Federal Reserve Bulletin, 1932-06

FEDERAL RESERVE BULLETIN JUNE, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Annual Report of Bank for International Settlements 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. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Division of Research 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. II 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. WiUett. New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.» J. E. Crane Ray M. Gidney.* A. W. Gilbart J. W. Jones.* E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan SpreuU L. F. Sailer L. Werner Knoke.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.» Atlanta Oscar Newton Eugene R. Black W. S. Johns M. W. Bell. H. F. Conniff W. S. McLarin, jr.* Chicago Eugene M. Stevens... J. B. McDougal C. R. McKay W. C. Bachman.1 John H. Blair D. A. Jones.* J. H. Dillard 0. J. Netterstrom.i E. A. Delaney.i St. Louis John S. Wood Wm. McC. Martin 0. M. Attebery S. F. Gilmore.1 J. G. McConkey A. H. Haill.» F. N. Hall." G. 0. Hollocher.' 0. C. Phillips.' Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H. I, Ziemer. H. I. Ziemer Frank C. Dunlop.* Kansas City M. L. McClure Geo. H. Hamilton C. A. Worthington J. W. Helm. 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 i Assistant deputy governor. JController. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS j Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director I 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: j Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch _ _ J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch John T. Moore. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 345 Changes in foreign central bank discount rates 348 Earnings and expenses of member banks 349, 394-399 Annual report of the Bank for International Settlements 365 National summary of business conditions 350 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 351-354 Member and nonmember bank credit— All banks in the United States 357 All member banks 355-357, 393 Weekly reporting member banks in leading cities 358, 400 Brokers' loans 358 Acceptances and commercial paper 359 Discount rates and money rates 361, 401 Bank suspensions and banks reopened 360, 403-405 Member bank holdings of eligible assets (Government securities and eligible paper) 360 Security prices, security issues, United States Government securities 362 Production, employment, car loadings, and commodity prices 363, 406-408 Merchandise exports and imports 364 Department stores—indexes of sales and stocks 364 Freight-car loadings, by classes 364 Financial statistics for foreign countries: Gold reserves of central banks and governments 377 r Gold production 378 Gold movements 378-380 Government note issues and reserves 381 Bank for International Settlements 381 Central banks 382-384 Commercial banks 385 Discount rates of central banks 386 Money rates 386 Foreign exchange rates 387 Price movements— Security prices, 388 Wholesale prices • 388, 389 Retail food prices and cost of living 389 Law department: Recent amendments to the Federal reserve act (paper of Federal intermediate credit banks) 390 Federal reserve statistics by districts, etc.: Banking and financial statistics 391-405 Industrial and commercial statistics --- 406-409 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 18 JUNE, 1932 No. 6 REVIEW OF THE MONTH tern. There were three periods of large increase in gold stock: From the beginning of 1915 to Open-market purchases of United States Government securities by the reserve banks MONETARY GOLD STOCK OF THE UNITED STATES Factors in Fed- continued in recent weeks at a eral reserve posi- somewhat reduced rate. Betlon tween April 13 and June 8 total r 5000 purchases of these securities amounted to 4000 /s 4000 $660,000,000. The funds placed at the disposal of member banks through these pur- 3000 J 3000 chases were used to the extent of $127,000,000 2000 2000 in the reduction of borrowings at the Federal reserve banks and to the extent of $16,000,000 1000 1000 in the liquidation of acceptances held by these banks, the holdings of acceptances at the 0 1914 1916 1918 1920 1922 1924- 1926 1928 1930 1932 beginning of June being at a very low level. Monthly averages of daily figures; prior to August, 1917, averages of end-of-month figures. Total reserve bank credit showed an increase of $510,000,000 during the 8-week period, the middle of 1917, from 1921 to the middle of $400,000,000 of which was used in meeting a 1924, and from the end of 1928 to the autumn demand for gold for export, and $100,000,000 of 1931. The first period, during which about was added to the reserve balances of member $1,400,000,000 was added to the country's stock banks. of gold, was a period when European countries Gold exports, which had begun in April, were were at war and belligerent powers were making in considerably larger volume in May, the loss large purchases of war supplies in the United to the country's stock of mone- States. The second period from the autumn of Course of gold tary gold during that month 1920 to the late summer of 1924, during which movements and up to June 8 being about $1,650,000,000 was added to the stock of $385,000,000. The exports were largely to gold of the United States, was a period of mone- France, Netherlands, Switzerland, and Bel- tary disorganization in Europe when purchases gium. This flow of gold to Europe has of goods in the United States were paid for to a exerted an influence toward easing conditions considerable extent by the shipment of gold. in the international money markets and in- During the latest period from the end of 1928 to creasing the volume of loanable funds in foreign the autumn of 1931, about $850,000,000 was countries. In the United States the stock of added to this country's stock of gold, largely monetary gold on June 8 was $3,980,000,000, because of unfavorable balances of payment in showing a decrease of $825,000,000 from the outlying countries, reflecting the decline in the corresponding date a year ago and of $475,- value of raw materials. 000,000 since the beginning of this year. Each of the periods of gold inflow was fol- The chart shows the course of monetary lowed by some outflow of gold. In 1919-1920 gold stock in the United States since the the outflow was about $350,000,000, representestablishment of the Federal reserve sys- ing the removal from this country of balances 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN JUNE, 1932 accumulated by South American and oriental A chart is here presented showing the course countries during the war-time gold embargo. In of loans and investments of all reporting member banks for the past five years, 1927 and 1928 the loss of about $500,000,000 of gold followed upon a period of extreme ease in Course over «,i i- <• i i five years wi.n separate lmes lor banks in the money market in America and the flotation New York City and outside. It of a large amount of foreign securities. In the is apparent from the chart that the rapid decline autumn of 1931 the loss of gold followed upon in bank credit, which began early in 1931, bethe suspension of the gold standard in England came much slower after the beginning of March and the desire of many foreign central banks to of the present year. At the New York banks convert their foreign balances into gold. there has been no decrease in loans and invest- During the period from 1914 to the autumn ments since that time, while at the banks outof 1931, taken as a whole, there was a net increase in the gold stock of this country of r REPORTING MEMBER BANKS aLLimutM $3,000,000,000, or more than 150 per cent of the TOTAL LOANS AND INVESTMENTS amount in the country at the beginning of the --Total period. After the decrease of about $1,000,- 000,000 from the high point reached in September of 1931, the amount of monetary gold in this country is about $4,000,000,000, compared with $1,800,000,000 in 1914, and more than at any time prior to 1923. At the beginning of June, reserves of the reserve banks were $1,034,000,000 in excess of legal requirements. Loans and investments of reporting member banks in leading cities, after declining by $3,500,000,000, or 15 per cent, Recent course between March 18, 1931, and of member bank credit February 24, 1932, declined further by $550,000,000 between February 24 and April 13. From the middle of April to the beginning of June the decline in the total volume of this credit was at a slower rate, as there was a considerable increase in investments, which partially offset the 1927 1928 1929 1930 1931 1932 continued decline in loans. At New York City banks, for which figures side the decrease has continued, though at a are available for June 8, the volume of loans slower rate. At the beginning of June loans and investments on that date was slightly and investments of all reporting banks were higher than eight weeks earlier, while at banks slightly lower than in the early part of 1927, outside of New York City there was a further while at New York City banks they were in decline. Investments increased considerably larger volume than five years ago. at New York banks, and up to June 1 also Another chart shows the course of net deincreased somewhat in the outside banks, the mand and time deposits of the reporting memincrease being shown both in holdings of Gov- ber banks. The decline in time deposits, ernment securities and of other securities in which was rapid from the spring of 1931 to the New York, but only in the latter class of securi- end of the year, became more gradual after the ties outside of New York. end of January, 1932, and since that time there Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 347 has been little change in the volume of time GOLD RESEKVES OF SELECTED CENTRAL BANKS deposits. Net demand deposits, after a sharp [In millions of dollars] and prolonged decline lasting until the latter Change from— REPORTING MEMBER BANKS Central bank of— Date, Gold re- BILLIONS OF DOLLARS 1932 serves Month Year bebefore fore Demand plus Time Deposits 22 22 England May 25 +21 -126 France May 20 +72 +912 20 20 Germany... May 23 204 -1 -361 Italy May 20 P296 +17 Belgium May 18 352 +1 +151 18 \ 18 N Sw et i h tz e e rl r a la n n d d s - . M M a a y y 2 2 3 3 4 3 7 8 1 0 +18 + + 3 1 7 9 4 9 16 Net Derrand Deposiis 16 *» Preliminary. k 1*t In the five weeks ending May 25, the Bank V of England, in addition to purchasing gold, also 12 purchased securities. Most of 10 Bank of England the funds thus disbursed were absorbed by the Government 6 T/me Deposits in building up its deposits at the bank in prep- 6 "•••in BANK OF ENGLAND [In thousands of pounds sterling] Change from— May 25, 1932 Apr. 20, May 27, 1927 1928 1929 1930 1931 1932 1932 1931 part of March, showed an increase in recent Gold 125,032 +4,217 -25,985 weeks, reflecting in part an increase in balances Discounts and advances 12,172 +974 +5,347 Securities 364,349 +12,278 +48,677 held by country banks with their city cor- B ankers' deposits 77,544 +4,704 +22,783 Public deposits. 23,606 +14,457 +6,157 respondents. Other deposits 32, 948 -1, 637 -872 Notes in circulation 354,221 -50 -639 The central banks of England, France, and aration for the heavy interest payments to Netherlands gained gold reserves in the latter be made on the public debt on June 1. But part of April and the early part bankers' deposits were also increased and, as a 1 of May. Reserves of the Bank result, short-term rates on the London money of England showed the first market continued easy. On May 12 the bank substantial increase since the suspension of the further reduced its rate of discount, from 3 to gold standard last September. The bank did 2% per cent. not begin acquiring gold until the week ending The gold stock of the Bank of France in- May 18, but a considerable amount of the gold creased further in the four weeks ending May imported into England since the middle of „ - « 20. As on earlier occasions this f March has not been reexported, and a sub- Bank of France stantial portion of the gold which has been year, this increase was more coming to the bullion market from the private than offset by a decline in the bank's holdings stocks of the British public has been retained of foreign exchange. The excess sales of forwithin the country. eign exchange reflected in part purchases of foreign currencies from the bank by the public Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN JUNE, 1932 for the purpose of paying for the continued substantial amounts of foreign exchange to excess of merchandise imports into the country. meet payments on the foreign debt, and a These purchases of exchange by the public REICHSBANK through the commercial banks are reflected in [In millions of reichsmarks] the Bank of France statement in the decrease of "other deposits/7 which include balances of Change from— the commercial banks. These deposits were May 23, 1932 also reduced by a heavy transfer to the Gov- Apr. 23, May 23, 1932 1931 BANK OF FRANCE Gold ... - 856 -4 -1,514 Foreign-exchange reserves 135 +6 -62 [In millions of francs] Discounts and advances 2,894 -86 +1,396 Deposits 365 -5 -9 Notes in circulation 3,739 -136 -12 Change from— May 20, 1932 Apr. 22, May 22, decrease in net receipts from the excess of 1932 1931 merchandise exports, indicates that the outflow of funds from Germany has been under effective Gold 78,907 +1,426 +23, 274 Foreign exchange 10,019 -2,340 -16,138 control. Domestic discounts and advances. 6,170 -984 -1,945 Government deposits _. 4,337 +1,102 -6,178 As in the preceding month, Reichsbank Other deposits __ 23,016 -2,959 +10,756 Notes in circulation 81,247 +102 +4, 421 notes returning from circulation were utilized by the market in retiring discounts and adernment account in connection with the vances. Since the first of the year these loans 3,000,000,000 franc issue of Treasury notes to the market have been declining from the early in May. On the following report date high level which they reached after the bank , deposits of the Treasury proper, which are began to lose large amounts of gold in June, included in Government deposits, rose to 1931. 2,138,000,000 francs, the largest figure since April, 1931, when the Treasury began to draw Changes in Foreign Central Bank Discount Rates heavily upon its balances at the bank in order The following changes in discount rates to meet its expenses at a time of diminishing during the month ended June 1 have been revenues. reported by central banks in foreign countries: The Treasury notes were readily absorbed by National Bank of Bulgaria—May 17, from 9% to the market. For some months money rates S}i per cent; May 25, from 8% to 8 per cent. Danish National Bank—May 30, from 5 to 4 per in Paris have been extremely easy, with the cent. four leading Paris banks maintaining a cash Bank of England—May 12, from 3 to 2% per cent. Bank of Italy—May 2, from 6 to 5 per ceat. ratio—i. e., cash in vault and at the Bank of Bank of Norway—May 20, from 5 to 4}£ per cent. France to deposits—of about 30 per cent. Reserve Bank of Peru—May 20, from 7 to 6 per cent. Bank of Sweden—May 17, from 5 to 4% per cent. Total gold and foreign-exchange reserves of the Reichsbankincreased slightly—by 1,944,000 reichsmarks ($463,000)—in the Annual Report of the Federal Reserve Board Reichsbank month ending May 23, the The text of the annual report of the Federal first increase in nearly a year. Reserve Board, covering operations for 1931, The fact that this increase occurred notwith- was presented to Congress on June 17 and standing the need during recent weeks for released for publication on the same day. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 349 JUNE, 1932 Earnings and Expenses of Member Banks EARNINGS AND EXPENSES OF MEMBER BANKS, 1930-31 Net profits of member banks during the year 1931, according to figures that have recentlv become available, amounted to $12,- Amounts (in thousands $ A 10 m 0 o o u f n e t a s r n p i e n r g of dollars) assets 261,000, which compares with $306,502,000 in the previous year. The rate of return on the banks' invested capital was less than two- 1931 1930 1931 1930 tenths of 1 per cent in 1931, compared with Gross earnings: 4.56 per cent in 1930. Interest earned 1,581,905 1,857, 514 $4.73 $5.24 The low rate of earnings was a reflection Other earnings 329, 597 371, 260 .98 1.06 chiefly of low interest returns and heavy Total 1,911,502 2,228, 774 5.72 6.30 Expenses: losses. Gross earnings per $100 of earning Interest on deposits 580, 910 748,992 1.74 2,12 assets for the year 1931 amounted to $5.72, Salaries and wages 412, 531 451, 776 1.23 1.28 Other expenses... 341,938 403, 567 1.03 1.14 a reduction of 58 cents from 1930. The cost Total _ 1,335, 379 1, 604, 335 3.99 4.53 of handling $100 of business was 54 cents less Net earnings 576,123 624,439 1.72 1.76 in the recent period than in the prior one, Net losses: largely because of reductions in the rates of On loans and discounts... 267, 241 171,323 .80 .48 On investments 250,629 96, 694 .75 .28 interest paid on deposits. Net losses were All other 45,992 49,920 .14 .14 much higher than at any time in recent ex- Total 563,862 317,937 1.69 .90 perience. Per $100 of loans a loss of $1.36 Net profits 12, 261 306, 502 .04 .87 Dividends declared 335, 792 371,968 was written off, while $2.26 was charged off Loans and investments ! 33,431, 791 35,395,412 per $100 of investments as against $1.05 in Capital funds 2 - 6, 395,866 6, 722, 782 1930. Other ratios Although only a small fraction of the amount was earned, member banks declared Earning assets per $1 of capita1 funds 5.23 5.26 Net profits per $100 of capitalfunds .19 4.56 $335,792,000 in dividends, which was only Losses on loans per $100 of loaQ.S 1. 36 .78 $36,176,000 less than in the previous year. Losses on investments per $100 of investments 2.26 1.05 The figures of member bank earnings and 1 Averages of amounts from reports of condition for 5 call dates Decemexpenses in 1930 and 1931 are summarized in ber to December; loans and investments exclusive of bills sold with indorsement. the following table and are given in detail on 2 Capital, surplus, and undivided profits including reserve for divipages 394 to 399. dends and contingencies, and excluding reserve for taxes, interest, and other expenses accrued. 121668—32 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL KESEKVE BULLETIN JUNE, 1932 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 24 and released for publication May 26] Industrial activity and factory employment average in March to 65.5 per cent in April, declined substantially from March to April, according to the Bureau of Labor Statistics, although usually little change occurs at this and in the first three weeks of May further season. Purchases of Government securities decreases in the prices of many leading comby the Federal reserve banks have continued modities were reported. Downward moveduring April and the first three weeks of May, ments in textiles, nonferrous metals, and imand there has been a considerable growth in the ported raw materials, as well as in most domesreserves of member banks. tic agricultural products except wheat, were Production and employment.—Volume of in- offset in part by increases in the prices of coffee, dustrial production, as measured by the board's petroleum, and petroleum products. seasonally adjusted index, decreased from 67 Bank credit.—Further purchases of United per cent of the 1923-1925 average in March to States Government securities by the Federal 64 per cent in April. Reductions in activity reserve banks were made during April and the were reported for many leading industries, with first three weeks in May, and on May 18 total sharp declines at cotton and woolen mills and holdings were $1,466,000,000. The funds at bituminous coal mines; in the automobile in- placed in the market through these purchases dustry output increased from the low level of between April 6 and May 18 were used to the March by more than the usual seasonal percent- extent of $170,000,000 in a further reduction of age, and in the steel industry, where activity member bank indebtedness to the reserve had declined from early February to the middle banks; and to the extent of $122,000,000 in of April, it was reported that production in- meeting a demand for gold from abroad; at the creased somewhat between the middle of April same time member banks accumulated reserve and the third week of May. balances considerably in excess of legal require- The number of wage earners employed at ments. During the first three weeks of May manufacturing establishments declined further the demand for currency, which had declined between the middle of March and the middle of in April, increased somewhat, contrary to usual April, and there was a substantial reduction in seasonal movement. factory payrolls. Large decreases in employ- Loans and investments of reporting member ment were reported for the iron and steel, ma- banks in leading cities, which had declined chinery, and textile industries, while the volume continuously until the middle of April, showed of employment in the food and leather indus- little net change between April 13 and May 18. tries showed the usual seasonal changes. The banks7 investments increased by nearly Daily average value of building contracts $300,000,000, chiefly in New York City; while awarded during April and the first half of May, loans declined by about an equal amount. as reported by the F. W. Dodge Corporation, There was also a growth in net demand deshowed a seasonal increase over the first quar- posits, which reflected in part an increase in ter. A substantial increase was reported for bankers' balances deposited in New York City public works, while residential building con- banks. tinued at the low level of the first quarter, Money rates in the open market continued showing none of the usual seasonal expansion. easy. Rates on commercial paper were re- Distribution.—Freight-car loadings of mer- duced about one-half of 1 per cent to a range chandise showed little change in volume from of 2%-3 per cent for prime names, and the March to April, continuing at the level pre- offering rate on 90-day bankers7 acceptances, vailing since January, although increases are which had advanced to 1% per cent in the first usual during this period. Sales by department week of May, declined on May 11 to the stores increased considerably in April. previously prevailing rate of seven-eighths of Wholesale prices.—Wholesale prices of com- 1 per cent. modities declined from 66 per cent of the 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 351 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 5000 4500 4500 4000 4000 Member Bank . Reserve Balances 2500 2500 2000 2000 1500 1500 1000 1000 500 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending May 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN JUNE, 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 o o ld n e st t o a c ry k T c a r u d e r j a u re s s n u te c r d y y i M n la c o ti i n o rc e n u y - M b r a e b e l s a a m e n n r b c k v e e e s r d m e N e p e m o t o c s n b . i - t e s r , p c U f e a u n p n 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 176 123 604 921 4,682 1,778 4,590 2,386 24 381 April.. 155 173 600 952 4,711 1,770 4,647 2,376 27 38? 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 2,088 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 828 221 759 4,452 1,773 5,645 1,979 113 353 February.... 848 151 743 .,785 4,384 1,787 5,627 1,907 73 349 March.__ 714 105 809 ,652 4,372 1,792 5,531 1,899 37 349 April 605 52 1,014 ,694 4,381 1,789 5,452 1,996 63 353 May 41 1,413 ,959 4,273 1,788 5,456 2,138 77 349 Week'ending (Saturday)- Jan. 30 859 | 162 749 :,822 4,429 1,773 5,617 1,941 117 349 Feb. 6 862 157 , 749 1,822 4,410 1,777 5,645 1,925 91 348 Feb. 13... 843 166 742 1,803 4,405 1,777 5,642 1,917 78 348 Feb. 20 856 150 741 , 790 4,379 1,794 5,627 1,906 82 348 Feb. 27 842 139 740 ,752 4,356 1,795 5,605 1,895 55 348 Mar. 5 125 754 ,731 4,352 1,783 5,594 1,885 41 346 Mar. 12 757 136 786 ,705 4,363 1,778 5,563 1,901 34 348 Mar. 19 _ 684 107 820 ,634 4,374 1,825 5,537 1,909 37 350 Mar. 26 667 84 825 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 %609 4,392 1,790 5,475 1,916 50 350 Apr. 16 _ 637 957 ,670 4,381 1,788 5,450 1,975 63 351 Apr. 23 579 1,077 ,729 4,376 1,786 5,442 2,022 73 354 Apr. 30 543 1,186 ,794 4,370 1,784 5,428 2,095 73 352 May 7 514 1,284 1,864 4,350 1,796 5,465 2,115 79 351 May 14 480 1,372 1,916 4,316 1,774 5,457 2,125 74 351 May 21 474 1,438 1,971 4,274 1,790 5,459 2,152 74 350 May 28 477 1,504 2,034 4,204 1,786 5,439 2,164 72 349 End of month series Wednesday series 1931 1932 1932 Dec. Jan. Feb. Mar. Apr. May Apr. May May May May June 31 29 31 30 31 27 I Bills discounted _ 638 828 639 556 490 Bills discounted 532 506 471 465 471 I 495 Bills bought 339 153 109 68 48 36 Bills bought 46 45 43 41 38 35 United States securities. 817 746 740 872 1,228 1,549 United States securities... 1,191 1,287 1,385 1,466 1, 525 1, 575 Other reserve bank credit 59 58 32 18 18 21 Other reserve bank credit 17 22 19 16 13 17 Total reserve bank credit 1,853 1,856 1,709 1,597 1,850 2,096 Total reserve bank credit 1,785 1,859 1,919 1,988 2,048 2,122 Monetary gold stock 4,460 4,415 4,353 4,390 4,367 H, 150 Monetary gold stock— 4,368 !4,345 4,314 4,274 4,207 4,106 Treasury currency adjusted 1,759 1,775 1.791 1.806 1,803 , 805 Treasury currency adjusted 1,783 11,818 1,771 1,799 1,790 1,817 Money in circulation 5,647 5,642 5,603 5,459 5,464 "5,479 Money in circulation 5,398 5,448 5,431 5,449 5,410 5,467 Member bank reserve balances.1,961 1,947 1,849 1,924 2,124 2,113 Member bank reserve balances-2,114 2,147 |2,144 2,192 2,214 2,125 Nonmember deposits, etc 110 107 53 59 79 109 Unexpended capital funds, non- Unexpended capital funds 354 350 348 351 353 350 member deposits, etc 424 428 428 421 420 454 * 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

353 JUNE, 1932 FEDERAL RESERVE BULLETIN RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] May 31, 1932 Apr. 30, 1932 May 31, 1931 RESOURCES Gold with Federal reserve agents 2,100,537 2,274,556 1,785,864 Gold redemption fund with United States Treasury _. 41,129 35, 897 32, 613 Gold held exclusively against Federal reserve notes.. 2,141,666 2,310, 453 1, 818,477 Gold settlement fund with Federal Reserve Board 326,185 308,440 593, 653 Gold and gold certificates held by banks 322,435 385, 438 838, 012 Total gold reserves 2.790,286 3,004,331 3, 249, 542 Reserves other than gold 197, 001 208,493 163, 932 Total reserves _._ _ 2.987,287 3, 212,824 3,413,474 Nonreserve cash _ __ ___ 65,957 66, 752 58, 753 Bills discounted: For member banks 489,494 550,889 173,768 For intermediate credit banks 408 4,643 For nonmember banks (secured by adjusted service certificates). 172 233 93 Total bills discounted 490,074 555,765 173, 861 Bills bought: Payable in dollars— Bought outright 4,690 16,760 119,487 Under resale agreement. _ 307 4,893 Payable in foreign currencies. ~30,~837" 30,736 1,073 Total bills bought 35, 527 125, 453 United States securities: Bought outright 1, 548,869 598, 336 Under resale agreement. 300 Total United States securities 1,549,169 1,227, 814 598, 336 Other reserve bank credit: Federal intermediate credit bank debentures 900 Federal land bank bonds _ 750 Municipal warrants 5,285 4,905 37 Due from foreign banks 4,643 5,692 699 Reserve bank float (uncollected items in excess of deferred availability items) _ 10,946 8,206 17, 366 Total reserve bank eredlt outstanding 2,095,644 1,850,185 917,402 Federal reserve notes of other reserve banks. 11,585 14,008" 12,670 Uncollected items not included in float 306, 583 322, 590 450,447 Bank premises 58, 084 57, 857 58,580 All other resources 40, 517 36,134 20,722 Total resources. 5,565,657 I 5,560,350 4, 932, 048 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. 14,008 14,008 12,670 Outside Federal reserve banks.- 2, 558,208 2, 552,063 1,567806 Total notes in circulation 2,572,216 I 2, 566,071 1, 580,476 Deposits: Member bank—reserve account. 2,113,487 ! 2,123,827 2, 389, 288 Government 17,271 ! 21,928 21, 703 Foreign bank. 74,405 | 46,805 7,760 Other deposits 34,431 I 32,413 22, 764 Total deposits- 2,239, 594 2,224,973 2,441,515 Deferred availability items.. 306, 583 322,590 450,447 Capital paid in 154, 801 155,237 168, 375 Surp" 259,421 259,421 274, 636 All other liabilities 33,042 32, 058 16, 599 Total liabilities 5, 565,657 5, 560,350 4,932, 048 Contingent liability on bills purchased for foreign correspondents 182,771 291,837 380,178 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents. _. 2, 765,381 2, 774,204 1,962, 077 Held by Federal reserve banks1 _ 193,165 208,133 381, 601 In actual circulation. 2, 572,216 2, 566,071 1, 580, 476 Collateral held by agents as security for notes issued to banks: Gold 2,100, 537 2, 274, 556 1,785,864 Eligible paper _ 484,733 562,464 281, 045 U. S. Government securities 204, 700 Total collateral.. 2,789,970 2, 837, 020 2, 066,909 i Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN JUNE, 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 s G to o c ld k From or to— (prel M im a i y nary) April Ja A nu p a ri r l y- Month at end Increase Net re- Domesof in stock Net gold lease tic promonth d m u o rr n iinn th g import fr m om ar k ear-du e c t t c i . o 2 n, p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s 1929—January 4,127 -14.4 47.2 -65.0 3.4 Belgium 19,035 669 37,422 February... 4,153 26.4 25.5 0.9 England 200 5, 911 100 2,022 271 5,650 March 4,188 34.4 24.8 7.5 2.1 France _ . 59,603 24 527 1 244 045 April 4,260 72.4 23.1 48.6 i «0.8 Germany 3,410 60 3,345 61 3,911 May.. 4,301 40.6 23.6 16.1 ! 0.9 Italy 2 101 2 101 June 4,324 23.4 30.2 -7.5 ! 0.7 Netherlands 70,454 18, 707 33,636 July.. 4.341 16.3 34.7 -22.0 | 3.6 Portugal 2,386 August 4,360 18.9 18.4 -1.0 1.5 Switzerland.- 55,084 115 2,134 September. 4,372 12.1 17.6 -6.6 ! 1.1 Canada 4,493 7,289 22 25,090 55 October 4,386 14.4 17.5 -4.5 i 1.4 Central America 80 370 November. 4,367 -19.2 -23. 2 1.0 | «3.0 Mexico - _. 666 3,329 8,399 20 December 4,284 -82.9 -64.4 -22.0 3.5 Argentina 12,950 Colombia .- 7 2,966 Total (12 mos.)_ • 142. 5 175.1 -55.4 «22. 8 Ecuador 393 : Peru 1,012 1,047 1,344 57 1930— F J e a b nu ru ar a y ry. __ 4 4, , 3 2 5 9 3 1 «61 6 . . 9 8 6 4 0 . . 0 0 0 0. . 0 5 2 1. .3 9 V U e ru n g ez u u a e y la 1,0 1 0 5 0 8 2,0 5 0 6 0 8 March 4,423 •70.2 55. 5 "15.0 -0.3 British India 182 7,322 April 4,491 68.5 65.7 0.5 2.3 China and Hong May 4,517 25.9 23.5 2.0 0.5 Kong 3,734 2,402 6,336 June 4,535 17.6 13.9 2.0 1.7 Dutch East Indies. 245 1,506 July 4,517 -18.4 -19.6 -3.0 4.3 Japan 2,437 2,013 31,424 August 4,501 -15.5 -19.6 0.0 4.2 Philippine Islands. 320 1,247 September. 4,511 10.2 2.5 4.0 3.7 All other countries *. 1,907 37 1,217 1 6,807 76 October 4,535 23.3 26.4 -6.1 3.1 November.. 4,571 36.8 35.2 -2.1 3.8 Total 2 14,631 2 213,534 19, 271 49, 509 109,058 329,493 December. _ 4,593 22.1 32.7 -15.2 4.5 Total (12 rnos.).. '309.6 ' 280.1 "-2.4 "31.9 * Includes all movements of unreported origin or destination. » At New York—imports, $3,145,000; exports, $213, 534,000. Elsewhere, 1931—-January 4,643 49.4 34.4 11.9 imports, $11,486,000 February... 4,665 22.0 16.1 2.5 March 4,697 32.0 25.6 3.0 KINDS OF MONEY IN CIRCULATION April 4,726 28.7 49.5 -7.5 May 4,798 72.4 49.6 4.0 [Money outside Treasury and Ftderal reserve banks. In millions of June 4,956 158.0 63.8 92.3 dollars] July 4,949 -6.6 19.5 -29.7 A Se u p g t u e s m t ber. 4 4 , , 9 7 9 4 5 1 -25 4 4 5 . . 3 7 5 20 7 . . 6 5 — -1 27 8 9 .0 .1 1932 1931 October 4,292 -448.4 -337.7 -107.6 Kind of money November. 4,414 122.0 89.4 28.3 December.. 4,460 45.8 56.9 -22.9 May 31 v Apr. 30 May 31 Total (12 mos.). -133.4 145.3 I -320.8 42.1 Gold coin 435 411 353 1932—January... 4,416 -44.2 -75.0 25.4 Gold certificates 735 758 1,020 February. 4,354 -62.3 -90.6 26.4 1.9 Federal reserve notes ._ 2,558 2,551 1,566 March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23.1 -30.5 4.0 3.4 Treasury currency:1 May* 4,150 -216.7 -198.9 -22.1 4.3 Standard silver dollars 30 30 34 Silver certificates 355 356 380 Total (5 mos.) »_ -310. 3 -419.6 91.9 17.4 Treasury notes of 1890 __ 1 1 1 Subsidiary silver 256 257 273 Minor coin _ __ _ 114 114 117 i Gold released from earmark at Federal reserve banks less gold placed United States notes 290 282 300 under earmark. Federal reserve bank notes 3 3 3 > This figure, derived from preceding columns, represents the excess of National bank notes 702 703 655 domestic production over nonmonetary consumption of gold—chiefly consumption in the arts. In any given month, however, it may be Total Treasury currency 1,751 1,746 1,763 predominantly affected by the fact that on the final day of the month («) gold bullion or foreign gold coin recently imported may not yet have Total money in circulation 5,479 5,465 4,702 reached a reserve bank or the Treasury, and (6) gold bullion recently withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies » Figures preliminary. in official reports of gold imports and exports. * For explanation of the term "Treasury currency" see BULLETIN for «Corrected. » Preliminary figures. July, 1929, p. 432. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 355 MEMBER BANK RESERVE BALANCES [Tn 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 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"! T m o b e t a m a n l k b -a s e l r l 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—January 2,433 891 955 587 104.7 51.5 22.5 30.7 February- 2,370 847 945 578 56.6 11.6 18.2 26.7 March 2.3*6 860 945 580 66.5 19.4 18.7 28.4 April 2.376 829 962 585 55.6 7.2 20.2 28.2 May... 2,387 848 961 578 66.8 15.5 23.6 27.7 June 2,404 882 949 573 128.9 71.4 27.0 30.5 July 2,407 887 950 570 124.4 60.6 32.8 30.9 August 2,345 843 943 559 100.6 34.3 35.7 30.6 September- 2,333 864 918 551 120.3 53.8 36.7 29.8 October 2,256 848 872 536 129.1 52.5 39.7 37.0 November- 2,118 774 832 512 57.0 10.7 194 26.9 December.. 2,069 807 503 59.5 18.5 16.9 30.9 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 April ]. 996 780 749 466 152. 1 88.1 35.7 28.3 Wtek ending (Friday)— 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 (2) Apr. 1... 1,908 719 731 457 45.4 12.4 Apr. 8— 1,915 718 724 474 37.4 11.2 Apr. 15.. 1,962 757 741 464 73.2 26.0 Apr. 22.. 2, 015 7*2 763 471 84.2 47.2 Apr. 29-_ 2, 087 855 771 460 149. 3 59.2 May 6... 2,117 778 473 147.1 70.4 May 13.. 2,123 864 792 467 144.8 84.9 i Ceatral reserve city banks only. • Figures not available by weeks. Back figures.—See (for monthly data) BULLETIN for June, 1931, p. 347. MEMBER BANK DEPOSITS fin 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 m n t e a r e k l m s - - C Y N i o e ty r w k » I I r O e c s i t t e h i r e e v s r e ' b C t a r o n y u k " n s - a T l b l o a b m n t e a r k e l m s - - C N Y 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 k e r l m s - - C Y N i o e ty r w k i r O e c s i t t e h ie r e v s r e " b t C a r n o y k u " s n- 1831 —January.__ 32.048 7,445 12,942 11,662 18,572 6,163 7,243 5,165 13,477 1,282 5,698 6,496 February _ 31,968 7,453 12,932 11,583 18,389 6,120 7,170 5,099 13,580 1,334 5,761 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 5,663 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 26,692 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 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 5t440 March 25,431 5,760 10,291 9,380 14,575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14, 589 5,138 5,492 3,959 10,797 811 4,618 5,368 i 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

356 FEDERAL RESERVE BULLETIN JUNE, 1932 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Total Purchased paper 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 a o k n s s Total s b c t a u o S o b n r n e c y e d d k - d s s c e r u s S b e t r e a a y e - t l d e O c c u w a u u n s t n h r e r i s s e e e d - e e d d r - - Total A a p a c n a b i o c n y l e e e p - s t- a c p a A n e a b c c p y l t - e - e - s p C m c a o e i p m r a e - - l r L Y N k b o o t i e r e a o n o r r w n k s - s * Total m U r s G e i e t r . o e c i n S e n u v . - s t - - O r s i e t t c i h e u e s - r b s c t a o u o s b n e r n c y e d - k d d s s' United broad States TOTAL—ALL MEMBER 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 2,566 10,529 4,312 6,217 10,172 1929—Mar. 27.. 548 21,903 7,540 3,123 11,240 2,494 146 93 876 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 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 52* 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 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 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.. 33,073 599 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 1,942 1,130 818 2,560 Dec. 31— 7,951 288 3,940 1,708 132 2,100 1,790 1,933 1,094 839 3,491 1929—Mar. 27... 7,726 251 4,253 1,744 148 2,361 1,250 1,102 1,972 1,135 838 2,971 June 29—. 8,160 314 4,532 1,877 175 2,480 1,496 1,359 1,819 1,006 813 3,393 Oct. 4_... 8,150 302 4,846 1,944 176 2,726 1,196 1,096 1,807 989 817 3,191 Dec. 31.-. 8,774 322 4,964 2,200 169 2, 595 1,397 128 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 1,477 2,046 1,150 897 3,504 June 30— 8,798 196 4,308 2,022 157 2,129 2,091 144 1,883 2,203 1,147 1,056 3,983 Sept. 24_. 8,557 169 4,276 2,031 157 2,087 1,912 148 1,714 2,198 1,091 1,107 3,798 Dec. 31— 8,582 283 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25— 8,473 154 4,007 1,960 150 1,896 1,651 199 1,367 2,662 1,466 1,196 3,397 June 30— 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29.. 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31 .. 7,460 374 3,694 1,728 153 1,813 695 107 542 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 6 199 641 3,935 1,894 2,041 4,130 Dee. 31 14,066 213 9,267 3,734 1,547 3,986 742 18 150 541 3,844 1,836 2,008 4,381 1929—Mar. 27 13,925 258 3,740 1,509 4,036 645 43 147 423 3,736 1,896 1,840 4,292 June 29 13, 832 308 j 9', 434 3,718 1,503 4,213 480 17 88 349 3,611 1,765 1,846 4,221 Oct4 13,983 294 9,775 3,869 1,491 4,415 526 8 75 413 3,388 1,671 1,717 4,429 Dec. 31 13,785 346 9,748 3,975 1,559 4,214 438 51 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27 13,575 263 8,951 3,604 1,544 945 59 242 609 3,416 1,662 1,754 4,368 June 30 13,701 277 9,029 3,811 1,524 710 18 301 353 3,685 1,686 1,999 4,306 Sept. 24 13,971 235 8,726 3,632 1,526 3,567 1,064 54 337 643 3,947 1,785 2,161 4,387 Dec. 31 13,758 286 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June 30— 13,567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 2,408 2,342 3,459 Sept. 29 13,016 284 7,845 3,092 1,585 3,168 326 67 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 "COUNTRY" BANKS 1928—Oct. 3 13,612 8,225 1,727 1,423 5,075 614 17 195 378 4,727 1,362 3,365 2,129 Dec. 31 13,667 8,254 1,906 1,444 4,904 625 211 376 4,751 1,382 3,370 2,300 1929—Mar. 27— 13,741 8,364 2,056 1,465 4,843 598 192 354 4,740 1,424 3,316 2,429 June 29 13,719 8,551 2,139 1,486 4,926 496 140 316 4,623 1,384 3,240 2,480 Oct. 4 13,780 8,627 2,295 1,482 4,847 553 144 376 4,554 1,361 3,193 2,694 Dec. 31 — 13,375 8,481 2,314 1,462 4,705 409 163 208 4,439 1,267 3,172 2,545 1930—Mar. 27— 13,243 8,206 2,190 1,475 4,541 496 207 258 4,475 1,273 3,202 2,462 June 30 13,157 8,229 2,227 1,475 4,527 312 171 129 4,554 1,229 3,326 2,367 D Se ec p . t . 3 2 1 4 1 1 2 2 , , 5 9 1 4 9 4 8 7, , 7 0 6 0 2 7 2 2 f , 2 1 0 4 0 9 1 1, , 4 4 5 8 5 0 4 4 , , 3 1 2 5 6 8 2 1 8 7 6 7 1 1 6 2 4 0 1 4 1 9 5 4 4, , 5 5 1 8 9 9 1 1 , , 2 1 1 5 9 9 3 3 , , 3 3 7 5 0 9 2 2 , , 3 2 2 1 6 3 1931—Mar. 25 12,290 7,524 2,097 1,449 3,978 158 114 36 4,550 1,224 3,326 2,147 June 30 12,068 7,318 2,031 1,437 3,849 135 101 30 4,555 1,279 3,276 2,078 Sept. 29— 11,805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 6,469 1,756 1,346 3,367 71 48 16 4,392 1,418 2,974 1,796 i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 1 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. 1 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 62); for separate figureso f 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

357 JUNE, 1932 FEDERAL RESERVE BULLETIN 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) All banks Member banks Nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- ba A n l k l s M ba b e n e m k r s - m b N e a m o n n k b - s er 1928- June 30... 67,265 39,464 17,801 35,061 24,303 10,758 22,204 15,161 7,043 53,398 32,133 21,265 Oct. 3—. 57,219 39, 671 17,549 34,929 24,325 10,604 22,291 15,346 6,945 53,720 32,138 21,582 Dec. 31... 58,266 40,763 17,504 35,684 25,155 10,529 22,582 15,607 6,975 56,766 34,826 21,940 1929—Mar. 27.. 58,019 40, 557 17,462 35,393 24,945 10,448 22,626 15, 612 7,013 54,545 33, 215 21,330 June 29.. 58,474 41, 512 16,962 35, 711 25,658 10,052 22, 763 15,853 6,910 53,852 32,284 21, 567 Oct. 4.... 58,835 42,201 16,634 35,914 26,165 9,749 22,922 16,036 6,885 55,180 33,004 22,176 Dec. 31... 58,417 41,898 16, 519 35,934 26,150 9,784 22,483 15, 748 6,735 55,289 21,424 1930—Mar. 27 _. 57,386 40,688 16,700 35,056 25,119 9,937 22,331 15,568 6,763 53,185 32,082 21,10S June 30.. 58,108 40,618 17,490 35,656 25,214 10,442 22,453 15,404 7,048 54,954 33,690 21,264 Sept. 24.. 57,590 39,715 17,875 35,472 24,738 10,734 22,118 14,977 7,141 52, 784 31,839 20,945 Dec. 31... 56,209 38,135 18,074 34,860 23,870 21,349 14, 264 7,085 53,039 32, 560 20,479 1931—Mar. 25.. 65,924 36,813 19, 111 34,729 22,840 11,889 21,195 13,974 7,222 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 49,152 29,469 19,683 Dec. 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 Total i ber Total loans and Total Na- State banks investments tional Number of banks Amount Percent- (millions age dis- 1925—Dec. 31 28,257 9,489 8,048 1,441 18,768 of dollars) tribution 1926—Dec. 31 27,367 9,260 7,906 1,354 18,107 All banks in the United States 19,968 100 1927— D Ju e n c e 3 3 1 0 2 26 6 , , 4 7 1 6 6 5 9 9 , , 0 0 9 3 9 4 7 7 , , 7 7 5 9 9 0 1 1 , , 3 2 0 7 9 5 1 1 7 7 , , 6 3 6 8 6 2 Member banks—total 7, 246 61 1928—June 30 25,941 8,929 7,685 1,244 17,012 Re C se e r n v t e ra c l i r t e y s e b r a v n e k c s it ( y 6 2 b c a it n i k es s ) - ... 403 39 Dec. 31 25,576 8,837 7,629 1,208 16,739 New York City 39 15 1929— D Ju e n c e . 2 2 9 9 . 2 24 5 , , 6 1 3 1 0 0 8 8 , , 5 70 2 7 2 7 7 , , 5 4 3 0 0 3 1 1, , 1 1 1 7 9 7 1 1 6 6 , , 1 4 0 0 8 3 Ot N C h h e e r w i c r a e Y g s o o e r rk v e C c i i t t y y banks— | | 1 9 2 3 1930— D Ju e n c e . 3 3 1 0 _ _ 2 22 3 , , 8 7 5 6 2 9 8 8, , 3 0 1 5 5 2 7 7 , , 2 0 4 3 7 3 1 1 , , 0 0 1 6 9 8 1 14 5 , , 5 7 3 1 7 7 Ot C ( h 1 h e 0 r i c c a i F t g i e o e d s e ) r . al reserve bank cities I 9 2 7 3 5,200 1931— D S Ju e e n p c e . t . 3 3 2 1 0 9 2 2 1 1 1 9 , , , 9 2 9 6 9 0 8 4 3 7 7 7 , , , 5 2 7 9 4 8 9 6 2 6 6 6 , , , 3 8 6 0 6 5 0 8 3 9 9 8 4 8 7 6 2 8 1 1 1 2 4 3 , , , 7 6 1 2 9 2 2 5 1 "C F O o e t c u d h it e n 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 _ i ti c e i s t ) i es (25 _. 6,8 1 4 9 3 0 3 3 1 4 0 1 , , , 0 9 2 9 9 0 9 9 0 2 8 2 2 i All banks in the United States; includes national banks, State com- Nonmember banks 12,722 19, 522 39 mercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. * Includes certain outlying banks in reserve cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN JUNE, 1932 REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Other leading Total—all weekly reporting member banks cities Loans and investments Loans and investments Bor- Borrow- rowings ings Loans at at on se- F. R. ! F. R. curities banks 1931—January _._ 22,660 7,495 8,399 6,766 3,163 3,111 2,472 2,323 February.. 22,659 7,315 8,242 7,102 3,385 3,079 2,410 2,476 March.* 22,839 7,302 8,150 7,387 3,638 7,975 3,176 2,295 2,504 April 22,942 7,157 8,040 7,745 3,913 7,889 3, 2,242 2,567 May 22, 713 6,998 7,893 7,822 3,957 7,875 3,039 2,194 2,642 June 22,439 6,770 7,853 7,816 4,048 7,694 2,846 2,204 2,644 July. 22, 393 6,631 7,964 7,798 4,121 7,780 2,764 2,365 2,651 August 22, 093 6,480 7,900 7, 713 4,074 7,633 2,640 2,370 2,623 September. 22, 078 6,413 7,870 7,795 4,154 7,744 2,657 2,375 2,712 October 21,425 5,971 7,679 7,775 4,171 7,466 2,369 2,272 2,825 November. 21,023 5,859 7,586 7,578 4,072 7,258 2,277 2,243 2,738 December 20, 749 5,763 7,441 7,545 4,127 7,165 2,237 2,218 2,710 1932—January... 20,178 5,644 7,331 7,203 3,943 6,921 2,209 2,220 2,492 13, 257 February.. 19, 775 5,497 7,214 7,064 3,856 6,645 2,127 2.171 2,347 13,130 March 19, 434 5,388 6,987 7,059 3,866 6.521 2,065 2,078 2,378 12,913 April 19,096 5,150 6,820 7,126 3,875 6,492 1,947 2,029 !2,516 12,604 May 19,112 4,975 6, 727 7,410 4,121 6, 6-17 1,851 2, 038 2, 758 12, 465 Mar. 2 19, 523 5,440 7,148 6,935 3,742 6,540 2,109 12, 983 Mar. 9 19,305 5,426 7,010 6,869 3,704 6,421 2,097 12,884 Mar. 16.— 19, 588 5,413 6,975 7,200 4,016 6,617 2,066 12,971 Mar. 23—. 19,403 5,337 6,917 7,149 3,951 6,486 2,009 12,917 Mar. 30... 19, 354 5,328 7,143 3,920 6,541 2,043 12,813 Apr. 6 19,173 5,222 6,838 3,882 1,979 12,718 Apr. 13 19,058 5,148 6,822 3,858 1,933 12,638 Apr. 20.— 19,119 5,131 6,838 3,874 1,950 12,551 Apr. 27.... 19,033 5,099 6,783 3,884 1,925 12, 508 May 4 19, 277 5,063 6,779 7,435 4,163 1,908 12, 550 May 11 19,140 4, 977 6,740 7,423 4,144 1,845 12, 467 May 18 19, 037 4,950 6,711 7,376 4,093 1,840 12. 433 May 25___. 18, 994 4,910 6,678 7,406 4,084 1,810 12,411 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 York banks banks, brokers, count town others Total and trust com- foreign banking banks * End of month panies agencies, etc. 1931—February.. 1,759 1,186 290 March 1,858 1,335 264 259 1931 1932 1931 1932 1931 1932 April 1,824 1,322 271 231 May 1,644 1,279 191 174 June 1,464 1,110 181 173 J F M a e n a b r u r c a u h r a y ry 9 8 7 0 4 2 9 0 0 5 5 5 2 3 1 5 3 2 1 1 1 , , , 5 6 6 5 4 9 7 6 2 3 3 3 7 9 8 4 1 5 2 1 1 1 9 6 7 4 3 1 1 1 3 4 4 8 2 0 J A S O u e u c l p y g t t o u e b s m t e b r e -. r . . 1 1 1 , , , 4 2 3 9 3 6 4 2 4 8 2 1 1,0 9 9 6 6 5 4 7 1 2 3 4 ' 2 2 1 9 0 2 7 0 4 6 4 1 1 1 1 5 6 6 5 1 8 5 7 J M A u p n a r y e il -. 4 6 3 3 5 9 5 1 1 3 3 7 0 9 0 1 1 1 , , , 4 2 2 6 2 9 6 1 3 3 2 0 4 0 3 1 1 1 4 8 7 1 5 0 7 5 9 7 1932— N D F J e o e a b n c v r u e e u a m m r a y b b r y e e . r r . . . . . . 8 5 4 65 9 4 0 6 5 4 2 4 5 5 4 7 8 5 1 3 8 4 7 1 8 6 7 2 8 5 2 4 9 1 6 0 3 J A S u e u l p y g t u e s m t ber 1 1 1 , , , 3 0 3 5 4 4 4 4 4 1 1 , , 9 1 1 3 7 6 2 1 0 1 1 1 9 7 1 4 3 2 M A M p a a r r y i c l . h 4 5 5 3 3 0 1 6 0 4 3 4 8 3 2 5 2 3 9 4 7 4 4 0 N O o ct v o e b m er ber 7 7 9 3 6 0 6 5 8 8 8 2 1 1 0 4 8 8 M M a a y y 4 ll.._. 4 4 3 9 8 9 4 3 • 4 8 0 3 = December 587 455 132 May 18.... 414 367 May 25.... 393 350 6 Back figures.—See Annual Report for 1930 (Table 57). * 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

JUNE, 1932 FEDERAL RESERVE BULLETIN 359 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 H er e a l l d b a b r n e y k s s e F r e v d e - Hel c d e p b t y in g g r o b u a p n k o s f ac- Based s o t U n o n r g e i o d t o e d d in s s g t o o o o r n e d d s Based States in End of month T o o u t t a - l F a o c- r H b e y ld End of month Total p i o o m n rt - s o p f n r o o r e m t x s - c ( h r w e o d a u i r s t e e s - ) c D h e a o x n ll - g a e r j I f t o r c i r o e e u s ig n o n - r stand- For count others into U.S. or shipped ing own of for- Own Bills U. S. shipped beac- eign 1 OlHl bills bought between tween count corre- domes- foreign spond- tic points points ents OUTSTANDING '930— F Ja e n b u r a u r a y ry... 1 1 , , 6 6 2 9 4 3 2 26 9 9 3 5 5 2 0 6 3 2 1 2 8 0 3 6 7 3 1 1 11 5 2 7 6 6 6 5 9 3 1931— M F a e r b c r h uary 1 L , , 5 4 2 6 0 7 2 2 1 1 2 2 3 39 9 0 8 2 2 9 8 5 2 5 5 4 2 4 0 J J M A M u u p a n l a y r r y e i c l h . 1 1 1 1 1 , , , , , 5 4 3 3 3 3 1 5 8 0 9 4 0 2 5 2 2 1 1 1 0 7 8 2 2 9 7 4 9 7 4 4 4 4 4 7 6 7 6 8 9 5 0 3 2 1 2 2 1 1 6 7 0 6 5 6 9 5 7 8 5 6 7 6 6 5 3 2 3 4 2 1 1 1 1 9 0 0 4 6 5 3 3 1 5 5 4 6 5 7 8 6 1 0 0 2 3 3 3 J J A M A u u p u l a n v r g y e i _ u l st L L L L L , , , , , 4 4 3 2 0 2 1 6 9 2 2 3 8 0 8 2 2 2 1 1 0 0 1 8 7 7 2 1 6 8 3 3 3 3 2 6 4 6 3 7 1 9 0 0 6 2 2 2 2 2 7 6 3 5 0 1 4 8 4 2 4 4 5 3 5 2 9 9 0 0 3 4 1 5 7 August 1,339 167 471 267 95 172 434 September 996 174 257 190 338 S O e c p to te b m er ber _ 1 1 , , 3 5 6 0 7 8 2 1 0 4 8 1 4 4 3 3 2 3 3 38 1 4 7 1 1 3 7 1 2 2 1 1 8 2 6 4 55 1 0 1 N O o ct v o e b m er ber 1 L , . 0 0 4 0 0 2 1 15 7 8 3 2 2 5 6 4 1 2 2 3 5 8 8 3 29 3 8 0 November.. 1,571 143 429 493 180 313 507 December '974 159 222 267 296 December.. 1,556 328 439 371 90 282 417 1932— January 961 150 207 272 298 February 919 142 195 271 284 1931—January 1,520 89 447 571 134 437 412 March 911 129 205 267 287 February... 1,520 85 456 550 151 398 429 April 879 118 199 251 294 March 1,467 123 431 472 131 341 •440 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 95 341 554 196 357 379 July- 1,228 39 243 668 232 436 278 1931—February 85 13 42 August 1,090 70 228 606 168 438 186 March 123 17 52 September- 996 420 100 410 162 248 e67 April 162 24 60 October 1,040 647 99 230 112 118 63 May— 124 20 59 November.. 1,002 418 126 296 125 171 •161 June 95 15 39 December. _ 974 305 251 262 131 131 156 July 39 7 16 August 70 10 38 1932—January 961 119 314 332 159 174 195 September 420 68 185 February... 919 76 312 343 175 168 189 October 647 105 129 285 March 911 36 335 377 155 222 •163 November 418 61 99 170 April 879 16 292 455 188 268 115 December 305 43 84 104 May *5 183 1932—January... 119 16 32 47 February 76 9 27 25 « Corrected. * Preliminary. March... 36 4 12 13 Figures for acceptances outstanding (and held by accepting banks) April 16 2 5 from American Acceptance Council. Back figures.—See Annual Reports for 1929 (Table 58) and 1928 (Table i Total holdings of Federal reserve banks include a small amount of CD. unclassified acceptances. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- Back figures.—See Annual Report for 1930 (Tables 61 and 14). HOLDINGS OF FEDERAL RESERVE BANKS [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 J M F a e n a b r u r c a u h r a y ry 1 1 1 , , , 0 0 0 1 3 2 9 6 9 1 1 1 , , , 0 0 0 3 3 4 5 8 0 3 2 6 3 1 , , , 0 1 9 6 1 5 3 9 8 3 3 3 3 0 3 , , , 4 4 7 7 4 7 8 4 8 J M F a e n a b u r r c a u h r a y ry... 4 4 38 0 1 7 7 1 4 4 5 0 2 5 4 9 7 3 3 3 2 1 1 7 5 1 1 1 1 0 0 0 6 8 3 April 1,036 1,054 1,074 30,736 April 351 553 307 108 May 1,040 1,058 1,073 30,837 May 304 541 305 June 1,043 1,064 10,551 June 274 527 292 July 2,061 1,065 34,371 July 265 528 289 August 12,346 1,071 145,215 August 267 526 271 September... 16,955 1,075 48,804 September.. 265 613 248 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), Back figures.—See Annual Report for 1930 (Table 60). 1926 (Table 24), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN JUNE, 1932 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Deposits (in thousands of Number Deposits (in thousands of dollars) Number dollars) Year and month Members Members ba A n l k l s Na- m N b e e o m r n s - -All banks m N b e e o m r n s - - ba A n l k l s M be e r m s - m N b e e o m r n s - - ba A n l k l s M be e r m s - m N b e e o m r n s - tional State National; State 1921. 501 51 19 431 196,460 21,285 21,218 153,957 60 50 17,493 3,132 14,361 1922. 354 45 12 297 110,721 19,092 5,151 86,478 65 41 35,565 11,618 23,947 1923. 648 90 34 524 188,701 32, 904 18,324 137,473 37 23 11,674 5,068 6,606 1924. 776 122 37 617 213,338 60,889 13,580 138,869 94 74 22,462 7.190 15,272 1925. 612 118 28 466 172,900 58,537 8,727 105,636 62 48 16,618 6,779 9,839 1926- 956 125 35 796 272,488 47,866 20,946 203,676 149 135 60,610 8,179 52,431 1927.. 662 91 33 538 193,891 46.581 19, 755 127,555 95 84 35,729 8,311 27,418 1928. 491 57 16 418 138,642 31,619 10,621 96.402 39 34 15,727 6,610 9,117 1929. 642 64 17 561 234,532 37,007 20,128 177,397 58 63 25,829 2,273 23,556 1930.. 1,345 161 26 1,158 864, 715 173,290 207,150 484, 275 147 140 61, 599 3,538 68,061 1931. 2,298 409 108 1,781 1,691,510 439,171 294,357 957,982 276 245 158,187 53,944 104,243 1930—September.. 7 57 23,666 1,769 171 21, 726 4 1,688 1,688 Ottober 72 10 62 24, 599 3,336 21,263 11 12,323 351 11,972 November.. 254 26 221 186, 306 62,373 35, 742 88,191 23 6,978 208 6,770 December. . 344 49 288 367,119 44,884 163,993 158,242 43 16,340 16,340 1931—January 202 20 176 76,553 14,569 7,615 54,369 58 19,322 1,856 17,466 February... 77 15 57 34,616 5,822 7,901 49 17,157 3,333 13,824 March 86 18 67 34,320 10,899 108 23, 313 31 11, 788 3,381 8,407 April 64 17 44 41,683 19,498 2,264 19,921 28 23,613 15,893 7,720 May 91 24 65 43, 210 12, 320 5,055 25,835 9 3,890 401 3,489 June 167 26 131 190,480 31, 368 39,434 119,678 8 24, 522 23,816 706 July 63 16 75 40, 745 7,045 1,805 31,895 9 2,525 2,525 August 158 29 117 180,028 31,629 52, 660 95,739 4 14,396 14,396 September.. 305 46 243 233, 505 79,446 30, 272 123, 787 6 4,258 4,258 October 522 100 397 471,380 111, 088 117, 259 243,033 22 5,096 991 4,105 November.. 175 35 132 67,939 28,C39 4,216 35,684 21 13,041 3,684 9,357 December.. 358 63 277 277,051 87,448 25, 768 163,835 31 18,579 589 17,990 1932—January 342 74 255 ' 219, 071 10, 873r 144, 512 19 16 10, 952 3,293 7,659 February... ' 124 26 '92 I' 65, 479 22, 628 8,660 r 34,191 46 40 • 19,601 ' 4,944 14, 657 M Ap a r r i c l h ' ' 4 7 6 1 7 ' ' 3 6 9 0 |' ' 3 1 1 4 , , 9 9 2 9 4 1 ! 4 2 , , 4 6 8 3 4 4 • 12, 075 ' I 1 r 0 1 , 7 5 , 0 2 7 15 ' ' 3 2 8 2 ' ' 2 1 8 9 ' ' 1 1 9 1 , ,0 5 4 9 1 0 9 1 , , 7 7 1 9 4 3 ' ' 9 9 , , 2 8 4 7 8 6 May * 36, 084 *> 6, 351v 1,605 » 28,128 v 17 v 14 ? 23, 868 p 1, 875 * 21, 993 Preliminary. p 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 m the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier. Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom available, but are taken from the record of suspensions. Back figures.—See annual report for 1930 (Tables 66 and 67). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS [In millions of dollars] Holdings of Government securities » and eligible paper (including paper under rediscount) Member By reserve city banks By " country " banks By all member banks bo b r a r n o k w- 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 i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total r b e a se n r k v s e curities curities 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 7,068 1,029 Oct. 4 2,469 2,865 5,334 912 1,733 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 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 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 2,164 4,707 3,198 7,905 147 Sept. 29... 3,942 1,787 5,729 994 1,209 2,203 4,936 2,996 7,932 323 Dec. 31... 3,706 1,505 5,211 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

361 JUNE, 1932 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES IN NEW YORK CITY DISCOUNT RATES [Rates on all classes and maturities of eligible paper] Prevailing rate on— Average rate Average yield N Bo e s w to Y n o Fe rk de .. r . a . l reserve bank e R f J f u a ec n te t e o i 3 1 n n F O D e c b a t . l . t i e sh 2 1 e e 6 7 s , d , t 1 1 a 9 9 b 3 3 - 2 1 Pre ra v t i e ous Month or week m m p P 4 c a e o r o t p r i n o m m c e t i - r h 6 a e , s l a P a b c d n e r a c a 9 c i r n e m 0 y s e k p ' s s e - t , - d l T o a i 9 a y m n 0 s s e J , N C e a w ll lo n a e R n w e s - a * l c T c 3 n U e a u a r o r t e n . t r t o t e i a y e d f S s s s i 6 , - - . b T o u r n r e d y a s s 3 months Philadelphia- 3H Oct. 22,1931 Cleveland 3H Oct. 24,1931 1931 Richmond Jan. 25,1932 Atlanta Nov. 14,1931 January 1.50 1.57 1.24 3.33 Chicago Oct. 17,1931 February 1.50 1.50 1.06 3.40 St. Louis Oct. 22,1931 March 2 -2X 1.56 1.55 U.38 3.39 Minneapolis.._ 3H Sept. 12,1930 April 1H-2H 1.57 1.52 1.49 3.38 Kansas City.. ZH Oct. 23,1931 May.... 2 -23. 1.45 1.45 .88 3.31 Dallas. Jan. 28,1932 June 2 1.50 1.50 * .55 3.30 San Francisco zy Oct. 21,1931 July 2 1.50 1.50 .41 3.32 2 August 2 1.50 1.50 .42 3.34 September 2 1.50 1.50 « .45 3.42 October 2H-4 2.10 2.10 1.70 3.71 Back figures.—See Annual Report for 1930 (Table 33). November 3 -4 2.50 2.50 1.77 3.69 December 3 -4 2.73 2.70 •2.41 3.92 BUYING RATES ON ACCEPTANCES 1932 [Buying rates at the Federal Reserve Bank of New York] January 3^-4 2.61 2.65 2.48 4.27 February 334-4 3^-334 2.50 2.50 2.42 4.11 March ZH-ZH 2.50 2.50 <2.25 3.92 Rate in Maturity effect on Date estab- Previous April... 2 -3 2.50 2.50 1.11 3.74 June 1 lished rate May 2.50 2.50 .31 3.77 Week ending- 1-15 days.... 2H Mar. 25, 1932 m May 7 1M-2 2. 50 2. 50 .56 3.70 16-30 days._. ....do m May 14 3 -3 J4 1J4-2 2. 50 2. 50 .46 3.70 31-45 days.. ....do 2% May 21 234-3K 2.50 i 2.50 .16 3.82 46-60 days.., ...-do 2% May 28 23/4-3 2. 50 2. 50 3.84 61-90 days... do 2% i 91-120 days.. do 2% 1 Stock exchange call loans; new and renewal rates. 121-180 days Feb. 26, 1932 * Stock exchange 90-day time loans. 3 3 issues—331, 334,4 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 ratesl New York City 8 other northern and eastern cities 27 southern and western cities Month 929 1930 1931 1928 1929 1930 1931 1932 1928 1929 1930 ; 1931 1932 January.... 4.56 5.74 5.64 4.24 4.71 4.73 5.87 5.88 4.61 5.07 5.53 5 94 6.12 5.50 5.61 February.. 4.44 5.73 5.35 4.31 4.71 4.76 5.86 5.66 4.63 5.13 5.53 5 96 6.05 5.43 5.61 March 4.59 5.81 5.22 4.20 4.72 4.81 5.91 5.47 4.62 5.14 5.54 6.04 5.98 I 6.40 5.64 April 4.72 5.85 4 91 4.17 4.69 4.91 6.00 5.22 4.57 5.10 5.54 6.07 5.88 5.36 5.63 May 4.97 5.88 4.74 4.11 4.55 5.04 6.09 5.13 4.55 5.14 5.56 6.10 5.75 5 26 5.64 June 6.09 5.93 4.59 4.13 5.36 6.02 5.06 4.49 5.67 6.16 5.69 5.34 July 5.38 5.88 4.48 4.05 5.57 6.08 4.81 4.48 5.77 6.1? 5.63 5.30 August 5.56 6.05 4.41 3.97 5.59 6.11 4.79 4.47 5.80 6.22 5.58 5.28 September. 5.63 6.06 4.29 3.93 5.80 6.24 4.74 4.48 5.82 6.27 6.55 ! 5.32 October 5.63 6.08 4.26 4.27 5.80 6.25 4.75 4.62 5.87 6.29 5.54 5.38 November. 5.56 5.86 4.17 4.67 5.82 6.12 4.66 4.87 5.90 6.29 5.50 5.53 December. 5.63 5.74 4.16 4.64 5.91 5.94 4.68 4.91 5.91 6.20 5.43 5.56 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 tht 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

362 FEDERAL RESERVE BULLETIN JUNE, 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 ferred stocks2 Total In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c m A o u b to il - e B e m q i u n e u i g n l i d p t - - C st h o a r i e n C i h c e a m l - b C a p r o n a e p d s r - s e m t E r q i l e u c e n a c ip t l - - c M e h r i a y n - - Oil Steel T ti e l x e - Number of issues 60 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 1931—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 86 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 46 116 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 36 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 May 75.2 90.3 40 38 17 68 30 20 42 52 20 52 33 39 20 23 April 27 79.9 93.3 44 42 23 75 33 23 50 60 24 58 34 38 23 25 May 4 77.5 91.3 41 39 19 71 30 21 45 52 20 52 34 38 21 24 May 11 77.3 92.1 42 41 19 72 33 21 44 55 22 57 35 41 21 24 Mav 18. 73.8 89.7 39 38 17 67 30 20 40 51 21 51 33 38 20 24 May 25 72.2 88.2 37 35 14 62 28 19 38 49 18 48 31 38 18 22 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. «20 high-grade industrials; average price. CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES {Long-term; i. e., 1 year or more. In millions of dollars] [In millions of dollars] New issues Re- Outstanding at end Increase or decrease Domestic fund- of month (—) during month ing Year and month m T e a ( f i o d e o g n s o t r n d - a t - ) i l c t T a o l* - S n m a p t i n a a c u d t l i - e - B n a o o C n t n o d e d s r s po S r t a o te cks F ei o g r n - i m e s ( a f i s d e o n g u o s r n d e - t - i ) s c M 1 o 9 n 3 t 0 h Total B n a o o n n t d e d s s C ic b a e a i n r l t d t l e s i s f- Total B n a o o n n t d e d s s C ic b a e a i n r l t d t l e i s f s - December 15,774 14,454 1,320 -159 -2 -157 1923 4,437 4.016 1,043 1,976 659 421 1924 6,557 4,588 1,380 2,200 829 969 759 Total (12 months). -255 -169 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1926 6,314 5,189 1,344 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 1,319 139 140 i 1928 8,040 6,789 1,379 2,385 2,961 1,251 1,858 February 15,979 14,573 1,406 66 -21 87 1929__ 10,091 9,420 1,418 2,078 5,924 671 1,422 March... 16,280 13,838 2,442 301 —735 1,036 1930- 6,909 6,004 1,434 2,980 1,503 905 711 April 16,368 13,567 2,801 88 -271 359 1931 3,099 •2,860 1,235 1,240 311 229 949 May 16,245 13,323 2,922 -123 -244 121 June 16,520 14,152 2,368 275 829 -554 1931—April '413 '370 '102 166 102 43 July. 16,522 14,178 2,344 2 26 -24 May ••349 '334 '173 132 29 15 '124 August. 16,585 14,179 2,406 63 1 June '260 '225 '119 100 6 35 144 September _._ 17,048 14,980 2,068 463 801 July '225 '223 ' 93 113 2 2 45 October 17,028 14,981 2,047 -20 1 -21 August 120 120 74 34 12 0 '7 November 17,040 14,955 2,085 12 -26 38 September-. ••245 '221 '114 94 12 24 '43 December 17,528 15,092 2,436 488 137 351 October '45 '45 '16 14 4 0 1 November.. ••112 '110 '54 26 24 2 '21 Total (12 months).. 1,754 1,116 December - - r123 '123 '44 28 39 0 21 1932 1932—January '184 '184 '138 42 4 0 14 January- 17,515 15,102 2,413 -13 February.__ 73 73 '35 35 4 0 21 February. 17,820 15,102 2,718 305 March '162 '162 '109 47 1 0 29 March 18,390 15.102 370 April '71 '71 30 15 0 0 72 April 18, 287 15.103 3,184 97 May 18,729 15,318 3,411 442 227 1 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. r Revised. NOTE.—Figures relate to interest-bearing public debt; matured non interest-bearing debt amounted to $308,000,000 at the end of May, w Sources.—For domestic issues: Commercial and Financial Chronicle; 1932. Figures include obligations held in Government trust funds for foreign issues (issues publicly offered) annual totals are as finally amounting to $311,000,000 at the end of May, 1932. reported by Department of Commerce, while monthly figures are as Bonds and notes are long-term—i. e., 1 year or more (figuring from compiled currently and are subject to revision. date of issue); certificates and bills, shorter term. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, ]9J2 FEDERAL RESEEVE BULLETIN 363 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=»100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production* Building contracts awarded Fac- (value)** Factory em- tory Freight-car Comployment « pay loadings* modmonth Total i Manufactures1 Minerals l 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 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 May 110 108 111 108 104 106 159 137 149 130 168 143 96 96 101 105 103 98 June 108 108 109 109 104 102 154 139 140 133 166 144 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 93 170 149 102 103 106 111 107 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 % 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 iO4 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 3eptember 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 6$ 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 70 December 68 74 66 73 80 85 30 38 20 23 39 50 68 69 56 61 69 60 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— 68 67 66 64 77 84 26 26 16 15 35 36 66 66 52 58 61 66 April "64 72 79 31 27 16 14 43 38 64 64 49 57 59 66 p 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. 406. s For indexes of groups and separate industries see p. 407. •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 p. 408. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN JUNE, 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 411 483 411 250 150 338 369 311 183 136 73 119 100 66 14 February.. 371 442 349 224 154 351 369 282 175 131 20 72 67 49 23 March 421 490 370 236 155 380 384 300 210 131 40 106 69 26 24 April 364 425 332 215 *136 345 411 308 186 *127 19 15 24 29 P9 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 379 403 267 181 318 353 221 174 61 50 46 6 August 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 650 529 327 205 355 391 247 169 195 137 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 5,241 3,843 2,424 4,091 4,399 3,061 2,091 1,037 842 782 334 » Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average=100] 1931 1932 Index of stocks (end of Index of sales * month) De b c e e r m- Ja a n ry u- Fe a b r r y u- March April Month Adjusted Without Adjusted Without Adjusted for seasonal variation for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Total 69 64 62 61 59 Coal 65 58 61 71 62 Coke 47 43 45 48 32 1931 1932 1931 1932 1931 1932 1931 1932 Grain and grain products 63 69 78 72 86 Livestook 66 62 60 56 61 January . 97 78 79 64 88 75 78 67 Forest products 30 28 27 27 26 February 98 78 80 64 86 73 81 69 Ore 40 31 29 28 18 March. _ 97 72 92 70 84 70 87 72 Miscellaneous 73 67 62 57 56 April 106 80 101 76 83 70 87 72 Merchandise l 83 81 78 75 73 May 97 97 83 85 June 95 90 82 80 Without seasonal adjustment July 91 65 81 75 N A S O e o u c p t v g o t u e e b m s m e t r b b e e r r . 8 8 8 8 6 8 4 3 8 9 9 6 7 3 5 7 8 8 7 7 0 1 9 9 8 7 8 8 8 6 4 9 Tota C C G l o o ra a k i l e n and grain prod- 6 7 5 1 0 0 6 5 4 6 8 7 6 5 5 6 9 2 5 6 4 8 7 8 5 3 5 7 1 2 December., _ 81 142 78 73 ucts 62 66 74 62 Year 91 82 L Fo iv r e e s s t t o p c r k oducts. _ 6 2 6 5 6 2 5 5 2 5 7 7 4 2 9 7 5 2 6 7 Ore 10 7 7 7 for 1 B ch a a s n ed g e t s h r f o ro u m g ho m u o t n o th n f t i o g u m re o s n o th f d in a il n y u a m v b e e ra r g o e f sa S l a e t s u — rd w a i y th s a a n ll d o w fo an r c 6 e M M e is r c c e h l a l n an d e is o e u s l 5 7 7 7 7 5 5 4 5 7 3 5 7 5 5 4 5 7 7 5 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- i In less-than-carload lots. sonal variation makes allowance in March and April for the effects Based on daily average loadings. Source of basic data: American upon sales of changes in the date of Easter. Railway Association. Back figures—See BULLETIN for November, 1930, p. 686. Back figures.—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 365 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS The second annual report of the Bank for "excessive withdrawals of capital from Ger- International Settlements, covering the year many" had "created an acute financial crisis," ended March 31, 1932, was submitted to the and invited the Bank for International Settlegeneral meeting of shareholders on May 10, ments to set up a committee to inquire into the 1932. Sections of the report are given here- credit needs of Germany. In the fifth month, with: x this committee urged "most earnestly upon all governments concerned that they lose no time COURSE OF THE CREDIT CRISIS in taking the necessary measures for bringing about such conditions as will allow financial The year under review has been one of operations to bring to Germany—and thereby dramatic occurrences in the whole field of to the world—sorely needed assistance/' international finance, credit, monetary stability, In the sixth month of the fiscal year, the and capital movements, both public and pri- world was shocked by the sudden fall of vate. The record of this year of unparalleled sterling, which was almost immediately folworld-wide disturbance reflects itself in the lowed by the suspension of the gold or gold progress, resources, and activities of the bank, exchange standard by six other nations. which have been intimately affected by each These occurrences still further shattered what succeeding episode, in all of which the bank was left of confidence and forthwith caused a was promptly called upon to play a role, as strain on the reserves of nearly all central was but natural for an international institution banks of the world, including the Federal the statutory object of which is "to promote reserve system. The necessity for the emthe cooperation of central banks and to provide ployment by central banks of their reserves additional facilities for international financial in turn placed a strain upon the Bank for operations, and to act as trustee or agent in International Settlements, in its capacity as regard to international financial settlements," the depositary for a substantial portion of the whose " operations for its own account shall reserves of many European banks of issue, only be carried out in currencies which satisfy but the large withdrawals in September were the practical requirements of the gold or gold- met without decreasing its high degree of exchange standard/' liquidity. In the second month of the fiscal year, the In the ninth month of the fiscal year, there collapse of the Oesterreichische Credit-Anstalt, gathered at Basel the special advisory comwith its ramifications throughout Central mittee, convoked by the bank because of the Europe, called for immediate aid to the declaration of the German Government that National Bank of Austria. In the third month it had "come to the conclusion in good faith of the fiscal year, there was announced the that Germany's exchange and economic life so-called " Hoover moratorium," which mate- may be seriously endangered by the transfer rially changed the scope of the operations of in part or in full of the postponable part of the the bank and the magnitude of the funds at its annuities." In the succeeding months of the disposal in its capacity as trustee for interna- fiscal year the world financial system continued tional financial settlements between govern- to undergo heavier and heavier pressure and ments. In the same month the banking the condition of Central and Eastern Europe difficulties in Germany, precipitated by whole- and of its central banks, members of the Bank sale withdrawals of short-term credit, and the for International Settlements, failed to ameliopressure upon the Hungarian exchange, necessi- rate despite a series of "standstill" agreements, tated the organization of central-bank aid to currency restrictions, rationing of imports and the Reichsbank and to the National Bank of foreign devisen, and other artificial expedients. Hungary. The cumulative effect upon the condition In the fourth month of the fiscal year, the and activities of the Bank for International London international conference declared that Settlements of the interruption of intergovernmental payments, the wholesale withdrawal 1 In addition, the report contains sections dealing with net profits, of short-term credits, the break-down of normal trustee and agency functions of the bank, together with a number of annexes showing the personnel of the bank, profit-and-loss account, international economic relationships, the call appropriation account, receipts and payments of German annuities, etc. upon central bank reserves, and the necessity All amounts of money given in the report in Swiss francs have been converted into dollars at par and then expressed in round figures. For of affording emergency credits to several the first annual report, see BULLETIN for July, 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN JUNE, 1932 European central banks, will be described later to the Bank of Spain by the Bank for Interin the report. It is a satisfaction to confirm national Settlements in connection with prethat the usefulness and use of the Bank for stabilization projects. Owing to sudden inter- International Settlements as a center for in- nal political changes and to external economic formation, for counsel, and for joint financial events, the plan of stabilization was not realized action has been greatly enhanced during the and the credit was terminated when the purperiod of stress; that, from the material point pose for which it was granted could not be of view, the business operations of the second achieved. Similarly, contact was maintained full fiscal year have resulted in net profits with the Bank of Portugal and the National exceeding by some $800,000 those earned in Bank of Yugoslavia. When the latter stabithe first fiscal period; and that the close of this lized its currency it became a shareholder in year finds the institution in a sound liquid this central institution. The bank, further, condition, with a substantial recent increase of extended its relationships generally, and also deposits of central banks for their own account, admitted as shareholders the National Banks namely, $117,000,000 on March 31, 1932, as of Norway and Albania. But the essential against $90,000,000 on December 31, 1931. emphasis of the bank's work during the first Indeed, in the course of the year, by reason of of the three phases was laid upon the necesthe interruption of intergovernmental pay- sity, if imminent dangers were to be lessened, ments, the prominence of monetary phenomena, of reducing the quantity of short-term credit and the necessity of mutual aid, the bank has in the international markets and of its transbecome more and more an instrument of central formation into more permanent capital. Conbank collaboration and a reserve center for sidering the nature of the bank's own resources their foreign currency holdings. The drop in and its special need, as a reserve center for the aggregate assets of the institution from central banks, of maintaining high liquidity, $367,000,000 at the close of the first fiscal year very definite limitations existed upon the to $217,000,000 at the end of the second fiscal amount of funds available for direct investyear is mainly due to a decrease of some ments at long term by the Bank for International $116,000,000 in the balances arising out of Settlements itself. Nevertheless, committees intergovernmental payments which were held of the board of directors examined the possifor the account of treasuries on March 31, 1931, bilities of our granting intermediate credits to by comparison with March 31, 1932. a moderate extent, primarily as an encouragement to others; and careful studies were made THE THREE PHASES OF THE YEARNS WORK as to the possibility or desirability of setting up During its second year the bank passed some international organization outside the through three distinct phases of policy and of bank for the stimulation and granting of longcorresponding activity. The first phase ter- term loans. By way of example, the bank minated about the time of the proposal of the participated in the subscription to long-term "Hoover moratorium." The second phase bonds issued by two international mortgage terminated almost contemporaneously with the banks, which had been set up by private interdepreciation of sterling. The third phase pre- national banking groups, the International vailed for the remainder of the period and its Mortgage Bank, Basel, and the Compagnie characteristics are still the controlling feature of Centrale de Prets Fonciers, Amsterdam. present developments. Events moved too rapidly, and the response During the first phase of evolution the bank to the proposals for consolidation was too slow concentrated upon its customary function of to ward off the dangerous consequences of the holding central bank reserves, of aiding in overaccumulation of short-term credits, and stabilizing currencies, of receiving and dis- this very accumulation caused the bank to tributing intergovernmental payments, of ex- enter rapidly into the second phase of its panding its business relationships, and in activity, one that for a time altered the course particular of endeavoring to assist in directing of its development and the nature of its imthe superabundant and dangerous international mediate aims. accumulation of short-term capital into the Sweeping withdrawals of short-term credits channel of longer term credits, for which from Central Europe and Germany, which were there was manifest need. Thus, active nego- increased rather than reduced by the warning tiations with the Bank of Spain in connection implied in President Hoover's proposal, caused with the contemplated stabilization of the drastic pressure upon the central banks in the peseta were conducted both in Madrid and in countries involved, which had to restitute with- Basel, and a credit of £3,000,000 was advanced in a few days or weeks large sums in foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 367 currencies that had gradually entered their Bank of Danzig had been promptly repaid in respective markets over a considerable period full. The other credits were still operative, of time and had been employed, in part, as if although in three instances capital reductions they were likely to remain, or to be replenished, of 10 per cent to 20 per cent had been effected. indefinitely. The resultant disturbance also So, in the second phase of the bank's operations, put a burden upon the exchanges and threaten- the force of events had partly altered its activied an immediate severe dislocation of the inter- ties to that of a grantor of credit during a national credit system. general economic depression, instead of dis- Emergency help was imperative to enable the charging the more normal function of a stabilaffected central banks to face the drain; and izer of monetary fluctuations resulting from to give a breathing space both to debtors and seasonal movements or from a transitory, creditors during which measures might be taken localized difficulty. to withstand the shock; and to attempt to In addition, during the second phase and as consolidate their positions. In rapid succession a consequence of the emergency central bank the Bank for International Settlements was credits and the causes which led up to them, the called upon to grant emergency credits to the bank was invited to perform certain extraor- National Bank of Hungary, the National Bank dinary functions in connection with internaof Austria, the Reichsbank, the Bank of Yugo- tional agreements and "standstill" arrangeslavia and a temporary advance to the Bank ments, such as the convocation at Basel of the of Danzig. The call came at the very moment committee recommended by the London Conwhen the natural effect of the Hoover proposal ference of July, 1931, and the appointment of was to lessen the existing and prospective work- the arbitration committee provided for by the ing resources of the institution derived from standstill agreement, between foreign creditors intergovernmental payments. In consequence, and German bank debtors, of August, 1931. to amplify its possibilities of material aid and These extraordinary functions in connection in close collaboration with central banks, the with international conferences and interna- Bank for International Settlements organized tional financial settlements between private syndicates of central banks which contributed debtors and creditors recurred during the third funds to the common constructive cause. Thus phase of the year's activity. They will be more three central banks, besides the Bank for Inter- conveniently reviewed together later in the national Settlements, participated, to the extent report, after further reference to the general of $25,000,000 each, in the credit of $100,000,- question of superabundant short-term credits. 000 to the Reichsbank, and 12 central banks, The third phase of the evolution of the besides the Bank for International Settlements, bank's year began with the fall of sterling, participated in the credits of approximately when it had become demonstrated that credit- $26,000,000 to the Hungarian National Bank. giving alone was insufficient to bridge the Further reference to this second phase of the economic difficulties or to maintain currencies year's work, that of emergency credit-granting, against the swift current of capital withdrawal appears below in connection with a review of and flight engendered by the more general the short-term credit situation and its effects. realization of the existing disequilibrium in At no time were these credits regarded as the international balance of payments, a remedies, but merely as facilities giving the deepening business depression, and a crisis of chance for corrective or defensive measures to confidence of almost panic proportions. be taken. Yet without them, and without the Fundamental reasons for the conditions and opportunity which the existence of the Bank for the possible correctives lay far deeper in the International Settlements afforded for speedy economic system than those involving only consultation and joint action between central immediate monetary steps or normal credit banks, it is a matter for conjecture whether the methods. The Bank for International Settleacute credit crisis would not have been still ments, recognizing the demoralization which more catastrophic and would not have resulted had developed and the inadequacy of additional in a swifter and wider immobilization of the grants of short-term credits, felt obliged to large creditor markets, as well as of those of refuse new applications for advances which their debtors. came to it from several central banks as a con- Delays in aggressive action and worsening sequence of the fall of sterling, and it thus susworld conditions tended, in fact, to transform pended the policy of being a substantial new the temporary credits, as the result of successive credit-giver to sundry central banks. Warrenewals, into longer term advances. At the ranted from the viewpoint of economic possiclose of the fiscal year, only the advance to the bilities, even from the purely material angle, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN JUNE, 1932 this change of policy was natural because, in resources with central banks or under their addition to the diminishing effect of the Hoover guaranty. In the case of 13 central banks, we moratorium upon the bank's working resources have received their guaranty, not only for the of government origin, the effect of the fall of credit risk in their respective markets, but also sterling in September, 1931, was to reduce the against the risk of loss through depreciation of current resources of the bank corresponding in their respective currencies. Considering the origin to the reserves of central banks. In the special statutory objects of the Bank for Intermonth of September, 1931, the bank's balance national Settlements as a promoter of cooperasheet precipitately fell by $64,000,000, thus tion between central banks and the fact that reflecting the strain upon central bank reserves it can operate only in currencies satisfying the that almost immediately resulted from the practical requirements of the gold or gold exconsternation caused throughout the financial change standard, these central banks in a spirit world by the fall of sterling over a week end. of collaboration have agreed that the invest- The immediate consequences in the monetary ments of the bank in their currencies on their field were unparalleled in their rapidity, on the markets shall in all circumstances retain one hand, taking the form of the temporary (within the gold points) the same gold value abandonment of the gold exchange standard as that which the investments had on the date by several central banks and, on the other they were originally made by the bank. The hand, the conversion of devisen into metallic generalization of such assurances would manigold, on the part of several banks of issue festly facilitate one of the statutory objects of which had for some time carried substantial the bank—that is, to provide additional faciliquantities of foreign devisen, but not as part ties for international financial operations. Secof the cover for their notes. In both instances, ond, during the third phase the bank once more the resultant tension upon the international oriented its internal organization and study in exchanges was very great, and caused the central the direction of the examination of monetary banks concerned to draw extensively on their phenomena and problems with a view to being deposits with the Bank for International prepared to serve, if the central banks them- Settlements. Furthermore, the volume of selves should so desire, as a ready instrument these deposits was adversely affected during which could be employed as a convenient centhe remainder of the fiscal year by the changed ter of discussion and action in connection with status of sterling and of the Scandinavian the monetary reconstruction which will be as currencies, because of the provisions of article indispensable after the world crisis as it was 21 of the statutes to the effect that the opera- after the World War. tions of the bank for its own account shall only Events of this second fiscal year have shown be carried out in currencies that satisfy the to what extent our monetary systems, both practical requirements of the gold or gold great and small, have become interdependent, exchange standard. Consequently, central and how internationalism in monetary matters bank balances with the bank in 1931 fell from is not merely a theory or a desirable evolution the high point of $168,000,000 on August 31, but an accomplished fact. The tidal wave of 1931, to a low of $90,000,000 on December 31, uncertainty and fear which endangered several 1931. At the close of the fiscal year they had national currencies and some banking systems, somewhat recovered in volume, i. e., to $117,originated in Austria, swept quickly on to 000,000, but still remained far below the high Hungary and Germany, and, after devastating level, and, what is more important, represented these areas, flowed onward to Great Britain in part larger deposits from a few central banks and the Scandinavian countries, sweeping down instead of being, as hitherto, widely and more their currencies, and then, backwashing into evenly spread among all the central banks with the United States, carried with it unusual which the bank is in contact. demands upon the American gold supply and The unsettled currency conditions and the credit system. No such widespread effects, intensification of the universal crisis explain the which soon extended to Japan also, could have third phase of the bank's evolution during the occurred except for the already existing essenyear, which falls under two heads. First, on tial unity of international finance and monetary the business side, events demanded a prudent relationship, which ignores political and geohusbandry of the bank's resources, a review of graphical frontiers. And this interdependence its investments on every market with the aim is not confined to the field of finance, but peneof acquiring the maximum security, a continu- trates much further into the whole economic ous conservation of the liquidity of the bank's structure of the various countries. The indices assets, and an increasing accumulation of its of production, employment, trade and profits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

369 JUNE, 1932 FEDERAL RESERVE BULLETIN show to an astounding degree the same recur- clients, were themselves able to retain only a rent tendencies in almost every country in the relatively small portion of the foreign devisen world. All the evidence available leads to the which they had received; and they intended conclusion that any hope that a single country in many instances to invest short-term funds may achieve prosperity apart from the rest of in assets which, even irrespective of the ensuing the world would indeed be based on an insecure business depression, could be mobilized only foundation. over a period of time. The menace of this situation did not appear THE INTERNATIONAL SHORT-TERM CREDIT so self-evident as it does to-day. Previous SITUATION AND ITS RESULTS experience had seemed to show that in ordinary When at the end of March, 1931, the Bank times large transfers of credits took place at a for International Settlements closed its books moderate rate. The pace at which funds for the first financial year, the depression, moved was, with rare exceptions, largely deteralthough characterized by an unusually sharp mined by the rapidity with which new funds fall in prices, still showed in most respects the could be actively employed in trade and inmain tendencies of an ordinary downward dustry. Commercial banks usually found it business trend. sufficient to hold cash balances up to 10 per On the capital markets there was a large cent or 15 per cent of their deposits; and censupply of short-term funds at declining rates tral banks usually kept a reserve in gold or of interest, the natural consequence of a slowing foreign exchange of 10 per cent or 15 per cent down of industrial investment. Government above the minimum legal reserve. These credit had not yet been seriously weakened margins normally allowed sufficient time for and a fair amount of international lending was necessary readjustments to be made to meet still taking place. capital movements, such as increasing discount The increase in available short-term funds rates, seeking replacement credits, mobilizing during 1930 made it possible for debtor coun- long-term assets and adopting other corrective tries to borrow considerably in that year on methods. When, however, short-term funds short-term account at rates which were rela- are recalled, not with the object of reinvesttively advantageous for them. It is now ment at home or elsewhere but as a result of possible to estimate that the total amount of the breakdown of confidence, the wholesale short-term international indebtedness which demands for immediate transfers are almost existed at the beginning of 1931 aggregated certain to break the system at some point. more than $10,000,000,000. At that time, This is what occurred as the sequence to the however, the magnitude of this indebtedness banking and political difficulties during the was not known, and an increase in short-term year under review. funds continued, which, if more complete In the endeavor to meet the demands, information had been available, would very private banks in the debtor countries not only likely have been moderated in view of the risks employed their own external assets but were involved. Nevertheless, central banks began soon obliged to apply to their respective central to realize that the growing short-term indebted- banks for advances and for the rediscount of ness created a danger, and they endeavored bills which they had in their portfolio or were during 1930 and the first months of 1931, with able to obtain. With the funds which they some measure of success, to strengthen their acquired they bought foreign exchange on the reserves in foreign exchange. At the begin- market or from the central banks, which thus ning of the year 1931, the 26 central banks in saw their gold and foreign exchange holdings business relationship with the Bank for Inter- diminish rapidly. It is not a matter of mere national Settlements reported foreign devisen, coincidence that, despite augmented discount in addition to their holdings of metallic gold, rates (over 12 per cent in some instances) and in the aggregate amount of about $2,000,000, other credit restrictions, the figure of redisof which some $154,000,000 were centralized counts and advances in the central banks of with the Bank for International Settlements. most of the debtor countries increased during Unfortunately, however, less than one-half of the period of pressure by an amount subthe holdings of the foreign exchange belonged stantially equal to the reduction in the gold to countries which had borrowed on short- and foreign exchange of the central banks term account. Furthermore, the private banks affected. The classical remedy of increase of in the debtor countries, which normally had to the discount rate proved inoperative in checkemploy the funds borrowed for account of their ing the withdrawal of foreign funds, for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN JUNE, 1932 reason that mobile capital was seeking security, resorted to, with a consequent depreciation of with little or no return, rather than high inter- the currencies involved. The following chroest rates coupled with currency and credit nology, which does not include South America, risks. In these circumstances the exchange throws light on the extent of these special reserves of private banks and the exchange measures adopted during the period: reserves of central banks in the troubled areas 1931 were insufficient to satisfy the ever mounting July 13. Germany closed banks for two days, and issued on July 15 restrictions of demands for transfer. Consequently the bankforeign exchange. ing systems involved turned for help to the July 17. Hungary imposed foreign exchange reprincipal financial capitals abroad, to foreign strictions. banks of issue, and to the Bank for Inter- September 17. First German standstill agreement for national Settlements. six months. September 21. Great Britain suspended the gold The extent of the emergency help granted standard. during the year 1931 is not generally recognized. September 22. Great Britain issued certain restrictions. If there be added together the total amount of September 28. Norway and Sweden suspended the gold external advances granted by central banks, by standard. September 28. Greece introduced exchange restrictions. the Bank for International Settlements, by the September 29. Denmark formally suspended the gold principal capital centers and by treasuries, in- standard (having prohibited the excluding the sums advanced to the British mar- port of gold on September 22). ket, a figure of approximately $1,000,000,000 is September 29. The Italian Finance Minister was empowered to issue exchange regulations. reached, or about one-tenth of the total amount No such regulations have been issued, of short-term indebtedness outstanding at the but voluntary regulations were later beginning of 1931. These sums, supplemented applied by the Italian Bankers' Assoby the large contributions made by the debtor ciation. markets themselves and by the diminution of October 3 Czechoslovakia introduced exchange restrictions. their central bank reserves, permitted the October 5 Finland introduced exchange restricliquidation in a single year of more than tions. $6,000,000,000 of short-term indebtedness, a October 7 Yugoslavia introduced exchange restrictions. certain proportion of which represents, of October 8 Latvia introduced exchange restrictions. course, not repatriation but transfers of funds October 9 Austria introduced exchange restricfrom one foreign country to another. Of the tions. balance of short-term credits still outstanding, October 12 Finland suspended the gold standard. a substantial part of the remainder has in fact October 15 Bulgaria introduced exchange restrictions. become blocked as the result of arrestive October 24 Estonia introduced exchange restricmeasures referred to below. It is unnecessary tions. to emphasize the havoc wrought by this vast November Norway applied voluntary exchange movement of liquid funds, or to dwell upon the restrictions. November 18 Denmark introduced exchange restricstagnation resulting from the magnitude of tions. the sums immobilized. They have each con- December 17 Japan suspended the gold standard tributed their part to the persistent fall of ^ (having prohibited the export of gold as from December 14). prices, and they have accentuated the defla- December 23 Hungary declared a partial transfer tionary forces which are oppressing world moratorium. economy. The most remarkable thing is that December 31 Finland abolished the exchange restricthe economic system has been able to withstand tions previously introduced. such dislocating forces—a fact that seems to Jan 1 u 93 a 2 ry 20 Austrian standstill agreement with indicate its inherent power of resistance. American and British banks; for six In an effort to cope with the situation, at months. March 1 Second German standstill agreement least for a time, new forces—themselves also for one year. dislocating—were introduced into the inter- March 3 Great Britain abolished the exchange national economic system as the result of the restrictions previously introduced. adoption of a whole series of steps designed March 31 Hungarian standstill agreement for six months. arbitrarily to arrest the continuation of transfers and to protect the home currencies, such Wherever foreign exchange restrictions have as exchange control, standstill agreements, been introduced, the main object has been to moratoria, restrictions of imports, and other control capital movements and especially to exceptional measures. In some instances the prevent flight of capital. In Great Britain this temporary suspension of the gold standard was was the only object. In most other countries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 371 the restrictions have served another purpose, in connection with the partial liquidation of i. e., the control of imports. Central banks, short-term capital commitments, the reflection either with or without the assistance of some of monetary events during the bank's year is government institution, have allotted foreign also visible in the movements of metallic gold. exchange for the import of " necessary" raw Since the beginning of 1931 these movements materials and commodities or have limited the may be divided into four distinct periods, which amount of foreign exchange at the disposal of correspond to the changing international finanimporters to a certain percentage of their cial phases which succeeded one another in the "normal" requirements. The systems em- course of these eventful months. ployed have varied, but in effect a new method 1. From the beginning of the year until May of interfering with trading relations has re- the flow of gold was mainly influenced by orsulted, and in many cases has made the dinary seasonal movements; the distribution working of the " most-favored-nation" clause, of newly produced gold caused an increase in and other provisions in commercial treaties, the gold holdings of a number of central banks practically inoperative. Some governments (including those in Belgium, France, Germany, have replied to these exchange restrictions by England, Japan, Holland, and the United the establishment of import "quotas," or by States). Two or three central banks, however, attempting to organize "clearing arrange- sustained losses to meet foreign obligations. ments, " with a view to obtaining payment for 2. From May to September, when the liquidtheir exporters to a given market out of the ity crisis was at its height, central banks in a payments which the local importers would number of countries which were debtors on the normally make to the same market. short-term account (Germany, England, Hun- Exchange control, with or without clearing gary, Japan, and Sweden) drew heavily on their arrangements, forces trade into a kind of gold reserves in order to repay the liabilities of strait-jacket, leaving little or no room for the their markets. Since these heavy reductions play of such economic forces, price changes and most European central banks have avoided reother factors as normally tend to reestablish ducing their gold holdings further. In Europe equilibrium. It is manifest that this interfer- the only substantial subsequent reduction has ence, like other barriers to economic freedom, been that of the Reichsbank. Outside Europe, though furnishing a temporary helpful weapon central banks such as the National Bank of of defense, offers no solution to the fundamental Japan and several South American banks have, problems but instead aggravates them in the however, continued to use part of their gold long run. reserves to meet foreign payments. If the relative position of the international 3. The depreciation of sterling in the second balances of payment is continuously to be up- half of September and the fear that other curset by changes in tariff barriers, with profound rencies previously considered invulnerable effects on the equilibrium of the different might follow suit, caused a number of central countries; if the flow of capital from one nation banks quickly to convert their foreign exto another is to be dammed by obstacles which change holdings into gold. From the United make the fulfillment of contractual obligations States, in particular, large quantities of gold virtually impossible, with the attendant de- were withdrawn. By the end of October this struction of general confidence, then the inter- movement had slowed down, but the central national monetary system can not function banks in France, Switzerland, Holland, and properly. It becomes more and more evident Belgium had in the meantime added that durable monetary stability can not be ex- $634,000,000 to their gold holdings of the end pected to exist unless international relations in of August. During the same period substanthe economic field are radically improved. In tial quantities of gold—mostly of American the reestablishment of the world credit struc- origin—were also held outside the central ture, cooperation between central banks will banks, showing a growing distrust of paper help, but the real solution of the problems in- currencies in general. Had it not been for the volved requires the determined and concerted continuous arrival in New York of gold from action of the governments. South America and the Far East, American gold stocks would have been still further THE TREND OF GOLD MOVEMENTS DURING THE depleted. On balance, the monetary gold YEAR stock in the United States was reduced by Besides the alteration in the foreign devisen $700,000,000 between the end of August and position of central banks which has occurred the end of October (the net loss from the end Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN JUNE, 1932 of March, 1931, to the end of March, 1932, governmental payments by some $183,000, a being, however, only $309,000,000). relatively trifling sacrifice for the bank to bear 4. In the late autumn gold began to flow in the common effort to attenuate the burden from India, where some of the gold which had upon the already overcharged exchanges of the been hoarded in large quantities was sold by current transfers in respect of intergovernthe public partly as a result of the distress mental debt. A more important business conduring a prolonged business depression, partly sequence was the reduction of the mobile in order to profit by the depreciation of the resources otherwise at the command of the rupee which had followed that of sterling. To bank, as depository for the moneys which were date about $193,000,000 have in this way been generally paid by the debtor countries in added to monetary gold stocks. This gold equal monthly installments and generally not only played an important role in bringing disbursed at half-yearly intervals. But even assistance to the London market at a difficult such resources, if received by the bank, would period; it also seems to have had a psycho- have been employed during the intervening logical influence on the public by lessening the period between receipt and disbursement, fear of a "scarcity of gold" and thus reducing partly in the markets of the creditor countries hoarding. which renounced the payments, and partly in The Bank for International Settlements in the markets of the debtor countries, which its direct business operations was affected enjoyed a far greater benefit by not being by these gold movements in a minor degree obliged to make these payments at all. An only. In some instances it purchased and additional effect on the funds of the bank has delivered or held gold as an agent for some been the gradual withdrawal by the creditor of the smaller central banks. In other instances treasuries of their balances on hand when the it transferred gold held by it for one central moratorium was instituted, either because of bank to the account of another central bank. their own budgetary deficits, or for financing Speaking broadly, however, the gold acquired deliveries in kind from Germany which had was either moved to the vaults of the acquiring been ordered prior to the inception of the central bank or left by it under earmark in Hoover moratorium. Thus, funds of the the custody of the supplying central bank. treasuries on March 31, 1932, had fallen to At the end of the second fiscal year the bank $13,000,000 in comparison with $77,000,000 was the custodian of gold for the account of on June 30, 1931. central banks in the amount of only some From the broader point of view, the real con- $23,000,000. No part of this gold is carried sequence of the moratorium was the utilization on the monthly or annual balance sheets of the bank as a convenient center to secure reporting the situation of the assets and lia- relatively quick action in the international bilities of the bank itself. financial sphere. Despite the Franco-American accord of July on the main substance of the THE HOOVER MORATORIUM AND THE BANK Hoover proposals (the details of which, as modified in agreement with the other interested On June 20, 1931, the American Govern- governments, were finally expressed in the ment, through its President, proposed the post- London Protocol of August 11, 1931, referred ponement during one year from July 1, 1931, to later in this report), credit and banking diffiof all payments on intergovernmental debts. culties continued to intensify in Germany; and With certain adjustments, the substance of this these led to the convocation of the international proposal was accepted by the various creditor conference which met in London in the third and debtor nations. Its application is popular- week of July, 1931. That conference declared, ly referred to as the "Hoover moratorium." in part, that the governments represented were The extent to which the observance of the ready to recommend for the consideration of moratorium has led to a restriction of the their respective financial institutions: regular business operations of the bank has been "That the central bank credit of $100,000,000 frequently misunderstood; and, moreover, its recently granted to the Reichsbank under the effect upon the broader scope of the bank's auspices of the Bank for International Settleactivities has been greatly to expand them. ments, be renewed at maturity for a period of From the viewpoint of revenue, the execution three months." * * * "The conference of the Hoover proposal has reduced the com- recommend that the Bank for International mission which the bank would otherwise have Settlements should be invited to set up without received in connection with handling inter- delay a committee of representatives nominated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 373 by the governors of the central banks interested Settlements has, at the request of all parties to inquire into the immediate further credit to the agreement and in view of its internaneeds of Germany and to study the possibilities tional functions, agreed to set up a committee of converting a portion of the short-term credits with full power to deal with such cases." into long-term credits." The Bank for International Settlements The foregoing resolutions were communicated appointed as an arbitration committee Messrs. to the Bank for International Settlements by Marcus Wallenberg (chairman), T. H. Mctelegram and letter under date of July 23, 1931. Kittrick, jr., and Franz Urbig. When the Acting pursuant to the second resolution, a standstill agreement expired under its terms committee of representatives nominated by the on February 28, 1932, and was thereupon governors of the central banks of Belgium, renewed for another year, the same arbitra- France, Germany, Great Britain, Holland, Italy tion committee was reappointed, with the Japan, Sweden, Switzerland, and the Federal addition, as alternates for the members, of Reserve Bank of New York was forthwith set Messrs. Carl Trygger, G. Tyser, and Robert up and met in the bank's offices at Basel on Pferdemenges. August 8, 1931. It concluded its report on The report of the committee appointed on August 18, 1931. The report, with annexes, the recommendation of the London Conference was immediately published, so it is necessary was signed by all members of the committee, to summarize here only a part of the relevant namely, Messrs. Albert H. Wiggin (chairman), conclusions. As to additional short-term Alberto Beneduce, R. G. Bindschedler, E. credits, the committee considered that it was Francqui, P. Hofstede de Groot, Walter T. " obvious that if the additional capital required Layton, C. Melchior, E. Moreau, O. Rydbeck, by Germany were supplied in the form of and T. Tanaka. short-term credits she would be faced with Due in part to the committee's earnest recoma still greater difficulty than at present in mendation that the governments should concert meeting the obligations that will become together with respect to the necessary measures due in six months' time when the period of for economic restoration and assistance to Gerprolongation of existing credits comes to an many, there followed a series of diplomatic end.7' pourparlers and individual conversations be- As to long-term credits, the committee felt tween government heads, which culminated in that such loans were needed, but said: "If we the decision of the German Government to refrain from putting forward detailed schemes apply to the Bank for International Settleto this end, it is only because of our conviction ments, in accordance with article 119 of the that action which lies outside our province must new plan (Young plan), for the convocation of first be taken before any long-term German the special advisory committee provided for by bonds, however well secured, can be sold. We that plan and referred to in article 45 of the therefore conclude by urging most earnestly bank's statutes. On November 19, 1931, the upon all governments concerned that they lose German Minister of Finance, " in the name of no time in taking the necessary measures for the German Government/' transmitted to the bringing about such conditions as will allow president of the bank a memorandum formally financial operations to bring to Germany—and requesting convocation of the committee and thereby to the world—sorely needed assist- stating, in part: ance." "In accordance with the new plan the appli- In their report the committee also outlined cation requires a declaration by the German the proposed standstill arrangements with Government to the effect that ' they have come respect to existing short-term bank credits in to the conclusion in good faith that Germany's Germany, an agreement concerning the main- exchange and economic life may be seriously tenance of which at about their existing total endangered by the transfer in part or in full of for a further period of six months from Sep- the postponable portion of the annuities.' In tember 1, 1931, was simultaneously reached in making this declaration, the German Govern- Basel between the German private bank rep- ment must expressly state that such a declararesentatives and the foreign private bank tion does not do justice to the present situation. representatives. The committee added: "For Since the new plan was framed, the economic the adjustment of any differences which may and financial situation in the world, and pararise as to the interpretation and execution of ticularly in Germany, has been fundamentally this agreement, the Bank for International altered by a crisis without parallel." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN JUNE, 1932 Upon receipt of this declaration, the board of added greatly to the real burden, not only of the bank promptly requested the nomination German annuities but of all payments fixed in of the seven ordinary members of the commit- gold. tee in the manner provided by the new plan, "In the circumstances the German problem— that is to say, by the governors of the Reichs- which is largely responsible for the growing bank, the Banque de France, the Bank of financial paralysis of the world—calls for con- England, the Banque Nationale de Belgique, certed action which the governments alone can the Banca d'ltalia, the Bank of Japan, and the take. Federal Reserve Bank of New York. The governors respectively nominated Messrs. Carl Melchior, Charles Rist, Walter T. Layton, E. "In this connection, certain considerations Francqui, Alberto Beneduce, D. Nohara, and seem to us of great importance. Walter W. Stewart. The ordinary members "The first is that transfers from one country met in the bank building in Basel on Decem- to another on a scale so large as to upset the ber 7, 1931, and, after coopting four additional balance of payments can only accentuate the members as permitted by the new plan, and present chaos. after electing Professor Alberto Beneduce chairman of the committee, they entered upon their investigation which terminated December "Again, the adjustment of all intergovern- 23, 1931. The four coop ted members were mental debts (reparations and other war Messrs. Rudolf G. Bindschedler, H. Colijn, G. debts) to the existing troubled situation of the Diouritch, and O. Rydbeck. The results of the world—and this adjustment should take place deliberations of the committee were set forth without delay if new disasters are to be avoided in its unanimous report,1 dated December 23, —is the only lasting step capable of reestab- 1931, which was published and distributed in lishing confidence which is the very condition of four languages. The relevant conclusions, economic stability and real peace. contained in Chapter IV of the report, are as follows: "It is evident from the facts outlined in the "We appeal to the governments on whom the preceding chapters that Germany would be responsibility for action rests to permit of no justified in declaring, in accordance with her delay in coming to decisions which will bring rights under the Young plan, that in spite of an amelioration of this grave crisis which the steps she has taken to maintain the stability weighs so heavily on all alike." of her currency she will not be able in the year A government conference has been scheduled beginning in July, next, to transfer the condi- to meet in Lausanne during the month of June, tional part of the annuity. 1932. "The committee, however, would not feel that it had fully accomplished its task and CENTRAL BANK COLLABORATION DURING THE justified the confidence placed in it if it did not PERIOD draw the attention of the governments to the In the period under review, central bank unprecedented gravity of the crisis, the magnicollaboration has expressed itself most notably tude of which undoubtedly exceeds the 'relain the volume of intercentral bank advances tively short depression' envisaged in the Young which were made in the mutual effort to hold plan—to meet which the lmeasures of safetogether the fabric of the international credit guard ' contained therein were designed. system. Besides, the rising tide of monetary "The Young plan, with its rising series of and financial difficulties naturally caused the annuities, contemplated a steady expansion in banks of issue to maintain closer and more world trade, not merely in volume but in value, continuous contact than ever before, either in which the annuities payable by Germany through or at Basel or by direct exchange of would become a factor of diminishing importviews, of plans, and of information. In May, ance. In fact the opposite has been the case. 1931, there gathered at the bank's offices, Since the Young plan came into effect, not only immediately after the general meeting of sharehas the trade of the world shrunk in volume, holders, the representatives of 24 central banks but the very exceptional fall in gold prices that for the purpose of the discussion of a number has occurred in the last two years has itself of monetary and credit problems. So large a gathering of central bank officials, including *See FEDERAL RESERVE BULLETIN, January, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

375 JUNE, 1932 FEDERAL RESERVE BULLETIN 20 governors, had never before assembled. were 173,600 shares of the capital stock out- The need for increased cooperation in studying standing on March 31, 1932, 25 per cent of the currency and credit questions and in collecting value of which had been paid up ($20,940,500). and exchanging statistical data was especially At the close of the first fiscal year, the number emphasized in the discussions. As a conse- of shares outstanding, 25 per cent paid up, was quence, there has been organized in the bank a 165,100 ($19,915,000). The statutes provide monetary and economic department which that, during the two years following the incorclosely follows the changing trends in the poration of the bank, the board of directors various money markets and collates statistical shall arrange for the subscription of any uninformation. In fulfillment of a wish expressed issued portion of the authorized capital, and by various central banks that the department that any part of the capital which at the end should gather detailed data directly from of two years remains unsubscribed shall then central banks with regard to the various regula- be subscribed (or subscriptions arranged for) tions and practices when dealing in gold, an by the seven banking institutions which founded inquiry into the subject was conducted by way the bank. The directors have arranged for the of questionnaire addressed to 27 central banks, subscription by the seven banking institutions and the authoritative replies were distributed during the month of May, 1932, of the remainin two bound volumes to the interested banks of ing 26,400 shares that have not been issued, issue. principally because of the ineligibility of several A second compilation was published during central banks desirous of becoming member the year, namely " Foreign Exchange Regula- banks in the Bank for International Settletions in the Different Countries/' a reprint or ments, but whose national currencies do not translation of the laws and decrees relating to satisfy the practical requirements of the gold exchange restrictions which had been adopted or gold exchange standard. In order to admit in the European countries during 1931. The such banks at a later date when they may have need for such official information was demon- become eligible, arrangements have been made strated by the Prague Conference of central with the seven banking institutions to retrocede bank experts, convened by the Bank for Inter- in equal proportions, upon the request of the national Settlements in November, 1931, forboard of directors, such number of the shares the examination of problems connected with now about to be issued as may be needed for foreign exchange restrictions and clearing transfer to new central banks applying for memarrangements and their effect upon central bership. bank operations. This conference was at- Deposits and investments.—Out of the total tended by experts or observers representing of sight and short-term deposits held by the the national banks of Bulgaria, Czechoslovakia, bank on March 31, 1932, 67.6 per cent had Germany, Greece, Poland, Rumania, Yugobeen effected in dollars, 15 per cent in French slavia, Austria, and Hungary. francs, 4.6 per cent in reichsmarks and the The two last mentioned banks, in connection remainder of 12.8 per cent in various other with the especially severe conditions prevailing currencies. Of the long-term deposits with in their markets during the period under review, the bank, 77 per cent, representing the balance requested the Bank for International Settleof the annuity trust account as shown on ments to suggest foreign advisers to be ap- Annex Va, and the German Government depointed by the respective institutions. The posit, are expressed in reichsmarks, and 23 bank suggested Dr. G. W. J. Bruins, who was per cent in dollars. The off-setting assets appointed adviser by the Austrian National include our holdings in Germany, which, in Bank, and Mr. Henry J. Bruce, who was addition to the Reichsbank credit of $22,500,appointed adviser by the Hungarian National 000 (originally $25,000,000) represent 28.2 per Bank. cent of the total investments. Of the total of our investments, 85.9 per cent (1931, 41 per SHARE CAPITAL; DEPOSITS AND INVESTMENTS; cent) were placed with central banks, 10.8 per NET PROFITS cent (1931, 20 per cent) with banking institu- Share capital.—The authorized capital of the tions selected by central banks, and the rebank is $96,500,000 (500,000,000 Swiss gold mainder, 3.3 per cent (1931, 39 per cent), with francs), divided into 200,000 shares of equal or through institutions selected by us with the gold nominal value. The statutes provide that knowledge of the interested central banks. 25 per cent only of the value of each share shall All investments are regularly made through be paid for at the time of subscription. There the intermediary of the central banks con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN JUNE, 1932 cerned, which are thus aware of all operations ANNEX 1.—CENTRAL BANKS OR OTHER BANKING in their markets. This rule, which has been INSTITUTIONS ALLOTTED SHARES OF THE BANK followed from the beginning, eliminates the DURING THE PERIOD FROM MAY 17, 1930, TO MARCH 31, 1932 possibility of the bank's acting in contradiction to the credit policy of the local bank of Number Date of acissue. Thanks to this practice, there has been Shares, 25 per cent paid up, allotted to— of shares quisition no instance to date of the use of the veto right, Bank of England, London. 16,000 May 20,1930 Banque Nationale de Belgique, Brussels 16,000 Do. which, in accordance with the statutes, each Banque de France, Paris 16,000 Do. central bank is entitled to exercise with respect Banca d'ltalia, Rome _ _ 16,000 Do. Reichsbank, Berlin. 16,000 Do. to any operation in its market which it does A group of 14 Japanese banks led by the Industrial Bank of Japan, Tokyo 16,000 Do. not desire. The American Group— Net profits and their distribution.—On the J. P. Morgan & Co., New York The First National Bank of New York, now outstanding capital stock, the payment of New York . 16, 000 Do. The First National Bank of Chicago, a dividend at the rate of 6 per cent per annum, Chicago that is, the same rate as was paid last year, De Nederlandsche Bank, Amsterdam 4,000 Do. Schweizerische Nationalbank, Zurich. 4,000 Do. requires $1,244,227 (1931, $995,156). The net Sveriges Riksbank, Stockholm 4,000 Do. Bank von Danzig, Danzig 4,000 June 25,1930 profits of the year, after writing off all losses Finlands Bank, Helsingfors 4,000 Do. suffered as the result of the depreciation of cur- Banque de Grece, Athens 4,000 Do. Oesterreichische Nationalbank, Vienna. 4,000 Do. rencies, and all other losses, and after provision Banque Nationale de Bulgarie, Sofia 4,000 Do. Nationalbanken i Kj0benhavn, Copenhagen.. 4,000 Do. for further contingencies, is $2,930,284 (1931, Banque Nationale de Roumanie, Bucharest... 4,000 Do. $2,158,999). In the year-end balance sheet, all Bank Polski, Warsaw 4,000 Do. Magyar Nemzeti Bank, Budapest 4,000 Do. currencies are valued at or below the least favor- Narodnl Banka Ceskoslovenska, Prague 4,000 Do. Eesti Pank, Tallinn 100 Oct. 31,1930 able market rate prevailing on March 31, 1932, Latvijas Banka, Riga 500 Dec. 30,1930 and all assets are valued at or below market Lietuvos Bankas, Kaunas 500 Mar. 31,1931 Banque Nationale d'Albanie, Rome 500 Apr. 30,1931 quotations, if any, or below cost. In computing Norges Bank, Oslo _ 4,000 May 30,1931 Banque Nationale du Royaume de Yougothe above profits, no account has been taken of slavie, Belgrade 4,000 June 28,1931 exchange gains arising by reason of the bank's Total.. 173,600 happening to be short in any depreciated cur- NOTE.—The remaining unissued portion of the total authorized capital rency; such book profits are carried in a sepa- of 200,000 shares, that is to say, 26,400 shares, will be taken up in equal rate suspense account. proportions on May 31, 1932, by the 7 banking institutions or banking groups first above listed, which founded the bank. BALANCE SHEET OF THE BANK FOR INTERNATIONAL SETTLEMENTS AS OF MARCH 31, 1932 Resources (i s f n S a r w a n t n h d i c s o s s s ) u- D (i s n o a l n t l h d ar s o s ) u - » Liabilities (i s n f S a r a w n t n d h i c s s o s s ') u- ( D i s n o a l n t l d h a s r o s ) u - ' I. Cash on hand and on current account with I. Capital: banks 14,212 2,743 Authorized 200,000 shares, each of 2,500 II. Sight funds at interest 74, 385 14, 356 Swiss gold francs.._ 500,000 96,500 III. Rediscountable bills and acceptances: (1) Commercial bills and bankers' ac- Issued 173,600 shares 434,000 83,762 ceptances 473, 560 91,397 Of which 25 per cent paid up 108,500 20,941 (2) Treasury bills „ 136,738 26,390 II. Reserves: (1) Legal reserve fund 559 108 610,299 117,788 (2) Dividend reserve fund 1,094 211 (3) General reserve fund 2,188 422 IV. Time funds at interest: (1) Central bank credits 184, 767 35,660 3,842 742 (2) Other funds not exceeding 3 months III. Long-term deposits: maturity _. 21, 769 4,201 (1) Annuity trust account 153,623 29,649 206, 536 39,861 ( ( 2 3 ) ) G Fr e e r n m c a h n G G o o v v e e rn rn m m e e n n t t g d u e a p ra o n si t t ee fund. 6 7 8 6 , , 6 8 4 1 9 1 1 1 4 3 , , 8 2 2 4 5 9 V. Sundry bills and investments: 299,083 57, 723 (1) Maturing within 3 months— IV. Short-term and sight depOwSits: ( ( 3 2 ) ) B O e v t e w ( ( r a b e 6 ) ) e m n T S r o u 3 e n n a a t d n s h r u d s y r y 6 i n m b v i o e ll s n s t t m hs ents 1 4 3 2 7 5 6 , , , 8 7 7 5 5 6 8 1 2 9 9 0 2 9 6 4 , , , 1 9 4 1 6 1 6 5 9 9 6 2 (1) Cent ( ( r a b a ) ) l N b S a i o n g t k h e s t x f c o e r e t d h in e g ir 3 o w m n o n ac th c s ount: 4 1 6 4 3 5 , , 0 1 3 5 0 5 8 2 9 8 , , 3 0 6 1 5 5 608,185 117,380 210, 918 40, 707 (2) Central banks for the account of VI. Other assets - 9,661 1,865 (3) O o th th er e r d s e : p S o i s g i h to t rs: Sight 6 7 8, , 1 8 5 2 4 3 1 1 3 , , 5 1 1 5 0 4 V. Miscellaneous items 15,242 2,942 VI. Surplus: Profit for the financial year ended March 31,1932 15,183 2,930 Total resources _ 1, 126,011 217,320 Total liabilities 1,126,011 217,320 1 Conversion at par: 1 Swiss franc=$0,193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 JUNE, 1932 FEDERAL RESERVE BULLETIN FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total (47 United End of month countries) States Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria SovSfe Denmark Germany 1931—January 10,962 4,285 92 5,313 191 679 2,176 535 February 11,016 4,309 94 5,350 197 685 2,192 544 March 11, 079 4,343 96 5,388 200 699 2,200 553 April 11,115 4,373 99 5,395 201 712 2,180 564 May 11, 225 4,445 102 5,428 201 735 2,181 569 June 11, 272 4,593 87 5,351 199 793 2,212 [339 July 11,218 4,587 87 5,353 214 643 2,290 325 August 11,294 4,632 89 5,415 221 649 2,296 325 September... 11,273 4,364 83 5,689 346 656 2,326 310 October 11,127 3,905 6, 066 357 660 2,534 273 November.... 11, 224 4,031 6,113 356 587 2,659 239 December... ' 11, 263 4,051 6,189 354 2,699 234 1932—January '11,310 4,009 6,300 352 2,808 226 February 11,385 3,947 6,444 351 588 2,942 221 March _ 11,460 3,986 6,484 349 588 3,012 209 April * 11,472 3,956 6,525 351 3,052 205 May »3,714 353 39 3,115 *205 Europe—Continued End of month Greece Hungary Italy N la e n th d e s r- Norway Poland Po g r a t l u- Ru n m i a a - Spain Sweden Sw la i n tz d er- u. s.s. Y sla u v go ia - 6 c o o u t n h - er R. tries 1931—January 279 175 39 56 126 249 18 February... 279 179 39 56 466 124 249 18 March 279 179 39 53 467 124 259 18 April 279 181 39 53 467 124 259 18 May 280 181 39 53 468 124 262 18 June 282 200 39 53 162 262 18 July 283 236 39 53 225 267 18 August 283 260 39 53 439 229 280 21 September. 286 282 39 54 439 328 293 21 October 293 336 46 54 434 422 309 25 November. 296 362 42 54 434 425 315 26 December . 296 357 41 58 434 453 328 26 1932—January 296 351 42 13 ! 58 434 472 329 26 February.. 296 353 42 15 ! 57 434 482 329 26 March 354 42 16 j 57 434 471 330 26 April 364 42 17 i 57 434 471 331 27 May 384 42 i 493 335 Latin America Far East Africa End of month Colombia Peru 1931—January.... 14 18 February.. 15 18 March 12 18 April 12 18 May 10 18 June 10 16 July 10 14 August 10 11 September. 8 13 October. __ 11 17 November 10 17 December. 9 17 53 -21 1932—January... 6 15 52 '21 505 February. 7 14 52 '21 505 March 7 13 52 21 501 April 8 12 52 P22 499 *> Preliminary. * Revised. Figures for 33 countries are as of final day of month; for the other 14 countries—including England, France, and Netherlands—they are as of last report date of month. See BULLETIN for July, 1931, p. 399. The 6 European countries and 6 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Bolivia, Brazil, Chile, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for July, 1931, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN JUNE, 1932 GOLD PRODUCTION [In thousands of dollars) Production reported monthly Estimated Month world Africa production Total A So fr u ic th a Rhodesia A W fr e ic st a B C e o lg n i g a o n Canada Mexico Australia Japan India 1930 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 43,454 13, 827 9,553 7,531 6,785 1931 January 36,407 28,247 19,151 960 443 282 4.192 1,282 634 657 648 February _._ 34, 453 26, 293 17,427 438 271 4,033 1,012 869 764 580 March 35, 917 27, 757 18,791 453 285 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 July. 36, 332 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.. _ 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 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). 438,381 340, 460 224, 863 11,193 5,543 3,516 55, 316 12,879 12,134 8,201 6,815 1932 January * 37,636 IP29, 476 19. 587 921 460 323 4,834 \ 1,106 ' 1,084 628 534 February f 36, 714 !v 28. 554 18,935 956 453 309 «4,670 ! 948 P 1,101 657 525 March v 38,354 |P 30,194 19,846 484 334 5,285 I 862 » 1,101 741 545 B Corrected. 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 December, 1930, represents the sum of this average difference and the figure actually reported for the month. 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 i e u l m - 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 I r n i 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 December 32,742 10 22,885 395 4,922 1 107 249 3,174 Total (12 mos.). 280,087 -275 -73,675 6 16 6,872 20,390 20, 222 87,776 9,097 22,2111 156,609 30,838 1931 January 34, 372 3 1 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 March. 25,645 50 c 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 l 30,842 July 19,503 8 4,871 466 8,305 87 1,544 1,246 2,980 August 57,500 1,501 -10 -5 2 208 8,802 5,383 142 4 1,046 25,000 * 13,435 September 20, 561 23-24,087 -4,172 -349 8,837 4,260 25, 770 3 095 3,596 3,586 October -337,685 685—324 500—Q fi7S-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 (12 mos.). 145,325 8,797-344,514-15,583 -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 7 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 -30,239 -1,922 -24, 527 -669 -18,707 -115 7,267 3,329 7 2,402 2,013 682 May* -198,903 -5,711 -59,603 -19,035 -70,454 —55,084 4,493 666 182 3,734 2,437 -528 1 $25,990,000 imported from Germany. * $11,000,000 imported from Germany. * Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 JUKE, 1932 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total n p et o r i t m s - U S n ta i t t e e s d France m G a e n r- y g B iu el m - 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 li s a tra- R W A h S e o f o s d r u t i e c t s h a A i , a f- , c o o A th u l e n l r rica tries 1930 December _ -35,383 -65,750 -9,963 -1,218 -19 -685 16,501 -124 231 464 20,997 4,183 Total (12mos.)-- '23,658 283 -268,831 ' -78,862 -9,090 -981 -23,190 57,896 -8,177 1,526 116,415 213,774 J 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 54,300 -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 » -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 -2,458 1,003 7,462 400 419 21,017 -256 November » -44,977 -4,144 -61,412 -2 -66 -12^370 -10,003 692 23,930 214 1,107 15,426 1,649 December * -15,602 -7,086 -24,939 -515 -155 -4,290 -18,564 19,527 417 64 19,499 442 Total (12mos.)"- -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 26,148 1,207 17, 795 71 -53 -1,955 -16 17,393 899 1,083 24,893 420 May " 18,109 7,575 -7,197 -18 -2,539 -10,763 -148 10,423 676 279 18,673 1,146 France Germany • Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta it te e s d E la n n g d - 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 U S n ta i t t e e s d E la n n g d - France N l e a e t n r 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 l e e n l s r - 1930 December... 65,035 ! 63,998 -29 1,066 9,250 7,6 91 45 1,349 Total (12mos.)_ 4fiO, 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 1931 | January 67,819 67, 031 -1 -15 -1 805 11,966 —1 1,321 172 75 10, 338 30 February 3«,205 35,992 -38. 251 12,098|. 2,008 63 163 9,826 16 March _ 10, 558 9,643 -18 -1 934 12 1,247 895 177 7,718 469 April—. _,„ 2,736 2,218 -13 -7 538 11,383 1 563 41 309 47 10,327 95 May.. -12.090 -12, 749 2571 -20 -3 425 6,371 12 248 45 424 42 5,169 431 June -9. 5581 -6,326 316 4,114 -21 -8,262 621-205^543 -25,927 -40,029 -97, 630-24,159 5,154 July __„ 149,150 29, 520 89, 786 -19 n * 29,872 -6.243J -10,963 -1,949 54 151 5,218 1,227 August.. 72, 952 78, 366 -29 -5,996 611 934 112 216 548 -23 80 September 418' 209 902 9 -10 -1,818 1,137| -16,947 547 3 -5, 558 11,859 —80 October- 273,734 243,956 21,738 6,060-3, 553 -153 5,6851 -31,473 681 120 -5,951 -1i0n, 9ft6e5t 20, 620 5,183 78 November 122, 372 99,876 40, 447 91 22, 741-42, 572 1, 789| -41,968 18 49 181-16,455 25,594 -4 December 13,881 3,164 26,132 1 -232 -22,386 7,203 875 7 642 56| 150 103 17 Total (12 mos.)- 728,176 328,130 312,561 100,0501 18,775-81,207 49,867-247,950-36,160 -35,221-102,019,-55,142-63,866 58, 932 -14, 475 1932 I January 74,0071 65,062 «10,735! —46i 6,755 -9,899 1,401 328 16 -564 671 164 February 184,1711 82, 580 90,947j '-4 9,601! -1,592 2,639 -5,262 4 -5,501 1,053 March 147, 604J 71, 279 49,028! r 13,889; 12,561 1 ' 830! -5,251 -7,83l| -61 -2,683 5,138 188 April 60,3401 23,8881 -15! 2,012 .428 -4,054| -8,319 -18 -5,407, -8,388 42 5,254 197 * $29,229,000 imported by Great Britain from Spain. • $17,555,000 exported by Germany to Belgium * $29,233,000 imported by France from Spain. »Preliminary figures. r Revised. • Corrected. • 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

380 FEDERAL RESERVE BULLETIN JUNE, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Switzerland Net imports from— Net imports from— Month Total Total net All net All imports United Ger- other imports United South other States England France many coun- States England France I many Africa countries tries 1930 December... 10 31 -21 267 684 1 j -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 -43 -8 671 972 -16 -63 -223 February -118 19 -164 -54 201 -70 -185 March -156 -14 -142 -111 143 —42 -58 -153 April -433 -65 -392 -10 100 -32 -39 -38 May -519 -145 -382 -13 ! -18 123 -6 -11 -123 June 24,384 -21 24,176 207 17,475 3,269 8,220 6,110 -146 July... 9,397 9,820 -229 —232 3,597 23 1,072 2,300 -36 332 -69 August 60,076 60, 722 -556 -128 18,096 186 66 50 11,044 » 6,751 September 19,020 15,387 -113 1 3,831 25, 505 1,722 23 1 16,577 « 7,181 October 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 -75 203 55 Total (12 mos.)- 198,619 39,413 117,591 -21,024 66,059 6,580 222,761 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 1,972 304 February 2,608 8,810 5,446 -9,900 320 -2,069 17,658 1,411 5,725 5,423 -630 March ._.- -1,886 6,342 3,870 -11,028 34 -1,105 4,698 82 5,733 -2,069 65 April 7,737 2,799 867 -771 8,445 8 -3, 602 2,538 65 116 -95 «2,616 British India * I Month Net imports from— _| Gold pro- \ i I n n c G re o a v se - Increase Total net duction | ernment in private imports U S n ta it te e s d England a A Z n u e d a s t l N r a a n e l d w ia Iraq A So fr u ic th a ! | c A o l u l n o t t r h i e e r s iinn IInnddiiaa ? i r i r n ee ss I ee n rrv d ve i e a ss i h n o l I d n i d n i g a s i 1930 December.. 123 152 702 1,367 Total (12 months)... 57,672 8,681 8,053 2,402 26,513 12,023 6,806 I 200 64,278 1931 January -286 -1,024 94 138 247 260 649 362 February 880 323 211 113 49 184 582 1,453 March 943 -26 418 144 113 294 596 6,942 -5,403 April 600 102 199 118 74 107 563 6,168 -5,005 May 696 295 99 167 24 111 523 5,866 -4,647 June ... -1,752 -4 -2,254 170 146 25 165 491 3,397 -4,658 July. -803 -1,539 404 79 253 502 7,362 -7,663 August -270 -10 -979 224 202 70 223 517 3,760 -3,513 September... 175 -2J 96 -291 993 460 738 i 471 564 21 718 October -26,058 -8,273 -10,179 23 279 479 « -8,388 675 -353 -25,030 November.... —24,217 -3,307 -17,610 372 io -3,673 592 359 -23,984 December -45,596 -5,294 -39,539 152 -921 581 0 -45,015 Total (12 months). -19,084 -72, 721 2,835 2,370 | 1,825 -10,914 6,835 33, 532 -122,385 1932 January... -24,029 -2,863 -21,419 28 ! 225 536 18 February. -17,672 -363 -17,353 28 527 -2 March -18,670 -90 -18,788 189 547 -7 April. *-ll,970 P-547 i i $4,020,000 imported by Netherlands from Dutch East Indies, a $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. 8 $1,791,000 was exported from Netherlands to Poland; $2,325,000 to Switzerland. 6 $2,308,000 imported by Switzerland from Netherlands. 7 Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930. • Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. • $7,575,000 was exported from India to Netherlands. io $1,891,000 was exported from India to Netherlands; $2,173,000 to France. • 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. » Preliminary- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 381 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Apr. Mar. Feb. Apr. Apr. Mai. Feb. Apr. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold * 257 257 257 382 Gold reserve against Dominion notes.. • 83 Notes issued l v 539 544 544 558 Advances to banks under finance act.. 11 Irish Currency Commission (thousands Dominion notesof pounds sterling): Issued 153 157 162 148 Legal tender note fund— Outside chartered bank holdings__ 29 28 29 27 British legal tender and bank Indian Government (millions of rupees): balances _. 112 71 154 130 Gold standard reserve- British securities 7,155 «7, 196 6,617 7,227 Gold 391 394 112 Notes issued _ 7,267 •7, 268 6,771 7,357 Foreign exchange 145 143 139 421 Consolidated bank notes *— Paper currency reserve— Issued _ 4,406 4,393 4,367 4,079 Gold 55 53 49 275 Deemed such under sec. 60 (4) of Silver coin and bullion 1,105 1,112 1,122 1,254 currency act, 1927 1,560 1,580 1,603 1,844 Other assets 523 617 624 72 Notes issued 1,683 1,781 1,795 1,601 i Includes a small quantity ol subsidiary coin, amounting on Mar. 31,1932, to 15,000,000 pesos. * The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Apr. 2, Mar. 5, and Feb. 6, 1932, and Apr. 4, 1931* The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. 9 Preliminary. • Corrected. 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 Apr. 30 Mar. 31 Apr. 30 Apr. 30 Mar. 31 Apr. 30 Cash on hand and on current account with Short-term deposits: banks 2,991 2,743 1,458 Central banks for own account- Demand funds at interest. 13, 781 14, 356 19,840 Demand ._ 61,747 89, 365 56,987 Rediscountable bills and acceptances (at Timecost): Not exceeding 3 months. _ 58,017 28, 015 88, 243 Commercial bills and bankers' accept- Between 3 and 6 months., 2,102 ances 87,554 91, 397 85, 578 Treasury bills — _. 30,147 26, 390 39, 347 Total . 119, 764 117, 380 147, 331 Total. 117, 701 117, 788 124, 926 Central banks for account of others— Demand. 11,855 13,154 29,424 Time funds at interest: Time—not exceeding 3 months 113,869 Not exceeding 3 months.. 48, 927 39, 861 181,399 Between 3 and 6 months. 1,420 Total . 11,855 13,154 143,293 Total. 48, 927 39, 861 182, 820 Other depositors- Demand 769 1,510 44 Sundry bills and investments: Time—not exceeding 3 months., 1,066 2,664 Maturing within 3 months— Long-term deposits: Treasury bills.. 17,925 24,466 Annuity trust account 29, 677 29,649 | 29,842 Sundry investments 11, 521 9,169 German Government deposit __ 14,839 14,825 I 14,921 Between 3 and 6 months 4,584 6,919 i 43, 601 French Government guaranty fund. 13,249 13,249 ! 13,279 Over 6 months 188 152 Total 57, 765 57,723 58, 042 Total 34,217 40,707 43, 601 Capital paid in 20,941 20,941 19,976 Other resources 1,930 1,865 2,428 Reserves: Legal reserve fund 108 108 Dividend reserve fund. 211 211 General reserve fund... 422 422 Other liabilities 5,872 3,722 Total resources.. 219, 549 217,320 375,072 Total liabilities. 219,549 217, 320 375, 072 i Composed of $36,338,000 of investments not exceeding 1 year and $7,263,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN JUNE, 1932 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 issue Note Bank of England d m e e p n a t r ) t * - C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se t c ie u s ri- cir ti c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - Millions of pounds sterling: 1931—Mar. 25 143.6 .9 54.8 11.4 52.1 348.8 67.7 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 July29_ 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. 30 120.7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Jan. 27 120.8 .6 49.9 12.9 82.5 345.9 74.3 15.3 38.2 18.1 Feb. 24. 120,8 .6 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 .6 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27. 120.8 .7 43.0 11.5 79.4 352. 8 58.3 23.4 35.3 17.7 May 25 125.0 .7 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 Resources Liabilities Deposits Bank of France Gold e F x o ch re a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty N s e e ti g b c e l u o s e r ti i » - a- Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e li r - Millions of francs: 1931—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 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. 68, 863 21, 111 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 6,899 8,278 84,723 4,722 23, 552 1,910 M M A Fe p a a b r y r . . . 2 2 2 2 6 9 7 5 _ . . . 7 7 7 75 9 6 7 , , , , 4 8 8 0 7 6 3 5 0 2 2 9 1 1 1 9 1 2 5 , , , , 0 8 1 6 0 0 2 3 1 0 7 2 4 4 4 5 , , , , 1 6 8 5 6 9 4 2 0 0 0 4 2 2 2 2 , , , , 7 7 7 7 1 0 0 3 6 0 7 5 6 6 6 6 . , . . 8 8 8 8 8 8 8 8 1 1 1 2 8 8 8 8 , , , , 3 3 6 6 2 7 9 8 9 1 7 4 8 8 8 8 2 1 1 3 , , , , 1 7 4 7 8 7 1 8 9 4 8 2 3 3 3 3 , , , , 1 5 4 6 1 2 3 3 1 6 2 7 2 2 2 2 4 4 4 4 . , , , 8 8 1 9 2 9 2 6 7 9 8 2 1 1 1 1 , , , , 9 9 9 9 8 2 1 5 0 5 7 3 Resources Liabilities Reichsbank (fd y Securities Other ci N rc o u t l e a- Deposits l O ia t b h i e li r - Gold e F x o c r h e a i n g g n e checks) assets tion ties Millions of reichsmarks: 1931—Mar. 31 2,323 188 142 1,951 274 103 4,456 38? 775 Apr. 30. 157 45 1,816 i 287 103 668 4,340 355 749 MMaa;y 30__. 2,390 186 25 1,791 | 167 103 721 4,299 353 731 June 3O.__ 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 4,746 618 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 I 303 162 1,100 4,268 423 1,318 Mar. 31.... 879 142 3,258 I 290 362 1,044 4.231 578 1,226 Apr. 30.... 859 131 3,146 | 282 362 977 4,128 405 1,249 May 31 *>.. 129 2,990 257 364 1,032 3,961 431 1,261 v Preliminary figures. * 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 383 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Apr. Mar. Feb. Apr. Apr. Mar. Feb, Apr. National Bank of Albania (thousands Central Bank of China—Continued. of Albanian francs): Deposits- Gold 4,968 4,954 1,889 Government 68, 306 55, 520 96,464 Foreign exchange.. 27,432 27,453 27,051 Bank 19, 078 14,012 24, 618 Loans and discounts 4,174 4,152 3,609 Other 4,599 8,098 6,110 Other assets 4,769 5,243 6,073 Other liabilities 35,554 33,470 26,198 Note circulation .._ 10, 932 11, 346 12, 723 Bank of the Republic of Colombia Demand deposits 18, 205 17,829 12, 784 (thousands of pesos): Other liabilities ._ 12, 206 12, 627 13,115 Gold at home 7,945 7,529 7,103 12,840 Commonwealth Bank of Australia Gold abroad. 6,467 6,459 7,231 (thousands of Australian pounds): Loans to member banks 13,432 13,963 15, 072 13, 746 Issue department- Note circulation. _ 17,851 17,187 17, 587 22, 875 Gold coin and bullion 10, 500 10,500 10, 500 15,141 Deposits _ 15,933 14,649 14, 214 6,495 Securities 41, 746 41, 746 40, 998 32,058 National bank of Czechoslovakia Banking department- (millions of Czechoslovak crowns): Coin, bullion, and cash 1,057 923 1,024 2, 263 Gold. 1,642 1,643 1,646 1,542 Money at short call in Lon- Foreign balances and currency 1,194 784 877 2,078 don. .__ 18, 094 22,003 17,856 4,863 Loans and advances 1,172 ! 1,432 1,371 159 Bank L S D e o e n c a p o u n o t r s e s i t s i a i t e s n in s d c d i i r s c c u o la u t n i t o s n ..- 4 2 6 1 7 7 6 6 , , , , 0 3 6 2 1 3 8 8 8 3 6 6 2 7 4 1 7 8 1 6 , , , , 1 1 2 8 5 1 6 2 4 7 2 6 2 6 4 1 9 8 8 5 , , , , 3 5 3 6 3 1 4 9 2 8 9 5 3 2 5 4 0 0 7 4 , , , , 3 0 5 3 2 8 0 5 6 3 3 1 N A D s o e d s p t a e e o t t i s s c o i i n t o r s c f u b l a a n ti k o i n n . g office _ in liqui- 6, 2 3 7 8 7 4 8 5 0 6, 2 2 8 8 7 2 9 9 6 6, 2 6 7 9 9 3 6,6 3 7 0 1 1 9 5 1 Danish National Bank (millions of Austrian National Bank (millions of kroner): sch G D F O N G D i o o o l t o e o l h r l p m t v i e d e e n o e i r e g g s r c s n s i n f i t t o ) r m i s : c e c r e u x e i b c l n g a i h t n l t a i l d o n e s _ e n x . g . b c e t h o a f n t g h e e rese _ rve. _ 8 9 1 1 3 6 9 7 9 1 0 5 3 6 9 9 3 1, 8 1 0 1 6 6 9 7 0 2 0 0 7 6 9 9 8 1, 8 1 0 1 9 7 7 7 4 2 0 6 9 7 9 4 9 2 5 1 9 1 0 6 3 0 4 7 8 4 Ba g n u N D G F L k G l d o o o o e o o e r a p l t l f e d n e d n o i D ) s g s c : a i n i a t r n s n c b z u d i i g l l l d a s ( t i , i s t o h e c n t o o c . u u . . _ n s . a ts nds of Danzig 21, 3 1 1 8 3 4 2 4 4 1 5 5 5 6 6 6 21, 3 1 1 8 2 4 2 4 4 1 8 4 2 5 5 7 21, 3 1 1 8 2 2 4 3 1 6 1 8 5 8 0 9 3 1 1 9 5 6 3 7 2 2 4 7 0 2 9 National Bank of Belgium (millions Foreign exchange of the reserve... 28, 642 23, 658 21, 689 14,843 of belgas): Other foreign exchange 673 3,750 3,024 6,842 Gold 2,523 2,514 2,527 1,445 Loans and discounts 8,420 7,015 9,762 22,160 D Fo o r m ei e g s n t i b c il a l n s d a n f d o r b ei a g l n a n b c i e l s l s in gold. 93 0 7 96 0 5 94 0 5 8 7 9 4 1 8 N De o p te o s c i i t r s culation 4 1 1 4 , , 1 2 6 4 6 4 41 9 , , 6 0 7 6 1 0 40 9 , , 0 8 4 4 0 1 36 1 ; , 3 1 0 2 3 6 Loans to State.. 288 288 292 Central Bank of Ecuador (thousands Note circulation-_. 3, 653 3,664 3,715 3,279 of sucres): Deposits _ _ 221 246 189 147 Gold 5,632 5,605 5, 666 Central Bank of Bolivia (thousands Foreign exchange 9,035 8,511 18, 052 of bolivianos): Loans and discounts 14, 6S7 14, 244 14,176 Gold at home I 3,416 ! 3,4013,375 2,808 Note circulation 18,164 17, 797 20, 829 Gold abroad j 17, 920 16, 640 16,480 Deposits 9,206 8,514 13. 871 Foreign exchange 5, 073 6, 581 7,417 26, 699 National Bank of Egypt1 (thousands Loans and discounts 24, 572 22, 845 23,131 23, 237 of Egyptian pounds): Note circulation 26, 924 26,156 25, 429 28, 314 Gold. 6,239 4,577 4,157 Deposits ... 12,400 11,906 12, 663 8,420 Foreign exchange 3.327 2,731 1,626 Bank C N D C L o u o e o o a p r r t f e r r n o e e B s s c s n r i i p a t a c r s n o z y c d i n u l d la d ( e t m i n i s o t c i s n l o li u a o b n n r t s s o a o d f milreis): 2 2, , 3 0 0 1 1 0 1 3 7 2 3 9 0 0 4 1 1 , , 2 9 9 1 1 8 0 2 2 7 5 3 9 9 0 1 1 , , 3 8 8 1 1 7 1 0 2 7 9 3 7 9 0 1 1 , , 3 5 1 6 7 9 3 7 3 0 5 8 0 3 D B L E N O o g r e o t i h a y p t t e e n i o p s r s s t h c i i a a i a t r G s s n n c s — d u o e G l t v O d G s a e o i t t o r i s h v o n c v e e n m o e r r u n r e n n m n m t t s e e s n n e t c t. s u e r c it u ie ri s tie . s .. 1 1 1 1 8 3 9 3 4 7 9 , , , , . , , 6 1 1 6 1 9 4 2 8 6 7 5 5 4 3 2 3 6 2 7 1 1 1 1 1 9 5 3 9 4 8 3 , , , , , , , 1 2 9 4 0 8 5 7 1 0 7 1 8 8 8 5 7 2 4 0 2 1 1 1 1 5 4 7 9 4 5 5 , , , , , , . 1 5 5 4 5 7 2 3 9 6 Z 2 3 7 6 1 0 4 4 8 0 National Bank of Bulgaria (millions Other liabilities 7,612 7,719 8,161 of T N L N G G O le o o e o o o t v h t t a l t v a d e a e n e f l ) r s o r : c f r n s i a o e r i m n r i g c g e 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 a u l 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.. 2 2 1 1 , , , , 2 4 7 8 9 4 1 5 7 4 2 6 1 9 9 8 7 7 5 3 2 2 1 1 , , , , 5 3 7 9 7 1 4 3 2 5 6 9 3 5 1 1 7 5 7 2 2 2 1 1 , , , , 3 7 6 5 5 - 9 9 4 0 7 1 8 6 6 2 2 7 8 5 3 3 1 1 , , , , 2 6 7 2 4 0 4 4 3 4 8 1 6 9 3 2 3 4 2 4 0 Ba k n r D k N o N G L o o e o o e n a p t l t o d e i n o f ) f s o s : c i r i a t e r s E n i c — g u d s n t l B G o a d e t a n i o i x s n i o v c c a k n e o h e r u a n r n n s ( m g t ts h e e o n u t sands of 3 2 1 3 7 2 4 6 4 , , , , , , 3 8 9 1 7 5 2 8 1 4 0 2 5 1 5 6 9 0 3 2 1 4 3 4 7 4 6 , , , , , , 3 7 0 3 6 2 2 6 0 6 3 1 1 0 9 9 5 2 2 3 1 2 3 7 4 4 5 , , , , , , 3 3 4 7 7 6 1 7 8 8 0 0 0 8 7 4 3 7 2 3 1 6 5 7 6 8 5 , , , , , , 5 5 2 7 5 8 1 6 5 8 3 0 7 0 8 6 9 7 Central Bank of Chile (millions of Other 2,102 2,868 2,889 1,620 pesos): Bank of Finland (millions of markkaa): Gold at home 67 62 Gold ! 304 304 304 301 Gold abroad and foreign ex- Balances abroad and foreign change 98 247 credits 598 650 585 722 Loans and discounts _. 144 144 157 89 Foreign bills 224 250 258 236 Note circulation. _ 352 336 331 279 Domestic bills 778 842 906 621 Deposits against which reserve Note circulation 1.224 1,299 1,271 1,301 is held 129 110 115 54 Demand liabilities 218 280 374 154 Central Bank of China l (thousands Bank of Greece (millions of drachof Yuan dollars): mas): Gold 706 47 3, 725 Gold 716 869 481 Silver 39, 322 40,121 41, 503 Net foreign exchange in reserve- 217 484 2,171 Due from banks abroad 11,000 9,033 33, 453 Total foreign exchange __. 344 637 3,092 Due from domestic banks. _ 18, 693 11, 631 40, 815 Loans and discounts 1,215 825 338 Loans and discounts 64, 882 60, 820 41, 625 Government gold bonds in reserve. 60S Securities 5,653 5, 738 16, C06 Other Government bonds j 2,697 3,150 3,389 Other assets 15, 844 13,342 8, 216 Note circulation _ I 3,909 3,739 4,436 Note circulation.. _. 28, 563 29, 632 32, 551 Other sight, liabilities _..! 451 495 1,644 1 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN JUNE, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Apr. | Mar. Feb. Apr. Apr. Mar. Feb. Apr. Central Bank of Guatemala (thou- Bank of Poland—Continued. sands of quetzales): Note circulation. _ 1,148 1,131 1,151 1,259 Gold coin - 1,945 1,982 2,692 Current account of the treasury.. 6 21 39 Balances abroad _ 630 615 663 Other current accounts 122 163 171 149 Loans and discounts 6,221 6,298 5,870 Bank of Portugal (millions of Other assets 1,174 1,137 1,004 escudos): Note circulation .... 5,865 6,029 6,347 Gold 379 365 349 240 Demand deposits 1,221 1,128 1,259 Net foreign exchange and other Other deposits 43 40 196 reserves 538 585 642 0) Other liabilities 2,841 2,835 2,427 Discounts and advances __ 319 318 341 370 National Bank of Hungary (millions Government obligations.__ 1,058 1,058 1,058 1,531 of pengos): Note circulation 1,873 1,919 1,917 1,864 Gold.... 96 100 100 112 Other sight liabilities 394 373 433 0) Foreign bills, etc 15 12 15 47 National Bank of Rumania (millions Loans and discounts.- _ 430 407 396 263 of lei): Advances to treasury 54 54 55 60 Gold at home 6,047 6,002 5,670 Other assets 18 17 16 18 Gold abroad 3,444 3,444 3,604 3,114 Note circulation 417 ; 374 383 406 Foreign exchange of the reserve.. 355 308 81 2,370 Deposits 61 98 90 31 Other foreign exchange _.. 20 27 22 652 Miscellaneous liabilities 108 92 81 40 Loans and discounts 13,382 13,046 13,006 7,828 Bank of Italy (millions of lire): State debt 5,767 5,767 5,767 5,617 Gold at home 5,630 5, 628 5,626 5,313 Note circulation.. _ 22,904 22, 742 22, 542 18,905 Credits and balances abroad 1,484 1, 534 1,725 4,150 Demand deposits 4,439 4,338 4,260 8,118 Loans and discounts 5,845 5, 638 5,755 4,025 South African Reserve Bank (thou- Total note circulation 13,375 13,872 13,938 14,881 sands of South African pounds): Public deposits 300 300 300 300 Gold 7,053 6,420 7,535 6,304 Other deposits. _ 1,373 1,403 1,703 1,652 Foreign bills 71 63 73 6,882 Bank of Japan (millions of yen): Domestic bills 1,682 3,685 2,492 272 Gold 429 430 431 840 Note circulation 8,431 7,710 6,692 Advances and discounts 853 937 940 713 Deposits- Government bonds _. 117 118 110 136 Government 1,237 1,152 1,353 2,657 Notes issued 1,128 1,058 1,094 1,058 Bank ..! 4,030 3,835 4,186 4,756 Total deposits..., 444 503 429 672 Other * I 233 158 353 131 Bank of Java (millions of florins): Bank of Spain (millions of pesetas): Gold _ 103 ; 105 112 115 Gold. 2,251 2,250 2,249 2,423 Foreign bills 24 I 27 27 29 Silver 559 546 534 706 Loans and discounts., 48 48 56 47 Balances abroad 287 279 286 108 Note circulation _ 224 225 225 242 Loans and discounts 3,256 2,910 2,964 2,257 Deposits 31 33 40 Note circulation 4,880 4,882 4,948 4,951 Bank of Latvia (millions of lats): Deposits 917 1,008 1,013 752 Gold 34 33 33 24 Bank o f Sweden (millions of kronor): Foreign exchange reserve 13 14 13 27 Gold 206 206 206 240 Bills 74 75 75 81 Foreign bills, etc 120 117 96 297 Loans 56 57 57 70 Loans and discounts 352 575 504 296 Note circulation _.. 39 39 40 46 Note circulation 576 601 526 548 Government deposits - 75 78 56 71 Deposits 232 204 191 201 Other deposits 78 73 94 87 Swiss National Bank (millions of Bank of Lithuania (millions of litu): francs): Gold.. 50 50 50 39 Gold 2,439 2,439 2,498 ' 643 Foreign currency 21 25 27 74 Foreign balances and bills— 112 107 99 337 Loans and discounts 101 101 102 105 Loans and discounts 106 73 76 Note circulation 101 101 104 112 Note circulation 1,529 1,517 1,505 Deposits 65 70 70 98 Demand deposits .. 1,132 1,123 1,170 Netherlands Bank (millions of Bank of the Republic of Uruguay florins): (thousands of pesos): Gold 906 879 879 450 Gold 50, 215 50, 544 56, 402 Foreign bills 89 84 84 221 Loans and discounts 103, 088101,885 106, 475 Loans and discounts 155 159 168 133 Other assets _. 34, 778 34, 225 31,282 Note circulation 982 983 1,008 838 Note circulation 80,105 80, 502 72, 271 Deposits ._ 197 186 164 33 Deposits- Bank of Norway (millions of kroner): Demand 31,348 31, 576 41,073 Gold 155 155 154 146 Time 38, 258 38, 504 43,649 Foreign balances and bills 17 16 15 32 Judicial and administrative.. 3,092 3,095 3,436 Domestic credits 267 258 239 185 Other liabilities 35, 279 32,977 33, 729 Note circulation _ 312 310 303 296 State Bank of U. S, S, R. (note-issu- Foreign deposits 2 3 2 2 ing department; thousands of Total deposits .„. 93 85 71 67 chervontsi): Central Reserve Bank of Peru Gold-. 64,318 64, 050 63,996 50, 396 (thousands of soles): Other precious metals 2,144 2,282 2,227 1,917 Gold 41,665 47,201 j 50,439 63, 301 Foreign exchange 3,340 4,723 4, 618 4,863 Foreign exchange 550 218 ! 371 6,859 Note circulation.. 273,978 267, 577263, 518 224, 551 Bills.- 13,337 12,260 12,800 17,918 National Bank of the Kingdom of Note circulation.. 46,318 48,960 50,635 60,497 Yugoslavia (millions of dinars): Deposits _ __ 2,162 3, 242 I 5, 068 4,943 1,763 1,763 1,759 1,088 Bank of Poland (millions of zlotys): Foreign exchange- 304 276 206 94 Gold at home „ 449 449 487 Loans and discounts... 2,248 2,181 2,190 1,387 Gold abroad _ 126 125 120 82 Advances to State 2,304 2,240 2,233 2,997 Foreign exchange of the reserve— 41 71 51 229 Note circulation 5,043 4,824 4,776 4,692 Other foreign exchange 117 121 124 116 Other sight liabilities.. 355 495 451 1,062 Loans and discounts 750 764 764 619 1 Figures published previous to reorganization of bank July 1, 1931, are not comparable with current figures. 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JUNE, 1982 FEDERAL RESERVE BULLETIN 385 COMMERCIAL BANKS 1931 1932 Country Apr. May June July AAuugg.. SSeepptt.. Oct. Nov. Dec. Jan. Feb. Mar. Apr, Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash.__ 125 118 108 99 94 91 90 109 107 111 113 115 Loans and discounts 640 633 642 655 656 681 708 696 707 675 234 680 Deposits 712 706 680 662 663 661 652 641 639 642 649 Other banks in Buenos Aires- Gold - 9 7 2 2 1 1 1 Other cash 172 180 202 194 199 190 194 203 200 199 206 Loans and discounts 910 885 871 857 843 852 847 ! 830 817 821 1,251 798 Deposits. __ __ 997 990 971 971 966 947 I 939 939 936 933 933 Canada (millions of Canadian dollars): Assets entirely in Canada— Cash in vault 1 157 156 150 147 147 157 159 201 175 176 167 158 150 Cash in central gold reserves. 26 29 28 26 28 24 27 25 26 22 20 24 23 Security loans 181 187 182 163 159 167 159 157 135 131 130 131 122 Other current loans 1,130 1,139 1,127 1,126 1,127 1,137 1,141 1,102 1,082 1,071 1,063 1,071 1,070 Security loans abroad 117 98 108 105 110 90 91 113 83 66 99 88 73 Securities __ 651 695 694 701 678 719 674 664 671 666 Liabilities entirely in Canada— Notes in circulation 124 129 128 126 126 128 140 131 129 123 122 121 125 Individual demand deposits 580 601 561 568 594 581 I 617 567 507 496 500 495 Individual time deposits... 1,453 1,456 1,450 1,451 1,461 1,456 1,462 i 1,396 1,360 1,368 1,390 1,389 1,393 England (millions of pounds sterling): Cash in vault and at bank 175 176 184 181 177 171 173 170 181 177 170 171 170 Money at call and short notice _ 115 129 131 128 112 106 113 108 118 116 108 111 111 Advances and discounts 1,134 1,141 1,172 1,178 1,156 1,132 1,131 1,125 1,131 1,128 1,093 1,103 1,105 Investments 292 274 272 283 286 288 288 284 ( 281 268 264 266 272 Deposits.._ 1,698 1,700 1,744 1,750 1,708 1,675 1,688 |1,670 1,700 1,677 1,621 1,639 1,643 France (millions of francs): Bills and national-defense bonds. 21,869 22,930 22, 507 20,919 21,153 20,242 19,006 17,851 18,441 18,454 Loans and advances 11,156 10, 762 10,342 9,898 9,868 10,076 9,863 9,797 9,697 9,041 Demand deposits _ 36,971 37,861 37,938 36, 642 36,991 36,137 36,972 37,619 37,023 36,196 Time deposits 1, 623 1,601 1,564 1,539 1,545 1,429 1,370 1,332 1,222 1,179 Germany (millions of reichsmarks): Bills and treasury notes 2,529 2,548 1,914 1,280 1,500 1,509 |1,406 1,431 1,503 1,380 1,613 Due from other banks 981 857 686 546 514 465 j 373 345 320 367 267 Miscellaneous loans__ 8,021 7,818 7,699 7,337 7,115 6,884 6,837 6,748 5,935 6,034 6,235 Deposits... 10, 683 10,395 9,277 8,167 8,060 7,873 7,500 7,390 7,276 7,289 7,539 Acceptances 600 582 816 874 840 818 | 891 910 903 863 872 Japan (millions of yen): Cash on hand- 332 361 274 134 217 197 126 146 140 124 130 116 136 Loans 2,184 2,156 2,166 2,169 2,140 2,146 2,171 2,208 2,247 2,283 2,228 2,264 2,248 Deposits _ 2,161 2,181 2,233 2,151 2,122 2,102 2,066 2,059 2,051 2,008 1,954 1,938 1,946 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932; five Berlin banks thereafter; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JUNE, 1932 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B ra a o n n f c k e 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 B S i N o w a n a n i a s - k s l Country J R u a 1 n t e e I s n i n e c f e f — ect Country J R u a 1 n te e I s n i n e c f e f — ect In effect Feb. 1,1931. 3 2 5 SX 2 Albania 8 July 1,1931 Japan 5.84 Mar. 12,1932 J M M u a a n y y e 1 1 1 3 4 6 . 2 7 2 A B B e o u l l s g iv t i r u i i a m a.. ... 7 2 J A M a u n a g . r . . 1 1 2 8 3 6 , , , 1 1 1 9 9 9 3 3 3 2 2 0 J L L a i a v t t h a v u ia ania 6 6 2 A O M p c a t r r . . . 1 1 1 1 , , , 1 1 1 9 9 9 3 3 3 0 0 0 July 16 10 July 23 zy Bulgaria 8 May 25, 1932 Norway .. May 20, 1932 July 30. - 2 6 Oct. 25,1931 Peru May 20, 1932 Aug 1 15 Colombia 6 Jan. 22,1932 Poland Oct. 3.1930 Aug 12 10 Czechoslo- Portugal % Apr. 4,1932 Sept 2 8 vakia - 5 Apr. 12,1932 Sept. 21 6 Rumania 7 Mar. 4,1932 Sept 28 7 Danzig 5 Nov. 24,1931 South Africa. 6 Nov. 13,1931 Sept 29 3 Denmark 4 May 30,1932 Spain July 8,1931 Oct 10 2H Ecuador 10 Mar. 13,1931 Dec 10 7 Estonia Feb. 1, 1932 Sweden May 17,1932 Feb. 18,1932 5 U.S.8.R-... Mar. 22,1927 M M a a r r . 9 10 4 6 G Fi r n e l e a c n e d 11 2 A Fe p b r . . 2 1 0 9 . , 1 1 9 9 3 3 2 2 Yugoslavia... July 20,1931 Mar. 17 _..__.. Hungary 6 Apr. 18.1932 Mar 21 6 India 5 Apr. 28,1932 A rtr Q Apr. 19 2}4 Changes since May 1: Bulgaria—-May 17, down from 9K to 8H per Apr 21 3 cent; May 25, down from 8H to 8 per cent; Denmark—May 30, down Apr 28 5 from 5 to 4 per cent; England—-May 12, down from 3 to 2}4 per cent; May 2 5 Italy—May 2, down from 6 to 5 per cent; Norway—May 20, down from May 12 5 to \XA per cent; Peru—May 20, down from 7 to 6 per cent; Sweden- In effect June 1,1932. 2H 5 5 2H 2 May 17, down from 5 to 4K per cent. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Sw la i n tz 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 l l a d o n e w 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—April.. - 2.58 2.57 2.17 1 4.65 5.87 5.67 1.50 1.61 i.oe May 2.24 2.21 1.87 1 4.65 5.83 5.38 1.39 :L. 55 1.12 June 2.09 2.10 1.64 1 6.05 7.05 6.74 1.05 L. 07 1.12 July 2.68 2.44 2.05 1 -2H 17.00 18.98 18.89 1.53 L.40 1.55 August.. 4.28 4.21 3.59 2H 18.92 19.18 19.15 1.30 .22 1.98 September 4.74 4.57 4.04 2H-A 7.99 9.18 9.15 1.30 'L.21 1.80 October 5.68 5.46 4.36 8.00 9.84 9.21 2.76 :{.07 1.90 November 5.75 5.55 4.96 4 8.00 9.31 8.69 1.59 ]L.72 1.77 December 5.85 5.60 4.27 4 7.33 7.40 8.45 1.57 .59 1.75 1932—January 5.62 4.94 4.20 4 6.94 7.58 7.86 2.24 J.37 1.68 February 4.63 4.08 3.84 4 -3 6.67 7.98 7.81 1.87 :.69 1.52 March 2.59 2.28 2.40 3 -1H 6.10 7.10 7.76 1.22 ]L. 06 1.50 April 2.19 2.07 1.91 iy-i 5.12 6.31 6.17 1.02 .94 1.50 2 (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c 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 f o o o n n rl e th y c c i o a P m l r i p m m ap e e r e - r Da m y- o t n o e - y day L m oa t o o n n s 3 t h u s p Disc b o il u l n s ted ov m e C o r a n n l i e l g y ht 1931—April 2.25 1.47 5.48 ZH -4 5^-6 5^-7 4 -5 3 -5 5.29-5.48 2.92 May 2.20 1.28 5.25 4 5^-6 5^-7 4J4-5 3 -5 5.29-5.48 2.19 June -. 2.13 1.06 5.25 4 -6H UH-6 5H- 8 4H-6H 3 -5 5.29-5.48 2.19 July. 2.15 1.20 5.25 7H-10H > 5H-6K 4 -6 4.93-5.48 2.74 August.. 2.41 1.50 5.25 8^-10^ 4 -6 4.93-5.48 3.65 September 2.44 1.50 5.47 8 -10H 0 -6 8 -9H 4.93-5.48 2.56 October 2.44 1.80 7.50 7*4-10 5 -6 6 -7& 4.93-5.66 5.48 November 2.44 1.90 7.50 7^-10 6 -6 6 -7H 5.48-6.57 5.66 December 2.44 1.75 7.50 794-10 5 -6 6 -734 5.84-6.57 6.57 1932—January 2.91 1.75 7.50 6^-10 4K -6H 6 -7H 5.84-6.57 6.02 February 3.31 1.75 6.92 6^- 9H 4% -5H 5H-7 5.84-6.57 6.39 March 3.36 1.80 6.53 5 -5M 5 -7 6.20-6. 57 5.84 April. 3.26 1.66 6.00 5 -7 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

JUNE, 1932 FEDERAL RESERVE BULLETIN 387 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 A t r i g n e a n- Austria Belgium Brazil Bulgaria | Canada Chile ca M n e x d i o - l- Shang- Yuan H K o o n n g g Co b l i o a mlar hai tael dollar dollar 1931—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 96.2476 12.0430 22.0696 30.6604 21.9166 24.1853 96.5700 October. 51.99(16 13.9158 13.9852 5.6202 .7127 89.1025 12.0690 22.8205 31.8314 22.7019 24.6765 96.5700 November i 58. S403 13.9516 13.9070 6. 1704 .7138 88.9914 12.0750 24.5833 34.0732 24. 7246 26.0124 96.5700 December I 58.5196 13. 9460 13.9039 6. 2010 .7148 82.7064 12.0669 23.6010 32.8054 23.7323 24.8704 96.5692 1932—January 58. 2724 13. 9518 13.9140 6.1579 .7151 85.1301 12.0500 23.5237 32. 6357 23. 6966 24. 8396 95.6656 February | 58. 2204 13.9516 13.9384 6.1720 .7145 87. 2936 12.0500 24.4696 33.1449 24. 3587 25. 3353 95.2400 March ! 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. 24S2 22. 3221 23. 7187 95. 2400 May j 58. 3242 13. 9645 14. 0249 7.1294 .7202 88. 4430 6. 0000 21. 6412 30. 4700 21. 7116 23. 4337 95. 2400 Czecho- Den- ! ! Ger- Cuba slovakia mark England Finland France many Greece Hungary India Italy Japan 1931—May 99.9187 2.9622 26.7738 486.4039 2.5172 3.9114 23.8036 1.2949 17.4376 36.1423 5. 2353 49. 3813 June 99. 9157 2. 962126.7795 486.4863 2.5167 3. 9158 23.7327 1. 2951 17.4450 35.9986 5. 2348 49. 3740 July 99. 9124 2.9605 26.7340 485.6052 2.5156 3.9215 23. 2782 1. 2939 17.4433 35.9865 5. 2300 49. 3550 August 99.9703 2.9624 26.7292 485.7725 2.5148 3.9196 23.6575 1.2936 17.4515 35.9425 5.2304 49.3532 September. 99.9678 2. 962125.2636 453.1260 2.5133 3.9257 23.4212 1.2926 17.4496 33.9117 5.1699 49.3351 October 99.9944 2. 961922.0209 388.9291 2.3082 3.9383 23.2395 1.2883 17.4640 28.6799 5.1645 49.2525 November. 99 9913 2.9625 20.6700 371.9934 1.9839 3.9201 23.6777 1.2879 17.4670 27.9874 5.1548 49.2968 December. 99.9470 2.9626 18.5875 337.3707 1.6938 3.9229 23. 6192 1.2879 17.4580 25.3612 5.1094 43.4644 1932—January... 99.9296 2.9627 18.8801 343.1210 1.5036 3.9294 23.6475 1. 2877 17.4500 25.8179 5.0441 35.9866 February-- 99.9622 2.9627 19.0192 345. 6316 1.5014 3.9379 23.7392 1.2875 17. 4397 26.0329 5.1799 34.3233 March 100. 0590 2.9628 20. 0112 363.9304 1.6015 3. 9325 23. 7812 1.2875 17. 4353 27. 3121 5.1824 32.1562 April 99.9816 2.9629 20. 5267 374. 9994 1. 7225 3.9430 23.7427 1. 2318 17.4298 28.0133 5.1493 32. 8063 May 99. 9299 2. 965020. 0654 367. 5140 1. 7171 3. 9468 23. 7947 .6641 17. 4384 27. 3175 5.1491 31. 9730 Mexico N l e a t n h d e s r- Norway Poland Portugal m R a u n - ia Spain S S m t e r e t a t n l i t e t s s - Sweden Uruguay Y sla u v g i o a - 1931—May _ ._ 48. 0200 40.1847 26.7761 11.1950 4.4918 . 5943 10.0004 56.0348 26.8070 19.2845 61.4301 1.7603 June — 49.0305 40. 2442 26.7801 11.1996 4.4234 .5949 9.6749 56.0432 26.8045 19.3956 58.5356 1.7685 July 49.0109 40.2775 26.7346 11,1991 4.4162 .5943 9.3139 56.0198 26.7558 19,4309 54.2652 1.7665 August _ ._ 130.0269 40.3182 26. 7328 11.1970 4.4216 .5936 8.7964 56.0044 26.7487 19.4862 46.0147 1.7694 September 33.4081 40.2677 25.3982 11.1978 4.4232 .5936 8.9839 53.5566 26.0857 19.5096 41.9254 1.7653 October - 36. 5878 40.4256 22.0737 11.1955 3.9271 .5953 • 8.9631 45.1250 23.1140 19.6009 34.8968 1.7734 November 39 1364 40.1916 20.5163 11.1903 3.6401 .5966 8.6137 43.1386 20.7378 19.4632 45.0027 1.7856 December 39.0086 40.2338 18.4831 11.1902 3.2302 .5959 «. 3992 39.0313 18.7098 19.4805 44.5487 1.7796 1932—January H9.3294 40.1828 18.6969 11.1934 3.1642 .5951 8.3945 39.6900 19.1888 19.5074 44.9160 1.7784 February | 37. R712 40. 3479 18.7701 11.1896 3.1830 . 5950 7.7671 39.7745 19.2922 19.4961 46.1521 1.7803 March 33. 6841 40. 2799 19.6003 11.1770 3.2832 .5958 7. 5993 41. 3333 19.8540 19. 3405 47. 0796 1.7753 April I 33. 3728 40.4914 19. 0780 11. 1847 3. 3804 . 5960 7. 6942 42. 7404 19.0910 19.4374 47.3186 1. 7725 May 30. 2540 40. 5474 18. 4823 | 11.1810 3. 3267 .5970 8.1169 42. 2400 18. 7238 19.5579 47. 5433 1. 7743 i Monetary units and pars of exchange (in cents per unit of foreign currency): Par of Par of Par of Country Monetary unit ex- Country Monetary unit ex- Country Monetary unit exchange change 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 Lev. .72 France... Franc. 3.92 Spain . Peseta 19.30 Canada... Dollar 100.00 Germany Reichsmark.. 23.82 Straits Settle- Straits Settle- 42.88 Chile Peso 12.17 Greece Drachma 1.30 ments.' ments dollar. Mexican dollar3.-. 22.05 Hungary... Pengo 17.49 Sweden _ Krona. 26.80 China (and Hong Shanghai tael2 30 40 India Rupee -. 36.50 Switzerland Franc 19.30 Kong). Yuan dollar2 21.57 Italy __ Lira 5 26 Uruguay Peso 103. 42 Hong Kong dollar2. 21.89 Japan Yen.. 49.85 Yugoslavia Dinar 1.76 Colombia Peso 97.33 Mexico Silver peso. 49.85 Cuba d 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 May, 1932, computed by multiplying silver content of unit by New York average price of silver for May, 1932, which was $0.28067 per fine ounce. 1 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 May, 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

388 FEDERAL RESERVE BULLETIN JUNE, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average-100) * Month ( U a S p v n r t e a i i c r t t e a e e ) g s d e (D 1 E 9 e n 2 c 1 g e = l m a 1 n b 0 d e 0 r ) , ( a 1 g 9 F 1 e r 3 a -1 n a 0 c v 0 e e ) r- G (a e p v r r e m i r c a a e g n ) e 2 y U S n ta i t t e e s d England ! France Germany Number of issues 60 87 35 169 421 278 300 329 1930—April 97.9 112.7 95.5 82.4 181.0 111.1 208.6 112.1 May 97.9 111.4 95.3 84.5 170.5 108.0 198.3 111.7 June 98.2 110.0 95.8 85.3 152.8 101.8 | 187.6 106.8 July 98.7 112.3 95.7 86.0 149.3 103.1 ! 188.8 100.9 August 99.6 111.9 96.6 85.7 147.6 98.4 I 182.0 94.8 September- 100.0 112.0 96.4 85.4 148.8 101.1 ! 182.4 93.9 October 99.9 113.1 95.4 83.7 127.6 95.4 169.5 87.9 November- 99.1 112.8 94.7 83.2 116.7 94.1 162.2 84.7 December. 97.8 112.5 94.1 82.7 109.4 89.0 i 149.8 80.0 1931—January 99.6 112.8 95.7 82.7 112.3 156.7 75.0 February.. 99.4 109.7 97.1 82.7 119.8 160.1 78.5 March 100.0 111.6 97.9 83.8 121.6 89.4 155.4 83.6 April 99.6 111.3 99.0 84.8 109.2 85.1 148.5 84.8 May 99.7 110.8 98.4 84.2 98.0 76.8 138.2 76.1 June 99.4 111.1 98.8 82.4 95.1 77.8 141.2 July 99.4 111.2 98.9 81.4 98.2 79.2 132.6 August 98.5 107.2 99.5 95.5 73.8 130.5 September- 95.6 103.5 97.7 7710.4 81.7 67.2 115.5 (»j N Oc o t v o e b m er ber. 8 8 9 9 . . 4 0 1 1 0 0 4 4 . . 2 8 9 9 4 4. . 4 8 8 6 7 9 1 . . 7 7 7 74 5 . . 7 6 1 1 0 0 6 4 . . 9 3 8 December.. 81.6 102.2 90.8 67.7 68.1 94.8 ( 3 ) ( 3 ) 1832—January 81.0 104.7 91.5 58.0 69.7 107.3 February. _. 80.3 106.5 90.3 56.4 68.9 126.2 A M p a r r i c l h 8 7 0 9 . . 8 4 1 1 1 1 1 0 . . 6 6 9 8 0 9 . . 5 0 63.0 5 4 6 3 . . 8 9 6 6 9 3 . . 6 5 1 1 0 17 7 . . 6 3 8 I 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. ») J New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds. 8 Figures not available because of closing of the exchange. Back figures.—See BULLETIN for February, 1932, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (19 U S 2 n t 6 a i - t t 1 e e 0 s d 0) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l - a 1 n 0 d 0) (1 F 9 r 1 a 3 n - c 1 e 00) ( G 1 e 9 r 13 m - a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) 19 J ( 0 a O 0 c p = t a 1 . n 0 , 0) (1 N 9 l e 1 a t 3 n h - d e 1 s r 0 - 0) 1930—April 124 548 127 396 193 122 May 122 546 126 389 189 118 June.. 121 540 125 382 181 118 July _. 119 558 125 375 177 115 August 118 560 125 379 176 114 September. 116 556 123 374 172 112 October... 113 552 ! 120 364 165 111 November. 112 551 120 361 [ 162 110 December. 109 641 118 350 i 161 107 1931—January 107 541 115 342 j 158 105 February _. 106 538 114 338 158 104 March 106 539 114 339 i 158 103 April 106 540 114 337 158 102 May 104 520 113 332 i 154 102 June 103 518 112 327 I 151 100 July 102 500 112 324 I 153 97 August 100 488 110 322 | 152 94 September. 99 473 109 319 I 150 91 October 104 457 107 322 i 147 November. 106 447 107 320 ! 147 December. 106 442 104 319 i 151 85 1932—January... 106 439 I 100 317 ! 160 84 February.. 105 446 ! 100 314 ! 161 March 105 444 ! 100 315 j 159 82 April 66 102 439 311 ! 154 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 389 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES IQroups are those included in indexes shown in preceding table] United States (1926=100) Englan 1 d 0 0) (1913= Franc 1 e 0 0 ( ) 1913- Germany 1913-100) Month Induspr 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 c l l t - s P s r io o n v s i- r f a i s n w t e r i m i s a a h l i n e - d d p f I i r n n o tr d i d i s u a u h l s c e - t d s products 1930—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 86 127 117 488 587 110 115 122 151 July 83 87 85 127 115 540 573 115 114 119 151 August - - - 85 88 84 126 113 550 568 117 111 118 149 September 85 90 83 124 111 562 551 114 108 116 148 October 83 89 82 121 109 562 543 109 108 114 147 November . 79 86 81 121 107 570 535 112 108 113 145 D ecember 75 82 80 116 105 570 516 110 105 110 143 1931— January 73 81 79 113 104 580 507 107 102 108 142 February - - 70 78 78 112 103 575 505 106 100 106 140 March . . 71 78 77 111 103 581 503 107 99 106 139 April 70 76 76 113 102 592 495 108 97 105 138 May - - - - 67 74 75 113 100 566 480 109 96 103 137 June - 65 73 74 113 98 671 472 107 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 _ . i 50 62 71 116 99 510 388 97 89 90 121 April ! 49 61 71 115 96 506 380 95 88 89 120 I RETAIL FOOE> 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)1 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 153 147 140 126 February 127 105 136 131 132 115 131 114 February. _ 152 147 139 122 March 126 105 134 129 131 115 130 114 March 150 146 120 108 138 122 April 124 101 129 126 130 115 129 113 April 147 144 137 121 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 September 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 "I46~ 148 "l08~ 130 1 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 G6ne"rale, and for cost of living, Commission d'fitudes relatives au cofit de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN JUNE, 1932 LAW DEPARTMENT Recent Amendments to the Federal Reserve Act. of such assessment, pay the amount thereof as soon as There is published below a copy of the act of possible to the bank having the impairment. In such event payments into the surplus fund and payments of Congress approved May 19, 1932, which the franchise tax prescribed by this chapter shall be amends the Federal farm loan act in regard to determined on the basis of the net earnings remaining Federal intermediate credit banks and also after providing for the payment of any such assesscontains two amendments to the Federal reserve ment." act. Section 5 amends section 13 (a) of the SEC. 3. Section 206 (b) of Title II of the Federal Farm Loan Act, as amended (U. S. C, title 12, ch. 8, Federal reserve act, so as to authorize a Federal sec. 1072), is hereby amended (effective January 1, reserve bank to discount notes payable to and 1932) by striking out the first two sentences of said bearing the indorsement of any Federal inter- section and substituting therefor the following new matter: "After all necessary expenses of a Federal mediate credit bank, covering loans or advances intermediate credit bank have been paid or provided made by such bank direct to any national or for, the net earnings shall be paid into a surplus fund State bank, trust company, agricultural credit until it shall amount to 100 per centum of the subcorporation, incorporated live stock loan com- scribed capital stock of such bank, and thereafter 50 per centum of such earnings shall be paid into the pany, savings institution, cooperative bank, or surplus. Whenever the surplus thus paid in shall have cooperative credit or marketing association of been impaired it shall be fully restored before payment agricultural producers, or to any other Federal of the franchise tax herein prescribed. After the intermediate credit bank, when such notes aforesaid requirements of this section have been fully met and, except as otherwise provided in this Act, 50 have maturities at the time of discount of not per centum of the net earnings shall be paid to the more than nine months and are secured by United States as a franchise tax." paper eligible for rediscount by Federal reserve SEC. 4. Section 207 of Title II of the Federal Farm banks. Section 6 amends the seventh para- Loan Act, as amended (U. S. C., title 12, ch. 8, sec. graph of section 13 of the Federal reserve act 1081), is hereby amended by striking out the period at the end thereof and substituting a colon together with so as to authorize debentures or other such a proviso as follows: "Provided, That in view of the obligations of Federal intermediate credit banks liability of all Federal intermediate credit banks for which are eligible for purchase by Federal the debentures and other such obligations of each bank reserve banks to be used as security for advances under this Act, the banks shall, in accordance with rules, regulations, and orders of the Federal Farm Loan by Federal reserve banks to their member Board, enter into adequate agreements and arrangebanks for periods not exceeding 15 days. ments among themselves by which funds shall be transferred and/or made available from time to time for the payment of all such debentures and other such [PUBLIC—No. 138—72D CONGRESS] obligations and the interest thereon when due in [S. 2409] accordance with the terms thereof." An act to amend Title II of the Federal Farm Loan Act in regard to SEC. 5. The second paragraph of section 13 (a) of Federal intermediate credit banks, and for other purposes the Federal Reserve Act, as amended (U. S. C, title Be it enacted by the Senate and House of Representa- 12, ch. 3, sec. 349), is hereby amended by adding thereto tives of the United States of America in Congress a new sentence as follows:* "Any Federal reserve bank assembled, That section 202 (a) of Title II of the may also, subject to regulations and limitations to be Federal Farm Loan Act, as amended (U. S. C, title 12, prescribed by the Federal Reserve Board, discount ch. 8, sec. 1031), is hereby amended by substituting a notes payable to and bearing the indorsement of any semicolon for the period at the end of clause (3) and Federal intermediate credit bank, covering loans or adding thereto the following new matter: "and to advances made by such bank pursuant to the proaccept drafts or bills of exchange issued or drawn by visions of section 202 (a) of Title II of the Federal any such association when secured by warehouse Farm Loan Act, as amended (U. S. C, title 12, ch. 8, receipts and/or shipping documents covering staple sec. 1031), which have maturities at the time of disagricultural products as herein provided." count of not more than nine months, exclusive of days SEC. 2. Section 205 of Title II of the Federal Farm of grace, and which are secured by notes, drafts, or Loan Act, as amended (U. S. C, title 12, ch. 8, sec. bills of exchange eligible for rediscount by Federal 1061), is hereby amended by adding at the end thereof reserve banks." the following new matter: "In the event that there SEC. 6. The seventh paragraph of section 13 of the shall be an impairment of the paid-in capital of any Federal Reserve Act, as amended (U. S. C, title 12, Federal intermediate credit bank, the Farm Loan ch. 3, sec. 347), is hereby amended by changing the Board, at such time or times as it deems advisable, may period at the end thereof to a comma and adding determine and assess the amount thereof against the thereto the words "or by the deposit or pledge of other Federal intermediate credit banks on such equit- debentures or other such obligations of Federal interable basis of apportionment as it shall prescribe. Each mediate credit banks which are eligible for purchase bank against which such an assessment is made shall, by Federal reserve banks under section 13 (a) of this out of its surplus and/or to an extent up to 50 per Act." centum of its net earnings, in accordance with the terms Approved, May 19, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 391 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. 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 May 4 May 11 May 18 May 25 May April May Boston _ 31, 632 28,698 30,239 New York... 104,232 100, 077 98,194 99, 738 Philadelphia . 61,774 61, 085 59, 848 62,450 Boston 30.2 34.0 10.6 New York 101.6 119.6 37.4 Cleveland 63,199 58,442 53,701 51,808 Philadelphia.. 62.7 73.7 18.2 Richmond 23, 742 22, 621 23, 674 24, 366 Cleveland 56.8 86.6 14.1 Atlanta 29, 960 30,971 30, 341 32,155 Richmond 24.4 29.2 15.9 Atlanta 31.9 37.0 11.0 Chicago - ---- 38,363 32, 977 27,642 27, 510 Chicago 33.7 46.2 13.5 St. Louis.. 14, 138 12, 912 13,233 14, 009 St. Louis 13.9 16.7 7.4 Minneapolis. 10,454 10,556 12,324 13, 900 Minneapolis.. 12.1 9.7 3.9 Kansas City.. 27.2 32.0 9.5 Kansas City... 29, 737 28, 293 25, 651 24,816 Dallas— 11.7 12 6 8.5 Dallas 11, 152 11,244 11, 381 11,811 San Francisco 80.3 107.6 12.6 San Francisco.. 87,418 73,497 79, 955 78,465 Total... -6.5 605.1 ' 162.8 Total 505,801 471,373 464,943 471,267 RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Federal reserve notes in cir- Total cash reserves Total deposits culation l Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 May April May May April May May April May May April May Boston _ 237,618 218,930 230,955 131,998 122,650 144,034 190, 230 174, 263 137,283 73.7 73.7 82.1 NewiYork 903,029 1,001,905 1,171,193 1,046,840 949,134 1,029,925 570, 724 573,491 272, 302 55.8 65.8 89.9 Philadelphia 233, 548 254,085 259, 299 123, 745 123,037 149,253 249,982 253,218 144,168 62.5 67.5 88.4 Cleveland _. 287,110 295, 404 323,022 151,153 152,035 197, 252 291, 757 293, 719 188,805 64.8 66.3 83.7 Richmond 90,047 101,069 102,729 55,202 55, 778 65,349 91,858 95, 571 75, 622 61.2 66.8 72.9 Atlanta 115, 566 122, 058 157,866 50,343 51,324 60,174 115, 713 117,638 129, 835 69.6 72.2 83.1 Chicago 687, 865 676,419 491,972 314, 447 273,114 337, 759 549, 586 546,158 227,980 79.6 82.6 87. C St. Louis _• 106,944 111, 642 115,998 61,404 62,242 75, 576 90, 430 91, 048 74, 609 70.4 72.8 77.2 Minneapolis 73,858 81,172 68,267 43,201 43, 939 49, 873 72, 788 70, 588 47, 993 63.7 70.9 69.8 Kansas City 92, 959 95, 484 99, 867 70, 340 69, 202 83, 504 80,763 81, 411 63, 838 61.5 63.4 67.8 Dallas "* 48,536 52, 906 50, 984 50, 652 50, 039 57, 705 35,672 37,845 27,839 56.2 60.2 59.6 San Francisco 241,173 219, 370 300, 331 150, 977 149, 525 189,187 222, 649 222,839 167,082 64.5 58.9 84.3 Total 3,118,253 3, 230, 444 3,372, 483 2, 250, 302 2,102, 019 2,439, 591 2, 562,152 2,557,789 1,557,356 64.8 69.3 84.4 i Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $14,325,000; month ago, $14,806,000; year ago, $14,828,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN JUNE, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, MAY 31, 1932 [In thousands of dollars] New Phila- Cleve- Rich- Atlan- Chica- St. Minne-Fansas San Total IBoston York delphia land mond ta go Louis apolis City Dallas Fran- RESOUECES Gold with Federal reserve agents 2,100, 537 166,127 534,417 167,280 204,970 47,300 I 67,000 J561, 495 63, 700 40,820 53,080 22, 585 171, 763 Gold redemption fund with U. S. Treasury 41,129 1,599 10,151 4,934 4,972 2,489 j 3,451 2,818 1,697 1,750 2,234 950 4,084 Gold held exclusively against Federal reserve notes 2,141, 666 167, 726 544, 568 172,214 209, 942 49,789 70,451 |564,313 | 65,397 42,570 I 55,314 23, 535 175,847 Gold settlement fund with Federal Reserve Board. 326,185 15,999 158,493 3,322 19,206 4,055 | 2,319 ! 69, 601 j 5, 716 11,931 12, 279 4,612 j 18,652 Gold and gold certificates held by banks 322,435 15, 982 182, 674 10,318 17, 921 6,277 7,979 j 27,300 10, 838 2, 637 10, 765 4,180 25, 564 Total gold reserves. 12,790,286 199,707 885,735 185,854 247,069 60,121 I 80,749 661,214 81,951 I 57,138 78, 358 32,327 220,063 Reserves other than gold I 197,001 20,185 48, 596 | 28, 52217, 429 11,961 ! 5,804 22,501 10,361 I 3,734 7,173 11,087 Total reserves _ |2,987,287 219,892 934,331 214,376 264, 498 72,082 I 86,553 |683, 715 I 92,312 j 60,872 85,531 43,414 229,711 Nonreserve cash | 65, 957 5,226 16,486 i 3,040 3,201 3,409 | 4,580 ! 12,492 | 3, 549 ; 2,114 1 2,045 3,659 6,156 Bills discounted: j Secured by U. S. Government obligations 208,167 13,095 66, 510 i 21, 63921,,25 5 5,,53 5 6,,58 3 14,,04 7 I 12,,4 92 jj 4,7,60 4, 945 1,889 35,417 Other bills discounted 281, 907 15, 830 38,041 ! 42,350 2759 20064 4660 17116 | 5926 j 9395 20,482 10,293 50,231 27,519 20,064 24,660 17,116 | 5,926 j 9,395 Total bills discounted__. 490,074 28, 925 104, 551 63, 989 48,774 25,599 31,243 31,163 I 18,418 i 14,155 25,427 12,182 85,648 Bills bought 35, 527 2,345 11,136 3,183 3,104 j 2,164 1,379 4,276 | 1,005 j 632 891 4,425 U. S. Government securities: | Bonds _ I 388, 516 20,289 173.104 | 26, 78730, 791 9,615 8,885 55,722 I 8,990 15, 603 9,499' 15,020 14,211 Treasury notes j 171,617 11, 676 69,930 ! 13,888 18,290 5, 713 5,210 20,268 5,043 4,759 5,420 2, 980 8,440 Certificates and bills 989,036 64, 764 423.105 i 77,325 101, 835 31, 805 29,002 112,847 28,077 26, 498 30,191 16,596 46,991 Total U. S. Government securities t, 549,169 96,729 666,139 1118,000 150,916 47,133 | 43,097 188,837 | 42,110 j 46,860 45,11304,596 ! 69,642 Other securities 5,285 3,600 ; 1,675 ! ! _.i io Total bills and securities2,080,055 127,999 785,426 186,847 >02,794 74,896 75,719 224,276 I61, 533! 61,657 71,428 47,765 I 159,715 D Fe u d e e r fr a o l m re s fo e r r e v i e g n n o b t a e n s k o s f othe _ r . 4,643 375 1,637 i 508 475 188 174 662 | 20 12 136 132 324 banks 11, 585 3,081 I 391 812 1,157 642 1,555 I 1,158 578 555 220 1,073 Uncollected items 317, 529 39, 731 •97,377 ! 25,660 27,621 22, 431 12,862 36,039 11,344 6,324 15,031 9,609 | 13,500 Bank premises 58, 084 3,336 14,817 ! 2,873 7,966 3,612 2,489 7,827 3,461 1,834 3,649 1,787 | 4,433 All other resources 40, 517 1,754 21,168 ! 847 1,630 4,032 3,701 1,423 I 1,328 1,398 1,225 1,292 I 719 Total resources J5,565, 657 398,676 1,874,323 434,542 508,997 1181, 807 1186,720967,989 j 174, 705 134,789179,600 107, 878 415,631 LIABILITIES Federal reserve notes in actual circulation _.. 2, 572,216 193,005 575,798 |248,518 291, 498 89,612 1115,065 554, 613 | 90, 570 j 73,16580, 544 35, 475 j 224,35a Deposits: Member bank—reserve account 2,113,487 128,872 990,135 1112,370 136,461 312,042 i 52,299 41, 678 68, 764 43, 822 137, 718 Government | 17,271 1,675 1,056 ! 808 1,311 473 j 1,275 1,386 931 1,539 1,554 Foreign bank 74,405 3,100 46,913 ! 4,201 4,120 5,466 | 1,428 897 1,183 1,142 2,814 Other deposits 34,431 22,454 I 233 3,069 614 | 802 325 63 1,503 4,618 Total deposits 2,239, 594 133, 743 ,060,558 1117,612 144, 961 44,286 70, 941 48,006 146, 704 Deferred availability items 306, 583 39,272 93,065 | 23,603 27, 629 6,472 15,086 10, 765 13,678 Capital paid in 154, 801 11,526 59,130 16,231 14,267 2 926 4,087 3,962 10, 793 Surplus _ __ 259, 421 20,039 75,077 ! 26,486 27, 640 6,356 8,124 7,624 17, 707 All other liabilities 33,042 1,091 10,695 2,092 3,002 1,584 818 2,046 2,396 Total liabilities- 5, 565, 657 398,676 1,874,323 ,434,542 508,997 134,789 179,600 107,878 415,631 Reserve ratio (per cent) i 62.1 67. 3 ! 57.1 ! 58. 6 60. 6 51.8 I 56.5 52.0 61.9 FE DE RAL RE SER VE N OTE \ STATEMENT | Federal reserve notes: ! Issued to F. R. bank by F. R. agent 2, 765,381 209,014 631,772 260,592 303,261 1,240 | 75,565 88,347 40,342 251,713 193,165 16,009 j 55,974 i 12,074 j 11,763 2,670 I 2,400 7, 803 4,867 27,360 Held by F. R. bank In actual circulation 2,572,216 193,005 I 575,798 248,518 291,498 90, 570 I 73,165 10, 544 35,475 224, 353 Collateral held by agent as security for notes issued to banks: Gold 2,100, 537 166,127 534,417 167,280 204,970 40, 820 53, OSO 22,585 171, 763 Eligible paper 484, 733 28,899 104,199 63,819 | 48, 598 13,483 25,028 11,965 82,870 U. S. Government securities 204, 700 15,300 30,000 j 50,000 21,900 14,000 6,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNEr 1932 FEDERAL RESERVE BULLETIN 393 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] j Averages of daily figures Reserves held Borrowings at Federal reserve banks Federal reserve district Total Excess 1932 1931 1932 1931 1932 1931 Apr. Mar. Apr. Apr. Mar. Apr. Apr. Mar. Apr. Boston... 116.6 117.6 143.8 2.6 2.9 2.0 34.0 35.5 8.4 New York.... 910.6 814.4 990.5 95.8 23.2 14.2 119.4 140.1 41.9 Philadelphia.. 116.0 117.2 151.5 2.0 1.5 4.0 73.7 96.8 16.0 Cleveland 141.7 141. 0 196.9 2.8 1.8 4.2 86.6 108.8 14.0 Richmond 50.7 51.6 61.6 1.2 1.4 2.1 29.2 34.4 13.2 Atlanta _. 47.1 48.1 59.5 2.2 2.8 3.5 34.5 34.4 10.8 Chicago 262.6 254.1 330.8 29.9 10.4 8.8 46.2 58.2 12.7 St. Louis 57.7 58.1 72.5 3.1 2.4 3.2 16.7 19.1 7.9 Minneapolis,. 41.4 41.5 50.0 2.8 2.0 2.6 9.5 9.4 3.4 Kansas City,. 66.4 67.6 81.8 4.6 4.9 4.3 29.7 32.7 8.9 Dallas 46.3 47.7 57.1 2.9 2.9 2.3 12.6 13.2 7.5 San Francisco. 138.9 140.2 179.9 2.4 2.8 4.4 106.8 123.2 9.4 Total... 1, 996. 0 1,899. 0 2, 375. 9 152.1 59.0 55.6 599.1 705.8 154.4 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 Apr. Mar. Apr. Apr. Mar. Apr. Apr. Mar. Apr. Apr. Mar. Apr. Boston 953 956 1,202 698 708 848 81 83 99 145 146 164 New York 5,944 5,757 7,067 1,894 1,892 2,593 218 220 275 491 489 590 Philadelphia 806 823 1,068 602 602 750 151 152 188 406 406 462 Cleveland 967 966 1,381 1 016 1 020 1 351 140 144 182 267 269 326 Richmond _ . _ 336 343 396 291 290 350 83 83 111 164 165 203 Atlanta 326 332 417 288 293 309 69 66 94 69 67 85 Chicago .-, . . 1,573 1,655 2,162 1, 270 1,291 1,828 166 165 236 258 260 361 St. Louis 385 399 494 307 303 372 92 121 100 99 121 Minneapolis. _. 202 208 260 203 204 215 112 115 143 210 210 244 Kansas City 404 409 508 215 219 246 183 187 243 120 122 141 Dallas 303 314 377 157 162 195 142 147 190 34 33 39 San Francisco 848 853 1,129 1,477 1,491 1,754 106 106 150 115 116 141 Total 13 046 13,016 16, 459 8, 419 8,473 10, 812 1,543 1,559 2,032 2,379 2,383 2, 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN JUNE, 1932 EARNINGS AND EXPENSES OF MEMBER BANKS TABLE 1.—ALL MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDING DECEMBER 31, 1930 AND 1931 Amounts (in thousands of dollars) Amounts per $100 of earning assets 1 National member All member National State All member banks banks State member banks banks m b e a m nk b s er m b e a m nk b s er 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 Interest earned: On loans 2 1,072,927 1,349,364 679,576 828, 203 393,351 521,161 $3.21 $3.81 $3.30 $3.85 $3.06 $3.76 On investments 3 480,296 472,351 308,864 310,653 171,432 161,698 1.44 1.33 1.50 1.44 1.33 1.17 On balances with other banks. 28,682 35, 799 21, 389 26,694 7, 293 9,105 .09 .10 .10 .12 .06 .07 Total 1, 581,905 1,857, 514 1,009,829 1,165, 550 572,076 691, 964 4.73 5.24 4.91 5.41 4.45 4.99 Domestic exchange and collection charges 17, 214 19, 588 14,038 15, 920 3,176 3,668 .05 .06 .07 .07 .02 .03 Foreign department 25,727 25, 011 17,230 14,530 8,497 10,481 .08 .07 .08 .07 .07 .08 Commissions received 21,175 30, 740 718 816 20,457 29, 924 .06 .09 .16 .22 Trust department 75,041 80, 280 24, 650 26, 957 50,391 53, 323 .22 .23 .12 . 13 .39 .38 Profits on securities sold 70,078 70,852 43, 304 40,952 26, 774 29,900 .21 .20 .21 . 19 .21 .22 Other earnings 120, 362 144, 789 84, 371 99, 203 35,991 45, 586 .36 .41 .41 .46 .28 .33 Gross earnings _ . 1, 911, 502 2, 228, 774 1,194,140 1, 363,928 717, 362 864,846 5.72 6.30 5.81 6.33 5.58 6.24 Interest on deposits: Time 387, 284 450,865 261,009 292, 210 126,275 158,655 1.16 1.27 1.27 1.36 .98 1.14 Demand _ 140, 691 225, 280 81, 353 122,809 59, 338 102,471 .42 .64 .40 .57 .46 .74 Bank 52,935 72,847 34,919 46, 292 18,016 26, 555 .16 .21 .17 .21 .14 .19 Total 580,910 748, 992 377, 281 461,311 203,629 287,681 1.74 2.12 1.83 2. 14 1.58 2.08 Interest on borrowed money 19,136 22, 001 11,613 12,807 7,523 9,194 .06 .06 .06 .06 .06 .07 Salaries and wages ._ 412, 531 451, 776 257,074 277,798 155,457 173,978 1.23 1.28 1.25 1.29 1.21 1.26 Taxes 86, 367 113, 418 53,110 68, 373 33, 257 45,045 .26 .32 .26 .32 .26 .33 Other expenses.. 236, 435 268,148 149,176 167, 740 87, 259 100, 408 .71 .76 .73 .78 .68 .72 Total expenses 1, 335, 379 1,604, 335 848, 254 988,029 487,125 616, 306 3.99 4.53 4.12 4.59 3.79 4.45 Net earnings __ 576,123 624, 439 345,886 375,899 230, 237 248, 540 1.72 1.76 1.68 1.75 1.79 1.79 Recoveries on charged-off assets: Loans and discounts 28, 000 23, 402 16, 651 16,108 11, 349 7,294 .08 .07 .08 .07 .09 .05 Investments 13, 541 12, 334 9,921 6,746 3,620 5,588 .04 .03 .05 .03 .03 .04 Allother 15,053 11,641 9,662 8,033 5,391 3,608 .05 .03 .05 .04 .04 .03 Total 56, 594 47, 377 36, 234 30,887 20, 360 16,490 .17 .13 .18 .14 .16 .12 Losses charged off: On loans and discounts 295, 241 194, 725 212, 575 135,085 82, 666 59, 640 .88 .55 1.03 .63 .64 .43 On investments _. 264,170 109,028 184, 290 71,202 79,880 37,826 .79 .31 .90 .33 .62 .27 On banking-house, furniture and fixtures 29, 061 36, 601 18, 204 26, 643 10,857 9,958 .09 .10 .09 .12 .08 .07 Allother 31, 984 24,960 21, 947 15, 688 10, 037 9,272 .10 .07 .11 .07 .08 .07 Totallosses 620, 456 365, 314 437,016 248, 618 183,440 116, 696 1.86 1.03 2.13 1.15 1.43 .84 Net losses 4 563,862 317,937 400, 782 217, 731 163,080 100, 206 1.69 .90 1.95 1.01 1.27 .72 Net additions to profits 12, 261 306, 502 ! «- 54,896 158,168 67,157 148, 334 .04 .87 »-.27 .73 .52 1.07 Dividends declared 335, 792 371,968 1 193,696 215, 992 142, 096 155, 976 Loans 6 21, 732, 289 25, 018, 222 13,117, 216 14, 726, 937 8, 615, 073 10,291,285 Investments 6___ 11, 699, 502 10, 377,190 | 7,447,230 6, 811, 587 4, 252, 272 3, 565, 603 1 Earning assets 6 33, 431, 791 35, 395, 412 20, 564,446 121, 538, 524 12,867, 345 13,856,888 Capital funds*.7 6, 395,866 6, 722, 782 3, 746, 961 3, 913,450 2, 648,905 2,809, 332 i Other ratios * Earning assets per $1 of capital funds .-! $5. $5.26 $5.49 $5.50 $4.93 Net profits per $100 of capital funds _..| . 4.56 5-1.47 4.04 2.54 5.28 Losses on loans per $100 of loans 1.36 .78 1.62 .92 .96 .58 Losses on investments per $100 of investments 2.26 1.05 2.47 1.05 1.88 1.06 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings, expenses, and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Includes discount. 3 Includes dividends. 4 Losses less recoveries. * Net loss. 8 Averages of amounts from reports of condition for 5 call dates (December to December). ' Capital, surplus, and undivided profits, including reserves for dividends and contingencies, and excluding reserves for taxes, interest, and other expenses accrued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 395 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 2.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING DECEMBER 31, 1930 AND 1931 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 Interest earned: On loans* 75, 854 95, 703 309, 528 403,996 86,334 98, 607 113, 285 134, 338 43,988 52, 048 38,010 48, 334 On investments3 35, 488 34, 724 158, 491 155,846 50, 063 45, 305 54,085 54, 980 13,069 12, 669 11, 349 10, 755 On balances with other banks 2,040 2,088 3,257 3,887 1,920 2,196 2,808 3,505 1,616 1,685 1,557 1,786 Total 113, 382 132, 515 471, 276 563,729 138.317 146,10S 170,178 192,823 58, 673 66,402 50, 916 60,875 Domestic exchange and collection charges 490 568 4,177 4,390 560 596 687 925 775 971 1,471 1,750 Foreign department 733 588 19,868 15,472 671 831 442 616 102 176 292 460 Commissions received 533 537 16. 271 24, 733 344 363 458 900 309 398 227 234 Trust department 6, 580 6, 500 29. 917 34,103 8,820 8,821 7,474 7,811 1,445 1,339 1,286 1,267 Profits on securities sold 4,687 7,789 31,415 26, 825 5,566 5,773 6,330 8,436 1,527 1,350 1,488 1,491 Other earnings 8,913 9, 527 31, 638 46, 533 5,927 6,111 13, 241 16, 275 4,436 4,285 6,072 6,062 Gross earnings 135, 318 158, 024 604, 562 715, 785 160, 205 168, 603 198,810 227, 786 67, 267 74, 921 61, 752 72,139 Interest on deposits: Time 33,892 36,198J 84, 288 109,958 35,975 37,487 50, 996 59, 394 17, 797 19, 294 11,514 14, 538 Demand 11,638 20,171! 46, 793 88, 622 12, 791 16, 726 17, 560 21,988 3,415 4,805 4,092 5,522 Bank 2,311 3,451| 17,084 25, 720 3,125 3,497 6,992 7,495 1,833 2,187 1,855 2,188 Total 47, 841 59, 820 148,165 224, 300 51, 891 57, 710 75, 548 88, 877 23, 045 26, 286 17, 461 22, 248 Interest on borrowed money.. 682 1,234 4,448 5,221 2,478 2,431 2,085 2,082 1,152 1,336 1,565 1,816 Salaries and wages 27, 498 28, 870 127, 236 138,375 30,805 31, 785 37, 793 41, 513 14,446 15, 501 14, 530 15, 938 Taxes 5,861 7, 768 19, 984 33,186 7, 037 8. 485 10,086 13, 083 4, 0«3 4,578 3,842 4,892 Other expenses 15,175 16, 630 76, 969 86, 415 17,196 17, 651 20, 380 22,118 7,862 8,865 8,815 10,107 Total expenses. 97, 057 114,322 376, 802 487, 497| 109, 407 118,062 145,892 167, 673 50, 588 56, 566 46, 213 55,001 Net earnings _ 38, 261 43, 702 227, 760 228, 288 50, 798 50, 541 52, 918 60,113 16, 679 18, 355 15, 539 17,138 Recoveries on charged-off assets: Loans and discounts _ 1,338 1,487 12, 238 6,764 984 861 1,513 1,342 694 832 735 892 Investments 3,796 2,788 4,283 4,969 742 793 917 1,456 107 447 310 All other 965 1,315 6.344 1,991 608 312 1,557 874 302 467 370 506 Total 6,099 5, 590 22,865 13, 724 2,334 1, 966 3,987 3,672 1,103 1,417 1, 552 1,708 Losses charged off: On loans and discounts.__ 17, 363 14,074 127, 794 74,983 21, 570 12,81C 16, 727 12, 079 11,068 6,688 11, 590 11, 273 On investments _ _ 23,139 11, 600 108, 573 55, 421 33, 635 9,150 27, 008 10, 033 7,854 2,148 5,969 2, 537 On banking house, furniture and fixtures 1,629 1,940 11, 549 13, 776 1.302 1,857 2,557 3,019 522 €88 747 1,027 All other 1,698 1, 504 7,005 6, 393J 1, 984 982 2,237 3,124 2,316. 565 1,294 1,217 Total 43,82! 29,118 254, 921 150, 573 58, 491 24,805 48, 529 28, 255 21, 760 10, 089 19,600 16,054 Net losses4 37, 73C 23, 528 232, 056 136,849 56,157 22, 839| 44,542 24, 583 20, 657 8, 672 18, 048 14, 346 Net addition to profits .. _ 53; 20, 174 «-4, 296 91,439 5-5. 359 27, 702 8, 376 35, 530 5-3,978 9,683 5-2,509 2,792 Dividends declared 22, 530 28,158 150, 982 139, 383] 30, 206 32, 961 24, 999 31, 414 9,268 11,830j 7,920 11,848 Loans6 1, 591, 0351, 834, 634 7, 505, 9918 689 340^657.0441,820,743:2,077,7362, 336, 268 780, 735 903,02? 655,164 796, 901 Investments6 ._ . _ 825,809 728,894 4, 022, 864 3,430, 6741, 069, 422 887,322 1,180,3121,131,188 344, 645 309, 939 302, 343 267, 749 Earning assets8 2, 416, 8432, 563, 52811,528,85512,120, 014 2, 726, 4662, 708,0653, 258, 0483, 467, 4561,125,3801, 212, 961 957, 5071, 064, 650 Capital funds8.7 ., 448,189 460 934 2. 524. 445 2, 663, 227 638. 990 654, 757 598,187 623, 582 214, 733 228, 793 182,118 197,849 For footnotes, see Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN JUNE, 1932 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 2.—ALL MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, YEARS^ENDINGIDECEMBER 31,1930 AND 1931—Continued [In thousands of dollars] Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 Interest earned: On loans2 139,892 201,515 37,677 49,878 28,209 34,239 41,969 51,727 36,512 46, 639 121,669 132,340 On investments3 53,338 55,335 17,498 17, 357 15, 543 15,742 18,640 18,094 8,139 8,057 44,593 43,487 On balances with other banks 3,268 5,025 1,355 1,697 1,548 1,931 2,975 3,815 2,401 2,848 3,937 5,336 Total 196,498 261,875 56,530 68,932 45, 300 51,912 63, 584 73,636 47,052 57, 544 170,199 181,163 Domestic exchange and collection charges 2,843 3,259 892 1,135 1,659 1,835 1,088 1,279 912 1,237 1,660 1,643 Foreign department 2,227 4,190 60 119 70 112 16 26 65 139 1,181 2,282 Commissions received 1,207 1,516 884 971 374 446 104 116 76 75 388 451 Trust department 10,068 10,801 1,542 1,622 217 236 1,234 1,275 426 395 6,032 6,110 Profits on securities sold 6,944 8,722 1,501 2,111 1,663 1,943 1,845 1,447 1,329 955 5,783 4,010 Other earnings 16,568 18,585 4,099 4,243 3,083 2,747 6,959 7,013 4,354 5,384 15, 072 18,024 Gross earnings 236,355 308,948 65, 508 79,133 52,366 59,231 74,830 84,792 54,214 65, 729 200,315 213,683 Interest on deposits: Time . 47,525 61,126 14, 024 16, 383 13,841 15, 519 11,858 12, 268 7,482 8,529 58, 092 60,171 Demand _ 19,107 34,165 3,750 6,459 2,643 3,237 5,865 7,252 4,117 5,222 8,920 11,111 Bank 5,168 9,138 1,665 2,687 1,649 1,999 3,360 4,391 2,036 2,522 5,857 7,572 Total 71,800 104,429 19,439 25,529 18,133 20, 755 21, 083 23,911 13,635 16, 273 72,869 78,854 Interest on borrowed money-- 1,818 2,390 1,422 2,056 239 261 739 765 865 1,510 1,643 899 Salaries and wages 51,879 62. 699 14,969 17,165 12,842 19, 218 20,814 14, 232 16, 293 47.836 49,981 Taxes 15 379 18.179 3,942 5,132 3,372 3,607 4,266 3,975 4,552i 5; 641 5,925 Other expenses 30,547 38, 231 8,345 9,618 6*899 7,415 10,853 12, 246 7,378 8,963j 26,016 29,889 Total expenses 171,423 225,928 48,117 59, 500 40, 290 44, 645 55, 500 62, 002 40,085 47, 591 154,005 165,548 Net earnings. 64,932 83, 020 17, 391 19, 633 12, 076 14, 586 19, 330 22, 790 14,129 18,138 46, 310 48,135 Recoveries on charged-off assets: Loans and discounts 3,049 3,494 1,138 1,120 1,200 1,133 1,837 2,296 1,752 2,024 1,522 1,157 Investments 644 548 367 352 451 106 734 473 204 100 849 321 Allother 1,345 2,181 792 821 612 280 748 1,262 818 703 592 929 Total 5,038 6,223 2,297 2,293 2,263 1,519 3,319 4,031 2,774 2,827 2,963 2,407 Losses charged off: • On loans and discounts... 37,418 22, 675 7,421 5,736 5,482 4,078 11, 365 8,262 13, 356 10, 762 14, 087 11, 299 On investments. 22, 039 5,806 8,638 3,375 5,771 1,753 6,984 2,538 3,148 702 11,412 3,965 On banking house, furniture, and fixtures. 2,857 5,002 699 1,066 925 1,411 753 1,313 997 1,039 4, 524 4,463 Allother 4,993 3,260 1,857 1,522 1,065 1,139 1,541 1,719 2,142 1,377 3,852 2,158 Total. 67, 307 36, 743 18, 615 11, 699 13, 243 8,381 20, 643 13,832 19, 643 13, 880 33,875 21,885 Net losses4 ... 62, 269 30,520 16, 318 9,406 10,980 6,862 17, 324 9,801 16, 869 11, 053 30,912 19,478 Net addition to profits 2,663 52,500 1, 073 10, 227 1,096 7, 724 2,006 12,989 1-2,740 7,085 15, 398 28, 657 Dividends declared 38, 369 49, 611 9,069 12, 700 6,096 7, 508 7,554 11,142 5,702 8,371 23, 097 27, 042 Loans8-. _. . 3, 037 987 3. 629. 245 707, 632 896, 346 472, 567 527, 322 645,829 756,124 550,375 660,9822, 050,1952 167,295 Investments6 1,401, 8911, 266, 825 407,909 380, 239 358, 565 352,876 440,819 410,985 239,972 219, 7521,104,952 990,749 Earning assets6 4, 439, 878 4, 896, 070 1,115,541 1, 276, 585 831,132 880,1981, 086, 6481,167,109 790, 347 880, 734 J3,155,1473,158,044 Capital funds9*7 725,937 790,707 182,902 203, 474 115, 757 119,118 162,876 165,236 161,222 171,075 440,510 444,030 For footnotes, see Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDEBAL RESERVE BULLETIN 397 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 3.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING DECEMBER 31, 1930 AND 1931 Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 Amounts per $100 of earning assets: Interest earned $4.69 $5.17 $4.09 $4.65 $5.07 $5.40 $5.22 $5.56 $5.21 $5.47 ! $5.32 $5.72 All other earnings. .91 1.00 1.16 1.25 .80 .83 .88 1.01 .76 .70 1.13 1.05 Gross earnings _ 5.60 6.16 5.24 5.90 5.87 6.23 6.10 6.57 5.98 6.17 6.45 6.77 Interest on deposits 1.98 2.33 1.29 1.85 1.90 2.13 2.32 2.56 2.05 2.17 1.82 2.09 Interest on borrowed money . - - .03 .05 .04 .04 .09 .09 .06 .06 .10 .11 .16 .17 Salaries and wages 1.14 1.13 1.10 1.14 1.13 1.17 1.16 1.20 1.28 1.28 1.52 1.50 Taxes .24 .30 .17 .27 .26 .31 .31 .38 .36 .38 .40 .46 All other expenses _ .63 .65 .67 .71 .63 .65 .63 .64 .70 .73 .92 .95 Total expenses 4.02 4.46 3.27 4.02 4.01 4.36 4.48 4.84 4.50 4.66 4.83 5.17 Net earnings _ 1.58 1.70 1.98 1.88 1.86 1.87 1.62 1.73 1.48 1.51 1.62 1.61 Total losses 1,81 1.14 2.21 1.24 2.15 .92 1.49 .81 1.93 .83 2.05 1.51 Recoveries .25 .22 .20 .11 .09 .07 .12 .11 .10 .12 .16 .16 Net losses * 1.56 .92 2.01 1.13 2.06 .84 1.37 .71 1.84 .71 1.88 1.35 Net addition to profits.. _.- .02 .79 8 -.04 .75 6-.20 1.02 .26 1.02 5 -.35 .80 5 -.26 .26 Other ratios: Earning assets per $1 of capital funds.-. 5.39 5.56 4.57 4.55 4.27 4.14 5.45 5.56 5.24 5.30 5.26 5.38 Net profits per $100 of capital funds .12 4.38 * -.17 3.43 «-.84 4.23 1.40 5.70 4.23 5-1.38 1.41 Losses on loans per $100 of loans 1.09 .77 1.70 .86 1.30 .70 .81 .52 1.42 .74 1.77 1.41 Losses on investments per $100 of investments- - 2.80 1.59 2.70 1.62 3.15 1.03 2.29 .89 2.28 .69 1.97 .95 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 Amounts per $100 of earning assets: Interest earned-. _ $4.43 $5.35 $5.07 $5.40 $5.45 $5.90 $5.85 $6.31 $5.95 $6.53 $5.39 $5.74 All other earnings--. _ .90 .96 .80 .80 .85 .83 1.03 .96 .91 .93 .95 1.03 Gross earnings.- 5.32 6.31 5.87 6.20 6.30 6.73 6.89 7.27 6.86 7.46 6.34 6.77 Interest on deposits . _ _ _ 1.62 2.13 1.74 2.00 2.18 2.36 1.94 2.05 1.73 1.85 2.31 2.50 Interest on borrowed money .04 .05 .13 .16 .03 .03 .07 .07 .11 .17 .05 .03 Salaries and wages 1.17 1.28 1.34 1.34 1.45 1.45 1.77 1.78 1.80 1.85 1. 52 1.58 Taxes .35 .37 .35 .40 .35 .38 .33 .37 .50 .52 .18 .19 All other expenses .69 .78 .75 .75 .83 .84 1.00 1.05 .93 1.02 .82 .95 Total expenses _ 3.86 4.61 4.31 4.66 4.85 5.07 5.11 5.31 5.07 5.40 4.88 5.24 Net earnings „ 1.46 1.70 1.56 1.54 1.45 1.66 1.78 1.95 1.79 2.06 1.47 1.52 Total losses 1.52 .75 1.67 .92 1.59 .95 1.90 1.19 2.49 1.58 1.07 .69 Recoveries _ _. .11 .13 .21 .18 .27 . 17 .31 .35 .35 .32 .09 .08 Net losses _ 1.40 .62 1.46 .74 1.32 .78 1.59 | .84 2.13 1.26 .98 .62 Net addition to profits.. __ .06 1.07 .10 .80 .13 .88 .18 1.11 6 -.35 .80 .49 .91 Other ratios: Earning assets per $1 of capital funds... 6.12 6.19 6.10 6.27 7.18 7.39 6.67 7.06 4.90 5.15 7.16 7.11 Net profits per $100 of capital funds .37 6.64 .59 5.03 .95 6.49 1.23 7.86 5-1.70 4.14 3.50 6.45 Losses on loans per $100 of loans _ _ 1.23 .62 1.05 .64 1.16 . 77 1.76 1.09 2.43 1.63 .69 .52 Losses on investments per $100 of investments.. 1.57 .46 2.12 .89 1.61 .50 1.58 .62 1.31 .32 1.03 .40 For footnotes, see Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN JUNE, 1932 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 4.—NATIONAL BANKS,* BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1931 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. Similar information for the first half of 1931 was published on page 76 of the January, 1932, issue of the FEDERAL RESERVE BULLETIN; additional statistics for the fiscal year ending June 30, 1931 will be found in the Annual Report of the Comptroller of the Currency for 1931 [In thousands of dollarsj Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Gross earnings: Interest received— On loans 2 _ 319,819 26,223 68,445 28, 697 25, 009 15,800 13,773 35, 777 10,681 13,265 18, 741 15,223 48,185 On investments 3 149,871 13, 004 40, 005 16, 555 15,226 5,126 5,014 13, 253 4,829 7,117 8,365 3,865 17, 512 On balances with other banks 7,919 720 507 436 755 422 477 796 308 561 1,003 749 1,185 Domestic exchange and collection charges 7,019 200 1,806 204 199 263 621 928 240 809 558 480 711 Foreign-exchange department 9,806 410 8,293 274 108 21 85 121 11 54 5 33 391 Commissions received 390 1 2 1 84 56 16 177 24 2 27 Trust department- ._ 12,041 1,241 4,477 612 640 433 437 941 143 112 506 202 2,297 Profits on securities sold 15, 279 946 6,570 1,099 1,675 368 410 857 291 617 580 398 1,468 Other earnings _ 41, 554 3,609 10, 733 1,753 2,797 1,720 2,238 5,380 964 1,444 3,170 1,852 5,894 Total earnings 563, 698 46, 353 140, 837 49, 632 46, 410 24,153 23,139 58, 109 17, 483 24,156 32, 952 22,804 77, 670 Expenses: Salaries and wages 123, 746 9,924 28,365 9,274 8,664 5,170 5,678 13, 047 4,226 5,620 8,489 6,195 19,094 Interest paid— On borrowed money 2_ _. 7,583 347 1,377 1,029 678 478 588 671 258 124 423 434 1,176 On deposits- Time 121, 690 11,198 21, 461 13, 333 12,171 6,802 4,499 12,157 3,922 6,170 5,438 2,949 21, 590 Demand 34, 489 3,192 8,833 3,020 4,067 1,008 1,268 4,306 815 1,089 2,187 1,767 2,937 Bank .__ 13, 727 785 3,715 547 1,653 412 564 1,173 472 682 1,148 627 1,949 Taxes 26, 238 2,569 5,120 2,207 2,086 1,853 1,745 2,574 1,235 810 1,835 1,927 2,277 Other expenses 71, 229 5,271 19, 293 5,178 4,838 2,635 3,065 8,445 1,941 3,252 4,324 2,930 10, 057 Total expenses 398, 702 33, 286 88,164 34, 588 34,157 18,358 17, 407 42,373 12, 869 17, 747 23,844 16, 829 59, 080 Net earnings 164, 996 13,067 52, 673 15, 044 12, 253 5,795 5,732 15, 736 4,614 6,409 9,108 5,975 18, 590 Recoveries on charged-off assets: Loans and discounts . 8,072 348 2,285 258 475 285 205 934 386 565 865 782 684 Bonds, securities, etc 5,502 878 1,856 305 321 40 381 256 74 292 522 64 513 Allother--. _. 4,539 524 1,191 235 522 122 130 568 127 418 217 344 141 Total net earnings and recoveries _ ._. _. 183,109 14, 817 58, 005 15, 842 13, 571 6,242 6,448 17, 494 5,201 7,684 10, 712 7,165 19,928 Losses charged off: On loans and discounts 111,010 9,780 35, 590 9,920 6,417 3,839 3,782 16, 233 2,170 2,373 6,473 7,969 6,464 On bonds, securities, etc 112, 711 11,169 35, 519 17, 901 11, 496 3,157 2,639 10, 553 3,137 4,117 4,704 2,415 5,904 On banking house, furniture, and fixtures 11, 223 958 2,313 596 861 247 425 1 216 227 678 357 751 2 594 On foreign exchange 1,274 102 115 15 31 16 65 216 3 46 22 2 641 All other losses 9,377 515 1,485 702 574 340 423 1,241 410 464 763 1,546 914 Total losses charged off 245, 595 22, 524 75, 022 29,134 19, 379 7,599 7,334 29,459 5,947 7,678 12, 319 12, 683 16, 517 Net addition to profits < 62,486 « 7, 707*17, 017 413, 292 * 5, 808 * 1, 357 *886 HI, 965 4 746 6 4 1, 607 * 5, 518 3,411 Dividends declared 93,456 8,125 38, 297 8,903 4,869 3,495 2,669 8,534 1,811 2,832 2,664 2,503 8,454 S C u a r p p i l t u a s l s f t u o n c d k 6 paid in 5 1 1 , , 3 61 7 8 9 , , 5 02 4 4 9 1 11 5 4 1 , , 2 9 0 2 5 3 4 4 4 4 2 7 , , 0 3 0 6 4 1 1 1 9 2 5 3 , , 4 2 7 3 7 8 1 1 1 2 2 3 , , 2 0 8 3 8 6 7 56 3 , , 9 2 5 8 7 0 7 4 5 7 , , 2 4 1 8 0 7 1 1 8 2 0 7 , , 8 37 0 5 6 3 5 2 5 , , 7 0 8 1 9 0 3 5 3 7 , , 4 8 0 2 4 5 8 3 2 9 , , 9 3 4 4 9 2 3 7 9 7 , , 4 6 2 9 2 2 1 12 8 2 6 , , 1 3 3 6 0 3 Capital and surplus * 2, 997, 573 266,128 889, 365 318, 715 235, 324 130, 237 122, 697 308,181 87, 799 91, 229 122, 291 117,114 308,493 Number of banks 5 6,368 343 699 642 585 371 305 728 379 539 801 550 426 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. 2 Includes discount. 3 Includes dividends. * Net loss. s As of December 31,1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

399 JUNE, 1932 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 5.—STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1931 [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago 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 is a a c n n o - Gross earnings: Interest received— On loans i 179,569 9,512 75,992 12, 728 26,878 4,810 3,695 25,540 6,677 901 1,382 1,052 10,402 On investments 2 _ 83, 538 4,841 36,975 8,406 10, 626 1,319 928 10,531 4,117 458 774 179 4,384 On balances with other banfcs . 2,638 96 683 216 296 188 199 377 138 29 93 32 291 Domestic exchange and collection charges 1,525 29 207 80 111 111 74 525 198 31 12 36 111 Foreign department 4.636 61 3,378 26 98 17 31 934 9 1 3 128 Commissions received 9,635 224 7,380 223 181 179 86 663 484 22 26 22 145 Trust department 25, 256 2,064 9,770 4,023 3,036 346 272 4,271 548 10 117 23 726 Profits on securities sold___ 12,040 548 7,652 990 586 124 139 1,498 83 38 124 67 191 Other earnings.. 17,366 678 5,012 1,277 3,525 470 761 2,685 1,006 68 411 143 1,330 Total earnings 336, 253 18, 053 147, 049 27, 969 45, 387 7,564 6,185 47, 024 13, 260 1,558 2,942 1,554 17, 708 Expenses: Salaries and wages 73, 770 3,577 32,158 6,080 9,181 1,753 1,418 10, 735 2,840 365 819 562 4,282 Interest paid— On borrowed money L_ 4,623 112 1,453 587 765 220 356 471 496 20 23 52 68 On deposits- Time 55,160 4,803 15, 636 4,336 10,417 1,726 940 8,170 2,520 418 316 202 5,676 Demand 24,090 1,276 10,494 2,240 3,834 466 486 3,425 541 66 310 89 863 Bank 7,508 143 3,948 503 908 287 195 737 151 35 142 50 409 Taxes 15, 539 871 3,962 1, 222 2,051 587 558 4,512 848 75 188 125 540 Other expenses 41,581 1,943 18, 633 3,238 4,762 950 1,041 5,663 1,745 156 694 287 2,469 Total expenses _ 222, 271 12, 725 86, 284 18, 206 31,918 5,989 4,994 33, 713 9,141 1,135 2,492 1,367 14,307 Net earnings _ . _ . 113, 982 5,328 60,765 9,763 13, 469 1,575 1,191 13, 311 4,119 423 450 187 3,401 Recoveries on charged-off assets: Loans and discounts 8,030 250 6,362 475 206 46 80 197 276 43 16 56 73 Bonds, securities, etc 2,474 1,018 786 147 212 12 17 101 159 4 17 All other 3,502 67 2 326 184 193 5 23 251 282 1 ?fi 74 66 Total net earnings and recoveries.. _____ 128, 038 6,663 70, 239 10, 569 14, 085 1,638 1,311 13, 860 4. 83fi 467 492 321 3,557 Losses charged off: On loans and discounts 55, 850 1,358 32, 540 5,445 2,281 1,119 1,202 8,628 1,630 261 112 365 909 On bonds, securities, etc... 61,422 3,371 38, 029 5,676 3,510 991 356 5, 763 2,615 142 23 132 814 On banking house, furniture, and fixtures 3,811 152 1,620 242 764 48 50 313 221 28 5 26 342 All other losses 7,073 185 1,796 505 717 211 168 2,127 741 66 63 83 411 Total losses charged ofL_ 128,156 5,066 73,985 11,86S 7,272 2,369 1,776 16,831 5,207 497 203 606 2,476 Net addition to profits 4118 1,597 * 3, 746 * 1, 299 6,813 *731 <465 * 2, 971 « 371 *30 289 < 285 1,081 Dividends paid 63, 551 3,098 38, 541 5,912 6,757 884 1,015 8,603 1,807 98 448 173 1,215 Capital stock paid in 3 880, 624 37,405 414, 492 58, 396 93, 445 25, 025 18, 555 138, 366 38, 235 .3,165 8, 730 6,825 37,985 Surplus fund 3 1,144, 746 46,860 621, 700 133,151 143, 350 16, 026 12,933 117, 210 21, 803 1,746 3, 307 2,112 24, 548 Capital and surplus » 2, 025, 370 84, 265 1, 036,192 191,547 J236, 795 41, 051 31, 488 255, 576 60,038 4,911 12, 037 8,937 62, 533 Number of banks * . _ 876 30 142 73 70 32 43 175 85 40 23 67 96 i Includes discount. J Includes dividends. * As of Dec. 31, 1931. * Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN JUNE, 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- N Y e o w rk P p d h h e i l l i - a a - C l l a e n v d e - | R m ic o h n - d At t l a an- C c h ag i- o Lo S u t. is n M e i l a i n p s - o- K C s a i a n t s - y D l a a l s - F c S r i a a s n c n o - Y N o e r w k c C a h g i- o Loans and investments: May 4 19,277 1,245 7,777 1,117 1,957 522 2,478 550 336 j 550 396 ,760 6,727 1,366 May 11 19,140 1,224 7,721 1,112 1, 943 I 584 518 2,464 547 335 | 547 392 ,753 6,673 1,353 May 18 19,037 1,208 7,650 1,104 1, 942 | 580 514 2,458 563 337 543 390 .,748 6,604 1,352 May 25 _. 1,212 7,627 1,097 1,938 | 579 511 2,455 568 337 j 542 ,740 6,583 1,353 Loans: I May 4 _.. 11, 842 810 4,623 1,201 351 341 1,743 ! 337 198 285 251 ,038 3,963 920 May 11.. 11, 717 799 4.547 660 1,192 345 340 1,733 | 334 197 282 250 ,038 3,890 916 May 18.... 11, 661 792 4, 534 658 1,190 344 338 1,716 328 198 278 249 1,036 a 87Q ana May 25._ 11, 588 794 4,478 652 1,188 342 336 1,714 326 198 278 249 1,033 3,825 I On securities- May 4 _ 5,063 317 2,188 334 539 136 111 812 134 56 82 76 278 1,908 533 May 11 4,977 316 2,124 333 538 132 111 805 131 56 81 76 274 1,845 528 May 18 4,950 306 2,118 331 543 130 110 796 127 56 81 76 276 1,840 520 May 25.-,. 4,910 2,087 328 541 129 110 793 126 56 76 275 1,810 518 All other- I May 4 6,779 493 2,435 330 662 215 230 203 142 ! 203 175 760 2,055 387 May 11 6,740 483 2,423 327 654 213 229 928 203 141 201 174 764 2,045 388 May 18 6,711 486 2,416 327 647 214 228 920 201 142 197 173 760 2,039 May 25 6,678 485 2,391 324 647 213 226 921 200 142 198 173 758 2,015 Investments: May 4 _ 7,435 435 3,154 453 756 238 181 735 213 138 265 145 722 2,764 446 May 11 7,423 425 3,174 452 751 239 178 731 213 138 265 142 715 2,783 437 May 18 7,376 416 3,116 446 752 236 176 742 235 139 265 141 712 2,725 449 May25.._. 7,406 418 3,149 445 750 237 175 741 242 139 264 139 707 2,758 449 IT. S. Government securities- May 4 4,163 243 1,953 183 405 115 406 81 139 86 393 1,820 252 May 11 4,144 230 1,961 182 403 115 406 81 139 84 1,826 248 May 18 4,093 224 1,894 176 405 112 420 102 138 83 1,759 262 May 25.... 4,084 221 1,917 175 404 113 421 82 137 82 | 377 1,781 262 All other— May 4 3,272 192 1,201 270 351 123 85 329 132 75 126 59 j 329 944 194 May 11 3,279 195 1,213 270 348 124 85 325 132 74 126 58 i 329 957 189 May 18 3,283 192 1, 222 270 347 124 86 322 133 73 127 58 | 329 966 187 May 25 3,322 197 1, 232 270 346 124 86 320 160 73 127 57 ; 330 977 187 Reserves with F. R. bank: May 4 1,668 82 .879 70 109 34 29 245 21 44 29 j 87 820 182 May 11 1,682 98 872 69 108 34 30 257 20 44 28 I 86 821 196 May 18 1,718 103 901 71 107 34 29 254 21 46 26 I 90 850 196 May 25 _ 1,753 95 948 108 33 29 260 21 45 28 ! 82 200 Cash in vault: May 4 201 19 50 12 25 13 7 31 5 11 16 39 13 May 11. 208 17 52 13 26 13 7 34 5 12 6 i 16 40 15 May 18 207 17 54 12 25 12 7 35 5 13 15 43 15 May 25 _. 16 54 12 25 13 7 35 ; 5 13 16 42 15 Net demand deposits: May 4 11,082 700 5,535 605 278 228 1,298 289 167 356 235 ! 553 5,071 876 May 11 _ __ 11,146 709 5,554 618 281 229 1,308 288 170 355 235 i 557 5,094 882 Myal8 _._. 11,134 710 5,553 617 276 226 1,312 284 170 355 234 i 559 5,092 885 May 25 11,158 706 5,599 843 277 224 1,313 i 288 168 354 233 ; 544 5,133 892 Time deposits: May 4_ __. 5,705 422 1,220 834 225 195 209 149 179 127 773 380 May 11 _ 5,709 421 1,224 267 831 226 194 210 149 179 1 127 ! 776 382 May 18. _ 5,674 418 1,214 821 225 195 977 i 209 147 178 127 ! 382 May 25... _. 5,673 417 1,214 819 225 195 976 209 147 179 ! 127 i 897 380 Government deposits: May 4 485 41 199 53 29 . 20 36 4 6 34 185 30 May 11 369 32 150 41 21 14 28 3 5 12 i 26 139 23 May 18 320 27 130 36 18 12 24 2 4 11 i 23 120 20 May 25 _ _. 271 23 109 30 16 10 20 2 4 io! 19 101 17 Due from banks: May 4. _ 1,250 124 114 108 82 70 73 266 72 44 101 i 114 72 188 May 11. 1,235 121 113 89 79 64 71 264 82 44 104 82 | 119 67 186 May 18 1,233 128 109 94 74 69 68 251 80 41 107 85 I 125 68 172 May 25._ 1,210 124 112 71 74 63 231 81 38 108 87 | 127 62 156 Due to banks: 83 | May 4. 2,832 139 1,210 171 81 407 101 62 137 80 I 147 1,153 301 May 11 2,787 136 1,189 166 199 82 394 101 60 136 80 j 158 1,133 292 May 18 2,756 125 1,154 169 211 80 386 103 59 139 80 • 167 1,098 284 May 25 2,734 130 1,163 166 210 77 379 100 54 135 78 ; 158 1,108 279 Borrowings from F. R. banks: May 4 205 31 10 41 13 14 2 1 11 1 i 69 L 1 May 11 175 29 36 14 9 1 1 10 1 S 56 I. 1 M Ma a y y 2 1 5 8 . . .. 1 1 7 8 8 0 2 2 7 6 3 3 4 2 1 1 7 8 5 5 2 3 4 1 9 0 1 1 i 6 6 3 1 i . . 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 401 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Loans secured by warehouse Prime commercial paper receipts Interbank loans Federal reserve bank or branch city 1932 1931 1932 1931 1932 1931 1932 1931 May- April May May April May May April May I May April May -I — Boston. 4 -5 334-4*6 4 -5 5 -( 5 -6 5 -5*6 5 -5*6 New York.. 4 -4* 4 -5 3 -4 ! 4*6-5 43^-5 4 -434 434 4*6-5 4*6-5 4 -4*6 Buffalo 5 -6 5 -6 5 -6 | 5*6-6 5 -6 6 6 6 6 5 Philadelphia 4*6-534 | 4*6~5 3*6-434 5 -6 5 -534| 5 -6 5 -5*6 4 -5 4 -5 I 5 -6 3*6-4*^ Cleveland.. 5 -6 4*6-6 534-6 5*6-6 I 5 -6 ^-6 5 -6 6 5*^-6 Cincinnati- 5*^-6 5 -6 5 -6 5*6-6 534-6 I 5 -6 6 -7 5 -7 5 -6 5 -6 4*6-5 Pittsburgh. 5 -6 5 -5*1 5*6-6 6 -7 6 5 -6 5 -6 Richmond.. 5 -5 434-6 4*6-5 5*6-6 53^-6 5*6 5 -6 434-5 Baltimore.. 5 -6 5 -6 4 -6 5 -6 5 -6 434-6 5 -6 5 -6 5 -6 Charlotte... 5*6-6 5 -6 534-6 534-6 5M-6 5*6-6 Atlanta 5 -6 5 -5*6 4 -6 5 -7 5 -6 4 -6 5 -6 5 -6*6 4 -4*6 5 -5*6 5*6-6 5 -534 Birmingham.. 5 -6 5-6 5 -6 634-7 33^^ 5 -8 634-7 634-7 6 -8 6 5 ,-6 Jacksonville.. 4*6-8 5 -8 6 -8 6 -8 6 -7 6 -8 6 -8 6 -7 6 Nashville 6 5 -6 6 6 6 6 6 New Orleans. 5^-634 5*6-6 43^-5 534-7 53^-7 5*6-6 534-6 5*6-6 4*6-6 Chicago. 4 -5 4*6-5 334-4 4 -5 434-534 4*6-5*6 4*6-5 4^-5*6 4^-5*6 5 Detroit, _ 534-6 5 -6 5 -6 5 -6 6 6 St. Louis.... 4*6-534 534-6 5 -6 534-6 5*6-6 5 -6 5 -6 534-6 5 -5*6 L L o it u tl i e s v R il o le c . k _ .. . 6 -7 6 -7 6 5 ^ ^ - 6 7 6H-7 6 ^ 6 -634 6*67 6 6 5 - -6 6* 6 -6*6| Minneapolis.. 4 -434 4 -4*6 3 -4 5 -5 5 -6 5 -6 3 -5 4 -434 334-4 534-6 5*6-6 5*6-6 Helena 7 -8 7 -8 7 -8 7 -8 6 -8 6 -8 6 -8 6 -7 6 -7 6 -7 Kansas City 4 -6 5 -5*6 4*6~5 53^-6 534-6 53^-6 5 -6 5 -6 5 -6 534-6 5 -6 Denver 4*^-6 4 -4*6 6*6-7 ftl 5*6-8 6 Oklahoma City- 6 H6 6 -8 6 -8 Omaha 5*6"6 534-7 6 -6*6 6 -6*6 D El a l P la a s so 7 5 - - 8 6 7 5 - - 8 6 43^-5 8 7 -8 7 -8 6 7 - - 6 8 * 5*6-6 8 5 -7 5 5 - - 5 6 *6 5 5 - - 5 6 *6 5 -5*6 Houston 5*^-6 5*^-6 53^-6 53^-7 5^-7 5 -7 5 -6 5 -534 5 -5; 4*6-5*6 San Antonio.. 5 -7 5 -7 534-6 6 -7 6 -7 7 -7* 6 -8 San Francisco. _ 4 -5H 4 -5 5 -6 5 -6 534-6 534-6 5 Los Angeles 5K6 5 -6 6 -6 6 -634 6 -634 6 -7 6 Portland 6 -634 6 -6)- 6 -7 6*£7 6 Salt Lake City. 6 -8 6 6 534-6 7 -634 Seattle 5 -7 5 -7 6 6 -7 63^-7 6 634-7 634-7 634-7 Spokane.. 6 -6* 5*^-6 6H-7 6 -7 6*6-7 634-7 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

402 FEDERAL RESERVE BULLETIN JUNE, 1932 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 on 1 ly 93 . 1 In thousands of dolla 1 r 9 s 3 ] 2 Total W i d n a it y 1 h s 5 - 1 d 6 a t y o s 30 3 d 1 a y t s o 60 d 6 a 1 y s to 99 m 01 t o o d n a 6 t y h s sm O o v n er th 6 s Net Net Bills discounted: Month Ship Re- ship- Ship- Re- ship- May 4 505,801 366,450 33,571 51,976 30,923 17,624 5,257 E m u t e r o o n p ts e E c f u e ro r ip o m t p s e r ( e m - c ( e ) e + n o ip ) t r s ts E m u e t r o o n p ts e E c f u e ro r ip o m t p s e r ( m e - c ( ) e + e O n i T ) p ts ts Bill M M M b a a a o y y y u g 2 1 1 1 5 h 8 - t in 4 4 4 4 7 6 7 6 1 4 1 4 , , , , 2 9 3 9 6 7 4 7 3 3 3 3 3 23 3 3 4 1 2! , , ,, 1 7 : 1 7 9 8 6 2 53 3 3 4 2 1 , , , 4 0 6 5 4 7 5 4 4 5 4 5 0 9 0 , , , 4 9 1 2 3 7 7 2 2 2 3 2 9 8 0 , , , 4 6 7 6 6 5 5 5 8 2 1 1 0 9 8 , , , 4 5 2 7 4 7 1 6 2 4 5 4 , , , 2 0 2 1 7 5 8 4 7 open market: May 4 44,522 11,160 6,583 9,584 16, 928 267 May 11 42,719 11,410 4,953 8,049 18,067 240 January 470 4,051 +3.581 25 3,335 +3,310 May 18 40,643 8,042 7,600 12,830 11,931 240 February 130 960 +830 0 5,221 +5,221 May 25 38,373 6,054 10,092 10,095 11,892 240 March.. 1,380 863 -517 0 8,468 +8,468 Certificates and April _ 915 1,469 +554 0 4,563 +4. 563 bills: May 2,570 2,103 -467 0 10,938 +10,938 May 4 829, 510 50, 96680,980 95,784 213,025 228,092 160,663 June . . __ 8,811 779 -8,032 May 11 J885,380 53, 59154,500 79,100 213,025 271,304 213,860 July 10,256 394 -9,862 May 18 |942, 323 81,980 40,550112,050159,525 316,059 232,159 August 3,226 3,723 +497 May 25 ,984,040 54,500 39, 550 152,025 187,816 313,490 236,659 September 8,433 3,290 -5,143 Municipal war- October 3,088 11, 588 +8,500 rants: November 52 7,039 +6,987 May 4 4,929 4,613 111 107 December 1,523 3,749 +2,226 May 11 5,042 4,726 111 142 May 18 5,023 3,819 1,031 110 28 May 25 5,220 3,656 1,419 110 NOTE.—For explanation and back figures see BULLETIN for January, 1932, pp. 7-9. MEMBERSHIP IN PAR-COLLECTION SYSTEM UNITED STATES POSTAL SAVINGS [Number of banks at end of April] [Balance to credit of depositors. In millions of dollarsl Member banks Nonmember banks End of month 1927 1928 1929 1930 1931 1932 Fede d r i a s l t r r i e c s t erve On par list Not on par list January 141.5 148.9 153.5 165.1 278.4 » 658.1 1932 1931 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 April 147.1 152.2 154.3 170.2 313.8 '713.9 May 147.4 152.0 153.8 171.2 325.0 June 147.4 152.1 153.6 175.3 347.4 United States. ~ 7,059 7,888 8,727 10, 567 3,110 3,455 July 147.1 15L7 157.8 180.7 372.5 August 147.8 152.2 160.1 186.6 422.7 Boston _ 372 391 224 259 September 148.2 152.3 160.3 189.8 469.9 New York 829 902 336 392 October 148.7 153.1 161.6 192.5 538.1 Philadelphia 706 748 327 441 November 149.0 153 9 163.7 200.7 565.5 Cleveland - 644 734 768 907 6~ 7 December 148. 5 153.9 164.3 245.4 605.1 Richmond... __ 391 462 436 505 360 441 Atlanta 341 372 140 170 732 845 Chicago 861 1,053 2,447 3,065 256 243 » Preliminary. St. Louis 445 506 1,182 1,374 399 438 Minneapolis 571 628 368 469 873 1,003 Kansas City __ 802 859 1,554 1,841 214 204 Dallas - _- 604 661 450 543 220 214 San Francisco 493 572 495 601 50 60 Figures cover all incorporated banks (other than mutual savings banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

403 JUNE, 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 reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve, district Members Members Non- Non- Non- Non- All mem- All mem- All Mem- mem- All Mem- membanks Na- State bers banks Na- State bers banks bers i bers banks bers i bers tional tional May, 1932: Boston 2 1 1 10,142 1,334 8,808 New York 2 2 1 892 1,892 Philadelphia 1 1 744 744 1 1 1,297 1,297 Cleveland 1 1 350 350 2 22 17,573 217,573 Richmond 3 3 488 488 2 2 335 335 Atlanta 2 1 1 816 146 670 Chicago . 18 2 3 13 12, 388 741 634 11, 013 5 2 5 1,704 2 1,704 St. Louis .__ 13 1 12 1,781 486 1,295 3 1 2 2,141 238 1,903 Minneapolis 12 2 10 2,475 852 1,623 Kansas Citv 11 3 1 7 1,556 426 238 892 3 3 478 478 Dallas 4 1 1 2 804 118 63 623 San Francisco 8 1 7 2,648 356 2,292 1 1 340 340 Total— 77 14 6 57 36, 084 6,351 1,605 28,128 17 3 14 23,868 1,875 21,993 January-May, 1932: Boston 8 1 1 6 56,408 1,334 10, 258 44,816 2 2 2,271 2,271 New York 10 7 1 2 13,798 10,805 797 2,196 2 2 4,936 4,936 Philadelphia 15 5 10 22,477 2,589 19,888 4 4 5,303 5,303 Cleveland 30 9 21 11,476 4,689 6,787 5 1 24 20,349 577 2 19,772 Richmond 45 10 35 41,916 12,468 29,448 21 3 18 8,851 1,387 7,464 Atlanta _. 31 9 3 19 11,820 4, 537 1,897 5,386 11 1 5,169 680 2 4, 489 Chicago 197 30 13 154 106,013 33, 856 13,612 58, 545 32 4 2 28 12,864 2,901 2 9, 963 St. Louis.. __ __ 94 15 4 75 34, 366 11, 238 3,193 19,935 30 5 25 12,084 2,797 9,287 Minneapolis 39 6 33 8,729 2,382 6,347 10 1 9 3,670 1,132 2,538 Kansas City .__ 93 17 1 75 15, 549 4,924 238 10, 387 12 12 2,074 2,074 Dallas 21 4 2 15 7,213 3,059 150 4,004 9 3 6 5,558 4, 231 1,327 San Francisco 77 14 5 58 37, 784 7,902 3,068 26,814 4 1 3 1,923 340 1,583 Total 660 127 30 503 367, 549 99, 783 33, 213 234, 553 142 25 117 85, 052 21,619 63, 433 1 Represents national banks only, except as follows: May, 1 State member in San Francisco district with deposits of $340,000; January to May, 1 State member in Chicago district with deposits of $628,000, 1 in St. Louis district with deposits of $339,000, and 1 in San Francisco district, with deposits of $340,000. 2 At the time of suspension, 1 bank in the Cleveland district with deposits of $17,373,000, 1 bank in the Atlanta district with deposits of $531,000, and 2 banks in the Chicago district, 1 in May with deposits of $494,000 and 1 in April with deposits of $876,000 were State member banks. Back fijures.—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

404 FEDERAL RESERVE BULLETIN JUNE, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING MAY, 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 dollar?) State Members Members ba A n ll ks ti N on a a - l State m N b e e o m r n s - - ba A n ll ks ti N on a a - l 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 s1 - m N b e e o m r n s - - New England: Maine New Hampshire . Vermont Massachusetts 2 1 I 10,142 1,334 8,808 Rhode Island _. Connecticut. Middle Atlantic: New York 2 1,892 1,892 New Jersey __ _ 2 I 1 1,297 1,297 Pennsylvania _._ 1 1 744 744 East North Central: Ohio 1 1 350 350 1 2 1 17,373 217,373 Indiana 4 4 4,104 4,104 1 1 1 707 1,707 Illinois ... 4 1 3 2,843 400 2,443 4 1 3 1,110 238 872 Michigan 9 2 2 5 3,946 852 559 2,535 1 »1 494 M94 Wisconsin 2 2 1,085 1,085 West North Central: Minnesota. - 7 7 785 785 Iowa 4 1 1 2 2,067 341 75 1,651 1 1 338 338 Missouri 7 1 6 1,047 486 561 North Dakota South Dakota 1 . 1 110 110 NKeabnrsaasska 4 1 2 1 1 1 62 7 6 0 322 238 7 6 0 6 2 2 267 267 South Atlantic: Delaware Maryland _ District of Columbia Virginia 1 1 172 172 West Virginia 1 1 200 200 North Carolina 2 2 316 316 2 2 335 335 South Carolina ... Georgia _ _ 2 1 1 816 146 670 Florida... East South Central: Kentucky 4 4 593 593 1 1 196 196 Tennessee - - . 1 1 88 88 Alabama. Mississippi - 1 1 77 77 West South Central: Arkansas 1 1 59 59 Louisiana Oklahoma . - 1 i 1 287 287 1 1 211 211 Texas 3| 1 1 1 481 118 63 300 Mountain: Montana 1 i 1 168 168 Idaho 3 j 1 2 718 356 362 Wyoming Colorado 2 1 1 245 104 141 New Mexico Arizona I 1 323 323 Utah 1 1 340 340 Nevada _. Pacific: Washington 3 3 1,607 1,607 Oregon 2 2 323 323 California Total 77 | 14 6 57 36,084 6,351 1,605 28,128 17 3 14 23,868 1,875 21,993 1 Represents national banks only, except as follows: 1 State member in Utah with deposits of $340,000. 2 At the time of suspension these banks were State member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1932 FEDERAL RESERVE BULLETIN 405 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO MAY 31, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) ]Vumbei De a p n o d s s it o s f ( d in ol t l h ar o s u ) s- 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 ti N on a a - l State m N b e e o 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 - - ba A n l k l s M be e r m s l - m N b e e o m r n s - - New England: i Maine . ,_ New Hampshire I 1 I 402 402 Vermont Massachusetts 5 1 1 3 29, 678 1,334 10,258 18,086 1 1 1,869 1,869 RChoondneec Itsilcauntd 3 3 26, 730 26, 730 Middle Atlantic: New York 7 6 1 11,241 10 141 1 100 1 1 3 900 3 900 New Jersey 6 3 1 2 4,779 1,090 797 2,892 3 2 1 5,019 3,983 1,036 Pennsylvania _ 18 8 10 23,653 4,277 19 376 2 2 1 320 1 320 East North Central: Ohio 15 1 14 4 761 657 4 104 4 1 2 3 20 149 577 219 572 Indiana 44 6 38 29,005 7 709 21 296 7 7 2 866 2 866 Illinois 94 20 6 68 47,196 20, 590 5,599 21, 007 16 4 12 3,980 1,315 2,665 Michigan 32 3 6 23 13, 897 1,984 2,912 9,001 7 1 26 3,936 1,132 2 2,804 Wisconsin 3 1 2 1,722 637 1,085 9 1 8 4,144 557 3,587 West North Central: Minnesota _ _ . 22 22 3,625 3 625 2 2 652 652 Iowa 50 6 2 42 28,902 5,425 5,366 18, 111 5 1 4 3,950 1,409 2,541 Missouri __ - - 47 7 1 39 15, 883 8,455 455 6,973 A 1 3 4,925 1, 918 3,007 North Dakota 5 1 4 573 92 481 4 4 597 597 South Dakota 3 3 197 197 Nebraska 19 2 1 16 2,530 322 238 1 970 g 8 1 672 1 672 Kansas 36 7 29 6,595 2,925 3,670 South Atlantic: Delaware 1 1 792 792 Maryland 3 1 2 1,736 839 897 4 4 I 595 1 595 District of Columbia Virginia 6 1 5 762 252 510 2 1 1 591 567 24 N W o e r s t t h V C ir a g ro in li i n a a _- 25 3 5 1 20 2 13 4 3 9 49 3 9 9 1 6 42 7 3 5 2 2 07 6 4 8 • 1 1 3 7 4 1 0 5 6 2 1 1 5 2 9 2 3 7 3 1 4 2 6 9 8 4 South Carolina 9 2 7 25, 684 1^268 24,416 4 4 1283 1 283 Georgia 8 3 1 4 2,303 308 670 1,325 1 ' 309 309 Florida 4 1 3 1.094 432 662 1 439 439 East South Central: Kentucky 30 7 1 22 9,549 3,362 2,347 3,840 7 1 6 996 160 836 Tennessee 1 6 2,506 1,028 1,478 1 280 280 Alabama 8 3 1 4 3,748 2 089 696 963 Mississippi 6 684 684 g g 3 372 3 372 West South Central: Arkansas 9 1 7 881 85 126 670 6 1 5 962 339 623 Louisiana 7 1 1 5 2,450 680 531 1,239 5 1 24 2,379 680 21, 699 T O e k x la a h s oma . 2 1 0 4 3 4 2 1 1 1 4 3 6 , , 2 8 9 9 1 0 3,0 9 5 8 9 2 150 3 2 ,6 3 8 0 1 9 4 9 3 4 6 5, 4 5 0 5 2 8 4,231 1,3 4 2 0 7 2 Mountain: Montana 3 2 1 474 306 168 Idaho 9 3 6 1,281 517 764 Wyoming 1 1 606 606 Colorado 9 4 5 1,183 652 531 New Mexico Arizona 3 3 2,126 2 126 Utah.. _ ... 13 2 11 9 720 863 8 857 1 1 340 340 Nevada 3 3 981 981 Pacific: Washington 20 4 1 15 12, 318 3,873 1,185 7,260 1 1 327 327- Oregon 13 2 11 3,838 1 020 2 818 1 1 150 150 California. 17 7 10 7,843 3,512 4,331 1 1 1,106 1,106 Total 660 127 30 503 367, 549 99, 783 33,213 234,553 142 25 117 85, 052 21,619 63,433 1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000; 1 in Arkansas with deposits of $339,000; and 1 in Utah with deposits of $340,000. 2 At the time of suspension 1 bank in Ohio with deposits of $17,373,000,2 banks in Michigan with deposits of $1,370,000, and 1 bank in Louisiana with deposits of $531,000, were State member banks. Back figures.—See BULLETIN for February 1932; also Annual Reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN JUNE lt.32 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1925 average= 100] Without seasonal adjustment Adjusted for seasonal variation Industry 1932 1932 1931 April March April April March April Manufactures—Total, 91 87 IRON AND STEEL 35 I 70 Pig iron 29 65 Steel ingots 36 71 TEXTILES 67 96 C otton consumption 73 92 Wool 40 86 Consumption 43 103 Machinery activity 36 Carpet and rug-loom activity. 38 Silk 95 96 115 119 Deliveries 107 108 134 122 Loom activity 73 FOOD PRODUCTS 84 95 Slaughtering and meat packing- 87 97 Hogs 83 93 Cattle 81 87 97 Calves 103 96 104 - Sheep 149 151 159 Wheat flour 84 93 Sugar meltings 72 89 PAPER AND PRINTING 99 109 Wood pulp and paper 92 101 Newsprint 78 80 Book paper 100 114 Wrapping paper 75 89 Fine paper 91 92 Box board 104 118 Wood pulp, mechanicaL 72 80 Wood pulp, chemical 91 93 Paper boxes 138 138 139 153 Newsprint consumption 114 106 112 125 LUMBER!..- 30 28 47 TRANSPORTATION EQUIPMENT: Automobiles 45 35 1! 77 Locomotives 13 Shipbuilding 194 j 127 LEA T TH an ER n in A g ND PRODUCTS 92 103 Sole leather _„._ 80 Upper leather- Cattle 83 79 Calf and kip 70 83 Goat and kid 102 127 Boots and shoes 100 109 CEMENT AND GLASS: Cement 53 94 Glass, plate 47 111 NONFERROUS METALS i—Tin deliveries. 52 109 FUELS, MANUFACTURED: Petroleum refining 144 136 159 Gasoline 185 I K Fu e e ro l s o e i n l e 73 71 Lubricating oil 82 Coke, by-product 62 102 RUBBER TIRES AND TUBES 82 73 96 Tires, pneumatic 85 76 99 Inner tubes 58 54 71 TOBACCO PRODUCTS 100 103 109 109 132 Cigars 62 66 65 84 Cigarettes 127 139 140 171 Minerals—Total.. 73 84 91 B ituminous coal 46 70 77 Anthracite coal 85 81 82 Petroleum, crude 112 109 121 Zinc 45 45 61 Lead 45 55 69 Silver 42 '30 54 p Preliminary. ' Revised. 1 Includes also lead and zinc; see "Minerals." 2 without seasonal adjustment. 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

JUNE, 1932 FEDERAL RESERVE BULLETIN 407 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 adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1932 1931 1932 1931 1932 1931 April March April April March April April March April Total - _ 64.0 66.3 77.9 64.3 66.4 78.0 48.7 53.3 73.6 IRON AND STEEL AND PRODUCTS 59.8 61.8 77.4 59.0 60.9 76.5 32.1 35.4 69.1 Steel works and rolling mills 63.0 64.9 80.3 61.7 63.4 78.6 32.0 35.6 73.1 Hardware 57.0 58.7 70 1 57 8 57 9 71 2 33 3 37 9 57 3 Structural iron work __ .. 59.4 62.3 84.9 60.8 63.9 86.8 38.1 40.4 71.3 Heating apparatus 49.3 51.4 66.7 48.9 51.8 66.2 29.6 31.6 52.9 Steam fittings 43.4 48.2 63.8 42.9 47.6 63.1 27.1 29.8 51.2 Stoves ._ 54.7 54.5 69.4 54.4 55.6 69.1 32.0 33.3 54.4 Cast-iron pipe 39.9 43.4 69.0 39.4 43.7 68.4 26.2 29.1 66.6 MACHINERY _ _ _ _ _ 57.0 60.0 78.9 56.4 59.2 78.0 39.1 42.6 69.7 Foundry and machine-shop products 52.1 54.3 72.6 51.3 53.4 71.4 33.0 35.5 62.3 Machine tools ... ... 50.3 55.4 88.1 49.9 54.4 87.3 33.4 37.7 70.4 Agricultural implements 47.8 53.6 78.7 44.9 49.9 74.0 39.3 47.5 60.9 Electrical machinery 69.7 73.5 91.5 69.7 73.5 91.5 54.4 59.2 87.8 TEXTILES AND PRODUCTS 67.9 73.5 81.8 66.7 71.0 80.2 49.4 59.3 76.8 A. Fabrics 67.3 73.2 78.6 66.8 71.9 78.1 46.9 55.8 72.4 Cotton goods 69.4 75.0 77.3 69.3 73.4 77.3 47.2 55.4 69.4 Woolen and worsted manufactures _ _ 49.0 59.0 65.1 49.4 58.8 65.7 32.0 43.6 55.6 Woolen and worsted goods 48.1 59.3 63.9 48.9 59.4 64.9 31.8 45.0 55.2 Carpets and rugs. _ _ 53.8 57.7 71.4 52.4 55.7 69.6 32.5 37.0 57.9 Hosiery and knit goods 83.4 85.9 84.9 81.7 84.1 83.0 65.6 72.2 84 2 Silk manufactures . 54.4 59.7 83.0 53.6 58.1 81.8 37.4 42.0 78.2 Dyeing and finishing textiles 91.3 97.1 105.7 88.6 94.7 102. 7 71.5 86.7 108.5 B. Wearing apparel 69.4 74.3 89.8 66.4 68.9 85.6 54.6 66.4 85.6 Clothing, men's ._ _ . __ 50.8 55. 3 59.0 52.4 54.2 60.9 31.6 41.3 50.7 Shirts and collars 65.3 68.9 85.9 65.3 67.7 85.9 43.8 48.8 74 7 Clothing, women's __ _ 99.3 108.0 135.6 91.3 93.4 124.7 84.5 103.3 128.8 Millinery 66.4 70.2 66.4 56.7 61.9 77.4 58.8 64.2 95.0 FOOD AND PRODUCTS 80.6 81.4 87.3 83.6 83.1 90.6 72.8 74.4 88.2 Baking ___ _____ ______ 87.3 87.9 94.8 88.7 88.4 96.4 77.6 80.6 93.0 Slaughtering and meat packing 80.3 81.4 84.8 83.7 83.1 88.4 73.8 74.3 89.3 Confectionery __ ___. _ _._ 71.1 73.9 81.0 78.2 76.8 89.1 59.9 62.9 77.7 Ice cream 72.8 70.1 80.6 75.7 78.4 83. S 71.3 69.6 88.0 Flour _ .- .__.._ 75.9 76.0 78.8 79.4 76.3 82.5 66.6 65.2 77.4 Sugar refining cane 72.4 74.4 81.2 71.1 73.8 79.7 61.5 63.7 76.2 PAPER AND PRINTING 85.3 86.4 94.6 85.7 86.2 95.0 79.7 82.4 100.6 Printing, book and job ______ __ _ ___ 84.6 86.0 98.7 85.2 85.0 99.4 77.0 80.2 103.2 Printing, newspaper and periodicals 97.4 98.1 104.4 97.1 97.9 104.1 99.1 100.1 115.7 Paper and pulp 79.3 80.8 85.2 79.4 80.9 85.2 62.3 66.4 82.2 Paper boxes 74.7 75.6 84.5 76.8 76.6 87.0 66.1 68.7 85.5 LUMBER AND PRODUCTS 39.6 40.3 54.6 40.2 41.2 55.4 23.2 24.5 44.9 Lumber, sawmills 34.1 33.3 48.3 34.3 34.4 48.5 19.3 19.2 38.7 Iviimbpr, millwork _. 39 5 41.4 56 6 39 3 41.5 56 3 24.2 25.2 47 9 Furniture 55.4 59.4 71.2 57.6 60.1 74.0 31.2 35.6 56.3 TRANSPORTATION EQUIPMENT 53.0 54.7 66.2 51.1 53.4 63.8 43.9 45.2 65.3 Car building and lepairing - _ 45.5 45.3 56.9 45.2 45.5 56.6 37.4 37.2 57.8 Automobiles 58.9 63.7 75.1 55.1 60.9 70.3 47.1 51.3 70.8 Shipbuilding ___ 85.2 83.0 93.9 80.3 78.1 88.5 81.8 75.1 96.6 LEATHER AND MANUFACTURES 78.8 81.2 82.4 80.2 80.2 84.0 55.7 62.3 70.6 Boots and shoes _ _ . 81.3 84.3 84.2 83.0 83.4 85.9 55.7 63.4 69.6 Leather _ _ _.. 68.3 68.6 75.3 68.8 67.0 76.0 55.7 58.6 74.4 CEMENT, CLAY, AND GLASS PRODUCTS 48.8 48.9 65.7 48.4 50.1 65.2 31.7 32.2 55.7 Clay products _._ ._ _ . 43.1 42.5 62.6 42.7 44.1 61.9 23.6 23.9 48.2 Brick, tile, and terra cotta 33.0 31.5 54.5 32.7 34.2 54.1 15.4 14.6 39. 8 Pottery... 70.9 72.4 84.4 69.8 71.1 83.2 45.0 48.3 70.5 Glass _ _ _ - . 62.1 63.8 71.7 61.3 63.4 70.8 49.2 50.0 67.0 Cement 44.8 44.5 66.0 45.6 47.6 67.1 29.9 30.5 61.8 NONFERROUS METAL PRODUCTS 53.9 56.1 68.1 52.7 54.3 66.5 38.3 42.1 65.4 Stamped and enameled ware __ _ . 34.4 32.6 48.3 32.8 30.6 46.0 27.0 27.0 45.4 Brass bronze and copoer 60.5 64.1 74.9 59.4 62.4 73.5 41.6 46.4 71.3 CHEMICAIS VND PRODUCTS 82.4 81.1 96.7 78.5 78.6 91.7 68.5 70.1 92.0 Chemicals and drugs 81.9 84.1 93.2 81.2 83.0 92.4 67.2 70.7 86.3 Petroleum refining _ - _. _ 78.6 78.7 94.0 78.6 79.5 94.0 71.2 72.9 96.7 Fertilizers 99.0 70.2 128.0 61.3 47.1 79.3 65.1 47.8 118.0 RUBBER PRODUCTS 66.6 67.4 71.1 66.1 67.0 70.5 48.3 51.3 66.8 'Vutomobile tires and tubes 69.3 69.4 73.7 68.1 68.5 72.4 50.1 52.6 71.8 Rubber boots and shoes 58.7 61.2 63.2 60.2 62.4 64.8 41.0 46.4 46.8 TOBVCCO MANUFACTURES 68.4 70.4 80.2 70.1 70.8 82.1 49.3 52 2 65.7 Cigars and cigarettes 68.3 70.3 82.3 69.9 71.1 84.3 48.0 51.3 66.2 Chewing and smoking tobacco, snuff . 70.2 71.7 64.3 70.8 68.3 64.9 60.0 60.4 61.. NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDEEAL KESERVE BULLETIN JUNE, 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 co o m di - - prod- Foods Hides and Textile Fuel and Metals Building Chemi- House- Miscelties ucts Total leather products lighting and metalmaterials cals and furnish- laneous products materials products drugs ing goods 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 91.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 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—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 66.5 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 73.5 81.6 62.2 69.4 82.6 76.2 76.1 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 April 65 5 49.2 61.0 70.9 75.0 57.0 70.2 80.3 72.5 74.4 76.3 64.7 1931 1932 Subgroups Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. FARM PRODUCTS: Grains _. . 60.4 59.3 59.5 59.6 56.0 49.0 44.8 44.2 44.3 51.3 47.0 46.7 46 1 43 5 44 5 Livestock and poultry . 69.6 70.7 70.3 64.1 61.9 63.0 67.0 61.0 57.6 55.7 51.7 63.4 50 3 51 4 49 2 Other farm products 73.6 74.2 73.4 71.5 70.8 71.3 67.3 65.4 64.2 63.1 61.2 64.8 52.7 52.1 51.2 FOODS: Butter, cheese and milk 83.0 83.5 80.6 78.1 78.8 80.6 82.2 84.6 86.1 80.7 79.8 67.8 64.1 64.2 61.6 Cereal products 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 68 2 Fruits and vegetables 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 62 3 Meats 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 59.8 Other foods _ _ . .. _ ~> 71.1 71.4 69.9 67.9 68.5 70.6 69.6 68.5 69.7 68.0 67.2 61.9 59 4 57 1 55 8 HIDES AND LEATHER PRODUCTS: Boots and shoes 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 88 4 Hides and skins._„> __ . 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 40 8 Leather 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 67 2 Other leather products 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 98.0 TEXTILE PRODUCTS: Clothing 79.1 78.1 76.9 76.9 76.3 76.1 75.9 75.5 73.9 72.6 70.8 70.7 70 6 69 0 68 7 Cotton goods 73.1 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 55.1 Knit goods . - 64.5 63.8 60.7 60.7 59.8 60.0 59.2 59.2 59.2 59.0 58.5 55.8 55 8 54 9 51 9 Silk and rayon 47.0 45.8 43.4 41.4 41.9 43.8 43.7 43.5 41.7 41.8 39.0 37.7 36.5 33.5 31.3 Woolen and worsted goods 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 59.7 Other textile products 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 68.2 FUEL AND LIGHTING MATERIALS: Anthracite coal ._ . 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 85 7 Bituminous coal 87.8 86.0 84.4 83.9 83.2 83.5 83.7 83.9 83.6 83.7 83.8 84.4 84 3 83 5 82 7 Coke 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 79 8 Electricity , 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 8 104 4 Gas 95.8 94.6 96.1 99.0 101.9 103.5 103.2 103.4 100.8 100.1 98.2 98.6 98.0 97.5 Petroleum products 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 45.5 METALS AND METAL PRODUCTS: Agricultural implements 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 85 0 Iron and steel 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 80 1 Motor vehicles 94.4 94.0 94.5 94.5 94.2 94.7 94.7 95.4 95.4 95.2 95.2 95.3 95 3 95 3 93 8 Nonferrous metals 68.4 69.3 67.5 63.3 61.2 61.4 60.1 59.0 54.9 54.7 53.8 55.4 52.7 50.5 49.3 BUILDING MATERIALS: Brick and tile 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 78 4 Cement . 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 75 0 Lumber . . 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 60.0 Paint materials 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 74 7 Plumbing and heating 86.6 86.6 86.6 86.6 86.6 86.8 83.8 82.6 81.6 81.4 79.9 74.1 65.8 64.4 64.4 Structural steel 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 81.7 Other building materials 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 80.2 CHEMICALS AND DRUGS: Chemicals _ _ _ 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 79 7 Drugs and Pharmaceuticals 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 58.9 Fertilizer materials 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 70 1 Mixed fertilizers 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 71.1 HOUSEFURNISHING GOODS: Furnishings _ 84.6 84.5 84.2 83.6 83.4 82.8 81.7 81.2 79.8 79.7 76.6 76.1 75.9 75.4 75 4 Furniture _ 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 77.4 MISCELLANEOUS: Auto tires and tubes 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 39.2 Cattle feed - -- 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 53.4 Paper and pulp - -- 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 76 8 Rubber, crude 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 6 6 Other miscellaneous - - - 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 84.5 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

JUNE, 1932 FEDERAL RESERVE BULLETIN 409 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 Public works and Educational All other public utilities 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 9 10.6 152 2 29 9 24 3 9.8 35 7 24 2 April 336.9 121.7 95.9 28.9 11.3 4.5 26.2 12.9 133.4 47.3 23.0 107 47.1 17.5 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 September 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 11 8 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 Number 1932 1931 Federal reserve district of cities Apr. Mar. Apr. Federal reserve district Apr. Mar. Apr. Boston 1,544 1,499 4,485 New York 12, 570 9,036 66,334 Boston 11, 950 9,588 27,319 Philadelphia. 5,166 1,860 9,463 New York 21,414 21,803 107, 248 Cleveland 2,083 1,972 Philadelphia 12,129 10,891 21, 337 Richmond — 3,274 3,138 9,274 Cleveland 10,927 10,909 36,888 Atlanta 2,111 1,255 5,059 Richmond -- _.. 12, 897 12,235 21, 937 Chicago 3,958 1,845 12,748 A Ch tl i a c n ag ta o .- _-- -. 16 6 , , 6 2 7 4 8 5 2 4 0 , , 7 9 4 7 1 2 4 1 6 4 , , 4 0 4 3 5 0 S M t. i n L n o e u a i p s olis.. 1, 7 3 9 3 8 5 8 8 6 3 0 3 5 3 , , 8 4 8 9 7 7 St. Louis 9,502 6,056 17, 081 Kansas City.. 1,650 933 4,554 M Ka i n n s n a e s a p C o i l t i y s 5 7 , , 7 68 6 9 8 4 5 , , 9 3 2 5 2 5 1 13 4 , , 1 4 0 2 5 1 D Sa a n ll a F s rancisco 20 2 5 , , 8 7 4 8 9 4 3 8 , , 2 9 4 0 7 4 1 3 1 , ,1 9 2 3 9 3 Dallas . 6,507 4,763 17,114 Total... 168 43,123 35, 381 143,248 Total (11 districts) 121, 705 112, 235 336,925 BANK DEBITS COMMERCIAL FAILURES, BY DISTRICTS [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1932 1931 1STumbei Liabilities Number of centers Apr. Mar. Apr. Federal reserve district 1932 1931 1932 1931 New York City _____ 1 15,558 16,160 26,821 Apr. Mar. Apr. Apr. Mar. Apr. Outside New York City 140 14,365 13, 729 19, 620 Federal reserve district: D A f S N C K B C R M P i a h t h o l a i e t a i . n e c l i i w l s n n a v l c l h L t s n a a F n o a e m o a s d e Y g t n r l s a u a a e a o o o n i p l n n C s p r d o c d k h i i _ l t s i . i y - s a co - --- 4 3 7 2 2 1 1 1 1 1 2 3 0 6 8 6 1 4 4 2 5 7 3 2 7 5 2 5 3 0 3 1 2 3 3 2 2 3 3 6 1 1 1 1 1 3 9 0 9 1 3 8 0 0 4 7 6 8 5 2 8 6 4 1 2 0 2 8 5 3 4 2 1 1 1 1 1 1 1 3 9 8 9 7 5 9 2 5 6 7 2 9 9 5 8 3 6 7 0 3 1 6 6 3 1 1 4 0 7 4 8 2 5 8 6 0 1 1 , , , , , , , , , , , , 0 6 7 1 0 7 0 3 0 8 5 9 4 3 0 0 7 8 3 8 2 2 6 0 6 3 0 0 1 3 0 6 7 1 3 8 1 2 12 4 9 6 6 5 6 1 1 1 7 0 , , , , , , , , , , , , 4 9 6 9 1 7 0 0 4 1 3 7 7 0 6 9 5 9 0 5 9 8 3 1 5 8 2 7 6 2 1 1 2 1 3 2 1 4 3 4 4 3 2 2 7 1 1 1 2 , , , , , , , , , , , , 2 9 8 9 8 6 3 2 1 6 7 1 8 6 9 1 5 4 7 4 6 1 2 9 4 6 7 7 1 3 3 8 2 8 0 0 N A D B R S S M K P C C t a h o i h a l e t a i c n e l i w l s i n n a l v c h l L t n s a a n F o a e m o a d s e Y g n t l r s u a a a e a o o o i n p l n n C s p r d o c d k h i i l t s i i y s a c o - . . - - - . - - - - - 2 1 1 1 1 1 1 1 1 7 7 5 9 1 5 8 5 0 0 3 16 3 1 1 1 1 , , , , , , 9 3 7 6 4 7 7 4 3 5 7 2 8 6 3 0 2 4 0 3 9 4 5 3 7 3 5 1 8 6 5 3 2 3 8 2 1 2 3 1 1 1 6 , , , , , , 5 3 3 5 0 7 6 6 4 4 7 5 4 1 1 3 4 2 7 4 0 3 4 0 7 3 3 0 8 9 7 1 1 4 7 9 2 5 2 2 2 1 1 7 , , , , , , , 0 0 9 8 1 2 6 9 8 5 6 5 3 8 7 1 7 2 2 0 7 5 5 2 9 2 0 1 9 3 2 4 8 5 4 2 Total - 2,816 2,951 2,383 101, 069 93, 760 50,868 Total 141 29,923 29,889 46,440 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS IOWA CHICA DALLAS® j pj Savanna TEXAS ••• iBOUNDARIES 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