rs End of month Total T i T i n m t Q o - o U p f n r o o . r S e m t x . s - s c h ( h r w e i o p o d a u r p i r s t e e e s d - ) c D h e o a x n l - l g a e r s f t h o r c i r i o b e p e u e s i p g - n o e n - d r ac- j eign j bills bought between tween count corrc- j domes- foreign 1 s p e o n n ts d -j i tic points points OUTSTANDING 1930— J J M A F M J u u e p a a l n a b n y r y r e i u r c l u a h r a y ry... 1 1 . . , , , , , 6 6 3 3 4 , , 9 2 0 8 1 3 5 3 4 5 2 4 3 5 9 0 2 2 2 2 1 1 1 0 6 9 2 7 8 2 9 9 3 9 7 4 7 4 4 4 4 5 5 4 7 7 0 6 0 8 2 9 0 3 5 3 2 6 ; ' i ! ; : . 2 2 2 1 1 1 1 7 6 0 2 5 6 8 9 6 5 0 8 7 3 |! 5 6 6 6 6 7 7 5 4 3 3 3 1 2 2 1 1 1 1 1 1 4 0 9 0 1 5 6 1 3 5 3 2 7 i 4 5 5 5 6 6 6 6 0 7 6 8 1 5 3 3 0 9 2 3 3 1931— J J M A M F u J u e p a a l a n b v n r y r e i r u c l u a h a ry ry 1 1 1 1 1 1 1 , , , , , , , 3 4 5 2 4 4 5 6 1 2 2 2 6 2 8 3 2 0 8 7 0 2 2 2 2 2 2 1 0 0 1 1 1 1 8 7 2 4 2 2 1 6 4 3 3 3 3 3 3 0 4 9 3 9 6 6 0 9 0 0 8 1 0 2 2 2 2 2 2 2 6 5 9 3 8 7 9 4 4 2 8 2 1 5 5 6 7 6 7 6 7 2 5 1 2 5 9 3 4 4 5 5 5 5 5 9 2 0 4 4 2 0 4 3 5 4 9 0 7 August ,339 167 471 ' 267 ' 95 172 434 August 1, 090 178 276 202 43 391 S N D O e c o e p t c v o t e e e b m m m er b b b e e e r r r . - . . . , , , , 5 5 3 5 7 6 5 6 1 7 08 3 2 1 1 2 4 4 0 8 1 3 8 ; j , 4 4 4 4 3 2 3 3 9 9 3 2 I ; | | 3 4 3 3 8 7 9 1 4 1 3 7 1 1 1 9 8 7 3 0 0 2 1 3 2 2 1 8 1 1 8 2 3 2 6 5 5 4 4 0 1 5 1 7 7 0 1 N D S O e e o c p c t v o t e e e b m m m e b r b b e e e r r r .. . 1 1, , 0 0 9 9 0 4 7 9 4 2 0 6 1 1 1 1 5 5 7 7 8 9 3 4 2 2 2 2 5 6 2 5 4 1 2 7 2 2 2 1 3 5 6 9 8 8 7 0 3 3 3 3 8 4 1 7 3 2 2 3 9 9 3 3 6 8 0 8 I 1932—January 961 150 207 272 34 298 1931—January ,520 89 447 : 571 134 437 412 February 919 142 195 271 26 284 February... ,520 85 456 550 151 398 429 March ., 4(57 123 431 472 131 341 441 HELD BY F. R. BANKS April ,422 162 409 i 410 1 125 285 441 (OWN ACCOUNT)! May ,413 124 380 ! 464 171 293 444 June ., 368 95 341 554 ! 196 357 379 1931—Januarv 89 10 13 23 8 ;-;, July ,228 39 243 668 i 232 436 278 lebruary 85 13 11 17 2 42 N A S D O e o u e c p t g c v o t e u e e b m m s m e t r b b b e e e r r r . . - . . 1 1 . , , 9 9 0 0 0 9 7 4 9 0 6 4 0 0 2 4 4 3 6 0 1 4 2 7 5 8 7 0 0 2 2 1 1 9 5 2 2 0 9 1 8 6 0 ! 6 4 2 2 2 9 3 0 1 6 6 0 6 0 2 i i ! ! 1 1 1 1 1 1 6 3 2 6 1 2 2 5 8 4 2 1 1 1 3 4 1 7 3 8 8 8 1 1 1 1 1 6 6 6 8 5 3 6 2 6 6 A J M M J u u p a a n l r y y r e i c l h 1 1 1 2 6 9 3 2 4 2 5 9 3 2 2 1 1 4 0 5 7 7 2 2 1 1 5 3 8 6 6 3 2 1 1 7 8 7 7 9 8 f 3 5 2 > 3 6 5 5 1 9 0 9 2 6 I August 70 10 9 Q 3 38 1932—January 961 119 314 ; 332 : 159 174 195 September 420 68 55 88 17 185 February... 919 76 312 ! 343 175 168 189 October 647 105 93 129 24 285 March- 37 335 : November 418 61 66 99 16 170 December 305 43 55 84 14 104 Figures for acceptances outstanding (and held by accepting banks) 1932—January 119 16 19 32 2 47 from American Acceptance Council. February 76 9 12 27 1 25 Back figures.—See Annual Reports for 1929 (Table 58) and 1928 (Table 61). i Total holdings of Federal reserve banks include a small amount of unclassified acceptances. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS Back figures.—See Annual Report for 1930 (Tables 61 and 14). [In thousands of dollars] COMMERCIAL PAPER OUTSTANDING End of month 1929 1930 1931 1932 [In millions of dollars] End of month 1929 1930 1931 1932 January 1,019 1,035 36,119 33, 444 February- 1, 029 1,038 23, 958 33,478 January... 407 404 327 ••108 March 1,036 1,040 1,063 30,778 February 411 457 315 103 April 1, 036 1,054 1,074 March | 387 529 311 30,778 J M u a n y e 1 1 , , 0 0 4 4 0 3 1 1, , 0 0 6 5 4 8 10 1 , , 5 0 5 7 1 3 A M p a r y il _ __. ; j 3 3 0 5 4 1 5 5 4 5 1 3 3 3 0 0 5 7 July 2, 061 1, 065 34, 371 June _ _ | 274 527 292 August 12, 346 1,071 145,215 July ; 265 528 289 September. 16, 955 1, 075 48,804 August— j 267 526 271 October 17, 064 21, 583 33, 501 September J 265 513 248 November.. 1,027 31, 587 33, 386 October j 285 485 210 December— 1,030 35, 983 33, 429 November I 316 448 174 i December ! 334 358 118 Back figures.—See Annual Report for 1928 (Table 12), 1927 (Table 12), 926 (Table 24), etc. r Revised. Figures for commercial paper as reported by about 20 dealers. Back figures.—See Annual Report for 1930 (Table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 237 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Number Deposits (in thousands of dollars) Deposits (in thousands of dollars) Year and month Members Members ba A n l k l s i Na- State I m N b e o e m r n s - - ! | All banks National State ba A n l k l s!; j; M be e r m s i tional 1921. 501 51 | 19 ! 431 196,460 21, 285 21,218 : 153,657 17,493 14, 361 1922. 354 45 I 12 : 297 i 110,721 19,092 5,151 ! 86,478 35, 565 23,947 1923. 648 : 90 I 34 • 524 j 188,/ 01 32,904 : 18,324 : 137,473 11,674 6,606 1924. 776 i 122 37 : 617 ! 213,338 60,889 13,580 i 138, 22,462 15, 272 1925. 612 ! 118 28 ; 466 ! 172,900 58,537 • 8,727 I 105,636 16, 618 1926. 956 | 125 35 796 | 272,488 47,866 20,946 ! 203,676 60,610 1927.. 662 i 91 33 538 i 193,891 46,581 19,755 127, 555 8,311 27, 418 1928. 491 I 57 16 418 ! 138,642 31,619 10, 621 96, 402 6,610 9,117 1929. 642 i 64 17 561 I 234,532 37,007 20,128 177,397 2,273 23, 556 1930.. 1,345 ! 161 26 1,158 ! 864, 715 173, 290 207,150 484, 275 3,538 58,061 1931. 2,298 | 409 108 1,781 :l, 691, 510 439,171 294, 357 957,982 53,944 104, 243 1930—September _.i 66 7 2 57 ! 23,666 1,769 171 21,726 1,688 October I 72 10 62 ! 24,599 3,336 21, 263 11,972 November , 254 26 7 221 • 186,306 62, 373 35, 742 88,191 6,770 December | 344 49 7 2«8 367,119 44, 884 163, 993 158, 242 16,340 1931— F J e a b n r u u a a r r y y ... r..\ j 20 7 2 7 2 1 0 5 6 5 1 5 76 7 | j 7 3 6 4 , , 6 5 1 5 6 3 1 5 4, , 5 £ 6 2 9 2 : 7 7 , , 6 90 1 1 5 2 5 0 4 , , 8 3 9 6 3 9 : 3 1 . , 3 8 3 5 3 6 1 13 7 , , 4 8 6 2 6 4 March J 86 18 1 67 ! 34, 320 10,899 108 23.313 ; 3,381 8,407 April _ ! 64 17 3 44 | 41, 683 19,498 . 2,264 19,921 ! 15,893 7,720 May I 91 24 2 65 ! 43, 210 12, 320 5,055 25,835 .' 401 3,489 June ! 167 26 10 131 |190, 480 31,368 :39, 434 119,678 ' 23,816 706 July i 93 16 2 75 40, 745 7.045 i 1,805 31,895 ' 2,525 August 158 29 12 117 | 180,028 31,629 '52, 660 95,739 i 14, September 305 46 16 243 I 233,505 79,446 30, 272 123,787 | 4,258 N O o ct v o e b m er b er _J 5 1 2 7 2 5 1 3 0 5 0 2 8 5 3 1 9 3 7 2 i 47 6 1 7, , 9 3 3 8 9 0 1 2 1 8 1 , , 0 0 3 8 9 8 117 4 , ,2 2 1 5 6 9 24335,,06338 4•• 4 9 , , 1 3 0 5 5 7 December 358 63 18 277 277,051 87,448 25, 768 163,835 | 17,990 1932—January... 342 74 13 255 I •• 219,30063,686 ,'10,873 j'144,741 16 i 10,952 February.. M.22 '26 5 '91 ' r 64, 677i '22,628 ! '7,998 ! •'34,051 ' 40 | ' is, 893 March ,7 *38 ; v 15, 936i 1-4,484 i v ii,452 ! 18 i v 15,499 p Preliminary. ' ltevised. Banks suspended and banks reopened.—The statistics of bank suspensions relate to banks closed to the public, on account of financial difficulties, by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed; such banks are included, in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reoponings 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. Bad: 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) Member bank By reserve city banks By " country " banks By all member banks borrow- Date U. S. ; ; : U. S. ! U. S. .I F in e g d s e r a a t l m G e o n v t e r s n e - - , E p li a g p i e b r l e j ; T t j \ j G m o e v n e t rn se - - j j E p li a g p ib e l r e ' i Txnutunul i ' G m o e v n e t r s n e - - ! ' E p li a g p i e b r le Total r b e a se n r k v s e curities | \ curities i j curities ; 2,730 2,349 5,079 : 932 1,811 2,744 3,662 : 4,160 7,822 1,041 2, 832 2,582 5,414 974 1,761 2,735 3,807 | 4,343 8,150 9S1 2, 577 2,688 5,265 929 1,773 2,702 3,506 ' 4,461 7,%8 1,029 2,469 2. 865 5,334 912 1,733 2,645 3,381 ! 4, 598 7,979 899 2,403 2,713 5,116 814 1,684 2,498 3,217 i 4,397 7,614 646 2,619 2,542 5,161 818 1.662 i 2,480 3,438 I 4,204 7,642 206 2,640 2,285 4,925 772 1,620 i 2,392 3,412 i 3,905 7,317 274 2,682 2, 271 4,953 764 1,541 | 2,305 3,446 ' 3,812 7,258 173 2,777 2,100 4,877 708 1,438 j 2,146 3,485 i 3,538 7,023 248 3,584 2,045 5,629 776 1,373 ; 2,149 4,360 ! 3,418 7,778 165 3,871 1,870 5,741 836 1,328 I 2,164 4,707 ! 3,198 7,905 147 3,942 1,787 5,729 994 1, 209 2,203 4,936 ! 2,996 7,932 323 3,706 1, 505 5,211 1,068 ! 2,056 4,694 : 2,573 7,267 i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures.—See BULLETIN for March, p. 156. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN APRIL, 1923 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] I Average rate Average yield ! Prevailing rate on- on— on— Rate in Date estab- Previous i Call loans i ! u. S. N Bo e s w to Y n o F r e k deral reserve bank ef A fe p c r t . o 1 n F O e c b t . l . i sh 2 1 e 6 7 d , , 1 1 9 9 3 3 2 1 rate 3H Month or week i m m p c 4 e a o o t r p n m o c e t . i r 6 h a , l s a P a b c d n e r a c a 9 r i c n e s m 0 y e ' k p s s e - t , - d l T o a i a 9 y m n 0 s s e a , New ; n R ew e- al T c c 3 n e a u r a o r e t n t r t o t e a i y d e f s s i 6 s , - - b T o u r n r e y d as s - ' Philadelphia Oct. 22,1931 3 months Cleveland Oct. 24,1931 3 ... (... Richmond Jan. 25,1932 4 1931 Atlanta Nov. 14,1931 3 January j 2^-3 i%-2?4 1.50 1.57 1.24 Chicago. _ Oct. 17,1931 February | 2^-2%' 154-2 1.50 1.50 1.06 St. Louis Oct. 22,1931 March ' 2)4 2 -2H 1.56 1.55 «1.38 Minneapolis Sept. 12,1930 April 2Ji-2^| \%-2\i 1.57 1.52 1.49 Kansas City Oct. 23,1931 May 2 -2\, 1^-2 1.45 1.45 .88 Dallas.... Jan. 28,1932 June. ; 2 1.50 1.50 «.55 San Francisco Oct. 21,1931 July ! 2 1.50 1.50 .41 August | 2 1.50 1.50 .42 September I 2 \\i-2 1.50 1.50 «.45 Back figures.—See Annual Report for 1930 (Table 33). October | 2 2H-4 2.10 2.10 1.70 November 3 -4 2.50 2.50 1.77 BUYING RATES ON ACCEPTANCES December 3 -4 2.73 2.70 <2.41 [Buying rates at the Federal Reserve Bank of New York] 1932 January 2H-3 3H-4 2.61 2.65 2.48 Maturity Apr. 1 Pre ra v t i e ous F M W e a e b r e r c k u h a e r n y ding— : 2 2% H - - 2 2 £ H 3 23 ^ / - 4 3 - % 3^ 2 2 . .5 5 0 0 2 2 . . 5 5 0 0 «2 2 . . 2 4 5 2 Feb. 27 2.50 2.50 2.11 1-15 days.... 2Yz Mar. 25, 1932 2H Mar. 5 3^-3%| 2W ZH-ZH 2.50 2.50 2.00 16-30 days... 2^: do 2H Mar. 12 2%, 33 -ZVi 2.50 2.50 1.97 3 4 1 6 - - 4 6 5 0 d d a a y y s s . . . . . . 2 2 Y \i i d d o o m M M a a r r . . 2 1 6 9 3 3 ^ ^ - - 3 3 % % | | 2H' 8 3 M - -8 3H 2 2 . . 5 5 0 0 2 2 . . 5 5 0 0 « 2 2 .3 .6 9 2 61-GOdays... 2^j do 2% 91-120 days.. 2Vi do 2% 1 Stock exchange call loans; new and renewal rates. 121-180 days. 3 ; Feb. 26, 1932 2% J 3 3 S t i o ss c u k e s e — xc Z h U an , g 3 e U 9 , 0 4 - d p a e y r t c i e m n e t ; l y o i a e n l s d . s calculated on basis of last redemption dates—1947, 1956, and 1954. * Change of issues on which yield is computed. NOTE.—Rates on prime bankers' acceptances. Higher rates may be ' Revised. charged for other classes of bills. Back figures.—See Annual Report for 1930 (Tables 36 and 37). RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing ratesl New York City 8 other northern and eastern cities 27 southern and western cities Month 1928 • 1929 1930 1931 1932 1928 1992299 1930 1931 1932 1928 1929 1930 1931 ! 1932 January.. , 4.56 5.74 5.64 4.24 4.71 4.73 5.87 5.88 4.61 ' 5.07 5.53 5 94 , 6.12 5.50 5.61 February.. 4.44 5.73 5.35 4.31 4.71 4.76 5.86 5.66 4.63 j 5.13 5.53 5 96 6.05 5.43 5.61 March 4.59 , 5.81 5.22 4.20 4.72 4.81 5.91 5.47 4.62 ! 5.14 5.54 6.04 5.98 5.40 ! 3.64 April 4.72; 5.85 4 91 4.17 4.91 3.00 5.22 4.57 ' 5.54 6.07 ; 5.86 5.36 I May 4.97 5.88 4.74 4.11 5.04 5.09 5.13 4.55 :.. 5. 56 6.10 ! 5.75 5 26 I June 5.09 5.93 , 4.59 4.13 5.36 6.02 5.06 4.49; 5.67 6.16 : 5.69 5.34 July 5.38 5.88 4.48 4.05 5.57 3.08 4.81 4.48 j 5.77 6.17 I 5.63 5.30 ' August 5.56 6.05 4.41 3.97 5.59 I 6.11 4.79 4.47 ' 5.80 ! 6.22 5.58 5.28 | September 5.63 6.06 : 4.29 3.93 5.80 ! 6.24 4.74 4.48 5.82 i 6.27 j 5.55 5.32 October- 5.63 6.08 ; 4.26 4.27 5.80 ! 6.25 4.75 4.62 5.87 I 6.29 i 5.54 5.38 November 5.56 5.86 : 4.17 4.67 5.82 ! 6.12 4.66 4.87 5.90 6.29 j 5.50 5.53 December. 5.63 5.74 4.16 4.64 5.91 5.94 4.68 4.91 5.91 6.20 | 5.43 5.5G 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. Back figures.—See Annual Report for 1930 (Table 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 239 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) ; pre- ! i Selected'groups'of industrial issues Month or date Bonds1 s f t o o r c rc k d s 2 T icflKt.. .i i l | , I • n t d ri u al s - R ro a a i d l - • u P ti u i b ity lic mobile B e in q i u n o u i g n l i d p t - - ' , : C st h o a r i e n | j C i h c e a m l -: i I • C « a p b 1n r J o e " d a r p s - s u ' q e u t E . r q i m i l l u c > e e - i a 1 c p n l - - t i i I : c X A m T - n * o , " y " • ' : • UOli1l • \ ^ bt . e . e i l T ti e l x e - Number of issues 60 20 421 i 33 37 12 : ! io; io ! 28 1931— Jnnuary. .._. OH. 6 123.6 112 i 103 100 163 106 74 78 ! 162 : 82 176 120 124 February «VJ. 4 124.8 120 I 110 105 178 120 78 S6 I 174 • 91 194 126 91 132 55 March 100.0 126.4 122 j 112 97 189 129 81 90 I 173 ; 06 201 125 85 133 58 April ! 99.6 125.3 ! J00 ! ioo i 87 170 117 ; 70 86 148 ! 79 " 172 109 74 ! 116 52 J M u a n y e 0 9 9 0 . . 4 7 1 1 2 1 2 9 . . 6 7 | j J 9 ) 5 S ; 8 8 9 7 : , 1 1 5 5 6 3 n 10 o 1 I • 5 5 9 8 ; i 8 8 9 9 ! ' 1 1 2 2 8 7 j 6 6 7 2 : 1 1 5 5 9 7 : 8 8 9 3 6 6 3 3 ! ; 9 8 4 5 4 4 7 5 July 90.4 121.1 i 98: 00 i 158 105 60 89 ! 131 j 66 161 88 j 67 ' 88 46 August ; Ss.5 120.7 ; 96 89 : 6(5 154 103 58 02 || 127 ! 61 I 155 84 i 70 : 81 45 September : 95.6 110.1 , 82 • 76 ; 56 132 85 ' 47 80 : 110 50 ! 132 72 j 60 j 72 40 October i 89.4 . 109.4 | 70 j 65 ! 112 70 38 | 70 90 i 43 • 113 59 53 ! 59 36 November I 89.0 10S.5 72 ' 68 ! 46 115 75 30 : 60 06 45 114 61 57 ! 59 36 December. ; 81.6 99.1 • j 54 : 33: 96 65 : 31 57 79 : 35 ; 94 , 46 44 i 41 31 1932—January . 81.0 06.5 : 58 j 54 37 94 64 31 57 : 80 36 85 ': 48 43 32 31 February j 80.3 9(5. 3 : 50 I 53 .34 93 60 30 56 : 79 32 77 47 42 32 31 March ! 80.8 90.2 ; 57 i 54 32 , 55 29 • 58 I 85 30 77 47 45_ 32 31 Mar. 2 : SI.3 06.3! CO ! 56: 90 fil GO SO 31 49 ! 45 30 31 M M a a r r . . 0 ]* )___ • ! 8 S :1 i . 5 8 9 0 7 6 . . 6 0 ! i 5 6 6 1 : j 5 53 7 • : 31 100 5 C 3 O • 3 2 1 9 6 5 0 7 ' j 0 8 0 2 • ' 3 3 4 0 . 8 7t 2 > 4 5 7 0 I i 4 4 7 4 3 3 5 1 3 3 1 2 Mar. 23 80.3 05.7 55 52 30 , 80 50 28 57 : S2 20 74 47 ; 43 31 31 Mar. 30 77.3 1M.3 53 51 29 87 49 , 50 79 21 71 44 45 29 30 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 Outstanding at end Increase or decrease Re- of month (—) during month Domestic fund- Total • ' i i ss n u g es Month Year and month m e ( a f i d e o g n o s r d n - - t ) ic t T a o U - S n m a p t i n a a c u d l t i - - e B n a o C o n t n o d e d s r s p o ; S ra to te cks : F ei o g r n - m e ( a f i e d o g n s o r d n t - - ) ic September 1 030 ; : 1 T 5 o ,8 t 2 al 4 ; I | I 1 n 4 a o , n t 4 d c 5 s 7 J i J 1 b ,3 il 6 ls 7 -109 -41 bi - ll f s .8 October.... 15,927 14,457 1,470 103 i 103 1923.- 4,427 4,006 ' 1,043 1,076 659 ; 421 November 15.933 14,456 1,477 6 ! -1 7 1924 5,557 4,588 i 1,380 2,200 829 I 909 759 December i 15,744 14,454 1,320 -159 | -2 -157 1025--.. 6,201 5,125 I 1,352 2,452 1,153 ! 1,076 025 1926 6,314 5, HO I 1,344 2,667 1,087 1,125 1,046 Total (J2 months)....;.. ;.. ~; -255 I i -169 -86 1027 7.556 6,210 j 1,475 . 3,183 1,474 ; 1,337 2,220 1928 • 8,040 - 6,780 ! 1,370 2, 385 2.061 1,251 1.858 1931 | 1929 10.091 • 0,420 ".1,418 . 2.07S 5,924 : 671 1,422 January 15,P13 \ 14,594 i 1,319 139 139 : 1030 : 6,900 6,004 :' 1.434 ' 2,080 1,503 ! 905 711 February 15,979 j 14,573 1 1,406 66 -2i; 87 103J ' 3,083 2.854 ' 1,220 1, 230 311. 220 040 March.:.... 16,280 i 13,838 2.442 301 -735 | 1, 036 April 16,368 I 13,567 2.801 88 -271 : 350 1931-February... 207 202 ' 110 ' 48 27 5 IS May 16,245 ! 13,323 2,922 -123 -244 121 March 557 550 276 I 250 9 7 142 June 16,520 : 14, 152 . 2,368 275 820 -554 April 412 309 ioi : 166 102 43 203 July 16,522 >• 14,178! 2,344 2 26 ! -24 May 3-J8 333 172 j 132 20 15 123 August 16,585 : 14,179 : 2,406 ! 63 i ; 62 Juno 259 224 118 100 6 35 144 September.__ 17,048 ! 14,980 : 2,068 i 463 801 ; -338 Julv.. 228 ! 226 oe; 113 2 2 45 October _ 17,028 14,981 2,047 j -20 i ! -21 August 120 120 34 12 0 6 November 17,040 14,955 2,085 ! 12 -26 ; 38 September.. 241 i 217 74 04 12 24 44 December _ 17,528 15,002 : 2,436 i 488 137 ; 351 October 44 44 111 14 4 0 1 November.. Ill 109 15 26 24 2 20 Total (12 months). J 1,754 637 1,117 December.. 119 J19 52 28 30 0 21 40 1032 1932—January 179 179 133 42 0 14 January | 17,515 : 15,102 2,413 ! -13 10 , -23 February... 73 73 34 35 0 21 February : 17,820 • 15,102 2,718 ! 305 305 i Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $305,000,000 at the end of February, Sources.—For domestic issues: Commercial and Financial Chronicle; 1032. Figures include obligations held in Government trust funds for foreign issues (issue? publicly offered) annual totals are as finally amounting to $362,000,000 at the end of February, 1932. reported" by Department of Commerce, while monthly figures are as Bonds and notes long-term—i. e., 1 year or more (figuring from date compiled currently and are subject to revision. of issue); certificates and bills, shorter term. 110331—32 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN APRIL, 1932 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production* Building contracts awarded Fac- (value)** Factory em- tory l Freight-car Cornployment * pay loadings* mod- Ye m a o r n t a h nd Total i Manufactures1 Minerals * Total Residential All other rolls « pr i i t c y es Unad-| Ad- ' Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad-:Unad- Ad- (t) justed ijusted ;justedjusted justed justed justed listed justed justed justed justed 1 justedjusted justedjusted justed i 1919 83 84 77 63 44 79 107 98 84 • 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 : 98 1922 85 86 74 79 68 88 00 81 87 ! 97 1923 101 101 105 84 81 86 104 103 100 101 1 1 9 9 2 2 4 5 1 9 0 5 4 1 9 0 4 5 9 9 6 9 1 9 2 4 2 i 1 9 2 5 4 1 9 2 4 0 1 0 0 6 0 1 9 0 6 1 1 9 0 7 3 • 1 9 0 8 4 1926 108 108 108 129 121 135 101 104 106 100 1927 106 107 129 117 139 09 102 103 95 1928 111 112 106 135 126 142 07 102 103 97 1929 119 119 115 117 87 142 101 108 100 95 1930 96 05 99 92 50 125 88 87 02 86 1931 81 80 84 63 37 84 74 66 75 73 1927 December 96 102 95 102 97 102 111 131 111 125 111 136 95 97 99 88 98 96 1928 January.. 105 107 106 107 100 103 111 137 116 139 108 135 94 96 96 92 102 96 February- 111 108 113 110 99 102 121 138 128 142 115 135 06 96 101 94 102 96 March 112 1081 114 109 98 105 138 137 143 136 134 137 07 06 103 97 103 96 April 110 108; 113 109 95 105 155 137 ; *152 130 157 142 96 06 100 96 101 97 May 110 108 111 108 104 106 159 137 , 149 130 168 143 96 96 101 105 103 98 June 108 108 109 109 104 102 154 130 140 133 166 144 06 97 101 101 100 97 July 105 109 105 110 104 102 142 132 127 126 155 137 06 97 08 105 102 97 August. -_ 110 110; 110 111 111 105 137 131 116 119 154 141 98 97 103 109 103 98 September 116 1131 116 114 115 107 138 134 118 118 154 147 100 98 104 119 105 99 October.. 118 115 117 116 123 111 134 136 115 115 150 152 100 98 107 119 106i 97 November 115 • 117 115 118 118 114 122 132 112 114 130 146 09 00 104 109 107 96 December 109 118 110 120 106 111 107 127 03 106 117 145 98 100 104 94 106 96 1929 January.. 117 119 117 120 114 116 98 120 81 97 111 139 97 100 101 95 108: 96 February- 121 119 122 119 116 119 102 118! 84 94 116 137 100 100 108 99 107i 95 March 124 119 126 120 101 109 121 121! 106 101 133 137 101 101 111 98 105\ 96 April 124 121 128 122 103 114 139 123I 117 100 158 142 102 102 111 102 108 96 May 126 122 128 123 116 117 143 121 113 97 168 141 102 102 111 109 107; 95 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 1081 95 July ... 120 124 120 125 118 116 136 124 94 03 170 149 ]02 103 106 111 107 97 August— 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107i 96 September 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106: 96 October __ 121 118 119 119 127 116 104 107 67 67 13/i 139 103 101 111 118 104i 95 November 108 110 107 110 114 110 94 103 06 67 116 132 991 99 103 102 102 94 December 96 103: 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102: 93 1930 January. _ 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February- 109 107 110 107 104 108 89 104 44 49 126 148 03 94 98 91 99 91 March 106 104 109 104 91 98 102 102 54 52 141 144 03 03 98 00 96 90 April 107 iO4 110 104 94 104 113 101 62 53 156 140 03 02 97 93 971 Q0 May 105 102• 106 101 102 104 125 105 61 52 178 148 91! 91 94 07 96! 89 June 99 98 98 97 103 102 116 00 54 40 166 140 801 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 135 86j 87 83 95 92 84 August 90 90 88 89 101 96 85 81 48 40 115, 106 851 84 82 96 89! 84 September 92 90 90 89 101 94 82 81 52 52 108; 105 86 83 83 99 87 84 October __ 90 88 87 86 105 05 75 78 51 52 94! 09 84 82 81 97 86 83 November 84 86: 82 85 90 92 68 76 46 48 86 00 81i 81 75 86 84 81 December 77 84 74 82 89 93 59 73 37 43 77 08 79 80 74 74 84 80 1931 January.. 82 83: 81 82 86 88 58 71 37 44 75 93: 76: 78 68 74 82 78 February- 87 86 88 S6 . 84 86 68 79 42 47 89 104 77 78 73 74 80 77 March 89 87 90 87 82 89i 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91i 82 73 52 44 107! 06 78 78 74 77 80 75 May 89 87 90 86 84 87 78 65 47 40 104 85! 77 78 72 79 79 73 June 83 83; 82 82 85 86 74 6b i 41 37 101 84: 75 76 68 77 77 72 July 80 82 79 82 85 86i 68 61 I 36j 35 04: 82 74I 75 64 78 76 72 August... 78 78 77 78 82 79: 63i 59 i 32 33 87; 81 74i 74 64 76 72 72 September 77 76 76 75 82 77 59 59 32 32 81 80 75i 73 62; 78 69: 71 October.. 75 73 72 71 92 84 52 55 29 30 71 76 71 70 59 78 69 70 November r73 73 p71 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 December '68 74 66 •"73 80 85 30 38 20 23 39 50 68: 69 56 61 69 69 1932 | January.. 71 72 70 71 74 77 25 31 16 19 33 41 66I 68 52 58 fi4 67 February- p'/l »69 *70 "68 * 75 P78 23 27 15 17 30 35 67j 68 54 59 62! 66 i As revised in March, 1932; for back figures see BULLETIN for March, p. 104. For indexes of groups and separate industries see p. 281. J For indexes of groups and separate industries see p. 282. •Average per working-day. **3-month moving average, centered at second month; see BULLETIN for July, 1931, p. 358. tRevised index of Bureau of Labor Statistics (784 price series); 1926 = 100. Index numbers for groups of commodities are given on page 283. » Preliminary. r Revised. « Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 241 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 : 1932 , 1928 1929 1930 1931 1932 • 1928 1929 1930 1931 1932 January 411 488 411 250 150 1 338 309 311 183 136 73 119 100 66 14 February. . 371 442 349 j 224 ! v 155 351 309 282 175 *13L ! 20 72 67 49 P24 March 421 490 370 236 380 384 300 210 ! 40 106 gq 26 April 304 425 332 215 ._ : 345 411 308 186 ! 19 15 24 29 May 423 385 320 204 . 354 400 285 180 69 15 35 24 June. 389 393 295 187 317 353 250 373 ! 71 40 44 14 July.. 379 403 267 181 _-_ 318 353 221 174 : 61 50 46 6 August 379 381 298 165 : 347 309 218 167 32 11 79 -2 September- 422 437 312 180 320 351 226 170 ! 102 86 86 10 October 550 529 327 205 ._ 355 391 247 169 : 195 137 80 36 November-. 545 442 289 ' 194 327 338 204 149 218 104 85 44 December.. 476 427 275 184 • 339 310 209 153 ! 136 117 66 31 Year. 5,128 5,241 3,843 2,424 4,091 4,399 3,061 2,090 -. . . 1.037 842 782 334 i Preliminary. DEPARTMENT STORES—SALES, STOCKS [1923-1925 average=100. For back figures see BULLETIN for November, 1930, p. 686] Index of sales Month Adjiisted for sejisonal variiation 1931 1932 January 97 '78 February 98 78 March. 97 April 100 • May 97 June 95 July.. 91 ASeupgtuemstber _ 88 October . November December. Year _. OO OD FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; i 1923-1925 average=100. Source of basic data: American Railway Association] 1 Index o m f s o t n oc th k ) s (end of 1931 1932 r Decem- Janu- Februi October ber ber ary ary Without Adjiistcd Witbout seasoralad- for se*isonal seasoilal ad- Adjusted for seasonal variation justinent vari*ition justrnent Total... ! 69 68 69 i 62 1931 1932 1931 1932 1931 1932 C Co o a k l e _ i I 4 7 4 2 4 6 4 5 4 6 7 5 i | 4 6 5 1 Grain and grain prod- • ucts .! 74 76 63 78 79 64 8S 75 78 67 Livestock.. j 64 69 \ 66 60 80 04 86 73 81 69 Forest products ; 33 33 I 30 27 92 84 87 Ore 36 23 40 29 101 83 87 Miscellaneous i 69 72 31 62 97 83 85 Merchandise2 —| 83 83 78 90 82 80 1 65 81 75 | Without seasonal adjustment 67 79 76 8 8 3 1 :.._ 1 8 9 9 4 5 7 3 2 8 8 7 7 1 0 9 8 ! 8 8 8 7 9 4 8 3 Tota C C G l o o ra a k l i e n and grain _ prod- I I | i 7 4 8 8 5 3 . : ! I 4 7 7 6 0 2 • • | 6 7 5 1 0 0 6 4 5 7 6 8 6 5 6 2 91 ! 82 Li u v c e t s s t ock i | 8 8 2 6 i j 8 8 0 0 : • 6 C 2 O 6 65 6 7 5 4 7 Forest products ! 33 31 ! 25 25 27 1 Based throughout on figures of daily average sales—with allowance Ore ; 50 16 i 10 7 7 for changes from month to month in number of Saturdays and for 6 Miscellaneous _| 81 70 57 54 53 national holidays: New Year's Day, Memorial Day, Independence Day, Merchandise1 _.j 87 85 ; 77 75 75 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects i Based throughout on daily average loadings. up r o R n e s v a i l s e e s d o . f changes in the date of Easter. J In less-than-carload lots. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN APRIL, 1932 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of the income from the sterling balances. The Belgium for 1931 was presented to the general Government recently introduced a bill approvmeeting of shareholders on February 29, 1932. ing a new convention which included the adop- Sections of the report are given herewith:1 tion of measures providing, on the one hand, Gold policy.—The suspension of converti- for the cover of the loss on exchange by shortbility of the pound sterling demonstrates that term Government securities,2 and authorizing, the gold policy followed by the National Bank on the other hand, the more profitable investof Belgium during recent years has been in the ment of the sterling balances.3 The bank has best interests of this country. agreed to contribute to the amortization of the On September 22, 1931, the bank, utilizing exchange loss an amount of 60,000,000 francs, the rights of conversion which it had main- to be paid in successive annual installments of tained in respect to its accounts with foreign at least 10,000,000 francs, beginning with 1933. correspondents, increased the gold reserve from The provisions thus made give complete as- 8,129,000,000 to 12,460,504,000 francs, and surance, in spite of serious and unexpected thus built up for the note circulation a reserve events, of the soundness of the assets guaranconsisting exclusively of gold and of so large teeing our currency. a volume that, even in the midst of the present Discount policy.—The credit policy of the difficulties, the belga is one of the most ade- bank, in the present situation, was governed quately secured currencies in the world. by a determination to maintain the liquidity In addition to the foreign exchange converted of the institution, in order that it might coninto gold, the central bank continued to hold tinue able to meet with ease the special needs balances in the London market, amounting to of a period of intense crisis, as well as the trans- £12,643,079. fer of funds which will become necessary when- In view of the part which English currency ever the solution of international difficulties plays in international trade, and especially in revives the investment of capital abroad. our export business, this amount is by no means In the existing situation nothing could be excessive. Our procedure in this matter has more dangerous than a policy—such as is often been based on the convention of October 18, recommended—of systematically granting cred- 1926, which allocated to Government account its in proportion to the increase of frozen assets. such profits as might accrue from the invest- Excessive and ill-considered manipulation of ment abroad of foreign currencies arising from credit distorts the banking mechanism and, inthe stabilization loan and entering into our stead of mitigating crises, aggravates and proreserves. Moreover, inspired by a justifiable longs them. sense of international monetary solidarity and Throughout the past year the bank mainacting in complete accord with the Minister of tained its discount rate at the very low level of Finance, we have avoided any measure which 2}i per cent, which had been established on might react unfavorably on the position of the August 1, 1930. In spite of the facilities thus London market. put at the disposal of business, the bill port- On the day following the British currency folio declined gradually during the first half of crisis, the sterling balances wTcre made the sub- the year, owing to business recession; but ject of a convention with the Government, shortly afterwards the financial crisis, which under date of September 23, 1931. By virtue broke out first in Germany and then in Engof this convention and in accord with existing land, brought about a reverse movement, inagreements, the bank kept its sterling balances, creasing the volume of rediscounts. This dein its accounts, at the purchase price, while velopment led the bank to follow the example the Government gave security for the loss on of most other banks of issue and to raise its exchange—this security to be amortized out of discount rate (on January 13, 1932) to Z% per cent. 1 The report, available in French, contains in addition tables showing the operations of the bank in detail and sections dealing with the general situation, currency and exchange, Government debt, security market, J The proposed term of these securities is 6 months, subject to renewal. industry, commerce, and agriculture, unemployment, etc. For earlier * It is proposed that sterling balances equivalent to not more than reports see BULLETIN for April, 1931; May, 1930; April, 1929, 1928, 1927, 550,000,000 Belgian francs may be invested in obligations of the Belgian etc. Government issued in foreign currencies previous to Jan. 1, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 243 BALANCE SHEET OF THE NATIONAL BANK OP BELGIUM AS OF DECEMBER 25, 1931 i Resources : i t F h r o a u n s c a s n ( d i s n ) , • " (i D s n a o n t ll d h a s o r ) s u - » i j Liabilities t F h r o a u n s c a s n d (i s n ) D (i s n o a l n t l d h ar s o s ) u i - Gold reserve ___ 12,751,477 i 354,491 Bank notes: Subsidiary coin . 201,008 . 5,588 ; Issued 19,455,757 540,870 Belgian and foreign bills ' 4,558,303 ; 126,723 A,. Held by the bank _ 1,440,402 40,043 Advances on Belgian public securities __•. 297,7485' 8,277 Belgian treasury bills and other public securities i In circulation 18,015,354 500, 827 (royal decree of Oct. 25, 192G) _ ; 1,440,000* 40,032 Public securities _ . 198,645^. 5,522 Current accounts: j Public securities in the surplus account of the ! - :' Treasury | 103,956 2,890 bank _ _ i 85,607 i 2,380 ,! Individual..-. . 1,189,934 33,080 Public securities in amortization account of real ; VJ j estate in use, furniture, and fixtures i 59,684 1,659 | 1,293.890 35,970 Insurance-fund assets _ i 99,863 2,776 j Bills deposited for collection in current account.. 84.190 2,340 : Bills deposited for collection in current account. _. 84,190 2,340 Real estate in use . 95,402$ 2,655 I Capital.._ _ 200, 000 5,560 Furniture and fixtures • 4,700 131 ISurplus _ 87,674 2,437 Provision for the manufacture of bank notes, and : | Amortization account of real estate in use, furnilabor involved __ : 2,582 72 i ture, and fixtures _ 59,702 1, 660 Interest earned or receivable.. 6,693 186 Insurance fund.. 100,066 | 2,782 Assets held in pledge or to be liquidated (art. 34 . i Interest and rediscount __ of the statutes) ' 2,826 79 ! Taxes payable to the Government: 6,127 170 Tax on fiduciary circulation Share of the Government in profits on for- 10,421 | 290 eign exchange _._ Share of the Government in profits (art. 38 8,431 I 234 of the statutes) 10, 231 Unpaid dividend for second half year of 1931 12,821 356 Total resources.. _ ' 19, ! 552,912 Total liabilities.. 19,888,907 552,912 1 Conversion at par of exchange: 1 franc=$0.0278. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APRIL, 1932 ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichs- rations only out of a surplus arising from a bank for 1931 was presented to the general favorable balance of trade and of payments, meeting of shareholders on March 16, 1932. and that reparation transfers effected by means The main text of the report is given herewith:1 of foreign loans and credits would merely con- The world is in the midst of an unparalleled fuse and postpone the issue. Notwithstanding crisis. The severe economic depression which this fact, however, Germany reparations in the has prevailed for some years in almost all following period were effected out of loans and countries was aggravated during the past year credits, because Germany had not achieved and by a devastating breakdown of confidence; this could not achieve an economic surplus. This upset credit relations both national and inter- became quite evident when foreign loans and national and set back the process of reconstruc- credits to Germany were to be suspended as a tion. Currencies recently reestablished on a result of the world crisis. Leading German gold basis with great difficulty have again be- authorities have called attention repeatedly to come inconvertible; international trade has the economic insanity and general futility of been thrown into confusion and greatly pur- the reparations system, especially in view of the tailed by the further raising of tariff barriers, fact that the sharp decline of world prices has by the rationing of imports, and by measures of increased the burden of Germany—contrary to foreign-exchange control. The continuing de- the intentions of the Young plan—by not less cline of prices and further growth of unemploy- than one-third. In the meantime the granting ment have interacted to increase the gravity of of credit to Germany, which in spite of all the the situation. In the face of a great world sur- warnings of the Reichsbank had been most plus of commodities and productive power, con- extravagant, was succeeded by withdrawals, sumption declines further and further. No and the reason for this was not only the need of country in the world seems to have been left foreign countries for their capital, together with untouched by the prevailing distress. The a fear of radicalism in Germany as a result of nations are becoming impoverished, and are increasing distress, but also and in particular a sweeping together toward ruin. Governments growing realization that Germany, under the have been unable as yet to halt the disastrous continued pressure of reparation burdens, was course of these consequences of the World War, being driven into bankruptcy. Events at the though the action taken by the President of time when the Hoover moratorium was acthe United States showed a disposition to be of cepted, the German banking crisis, the "standinternational service, and knowledge of the still" negotiations, and the findings of the Basel true causes of the international economic crisis experts strengthened this realization. The deis coining to be more widely diffused. In par- cisive point has now been reached. The system ticular, the two committees of experts which met of reparations and other political debts has in August and December at Basel to examine finally proved futile in view of the international the situation of Germany, and the "standstill" interdependence that characterizes modern ecocommittee which met in Berlin toward the end nomic relations. There is no other solution of the year, have explained these causes to the except to renounce at once de jure this system world fully and clearly. They are to be found which is de jacto dead. Only thus can the chiefly in the complicated mass of political world be saved from new economic and social debts, which tower up in direct opposition to disasters whose consequences no one can forsee, the natural laws of international trade, bringing but which might well surpass all the damages in the long run more detriment than benefit even of the World War. The experts' committees to the creditors themselves. These debts, 13 have agreed unanimously that a final political years after the close of the war, still stand in the settlement on these matters is of immediate and way of any normal functioning of world trade vital importance for all countries. Only such a and any genuine state of peace and confidence. settlement can reestablish confidence at home and abroad in German economy and in German In the system of war debts the reparation politics—the first essential of recovery from the burden imposed upon Germany has a very present industrial and financial crisis. The special significance. The Dawes experts stated frank admission by responsible statesmen that as early as 1924 that Germany could pay repa- they are willing to accept the practical conclusions of the experts' recommendations is there- * The report, available in German, contains in addition tables and fore not only good political strategy but also charts showing the operations of the bank in detail. For earlier reports see BULLETIN for August, 1931; May, 1930; March, 1929; May, 1928, inescapable economic necessity. 1927, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 245 Development of the crisis.—The credit situ- a letter under date of July 7 from industrial ation in Germany during 1931 was largely firms and banks to the president of the Reichsdominated by loss of confidence. Ever since bank, offering to create a guarantee fund with the autumn of 1930 the German money mar- the Gold Discount Bank. This expedient did ket, owing to political factors at home and not, however, obviate the necessity of credit reabroad, has been depressed by withdrawal of strictions as well, for every discussion with foreign credits. The failure in May of the foreign central banks regarding a "standstill" largest Austrian bank led to greatly increased agreement proceeded on the assumption that withdrawals which, aggravated still further by the Reichsbank would first defend its own other developments, gave rise within a few position by accepted methods. weeks to the worst crisis ever experienced. After the meeting of the directors of the Bank Withdrawals by foreign creditors assumed the for International Settlements on July 13, it proportions of a run on Germany, which spread was evident that adequate assistance was not throughout the country and in July led to a available from the bank, and the closing of the complete suspension of credit and clearing German banks on that same day was imperatransactions. The Reichsbank was confronted tive owing to increasing panic in Germany. with a twofold duty—to maintain currency Nothing less than actually closing the banks stability and protect the liquidity of the Ger- could have created a situation in which payman banking system. To this end the Reichs- ments could be resumed with considerably less bank had to be prepared to grant credits on a risk than before, by effecting a distinction large scale, as well as to part with gold and between payments at home and payments foreign exchange. The Reichsbank performed abroad through legal exchange regulations and both duties until it became evident that the temporary "standstill" agreements. At the claims of foreign creditors could not be checked, same time, the establishment of the Acceptance and that continued demands on the German and. Guaranty Bank strengthened the liquid banks would exhaust the resources of the banks position of German credit institutions to such and in addition the supporting resources of the an extent that deliveries of currency and with- Reichsbank as well. drawals of deposits—greatly augmented as a The assistance of the Reichsbank was limited result of the widespread lack of confidence— by the fact that the methods of fighting a run could be effected without embarrassment. through readiness on the part of the central Within these newly established limits somebank to extend credit and deliver currency are thing like normal credit and payment operations not applicable in unlimited degree to a run were possible. originating abroad, because the central bank The Reichsbank then decided, after the can not use its notes for foreign payments but period of greatest danger was past, not to inmust deliver gold and foreign exchange. It crease the discount rate automatically as probecame especially clear that—as a result of vided for in the bank law whenever the reserves the large short-term foreign indebtedness of fall below the legal minimum; rather, it ex- Germany, which the Reichsbank had opposed tended its credits not only in adequate measure without much success since 1925—the gold and but also as cheaply as circumstances permitted. foreign exchange holdings of the Reichsbank, The credit crisis itself, conditioned by intereven when they were at their maximum, were national causes, and the consequent severe in fact only nominal, and failed to reflect the business depression, were beyond the power of German exchange position. But the steadily the Reichsbank to remedy. growing domestic run—owing to its close con- An important contribution to restoration of nection with the foreign run on one hand, and confidence within the country was the fact on the other, to the flight of capital reported that the Reichsbank, in complete accord with from abroad—could not be isolated and stopped the Government of the Reich, refrained strictly by further deliveries on the part of the Reichs- from experimenting with the currency. In bank. Thus the bank was forced to defend its future, as in the past, the bank will consider it position by applying credit restrictions in in- its highest duty to insure the stability of the creasing degree. The restrictive measures were reichsmark by the use of all available means. closely bound up with the attempt made by the Banking and credit measures.—Even before Reichsbank, in the hope of preventing bank sus- the crisis the situation of the German money pensions, to obtain some sort of "standstill" and credit market had been unsatisfactory, agreement. The Reichsbank received support because the increasing stringency in foreign from a wide circle of the business community, in markets that began in the autumn of 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN APRIL, 1932 prevented the improvement which might other- the free flow of payments within Germany. wise have taken place at the beginning of the It was necessary first to introduce compulsory year. With demands on the Reichsbank in- sales of foreign exchange, and then to relax the creasing over the previous year in spite of the previous measures of credit restriction, a step decline in the volume of business, and with the which could be safely taken only after further state of the exchanges uncertain, it was increasing the cost of credit. The discount impossible for the Reichsbank—in contrast to rate was raised to 10 per cent on July 16 and, many foreign central banks—to make even a with the complete abolition of restrictions on temporary reduction in its discount rate. It the withdrawal of bank deposits, to 15 per cent was only by the sternest self-denial on the part on August 1. The lombard rate, as a result of of communal and other public bodies that the the undesirable increase of lombard accounts, market for mortgage bonds—and, to a lesser was raised by two stages up to 20 per cent. In extent, that for municipal obligations—was order to preserve a certain flexibility in the supported; and then only temporarily, for the credit measures of the Reichsbank, customers' increasing withdrawal of foreign funds soon put acceptances, made eligible for discount during an end to all prospects of improvement. the emergency, and offered in substantial vol- Within a few weeks' time the steadily growing ume by the commercial banks after their regular severity of the financial crisis destroyed all stock of bills had been exhausted, were tem- German credit operations with foreign coun- porarily discounted on a 10-day basis. By this tries and seriously injured banking and credit means the heavy burden on business of interest operations within the country. Interest rates payments arising out of emergency discounting rose rapidly. The money market was unable to was limited to a short period. Within a month function and the Reichsbank became the only the careful preparations made for restoring source of credit. The large withdrawals of normal payment operations enabled the Reichsforeign exchange in the first half of June com- bank to lower the bank rate by stages to 8 per pelled the bank on June 13 to raise its discount cent and the lombard rate to 10 per cent. rate by an extraordinary amount—from 5 to 7 The disturbances in the German credit strucper cent. The action of the President of the ture had further effects abroad, and led to a United States of America caused short-lived series of discount advances in other countries hopes which were frustrated by opposition to the which narrowed the margin between German immediate and complete operation of the plan. and foreign rates. Nevertheless the Reichs- Distrust, both at home and abroad, continued bank, in connection with the anticipated to grow. In spite of some credit assistance measures of the Government for reduction of from abroad, the note reserve fell below the prices, wages, and interest rates by emergency legal minimum. To protect its rapidly dimin- decree of December 8, favored a reduction of ishing gold and foreign exchange reserve the the bank rate in spite of the seriousness of the Reichsbank, in view of the isolated position of exchange situation, the greatly reduced ability Germany, was forced to put into effect the of the money market to function, and the severe measures of credit restriction previously strong demand for central bank credit. On prepared. December 10 the discount rate was reduced to The closing of the D arms tad ter und Nation- 7 per cent and the lombard rate to 8 per cent, albank on July 13, and the declaration of a as a measure of cooperation on the part of the bank holiday on July 14 and 15 for the protec- financial agencies in the reduction of the cost tion of the other banks, caused an almost com- of business operation. Developments in the plete suspension of payments both within the first months of the new year have justified this country and to foreign countries. Reichsbank policy. policy had to deal with new and extraordinary The checking of the run and, later, the reprobiems. After the Reich had come to the sumption of payments, compelled the Reichsaid of the two most seriously endangered insti- bank to grant exceptionally large credits. Busitutions—of the Darmstadter und Nationalbank ness was assisted by the increased circulation, by announcing, while the bank was still closed, which expanded by about [2,000,000 reichsthat the Reich would undertake to guaranty its marks—an emergency measure supported by liabilities, and of the Dresdner Bank through a the Reichsbank. The portfolio of domestic bills, large-scale capital participation—the Reichs- which at the end of May had amounted to bank was able to maintain the stability of the 1,500,000,000 reichsmarks, increased ^rapidly reichsmark. By its readiness to grant credit and at the close of the year stood at 4,500,to an unprecedented extent, it quickly restored 000,000 reichsmarks, including amounts specially Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

247 APRIL, 1932 FEDERAL RESERVE BULLETIN allocated to cover the central bank credit of Gold and foreign exchange.—As already $100,000,000 mentioned elsewhere. This in- stated, the Reichsbank resolutely applied its creased offer of bills was due chiefly to the gold and foreign exchange reserve to mainfinancing of the demands made on the Reichs- taining the solvency of German banks which bank for foreign exchange as a result of the were hard hit by the withdrawal of funds by withdrawal of foreign funds. The struggle foreign holders. At the end of the half year against the abnormal demands for payment it availed itself of the opportunity presented necessitated further assistance for the com- to obtain credit assistance from abroad. The mercial banks including temporary mobiliza- credit placed at its disposal jointly by the tion of frozen commercial credits. The Accept- Bank of England, the Federal Reserve Bank of ance and Guaranty Bank, founded by a banking New York, the Bank of France, and the Bank consortium with cooperation of the Reichsbank for International Settlements amounted to and official participation by the Reich, was $100,000,000. It was first granted for only 20 entrusted with the task of providing support for days for quarterly settlement purposes. Later endangered credit institutions, and of maintain- there were several extensions, the most recent ing or securing for them a credit status with the being that of March 4, 1932, for a period of Reichsbank, by jointly assuming their bill three months with a capital amortization of liabilities. It was especially important for the 10 per cent. Because of the continued with- Acceptance and Guaranty Bank to assist drawal of foreign balances, and, in addition, savings banks and clearing houses, which had a flight of domestic capital—probably greatly become heavily involved as a result of the crisis, overestimated at the time—this credit brought to remain solvent and to function as provided the Reichsbank only temporary relief. In by law. Through restoration of solvency to order to procure further amounts of foreign the savings banks, their depositors were gradu- exchange, it had to draw upon an American ally reassured, and withdrawals caused by un- contingent credit of $50,000,000 which had founded distrust were presently checked and been available to the Gold Discount Bank for finally brought to an end. a number of years. Nevertheless the decline A series of further remedial measures was of the reserve ratio below 40 per cent—to intended to mitigate the severity of the crisis which the general council of the Reichsbank in special cases. One of these measures was first gave its consent on July 7—could no promotion of German export trade. The seri longer be averted. From the end of May to ous situation of German agriculture also re- the middle of July the Reichsbank paid out quired the provision of credits for crop financ- gold and foreign exchange to the amount of ing; these were provided in part on the basis of almost 2,000,000,000 reichsmarks, while sales warehouse receipts. In spite of serious pro- of gold during this period aggregated more than tests, in which the Reichsbank joined, a special 1,000,000,000 reichsmarks. Nearly half this guaranty system for agriculturists in the gold was lost to New York, almost one-fourth eastern districts, amounting almost *to a to London and Paris, and smaller sums to moratorium, was established, and resulted in Amsterdam and Switzerland. a heavy demand on the Reichsbank for agri- Exchange control.—The threatened exhauscultural credit. So far as possible the Reichs- tion of available foreign exchange reserves bank tried to prevent any damage to credit. compelled the establishment of a decisive con- In many other cases also the Reichsbank had to trol in order to confine the use of exchange to render assistance. legitimate commercial transactions, while In order gradually to create facilities for refusing unnecessary or postponable payments. future relief, the restoration of the private In the emergency decree of July 15, the Governdiscount market was initiated by the foundation ! ment of the Reich ordered the centralization in December—with substantial participation ! of all exchange transactions in the Reichsbank; by the Gold Discount Bank—of the Joint and on July 18 it required the delivery to the Stock Discount Co. j Reichsbank of foreign currencies and of claims In the emergency decree of October the in foreign currencies. The emergency decree Reichsbank was appointed joint administra- of August 1 made the previous regulations tor of the liquid reserves of the Organization of more severe and transferred the technical Savings Banks. The provisions of this decree management of exchange operations to special are now being carried out. Bills of the savings "offices of foreign exchange control" in conbanks discounted by the Reichsbank during the nection with the provincial revenue offices. critical period of 1931 have been repurchased Negotiations with foreign creditors were in fair volume since the turn of the year. begun, looking to the continuation of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN APRIL, 1932 existing short-term foreign credits. These retained for five years; and stipulates that measures enabled the Reichsbank to acquire repayments of principal in foreign currencies more foreign exchange, which, however, soon shall be effected only by mutual agreement had to be paid out again. The "standstill" between the Reichsbank and a committee of agreement between German and foreign banks, the foreign creditor banks which is to meet which became effective on September 17, periodically. A "committee on foreign debts" imposed heavy burdens on account of the was appointed by decree of January 26, 1932, release, in instalments, of the reichsmark to advise on all German payments abroad on credits of foreign banks. In this release account of interest or amortization, both was included the liquidation of pending for- within and without the credit agreement. ward exchange contracts. It was necessary Capital market.—There has been almost also to repay maturing seasonal and stock no activity in the capita) market, especially exchange credits. On the other hand, notwith- since the middle of the year, as a result of the standing the efforts of the Reichsbank, full use serious maladjustment between supply and of the credit lines held open under the agree- demand and the sharp decline in quotations of ment could not be achieved because of ex- every type of security. On July 13 the Gercessive interest rates, the exchange risks at- man stock exchanges were closed. They were taching to various foreign currencies, and other reopened in September for a short interval; obstacles. Moreover, the contraction in the but the increasingly heavy selling pressure volume of foreign credits continued, so that by for both foreign and domestic account, inthe end of the year the Reichsbank had lost a duced by fear and necessity, led to a second further 600,000,000 reichsmarks in gold and closing of the exchanges on September 21 foreign exchange. following the suspension of the gold standard Under these circumstances it was necessary by the Bank of England. Official stock exto continue to make foreign-exchange regula- change dealings have not yet been resumed, tions more severe. Beginning early in October and the publication of unofficial security quothe Reichsbank found it necessary to impose tations is still forbidden under the decree of various credit restrictions upon firms which July 15. In order to prevent the balance of disregarded the foreign-exchange regulations. payments from being burdened through the sale The emergency decree of November 17 made of German securities by foreigners, it was made possible a more complete control of foreign- obligatory under the decree of November 10 to exchange receipts from exports. Statistics com- obtain official sanction to convert the proceeds piled by the Reichsbank showed that foreign of the sale of securities into foreign exchange. exchange arising from German export trade is, The German Railways A){ per cent loan, for the most part, acquired by the bank. In j issued at par in October in the domestic capital spite of this, the Reichsbank's stock of foreign! market under most unfavorable conditions, is exchange declined steadily owing largely to ! tax exempt and grants amnesty for past tax capital withdrawals by foreign countries, which | evasions. It should, even with its relatively amounted to about 1,000,000,000 reichsmarks low interest rate, offer an inducement to those in the period from September 1 to December 1. who sent their funds abroad to repatriate them The serious foreign-exchange situation made for the purpose of creating work at home in this it impossible for the Reichsbank to comply time of need. The loan, of which about 250,with the wishes of business groups for the 000,000 gold marks has been subscribed, placed introduction of a regular forward exchange little immediate pressure on the German marmarket; but the bank offered to arrange direct ket, since the first installment of the subscripforward exchange contracts between trading tion price was not due until January, 1932. and industrial concerns without charge. Bank supervision.—To cope with the crisis The "German Credit Agreement of 1932," in the German credit situation an official superwhich was signed on January 23, 1932, and vision of banks, similar to that in other counbecame effective on March 1, contains certain tries, was established by the decree of Septemprovisions for consolidating the German short- ber 19. AVhile preserving in principle the term foreign debt. It arranges for a year's complete private responsibility of the banks for extension of foreign credits amounting to more their management, this decree makes it the than 5,000,000,000 reichsmarks; provides for duty of the newly established banking board, a limited conversion of obligations maturing of which the commissioner of the Reich is a within that period into 10-year, 6 per cent member, to supervise general banking policy bonds, or into German securities, mortgages, or from the standpoint of public interest and under real estate in the form of investments to be certain circumstances to exert an influence on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

249 APRIL, 1932 FEDEKAL .RESERVE BULLETIN general policy—within the limits prescribed by ume on its own account. This decision, taken law and in accord with the regulations adopted by the directors at the beginning of January, by the board. The Rcichsbank is represented 1932, laid the foundation for the bank reform among the five members of the board by the now in progress, and provided inducements for president of the Reichsbank, as chairman, and this type of reform. The Reichsbank will place by one other member, the vice president of the these assets at the disposal of the Gold Discount Reichsbank's board of directors, who was Bank; the latter will increase its capital by appointed by the chairman. 200,000,000 reichsmarks through the issue of Bank reorganization.—After the beginning new shares which the Reichsbank, under of the banking crisis the restoration of the authority conferred upon it by the banking complete operation of the German banking law, will take over for cash payment. At the system was one of the most immediate duties Gold Discount Bank the new class C shares of the responsible authorities. Thanks to the issued for this purpose will be kept entirely good sense of the population, the resumption of separate—and this applies to dividends also— banking activities was accomplished with sur- so that the other operations of the Gold Disprising case, yet it became increasingly evident count Bank will continue to be unaffected by that a new and secure basis of confidence must and independent of the new business. This be created through application of very excep- separation will be so complete that the actual tional measures. To this end a plan of general investment and management of the assets origbanking reorganization was drawn up by the inating with the Reichsbank will not be con- Government and the Reichsbank, and made ducted by the Gold Discount Bank directlybut effective in February, 1932. The plan pro- by a special board of trustees. Since the invided for a comprehensive reform which was dependence of the bank and the board of designed to restore liquidity by writing off trustees is thoroughly safeguarded, any confulosses, and also to indicate plainly in the bal- sion of central bank functions with private ance sheet the amount of the losses. This banking interests seems to have been eliminecessitated not only a final settlement of the nated. affairs of the Darmstadter und Nationalbank The participation of the Reichsbank and the and of the Dresdrier Bank, but also a thorough Gold Discount Bank in private banking busireorganization and strengthening of the bank- ness is regarded as a temporary measure. As ing system, especially at the head odices. The soon as opportunity offers, the shares which fundamentals of the plan arc as follows: they have taken over will again be offered for Complete reconstruction of the assets by the sale in the capital market. application of reserves and, so far as necessary, The reform reveals the heavy sacrifices which by the Government's taking over the balance the crisis has demanded of the banks and their of the loss, which was sometimes very consider- shareholders. Open and hidden reserves, and able. almost the entire capital, had to be applied to Creation of new reserves through resources the necessary reconstruction of the balance obtained from the Government in the form of sheets. In addition, bank mergers were under- Treasury bills of various kinds and maturities, taken to increase profits (the Dresdner Bank which will be gradually repaid out of earnings with the Darmstadter und Nationalbank, and and from premiums on the issue of new shares. the Coinrnerz-und Privatbank with the Banner Rebuilding of capital and restoration of a Bankverein); and with the same object arrangesuitable proportion between permanent re- ments were made to avoid duplication of bank sources and the volume of business. branches and deposit offices. The preliminary conditions for this reform The Reichsbank is aware of the extraordinary were met by cancelling a portion of the shares character of the measures undertaken. It bealready in possession of the banks, writing lieves, however, that any improvement in the down other shares outstanding, and at the liquid position of the great deposit banks resame time rebuilding capital funds through sulting from this plan will sooner or later work the sale of new shares or of shares remaining to the advantage of the status of the Reichsin the banks' portfolios and not written off. bank through credit repayments by these Only a small part of the new shares was taken banks. The immediate and more important by the public. The Reich had already taken purpose, however, is to restore a banking over a part; for the rest the Rcichsbank system which can really function—which can decided—relying on its reserves which had give business the help which it so urgently rebeen further augmented from the profits of the quires. If the Reichsbank—after the distribuyear 1931-—to participate in considerable vol- tion of its previous customary dividend—had Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRIL, 1932 not used these funds in the manner described It is to be hoped that all these efforts of the in this report, corresponding sums would have Reich and of the Reichsbank may not fail of had to be applied to reserves or writing down their effect, so that the reorganization of Gerassets. The Reichsbank preferred to create a man banking will not only restore confidence sound economic position by strengthening the within the country, but in its broader aspects German banking system rather than merely to may help to restore credit operations with correct its balance sheet items. foreign countries. BALANCE SHEET OF THE GEEMAN REICHSBANK AS OF DECEMBER 31, 1931 Reichs- Dollars Reichs- Dollars i Resources marks (in (in thou- | Liabilities marks (in (in thouthousands) sands) thousands) sands) Gold, not under lien (gold bars, domestic and Total bank-note issue.. 9,001,612 2,144,184 foreign coins): Credit balances of giro and current accounts 754, 772 179, 787 In the cash offices of the bank 872,039 207, 720 Noninterest bearing deposits.__ 98 23 With foreign banks of issue 111,916 26, 658 Original capital 150, eoo 35, 730 Legal reserve fund (including transfer from net 983,955 234, 378 profits of the year 1931) 59, 254 14,114 Reserve for pensions, etc 80,000 19,056 Cash balances: I Reserve for probable losses 183,945 43, 816 Reichsbank notes 4, 224. 687 1,006,320 i Subsidiary coin.. _ __. , 81,515 19,417 Reserves for: Rentenbank notes _ ' 5, 305 1, 264 Printing of new notes 26,968 6,424 Notes of German private banks of issue 2,008 493 New buildings. _ 27,024 6,437 4. 313, 576 1,027,494 53, 992 12,861 Special reserve fund for future payments of Credit balances in foreign currencies (of which ; dividends _...._ 46, 235 11,013 the equivalent of 160,187,000 reichsmarks was Miscellaneous: assigned as cover for the notes in circulation)..: 189, 821 45, 215 Interest on bills due in 1932 37,122 8,842 Foreign notes 12,111 2, 885 Dividends due but not yet paid... 180 43 Foreign bills and checks _ 106,072 25, 266 Dollar treasury notes of the Reich to be Domestic bills and checks: redeemed by the Reichsbank 190 45 Treasury bills of the Reich _ 97, 910 23, 322 Liabilities in foreign currencies 428,225 102,003 Other domestic bills and checks 4, 030,839 960,146 Other book debts 199,414 47, 500 Silver.. __ _ ___ 80 19 665,132 158,434 Loans against collateral (lombards), viz: Net profits for the year 1931, less 10 per cent Loans against securities (sec. 21, 3b, c, d, assigned to the legal reserve fund __. 12,000 2,858 of the bank law) _. 172,448 41,077 Loans against bills (sec. 21, 3e, of the bank j law) i 60,095 14,315 Loans against goods (sec. 21, 3f, of the bank • law) ' 3,491 832 Loans against treasury bills of the Reich (sec. 21, 3g, of the bank law) 8, 599 2,048 244, 633 58,272 Securities owned.._ 161,898 38,564 Doubtful assets 19, 377 4, 616 Land and buildings 30,000 7? 146 Claims resulting from the settlement with the Reich _ 100, 024 23,826 Miscellaneous: I Bank notes no longer fit for circulation I 1,148 273 Postponed claim on the German Govern- • ment in virtue of sec. 11, 4 of the law of | Aug. 30, 1924, for the liquidation of i Rentenbank notes in circulation i 70,083 16,694 Credit balances with postal check olTices I 12,103 Bills held as security for the $100,000,000 ; credit I 419,314 99,881 Other claims._ _ _ j 214,096 50,998 716, 743 170,728 i Total resources __ ; 11,007,039 2,621,877 i Total liabilities _ ; 11,007,039 2,621,877 1 Conversion at par: 1 reichsinark = $0.23*2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 251 ANNUAL REPORT OF THE NATIONAL BANK OF SWITZERLAND The annual report of the National Bank of The rate on foreign bills declined from 2}i Switzerland for 1931 was presented to the to l)i per cent during the period from the end general meeting of shareholders on February of 1930 to the middle of February, 1931, and 16, 1932. Sections of the report are given for several months remained below the official herewith:1 rate. Although the National Bank did not The money market.—The Swiss money discount these bills except conditionally—that market was influenced by two movements is, when their maturity did not exceed 30 days— which operated in the same direction and at they were eagerly sought by the banks during times simultaneously—the inflow into Switzer- the first half-year. After a slight upward land of foreign funds and the repatriation of movement during the period April to June, the Swiss foreign balances. Events in Germany rate rose sharply from 1% to 4% per cent in and Austria accentuated the flight of capital July upon the announcement of the difficulties to Switzerland, and the fear of a breakdown of of the Darmstadter und Nationalbank and international payments led our banks to re- other suspensions of payments in Germany; in patriate foreign balances in large amount. The October it was raised to 5 per cent and remained Layton report gives some idea of the extent of unchanged throughout the rest of the year. these withdrawals, although the figures need Discount policy.—The discount policy of the to be corrected in the light of more complete bank was based on the same principles as in information made available since its publica- the previous year. The conditions imposed on tion. The situation abroad and the banking the discount of foreign bills proved to be fully difficulties experienced in Switzerland made it justified. As suspensions of payment increasnecessary for our banks to increase their cash ed, the directors of the bank were faced with reserves against possible calls for payment. the question to what extent they could furnish This insistence on a liquid position wTas the credit through their note-issuing authority in outstanding characteristic of the money market. aid of foreign bills coming into Switzerland, The private discount rate, which advanced payment of which was suspended by a morafrom 1 to l){ per cent at the end of 1930, torium. The directors could not, however, weakened again under the pressure of abun- undertake as part of their normal discount dant money; it declined to 1 per cent in Janu- operations the liquidation—that is to say, the ary, and even to a fraction below that in March. rediscount—of frozen foreign obligations. The The feeling of confidence created by the inter- directors preferred to safeguard their full national situation in the spring brought the liberty of action for those cases where Swiss rate up to 1% per cent in April, a level w^hich business applied to the bank for accommodaprevailed until mid-July. On July 16, when tion. On the other hand through normal disinternational credit conditions suddenly stiff- count operations the bank put its credit, as ened, the rate rose to 1% per cent, and the hitherto, at the disposal of the national economy following day to 2 per cent, the level of the whenever the liquidity of the bills and the official rate; after some weeks it declined again signatures by which they were secured offered to 1% per cent and later to 1% per cent. In adequate guaranties. But the central bank the spring the demand for funds, and in the did even more; in addition to its ordinary summer the attitude of reserve on the part of operations it agreed to rediscount bills in lenders, produced the same effect. situations where the need of assistance was The extremely low discount rates and the urgent. If the commercial banks seemed at dearth of bills offered for discount made it im- times unwilling to extend credit, they were possible for the banks to maintain their dis- undoubtedly hampered by the anxiety to insure count business; and it was for the most part the liquidity of their position and by their only the larger institutions, with their cheap concern to avoid losses and to guard the security correspondent accounts and day-to-day money, of their capital; but on the whole it may be said which continued this type of transaction. that they met all reasonable demands for credit. 1 The report, available in French and German, contains in addition tables showing the operations of the bank in detail, and sections dealing On January 22, 1931, the bank lowered its with the international crisis, the suspension of the gold standard by Great Britain, central bank cooperation, commercial treaties, unem- official rate to 2 per cent from 2% per cent, ployment, industry and agriculture, prices, the Swiss stock exchange, public finance, the Swiss railways, capital market, etc. For earlier which had been in effect since July 10, 1930. reports see BULLETIN for April, 1931; May, 1930; April, 1929, and 1928; The bank hoped that this reduction would March, 1927; April, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN APRIL, 1932 revive trade, check the inflow of foreign funds, The National Bank did, in fact, accept the and thereby have a favorable effect on the gold which the banks offered to it, but made an money market. Above all this reduction of agreement with them that they should furnish the rate was intended to correct the unduly a much larger proportion of foreign exchange high exchange level of the Swiss franc; and this which the central bank itself would convert was in fact accomplished, although for only a into gold. During the year the volume of forshort time. When in May the Federal Reserve eign exchange bought by the National Bank Bank of. New York reduced its official rate to (chiefly dollars, English pounds, and French V/ per cent, the National Bank did not followfrancs) amounted to about 15,400,000,000 2 the example, being of opinion that a further francs. These large acquisitions caused an inreduction of the rate could neither bring about crease in reserves; from the beginning of May any lowering of interest rates-nor reduce the to mid-September, when the inflow of exchange premium of the Swiss franc. On the other ceased for a time, the aggregate gold and forhand, the bank maintained its rate at 2 per eign exchange reserves of the bank rose from cent in September, when the Federal Reserve 953,000,000 francs to 1,782,000,000 francs. Bank of New York, the Bank of France, and Owing to the continued conversion of foreign a number of other central banks advanced their exchange into gold, the stock of gold exchange rates. A similar measure could not have been at the end of the year amounted to 103,000,000 justified in the case of Switzerland, cither from francs, while the gold reserve had risen to the point of view of credit demands upon the 2,346,900,000 francs. bank or the exchange position. The yearly The suspension of the gold standard by average of the official discount rate was 2.03 England on September 21 came as a great surper cent, compared with 2.89 per cent in 1930. prise to the National Bank. Before that date, As the greater part of the bills presented for however, it had already begun to liquidate discount originated with trade and commerce a great part of its sterling balances. During rather than with the banks, the average the summer, especially, when sterling showed a currency of discounted paper was somewhat steady depreciation, the board of directors longer. began to question whether this exchange should Gold and foreign exchange policy.—The gold be held in any large amount as note cover of the and foreign exchange policy of the National National Bank. The solution was to adopt the Bank had to adapt itself to the most diverse measures already described, so that the bank conditions. In December, 1930, the Swiss was protected against any very considerable franc averaged one-half of 1 per cent above its loss. dollar parity; the reduction of the discount rate Doubts have been expressed from time to in January, 1931, had the effect of bringing the time concerning the maintenance of the gold rate down to par and even below par in the fol- standard by Switzerland and the stability of lowing months. The dearth of opportunities the franc; it has sometimes been asked whether for investment within the country led to a the suspension of the gold standard might not strong demand for foreign exchange, and, be helpful to industry. Such a measure, howaccordingly, the central bank made the desired ever, would not only depreciate the savings funds available to the market. The crisis of of the Swiss people and our foreign balances confidence abroad, however, and the conse- denominated in Swiss francs; it would also, quent steady inflow of funds forced the Swiss sooner or later, lead to a rise in prices and an franc up again in May to a level above parity, increase in the cost of living, and would create so that the question of correcting the constant difficulties for our exporting industries which premium of the Swiss franc had again to be met would have to pay higher prices for the raw by the board of directors. A further reduction materials purchased abroad. •* > The case of a of the discount rate for the purpose of stopping England shows clearly how an unstable exthe inflow of funds into Switzerland had little change handicaps trade and ^payments. It chance of success, because this flight of capital proves also that suspension of the gold standard would still have been directed into Switzerland, is by no means a guaranty of stable prices; regardless of the discount rate. The only during the last four months of the year, indeed, means at the disposition of the bank to prevent the Swiss index of wholesale prices declined a new advance of the franc consisted in acquir- from 106 to 103, whereas in England the ing foreign exchange. In view of the very wholesale price index rose from 92.2 to 106.4 large offers of foreign exchange, it was no longer during the same period; and the cost of living possible to allow the gold standard free play. index from 145 to 148 in November. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

253 APRIL, 1932 FEDERAL RESERVE BULLETIN It is unnecessary to explain at length why- of notes assumed such proportions, however, there could be no thought of putting gold coin that the directors of the bank finally requested into circulation during 1931. Both foreigners the banks to exercise restraint in delivering and Swiss nationals hoarded notes, and it was Swiss notes to foreigners. The banks complied obvious that gold coins would be greatly pre- with the request of the National Bank, so that ferred to notes for hoarding purposes. On the further measures, such as an embargo on the other hand, when the metal is concentrated export of notes, were unnecessary. in the central bank, it can be used at any Both banks and private firms felt the need moment to protect the exchange. The figures of increasing their liquidity and strengthening given above show that the bank made use their cash position; even gilt-edged securities largely of its authority to import gold. As the were sold at sacrifice prices for the sole purpose Federal mint, however, was fully occupied of obtaining cash assets; and these forced sales, with other tasks, it was able to execute only impelled by panic fear, gave a further impulse two small orders for private account. The to hoarding. minting of gold coin for account of the National Although this fever for hoarding showed how Bank was likewise in inconsiderable amount. great was the confidence inspired by the Total imports of gold amounted to 1,173,- central bank, it was prejudicial to the economic 000,000 francs, of which 33,000,000 francs rep- situation in general and to business enterresented gold for use in the arts and 1,140,- prises in particular. The items of the balance 000,000 francs gold arising out of banking sheet of the bank increased out of all reason transactions. Of the latter amount, 474,000,000 and exceeded the normal requirements of francs were imported by the National Bank, business, since the only means of guarding and the remainder, 666,000,000 francs, by third against the consequences of an excessive departies. Whenever gold was offered for pur- mand for notes was to create an adequate chase by the banks, the National Bank reserved gold reserve. But the printing of notes and the right to examine each case separately, on the accumulation of a corresponding reserve its own merits, as it had previously done. Under imposed considerable expense upon the Nathese conditions the National Bank purchased tional Bank. Moreover, the excessive hoarding gold in the amount of 77,000,000 francs and forced the bank to restrict its credit operations. withdrew from deposit with a. foreign central The public naturally wishes to put its savings bank 333,000,000 francs; the remaining bal- in a safe place, but it ought to realize the conance of gold imported, or 256,000,000 francs, sequences which the withdrawal of deposits was acquired for account of Swiss or foreign involves for the economic position of the banks. Exports of gold amounted to about country as a whole. 19,000,000 francs. The considerable proportion of notes of large Note circulation.— From the end of October denominations proves clearly that the notes to the end of December the fiduciary circulation were not issued in response to the needs of rose from 1,498,000,000 francs to 1,609,000,000 business but were absorbed b}T hoarding; in francs. It is clear from the explanations al- 1931 notes of 1,000 and 500 francs made up ready given that the increase did not result almost one-third of the total circulation, from the needs of Swiss business, but that- whereas in 1930 they represented less than other factors operated to raise the note circu- one-fifth. During recent months hoarding lation by half a billion francs above the level has more or less come to an end, and there of the preceding year. The difficulties of the has been some reflux of notes from abroad. Austrian Credit-Anstalt and the German great Reserves.—The reserve against the note banks, and, later on, the emergency decrees j circulation is the largest ever knowrn. On the promulgated in Germany and the consequent average for the 3Tear, notes in circulation wore general uncertainty created a strong demand covered in the proportion of 102 per cent by for Swiss bank notes in foreign countries. gold, whereas the legal minimum is only 40 Short-term deposits were withdrawn, but in- per cent. If the holdings of foreign gold exstead of converting them into foreign exchange, change are added to the metallic reserve, the people more often asked for bank notes, which reserve percentage amounted to 132 per cent. disappeared into hoards. When the crisis It should not be forgotten, however, that gold broke out in Austria and Germany, the de- accruing from the flight of capital into this mands for Swiss bank notes increased greatly, country can not be regarded as belonging and the National Bank at first considered it- wholly to Switzerland. Sooner or later, when advisable to satisfy these demands in the hope foreign countries repatriate their funds, part of thereby mitigating the crisis. The export of this gold will leave the country. Considered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN APRIL, 1932 in this light, it constitutes a reserve with which its demand deposits, the volume of which at the bank of issue can meet withdrawals of present is very high. In order to be able to do foreign exchange, or, in other words, can pro- so, it must have the necessary cover at its tect Swiss exchange. If this growth of gold disposal. On the average for the year, notes in stock is regarded to-day with a certain amount circulation and demand deposits were covered of satisfaction, its eventual withdrawal must in the proportion of 90 per cent by gold or its also be looked upon as a normal proceeding. equivalent. The composition of the items of The National Bank is not specifically obligated the reserve have undergone some change, under the law to maintain a reserve against owing to the fact that in September a large its deposit liabilities, as it is required to do in jpart of the foreign exchange was converted the case of notes in circulation. In practice, into gold. The only gold exchange which however, it must take into consideration the the bank holds at present is in dollars and present abnormal situation and must be pre- French francs. pared at any time to pay a large proportion of BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER 31, 1931 Francs (in Dollars i Francs (in Dollars i Resources thou- (in thou- Liabilities thou- (in thousands) sands) sands) sands) Swiss gold coin - ! 235,461 45,444 Notes in circulation __. 1,609,353 310.605 Foreign gold coin 232,617 44, 895 Giro accounts _ 883,158 J 170, 449 Gold bars ; 1,057,970 204,188 Federal accounts 40,084 ! 7,736 Other deposits 44,917 I 8,669 Total gold in vault.... I 1,526,048 294,527 Drafts and checks in circulation.. 1,165 225 Gold earmarked abroad , 820,845 158,423 Rediscounts— 281 54 Capital _. 50, 000 9,650 Total gold. 2,340,893 j 452,950 Surplus _ 10,000 1, 930 Net profits _ 5,704 1,101 Other cash items 3,502 i 676 I Dividends unpaid 10 2 Foreign exchange on gold standard countries 103,032 ' 19,885 Reserve for uninsured iisks. 1,000 193 Foreign exchange other than gold exchange 4,007 | 773 Reserve for printing bank notes. 1,000 193 Swiss portfolio: Miscellaneous liabilities _ 12, 850 2,480 Swiss bills 27,729 i 5,352 Rescriptions 350 '• 68 Other discounts 6,493 : 1,253 34,572 ! 6,672 Advances on security: Eligible as cover for bank notes. 64,499 I 12,448 Other 1 152 29 64, G51 12,478 Government securities 37,863 7,308 ! Due from postal check offices 1, 345 260 -| Due from Swiss correspondents. 25, 605 4,942 j Items for collection ___ 3,161 610 Coupons 971 187 Interest accrued on securities 454 88 '•• Unpaid capital 25. 000 4,825 ,! Bank premises _ _. 3,000 579 :' Furniture and fixtures (2) O ! Miscellaneous assets _ 5,467 1,055 ji Total resources.. 2,659, 522 513,288 i Total liabilities _ ! 2,659,522 513, 288 I 11 1 Conversion at par: 1 franc=$0.193. 2 Carried at 1 franc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 255 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS fin millions of dollars] Europe | United Knd of month countries) ;i States ! , c T o o u t n a t l r i ( e 2 s 0 ) ! ; Austria ; Belgium Bulgarriai ag s Ci l Qz o ey v c£ a h] k Jo i ia- a :Denmark England ; France Germany 1930—December.....: 10,907 4,225 110 ; 5,281 I 30, 191 10 46 46 718 ! 2,100 528 1931-January • 10,953 4,285 : 92 j 5,313 ! 30 : 191 I 10 46 46 679 > 2,176 535 February ! 11,008 4,309 • 94 i 5.350 I 30 ! 197 11 46 46 685 1 2,192 544 March._ 11,071 4,343 96 5,388 ! 30 , 200 11 46 46 699 ! 2,200 553 April _. 11,107 4,373 99 ' 5, 395 : 30 ; 201 ! 11 46 46 712 1 2,180 564 May : 11,217 4,445 102 ' 5,428 30 ! 201 j 11 46 46 735 ! 2,181 569 June ! 11,264 4,593 : 87 ! 5.351 ; 30 ; 199 11 46 46 793 i 2,212 339 July 11,210 4.587 . 87 ; 5.353 j 30 ! 214 i 11 45 46 643 ! 2,290 325 August 11,283 4,632 89 : 5,413 ! 30 ; 221 i 11 45 46 649 | 2,296 325 September- 11,262 4,364 83 5,686 27 I 346 | 11 45 44 656 • 2, 326 310 October : 11,111 3,905 86 : 6, 062 27 : 357 i 11 46 44 660 j 2, 534 273 November... 11,208 4,031 82 : 6,109 1 27 I 356 11 46 39 587 ' 2, 659 239 December... 11,242 4,051 78 ". 6,184 I 27 I 354 11 49 39 ! 588 i 2, 699 234 1932—January P 11,289 | 4,009 80 6,296 i| 25 352 11 49 39 ! 2,808 226 February p 11,304 \\ 3,947 78 " P6.440 || 25 351 11 49 39 I 588 .. 2, 942 221 March..". 1! 3,985 588 P 3,002 209 !.._..____. I" Europe—Continued End of month Greece Hungary Italy landT Norway; Poland Po g r a t l u - Ru n r ia a a- ; Spain SwedenSw l i a tz n e d r -: i U. R S . . S. j j s Y la u v g i o a - ! 1 i 5 c t o o ri u t e h n s e - r 1930—December. 7 28 279 171 39 : 9 56 I 471 65 138 249 ! 19 1931—January 7 28 279 175 39 9 : 56 i 466 64 126 249 ! 19 ! 18 February _. 7 26 279 179 39 9 56 466 64 I 124 249 : 19 ! 18 March 6 22 279 179 39 9 53| 467 64 124 • 259 19 ! 18 April 6 20 279 181 39 11 53 , 467 64 124 259 i 19 . 18 May _ 6 20 280 181 39 11 53 i 468 64 124 : 262 i 19 • 18 June 6 20 282 200 39 : 11 53 i 468 64 162 262 ; 27 ! 18 July _ 6 20 283 236 39 10 ' 53 439 64 225 " 267 I 27 : 18 August 6 18 283 260 39 10 53 i 439 62 229 280 i 27 ! 19 September. 6 18 286 282 39 10 54 j 439 I 53 j 328 293 ! 29 ; 19 October 11 18 293 336 46 I 12 54 i 434 57 422 309 | 31 ' 21 November. 11 18 296 362 42 1 12 54 i 434 I 55 425 . 315 i 31 21 December. ll 18 296 357 41 " 13 58 j 434 55 453 ; 328 I 31 21 1932—January.._ 11 18 296 351 42 13 58 j 434 55 472 329 ! 31 22 February. _. 11 17 290 353 42 15 57 ! 434 55 482 i 329 I 31 : P22 March 17 P296 354 471 ' 330 L Latin America Far East Africa End of month T co ( o 1 u t 0 n a l - ' | ' : . A U * r i" n g aa e n- 1 ' i - J n rarrzi71 n 1 i I i C v o b ^ l i ' o n a m -i ! 1 p eru U g r u u ay - ; ,5 c t o o r t u i h e n e s - r T co o ( u t 5 n a - l Lustra-1 Japan Java . N l Z a e e n a d w - ! Egypt A So fr u ic th a tries) tries) !.. ^ j 1930—December... 534 j1 412 17 , 18 . 60 j 17 704I 75 • 128 412 33 20 ! 33 1931—January ! 506 '• 397 1 0 1!! 14 18 ! 59 ! 17 704 76 128 415 52 34 20 34 February..J 497 390 8! 15 1 18 58 17 703 76 "- 128 417 48 34 20 35 March , 483 378 12 18 . 58 I 16 709 77 135 415 48 34 20 31 April ! 475 370 0 i 12 18 : 58 16 714 74 141 419 46 34 21 31 May i 465 362 0 : 10 : 18 58 i 17 724 74 147 422 46 34 j 21 32 June 451 ! 350 0 10 16 : 58 " 17 730! 75 151 425 46 34 | 21 31 July i 416 j 322 0 10 ; 14 i 57 12 714; 66 : 158 412 44 34 21 33 August 400 ! 309 0 10 11 57 " 12 698i 52 162 406 44 34 21 31 September..: 370 j 281 • 0 8 13 50 • 13 706! 52 162 408 51 34 21 32 October i 363 ! 270 0 11 ; 17 ; 53 ! 13 644i 53 162 342 53 34 | 21 30 D N e o c v e e m m b b e e r r . . . . . ; i 3 3 5 4 8 4 ! I 2 2 6 5 5 3 00 I 10 1 1 7 7 : ; 5 5 3 3 i , 1 1 3 3 5 5 2 7 5 0; 5 5 2 1 ! . 1 1 6 6 2 2 2 2 7 3 1 4 4 5 5 3 3 3 3 2 | | 2 2 1 1 3 3 7 9 1932—January ; 338 ' 252 : 0 ' 15 52 : 13 505• 51 162 215 45 32 P21 40 February. _.i 249 ' 0 i 15 i P 52 13 505; 52 102 2J5 45 32 P21 37 *> Preliminary. Figures for 30 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. See BULLETIN for July, 1931, p. 399. . . The 5 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Estonia, Finland, Latvia, and Lithuania- Bolivia, Chile, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves in recent years in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for July, 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRH., 1932 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Month p w ro o d r u ld c- 1 Africa ! 1 I tion Total ! A So f u ri t c h a 1 Rhodesia A "W fri e c s a t • B C e o lg n i g a o n Canada ! j Mexico Australia Japan India I 1930 October. _ 35,891 28,008 j 19,142 : 944 419 284 • 3,802 ' 1 109 895 710 037 N ovcinbcr 35, 312 27,429 i 18, 337 : 935 430 302 4,087 : 1,172 782 709 075 December _ 30, 300 28,417 j 18,519 973 441 243 4,082 • 1,190 903 700 700 Total (12 months) 410,752 322,151 i 221,520 ; 11,470 5,000 2, 999 43,454 ; 13,827 9, 553 7,531 6,785 1931 ! Januarv 30, 408 28,248 i 19,151 j 900 443 282 4,192 ; 1,282 033 057 048 February - . 34,451 20,291 ; 17,427 898 438 271 4,033 i 1,012 808 764 580 March _ 35, 910 27, 750 i 18, 791 1 880 453 285 • 4,213 ' 989 802 683 594 April 30,129 27,909 . 18, 194 ; 917 447 277 . 4,012 : 1, 331! 930 094 501 May 30, 501 28,341 18,901 ! 918 452 250 ! 4,448 j 1,209 : 920 716 521 J une 30, 508 28,408 18, 594 i 920 448 208 "• 4, 823 1,104 1, 092 003 490 July 30, 333 28,173 18, 959 947 453 272 i 4,025 •• 815 934 008 500 •\ugust 30, 977 28,817 18, 859 i 918 400 , 282: 4,004 : 1. 229 1,229 054 510 September 37, 008 28, 908 18,981 j 905 488 ! 323 4, 900 1.075 910 092 502 October _. . 38,008 29,848 19,525 : 93(5 470 ! 349 4,928 : 1,042 1,240 079 073 November 30, 908 28, 748 18, 073 : 941 480 i 324 ! 4.837 915 1,321 007 590 Decein ber _ _ 37,113 28, 953 18,809 ! 1,041 501 327 . 4,974 . 877 1,181 004 579 Total (12 months) 438, 382 340, 401 224, 803 j 11,193 5,540 1 3,510 • 55,310 , 12,879 12, 132 8,201 0,815 1932 Jaiuiarv * 37,505 p 29,345 19. 587 | 921 400 j 480 . 4,834 j P877 » 1,181 628 534 February » 18,894 453 i v Preliminary. NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The differenc e between this figure and the total production reported monthly in 1930 is $94,001,000, or $7,883,000 on a monthly average basis. The monthly estimates of world production in 1930 represent the sum of this average difference and the figures actually reported monthly. For 1931-32 this average difference, of which about half represents United States production, is increased by 3.5 per cent—the ratio of increase of United States production in 1931. The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the Gold Coast and Sierra Leone; those for the Belgian Congo, the output of the Kilo-Moto mines; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output of the leading mines; and those for India, the output of the Mysore district. 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 [111 thousands of dollars] United States Net imports from— Month Total ! net China ! | All i p i o m rt - s >rance g B i e u l m - i ;N l " a e n th d e s r - Sw la i n tz d er-: Can- ' „ Argen- Brazil Co b l in o , m -i I B I r n i d ti i s a h! Hong I i j c o o t u h n er - Kong : I tries 1930 October.- j 20,369 ". -8,181 1,2S1 575 15,405 ], 124 732J 13, 75()' 1,083 November _.i 35,151 "-ill -4, 208| .557 14,384 5,000 1,742; 099 10,250! 716 December _j 32,742 22, 8851 395 4,922: 1,107 ! 249' _..! 3,171 Total (12 mos.) -! 280,087 -275;-73,675| 6,872; 20,390 20,2221 87,770 9,007; | 22.211; 150,009' 30,838 1931 ! !• > I January I 34,372 ._ _: 3 22, 550,' 530J 3.0221 801! 748; 1, 204 February ; 10,142 9= 1 1,272 303! 9,289 ' 116 2, 739: 2,412 A M p a r r i c l h _._ .! ! 4 2 9 5 , , 5 04 1 5 0 , ' •* 19,10 5 1 0. -2 1 > CJ 1,1 92 0 4 5 ; ' 4 1 , , m0 50 3 3 2 ! | l 1 l 4 ,0 ,7 0 8 1 2 i ;. 1(3 ! ; 2,99 80 0 ; ' _ 7 l , 5 9 79 7 6: 2 1 , , 5 7 8 4 0 11 ! 2 2, , 8 2 4 6 5 0 May.. : 49,030 = 5J J 1,052. 40,0'J9: ! 3,359! __: 960. 847, 2,004 June • 03,847 .__• 2L| -17! 20, 725: 4,92:{|_._ : 155' 6, 301: 399 1 30, 842 July i 19,503 -4 8i i 4, 871. 4(ifi; 8,30f): ! 87' 1,544' l,2244(>i>ii 2,980 August : 57,500' 1,501s -10 2, 20S- 8, 802! 5,383 __: 142 4 1,010; 25,000 M3,435 September ! 20,561"' .-24,087' 2| -4,172! -349: 8,837' 4,200:. 25,770 ! 3,095 3,59«"- ! 3, 5SG October j—337,085 0S5 -324,500 -9, 078 -35, 9041 -17, 617. o, 000 -1, 239! 15,474. ! 16 5, 533 22, 501 i 1,378 N ovember ! 89,43f > 333 -30 -f>7j -39l' -515: 7, -10S1 989J 4,895! 1,644; 75.932! -1,050 December i 50,858. 4, 249-15,150! -5,801! -9, 857 -1, 270 4, 513 1, 341!. 2,042 3.105. 023; 68,285! 4,775 Total (12 mos.)-: 145,325! 0, 797-344,514-15, 583-50, 327j-19, 708: 81,130 22, 207 j 111,203, 10. 15,110 8,004 34,210 199, 280j 07,332 1932 : : I I ! January -74,958; -3,199 -83, 783.-12, 553J -6,257' -1,759 2,140 1,103! 9, U()| I 2, 948 4,077! 107 9, 9091 2,471 February -90, 507 i -235 -98, 203 -17, 859; -8, 672i -251 8,40»S: 9.ri()i 1, 157! 3ti0l 2,575; 819! 19,441 940 March »". -26,742 i -37,533! -0,341! j -0 7,002 2,375! 2.C83J 919. I 2,903 ! 1,226 1 $25,990,000 imported from Germany. 2 $11,000,000 imported from Germany. v Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 APRIL, 1932 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total net im- South : All ports • I ! S U t n at i e t s e d : France m G a e n r y - g B iu e m l- N l e a t n h d e s r - i Sw la i n tz d e r- A S m o e u r t i h ca An l l < ? ld ? J tr a : - W R A h e f s o r t d ic e A a s f , i - a i , : c o t o r th i u e e n s r - 1930 October. _ 10,062 . -20,827 ! -2,081 ! -10 | -142 -4,251 2,850 19,907 , 22,138 • -574 November -1,905 ! -39,682 i -940 | -4 ! -101 . -014 12,395 5,371 I 17,932 : 3, 430 December -35,383 . -05,750 ! -9,903 ! -1,218 | -19 -6S5 10,501 4<i4 ; 20,997 4,183 Total (12 mo?.).. 23,085 : 283 ,-208,831 i -78,835 j -9,090 • -981-23,190 57,896 —8,177 1,526 116,415 j 213,774:122,803 January -43,470 -72,010 -1,483 | -2, 001 -270 -992 7. 823 380 20, 373 4, 363 February i 2,443 -18,178 -1,772 ! -7, 790 -14 -153 8,485 375 17,489 2,858 March..-. ' 6, 452 -7,793 -1,017 | -0, 317 18 -194 112 365 21,382 -704 April _ _; 24,084 : -344 -92 I 05 -120 310 3,407 23, 090 -3, 528 May | 19,122 -290 -420 140 -133 2, 753 398 10,185 -256 June ...i 54, 300 —232 37,51-1 -19 -82 -3, 338 389 511 21,021 -2, 6-47 July ...:•-130,808 -1,500 -110,144 1, 705 -10, 751 -50,133 -1,058 6, 028 10,090 21,042 -382 August _!-24,150 11 -13,333 -9, 145 -24, 373 -13,218 C02 15,549 17,801 -599 September *> _! -9, 251 -827 .' -774 -72 I -35 -18,419 -10,108 095 12 19,359 -494 October *> • 13, M0 970 ; -0, 800 -119 -8,591 -2,458 1,003 419 21,017 -256 November * j -44,977 -4,144 i -01,412 -2 -00 -12,370 -10,003 092 1,107 15,420 1,049 December »__ -15,002 -7,086 l -24,939 -515 -155 -4,290 -18,504 04 19, 499 442 Total (J2 rnos.)p. :-H3, 817 -12, 582 -310, 801 i 33, 704 -30, 952 -118, 319 -01, 005 28, 922 10,983 | 32,083 : 233,747 440 1932 j January. -7,320 -4,129 i -04,955 -134 -3,584 -247 105 j 45,986 740 j 1,555 17,002 | -352 February.. -0, 1S2 2,250 I -52,712 -750 : -7, 537 —3. 723 2,220 ' 30,001 781 ! 371 I 20,884 ! 1, 420 March *>_.. -6,330 -169 ; -40,317 -6 : -59 i -4,808 -11,507 1,007 i 25,129 977 i 1,808 20,506 1,109 I France Germany * Net imports from— Net imports from— Month Total "i 1 "~"l Total im n p e o t rts . U S n ta i t te e d s E la n n g d - ' • ' m G a e n r- y er- coun- U St n a i t t e e s d ; '• E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U. S. c o o A th u l e n l r - Iands land tries tries 1930 October 121,147 37,142 83,493 -38 -35! 585' -93,515 42 1,8331-83,909-12,3481 150: 711 November 38,172 37, 472 -2| 77' 628. 1,185 1,046 i 141' 3i; 60 ! -93 December 05, 035 03,998.• I -29 1,060' 9, 250 7, 693' 91 69, 45. j 1,349 Total (12 mos.)-j 460,268 90,938 274,514. 65,352125,183-1,127 5,403-14,000 263 67,948! -84,496-11,908; 1,325; 12; 12,849 1931 I I January 67,819' , 67,031: -I' -15 -1 805: 11,960 — 1; 1,321; 172 751 31 10, 338; February 30,205 35,992 1 -38. 251 12,098 2,008: 03 103! 22 9,826i 16 March 10,558, : 9,043! ! -18 -1 934 10. 598 1,247; 895 177| 79 7,718 469 April 2,730 2,218 | -13 -7 Hi 383 503! 41 309 47 10, 327: 95 May -12,090-12,749 257 I -20 -3 425! 0, 371 21S1 45 424' 42' 5,109: 431 J Ju u n ly e ... 1 - 4 9 9 , , 5 1 5 50 8 ' -0,320 : 29, 3 5 1 2 0 0 89 4 , , 7 1 8 1 6 4 J . - - 1 2 9 1 -8, 2 - 0 9 2 29,8 6 7 2 2 1 . 1 — - 20 0 5 , , 2 5 -1 4 3 3 > > - - 1 2 0 5 , , 9 9 6 2 3 7 - - 4 1 0 , , 9 0 4 2 9 9 : , -97, 0 '5 3 4 0'-24, r 1 l 5 5 9 l! -6,11 1 3 8 ' 5 5 , , 2 1 1 5 8 4, ! 8' r-1 1 0 ,2 ,8 2 3 7 9 August 72, 952 78, 300 -29 -5, 990 011. 934! 112; 210 548| -23 ! 80 S O e c p to te b m er b . er 273, 4 7 1 3 8 4 243, 2 95 0 0 9 i . 21, 9 7 0 3S 2 : i, 0(;0 -3, - 5 1 5 0 3 -1 - ,8 1 1 5 8 3 5 1 , .1 0 3 8 7 5 ! - - 1 3 0 1 , , 9 4 4 7 7 3 i I 6S1 ; 5 1 4 2 7 0 ; ! -5,951 3 - - 1 5 0 , , 5 9 5 0 8 5! , - - 1 2 1 0 , , 8 0 5 2 9 0 5,183! ! -8 7 0 8 November _ 122, 372 99,870. 40, 417 01 22,741 -42,572 1,78 -41, 908 I 18 49: 18-16,455-25,594 : -4 December 13,881 3,164 26,132 1 -232 -22, 380! 7, 203 875 7: 542 56 150 103 17 Total (12 inos.)- 728.176 328,130 312,501 100,050 18,775-81,207 49,807>247, 950 :--36,100-35, 221 -102, 019-55,142-03,800 58, 932 -14,475 1932 January. 74,007 65,0621 40.735 -46. 6,755 -9,899; 1,401" 328; 10 -504 071. 104 February- __ 184, 229 82,580 90,947 2 9,601 -1,592 2,091 -5,202! 4 -884 -5,501' _ 1,053 1 $29,229,000 imported by Great Britain from Spain. 3 $17,555,000 exported by Germany to Belgium 1 $29,233,000 imported by France from Spain. p Preliminary Qgures. r Revised. * Since German figures for individual countries are subject to semiannual revision, those given for months in 1932 are preliminary in character. Figures for total net imports are final. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN APRIL, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Switzerland Net imports from— Net imports from— Month Total Total net All net All imports U S n ta i t t e e s d m G a e n r y - c o o th u e n r - imports U S n ta i t t e e s d Englandj France m G a e n r- y A So fr u ic th a c o o th u e n r tries tries 1930 October i 12,139 229 -60 12,063 • -92 3,775 -330 I -237 November 35 115 : 35 -39 -76 | 99 -17 -173 I -279 December 3 10 i 31 -21 -18 267 1 -112 -306 Total (12 mos.)- -7,724 _| 1,018 -20,528 11,932 • -158 22,204 1,911 -1,643 I -2,270 1931 January 249 276 i -43 671 -16 -223 February -118 19 I —164 6 -54 -185 March -150 -14 -142 -29 -111 -42 -58 -153 April -433 -65 : -392 -2 -10 -32 -39 -38 May -519 -145 -382 -13 -18 -11 -123 June 24,384 -21 i 24,176 207 17,475 8,220 I 6,110 -146 July , .. , 9,820 -229 -232 3,597 2,300 i -36 332 -69 August 60,076 'i _! 60,722 i -556 -128 18, 096 66 : 50 11,044 » 6, 751 September 19,020 i 15,387 . -113 i 3,831 25, 505 23 ! 1 16,577 « 7,181 October 30,598 16.413 ! 14,781 : -17,572 17, 455 -479 94, 339 8,270 44,196 209 November 36,551 21,551 : 7,982 -1,113 4,717 « 3,413 43, 572 4,519 | 25, 604 408 11 December 191567 ' 1,449 j 8,849 -2.325 11, 672 -78 19,687 886 ! -75 203 55 Total (12 mos.)__ 304 -630 British India * Net imports from— Month : Total net Gold pro- Increase imports U S n ta it t e e d s England a A Z n u e d a s t l N r a a e n l w d ia • i ' Iraq A So fr u ic th a • I A c l o l u o n t t h ri e e r s in d u I c n t d io i n a5 in India 1930 October 967 . 290 10 152 400 ! 109 039 i 1,606 November _ i 1,323 300 433 259 24 ; 248 077 I -30 2,036 December _ 682 -8 201 154 123 ! 152 702 ! 17 1,367 Total (12 months) • 57,072 j 8, 081 8,053 2,402 20,513 j 12,023 6,806 200 ! 64,278 1931 : ! JFaenburaurayr y , -288800 I.! -1,0 3 2 2 4 3 2 9 1 4 1 1 1 3 1 8 3 24 4 7 9 2 1 0 8 0 4 6 5 4 8 9 2 9 1 1,4 3 5 0 3 2 March _ ____| 943 ;. -20 418 144 113 294 590 0,942 : -5,403 April _.-' 600 I . 102 199 118 74 107 563 0,168 , -5,005 May 090 ;. 295 99 167 24 111 523 5,866 : -4,647 June - -1,752 ' -4 -2, 254 170 146 25 105 491 3,397 .' -4, 658 July - -803 :. -1,539 404 , 79 253 502 7,362 I -7, 663 August -270 . •""-I6"| -979 224 ' 202 70 223 517 3,700 -3,513 S O e c p to te b m er b er _ _.. _. -20,0 1 5 7 8 5 : ! - - 2 8 , , 1 2 9 7 0 3 j -10 - , 2 1 9 7 1 9 99 2 3 3 ' j ; 4 2 0 7 0 9 4 7 7 3 9 8 7-8,3 4 8 7 8 1 5 0 0 7 4 5 -35 2 3 1 i j -25,0 7 3 1 0 8 N D o ec v e e m m b b e e r r — — -4 2 5 4 ,5 ,2 9 1 0 7 ] ; - - 3 5 , ,2 3 9 0 4 7 I ! - - 3 1 9 7 , ,6 5 1 3 0 9 3 1 7 5 2 2 8 -3 - , 9 0 2 7 1 3 5 5 8 9 1 2 35 0 9 - - 2 4 3 5 , , 9 0 8 1 4 5 Total (12 months) -95,088 -19,085 • -72,721 2,835 1932 January... _ -24,029 -2,863 -21,419 _.._ February p—27,364 : .__ 1 $4,020,000 imported by Netherlands from Dutch East Indies. 2 $3,824,000 imported by Netherlands from British India. 3 $0,733,000 imported by Switzerland from Australia. 4 $7,293,000 imported by Switzerland from Norway. 8 Reported monthly production of the Mysore district plus $32,000 representing the average monthly production of the rest of India in 1930. 6 Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. 7 $7,575,000 was exported from India to Netherlands. 8 $1,891,000 was exported from India to Netherlands; $2,173,000 to France. p Preliminary. * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

259 APBIL, 1932 FEDERAL RESERVE BULLETIN GOVERNMENT NOTE ISSUES AND RESERVES [Figures arc for last rcpoit date of month] 1932 1931 1932 1931 Feb. Jan. : Dec. Feb. Feb. ! Jan. ; Doc. ; Feb. Argentine Conversion Office (millions of '. Canadian Minister of Finance (millions gold pesos): '• of Canadian dollars): Gold _ p 257 260 261 403 Gold reserve against Dominion notes.. 05 : 67 65 i Notes issued » _ _ ___• * 543 547' 548 531 Advances to banks under finance act..I 37 ! 45 [ 49 Irish Currency Commission (thousands Dominion notes— i of pounds sterling): Issued ! 162 170 i 174 '• 143 Legal tender note fund- Outside chartered bank holdings..! 29 28 i 30 i 28 British legal tender and bank Indian Government (millions of rupees): ! balances __'. 154 70 426 127 Gold standard reserve— i British securities _.' 6, 6J7 6,725 ! 7,119 6, 843 Gold 394: 395 | 398 I 114 Notes issued 6,771 : 6,795 '• 7,546 6, 970 Foreign exchange 139 ! 138 ! 136 420 Consolidated bank notes ?— Paper currency reserve— Issued _ i 4,367 4,350 4,333 3,985 Gold 49 i 48 ; 46 Doomed such under sec. 60 (4) of Silver coin and bullion.. 1,122 . ,158 : 1,230 i1.227 currency act, 1927 1.603 1,631 . 1,619 | 1,906 Other assets 624 ! 585 i 518 • 101 I ! Notes issued 1, 795 i i 1,792 | 1, 793 ! 1, 565 1 Includes a small quantity of subsidiary coin, amounting on Jan. 31, 1932, to 15,000,000 pesos. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Feb. 6 and Jan. 9, 1932, and Dec. 12 and Feb. 7, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. » Preliminary. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of fiollnrs converted from Swiss francs at par: 1 Swiss franc—$0.1930] 1931 1932 1931 Resources Liabilities Feb. 29 Jan. 31 Feb. 28 i Feb. 29 ! Jan. 31 Feb. 28 Cash on hand and on current account with Short-term deposits: banks 1,238 3,343 ! 1,311 Central banks for own accouLt— Demand funds at interest__ 15,887 ; 30,295 i 10, 892 Demand 62,063 | 60,897 61,002 Rediscountable bills and acceptances (at Time— . cost): Not exceeding 3 months | 30,567 I 30, 768 ; 107,150 Commercial bills and bankers' accept- Between 3 and 6 months !_ _._;__ _.| 1.099 ances __ _ 84,588 ! 78,458 82,866 • Treasury bills 27,510 | 19,370 33,708 , Total.. ! 92,630 j 91,665 j 169.251 Total . 112,099 j 97,828 116,575 . Central banks for account of others— | Demand. 11,878 ! 14,995 ! 36,761 Time funds at interest: "I" Time- N Be o t t w e e x e c n e e 3 d i a n n g d 3 6 m m o o n n th th s s. 42,680 j 45,057 .; 13 5 9 0 , , 6 2 6 6 2 1 ; N Be o t t w e e x e c n e e 3 d i a n n g d 3 6 m m o o n n t t h h s s . . . 4,114 - !! 6,85 - 4 I ! 2 41 9 , ,0 4 4 7 1 7 Total 42,680 | 45,057 I 189,923 TotaL. i 15,992 \ 21.849 j 107.278 Sundry bills and investments: J i- Other depositors— : ; M Be a t t w u e r e in n g 6 w m it o h n in th s 6 a m n o d n 1 t h y s ea .. r . j ;. 21,229 • 21,265 30,867 D Ti e m m e a — nd n ot exceeding 3 months ; ! 1,146 ! j 1,144 1, 6 4 8 4 8 Over 1 year _ j 160 j 161 ! 7,173 Long-term deposits: | ; Annuity trust account 29,677 j 29,677 . 29, 770 Other resource T s otal . I 21 1, , 8 3 2 8 7 9 ! '• 2 2 1 , , 0 4 1 2 1 5 ! 3 2 8 , , 4 0 4 4 0 1 G Fr e e r n m c a h n G G o o v v e e rn rn m m e e n n t t g d u e a p r o a s n i t t y fund...! : 1 1 3 4 , , 2 8 4 3 9 9 : 1 1 4 3 , , 8 2 3 1 9 9 • I 1 13 4 , , 2 8 7 8 3 5 Total.. i 57,765 57,765 i 57,928 Capital paid in. __; 20,941 20,941. | 19,855 Reserves: j Legal reserve fund : 108 108 Dividend reserve fund [ 211 211 General reserve fund __: 422 422 Other liabilities : 5,905 5, 854 3,138 Total resources ; 195,120 j 199,960 i 359,181 Total liabilities .: 195,120 j 199.960 359,181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN APRIL, 193? CENTRAL BANKS [For explanation of these tables see BULLETIN for February, 1931, pp. 81-83] I i i Resources of banking department Liabilities of banking department i ; ; Gold (in I- Note Bank of England ; i ; m d i e e s p s n a u t r ) e t - » j ; - Cash reserves i ! Dis a c n o d u nts | : Securi- ! ! ci t r i c o u n la- Deposits -j ! li O ab th il e i r - Coin Notes 1 advances , Bankers' j Public ; Other i ties Millions of pounds sterling: I 1931—Jan. 28 139.5 .7 52.7 j 346.8 55.2 ! 19.4 33.4 ! 18.1 Feb. 25 140.8 i .8 53.2 347.7 59.1 ; 16.2 33.3 ; 18.2 Mar. 25. 143. 6 ' .9 54.8 j 348.8 57.7 j 9.5 33. 7 I 18. a Apr. 29 146.3 .9 56.5 j 349.8 48.9 17.7 37.0 I 17.7 May 27 151.0 1.1 56.2 ! 354.9 54.8 ' 17.4 33.8 ! 17.8 June 24 162.9 ! 1.1 70.1 352. 8 61. 6 ' 25.2 33.5 17.9 July29_ 132.0 1.3 32.7 359. 4 55.8 ! 15.2 33.7 18.1 Aug. 26 133. 3 , 1.3 58.0 ! 350.3 53.6 ! 26.3 I 48.7 18.2 Sept. 30 134.8 • 1.3 52.6 | 357.2 62.6 i 30.1 I 52.6 I 18.3 Oct. 28 135.7 1.3 54. 6 ! 356.0 63.5 17.3 ! 52. 6 ! 17.7 Nov. 25 120.7 1 1.0 41.3 ' 354. 4 59.8 27.0 ! 38.1 I 17.8 Dec. 30 120.7 .6 31.6 364.2 126.4 7.7 i 40.3 ! 18.0 1932—Jan. 27 120.8 .6 49.9 I 345.9 74.3 : 15.3 i 38.2 ; 18.1 Feb. 24 120.8 i .6 49.4 ! 34'i. 4 67.9 : 14. i; 32.2 18.2 Mar. 30 120.8 i .0 35.3 i 360.5 54.6 • 27. 2 ! 34.4 ! 18.2 Resources Liabilities Deposits Bank of France Negotia- Note Other : 1 e F x o ch re a i n g g n e • Do b m ill e s s tic | Se lo c a u n ri s ty se b c l u e ri- a O s t s h e e ts r ci t r i c o u n la- Govern- j lia ti b e i s lities « ment j Other Millions of francs: -, I 1931—Jan. 30 __• 55,510 I 26,323 9,463 . 2,866 5,199 6,898 78,559 13,844 11,659 I 2,19S Feb. 27 .-! 65,924 ! 26,316' 8,250! 2,801 5,199 6,982 78,947 13,339 10,963 I 2,221 Mar. 27 ' 56,116: 26,307 7,084 i 2,858 5,0S2 7,026 77,864 11,773 12,577 | 2,260 Apr. 24 ! 55,616! 26,305 6, 502 I 2,795 5.0S2 7,134 ' 77,231 11,680 12,062 i 2,462 May 29 _.. ! 55,634 26,160' 6,190 ! 2,806 5,082 7,310 78,185 9,940 12,669 I 2,394 June 26 ; 56,426 1 26,209 5, 576 2,779 5,082 6,807 76, 927 8,513 15,187 2,250 July 31 - _ -j 58,407 26,242 4,56-1 : 2,860 5,065 8,958 79,862 9,303 14,736 I 2,195 Aug. 28- _ • 58,563 27,611 5,820 i 2, 729 5,065 8,193 78,635 9,470 17,649 ! 2,227 Sept. 25 _ 59,346 j 25,194 5,880 '• 2,754 5, 065 ' 8,099 78,173 7,357 18, 542 ! 2,266 Oct. 30__ 64,648 27,600 8,809 2,712 5,065 : 8,428 83, 639 8,227 22,954 j 2,441 Nov. 27_ _ _ 67,844 j 24,273 7,766 i 2,731 5,065 8,647 82,543 7,170 24,171 2,442 Dec. 30 _ ! 68,863! 21,111 7,389 : 2,730 7, 157 ' 8, 545 85, 725 5.898 22,1S3 I 1,989 1932—Jan. 29 i 71,625 i 18,805 6,555 j 2,744 6,899 : 8,278 84, 723 4,722 23. 552 i 1,910 Feb. 26 i 75,059; 15,127; 5.544 • 2, 707 6.882 , 8,329 83, 189 3,637 24.899 | 1,925 Mar. 2f)P 76,832 : 12,032' 4, 820 i 2,716 6,881 ; 8,371 81, 782 3,526 24, 962 I 1,980 Resources Liabilities Reichsbank Gom Securities a O s t s h e e ts r ci N rc o u t l e a - I j Deposits l O ia t b h i e li r exchange checks) tion ; ties Millions of reichsmarks: 1931—Jan. 31 2,244 199 1,942 : 174 103 4.383 i 267 831 Feb. 28 - 2, 2S5 166 76 1,979 301 102 676 4, 428 325 j 832 Mar. 31 2,323 188 142 1,951 : 274 103 638 4,456 . 387 '• 775 Apr. 30 2,368 : 157 45 = 1,816 ! 287 103 66S 4,340 : 355 749 May 30 2,390 180 25 1,791 107 103 721 4,299 353 731 Juno 30 ,421 300 74 : 2, 579 355 103 936 4,295 ! 1,074 July 31_ _ ,363 246 249 I 3,273 347 103 958 4,454 : 1,251 Aug. 31 ___ ,306 • 356 38 3, 101 j 208 103 972 4.384 • 509 I 1,251 Sept. 30—- _ - ,301 139 124 • 3,545 301 103 1,010 4,609 ' 613 I 1,306 Oct. 31- li 114455 131 4,010 240 103 : 903 4,746 . 518 1,326 Nov. 30 _ 1,005 170 56 . 3,901 254 103 : 980 4,641 506 ! 1,323 Dec. 31_ ___ _._ ; 984 172 98 : 4,144 245 161 1,065 4,776 755 ! 1,338 1932—Jan. 30_ _ 948 145 33 3,632 158 161 1,098 4,407 394 j 1,373 Feb. 29 i 928 149 44 3,324 303 102 1,100 4, 268 423 ! 1,318 Alar. 31 ! 879 142 59 3,258 290 362 : 1,044 4,231 1,226 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at .£200.000,000. Since Aug. 1. 1931, however, an increase of £15.000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section S of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. 2 Issued by the independent office for retirement of public debt (caisse autonome d'amortissement). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Al'KlI., 1932 FEDERAL RESERVE BULLETIN 261 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 j 1932 1931 Central bank Central bank , Feb. I Jan. ! Dec. j Feb. Feb. Jan. • Dec. Feb. National Bank of Albania (thousands Central Bank of China—Continued. of Albanian francs): Deposits—Continued. (Sold - - 4,939 | 5,094 1,914 Other.. J 0,235 Foreign exchange.-- •". 20,780 '24, <J49 27. 780 Other liabilities _| 58,859 Loans and discounts _;. 4,475 4, 532 3,495 Bank of the Republic of Colombia Other assets 5,427 !7,133 4. 500 (thousands of pesos): Note circulation ;. 11,488 ;11,809 12,512 Gold at home j 7,103 0,601 9,129 15,143 Demand deposits '. 17,000 !10, 399 12,030 Gold abroad j 0,459 7, 626 4, 649 7,179 Other liabilities. _._ : 12,479 13, 441 13,147 Loans to member banks __; 15,072 16,510 , 18,228 13,445 Commonwealth Bank of Australia Note circulation | 17, 587 17,617 : 20,578 24,339 (thousands of Australian pounds): : Deposits __ _ I14, 214 14,289 • 10,809 7,708 Issue department- National bank of Czechoslovakia I Gold coin and bullion __ J 10,500j 10,500 10,500 !15.380 (millions of Czechoslovak crowns): • Securities 40, 998I 41, 745 ; 44,234 |25,758 Gold - - ! 1,040 : 1,649 , 1,619 ' 1,543 Banking department — Foreign balances and currency j 877 940 : 1,060 | 2,143 Coin, bullion, and cash 1,024 ; 874 Loans and advances ! 1,371 1,611 i 2,316 | 123 Money at short call in Lon- ; Assets of banking oflice in liqui- ! ! Lo d a o n n s . . and discounts ; 1 1 7 8 , , 8 3 5 4 0 9 : j 1 1 7 5 , , 5 5 4 7 2 0 1 1 3 2 , , 7 1 9 8 5 5 I I 2 0 2 , , 4 40 7 5 7 ; No el t a e t i c o i n rc ulation j ! 0, 2 0 9 9 0 3 6,8 2 0 9 8 0 • ! 7, 2 6 9 7 4 9 ! C, 3 5 1 7 8 1 Securities 28,518 ! 28,01028, 795 23, Ih3 ! Deposits ! 279 384 • 361 820 Deposits • 09,095 ' 05,08248, 483 54,921 IDanish National Bank (millions of i Bank notes in circulation 45, 332 i 40, 500 49| 392 '39,058 kroner): '. Au sc s h tr i i l a li n n g N s) a : tional Bank (millions of : G Fo o r l e d ig .— n bills, etc _ - 14 2 5 8 1 2 4 6 9 1 3 4 6 4 j i 1 9 7 0 2 Gold ! 179 : 179 , 190 214 Loans and discounts _ ; 100 173 i 172 i 77 Foreign exchange of the reserve.-. 79 j 87 ! 102 I 137 Note circulation i 321 . 325 I 347 i 340 Other foreign exchange.. 0 12 20 490 Deposits _ | 3S . 50 63 I 25 Domestic bills 877 , 884 908 | 114 Bank of Danzig (thousands of Danzig Government debt • 90 : 97 96 101 gulden): i Note circulation 1,041 j 1,093 1,183 ! 970 Gold i 21,819 21,821 21,825 118 Deposits j 129 ; 113 128 . 83 Foreign exchange of the reserve...; 21,089 22,131 25,531 10, 594 National Bank of Belgium (millions : Other foreign exchange : 3. 024 6,212 i 6,310 14, 654 ofbelgas): Loans and discounts.. ' 9, 702 10,220 ! 10,661 20, 313 Gold ...J 2,527 2, 534 2,550 , 1,410 Note circulation.._ 40,841 42,195 44,012 30,196 Foreign bills and balances in gold.. 0 0 0 9J2 Deposits. .' 9, 040 8,572 10, 263 994 Domestic and foreign bills j 915 923 970 : 704 Central Bank of Ecuador (thousands ! Ce o n f t D N G L b r o a o e o o a l l p t l d e i n o v B s s c i a i a i t t n r o n s c k o u S s l t o ) a a : f t t i e o B n o livi . a (tho _ - u sand _ s _ . - ! ; ' : j : 3 3 , , 7 2 3 1 1 S 7 8 8 5 9 5 3 3 , , 2 6 1 3 8 7 8 5 8 9 2 8 • 3 3 , , 2 2 0 3 0 8 5 5 4 8 4 4 ' 3 2, , 2 2 7 2 1 9 9 1 9 2 4 3 of N s L D G F u o o o o e c r a p l t r e d e n o e i s g s s c i n ) i a t : r s n c e d u x l c d a h t i i a s o c n n o g u e. n ts • j ; ; j ; ' 1 1 5 8 8 4 7 , , , , , 5 6 7 5 2 1 0 9 1 2 1 5 7 4 4 1 1 5 8 8 4 7 , , , , , 6 6 5 2 7 2 2 1 4 9 5 8 4 7 4 . 1 1 9 5 8 4 9 , , , , , 1 6 9 9 2 6 3 0 7 2 3 4 4 5 7 ' 2 1 1 1 9 5 1 4 4 , , . , , 9 0 1 3 0 3 0 0 9 5 8 1 2 4 1 Foreign exchange. _ • 23, 897 24, 048 23, 264 32, 022 National Bank of Egyptl (thousands \ Loans and discounts \ 23. 131 22, 893 23, 207 21, 733 of Kgyptian pounds): I Note circulation__ : 25, 429 25, 497 20, 026 29, 795 Gold I. 4,225 4.136 Deposits. _ 12.003 12,892 11,229 11, 044 Foreign exchange. :. 2.857 2,321 Bank of Brazil (millions of milreis): '' British Government securities 15,797 10,100 Gold '• Loans and discounts j. 9. 506 7,580 C C Lo o u a r r r r n e e s s n p a c n o y d n d d e i n s t c s o u ab nt r s oad. _ ' 1,8 3 1 0 1 2 3 7 9 : 1,7 3 1 2 0 3 8 4 3 1,6 2 1 1 7 1 2 9 4 1,4 3 2 8 3 7 4 4 3 I N E O g o th y te e p r t c i a i a r s n c s u e G l ts a o ti v o e n rnment securities.:. . 1 19 2 4 , , , 4 5 8 1 3 4 0 8 3 1 1 3 0 9 , , , 2 9 2 0 0 8 3 9 0 Nati N D on o e a t p e l o c B s i i a r t n s c . k u . la of t io B n u . lgaria (millions • : 1,8 1 7 7 9 0 i ; 1,8 1 0 7 7 0 1,6 1 5 7 7 0 1,0 1 1 7 2 0 ! : D O e th p e o G O r s o t i l h t v i s e a — e r b r i n l m iti e e n s t ...j : ! : 1 4 7 7 , . , 7 8 4 7 8 9 4 8 7 1 5 7 5 , , , 9 8 8 0 9 8 5 19 of leva): Gold. ..! 1,512 • 1,512 i 1,511 i 1,402 ! Bank of Estonia (thousands of T N L N G o o e o o t t a t v a e n e l f s o r c f r n a i o e r m n r i c e d g e u i n g n l d n a t e i t x s e i o c c o x b h o n c l a u i h . g n - n a _ a g n t t e s g i . o e _ i n n s reserve..! • : 2 2, , 0 0 3 7 - f 8 7 1 0 - 7 2 8 5 : i . ; . 2 2 , , 3 0 9 7 3 9 7 0 3 3 9 0 5 0 ! " I ! ! , 2 3 , , 9 0 4 8 1 1 2 0 5 1 9 5 2 9 6 J • ' : : ' 3 3 , ,0 0 0 C 2 0 2 8 3 5 4 9 7 1 5 ! ! . j ! kr N o G N L o o o e o n t a l t d e i n ) f s : o c r i a e r n i c g d u n l a d e t i x i s o c c n o h a u n n g ts e _ : : j j ' 2 3 1 2 7 4 3 , , , , 0 4 7 3 0 8 0 1 7 7 3 0 : 2 3 1 7 4 2 4 , , , . 4 4 2 3 3 4 3 0 7 4 0 7 ; i 2 3 1 0 1 5 4 , , , , 1 9 5 1 3 5 5 0 3 9 9 2 3 1 2 0 4 3 5 , , , , 4 9 9 5 5 7 0 2 7 2 2 9 Ce p n e t O G s r o a o t s h l l ) d e : r B a s a t i n g h k h o t m o l f i e a . C b .. i h l i i l t e i es ( . m . ill _ io ns of _ ; • 1, 5 0 9 7 0 1,5 6 1 7 4 : . 1,44 6 8 7 ! 1.4* 0 5 2 I Depo B O G s a t o i h t n v s e k — e r r e n r m s. e .. nt _ j 4 5 2 . , , 7 8 3 8 * 7 4 8 9 • ; : 5 5 2 , , , 5 8 0 7 5 8 1 6 3 : ! ! 6 5 3, , , 4 2 0 3 0 0 4 6 5 ! i I 0 4 2 , , , 0 4 0 8 9 5 5 4 7 Foreign exchange 98 108 128 • 204 Bank of Finland (millions of Finnish Loans and discounts 157 173 222 . 85 marks): Note circulation.. 331 321 319 301 Gold... 301 30l 301 Deposits against which reserve . Balances abroad and foreign is held..-- 90 44 credits 420 413 740 Central Bank of China i (thousands Foreign bills 250 • 247 204 : 191 of Yuan dollars): Domestic bills _ 900 972 1.085 099 G Si o lv ld e . r 2 3 2 7 , , 4 2 2 4 0 5 N D o em te a c n i d rc u li l a a b ti i o li n ties.. 1, 3 27 7 1 4 1, 2 2 3 20 4 . 1,2 2 9 0 3 2 1, 1 3 8 0 0 5 Due from banks abroad 12, 189 Bank of Greece (millions of drach- Due from domestic banks 30, 040 mas): Loans and discounts ._ 35,319 Gold 809 • 809 869 515 Securities. 4,119 Net foicign exchange in reserve.. 484 ; 772 ..1,047 2,327 Other assets 3S. 837 Total foreign exchange 037 ". 906 : 1,208 • 2, 040 Note circulation. 20, 974 Loans and discounts.. •" 82o ; 830 . 533 336 Deposits- Government obligations 3,150 ! 3,151 : 3,120 3,389 B G o o n v k ernment S 13 O , , 2 9 3 0 3 2 N O o th te e r c s ir ig cu ht l a l t i i a o b n ilities 3, 4 7 9 39 5 :• 3, 5 79 8 7 5 : '.4,0 7 0 0 3 2 4 2 , , 4 0 1 8 7 8 i Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN AruiL, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] ;f 1932 1931 1932 1931 .1 Central bank Central bank Feb. Jan. i Dec. I Feb. Feb. • Jan. Dec. Feb. i Central Bank of Guatemala (thou- Bank of Poland—Continued. sands of quetzales): Note circulation 1,151 1,152! 1,218 j 1,284 Gold coin 1,982 2,033 2,255 2, 079 Current account of the treasury.. 21 32 I 10 I 37 Balances abroad 015 697 490 1, 253 Other current accounts „ 171 201 204 ! 132 Loans and discounts 0,298 6,293 6,378 0,117 Bank of Portugal (millions of Other assets 1,137 1,122 1,071 858 escudos): Note circulation-. .; 0, 029 6,025 6,120 6,440 Gold 290 : 286 i Demand deposits. _ i 1,128 1,115 1,067 1,777 Net foreign exchange and other Other deposits _ : 40 55 67 204 reserves... 691 0) Other liabilities I 2,835 2,948 2,938 2,487 Discounts and advances 346 345 413 National Bank of Hungary (millions Government obligations 1,058 1,058 1,531 of G p o e l n d g os): - 100 100 102 j 148 N O o th te e r c s ir ig c h u t l a l t i i a o b n i lities _ 1,9 4 7 0 5 7 2,0 2 6 7 2 9 0 1, ) 871 Foreign bills, etc. 15 16 16 ! 27 National Bank of Rumania (millions Loans and discounts _ 390 425 441 ' 243 of lei): Advances to treasury 55 58 58 i 00 Gold at home 5, 909 5,931 5,903 5,350 Other assets : 10 13 27 i 22 Gold abroad 3,004 3,769 3,769 : 3,919 Note circulation 383 416 423 : 400 Foreign exchange of the reserve.. 81 84 527 1,270 Deposits - 90 97 126 I 38 Other foreign exchange 22 6 17 i 65 Miscellaneous liabilities 81 72 66 i 39 Loans and discounts.. 13,000 13,246 13,857 i 8,001 Bank of Italy (millions of lire): State debt.__ _. 3,707 3,767 3,810 I 5,617 Gold at home.. 5,626 I 5,626 j 5,626 ' 5,300 Note circulation 22,542 I 22, 713 23,755 | 18,105 Credits and balances abroad 1,725 1,935 ! 2,170 4,037 Demand deposits 4,200 ! 4,446 4,417 ; 5,054 Loans and discounts i 5,755 . 5,311 j 5,665 5, 098 South African Reserve Bank (thou- Total note circulation 13,938 i 13,971 i 14,295 15,129 sands of South African pounds): I Public deposits 300 300 • 300 300 Gold I 7,535 8,172 j 8,104 :• 7,091 Other deposits._ 1,703 i 2,049 ! 1,770 2,337 Foreign bills ! 73 53 I 41 ! 7,272 Bank of Japan (millions of yen): Domestic bills 2,492 2,949 ! 3,688 i 323 Gold ; 431 • 431 470 83C Note circulation | 7,710 8,116 I 8,799 | 8,190 Advances and discounts 940 i 1004 1,051 743 Deposits— j Government bonds _ 110 ! 143 218 130 Government. „ 1, 353 1,180 1,277 ! 1,517 Notes issued 1,094 j 1187 1,286 1,188 Bank - 4,180 4,618 4,267 | 5,933 Total deposits 429 ! 407 290 628 Other..- _ 353 59 533 = 167 Bank of Java (millions of florins): Bank of Spain (millions of pesetas): Gold - 112 113 ! 113 119 Gold - 2,249 2,248 2,247 . 2,416 Foreign bills 27 j 9 ; 5 29 Silver —. 534 i 526 517 : 713 Loans and discounts.. 56 ! 56 1 58 : 50 Balances abroad 280 I 284 281 , 113 Note circulation .. 225 . 225 i 230 240 Loans and discounts 2,904 i 3,084 3,149 i 2,037 Bank D o e f p o L s a i t t v s i . a . (millions of lats _ ): 33 I 2 s 8 i i 27 37 D N e o p te o s c i i t r s culation 4 1 , , 9 01 4 3 8 • ; 4 1 , , 9 08 2 3 3 4 1, , 0 9 9 4 8 9 i i 4,0 7 8 9 9 5 Gold —- 33 ! 32 24 Bank of Sweden (millions of kronor): Foreign exchange reserve 13 i 13 31 Gold—. 200 . 206 206 ; 240 Bills 75 I 78 84 Foreign bills, etc.- 90 ' 85 54 . 353 Loans 57; SI 59 71 Loans and discounts 504 . 527 586 , 223 Note circulation 40 ! 41 47 Note circulation._ 520 I 526 583 • 545 Government deposits 50 '• 58 78 Deposits 191 : 214 177 '' 187 Other deposits _ 94 39 ! 87 88 Swiss National Bank (millions of Bank of Lithuania (millions of litas): 59 : francs): Gold — 50 I 50 ! 50 39 Gold 2,498 . 2,446 ! 2,347 043 F L o o r a e n i s g n a n c d u r d r i e s n c c o y u nts - 1 2 0 7 2 l ! 1 2 0 9 3 | I 1 3 0 3 9 1 7 0 2 3 L Fo o r a e n i s g n a n b d a l d a i n s c c e o s u n a t n s d bills 9 7 9 0 ! ; 1 8 1 3 2 I I 1 9 0 9 4 : I 3 0 9 1 9 Note circulation 104 104 : 109 108 Note circulation | 1,505 1,519 I 1,609 ' 901 Deposits • 70 i 73 j 78 98 Demand deposits j 1,170 1,128 ! 962 i 246 Netherlands Bank (millions of Bank of the Republic of Uruguay flo D N G F L ri o o n e o o r s p a l t e d ) e n o : i s s g c i n i a t r s n c b d u i l l l d a s t i i s o c n o unt - s _ _ -_ _ ... : ' 1, 8 0 1 1 8 0 7 6 0 4 8 9 4 8 ! : ! 8 9 1 1 8 8 7 7 9 5 4 4 0 3 i j : j 1,0 1 8 1 2 8 8 8 8 3 6 0 7 8 8 4 2 1 5 0 4 2 3 4 3 0 7 0 (th D N L G O o o o o e t u h a l t p d s e e n o a r s c n s a i a d i r s t n s c s s d u e - o l t f d s a i t p i s o e c n s o o u s n ): ts - _. : i : . 1 8 5 3 0 3 0 0 1 , , , , 3 5 4 7 4 9 5 8 4 5 2 0 i ! ' • 8 5 3 1 1 0 2 0 , , , 0 2 9 9 3 , 2 9 9 1 4 9 2 3 ! ; '. 5 7 3 1 0 3 0 0 , , , 2 7 5 1 9 , 7 8 9 9 5 1 98 Bank G D N F o o o o o r f m t l e e d N i e g . c s o . n i . t r r - i w c c b u a a c l l y a a r t e n ( i d m c o e i n „ i t s l s l a . i . o n . n d s b o i f l l k s r . oner): 3 2 1 0 3 5 1 4 3 9 5 • i 3 2 1 1 5 5 16 1 0 5 i! ; 2 3 1 3 5 5 1 4 6 4 6 2 1 1 2 8 4 8 3 7 0 2 Othe J T D r u i e d m l m i i a e c b a ia i n l l i d t . a ie n s d administrative.. I 1 ' 3 3 3 2 8 1 3 , , , , 4 4 0 4 0 0 2 9 7 1 1 8 i ! ! 3 3 3 8 1 2 3 , , , , 9 5 1 1 0 7 4 8 5 0 1 9 : " : 4 4 3 0 4 3 2, , , , 7 3 4 2 9 3 4 2 8 8 7 9 Foreign deposits-. 2 : 2 2 State Bank of U. S. S. R. (note-issu- Total deposits 68 i 67 02 ing department; thousands of Central Reserve Bank of Peru chervontsi): (thousands of soles): Gold 03,990 63,842 63,794 48,361 Gold - : 59,705 63,107 Other precious metals 2,227 2,184 2,280 2,121 Foreign exchange i 484 • 7, 540 Foreign exchange 4,018 4, 590 4,647 4,478 B N i o ll t s e circula ._ ti on. ; I ; 1 5 2 4 , , 9 6 1 2 4 0 0 1 2 9 , , 7 0 1 1 6 3 Nati N on o a te l c B ir a c n u k l at o i f o n t he Kingdom of 203, 518 266,966 278, 441: 210,770 Deposits _ _ | 7,706 0, 010 Yugoslavia (millions of dinars): Bank of Poland (millions of zlotys) : Gold - 1, 759 1,759 1, 758] 1,083 Gold at home 487: 487 487 485 Foreign exchange.__ _ 200 290 425; 1,435 Gold abroad 120 114 114 77 Loans and discounts 2,190 2,216 2,253 I 2,997 Foreign exchange of the reserve- 51 ! 69 88 214 Advances to State 2,233 2,180 1,799 ! 4,917 Other foreign exchange 124 119 . 125 127 Note circulation 4, 770 4,945 5,172 j 939 Loans and discounts _ 764 i 789 i 796 ; 084 Other sight liabilities _. 451 699 417 •• 1 Figures published previous to reorganization of bank July 1, 1931, are not comparable with current figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1932 FEDERAL RESERVE BULLETIN 263 COMMERCIAL BANKS 1931 1932 Country Feb. ! Mar. • Apr. May June July Aug. Sept. Oct. j Nov. : Dec. Jan. Feb, Argentina (millions of gold pesos): Bank of the Nation- Gold I 1 2 1 1 j 1 i 1 1 1 i 1 1 1 1 Other cash _ j 83 ; 85 125 118 ' 108 i 99 94| 91 j 90 109 107 111 Loans and discounts I 606 | 620 640 633 i 642 ! 655 : 656 j 681 708 696 i 707 675 Deposits j 706 ! 695 712 690 | 706 i 680 662 j 663 i 661 652 641 639 Othe G r o b l a d n - k s in Buenos Aires- i ! 9 9 9 j 9 i 9 7J 2 i I 2 ; 2 1 Other cash 209 ! 173 172 180 ' 202 I 194 199 190 i 186 194 ; 203 200 Loans and discounts ! 910 • 912 910 885 871 ! 857 843 852 ' 847 830 817 821 Deposits i 1,043 : 1,020 997 996 ! 990 " 971 971 966 | 947 939 ; 936 Canada (millions of Canadian dol- i lars): • Assets entirely in Canada- Cash in vault i : 151 , 148 157 156 ' 150 147 147 I 157 I 159 201 175 176 167 Cash in central gold reserves : 25 ! 27 26 29 .• 28 26 28 i 24 i 27 25 26 22 I 20 Security loans 186 ! 175 181 187 ; 182 163 159 i 167 ! 159 . 157 135 131 i 130 Other current loans : 1,116 ! 1,115 1,130 1,139 1,127 1,126 1,127 |1,137 |1,141 I1,102 1,082 1,071 | 1,063 Security loans abroad... 132 ! 137 117 98 • 108 105 110 I 90 ; 91 ' 113 83 i 66 I 99 Securities ! 654 i 649 651 669 695 694 701 ! 678 j 696 719 694 674 j 664 Liabilities entirely in Canada— . I N n o d t i e v s i d in u a c l i r d c e u m lat a i n o d n depos- : ! 131 [ 153 124 129 f 128 126 126 j 128 \ 140 131 129 ; 123 j 122 its 543 ' 579 596 i 580 : 601 561 568 ! 594 • 581 617 567 507 ! 490 Individual time deposits... 1,436 1,445 1,453 j.1,456 : 1,450 1,451 1,461 1,456 ! 1,462 1,396 1,360 1,368 I 1,390 England (millions of pounds sterling) : I i M Ca o s n h e y in a v t a c u a l l t l a a n n d d a s t h o b r a t n n k otice. 1 1 8 1 7 5 • , 1 1 8 1 1 2 IS I 1 1 7 2 6 9 1 1 8 3 4 1 1 1 8 2 1 8 ! 1 1 7 1 7 2 • i 1 10 7 6 1 1 1 7 1 3 3 1 1 7 0 0 8 i ! 1 1 8 1 1 8 1 11 7 6 7 1 1 7 0 0 8 Advances and discounts 1,208 • 1,1.59 1,141 1,172 1,178 1,156 j 1,132 1,131 1,125 i 1,131 1,128 .1,093 I D n e v p e o s s tm its ents 1,7 2 8 9 2 3 • ' 1, 2 7 9 2 5 6 1, 2 1 9 3 2 4 I j 1, 2 7 7 0 4 0 1, 2 7 7 4 2 4 1, 2 7 8 5 3 0 ;1, 2 7 8 0 6 8 : .1,6 2 7 8 5 8 1,6 2 8 8 8 8 1,6 2 7 8 0 4 j 1,7 2 0 8 0 1 1, 2 6 6 7 8 7 1,6 2 2 64 1 Fran B c i e l ls ( m an il d l i n o a n t s i o o n f a l f - r d a e n f c e s n ): se bonds 21,098 ' 21,363 21 1 , , 8 6 6 9 9 8 22,930 22, 507 20,919 '21,153 20,242 "19,006 17,851 I 18,441 18,454 Loans and advances 11,326 11,232 I 11,156 10,762 10,342 9,898 ,9,868 i 10,076 9,863 ; 9,797 | 9,697 9, 041 Demand deposits _ 35,456 36,106 36,971 37,861 37,938 36,642 •36,991 : 36,137 =36,972 ! 37,019 ! 37,023 36,196 Time deposits .-. 1,656 i 1,669 ! 1,623 j 1,601 1, 564 1, 539 1,545 j 1,429 1,370 1,332 i 1,222 1,179 Germany (millions of reichsmarks): ; Bills and treasury notes.. , 2,497 ' 2.532 ! 2,529 ! 2,548 1,914 1,280 1,500 : 1,509 1,406 1,431 1,503 D M u is e c e fr l o la m n e o o t u h s e r l o b a a n n s ks 8,2 9 2 46 5 • ; 8,1 9 4 5 4 6 ! . 8,0 9 2 8 1 1 j i 7,8 8 1 5 8 7 7, 6 6 8 9 6 9 7, 5 3 4 3 6 7 7,1 5 1 1 5 4 ! i 6,8 4 8 6 4 5 6,8 3 3 7 7 3 ; ; 6, 3 7 4 4 5 8 5, 3 9 2 3 0 5 Deposits ' 10,729 , 10,778 ] 10, (583 ! 10,395 9,277 8,167 : 8,060 ' 7,873 7, 500 7,390 7,276 Acceptances ...i 657 '• 630 : 600 j 582 816 874 840 ! 818 891 i 910 903 Japan (millions of yen): Cash on hand. - 277 i 274 i 332 j 361 274 134 ; 217 197 126 ; 146 140 l 124 130 Loans.. '' 2, 217 j 2,176 : 2,184 I 2,1562,166 2,169 2,140 2,146 2,171 i 2,208 2,247 i 2,283 2,228 Deposits 2,142 2,150 . 2,161 I 2,1812,233 2,151 2,122 2,102 2,066 ! 2,059 j 2,051 j 2,008 1,954 i Gold, Dominion notes, and subsidiary coin. e Corrected. 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; live Berlin banks thereafter; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDEKAL RESERVE BULLETIN APRIL, 1932 DISCOUNT RATES OF CENTRAL BANKS i Bank Bank German Bank Nether-; S N w a is - s ! Rate In effect Date effective ; ; of l E an n d g - Fr o a f nce R b e a i n ch k s- It o al f y l B a a n n d k s ! | t B io a n n a k l Country Ap 1 r. since— c ountry J In u n e e ff e 2 c 1 t June _ 1,1930. A A Be l u b l s g a t i r n u i i a m a 7 8 V A- : I J J M a u n a ly r . . 1 13 1 8 , , , 1 1 1 9 9 9 3 3 3 2 1 2 J J L a a a v p t a a v n ia ' ' j 4 5 M 6 .8 J 4 O M M c a a t r . r . . 1 1 1 1 2 , , , 1 1 1 9 9 9 3 3 3 0 2 0 July 10 :. Bolivia 7 I Aug. 26,1930 Lithuania I 6 Apr. 1,1930 Oct. 9 . Jan. 3, 1931 :.. Bulgaria 9H! Sept. 29, 1931 Norway •: 5 Mar. 3,1932 J J M M a a n n a a . y y . 2 2 1 1 2 4 0 4 _• _ : _ .. , 2K2. C C C o h z v l i e a u l c k e m h i . a . b o . i . s a lo- 6 6 I J D O a e c c n t . . . 2 2 2 2 2 5 , , , 1 1 1 9 9 9 3 3 3 2 1 1 P P P e o o r r l u a tu n g d a l ! I ~ 7 7 y2 S A O e u c p t g . t . . 1 3 0 1 , , , 1 1 9 9 1 3 3 93 0 1 0 J J J J u u u u l l l n y y y e 3 2 1 1 3 6 0 3 . . ._ .. _ . ! i . i ' . .. 1 - 0 1 ! ! I j " ; i - I D E D c e a u n n a m z d i a o g r r , k N M M o a a v r r . . . 2 1 1 4 3 1 , , , 1 1 9 9 1 3 3 93 1 1 2 S S R p o u a u m i t n h a ni A a frica. \ 1 J N M u o l a y v r . . 1 4 3 8 , , , 1 1 1 9 9 9 3 3 3 1 1 2 Aug. 1 !. 15 I ! , Estonia _ Feb. 1,1932 Sweden Feb. 19,1932 Aug. 12. |_ 10 I ! ! I Finland 7 i Feb. 13,1932 U.S.S.R...J Mar. 22,1927 Sept. 2 i_. 8 : ; •• i Greece. 11 I Feb. 20, 1932 Yugoslavia.... July 20,1931 Sept. 21 i '• j Hungary 7 II Jan. 20,,19332 Sept. 28.-. j.. 7 i i India. 8 !! Feb. 25,1932 Sept. 29 i_. '— i 3 Oct. 10 L. Changes since Mar. 12: Austria—Mar. 18, down from 8 Lo 7 per cent; Dec. 10 L. England—Mar. 17, down from 4 to 3>6 per cent; Italy—Mar. 21, down Feb. 18, 1932 ! from 7 to 6 per cent. Mar. 9 _ ._'. Mar. 10 1 Mar. 17. I Mar. 21. :. In effect Apr. 1,1932.-| MONEY RATES IN FOREIGN COUNTRIES Netherlands ((Amster- Switzer- England (London) Germany (Berlin) dda)m) land Month 3 B a a a m c n n c c o k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y money . j I o a B n ll a o d n w e k p a e o n r s c s i ' e ts i M 1 o m ne o y n t f h o r . D m ay o - n to e - y d ay i^ ™ S t« uSt M 1 o m ne o y n t f h or d P is r r c i a v o t a e u t n e t 1931—February | 2.56 2.37 2.29 I 4.88 6.31 5.49 1.12 1.05 1.00 March j 2.60 2.56 | 2.20 4.76 6. 17 5.00 1.09 1.04 ! .99 April 2.58 2.57 I 2.17 4.65 5.87 5.07 1.50 1.61 1.06 May 2.24 2.21 I 1.87 4.65 5.83 5.38 1.39 1.55 1. 12 June 2.09 2.10 i 1.64 6.05 7.05 6.74 1.05 1.07 1.12 July__ 2.58 2.44 I 2.05 ! 17.00 18.98 118.89 1.53 1.40 1. 55 August 1 4.28 i 4.21 I 3.59 ! 18.92 19.18 1 9.15 1.30 1.22 1.98 September | 4.74 ! 4.57 ! 4.04 I 2*2-4 7.99 9.18 9.15 1.30 1.21 1.80 October __ 5.68 5.46 i 4.36 ; 4 8.00 9.84 9.21 2.76 3.07 1.90 November 5.75 : 5.55 j 4.96 4 8.00 9.31 8.69 1.59 1.72 1.77 December : 5.85 ' 5. (;0 4.27 4 7.33 7.40 8.45 ; 1.57 1. 53 ! 1.75 1932—January 5.52 j 4.94 4.20 4 6. 94 7.58 7.8(5 2.24 2.37 1.68 February 4.63 ! 4.08 3.84 4 -3 6.C7 7.98 7.81 , 1.87 J.69 1.52 I (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - I Japan (Tokyo) Month I d P i r s i c v o a u t n e t d P is r c iv o a u t n e t d P is r c iv o a u t n e t ! , d P is r c iv o a u t n e t M fo o r n e 1 y co P m ri m m e e r- Day-to-day! Loa™J UP I Discounted m C o a n l e l y i rate rate rate • late month cial paper months bills : overnight 1931—February \ 2.31 1.77 5. 50 ,! 3% -4 4M-5 5.48 ' 2.02 March : 2.25 1.57 5. i>0 \ -4Moi J htt- "Vi 4]4-o 5.29-5.48 : 2.74 April.. I 2. 25 1.47 5.48 i -4 1 51-2-6 l\h- 7 • 4 -5 5.29-5.48 : 2.02 J M un ay e I ; 2 2. . 1 2 3 0 1 1 . . 0 2 6 8 5 5 . . 2 2 5 5 ] ! 4 j 5 5' H /2 - - 8 7 5 5. . 2 2 9 9 - - 5 5 . . 4 4 8 8 ; i 2 2 . . 1 1 9 9 July i 2.15 1.20 5.25 !.. 7\i-l0H' 4.93-5.48 2.74 August._. ! 2.41 1.50 5.25 l_ 4.93-5.48 i 3.65 September \ 2.44 1.50 5.47 ' % -10H 5 -6 4.93-5.48 2. 56 October : 2.44 1.80 7.50 .. 734-10 5 -6 4.93-5.66 ! 5.48 November • 2.44 1.90 7.50 !.. 5 -6 5.48-6.57 ! 5. 66 December 2.44 1.75 7.50 L 7?4-10 5.84-6.57 ! 6.57 1932—January j 2.91 1.75 7.50 I. 5.84-6.57 '•• 6. 02 February i 3.31 1.75 6.92 i. "I" 1 Based on data for part of month, no quotations being available for remainder of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

265 APRIL, 1932 FEDEEAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations. In cents per unit of foreign currency] ! China (and Uong Kong) Month = ( 9 p g 6 e o . s 4 l o d 8) ^ i 1 $ S U a j ) 7) B ! i e l ( g b 1 i e u 3 l m ^ 9° ) B ( 1 m r 1 a il z 9 r i e ) l is B = u ( 0 l l g . o 7 a v 2 r ) ia' = C ( d a 1 o n 0 l 0 a l . a d 0 r a 0) = C ( p 1 h 2 e i , s l 1 o e 7) C = ( 9 o p b 7 l e i o a . s 3 m o 3 - I 1931—March 78.0406 14.0552 : 13.9294 7. 8897 0. 7173 99.9789 ! 12.0032 22. 793(5 31.5980 22. 7948 24.5297 96.5700 April.. 76.4029 14.0508 i 13. 9039 7. 2008 .7174 99.9517 •12.0028 i 22. 5646 31. 0951 22.4949 24.3312 .96. 5700 May ! 70.7121 14.0543 ! 13.9119 0. 0750 .7170 99.9449 12.0673 : 22.0118 30. 2520 21.8950 24.0131 96.5700 June __j 70.2524 14.0457 ' 13.9242 7.4991 | .7180 99.7201 12.0808 : 21.4575 29.5980 21.4375 23.8226 96. 5700 July _ _. 09.8840 14.0413 13.9453 7.1937 .7183 99. 0007 12.0798 • 22.4315 31.0097 22.4247 24.7295 96.5700 August _.l 64.5722 14.0400 \ 13.9370 0.3093 .7154 99.0898 •12.0549 ' 21.4301 29.7255 21.3485 23.7830 ! 96.5700 September I 59.0948 14.0388 13.9091 5.9099 . 7100 90. 2470 12.0430 . 22.0090 30.0004 21.9100 24.1853 90.5700 October 51.9900 13.9158 13.9852 . 5. 0202 .7127 j 89.1025 12.0090 i 22. 8205 31.8314 22.7019 24.0705 : 90.5700 November _ ... 58.S403 13.9510 I 13.9070 6.1704 .7138 j 88.9914 .12.0750 24.5833 34.0732 24.7240I 20.0124 90.5700 December... _ 58.5196 13.9400 ^ 13.9039 6.2010 .7148 82.7004 :12.0609 | 23. 6010 32.8054 23.7323 24.8704 96. 5692 1932—January... 58.2724 13.9518 : 13.9140 6.1579 .7151 85.1301 •12.0500 ! 23.5237 : 32.0357 : 23.6900 24.8390 :95.6656 February.. 58.2204 13.9510 ! 13.9384 0.1720 .7145 j 87.2930 :12.0500 24.4090 I 33.1449 24.3587 25.3353 95. 2400 March 58.2879 13.9001 13.9301 0.2121 .7170 I 89. 4530 1.2. 0606 23.9969 j 32.8001 23. 9213 24.0855 95. 2400 !I IC ( u p b es a o ! ( t : n ™ ,", ; j E ( n p g o l u a n n d d : j ( F m i a n r l k an k d a ; j F (f r r a a n n c c e ; j (r m G ei a e c n r h - y s- Gr m ee S c e (pcn^ > (rupee I ( t l a ir l a y i i J ( a y p e a n n mfi 480.06) j =2.52) j =3.92) i mark = 1.30) = =17-49) =36.50) = 5.26) ! =49.85) 1=100.00) ( i =23.82) 1931—March. 1100.0238 2.9024 :2C7458 485.8293 2.51.77 3.9138 23.8072 1.2915 :17.4411 , 36.0805 5.2383 i49.3656 April ; 99.9248 2.9019 .20.7503 485.9803 2.5172 3.9104 23.8105 1.2943 .17. 4308! 30.1028 ! 5.2360 i49. 3001 May. 99.9187 2.9022 20.7738 486. 4039 2.5172 3.9114 i 23.8030 1.2949 17.4370 36.1423 ! 5.2353 ! 49. 3813 June. 99. 9157 2.9021 20.7795 480.4803 2.5107 3.9158 ] 23.7327 1.2951 .17.4450 35.9980 j 5. 2348 !49. 3740 July.. 99.9124 2. 9005 .26. 7340 485.0052 | 2.5150 3.92 li ! 23.2782 1.2939 .17.4433 35.9805 5. 2300 j49. 3550 I I August 99.9703 j 2.9024 :20.7292 485.7725 i 2.514S 3.9196; 23.6575 1.2936 •17.4515i 35.9425 5.2304 I49.3532 September. _.! 99.9078 ' 2.9021 25.2630 453.1200 i 2. 5133 3.9257 23.4212 1.2920 17.4490 33.9117 5.169Q . 49.3351 October _. 99.9944 i 2.9619 22.0209 388.9291 2.3082 3.9383! 23.2395 1.2883 17.4040 28.6799 5.1645 i49.2525 November 99.9913 2.9625 20.6700 j 371.9934 | 1.9839 3.9201! 23.6777 1.2879 17.4070 27.9874 5.1518 '49.2968 December 99.9170 ; 2.9620 :18.5875 | 337.3707 | 1.C938 3.9229| 23.6192 1.2879 17.4580 25.3612 5.1094 43.4644 i i ; ! ; ! 1932—January 99.9290 . 2.9627 ! 18.8801 j 343.1210 1.5036 ; 3.9294 •, 23.6475 ; 1.2877 ' 17.4500 • 25.8179 5.0-141 35.9866 February i 99.9022 2.9627 19.0192 | 345.6316 1.5014 \ 3.9379 ! 23.7392 i 1.2875 17.4397 26.0329 5.1799 ; 34.3233 March .100.0590 2.9028 20.0112 303.9304 1.6015 ! 3.9325 23.7812 : 1.2875 17.4353 I 27.3121 I M = ( 4 p e 9 x e . s i 8 c o 5 o ) N = ( l f e a 4 l t n o 0 h r d .2 e i s n 0 r- ) N = ( o k 2 r r 6 o w .8 n a 0 e y ) ; J : P = ( o 1 z l 1 l a o .2 n ty 2 d ) P (e o = s r 4 c t . u u 4 g d 2 o a ) l : m = R ( 0 a le . u n 6 u - i 0 a ) ( = S p 1 p e 9 s a . e i 3 n t 0 a ) (d S S m o t e e l r t l a n t a l i r t e t s s - -') S = ( w k 2 r e 6 o d .8 n e 0 a n ) S = ( w l f 3 a r i a 9 n t n z . d 3 c e 0 ; r ; - U -% rug ! u 4 a 2 y ) ! i J $ g £ * £ * -103.42), =17(J) i 1931—March _ • 47.3546 40.0869 ' 20.7501 i 11.1931 4.4823 i 0. 5947 10. 7298i 50.0015 26.7775 '19.2429 73.3617 1.7587 April.. 47.4843 40.1391 20.7530 ! 11.1929 4. 1782 . 5942 10.473(5i 56.0402 26.7758 '19.2559 67.7199 ; 1.75S5 Mny 48.0200 40.1847 20.7701 i 11. 1950 4.4918 .5913 :10.0001: 50.0348 20. 8070 19.2845 01.4301 ! 1. 7003 June _ 49.0305 40.2142 26.7801 ! 11.1990 -1.4234 . 5949 9.6749i 50.0432 20.8045 19.3956 58.5356 i 1.76S5 July 49.0109 40.2775 20.7340 | 11,1991 4.4102 .5943 : 9.3139| 56.0193 20.7558 19.4309 54.2652 j 1.7665 August .3 30.0269 40.3182 20.7328 11.1070 4.4210 .5930 8.79fi4! 56.0044 20.7487 19.4862 40.0147 1.7694 September. : 33.4081 40.2077 • 25. 3982 11.1<»78 4.4232 : . 5936 8.9839i 53.5566 26.0857 19.5096 41.9251 • 1.7653 October... 36.5878 40.4250 22.0737 j 11.1955 3.9271 .5953 ; 8.9031i 45.1250 23.1140 19. hOOO 31.8908 i 1.7734 November... : 39.1304 40. UJIO 20.5103 I 11.1903 3. 0401 .5900 "8.0137 43.13S6 20.7378 19.4032 45.0027 i 1.7856 December ' 39.0080 40.2;«8 18.4831 ! 11.1902 3. 2302 . 5959 8.3992 39.0313 18.7098 : 19.4805 44.5487 i 1.7796 1932—January 39.3294 40.1828 18.6969 ! 11.1934 3.1042 . .5951 8.3945 39.6C00 19.1888 :19. 5074 41,9i.ro I 1.7784 February 37.8712 40.3479 18.7701 i 11.1890 3.1S30 .5950 i 7.7071 39.7745 19.2922 19.4901 40.1521 i 1. 7803 March ; 33.6841 40.2799 19. 0003 ! 11.1770 3. 2832 .5958 7. 5993 41. 3333 19. 8540 19. 3105 47.0700 ! 1.7753 i Silver currencies—March parities: Mexican dollar, 23.51 cents; Shanghai tael, 32.41 cents; Yuan dollar, 22.99 cents; Hong Kong dollar, 23.33 cents. Figures given for parity represent gold value of unit in March, 1932, computed by multiplying silver content of unit by New York average price of silver for March, 1932, which was $0.29916 per fine ounce. a Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound—March parity, 42.46. Figure given for parity represents seven-sixtieths of avorage quotation of pound in New York for March, 1932. i Beginning with August, quotations aro for silver peso. NOTES Figures given in parentheses for each country represent the par of exchange of the monetary unit. Averages are bised on noon buying rates for cable transfers in New York. Back figures—See BULLETIN for January, 1932, 1931, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN APRIL, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES 1 Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Month ( U a S p v n r t e i a i c r t t e a e e ) g s d e (D 1 E 9 e n 2 c 1 g e = l m a 1 n b 0 d 0 e ) r ,! ; (1 a 9 g F 1 e r 3 = a n 1 a c 0 v e 0 e ) r - ! j G (a e p v r r e i m c r e a a ) g n e y Number of issues. 60 87 1930— February... 96.4 110.1 I .3 165.5 109.9 205.6 110.6 March 97.8 112.7 | 95.8 172.4 109.2 205.2 109.2 April., 97.9 112.7 | 95.5 181.0 111.1 208.6 112.1 May 97.9 111.4 95.3 170.5 108.0 198.3 111.7 June 98.2 110. 0 ! 95.8 152.8 101.8 187.6 106.8 July 98.7 112.3 i 95.7 149.3 103.1 188.8 100.9 August 99.6 111.9 ! 96.6 147.6 98.4 182.0 94.8 September.... 100.0 112.0 ! 96.4 148.8 101.1 182.4 1.9 October 99.9 113.1 i 95.4 127.6 95.4 169.5 87.9 November,.. 99.1 112.8 i 94.7 116.7 94.1 162.2 84.7 December.. 97.8 112.5 ! 94.1 109.4 89.0 149.8 80.0 1931--January 99.6 ! 112.8 95.7 84.0 February... 99.4 ' 109.7 97.1 84.3 March 100.0 I 111.6 97.9 85.9 April _. 99.6 ! 111.3 j 99.0 87.4 May... 99.7 110.8 • 98.4 86.4 June 99.4 111.1 j 98.8 83.9 77.8 July 99.4 111.2 I 79.2 August 98.5 107.2 | 73.8 September- 95.6 j 103.5 ! 67.2 October 89.4 i 104.2 : 75.6 November.. 89.0 I 104.8 | 74.7 December.. 8i.6; 102. 2 j 68.1 1932—January... 81.0 j 104.7 I February.. 80.3 ; 106. 5 I i Approximate number; series originally included 208 issues, a Computation suspended because of closing of the exchange. Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. Back figures—See BULLETIN for February, 1932, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (.1 U S 9 n t 2 i 6 a t = t 1 e e 0 s d 0) i(1 C 9 a 2 n 6 a =1 d 0 a 0) ( E 19 n 1 g 3 l = a 1 n 0 d 0) (1 F 91 r 3 a n = c 1 e 0 0) ! :( G 1 e 9 r 13 m = a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) 19 J ( 0 a O 0 c p = t a 1 . n 0 , 0 ) i ; j(1 N 9 e l 1 t a 3 h n = e d 1 r s 0 - 0) i 1930—F ebr uar y. _. 91 94 128 567 j 129 408 200 : 126 March 90 92 125 558 j 126 400 196 1 122 April 90 91 124 548 i 127 396 193 ! 122 May 89 90 122 546 126 389 189 ! 118 June 87 88 121 540 ! 125 382 181 I 118 July... 84 86 119 558 125 375 177 j 115 August 84 84 118 560 125 379 176 ! 114 September.. 84 82 116 556 ; 123 374 172 112 October.... 83 81 113 552 j 120 364 165 111 November.. 81 80 112 551 ' 120 361 162 . 110 December.. 80 78 109 541 ; US 350 161 107 1931—January 78 77 107 541 ! 115 342 15S iO5 February... 77 76 106 538 ; 114 338 158 104 March 76 75 106 539 i 114 339 158 103 April 75 74 106 540 ' 114 337 158 102 May 73 73 104 520 • 113 332 154 102 June 72 72 103 518 112 327 151 , 100 July 72 72 102 500 112 324 153 97 August 72 71 100 488 110 322 152 94 September.. 71 70 99 473 109 319 150 91 October 70 70 104 457 107 322 147 89 November. 70 71 106 447 ' 107 320 147 89 December.. 69 70 106 442 104 319 151 85 1932—January.. 67 69 106 439 100 317 160 S4 February. 69 105 446 100 311 101 ; 83 » Kevised index of the Bureau of Labor Statistics (784 price series). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 267 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] United States (1920=100) i Englan 1 d 0 0 ( ) 1913= Franc 1 o 0 0 (1 ) 913= Germany (1913=100) Indus- Month ; Farm : O co th m e - r , Indus- li Farm Indus- Agricul- Provi- raw tr i a al nd In tr d i a u l s- 1 products ' Foods m t o ie d s i- Foods i pro tr d ia u l c ts ! I a p n ro d d f u o c o t d s pro tr d ia u l cts pr t o u d r u a c l ts sions fi s n e is m h i e - d p fi r n o i d sh u e c d ts i products 1930-February ] 98 ! 135 ' 124 503 116 115 127 155 March _ ! 95 129 i 122 ! 495 110 118 126 153 April 96 ! 129 121 j 481 112 118 125 152 May - ' 93 j 127 ! 119 ! 483 111 117 124 152 Juno : 89 j 127 ; 117 | 488 110 115 122 151 July : 83 I 127 115 ; 540 115 114 119 151 August ' 85 | 126 113 ! 550 117 111 118 149 September • 85 124 i Ill j 562 114 108 116 148 October - 83 j 121 109 ! 562 109 108 114 147 November 79 j 121 : 107 | 570 112 108 113 145 December : 75 i 82 | 116 : 105 | 570 110 105 110 143 1931-January .._ 73 | 81 I 113 104 I 580 107 102 108 142 February.. _ J 70 | 78 j 112 103 ! 575 106 100 106 140 March 71 i 78 ; 111 103 ! 581 107 99 106 139 April _ ; 70 | 76 j 113 102 i 592 108 97 105 138 May : 07 | 74 ! 113 ioo; 566 109 96 103 137 June - 65 i 73 i 113 571 107 95 103 137 July _ ....: 65 j 74; 110 541 105 97 103 136 August 64 i 75 , 108 " 95 i 528 103 96 102 136 September : 61 I 74 • 108 95 | 508 101 94 100 135 October 59 \ 73; 113 100 489 99 95 99 133 November _. 59 71 ! 115; 102 j 482 99 94 99 132 December 56 69; 113 . 102 I 491 95 91 97 130 1932- January : 53 65 : 114 101 I 490 92 90 92 125 February.. _ 51 63 : 114 101 : 511 95 91 91 122 RETAIL FOOD PRICES COST OF LIVING United England France Germany i United j England France I Germany States (July, (July, (1913- j States i (July, (Jan.-June, (1913- Month (1913=100) 1914=100) 1914=100) 14=100)* Month ! (1913=100) ! 1914=100) 1914=100) ! 14=100)« 1931 j 1932 1931 ' 1932 1931 1932 1931 ; 1932 i 1931 1932 ; 1931 ! 1932 1931 1932 1931 1932 il J F a e n b u r a u r a y r y __.' : 1 1 3 2 3 7 1 1 0 0 5 9 1 1 3 3 8 6 ; 1 13 3 1 1 I 13 1 2 32 J 1 1 1 5 4 1 1 3 3 1 4 i i 1 1 1 1 4 6 J F a e n b u r a u r a y r y _ : j ' ; I 1 1 5 5 3 2 1 1 _4 4 _7 7 . 1 1 2 2 2 5 March ' 126 134 131 130 ! March I ! J 150 ' 120 L 138 April , 124 129 j : 130 129 ! April i 147 ! _| | , 137 May 121 129 I. 129 130 Mlaay.. 147 . 137 June 118 127 : 128 131 'ZIZZZ |! JuneZZIIIIIIIIIII 150 ! 145 i 120 138 July .._ 119 130 : 125 130 : i; July 147 '.... 137 August ; 120 128 121 126 August _ 145 ... 135 September _.| 119 128 j J19 125 September.. 145 i 115 134 October... : 119 128 j. 116 123 October.. 145 133 November j 117 130 i. 113 122 November 146 ... "". 132 ! December __.: 114 132 '_ • 113 i. i 120 December 146 I , 148 L_. 108 j 130 ! I i * Revised index numbers of the Bureau of Labor Statistics. 2 Average of October, 1913, January, April, and July, 1914=100. SOURCES: Wholesale prices—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living—United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique G§n6rale, and for cost of living, Commission d'6tudes relatives an cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN APRIL, 1932 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. EACH FEDERAL RESERVE BANK DISCOUNTS, BY MONTHS DISCOUNTS, BY WEEKS [In millions of dollars] [In thousands of dollars] Wednesday series (1932) Federal reserve bank Federal reserve bank Mar. 2 ! Mar. 9 i Mar. 16 Mar. 23Mar. 30 Boston.. _ I 37,289 34,071 : 32,012 35,938 37,223 New York 161,032 ! 137,476 129,675 132,856 138,178 Philadelphia 125,736 j102,029 ! 87,217 | 89,814 77,257 Boston New York 179.0 Cleveland.. 121,755 ! 117,580 , 103,275 103,708 84, 794 Philadelphia. - 121.9 Richmond. 38,294 30,054 ' 31,166 32, 585 32, 076 Cleveland 121.7 Atlanta 47,803 ' 42,646 32,463 32, 274 31, 981 Richmond 36.4 Atlanta 48.9 Chicago.. ! 72,180 65,511 ! 54,684 48,864 45,156 Chicago - 79.9 St. Louis... i 20,045 ; 18,364 . 19,348 18,824 18, 465 St. Louis 22.0 Minneapolis 13,192 10,630 9,015 9,032 9,287 Minneapolis.-. 14.3 I Kansas City— 38.6 Kansas City- 39,939 38,207 : 33,524 31,638 32,217 Dallas 14.6 Dallas 15, 348 15,097 ! 12,955 10,609 10, 243 San Francisco. 130.5 San Francisco. 135,189 130,314 , 115,458 119,441 116,378 Total.. Total.— 828, 402 747,979 : 660,792 665,583 633, 255 i I RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amount in thousands of dollars] Average of daily figures Total cash reserves Total deposits Federal re c s u e l r a v ti e o n n o i tes in cir- Reserve percentages Federal reserve bank 1932 1932 1932 1931 1932 1932 March Fe a b ry ru- March March Fe a b ry ru- March . March March March ! Fe a b ry ru- March Boston 220, 929 220, 940 228, 602 122,802 126,944 145,328 I176,494 : 183,859 129, 553 73.8 i 71.1 83.2 New York 987, 828 992,212 1,134,108 844,854 848, 019 1,042,095 ,"509,920 i 570, 725 250, 383 09.8 j 09. 0 87.1 Philadelphia.. 247,597 233,215 251,071 121,611 120,2*2 149,580 "200,172 , 204, 057 139,307 04.9 : 50.7 86.0 Cleveland 295, J11 322,802 148, 048 151,001 109,332 .303,902 ! 312,482 180,212 04.9 : 03.0 85.0 Richmond 102, 540 108,613 ] 17, 697 54,888 57, 304 03,721 • 100,922 i 105,595 80, 000 05.8 ! 00.7 81.3. Atlanta. _ 121,241 107,917 107, 004 50,859 51,904 00,413 : 120,578 • 120,071 130,080 70.7 i 62.5 87.4 Chicago. (569, 744 600, 779 415,111 200,105 207,918 830,837 •557,551 ! 570, 770 159,508 81.9 ! 78.8 84.6 St. Louis 109, 532 105, 053 110,623 61, 012 02, 090 71,714 92,822 ' 03. 210 77, 250 71.2| 67.6 78. a Minneapolis.. 75,979 70,948 70, 490 43,143 43, 9*7 49,8 55 "'09,201 ! 08, 603 48, 205 07.0 i 03. 0 71.9 Kansas City.. 94, 437 92, 954 103, 284 69, 493 71,5-44 83,055 83,105 ; 83,130 00, 004 61.9 ! 60.1 69.0 Dallas 53, 224 52,901 53, 486 49, 541 52, 245 59,220 ; 40,559 I 41,800 20, 048 59.1 i 50.3 62.1 San Francisco 214, 391 214, 207 i 296,416 148, 847 154,379 180,750 230,139 240, 240 101,991 56.6 j 54.0 85.0 Total... 3,190,831 ;3,154,910 i3,276, 754 1,975, 263 |2, 014, 3972,442,522 2,605,485 ,2,003,844 1,400,0S2 69.7 67.4 84.0 1 Includes "Federal reserve notes of other reserve banks" as follows: Latest mouth $14,334,000; month ago, $14,184,000; year ago, $14,449,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

269 APRIL, 1032 FEDERAL RESERVE BULLETIN EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, MARCH 31, 1932 [In thousands of dollars] New Cleve- Rich- St. ™"" ! Kansas 1 San Total Boston land mond Dallas Franphia ! Cisco RESOURCES Gold with Federal reserve agents.. 2,211,147 I1159,627 513,217 193,300 230,970 73,170 100,775 554,920 77,120 ' 60,945 64,080 j 33,260 ' 149, 763 Gold redemption fund with U. S. Treasury._ 44,5O6VO5 ! 12,214 9,073 6, 288 5,078 1, 797 2,130 : 4,595 I 2,103 ' 495 , 2,719 j 967 5,906 Gold held exclusively against Federal reserve ! notes 12,255,712 1161,841 522, 890 199, 588 236, 648 74, 967 102,905 559,515 79,223 61,440 66,799 ! 34,227 155, 669 Gold settlement fund with ! Federal Reserve Board 276,289 ;, 14,286 136, 702 9,840 23,457 4, 047 6,255 , 42,453 5, 602 i 7, 802 = 6, 385 4j,414 15,046 Gold and gold certificates held !j by banks • 487,702,; 19,787 321, 445 17,855 21, 770 7,108 9,254 j 28,066 12,186 i 2,495 13,182 3,575 27,979 Total gold reserves 3,019,703 195,914 984, 037 227,283 1281,875 !86,122 118,414 630,034 97,011 71,737 86,366 ; 42,216 198,694 Reserves other than gold j 215, 461! 21,105 55, 580 I 28,804 ' 17,126 ]' 12,555i 5,929 : 26,961 j 11,070 : 5,454 7,486 j 10,721 12, 610 Total reserves Is, 235,164i 217, 019 1,039, 617256,147 1299,001 ; 18,677 ^124,343 .656,995 j 108,081 j 77,191 I 93,852 I 52,937 211,304 Nonreservc cash | 77, 805!i 7,832 20,149 ! 3,768 4,611 I 4, 387 ; 5, 264 ! 12, 743 | 3,904 ! 2,021 ! 2, 670 I 4, 068 • 6,388 Bills discounted: • Secured by U. S. Govern- j merit obligations | 315,837 21,733 89, 391 30, 508 45, 857 6, 278 5,995 24,300 11,047 1,080 6, 505 : 482 '72, 661 Other bills discounted 322,713 14,558 44, 247 48,305 42, 726 25, 619 26,222 22,968 8, 204 8,242 26,095 j 10,120 45,347 Total bills discounted.._. 638,550 36,291 133,638 i78,813 88,583 31,897 32,217 47,268 19,311 9,322 ; 32,600 i 10,602 118,008 Bills bought.. ...J 67,557 2,672 21,538 i 3,572 3,185 3,132 4,168 10, 215 2,675 1,356 ; 3,058 i 2, 665 9,321 U. S. Government securities: Bonds : 327. 744 23,399 109,414 i 27,998 29, 864 7, 772 5,230 53,939 11,674 15,926 7,695 j 16,989 j 17,844 Treasury notes ! 84,398 5,703 39,158 I 6,266 7,560 1,174 1,270 9,184 2,791 2,030 : 2,345 ! 1,724 ; 5,187 Certificates and bills : 459,490 ii 277,0054 216,327 ! 38,296 47,378 ! 10,135 6,101 43,837 13,322 i 9,784 : 13,895 8,651 ! 24,710 Total U. S. Government i securities : 871,632 56,156 364,899 72,560 84,802 19,081 12,601 106,960 27,787 ! 27,746 23,935 : 27,364 = 47,741 Other securities 7,846 200 6,181 i 1,377 I Total bills and securities. 1,585,585 95,319 526,256 '156,322 176,570 | 54,110 48,986 164,443 I 49,773 38,512 59,593 40,631 . 175,070 Due from foreign banks _ 6,645 : 536 2,362 = 727 678 j 268 248 946 | 21 13 : 195 ! 188 463 Federal reserve notes of other i banks J 15,792 377 5,459 333 1,013 i 976 1,112 2,383 j 868 | 778 952 212 • 1,329 Uncollected items. _ I 354,059 j; 40,858 107,107 ; 29,943 32,023 . 26,343 9,428 44,428 13,618 : 6,182 ! 16,969 10,506 j16,654 Bank promises.— 57,853 i 3,336 14,817 j 2,651 7,962 3, 609 2, 489 7,827 | 3,461 • 1,834 i 3,649 1,785 ! 4,433 All other resources._. „: 36,199 |: 1,043 13,941 ! 983 1,796 5,039 3, 749 3,411 1,575 ; 1,399 j 1,1601,270 • 833 Total resources jo,369,102 1.366,320 1,729,708 1450,874 523,654 193,409 195,619 893,176 181,301 |127,930 179,040 jll 1,597 ' 416,474 Federal reserve notes in actual • . circulation.... _ 2,563,486 j 173,203 575,343 256,579 296,758 | 97,225 .118,032 544, 993 91, 365 j 68, 572 ' 81, 429 i 38, 531 : 221, 456 Deposits: j ji Member bank—reserve •. \\ account _ 1,923,533 I 116, 581 859,500 117,082 144,358 i 50,298 : 47,265230,721 57,962 ! 40,971 67, 358 i 47, 568 137,869 Government _ 29, 546 ; 2,161 6,695 | 1,7701,987 ! 2,447 1,701 5,836 416 • 743 913 i 751 I 4,126 Foreign bank i 30,630 ji 1,023 21,555 I 1,3871, 360 : 539 j 498 1,804 471 i 296 391 377 : 929 Other deposits _. 28, 397 j! 41 19,345 ; 265 2,715 103 | 134 485 ! 635 • 259 57 j 43 4,315 Total deposits.... 2,012.106 \ 119,806 : 907,095 120,504 150,420 I 53,387 i 49,598 244,846 ! 59,484 I 42,269 j 68,719 : 48,739 I 147,239 Deferred availability items i 349,448 : 40,789 103,971 j 29,482 31, 991 ' 24,944 \ 10, 06943, 737 : 14,626 | 6, 283 \ 15, 904 j 10, 632 | 17,020 Capital paid in " 155,623 11,531 = 59,190 ! 16, 251 14,275 I 5,291 i 4,940 17,449 : 4,483 i 2,941 i 4,102 4, 024 I li; 146 Surplus ' 259,421 ' 20,039 ! 75,077 j 26,486 27,640 ! 11,483 . 10,449 38,411 i 10,025 ! 6,356 ' 8,124 7,624 ! 17,707 All other liabilities... | 29,018 952 ! 9, 032 1, 572 2,570 1,079 j 2,5313,740 . 1,318 1 1,509 : 762 2,047 i 1,906 Total liabilities 5,369,102 .366,320 1,729,708 ;450,874 ,523,654 193,409 195,619 1893,176 181,301 127,930 179,040 111,597 416,474 Reserve ratio (per cent)... I 70.7 74.1 70.1 66.9 65.5 83.2 ! 71.6 69.6 i 62.5 i 60.7 57. a FEDERAL RESERVE NOTE i STATEMENT : Federal reserve notes: : Issued to Federal reserve •• j ! bank by Federal reserve ! agent j2,816,584 ; 193,581 640, 351 268,079 .314,293 106,085 134,080 596,743 ; 96,007 70, 018 , 92,169 \ 43, 664 I 261, 514 Held by Federal reserve ! ! bank ! 253,098 20,378 65,008 11,500 ' 17,535 j 8,860 j 16,04S 51,750 ; 4,642 1,446 • j 10,740 i ; 5,133 i i 40,058 In actual circulation % 563, 486 173,203 575,343 J256,579 \296, 758 97,225 118,032 |544,993 j 91,365 ! 68,572 j 81,429 | 38,531 j 221,456 Collateral held by agent as : security for notes issued to • banks: i i : I Gold__ 12,211,147 ; 159,627 513,217 |193,300 1230.970 ' 73,170 100,775 554,920 ' 77,120 Eligible paper ' 667,000! 36,600 144,307 79,110 | 88,584 , 33,508 33,892 52,886 19,847 60, 945 j 64,080 \ 33, 260 i 149,763 9,193 ! 33,464 j 11,009 j 124,600 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL .RESERVE BULLETIN APRIL, 1932 ALL BANKS IN THE UNITED STATES ALL BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY DISTRICTS [In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Rediscounts and interbank deposits bills payable Total Loans Investments Federal reserve district 1930 1931 1930 1931 1930 1631 1930 1931 1930 1931 j Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. Dec. Sept. Dec. 31 29 31 31 29 31 31 29 31 31 29 , 31 31 29 i 31 ALL BANKS * Boston _ _ 6,758 6,754 6,385 4,319 4,065 3,835 2,440 2,690 2,550 6.312 6,269 5,897 37 43 New York 19,288 18, 953 17,826 13.174 11,856 11,281 6,115 7,097 6,545 17,894 17,028 16,298 103 114 Philadelphia - 4,321 4,137 3,784 2,633 2,313 2,114 1,688 1,824 1,670 3, 755 3,520 3,171 97 106 Cleveland 4,712 4,249 3,770 3,142 2,700 2,397 1,570 1, 549 1, 374 4,299 3,852 3,354 88 90 Richmond ._ 2,242 r 2,167 2,014 1,581 ' 1,423 1,295 661 r744 719 2,120 1 983 :1,845 56 r60 Atlanta 1,394 1,328 1,243 1,045 916 845 349 412 398 1,347 1,223 ! 1,153 46 50 Chicago - - - 7,374 6,236 6,036 5. 370 4,366 4,160 2,005 1,871 1,875 7,131 6,016 5,856 73 71 St Louis 1,753 1,675 1,541 1,247 1,114 1,006 506 561 535 1, 678 1,570 1,442 44 40 Minneapolis - 1,396 1,303 1,221 837 748 700 559 556 520 1,429 1 293 j 1,214 12 12 Kansas Citv 1, 662 1,520 1,410 ! 1.114 958 860 548 563 549 1,736 1 549 i 4ns 30 27 Dallas 1,037 970 895 766 676 602 271 294 293 1 055 928 866 10 26 San Francisco 4, 270 4,072 3,973 2,907 2,616 2,520 1, 362 1,457 1,453 4,281 3,921 3, 756 28 59 j...... Total— 56, 209 '53,365 50,097 : 38,135 '33,750 31,616 18, 074 '19,61.5 IS, 481 53,039 49,152 46 261 624 r697 MEMBER BANKS Boston 2,511 2,432 2,185 ! 1, 750 1,543 1,390 761 889 794 2,317 2 203 1.004 19 25 New York 12,023 11,515 10,565 ' 8,300 7,165 6,609 3, 724 4,350 3,956 11,035 9.694 !0.27fi 88 96 Philadelphia 2, 733 2,740 2.558 j 1, 767 1,619 1,521 906 1,121 1,037 2,339 2,286 2,090 41 72 Cleveland 3,419 3,203 2, 865 2,262 2,012 1,807 1,156 1,191 1.058 3,114 2,884 2.500 51 67 Richmond 1,154 1,137 1,050 ! 842 772 693 312 365 358 1,074 1,027 944 32 36 Atlanta - 989 900 906 726 635 593 264 325 313 944 863 817 26 34 Chicago 4,809 4,238 3,882 : 3, 406 2,869 2,632 1,403 1,369 1,249 4, 558 3,989 3,616 31 27 St. Louis 1,154 1,109 1,031 : 787 683 623 366 426 407 1,072 1 000 932 21 19 Minneapolis 851 821 789 1 495 456 441 357 365 349 863 800 773 5 5 Kansas City 1,147 1,064 1,016 : 717 614 574 430 450 442 1,158 1 044 980 16 15 Dallas . ._ 822 776 724 601 532 480 221 244 244 820 738 686 6 17 San Francisco 3.246 3,077 3,005 2,218 1,973 1, 898 1,028 1,104 1, 107 3,265 2,941 2,854 19 52 Total 34, 860 33, 073 30,575 : 23,870 20, 874 19, 261 10, 989 12,199 11,314 32, 560 29,469 27 432 355 466 NONMEMBEK BANKS Boston 4,248 4, 322 4,201 : 2,569 2,522 2,445 1, 679 1,801 1, 756 3, 995 4,066 !3,934 17 18 New York 7 265 7 438 7 261 • 4 874 4 691 4 672 2 391 2 748 2 589 6 859 7,334 j7,022 15 18 Philadelphia _ _ -. 1, S88 1,396 1, 226 866 694 593 722 703 '633 1 416 1,234 j 1,081 56 33 Cleveland 1, 293 1,046 905 880 688 590 4.14 358 316 1,185 907 • «-r>4 37 23 Richmond - 1. 088 r 1,030 961 •. 739 ' 651 603 319 r378 361 1,046 r 956 «01 25 r 25 Atlanta 40") 368 337 : 319 281 252 86 87 85 403 361 ! 337 20 15 Chicago _- 2, 50;") 1,998 2,154 , 1,964 1,496 1.528 601 502 626 2,574 2 027 12, 240 42 44 ! St. Louis - 599 566 510 ! 459 431 382 140 135 128 606 570 | sin 23 21 Minneapolis 545 482 431 I 342 292 260 203 190 172 565 4<)3 441 7 7 Kansas Citv .__ 515 456 394 397 314 287 117 112 107 578 505 428 13 12 Dallas 214 194 171 165 144 123 19 50 49 235 190 ixft 4 9 San Francisco 1,021 995 969 690 642 622 331 353 340 1,017 980 902 9 8 Total 21, 349 '20,292 19,522 i 14, 264 '12,876 12,355 7,085 r7,416 7,166 20, 479 ' 19, 083 18,829 269 '231 1 i 1 1 Includes all National and State banks (including stock and mutual savings banks) and all private banks under State supervision. r Revised. Back figures—See BULLETIN for July, 1930, and January and July, 1931; also Tables 42, 43, and 87-90, Annual Report of the Federal Keservo Board for 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 271 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 29, 1931, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive I - Number of of interbank de- , porting Total Loans Investments State De- ! Sep- September!: September' September September Septem- cem- ! tember ; ber New England: Maine 412,876! 429,964!, 2.16, 91 li 226, 030j 105,965 203,934 377,319 405,4131 13.195 5,482 115 118 New Hampshire 294, 9511 297,719.. 141,438 143,867 153,513 153,852 266,666 271,179] 4, 04f 1,937 117: 119 Vermont 221,185! 226,344": 137,513 141, 008! 83, 672- 85,336 212,416 217,6871 6,587 3, 363 ioo: 100 Massachusetts 3, 93S, 9271 4,219, 371 -\ 2,489,203! 2,676,730! 1,449,724 1,542,64 J 3,647, 507 3,911,569 57, 255 23, 233! 444 Rhode Island | 517,939 545, 394ij 263,692j 271,764! 254,217 273, 630 479,909 512,818 2, 050 j 425 35 Connecticut 1,296,031. l,340,995|; 741,172! 762,695! 554,8591 578,300 1,190,463 1,234,111 22^544' 8,735 351 231 Middle Atlantic: 219 New York 15,792,036! 16,808,546 10,095,738! 10,609,101! 5,696,2981 6,199,445 14,357,602 15,000,722 160,634; 2 76,104 1,001 1, 043 New .1 ersoy 2, 096, 306 j 2, 225, 984! 1,263,618: 1,339,701! 832,688! 886,283 1,986,893 2,112,770 79, 279i 46, 921 486 531 Pennsylvania 4,830,616! 5,350,175j 2,603,634; 2,873,044 2,226,982! 2, 477,131 4,021,8311 4,488,325) 211,154 133,135 1,320 1,397 East North Central: Ohio 1,981,674 2,256,611 ; 1,406,97, 1,614,828; 574,699 64.1, 783 1, 838,408 2,159,959 102.134 46, 422 822 872 Indiana 598, 729. 654, 569 402,615! 454,193 196,114 200, 376 599, 443 657, 937 14,901 10,861 742 803 Illinois 2,712,360! 2, 992,65~ 1,755, 200 i 1,981,449 957,160 1,011,208 2,537,136 2,790,622 39, 962 30,839 1,294 1,415 M ichigan 1,882, 439! 1,624, 527i 1,389,218-. 1,136,060; 493, 221 4.88, 467 1,885,049' "1,• 6'0•2'", " /0W811 90,931 21, 522 590 028 Wisconsin 789, 526 j 834,807;' 520,821! 550, 6061 268, 705 284,201 755,531; 798, 218 15, 957 9, 285 874 899 West North Central: Minnesota 772, 829! 824,971! 4-17, 607! 471,058: 325, 222 353,913 765, 901 800,811 6,059 4, 529 868 913 Iowa 546,624 666, 298' 386,052: 566, 7821 160, 572 99, 516 547,197 686,093 18,752 7, 903 938 j 1,095 Missouri 996,174 1,070,181 j 595, 601; 653, 975 400, 573j 410,206 968,445 1,040,231 22,848 12,006 982 1,064 North Dakota _ 74,182= 82, 198 i 48, 175! 54,884- 26,007i 27,314 75, 8281 84,540 1,053 1, 059 240 272 South Dakota 88,803; 97, 969 ! 53, 853 • 01,928. 34, 950 36,041 89,137! 97, 82,' 2, 499 2,031! 204 283 Nebraska 245, 4931 287, 555 " .165,506; 202, 987i 79, 98" 84,568 236,7981 293, 55(. 10,991 6, 290 630 726 Kansas 310,514; 319,103 205, 950! 213,359 104, 564 105, 744 304,847; 316, 9S9 10,046 6,802 922 954 South Atlantic: Delaware 164,186' 167,019! 95, 755 j 99, 439 68, 431! 67, 580 137,0521 143,873 1,706 870 49 47 Maryland 769, 053 792,506]! 399,117; 416,417 369, 930 j 376, 089 710,521 707, 434 16,608 17,977 202 201 District of Columbia. 249, 087. 257, 331 !j 151,496' 158,561 97, 5911 98, 770 244,909 260,194 5,962 2, 349 39 39 Virginia 454, 731 481,652] | 350, 668: 378, 524: 104, 063i 103,128 3S9, 279 426,543 17,132 11,337 402 423 West Virginia 254,111: 289, 494ij 193,118' 220, 976 i 60, 993 68,518 230, 724 262, 649 12,949 11.4261 215 251 North Carolina 240, 429' ••285,383!! 178,083' ' 216, 058; 62, 346 ' 69, 325 214,614 ' 200, soy I 19,400 '14,522 284 '317 South Carolina 113,793 74,832| 87,984; 38,961 45, 226 114,041 131,556! 6,84-1 4, 002 113 136 G corgi a 269, 733- 299,757 i 11)3,895: 212,444' 75, 838 87,313 251,697 281,037 8, 742 7, 500 322 342 Florida 179, 622 182,447;! 68, 3781 71,400] 111,244 111,04' 183,203 182,821 2, 6b C 2, 24* 18' 193 East South Central: I Kentucky 403, 775' 412,748! 310,700 317, 574: 93,075 95,174 349,53l! 355,942! 8,047 7,989i 511 513 Tennessee 326, 577 345,481' 259,006 280,910: 67, 571 64,571 297,065! 327,180; 20,424 14,758! 400 430 Alabama.. 207, 692 218,392/ 149,019 158,970] 58, 673 59,422; 186, 4 87 j 191,180 9,075 10,234: 257| 265 Mississippi 120, 875 145, 520 • 81, 330] 102,833' 39,545 42,087 j 121, 637; 133,863! 7, 523 12,3531 222] 245 West South Central: Arkansas... 100, 070 127, 019,! 75,130 01,005 31,540 32, 9541 101, 007i 117,001! 0, 194! 7,008; 275! 312 Louisiana 355,416 375,558!' 258,844! 275, 949 96, 572 99, 009 i 324,172 338, 260^ 20, 398i 17,845 200 206 Oklahoma 288,390 309,876j 166, 443, 188,591 121, 947i 121,285: 287, 0S3 311,075: 9,902! 0,325 5 271 539 Texas 781, 289 849, 567 520, 930' 593, 611, 254, 359: 255, 956! 757,122. 817, 705 13, 545: 18,342 1,102 1,146 Mountain: Montana 109,415 115,854! 55,325 60, 530 54,090; 55,324 113,932 119,571 1, 270: 1, 577- 156 162 Idaho 60, 331; 63,257:" 32, 923! 36, 985 27, 408i 26, 272: 66, 305! 09,364; 710i 122 129 Wyoming 47, 305' 50,304 32, 190 35,085 15,109: 15, 279: 49, 026; 50,440| 1,056: 2,141 781 81 Colorado.. 226, 110: 239, 900 117,562: 127, 290 108, 548; 112,670 239, 026; 255, 84 71 2, 385i 2,978! 237 i 249 N A e ri w zo n M a exico 3 56 0 , , 9 5 5 9( 0 )i 3 5 2 9 , , 9 4 0 8 7 5 2 1 8 7 , , 8 57 4 9 3 1 ! 3 1 1 9, , 8 6 3 5 1 1 2 1 8 3 , ,10 0 7 11 1 : 2 1 7 3 , , 6 2 5 5 4 6 3 6 2 1 , , 5 5 2 0 0 3 ; 3 64 3 , , 5 2 2 7 0 5; 1,0 8 1 4 8 6 1, 93 6 2 9 , 5' ?s 3 5 5 0 N U e ta v h a . d . a. 1 3 3 3 3 , , 9 8 3 8 6 5 ; ; 13 3 7 4 , , 9 2 3 3 3 2 9 2 1 5 , ,14 70 3 8 ! , 9 2 7 5 , , 6 2 5 0 2 9 42 8 , , 74 22 2 8 i ; 40 9 , ,02 28 3 1 1 3 .0 4, 7 ,1 4 7 0 2 8: 10 3 S 5 , ,11 85 1 2 j ! 1, 8 2 3 2 2 4 :. 1, 995: ii 9 3 3 2 Pacific: Washington 386, 394 422, 663; 230, 929' 248,707 155,465! 173.956J 379,051: •109,505 S.M,! 4,664 • 28320;- 301 Oregon... 211,137 226,547 93, 073 104,225 118,064; 122,322 206.106 231.4631 3,348! l,938i 197 208 California 3,115,123 3,153,158. >, 027,458 2,082, 360 1,087, 665!1,070,792. 2,927,215 3,028, 732! 55,020: 49,352 393, 404 Total |SO, 096, 819'53,365, 258 31, 615, 975''33, 749,886 18, 480, 844 ' 19, 015,372:46, 260, 854 '49,152,22181,159,763!'-697,193i 19, 90S;'-21,204 __ _ __ I __ _ ; :_ i i I 1 Includes all National and State banks and all private banks under State supervision. Figures for State institutions are taken from page SI and represent in some cases the condition of banks as of dates other than Dec. 31, and Sept. 29, 1931. 2 Excess over figures shown on pages 272 and 273 is due chiefly to technical diilerences between reports to the board and reports to State linking authorities. ' Revised. Back figures.—See Tables 91-93, Annual Report of Federal Reserve Board, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN APRIL, 1932 ALL BANKS IN THE UNITED STATES—Continued NATIONAL BANKS !—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND SEP- TEMBER 29, 1931, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts of interbank de- j and bills pay- Number of reposits i able porting banks Investments State J Decem- i Septein- j Decem- Decem- Septem- Decem- Septein- Decem-jSeptem- Decem-i September I ber ! ber ber ber Vbfei*r* blwe\*r« I bV«e/r\M ! Vbwe\*r» ber ber I New England: • §1 Maine.- --- 122,508' 129,205 64,777 68,523 57,731 60,682! 111,214 122,019 4.355: 1.709 44 New Hampshire 09,497! 72,265 38,822 41,251 30,675 31,0141 57,777 62,290 3.405i 1,297 54 Vermont (52,468 63.950 33,688 35,087 28, 780 28,863 53,045 56,445 2,527 792. 45 NI assachusetts , 1,118,138 1.291,283! 739,395 850,901 378,743 440.382! 1,021,044 1,168,794 26,025 14,731 45! 149 Rhode Island i 50,881 53,389! 29,012 30, 948 21,869 22,4411 38.285 41.318 2,2(55; 1,075 144] 10 Connecticut 1 241.543 251,961 163,486 171,687 78,057 80,274| 217,314| 225,189' 7,974 3,985 101 61 Mid N d N P l e e e e n w w n A s Y J t y e l o a l r v s r n k e a t y i n c i : a -- J i ! 4 2 , , 3 2 7 7 9 6 3 6 8 . , . 8 4 0 6 2 7 5 8 2 . 4 2 , , 8 5 8 2 2 1 2 1 6 , , , 8 9 0 2 7 7 4 5 1 j , 2 1 , , 2 4 7 8 4 3 7 1 7 , , , 7 0 5 9 9 9 6 1 3 2 1 , ,3 9 4 8 5 7 7 5 5 , , , 8 0 5 6 3 3 0 2 3 ' 1 1 , , 6 3 0 2 3 1 6 0 5 , , , 2 2 3 7 7 3 2 6 7 ; 1 1 , 8 3 , 1 4 6 3 1 7 1 , , , 0 3 0 4 3 6 3 8 4 1 : I 3 1 , , 7 9 7 4 1 2 9 9 1 , , , 9 1 8 5 4 4 5 4 2 : 4 2 , , 0 0 7 1 8 8 5 9 7 , , , 6 4 1 3 7 7 7 7 3 i 1 4 8 0 1 7 1, , , 4 8 7 0 8 9 0 4 7 1 | 4 2 6 0 3 3 . . , 0 8 2 1 0 5 1 7 2 2 5 7 7 0 7 6 2 9 4 1 2 8 5 8 0 2 9 3 6 East North Central: Ohio - — 599, 706' 660,758 389,518 434,115 210,188; 22(5,643 541,032 604,950. 26,128' 13,885 2(58 279 Indiana 289,362 304,146 178,529 190,387 110,833 113, 759 276, 857 292,271 (5,634 3,736 171 178 Illinois --- 873,519 955,298 544,077 (500,485 329.442: 354,813 797,842. 918,323 15.251 9.327 382 410 Michigan --- 838,485. 452,931: 616,475 299,153 222,01.0 153,778 835,933 449,127, 48,203 4,595 106 113 Wisconsin 379,982; 403,889| 249,767. 262,553 130,215! 141,336 356,945 376.150! 4.135 1,755 138 145 West North Central: i Minnesota 482,857: 497,53' 286,640 290,062 196,217i 207,475 466,595 472,953J 1,638 1,007 239. 244 Iowa - 198,941' 217,649 116,946 130,984 81,9951 86,665 189,314 211,166: 6,048 2,018, 188 202 Missouri 402,497: 404,695 242,065 237,325 160,4321 167,370 361,115s 352,287: 9,973 4,114' 109 11(5 North Dakota 54.857 58,954 32,140 35,020 22,717! 23,934 55,805, 60.103. 681 453 86- 91 South Dakota - 51,218 55,337 26,495 30,0(56 24,723J 25,271 50,246 54,284: 1,565 1,156 79 84 Nebraska 160,753 172.594 100,219 112,717! 60,534! 59,877 150,377 167,149: 8,304 3,937 158 164 Kansas - 165,427, 168,456 94,800 96,94" 70,627' 71,509 160,747 163,702 4,065 2,249 232 233 South Atlantic: Delaware. 20,603' 20,963 10,872 11.029 9, 731 9,934 16,108 17,339: 890 308 16 16 Maryland 174,442 187,464 86,710 98,344 87, 73: 89.120 155,109 162.343 2.136 2,511 69, 71 District of Columbia.-. 134. 519, 139,376 76,908 81,364 57, Gil! 58,012 132,960 143,646, 4,65^ 1,750 12 12 Virginia 267,884' 280,8(58 198, 536 212,372 69,348; 68,496 231,480 256,148 8,968 5,568 144 150 West Virginia 125.156 143,332 90,715 104,584 34,441: 38,748 110.3761 127,O:)8 7,456 5,647 87 102 North Carolina 72, 73li 88, 509 54,375 66,189 18,356! 22,320 57. 523J 75,594 6,851 6,864 44 55 South Carolina 51.960 56,701! 35,587 39,271 16,373 17,430 49,402; 54,0<>8 2,351 1,018 24 30 Georgia 175.498 19(5,773' 114,043 125, 569 61,455 71,204 167.471j 193.370 2,54(5 2,380 65 67 Florida 129, 487j 129, 207j 44,184 44,902 85,303J 84,305 130,040| 128,142 1,143 962 50 51 East South Central: Kentucky 171. 2091 180,182! 122,008 128, 882 49, 2011 51,300 152. 044' 158,455; 3,891 3,833 119 121 Tennessee 211,007. 215,319! 1(51,80(5. 168, 546 49, 201 46, 773 182, 074; 187,993 14,518 9, 957 84 90 A labama 152,969 161,154 i| 102, 984: 110,449 49, 985 50, 705 133, 746' 137,176 5, 688 (5,052 84 88 Mississippi 41, 6J5 51,424 28, 534 34, 384 16, 0811 17, 040j 44,531; 47, 8971 1, 856 2,515 26' 28 West South Central: Arkansas 48, 252 52, 979 27,512 31, 675 20, 740; 21, 304i 43,146! 47, 318 1, 869 2, 064 51 54 Louisiana 96, 2*9. 97, 649| 70, 846- 71, 32' 25, 443: 26, 322; 80, 891! 79, 934 4,288 4,028 29 29 Oklahoma _ _ 240, 383J 257, 795: 138,485: 156, 141 101, 8981 101, 654' 237, 040| 257. 637, 8, 625! 4,135; 250 257 Texas _ 622, 738 670, 265! 412, 974! 459,055 209, 7(541 211,210 592, 520| 641,859, 10, 248 13,102 508. 528 Mountain: ! Montana -- 62, 035 65, 399 27, 706' 30, 585 34, 3291 34, 814 65, 793' 68, 458' 646 55 5(5 Idaho 26, 400; 29,030 15,444: 17, 657 10, 95(5| 11, 373 27, 7(55. 30,449: 375 651 35 38 Wyoming 28,803 30,196i 18, ()79: 19, 331 10, 724i 10,865 29,42(5 30,050 461 1,079: 25 25 Colorado 181, 032 190,801 88, 526i 94,474: 92, 50(5 9(5,327 191,195 204,422: 1, 476 2,178! 105 112 New Mexico 22, 826 23, 769 12,625. 13, 595: 10, 201 10,174 23, 969 24,591 678 1, 101: 26 25 A U r t i a z h o na ..; 4 2 0 1, , 1 4 9 2 1 7 2 3 0 9 , , 9 9 5 4 4 0 ; , 2 8 2 , , 9 1 2 6 1 2 ' 2 1 3 0 , , 2 27 9 0 4 : ! 1 1 8 2 , , 2 2 6 7 5 0 1 1 0 6 , , ( ( - 5 8 4 4 6. 2 3 2 5 , , 1 2( 7 5( 4 5 : 2 34 2 , , 4 3 8 9 2 4 - ' 3 1 4 4 5 2 21 5 4 8! i 1 1 ( 1 5 1 1 2 7 Nevada . j 17, 092 17, 073 10, 758j 10,484: 6,334 6, 589 14,960 15,446 832 10 10 Pacific: i Washington I 226, 216 247, 859 123, 1111 132,598: 103,105 115,261j 214,469 232,327 2,776 2, 52(5! 92 Oregon 16(5,234 170,467 65, 807. 70, 013 100,4271 100,454- 159,560 171,816 2,611 1,014 84 8(5 California 1,960,613 1, 981, 3541,321, 230: 1,362,536| 639, 383| 618,818 1,837,632 1,884.871 46,768! 42, 894 181 185 Total- _ 19, 093, 615;20,121, 969 11, 904, 779 12,4(55, 556 7,18S, 83(5 7, 656, 413 17, 271,098 18, 12(5, 160 555, 3(55: 324,198 6, 368 6, 653 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 273 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS l- -PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31, AND SEPTEMBER 29, 1931, BY STATES [Amounts in thousands of dollars] Loans and investments J Deposits, exclusive of: Rediscounts and'Number of rc- ! interbank deposits '. bills payable .porting banks State Total Loans Investments ! ! ! December1 September December September December!Scptember December September. j Now England: Maine 290, 368!| 300, 759!' 152,134; 157,507 138.234 143. 252, 206,105 283, 3941 S. 840 3, 773! 72 74 New Hampshire-. ... 225,4541 225,454 : 102,616! 102,616 122,838. 122,838! 208, 889 208, 889i 040i 640' 65 65 Vermont 158, 717| 102,394 103,825} 105,921 54,892 50,473: 159,371 161,242; 4,060 2, 5711 55 55 Massachusetts 2,820.789i 2,928, OSS; :., 749,808! 1. 825,829 1,070,981 1,102,259' 2,020,403 2,742,775| 31,230! 8,502 281 295 Rhode Island j 4(i7,058 492,005 : 234, 680' 240,810 232,378 251,1891 441,024 471, 500 315 975| 2; 25 Connecticut... _ j 1,054, -188' 1,089,034:1 577,086; 591,008 470,802 498,026' 973,149 1,008,922 14, 570; 4, 750 158 170 Middle Atlantic: j New York ill,418,171 11,985, 675! ', 348,145' 7, 053, 508! 4,070,020 4,332, 107 10, 008,458 10,985,045 72,850i 20,297 492' 517 New Jersey I 1,328,234j 1,409,909.; 825,822 801,009 502,412 515,210 1,205,051: 1,325,333 37,382 20,910 2141 242 Pennsylvania j 2,534, 188" 2,828,251:j ., 322, 543 1,-185,184' 1,211,045 1,343,067; 2,101,870 2,399,150 109,754 09,883 546! 594 TCast North Central: Ohio 381,908 1,595,853.! 1,017,457! 1,180,713 304, oil' 415,140 1,297,376' 1,555,009 76,00G1 2 32, 537 5541 593 Indiana 309, 367' 350, 423 j 224,080. 203,800 85,281 80, 617 322. 580 305. 666 8,207; 7,125 571! 025 Illinois 838.811 2,037,359,: 1,211,123 1,380,9011 027.718 656. 395 1,739,294 1. 878', 299 24,711' 21,512 912i 1,005 Michigan , 1,013,954. 1,171,590 772, 743 • 830,9071 271,211 334,089 1,049,110 1, 152.954 42,728 10,927 484! 515 Wisconsin ...• 409, 544 430,918.; 271, 054! 283, 053; i 138, 490 142, 805 398, 580 422, 008 11.822 7,530 730' 754 West North Central: | Mi anesota j 289,972 327,434 •' 100,907! 180,9901 129,005 140.138 299, 300 333.858 4.421 3,522 029' 669 Iowa _ i 347, 083 448,049. | 209.1001 435, 798, 78,577 12.851 3 357.883 :i 474. 927 12,704 5.885 750, 893 Missouri 593. 077 605,480! | 353, 530: 410, 050 240,141 248, 830 " 007,330 a 087.944 12.875 7, 81,2 873! 948 North Dakota ! 19, 325: 23.244;i 10,035' 19,304| 3, 290 3, 380 20,023 24,43: 372 006 100 181 South Dakota i 37. 5*5, 42,032!! 27,358 j 31,802 10, 227 10. 770 38,891 43. 541 934. 875 185 199 Nebraska. J, 84.740 114,901'! 65.287! 90. 270' 19,453 24, 691 80.421 126.401 2, 687" 2, 353 472 Kansas ] 145,087, 150,647;' 111,150' 110,412: 33,937, 34,235 3 144,100 - 153,287 5,981 4, 553 090 721 South Atlantic: Delaware __• 143, 583. 1-16,056;! 84.883! 88.410J 58, 700 57, 040' 120, P44 120, 534 S101 502 33' 31 Maryland.. _.| 594,01.1 005,042 ! 312,407: 31.8,073| 232,204 286,969. 555,412 515.091 14,472 15, 400 133 130 District of Columbia.: 114,5CS" 117,955: 74, 588i 77,197! 39.980 40, 758 111,949 11.0. 54SI 1.305 599 27. 27 Virginia. -j 180. 8 47 > 200, 784 152,1321 100,152| 34,715 34.632 157, 799: 170.395 8. 104 5, 769 258' 273 West Virginia ' 128,955, 14(5,102 ; 102.403j 116,3()2j 20. 552 29.770 120,348 135. 551 5,493 5, 779 128 149 North Carolina j 107, 098' ' 190.874 i 123', 70S, •" 149,869! 43,990 ' 47,005 157,09 V r 185,275 12, 549 r, 058 240 r 262 South Carolina ; 01.833 70, 509:, 39.245! 4S,713j 22,588- 790: 64, 039' 77. 458 4,487: 3, 644 S9 100 (} eorjTia j 94,235 102,984 : 79, 852! 80,875: 14, 383 10,109. 84,225 87. 66- 0,196: 5,180 2571 275 Florida I 50,135; 53,240 ! 24,194j 20, 498 25,941 20.742 53, 103 54,079 1, 537 1, 280 142 Kasl South Central* \ Kentucky _... . . | 1232, 506' 232. 500' 188,092i 188,092 43. 874 43, 874; 197.487 197.48; 4,150 4,150 392 392 T A e l n ab n a e m ss a e e I ' 11 5 5 1 , .72 57 3 0 1 ! 13 5 0 7 . . 2 10 3 2 8 ! 9 4 7 6 , . 2 0 0 3 0 5, ! 1 4 1 8 2 . ,3 5 0 2 4 1 ! 1 18.370 17 8 , , 7 7 1 9 7 S 3 3 ] 5 i4 2 t . 9 7 ( 4 ) 1 i! '• < 1 3 5 9 1 . ,0 i 0 s 4 ; 5 3 , . 3 9 8 0 7 6. 4 4, , 8 1 0 * ! 2 no 3 1 4 7 0 7 Mississippi ! 70. 200 94, 090 : 52. 796! 08, 419, 23, 104 25. 047 77, 100 85. 90t f>. 007! 9, 838 ]i 9730 "West South Central: i Arkansas 58,418 74.010! 47. m sj 02, 390; 10,800 ] 1.050 57,801 70, 580 4. 325 5,001 224 258 Louisiana 259, 127: 277,909'. 187.998! 201,022! 71, 129 73. 287 243.281 258, 320 22,110 13.817 171 .177 Oklahoma j •IS, 007! 52, OS I : 27. 95S 32, 450: 20.019 19.631 50. 0431 53. 438 1,277: 2, 190 277 2*2 Texas.. ! 15S, 551: 179, 302: 113,950 134.5501 44, 595 44, 740: 164, 002! 175,840 3, 297; 5, 240 594 018 Mountain: ! Montana 47, 380' 50, 455-'| 27,019; 29, 945i 19,701: 20,510 48,139! 51,110 024! 879 101 100 Idaho . . ...; 33,931: 34.227!: 17.479! 19.32h' 10, 452: 1 4, 899 a 3S, 000. 3 3S, 915 335. 290 87 91 Wyoming ... . 18,502 i 11, 117| 15,75!; 4, 3S5 t, 411 19,000 20, 390 595| 1,002 53 50 Colorado .! 45. 078^ 49, 159j! 29, 030 i 32.810i 10,012 10, 343 47,8311 51,425 909' 800 132 137 New Mexico. 8.121 9. 138 5.218 6, 050; 2, 906 3, 082 8.534! 8, 935 340| 591 24 25 Arizona ...: 35, 399 38,531 J9.05S 21, 561! J5,741 J (j. 970 39, 254' 41.793 5011 * 674. 21 23 Utah 93. 509: 97. 993 09. 540 74, 35# 23, 903 23, 035; 71,99>v 74, 45$ 1.7S1 72 70 Nevada ... 10,793 17,159 14,385 14, 725j 2, 408; 2, 434 19, 50S 19, 6O.r 22 22 Pacific: Washington • 100. 178; 171.804 107,818 ii6, IOU! 52, 300! 58,095 104.582: 177,178 2,735; 2, 13S 191 200 Oregon . '. 14, 903! 56, 0S0 27, 200 i 34,212; 17, 037' 21,80S 40,540 59,04 737! 924. 113 J22 California ! 1 154,510 1,171,804 700. 22SJ 719, S30! 448, 282 451.974 l,0S9.5S3 1,143,801 8,252| 0,458 212 219 Total. . J31. 003, 204!>"33, 243. 289 ! 19, 711,190j-21. 281, 330; 11, 292, 008 ' 11, 958, 959 28, 989, 756>31, 020. 008 001, 398/300, 995 13, 6O1 r 14, 041 I ! • :i ' I i : . ! 1 Includes all State banks (including siock and mutual savings banks.) and all private banks unier State supervision. Figures relate to dates nearest, thereto for which figures are available. 2 Includes bonds borrowed. 3 Includes due to banks. 4 Includes miscellaneous liabilities. r Revised. NOTE.—All figures in the December columns are as of Dec. 31, except as follows: Maine, Dec. 20; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Kentucky, June 30; Oklahoma, Dec. 20; Colorado, Dec. 5. All figures in the September columns are as of Sept. 29, except as follows: Maine, Sept. 20; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, savings banks, June 30; Connecticut, savings bunks, June 30; New York, State banks, Sept. 30, savings banks, June 30; Indiana, June 30; Iowa, June 30; Missouri, Sent. 18; Nebraska, .June 30; Kansas, Oct. 10; Maryland, State hanks, Nov. 14, savings banks, June 30; N'ortn Carolina, June 30, Kentucky. June 30; Tennessee. May 12; Alabama, Nov. 10; Louisiana, Sept. 2S; '.'olorado, June 27; l.'isih, Sepi. 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN APRIL, 1932 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Iteserves held I Borrowings at Federal reserve ' banks Federal reserve district Total Excess ! ! I 1932 1931 1932 1931 1932 1931 ; Feb. Jan. Feb. Feb. : Jan. Feb. Feb. | Jan. Feb. Boston 119.6 j 120.2 142. 0 1.0 5.5 2.0 39.9 47.0 ]0. 7 New York 811.5 ' 850.8 1,005.1 12.9 10.0 18.7 i 178.8 j 188.2 47.8 Philadelphia... 118.4 ! 121.9 141.3 1.4 1.5 2.9 j 121.9 ! 119.2 24.2 Cleveland 141.0 : 145.4 192.7 1.1 2.2 3.5 ; 121.7 ! 123.8 23.1 Richmond 51.8 • 52.2 (JO. 0 1.3 .9 1.3 : 30.4 43.1 18.3 Atlanta 47.6 i 48.8 58.8 2.3 2.1 3.3 : 45.0 : 45. 0 21.6 Chicago 257.7 209.0 332.9 8.9 . 9.8 0. 6 . 79.8 84.6 20.5 St. Louis 57. 5 i 60.0 09.6 2.4 ' 3.0 4.3 : 22.0 ' 24.5 9.4 Minneapolis. _. 41.4 42.9 47.5 1.9 2.3 2.1 ; 12.2 • 9.5 4.0 Kansas City.... 68.1 71.0 82.2 4.7 5.4 4.5 35.4 i 30.0 13.6 Dallas 49. 2 48.9 57.7 3.8 3.5 2 3 i 14.6 ! 15.3 6.2 San Francisco.. 143. 6 130.1 179. 4 1.6; -11.4 5. 0 ! 128.5 ; 85.3 16.3 Total _: 11,,990077..55 .. 1, 979.1 2,370. 3 43. 8 35.4 50.6 | 836.2 ! 816.6 215.8 NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS [Tn millions of dollars] Averages of daily figures Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal reserve district Net demand Time Net demand Time 1932 1931 1932 1931 ,.OO 1931 1932 1931 Oil Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Boston 990 1,018 1,188 7J1 ; 712 847 85 OD 100 140 147 165 New York _ » _. 5,818 6,179 7,123 1,892 1,937 2,010 220 2 O 20 O 274 500 591 C Ph le il v a e d la e n lp d hia 8 9 3 0 6 8 9 8 9 0 8 0 1,3 9 4 7 2 0 1 0 0 0 2 4 4 ! 1.O fi 3 ll R 1,3 7 2 3 9 8 1 14 5 8 3 1 1 5 4 7 8 1 1 8 9 7 3 4 2 0 7 9 0 273 4 33 0 6 3 345 350 390 291 295 330 80 87 113 166 170 204 Atlanta 331 343 413 291 90R 304 67 70 90 70 72 84 Chicago 1,693 1,773 2,200 1,304 ! 1,338 1,774 162 109 228 266 277 368 St. Louis 389 405 403 308 i 316 355 91 94 114 100 102 120 Minneapolis _. 206 213 2 40 207 ! 211 214 116 121 143 211 215 245 Kansas City 414 429 511 2J7 ; 219 234 191 198 246 124 125 142 Dallas 314 316 376 103 j 164 190 155 152 200 33 33 40 San Francisco.. 893 929 1,119 1,498 ! 1,549 1,742 110 118 151 120 122 144 Total 13,198 ! 13,818 16,350 8,510 ! 8,087 10,078 1,591 1,628 2,039 2,416 2,458 2,901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL RESERVE BULLETIN 275 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO [In millions of dollars] I Federal Reserve DLstrict C ty • ! Total i Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas VF C rr i a s Z c n o - ; ! N yY e o w rK . c C a h g i o - Loans and investments: Mar. 2 19 523 ' 1,297 7, 638 1,161 1,979 599 520 2,633 570 345 572 416 1,793 ," 6,540 1,468 Mar. 9 . 19,305 i 1,276 7,515 1,145 1,973 601 517 2,593 576 345 569 412 1,783 i 6,421 1,440 Mar. 16 19 588 '•1,272 7,704 1,158 1,974 608 529 2,624 583 345 570 421 1,800 6,617 1,480 Mar. 23 19 403 1,271 7,577 1,153 1,976 610 525 2,599 580 342 567 417 1,786 : 6,486 1,460 Mar. 30 19,354 i 1,271 7, 629 1, 130 1,963 612 5L.i 2, .545 576 341 566 415 1,777 ; 6,541 1,410 Loans: Mar. 2 . 12 588 •' 860 4,961 703 1,244 365 347 1,875 363 216 300 270 1, 078 4, 269 1,009 Mar. 9 _ 12,436 849 4,863 701 1, 23S 367 344 1,844 371 216 303 269 1,071 i 4,174 990 Mar. 16 12 388 ' 842 4, 829 701 1,228 365 345 1, 855 372 208 302 267 1,074 i 4,148 1,014 Mar. 23 ' 12 254 ' 841 4,728 699 1, 226 369 345 1,840 368 205 302 265 1,066 4,048 1,002 Mar. 30 12,'211 i 838 4, 757 694 1,220 372 343 1,796 305 204 301 262 1,059 4,074 960 On securities- Mar. 2_ 5 440 322 2,404 357 557 147 103 875 145 58 87 80 300 ' 2,109 577 Mar. 9 5 426 32() 2, 395 356 556 147 107 865 152 59 87 80 296 2,097 571 Mar. 16 = 5 413 : 330 2, 357 354 556 147 107 885 152 61 87 79 298 2,000 597 Mar. 23 ' 5 337 325 2, 300 355 557 150 107 877 149 60 87 77 293 , 2,009 592 Mar. 30. . _ 5 3i)8 321 2, 337 3">2 5.15 154 106 840 146 60 88 77 289 2,0-43 554 All other- Mar. 2 . 7,148 538 2, 557 346 687 218 239 1,000 218 158 219 190 778 ' 2, lfiO 432 Mar. 9 . 7, 010 523 2, 468 315 682 220 237 979 219 157 216 189 775 2,077 419 Mar. 16 6,975 ' 512 2,472 347 672 218 238 970 220 147 215 183 776 2,082 417 Mar. 23 0, 917 510 2, 428 311 669 219 238 063 219 145 215 188 773 2,039 410 Mar. 30 0,883 ";lt 2, 420 312 6f)5 218 237 <J5o 219 114 213 1*5 770 ! 2,031 406 Investments: Mar. 2___ . 6,935 437 2, 677 458 735 234 173 758 207 129 266 146 715 2,271 459 Mar. 9 6, 869 427 2, 652 444 735 231 173 749 205 129 266 113 712 2,247 450 Mar. 16 . 7,200 430 2, S75 457 74!) 243 1.34 769 211 137 268 l.r)4 726 2.4fi9 466 Mar. 23 7,149 430 2.819 4,v4 750 241 130 759 212 137 265 152 720 2,438 458 Mar. 30 7.113 433 2. S72 •M2 743 240 180 749 211 137 265 153 7iS • 2,467 450 United States Government : securities — Mar. 2 . 3, 742 . 225 1,591 184 331 115 88 406 88 54 13S 86 3S3 : 1,445 245 Mar. 9 3. 704 222 1, 582 172 385 115 83 400 86 54 138 83 379 : 1,437 239 Mar. 16 4,016 . 224 1.790 185 399 122 99 418 91 61 139 95 393 , 1,643 254 Mar. 23 3,951 223 1, 717 182 402 120 95 411 92 61 138 91 3S9 1,601 248 Afar 30 3,920 : 226 1,752 171 393 117 95 398 91 61 137 91 388 : 1,610 237 All other- Mar. 2 3,193 212 1, 0S6 274 351 119 85 352 119 75 128 60 332 826 214 Mar. 9 3,165 205 1,070 272 350 119 85 349 119 75 128 60 333 810 211 Mar. 16 .. 3,184 \ 203 1,085 272 347 121 85 351 120 76 129 59 333 S26 212 Alar. 23 3,198 ! 207 1, 102 272 348 121 85 348 120 76 127 61 331 837 210 Mar. 30 3, 223 207 1, 120 271 350 123 85 351 120 76 128 62 330 • 857 213 Reserves with Federal reserve ; bank: Mar. 2 1,431 : 78 693 71 107 35 32 .198 39 22 42 28 86 639 137 Mar. » • 1,448 80 692 70 106 34 31 218 40 22 43 28 84 , 643 155 Mar. 16 1,452 : 83 698 70 107 37 30 200 41 23 47 29 87 : 648 136 Mar. 23 1,446 84 703 69 107 33 201 39 21 43 29 85 659 140 Mar. 30 ._ 1,459 • 73 736 69 107 34 29 196 38 22 43 29 83 : 689 133 Cash in vault: Mar. 2.._ ____• 206 15 52 12 14 34 6 5 11 6 18 40 14 Mar. 9. . . 211 15 54 12 27 13 g 34 6 5 12 7 18 ; 41 15 Mir. 16 : 202 15 50 12 26 13 . 7 32 6 5 12 17 : 38 14 Mir. 23 210 15 53 13 27 14 10 32 6 5 12 6 17 ' 40 14 Mar. 30 • 215 14 5C> 13 28 13 33 7 5 13 7 18 : 43 14 Net demand deposits: ; Mar. 2 .11,003 724 5,200 636 839 291 241 1,404 303 178 362 244 576 j 4, 727 950 Mar. 9 ! 10,970 724 5,167 635 837 293 242 1,410 315 181 358 246 562 4,701 959 Mar. 16 10,992 699 5, 199 633 837 291 237 1,406 319 178 362 246 585 ; 4,739 947 Mar. 23 . ! 10,843 695 5,131 622 840 286 236 1,376 313 174 358 242 570 ! 4,666 925 Mar. 30 10,941 •, 088 5,286 624 847 284 233 1,329 310 173 356 244 567 i 4,814 878 Time deposits: | Alar. 2 : 5,700 421 1,200 261 841 223 198 999 208 151 182 129 887 i 744 391 Mar 9 • 5,714 420 1,211 265 838 223 200 993 208 150 183 129 894 i 756 385 Mar. 16 5,687 : 420 1,207 264 833 223 199 988 208 149 185 128 883 1 751 384 Mar 23 i 5,675 419 1,202 265 831 223 198 990 207 149 184 129 878 ' 753 384 Mar 30 .- 5,680 . 419 1, 208 267 831 224 197 986 208 150 184 129 877 758 383 Government deposits- Alar 2 : 225 : 25 144 16 12 6 2 1 1 6 6 '. 140 2 Mar 9 ' 153 17 98 11 8 4 2 1 1 4 4 : 95 1 Mar. 16 547 • 46 265 45 34 24 31 32 7 6 6 22 29 ! 253 25 Mar 23 485 39 225 41 33 23 30 31 6 5 6 19 27 :. 214 24 Mar. 30. 452 36 203 38 31 22 29 31 6 5 6 IS 27 I 193 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL, 1932 PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO- Continucd [Tn millions of dollars] Federal Kescrvc District City Total I Boston! 4Y N ;o e r w k I1*""- -Clave. m Ki o c n h d - i | la A n t- ta I \ C ca h g i o - ! j L S o t. uis ; I n *f M . i P- n - • : K ^ an- Dallas i F ci r s a c n o - Y N o e r w k c Ch a i g - o j Due from banks: Mar. 2 . 912 52 ! 129 G3 • 65 53 ! 54 j 170 I 48 ! 96 | 96 104 Mar. 9 872 44 ! 106 (50 i 65 51 I SI i 158! 47 I 94 •• 77 95 Mar. 16 . 972 86 i 116 63 : 69 54 :• 5o : 173 Si 106 ! 85 106 Mar. 23._ 917 63 : 104 60 ; 64 54 ! 53 | 177 ! 98 i 73 112 Mar. 30 949 69 ! 109 66 i 63 47 ! 55 | 208 65 70 142 Due to banks: 42: 96: M M a a r r . . 2 9 2 2 , ,3 3 8 4 6 0 1 11 2 6 0 j ! 9 8 3 9 2 0 1 1 4 4 5 0 j ! 1 1 8 8 1 0 8 80 2 j : 8 8 0 2 3 3 1 4 2 2 8 9 8 0 ! • 5 6 8 0 1 13 3 4 8 8 7 1 9 ! i 141 : 8 8 3 7 6 6 2 2 3 4 9 2 Mar. 16 2,444 120 i 863 143 ! 184 80 j 80 ! 359 I 90 ' 62 134 80 145 i 909 256 M Ma a r r . . 3 23 0.. 2 2 , , 4 37 0 6 0 1 1. 1 1 1 2 ! j 9 95 4 7 0 1 1 4 3 3 5 ; : 1 1 8 8 6 2 7 7 9 8 !• 1 778 7: i3 3 5 4 7 8 I 8 8 2 6 ; i 6 6 0 0 1 12 2 5 8 8 79 1 I ; 1 1 4 4 9 8 : 8 9 8 0 5 2 2 2 5 6 2 0 Borrowings from Federal re- 144 ! serve bunks: 1 27 1 Mar. 2 474 70: 20 i 37 I 3 i 4 ! 6 117 15 ! 1 Mar. 9 397 47 17 22 ! 33 | 2 : l ! 5 111 . ! 2 Mar. 16 . 328 40 ! 13 14 1 24 -1 4 1 ; 3 i 2 Mar. 23 334 47: 14 14 | 20 I 4 : 1 102 ! 2 Mar. 30 305 48 : 14 ! 14 19 i 3 1 99 ! 2 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper s L to o c a k n s e x se c c h u a r n e g d e b c y o l p la r t i e m ra e l ! ! L oans secur r e e d c e b ip y t s warehouse Interbank loar.s Federal reserve bank or branch i 1932 1931 1932 I 1931 1932 1931 ; 1932 I 1931 City Man* i F ™ ebru- I i Mairch ! March : Fe a b ry r u- • | ' March March | F a eb r r y u- March March Fcbru- March Boston ' 4 -5 ! 4 -5 -2': 5 43^-5 5 -6 5 -G 5 -5H[ 5 B N u e f w fa l Y o ork. _= I 4 5 - - f 6 > | % 4 5 3 M ^-5 4 6 1* 4 G 3, /4 6 2 /2 6 W 5H i- - h G Philadelphia 4*4-5 i\ 5 5 -6 5 -6 ; 5 -53 5 —o]/2 4 -5 4 -5 4 -5 C Cl i e n v c e i l n a n n a d ti-.. 5 5 j"2~~G (\ o -0 i 5 5 5 - - 0 6 0 G ; G - 6 7 5 - 6 6 5 5 - - 6 0 4 5 - - 0 f, Pittsburgh G 5 -5 5 -G G 6 6 6 G 5 -G R B Ch i a c l a h t r i m l m o o t o t n e r d e . . .. _ 5 - 6 5J-2. i 5 5 5 } - 2 - * { -6 > o 5 - - 6 by. -G G )2 - - 6 6 6 5 -6 G • 6 G ,-- G G . 5 - 6 6 5 ~ 6 f* j \ 5 5 - - G G } Atlanta 5 -5>2i 5-6 5 4H-6 4 -4>2 53/2-6 5 -fiV*! 5 J B a i c r k m s i o n n g v h il a l m e 5- 6 8 i i 5 5 - - G -8 6 5 - - G 7 3o • 6 6 J, - - S 7 6 -7 6 G 3/i - ~ 8 7 6 61'2 - " 8 8 • 6 G G 6 i ! 5 -6 G N N a ew sh v O il r l l e eans 6 : 6- 8 G 6 5 - - 8 63/ G i G 5 ( 3 5 2 - -6 8 j 5H-6 G 53/£- " (> 6 I ! 5 -G G Chicago 4 -5 5 Dtit/""/;/;;;: 5 -() -G 4J4-0 0 1 G I 6 j. St. Louis 4J£-5 4M-6 534-G 5 -G ; 5 -G i 5 -6 I 5- 6 L L o it u tl i e s v H ill o e ck 0 -(> 0 3 G 0 6 G G G -7 0 6 -7 G ; 6 -c 6 > y2. I 5 -6 6 ! 1 5 -G G Minneapolis 4 -4} 4 -4V. -4 5 -6 5 -G 5 -6 4 -4U 4 -132 0 5} Hi Helena 7 -8 6 -8' 8 7 -S (J -8 8 G -8' 6 -8 • G -8 0 -8 G -8 Kansas City | 5 -6 43/2-G 5 -f> ! 5 -0 5 -6 5M-6 Denver ! 4 -o 4 -6 '' ' 6 6 53^-8 53i-* : G -8 6 O O k m l a a h h a o ma Cit _ y ' " _ i I (i 5 --G 6 f 8 6 G - - 6 8 > 2 j ": G G - - G 8 3 -2 . G-8 G G 6 D El a l P la a s s o .._ " i" 5 - - f 8 > 5 7 - - 8 6 4 7 - - G 8 6 7 -7 -8 6 7 -6 -8 3^1 8 0 ; 5 -G 8 5 5M ' - " 5 G 3-2 Houston ...._.. 53-2-6 5H-7 5 -7 5 -53< 43/2-5^ 43-2-534 San Antonio '_ G 6 -8 G : G San Francisco 4H-5 5 -6 5 -G 5 -6 53/2-6 5 . 5 L P o o s r t A la n n g d el . e .. s._ 1 G ^ 2 - 6H ! 5 6 H - - G 6 G G - -6 6 V J- 5 G - - 7 6H 6 G - - ^ ' 1 J 6 G : G 6 B Se ai a t tt L le ak .. e . . City " I i G G G I | 6 GH-7 (i GH-7 (} 5 -i ( s 5 ' G -; G 0 '• : G 6 Spokane. j G G i 63 2-7 63^-7 G -7 63/2-7 0 : G NOTE.—Kates at which the bulk of the loans of each class were made by representative banks during the week ending loth of month. Kates from about 200 bankswith loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDERAL KESERVE BULLETIN 277 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS, ETC. CURRENCY TO AND FROM EUROPE [In thousands of dollars] BY SELECTED BANES IN NEW YORK CITY » [Paper currency only. In thousands of dollars] i I Within: 16 to 31 to ; 61 to 91 rtavs Over 6 Total ' 15 30 60 j 90 to 6 1931 I 1932 ! days days days I days months months , Net : Net Month m Sh e i n p t - s ce R i e p - t s i m sh e i n p t - s m Sh e i n p t - s ce R ip e- ts ; ! m sh e i n p t - s Bills M d a is r. c o 2 unted: 828, 402 i 6 49,0041 ] 47,283' 66,090 46, 217i 15,907 3 901 to from , (—) or to from ! (—) or Mar. 9 747,979 570,718! 49,95)4" 65,815i 42,467' 14, 699 4 286 Europe Europe receipts Europe Europe: receipts Mar. 16 1660, 71)2 496, 673148,485 56,784' 40, 639 14, 152 4 059 Mar. 23 665,583512,343' 38,787 61,352; 35,321' 13, 548 4 232 Mar. 30 633. 255 486, 632j 37,151' 56,830, 34,414: 13,804 4 364 January 470 4,051 : +3. 581 25 3,335 | +3,310 Bills bought in I i February.. 130 960 +830 0 5,221 i +5,221 open market: March 1,380 863 , -517 0 8,468 +8,408 Mar. 2. 115,640: 48,008i 37,132 12,7111 17,768 21 April 915 1,469 i +554 Mar. 9. 137,584' 64,075 27,862 11,409: 33,987 251 May 2,570 2,103 : -467 Mar. 16 105,714: 49,224 12, 707 10, 852! 32, 690 241 June 8,811 779 : -S, 032 Mar. 23 81,696. 33,172' 8.554 ll,048: 28,678! 244 July 10,258 394 -9,862 Mar. 66,362! 28,602: 10,970 15,810 10,742' 238 August 3,226 3,723 . +497 Certificates and i September. 8,433 3,290 -5,143 bills: October 3,088 11,588 +«, 500 Mar. 2 361,768^ 67,546 4. 250 6,300 54,816! <)5,204; 133,652 November. 52 7,039 +6.987 Mar. 9 382, 609 50, 645 4, 250 6,300106,066! 79.213J 130,135 December i 1,523 3,749 +2, 226 | ;. Mar. 16 439,909 36,2501 3.500 24,625101,59]! 211,824; 62,119 Mar. 23 432,370, 5,250 3,500 48,236129,530" 155,311: 90,543 i For explanation and back figures see BULLETIN for January, 1932, Mar. 30 459,554! 6,143 3,800 66,916' 89, 550=" 183, 538! 109.607 pp. 7-9. Municipal warrants: MEMBERSHIP IN PAR-COLLECTION SYSTEM M Ma a r r . . 9 2 8 4 , , 5 2 7 4 3 7. 8 4, , 3 06 9 5 0 " 1 1 3 3 0 0. 32:. Mar. 16 4, 9541 3, 8741 20 60 . [Number of banks at end of February] Mar. 23 5,791' 4.521! 1,190 " 52" 28.. Mar. 30 6, 7111 5, 5911 1,000 08 .. Nomnernber banks Member bunks ! UNITED STATES POSTAL SAVINGS Federal reserve On pur list Not onpar list district [Balance to credit of depositors. In millions of dollars] 1932 1931 1932 1931 1932 1931 End of month 1927 1928 1929 11993300 1931 : 1932 United States.. 7,094 7,968 8,839 10, 718 3,127 i 3,441 N R A D C S S B P C M K a t h l i h o a e t . a i n e c l i w i l s n n a l v c h L l t a n a s n o a F e m o d a s Y e g n l t r u s e a a a o o a o l i n p n n s p C r d o d c k h i l i i t i s - a s y c . . . o _ -• \ , , : : • i • i ' 8 4 3 5 3 6 8 5 3 7 8 0 3 4 0 9 4 4 6 7 0 7 1 0 3 6 2 4 0 6 4 5 6 1 0 7 1,0 3 8 5 3 9 4 5 6 6 7 7 6 8 7 0 7 9 5 6 0 3 4 1 6 1 1 3 5 5 1 7 4 6 9 0 2 1 1 , , , 1 5 4 3 3 4 3 4 5 2 7 1 9 8 7 3 3 3 0 7 7 2 5 4 2 2 7 2 9 5 6 9 2 5 1 6 3 1 1 , , , 3 1 8 4 3 9 5 5 2 4 6 1 8 6 3 2 4 0 9 5 6 8 0 7 1 2 1 4 3 9 5 2 0 3 5 3 3 7 2 3 8 2 2 6 6 9 1 4 7 1 5 3 5 4 3 7 0 8 1 6 1 1,0 8 4 4 2 1 2 0 4 4 1 2 6 9 4 6 8 3 8 2 3 1 8 2 J J J A M A S N D F M O u u a e e p e o u c a a n n l p b c t y r v g y r e o u t i r e c e u l e b u a m h m s m e a r t b r y r b b y e e . e r . r r . -. _ - _ ! ! I ' ' 1 • , 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 4 4 7 7 9 1 6 3 7 7 8 8 7 8 . . . . . . . 4 . . . . 4 . 0 5 4 8 9 7 5 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 4 5 5 5 5 5 5 5 5 5 5 5 8 2 2 2 3 2 1 2 3 2 1 3 . . . . . . . . . . . . 9 0 2 0 9 2 1 7 9 3 1 1 . : . ' ' • • 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 6 6 5 6 6 6 5 3 3 4 3 4 1 3 7 0 0 4 . . . . . . . . . . . . 8 0 5 8 6 6 7 3 8 3 1 3 2 1 1 1 1 1 2 1 1 1 1 1 0 6 6 7 7 4 6 7 8 8 8 9 0 9 7 1 0 5 5 5 6 9 0 2 . . . . . . . . . . . . 9 5 7 2 2 4 1 3 5 8 7 5 * » M 5 5 3 3 2 3 3 4 2 3 5 6 5 9 4 2 0 2 1 9 7 7 3 9 5 5 7 5 2 2 3 8 2 2 8 . . . . . . . . . . . . 9 4 6 6 0 7 7 4 8 5 1 1 j ( ! i i P »6 0 5 83 8 . . 6 1 i Figures cover all incorporated banks (other than mutual savings *» Preliminary. c Corrected. banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL, 1932 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS [ B anks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions daring 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 suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n ll a th rs o ) usands Federal reserve district I Members I ! Members 1 b A an ll ks .! m N b e e o r r n a s - - I J ba A n l k l s I National! State m N b e e o m r n s - - I I b A an ll ks bers bers ba A n l k l s ' M be e r m s l - m N b e e o m r n s - st8te March, 1932: Boston 1 3,893 3,893 ' U 1,8 New York , 1 664 664 Philadelphia 2 '__ : 3,208 •! 3,208 Cleveland 2 622 Richmond.,- 2 256 1 ! 156 156 Atlanta |!_ 1 ; 1,119 i 680 439 Chicago i 16 |. 1! 3,974 3,974 13 10 • 5,471 ; 2,344 3,127 St. Louis. ! 5 :. 380 380 i 1,808 481 1,327 Minneapolis • 2 • 360 360 1,132 . 1,132 Kansas City : 11 ' 3 i 2,042 880 i 1,162 66 ! 66 Dallas 1 1 8 i 2,750 2,750 ! 2 ! 670 670 San Francisco.. 4 , 2 i 995 190 j 805 1 1 Total. 45 38 15,936 ' 4,484 | ' 11,452 28 10 18 I 15,499 ; 9,714 | 5,785 January-March, 1932: Boston. 36,015 '. _.._! 36,015 ... 1,869 - 1,8 New York s 5 11,906 S, 913 | 797 2,196 1 1 ' 3,900 ; . 3,900 Philadelphia... 14 5 21, 733 2,589 i i 19,144 2 2 :. ...: 3,208 •.;3,208 ' Cleveland 27 9 18 11,246 4,689 > __.i 6,557 3 1 I 2 | 2,776! ' 577 j ~2~199 Richmond 37 9 28 41,134 12,320 14 2 ! 12 5,647 ;. 794 i 4, 853 Atlanta. 25 8 15 9,527 4,391 1, 227 3,909 6 l | 5 i 2,373 680 ! 1,693 Chicago 156 27 123 85,097 ! 31,240 10, 625 43, 232 22 4 ' 18 ; 7,621 i:2,901 j 4,720 St. Louis 76 12 61 31,813 10, 312 3,067 18,434 20 4; 16 , 9,019 • 2,559 I 6,460 Minneapolis.._ 20 4 16 4, 235 1, 530 2.705 8 i i 7 • 3,160 !; 1,132 i 2,028 Kansas City... 68 13 55 12, 678 4,403 8,275 7 7 1 812 !. 812 Dallas 17 3 13 6,409 j 2,941 87 3,381 8 5 4,809 i13,523 1,286 San Francisco. 50 12 39 28,120 7,464 3,068 17, 588 1 1 150 L 150 Total.. 509 107 ; 18 384 299,913 ; 90,798 18,871 j 190,244 93 19 I 74 j 45,344 M 17,243 28,101 i 1 Represents national banks only, except as follows: March, 1 State member in Chicago district with deposits of $628,000, and 1 in St. Louis district with deposits of $339,000. 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

279 APRIL, 1932 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING MARCH, 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) Number D s e a p n o d s s i t o s f ( d in o l t l h ar o s u ) - State Members Members i ba A n l k l s , ti N on a a - l sbt. ttea te , b m™ N er e o s mm n - - - i , b ahbn £ A ak " sn 1 ! 1 ; i ! j N m o e n m - - ba A n l k l s i ! ' M be e r m s l - No All Mem ' Non" National State j bers i New England: Maine- New Hampshire.. Vermont. Massachusetts—. 1,869 1, S Rhode Island.... Connecticut. Middle Atlantic: New York.. New Jersey 664 664 2,086 I 2,686 Pennsylvania 522 i 522 East North Central: i Ohio V- 622 : 622 ;. Indiana 1,843 I 1,843 I 432 432 Illinois 935 I 935 • 3! 1,577 1,077 500 Michigan 2 ! 1, 950 1,132 824 Wisconsin 3 ! 1, 003 1,003 West North Central: Minnesota M: 360 !,. 360 Iowa 1,196 Si. 1,196 i 2 i 2,209 1,409 800 Missouri 406 •;. 406 ! North Dakota 5 ;L South Dakota ' Nebraska ! 3 483 483 Kansas 5 897 I 296 601 South Atlantic: Delaware.. Maryland District of Columbia. Virginia West Virginia North Carolina 206 206 ! 156 156 South Carolina 50 50 !- Georgia Florida-.. 1 439 439 East South Central: Kentucky 52 1 ] 83 Tennessee. Alabama. Mississippi 812 812 West South Central: Arkansas 339 339 Louisiana 680 680 . T O e k x la a h s oma ? II 2,7 5 5 8 0 4 2,7 5 5 8 0 4 670 6 6 7 6 0 Mountain: Montanfl. Idaho 2 •! 351 ;! 79 272 : Wyoming. Colorado New Mexico.. Arizona . Utah. Nevada. Pacific: Washington | Oregon j 1 : 533 ! 533 ' California I 1 , Ill ; 111 Total.. 45 38 ; 15,936 4,484 11,452 28 10 • 18 | 15,499 9,714 : 5,785 i Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000, and 1 in Arknasas with deposits^of $339,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN APRIL, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO MARCH 31, 1932 Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopcnings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of (into of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thoiisands of dollars) JNumber Depos o i f ts d ( o in l la th rs o ) usands State Members Menibers ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s National State me N m o b n e - rs ba A n l k l s M be e r m s^ - m N b e e o m r n s - - ba A n l k l s M be e r m s! - m N b e e o m r n s - - New England: Maine - New Hampshire i Vermont M assach usetts 2 2 9,285 9 285 1 l 1,869 1,869 Rhode Island Connecticut 3 3 26, 730 26 730 Middle Atlantic- New York _ 5 4 1 9,349 8,249 1,100 1 1 3,900 3,900 New Jersey 6 3 1 2 4,779 1,090 797 2, 892 1 1 2,686 2,686 Pennsylvania 17 8 9 22,909 4,277 18 632 1 522 522 East North Central: Ohio 12 1 11 4,531 657 3,874 3 2 2,776 577 2,199 Indiana 39 ! 6 33 24,580 • 7,709 16,871 5 5 999 999 Illinois 86 1 17 6 63 42,056 18,103 5, 599 18, 294 11 3 2,826 ! 1,077 1,749 M ichigan 6 1 5 3,923 1, 132 2 791 4 1 3 2, 324 1,132 1,192 Wisconsin 1 1 637 637 8 1 7 3, 286 557 2,729 West North Central: Minnesota 12 12 2. 484 2, 484 1 1 400 400 Iowa 42 j 5 i 36 25, 485 5, 084 5, 291 15,110 3 2 2,209 1,409 800 M issouri 36 6 1 29 14, 477 7, 909 455 6, 053 4 1 3 4,925 1,918 3,007 North Dakota 3 1 2 226 92 134 3 339 339 South Dakota 2 2 87 87 Nebraska 13 i 13 1,780 1 780 4 4 621 621 Kansas 29 ! 23 6,365 2,830 3, 535 South Atlantic: 6 i Delaware , 792 792 Maryland 3 ! 1 2 1,736 i 839 897 3 3 1,484 1.484 District of Columbia Virginia 5 i 4 590 252 338 2 1 1 591 567 24 West Virginia 2 ; 2 207 : 207 1 1 2,452 2,452 North Carolina 20 j 15 13,035 ' 9,967 3 068 5 1 4 815 227 588 S G o e u o t r h g ia Carolina 8 6 5 2 2 4 6 25 1 ,4 6 8 7 7 4 = 1 1 2 6 6 2 8 24 1 , 4 3 0 2 6 5 3 1 3 1 3 3 0 0 9 5 3 3 0 0 9 5 Florida 2 i 1 1 871 , 432 439 1 439 439 East South Central: Kentucky 25 6 1 18 8,676 3,074 2,347 3, 255 4 1 3 488 160 328 Tennessee 4 i 1 3 1 266 1 028 238 Alabama 8 j 3 1 4 3 748 2 089 696 903 Mississippi 5 5 607 007 6 0 2, 255 2,255 West South Central: Arkansas 1 6 696 , 85 011 4 1 3 694 339 355 Louisiana —_ 6 1 1 4 ?., 310 680 531 1,099 1 1 680 680 Oklahoma 11 3 8 2,762 982 1.780 3 3 191 191 Texas.. _ . 17 : 3 1 13 6,409 • 2, 911 87 3,381 8 3 5 4,809 3, 523 1,286 Mountain: Montana 2 o 306 306 Idaho. . 5 1 4 639 79 500 Wyoming Colorado 7 3 4 938 i 518 ._ 390 New Mpxico Arizona M Utah 13 2 11 9 919 863 9 080 Nevada 3 3 98 L 981 ! Pacific- Washington 12 ; 4 1 7 6,932 ! 3, 873 1,185 1,874 Oregon 7 2 5 1,939 ! 1,020 919 1 1 150 150 California 16 i 7 9 7,680 i 3, 512 4, 168 Total 509 , 107 18 384 299,913 90, 798 18, 871 190,244 93 19 74 45, 344 j 17, 243 28,101 1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000, and 1 in Arkansas with deposits of $339,000. Back fiqures.—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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

281 APRIL, 1932 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board.* 1923-1925 average = 100] Without seasonal adjustment Adjusted for seasonal variation Industry 1932 1931 1932 1931 February j January , February ; February January j February MANUFACTURES j ll IRON AND STEEL 41 ! 41 73 S P t i e g e i l r o in n gots 4 34 4 | I 4 3 2 2 ! 0 7 2 8 3 4 3 2 4 3 4 2 ; 01 TEXTILES... 94! 100 i 80 j 89 : 95 ("otton consumption 87 ! 92 85 I 83 80 Wool 92 ; 05 : 79 : 00 i 04 (? onsumpt ion 91 | 73 ! 88 09 ! 71 Machinery activity 69 j 07 . Carpet, rug-loom activity.. 75 | 38 ! 54 i. 74 Silk. 41 150 1 153 110 i 140 Deliveries 122 179 ! It,9 • 128 I 158 Loom activity 137 | Ill ; 121 "__ FOOD PRODUCTS 93 | 98 i 92 I 90 '93 92 Slaughtering, meat packing 91 ! 110 i 90 ! 98 92 j 94 Hogs 100 j 124 : 100 102 93 s 90 Cattle 113 J 84 75 85 ; 83 85 Calves 75 : 87 . 92 : 97 I 93 . 99 Sheep 90 ! 174 i 132 159 ! 173 : 141 Flour 149 '85 89 , 82 ' r86 : 92 Sugar meltings.. 79 81 73 ; 108; 87 PAPER AND PRINTING I 72 112 '.. ! 101. 109 W ood pulp and paper ! 105 ... 93 102 Newsprint i 72 i 74 ' 77 Book paper ! 99 122 L. 98 . 117 Wrapping paper i 81 90 ... 82: 89 Fine paper... I 90 100 .. 95 ' 98 Box board _ ! 103 118 „ 100 118 Wood pulp, mechanical I 81 74 ... 80 72 Wood pulp, chemical ! 89 99 ._ 91 90 Paper boxes j 152 138 104 137 J57 148 Newsprint consumption I 113 112 123 114 ! JIG 124 LUMBER _• 43 ! TRANSPORTATION EQUIPMENT: Automobiles 38 73 35 ; 45 ' 08 1 ^ocomoti ves 1 7 • i 2 ' 7 Shipbuilding 17 110 ; \ 24 , 154 LEATHER AND PRODUCTS... 90 90 89 ! '85 89 Tanning 81 80 ! 79 | 79 | 84 Sole leather. _ 71 80 ; • — Upper leather— Cattle 88 80 00 ' 76 j 73 57 Calf and kip... Go 54 73 • 71 ' 05 : Si Goat and kid. 10(5 90 128 • 101 I 101 123 Boots and shoes 90 93 ; 96 ; r89 92 CEMENT AND GLASS: Cement _ 34 52 50 ! 65 80 Glass plate 81 : (JO 116 | 75 i 75 107 NY)NFERROUS METALS:1—Tin deliveries.. 47 105 '• : FUELS, MANUFACTURE: Petroleum refining 141 140 147 141 j 140 147 Gasoline 181 179 185 Kerosene 69 70 71 67 i 75 09 Fuel oil 92 93 104 '_ _.-J Lubricating oil 87 87 94 ; Coke (by-product) (58 07 102 ; GO i GO 99 RUBBER TIRES AND TUBES 93 85 100 ! 85 • 92 92 Tires, pneumat ic 90 88 103 '•• 8S • 95 95 Inner tubes. 70 04 75 : 07 ; 70 7L TonACCO PRODUCTS 104 1.10 121 ! 114 I 124 133 Cigars 63 03 09 74 ! 82 80 Cigarettes 131 153 158 : 144 ! 150 : 174 Bituminous coal.. 00 : 05 03 58 73 Anthracite coal 02 : 59 80 58 54 81 Petroleum, crude- 107 • 107 107 109 111 110 Zinc 49 48 09 40 45 05 Lead 50 et>0 81 54 59 j 79 Silver 33 : r35 05 ;.u r35 " 60 * As recently revised; see BULLETIN for March, 1932, pp. 194-190. Back figures available on request. e Corrected 1 Includes also lead and zinc; see "Minerals." ' Kevised. For description of these Indexes see BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL, 1922 FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] Factory ernploymen Factory pay roils Without seasonaladjust- Adjuste<3 for seasoral varia- Without seasonaladjustment tion ment Industry ... 1932 1931 1932 1931 1932 1931 Feb. Jan. Feb. Feb. : Jan. Feb. Feb. Jan. Feb. TOTAL—ALL MANUFACTURING INDUSTRIES 67.3 60.3 77.3 67.8 ' 68.1 77.8 53.6 52.4 73.2 IRON AND STEEL AND PRODUCTS __ _ __ 63.0 62.8 70.5 02.4 ! 04.0 75.9 37.2 36.3 67.5 H St a e r e d l w w a o r r e k s and rolling mills - ______ G 59 G .6 . 1 fiS 6 . 0.4 8 7 70 9 . . 5 1 0 58 5 . . 2 6 :! O 6 G 0 . . G 1 7 69 8 . . 0 3 3 38 7 . . 4 3 3 4 5 0 . . 7 4 7 57 0 . . 8 5 Structural iron work _ 63. 7 67.4 80.9 65. 3 09.4 88.9 43.0 47.3 75.9 Heating apparatus 51.8 47.9 05.0 52. G 52.1 05.9 33.0 29.8 54.2 Steam fittings __ 49.7 i 48.8 66.4 49.2 : 50.4 65.7 32.5 30. S 57.2 Stoves 53. 7 '• 47.1 63.7 55.0 53.6 60.0 33.4 28.8 51.3 Cast-iron pipe - 47.9 51.9 G4.7 49.8 54.3 67.2 31.9 34.9 57.9 MACHINERY 01.4 i 61.2 81.1 61.2 61.8 80.6 45.0 44. 5 71.9 55 8 54.9 74.0 55.5 50.1 73.7 37.3 30.4 63.4 Machine tools 58.9 59.4 90.8 57.8 59.4 89.2 43.2 43.6 72.3 Agricultural implements 54.4 ! 51.0 99. 6 51.1 49. ?, 93.0 49.3 38.6 92.9 Electrical iuachincrv 75.1 j 76. 3 93.1 75.1 76.3 93.1 02.9 64.4 89.6 TEXTILFS AND PRODUCTS 7-i.4 : 71.6 79.4 72.4 71.1 77.2 59.8 00. 5 76.9 A. Fabrics _ _ 70. 0 73.4 77.4 74.4 72.9 75.9 00. 3 57. 1 72.7 Cotton goods 75.0 73.0 73.3 73.7 72.0 71.4 56.9 53.7 03.9 Woolen and worsted manufactures 64.4 59. 7 GO. 6 03.1 58.4 05. 3 50.4 40. 5 59.8 Woolen and worsted goods 05.8 GO. 0 00. 6 04.4 58.7 05.3 53.4 48.0 00.6 57. 2 58. 2 66. 3 55.9 50.8 04.9 36.4 39.8 56.2 Hosierv and knit goods 85. 9 84.3 83.4 84.9 85.2 82.4 73.2 GS. 3 83.2 Silk manufactures 71.3 71.5 80. 7 70. 3 72. 0 85.4 55.8 57. 0 85.5 Dyeing and finishing textiles 97.4 i 93.9 10S. 1 95.1 93.3 105.4 90.3 S3.8 115.2 B. Wearing apparel 70.4 00.9 84. 1 07.4 GG. 0 80.4 58.8 52.4 85.4 Clothing, men's - 55.7 51.6 58.7 51.7 57.2 41.G 37.8 54.8 Shirts and collars 09. 6 i 68.6 81.7 08.2 G8. 1 80.1 49.8 47.5 70.3 Clothing, women's _ 95.8 ' 91.3 120. 8 88.1 88.9 116.7 84.4 72.8 132.7 Millinery 61.6 59.4 72.8 02.9 ! 02.9 74.3 53.9 50.2 72.1 FOOD PRODUCTS _ _ 82. 9 84. 2 89. 4 83. 7 ; 85. 3 90. 3 76.3 78. 0 91.6 Baking 87.6 j 88.8 95.3 89. 2 i 1)0. 9 97.1 81.2 82.8 95. 2 Slaughtering and meat packing 85.1 I 86.8 89.1 82. 0 83. 8 80. 4 78.7 82.4 95. 6 Confectionery 77.3 i 78.5 87.0 78. 9 80.1 SS. 8 66.7 70.3 83.9 Ice Cream 70.2 70.0 70. 7 81. 1 • 81.7 88.6 69.6 69. 6 84.4 Flour _ _ ___ 75. 6 76. 3 79.8 75. G : 76.7 79.8 66.2 67.4 80.5 Sugar refining cane 73. 6 ! 77. 0 77.6 70. 9 ; 82. 7 81.1 61.5 62.3 75.2 PAPER AND PRINTING 87. 3 89. 0 95.1 87. 2 ' 88. 3 94. 9 S3. 5 85. 5 100.7 Printing, book and job 88. 6 92. 3 101.9 87.7 90. 2 100. 9 83.0 88.8 104.9 Printing, newspapers and periodicals - 98. 4 99. 8 102.6 98. 2 99. 4 102. 4 100.8 103. 5 112.6 Paper and pulp 80. 7 80. 4 85.6 80. 8 1 80. 5 85.6 66.7 63.1 84.9 Paper boxes 75.7 76.9 84.2 70.8 I 77.4 85.4 67.8 08. 3 84.0 LUMBER AND PRODUCTS _- 42.0 42.4 54.0 43. 3 43. 0 56.3 25.9 2G.6 45.6 Lumber, sawmills 34.0 35.3 47.7 35. 4 i 30. 9 49.9 19.7 20.3 38.8 Lumber, mill work" 42. 5 ' 44. 4 56. 2 43.1 : 45. 6 57.0 27.6 30.2 47.3 Furniture __ 64. 4 61. 0 73.0 05. 3 ; 62. 3 74.1 38.2 37.9 59.1 TRANSPORTATION EQUIPMENT 55. 4 ! 53. 9 65. 2 55. 1 55. 6 64.9 45.6 44.3 62.2 Car building and repairing.. __ 44. 8 43. 9 58. 9 45. 4 • 44. 4 59. 7 37.0 38.0 59.5 Automobiles _ .. _ _ 65. 7 03. 4 69.8 64. 7 07. 1 68. 8 52.0 47.7 61.1 Shipbuilding 84. 2 84. 3 93.9 79.8 81.9 88.9 79.2 81.2 98.0 LEATHER AND PRODUCTS _. 80.0 75.7 80.3 78.1 75. 4 78.4 61.4 53.3 68.8 Boots and shoes 82.4 77 5 81. 5 80.7 77.4 79.8 61.9 52. 5 67 6 Leather 69. 6 08. 3 75.3 67.5 07 1 73.1 59.8 56.3 73.2 CEMENT, CLAY, AND GLASS___ 48.4 47.7 60.7 51.4 • 51.6 05. 0 32.9 31.1 51.4 Clav products 42. 4 i 42. 0 57. 2 45. 7 46. 3 02.1 24 3 24.1 43 4 Brick, tile, and terra cotta 31. 5 • 33.1 47.6 36. 3 37. 0 54. 7 15.3 10. 4 35.2 Pottery 72.4 ; 68.6 83.3 71. 5 i 70. 0 82.3 48.1 44.3 65.3 Glass 62. 3 : 59.1 69. 0 64.1 63. 0 70.9 51.0 44.9 66 1 Cement 44. 7 ; 45. 7 58.8 49. 3 50. 2 64.7 31.4 31.4 53.9 NONFERROUS METALS AND PRODUCTS . 57.2 ; 56.8 68.1 56. 0 57. 4 66.8 45.0 44.9 64.4 Stamped and enameled ware 33.2 j 31.4 48.0 32.3 32.7 46.8 26.8 26.2 44.4 Brass, bronze, and copper 65.3 ; 65. 4 75.0 64.1 73.6 50.3 50.4 70.2 CHEMICALS AND PRODUCTS 81.1 ' 81.7 95.6 80.2 : 81.9 94.5 72.1 71.4 92 9 Chemicals and drugs 84. G ' 85. 9 97.4 82. 9 85. 3 95. 6 73.0 71.4 89.8 Petroleum refining . __ 80. 2 81. 2 96.2 81.2 j 82.8 97.4 75 1 75.9 100 8 Fertilizers 62 2 i Sfl 3 81.6 59. 0 j 57. 7 77.4 45.3 45.4 74.4 RUBBER PRODUCTS 68 6 00. 1 72. 0 68.1 i 09 7 71 4 54 2 53 0 63 8 Automobile tires and tubes 70. 3 fiO. 7 72.7 70. 0 ! 71. 2 72.4 56. 7 54. 3 67.2 Rubber boots and shoes __ _ ._ 63.4 07. 2 69. 8 62. 5 | 05. 2 68.7 44.2 48.3 50.7 TOBACCO PRODUCTS 71.9 i 69 0 83. 4 72 8 74 3 84 6 53 4 53 0 65 3 Cigars and cigarettes 71. 6 . 68. 4 84. 5 73.1 74.7 86 3 51 8 51 0 64 3 Chewing and smoking tobacco, snuff 74. 5 1 74. 2 75.6 70.1 71.0 71.2 67.4 69.5 73.3 NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1932 FEDEKAL KESERVE BULLETIN 283 WHOLESALE PRICES, BY GROUPS OF COMMODITIES (REVISED SERIES) [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities Year and month m c t A o o ie m l d s l i - - F p u r a c o r t d m s - : • i • Foods : ;- Total 'H p l r i e d o a e d t s u h a e c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d l h r s e u a m g n s i d - i f n^ u o S o ds I l M an ta e o ou e s li 1927 __• 95.4 99.4 90. 7 i 91.0 107.7 95. 0 88. 3 96.3 94.7 90.8 97. 5 91.0 1 1 1 1 9 9 9 9 2 3 3 2 9 1 0 8 9 9 8 7 0 5 0 3 . . . . 7 4 3 0 1 1 8 0 0 0 4 8 1 5 . . . . 3 9 9 8 io 9 9 7 9 0 4 i. . . . o 9 5 0 ! • | 9 9 8 75 2 1 5 . . . . 9 0 2 0 1 1 1 0 8 2 0 9 0 1 0 . . . . 4 0 1 1 9 9 8 (5 0 5 0 0 . . . . 4 5 3 3 8 8 0 7 4 7 3 8 . . . . 5 0 3 5 1 9 9 8 00 2 4 7 . . . . 1 5 0 5 9 9 S 7 4 5 9 9 . . . . 2 9 4 1 9 9 8 7 5 9 4 9 . . . . 2 1 0 3 9 9 9 S 4 5 2 4 . . . . 1 7 9 3 8 8 7 6 5 2 7 9 . . . . 4 6 7 8 1931—February... 7(5. 8 70.1 78.0 | 78.3 SO. 9 70.9 72. 5 80. 5 82.5 S3. 3 88.1 71.5 March 70. 0 70.0 77.0 77 2 57.6 70.0 6S.3 8(5. 4 82.5 82.9 88.0 72.0 April.. 74.8 70.1 70.3 75*. 9 87.5 08.2 05.4 85.7 81.5 81.3 87.9 71.5 May-. 07.1 73. 8 75. 1 87. 0 07.4 65. 3 85.0 80.0 80. 5 8(5. 8 70.5 June.-- 72.1 05.4 73.3 71. 1 8S.0 (50. 0 62. 9 84.4 79.3 79. 4 80.4 69.7 July 72. 0 ! 04.9 74.0 73.9 89. 4 (56. 5 02.9 84. 3 78. 1 78. 9 85. 7 69.7 August 72.1 ! 63.5 74.0 74. 2 88.7 05. 5 06. 5 83.9 77. 0 70.9 84.9 68.3 September. 7.1.2 | 00.5 73.7 73. 9 85.0 01. 5 07. 4 83. 9 77.0 76.3 82. 7 68.2 N O o ct v o e b m er ber.. 7 70 0 . . 2 3 ! ! 5 5 8 8 . . 7 8 7 7 3 1 . . 0 3 7 7 3 2 . . 9 5 8 8 2 1 . .0 5 0 0 3 2 . . 0 2 0 0 7 9. . 4 8 8 8 2 2 . . 0 8 7 7 6 0 . . 1 2 7 7( 5 3 . . 6 1 8 80 1 . . 9 0 6 68 6 . . 7 6 December.. os. o; 55. 7 09. 1 72. 3 79.8 00.8 08.3 82. 2 75.7 76.1 78.5 66.8 1932—January 07.3; 52. 8 i)L 7 71.7 79.3 59. 9 07. 9 81.8 74.8 75.7 77.7 65.6 February... 00.3 | 50. 0 02. 5 71.3 78. 3 59. 8 08.3 80.9 73.4 75.5 77.5 64.7 1930 1931 Subgroups Dec. I Jan. ! Feb. ! Mar. Apr. ; May | June | July ' Aug. Sept. Oct. • Nov. Dec. j FARM PRODUCTS: I I Grains ! 64.0 62.4 60.4 59.3 59.5 59.6 i 56.0 49.0 44.8 44.2 i 44.3 51.3 ! 47.0 46.7 46.1 Livestock and poultry i 76.3 75.2 69.6 70.7 70.3 64.1 ; 61.9 63. 0 67.0 61.0 j 57.6 55.7 j 51.7 53.4 50.3 Other farm products i 78.1 i 75.3 73.6 • 74.2 73.4 71.5; 70.8 71.3 67.3 65.4 j 64. 2 63.1 61.2 54.8 52.7 FOODS: •• | Butter, cheese and milk _; 89.2 ! 83.7 j 83.0 83.5 73.1 78.8 82.2 84.6 86.1 I. 7 79.8 67.8 64.1 Cereal products | 75.9 J 75.7 : 75.5 74.5 74.3 74.0 • 74.3 71.5 70.9 70.3 70.6 : 73.1 72.2 71.0 69.6 Fruits and vegetables ' 75.4 70.9 ! 74.2; 74.3 76.2 76.i; 76.4 74.2 73.4 71.0 68.2 65.1 63.5 62.2 61.8 Meats I 89.2 | 88.4 ' 83. 6 : 82.0 79.9 74.4 ' 71.3 73.4 76.0 73.6 71.1 : 67.7 63.2 61.9 59.5 Other foods ! 77.0 \ 74.5 ! 71.1 . 71.4 69.9 67.9 ! 68.5 70.6 69.6 68.5 69.7 68.0 67.2 61.9 59.4 HIDES AND LEATHER PRODUCTS: | Boots and shoes i 97.7 95.1 | 95.0 1 94. 9 94.8 94.8 ! 94.6 93.5 93.5 93.5 93.1 92. 5 89.2 88.5 Hides and skins 69.4 64.4 ' 57. 7 i 62.1 [ 62.0 62.6 i 65.5 72.7 69.1 58.6 50.0 : 49.0 48.8 49.0 46.1 Leather 91.5 90.8 j 89.0 ! 88. 4 j 88. 4 ! 88.1 I 87.8 89.8 90.3 83.4 80.7 78.8 78.6 77.5 76.5 Other leather products 104.8 102. 3 : 102.0 I 102.0 101.6 I 101.4 I101.4 101.4 101.4 101.1 ioi. i : ioi. i 99.7 98.8 TEXTILE PRODUCTS: i I C C l o o tt t o h n i n g g o . o .. ds 7 8 5 3 . . 6 5 7 79 3 . . 1 5 j i 7 73 9 . . 1 1 7 72 8 . . 4 1 7 7 6 1. . 4 9 i ; 6 7 9 6 . . 2 9 6 7 7 6 . . 6 3 6 7 6 6 . . 8 1 6 7 4 5 . . 0 9 6 7 1 5 . . 5 5 7 59 3 . . 9 7 j I 7 5 2 8 . . 6 1 7 5 0 6 . .4 8 I j 7 5 0. 5 7 .8 I 7 5 0 6. . 4 6 Knit goods 72.3 64.8 ! 64.5 63.8 60.7 i 60.7 59.8 60.0 59.2 59.2 59.2 ! 59.0 58. 5 j 55. 8 55.8 Silk and rayon '. 48.2 49.0 i 47.0 45.8 43.4 41.4 41.9 43.8 43.7 43.5 41.7 41.8 39.0 ! 37.7 36.5 Woolen and worsted goods : 73.9 73.7 73.5 71.8 69.0 i 68.5 68.0 67.4 67.4 65.7 64.6 64.2 63.9 I 63.3 I 63.1 Other textile products... 77.8 77.2 , 77.8 77.0 76.2 I 76.7 75.5 75.2 74.4 74.1 72.4 72. 5 71.3 70.7 | 69.7 FUEL AND LIGHTING MATERIALS: Anthracite coal. 89.6 88.9 ; 88.9 ' 88.4 86.4 ! 87. 5 88.8 90.8 92.2 94.3 94.2 94.2 94.8 94.8 94.8 Bituminous coal ' 89.1 88.i : 87.8 ! 86.0 84.4 | 83. 9 83. 2 83.5 83.7 83.9 83.6 83.7 83.8 84.4 84.3 Coke __• 83.8 83.8 i 83.8 ' 83.7 83.7 ! 83.7 81.5 81.5 81.5 81.5 81.4 81.1 80.5 80.4 E G l a e s c . t . r . icity 1 9 0 5 0 . . 4 7 9 9 5 9 . . 9 8 . i 9 9 4 5 . . 5 8 j 9 9 4 5 . . 6 9 i 9 9 3 6 . . 7 1 j ' 9 9 8 9 . . 0 0 ! i 9 1 8 01 .6 .9 1 9 03 7 . . 9 5 1 9 0 8 3 . . 4 2 1 1 0 0 0 3 . . 6 4 1 1 0 0 2 0 ^ .8 1 ! 1 1 0 0 3 0 . . 1 4 1 9 0 8 4 . . 2 1 1 ! 0 9 7 8 .5 .6 Petroleum products 51.1 50.4 ! 50.2 ! 41.8 | 37.4 i 35.9 | 30.7 30.3 37.5 38.9 39.2 42.5 39. 6 38. 8 38.6 METALS AND METAL PRODUCTS: ! Agricultural implements 94. 4 94.4 ' 94.3 ' 94.3 94.3 ! 94.3 94.2 94.2 94.3 94.1 85.6 • 85.5 85.5 85.5 85.1 Iron and steel 86. 6 85.5 ! 85.6 ; 85.4 84.1 | 83.8 83.5 82.7 82.4 82.3 81.7 •'81.5 81.0 79.3 Motor vehicles 96.0 95.1 ! 94.4 I 94.0 94. 5 94.5 94.2 94.7 94.7 95.4 95.4 . 95.2 95.2 95.3 95.3 Nonferrous metals. 71. 7 69.5 I 63.4 j 69.3 67. 5 j 63.3 61.2 61.4 60.1 59.0 54.9 ! 54.7 53.8 55.4 52.7 BUILDING MATERIALS: Brick and tile 87.1 87.0 : 86.3 ! 85.0 83.9 ! 83.7 83.7 83.4 82.9 82.6 82.6 ' 81.4 80.0 79.3 79.3 Cement. — 90.6 90.3 ! 87.9 ! 84.1 81.0 j 79.7 77.7 75. 8 75.8 75.8 75.1 • 74.6 74.6 75.2 75.3 Lumber 78. 2 76.4 | 74.0 74.7 73.4 ! 69.4 68. 5 67.2 66.9 66.9 65.2 65.9 65.8 65.6 62.9 Paint materials 83.7 83.2 • 80.5 81.4 81.2 i 80.2 80.0 79.6 78.4 77.6 77.0 : 77.5 76.6 75.4 75.1 Plumbing and heating 85.3 87.4 : 80.6 86.6 86.6 i 86.6 86.6 86.8 83.8 82.6 81.6 : 81.4 74.1 65.8 Structural steel • 81.7 83.0 ! 84.3 84.3 84.3 | 84.3 84.3 84.3 81.7 81.7 81.7 . 81.7 81.7 ! 77.3 77.9 Other building materials 89.3 87.8 ! 87.8 87.6 86.9 > 86.3 85.4 83.7 83.7 82.6 82.0 81.9 81.5 ; 81.0 80.2 CHEMICALS AND DRUGS: ! Chemicals -. 89.9 88.3 j 86.6 86.4 85.1 ! 83.9 82. 5 j 82. 4 80.5 i 79.8 79.7 ! 80.6 80.8 80.8 Drugs and Pharmaceuticals ; 65.7 65. 3 | 65.2 64.8 63. 4 I 63. 2 I 62. 6 ! 62. 1 61.9 ; 61.7 61.6 ; 61.3 61.0 60.6 60.1 Fertilizer materials 81.4 81. 4 81.1 80.8 80. 6 i 80. 5 79. 8 ! 78. 7 74.4 : 74.2 70. 2 i 70. 1 70.1 69.8 Mixed fertilizers 90.6 90. 4 89.1 88.7 83. 5 i 82. 8 I 82. 4 80. 2 78.7 : 77.6 77.2 i 77. 7 77.1 75. 5 73.7 HOUSEFUKNISHING GOODS: ; Furnishings 85. 6 84.9 84.6 84.5 84.2 , 83.6 I 83.4 82.8 81.7 ! 81.2 79.8 ; 79.7 76. 6 76.1 75.9 Furniture. i 92. 5 92.1 92.0 91.9 91. 9 ! 90. 4 i 89. 8 : 89.1 84.6 82.4 ! 82.3 80.6 79.5 79.5 MISCELLANEOUS: | Auto tires and tubes : 50.2 47.2 46.9 46.9 46.9 : 46.9 46. 0 ! 46.0 46.0 ; 46.0 46.0 i 46.0 40.8 : 39.7 39.5 Cattle feed - 78.2 .0 71.6 82.1 81.2 67.9 61.1 ! 55.8 50.8 | 44.4 49. 4 ; 59. 8 53.9 53.0 48.2 Paper and pulp 84. 0 83. 6 I 83.1 82.6 82.1 j 81.5 80.7 i 80.6 80. 6 ! 80.7 80. 5 i 80.8 80.8 • 78.0 76.7 Rubber, crude .: 18.6 17.1 16.1 •• 16. 0 13.3 j 13.7 13.3 I 13.2 11.2 = 10.6 10.2 I 9. 6 9.5 , 9.3 8.6 Other miscellaneous •: 90.3 89.9 89. 3 ; 89.6 89.3 ! 88. 5 88. 2 83. 6 86.4 j 86.7 86.9 86.7 85. 9 85.2 84.4 I Back figures.—YOT revised indexes of groups, see BULLETIN for March, 1932 (p. 199); indexes of subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN APRIL, 1932 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation! 'Public works and! Total public utilities j Educational All other Month 1931 1932 1931 1932 1931 1932 1931 1932 January ! 228.0 ! 84.8 96.8 24.1 I 19.4 4.4 20.5 16.3 February _ i 235.4 : 89.0 79.0 28.3 ; 16.7 10.8 27.3 11.0 March..* ~- 370.0 : 152.2 24.3 35.7 April I 336.9 • 133.4 23.0 47.1 May ; 306.1 ".. 109.6 i. 23.8 41.8 June -.- i 316.1 141.6 ! i 22.5 43.6 July.... "' 286.0 117.4 | : 26.1 39.8 August ! 233.1 73.3 ! 19.3 56. 5 September ! 251.1 86.5 | 21.2 49.3 October ! 242.1 83.0 1 ' 14.7 33.8 November __ ' 151.2 48.0 ' ..! 11.8 27.8 December ; 136.9 50.5 i 6.1 31.0 Year 3,092.8 311.1 i 1,171.1 i . 228.8 454.3 BUILDING CONTRACTS AWARDED, BY DIS- BUILDING PERMITS ISSUED, BY DISTRICTS TRICTS [Value of permits in thousands of dollars! [Value of contracts in thousands of dollars: figures for 37 States east of the Rocky Mountains, as reported by the F. \Y. Bodge Corporation] 1932 1931 Federal reserve district I 1932 1931 Feb. Jan. Feb. Federal reserve district Feb. Jan. Feb. Boston 1,780 1,990 3.340 New York 9,548 17,371 31,606 Boston -_ i 6,917 7,175 19,517 Philadelphia. .. 1,562 1,373 2,257 New York ; 14.315 24,803 70, 060 Cleveland 5,890 4.241 6.000 Philadelphia . 6,821 8. 400 14,143 Richmond 3,042 2,638 8,463 Cleveland ; 6,731 6, 924 16,493 Atlanta 1,277 895 1,891 Richmond i 7,341 5. 615 19. 660 Chicago 2.073 1, 314 12, 230 Atlanta.. 5, 603 5,711 20,351 St. Louis 1.214 649 2, 469 Chicago 18,051 12,628 29, 011 Minneapolis... 574 742 1,410 St. Louis 6,119 4, 905 12,509 Kansas City... 867 841 4, 552 Minneapolis.. 4,654 1,371 5, 507 Dallas 1,479 1.132 3,264 Kansas City. 5,016 4, 059 10,174 San Francisco.. 5,593 6, 359 10,843 Dallas 7,478 3,205 17, 973 Total.... 168 34,929 39,544 i 88,326 Total (11 districts) ; 89,040 i 84, 798 235,405 BANK DEBITS COMMERCIAL FAILURES, BY DISTRICTS [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. O. Dun Co.] 1932 1931 Number Liabilities Number of centers Feb. Jan. Feb. Federal reserve district 1932 1931 1932 1931 New York Citv 1 14,381 17 676 . 20,948 Feb. Jan. Feb. I Feb. j Jan. Feb. Outside New York City 140 12, 870 15, 893 17, 084 Federal reserve district: Boston _ .; 253 308 247! 4,6106,068 7,115 Boston 11 1,420 1,812 1, 760 New York ..: 622 827 490i 25,329 21, 799 8, 728 New York 14,965 18,380 21,(507 Philadelphia i 159 215 115! 6,978 12, 201 4,603 Philadelphia. 10 1,261 1,472 1,710 Cleveland .-1 256 322 202i 8,783 9, 628 7,123 Cleveland 13. 1,282 1, 723 1,932 Richmond 198 159 160I 7,970 2,404 2,382 Richmond 490 593 597 Atlanta 154 188 183 3,410 5,608 3,089 Atlanta _ . 15 622 782 860 Chicago , 347 495 371i 13,917 18, 700 5,740 Chicago 21 3,155 3,941 . 4,266 St. Louis I 148 158 181J 2,805 3,918 5,158 St. Louis 5 637 819 • 809 Minneapolis ; 66 74 69! 870 671 3,446 Minneapolis . __ 9 392 456 507 Kansas City ' 145 157 108 2,952 5,692 1, 226 Kansas City 15 717 • 840 950 Dallas : 121 178 114 2,568 4,052 2,153 Dallas 10 406 484 511 San Francisco.__ ! 263 377 323 4,707 6,119 8,845 San Francisco _. 18 1,904 2,267 2,524 Total _-J 2,732 3,458 2, 563 i 84,900 I 96,86059, 608 Total 141 27,251 : 33,569 38,031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS Memphis LiltIe#Rock/ !•__, DALLAS® fPa-so—j J 11 TEXAS i BOUNDARIES OF FEDERAL RESERVE DISTRICTS .— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis