Federal Reserve Bulletin, 1932-05
FEDERAL RESERVE BULLETIN MAY, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Operations of the Federal Reserve Banks Annual Reports of Central Banks: Austria, Japan 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. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— 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.1 A. W. Gilbart _ J. W. Jones.* E. R. Kenzel W. B. Matteson.1 Walters. Logan J. M. Rice.i 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. Mcllhenny. W. G. MeCreedy.a 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. ConnifiL W. S. McLarin, jr.* Chicago Eugene M. Stevens... J. B. McDougal _ C. R. McKay W. C. Bachman.i JT.n Hhn. TDTi llTa*rld«fr 0. J. Netterstrom.i E. A. Delaney.* St. Louis JohnS. Wood Wm. McC. Martin. _. 0. M. Attebery S. F. Gilmore.a FA. NTT. HTTaalli.ll* 2 G. 0. Hollocher.* 0. C. Phillips.' Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemer. Frank C. Dunlop.* Kansas City M. L. McClure Geo. H. Hamilton C. A. Worthington. J. W. Helm. Dallas C. C. Walsh B. A. McKinney R. R. Gilbert Fred Harris. R. B. Coleman........ W. 0. Ford.* San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk * Assistant deputy governor. 3 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. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Recent operations of the Federal reserve banks 285 Changes in foreign central bank discount rates 288 Annual report of the Austrian National Bank 305 Annual report of the Bank of Japan 309 National summary of business conditions 290 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 291-294 Member and nonmember bank credit— All banks in the United States 297 All member banks 295-297, 333 Weekly reporting member banks in leading cities 298, 334 Brokers' loans 298 Acceptances and commercial paper 299 Discount rates and money rates 301, 335 Bank suspensions and banks reopened 300, 337-339 Member bank holdings of eligible assets (Government securities and eligible paper) 300 Security prices, security issues, United States Government securities 302 Production, employment, car loadings, and commodity prices 303, 340-342 Merchandise exports and imports 304 Department stores—indexes of sales and stocks 304 Freight-car loadings, by classes 304 Financial statistics for foreign countries: Gold reserves of central banks and governments, 1913-1932 311-318 Gold production 319 Gold movements 319-321 Government note issues and reserves 322 Bank for International Settlements 322 Central banks 323-325 Commercial banks 326 Discount rates of central banks 327 Money rates 327 Foreign exchange rates ; 328 Price movements— Security prices 329 Wholesale prices . 329, 330 Retail food prices and cost of living 330 Federal reserve statistics by districts, etc.: Banking and financial statistics 331-339 Industrial and commercial statistics 340-343 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 18 MAY, 1932 No. 5 REVIEW OF THE MONTH The immediate effect of these open-market operations has been to enable member banks Banking conditions, which had begun to to reduce their indebtedness at the reserve improve in February, showed further progress banks and to accumulate excess reserves. The in April for the third consecutable shows for the period from February 24 to Further improve- i nth. The number of tve mO May 4 changes in reserve bank credit, in money ment in credit in circulation, and in member bank reserve conditions bank iallures continued to be balances. relatively small, and there was a further return of currency from hoarding to RESERVE BANK CREDIT AND PRINCIPAL FACTORS IN the banks. Additional purchases of United CHANGES States Government securities by the Federal [In millions of dollars] reserve banks were reflected in a decrease Feb. 24, May 4, Change 1932 1932 throughout the country of member bank indebtedness;1 in addition, reserve balances of Bills discounted- 835 506 -329 the member banks showed a considerable Bills bought _ 133 45 —88 United States securities 741 1,287 +546 growth, and after the middle of April there was Other reserve bank credit 25 22 -3 a substantial amount of excess reserves to the Total reserve bank credit 1,734 1,859 +125 credit of member banks, particularly in New Money in circulation _. _ 5,592 5,448 -144 Member bank reserve balances 1,878 2,147 +269 York City. In these circumstances money rates in the open market declined to low levels, Liabilities of the reserve banks increased with rates for prime bankers' acceptances of somewhat during March and April, reflecting short maturity at seven-eighths of 1 per cent, Position of the the fact that deposits of memthe level in the middle of last year. Member Federal reserve her banks and others with the bank credit, as measured by loans and invest- an s Federal reserve banks showed ments, showed an increase at banks in New an increase larger than the decrease that oc- York City, but declined further at reporting curred in the volume of Federal reserve notes member banks outside New York City. in circulation. Reserves of the reserve banks An important factor in easing the money increased somewhat during the period, with the market during recent weeks, in addition to the consequence that the ratio of reserves to note n , , continued inflow of currency and deposit liabilities combined showed little Keserve bcirilv change. At the beginning of May the syspurchases of from circulation, was the pur- Umted States chase by the reserve banks of tem's reserves in excess of the legal requiresecurities J ments of 35 per cent against deposits and 40 Government securities in the per cent against Federal reserve notes amounted open market. During the four weeks from to $1,400,000,000. There was, however, a con- April 6 to May 4 these purchases amounted to siderable reduction in the amount of eligible $400,000,000, bringing the increase in the paper available as collateral against Federal system's holdings since February 24 to $550,reserve notes outstanding, as a consequence of 000,000 and the total holdings of the system to the large decrease in the reserve banks' holdapproximately $1,300,000,000, by far the ings of discounts and acceptances. While the la*r gDeisscot untths faotr mtehmebe rr ebsanekrsv dee clbinaedn ikn sa ll hFaedveera l erevseervre h diastdric.ts, amount of Federal reserve notes also declined as shown by the chart printed at the end of this review. 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 FEDERAL RESERVE BULLETIN MAY, 1932 somewhat, the decrease in eligible paper was tion, including the requirement of 100 per cent larger than this decline, and consequently the collateral, consisting of gold and eligible paper, reserve banks were obliged to take gold out of for outstanding Federal reserve notes. On their deposit reserves and to pledge it with the May 4 the notes outstanding were $2,736,- Federal reserve agents as collateral for Federal 000,000 and the eligible paper available as colreserve notes. As a result of this transfer of lateral was $510,000,000, leaving $2,226,000,000 gold from the banks to the agents the ratio of to be covered by gold. This gold, which under gold reserves held exclusively against Federal the law can be counted not only as collateral reserve notes increased from 79.2 per cent on but also as reserve against Federal reserve February 24 to 90 per cent on May 4, while notes, was more than ample to provide the 40 the ratio of reserves available against deposits per cent reserve required against Federal redeclined from 53.1 per cent to 40.2 per cent. serve notes in actual circulation. When this This increase in the amount of gold pledged gold is deducted from the total cash reserves of with the agents and the corresponding decrease the Federal reserve banks the remaining re- United States *n reserves available against serves, $977,000,000, must provide the 35 per obligations as deposits reduced the margin of cent necessary against the reserve banks' denote collateral p ating posits, the amount necessary for the redemption goW ayailable for O er purposes to a point where the Federal Reserve fund held with the United States Treasury, Board found it necessary to consider whether and such a margin above these amounts as it would be in the public interest under the would permit of efficient operation without terms of the Glass-Steagall Act, which permits delay or inconvenience. such action until March 3, 1933, to authorize In determining upon a formula derived from the Federal reserve banks to offer and the these considerations the board decided that in Federal reserve agents to accept direct obliga- existing circumstances when the margin betions of the United States Government as col- tween (1) total cash reserves of the reserve lateral against outstanding Federal reserve banks (in excess of the 35 per cent against notes. Before giving this authorization, which deposits) plus eligible paper at the 12 Federal was done on May 5, the Federal Reserve Board reserve banks, and (2) Federal reserve notes in carefully considered the question of the prin- actual circulation shall fall below $400,000,000, ciple upon which this action should properly be the reserve banks shall be authorized to pledge based and of a formula that would carry out a sufficient amount of United States Governthis principle in an efficient manner with due ment securities with the Federal reserve agents regard to the position of each of the 12 Federal to release enough gold to bring this margin up reserve banks. The principle upon which the to the $400,000,000 level. board has proceeded is that the authority to This margin of $400,000,000 is considered pledge obligations of the United States Govern- adequate to provide for (1) enough Federal ment should be exercised when, after the avail- reserve notes in the vaults of the reserve banks able eligible paper has been pledged with the and branches to meet necessary operating re- Federal reserve agents, the operating margin of quirements, (2) the redemption fund with the gold at the reserve banks shall have declined to United States Treasury, (3) a reasonable mara level which it is necessary to maintain in gin above the required 35 per cent reserve order to assure the efficient functioning of the against deposits, and (4) a slight margin above reserve banks. the necessary collateral requirements against The formula used in determining the operat- Federal reserve notes. ing margin to be maintained has been derived In adopting $400,000,000 as the operating from a consideration of the le- margin for the 12 Federal reserve banks com- The formula used gal and operative requirements bined, the Federal Reserve Board has notified within which the reserve banks have to func- each bank of the amount that would be a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
287 MAY, 1932 FEDERAL RESERVE BULLETIN reasonable margin for that bank, in proportion Bank of France. The gold taken by France to its requirements and its volume of opera- came principally from this country and from tions. In practice, this decision of the Federal the London market, where bullion from India Reserve Board will mean that whenever a and South Africa continues to be sold in Federal reserve bank shall find, after having substantial amounts. pledged its available eligible paper, that its Financial conditions in England have conoperating margin has fallen below the amount tinued to improve in recent weeks. The determined for that bank, it may pledge with British Treasury closed it fiscal its Federal reserve agent enough United States Bank of Eng- year on March 31 with a small securities to release an amount of gold that land budget surplus and repaid on will bring the margin up to the specified April 5 the remaining $20,000,000 of the credit amount. granted last autumn by private banks in this In adopting this principle and this formula country. Sterling exchange, after its appreciafor determining the time and the extent of use tion in March, fluctuated within the rather of the authority granted under section 3 of the narrow range of $3.75-$3.80 in the first three Glass-Steagall bill, the board has prescribed for weeks of April, but declined toward the close the Federal reserve banks a mode of procedure of the month. For the purpose of limiting by which they can determine quickly at any fluctuations in the pound, the British Governtime the extent to which they may avail ment has recently created an " exchange equalithemselves of the authority under the law to zation account/' amounting to £150,000,000, to pledge United States securities as collateral for be administered by the Bank of England. Federal reserve notes. For the system as a Short-term rates on the London money whole the board has adopted the principle that market, which have declined almost without in the present circumstances it deems it in the interruption since the first of the year, eased public interest to authorize the use of United further during the four weeks ending April 20, States obligations as collateral against Federal and on April 21 the Bank of England lowered reserve notes at such times and to such extent its rate of discount from 3K to 3 per cent. As as ma}^ be necessary to enable the reserve shown by the accompanying condition statebanks to have available at all times a sufficient ment of the bank, notes returned from circulaamount of Federal reserve notes and of gold tion after the passing of the temporary demand not pledged as collateral to permit of unhamof the Easter trade for currency. These were pered operation of the Federal reserve system. Gold reserves of the principal foreign central BANK OF ENGLAND banks showed little change during the latter [In thousands of pounds sterling] part of March and the early Gold reserves part of April, except for an Change fromin Europe increase between March 18 and Apr. 20, 1932 Mar. 23, Apr. 22, April 22 of $38,000,000 in the holdings of the 1932 1931 GOLD RESERVES OF SELECTED CENTRAL BANKS Gold___ | 120,815 +8 -25,049 [In millions of dollars] D Se is c c u o ri u ti n s t s s and advances. 35 1 2 1, ,0 1 7 9 1 8 -5, - 3 7 7 5 9 + + 3 5 8 , , 2 6 1 9 6 7 Bankers' deposits 72,840 -609 +18,055 Change from— Other deposits 43, 734 +325 -5, 533 Central bank of— D 1 a 93 te 2 , G s o e l r d v e r s e- Month Year Notes in circulation. 354, 271 -4, 565 +5, 827 before before England | Apr. 20 -122 absorbed by the bank through a reduction in its F G r e a r n m ce a ny j i A Ap p r r . . 2 2 2 3 p 3, 2 0 0 3 5 7 +38 A + -3 8 5 3 4 8 security portfolio. Bankers7 deposits, which Italy | Apr. 20 P296 +17 Belgium j Apr. 21 351 + 1 +150 are held almost entirely for the account of the N Sw et i h tz e e r r l l a a n n d d s | j A A p p r r . . 1 2 8 3 3 4 6 7 2 1 +10 + + 1 3 8 4 3 7 London clearing banks, have continued to be large. On the other hand, the clearing banks Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 FEDERAL RESERVE BULLETIN MAT, 1932 have been holding a smaller volume of notes in The German Reichsbank again lost gold and their reserves during recent months. Conse- foreign-exchange reserves in the month ending quently the figure for note circulation as re- April 23. Losses since Januar}7", Reichsbank ported by the Bank of England understates the however, have not been congrowth during the year of currency actually in tinuous but have taken place intermittently in the hands of the public. The recent increase connection with special payments abroad. has been particularly marked. Some demand The decline of 30,000,000 reichsmarks, or for notes has probably come from individuals $7,000,000, in the past month occurred in the who have been selling gold from private stocks week ending April 15 and was attributed to to London bullion dealers, but the recent in- interest and sinking-fund payments made outcrease in circulation appears to reflect in addition some growth in the currency requirements REICHSBANK of trade and industry. [In millions of reichsmarks] The Bank of France acquired 971,000,000 Change from— francs, or $38,000,000, of gold in the five weeks Apr. 23, ending April 22. This gain was 1932 Mar. 23, ! Apr. 23, Bank of France 1932 ! 1931 much less than that for any other similar period since the French private Gold 860 -17 I -1, 488 banks began repatriating their foreign assets in Foreign exchange reserve 129 -13 i -3 Discounts and advances ! 2,980 -374 ! +1, 387 large volume last September. About one-third Deposits I 370 +121 ! -83 Notes in circulation | 3,875 -131 ! +190 of the amount was accounted for by the conversion of foreign exchange by the bank. The side of Germany. On other report dates reremainder was presumably imported on private serves increased somewhat. The Reichsbank account—principally from this country during lowered its discount rate on April 9 from 6 to 5% per cent and on April 28 to 5 per cent. BANK OF FRANCE Discounts and advances of the Reichsbank [In millions of francs; figures preliminary] were reduced during the month, funds for this purpose being provided in about equal amounts Change from— by a return flow of notes from circulation and Apr. 22, 1932 Mar. 18, Apr. 24, by drafts upon deposits. 1932 1931 Gold I 77,480 +971 +21,864 Changes in Foreign Central Bank Discount Rates Foreign exchange I 12,359 -363 -13,946 D G o o m ve e r s n t m ic e d n i t sc d o e u p n o t s s i t a s nd advances | j 3 7 , ,1 2 5 3 4 4 -5 -4 8 3 9 - - 2 8, , 1 4 4 4 3 6 The following changes in discount rates N O o th te e s r i d n e p c o ir s c it u s l ation. ! 8 2 1 5 , , 1 9 4 7 5 5 +2 - , 7 1 8 3 4 8 + + 1 3 3 , , 9 9 1 1 3 4 during the month ended May 1 have been reported by central banks in foreign countries: the second week of April, when disturbing ru- National Bank of Czechoslovakia—April 12, from 6 mors concerning banking conditions in the to 5 per cent. Bank of England—April 21, from 3}2 to 3 per cent. United States were in circulation in Paris. The Bank of Finland—April 19, from 7 to 6)2 per cent. gold brought to the bank in this way went to German Reichsbank—April 9, from 6 to 5}i per cent; swell " other deposits," which include the bal- April 28, from 5}i to 5 per cent. ances of the French commercial banks. These National Bank of Hungary—April 18, from 7 to 6 deposits, now at a peak of 25,975,000,000 francs, per cent. Imperial Bank of India—April 28, from 6 to 5 per were also increased by a return of currency from cent. circulation and by transfers from Government Netherlands Bank—April 19, from 3 to 2}i per cent. deposits. Bank of Portugal—April 4, from 7 to Q}i per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 289 FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly basis: Wednesday figures ) MILLIONS OF DOLLARS 300 120 20 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 FEDERAL RESERVE BULLETIN MAY, 1932 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 25 and released for publication April 28] Industrial activity was in smaller volume Wholesale prices.—The general level of in March than in February, although usually wholesale commodity prices showed little little change is reported at this season, and the change between February and March, accordnumber of employees at factories was also ing to the Bureau of Labor Statistics. In the reduced, contrary to seasonal tendency. Vol- first two weeks in March prices of many comume of reserve bank credit decreased in March, modities, including livestock and meats, adbut showed a considerable growth in the first vanced; between the middle of March and the three weeks of April. Money rates continued third week in April prices of cotton, silk, to decline. wool, hides, sugar, silver, and tin declined con- Production and employment.—Output of in- siderably, while prices of coffee and petroleum dustrial products, as measured by the board's increased. Wheat prices showed wide fluctuaseasonally adjusted index, declined from 70 tions but were at about the same level in the per cent of the 1923-1925 average in February week ending April 23 as in the first half of to 68 per cent in March. Daily output at steel March. mills and automobile factories decreased, con- Bank credit.—The Federal reserve system's trary to seasonal tendency, and activity at holdings of United States Government securiwoolen mills declined sharply to the lowest ties, after increasing continuously from early level in recent years. Cotton consumption by in March, totaled $1,078,000,000" on April 20, domestic mills continued at the February rate, an increase of $338,000,000 since the end of although sales of cotton cloth declined, and February. This increase has been accomoutput of shoes increased considerably; in panied by some further decline in the reserve both these industries production was at about banks' holdings of acceptances and a reducthe same rate as a year ago. Activity in the tion of $264,000,000 in discounts. Member lumber industry, which recently has been at bank indebtedness to the reserve banks showed a level about 45 per cent lower than last year, a considerable reduction in all of the Federal increased by more than the usual seasonal reserve districts. Total volume of reserve amount. Output of coal also increased con- bank credit outstanding, which had declined siderably during March but declined in early in March, reflecting a continued return of April. money from circulation and an increase in the Volume of factory employment and pay country's stock of monetary gold, increased by rolls decreased from February to March, al- $115,000,000 during the first three weeks of though an increase is usual at this season. April. This increase was accompanied by a There were substantial reductions in working substantial growth in member bank reserve forces in the steel, automobile, machinery, and balances. furniture industries, as well as at woolen and Total loans and investments of reporting silk mills, while clothing and shoe factories member banks in leading cities continued to showed additions to their working forces. decline during the five weeks ending April 13. Value of building contracts awarded, as re- At banks in New York City, however, there ported by the F. W. Dodge Corporation, was an increase in investment holdings both showed some increase of a seasonal character of United States Government securities and during March and the first half of April and other securities, offsetting the decline in loans, was approximately one-third as large as last which continued until the middle of April. year. Open-market rates for bankers' acceptances Distribution.—Rail shipments of merchan- showed successive reductions, and on April 21 dise, which ordinarily increase in March, the offering rate for 90-day bills was sevenshowed little change, and sales at department eighths of 1 per cent, the same rate as prestores in leading cities increased by less than vailed between May and September, 1931. the estimated seasonal amount. Rates on commercial paper also declined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
291 MAY. 1932 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 ^500 ^000 Member Bank Reserve Balances 2500 2000 1500 1500 1000 1000 500 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending April 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
292 FEDERAL RESERVE BULLETIN MAY, 1932 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht se U S c n t u i a r t i t t e e i s d es 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 s t to 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 o c ti n i o r e c n y u- 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—January 253 206 647 1,129 4,622 1,784 4,695 2,433 28 379 February 216 102 603 936 4,656 1,780 4,598 2,370 25 379 March 176 123 604 931 4,682 1,778 4,590 24 381 April 155 173 600 952 4,711 1,770 4,647 2,376 27 383 May 163 144 599 926 4,767 1,783 4,679 2,387 28 382 June 188 121 610 945 4,865 1,759 4,750 2,404 35 380 July 169 79 674 954 4,958 1,784 4,836 2,407 83 370 August 222 135 712 1,107 4,975 1,764 4,947 2, 345 187 367 September 280 259 736 1,313 4,948 1,768 5,133 2,333 199 364 October 613 692 733 3,088 4,447 1,768 5,478 2,256 208 361 November 695 560 727 2,035 4,363 1,766 5,518 2,118 171 357 December .. 774 340 777 1,950 4,450 1,782 5,611 2,069 144 358 1932—January 221 759 1,865 4,452 1,773 5,645 1,979 113 353 February 151 743 1,785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 1,652 4,372 1,792 5,531 1,899 37 349 ApriL 605 52 1,014 1,694 4,381 1,789 5,452 1,996 63 353 Week'ending (Saturday)- Jan. 30 162 749 1,822 4,429 1,773 5,617 1,941 117 349 Feb. 6 862 j 157 749 1,823 4,410 1,777 5,645 1,925 91 348 Feb. 13 843 I 166 742 1,803 4,405 1,777 5,642 1,917 78 348 Feb. 20 856 I 150 741 1,790 4,379 1,794 5,627 1,906 82 348 Feb. 27 842 139 740 1,752 4,356 1,795 5,605 1,895 55 Mar. 5 828 125 754 1,731 4,352 1,783 5,594 1,885 41 346 Mar. 12 757 136 786 1,705 4,363 1,778 5,563 1,901 34 348 Mar. 19 684 107 820 1,634 4,374 1,825 5,537 1,909 37 350 Mar. 26 667 84 825 1,599 4,382 1,791 5,498 1,890 33 351 Apr. 2. 651 854 1,595 4,390 1,789 5,469 1,909 45 351 Apr. 9__._ 647 882 1,609 4,392 1,790 5,475 1,916 50 350 Apr. 16—.. 637 957 1,670 4,381 1,788 5,450 1,975 63 351 Apr. 23 579 1,077 1,729 4,376 1,786 6,442 2,022 73 354 Apr. 30 543 1,186 1,794 4,370 1,784 5,428 2,095 73 352 End of month series Wednesday series 1931 1932 1932 Nov. Dec. Jan. Feb. Mar. Apr. Mar. Mar. Apr. Apr. Apr. Apr. 30 31 29 31 30 23 20 27 Bills discounted 718 ! 638 828 639 556 Bills discounted 666 635 629 565 532 Bills bought 452 339 153 109 48 Bills bought 82 58 52 49 46 United States securities 717 817 746 740 872 1,228 United States securities 835 872 885 1,078 1,191 Other reserve bank credit 44 59 58 32 18 18 Other reserve bank credit | 15 16 21 20 17 Total reserve bank credit 1,931 1,853 1,856 1,709 1,597 1,850 Total reserve bank credit 1,597 1,6871,599 1,686 1,700 1,785 Monetary gold stock 4,414 4,460 4,415 4,353 4,390 *4,365 Monetary gold stock__ 4,381 4,388 4,396 14,380 4,377 4,368 Treasury currency adjusted 1,769 1,759 11,775 1,791 1,806 »l,805 Treasury currency adjusted 1,792 1,780 1,806 j 1,7801,754 1,783 Money in circulation 5,536 15, 647 !5,6425,603 5,459 *>5,464 Money in circulation 5,480 5,439 5,458 5,423 5,425 5,398 Member bank reserve balances.2,051 ! 1,961 i 1,9471,849 1,924 2,124 Member bank reserve balances-1,911 1,911 1,942 2,011 1,979 2,114 Nonmember deposits, etc__ 170 110 107 53 59 79 Unexpended capital funds, non- Unexpended capital funds.. 357 354 350 351 353 member deposits, etc 380 405 400 I 411 428 424 p Preliminary. NOTE.—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.—See (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
293 MAY, 1932 FEDERAL RESERVE BULLETIN RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] j Apr. 30, 1932 Mar. 31,1932 Apr. 30, 1931 Gold with Federal reserve agents Gold redemption fund with United States Treasury Gold held exclusively against Federal reserve notes- Gold settlement fund with Federal Reserve Board Gold and gold certificates held by banks Total gold reserves -_.. Reserves other than gold Total reserves Nonreserve cash Bills discounted: For member banks _ ._- For intermediate credit banks For nonmember banks (secured by adjusted service certificates) Total bills discounted Bills bought: Payable in dollars- Bought outright Under resale agreement Payable in foreign currencies Total bills bought.. United States securities: Bought outright Under resale agreement. Total United States securities. Other reserve bank credit: Federal intermediate credit bank debentures Municipal warrants Due from foreign banks Reserve bank float (uncollected items in excess of deferred availability items) Total reserve bank credit outstanding __ Federal reserve notes of other reserve banks Uncollected items not included in float Bank premises All other resources. Total resources.. Federal reserve notes: Held by other Federal reserve banks. Outside Federal reserve banks Total notes in circulation Deposits: Member bank—reserve account. Government Foreign bank Other deposits. _ Total deposits 2,224,973 2, 433, 629 Deferred availability items.. 322, 560 474, 098 Capital paid in 155, 237 168, 600 Surplus 259,421 274,636 All other liabilities 32, 058 15, 703 Total liabilities Contingent liability on bills purchased for foreign correspondents FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents Held by Federal reserve banks1 In actual circulation Collateral held by agents as security for notes issued to banks: Gold Eligible paper Total collateral 2,074, 493 * Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 FEDERAL RESERVE BULLETIN MAY, 1932 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 Gold Month a s t t o e c n k d Increase Net re- Domes- From or to— (prel A im pr i i n l ary) March Ja M nu ar a c r h yof in stock Net gold tic promonth during import from ear-duction, month mark i etc.2 Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1929—January 4,127 -14.4 47.2 -65.0 3.4 February... 4,153 26.4 25.5 .9 Belgium 669 6,341 36, 753 March 4,188 34.4 24.8 7.5 2.1 England 125 616 23 171 3,627 April 4,260 72.4 23.1 48.6 0.7 France 24, 528 37, 532 1 219, 519 May 4,301 40.6 23.6 16.1 0.9 Germany. _ 1,350 2 2 566 June _ 4,324 23.4 30.2 -7.5 0.7 Italy 101 July 4,341 16.3 34.7 -22.0 3.6 Netherlands 22, 088 14,929 August 4,360 18.9 18.4 -1.0 1.5 Portugal 2,386 September. 4,372 12.1 17.6 -6.6 1.1 Sweden October 4,386 14.4 17.5 -4.5 1.4 Switzerland 125 6 2,019 November. 4,367 -19.2 -23.2 1.0 2.3 Canada 6,993 7,222 6 17, 801 33 December.. 4,284 -82.9 -64.4 -22.0 3.5 Central America. 98 290 Mexico 2,208 2,997 5,070 20 Total (12 mos.) _ 142.4 175.1 -55. 4 22.7 Argentina 2 683 12, 950 Colombia 3 2,959 1930—January 4,291 4.0 0.5 2.3 Ecuador 81 393 February _-. 4,353 59.9 60.0 0.0 1.9 Peru 996 131 297 57 March 4,423 68.2 55.5 13.0 -0.3 Uruguay _ 1,000 1,000 April 4,491 68.5 65.7 0.5 2.3 Venezuela 156 410 May 4,517 25.9 23.5 2.0 0.5 British India 70 7,322 June 4,535 17.6 13.9 2.0 1.7 China and Hong July... 4, 517 -18.4 -19.6 -3.0 4.3 Kong 2,346 2,948 3,934 August 4,501 -15.5 -19.6 0.0 4.2 Dutch East Indies. 567 1,260 September -. 4,511 10.2 2.5 4.0 3.7 Japan 1,347 29, 410 October 4,535 23.3 26.4 -6.1 3.1 Philippine Islands. 346 927 November 4,571 36.8 35.2 -2.1 3.8 All other countries L 1, 488 1 1, 934 5,560 74 December 4, 593 22.1 32.7 -15.2 4.5 Total 216, 503 2 49, 478 19, 238 43. 909 89, 787 279,983 Total (12 mos.)_ 305.4 280.2 -4.4 32.0 1931—January 4,643 49•• .4— ~34.4 11.9 1 Includes all movements of unreported origin or destination. A F M e p a b r r i r c l u h ary... 4 4 4 , , , 6 7 6 9 2 6 7 6 5 2 3 28 2 2 . . . 7 0 0 2 4 1 5 9 6 . . . 6 5 1 -7 2 3 . . . 5 5 0 -13 3 3 . . . 3 3 3 im 2 p A or t t N s, e $ w 1 3 Y ,2 o 5 r 3 k , — 000 im . ports, $3,250,000; exports, $49,478,000. Elsewhere,7| May 4,798 72.4 49.6 4.0 18.8 KINDS OF MONEY IN CIRCULATION J J u u l n y e . . . . . 4 4 , , 9 9 5 4 6 9 1 - 5 6 8 .6 .0 6 1 3 9 . . 8 5 -2 9 9 2 . . 7 3 3 1 . . 6 9 [In millions of dollars] August 4,995 45.7 57.5 -16.0 4.2 September. 4,741 -254. 3 20.6 -279.1 4.2 1932 1931 October 4,292 -448.4 -337.7 -107. 6 -3.1 November. 4,414 122.0 89.4 28.3 4.2 Kind of money December.. 4,460 45.8 56.9 -22.9 11.9 Apr. 30 P Mar. 31 Apr. 30 Total (12 mos )__! -133.4 145.3 -320.8 42.1 1932— M F J e a a b n r r u c u h a a ry ry .. . . 4 4 4 , , , 4 3 3 1 5 9 6 4 0 + - - 4 6 3 4 2 6 . . . 3 0 2 - - - 2 7 9 4 5 0 . . . 7 6 0 2 2 5 5 6 8 . . . 4 4 3 5 2 1 . . . 4 4 9 G G Fe o o d l l d d e r c c a o e l r i r n t e if s i e c r a v te e s notes. 2,5 4 7 5 5 1 1 7 0 2,5 4 7 4 0 7 6 4 9 1 1 , , 0 3 5 3 5 1 5 2 8 April» 4,365 -25.0 -33.0 4.0 4.0 Treasury currency:l Total (4 mos.) *>_ -95.5 -223.2 I 114.0 | 13.7 S Si t l a v n e d r a c r e d r t s if il i v ca e t r e d s ollars 35 3 6 1 35 3 5 1 37 3 5 4 Treasury notes of 1890 1 1 1 * Gold released from earmark at Federal reserve banks less gold placed Subsidiary silver 257 259 272 under earmark. Minor coin. 114 114 117 s This figure,d erived from preceding columns, represents the excess of United States notes 282 274 295 domestic production over nonmonetary consumption of gold—chiefly Federal reserve bank notes.. 3 3 3 consumption in the arts. In any given month, however, it may be National bank notes..- 703 693 651 predominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have Total Treasury currency 1,747 1,730 1,748 reached a reserve bank or the Treasury, and (&) gold bullion recently withdrawn from stock for export may not yet have been actually Total money in circulation.. 5,464 j 5,459 exported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. p Preliminary figures. p Figures preliminary. 1 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
MAY, 1932 FEDERAL RESERVE BULLETIN 295 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 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' T m o b t e a a m l n — k b s e a r ll Ne C w i ty Y o i rk 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—J anuary 2,433 955 587 104.7 51.5 22.5 30.7 February 2,370 847 945 578 56.6 11.6 18.2 26.7 March 2.386 945 580 66.5 19.4 18.7 28.4 April 2,376 962 585 55.6 7.2 20.2 28.2 May 2,387 961 678 66.8 15.5 23.6 27.7 June 2,404 882 I 949 573 128.9 71.4 27.0 30.5 July.... 2,407 887 ! 950 570 124.4 60.6 32.8 30.9 August _. 2,345 943 559 100.6 34.3 35.7 30.6 September 2,333 918 551 120.3 53.8 36.7 29.8 October 2,256 872 536 129.1 52.5 39.7 37.0 November 2,118 774 ! 832 512 57.0 10.7 19.4 26.9 December _. 2,069 766 | 807 503 59.5 18.5 lfi.9 30.9 I 1932—January 1,979 724 ! 767 488 35.4 4.5 1.8 29.2 February 1,907 681 ; 753 473 43.8 7.2 11.3 25.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 Week ending (Friday) Jan. 29 1,941 712 755 474 j 4.8 1.9 (*) Feb. 5 1,930 753 478 I 4.5 5.8 (2) Feb. 12 1,917 754 477 10.5 11.7 Feb. 19 1,906 680 754 473 7.8 10.2 Feb. 26 1,895 673 752 469 \ 8.7 13.4 Mar. 4 1,890 675 746 468 3.9 11. 1 Mar. 11 1,894 670 753 470 7.2 19.9 Mar. 18 1,913 689 759 465 14.4 24.3 Mar. 25 1,888 681 744 463 16.9 16.6 Apr. 1 1,908 719 731 457 45.4 I 12.4 Apr. 8 ..... 1,915 718 724 474 37.4 11.2 Apr. 15 1,962 757 741 464 73.2 26.0 1 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 a T l b l o a b t m n a e l r k e — s m - ! C Y N i o e t w r y k * 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 - a T l b l o a b m n t e a r k e l m s - - C Y N i o e ty w rk » 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 - a T l b l o a b m n t e a e k r m l s - - C Y N i o e ty r w k » re O c s i t t e h i r e e v s r e ' b t C a r n o y k u " s n- 1931—January... 32, C48 7,445 12,942 11,662 18,572 6,163 7,243 5,165 13,477 1,282 8,496 February. 31,968 7,453 12,932 11,583 18,389 6,120 7,170 5,099 13,580 1,334 6,761 6,485 March 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 32,179 7,336 13,181 11,662 18,491 6,019 7,309 5,163 13,688 1,317 5,872 6,498 May ... 32,168 7,439 13,157 11,573 18,419 6,094 7,236 5,090 13, 749 1, 345 5,921 6,483 June 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 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13,404 1,260 5,728 6,415 August 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 7,126 12,356 11,018 17,525 5,962 6,805 4,758 12,974 1,163 5,552 6,259 October. _. 29,138 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 11,453 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 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25,431 5, 760 10, 291 9,380 14, 575 4,959 5,622 3,993 10,856 800 4,668 5,387 * Central reserve city banks only. Back figures.—See BULLETIN for June, 1931, p. 347. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 FEDERAL RESERVE BULLETIN MAY, 1932 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] ! Loans to other customers Open-market loans Investments Purchased paper Total Total '• loans Call date i m n lo a v e n a e n n d s t s t s - L ba o t n o a k n s s Total s c t u S o b r e c y e - k d s c r u S b e r e y a e - l d O c w a u t s n h r e is e d - e e d r- Total A a p c n a c c y e e p - s t- a c A n e c p c e t - - s C m o e m r- - L k b o t i r e o n a o r n - s s Total m U G er . e o n S n v - . t - O r s i e t t c h ie u e s - r ! s c t a u o s b n r e c y d e - k d s and estate unse- able pay- cial New secu- bonds• bonds cured in able paper Yorki rities United abroad States TOTAL—ALL MEMBER I BANKS 1928~Oct.3 34,929 548 21,242 6,646 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 3,158 109 103 390 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 2,472 108 90 249 2,025 10,052 4,155 5,898 10,094 Oct. 4 35,914 640 23,249 8,109 3,152 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 10,314 Dee. 31 35,934 714 23,194 8,488 3,191 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 10,505 1930—Mar. 27 35,056 527 21,495 7,730 3,170 10,595 3,097 175 79 499 2,344 9,937 4,085 5,852 10,334 June 30 35,656 535 21, 565 8,061 3,155 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24 35,472 466 21,010 7,864 3,163 9,982 3,262 205 62 523 2,472 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 4,125 6,864 i 9,754 1931—Mar. 25 34, 729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 | 9,272 June 30 — 33,923 457 19,257 7,117 3,216 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29_ 33, 073 I 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30, 575 790 17, 570 6,290 3,038 8,244 901 146 41 140 575 11,314 5,319 5,996 7,320 NEW YORK CITY • 1928—Oct. 3. 7,197 287 3,919 1,536 130 2,253 1,048 50 55 63 880 1,942 1,130 813 1 2,560 Dec. 31. 7,951 288 3,940 1,708 132 2,100 1,790 61 61 29 L,639 1,933 1,094 839 3,491 1929—Mar. 27 7,726 251 4,253 1,744 148 2,361 1,250 59 52 37 L, 102 1,972 1,135 838 2,971 June 29 8,160 314 4,532 1,877 175 2,480 1,496 58 58 21 L, 359 1,819 1,006 813 3,393 Oct. 4_ 8,150 302 4,846 1,944 176 2,726 1,196 59 33 8 L,096 1,807 989 817 3,191 Dec. 31 8,774 322 4,964 2,200 169 2,595 1,397 128 46 21 1,202 2,091 1,112 979 3,562 1930—Mar. 27 8,238 199 4,338 1,936 150 2,252 1,655 89 40 49 1,477 2,046 1,150 897 3,504 June 30-_ 8,798 196 4,308 2,022 157 2,129 2,091 144 29 35 L, 883 2,203 1,147 1,056 3,983 Sept. 24 8,557 169 4,276 2,031 157 2,087 1,912 148 28 22 ,714 2,198 1,091 1,107 3,798 Dec. 31 - 8,582 283 4,338 2,137 147 2,054 1,525 188 22 34 L. 281 2,435 1,239 1,197 3,550 1931—Mar. 25 8,473 154 4,007 1,960 150 1,896 1,651 199 51 35 I', 367 2,662 1,466 1,196 3,397 June 30 8,287 150 3,839 1,897 160 1,782 1,4Q7 296 44 94 1,063 2,801 1,656 1,145 3,026 Sept. 29 8,253 250 3,850 1,816 152 1,881 1,121 201 33 48 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 17 29 542 2,697 1,768 928 ! 2,474 OTHER RESERVE CITIES 1928— Oct. 3 — 14,121 214 9,096 3,382 1,536 4,178 875 6 30 199 641 3,935 1,894 2,041 ! 4,130 Dee. 31 14,066 213 9,267 3,734 1,547 3,986 742 18 34 150 541 3,844 1,836 2,008 ! 4,381 1929—Mar. 27 13,925 258 9,286 3,740 1,509 4,036 645 43 32 147 423 3,736 1,896 1,840 i 4,292 June 29 — 13, 832 308 9,434 3,718 1,503 4,213 480 17 25 88 349 3,611 1,765 1,846 4,221 Oct4 13,983 294 9,775 3,869 1,491 4,415 526 8 31 75 413 3,388 1,671 1,717 4,429 Dec. 31 13, 785 346 9,748 3,975 1,559 4,214 438 51 29 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27 13,575 263 8,951 3,604 1,544 3,802 945 59 35 242 609 3,416 1,662 1,754 i 4,368 June 30 13,701 277 9,029 3,811 1,524 3,693 710 18 38 301 353 3,685 1,686 1,999 1 4,306 Sept. 24—_. 13,971 235 8,726 3,632 1,526 3,567 1,064 54 31 337 643 3,947 1,785 2,161 i 4,387 Dec. 31 13,758 286 8,906 3,656 1,631 3,620 531 122 29 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 48 212 227 4,676 2,313 2,364 j 3,729 June 30_ 13, 567 247 8,100 3,188 1,621 3,291 470 91 67 189 124 4,750 2,408 2,342 3,459 Sept. 29 13,016 284 7,845 3,092 1,585 3,168 326 67 35 167 56 4,561 2,301 2,260 3,317 Dec. 31. 12,115 i 347 7,407 2,806 1,538 3,063 135 35 21 62 16 4,228 2,133 2,093 ! 3,050 "COUNTRY" BANKS 1928—Oct. 3 13,612 46 8,225 1,727 1,423 5,075 614 24 17 195 378 4,727 1,362 3,365 2,129 Dec. 31 - 13,667 37 8,254 1,906 1,444 4,904 625 30 8 211 376 4,751 1,382 3,370 2,300 1929—Mar. 27 13, 741 39 8,364 2,056 1,465 4,843 598 44 8 192 354 4, 740 1,424 3,316 2,429 June29.__~ 13,719 49 8,551 2,139 1,488 4,926 496 33 7 140 316 4,623 1,384 3,240 2,480 Oct. 4 13,780 45 8,627 2,295 1,482 4,847 553 27 6 144 376 4,554 1,361 3,193 2,694 Dec. 31 13,375 45 8,481 2,314 1,462 4,705 409 33 5 163 208 4,439 1,267 3,172 ! 2,545 1930—Mar. 27 13,243 65 8,206 2,190 1,475 4,541 496 27 4 207 258 4,475 1,273 3,202 2,462 June 30 13,157 63 8,229 2,227 1,475 4,527 312 8 4 171 129 4,554 1,229 3,326 2,367 Sept. 24 12,944 62 8,007 2,200 1,480 4,326 286 4 4 164 115 4,589 1,219 3,370 2,326 Dec. 31 12,519 62 7,762 2,149 1,455 4,158 177 5 3 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25_— ._ 12,290 58 7,524 2,097 1,449 3,978 158 5 2 114 36 4,550 1,224 3,326 2,147 June 30 12,068 ! 60 7,318 2,031 1,437 3,849 135 2 2 101 30 4,555 1,279 3,276 i 2,078 Sept. 29 11,805 64 7,018 1,935 1,411 3,673 116 1 2 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 69 6*469 1,756 1,346 3,367 71 4 2 48 16 4,392 1,418 2,974 1,796 1 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 June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1930 (Table 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 297 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) Nonmember banks Date 1928—June 30 7,043 53,398 32,133 Oct. 3 6,945 53, 720 32,138 Dec. 31 6, 975 56, 766 34,826 1929—Mar. 27 58,019 40, 557 17,462 35, 393 22, 626 15, 612 33, 215 21,330 June 29 58,474 41, 512 16,962 35, 711 22, 763 15,853 32, 284 21, 567 Oct. 4 58,835 42,201 16,634 35,914 22,922 16,036 33,004 22,176 Dec. 31 58,417 41,898 16,519 j 35, 934 22,483 15,748 33,865 21,424 1930—Mar. 27_ ! 57, 40,686 18,700 35,056 22, 331 15, 568 53,185 32,082 21,10S June 30 40,618 17,490 35, 656 22, 453 15, 404 7; 048 j 54,954 33,690 21, 264 Sept. 24 39, 715 17,875 35,472 22,118 14,977 7,141 ! 52,784 31,839 20,945 Dec. 31 38,135 18,074 34,860 21,349 14, 264 7,085 j 53,039 32,560 20, 479 1931—Mar. 25 55,924 36,813 19, 111 34, 729 22,840 11,889 21,195 13,974 7,222 I 51,427 31,153 20, 274 June 30 55,021 35,384 19, 637 33,923 21,816 12,106 21, 099 13,568 7,531 51,782 31, 566 20,216 Sept. 29 53,365 33, 750 19,615 33.073 20,874 12,199 20,292 12,876 7,416 I 49,152 29,469 19, 683 Dee, 31 50,097 31,616 18, 481 30, 575 19, 261 11, 314 19, 522 12,355 7,166 ! 46, 261 27, 432 18, 829 NUMBER OF BANKS BANK LOANS AND INVESTMENTS, PERCENT- AGE DISTRIBUTION Member banks [Figures for Dec. 31, 1931] Nonmem- Date ber I Total loans and State banks I investments Number j , of banks \ Amount I Percent - I (millions | age dis- 1925—Dec. 31. 1,441 18,768 jof dollars) tribution 1926—Dec. 31. 1,354 18.107 All banks in the United States . 19.968 • 50,097 100 1927— D J e u c n . e 3 3 0 1. . . . 1 1 , , 3 2 0 7 9 5 1 17 7 , , 6 3 6 8 6 2 Member banks—total 7,246 j 30,575 GL 1928— D Ju ec n , e 3 3 0 1. . . 1 1 , , 2 2 0 4 8 4 1 16 7 , , 7 0 3 1 9 2 Re C se e N r n v e t e w ra c l Y i r t e y o s r e k b r a v C n e k i t c s y it ( y 6 2 b c a it n ie k s s ) - ..... j 40 39 3 ! ; 1 7 9 , , 4 57 6 6 0 | 3 15 9 1929—June 29., 1,177 16,403 Chicago... 12 ; 1,517 ! 3 Dec, 29.. 1,119 16.108 Ot N he e r w r e Y s o er r v k e C c i i t t y y banks- ; 9 ! 1930— D J e u c n . e 3 S 0 i- .. 2 22 3 , , 8 7 5 6 2 9 7 7, , 0 2 3 4 3 7 1 1 , , 0 0 1 6 9 8 1 1 4 5 , , 7 5 1 3 7 7 Ot C ( h 1 h e 0 r i c c a i F g t e i o e d e s r ) a .. l .. r . es ., erve bank cities ! 9 2 7 3 : ! 5, 200 1931— D S J e u ec n p . e t. 3 3 2 1 0 9 , i 2 1 2 1 9 1 , , , 9 2 9 6 9 0 8 4 3 6 6 6 , , , 3 8 6 6 0 5 8 0 3 9 9 8 4 7 8 6 8 2 1 1 1 2 4 3 , , , 7 1 6 2 2 9 1 2 5 "C O F o e t c u h d it n e e i r r e t a r s r l ) y e " s r e e b r s v a e e n r v k c e s i t i . * e b s r a (2 n 5 c h c iti c e i s t ) ies . (25 ; '• 6,8 1 4 9 33 3 0 > ! j i 1 4 1 0 , , , 2 0 9 0 9 9 0 9 9 2 8 2 2 1 All banks in the United States; includes national banks, State com- Nonmember banks 12,722 I 19,522 j 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 FEDERAL RESERVE BULLETIN MAY, 1932 REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investment Month or date | B ro o w r- - r B o o w r - - Total r B o o w r - - Total c L o u n o r a i s t n i e e s - s l o o A t a h l n e l s r T I o n t v a e l stm U c e u . n r S i t . t s s i e e - s I ' I b F i a n . a n g t R k s . s Total c L o u n o r a i s t n e ie s - s l o o A t a h l n e l s r T I o n t v a e l stm U c . e u n r S i t . t s i s e e s - b F i a . n a n g t R k s s . a m l n v o d e e a s n n i t t n - s s - b F i a . n a n g t R k s s . 1931—January 22, 660 7,495 8,399 6,766 82 7,906 3,111 2,472 2,323 1,254 14, 754 77 February. _. 22,659 7,315 8,242 7,102 3,385 57 7,965 3,079 2,410 2,476 1,353 14, 694 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 2,242 2,567 1,414 15, 053 26 May 22, 713 6,998 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 7,816 4,048 56 7,694 2,846 2,204 2,644 1,523 14,745 56 July. 22, 393 6,631 7,964 7,798 4,121 44 7,780 2,764 2,365 2,651 1,608 14,613 44 August 22, 093 6,480 7,900 7,713 4,074 75 7,633 2,640 2,370 2,623 1,600 14,460 72 September- 22,078 6,413 7,870 7,795 4,154 127 7,744 2,657 2,375 2,712 1,652 14,334 124 October 21, 425 5,971 7,679 7,775 4,171 398 7,466 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 December _ 20,749 5,763 7,441 7,545 4,127 499 7,165 2,237 2,218 2,710 1,732 13,584 1932—January... 20,178 5,644 7,331 7,203 3,943 469 6,921 2,209 2,220 2,492 1,631 13, 257 435 February. 19,775 5,497 7,214 7,064 3,856 484 6,645 2,127 2,171 2,347 1,521 13,130 461 March 19, 434 5,388 7,059 3,866 ! 368 6.521 2,065 2,078 2,378 1,547 12,913 365 April 19,096 5,150 6,820 7,126 3,875 277 6,492 1,947 2,029 2,516 1,620 12,604 277 Jan. 27. 19,992 5,596 7,259 7,137 3,841 | 467 6,819 2,194 2,171 2,454 1,547 15 13,173 452 Feb.3... 19,979 5,574 7,256 7,149 3,925 ! 492 6,794 2,178 2,181 2,435 1,593 35 13,185 457 Feb. 10.. 19,785 5,504 7,212 7,069 3,853 i 472 6,638 2,124 2,168 2,346 1,520 15 13,147 457 Feb. 17.. 19, 731 5,474 7,217 7,040 3,840 : 493 6,603 2,112 2,177 2,314 1,496 20 13,128 473 Feb. 24.. 19, 606 5,438 7,171 6,997 3,806 j 478 6,544 2,092 2,158 2,294 1,477 20 13, 062 458 Mar. 2... 19,523 5,440 7,148 6,935 3,742 474 6,540 2,109 2,160 2,271 1,445 15 I 12,983 459 Mar. 9— 19, 305 5,426 7,010 6,869 3,704 ! 397 6.421 2,097 2,077 2,247 1,437 12,884 397 Mar. 16.. 19, 588 5,413 6,975 7,200 4,016 ; 328 6', 617 2,066 2,082 2,469 1,643 12, 971 328 Mar. 23.. 19,403 i 5,337 6,917 7,149 3,951 ; 334 2,009 2,039 2,438 1,601 12,917 334 Mar. 30. 19,354 I 5,328 6,883 7,143 3,920 | 305 6,541 2,043 2,031 2,467 1,610 12,813 305 Apr. 6.. 19,173 ' 5,222 6,838 7,113 3,882 ! 313 6,455 1,979 2,013 2,463 1,596 12,718 313 Apr. 13. 19,058 5,148 6,822 7,088 3,858 ; 314 6,420 1,933 2,011 2,476 1,589 12,638 314 Apr. 20. 19,119 5,131 6,838 7,150 3,874 255 6,568 1,950 2,058 2,560 1,643 12, 551 255 Apr. 27. 19,033 5,099 6,783 7,151 3,884 ; 225 6, 525 1,925 2,033 2,567 1,652 12, 508 225 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 York banks banks, brokers, count town others and trust com- foreign banking banks * End of month panies agencies, etc. 1931—January... 1,798 1,132 329 337 February.. 1,759 1,186 290 283 1931 1932 1931 1932 1931 1932 March 1,858 1,335 264 259 April 1,824 1,322 271 231 May 1,644 1,279 191 174 J F M a e n a b r u r c a u h r a v ry 1 1 1 , , , 9 8 7 0 4 2 9 0 0 5 5 5 2 1 3 5 2 3 1 1 1 , , , 6 6 5 4 5 9 6 7 2 3 3 3 7 8 9 4 5 1 2 1 1 1 9 6 7 4 3 1 1 1 4 4 3 2 0 8 J J A S u u e u n l p y g e t u em st ber. 1 1 1 1 , , , , 4 2 3 4 6 6 4 3 4 8 2 4 1 1 , , 0 1 9 9 6 1 4 5 2 0 3 1 2 2 1 1 0 2 7 8 4 6 4 1 1 1 1 1 5 7 6 6 1 3 8 5 M Ap a r y il 1 1 1 , , , 3 4 6 3 9 5 5 1 1 379 | 1 1 1 1 1 , , , 4 2 2 6 2 9 6 1 3 300 1 1 1 4 7 8 1 0 5 79 N D O o e c c v to e e m b m e b b r e e . r . r . . . 9 8 6 2 5 0 1 5 2 5 6 5 5 7 8 4 4 8 1 9 8 2 0 8 4 1 9 1 5 0 3 7 1932—January ... 544 473 65 July 1 344 1,171 173 February. . 495 417 72 August 1,354 1 1 160 194 March 531 432 94 SeDtembcr 1,044 932 112 April 500 423 70 October 796 688 108 Apr. 6 516 430 November 730 582 148 — Apr. 13.... 485 401 DftcpTTihpr 587 455 132 Apr. 20.... 504 435 Apr. 27-.- 495 427 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
299 MAY, 1932 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR AC- CLASSES OF BANKERS* ACCEPTANCES (DOLLAR CEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Based Based Held by Fed- Held by group of ac- on goods on eral reserve cepting banks stored in goods banks United stored Based States in Total For Held End of month Total im- o p n o r e t x s - ( h w o a u r s e e - D e o x l - lar fo c r o e u ig n n - End of month out- ac- by into from credits) change tries or st i a n n g d- o F w o n r c o o f u fo n r t - Own Bills others TT Q U. S. ship o p r ed shi b p e p - ed ac- eign Total bills bought between tween count corre- domes- foreign spond- tic points points ents OUTSTANDING 1931—January 1,520 214 400 292 65 549 1930—January 1,693 293 526 220 63 i 157 653 February 1,520 212 398 295 71 544 February... 1,624 269 503 183 71 j 112 669 March 1,467 212 390 282 62 520 March 1,539 277 482 167 72 ! 95 613 April 1,422 211 360 271 73 507 April 1,414 209 465 158 55 103 582 May 1,413 207 361 264 75 505 May 1,382 184 463 166 63 103 570 June 1,368 202 349 254 69 494 June 1,305 127 470 205 64 141 503 Julv_ 1,228 186 330 238 52 423 July. 1,350 129 479 279 63 216 463 August 1,090 178 276 202 43 391 August 1,339 167 471 267 95 172 434 September 996 174 257 190 37 338 September . 1,367 208 432 317 131 186 411 October 1,040 173 261 238 38 330 October 1,508 141 433 384 172 212 550 November 1,002 158 254 258 34 298 November- 1,571 j 143 429 493 180 313 507 Decern ber 974 159 222 267 31 296 December. _ 1,556 328 439 371 90 j 282 417 1932—January 961 150 207 272 34 298 1931—January 1,520 89 447 571 134 437 412 February 919 M2 195 271 26 284 February... 1,520 i 85 456 550 151 398 429 March 911 129 205 267 23 287 March 1,467 1 123 431 472 131 | 341 441 April 1,422 162 409 410 125 285 441 HELD BY F. R. BANKS May 1,413 124 380 464 171 293 444 (OWN ACCOUNT)! June. _. 1,368 95 341 554 196 l 357 379 July 1,228 i 39 243 668 232 ! 436 278 1931—January 89 10 13 23 3 39 August 1,090 70 228 606 168 i 438 186 February 85 13 11 17 2 42 September- 996 420 100 410 162 248 66 March 123 17 23 27 3 52 October 1,040 647 99 230 112 118 63 April 162 24 25 37 8 60 November.. 1,002 418 126 296 125 | 171 162 May 124 20 18 19 6 59 December. . 974 305 251 262 131 131 156 June 95 15 16 17 5 39 July 39 7 6 8 2 16 1932—January 961 119 314 332 159 174 195 August 70 10 9 8 3 38 February... 919 76 312 343 175 168 189 September 420 I 68 55 88 17 185 March 911 '36 335 377 155 222 162 October 647 105 93 129 24 285 April »17 292 N o vember 418 61 66 99 16 170 I December. 305 1 43 55 84 14 104 r Revised v Preliminary 1932—January 119 16 19 32 2 47 February 76 9 12 27 1 25 Figures for acceptances outstanding (and held by accepting banks) March... 36 4 6 12 1 13 from American Acceptance Council. 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 [In millions of dollars] End of month 1929 1930 1931 1932 End of month 1929 . 1930 1931 1932 January 1,019 1,035 36,119 33,444 January- 407 404 327 108 February— 1,029 1,038 23,958 33,478 February. 411 457 315 103 March 1,036 L,040 1,063 30,778 March 387 529 311 •106 April 1,036 1,054 1,074 30,736 April 351 553 307 May 1,040 L,058 1,073 May 304 541 305 June 1,043 L, 064 10,551 June 274 627 292 July 2,061 1,065 34, 371 July.. 265 528 289 August 12, 346 L, 071 145,215 August 267 526 271 September. 16,955 1,075 48,804 September- 265 513 248 October 17,064 21,583 33,501 October 285 485 210 November.. 1,027 31,587 33,386 November. 316 448 174 December— 1,030 35,983 33,429 December— 334 358 118 Back figures—See Annual Report for 1928 (Table 12), 1927 (Table 12), c Corrected. 1926 (Table 24), etc. 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
300 FEDERAL RESERVE BULLETIN MAY, 1932 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Number Deposits (in thousands of dollars) | Number Deposits d ( o in ll a t r h s o ) usands of Year and month Members Members ba A n l k l s Na- State m N b e o e n m r - - s All banks National^ State M be e r m s - m N b e o e m r n s - tional 1921. 501 51 19 431 196,460 21,285 21,218 3,132 14,361 1922. 354 45 12 297 110, 721 19,092 j 5,151 11,618 23,947 1923. 648 90• 34 524 188, 701 32,904 I 18,324 5,068 6,606 1924. 776 122 37 617 213, 338 13,580 7,190 15,272 1925. 612 118 28 466 172, 900 58,537 8,727 105,636 6,779 9,839 1926. 956 125 35 796 272, 488 47,866 20.946 203,676 8,179 52,431 1927.. 662 91 33 538 193, 891 46. 581 19, 755 127,555 8,311 27,418 1928. 491 57 16 418 138, 642 31,619 10,621 96,402 6,610 9,117 1929. 642 64 17 561 234, 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 1, 691,510 439,171 294,357 957,982 53,944 104,243 1930—September.. 7 2 57 23,666 1,769 171 21,726 1,688 October 72 10 62 24, 599 3,336 21,263 11,972 November.. 254 26 7 221 186,306 82,373 j 35,742 88,191' 6,770 December.. 344 49 7 288 367,119 44,884 ! 163,993 158,242 16, 340 1931—January 202 20 6 176 76, 553 14,569 i 7,615 54,369 58 3 19, 322 1,856 17,466 February ! 77 15 5 57 34,616 5,822 j 7,901 20,893 49 6 17,157 3,333 13, 824 March 86 18 1 67 34, 320 10,899 j 108 23,313 j 31 2 11, 788 3,381 8,407 April 64 17 3 44 41, 683 19,498 | 2,264 19,921 28 4 23, 613 15,893 7,720 May _J 91 24 2 65 43, 210 12,320 j 5,055 25.835 9 2 3,890 401 3.489 June ' 167 26 10 131 190,480 31,368 ! 39,434 119, 678 8 5 24, 522 23.816 708 July . i 93 16 2 75 40, 745 7,045 i 1,805 31,895 9 2,525 2,525 August i 158 29 12 117 180,028 31, 629 52,660 95, 739 4 ! 14, 396 14,396 September _J 305 46 16 243 233,505 79,446 30, 272 123,787 6 „ , 4,258 4,258 October... 522 100 25 397 471,380 111, 088 117, 259 243,033 22 2 20 | 5,096 991 4,105 November 175 35 8 132 67,939 28,039 4,216 35,684 21 ! 4 17 13,041 3,684 9,357 December j 358 63 18 277 277,051 87,448 25, 768 163, 835 31 | 3 28 18, 579 17,990 1932—January... 342 74 13 255 219,300 i 63, 686 10, 873 144,741 19 3 16 10,952 3,293 7.659 February.. «• 123 26 '6 91 r 65,339 ! 22, 628 ' 8,660 34,051 46 6 40 18,893 4,236 14, 657 March 45 7 38 r 14,316 4,484 r 9,832 r37 i 10 '27 • 18,436 9,714 r 8,722 x\pril P 6 P4 P58 p 35, 496 ! p 2, 034 v11, 467 P 21,395 P15 "3 *>12 Sv 6, 434 P1, 793 v 4,641 p Preliminary. r Revised. Banks suspended and banks reopened,—The statistics of bank suspensions relate to banks closed to the public, on account of financial difficulties, by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed; such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier. Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom available, but are taken from the record of suspensions. Back figures.—Seea nnual report for 1930 (Tables 66 and 67). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS [Tn millions of dollars] Holdings of Government securities l and eligible paper (including paper under rediscount) Member bank By reserve city banks By " country " banks By all member banks borrow- Call date ings at U. S. U. S. U. S. Federal m G e o n v t e r s n e - - E p li a g p ib e l r e Total m G e o n v t e r s n e - - E p li a g p ib e l r e T lo o t t a a l l m G e o n v t e s r e n - - 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 curities 1928—Dec. 31. 2,730 2,349 5,079 932 1,811 2,744 3,662 4,160 7,822 1,041 1929—Mar. 27. 2,832 2,582 5.414 974 1,761 2,735 3,807 4,343 8,150 981 June 29. 2, 577 2,688 5,265 929 1,773 2,702 3,506 4,461 7,968 1,029 Oct. 4__ 2,469 2.865 5,334 912 1,733 I 2,645 3,381 4,598 7,979 899 Dec. 31. 2,403 2,713 5,116 814 1,684 ! 2,498 3,217 4,397 7,614 646 1930—Mar. 27 2,619 , 2,542 5,161 818 1,662 i 2,480 3,438 4,204 7,642 206 June 30. 2, 640 | 2,285 4,925 772 1,620 2,392 3,412 3,906 7,317 274 Sept. 24 2, 682 | 2,271 4,953 764 1,541 | 2,305 3,446 3,812 7,258 173 Dec. 31. 2,777 2,100 4,877 708 1,438 j 2,146 3,485 3,538 7,023 248 1931—Mar. 25. 3,584 2, 045 5,629 776 1,373 2,149 4,360 3,418 7,778 165 June 30. 3,871 1,870 5,741 836 1,328 I 2,164 4,707 3,198 7,905 147 Sept. 29 3,942 1,787 5,729 994 1,209 2,203 4,936 2,998 7,932 323 Dec. 31. 3,706 1. 505 5.211 989 1,068 2,056 4,694 2,573 7,267 623 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
301 MAY, 1932 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Average rate Average yield Prevailing rate on- on— on— Rate in Date estab- Previous Call loans * U.S. B N o e s w to Y n o F rk ederal reserve bank ef M fe a c y t o 1 n F Oc e t b . l . i sh 2 1 6 e 7 , d , 1 1 9 93 3 1 2 rate Month or week m m p P 4 c a e r o o t p r i n o m m c e t i r 6 - h a e , l s a P a b c d n e a r c a 9 r i c n e s m y 0 e k p ' s s e - t , - d l T o a i a 9 y m n 0 s s e J , New ine R w e- al T c c 3 n e a u a r o r t e n t r t o t e a y i d e f s s s 6 i , - - b T o u r n r e y d as s - 1 Philadelphia- Oct. 22,1931 i months Cleveland Oct. 24.1931 Richmond Jan. 25.1932 1931 Atlanta _. Nov. 14,1931 January 1.50 ; 1.57 1.24 Chicago Oct. 17,1931 February 1.50 1.50 1.06 3.40 St. Louis Oct. 22,1931 March 2 -2H 1.56 1.55 <1.38 3.39 Minneapolis __ Sept. 12,1930 April 1.57 ; 1.52 1.49 3.38 Kansas City... Oct. 23,1931 May 2 -2H 1.45 1.45 .88 3.31 Dallas.-. Jan. 28,1932 June 2 1.50 ! 1.50 •.55 3.30 San Francisco . Oct. 21,1931 July 2 2 I 1.50 1.50 .41 3.32 August 1.50 1.50 .42 3.34 September 2 m-2 1.60 1.50 <.45 3.42 Back figures.—See Annual Report for 1930 (Table 33). October 2 -4M 2.10 ! 2.10 1.70 3.71 November 3^-4M 3 -4 2.50 i 2.50 1.77 3,69 BUYING RATES ON ACCEPTANCES December 3M-4 ! 3 -4 I 2.73 2.70 •2.41 3.92 i 1932 [Buying rates at the Federal Reserve Bank of New York] January 2.61 2.65 | 2.48 4.27 February. ZH-4 2U-2H 2.50 ; 2.50 | 2.42 4.11 Maturity e R f M fe a a c te y t o i 1 n n j Da l t i e s h e e s d tab- Pre ra v t i e ous M Ap a r r i c l h ._. 3 Z H te - - Z Z H U \ 2 -3 2 2 . . 5 5 0 0 i | 2 2 . . 5 5 0 0 | I * 1 2 . . 1 2 1 5 3 3 . . 7 9 4 2 Week ending— 1-15 days 2^| Mar. 25, 1932 m A A p p r r . . 2 9 2M-3 2 2 . . 5 5 0 0 2 2 . . 5 5 0 0 2 1 . . 2 9 0 7 3 3 . .8 9 7 3 1 3 4 6 6 1 - - - 3 6 4 0 0 5 d d d a a a y y y s s s . . . . . . 2 2 2 f H M c| \ \ d d d o o o 2 2 2 5 % H ^ A A A p p p r r r . . . 2 1 3 3 6 0 -2 2 H 2 2 2 . . . 5 5 5 0 0 0 2 2 2 . . . 5 5 5 0 0 0 1 . . 6 0 4 0 3 3 3 . . . 6 7 6 7 3 4 61-90 days._ 2W\ do 2% 91-120 days. 2^| do 121-180 days 3 Feb. 26, 1932 1 8 S S t t o o c c k k e e x x c c h h a a n n g g e e 9 c 0 al - l d a lo y a t n i s m ; e n e lo w a n a s n . d renewal rates. 3 3 issues—3^, 3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954. NOTE.—Rates on prime bankers' acceptances. Higher rates may be < Change of issues on which yield is computed. charged for other classes of bills. Back figures.—See Annual Report for 1930 (Tables 36 and 37). RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES ^Weighted averages of prevailing rates] New York City 8 other northern and eastern cities 27 southern and western cities Month i I 1928 1929 : 1930 ! 1931 1932 1928 1931 1932 | 1928 1929 1930 931 1932 T January 4.56 | 5.74 I 5.64 j 4.24 4.71 5.07 5.53 5 94 6.12 5.50 5.61 February..„ 4.44 S 5.73 I 5.35 4.31 4.71 5.13 5.53 5 96 6.05 5.43 5.61 March 4.59 5.81 j 5.22 4.20 4.72 5.14 5.54 6.04 5.98 5.40 "5.64 April 4.72 5.85 4 91 | 4.17 4. 5.10 5.54 6.07 5.86 5.36 5.63 May 4.97 5.88! 4.74 4.11 5.56 6.10 5.75 5 26 June 5.09 5.93 1 4.59 4.13 5.67 6.16 5.69 5.34 July 5.38 5.88 | 4.48 4.05 5.77 6.17 5.63 5.30 August 5.56 6.05 i 4.41 3.97 5.80 6.22 5.58 5.28 September 5.63 6.06 ! 4.29 I 3.93 5.82 6.27 5.55 5 3? October.. 5.63 6.08 I 4.26 4.27 5.87 6.29 5.54 5.38 November 5.56 i 5.86 4.17 4.67 5.90 6.29 5.50 5.53 December 5.63 i 5.74 4.16 4.64 5.91 6.20 5.43 5.56 « Corrected. 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
302 FEDERAL RESERVE BULLETIN MAY, 1932 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Selected groups'of industrial issues Pre- Month or date Bonds1 s f t e o r c re k d s2 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e B eq i u n u i g l i d p - - C st h o a r i e n C i h c e a m l - C a p o n e p d r - e t E r q i l u c e a c ip l - - c M e h r i a y n - - Oil Steel T t e il x e ment brass ment Number of issues 60 20 421 351 33 37 13 12 16 11 g 4 10 15 10 28 1931—January _ 99.6 123.6 112 103 100 163 106 74 78 162 82 176 120 89 124 53 February .. 99.4 124.8 120 110 105 178 120 78 86 174 91 194 126 91 132 55 March 100 0 126.4 122 112 97 189 129 81 90 173 96 201 125 85 133 58 April 99.6 125.3 109 100 87 170 117 70 86 148 79 172 109 74 116 52 May 99.7 122.6 98 89 77 156 110 59 89 127 67 159 89 63 94 47 June 99.4 119.7 95 87 74 153 101 58 89 128 62 157 83 63 85 45 July 99.4 121.1 98 90 75 158 105 60 89 131 66 161 88 67 88 46 August 98.5 120.7 96 89 66 154 103 58 92 127 61 155 84 70 81 45 September 95.6 116.1 82 76 56 132 85 47 80 110 50 132 72 60 72 40 October 89.4 109.4 70 65 48 112 70 38 70 90 43 113 59 53 59 36 November _ 89.0 108.5 72 68 46 115 75 39 69 96 45 114 61 57 59 36 December 81 6 99.1 58 54 33 96 65 31 57 79 35 94 46 44 41 31 1932—January .. 81.0 96.5 58 54 37 94 64 31 57 80 38 85 48 43 32 31 February 80.3 96.3 56 53 34 93 60 30 56 79 32 77 47 42 32 31 March 80.8 96.2 57 54 32 93 55 29 58 85 30 77 47 45 32 31 April 79.4 94.2 44 42 22 73 34 22 49 61 22 57 37 38 23 26 Mar. 30 77.3 94.3 53 51 29 87 49 27 56 79 24 71 44 45 29 30 Apr. 6 79.9 97.9 46 44 23 75 38 23 51 67 21 59 41 41 25 28 Apr. 13 _ 78.3 93 2 43 40 21 72 33 20 48 60 20 •57 36 36 22 25 Apr. 20 79.5 92^5 43 40 22 71 33 21 48 58 23 53 36 37 22 25 Apr. 27 79.9 93.3 44 42 23 75 33 23 50 60 24 58 34 38 23 25 '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- Year and month m T e a ( f i d o o e n g o r s t d n - a - ti ) l c 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 d o e d s rp s o S r t a o t c e ks e F i o g r n - i m e s ( a f i i s d e o n g n u o s r g n d - e - t ) i s c Novemb M er 1 o 9 n 30 th 1 T 5 o ,9 ta 3 l 3 B 1 n a 4 o o n , n 4 t d e 5 d s 6 s ? 1 b a , « i 4 n l 2 7 d ls 7 M 6 B n a o o n - t n d 1 e d s s C ic b a e a n i r l t d t l e i s f 7 s - December :15,774 14,454 1,320 -159 -2 -157 1923 4,427 4,006 1,043 1,976 659 421 682 1924- 5,557 4,588 1,380 2,200 829 969 759 Total (12 months).. -255 II - 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1926--. 6,314 5,189 J 344 2,667 1,087 1,125 1,046 1931 1927._ 7,556 6,219 1,475 3,183 1,474 1,337 2,220 January 15,913 14,594 1,319 1928 8,040 6,789 ,379 2,385 2,961 1,251 1,858 February 15,979 14,573 1,406 1929 10,091 9,420 ,418 2,078 5,924 671 1,422 March 16,280 13,838 2,442 1930. 6,909 6,004 1,434 2,980 1,503 905 711 April 16,368 13,567 2,801 1931-- 3,083 2,854 1,229 1,239 311 229 949 May , 16,245 13,323 2,922 June 16,520 14,152 2,368 1931-March 557 550 276 250 9 7 142 July 16,522 14,178 2,344 April 412 369 101 166 102 43 203 August 16,585 14,179 2,406 May 348 333 172 132 29 15 123 September... 17,048 14,980 2,068 June 259 224 118 100 6 35 144 October 17,028 14,981 2,047 July 228 226 96 113 2 2 45 November , 17,040 14,955 2,085 August 120 120 74 34 12 0 6 December 17,528 15,092 2,436 September.. 241 217 111 94 12 24 44 October 44 44 15 14 4 0 1 Total (12 months). November- 111 109 52 26 24 2 20 December .. 119 119 40 28 39 0 21 1932 January- 17,515 15,102 2,413 1932—January 179 179 133 42 4 0 14 February. 17,820 15,102 2,718 February... 73 73 34 35 4 0 21 March 18,190 15.102 3,088 March 160 160 107 47 0 29 April _ 18, 287 15.103 3,184 »Includes issues of Federal land banks and Federal intermediate credit o Corrected. banks, not shown separately. NOTE.—Figures relate to interest-bearing public debt; matured non- Sources.—For domestic issues: Commercial and Financial Chronicle;interest-bearing debt amounted to $309,000,000 at the end of April, for foreign issues (issues publicly offered) annual totals are as finally1932. Figures include obligations held in Government trust funds reported by Department of Commerce, while monthly figuresa re as amounting to $320,000,000 at the end of April, 1932, compiled currently and are subject to revision. Bonds and notes are long-term—i. e., 1 year or more (figuring from date of issue); certificates and bills, shorter term. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
303 MAY, 1932 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average*3100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial nrnrhiptinn* Building contracts awarded Fac- (value; Factory em- tory Freight-car Comployment * pay loadings* modmonth Total i Manufactures1 Minerals i Total Residential All other rolls » ity prices Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- (t) justed justed justed justed justed justed ! justed justed justed justed justed justed justed justed justed justed justed 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 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 . . 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 „ 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 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 96 96 101 94 102 96 March 112 108 114 109 98 105 138 137 143 136 134 137 97 96 103 97 103 96 April 110 108 113 109 95 105 155 137 152 130 157 142 96 96 100 96 101 97 Mav 110 108 111 108 104 106 159 137 149 130 168 143 96 96 101 105 103 98 June - 108 108 109 109 104 102 154 139 140 133 166 144 96 97 101 101 100 97 July 105 109 105 110 104 102 142 132 127 126 155 137 96 97 98 105 102 97 August... 110 110 110 111 111 105 137 131 116 119 154 141 98 97 103 109 103 98 September 116 113 116 114 115 107 138 134 118 118 154 147 100 98 104 119 105 99 October.. 118 115 117 116 123 111 134 136 115 115 150 152 100 98 107 119 106 97 November 115 117 115 118 118 114 122 132 112 114 130 146 99 99 104 109 107 96 December 109 118 110 120 106 111 107 127 93 106 117 145 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 99 107 95 March 124 119 126 120 101 109 121 121 106 101 133 137 101 101 111 98 105 96 April 124 121 128 122 103 114 139 123 117 100 158 142 102 102 111 102 108 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 95 178 152 102 103 110 110 108 95 July 120 124 120 125 118 116 136 124 94 93 170 149 302 103 106 111 107 97 August... 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 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 67 135 139 103 101 111 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 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 93 94 98 91 99 91 March 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August 90 90 88 89 101 96 85 81 48 49 115 106 85 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 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 77 84 74 | 82 89 93 - 59 73 37 43 77 98 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 86 84 86 68 79 42 47 89 104 77 78 73 74 80 77 March 89 87 90 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 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 63 41 37 101 84 75 76 68 77 77 72 July 80 82 79 82 85 86 68 61 36 35 94 82 74 75 64 78 76 72 August... 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 82 77 59 59 32 32 81 80 75 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 73 73 71 71 84 81 43 49 26 27 57 67 69 69 56 70 68 7C December 68 74 66 73 80 85 30 38 20 I 23 39 50 68 69 56 61 69 69 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 64 67 February, 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 66 March ,67 »66 P64 77 84 26 26 16 15 i 35 36 66 66 52 58 61 66 i » Preliminary. i As revised in March, 1932; for back figures see BULLETIN for March, p. 194. For indexes of groups and separate industries see p. 340. 1 For indexes of groups and separate industries see p. 341. *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 342. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 FEDERAL RESERVE BULLETIN MAY, 1932 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 ! 411 488 411 250 150 338 369 311 183 136 73 119 100 66 14 February 371 442 349 224 154 351 369 282 175 131 20 72 67 49 23 March 1 421 490 370 236 * 156 380 384 300 210 J» 131 40 106 89 26 April ! 364 425 332 215 345 411 308 186 19 15 24 29 May ... 423 385 320 204 354 400 285 180 69 —15 35 24 June 389 393 295 187 317 353 250 173 71 40 44 14 July 1 379 403 267 181 318 353 221 174 61 50 46 August i 379 381 298 165 347 369 218 167 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 - ! 476 427 275 184 339 310 209 154 136 117 66 30 Year ! 5,128 6,241 3,843 2,424 4,091 4,399 3,061 2,091 1,037 842 782 334 1 * Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average—100] Index of sales» Index of m s o to n c th k ) s (end of 1931 1932 Novem- Decem- Janu- Februber ber ary ary March Month fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t d- Adjusted for seasonal variation variation justment variation justment Total 68 69 64 62 61 Coal .... 65 65 58 ! 61 71 1931 1932 1931 1932 1931 1932 1931 1932 Coke 44 47 43 | 45 48 Grain and grain products 76 63 69 78 72 January 97 78 79 64 88 75 78 67 Livestock 69 66 62 ! 60 56 February 98 78 80 64 86 73 81 69 Forest products 33 30 28 j 27 27 March. _ _ 97 72 92 70 84 70 87 72 Ore 23 40 31 i 29 28 April 106 101 83 87 Miscellaneous 72 73 67 i 62 57 May- 97 97 83 85 Merchandise * 83 83 81 1 78 75 June 95 90 82 80 July 91 65 81 75 Without seasonal adjustment August 88 67 79 76 S N D O e o e c p t c v o t e e e b m m m e b r b b e e e r r r 8 8 8 8 4 6 1 3 1 8 9 9 4 7 5 3 2 8 8 7 7 0 1 9 8 8 8 8 7 8 4 9 3 Tota C C G l o o ra a k i l e n and grain prod- » 7 4 7 0 6 2 6 7 5 1 0 0 6 4 5 6 7 8 6 5 5 6 9 2 4 6 8 7 Year 91 82 Li u v c e t s s tock 8 8 0 0 6 6 6 2 6 6 6 5 7 5 4 7 6 4 2 9 Forest products 31 25 25 27 27 1 Based throughout on figures of daily average sales—with allowance Ore 16 10 7 7 for changes from month to month in number of Saturdays and for 6 Miscellaneous.. 70 57 54 53 54 national holidays: New Year's Day, Memorial Day, Independence Day, Merchandise * 85 77 75 75 75 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects 1 In less-than-carload lots. upon sales of changes in the date of Easter. NOTE.—Based on daily average loadings. Source of basic data: Amer- Back figures—See BULLETIN for November, 1930, p. 686. ican Railway Association. Back figures—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 305 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE AUSTRIAN NATIONAL BANK The annual report of the Austrian National Strain on the National Bank.—Evidences of Bank for 1931 was presented to the general the unusual pressure on the central bank apmeeting of shareholders on March 18, 1932. peared first in its weekly balance sheet of May Sections of the report are given herewith: x 15, 1931. The very considerable increase in During the past year the economic depression the bill portfolio and the total circulation, led to severe disturbances in the banking and together with a decline in the foreign exchange currency systems of many countries and an holdings, produced a sharp drop of about 16 increasing loss of confidence on the part of the per cent in the percentage of foreign exchange public. New burdens were imposed on public reserves. The reserve ratio, it is true, was still finance by the increasing requirements of un- very high, being 67.5 per cent. But its sharp employment relief and emergency measures of reduction showed clearly the relation between assistance, while revenues constantly declined the Credit-Anstalt problem and the problem of as a result of the business recession. In order the currency. Very soon a flight of capital to protect the currency and to maintain budg- began, which led to large withdrawals from etary equilibrium, a number of countries were other credit institutions also. Consequently, forced to take extraordinary measures which in the course of the next few months the Nahampered business still further and complicated tional Bank lost the greater part of its very international trade. considerable stock of foreign exchange. Beginning of the crisis in Austria.—These The amount of this drain on the central bank new phases of the crisis developed first in this was so excessive and its character so abnormal country, where they assumed a particularly that some discussion arose as to the advisability aggravated form. They had their origin in the of suspending the further extension of central difficulties of our largest banking institution— bank credit to the Credit-Anstalt. Such a susthe Oesterreichische Credit-Anstalt fur Handel pension, however, would have made the closing und Gewerbe in Vienna. The directors of the of the Credit-Anstalt inevitable and would Credit-Anstalt had applied early in May to the certainly have done great harm to business. In Austrian Government and to the Austrian this connection the discussion by the general National Bank for help in regulating a deficit public of the possibility of a moratorium heightof 140,000,000 schillings which had come to ened the prevailing distrust, which was thus light in closing the accounts for 1930. The constantly increased by developments for desired assistance was so promptly given that, which it was itself responsible. when a few days later the embarrassed position "Standstill" agreements.—The foreign credof the Credit-Anstalt was made public, it w^as itors of the Credit-Anstalt had been approached possible to announce at the same time that a directly after the difficulties of the bank were program had been adopted for its financial announced. They agreed to a moratorium of reorganization. The hope, however, of pretwo years as soon as their claims had been venting further anxiety by this means and guaranteed by the Finance Minister, who was maintaining the confidence of the public in the authorized by the Federal law of May 28, 1931, Credit-Ansalt proved vain. After a four days' to guarantee on behalf of the Federal Governrun on the bank, during which the claims of ment the loans previously made to the Creditcreditors and depositors were met through the Anstalt. The total foreign obligations of the assistance of the National Bank, the first excite- Credit-Anstalt had declined from 466,000,000 ment was allayed. Then, however, a gradual schillings at the beginning of 1931 to 442,000,undermining of confidence began, as a result of 000 schillings on April 30, and to 416,000,000 which the current operations of the Credit- schillings on May 28, exclusive of obligations Ansalt were continually in a deficit. The only arising out of guarantees which it had assumed. means by which the Credit-Ansait could coyer Since the end of May they have not changed. this deficit was by discounting finance bills with When the Credit-Anstalt crisis occurred, the the National Bank. other Austrian banks and banking houses started to pay off a very considerable part of i The report, available in German, contains in addition tables showing the operations of the bank in detail, and sections dealing with the com- their foreign liabilities without waiting to be mercial policy of the Republic, Government finance, budget proposals for 1932, building projects, foreign trade, prices, savings, agriculture, called upon for payment. These foreign liaindustry* railways, security market, etc. For earlier reports see BULLE- bilities in the form of cash advances and accept- TIN for May, 1931, June, 1930, May, 1929, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 FEDERAL RESERVE BULLETIN MAY, 1932 ance credits amounted to about $54,000,000, October 7 the National Bank had lost foreign or some 380,000,000 schillings at the end of exchange at the rate of 26,000,000 schillings per April. Elsewhere in Central Europe, however, week, although, as a result of the "standstill" in view of the increasing breakdown of confi- agreements, no capital payments were made to dence, agreements for a prolongation of credit the foreign creditors of the Credit-Anstalt, and were being concluded with foreign creditors. only relatively small capital payments to the The Austrian banks and bankers, therefore, at foreign creditors of the other Austrian banks the request of the Austrian National Bank, also and banking houses. concluded agreements with their creditors Foreign exchange control.—Under these cirabroad for a prolongation of their credits. The cumstances and in accordance with the advice claims covered by these agreements had mean- of the National Bank, the Government issued while been greatly reduced through partial re- regulations on October 9 similar to those alpayments and now amounted to $34,000,000, ready in force in other countries, providing for or about 230,000,000 schillings. The agree- the control of foreign exchange. Following the ments provided for quarterly payments, by suspension of the gold standard in Great Britain which the total was reduced to about $22,000,- on September 20, the bank had delivered for- 000, or 155,000,000 schillings, at the close of the eign exchange only after examining each appliyear. Since the end of April, therefore, pay- cation and approving only such as represented ments on foreign obligations have amounted to legitimate requirements. The decree, since about $32,000,000, or 225,000,000 schillings. amplified by three amendments, confined deal- This is a notable achievement, especially as it ings in foreign currencies to the National Bank was accomplished under most difficult condi- and persons whom it appointed; placed intertions and as the "standstill7' agreements in national clearing and credit operations under other countries provided for no capital repay- the control of the bank; and made it obligatory ments during the second half of 1931. to declare existing stocks and future receipts of Loss of National Bank reserves.—Part of the foreign exchange, and to surrender them to the foreign exchange required for meeting capital National Bank on demand. and interest payments abroad was provided by The system of exchange control has not acthe National Bank. In addition the bank's complished all that was expected, inasmuch as stocks of foreign exchange were drawn upon for it has been impossible to decrease imports or to the current requirements of business and for realize the proceeds of exports in sufficient demands arising out of the flight of capital. amount. In fact, imports during the last quar- Between April 30 and October 7, 1931—that is, ter of 1931 were considerably greater than in approximately up to the day on which the first the corresponding quarter of the previous year, foreign exchange regulations were promul- while receipts of foreign exchange in Decemgated—the Austrian National Bank lost 847,- ber, arising out of the proceeds of exports, 900,000 schillings of gold and foreign exchange, amounted to less than 10,000,000 schillings—a if allowance be made for the central bank result which was rarely exceeded in other credits. months. On the other hand, the requisition- At the beginning of October the stock of for- ing of those balances with foreign credit institueign exchange held by the bank unpledged tions which were declared—in accordance with against any liabilities of its own amounted to the decree of October 9—was very successful. 203,000,000 schillings. This sum included the Exchange holdings and balances of this charequivalent of 100,000,000 schillings arising out acter were declared to a value of 306,000,000 of the advance made to the Austrian Govern- schillings, of which 175,000,000 schillings were ment by the Bank of England. Inasmuch as requisitioned. Declarations of claims against this advance, as well as the credit of the Bank foreigners other than credit institutions totaled for International Settlements, had been granted 115,000,000 schillings, of which 24,000,000 were for only a short term, and had in fact been requisitioned. The actual delivery of foreign reduced by 50,000,000 schillings in September, exchanges on the basis of both requisitions the possibility that the remainder might be amounted to about 75,000,000 schillings at withdrawn had always to be considered. the close of the year, but by the end of February, Meanwhile, in England the increasing loss of 1932,it exceeded the sum of 113,000,000 schillings. confidence compelled the Bank of England to A survey of the results of exchange control suspend the gold standard on September 20. during the period from October 9 to December Furthermore, in the period from August 31 to 31 shows receipts of foreign exchange by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 307 National Bank aggregating about 185,300,000 the guaranty of the Government. Of the schillings, against deliveries of 53,600,000 amount of 141,400,000 schillings not covered by schillings to cover Government liabilities and this guaranty, 54,800,000 schillings were trade other Government demands, 13,900,000 schil- bills, 8,500,000 schillings were guaranteed lings for the service of nongovernmental loans, Russian bills, and 78,100,000 schillings were and 109,300,000 schillings for commercial pur- finance bills. For the total of 141,400,000 poses, leaving a balance on hand of 8,500,000 schillings not guaranteed by the Government, schillings. The decline of 43,000,000 schillings the National Bank has at it's disposal other in the bank's gold and foreign exchange holdings cover, amounting at a careful estimate to during the period is to be attributed chiefly to 122,500,000 schillings, which was made availthe settlement of forward transactions. The able by the Credit-Anstalt itself. The greater amount of these holdings unpledged against part of this cover consists of securities. foreign liabilities was about 203,600,000 schil- Effects of the crisis on Austrian banking lings on October 7, and remained almost un- system.—The developments in connection with changed, since the liabilities of the bank arising the Credit-Anstalt and the resulting loss of from forward transactions declined as a result confidence inevitably had their effect on the of the repayments already mentioned by about other Austrian credit institutions. The banks the same amount as did the aggregate foreign have repeatedly had recourse in substantial exchange of the bank. The system of control amount to the discount credit of the Austrian was at least effective during the last quarter of National Bank, since they were called upon to 1931 in checking the rapid decline in the bank's satisfy not only an increased demand on the foreign exchange holdings. part of private clients in connection with the Discounts of the Gredit-Anstalt.—The dis- flight of capital and the temporary recurrence count obligations of the Credit-Anstalt—ex- of alarmist rumors, but also greater calk on clusive of the so-called special portfolio which the part of savings banks and associations, had been included for some time among the which were forced to draw on their liquid " miscellaneous assets " and had been taken over reserves and emergency credits. Some of the from the Allgemeiner oesterreichische Boden- savings institutions were granted credit directly Credit-Anstalt—amounted to about 80,000,000 by the National Bank to the extent of their schillings before the beginning of the crisis. At eligible securities. At times the situation was the close of the year the total bill portfolio of made more difficult by the embarrassment— the Oesterreichischer Credit-Anstalt fur Handel due to increasing loss of confidence abroad—of und Gewerbe stood at 679,100,000 schillings, a foreign banking institutions which had someportion of which was still included among the what close relations with the Austrian banks. " miscellaneous assets," partly as investment On the whole, however, it may be said that the of the capital and surplus of the bank, partly other Austrian credit institutions have shown a as discounts for account of third parties, but remarkable ability to resist the serious crisis still under guaranty of the bank. On the day created by the critical position of the leading on which its books were balanced the total of bank of the country. these liabilities included 537,700,000 schillings The balance sheet of the bank is on the of " mobilization" and finance bills covered by following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 FEDERAL RESERVE BULLETIN MAY, 1932 BALANCE SHEET OF THE AUSTRIAN NATIONAL BANK AS OF DECEMBER 31, 1931 Schillings Dollars i Schillings Dollars L Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands sands) Cash: Notes in circulation 1,183,266 166,486 Gold coin and bullion 189,539 26,668 Demand deposits 128,132 18,028 Foreign exchange _ 102,337 14,399 1,311,398 184,514 291,876 41,067 Capital 43,200 6,078 Foreign exchange not included in cash 25,683 3,614 | Surplus 10,803 1,520 Subsidiary coin _ 2,283 321 Currency reserve 9,731 1,369 Bills discounted . 907,768 127,723 Pension fund 31,625 4,450 Advances on security 26,003 3,659 Interest carried forward in 1932. 9,691 1,364 Government debt _ 95,643 13,457 Net profit 3,086 434 Securities.. - 5,331 750 Premises _ 6,340 892 Other liabilities: Equipment 457 64 Foreign currency liabilities.. 15,925 2,241 Machinery 233 33 Foreign exchange per contra 20,822 2,930 Materials, etc 586 82 Guaranties per contra ._ 537,748 75,661 Sundry accounts 198,908 27,986 Other resources: Foreign exchange other than note cover 27,838 3,917 Total other liabilities 773,403 108, 813 Forward exchange 20,822 2,930 Guaranties 537, 748 75,661 Sundry accounts 244,326 34,377 Total other resources 830,734 116,884 Total resources 2,192,938 308,546 Total liabilities. 2,192.938 I 308, 54>> i Conversion at par: 1 schilling=$0.1407. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 309 ANNUAL REPORT OF THE BANK OF JAPAN The annual report of the Bank of Japan for ever, the position continued to be easy until 1931 was presented to the general meeting of the last quarter of the year, when several gold shareholders on February 20, 1932. Sections shipments aggregating 354,000,000 yen were of the address of Mr. Hisaakira Hijikata, made to settle dollar obligations. The regovernor of the bank, are given herewith:1 sources of the market gradually became ex- The financial difficulties which began in hausted, and money tightened appreciably. Austria and Germany, and led eventually to The bank accordingly raised its discount rate on the suspension of the gold standard by Great October 6 and again on November 5, while the Britain, made their influence felt in Japan, associated banks advanced their interest rates where the situation was further aggravated by on deposits about the middle of December. the outbreak of the Manchurian disturbance The customary year-end requirements for about the same time. Prices of staple com- currency and the special demand for funds modities and securities underwent so sharp a in settlement of foreign exchange contracts decline that stock exchange transactions were brought about a renewal of activity. Borrowtemporarily suspended. Owing partly to anx- ings at the bank increased substantially, and iety regarding the gold standard in Japan, the the volume of advances outstanding on Decemforeign exchange market had to meet a strong ber 30 was greater than it had been since the demand for dollars, which caused an outflow of financial panic of 1927. The rate for day-togold in considerable amount and a decline in the day loans on that day was 0.9 sen (3.29 per volume of funds available to the market. cent) higher than on December 31, 1930. Toward the end of the year money became Foreign exchange.—During the greater part tighter and dearer. With the change of of the year the rate on New York fluctuated Government on December 13, gold exports and within narrow limits around $0.49%. The easy the conversion of bank notes into gold coin position of the money market, however, led were prohibited except under license, and therebanks, insurance and trust companies, and after the yen exchange declined steadily, while others to seek employment for their idle funds commodity prices advanced. The advance in London and New York. This created an was most marked in prices of international increasing demand for foreign exchange, in commodities which were influenced by speculaspite of the fact that our foreign trade balance tive dealings, and was reflected in a general was fairly satisfactory and that the Taiwan rise in stock market values. The business Electric Power Co. had floated a foreign loan. situation thus underwent a marked change. After Great Britain suspended the gold standard Money market.—In spite of the fact that and it became necessary to acquire foreign bank deposits declined, the money market was balances in place of those formerly held in easy during the greater part of the past year, London, dollar exchange was in great demand. partly because the credit requirements of When the gold embargo was imposed in Decembusiness were smaller and partly because the ber, the exchange value of the yen declined uncertain outlook discouraged long-term lend- steadily and reached $0.34% at the end of the ing. Interest rates declined rapidly—in fact, year. each succeeding issue of treasury bills carried Discounts; deposits.—Loans and discounts a lower rate of interest. The average discount were relatively stable at about 600,000,000 rate at which allotments were made declined yen until September, but gradually increased from 0.93 sen per diem per 100 yen (3.39 per during the last quarter as a result of stringency cent per annum) on January 17 to 0.38 sen in the market and of the export of gold. (1.39 per cent) on June 19, when day-to-day On December 31 they amounted to 964,000,000 loans were quoted at 0.3 sen (1.10 per cent). yen, of which 575,000,000 yen represented After April 1, the associated banks one after discounts under the indemnity act. Governanother throughout the country lowered their ment deposits maintained a monthly average rates of interest on deposits. As a result of of 100,000,000 yen during the first half of the the low rates, funds were invested in Governyear, but in the second half rose to 200,000,000 ment bonds—which gradually rose in value— yen, whereas private deposits stood at approxiand in foreign markets. On the whole, howmately 200,000,000 yen during the first part 3 Taken, with some textual revision and rearrangement, from the Eng- of the year, rose to over 300,000,000 yen in lish version published (in abridged form) by the Bank of Japan. In May, and then gradually declined to about addition to the address of the governor, the report contains numerous tables showing the condition and operations of the bank in detail. For 100,000,000 yen toward the end of the year. earlier reports, see BULLETIN for July, 1931, May, 1930, April, 1929, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
310 FEDERAL RESERVE BULLETIN MAY, 1932 Reserves and note circulation.—Additions in deposits. By September it had fallen to to the specie reserve during the past year 904,000,000 yen, which is the lowest amount aggregated 72,000,000 yen, while the with- recorded since May, 1919. During the last drawals amounted to 428,000,000 yen, so that quarter, however, notwithstanding the gold on December 31 it totaled only 469,000,000 withdrawals, the decline in deposits and the yen. The note circulation declined during the increase in loans and discounts caused some first nine months, owing chiefly to the increase expansion in the note issue. BALANCE SHEET OF THE BANK OF JAPAN, AS OF DECEMBER 31, 1931 Yen (in Dollars 1 Yen (in Dollars 1 Kesources thou- (in thou- Liabilities thou- (in thousands) sands) sands) sands) Gold: Notes issued Bullion. 229,983 114,647 Current accounts. Coin 239, 567 119,424 Government deposits: Total gold 469, 550 234,071 Current account., Silver bullion 15 7 Other Subsidiary coin 50,965 25,406 | Foreign agencies accounts..*. 102,417 51,055 Agencies accounts 25,986 12,954 Agencies accounts specified 6,951 3,465 Due to other banks Deposits with other banks 29,986 14,948 Remittances _ Due from other banks 79 39 Dividends unpaid Bills discounted 304, 676 151,881 Capital subscribed Bills discounted, Law No. 55 of 1927 575,742 287,007 Reserve fund Loans 1,000 499 Reserve against depreciation of bank premises... Advances on foreign bills 81, 760 40, 757 Reserve for taxes Advances on current accounts 1,300 648 Profit brought forward from last half year Advances to Government, article 2, bank note act. 22,000 10,967 Net profit for the current half year Other advances to Government 2,925 1,458 Suspense receipts Government bonds 259,639 129,430 Redemption fund for fractional Government Bank premises 4,643 2,315 notes Capital unpaid 15,000 7,478 Funds for payment of mint certificates Suspense payments _. 8,185 4,080 Cash items on Government account 7,981 3,979 Redemption fund for fractional Government notes as per contra 11,480 5,723 Funds for payment of mint certificates as per contra 202 101 Total resources __ 11,,998822,,448833 988,268 Total liabilities. * Conversion at par: 1 yen=$0.4985. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAT, 1932 FEDERAL RESERVE BULLETIN 311 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In thousands of dollars] End of month co T un ( o 4 t t r 7 a i l es) U S n ta it t e e d s England France m G a e n r y - ! Albania) Algeria A t r i g n e a n- t A ra u l s i - a Austria H A u u n s g tr a ia ry - g B iu e m l- 1913—December... 4, 856,712 1, 290, 420 164,853 278,687 8,168 256,126 21,987 251, 421 48,062 1914—December 5, 342, 038 1, 206,487 425, 974 802,583 498,508 5,247 241, 539 38, 995 213, 757 50, 983 1915—December—. 6, 238,166 1,706,922 388, 532 967,950 582,443 5,406 238,906 73, 552 138, 758 50,742 1916—December... 6, 625,958 2, 202,157 395,841 652,886 600,377 5,572 265, 540 78,351 58,759 50, 745 1917—December... 7,139,964 2, 523, 084 416, 723 639,682 573,249 5,786 288, 020 85, 787 53, 717 50, 748 1918—December... 6,807,718 2, 657,885 520,969 ! 664, 009 538,861 5,818 304,466 104,007 53, 072 51,119 1919—December... 6, 794, 268 2, 517,722 578,130 694,847 259, 519 5,876 336,707 116,850 45, 111 51, 417 1920—December... 7, 238,703 2,451,182 754,230 685, 517 260, 028 5,876 473, 913 122,369 1 11 51, 438 1921—December... 8, 029,962 3, 221,215 754,867 690,141 237.102 5,872 472,415 124,197 i 16 51,451 1922—December... 8, 402,141 3, 505,551 742,740 708,403 239, 354 5,868 472, 529 127, 309 19 51,901 1923—December.. 8,635, 758 3,833, 735 745, 543 709,480 111,247 I 5,866 466,495 131, 218 1,313 52,204 1924—December.. 8,956,475 4, 090,067 748,156 j 710,394 180,939 | 5,863 443,896 129,620 1,560 52,543 1925—December.. 8,973,865 3, 985, 399 694,761 710,968 287,763 ! 19 5,851 450,592 162,488 2,087 52,855 1926—December.. 9,209, 519 4, 083, 380 729,274 711,106 436,235 i 303 6,054 450,557 109, 555 7,388 86,214 1927—D ecember.. 9, 567,699 3,977,181 737,119 954,000 444,158 ! 251 6,047 529,134 106,001 11,883 99,878 ! 1928—June 9, 760,854 3, 732,134 825, 524 1,136, 409 496,365 258 2 6, 047 622, 049 110, 748 16, 490 110,120 July 9,850,754 3,737,223 842, 987 1,172,797 523,958 254 2 6,047 621, 570 111, 089 16,715 111,639 August 9,891,497 3,749, 334 842,654 1,189, 773 535,505 ! 251 26, 047 621, 221 110,890 18,918 111,850 September. 9, 937,168 3, 752, 038 830, 079 1, 200,403 570,958 j 249 2 6,047 620,873 107,658 18, 918 112, 214 October 9,961,293 3,769,065 795,463 1, 206,800 603,317 ! 244 2 6, 047 610,734 107, 368 23, 765 112, 951 November. 10, 009,578 3,753, 936 774, 207 1, 238, 720 624,916 ! 244 2 6,047 610, 486 107, 708 23, 743 115,283 December.. 10,026,796 3, 746, 111 748, 390 1, 253, 500650,127 I 241 8,082 607, 290 109, 410 23, 743 125, 576 1929—January 10,057,868 3, 745, 615 743,183 1,332, 621 650,091 238 2 8, 082 605,125 109, 654 23, 743 125,809 February... 10,081, 236 3, 775,924 734,340 1, 334, 274 650, 032 235 2 8, 082 602,621 110,184 23, 743 125,963 March 10,107, 833 3, 813,631 746,190 1,340,109 639,020 266 2 8,082 585,340 110,480 23, 743 126,178 April 10,065,283 3, 888, 702 759, 388 1,402,893 450, 573 265 2 8, 082 569,198 111, 296 23,727 133, 722 May 10,132,486 3,930, 948 790,646 1,434,580 420, 311 263 2 8,082 560, 230 108, 387 23, 727 133,895 June 10,145,435 3,955,862 774,143 1,435, 688 455, 292 «263 2 8,082 524,944 23, 727 139,454 July 10,160,109 3,974,446 688,006 1.462,144 511,733 262 2 8,082 512,734 111,012 23, 727 140, 722 August 10, 249,049 3,994, 971 663,611 1, 526,070 520,095 268 2 8,082 507,042 116,202 23, 727 140,904 September. 10,273,344 4,007,939 642,076 1, 544,904 526,909 346 2 8,082 495,600 118, 756 23, 727 142,159 October 10,304, 627 4, 022, 954 637, 594 1,569,996 530, 977 342 476,356 112, 528 23, 727 142, 825 November. 10,307,015 4, 002,898 655,576 1,599,684 533,652 341 2 8,082 450, 705 97,482 23, 727 150,561 December— 10,305,126 3,900,160 709, 769 1,633,402 543,838 340 433,932 89,547 23, 727 163,351 1930—January 10,369,599 3,921, 222 730,632 1,682, 503 547,157 336 445,478 89, 097 23, 727 163,550 February.., 10,438,903 3, 987,806 736,433 1,679, 934 582, 253 333 448,450 123,807 23, 727 163,840 March 10, 515, 549 4,060,523 755,008 1,668,229 594, 531 332 8,090 445,000 132, 725 23, 727 164,109 April 10, 580, 768 4,131,320 794,904 1,660,152 611.103 334 8,092 441,825 113,653 23, 727 164,431 May 10,621,462 4,158, 704 764, 946 1,717,308 617,208 351 8,093 441,276 92,043 23, 716 166,767 June 10, 678,891 4,177,630 763,466 1, 726, 846 623,816 351 8,094 440, 258 97,534 23, 714 167, 040 July _ 10,712,813 4,160, 431 741,066 1, 775,088 623,774 349 8,096 436,366 97, 799 23, 717 167,349 August 10, 794,812 4,147,685 753, 529 1,851,872 623,831 348 8,096 433, 931 97,853 23, 720 168,153 September. 10,831,534 4,159,474 760, 658 1,898, 506 590,458 346 8, 096 433,935 98,541 30,194 173,408 October 10,860,031 4,184, 348 776, 226 1,991,635 519, 327 378 8,097 429,074 79,451 30,157 180,033 November.. 10,902,098 4, 220,487 761,943 2, 037,103 519, 274 378 8,097 417, 215 74, 976 30.159 180, 293 December— 10,915,519 4, 225,109 718, 422 2,100, 242! 527,799 376 8,097 412,023 75, 316 30,168 190, 754 1931—January 10,961, 605 4, 285, 341 678, 809 2,175,996 534,575 371 397,289 75,656 30.160 191,299 February 11,016,075 4, 308,964 685, 281 2,192, 205 544,313 369 8,099 389,575 76,196 30.161 196,847 March 11,078, 742 4, 343,186 698,898 2,199, 764 553,434 367 8,099 378,439 76,602 30,161 200,075 April 11,115,358 4, 373,482 711, 872 2.180,145 564,154 365 8,099 369, 906 73, 784 30,156 200,868 May 11, 224,802 4,445, 421 734, 924 2,180,855 569, 376 "363 8,100 ••362,160 74, 252 30,156 201, 284 June 11, 272,083 4,592,901 792, 724 2, 211,884 338,505 361 8,100 350, 256 75,202 30,156 199,359 July. 11,217,637 4, 586,534 642, 548 2,289,574 324, 738 477 8,102 322,072 65,584 30,156 213, 798 August 11,293,587 4,632,045 648, 904 2,295,692 325,400 595 8,111 309,293 51.608 30,156 220, 769 September . 11,273,114 4,364,427 656,092 2,326,370 309,848 594 8,197 281,162 51,848 26,668 346,402 October 11,126,901 3,905,251 660,272 2, 534,210 272,629 789 8,206 269,816 52,648 26,668 356,871 November.. 11,224,196 4,031,412 587,435 2,659,490 239,374 8,207 264,837 51,498 355,561 December.. 11,258,927 4,051,473 587,622 2,699,431 234,378 8,208 252,698 51,598 354,416 1932—January.. _ 11,305,878 4,009,017 587,693 2,807,702 225,772 953 251,551 51,498 25,244 352, 263 February- 11,383, 077 3, 947,301 587, 742 2,942,314 221,167 956 8,209 248,863 51,698 25,244 351, 280 March HI, 450,451 3,986,088 587,907 3,011,796 209,294 *956 8,210 '248,863 51,568 25, 244 349,463 «Corrected. v Preliminary. r Revised. 1 Austrian account only. 2 Monthly data not available; figures for the previous December carried forward. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
312 FEDERAL RESERVE BULLETIN MAY, 1932 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued. [In thousands of dollars] End of month Bolivia Brazil Bulgaria Canada Chile Co b l i o a m- C v z s a e l k o c i h - a o- Danzig m D a e r n k - E d c o u r a- fEgypt E n s i t a o- l F a i n n d - 1913—December.. 2,593 89,610 10,615 116,572 19,666 10, 464 6,973 1914—December.. 2,566 44,805 10,615 99,126 1,330 I 24, 506 21, 552 8,236 1915—December. . 2,598 24, 588 11, 773 126, 545 1, 330 ! 29,833 35, 734 8,230 1916—December.. 2,709 24, 588 13,124 131, 558 42,847 29, 624 8,232 1917—December.. 2,766 24, 588 12,159 139 823 9^042 ! 46,611 19, 219 8,227 1918—December. 7,081 26, 227 12,352 129,761 23,420 52,159 16, 520 8,234 1919—December- 6,077 26, 227 7,137 129, 712 24,391 2,835 60,807 16, 538 8,227 1920— December- 6,075 32, 784 7,155 112, 605 32, 902 4,515 60, 992 16, 539 8,227 1921—December. 6,080 42,619 7,335 95,073 34, 034 12, 458 61,192 16, 540 8,227 1922—December. 5,862 46,152 7,415 146, 588 20, 474 61.173 16, 540 1,476 8,371 1923—December- j 5,862 7,629 127,169 34, 034 4,875 26,932 56,171 16, 540 8,242 1924—December 5,861 53, 803 7,792 151,467 34,035 9,274 27, 075 56,145 16, 540 1,427 8,354 1925—December. _ _ 6, 553 54, 305 7,981 156, 768 34, 034 14, 599 27,147 56,085 16, 591 1,318 8,357 1926—December 6,899 56, 329 8,464 158,105 10,303 18,401 27, 221 56, 007 17, 456 1,353 8,250 1927—December 6,919 100, 746 9,198 151,978 7,439 20, 462 29, 845 48, 780 2,046 18, 459 1,377 7,979 1928—June i 6,925 139, 739 9,367 104,415 7,344 22, 785 29, 799 1 48, 736 1,023 18, 715 2,779 7,827 July i 6,925 139,897 9,391 7,373 23, 749 30,308 1 48, 724 1,020 18, 799 2,691 7,802 August i 6,925 143,090 9,417 100, 528 7,368 23,887 31,284 1 48, 712 1,018 18,794 2, 693 7,778 September- i 6,925 143, 263 9,448 105, 628 7,367 23,993 32, 507 1 46,334 1,018 2,692 7,746 October i 6, 925 145, 564 9,482 107, 632 7,366 24, 284 32, 505 1 46,322 1,024 18, 927 2,684 7,723 November . 16,925 148,351 9,499 132, 854 7,366 24,380 32, 501 1 46, 299 1,130 17, 519 1,719 7,697 December-. i 9,001 148,555 9,529 113,948 7,363 24,271 34,352 1 46, 298 1,124 17,698 1,710 7,672 1929—January i 9,001 148, 723 9,566 78, 646 7,386 24,472 34, 258 1 46, 288 1,122 17,805 1,680 7, 655 February-_ i 9, 001 150, 395 9,589 78,333 7,387 24, 586 34,269 1 46,276 1,121 17,805 1,671 7,640 March i 9, 001 150, 371 9,660 77, 536 7,404 24,717 34, 264 2 46, 276 1,116 17,820 1,673 7,617 April 19,001 150,379 9,728 78, 098 7,411 24,913 34,287 2 46, 281 1,119 17,899 1,681 7,601 May i 9, 001 150, 532 9,799 78,367 7,516 25,058 34,277 2 46, 266 1,118 17, 973 1,687 7,588 June 9,447 150, 586 9,853 76, 277 7,602 25,178 34,253 2 46,252 1,117 17,998 1,692 7,587 July — 6,955 150,819 9,927 76, 447 7,602 25, 341 34, 268 2 46, 241 1,116 18,116 1,696 7,589 August 6,952 150,984 9,989 76,861 7,667 25, 532 34, 258 2 46, 242 1,117 18, 230 1,699 7,588 September- 3,380 151,108 9,971 77,136 7,671 24, 291 34, 261 2 46, 233 1,116 18, 408 1,702 7,614 October 3,378 151, 272 9,956 77, 328 7,687 22,867 35, 277 2 46, 226 1,115 18,571 1,705 7,649 November. 3,375 151,439 9,976 77,568 7,701 22, 771 37, 256 2 46, 217 1,115 18, 789 1,708 7,631 December.. 3,379 150,395 9,997 77,626 7,695 21, 774 37, 375 2 46, 204 1,114 18, 794 1,717 7,608 1930—January 3,3-77 138,646 10,040 77,855 7,694 20,702 37,346 2 46,186 1,117 18,922 1,725 j 7,596 February.. 1,421 126, 584 10,077 78,410 7,697 20,746 37,350 2 46,184 1,117 18,957 1,729 7,584 March 1,425 126,523 10,105 78, 520 7,695 20,004 37,354 23 46.174 1,117 19,016 1,732 7,666 April __ 1,425 89, 793 10,133 79,313 7,696 20,328 37,360 23 46,150 1,118 19,041 1,736 7,649 May 1,433 89,924 10,162 80,115 7,692 20, 741 38,856 23 46,166 1,120 19, 085 1,742 7,631 June 1,387 89,389 10,211 80,857 7,689 19,965 38,861 23 46.152 1,120 19,313 1,746 7,606 July 1,727 79,820 10,240 94,223 7,675 19, 769 41,859 23 46.153 1,121 19,476 1,749 7,590 August 998 68,710 10,280 100,417 7,673 19, 593 41,855 23 46,150 1,121 19, 585 1,751 7,617 September. 1,001 64,694 10,323 109,854 7,509 20,000 41,835 23 46,143 1,121 19,748 1,754 7,596 October 1,003 31,832 10,369 121,827 7,504 19,144 43.803 23 46,129 1,123 19,861 1,756 7,579 November. 1,007 20, 264 10,427 129,148 7,577 17, 763 45, 775 23 46,120 1,124 19,985 1,753 7,612 December.. 1,014 10,531 10,475 109,843 7,495 17,015 45,765 23 46,107 1,131 20,118 1,758 7,591 1931—January 1,015 0 10,499 91, 506 7,497 14.398 45,696 23 46,081 1,131 20, 232 1,754 7,582 February... 1,020 0 10,529 93, 705 7,496 14,739 45, 664 23 46, 056 1,130 20,445 1,750 7,574 March 1,026 0 10, 592 96,304 7,511 12,178 45,646 23 46,050 1,132 20,499 1,745 7,607 April 1,025 0 10,675 99, 277 7,513 12,497 45,630 25 46,081 1,133 20, 548 1,747 7,594 May _- 1,026 0 10,738 101,877 7,647 9,581 45,616 25 46,074 1,129 20,608 1,749 7,579 June 1,029 0 10,805 86,579 7,697 9,811 45, 588 25 46,049 1,132 20,776 1,751 7,614 July 1,037 0 10,846 7,678 10, 087 45,485 25 46, 042 1,134 20,860 1,751 7,604 August 1,042 0 10,855 88, 618 7,691 10,371 45,299 2,058 46,003 1,131 20,810 1,754 7,590 September. 1,045 0 10,867 82,943 7,747 7,892 45,013 3,058 43,984 1,133 20,880 1,755 7,597 N D O e o ct c v o e e b m m er b b e e r r . . . 5 4 4 , , , 2 5 5 2 4 5 4 8 8 0 0 0 1 1 10 0 0 , , , 8 8 8 7 7 8 4 4 2 8 8 7 6 2 7 , , , 0 6 2 8 4 7 2 2 7 8 8 8 , , , 1 1 1 2 3 3 0 3 3 1 1 8 0 0 , , . 8 3 7 8 9 0 5 9 3 4 4 4 5 6 8 , , , 9 8 4 4 3 1 9 7 3 4 4 4 , , , 2 2 2 4 4 5 1 9 0 4 3 3 8 3 8 , , , 9 6 6 9 6 6 9 4 4 1 1 1 , , , 1 1 1 3 3 3 1 1 3 2 2 2 0 0 0 , , , 8 8 8 8 8 8 5 5 5 1 1 1 , , , 7 7 7 5 5 5 6 5 8 7 7 7 , , , 6 6 6 9 5 5 7 6 3 1932—January... 5,926 0 10,886 79, 781 8,149 6,483 48.804 4,249 39,357 1,125 20,885 1,958 7,657 February. 6,382 0 10,889 77, 625 8,182 6,913 48,729 4,248 38, 749 1,121 22,625 1,959 7,660 March 6.441 0 10,892 76,749 7,328 48,623 4,248 38,749 J> 1,121*22,625 1,962 7,661 1 Monthly data not available; figures for June and December, 1928, carried forward. • Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 313 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued. [In thousands of dollars] End of month Greece G m u a a l t a e- H ga u r n y - India Italy Japan Java Latvia L a i n th ia u- Mexico N la e n th d e s r- N Ze e a w land -_l 1913—December 4,825 123,921 266,846 64,963 10,398 60,899 25,325 1914—December | 7,086 80,068 270,569 64,062 15,118 83,664 30,250 1915—December 10,939 67,881 264,089 68,187 12,053 172, 531 33,827 1916—December 11,378 78,127 224,172 113,411 29,452 236, 216 37,414 1917—December 11,907 90,118 208,207 229,980 31, 517 280,690 39,161 1918—December 10,246 64,231 203,420 225,622 43,423 S 277,155 39,506 1919—December 10,744 I. 128,819 1 200,426 349,971 69,134 256,204 38,260 1920—December...... _. 10,765 I. 116,249 • 206,128 556,475 88,214 255,729 37,263 1921—December . 10,770 118,341 •211,994 610,822 58,728 2,123 243, 600 37,394 1922—December 10,769 118,341 • 219,446 605,532 61,306 '2,514 1,519 | 233,879 38,367 1923—December 12,007 108,609 • 218,092 602,343 62,869 3,188 1,645; 233,876 38,290 1924—December . 12,358 6,872 108,609 • 221,045 585,738 53,726 4,553 3,078 ' 202,854 37,579 1925—December 12,658 10,365 108,609 • 221,585 575,768 73,394 4,547 3,229 16,683 178,080 37,667 1926—December 13, 554 1,769 29, 526 108,609 • 223, 531 561.810 79,369 4,558 3,136 4,689 166,231 38,007 1927—December.. j 14,728 r 1,740 34,432 119,097 •241,991 541,870 71,640 4,570 3,320 5,900 160,796 38,280 I 1928—June I 6,737 1,637 34,375 119,097 259,047 541,371 69,911 4,579 3,424 7,884 174,886 35,886 July.. 6,905 1,842 34,386 119,097 263,079 541,371 69,672 4,580 3,425 6,581 174,840 35,827 August 6,923 1,778 34,386 119,097 263,085 541,371 69,397 4,580 3,422 7,351 174,846 l 35,759 September 6," 1,830 34,383 119,097 265,720 541,371 69,119 4,582 3.424 6,499 174,838 '• 35,584 October. 7,055 1,745 35,170 119,097 265,730 541,371 68,791 4,582 3.425 6,631 174,865 ! 35,735 November.. 7,129 1,994 35,170 120, 301 265,729 541,371 68,549 4,583 3,426 6,144 174,777 i 35,238 December.. 7,196 1,618 35,169 123,988 265,732 540,873 68,264 4, 585 3,427 6,238 174,692 S 34,868 1929—January 7,256 1,657 35,776 128,039 265,739 540,873 68,030 4,586 3,429 6,103 174,685 ! 35, 423 February.. 7,2 1,962 35,755 128,039 266,083 540.811 67,819 4,588 3,432 6,701 174,688 j 35,350 March 1,745 35,754 128,076 269,617 541,977 67,281 4,595 3,433 2,933 169,844 ! 35,204 April 7,410 1,944 30,891 128,039 269,597 541,966 67,208 4,597 3,435 3,296 173,746 35,199 May 7,558 2,009 30.891 128,076 269,621 541,966 65,052 4,602 3,436 3,771 175,679 35,219 June 7,728 1,875 30.892 128,076 271,341 541,966 64,863 4,605 3,439 4,224 175,586 35,097 July 7,862 2,010 28.461 128,039 271,358 540,720 59,545 4,608 3,442 4,435 180,664 35,160 August 8,041 2,085 28.462 128,076 271,410 540,721 59, 325 4,611 3,446 5,197 178,152 | 34,567 September.. 8,105 2,006 28,464 128,076 272, 272 540,721 58,956 4,613 3,450 5,935 178,101 | 32,756 October 8, 201 2,041 28.464 128,076 272,474 541,096 58.809 4,614 3,487 5,569 177,975 ! 31,851 November.. 8,267 2,090 28, 464 128,076 272,960 542,008 56,429 4,615 3,504 6,722 179,904 1 32,260 December.. 8, 326 '2,169 28.465 128,076 273,001 542,475 56,101 4,619 3,508 7,229 179,881 j 31,978 1930—January. _. 8,370 2,192 28,465 128,258 272,967 519,943 56,100 4,620 3,510 8,140 176,692 | 32,406 February 8,422 2,270 28,443 128,258 272,989 477,123 55,908 4,622 3,516 9,253 175,676 I 32,396 March 8,153 2,335 28,444 128, 258 273,619 453, 088 55,939 4,626 3,519 8,942 173,649 I «32,343 April 2,417 28,443 128,258 273,708 443,353 55,859 4,629 3,520 8,652 173,637 j 33,486 May 7,840 2,463 28,445 128, 295 273,817 434,008 55,851 4,632 3,522 7,951 173.629 ! 33, 482 June 7,544 2,502 28,445 128,295 273.925 434,389 55,960 4,635 3,524 6,268 173.630 j 33, 267 July 7,355 2,534 28.445 128,295 274,030 439,738 55,928 4,638 3,526 5,009 157,045 i 33,331 August 6,714 2,545 28.446 128,295 275,207 432,656 55.810 4,642 3,530 4,228 157,033 ! 33,301 September 6,791 2,591 28.447 128,295 278,292 431, 278 55,804 4,643 3,531 4,933 157,013 i 33,336 October 6,835 2,637 28.448 128,295 278,396 413,977 55,790 4,644 3,711 4,697 171,056 ! 33,199 November 6,862 2,647 28, 448 128, 258 278,551 408,833 55,786 4,644 3,838 4,414 171,315 ; 33,452 December 6,630 r 2,674 28.448 128, 275 278,610 411,770 55,693 ' 4, 646 3,939 4,430 171,318 33,394 1931—January 6,663 2,679 28.449 128,278 278,716 414,864 51,690 4.645 3,939 4,467 175,314 33,905 February... 6,690 2,679 25,886 128,287 279,088 416,878 47,719 4,646 3,941 4,460 179,314 34,104 March 6,482 2,696 21,987 135,229 279,333 415,439 47.703 4.646 3,945 3,990 179, 285 33,774 April 8,259 2,692 19,554 141,398 279,451 418,806 46^ 129 4,647 3,947 4,007 180,890 33,778 May 6,287 2,745 19, 555 147,264 279,739 422,449 46,203 4,651 3,947 4,745 180,891 33,769 June 6,330 2,646 19, 554 150,660 282,358 424,594 46,252 4,651 3,949 4,595 199,961 33,764 July 6,350 2,610 19, 554 158,022 282,568 412,012 44,266 4,642 3,952 0 235, 583 33,847 August 6,363 2,594 18,328 161,782 282,658 406,163 44,329 4,635 3,953 0 260,387 33,778 September.. 6,379 2,619 18,327 161,803 286,430 407,948 50,712 4,636 3,954 0 282,397 33,676 October 11,289 2,246 18,329 161,813 292,976 342,152 53,110 4,761 0 336,020 33,837 November.. 11,290 2,228 18,329 161,808 295.926 270, 635 53,114 6,087 4,763 0 362,264 33,121 December.. 11,301 2,255 17,838 161,808 295,945 234,071 45,227 5,014 0 356,668 32,275 1932—January.. 11,302 2,033 17,500 161,827 295.945 214,631 45,250 6,341 5,015 0 350,837 32,206 February.. 11,302 1,982 17,498 161,823 295.946 214, 635 45,199 6,351 5,020 0 353,471 31,919 March 9,307 1,945 17,498 161,813 296,027 214,137 42,064 6,355 5,022 0 353,519 31,053 'Revised. » Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
314 FEDERAL RESERVE BULLETIN MAT, 1932 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In thousands of dollars] End of month Norway Peru Poland Portu- Ru n m ia a- A So fr u ic th a Spain ! Sweden Sw la i n tz d er- g U u r a u y - U (R .S u . s S si .R a) . Y sla u v g i o a - 1913—December. 11,892 8,140 29,242 34,377 92,447 27,372 32,801 10.826 ' 786,169 11,194 1914—December. 10, 290 2,151 8,662 29, 733 30, 693 110, 589 29,088 45,922 13,481 ' 802, 769 11,034 1915—December. 13,837 2,608 9,195 42,647 32,056 167, 331 33, 385 48, 275 22, 530 830, 572 12,381 1916—December. 33,027 5,280 9,247 95,201 27,048 241,443 49,183 66, 585 33, 251 758,962 12, 321 1917—December. 31,193 9,319 9,261 34, 531 30,036 379,438 65, 514 69,025 42,003 666, 523 12, 310 1918—December. 32,691 13, 251 9,263 34,466 33,340 429, 541 76, 532 80,041 46, 718 (0 12,306 1 1 9 9 1 2 9 0 — — D D e e c c e e m m b b e e r r . . 3 3 9 9 , , 4 5 7 9 2 0 2 1 0 6 , ,1 8 8 4 1 3 2 1 , ,6 9 4 5 4 4 9 9 , , 2 2 6 6 5 7 3 34 4 , , 7 7 2 9 5 4 3 5 5 0 , , 5 44 4 1 0 4 4 7 7 1 3 , , 5 7 1 6 6 2 7 75 5 , , 3 5 5 1 1 6 1 9 0 9 4 , , 7 7 7 8 9 0 5 57 6 , , 3 7 0 5 7 6 0) 1 1 2 2 , , 3 2 8 3 6 3 1 19 9 2 2 1 2 — — D D e e c c e e m m b b e e r r . . 3 3 9 9 , , 4 4 7 7 4 4 2 2 0 1, , 0 9 0 5 9 5 5,931 9 9 , , 2 2 6 6 7 7 4 34 2 , , 0 7 5 9 0 4 4 5 9 1 , , 6 3 9 6 2 1 4 4 8 8 4 6 , , 9 6 7 6 1 0 7 7 3 3 , , 4 6 2 3 8 1 1 10 0 3 6 , , 0 2 5 8 8 3 5 56 6 , , 8 8 1 1 3 2 0 0 2, ) ) 609 1 1 4 2 , , 3 3 1 5 8 5 1923—December. 39,472 21, 563 13,099 9,267 46, 364 52, 500 487,687 72,853 103, 669 56.812 45, 043 13, 286 1924—December _ 39,457 21, 520 19,949 9,267 47,821 53,098 489,164 63,508 97, 642 56.813 73, 047 13, 965 1925—December. 39.456 21, 534 25, 793 9,267 48, 537 43, 594 489,460 61,647 90,140 56,815 93,858 14,657 1926—December. 39.457 21,641 26,677 9,267 49,588 36,703 493,282 60,162 91,050 56,823 84,605 16,620 1927—December. 39.458 23,583 58,041 9,267 50,805 40,032 502,302 61,685 99,785 59,319 97,043 17,133 1928—June 39,399 21,495 67,463 9,267 51,495 40,265 503, 203 61,802 86,294 68,324 79,995 17,419 July 39,391 21, 520 67, 605 9,267 51,598 38,056 503,327 61, 676 86, 434 68, 326 85,130 17, 434 August 39,381 21,520 67,643 9,267 51,698 39,243 503,363 61, 532 86, 734 68,332 75,404 17,447 September.. 39, 377 21, 520 67, 661 9,267 51, 746 39, 365 503,417 63, 790 90,309 68,335 76, 212 17,491 October 39, 375 31, 520 68,183 9,267 51,953 35, 521 503, 459 63,601 90, 659 68,343 81, 502 17, 520 November- 39,371 21, 520 68,407 9,267 52,056 37, 696 493, 781 63,415 90, 536 68, 346 91, 697 17,544 December.. 39, 362 21, 520 69, 685 9,267 49,325 39,273 493,807 63,223 102,874 68,365 91,887 17, 566 1929—January 39,358 21, 515 69,705 9,267 49,383 38,153 493,833 63,171 93,030 68,464 92,036 17, 593 February—. 39,356 21, 515 69, 736 9,267 49,614 37, 749 493,848 63,085 92,949 68,464 92,036 17,629 March 39,352 21,515 69,811 9,267 51, 669 39,934 493, 916 62,973 68,475 92,026 17, 711 April 39,349 21, 515 69,905 9,267 51,845 39,170 493, 957 62,880 95,070 68,479 92,484 17, 788 May 39,341 21, 515 70,061 9,267 51,958 40,183 494,039 62,759 95, 751 68,479 93,132 17,868 June 39, 338 21, 515 70, 276 9,267 52,149 37, 701 494,194 62,638 95, 741 68,197 93,158 17,982 July— 39,335 21, 515 70,373 9, 267 52,307 37, 321 494, 528 62, 593 97,882 68,200 103, 424 18,073 August 39,331 21, 505 73,003 9,267 52,498 38,450 494, 871 64,935 97,824 68, 202 118,862 18,115 September.. 39, 332 21, 505 74, 531 9,267 52,617 38,645 494.886 64,840 102,801 68,203 131,712 18,159 October 39,324 21,505 76, 559 9,267 54,418 40,426 494.887 64, 685 103, 003 68, 203 142,045 18,234 November.. 39,317 21, 505 76, 579 9,267 54, 975 38, 343 494,889 64,448 105,352 68, 204 142, 251 18,330 December.. 39, 302 21,510 78,598 9,267 55,112 36,474 495,148 65, 569 114,832 88, 205 147,021 18,426 1930—January 39, 296 21, 505 78, 641 9,267 55,199 38,513 495, 299 65,467 108.059 68,205 147,006 18,481 February... 39,294 21,494 78,658 9,267 55, 362 37,375 476,025 65, 380 108, 260 68, 207 149,646 18, 529 March 39, 293 21,695 78, 754 9,267 55, 502 35, 598 476,351 65,315 108,270 68,205 156,171 18, 585 April...:.-. 39, 289 19, 560 78, 785 9,267 55, 592 36, 640 476, 508 65, 228 111, 702 67,207 167,008 18,645 May 39,286 17,161 78,804 9,267 55, 653 35, 292 476, 778 65,155 111, 714 67,207 177,383 18, 725 June 39,281 17,193 78,856 9,267 55,653 33,691 476,876 65,074 111, 728 64,023 203,010 18, 787 July.. 39, 278 17,228 78,898 9,267 55,653 31, 574 477,021 65,024 117, 752 63, 215 233, 752 18,817 August 39,270 17,266 78,924 9,267 55,653 33,301 477,393 64,975 123,376 60, 218 249,087 18,884 September.. 39, 260 17,408 63,043 9,267 55,653 32,576 477,657 64,900 123,450 60, 218 249,010 18,921 October 39, 242 17,466 63,054 9,267 55, 653 33,837 477,895 64,807 128,248 60, 218 249,010 18,947 November.. 39, 245 17, 520 63,064 9,267 55, 653 34,859 474,037 64, 734 129,696 60,380 249,102 18,990 December.. 39,242 17, 567 63,084 9,267 55,653 32,688 470,531 64, 543 137, 594 60,447 248,881 19,025 1931—January 39, 241 17,608 63, 111 9,267 55,653 33,939 466,005 64,474 126,325 59,451 248,866 19,048 February.. . 39, 238 17,687 63,124 9,267 55,653 34, 508 466,121 64,390 124,096 58, 224 248,866 19,068 March 17,689 63,156 9,267 52, 562 31, 258 466,875 64,318 124.060 58,249 259,106 19,117 April 39, 235 17, 724 63,660 10,607 52, 709 30,678 467,457 64,260 124.061 58,331 259,338 19,164 May 39,230 17,767 63,683 10,998 52,912 32,036 467,715 64,165 124,057 58,331 261,895 19, 228 June. 39, 227 15, 750 63, 702 11,160 53,027 30,674 468,000 63,850 162,040 58.331 261, 592 27,112 July 39, 221 13,754 63, 717 9,601 53, 207 32,664 439,020 63, 725 224, 591 57.332 267,211 27,168 August 39, 216 11,235 63,727 9,672 53,403 31, 272 439,137 61,623 229,432 56,897 280,025 27,183 September.. 38,907 12,529 63, 736 9,762 53,585 31,832 439,320 53,236 327,851 55.827 292,967 29,159 October 46,037 16,617 66, 648 11,851 53, 740 30,119 433, 555 57,206 422,197 52,967 308,889 30,917 November.. 42,304 16,917 67,058 12,032 53,934 37,472 433, 577 55,157 424, 779 52,966 315, 229 30, 934 December.. 41,202 16, 717 67,364 12,613 58,050 39,438 433, 624 55,160 452,950 52,666 328,284 30,948 932—January.-. 41,602 15,167 67, 375 12,837 58,200 39, 769 433,852 55,166 472,100 52,273 328, 531 30,957 February.. 41,604 v 15,167 68,046 15,415 57,436 36, 669 433,920 55,180 482,076 52,273 329,323 30,966 March 41, 609 * 15,167 64,349 16,120 56,677 31,243 434,080 55,178 470,651 51,933 329,601 31,021 1 Figures not available. Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 315 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued EXPLANATORY NOTES dates to which the figures for these countries relate during this period, in those years for which December 31 The general principles according to which this table figures are not available, are given in the BULLETIN is made up are explained in the BULLETIN for July, for July, 1931, page 395.1 1931, pages 392-393. The end-of-December figures for 1928, 1929, and Dates to which figures relate.—The central banks 1930 as included in the series that give figures by .and governments for which figures are given follow months for the period June, 1928, to March, 1932, resomewhat different practices in respect to the frequency late, like the other figures in these series, to the final of their official reports and the days of the week or day of the month, excepting for the 12 countries just month to which the figures relate. As a general rule, specified. however, at the present time, figures are currently Derivation of figures.—For the purpose of showing available as of the final day of the month for about two- in detail how the figures given in the table are obtained, thirds of the countries shown in the table; for the other a tabular statement is presented below giving for each countries (14 in number) the figures as reported at pres- country the institution or institutions represented, the ent relate to the first day of the following month sources of data, the balance-sheet items used in the (U. S. S. R.), or to the last weekly report date in the compilation, and the rate used in converting figures of month; this is Monday for Australia, Latvia, and New foreign currencies into dollar figures. While the tabular Zealand and is usually Monday (but sometimes Tues- statement relates specifically to the end-of-December day) for Netherlands; Wednesday for England and figures, whether these appear in the end-of-year series Portugal; usually Thursday (but sometimes Wednes- for 1913-1927 or in the monthly series for June, 1928, day) for Belgium; Friday for Chile (except that a to March, 1932, the information which it gives relative special report is made for December 31), France, and to institutions represented and, in general, items in- South Africa; and Saturday for Java, Rumania (except cluded in the compilation is applicable also to the rest that a special report is made for December 31), and of the figures in the monthly series. The sources of Spain. these other figures are in all cases at present the official Previous to March, 1931, the Latvian report was of balance sheets currently issued by the institutions Wednesday, and previous to November 22, 1930, when represented or items selected therefrom that are curthe Brazilian stabilization office (CaixadeEstabilisagao) rently reported directly to the Federal Reserve Board. was abolished, its reports were made as of Saturday. Official sources have been used for these figures for the For the period December, 1913-December, 1927, whole of the period June, 1928, to March, 1932, except figures are given only as of the end of the calendar year as follows: Commonwealth Bank of Australia, Issue and not by months, largely for the reason that during Department, June-November, 1928, Australasian Inthis period, on account of disorganization occasioned by surance and Banking Record; Brazilian Caixa de the war, satisfactory figures are available for a consider- Estabilisagao, June, 1928, to September, 1930, Wileable number of countries only for end-of-year dates. man's Brazilian Review; Indian Government gold These end-of-year figures are as of December 31 for standard reserves, June, 1928, to December, 1931, most of the countries; the exceptions (12 countries) are London Economist. as follows: Belgium, Brazil, England, France, Greece, Java, Latvia, Netherlands, New Zealand, South * Since the tabular statement cited by this reference was published, Africa, Spain, and Russia (IT. S. S. R.). The exact end-of-December figures for 1930 have become available for Colombia and Portugal. Country Institution Source Items R in a t t o e U of . c S o . n d v o e l r l s a i r o s n United States 1913, United States Treasury 1913, 1929-1931, United States 1913, Gold coin and bullion of Treasury, Circulation State- United States Treasury. ment of U. S. Money; 1914- 1928, United States Treasury, Circulation Statement of U. S. Money (revised). 1914-1931, United States Treas- 1914-1931, Gold coin and bullion: ury and Federal reserve banks. total held in Treasury and by Federal reserve banks and Albania.- Banca Nazionale dMlbania 1925, League of Nations, Monthly 1925, Gold; 1926-1931, Oroincassa; 1 franc=$0.1930. Bulletin of Statistics; 1926-1930, Oro presso Corrispondenti; 1926, annual report; 1931, current bal- in addition, ''Oro in verghe." ance sheet. .Algeria.-. Banque de L'Algerie. 1913-1929, Letter from Banque de 1913-1929,or detenu par la Banque; 1913-1927, 1 franc= L'Algerie; 1930-31, current bal- 1930-31, Or, lingots et monnaies. $0.1930; 1928-1931, ance sheet. 1 franc=$0.0392. Argentina Caja de Conversion.. 1913-1929, Memoria de la Caja de Garantia de la Emision Fiduciaria. 1 peso oro=$0.9648. Conversion. 1930-31, Banco de la Nacion Argen- Garantia metalica. tina, Revista Economica, January, 1932. Banco de la Nacion Argentina.. 1913-1929, annual report; 1930-31, Caja-oro. current balance sheet. .Australia. 1913-1919, Commonwealth Treas- Letter from Commonwealth Bank. Gold 1 Australian pound ury: State note-issuing depart- =$4.8665. ment. 1920-1931, Commonwealth Bank of Australia: Issue department _. 1920-1930, annual report; 1931, Gold coin and bullion. current balance sheet. Banking department. Letter from Commonwealth Bank. Gold included in item "Coin, bullion, and cash balances," Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
316 FEDERAL RESERVE BULLETIN MAT, 1932 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued Rate of conversion Country Institution Items into U. S. dollars Austria Oesterreichische Nationalbank.. Annual report.. Gold gemunzt und ungemunzt 1923-1924, 1 gold krone =$0.2026; 1925-1931,1 schilling =$0.1407. Austria-Hungary. Oesterreiehische-Ungarische 1913-1921, annual report; 1922, cur- Gold gemunzt und ungemunzt 1 gold krone = Bank. rent balance sheet. $0.2026. Belgium Banque Nationale de Belgique_. 1913, 1919-1931, annual report 1913, 1919-1931, Encaisse, or 1913-1925, 1 franc = $0.1930; 1926-1931, 1 belga =$0.1390. 1914-1918, letter from National 1914-1918, Gold. Bank of Belgium. Bolivia 1913-1928, Banco de la Nacion Annual report. 1913-1928., Encajeen oro.. 1913-1927, 1 bolivi- Boliviana. ano = $0.3893; 1928-1931,1 boliviano =$0.3650, ex- 1929-1931, Banco Central de Bo- 1929-30, annual report; 1931, letter 1929-1931, Gold coin; Gold bars; cept thatfor"Gold livia. from Banco Central de Bolivia. 1931, in addition,"Gold abroad." abroad" 1 boliviano =$0.3125. Braol 1913-1922, Caixa de Amortizacao. League of Nations, Memorandum Government guarantee fund 1913-1926; 1 milreis on Currency (1913-1923). = $0.5464; 1927- 1929, 1 milreis = $0.1196; 1931, 1 pound sterling= $4.8665. 1923-1931, Banco do BrasiL. 1923-1929, annual report; 1930,1931, 1913-1926, Ouro em deposito na current balance sheet. Caixa de Amortizacao; Ouru em deposito em nossos cofres; 1927-1929, Ouro em deposito na Caixa de Amortizacao. 1927-1930, Caixa de Estabilisacao. 1927-1929, Wileman's Brazilian Re- 1927-1930, gold at the Caixa de view; 1930, letter from Banco do Estabilisacao. Brasil. Bulgaria.. Banque Nationale de Bulgarie.. 1913-1918, League of Nations, 1913-1918, Gold 1913-1926, 1 lev = Memorandum on Currency and $0.1930; 1927- Central Banks (1913-1924). 1931, 1 lev = $0.0072. 1919-1930, annual report; 1931, cur- 1919-1923, Especes: or; 1924-1927, rent balance sheet. Encaisse metallique: or; 1928- 1931, Or monnaye" et non monnaye\ Canada.. Ministry of Finance.. 1913-1919, Dominion Bureau of 1913-1931, Total gold held by 1 Canadian dollar Statistics, Canada Yearbook; Minister of Finance. =$1.0000. 1920-1931, Minister of Finance, circulation and specie statement. Chartered banks. 1913, 1914, 1921-1931, current bal- 1913-1931, gold included in "Deance sheet; 1915-1920, Dominion posits in the central gold re- Bureau of Statistics, Canada serves." Yearbook. Chile. 1913-25, Caja de Conversion Anuario Estadistico de la Repub- 1913-1925, Fondos de Conversion; 1913-1931, 1 peso= lica de Chile Vol. VI, Hacienda Oro en areas fiscales. $0.1217. (1925). 1926-1931, Banco Central de 1926-1930, annual report; 1931, 1926-1931, Oro en el Pais. Chile. current balance sheet. Colombia... Banco de la Republica 1923-1931, Revista del Banco de la 1923-1931, Oro en caja 1 peso=$0.9733. Republica, March, 1932. 1923-1927, letter from Banco de la 1923-1927, Oro en custodia. Republica. Czechoslovakia,. 1919-4925, Office Bancaire du Letter from National Bank of 1919-1925, Gold 1919-1930, the orig- Ministere des Finances. Czechoslovakia. inal figures in fine kilograms converted at rate of 1 kilogram= $664.6145; 1931, 1 koruna=$0.0296: 1926-1931, National Bank of 1926-1930, letter from National 1926-1930, Gold; 1931, Gold cover.. Czechoslovakia. Bank of Czechoslovakia; 1931, current balance sheet. D en mark, Nationalbanken I Kj0benhaven. 1913-1918, annual report; 1919- Quid i m0nt og metal 1 krone=$0.2680. 1931, current balance sheet. Ecuador.. Banco Central del Ecuador Banco Central del Ecuador, Bole- Oro en Boveda 1 sucre=$0.2000. tin Mensual. Egypt.— National Bank of Egypt Letter from the National Bank of Gold in issue and banking depart- 1 Egyptian Egypt. ments. pound=$4.9431. England... 1913-1931, Bank of England 1913-1924, London Economist; Gold in issue department 1 pound=$4.8665. 1925-1931, current balance sheet. 1914-1924,'Government currency London Economist Gold coin and bullion in currency note account. note account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
317 MAY, 1932 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued Rate of conversion Country Institution Source Items into U. S. dollars Estonia Bank of Estonia 1921-1930, annual report; 1931, 1921-1922, Deposits in foreign 1921-1923, 1 Est. current balance sheet. banks; 1924, Gold abroad; 1925- mark = $0.00238; 1927, Gold; 1928-1931, Gold coin 1924-1927, 1 Est. and bullion. mark = $0.00268; 1928-1931, lkroon =$0.2680. Finland Banque de Finlande 1913, Annuaire Statistique de 1913, Or monnaye" ou brut et mon- 1913-1924,1 markka Finlande, 1914-1931, annual re- naie d'or russe ou etrangere; =$0.1930; 1925port. 1914-1931, Encaisse metallique 1931, 1 markka= or. $0.0252. France. Banque de France 1913,1914, annual report 1913,1914, Encaisse or 1913-1927, 1 franc = 1915-1926, current balance sheet. 1915-1926, Or en caisse. $0.1930; 1928- 1927, estimate. 1931, 1 franc= 1928-1931, current balance sheet. 1928-1931, Encaisse or (monnaies $0.0392. et lingots). Germany Reichsbank . _ 1913-1921, Die Reichsbank (1901- 1913-1923, Gold; 1924-1931, Gold- 1913-1923, lmark = 1925); 1922-1931, annual report. bestand. $0.2382; 1924- 1931, 1 reichsmark=$0.2382. Greece 1913-1927, Banque Nationale de 1913, League of Nations, Memo- 1913, Gold- 1913-1927, 1 drach- Grece. randum on Central Banks (1913, ma = $0.1 9 3 0; 1918-1923). 1928-193 1,1 1914-1927, annual report 1914-1927, Especes d'or. drachma = 1928-1931, Banque de Grece 1928-1930, annual report; 1931, cur- 1928-1931, Or monnaye et en lingots $0.0130. rent balance sheet. Guatemala Banco Central de Guatemala 1926, current balance sheet as pub- 1926, En quetzales pro; C'aja oro; 1 quetzal =$1.0000. lished in El Guatemalteco; 1927- 1927-1931, Oronacionalacunado; 1931, annual report. Dolares acunados (and variants of these two headings). Hungary National Bank of Hungary 1924-1930, annual report; 1931, cur- Gold coin and bullion 1924, 1 korona= rent balance sheet. $0.2026; 1925-1931 1 pengo=$0.1749. India 1913-1931, Government: Gold London Economist Gold in gold standard reserve, in 1913-1919,1 rupee = standard reserve. England and in India. $0.3244; 1920- 1913-1931, Government: Paper 1913, League of Nations, Memo- 1913,Total Currency Reserve (less 1926, 1 rupee= currencv reserve. randum on Currency(1913-1923). gold in gold standard reserve). $0.4866; 1927- 1914-1923, Montagu & Co., Weekly 1914-1931, Indian Currency Re- 1931, 1 rupee = Bullion Letter; 1924-1931, De- turns: Gold in England and in $0.3650. partment of Commercial Intel- India. ligence and Statistics, Indian Trade Journal. Italy. 1913-1927, Italian Government. Letter from Banca d'ltalia,. Gold 1913-1926, 1 lira- 1913-1925, Banco di Napoli Annuario Statistico Italiano Oro. $0.1930; 1927- 1913-1925, Banco di Sicilia.— Annuario Statistico Italiano Oro 1931; 1 lira = 1913-1931, Banca d'ltalia 1913-1926, Annuario Statistico Ita- Oro.' $0.0526. liano. 1927-1931, annual report Oro in cassa. j Japan. Japanese Government and Bank 1913, 1929-1931, letter from New Stock of gold at home j 1 yen=$0.4985. of Japan. York agent of Bank of Japan; 1914-1928, Bank of Japan, Economic Statistics of Japan. Java Javasche Bank C urrent balance sheet 1913-1917, 1924-1931, Legal tender 1 florin = $0.4020. gold coin; Foreign gold coin; Foreign gold bullion; 1918-1923, Goud: munt goud, muntmate- " " >ud. Latvia __ 1921, Latvian Government League of Nations, Memorandum Gold of the Government, at home. I lat = $0.1930. on Currency and Central Banks (1913-1924). 1922-1931, Latvijas Banka (in- 1922,1931, current balance sheet.... 1922,1931,Gold in coin and bullion. eluding Government account). | 1923-1930, annual report. 1923-1927, Gold specie, bullion; 1928-1930, Stock of gold. ! Lithuania Bank of Lithuania I Current balance sheet_ Gold reserve llitas=$0.1000. Mexico Banco de Mexico Annual report 1925-1926, Efectivo en oro, Mone- lpesooro=$0.49S5. das extranjeras, oro; 1927-1930. Efectivo en oro. Netherlands.. Netherlands Bank. 1913-1930, annual report; 1931, Gold coin; Gold bullion 1 florin=$0.4020. current balance sheet. NewZealand. 6 banks of issue 1913-1929, Dominion of New Zea- Metal reserves: Coin, Bullion 1 New Zealand land, Monthly Abstract of Sta- pound=$4.8665. tistics; 1930-31, current balance sheet. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
318 FEDERAL RESERVE BULLETIN MAT, 1932 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued Country Institution Source Items R in a t t o e U of . c S o . n d v o e l r l s a i r o s n Norway Norges Bank 1913-1930, annual report; 1931, cur- 1913-1930, Gullbeholding i bankens 1 krone=$0.2680. rent balance sheet. kjeldere; 1931, Gullbeholding i bankens verge; Gull beroende i utenlandsk (til fri disposisjon). Peru. 1914-1921, Junta de Vigilancia... 1914-1916,1918-1921, Bureau of Sta- Visible stock of gold 1914-1929, 1 Perutistics, Statistical Abstract of vian pound= Peru. 1917, letter from Banco $4.8665; 1930,1 sol de Reserva del Peru. =$0.4000; 1931, 1922-1930, Banco de Reserva del Annual report 1922-1930, Garantia en oro en 1 sol =$0.2800. Peru. Lima; Oro movilizarlo; Oro en Garantia de Imposieiones a la Vista;^ 1922-1923, in addition, " Deposit6 de oro en garantia de certificados." 1931, Banco Central de Reserva Current balance sheet Oro; Oro en custodia en Bancos del del Peru. Exterior. Poland - IQIQ_IQOQ National Toan Tin- 1919-1921, League of Nations, Gold 1913-1923, 1 Polish reau. Memorandum on Central Banks mark = $0.2382. (1913, 1918-1923). 1924-1926, 1 zloty 1922-1923, annual report. Encaisse metallique, or. =$0.1930: 1927- 1924-1931, Banque de Pologne... Annual report - 1924-1926, Encaisse, or; 1927-1931, 1931, 1 zloty= Or encaisse; Or a Petranger. $0.1122. Portugal Banco de Portugal 1913-1930, annual report; 1931, cur- 1913-1930, Ouro amoedado e em 1913-1930, 1 escudo rent balance sheet. barra; 1931, Or encaisse; Or =$1.0805; 1931, 1 depose en Banque. escudo=$0.0442. Rumania Banque Nationale de Roumanie. 1913, letter from National Bank of Ordanslepays 1913-1928, 1 leu= 19 R 14 u -1 m 9 a 3 n 0, i a a . nnual report; 1931, cur- 1914-191'S, Or; J916-1928, Or mon- < r 1 f f c c 9 U rt 3 . 1 J 1 Q y , 3 o O u * , 1 1Q l i e y 9 z u Q y = _ ~ rent balance sheet. naye Lingots d'or; Or depose & .mooeo. PStranger (and variants of these three headings); 1929-1931, Or en Roumanie; Or al'etranger. South Africa 1913-1924, Joint Stock Banks of 1913-1920, Report on Resumption Gold coin and bullion at home 1 South African South Africa. of Gold Payments (1925). pound=$4.8665. 1920, 1921, 1924, Union of South 1920-1924, Gold certificates. Africa, Official Yearbook; 1922, 1923, League of Nations, Memorandum on Currency (1913- 1923). 1921-1931, South African Re- Current balance sheet 1921-1925, Gold certificates; Gold serve Bank. coin and bullion; 1926-1931, Gold coin and bullion. Spain Banco de Espana (including 1913-1917. League of Nations, Gold of the bank; Gold of th3 1 peseta=$0.1930. Government account). Memorandum on Currency Treasury. 19 /( 1 l1 8 y O - io 1 1 — 9 Q 3 1 V1 , Od ZO c Qo u ')\ r . rent balance sheet. _. 1918-1931, Oro en caja del Tesoro; Oro en caja del banco. Sweden Sveriges Riksbank Annual report Encaisse metallique, or 1 krone=$0.2680. Switzerland Banque Nationale Suisse Annual report _ _ 1913-1927, Or; 1928-1931, Encaisse or. 1 franc=$0.1930. Uruguay Banco de la Republica 1913-1928, annual report; 1929- 1913-1928, Total of "Oro: Casa 1 peso=$1.0342. 1931, current balance sheet. Central, Agencias, y Sucursales" without deduction for gold held against "Certificados de Depositos en circulaeion"; and "Oro en custodia" except in 1914, when deduction is made for " Oro en custodia de la Legation Argentina." 1929-30, En efectivo oro sellado; En efectivo oro sellado por Certificados de Depositos en Circulaeion; 1931, En efectivo oro sellado; Oro en el exterior. U. S. S. R 1913-1917, Banque d'Etat.. 1913-1915, annual report; 1916-17, 1913-14, Cash: gold; Gold in bars, 1913-1917,1 ruole= (Russia) current balance sheet. coin, and held against certifi- $0.5146; 1922cates; Gold in the mint; 1915, 1931, 1 chervo* in addition, "Gold in transit"; netz=$5.1460. 1916-17, Or (lingots, monnaies, et bons de PAdministration des mines). 1922-1931, State Bank of theCurrent balance sheet of issue Gold in coin and bars. U. S. S. R. deDsrtment Yugoslavia 1913-1919, National Bank of League of Nations , Memorandum 1913, 1914, 1919, Gold at home; 1913-1930,1 dinars Serbia. on Central Banks (1913, 1918- 1915-1918, Gold abroad. $0.1930; 1931, 1 1920-1928, Banque Nationale du An 1i\Q n )OZ u Oo a N) l . report Couverture metallique, or. uinar=Jpu.ui/u. Royaume des Serbes, Croates, et Slovenes. 1929-1931, Banqus Nationale du 1929-30, annual report; 1931, cur- Couverture metallique, or. Royaume de Yugoslavie. rent balance sheet. ________ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
319 MAT, 1932 PEDEKAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Month world Africa production Total South Khodesia West Belgian Canada Mexico Australia Japan India Africa Africa Congo 1930 November 35,312 27,429 18,337 935 430 302 4,087 1,172 «781 709 675 December 36,300 28,417 18,519 973 441 243 4,682 1,196 "964 700 700 Total (12 months) 416,752 322,150 221,526 11,476 5,000 2,999 43,454 13,827 9,553 7,531 6,785 1931 January c 36, 407 «28,247 19,151 960 443 282 4,192 1,282 «634 657 648 February c 34, 453 «26,293 17,427 898 438 271 4,033 1,012 "869 764 580 March c 35,917 c 27, 757 18,791 886 453 285 4,213 989 <863 683 594 April 36,129 27,969 18,194 917 447 277 4,612 1,331 936 694 561 May 36,501 28, 341 18,901 918 452 256 4,448 1,209 '919 716 521 June 36,568 28,408 18, 594 926 448 268 4,823 1,104 1,092 663 490 julv c 36, 332 c 28,172 18,959 947 453 272 4,625 815 «933 668 500 August 36, 977 28, 817 18,859 918 466 282 4,664 1,229 1,229 654 516 September c 37, 069 «28,909 18,981 905 488 323 4,966 1,075 916 692 562 October. _ . 38,008 29, 848 19, 525 936 476 349 4,928 1,042 1,240 679 673 November ' 36,909 c 28, 749 18,673 941 480 324 4,837 915 1,321 667 590 December. < 37,110 28,950 18,809 1,041 «498 327 4,974 877 1,181 664 579 Total (12 months) «438,381 e 340, 460 224, 863 11,193 «5, 543 3,516 55,316 12, 879 • 12,134 8,201 6,815 1932 » 37,505 *>29 345 19 587 921 460 C323 4,834 *877 P 1,181 628 534 February * 37,051 P 28,891 18,935 »970 453 309 4,974 *877 P 1,181 657 *534 c Corrected. p Preliminary. NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference between this figure and the total production reported monthly in 1930 is $94,601,000, or $7,883,000 on a monthly average basis. The estimate of world production for each month in 1930 represents the sum of this average difference and the figure 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 State. For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month Total net China All p i o m rt - s E la n n g d - France g B iu e m l- N l e a t n h d e s r-Sw la i n tz d er- C a a d n a - Mexico A t r i g n e a n- Brazil Co b l i o a m- B In ri d ti i s a h H a o n n d g Japan c o o th u e n r - Kong tries 1930 N D o ec v e e m m b b e e r r 3 32 5 , , 7 1 4 5 2 1 1 1 1 1 0 -* — 2 4 2 , , 8 2 8 0 5 8 3 5 9 5 5 7 1 4 4 , , 9 3 2 84 2 5,000 1 1, , 1 7 0 4 7 2 6 2 9 4 9 9 16,250 3,1 7 7 1 4 6 Total (12mos.)- 280,087 -275-73,675 6 16 6,872 20,390 20, 222 87,776 9,097 22. 211 156,609 30,838 1931 January 34,372 • s 22,556 536 5,441 3,022 801 748 1,264 February 16,142 9 1 1,272 303 9,289 116 2,739 1 2,412 M^arch 25,645 50 -2 924 4,032 11,601 16 2,996 1,597 1,586 2,845 April ._ 49,516;- - 19,161 16:::::::: 1,105 1,563 14,782 86 7,796 2,741 2,266 May 49,630 5 1,052 774 40,029 3,359 960 847 2,604 June 63,847 21" " -17 20,725 438 4,923 155 6,361 399 1 30, 842 July 19, 503 -4 8 4,871 466 8,305 87 1,544 1,246 2,980 August 57,500 1,501 —16 -5 2,208 8,802 5,383 142 4 1,046 25,000 2 13,435 September 20 561 23—24 087 2 —4,172 —349 8,837 4,260 25 770 3,095 3,596 3,586 October -337,685 685-324,500 -9, 678 -35,904 -17,617 5,666 -1, 239 15,474 ' 16 5,533 22, 501 1,378 November 89 436 333 —10 —57 —394 —515 7 408 989 267 4,895 1,644 75.932 -1,056 December 56,858 4,249-15,150 -5, 861 -9,857 -1,270 4,513 1,344 2,042 3,165 623 68,285 4,775 Total (12mos.)_ 145,325 6,797-344,514-15,583 -50,327 -19,768 81,136 22, 267 141,263 16 15,116 8,064 34,240 199, 286 67,332 1932 January -74,958 -3,199 -83, 783-12,553 -6, 257 -1,759 2,146 1,103 9,110 2,948 4,677 167 9,969 2,471 February -90, 567 -235 -98,203 -17,859 -8,672 -254 8,406 950 1,157 360 2,575 819 19,441 940 March -24,671 -23 -37,532 -6,341 —6 7,216 2,997 2,683 949 3 70 2,948 2,365 April P -32,975 -491 -24,528 -669 -22,088 -125 6,993 2,208 2,346 1,347 2,032 1 $25,990,000 imported from Germany. 1 $11,000,000 imported from Germany. p Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
320 FEDERAL RESERVE BULLETIN MAY, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total n p e o t r i t m s - France m G a e n r- y g B iu e m l- N la e n th d e s r- Sw la i n tz d er- A S m o e u r t i h ca B In ri d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s ia tra- R W A h S e o f o s r d u i t c e t A a s h i , f a - , c o o A th u l e l n r rica tries 1930 November __. -1,965 -39,682 -940 -101 -614 12,395 -377 619 5,371 17,932 3,436 December -35,383 -65,750 -9,963 -19 -685 16, 501 -124 231 464 20,997 4,183 Total (12 mos.)- 23,685 283 -268,831 -78,835 -9,090 -981 -23,190 57,896 -8,177 1,526 116,415 213, 774 I » 22,893 1931 January -43,470 -72,616 -1,483 -2,661 -276 -992 7,823 198 1,421 380 20,373 4,363 February 2,443 -18,178 -1, 772 -7, 796 -14 -153 8,485 529 620 375 17,489 2,858 March 6,452 -7,793 -1,047 -6,317 18 -194 112 -249 879 365 21,382 -704 April 24,084 -344 -92 65 -126 340 305 967 3,407 23,090 -3,528 May_ 19,122 -296 -420 146 -133 2,753 -258 1,003 398 16,185 -256 June 64,300 -232 37,514 -19 -82 -3,338 389 -25 1,205 511 21,024 -2,647 July -130,808 -1,506 -110,144 1,765 -10,751 -50,133 -1,658 6,028 3,132 1,703 10,096 21,042 -382 August -24,150 11 -13,333 7 - 9,145 -24,373 -13,218 602 984 1,504 15, 549 17,861 -599 September P -9,251 -827 -774 -72 -35 -18,419 -10,168 695 823 650 12 19,359 -494 October » _. 13,040 970 -6,800 -119 -7 -8, 591 -2,458 1,003 7,462 400 419 21,017 -256 November P -44,977 -4,144 -61,412 -2 -66 -12,370 -10,003 692 23,930 214 1,107 15,426 1,649 December p _ -15, 602 -7,086 -24,939 -515 -155 -4, 290 -18, 564 19,527 417 64 19,499 442 Total (12.mos.)» -148,817 -12,582 -316,861 33,764 -36,952 -118,319 -61,005 28,922 56,358 10,983 32,683 233, 747 446 1932 January -7,320 -4,129 -64,955 -76 -134 -3,584 -247 105 45,986 746 1,555 17,062 -352 February _ -6,182 2,256 -52, 712 -58 -756 -7, 537 -3, 723 2,226 30, 661 781 371 20,884 1,426 March. -2, 691 -119 -40,858 3 -53 -3,480 -7,382 1,002 24,340 602 1,750 20,616 887 April p 25,162 1,226 -17,294 71 -37 -1,605 -13 16,111 810 1,251 24,169 473 France Germany * Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta it t e e d s E la n n g d - | I m G a e n r- y N la e e n r t - d h s - S l z a w e n r i d - t- c o t o A t r u h i l e l n e s r - im n p e o t rts j I U S n ta it t e e d s E la n n g d - F ranee N la e e n r t d - h s - S l z a w e n r i d - t- U S. . R S . . c o t o A r t i h u e l e n l s r - November 38,172 37,472| -2 77 1,185 1,046 141 60 -93 65,035 63,998! -29 1,066 9,250 7,693 91 1,349 December 460,268 90,938 274,514 65,352 25,183; -1,127 5,403 -14,006 263 67,948 -84,496 -11,908 1,325 12 12,849 Total (12mos.) • 1931 67,819 67,031 -15 -1 11,966 1,321 172i 75 31 10, 338 30 January 36,205 35,992 -38. 251 12,098 2,008 63| 163 9,826 16 February__ 10, 558 -18 -1 934 10, 598 1,247 895 177 7,718 469 March 2,736 2,218 -13 -7 538 11, 383 583 41 309 47 10, 327 95 April -12,090 -12,749 257 -20 g 425 6,371 248 451 424 42 5,169 431 May.. -9, 558 -6, 326 316 4,114 -21 -8,262 621-205, 543»--25,927-40,029 '-97, 630'-24,159 -6,113 5,154 June 149,150 29, 520 89,786 -19 -9 > 29,872 -6,243>-10,963 -1,949 •54 '151 18 5,218 1,227 July. 72, 952 78, 366 -29 -5,996 611 112 216 548 -23 80 August 418' 209 902 -10| -1,818 1,137 -16,947 547 -5, 558 -11,859 -80 September 273,734 243,956 21, 738 6,060-3,553 -153 5,685 -31,473 120 -5, 951-10,965 -20, 6205,183 78 October.- 122,372 99,876 40, 447 91 22, 74l|-42,572 1,789 -41,968 18 49 18-16, 455!-25,594 -4 November 13,881 3,164 26,132 1 -232- -22, 386 7,203 875 71 542 56 150 103 17 December Total (12 mos.) 728,176 328,130 312,561 100, 050 18,775-81,207 49,867-247, 950-36,160-35,221-102,019-55,142-63,866 58,932 -14,475 1932 January 74, oo; 65,062 40,735 -46 6,755} -9,899 1,401 328 16 -564 671 164 February ... 184,229 82,580 90,9471 2 9,6011 -1,592 2,691 -5, 262 4 -884 -5,501 1,053 March 147, 546 71, 279 49,028! 13,883! 12,561! r 778 -5,251 -7,831| -61 2"~ 5,138 188 i $29,229,000 imported by Great Britain from Spain. 3 $17,555,000 exported by Germany to Belgium. 8 $29,233,000 imported by France from Spain. p Preliminary figures. 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
MAY, 1932 FEDERAL RESERVE BULLETIN 321 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 England France 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 England 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 November 35 115 35 -39 -76 99 568 : -17 -173 -279 December 3 10 31 -21 -18 267 684 ' 1 -112 -306 Total (12 mos.),_ -7,724 1,018 -20,528 11,932 -158 22,204 24,205 1,911 -1,643 -2,270 1931 January 249 276 26 -43 -8 671 972 -16 -63 -223 February -118 19 30 —164 6 -54 201 —70 -185 March._ _ —156 — 14 31 —142 —29 —111 143 —42 -58 -153 April -433 -65 25 —392 -2 -10 100 -32 -39 -38 May —519 —145 23 —382 —13 —18 123 —6 -11 -123 June 24, 384 -21 23 24,176 207 17,475 3,269 i 8,220 6,110 -146 July 9,397 9,820 37 -229 -232 3,597 23 1,072 ! 2,300 -36 332 -69 August. - 60, 076 60, 722 39 ' -556 —128 18,096 186 66 50 11,044 » 6,751 September 19, 020 15, 387 -86 -113 i 3,831 25, 505 1,722 23 1 16,577 •* 7,181 October 30, 598 16,413 14, 781 -17, 572 17,455 -479 94,339 32,919 5,346 \ 3,398 8,270 44,196 209 November. 36,551 21, 551 7,982 -1,113 4,717 » 3, 413 43, 572 3,224 9,805 ; 4,519 25, 604 408 11 December 19,567 1,449 8,849 -2, 325 11, 672 -78 19,687 254 18,364 ! 886 -75 203 55 Total (12 mos.)-- 198,619 39, 413 117, 591 -21, 024 56,059 6,580 222,751 36, 422 41,301 : 19,317 39,684 72, 760 13,267 1932 January.- .- 7,130 7,747 3,100 3,521 -304 109 5, 653 2, 067 1,300 ! 1,972 10 304 February 2,608 8,810 5,446 9,900 320 -2, 069 17,658 1,411 5,725 5,423 5,731 -630 March -1, 886 6,342 3,870 -11,028 34 -1,105 4.698 82 5, 733 -2,069 886 65 British India * Month Net imports from— Increase Increase T i o m t p al o n rt e s t U S n ta it t e e d s England a A Z n u e d a s t l N a ra n e l w d ia Iraq A So fr u ic th a c A o ll u n o t t r h ie e s r G in d o u I l c d n t d i p o i r n a o 5 - e r i i n e r n n s I e G m n r o v d e v e i n a s - t l j i i h n in o p ld I r n i i n v d g a i s t a e 8 1930 I November 1,323 360 433 259 24 1 248 677 -36 i 2,036 December.. „.: 682 -8 261 154 123 I 152 702 17 : 1,367 Total(12 months) i 57,672 8, 681 8,053 2,402 26,513 j 12,023 6,806 200 ; 64,278 1931 January „ i -286 -1,024 94 138 247 i 260 649 1 362 February. _ : 880 323 211 113 49 1 184 582 9 j 1,453 March. i 943 -26 418 144 113 ] 294 596 6,942 -5,403 April 1 600 102 199 118 74 i 107 563 6,168 1 -5,005 Mav ! 696 295 99 167 24 111 523 5,866 I -4,647 June i —1,752 i A -2,254 170 146 25 i 165 491 3,397 I -4,658 July ' —803 -1, 539 404 79 I 253 502 7,362 1 -7,663 August ! -270 -10 -979 224 202 70 i 223 517 3,760 ! -3,513 September.. 1 175 -2,196 -291 993 460 738 471 564 21 i 718 October _ 26 058 ! -8,273 -10,179 23 279 479 i? -8,388 675 -353 1 -25,030 November. —24, 217 1 —3,307 —17, 610 372 «-3, 673 592 359 j -23,984 December™ -45,596 i -5,294 -39, 539 152 6 ! -921 581 0 -45,015 Total(12 months) _! -95,688 c-19,084 -72, 721 2,835 «2,370 «1, 825 |c—10,914 6,835 33,532 1 -122,385 i 1932 January -24,029 -2,863 -21,419 28 225 536 18 -23,511 February. ! —17,672 —363 — 17 353 15 28 *»536 -2 i »-17,138 March p—18,132 ^536 -7 i P-17,603 : » Preliminary. « Corrected. 1 $4,020,000 imported by Netherlands from Dutch East Indies. 2 $3,824,000 imported by Netherlands from British India. 3 $6,733,000 imported by Switzerland from Australia. 4 $7,293,000 imported by Switzerland from Norway. * Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930. 1 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. * 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
322 FEDERAL RESERVE BULLETIN MAY, 1932 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Mar. Feb. Jan. Mar. 1 Mai. Feb. Jan. Mar. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 257 257 260 390 Gold reserve against Dominion notes- 64 65 67 80 Notes issued L. - - - 544 544 547 519 Advances to banks under finance act 32 37 45 6 Irish Currency Commission (thousands Dominion notes— of pounds sterling): 1 Issued.. _ _ 157 162 170 141 Legal tender note fund- Outside chartered bank holdings.. 28 29 28 28 British legal tender and bank Indian Government (millions of rupees): balances _. - » 71 154 70 242 | i Gold standard reserve— British securities 7,268 6,617 6,725 6,939 \ Gold . 391 394 395 112 Notes issued. . 7 196 6 771 6 795 7 181 1 Foreign exchange . 143 139 138 421 Consolidated bank notes ?— Paper currency reserve— Issued . 4 393 4 367 4 350 4 044 i Gold 53 49 48 259 Deemed such under sec. 60 (4) of Silver coin and bullion _ 1,112 1,122 1,158 1,248 currency act, 1927 1,580 1,603 1,631 1,872 Other assets 617 624 585 102 i Notes issued 1,781 1,795 1,792 1,608 * Includes a small quantity of subsidiary coin, amounting on Mar. 31, 1932, to 15,000,000 pesos 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Mar. 5, Feb. 6, and Jan. 9, 1932, and Mar. 7, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc**$0.1930] 1932 1931 1932 1931 Resources Liabilities Mar. 31 Feb. 29 Mar. 31 Mar. 31 Feb. 29 Mar. 31 Cash on hand and on current account with Short-term deposits: banks 2,743 1,238 1,397 Central banks for own account— Demand funds at interest _ 14, 356 15, 887 35, 952 i Demand 89, 365 62, 063 60, 019 Rediscountable bills and acceptances (at ! Time— cost): i Not exceeding 3 months 28, 015 30, 567 95,560 Commercial bills and bankers' accept- Between 3 and 6 months 1,100 91 397 84, 588 90, 997 Treasury bills 26, 390 27, 510 26, 653 1 Total 117, 380 92, 630 156, 679 Total 117, 788 112, 099 117, 651 Central banks for account of others— Demand 13,154 11, 878 56, 393 Time funds at interest: Time— Not exceeding 3 months _ _ 39, 861 42, 680 164, 184 i Not exceeding 3 months 4,114 68, 656 Between 3 and 6 months 2,468 i Between 3 and 6 months . ». 1,014 Total 39, 861 42, 680 166, 652 Total 13,154 15, 992 126, 063 Sundry bills and investments: Other depositors- Maturing within 3 months- Demand 1,510 1,146 44 Treasury bills 24,466 Time—not exceeding 3 months 2,662 Sundry investments _>. 9,169 I 21,229 Long-term deposits: Between 3 and 6 months 6,919 Annuity trust account 29, 649 29, 677 29, 891 Over 6 months 152 160 German Government deposit 14, 825 14, 839 14,945 French Government guaranty fund... 13, 249 13, 249 13,294 Total 40,707 21, 389 i 42,960 Other resources 1 865 1,827 2,310 Total 57. 723 57,765 58,130 Capital paid in .... 20, 941 20, 941 19, 915 Reserves: Legal reserve fund 108 108 Dividend reserve fund 211 211 General reserve fund _ 422 422 Other liabilities 5,872 5,905 3,429 Total resources 217,320 195,120 366,922 Total liabilities 217, 320 195,120 366, 922 1 Composed of $35,663,000 of investments not exceeding 1 year and $7,297,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAT, 1932 FEDERAL RESERVE BULLETIN 323 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, 1931, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Bank of England m d i e s e p s n a u t r ) e t - * Cash reserves D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci N t r i c o o u n t l e a- Deposits l O ia t t i b e h i s e li r - Coin Notes I Bankers' Public Other I Millions of pounds sterling: 1931—Feb. 25 140.8 53.2 8.5 64.4 347.7 I 59.1 16.2 33.3 18.2 Mar. 25 143.6 54.8 11.4 52.1 348.8 ! 57.7 9.5 33.7 18.3 Apr. 29 146.3 .9 56.5 7.2 56.7 349.8 48.9 17.7 37.0 17.7 May 27 151.0 1.1 56.2 6.8 59.8 354.9 54.8 17.4 33.8 17.8 June 24 162.9 1.1 70.1 9.6 57.5 352.8 61.6 25.2 33.5 17.9 July 29 132.0 1.3 32.7 9.7 79.2 359.4 55.8 15.2 33.7 18.1 Aug. 26 133.3 1.3 58.0 9.3 78.2 350.3 53.6 26.3 48.7 18.2 Sept. 30 134.8 1.3 52.6 14.8 94.9 357.2 62.6 30.1 52.6 18.3 Oct. 28 135.7 1.3 54.6 10.5 84.6 356.0 63.5 17.3 52.6 17.7 Nov. 25 120.7 1.0 41.3 12.7 87.8 354.4 59.8 27.0 38.1 17.8 Dec. 3O._ _... 120.7 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Jan. 27 120.8 49.9 12.9 82.5 345.9 74.3 15.3 38.2 18.1 Feb. 24 120.8 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27. 120. 8 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 Resources Liabilities Deposits Bank of France Gold Foreign Domestic Security Ne b g l o e tia- Other ci N rc o u t l e a- l O ia t b h i e li r exchange bills loans securi- assets tion Govern- ties ties* ment Other Millions of francs: 1931—Feb. 27.... 55,924 26,316. 8,250 2,801 5,199 78,947 13,339 10,963 2,221 Mar. 27..- 56,116 26,307 7,084 2,858 5,082 7,026 77,864 11,773 12,577 2,260 Apr. 24 55,616 26,305 6,502 2,795 5,082 7,134 77,231 11,680 12,062 2,462 May 29 55,634 26,160 6,190 2,806 5,082 7,316 78,185 9,940 12,669 2,394 June 26 56,426 26,209 5,576 2,779 5,082 6,807 76,927 8,513 15,187 2,250 July 31 58,407 26,242 4,564 2,860 5,065 8,958 79,862 9,303 14,736 2,195 Aug. 28.— 58,563 27,611 5,820 2,729 5,065 8,193 78,635 9,470 17,649 2,227 Sept. 25 59,346 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 2,441 Nov. 27 67,844 24,273 7,766 2,731 5,065 8,647 82,543 7,170 24,171 2,442 Dec. 30— 21, HI 7,389 2,730 7,157 8,545 85,725 5,898 22,183 1,989 1932—Jan. 29 71,625 18,805 6,555 2,744 8,278 84,723 4,722 23, 552 1,910 Feb. 26 75,059 15,127 5,544 2,707 8,329 83,189 3,637 24,899 1,925 Mar. 25 — 76,832 12,632 4,820 2,716 6,881 8,371 81,782 ! 3,526 24, 962 1,980 Apr. 29 *>-- 77,862 11,800 4,691 2,734 6,881 (3) 82,774 | 3,109 24,828 (3) Resources Liabilities Reichsbank Reserves Other Note Other Gold i e n x c fo h r a e n i g g e n Tre b a il s l u s ry b c il h l e s c ( k a s n ) d Se lo c a u n ri s ty Securities Other ci t r i c o u n la- Deposits lia ti b e i s li- Millions of reichsmarks: 1931—Feb. 28 2,285 166 76 1,979 301 102 676 4,428 325 832 Mar. 31 2,323 188 142 1,951 274 103 4,456 387 775 Apr. 30 2,368 157 45 1,816 287 103 4,340 355 749 May 30 2,390 186 25 1,791 167 103 721 4,299 353 731 June 30.. 1,421 300 74 2,579 355 103 936 4,295 398 1,074 July 31 1,363 246 249 3,273 347 103 958 4,454 834 1,251 Aug. 31 1,366 356 38 3,101 208 103 972 4,384 509 1,251 Sept. 30 1,301 139 124 3,545 301 103 1,016 4,609 613 1,306 Oct. 31 1,145 131 4,010 240 103 963 4,746 518 1,326 Nov. 30 1,005 170 3,901 254 103 980 4,641 506 1,323 Dec. 31 _. 984 172 4, 144 245 161 1,065 4,776 755 1,338 1932—Jan. 30 948 145 3,632 158 161 1,098 4,407 394 1,373 Feb. 29 928 149 3.324 303 162 1,100 4,268 423 1,318 Mar. 31 879 142 3,258 290 362 1,044 4,231 578 1,226 Apr. 30 v 859 131 3,146 282 362 977 4,128 405 1,249 I p Preliminary figures. 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. * Issued by the independent office for retirement of public debt (caisse autonome d'amortissement). Not yet available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
324 FEDERAL RESERVE BULLETIN MAT, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 ! 1931 ! 1932 I 1931 Central bank Central bank Mar. Feb. | Jan. | Mar. Mar. Feb. Jan. ! Mar. National Bank of Albania (thousands I Bank of the Republic of Colombiaof Albanian francs): • Continued. Gold. ......| 4,954 4,939 1,900 Loans to member banks \ 13,963 15, 072 16, 516 13, 404 Foreign exchange i 27, 453 26,786 27, 651 Note circulation | 17,187 17, 587 17, 617 23, 336 Loans and discounts 4,152 4,475 3,604 Deposits _ ; 14, 649 14, 214 14, 289 6,062 Other assets 5,243 5, 427 4,792 National bank of Czechoslovakia Note circulation- 11, 346 11, 488 12, 669 (millions of Czechoslovak crowns): \ Demand deposits 17, 829 17,660 12, 249 Gold i 1,643 ! 1,646 1,649 1,542 Other liabilities 12, 627 12, 479 13, 029 Foreign balances and currency i 784 i 877 940 2,199 Co ( m th m ou o s n a w n e d a s lt o h f A B u a s n t k ra l o ia f n A po u u st n r d al s i ) a : j I L A o ss a e n t s s a o n f d b a a d n v k a in n g c e o s ff . i . c . e in liqui- | j 1,432 1,371 1,611 163 Issue department— dation 290 290 315 Gold coin and bullion 10, 500 10, 500 ! 10, 500 15, 640 Note circulation _ j 6,693 6,808 6,699 Securities 41, 746 40,998 ! 41,745 31,157 Deposits... | 279 279 384 828 Banking department- Danish National Bank (millions of Coin, bullion, and cash 923 1,024 874 4,394 kroner): | Money at short call in Lon- Gold.... ' 145 j 145 149 172 don. _ 22, 003 17,856 15, 570 4, 254 Foreign bills, etc i 28 ! 28 26 78 Loans and discounts 16,154 18, 349 17, 542 25, 122 Loans and discounts i 145 160 173 75 Securities 28,117 28, 518 28, 616 21, 443 Note circulation- _ 322 321 325 341 Deposits 71, 262 69, 695 65,082 55, 348 Deposits | 44 38 50 23 Bank notes in circulation 47, 826 45,332 46, 566 42, 852 Bank of Danzig (thousands of Danzig Austrian National Bank (millions of gulden): I schillings): Gold - | 21,817 21,819 21,821 119 Gold.... 179 179 179 214 Foreign exchange of the reserve ! 23,658 21,689 22,134 16,462 Foreign exchange of the reserve._ 60 79 87 139 Other foreign exchange _j 3,750 3,024 6,212 12,519 Other foreign exchange ' 0 0 12 499 Loans and discounts ; 7,015 9,762 10, 220 20, 750 Domestic bills 867 877 884 93 Note circulation.. 41,060 40, 841 42,195 36, 523 Government debt 96 96 97 96 Deposits _ ; 9,671 9,040 8,572 1,699 Note circulation. 1, 009 1,044 1,093 978 Central Bank of Ecuador (thousands j Deposits 128 129 113 66 of sucres): National Bank of Belgium (millions Gold j 5,632 5,605 5,625 5,658 of belgas): Foreign exchange : 9,035 8,511 8,628 18,829 Gold 2,514 2,527 2,534 1,439 Loans and discounts _ ! 14,687 14,244 14,123 13,961 Foreign bills and balances in gold. 0 0 0 914 Note circulation \ 18,164 17, 797 17,810 21,783 Domestic and foreign bills 965 945 923 755 Deposits J 9,206 8,514 8,193 13,833 Loans to State 288 288 288 292 National Bank of Egypt i (thousands Note circulation 3,664 3,715 3,672 3,164 of Egyptian pounds): I Deposits 246 189 189 282 Gold. - : 4,577 4,225 4,147 Central Bank of Bolivia (thousands Foreign exchange I 2,731 2,603 2,068 of bolivianos): British Government securities j 14. 945 15,198 15,660 Gold at home 3,401 3,375 3,358 2,811 Loans and discounts | 9; 178 9, 514 7,859 Gold abroad 16,640 16,480 15,040 Egyptian Government securities.! 15, 014 14,718 15,457 Foreign exchange._ 6,581 7,417 9,008 Other assets _ _; 3,207 2,934 4,617 Loans and discounts 22,845 23,131 22, 893 Note circulation j 19, 582 19, 246 19,425 N De o p te o s c i i t r s culation __. 2 1 6 1 , , 1 9 5 0 6 6 2 1 5 2 , , 4 6 2 6 9 3 2 1 5 2 , , 8 49 9 7 2 Depo G s o it v s— ern ment I j 3,472 4,256 6,195 Bank of Brazil (millions of milreis): Other.. j 18, 880 18, 096 16,067 Gold Other liabilities | 7,719 7,593 8,121 N L D C C o o u o e a p r r te r r n o e e s s c s n i i a p t c r s n o y c d n u l d d a e i t n s io c ts n o u a n b t r s oad 1 1 , , 9 2 9 1 1 2 8 0 2 7 5 9 3 9 0 1 1 , , 3 8 8 1 1 1 0 7 2 7 7 3 9 9 0 1 1 , , 3 7 8 1 1 0 2 0 3 7 4 3 8 7 0 1 1, , 5 3 6 1 1 0 6 1 7 6 4 5 4 0 5 Ba k n r k N N o G L o o e o o n t a t l o e i n d f ) f s o : . c r . i a e . r . E n i c g u d s n t l o d a e t n i x i s i o c c a n o h u an n ( g t t h s e o usan _ d s of _ I ; ! : | 3 2 1 4 3 4 7 , , , , 3 0 3 6 2 0 6 3 1 9 9 5 2 3 1 2 4 3 7 , , , , 3 7 4 6 1 0 8 0 0 3 7 7 3 2 1 4 2 4 7 , , , , 3 4 4 2 0 3 3 4 7 6 7 4 2 3 1 7 5 7 6 , , , , 5 5 6 5 1 7 5 5 2 2 8 1 National Bank of Bulgaria (millions Deposits— of T N N L G G O le o o o o t e o v h t a t l t v a d e a e n e l f r ) s o c r : f r s n i a o e r i m n r g i c e g d u h e i n g t l n d a n t e l i t i x s i a e o o c c b x b n o h i c l l u a i h i g n n t a i a g t n e s t e s g i o e i n n s reserve.. > i | 2 2 1 1 , , , , 3 7 5 9 7 5 3 4 1 2 6 9 5 1 1 7 3 5 7 2 2 2 1 1 , , , , 3 7 9 6 5 5 - 4 9 0 6 1 7 8 7 8 6 5 2 2 2 2 1 1 , , , , 3 6 9 5 5 7 3 9 7 6 1 1 3 3 9 0 5 2 4 0 3 3 1 1, , , , 4 1 0 2 6 6 4 7 2 6 4 2 5 4 1 9 4 7 2 5 5 Bank B G F o o a o c r l f r l a e d e B G O F n i d . g i c a t o i n n h e n t v l s e s k b a e r n i e r l n d r l a s s m b ( . m r e o n i a l t - d l i ons a n of d m a f r o k r _ e k _ i a g . a n ): ' I 4 2 6 , , , 3 6 2 2 8 7 1 0 5 5 6 6 4 0 0 2 8 0 4 5 2, , , 3 5 8 3 2 7 0 8 5 8 7 8 4 5 6 9 8 4 | 5 5 2 , , , 3 2 5 4 8 0 0 7 4 2 5 8 4 7 1 0 6 3 1 5 1 0 , , , 7 3 2 4 5 3 6 1 7 3 0 8 1 7 3 2 7 4 Central Bank of Chile (millions of j Domestic bills 842 906 972 709 pesos): | Note circulation 1,299 1,271 1,220 1,320 Gold at home I 67 62 Demand liabilities 280 374 234 124 Gold abroad and foreign ex- ! Bank of Greece (millions of drachchange • 108 257 mas): Loans and discounts j 144 157 173 91 Gold I 716 869 869 ! 499 Note circulation j 336 ! 331 324 290 Net foreign exchange in reserve.-j 217 484 772 | 2,259 Deposits against which reserve j Total foreign exchange... | 344 637 906 i 2.671 is held _ \ 110 115 111 Loans and discounts ! 1,215 825 830 '348 Bank of the Republic of Colombia Government gold bonds in reserve, j 608 (thousands of pesos): j Other Government bonds __j 2,697 3,150 3,151 3,389 Gold at home ! 7,529 7,103 6,661 12, 512 Note circulation.. _ j 3,909 3,739 3,797 4,465 Gold abroad 5, 988 ] 6,459 7,626 8,757 Other sight liabilities ! 451 495 585 1,692 1 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAT, 1932 FEDERAL RESERVE BULLETIN 325 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 Central bank Central bank feb. Jan. Mar. j Feb. j Jan. Mar Central Bank of Guatemala (thou- Bank of Poland—Continued. sands of quetzales): ! Note circulation 1,131 ! 1,151 1,152 1,261 Gold coin I 1,945 i1,982 2, 033 2,696 sj Current account of the treasury.. 6 ; 21 32 58 Balances abroad ; 630 615 697 929 i Other current accounts 163 | 171 201 161 Loans and discounts j 6,221 6,298 6,293 6,028 IBank of Portugal (millions of Other assets ! 1,174 1,137 1,122 899 |s escudos): i Note circulation i 5,865 6,029 6,025 6,342 |! Gold 365 349 290 209 Demand deposits „_ .J 1,221 1,128 1,115 1,540 !; Net foreign exchange and other Other deposits.. -... .; 43 40 55 188 il reserves...- 585 | 642 691 0) Other liabilities _ j 2,841 2,835 2,948 2,482 |i Discounts and advances 318 341 346 392 Na o t f i G o p n o e a n ld l g B os a ) n : k . . o . f . . H _. u . ngary (millions 100 100 100 126 i N G O o o th t v e e e r r c n s ir i m g cu h e t l n a t l t i i a o o b b n i l l i i g t a ie t s ions 1 1 , , 0 9 3 5 1 7 8 9 3 i i ! 1 1 , , 0 9 4 5 1 3 8 7 3 1 1 , , 0 9 4 5 7 0 8 5 7 0 1 1 , , ) 8 5 6 3 0 1 Foreign bills, etc j 12 15 16 25 INational Bank of Rumania (millions Loans and discounts __| 407 396 425 258 ! of lei): Advances to treasury. i 54 55 58 60 | Gold at home 6,002 i 5,959 5,931 5, 646 Other assets 17 16 13 16 ! Gold abroad 3,444 I 3,604 3, 769 3,114 Note circulation I 374 i 383 416 385 | Foreign exchange of the reserve. _ 308 ! 81 84 1,270 Deposits . ] 98 ! 90 97 38 | Other foreign exchange 27 22 6 52 Miscellaneous liabilities- _ _ I 81 72 38 ! Loans and discounts 13,046 i 13,006 13, 246 7,894 Bank of Italy (millions of lire): I State debt 5,767 j« 5, 767 c 5, 767 5,617 Gold at home 1 5,628 5, 626 5,626 5,311 | Note circulation ___. 22,742 i 22, 542 22, 713 18, 341 Credits and balances abroad i 1,534 1,725 1,935 4,100 ! Demand deposits 4,338 ! 4,260 4,446 5,300 Loans and discounts,- j 5,638 5,755 5,311 4,371 !South African Reserve Bank (thou- Total note circulation..-, j 13,872 ;13, 938 13, 971 15,034 sands of South African pounds): Public deposits j 300 I 300 300 I Gold 6,420 ! 7, 535 8,172 6,423 Other deposits _, I 1,403 [1,703 2,375 Foreign bills __ 63 i 73 ! 53 6, 751 Bank of Japan (millions of yen): i Domestic bills 3, 685 ! 2,492 2, 949 382 Gold . i 430 ! 431 431 | 833 Note circulation 8,431 ! 7, 710 ] 8,116 7, 412 Advances and discounts __! 937 940 1,004 I 715 Deposits— Government bonds i 118 110 143 i 136 Government 1,152 1, 353 I 1,180 2,135 Notes issued _| 1,058 i1,094 1,187 ! 1,112 Bank 3,835 ! 4,186 I 4, 618 4, 705 Total deposits. _ j 503 ! 429 407 j 678 Other 158 353 | 59 122 Bank of Java (millions of florins): i Bank of Spain (millions of pesetas): Gold i 105 112 I 113 119 Gold—. 2,250 ; 2,249 2,248 2,420 Foreign bills _ 27 27 I 9 29 Silver 546 534 526 717 Loans and discounts 48 56 56 46 Balances abroad 279 I 286 284 120 Note circulation i 225 ; 225 225 239 Loans and discounts 2,910 | 2,964 3,084 1,952 Deposits... --_ | 31 33 56 Note circulation 4,882 i 4,948 4,923 4,604 Bank of Latvia (millions of lats): \ Deposits 1,008 I 1,013 1,083 794 Gold- -— ! 33 33 33 24 Bank of Sweden (millions of kronor): Foreign exchange reserve ! 14 13 14 31 Gold 206 206 206 240 L N B G O o i o t o l h a l t v s e n e e r s r c n d ir m e c p u e o l n a s t i t t i d s o e n posits J i \ 7 3 7 5 7 5 9 3 7 8 j : 7 4 5 5 5 0 7 6 7 5 3 9 5 7 9 9 3 9 8 4 8 7 7 3 7 9 1 4 Swis N D F L s o o o e r a p t N e e n o i s a g s c t i n i a i t r s o n c b n d u i a l l l l d a s t i , i s B o e c n t o a c u nk n ts (millions of I I | j 6 5 2 i1 0 0 7 7 4 1 5 • ; 5 5 1 0 2 9 4 6 1 | I 5 5 2 8 2 1 2 5 7 4 6 3 2 5 1 9 0 8 7 9 3 0 5 Bank F G L N D o o o o e o r a p l f t e d e n o L i s g s c i i n t i a t r h s n c c u d u u a l r n d a r t i i e a i s n o c c n ( o y m u n il t l s i ons of l - i tu) : '< I j j 1 1 2 s 7 0 0 5 0 1 1 o ; i ! 1 1 5 2 7 0 0 0 7 0 4 2 1 1 5 2 7 0 0 0 9 3 3 4 1 1 3 0 7 1 9 9 1 3 fra N G F L D n o o o c o e r a s l t m e d e ) n : i a s g c n n i a d r n c b d u d a l e l d a a p t i n o i s o c c s n e i o t s u s n an ts d bills >_ | j | ' j | 2 1 1 ' , , 1 5 1 4 0 1 2 3 7 7 7 3 9 3 j ! ! '• 1 1 , , 5 1 0 7 9 7 5 0 9 6 2 1 1 , , , 5 4 1 1 1 2 4 8 1 9 8 6 3 2 6 9 3 1 9 9 4 2 3 5 4 3 7 4 Netherlands Bank (millions of I florins): i Bank of the Republic of Uruguay G Fo o r l e d i gn bills -i | 8 8 7 4 9 87 8 9 4 8 8 7 4 3 ! 4 2 4 1 6 8 (th G o o u ld sa nds of pesos): \ ! 50,544 ! 50,544 56, 323 Loans and discounts ; 159 168 175 ! 143 Loans and discounts .101,885 101, 107, 825 Note circulation _ 1 983 1,008 984 ' 841 Other assets _ .1 34,225 33, 452 30, 719 Deposits I 186 164 190 i 17 Note circulation,_ ._ J. £0,502 80, 395 75, 065 Bank G o o f ld N orway (millions of kroner): ; ! 155 154 155 i 146 Depo D s e it m s— and i 31,576 31,401 39,074 D N Fo o o r m t e e i e g c s n i t r i c c b u a c l l a r a e t n i d o c i e n ts s and _ b ills j j j 2 3 5 1 1 8 0 6 2 3 3 0 1 9 3 5 2 31 5 1 1 0 6 I ! 2 1 3 9 8 7 6 3 Othe J T r u i d m li i a e c b ia il l it a ie n s d administrative.. ! | ! 3 3 3 8 2 , , , 0 5 9 0 9 7 4 7 5 I 3 3 3 2 8 , , , 4 4 0 2 6 9 7 1 8 4 3 4 3 3 , , , 4 1 2 1 0 0 6 3 9 Foreign deposits 3 2 2 I 2 State Bank of U. S. S. R. (note-issu- Total deposits^ 85 71 68 ! 72 ing department; thousands of Central Reserve Bank of Peru chervontsi): (thousands of soles): Gold 64,050 63,842 50,351 Gold 54,169 i63,174 Other precious metals 2,282 2,227 2,184 2,025 Foreign exchange 114 7,918 Foreign exchange 4,723 4,618 4,590 4,907 Bills. ___ - —- 12,647 j18,495 Note circulation 267. 5771263, 518 266,966 219, 385 Note circulation 52,731 !61, 688 National Bank of the Kingdom of Deposits 3,924 i 6,281 Yugoslavia (millions of dinars): Bank of Poland (millions of zlotys) : Gold... — _ 1,763; 1,759 1,759 1,086 Gold at home 449 487 487 I 485 Foreign exchange 276 i 206 290 87 Gold abroad 125 120 114 ! 77 Loans and discounts 2,181 | 2,190 2,216 1,405 Foreign exchange of the reserve- 71 51 69 256 Advances to State 2,240 2,233 2,180 2,997 Other foreign exchange 121 124 119 125 Note circulation 4,824 4,776 4,945 4,729 Loans and discounts.._ 764 764 789 656 Other sight liabilities 495 451 1,018 1 Figures published previous to reorganization of bank July 1, 1931, are not comparable with current figures. «Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
326 FEDERAL RESERVE BULLETIN MAY, 1932 COMMERCIAL BANKS 1931 1932 Country Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Argentina (millions of gold pesos): Bank of the Nation- Gold- - 2 1 1 1 1 1 1 1 1 1 1 1 Other cash 85 125 118 108 99 94 91 90 109 107 111 113 1 Loans and discounts 626 640 633 642 655 656 681 708 696 707 675 234 ! Deposits 695 712 690 706 680 662 663 661 652 641 639 642 j Other banks in Buenos Aires- Gold. 9 9 9 9 7 2 2 2 1 i! Other cash 173 172 180 202 194 199 190 186 194 203 200 199 | Loans and discounts 912 910 885 871 857 843 852 847 830 817 821 1,251 Deposits _ 1,020 997 996 990 971 971 966 947 939 939 936 933 Canada (millions of Canadian dollars): Assets entirely in Canada- Cash in vault * 148 157 156 150 147 147 157 159 201 175 176 167 158 Cash in central gold reserves. 27 26 29 28 26 28 24 27 25 26 22 20 24 Security loans 175 181 187 182 163 159 167 159 157 135 131 130 131 Other current loans 1,115 1,130 1,139 1,127 1,126 1,127 1,137 1,141 1,102 1,082 1,071 1,063 1,071 Security loans abroad 137 117 98 108 105 110 90 91 113 83 66 99 88 Securities 649 651 669 695 694 701 678 696 719 694 674 664 671 Liabilities entirely in Canada- Notes in circulation __. 153 124 129 128 126 126 128 140 131 129 123 122 121 Individual demand depos- ! its 579 596 580 601 561 568 594 581 617 567 507 496 50O Individual time deposits- 1,445 1,453 1,456 1,450 1,451 1,461 1,456 1,462 1,396 1,360 1,390 1.38& England (millions of pounds ster- ! ling): i Cash in vault and at bank | 181 175 176 i 184 181 177 171 173 170 181 177 170 171 Money at call and short notice- 112 115 129 ! 131 128 I 112 106 I 113 108 118 116 108 111 Advances and discounts 1,159 1,134 1,141 I1,172 1,178 |1,156 1,132 1,131 1,125 1,131 1,128 1,093 1,103 Investments _ | 295 292 274 I 272 283 ; 286 288 288 284 281 268 264 266 Deposits 1,726 1,698 1,700 |1,744 1,750 !1,708 1,675 1,688 1,670 1,700 1,677 1,621 1,639 France (millions of francs): j Bills and national-defense bonds.! 21,363 21,869 22,930 22, 507 20,919 21,153 20,242 19,006 17,851 18,441 18,454 Loans and advances .! 11, 232 11,156 10,762 10, 342 9,898 9,868 10,076 9,863 9,797 9,697 9,041 Demand deposits j 36,106 36,971 37,861 !37,938 36,642 36,991 36,137 36,972 37,019 37,023 36,196 Time deposits 1,669 1,623 1,601 I1,564 1,539 1,545 1,429 | 1,3701,332 1,222 1,179 Germany (millions of reichsmarks): | Bills and treasury notes j 2,532 2,529 2,548 j1,914 1,280 500 1,509 | 1,406 1,431 1,503 1,380 Due from other banks j 956 981 857 i 686 546 514 405 373 345 320 367 Miscellaneous loans ._.; 8,144 8,021 7,818 ;7,699 7,337 7,115 6,884 6,837 6,748 5,935 6,034 Deposits_._ ! 10, 778 10, 683 10,395 i9,277 8,167 8,060 7,873 7,500 7,390 7,276 7, 289 Acceptances -j 630 600 582 | 816 874 840 i 818 891 910 903 863 Japan (millions of yen): j Cash on hand - | 274 332 361 274 134 | 217 197 I 126 146 140 124 130 116 Loans ! 2,176 2,184 2,156 i2,166 2,169 t 2,140 2,146 2,171 2,208 2,247 2,283 2,228 2,264 Deposits 2,150 2,161 2,181 i2,233 2,151 I 2,122 2,102 2, 066 2,059 2,051 2,008 1,954 1,938 J Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932; five Berlin banks thereafter; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDEKAL KESEKVE BULLETIN 327 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B r a a o n n f k ce G R b e e a r i m n c k h a s n - B It a o a n f ly k N l B e a a t n h n d e k s r- t S B i N o w a n a n is a - k s l Country R M a 1 a t y e I s n i n e c f e f — ect Country R M a 1 a t y e I s n i n e c f e f — ect J In a n e . f f 3 e , c 1 t 9 J 3 a 1 n. 1,1931. 3 2 2 .4 5 3 A A l u b s a tr n i i a a 8 J M u a ly r . 18 1 , , 1 1 9 9 3 3 2 1 J Ja a v p a an r5.84 M M a a r r . . 1 1 1 2 , , 1 1 9 9 3 3 0 2 J Ja a n n . . 2 2 2 4 2H 2 B B e o l l g iv iu ia m VA J A a u n g . . 2 1 8 3 , ,1 1 9 9 3 3 2 0 L Li a t t h v u ia ania 6 A O p ct r . . 1 1 , , 1 1 9 9 3 3 0 0 J J M M u u l a n a y y y e 1 1 1 1 6 3 6 4 - 2H 1 7 0 2 B C C C u o h z l l e i g o l c a e m h r . i b . o . a i s a lo- m 6 6 J S O a e c n p t . . t . 2 2 2 2 9 5 , , , 1 1 1 9 9 9 3 3 3 2 1 1 P N Po e o l r r a u w n . d ay 5 7 S O M e c a p t r . t . . 1 3 3 , , . 1 1 1 9 9 9 3 3 3 2 0 0 July 23 vakia 5 Apr. 12,1932 Portugal 6H Apr. 4,1932 July 30 #A Aug. 1 15 Danzig 5 Nov. 24,1931 Rumania 7 Mar. 4,1932 Aug. 12 10 Denmark 5 Mar. 11,1932 South Africa. 6 Nov. 13,1931 Sept. 2 8 Ecuador 10 Mar. 13,1931 Spain July 8,1931 S S S O e e e c p p p t t t t . . . 1 2 2 2 0 8 9 1 - 6 2H 7 3 H E F G i s r u n e t n o l e a g n c n e a ia d ry. 1 6 1 2 A A F F e e p p b b r r . . . . 2 1 1 1 0 9 8 , , , . 1 1 1 1 9 9 9 9 3 3 3 3 2 2 2 2 S Y U w u .S g e o d .S s e l n . a R v ia .. . . . 5 8 7 H H i J F M u e l b y a . r . 1 2 2 9 0 2 , , , 1 1 1 9 9 9 3 3 2 1 2 7 Dec. 10 7 India 5 Apr. 28,1932 Feb. 18,1932 i 5 Mar. 9 1 6 Changes since Apr. 1: Czechoslovakia—Apr. 12, down from 6 to 5 per Mar. 10 1 4 cent; England—Apr. 21, down from VA to 3 per cent; Finland—Apr. 19, Mar. 17 3M down from 7 to 6K per cent; Germany—Apr. 9, down from 6 to 5A per Mar 21 6 cent; Apr. 28, down from 5J^ to 5 per cent; Hungary—Apr. 18, down Apr. 9 51/ from 7 to 6 per cent; India—Apr. 28, down from 6 to 5 per cent; Apr. 19 VA Netherlands—Apr. 19, down from 3 to 2^ per cent; Portugal—Apr. 4, Apr. 21 3 down from 7 to 6^ per cent. Apr. 28 5 In effect May 1,1932. 3 2)4 5 6 2 : 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Sw la it n z d er- 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 Da m y- o t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e - y day d P is r r c i a v o t a e u t n e t 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—March 2.60 2.56 2.20 1 4.76 6.17 5.00 1.09 1.04 0.99 April 2.58 2.57 2.17 I 4.65 5.87 5.67 1.50 1.61 1.06 May 2.24 2.21 1.87 4.65 5.83 5.38 1.39 1.55 1.12 June 2.09 2,10 1.64 1 6.05 7.05 6.74 1.05 1.07 1.12 July 2.58 2.44 2.05 1 -2H 17.00 18.98 18.89 1.53 1.40 1.55 August.- 4.28 4.21 3.59 18.92 19.18 19.15 1.30 1.22 1.98 September 4.74 4.57 4.04 2^-4 7.99 9.18 9.15 1.30 1.21 1.80 October 5.68 5.46 4.36 4 8.00 9.84 9.21 2.76 3.07 1.90 November 5.75 5.55 4.96 4 8.00 9.31 8.69 1.59 1.72 1.77 December 5.85 5.60 4.27 7.33 7.40 8.45 1.57 1.59 1.75 1932—January 5.52 4.94 4.20 \ 6.94 7.58 7.86 2.24 2.37 1.68 February _ 4.63 4.08 3.84 4 -3 8.67 7.98 7.81 1.87 1.69 1.52 March __ 2.59 2.28 2.40 3 -\y2 6.10 7.10 7.76 1.22 1.06 1.50 Sweden Belgium France Italy Austria (Vienna) Hungary (Stock- Japan (Tokyo) (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m fo o o r n n e t 1 h y c c i o a P l m r i p m m a e p e r e - r Da m y- o t n o e - y day L m oa t o o n n s 3 th u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1931—March 2.25 L57 5.50 3H -4Me 5H-6 4H-5 3 -5 5.29-5.48 2.74 April 2.25 L.47 5.48 5^-6 4 -5 3 -5 5.29-5.48 2.92 May .-- 2.20 L. 28 5.25 4 5H-6 5H- 7 4J4-5 3 -5 5.29-5.48 2.19 June 2.13 L.06 5.25 4 -6^ 1 5^-6 5%- 8 4K-6^ 3 -5 5.29-5.48 2.19 July 2.15 L.20 5.25 7H-10H »5H-6H 4 -6 4.93-5.48 2.74 August 2.41 1.50 5.25 8H-10^ 4 -6 4.93-5.48 3.65 September 2.44 1.50 5.47 8 -10H 8 -m 4.93-5.48 2.56 October 2.44 .80 7.50 7H-10 5 -6 6 -m 4.93-5.66 5.48 November 2.44 L. 90 7. 5,0 7U-10 5 -6 6 -m 5.48-6. 57 5.66 December 2.44 ]L 75 ! 7 sn 724-10 5 -6 6 -7H 5.84-6.57 6.57 1932—January 2.91 L.75 7.50 6H-10 4^-6^ 6 -7H 5.84-6. 57 6.02 February. 3.31 L75 6.92 5^-7 5. 84-6. 57 6.39 March 3.36 1.80 6.53 1 1 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
328 FEDERAL RESERVE BULLETIN MAY, 1932 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China (and Hong Kong) Month AH t r i g n ne a nn - i j A*u,lsstt.rr|iaa Belgium Brazil Chile ca M n e x d i o - l- h S a h i a t n a g e - l Y ! Hong Co b l i o a mlar 1931—April 76.4629 14.0568 13.9039 7. 2668 0. 7174 99. 9517 12.0628 22.5646 31.0951 22.4949 24. 3312 96.5700 May ! 70.7121 14.0543 13.9119 6.6756 .7176 99.9449 12.0673 22.0118 30.2520 21.8950 24.0131 96.5700 June. 70.2524 14.0457 13.9242 7.4991 .7180 99. 7201 12.0868 21.4575 29.5980 21.4375 23.8226 96. 5700 July 69.8840 14.0413 13.9453 7.1937 .7183 99.6607 12.0798 22.4315 31.0097 22.4247 24. 7295 96.5700 August 64.5722 14.0406 13.9376 6. 3693 .7154 99.6898 12. 0549 21.4301 29.7255 21.3485 23.7830 96. 5700 September. 59.6948 14.0388 13.9091 5.9099 .7160 96. 2478 12.0430 22.0696 30.6604 21. 9166 24.1853 96.5700 October 51. 9966 13. 9158 13.9852 5. 6202 .7127 89.1025 12. 0690 22.8205 31.8314 22. 7019 24.6765 96.5700 November i 58.8403 13. 9516 13.9070 6.1704 .7138 88. 9914 12.0750 24.5833 34.0732 24.7246 26.0124 90. 5700 December . | 58.5196 13.9460 13.9039 6. 2010 .7148 82. 7064 12.0669 23. 6010 32. 8054 23. 7323 24.8704 96.5692 932—January _| 58. 2724 13.9518 13.9140 6.1579 .7151 85.1301 12.0500 23.5237 32. 6357 23.6966 24.8396 95.6656 February J. 58. 2204 13.9516 13.9384 6.1720 .7145 87.2936 12.0500 24.4696 33.1449 24.3587 25.3353 95. 2400 March I 58. 2879 13. 9601 13. 9361 6. 2121 .7176 89. 4530 12. 0606 23. 9969 32. 8061 23. 9213 24. 6855 95. 2400 April... ! 58. 2171 13.9544 13. 9956 6. 5402 .7201 89. 8808 10. 6538 22. 3173 31. 2481 22. 3221 23. 7187 95. 2400 Cuba 1931—April ! 99.9248 2. 9619126.7503 485.9863 2. 5172 5. 2360 49. 3601 May : 99.9187 2. 962226. 7738 486. 4039 2. 5172 5. 2353 49. 3813 June 99.9157 2. 962126.7795 486.4863 2. 5167 5. 2348 49.3740 July | 99.9124 2.9605 26. 7340 485. 6052 2. 5156 5.2300 49.3550 August. I 99.9703 2.9624126.7292 485.7725 2.5148 5.2304 49.3532 September , ...J 99.9678 2. 9621125.2636 453.1260 2.5133 5.1699 49.3351 October j 99.9944 2.9619 ; 22.0209 .9291 2.3082 5.1645 49.2525 November _ .1 99.9913 2.9625; 20. 6700371.9934 1. 9839 5.1548 49.2968 December.. 99.9470 2. 9626 18.5875 337.3707 1. 6938 5.1094 43.4644 1932—January i 99.9296 2.9627 18.8801 343.1210 1. 5036 3.9294 23.6475 1.2877 17.4500 25.8179 February : 99.9622 2.9627 19.0192 345. 6316 1.5014 3.9379 23.7392 1.2875 17.4397 26.0329 March 1100. 0590 2. 962820.0112 363. 9304 1. 6015 3. 9325 23. 7812 1. 2875 17. 4353 27. 3121 April 99.9816 2. 962920. 5267 374. 9994 1. 7225 3. 9430 23. 7427 1. 2318 17.4298 28.0133 Straits | Mexico Settle- Sweden ments 1931—April ...J 47.4843 I 40.1391 26.7530 4.4782 0. 5942 56.0462 26.7758 19.2559 67.7199 1.7585 May. _.__l 48.0200 40.1847 26.7761 4.4918 . 5943 56.0348 26.8070 19.2846 01.4301 1.7603 June. - i 49.0305 ! A4n0 . n2A4A4n2 26. 7801 4.4234 .5949 56.0432 26.8045 19.3956 58.5356 1.76S5 July . | 49.0109 40.2775 26.7346 4.4162 .5943 56.0198 26. 7558 19,4309 54.2652 1. 7665 August.. |i30.0269 40. 3182 26.7328 4.4216 .5936 56-0044 26.7487 19.4862 46.0147 1.7694 September j 33.4081 40. 2677 25.3982 4.4232 .5936 53.5566 26.0857 19.5096 41.9254 1.7653 October ! 36.5878 40.4256 22.0737 3.9271 .5953 45.1250 23.1140 19. 6009 34.8968 1.7734 November.. ! 39.1364 40.1916 20. 5163 3. 6401 43.1386 20.7378 19.4632 45.0027 1.7856 December j 39.0086 40.2338 18.4831 3.2302 39.0313 18.7098 19.4805 44.5487 1.7796 1932—January ...! 39.3294 40.1828 11.1934 3.1642 39.6600 19.1888 | 19.5074 44.9160 February 37.8712 40.3479 11.1896 3.1830 .7745 19.2922 19.4961 46.1521 March 33.6841 40. 2799 11.1770 3. 2832 41. 3333 19.8540 i 19.3405 47.0796 April 33. 3728 40. 4914 11.1847 3. 3804 42. 7404 19.0910 I 19.4374 47. 3186 Monetary units and pars of exchange (in cents per unit of foreign currency): i Par of Par of ! Par of Country \ Monetary unit ex- Country Monetary unit ex- | Country Monetary unit ex- | i change change j change Argentina Gold peso 96.48 Czechoslovakia. Koruna 2.96 Norway Krone. . 26.80 Austria Schilling 14.07 Denmark Krone 26. 80 Poland Zloty.. 11.22 Belgium Belga 13. 90 England Pound 486. 66 Portugal Escudo 4.42 Brazil Milreis 11.96 Finland Markka 2.52 Rumania Leu .60 Bulgaria i Lev .72 France Franc 3.92 Spain Peseta 19.30 Canada. Dollar. 100. 00 Germany. _ Reichsmark, 23.82 Straits Settle- Straits Settle- 43.75 Chile. Peso 12.17 Greece... Drachma 1.30 ments.3 ments dollar. {Mexican dollar2..- 22.48 Hungary Pengo 17.49 Sweden Krona 26.80 China (and Hong Shanghai tael2 30.99 India Rupee 36.50 Switzerland Franc 19.30 Kong). Yuan dollar2 ; 21.99 Italy Lira 5.26 Uruguay Peso 103. 42 Hong Kong dollars.! 22.31 Japan Yen.. 49.85 Yugoslavia Dinar 1.76 Colombia.. 97. 33 Mexico . Silver peso. . 49.85 Cuba -do ! 100.00 Netherlands _ Florin 40.20 1 Beginning with August, quotations are for silver peso. 2 Silver currencies—Figures given for parity represent gold value of unit in April, 1932, computed by multiplying silver content of unit by New York average price of silver for April, 1932, which was $0.28610 per fine ounce. 3 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths of average quotation of pound in New York for April, 1932. 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
MAY, 1932 FEDERAL RESERVE BULLETIN 329 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average =*100) i Month United States England France (a p v r e ic r e a ) ge (D 19 e 2 c 1 e = m 1 b 0 e 0 r ) , ( a 19 g 1 e 3 * a 10 v 0 e ) r- price) England France Germany Number of issues ... 60 87 35 U77 421 278 300 329 1930—March 97.8 112.7 95.8 82.6 172.4 109.2 205.2 109.2 April . 97.9 112.7 95.5 84.7 181.0 111.1 208.6 112.1 May _ 97.9 111.4 95.3 86.7 170.5 108.0 198.3 111.7 J J A u u u l n y g e u st _ 9 9 9 8 9 8 . . . 7 6 2 ! j 1 1 11 1 1 1 2 0 . . . 9 3 0 9 9 9 6 5 5 . . . 6 7 8 8 8 87 8 7 . . . 5 0 1 1 1 14 4 5 7 9 2 . . . 6 3 8 1 1 9 0 0 8 3 1 . . . 4 1 8 11 1 88 8 82 /. .. 80 0 1 1U 9 0 4 6 0 . . . 8 9 8 September 100.0 ! 112.0 96.4 86.9 148.8 101.1 182.4 93.9 October.... 99.9 | 113.1 95.4 84.7 127.6 95.4 169.5 87.9 November. 99.1 I 112.8 94.7 84.5 116.7 94.1" 162.2 84.7 December ... 97.8 s 112.5 94.1 83.9 109.4 89.0 149.8 80.0 j 1931—January 99.6 | 112.8 95.7 84.0 112.3 156.7 75.0 February ___ 99.4 109.7 97.1 84.3 119.8 89.3 160.1 78.5 March... , _. 100.0 111.6 97.9 85.9 121.6 89.4 155.4 83.6 April 99.6 | 111.3 99.0 87.4 109.2 85.1 148.5 84.8 May j 99.7 I 110.8 98.4 86.4 98.0 76.8 138.2 76.1 June 99.4 | 111.1 98.8 83.9 95.1 77.8 141.2 69.6 July 99.4 111.2 9S.9 98.2 79.2 132.6 (•) August 98.5 ! 107.2 99.5 95.5 73.8 130.5 (3) September _ 95.6 I 103.5 97.7 81.7 67.2 115.5 (3) October 89.4 ; 104.2 94.8 69.7 75.6 106.9 (3) m "D N e o c v e e m m b b e e r r __ 8 8 9 1 . . 0 6 i 1 1 0 0 4 2 . . 8 2 9 9 4 0 . . 4 8 7 5 1 7 . . 7 7 6 74 8 . . 7 1 1 9 0 4 4 . . 8 3 ( (3 3 ) ) 1932—January _ _. 81.0 104.7 91.5 1 58.0 69.7 107.3 (3) February 80.3 106.5 90.3 I «56.4 68.9 126.2 I3) March _. 80.8 111.6 90. 5 | • 56.8 69.6 117.6 (3) « Corrected. 1 Stock price series for England, France, and Germany have been converted from original bases to a 3926 base. * Approximate number; series originally included 208 issues. » Computation suspended because of closing of the exchange. Back figures—See BULLETIN for February, 1932, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month Canada ( G 19 e 1 r 3 m = a 1 n 00 y ) ' (19 I 1 t 3 a = ly 100) 19 J ( 0 a O 0 p = c a 1 t n . 0 , 0) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1930—March 90 92 125 558 126 400 196 122 April 90 91 124 548 127 396 193 122 May. 89 90 122 546 126 389 189 118 June 87 88 121 540 125 382 181 118 July 84 86 119 558 125 375 177 115 August 84 84 118 560 125 379 176 114 September. 84 82 116 556 123 374 172 112 October... 83 81 113 552 120 364 165 111 November. 81 80 112 551 120 361 162 110 December. 80 78 109 641 118 350 161 107 1931—January... 78 77 107 641 115 342 158 105 February.. 77 76 106 538 114 338 158 104 March 76 75 106 539 114 339 158 103 April 75 74 106 640 114 337 158 102 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 84 February- 66 69 105 446 100 B14 161 83 March 66 69 105 444 100 315 159 82 i Revised index of the Bureau of Labor Statistics (784 price series). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
330 FEDERAL RESERVE BULLETIN MAY, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100)1 England (1913= France (1913= Germany (1913=100) 100) 100) Indus- Month pr F o a d r u m cts Foods O m c t o t o i h e m d e s i - r - Foods p I r n o tr d d i u a u l s c - ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r i o on v s i- r f a i s n w t e r i m i s a a h i l n - e d d p f I i r n n o t i r d d s i u h u al e s c - d ts products 1930—March 95 94 88 129 122 495 612 110 118 126 153 April 96 95 88 129 121 481 606 112 118 125 152 May 93 92 87 127 119 483 601 111 117 124 152 June • 89 91 IS6 127 117 488 587 110 115 122 151 July 83 87 i 127 115 540 573 115 114 119 151 August 85 88 *4 126 113 550 568 117 111 118 149 September 85 90 124 111 562 551 114 108 116 148 October 83 89 W, 121 109 562 543 109 108 114 147 November 79 86 I$1 121 107 570 535 112 108 113 145 December 75 DO 116 105 570 516 110 105 110 143 193 \—January 73 81 113 104 580 507 107 102 108 142 February 70 78 f8 112 103 575 505 106 100 106 140 March 71 78 >n 111 103 581 503 107 99 106 139 April 70 76 m 113 102 592 495 108 97 105 138 May 67 74 75 113 100 566 480 109 96 103 137 June 65 73 74 113 98 571 472 107 95 103 137 July 65 74 74 110 98 541 465 105 97 103 136 August 64 75 74 108 95 528 452 103 96 102 136 September 61 74 74 108 95 508 443 101 94 100 135 October 59 73 73 113 100 489 429 99 95 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December 56 69 72 113 102 491 400 95 91 97 130 1932— January 53 65 72 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122 March 50 62 71 116 99 510 388 97 89 90 121 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July, (July, (1913- States (July, (Jan.-June, (1913- Month (1913=100) 1914=100) 1914=100) 14=100)* Month (1913=100) 1914 = 100) 1914=100) 14-100)i 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January _. 133 109 138 131 132 114 134 116 January 153 147 140 125 February 127 105 136 131 132 115 131 114 February _ 152 147 139 122 March 126 105 134 129 131 115 130 114 March 150 146 120 138 122 April 124 129 130 129 April 147 137 May 121 129 129 130 May 147 137 June 118 127 128 131 June 150 145 120 138 July . 119 130 125 130 July. . - 147 137 August 120 128 121 126 August 145 135 September. 119 128 119 125 ..... Septemb3r_ 145 115 134 October . .. 119 128 116 123 October 145 133 November. 117 130 113 122 November 146 132 December 114 132 | 113 120 December_. ... 146 148 108 130 I 1 Revised index numbers of the Bureau of Labor Statistics (784 price series). * 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 G6ngrale, and for cost of living, Commission d'6tudes relatives au eoiit de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 331 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. EACH FEDERAL RESERVE BANK DISCOUNTS, BY MONTHS DISCOUNTS, BY WEEKS [In millions of dollars] [In thousands of dollars] Averages of daily figures Wednesday series (1932) Federal reserve bank Federal reserve bank 1932 1931 Apr. 6 Apr. 13 Apr. 20 Apr. 27 April March April Boston 33, 594 32, 788 31, 922 32,504 New York 131,248 122,177 107,809 104, 839 Philadelphia.. 74, 457 74, 650 69, 859 67,806 Boston.. 34.0 35.5 8.4 New York 119.6 140.3 41.9 Cleveland 93,993 98, 429 78,815 70,119 Philadelphia.. 73.7 96.8 16.0 Richmond 30,924 27, 646 27,121 25, 353 Cleveland 86.6 108.8 14.0 Atlanta 34, 486 36,312 40,129 34, 257 Richmond 29.2 34.4 13.2 Atlanta 37.0 37.9 11.0 Chicago 49,187 42,195 38, 991 Chicago 46.2 58.3 12.7 St. Louis 18,160 17, 002 15, 213 14,421 St. Louis 16.7 19.1 7.9 Minneapolis-. 9,248 9,586 9,954 10,196 Minneapolis. _ 9.7 10.5 3.5 Kansas City.. 32.0 35.3 9.0 Kansas City.. 33,434 33,125 30,138 30, 647 Dallas... 12.6 13.2 7.5 Dallas 11,118 12, 015 14,131 14, 256 San Francisco 107.6 124.1 9.4 San Francisco 115,425 116,304 97,237 88,435 Total... 605.1 714.1 154.7 Total... 635, 274 628,602 564, 523 531,824 RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] AVerages of daily figure3 Total cash reserves Total deposits Federal c i r r e c s u e l r a v t e io n n o l tes in Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 April March April April March April April March April April March April Boston ... _ 218,930 220, 929 235, 003 122, 650 122, 802 147,512 174,263 176,494 136,024 73.7 73.8 82.9 New York __ . __ 1, 001,905 987, 828 1,094,320 949,134 844, 854 1,017,788 573,491 569,920 269, 501 65.8 69.8 85.0 Philadelphia 254,085 247,597 261, 655 123,037 121,611 154,778 253,218 260,172 138, 559 67. 5 64.9 89.2 Cleveland 295,404 293, 389 322, 499 152, 035 148, 048 201, 444 293,719 303,962 182,099 66.3 64.9 84.1 Richmond. .. _ 101, 069 102, 540 120,161 55,778 54,888 64,544 95, 571 100,922 78,948 66.8 65.8 83.7 Atlanta 122,058 121,241 170,752 51,324 50,859 62,110 117,638 120, 578 132,404 72.2 70.7 87.8 Chicago .. _ 676,419 669, 744 466, 374 273,114 260,165 335,155 546,158 557, 551 209,471 82.6 81.9 85.6 St Louis 111, 642 109, 532 117,092 62, 242 6i; 012 74, 559 91,048 92,822 76,307 72.8 71.2 77.6 Minneapolis. ._ . __ . 81,172 * 75,976 70, 259 43,939 43,143 51,274 70, 588 ' 69, 200 48, 515 70.9 67.6 70.4 Kansas City 95,484 94, 437 103,156 69, 202 69, 493 83, 812 81,411 83,165 65,831 63.4 61.9 68.9 Dallas 52,906 53, 224 52, 328 50, 039 49, 541 58,857 37,845 40, 559 27,756 60.2 59.1 60.4 San Francisco _ _ 219,370 214, 391 299,164 149, 525 148,847 188,277 222, 839 230,139 161,613 58.9 56.6 85. 5 Total 3,230,444 i'3,190,828 3,312,763 2,102,019 1, 975, 263 2,440,110 2, 557,789 ' 2,605, 484 1, 527,028 69.3 69.7 83.5 r Revised. i Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $14,806,000; month ago, $14,334,000; year ago, $15,203,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
332 FEDERAL RESERVE BULLETIN MAY, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, APRIL 30, 1932 [In thousands of dollars] Total Boston Y N o e r w k P p d h h e il l i - a a- C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s -K C an it s y as Dallas F c S r i a a sc n n o - RESOURCES Gold Federal reserve agents. _.2, 274,556 165, 627 544, 726 192,300 1234,470 73,870 96,775 557, 395 80, 845 63,445 66,080 28,260 170,763 Gold redemption fund with XJ. S. Treasury 35,897 1,869 8,099 3,825 | 3,975 1,373 2,175 1,911 485 2,453 1,054 5,072 Gold held exclusively against Federal reserve notes 2,310,453 167,496 552, 825 196,125 238,445 75, 243 98,950 561, 001 82, 756 63,930 68, 533 29, 314 175,835 Gold settlement fund with Federal Reserve Board 308,440 12, 771 139,945 5,305 16, 736 2,986 8,151 70,103 5,934 9,417 6,804 I 5,758 24,530 Gold and gold certificates held by banks 385,438 16,413 245, 538 12, 572 17,849 6,672 7,510 26,938 f 11,429 2,872 13,014 5,543 19,088 Total gold reserves 3,004, 331 196, 680 938, 308 214,002 273,030 84, 901 114, 611 658,042 100,119 78,219 88, 351 40, 615 219,453 208,493 20, 597 55,213 28,836 18, 766 12, 674 5,513 24,271 | 10,096 3,963 6,452 10,985 11,127 Reserves other than gold Total reserves. 3,212,824 217,277 993,521 242,838 291, 796 97, 575 120,124 682,313 1110,215 80,182 94,803 51,600 230, 580 Nonreserve cash 66, 752 5,048 17, 708 3,539 3,276 3,576 4,499 12,201 \ 3,212 2,032 2,041 3,632 5,988 Bills discounted: Secured by U. S. Government obligations 244, 723 20,891 70, 293 23,948 29, 010 5,722 10, 757 21,719 i 8,746 1,664 5,834 43,151 Other bills discounted 311,042 21, 694 37, 607 44, 892 40, 723 20, 061 26,812 18,866 ; 6,016 8,628 25,465 10,817 49, 461 Total bills discounted 555, 765 42, 585 107,900 68,840 69, 733 25, 783 37, 569 40, 585 14, 762 10, 292 31,299 13,805 92, 612 Bills bought. 47,803 2,415 16,018 3,405 3,122 2,086 2,604 5,279 1,525 862 1,478 1,546 7,463 U S. Government securities: Bonds- - 346,216 26,847 130, 534 23,192 26, 428 7,772 5,235 57,119 I 11, 674 15,868 7,695 16,989 16,863 Treasury notes 99,572 6,494 43,593 8,328 10, 690 1,446 1,448 12,204 i 3,180 2,321 2,686 1,973 5,209 Certificates and bills.. 782,026 32,815 437, 315 61, 587 70,802 13, 613 5,923 78,562 ! 16,120 9,520 14, 555 8,902 32, 312 Total IT. S. Government securities 11,227,814 66,156 611,442 93,107 |lO7,920 22,831 | 12,606 147,885 : 30,974 27, 709 24,936 27,864 54,384 Other securities ^ 4,905 3,152 1,675 78 Total bills and securities.1,836,287 111,156 738,512 167,027 180, 775 50, 700 52, 779 193,749 ! 47,261 38,941 57,713 43,215 154,459 Due from foreign banks 5,692 ! 457 2,035 620 578 229 212 21 13 116666 116600 395 Federal reserve notes of other banks 14,008 ! 3,785 710 928 958 900 1,888 i 1,269 i 558 722 358 1,552 Uncollected items. _ 330, 796 | 38, 313 100, 936 26,166 29, 727 22,583 10,062 40,225 I 13,503 I 6,245 15, 581 9, 577 17,878 Bank premises 57,857 i 3,336 14,817 2,651 7,963 3,611 2,488 7,827 i 3,461 | 1,834 33 , 6644 9 11, 778877 4,433 All other resources 36,134 ! 1,643 15, 045 1,503 1,671 4,994 3,659 1,695 ! 1,421 ! 1,345 1,076 1, 282 800 Total resources 5,560,350 I 377, 610 1, 886,359445, 054 516,714 1184,226 J194, 723 |940,704 180,363 |131,150 175,751 111,611 416, 085 LIABILITIES Federal reserve notes in actual circulation 2,566,071 ! i 188,919 577,188 291,863 94, 333 116,452 544,187 j 91, 031 j 71, 635 80,748 36,397 220,889 Deposits: M F O G o t a o e h r c v m e e c e i r o g b r n u n d e m n r e b t p e a b o n n s a t k i n ts k—reserve 2,12 4 2 3 3 2 6 1 , , , , 8 8 9 4 2 0 2 1 7 5 8 3 11 3 4 , , 9 0 1 4 1 2 8 7 1 4 1 1,03 2 1 1 1 1 1 , , , , 1 7 0 8 0 0 2 6 6 4 1 2 11 5 1 5 , , , 8 3 5 1 6 4 3 2 6 9 9 0 14 2 3 5 0 , , , , 1 3 2 7 2 4 4 0 6 1 5 5 4 2 1 7 , , , 0 2 4 1 3 7 0 0 6 7 5 8 46 1 1 , , , 9 6 1 7 7 2 3 9 4 1 1 2 28 4 6 6 , , , 5 4 9 4 9 5 1 4 1 8 9 3 | ! I j 1 2 5 9 , , 4 8 3 1 , 1 7 3 3 8 2 7 3 3 1 9 , , 1 9 2 8 4 3 6 8 2 3 8 6 64 1 , , 9 9 5 2 7 0 7 6 8 6 5 4 2 1 1 6 , , , 0 4 4 1 3 5 4 9 1 4 4 5 13 4 3 5 2 , , , , 7 5 6 7 8 6 8 6 0 3 3 6 Total deposits 2,224,973 118,163 1,065, 693 122, 874 151,417 50,826 50, 518 298, 411 59,431 42,229 67,485 51,124 146,802 Deferred availability items 322, 590 37.961 99.165 24, 561 28, 730 21,244 9,838 38, 501 14,083 6,324 14, 409 10, 435 17,339 Capital paid in 155,237 i 11,533 59.166 16,231 14, 224 5,232 4,884 17, 360 4,486 2,935 4,094 3,976 11,116 Surplus 259,421 ! 20,039 j 75,077 26,486 27, 640 11, 483 10, 449 38,411 | 10,025 6,356 8,124 7,624 17, 707 All other liabilities 32,058 11 995 i 10, 070 2,473 2,840 1,108 2,582 3,834 1,307 1,671 891 2,055 2,232 Total liabilities 5,560,350 377,610 1,886,359 445, 054 516, 714184, 226194,723 940,704 180,363 131,150 |175,751 111,611 416,085 67.1 | 70.8 ! 60.5 64.7 65.8 67.2 71.9 81.0 73.3 70.4 64.0 ! 59.0 62.7 Reserve ratio (per cent). FEDERAL RESERVE NOTE STATE- MENT Federal reserve notes: Issued to F. R. bank by F. R. agent 2,774,204 11206,784 | 632,371 259,194 303, 670 99,818 132,306 579,173 94,744 73,180 92,094 ; 41,224 259, 646 Held by F. R. bank 208,133 11 17,865 ! 55,183 6,765 11,807 5,485 15,854 34,986 3,713 1, 545 11,346 | 4,827 38, 757 In actual circulation 2,566,071 || 188, 919 \ 577,188 252,429 291,863 94, 333 116,452 544,187 91,031 71, 635 80,748 ! 36,397 220,889 Collateral held by agent as security for notes issued to banks: Gold. 2, 274, 556 I 165, 627 544, 726 192,300 234,470 73,870 96,775 557,395 80, 845 63, 445 66,080 • 28,260 170, 763 Eligible paper 562,464 ! 42,137 112, 726 I, 049 69, 525 26,495 37,990 41,374 14, 307 9,914 30,413 ! 14,142 94,392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 333 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS fin millions of dollars] Averages of daily figures Borrowings at Federal reserve Reserves held banks Federal reserve district Total Excess 1932 1931 1932 1931 1932 1931 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. Boston 117.6 119.6 141.9 2.9 1.6 2.1 35.5 39.9 9.9 New York 814.4 811.5 1,018.1 23.2 12.9 26 2 140.1 178.8 41.3 Philadelphia 117.2 118.4 146.2 1.5 1.4 3.9 96.8 121.9 20.6 Cleveland 141.0 141.0 194.8 1.8 1.1 4.1 108.8 121.7 16.4 Richmond 51.6 51.8 61.0 1.4 1.3 2 4 34.4 36.4 15.9 Atlanta _ 48.1 47.6 58.8 2.8 2.3 2.9 34.4 45.0 13.4 Chicago 254.1 257.7 327.4 10.4 8.9 7.4 58.2 79.8 14.7 St. Louis 58.1 57.5 70.2 2.4 2.4 3.2 19.1 22.0 8.2 Minneapolis 41.5 41.4 48.9 2.0 1.9 2.4 9.4 12.2 3.6 Kansas City 67.6 68.1 82.2 4.9 4.7 4.9 32.7 35.4 10.5 Dallas.. 47.7 49.2 57.0 2.9 3.8 2.4 13.2 14.6 7.2 San Francisco _ 140.2 143.6 179.3 2.8 1.6 4.6 123.2 128.5 14.8 Total _ 1,899.0 1, 907. 5 2,385.7 59.0 43.8 66.5 705.8 836.2 176.4 NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal reserve district Net demand Time Net demand Time 1932 1931 1932 1931 1932 1931 1932 1931 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. Boston 956 990 1,178 708 711 855 83 85 98 1,46 146 166 New York 5,757 5,818 7,175 1,892 1,892 2,585 220 226 270 489 500 590 Philadelphia 823 836 1,013 602 604 754 152 153 186 406 409 463 Cleveland 966 968 1,356 1,020 1,024 1,350 144 148 187 269 270 334 Richmond - .. 343 345 389 290 291 339 83 86 111 165 166 203 Atlanta 332 331 416 293 291 311 66 67 92 67 70 84 Chicago _. 1,655 1,693 2,150 1,291 1,304 1,791 165 162 232 260 266 363 St. Louis 399 389 478 303 308 363 91 91 116 99 100 120 M Ka in n n sa e s a p C o i l t i y s ; 4 2 0 0 9 8 4 2 1 0 4 6 2 50 5 6 1 2 2 1 0 9 4 2 2 1 0 7 7 2 24 1 4 3 1 18 1 7 5 1 1 1 9 6 1 2 1 4 4 3 4 2 1 1 2 0 2 2 1 1 2 1 4 2 1 4 4 4 0 Dallas 314 314 374 162 163 195 147 155 194 33 33 39 San Francisco _ 853 893 1,122 1,491 1,498 1,749 106 110 148 116 120 142 Total 13,016 13,198 16,409 8,473 8.510 10, 749 1. 559 1,591 2,022 2,383 2,416 2,889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
334 FEDERAL RESERVE BULLETIN MAY, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO (In millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk 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 - At t l a an- Ch g i o ca- L S ou t. is n M e l a i i p s n o - - K C s a i a n t s - y Dallas; I i F c r i S s a c a n o - n Y N o ew rk Ch g i o ca- I Loans and investments: Apr. 6 19,173 1,264 7,532 1,120 1,960 603 520 341 560 409 i 1, 762 6,455 1,399 Apr. 13 19,058 1,254 7,492 1,106 1,956 595 519 2,515 564 j 339 556 406 1,756 6,420 1,381 Apr. 20 19,119 1,244 7,631 1,096 1,953 589 513 2,493 556 ! 337 549 401 1,757 6,568 1,366 Apr. 27 19,033 1,241 7,583 1,092 1,952 583 516 2,483 554 ! 335 548 395 1,751 6,525 1,360 Loans: Apr. 6... 12,060 830 4,667 1,215 363 341 1,792 357 204 295 260 i 1,050 3,992 954 Apr. 13.. 11,970 826 4,619 678 1,210 362 341 1,779 355 202 291 259 1,048 3,944 \ 943 Apr. 20. 11,969 811 4,673 672 1,208 358 339 ] 1,767 349 201 288 256 1,047 [ 4,008 935 Apr. 27.. 11,882 4,620 1,205 353 342 | 1,760 345 199 254 1,040 ! 3,958 930 On securities- Apr. 6 5,222 311 2,267 347 551 I 149 105 842 I 142 59 84 287 1,979 556 Apr. 13 5,148 311 2,223 342 546 ! 147 105 831 i 141 57 83 78 i 284 1,933 548 Apr. 20 5,131 305 2,232 339 545 I 142 104 826 I 139 57 82 78 I 282 1,950 543 Apr. 27 5,099 308 2, 206 336 545 | 139 112 821 | 136 56 82 77 | 281 1,925 539 All other- Apr. 6 519 2,400 339 664 I 214 236 950 ! 215 145 211 182 I 763 2,013 Apr. 13 6,822 515 2,396 336 664 ! 215 236 948 | 214 145 208 181 764 2,011 395 Apr. 20 6,838 506 2,441 333 663 i 216 235 941 | 210 144 206 178 765 2,058 392 Apr. 27 6,783 501 2,414 333 660 ! 214 230 939 | 209 143 204 177 759 2,033 391 Investments: i Apr. 6 7,113 434 ! 2,865 I 434 745 I 240 179 742 | 211 137 265 149 712 2,463 445 Apr. 13 7,088 428 i2,873 j 428 746 ! 233 178 736 209 137 265 147 708 2,476 438 A A p p r r . . 2 2 7 0 7 7 . , 1 1 5 5 1 0 4 4 3 3 2 3 ! ! 2 2 , , 9 9 5 6 88 3 4 4 2 2 3 4 7 7 4 4 7 5 | i 2 2 3 3 1 0 ' | 1 1 7 7 4 4 7 72 2 3 6 J 2 2 0 0 9 7 1 1 3 3 6 6 2 2 6 6 2 1 1 1 4 4 1 5 7 71 1 1 0 2 2, , 5 5 6 6 7 0 4 4 3 3 0 1 i U. S. Gov't. securities- Apr. 6 3,882 228 i1,739 164 393 i 117 386 | 137 88 383 I 1,596 225 Apr. 13 3,858 223 •1,730 159 395 i 110 395 ! 137 87 378 I 1,589 233 Apr. 20 3,874 229 I1,775 155 394 | 108 338877 75 134 86 I 380 1,643 229 Apr. 27 3,884 231 I1,783 154 396 j 107 389 76 135 83 | 381 1,652 232 All other- Apr. 6 3,231 206 j1,126 270 352 123 356 120 128 61 ! 329 867 220 Apr. 13 _ 3,230 220055 !! 1,11,41343 269 351 123 341 120 128 60 | 330 887 205 Apr. 20 3,276 204 11,118833 269 351 123 339 132 127 59 • 330 917 202 Apr. 27 3,267 201 1,180 351 123 334 133 j 127 58 l 330 I 915 198 Reserves with F. R. bank: Apr. 6 1,475 69 107 35 192 38 21 44 29 81 700 131 Apr. 13 1,546 105 34 200 38 22 45 29 86 754 138 Apr. 20 1,512 757 107 34 223 20 43 29 84 707 162 Apr. 27 1,657 882 67 110 33 240 20 43 29 84 832 179 Cash in vault: Apr. 6 201 14 52 12 26 13 32 5 12 16 i 40 14 Apr. 13 206 14 53 13 26 13 33 5 12 17 I 40 14 Apr. 20 199 14 51 12 25 13 32 5 12 16 , 39 14 Apr. 27 207 16 52 12 26 i 13 32 5 12 17 | 40 14 Net demand deposits: Apr. 6 _ 10,875 708 5,252 620 839 284 235 1,303 307 172 355 240 ! 560 4, 790 j 865 Apr. 13 10,976 702 5,340 611 838 285 236 1,317 304 172 360 240 ! 571 j 4,866 865 Apr. 20 11,053 711 5,414 609 839 280 231 | 1,332 300 170 357 238 i 572 j 4,946 890 Apr. 27 11,144 730 5,513 605 847 281 238 i 1.321 295 167 354 238 ; 555 5,040 Time deposits: Apr. 6 5,656 415 1,207 264 827 224 194 ! 208 149 181 128 j 874 760 380 Apr. 13 5,629 413 1,202 265 827 222 193 973 210 149 180 126 ! 869 i 755 375 Apr. 20 5,655 411 1,224 265 830 224 196 967 210 149 180 127 872 I 771 369 Apr. 27 ... 5,685 408 1,231 267 224 195 975 210 149 179 127 8S7 i 779 376 Government deposits: Apr. 6 _ 381 28 160 33 27 20 | 27 29 6 4 16 25 152 22 Apr. 13.. 329 24 137 28 23 II! 23 28 5 4 5 14 21 129 20 Apr. 20 .. 212 15 87 18 15 15 19 4 2 4 9 13 82 13 Apr. 27 177 13 71 14 12 13 17 3 2 4 8 11 11 Due from banks: Apr. 6 1,010 79 97 75 71 58 218 50 44! 91 72 103 149 Apr. 13 1,069 85 105 76 71 57 241 56 45 100 72 107 171 Apr. 20 1,084 94 94 90 77 55 233 57 43 105 70 105 169 Apr. 27 1,163 108 115 76 67 253 45 77 104 182 Due to banks: Apr. 6 2,561 129 1,049 151 189 82 367 129 81 145 995 267 Apr. 13 2,575 130 1,068 155 190 81 362 129 76 150 1,014 265 Apr. 20 2,613 133 1,094 157 I 194 77 362 135 73 151 1,040 267 Apr. 27 2,682 140 1,155 153 200 78 363 131 78 147 1,099 265 Borrowings from F. R. banks: Apr. 6 313 48 16 71 17 23 16 1 1 Apr. 13.. 314 41 18 75 19 23 16 2 1 Apr. 20 255 32 13 55 24 17 12 4 78 2 Apr. 27 225 31 11 48 17 15 12 4 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
335 MAT, 1932 FEDERAL RESERVE BULLETIN RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper L st o o a c n k s - ex se c c h u a r n e g d e b c y ol la p t r e i r m a e l Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal reserve bank or branch city 1932 1931 1932 1931 1932 1931 1932 1931 April March April April March April April March April VI arch April Boston.. 4 -5 4*4-5*4 5 -514 4*4-5 5 -6 5 -6 5 -534 5 -534 5 334-4 N Bu e f w fa l Y o ork. 4 5 - - 6 5 4 5 - - 5 6 3 5 M - - 6 4 4 5 * 3 4 4 - - 5 6 *4 434-5 4 5 3 3 4 4 - - 5 6 4 6 34 4 6 V2 334-4 6 *4 434-5 6 4*4-5 6 4 -4 5 34 Philadelphia.. 334-4 5 -5k 5 -534 5 -6 5 -6 5 -5*- 4 -5 4 -5 4 -4H Cleveland... 434-6 5 -6 5 -6 414-6 3M-6 534-6 6 5 -6 Cincinnati.. 5 -6 534-6 5 -6 5 -7 5- 6 6 -7 6 -6*. 5 -6 5 -6 5 -534 Pittsburgh. 5 -6 6 5 -6 534-6 5 -6 5*4-6 6 6 5 -6 R Ba ic lt h i m m o o n re d . . . _ 5 -6 5 5 - - 5 6 */ 4 5 - - 5 5 *. 5 V 2 -6 5 -6 6 4*4-6 5 5 - - 6 6 5 -6 2 5 5 -6 Charlotte... 5H-6 5*4-6 5 -6 534-6 5 6 6 I Atlanta 5 -534 5 -534 434-5 5 -6 5 -6 5 -6 5 -5\ 4 -414 534-6 5*4-6 -5*4 Birmingham.. 5 -6 5 -6 6 -6*. 634-7 634-7 5 -8 6*4-7 6^-7 ! 6 -8 6 6 5 -6 Jacksonville.. 4*4-8 5 -8 6 -8 6- 8 6 -7 6 -8 6 -8 I 6 -7 6 6 Nashville 6 6 5 -6 6 6 6 6 I 6 6 New Orleans. 534-6 5*4-6 5H-7 534-7 5H-7 I 5H-6 5 -6 Chicago.. 334-4 4M-5 4 -5 4*4-534 434-514, 43-2-5 4M-534 4^-53/2 5 Detroit.. 4*4-5 5 -6 5 -6 434-6 6 6 534-6 St. Louis 43 3 -5 534-6 514-6 434-6 5*4-6 5*4-6 5 -6 5V2-6 5 -6 4 -6 Little Rock.. 6 -7 6 -63 6 6*4-7 6 -7 6 6 -7 6 -634 6 -634 6 6 Louisville.... 6 6 6 5 -6 Minneapolis.. 4 ~4V2\ 4 -4*4 5 -6 5 -6 4 -434 4 -4*4 3*4-4 534-6 534-6 Helena 7 -8 7 -8 7 -8 7 -8 6 -8 6 -8' 6 -8 6 -7 6 -7 Kansas City 5 -5*4 5 -6 514-6 534-6 534-6 5 -6 5 -6 5 -6 514-6 534-6 5 -6 Denver 4 -5 6 6 634-7 5*4-8 6 -8 6 6 6 Oklahoma City . 6 8 8 6 -8 6 -8 6 -8 6 6 Omaha | 5*4-6 534-7 534-7 6 -6*/ 6 -6*4 6 6 Dallas 5 -6 5 -6 4*4-6 63/2-7 6 -7 6 -634 5 -7 534-6 5 -7 5 —534 i 5 -53/ -534. El Paso_ 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 8 8 8 5 -6 I Houston 534-6 534-6 534-6 534-7 5*4-7 5 -7 5*4-6 514-6 5 -6 5 -534| 434-534 434-6 San Antonio.. 5 -7 534-7 6 6 -7 634-7 6 -7 634-8 634-8 6 ! 6 6 San Francisco 434-53 434-5 5 -6 5 -6 4*4-6 534-6 5 Los Angeles 534-6 6 -634 6 -634 5 -7 6 -63 534-6 6 -7 a ! 6 Portland 6 5 -6 5 ^7 6 -634 66 -663344 6 6)4-7 6 -634 6 -7 6 Salt Lake City 6 6 6 6- , 5*4-7 6 -6" ' 7 6 Seattle 5 -7 6 6*4-7 6.344--77 6 -6*4 7 61/6-7 6 Spokane 534-6 6 634-7 6*4-7 6 -7 634-7 7 634-7 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rates from about 200 banks with 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
336 FEDERAL RESERVE BULLETIN MAY, 193 2 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 BANKS IN NEW YORK CITY [Paper currency only. In thousands of dollars] With- 91 days 1931 1932 Total i d n a y 1 s 5 16 d a to y s 30 3 d 1 a t y o s 60 6 d 1 a y to s 90 mo t n o t 6 hs m O o v n er t h 6 s Net Net Blils discounted: Month Ship- Re- ship- Ship- Re- ship- Apr. 6 635,274 481,735 39,618 56,819 39,210 14,407 3,485 ments ceipts ments ments ceipts ments Apr. 13 628,602 474,04040,106 57,400 14,769 3,478 to from (-)or to from (-)oi Apr. 20 564,523 416,47138,057 52,269 38,617 15,486 3,623 Europe Europe receipts Europe Europe rec(+ei)pts Bills A p b r o . u 2 g 7 ht in 531,824 388,169 35,894 50, 743 37, 239 16,312 3,467 open market: Apr. 6 .-. 57,946 26,913 8,349 12,871 9,574 239 Apr. 13 _ 51,809 15,188 7,688 14,890 13, 758 285 January 470 4,051 +3,581 25 3,335 +3,310 Apr. 20 _ 48,547 8,277 9,272 22,375 287 F M e a b r r c u h ary 1,3 1 8 3 0 0 9 8 6 6 0 3 + -5 8 1 3 7 0 0 0 8 5, , 2 4 2 6 1 8 + + 5 8 , , 2 4 2 6 1 8 Cert A ifi p c r a . te 2 s 7 and 45,874 8,567 10, 769 19, 280 270 April 915 1,469 +554 0 4,563 +4,563 bills: May 2,570 2,103 -467 Apr. 6 481,929 3,500 3,800 109>,,916 74,300 132,289 158,124 June 8,811 779 -8,032 Apr. 13 578,395 7,005 23,325 86,591 74,300 224,919 162,255 J A u u ly gust 1 3 0 , , 2 2 2 5 6 8 3,7 3 2 9 3 4 -9 + ,8 4 6 9 2 7 A A p p r r . . 2 2 0 7 6 7 4 4 6 9 , , 4 3 8 8 6 6 2 3 4 , , 8 85 0 5 0 4 5 5 3 , , 4 5 3 9 6 1 1 9 2 9 2 , ,5 0 3 5 0 0 1 1 5 1 2 0 , ,5 5 5 2 0 5 3 2 0 5 1 0 , , 0 7 9 9 6 8 1 11 1 8 3 , , 2 3 6 7 9 2 September 8,433 3,290 -5,143 Municipal war- October.._. 3,088 11,588 +8,500 rants: November 52 7,039 +6,987 Apr. 6 4,321 4,166 107 December 1,523 3,749 +2,226 Apr. 13 4,476 4,216 142 Apr. 20 4,501 3,241 1,000 110 NOTE.—For explanation and back figures see BULLETIN for January, Apr. 27 4,815 3,202 ir~ 110 63 1932, pp. 7-9. MEMBERSHIP IN PAR-COLLECTION SYSTEM UNITED STATES POSTAL SAVINGS [Number of banks at end of March] [Balance to credit of depositors. In millions of dollars] Nonmember banks End of month 1927 1928 . 1929 1930 1931 Member banks Fede d r i a s l t r r i e c s t erve On par list Not on par list January 141.5 148.9 153.5 165.1 27a 4 P 658.1 February..., 143.8 151.1 154.8 167.9 292.1 »683.6 March 146.4 152.0 155.0 169.5 302.7 * 697.3 1932 1931 1932 1931 1932 1931 April 147.1 152.2 154.3 170.2 313.8 May 147.4 152.0 153.8 171.2 325.0 June 147.4 152.1 153.6 176.3 347.4 United States. 7,079 7,924 8,786 10, 648 3,108 3,427 July 147.1 151.7 157.8 180.7 372.5 August 147.9 152.2 160.1 186.5 422.7 Boston 372 393 225 259 September.. 148.2 152.3 160.3 189.8 469.9 New York 830 907 335 393 October 148.7 153.1 161.6 192.5 538.1 Philadelphia 707 751 329 442 November.. 149.0 153.9 163.7 200.7 565.5 Cleveland 645 740 768 920 6 7 December— 148.5 153.9 164.3 245.4 »595.6 Richmond.. __ 392 466 438 509 365 437 Atlanta 341 375 141 171 734 845 Chicago 865 1,056 2,462 3,092 252 241 p Preliminary. St. Louis _ 447 503 1,185 1,379 396 426 Minneapolis 574 633 374 479 871 1,002 Kansas City 804 861 1,572 1,856 214 198 Dallas 604 666 453 546 219 211 San Francisco 498 573 504 602 51 60 Figures cover all incorporated banks (other than mutual savings banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
337 MAT, 1932 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS {Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks suspended Banks reopenecI Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n l la th rs o ) usands Federal reserve district Members Members ba A n i k l s 1 t i 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 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 o e m r n s - * ba A n l k l s M be e r m s l - m N b e e o m r n s - j | April, 1932: Boston. 1 j 1 10, 258 10, 258 1 1 402 402 New York Philadelphia 1 : 1 1 798 798 Cleveland 2 2 152 152 Richmond 4 1 3 2 345 1 142 2 203 2 1 1 704 593 111 Atlanta 3 3 1,659 1,659 Chicago . 20 2 17 2 8, 371 1,875 1,068 2 5,438 4 34 2,793 3 2, 793 St. Louis 5 2 l 2 996 440 151 405 3 3 443 443 Minneapolis 6 6 1, 284 1,284 2 2 510 510 Kansas City 14 1 13 2,521 95 2,426 2 2 784 784 Dallas San Francisco 13 1 12 9,910 82 9,828 Total 68 6 4 58 35,496 2,634 11, 467 21, 395 15 3 12 6,434 1,793 4,641 January-April, 1932: Boston 6 1 5 46, 266 10, 258 36, 008 2 2 2,271 2,271 New York g 5 1 2 11 906 8,913 797 2 196 1 1 3,900 3,900 Philadelphia 14 5 9 21, 733 2,589 19 144 3 3 4,006 4,006 Cleveland 29 i 9 20 11,163 4,689 6,474 3 S 1 2 2,776 577 2,199 Richmond - 41 I 10 31 2 41, 335 12, 468 2 28,867 17 3 14 7,329 1,387 5,942 Atlanta 28 8 2 18 11,186 4,391 1,227 5,568 9 1 38 3,875 680 3 3,195 Chicago 177 28 9 140 2 93, 839 33,115 12,345 2 48, 379 26 4 3 22 10,302 2,901 3 7,401 St. Louis 81 14 4 63 32, 689 10, 752 3,218 18, 719 26 4 22 9,663 2,559 7,104 Minneapolis 26 4 22 5.454 1,530 3, 924 10 1 9 3,670 1,132 2,538 Kansas Citv 82 14 68 14^ 704 4,498 10, 206 9 9 1,596 1,596 Dallas 17 3 I 13 6,409 2,941 87 3,381 9 3 6 4,850 3,523 1,327 San Francisco 69 j 13 5 51 37, 767 7,546 3,068 27,153 2 2 477 477 Total 578 | 118 23 442 334,451 93,432 31,000 210,019 117 22 95 54, 715 19, 036 35, 679 1 Represents national banks only, except as follows: January-April, 1 State member in Chicago district with deposits of $628,000, and 1 in St# Louis district with deposits of $339,000. 2 Exclusive of deposits of one bank for which deposit figures are not yet available. 3 At the time of suspension, one bank in the Atlanta district with deposits of $531,000 and one bank in the Chicago district with deposits of $876,000 were State member banks. Back figures—See BULLETIN for February, 1932; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table 111), and 1926 (table 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
338 FEDERAL RESERVE BULLETIN MAY, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING APRIL, 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 Deposits (in thousands of dollars) State Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - b A an ll ks National State m N b e e o m r n s - - ba A n l k l s M be e r m s i - m N b e e o m r n s - - ba A n l k l s M be e r m s i - m N b e e o m r n s - - New England: Maine New Hampshire 1 1 402 402 Vermont Massachusetts 1 1 16,258 10,258 Rhode Island Connecticut. ... Middle Atlantic: New York. . New Jersey . Pennsylvania 1 1 798 798 East North Central: Ohio 2 2 152 152 Indiana ._ 1 i 461 461 1 1 160 160 Illinois 4 2 2,856 2,027 829 Michigan 13 2 11 3 3,662 1,058 3 2,604 2 22 1,118 2 1, 118 Wisconsin. West North Central: Minnesota. _ 3 631 631 1 1 252 252 Iowa 4 4 1,686 1,686 1 1 1,515 1,515 Missouri 4 4 636 636 North Dakota 2 2 511 511 1 •1 258 258 South Dakota . Nebraska _ 2 2 445 445 2 2 784 784 Kansas 6 1 5 567 95 472 South Atlantic: Delaware Maryland 1 1 111 111 District of Columbia Virginia West Virginia _ 1 1 142 142 1 1 593 593 North Carolina 2 -- 3 98 3 98 South Carolina 1 105 105 Georgia Florida 2 2 347 347 East South Central: Kentucky 1 1 288 288 2 2 312 312 Tennessee 2 2 1,372 1,372 Alabama -. . Mississippi West South Central: Arkansas . 1 1 151 151 1 1 131 131 Louisiana Oklahoma .. . 2 2 410 410 Texas Mountain: Montana Idaho... . I 1 82 82 Wynming 1 1 808 808 i Colorado New Mexico - . Arizona 2 2 2,164 2,164 Utah Nevada .. ._ .. Pacific- Washington „ . 5 5 5,312 5,312 Oregon 4 4 2,083 I 2,083 California . 1 1 269 269 Total 68 6 4 58 35,496 2,634 11,467 21,395 15 3 12 6,434 1,793 4,641 * Represents national banks only. 2 At the time of suspension one of these banks, with deposits of $876,000, was a State member bank. 3 Exclusive of deposits of one bank for which deposit figures are not yet available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 339 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO APRIL 30, 1932 Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Ban!:s suspended Banks reopened Number Deposits (in thousands of dollars) pdumber Deposits (in thousands of dollars) State Members Members 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 s1 - m N b e e o m r n s - - New England: Maine New Hampshire 1 1 402 402 Vermont Massachusetts 3 1 2 19, 536 10, 258 9, 278 1 1 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 2 2 1,320 1,320 East North Central: Ohio 14 1 13 4,448 657 3, 791 3 1 2 2,776 577 2,199 Indiana 40 6 34 24,901 7,709 17,192 6 6 1,159 1,159 Illinois.. 90 19 6 65 44, 873 20,190 5,599 19,084 12 3 9 2,870 1,077 1,793 Michigan 20 1 3 16 3 8, 247 1,132 1,720 3 5, 395 6 1 25 3, 442 1.132 3 2, 310 Wisconsin 1 1 637 637 8 1 7 3,286 '557 2,729 West North Central: Minnesota -_ _ 15 15 3,050 3 050 2 2 652 652 Iowa 46 5 1 40 27, 059 5,084 5,291 16, 684 4 1 3 3,612 1,409 2,203 Missouri 40 6 1 33 14,996 7,969 455 6,572 4 1 3 4,925 1,918 3,007 North Dakota 5 1 4 737 92 645 4 4 597 597 South Dakota 2 2 87 87 Nebraska . 15 15 1,976 1,976 6 6 1,405 1,405 Kansas 35 7 28 6,691 2 925 3 766 South Atlantic: Delaware 1 1 792 792 Maryland 3 1 2 1,736 839 897 4 4 1,595 1,595 District of Columbia Virginia 5 1 4 590 252 338 2 1 1 591 567 24 West Virginia 3 1 2 349 142 207 2 1 1 3,045 593 2,452 North Carolina 99 5 17 3 13,000 9.967 3 3 033 5 1 4 815 227 588 South Carolina 9 2 7 25, 768 1,268 24, 500 4 4 1,283 1,283 Georgia 6 2 4 1,487 162 1 325 1 1 309 309 Florida 4 1 3 1,218 432 786 1 1 439 439 East South Central: Kentucky 28 7 1 18 8,956 3,362 2,347 3, 247 6 1 5 800 160 640 Tennessee 6 1 5 2 638 1 028 1 610 Alabama 8 3 1 4 3,748 2,089 696 963 Mississippi 5 5 607 607 7 7 2,275 2,275 West South Central: Arkansas 8 1 1 6 847 85 151 611 6 1 5 962 339 623 Louisiana . _. 6 1 1 4 2,310 680 531 1,099 4 1 23 2,182 680 2 1, 502 Oklahoma 13 i 3 10 3,172 982 2,190 3 3 191 191 Texas 17 3 1 13 6,409 2,941 87 3,381 9 3 S 4,850 3,523 1,327 Mountain: Montana 2 2 306 306 Idaho 6 2 4 563 161 402 Wyoming 1 1 808 808 Colorado 7 3 4 938 548 390 New Mexico __ Arizona 9 2 2,164 2,164 Utah 13 2 11 9 949 863 9 086 Nevada 3 3 981 981 Pacific: Washington 17 4 1 12 12 244 3 873 1 185 7 186 1 1 327 327 Oregon 11 2 9 3,917 1,020 2,897 1 1 150 150 California. ._ 17 7 10 7,949 3,512 4,437 Total 578 113 23 442 334, 451 93, 432 31, 000 210, 019 117 22 95 54, 715 19, 036 35, 679 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. 2 At the time of suspension one bank in Michigan with deposits of $876,000 and one bank in Louisiana with deposits of $531,000, were State member banks. 3 Exclusive of deposits of one bank for which deposit figures are not yet available. Back figures.—See BULLETIN for February, 1932; also Annual Reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
340 FEDERAL RESERVE BULLETIN MAT, 1932 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 March February March March February March Manufactures—total v 66 70 90 68 87 IRON AND STEEL ... 39 43 85 34 41 75 Pig iron 32 34 67 30 33 64 Steel ingots 39 44 86 35 42 76 TEXTILES __ ___ 83 '91 99 82 86 97 Cotton consumption 90 91 94 85 85 89 Wool 55 69 77 54 66 76 Consumption 58 75 83 57 69 81 Machinery activity 57 74 75 (2) (2) (2) Carpet and rug-loom activity _ 42 41 '60 Silk 111 122 145 115 116 149 Deliveries.- . _ _ 128 137 159 134 128 165 Loom activity 78 93 117 FOOD PRODUCTS 91 86 90 87 Slaughtering and meat packing 83 100 84 87 98 88 Hogs 84 113 84 83 102 83 Cattle 76 75 79 87 85 91 Calves _ ______ 97 90 100 96 97 99 Sheep 137 149 132 151 159 145 Wheat flour _ _ 79 86 *>84 82 91 Sugar meltings _ 86 72 90 72 73 74 PAPER AND PRINTING 100 112 98 110 Wood pulp and paper 93 103 90 101 Newsprint 77 72 80 78 72 81 Book paper _ 101 116 97 114 Wrapping paper 80 86 80 85 Fine paper 98 105 91 100 Box board. _ _ 104 103 119 104 103 119 Wood pulp, mechanical 76 83 74 76 Wood pulp, chemical 94 92 90 90 Paper boxes.. _ 140 152 147 139 137 146 Newsprint consumption 117 113 134 112 114 129 LUMBER _ _ _ 28 23 50 27 23 48 TRANSPORTATION EQUIPMENT: Automobiles 34 37 82 28 35 67 Locomotives _ _ 3 2 7 3 2 <j Shipbuilding 116 79 164 102 LEATHER AND PRODUCTS. 94 r 91 96 92 89 94 Tanning 78 81 82 80 79 84 Sole leather 69 71 72 (2) (2) (2) Upper leather- Cattle 81 88 66 83 76 68 Calf and kip . 63 65 67 70 71 75 Goat and kid _ _ _ _ 104 106 128 102 101 126 Boots and shoes 104 96 105 100 96 100 CEMENT AND GLASS: Cement 38 34 65 53 56 91 Glass, plate _ 51 81 128 47 75 117 NONFERROUS METALS 1—Tin deliveries 52 55 ! 96 (2) FUELS, MANUFACTURED: Petroleum refining 136 141 150 136 141 150 Gasoline __ _ 172 181 188 Kerosene 71 69 74 73 67 76 Fuel oil.__ 94 r91 107 (2) (2) (2) Lubricating oil 81 '89 96 Coke, by-product 66 68 103 64 100 RUBBER TIRES AND TUBES 81 93 107 73 85 97 Tires, pneumatic 84 96 111 76 88 101 Inner tubes 59 70 78 54 67 72 TOBACCO PRODUCTS . 103 104 124 109 114 131 Cigars 59 63 77 65 74 85 Cigarettes 133 131 161 140 144 169 Minerals—total 77 75 82 84 78 89 Bituminous coal _ 70 66 76 70 63 76 Anthracite coal _ _. . _ 67 62 69 81 58 84 Petroleum, crude 107 107 111 109 109 112 Zinc 48 49 69 45 46 65 Lead _ _ 56 56 78 55 54 76 Silver 30 33 65 28 31 60 v Preliminary. * Reevvisseedd.. "Minerals." * Includes also lead and zinc; see "Minerals." * Series not adjusted for seasonal variation. NOTE.—For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY, 1932 FEDERAL RESERVE BULLETIN 341 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average= 100] Factory employment Factory pay rolls Without seasonal Adjusted for seasonal Without seasonal adjustment variation adjustment Industry 1931 1932 1931 1932 1931 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. TotaL 66.3 67.3 78.1 66.4 67.8 77.9 52.3 53.5 74.9 IRON AND STEEL AND PRODUCTS 61.8 63.0 77.7 60.9 62.4 76.6 35.4 37.2 70.0 Steel works and rolling mills 64.9 66.1 80.3 63.4 65.2 78.6 35.6 37.3 73.8 Hardware _ - 58.7 59.6 70.6 57.9 58.6 69.6 37.2 38.4 58.9 Structural iron work 62.3 63.7 86.4 63.9 65.3 88.8 40.4 43.0 75.0 Heating apparatus 51.4 51.8 67.6 51.8 52.6 67.9 31.6 33.0 54.6 Steam fittings ... 48.2 49.7 66.4 47.6 49.2 65.6 29.8 32.5 54.4 Stoves... 54.5 53.7 68.7 55.6 55.6 70.1 33.3 33.4 54.8 Cast-iron pipe 43.4 47.3 66.6 43.7 49.8 67.0 29.1 31.9 62.4 MACHINERY 60.0 61.4 80.4 59.7 61.2 79.3 42.6 45.0 72.0 Foundry and machine-shop products.. 54.3 55.8 74.0 53.4 55.5 72.7 35.5 37.3 64.3 Machine tools 55.4 58.9 90.7 54.4 57.8 89.0 37.7 43.2 73.1 Agricultural implements 53.6 54.4 87.3 49.9 51.1 81.3 47.5 49.3 74.9 Electrical machinery 73.5 75.1 92.3 75.2 75.1 92.3 59.2 62.9 89.6 TEXTILES AND PRODUCTS 73.5 74.4 82.7 71.0 72.4 79.7 59.3 59.8 81.9 A. Fabrics _ 73.2 76.0 79.4 71.9 74.4 77.9 55.8 60.3 74.3 Cotton goods 75.0 75.6 76.8 73.4 73.7 75.3 55.4 56.9 67.9 Woolen and worsted manufactures.. 59.0 64.4 68.4 58.8 63.1 68.1 43.6 50.4 60.9 Woolen and worsted goods 59.3 65.8 68.1 59.4 64.4 68.1 45.0 53.4 61.6 Carpets and rugs.. 57.7 57.2 70.4 55.7 55.9 68.0 37.0 36.4 57.9 Hosiery and knit goods 85.9 85.9 84.3 84.1 84.9 " 82.6 72.2 73.2 84.7 Silk manufactures. ... 59.7 71.3 85.6 58.1 70.3 83.3 42.0 55.8 82.9 Dyeing and finishing textiles 97.1 97.4 108.0 94.7 95.1 105.3 86.7 90.3 113.2 B., Wearing apparel :_.. 74.3 70.4 91.0 68.9 67.4 84.0 66.4 58.8 97.4 Clothing, men's 55.3 55.7 60.1 54.2 54.2 58.9 41.3 41.6 57.6 Shirts and collars 68.9 69.6 84.8 67.7 68.2 83.4 48.8 49.8 74.3 Clothing, women's 106.0 95.8 138.6 93.4 88.1 122.2 103.3 84.4 150.5 Millinery 70.2 61.6 90.3 61.9 62.9 79.6 64.2 53.9 104.8 FOOD AND PRODUCTS... 81.4 82.9 88.1 83.1 83.7 89.9 74.4 76.3 89.2 Baking 87.9 87.6 95.3 88.4 89.2 95.9 80.6 81.2 94.5 Slaughtering and meat packing.. 81.4 85.1 85.5 83.1 82.6 87.2 74.3 78.7 89.5 Confectionery.._ 73.9 77.3 85.4 76.8 78.9 88.8 62.9 66.7 81.9 Ice cream.. 70.1 70.2 78.2 78.4 81.1 87.5 69.6 69.6 85.3 Flour 76.0 75.6 78.6 76.3 75.6 78.9 65.2 66.2 78.1 Sugar refining, cane 74*1 73.6 79.9 73.8 76.9 79.3 63.7 61.5 77.1 PAPER AND PRINTING.__ 86.4 87.3 95.0 86.2 87.2 94.7 82.4 83.5 101.9 Printing, book and job 86.0 88.6 99.9 85.0 87.7 98.7 80.2 83.0 105.3 Printing, newspapers and periodicals.. 98.0 98.4 104.7 97.9 98.2 104.5 I 100.1 100.8 116.0 Paper and pulp 80.8 80.7 85.2 80.9 80.8 85.2 | 66.4 66.7 84.0 Paper boxes 75.6 75.7 84.4 76.6 76.8 85.5 68.7 67.8 86.4 LUMBER AND PRODUCTS 40.3 42.0 54.4 41.2 43.3 55.7 24.5 25.9 46.2 Lumber, sawmills 33.3 34.0 47.5 34.4 35.4 49.1 19.2 19.7 39.8 Lumber, millwork 41.4 42.5 56.4 41.5 43.1 56.5 25.2 27.6 47.8 Furniture 59.4 64.4 72.6 60.1 65.3 73.5 35.6 38.2 59.3 TRANSPORTATION EQUIPMENT... 54.7 55.4 65.7 53.4 55.1 64.3 45.1 45.6 64.1 Car building and repairing. 45.3 44.8 57.4 45.5 45.4 57.7 37.2 37.0 58.2 Automobiles 63.7 65.7 73.4 60.9 64.7 70.2 51.3 52.0 67.7 Shipbuilding 83.0 84.2 91.4 78.1 79.8 86.1 75.1 79.2 94.0 LEATHER AND MANUFACTURES.. 81.2 80.0 83.2 80.2 78.1 82.2 62.3 61.4 73.4 Boots and shoes 84.3 82.4 84.9 83.4 80.7 84.1 63.4 61.9 73.0 Leather 68.6 69.6 76.1 67.0 67.5 74.3 58.7 59.8 75.0 CEMENT, CLAY, AND GLASS PRODUCTS.. 48.9 48.4 63.1 50.1 51.4 65.2 32.2 32.9 i 54.0 Clay products 42.5 42.4 59.4 44.1 45.7 62.2 23.9 24.3 46.1 Brick, tile, and terra cotta 31.5 31.5 50.9 34.2 36.3 55.2 14.6 15.3 38.0 Pottery 72.4 72.4 82.9 71.1 71.5 81.3 48.3 48.1 67.3 Glass 63.8 62.3 71.0 63.4 64.1 70.6 50.0 51.0 68.0 Cement 44.5 44.7 61.9 47.6 49.3 66.2 30.5 31.4 57.0 NONFERROUS METAL PRODUCTS 56.1 57.2 68.8 54.3 56.0 66.6 42.1 45.0 66.3 Stamped and enameled ware.. 32.6 33.2 47.8 30.6 32.3 44.8 27.0 26.8 44.7 Brass, bronze, and copper 64.1 65.3 76.0 62.4 64.1 74.0 46.4 50.3 72.6 CHEMICALS AND PRODUCTS__ 81.1 81.1 93.3 78.6 80.2 89.8 70.1 71.0 89.8 Chemicals and drugs.. 84.1 84.6 95.7 83.0 82.9 94.4 70.7 1 71.1 89.4 Petroleum refining 78.7 80.2 86.3 79.5 81.2 87.2 72.9 75.1 90.8 Fertilizers 70.2 62.2 103.0 47.1 59.0 69.1 47.8 45.3 87.6 RUBBER PRODUCTS 67.4 68.6 69.0 67.0 68.1 68.4 51.3 54.2 63.2 Automobile tires and tubes _ 69.4 70.3 72.9 68.5 70.0 71.9 52.6 56.7 69.8 Rubber boots and shoes 61.2 63.4 57.1 62.4 62.5 58.3 46.4 44.2 37.3 TOBACCO MANUFACTURES 70.4 71.9 82.9 70.8 72.8 83.4 52.2 53.4 68.3 Cigars and cigarettes 70.3 71.6 84.0 71.1 73.1 85.0 51.3 51.8 68.1 Chewing and smoking tobacco, snuff_. 71.7 74.5 74.3 68.3 70.1 70.8 60.4 67.4 70.2 NOTE.—For description 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
342 FEDERAL RESERVE BULLETIN MAT, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES (REVISED SERIES) [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities All Farm Year and month m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l r i e o d a e d t s h u e c a r t n s 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 i a i n a n 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 m a g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1927.- 95.4 99.4 96.7 94.0 107.7 95.6 88.3 96.3 94.7 96.8 97.5 91.0 1928. 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95 4 94.2 94. 3 82.6 1930 86.4 88.3 90.5 100.0 80.3 78.5 92. 1 89.1 92.7 77.7 1931. 73.0 64.8 74.6 75^0 86.1 66.3 67.5 84.5 79! 2 79.3 84.9 69.8 1931—March 76.0 70.6 77.6 77.2 87.6 70.0 68.3 86.4 82.5 82.9 88.0 72.0 April 74.8 70.1 76.3 75.9 87.5 68.2 65.4 85.7 81.5 81.3 87.9 71.5 May 73.2 67.1 73.8 75.1 87.6 67.4 65.3 85.0 80.0 80.5 86.8 70.5 June 72.1 65.4 73.3 74.1 88.0 66.6 62.9 84.4 79.3 79.4 86.4 69.7 July.. 72.0 64.9 74.0 73.9 89.4 66.5 62.9 84.3 78.1 78.9 85.7 69.7 August 72.1 63.5 74.6 74. 2 88.7 65. 5 68.5 83.9 77.6 76.9 84.9 68.3 September. 71.2 60.5 73.7 73.9 85.0 64.5 67.4 83.9 77.0 76.3 82.7 68.2 October 70.3 58.8 73.3 72.9 82.5 63.0 67.8 82.8 76.1 75.6 81.0 66.6 November.. 70.2 58.7 71.0 81.6 62.2 69.4 82.6 76.2 7G. 1 80.9 68.7 December.. 68.6 55.7 69.1 72^3 79.8 60.8 68.3 82.2 75.7 76.1 78.5 66.8 1932—January 67.3 52.8 64.7 71.7 79.3 59.9 67.9 81.8 74.8 75.7 77.7 65.6 February... 66.3 50.6 62.5 71.3 78.3 59.8 68.3 80.9 73.4 75. 5 77.5 64.7 March 66.0 50.2 62.3 70.9 77.3 58.7 67.9 80.8 73.2 75.3 77.1 64.7 1931 1932 Subgroups Jan. Feb. Mar. i Apr. May I June July j Aug. Sept. Oct. 1 Nov. Dec. Jan. Feb. I Mar. FARM PRODUCTS: Grains 62.4 60.4 59.3 59.5 59.6 56.0 49.0 I 44.8 44.2 44.3 51.3 47.0 46.7 46.1 43.5 Livestock and poultry 75.2 70.7 70.3 64.1 61.9 63.0 ! 67.0 61.0 57.6 55.7 51.7 53.4 50.3 51.4 Other farm products 75.3 74.2 73.4 71.5 70.8 71.3 J 67.3 65.4 64.2 63.1 61.2 54.8 52.7 52.1 FOODS: Butter, cheese and milk 83.7 83.0 83.5 80.6 78.1 78.8 80.6 j 82.2 84.6 86.1 80.7 79.8 67.8 64.1 64.2 Cereal products ._. 75.7 75.5 74.5 74.3 74.6 74.3 71.5 70.9 70.3 70.6 73.1 72.2 71.0 69.6 68.3 Fruits and vegetables 76.9 74.2 74.3 76.2 76.1 76.4 74.2 73.4 71.0 68.2 65.1 63.5 62.2 61.8 62.3 Meats 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 61.4 Other foods. 74.5 71.1 71.4 69.9 67.9 68.5 70.6 I 69.6 68.5 69.7 68.0 67.2 61.9 59.4 57.1 HIDES AND LEATHER PRODUCTS: i Boots and shoes ___ 95.1 95.0 94.9 94.8 94.8 94.6 93.5 93.5 93.5 93.1 92.5 89.2 88.8 88.5 88.5 Hides and skins 64.4 57.7 62.1 62.0 62.6 65.5 72.7 69.1 58.6 50.0 49.0 48.8 49.0 46.1 44.7 Leather _ 90.8 89.0 88.4 88.4 88.1 87.8 89.8 90.3 83.4 80.7 78.8 78.6 77.5 76.5 73.4 Other leather products 102.3 102.0 102.0 101.6 101.4 101.4 101*4 101.4 101.1 101.1 101.1 99.7 98.9 98.8 98.8 TEXTILE PRODUCTS: i Clothing 79.1 79.1 78.1 76.9 76.9 76.3 76.1 75.9 75.5 73.9 I 72.6 70.8 70.7 70.6 69.0 Cotton goods 73.5 72.4 71.4 69.2 67.6 66.8 64.0 61.5 59.7 58.1 56.4 55.8 56.4 56.2 Knit goods 64.8 64.'5 63.8 60.7 60.7 59.8 60.0 59.2 59.2 59.2 I 59.0 58.5 55.8 55.8 54.9 Silk and rayon... 49.0 47.0 45.8 43.4 41.4 41.9 43.8 43.7 43.5 41.7 I 41.8 39.0 37.7 36.5 33.5 Woolen and worsted goods 73.7 73.5 71.8 69.0 68.5 68.0 67.4 67.4 65.7 64.6 64.2 63.9 63.3 63.1 62.7 Other textile products 77.2 77.8 77.0 76.2 76.7 75.5 75.2 74.4 74.1 72.4 72.5 71.3 70.7 69.7 69.5 FUEL AND LIGHTING MATERIALS: Anthracite coal _ 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 89.9 Bituminous coal 88.1 86.0 84.4 83.9 83.2 83.5 83.7 83.9 83.6 83.7 83.8 84.4 84.3 83.5 Coke ..__ 83.8 83! 8 83.7 83.7 83.7 81.5 81.5 81.5 81.5 81.5 81.4 81.1 80.5 80.4 80.4 Electricity... 99.9 94.5 95.9 93.7 98.0 98.6 97.9 98.4 100.6 102.1 103.4 104.1 107.5 104.8 Gas.._._. 95.8 95.8 94.6 96.1 99.0 101.9 103.5 103.2 103.4 100.8 100.1 98.2 98.6 93.0 Petroleum products 50.4 50.2 41.8 37.4 35.9 30.7 30.3 37.5 38.9 39.2 42.5 39.6 38.8 38.6 39.8 METALS AND METAL PRODUCTS: Agricultural implements 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 85.0 Iron and steel 85.5 85.6 85.4 84.1 83.8 83.5 82.7 82.4 82.3 81.7 ! 81.5 81.0 79.9 79.3 79.7 Motor vehicles.. 95.1 94.4 94.0 94.5 94.5 94.2 94.7 94.7 95.4 95.4 j 95.2 95.2 95.3 95. 3 95.3 Nonferrous metals 69.5 68.4 69.3 67.5 63.3 61.2 61.4 60.1 59.0 54.9 1 54.7 53.8 55.4 52.7 50.5 BUILDING MATERIALS: Brick and tile 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 79.3 Cement -_.- 90.3 87.9 84.1 81.0 79.7 77.7 75.8 75.8 75.8 75.1 74.6 74.6 75.2 75.3 75.0 Lumber 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 61.5 Paint materials 83.2 80.5 81.4 81.2 80.2 80.0 79.6 78.4 77.6 77.0 77.5 76.6 75.4 75.1 75.4 Plumbing and heating „. 87.4 86.6 86.6 86.6 86.6 86.8 83.8 82.6 81.6 i 81.4 79.9 74.1 65.8 64.4 Structural steel 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 79.7 Other building materials 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 80.6 CHEMICALS AND DRUGS: Chemicals. 88.3 86.6 86.4 85.1 83.9 82.5 82.4 80.5 79.8 79.7 80.6 80.8 80.6 80.8 80.9 Drugs and Pharmaceuticals 65.3 65.2 64.8 63.4 63.2 62.6 62. 1 61.9 61.7 61.6 61.3 61.0 60.6 60.1 59.7 Fertilizer materials 81.4 81.1 80.8 80.6 80.5 79.8 78.7 74.4 74.2 70.2 70.1 70.1 69.9 69.8 68.6 Mixed fertilizers ._ 90.4 89.1 88.7 83.5 82.8 82.4 80.2 78.7 77.6 77.2 77.7 77.1 75.5 73.7 73.2 HOU F S u E r F n U i R sh N i I n S g H s ING GOODS: 84.9 84.6 84.5 84.2 I 83.6 83.4 82.8 81.7 81.2 79.8 79.7 76.6 7.6.1 75.9 75.4 Furniture 92.1 92.0 91.9 91.9 90.4 89.8 89.1 88.6 84.6 82.4 82.3 80.6 79.5 79.5 79. 1 MISCELLANEOUS: Auto tires and tubes 47.2 46.9 46.9 46.9 46.9 46.0 46.0 46.0 46.0 46.0 46.0 40.8 39.7 39.5 39.2 Cattle feed 75.0 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 52.4 Paper and pulp 83.6 83.1 82.6 82.1 81.5 80.7 80.6 80.6 80.7 80.5 80.8 80.8 78.0 76.7 76.8 Rubber, crude. 17.1 16.1 16.0 13.3 13.7 13.3 13.2 11.2 10.6 10.2 9.6 9.5 9.3 8.6 7.2 Other miscellaneous 89.9 I 89.3 89.6 89.3 88.5 88.2 88.6 86.4 86.7 86.9 86.7 85.9 85.2 84.4 84.5 i Back figures.—For 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
MAY, 1932 FEDERAL RESERVE BULLETIN 343 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Total Residential Factories Commercial P p u u b b li l c i c w u o t r i k li s t i a e n s d Educational All other Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January . 228.0 84.8 54.4 27.5 10.1 3.4 26.9 9.1 96.8 24.1 19.4 4.4 20.5 16.3 February 235.4 89.0 77.9 24.4 7.3 4.4 27.1 10.1 79.0 28.3 16.7 10.8 27.3 11.0 March 370.0 112.2 100.9 33.2 20.6 4.5 36.2 10.6 152.2 29.9 24.3 9.8 35.7 24.2 April 336.9 95.9 11.3 26.2 133.4 23.0 47 1 May 306.1 88.9 16.3 25.7 109.6 23.8 41.8 June - - 316.1 72.7 8.9 26.9 141.6 22.5 43.6 July 286 0 63 9 10.4 28 4 117.4 26.1 39.8 August 233.1 60.2 4.7 19.1 73.3 19.3 56.5 SeDtember 251 1 ! 54 6 11 0 28.6 86.5 21.2 49.3 October 242.1 ! 60.5 8.9 41 3 83.0 14.7 33.8 November 151.2 45.3 4.2 14.1 48.0 27.8 December 136.9 36 2 2.5 10.6 50.5 6.1 31.0 "" " Year 3,092.8 811.4 116.2 311.1 1,171 1 228.8 454.3 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. W. Dodge Corporation] 1932 1931 Federal reserve district Number 1932 1931 of cities Mar. Feb. Mar. Federal reserve district Mar. Feb. Mar. Boston 1,499 1,780 2,626 New York 9,036 9,548 65,596 Boston.... 9,588 6,917 37,539 Philadelphia.. 1,860 1,562 2,438 New York 21,803 14,315 92,584 Cleveland 1,972 5,890 5,969 Philadelphia- 10,891 6,821 16,539 Richmond 3,138 3,042 i 6,534 Cleveland . 10,909 6,731 26,377 Atlanta 1,255 1,277 2,349 Richmond 12,235 7,341 30,616 Chicago 1,845 2,073 23,666 Atlanta 4,741 5,603 20,189 St. Louis 860 1,244 2,337 Chicago I 20,972 18.051 69,099 Minneapolis.. 833 574 4,228 St. Louis I 6,056 6,119 22,970 Kansas City._ 933 867 3,760 Minneapolis 4,922 4,654 10,084 Dallas -_. 3,247 1,479 2,693 Kansas City 5,355 5,016 19,101 San Francisco. 8,904 5,593 13,086 Dallas 4,763 7,478 24,883 Total... 168 35, 381 34,929 : 135,281 Total (11 districts) | 112,235 89,046 BANK DEBITS COMMERCIAL FAILURES, BY DISTRICTS [Debits to individual accounts. In millions of dollarsj Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1932 1931 ]Slumber Liabilities Number of centers Mar. Feb. Mar. Federal reserve district U)32 1931 1932 1931 New York City 1 16,160 14,381 27, 589 Mar. Feb. Mar. Mar. Feb. Mar. Outside New York City 140 13,729 12,870 19,421 Federal reserve district: Boston -- -- 301 253 262 7,492 4,610 5,351 Boston 11 1,547 1, 420 2,149 New York ._. 616 622 562 26,333 25,329 9,950 New York 7 16,727 14,965 28,336 Philadelphia 165 159 106 5,997 6,978 3,261 Philadelphia 10 1,313 1,261 1,937 Cleveland 238 256 233 6,056 8,783 6,502 Cleveland _ 13 1,313 1,282 2,118 Richmond - 184 198 168 6,792 7,970 4,702 Richmond 7 501 490 644 Atlanta 202 154 174 4,051 3,410 3,311 Atlanta 15 641 622 880 Chicago 395 347 361 12, 712 13,917 13,661 Chicago 21 3,530 3,155 5,040 St Louis 172 148 144 10,181 2,805 2,970 St. Louis 5 679 637 921 Minneapolis.. 98 66 69 1,475 870 1,638 Minneapolis 9 437 392 554 Kansas City _„ 140 145 136 1,908 2,952 2,184 Kansas City 15 749 717 1,052 Dallas 102 121 76 1,662 2,568 1,456 Dallas- 10 404 406 526 San Francisco: 338 263 313 9,101 4,707 5,401 San Francisco 18 2.048 1,904 2,853 Total 2,951 2,732 2,604 93, 760 84,900 60,387 Total .- 141 29,889 27,251 47,011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
\a FEDERAL RESERVE DISTRICTS CAL. \ \ \ V ,/—"--/ j ' 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
Cite this document
Federal Reserve (1932, April 30). Federal Reserve Bulletin, 1932-05. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193205
@misc{wtfs_bulletin_193205,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1932-05},
year = {1932},
month = {Apr},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193205},
note = {Retrieved via When the Fed Speaks corpus}
}