Federal Reserve Bulletin, 1932-09

FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Annual Report of the Netherlands Bank UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 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. JK Secretary of the Treasury, Chairman. ADOLPH C. MILLER. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. WAYLAND W. MAGEE. FLOYD R. HARRISON, Assistant to the Governor. LEO H. PAULGER, Chief, Division of Examinations. E. A. GOLDENWEISER, Director, Division of Research CHESTER MORRILL, Secretary. and Statistics. E. M. MCCLELLAND, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research J. C. NOELL, Assistant Secretary and Fiscal Agent. and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) THOMAS M. STEELE. District No. 2 (NEW YORK) ROBERT H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No, 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) HOWARD BRUCE. District No. 6 (ATLANTA) JOHN K. OTTLEY. District No. 7 (CHICAGO) , MELVIN A. TRAYLOR, Vice President. District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS).. THEODORE WOLD. District No. 10 (KANSAS CITY) WALTER S. MCLUCAS. District No. 11 (DALLAS) J. H. FROST. District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. Roy A. Young W. W. Paddock W. Willett. New York. J. H. Case Geo. L. Harrison J W . E . R . C . B ra u n r e gess R C a . y H M . C . o G e. i i dney.1 A. W. Gilbart J. W. Jones.i E. R. Kernel W. B. Matteson.i Walters. Logan J.M. Rice.i L. R. Round? Allan Sproul.1 L. F. Sailer... L. Werner Knoke.i Philadelphia. R. L. Austin Geo. W. Norris Wm. H. Hutt C. A.McIlhenny. W. G. McCreedy.» Cleveland George DeCamp E. R. Fancher _. M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. II. Broaddus JohnS. Waldenjr.a Atlanta Oscar Newton. Eugene R. Black W.S.Johns M. W. Bell. II. F. Conniff W. S.McLarinJr.i Chicago Eugene M. Stevens. J. B. McDougal C. R. McKay W. C. Bachman.i John H. Blair.. _ _ D. A. Jones.i J. H. Dillard 0. J. Netterstrom.i E. A. Delaney.i St. Louis.. John S. Wood Wm. MeC. Martin... O.M. Attebery S. F. Gilmore.* A. H. Haill.2 J. G. McConkey..- F. N. Hall.» G.O.Hollocher.J 0. C. Phillips.* Minneapolis... John R. Mitchell W. B. Geery _. Harry Yaeger H. I. Ziemer. H. I. Ziemer _. Frank C. Dunlop.* Kansas City... M. L.McClure Geo. H. Hamilton.—. C. A. Worthington- J. W. Helm. J. W. Helm Dallas _... C.C.Walsh B. A. McKinney R.R.Gilbert Fred Harris. R. B. Coleman W.O.Ford.i San Francisco.. Isaac B. Newton.. Jno. U. Calkins Wm. A. Day Wm. M.Hale Ira Clerk * Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing direetor New York: Minneapolis: Buffalo Branch _. R.M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F.McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch. C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch John H. Frye. 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 Pag« Review of the month—Recent banking developments 559 Changes in foreign central bank discount rates 562 Condition of all member banks on June 30, 1932 (from Member Bank Call Report No. 55) 609-612 Annual report of the Netherlands Bank 578 National summary of business conditions 563 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 564-567 Member and nonmember bank credit— All banks in the United States 570 All member banks 569-570, 605 Weekly reporting member banks in leading cities 571, 606 Brokers' loans 571 Acceptances and commercial paper 572 Discount rates and money rates 574, 607 Bank suspensions and banks reopened 573, 613-615 Member bank holdings of eligible assets (Government securities and eligible paper) 573 Security prices, security issues, United States Government securities __. 575 Production, employment, car loadings, and commodity prices 576, 616-618 Merchandise exports and imports 577 Department stores—Indexes of sales and stocks 577 Freight-car loadings, by classes 577 Financial statistics for foreign countries: Gold reserves of central banks and governments 585 Gold production 586 Gold movements 586-588 Government note issues and reserves 589 Bank for International Settlements 589 Central banks 590-592 Commercial banks 593 Discount rates of central banks 594 Money rates 594 Foreign exchange rates _ 595 Price movements— Security prices 596 Wholesale prices 596, 597 Retail food prices and cost of living 597 Law department: Changes in law and regulations with regard to loans on notes secured by adjusted-service certificates. 598 Federal reserve statistics by districts, etc.: Banking and financial statistics 603-608 Industrial and commercial statistics 616-619 July crop report, by Federal reserve districts 620 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 18 SEPTEMBER, 1932 No. 9 REVIEWiOF THE MONTH highest level of the last three months, and included more than $300,000,000 of reserves The volume of reserve bank credit outstandin excess of legal requirements. ing has declined during recent weeks from the The chart shows the course of reserve bank Factors in hi£h level of JalJ> chiefly in concredit and principal factors in changes during Federal reserve sequence of further increase in position the last six years* The table gives these the monetary gold stock of the items for selected recent dates. The dates, in country and a return of currency from circulaaddition to August 31, are July 20—when retion. Funds were received by member banks serve bank credit was at its highest level in from these two sources, and from an increase more than ten years; July 6—when money in circulation was at the highest level ever reached RESERVE BANK CREDIT MI or DOOMS AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF D and member bank reserve balances were at the €ooo lowest level since the first week in April; and 5500 June 15—when the recent large outflow of gold came to an end. 5000 RESERVE BANK CREDIT AND PRINCIPAL FACTORS IN CHANGES 4500 [In millions of dollars] 4000 Aug. 31,July 20, July 6, June 15, 1932 1932 1932 1932 Reserve bank credit 2,331 2,438 2,408 2,270 Bills discounted 433 538 500 496 Monetary gold stock 3,952 3,922 3,909 Treasury currency adjusted. 1,801 1,770 1,793 1,832 Money in circulation 1 5,691 5,735 5,775 5,467 Member bank reserve balances.. 2,146 2,036 2,101 1500 * Money outside Treasury and Federal reserve banks. 1000 The recent inflow of gold from abroad, which began at the middle of June, resulted in an in- 500 crease in the country's stock of Gold stock monetary gold, between June 15 1927 1928 1929 1930 1931 1932 and August 31, of about $175,000,000. This Wednesday series increase brought the gold stock to $4,086,000,in the net volume of currency issued by the 000. This is about the same level as in the Treasury, largely in the form of new national- second half of 1928 and the first quarter of 1929 bank notes. They were thus enabled to reduce before either the recent financial crisis or the the volume of their borrowing at the Federal prevailing business depression had begun to reserve banks to the lowest level of the current show itself. year and at the same time to increase their As compared with the middle of 1928 the cenreserve balances by about $100,000,000. The tral gold reserves of the principal countries of member bank reserve balances, at $2,146,- the world outside of the United States have in- 000,000 on August 31, were consequently at the creased in the aggregate by about $1,800,000,000, 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 561 ernment obligations pledged as collateral for after more than a year of almost uninterrupted Federal reserve notes reached its maximum, growth, declined somewhat. and August 31 are shown on the accompanying table. Duringt his period the volume of se- GOLD RESERVES OF SELECTED CENTRAL BANKS curities pledged as collateral decreased by [In millions of dollars] $104,000,000. Of this amount $1,000,000 re- Change from— flected technical developments, namely, a de- Central bank of— Date, Gold recrease of $13,000,000 in the excess collateral 1932 serves Month Year bebefore fore held by agents which was offset to the extent of $12,000,000 by an increase in the volume of England Aug. 24 675 +10 +25 France Aug. 19 3,222 -4 +926 notes issued to Federal reserve banks and held Germany... Aug. 23 183' +3 -142 Italy Aug. 20 *>302 +3 +19 by of them in their own vaults. The remain- Belgium Aug. 18 364 +3 +144 Netherlands. Aug. 22 414 +8 +154 Switzerland. Aug. 23 509 +230 FEDERAL RESERVE NOTE STATEMENT [Amounts in millions of dollars] v Preliminary. Aug. 31, July 6, Gold reserves of the Bank of England in the 1932 1932 Change five weeks ending August 25 increased by Federal reserve notes: £2,144,000 ($10,434,000). Dur- Iss F u e e d d er t a o l F re e s d e e r r v a e l a r g es e e n r t v s e banks by _. 3,052 3,094 -42 Bank of Eng- ing the same period there was a Held by Federal reserve banks 238 226 +12 land decline of £3,015,000 in the In actual circulation. 2,814 2,868 -54 volume of "other securities" held by the bank, Collateral held by agents: Gold 2,081 1,927 +154 in which are included the bank's holdings of Eligible paper 417 522 -105 U. S. Government securities 578 682 -104 BANK OF ENGLAND Total collateral 3,076 3,131 -55 Excess collateral - - 24 37 -13 [In thousands of pounds sterling] der, amounting to $103,000,000, reflected the Change from— return of $54,000,000 of Federal reserve notes Aug. 24, 1932 July 20, Aug. 26, from circulation and a net increase of $49,- 1932 1931 000,000 in gold and eligible paper, the form of collateral exclusively available as cover for G D o is l c d o unts and — advances 13 1 8 3 , , 2 7 6 2 6 8 + -1 2 , ,1 0 4 4 4 1 + + 3 5 , , 3 9 8 7 7 0 Federal reserve notes prior to the enactment of O G t o h v e e r r n s m ec e u n ri t t ie se s curities 32 4 0 1, , 9 0 0 6 2 6 + -3 1, , 0 5 1 6 5 0 + + 1 1 1, , 0 7 8 3 9 6 the Glass-Steagall Act. Gold collateral alone B Pu a b n l k ic e rs d ' e p d o e s p i o ts sits 2 79 2 , , 2 9 0 4 3 6 + -8 8, , 0 8 7 2 8 4 + - 2 4 6 , , 1 3 2 5 0 3 used as cover for Federal reserve notes in- N O o th te e s r i d n e p c o ir s c it u s lation 36 3 3 4 , , 8 4 8 2 2 9 -1 + ,8 7 7 0 7 2 + -1 1 4 3 , , 5 2 7 7 1 9 creased by $154,000,000, while eligible paper, representing acceptances and bills discounted foreign exchange. Public deposits were inheld by the Federal reserve banks, decreased creased somewhat during the month through by $105,000,000. the transfer of funds from bankers' balances. The British Government has made public As in the preceding month, gold movements the status of its program for converting the 5 in Europe during the past month were rela- per cent war loan, 1929-1947, of which about tively small. Further addi- £2,080,000,000 is outstanding according to lattions were made to the g°ld est available returns. Last June 30 it was anreserves of central banks in nounced that the Government would redeem England and Netherlands, and the gold stock the loan at par this coming December 1. Holdof Germany showed the first monthly increase ers of the loan were permitted to continue their since May, 1931. Gold holdings of France, holdings with a reduction in the rate of interest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 from 5 to 3y per cent and, if the acceptance of At the Reichsbank gold and foreign-exchange 2 continuance were made not later than July 31, reserves in the month ending August 23 inwith a cash bonus of 1 per cent. The British creased by 20,000,000 reichs- Treasury stated on August 15 that applications Reichsbank marks ($4,718,000). Although for the continuance of about £1,850,000,000 until now the bank's reserves with the benefit of the cash bonus had been re- have shown monthly declines since May, 1931, ceived, while applications for redemption ap- losses since April have been in connection with proximated £48,000,000. That portion for which no notification of either redemption or REICHSBANK [In millions of reichsmarks] continuance is given before the end of Septem- Change from— ber will be continued on the 3H per cent basis. Aug. 23, The Bank of France in addition to losing 1932 July 23, Aug. 22, 1932 1931 108,000,000 francs ($4,238,000) of gold in the Gold 768 +14 -598 four weeks ending August 19 also lost 919,000,- Foreign-exchange reserves 144 +6 -170 Discounts and advances 2,876 -153 -175 000 francs of foreign exchange. Deposits 353 -6 -180 Bank of France Notes in circulation 3,617 -105 -433 In obtaining this gold and exchange the market utilized notes returning capital repayments abroad. Funds from the from circulation and made drafts upon " other sale of gold and exchange to the bank, and also deposits," in which the balances of the French from the return of currency from circulation, commercial banks are included. These de- were utilized by the market in repaying disposits, which have been at a high level for the counts and advances. past year, have recently been declining along with the bank's holdings of gold and foreign Annual Report of the Federal_Reserve Board The complete edition of the annual report of BANK OF FRANCE the Federal Reserve Board, covering operations [In millions of francs] for the year 1931, is now available. It contains, in addition to the text of the report, Change from— statistics relating to banking and business con- Aug. 19, ditions generally. It also gives the recom- 1932 July 22, Aug. 21, 1932 1931 mendations made by the Federal Advisory Council during 1931. Gold... 82, 202 -108 +23, 641 Foreign exchange 5, 397 -919 -22, 755 D G o o m ve e r s n t m ic e d n i t s c d o e u p n o t s s i t a s nd advances. 4 5 , , 3 7 2 8 3 7 + -1 1 4 6 6 1 - - 1 4, , 8 9 8 7 1 7 Changes in Foreign CentraPBank Discount Rates N O o th te e s r i d n e p c o ir s c i u ts lation 8 22 0 , , 1 5 2 5 7 5 - - 6 6 6 7 2 5 + + 4 2 , , 3 3 8 C 5 0 The following changes in discount rates during the month ended September 1 have been reported by central banks in foreign countries: exchange. The small volume to which foreign Austrian National Bank—August 24, from 7 to 6 balances of the French commercial banks have per cent. been reduced indicates that any increase in the Central Bank of Chile—August 22, from 5^ to 4% per cent. demand for exchange arising either out of the Bank of Greece—August 8, from 11 to 10 per cent. improvement in financial conditions abroad or Bank of Japan—August 18, from 5.11 to 4.38 per cent. the persistence of the excess of merchandise Bank of Norway—September 1, from 4}£ to 4 per imports into the country would have to be met cent. Bank of Sweden—September 1, from 4 to 3% per by purchases from the Bank of France. cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 563 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 23 and released for publication August 25] Volume of industrial output declined season- the winter wheat crop, offset in part by an estially from June to July, while factory employ- mated increase of 175,000,000 in the spring ment and pay rolls decreased by more than the wheat crop. The first official cotton estimate, usual seasonal amount. In July the general as of August 1, was 11,300,000 bales, as comlevel of wholesale prices was about 1 per cent pared with crops of 17,100,000 last season and higher than in June, and in the first half of 13,900,000 the year before. The indicated pro- August prices of many leading commodities duction of corn is 2,820,000,000 bushels, subadvanced considerably. Reserve bank credit stantially larger than the crops of the last two declined somewhat in the four weeks ending seasons and slightly larger than the 5-year August 17, reflecting chiefly a substantial average. growth in the country's stock of monetary gold. Distribution.—Volume of freight traffic de- Production and employment.—Industrial pro- creased somewhat from June to July, and value duction declined by about the usual seasonal of department-store sales was substantially amount in July, and the board's index, which is reduced. adjusted to allow for the usual seasonal varia- Wholesale prices.—The general level of tions, remained unchanged at 59 per cent of the wholesale prices, as measured by the monthly 1923-1925 average. Activity decreased seasonindex of the Bureau of Labor Statistics, adally in the steel industry; by slightly more than vanced from 63.9 per cent of the 1926 average the usual seasonal amount in the lumber, in June to 64.5 per cent in July. Between the cement, newsprint, and meat-packing indusmiddle of July and the third week of August tries; and by substantially more than the prices of livestock and meats, which had preseasonal amount in the automobile and lead viously advanced considerably, declined someindustries. Output of shoes, which ordiwhat, while price increases were reported for narily increases in July, declined. At woolen many other leading commodities, including mills, activity increased by a substantial amount, wheat, textile raw materials and finished prodand at silk mills there was a seasonal increase ucts, nonferrous metals, hides, sugar, coffee, in production. Activity at cotton mills deand rubber. creased, as is usual in July, while sales of cotton cloth by manufacturers increased considerably. Bank credit.—The total volume of reserve Output of coal increased from the low level bank credit outstanding, which had increased prevailing in June. by $850,000,000 between the end of March and the third week of July, declined by $95,000,000 Reports on the volume of factory employin the four weeks to August 17, and in the same ment and pay rolls showed substantial declines period member banks increased their reserve from the middle of June to the middle of July. balances by $45,000,000. These changes re- In the machinery, women's clothing, and hoflected chiefly the addition of $95,000,000 to siery industries, and at railroad repair shops the the country's stock of monetary gold and an number employed decreased by considerably inflow to the banks of $30,000,000 in currency. more than the usual seasonal amount, and at Total loans and investments of reporting shoe factories the increase reported was smaller member banks in leading cities were $250,000,than usual. In the woolen goods industry a 000 larger on August 17 than four weeks earsubstantial increase in employment was relier. Total loans of these banks continued to ported. decline throughout the period, while their Value of building contracts awarded, as reinvestments increased substantially, reflecting ported by the F. W. Dodge Corporation, conan increase in holdings of United States Govtinued at a low level during July and the first ernment securities in connection with Treasury half of August. financing operations. Time deposits increased Prospects for many leading crops, including by $95,000,000 and net demand deposits by corn, spring wheat, potatoes, and tobacco, were $85,000,000. reduced somewhat during July, according to the Department of Agriculture. The estimated Money rates in the open market remained at total wheat crop, based on August 1 conditions, low levels. Successive reductions brought the is 723,000,000 bushels, a decrease of about prevailing rates on prime commercial paper to 175,000,000 bushels from last year's large crop, a range of 2-2}{ per cent in the first part of reflecting]a reduction of 350,000,000 bushels in August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 5000 4500 4500 4000 4000 Member Bank Reserve Balances 2500 ==^2500 2000 2000 1500 1500 1000 1000 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending Aug. 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 565 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht s G e U S c m o n u t v a e i r e t t i n e e t r t i s d n e - s r c O e b r s a t e e h n d r e k v i r t e Total g M o o ld n e st t o a c ry k T c a r u d e r ju a re s s n t u e c r d y y i M n l a c o t i 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—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 2,069 144 358 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 1,694 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 July 523 60 1,818 2,422 3.941 1,780 5,751 2,003 46 343 August 451 37 1,850 2, 353 4,031 1,796 5,720 2,073 40 347 Week ending (Saturday) 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 3,989 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 July 2 484 1,791 2,359 3,919 1,800 5,703 1,979 346 July 9 509 1,793 2,404 3,920 1,795 5,785 1,946 345 July 16 521 1,821 2,428 3,932 1,765 5,745 1,991 344 July 23 536 1,831 2,439 3,952 1,775 5,751 2,025 343 July 30 531 1,839 2,430 1,774 5,718 2,057 343 Aug.6 494 1.846 2,395 3,987 1,764 5,738 2,014 345 Aug. 13 458 1,851 2,363 4,002 1,793 5,725 2,040 346 Aug. 20 443 1,851 2,346 4,040 1,803 5,725 2,078 345 Aug. 27 432 1,851 2,330 4,060 1,814 5,706 2,122 346 End of month series Wednesday series Mar. Apr. May June July Aug. July Aug. Aug. Aug. Aug. Aug. 31 30 30 27 10 17 31 Bills discounted 556 490 440 538 433 Bills discounted 525 487 443 427 Bills bought 36 67 43 34 Bills bought 40 41 39 36 35 34 United States Government se- United States Government securities 872 1, 228 1,549 1,784 1,841 1,852 curities 1,841 1,851 1,851 1,851 1,852 Other reserve bank credit 18 21 12 Other reserve bank credit 16 14 15 14 12 Total reserve bank credit 1,597 1,850 2,096 2,310 2,439 2,331 Total reserve bank credit 2,422 2,388 2,357 2,344 2,321 2,331 Monetary gold stock 4,390 4,367 4,152 3,919 3,974 4, 087 Monetary gold stock—_ 3,960 3,987 4,005 4,0464,064 4,087 Treasury currency adjusted 1,803 1,802 1,8"" 1,758 1,801 Treasury currency adjusted 1,771 1,757 1,799 1,788 1,819 1,801 Money in circulation 5,459 5,464 5,480 5,695 5,726 5, 692 Money in circulation 5,690 5,728 5,707 5,706 5,684 5,692 Member bank reserve balances. 1,924 2,124 2,113 2,052 2,146 Member bank reserve balances- 2,072 2,012 2,062 2,080 2,142 2,146 Nonmember deposits, etc 59 79 109 42 49 36 Unexpended capital funds, non- Unexpended capital funds 35J 353 346 344 345 member bank deposits, etc 391 391 392 392 378 381 v Preliminary. Back figures—Bee Annual Report for 1931 (Tables 1-6). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Aug. 31,1932 uly 31,1932 Aug. 31, 1931 RESOURCES Gold with Federal reserve agents 2,081, 761 1,969,152 2,153,913 Gold redemption fund with United States Treasury 57, 668 62,944 29,889 Gold held exclusively against Federal reserve notes.. 2,139,429 2,032,096 2,183,802 Gold settlement fund with Federal Reserve Board 273,486 242,370 439,052 Gold and gold certificates held by banks 360,046 360,945 832,838 Total gold reserves 2, 772,961 2,635,411 3,455,692 Reserves other than gold 206,702 200,732 163,141 Total reserves 2,979,663 2,836,143 3,618,833 Nonreserve cash 75,119 70,072 71, 228 Bills discounted: For member banks _ 432, 590 537,450 254,580 For intermediate credit banks 80 605 For nonmember banks (secured by adjusted service certificates). 86 163 122 Total bills discounted 432, 756 538, 218 254,702 Bills bought: Payable in dollars— Bought outright 3,264 7,445 50,951 Under resale agreement _ 4,840 19,187 Payable in foreign currencies ~30~834" 30,645 145,215 Total bills bought 34,098 42,930 215, 353 United States Government securities: Bought outright- 1,838,815 1,828,828 727,873 Under resale agreement 12,900 12,500 Total United States Government securities 1,851, 715 1,841,328 727,873 Other reserve bank credit: Federal intermediate credit bank debentures 5,900 Federal land bank bonds 500 Municipal warrants.. 5,915 5,957 52 Foreign loans on gold _ 18,250 Due from foreign banks . 2,668 2,887 23,782 Reserve bank float (uncollected items in excess of deferred availability items) _ 3,476 7,621 9,063 Total reserve bank credit outstanding.. 2,330,628 2,438,941 1,255,475 Federal reserve notes of other reserve banks _ 15,082 14,939 14,335 Uncollected items not included in float 308,796 297,613 356,728 Bank premises „ 58,121 58,119 59,084 All other resources __ 47.613 48,439 33, 536 Total resources.. 5,815, 022 5, 764, 266 5,409, 219 Federal reserve notes: LIABILITIES Held by other Federal reserve banks. 15,082 14,939 14,335 Outside Federal reserve banks 2,798, 938 2,843,970 1,948, 370 Total notes in circulation. 2,814,020 2,858,909 1,962, 705 Deposits: Member bank—reserve account . 2,146,183 2,051, 505 2,373,001 Government 59,429 57,367 70,131 Foreign bank__ 14,187 8,922 162, 205 Other deposits 21,485 39,723 26,996 Total deposits _ 2,241,284 2,157,517 2, 632,333 Deferred availability items 308, 796 297,613 356, 728 Capital paid in _ 153,099 153,738 167,084 Surplus ___ 259, 421 259,421 274,636 All other liabilities 38,402 37,068 15, 733 Total liabilities __ _ 5,815, 022 5,764,266 5,409, 219 Contingent liability on bills purchased for foreign correspondents 49,043 59,498 227,988 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 3, 051,999 3,079,771 2,343,317 Held by Federal reserve banks i 237, 979 220,862 380,612 In actual circulation. 2,814,020 2,858,909 1,962,705 Collateral held by agents as security for notes issued to banks: Gold. _ 2,081, 761 1,969,152 2,153,913 Eligible paper 416, 786 524,874 316,536 United States Government securities 578,100 611,400 Total collateral.. 3,076,647 3,105,426 2,470,449 i Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 567 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] [In thousands of dollars] 1932 Analysis of changes s G to o c ld k From or to— (pre A li u m gu in s a t ry) July Jan J u u a ly ry- Month at end Increase Net re- Domesof in stock Net gold lease tic promonth d m u o r n in th g import fr m om ar k ea i r-du e c tc t . i 1 on, 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 _. 1,021 83, 602 1929— February 4,153 26.4 25.5 0.0 0.9 England _._ 6,130 1,480 75 2,202 15,132 March.. __ _ 4,188 34.4 24.8 7.5 2.1 France. _. 18,050 21, 513 8 440,192 April 4,260 72.4 23.1 48.6 0.8 Germany. 61 13, 738 May 4,301 40.6 23.6 16.1 0.9 Netherlands 115, 277 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 225 118, 516 August 4,360 18.9 18.4 -1.0 1.5 Canada 4,347 3,071 1 '40,362 127 September 4,372 12.1 17.6 -6.6 1.1 Central America _ 85 825 3 October . . 4,386 14.4 17.5 —4.5 1.4 Mexico 1,842 1 284 12, 309 320 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 Colombia 13 2,980 Ecuador 93 1,660 676 1,660 Total (12 mos.)- 142.5 175.1 -55.4 22.8 Peru 137 2,638 126 Uruguay 1,037 3,000 1930—J anuary 4,291 6.8 4.0 0.5 2.3 Venezuela 129 920 February . , 4,353 61.9 60.0 0.0 1.9 Australia 1,799 1,148 4,800 March 4,423 70.2 55.5 15.0 -0.3 British India _ 565 240 7,737 April - 4,491 68.5 65.7 0.5 2.3 China and Hong May 4,517 25.9 23.5 2.0 0.5 Kong 4,744 3,524 18, 517 June _ 4,535 17.6 13.9 2.0 1.7 Dutch East Indies. 262 2,419 July 4,517 -18.4 -19.6 -3.0 4.3 Japan 4,197 43, 234 August. 4,501 -15.5 -19.6 0.0 4.2 Philippine Islands. 338 2,620 September 4,511 10.2 2.5 4.0 3.7 All other countries1 916 333 5,926 232 October 4,535 23.3 26.4 —6.1 3.1 November 4,571 36.8 35.2 -2.1 3.8 Total -22,401 218, 050 16, 334 23, 474 164,184 791, 312 December... 4,593 22.1 32.7 -15.2 4.5 Total (12 mos.)-- 309.6 280.1 -2.4 31.9 1 Includes all movements of unreported origin or destination. 2 At New York—imports, $11,511,000; exports, $18,050,000. Elsewhere, 1931—January 4,643 49.4 34.4 11.9 3.1 imports, $10,890,000. February __ _ 4,665 22.0 16.1 2.5 3.3 r Revised figure for imports from Canada in June, $5,449,000. March 4,697 32.0 25.6 3.0 3.3 A M p a r y il 4 4 , , 7 7 2 9 6 8 2 7 8 2 . . 7 4 4 4 9 9 . . 5 6 — 4 7 . . 0 5 -1 1 3 8 . . 3 8 KINDS OF MONEY IN CIRCULATION June 4,956 158.0 63.8 92.3 1.9 July 4,949 -6.6 19.5 -29.7 3.6 [Money outside Treasury and Federal reserve banks. In millions of August 4,995 45.7 57.5 -16.0 4.2 dollars] September -- 4,741 -254.3 20.6 -279.1 4.2 October 4,292 -448.4 -337. 7 —107.6 -3.1 November 4,414 122.0 89.4 28.3 4.2 1932 1931 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 Aug. 31 P July 31 Aug. 31 1932—January.. __ 4,416 -44.2 -73.0 25.4 3.4 February 4,354 -62.3 -90.6 26.4 1.9 March.. 4,390 36.0 -24.7 58.3 2.4 Gold coin . 449 454 363 April 4,367 —23.1 -30.2 4.0 3.2 Gold certificates 669 694 989 May 4,152 —214.1 — 195.5 -22.1 3.6 Federal reserve notes _ 2,793 2,838 1,947 June 3,919 —233.9 r— 206.0 —28.8 '0. 9 July 3,974 55.8 -7.1 56.2 6.7 Treasury currency:l August » 4,087 112.3 4.4 100.5 7.5 S Si t l a v n e d r a c r e d r t s if il i v ca e t r e s dollars 3 3 5 0 0 3 3 5 0 1 3 3 8 4 0 Total (8 mos.) . -373. 4 -622.8 219.8 29.5 Treasury notes of 1890 1 1 1 Subsidiary silver 255 254 271 Minor coin 113 113 117 * Gold released from earmark at Federal reserve banks less gold placed United States notes 285 289 301 under earmark. Federal reserve bank notes 3 3 3 * This figure, derived from preceding columns, represents the excess of National bank notes 744 700 646 domestic production over nonmonetary consumption of gold—chiefly consumption in the arts. In any given month, however, it may be pre- Tota JTreasury currency 1,781 1,740 1,753 dominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have Total money in circulation 5,692 5, 726 5.052 reached a reserve bank or the Treasury, and (6) gold bullion recently withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies 1 For explanation of the term "Treasury currency" see BULLETIN for, in omcial reports of gold imports and exports. July, 1929, p. 432. * Preliminary figures. r Revised. » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y o i rk r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry' T m o b 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—April _ 2,376 829 962 585 55.6 7.2 20.2 28.2 May 2,387 961 578 66.8 15.5 23.6 27.7 June 2,404 949 573 i 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 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 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July 2,003 767 781 455 204.4 75.0 91.6 37.9 Week ending (Friday)— July 3 2,114 837 816 460 122.0 109 7 (*) June 10 _ 2,090 779 844 466 i 78.8 136.2 (J) June 17 2,095 791 844 459 91.2 130.0 June24_ 2,051 786 807 458 94.4 100.6 June 1 1,979 758 772 65.8 72.5 July 8 _. 1,947 717 760 470 25.1 68.3 July 15 1,982 753 778 451 62.9 86.5 July22 2,019 781 787 452 89.7 97.4 July29 2,057 814 797 446 122.5 111.3 Aug. 5 2,019 777 794 448 78.1 105.6 Aug. 12 . 2,034 791 796 447 95.1 108.6 i Central reserve city banks only. > 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 n e ta e r k m s l- - C Y N i o e t r w y k * 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 e a r k m l 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 r k em l s - - C Y N i o e ty r w 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—April 32,179 7,336 13,181 11,662 18,491 6,019 7,309 5,163 13,688 1,317 5,872 6,498 May 32,168 7,439 13,157 11,573 18,419 6,094 7,236 5,090 13,749 1,345 5,921 6,483 June _ _. 31, 602 7,232 12,939 11,432 18,055 5,934 7,132 4,988 13,548 1,297 5,807 6,444 July 31,526 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13, 404 1,260 5,728 6,415 August 31,041 7,147 12,702 11,192 17, 783 5,946 7,012 4,825 13,259 1,201 5,691 6,367 September 30,500 7,126 12,356 11,018 17,525 5,962 6,805 4,758 12, 974 1,163 5,552 6,259 October - - 29,138 6,937 11,657 10,544 16,859 5,872 6,421 4,567 12, 279 1,065 5,236 5,977 November . 28,218 6,612 11,350 10,256 16, 358 5,653 6,273 4,432 11,860 959 5,076 5,825 T)po<vmhflr 27,438 6,414 11,048 9,976 15,985 5,546 6,106 4,333 11,453 868 4,942 5,643 1932—January 26, 592 6,165 10,706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February . - - 25, 715 5,797 10,413 9,505 14,789 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, 42a 3,911 10, 787 816 4, 656 5,315 June 25,075 5,957 10,032 9,087 14,413 5,154 5,433 3,826 10,663 803 4,599 5,261 July ._. 24, 712 5, 951 9,830 8,931 14,157 5,133 5,304 3,720 10, 555 818 4,526 5,211 i Central reserve city banks only. Back figures.—See BULLETIN for June, 1931, p. 347. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 569 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Purchased paper T lo o a t n a s l 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 S o b n n r e c y e d - d k d s s e c r s u S b e t r e y a a e - t l d e O c c u w a u u n t s n h i e r r s s - e e d e e e d d r - - Total A U a p a c n n b i a c i c n y l t e e e e p - s d t- a c p a A n e b a c c p y l - e e t - - s C m c o i e a m r l - - Y L N k b o o i r t e e n o o a r r w k - n s * s Total U m r s G e i e t r . e o c i n e n u v S - 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 e r c y - d e d k d s s 3 States abroad TOTAL—ALL MEMBER BANKS 1928—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 5,898 10, 094 Oct. 4 35,914 640 23, 249 8,109 3,152 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 10,314 Dec. 31— 35, 934 714 23,193 8,488 3,191 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 10, 505 1930—Mar. 27 35,056 527 21,494 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 8,061 3,155 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24 35, 472 466 21, 010 7,864 3,163 9,982 3,262 205 62 523 2,472 10,734 4,095 6,639 10,511 Dec. 31 34, 860 631 21,007 7,942 3,234 9,831 2,233 315 55 366 1,498 4,125 9,754 1931—Mar. 25 34, 729 446 19, 940 7,423 3,220 9,298 2,454 361 101 361 1,630 11, 5,002 9,272 June 30 33,923 457 19, 257 7,117 3,216 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29.... 33,073 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30, 575 790 17, 570 6,290 3,038 8,244 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30 28,001 573 15, 267 5,292 2,894 7,081 747 313 34 122 278 11, 414 5,628 5,786 5,916 NEW YORK CITY • 1928—Dec. 31... 7,951 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 3,396 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 June30__. 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 1933—June 30.. 6,715 260 2,856 1,343 160 1,353 565 258 3,033 2,008 1,025 1,757 OTHER RESERVE CITIES 1928—Dec. 31 14,066 213 9,267 3,734 1,547 742 18 150 541 3,844 1,836 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 3,718 1, 503 4,213 480 17 88 349 3,611 1,765 1,846 4,221 Oct. 4 13, 983 294 9,775 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 9,629 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 1932—June 30. 11,045 254 6,519 2,403 1,407 2,709 118 38 62 7 4,154 2,187 1,966 2,585 "COUNTRY" BANKS 1928—Dec. 31 13,667 8,254 1,906 1,444 4,904 625 211 376 4,751 1,382 3,370 2,300 1929—Mar. 27. 13, 741 8,364 2,056 1,465 4,843 598 192 354 4,740 1,424 3,316 2,429 June 29 13, 719 8,551 2,139 1,486 4,926 496 140 316 4,623 1,384 3,240 2,480 Oct. 4 13, 780 8,627 2,295 1,485 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 4,892 1,418 2,974 1,796 1932—June 30. 10, 240 5,892 1,546 1,328 3,018 64 36 13 4,226 1,432 2,794 1,574 i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. * Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total loans to banks. 'Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1930 (Table 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. For backf iguress ee BULLETIN for May, 1931 (p. 253), and Annual Report for 1931 (Tables 45-46)J Total loans and investments Deposits (exclusive of interbank deposits) All banks Member banks Nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 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 k r s - m N em on b - 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. 3— 57, 219 39, 671 17, 549 34,929 24,325 10,604 22, 291 15,346 6,945 53, 720 32,138 21, 582 Dec. 31- 58.266 40, 763 17,504 35,684 25,155 10,529 22,582 15, 607 6,975 56, 766 34,826 21,940 1929—Mar. 27. 58,019 40, 557 17,462 35,393 24,945 10,448 22, 626 15,612 7,013 54,545 33,215 21,330 June 29_. 58, 474 41, 512 16,962 35, 711 25, 658 10,052 22, 763 15,853 6,910 53,852 32, 284 21, 567 Oct. 4-_ 58,835 42,201 16,634 35,914 26,165 9,749 22,922 16,036 6,885 55,180 33,004 22,176 Dec. 31- 58,417 41,898 16, 519 35,934 26,150 9,784 22, 483 15,748 6,735 55,289 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— 49,704 31,305 18, 399 30, 575 19, 261 11,314 19,129 12,045 7,084 45,821 27,432 18,389 1932—June 30.. 28,001 16,587 11,414 24, 755 NUMBER OF BANKS BANK LOANS AND INVESTMENTS, PERCENT- AGE DISTRIBUTION Member banks [Figures for Dec. 31,1931] Non- Date Total i Na- m b e e m r - To in ta v l e s lo tm an e s n t a s nd Total tional State banks Number of banks Amount Percent- 1925—Dec. 31. 28,257 9,489 8,048 1,441 18,768 (millions age disof dollars)tribution 1926—Dec. 31 27,367 9,260 7,906 1,354 18,107 1927—June 30 26,765 9,099 7,790 1,309 17, 666 All banks in the United States 19,966 49,704 100 Dec. 31-. 26,416 9,034 7,759 1,275 17,382 Member banks—total 7,246 30.575 62 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 Reserve city banks (62 cities) 403 19.576 39 Central reserve city banks— 1929—June 29 25,110 8,707 7,530 1,177 16,403 New York City 39 7,460 15 Dec. 29 24, 630 8,522 7,403 1,119 16,108 Chicago 12 1,517 3 Other reserve city banks— 1930—June 30 23,852 8,315 7,247 1,068 15, 537 New York City__ 9 Dec. 31 22, 769 8,052 7,033 1,019 14, 717 Chicago _.. 23 Other Federal reserve bank cities 1931—June 30 21,903 7,782 6,800 982 14,121 (10 cities) 97 5,200 10 Sept. 29 21, 294 7,599 6,653 946 13, 695 Federal reserve branch cities (25 Dec. 31 19,966 7,246 6,368 878 12, 720 cities) 133 4,099 Other reserve cities (25 cities) 90 1,200 2 1932-June30 6,980 6,145 835 "Country" banks * 6,843 10, 999 22 Nonmember banks 12,720 19,129 38 i All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. i Includes certain outlying banks in reserve cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 571 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 n l v o d e e o a n s t n i t a t n - s s l - F r B i . o n a o w g R t r s - - . curities loans U.S. se- banks curities loans U.S. se- banks banks Total curities Total curities 1931—May 22, 713 7,893 7,822 3,957 28 7,875 3,039 2,194 2,642 1,460 14,838 28 June 22,439 6,770 7,853 7,816 4,048 56 7,694 2,846 2,204 2,644 1,523 14, 745 56 July 22, 393 6,631 7,964 7,798 4,121 44 7,780 2,764 2,365 2,651 1,608 14,613 44 August 22,093 6,480 7,900 7,713 4,074 75 7,633 2,640 2,370 2,623 1,600 14,460 72 September. 22,078 6,413 7,870 7,795 4,154 127 7,744 2,657 2,375 2,712 1,652 14, 334 124 October... 21, 425 5,971 7,679 7,775 4,171 398 7,466 2,369 2,272 2,825 1,750 13,959 324 November. 21, 023 5,859 7,586 7,578 4,072 404 7,258 2,277 2,243 2,738 1,705 13, 765 888 December. 20,749 5,763 7,441 7,545 4,127 499 7,165 2,237 2,218 2,710 1,732 13,584 416 1932—January... 20,178 5,644 7,331 7,203 3,943 469 6,921 2,209 2,220 2,492 ,631 13, 257 435 M Fe a b r r c u h ary.. 1 1 9 9 , , 7 4 7 3 5 4 5 5 , , 3 49 8 7 8 7,214 7 7 , , 0 0 6 5 4 9 3 3 , , 8 86 5 6 6 4 36 8 8 4 6 6, , 5 6 2 4 1 5 2 2, , 0 1 6 2 5 7 2 2, , 0 1 7 7 8 1 2 2 , , 3 3 4 7 7 8 L , , 5 5 4 2 7 1 1 12 3 , , 1 9 3 1 0 3 4 3 6 6 1 5 April 19,096 5,150 6,820 7,126 3,875 277 6,492 ., 947 2,029 2,516 ,620 12,604 277 May 19,112 4,975 6,727 7,410 4,121 185 6,647 .,851 2,038 2,758 ,797 12, 465 185 June 18,877 4,811 6,609 7,457 4,200 191 6,541 ,745 1,995 2,801 ,849 12,336 191 July 18,419 4,616 6,455 7,348 4,144 212 6,353 ,644 1,896 2,813 ,860 12,066 212 August 18, 587 4,578 6,319 7,690 4,499 164 6,517 ,657 1,819 3,041 081 12, 070 164 June 1 19,016 4,907 6,724 7,385 4,032 197 6,635 ,815 2,060 2,760 .,777 12, 381 197 JuneS 18, 712 4,798 6,599 7,315 4,077 207 6,430 ,737 1,966 2,727 .,789 12, 282 207 June 15 19,087 4,828 6,687 7,572 4,338 198 6,645 ,759 2,065 2,821 .,878 12, 442 198 June 22 18,819 4,778 J 6,519 7,522 4,298 189 6,462 ,720 1,925 2,817 ,881 12, 357 189 June 29.... 18,754 4, 745 6,518 7,491 4,254 167 6,534 1,957 2,881 ,921 12,220 167 July 6 18,532 4,632 6,484 7,416 4,210 197 6,420 ,647 1,917 2,856 1,901 12,112 197 July 13 18,478 4,626 6,523 7,329 4,123 207 6,391 ,650 1,956 2,785 1,831 12,087 207 July 20 18.333 4,618 6,410 7,305 4,107 229 6,285 ,648 1,851 2,786 1,839 12,048 229 July 27 18.334 4,587 6,405 7,342 4,136 214 6,317 1,630 1,862 2,825 1,870 12,017 214 August 3_- 18,696 r4,632 '6,364 7,700 4,488 188 6,556 1,669 1,832 3,055 2,087 12,140 188 August 10. 18,622 r4,6l2 '6,346 7,664 4,482 163 6,515 1,672 1,821 3,022 2,065 12,107 163 August 17. 18, 580 '4,586 '6,323 7,671 4,499 162 6,501 1,662 1,820 3,019 2,073 12,079 162 August 24- IS, 499 r4,551 r6,277 7,671 4,491 150 6,473 1,651 1,803 3,019 2,067 12,026 150 August 31. 18, 539 4,512 0. 284 7.743 4, 535 158 6,543 1,632 1,819 3,092 2,116 11,996 158 T Revised 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 n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , 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 banks l 1931 1932 1931 1932 1931 1932 1931—August 1,342 951 226 165 September ; 11,,226688 943 174 151 January 1,720 512 1,557 374 163 138 October 921 674 90 157 February 1,840 525 1,646 385 194 140 November 802 588 124 90 March 1,909 533 1,692 391 217 142 December 655 554 88 13 1932—January 544 473 65 6 April 1,651 379 1,466 300 185 79 February 495 417 72 6 May 1,435 300 1,293 243 141 57 March 531 432 94 5 June 1,391 244 1,221 194 170 49 April 500 423 70 7 May 436 385 44 7 July 1,344 242 1,171 195 173 47 June 377 342 29 6 August 1,354 332 1,160 248 194 84 July 335 309 18 8 September 1,044 932 112 August 344 319 17 8 October 796 108 August 3.. 332~ 307 16 9 November 730 582 148 August 10. 345 320 17 8 December 587 455 132 A Au u g g u u s s t t 2 1 4 7 . . 3 3 4 5 4 5 3 3 2 3 0 0 1 1 8 7 7 August 31. 345 318 19 8 Back figures.—See Annual Report for 1930 (Table 57). | * Member and nonmember banks outside New York City (domestic banks only). I Back figures.—See Annual Report for 1931 (Table 62). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN SEPTEMBER, 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 l b d l a r b n e y s k e s F rv ed e - Hel c d e p b t y i n g g r o b u a p n k o s f ac- s o t B o n r a g e s o d e o d i d n s B go a o o s n e d d s United stored Based States in End of month s T t o a o u n t t a d - l - For c F o a o c u - r nt o H t b h e y e ld rs End of month Total p i i o n o m n t r o t - s o p U f n r o o . r S m e t . x s - c ( h r w e o o d a u r i r s t e e s - ) c D h e a o x n l - l g a e r s f t h c r o i i o r e p e u s p i n g e o - n d r ing o a w c n - o e f i g fo n r- lotai O bi w ll n s bo B u il g l h s t U.S. shipped bebetween tween count corre- domes- foreign spond- tic points points ents 1930—April 1,414 209 465 158 55 103 582 OUTSTANDING J J S N D M A O u u e o u c e a l n p v y t g y c e o t e e u e b m m s m e t b r b b e e r e — r r . - . 1 1 1 1 1 1 1 1 , , , , , , , , 3 3 3 3 3 5 5 5 5 8 3 6 0 5 0 7 0 2 9 7 5 6 8 1 2 3 1 1 1 1 1 1 2 8 0 2 2 6 4 4 8 4 8 9 7 7 3 1 4 4 4 4 4 4 4 4 7 7 3 7 6 3 3 2 9 1 2 0 3 9 3 9 3 3 4 2 2 3 2 1 8 9 1 7 0 6 7 6 4 3 7 9 5 7 1 6 1 1 1 3 8 7 9 6 6 6 9 1 0 2 5 3 4 3 0 3 2 2 2 1 1 1 1 1 1 8 1 8 7 4 0 3 6 2 2 6 2 1 3 4 4 4 5 5 4 5 5 3 1 6 0 1 7 0 5 4 1 3 3 7 0 7 0 1931— J A S N D O J u e u u e o c l p n c y g v t t o e e u e e m b m s m t e b b b r e . e e . r r r 1 1 1 1 1 , , , , , 0 3 2 0 0 9 9 9 6 2 4 0 9 7 0 8 8 6 0 2 4 2 1 1 1 1 1 1 0 8 7 7 5 5 7 2 6 8 3 9 8 4 3 3 2 2 2 2 2 4 6 7 5 3 2 5 9 1 6 7 0 2 4 2 2 2 2 2 2 1 5 3 0 3 6 5 9 4 8 2 8 7 8 0 4 3 4 3 29 2 3 9 3 3 8 4 0 6 1931— J J A F M M u J u e p a a a l n b n y r y r e r i u c l u . a h . a r . y ry.-_ 1 1 1 1 1 1 1 , , , , , , , 4 4 5 3 4 5 2 6 1 2 6 2 2 2 7 3 0 8 2 0 8 1 1 1 8 2 2 6 8 9 3 5 4 3 2 9 5 9 4 4 4 4 3 3 2 4 5 3 0 4 8 4 7 6 1 9 3 0 1 4 4 5 5 4 5 6 7 6 5 1 5 7 6 2 4 4 0 0 1 8 2 1 1 1 1 1 1 3 3 9 3 7 2 5 4 2 6 1 1 5 1 4 3 4 3 2 3 2 3 3 9 4 5 8 9 6 7 8 1 7 5 3 4 4 4 4 4 3 2 4 4 7 1 2 7 4 4 0 9 2 9 8 1 1932— J J A M M F u u J e p a l n a a b y r n r y i e _ r l u c — u _ a h a r _ y ry ... 8 7 7 9 9 9 7 4 7 0 1 1 8 6 7 9 5 9 1 7 1 1 1 1 1 1 8 9 0 2 1 5 4 5 7 3 9 8 0 2 2 2 1 1 1 1 1 7 0 6 0 9 8 9 3 5 2 7 9 4 5 2 1 2 2 2 2 1 7 1 5 6 7 9 7 8 7 1 7 1 3 2 2 2 2 2 2 2 6 8 7 8 6 9 5 7 1 4 9 4 August 1,090 70 228 606 168 438 186 HELD BY F. R. BANKS September- 996 420 100 410 162 248 67 October 1,040 647 99 230 112 118 63 (OWN ACCOUNT) * N D o ec v e e m m b b e e r r. . . . 1,0 9 0 7 2 4 4 3 1 0 8 5 2 1 5 2 1 6 2 2 9 6 6 2 1 1 2 3 5 1 1 1 7 3 1 1 1 1 6 5 1 6 1931— J J u u l n y e 9 3 5 9 15 7 3 1 9 6 1932— M A F M J e p a a a b n r y r i u r c l u a h r a y ry.-. 8 9 9 9 7 7 1 8 6 1 9 9 7 1 1 1 3 1 7 1 6 9 4 6 6 3 3 3 2 18 1 1 9 3 3 4 2 2 5 5 3 3 4 3 1 7 5 3 4 0 7 5 2 3 2 1 1 1 1 2 8 7 5 5 5 8 5 5 9 2 2 2 1 1 6 2 8 7 6 8 2 6 4 8 1 1 1 1 8 9 6 1 9 9 5 3 5 0 A N S D O e u o e c p c g v t t o e u e e m b m s m t e b b b r e . e e - r r r . 4 4 6 3 1 2 4 0 7 8 5 0 7 0 10 6 4 6 1 5 8 3 1 0 12 9 8 9 9 4 2 1 1 1 3 8 0 8 7 8 5 4 5 0 J J A u u u n ly g e ust., . 7 7 4 0 7 5 » 3 1 3 6 2 9 5 4 8 9 9 5 5 1 6 8 3 2 19 0 7 0 3 36 1 6 8 9 7 6 0 1932— M F J e a a b n r u r c u a h r a y ry. _._ 11 7 3 9 6 6 1 9 6 4 2 3 1 7 2 2 4 2 1 7 5 3 April 16 2 5 » Preliminary. J M un a e y... 36 5 (2) (*) Figures for acceptances outstanding (and held by accepting banks) July 12 1 from American Acceptance Council. Back figures.—See Annual Reports for 1930 (Table 64), 1929 (Table 58) 1 Total holdings of Federal reserve banks include a small amount of and 1928 (Table 61). unclassified acceptances. »Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS Back figures.—SeeA nnual Report for 1931 (Tables 67 and 15). COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [In millions of dollars] End of month 1929 1930 1931 1932 End of month 1929 1930 1931 1932 January— 1,019 1,035 36,119 33,444 February.. 1,029 1,038 23,958 33,478 January 407 404 327 108 March 1,036 1,040 1,063 30, 778 February 411 457 315 103 April 1,036 1,054 1,074 30, 736 March _ 387 529 311 106 May 1,040 1,058 1,073 30,837 April 351 553 307 108 June 1,043 1,064 10, 551 30,762 May 304 541 305 111 July 2,061 1,065 34,371 30,645 June _ 274 527 292 103 A Se u p g t u em st ber 1 1 2 6 , , 9 3 5 4 5 6 1 1 , , 0 0 7 7 1 5 1 4 45 8 , , 8 2 0 1 4 5 30,834 J A u u l g y u . s . t m _. 2 2 6 6 5 7 5 52 2 6 8 2 2 8 7 9 1 100 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

573 SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits d ( o i l n l a t r h s 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 e m rs - m N b e e o m r n s - - ba A n l k l s M be em rs - m N be e o m r n s - tional State National State 1921 501 51 19 431 196,460 21, 285 21, 218 153, 957 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 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—December. 344 288 367,119 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 2,525 2,525 August 158 29 117 180, 028 31,629 52, 660 95, 739 4 14, 396 14,396 September. 305 46 243 233, 505 79,446 30, 272 123, 787 6 4,258 4,258 October. _. 522 100 397 471,380 111,088 117, 259 243,033 20 991 4,105 November. 175 35 132 67, 939 28, 039 4,216 35, 684 17 13,041 3,684 9,357 December. 358 63 277 277,051 87,448 25, 768 163, 835 18, 579 589 17,990 1932—January... 342 74 255 219,071 63,686 10,873 144,512 16 10,952 3,293 7,659 February... 125 26 93 65,720 22,628 8,427 34,665 40 19,601 4,944 14,657 March 47 7 40 15,289 4,484 10,805 28 19,590 9,714 9,876 April '74 6 '63 '31,613 2,634 11, 887 ' 17, 092 19 11,041 1,793 9,248 May 82 14 62 ' 34, 365 6,258 1,237 ' 26, 870 '19 33, 214 4,219 ' 28, 995 June '151 44 ' 103 • 136, 655' 42, 474 7,589 ' 86, 592 '18 11, 501 2,891 '8,610 J A u u ly gust '131 20 '107 v ' 3 4 4 9 , , 7 8 3 7 0 7 P ' 1 1 1 7 , , 6 5 2 4 9 6 ' 1 *> , 8 7 5 6 5 9 v ' 2 3 2 0 , , 2 5 4 6 6 2 P ' 1 1 7 8 1 6 3 9 2 , , 9 2 8 7 1 0 P 1 6 5 , , 4 0 0 1 4 8 v ' 5 2 3 7 , , 2 5 5 7 2 7 » Preliminary. r Revised. Banks suspended mid banks reopened.—The statistics of bank suspensions relate to banks closed to the public, on account of financial difficulties, by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed; such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier. Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom available, but are taken from the record of suspensions. Back figures.—See annual report for 1930 (Tables 66 and 67). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS [In millions of dollars] Holdings> of Government securities * and eligible paper (including paper under rediscount) Member By reserve city banks By" country" Danks By all member banks bo b r a r n o k w- Call date ings at m G U e o n . v S t e . r s n e - - E p li a g p i e b r le Total m G U e o n . v S t e . r s n e - - E p li a g p i e b r le Total m G U e o n v . t S e r s . n e - - E p li a g p i e b r le Total F r b e e a s d e n e r k r v s a e l curities curities curities 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 7,979 899 Dec. 31.. 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 646 1930—Mar. 27- 2,619 2,542 5,161 818 1,662 2,480 3,438 4,204 7,642 206 June 30-. 2,640 2,285 4,925 772 1,620 2,392 3,412 3,905 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 L, 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 1932—June 30.. 3,985 1,457 5,442 994 971 1,965 4,979 2,428 7,407 440 i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures—See BULLETIN for March, p. 156. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates for member banks on eligible paper] Prevailing rate on- Average rate Average yield on- Bate in Federal reserve bank e S ff e ec p t t . o 1 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 st o 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 e a o t r p n o m c e t i h r - a 6 , s l a a b c n e a c 9 r c n e s 0 e p k ' s t - , - d l l o i a 9 a m y n 0 s e s * , New ne R w e- al c n c e a u a o r n r t t t e i y e d f s s i , - b T o u r n e r d a y s s » - Philadelphia.. Oct. 22,1931 days 3 to 6 Cleveland.—- Oct. 24,1931 months \ Richmond Jan. 25,1932 1931 Atlanta Nov. 14,1931 May 2 -2\ 1J4-2 1.45 1.45 3.31 Chicago June 25,1932 June 2 1X-1H 1.50 1.50 «.55 3.30 St. Louis Oct. 22,1931 July 2 1X-U4 1.50 1.50 .41 3.32 Minneapolis.. Sept. 12,1930 August 2 H 1X-IH 1.50 1.50 .42 3.34 Kansas City.. Oct. 23,1931 September 2 IX-2 1.50 1.50 «.45 3.42 Dallas Jan. 28,1932 October 2.10 2.10 1.70 3.71 San Francisco Oct. 21,1931 November 2.50 2.50 1.77 3.69 December 3^-4 2.73 2.70 3.92 Back figures—See Annual Report for 1931 (Table 36). 1932 January... 3^-4 2.61 2.65 2.48 4.27 BUYING RATES ON ACCEPTANCES February 2.50 2.50 2.42 4.11 March .*... 2.50 2.50 <2.25 3.92 [Buying rates at the Federal Reserve Bank of New York] April 2 -3 2.50 2.50 1.11 3.74 May 2.50 2.50 .31 3.77 Maturity e R f S f a e e c t p e t t . i o 1 n n Da l t i e s h e e s d tab- Pre ra v t i e ous J J A u u u n ly g e ust 2 -2 H IX 2 2 2 . . . 0 5 0 0 0 8 2 2 2 . . . 0 0 5 0 8 0 < . . . 1 2 3 4 2 4 3 3 3 . . . 5 6 7 7 5 8 Week ending- • 1-15 days... 1 June 24, 1932 July 30 1X-1X 2.00 2.00 3.59 16-30 days.. 1 — .do August 6..- 2.00 2.00 . 12 3.58 31-45 days.. 1 do August 13 __ 2 -2 2.00 2.00 . 25 3.56 46-60 days.. 1 ....do August 20_ _ 2 -2M 2.00 2.00 .16 3.57 61-90 days.. 1 ....do August 27. _ 2 -234 2.00 2.00 .06 3.56 91-120 days. 1H ....do VA. 121-180days ....do 3 * Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. * 3 issues—326, 3H, 4 per cent; yields calculated on basis of last redemp- NOTE.—Rates on prime bankers' acceptances. Higher rates may be tion dates—1947,1956, and 1954. charged for other classes of bills. * Change of issues on which yield is computed. Back figures.—See Annual Report for 1931 (Tables 39 and 40). RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8 other northern and easterncities 2/ 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 4.42 5.57 6.08 4.81 4.48 5.05 5.77 6.17 5.63 5.30 5.63 August. 5.56 6.05 4.41 3.97 4.45 5.59 6.11 4.79 4.47 5.12 5.80 6.22 5.58 5.28 5.68 SsDtember 5 63 6 06 4 29 3.93 5.80 6.24 4.74 4.48 5.82 6.27 5.55 5.32 Optohpr 5 63 6 08 4 26 4 27 5 80 6.25 4.75 4.62 5.87 6.29 5.54 5.38 Novpmbftr 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.—SeeA nnual Report for 1930 (Table 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 575 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 Bondsi ferred stocks3 Total In tr d ia u l s- K 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 m t E r q l i e u e c 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 37 12 16 10 15 10 28 1931—June 99.4 95 153 101 128 157 45 July 99.4 158 105 131 161 46 August 98.5 154 103 127 155 45 September. 95.6 132 85 110 132 40 October... 89.4 112 70 90 113 36 November- 89.0 115 75 96 114 36 December. 81.6 96 65 79 94 31 1932—January... 81.0 94 64 80 85 31 February.. 80.3 93 60 79 77 31 March 80.8 93 55 85 77 31 April 79.4 73 34 61 57 26 May 75.2 68 30 52 52 23 June 72.2 55 26 48 40 20 July 74.2 55 26 50 43 22 August 83.2 84 45 75 73 33 i i August 3... 78.8 27 August 10.. 82.0 35 31 August 17.. 83.5 32 August 24.. 86.2 35 August 31- 85.5 40 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. »20 high-grade industrials; average price. CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e., 1 year or more. In millions of dollars] [In millions of dollars] New issues Re- Outstanding at end Increase or decrease fund- of month (—) during month Domestic ing Total issues Year and month m e ( a f e i d o g n s o r n d t - - i ) c t T a o l* - S n m a p t i n a a c u d t l i - e - B n a o C o n n t o d e d r s s po S r t a o t c e ks F ei o g r n - m e ( a f i d e o g n o s r n d - t - ) ic Month Total B n a o o n n t d e d s s C ic b a e a i n r l t d l t e i s f s - 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 - 1931 1923 -.-. 4,437 4,016 1,043 1,976 659 421 682 March 16,280 13,838 2,442 301 -735 1,036 1924 5,557 4,588 1,380 2,200 829 969 759 April 16,368 13,567 2,801 88 -271 359 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 May 16,245 13,323 2,922 -123 -244 121 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 June 16,520 14,152 275 829 -554 1 1 1 1 1 9 9 9 9 9 2 2 2 3 3 7 8 9 0 1 1 8 6 3 7 0 , , , , , 0 9 5 0 0 4 0 5 9 9 0 9 6 9 1 6 6 9 6 2 , , , , , 2 0 7 4 8 1 0 8 2 6 9 4 0 9 0 1 1 1 1 1 , , , , , 4 4 3 2 4 7 3 7 3 1 5 4 9 5 8 3 2 2 2 1 , , , , , 1 9 3 2 0 8 4 8 8 7 3 0 0 5 8 5 2 1 1 , , , , 4 9 9 5 3 7 0 6 2 1 4 3 1 4 1 1 1 , , 3 2 6 9 2 3 5 0 7 2 7 1 5 1 9 2 1 1 , , , 8 2 4 7 9 5 2 2 1 4 8 2 0 1 9 J S N A O u e o u c l p t y v g o t u e e b m m s e t r b b e e r r 1 1 1 1 1 6 6 7 7 7 , , , , , 5 5 0 0 0 8 2 4 2 4 5 2 8 8 0 1 1 1 1 1 4 4 4 4 4 . , . , , 1 9 1 9 9 8 7 5 7 8 1 9 5 8 0 2 2 2 2 2 , , , , , 3 4 0 0 0 4 0 6 4 8 4 6 8 7 5 - 4 2 6 6 1 0 2 3 3 2 - 8 2 2 0 6 6 1 1 1 - - 3 - 2 2 3 6 3 4 1 8 2 8 December 17,528 15,092 2,436 488 137 351 1931—July 225 223 93 113 2 2 45 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 (12months). 1,754 638 1,116 N D Oc e o t c v o e e b m m er b b e e r r . . . . 1 1 4 2 1 5 3 2 1 1 4 2 1 5 3 0 5 4 1 4 4 6 2 2 1 6 8 4 2 3 4 4 9 0 2 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— J M A M F u J e p a a n a b n r r y e i u r c l u a h r a y ry.. . 1 1 9 7 7 7 6 8 1 3 1 8 2 4 1 1 7 9 7 7 8 6 3 1 8 1 4 2 1 1 3 3 8 7 3 0 5 0 4 4 8 9 3 4 4 1 5 7 4 2 7 5 4 4 0 0 0 1 0 0 0 0 0 0 2 2 3 1 7 6 1 9 2 4 2 4 J J M A A M u u u p a n a l g r y r y e i c u l h st 1 1 1 1 1 1 9 8 8 9 8 9 , , , , , , 1 2 7 1 2 7 6 2 8 9 9 5 1 9 7 7 0 8 1 1 1 1 1 1 5 5 5 5 5 6 , , , , , , 7 1 3 1 7 4 0 1 1 0 4 5 5 3 8 2 4 4 3 3 3 3 3 3 , , , , , , 1 4 0 4 5 3 8 1 8 4 5 0 4 1 8 6 3 4 3 4 4 4 1 7 4 9 3 6 3 0 2 7 2 1 6 3 2 7 9 1 2 1 7 1 5 9 0 -2 3 2 1 4 2 9 7 3 0 9 S 7 6 0 7 July.. 106 104 25 62 1 2 57 NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $309,000,000 at the end of August, 1932. * Includes issues of Federal land banks and Federal intermediate credit Figures include obligations held in Government trust funds amounting banks, not shown separately. to $384,000,000 at the end of August, 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

576 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation} Industrial production * Building contracts awarded Fac- (value) 2 Factory em- tory Freiglit-car ployment 8 pay loadings4 * month Total» Manufactures1 Minerals i Total Residential All other rolls 3 ity prices * Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 _ . 85 86 74 79 68 88 90 81 87 97 1923 .. 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928. 111 112 106 135 126 142 97 102 103 97 1929 _ 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1928 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 9e April 124 121 128 122 103 114 139 123 117 100 158 142 102 102 111 102 108 96 May 126 122 128 123 116 117 143 121 113 97 168 141 102 102 111 109 107 95 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 108 95 July. 120 124 120 125 118 116 136 124 94 93 170 149 102 103 106 111 107 97 August... 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 96 September 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106 96 October. . 121 118 119 119 127 116 104 107 67 67 135 139 103 101 111 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 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 62 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 90 82 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 83 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 73 79 84 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 60 60 58 65 67 31 26 14 12 45 37 61 62 46 53 54 64 June 59 59 59 58 61 63 32 27 12 11 47 39 59 60 43 52 '52 64 July *56 »58 »55 "57 62 64 31 27 12 11 46 40 57 58 40 51 51 65 * Preliminary. »• Revised * Average per working day. i For indexes of groups and separate industries see p. 616; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. 3 3-month moving average, centered at second month; for description and back figures see BULLETIN for July, 1931, p. 358. » For indexes of groups and separate industries see p. 617; for description and back figures see B ULLETIN for November, 1929, and November, 1930. * For indexes of groups see p. 577; for back figures see BULLETIN for February, 1931, p. 108. « Revised index of Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 618. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 0/7 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 January 411 488 411 250 150 338 369 311 183 136 73 119 100 66 15 February 371 442 349 224 154 351 369 282 175 131 20 72 67 49 23 March 421 490 370 236 155 380 384 300 210 131 40 106 69 26 24 April 364 425 332 215 135 345 411 308 186 127 19 15 24 29 U May 423 385 320 204 132 354 400 285 180 112 69 -15 35 24 20 June 389 393 295 187 114 317 353 250 173 111 71 40 44 14 3 July 379 403 267 181 *107 318 353 221 174 »79 61 50 46 6 »28 August 379 381 298 165 347 369 218 167 32 11 79 -2 September 422 437 312 180 320 351 226 170 102 86 86 10 October 550 529 327 205 355 391 247 169 195 137 80 36 November 545 442 289 194 327 338 204 149 218 104 85 44 December 476 427 275 184 339 310 209 154 136 117 66 30 Year. 5,128 5,241 3,843 2,424 4,091 4,399 3,061 2,091 1,037 842 782 334 v Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average =100] Index of sales l Index o m f s o to n c th k ) s (end of 1932 March April May June July 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 61 59 54 '52 51 Coal , 71 62 48 45 49 1931 1932 1931 1932 1931 1932 1931 1932 Coke 48 32 26 27 24 Grain and grain products 72 86 76 66 70 January 97 78 79 64 88 75 78 67 Livestock 56 61 54 53 54 February 98 78 80 64 86 73 81 69 Forest products 27 26 24 22 21 March 97 72 92 70 84 70 87 72 Ore 28 18 4 6 9 April 106 80 101 76 83 70 87 72 Miscellaneous 57 56 54 54 49 May 97 73 97 73 83 68 85 70 Merchandise i _. 75 73 71 71 June 95 71 90 67 82 68 80 66 July _ 91 67 65 47 81 64 75 60 August 88 67 79 76 Without seasonal adjustment September 84 87 81 84 N D O o e c c t v o e e b m m e b r b e e r r 8 8 8 6 3 1 1 9 9 4 3 5 2 8 7 7 0 9 8 8 8 7 8 9 3 Tota C C l o o a k l e 5 4 6 8 8 7 5 5 3 7 2 1 4 5 2 2 3 6 3 5 2 9 2 4 4 2 5 3 1 1 Year ... 91 82 Gr u a c i t n s and grain prod- 62 66 62 58 84 Livestock 49 56 51 45 45 i Based throughout on figures of daily average sales—with allowance Forest products 27 27 26 24 21 for changes from month to month in number of Saturdays and for 6 Ore 7 9 7 10 17 national holidays: New Year's Day, Memorial Day, Independence Day, Miscellaneous 54 57 56 56 52 Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- Merchandise i 75 75 74 71 68 sonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. i In less-than-carload lots. v Preliminary. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for November, 1930. ' Revised. Back figures.—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN SEPTEMBER, 193 2 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NETHERLANDS BANK The annual report of the Netherlands Bank the result of the long series of transgressions for the year ended March 31, 1932, was pre- in the field of economics and finance which have sented to the general meeting of shareholders on been committed by all nations since the out- June 27, 1932. Sections of the report are given break of the World War. After the destruction herewith: x of capital caused by four years of war the world During the past fiscal year international con- has acted as if this war had been a source of ditions underwent a further unfavorable de- enrichment and development instead of imvelopment. The economic crisis, which became poverishment and dislocation. Processes of increasingly severe and more widespread, ex- adaptation which had inevitably to be made tended into the realm of finance. Owing to a after the war have been impeded and delayed. universal lack of confidence on the part of Inflation and speculation created an artificial both lenders and borrowers, international deal- and unreal purchasing powder which could not ings in credit and capital were suspended or be maintained. The peace treaties created sharply restricted. The considerable volume heavy debts which were not counterbalanced of short-term loans on which the financial by any strengthening of the economic position structure had been built up to an undue height of the debtor countries, and which could be met were suddenly withdrawn. Countries which only so long as these countries could borrow in had heavy short-term indebtedness abroad and sufficient amount to meet their debt payments. no resources available for its repayment, or Short-term funds were advanced on a large scale which could not realize on their own foreign and were employed in long-term financing of investments, were faced with great difficulties. partly unproductive and unnecessary enter- With or without the cooperation of their credi- prises without the lenders realizing the dangers tors, they either suspended payments or left the involved. Interest and amortization payments gold standard. More and more the world on the debts so incurred were prevented by the came to be split up into isolated units, each constant raising of tariff barriers and by other following a policy which was apparently protectionist measures. As a result of the designed to further its own interests, but which peace treaties the frontiers separating the was in reality harmful wherever their own truest countries of Europe from one another were interests and international interests required extended by no less than 20,000 kilometers mutual support and cooperation. The tragedy (about 12,400 miles). The newly formed of the situation arises not so much from lack States, with the aid of artificial measures, set of realization of the growing dangers which about building up their own industries and threaten the world as from inability to draw impeding international trade. They obtained the necessary conclusions from that realization, the necessary capital through foreign loans, and to take such measures as are needed to which were granted without due consideration facilitate the inevitable process of adjustment. and had no sound economic basis. The world is continually being driven further and All this, combined with rationalization, further along a road which will never lead to the technical improvement and expansion, brought desired goal, but which will apparently not be about an increase in production out of all proabandoned until exhaustion puts an end to arti- portion to the possibilities of sale and consumpficial and uneconomic measures and compels a tion, the process culminating in 1929. Then gradual resumption of the international ex- purchasing power began to decline from its change of commodities, capital, and credit. artificial level, commercial and industrial enter- Just as the World War, waged in the military prises were forced to suspend operations, and field, was terminated only when strength failed the price decline became a catastrophic fall. to carry it on, so the war now raging in the At the same time all countries were taking economic and financial field will be terminated artificial measures on an ever-increasing scale only when hard facts make it impossible for the in an attempt to ward off the inevitable connations to continue their uneconomic policies. sequences of the course which they had followed. Causes of the crisis.—These developments The world is now revolving in a vicious during the past financial year are undoubtedly circle. The debtor countries can not fulfill their financial obligations because their creditors i The report, available in Dutch and in the official English translation refuse to receive their goods or services, which published by the bank, contains in addition tables showing the operations of the bank in detail, and sections dealing with the international are, ultimately, their only means of meeting situation, prices, personnel, etc. All amounts of money expressed in florins have been converted into dollars at par and then expressed in their obligations. The creditor countries perround figures. For earlier reports see BI'LLETIN for August, 1931, 1930, sist in this refusal because they dare not expose September, 1929, August, 1928, 1927. etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

579 SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN their national production to foreign competition. the country to weather this difficult period. In This line of action not only prevents their spite of obstacles, the trade policy of the Netherbeing able to recover their claims from the lands has achieved results which compare not debtor countries, but it also paralyzes their unfavorably with those obtained by protecexporting industries. The few countries which tionist countries, as may be seen from the folhave so far maintained the principles of inter- lowing index numbers of the value of imports national trade are being flooded with goods and and exports in 1930 and 1931, on the basis of services which can not be disposed of elsewhere. 1929 as 100: Self-preservation is forcing them also to take measures of exclusion and isolation—in them- 1930 1931 selves improper and undesirable. All this not Imports Exports Imports Exports only impedes still further the international trade which is necessary for world recovery, Netherlands.- _ 66 but also delays the reduction in costs of pro- U G n er i m ted an S y t ates of Am _ erica 4 7 6 3 duction and in the standard of living, which is France 61 of the greatest importance. I S t w al i y tzerland 6 6 4 6 Essentials of recovery.—The question of the means by which the world must try to break It is obvious that, in order to restore and through the vicious circle in which it is held is develop our economic activity, every effort not so difficult to answer in theory, but the should be made to reestablish the freedom of theoretical solution will be difficult to put into international trade as soon as possible and to practice. First, the nations should avoid limit measures of defense. Some defense meashaving recourse to unsound monetary practices. ures may be necessary for a time, in order to Although the solution can not be found in the avoid being overwhelmed in the economic field of currency, currency policy has an impor- world war, but the fact remains that they are tant, though supplementary, task to perform in harmful to the country's own economic system, the process of recovery. and that they run directly counter to the tradi- A genuine improvement in the world situa- tional policies under which this country has tion can be attained only when and as the prospered. Restraint in having recourse to necessary conditions are fulfilled for an unim- such measures can not be too strongly urged. peded exchange of goods, capital, and labor. To achieve the restoration of international These conditions are partly of a political and trade is, unfortunately, beyond the powers of partly of an economic and financial character. this country, but it can and must make every So long as the world fails to make political aims effort to restrict, on the one hand, its own subsidiary to the paramount interest in eco- measures to what is unavoidable for selfnomic and financial recovery, confidence in the preservation; and to render, on the other hand, future—and with it, one of the indispensable every assistance toward a freer interchange of conditions to the revival of international goods, capital, and credit. trade—can not exist. Necessity of readjustment.—While the Neth- Trade policy of the Netherlands.—It should erlands, therefore, has no reason to reproach be a source of satisfaction to this country that itself for obstructing international trade, the during the past few years it has not only, in case is different with respect to the process of official statements and through its representa- adjustment which, wholly apart from intertives in international conferences, stood for the national conditions, must be carried out in each extension of free trade but has also given prac- individual country. Along these lines no satistical effect to that policy. Although its present factory development can be claimed. Even situation and its prospects are by no means though we are not responsible for the present favorable, it has been guilty of no artificial world-wide distress, we are unable to escape its measures aimed at trade restriction, and the consequences and shall have to adapt ourcreation or maintenance of impossible condi- selves to a lower level of prices and incomes. tions within its borders. The Netherlands7 All lines of business will have to make adjusteconomic structure, therefore, has been built ments, which thus far have only been made in up on its own resources and on a foundation of an unsatisfactory and unequal degree. In view reality. As a result of this, and of the far- of the existing dislocation of international relasighted financial policy which was followed in tions, it is obvious that such industries as the years of prosperity, business and finance produce wholly or largely for the international have shown a remarkable capacity for resist- markets would be earliest and most seriously ance which, with wise management, will enable affected. In these branches of industry, there- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 fore, adjustment has made some progress. as a result of prudent management for many But this is not sufficient to enable Netherlands years, that if it is generally realized that producers to compete successfully for inter- changed conditions require a change of conduct, national trade, and thus to maintain those and if in mutual cooperation the country acts industries which depend on that trade for their on this conviction, there need be no fear that very existence. Adjustments in the form of the Netherlands will be unable to hold out lowered costs of production have made greater until the necessary conditions have been creprogress in other countries whose competition ated for a gradual world recovery. The the Netherlands is feeling even now, and will Netherlands people are now facing the decision feel more keenly with the return of more nor- whether, by trying to maintain a standard of mal conditions. Thus far our economic system living which is no longer in harmony with world has not proved sufficiently elastic. For this conditions and their own economic possibilities, reason a restriction of the emergency measures they will expose themselves to further impoverwhich have already been taken or are in prep- ishment in future, with all the consequences aration, almost all of which will tend to make which that involves; or whether, by mutually the system still less elastic, is of the greatest facilitating and promoting the inevitable procimportance. They will retard the process of ess of adjustment, they will help the producadjustment still more, and are likely to force tive equipment of the Netherlands, which production by artificial means into the wrong forms the very basis of existence for all classes channels. What the Netherlands most needs of the population, to pass through these difficult is lower production costs, not merely in those times and be prepared when world conditions industries which produce for the international shall permit an expansion of its operations. market, but in all lines of activity in the shel- Limitations of currency policy.—As to curtered industries as well as in Government and rency policy, no cure can be expected from that municipal undertakings which have assumed quarter. During recent years the influence of increasing importance in our economic system. currency policy on economic development has No reduction in costs is yet to be observed in been given undue importance, while the influence the two latter groups, yet such a reduction is of decisive factors outside the control of central inevitable if we are to maintain our position in banks has been underestimated. All that central international trade. Agriculture, industry, banks can do is to direct their policy toward trade—in short, the entire productive equip- making credit either more easily available and ment of the Netherlands—are making inade- therefore cheaper, or less easily available and quate profits, while there is a sharp contrast- therefore dearer, through changes in discount between these profits and the standard of living rates and through open-market operations; but which the Netherlands people, taken as a they have no assurance that their policy will whole, continues to maintain. This situation have the desired effect on the level of commodity can not continue. If we do not accept volun- prices. It by no means follows, because credit tarily and in season the inevitable conse- is available on favorable terms, that a satisquences of the world depression and of the factory demand will be found for it. operation of economic laws, the force of circum- Gold standard.—Monetary policy must be stances will compel us to accept them. Con- directed in the first place to the restoration of sequences will then appear which will affect the gold standard. The criticism directed most seriously those very groups of the pop- against the gold standard, especially by those ulation who refused to cooperate, and which, countries which have abandoned it, seems unwith their cooperation, might have been avoided. justified. It overlooks the fact that the gold # Adjustment is even more necessary because standard is only an instrument which depends the Netherlands East Indies, owing to its for its functioning on a sufficient degree of economic organization, has been most severely freedom in international trade and also on a affected by the economic crisis, and must be sufficient degree of elasticity in the economic supported until such time as the sound policy systems of the various countries. The gold of the present administration and the energetic standard is not an independent force, unafefforts of private enterprise to adapt itself to fected by the factors which govern the world the economic situation shall enable the Nether- situation, and able to prevent or to correct the lands East Indies to surmount its difficulties effects of an unbroken series of economic and through its own efforts. financial errors. If the great creditor coun- Nothing, however, justifies any impression tries refuse to accept payment in goods and that the Netherlands is unable to cope with the services and, in addition, suddenly withdraw present situation. In comparison with other their credits without considering the consecountries its position is so firmly established, quences, and if those countries which are experi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 581 encing a continued drain on their gold stocks fail volume of liquid assets, which created serious to restore equilibrium in their economic sys- difficulties through their movements between tems—then the conditions essential for a proper the principal money markets. Furthermore, functioning of the gold standard are lacking. the application of this system has been shown It seems most unreasonable to lay the blame to involve abnormal risks. Its operation must on the gold standard or on the unequal distri- therefore be subject to certain limits and rebution of gold stocks, instead of on the eco-strictions,, and guarantees must be created nomic and financial policies which prevented against these risks. Whether these conditions the gold standard from functioning. can be met satisfactorily will become the sub- The return to the gold standard, therefore, ject of discussion between the central banks and its maintenance as a basis for international while, more especially in respect to guarantees, exchange depend upon the creation of the con- the collaboration of the governments concerned ditions necessary for its satisfactory working. will be indispensable. Here, again, the fundamental conditions are a Here may well lie an important task for the freer exchange of commodities and a greater Bank for International Settlements, which elasticity in the economic systems of the in- may be considered the ideal body for the prepdividual countries. It is highly important also aration as well as for the execution of the that confidence should be restored among the, system of the gold exchange standard reorinvesting public so that there may be an end to ganized on sound principles. the dangerous situation arising from the fact Keserve position of the bank and mainthat a considerable volume of loans, employed tenance of the gold standard.—Thus far there for purposes of long-term investment, are held has never been any suggestion of adopting the in the form of short-term advances. gold exchange standard in the Netherlands. The importance of the restoration of the The statutes of the Netherlands Bank do not international gold standard is emphasized by permit foreign bills and balances to be included the recent considerable increase in the supply in the minimum cover against its demand of monetary gold, whereas the demand for gold liabilities. The legal minimum reserve of 40 is limited to some half-dozen countries which per cent has always consisted exclusively of have maintained the free exchange of gold and metal and almost entirely of gold. Moreover, now possess abnormally large stocks of the there has usually been a wide margin above this metal. The equilibrium between demand and minimum, as is shown by the following high supply has been as seriously disturbed in the and low reserve percentages in the fiscal years case of gold as in the case of many commodi- from 1925-26 to 1931-32: ties. Restoration of this equilibrium by extending the gold standard area is necessary in HIGH AND Low PERCENTAGES OF GOLD RESERVES AGAINST ALL DEMAND LIABILITIES order to avoid the difficulties resulting from the continued concentration of the gold supply in a Fiscal year Date High Low limited number of countries. One of these 1925-26-. /Apr. 6 53.696 countries is the Netherlands, which possesses a (1M A anrc.r 2^8 50.225 44.~464 1926-27.disproportionately large stock of gold. Al- 45.~697 (Mar.26 53.301 though this may be reassuring in view of the 1927-28-- \Jan. 2 42.464 54.657 uncertainty of international conditions, never- 1928-29.. (Mar. 18 theless to hold so large an amount of unpro- 1929-30-. [June 24 54.594 47.~676 \Nov. 4 49. 261 ductive capital mast, in itself, be considered 1930-31 /Mar. 23 52.759 harmful. As and when prospects improve, a 1931-32 \ ( S M e a p r t . . 7 2 75.811 45. 337 considerable part of this gold will undoubtedly \june 1 _ 48.476 leave the country, and thus facilitate the res- When England went off the gold standard on toration and proper functioning of the gold September 21, 1931, the gold reserve of the standard. Netherlands Bank stood at 58.75 per cent. Gold exchange standard.—To what extent Through conversion of foreign bills and balances the gold exchange standard will again be ap- into gold, the percentage rose to 64.87 per cent plied in the reconstruction of an international on October 5, 1931, while the gold inflow on gold standard can not now be foreseen. It is a other accounts brought it up to 75.81 per cent question whether the gold exchange standard on March 7, 1932; at the end of the year, March should be allowed to play so important a part 31, 1932, it was 75.38 per cent. It should be as it has done in recent years. Undoubtedly remembered that, in contrast with the statutes its wide application after the war contributed of various central banks abroad which require to the credit inflation and to the increase in the a minimum cover against bank notes only, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDEKAL RESERVE BULLETIN SEPTEMBER, 1932 statutes of the Netherlands Bank require the lands Bank as a bank of issue and source of same cover for deposits in current account as credit may be summarized as follows: for notes in circulation. Furthermore, the re- (1) The depreciation of the pound sterling, serve percentages shown above should be and the aggregate losses of $12,016,000 resultconsidered in connection with the fact that the ing therefrom to the Netherlands Bank, have demand liabilities showed a considerable ex- not affected its position as a bank of issue. pansion after the decline of sterling. Demand Its gold reserve of 75.38 per cent (on March liabilities amounted to $481,200,000 on Sep- 31, 1932) against its demand liabilities forms, tember 21, 1931, and reached their peak of even under the present abnormal circum- $514,700,000 on October 31, 1931. This expan- stances, the strongest possible guarantee for the sion reflected the anxiety which had taken posses- maintenance of the gold value of the national sion of the public and had led, as in other coun- currency. tries, to the hoarding of gold and bank notes. (2) The increase in demand liabilities follow- Hoarding was reflected in the increased ing the depreciation of sterling gave place to a number of notes of large denominations held decline toward the end of the fiscal year. Liaby the public. The total volume of notes in bilities on September 21, 1931, amounted to circulation rose from $397,500,000 on Septem- $481,200,000, and on March 31, 1932, to ber 21, 1931, to its peak of $439,200,000 on $471,000,000—a decline of $10,200,000. November 2, 1931, an increase of $41,700,000. The volume of domestic credits granted by Of this peak volume of $439,200,000 shown on the bank showed a similar change. It declined November 2, 1931, not less than $253,400,000, from $71,100,000 on September 21, 1931, to or 57.71 per cent, was in denominations of 100 $67,700,000 on March 31, 1932. florins ($40) or more. Since November 2, 1931, (3) The limited extent to which the credit some improvement has taken place; on March facilities offered by the bank were used, as well 29, 1932, about $29,800,000 of the higher de- as the low rate of interest at which short-term nominations had been returned to the bank. funds were available in the open market, as- The gold situation also, which we have been sisted in maintaining a high degree of liquidity able to follow from the monthly records fur- by the commercial banks, notwithstanding the nished by the individual banks of their total fact that considerable sums which had been lent gold holdings, reflects a decline in hoarding. abroad have been blocked by "standstill" Not only bank notes but deposits in current agreements and exchange regulations in foreign account also underwent a sharp increase. The countries. item of individual deposits, which at its peak The strong position of the florin is further during the fiscal year 1930-31 was less than indicated by the fact that withdrawals of foreign $23,300,000, had risen by September 21, 1931, balances from the Netherlands at short notice to $70,300,000. The increase then continued can create no difficulties. The monthly reports until October 29, 1931, when it reached a which we receive from the commercial banks maximum of $89,500,000. Afterwards it de- show that, even after deduction of claims which clined to $40,400,000 on March 31, 1932. the Netherlands can not collect because of trans- These figures reflect both the precaution taken fer difficulties, the situation may be considered by the commercial banks to maintain their favorable. The strength of the florin was liquidity, and also the unsatisfactory condition clearly demonstrated when, toward the end of of business generally, which has led to the 1931, uninformed and biased reports published accumulation of a large volume of unused funds. in certain foreign newspapers created some Government deposits advanced from doubt as to the maintenance of the gold stand- $13,300,000 on September 21, 1931, to their ard by the Netherlands. There was in fact no peak of $34,700,000 on March 23, 1932, and difficulty in maintaining it. The release during on March 31, 1932, amounted to $25,778,610. the period from December 14,1931, to February This movement reflects the efforts of the 15, 1932, of a net amount of $19,200,000 gold Government to meet its cash requirements was sufficient to make the exchanges turn in without recourse to direct assistance from the favor of the Netherlands. The percentage of Netherlands Bank. These efforts, together gold reserve against our demand liabilities even with an endeavor to consolidate the floating showed a rise during this period, advancing debt, should tend to remove public anxiety. from 73.64 on the date first mentioned to 74.84 In this connection it is significant that the on the latter date. last two Netherlands Government loans were Banking cooperation.—Keference has been floated successfully. made to certain information which the com- Effects of the crisis on the bank,—The effects mercial banks at our request furnish regularly of the monetary disturbances on the Nether- to the Netherlands Bank. This information Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

583 SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN enables us to estimate the amount of the gold of acceptance business as a result of the difficult stock held in the country outside the Nether- position in Germany and the abandonment of lands Bank, and the volume of foreign short- the gold standard in England. The Treasury term claims and obligations. We also collabo- was, in fact, the only considerable borrower in rate with the commercial banks in regard to the the market. "standstill" arrangements with Germany, in Discount policy.—The discount rate of the which a large volume of Netherlands banking Netherlands Bank was changed twice during funds is involved. However unavoidable such the year. On May 16, 1931, in view of the arrangements may be in existing circumstances, easy position of the market during the first they must be regarded only as temporary months of the fiscal year, we lowered all our emergency measures; their continuance would rates by one-half of 1 per cent. create greater and greater difficulties. This After England had left the gold standard, applies especially to measures which obstruct market rates rose to the level of our discount the restoration of freer credit relations between rate. The aggregate volume of our discounts, the creditor countries and Germany. The car- loans, and advances in current account inrying out of the agreements now in force and the creased considerably. We were obliged to further development of the conditions created by transfer considerable amounts from our balthese agreements are imperative for a gradual ances in Paris and New York and, in addition, return to normal credit relations, which is of to release gold for export. For these and other paramount importance for both parties but reasons we decided to raise our rates on Sepespecially for Germany. tember 29, 1931. We limited the advance on Announcement may be made here that a plan the discount rate to 1 per cent whereas, in view for closer and permanent cooperation of more of the situation on the stock exchanges and in general scope between the Netherlands Bank commodity turnover, we felt it necessary to raise and the commercial banks is in preparation and the rates for loans and advances by l}{ per cent. will be concluded shortly. To avoid misunder- Although not falling within the period covstanding it should be stated in advance that ered by this report, the reduction of the disthere is no question of any control over the count rate by one-half of 1 per cent on April 19, policies and administration of commercial 1932, should be mentioned. The reduction banks. Administrative responsibility must, of was made in consideration of the continued and course, remain with the individual banks them- increasing abundance of money. At the same selves. This responsibility can not be taken time we reduced the rates on loans and adover even in part by the Bank of the Nether- vances by a full per cent, thus restoring the lands. The development and concentration of former proportion between the rates. The commercial banking in this country during the rate on discounted bills is now 2}i per cent, past 10 years, however, has so changed and while all other rates are 3 per cent. strengthened the position of the commercial Capital market.—Demands on the Netherbanks that the Netherlands Bank, if it is to lands capital market during the past year were perform its obligations adequately, must be in very limited amount. The total volume of fully informed of the tendencies shown by the public issues, exclusive of conversions, amounted policies and operations of the commercial banks. to $89,700,000, or only half the corresponding Under the plan of collaboration the banks will figure for the preceding fiscal year. This furnish information which will enable us to form decline is due chiefly to the sharp recession in an opinion on these matters, and will afford us the figure for foreign flotations, which fell from an opportunity to confer with the commercial $74,700,000 to $15,600,000. Domestic issues banking authorities as to the significance of the alsodeclined—from$106,000,000to$74,100,000; developments shown by or to be anticipated bonds included in this total declined from from the available data. $101,300,000 to $72,900,000. Issues of the During the past year money was abundant Government and of other public bodies rein the Amsterdam market. Owing to uncer- mained at about the same level as last year, but tainty regarding the future development of the the volume of private issues, as a result of the definancial situation, lenders invested their funds pression, fell from $38,300,000 to $10,200,000. for as short periods as possible, and were willing While the demand for new capital was much to buy shares or other long-term securities only smaller throughout the year than in 1930-31, in very limited amount. In contrast to this interest rates were on the whole considerably ample supply of money, demand was very much higher; this was reflected both in the higher restricted owing to stagnation in the security yield of the bonds sold at lower prices, and also market and to the sharp decline in the volume in the less favorable terms which borrowers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 were forced to accept. This tendency began Netherlands Bank acted with 10 and 11 other to be observed in September and October, banks, respectively, in giving assistance to the 1931, when, owing to the increasing uncertainty Austrian National Bank and to the National as to the future, the decline in stock-market Bank of Hungary. quotations affected bond quotations as well, The credit to the Austrian National Bank and the capital market was completely par- dates from the first few weeks immediately alyzed. Since that time there has been a after the breakdown of the Oesterreichische partial recovery, and some resumption of the Credit-Anstalt. It was originally granted for issue of fixed interest-bearing securities. On a period of three months ending on May 30, the whole, however, the interest rate for 1931, but has been repeatedly renewed, on the long-term securities is generally about 1 per last occasion until July 16, 1932. The Nethercent higher than at the beginning of the fiscal lands Bank participated in this credit for the year. The index number computed by the sum of $1,548,000, which was subsequently Central Bureau of Statistics, showing the reduced to $1,393,000, owing to the fact that average yield of Netherlands bonds, which the Austrian National Bank repaid 10 per was 4.08 per cent at the beginning of the year, cent of the total credit in September, 1931, and rose to 4.20 per cent in September, 1931, and to the repayment was distributed proportionally 5.30 per cent in October; in November the among the various participants in the credit. advance was checked at 5.29 per cent. A The credit to the National Bank of Hungary comparison of the terms on which the Govern- was granted in the latter half of June, 1931, ment was able to convert long-term loans at the also originally for a period of three months. It beginning of the year with those of the last two likewise has been repeatedly renewed, on the Government loans, which were also largely last occasion until July 18, 1932. The Netherconversion operations, indicates an increase of lands Bank participated in this credit in the more than 1 per cent in the rate of interest on amount of $201,000, but the amount was the capital market. In the case of other reduced to $161,000 upon the repayment by public bodies an increase of approximately the the National Bank of Hungary of 20 per cent same degree is to be observed, although a of the total credit in September, 1931. comparison is rather difficult here owing to the These two credits were granted against the fact that the issues of public bodies during security of bona fide commercial bills, while the second half of the year were almost wholly in both cases additional guaranties were given restricted to bonds of comparatively short to the creditors. Both credit agreements maturity—five or six years—for which as a rule contain a gold clause under which the bora yield of 5 to b}{ per cent had to be offered. rowers have undertaken to repay the sums International credits.—During the past fiscal advanced to them in such manner that the year the Netherlands Bank participated in two lenders will receive in return the gold equivarelief credits granted under the auspices of lent of the amounts which they had originally the Bank for International Settlements. The advanced. BALANCE SHEET OF THE NETHERLANDS BANK AS OF MARCH 31, 1932 Florins Dollars 1 Florins Dollars 1 (in thou- (in thou- (in thou- (in thousands) sands) sands) sands) EESOURCES Gold coin - 97, 691 39,272 LIABILITIES Gold bullion 785, 420 315, 739 Notes in circulation. , 006,412 404, 578 Silver coin 24, 879 10,001 Current accounts 164, 736 Correspondents abroad ___ - 18,356 7,379 Other demand liabilities 441 Foreign bills.- 64, 491 25, 925 Capital 20,000 8,040 Domestic bills 62,066 24,951 Reserve fund 3,000 1,206 O L S A A In h o t d d o 1 B v h a a 9 f v v e r r e n 3 a w a e o r s 2 s n n s t k h ) i m c c o e n i e e c f r v e s s s h e n t ' i h s t 2 t n A o s e t 5 — m s c i p B t s n u e h e o a r n e r c s r n t i c h e k s a G e n a t n r f i t o o o e t a v r s n i c s e I l c r p i n o n s a t t u m e i e d n r d e t n i n n a b t t y i ( o l t n a h w a e l A S o e f m tt M s l t e e a m r y d e a n 2 m 7 ts , , - 4 1 5 1 4 1 7 9 6 9 , , , , , , 0 2 3 8 5 5 5 0 3 8 7 3 5 1 0 1 7 7 2 1 1 3 7 7 8 , , , , , 4 6 7 0 8 9 8 3 7 6 4 3 0 1 6 6 2 4 B D U E S U P p x e a i m n n v e n l p e e a c e i s e a a n d i e i n r r a o c e t n n s l i n e n e n e e r d s d d g e f o s u s f d d n e p p r i i d a s s v r c y c o e o o f a i ( u u b t a s n n l r e t t t _ a . o o t . 9 n n t o h f d f o e o r t m e h d i e i _ g e s . n s p b t o a i b c s n i a l k b l l s i a l o _ l c f s t t o h f e 19 g 1 e 9 n ) eral 5 7 , , 0 8 2 0 6 3 1 7 1 0 1 3 0 8 8 3 2 3 , , 0 1 1 6 3 9 0 1 1 2 Net balance with banking correspondents 355 143 Cash items - _. - 58 23 Interest accrued on loans 270 109 Interest accrued on advances in current account. __ 372 150 Interest accrued on investments _ _ _ 155 62 Commission account.. __ ._ 97 39 Bank premises and furniture _ 5,000 2,010 Total resources 1, 207, 791 485, 532 Total liabilities. 1, 207, 791 485, 532 1 Conversion at par: 1 florin=$0,402. 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SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 585 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe End of month (4 t T r 8 i o e c t s o a ) u l n r - U S n ta i t t e e s d Canada ccoouunnttrriieess7)) Austria Belgium Bulgaria Denmark England France Germany 1931—April 11,115 4,373 5,395 201 712 2,180 564 May.__ 11, 225 4,445 102 5,428 201 735 2,181 June 11, 272 4,593 87 5,351 199 793 2,212 July— 11, 220 4,587 87 5,353 214 643 2,290 325 August 11, 296 4,632 89 5,415 221 649 2,296 325 September. 11,275 4,364 83 5,689 346 656 2,326 310 October 11,130 3,905 86 6,066 357 660 2,534 273 November. 11, 227 4,031 82 6,113 356 587 2,659 239 December 11, 266 4,051 78 6,189 354 588 2,699 234 1932—January 11,318 4,009 80 6,300 352 588 2,808 226 February 11,396 3,947 78 6,444 351 588 2,942 221 March 11,471 77 6,484 349 588 3,012 209 April 11,487 3,956 77 6,531 351 588 3,052 205 May » 11,383 3,717 78 ' 6, 665 353 608 3,115 206 June 11,321 3,466 78 r 6,841 357 663 3,218 198 July v 11, 398 3,520 79 v 6,871 365 670 3,221 183 August "3,637 »3, 224 "183 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U. R S . . S.Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1931—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 21 October 293 336 434 422 25 November. _ 296 362 434 425 315 26 December.. 296 357 434 453 328 26 1932—January 296 351 434 472 329 26 February... 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 298 394 435 503 349 31 July 300 408 435 509 357 August Latin America Asia and Oceania Africa End of month t T c r o i ( o 1 e u t s 0 n a ) l - r A t r i g n e a n- Chile l C o b m o ia - - Peru g U u r a u y - 5 c t o r o i u t e h n s e - r r T c tr o o i ( u e 6 t s n a ) l - A t l r u i a a s - - India Japan Java N l Z a e e n a w d - T k u ey r- A r l i g a e- Egypt A S f o r u ic th a 1931—April 475 370 18 58 714 74 141 419 31 May 465 362 18 58 724 74 147 422 32 June 451 350 16 58 730 75 151 425 31 July 418 322 14 57 714 66 158 412 33 August 402 309 11 57 698 52 162 406 31 September. _. 372 281 13 56 706 52 162 408 32 October 369 270 17 53 644 53 162 342 30 November 364 265 17 53 570 51 162 271 37 December 355 253 17 53 525 52 162 234 1932—January 350 252 15 52 13 510 51 162 215 40 February 347 249 14 52 14 511 52 162 215 37 March 348 249 13 52 15 507 52 162 214 31 April 344 249 12 51 13 505 52 162 214 34 May _ » 346 249 11 51 » 13 506 52 162 214 35 June "348 249 11 50 "13 508 52 162 214 38 July "347 "249 "11 "50 p 12 "506 "52 162 214 34 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 RSpublique de Turquie have been added to the table. The figuresr eported by this bank relate to the last Thursday of the month. The 6 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Bolivia, Brazil, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves during this period in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for May, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 GOLD PRODUCTION [In thousands of dollars] Production reported monthly. Estimated Month world Africa production Total A So fr u ic th a Rhodesia A W fr e ic s a t B C e o lg n i g a o n Canada Mexico Australia Japan India 1930—Total.. 416, 752 322, 751 221, 526 11,476 4,995 3,618 43, 454 ] 13, 813 9,553 7,531 6, 785 — 1931—January 36,517 19,151 960 442 ~387~ 4,183 1,281 634 621 648 February... 34, 502 26,291 17,427 438 333 4,033 1,011 869 702 580 March 36,041 27,830 18,791 453 349 4,218 983 863 689 594 April 36, 230 28,019 18,194 917 446 351 4,591 1,329 936 694 561 May 36, 639 28,428 18,901 918 451 334 4,460 1,208 919 716 521 June 36, 591 28,380 18,594 926 447 340 4,725 1,103 1,092 490 July 36, 537 28,326 18,959 947 451 342 4,711 814 933 500 August 37,148 28,937 18,859 918 462 353 4,718 1,228 1,229 654 ol6 September, 37,230 29,019 18,981 905 486 397 5,005 1,074 916 692 562 October 38,147 29,936 19,525 936 473 437 4,933 1,041 1,240 679 673 November.. 37,108 28,897 18,673 941 477 408 4,906 914 1,321 667 590 December.. 37, 250 29,039 18,809 1,041 498 417 4,974 877 1,181 664 579 TotaL 439,941 341,410 224,863 11,193 5,524 4,448 55,458 12,866 12,134 8,109 6,815 1932—January... 37, 718 29, 507 19,587 921 460 405 4,834 1,106 032 534 February.. 36, 799 28,588 18,935 956 453 381 4,670 948 063 657 525 March v 38, 551 30,340 19,877 996 484 v 419 5,285 862 131 741 545 April P 38,027 29,816 19, 593 976 > '466 v 388 5,093 p 862 176 671 590 May _. P 30,650 19,970 977 ' 481 v 411 5,551 »862 176 567 June 19, 871 1,011 5,592 p 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 fig«u, re and the total production rep r orted monthly in 1930 is $94,001,0,-0.0.,, o-r $.7.,,8—33,,0 00 on a monthly averag„e. basis. I"n 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 4.8 per cent—the ratio of increase of United States production in 1931—and added to the production actually reported each month The figure 4.8 per cent for increase of United States production in 1931 is final and replaces the preliminary figure of 3.5 per cent employed in preceding issues of tho BULLETIN. The figures reported monthly are not in every instance complete for the area indicated. Those for West Africa represent the output of the Gold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the output of the leading mines; and those for India, the output of the Mysore State. For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Total Month p i n o m e r t - ts E la n n g d - France m G a e n r y - g B iu e m l- N l e a t n h d e s r-Sw la i n tz d er- C a a d n a - Mexico A t r i g n e a n- Co b l i o a m- B I r n i d ti i s a h C H a h o n i d n n g a Japan c o o A th u H e n r - Kong tries 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 1 —5 924 4,032 11,601 2,996 1,597 1,586 2,860 April 49, 516 19,161 61 16 1,105 1,563 14,782 86 7,796 2,741 2,205 May 49,630 -20 1,052 774 40,029 3,359 960 847 2,624 June 63,847 21 25,990 -17 20,725 438 4,923 155 6,361 399 4,852 July 19,503 —4 8 4,871 466 8,305 87 1,544 1,246 2,980 August 57,500 1,501 -16 11,000 2,208 8,802 5,383 142 4 1,046 25,000 2,435 September. 20,561 23 -24,087 r 2 -4,172 -349 8,837 4,260 25,770 3,095 3,596 3,584 October... -337,685 685-324,500 -831 -9,678 -35,904 -17,617 5,666-1,239 15,474 16 5,533 22,501 2,209 November 89,436 333 -10 -^115 -57 -394 -515 7,408 989 267 4,895 1,644 75,932 941 December. 56,858 4,249 -15,150 -62 -5,861 -9,857 -1,270 4,513 1,344 2,042 3,165 623 68,285 4,837 Total.... 145,325 6,797-344,514 36,026-15,583 -50,327 -19,768 81,136 22,267 141,263 15,116 8,064 34,240 199,286 31,322 ====== ===== 1932—January. __ -72,950 -3,199 -83,783 -71 -12,553 -6,257 -1, 759 4,154 1,103 9,110 2,948 4,677 167 9,969 2,542 February- -90,567 -235 -98,203 -495 -17,859 -8,672 -254 8,406 950 1,157 7 2,575 819 19,441 1,795 March -24,671 -23 -37,532 2 -6,341 -6 7,216 2,997 2,683 3 70 2,948 3,313 April -30,239 -1,922 -24, 527 -3,286 -669 -18,707 -115 7,267 3,329 7 2,402 2,013 3,967 May -195,514 -7,047 -63, 216 -9, 710-19,930 -58,473-53,554 4,699 1,510 175 3,791 2,441 3,800 June '-206,047 -1,910 -111,411 -116 -26, 250 -23,168 -62, 603 r 5,424 816 4,866 5,172 3,133 July. -7,140 1,405 -21, 513 -225 3,070 1,284 13 240 3,524 4,197 865 August P. _ 4,351 6,130 -18,050 1,021 4,347 1,842 565 4,744 3.752 »Revised. Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 587 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total South n p e o t r i t m s - U S n ta it t e e d s France m G a e n r y - g B iu e m l- N l e a t n h d e s r- Sw la i n tz d er- A S m ou er t i h ca B In ri 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 e o f s r d i t e c s a A i , f a - , c o t o A r th i u e l e n l s r rica 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 -153 529 620 375 17,489 2,858 March " 452 -7, 793 -1,047 -6,317 18 -194 112 -249 879 365 21,382 -704 April. 24,084 -344 -92 65 -126 340 305 967 3,407 23,090 -3,528 May __. 19,122 296 -420 146 -133 2,753 -258 1,003 398 16,185 -256 June 54,300 -232 37, 514 -19 -82 -3, 338 389 -25 1,205 511 21,024 -2,647 July -130,808 -1,506 -110,144 1,765 -10, 751 -50,133 -1,658 6,028 3,132 1,703 10,096 21,042 -382 August -24,150 11 -13,333 7 -9,145 -24, 373 -13, 218 602 984 1,504 15,549 17,861 -599 September ». -9,251 -827 -774 -72 -35 -18, 419 -10,168 695 823 650 12 19,359 -494 October *_-. 13,040 970 -6,800 -119 -7 -8, 591 -2,458 1,003 7,462 400 419 21,017 -256 November p. -44,977 -4,144 -61,412 -2 -66 -12,370 -10,003 692 23,930 214 1,107 15,426 1,649 December ». -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 -76 -134 -3,584 -247 105 45,986 746 1,555 17,062 352 February -6,182 2,256 -52, 712 -58 -756 -7, 537 -3, 723 2,226 30,661 781 371 20,884 1,426 M&rch -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 35, 019 15,897 -9,035 14 -2,767 -9,394 -1,081 "566' 12,812 772 794 26, 24fi 760 July 22, 675 -1, 671 -11,361 4 -4, 778 -7,812 -753 14, 204 2,122 9,661 19,351 3,207 August P 5,533 -4, 230 -17, 007 45 -355 -9,506 -52 12,825 667 170 19,168 3,806 France Germany * Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta it t e e d s E la n n g d - m G a e n r y - N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A t r h i u e l e n l s r - im n p e o t rts United 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 - 1931—January 67,819 67,031 —15 -1 805 11,966 1,321 172 75 31101,,338 30 February.. 36,205 35,992 -38 251 12,098 2,008 63 163 1,826 16 March 10,558 9,643 -18 —1 934 10, 598 12 1,247 895 177 7,718 469 April 2,736 2,218 -13 —7 538 11,383 1 563 41 309 47 10,327 95 May -12,090 -12,749 25- -20 -3 425 6,371 l: 248 45 424 42 5,169 431 June -9,5581 -6,326 316 4,114 -21 -8, 262 621-205, 543 -25,927-40,029 -97,630-24,159 -6,113 5,1541-16,839 y 149,150 29, 520 89, 786 -19 Q9 2 29,872 -6, 243 -10,963 -1,949 54 151 18 5,218 1,227 August 72,952 78, 366 -29 -5,996 611 934 112 216 548 -23 80 September. 418 209 902 -10 -1,818 1,137 -16,94' 547 3 -5, 558-11,859 -8C October 273, 734 243, 956 21,738 6,060-3, 553 -153 5,685 -31, 473 681 120 -5,951-10, 965-20, 6205,183 78 November. 12 1 2 3 , , 3 8 7 8 2 1 9 3 9 , , 1 8 6 7 4 6 4 2 0 6 , , 4 1 4 3 7 2 91 1 22 - , 2 7 3 4 2 1- - 4 2 2 2 , , 5 38 7 6 2 1 7 , , 7 2 8 0 9 3 -41,9 8 6 7 8 5 18 5 4 4 9 2 5 1 6 8-16,4 1 5 5 5 0 -25, 1 5 0 9 3 4 — 1 4 7 December- 728,176 328,130312, 561 100,050 18, 77i-81, 207 49,867-247,950 -36,160-35,221-102,019-55,142-63,866 58,932 -14,475 Total 1932—January 74, 007 65,062 10, 735 -46 6,755 -9,899 1,401 328 16 278 4 -9 February.. 184,171 82, 580 90,94r —4 9,601 -1, 592 2,639 -5,262 71 49 -5,647 247 —53 March 147,604 71, 279 49,028 13,889 12, 561 17 830 -13,647 -16,224 170 -2,776 5,152 33 April 60,340 38,080 23,888 -15 2,019 428 -4,061 -8, 319 -14 -5,398 -8,328 42 5,198 180 May 17, 735 17,174 14, 232 2,5S2 2,006 -1,119 3-17,141 3,133 293 8 r -7, 539 67 101,,352 -66 June 168,000 152, 072 7,541 5,73' 4. 601 -8, 234 6,281 -7,139 66 -5,800 -7,691 72 3,399 2,809 July 31, 954 16, 746 12, 472 483 -1,001 3,259 -13,718 -42 -4, 757 -5,474 71 549 -4,065 » $17,555,000 exported by Germany to Belgium. * $29,233,000 imported by France from Spain. 3 $21,292,000 exported by France to Belgium. v Preliminary figures. * Since German figures for individual countries are subject to semiannual revision, those given for July, 1932 [not all 7 months] are preliminary in character. Figures for total net imports are final. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN SEPTEMBEK, 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 c o o th u e n r - imports U S n ta i t t e e s d England France m G a e n r- y A So fr u ic th a c o o th u e n r tries tries 1931—January 249 276 26 -43 671 972 -16 -63 -223 February -118 19 30 -164 6 -54 201 -70 -185 March -156 -14 31 -142 -29 -111 143 -42 -58 -158 April -433 -65 25 -392 2 -10 100 -32 -39 -38 May._ -519 -145 23 -382 -13 -18 123 -6 -11 -123 June -- 24, 384 -21 23 24,176 207 17,475 3,269 8,220 6,110 -146 July._. - 9,397 9,820 37 -229 -232 3,597 23 1,072 2,300 -36 332 -69 August—_-. 60,076 60, 722 39 -556 -128 18,096 186 66 50 11,044 i 6, 751 September.. 19,020 15, 387 -86 -113 * 3,831 25, 505 1,722 23 1 16, 577 » 7,181 October 30, 598 16,413 14,781 -17,572 17,455 -479 94,339 32,919 5,346 3,398 8,270 44,196 209 November.. 36, 551 21, 551 7,982 -1,113 4,717 * 3,413 43, 572 3,224 9,805 4,519 25,604 408 11 December... 19, 567 1,449 8,849 -2, 325 11, 672 -78 19, 687 254 18, 364 -75 203 55 Total 198,619 39,413 117, 591 -21,024 56, 059 6,580 222, 751 36,422 41,301 19,317 39, 684 72,760 13,267 1932—January 7,130 7,747 3,100 -3, 521 109 5,653 2,067 1,300 1,972 10 304 February.__ 2,608 8,810 5,446 -9,900 -2,069 17,658 1,411 5,725 5,423 5,731 -630 March. -1,886 6,342 3.870 -11,028 -1,105 4,698 82 5,733 -2, 069 886 65 April 7,737 2,799 867 -771 »-3, 602 2,538 65 116 -95 -165 6 2, 616 May 58, 292 55,317 5,470 -3, 258 «-6, 703 46,051 41,034 116 1,718 -52 • 3,235 June 54,107 47, 324 8,397 -1,786 s-9.590 80.872 70. 247 1.734 3,554 -85 • 5,422 July 4, 983 5, 565 -276 5.376 5-5.681 14. 993 9,779 111 3,734 -51 • 1,420 British India* Net imports from— Month T im ot p al o 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 N l r a a e n l w i d 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 n d t d i p o i r a n o 7 - e I i r i n n e n rn s c I e G m r n e r o v d a e v e s n ia s e - t i i h n I n n o p c l I d r r n e i i d v n a g s a ia e t s e 8 1931—January -286 -1,024 94 138 247 260 649 1 362 February. _ 880 323 211 113 49 184 582 9 1,453 March 943 -26 418 144 113 294 596 6,942 -5,403 April 600 102 199 118 74 107 563 6,168 -5, 005 May 696 295 99 167 24 111 523 5,866 -4,647 June -1, 752 -4 -2,254 170 146 25 165 491 3,397 -4,658 July - -803 -1, 539 404 79 253 502 7,362 -7,663 A Se u p g t u e s m t ber. —2 1 7 7 0 5 -2, - 1 1 9 0 6 - -2 9 9 79 1 9 2 9 2 3 4 2 4 0 6 2 0 7 7 3 0 8 2 47 2 1 3 5 5 1 6 7 4 3,76 2 0 1 -3r51 7 3 18 October -26,058 -8,273 -10,179 23 279 479 «-8,388 675 -353 -25,030 November.. —24,217 -3,307 -17,610 372 io-3,673 592 359 -23,984 December.. -45, 596 -5,294 -39, 539 152 -921 581 0 —45,015 Total. -95, 688 -19,084 -72,721 2,835 2,370 1,825 -10,914 6,835 33,532 -122,385 1932—January _ -24,029 -2,863 -21,419 28 225 536 18 February —17,672 -363 -17,353 28 527 o March -18, 670 -90 -18, 788 189 547 -7 April -11,812 -209 -11,229 97 -471 592 -86 May -9, 007 59 569 -1 June 13, 227 -167 -13,155 P569 July 17,125 *>569 1 $6,733,000 imported by Switzerland from Australia. 2 $4,020,000 imported by Netherlands from Dutch East Indies. 3 $7,293,000 imported by Switzerland from Norway. * $3,824,000 imported by Netherlands from British India. 6 Exported from Netherlands: To Poland—April, $1,791,000; May, $3,415,000; June, $3,349,000; July, $482,000. To Switzerland—April, $2 325 - 000; May, $3,466,000; June, $5,849,000; July, $847,000. To Belgium—May, $743,000; June, $760,000; July, $5,581,000. 6 Imports by Switzerland from Netherlands: April, $2,308,000; May, $2,949,000; June, $5,632,000; July, $1,507,000. 7 Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930 s Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. B $7,575,000 was exported from India to Netherlands. io $1,891,000 was exported from India to Netherlands; $2,173,000 to France. •Beginning with September, 1931, figures for net imports from individual countries are preliminary and subject to revision. Figures for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated. 9 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDEBAL BESEBVE BULLETIN 589 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 July June May July July June May July Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold *257 257 257 333 Gold reserve against Dominion notes.. 65 65 64 • 71 Notes issuedl _ »582 "592 572 537 » Advances to banks under finance act.. 38 40 30 7 Irish Currency Commission (thousands of Dominion notespounds sterling) : Issued 166 168 155 139 Legal tender note fund- Outside chartered bank holdings.. 29 29 28 28 British legal tender and bank Indian Government (millions of rupees): balances _ 193 36 79 158 Gold standard reserve— British securities 6,674 6,936 6,936 6,403 Gold 335 336 336 267 Notes issued 6,870 6,972 7,016 6,561 Foreign exchange ._ 198 198 197 266 Consolidated bank notes 2— Paper currency reserve- Issued 4,518 4,492 4,443 4,214 Gold _ . 109 108 107 186 Deemed such under sec. 60 (4) of Silver coin and bullion 1,144 1,119 1,105 1,326 currency act, 1927 1,461 1,480 1,503 1,744 Other assets 490 482 473 65 Notes issued. 1,742 1,709 1,685 1,557 * Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended July 23, June 25, and May 28,1932, and July 25, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. p Preliminary. «Corrected. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc=$0.1930] 1932 1931 1932 1931 Resources Liabilities July 31 June 30 July 31 July 31 June 30 July 31 Cash on hand and on current account with Short-term deposits: banks 1,445 3,461 1,956 Central banks for own account- Demand funds at interest 12,699 37,214 Demand. _ _ 94,692 76,495 73,774 Rediscountable bills and acceptances (at Timecost): Not exceeding 3 months._ 16,265 40, 586 84,300 Commercial bills and bankers' accept- Between 3 and 6 months.. 794 ances _ _ 84,319 87, 559 75,251 Treasury bills.. 28,655 34, 239 49,138 Total.. 110,957 117, 081 158,868 Total- 112,994 121, 797 124,389 Central banks for account of others- Demand 5,863 30,182 Time funds at interest: Time- Not exceeding 3 months.. 47,788 47,900 102,323 Not exceeding 3 months 37,205 Between 3 and 6 months_ 4,757 Between 3 and 6 months 6,031 Total — 47,788 47, 900 107,080 Total.... 5,863 73,418 Sundry bills and investments: Other depositors— Maturing within 3 months- Demand 1,247 1,164 168 Treasury bills 8,575 8,568 Time—Not exceeding 3 months.... 295 Sundry investments 6,933 6,936 Long-term deposits: Between 3 and 6 months 13,750 9,190 i 42,361 Annuity trust account 29,677 29, 677 29,731 Over 6 months 372 4,938 German Government deposit 14,839 14,839 14,865 French Government guaranty fund__. 13,249 13, 249 13,273 Total. 29,631 29,632 42,361 1,362 1,460 1,957 Total 57,765 57, 765 57,870 Other resources.. Capital paid in 24,125 24,125 20,941 Reserves: Legal reserve fund 254 254 108 Dividend reserve fund 519 519 211 General reserve fund 1,038 422 Profits allocated for distribution on July 1, 1932: Dividend to shareholders (6 per cent). 1,244 Participation of long-term depositors per article 53 (e) of statutes 616 Other liabilities , 5,349 4,546 2,655 Total resources. 205,919 214, 216 314,957 Total liabilities.. 205,919 214, 216 314,957 i Composed of $40,240,000 of investments not exceeding 1 year and $2,121,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN SEPTEMBEK, 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 - l Cash reserves Dis a c n o d unts Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r - Coin Notes advances ties Bankers' Public Other ties Millions of pounds sterling: 1931—June 24_ 162.9 1.1 70.1 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 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27 120.8 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May25._ .__. 125.0 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 July 27 337.7 43.4 15.3 92.5 369.3 88.2 11.2 34.6 18.1 Aug. 31 v 138.9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Resources Liabilities Bank of France Gold e F x o c r h e a i n g g n e Do b m il e l s s tic Security N s e t e i b g c e l o u s e r t » i i a - - O as t s h e e ts r ci N t r i c o o u n t l e a- G m ov e e n D r t n e - posi O ts ther l O ia t t i b e h i s e li r - Millions of francs: 1931—June 26— 56,426 26, 209 5,576 2,779 5,082 6,807 76,927 8,513 15,187 2,250 July 31... 58,407 26,242 4,564 2,860 5,065 8,958 79,862 9,303 14,736 2,195 Aug. 28__. 58,563 27,611 5,820 2,729 5,065 8,193 78,635 9,470 17,649 2,227 Sept. 25_. 59,346 25,194 5,880 2,754 5,065 8,099 78,173 7,357 18,542 2,266 Oct. 30_-. 64, 648 27,600 8,809 2,712 5,065 8,428 83,639 8,227 22,954 2,441 Nov. 27__, 67,844 24,273 7,766 2,731 5,065 8,647 82, 543 7,170 24,171 2,442 Dec. 30._. 21, 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 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 8,634 80,667 2,881 24,621 2,167 July 29... 82,168 5,482 3, 905 2,747 6,621 8,994 82,118 3,740 22,033 2,025 Aug. 26 P. 82, 239 5,389 3,467 2,760 6,621 (3) 79,912 3,981 23,426 (3) Resources Liabilities Reserves Reichsbank Gold Foreign Tre b a il s l u s ry b c i O l h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty 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 t t i b e h i s e li r exchange Millions of reichsmarks: 1931—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 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 30 832 130 3,100 261 364 1,038 3,984 473 1,271 July 30 766 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 P 768 157 3,009 207 365 960 3,817 408 1,279 * In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasurv under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. »Issued by the independent office for retirement of public debt (Oaisse Autonome d'Amortissement). 3 Not yet available. » Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

591 SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank July June May July July June May July National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold - 5,562 5,556 2,473 Gold at home and abroad 13,416 12,968 10,905 10,364 Foreign exchange 27, 395 27, 885 25, 397 Foreign exchange 3,268 3,302 5,132 11,784 Loans and discounts -. 3,813 3,648 3,996 Loans to member banks. _ 6,257 8,425 11,023 13,320 Other assets .- 4,819 4,696 8,675 Note circulation 17,997 19,153 18,668 21, 944 Note circulation 11, 395 11, 347 12, 590 Deposits 19, 309 18, 799 19, 490 7,533 Demand deposits 18, 565 18. 746 13, 036 National Bank of Czechoslovakia Other liabilities 11, 629 11, 692 14, 914 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold, 1,640 1,641 1,641 1,537 (thousands of Australian pounds): Foreign balances and currency... 1,061 1,047 1,129 1,628 Issue department- Loans and advances. 1,632 1,643 1,162 844 Gold coin and bullion _ 10, 499 10, 500 10, 500 13. 220 Assets of banking office in liqui- Securities 39,173 40, 748 41, 248 35, 800 dation.. _ 0 0 303 Banking department- Note circulation. 6,224 6, 410 6,582 7,017 Coin, bullion, and cash 1,246 1,170 1,130 963 Deposits 499 348 350 293 London balances 9,742 15,157 14, 387 6,578 Danish National Bank (millions of Loans and discounts 18, 081 15, 371 15, 618 23,167 kroner): Securities -- 28, 982 27, 823 27,195 17, 344 Gold 133 134 145 172 Deposits _ 59, 634 63, 206 61,817 46, 813 Foreign bills, etc... 24 22 17 61 Aus B tri a a n n k N no at t i e o s n i a n l c B ir a c n u k l at ( i m on il lions of _ 43, 574 44, 600 45, 428 47, 405 N Lo o a te n s c a ir n c d u l d a i t s i c o o n u .- nts 3 1 1 3 4 8 1 3 4 2 3 5 1 3 4 1 8 8 3 9 3 6 6 schillings): Deposits.. - 75 49 37 Gold 149 149 164 214 Bank of Danzig (thousands of Danzig Foreign exchange of the reserve. -. 41 43 33 128 gulden): Other foreign exchange— 0 0 0 225 Gold — 31,645 38, 251 37, 222 130 Domestic bills 883 881 874 632 Foreign exchange of the reserve.. 16, 338 9,058 10, 752 25, 449 Government debt 92 93 95 96 Other foreign exchange 230 414 480 14,007 Note circulation 949 962 1,205 Loans and discounts 6,999 7,309 8,581 27, 996 Deposits - 148 149 94 Note circulation.. 38,857 39,081 39, 593 40,899 National Bank of Belgium (millions Deposits 12,063 11, 219 13, 257 7,675 of belgas): Central Bank of Ecuador (thousands Gold - 2. 568 2, 566 2,542 1,538 of sucres): Foreign bills and balances in gold. 0 0 0 874 Gold at home and abroad 14,034 14, 016 5,669 Domestic and foreign bills 763 894 831 Foreign exchange - 2,036 1,803 17,094 Loans to State 367 00 290 Loans and discounts 18, 461 16, 222 14,195 Note circulation.. .. 3,698 3, 660 3,358 Note circulation - 20,340 19, 913 20,949 Deposits 210 223 288 259 Deposits - - 9,457 7,890 13,195 Central Bank of Bolivia (thousands National Bank of Egypt a (thousands of bolivianos): of Egyptian pounds): Gold at home and abroad 23,401 23, 413 2,842 Gold -- 6,663 6,662 4,220 Foreign exchange -. 4,073 4,073 24, 008 Foreign exchange 2,504 2,297 2,101 Loans and discounts 32, 420 27, 491 24,128 British Government securities. .. 11, 360 12,160 14, 360 Note circulation 31,148 37, 749 27, 874 Loans and discounts 8,424 8,277 7,648 Deposits -- 16,284 14, 456 9,789 Egyptian Government securities. 18, 352 18,058 15, 831 Bank of Brazil (millions of milreis): Other assets. - 3,488 3,433 3,554 Currency 375 329 324 Note circulation.-. - 18, 069 17, 750 18,120 Correspondents abroad 116 174 43 - Deposits—Government 6,572 5,184 6,024 Loans and discounts 1,859 2,049 1,703 Other 18,100 18, 993 15, 563 Note circulation - 170 170 170 Other liabilities -- 8,050 8,961 8,007 Nati D on e a p l o s B it a s n k of Bulg - aria (millions 2,024 2,077 1,645 Bank of Estonia (thousands of of leva): krooni): T N N L G O G o o o o t o e h t a t t l v a e d e n f e l r s o r c r f n s i a e o r i m i n r g c g e d u h e n i g t l n d a e n t l t i x i i s a o e o c c b b x n h o i c l a u l i h i n g n t a g a i t n e e s t s i g o i e n n s reserve __ 2 2 1 1 , , , , 9 6 2 7 6 5 6 9 6 3 0 1 4 9 0 6 5 8 6 2 2 1 1 , . , , 3 7 6 6 9 5 3 3 1 5 2 1 P 8 2 9 3 8 5 5 2 2 1 1 . , , , 6 3 7 9 6 5 5 2 1 1 7 P 1 1 8 7 9 5 5 4 3 3 1 1 , , , , 8 2 4 2 5 0 4 2 0 7 0 2 7 6 8 7 9 4 6 5 4 N N L D G o o e e o a t p t l e d n o f s o s c i r i a t e r s n i c — g d u n l G B d O a e i t o a t s x i h n o v c c e n k o e h r e r u a n r n n s m g t ' s e ent - - 2 3 1 2 4 1 8 6 1 2 , , , , , , , 3 4 0 6 4 5 4 6 0 3 8 3 9 6 1 5 7 5 2 0 8 2 3 1 8 2 1 4 6 1 2 , , , , , , , 3 7 7 3 4 2 4 5 0 6 8 6 6 6 6 2 8 0 0 6 5 2 3 1 2 4 6 2 2 3 7 , , , , , , , 9 9 1 3 0 0 4 3 2 3 8 6 7 6 1 6 1 1 6 2 3 3 2 1 3 9 6 5 2 5 0 , , , , , , , 8 8 0 5 0 2 8 1 5 3 6 3 6 6 3 2 4 0 5 2 8 Central Bank of Chile (millions of Bank of Finland (millions of pesos): markkas): Gold at home and abroad 96 95 95 63 Gold - - 304 304 304 302 N G L Fo o o o r a t v e e n B E e i s g r c x a n n i a c n r m n h k c e d a u x e n l c n d a g h t t i e a i s s o n c e c n g o c o e u u m n f r o i m t t s r i i e a s s c si c o o n unt of— 2 4 1 7 3 5 7 0 6 8 1 9 4 2 1 7 5 6 1 1 0 3 6 0 0 3 1 1 5 7 1 4 8 4 0 4 2 0 " 3 1 2 1 8 2 5 0 7 N D B D Fo a o o e c r l m m t r a e e e n i e a g d c c s n n i i e t d r t i s c s c b u l . i . i b l l a a l a i s b l b t l i i r s l o o i n t a i d es an _ d fo - reign 1, 8 2 2 4 0 0 2 3 3 8 4 0 8 8 8 1, 2 7 4 1 1 3 6 3 5 5 6 9 4 9 6 1, 5 2 7 2 1 8 1 5 2 6 6 9 0 2 8 1,2 6 6 2 1 0 1 2 4 0 4 8 7 2 7 Deposits 147 147 38 Bank of Greece (millions of drach- Central Bank of China 3 (thousands mas): of Yuan dollars): Gold - 569 543 497 Gold 645 208 Foreign exchange 885 913 460 2,418 Silver 44, 663 49, 322 49, 070 Loans and discounts— 1,303 1,326 1,397 352 Due from banks abroad- 6,556 5,699 20, 743 Government gold bonds in Due from domestic banks 29,121 24, 415 38, 416 reserve 608 608 Loans and discounts 67, 350 65, 908 52, 704 Other Government bonds 2,713 2.706 2,703 3,168 Securities 5,495 5,487 21,048 Note circulation 4,202 4,208 4,060 4.170 Other assets __ 16, 489 20,629 8,443 Other sight liabilities- 1,764 1,270 1,053 1,224 Note circulation _ 28, 794 28, 562 37,854 Central bank of Guatemala (thou- Deposits—Government 72,890 79, 250 96, 901 sands of quetzales): Bank _ 23, 382 17, 700 19, 316 Gold coin _ 1,628 2,610 Other 6,666 5,643 5,461 Balances abroad 779 990 Other liabilities 38, 587 40,513 30, 892 Loans and discounts 6,093 5, 693 I 1 "Gold and English sterling." 1 Figures not available. 3 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank July June May July July June \ May July Central bank of Guatemala—Contd. Bank of Portugal—Continued. Other assets Discounts and advances. 314 310 310 344 Note circulation 1,225 1,215 Government obligations 1,058 1,058 1,058 1,060 Demand deposits... 5,601 6,425 Note circulation 1,886 1,908 1,864 1, 859 Other deposits 1,238 1,244 Other sight liabilities 357 324 375 Other liabilities.. 50 148 National Bank of Rumania (millions National Bank of Hungary (millions 2,837 2,691 of lei): of pengos): Gold 9,458 9,425 9,416 8, 868 Gold _. 97 112 Foreign exchange of the reserve.. 104 101 151 1,687 Foreign bills, etc 11 11 ' 15 10 Other foreign exchange 24 63 34 174 Loans and discounts _ 454 435 409 389 Loans and discounts 11, 998 13,036 13,117 9,855 Advances to treasury 53 53 54 59 State debt 5,730 5,767 5,767 5,4S5 Other assets 20 21 19 42 Note circulation- 20,891 I 20,895 21, 982 19. 401 Note circulation 403 389 370 501 Demand deposits 5,762 i 5, 4,729 7, 550 Deposits 63 72 74 40 South African Reserve Bank (thou- Miscellaneous liabilities 141 129 123 47 sands of South African pounds): Bank of Italy (millions of lire): Gold 7, 04J 7,861 7,290 I 6.712 Gold at home. 5, 700 5,664 5,650 o,372 Foreign bills 15 48 ' 7,295 Credits and balances abroad 1,390 1,420 1,436 3,545 Domestic bills 2,694 797 1,354 ! 575 Loans and discounts 5,638 6,398 6,819 4,389 Note circulation 7,974 6,541 7,640 I 8,328 Total note circulation 13,492 13,035 13,137 14, 678 Deposits—Government 1, 252 1,432 1,282 ! 2,394 Public deposits _ ._ 300 300 300 300 Bank 4,137 4,314 4,107 i 4,989 Other deposits.. _. 1,405 1,389 1,272 1,958 Other..- 93 314 278 | 183 Bank of Japan (millions of yen) : Bank of Spain (millions of pesetas): Gold 429 429 429 855 Gold „ 2,256 2,255 2,253 2,275 Advances and discounts _ 881 837 843 691 Silver 580 575 565 072 Government bonds 118 135 117 111 Balances abroad.. 282 292 286 251 Notes issued _ 1,057 1,042 1,017 1,015 Loans and discounts 2,919 3,000 2,978 3,118 Total deposits 410 456 491 462 Note circulation- _ 4,782 4,753 4,830 5,457 Bank of Java (millions of florins): Deposits 943 928 983 Gold 105 105 103 110 Bank of Sweden (millions of kronor): Foreign bills _ 20 23 25 17 Gold 205 206 238 Loans and discounts 50 50 49 46 Foreign bills, etc 163 134 124 222 Note circulation _ 219 220 221 241 Loans and discounts 241 364 357 352 Deposits 36 34 32 21 Note circulation. _ 556 594 553 562 Bank of Latvia (millions of lats): Deposits 182 230 257 164 Gold 36 36 24 Swiss National Bank (millions of Foreign exchange reserve 12 12 26 francs): Bills „ .._. 72 72 80 Gold 2,637 2,607 2,555 1, 164 Loans ; 49 49 65 Foreign balances and bills 63 56 79 480 Note circulation 36 36 45 Loans and discounts 59 66 62 110 Government deposits 71 71 65 Note circulation. 1,571 1,574 1,535 1, 255 Other deposits 81 81 81 Demand deposits 1,185 1,158 1,166 551 Bank of Lithuania (millions of litu): Central Bank of the Republic of Gold ... 50 50 40 Turkey (thousands of Turkish Foreign currency 18 20 60 pounds): Loans and discounts ... 98 117 Gold 17, 703 18, 532 13, 659 Note circulation 96 120 Foreign exchange..- 1,060 1,737 2,623 Deposits 62 67 87 Government securities 156,388 156, 405156, 630 Netherlands Bank (millions of Other securities 28, 081 27,126 27,126 florins): Other assets 18, 700 17, 899 18, 875 Gold _ 1,016 955 586 Note circulation 165, 480166, 752167, 603 Foreign bills 69 169 89 229 Sight deposits.- 7,428 5,893 Loans and discounts 138 144 151 153 Other liabilities. 49, 024 49, 054 45,074 Note circulation 983 981 1,006 932 Bank of the Republic of Uruguay Deposits 281 257 216 126 (thousands of pesos): Bank of Norway (millions of kroner): Gold 48, 775 48,897 55, 436 Gold 142 150 155 146 Loans and discounts _ 106,615 103,619 103,137 Foreign balances and bills 13 7 11 21 Other assets.__ _. 37, 574 36,149 33,428 Domestic credits 279 278 269 178 Note circulation-_ 83, 016 80,902 73, 375 Note circulation 317 318 304 296 Deposits—Demand 31, 714 31,299 36, 513 Foreign deposits 2 2 2 4 Time 38, 526 37,832 43,110 Total deposits _ _ 80 81 56 Judicial and adminis- Central Reserve Bank of Peru trative 3,207 3,168 3,437 (thousands of soles): Other liabilities. S 36, 50335,464 35, 568 Gold 38,456 40,041 49,120 State Bank of U. S. S. R. (note-issu- Foreign exchange 329 233 19,319 ing department; thousands of Bills _. 15,223 17,045 18,350 chervontsi): Note circulation 48,345 47,315 60,809 Gold 69, 325 67, 848 65, 082 51, 926 Deposits 3,115 4,187 4,330 Other precious metals 1,760 1,854 2,074 2,366 Bank of Poland (millions of zlotys): Foreign exchange _. 3,120 3,677 3,247 5,249 Gold _ ...... 480 484 555 568 Note circulation 327, 321292,545 276, 684 231, 531 Foreign exchange of the reserve __ 40 46 38 167 National Bank of the Kingdom of Other foreign exchange 105 112 117 129 Yugoslavia (millions of dinars): Loans and discounts _ 803 795 755 730 Gold 1,763 1,763 1,763 1,544 Note circulation 1,089 1,105 1,103 1,254 Foreign exchange.. 304 302 326 594 Other sight liabilities 155 130 161 245 Loans and discounts 2,397 2,292 2,346 1,640 Bank of Portugal (millions of Advances to State 2,408 2,406 2,405 2,154 escudos): Note circulation. 4,855 4,933 4,942 4,970 Gold 394 391 387 217 Other sight liabilities 629 543 617 733 Other reserves 536 516 530 530 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 593 COMMERCIAL BANKS 1931 1932 Country July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash _. . __ 99 94 91 90 109 107 111 113 115 105 121 136 Loans and discounts 655 656 681 708 696 707 675 234 680 685 688 696 Deposits 680 662 663 661 652 641 639 642 649 644 664 712 Other banks in Buenos Aires- Gold 9 9 7 2 2 2 1 1 1 1 1 1 Other cash . _ 194 199 190 186 194 203 200 199 206 206 212 218 Loans and discounts 857 843 852 847 830 817 821 1,251 798 794 783 775 Deposits . _- . _ 971 971 966 947 939 939 936 933 933 922 914 907 Canada (millions of Canadian dollars): Assets entirely in Canada- Cash in vaultl 147 147 157 159 201 175 176 167 158 150 154 166 161 Cash in central gold reserves 26 28 24 27 25 26 22 20 24 23 23 23 25 Security loans __ 163 159 167 159 157 135 131 130 131 122 114 110 112 Other current loans 1,126 1,127 1,137 1,141 1,102 1,082 1,071 1,063 1,071 1,070 1,057 1,037 1,028 Security loans abroad 105 110 90 91 113 83 66 99 88 73 65 74 76 Securities 694 701 678 696 719 694 674 664 671 666 663 669 674 Liabilities entirely in Canada- Notes in circulation .. 126 126 128 140 131 129 123 122 121 125 119 126 123 Individual demand deposits. 561 568 594 581 617 567 507 496 500 495 498 489 462 Individual time deposits... 1,451 1,461 1,456 1,462 1,396 1,360 1,368 1,390 1,389 1,393 1,387 1,373 1,363 England (millions of pounds sterling): Cash in vault and at bank 181 177 171 173 170 181 177 170 171 170 176 188 188 Money at call and short notice.. 128 112 106 113 108 118 116 108 111 111 110 111 120 Advances and discounts 1,178 1,156 1,132 1,131 1,125 1,131 1,128 1,093 1,103 1,105 1,102 1,114 1,138 Investments 283 286 288 288 284 281 268 264 266 272 284 324 333 Deposits 1,750 1,708 1,675 1,688 1,670 1,700 1,677 1,621 1,639 1,643 1,661 1,727 1, 765 France (millions of francs): Bills and national-defense bonds_ 20, 919 21,153 20, 242 19,006 17,851 18,441 18,454 17,346 17,482 18,043 18,998 18,994 Loans and advances 9,898 9,868 10,076 9,863 9,797 9,697 9,041 9,114 8,711 8,312 8,296 8,593 Demand deposits 36, 642 36, 991 36,137 36,972 37, 019 37, 023 36,196 36,435 35,983 35,929 35,826 36,351 Time deposits 1,539 1,545 1,429 1,370 1,332 1,222 1,179 1,218 1,201 1,239 1,284 1,250 Germany (millions of reichsmarks): Bills and treasury notes 1 280 1 500 1,509 1,406 1,431 1,503 1,380 1,613 1 652 1 660 1 661 Due from other banks 546 514 465 373 345 320 367 267 290 257 263 Miscellaneous loans 7 337 7 115 6,884 6,837 6,748 5,935 6,034 6,235 6,160 5 898 5 813 Deposits 8,167 8,060 7,873 7,500 7,390 7,276 7,289 7,539 7,652 7,541 7,457 Acceptances 874 840 818 891 910 903 863 872 851 815 796 Japan (millions of yen): Cash on hand - « . _ 134 217 197 126 146 140 124 130 116 136 215 156 117 Loans 2,169 2,140 2,146 2,171 2,208 2,247 2,283 2,228 2,264 2,248 2,250 2,252 2,234 Deposits. . __ 2,151 2,122 2,102 2,066 2,059 2,051 2,008 1,954 1,938 1,946 1,949 1,963 1,973 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks previous to consolidation of Dresdner Bank and Darmstadter und Nationalbank in February, 1932; five Berlin banks thereafter \Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN SEPTEMBER, 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 ch k a s n - B It a o a n l f y k N l B e a a t n h n d e k s r- t B S i N o w a n a n i a s - k s l Country S R e a p t t e . In s i e n f c f e e — ct Country S R e a p te t. I s n i n e c f e f — ect In effect Feb. 1,1931. 3 2 5 2 Albania 8 July 1,1931 Japan 4.38 Aug. 18,1932 May 14 Austria 6 Aug. 24,1932 Java Mar. 11,1930 May 16 2 Belgium VA Jan. 13,1932 Latvia 6 2 Oct. 1,1930 June 13 7 Bolivia July 5,1932 Lithuania.— 6 Apr. 1,1930 July 16 10 6 July 23 Bulgaria. „. . May 25.1932 Norway 4 Sept. 1,1932 July 30 ly 2 ........ Chile.. 8 Aug. 22,1932 Peru.... 6 May 20,1932 Aug 1 Colombia Jan. 22,1932 Poland Oct. 3,1930 Aug 12 10 Czechoslo- 6 2 Portugal Apr. 4,1932 Sept 2 8 vakia Apr. 12,1932 Sept. 2l 6 5 Rumania 7 Mar. 4,1932 Sept 28 7 Danzig 4 July 12,1932 South Africa . 6 Nov. 13,1931 Sept 29 3 Denmark 4 May 30,1932 Spain July 8,1931 O D c e t c 1 1 0 0 2y2 7 E E c st u o a n d i o a r 7 M Fe a b y . 1 1 2 , , 1 19 9 3 3 2 2 Sweden Sept. 1,1932 Feb. 18,1932. 5 U.S. S. R-._ 8/2 Mar. 22,1927 Mar 9 6 Finland Apr. 19,1932 Yugoslavia... July 20,1931 Mar. 10 4 Greece io 2 Aug. 8,1932 Mar. 17.-_. Hungary 5 July 1,1932 Mar 21 6 India 4 July 7,1932 Apr. 9 VA A A p p r r 2 1 1 9 - ... 3 2y2 Changes since August 1: Austria—August 24, down from 7 to 6 per Apr 28 5 cent; Chile— August 22, down from 5^i to \\i per cent; Greece—August May 2 5 8, down from 11 to 10 per cent; Japan—August 18, down from 5.11 to May 12 4.38 per cent; Norway—September 1, down from 4>£ to 4 per cent; June 30 2 2 Sweden—September 1, down from 4 to 3H per cent. In effect Sept. 1,1932. 2 5 5 2 21/2 21/2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlan d d am s ) (Amster- Sw la it n z d er- Month 3 B a a a m c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r i c a v o t a e u t n e t 1931—July 2.58 2.44 2.05 1 -m 17.OO 18.98 18.89 1.53 1.40 .55 August 4.28 4.21 3.59 iy 2 18.92 19.18 19.15 1.30 1.22 .98 September 4.74 4.57 4.04 2K-4 7.99 9.18 9.15 1.30 1.21 L.80 October.. 5.68 5.46 4.36 4 8.00 9.84 9.21 2.76 3.07 .90 November 5.75 5.55 4.96 4 8.00 9.31 8.69 1.59 1.73 .77 December 5.85. 5.60 4.27 4 7.33 7.40 8.45 1.57 L59 L. 75 1932—January 5.52 4.94 4.20 4 6.94 7.58 7.86 2.24 2.37 .68 February 4.63 4.08 3.84 4 -3 6.67 7.98 7.81 1.87 1.69 L.52 March 2.59 2.28 2.40 3 -IK 6.10 7.10 7.76 1.22 1.06 L. 50 April 2.19 2.07 1.91 1H-1 5.12 6.31 6.17 1.02 .94 L.50 May 1.44 • 1.10 1.29 1 -K 4.87 5.96 5.91 .60 1.03 L.50 June 1.05 .85 .99. W 4.75 5.76 5.70 .39 1.00 .50 July .92 .66 .67 H 4.58 5.75 5.49 .41 1.00 1L.50 (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 i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m f o o o n n rl e th y c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s 3 t h u s p Disc b o il u l n s ted ov m e C o r a n n l i e l g y ht 1931—July 2.15 1.20 5.25 15H-6& 4 -6 4.93-5.48 2.74 August 2.41 1.50 5.25 s}4-ioy2 4 -6 4.93-5.48 3.65 September 2.44 1.50 5.47 8 -10^ 5 -6 8 -OH 4.93-5.48 2.56 N D O e o c c t v o e e b m m e b r b e e r r 2 2 2 . . . 4 4 4 4 4 4 1 1 1. . . 7 8 9 5 0 0 7 7 7 . . . 5 5 5 0 0 0 7 7 7 M $ ^ i - - - 1 1 1 0 0 0 5 5 5 - - - 6 6 6 6 6 6 - - - m i i y y 2 2 4 5 5 . . . 9 4 8 3 8 4 - - - 5 6 6 . . . 5 5 6 7 7 6 5 5 6 . . . 4 6 5 8 6 7 1932— J J A F M M u J u e p a n a a l b n r y r y e i r u c l . u a . h a ry ry - 3 3 2 3 3 3 3 . . . . . . . 2 9 3 3 2 1 1 1 1 6 1 6 6 7 1 1 1 1 1 1 . . . . . . . 9 8 7 7 5 2 6 9 0 5 5 0 2 6 6 7 6 6 5 5 5 . . . . . . . 9 5 0 5 5 5 5 2 0 0 2 3 0 0 6 h 5 6 V V M ^ H A > - - 9 - - r 1 W 9 0 9 H A 4 4 4 5 J ^ ^ ? - - - - 5 6 5 5 H M fc 4 4 5 5 6 5 4 H ^- - - - - - 6 - 7 5 7 5 7 i f H y c 2 5 5 6 6 6 6 . . . . . . 8 8 2 0 2 2 4 4 0 2 0 0 - - - - - - 6 6 6 6 6 6 . . . . . . 5 5 5 5 5 5 7 7 7 7 7 7 6 6 5 5 4 4 . . . . . . 8 3 4 5 0 5 4 9 8 6 2 6 1 Based on data for part of month, no quotations being available for remainder of month. :No quotations available since June, 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEFTEMBEB, 1932 FEDERAL RESERVE BULLETIN 595 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) I 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 Yuan d H K o o o ll n n a g g r Co b l i o a m- 1931—August 64. 5722 14.0406 13.9376 .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 July 58.5574 13.9813 13.8724 7. 5960 .7230 87.0658 6.0250 20.5462 29.3650 20.6400 22.8893 95.2400 58. 5695 13.9696 13. 8735 7.6221 .7209 87.5513 6.0283 20.9710 30.4332 21.0031 23.2479 95. 2400 August Month Cuba s C lo z v ec a h k o ia - m D a e r n k - England l F a i n n d - France m G a e n r y - Greece Hungary India Italy Japan 1931—August 99.9703 2.9624 26. 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 2.9619 22.0209 388.9291 2.3082 3.9383 23.2395 1.2883 17.4640 28. 6799 5.1645 49. 2525 November.. 99.9913 2.9625 20.6700 371.9934 1.9839 3.9201 23.6777 1. 2879 17.4670 27.9874 5.1548 49. 2968 December.. 99.9470 2.9626 18. 5875 337.3707 1.6938 3.9229 23.6192 1.2879 17.4580 25.3612 5.1094 43. 4644 1932—January 99.9296 2.9627 18.8801 343.1210 1.5036 3.9294 23.6475 1.2877 17.4500 25.8179 5.0441 35.9866 February... 99.9622 2.9627 19.0192 345.6316 1. 5014 3.9379 23. 7392 1.2875 17.4397 26. 0329 5.1799 34.3233 March 100. 0590 2.9628 20.0112 363. 9304 1.6015 3.9325 23. 7812 1.2875 17.4353 27.3121 5.1824 32.1562 April 99. 9816 2.9629 20.5267 374.9994 1.7225 3.9430 23. 7427 1.2318 17.4298 28.0133 5.1493 32.8063 May 99.9299 2.9650 20.0654 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 July 99.9186 2. 9589 19. 2044 354.9564 1.5350 3.9207 23. 7176 .6399 17.4612 26.6842 5.1009 27.4471 August 99.9094 2.9596 18.4993 347. 5721 1.5114 3.9187 23.7838 .6321 17.4507 26.1577 5.1144 24.4944 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 t n l i t e t s s - Sweden Sw la i n tz d er Uruguay Y sla u v g i o a - 1931—August 30.0269 40.3182 26.7328 11.1970 4. 4216 8. 7964 56.0044 26. 7487 19. 4862 46. 0147 1. 7694 September- 33.4081 40. 2677 25.3982 11.1978 4. 4232 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 July 27. 7321 40. 2740 17.6386 11.1885 3. 2240 .5972 8.0518 40.9675 18.2190 19.4684 47. 5680 1. 6717 August 28. 5682 40.2443 17.4101 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19. 4528 47.4413 1. 6903 Monetary units and pars of exchange (in cents per unit of foreign currency): Par of Par of Par of Country Monetary unit ex- Country Monetary unit ex- Country Monetary unit exchange change change Argentina Gold peso 96.48 Czechoslovakia... Koruna _ 2.96 Norway Krone 26.80 Austria _ Schilling ... 14.07 Denmark Krone 26.80 Poland - Zloty - 11.22 Belgium Belga 13.90 England _. Pound 486.66 Portugal .-- Escudo 4.42 Brazil Milreis 11.96 Finland Markka 2.52 Rumania Leu .60 Bulgaria Lev .72 France „ Franc _ 3.92 Spain . Peseta 19.30 Canada Dollar 100.00 Germany Reichsmark 23.82 Straits Settle- Straits Settle- 40.55 Chile Peso 12.17 Greece Drachma. 1.30 ments.2 ments dollar. [Mexican dollar i._. 22.23 Hungary Pengo 17.49 Sweden Krona 26.80 China (and Hong jShanghaitael*--- 30.65 India Rupee 36.50 Switzerland Franc 19.30 Kong). iYuani 21.75 Italy Lira 5.26 Uruguay Peso... - 103.42 I Hong Kong dollar i 22.07 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 Silver currencies—Figures given for parity represent gold value of unit in August, 1932, computed by multiplying silver content of unit by New York average price of silver for August, 1932, which was $0.28298 per fine ounce. 2 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-siitieths of average quotation of pound in New York for August, 1932. Back figures.—See BULLETIN for January, 1932,1931, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) i Month ( U a S p v n r t e i a i c r t t e a e e g ) s d e (D 1 E 9 e n 2 c 1 g e = l m a 1 n 0 b 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 m c r e a a ) g n a e y U S n ta i t t e ed s England France Germany Number of issues 60 87 35 169 421 278 300 329 1930—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 (8) September 95.6 103.5 97.7 *70.4 81.7 67.2 115.5 4 52.3 October -. _ . . 89.4 104.2 94.8 69.7 75.6 106.9 (3) November 89.0 104.8 94.4 71.7 74.7 104.3 December 81.6 102.2 90.8 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 March 80.8 111.6 90.5 56.8 69.6 117 6 (3) April _ _ 79.4 110.6 89.0 <63.0 43.9 63.5 107.3 *45.5 May 75.2 111.4 85.9 64.4 39.8 61.6 94 4 46 4 June 72.2 111.0 85.2 60.4 34.0 59.3 97.4 45.6 July_. 74.2 115.6 87.4 62,2 35.9 63.5 100.0 45.8 i Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. > New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds. • Figures not available because of closing of the exchange. < Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February, 1932, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month (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 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (19 F 1 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 19 J (( 0 y a 0 JC p C = ln a Z 1 t n . 0 f 0) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1930—June 88 121 540 125 382 181 118 July 86 119 558 125 375 177 115 August 84 118 560 125 379 176 114 September. 82 116 556 123 374 172 112 October... 81 113 552 120 364 165 111 November. 80 112 551 120 361 162 110 December. 78 109 541 118 350 161 107 1931—January... 77 107 541 115 342 158 105 February.. 76 106 538 114 338 158 104 March 75 106 539 114 339 158 103 April 74 106 540 114 337 158 102 May 73 104 520 113 332 154 102 June 72 103 518 112 327 151 100 July '72 102 500 112 324 153 97 August 71 100 488 110 322 152 94 September. 70 99 473 109 319 150 91 October... 70 104 457 107 322 147 89 November. 71 106 447 107 320 147 89 December. 70 106 442 104 319 151 85 1932—January... 69 106 439 100 317 160 84 February. _ 69 105 446 100 314 161 83 March 69 105 444 100 315 159 82 April 68 102 439 98 311 154 80 May 68 101 438 97 305 150 79 June 67 98 425 96 297 146 78 July 67 98 430 96 296 148 76 - Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 597 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) England (1913= France (1913= Germany (1913=100) 100) 100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u u r h e a s c m e w - t d s i- p tr I r i i n o a s d d h l u u e fi s d c n - t - s 1930—June 127 117 587 110 115 122 151 July 127 115 540 573 115 114 119 151 August 126 113 550 568 117 111 118 149 September. 124 111 562 551 114 108 116 148 October 121 109 562 543 109 108 114 147 November. 121 107 570 535 112 108 113 145 December.. 116 105 570 516 110 105 110 143 1931—January 113 104 580 507 107 102 108 142 February.. 112 103 575 505 106 100 106 140 March 111 103 581 503 107 99 106 139 April 113 102 592 495 108 97 105 138 May 113 100 566 480 109 96 103 137 June 113 571 472 107 95 103 137 July 110 541 465 105 97 103 136 August 108 95 528 452 103 96 102 136 September- 108 95 508 443 101 94 100 135 October 113 100 489 429 95 99 133 November. 115 102 482 416 94 99 132 December.. 113 102 491 400 91 97 130 1932—January... 114 101 496 390 90 92 125 February. 114 101 511 389 91 91 122 March 116 510 388 90 121 April 115 506 381 89 120 May 114 511 374 88 119 June 112 490 369 87 118 July 108 370 87 117 RETAIL FOOD PRICES COST OF LIVING United England 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 January 153 147 140 125 February 127 105 136 131 132 115 131 114 February 152 147 139 122 March. 126 105 134 129 131 115 130 114 March 150 146 138 122 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 118 100 127 123 128 111 131 113 June. 136 145 142 120 109 138 121 July _. 119 101 130 125 125 108 130 114 July 147 143 137 122 August 120 128 121 126 August 145 135 September 119 128 119 125 September 145 115 134 October 119 128 116 123 October 145 133 November 117 130 113 122 November 146 132 December 114 132 113 120 December _ 148 "108" 130 » Average of October, 1913, January, April, and July, 1914=100. SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost ot living.—United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique Ge"nerale, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 LAW DEPARTMENT Changes in law and regulations with regard to loans SEC. 2. (a) Subdivisions (c) and (d) of section 502 of on notes secured by adjusted service certificates. such Act, as amended (U. S. C, title 38, sees. 642(c) Under the provisions of an act of Congress and 642 (d)), are hereby amended by striking out "6 per approved July 21, 1932, which amends section centum" wherever occurring in such subdivisions and inserting in lieu thereof " 3}£ per centum ". 502 of the World War adjusted compensation (b) Subdivision (1) of section 502 of such Act, as act in certain respects, a loan secured by an amended (U. S. C, Sup. V, title 38, sec. 642 (1)), is adjusted service certificate may be made at any amended by striking out "4$ per centum" and inserttime after the date of the certificate and the ing in lieu thereof "3J4 per centum". rate of interest on any such loan may not (c) The amendments made by subsections (a) and exceed 3% per cent per annum, compounded (b) of this section shall not apply with respect to interest accrued prior to the date of the enactment of this Act. annually. Prior to this amendment the law SEC. 3. Subdivision (m) of section 502 of such Act, as had provided that such a loan might be made amended (U. S. C, Sup. V, title 38, sec. 642 (m)), is only at the expiration of two years after the hereby amended to read as follows: date of the certificate securing the loan and at a "(m) Loans made by the Administrator of Veterans' rate of interest not exceeding 4% per cent per Affairs under this section may at his option be made out of the United States Government life insurance annum, compounded annually. The Federal fund, or out of the Adjusted Service Certificate Fund Reserve Board on August 10, 1932, amended its created under section 505. In case of loans made out Regulation G with regard to the rediscount of of the United States Government life insurance fund the notes secured by adjusted service certificates so fund shall be entitled to receive interest at the rate of as to conform to the law as amended by the act 4}£ per centum per annum, compounded annually, but, in respect of interest on any such loan accruing after of July 21, 1932, and the regulations of the this subdivision as amended takes effect, the amount Veterans7 Administration with regard to loans by which interest at such rate exceeds 3}£ per centum on adjusted service certificates have also been per annum, compounded annually, shall be paid to the revised so as to conform to the provisions of the United States Government life insurance fund out of the law as amended. There are published below Adjusted Service Certificate Fund". the text of the act of July 21, 1932, the text of Approved, July 21, 1932. the Federal Reserve Board's Regulation G as REGULATION G, SERIES OF 1932 amended, and the text of the amended regula- (Superseding Regulation G of 1931) tions of the Veterans' Administration on this REDISCOUNT OF NOTES SECURED BY ADJUSTED SERVICE subject. CERTIFICATES SECTION I. STATUTORY PROVISIONS Under the terms of the World War adjusted com- [PUBLIC—No. 303—72D CONGRESS] pensation act as amended, loans may lawfully be made [S. 4569] to veterans upon their adjusted service certificates only AN ACT Relating to loans to veterans on their adjusted-service certifi- in accordance with the provisions of section 502 cates. thereof, as amended. Be it enacted by the Senate and House of Representatives Any national bank, or any bank or trust company of the United States of America in Congress assembled, incorporated under the laws of any State, Territory, That the first sentence of subdivision (b) of section 502 possession, or the District of Columbia is authorized, of the World War Adjusted Compensation Act, as at any time after the date of the certificate, to loan to amended (U. S. C, title 38, sec. 642(b)), is hereby any veteran upon his promissory note secured' by his amended to read as follows: adjusted service certificate any amount not in excess "(b) Any national bank, or any bank or trust com- of the loan value of the certificate, which is (a) 50 per pany incorporated under the laws of any State, Terri- cent of the face value of the certificate, or (6) the loan tory, possession, or the District of Columbia (herein- value stated on the face of the certificate, whichever after in this section called 'bank'), is authorized to loan is the greater amount. The law provides that the to any veteran upon his promissory note secured by his rate of interest charged upon the loan by the lending adjusted-service certificate (with or without the con- bank shall not exceed by more than 2 per cent per sent of the beneficiary thereof) any amount not in annum the rate charged at the date of the loan for the excess of the loan basis (as defined in subdivision (g) discount of 90-day commercial paper by the Federal of this section) of the certificate'1'. reserve bank of the Federal reserve district in which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

600 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 SECTION IV. EVIDENCE OF ELIGIBILITY SECTION VI. PROPER BANK FOR REDISCOUNT (a) General.—The Federal reserve bank to which a No such note shall be rediscounted by any Federal note is offered for rediscount must be satisfied either by reserve bank for any bank not located in its own Fedreference to the note itself or otherwise that the loan eral reserve district, except that such notes may be evidenced by the note or any sale, discount, or redis- rediscounted by any Federal reserve bank for any other count thereof complies in all respects with the provi- Federal reserve bank. sions of section 502 of the act and that the note is SECTION VII. RATE OF REDISCOUNT eligible for rediscount by a Federal reserve bank under The rate of interest charged by any Federal reserve the terms of the law and the provisions of this regulation. bank on any such note rediscounted by it shall be the (6) Affidavit of lending bank.—Any note offered to same as that charged by it for the rediscount of 90-day a'Federal reserve bank for rediscount must be accomnotes drawn for a commercial purpose, except that when panied by the affidavit required by section 502 (h) of such notes are rediscounted for another Federal reserve the act and the regulations of the director, in form bank the rate shall be that fixed by the Federal Reserve approved by the director, made by an officer of the Board. bank which made the loan, before a notary public or other officer designated for the purpose by regulations SECTION VIII. REDISCOUNTS FOR NONMEMBER BANKS of the director, stating that— No Federal reserve bank shall rediscount such notes (1) Such bank has not charged or collected, or for any nonmember bank until such bank has furnished attempted to charge or collect, directly or indi- to the Federal reserve bank such information as it may rectly, any fee or other compensation in respect of request in order to satisfy itself as to the condition of any loan, made by such bank to any veteran under such bank and the advisability of making the rediscount section 502 of the act, except the interest author- for it. ized by such section; EXTRACT OF REGULATIONS—VETERANS' (2) The person who obtained the loan evidenced ADMINISTRATION by such note is known to be the veteran named in the certificate securing such note; LOANS BY BANKS ON ADJUSTED SERVICE CERTIFICATES UNDER SECTION 502 OF THE WORLD WAR ADJUSTED (3) Such bank has notified the director that it COMPENSATION ACT has made a loan to the veteran named in the 4675. Certificates.—Adjusted service certificates are certificate, as required by the regulations of the dated as of the 1st day of the month in which the applidirector; and cations were filed, but no certificates are dated prior to (4) Such bank has notified the veteran by mail January 1, 1925. Loans on the security of such cerat his last known post-office address of any sale, tificates may be made at any time after the date of the discount, or rediscount of such note by such bank, certificate. The fact that a certificate is stamped or as required by section 502 (b) of the act. marked "duplicate" does not destroy its value as (c) Affidavit of other banks.—If such note is offered security for a loan. (July 21, 1932.) for rediscount by a bank other than the bank which 4676. To whom loan may be made.—Only the made the loan thereon, it must also be accompanied by an veteran named in the certificate can lawfully obtain affidavit of an officer of the offering bank and an affia loan on his adjusted service certificate, and neither vadit of an officer of each other bank which has sold, the beneficiary nor any other person than the veteran discounted, or rediscounted such note, which affidavit has any rights in this respect. The person to whom shall be in form approved by the director and shall state the loan is made must be known to the lending bank that the bank of which the affiant is an officer has to be the veteran named in the certificate securing such promptly notified the veteran by mail at his last known note. The consent of the beneficiary is not required, post-office address of the sale, discount, or rediscount the act providing that a loan on the security of the of such note by such bank, as required by section 502 (b) certificate may be made "with or without the consent of the act. of the beneficiary thereof." Loans may be made to veterans adjudged incompetent only through the guar- SECTION V. APPLICATION FOR REDISCOUNT dians of such veterans and pursuant to specific order Every application for the rediscount of such notes of the court having jurisdiction. Certified copy of shall be made on a form approved by the Federal re- court order must be submitted if note be presented for serve bank to which such note is offered and shall con- redemption by the Veterans' Administration. (July tain a certificate of the offering bank to the effect that, 21, 1932.) to the best of its knowledge and belief, such note arose 4677. By whom loans may be made.—Any national out of a loan made in full compliance with the provi- bank or any bank or trust company incorporated under sions of the act and the regulations of the director and the laws of any State, Territory, possession, or the is eligible for rediscount under the provisions of section District of Columbia, hereinafter referred to as any 502 of the act and of this regulation. "bank," is authorized to loan to any veteran upon his Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEE, 1932 FEDERAL RESERVE BULLETIN 601 promissory note secured by his adjusted service certi- 4679. Interest charges.—The rate of interest which ficate any amount not in excess of the loan value of the a bank may charge upon such a loan shall not exceed by certificate at the date the loan is made. Each certificate more than 2 per cent per annum, the rate charged at the contains on its face a table for determining the loan date of the loan for the discount of 90-day commercial value of the certificate, but it is provided by amend- paper under section 13 of the Federal reserve act by the ment to the World War adjusted compensation act Federal reserve bank of the district in which the lending dated February 27, 1931, that the loan value of any bank is located. As to all loans made on or after July certificate shall at no time be less than 50 per cent of 21, 1932, the rate of interest must not exceed (a) simple the face value. Upon the making of such loan, the interest at a rate 2 per cent above the Federal reserve lending bank shall promptly notify the Veterans' discount rate of the district of the lending bank, or (b) Administration of the name of the veteran, the A num- Sy per cent interest compounded annually, whichever 2 ber shown immediately after the name, the number of is the lower. In no event shall the rate of interest the certificate, the amount, the rate of interest, and charged exceed the maximum legal rate established for date of loan; however, this requirement may be waived the State, Territory, or possession of the United States by the Administrator of Veterans' Affairs. (July 21, in which the bank is located. When a loan is made by 1932.) a bank located in a Territory or possession not em- 4678. Form of note.—The form of note used in making braced in any Federal reserve district, the highest rate loans secured by adjusted service certificates should charged by any Federal reserve bank at the date of the substantially follow Veterans' Administration Form loan for the discount of 90-day commercial paper may No. 6615 or 6615-a. Veterans' Administration Form be taken as the basis for establishing the rate of interest 6615-a is as follows: on loans made in such Territory or possession. In no .., 19... event may the rate of interest charged on loans made $ subsequent to July 21, 1932, exceed 3}i per cent com- One year after date I promise to pay to the order of - pounded annually. The rates of interest charged on _ _ dollars for value received, with interest after loans made outside the continental limits of the United date until paid (at the rate of percent per annum, simple interest) (at the rate of per cent per annum, compounded annually on the States by a branch of a bank whose head office is in the anniversary of the date of the note.) Federal reserve district are governed by the discount This note is payable at the bank named above. rate charged by the Federal reserve bank in which such If the principal and interest of this note are not paid at maturity, the head office is located: Provided, however, That in no maker and all indorsers hereby authorize the holder, at his option, evidenced by the holder's indorsement to that effect hereon, to extend event shall a rate charged for any loan made on or after the maturity of this note for a period of one year, and to repeat such July 21, 1932, exceed 3}3 per cent compounded annuextension from year to year. Whenever the holder shall indorse an ally. No charge, other than the interest charge proextension of maturity hereon, this note and all indorsements hereon vided herein, may be made by the lending bank, the act shall remain in full force and effect according to their original tenor, except that the maturity of the note shall then be deemed for all pur- providing, under penalty, that such bank shall not poses to be that stated in the latest extension. charge or collect, or attempt to charge or collect di- As collateral security for the prompt payment of this note I have rectly or indirectly, any fee or other compensation in delivered to and do hereby pledge with the bolder of this note my Ad- respect of any loan made upon the security of an adjusted Service Certificate No dated justed service certificate except the interest authorized further identified by No. A This note may be sold, discounted, or rediscounted and the certificate pledged herewith may be by law. Any violation of this provision will make the transferred in accordance with the provisions of the World War adjusted loan void. On notes for loans made prior to July 21, compensation act, as amended. If the principal and interest of this note 1932, containing option of extension in the form preare not paid at its maturity, any bank holding this note and certificate scribed in section 4678 of these regulations, the interest may, at any time after maturity of the loan, but not before the expiration of six months after the loan was made, present this note and certificate torate may continue to the first following date of maturthe Administrator of Veterans' Affairs in order to secure payment of this ity, at the rate charged on the date the loan was originloan, as provided in the World War adjusted compensation act, as ally made. (July 21, 1932.) amended. (x) - - 4680. Sale or discount of note by holding bank.— (Signature of veteran.) Any bank holding a note secured by an adjusted service certificate may sell the note to any bank authorized (Please print or Name of veteran._ typewrite Street address or route number.. to make a loan to a veteran and deliver the certificate name and City or town and State _ to such bank. In case a note secured by an adjusted address of vet- service certificate is sold or transferred, the bank selleran here.) ing, discounting, or rediscounting the note is required The form of indorsement used in accordance with the second paragraph by law to notify the veteran promptly by mail at his of Form 6615-a should be substantially as follows: last known post-office address. No adjusted service The principal and interest of this note not having been paid at maturity, the maturity is hereby extended to certificate is negotiable to assignable, or may serve as security for a loan, except as provided in section 502 of the World War adjusted compensation act, as (Date of new maturity.) amended. Any negotiation, assignment, or loan made . holder. in violation of section 502 of the World War adjusted (JULY 21,1932.) (Signature of holder.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 compensation act is void. In case of sale, discount, or bank may waive its right to interest up to date of marediscount by the bank which made the loan, the note turity or any portion of such interest. (July 21, 1932.) or notes should be accompanied by the affidavit re- 4684. If the veteran dies before the maturity of the quired by paragraph 4685 of these regulations. (July loan, the amount of the unpaid principal and the unpaid 21, 1932.) interest accrued up to the date of his death shall be 4681. Eediscounts with Federal reserve banks.— immediately due and payable. In such case, or if the Upon the indorsement of any bank, which shall be veteran dies on the day the loan matures or within deemed a waiver of demand, notice, and protest by such six months thereafter, the bank holding the note and bank as to its own indorsement exclusively, and subject certificate shall, upon notice of the death, present them to regulations to be prescribed by the Federal Reserve to the Administrator, who shall pay to the bank, in full Board, any such note secured by an adjusted service satisfaction of its claim the amount of the unpaid certificate and held by a bank is made eligible for dis- principal and unpaid interest, at the rate fixed in the count or rediscount by the Federal reserve bank of the note, accrued up to the date of the check issued to the Federal reserve district in which such bank is located, bank; except that if, prior to the payment, the bank is whether or not the bank offering the note for discount notified of the death by the Administrator and fails to or rediscount is a member of the Federal reserve system present the certificate and note to the Administrator and whether or not it acquired the note in the first within 15 days after the notice such interest shall be only instance from the veteran or acquired it by transfer up to the fifteenth day after such notice. (July 21,1932.) upon the indorsement of any other bank; provided that 4685. In order to be eligible for redemption by the at the time of discount or rediscount such note has a Veterans' Administration, the note and certificate must maturity not in excess of nine months, exclusive of be accompanied by an affidavit of a duly authorized days of grace, and complies in all other respects with officer (the capacity in which the officer serves must be the provisions of the law, the regulations of the Federal shown) of the lending bank showing that the said bank Reserve Board and these regulations. has not charged or collected, or attempted to charge or collect, directly or indirectly, any fee or other compen- Redemption by Veterans' Administration sation in respect of the loan, or any other loan made by 4682. If the veteran does not pay the loan at its the bank under the provisions of section 502 of the maturity, the bank holding the note and certificate may World War adjusted compensation act, except the rate at any time after the maturity of the loan, but not of interest specified in the section of the act cited; before the expiration of six months after the loan was that the person who obtained the loan is known to the made, present them to the Administrator of Veterans' lending bank to be the person named in the adjusted Affairs. The Administrator may in his discretion service certificate; and that notice required by paraaccept the certificate and note and pay the bank in graph 4677 of these regulations was promptly given. full satisfaction of its claim, the amount of the unpaid In case the note was sold or discounted by the lending principal due it, and the unpaid interest at the rate bank, there should be incorporated in the affidavit a fixed in the note, up to the date of the check issued to statement that the veteran was notified promptly of the bank. (July 21, 1932.) the transfer by mail to his last known address. In 4683. It will be the policy of the Veterans' Adminis- case the note was resold or rediscounted by any other tration to redeem all loans made in accordance with the bank, affidavit shall be made by a duly authorized law and regulations made pursuant thereto, when such officer of such bank that proper notice of such resale loans are made in good faith to the veteran to whom or rediscount was promptly mailed to the veteran at the certificate was issued. If, while his certificate is his last known address. The proper execution of the held by a bank as security for a loan, the veteran appropriate affidavit on Form No. 6615 will be conapplies for the increased loan value authorized by the sidered as a compliance with the requirements of this amendment to the World War adjusted compensation paragraph. A single affidavit setting forth the full act dated February 27, 1931, whether or not the loan particulars may be accepted to cover any number of has matured, the veteran and the bank will be in- veterans' notes submitted for redemption at one time. formed fully of the provisions of this section and that The affidavit must be executed before a judge of the the bank may make the loan for the additional amount United States court, United States commissioner, or, upon request of the veteran, may send the note and United States district attorney, United States marshal, certificate to the Administrator of Veterans' Affairs. collector of internal revenue, collector of customs. The Administrator shall, if the loan was legally made, United States postmaster, clerk of court of record accept such certificate and note, and pay to the bank under the seal of the court, an executive officer of an in full satisfaction of its claim the amount of the unpaid incorporated bank or trust company, under his official principal due it and the unpaid interest at the rate designation and the seal of the bank or trust company, fixed in the note, up to the date of the check issued to theor a notary public under his seal, or a diplomatic or bank, or up to the date of maturity of the loan which- consular officer of the United States, under his official ever is the later date. If the loan has not matured the seal. (July 21, 1932.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEE, 1932 FEDERAL RESERVE BULLETIN 603 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS, BY MONTHS DISCOUNTS, BY WEEKS [In millions of dollars] [In thousands of dollars] Average of daily figures Wednesday series (1932) Federal reserve bank Federal reserve bank 1932 1931 Aug. 3 Aug. 10 Aug. 17 j Aug. 24 Aug. 31 [ August July August Boston 20,888 20,400 18,030 18,199 17,454 i New York 98,635 94,490 90,974 90,922 90,476 I 69,816 64, 321 63, 005 61,487 62,938 Boston ! 19.2 25.4 8.9 Philadelphia- New York _ i 93.2 103.5 48.1 38,392 37,323 35, 705 32,641 33, 547 Philadelphia 65.1 72.3 18.6 Cleveland 27,970 26,855 26,989 26, 591 26,174 R C i l c e h v m el o an nd d. 3 2 5 7. . 7 5 2 5 8 1 . . 5 7 2 1 5 8 . . 0 5 Richmond 35, 783 30, 485 33, 624 32,357 33,331 Atlanta 33.5 39.9 20.4 Atlanta 35,811 30,934 31,276 Chicago 33.2 41.2 15.9 Chicago 13, 678 12, 449 12,482 11,246 11,619 St. Louis 12.4 13.5 10.6 St. Louis 13,944 13,646 13, 677 13.590 13, 529 Minneapolis... 13.7 12.7 4.6 Minneapolis. . Kansas City- 21.1 23.1 13.1 Kansas City.. 23, 635 21,224 20,367 i 20,323 20,432 Dallas 16.8 16.0 13.3 Dallas 18,511 17,010 16,153 15,823 15,748 San Francisco. 95.2 25.4 San Francisco 90,120 80, 527 79,161 72.591 76,232 Total.. 450.8 522.9 222.3 Total. __ 487,183 451,938 442,860 j 426, 704 432, 756 RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] | Averages of daily figures Total cash reserves Total deposits Federal re c s u e l r a v t e io n n o * tes in cir- Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 August ! July j August August July August August July August August ! July i August Boston 215, 673 225,678 239,930 134, 633 143,050 155,218 202, 666 207,068 139,457 63.9 64.5 81.4 New York 850,174 792,662 1, 213, 608 992, 614 940,561 1, 081, 769 601,056 607,446 369, 589 53.3 51.2 83.6 Philadelphia. 202, 704 198,737 262,162 120, 634 120,408 161, 111 255,869 257,030 149,969 53.8 52.7 ! 84.3 Cleveland... ; 254,599 245,869 352,662 147,506 151, 249 212,152 293,356 294,872 219,550 57.8 55.1 : 81.7 Richmond i 85,356 73,796 91,335 54, 900 55,193 70,583 102,445 92,641 67,809 54.2 49.9 | 66.0 Atlanta ...! 80,534 72,804 136,194 45,418 44,805 62,026 110,278 113,363 114,078 51.7 46.0 : 77.3 Chicago 740,408 | 724,591 672,300 300,980 284,578 357,981 718,396 731,387 405,955 72. G 71.3 I 88.0 Sti Louis 85,036 84,084 111,066 56, 670 57,989 74, 550 100,872 98, 216 73,225 54.0 53.8 i 75.2 Minneapolis.. 56,348 59,562 74,193 41,000 42,468 52,929 79, 709 79,455 50, 880 •10. 7 48.9 ' 71.5 Kansas City... 89,094 83, 245 100,565 69,207 68,753 87,064 95,027 91,105 66,322 54.2 52.1 65.6 Dallas. 42, 218 44,699 47, 281 45,387 47,560 58,955 37,582 37,669 27,055 50.9 52.4 55.0 San Francisco. 206, 389 187,470 318,618 144,907 137, 729 196,690 250,040 252,381 191,871 52.3 48.1 82.0 Total |2, 908, 533 2, 793,197 3,619,914 2,153,856 (2,094,343 2,571,028 2,847,2S6 2,862,633 1,875, 760 56.3 i 81.4 i Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $14,781,000; month ago, $15,252,000; year ago, $15387,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN SEPTEMBER. 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, AUGUST 31, 1932 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - At t l a an- Chicago L S ou t. is n M o e l a i i n p s - - K C s a a i n t s y - Dallas F c S r is a a c n n o - KESOUKCES Gold with Federal reserve agents • 2,081,761 163,127 516, 296151,000 188,970 69, 300 53, 500 617, 345 60, 760 36,835 56, 680 25, 685 142, 263 Gold redemption fund with U. S. Treasury 57,668 3,101 12, 242 6,309 6,189 2,461 3,639 8,586 2,022 2,281 2,657 1,167 7,014 Gold held exclusively against Federal reserve notes 2,139,429 166, 228 528, 538157, 309195,159 71, 761 57,139 625,931 62, 782 39,116 59, 337 26,852 149,277 Gold settlement fund with Federal Reserve Board 273,486 12,443 102, 792 6,778 19,172 9,377 7,845 62,885 5,504 9,470 10,005 6,817 20, 398 Gold and gold certificates held by banks 360,046 16, 515 225, 806 6,384 18, 357 7,533 8,545 29, 652 5,913 3,578 10, 652 3,951 23,160 Total gold reserves 2, 772,961 195,186 857,136 170,471 232,688 88,671 73,529 718,468 74,199 52,164 79,994 37,620 192!,,835 Reserves other than gold 206, 702 18, 499 55, 622 34, 823 19, 322 8,570 5,344 26,643 9"~ 4,239 6,209 7,462 10,371 Total reserves 2,979,663 213, 685 912, 758205, 294252,010 97, 241 78,873 745, 111 83, 797 56,403 86, 203 45,082 203, 206 Nonreserve cash — 75,119 5,465 19,058 3,684 4,085 4,153 5,458 13, 291 3,976 1,940 2,391 8, 380 Bills discounted: Secured by U. S. Government obligations 157,545 7,795 19,684 14,932 4,344 5,108 9,911 6,492 1,235 1,755 2,334 29, 266 Other bills discounted-... 275,211 9,659 35, 787 43,254 18,615 21,830 28,223 21,365 5,127 12,294 18,677 13,414 46,966 Total bills discounted.. 432, 756 17, 454 90,476 62,938 33, 547 26,174 33, 331 31, 276 11, 619 13, 529 20, 432 15, 74876, 232 Bills bought ---• 2,343 11,066 3,253 3,102 2,641 1,206 4,428 1,007 631 891 877 2,653 XJ. S. Government securities: Bonds - 420,988 20,350 190,274 31,229 36, 491 9,733 40, 775 13,939 17,263 11,776 14,242 25, 268 Treasury notes 395, 974 22,722 151,521 32,114 42,124 11,136 11,181 50,965 15, 513 11,125 13, 511 4,896 29,166 Certificates and bills 1,034, 753 78,156 369, 497 75,982 99,667 26,031 183,470 36,704 26,324 31,980 11,583 69,010 Total U. S. Government securities 1,851, 715 121, 228 711, 292139, 325178, 282 47,133 46,945 275, 210 66,156 54, 712 57, 267 30, 721123,444 Other securities — 5,915 4,168 1,603 144 Total bills and securities 2, 324,484 141,025 817,002 207,119 214,931 75,948 81,482 310,914 78,782 69,016 78, 590 47, 346 202, 329 Due from foreign banks 2,668 211 960 287 106 373 18 11 77 74 184 Federal reserve notes of other banks - 15,082 340 4,802 1,015 1,182 1,752 1,049 515 817 2,267 Uncollected items 312,272 37, 741 91,998 26,963 27,820 23, 628 7,994 35, 766 13, 371 7,372 15, 683 11, 540 12,396 Bank premises— 58,121 3,336 14,817 2,901 7,968 3,617 2,489 7, r" " 3,461 1,835 3,647 1,787 4,433 All other resources 47,613 1,406 28,859 727 1,188 3,223 3,719 2,470 1,131 1,582 848 1,307 1,153 Total resources 5,815,022 403, 209 1,890, 254447,281 509,286 209, 098180,882 1,117, 505185, 585 138, 674 188, 258110,642 434, 348 LIABILITIES Federal reserve notes in actual circulation 2, 814,020 200, 850 593, 551251, 407289,533 107,848 107,878 706,730 100, 277 79, 571 94,255 37, 530 244, 590 Deposits: Member bank—reserve account 2,146,183 128,805 1, 029,105119,074 140, 502 49,864 42, 737 306, 031 51, 336 38, 097 64, 323 43, 233 133,076 Government 59,429 2,964 18, 366 4,896 3,428 6,124 3,048 5,816 2,141 2,425 1,034 2,663 6,524 Foreign bank. 14,187 947 5,791 1,283 1,258 498 461 1,669 436 274 361 349 860 Other deposits _ 21,485 72 8,578 420 1,865 3,903 372 277 997 265 177 104 4,455 Total deposits 2, 241, 284132,788 1,061,840 125,673 147,053 46,618 313,793 54,910 41,061 65, 895 46, 349 144,915 Deferred availability items... 37, 625 89, 262 25, 253 27,643 22, 648 8,170 34,647 14,637 7,065 15,134 12,975 13,737 Capital paid in 153,099 10,876 59,031 14, 221 5,172 4,851 16,963 4,456 2,917 4,066 3,911 10,537 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 38,402 1,031 11,493 2,364 3,196 1,558 2,916 6,961 1,280 1,704 784 2,253 2,862 Total liabilities 5,815,022 403, 2091,890,254 447, 281509, 286 180, 8821,117, 505185, 585138, 674188, 258110,642 434,348 Reserve ratio (per cent) 58. Q 64.0 55.1 54.4 57.7 57. i 51.1 73.0 54.0 46. r 53. r 53.7 52.2 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent 3,051,999 221,362 660, 353264,019 302, 772114, 640125,700 742,616 109,310 81,921 103, 596 42,733 282,977 Held by F. R. bank 237,979 20,512 66,802 12,612 13,239 6,792 17,822 35,886 9,033 2,350 9,341 5,203 1,387 In actual circulation 2,814,020 200,850 593, 551251, 407289,533 107,848 107,878 706,730 100, 277 79,571 94, 255 37,530 244, 590 Collateral held by agent as security for notes issued to banks: Gold 2,081,761 163,127 516,296 151,000 188,970 69,300 53, 500 617, 345 60, 760 36, 835 25,685 142,263 Eligible paper 416,786 17,412 87,975 62,340 33,442 27,581 32,009 31,073 11,037 12,828 20, 365 15,682 65,042 U. S. Government securities 578,100 41,100 64,000 51,000 85,000 19,000 41,000 100,000 37, 600 32,900 28,000 1,500 77,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

605 SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Reserves held Borrowings at Federal reserve banks Federai reserve district Total Excess 1932 1931 1932 1931 1932 1931 July June July July June July July June July Boston 139.2 134.0 142.3 26.8 22.8 2.8 25.4 29.8 9.0 New York.... 896.7 915.0 1,047.4 86.5 101.0 69.1 103.4 103.6 26.0 Philadelphia.. 116.3 116.3 145.5 1.5 1.7 4.4 72.3 66.2 16.5 Cleveland 142.3 140.0 190.7 4.7 2.1 4.8 51.7 51.8 15.8 Richmond 51.1 58.3 61.0 3.4 8.9 2.1 25.3 17.2 Atlanta 42.6 44.1 56.5 1.6 1.9 2.5 33.7 13.5 Chicago 277.3 306.1 327.6 65.2 75.0 15.9 41.2 33.4 12.1 St. Louis 54.9 56.1 69.7 3.9 4.0 3.5 13.5 13.3 8.9 Minneapolis.. 40.8 41.6 49.3 3.4 3.1 2.8 12.6 10.6 4.2 Kansas City.. 66.2 69.6 82.2 5.4 8.2 5.4 22.9 23.8 9.5 Dallas 44.9 44.4 54.2 3.5 2.9 2.1 16.0 13.7 10.8 San Francisco. 130.1 136.7 180.4 -1.6 3.0 9.1 94.7 89.2 25.0 Total... 2,002. 6 2,061. 9 2, 406.9 204.4 234.4 124.4 522.1 494.4 168.5 NET DEMAND AND TIME DEPOSITS OF BANKS IN LARGER AND SMALLER CENTERS [In millions of dollars] Averages of daily figures Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal reserve district Net demand Time Net demand Time 1932 1931 1932 1931 1932 1931 1932 1931 July June July July June July July June July July June July Boston 940 927 1,173 689 687 851 76 78 100 138 143 160 New York 5,909 5, 942 7,076 1,843 1,845 2,529 216 219 286 479 483 592 Philadelphia 819 815 1,000 600 598 766 143 147 183 401 402 457 Cleveland . _. - 960 9G1 1, 319 1,008 1,009 1,344 135 135 178 262 264 317 Richmond - 321 336 395 296 296 359 74 77 102 162 162 200 Atlanta 296 307 400 285 286 315 54 59 81 64 65 85 Chicago . .. 1,421 1,556 2,117 1,204 1,261 1, 662 147 158 216 245 251 342 St. Louis 355 302 471 297 300 356 88 93 117 97 98 122 Minneapolis.. _ _. _ 204 207 258 190 197 211 101 109 137 200 203 237 Kansas City 402 405 497 213 213 234 173 177 243 118 118 149 Dallas 292 290 365 155 156 186 130 133 172 32 33 39 San Francisco ._ 806 819 1,090 1,470 1,482 1,752 97 102 145 110 112 137 Total.. _. .. 12,723 12, 927 16,162 8, 247 8,329 10, 568 1,434 1,486 1,960 2,308 2,333 2,836 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to os n - Y N o ew rk - P p h rul h e i oi i l l- a a - C l l a e n v d e- m Ri o c n h d - At t la a n- c Ch a i g - o Lo St u . is ! n o M e l a i i p n s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o e r w k , c C a h g i- o I Loans and investments: Aug. 3 18, 696 1,223 7,560 1,102 1,925 579 503 2,320 524 320 529 384 1,727 6,556 1,270 Aug. 10 18, 622 1,224 7,517 1,097 1,921 582 496 2,317 522 318 527 378 1,723 6,515 1,267 Aug. 17 18, 580 1,218 7,504 1,096 1,916 580 495 2,303 524 317 522 377 1,728 6,501 1,254 Aug. 24 18, 499 1,215 7,472 1,092 1,913 572 493 2,280 523 317 523 374 1,725 6,473 1,237 Aug. 31 18, 539 1,218 7,542 1,090 1,911 571 490 2,263 520 315 520 375 1,724 6,543 1,223 Loans: Aug. 3 10,996 778 4,125 629 1,154 325 325 1,650 304 190 267 238 1,011 3,501 883 Aug. 10 10,958 772 4,116 626 1,152 324 323 1,643 302 189 266 237 1,008 3,493 879 Aug. 17 10,909 767 4,104 626 1,147 323 323 1,631 301 188 263 236 1,000 3,482 870 Aug. 24 10,828 759 4,071 624 1,145 323 322 1,601 300 188 262 235 998 3,454 846 Aug. 31 10, 796 4,068 624 1,140 320 321 1,584 299 187 260 236 997 3,451 832 On securities— Aug. 3.._ 4,632 296 1,929 316 522 125 106 766 115 55 79 74 249 1,669 509 Aug. 10. 4,612 287 1,932 312 522 123 106 761 114 55 78 74 248 1.672 505 Aug. 17 4,586 293 1,922 311 519 119 105 750 114 55 77 73 248 1,662 498 Aug. 24. 4, 551 288 1,908 310 519 122 106 732 114 55 77 73 247 1, 651 481 Aug. 31 4,512 1,890 309 518 123 105 714 114 55 77 73 246 1,632 467 All other— Aug. 3 482 2,196 313 632 200 219 884 189 135 188 164 762 1,832 374 Aug. 10 6, 346 485 2,184 314 630 201 217 882 188 134 188 163 760 1,821 374 Aug. 17 - 6,323 474 2,182 315 628 204 218 881 187 133 186 163 752 1,820 372 Aug. 24 6,277 471 2,163 314 626 201 216 869 186 133 185 162 751 1,803 365 Aug. 31 6,284 472 2,178 315 622 197 216 870 185 132 183 163 751 1,819 365 Investments: Aug. 3 7,700 445 3,435 473 771 254 178 670 220 130 262 146 716 3,055 387 Aug. 10.... 7,664 452 3,401 471 769 258 173 674 220 129 261 141 715 3,022 388 Aug. 17 7,671 451 3,400 470 769 257 172 672 223 129 259 141 728 3,019 384 Aug. 24 7,671 456 3,401 468 768 249 171 679 223 129 261 139 727 3,019 3U1 Aug. 31 7,743 458 3,474 466 771 251 169 679 221 128 260 139 727 3,092 391 United States Government securities— Aug. 3 4,488 241 2,233 205 433 127 95 377 93 65 141 388 2,087 217 Aug. 10. 4,482 260 2,211 203 433 132 90 381 94 65 142 386 2,065 218 Aug. 17 4,499 263 2,221 201 434 132 89 377 96 65 140 397 2,073 213 Aug. 24 4,491 270 2,216 199 434 127 88 375 96 65 141 397 2,067 211 Aug. 31 4,535 272 2,265 196 438 129 86 366 98 64 141 397 2,116 202 All other— Aug. 3 3,212 204 1,202 268 338 127 83 293 127 65 121 328 968 170 Aug. 10 3,182 192 1,190 268 336 126 83 293 126 64 119 329 957 170 Aug. 17 : 3,172 188 1,179 269 335 125 83 295 127 64 119 331 946 171 Aug. 24 3,180 186 1,185 269 334 122 83 304 127 64 120 330 952 180 Aug. 31 3,208 1,209 270 333 122 83 313 123 64 119 330 976 189 Reserves with Federal reserve bank: Aug. 3 1,558 73 108 38 27 238 35 19 45 720 182 Aug. 10 1,618 830 72 107 35 29 240 35 20 45 782 181 Aug. 17 1,633 840 72 108 34 27 245* 36 20 45 789 186 Aug. 24 1,698 912 70 104 36 28 242 34 19 45 862 190 Aug. 31 ' 1, 710 913 72 107 33 27 259 33 20 '42 201 Cash in vault: Aug. 3. 202 48 11 24 13 7 38 6 5 13 37 18 Aug. 10 208 50 12 26 13 7 37 6 5 13 7 39 17 Aug. 17 201 48 11 25 13 7 35 7 5 13 | 6 37 16 Aug. 24 206 49 12 24 14 7 36 6 5 14 8 38 17 Aug. 31 204 49 11 24 13 7 35 6 5 13 7 38 16 Net demand deposits: Aug. 3 10,751 5,348 624 827 275 209 1,193 275 164 350 221 4,920 804 Aug. 10 10, 795 714 5,379 626 826 274 212 1,199 274 165 '352 222 552 4,953 803 Aug. 17 10,819 719 5,388 629 830 275 213 1,194 277 162 353 220 559 4,957 803 Aug. 24 10,862 714 5,452 628 827 276 213 1,182 275 162 350 220 563 5,025 792 Aug. 31 10,982 727 5,562 631 831 268 215 1,186 273 162 345 220 562 5,124 Time deposits: Aug.3 5,612 426 1,226 269 816 228 195 926 201 138 178 126 883 802 337 Aug. 10 . 5,638 427 1,248 270 818 229 196 921 202 138 178 127 884 820 337 Aug. 17 5,633 427 1,257 271 819 229 196 910 201 138 179 127 879 827 334 Aug. 24 5, 635 427 1,258 270 820 228 195 913 201 138 179 126 880 830 334 Aug. 31 ' 5,632 428 1,253 271 820 229 194 913 200 138 '179 125 882 828 334 Government deposits: Aug. 3... 361 22 175 30 28 12 20 23 4 2 5 14 26 162 13 Aug. 10 304 18 147 25 24 10 17 20 4 2 4 11 22 136 11 Aug. 17 252 15 121 21 19 8 14 17 3 2 4 10 18 112 10 Aug. 24 223 13 106 18 17 7 13 16 3 1 4 16 98 9 Aug. 31 182 11 15 14 6 11 13 2 1 3 13 80 7 Due from banks: Aug. 3 1,217 146 137 97 73 72 60 229 62 39 114 120 90 156 Aug. 10 1,240 131 134 101 75 64 62 241 71 39 120 130 88 166 Aug. 17 1,278 134 125 100 82 64 65 254 69 36 132 139 81 184 Aug. 24.. 1,266 125 115 95 85 69 64 275 71 35 1 127 131 67 195 Aug. 31 1,288 128 123 96 83 66 69 286 67 39 126 136 1,207 237 »• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 607 PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHIC AG O—Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk - P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - At t l a an- 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 s a a it n s y - 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 - Due to banks: Aug. 3 2,685 142 1,170 176 206 326 143 157 1,114 237 Aug. 10 2,713 143 1,206 175 203 322 145 157 1,149 237 Aug. 17 2,744 139 1,213 178 208 329 148 164 1,157 243 Aug. 24 2,717 136 1,212 176 210 322 146 158 1,156 238 Aug. 31 2,758 136 1,264 177 207 319 144 70 157 1,207 237 Borrowings from Federal reserve banks: Aug. 3 188 10 Aug. 10 163 Aug. 17 162 Aug. 24 150 Aug. 31 158 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Loans secured by prime Loans secured by warehouse Prime commercial paper stock-exchange collateral receipts Interbank loans Federal reserve b ci a t n y k or branch 1932 1931 1932 1931 1932 1931 1932 1931 August July August August July August August July August August July August Boston.. 4 -44 3 -44 5 -6 3M-5 5 -5V2 5 -f>y2 New York. 4 -4k 3 -4 4 -5 4 -5 4 -5 4 -5 4 -4k Buffalo 5 -6 5 -6 54-6 6 6 6 6 Philadelphia.. 44-5 3^-44 4H-6 5 -6 5 -5 4 -5 5 -6 Cleveland.. 5 -6 5 -6 4 -5 54-6 5 -6 5 -6 6 Cincinnati.. 5 -6 5 5 4- - 6 6 4 4 4- - 6 6 5 -6 5^-6 5 5 M -5 6 V2 6 -7 6 -7 6 5 5 H - - 6 6 5 5 - - 6 6 Pittsburgh- Richmond. _ 5 -6 4 -5 5 5 -5 B C a h l a ti r m lo o t r t e e . - _ 5 5 - - 6 6 5 5 4 4 - - 6 6 4 4 M - - 6 6 5 -6 5 . r - 6 6 6 6 53^-6 6 54-6 Atlanta 5 -51- 5 -53- 44-5 5 -7 5- 7 5 -5 5 -6 4 -4\, 5 -6 5 -54 Birmingham- 5 -6 44-8 6 -7 64-7 5 -8 63^-7 6 -8 6 5 -6 Jacksonville. . 6 -6 6 -7 6 -7 6 -7 6 -8 6 -6^ 6 Nashville 5 -6 6 6 6 6 6 6 New Orleans.. 44-5 5 -6V2 5 -6 5 -6 44-6 Chicago.. 4 -5 4 -5 4 4M-5 4 -44 4M-5 4H-5 Detroit.. 5 -6 4 -6 54-6 M6 6 6 S L t i . t t L le o u R is ock- 6 -7 3 -5 5 -6 5 -6 6 -61 4 7 - - 7 6 M 4 7 ^- - 6 7k 5 -6 6 6 5 - -6 5 V ^1 j 5 6 -b -e V y 2 4 -6 6 Louisville 6 6 6 5 -6 6 5 -6 Minneapolis- 3 -5 3 -5 2M-4 44-6 44-6 4 -6 3 -5 3 -5 3 -4 5^-6 43^-6 Helena 7 -8 7 -8 6 -8 7 -8 7 -8 6 -8 6 -7 6 -7 6 -8 6 -7 6 -7 6 -8 Kansas City... 5 -54 4 -6 5 -6 5 -6 5M-6 5 -6 Denver 4 -6 4 -6 4 -6 6 6 -8 6 6 Oklahoma City 6 6 K-6 8 6 -8 6 -8 6 Omaha 5 -6 5 -6 5 53^-7 5M-7 6 -6 6 -6 6 Dallas 5 -6 5 -6 6 -8 5 -7 5 -7 5K-6 5 -hV2 5 -51 5 -54 El Paso 7 -8 7 -8 7 -8 7 -8 7 -8 7 -8 8 5 -6 5 -6 5^6 Houston 5 -6 5H-6 5M-6 54-7 5 -6 5 -54 5 -5 San Antonio.. 6 -64 5 -7 5 -7 647 6 -7 6 -8 6 San Francisco 5 -5 44-54 5 -6 5 -6 5 -6 5£6 5 -6 5 -5 L Po os r t A la n n g d eles 6 54-6 6 6 -6 6 k ' 5 6 - - 6 6 6 6 ~ -7 ey2 6 6 -7 6 6 - - 6 7 > 54-6 Salt Lake City 6 -7 6 -7 6 -7 6 -7 7 7 Seattle 5 -7 5 -7 64-7 634-7 Spokane 6 -6} 6 -6 6H-7 6 -7 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. 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

608 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 OTHER BANKING AND FINANCIAL STATISTICS MEMBERSHIP IN PAR-COLLECTION SYSTEM SHIPMENTS AND RECEIPTS OF AMERICAN CURRENCY TO AND FROM EUROPE [Number of banks at end of July] BY SELECTED BANKS IN NEW YORK CITY Nonmember banks [Paper currency only. In thousands of dollars] Member banks Federal reserve On par list Not on par list district 1931 1932 1932 1931 1932 1931 1932 1931 Net Net Month Ship- Re- ship- Ship- Re- shipments ceipts ments ments ceipts ments United States. 6,947 7,746 8,448 10, 238 3,108 3,446 to from (-)or to from (-)or Europe Europe receipts EuropeEurope receipts Boston 367 386 222 255 (+) (+) New York _ ._. 825 897 334 384 Philadelphia 701 743 305 426 A S D R S C C M K t a l i h t a a . i e c n l i l n n a v L h c l n s a n a F e m o a s e g l t r u s a a a o a o i n p n n s C d o c d i l i t s i y s co 4 4 3 8 6 3 7 5 5 4 7 3 2 3 8 9 9 6 5 2 4 0 7 9 7 8 2 4 7 3 9 5 8 6 6 5 5 6 9 1 0 1 4 5 57 6 9 6 9 4 4 8 7 2 1 1 , , , 5 1 3 4 4 4 3 7 1 0 5 3 3 3 7 6 5 3 6 8 1 3 3 3 3 3 7 2 1 1 , , , 3 7 9 4 4 8 5 1 5 5 8 4 9 4 8 8 2 6 9 4 0 7 3 1 1 8 0 8 3 7 2 3 2 2 2 6 9 2 4 2 6 5 9 6 6 2 7 4 6 1 7 8 4 4 2 2 9 2 1 4 4 3 5 7 2 6 4 1 0 5 2 7 6 0 1 J A J J S M M A F u a u e e u p n a n a p l b g y r y r e t u i r u c e l u a s m h t r a b y ry e .. r . . . . 1 8 3 2 8 1 0 , , , , , , 8 9 2 4 4 5 2 3 1 1 1 2 3 7 5 7 8 3 5 1 0 6 6 0 3 0 0 4 2 3 3 1 , . , , , 9 3 0 8 1 7 7 4 2 5 9 6 0 2 6 7 6 9 4 3 0 9 1 3 3 9 0 + - - - 8 9 5 3 + + + - - , , , , 0 8 5 1 4 4 5 5 8 1 3 6 4 6 9 5 8 3 7 2 2 3 7 4 1 0 7 1 2 5 2 1 0 0 0 0 0 2 5 2 1 1 4 6 3 8 6 6 5 0 , , , , , , , , 5 4 2 2 3 6 4 9 6 2 6 5 3 9 6 3 5 1 3 8 5 8 4 8 + + + + + + + + 1 1 6 4 6 5 8 3 6 0 , , , , , , , , 5 3 2 4 3 2 9 6 6 0 6 2 3 1 5 7 3 6 8 1 8 0 3 4 October... 3,088 11,588 +8,500 November. 52 7,039 +6,987 Figures cover all incorporated banks (other than mutual savings banks) December. 1,523 3,749 +2,226 MATURITY DISTRIBUTION OF BILLS, ETC. NOTE.—For explanation and back figures see BULLETIN for January, [In thousands of dollars] . „ _ ta §| 1932, pp. 7-9. UNITED STATES POSTAL SAVINGS 91 Total W i d n a i y t 1 h s 5 - 1 d 6 a to y s 30 3 d 1 a to y s 60 6 d 1 a t y o s 90d m to a o y s 6 . s O m v o e s r . 6 [Balance to credit of depositors. In millions of dollars] End of month 1927 1928 1929 1930 1931 Bills discounted: Aug. 3 487,183 34t!2,342 33,661 51,988 42,152 16. 541 499 Aug. 10 451,938 312, 232 33,531 52, 51336,979 16, 254 429 January 141.5 148.9 153.5 165.1 278.4 665.6 Aug. 17 442,860 309, 585 32, ?3950,944 36,85712, 289 446 February.- 143.8 151.1 154.8 167.9 292.1 691.8 Aug. 24 426, 704 295,875 32, 79751,812 34,46111, 242 517 March 146.4 152.0 155.0 169.5 302.7 705.3 Aug. 31 432, 756 304,870 33,378 49, 50233, 623 10,833 550 April 147.1 152.2 154.3 170.2 313.8 » 713.9 Bills bought in May 147.4 152.0 153.8 171.2 325.0 * 733. 5 open market: June 147.4 152.1 153.6 175.3 347.4 » 776.3 Aug. 3 40,693 9,910 7,769 10, 63212,382 July 147.1 151.7 157.8 180.7 372.5 » 826.0 Aug. 10 38, 720 9,438 6,404 11,012 11,8(36 August- 147.9 152.2 160.1 186.5 422.7 Aug. 17- 35,890 8,353 10,455 10, 532 6,550 September. 148.2 152.3 160.3 189.8 469.9 Aug. 24 35,433 8,111 8,529 8,447 10,346 October 148.7 153.1 161.6 192.5 538.1 Aug. 31 34, 098 10, 009 3,836 10,815 November- 149.0 153.9 163.7 200.7 565.5 Certificates and December., 148.5 153.9 164.3 245.4 605.1 bills: Aug. 3 1,102,123 68,600 140,442 290,411218,58813,275 370,807 Aug. 10 1,079,126 1'"3"2 ,4"5"9 80,442 249,, 850 218,, 588 29,,13316 836,8885566 Preliminary. Aug. 17 1,061,14" '1"2"5•,442 206,910 20"2 ,"0"8 988446,60000 55557,77755 386,331 Aug. 24 1,049,475 179,425217,690 11122,100 73,025 401. 794 Aug. 31 1,034, 753 166,891 49, 502 233,6 ,791116,350 37, 675 427, 544 Municipal warrants: Aug. 3 6,028 5,63V 236 120 Aug. 10 6,009 4,703 1,116 130 A A u u g g . . 2 1 4 7 6 6 , , 0 0 1 5 9 1 4 5 , ,6 8 8 1 4 1 1,0 13 17 V 82 I . 1 1 3 9 0 5 &ug. 31 5,915 5,534 1 184 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 29, 1929, TO JUNE 30, 1932 [Amounts in thousands of dollars] 1929 1930 1931 1932 June 29 Oct. 4 Dec. 31 Mar. 27 June 30 Sept. 24 Dec. 31 Mar. 25 June 30 Sept. 29 Dec. 31 June 30 KESOURCES Loans (including overdrafts) 25, 658,491 26,164,829 26,150,061 25,118, 78325, 213, 77024,738,011 23, 870,48822,839, 94621, 816, 24320, 874, 08419, 260, 68516, 587,185 United States Government securities 4,154,929 4, 021,636 3, 862,968 4, 085, 006 4, 061, 395 4,095, 270 4,124, 776 5, 002, 262 5, 343,032 5, 564,461 5, 318, 654 5, 627, 854 Other securities 5,897, 541 5, 727, 306 5, 920, 921 5,851, 908 6, 380, 494 6, 638, 969 6, 864, 2476, 886, 357 6, 763, 247 6, 634, 689 5,995, 786 5, 785, 764 Total loans and investments 85,710,961 35,913,771 35,933,950 35,055,697 35,655,659 35,472,350 34,859,511 34,728,565 33,923,522 33,073,234 30,575,125 28,000,803 Customers' liability on account of acceptances... 802,188 988,912 1,252,147 1,111,153 928,807 912,852 1,117, 833 1, 035,978 888,454 662, 415 718, 500 458, 952 Banking house, furniture, and fixtures _ 1,169, 752 1,175, 393 1,190, 306 1, 202, 486 1, 217, 963 1, 230, 754 1, 240, 444 1, 239, 935 1, 234, 404 1, 220, 317L,174,957 1,166, 263 Other real estate owned 179, 878 182,796 183,989 188, 815 190,995 197, 869 191,169 199,935 206, 569 209, 518 211,755 233, 014 Cash in vault _ _ 433, 491 497,212 558, 450 496, 633 484, 262 470, 367 592, 504 461, 267 519,135 554,150 522, 551 478, 224 Reserve with Federal reserve banks 2, 359,077 2, 321, 806 2,373, 760 2, 352, 738 2,407, 960 2,414,991 2, 474, 509 2, 364, 478 2, 396, 421 2, 339, 230 1, 975,169 1,997, 656 Items with Federal reserve banks in process of collection - 775, 822 923, 363 994, 373 719, 201 836,471 698,871 757, 216 524, 765 629, 418 531,691 598,285 419, 706 Due from banks in United States .., 1, 885,167 2,004, 938 2,167, 756 1,901,517 2, 360, 377 2, 462, 827 2,455, 948 2, 791, 204 2, 517, 096 1, 935,119 1, 662, 226 1, 730, 770 Due from banks in foreign countries (including own branches) 272, 682 246,996 263, 834 247, 612 220,793 202, 447 260,818 296, 376 351, 320 215,692 174,183 192, 619 Exchanges for clearing house and otner checks on local banks 1, 446,186 2,132,331 2, 762, 463 1, 616, 954 2, 645, 057 1,146,915 2,076,189 975, 215 1,771,312 959, 218 1, 388, 409 859, 340 Outside checks and other cash items 117,298 102,363 139,056 65,331 118, 552 51, 706 92, 766 43, 344 87,358 50, 696 108,128 58,092 Redemption fund and due from United States Treasurer 32, 715 32, 828 32,889 32, 823 32, 658 32, 604 32, 318 32, 264 32, 001 31, 524 31, 372 32, 548 Acceptances of other banks and bills of exchange or drafts sold with indorsement 453,826 551, 587 735,193 612,193 557, 748 592, 732 662, 686 524,104 452, 045 329, 756 310,502 55, 022 Securities borrowed 36,337 32, 592 35, 533 25, 744 26, 324 23, 866 21, 069 24, 822 20, 279 17,150 13, 473 11,664 Other assets. _._. 232,621 198, 700 219, 379 231, 482 223,114 242, 062 222, 911 300, 024 260, 254 249,067 223,687 216, 388 Total _ 45,908,001 47, 305, 58848,843, 07845, 860, 37947, 906, 74046,153,113 47, 057, & 45, 542, 276 45, 288, 58842, 378, 77739, 688, 32235,911,061 Capital stock paid in LIABILITIES 2, 646,928 2, 739,645 2,757,113 2, 744,975 2, 721,997 2, 728,664 2, 665,151 2, 657,172 2,620, 606 2, 580, 550 2, 499, 098 2, 440, 467 tei Surplus _._ 2, 650, 336 2, 811, 269 2, 864, 612 2, 881, 944 2, 870, 800 2, 903, 258 2, 822, 091 2, 804, 906 2, 741, 351 2, 695, 285 2, 524, 460 2, 366, 239 w R U e n s d e i r v v i e d s e d fo r p r d o i f v it i s d — en n d e s t , contingencies, etc -. 8 1 8 6 2 4 , , 8 4 0 3 6 0 9 1 8 43 0 , , 9 6 2 0 8 3 9 1 0 7 9 7 , , 2 5 5 4 2 8 9 1 5 7 6 6 , , 0 6 5 1 3 0 9 1 5 82 0 , , 0 9 7 4 2 0 1,0 1 0 8 9 5, , 6 4 0 3 2 5 8 2 9 1 4 1, , 4 3 0 8 7 8 9 22 1 5 0 , , 4 4 8 8 0 3 8 2 0 6 4 4 , , 1 0 9 6 9 8 8 27 1 1 1 , , 4 4 5 0 6 8 6 37 0 0 5 , , 4 3 0 6 3 8 3 5 4 1 3 0 , ,6 5 9 1 6 8 d Reserves for interest, taxes and other expenses accrued and unpaid _ _ 148.825 172,193 137, 660 175,896 148,960 182, 397 121,190 158, 416 127, 345 162, 507 98, 668 109, 927 Due to Federal reserve banks _. 51,883 55, 720 54,458 51,915 46, 206 47,147 49, 267 43, 323 41, 073 41,070 48,381 38, 362 Due to other banks in United States _. 3,091,639 3,153,077 3, 517,325 3, 204, 316 3, 831, 656 3, 817,132 3,872,842 4, 236, 451 4,004,077 3, 222, 466 2,832, 296 2, 870, 029 Due to banks in foreign countries (including own 2f—< branches) 464,871 481,696 576,664 498, 075 571, 766 660, 612 634, 927 566,579 657, 285 747, 282 [433, 740 200, 569 Certified and officers' checks outstanding- 753,620 1, 405, 446 1, 603, 562 1,134, 283 1, 493, 437 771,941 1, 223, 777 626, 747 999, 310 617,053 729,301 503, 336 Cash letters of credit and travelers' checks outstanding 43,182 27,613 23, 460 25, 038 41, 389 26, 638 20, 960 22, 506 33, 231 23,701 19,581 24, 475 Demand deposits 17,814,603 17,937,478 18,861,582 17,078, 905 18,061,977 16, 838, 35117, 501, 55016, 338, 72816,622,224 15, 526,18214,955, 40013, 203, 732 Time deposits 13, 325,06613,317, 649 13, 233,48113,518, 731 13,811,978 13,944, 86813, 546, 20113, 663, 25813, 515,46812, 776, 33211, 315, 84210, 636, 021 United States deposits.. 347,967 315, 479 143, 203 324, 893 280, 769 257,185 267, 415 502, 204 395, 397 526,161 411,845 387, 463 Total deposits 35,892,831 36,694,158 38,013,735 35,836,156 38,139,178 36,363,874 37,116,939 35,999,796 36,268,065 33,480,247 30,746,386 27,863,987 Agreements to repurchase U. S. Government or other securities sold ___ 103,758 149,090 136, 957 66, 214 37,164 38,144 158,141 23 599 15,371 25, 303 81, 583 62,983 Bills payable and rediscounts: With Federal reserve banks - 1, 029,391 899,311 646, 334 206,124 273, 880 172, 578 248, 017 165,106 146, 819 323, 354 622, 652 440, 504 All other 168,975 250, 587 232,188 140, 467 161, 090 143, 402 107,151 116, 336 70,079 142, 357 216,476 374,619 Acceptances of other banks and bills of exchange or drafts sold with indorsement 453.826 551, 586 735,193 612,193 557, 748 592, 732 662, 686 524,104 452,045 329, 756 310, 502 55, 022 Acceptances executed for customers 800,423 984, 670 1, 276,159 1,125,907 925, 576 929, 337 1,138, 624 1, 063, 334 901, 351 681,145 732, 253 483, 064 Acceptances executed by other banks for account of reporting banks 42,075 40, 400 29, 647 24, 654 34, 998 18,127 15, 031 15, 553 11,514 13,197 14,169 6,912 National-bank notes outstanding — 648, 944 640, 610 645,562 647,481 649, 098 639, 640 642,284 636,041 628, 334 624, 234 648, 906 Securities borrowed _ 36, 337 32, 592 35, 533 25, 744 26, 324 23, 866 21, 069 24, 822 20, 279 17,150 13, 473 11, 664 Other liabilities. _ _ 238,116 214, 946 245, 585 239,961 226,915 212,698 236, 366 210,885 209,455 216, 728 228, 597 192,553 Total 45, 908,00147, 305, 588 48, 843, 078 45,860, 31 47, 906, 74046, 153, 113 47,057,891 45, 542, 27645, 42, 378, 77739, 688, 322 35,911,061 Number of banks _ „ 8,707 8,616 8,522 8,406 8,315 8,246 8,052 7,928 7,782 7,599 7,246 6,980 O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL AND STATE MEMBERS—CONDITION ON JUNE 30, 1932, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks * State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city banks Total city city banks Total city city banks banks banks banks banks banks banks RESOURCES Loans (including overdrafts) __.16, 587,185 4, 558, 2136, 015, 0246,013,948 10, 265, 2591, 828, 625 3, 972, 607 446,4, 027 6, 321, 9262, 729,588 2, 042, 417 ,1 549, 921 United States Government securities 5, 627, 854 2, 242, 6961, 952, 8861, 432, 2723, 347, 266 766, 037 1,, 395, 940 11,85, 289 2, 280, 5881, 476, 659 556, 946 246,983 Other securities 5, 785, 764 1,191, 550 1, 800, 0022, 794, 212 3, 835, 815 508,121 "1,130,160 2,197, 534 1, 949, 949 683, 429 669, 842 596, 678 Total loans and investments 38,000,803 7,992,459 9,767,912 110,|240,43217,448,340 3,102,783 ,498,707 7,846,850 10,552,463 4,889,676{,269,205 2,,393,582 Customers' liability on account of acceptances 458, 952 392, 422 62, 403 4, 127 262, 923 215, 102 46,102 1,719 196, 029 177, 320 16, 301 2,408 Banking house, furniture, and fixtures 1,166, 263 270, 298 419, 933 476, 032 759, 611 105,311 281,102 373,198 406, 652 164, 987 138, 831 102, 834 Other real estate owned 233, 014 20, 319 86, 273 126, 42! 143, 517 6,291 43, 268 93, 958 89, 497 14, 028 43, 005 32, 464 Cash in vault 478, 224 93. 943 131, 380 252. 901 336, 360 37, 548 93, 871 204,941 141, 864 56, 395 37, 509 47, 960 Reserve with Federal reserve banks 1, 997, 656 920, 232 619, 065 458, 359 1,150, 575 360, 385 433, 258 356, 932 847, 081 559, 847 185, 807 101, 427 Items with Federal reserve banks in process of collection 419, 706 124, 211 192, 815 102, 680 264, 930, 54,169 138,180 72, 581 154, 776 70, 042 54, 635 30, 099 Due from banks in United States . 1, 730, 770 236, 075 870, 741 623, 954 1, 234, 063 48, 966 665, 242 519, 855 496, 707 187,109 205, 499 104, 099 Due from banks in foreign countries (including own branches) 192, 619 146, 904 42, 893 2,822 134, 336 96, 341 36, 227 1,768 58, 283 50, 563 6,666 1,054 Exchanges for clearing house and other checks on local banks.... 859, 340 646, 821 164, 776 47, 743 385, 938 231, 467 122, 208 32, 263 473, 402 415, 354 42, 568 15, 480 Outside checks and other cash items 58,092 6,893 34, 504 16,695 40, 618 3,001 23, 726 13, 891 17, 474 3,892 10, 778 2,804 Redemption fund and due from United States Treasurer 32, 548 1,659 8,872 22, 017 32, 548 1,659 8,872 22,017 Acceptances of other banks and bills of exchange or drafts sold with indorsement _. 55,022 37, 737 16, 546 739 7,182 1,2 5,221 675 47, 840 36, 451 11,325 64 S O e t c h u e r r i t a ie ss s e b ts o rrowed __ 21 1 6 1 , , 6 3 6 8 4 8 62, 745 92 4 , , 3 8 5 0 4 2 60 7 , , 3 8 1 4 0 1 116 7 , , 9 4 5 4 1 6 22, 010 51 2 , , 5 52 6 f 4 42 5 , , 4 8 2 7 6 2 99 3 , ,7 9 1 4 3 2 40, 735 41 1 , , 2 8 3 2 8 9 1 1 7 , , 8 9 8 6 4 9 W ft 1 Total.. 35,911,061 10,952, 718 12, 515, 269 12,443, 074 22,325,338 4, 286, 319 8, 450, 073 9, 588,946 13, 585, 7236, 666, 399 4,065,196 2,854,128 LIABILITIES Capital stock paid in 2, 440, 467 765, 324 786, 267 888, 876 1, 565, 558 336, 429 537, 686 691, 443 874, 909 428, 895 248, 581 197, 433 Surplus 2, 366, 239 921, 294 735, 700 709, 245 1, 257, 362 318, 950 404, 425 533, 987 1,108,877 602, 344 331, 275 175, 258 Undivided profits—net 510, 696 151, 392 157, 855 201, 449 301, 917 38, 487 102, 930 160, 500 208, 779 112,905 54,925 40,949 R R e e s s e e r r v v e e s s f f o o r r i d n i t v e i r d e e s n t, d t s a , x c e o s n , t a i n n d ge o n t c h i e e r s , e e x t p c enses accrued and unpaid.,. 3 1 4 0 3 9 , , 9 5 2 1 7 8 13 4 4 7 , , 4 95 6 0 0 12 3 1 3 , , 0 0 8 5 9 2 8 29 7 , , 4 4 7 1 9 5 14 4 8 9 , , 4 6 0 7 2 3 5 1 5 0 , , 0 3 3 9 9 8 2 5 0 7 , , 9 5 5 2 3 3 3 1 5 8 , , 4 68 8 1 1 19 6 4 0 , , 8 5 4 2 5 5 7 37 9 , ,9 0 1 6 1 2 6 12 3 , ,1 5 3 2 6 9 5 1 1 0 , , 7 9 9 3 8 4 ft D D u u e e t t o o o F t e h d e e r r a b l a n re k s s e r i v n e U b n a i n te k d s. States _ 2, 8 3 7 8 0 , , 3 0 6 2 2 9 1, 337, 538 275 8 , ,61 93 4 0 25 2 6 9 , , 7 5 4 6 8 1 1, 6 2 7 9 5 , ,15 '" 5 531, 423 94 7 2 , , 4 3 8 26 6 20 2 1 1 , , 8 4 9 0 4 6 1,194 8 , , 9 8 8 7 2 4 806,115 333 1 , ,1 6 2 0 8 4 5 7 5 , , 8 1 5 55 4 S Due to banks in foreign countries (including own branches) 177, 237 21,850 1,482 122, 811 106, 548 15, 211 1,052 77, 758 70, 689 6,639 430 Certified and officers' checks outstanding 503,336 353, 911 97, 524 51, 901 231, 074 120, 688 72,049 38, 337 272, 262 233, 223 25, 475 13, 564 Cash letters of credit and travelers' checks outstanding 24, 475 18, 309 5,934 232 9,663 3,834 5,712 117 14, 812 14, 475 222 115 Demand deposits 13, 203, 732 5,138, 637 278, 747 3, 786, 348 7, 926, 3322,038,990 2,, 987, . 029 2,. 900).,, 313 5, 277, 4003, 099, 647 1,291, 718 886, 035 Time deposits 10, 636,021 1,150, 935 222, 896 5, 262,190 7,249,""" 384,993 2, 786, 676 4,078, 217 3, 386,135 765, 942 1,436, 220 1,183, 973 United States deposits _ 387, 463 139, 507 187, 545 60, 411 211,876 49,797 1"1"-7 ,4"9"0 44", 5"8"9 175, 587 89, 710 70, 055 15, 822 Total deposits _ 37,863,987 8,316,07410,099,040 9,448,873 17,456,177J3,236; 273 6,933,979 7 285,925 10,407,810 5,079,8013,165,0612,162,948 Agreements to repurchase U. S. Government or other securities sold. 62,983 1,618 31, 714 29, 651 39, 510 15, 568 23, 434 23, 473 1,110 16,146 6,217 Bills payable and rediscounts: With Federal reserve banks 440, 504 7, 113, 256 319. 440 324, 813 1,276 81, 658 241, 879 115, 691 6,532 31, 598 77, 561 All other 374, 619 59, 413 107,966 207, 240 182, 002 1,267 43, 562 137,173 192, 617 58,146 64, 404 70,067 Acceptances of other banks and bills of exchange or drafts sold with indorsement 55, 022 37, 737 16, 546 739 7,182 1,286 5,221 675 47, 840 36, 451 11, 325 64 Acceptances executed for customers 483, 064 414,114 65, 949 3,001 279, 200 229, 331 48, 407 1,462 203, 864 184, 783 17, 542 1,539 Acceptances executed by other banks for account of reporting banks.. 6,912 3,662 1,938 1, 31r 3,098 1,091 1,690 317 3,814 2,571 248 995 National-bank notes outstanding 648, 906 32, 901 177, 267 438, 738 648, 906 32, 901 177, 267 438, 738 Securities borrowed 11, 664 4,354 7,310 7, 951 2,525 5,426 3,713 1, 1,884 Other liabilities 192, 553 58,971 63, 276 70, 306 53, 587 23, 083 16, 679 13, 825 138, 966 35, 888 46, 597 56, 481 Total 35,911,061 10, 952, 718 12, 515, 269 12, 443, 07422, 325, 338 4, 286, 319 8, 450, 073 9, 588,946 13, 585, 7236, 666, 399 4, 065,196 2, 854,128 Number of banks 47 329 6,604 6,145 18 239 5,888 835 29 90 716 1 Member banks only, i.e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON JUNE 30, 1932, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - RESOURCES Loans (including overdrafts) 16, 587,1851, 229,4205, 345, 816 14,07,052 1676, 320 620, 228 543,146 2,242,100 525, 533 391,980 494,828 429,619 1,681,143 United States Government securities 5,627,854 338,910 2, 361, 467 350, 293 519,474 164,889 161,954 549, 640 165,352 127,265 206,962 139,130 542,518 Other securities 5, 785, 764 440, 890 1,882, 623 670, 364 547, 449 203,967 150,986 560, 510 248,745 215,669 224,182 102, 714 537,665 Total loans and investments _ 28,000,8032,009,220 9,589,906 2,427709 "1,243 989,084 856,086 3,352,250 939,630 734,914 925,972 671,463 2,761,326 Customers' liability on account of acceptances 458,952 20,042 364,628 12, 573 6,928 1,614 3,296 352 72 16 294 10, 293 Banking house, furniture, and fixtures -.. 1,166, 263 68, 239 356, 220 105,656 132, 414 53,741 54, 738 135, 322 32,476 28, 333 40, 501 41,818 116,805 Other real estate owned 233,014 9,028 37,863 33, 552 34,105 15, 603 15, 581 36,118 12,869 4,153 6,152 9,819 18,171 Cash in vault __ -.. 478, 224 33,821 103,890 37, 559 44,065 22, 716 19,164 97,007 17, 372 16, 546 24,060 18,187 43,837 Reserve with Federal reserve banks 1,997,656 135, 268 895,347 119,491 146,979 51,907 43,676 253,883 55, 525 42,102 67,859 48, 711 136, 908 Items with Federal reserve banks in process of collection 419, 706 39, 290 158,122 31, 389 42, 761 22, 920 10, 614 16,295 5,231 16,044 10,461 18,480 Due from banks in United States 1, 730,770 138,778 213,702 129, 561 118,904 82,099 98,134 285,674 91,656 78,887 177,527 114,493 201, 355 Due from banks in foreign countries (including own branches)... 192, 619 20,682 144,677 4,839 1,734 117 267 7,361 245 1,152 421 225 10,899 Exchanges for clearing house and other checks on local banks 859, 340 18,461 634,644 34,550 21,401 11,828 8,106 60, 287 6,539 8,342 5,977 40,939 Outside checks and other cash items 58,092 4,256 8,583 2,152 4,861 2,114 4,996 7, r 1,779 1,930 3,047 1, 641 14, 795 Redemption fund and due from United States Treasurer 32, 548 2,201 4,581 3,264 3,740 2,301 2,280 3,732 1,352 1,319 1,557 2,273 Acceptances of other banks and bills of exchange or drafts sold with indorsement _ .. 55,022 1,515 35,117 4,798 1,597 8,167 1,830 Securities borrowed 11,664 26 540 187 4,226 2,239 442 1,059 1,422 27 514 324 658 Other assets _ 216, 388 11,186 72,875 22,126 26, 594 7,:""" 5,160 25,092 6,287 9,850 3,152 2,364 24,494 Total.. _ 35,911,0612, 512,013 12,620,695 2,965,706 3, 336,753 1, 267,088 1,123,432 4, 360,833 1,185, 529631,055 1,275,164 928, 058 3,404,738 LIABILITIES Capital stock paid in _ 2, 440,467 176, 055 842, 201 180,183 203, 239 95,831 94, 380 92, 804 60, 375 83, 427 218,748 Surplus _ _ 2, 366, 239 142, 780 986, 410 317, 681 259,886 68, 773 59,178 233,632 52, 475 34, 551 40,489 40, 434 129,950 U Re n s d e i r v v i e d s e d fo p r r d o i f v it i s d — en n d e s t , contingencies, etc _ 5 34 1 3 0 , , 6 5 9 1 6 8 4 2 4 7 , , 0 0 3 4 6 0 1 1 9 6 2 5 , , 6 8 2 8 5 3 4 5 3 1 , , 1 9 4 3 8 4 4 32 7 , , 0 5 2 9 4 4 1 7 9 , , 4 4 3 4 1 4 1 4 4 , , 7 5 6 95 7 2 39 5 , ,6 3 7 9 8 3 14 6 , , 0 0 1 7 1 7 M 4, 6 C 6 17 3 , , 1 7 7 7 2 8 1 4 8, , 7 1 3 1 1 1 4 18 3 , , 2 9 1 9 3 4 tr1 Reserves for interest, taxes, and other expenses accrued and unpaid _ 109,927 9,948 39, 369 6,381 9,687 3,254 21,894 2,623 3,915 2,575 1,687 4,646 Due to Federal reserve banks. 38,362 5,702 10,849 5,545 3,879 4,619 1, " 4,016 293 46 190 912 418 T T D D D U C C i a e o u u e n m s r m t e i e t h t a i e e f a t t l i d o o l n d e e d d d e t o b S e t p t a e p t d h a o a n r e o n e s s t k e p i s r d t s o s i o s b t f o s i s d a i n f c t e f n s r i p f c k e o o e d s r r s e i s i i t i t n ' g s a c n n U h d e c n c o i t k t u r e a s n d v t o r e S u i l e t e t s s a r t s t a ( e ' i n n s c d c h . i l . n e u . c g d k in s g o u o t w st n a n b d ra in n g c _ h . es) _. 2 1 1 7 2 0 3 , , , , 8 5 3 2 6 8 2 6 0 0 2 8 7 0 3 3 3 4 0 7 0 3 6 , , , , , , , , 4 4 3 5 9 7 0 0 6 7 . 3 6 8 2 2 3 3 r 6 9 7 1 9 2 1, 9 8 1 9 7 2 5 2 1 9 7 2 5 0 4 0 6 , , , , , , , 6 3 9 0 0 4 5 2 2 8 7 0 6 7 3 6 8 2 0 0 4 2 5 99 5 2 1 , , , , 1 3 6 1 1 3 4 8 5 7 2 3 1 2 3 0 5 3 9 7 7 2 0 , , , , , , , , 8 0 5 1 7 7 8 2 0 0 8 4 6 4 8 3 0 1 8 4 0 4 4 2 2 , , , 1 9 1 1 1 8 3 0 5 9 0 9 2 0 1 0 , , , 1 , , , , 5 4 8 1 5 2 6 7 2 0 1 0 3 9 7 6 4 3 0 0 3 2 2 9 2 1, , , , , 1 2 5 1 0 3 5 2 1 9 0 3 3 4 1 1 7 , 2 , , , , , 8 , 6 3 0 1 , 2 5 1 0 0 8 7 4 5 3 0 7 3 0 5 7 6 2 9 4 4 9 3 8 6 5 8 1 6 8 0 5 9 4 , , , , , , 5 4 8 8 9 0 7 7 5 1 7 2 4 1 8 0 0 7 9 0 4 4 7 3 8 3 8 3 3 5 5 4 2 5 2 2 4 1 , , , , , , , 9 3 5 8 0 2 8 3 1 2 7 3 3 3 2 1 6 1 9 5 8 2 5 3 1 1 , , , 4 3 4 5 2 6 3 7 6 5 9 4 5 8 1 6 0 7 , , , , , , , , 3 0 6 1 4 7 2 7 1 0 4 3 4 4 8 0 8 9 7 2 0 8 5 3 3 9 4 1 9 4 2 0 1 5 9 3 7 0 0 , , , , , , 3 9 3 1 8 1 6 9 6 0 3 8 2 8 3 1 8 6 6 5 3 0 4 3 3 7 9 6 0 7 7 5 3 7 3 8 , , , , , , 5 9 1 0 1 7 6 9 0 5 5 9 2 6 8 2 1 1 9 0 0 71, 3 0 5 1 3 6 5 5 1 1 9 6 5 6 2 , , , , , , 9 7 8 9 1 0 7 1 9 5 5 2 2 1 0 9 5 1 6 5 9 7 8 4 7 1 1 8 1 2 9 2 0 1 6 3 6 , , , , , , 0 4 6 1 9 5 2 0 8 4 2 5 8 4 5 9 2 0 4 3 7 7 0 2 1, ,, , 8 1 7 4 7 2 6 1 9 6 0 2 8 0 9 1 6 6 , , , 7 , , , , 1 , 6 4 7 5 2 2 2 0 7 7 6 2 8 2 1 5 8 5 5 0 8 0 1 Agreements to repurchase U. S. Government or other securities sold. _ 2,411 5,685 13,596 12, 392 1,238 2,048 9,573 1,190 447 412 553 13,438 Bills payable and rediscounts: With Federal reserve banks... 440, 504 26, 443 99,094 68, 858 42,180 25,325 23,133 31, 522 10,692 10,201 17, 599 11,375 74,082 Allother 374,619 10,569 54,747 35,922 74,149 22,715 33,892 78,588 12, 743 3,176 4,333 4,716 39,069 Acceptances of other banks and bills of exchange or drafts sold with indorsement. __ 55,022 1,515 35,117 1, 4,798 1,597 8,167 1,830 Acceptances executed for customers 483,064 22,083 383, 767 12,687 7,009 1,893 4,021 40,296 357 70 325 10,550 Acceptances executed by other banks for account of reporting banks 6, 912 509 4,710 449 127 210 161 71 2 10 663 National-bank notes outstanding 648,906 43,616 91, 329 65, 241 74, 667 45, 818 45,508 74,462 26,934 26,299 30,938 45,239 78,855 Securities borrowed 11, 664 26 540 187 4,226 2,239 442 1,059 1,422 27 514 324 658 Other liabilities 192, 553 8,273 90, 217 17, 535 10, 775 10,076 4,326 24, 613 20,290 1,290 555 1,126 3,477 Total 35,911,0612, 512,013 12,620, 695 2,965, 706 3, 336, 753 1, 267,088 1,123,432 4, 360,833 1,185,592361,055 1,275,164 928,058 3,404, 738 Number of banks 367 824 707 641 829 445 564 798 599 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 ALL MEMBER BANKS—RESERVE POSITION ON JUNE 30, 1932 [Amounts in thousands of dollars] Reserve with Federal reserve Net demand deposits banks Ratio of required Net de- reserves Class of bank d a is n tr d i c F t ederal reserve a e d D e o n x e r e f d c n p m l m b o u G a s a s e i n i o n n t v k s v d t e , - D b n a u e n e t k t 2 s o , Total Ti p m os e i t d s e- m ti a p m n o d e s i d p ts e lu - s Required Held Excess 8 p ( d p d l t u e e e o r s m p o n c a t s i e e n m i t n t d s e t) deposits i All member banks. _. 13,203,732 1, 278, 266 14, 481,998 10, 636, 021 25,118, 019 1,833, 300 1, 997,656 164, 356 7.$ Central reserve city banks.. 5,138, 637 889,855 6, 028,492 1,150, 935 7,179,427 818, 232 920, 232 102, 000 11.4 Reserve city banks 4, 278, 747 346, 918 4, 625, 665 4, 222, 896 8, 848, 561 589, 253 619,065 29,812 6.7 Country banks 3, 786, 348 41, 493 3, 827,841 5, 262,190 9, 090, 031 425,815 458, 359 32, 544 4.7 All member banks: Boston _ 977, 072 27, 829 1, 004, 901 822, 000 1,826, 901 111,238 135, 268 24, 030 6.1 New York 5, 430, 884 838,137 6, 269,021 2, 322, 232 8, 591, 253 825,810 895, 347 69, 537 9.6 Philadelphia 919, 292 47, 264 966, 556 1,001,729 1,968, 285 115, 306 119,491 4,185 5.9 Cleveland 1,002,474 116, 254 1,118, 728 1, 278, 759 2, 397,487 140, 312 146,979 6,667 5.9 Richmond 384,879 18, 553 403, 432 459, 014 862,446 48,416 51,907 3,491 5.6 Atlanta 354, 079 16, 842 370, 921 352, 232 723,153 42,856 43, 676 820 5.9 Chicago 1,557, 740 79, 535 1, 637, 275 1,476,132 3,113,407 220, 082 253, 883 33,801 7.1 St. Louis 427,180 453, 678 395, 634 849,312 52, 015 55, 525 3,510 6.1 Minneapolis 303, 051 15, 496 318.547 397, 620 716,167 38, 780 42,102 3,322 5.4 Kansas City 555, 856 584, 540 331, 708 916, 248 61, 727 67, 859 6,132 6.7 Dallas 412, 547 12, 547 425, 094 191, 250 616,344 41, 751 48, 711 6,960 6.S San Francisco ___ 878,678 50,627 929, 305 1,607, 711 2, 537, 016 135, 007 136, 908 1,901 5.3 Central reserve city banks: New York 4, 404,850 822 304 5, 227,154 801,235 6,028, 389 703, 567 771, 968 68,401 11.7 Chicago 733, 787 67, 551 801, 338 349, 700 1,151, 038 114,665 148, 264 33, 599 10.0 Reserve city banks: Boston __ 520, 013 21,168 541,181 192,412 733, 593 59, 890 83, 860 23,970 8.2 New York 115, 897 6,845 122, 742 175,950 298,692 17, 553 18,480 927 5.9 Philadelphia- 540, 016 46, 484 586, 500 226,470 812,970 65,444 66,830 1,386 8.0 Cleveland 673, 203 114, 741 787, 944 737,010 1, 524, 954 100, 905 100, 779 -126 6.6 Richmond 197, 681 15, 823 213, 504 169,105 382, 609 26, 424 29, 092 2,668 6.9 Atlanta 196, 041 14, 790 210, 831 174, 500 385, 331 26, 318 24, 719 -1,599 6.8 Chicago 429, 395 7,553 436, 948 575,112 1, 012, 060 60, 948 52,917 -8, 031 6.0 St. Louis 257, 277 22, 321 279, 598 187, 699 467, 297 33, 591 35, 395 1,804 7.2 Minneapolis 138,928 12,847 151, 775 111,625 263, 400 18, 526 18, 562 36 7.0 Kansas City 334,609 27, 325 361, 934 175,866 537,800 41,469 44,621 3,152 7.7 Dallas 198, 711 9,845 208, 556 116, 685 325, 241 24,356 29, 578 5,222 7.5- San Francisco 676,976 47,176 724,152 1, 380,462 2,104, 614 113, 829 114, 232 403 5.4 Country banks: Boston 457, 059 6,661 463, 720 629, 588 1, 093, 308 51,348 51,408 60 4.7 New York. _ 910,137 8,988 919,125 1, 345, 047 2, 264,172 104,690 104, 899 209 4.6 Philadelphia 379, 276 780 380,056 775, 259 1,155,315 49, 862 52, 661 2,799 4.3 Cleveland 329, 271 1,513 330, 784 541, 749 872, 533 39,407 46, 200 6,793 4.5 Richmond 187,198 2,730 189, 928 289, 909 479,837 21, 992 22, 815 823 4.6 Atlanta _ 158, 038 2,052 160, 090 177,732 337, 822 16, 538 18, 957 2,419 4.9- Chicago 394, 558 4,431 398, 989 551, 320 950, 309 44, 469 52, 702 8,233 4.7 St. Louis 169, 903 4,177 174, 080 207,935 382, 015 18, 424 20,130 1,706 4.8 Minneapolis 164,123 2,649 166, 772 285,995 452,767 20, 254 23, 540 3,286 4.5 Kansas City 221, 247 1,359 222, 606 155, 842 378,448 20,258 23, 238 2,980 5.4 Dallas _._ 213,836 2,702 216, 538 74, 565 291,103 17, 395 19,133 1,738 6.0 San Francisco.. 201, 702 3,451 205,153 227, 249 432,402 21,178 22,676 1,498 1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and letters of credit and travelers' checks sold for cash and outstanding. 2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When, for a given bank, amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars due from foreign branches of other American banks, and exchanges for clearing house and other checks on local banks. 8 Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 613 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve district Members Members ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s M be e r m s * - m N b e e o m r n s - - ba A n l k l s M be e r m s - i m N b e o e m r n s - tional tional August, 1932: Boston New York Philadelphia 1 1 330 330 Cleveland _ 2 2 243 243 3 23 21, 223 2 21, 223 Richmond 2 1 1 4,770 87 4,683 2 2 1,040 1,040 Atlanta. __ . _ 3 1 2 1,346 225 1,121 3 3 875 875 Chicago 34 5 1 28 7,304 1,894 529 4,881 8 1 27 7,791 4,068 2 3, 723 St Louis 9 2 7 2,692 500 2,192 Minneapolis 11 2 9 3,463 329 3,134 1 1 213 213 Kansas City 11 1 10 2,249 326 1,923 1 1 178 178 Dallas . 1 1 192 192 San Francisco ._ 12 5 7 12, 471 8,402 4,069 1 1 620 620 Total 85 17 2 66 34, 730 11,629 855 22, 246 20 3 17 32, 270 5,018 27, 252 January-August, 1932: Boston ._ _ _ 11 2 1 8 72, 563 4,031 10,258 58, 274 2 2 2,271 2,271 New York 14 10 1 3 25, 773 20, 580 797 4,396 5 1 4 7,315 507 6,808 Philadelphia... 23 6 17 27, 465 3,141 24, 324 7 7 7,446 7,446 Cleveland 45 15 1 29 17, 812 7,017 512 10, 283 11 1 3 10 57, 737 577 3 57,160 Richmond... 62 12 50 53, 500 14, 526 38,974 32 7 25 25, 009 9,777 15, 232 Atlanta __ _ 51 14 4 33 16, 444 6,102 1,905 8,437 20 1 3 19 8,234 680 3 7, 554 Chicago 379 67 19 293 209, 820 66, 099 22, 030 121, 691 58 8 3 50 65, 468 17, 898 3 47, 570 St. Louis . 122 19 5 98 40, 778 13, 537 3,379 23, 862 32 5 27 12, 540 2,797 9,743 Minneapolis 68 11 57 17, 725 3,622 14,103 12 1 11 4,223 1,132 3,091 Kansas City- 130 19 2 109 20, 787 5,654 538 14, 595 17 17 3,162 3,162 Dallas 25 7 2 16 7,588 3,474 150 3,964 9 3 6 5,558 4,231 1,327 San Francisco.- 107 26 5 76 77, 065 23, 556 3,068 50,441 8 2 6 9,187 960 8,227 Total 1,037 208 40 789 587, 320 171, 339 42,637 373, 344 213 38 175 208,150 48, 276 159,874 1 Represents national banks only, except as follows: August, 1 State member in San Francisco district with deposits of $620,000. January- August, 2 State members in Chicago district with deposits of $1,354,000, 1 in St. Louis district with deposits of $339,000, and 2 in San Francisco district with deposits of $960,000. 2 At time of suspension, 1 bank in Cleveland district with deposits of $2,891,000 and 1 bank in Chicago district with deposits of $232,000 were State member banks. 3 At time of suspension, 4 banks in Cleveland district with deposits of $35,482,000,1 bank in Atlanta district with deposits of $531,000, and 7 banks in Chicago district with deposits of $31,475,000, were State member banks. Back figures.—See BULLETIN for February, 1932; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING AUGUST, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Depos o it f s d ( o in ll a th rs o ) usands State Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n ll ks ti N o a n - al State m N b e o e m n rs - - ba A n l k l s M be e r m s * - m N b e e o m r n s - - ba A n 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 Middle Atlantic: New York New Jersey Pennsylvania 1 1 330 330 East North Central: Ohio 2 2 243 243 3 2 3 21 223 2 21,223 Indiana 3 3 638 638 1 1 744 744 Illinois _ _ 6 2 4 1,605 916 689 1 1 4,068 4,068 Michigan 10 1 1 8 3,350 420 529 2,401 4 24 2,112 2 2,112 Wisconsin 3 3 382 382 2 2 867 867 West North Central: Minnesota 5 1 4 1,931 280 1,651 1 1 213 213 Iowa 15 3 12 2,331 943 1,388 Missouri 8 1 7 1,969 115 1,854 North Dakota... _ 2 1 1 87 49 38 South Dakota.__ _ 2 2 1,103 1,103 Nebraska 3 1 2 654 326 328 1 1 178 178 Kansas 4 4 508 508 South Atlantic: Delaware Maryland 1 1 4,683 4,683 1 1 275 275 District of Columbia Virginia 1 1 87 87 West Virginia North Carolina South Carolina 1 1 765 765 Georgia Florida 1 1 1,068 1,068 1 1 759 759 East South Central: Kentucky Tennessee 2 1 1 278 225 53 2 12 116 116 Alabama Mississippi West South Central: Arkansas __ _ _ _ Louisiana Oklahoma 2 2 705 705 Texas 1 1 192 192 Mountain: Montana 1 1 122 122 Idaho 9 2 7 11,394 7,325 4,069 Wyoming 1 1 323 323 Colorado New Mexico Arizona _ Utah 1 1 620 620 Nevada Pacific: Washington Oregon 3 3 1,077 1,077 California Total 85 17 2 66 34, 730 11, 629 855 22, 246 20 3 17 32, 270 5,018 27,252 1 Represents national banks only, except as follows: 1 State member in Utah with deposits of $620,000. 2 At time of suspension 1 bank in Ohio with deposits of $2,891,000, and 1 bank in Michigan with depitoss oitf $232,000, were State member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 615 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO AUGUST 31, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of supensions during given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n l l t a h rs o ) usands State Members Members b A an ll ks Na- State m N b e e o m r n s - - ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s M be e rs m i - m N b e e o m r n s - - ba A n l k l s M be e r m s 1 - m N b e e o m r n s - tional tional New England: Maine New Hampshire 1 1 402 402 Vermont M assachusetts 5 1 1 3 29,678 1,334 10,258 18,086 1 1 1,869 1,869 Rhode Island Connecticut 6 1 5 42 885 2 697 40 188 Middle Atlantic: New York._ 10 8 2 15,316 12,016 3,300 3 1 2 5,183 507 4,676 New Jersey 7 4 1 2 12,679 8,990 797 2,892 4 2 2 6,700 4,568 2,132 Pennsylvania 31 11 1 19 31, 262 5,312 512 25,438 4 4 2,086 2,086 EastlNorth Central: Ohio . 22 2 20 7 652 1 678 5 974 9 1 28 56,590 577 256,013 Indiana _ 59 9 50 35,162 10,182 24,980 10 10 4,958 4,958 Illinois 167 42 9 116 107,990 40, 096 12, 931 54, 963 18 5 13 8,174 5,383 2,791 Michigan 64 4 9 51 23,416 2,404 3,989 17, 023 23 3 220 20,347 10,398 2 9,949 Wisconsin 22 2 20 8,545 1,046 7,499 12 2 10 6,674 2,220 4,454 West North Central: Minnesota.. _.. 34 2 32 6,666 487 6,179 4 4 1,205 1,205 Iowa 106 19 3 84 53,312 16, 799 5,561 30, 952 7 1 J6 31,327 1,409 2 29,918 Missouri 67 9 1 57 19,994 9,224 455 10,315 5 1 4 5,284 1,918 3,366 North Dakota 7 2 5 660 141 519 4 4 597 597 South Dakota 10 1 9 4,087 295 3,792 Nebraska 29 3 2 24 4 133 408 538 3,187 11 11 2,154 2,154 Kansas 44 7 37 7 266 2 925 4 341 1 1 247 247 South Atlantic: Delaware 1 1 792 792 1 1 792 792 Maryland 4 1 3 6,419 839 5,580 7 7 2,375 2,375 District of Columbia 4 4 3 497 3,497 Virginia 9 2 7 879 339 540 2 1 1 591 567 24 West Vriginia 3 1 2 349 142 207 8 3 5 10,321 5,403 4,918 North Carolina . 28 5 23 13 785 9 967 3,818 11 3 8 10, 761 3,807 6,954 South Carolina 15 3 12 28,679 3,239 25,440 6 6 2,108 2,108 Georgia . _ 12 4 1 7 2,450 506 358 1,586 1 1 309 309 Florida _.- 6 1 5 2,921 432 2,489 4 4 1,421 1,421 East South Central: Kentucky . 36 10 1 25 10, 362 4,186 2,347 3,829 7 1 6 996 160 836 Tennessee __- 21 3 18 4 356 1 624 2,732 3 3 396 396 Alabama __ 10 4 2 4 4 384 2 405 1 016 963 Mississippi 9 1 8 1 458 455 1,003 13 13 5,077 5,077 West South Central: Arkansas 9 1 1 7 828 85 126 617 6 1 5 962 339 623 Louisiana 7 1 1 5 2 450 680 531 1 239 6 1 25 3,097 680 2 2,417 Oklahoma 18 4 14 4,535 1,626 2,909 4 4 402 402 Texas ._ 24 2 15 7,380 3,474 150 3,756 9 3 6 5,558 4,231 1,327 Mountain: Montana 5 2 3 888 306 582 Idaho 18 5 13 12 549 7 842 4 707 Wyoming 2 2 929 929 Colorado 16 4 12 2,003 652 1 351 New Mexico U Ar t i a z h ona 1 6 4 1 -- 1 5 2 9 6 , , 8 3 1 7 2 6 354 863 8 6 , , 9 0 4 22 9 4 2 2 1,913 960 953 Nevada 3 3 981 981 Pacific: W Or a e s g h o i n ngton 2 1 2 9 4 4 2 1 1 1 7 3 25 4 , , 8 0 2 0 1 1 3 1 , ,2 8 0 7 3 3 1 1 , , 1 0 8 2 5 0 1 2 9 , , 5 9 9 4 8 3 2 1 2 1 5,8 3 4 2 1 7 5,8 3 4 2 1 7 California 26 12 14 17, 733 10, 284 7,449 1 1 1,106 1,106 Total 1,037 208 40 789 587,320 171,339 42,637 373, 344 213 38 175 208,150 48, 276 159,874 1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000; 1 in Michigan with deposits of $726,000; 1 in Arkansas with deposits of $339,000; and 2 in Utah with deposits of $960,000. 2 At time of suspension, 4 banks in Ohio with deposits of $35,482,000; 6 in Michigan with deposits of $4,617,000; 1 in Iowa with deposits of $26,858,000; and 1 in Louisiana with deposits of $531,000, were State member banks. Back figures.—See BULLETIN for February, 1932; also annual reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98)'. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN SEPTEMBER, 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 July June July July June July Manufactures—Total 59 79 58 82 IRON AND STEEL 23 25 54 25 25 58 Pig iron -- _ . 19 21 48 20 22 51 Steel ingots. _ 24 26 54 . 26 26 59 TEXTILES 64 59 93 69 63 100 Cotton consumption - - __ 57 61 85 63 64 93 Wool 53 37 93 56 39 100 Consumption 59 39 108 66 43 122 Machinery activity 58 41 90 (2) (J) Carpet and rug-loom activity __ - 26 25 52 2 Silk 99 88 115 103 97 120 Deliveries - _ . 117 107 125 123 121 132 Leom activity ._ . - 62 52 95 o) FOOD PRODUCTS __ 80 83 87 81 83 87 Slaughtering and meat packing _. 76 82 77 81 83 82 Hogs 69 79 66 78 76 74 Cattle 79 79 88 80 84 88 Calves _ - __ _-. 81 95 86 84 91 88 Sheep 144 153 149 144 156 149 Wheat flour . _ _ 81 75 91 84 85 94 Sugar meltings 96 98 119 79 83 98 PAPER AND PRINTING 85 101 85 109 Wood pulp and paper 76 95 75 101 Newsprint 62 68 79 63 67 81 Book paper 85 104 85 112 Wrapping paper 57 89 56 94 Fine paper 66 79 66 86 Box board 90 115 90 120 66 73 61 85 Wood pulp, chemical 74 87 74 92 Paper boxes 129 131 148 135 126 154 Newsprint consumption _ _____ _.__ _ _ 91 105 109 102 106 123 LUMBER 26 29 41 27 28 42 TRANSPORTATION EQUIPMENT: Automobiles 35 54 63 33 47 60 Locomotives « _. 5 8 8 5 8 8 Shipbuilding _ 79 100 107 54 80 73 LEATHER AND PRODUCTS 97 v 77 98 Tanning.. _ _ _ 92 92 Sole leather 79 (2) (2) Upper leather— Cattle 79 84 Calf and kip 95 81 Goat and kid . 120 129 Boots and shoes 78 84 100 79 '89 102 CEMENT AND GLASS: Cement 61 65 110 50 52 90 Glass, plate.-. 34 59 87 35 58 88 NONFERROUS METALS 1—Tin deliveries 50 57 88 « FUELS, MANUFACTURED: Petroleum refining __ 141 146 159 141 146 160 Gasoline 183 186 205 (2) (2) Kerosene 73 73 74 ' 79 79 (2)80 L Fu u e b l r i o c i a l ting oil _. _ _ _ _ 9 82 0 9 99 1 1 9 0 8 4 (2) ( ( 2 2 ) ) (2) Coke, by-product 48 50 81 50 51 84 RUBBER TIRES AND TUBES 129 111 107 114 Tires, pneumatic. _ __ 134 115 111 117 Inner tubes 93 85 78 90 TOBACCO PRODUCTS 123 128 131 114 118 121 Cigars _. 66 69 80 63 63 77 Cigarettes 167 173 172 152 157 156 Minerals—Total 62 61 85 64 63 86 Bituminous coal 42 40 67 46 45 74 Anthracite coal 45 37 57 55 42 70 Petroleum, crude _ 106 107 125 104 105 Iron ore ___ 15 6 113 8 3 56 Zinc 31 36 45 34 37 49 Lead 29 50 60 31 49 6? Silver 34 44 40 40 45 47 * Preliminary. 'Revised. * Includes also lead and zinc; see "Minerals." 2 Without seasonal adjustment. NOTE.—For descriptionrsee 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

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 617 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 Writhout seasonal adjustment Adjusted forseasonal variation Without seasonal adjustment Industry 1932 1931 1932 1931 1932 1931 July June July July June July July June July Total . 57.2 59.1 73.8 58.3 60.0 75.1 39.6 42.6 64.4 IHON AND STEEL AND PRODUCTS 51.4 54.8 71.1 52.1 54.8 72.1 22.2 26.0 52.4 Steel works and rolling mills . 54.5 57.9 73.4 55.3 58.0 74.4 21.4 25.4 52.6 Hardware 48.5 53.4 65.6 49.2 53.2 66.6 23.1 28.7 47.3 Structural iron work - 51.8 54.6 82.4 51.2 54.2 81.3 29.4 31.8 71.7 Heating apparatus 39.7 43.4 58.4 41.8 43.2 61.4 22.4 25.4 43.5 Steam fittings - - -- 35.9 37.3 58.8 36.7 37.0 60.1 21.3 23.4 44.1 Stoves - - 43.2 49.1 58.2 46.4 48.9 62.6 23.6 27.3 42.9 Cast-iron pipe - 36.5 35.7 66.1 35.4 34.8 64.0 19.6 20.0 55.6 MACHINERY .- . 48 4 51 3 70 4 48 3 51 0 70 3 28.8 32 3 57 4 Foundry and machine-shop products 45.3 47.6 64.8 45.1 47.1 64.4 24.3 27.5 49.8 Machine tools . -_ - 38.2 42.9 76.0 38.8 43.2 77.1 22.3 25.4 61.6 Agricultural implements - 26.0 29.1 46.2 27.4 29.3 48.8 19.6 22.9 38.6 Electrical machinery - 58.9 63.2 84 6 58.9 63.2 84.6 41.2 45.6 76.7 TEXTILES AND PRODUCTS 53.9 57.2 75.2 56.9 58.5 79.6 32.5 35.8 65.9 A. Fabrics __ 56.4 58.2 77.1 58.6 58.7 80.0 34.4 37.0 67.0 Cotton goods 55.4 57.4 76.2 57.2 57.9 78.6 32.0 34.3 63.9 Woolen and worsted manufactures . .- 49.2 44.5 74.7 51.8 45.4 78.6 30.3 26.8 64.1 Woolen and worsted goods 50.7 43.8 75.6 53.4 44.6 79.5 32.4 27.4 66.3 Carpets and rugs 41.1 48.2 69.7 43.4 49.4 73.6 20.9 23.4 54.0 Hosiery and knit goods 71.0 78.7 84.1 74.2 78.5 87.9 46.6 56.7 74 4 Silk manufactures . . . . .. 42.5 42.3 65.4 43.4 42.9 66.9 28.1 27.1 60.4 Dying and finishing textiles.. _ 72.6 80.9 93.5 75.2 81.7 96.9 45.3 59.3 88.2 B. Wearing apparel 47.5 54.7 70.6 52.9 58.1 78.8 28.6 33.4 63.4 Clothing, Men's _ _. __ 43.7 43.4 59.2 43.3 43.3 58.7 22.6 22.6 54.0 Shirts and collars. _ _ __ 58.7 62.9 81.6 61.6 64.9 85.6 36.3 40.5 70.6 Clothing, women's 50.6 70.6 89.7 60.1 80.7 106.4 35.6 45.7 80.8 Millinery 40. y 47.0 52.2 58.8 47.9 75.1 25.3 32.6 44.1 "FOOD AND PRODUCTS 79.3 80.9 87.8 79.4 81.1 88. 1 68.3 71.4 88.2 Baking __. 85.9 86.8 97.3 85.3 85.1 96.6 73.2 75.9 94.4 Slaughtering and meat packing 80.7 81.7 84.4 80.7 82.1 84.4 69.4 73.1 88.8 Confectionery __ .. __ 60.9 67.6 71.7 69.4 75.3 81.8 45.9 54.3 63.4 Ice cream 85.6 80.9 97.1 70.9 75.7 80.4 76.5 78.6 100.6 Flour 74.6 74.2 81.1 74.4 76.6 81.0 63.0 62.6 79.4 Sugar refining cane 73.7 72.7 81.9 70.1* 71.4 78.7 63.4 60.9 79.3 PAPER AND PRINTING 80.5 82.0 92.0 81.4 82.8 93.0 69.1 /2.9 93.6 Printing, book and job _ _ 79.4 80.7 94.7 80.4 81.8 95.9 66.9 70.0 95.0 Printing, newspapers and periodicals 93.1 94.8 101.3 94.3 95.1 102.7 89.4 92.9 110.2 Paper and pulp . _ ._ .. 75.1 76.1 84.2 75.1 76.2 84.2 50.0 54.3 74.2 Paper boxes 68.6 71.2 82.6 70.6 73.9 85.0 55.0 60.3 80.1 LUMBER AND PRODUCTS 36.3 37.8 52.2 36.1 37.9 52.0 19.0 20.9 41.7 Lumber, sawmills ._ . 32.7 33.8 40.5 32.0 33.0 45.4 17.2 18.6 37.3 Lumber, millwork 35.8 37.4 54.4 35.3 37.1 53.7 20.9 22.4 44.8 Furniture 46.6 49.3 67.0 48.0 52.1 69.1 21.8 25.1 49.4 TRANSPORTATION EQUIPMENT 49.2 50.8 60.2 49.3 50.0 60.2 37.3 40.7 52.7 Car building and repairing 40.7 41.6 52.1 40.4 41.3 51.8 29.6 32.9 49.0 Automobiles _ _ _ 57.9 59.6 67.2 58.1 58.0 67.6 43.4 47.1 53.2 Shipbuilding _. _ . . . 71.4 78.5 88.8 73.0 77.6 90.9 64.9 67.4 85.6 LEATHER AND MANUFACTURES 71.6 70.5 84.6 71.9 74.3 84.8 46.2 45.0 72.6 Boots and shoes 74.2 72.7 86.4 74.1 76.9 86.4 46.1 44.3 71.8 Leather 61.3 61.6 77.0 62.4 63.4 78.4 46.6 47.4 75.4 CEMENT, CLAY, AND GLASS PRODUCTS 43.4 45.0 63.7 43. 1 43.4 62.7 24.4 27.3 49.4 Clay products 38.7 39.6 60.8 37.6 38.0 58.6 17.8 19.0 40.7 Brick, tile, and terra cotta 31.4 31.8 54.3 29.1 29.6 50.2 13.6 14.2 35.8 Pottery 58.4 60.9 78.4 60.7 60.7 81.4 29.1 31.5 53.7 Glass 53.6 56.9 67.9 55.9 55.5 70.7 36.9 43.2 60.2 Cement 41.9 42.8 66.6 39.8 40.9 63.3 25.9 28.5 60.4 NONFERROUS METAL PRODUCTS 45.4 48.6 63.4 46.0 48.7 64.2 29.4 32.0 54.5 Stamped and enameled ware. - 21.8 27.6 40.1 22.3 26.9 41.1 16.3 20.0 34.2 Brass, bronze, and copper. 53.5 55.8 71.3 54.0 56.1 72.0 33.2 35.5 60.4 CHEMICALS AND PRODUCTS 72.3 74.2 86.2 74.7 76.4 89.4 60.0 63.2 82.9 Chemicals and drugs _ _ 75.6 78.0 91.0 78.2 79.6 94.2 57.8 61.1 82.6 Petroleum refining .. 77.4 78.1 89.0 75.7 77.4 87.1 68.9 72.1 89.6 Fertilizers 33.4 35.8 45.4 49.0 52.4 66.5 26.9 28. 1 45.6 RUBBER PRODUCTS 65.0 67.0 74.1 64.6 67.0 73.8 45.9 55.1 64.0 Automobile tires and tubes _ - -. 69.4 70.3 75.9 68.1 68.9 74.5 49.7 59.4 66.4 Rubber boots and shoes 51.9 57.1 68.6 54.3 61.1 71.8 30.8 37.9 54.6 TOBACCO M \NUFACTURES 68.4 69.0 79.4 70.2 69.4 81.4 51.4 52.2 67.5 Cigars and cigarettes 68.1 68.6 81.3 69.3 68.9 82.8 50.6 51.2 68.0 Chewing and smoking tobacco snuff 70.7 72.0 65.1 76.9 73.5 70.8 58.2 60.9 63.9 NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 703-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities All •pin- Year and month m c t o i o m e d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c r n ts c1 p T ro e d x u ti c le ts m F li u a g e t h e l t r i i a n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u m g an s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1927 95.4 99.4 96.7 94.0 107.7 95.6 88.3 96.3 94.7 96.8 97.5 91.0 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 {m 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—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 ?, 88.7 65.5 66.5 83.9 77 6 76.9 84.9 68.3 September 71.2 60.5 73.7 73.9 85.0 64.5 67.4 83.9 77.0 76.3 82.7 68.2 October 70.3 58.8 73.3 72.9 82.5 63.0 67.8 82.8 76.1 75.6 81.0 66.6 November .— 70.2 58.7 71.0 73.5 81.6 62.2 69.4 82.6 76.2 76.1 80.9 68 7 December 68.6 55.7 69.1 72.3 79.8 60.8 68.3 82.2 75.7 76.1 78.5 66.8 1932—January 67.3 52.8 64.7 71 7 79.3 59.9 67.9 81.8 74 8 75.7 77.7 65.6 February 66.3 50.6 62.5 71 3 78.3 59.8 68.3 80.9 73.4 75.5 77.5 64.7 March 66.0 50.2 62.3 70.9 77.3 58.7 67.9 80.8 73.2 75.3 77.1 64.7 April 65.5 49.2 61.0 70.9 75.0 57.0 70.2 80.3 72.5 74.4 76.3 64.7 May 64.4 U 6 59.3 70 4 72.5 55.6 70.7 80.1 71 5 73.6 74.8 64.4 June 63.9 45.7 W 8 70.1 70.8 53.9 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 4rr.9 (30.9 69.7 68.6 52.7 72.3 79.2 69.7 73.0 74.0 64.3 1931 1932 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July FARM PRODUCTS: Grains --- -- 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 37.7 36 7 Livestock and poultry. 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 46.7 54.1 Other farm products 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 48.2 48.4 FOODS: Butter, cheese, and mili 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 57.4 58.2 Cereal products 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 66.8 65.7 Fruits and vegetables . 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 62.4 59.7 Meats 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 56.0 62.0 Other foods 67.9 68.5 70.6 69.6 68.5 69.7 68.0 67.2 61.9 >9 4 57.1 55.8 54.9 55.4 58 5 HIDES AND LEATHER PRODUCTS: Boots and shoes - - 94.8 94.6 93.5 93.5 93.5 93.1 92.5 89.2 88.8 88.5 88.5 88.4 88.4 87.5 84 4 Hides and skins 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 32.5 33.5 88.1 87.8 89.8 90.3 83.4 80.7 78.8 78.6 77.5 7fi.5 73.4 67.2 60.6 58.7 60 0 Other leather products - 101.4 101.4 101.4 101.4 101.1 101.1 101.1 99.7 98.9 )8.8 98.8 98.0 97.9 96.4 83.7 TEXTILE PRODUCTS: Clothing . - 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 67 4 66 0 Cotton goods 69.2 67.6 66.8 64.0 61.5 59.7 58.1 56.4 55.8 ifi 4 56.2 55.1 52.9 51.0 50.0 Knit goods - 60.7 59.8 60 0 59.2 59.2 59.2 59.0 58.5 55.8 W 8 54.9 51.9 50.5 49 6 47 8 Silk and rayon 41.4 41.9 43.8 43.7 43.5 41.7 41.8 39.0 37.7 $6.5 33.5 31.3 29.1 27.5 26.2 Woolen and worsted goods... 68.5 68.0 67.4 67.4 65.7 64.6 64.2 63.9 63.3 (53.1 62.7 59.7 58.3 55.0 53.6 Other textile products 76.7 75.5 75.2 74.4 74.1 72.4 72.5 71.3 70.7 fW 7 69.5 68.2 67.2 66 7 66 5 FUEL AND LIGHTING MATERIALS: Anthracite coal . 87.5 88.8 90.8 92.2 94.3 94.2 94.2 94.8 94.8 <U 8 89.9 85.7 85.6 85.3 84. & Bituminous coal _ _ _ 83.9 83.2 83.5 83.7 83.9 83.6 83.7 83.8 84.4 i*4 3 83.5 82.7 82.0 81.8 81 6 Coke 83.7 81.5 81.5 81.5 81.5 81.5 81.4 81.1 80.5 IW 4 80.4 79.8 77.1 76.9 76.3 Electricity.. 98.0 98.6 97.9 98.4 100.6 102.1 103.4 104.1 107.5 104.8 104.4 103.5 106.1 105.5 Gas 99.0 101.9 103.5 103.2 103.4 100.8 100.1 98.2 98.6 <)8 0 97.5 99.1 103.0 106.3 Petroleum products _ 35.9 30.7 30.3 37.5 38.9 39.2 42.5 39.6 38.8 58.6 39.8 45.5 47.2 48.2 49.7 METALS AND METAL PRODUCTS: Agricultural implements 94.3 94.2 94.2 94.3 94.1 85.6 85.5 85.5 85.5 I$5.1 85.0 85.0 84.9 84.9 84.9 Iron and steel 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 79 8 77 2 Motor vehicles 94.5 94.2 94.7 94.7 95.4 95.4 95.2 95.2 95.3 J5.3 95.3 93.8 93.8 93.8 95.3 Nonferrous metals 63.3 61.2 61.4 60.1 59.0 54.9 54.7 53.8 55.4 =>? 7 50.5 49.3 48.3 47 5 47 0 BUILDING MATERIALS: Brick and tile 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 76.1 75.9 Cement 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 77.1 77.3 Lumber _ 69.4 68.5 67.2 66.9 66.9 65.2 65.9 65.8 65.6 i? 9 61.5 60.0 59.5 57 6 56 9 Paint materials 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 73.3 66.8 Plumbing and heating. 86.6 86.6 86.8 83.8 82.6 81.6 81.4 79.9 74.1 55.8 64.4 64.4 64.4 66.7 67.1 Structural steel . 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 81 7 81 7 Other building materials 86.3 85.4 83.7 83.7 82.6 82.0 81.9 81.5 81.0 30.2 80.6 80.2 78.2 77.6 77.9 CHEMICALS AND DRUGS: Chemicals 83 9 82.5 82 4 80.5 79.8 79.7 80.6 80 8 80 6 30 8 80.9 79 7 79 1 78 6 78 9 Drugs and Pharmaceuticals.. 63.2 62.6 62.1 61.9 61.7 61.6 61.3 61.0 60.6 50.1 59.7 58.9 58.7 58.3 57.6 Fertilizer materials 80.5 79.8 78.7 74.4 74.2 70.2 70.1 70.1 69.9 59.8 68.6 70.1 69.4 68.0 66.8 Mixed fertilizers 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 69.0 68.8 HOUSEFURNISHING GOODS: Furnishings 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 75.4 75.1 Furniture 90.4 89.8 89.1 88.6 84.6 82.4 82.3 80.6 79.5 79 5 79.1 77.4 74.1 74 0 73 0 MISCELLANEOUS: Auto tires and tubes. . 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 39 6 40 1 Cattle feed 67.9 61.1 55.8 50.1i 44.4 49.4 5S.8 53.9 53.0 48.2 52.4 53.4 45.9 42.1 42.2 Paper and pulp 81.5 80.7 80.6 80.5 80.7 80.5 8C.8 80,8 78.0 76.7 76.8 76.8 76.5 76.2 76.2 Rubber, crude 13.7 13.3 13.2 11.2 10.6 10.2 .6 9.5 9.3 8.6 7.2 6.6 6.7 5.8 6.1 Other miscellaneous 88.5 88.2 88.6 86.I 86.7 86.9 .7 85.9 85.2 B4.4 84.5 84.5 84.6 84.6 84.5 Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p. 199; indexes at subgroups available at Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1932 FEDERAL RESERVE BULLETIN 619 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 u o t r i k li s t i a e n s d Educational All other Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January ._ _- 228.0 84.8 54.4 27.5 10.1 3.4 26.9 9.1 96.8 24.1 19.4 4.4 20 5 16 3 February - 235.4 89.0 77.9 24.4 7.3 4.4 27.1 10.1 79.0 28.3 16.7 10.8 27 3 11.0 March.. - _« 370.0 112.2 100.9 33.2 20.6 4.5 36.2 10.6 152.2 29.9 24.3 9.8 35.7 24 2 April 336.9 121.7 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 316.1 113.1 72.7 23.1 8.9 2.1 26.9 13.0 141.6 50.1 22.5 7.2 43.6 17.6 July 286.0 128.8 63.9 19.7 10.4 3.5 28.4 8.3 117.4 60.0 26.1 6.4 39.8 30.8 August _ . _. 233.1 60.2 4.7 19.1 73.3 19.3 56.5 September 251.1 54 6 11.0 28 6 86 5 21 2 49 3 October 242.1 60.5 8.9 41.3 83.0 14.7 33 8 November 151.2 45.3 4.2 14.1 48.0 11.8 27 8 December 136.9 36.2 2.5 10.6 50.5 6.1 31.0 Year 3,092.8 811.4 116.2 311.1 1,171.1 228.8 454.3 BUILDING CONTRACTS AWARDED, BY DIS- BUILDING PERMITS ISSUED, BY DISTRICTS TRICTS [Value of permits in thousands of dollars] (Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1932 1931 Number 1932 1931 Federal reserve district of cities July June July Federal reserve district July June July Boston 3,494 2,400 5,632 New York 7,187 8,159 27,911 • S B N P A R M K C C h t o i l e t a h . i c e l i s w n n i a l h v L c t a n s o n m e a o d a e Y g t n l u s a e a a o o o n i l p n C p s r d o k d h i l _ t i i y _ a s . - _ _ __. 2 2 1 1 1 9 7 2 8 0 6 5 9 0 2 , , , , , , , , , , 1 6 6 3 6 1 9 0 9 5 0 1 5 2 4 4 1 2 . 3 8 9 1 1 4 5 8 4 5 3 3 2 1 1 1 9 7 4 7 2 8 8 5 5 0 , , , , , , , , , , 5 4 7 2 0 0 7 3 7 7 1 6 3 8 9 0 6 5 2 4 9 3 4 5 8 9 8 6 4 9 2 7 3 2 4 2 1 1 1 0 7 2 0 0 8 7 7 7 2 , , , , , , , , , , 1 8 5 4 3 1 4 5 0 3 9 8 2 6 3 7 4 4 6 2 3 9 0 2 3 9 8 3 0 7 P A S D C R C M K S h a t h l i t a a . e c i l n i i n l n a v h c l L l a s a n n a F e m o a d g s t l e r a u s a o e a o a n i n l n p C s p d c d o h i i l s t i i c y a s o . . . . . . . 20 2 3 2 1 , , , , 6 0 3 7 9 7 9 7 7 5 2 0 6 7 6 9 7 7 9 7 4 1 5 9 0 4 8 8 8 8 2 4 2 1 4 1 1 1 , , , , , , , , 8 2 2 3 0 1 0 0 7 7 5 5 9 9 9 7 4 3 1 7 0 4 9 5 2 0 9 2 6 1 1 1 8 2 5 3 2 5 2 2 3 1 , , , , , , , , , , 1 1 1 6 7 1 6 4 4 9 5 8 3 5 9 9 4 7 6 7 7 9 6 0 2 0 2 6 5 3 Dallas. 6,635 3,369 12,043 Total. _. 25, 336 30,187 91,213 Total (11 districts). 128,76 113,075 285,997 BANK DEBITS COMMERCIAL FAILURES, BY DISTRICTS [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1932 1931 Number Number Liabilities of centers July June July Federal reserve district 1932 1931 1932 1931 New York City 1 12, 728 14,202 21,007 Outside New York City 140 r 12,511 12,901 18,444 July June July July June July Federal reserve district: Boston 11 1,395 1,346 2,042 S N D B M P A C K C R t h o h l e i . a a t i e c l i i s w l n n a v c h l L l t a s a n n o a e m o a d s g Y e t l n u a s a e o a o n i o l n p C s p d r d o h k i l t i . i y a . s _ . . . . . . . 3 3 6 2 1 1 1 1 1 3 7 7 0 2 0 6 4 0 2 7 1 1 2 6 1 1 3 3 9 8 3 3 2 2 5 1 1 1 1 1 1 9 9 4 9 2 3 3 7 . 6 6 5 0 4 0 2 9 2 4 1 1 1 1 0 3 8 8 6 5 9 5 5 7 0 5 9 0 6 2 2 3 2 1 7 3 6 5 7 4 6 2 2 4 , , , , , , , , , , 1 1 9 6 5 2 8 8 5 0 2 9 3 3 4 1 0 7 6 4 9 4 / 4 2 9 6 8 8 7 2 4 2 2 1 6 4 7 2 6 2 3 0 1 3 , , , , , , , , , , 9 6 2 8 2 1 9 3 2 4 7 8 5 8 9 8 7 9 2 3 9 3 7 2 3 5 5 8 6 3 8 8 8 1 9 9 6 2 5 2 5 1 1 1 , , , , , , , , , , 4 1 5 4 8 2 6 3 8 0 1 2 3 2 5 9 9 5 2 5 0 5 1 7 1 2 1 8 0 2 3 0 2 N A P R D C S S M K C a h t e l i h a t a . e i c l n i w i l n n a l v c L h l a s n a n a F e m o d a s Y e g t l r u a s e a a a o o o n i l p n C p n s r d o c k h d i l i t i i s . y a s co 1 1 2 1 1 1 1 7 7 5 9 0 3 1 5 5 0 8 r 1 1 1 3 3 1 , , , , 2 2 , 2 0 4 5 6 4 8 3 7 0 8 9 7 8 1 1 4 5 2 3 6 3 8 9 8 4 4 3 0 9 9 14 1 1 3 1 , , , , , 2 2 8 3 4 5 6 4 7 3 7 5 9 0 7 8 6 9 7 2 4 4 6 2 8 8 3 4 6 0 8 1 1 21 4 2 2 1 1 , , , , , , 8 0 7 5 0 7 6 8 4 8 5 7 6 1 9 9 0 6 8 4 6 0 2 5 9 6 4 5 6 2 2 4 2 San Francisco. 278 289 252 6,857 5,119 Total.. 141 r 25,239 27,103 39,451 Total... 2,596 87,190 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN SEPTEMBER, 1932 AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for August 1,1932, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1931 Aug. 1, 1932 1931 Aug. 1, 1932 1931 Aug. 1, 1932 1931 Aug. 1, 1932 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,929 7,492 65 83 65 83 New York 25,837 22, 792 6,197 4,635 6,012 4,470 185 165 Philadelphia ... 55,305 43, 670 18, 764 12,198 18, 577 12,107 187 91 Cleveland 206, 456 1/0,928 56, 086 35, 515 55,832 35,364 254 151 Richmond 146,866 110,945 30,194 16,807 30,194 16,807 Atlanta 165,412 159,268 4,612 3,027 4 612 3,027 Chicago 887,842 988, 418 77, 259 48,885 73,636 4.5,527 3,623 St Louis 383, 052 3/ 2, 673 66, 586 34,517 66, 260 34,292 326 '225 Minneapolis 173, 273 300, 663 82,089 251,706 8,943 20,473 73,146 231,233 Kansas City 393,884 511, 729 402,121 170,636 398,096 163,559 4,025 7,077 Dallas 109, 442 121,540 60,041 30,441 59, 876 30, 300 105 141 San Francisco 7,973 9,676 90,190 114, 237 67,424 75,862 22, 766 38,375 Total _ 2,563, 271 2,819,794 894,204 722,687 789,462 441,788 104, 742 280,899 Oats Tame hay Tobacco White potatoes Cotton Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production Estimate 1931 Aug. 1, 1932 1931 Aug. 1, 1932 1931 Aug. 1, 1932 1931 Aug. 1, 1932 1931 Aug. 1,1932 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 6,359 7, 530 3,346 39,043 29,012 58, 475 55, 729 New York. . 25,819 24,685 5,563 4, 553 1,462 1,199 32, 651 25.815 Philadelphia 17,687 14, 528 2,304 1,883 57, 669 40,837 25, 212 19,602 Cleveland 75, 247 53, 025 4,742 3,763 191,060 132,335 19, 771 17,903 Richmond 23,671 18,494 2,928 2,629 684, 996 385, 771 32,600 23,799 1,803 1,134 Atlanta 14, 558 11,140 2,182 2,170 172,950 105,669 14, 538 10,238 3,597 2,276 Chicago 469,972 514, 706 11, 939 12, 705 48,904 32, 560 50,418 54,500 St. Louis.. 63,142 43, 989 5,458 1, 597 395,016 284,744 12, 472 12,817 i 3,740 a 2,413 Minneapolis 183,049 312,116 7,039 9,924 5,036 2,622 49, 934 59,493 Kansas City - 147, 712 144,792 7,270 8,619 4,774 5,226 27, 780 40,489 1,336 868 Dallas 63, 026 45,477 991 987 5,916 5, 247 6,339 4,429 San Francisco 21, 795 24,251 10,451 12,997 45, 751 41, 767 281 186 Total 1,112,037 1,214,733 64, 213 67,390 1,600,910 1,019,975 375, 518 367, 399 17, 096 11,306 1 Includes 12,000 bales grown in miscellaneous territory. 2 Includes 9,000 bal«3S grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINN. MINNEAPOLIS S.DAK. i »BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis