Federal Reserve Bulletin, 1932-07

FEDERAL RESERVE BULLETIN JULY, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Changes in State Laws Relating to Branch Banking Legal Reserve Requirements of Foreign Central Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston FredericH. Curtiss... Roy A. Young W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison. W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.1 A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan SprouU L. F. Sailer.. L. Werner Knoke.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhennv. W. G. McCreedy.2 Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J Znrlinrlpn Richmond . _. Win. W. Hoxton George J. Seay C. A. Peple.. .._. Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.2 Atlanta Oscar Newton Eugene R. Black W. S.Johns M. W. Bell. H. F. Conniff _... W.S.McLarin, jr.i Chicago Eugene M. Stevens... J. B. McDougaL C. R. McKay _ W. C. Bachman.1 JohnH. Blair D. A. Jones.i J. H. Dillard,._ . 0. J. Netterstrom.i . E. A. Delaney.i St. Louis JohnS. Wood Win. McC. Martin... O.M. Attebery S. F. Gilmore.2 J. G. McConkey A. H. Haill.2 F. N. Hall.2 G. O.Hollocher.2 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. Dallas C C Walsh B A McKinney TR . WR TGTPiIlTbTeIrt Fred Harris R. B. Coleman W. 0. Ford.i San Francisco Isaac B. Newton. Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk _. 1 Assistant deputy governor. 2 Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch _._ R.M. O'Hara. Helena branch _ R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch _ L. H. Earhart. Pittsburgh branch J. C.Nevin. Denver branch ._ J. E. Olson. Richmond: Oklahoma City branch. 0. 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... San Antonio branch M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch. W. L. Partner. Detroit branch W. R. Cation. Seattle branch. C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch John T. Moore. Memphis branch . W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 411 Changes in discount rates and bill rates 416 Changes in foreign central bank discount rates 416 Banking and industrial committees of the 12 Federal reserve districts 416 Annual report of National Bank of Czechoslovakia 434-436 Legal reserve requirements of foreign central banks 437-438 National summary of business conditions 419 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 420-423 Member and nonmember bank credit— All banks in the United States 426 All member banks_ 424-426, 461 Weekly reporting member banks in leading cities 427, 462 Brokers' loans 427 Acceptances and commercial paper 428 Discount rates and money rates 430, 463 Bank suspensions and banks reopened 429, 465-467 Member bank holdings of eligible assets (Government securities and eligible paper) 429 Security prices, security issues, United States Government securities „ 431 Production, employment, car loadings, and commodity prices 432, 468-470 Merchandise exports and imports 433 Department stores—Indexes of sales and stocks 433 Freight-car loadings, by classes 433 Financial statistics for foreign countries: Gold reserves of central banks and governments 439 Gold production 440 Gold movements : 440-442 Government note issues and reserves 443 Bank for International Settlements 443 Central banks 444-446 Commercial banks 447 Discount rates of central banks 448 Money rates 448 Foreign exchange rates 449 Price movements— Security prices 450 Wholesale prices 450, 451 Retail food prices and cost of living 451 Law department: Opinion of court with respect to right of Federal reserve bank to require collateral security in rediscounting paper 452-455 Changes in State laws relating to branch banking 455-458 Federal reserve statistics by districts, etc.: Banking and financial statistics 459-467 Industrial and commercial statistics 468-471 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 18 JULY, 1932 No. 7 REVIEW OF THE MONTH volume, and in the latter part of the month there was an increase in the stock of gold. Volume of reserve bank credit continued to Gold exports, which continued to be in conincrease in recent weeks and at the end of June siderable volume, were taken out of gold prewas at the highest level in 10 Conditions in the years. This increase repre- viously earmarked for foreign account, and money market consequently had no effect on the stock of gold sented further purchases of owned by this country and exerted no influence United States Government securities by the on credit conditions. reserve banks, with relatively little change in the volume of discounts for member banks or During the same 8-week period there was an in acceptances purchased in the open market. increase of $200,000,000 in the domestic Funds placed at the disposal of member banks demand for currency, caused by the reserve system's operations in the open t D h e e m m an em ds b e u r p on b :yJ bank . i ng ° disturbances, . p ;f r . inmarket were absorbed by the demand for gold banks cipally in the Chicago district. from abroad, which was in large volume until A part of this currency was paid the middle of June, and later in the month by out to the public and a part was retained by the the increase in the domestic demand for curbanks in anticipation of the possibility of furrency, resulting from banking disturbances, ther demands by depositors. chiefly in the Chicago district. Since these The member banks of the system, owing to demands were met by the member banks withtheir strong reserve position, were able to out the necessity of increasing their indebtedmeet the outflow of gold and of currency ness to the reserve banks, conditions in the partly by drawing on their balances with the money market remained easy and there were reserve banks, which consequently showed a further declines in open-market money rates. decline of $113,000,000 for the period, but On June 24 the discount rate at the Federal principally by the use of funds arising out Reserve Bank of New York was reduced from of the purchase by the reserve banks of United 3 to 2% per cent, and on the following day the States securities and a small amount of bankrate at the Chicago bank was reduced from 3% ers' acceptances. Holdings of United States to 2% per cent. Federal reserve buying rates on securities increased by $514,000,000 during acceptances were lowered on June 24 from 2}& the period, and at $1,800,000,000 at the end of to 1 per cent for bills maturing within 90 days June were at the highest level in the system's and reduced rates were also established on bills history. of longer maturities. Member banks, therefore, had no occasion During the 8-week period from May 4 to to increase their borrowing at the reserve June 29 as a whole, there was a decrease of banks, and the volume of discounts* showed a $425,000,000 in the country's decline of $36,000,000 for the period. Re- Withdrawal of stock of monetary gold, due duction in indebtedness was reported by foreign balances member banks in most of the Federal reserve largely to withdrawals ol baldistricts, as is shown in the chart at the end ances accumulated in this country by foreign of this review, and the total volume of discentral banks. By the middle of June these counts towrard the end of June was below balances were reduced to a relativelv small 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN JULY, 1932 $500,000,000, the lowest level since the be- under authority of the Glass-Steagall Act of ginning of the gold outflow last autumn. February 22, 1932, and in accordance with the In the total of discounts for member banks Federal Reserve Board's instructions, disare included advances made under the pro- cussed in this review for May, began to visions of the Glass-Steagall bill on paper not pledge United States Government securities otherwise eligible for discount. The fact .that with Federal reserve agents as collateral for the reserve banks have had authority to grant Federal reserve notes. The board's instructhese advances has enabled them to come to tions in this connection are based on an estithe assistance of member banks in exceptional mate of the operating requirements of the and exigent circumstances when they lacked an reserve banks. The banks require (1) a ceradequate amount of eligible paper for obtain- tain volume of Federal reserve notes for ing accommodation from the reserve banks in counter purposes at head offices and at the ordinary way. branches; such notes, not being in actual cir- Total reserves of the Federal reserve banks culation, do not require reserves, but must be on June 29 were $2,782,000,000. Of this covered by collateral pledged with the Federal amount, $738,000,000 in gold reserve agent; (2) a gold redemption fund with Excess reserves or lawful money was necessary the Treasury of the United States, which counts as the 35 per cent reserve required against de- as a part of reserves against notes, but not posits of the reserve banks and $1,102,000,000 against deposits; (3) a certain amount of excess in gold as the 40 per cent reserve required collateral with the Federal reserve agents; and against Federal reserve notes. The Federal (4) a working excess above the 35 per cent reserve banks, therefore, after having met the required by law as reserves against deposits. withdrawals of foreign balances discussed Under the board's instructions the Federal above, held $942,000,000 in gold in excess of reserve banks are authorized whenever the sum their legal requirements. Of these excess of these four items is $400,000,000 or less to reserves, $876,000,000 was available as reserves pledge United States securities as collateral for exclusively against Federal reserve notes, as it Federal reserve notes. On June 29 all the was held with Federal reserve agents and in the banks had pledged United States Government redemption fund in the United States Treas- securities with the Federal reserve agents, and ury, while the remaining $66,000,000 was avail- the total of these securities in the hands of the able as reserves either against notes or against Federal reserve agents was $607,000,000 and deposits. The volume of reserves available in addition the banks held $1,194,000,000 of against deposits, however, is made flexible by United States Government securities not the fact that it can be increased when necessary pledged with the Federal reserve agents. through the deposit of additional eligible paper In considering the distribution of United or United States Government securities with States Government securities among the indithe Federal reserve agents and the consequent vidual reserve banks, it should release of an equivalent amount of gold. Kd'states be borne in mind that this Since gold withdrawals from the Federal re- securities by in- distribution does not reflect serve banks and the increase in the domestic l1 the credit P°licies of the differ" TT •* A «* * demand for currency during reent reserve banks. Purchases United States se- -. , of United States Government securities are curities pledged cent weeks were met through with Federal purchases of United States Gov- made largely in New York and usually for reserve agents . . , account of the system as a whole. Securities ernment securities, they were so purchased either in New York or outside are not accompanied by an increase in eligible then allotted to the several reserve banks. paper in the hands of the reserve banks and When a reserve bank takes an allotment of consequently resulted in a decrease of eligible United States Government securities from the collateral for Federal reserve notes. In these system account, it pays for the allotment circumstances, the Federal reserve banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

413 JULY, 1932 FEDERAL RESERVE BULLETIN through the gold settlement fund, and con- The central gold reserves of France, Switzersequently there results a loss to it of an equiva- land, and Netherlands were further increased lent amount of gold that goes to the reserve during the latter part of May bank at which the securities were purchased. Gold reserves in and the early part of June, and Europe Ultimately the gold finds its way to the Fed- the Bank of England continued eral reserve bank in whose district the securi- its regular purchases of gold. The increase of ties sold to the reserve system were originally' $125,000,000 in the gold reserves of the Bank of held. While purchases of such securities, therefore, do not result in diminishing the GOLD RESERVES OF SELECTED CENTRAL BANKS amount of gold held by the Federal reserve [In millions of dollars] system as a whole, the ability of an individual Change from— bank to participate in such purchases depends on the amount of its excess reserves and on the Central bank of— D 1 a 93 te 2 , re G se o r l v d es M onth Year extent to which its payment for the securities before before results in a movement of gold out of the dis- England June 22 660 +52 -132 France June 24 • 3 218 +125 +1,006 FEDERAL RESERVE BANKS, JUNE 29, 1932 I G ta e l r v m any - - . J J u u n n e e 2 2 0 3 J> 1 2 9 9 6 8 + 1 Q - + 14 1 0 7 [Amounts in millions of dollars] Belgium June 23 357 +3 +157 Netherlands June 20 393 +13 +193 Switzerland June 23 503 +13 +342 United States Government securities Reserve position v Preliminary. Pledged Reserve France brought the growth from a year ago to Total with Excess ratio holdings F re e s d e e r r v a e l reserves c ( e p n e t r ) more than $1,000,000,000. Gold reserves of the agents Reichsbank continued to decrease. The gold reserves of the Bank of England, Boston 107 21 87 64.4 New York 695 132 206 50.7 which began to increase in the middle of May, Philadelphia.. 132 45 57 54.0 Cleveland 175 80 75 55.5 increased further in June, bring- Richmond 47 19 16 49.6 Bank of England Atlanta 53 45 19 50.9 ing the growth from May 11 to Chicago 287 131 336 70.5 St. Louis 62 32 27 55.8 June 29 to about £15,000,000 ($73,000,000). Minneapolis.. 52 30 13 49.2 Kansas City.. 55 24 23 53.1 This acquisition of gold followed heavy pur- Dallas 30 1 19 59.3 San Francisco. 107 47 64 54.5 chases of foreign exchange in the last three Total... 1,801 607 57.2 months. By the end of May "other securities " of the Bank of England, in which foreigntrict. To the extent that the securities were exchange holdings are reported, were originally held in the same district to which £93,000,000, or considerably more than double the allotment is made, completion of the trans- the amount of the previous year. During June action occasions no change in the gold position, the increase of gold reserves was accompanied but to the extent that the securities allotted to by a loss of foreign exchange, and the bank's the reserve bank of any district exceed the effective international reserves declined someamount purchased by the Federal reserve sys- what; but for the month ending June 22 a tem from owners in that district, the bank loses substantial net increase in reserves is shown. gold to other districts. The accompanying The funds made available during the^ month table shows for June 29 holdings of United through the gold purchases of the bank were States Government securities by each of the all taken by the Government, which was build- 12 reserve banks, the amount pledged by each ing up its deposits at the Bank of England in bank as collateral for Federal reserve notes, preparation for heavy maturities of Treasury excess reserves, and the ratio of reserves to the bills. Under the circumstances the withdrawcombined liability on deposits and Federal als of currency for circulation led to a correreserve notes. sponding reduction of bankers' balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN JULY, 1932 Bankers' balances, however, were exceptionally francs ($250,000,000), compared with 26,000,high throughout most of June; and short-term 000,000 francs a year ago. money rates in the open market continued to be During the month the French Treasury conquoted about 1% per cent below the official tinued to draw upon its deposits with the Bank discount rate of the Bank of England. On of France, and the transfers from Government June 30 the Bank of England reduced its rate account went to increase "other deposits/7 in from 2% to 2 per cent. On the same day the which bank balances are included. For more British Government announced its plan for the than eight months the leading French commerconversion of the 5 per cent war loan to a 3K cial banks have held cash reserves in exceptionally large ratio to their deposits. Conditions in BANK OF ENGLAND the French money market continue easy. lln thousands of pounds sterling] Total gold and foreign exchange reserves of Change from— the Reichsbank, after a slight increase early in June 22, May, decreased again during 1932 May 25, June 24, Reichsbank 1932 1931 the month ending June 23, the reduction amounting to 30,000,000 reichsmarks Gold - 135,721 +10, 689 -27,173 ($7,500,000). Most of this reflected the repay- Discounts and advances 14,142 +1, 970 +4,509 Government securities- 282, 325 +919 +8, 597 ment of $5,000,000 of the $50,000,000 Gold- Other securities 82,072 -871 +42,258 Bankers' deposits. 73,649 -3, 895 +12,005 diskontbank credit granted by a syndicate of Public deposits 35, 577 +11,971 +10, 328 Other deposits 33,145 +197 -375 American banks. Although it had been ar- Notes in circulation 358,548 +4, 327 +5, 716 ranged some years earlier, the credit was first utilized in July, 1931. It was recently renewed per cent basis on December 1. This loan, to run until July 1, 1933, subject to repayment now outstanding in the amount of over of 10 per cent of the principal. This arrange- £2,000,000,000, represents nearly one-third of ment is similar to those made earlier with the entire domestic indebtedness of the British respect to credits falling under the standstill Government. agreement and the credits granted to the The gold reserves of the Bank of France Reichsbank by various banks in June, 1931. increased further in the five weeks ending Notwithstanding a decrease of 22,000,000 June 24 to a new high level of Bank of France reichsmarks in notes in circulation, market 82,100,000,000 francs ($3,200,borrowing from the bank increased by 78,000,- 000,000), notwithstanding substantial gold 000 reichsmarks. Much of the borrowing went movements during the period to other countries, particularly to England. As in other recent REICHSBANK months, the additions to its gold holdings by the Bank of France have been accompanied [In millions of reichsmarks] by larger reductions in its holdings of foreign Change from— exchange. On June 24, 1932, the bank's port- June 23, folio of foreign exchange was 6,350,000,000 1932 Mav 23, June 23, 1932 1931 BANK OF FRANCE [In millions of francs] Gold 823 —33 —588 Foreign-exchange reserves 138 +3 +45 Discounts and advances 2,972 +78 +486 Change from— Deposits - 400 +35 -33 Notes in circulation _ _ 3,717 -22 -9 June 24, 1932 May 20, June 26, 1932 1931 to cover the reduction in nonreserve cash of the Reichsbank and miscellaneous assets; Gold - 82,100 +3,193 +25, 674 Foreign exchange 6,332 -3, 687 -19,877 but 35,000,000 reischsmarks of the proceeds Domestic discounts and advances 6,644 +474 -1,710 Government deposits 2,881 -1,456 -5, 632 remained on deposit with the bank on Other deposits - _ 24, 621 +1, 605 +9, 434 Notes in circulation __ 80, 667 -580 +3, 740 June 23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

415 JULY, 1932 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly basis: Wednesday figures ) MILLIONS OF DOLLARS 120 300 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 128009—32 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN JULY, 1932 Changes in Discount Rates and Bill Rates Charles E. Mitchell, chairman, National City Bank, New York, N. Y. The discount rates on all classes and maturi- William C. Potter, president, Guaranty Trust Co., ties of paper was reduced from 3 to 2l/ per cent New York, N. Y. at the Federal Reserve Bank of Ne 2 w York Jackson E. Reynolds, president, First National Bank, New York, N. Y. effective June 24, and from 3% to 2% per cent Alfred P. Sloan, jr., president, General Motors Co., at the Federal Reserve Bank of Chicago New York, N. Y. effective June 25. Walter C. Teagle, president, Standard Oil Co., At the Federal Reserve Bank of New York New York, N. Y. A. A. Tilney, chairman, Bankers Trust Co., New buying rates on bills of all maturities were York, N. Y. reduced on June 24 as follows: Bills having Albert H. Wiggin, chairman, Chase National Bank, maturities up to 90 days from 2% to 1 per cent; New York, N. Y. 91 to 120 days from 2l/ to 1% per cent; 4 to 6 C. M. Woolley, chairman, American Radiator and 2 Standard Sanitary Corporation, New York, N. Y. months from 3 to 1% per cent. PHILADELPHIA DISTRICT Changes in Foreign Central Bank Discount Rates Chairman.—George H. Houston, president, Baldwin Locomotive Works, Philadelphia, Pa. The following changes in discount rates dur- W. W. Atterbury, president, Pennsylvania Railroad ing the month ended July 1 have been reported Co., Philadelphia, Pa. " ' * 4 Arthur C. Dorrance, president, Campbell Soup Co., by central banks in foreign countries: Philadelphia, Pa. Bank of England—June 30, from 2)i to 2 per cent. Irenee du Pont, E. I. du Pont de Nemours & Co., National Bank of Hungary—July 1, from 6 to 5 per Wilmington, Del. cent. Edward Hopkinson, Drexel & Co., Philadelphia, Pa. Bank of Japan—June 8, from 5.84 to 5.11 per cent. William A. Law, president, Penn Mutual Life In- Bank of Sweden—June 3, from 4}£ to 4 per cent. surance Co., Philadelphia, Pa. V! : Howard A. Loeb, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. George H. Lorimer, editor, Saturday Evening Post, BANKING AND INDUSTRIAL COMMITTEES OF Philadelphia, Pa. THE 12 FEDERAL RESERVE DISTRICTS Benjamin Rush, president, Insurance Company of North America, Philadelphia, Pa. BOSTON DISTRICT Burton C. Simon, operative builder, Philadelphia, Chairman—Carl P. Dennett, vice president, BostonPa. Chamber of Commerce, 80 Federal Street, Boston, Herbert J. Tily, Strawbridge & Clothier, Philadel- Mass. phia, Pa. Thomas Nelson Perkins, attorney at law, 50 Federal John E. Zimmermann, president, United Gas Im- Street, Boston, Mass. provement Co., Philadelphia, Pa. Louis E. Kirstein, Wm. Filene's Sons Co., Boston, Mass. CLEVELAND DISTRICT Dr. Arthur W. Gilbert, commissioner of agriculture, Statehouse, Boston, Mass. Chairman.—L. B. Williams, Hayden, Miller & Co., George H. Clough, The Russell Co., 50 State Street, Cleveland, Ohio. Boston, Mass. H. G. Dalton, Pickands Mather & Co., Cleveland, P. A. O'Connell, E. T. Slattery Co., 165 Tremont Ohio. Street, Boston, Mass. J. J. Bernet, president, Chesapeake & Ohio R. R., Nathaniel F. Aver, treasurer, Cabot Manufacturing Cleveland, Ohio. Co., 77 Franklin Street, Boston, Mass. Harris Creech, president, Cleveland Trust Co., Frank D. Comerford, New England Power Associa- Cleveland, Ohio. tion, 89 Broad Street, Boston, Mass. W. M. Baldwin, president, Union Trust Co., Cleve- Harry K. Noyes, Noyes-Buick Co., 857 Common- land, Ohio. wealth Avenue, Boston, Mass. H. McEldowney, president, Union Trust Co., Pitts- Philip Stockton, First National Bank, Boston, Mass. burgh, Pa. Walter S. Bucklin, National Shawmut Bank, Boston, A. W. Robertson, chairman, Westinghouse Electric Mass. & Manufacturing Co., Pittsburgh, Pa. . Wilmot R. Evans, Boston Five Cents Savings Bank, Howard Heinz, president, H. J. Heinz Co., Pitts- Boston, Mass. burgh, Pa. E. T. Weir, chairman, National Steel Co., Pittsburgh, NEW YORK DISTRICT Pa. Chairman.—Owen D. Young, chairman, General William Cooper Procter, chairman, Procter & Gamble Electric Co., New York, N. Y. Co., Cincinnati, Ohio. Mortimer N. Buckner, chairman, New York Trust George D. Crabbs, president, Philip Carey Manufac- Co., New York, N. Y. turing Co., Cincinnati, Ohio. Floyd L. Carlisle, F. L. Carlisle & Co., investment E. W. Edwards, president, Fifth Third Union Trust bankers, New York, N. Y. Co., Cincinnati, Ohio. Walter S. Gifford, president, American Telephone T. J. Davis, chairman, First National Bank, Cincin- & Telegraph Co., New York, N. Y. nati, Ohio. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 417 H. S. Firestone, chairman, Firestone Tire & Rubber Daniel F. Kelley, president, The Fair, Chicago, Co., Akron, Ohio. 111. George M. Verity, chairman, American Rolling Mill Fred W. Sargent, president, The Chicago & North- Co., Middletown, Ohio. western Railway Co., Chicago, 111. George M. Reynolds, chairman of board, Continental Illinois Bank & Trust Co., Chicago, 111. RICHMOND DISTRICT M. A. Traylor, president, First National Bank, Chairman.—Edwin C. Graham, president, National Chicago, 111. Electrical Supply Co., Washington, D. C. Albert W. Harris, chairman of board, Harris Trust Vice chairman.—C. A. Cannon, president, Cannon & Savings Bank, Chicago, 111. Mills Co., Kannapolis, N. C. Philip R. Clarke, president, Central Republic Bank Robert V. Fleming, president, Riggs National Bank, & Trust Co., Chicago, 111. Washington, D. C. Solomon A. Smith, president, Northern Trust Co., A. H. S. Post, president, Mercantile Trust Co., Chicago, 111. Baltimore, Md. ST. LOUIS DISTRICT Charles M. Cohn, vice president, Consolidated Gas Chairman.—J. W. Harris, president, Harris-Polk Electric Light & Power Co., Baltimore, Md. Hat Co., St. Louis, Mo. Robert P. Beaman, president, Norfolk National Bank, Norfolk, Va. A. L. Shapleigh, Shapleigh Hardware Co., St. Louis, J. M. Miller, jr., president, First & Merchants Mo. National Bank, Richmond, Va. F. C. Rand, International Shoe Co., St. Louis, Mo. J. S. Bryan, publisher, The News Leader, Rich- E. D. Nims, Southwestern Bell Telephone Co., St. mond, Va. Louis, Mo. C. Edwrin Michael, president, Virginia Bridge & Iron Ernest W. Stix, president, Rice Stix D. G. Co., St. Co., Roanoke, Va. Louis, Mo. H. B. Lewis, vice president, Kanawha Banking & J. G. Lonsdale, president, Mercantile-Commerce Trust Co., Charleston, W. Va. Bank & Trust Co., St. Louis, Mo. John M. Crawford, Parkersburg Rig & Reel Co., Frank 0. Watts, chairman of board, First National Parkersburg, W. Va. Bank, St. Louis, Mo. H. M. Victor, president, Union National Bank, Sidney Maestre, president, Mississippi Valley Trust Charlotte, N. C. Co., St. Louis Mo. A. L. M. Wiggins, vice president, Bank of Hartsville, Tom K. Smith, president, Boatmen's National Bank, Hartsville, S. C. St. Louis, Mo. James C. Self, president, Greenwood Cotton Mills, W. R. Cole, president, Louisville & NastiVille R. R., Greenwood, S. C. Louisville, Ky. Paul Dillard, Dillard & Coffin Co., Memphis, Tenn. W. B. Plunkett, Plunkett-Jarrell Grocer Co., Little ATLANTA DISTRICT Rock, Ark. MINNEAPOLIS DISTRICT Chairman—George S. Harris, Cotton Industry, Atlanta, Ga. Chairman.—George D. Dayton, president, The Robert E. Maddox, chairman, Executive Committee, Dayton Co., Minneapolis, Minn. First National Bank, Atlanta, Ga. E. L. Carpenter, president, Shevlin Carpenter & Thomas R. Preston, president, Hamilton National Clarke Co., Minneapolis, Minn. Bank, Chattanooga, Tenn. F- B. Wells, vice president, F. H. Peavey & Co., Paul N. Davis, president, American National Bank, Minneapolis, Minn. Nashville, Tenn. W. A. Eggleston, vice president, David C. Bell In- R. S. Hecht, president, Hibernia Bank & Trust Co., vestment Co., Minneapolis, Minn. New Orleans, La. A. F. Pillsbury, treasurer, Pillsbury Flour Mills Co., Crawford Johnson, president, Coco-Cola Bottling Minneapolis, Minn. Co., Birmingham, Ala. H. P. Clark, president, West Publishing Co., St. Ben S. Read, president, Southern Bell Telephone & Paul, Minn. Telegraph Co., Atlanta, Ga. F. R. Bigelow, president, St. Paul Fire and Marine Mills B. Lane, chairman of board, Citizens & Sou- Insurance Co., St. Paul, Minn. thern National Bank, Savannah, Ga. F. E. Weyerhaeuser, president, Weyerhaeuser Sales W. R. McQuaid, president, Barnett National Bank, Co., St. Paul, Minn. Jacksonville, Fla. S. W. Dittenhofer, vice president, Hahn Department Edgar Stern, cotton merchant, New Orleans, La. Stores (Inc.), St. Paul, Minn. Wallace Rodgers, lumber, Laurel, Miss. C. T. Jaffray, president, Minneapolis, St. Paul & J. C. Persons, president, First National Bank, Sault Ste. Marie Railway Co., Minneapolis, Minn. Birmingham, Ala. Charles Donnelly, president, Northern Pacific Railway Co., St. Paul, Minn. CHICAGO DISTRICT W. P. Kenney, president, Great Northern Railway Co., St. Paul, Minn. Chairman.—Sewell L. A very, president, Montgomery E. W. Decker, president, Northwestern National Ward & Co., Chicago, 111. Bank, Minneapolis, Minn. George A. Ranney, vice president and treasurer, L. E. Wakefield, president, First National Bank, International Harvester Co., Chicago, 111. Minneapolis, Minn. Gen. Robert E. Wood, president, Sears, Roebuck R. C. Lilly, president, First National Bank, St. Paul, & Co., Chicago, 111. Minn. John Stuart, president, Quaker Oats Co., Chicago, Otto Bremer, chairman of board, American National 111. Bank, St. Paul, Minn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN JULY, 1932 T. F. Wallace, president, Farmers & Mechanics F. F. Florence, president, Republic National Bank Savings Bank, Minneapolis, Minn. & Trust Co., Dallas, Tex. W. C. McFarlane, president, Minneapolis Moline R. L. Thornton, president, Mercantile Bank & Trust Power Implement Co., Minneapolis, Minn. Co., Dallas, Tex. J. G. Wilkinson, chairman of board, Continental National Bank, Fort Worth, Tex. KANSAS CITY DISTRICT F. M. Law, president, First National Bank, Houston, Chairman—Joseph F. Porter, president, Kansas CityTex. Power & Light Co., Kansas City, Mo. Walter P. Napier, president, Alamo National Bank, Carl R. Gray, president, Union Pacific Railroad Co., San Antonio, Tex. Omaha, Nebr. Arthur L. Kramer, president, A. Harris & Co., W. T. Kemper, banker and investor, Kansas City, Dallas, Tex. Mo. B. L. Anderson, Neil P. Anderson & Co., cotton William L. Petrikin, chairman, Great Western Sugar merchants, Fort Worth, Tex. Co., Denver, Colo. H. O. Wooten, president, H. 0. Wooten Grocery Co., Waite Phillips, chairman of board, First National Abilene, Tex. Bank & Trust Co., Tulsa, Okla. H. L. Kokernot, livestock, San Antonio, Tex. J. C. Nichols, J. C. Nichols Cos., Kansas City, Mo. W. S. Farrish, president, Humble Oil & Refining Co., H. K. Lindsley, president, Farmers & Bankers Life Houston, Tex. Insurance Co., Wichita, Kans. Conrad Mann, president, Chamber of Commerce, SAN FRANCISCO DISTRICT Kansas City, Mo. Thad. L. Hoffman, president, Kansas Flour Mills Chairman.—K. R. Kingsbury, president, Standard Co., Kansas City, Mo. Oil Co. of California, San Francisco, Calif. Herbert F. Hall, grain man and investor, Kansas A. F. Hockenbeamer, president, Pacific Gas & Elec- City, Mo. tric Co., San Francisco, Calif. George R. Collett, president, Kansas City Stock Paul Shoup president, Southern Pacific Co., San Yards Co., Kansas City, Mo. Francisco, Cali ? f. Mike J. Healey, vice president, John Deere Plow Co., Frank B. Anderson, chairman of board, Bank of Kansas City, Mo. California, N. A., San Francisco, Calif. W. S. McLucas, chairman of board, Commerce Trust F. L. Lipman, president, Wells-Fargo Bank & Union Co., Kansas City, Mo. Trust Co., San Francisco, Calif. E. F. Swinney, chairman of board, First National C. C. Teague, president, California Fruit Growers Bank, Kansas City, Mo. Exchange, Los Angeles, Calif. George R. Hovey, president, Interstate National John G. Bullock, president, Bullock's (Inc.), Los Bank, Kansas City, Mo. Angeles, Calif. Frank P. Johnson, president, First National Bank & Frank Ransome, president, Eastern & Western Trust Co., Oklahoma City, Okla. Lumber Co., Portland, Oreg. Milton Tootle, jr., president, Tootle-Lacy National Downie D. Muir, jr., vice president and general Bank, St. Joseph, Mo. manager, United States Smelting, Refining & Mining Dr. F. D. Farrell, president, Kansas State Agricul- Co., Salt Lake City, Utah. tural College, Manhattan, Kans. O. D. Fisher, president, Fisher Flouring Mills Co., C. Q. Chandler, chairman, First National Bank, Seattle, Wash. Wichita, Kans. DALLAS DISTRICT Chairman.—Frank Kell, Wichita Falls, Tex. Nathan Adams, president, First National Bank, Dallas, Tex. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 419 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 22 and released for publication June 24] Volume of production in basic industries and Wholesale prices.—Prices of commodities at employment at factories decreased further in wholesale were 1.7 per cent lower in May than May, and wholesale prices declined. Foreign in April, according to the Bureau of Labor withdrawals of gold, which had been in large Statistics. There were large decreases in prices volume in May and the first half of June, prac- of many domestic agricultural products and of tically stopped after the middle of the month. hides and textiles. Prices of petroleum prod- Production and employment.—Production at ucts advanced. mines and factories declined further in May, During the first three weeks of June market and the board's seasonally adjusted index of quotations for a number of nonagricultural industrial production showed a reduction from commodities were relatively steady, and prices 64 per cent of the 1923-1925 average in April of sugar, meats, and livestock increased. Prices to 61 per cent in May. Output of coal was of wheat, after considerable fluctuations, were substantially reduced, particularly in the an- at unusually low levels at the beginning of the thracite fields; shipments of iron ore showed third week in June. less than the usual seasonal increase, production Bank credit.—Withdrawals of gold from the of iron and steel declined, and activity at textile United States continued through May and the mills and shoe factories was further curtailed. first half of June, and the country's stock of In the automobile industry output increased monetary gold declined by $435,000,000 beconsiderably. tween May 4 and June 15. After that date In the first part of June activity in the steel there was no further decline in the total stock andN cotton industries was reported to have of monetary gold, continued gold exports repredeclined further, while output of automobiles senting gold previously earmarked by foreign continued at about the same rate as in the latter central banks. During the first part of May part of May. continued purchases of United States Govern- Further reductions in employment and earn- ment securities by the reserve banks enabled ings of factory workers accompanied the smaller member banks further to reduce their discounts; volume of manufacturing output in May, par- in later weeks, however, funds released through ticularly in the steel and machinery industries, these purchases were absorbed by the demand and in the textile and clothing trades. Employ- for gold for export, and there was also a decrease ment at automobile plants and in the seasonally in member bank reserve balances. active food industries showed an increase. Loans and investments of reporting member Value of building contracts awarded, accord- banks in leading cities, which had declined ing to reports to the F. W. Dodge Corporation, sharply earlier in the year, showed wide fluctuaafter increasing somewhat in April and May, tions after the middle of May. In the middle declined slightly in the first half of June, re- of June total loans and investments were larger flecting chiefly smaller awards for public works than a month earlier, the increase in holdings of and other nonresidential building. United States securities being more than suffi- Distribution.—Railroad freight traffic de- cient to offset declines in other investments and creased further in May, the largest reduction in loans. being in shipments of coal and miscellaneous Money rates in the open market remained at freight. Sales by department stores in leading low levels. Rates on prime commercial paper cities, which had increased substantially during were reduced to a range of 2}£-2% per cent in April, were smaller in May. the second week of June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN JULY, 1932 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 4500 4000 2500 2000 1500 1500 1000 1000 500 500 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending June 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

421 JULY, 1932 FEDERAL RESERVE BULLETIN 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 d te i d s- bo B u il g ls ht se U S c n t u a i r t t i e e ti 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 u d re r ju r a e s s n t u e c r d y y i M n l a c o ti i n r o c e n u y - M b r a e b e l s a a m e n n r b k c v e e e s r d m e N e p e m t o o c s . n b i - e ts r , p c U f e a u n n p n d e i d t x e a s d - l 1931—February 216 102 936 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 27 383 May 163 144 599 926 4,767 1,783 4,679 2,387 28 382 June... 188 121 610 945 4,865 1,759 4,750 2,404 35 380 July 169 79 674 954 4,958 1,784 4,836 2,407 83 370 August 222 135 712 1,107 4,975 1,764 4,947 2,345 187 367 September 280 259 736 1,313 4,948 1,768 5,133 2,333 199 364 October 613 692 733 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 5,611 144 358 1932—January 221 759 1,865 4,452 1,773 5,645 1,979 113 353 February 848 151 743 1,785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 1,652 4,372 1,792 5,531 1,899 37 349 April 605 52 1,014 1,691 4,381 1,789 5,452 1,996 63 353 May 486 41 1,413 1,959 4,273 1,788 5,456 2,138 77 349 June .- 495 50 1,697 2,262 3,956 1,787 5,530 2,062 65 348 Week ending (Saturday) Feb. 27 842 139 740 1,752 4,356 1,795 5,605 1,895 348 Mar. 5 828 125 754 1,731 4,352 1,783 5,594 1,885 346 Mar. 12 757 136 786 1,705 4,363 1,778 5,563 1,901 348 Mar. 19 684 107 820 1,634 4,374 1,825 5,537 1,909 350 Mar. 26 667 84 825 1 599 4,382 1,791 5,498 1,890 351 Apr. 2._._ _ 651 854 1,595 4,390 1,789 5,469 1,909 351 Apr. 9 647 882 1,609 4,392 1,790 5,475 1,916 350 Apr. 16 637 957 1,670 4,381 1,788 5,450 1,975 351 Apr. 23 579 1,077 1, 729 4,376 1,786 5,442 2,022 354 Apr. 30 — 543 1,186 1,794 4,370 1,784 5,428 2,095 352 May 7 514 1,284 1,864 4,350 1,796 5, 465 2,115 351 May 14 480 1,372 1,916 4,316 1,774 5,457 2,125 350 May 21 474 1,438 1,971 4,274 1, 790 5,459 2,152 350 May 28 477 1,504 2,034 4,204 1,786 5,439 2,164 349 June 4 496 1,563 2,117 4,107 1,797 5,477 2,107 349 June 11 506 1,638 2,199 1,786 5,473 2,093 348 June 18. 496 1,700 2,276 3,922 1,800 5,485 2,092 347 June 25 491 1,746 2,313 3,916 1,769 5,556 2,032 350 End of month series Wednesday series Jan. Feb. Mar. Apr. May June May June June June June June 29 30 30 25 29 Bills discounted 828 639 556 490 440 Bills discounted 495 502 496 488 470 Bills bought 153 109 68 48 36 67 Bills bought 35 36 66 54 64 United States securities. 746 740 872 1,228 1, 549 1,784 United States securities... 1,525 1,575 1,645 1,692 1,730 1,801 Other reserve bank credit 58 32 18 18 21 Other reserve bank credit- 13 17 16 16 16 11 Total reserve bank credit 1,856 1,709 1,597 1,850 2,096 2,310 Total reserve bank credit 2,048 2,122 2,198 2,270 2,288 2,346 Monetary gold stocK 4,415 4,353 4,390 4,367 4,152 3,918 Monetary gold stock 4,207 4,106 3,979 3,909 3,917 3,920 Treasury currency adjusted— 1,775 1,791 1,806 1,803 1,802 1,836 Treasury currency adjusted 1,790 1,817 1,796 1,832 1,770 1,811 Money in circulation 5,642 5,604 5,459 5,464 5, 5,695 Money in circulation 5,410 5,467 5,452 5,467 5,505 5,649 Member bank reserve balances 1,947 1, r " •1,924 2,124 2,113 1,982 Member bank reserve balances- 2,214 2,125 2,112 2,101 2,066 2,034 Nonmember deposits, etc 107 53 59 79 109 42 Unexpended capital funds Unexpended capital funds 350 347 351 353 348 345 Nonmember deposits, etc 420 454 409 443 403 394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDEKAL RESERVE BULLETIN JULY, 1932 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] June 30, 1932 May 31, 1932 June 30, 1931 RESOURCES Gold with Federal reserve agents 1,956, 267 2,100, 537 1,917, 864 Gold redemption fund with United States Treasury _. 59, 784 41,129 30,166 Gold held exclusively against Federal reserve notes.. 2, 016, 051 2,141, 666 1.948,030 Gold settlement fund with Federal Reserve Board 223, 421 326,185 ' 470,161 Gold and gold certificates held by banks 338, 337 322, 435 990, 493 Total gold reserves.- _ 2, 577, 809 2, 790, 286 3, 408, 684 Reserves other than gold... 197,001 167,065 Total reserves. _ _ 2, 776, 617 2,987, 2S7 3, 575, 749 Nonreserve cash 67,493 65,957 65, 421 Bills discounted: For member banks 439, 307 489, 494 148, 664 For intermediate credit banks 528 408 371 For nonmember banks (secured by adjusted service certificates). 155 172 126 Total bills discounted. 439,990 490, 074 149,161 Bills bought: Payable in dollars— Bought outright 21, 677 4,690 84,708 Under resale agreement... 14,155 10, 243 Payable in foreign currencies. 30,762 ~36,~837" 10, 551 Total bills bought.. 66, 594 35, 527 105, 502 United States securities: Bought outright 1, 761, 669 1, 548, 869 667, 935 Under resale agreement. 22,052 300 Total United States securities.. 1, 783,721 1, 549,169 667, 935 Other reserve bank credit: Federal intermediate credit bank debentures.. 8,175 Federal land bank bonds 750 Municipal warrants.. 5.214 5,285 63 Due from foreign banks 3; 655 4, 643 1,425 Reserve bank float (uncollected items in excess of deferred availability items). 10, 720 10, 946 10, 011 Total reserve bank credit outstanding.. 2, 309,894 2, 095, 644 943,022 Federal reserve notes of other reserve banks. 13, 325 11, 585 13, 601 Uncollected items not included in float 343,845 306, 583 471, 223 Bank premises 58, 086 58, 084 58, 784 All other resources 45,462 40, 517 25,866 Total resources.. 5, 614, 722 5, 565, 657 5,153, 666 Federal reserve notes: Held by other Federal reserve banks. 13,325 c 11, 585 13. 601 Outside Federal reserve banks 2, 781, 638 ' 2, 560, 631 1, 709; 833 Total notes in circulation. 2, 794, 963 2, 572, 216 1, 723,434 Deposits: Member bank—reserve account. 1,982,127 2,113,487 2, 380, 518 Government 3,756 17, 271 46, 573 Foreign bank 9,002 74,405 33,912 Other deposits 33, 378 34, 431 42, 652 Total deposits 2,028, 263 2, 239, 594 2, 503,655 Deferred availability items. 343, 845 306, 583 471, 223 Capital paid in 154, 812 154,801 168,188 Surplus __ 259, 421 259,421 274, 636 All other liabilities 33, 418 33, 042 12, 530 Total liabilities.. 5, 614, 722 5, 565, 657 5,153, 666 Contingent liability on bills purchased for foreign correspondents 97, 729 182, 771 340,845 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 3,028, 396 2, 765, 381 2,101, 579 Held by Federal reserve banks 1 233, 433 193,165 378,145 In actual circulation. 2, 794,963 2, 572, 216 1, 723,434 Collateral held by agents as security for notes issued to banks: Gold 1,956, 267 2,100, 537 1,917,864 Eligible paper 452, 596 484, 733 231,251 United States Government securities 634, 500 204, 700 Total collateral.. 3, 043, 363 2, 789, 970 2,149,115 1 Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 423 ANALYSIS OF CHANCES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] [In thousands of dollars] Analysis of changes 1932 Gold Month a s t t o e c n k d Increase Net re- Domes- From or to— (prel J im un in e ary) May Jan M u a a y ryof in stock Net gold lease tic promonth d m u o r n in th g import fr m om ar k e a l r- du e c tc ti . o 2 n, p I o m rt - s Exports p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s Belgium 26, 250 19, 930 57 352 1929—January 4,127 -14.4 47.2 -65.0 3.4 England ""256" 1,097 200 7,247 471 12, 897 February,_ 4,153 26.4 25.5 0.0 0.9 France 107, 392 8 63, 223 8 307, 268 March 4,188 34.4 24.8 7.5 2.1 Germany 66 9,710 61 13, 622 April __ 4,260 72.4 23.1 48.6 0.8 Italy 6 2 107 May 4,301 40.6 23.6 16.1 0.9 Ne therlands 24,419 58,473 92,109 June 4,324 23.4 30.2 -7.5 0.7 Portugal 2,386 July .._ 4,341 16.3 34.7 -22.0 3.6 Switzerland _ 64,128 53, 554 55, 688 August 4,360 18.9 18.4 -1.0 1.5 Canada 5 061 4 744 45 r 31, 842 100 September- 4,372 12.1 17.6 -6.6 1.1 Central America. _. 153 115 3 485 3 October 4,386 14.4 17.5 -4.5 1.4 Mexico 522 300 1,510 9,909 20 November- 4,367 -19.2 -23.2 1.0 3.0 Argentina 12, 950 December.. 4,284 -82.9 -64.4 -22.0 3.5 Columbia 2,966 Ecuador 98 491 Total (12 mos.) _ 142.5 175.1 -55.4 22.8 Peru ... 1,044 37 2,388 94 Uruguay 1,000 2,000 1930—January 4,291 4.0 0.5 2.3 Venezuela 124 693 February. _ 4,353 61.9 60.0 0.0 1.9 British India 175 7,497 March 4,423 70.2 55.5 15.0 -0.3 China and Hong April 4,491 68.5 65.7 0.5 2.3 Kong _. _ 3,771 3,791 10,127 May 4,517 25.9 23.5 2.0 0.5 Dutch East Indies. 513 2,019 June .- 4,535 17.6 13.9 2.0 1.7 Japan 5,172 2, 441 33, 864 July 4,517 -18.4 -19.6 -3.0 4.3 Philippine Islands 445 1,693 August 4,501 -15.5 -19.6 0.0 4.2 All other countries^. 1,009 132 1,507 8,314 76 September- 4,511 10.2 2.5 4.0 3.7 October 4,535 23.3 26.4 -6.1 3.1 Total . „ 216, 938 2 223,784 16, 715 212, 229 ''127,780 541, 721 November.. 4,571 36.8 35.2 -2.1 3.8 December.. 4,593 22.1 32.7 -15.2 4.5 1 Includes all movements of unreported origin or destination. Total (12 mos.)- 309.6 280.1 -2.4 31.9 * At New York—imports, $2,303,000; exports, $223,784,000. Elsewhere, imports, $14,635,000. 1931—January 4,643 49.4 34.4 11.9 3.1 r Revised figure for imports from Canada in January, $4,170,000. February._ 4,665 22.0 16.1 2.5 3.3 March 4,697 32.0 25.6 3.0 3.3 KINDS OF MONEY IN CIRCULATION April 4,726 28.7 49.5 -7.5 -13.3 May 4,798 72.4 49.6 4.0 18.8 June 4,956 158.0 63.8 92.3 1.9 [Money outside Treasury and Federal reserve banks. In millions of July 4,949 -6.6 19.5 -29.7 3.6 dollars] August 4,995 45.7 57.5 -16.0 4.2 September- 4,741 -254.3 20.6 -279.1 4.2 October 4,292 -448. 4 -337. 7 -107.6 -3.1 1932 1931 November.. 4,414 122.0 89.4 28.3 4.2 December.. 4,460 45.8 56.9 -22.9 11.9 Kind of money Total (12 mos.). -133.4 145.3 -320. 8 42.1 June 30 * May 31 June 30 1932—January-. 4,416 -44.2 r-73. 0 25.4 r3.4 February_ 4,354 -62.3 -90.6 26.4 1.9 Gold coin _ - 453 435 363 March 4,390 36.0 -24.7 58.3 2.4 Gold certificates __.. 716 735 997 April -. 4,367 -23.1 r-30. 2 4.0 '3.2 Federal reserve notes. 2,780 2,558 1,708 May 4,152 -214.1 -195. 5 -22.1 3.6 June » 3,918 -234. 4 -206. 8 —28.8 1.3 Treasury currency: 1 Standard silver dollars 30 30 34 Total (6 mos.).. -542.0 -620. 8 63.1 15.7 Silver certificates 353 355 377 Treasury notes of 1890 1 1 1 Subsidiary silver 256 257 273 1 Gold released from earmark at Federal reserve banks less gold placed Minor coin.. - 114 114 117 under earmark. United States notes 289 290 299 2 This figure, derived from preceding columns, represents the excess of Federal reserve bank notes... 3 3 3 domestic production over nonmonetary consumption of gold—chiefly National bank notes 701 702 648 consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a) Total Treasury currency... 1,747 1,752 1,752 gold bullion or foreign gold coin recently imported may not yet have reached a reserve bank or the Treasury, and (b) gold bullion recently Total money in circulation. 5,695 5,480 4,822 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. 1 For explanation of the term "Treasury currency" see BULLETIN for v Preliminary figures. July, 1929, p. 432. ' Revised. p Figures preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDEEAL RESERVE BULLETIN JULY, 1932 MEMBER 3ANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" T m o b t e a a m l n — k b s e a r ll Ne C w i 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" 1931 February 2,370 847 945 578 56.6 11.6 18.2 26.7 March 2,386 860 945 580 66.5 19.4 18.7 28.4 April 2,376 829 962 585 55.6 7.2 20.2 28.2 Mav 2,387 848 961 578 66.8 15.5 23.6 27 7 June .- 2,404 882 849 573 128.9 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 19.4 26.9 December 2,069 766 807 503 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 _ 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2, 138 874 800 464 277.1 155.1 91.5 30.5 Week ending (Friday)— Apr. 1 . .. 1,908 719 731 457 45.4 12.4 A A p p r r . . 8 15 1 1 , , 9 9 6 1 2 5 7 7 1 5 8 7 7 7 2 4 4 1 4 4 7 6 4 4 i 3 7 7 3 . . 4 2 2 1 6 1 . . 0 2 ( ( 2 2 ) ) Apr. 22 2,015 782 763 471 84.2 47.2 (2) Apr. 29 . 2,087 855 771 460 149.3 59.2 May 6 .. . _ " 2,117 866 778 473 147.1 70.4 May 13 2,123 864 792 467 144.8 84 9 May 20 2,148 871 813 463 153.4 102. 1 May 27 2,168 907 803 458 186.0 94.2 (2) June 3 2,114 837 816 460 122.0 109.7 June 10 2,090 779 844 466 78.8 136.2 (%) June 17 2,095 791 844 459 91.2 130.0 1 Central reserve city banks only. 1 Figures not available by weeks. Back figures.—See (for monthly data) BULLETIN for June, 1931, p. 347. MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month a T l b l o a b m t n e a r k l e - m s - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - a T l b l o a b m n t e a e k r m l s - - C Y N i o e t r w y k 1 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 e ta k r e l m s - - C Y N i o e t r w y k i r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n s - 1931—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 May 32,168 7,439 13,157 11,573 18, 419 6,094 7,236 5,090 13, 749 1,345 5,921 June _ 31, 602 7,232 12, 939 11,432 18,055 5,934 7,132 4,988 13,548 1,297 5,807 6,444 July 31, 526 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13,404 1,260 5,728 6,415 August 31, 041 7,147 12, 702 11,192 17, 783 5,946 7,012 4,825 13, 259 1,201 5,691 6,367 September 30,500 7,126 12, 356 11,018 17, 525 5,962 6,805 4,758 12,974 1,163 5,552 6,259 October. __ 29,138 6,937 11,657 10,544 16,859 5,872 6,421 4,567 12, 279 1,065 5,236 5,977 November 28,218 6,612 11,350 10, 256 16, 358 5,653 6,273 4,432 11,860 959 5,076 5,825 December. 27, 438 6,414 11,048 9,976 15, 985 5,546 6,106 4,333 11,453 4,942 5,643 1932—January... 26, 592 6,165 10, 706 9,720 15, 447 5,343 5,921 4,183 11,145 822 4,786 5,537 February. 25,715 5,797 10, 413 9,505 14, 789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25, 431 5,760 10, 291 9,380 14, 575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10, 797 811 4,618 5,368 May 25,466 6,159 10,081 9,226 14, 679 5,342 5,425 3,911 10, 787 816 4,656 5,315 1 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

425 JULY, 1932 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CLASSIFICATION OF.LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Purchased paper Total Total loans Call date i m n lo a v e n a e n n d s t s t s - L ba o t n o a k n s s Total s b c t a o u o b S n n r y c e e d d - k d s s e c r s u b e t r y a a e t l d e O c c u w a u u n t s n h i r r e s s e e d e - e e d d r - - Total A U S a p a c n n t b i a c a i c n y l e t t e e e e p - s s d t- a a c b p a A n e r a b c o p c y l e e - a t - - s d p C m c a o i p e a m r e l - r - Y L N k b o o i t e r e n o r a o r w k n s - s i Total m U r G s e i e t r . e o c i n S e n v u - . s t - - O r s i e t t c h ie u e s - r b s c o t a u o s b n n r e c y e d d - k d s s 3 TOTAL—ALL MEMBER BANKS 1928—Oct. 3 34,929 21, 240 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, 460 7, 348 3,123 10, 991 3,158 109 103 390 2,556 10, 529 4,312 6,217 10,172 1929—Mar. 27 35, 393 548 21, 903 7,540 3,123 11, 240 2,494 146 93 376 1,879 10, 448 4,454 5,994 9,693 June 29 35, 711 670 22, 517 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 S, 109 3,152 11, 988 2, 276 93 70 228 1,885 9,749 4,022 5,727 10, 314 Dec. 31 35, 934 714 23,193 3,191 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 10, 505 1930— Mar. 27 35,056 527 21,494 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 8,081 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 6,886 9,272 June 30 33, 923 457 19, 257 7,117 3,216 8, 922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29 33,073 599 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 3 1928—Oct. 3-_. 7,197 287 3,919 1,536 130 2,253 1,048 50 880 1,942 1,130 813 2,560 Dec. 31 7,951 288 3,940 1,708 132 2,100 1,790 61 1,639 1,933 1,094 839 3,491 1929—Mar. 27 7,726 251 4,253 1,744 148 2,361 1,250 59 1,102 1,972 1,135 838 2,971 June 29 8,160 314 4,532 1,877 175 2,480 1,496 58 1,359 1,819 1,006 813 3,393 Oct. 4 8,150 302 4,846 1,944 176 2,726 1,196 59 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 Dec. 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 9,286 3,740 1,509 4,036 645 43 147 423 3,736 1,896 1,840 4,292 June 29 13, 832 308 9,434 a, 718 1,503 4, 213 480 17 88 349 3,611 1, 765 1,846 4,221 Oct. 4 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 3,802 945 59 242 609 3,416 1,662 1,754 4,368 June 30 13, 701 277 9,029 3,811 1,524 3,693 710 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 5,075 614 195 378 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, 3.7.0 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 1,485 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 Sept. 24 12, 944 8,007 2,200 1,480 4,326 286 164 115 4,589 1,219 3,370 2,326 Dec. 31 12, 519 7,762 2,149 1,455 4,158 177 120 49 4,519 1,159 3,359 2,213 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 1,756 1,346 3,367 71 48 16 4,392 1,418 2,974 1,796 1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 2 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. 3 Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1930 (Table 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN JULY, 1932 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. For back figures see BULLETIN for May, 1931 (p. 253), and Annual Report for 1930 (Tables 42-43)] Total loans and investments Deposits (exclusive of interbank deposits) All banks Member banks Nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m n e v n e t s s t- Total Loans I m nv e e n s t t s - ba A n l k l s M ba b e n e m r ks - m b N e a m o n n k b - s er 1928—June 30. 57,265 39,464 17, 801 35,061 24, 303 10, 758 22, 204 15,161 7,043 53,398 32,133 21,265 Oct. S.- 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 33, 865 21, 423 1930—Mar. 27. 57, 386 40, 686 16, 700 35, 056 25,119 9,937 22,331 15, 568 6,763 53,185 32, 082 21,103 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 10,989 21,349 14, 264 7,085 53, 039 32, 560 20, 479 1931—Mar. 25. 55,924 36,813 19,111 34,729 22,840 11,889 21,195 13,974 7,222 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 Non- [Figures for Dec. 31, 1931] mem- Date Total i Total ti N on a- al State ba b n er ks Total loans and investments Number 1925—Dec. 31 28, 257 9,489 8,048 1,441 18, 768 of banks Amount Percent- (millions age dis- 1926—Dec. 31 27, 367 9,2C0 7,906 1,354 18,107 of dollars) tribution 1927—June 30 26, 765 9,099 7,790 1,309 17, 666 Dec. 31 _ 26, 416 9,034 7,759 1,275 17, 382 All banks in the United States 19, 968 50, 097 100 1928—June 30 25, 941 8,929 7,685 1,244 17, 012 Dec. 31 25, 576 8,837 7,629 1,208 16, 739 Member banks—total 7,246 30, 575 61 1929—June 29 25,110 8,707 7,530 1,177 16, 403 Reserve city banks (62 cities). 403 19, 576 39 Dec. 29 24, 630 8,522 7,403 1,119 16,108 Ce N n e t w ra l Y re o s r e k r v C e i t c y ity banks— 39 7,460 15 1930—June 30 23, 852 8,315 7,247 1,068 15, 537 Chicago 12 1,517 3 Dec. 31 22, 769 8,052 7,033 1, 019 14, 717 Other reserve city banks— New York City 9 1931—June 30,. 21, 903 7,782 6,800 982 14,121 Chicago 23 Sept. 29 21, 294 7,599 6,653 946 13, 695 Other Federal reserve bank cities Dec. 31 .- 19, 968 7,246 6,368 878 12, 722 (10 cities) 97 5,200 10 Federal reserve branch cities (25 cities) 133 4,099 i All banks in the United States; includes national banks, State com- Other reserve cities (25 cities) 90 1,200 2 mercial banks and trust companies, mutual and stock savings banks, and "Country" banks i__ 6,843 10, 999 22 all private banks under State supervision. Nonmember banks 12, 722 19, 522 39 1 Includes certain outlying banks in reserve cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 427 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 New York City cities Loans and investments Loans and investments Month or date Total L on o a s n e s - o A th l e l r Investments F r B i . o n a o w g t R r s - - . Total L on o a s n e s - o A th l e l r Investments F r B i . o n a o w g t R r s - - . a m T l n v o d o e e a s n t n a i t t n - s l s - F r B i o . n a o w g t R r s - - . curities loans U.S. se- banks curities loans U.S. se- banks banks Total curities Total curities 1931—February.. 22,659 7,315 8,242 7,102 3,385 57 7,965 3,079 2,410 2,476 ,353 14, 694 55 March 22, 839 7,302 8,150 7,387 3,638 35 7, 975 3,176 2,295 2,504 ,391 14,864 35 April 22,942 7,157 8,040 7,745 3,913 26 7,889 3,080 2,242 2,567 ,414 15, 053 26 May__ 22, 713 6.998 7,893 7,822 3,957 28 7,875 3,039 2,194 2,642 ,460 14, 838 28 June 22,439 6,770 7,853 7,816 4,048 56 7,694 2,846 2,204 2,644 ,523 14, 745 56 July 22, 393 6,631 7,964 7,798 4,121 44 7,780 2,764 2,365 2,651 ,608 14,613 44 August 22, 093 6,480 7,900 7,713 4,074 75 7,633 2,640 2,370 2,623 ,600 14, 460 72 September. 22, 078 6,413 7,870 7, 795 4,154 127 7,744 2,657 2,375 2,712 ,652 14, 334 124 October... 21,425 5,971 7,679 7,775 4,171 398 7,466 2,369 2,272 2,825 ,750 13,959 324 November. 21, 023 5,859 7,586 7,578 4,072 404 7,258 2,277 2,243 2,738 ., 705 13, 765 388 December. 20, 749 5,763 7,441 7,545 4,127 499 7,165 2,237 2,218 2,710 ,732 13, 584 416 1932—January... 20,178 5,644 7,331 7,203 3,943 6,921 2,209 2,220 2,492 ,631 13, 257 435 February.. 19, 775 5,497 7,214 7,064 3,856 484 6,645 2,127 2,171 2,347 ,521 13,130 461 March 19, 434 5,388 6, 987 7,059 3,866 368 6,521 2,065 2,078 2,378 ,547 12, 913 365 April 19, 096 5,150 6, 820 7,126 3, 875 277 6,492 1, 947 2,029 2,516 ,620 12, 604 277 May 19,112 4, 975 6, 727 7,410 4,121 185 6, 647 1,851 2,038 2,758 ,797 12, 465 185 June 18,877 4,811 6,609 7,457 4,200 191 6,541 1,745 1,995 2,801 1, 12, 336 191 Apr. 6 19,173 5,222 6,838 7,113 3,882 313 6,455 1, 979 2,013 2,463 1,596 12, 718 313 Apr. 13 19, 058 5,148 6,822 7.088 3,858 314 6,420 1,933 2,011 2,476 1,589 12, 638 314 Apr. 20.... 19,119 5,131 6,838 7,150 3,874 255 6,568 1,950 2,058 2,560 1,643 12, 551 255 Apr. 27.-. 19, 033 5,099 6,783 7,151 3,884 225 6, 525 1,925 2,033 2,567 1,652 12, 508 225 May 4 19, 277 5,063 6, 779 7,435 4,163 205 6,727 1,908 2,055 2,764 1,820 12, 550 205 May 11.... 19,140 4,977 6,740 7,423 4,144 175 6,673 1,845 2,045 2,783 1,826 12, 467 175 May 18.... 19, 037 4,950 6, 711 7,376 4,093 180 6,604 1,840 2,039 2,725 1,759 12, 433 180 May 25___. 18, 994 4,910 6,678 7,406 4,084 178 6,583 1,810 2,015 2,758 1,781 12,411 178 June 1 19, 016 4,907 6,724 7,385 4,032 197 6,635 1, 815 2,060 2,760 .,777 12, 381 197 June 8 18, 712 4,798 6,599 7,315 4,077 207 6,430 1,737 1,966 2,727 .,789 12, 282 207 June 15 19, 087 4,828 6,687 7,572 4,338 198 6,645 1,759 2,065 2,821 ,878 12/442 198 June 22 18,819 4,778 6,519 7,522 4,298 189 6,462 1,720 1, 925 2,817 ,881 12, 357 189 June 29 18, 754 4, 745 6,518 7,491 4,254 167 6,534 1,696 1,957 2,881 ,921 12, 220 167 BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [Net borrowings on demand and on time. In millions of dollars] [In millions of dollars. Monthly data are averages of weekly figures] From New From private For ac- Total an Y d o t r r k u s b t a c n o k m s - f b o a re n i k gn s, b b a ro n k k e in rs g , Month or date Total ow F n o r ac- c o o u u t n -o t f o - f c F o o u r n a t c o - f End of month panies agencies, etc. count town others banks1 1931 1932 1931 1932 1931 1932 1931—June 1,464 1,110 181 173 July 1,434 1,062 204 168 J F a e n b u ru a a ry ry .. . . . 1 1 , , 7 8 2 4 0 0 5 52 1 5 2 1 1 , , 5 6 5 4 7 6 3 3 7 8 4 5 1 19 6 4 3 1 14 3 0 8 A Se u p g t u e s m t ber. 1 1 , , 3 2 4 6 2 8 9 94 5 3 1 2 1 2 7 6 4 1 15 6 1 5 March 1,909 533 1,692 391 217 142 October. _. 921 674 90 157 November. 802 588 124 90 April 1,651 379 1,466 300 185 79 December. 655 554 88 13 J M un ay e 1 1 , , 4 3 3 9 5 1 2 3 4 0 4 0 1 1 , , 2 2 9 2 3 1 2 1 4 9 3 4 1 1 7 4 0 1 4 5 9 7 1932— F M J e a a b r n r c u u h a a r r y y . . . . . 4 5 5 9 4 3 5 4 1 4 4 43 1 7 2 7 3 9 6 7 4 5 2 5 6 6 July 1,344 1,171 173 April 500 423 70 7 August 1,354 1,160 194 May 436 385 44 7 September. 1,044 932 112 June 377 342 29 6 October... 796 108 June 1 409 369 34 November. 730 582 148 June 8 373 335 31 December. 587 455 132 J J u u n n e e 2 1 2 5 4 35 0 9 2 3 32 6 4 4 3 2 1 8 June 29 342 316 21 Back figures.—See Annual Report for 1930 (Table 57). 1 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

428 FEDERAL RESERVE BULLETIN JULY, 1932 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR AC- CLASSES OF BANKERS' ACCEPTANCES (DOLLAR CEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] H e e ra ld l r b e y s e F rv e e d- Hel c d e p b t y i n g g r o b u a p n k o s f ac- o B n a g s o e o d ds Ba o s n ed banks stored in goods Based United stored Based States in Total For Held on ex- (ware- Dollar foreign End of month out- ac- by End of month Total ports house ex- counstand- For count others from credits) change tries or ing o a w c- n o e f i g fo n r- Total O bi w ll n s bo B u il g ls ht U S U.S. ship or ped shi b p e p - ed count corre- between tween spond- domes- foreign ents tic points points 1930—February... 1,624 269 503 183 71 112 669 OUTSTANDING J J A A S M N D M O u u e p u c o e a n l a p t y r g c v y r e o i t c e u l e e b h m s m m e t r b b b e e e r r r . . . . . . 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 3 3 5 4 5 3 5 3 5 3 6 1 5 5 0 8 3 0 7 9 7 4 6 0 8 2 9 5 1 3 2 2 2 1 1 1 1 1 1 2 0 7 8 2 6 0 4 2 4 8 8 7 4 9 7 9 3 7 1 4 4 4 4 4 4 4 4 4 4 7 3 7 3 6 2 3 7 8 6 9 3 1 2 3 9 9 0 2 5 3 3 4 2 3 2 2 1 1 1 8 1 9 7 7 6 0 6 6 5 4 7 3 9 1 7 5 6 7 8 1 1 1 3 7 6 9 5 6 6 9 8 7 1 2 4 5 5 3 3 0 0 2 2 2 3 2 1 1 1 1 1 1 1 1 8 8 7 4 0 0 9 6 2 3 2 6 2 1 3 3 5 4 4 4 4 5 5 5 6 5 5 1 3 6 1 5 8 7 0 1 0 7 4 3 1 0 2 0 3 3 7 1931— J J A N M S D O A u u e u o e c p n l a p c y g v t r y e t o e i u e e l m b m s m t e b b b r e . . e e r - r r . _ 1 1 1 1 1 1 1 , , , , , , , 0 0 4 2 4 3 0 9 9 9 4 2 2 1 6 0 9 7 0 0 2 8 3 8 2 6 4 2 2 2 1 1 1 1 1 1 0 0 1 7 8 7 7 5 5 7 2 1 8 6 4 3 8 9 3 3 3 3 2 2 2 2 2 7 4 5 6 3 5 6 2 6 6 9 7 0 0 4 1 2 1 2 2 2 2 2 2 2 2 1 6 5 3 0 3 7 6 5 9 4 4 8 2 8 1 7 8 0 4 7 7 6 5 3 3 3 3 3 3 5 9 2 8 7 4 1 5 4 4 2 5 3 3 3 2 9 0 9 2 9 9 3 0 3 5 4 6 3 8 1 8 7 a - r 1931— A F M M J e p a a a b n r r y i u r c l u . a h . r a . y ry. __ 1 1 1 1 1 , , , , , 4 4 5 4 5 2 6 2 1 2 2 7 0 3 0 1 1 1 8 2 8 2 6 5 3 9 4 2 4 4 4 4 3 5 4 0 3 8 6 7 9 1 0 4 4 4 5 5 1 7 6 5 7 0 2 4 0 1 1 1 1 1 1 3 5 3 7 2 4 1 1 1 5 4 3 3 2 2 9 3 9 4 8 3 7 8 1 5 4 4 4 4 4 4 2 4 4 1 4 9 0 1 2 1932— A M M F -J e p a a a b r n r y i r c u l . u h a a ry r _ y - . 9 9 8 7 9 7 8 1 1 6 9 7 9 1 1 1 1 1 1 1 0 1 2 5 4 3 8 9 0 2 2 2 1 1 1 0 0 8 9 9 7 5 4 9 5 2 2 2 2 2 1 6 5 7 7 7 7 1 1 2 2 2 3 1 1 6 3 4 5 7 2 2 2 2 2 8 8 9 6 9 4 7 4 9 8 - June 1,368 95 341 554 196 357 379 July 1,228 39 243 668 232 436 278 HELD BY F. R. BANKS August 1,090 70 228 606 168 438 186 (OWN ACCOUNT)! S N D O e c o e p t c v o t e e e b m m m er b b b e e e r r r . . . - . . 1 1 , , 0 0 9 9 4 0 9 7 0 2 6 4 4 6 4 3 2 4 1 0 0 7 8 5 1 2 1 0 9 2 5 0 9 6 1 4 2 2 2 1 3 9 6 0 0 6 2 1 1 1 1 6 1 2 3 2 2 5 1 2 1 1 1 4 1 7 3 8 8 1 1 1 1 6 6 5 6 7 3 6 1 1931— J J M A u u p n l a y r e y il .. 1 1 9 6 2 3 5 2 4 9 2 2 1 4 0 5 7 2 1 1 5 6 8 6 3 1 1 7 8 9 7 8 6 5 2 6 5 3 16 0 9 9 - 1932— F M J e a a b n r u r c u a h r a y ry. __ 9 9 9 1 6 1 9 1 1 1 3 1 7 6 9 6 3 3 3 3 1 1 5 2 4 3 3 3 4 7 3 3 7 2 1 1 1 7 5 5 5 9 5 2 1 1 2 6 7 2 8 4 1 1 1 8 9 6 9 5 3 A N S O e u o c p t g v o t u e e b m s m e t r b b e e r r 4 6 4 2 4 1 7 0 7 8 0 1 6 1 6 0 8 0 1 5 9 5 6 3 9 5 6 1 8 9 2 8 9 8 9 2 1 1 4 3 7 6 2 1 1 3 8 8 7 8 5 5 0 M Ap a r y il . . 8 7 7 8 9 7 1 4 6 2 1 9 8 2 3 4 5 5 1 5 0 1 2 8 2 8 5 2 2 6 8 8 6 1 9 1 0 5 December 305 43 55 84 14 104 June *36 98 1932—January 119 16 19 32 2 47 February 76 9 12 27 1 25 March 36 4 6 12 1 13- T Preliminary. April 16 2 2 6 1 5 Figures for acceptances outstanding (and held by accepting banks) May . 5 3 1 from American Acceptance Council. Back figures—See Annual Reports for 1929 (Table 58) and 1928 (Table 1 Total holdings of Federal reserve banks include a small amount of 61). unclassified acceptances. 2 Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS Back figures.—See Annual Report for 1930 (Tables 61 and 14). COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1929 1930 1931 1932 End of month 1929 1930 1931 1932 January.. _ 1, 019 , 035 36,119 33, 444 February. 1,029 ,038 23, 958 33, 478 January... 407 404 327 108- March 1,036 ,040 1,063 30, 778 February- 411 457 315 103 April _ 1,036 ,054 1,074 30, 736 March 387 529 311 106 May 1,040 ,058 1,073 30, 837 April 351 553 307 108- June 1,043 ,064 10, 551 30, 762 May 304 541 305 Ill July 2, 061 ,065 34, 371 June 274 527 292 August 12, 346 ,071 145, 215 July 265 528 289 September 16, 955 , 075 48, 804 August 267 526 271 October.._ 17, 064 21, 583 33, 501 September. 265 513 248 November 1,027 31, 587 33, 386 October 285 485 210 December. 1,030 35, 983 33,429 November. 316 448 174 December.. 334 358 118 Back figures.—See Annual Report for 1928 (Table 12), 1927 (Table 12), 1926 (Table 24), etc. Back figures.—See Annual Report for 1930 (Table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

429 JULY, 1932 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits d ( o in ll a th rs o ) usands of 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 b e er m s - m N b e e o m r n s - - ba A n l k l s M b e e m rs - m N b e e o r m 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 53 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 58, 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—October.... 72 10 62 24, 599 3,336 21, 263 11 10 12, 323 351 11, 972 November- 254 26 221 186, 306 62, 373 35, 742 88,191 23 22 6,978 208 6,770 December.. 344 49 288 367,119 44, 884 163, 993 158, 242 43 43 16, 340 16, 340 1931—January 202 20 176 76,553 14, 569 7,615 54, 369 58 55 19, 322 1, 856 17, 466 February. __ 77 15 57 34, 616 5,822 7,901 20, 893 49 43 17,157 3,333 13, 824 March 86 18 67 34, 320 10, 899 108 23, 313 31 29 11, 788 3,381 8,407 April _ 64 17 44 41, 683 19, 498 2,264 19, 921 24 23, 613 15, 893 7,720 May 91 24 65 43, 210 12, 320 5,055 25, 835 7 3,890 401 3, 489 June 167 26 131 190, 480 31, 368 39, 434 119, 678 3 24, 522 23,816 706 July... 93 16 75 40, 745 7,045 1,805 31, 895 9 9 2,525 2,525 August 158 29 117 180, 028 31, 629 52, 660 95, 739 4 4 14, 396 14, 398 September.. 305 46 243 233, 505 79, 446 30, 272 123, 787 6 6 4,258 4,258 October 522 100 397 471, 380 111,088 117, 259 243, 033 22 20 5,096 991 4,105 November.. 175 35 132 67, 989 28, 039 4,216 35, 684 21 17 13, 041 3,684 9,357 December.. 358 63 277 277, 051 87, 448 25, 768 •163,835 31 28 18,579 589 17, 990 1932—January.. 342 74 255 219, 071 63,686 10, 873 144,512 19 16 10, 952 3,293 7,659 February.. 124 26 92 65,479 22, 628 8,660 34,191 46 40 19, 601 4,944 14,657 March '47 7 M0 ' 15, 289 4,484 ' 10,805 38 28 19, 590 9,714 9,876 April 71 6 60 '31,131 2, 634 ' 12, 086 ' 16, 431 22 19 11,041 1,793 9,248 May '80 14 '60 ' 33, 805 ' 6, 258 ' 1, 249 ' 26, 298 '22 '18 ' 32, 332 • 4, 219' 28,113 June v 144 ' 159, 579p 42, 426 v 11,634 P105, 519 v 15 v 12 v 9, 004 ' 2, 891 P 6,113 v Preliminary. ' Revised. Banks suspended and banks reopened.—The statistics <#f bank suspensions relate to banks closed to the public, on account of financial difficulties, by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed; such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier. Deposes—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 1 and eligible paper (including paper under rediscount) Member By reserve citybanks 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 Govern- Eligible Total Govern- Eligible Total Govern- Eligible Total reserve ment se- paper ment se- paper ment se- paper banks curities curities curities 1928—Dec. 31. 2,730 2,349 5,079 932 1,811 2,744 3,662 4,160 7,822 1,041 1929—Mar. 27. 2, 832 2,582 5,414 974 1, 761 2,735 3,807 4,343 8,150 981 June 29. 2,577 2,688 5,265 929 1,773 2,702 3, 506 4,461 7, 968 1, 029 Oct.4__ 2,469 2,865 5, 334 912 1,733 2,645 3,381 4,598 7,979 Dec. 31. 2, 403 2,713 5,116 814 1,684 2,498 3,217 4,397 7, 614 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 3,905 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 5,211 989 1, 068 2,056 4, 694 2,573 7,267 623 1 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures.—SQQ BULLETIN for March, p. 156. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN JULY, 1932 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prevailing rate on- Average rate Average yield Federal reserve bank e R f J f a u e t c l e y t i o 1 n n Da li t s e h e e s d tab- Pre ra v t i e ous Prime Prime Call loans i T U re .S a . s- N Bo ew sto Y n ork J O u c n t e . 2 1 4 7 . . 1 1 9 9 3 3 2 1 Month or week m m p 4 c o a e o p n r t m c o e t i h r a - 6 , s l a a b c n e a c 9 c r n e s 0 e k p ' s t - , - d l T o a i a 9 y m n 0 s s e 2 , New ne R w e- al c c n e a u a o r n t r t t e i y e d f s s i , - b T o u re n r a y d s s - ' Philadelphia.. Oct. 22,1931 days 3 to 6 months Cleveland Oct. 24.1931 Richmond Jan. 25.1932 1931 Atlanta _ Nov.14.1931 March.. __ 2 -2 1.56 1.55 U.38 Chicago June 25.1932 April IX 1.57 1.52 1.49 3.38 St. Louis Oct. 22,1931 May 2 ~2\ -lVs 1.45 1.45 .88 3.31 Minneapolis.. Sept.12.1930 June 2 1.50 1.50 4.55 3.30 Kansas City.. Oct. 23.1931 July 2 1X-IX 1.50 1.50 .41 3.32 Dallas Jan. 28.1932 August 2 1.50 1.50 .42 3.34 San Francisco Oct. 21,1931 September 2 1.50 1.50 4.45 3.42 October 2^-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 3 -4 2.73 2.70 <2.41 3.92 BUYING RATES ON ACCEPTANCES 1932 January 2^-3 2.61 2.65 2.48 4.27 [Buying rates at the Federal Reserve Bank of New York] February _ 3^-4 2.50 2.50 2.42 4.11 March 2.50 2.50 4 2.25 3.92 Maturity e R f J f a u e t c l e y t i 1 o n n Da l t i e s h e e s d tab- Pre ra v t i e ous J A M u p a n r y e i l _. 2 -3 2 2 2 . . . 5 5 5 0 0 0 2 2 2 . . . 5 5 5 0 0 0 1 4 . . . 3 1 3 1 4 1 3 3 3 . . . 7 7 7 8 7 4 Week ending— 1-15 days 1 June 24, 1932 June 4 2^-3 2.50 2.50 .12 3.88 16-30 days.. 1 do June 11 2.50 2.50 .20 3.85 31-45 daj^s.. 1 .....do June 18 VA2.50 2.50 4.40 3.75 46-60 days.. 1 do June 25 2.50 2.50 .53 3.72 61-90 days.. 1 do 91-120 days. 1H .....do 1 Stock exchange call loans; new and renewal rates. 121-180 days ..-.do 2 Stock exchange 90-day time loans. 3 3 issues—3%, 3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954. NOTE.—Rates on prime bankers' acceptances. Higher rates may be 4 Change of issues on which yield is computed. charged for other classes of bills. Back figures—See Annual Report for 1930 (Tables 36 and 37). RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8otller northern and eastern cities 27 southern and western cities Month 1928 1929 1930 1931 1932 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 5.40 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 5.86 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 _. 5.09 5.93 4.59 4.13 4.61 5.36 6.02 5.06 4.49 5.13 5.67 6.16 5.69 5.34 5.62 July . 5.38 5.88 4 48 4 05 5 57 6 08 4.81 4.48 5.77 6.17 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 5.55 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 the importance of that city in the group, as measured by the loans of all banks in the city. Back figures.—See Annual Report for 1930 (Table 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 431 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Pre- Selected groups of industrial issues Month or date Bonds1ferred stocks2 Total In tr d i u al s- R ro a a i d l- u P t u il b i 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 t m E r q i l e u c e n i c a p t - l - c M e h r i a y n - - Oil Steel T ti e l x e - Number of issues 20 421 351 33 37 13 12 16 10 15 10 28 1931—April 125. 3 109 100 170 117 148 172 109 116 52 May 99.7 122.6 98 89 156 110 89 127 159 89 94 47 June 99.4 119.7 95 87 153 101 128 157 83 85 45 July 99.4 121.1 90 158 105 131 161 88 88 46 August.... 98.5 120.7 89 154 103 127 155 84 81 45 September. 95.6 116.1 76 132 85 110 132 72 72 40 October... 89.4 109.4 65 112 70 90 113 59 59 36 November- 89.0 108. 5 68 115 75 96 114 61 59 36 December. 81.6 99.1 54 96 65 79 94 46 41 31 1932—January... 81.0 96.5 54 94 64 80 85 48 32 31 February. _ 80.3 96.3 53 93 60 79 77 47 32 31 March 80.8 96.2 54 93 55 85 77 47 32 31 April 79.4 94.2 42 73 34 61 57 37 23 26 May 75.2 90.3 38 68 30 52 52 33 20 23 June 72.2 83.6 34 55 48 40 29 16 20 May 25.... 72.2 88.2 22 June 1 69.4 82.1 20 June 8 73.1 83.8 20 June 15 73.1 85.2 20 June 22 73.1 84.4 20 June 29 72.2 82.4 20 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 2 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 fund- of month (—) during month Total Domestic ing Year and month m e a ( f e i d o n g s r o d n - t - i ) c t T a o P - S n m a t i n a c u d t i - e - B a o C n n o d d r s po S r t a o t c e ks F ei o g r n - m is a ( f d s e o n o u s r d - - e ti s c Month Total B n a o o n n t d e d s s C ic b a e a n i r l d t t l e i s 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 t d l e i s f s pal notes eign) 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 2 2 2 2 3 2 2 2 3 9 4 7 8 0 3 5 6 1 10 3 8 6 4 5 6 6 7 , , , , , , , , , 3 2 0 0 9 4 5 5 1 0 0 9 4 0 3 5 5 4 1 9 9 0 9 7 6 7 1 4 6 6 9 6 2 4 5 5 , , , , , , , , , 4 2 8 1 0 5 7 1 0 2 8 1 6 2 0 8 1 8 0 9 9 0 5 8 6 4 9 1 1 1 1 1 1 1 1 1 , , , , , , , , , 3 2 4 3 3 3 4 4 0 8 3 3 4 7 5 7 1 4 0 4 5 4 9 2 5 8 3 3 2 2 2 2 2 2 1 1 , , , , , , , , , 2 9 9 1 2 4 6 0 3 4 7 8 0 6 5 8 7 8 0 6 0 0 7 2 3 8 5 5 2 1 1 1 1 , , , , , , 5 4 0 9 1 9 3 8 6 7 8 0 5 2 6 2 1 5 4 7 3 3 4 1 9 1 9 1 1 1 1 , , , , 0 3 1 2 4 9 6 9 2 7 3 2 5 6 2 7 0 2 6 7 5 1 9 9 1 5 1 2 1 1 1 , , , , 0 4 8 2 6 9 7 9 7 4 2 5 2 4 1 2 8 5 6 2 8 0 9 1 5 2 9 J J J S M A M A F u u a e e u p n l n a a p b y g r y r u e t i r c u e l a u h m s r a t y r b y er 1931 1 1 1 1 1 1 1 1 1 7 6 6 6 6 5 5 6 6 , , , , , , , , , 5 9 9 2 3 0 5 5 2 8 1 7 4 6 4 2 2 8 5 3 9 5 8 8 2 0 0 1 1 1 1 1 1 1 1 4 3 4 4 4 4 4 3 , , , . , , . , 5 1 5 3 1 1 9 5 7 7 9 2 7 5 8 6 3 9 4 3 8 2 0 7 2 2 2 2 2 2 2 1 1 , , , , , , , , , 8 4 3 3 4 9 3 0 4 0 0 1 4 0 4 2 6 6 1 6 4 9 2 2 6 8 8 -1 3 2 4 1 2 6 6 7 0 8 6 3 3 2 6 3 5 1 8 3 9 - - - - 2 7 2 8 8 1 2 7 3 4 2 0 2 4 1 1 5 4 1 6 1 9 0 1 - - , - 3 5 0 3 1 - 3 2 5 3 5 2 8 6 1 8 4 4 6 9 1 7 2 1931— J J M u u l n a y e y 3 2 2 6 4 2 0 9 5 3 2 2 3 2 2 4 3 5 1 1 9 1 7 3 9 3 1 1 1 3 1 0 2 3 0 2 2 6 9 3 1 5 2 5 1 1 4 4 2 5 4 4 N D O e o c c t v o e e b m m e b r b e e r r 1 1 1 7 7 7 , , , 0 5 0 2 2 4 8 8 0 1 1 15 4 4 , , , 9 0 9 8 5 9 1 5 2 2 2 2 , , , 4 0 0 3 8 4 6 5 7 -2 1 0 2 - 1 2 3 6 1 7 - 3 2 5 3 1 1 8 S A e u p g t u e s m t ber.. 2 1 4 2 5 0 2 1 2 2 1 0 1 7 1 4 4 3 9 4 4 1 1 2 2 2 0 4 4 7 3 Total (12 months). 1,754 1,116 N D O o e ct c v o e e b m m er b b e e r r . .. . 1 1 1 2 4 2 3 5 1 1 4 2 1 5 3 0 4 5 1 4 4 6 2 2 1 6 8 4 2 3 4 4 9 2 0 0 2 2 1 1 1 J F a e n b u r a u r a y r . y . . 1932 1 1 7 7 , , 5 8 1 2 5 0 1 1 5 5 , , 1 1 0 0 2 2 2 2, , 7 4 1 1 8 3 - 3 1 0 3 5 10 - 3 2 0 3 5 1932— A M F J e p a a b n r r i u r c l u a h r a . y ry... 1 1 6 8 7 7 2 4 1 3 1 1 7 8 7 6 1 4 3 2 1 1 3 3 3 0 5 0 8 9 4 3 4 1 2 5 7 5 4 4 0 1 0 0 0 0 2 1 2 7 1 4 9 2 J M A M u p n a a r r y e i c l h . 1 1 1 1 8 8 9 8 , , , , 1 1 7 2 9 6 2 8 0 1 9 7 1 1 1 1 5 5 5 5 , , . . 7 1 3 1 1 0 1 0 5 3 8 2 3 3 3 3 , , , , 1 4 0 4 8 1 8 4 4 1 8 6 3 4 4 4 7 9 3 2 0 7 2 3 2 9 1 1 7 5 3 22 7 9 3 7 0 6 5 May 91 91 84 7 0 0 32 NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $326,000,000 at the end of June, 1932. ba i n I k n s c , l n ud o e t s s h is o s w ue n s s o e f p F a e r d at e e r l a y l . land banks and Federal intermediate credit Figures include obligations held in Government trust funds amounting to $309,000,000 at the end of June, 1932. Sources.—For domestic issues: Commercial and Financial Chronicle; Bonds and notes are long-term—i. e., 1 year or more (figuring from for foreign issues (issues publicly offered) annual totals are as finally date of issue); certificates and bills, shorter term. reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN JULY, 1932 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * Building ( c v o a n l t u r e ac ) t s 2 awarded Factory em- F to a r c y - Freight-car V. ployment3 pay loadings « * Ye m a o r n t a h nd Total i Manufactures1 Mineralsl Totel Residential All other rolls 3 ity prices8 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justedjusted 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 1Q26 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 1Q29 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 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 11 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 93 1930 January.. 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February. -109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June -. . 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August... 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October _ 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 77 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January.. 82 83 81 '83 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 '91 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 '87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 '83 82 85 86 74 63 41 37 101 84 75 76 68 77 77 72 July 80 82 79 82 85 86 68 61 36 35 94 82 74 75 64 78 76 72 August... 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 82 77 59 59 32 32 81 80 75 73 62 78 69 71 October__ 75 73 72 71 92 84 52 55 29 30 71 76 71 70 59 78 69 70 November 73 73 71 71 84 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 73 80 85 30 38 20 23 39 50 68 69 56 61 69 69 1932 January. _ 71 72 70 71 74 77 25 31 16 19 33 41 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 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 66 May *61 »61 *59 65 67 31 26 14 12 45 37 61 62 46 53 54 64 Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see p. 468; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. 2 3-month moving average, centered at second month; for description and back figures see BULLETIN for July, 1931, p. 358. 3 For indexes of groups and separate industries see p. 469; for description and back figures see BULLETIN for November, 1929, and November, 1930. * For indexes of groups see p. 433; for back figures see BULLETIN for February, 1931, p. 108. 5 Revised index of Bureau of Labor Statistics (784 price series) ,'1926=100. Index numbers for groups of commodities are given on p. 470. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

433 JULY, 1932 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Month 1928 1929 1930 1931 1932 1928 January 411 488 411 250 150 338 February ._ 371 442 349 224 154 351 March 421 490 370 236 155 380 April 364 425 332 215 135 345 May. _- . . 423 385 320 204 P132 354 Tune 389 393 295 187 317 July 379 403 267 181 318 August . _ 379 381 298 165 September 422 437 312 180 October _ 550 529 327 205 November 545 442 289 194 December 475 427 275 184 Year 5,128 5,241 3, 843 2, 424 CO CO CO CO CO Excess of exports 1929 1930 1931 1932 1928 1929 1930 1931 1932 369 311 183 136 73 119 100 66 14 369 282 175 131 20 72 67 49 23 384 300 210 131 40 106 69 26 24 411 308 186 127 19 15 24 29 9 400 285 180 v 112 69 -15 35 24 p 20 353 250 173 71 40 44 14 353 221 174 61 50 46 6 369 218 167 32 11 79 -2 351 226 170 102 86 86 10 391 247 169 195 137 80 36 338 204 149 218 104 85 44 310 209 154 136 117 66 30 4,091 4,399 3, 061 2,091 1.037 842 782 334 •p Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average=100] Index of stocks (end of 1932 Index of sales i month) Janu- February ary March April May Month fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d-fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- Adjusted for seasonal variation variation justment variation justment Total 64 62 61 59 54 Coal 58 61 71 62 1931 1932 1931 1932 1931 1932 1931 1932 Coke 43 45 48 32 Grain and grain products 69 78 72 86 January 97 78 79 64 88 75 78 67 Livestock 62 60 56 61 54 February _- __ ___ 98 78 80 64 86 73 81 69 Forest products 28 27 27 26 24 March 97 72 92 70 84 70 87 72 Ore 31 29 28 18 4 April __- 106 80 101 76 83 70 87 72 Miscellaneous 67 62 57 56 54 May 97 73 97 73 83 68 85 70 Merchandise 1 81 78 75 73 71 June 95 90 82 80 J A u u ly gust 9 8 1 8 6 6 5 7 8 7 1 9 7 7 5 6 Without seasonal adjustment September 84 87 81 84 N D O o e c c v to e e b m m e b r b e e r r 8 8 8 3 1 6 1 9 9 4 5 2 3 8 7 7 8 9 0 8 8 7 9 3 8 Tota C C l o o a k l e -.- 6 4 5 6 7 8 5 6 5 9 6 2 4 6 5 8 7 8 5 5 3 7 2 1 4 5 2 2 3 6 Grain and grain prod- Year 91 82 ucts 66 74 62 66 62 Livestock 65 57 49 56 51 Forest products 25 27 27 27 26 Ore 7 7 7 9 7 Miscellaneous 54 53 54 57 56 Merchandise i 75 75 75 75 74 -Labor Day, Thanksgiving -Day, and cnnstmas. Adjustment lor s sonal variation makes allowance in March and April for the effe upon sales of changes in the date of Easter. 1 In less-than-carload lots. Back figures.—See BULLETIN for November, 1930. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN JULY, 1932 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF CZECHOSLOVAKIA The annual report of the National Bank of foreign exchange transactions, which, owing to Czechoslovakia for 1931 was presented to the the deterioration of conditions in the neighborgeneral meeting of shareholders on February ing countries, had gradually to be made more 29, 1932. Sections of the report are given here- severe. Otherwise, there was no need for exwith:1 ceptional measures such as were put into effect The crisis in- Czechoslovakia.—The world- in several other countries. It was not, for wide economic crisis was felt in Czechoslovakia example, necessary to close the stock exchange somewhat later than in neighboring countries, or declare a moratorium. and the economic structure showed consider- Exchange restrictions.—The foreign-exchange able powers of resistance. Not until the last restrictions provided that all exchange dealings quarter of 1930 was there any marked falling should be concentrated in the national bank. off in business, which was followed in the spring While these measures are designed primarily to of 1931 by favorable developments in the check speculation, they do not prohibit the money market, some stabilization of the eco- payment of ordinary current obligations to fornomic position, and more than seasonal improve- eign countries. No limitation was placed on ment in certain lines. This improvement was imports nor was there any rationing of the checked, however, by the international credit currency needed to pay for them until in the crisis after the suspension of the gold standard closing weeks of the year conditions arose which in England. Nevertheless, the economic, mon- curtailed Czechoslovak exports. On January etary, and financial position of Czechoslovakia 18, 1932, a special commission was appointed suffered less than that of its neighbors largely in the Ministry of Finance which should deteras a result of its former monetary and financial mine the classes of imports for which the policy. Czechoslovakia, even during the rapid national bank might allot currency and issue expansion of the past five years, resorted in certificates, without which goods might not be only moderate amount to foreign short-term imported. credits or long-term loans, so that when the The balance of payments.—During the first liquidation of international credits began in half of 1931 the balance of payments was satis- May and June, the balances of Czechoslovak factory as in former years; the change occurred banks abroad were larger than their foreign in the month of June. A distinction must be obligations and the volume of foreign shortnoted, however, between current items in the term credits to industry was inconsiderable. balance of payments and capital movements. Czechoslovakia, therefore, had no need to take Current items showed no substantial changes emergency measures either at the time of the in comparison with preceding years, and would Austrian crisis or during the German crisis in probably have yielded a definite surplus in spite July, although short-term deposits were with- of reduction in tourist traffic, emigrants7 remitdrawn in considerable amounts over a comtances, transit traffic, and other items. The paratively short period. As, however, the movement of capital, however, developed uninternational position, especially in the neighfavorably. The withdrawal of credits had an boring countries, continued to get worse, adverse effect on the balance of payments and Czechoslovakia found its resources diminished diminished the foreign-exchange reserve of the both through the withdrawals of funds and central bank, although at the same time it imthrough inability to repatriate from Germany proved the general position by a further reduceither bankers', industrial, or individual baltion in the country's international indebtedness. ances. After September 21, owing to uncer- The money market.—At the beginning of the tainty respecting international credits, Czechoyear the money market was relatively easy, and slovakia also had to resort to defensive measefforts were made by financial institutions to ures. On September 22 the bank raised its lower the rates of interest. The City of Prague rate, and on October 2 placed restrictions on Savings Bank twice—on February 1 and on April 1—announced a reduction of one-fourth of 1 Taken with some textual revision from the official English translation published by the bank. In addition the report contains tables showing 1 per cent in interest on savings deposits, and the operations of the bank in detail, and sections dealing with the inter- the Zemska Bank decreased the interest paid on national situation, the stock market, State finances, prices, business activity, agriculture and industry, unemployment, etc. All amounts deposits of financial institutions. The repreof money given in the report in Czechoslovak korunas have been converted into dollars at par and then expressed in round figures. For sentatives of the popular financial institutions earlier reports see BULLETIN for August, ]931, 1930, 1929, July, 1928, andat their meeting on January 7 recommended June, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

435 JULY, 1932 FEDERAL RESERVE BULLETIN the adoption of district interest agreements in The power of resistance of the money and order to obtain uniform rates and the reduction apital market is evident from the review of of interest during easy monetary conditions, as the extraordinary claims which were made well as to check undue competition in attracting upon it. Approximately $59,200,000 of shortdeposits and the establishment of unnecessary term credits were withdrawn from Czechonew institutions. slovakia by foreign countries. The foreign Easy conditions continued through February balances of this country, which had become in spite of preparations for the 5 per cent invest- frozen and so could not be repatriated, are ment loan amounting to $38,480,000, which estimated at a similar amount. Moreover, for was sanctioned by Parliament on February 19. the first time in several years greater demands The tendency to lower rates continued and re- were made by the State upon the market. An sulted in an average reduction of one-half of 1 investment loan amounting to some $38,000,000 per cent in the rate on deposits. The joint was floated under the law of March 11, while stock banks meanwhile reduced the interest on new issues of Treasury notes totaled approxiloans by one-fourth of 1 per cent. In Slovakia mately $15,000,000, so that the aggregate State and Carpatho-Russia an agreement between demands were about $53,000,000. All these joint stock and cooperative institutions fixed demands—or losses from the point of view of the maximum credit rate at 5% per cent. the capital market—absorbed the greatest part Owing to the exceptionally long winter it of the new savings. happened that no increased demand was made Savings deposits.—Throughout the year savon the money market for usual seasonal require- ings deposits on the whole showed a tendency ments during the first four months of the year. to rise, although some weakness occurred to- Beginning with May, however, the demand in- ward the end of the year. In spite of the ecocreased both as a result of seasonal require- nomic crisis, the volume of voluntary and comments and of the international situation. The pulsory savings was not substantially lower in National Bank, accordingly, raised its discount 1931 than in 1930. The growth of deposits rate on August 5 from 4 to 5 per cent, and for in savings banks for 11 months amounted to the second time on September 23 from 5 to $49,000,000 compared with $27,000,000 in. 6K per cent. The other banks followed with 1930; in provincial credit institutions, $13,000,an increase in rates of 1% per cent and a read- 000 compared with $3,000,000. A slower rate justment of deposit rates—on savings accounts of increase was shown in popular loan banks to 5 per cent, on Government deposits to 5 to and district agricultural loan banks, namely, 5% per cent, on current accounts to 4% per cent,$8,652,000 in 1931 against $9,502,000 in 1930 and on time deposits to 5% per cent. and $12,136,000 in 1929; and in farmers' Pressure on the short-term money market mutual savings institutions, $915,000 in 1931 increased during the last months of the year. against $1,705,000 in 1930. Savings deposits As was the case in nearly all countries, not in joint stock banks during the first threeexcluding even France and the United States, quarters of the year declined by $15,499,000. considerable hoarding took place, which ren- The capital of the Central Social Insurance dered conditions in the money market still more Institution was increased during the year from difficult. The turn of the year was the most $85,455,000 to $103,422,000, or by $17,967,000; difficult in the history of the National Bank of the capital of the General Pension Institution Czechoslovakia. Banks, contrary to their cus- from $84,715,000 to $98,124,000, or by $13,409,tom in previous years, did not ease year-end 000. The increase in savings was of great conditions by the use of short-term foreign assistance in offsetting to some extent the credits but applied to the central bank for their decline in the country's resources resulting total requirements. from foreign withdrawals and suspensions of The capital market.—Throughout the year payment. there was a considerable demand for long-term Losses through currency depreciation.—The credits on the part of communities, especially National Bank was considerably affected by in Slovakia. Beginning with April the build- the depreciation of the English pound and to ing trades increased their demands. By au- some extent by that of the Swedish krona, tumn it became increasingly difficult to procure when these countries suspended the gold standlong-term credits both because the financial ard. The net loss on the stock of foreign curinstitutions realized the need of keeping their rencies, as shown in the profit and loss account, deposits liquid, and also because they found amounted to $2,700,000, of which $2,200,000 collections slow. was transferred to the debit of the special Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN JULY, 1932 reserve fund and the remainder of $500,000 siderations of profit and dividend should not placed to the debit of the results of this year. be the decisive factors in its policy. The There is an offsetting item of $18,000, repre- directors of the National Bank have always senting the profit on currency and coins, as been guided by this consideration in formulatwell as on the stock of silver, part of which was ing their dividend policy, and have had the repurchased by the financial administration for approval of the Treasury. Thus, in favorable minting. years, profits were allocated to the building up The National Bank of Czechoslovakia cov- of reserves, so that the bank was able to mainered some part of this loss from the profits of tain stable dividends and to write off the loss the previous year, and the greater part from its on its sterling balances. It was a great satisreserves. The bank was able to do this be- faction to the bank to be able to cover its stercause it is conducted on the principle that con- ling losses without Government assistance. BALANCE SHEET OF THE NATIONAL BANK OF CZECHOSLOVAKIA AS OF DECEMBER 31, 1931 Korunas Dollars 1 Korunas Dollars 1 Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Gold 1,649,899 48, 837 Bank notes in circulation 7, 679,170 227, 303 Silver . 6,446 191 Check accounts 360, 625 10,674 Foreign bank notes, silver and token coin 3,371 100 Current accounts 41, 255 1,221 Balances abroad and advances in foreign exchange. 893, 045 26, 434 Foreign bills 34, 700 1,027 401, 880 11, 896 Foreign checks in course of collection 100 3 Cash vouchers in circulation, taken over from the Austro-Hungarian Bank 60 2 937, 662 27, 7,55 Temporary balances abroad 33, 764 999 Czechoslovak token coin 10, 627 315 Share capital 405, 000 11, 988 Capital reserve fund 1,800 56 Local bills ._ 1,430,338 42, 338 Reserve fund according to section 135 of the Bank Other bills. 251, 702 7,450 Law . 263 Special reserve according to Art. Ill of the amend- 1, 682, 039 49, 788 ment of the Bank Law No. 102/25.. . 20, 000 592 Advances on collateral 156,681 4,638 Building fund 10,000 Securities 476, 831 14,114 Net profit: Bank premises 77, 785 2,302 Carry-over from the year 1930 182 5 Bank-note printing office premises 17, 696 524 Results of the year 1931 33, 583 991 Bank furniture and fixtures 6,412 190 Printing office furniture and fixtures 5,085 151 33, 765 999 Temporary liabilities (interest due in 1932, 106, 979 3,167 already collected in 1931) 18,637 552 State's gold fund 31, 874 943 Banking Office of the Ministry of Finance in Other liabilities 47. 583 1,408 liquidation: (a) State notes debt 3,121, 403 92, 393 (b) Assets of the Banking Office of the Ministry of Finance in liquidation, in charge of the National Bank of Czechoslovakia . 294, 214 8,709 3, 415, 617 101,102 Temporary resources: In foreign accounts. 63, 572 1,882 Interest due in 1931 to be collected in 1932 7,309 216 Other resources 185, 209 5,482 Total liabilities, exclusive of contra Total resources, exclusive of contra accounts. 8,692, 426 257, 296 accounts S, 692, 426 257, 296 Contra accounts 77, 841 2, 304 Contra accounts 77,841 2,304 Total resources 8, 770, 267 259, 600 Total liabilities 8,770,267 ; 259,600 1 Conversion at par: 1 koruna=$0.0296. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 437 LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS [Including all changes reported up to July 1, 1932] Reserve requirements Liabilities against which reserves Country must be held Gold and Qualifying provisions, etc. Gold gold exchange Per cent Per cent A A u lb s a tr n a i l a ia . _ . N N o o t t e e s s . . i 2 • 3 1 3 5 H F Fo o r r r a e e t i i i g g o n n t o e e x x b c c e h h i a a n n n c g g r e e e a m m se a a d y y t n c o o o 1 t n 8 s e i x s p c t e e o r e n d c l e y t n w t o o f o - e n t x h J c i u r h d l a y s n . g 1 e ,1 o 93 n 3 E ; n to g l 2 a l n }i d . p er R c e e s n e t r v o e n July 1, 1934; and to 25 per cent on July 1, 1935. Austria.. Notes plus other demand liabilities, 2 3 24 Reserve ratio to be increased to 28 per cent on Jan. 1, 1933; and to minus amount represented by 33^ per cent on Jan. 1, 1938. Federal loan debt. Belgian Congo.. Notes 20 40 Belgium Notes and other demand liabilities.. 30 40 Bolivia Notes and deposits.. 13 50 Silver in reserve may not exceed one-fifth. Foreign exchange may consist only of deposits payable in gold on demand or on 3 days' notice in New York or London. Bulgaria.. Notes and other demand liabilities- Foreign exchange net. Government consent necessary for suspension of reserve requirement. Chile Notes and deposits 3 35 Foreign exchange net; may consist only of demand deposits payable in New York or London. Reserve ratio of 35 per cent effective until Sept. 25,1933. Former ratio 50 per cent. Colombia.. Notes. 3 40 Foreign exchange may consist only of demand deposits. During present emergency reserve against notes may fall to 30 per cent without enforcement of penalties provided by law. An additional reserve equivalent to 25 per cent of deposits must be held in form of legal currency including gold, silver, and other types of money (silver not to exceed one-half). Czechoslovakia- Notes and other demand liabilities 8 15 3 30 Foreign exchange not limited to gold-standard currencies. Reserve ratio of gold to be increased to 17^ per cent, and of gold and foreign exchange to 35 per cent, on Dec. 31, 1935. Danzig Notes and demand liabilities 3 40 Denmark Notes *30 »33H Fr a o n m d f O o c re t. i g 1 n 4 , e 1 x 9 c 3 h 1 a , n t g o e J i u s l r y e q 31 u , i r 1 e 9 d 3 ; 2 f , o o r n m ly e r 3 ly 3 ^ 5 0 p e p r e r c e c n e t n t r . e se F rv o e re o ig f n g o e l x d change may consist only of the bank's noninterest-bearing demand balances with Bank of Norway and Swedish Riksbank, less indebtedness of these two banks, and noninterest-bearing demand balance on giro account with German Reichsbank. Government consent necessary for suspension of reserve requirement. Ecuador.. Deposits. 25 Notes 35 Note issue limited to 45,000,000 sucres. Egypt.... Notes 50 The original requirement was a gold reserve ratio of 50 per cent, but on Oct. 30, 1916, the bank was authorized to substitute British Treasury bills for gold. England.. Notes in excess of fiduciary issue of 100 On Aug. 1, 1931, increase of fiduciary issue to £275,000,000 was author- £260,000,000. ' ized by British Treasury for limited period. Period subsequently extended to Sept. 30, 1932. Authorization can not be extended beyond Aug. 31, 1933, unless Parliament otherwise determines. Estonia.. Notes and other demand liabilities.. 3 40 Foreign exchange net. Government consent necessary for suspension of reserve requirement. Finland. Notes and other demand liabilities 100 Foreign exchange may consist only of undisputed balances with in excess of 1,200,000,000 markka. foreign correspondents valued at current gold quotations converted into Finnish marks at gold parity. France Notes and other demand liabilities.. 35 Germany Notes 3 30 3 40 Fo b r e e i v g a n l u e e x d c h a a t n c g u e r r n e o n t t g li o m ld it e ed x ch to a n g g o e l d ra -s te ta a n n d d a r m d a c t u u r r r e e n w c i i t e h s i ; n b 1 u 4 t d m ay u s s . t Guatemala.. Notes, less due from banks 12 140 Silver in reserve may not exceed one-thirtieth of total reserve require- Deposits due in 30 days or less 1 25 ment. Special deposits 30 1100 Hungary. Notes plus other demand liabilities, 123 24 Reserve ratio to be increased to 28 per cent on June 24, 1934; and to minus amount represented by 33K Per cent on June 24, 1939. State debt. Italy__ Notes and other demand liabilities.. 3 40 Japan. Notes in excess of fiduciary issue of 1100 Silver in reserve may not exceed one-fourth. Fiduciary issue may be 1,000,000,000 yen. increased, subject to tax, by authorization of Minister of Finance. Java Notes and other demand liabilities... 140 Latvia Notes. 2 50 Additional requirements for notes in excess of 100,000,000 lats. Lithuania Notes •~~~33M Madagascar.. Notes. Morocco Notes. Netherlands.. Notes and other demand liabilities... 140 Norway Notes in excess of fiduciary issue of 100 Fiduciary issue may be increased, subject to tax, by authority of 250,000,000 kroner. King and Storting. Peru- Notes.. 50 Silver in reserve against deposits may not exceed one-fifth. Foreign Deposits 150 exchange may consist only of sight deposits payable in gold in New York or London; or, up to one-half the reserve, of acceptances payable in gold-standard currencies. Poland. Notes and other demand liabilities... 1340 Foreign exchange net. Silver in reserve may not exceed one-twentieth of gold held. For footnotes see end of table* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN JULY, 1932 LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Reserve requirements Liabilities against which reserves Country must be held Gold and Qualifying provisions, etc. Gold gold exchange Per cent Per cent Portugal Notes up to 2,200,000,000 escudos 30 Foreign exchange net; not limited to gold-standard currencies. Until plus deposits and other demand July 1, 1941, Portuguese external gold bonds may be included to liabilities. the extent of 22 per cent of the total reserve. Notes in excess of 2,200,000,000 100 escudos. Rumania Notes and other demand liabilities. _. 25 35 South Africa. Notes, deposits, and bills payable... 1340 Silver in reserve may not exceed 8 per cent of deposits and bills payable. Government consent necessary for suspension of reserve requirement. Spain Notes up to and including 4,000,000, 38.8 145 Silver in reserve may not exceed 5 per cent of notes up to and includ- 000 pesetas. ing 4,000,000,000 pesetas and 10 per cent of notes in excess. Note Notes above 4,000,000,000 pesetas 48.5 160 circulation limited to 6,000,000,000 pesetas and may exceed 5,000,000,000 only with consent of the Government. Consent of Government required for any reduction of gold holdings and can not be given unless these holdings are in excess of requirement necessary for a circulation of 6,000,000,000 pesetas. Sweden.. Notes in excess of fiduciary issue of 50 Gold reserve may not fall below 150,000,000 kronor. Government 250,000,000 kronor. may, if urgently necessary, extend fiduciary issue by 350,000,000 kronor. Switzerland.. Notes 40 Uruguay Notes in denominations of 10 pesos 40 Obligations of the Uruguayan Government payable abroad may be or more, and demand deposits. counted as gold up to 20,000,000 pesos. Note issue in denominations of less than 10 pesos may not exceed 20,000,000 pesos. U. S. S. R_— Notes 13 25 Reserve may include platinum. Yugoslavia-.. Demand liabilities. 25 35 RESERVE REQUIREMENTS IN ARGENTINA, CANADA, AND IRISH FREE STATE Argentine Con- Notes and subsidiary coin 36 As reserve falls from 40 to 36 per cent, discount rate of Conversion version Office. Office must be progressively raised. Canadian Min- Dominion note issue, less $63,500,000 100 If Dominion note issue, less advances under finance act, falls below ister of Fi- and amount of advances under $76,000,000, reserve requirements are as follows: Against a net issue nance. finance act. of from $50,000,000 to $76,000,000, a gold reserve of $12,500,000 is required; against a net issue of less than $50,000,000, a gold reserve of 25 per cent. In recent years the actual net issue has not fallen below $120,000,000. Deposits of Post Oflice Savings 10 Bank. Irish Currency Legal tender notes-- 100 Foreign exchange is limited to British legal tender currency, bank Commission. deposits in Great Britain or Northern Ireland, and British Government securities maturing within 1 year. 1 May legally include silver. 2 Foreign exchange may be in any stable currency. « The bank may, subject to the payment of a tax, permit the reserve ratio to fall below the legal minimum. * 300,000,000 markka. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT. 1932 FEDERAL RESERVE BULLETIN 439 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total (48 United End of month countries) States Canada Total (27 countries) Austria Belgium Bulgaria Denmark France Germany 1931—February 11,016 4,309 94 5,350 197 6S5 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 4,537 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, 639 346 656 2,326 310 October 11,127 3,905 86 6,066 357 660 2,534 273 November 11, 224 4,031 82 6,113 356 587 2,659 239 December 11, 263 4,051 78 6,189 354 588 2,699 234 1932—January r 11,314 4,009 80 6,300 352 588 2,808 226 February r 11,391 3,947 78 6,444 351 588 2,942 221 March r 11,466 3,986 77 6,484 349 588 3,012 209 April. 11,477 3,956 77 6, 525 351 588 3,052 205 May » 11,378 3, 717 » 6, 658 353 608 3,115 206 June » 3, 465 663 3,218 '198 Europe—Continued Endiof month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Portu- Ruma- Spain Sweden Sw la i n tz d er- U. R S . . S. Y sl u av g i o a - 6 c o o u th n e - r tries 1931—February... 279 179 124 249 18 March 279 179 467 124 259 18 April 279 181 467 124 259 18 May 280 181 468 124 262 18 June 282 200 468 162 262 18 July 283 236 439 225 267 18 August 283 260 439 229 280 21 September.. 286 282 439 328 293 21 October 293 336 434 422 309 25 November.. 296 362 434 425 315 26 December. _ 296 357 434 453 328 26 1932—January 296 351 434 472 329 Febraary... 296 353 434 482 329 26 March 296 354 434 471 330 26 April 296 364 434 471 331 27 May 297 384 435 493 335 30 June 394 435 349 Latin America Asia and Oceania Africa End of month T co ( o 1 u t 0 n al - A t r i g n e a n- bia Peru g U u r a u y - 6 c t o o ri u t e h n s e - r T co o ( u 6 t n al - A t l r u i a s a - - India Japan Java N l Z a e e n a w d - T k u ey r- Algeria Egypt A So fr u ic th a tries) tries) 1931—February. . 497 390 17 703 128 417 35 March 483 378 16 709 135 415 31 April 475 370 16 714 141 419 31 May 465 362 17 724 147 422 32 June ._ 451 350 17 730 151 425 31 July 416 322 12 714 158 412 33 August 400 309 12 698 162 406 31 September- 370 281 13 706 162 408 32 October 366 270 16 644 162 342 30 November- 361 265 16 570 162 271 37 December.. 352 253 21 525 162 234 39 1932—January... 347 252 21 r 510 162 215 40 February.. 343 249 21 r 511 162 215 37 March 342 249 21 r507 162 214 31 April 340 249 21 r 505 162 214 34 May 343 249 v 21 506 162 214 35 * Preliminary. ' Revised. Figures for 33 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the Banque Centrale de la Republique de Turquie have been added to the table. The figures reported by this bank relate to the last Thursday of the month. The 6 European countries and 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 May, 1932. 128009—32 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN JULY, 1932 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Month world Africa production r Total' A So fr u ic th a Rhodesia A W fr e ic st a B C e o l n g g i o an r Canada' Mexico r Australia Japan India 1930—Total 416,752 322, 755 221, 526 11, 476 5,000 3,618 43,454 13,813 9,553 7,531 6,785 1931—January... 36,450 28, 342 19,151 960 443 387 4,183 1,281 634 657 February . 34,461 26, 353 17,427 438 333 4,033 1,011 869 764 580 March 35,933 27,825 18,791 453 349 4,218 988 863 594 April 36,128 28, 020 18,194 917 447 351 4,591 1,329 936 561 May 36, 537 28,429 18, 901 918 452 334 4,460 1,208 919 716 521 June 36,490 28, 382 18,594 926 448 340 4,725 1,103 1,092 663 490 July 36,435 28, 328 18,959 947 453 342 4,711 814 933 668 500 August 37, 049 28,941 18,859 918 466 353 4,718 1,228 1,229 654 ol6 September. 37,130 29, 022 18, 981 905 488 397 5,005 1,074 916 692 562 October... 38, 047 29,939 19, 525 936 476 437 4,933 1,041 1,240 679 673 November. 37, 008 28, 901 18, 673 941 480 408 4,906 914 1, 321 667 590 December . 37,147 29, 040 18, 809 1,041 49S 417 4,974 877 1,181 664 579 Total.... 438,816 341, 521 224,863 11,193 5,543 4,448 55,458 12,8 12,134 8,201 6,815 1932—January... 37,615 29, 507 19, 587 921 460 405 4,834 1,106 1,032 534 February.. 36, 696 28, 588 18,935 956 453 381 4,670 948 1,063 657 525 March P 38,431 30,324 19,877 484 419 5, 285 862 1,114 741 545 April * 37,861 29, 753 19,593 976 465 388 5,093 v 862 1,114 671 590 Preliminary. r Revised. NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference between this figure and the total production reported monthly in 1930 is $93,996,000, or $7,833,000 on a monthly average basis. In order to derive monthly figures for estimated world production, 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—and added to the production actually reported each month. The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output of the leading mines; and those for India, the output of the Mysore State. For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month Total net China All p i o m r - ts E la n n g d - France g B iu e m l- N l e a t n h d e s r-Sw la i n tz d er- C a a d n a - Mexico A t r i g n e a n- Brazil Co b l i o a m- B 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—Total 280,087 -275 -73, 675 6 16 6,872 20,390 20,222 87, 776 9,097 22,211 156,609 30,838 1931—January 34,372 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 -2 924 4,032 11, 601 16 2,996 1,597 1,586 2,845 April 49, 516 19,161 16 1,105 1,563 14,782 86 7,796 2,741 2,266 May 49, 630 5 1,052 774 40,029 3,359 960 847 2,604 June 63,847 21 -17 20, 725 438 4,923 155 6,361 399 i 30,842 July 19, 503 -4 8 4,871 466 8,305 87 1,544 1,246 2,980 August 57, 500 1,501 -16 -5 2,208 8,802 5,383 142 4 1,046 25,000 213,435 September.. 20, 561 23 -24,087 2 -4,172 -349 8,837 4,260 25, 770 3,095 3,596 3,586 October -337, 685 685-324,500 -9,678 -35,904 -17,617 5,666-1,239 15,474 16 5,533 22, 501 1,378 November.. 89,436 333 -10 -57 -394 -515 7,408 989 267 "~4~895 1,644 75, 932 -1,056 December.. 56,858 4,249 -15,150 -5,861 -9,857 -1,270 4,513 1,344 2,042 3,165 623 68,285 4,775 Total 145, 325 6,797--344, 514-15,583 -50, 327-19,768 81,136 22,267 141,263 16 15,116 8,064 34,240 199,286 67,332 1932—January -72, 950 -3,199 -83, 783-12,553 -6, 257 -1,759 '4,154 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 7 819 19,441 940 March -24, 671 -23 -37, 532 -6,341 -6 7,216 2,997 2,683 949 3 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 -195,514 -7,047 -63, 216-19,930 -58,473 -53, 554 4,699 1,510 175 3,791 2,441 3-5,910 June p -206,846 -847 -107,392 -26,250 -24,419 -64,128 5,061 222 3,771 5,172 1,964 1 $25,990,000 imported from Germany. v Preliminary figures. 2 $11,000,000 imported from Germany. * Revised. 3 $9,710,000 exported to Germany. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1932 FEDERAL RESERVE BULLETIN 441 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 it te e s d France Ger- Bel- N l e a t n h d e s r- Sw la i n tz d er- A S m o e u r t i h ca B I r n i d ti i s a h S S m t e e r t a n tl i t e t s s - Au l s ia tra- R W A h S e o f o s r d u i t e c t s a h A i , f a - . c o t o A r th i u e l e n l s r rica 1930—Total. 23,658 283 -268,831 -78,862 -9, 090 -981 -23,190 57,896 -8,177 1,526 116,415 213,774 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 -8, 591 -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 P -15,602 -7,086 -24, 939 -515 -155 -4, 290 -18,564 19, 527 417 64 19, 499 442 Total? -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 -134 -3, 584 -247 105 45, 986 746 1,555 17,062 352 February -6,182 2,256 -52, 712 -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 16, 973 7,541 -10,843 -18 -2, 571 -11,310 -214 406 11, 565 803 915 18. 965 1,734 June v ._ __ 25,955 15,717 -6,901 41 -2,612 -8,711 -1,002 8,934 171 19,793 131 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 r th i u e l e n l 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 la e e n r t d - h s - S l z a w e n r i d - t- U S. . R S. . c o t o A r th i u e l e n l s r - 1930—Total. 460,268 90,938 274, 514 65, 352 25,183 -1,127 5,403 -14,006 263 67,948 -84,496-11, S 1,325 12,849 1931—January 67,819 67,031 -1 -15 -1 805 11, 966 1,321 172 75 3110, 338 30 February._ 36, 205 35, 992 -38 251 12,098 2,008 63 163 22 9,826 16 March 10, 558 ", 643 -18 934 10, 598 12 1,247 895 177 79 7,718 469 April 2,736 2,218 -13 538 11, 383 1 563 41 309 4'10, 327 95 May -12,090 -12,749 25^ -20 -3 425 6,371 12 248 45 424 42 5,169 431 J J u u n ly e 1 -9 4 , 9 ,1 55 5 8 0 -6, 326 29, 3 5 1 2 6 0 89 4 , , 1 7 1 8 4 6 - - 1 2 9 1 -S, 262 3 29, 6 2 8 1 72 -2 - 0 6 5 , , 2 5 4 4 3 3 - - 2 1 5 0 , , 9 9 6 2 3 7- — 40 1 , , 9 0 4 2 9 9 -97, 6 5 3 4 0-24,1 1 5 5 9 1 -6,11 1 3 8 5 5, , 2 1 1 5 8 42-16 1 , , 8 2 3 2 9 7 August 72, 95: 78, 366 -29 -5,! 611 934 112 216 548 -23 80 September- 418 209 902 -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 5,685 -31,473 120 -5, 951-10,965 -20, 6205,183 78 November . 122, 372 99,876 40,447 91 22, 741-42, 572 1,789 -41,968 49 18-16,455 -25, 594 -4 December.. 13,""' 3,164 26,132 1 -232 -22, 386 7,203 875 542. 56 150 103 17 Total 728,176 328,130 312, 561100,050 18, 775-81, 20- 49,8 -247, 950-36,160-35, 221-102,019-55,142-63,866 58, 932-14,475 1932—January 74, 007 65,062 10, 735 -46 6,755 -9,899 1,401 328 37 16 -564 671 164 February._ 184,171 82, 5S0 90,94T -4 9,601 -1,592 2,639 -5, 262 67 4 -884 -5, 501 1,053 March 147, 604 71, 279 49,028 13,1 12, 561 17 830 -5, 251 -2 -7,831 -61 -2, 683 5,138 188 April 60, 340 38,080 23,888 -15 '2,019 428r -4,061 -8, 319 -18 -5,407 -8,388 42 5,254 197 May 17, 735 17,174 14, 232 2,5S2 2,006 -1,119 4-17,141 3,133 293 5 15 -7,651 8410',i, 352 35 1 $29,229,000 imported by Great Britain from Spain. 2 $17,555,000 exported by Germany to Belgium. 3 $29,233,000 imported by France from Spain. * $21,292,000 exported by France to Belgium. r Revised. v Preliminary figures. * 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

442 FEDERAL RESERVE BULLETIN JULY, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Switzerland Net imports from— Net imports from— Month Total Total net All net All imports U S n ta i t t e e s d England France m G a e n r y - ( 3 co th u e n r - imports U S n ta it te ed s England France m G a e n r y - A So fr u ic th a c o o th u e n r tries tries 1930—Total -7,724 1,018 -20, 528 11,932 -158 22, 204 24,205 1,911 -1,643 ........ -2, 270 1931—January... 249 276 26 -43 -8 671 972 -16 -63 -223 February -118 19 30 -164 6 —54 —70 — 185 Mar^h — 156 -14 31 -142 -29 -111 143 -42 -58 -153 April -433 -65 25 —392 -2 — 10 100 —32 —39 —38 May . -519 -145 23 -382 -13 -18 m —6 — 11 — 123 24, 384 -21 23 24,176 207 17, 475 3,269 8,220 6,110 -146 Julv 9,397 9,820 37 -229 -232 3, 597 23 1,072 2,300 -36 332 —69 August 60, 076 60, 722 39 -556 -128 18, 096 186 66 50 11,044 i 6, 751 September. . 19, 020 15, 387 -86 — 113 23, 831 25, 505 1,722 23 1 16, 577 s 7,181 October 30, 598 16,413 14, 781 -17, 572 17, 455 -479 94, 339 32,919 5, 346 3,398 8,270 44,196 209 Novem bcr. _ 36, 551 21, 551 7, 982 -1,113 4,717 43,413 43, 572 3,224 9,805 4,519 25, 604 408 11 December.._ 19, 567 1, 449 8, 849 -2, 325 11, 672 -78 19, 687 254 18, 364 886 -75 203 55 Totai 198, 619 39, 413 117, 591 -21, 024 56, 059 6,580 222, 751 36, 422 41,301 19, 317 39, 684 72, 760 13, 267 1932—Januarv... . 7,130 7.747 3,100 -3, 521 -304 109 5, 653 2,067 1,300 1,972 10 304 February 2,608 8,810 5,446 -9,900 320 -2, 069 17,658 1,411 5,725 5,423 5,731 -630 March _ -1,886 6,342 3,870 -11,028 34 -1,105 4,698 82 5,733 -2, 069 8S6 65 April 7,737 2.799 867 -771 8,445 »-3, 602 2, 538 65 116 -95 -165 6 2, 616 May 58,292 55,337 5,470 -3, 258 7,464 -6, 703 46,051 41, 034 116 1,718 -52 7 3, 35 British Indiait Net imports from— Month T im ot p a o l r n t e s t U S n ta i t t e e s d England A a Z n u e d s a t l r N a a n e li d w a Iraq A So fr u ic th a c A o l u l n o t t r h ie e s r i G n d o u I l c d n t d i p o i r n a o 8 - e i I r i n n e n r n s c I e G m r n e r o v d e a v e s n ia s e - t i n h I n n o c p l I d r r n e i i d n v a g s i a a e s t 9 e 1930—Total - 57, 672 8,681 8,053 2,402 26,513 12,023 6,806 200 64,278 i QQ-I Tanuaxv -286 -1,024 94 138 247 260 649 1 362 February 880 323 211 113 49 184 582 9 1,453 IVtarch 943 -26 418 144 113 294 596 6,942 -5, 403 April 600 102 199 118 74 107 563 6,168 -5, 005 IVIay 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 -2,196 -291 993 460 738 471 564 21 718 October -26, 058 -8, 273 -10,179 23 279 479 10-8, 388 675 -353 -25, 030 —24 217 —3, 307 — 17,610 37? H-3.673 592 359 -23, 984 December -45, 596 -5, 294 -39, 539 152 6 -921 581 0 -45,015 Total- --- -. -95, 688 -19,084 -72, 721 2,835 2,370 1,825 -10,914 6,835 33,532 -122,385 —24 029 2,863 —21,419 ?8 225 536 18 -23,511 -17,672 —363 -17,353 15 28 527 —2 -17,143 -18,670 -90 18, 788 20 189 547 -7 -18,116 April -11,812 -209 11,229 97 -471 592 -86 11,134 May v 8,615 * 592 »—8,022 1 $6,733,000 imported by Switzerland from Australia. 2 $4,020,000 imported by Netherlands from Dutch East Indies. 3 $7,293,000 imported by Switzerland from Norway. < $3,824,000 imported by Netherlands from British India. »$1,791,000 was exported from Netherlands to Poland; $2,325,000 to Switzerland. e $2,308,000 imported by Switzerland from Netherlands. 7 $2,949,000 imported by Switzerland from Netherlands. . . s 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. 10 $7,575,000 was exported from India to Netherlands. 11 $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 revis!jn. Figures for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated. v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JCLY, 1932 FEDERAL RESERVE BULLETIN 443 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 May Apr. Mar. May May Apr. Mar. May Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold »257 257 257 374 Gold reserve against Dominion notes.. 64 64 64 Notes issued * ._ *576 544 544 550 Advances to banks under finance act- 30 27 32 10 Irish Currency Commission (thousands of Dominion notes— pounds sterling): Issued 155 153 157 152 Legal tender note fund- Outside chartered bank holdings._ 28 29 28 28- British legal tender and bank Indian Government (millions of rupees): balances 79 112 71 136 Gold standard reserve— British securities 6,936 7,155 7,196 7,326 Gold 336 388 391 201 Notes issued 7,016 7,267 7,268 7,462 Foreign exchange. 197 145 143 | 332 Consolidated bank notes *— Paper currency reserve— Issued 4,443 4,406 4,393 4,166 Gold 107 55 53 202 Deemed such under sec. 60 (4) of Silver coin and bullion 1,105 1,105 1,112 1,274 currency act, 1927___ 1,503 1,560 1,580 1,783 Other assets 473 523 617 71 Notes issued 1,685 1,683 1,781 1,548 i Includes a small quantity of subsidiary coin, amounting on Mar. 31, 1932, to 15,000,000 pesos. 3 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended May 28, Apr. 2, and Mar/5, 1932,'and^May 30, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. * Preliminary. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc =* $0.1930] 1932 1931 1932 1931 Resources Liabilities May 31 Apr. 30 May 31 May 31 Apr. 30 May 31 Cash on hand and on]current account with Short-term deposits: banks 2, 525 2,991 1,722 Central banks for own account— Demand funds at interest 13,174 13, 781 25, 766 Demand 60, 680 61, 747 64, 392 Rediscountable bills and acceptances (at Timecost) : Not exceeding 3 months._ 67,886 58,017 99, 340 Commercial bills and bankers' accept- Between 3 and 6 months.. 1,678 ances 90, 543 87, 554 87, 990 Treasury bills 35, 247 30,147 40, 608 Total 128, 567 119, 764 165, 410 Total- 125, 790 117, 701 128, 598 Central banks for account of others— Demand 10, 305 11, 855 30, 686 Time funds at interest- Time—not exceeding 3 months 131, 357 Not exceeding 3 months._ 51, 923 48, 927 200, 524 Between 3 and 6 months- 5,732 Total- 10, 305 11, 855 162,043 Total.. 51, 923 :8, 927 206, 257 Other depositors— Demand 1,572 166 Sundry bills and investments: Time—not exceeding 3 months 1,066 Maturing within 3 months- Long-term deposits: Treasury bills 17, 933 17, 925 Annuity trust account 29, 677 29, 677 29, 760 Sundry investments 11, 526 11, 521 German Government deposit 14, 839 14, 839 14, 880 Between 3 and 6 months 4, 585 4,584 i 45, 237 French Government guaranty fund... 13, 249 13, 249 13, 277 Over 6 months 373 188 Total. 57, 765 57, 765 57, 916 Total 34, 417 34, 217 45, 237 Capital paid in 24,125 20, 941 20, 458 Other resources.. 2,171 1,930 2,733 Reserves: Legal reserve fund 254 108 108 Dividend reserve fund 519 211 211 General reserve fund 1,038 422 422 Profits allocated for distribution on July 1, 1932: Dividend to shareholders (6 per cent)-. 1,244 995 Participation of long-term depositors per article 53 (e) of statutes 616 422 Other liabilities 3,994 6,648 2,162 Total resources.. 230, 000 219, 549 410, 313 Total liabilities.. 230,000 219, 549 410, 313 i Composed of $36,369,000 of investments not exceeding 1 year and $8,868,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN JULY, 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 Note Bank of England m d i e e s p s n a u t r ) e t 1 - 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 ti c e u s ri- ci t r i 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 e h i s e li r - Millions of pounds sterling: 1931—Apr. 29 146.3 0.9 56.5 7.2 56.7 349.8 48.9 17.7 37.0 17.7 May27._. _.. 151.0 1.1 56.2 6.8 59.8 354.9 54.8 17.4 33.8 17.8 June 24 162.9 1.1 70.1 9.6 57.5 352.8 61.6 25.2 33.5 17.9 July 29 132.0 1.3 32.7 9.7 79.2 359.4 55.8 15.2 33.7 18.1 Aug. 26 133.3 1.3 58.0 9.3 78.2 350.3 53.6 26.3 48.7 18.2 Sept. 30 134.8 1.3 52.6 14.8 94.9 357.2 62.6 30.1 52.6 19.3 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 June 29 136.1 48.1 14.9 93 5 363.1 86.6 18.0 34.7 18.0 Resources Liabilities Bank of France Negotia- Note Deposits Other Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty s t e i b c e l u s e r 2 i- a O s t s h e e ts r ci t r i c o u n la- G m ov e e n r t n- Other lia ti b e i s li- Millions of francs: 1931—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 Feb. 26. 75, 059 15,127 5,544 2,707 6,882 8,329 83,189 3,637 24, 899 1,925 Mar. 25. 76, 832 12, 632 4,820 2,716 6,881 8,371 81, 782 3, 526 24, 962 1,980 Apr. 29. 77, 862 11, 800 4,690 2,735 6,881 8,697 82, 774 3,111 24, 827 1,953 May 27. 79, 470 9,001 4,160 2,700 6,881 8,684 81, 418 3,432 24,128 1,917 June 24. 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 2,167 Resources Liabilities Reserves Reichsbank Gold e F x o c r h e a i n g g n e Tre b a il s l u s ry b c i O l h l e s t c h ( k a e s r n ) d S l e o c a u n r s ity Securities O as t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia ti t b e h i s e li r - Millions of reichsmarks: 1931—Apr. 30 2,368 157 45 1,816 287 103 668 4,340 355 749 May 30 2,390 186 25 1, 791 167 103 721 4,299 353 731 June 30 1,421 300 74 2,579 355 103 936 4,295 398 1,074 July 31 1,363 246 249 3,273 347 103 958 4,454 834 1,251 Aug. 31 1,366 356 38 3,101 208 103 972 4,834 509 1,251 Sept. 30 1,301 139 124 3, 545 301 103 1,016 4,609 613 1,306 Oct. 31 1,145 131 4,010 240 103 963 4,746 518 1,326 Nov. 30 1,005 170 3,901 254 103 980 4,641 506 1,323 Dec. 31 984 172 4,144 245 161 1,065 4,776 755 1,338 1932—Jan. 30 948 145 3,632 158 161 1,098 4,407 394 1,373 Feb. 29 928 149 3,324 303 162 1,100 4,268 423 1,318 Mar. 31 879 142 3,258 290 362 1,044 4,231 578 1,226 Apr. 30 859 131 3,146 282 362 977 4,128 405 1,249 May 31 863 129 2,990 257 363 1,032 3,961 431 1,262 June 30 v 832 130 3,100 261 364 1,038 3,984 473 1,271 v Preliminary figures. 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 445 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank May Apr. Mar, May May Apr. Mar, May National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold 4,968 4,968 1,883 Gold at home 8,405 7,945 7,529 9,844 Foreign exchange 28,001 27,432 27, 485 Gold abroad 7,632 6,467 5,988 10,420 Loans and discounts 3,901 4,174 3,914 Loans to member banks 11, 023 13, 432 13, 963 14, 744 Other assets 4,793 4,769 6,252 Note circulation 18, 668 17, 851 17,187 23,107 Note circulation 10,959 10, 932 12, 746 "Deposits... 19, 490 15, 933 14, 649 7,433 Demand deposits 18,846 18, 205 13,557 National Bank of Czechoslovakia Other liabilities 11, 858 12, 206 13, 231 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold 1,641 1,642 1,643 1,541 (thousands of Australian pounds): Foreign balances and currency... 1,129 1,194 784 2,043 Issue department- Loans and advances 1,162 1,172 1,432 245 Gold coin and bullion 10, 500 10, 500 10, 500 15,227 Assets of banking office in liqui- Securities 41,248 41, 746 41, 746 35, 300 dation 286 288 289 315 Banking department- Note circulation 6,582 6,740 826 6,732 Coin, bullion, and cash 1,130 1,057 923 1,243 Deposits 350 375 279 Money at short call in Lon- Danish National Bank (millions of don 14,387 18, 094 22, 003 7,431 kroner): Loans and discounts 15, 618 16, 286 16,154 28, 385 Gold 145 145 145 172 Securities 27, 195 27, 333 28,117 18, 083 Foreign bills, etc. 17 25 28 70 Deposits 61,817 66,686 71,262 54,372 Loans and discounts 148 146 145 84 Bank notes in circulation 45, 428 47, 018 47, 826 46, 580 Note circulation 318 335 322 342 Austrian National Bank (millions of Deposits 49 46 44 36 schillings): Bank of Danzig (thousands of Danzig Gold. 164 179 179 214 gulden): Foreign exchange of the reserve.. _ 33 35 60 116 Gold 37, 222 21,816 21,817 129 Other foreign exchange 0 0 0 401 Foreign exchange of the reserve __ 10, 752 28, 642 23, 658 14, 050 Domestic bills 874 867 451 Other foreign exchange 480 673 3,750 7,379 Government debt 95 96 96 Loans and discounts 8,581 8,420 7,015 21, 698 Note circulation 995 999 1,009 1,141 Note circulation 39, 593 41, 244 41,060 35, 096 Deposits 112 113 128 142 Deposits 13, 257 14,166 9,671 1,801 National Bank of Belgium (millions Central Bank of Ecuador (thousands of belgas): of sucres): Gold 2,542 2,523 2,514 1,448 Gold 5,741 5,684 5,632 5,647 Foreign bills and balances in gold. 0 0 0 870 Foreign exchange 12,138 9,285 9,035 18, 542 Domestic and foreign bills 936 937 965 744 Loans and discounts 16,222 15, 971 14, 687 14, 350 Loans to State 288 288 288 292 Note circulation 19,913 18, 561 18J 64 21, 388 Note circulation 3,608 3,653 3,664 3,218 Deposits 7,890 5,728 9,206 13,995 Deposits 221 246 184 National Bank of Egypt i (thousands Central Bank of Bolivia (thousands of Egyptian pounds): of bolivianos): Gold 6,410 6,239 4,169 Gold at home 3,416 3,401 2,811 Foreign exchange 2,901 3,327 1,469 Gold abroad 17, 920 16, 640 0 British Government securities... 13,112 13,183 15,160 Foreign exchange 5,073 6,581 25, 722 Loans and discounts 8,403 8,622 7,289 Loans and discounts 24, 572 22, 845 23, 872 Egyptian Government securities. 17, 062 17,152 14, 027 N De o p te o s c i i t r s culation 2 1 6 2 , , 9 4 2 0 4 0 2 11 6 , , 1 9 5 0 6 6 2 7 8 , , 9 4 5 4 9 6 N O o th te e r c a ir s c s u e l t a s t . i on r 1 3 9 , , 4 5 9 8 8 0 1 3 9 , , 1 4 6 4 3 1 1 4 9 , , 1 1 9 2 0 1 Bank of Brazil (millions of milreis): Deposits—Government 4,396 4,676 4,731 Currency 303 285 394 Other 19, 620 19, 957 14, 644 Correspondents abroad 120 129 93 Other liabilities 7,792 7,612 7,810 Loans and discounts 2,019 1,929 1,604 Bank of Estonia (thousands of Note circulation 170 170 170 krooni): Deposits 2,034 1, 903 1,650 Gold 7,331 7, 325 7,321 6,526 National Bank of Bulgaria (millions Net foreign exchange 13, 066 12,720 14, 369 17, 019 of leva): Loans and discounts 22, 463 24,146 23,635 25, 326 Gold 1,514 1,513 1,513 1,491 Note circulation 32,186 33, 509 34, 009 32,896 Net foreign exchange in reserve 19 49 41 211 Deposits—Government 4,921 4,915 4,212 9,462 Total foreign exchange 317 278 331 644 Bankers 6,931 6,881 6, 760 6,514 Loans and discounts 728 747 727 680 Other 2,072 2,102 2,868 1,685 Government obligations 2,965 2,965 2, 965 3,064 Bank of Finland (millions of Note circulation 2,675 2,827 2,797 3,183 markkaa): O ther sight liabilities 1,651 1, 419 1,552 1,408 Gold 304 304 304 301 Central Bank of Chile (millions of Balances abroad and foreign pesos): credits 550 598 650 720 Gold at home and abroad 95 95 94 63 Foreign bills 222 224 250 242 Foreign exchange 70 70 72 196 L> omestic bills 786 778 842 670 Loans and discounts 142 144 144 192 Note circulation 1,168 1,224 1,299 1,257 Note circulation 354 352 336 293 Demand liabilities 219 218 280 240 Deposits against which reserve Bank of Greece (millions of drachis held 147 110 32 mas): Central Bank of China ! (thousands Gold 716 484 of Yuan dollars): Net foreign exchange in reserve _- 217 2,162 Gold 3, 221 706 4,803 Total foreign exchange 344 3,096 Silver 43, 826 39,332 42, 672 Loans and discounts 1,215 357 Due from banks abroad 6,904 11, 000 25, 375 Government gold bonds in Due from domestic banks 24.732 18, 693 51, 763 reserve Loans and discounts 64, 075 64, 882 42,815 Other Government bonds 2,697 3,289 Securities 5,579 5,653 13,479 Note circulation 3,909 4,304 Other assets 19, 980 15, 844 9,369 Other sight liabilities 451 1,697 Note circulation 27, 825 28, 563 34, 481 Central bank of Guatemala (thou- Deposits—Government 79,133 68, 306 105,968 sands of quetzales): Bank 14, 643 19, 078 14, 907 Gold coin 1,628 1,827 1,945 2,745 Other 5,530 4,599 6,074 Balances abroad 779 443 630 1,308 Other liabilities 41,186 35,554 28,847 Loans and discounts 6,093 6,198 6,221 5.805 i Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN JULY, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank May Apr. Mar. May May Apr. Mar May Central bank of Guatemala—Contd. Bank of Portugal—Continued. Other assets 1,225 1,198 1,174 966 Discounts and advances 310 319 318 348 Note circulation 5,601 5.629 5,865 6,716 Government obligations 1,058 1,058 1,058 1,531 Demand deposits 1,238 1,154 1,221 1,408 Note circulation 1,864 1,873 1,919 1,849 Other deposits 50 42 43 216 Other sight liabilities 375 394 373 0) Other liabilities 2,837 2,841 2,841 2,484 National Bank of Rumania (millions National Bank of Hungary (millions of lei): of pengos): Gold 9,416 9,491 9,446 8,819 Gold 100 112 Foreign exchange of the reserve.. 151 355 308 2,374 Foreign bills, etc 15 15 12 21 Other foreign exchange 34 20 27 619 Loans and discounts 409 430 407 257 Loans and discounts 13,117 13, 382 13, 046 7,893 Advances to treasury 54 54 54 60 State debt 5,767 5,767 5,767 5,617 Other assets 19 18 17 26 Note circulation 21,982 2?, 904 22, 742 18,791 Note circulation 370 417 374 370 Demand deposits 4,729 4,439 4,338 7,911 Deposits _- 74 61 98 42 South African Reserve Bank (thou Miscellaneous liabilities 123 108 92 44 sands of South African pounds): Bank of Italy (millions of lire): Gold 7,290 7,053 6,420 6,583 Gold at home 5,650 5, 630 5,628 5,318 Foreign bills. 48 71 63 6, 499 Credits and balances abroad 1,436 1,484 1, 534 4,058 Domestic bills 1,354 1,682 3,685 568 Loans and discounts 6,819 5, 845 5,638 3,933 Note circulation 7, 640 8,096 8,431 8,143 Total note circulation 13,137 13,375 13,872 14, 722 Deposits—Go vernment 1,282 1,237 1,152 1,962 Public deposits 300 300 300 300 Bank 4,107 4,030 3,835 4,736 Other deposits 1,272 1,373 1,403 1,654 Other.. 278 233 158 123 Bank of Japan (millions of yen): Bank of Spain (millions of pesetas): Gold 429 429 430 Gold 2,253 2,251 2,250 2,424 Advances and discounts 843 853 937 710 Silver 565 559 546 701 Government bonds - 117 117 118 136 Balances abroad 286 287 279 115 Notes issued 1,017 1,128 1, 058 1,078 Loans and discounts 2,978 3,256 2,910 2,569 Total deposits 491 444 503 635 Note circulation 4,830 4,880 4,882 5,197 Bank of Java (millions of florins): Deposits 87 917 1,008 822 Gold 103 103 105 115 Bank of Sweden (millions of kronor): Foreign bills 25 24 27 • 25 Gold 206 206 206 239 Loans and discounts 49 48 48 46 Foreign bills, etc.. 124 120 117 281 Note circulation 221 224 225 244 Loans and discounts 357 352 575 346 Deposits 32 31 41 Note circulation 553 576 601 542 Bank of Latvia (millions of lats): Deposits 257 232 204 240 Gold 36 33 24 Swiss National Bank (millions of Foreign exchange reserve.- 12 14 27 francs): Bills 73 75 79 Gold 2,555 2,439 2,439 643 Loans ._ 51 57 69 Foreign balances and bills 79 112 107 324 Note circulation 37 • 39 42 Loans and discounts 62 106 73 Government deposits 72 78 71 Note circulation 1,535 1,529 1,517 0 ther deposits 83 73 87 Demand deposits 1,166 1,132 1,123 147 Bank of Lithuania (millions of litu): Central Bank of the Republic of Gold 50 50 £0 Turkey (thousands of Turkish Foreign currency 21 21 25 63 pounds): Loans and discounts 98 101 101 107 Gold 13, 659 13, 634 13, 223 Note circulation 96 101 101 109 Foreign exchange 2,623 2,966 3,902 Deposits 68 65 70 92 Government seem ities 156, 630 156,700 156, 949 Netherlands Bank (millions of O ther securities 27,126 27,126 24, 705 florins): Other assets 18, 875 17,850 17, 606 Gold 906 879 450 Note circulation- 167, 603 16S, 429 169, 468 Foreign bills 89 84 224 Sight deposits 6,236 5,426 4,842 Loans and discounts 151 155 159 136 Other liabilities 45,074 44, 421 42,074 Note circulation 1, 006 983 837 Bank of the Republic of Uruguay Deposits 216 43 (thousands of pesos): Bank of Norway (millions of kroner): Gold 49, 008 50, 215 56, 402 Gold 155 155 155 146 Loans and discounts 102, 675 103, 088 105, 705 Foreign balances and bills 11 17 16 25 Other assets 36, 015 34, 778 31, 655 Domestic credits 269 267 258 178 Note circulation 79. 985 80,105 72,006 Note circulation 304 312 310 291 Deposits—Demand 30,871 31,348 40,840 Foreign deposits 2 2 3 4 Time 38,041 38, 258 43,258 Total deposits 96 93 85 64 Judicial and adminis- Central Reserve Bank of Peru trative 3,170 3,092 3,565 (thousands of soles): Other liabilities 35, 630 35, 279 34, 094 Gold 40,041 41, 665 47, 201 63,453 State Bank of U. S. S. R. (note-issu Foreign exchange 233 550 218 6,919 ing department; thousands of Bills .. 17,045 13,337 12, 260 18,492 chervontsi): Note circulation 47,315 46,318 48,960 58, 082 Gold 65, 082 64, 318 64, 050 50,893 Deposits 4,187 2,162 3,242 6,614 Other precious metals 2,074 2,144 2,282 1,892 Bank of Poland (millions of zlotys): Foreign exchange 3,247 3,340 4,723 5,254 Gold . ..... 555 574 574 Note circulation 276, 684 273, 978 267, 577 224,489 Foreign exchange of the reserve.. 38 41 71 256 National Bank of the Kingdom of Other foreign exchange 117 117 121 99 Yugoslavia (millions of dinars): Loans and discounts 755 750 764 618 Gold 1,763 1,763 1,763 1,092 Note circulation 1,103 1,148 1,131 1,222 Foreign exchange 326 304 276 95 Other sight liabilities 161 129 169 206 Loans and discounts 2,346 2,248 2,181 1,437 Bank of Portugal (millions of Advances to State.-_. 2,405 2,304 2,240 2,997 escudos) : Note circulation 4,942 5,043 4,824 4,791 Gold 387 379 365 249 Other sight liabilities 617 355 495 1,049 Other reserves 530 538 585 0) i Figures published previous to reorganization of bank July 1, 1931, are not comparable with current figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

447 JULY, 1932 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS 1931 1932 Country May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 118 108 99 94 91 90 109 107 111 113 115 J05 Loans and discounts 633 642 655 656 681 708 696 707 675 234 680 685 Deposits 690 706 680 662 663 661 652 641 639 642 649 644 Other banks in Buenos Aires- Gold 9 9 9 9 7 2 2 2 1 1 1 1 Other cash 180 202 194 199 190 186 194 203 200 199 206 206 Loans and discounts 885 871 857 843 852 847 830 817 821 1 251 798 794 Deposits 996 990 971 971 966 947 939 939 936 933 933 922 Canada (millions of Canadian dollars): Assets entirely in Canada— Cash in vault1 156 150 147 147 157 159 201 175 176 167 158 150 154 Cash in central gold reserves 29 28 26 28 24 27 25 26 22 20 24 23 23 Security loans 187 182 163 159 167 159 157 135 131 130 131 122 114 Other current loans 1,139 1,127 1,126 1,127 1,137 1,141 1,102 1,082 1,071 1,063 1,071 1,070 1,057 Security loans abroad 98 108 105 110 90 91 113 83 66 99 88 73 65 Securities ._ 669 695 694 701 678 696 719 694 • 674 664 671 666 663 Liabilities entirely in Canada- Notes in circulation 129 128 126 126 128 140 131 129 123 122 121 125 119 Individual demand deposits ... 580 601 561 568 594 581 617 567 507 496 500 495 498 Individual time deposits 1,456 1,450 1,451 1,461 1,456 1,462 1,396 1,360 1,368 1,390 1,389 1,393 1,387 England (millions of pounds sterling) : Cash in vault and at bank 176 184 181 177 171 173 170 181 177 170 171 170 176 Money at call and short notice.. 129 131 128 112 106 113 108 118 116 108 111 111 110 Advances and discounts 1,141 1,172 1,178 1,156 1,132 1,131 1,125 1,131 1,128 1,093 1,103 1,105 1,102 Investments 274 272 283 286 288 288 284 281 268 264 266 272 284 Deposits . 1,700 1,744 1,750 1,708 1,675 1,688 1,670 1,700 1,677 1,621 1,639 1,643 1,661 France (millions of francs): Bills and national-defense bonds. 22, 930 22, 507 20, 919 21,153 20, 242 19,006 17, 851 18, 441 18,454 17, 346 17, 482 18,043 Loans and advances 10, 762 10,342 9,898 9,868 10, 076 9,863 9,797 9,697 9,041 9,114 8,711 8,312 Demand deposits 37, 861 37, 938 36, 642 36, 991 36,137 36, 972 37, 019 37, 023 36,196 36,435 35, 983 35, 929 Time deposits 1,601 1,564 1539 1,545 1,429 1,370 1,332 1,222 1,179 1,218 1,201 1,239 Germany (millions of reichsmarks): Bills and treasury notes 2,548 1,914 1,280 1,500 1,509 1,406 1,431 1,503 1,380 1,613 1,652 Due from other banks 857 686 546 514 465 373 345 320 367 267 290 Miscellaneous loans 7,818 7,699 7,337 7,115 6,884 6,837 6,748 5,935 6,034 6,235 6,160 Deposits 10, 395 9,277 8,167 8,060 7,873 7,500 7, 390 7,276 7,289 7, 539 7,652 Acceptances 582 816 874 840 818 891 910 903 863 872 851 Japan (millions of yen): Cash on hand 361 274 134 217 197 126 146 140 124 130 116 136 215 Loans 2,156 2,166 2,169 2,140 2,146 2,171 2,208 2,247 2,283 2,228 2,264 2,248 2,250 Deposits 2,181 2,233 2,151 2,122 2, 102 2,066 2,059 2,051 2,008 1,954 1,938 1,946 1,949 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks inoluded 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 National bank in February, 1932; five Berlin banks thereafter; Japan— Tokyo banks. 128009—32 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN JULY, 1932 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f la 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 B l 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 R Ju a 1 l t y e In s i e n f c f e e — ct Country R Ju a 1 l t y e I s n i n e c f e f — ect In effect Feb. 1,1931. 3 2 5 5H 2M 2 Albania. 8 July 1,1931 Japan... 5.11 June 8,1932 M M a a y v 1 1 4 6 c iy2 2 A Be u l s g t i r u ia m 7 J M an a . r . 1 1 8 3 , , 1 1 9 9 3 3 2 2 J L a a v t a v ia ._ 6 2 M Oc a t r . . 1 1 1 , , 1 1 9 9 3 30 0 June 13 7 Bolivia Aug. 26,1930 Lithuania 6 Apr. 1,1930 July 16 10 7 2 July 23 ty Bulgaria. ... May 25,1932 Norway May 20,1932 July 30 Chile 8 Mar. 1,1932 Peru... 6 2 May 20,1932 A A u u g g 1 1 2 1 1 5 0 C C o z l e o c m h b o i s a lo- 6 2 Jan. 22,1932 P P o o l r a tu n g d al 7K A O p ct r . . 4 3 , , 1 1 9 9 3 3 2 0 Sept 2 8 vakia Apr. 12,1932 Sept. 21 6 5 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 23^2 Ecuador 7 May 12,1932 Dec 10 7 Estonia Feb. 1,1932 Sweden 4 June 3,1932 Feb. 18, 1932 5 U. S. S. R__. 8 Mar. 22,1927 M Ma ar r . 9 10 4 6 F G i r n ee la 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 5 July 1,1932 Mar 21 6 India. 5 Apr. 28,1932 Apr. 9 _ 53^ Apr 19 2H Apr 21 3 Changes since June 1: England—June 30, down from 2}4 to 2 per cent; Apr 28 5 Hungary—July 1, down from 6 to 5 per cent; Japan—June 8, down from May 2 5 5.84 to 5.11 per cent; Sweden—June 3, down from 43^ to 4 per cent. J M un ay e 3 1 0 2 2 2 y 2 In effect July 1, 1932. 2 2K 5 5 2M 2 c Corrected. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month 3 B a a a m c n n c o c k e e n p e s t r t , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t . M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f th or d P is r r c i a v o t a e u t n e t 1931—May 2.24 2.21 1.87 1 4.65 5.83 5.38 1.39 1.55 ].12 June 2.09 2.10 1.64 1 6.05 7.05 6.74 1.05 1.07 ].12 J A S u e u l p y g t u e s m t ber 2 4 4. . . 7 2 5 4 8 8 4 2 4. . . 5 4 2 7 4 1 2 4 3 . . . 0 5 0 4 9 5 2 1 H - - 4 2 2 V V2 2 1 1 7 8 7 . . . 0 9 9 0 2 9 1 1 8 9 9 . . . 9 1 1 8 8 8 1 1 8 9 9 . . . 8 1 1 9 5 5 1 1 1 . . . 3 3 5 0 0 3 1 1 1 . . . 4 2 2 0 2 1 : L L .5 8 9 5 0 8 October 5.68 5.46 4.36 4 8.00 9.84 9.21 2.76 3.07 L90 November 5.75 5.55 4.96 4 8.00 9.31 8.69 1.59 c 1.73 L 77 December 5.85 5.60 4.27 4 7.33 7.40 8.45 1.57 1.59 L.75 1932—January 5.52 4.94 4.20 4 6.94 7.58 7.86 2.24 2.37 L. 68 February 4.63 4.08 3.84 4 -3 6.67 7.98 7.81 1.87 1.69 L52 A M M p a a r y r i c l h 2 2 1 . . . 5 4 1 9 4 9 2 2 1 . . . 0 2 1 7 8 0 2 1 1 . . . 4 2 9 0 9 1 3 i i y 2-i - - \y y 2 2 4 5 6 . . . 1 8 1 2 7 0 7 6 5 . . . 1 9 3 0 6 1 5 7 6 . . . 9 7 1 1 6 7 1 1 . . . 6 2 0 0 2 2 1 1 . . . 9 0 0 4 3 6 ] ] 1 L L . . . 5 5 5 0 0 0 (B Be ru lg s i s u e m ls) ( F P r a a r n is c ) e (M It i a l 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 c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m fo o o r n n t e 1 h y c c i o a P l m 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 t 3 h u s p Disc b o il u l n s ted ov m e C o rn a n l i e l g y ht 1931— J M un a e y 2 2 . . 2 1 0 3 1 1 . . 2 0 8 6 5 5 . . 2 2 5 5 4 -6H 15 5 M M - - 6 6 h 5 y %2- - 7 8 4 4M Ji- - 5 6K 3 3 - - 5 5 5 5. . 2 2 9 9 - - 5 5 . . 4 4 8 8 2 2 . . 1 1 9 9 July. 2.15 1.20 5.25 7M-10K 4 -6 4. 93-5.48 2.74 A Se u p g t u e s m t ber 2 2. . 4 4 4 1 1 1 . . 5 5 0 0 5 5 . . 4 2 7 5 8 8 i|- -1 io 0 i 3 /£ ^ 5 -6 4 8 - -6 9K 4 4 . . 9 9 3 3 - - 5 5 . . 4 4 8 8 3 2 . . 6 5 5 6 1932— F N O D J e o c e a b t n c v o r e u e b u m a m e a ry b r r b y e e r r 3 2 2 2 2 . . . . . 4 3 4 4 9 4 1 4 4 1 1 1 1 1 1 . . . . . 7 7 7 8 9 5 5 5 0 0 7 7 6 7 7 . . . . 9 5 5 5 5 2 0 0 0 0 6 7 6 7 7 3 3 H ^ ^ ^ ^ - - - - 1 1 - 1 1 9 0 0 0 0 3^ 4 4 5 5 5 K % - - - - - 5 6 6 6 6 H H V 6 6 6 6 A- - 7 - - - n i i i y y y y 2 2 2 2 5 5 4 5 5 . . . . . 8 8 4 8 9 4 4 4 8 3 - - - - - 6 6 5 6 6 . . . . . 5 5 5 6 5 7 7 7 7 6 5 6 6 5 6 . . . . . 3 6 0 5 4 9 6 2 7 8 A M p a r r i c l h 3 3 . . 3 2 6 6 1 1 . . 6 8 6 0 6 6. . 0 5 0 3 5 VA ^ - - 9 WA 4 5 M - - 5 5 y2 5 5 - - 7 7 6 6 . . 2 2 0 0 - - 6 6 . . 5 5 7 7 5 5 . . 8 4 4 8 May 3.21 1.50 5.52 i Based on data for part of month, no quotations being available for remainder of month. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULI, 1932 RESERVE BULLETIN 449 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 c M an l e a d x r o i- l- h S a h i a t n a g e - l Y do u ll a a n r d H K o o o l n l n a g g r Co b l i o a m- 1931—June 70. 2524 14. 0457 13. 9242 7. 4991 0. 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. 9966 13. 9158 13. 9852 5. 6202 . 7127 89.1025 12.0690 22. 8205 31. 8314 22. 7019 24. 6765 96. 5700 November. 58. 8403 13.9516 13. 9070 6.1704 .7138 88. 9914 12. 0750 24. 5833 34. 0732 24. 7246 26.0124 96. 5700 December. 58. 5196 13.9460 13. 9039 6. 2010 .7148 82. 7064 12. 0669 23. 6010 32. 8054 23. 7323 24. 8704 96. 5692 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. 2481 22. 3221 23. 7187 95. 2400 May 58. 3242 13. 9645 14. 0249 7.1294 .7202 88. 4430 6. 0000 21.6412 30. 4700 21.7116 23. 4337 95. 2400 June 58. 5205 13.9600 13.9366 7. 5008 .7200 86. 7427 6. 0202 21. 2319 30. 2007 21.3125 23.3431 95. 2400 Month Cuba s C lo z v ec a h k o ia - m D a e r n k - England Finland France m G a e n r y - Greece [ungary India Italy Japan 1931—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. 960526. 7340 485. 6052 2. 5156 3. 9215 23. 2782 1. 2939 17. 4433 35. 9865 5. 2300 49. 3550 August 99. 9703 2. 962426. 7292 485. 7725 2. 5148 3. 9196 23. 6576 1.2936 17. 4515 35. 9425 5. 2304 49. 3532 September.. 99. 9678 2.9621 25. 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. 962520. 6700 371.9934 1.9839 3. 9201 23. 6777 1. 2879 17. 4670 27. 9874 5.1548 49. 2968 December.. 99. 9470 2. 962618.5875 337. 3707 1. 6938 3. 9229 23. 6192 1. 2879 17. 4580 25. 3612 5.1094 43. 4644 1932—January 99. 9296 2. 962718. 8801 343.1210 1. 5036 3.9294 23.6475 1. 2877 17. 4500 25. 8179 5. 0441 35. 98C6 February.__ 99. 9622 2. 962719. 0192 345. 6316 1. 5014 3. 9379 23. 7392 1.2875 17. 4397 26. 0329 5.1799 34. 3233 March 100. 0590 2. 962820. 0112 363. 9304 1. 6015 3. 9325 23. 7812 1. 2875 17. 4353 27. 3121 5.1824 32. If62 April.. 99. 9816 2. 962920. 5267 374. 9994 1. 7225 3. 9430 23. 7427 1. 2318 17. 4298 28.0133 5.1493 32.80t3 May 99. 9299 2. 965020. 0654 367. 5140 1.7171 3. 9468 23. 7947 . 6641 17. 4384 27. 3175 5.1491 31.9730 June 99.9217 2.9641 19. 9248 364. 6648 1. 7019 3. 9363 23.6878 .6387 17. 4740 27.1647 5.1162 30. 2856 Month Mexico N l e a t n h d e s r- Norway Poland Portuga' m R a u n - ia Spain S S m t e r e t a n tl i t e t s s - Sweden Sw l i a t n z d er- Uruguay Y sla u v g i o a - 1931—June. 49.0305 40. 2442 26. 7801 11.1996 4. 4234 0. 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 8. 3992 39. 0313 18. 7098 19. 4805 44. 5487 1. 7796 1932—January.... 39. 3294 40.1828 18. 6969 11.1934 3.1642 .5951 8. 3945 39. 6900 19.1888 19. 5074 44. 9160 1. 7784 February... 37. 8712 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 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 June 26. 8977 40. 4411 18. 0626 11.1839 3. 3320 .5966 8. 2451 41.9567 18. 7049 19. 5141 47. 2115 1. 7436 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 Bel^a 13.90 England.. . Pound.. 486. 66 Portugal Escudo 4.42 Brazil Milreis 11.96 Finland Markka 9 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- 42.54 Chile Peso 12.17 Greece Drachma 1.30 ments.3 ments dollar. (Mexican dollar 2___ 21.83 Hungary Pengo 17.49 Sweden Krona 26.80 China (and Hong 1 Shanghai tael2 30.09 India Rupee _-.-._ 36. 50 Switzerland . . Franc 19.30 Kong). 1 Yuan dollar 2 21.35 Italy Lira 5.26 Uruguay Peso 103.42 IHong Kong dollar2 21.67 Japan Yen 49.85 Yugoslavia Dinar 1.76 Colombia Peso 97.33 Mexico Silver peso 49.85 Cuba do 100. 00 Netherlands Florin 40.20 1 Beginning with August, quotations are for silver peso. 2 Silvei currencies—Figures given for parity represent gold value of unit in June, 1932, computed by multiplying silver content of unit by New York average price of silver for June, 1932, which was $0.27778 per fine ounce. 3 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths of average quotation of pound in New York for June, 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

450 FEDERAL RESERVE BULLETIN JULY, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average== 100)1 Month ( U a S p v n r t e i a i c r t t a e e e g ) s d e (D 1 E 9 e n 2 c 1 g e = l m a 1 n b 0 d 0 e ) r, ( a 1 g 9 F e 1 r 3 a = n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e c m r e a a ) g n 2 e 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 98.4 182.0 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 89.0 149.8 80.0 1931—January _______ 99.6 112.8 95.7 82.7 112.3 89.6 156.7 75.0 February 99.4 109.7 97.1 82.7 119.8 89.3 160.1 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 69.6 July.. 99.4 111.2 98.9 81.4 98.2 79.2 132.6 *70.5 August 98.5 107 2 99.5 95.5 73.8 130.5 September __ _ 95.6 103.5 97.7 70.4 81.7 67.2 115.5 *52.3 October 89.4 104.2 94.8 69.7 75.6 106.9 November __ _ _ _ 89.0 104.8 94.4 71.7 74.7 104.3 (3) December 81.6 102.2 90.8 (3) 57.7 68.1 94.8 (3) 1932—January 81.0 104.7 91.5 (3) 58.0 69.7 107.3 (3) February _ _ 80.3 106.5 90.3 56.4 68.9 126.2 (3) March 80 8 111.6 90.5 (3) 56.8 69.6 117.6 (3) April _ 79.4 110.6 89.0 63.0 43.9 63.5 107.3 M5.5 May 75.2 111.4 85.9 64.4 39.8 61.6 94.4 46.4 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 2 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. 4 Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February, 1932, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a d 1 a 00) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (1 F 91 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (191 It 3 a = ly 100) 19 J ( 0 a O 0 p = c a 1 t n . 0 , 0) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1930—April 90 91 124 548 127 396 193 122 May 89 90 122 546 126 389 189 118 June 87 88 121 540 125 382 181 118 July _ _ 84 88 119 558 125 375 177 115 August 84 84 118 560 125 379 176 114 September _ _ _ 84 82 116 556 123 374 172 112 October 83 81 113 552 120 364 165 111 November.. _ _ ______ 81 80 112 551 120 361 162 110 December __ __ 80 78 109 541 118 350 161 107 1931—January 78 77 107 541 115 342 158 105 February 77 76 106 538 114 338 158 104 March _____ 76 75 106 539 114 339 158 103 April 75 74 106 540 114 337 158 102 May _____ 73 73 104 520 113 332 154 102 June 72 72 103 518 112 327 151 100 July 72 72 102 500 112 " 324 153 97 August ________ 72 71 100 488 110 322 152 94 September 71 70 99 473 109 319 150 91 October. __ _ 70 70 104 457 107 322 147 89 November 70 71 106 447 107 320 147 89 December 69 70 106 442 104 319 151 85 1932—January 67 69 106 439 100 317 160 84 February. __ _ ___ ___ 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May _ _ _ _ _ _ _ 64 68 101 438 97 305 150 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 451 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100) Englan 1 d 0 0) (1913 = Franc 1 e 0 0 (1 ) 913 = Germany (1913=100) Month Induspr F o a d r u m cts Foods co O d m i t t m h ie e o s r d- 17oods p I r n o tr d d i u u al c s- ts p an r F o d a d r u f m o c o t d s p I r n o tr d d ia u u l c s t - s p A r t g o u r d r i u c a u l ct l s - P s r io o n v s i- a p t f r n i r i n d o a i l d s s h u r e e a c m d w ts i- p tr I r i i n o a s d d l h u u e f d s c in - ts - 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 sr> 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 December 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 98 571 472 107 95 103 137 July - - 65 74 74 110 98 541 465 105 97 103 136 August 64 75 74 108 95 528 452 103 96 102 136 September 61 74 74 108 95 508 443 101 94 100 135 October 59 73 73 113 100 489 429 99 95 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December 56 69 72 113 102 491 400 95 91 97 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 February. _ 51 63 71 114 101 511 389 95 91 91 122 March 50 62 71 116 99 510 388 97 89 90 121 April 49 61 71 115 96 506 '381 95 88 89 120 May 47 59 70 114 94 511 374 93 87 88 119 RETAIL FOOD PRICES COST OF LIVING United Encland France Germany United England France Germany States (July, (July, (1913- States (July, (Jan.-June, (1913- (1913 = 100) 1914=100) 1914=100) 14=100) i (1913 = 100) 1914=100) 1914=100) 14=100) i Month Month 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 Januarv 153 147 140 125 February 127 105 136 131 132 115 131 114 Februarjj 152 147 139 122 March 126 105 134 129 131 115 130 114 March.. 150 146 120 108 138 122 April 124 104 129 126 130 115 129 113 April 147 144 137 ••122 May 121 101 129 125 129 114 130 113 May 147 143 137 121 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 1T> September 119 128 119 125 September 145 115 134 October 119 128 116 123 October. 145 133 November 117 130 113 122 November 146 13? December 114 132 113 120 December 146 148 108 130 1 Average of October, 1913, January, April, and July, 1914=100. ' Revised. SOURCES: Wholesale prices—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost ot living.—United States— Bureau of Labor Statistics, Department of Labor; England^—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique G6nerale, and for cost of living, Commission d'etudes relatives au cout dela vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN JULY, 1932 LAW DEPARTMENT Opinion of court with respect to right of Federal reserve per cent of the loans and advancements was required, bank to require collateral security in rediscounting with the result that the Reserve Bank held marginal paper. collateral in an amount equal to the value of the paper rediscounted with it, or approximately $208,000. The Certain questions of importance to Federal amount of the rediscounts and the marginal collateral reserve banks and their member banks were remained approximately the same from 1925, substitudecided by the United States Circuit Court of tions being made in the paper rediscounted and also in Appeals for the Fourth Circuit in the recent the paper held as collateral. On March 19, 1929, the First National Bank of New Bern was organized and case of Lucas v. Federal Reserve Bank of took over the assets and assumed the liabilities of the Richmond. The most important point decided National Bank. The First National became insolvent was that a Federal reserve bank may lawfully and was placed in the hands of a receiver on October take paper which is ineligible for discount as 26, 1929. additional security for the indebtedness of a The requirement by the Reserve Bank that the National Bank deposit with it the $208,000 of additional member bank arising out of the discount of collateral is the basis of all four of the causes of action eligible paper. The opinion of the Circuit contained in the bill. The first proceeds upon the Court of Appeals is published in full below: theory that the Reserve Bank had obligated itself to finance the National Bank in consideration of its tak- [United States Circuit Court of Appeals, Fourth Circuit] ing over the assets and assuming the liabilities of the Peoples' Bank and that the requirement of the deposit No. 3266. W. J. Lucas, jr., et al., appellants, v. Federal of the $208,000 collateral was wrongful because of this Reserve Bank of Richmond, appellee. obligation. It avers that the Reserve Bank "con- Appeal from the District Court of the United States for trary to its promise and agreement, demanded and the Eastern District of North Carolina, at New Bern. pressed for the liquidation of the paper of the National Argued April 19, 1932. Decided June 13, 1932.Bank of New Bern * * * ; restricted its credit to Before Parker, Northcott, and Soper, circuit judges. the National Bank of New Bern and in addition R. A. Nunn and R. E. Whitehurst (W. B. R. Guion on thereto, unlawfully, wrongfully and in violation of its brief) for appellants, and Newton D. Baker (M. G. powers and duties, demanded that said National Bank Wallace and W. H. Lee on brief) for appellee. of New Bern should deposit with it additional notes and bills of its customers * * * to be held by it as PARKER, Circuit Judge: security for any sums due by reason of rediscounts"; This is an appeal from a final decree dismissing a bill that this requirement was unreasonable and unlawful of complaint and intervening petitions adopting its and deprived the National Bank of the use of these .allegations. The complainants were stockholders and bills and notes; that the Reserve Bank refused to surcreditors of the failed National Bank of New Bern and render this additional collateral when demand for same creditors of the failed First National Bank of New was made by the First National Bank, successor of the Bern, which prior to its failure had taken over the National Bank; that this refusal resulted in the inassets and assumed the liabilities of the former. The ability of the First National Bank to meet its obligabill was filed in behalf of complainants and others tions and in its having to close its doors and suspend similarly situated against the Federal Reserve Bank of business; that, as a result of this conduct on the part Richmond; and the National Bank of New Bern and of the Reserve Bank, complainants and those in like the receiver of the First National Bank of New Bern situation have been damaged in the sum of $1,000,000; were mad.e defendants, under an allegation that the and that complainants are entitled to recover of the suit was instituted to enforce rights of the National Reserve Bank the damages sustained by them and to Bank transferred to the First National Bank which the have an accounting of the collateral which the Nareceiver of the latter, notwithstanding demand by com- tional Bank was wrongfully required to deposit with plainants, had refused to enforce. A motion to dismiss the Reserve Bank. was made on the grounds of misjoinder of parties and The allegations of the second cause of action are causes of action and failure to comply with equity rule that the Reserve Bank, under the statute creating it, 27, as well as upon the ground that the bill was without is limited in its acceptance of paper and securities to equity. As we are of opinion that the bill was properly those of the kind eligible for discount under the act; dismissed on the last ground, it is not necessary to that the paper which the Reserve Bank required the consider the others. National Bank to deposit as additional collateral was The bill, which alleges four causes of action, sets not of this character; that the requirement was, forth the following facts basic as to all of them: In the therefore, unauthorized and unlawful; and that this year 1923 the People's Bank of New Bern was found to unauthorized and unlawful conduct produced in the be involved and its assets were taken over and its lia- National Bank and in the First National Bank "a bilities assumed by the National Bank of New Bern, at condition equivalent to insolvency" and resulted in the instance of the defendant Federal Reserve Bank, the closing of the latter with consequent damage to whose officers promised to extend to the National Bank complainants and those in like situation. "such additional accommodations in the way of dis- The third cause of action proceeds upon the theory counts as would be necessary to meet the additional that, in requiring the deposit of the collateral security burden'7 thus assumed by it. The National Bank was by the National Bank, the Reserve Bank obtained a indebted to the Reserve Bank at the time; and shortly preference. It alleges that the Reserve Bank, by reathereafter the latter, notwithstanding its agreement, son of its access to examination made of member banks, required the National Bank to put up additional had "a more intimate knowledge" of the condition of collateral to its indebtedness to an amount equal to 50 the assets of the National Bank and the First National per cent of the face of the paper previously rediscounted. Bank than their own officers; that about the year In 1925 additional collateral to an amount equal to 50 1925 the Reserve Bank determined that the National Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

453 JULY, 1932 FEDERAL RESERVE BULLETIN Bank was insolvent and its assets frozen and uncol- the Federal reserve act limits the class of paper which lectible; and that it thereupon caused the collateral a reserve bank may discount or purchase (12 U. S. C. A. security in question to be transferred to it in contem- 343 and 356), there is no reason why such bank may not plation of insolvency and with a view of obtaining a accept paper ineligible for discount as additional x preference. security for the indebtedness arising out of the discount The fourth cause of action alleges that the Reserve of eligible paper. It is given power by the act (12 Bank required the National Bank and the First Na- U. S. C. A. 341, seventh) to exercise, not only the powers tional Bank to maintain deposit balances with it in an expressly granted therein, but also such incidental amount not less than seven per cent of demand or powers as shall be necessary to carry on the business of three per cent of time deposits and assessed penalties banking within the limitations prescribed; and, that against them for failure to maintain such balances; the power to require and accept additional security, that, by reason of the requirement of the Reserve either for existing indebtedness or for eligible paper Bank that the additional collateral be deposited with discounted, is a power necessary to carry on properly it, they were unable to maintain the required balances the business of banking within the limitations of the and incurred the penalties assessed against them; and act, seems too clear to admit of argument. The fact that under these circumstances the penalties were im- that the paper taken as additional security is ineligible properly assessed and the Reserve Bank should be for discount, ought not and does not preclude its being required to account for same. taken as collateral. The Federal reserve bank is It is clear that the first cause of action states no charged with the duty of defining the paper eligible for ground of relief either in contract or in tort. The discount (12 U. S. C. A. 343); and in a regulation allegation that the Reserve Bank promised to " extend adopted pursuant thereto it has expressly provided such additional accommodations in the way of discounts that eligible paper discounted may be secured by paper as would be necessary to meet the additional burden ineligible for discount. Regulation A, Section II, assumed" sets forth none of the essential terms of a subdivision (e) provides as to eligible paper: contract. It does not show the amount of credit to be " (e) It may be secured by the pledge of goods or extended, the period of the credit, the amount or kind of collateral of any nature, including paper which is insecurity to be deposited as collateral or the interest to eligible for discount, provided it (the note, draft or bill be paid. The court can not see by reading it any of exchange) is otherwise eligible." (Italics ours.) definite agreement which the law could enforce. In the When we consider the reason and purpose of the language of Mr. Justice Holmes, "On the face of it, it Federal reserve act, there would seem to be no doubt does not impart a legally binding promise, but rather a that it contemplates that reserve banks shall have the hopeful encouragement, sounding only in prophecy." right to accept paper not eligible for discount as addi- (Hall v. First Nat. Bank of Chelsea, 173 Mass. 16, 53 tional security for the indebtedness incurred by a N. E. 154.) It is well settled that such a vague promise member bank when eligible paper is discounted. One does not constitute a binding and enforceable contract. of the purposes of the act was to afford assistance to (American Law Institute Restatement of Law of Con- banks in rural sections by providing a means whereby tracts, sec. 32; Williston on Contracts, sec. 37 et seq.; their negotiable paper might be discounted and used 6 R. C. L. 644; Jones v. Vance Shoe Co. (C. C. A. 7th), as a basis for issuing currency. It was the reserve 115 Fed. 707; Hall v. First Nat. Bank of Chelsea, supra; banks which were to discount this paper; and it was, United Press v. New York Press Co., 164 N. Y. 406, 53 of course, contemplated that in discounting same they L. R. A. 288; Brown v. Fahey — Md. —, 146 Atl. 264; should proceed upon sound banking principles. It is Ahlstrom v. Fitzpatrick, 17 Mont. 295, 42 Pac. 757; manifest that much of the paper offered for discount Yerion v. Allison, — Tex. Civ. App. —, 242 S. W. 270.) by rural banks will be paper of persons with whose But, even if we could read a binding agreement into the financial standing the reserve banks will not be familiar, vague promise alleged, it does not appear that the and that, unless the latter are allowed to require addi- Reserve Bank has violated same. It extended to the tional security for the obligations incurred when such National Bank and its successor, the First National paper is discounted, they will be unwilling to discount Bank, a very substantial credit, discounting paper for same. To deny them the right to require or accept them over a period of six years; and it is nowhere such additional security, therefore, would unnecesalleged that the security demanded was other than that sarily restrict them in rendering a service of the required by the dictates of prudence and good banking. greatest importance to the country. And there is no allegation in the first cause of action The section of the Federal reserve act granting inciof any wrongful or oppressive conduct which would sup- dental powers to the Federal reserve banks is practically port a recovery in tort. It is not alleged that the the same as the section granting incidental powers to Reserve Bank made any false or fraudulent representa- national banking associations (12 U. S. C. A. 24, tions to the damage of the National Bank or that it seventh); and, with respect to the incidental powers violated any right of that bank in any other particular. granted the latter, Mr. Chief Justice Waite, in the case The use of the adverbs "unlawfully," "wrongfully" of First Nat. Bank v. National Exchange Bank (92 and "fraudulently" do not add anything to the plead- U. S. 122, 127), said: ing. To state a cause of action it must set forth facts "Authority is thus given to transact such a banking from which the court may see that complainants are business as is specified, and all incidental powers necesentitled to relief, not mere conclusions of the pleader. sary to carry it on are granted. These powers are such (Chamberlain Machine Works v. United States, 270 as are required to meet all the legitimate demands of U. S. 347, 349; Cairo etc. R. Co. v. United States, 267 the authorized business, and to enable a bank to con- U. S. 350, 352; Fogg v. Blair, 139 U. S. 118, 127.) duct its affairs, within the general scope of its charter, As to the second cause of action, it is sufficient to safely and prudently. This necessarily implies the say that, in our opinion, there can be no doubt as to the right of a bank to incur liabilities in the regular course right and power of the Federal reserve banks to take, of its business, as well as to become the creditor of as collateral security to the indebtedness of member others. Its own obligations must be met, and debts banks, paper which is not eligible for discount. While due to it collected or secured. The power to adopt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 FEDERAL RESERVE BULLETIN JULY, 1932 reasonable and appropriate measures for these purposes strong v. Chemical National Bank, 41 Fed. 234, 237; is an incident to the power to incur the liability or Hayden v. Chemical National Bank (C. C. A. 2d), 84 become the creditor." Fed. 874; Rrowne v. Stronach, 7 Fed. (2d) 685.) As It is well settled that, under these incidental powers, said by Judge Wallace in the case of Armstrong v. a national banking association may take, as security Chemical Nat. Bank, supra, " A bank is not in contemfor a loan, collateral of a character in which it is pre- plation of insolvency until the fact becomes reasonably cluded from investing its funds. (Curtis v. Metcalf apparent to its officers that it will presently be unable 259 Fed. 961; Thompson v. St. Nicholas Nat. Bank, to meet its obligations, and will be obliged to suspend 146 U. S. 240; Germania Nat. Bank v. Case, 99 U. S. its ordinary operations." On the other hand, if the 628; Fourth Nat. Bank of Nashville v. Stahlman, 132 officers of the bank make the transfer in contemplation Tenn. 367, L. R. A. 1916A 568 and note.) According of insolvency with a view of granting a preference, the to the allegations here, the ineligible paper was de- transferee's knowledge or want of knowledge is immamanded and taken as additional security after credit terial. (Ball v. German Bank (C. C. A. 8th), 187 Fed. had been extended upon the discount of eligible paper, 750; National Security Bank v. Butler, 129 U. S. 223; although it is a fair inference that it was taken at the Case v. Citizens Bank, 2 Woods 23, Fed. Cas. No. time when new paper was discounted in substitution of 2489.) If the officers have no such knowledge or other paper then retired. It was taken, then, in an intent, it manifestly can not be condemned as prefereffort to collect or secure existing indebtedness; and a ential, whatever may have been the knowledge or contention that the power to take such security for the intent of the transferee. protection of the bank does not exist, is hardly to be While it is alleged that the total of the indebtedness accepted in view of the decisions holding that a national of the National Bank to the Reserve Bank remained bank, for the collection and better security of debts around the same figure from 1923 to 1929, the bill makes owing to it, may acquire corporate stocks (First Nat. it clear that the items out of which the indebtedness Bank v. Nat. Exchange Bank, supra), may buy grain arose were constantly changing. Those items were needed to seed a farm which it has been compelled to notes, drafts, bills of exchange, etc., which the Reserve purchase on execution (Great Bend First Nat. Bank v. Bank has discounted and upon which the National Bank Bannister, 7 Kan. App. 787, 54 Pac. 20), and, although had become liable by indorsement. As the various expressly forbidden to make loans on realty, may take papers matured they were paid off and other papers a mortgage on realty as additional security to a loan were discounted; and it is a fair inference from the a^eady made (Norton Grocery Co. v. Peoples Nat. pleadings that the deposit of additional collateral was Bank of Abindgon, 151 Va. 195, 144 S. E. 501), required as a condition of these discounts. The result Finally, it is clear that, whatever the power of the is that the collateral was deposited not to bolster up defendant with respect to taking as collateral paper and secure an existing debt, but to secure additional not eligible for discount, no one can complain of such advancements through additional discounts. The colaction except the Government, the sovereign which lateral was deposited, therefore, to secure present loans created and limited its powers. (Kerfoot v. Farmers' or moneys advanced as the new discounts were made; & Merchants' Bank, 218 U. S. 281, 286; Thompson v. and it is well settled that a pledge of collateral for this St. Nicholas Nat. Bank, supra, 146 U. S. 240, 251; purpose does not constitute a preference. (Armstrong National Bank v. Matthews, 98 U. S. 621.) v. Chemical Nat. Bank, supra, 41 Fed. 234, 6 L. R. A. Coming to the third cause of action, we think that 226; Stapylton v. Stockton (C. C. A. 5th) 91 Fed. there are three reasons why its allegations charging 326.) preferential transfer can not be sustained: (1) It is not And in view of the fact that the transfers were made charged that the officers of the bank knew it to be in- in 1923 and 1925 and the bank was not found to be insolvent or that they made the transfer in contemplation solvent until 1929, we think that the allegation that the of insolvency; (2) the transfers were made to secure transfers were made in contemplation of insolvency advances and not merely existing loans; and (3) the alle- must be treated as a mere conclusion of the pleader. gations of the bill amount to no more than the conclusion Ordinarily when insolvency follows hard upon the heels of the pleader, in that they fail to allege facts from of the transfer, such allegation is sufficient. But which the court can see that transfers made in 1923 and this court takes judicial notice of the fact that 1925 were in contemplation of an insolvency which oc- national banks are examined semiannually under the curred in 1929. direction of the Comptroller of the Currency and, if The statute avoids as preferential all transfers, as- found to be insolvent, are placed in liquidation. A signments, deposits and payments of a bank "made after contemplation of insolvency for from four to six years the commission of an act of insolvency, or in contempla- appears to us too long a "contemplation" to be retion thereof, made with a view to prevent the applica- ceived seriously, in the absence of allegation of facts tion of its assets in the manner prescribed by this from which the court may see that such contemplation chapter, or with a view to the preference of one creditor really existed. It is true that the pleadings need state over another." (R. S. 5242; 12 U. S. C. A. 91.) The only the ultimate facts; but these must be stated with purpose of the statute was to guard against the wrong- such fulness as would justify a court of equity in grantful or preferential disposition of the assets of a bank by ing relief. And surely no court would be justified in its officers in contemplation of insolvency; and the setting aside as preferential a transfer made four years knowledge and intent which it requires for avoiding a before insolvency, on a bare allegation that it was made transfer relate to knowledge and intent on the part of the in contemplation of insolvency, and with no explanation officers of the bank, who alone have the power to make as to how it was possible for the bank to continue in the transfer. (Roberts v. Hill, 24 Fed. 571, 574; Arm- business in the meantime. While upon a motion to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 455 dismiss, allegations of the bill must be treated as true, additional collateral was not wrongful; and no basis is they must be sufficiently full to justify the relief asked left for the contention as to the penalties. These were in the light of facts of which the court takes judicial imposed under regulations adopted by the Federal notice. Reserve Board pursuant to section 19 of the Federal Little need be said as to the fourth cause of action. reserve act (12 U. S. C. A. 462, 464); ami there is no Complaint as to the penalties exacted rests upon the contention that they were improperly imposed or that allegation that these were imposed as a result of the the regulations were invalid. wrongful requirement of the additional collateral and The decree dismissing the bill will be affirmed. consequent diminution of deposit balance kept with the Affirmed. reserve bank. As we have seen, the requirement of CHANGES IN STATE LAWS RELATING TO BRANCH BANKING On page 258 of the FEDERAL RESERVE BUL- REVISED SUMMARY OF STATE LAWS LETIN for April, 1930, there was published a digest of State laws relating to branch bank- s S ta ta te te -w s p id e e r m b i r t a ti n n c g h S b ta ra te n s c h p e b r a m nk it i t n in g g S i t t a in te g s b p r r a o n h c i h b- St l a e t g e i s s l h a a ti v o i n n g re n - o ing, which was prepared by the counsel's office banking within limited banking garding branch areas banking of the Federal Reserve Board with the assistance of the counsel to the several Federal re- Arizona. Georgia.1 Alabama. Kentucky.2 California. Indiana.3 Arkansas. Michigan.4 serve banks, and which showed the status of Delaware. Iowa.5 Colorado. New Hampshire. Maryland. Louisiana.6 Connecticut. North Dakota. branch banking legislation in the various States North Carolina. Maine.7 Florida. Oklahoma. as of December 31, 1929. Rhode Island. Massachusetts.8 Idaho. South Dakota. South Carolina. Mississippi.9 Illinois. Wyoming. The Federal Reserve Board is advised that, Vermont.11 Montana.10 Kansas. Virginia. New Jersey.12 Minnesota. since December 31, 1929, changes in the law New York.13 Missouri. Ohio.14 Nebraska. with reference to branch banks have been made Pennsylvania.18 Nevada. in eight States: Indiana, Iowa, Montana, New Tennessee.16 New Mexico. Wisconsin.17 Oregon. Jersey, Ohio, South Carolina, Tennessee, and Texas. Utah. Wisconsin; but, according to the board's Washington. advice, there have been no changes in the laws West Virginia. Total, 9. Total, 14. Total, 18. Total, 7. on this subject in any of the other States. Except as to the eight States mentioned, the 1 City or municipality. 2 No provisions regarding branches; but court decisions permit establishdigest contained in the FEDERAL RESERVE ment of additional offices or agencies to receive deposits and pay checks. BULLETIN for April, 1930, represents the situ- 4 3 " S I a n m d e u s c t o ri u a n l t b y. anks" may establish branches in city or village of head ation as it existed on the date of the board's office; but no provisions covering establishment of branches by other banking institutions. most recent information on this subject, viz, s "Office" to receive deposits and pay checks permitted in contiguous May 9, 1932 (except as to New Jersey, with p co os u e n d ti e to s i b f e n l o o c b a a t n e k d . is located in city or town in which such office is prorespect to which information was received as of (Same municipality or parish. 7 Same county or adjoining county. June 14, 1932). 8 Same town. 9 Same city. The new provisions of the laws regarding 10 Consolidated bank may operate offices of consolidating banks if in same or adjoining counties. branch banks in the eight States mentioned, 11 No provisions regarding branches, but state-wide establishment of together with a brief statement as to the man- "agencies" permitted. 12 Same city, town, township, borough or village, and where instituner in which these provisions have changed the tions located in same county have merged, at the locations of the offices of merged institutions in such county. old law, are set forth below; and there is also » City limits. published a summary of the situation in 14 Same city, or city or village contiguous thereto or county or counties in which municipality containing main bank is located. all of the States as it existed at the time 15 Corporate limits of same place. of the board's most recent information on the 16 County in which principal office is located and principal banking business is carried on. subject. 17 Same city, at location of closed bank; and "stations" with limited functions in places deprived of banking facilities in same county. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN JULY, 1932 INDIANA bank is located in the city or town in which such office is proposed to be established, for the By an act passed in 1921, the establishment purpose of receiving deposits, paying checks, of branches in Indiana was prohibited, with and performing other clerical and routine an exception in favor of branches which were duties. The pertinent provisions of the 1931 already chartered; but, on March 11, 1931, the act are as follows: law was amended so as to permit a bank, trust No banking institution shall open or maintain any company, or safe deposit company, with the branch bank. However, as may be authorized by and permission of the State charter board to estab- subject to the jurisdiction of the banking department lish branches in the same county in which it is any banking institution may establish an office for the located but only in a city or town in which no sole and only purpose of receiving deposits and paying checks and performing such other clerical and routine bank or trust company is located; except that duties not inconsistent with this act. No banking inwhere the city or town in which the parent stitution may establish any office beyond those counties institution is situated is a "county seat" of contiguous to the county in which said banking instimore than 50,000 inhabitants it may be au- tution is located nor in a city or town in which there is thorized to establish therein one branch for each already an established banking institution. No office shall be continued at any place after a banking insti- $225,000 of its paid-up and unimpaired capital tution has actually commenced business at that place. and surplus. This amendment provides: Nothing in this act shall prohibit national banks the privileges of this section whenever they may be so SECTION 1. That it shall be unlawful for any per- authorized by Federal law. (Act approved March 13, son, firm or corporation engaged in the business of 1931; Laws of 44th G. A., ch. 203, p. 152.) operating a State bank, private bank, savings bank, or loan, trust or safe deposit company to open, or establish a branch bank without first having obtained MONTANA a charter from the State charter board, and then only in a city or town in which no bank or trust company Branch banks in this State were absolutely is located. All applications for the opening or estab- prohibited by legislation which was enacted in lishing of any such branch bank shall be made to the 1927. In 1931, however, the laws were State charter board and before granting a charter, the amended so as to authorize a consolidated charter board shall ascertain to its satisfaction that the public convenience and advantage will be subserved bank under certain conditions to maintain and and promoted by the opening or establishing of such operate offices in the locations of the consolia branch bank in the community where it is proposed dating banks, if such locations are in the same to be located, and that there is no bank or trust comcounty or adjoining counties. The 1931 legispany located in the city or town, in which it is proposed to establish such branch bank: Provided, however, That lation provides as follows: nothing herein shall be construed to authorize the establishment of any branch bank outside the limits SECTION 1. When any two or more banks located in of the county in which such bank, loan, trust or safe the same county or in adjoining counties shall consolideposit company seeking to establish such branch bank date in accordance with the provisions of section 94 of is located; and, Provided, further, That nothing con- chapter 89, laws of 1927, as amended, the consolidated tained herein shall prevent the establishment of a bank may, if it has a paid-up capital of seventy-five branch bank for each $225,000 of its fully paid up and thousand dollars ($75,000) or more, upon the written unimpaired capital and surplus by any national bank, consent of the superintendent of banks and under rules and regulations promulgated by him, maintain and State bank or loan and trust and safe deposit comoperate offices in the locations of the consolidating pany located in any city having a population of more banks. than 50,000, according to the last preceding United States census, and being a county seat, within the SEC. 2. All acts and parts of acts in conflict herecorporate limits of said city, where a charter has been with are hereby repealed. granted by the State charter board after due consid- SEC. 3. This" act shall be in full force and effect eration of the needs of the community in which such from and after its passage and approval. (Act branch bank is proposed to be established and of the approved March 9, 1931; laws of 1931, ch. 129.) welfare of any other bank theretofore established in said community. (Act approved March 11, 1931; NEW JERSEY acts of 1931, ch. 140.) IOWA A bank or trust company in New Jersey is authorized to establish and maintain branch By an act approved April 18, 1927, banks in offices or agencies under certain conditions this State were prohibited from establishing within the city, town, township, borough, or branch banks; but on March 13, 1931, this village in which such bank or trust company prohibition was qualified somewhat by an is located. (See 1930 FEDERAL RESERVE amendment which permits, with the approval BULLETIN, page 262.) Banks and trust comof the banking department, the establishment panies located in the same municipality have of an "office7' in contiguous counties, if no been heretofore authorized to merge with each Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 457 other and to continue to conduct business at which the municipality containing the main the locations of the offices theretofore estab- bank is located." This provision reads as lished by the merged corporations provided follows: certain capital requirements are met. By an * * * No branch bank shall be established act approved June 14, 1932, two or more banks until the consent and the approval of the superintendand/or trust companies located in the same ent of banks has been first obtained, and no bank shall county (as well as those located in the same establish a branch bank in any place other than that designated in its articles of incorporation, except in a municipality) are authorized to merge and to city or village contiguous thereto, or in other parts of continue to conduct business at the locations the county or counties in which the municipality conof the offices theretofore established by the taining the main bank is located. If such consent and merged corporation in such county provided approval is refused, an appeal may be taken therefrom in the same manner as is provided in section 710-45 of the prescribed capital requirements are met. the General Code. (Ohio General Code, sec. 710-73.) That part of the act of June 14, 1932, which authorizes the continuance of business at the SOUTH CAROLINA locations of the offices of the merged corporations, reads as follows: The law in effect in this State on December 31, 1929, did not contain any provisions ex- 9. The corporation into which the other corporation or corporations shall have been merged as herein pro- pressly authorizing a bank to establish branches, vided, with the written approval of the commissioner although such establishment was authorized by of banking and insurance, may continue to conduct implication by legislation which was enacted in business at the location or locations of the office or 1928. That legislation provided that a bank offices theretofore established by the merged corporations, in the same county when the merger is under should have an unimpaired capital of at least section 1A of this act (providing for mergers of corpo- $25,000, for each branch established, in excess rations located in the same county) or in the same city, of the requirements for the organization of the town, township, borough or village when the merger bank. Amendments to the law regarding is under section IB of this act (providing for mergers of corporations located in the same municipality) and branches were enacted in 1930, however, which under such office designations as the commissioner of increase considerably the amount of capital banking and insurance may approve: Provided, the required for the establishment of branches. paid-in capital of the corporation into which such cor- The 1930 legislation provides: poration or corporations shall have been merged shall, if it be a bank, be at least $50,000, and if it be a trust That from and after the passage of this act branch company at least $100,000, for each office thereafter banks shall be required to have subscribed to and paid to be maintained by it: And provided, further, that such in cash, or allocated to, for each branch established, the continuing corporation resulting from a merger under same amount of capital stock and surplus as is now section IB of this act shall maintain but one office required for the establishment of independent banks within the corporate limits of a city, town, township, in any given locality in South Carolina. borough or village, where the population by the last All acts or parts of acts inconsistent herewith are decennial census is less than 25,000; not more than two hereby repealed. (Act of S. C. 1930, No. 813, p. 1353). offices where such population by said census is more than 25,000 and not more than 50,000; not more than three offices where such population by said census is TENNESSEE more than 50,000 and not more than 100,000; and where By an act approved April 6, 1925, a "corsuch population is more than 100,000 only such number of offices as the commissioner of banking and insurance poration, firm or individual now or hereafter may approve. (Act approved June 14, 1932; ch. 198, doing or carrying on a banking business in the P. L. 1932.) State of Tennessee77 was prohibited from establishing any branch "in any place whatso- OHIO ever other than the county of this State Under the laws of this State which were in wherein such banking business is carried on." effect on December 31,1929, a bank was author- The corresponding provision in the new code ized, "with the consent and approval of the of Tennessee, which became effective January 1, superintendent of banks," to establish a branch 1932, prohibits the establishment of a branch, but such establishment was restricted to "a after April 6, 1925, "in any place whatsoever city or village contiguous " to the place in which other than the county wherein its principal the bank's main office was located. The power office is located and its principal banking busiof a bank in this connection was broadened, ness is carried on." The provisions of the new however, by an amendment which became code on this subject are set out below: effective August 27, 1931, and which authorizes This law shall not apply to branch banks, offices, or a bank to establish a branch as stated above agencies maintained and operated on April 6, 1925, by "or in other parts of the county or counties in any corporation, firm or individual doing or carrying Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN JULY, 1932 on a banking business in the State in places other than the operation in said village by another bank of a rethe county of this State wherein such banking business ceiving and disbursing station in said village but any is carried on. (Code of Tenn. 1931, sec. 5949.) such permit shall be subject to revocation at any time, No corporation, firm, or individual, after said after reasonable notice and hearing, by the commisdate, shall create and operate any branch bank, office, sioner of banking. Any such permit shall be issued or agency, for the purpose of receiving or discounting only for a period of not to exceed three years and shall bills or notes in any place whatsoever other than the not be renewed unless the commissioner is satisfied that county wherein its principal office is located and its renewal of such certificate (rather than the organizaprincipal banking business is carried on. (Code of tion of a new bank or any other method) is reasonably Tenn. 1931, sec. 5950.) necessary to afford banking facilities in said community. No bank shall be permitted to maintain more than three such stations, nor shall any such station be main- WISCONSIN tained outside the county in which the bank maintaining same is located. No banking business shall be Prior to January 23, 1932, the establishment transacted at any such station other than receiving and of branches by banks and trust companies in paying out deposits, issuing drafts and travelers' checks Wisconsin was prohibited, with an exception and cashing checks and drafts. Under like conditions, a like permit may be issued for maintaining such a rein favor of branches established by a bank ceiving and disbursing station in an unincorporated prior to May 14, 1909. Under an act passed village, provided that there is a population of not to January 23, 1932, a bank may be authorized exceed eight hundred persons residing within one mile by the commissioner of banking, under certain from the location of said station. No such station shall be permitted within three miles of any existing bank prescribed conditions, to establish a receiving which is actually transacting a banking business. If and disbursing station in a small community at any time the deposits in the bank maintaining such which has been deprived of necessary banking station, of persons who have used such disbursing stafacilities through the closing of or cessation of tion for deposits or withdrawals shall exceed the sum of three hundred thousand dollars, the permit to maintain business by a bank located in the community. such station shall be revoked and the station discon- No bank may be permitted to maintain more tinued. All deposits made at any such station shall be than three such stations nor may it maintain deposits in the bank maintaining the same and such any such station outside the county in which bank shall be liable for the payment of same on the same basis as other deposits of said bank. No bank it is located. No banking business may be shall be permitted to maintain any such station if more transacted at any such place other than re- than 10 per cent of the outstanding stock of such bank ceiving and paying out deposits, issuing drafts shall be owned or controlled by any corporation or corand travelers' checks, and cashing checks and porations, investment trust or trusts, association or associations, common lawT trust or trusts, provided that drafts. Authority is also given by the act of stock, held by an administrator, guardian, executor January 23, 1932, for a bank, upon purchasing under a will or by a testamentary trustee shall not be the assets of a closed bank in the city in which deemed held by a trust within the meaning of this it is located, with the approval of the com- section. If the commissioner of banking shall find that after the closing of any bank in this State, any other missioner of banking and subject to certain bank in the same city is willing to purchase the assets prescribed conditions, to establish a branch of the closed bank at a price approved by the commisoffice at the location of the closed bank. The sioner of banking and by the circuit court having jurisdiction over the rratter, provided such bank is perprovisions of the new statute in Wisconsin on mitted to operate a bank at two locations in the same this subject are as follows: city, which are at least one and one-half miles apart, then the commissioner of banking may issue a license (221.25) (4) If the commissioner of banking shall to such bank to establish and operate its banking find that, due to the closing of or cessation of business business in any two such locations in the same city, by a bank in this State after * * * July 1, 1929, upon the making of such agreement to purchase such any village in this State having a population of less assets. (Sec. 4 of ch. 15, laws of 1931-32 special than eight hundred persons has been deprived of necessession; act of January 23, 1932.) sary banking facilities, the commissioner may permit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

459 JULY, 1932 FEDERAL RESERVE BULLETIN 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 June 1 June 8 June 15 June 22 June 29 June May June Boston 30, 204 29, 534 29, 555 28, 721 27, 698 New York 105,101 100,464 101, 745 103,409 108, 676 Philadelphia. 64, 230 64,160 65,162 67, 449 67, 542 Boston 29.8 30. 11.3 New York 103.7 101. 33.0 Cleveland 50, 212 55, 674 59, 427 45, 345 43,670 Philadelphia. _ 66.2 62. 19.4 Richmond . .. .. 25,149 25, 284 24, 537 25, 127 25,891 Cleveland 51.8 56. 17.8 Atlanta 34, 045 37, 549 32, 332 33, 079 27,804 Richmond 25. 3 24. 19.4 Atlanta.. 33.7 31. 12.7 Chicago 30, 330 33, 973 29, 868 34.109 34,084 Chicago 33.5 33. 16.2 St. Louis 16,421 13, 506 13,039 12, 856 11,962 St. Louis 13.3 13. 7.8 Minneapolis 11,056 10, 453 10, 537 10, 676 10, 305 Minneapolis... 10.6 12. 4.2 Kansas City... 24.1 27. 11.6 Kansas City 25, 585 25, 947 25, 269 21, 942 20,303 Dallas 13.7 11. 10.0 Dallas 12, 625 15, 099 15,175 12, 510 11,633 San Francisco. 89.4 80. 24.6 San Francisco 89, 643 90, 268 89, 5£3 92, 983 SO, 260 Total.... 495.0 486. 5 187.8 Total 494, 601 501,911 496, 239 488, 206 469, 828 RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Total deposits Federal res l e a r t v i e o n n o i tes in circu- Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 June May June Jane May June June May June June May June Boston 225, 061 237,618 229,662 139,217 131,998 144,694 195, 560 190, 230 135,329 67.2 73.7 82.0 New York. 785,489 903, 029 1, 234, 514 957, 515 1, 046,840 1, 077,958 574,967 570, 724 283,390 51.3 55.8 90.7 Philadelphia 206,897 233,548 263,369 122, 918 123, 745 150, 588 248,848 249,982 147,615 55.7 62.5 88.3 Cleveland 247, 224 287,110 330,198 149,517 151,153 197,920 288,656 291, 757 196,348 56.4 64.8 83.7 Richmond 80, 764 90, 047 90, 551 62,453 55, 202 64, 672 88, 749 91, 858 72, 581 53.4 61.2 66.0 Atlanta _ 82, 558 115, 566 147, 909 48,148 50, 343 59, 291 113,393 115, 713 123,856 51.1 69.6 80.8 Chicago 701,788 687,865 574,538 317, 735 314,447 333,850 607, 513 549,586 317, 263 75. S 79.6 88.2 St Louis 83,689 106, 944 112, 892 59, 522 61, 404 73, 673 91,032 90, 430 72, 988 55.6 70.4 77.0 Minneapolis 60, 759 73, 858 68, 718 43, 689 43, 201 50, 615 74, 389 72, 788 47,945 51.5 63.7 69.7 Kansas City 82, 020 92, 959 98,343 72, 005 70, 340 83, 728 81, 821 80, 763 62,874 53.3 61.5 67.1 Dallas 44, 017 48, 536 47, 392 47, 452 50, 652 56, 244 35, 213 35, 672 27,102 53.3 56.2 56.9 San Francisco 198, 959 241,173 292, 265 145, 726 150, 977 189,486 230, 010 222, 649 168, 980 53.0 64.5 81.5 Total 2, 799,225 3,118,253 3,490,351 2,165,897 2, 250, 302 2,482, 719 2,630,151 2, 562, 152 1,656, 271 58.4 64.8 84.3 i Includes " Federal reserve notes of other reserve banks" as foLows: Latest month, $14,406,000; Month a^o, «$14,406,000; year ago, $15,657,000. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN JULY, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, JUNE 30, 1932 [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - RESOURCES Gold with Federal reserve agents 1,956,267 167,127 449,572 148, 700 173,970 44,650 58,500 600,595 57, 570 38,105 50, 680 30,535 136,263 Gold redemption fund with U. S. Treasury 59,784 2,162 13,855 6,276 6,245 2,422 3,593 10,160 2,297 2,118 2,534 7,213 Gold held exclusively against Federal reserve notes 2,016,051 169,289 463,427 154,976 180, 215 47, 072 62,093 610, 755 59,867 40, 223 53,214 31,444 143,476 Gold settlement fund with Federal Reserve Board 223,421 12, 594 77,772 4,488 25,134 1,975 5,206 36,015 9,379 12, 540 10,842 5,395 22,081 Gold and gold certificates held by banks 338,337 15,435 199, 087 9,976 18,076 6,575 8,345 31,002 4,949 3,053 11,036 4,176 26,627 Total gold reserves 2,577, $ 197,318 740,286 169,440 223,425 55,622 75,644 677, 772 74,195 55,816 75,092 41,015 192,184 Reserves other than gold 20,075 51,226 30,857 17,698 10,577 5,550 24,247 9,616 3,792 6,378 9,422 9,370 Total reserves. 2, 776,617 217,393 791,512 200,297 241,123 66,199 81,194 702,019 83,811 59,608 81,470 50,437 201, 554 Nonreserve cash 67,493 4,974 17,408 3,020 3,426 3,234 4,922 13,875 3,529 2,060 2,043 3,560 5,442 Bills discounted: Secured by U. S. Government obligations, _. 156,751 11,933 55,867 23,238 15,479 5,437 4,391 9,016 6,704 1,134 1,376 1,077 21,099 Other bills discounted... 283,239 15,024 42,102 43, 770 26,596 20,176 19,292 22, 782 3,878 9,096 17, 037 10,307 53,179 Total bills discounted.- 439, 990 26, 957 97, 969 67, 008 42,075 25,613 23,683 31, 798 10,582 10, 230 18,413 11, 384 74,278 Bills bought 66,594 4,350 15,114 3,182 6,230 3,110 2,246 20, 255 1,004 631 891 930 8,651 U. S. Government securities: Bonds... 437,671 20,527 182, 388 29,966 41,116 9,736 13,412 60, 896 13, 287 16, 847 11,357 14, 047 24, 092 Treasury notes 269,845 14, 980 94,497 20, 510 27,842 7,334 8,024 50, 362 9,634 6,964 8,500 3,049 18,149 Certificates and bills 1,076,205 71,222 407,660 82, 022 110,402 30,063 32, 929 152,122 39,494 28,531 34,859 12,500 74,401 Total U. S. Government securities 1,783,721 106,729 684,545 132,498 179,360 47,133 54,365 263,380 62,415 52, 342 54,716 29,596 116,642 Other securities. 5,214 3,117 1,556 500 41 Total bills and securities 2,295,519 138,036 800,745 204,244 227,665 75,856 80, 794 315,433 74,001 63,244 74,020 41,910 199,571 Due from foreign banks 3,655 292 1,315 395 369 146 135 514 18 11 106 102 252 Federal reserve notes of other banks . 13,325 348 5,134 364 940 881 1,807 761 307 926 263 Uncollected items 354,565 43,182 107,267 29,264 32,440 27,604 8,611 41,000 12,766 8,440 16,644 9,559 17, 788 Bank premises 58,086 3,336 14,817 2,874 7,966 3,612 2,489 7,827 3,461 1,835 3,649 1,787 4,433 All other resources 45,462 1,976 24,962 934 1,328 3,838 3,647 2,561 1,454 1,495 904 1,232 1,131 Total resources 5,614,722 409,537 1,763,160 441,392 515,257 181,275 .182,673 1,085,036 179,801 137,000 179,762 108,850 430,979 LIABILITIES Federal reserve notes in actual circulation 2, 794,963 199,885 596,278 251,997 289, 037 111,737 727,182 93,433 75,740 83,103 36,761 241,742 Deposits: Member bank—reserve account 1,982,127 133,632 895,746 115,408 145,449 48,825 43,363 253,466 55,355 41, 362 67,376 47,846 134,299 Government 3,756 175 866 116 341 50 93 91 358 326 317 364 659 Foreign bank 9,C02 637 3,352 863 847 335 310 1,123 293 185 243 235 579 Other deposits.._ 33,378 130 19,010 62 3,243 101 386 3,892 752 590 77 294 4,841 Total deposits 2,028,263 134,574 918, 974 116,449 149,880 49, 311 44,152 258, 572 56,758 42,463 68, 013 48, 739 140,378 Deferred availability items... 343,845 42,608 101^830 28,066 31,645 26,085 8,906 39,662 13,883 7,983 15,727 9,382 18,068 Capital paid in 154,812 11,518 59,185 16,243 14,266 5,215 4,875 17,322 4,478 2,923 4,069 3,933 10,782 Surplus 259,421 20, 039 75, 077 26,486 27,640 11,483 10,449 38,411 10, 025 6,356 8,124 7,624 17, 707 All other liabilities. 33,418 913 11,816 2,151 2,789 1,113 2,554 3,887 1,224 1,535 726 2,408 2,302 Total liabilities S 614,722 409,537 1,763,160 441, 392 515,257 181,275 182,673 1,085.036 179,801 137,000 179,762 08,850 430, 979 Reserve ratio (per cent) 57.6 65.0 52.2 54.4 54.9 48.2 52.1 71.2 55.8 50.4 53.9 59.0 52.7 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent 3,028,396 217,182 672, 030 260,410 297,619 92,933 129,288 774,433 100, 799 78,186 90,612 42,218 272,686 Held by F. R. bank 233,433 17,297 75,752 8,413 8,582 4,865 17,551 47,251 7,366 2,446 7,509 5,457 30,944 In actual circulation... 2,794, 963 199,885 596,278 251,997 289,037 88,068 111,737 727,182 93,433 75,740 83,103 36,761 241,742 Collateral held by agent as security for notes issued to banks: Gold 1,956, 267 167,127 449,572 148, 700 173,970 44,650 58,500 600,595 57,570 38,105 50,680 30,535 136,263 Eligible paper 452,596 28,910 100,204 66,787 45,015 27,484 23,967 47,596 9,897 9,771 18,041 11,336 63,588 U. S. Government securities 634,500 21,400 126,000 45,000 80,000 21,000 47,000 130,500 33,500 30,600 24,000 500 75,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 461 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Borrowings at Federal reserve Reserves held banks Federal reserve district Total Excess 1932 1931 1932 1931 1932 1931 May April May May April May May April May Boston 126.4 116.6 142.2 14.1 2.6 1.9 30.2 34.0 10.6 New York 1,004.0 910.6 ,008.8 163.3 95.8 23.1 101.5 119.4 37.4 Philadelphia.. 116.5 116.0 147.0 2.5 2.0 4.0 62.7 73.7 18.2 Cleveland 141.1 141.7 192.8 2.4 2.8 3.8 56.8 86.6 14.1 Richmond 50.1 50.7 62.4 1.4 1.2 2.7 24.4 29.2 15.9 Atlanta 46.0 47.1 58.2 2.5 2.2 2.5 31.3 34.5 11.0 Chicago 304.4 262.6 334.0 72.0 29.9 9.3 33.7 46.2 13.5 St. Louis 56.8 57.7 73.9 3.7 3.1 3.9 13.9 16.7 7.4 Minneapolis.. 40.5 41.4 48.6 2.5 2.8 2.6 12.0 9.5 3.9 Kansas City.. 67.3 66.4 81.7 5.8 4.6 4.7 25.9 29.7 9.5 Dallas 45.3 46.3 56.3 2.8 2.9 1.8 11.7 12.6 8.5 San Francisco. 139.4 138.9 181.1 4.3 2.4 6.4 80.1 106.8 12.6 Total... 2,137. 7 1, 996. 0 2, 387.1 277.1 152.1 66.8 483.9 19.1 162.6 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 1S31 May April May May April May May April May May April May Boston . . _. 936 953 1,184 697 698 853 80 81 97 144 145 161 New York 6,143 5,944 7,125 1,882 1,894 2,616 222 218 276 487 491 588 Philadelphia 807 806 1,023 603 602 761 148 151 183 404 406 459 Cleveland 665 967 1,348 1,016 1,016 • 1,349 138 140 178 266 267 322 Richmond- 329 336 400 292 291 355 80 83 108 163 164 201 Atlanta 316 326 418 289 288 310 63 69 87 66 69 81 Chicago 1,565 1, 573 2,180 1,275 1,270 1,828 166 166 235 254 258 359 St Louis 369 385 500 308 307 371 95 92 125 98 100 122 Minneapolis 199 202 248 201 203 216 111 112 141 207 210 242 Kansas City. . . ... 403 404 508 214 215 245 180 183 236 118 120 141 Dallas 298 303 379 157 157 194 137 142 185 34 34 39 San Francisco 827 848 1,109 1,500 1,477 1,798 103 106 148 114 115 139 Total. _ 13,157 13, 046 16, 422 8,433 8,419 10, 896 1,522 1,543 1,998 2,354 2,379 2,853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN JULY, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i l l i - a a - C la le 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 n M o e l a i i n p s - - K C an it s y as Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Loans and investments: June 1 19 016 1,208 7,632 1,090 1,936 575 509 2,451 563 335 543 385 1,739 6,635 1,353 June 8 18, 712 1,194 7,471 1,084 1,931 573 505 2,437 532 332 535 384 1,734 6,430 1,346 June 15 19, 087 1,219 7,677 1,108 1, 953 584 517 2,483 536 334 539 394 1,743 6,645 1,392 June 22 18 819 1,195 7,493 1,108 1,940 534 507 2,461 531 334 537 393 1,736 6,462 1,376 June 29_ __ 18, 754 1,190 7, 556 1,105 1,931 582 501 2,372 533 333 535 388 1,728 6,534 1,299 Loans: June 1 11,631 792 4,526 643 1,187 339 336 1,723 323 198 277 248 1,034 3,875 916 June 8 11 397 774 4,354 645 1,185 336 333 1,698 319 197 277 246 1,033 3,703 896 June 15 11,515 791 4,469 641 1,180 337 334 1,707 316 196 274 243 1,027 3, S24 911 June 22 11 297 767 4,289 642 1,179 335 331 1,704 313 196 273 242 1,026 3,645 911 June 29 11, 263 772 4,293 640 1,178 334 328 1,679 306 197 272 242 1,022 3,653 894 On securities- June 1 _ 4,907 305 2,090 325 539 129 110 800 122 55 80 76 276 1,815 526 June 8 4,798 294 2,012 322 537 126 111 786 125 55 80 77 273 1,737 513 June 15 4 828 303 2,032 320 535 125 112 795 123 56 79 76 272 1,759 525 June 22 4,778 294 1,992 320 534 125 111 799 122 56 79 75 271 1,720 530 June 29 4 745 293 1,967 319 534 126 110 796 118 56 78 75 273 1,696 532 All other- June 1 __ 6,724 487 2,436 323 648 210 226 923 201 143 197 172 758 2,060 390 June 8 6 599 480 2,342 323 648 210 222 912 194 142 197 169 760 1,966 383 June 15 _ 6,637 488 2,437 321 645 212 222 912 193 140 195 167 755 2,065 386 June 22 - - 6,519 473 2,297 322 645 210 220 905 191 140 194 167 755 1,925 381 June 29 6 518 479 2,326 321 644 208 218 883 188 141 194 167 749 1,957 362 Investments: June 1 7 385 416 3,156 442 749 236 173 728 240 137 266 137 705 2,760 437 June 8 7,315 420 3,117 439 746 237 172 739 213 135 258 138 701 2,727 450 June 15 7,572 428 3,208 467 773 247 183 776 220 138 265 151 716 2,821 481 June 22 7 522 428 3,204 466 761 249 176 757 218 138 264 151 710 2,817 465 June 29 _. _ 7,491 418 3, 263 465 753 248 173 693 227 136 263 146 706 2,881 405 U. S. Government securities- June 1 ._ 4,032 221 1,916 172 402 112 88 403 60 66 136 80 376 1,777 244 June 8 _ 4 077 224 1,927 169 402 113 87 422 82 65 131 82 373 1,789 265 June 15 4, 338 232 2,020 197 429 122 98 462 90 68 138 94 388 1,878 300 June 22 4,298 230 2,024 196 418 120 91 447 88 69 138 94 383 1,881 287 June 29 4,254 222 2,061 195 410 119 89 390 99 67 138 89 375 1,921 232 All other- June 1 3,353 195 1,240 270 347 124 85 325 180 71 130 57 329 983 193 June 8 3 238 196 1,190 270 344 124 85 317 131 70 127 56 328 938 185 June 15 "__ 3,234 196 1,188 270 344 125 85 314 130 70 127 57 328 943 181 June 22 __ __ 3,224 198 1,180 270 343 129 85 310 130 69 126 57 327 936 178 June 29 3 237 196 1,202 270 343 129 84 303 128 69 125 57 331 960 173 Reserves with Federal Reserve banks: June 1 1,658 101 832 68 104 36 29 268 31 27 47 28 87 781 207 June 8 1,639 96 793 71 103 48 29 282 37 21 49 26 84 741 221 June 15__ 1,637 102 792 75 109 44 30 264 38 21 48 25 89 742 206 June 22 1 611 101 815 70 105 41 28 241 35 21 46 26 82 762 181 June 29 ___ 1,584 96 750 ' 69 108 35 28 268 40 21 45 32 92 696 199 Cash in vault: June 1 202 16 51 12 24 12 7 35 7 5 12 6 15 40 16 June 8 __ 205 16 53 12 25 13 7 35 6 5 12 6 15 41 16 June 15 205 16 54 12 25 12 6 35 6 6 12 6 15 40 16 June 22 213 16 53 12 25 12 7 43 6 5 13 6 15 40 23 June 29 . 240 16 57 12 26 12 7 62 7 5 13 6 17 45 40 Net demand deposits: June l._ 11,102 719 5, 539 612 838 278 223 1,310 261 182 359 230 551 5,065 892 June 8 10, 991 706 5,425 620 833 286 223 1,314 284 174 352 229 545 4,967 905 June 15 11 119 713 5,481 628 830 288 223 1,345 289 176 35& 229 559 5,013 916 June 22 . 10,926 702 5,361 626 832 287 219 1,316 281 174 357 225 546 4,898 894 June 29 _ 10,925 701 5,415 632 845 279 218 1,234 287 177 360 227 550 4,934 820 Time deposits: June l._ __ 5,664 417 1,199 267 818 227 194 990 207 147 179 126 893 767 391 June 8 5,624 413 1,190 264 815 225 193 983 203 145 179 127 887 759 384 June 15__ -. 5,601 412 1,181 265 816 226 192 980 201 144 178 127 879 758 382 June 22 5,568 408 1,172 264 812 228 191 969 201 145 178 127 873 755 374 June 29 5,542 406 1,167 264 814 227 192 937 200 143 178 127 887 756 345 Government deposits: June 1 243 21 97 27 14 9 18 21 5 2 4 8 17 90 16 June 8__ _ _ 114 9 44 12 7 4 9 12 2 1 2 5 7 40 8 June 15 457 24 180 41 39 18 26 43 10 4 10 25 37 166 31 June 22 394 20 155 35 34 15 22 38 9 3 9 22 32 143 27 June 29-_ 340 17 133 30 29 13 19 33 7 3 8 20 28 123 23 Due from banks: June 1 1,202 114 120 106 73 72 62 233 59 52 102 84 125 75 155 June 8 1,203 122 109 97 74 68 60 220 80 58 108 81 126 66 144 June 15 1,246 110 126 98 77 74 62 219 82 55 123 83 137 76 141 June 22 1,225 115 113 100 76 77 63 217 81 48 130 82 123 71 131 June 29 1,167 107 131 89 72 70 62 204 64 47 123 76 122 79 126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 463 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO— Continued Federal Reserve District City Total B to o n s- Y N o ew rk P p d h h e il l i - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . is n M e o a l i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Y N o ew rk c C a h g i o - Due to banks: June l-_ 2,740 136 1,159 172 211 86 75 378 99 59 136 77 152 1,100 277 June 8 2,727 135 1,140 168 211 87 78 370 99 62 138 79 160 1,082 273 June 15 ______ 2,747 137 1,150 170 212 85 76 385 94 57 139 74 168 1,093 290 June 22 2,660 133 1,110 173 211 85 72 352 94 55 142 75 158 1,054 259 June 29 ___ -._ 2,581 126 1,077 164 212 81 71 328 88 56 142 73 163 1,021 233 Borrowings from Federal reserve banks: June 1 197 4 31 10 28 7 19 8 5 1 10 2 72 3 June 8 207 4 29 9 36 7 22 10 3 1 10 4 72 4 June 15 _ __ 198 4 29 9 36 6 18 8 2 1 9 4 72 5 June 22 189 3 29 10 23 7 19 13 3 1 6 1 74 10 June 29 167 2 30 8 24 7 14 11 2 1 4 1 63 8 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper s L to o c a k n - s e x se c c h u a r n e g d e b c y o l p la r t i e m ra e l Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal reserve bank or branch 1932 1931 1932 1931 1931 1932 1931 city June May June June May June June May June June May June Boston 4 -5 4 -5 3 -4 5 -6 5 -6 5 -5 5 -5 New York 4 -43* 4 -4J. J4 43^-5 43^-5 4 -5 4 -43/ 4 -A 4H-5 Buffalo 5 -6 5 -6 5 -6 534-6 53^-6 53^-6 6 6 6 6 6 334-43- 5 -6 5 -6 4 -6 5 -5H 5 -5H 4 -5 Philadelphia 5 -6 5 -6 5 -6 4 -5 5 -6 5 -6 5 -6 6 6 Cleveland 5 -6 43^-6 534-6 53^-6 5 -6 6 6 5 -6 5 -6 Cincinnati 534-6 5^6 534-6 6 -7 5 -6 5 -6 Pittsburgh 5 -5} 5 -5K 534-6 534-6 6 5 -5 43^-5 Richmond 5 -6 5 -6 43/_-6 5 -6 5 -6 5 -6 5 -6 5 -6 Baltimore 534-6 5 -6 5 -6 534-6 6 5 -6 Charlotte Atlanta 5 -5 5 -6 6 -63 5 -7 434-6 5 -6 4 -5 5 -6 5 -534 Birmingham 5 -6 6 -7 634-7 634-7 5 -8 634-7 6 -8 6 67 5 -6 J N N a a e c w s k h s v o O i n l r v l l e e il a l n e s 5 -8 6 5 5 - - 6 8 6 5 3^ - - 8 7 6 6 5 3^ - - 8 7 6 5 5 - - 6 7 6 H 6 5 - - 7 8 6 6 -8 6 -7 6 6 6 514-6 6 6 6 6 534-6 434-6 Chicago 4 -5 4 -5 3344 4 -5 4H-5 474—0 7 Detroit 534-6 434-5 534-6 6 534-6 6 St. Louis 414-5H 33^-5 434-6 434-6 4H-6 5 -6 5 —53> 5 -6 4 -6 Little Rock 6 -7 6 -7 5K3 6H-7 63^-7 6 -e 7 -7i 6 6 -63- 6 Louisville 6 6 6 534^ 534-6 6 5 -6 5 -% 5 -6 Minneapolis 3 -5 5 -5H 5 -5H 5 -6 4 -4 3 -5 3 -5 5H-6 5^-6 5 -6 Helena 7 -8 7 -8 7 -8 6 -8 6 -8 6 -8 6 -8 6 -7 6 -7 6 -8 Kansas City 4 -6 5V2-S 5 -6 5 -6 5 -6 5 -6 534-6 5 -6 Denver 4 -6 6 -6> 63^-7 6 -8 6 6 Oklahoma City 6 53^-6 6 -8 6 -8 6 -8 6 Omaha 53^-6 5 6 -63 6 -6H 6 Dallas 5 -6 5 -6 43^-6 6 -7 5 -7 53^-6 5M-6 5 5 -5*4 5 -P El Paso 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 8 8 5 -6 5 -f 6 Houston 534-6 5K-6 5 -6 534-7 5H-7 5 -7 534-6 5 -6 5 -5} 5 -5H 43^-6 San Antonio 5 -7 5 -7 534-6 6^7 6 -7 6 -7 6 -8 634-8 6 -8 6 534-6 San Francisco 43^-5 5 -6 5 -6 5 -6 53^-6 53^-6 5 Los Angeles 534-6 5>6 6 -Q 5 -7 6 6 -6M 6 -7 6 S P a o l r t t l L a a n k d e City 6 -7 6 6 6 - -8 6) 5 -7 6 6 6 6 -e 6 y2 6 6 -7 7 6 -7 6 Seattle 5 -7 5 -7 6 -7 6 -6 6H-7 •614-7 634-7 Spokane 6 -6} 6 —63> 6 -7 6 -7 6H7 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

464 FEDEKAL RESERVE BULLETIN JULY, 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 only. In thousands of dollars] Total " i d W n a i y 1 t s h 5 - d 16 a 3 y 0 t s o 31 d a to y s 60 61 d a to y s 909 m 1 t o o d n a 6 th y s s m O o v n e t r h 6 s 1931 1932 Bills discount- Net Net ed: Month Ship- Re- ship- Ship- Re- ship- June 1 494, 601 355, 698 35, 449 46,420 34, 265 21, 856 913 ments ceipts ments ments ceipts ments June 8 501,911359,396 36,443 46,978 36,323 21,856 915 to from (-)or to from (-)or June 15 496, 239 354, 211 36, 911 44, 680 36, 272 23, 245 920 EuropeEurope receipts EuropeEuropereceipts June 22 488, 206 347, 447 313,, 00884448, 812 34,687 23, 381 795 (+) (+) June 29 469,828 326,127 31L,458 51, 548 36,725 23,188 782 Bills bought in open market: J J J A A M M S D F O N u u a e e p u e o c a n n l a p b r y c g y v t e r u t i o e r u c e l e u a b m s h m m t r a e b y b b r r e y e e . . . . r r r . . . . . . . 1 8 2 3 8 3 1 1 0 , , , , , , , , 8 3 5 5 2 2 4 0 9 4 1 8 1 2 7 5 2 3 8 1 7 3 5 0 1 3 0 6 6 3 5 8 0 0 2 1 4 3 2 3 1 3 7 1 , , , , , , , , 0 9 7 8 3 1 4 7 2 7 0 5 5 2 6 0 6 6 7 9 4 9 3 8 1 3 3 0 9 4 9 3 9 0 9 8 + + + + - - - 8 9 5 3 8 2 6 + + + - - , , , , , , , 0 8 5 4 1 5 5 2 9 5 4 8 3 6 4 1 6 8 5 0 8 2 9 3 2 2 3 7 7 1 4 0 7 6 7 0 1 1 3 4 6 5 8 0 , , , , , , 2 3 5 2 4 9 2 3 6 6 6 3 1 5 5 3 8 8 + + + + + + 1 1 4 5 6 8 3 0 , , , , , , 4 2 3 9 2 5 6 2 1 3 5 6 8 1 0 8 3 3 C M e b u r i t n l J J J J J J J J J J i l u u u u f i u u u u u u s c i n n n n : n n n n n n c ip e e a e e e e e e e e t a e 8 2 2 8 2 2 1 1 1 1 l s 9 2 9 2 . 5 5 w a a n r d - 1 1 1 1 1 , , , , , 0 0 0 0 0 3 9 0 3 3 6 5 6 6 7 3 9 5 5 8 5 6 3 8 5 , , , , , , , , . , 7 1 8 7 4 7 6 5 9 4 8 1 7 1 1 5 5 6 5 4 4 8 9 7 9 4 8 1 6 0 3 3 3 2 2 2 3 6 9 9 6 6 1 7 3 9 6 5 , , , , , , , , , , 2 0 0 5 5 9 5 5 5 4 8 5 9 9 5 4 5 0 7 0 7 0 0 0 0 1 1 9 6 3 3 8 3 7 8 4 2 2 7 9 4 6 6 3 7 , , , , , , , , , , 0 6 5 4 7 6 0 5 4 5 0 1 4 4 9 2 0 5 5 7 0 8 5 7 3 0 5 0 0 5 1 2 1 1 1 9 7 1 5 8 2 8 2 2 1 5 8 1 6 7 , , , , , , , , , , 0 8 7 2 9 1 7 0 6 8 6 1 3 1 4 0 4 2 2 0 1 9 1 2 5 4 9 5 5 0 2 2 2 2 3 2 2 2 2 1 3 0 0 9 4 6 6 8 2 7 8 0 4 0 3 , , , , , , , , , , 1 3 7 7 8 9 4 4 5 6 2 1 4 5 6 7 9 1 4 4 8 3 9 0 6 S 5 3 4 3 3 2 2 2 8 9 9 6 4 4 1 1 9 , , , , , 0 2 8 2 2 1 1 5 6 5 5 3 1 5 9 4 5 L. 3 2 2 2 3 7 4 4 3 8 7 3 3 1 9 , , , , , 4 1 6 5 7 7 5 0 7 1 1 6 3 4 0 rants- June 1 5,144 4,580 463 35 NOTE.—For explanation and back figures see BULLETIN for January, June 8 5,778 5,542 201 1932, pp. 7-9. June 15 5,611 4,791 785 June 22 5,716 4,411 1, 250 MEMBERSHIP IN PAR-COLLECTION SYSTEM June 29 5,944 4,493 1,387 [Number of banks at end of May] UNITED STATES POSTAL SAVINGS Nonmember banks [Balance to credit of depositors. In millions of dollars] Member banks Federal reserve On par list Not on par list district End of month 1927 192$ 1929 1930 1931 1932 1932 1931 1932 1931 1932 1931 January- 141.5 148.9 153.5 165.1 278.4 " 658.1 February _ 143.8 151.1 154.8 167.9 292.1 * 683. 6 United States. 7,031 7,842 8,669 10,471 3,113 3,452 March 146.4 152.0 155. 0 169.5 302.7 P 697. 3 April 147.1 152.2 154.3 170.2 313.8 P713.9 Boston. 369 389 224 257 May 147.4 152.0 153.8 171.2 325.0 » 733. 5 New York 827 903 335 390 June 147.4 152.1 153.6 175.3 347.4 Philadelphia 705 745 325 434 July 147.1 151.7 157.8 180.7 372.5 Cleveland 644 727 767 902 6 7 August 147.9 152.2 160.1 186.5 422.7 Richmond 391 462 433 500 370 437 September 148. 2 152.3 160.3 188.8 469.9 Atlanta. 339 372 140 167 733 845 October... 148.7 153.1 161.6 192.5 538,1 Chicago 855 1,040 2,431 3,037 257 243 November. 149.0 153.9 163.7 200.7 565.5 St. Louis 444 506 1,173 1,365 399 438 December. 148.5 153.9 164.3 245.4 605.1 Minneapolis 568 622 363 459 868 999 Kansas City.. 798 856 1,547 1,825 213 207 Dallas 601 658 446 538 218 215 Preliminary. San Francisco 490 562 485 597 49 61 Figures cover all incorporated banks (other than mutual savings banks). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1932 FEDERAL RESERVE BULLETIN 465 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS JREOPENED, BY DISTRICTS [B anks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions 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 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 ll ks 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 - N m b o e e m n rs - - June, 1932: Boston 2 1 1 15,786 2,850 12,936 New York 3 2 1 11, 537 8,309 3,228 Philadelphia 5 5 5,531 5,531 2 2 1,228 1,228 Cleveland 6 4 2 3,191 1,172 2,019 1 21 1,818 2 1, 818 Richmond 3 1 2 2,057 1,971 86 1 1 189 189 Atlanta 5 1 4 624 371 253 1 1 239 239 Chicago 76 23 4 49 85,188 18,046 11,634 55, 508 6 1 35 4,500 1,663 s 2,837 St. Louis 9 2 7 3,102 1,799 1,303 1 1 280 280 Minneapolis 10 3 7 3,543 911 2,632 1 1 340 340 Kansas City 11 1 10 1,094 86 1,008 2 2 410 410 Dallas -. - _- 2 1 1 156 81 75 San Francisco _ 12 4 8 27, 770 6,830 20,940 Total 144 43 4 97 159, 579 42, 426 11, 634 105, 519 15 3 12 9,004 2,891 6,113 January-June, 1932: Boston 10 2 1 7 72,194 4,184 10, 258 57, 752 2 2 2,271 2,271 New York 13 9 1 3 25,335 19,114 797 5,424 2 2 4,936 4,936 Philadelphia 20 5 15 27, 750 2,589 25,161 6 6 7,116 7,116 Cleveland 36 13 23 14,477 5,861 8,616 6 1 <5 22,167 577 4 21, 590 Richmond 49 11 38 43,949 14,439 29, 510 24 4 20 10,859 3,146 7,713 Atlanta-.,. 37 10 3 24 12,430 4,908 1, 585 5, 937 13 1 '12 5,530 680 < 4,850 Chicago 275 53 17 205 191, 284 51,809 25, 219 114, 256 38 5 4 33 17,364 4, 564 «12,800 St. Louis 103 17 4 82 37, 060 13, 037 3,193 20, 830 31 5 26 12, 364 2,797 9, 567 Minneapolis 49 9 40 11, 525 3,293 8, 232 11 1 10 4,010 1,132 2,878 Kansas City 104 18 . 1 85 16, 383 5,010 212 11,161 15 15 2,731 2,731 Dallas 23 5 2 16 7,254 3,140 150 3,964 9 5 6 5,558 4,231 1,327 San Francisco __ 89 18 5 66 64, 713 14, 732 3,068 46,913 5 1 4 7,614 340 7,274 Total . . . 808 170 34 604 524, 354 142,116 44,482 337, 756 162 29 133 102, 520 26,854 75, 666 1 Represents national banks only, excepts as follows: January-June, 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 time of suspension this was a State member bank. 3 At time of suspension 1 of these banks, with deposits of $936,000, was a State member bank. * At time of suspension, 2 banks in the Cleveland district with deposits of $19,191,000,1 bank in the Atlanta district with deposits of $531,000, and 3 bonks in the Chicago district with deposits of $2,306,000, were State member banks. Back figures.—See BULLETIN for February, 1932; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table HI), and 1926 (table 98), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDEEAL RESERVE BULLETIN JULY, 1932 BANK SUSPENSIONS AND BANKS REOPENED.—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING JUNE, 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 Depos o it f s d ( o in ll a th rs o ) usands 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 National State m N b e e o m r n s - - ba A n l k l s M be e r m s l - m N b e e o m r n s - - ba A n ll ks M be e r m s - i m N b e e o m r n s - - New England: Maine New Hampshire - - - Vermont Massachusetts Rhode Island - - Connecticut 2 1 1 15, 786 2,850 12, 936 Middle Atlantic: New York 2 1 1 3,637 409 3,228 N ew Jersey 1 1 7,900 7,900 Pennsylvania 7 2 5 6,014 483 5,531 1 1 436 436 East North Central: Ohio 2 2 2,019 2,019 1 ], 818 21, 818 Indiana 7 2 5 4,041 1,893 2,148 1 1 1,072 1,072 Illinois 49 18 2 29 71, 984 16,007 11,170 44, 807 Michigan _ 6 1 5 1,805 269 1,536 4 34 1, 765 -o 1, 765 Wisconsin 6 1 * 5 1.494 409 1,085 1 1 1,663 1,663 West North Central: Minnesota 3 1 2 998 207 791 1 1 340 340 Iowa . _ 14 4 1 9 8,873 1,291 195 7,387 Missouri ._ 7 1 6 1,435 654 781 1 1 359 359 North Dakota - - South Dakota 3 1 2 832 295 537 Nebraska 4 1 3 500 86 414 1 1 51 51 Kansas 2 2 137 137 South Atlantic: 6 Delaware 1 1 792 792 Marvland 1 1 189 • 189 .District of Columbia Virginia 2 2 86 86 West Virginia North Carolina _ South Carolina 1 1 1,97] 1,971 Georgia 2 2 148 148 Florida East South Central: Kentucky 2 2 689 689 Tennessee 6 1 5 1, 253 371 882 Alabama ._ ._ ._ Mississippi 1 1 25 25 2 2 519 519 West South Central: Arkansas Louisiana Oklahoma .__ 1 1 26 26 Texas 2 1 1 156 81 75 Mountain: Montana Idaho Wyoming Colorado.. New Mexico Arizona 3 1 2 4,632 448 4,184 Utah Nevada Pacific- Washington 2 2 13,092 13,092 Oregon 1 1 187 187 California. 6 3 3 9,859 6,382 3,477 Total 144 43 4 97 159,579 42, 426 11,634 105,519 15 3 12 9,004 2,891 6,113 1 Represents national banks only. 2 At time of suspension this was a State member bank. 3 At time of suspension one of these banks, with deposits of $936,000, was a State member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

467 JULY, 1932 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO JUNE 30, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of supensions during given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those ot 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) Number Deposits (in thousands of dollars) State Members Members ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n l k l s ti N on a- al 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 o e m r n s - - New England: Maine New Hampshire 1 1 402 402. Vermont Massachusetts.. . _ _ . 5 1 1 3 29,678 1,334 10,258 18,086 1 I 1,869 1,869 Rhode Island _. Connecticut 5 1 4 42,516 2,850 39,666 Middle Atlantic: New York 9 7 2 14,878 10,550 4,323 1 1 3,900 3 900 New Jersey 7 4 1 2 12,679 8,990 797 2,892 3 2 1 5,604 4,568 1,036 Pennsylvania 25 10 15 29,409 4,760 24,649 3 3 1,756 1,756 East North Central: Ohio 17 1 16 6,590 657 , 5,933 5 1 24* 21,967 577 2 21,390 Indiana _ _ 51 8 43 33,027 9,602 23,425 8 8 3,938 3,938 Illinois 144 38 8 98 119,212 36,597 16,769 65,846 16 4 12 3,980 1,315 2,665 Michigan _ _ _ _ . 39 3 7 29 15,359 1,984 3,154 10,221 11 1 10 5,701 1,132 4 569 Wisconsin 9 2 7 3,216 1,046 2,170 10 2 8 5,807 2,220 3,587 West North Central: Minnesota 25 1 24 4,392 207 4,185 3 3 -992 992 Iowa - _ 64 10 3 51 37,682 6,623 5,561 25,498 5 1 4 3,950 1,409 2,541 Missouri 54 8 1 45 17,318 9,109 455 7,754 5 1 4 5,284 1,918 3,366 North Dakota _ _ _ 5 1 4 573 92 481 4 4 597 597 South Dakota 6 1 5 981 295 686 Nebraska. - - - 23 3 1 19 2,962 403 212 2,342 9 9 1,723 1,723 Kansas 38 7 31 6,687 2,925 3,762 1 1 247 247 South Atlantic: Delaware 1 1 792 792 1 1 792 792 Maryland - 3 1 2 1,736 839 897 5 5 1,784 1,784 District of Columbia Virginia _ - _ _ - 8 1 7 831 252 579 2 1 1 591 567 24 West Virginia 3 1 2 349 142 207 4 1 3 4,061 593 3,468 North Carolina 26 5 21 13,486 9,967 3,519 9 2 7 3,280 1,986 1,294 South Carolina 10 3 7 27, 655 3,239 24,416 5 5 1,343 1,343 Georgia - _. 10 3 1 6 2,139 308 358 1,473 1 1 309 309 Florida 4 1 3 1,094 432 662 2 2 561 561 East South Central: Kentucky 32 9 1 22 10,020 4,051 2,347 3,622 7 1 6 996 160 836 Tennessee 13 2 11 3,705 1,399 2,305 1 1 280 280 Alabama 8 3 1 4 3,748 2,089 696 963 Mississippi 8 8 1,003 1,003 10 10 3,891 3,891 West South Central: Arkansas 9 1 1 7 823 85 126 617 6 1 5 962 339 623 Louisiana 7 1 1 5 2,450 680 531 1, 239 5 1 4 2,379 680 1,699 Oklahoma 15 3 12 3,202 982 2,220 4 4 402 402 Texas 22 5 2 15 7,046 3,140 150 3,756 9 3 6 5,558 4,231 1,327 Mountain: Montana 3 2 1 433 306 127 Idaho 9 3 6 1,155 517 638 Wyoming 1 1 606 606 Colorado 9 4 5 1,151 652 499 New Mexico Arizona 6 1 5 6,643 448 6,195 Utah 13 2 11 9,720 863 8 857 1 1 340 340 Nevada 3 3 981 981 Pacific: Washington 22 4 1 17 25,086 3,873 1,185 20,028 1 1 327 327 Oregon 14 2 12 3,634 1,020 2,614 2 2 5,841 5,841 California 23 """16" 13 17, 702 9,894 7,808 1 1 1,106 1,105 Total __ 808 170 34 604 524, 354 142,116 44, 482 337, 756 162 29 133 102, 520 26,854 75, 666 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 2 banks in Ohio with deposits of $19,191,000, 3 in Michigan with deposits of $2,306,000, 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), 192f 'Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN JULY, 1932 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1925 average=100] Without seasonal adjustment Adjusted for seasonal variation Industry 1932 1931 1932 1931 May April May May April May Manufactures—TotaL. 63 '87 IRON AND STEEL.. 35 '67 Pig iron 29 64 Steel ingots.-. 36 TEXTILES — 67 97 Cotton consumption 73 93 90 Wool 40 85 Consumption 43 96 105 Machinery activity , 36 79 Carpet and rug loom activity- 38 63 Silk 95 122 85 96 123 Deliveries 107 135 99 108 136 Loom activity 73 96 i FOOD PRODUCTS 87 87 Slaughtering and meat packing- 90 96 92 Hogs 97 88 84 101 99 88 Cattle 79 81 91 82 92 94 Calves 100 103 106 88 94 94 Sheep__ --. - - 150 149 150 153 159 153 Wheat flour 74 80 82 78 88 88 Sugar meltings 79 77 87 70 67 77 PAPER AND PRINTING 113 93 111 Wood pulp and paper.: 104 86 102 Newsprint.. 70 73 81 71 79 Book paper.._ 96 116 95 118 Wrapping paper.. _ 84 90 83 90 Fine paper 83 92 79 91 Box board 93 96 128 87 93 119 Wood pulp, mechanical- 82 98 68 80 Wood pulp, chemical 85 91 83 91 Paper boxes 141 138 164 141 138 164 Newsprint consumption 111 114 131 107 106 127 LUMBER 30 28 48 TRANSPORTATION EQUIPMENT: Automobiles 57 45 35 78 Locomotives 7 13 8 14 Shipbuilding 111 145 115 115 LEATHER AND PRODUCTS 87 99 89 107 Tanning 75 87 78 92 Sole leather 71 80 Upper leather— - Cattle 69 74 83 Calf and kip 63 80 84 Goat and kid... 98 117 126 Boots and shoes 94 106 117 CEMENT AND GLASS: Cement 45 111 94 Glass, plate 61 114 105 NONFERROUS METALS i—Tin deliveries. 58 FUELS, MANUFACTURED: Petroleum refining 146 144 160 146 144 161 Gasoline 187 185 209 2) I Kerosene 82 78 68 79 71 Fuel oil 94 96 105 i Lubricating oil 85 82 95 Coke, by-product 55 62 99 56 61 100 RUBBER TIRES AND TUBES 91 82 136 72 70 115 Tires, pneumatic..- - 95 85 141 75 72 111 Inner tubes 62 58 99 51 51 81 TOBACCO PRODUCTS 111 100 137 110 109 135 Cigars 66 62 85 64 66 82 Cigarettes 145 127 179 144 139 177 Minerals—Total.. 65 72 84 67 79 87 Bituminous coal 43 46 65 49 55 75 Anthracite coal., 49 85 75 49 81 75 Petroleum, crude 110 112 124 109 112 122 Iron ore, shipments _ 3 42 2 28 Zinc — 40 55 39 54 Lead 48 73 49 75 Silver 36 51 37 53 v Preliminary. r 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

JULY, 1932 FEDERAL RESERVE BULLETIN 469 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 Industry Without seasonal adjustment Adjusted fo t r i s o e n asonal varia- Without seasonal adjustment 1932 1931 1932 1931 1932 1931 May April May May April May May April May Total 61.4 64.0 77.1 62.2 64.3 77.8 46.2 48.7 72.1 IRON AND STEEL AND PRODUCTS 57.2 59.8 75.7 56.5 59.0 74.8 30.4 32.1 64.9 Steel works and rolling mills 60.7 63.0 78.2 59.8 61.7 77.0 30.8 32.0 67.5 Hardware 54.3 57.0 69.3 53.7 57.8 68.6 30.0 33.3 56.9 Structural iron work 56.6 59.4 83.1 57.0 60.8 83.6 35.7 38.1 71.4 Heating apparatus 45.4 49.3 65.4 45.1 48.9 64.8 27.0 29.6 51.5 Steam fittings 37.4 43.4 61.7 37.1 42.9 61.2 23.4 27.1 48.1 Stoves 52.9 54.7 68.8 52.4 54.4 68.1 30.5 32.0 54.8 Cast-iron pipe 38.4 39.9 69.5 37.6 39.4 68.2 22.8 26.2 63.9 MACHINERY 54.4 57.0 76.8 54.1 56.4 76.3 35.9 39.1 67.8 Foundry and machine-shop products.. 50.3 52.1 71.1 49.8 51.3 70.4 30.7 33.0 * 60.4 Machine tools 44.2 50.3 85.4 44.1 49.9 85.2 27.6 33.4 68.4 Agricultural implements 37.4 47.8 65.3 36.3 44.9 63.3 31.7 39.3 50.7 Electrical machinery._ 66.9 69.7 89.5 66.9 69.7 89.5 49.6 54.4 87.0 TEXTILES AND PRODUCTS 62.0 67.9 80.6 62.4 66.7 81.2 41.5 49.4 71.7 A. Fabrics 62.3 67.3 79.8 62.4 66.8 80.0 40.3 46.9 73.3 Cotton goods 63.6 69.4 79.1 63.9 69.3 79.4 39.7 47.2 70.6 Woolen and worsted manufactures.. 46.1 49.0 69.4 46.8 49.4 70.7 28.7 32.0 60.6 Woolen and worsted goods. 45.2 48.1 68.9 46.2 48.9 70.4 29.1 31.8 61.1 Carpets and rugs. 50.9 53.8 72.4 50.4 52.4 71.6 27.0 32.5 58.5 Hosiery and knit goods 79.8 83.4 85.7 79.1 81.7 84.9 57.8 65.6 86.3 Silk manufactures 47.3 54.4 79.1 47. 1 53.6 78.8 31.2 37.4 72.9 Dyeing and finishing textiles 84.7 91.3 103.2 84.9 88.6 103.4 59.2 71.5 101.4 B. Wearing apparel 61.3 69.4 82.4 62.5 66.4 84.1 44.0 54.6 69.4 Clothing, men's 46.4 50.8 56.4 48.8 52.4 59.4 26.3 31.6 44,1 Shirts and collars 63.4 65.3 85.7 64.2 65.3 86.7 39.9 43.8 74.6 Clothing, women's 84.3 99.3 120.4 86.6 91.3 123.7 68.8 84.5 100.1 Millinery .._ 55.1 66.4 78.3 50.8 56.7 72.1 40.4 58.8 69.0 FOOD AND PRODUCTS 81.0 80.6 88.3 83.2 83.6 90.8 72.9 72.8 89.7 Baking 87.2 87.3 96.5 87.7 88.7 97.1 77.0 77.6 95.4 Slaughtering and meat packing _. 82.3 80.3 85.8 85.2 83.7 88.8 75.5 73.8 91.0 Confectionery. 67.8 71.1 81.5 75.4 78.2 90.7 55.7 59.9 77.8 Ice cream 78.7 72.8 85.9 75.1 75.7 82.0 74.5 71.3 91.6 Flour 75.8 75.9 77.3 78.9 79.4 80.6 66.6 66.6 77.1 Sugar refining, cane 73.9 72.4 76.9 73.5 71.1 76.5 62.8 61.5 72.6 PAPER AND PRINTING 83.8 85.3 94.6 84.3 85.7 95.3 77.0 79.7 * 100-° Printing, book and job 83.2 84.6 98.3 84.1 85.2 99.4 74.6 77.0 * 101.4 Printing, newspapers and periodicals.. 96.5 97.4 104.5 96.2 97.1 104.2 96.7 99.1 115.9 Paper and pulp 77.9 79.3 85.8 78.0 79.4 85.8 59.7 62.3 81.9 Paper boxes. 71.2 74.7 83.9 74.0 76.8 87.2 61.0 66.1 85.1 LUMBER AND PRODUCTS 38.6 39.6 54.9 39.0 40.2 55.4 22.2 23.2 45.7 Lumber, sawmills 33.8 34.1 48.8 33.3 34.3 48.0 19.3 19.3 40.3 Lumber, millwork 39.1 39.5 57.4 38.8 39.3 57.0 24.1 24.2 49.3 Furniture 51.6 55.4 70.4 54.9 57.6 74.9 27.2 31.2 55.2 TRANSPORTATION EQUIPMENT.. 52.4 53.0 66.1 50.2 51.1 63.2 45.9 43.9 66.1 Car building and repairing.. 44.2 45.5 55.3 43.9 45.2 54.9 37.3 37.4 55.3 Automobiles 59.7 58.9 77.3 54.7 55.1 70.9 53.5 47.1 75.6 Shipbuilding 81.4 85.2 92.0 79.4 80.3 89.7 71.0 81.8 98.3 LEATHER AND MANUFACTURES. 72.7 78.8 80.8 75.8 80.2 84.2 45.7 55.7 68.7 Boots and shoes 74.4 81.3 82.2 77.9 83.0 86.0 44.4 55.7 67.0 Leather __. 65.4 68.3 75.1 67.0 68.8 77.0 50.3 55.7 75.0 CEMENT, CLAY, AND GLASS PRODUCTS. 47.0 48.8 67.3 45.8 48.4 65.4 30.2 31.7 56.7 Clay products 42.6 43.1 64.2 41. 1 42.7 61.8 22.4 23.6 48.4 Brick, tile, and terra cotta 33.8 33.0 56.2 31.9 32.7 53.1 16.2 15.4 40.8 Pottery 66.9 70.9 86.1 66.3 69.8 85.3 38.6 45.0 68.8 Glass 57.9 62.1 72.8 57.1 61.3 71.7 46.2 49.2 67.9 Cement 42.7 44.8 68.3 41.9 45.6 66.9 30.0 29.9 65.5 NONFERROUS METAL PRODUCTS.. 51.4 53.9 67.4 50.8 52.7 66.6 34.5 38.3 63.4 Stamped and enameled ware.. 32.1 34.4 46.0 30.9 32.8 44.3 22.3 27.0 39.7 Brass, bronze, and copper 57.9 60.5 74.7 57.6 59.4 74.2 38.1 41.6 70.3 CHEMICALS AND PRODUCTS. 78.3 82.4 91.4 79.7 78.5 93.0 66.9 68.5 88.4 Chemicals and drugs.. 80.6 81.9 91.5 81.9 81.2 92.9 65.6 67.2 85.0 Petroleum refining 78.2 78.6 94.4 78.4 78.6 94.5 72.5 71.2 96.1 Fertilizers _ 64.1 99.0 80.2 70.4 61.3 88.1 46.0 65.1 74.4 RUBBER PRODUCTS 66.0 66.6 74.3 65.8 66.1 74.0 48.7 48.3 71.0 Automobile tires and tubes... 69.1 69.3 77.4 67.7 68.1 75.9 50.4 50.1 76.6 Rubber boots and shoes 56.9 58.7 65.1 59.9 60.2 68.5 41.6 41.0 48.8 TOBACCO MANUFACTURES __ 67.3 68.4 80.7 68.4 70.1 82.1 48.4 49.3 68.3 Cigars and cigarettes 66.9 68.3 82.3 67.9 69.9 83.5 47.1 48.0 68.6 Chewing and smoking tobacco, snuff.. 70.2 70.2 68.2 72.9 70.8 70.9 59.6 60.0 65.4 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

470 FEDEKAL RESERVE BULLETIN JULY, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities Year and month m c t A o i o e m d l s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d xt u i c le ts m F li u g a e h te l t r i a n i n a g l d s a p n M r d o e d m t u a e c l t s t a s lm Bu at i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - i f n H u g r o n g u i o s s h e od - - s l M an i e sc o e u l s - 1927.__ _ 95.4 99.4 96.7 94.0 107.7 95.6 88.3 96.3 94.7 96.8 97.5 91.0 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930... 86.4 88.3 90.5 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—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 5V8 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 May 64.4 46.6 70.4 72.5 55.6 70.7 80.1 71.5 73.6 74.8 64.4 1931 1932 Subgroups Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May FARM PRODUCTS: Grains 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 42.6 Livestock and poultry 70.7 70.3 64.1 61.9 63.0 67.0 61.0 57.6 55.7 51.7 53.4 50.3 51.4 49.2 44.4 Other farm products 74.2 73.4 71.5 70.8 71.3 67.3 65.4 64. 2 63.1 61.2 54.8 52.7 52.1 51.2 49.6 FOODS: Butter, cheese, and milk 83.5 78.1 78.8 80.6 82.2 84.6 86.1 80.7 79.8 67.8 64.1 64.2 61.6 59.6 Cereal products 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 68.1 Fruits and vegetables 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 61.5 Meats 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 56.5 Other foods 71.4 69.9 67.9 68.5 70.6 68.5 69.7 68.0 67.2 61.9 59.4 57.1 55.8 54.9 HIDES AND LEATHER PRODUCTS: Boots and shoes 94.9 94.8 94.8 94.6 93.5 93.5 93.5 93.1 92.5 89.2 88.5 88.5 88.4 88.4 Hides and skins -. 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 35.7 Leather _ - 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 60.6 Other leather products 102.0 101.6 101.4 101.4 101.4 101.4 101.1 101.1 101.1 99.7 98.8 98.0 97.9 TEXTILE PRODUCTS: Clothing 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 68.2 Cotton goods 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 52.9 Knit goods 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 50.5 Silk and rayon 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 29.1 Woolen and worsted goods... 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 58.3 Other textile products 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 67.2 FUEL AND LIGHTING MATERIALS: Anthracite coal 88.4 86.4 87.5 90.8 92.2 94.3 94.2 94.2 94.8 94.8 94.8 85.7 85.6 Bituminous coal 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 82.0 Coke — 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 77.1 Electricity 95.9 93.7 98.0 98.6 97.9 98.4 100.6 102.1 103.4 104. 1 107.5 104.8 104.4 103.5 Gas 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 99.1 Petroleum products 41.8 37.4 35.9 30.7 30.3 37.5 38.9 39.2 42.5 39.6 38.8 39.8 45.5 47.2 METALS AND METAL PRODUCTS: Agricultural implements 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 84.9 Iron and steel 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 80.0 Motor vehicles 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 93.8 Nonferrous metals 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 48.3 BUILDING MATERIALS: Brick and tile... 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 77.4 Cement 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 75.0 Lumber 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 59.5 Paint materials.. 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 73.9 Plumbing and heating 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 64.4 Structural steel 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 81.7 Other building materials 87.6 85.4 83.7 83.7 82.6 82.0 81.9 81.5 81.0 80.2 80.2 78.2 CHEMICALS AND DRUGS: Chemicals 86.4 85.1 83.9 82.5 82.4 80.5 79.8 79.7 80.6 80.8 80.6 80.8 79.7 79.1 Drugs and Pharmaceuticals.. 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 58.7 Fertilizer materials 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 69.4 Mixed fertilizers _.. 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 69.0 HOUSEFURNISHING GOODS! Furnishings 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 75.5 Furniture 91.9 91.9 90.4 89.1 88.6 84.6 82.4 82.3 80.6 79.5 79.5 79.1 77.4 74.1 MISCELLANEOUS: Auto tires and tubes 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 39.2 Cattle feed _ 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 45.9 Paper and pulp. 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 76.5 Rubber, crude 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 6.7 Other miscellaneous 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 84.6 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

JULY, 1932 FEDERAL RESERVE BULLETIN 471 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars; figures for 37 States East of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Total Residential Factories Commercial P p u u b b li l c ic w o ut r i k l s i ti a e n s d Educational All other Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January .__ _ 228.0 84.8 54.4 27.5 10.1 3.4 26.9 9.1 96.8 24.1 19.4 4.4 20.5 16.3 February 235.4 89.0 77.9 24.4 7.3 4.4 27.1 10.1 79.0 28.3 16.7 10.8 27 3 11.0 March 370.0 112.2 100.9 33.2 20.6 4 5 36.2 10 6 152 2 29 9 24 3 9 8 35 7 24 2 April 336.9 121.7 95.9 28.9 11.3 4.5 26.2 12.9 133.4 47.3 23.0 10.7 47.1 17.5 May 306.1 146.2 88.9 25.6 16.3 3.0 25.7 12.2 109.6 61.7 23.8 6.5 41.8 37.2 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 1 242.1 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 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 May April May Federal reserve district May April May Boston _ 1,692 1,544 5,060 New York 7,733 12, 570 42, 547 N A B P C S M R C K t h o l h t i e a . i e l c i w s i n n a l v c L h t n a s n o a e m o Y a d e n g t l s u a a e a o o o i p l n s n C r _ p d o k d h i _ l t i i . y s a 2 2 3 1 1 4 6 0 1 8 6 8 6 5 4 , , , , , , , , , , 7 0 0 8 0 0 4 5 5 2 8 6 0 8 8 7 4 0 4 0 8 4 7 5 2 4 6 6 0 0 2 1 1 1 1 1 1 6 6 9 0 7 5 2 2 1 , , , , , , , , , , 6 5 1 7 6 9 4 2 9 8 7 2 0 5 6 8 1 4 2 9 9 8 0 2 8 9 4 5 7 7 8 2 3 3 4 1 1 1 1 1 3 1 8 3 0 0 8 6 2 0 , , , , , , , , , , 4 8 9 0 7 9 9 4 3 8 0 7 5 0 3 5 7 2 7 5 6 7 1 8 5 4 7 2 5 7 A R S D P C C M K Sa t h h i l t a a . c e i l n i i l n n a h v c l L l a s a n n F a m e o a d s g t e l r u a s a o a e a o n i n l n p s C p d c d o h i i l s t i i c y a s _ o . . . . . . 4 3 2 5 1 1 1 1 , , , , , , , , 1 1 3 6 9 9 2 6 4 2 6 9 6 9 8 3 2 8 1 3 0 1 4 8 9 4 5 5 5 8 2 3 2 3 2 5 5 1 1 , , , , , , , , , 1 0 7 2 1 9 8 3 7 6 1 6 7 8 5 9 4 3 5 8 1 6 8 4 3 8 9 5 0 4 1 1 2 9 1 4 2 7 2 3 4 3 , , , , , , , , , , 6 8 1 4 S 2 6 0 2 3 5 3 0 0 7 8 3 9 5 2 4 0 0 1 2 8 6 7 6 2 Dallas 4,628 6,507 18, 517 Total... 168 32, 324 43,123 109,161 Total (11 districts) 146, 221 121, 705 306,079 BANK DEBITS COMMERCIAL FAILURES, BY DISTRICTS [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figuresr eported by R. G. Dun Co.] 1932 1931 Number Liabilities Number of centers May April May Federal reserve district 1932 1931 1932 1931 New York City 1 12, 913 15,558 25, 072 May Apr. May May Apr. May Outside New York City 140 12,498 14, 365 18,858 Federal reserve district: Boston 322 265 237 4,982 6,383 5,015 Boston 11 1,407 1,735 1,959 N Ph e i w la d Y e o lp rk hia 7 1 0 0 1 3 7 1 0 7 7 3 5 1 2 0 4 8 30 5 , , 2 3 1 0 5 1 3 10 0 , , 9 56 0 8 3 11 1 , ,2 8 5 5 4 4 N Ph e i w la d Y e o lp rk hia 1 7 0 1 1 3 , , 1 4 9 4 4 4 1 1 6 , , 3 2 6 3 3 2 2 1 5 , , 8 8 5 0 3 3 Cleveland 240 212 191 6,710 8,027 5,934 Cleveland 13 1,281 1,401 2,018 Richmond 165 143 149 2, 033 8,036 2,297 Richmond 7 471 533 641 Atlanta 134 123 138 2, 351 2,080 371 Atlanta 15 594 746 842 Chicago 329 432 275 11,143 14, 821 9,969 Chicago 21 3,120 3,628 5,013 St. Louis 128 151 104 8,063 5,600 3,149 St. Louis - 5 693 705 851 Minneapolis 77 65 71 590 1,046 1,256 Minneapolis 9 415 443 629 Kansas Citv 131 140 113 3,028 4,171 4,561 Kansas City 15 703 758 1,000 Dallas -. 95 82 70 2,330 1,733 3,909 Dallas 10 366 392 507 San Francisco 363 323 268 7,018 7,700 3,802 San Francisco 18 1,723 1,987 2,714 Total 2,788 2,816 2,248 83,764 101, 069 53, 371 Total _ . 141 25, 411 29, 923 43, 930 1280G9—32 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS n BOUNDARIES OF FEDERAL RESERVE DISTRICTS ..-. BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis