Federal Reserve Bulletin, 1932-10

FEDERAL RESERVE BULLETIN OCTOBER, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Gold Holdings of Central Banks and Governments, 1913-1932 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston Frederic H. Curtiss__. Roy A. Young W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane RayM.Gidney.i A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.* Walter S. Logan J. M. Rice.* L. R. Rounds „ _ _. Allan SprouU L. F. Sailer L. Werner Knoke.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. McHhenny. W. G. McCreedy.» Cleveland George DeCamp E. R. Fancher -. M. J. Fleming H. F. Strater. Richmond Wm. W. Hoxton. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus JohnS. Waldenjr.s Atlanta Oscar Newton Eugene R. Black W. S. Johns M. W. Bell. H. F. Connifif W. S. McLarin, jr.» Chicago Eugene M. Stevens... J. B. McDougal C.R. McKay. W.C.Bachman.i JohnH. Blair D. A. Jones.i J. H. Dillard 0. J. Netterstrom.i E. A. Delaney.1 St. Louis... John S. Wood Wm. McC. Martin... O.M. Attebery S. F. Gilmore.a J. G. McConkey A. H. Haill.J F. N. Hall.J G. 0. Hollocher.' 0. C. Phillips.* Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemer. H.I. Ziemer Frank C. Dunlop.* Kansas City M. L.McClure.. Geo. H. Hamilton C. A. Worthington.— J. W. Helm. Dallas C. C. Walsh B.A.McKinney - RT . WR . TGTifltblmert Fred Harris R. B. Coleman W. O.Ford.J San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale Ira Clerk i Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch R.M.O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch. 0. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch. __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 tho board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Review of the month—Recent banking developments _ 621 Gold holdings of central banks and governments, 1913-1932 624 Operations of the Reconstruction Finance Corporation 628 Changes in foreign central bank discount rates 623 Condition of all banks in the United States on June 30, 1932 663-666 National summary of business conditions 632 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 633-636 Member and nonmember bank credit— All banks in the United States 639 All member banks 637-639, 667 Weekly reporting member banks in leading cities 640, 668 Brokers' loans 640 Acceptances and commercial paper 641 Discount rates and money rates 643, 669 Bank suspensions and banks reopened 642, 671-673 Member bank holdings of eligible assets (Government securities and eligible paper) 642 Security prices, security issues, United States Government securities 644 Production, employment, car loadings, and commodity prices 645, 674-676 Merchandise exports and imports 646 Department stores—Indexes of sales and stocks 646 Freight-car loadings, by classes 646 Financial statistics for foreign countries: Gold reserves of central banks and governments 647 Gold production 648 Gold movements 648-650 Government note issues and reserves 651 Bank for International Settlements 651 Central banks 652-654 Commercial banks 655 Discount rates of central banks 656 Money rates 656 Foreign exchange rates 657 Price movements— Security prices 658 Wholesale prices 658, 659 Retail food prices and cost of living 659 Law department: Reserves against funds collected by banks under the revenue act 660 Branch banking in the State of Virginia 660 Federal reserve statistics by districts, etc.: Banking and financial statistics 661-670 Industrial and commercial statistics 674-677 September crop report, by Federal reserve districts 678 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 18 OCTOBER, 1932 No. 10 REVIEW OF THE MONTH 000,000, or 3 per cent. The increase has been in holdings of United States Government secur- During recent weeks reserve bank holdings of ities by banks throughout the country, offset in United States Government securities purchased part by a continued decline in loans by banks in the open market have reoutside New York City. Increase in the total Recent banking mained unchanged at the level developments of member bank credit has been accompanied reached early in August. Beby a considerable growth of their demand and tween June 15 and the end of September, howtime deposits as well as of their Government ever, reserve funds of member banks have been deposits. continuously increased from additions to the An important factor in the recent credit country's stock of monetary gold, amounting to situation has been the course of the demand $275,000,000, through releases from earmark for currency. The chart shows and through imports. This has carried the D ecrease i n for the period from 1926 to total gold stock of the country to $4,200,000,000 hoarding date the amount of money in and the excess reserves of the Federal reserve circulation, as officially defined, that is, money banks to $1,200,000,000. Since July 20 there has also been a release of currency from hoard- MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION ing estimated at $250,000,000. This estimate •'* ( Wednesday Fqunes ) Millions oi Dollarj 6000 1 16000 is based on the fact that the amount of money in circulation declined by over $130,000,000 at a time when it usually increases by more than $110,000,000. Reserve funds have been increased also by the issue of $100,000,000 of new \J national-bank notes under the provisions of the 5000 / recent law extending the circulation privilege to certain additional United States Government bonds. The inflow of funds to the member banks from all these sources has enabled them to reduce their indebtedness to the reserve WOO banks during recent weeks by $200,000,000 to the lowest level since September of last year and outside the United States Treasury and the at the same time to increase their reserves in reserve banks, with an adjustment for the excess of legal requirements to approximately estimated usual seasonal changes. From 1926 $400,000,000. This growth in member bank to 1929 demand for currency tended downreserve balances from the middle of July to the ward, chiefly because of increased use of end of September has been accompanied by an checks, economy in the use of cash by banks, upturn in total loans and investments of memand a return of American currency from abroad. ber banks in leading cities amounting to $575,- The increase in the middle of 1929 was due to 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN OCTOBER, 1932 a temporary growth in the demand for cur- GOLD RESERVES OF SELECTED CENTRAL BANKS rency at the time the change was made from [In millions of dollars] large-size to small-size bills. In 1930 the decline in currency reflected reduction in pay Change from— rolls and in retail trade. From the autumn Central bank of— D 1 a 93 te 2 , re G se o r l v d es Month Year of 1930 to the middle of this year, during a before before period when the demand for currency for England __ Sept. 21 678 +3 +28 pay-roll purposes and for retail trade con- France Sept. 23 3,239 +16 +913 Germany Sept. 23 186 +3 -141 tinued to decline, there was a growth in money Italy Sept. 20 304 +2 +19 Belgium Sept. 22 359 -5 +12 in circulation. This growth represented an Netherlands Sept. 19 416 +2 +134 Switzerland _ Sept. 23 509 +246 increase chiefly in hoarding, though it was also affected to an indeterminable extent by The Bank of England in the four weeks endan increase in the demand for cash in coming September 21 added £693,000 ($3,373,000) munities that were deprived of banking service of gold to its reserves, which owing to bank suspensions, and also by an inland now amount to £139,421,000 increase in the use of cash in place of checks ($678,506,000) as compared due to the imposition of service charges on with £133,628,000 ($650,314,000) at the time small checking accounts at some banks and England suspended the gold standard about a in recent months to the new tax on checks. year ago. The increase in hoarding has not been con- BANK OF ENGLAND tinuous. There was an improvement in the early part of 1931 and again in the late autumn fin thousands of pounds sterling] of that year after the National Credit Cor- Change from— poration was organized and bank suspensions Sept. 21, became less numerous. A large return flow, 1932 Aug. 24, Sept. 23, 1932 1931 amounting to about $250,000,000, began last February, when the Reconstruction Finance Gold - - 139,421 +693 +5,793 Corporation was established. But last summer Discounts and advances -. 12,006 -1,260 -1,573 Government securities 332, 548 +12, 482 +33, 527 the heavy loss of gold and the banking disturb- Other securities 28,165 -13, 737 -30,089 Bankers' deposits - 82, 586 +2, 640 +17,671 ances in Chicago and elsewhere once more led Public deposits 23,915 +1,712 +897 Other deposits - 32,901 -1, 528 +18, 061 to increased hoarding, which reached a maxi- Notes in circulation __ _ 359, 266 -4, 616 +6,590 mum in the third week in July. Since July 20 there has been a decrease in money in circula- On September 10 the British Government tion, when allowance is made for the usual announced the repayment of 2,500,000,000 seasonal movement, amounting to approxi- francs ($100,000,000) of British Treasury bills mately $250,000,000 for the 10-week period. issued to the French public in September of last year. The transaction was handled largely Changes in the central gold reserves of the through the " exchange equalization account" principal European countries have been rela- maintained by the Government for the purpose tively small since June. The of dealing in gold and foreign currencies, but to in°EuroperVeS principal changes during the some extent it was reflected in the Bank of past month occurred in the cen- England statement; for although the gold stock tral holdings of France, which increased by of the bank was not affected, the volume of for- $16,000,000, and those of Belgium, which de- eign exchange held by the bank declined. clined by $5,000,000. During the month " other securities," in which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 623 the bank's holdings of foreign exchange are amounting to 16,000,000 reichsmarks ($3,811,reported, were reduced by £13,737,000, while 000). Reichsbank notes returning from circu- Government securities held by the bank lation were utilized by the market in retiring increased by a corresponding amount. discounts and advances. Usually these loans With a return of currency from circulation, to the market fluctuate largely in response to which is usual at this season, bankers7 balances changes in the demand for currency, and since increased somewhat and short-term money REICHSBANK rates on the open market continued easy. The Bank of France in the five weeks ending [In millions of reichsmarksj September 23 acquired 420,000,000 francs Change from— Bank of ($16,464,000) of gold and lost Sept. 23, France 404,000,000 francs of foreign 1932 Aug. 23, Sept. 23, 1932 1931 exchange. "Other deposits," which include balances of the French commerical banks, were Gold__ 782 +14 -592 increased somewhat during the period by Foreign-exchange reserves 146 +2 -152 Discounts and advances._ 2,792 -84 -352 additional borrowing at the bank and by the Deposits 358 +5 +18 Notes in circulation 3, 505 -112 transfer of funds from Government account. BANK OF FRANCE the beginning of the year they have steadily [In millions of francs] declined along with the volume of Reichsbank notes in circulation. Change from— Se 1 p 9 t 3 . 2 23, Au 1 g 9 . 3 2 19, Se 1 p 9 t 3 . 1 25, 5 t T o h 4 e p b e a r n c k e n r t e d o u n c S e e d p t i e ts m r b a e t r e 2 o 2 f , a d f i t s e c r o t u h n e t B fr a o n m k Gold 82,622 +420 +23, 276 for International Settlements had consented Foreign exchange 4,993 -404 -20, 201 Domestic discounts and advances 6,375 +588 -2, 259 to an amendment of the provision in the Government deposits 3,668 -655 -3, 689 Other deposits 23,613 +1, 058 +5,071 Reichsbank's statutes requiring the bank to Notes in circulation _ 80,200 +73 +2,027 maintain a discount rate of not less than 5 per cent when its gold and foreign-exchange The French Government announced on reserves were below 40 per cent of the amount September 18 that about 85,000,000,000 francs of notes in circulation. For the past year of 5, 6, and 7 per cent Government bonds out- Reichsbank reserves have been below 40 per standing, with the exception of that portion cent of the note circulation and are now at for which applications for cash redemption about 26 per cent. would be received during the week ending September 24, would be converted to a 4% per cent basis this coming November 1. Applica- Resignation of Comptroller of the Currency tions for cash redemption, to be made at par, Mr. J. W. Pole, who has been Comptroller of approximated 4,000,000,000 francs, but net the Currency since November 20, 1928, and ex payments by the Government will be required officio member of the Federal Reserve Board for only about one-half of this amount since for that period, resigned effective at the close of September 20. new orders were placed for 2,000,000,000 francs of the 4K per cent bonds. The conversion will reduce the amount of interest to be paid on Changes in^Foreign Central Bank Discount Rates the public debt in the coming year by about The following changes in discount rates dur- 1,300,000,000 francs. ing the month ended October 1 have been reported by central banks in foreign countries: Total gold and foreign-exchange reserves of the Reichsbank, which began to Bank of the Republic of Columbia—September 19, Reichsbank from 6 to 5 per cent. increase toward the close of National Bank of Czechoslovakia—September 26 ; last July, continued to increase during the from 5 to 4}£ per cent. German Reichsbank—September 22, from 5 to 4 per month ending September 23, the growth cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN OCTOBER, 1932 GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS, 1913-1932 Total gold holdings of the central banks and these institutions during the quarter from governments of leading countries increased private or undisclosed holdings elsewhere, induring the third quarter of the current year, cluding the holdings of commercial banks. This after some reduction in the second quarter, release of gold in occidental countries during and at the end of September were at a new the third quarter is in contrast with develophigh level. The increase during the quarter, ments in the second quarter, when an amount according to preliminary figures, amounted to of gold estimated at about $300,000,000 went about $350,000,000, reflecting in part new into private or undisclosed holdings in these gold production, in part the return of gold countries, about half of it from new pro- GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS BILLIOMS OF DOLLARS BILLIONS OF DOLLARS 12 12 11 10 10 9 tmmtmmm* ** 8 7 > / 7 • MM 6 6 / 5 — 5 4 k 3 3 2 2 1913 191** 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930 1931 1932 Annual figures through 1927; monthly figures beginning with June, 1928. For recent figures see p. 647. from private holdings in European countries, duction and Indian hoards and the other and in part a continued flow from private half from central reserves. The growth of holdings in India. The estimated amount of private holdings in the second quarter, partly new gold produced during the quarter was at the expense of central reserves, came at a $120,000,000, indicating that gold coming from time of renewed financial disturbance, when other sources since the end of June has been gold was being withdrawn in large volume about $230,000,000, of which about $40,000,000 from the United States by European holders of is accounted for by the movement of gold from short-term funds in the American market. In private holdings in India to the bullion market the third quarter, however, which was charand thence into the holdings of the central acterized by improvement in international institutions. The other $190,000,000 indicates financial conditions and a renewed movement the approximate amount of gold gained by of gold to the United States, the holdings of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 625 gold recently built up in private hands in $420,000,000 in 1930 and $440,000,000 in 1931. western countries have again begun to find their Figures available for the first seven months of way into the reserves of the central institutions. 1932 indicate for the year as a whole a produc- Central gold holdings, 1913-1932.—While the tion of not less than $460,000,000. growth of central holdings during recent months The chart also brings out the fact that the has been exceptionally large, these holdings have growth in world production of gold since 1922 been growing at a rapid rate for a considerable has been due in general to increasing output in number of years. This fact is brought out by South Africa and Canada, while production in the chart, which shows the course of total gold the United States has shown little change from holdings of central banks and governments year to year. The increase since 1929, howfrom 1913, just before the outbreak of the war, to the end of September, 1932. The chart is GOLD PRODUCTION 1910-1932 on an annual basis through 1927, and on a MILLIONS OF DOLLARS MILLIONS OF DOLLARS monthly basis since June, 1928, when the com- 500 500 pilation of satisfactory monthly figures was A made possible by the current publication of the 450 \ f 450 total gold holdings of the Bank of France. The \TC tdlVVbrld ['roduction central gold holdings of all countries combined 400 400 have been increasing throughout the period— except in 1918-1919 and for a few months in 1931 and 1932-—and in almost every year since 350 \ / 350 \ 1919 the increase has been substantial. For -N / the whole period from December, 1913, to Sep- 300 300 tember, 1932, the increase has approximated $6,800,000,000, or 140 per cent, and for the period since the end of 1919 it has approximated 250 250 $4,880,000,000, or 72 per cent. An important factor of growth in central gold 200 Union ofSouthl f Af ri(;a ^ 200 reserves prior to 1919, and to a smaller extent ^s since that time, has been the movement from —*. time to time into central reserves of gold that 150 ~\ 150 was in circulation before the war, including gold held by commercial banks. More persistent 100 100 factors, operating with substantial continuity N^ JnitedStates N in one direction or the other, have been the course of gold production, changes in the amount 50 - »^*•*— — 50 of gold consumed in industry and the arts, and — Can radd~ — the movement of gold into and out of the 0 0 private holdings of the people of India. 1910 1912 1914 1916 1916 1920 1922 1924 1926 1928 1930 1932 Gold production.—World production of gold, World production for 1932 estimated from available figures for 7 months; months; see p. 648. the principal factor of growth in central gold reserves, has been increasing since 1922, and ever, has reflected a slight increase in production the increase since 1929 has been at an accel- in the United States as well as pronounced erated rate. The accompanying chart shows increases in Canada and South Africa. for the period since 1910 the course of gold Declining costs of gold production during production in the world as a whole and separ- recent years, especially since the onset of the ately in the three largest contributing countries. depression, have been an important element in In the period 1910-1915 the amount of gold the growth in output. Reductions in operating produced averaged more than $450,000,000 per costs have resulted from improvements from year, but substantial declines in output occurred year to year in mining and metallurgical thereafter until 1922 when $320,000,000 of gold technique, which have rendered profitable the was mined, $150,000,000 less than in the record expansion of operations in mines already proyear 1915. In 1923 and 1924, however, produc- ducing and also the reopening of some abantion increased rapidly, and further increases in doned properties. Many of the improvements 1925 and 1926 brought the volume of production have increased the capacity of mines and, to $400,000,000, where it remained during the in South Africa especially, the progressive period 1927-1929. Since that time production abundance of cheap labor has made it possible has again been increasing rapidly, to about to utilize this capacity to a constantly increas- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL RESERVE BULLETIN OCTOBER, 1932 ing extent. The growth of production in on annual figures through 1929 and on monthly Canada, although stimulated greatly by lower figures thereafter. It brings out the fact that costs, has been due largely to the discovery of the recent decline in these holdings is in sharp new deposits. Gold mining in Canada has contrast with developments in preceding years. also been rendered more profitable since Prior to 1931 gold was released from private September, 1931, by the increase in the Cana- holdings only in 1919 and 1921, and then in dian price of gold which has accompanied the much smaller volume than in 1931 and 1932. decline of the Canadian dollar in relation to gold currencies. During this period, further- CHANGES SINCE 1913 IN more, gold mining in South Africa, on account PRIVATE GOLD HOLDINGS IN INDIA of the close connection of the industry with the MILLIONS Of DOLLARS MILL ONS OF DOLLARS ! British market, has been under a similar in- 1600 1600 fluence arising from the depreciation of the English pound. Industrial consumption of gold.—The in- 1400 creased output of gold from the mines during j recent years has been accompanied by a de- / \ i / crease, especially in the last two or three years, 1200 1200 j in the amount of new gold absorbed in industry \ and the arts and thus rendered unavailable for i A monetary purposes. There have been times 1000 j \l r j within the last 20 years when the net industrial consumption of gold, according to accepted / 1 estimates, has exceeded $100,000,000 per year, 800 800 but it has remained below that figure since 1921 and averaged about $70,000,000 to $80,000,000 1 600 i 600 during the period 1924-1929. In 1930 the net \l i J industrial consumption decreased to about A ! $50,000,000, and in 1931 it was certainly much 400 i 400 less than this when allowance is made for the / increased amount of old gold that was sold to rV i dealers in bullion in Great Britain, Australia, 200 200 and elsewhere, after the departure of a number / of countries from the gold standard gave rise / to a premium on gold in their local currencies. 0 0 India.—India, which is usually an importer 191*t 1916 1918 1920 1922 1924 1926 1928 1930 1932 of gold on a considerable scale, has been export- Based on annual figures through 1919 and monthly figures thereafter. For recent figures and method of estimate see p. 650. ing gold since the middle of 1931, all of which has come from the private holdings of the The recent release of gold by the Indian people of India. Comparison of the exports people reflected at first the use of their savings with domestic gold production and changes in under the stress of severe depression, and for the amount of gold held in government reserves some months the gold released from private in India indicates that the people of India have holdings was taken into government reserves been releasing gold from their private holdings in India. But in September, 1931, when India since February, 1931, and that from that time followed England in the suspension of the gold to the end of August, 1932, the total amount standard, it became profitable to dispose of the so released has approximated $250,000,000. gold on the London bullion market, where a For several months before that time, private premium could be obtained equivalent to the holdings had been showing little increase. discount of the rupee in relation to gold cur- Addition to the world's stock of monetary gold rencies. This premium, amounting at times from the private hoards of the Indian people since then to as much as 30 per cent, not only has been contrary to previous experience and led to exportation of the metal from India but to the general view that when gold goes to greatly intensified the release from private India it is permanently lost to the gold reserves holdings. of the commercial world. This survey of the gold reserves of the world Changes since 1914 in private gold holdings indicates that during the period of depression in India are shown on the chart, which is based economic forces have been at work to increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 627 the supply of monetary gold more rapidly than have also increased the supply of gold available at many other times. Increased production, for reserves, while industrial consumption has due in part to improved technique, but also to fallen to a low figure. As a consequence there reduced costs of materials and to the increase has been since 1929 a somewhat accelerated in the price of gold in terms of depreciated increase in central gold holdings, retarded temcurrencies, has carried the annual output close porarily by withdrawals during the periods to the highest figures on record reached in the of financial disturbance in 1931 and in 1932, years immediately prior to the war. Releases but resumed at a more rapid rate since the of gold from Indian hoards and recently also restoration of confidence in the middle of last from private holdings in western countries summer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN OCTOBER, 1932 OPERATIONS OF THE RECONSTRUCTION FINANCE CORPORATION The Reconstruction Finance Corporation the corporation had authorized loans of made public under date of October 4, 1932, a $226,101,268.79, the proceeds of which had not statement covering operations of the corpora- been paid over to borrowers. tion through August 31, under the Reconstruc- Thirty-five million five hundred and sixtytion Finance Corporation act, and through four thousand four hundred and twelve dollars September 30, under the emergency relief and and eighty-four cents of this amount had been construction act. The text of the statement, canceled by the borrowers; that is, they had together with a table showing by months the notified the corporation that they would not number of applications from each class of call for the money. borrower, is given herewith:* One hundred and ninety million five hundred and thirty-six thousand eight hundred and RECONSTRUCTION FINANCE CORPORATION, fifty-five dollars and ninety-five cents had not Washington, October 4, 1932, been called for by the borrowers but remained Statistics made public to-day by the Reconsubject to call by them. struction Finance Corporation show that from The statistics further show that there has February 2, the date it began operations, up to been a steady decline in applications for loans the close of business on August 31, the Federal from banks since April. In that month 1,269 Government had loaned through it the sum of applications were received, and in August only $1,182,734,958.02 in actual cash to aid agricul- 899. ture, commerce, and industry to recover from the depression. It is also shown that loans have been author- Sixty-four million two hundred and one ized to 4,715 separate banks (including rethousand nine hundred and eighty-nine dollars ceivers of closed banks) and that these instituand fifty cents of this was loaned through the tions were located, on the basis of population, Secretary of Agriculture to 507,632 farmers for as follows: crop-production purposes from funds supplied 3,291, or 69.9 per cent, were in towns of less to him by the corporation. than 5,000 population. One billion one hundred and eighteen million 754, or 15.9 per cent were in cities of 5,000 to 25,000 population. five hundred and thirty-two thousand nine 332, or 7.1 per cent, were in cities of 25,000 to hundred and sixty-eight dollars and fifty-two 100,000 population. cents was loaned directly by the coporation to 157, or 3.3 per cent, were in cities of 100,000 to 5,599 borrowers. These borrowers included 500,000 population. 87, or 1.9 per cent, were in cities of 500,000 to 4,324 banks and trust companies that were 1,000,000 population. open and doing business at the time the loans 94, or 1.9 per cent, were in cities of more than were made, 391 receivers of banks that were 1,000,000 population. closed at the time loans were made, 643 building The statistics also contain tables showing the and loan associations, 79 insurance companies, number of farmers in each State to whom loans 68 mortgage loan companies, 10 agricultural were made, together with the aggregate amount credit corporations, 17 livestock credit corpo- of money so loaned in each State and the numrations, 9 Federal land banks, 6 joint-stock ber of loans made directly by the corporation land banks, 3 credit unions and 49 railroads. to borrowing institutions in each State, and One hundred and fifty million eight hundred the amount of money made available to each and ninety thousand eight hundred and ninety- State for the relief of destitution and distress. seven dollars and five cents had been repaid. In addition to these loans the corporation STATEMENT OF OPERATIONS OF THE RECONSTRUChad made available, up to the close of business TION FINANCE CORPORATION FROM FEBRUARY 2, 1932 (THE DATE OF ORGANIZATION), TO THE CLOSE OF on September 30, the sum of $3.5,455,171.22 to BUSINESS ON AUGUST 31, 1932 States and political subdivisions of States for the relief of destitution and distress. OPERATIONS UNDER RECONSTRUCTION FINANCE The statistics also show that in addition to CORPORATION ACT the amount of actual cash paid out to borrowers Section 2 of this act authorized the corporation to advance up to $200,000,000 to the Secrei The statement contains, in addition, the following tables: Number tary of Agriculture to be used by him to make and aggregate amount of loans made in each State under sec. 2 of the Reconstruction Finance Corporation act; distribution by States of loans to farmers in localities where emergencies loans authorized under sec. 5 of the Reconstruction Finance Corporation act, to borrowers other than railroads; tables showing amounts made existed making it impossible for them to obtain available to each of the States and political subdivisions of States under loans for crop production during the year 1932. Title I of the emergency act, sec. 7, subsecs. (c) and (e). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

629 OCTOBER, 1932 FEDERAL RESERVE BULLETIN The corporation has, upon request of the The 6,384 separate loans to banks listed in Secretary of Agriculture, made the sum of the first column of the tabulation [tabulation $107,500,000 available to him, $75,000,000 of omitted] and aggregating $823,504,609.43 were which has been paid over to him. The Secre- made to 4,715 institutions (including receivers tary had, on August 31, disbursed $64,201,- of closed banks). These banks were located, 989.50 of that amount in 507,632 separate on the basis of population, as follows: loans. Loans were made in every State except Rhode Island. The average loan was $126.47. „ 3,291, or 69.9 per cent, were in towns of less than 5,000 population. These loans were made for crop-production 754, or 15.9 per cent, were in cities of 5,000 to purposes, which includes, besides the purchase 25,000 population. of seed and fertilizer, such uses as repairing 332, or 7.1 per cent, were in cities of 25,000 to implements, purchase of gasoline for tractors, 100,000 population. 157, or 3.3 per cent, were in cities of 100,000 to and other expenses incident to planting of crops. 500,000 population. The balance of the $200,000,000 fund placed 87, or 1.9 per cent, were in cities of 500,000 to at the disposal of the Secretary of Agriculture 1,000,000 population. 94, or 1.9 per cent, were in cities of more than and not used by him is available to the Recon- 1,000,000 population. struction Finance Corporation, under section 201 (e) of the emergency relief and construc- As stated [see above], the corporation authortion act, to purchase the stock of the Regional ized loans under section 5 of the reconstruction Agricultural Credit Corporations which the finance act aggregating $1,344,634,237.31 up to Reconstruction Corporation is authorized by and including August 31. that section to create in any of the 12 land-bank Thirty-five million five hundred and sixtydistricts. These regional credit corporations four thousand four hundred and twelve dollars are required to be furnished with a minimum and eighty-four cents of this had, as of that date, capital of $3,000,000 each. been canceled by the borrowers; that is, they Under section 5 of the Reconstruction had notified the corporation that they would Finance Corporation act 7,488 loans, aggre- not call for the money. grating $1,344,634,237.31, were authorized to One hundred and ninety million five hundred 5,599 borrowers from February 2 to August 31, and thirty-six thousand eight hundred and 1932. These loans were to the following classes fifty-five dollars and ninety-five cents had not of borrowers: been drawn by the borrowers but remains at their disposal. 5,991 loans aggregating $784,214,459.43 were One billion one hundred and eighteen million authorized to 4,324 banks and trust companies. five hundred and thirty-two thousand nine 393 loans aggregating $39,290,150 were author- hundred and sixty-eight dollars and fifty-two ized to 391 receivers and liquidators of closed cents had been paid over to the borrowers. banks. One hundred and fifty million eight hundred 680 loans aggregating $80,343,033.43 were authorized to 643 building and loan associ- and ninety thousand eight hundred and ninetyations. seven dollars and five cents had been repaid by 94 loans aggregating $71,822,700 were author- them. ized to 79 insurance companies. 73 loans aggregating $82,886,000 were author- Nine hundred and sixty-seven million six ized to 68 mortgage loan companies. hundred and forty-two thousand and seventy- 68 loans aggregating $1,361,245.59 were au- one dollars and forty-seven cents was outstandthorized to 10 agricultural credit corporations. ing in the hands of borrowers. 98 loans aggregating $10,763,256.86 were authorized to 17 livestock credit corporations. Under section 2 of the Reconstruction Fi- 9 loans aggregating $29,000,000 were authorized nance Corporation act $64,201,989.50 was to 9 Federal land banks. loaned by the Secretary of Agriculture to 8 loans aggregating $1,475,000 were authorized 507,632 farmers. to 6 joint stock land banks. 3 loans aggregating $405,000 were authorized to Under section 5 of the act the Reconstruction 3 credit unions. Corporation has paid out $1,118,532,968.52 to 63 loans aggregating $227,107,147 were author- 5,599 separate borrowing institutions. ized to 43 railroads. Total disbursements under both sections 8 loans aggregating $15,966,245 were authorized to receivers of 6 railroads. were $1,182,734,958.02. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN OCTOBER, 1932 Up to August 31 the corporation had received 7,951 applications for loans under section 5 of the reconstruction finance act, classified by months and among the applicants as follows: August July June May April March February Total Banks and trust companies (including receivers) 1,049 1,135 135 6,584 Building and loan associations 140 139 124 107 166 3 756 Insurance com panies__ 14 11 20 20 26 4 121 Mortgage loan companies 21 16 32 25 35 0 153 Credit unions 0 0 0 2 1 0 3 Federal land banks. 1 8 0 0 0 0 9 Joint-stock land banks 2 5 4 1 0 1 16 Agricultural credit corporations _ 30 19 18 10 2 0 83 Livestock credit corporations 32 26 22 15 0 109 Railroads (including receivers) 12 13 14 23 117 1,151 1,281 1,321 1,329 1,527 1,176 166 7,951 The corporation also is authorized to make Metropolitan water district of southern Caliloans to the intermediate credit banks. Al- fornia.—The corporation has agreed to bid for though no applications for loans are shown $40,000,000 of the bonds of the water district from them, the corporation has agreed, at vari- and to buy that amount, if satisfactory bids ous times, to purchase a total of $68,025,000 of are not received from private sources. This the debentures of these banks if the same could action assures commencement of work on this not be sold in the investment market. All of project in the near future. Plans for the them were sold in the market, and it was un- project had been completed by the engineers necessary for the corporation to purchase any. for the district, and all that remained to be done before starting construction was to ob- OPERATIONS UNDER THE EMERGENCY RELIEF AND CONSTRUCTION ACT tain financing. The foregoing statistics cover the corpora- Public belt bridge of New Orleans.—The cortion's operations under the Reconstruction Fi- poration has agreed to bid for the bonds of nance Corporation act up to and including the State of Louisiana and the public belt August 31, but the corporation's operations railroad commission of the city of New Orunder the emergency relief and construction act leans in the estimated amount of $13,000,000 having been made public as they occurred, the necessary to build this bridge. Plans for it following statistics are complete up to Sep- have been completed, bids for the work have tember 30. been received, and with the assurance of Under Title I of the emergency act the cor- financing, work may be started in the immeporation is authorized to make funds available diate future. to the States and Territories to the extent of City of Madison, S. Dak.—The corporation $300,000,000 to be used in furnishing relief and has agreed to purchase $105,000 of the revenue work relief to needy and distressed people. Up bonds of Madison to finance construction of to the close of business on September 30, an addition to its municipally-owned light and $35,455,171.22 had been made available to 25 power plant. States and 1 Territory; $30,533,586.22 of this Advisory engineers are to be appointed to aid amount was made available under subsection applicants for funds to finance construction of (c) of section 1 of Title I, which provides for small projects in preparing their applications. reimbursement to the Federal Government by This service will be rendered by eminent condeductions from future Federal authorizations sulting engineers without cost to the applicants. to States to aid in construction of roads, and It is the desire of the corporation to finance in $4,921,585 under subsection (e) of section 1 to the near future a considerable number of small political subdivision of States. Advances made projects in all sections of the country, so that to political subdivisions are to be reimbursed to employment may be created generally. the Federal Government by them and are not The projects which have already been acted deductible from Federal road funds. on will create employment for thousands of Under section 201 (a) of the emergency act, men on the construction sites and in mills, the corporation has engaged in the following shops, quarries, mines, and other lines of inoperations to aid in financing self-liquidating dustry, and will provide traffic for railroads. construction projects which will create em- The applications for loans on several other ployment: projects will soon be in shape for action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

631 OCTOBER, 1932 FEDERAL RESERVE BULLETIN It is the expectation of the corporation that livestock. The law requires the corporation a number of loans to finance projects to provide to furnish each of them with a capital of not low-cost housing will be applied for in the near less than $3,000,000 and provides that the unfuture under paragraph 2 of section 201 (a) expended balance of the^ $200,000,000 allocated of the emergency relief and construction act. to the Secretary of Agriculture in the original That section provides that such loans may be Reconstruction Finance Corporation act may made only to corporations organized solely for be used to purchase the stock. Approximately the purpose of providing such housing and $125,000,000 is available for this purpose. which are regulated by State or municipal law The law provides that these corporations as to rents, charges, capital structure, rate of shall be managed by officers and agents apreturn, and areas and methods of operation. pointed by the Reconstruction Corporation. At the present time such regulatory laws are The chief officers of 8 of the main offices and in force only in New York State, but it is 11 of the branch offices have been appointed. anticipated that such legislation will be en- Application forms for the use of those desiring acted before long in some other States. to secure loans have been supplied to these The outlook is that applications are to be offices, and in a short time funds will be availmade for a number of loans in New York in able to borrowers. the immediate future to finance large building Under section 201 (d) of the emergency act projects of this kind, and which will furnish the corporation is authorized to make loans to much employment. bona fide institutions, organized under the laws Section 201 (e) of the emergency act author- of any State or of the United States and having ized the corporation to create regional agricul- resources adequate for their undertakings, to tural credit corporations in the 12 Federal land- enable them to finance the carrying and bank districts. Such corporations have been orderly marketing of agricultural commodities created in 10 of the districts. The location of and livestock produced in the United States. the main office for each district has been estab- The corporation has authorized two loans under lished, and also the location of 18 branch offices. this section—one of $35,000,000 to the Ameri- These regional credit corporations are au- can Cotton Cooperative Association, and one thorized to make loans to farmers and stock- of $15,000,000 to the Cotton Stabilization men, the proceeds to be used for an agricultural Corporation. Security for these advances is to purpose (including crop production), or for the be cotton held by these corporations at the rate raising, breeding, fattening, or marketing of of $25 per bale. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN OCTOBER, 1932 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 22 and released for publication September 24] Volume of industrial production increased Distribution.—Volume of merchandise and from July to August by considerably more than other freight handled by the railroads increased the usual seasonal amount, reflecting chiefly ex- seasonally during August, while during the corpansion in activity at textile mills. Wholesale responding period a year ago no increase was prices advanced during August, and the general reported. Department-store sales of merchanlevel prevailing in the first three weeks of Sep- dise increased from July to August by sometember was somewhat higher than in other recent what less than the usual seasonal amount. months. There was a further growth in the co un- Wholesale prices.—Wholesale commodity try's stock of monetary gold and a nonseasonal prices advanced from 64.5 per cent of the 1926 return flow of currency to the reserve banks. average in July to 65.2 per cent in August, Production and employment.—Industrial out- according to the monthly index of the Bureau put increased substantially in August, and the of Labor Statistics. During August prices of board's seasonally adjusted index showed an many leading commodities, including textile advance from 58 to 60 per cent of the 1923-1925 raw materials and finished products, wheat, average. Activity at cotton, woolen, silk, and hides, nonferrous metals, sugar, rubber, and rayon mills increased from the low level of other coffee, increased substantially. In the first recent months by considerably more than the half of September there were declines in the usual seasonal amount, and there was also a prices of many of these commodities, while substantial increase in activity at shoe factories. prices of wool and woolen goods, cattle, and Output of automobiles, however, declined hides advanced. further, and production in the steel and lumber Bank credit.—During recent weeks further industries showed none of the usual seasonal growth in monetary gold stock, a return flow increase in August. During the first three of currency from hoards, and new issues of weeks of September there was a slight advance national bank notes have resulted in additions in steel output. to the reserve funds of member banks. These Employment at factories increased slightly banks have employed a part of the funds in more than is usual at this season. There were further reducing their borrowings at the reserve large additions to working forces in the textile, banks, and have accumulated a part as reserve clothing, and leather industries, while in the balances, which at the present time are more automobile, tire, and machinery industries and than $300,000,000 in excess of required reat car-building shops the number employed serves. Reserve bank holdings of United States decreased further. Aggregate wage payments Government securities and of acceptances increased less than seasonally. remained practically unchanged during the Building contracts awarded up to September four weeks ending September 14, while the 15, as reported by the F. W. Dodge Corpora- total of reserve bank credit declined by $43,tion, indicate that for the third quarter the 000,000 through the reduction of discounts for total value of contracts will be about the same member banks. as for the second quarter, whereas usually Loans and investments of reporting member awards for the third quarter are smaller. Cur- banks in leading cities showed little change berently, contracts for public works are a consid- tween the middle of August and the middle of erably larger part of the total than they were September. A further decline of more than at the beginning of the year, and residential $150,000,000 in loans by banks outside New contracts are a smaller part. York City during the past four weeks was offset Department of Agriculture crop estimates in large part by continued increase in investbased on September 1 conditions indicate little ment holdings, chiefly at member banks in New change in prospects during August. Indicated York City. There was a considerable growth crops of wheat and tobacco are considerably in deposits of reporting member banks, reflectsmaller than in other recent years, while the ing in part larger balances held by city banks corn crop is the largest since 1925. The cotton for the account of other banks. crop is estimated at 11,300,000, a decrease of Money rates in the open market remained about 6,000,000 bales from the large crop of a unchanged at low levels during August and the year ago. first half of September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

633 OCTOBER, 1932 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 5000 4500 4500 4000 4000 Member Bank Reserve Balances 2500 2500 2000 2000 1500 1500 1000 1000 500 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending October 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN OCTOBEK, 1932 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of Increase Month or week United B co il u ls n d te i d s- bo B u il g ls ht G S m o t v a e e t n e r t s n- r O e b s a t e h n r e k v r e Total g M o o ld n e st t o a c ry k T c a r u d e r j a u re s s n u te c r d y y i M n l a c o t i i n r o c e n u y - M re b e s a m e n r b k v e e r d m e N e p m o o s n b i - e ts r , p c U e a n n p d e it x e a d - l securities credit balances etc. funds 1931—April 155 173 600 952 4,711 4,647 2,376 27 May 163 144 599 926 4,767 4,679 2,387 28 382 June 188 121 610 945 4,865 4,750 2,404 35 380 July 169 79 674 954 4,958 4,836 2,407 83 370 August 222 135 712 1,107 4,975 4,947 2,345 187 367 September 280 259 736 1,313 4,948 5,133 2,333 109 364 October. 613 692 733 2,088 4,447 5,478 2,256 208 361 November 695 560 727 2,035 4,363 5,518 2,118 171 357 December 774 340 777 1,950 4,450 5,611 2,069 144 358 1932—January 828 221 759 1,865 4,452 5,645 1,979 113 February 848 151 743 1,785 4,384 5,627 1,907 73 349 March 714 105 809 1,652 4,372 5,531 1,899 37 349 April 605 52 1,014 1,694 4,381 5,452 1,996 63 353 May 486 41 1,413 1,959 4,273 5,456 2,138 77 349 June 495 50 1,697 2,262 3,956 5,330 2,062 65 348 July 523 60 1,818 2,422 3.941 5,751 2,003 46 343 August 451 37 1,850 2,353 4,031 5,720 2,073 40 347 September 387 34 1,848 2,282 4,140 5,685 2,181 35 347 Week ending (Saturday) May 7 514 1,284 1,864 4,350 ,796 5,465 2,115 351 May 14 480 1,372 1,916 4,316 L, 774 5,457 2,125 350 May 21 474 1,438 1,971 4,274 1,790 5,459 2,152 350 May 28 477 1,504 2,034 4,204 1,786 5,439 2,164 349 June 4 496 1,563 2,117 4,107 1,797 5,477 2,107 349 June 11 506 1,638 2,199 1,786 5,473 2,093 60 348 June 18 496 1,700 2,276 3,922 1,800 5,485 2,092 74 347 June 25 _. 491 1,746 2,313 3,916 1,769 5,556 2,032 60 350 July 2 - 484 1,791 2,359 3,919 1,800 5,703 1,979 50 346 July 9_- - 509 1,793 2,404 3,920 1,795 5,785 1,946 43 345 July 16 521 1,821 2,428 3,932 1,765 5,745 1,991 45 344 July 23 536 1,831 2,439 3,952 1,775 5,751 2,025 47 343 July 3O.__— 531 1,839 2,430 1,774 5,718 2,057 49 343 Aug. 6 494 1.846 2,395 3,987 1,764 5,738 2,014 49 345 Aug. 13 458 1,851 2,363 4,002 1,793 5,725 2,041 47 345 Aug. 20 443 1,851 2,346 4,040 1,803 5,725 2,078 41 345 Aug. 27 432 1,851 2,330 4,060 1,814 5,706 2,122 30 346 Sept. 3 433 1,851 2,332 4,082 1,803 5,709 2,129 33 346 Sept. 10 422 1,842 2.313 4,107 1,825 5,732 2,134 33 346 Sept. 17 394 1,843 2,284 4,135 1,842 5,690 2,188 35 348 Sept. 24 _. 362 1,852 2,262 4,164 1,814 5,660 2,196 35 349 Oct. 1 .- 343 1,853 2,244 4,184 1,836 5,635 2,241 37 351 End of month series Wednesday series Apr. May June July Aug. Sept. Aug. Aug. Sept. Sept. Sept. Sept. 30 31 30 31 31 30 24 31 14 21 28 Bills discounted 556 490 440 538 433 332 Bills discounted 427 433 420 402 359 340 Bills bought - 48 36 67 43 34 33 Bills bought 35 34 34 34 34 34 United States Government se- United States Government securities 1,228 1,549 1,784 1,841 1,852 1,854 curities 1,851 1,852 1,851 1,851 1,852 1,854 Other reserve bank credit 18 21 19 Other reserve bank credit 12 14 14 15 14 Total reserve bank credit 1,850 2,096 2,310 2,439 2,331 2,233 Total reserve bank credit 2,321 2,331 2,319 2,301 2,259 2.241 Monetary gold stocic 4,367 4,152 3,919 3,974 4,088P4,191 Monetary gold stock... 4,064 4,087 4,105 4,128 4,165 4,185 Treasury currency adjusted 1!"~ 1,802 1,836 1,758 1,800 1,841 Treasury currency adjusted 1,819 1,801 1,819 1,866 1,813 Money in circulation 5,464 5,480 5,726 5,692v 5,653 Money in circulation 5,684 5,692 5,725 5,668 5,642 5,605 Member bank reserve balances. 2,124 2,113 1,982 2,052 2,146 2,225 Member bank reserve balances. 2,142 2,146 2,142 2,244 2,211 2,269 Nonmember deposits, etc 79 109 42 49 36 36 Unexpended capital funds, non- Unexpended capital funds 353 346 344 345 351 member bank deposits, etc 378 381 377 383 385 387 v Preliminary! Back figures.—See Annual Report for 1931 (Tables 1-5) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

635 OCTOBER, 1932 FEDERAL RESERVE BULLETIN RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Sept. 30, 1932 Aug. 31, 1932 Sept. 30,1931 RESOURCES Gold with Federal reserve agents _ _ . .. 2,188,686 2,081, 761 1, 927,710 Gold redemption fund with United States Treasury 48, 228 57,668 39, 753 Gold held exclusively against Federal reserve notes. 2, 236,914 2,139,429 1,967,463 Gold settlement fund with Federal Reserve Board 245,086 273,486 445, 634 Gold and gold certificates held by banks __ __ _ - 411,179 360,046 725,084 Total gold reserves 2,893,179 2,772,961 3,138,181 Reserves other than gold _- 197,552 206, 702 162,364 Total reserves .__ 3,090, 731 2,979. 663 3,300,545 Nonreserve cash _. ._ . __ 77,078 75,119 70,774 Bills discounted: For member banks . 330, 882 ' 432,324 327,410 For intermediate credit banks 285 80 77 For nonmember banks, etc . . 621 '352 438 Total bills discounted 331,788 432, 756 327,925 Bills bought: Payable in dollars— Bought outright . 2,456 3,264 400, 218 Under resale agreement. . . 19, 505 Payable in foreign currencies 30, 849 30,834 48,804 Total bills bought 33, 305 34,098 468,527 United States Government securities: Bought outright _ _ _ 1,851,011 1,838,815 738,455 Under resale agreement 2,658 12,900 3,890 Total United States Government securities 1,853,669 1,851, 715 742,345 Other reserve bank credit: Federal intermediate credit bank debentures 13,800 Federal land bank bonds 500 Municipal warrants 4,824 5,915 105 Foreign loans on gold 4,768 Due from foreign banks 2,665 2,668 8,752 Reserve bank float (uncollected items in excess of deferred availability items) 6,367 3,476 11,274 Total reserve bank credit outstanding 2,232, 618 2,330,628 1, 577,996 Federal reserve notes of other reserve banks 12, 540 15, 082 16,996 Uncollected items not included in float 332,818 308, 796 467,639 Bank premises 58,126 58,121 59, 225 All other resources 44, 023 47,613 36,359 Total resources _ 5,847,934 5,815,022 5,529,534 Federal reserve notes: LIABILITIES Held by other Federal reserve banks _ _ 12, 540 15.082 16,996 Outside Federal reserve banks 2, 737,144 2,798,938 2,080, 797 Total notes in circulation 2, 749,684 2,814,020 2,097,793 Deposits: Member bank-reserve account. 2,224,689 2,146,183 2.363,584 Government 51,347 59,429 22,243 Foreign bank 8,261 14,187 95,135 Other deposits __ 28,182 21,485 25,194 Total deposits 2, 312, 479 2,241,284 2,506,156 Deferred availability items _ 332, 818 308,796 467,639 Capital paid in _ 152,996 153,099 166,759 SUTDIUS _ 259,421 259.421 274,636 All other liabilities.. 40, 536 38,402 16, 551 Total liabilities 5,847,934 5,815,022 5,529,534 Contingent liability on bills purchased for foreign correspondents 43, 363 49,043 100,118 Federal reserve notes: FEDERAL RESERVE NOTE STATEMENT I H ss e u ld e d b y to F F e e d d e e ra ra l l re re s s e e rv rv e e b b a a n n k k s s i by Federal reserve agents 2,9 2 8 34 3 , , 7 0 8 9 0 6 3.0 2 5 3 1 7 , , 9 9 9 7 9 9 2, 4 5 2 2 3 1 , , 8 6 5 4 4 7 In actual circulation 2, 749, 684 2, 814,020 2,097, 793 Collateral held by agents as security for notes issued to banks: Gold . . 2,188, 686 2,081, 761 1, 927,710 Eligible paper 315, 326 416,786 712,450 United States Government securities .. 498,600 578,100 Total collateral . 3,002,612 3,076,647 2, 640,160 r Revised. i Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation! Back figures.—See Annual Report for 1931 (Table 11), 1930 (Table 10), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN OCTOBER, 1932 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] [In thousands of dollars] Analysis of changes 1932 Gold Month a s t t o e c n k d I i n n c s r t e oo a cc s kk e Net gold Net re- D tic o m pr e o s - - From or to— (p S r e e p li t m em in b a e r r y) August J A an u u g a u r s y t mo o n f th d m u o r nn iinn th g import fr m om ar k e a * r- du e c tc ti .J on, Im- Exports Im- Ex- Im- Exports ports ports ports ports 1929—March 4,188 34.4 24.8 7.5 2.1 J A J M A S N O D u u e p u e o c a l n p c r y t g v y e o i e t u e l e m b m s m e t b r b b e e r e — r r - . 4 4 4 4 4 4 4 4 4 , , , , , , , , , 3 2 3 3 3 3 3 3 2 0 6 2 4 8 7 6 6 8 1 0 4 1 6 2 0 7 4 - - 1 8 4 2 7 1 1 1 1 9 2 3 0 2 4 8 6 2 . . . . . . . . . 2 9 4 4 6 4 9 3 1 - -6 2 2 3 2 3 1 1 1 4 3 0 3 3 4 7 8 7 . . . . . . . . . 4 2 2 6 7 1 6 4 5 - - 2 - - - - 2 4 1 1 7 6 4 2 2 1 8 6 . . . . . . 0 . . 6 5 5 . 0 0 6 0 1 0 3 0 0 3 3 1 1 1 . . . . . . . . . 9 0 6 7 8 5 4 5 1 N B S E G P C F C w o r n e a e e e a r l g n t n r i g n t h t m l a t u z i c a r e d u g e a e a n r a m r l a l n d l a l y a A n n d m d s e . . . . r _ ic _ a _ _ _ _ 5 5 3 , , , 5 5 2 1 4 0 6 9 0 6 7 8 1 0 9 - — 6 5 1 , , 0 2 1 1 0 9 6 0 2 2 3 6 0 6 1 l8,"650 8 8 " '4 8 7 1 , , , 0 2 1 9 1 2 9 3 6 0 5 1 5 0 1 8 2 4 1 1 8 5 1 1 1 1 8 3 8 5 3 2 5 , , , , , , , 3 1 6 2 7 1 5 2 8 3 0 4 3 3 2 7 6 2 2 3 3 8 5 4 7 Mexico... . .. 2,249 2,273 14, 582 320 Total (12 mos.)- 142.5 175.1 -55.4 22.8 Argentina 12,950 1930— J J M M A F u J u e p a a a n l b n r y r y e i r u c l - u a h . a ry ry._ 4 4 4 4 4 4 4 , , , , , . , 5 4 4 5 5 2 3 1 1 9 3 2 9 5 7 7 1 5 1 3 3 -1 6 6 7 2 1 8 6 1 5 8 0 7 . . . . . . . 4 9 9 8 6 2 5 -1 6 6 2 5 1 9 4 5 3 0 5 3 . . . . . . . 6 0 7 5 0 9 5 - 1 3 0 0 0 2 2 5 . . . . . . 0 . 5 5 0 0 0 0 -0 0 4 2 2 1 1 . . . . . . . 3 5 3 3 3 9 7 U V E P A B C C e c o r e h r u i r u u n l i s t u o n a g e t i r s m a z d u a h u o a b l e i r y I a i a l a n a n d d i a. Hong _. 2,8 5 3 3 6 7 1,0 2 5 4 3 8 4 4 9 0 6 7 5 5 4 8 6 7 8 3 4 5 2 1 , , , , . , 2 1 3 0 0 6 7 2 0 9 3 2 8 6 7 1 4 7 5 7 1 1,6 1 6 2 0 6 S A O N D e c u o e p t c g v o t e u e e b m m s m e t r b b b e e e r r r . - - . 4 4 4 4 4 , , , , , 5 5 5 5 5 7 1 0 3 9 1 1 1 5 3 -1 3 2 1 2 5 6 2 0 3 . . . . . 5 8 2 1 3 -1 3 3 2 9 2 2 5 6 . . . . . 6 5 7 4 2 -1 - - 2 6 5 0 4 . . . . . 1 1 2 0 0 4 3 3 3 4 . . . . . 8 7 2 5 1 J D A P a h l u K p l i t a l o o c i n t h p n h g p e E i r n a c e s o t I u s I n _ l n a tr d n i i e d e s s s » _ . 4,0 6 8 8 7 0 4 1, , 7 7 3 0 8 1 9 3 7 2 4 3 3 2 2 7 , , , , , 4 9 6 3 2 1 3 3 3 0 9 6 5 4 0 232 Total (12 mos.). 309.6 280.1 -2.4 31.9 Total -25,324 24,170 18,067 "•189,856 809, 379 1931—January 4,643 49.4 34.4 11.9 3.1 February._ 4,665 22.0 16.1 2.5 3.3 1 Includes all movements of unreported origin or destination. March 4,697 32.0 25.6 3.0 3.3 2 At New York—imports, $16,877,000. Elsewhere, imports, $8,447,000. April 4,726 28.7 49.5 -7.5 -13.3 r Revised figure for imports from Canada in July, $4,573,000. May 4,798 72.4 49.6 4.0 18.8 J J u u n l e y.. 4 4 , , 9 9 5 4 6 9 1 - 5 6 8 .6 .0 6 1 3 9 . . 8 5 -2 9 9 2 . . 7 3 3 1 . . 6 9 KINDS OF MONEY IN CIRCULATION August 4,995 45.7 57.5 -16.0 4.2 September. 4,741 -254.3 20.6 -279.1 4.2 [Money outside Treasury and Federal reserve banks. In millions of October 4,292 -448. 4 -337. 7 -107.6 -3.1 dollars] November.. 4,414 122.0 89.4 28.3 4.2 December.. 4,460 45.8 56.9 -22.9 11.9 1932 1931 Total (12 mos.)- -133.4 145.3 -320.8 42.1 - Kind of money 1932— F J e a b n r u u a a ry ry 4 4 , , 3 4 5 1 4 6 - - 4 6 4 2 . . 2 3 - -9 7 0 3 . . 6 0 2 2 5 6 . . 4 4 3 1 . . 4 9 Sept. 30 v Aug. 31 Sept. 30 March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23.1 -30.2 4.0 3.2 May 4,152 -214.1 -195.5 -22.1 3.6 Gold coin 445 449 376 June 3,919 -233.9 —206.0 —28.8 0.9 Gold certificates 644 669 1,037 July 3,974 55.8 '-5.6 56.2 r5.2 Federal reserve notes 2,731 2,793 2,080 A Se u p g t u e s m t ber P.. • 4 4 , , 1 0 9 8 1 8 1 1 1 0 3 3 . . 9 0 2 6 5 . . 1 3 1 7 0 2 0 . . 3 5 3 5 7 .4 .3 Treasury currency:l Standard silver dollars 29 30 34 Total (9 mos.)_ -268.« -594.2 292.1 33.2 Silver certificates _. 359 350 382 Treasury notes of 1890 . 1 1 1 i Gold released from earmark at Federal reserve banks less gold placed Subsidiary silver 257 255 273 under earmark. Minor coin _ _. 113 113 117 » This figure, derived from preceding columns, represents the excess of United States notes 286 285 299 domestic production over nonmonetary consumption of gold—chiefly Federal reserve bank notes . 3 3 3 consumption in the arts. In any given month, however, it may be pre- National bank notes 785 744 645 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 Treasury currency 1,833 1,781 1,754 reached a reserve bank or the Treasury, and (6) gold bullion recently withdrawn from stock for export may not yet have been actually ex Total money in circulation. 5,653 5,692 5,246 ported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. * Preliminary figures. r Revised. 1 For explanation of the term "Treasury currency" see BULLETIN for 3 Includes an import of $2,200,000 gold coin which is not included in July, 1929, p. 432. the official figures for net imports published by the Department of v Preliminary. Commerce. Back figures.—See Annual Reports for 1931 (Table 35), 1930 (Table 32), Back figures.—See Annual Report for 1931 (Table 30). and 1927 (Table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 637 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b e t a m a n l k b - s a e l r l Ne C w i t Y yi ork r O c e i t s t h e i r e e v r s e "C b o a u n n k t s ry' T m o b t e a a m n l— k b s e a r ll Ne C w it Y y* ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" 1931—May... 2,387 961 578 66.8 15.5 23.6 27.7 June 2,404 882 949 573 128.9 71.4 27.0 30.5 July 2,407 887 950 570 124.4 60.6 32.8 30.9 August 2,345 843 943 559 100.6 34.3 35.7 30.6 September 2,333 864 918 551 120.3 53.8 36.7 29.8 October. 2,256 848 872 536 129.1 52.5 39.7 37.0 November 2,118 774 832 512 57.0 10.7 19.4 26.9 December 2,069 766 807 503 59.5 18.5 16.9 30.9 1932—January 1,979 724 767 488 35.4 4.5 1.8 29.2 February 1,907 681 753 473 43.8 7.2 11.3 25.3 March 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 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 August 2,073 832 797 444 269.9 127.7 108.9 33.3 Week ending (Friday)— June 1. 1,979 758 772 449 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 July 22 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 Aug. 19_. 2,072 831 794 448 128.5 103. 1 Aug. 26. — 2,117 874 802 441 165.3 114.2 Sept. 2 2,132 892 803 437 172.6 115.5 Sept. 9 2,127 865 814 448 144.1 125.6 1 Central reserve city banks only. 1 Figures not available by weeks. Back figures.—See Annual Report for 1931 (Tables 49 and 56). 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 t e a k e r m 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 - a T l b l o a b m n t e a e k r m l s - - C Y N i o e ty r w k 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 k r e l m s - - C Y N i o e t r w y k 1 r O e c s i t t e h i r e e v s r e ' b t C a r n o y u k " s n- 1931—May 32,168 7,439 13,157 11,573 18,419 6,094 7,236 5,090 13, 749 1,345 5,921 6,483 June 31,602 7,232 12,939 11,432 18,055 5,934 7,132 4,988 13,548 1,297 5,807 6,444 July.. 31,526 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13,404 1,260 5,728 6,415 August 31,041 7,147 12, 702 11,192 17, 783 5,946 7,012 4,825 13, 259 1,201 5,691 6,367 September 30,500 7,126 12,356 11,018 17, 525 5,962 6,805 4,758 12,974 1,163 5,552 6,259 October... 29,138 6,937 11,657 10,544 16,859 5,872 6,421 4,567 12, 279 1,065 5,236 5,977 November 28,218 6,612 11, 350 10,256 16, 358 5,653 6,273 4,432 11,860 959 5,076 5,825 December. 27,438 6,414 11,048 9,976 15,985 5,546 6,106 4,333 11,453 868 4,942 5,643 1982—January... 26, 592 6.165 10, 706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February. 25,715 5,797 10,413 9,505 14,789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25, 431 5,760 10, 291 9,380 14,575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10,797 811 4,618 5,368 May 25,466 6,159 10, 081 9,226 14, 679 5,342 5,425 3,911 10,787 816 4,656 5,315 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 August 24,744 9,833 8,827 14,141 5,217 5,283 3,641 10,603 4,550 5,186 i Central reserve city banks only. Back figures—See Annual Report for 1931 (Table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN OCTOBER, 1932 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Purchased paper Total Total loans Call date i m n lo a v e a n e n n d s t s t s - L ba o t n a o k n s s Total s b c t a u o S b o n r n e c y e d - d k d s s e c s r u S b t e r e y a a e - t l d e O c c u w a u u t n s n h i r r e s s - e d e e e e d d r - - Total A a p a c n i b c a n c e y l e e p - s t- a c p a A n e b a p c c y l - e t e - - s p C m c a o i p e m a r e l - - r Y L N k b o o i t r e e n a r o o r w k n - s i s Total U m r s G e e i r . t e o c n S i u n e v - . s - t - O s r e i t t c h i u e e - s r b s c o t a u o s b n n e r y c - d e d k d s s 2 United abroad States TOTAL—ALL MEMBER BANES 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 10,989 4,125 6,864 9,754 1931—Mar. 25 34, 729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 9,272 June 30 33,923 457 19, 257 7,117 3,216 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29 33, 073 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30, 575 790 17, 570 6,290 3,038 8,244 901 146 41 140 575 11,314 5,319 5,996 7,320 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 7,951 288 3,940 1,708 132 2,100 1,790 61 61 29 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 52 37 1,102 1,972 1,135 838 2.971 June 29 8,160 314 4,532 1,877 175 2,480 1,496 58 58 21 1,359 1,819 1,006 813 3,396 Oct. 4 8,150 302 4,846 1,944 176 2,726 1,196 59 33 8 1,096 1,807 989 817 3,191 Dec. 31 8,774 322 4,964 2,200 169 2,595 1,397 128 46 21 1,202 2,091 1,112 979 3,562 1930—Mar. 27 8,238 199 4,338 1,936 150 2, 252 1,655 89 40 49 1,477 2,046 1,150 897 3,504 June 30 8,798 196 4,308 2,022 157 2,129 2,091 144 29 35 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 28 22 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 22 34 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 51 35 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 44 94 1,063 2,801 1,656 1,145 3,026 Sept. 29 8, 253 250 3,850 1,816 152 1,881 1,121 201 33 48 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 17 29 542 2,697 1,768 928 2,474 1932—June 30. 6,715 260 2,856 1,343 160 1,353 565 262 21 23 258 3,033 2,008 1,025 1,757 OTHER RESERVE CITIES 1928—Dec. 31 14, 066 213 9,267 3,734 1,547 3,986 742 18 34 150 541 3,844 1,836 2,008 4,381 1929—Mar. 27 13,925 258 9,286 3,740 1,509 4,036 645 43 32 147 423 3,736 1,896 1,840 4,292 June 29 13, 832 308 9,434 3,718 1,503 4,213 480 17 25 88 349 3,611 1,765 1,846 4, 221 Oct. 4 13,983 294 9,775 3,869 1,491 4,415 526 8 31 75 413 3,388 1,671 1,717 4,429 Dec. 31 13, 785 346 9,748 3,975 1,559 4,214 438 51 29 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27 13, 575 263 8,951 3,604 1,544 3,802 945 59 35 242 609 3,416 1,662 1,754 4,368 June 30_ 13, 701 277 9,029 3,811 1,524 3,693 710 18 38 301 353 3,685 1,686 1,999 4,306 Sept. 24 13, 971 235 8,726 3,632 1,526 3,567 1,064 54 31 337 643 3,947 1,785 2,161 4,387 Dec. 31 13, 758 286 8,906 3,656 1,631 3,620 531 122 29 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25 13, 965 235 8,409 3,366 1,619 3,423 645 158 48 212 227 4,676 2,313 2,364 3,729 June 30- _ 13, 567 247 8,100 3,188 1,621 3,291 470 91 67 189 124 4,750 2,408 2,342 3,459 Sept. 29 . 13, 016 284 7,845 3,092 1, 585 3,168 326 67 35 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 21 62 16 4,226 2,133 2,093 3,05C 1932—June 30. 11, 045 254 6,519 2,403 1,407 2,709 118 38 11 62 7 4,154 2,187 1,966 2,585 "COUNTRY" BANKS 1928—Dec. 31 13, 667 37 8,254 1,906 1,444 4,904 625 30 8 211 376 4,751 1,382 3,370 2,300 1929—Mar. 27 13, 741 39 8,364 2,056 1,465 4,843 598 44 8 192 354 4,740 1,424 3,316 2,429 June 29 13, 719 49 8,551 2,139 1,486 4,926 496 33 7 140 316 4,623 1,384 3,240 2,480 Oct. 4 13, 780 45 8,627 2,295 1,485 4,847 553 27 6 144 376 4,554 1,361 3,193 2,694 Dec. 31 13, 375 45 8,481 2,314 1,462 4,705 409 33 5 163 208 4,439 1,267 3,172 2,545 1930—Mar. 27 13, 243 65 8,206 2,190 1,475 4,541 496 27 4 207 258 4,475 L273 3,202 2,462 June 30 13,157 63 8,229 2,227 1,475 4,527 312 8 4 171 129 4,554 1,229 3,326 2,367 Sept. 24 12, 944 62 8,007 2,200 1,480 4,326 286 4 4 164 115 4,589 L, 219 3,370 2,326 Dec. 31 12, 519 62 7,762 2,149 1,455 4,158 177 5 3 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25 12, 290 58 7,524 2,097 1,449 3,978 158 5 2 114 36 4,550 1,224 3,326 2,147 June 30.-. 12, 068 60 7,318 2,031 1,437 3,849 135 2 2 101 30 4,555 1,279 3,276 2,078 Sept. 29 11, 805 64 7,018 1,935 1,411 3,673 116 1 2 81 32 4,606 L, 433 3,172 1,985 Dec. 31 10, 999 69 6,469 1,756 1,346 3,367 71 4 2 48 16 4,392 1,418 2,974 1,796 1932—June 3O._ 10, 240 59 5,892 1,546 1,328 3,018 64 13 2 36 13 4, 226 L, 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. a Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report for 1931 (Table 53), 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 1931 (Table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 639 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] 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 b N e a m o n n k b - s er 1928—June 30. 57.265 39,464 17,801 35,061 24,303 10, 758 22,204 15,161 7,043 53,398 32,133 21,265 Oct. 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 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. 46,071 27, 834 18, 237 28,001 16, 587 11,414 18,071 11, 247 6,823 41,963 24, 755 17, 208 Back figures—See Annual Report for 1931 (Tables 45 and 46). NUMBER OF BANKS BANK LOANS AND INVESTMENTS, PERCENT- AGE DISTRIBUTION Member banks [Figures for June 30, 1932] Non- Date Total i Total Na- State b m a b e n e m k r s - To in ta v l e s lo tm an e s n t a s nd tional 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 19,046 46,071 100 Dec. 31 26,416 9,034 7,759 1,275 17,382 Member banks—total __ 28,001 61 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) 376 17, 760 39 Central reserve city banks- 1929—June 29 25,110 8,707 7,530 1,177 16, 403 New York City 6,715 15 Dec. 29 24, 630 8,522 7,403 1,119 16,108 Chicago 1,277 3 Other reserve city banks- 1930—June 30 23,852 8,315 7,247 1,068 15, 537 New York City__ 27 Dec. 31 22, 769 8,052 7,033 1,019 14, 717 Chicago _ 17 Other Federal reserve bank cities 1931—June 30 21,903 7,782 6,800 982 14,121 (10 cities) 92 4,781 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) 131 3,846 Other reserve cities (25 cities) 90 1,098 2 1932—June 30 19,046 6,980 6,145 835 12,066 "Country" banks * 6,604 10, 240 22 Nonmember banks 12,066 18,070 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. * Includes certain outlying banks in reserve cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN OCTOBER, 1932 REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Month or date Total L on o a s n e s - o A th l e l r Investments F r B i o . n a o w g t R r s - - . Total L on o a s n e s - o A th l e l r Investments F r B i . o n a o w g t R r s - - . a m T l n v o d e e o a s n t n t a i t - n s s l - F r B i o . n a o w g t R r s - - . curities loans Total U cu . r S i . t i s e e s - banks curities loans Total U cu . r S it . i e se s - banks banks 1931—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, 765 388 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 1,631 13, 257 435 February. _. 19, 775 5,497 7,214 7,064 3,856 484 6,645 2,127 2,171 2,347 1,521 13,130 461 March 19, 434 5,388 6,987 7,059 3,866 368 6,521 2,065 2,078 2,378 1,547 12, 913 365 April 19,096 5,150 6,820 7,126 3,875 277 6,492 1,947 2,029 2,516 1,620 12,604 277 May 19,112 4,975 6,727 7,410 4,121 185 6,647 1,851 2,038 2,758 1,797 12, 465 185 June 18,877 4,811 6,609 7,457 4,200 191 6,541 1,745 1,995 2,801 1,849 12, 336 191 July 18, 419 4,616 6,455 7,348 4,144 212 6,353 1,644 1,896 2,813 1,860 12,066 212 August 18, 587 4,578 6,319 7,690 4,499 164 6,517 1,657 1,819 3,041 2,081 12, 07C 164 September.. 18, 739 4,524 6,229 7,986 4,759 128 6,692 1,669 1,810 3,213 2,220 12,047 128 July 6... 18, 532 4,632 6,484 7,416 4,210 197 6,420 1,647 1,917 2,856 1,901 12,112 197 July 13.. 18,478 4,626 6,523 7,329 4,123 207 6,391 1,650 1,956 2,785 1,831 12,087 207 July 20.. 18, 333 4,618 6,410 7,305 4,107 229 6,285 1,648 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 Aug. 3... 18,696 4,632 6,364 7,700 4,488 6,556 1,669 1,832 3,055 2,087 12,140 188 Aug. 10- 18,622 4,612 6,346 7,664 4,482 163 6,515 1,672 1,821 3,022 2,065 12,107 163 Aug. 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 Aug. 24.. 18,499 4,551 6,277 7,671 4,491 150 6,473 1,651 1,803 3,619 2,067 12,026 150 Aug. 31- 18, 539 4,512 6,284 7,743 4,535 158 6,543 1, 632 1,819 3,092 2,116 11, 996 158 Sept. 7__. 18,564 4,519 6,293 7,752 4,535 153 6,575 1,646 1,832 3,097 2,109 11,989 153 Sept. 14.. 18,556 4,547 6,219 7,790 4,559 148 6,599 1,686 1,807 3,106 2,108 11,957 148 Sept. 21.. 18,930 4,511 6,218 8,201 4,981 113 6,796 1,662 1,806 3,328 2,344 12,134 113 Sept. 28.. 18,907 4,521 6,185 8,201 4,960 101 6,801 1,683 1,796 3,322 2,321 12,106 101 Back figures.—See Annual Reports for 1931 (Tables 58-60) and 1930 (Tables 52-54). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] For ac- For count of For ac- From New From private Month or date Total own ac- out-of- count of York banks banks, brokers, count town others Total and trust com- foreign banking banks * End of month panies agencies, etc. 1931—August 1,342 951 226 165 September. 1,268 943 174 151 1931 1932 1931 1932 1931 1932 October... 921 674 90 157 November. 802 588 124 90 December. 655 554 88 13 January... 1,720 512 1,557 374 138 1932—January... 544 473 65 6 February.. 1,840 525 1,646 385 194 140 February.. 495 417 72 6 March 1,909 533 1,692 391 217 142 March 531 432 94 5 April 500 423 70 7 April 1,651 379 1,466 300 185 79 May 436 385 44 7 M Ju a n y e 1 1 , , 4 3 3 9 5 1 2 3 4 0 4 0 1 1 , , 2 29 2 3 1 2 19 4 4 3 1 1 7 4 0 1 4 5 9 7 J J A u u u n l g y e u . s . t 3 3 3 7 4 3 7 4 5 3 3 3 1 0 4 9 9 2 2 1 1 9 7 8 July 1,344 242 1,171 195 173 47 September. 409 385 19 August 1,354 332 1,160 248 194 84 Sept. 7 371 348 September. 1,044 932 292 112 Sept. 14 433 408 Sept. 21 408 383 October., . 796 108 Sept. 28..-. 425 400 November. 730 582 148 December. 587 455 132 * Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Reports for 1931 (Table 63) and 1927 Back figures.—See Annual Report for 1931 (Table 62), 1930 (Table 56), (Table 47). etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

641 OCTOBER. 1932 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR CLASSES OF BANKERS' ACCEPTANCES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Based Based era b l a r n es k e s rve Hel c d e b p y ti n g g r o b u a p n k o s f ac- s o to n r g e o d o i d n s go o o n ds Based United stored Based States in End of month s T t o i a o n u n t g t a d - l - o F w o n r o c F o f a u c o fo - n r r t - Own Bills o H t b h e y e ld rs End of month Total p U i i n o o m . n t r S o - ts . o p U f n r o o . r e m S 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 o a x n l - l g a e r s t f h c r o i i o r e p e u s p i n g o e - n d r ac- eign bills bought shipped becount corre- between tween spond- domes- foreign ents tic points points 1930—May _ 1,382 184 463 166 63 103 570 OUTSTANDING J J S D A N O u u e u e o c n l p t c g v y e o t e u . e e b m s m m e t r b b b e e e r r r . . _ . . . . 1 1 1 1 1 1 1 , , , , , , , 3 5 5 3 3 5 3 5 0 5 3 6 7 0 0 8 6 9 7 1 5 3 1 1 2 1 1 1 2 6 2 4 0 4 2 8 7 9 3 8 1 7 4 4 4 4 4 4 4 7 3 2 3 7 3 7 9 3 9 9 0 2 1 3 4 2 3 3 2 2 8 9 7 1 7 6 0 4 3 9 7 1 7 5 1 1 1 9 7 6 6 9 8 3 5 2 4 3 0 0 1 2 3 2 2 1 1 1 1 1 1 8 8 7 4 2 3 6 2 6 2 1 4 4 4 4 5 5 5 6 3 1 0 5 1 0 3 4 7 7 0 1 3 1931— A N D S O J e u o e c u p c t l g v o y e t u e . b e m _ m s e m t b r b b e e r e r r... 1 1 1 1 , , , , 0 0 2 0 9 9 4 9 2 0 9 7 0 0 8 2 6 4 1 1 1 1 1 1 8 7 7 7 5 5 6 4 8 3 9 8 3 2 2 2 2 2 7 3 5 5 6 2 6 0 7 4 1 2 2 2 2 2 2 1 0 3 3 5 6 9 2 8 8 8 7 0 5 4 3 3 3 3 2 3 8 1 7 4 4 3 3 2 3 2 2 9 9 9 3 3 3 1 8 6 0 8 1931— J J F M A M J u u e a p l a n a b n y r y r e i u r c l u a h r a . y ry. .. 1 1 1 1 1 1 1 , , , , , , , 4 5 4 4 3 2 5 6 2 2 1 6 2 2 7 0 2 3 8 8 0 1 1 1 8 3 2 8 9 2 6 5 9 4 9 5 3 2 4 4 4 4 3 2 3 4 5 0 3 4 8 4 7 6 9 1 3 0 1 4 4 4 5 5 6 5 6 7 1 6 5 5 7 4 2 0 8 4 0 1 2 1 1 1 1 1 1 3 3 9 3 5 2 7 2 4 6 1 1 5 1 4 3 4 3 2 3 2 3 3 9 5 9 4 8 6 7 8 7 3 1 5 4 4 4 4 2 4 3 4 1 4 7 7 4 2 4 2 0 8 9 1 9 1932— J J A M M F u u J e p a l a n a b y r n y r e i r c u l u h a a r r y y .. _ _ 8 7 7 9 9 9 7 7 4 0 8 6 1 1 9 7 5 7 1 1 9 1 1 1 1 1 8 9 2 1 5 0 4 5 7 9 8 0 3 2 2 1 2 1 1 1 1 6 0 0 8 9 9 7 2 5 7 4 9 5 3 2 2 2 1 2 2 1 1 6 7 5 9 7 7 7 7 8 1 3 1 2 2 1 2 1 1 1 3 3 5 6 7 5 3 4 2 2 2 2 2 2 2 6 8 7 9 6 9 8 5 7 1 4 9 8 4 August 1,090 70 228 606 168 438 186 August 681 76 152 192 11 250 September- 996 420 100 410 162 248 67 October 1,040 647 99 230 112 118 63 HELD BY F. R. BANKS November.- 1,002 418 126 296 125 171 161 (OWN ACCOUNT) 1 December.. 974 305 251 262 131 131 156 1931—July _ 39 7 6 8 2 16 1932— A M M F J e p a a a b n r y r i u r c l u a h r a y ry.. _ _ 9 8 9 9 7 7 6 1 8 1 9 1 9 7 1 1 3 7 1 1 4 6 6 9 6 3 3 2 3 1 1 1 9 8 3 4 2 2 3 5 3 3 4 3 5 3 4 5 1 7 2 3 5 0 7 1 2 1 1 1 8 5 2 7 5 8 9 5 5 5 2 2 1 1 2 7 6 2 6 8 4 8 2 8 6 1 1 1 1 8 9 9 1 6 9 5 0 5 3 A S N D O e u o e c p c t g v o t e u e e b m m s m e t b r b b e e e r r r _. 4 6 4 3 2 4 1 0 7 0 7 8 5 0 1 6 6 4 1 0 8 1 3 0 5 9 5 6 5 3 9 5 6 5 1 8 9 8 2 8 9 8 4 9 2 1 1 1 3 4 7 6 4 2 1 1 1 3 8 8 0 7 8 5 5 4 0 J J A S u u e u n l p y g e t u e s m t ber ._ 7 7 6 4 0 8 7 5 1 3 1 6 3 2 9 5 4 4 8 9 9 3 5 5 5 1 6 7 8 3 4 2 1 19 0 9 7 0 8 3 3 3 6 1 7 6 8 6 9 7 5 6 0 5 1932— A M F J e p a a b n r r i r u c l u a h a ry ry _. 1 7 3 1 1 6 6 9 6 1 9 2 4 6 1 1 2 6 2 9 3 2 1 6 2 7 2 2 4 2 1 5 7 5 3 May 5 (2) (8) 3 p Preliminary. June 36 4 Q 19 July 12 1 1 5 Figures for acceptances outstanding (and held by accepting banks) August 3 (2) (2) 1 from American Acceptance Council. Back figures.—See Annual Reports for 1931 (Table 70), 1930 (Table 64), 1929 (Table 58), and 1928 (Table 61). i Total holdings of Federal reserve banks include a small amount of unclassified acceptances. » Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS Back figures.—See Annual Report for 1931 (Tables 67 and 15), 1930 (Tables 61 and 14), etc. [In thousands of dollars] COMMERCIAL PAPER OUTSTANDING [In millions of dollars] End of month 1929 1930 1931 1932 End of month 1929 iyao 1931 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 J04 541 305 111 July 2,061 1,065 34,371 30,645 June _ 274 527 292 103 August 12,346 1,071 145, 215 30,834 July 265 528 289 100 September. 16,955 1,075 48,801 30,849 August 267 526 271 108 October. _. 17,034 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. 358 118 Back figures.—See Annual Report for 1928 (Table 12), 1927 (Table 12), Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Table 1926 (Table 24), etc. 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN OCTOBER, 1932 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits d ( o in ll a t r h s o ) usands of Year and month Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - -All banks National State m N b e e o m r n s - - ba A n ll ks M b e e m rs - 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 be e o m r n s - - 501 51 19 431 196,460 21,285 21,218 153, 957 60 10 50 17,493 3,132 14, 361 1922 354 45 12 297 110, 721 19,092 5,151 86, 478 65 24 41 35, 565 11, 618 23, 947 1923 648 90 34 524 188, 701 32, 904 18, 324 137,473 37 14 23 11,674 5,068 6,606 1924 —. 776 122 37 617 213, 338 60,889 13, 580 138, 869 94 20 74 22, 462 7,190 15, 272 1925__ 612 118 28 466 172, 900 58, 537 8,727 105, 636 62 14 48 16, 618 6,779 9,839 1926 956 125 35 796 272,488 47, 866 20, 946 203, 676 149 14 135 60, 610 8,179 52,431 1927 662 91 33 538 193,891 46, 581 19, 755 127, 555 95 11 84 35, 729 8,311 27,418 1928 491 57 16 418 138, 642 31,619 10, 621 96, 402 39 5 34 15, 727 6,610 9,117 1929. 642 64 17 561 234, 532 37, 007 20,128 177, 397 58 5 53 25, 829 2,273 23, 556 1930 1,345 161 26 1,158 864, 715 173, 290 207,150 484, 275 147 7 140 61, 599 3,538 58, 061 1931.- 2,298 409 108 1,781 1, 691,510 439,171 294, 357 957, 982 276 31 245 158,187 53, 944 104,243 1931—January... 202 20 6 176 76,553 14,569 7,615 54,369 58 3 55 19, 322 1,856 17,466 February.. 77 15 5 57 34, 616 5,822 7,901 20, 893 49 6 43 17,157 3,333 13,824 March 86 18 1 67 34, 320 10, 899 108 23,313 31 2 29 11,788 3,381 8,407 April 64 17 3 44 41, 683 19, 498 2,264 19, 921 28 4 24 23, 613 15,893 7,720 May 91 24 2 65 43, 210 12, 320 5,055 25, 835 9 2 7 3,890 401 3,489 June 167 26 10 131 190,480 31,368 39,434 119, 678 8 5 3 24,522 23,816 706 July 93 16 2 75 40, 745 7,045 1,805 31,895 g 9 2,525 2,525 August 158 29 12 117 180,028 31, 629 52, 660 95, 739 4 4 14, 396 14,396 September. 305 46 16 243 233, 505 79,446 30, 272 123, 787 6 6 4,258 4,258 October... 522 100 25 397 471, 380 111, 088 117,259 243,033 22 2 20 5,096 991 4,105 November. 175 35 8 132 67, 939 28, 039 4,216 35, 684 21 4 17 13,041 3,684 9,357 December. 358 63 18 277 277,051 87, 448 25, 768 163,835 31 3 28 18, 579 589 17,990 1932—January... 342 74 13 255 219,071 63,686 10,873 144,512 19 3 16 10,952 3,293 7,659 February, _ ' 121 '24 6 '91 ' 57, 237 ' 17, 098 8,427 ' 31, 712 '43 '5 ' 14, 730 ' 3, 026' 11, 704 March 47 7 40 15,289 4,484 10,805 38 10 28 19,590 9,714 9,876 April 74 6 63 31,613 2,634 11, 887 17, 092 22 3 19 11,041 1,793 9,248 May 82 14 62 34, 365 6,258 1,237 26, 870 23 4 19 33,214 4,219 28, 995 June _. 151 44 103 ' 133,830 42, 474 7,589 ' 83. 767 21 3 18 11,501 2,891 8,610 July '132 20 '108 ' 49,293 17, 546 1.769 ' 29, 978 24 6 18 I ' 69, 959• 16,382 53, 577 August 85 17 66 '30,530 ' 11, 887 '798 '17, 845 '25 3 '22 '33,498 5,018 '28,480 September. J>65 »49 » 16, 008 v 2, 980 v 1, 992v 11,036 v 10 v 13, 623 P 2, 297» 11,326 r> Preliminary. ' Revised. Banks suspended and banks reopened.—The statistics of bank suspensions relate to banks closed to the public, on account of financial difficulties; by order of supervisory authorities or directors of the bank. Some banks reopen before the end of the calendar month in which they were closed, such banks are included in the record of suspensions for the month as given in the table. Reopenings are recorded as of the month in which they occur, and include for any given month reopenings both of banks closed during the month and of banks closed earlier. Deposits.—Figures of deposits in banks suspended are as of date of suspension whenever data as of this date are available; otherwise they are as of the latest available call date prior to suspension. For banks reopened the figures of deposits are not as of date of reopening, which are seldom available, but are taken from the record of suspensions. Back figures.—See Annual Reports for 1931 (Table 73) and 1928 (Table 64). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS [In millions of dollars] Holdings of Government securities i and eligible paper (including paper under rediscount) Member By reserve city banks By "country" banks By all member banks bo b r a r n o k w- Call date ings at U.S. U.S. U. S. Federal m G e o n v t e r s n e - - E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total r b e a se n r k v s e curities curities curities 1929—Mar. 27. 2,832 2,582 5,414 974 761 2,735 3,807 4,343 8,150 981 June 29. 2,577 2,688 5,265 929 773 2,702 3,506 4,461 7,968 1,029 Oct. 4_. 2,469 2,865 5,334 912 733 2,645 3,381 4,598 7,979 899 Dec. 31. 2,403 2,713 5,116 814 684 2,498 3,217 4,397 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 662 2,480 3,438 4,204 7,642 206 June 30. 2,640 2,285 4,925 772 620 2,392 3,412 3,905 7,317 274 Sept. 24. 2,682 2,271 4,953 764 541 2,305 3,446 3,812 7,258 173 Dec. 31. 2,777 2,100 4,877 708 438 2,146 3,485 3,538 7,023 248 1931—Mar. 25. 3,584 2,045 5,629 776 373 2,149 4,360 3,418 7,778 165 June 30. 3,871 1,870 5,741 836 328 2,164 4,707 3,198 7,905 147 Sept. 29. 3,942 1,787 5,729 994 209 2,203 4,936 2,996 7,932 323 Dec. 31. 3, 706 1,505 5,211 068 2,056 4,694 2,573 7,267 623 1932—June 30. 3,985 1,457 5,442 971 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 Annual Report for 1931 (Table 50). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 643 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 Rate in N Bo ew st on Y F o e r d k e . r . a .. l reserve bank ef O fe c c t t . o 1 n J O D u c n a t l e . i t s e h 2 1 e e 4 7 s d . . t 1 1 a 9 9 b 3 3 - 2 1 Pre ra v t i e ous Month or week m m p P 4 c o e a r o t r p i n o m c m e t i h r 6 - a e , s l a P a b c n e r a c 9 i c r n e m s 0 e k p ' s e - t , - l d T o a i a 9 y m n 0 s s e * , N C e a w ll lo n a e R n w e s - a i l c T n c U e a u r a o r . e n t r t t e y a i d e S f s s s i . , - - b T o u r n e r a d y s s - • Philadelphia.. Oct. 22,1931 days 3 to 6 months Cleveland Oct. 24.1931 Richmond 3K Jan. 25.1932 1931 Atlanta 3H Nov. 14.1931 June 2 1H-1X 1.50 1.50 4.55 Chicago.-_--_ June 25.1932 July 2 1.50 1.50 .41 St. Louis Oct. 22,1931 August 2 1.50 1.50 .42 Minneapolis- Sept. 12.1930 September 2 1M-2 1.50 1.50 4.45 Kansas City.. Oct. 23.1931 October -4M VA-&A 2.10 2.10 1.70 Dallas Jan. 28.1932 November 3 -4 2.50 2.50 1.77 San Francisco Oct. 21,1931 December 3 -4 2.73 2.70 1932 Back figures.—See Annual Report for 1931 (Table 36). January 2.61 2.65 2.48 February 2H-2H 2.50 2.50 2.42 BUYING RATES ON ACCEPTANCES March 2.50 2.50 *2.25 April 2 -3 2.50 2.50 1.11 [Buying rates at the Federal Reserve Bank of New York] May 2M-3H 2.50 2.50 .31 June... 2.50 2.50 4.34 Rate in Date estab- Previous July 1X-1H 2.08 2.08 .22 Maturity effect on lished rate August 2 -2H 2.00 2.00 .14 Oct. 1 September 2 -2H 2.00 2.00 *.O3 Week ending— 1-15 days June 24, 1932 2M Aug. 27 2 -IX 2.00 2.00 .06 16-30 days.__ do 2V2 Sept. 3 2 -2H 2.00 2.00 .06 81-45 days... do VA Sept. 10 2 -2X 2.00 2.00 46-60 days... do VA Sept. 17 2 -2M 2.00 2.00 81-90 days... 1 do 2H Sept. 24 2 -2X IX 2.00 2.00 91-120 days.. 1H ....do VA 121-180 days . do 3 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. > 3 issues—3%, 3%, 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. 4 Change of issues on which yield is computed. Back figures.—See Annual Reports for 1931 (Table 37) and 1928 (Table Back figures.—See Annual Report for 1931 (Tables 39 and 40), 1930 (Tables 36 and 37), 1929 (Tables 35 and 36), etc. 5). RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8 other northern and eastern2ities 27 southern and wBstern 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 5.55 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 September 5.63 6.06 4.29 3.93 4.30 5.80 6.24 4.74 4.48 5.03 5.82 6.27 5.55 5.32 5.63 October... 5.63 6.08 4.26 4.27 5.80 6.25 4.75 4.62 5.87 6.29 5.54 5.38 November 5.56 5.86 4.17 4 67 5 82 6 12 4 66 4.87 5.90 6 29 5 50 5 53 December. 5.63 5.74 4.16 4.64 5.91 5.94 4.68 4.91 5.91 6.20 5.43 5.56 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks in the city. Back figures.—See Annual Report for 1931 (Table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN OCTOBER, 1932 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926= 100) Selected groups of industrial issues Pre- Month or date Bonds' ferred stocks2 Total In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Auto- B i u n i g ld- mobile equipment Number of issues 66 20 421 351 33 37 13 12 1931—August 98.5 120.7 96 89 66 154 103 58 September 95.6 116.1 82 76 56 132 85 47 October 89.4 109.4 70 65 48 112 70 38 November 89.0 108.5 72 68 46 115 75 39 December 81.6 99.1 58 54 33 96 65 31 1932—January 81.0 96.5 58 54 37 94 64 31 February .. 80.3 96.3 56 53 34 93 60 30 March 80.8 96.2 57 54 32 93 55 29 April _ 79.4 94.2 44 42 22 73 34 22 May 75.2 90.3 40 38 17 68 30 20 June ~ _ _ . 72.2 83.6 34 34 14 55 26 18 July 74.2 85.3 36 36 16 55 26 19 August. 83.2 98.6 53 52 29 84 45 30 September 85.8 101.8 58 56 35 91 54 34 Sept. 7 86.2 103.6 64 62 38 99 60 Sept. 14 .. 85.5 101.2 52 50 29 83 46 Sept. 21 86.0 100.9 59 57 36 93 56 Sept. 28 85.5 101.4 58 55 35 91 55 CO CO Cop- Elec- C st h o a r i e n C i h c e a m l - a p n e d r e tr q i u c i a p l - c M e h r i a y n - - Oil Steel T ti e l x e brass ment 16 11 8 4 10 15 10 28 92 127 61 155 84 70 81 45 80 110 50 132 72 60 72 40 70 90 43 113 59 53 59 36 69 96 45 114 61 57 59 36 57 79 35 94 46 44 41 31 57 80 36 85 48 43 32 31 56 79 32 77 47 42 32 31 58 85 30 77 47 45 32 31 49 61 22 57 37 38 23 26 42 52 20 52 33 39 20 23 35 48 17 40 29 37 16 20 36 50 20 43 30 42 18 22 49 75 38 73 44 55 33 33 53 83 47 78 48 54 42 39 56 90 59 91 51 60 49 44 49 72 37 65 44 51 34 36 36 54 85 47 80 49 54 43 38 35 53 85 41 77 49 50 42 38 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. • 20 high-grade industrials; average price. Back figures.—See (for principal series) Annual Report for 1931 (Table 129). 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 i e d o g n s r o d n - t - ) ic t T a o n - S n m a p t i n a a c u d l t i - e - B n a o o C 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 e d o g n s o r d n - 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 t l e i s f s - Total B n a o o n n t d e d s s C i b c 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 April 16,368 13,567 2,801 -271 359 1924 5,557 4,588 1,380 2,200 829 969 759 May 16,245 13,323 2,922 -123 -244 121 1925. 6,201 5,125 1,352 2,452 1,153 1,076 925 June 16,520 14,152 2,368 275 829 -554 1926. 6,314 5,189 1,344 2,667 1,087 1,125 1,046 July 16,522 14.178 2,344 2 26 -24 1 1 1 1 1 9 9 9 9 9 3 3 2 2 2 1 0 7 8 9 - . . _. 1 3 8 6 0 7 , , , , , 0 0 9 5 0 9 5 4 0 9 6 9 0 9 1 2 6 6 6 9 , , , , , 8 0 2 7 4 6 1 0 8 2 0 9 4 9 0 1 1 1 1 1 , , , , , 2 4 3 4 4 3 3 7 1 7 4 5 9 8 5 3 2 1 2 2 , , , , , 2 9 1 3 0 4 8 8 8 7 0 0 3 5 8 2 5 1 1 , , , , 9 9 5 4 3 7 0 6 2 1 1 4 4 3 1 1 1 , ,3 2 9 2 6 3 5 2 0 7 7 1 9 5 1 2 1 1 , , , 4 2 8 9 7 2 5 2 4 1 0 2 8 9 1 N D A S O e o e u c p c t v g o t e e u e b m m m s e t b r b b e e e r r r 1 1 1 1 1 7 7 7 6 7 , , , , , 5 5 0 0 0 8 2 2 4 4 5 8 8 0 8 1 1 1 1 14 5 4 4 4 , , . . . 0 1 9 9 9 9 7 8 8 5 2 9 0 1 5 2 2 2 2 2 , , , , , 0 4 0 0 4 0 4 8 3 6 6 7 5 6 8 - 4 4 2 6 6 8 1 0 3 3 8 2 - 8 1 2 3 0 6 1 1 7 1 -3 - 3 2 3 3 5 6 1 8 8 1 2 1931— 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 11 7 4 4 3 9 4 4 1 1 2 2 2 0 4 4 7 3 Total (12 months). 1,754 1,116 October 45 45 16 14 4 0 1 1932 N D o ec v e e m m b b e e r r . . . . 1 1 1 2 2 3 1 1 1 2 0 3 5 4 4 4 2 2 8 8 3 2 9 4 0 2 2 2 1 1 J F a e n b u r a u r a y r .. y . ,. 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 March 15.102 3,088 370 370 1932—January 184 184 138 42 4 0 14 April 15.103 3,184 97 1 96 J J A M M F u u e p l a a n b y r y r e i r c l u h ary __. 1 1 0 9 7 7 7 6 6 1 8 1 3 2 1 1 0 9 7 7 7 6 4 1 8 1 3 2 1 2 3 8 7 3 0 5 0 4 4 5 9 6 3 4 1 2 7 4 5 7 5 0 0 0 1 4 1 2 0 0 0 0 0 3 5 6 2 7 2 2 7 4 1 2 9 J J A S M u u e u n l a p y g y e t u e m st be — r . 1 1 1 1 1 5 5 6 5 7 , , , , , 2 7 7 3 4 8 1 4 1 5 8 5 4 8 4 3 3 3 3 3 , , , , , 0 4 5 4 3 0 1 5 4 0 1 8 3 6 4 4 5 4 4 1 3 3 4 6 3 2 8 2 1 6 8 3 2 7 3 2 9 1 1 4 9 7 5 0 - -2 2 2 1 9 4 2 0 3 6 9 7 7 5 August 63 60 34 25 2 3 108 NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $315,000,000 at the end of September, * Includes issues of Federal land banks and Federal intermediate credit 1932. Figures include obligations held in Government trust funds banks, not shown separately. amounting to $373,000,000 at the end of September, 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 Back figures.—See (for figures of new issues—annual and quarterly basis) Annual Report for 1931 (Table 128). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL EESEEVE BULLETIN 645 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * Building contracts awarded Fac- (value)» Factory em- tory Freight-car Commonth Total» Manufactures1 Minerals l Tot.pl Residential All other ployment 8 ro p l a l y s' loadings * * _. i _ t j y prices' Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed usted justed justed usted us ted usted justed usted justed justed usted 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 August... 110 110 110 111 111 105 137 131 116 119 154 141 98 97 103 109 103 98 September 116 113 116 114 115 107 138 134 118 118 154 147 100 98 104 119 105 99 October. _ 118 115 117 116 123 111 134 136 115 115 150 152 100 98 107 119 106 97 November 115 117 115 118 118 114 122 132 112 114 130 146 99 99 104 109 107 96 December 109 118 110 120 106 111 107 127 93 106 117 145 98 100 104 94 106 96 1929 January. . 117 119 117 120 114 116 98 120 81 97 111 139 97 100 101 95 108 96 February. 121 119 122 119 116 119 102 118 84 94 116 137 100 100 108 99 107 95 March 124 119 126 120 101 109 121 121 106 101 133 137 101 101 111 98 105 96 April 124 121 128 122 103 114 139 123 117 100 158 142 102 102 111 102 108 96 May - . 126 122 128 123 116 117 143 121 113 97 168 141 102 102 111 109 107 95 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 108 95 July 120 124 120 125 118 116 136 124 94 93 170 149 102 103 106 111 107 97 August.. . 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 96 September 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106 96 October. _ 121 118 119 119 127 116 104 107 67 67 135 139 103 101 11 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 93 1930 January.. 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February- 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 90 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August. _. 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 62 108 105 86 83 83 99 87 84 October _ 90 88 87 86 105 95 75 78 51 62 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 August.. . »59 P 63 >58 *>59 66 65 32 30 11 12 48 45 59 59 40 53 51 65 «• Preliminary. * Average per working day. i For indexes of groups and separate industries see p. 674; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. »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. 675: for description and back figures see BULLETIN for November, 1929, and November, 1930. • For indexes of groups see p. 646; for back figures see BULLETIN for February, 1931, p. 108. « Revised index ot Bureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 676. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN OCTOBER, 1932 MERCHANDISE EXPORTS AND IMPORTS [ In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 January* 411 488 411 250 150 338 369 311 183 136 73 119 100 66 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 9 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 '110 71 40 44 14 '4 July 379 403 267 181 107 318 353 221 174 79 61 50 46 6 27 August 379 381 298 165 »109 347 369 218 167 P91 32 11 79 -2 P18 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 » Preliminary. ' Revised. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average=100] Index of salesl Index o m f s o t n oc th k ) s (end of 1932 April May June July Aug. Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal ad- Adjusted for seasonal variation variation justment variation justment Total 59 54 52 51 51 Coal 62 48 45 49 51 1931 1932 1931 1932 1931 1932 1931 1932 Coke 32 26 27 24 25 Grain and grain products 86 76 66 70 January 97 78 79 64 88 75 78 67 Livestock 61 54 53 54 57 February 98 78 80 64 86 73 81 69 Forest products 26 24 22 21 20 March.. _ 97 72 92 70 84 70 87 72 Ore _ 18 4 6 9 10 April 106 80 101 76 83 70 87 72 Miscellaneous 56 54 54 49 May 97 73 97 73 83 68 85 70 Merchandise * 73 71 71 69 June 95 71 90 67 82 68 80 66 July 91 07 65 47 81 64 75 60 August 88 66 67 50 79 61 76 59 Without seasonal adjustment September 84 i>68 87 J>71 81 84 D O e c c to e b m e b r er 8 8 8 3 6 1 1 9 9 4 5 3 2 8 7 7 0 8 9 8 8 7 8 9 3 Tota C C l o o a k l e _ 5 3 5 1 7 2 5 4 2 3 2 6 3 5 2 9 2 4 5 4 2 1 1 3 23 Year 91 82 Gr u a c in ts and - grain prod 66 62 58 84 83 Livestock 56 51 45 45 51 i Based throughout on figures of daily average sales—with allowance Forest products 27 26 24 21 21 for changes from month to month in number of Saturdays and for 6 Ore 9 7 10 17 18 national holidays: New Year's Day, Memorial Day, Independence Day, Miscellaneous 57 56 56 52 53 Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- Merchandise !. 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. » Preliminary. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for November, 1930, p. 686. Back figures.—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 647 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total United End of month (4 t 8 r i c e o s) un- States Canada countries7) Austria Belgium Bulgaria Denmark England France Germany 1931—May 11, 225 4,445 102 5,428 201 735 2,181 569 June 11, 272 4,593 87 5,351 199 793 2,212 339 July 11,220 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 3,986 77 6,484 349 588 3,012 209 April 11,487 3,956 77 6,531 351 588 3,052 205 May 11,388 3,717 78 6,665 353 3,115 206 June 11,320 3,466 78 6,841 357 3,218 198 July > 11,390 3,520 79 6,871 365 670 3,221 183 August p 11, 536 3,639 p 6,897 364 676 3,224 183 September. v 11, 670 *3,746 678 3,241 190 Europe—Continued End of month Greece Hungary Italy Ne l t a h nd er s - Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- u. s. s.Y sl u av g i o a - 6 c t o o ri u t e h n s e - r R. 1931—May — 280 181 124 18 June 282 200 468 162 262 18 July 283 236 439 225 267 18 August 283 260 439 229 280 21 September- 286 282 439 328 293 21 October 293 336 434 422 309 25 November. . 296 362 434 425 315 26 December.. 296 357 434 453 328 26 1932—January 296 351 434 472 26 February... 296 353 57 434 482 329 26 March 296 354 57 434 471 330 26 April 296 364 57 434 471 331 27 May 297 384 56 435 493 335 30 June 298 394 57 435 503 349 31 July.. 300 408 57 435 509 357 30 August 302 415 P57 435 510 368 P28 September.. P305 416 435 509 Latin America Asia and Oceania Africa End of month T c tr o ( o i 1 u e t 0 s n a ) l - lo C b m o ia - - Peru g U u r a u y - 5 c t o o ri u t e h n s e - r T c tr o o i ( u e 6 t s a n ) 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- Alge- Egypt A So fr u ic th a 1931—May. 465 362 58 724 74 147 422 34 32 June 451 350 58 730 75 151 425 34 31 July 418 322 57 714 66 158 412 34 33 August 402 309 57 698 52 162 406 34 31 September. __ 372 281 56 706 52 162 408 34 32 October 369 270 53 644 53 162 342 34 30 November 364 265 53 570 51 162 271 33 37 December 355 253 53 525 52 162 234 32 39 1932—January 350 252 52 13 510 51 162 215 32 40 February 347 249 52 14 511 52 162 215 32 37 March 348 249 52 15 507 52 162 214 31 31 April 344 249 51 13 505 52 162 214 30 34 May 346 249 51 13 506 52 162 214 30 35 June 348 249 50 13 508 52 162 214 30 38 July._ 348 249 50 14 P42 162 214 28 34 August *349 P249 P50 P14 162 214 P28 35 Preliminary; total (48 countries) for September partly estimated. 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 Rfipublique de Turquie have been added to the table. The figures reported by this bank relate to the last Thursday of the month. The 6 European countries and 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

648 FEDERAL RESERVE BULLETIN OCTOBER, 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 Colombia Australia Japan India 1930—Total. 416,752 326,032 221,526 11,476 4,995 3,618 43,454 13,813 3,281 9,553 7,531 6,785 1931—January 36, 531 28, 606 19,151 960 442 387 4,183 1,281 301 634 621 648 February 34, 515 26, 590 17,427 898 438 333 4,033 1,011 299 869 702 580 March 36,094 28,170 18,791 886 453 349 4,218 988 340 863 689 594 April 36, 222 28, 298 18,194 917 446 351 4,591 1,329 278 936 694 561 May_-_ 36, 682 28,757 18,901 918 451 334 4,460 1,208 329 919 716 521 June 36, 658 28, 734 18,594 926 447 340 4,725 1,103 353 1,092 663 490 July _ 36, 604 28, 680 18,959 947 451 342 4,711 814 354 933 668 500 August 37, 215 29, 290 18,859 918 462 353 4,718 1,228 353 1,229 654 516 September— _ 37,199 29, 275 18,981 905 486 397 5,005 1,074 256 916 692 562 October 38, 312 30, 387 19, 525 936 473 437 4,933 1,041 452 1,240 679 673 November. __ 37,211 29,287 18, 673 941 477 408 4,906 914 389 1,321 667 590 December 37, 276 29,352 18,809 1,041 498 417 4,974 877 312 1,181 664 579 Total 440, 518 345, 426 224,863 11,193 5,524 4,448 55, 458 12,866 4,016 12,134 8,109 6,815 1932—January 37, 881 29,957 19,587 921 460 405 4,834 1,106 450 1,032 628 534 February 36, 899 28, 975 18,935 956 453 381 4,670 948 386 1,063 657 525 March 38, 674 30,750 19,877 996 484 424 5,285 862 404 1,131 741 545 April v 38,111 * 30,186 19,593 976 466 391 5,093 * 862 380 1,164 671 590 May. v 39, 077 v 31,153 19,970 977 481 409 5,551 »862 448 1,234 653 567 June p 38, 986 v 31, 061 19,871 1,011 471 P 426 5,592 *862 405 1,172 647 603 July v 39, 109 v 31,185 20, 268 981 546 v 426 5,124 P862 455 1,244 692 585 v Preliminary. NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference between this figurea nd the total production reported monthly in 1930 is $90,720,000, or $7,560,000 on a monthly average basis. In order to derive monthly figures for estimated world production for 1931-32, this average difference, of which ove lhalf 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 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. Official figures for all mines in Colombia are available on a monthly basis only for the year 1932. Monthly output in Colombia previous to 1932 has been estimated by adding to the official monthly figures for the Department of Antioquia the figure $27,762, representing the average monthly output of the rest of Colombia in 1931. For annual figures of world production of gold extending back to 1873 see the annual report of the Director of the Mint for 1931, p. 241. GOLD MOVEMENTS [In thousands of dollars] United States Net imports from— Month T n o e ta t l China All p i o m rt - s 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 ad an 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 H a o n n d g Japan c o o th u e n r - Kong tries 1931—February- 16,142 9 1 1,272 303 9,289 116 2,739 1 2,412 March 25,645 50 1 -2 924 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 5 -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 -5 2,208 8,802 5,383 142 4 1,046 25,000 2,435 September. 20,561 23 -24,087 2 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 5,424 816 4, 86f 5,172 3,133 July •• 5,637 1,405 -21,513 -225 r 4, 573 1,284 13 240 3,524 4,197 865 August 6,103 6,093 -17,950 1,021 -8 5,257 2, 273 45 467 4,783 4,122 September? 25,324 5,469 100 5,568 291 3,507 2,249 2,836 4,087 1,217 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 649 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month Total 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 r e t a t n l i e t t s s - Au l s ia tra- R W h A S o e f o s d r u t i e c t s A a h i , a f- , c o t o A r th i u e l e n l s r rica 1931—February 2,443 -18,178 -1, 772 -7, 796 -14 -153 8,485 529 620 375 17,489 2,858 March 6, 452 -7,793 -1,047 -6,317 18 -194 112 -249 879 365 21,382 -704 April 24,084 -344 -92 65 -126 340 305 967 3,407 23,090 -3, 528 May 19,122 -296 -420 146 -133 2,753 -258 1,003 398 16,185 -256 June 54, 300 -232 37, 514 -19 -82 -3, 338 389 -25 1,205 511 21, 024 -2, 647 July_ -130,808 -1,506 -110,144 1,765 -10,751 -50,133 -1,658 6,028 3,132 1,703 10,096 21,042 -382 August -24,150 11 -13,333 7 -9,145 -21, 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 »_-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 -134 -3,584 -247 105 45,986 746 1,555 17,062 352 February -6,182 2, 256 -52, 712 -756 -7,537 -3, 723 2,226 30, 661 781 371 20,884 1,426 March -2,691 -119 -40, 858 3 -53 -3, 480 -7, 382 1,002 24, 340 602 1,750 20, 616 887 April 26, 148 1,207 -17,795 71 -53 -1,955 -16 17, 393 899 1,083 24,893 420 May 16, 973 7,541 -10, 843 -18 -2,571 -11,310 -214 406 11,565 803 915 18,965 1,734 June 35,019 15,897 -9, 035 14 -2, 767 -9, 394 -1,081 12,812 772 794 26, 246 760 July 22, 675 -1,671 -11,361 4 -4, 778 -7,812 -753 500 14, 204 2,122 9, 661 19. 351 3,207 August 1.296 -4, 259 -20, 269 45 -4,015 -10,438 -75 300 14, 279 829 175 19,712 5,010 September v -3,016 -5,120 -23, 951 4 -1,859 -51 184 8,493 534 839 17,193 748 France Germany * Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta it te ed 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 r th i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- S U . . S R . . c o t o A r th i u e l e l n s r - 1931—February .. 36, 205 35, 992 -38 251 2,008 63 163 22 9,826 16 March 10, 558 9,643 -18 -1 934 12 895 177 79 7,718 469 April _. 2,736 2,218 -13 —7 538 1 '563 41 309 4 10, 327 95 May -12,090 -12,749 25^ -20 -3 4: 12 248 45 424 42 5,169 431 June -9, 558 -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 July 149,150 29, 520 89, 786 -19 -9 a 29,872 -6, 243 -10, £ -1,949 54 151 18 5,218 1,227 August 72, 952 7b, 366 -29 -5, 996 611 934 112 216 548 -23 80 September. 418 209 902 2 -10 -1,818 1,13; -16,947 547 3 -5, 558-11,859 -8C October 273, 734 243,956 21,73S! 6,060-3, 553 -153 5,685 -31,473 681 120 -5, 951 -10,965-20. 6205,183 78 N De o c v e e m m b b e e r r . . . 12 1 2 3, , 8 8 3 1 7 . 2 99 3, , 1 8 6 76 4 4 2 0 6 , , 1 4 3 4 2 7 91 1 22 - , 2 7 3 4 2 1- - 4 2 2 2 , , 3 5 8 7 6 2 7 1 , , 2 7 0 89 3 -41, 8 9 7 6 5 8 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 Total 728,176 328,130 312, 561100,050 18, 775-81,20; 49,86"-247,950 -36,160-35,221-102, 019-55,142-63,866 58,932 -14,475 1932—January.... 74, oo; 65,062 10, 735 -46 6,755 -9, 899 1,401 328 16 278 4 -9 February.. 184,171 82, 580 90, 94~ -4 9,601 -1,592 2,639 -5,262 71 49 -5,647 247 -53 March 147,604 71, 279 49,02b 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 -1,1193-17,141 3,133 293 8 17 -7, 539 67 10\ ,352 -66 June 168,000 152, 072 7,541 5,737 4 601 -8, 234 6,281 -7,139 66 -5,800 -7,691 7: :, 399 2,809 July 31,954 16, 74f> 12, 472 -5 483 -1,001 3,259 -13,718 -42 -4, 757 -5, 474 71 549 -4, 065 August 42,940 24,149 16,241 5,382 — 17 -309 -2,447 4,189 11 1,129 52 4,624 -1,627 1 $17,555,000 exported by Germany to Belgium. 1 $29,233,000 imported by France from Spain. 3 $21,292,000 exported by France to Belgium. * Preliminary figures. * Since German figures for individual countries are subject to seminannual revision, those given for Juiy and August. 1932. are preliminary in character. Figures for total net imports are final. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN OCTOBER, 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 un er * 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—February __ -118 19 30 -164 8 -54 201 -70 -185 March -156 -14 31 -142 -29 -111 143 -42 -58 -153 April -433 -65 25 -392 —2 -10 100 -32 -39 -38 May —519 -145 23 -3S2 -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 1 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 D N e o c v e e m m b b e e r. r ._ .. 3 1 6 9, , 5 5 6 51 7 21 1 , , 4 5 4 5 9 1 8 7 , , 8 9 4 8 9 2 - - 2 lr1 ,3 1 2 3 5 1 4 1, , 7 6 1 7 7 2 < 3 - , 7 4 8 13 4 1 3 9 , , 6 5 8 7 7 2 3,2 2 2 5 4 4 1 9 8 , , 8 3 0 64 5 4,5 8 1 8 9 6 25 - ,6 7 0 5 4 4 2 0 0 8 3 5 1 5 1 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 -304 109 5,653 2,067 1,300 1,972 304 February._. 2,608 8,810 5,446 -9,900 320 -2,069 17, 658 1,411 5,725 5,423 5,731 -630 March.. -1,886 6,342 3.870 -11,028 34 -1,105 4,698 82 5,733 -2, 069 886 65 April 7,737 2,799 867 -771 8,445 «-3,602 2, 538 65 116 -95 -165 • 2, 616 May '58,256 55,317 5,470 -3, 258 '7,429 «-6,703 46,051 41,034 116 1,718 -52 •3,235 June 54,107 47,324 8,397 -1, 786 9,763 «-9.590 80.872 70. 247 1,734 3,554 -85 • 5,422 July 4,983 5,565 -276 5.376 *-5, 681 14,993 9,779 111 3,734 -51 •1,420 August 7,204 8,715 -334 -1,280 «103 1,503 81 90 757 -1 92 485 British India* 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 N A e a Z t n u e d i s a m t l N r a a p e n l o w i d a rt - s fro I m ra — q A So fr u ic th a c A o l u l n o t t r h ie e s r G in d o u I l c n d t d i p o i r a n o 7 -c e I r i r i n n e e n r o n a s c r I s e G m r n d e e rv o a d e e ( e v — s n - ia e s - t )c i i h n I r n n e o o a c p r l I s d r r n e d e i i n d a v e ( s g — i a - e a s te 8 ) 1931—February.. 880 323 211 113 49 184 1,453 March 943 -26 418 144 113 294 6,942 -5, 403 April 600 102 199 118 74 107 563 6,168 -5, 005 May 696 295 99 167 24 111 523 5,866 -4,647 June... —1, 752 -4 -2,254 170 146 25 165 491 3,397 -4,658 July....— -803 -1,539 404 79 253 502 7,362 -7,663 August -270 -10 -979 224 202 70 223 517 3,760 -3,513 September. 175 -2,196 -291 993 460 738 471 564 21 718 October -26,058 -8,273 -10,179 279 479 »-8, 388 675 -353 -25, 030 November., -24, 217 -3,307 -17,610 372 i«-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 J 932—January... —24,029 -2,863 -21,419 536 18 February. -17, 672 -363 -17, 353 527 -2 March -18,670 -90 -18, 788 547 -7 April -11,812 -209 -11,229 592 -86 May -8,935 -9, 007 569 -1 June -13,227 -167 -13,155 605 July -16, 437 -375 -14,577 587 August *-13, 737 *587 i $6,733,000 imported by Switzerland from Australia. a $4,020,000 imported by Netherlands from Dutch East Indies. » $7,293,000 imported by Switzerland from Norway. * $3,824,000 imported by Netherlands from British India. «Exported from Netherlands: To Poland—April, $1,791,000; May, $3,415,000; June, $3,349,000. To Switzerland—April, $2,325,000; May, $3,466,000; June, $5,849,000. To Belgium—July, $5,581,000. Imported by Netherlands from British India, $3,212,000 in August. «Imports by Switzerland from Netherlands: April, $2,303,000; May, $2,949,000; June, $5,632,000; July, $1,507,000. * Reported monthly production of the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930, 8 Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. * $7,575,000 was exported from India to Netherlands. io $1,891,000 was exported from India to Netherlands; $2,173,000 to France. » $1,775,000 was exported from India to Netherlands. •Beginning with September, 1931, figures for net imports from Individual countries are preliminary and subject to revision. Figures for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated. » Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 651 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Aug. July June Aug. Aug. July June Aug. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 257 257 257 319 Gold reserve against Dominion notes.. 66 65 65 Notes issued * -_.. P584 583 592 532 Advances to banks under finance act_. 29 38 40 Irish Currency Commission (thousands of Dominion notes— pounds sterling): Issued 154 166 168 142 Legal tender note fund- Outside chartered bank holdings- 28 29 29 29 British legal tender and bank Indian Government (millions of rupees): balances. _. - 124 193 36 76 Gold standard reserve- British securities 6,580 6,674 6,936 6,456 Gold 332 335 336 320 Notes issued 6,703 6,870 6,972 6,533 Foreign exchange 201 198 198 214 Consolidated bank notes 2— Paper currency reserve- Issued 4,532 4,518 4,492 4,245 Gold 111 109 108 124 Deemed such under sec. 60 (4) of Silver coin and bullion 1,150 1,144 1,119 1.321 currency act, 1927 1,442 1,461 1,480 1,724 Other assets 494 490 482 92 Notes issued 1,756 1,742 1,709 1,536 w 1 Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4weeks ended August 20, July 23, and JuneL.25,1932, and August 22, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. p Preliminary, e 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 Aug. 31 July 31 Aug. 31 Aug. 31 July 31 Aug. 31 Cash on hand and on current account with Short-term deposits: banks .- .- 2,870 1,445 3,006 Central banks for own account- Demand funds at interest 17,636 12,699 54,949 Demand 89,470 94,692 103, 559 Rediscountable bills and acceptances (at Timecostt: Not exceeding 3 months 17,406 16,265 64,323 Commercial bills and bankers' accept- Between 3 and 6 months ances 84,319 71,182 Treasury bills _ 29,109 28,6^5 45,796 Total 106,876 110, 957 167,882 Total 103,217 112,994 116,978 Central banks for account of others— Demand 4 891 4 664 29, 335 Time funds at interest! Time- Not exceeding 3 months —_ 47,784 47,788 91,911 Not exceeding 3 months 23,186 Between 3 and 6 months 419 Between 3 and 6 months 6,035 Total - 47,784 47,788 92,330 Total 4,891 4,664 58, 556 Sundry bills and investments: Other depositors- Maturing within 3 months— Demand 1 249 1,247 322 Treasury bills 8,574 8,575 Time—Not exceeding 3 months 296 Sundry investments.- 9,193 6,933 Long-term deposits: Between 3 and 6 months _ _ _ 11,438 13,750 1 i 40, 522 Annuity trust account 29,677 29,677 29, 748 Over 6 months 372 372 German Government deposit 14,839 14,839 14,874 French Government guaranty fund 13, 249 13,249 13, 281 Total 29, 576 29,631 40, 522 Other resources 1,458 1,362 2,143 Total 57, 765 57,765 57,902 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 1,038 422 Other liabilities- 5,824 5,349 3,289 Total resources.. 202,542 205,919 309,928 Total liabilities 202, 542 205,919 309,928 » Composed of $38,455,000 of investments not exceeding 1 year and $2,067,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN OCTOBER, 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- i C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - Millions of pounds sterling: 1931—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. 3O._ 120.7 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Jan. 27__ 120.8 .6 49.9 12.9 82.5 345.9 74.3 15.3 38.2 18.1 Feb. 24.. 120.8 .6 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 .6 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27 120.8 .7 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May 25.. 125.0 .7 45.8 12.2 93.2 354.2 77.5 23.6 32.9 17.8 June 29 136.1 .8 48.1 14.9 93.5 363.1 86.6 18.0 34.7 18.0 July 27 137.7 .9 43.4 15.3 92.5 369.3 88.2 11.2 34.6 18.1 Aug. 31 138.9 .9 48.6 12.2 92.2 365.3 79.5 20.7 35.4 18.2 Sept. 28 139.4 1.0 54.6 12. 1 88.0 359.8 80.6 23.4 33.4 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 Se lo c a u n ri s ty N s e t e i b g c e l o u s e t r i i i- a- O as t s h e e ts r ci N t r i c o o u t n 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 h e i s e li r - Millions of francs: 1931—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... 68,863 21,111 7,389 2,730 7,157 8,545 85, 725 5,898 22,183 1,989 1932—Jan. 29.__ 71,625 18,805 6,555 2,744 6,899 8,278 84,723 4,722 23, 552 1,910 Feb. 26.... 75, 059 15,127 5,544 2,707 6,882 8,329 83,189 3,637 24, 899 1,925 Mar. 25___. 76,832 12, 632 4,820 2,716 6,881 8,371 81, 782 3,526 24,962 1,980 Apr. 29.... 77,862 11,800 4,690 2,735 6,881 8,697 82. 774 3,111 24,827 1,953 May 27.... 79, 470 9,001 4,160 2,700 6,881 8,684 81,418 3,432 24,128 1,917 June 24 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 2,167 July 29..._ 82, It 8 5,482 3,905 2,747 6, 621 8,994 82,118 3,740 22,033 2,025 Aue. 26. ... 82, 239 5,389 3,467 2,760 6,621 8,878 79, 912 3,982 23, 426 2,035 Sept. 30 *_. 82, 681 4,977 2,605 2,783 6,621 ( 82, 459 3,009 21,876 Resources Liabilities Reserves Reichsbank Gold e F x o c r h e a i n g g n e Tre b a il s l u s ry b c i O l h l e s t c h ( k a e s r n ) d Se lo c a u n ri s ty Securities a O s 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 h e i s e li r - Millions of reiehsmarks: 1931—July 31 1,363 246 249 3,273 347 103 958 4,454 834 1,251 Aug. 31 1,366 356 38 3,101 208 103 972 4,834 509 1,251 Sept. 30 1,301 139 124 3,545 301 103 1,016 4,609 613 1,306 Oct. 31 1,145 131 4,010 240 103 963 4,746 518 1,326 Nov. 30 1,005 170 3,901 254 103 980 4,641 506 1,323 Dec. 31.. 984 172 4,144 245 161 1,065 4,776 755 1,338 1932—Jan. 30. 948 145 3,632 158 161 1,098 4,407 394 1,373 Feb. 29.. 928 149 3,324 303 162 1,100 4,268 423 1,318 Mar. 31 879 142 3,258 290 362 1,044 4,231 578 1,226 Apr. 30 859 131 3,146 282 362 977 4,128 405 1,249 May 31 863 129 2,990 257 363 1,032 3,961 431 1,262 June 30 832 130 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. 31 768 157 3,009 207 365 960 3,817 408 1,279 Sept. 30. 796 133 2,991 242 362 940 3,755 451 1,298 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. 2 Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement) z Not yet available. p.Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 653 CENTRAL BANES—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Aug. July June Aug. Aug. July June Aug. National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold 5,554 5,562 3,081 Gold at home and abroad 13,903 13,416 12, 968 10,656 Foreign exchange 27,875 27, 395 23,230 Foreign exchange 3,664 3,268 3,302 9,768 Loans and discounts... 3,766 3,813 4,266 Loans to member banks 4,432 6,257 8,425 14,843 Other assets 4,563 4,819 8,328 Note circulation _„ 16, 774 17,997 19,153 19,802 Note circulation _ 11,501 11, 395 12,494 Deposits 19,053 19, 309 18, 799 7,271 Demand deposits 18,684 18, 565 12,045 National Bank of Czechoslovakia Other liabilities 11,573 11, 629 14,366 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold. 1,640 1,640 1,641 1,530 (thousands of Australian pounds): Foreign balances and currency 1,079 1,061 1,047 1,387 Issue department- Loans and advances. 1,489 1,632 1,643 1,172 Gold coin and bullion 10,499 10, 499 10, 500 10, 500 Assets of banking office in liqui- Securities 38,094 39,173 40, 748 41, 550 dation 0 0 0 301 Bank C i o n i g n , d b e u p ll a io rt n m , a e n n d t - cash 1,183 1,246 1,170 871 N De o p te o s c i i t r s culation 6,144 6,224 6,410 6, 2 97 38 9 London balances 9,297 9,742 15,157 5,965 Danish National Bank (millions of Loans and discounts 15,118 18,081 15, 371 24,765 kroner): Securities 29,878 28, 962 27,826 16,891 Gold 133 133 134 172 Deposits 57,219 59,634 63, 206 47,831 Foreign bills, etc 47 24 22 49 Bank notes in circulation 42,349 43, 574 44,600 48,057 Loans and discounts 134 138 143 101 Austrian National Bank (millions of Note circulation ___ 314 325 330 schillings): Deposits 80 75 30 Gold 149 149 149 214 Foreign exchange of the reserve -... 40 41 43 122 Bank of Danzig (thousands of Danzig Other foreign exchange 0 0 0 154 gulden): Domestic bills 872 883 881 624 Gold 21,372 31,645 38, 251 10, 570 Government debt 92 92 93 96 Foreign exchange of the reserve. . 24, 957 16,338 9,058 9,434 Note circulation 915 949 962 1,095 Other foreign exchange... 357 230 414 11,605 Deposits 165 148 149 121 Loans and discounts 7,190 6,999 7,309 21,806 National Bank of Belgium (millions Note circulation 38, 690 38,857 39, 081 40, 999 of belgas): Deposits 10,676 12, 063 11, 219 3,007 Gold 2,615 2,568 2,566 1,588 Central Bank of Ecuador (thousands Foreign bills and balances in gold. 0 0 0 824 of sucres) : Domestic and foreign bills 678 763 894 843 Gold at home and abroad 14,593 14, 034 5,653 Loans to State 367 367 (2) 290 Foreign exchange 3,103 2,036 16,257 Note circulation 3,652 3,698 3,660 3,323 Loans and discounts 20,200 18, 461 14, 502 Deposits _.. 158 210 223 Note circulation 21,230 20, 340 21,029 Central Bank of Bolivia (thousands Deposits 9,822 9,457 12,291 of bolivianos): National Bank of Egypt 3 (thousands Gold at home and abroad 23,264 23,401 23, 413 2,855 of Egyptian pounds): Foreign exchange 2,854 4,073 4,073 24,036 Gold 6,663 6,663 4,210 Loans and discounts.. 32,311 32,420 27, 491 22,685 Foreign exchange 2,577 2,504 2,031 Note circulation 32,596 31,148 37, 749 27,041 British Government securities... 10,659 11, 360 14,160 Deposits 14, 287 16,284 14, 456 10,133 Loans and discounts.. 8,361 8,424 7,380 Bank of Brazil (millions of milreis): Egyptian Government securities 19,038 18, 352 15,300 Currency 343 375 271 Other assets.. 3,599 3,488 3,582 Correspondents abroad 126 116 37 Note circulation 17,391 18, 069 17,923 Loans and discounts 1,880 1,859 1,665 Deposits—Government 5,800 6,572 5,002 Note circulation 170 170 170 Other 19,548 18,100 15,810 Deposits 2,108 2,024 1,554 Other liabilities 8,160 8,050 7,928 National Bank of Bulgaria (millions Bank of Estonia (thousands of of leva): krooni) : Gold 1,517 1,516 1,515 1,508 Gold 11,470 11,468 11, 465 6,543 Net foreign exchange in reserve... 12 4 32 141 Net foreign exchange 7,250 8,035 8,302 20, 467 Total foreign exchange 268 269 338 486 Loans and discounts -• 22, 421 22, 590 22, 460 20,352 Loans and discounts 690 700 719 845 Note circulation -. 31,385 31, 685 31, 266 33,519 Government obligations 2,965 2,965 2, 965 3,059 Deposits—Government 4,500 4,407 4,756 6,211 Note circulation.. 2,658 2,638 2,628 3,338 Bankers' _. 5,753 6,361 6,760 5,680 Other sight liabilities 1,620 1,696 1,650 1,288 Other 2,387 2,432 2,388 1,781 Central Bank of Chile (millions of Bank of Finland (millions of pe N D F L G G so o o e o o o s r a p l t v ) e d e n o B E : e i s s g r c x a a i n n t i a c n t r s m n h k e h c d a x o e u n c n m l d g h a t i e e a t s s i n c a o e c g o c n o n e u u d m . . n r fo i m a t t s r b i i e a r s s o c si a c o d o n unt of— 2 4 2 1 8 5 1 8 3 0 5 0 2 4 2 1 1 3 5 7 7 4 6 8 0 1 9 7 4 2 1 9 5 1 6 1 7 5 3 0 6 0 0 2 1 1 6 7 5 5 6 3 4 7 3 7 ma N D B F D G r o a o o o e c k r l m l t m r k a e d e e a n i e a d g c a c s n i n i e ) t t d r s : i s c c b l u i i b l l a l a i a s b l b t l i i r s l o o it n a i . d es and foreign 1, 3 8 3 0 5 2 7 0 2 0 1 3 8 8 5 4 0 0 ., 4 2 8 2 0 3 3 0 2 8 8 8 4 0 8 1, 3 4 2 7 1 1 5 3 0 6 3 5 4 6 4 9 6 9 1, 3 5 2 6 1 1 9 0 8 0 4 1 1 1 9 7 4 9 Central Bank of China 3 (thousands Bank of Greece (millions of drachof Yuan dollars): mas): Gold 605 645 11,348 Gold 569 543 Silver 49.132 44, 663 46,071 Foreign exchange.._ _. 822 885 913 2,566 Due from banks abroad 6,101 6,556 11,867 Loans and discounts 1,515 1,303 1,326 384 Due from domestic banks 25,208 29,121 61,126 Government obligations 3,321 3,321 3,314 3,168 Loans and discounts 74,662 67, 350 52,189 Note circulation 4,323 4,202 4,208 4,153 Securities 5,694 5,495 13,006 Other sight liabilities 2,173 1,764 1,270 1,381 Other assets 17,908 16, 489 8,813 Liabilities in foreign exchange... 193 196 753 714 Note circulation 30.133 28, 794 39,392 Central bank of Guatemala (thou- Deposits—Government 76,842 72,890 106,713 sands of quetzales): Bank 23,104 23, 382 19,839 Gold coin 1,666 1,628 2,594 Other. 5,373 6,666 5,820 Balances abroad 513 689 928 Other liabilities 43,858 38, 587 32,656 Loans and discounts 6,117 6,132 5,645 I 1 "Gold and English sterling." s Figures not available. ' Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN OCTOBER, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Aug. July June Aug. Aug. July June Aug. Central bank of Guatemala—Contd. Bank of Portugal—Continued. Other assets 1,444 1,374 1,318 Discounts and advances.- 346 314 310 371 Note circulation __ _. 5,395 5,517 6,297 Government obligations 1,058 1,058 1,058 1,058 Demand deposits 1,325 1,218 1,370 Note circulation.. 1,929 1,886 1,908 1,839 Other deposits 83 60 144 Other sight liabilities-_ 365 357 324 323 Other liabilities 2,937 3,028 2,674 National Bank of Rumania (millions National Bank of Hungary (millions of lei): of pengos): Gold 9,458 9,425 8,901 Gold 97 97 97 105 Foreign exchange of the reserve- 104 101 1,485 Foreign bills, etc 11 11 11 16 Other foreign exchange 24 63 84 Loans and discounts. _ 448 454 435 397 Loans and discounts 11, 998 13, 036 12,091 Advances to treasury 52 53 53 59 State debt 5,730 5,767 5,485 Other assets 19 20 21 104 Note circulation --- 20, 891 20,895 21,161 Note circulation _ 376 403 389 415 Demand deposits 5,762 5,699 6,469 Deposits __. 74 63 72 115 South African Reserve Bank (thou- Miscellaneous liabilities 150 141 129 118 sands of South African pounds): Bank of Italy (millions of lire): Gold 7,C 7,041 7,861 6,426 Gold at home 5,750 5, 700 5,664 5,374 Foreign bills 7 15 5,881 Credits and balances abroad 1,393 1,390 1,420 3,465 Domestic bills 2,362 2,694 797 926 Loans and discounts 5,909 5,638 6,398 4,448 Note circulation 6,588 7,974 6,541 7,801 Total note circulation 13,382 13,492 13, 035 14, 645 Deposits—Government 1,386 1, 252 1,432 1,807 Public deposits 300 300 300 300 Bank__ 4,146 4,137 4,314 4,465 Other deposits 1,345 1,405 1,389 1,597 Other 335 93 314 412 Bank of Japan (millions of yen): Bank of Spain (millions of pesetas): Gold 429 429 429 815 Gold 2,257 2,256 2,255 2,276 Advances and discounts 874 881 837 737 Silver 585 580 575 624 Government bonds 118 118 135 111 Balances abroad... 287 282 292 256 Notes issued _. 1,007 1,057 1,042 1,094 Loans and discounts 2,812 2,919 3,000 3,180 Total deposits 460 410 456 541 Note circulation 4,777 4,782 4,753 5,220 Bank of Java (millions of florins): Deposits - 991 943 1,040 Gold 104 105 105 110 Bank of Sweden (millions of kronor): Foreign bills _ _. 17 20 23 21 Gold 206 206 206 230 Loans and discounts * 47 50 50 54 Foreign bills, etc.. 172 163 134 128 Note circulation 216 219 220 240 Loans and discounts 217 241 364 462 Deposits 36 36 34 26 Note circulation 556 556 594 567 Bank of Latvia (millions of lats): Deposits --- 168 182 230 165 Gold 36 36 36 24 Swiss National Bank (millions of Foreign exchange reserve 12 12 12 25 francs): Bills... 71 72 72 80 Gold — 2,644 2,637 2,607 1,189 Loans 46 49 49 62 Foreign balances and bills 61 63 56 578 Note circulation 35 36 36 44 Loans and discounts 56 59 66 108 Government deposits 69 71 71 65 Note circulation 1,561 1,571 1,574 1,293 Other deposits 82 81 81 83 Demand deposits 1, 202 1,185 1,158 632 Bank of Lithuania (millions of litu): Central Bank of the Republic of Gold 50 50 50 40 Turkey (thousands of Turkish Foreign currency 15 18 20 58 pounds): Loans and discounts 95 113 Gold 18,155 17, 703 18, 532 Note circulation. 98 117 Foreign exchange 201 1,060 1,737 Deposits 58 62 67 Government securities 156, 307156, 388156, 405 Netherlands Bank (millions of Other securities 28,081 28, 081 27,126 florins): Other assets 20, 918 18, 700 17, 899 Gold 1,032 1,016 648 Note circulation 164, 996165, 480166, 752 Foreign bills __ 71 69 230 Sight deposits - 7,668 7,428 5,893 Loans and discounts.. 125 138 144 140 Other liabilities 50,998 49, 024 49, 054 Note circulation 996 983 981 934 Bank of the Republic of Uruguay Deposits 278 281 257 184 (thousands of pesos): Bank of Norway (millions of kroner): Gold.... 48, 535 48, 775 55,015 Gold 142 142 150 146 Loans and discounts 105, 738106, 615 103, 651 Foreign balances and bills 13 13 7 12 Other assets... --- 37,763 37, 574 34, 336 Domestic credits 273 279 278 188 Note circulation 84, 502 83, 016 73,943 Note circulation 314 317 318 294 Deposits—Demand _ 31, 227 31, 714 39,181 Foreign deposits 2 2 2 4 Time 37,953 38, 526 42, 722 Total deposits 76 81 56 Judicial and adminis- Central Reserve Bank of Peru trative.. 2,839 3,207 3,514 (thousands of soles): Other liabilities 35, 515 36, 503 33, 643 Gold 38, 506 38,456 40,125 State Bank of U. S. S. R. (note-issu- Foreign exchange 333 329 25, 842 ing department; thousands of Bills 17,426 15,223 18,442 chervontsi): Note circulation 50,879 48, 345 58, 358 Gold 71, 452 69, 325 67, 848 54, 416 Deposits 2,759 3,115 3, 778 Other precious metals 1,750 1,760 1,854 2,347 Bank of Poland (millions of zlotys): Foreign exchange 3,088 3,120 3,677 5,245 Gold . ..... 477 480 484 568 Note circulation 343, 034327,321 292,545 240, 346 Foreign exchange of the reserve.. 47 40 46 145 National Bank of the Kingdom of Other foreign exchange 100 105 112 136 Yugoslavia (millions of dinars): Loans and discounts 777 803 795 742 Gold 1,763 1,763 1,763 1,544 Note circulation 1,082 1,089 1,105 1,245 Foreign exchange — 327 304 302 610 Other sight liabilities 147 155 130 226 Loans and discounts.. 2,416 2,397 2,292 1,674 Bank of Portugal (millions of Advances to State 2,409 2,408 2,406 2,294 escudos): Note circulation 4,836 4,855 4,933 4,983 Gold 397 394 391 219 Other sight liabilities 716 629 543 647 Other reserves 559 536 516 544 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 655 COMMERCIAL BANKS 1931 1932 Country Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 94 91 90 109 107 111 113 115 105 121 136 127 Loans and discounts 656 681 708 696 707 675 234 680 685 688 696 688 Deposits 662 663 661 652 641 639 642 649 644 664 712 702 Other banks in Buenos Aires- Gold 9 7 2 2 2 1 1 1 1 1 1 1 Other cash 199 190 186 194 203 200 199 206 206 212 218 218 Loans and discounts 843 852 847 830 817 821 1,251 798 794 783 775 769 Deposits 971 966 947 939 939 936 933 933 922 914 907 905 Canada (millions of Canadian dollars): Assets entirely in Canada- Cash in vault1 147 157 159 201 175 176 167 158 150 154 166 161 154 Cash in central gold reserves 28 24 27 25 26 22 20 24 23 23 23 25 22 Security loans 159 167 159 157 135 131 130 131 122 114 110 112 114 Other current loans 1,127 1,137 1,141 1,102 1,082 1,071 1,063 1,071 1,070 1,057 1,037 1,028 1,004 Security loans abroad 110 90 91 113 83 66 99 88 73 65 74 76 96 Securities 701 678 696 719 694 674 664 671 666 663 669 674 703 Liabilities entirely in Canada- Notes in circulation 126 128 140 131 129 123 122 121 125 119 126 123 117 Individual demand deposits 568 594 581 617 567 507 496 500 495 498 489 462 475 Individual time deposits. _. 1,461 1,456 1,462 1,396 1,360 1,368 1,390 1,389 1,393 1,387 1,373 1,363 1,367 England (millions of pounds sterling): Cash in vault and at bank 177 171 173 170 181 177 170 171 170 176 188 188 190 Money at call and short notice.. 112 106 113 108 118 116 108 111 111 110 111 120 114 Advances and discounts 1,156 1,132 1,131 1,125 1,131 1,128 1,093 1,103 1,105 1,102 1,114 1,138 1,176 Investments 286 288 288 284 281 268 264 266 272 284 324 333 348 Deposits __ 1,708 1,675 1,688 1,670 1,700 1,677 1,621 1,639 1,643 1,661 1,727 1,765 1,813 France (millions of francs): Bills and national-defense bonds. 21,153 20, 242 19,006 17,851 18,441 18,454 17,346 17,482 18,043 18,998 18,994 20,136 Loans and advances 9 868 10 076 9 863 9 797 9 697 9 041 9 114 8,711 8 312 8 296 8,593 8,188 Demand deposits 36 991 36,137 36 972 37, 019 37 023 36 196 36,435 35,983 35 929 35,826 36,351 36,031 Time deposits 1,545 1,429 1,370 1,332 1,222 1,179 1,218 1,201 1,239 1,284 1,250 1,263 Germany (millions of reichsmarks): 1,500 1,509 1,406 1,431 1,503 1,380 1,613 1,652 1,660 1,661 1,665 Due from other banks 514 465 373 345 320 367 267 290 257 263 242 Miscellaneous loans 7,115 6,884 6,837 6,748 5,935 6,034 6,235 6,160 5,898 5,813 5,736 Deposits.. 8,060 7,873 7,500 7,390 7,276 7,289 7,539 7,652 7,541 7,457 7,397 Acceptances 840 818 891 910 903 863 872 851 815 796 782 Japan (millions of yen): Cash on hand 217 197 126 146 140 124 130 116 136 215 156 117 212 Loans 2,140 2,146 2,171 2,208 2,247 2,283 2,228 2,264 2,248 2,250 2,252 2,234 2,219 Deposits 2,122 2,102 2,066 2,059 2,051 2,008 1,954 1,938 1,946 1,949 1,963 1,973 2,027 i 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

656 FEDERAL RESERVE BULLETIN OCTOBER, 1932 DISCOUNT RATES OF CENTRAL BANKS Swiss Date effective o B f la a E n n n d k g- F B ra a o n n f k ce G R b e e i a r c m n h k a s- n B It a o a n f ly k N l B e a a n th n d e k s r- t B i N o a n a n a - k l Country R O a 1 c t t e . In s i e n f c f e e — ct Country R O a 1 c t t e . I s n i n e c f e f — ect In effect June 1,1931. 2 5 5H 2 2 Albania _ 8 July 1,1931 Japan 4.38 Aug. 18,1932 June 13 7 Austria. 6 Aug. 24, 1932 Java Mar. 11,1930 July 16 10 Belgium Jan. 13, 1932 Latvia 6 2 Oct. 1,1930 July 23 Belivia 6 2 July 5,1932 Lithuania 6 Apr. 1,1930 July 30 IH Aug 1 15 Bulgaria 8 May 25.1932 Norway 4 Sept. 1,1932 Aug 12 10 Chile Aug. 22,1932 Peru 6 May 20,1932 Sept 2 S Colombia 5 Sept. 19,1932 Poland Oct. 3,1930 Sept. 21 __ 6 Czechoslo- Portugal Apr. 4,1932 Sept 28 7 vakia Sept. 26,1932 Sept 29 3 Rumania 7 Mar. 4,1932 Oct 10 2H Danzig- 4 July 12,1932 South Africa. 6 Nov. 13,1931 Dec 10 7 Denmark 4 May 30,1932 Spain July 8,1931 Feb. 18, 1932.. 5 Ecuador 7 May 12,1932, Mar 9 6 Estonia Feb. 1,1932 Sweden 3*2 Sept. 1,1932 M M a a r r . . 1 1 7 0 4 Finland 6H Apr. 19,1932 Y U u . g S o . s S l . a v R ia _ . _ .. . 8 J M u a ly r . 2 2 2 0 , , 1 1 9 9 2 3 7 1 Mar 21 6 Greece 10 Aug. 8,1932 Apr. 9 hx/o Hungary 5 July 1,1932 Apr. 19 India 4 July 7,1932 Apr. 21 __ 3 Apr 28 5 May 2 5 Changes since September 1: Colombia—September 19, down from 6 May 12 to 5 per cent; Czechoslovakia—September 26, down from 5 to 4J4 per cent; June 30 2 2 _— Germany—September 22, down from 5 to 4 per cent. Sept. 22 In effect Oct. 1, 1932. 2 2H 4 5 2 21/2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlan d d a s m ) (Amster- Month 3 B a a a m c n n c o c k e e n p e s t r t , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a n B 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 -d y ay 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 1931—August 4.28 4.21 3.59 18.92 19.18 19.15 1.30 1.22 September. 4.74 4.57 4.04 7.99 9.18 9.15 1.30 1.21 October... 5.68 5.46 4.36 8.00 9.84 9.21 2.76 3.07 November. 5.75 5.55 4.96 4 8.00 9.31 8.69 1.59 1.73 December. 5.85 5.60 4.27 4 7.33 7.40 8.45 1.57 1.59 1932—January 5.52 4.94 4.20 4 6.94 7.58 7.86 2.24 2.37 February.. 4.63 4. 08 3.84 4 -3 6.67 7.98 7.81 1.87 1.69 March 2.59 2.28 2.40 6.10 7.10 7.76 1.22 1.06 April 2. 19 2.07 1.91 3 -\y2 5.12 6.31 6.17 1.02 .94 May 1.44 1.10 1.29 4.87 5.96 5.91 .60 1.03 June 1.05 .85 .99 i - V* 4.75 5.76 5.70 .39 1.00 July .92 .66 .67 4.58 5.75 5.49 ".49 1.00 August .74 .60 .73 4.50 5.75 5.82 .37 1.00 Sw la it n z d er- (B B r e u lg s i s u e m ls) ( F P r a a r n i c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t c c i o a P l m r i p m m ap e e r e - r Da m y- o t n o e -d y ay L m oa o to n n s t 3 h u s p Disc b o i u ll n s ted ov m e C o rn a n l i e l g y ht 1931—August.... 1. 2.41 1.50 5.25 -6 4. 93-5.48 3.65 September. 1.80 2.44 1.50 5.47 5 -6 -9M 4.93-5. 48 2.56 October... 1.90 2.44 1.80 7.50 5 -6 -7H 4. 93-5. 66 5.48 N D o ec v e e m m b b e e r r . . 1 1 . . 7 7 7 5 2 2 . . 4 4 4 4 1 1 . . 7 9 5 0 7 7 . . 5 5 0 0 5 5 - - 6 6 -iy2 5 5 . . 4 8 8 4 - - 6 6 . . 5 5 7 7 5 6 . . 6 5 6 7 1932—January... 1.68 2.91 1.75 7.50 7M 5. 84-6. 57 6.02 February.. 1.52 3.31 1.75 6.92 5. 84-6. 57 6.39 March 1.50 3.36 1.80 6.53 6.20-6. 57 5.84 April 1.50 3.26 1.66 6.00 6. 20-6. 57 5.48 May 1.50 3.21 1.50 5.52 4^-434 6. 20-6.57 4.56 June 1.5G 3.16 1.22 5.50 4 - -5H 6. 02-6. 57 4.56 July . 1.5C 3.17 99 5. 50 -hYi 6. 02-6. 39 4.20 August 1.50 3.12 1.02 5.50 -53/2 1 Based on data for part of month, no quotations being available for remainder of month. "Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 657 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China (and Hong Kong) Month A t r i g n e a n- Austria Belgium Brazil Bulgaria Canada Chile c M an e d x o i- l- Shang- Yuan H K o o n n g g Co b l i o a mlar hai tael dollar 1931—September. 59.6948 14. 0388 13.9091 5.9099 0. 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. 59fiO . 7230 87. 0658 6.0250 20. 5462 29.3650 20.6400 22. 8893 95.2400 August 58. 5695 13.9696 13.8735 7. 6221 . 7209 87.5513 6. 0283 20. 9710 30.4332 21.0031 23.2479 95. 2400 September. 58. 5886 13. 9635 13. 8606 7. 6171 .7203 90. 2636 6. 0414 21. 2737 30. 6262 21.0404 23. 4293 95. 2400 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—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 September. 99.9118 2.9594 17. 9781 347.1062 1. 4953 3. 9179 23. 7814 .6060 17. 4653 26. 2192 5.1264 23.6314 Month Mexico N l e a t n h d e s r- Norway Poland Portugal m R a u n - ia Spain S S m t e r e t a t n l i t e t s s - Sweden Sw la i n tz d er Uruguay Y sla u v g i o a - 1931—September.. 33. 4081 40. 2677 25. 3982 11.1978 4. 4232 0.5936 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 September.. 29. 9159 40.1586 17. 4470 11.1800 3.1481 .5982 8.1044 40. 2475 17.8055 19.3007 47. 3900 1. 5892 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- 40.50 Chile Peso 12.17 Greece Drachma 1.30 ments.* ments dollar. {Mexican dollar L.. 22.14 Hungary. Pengo 17.49 Sweden Krona 26.80 China (and Hong I Shanghai tael i 30.53 India Rupee 36. 50 Switzerland Franc 19.30 Kong). jYuani .... 21.66 Italy Lira 5.26 Uruguay. ._ Peso ... 103. 42 I Hong Kong dollar 1 21.98 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 September, 1932, computed by multiplying silver content of unit by New York average price of silver for September, 1932, which was $0.28182 per fine ounce. 2Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths of average quotation of pound in New York for September, 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

658 FEDERAL RESERVE BULLETIN OCTOBER, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average-100) *• Month ( U a S v n t e a i r t t 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 F 91 e 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 > e y U S n ta i t t e e s d England France Germany price) Number of issues 87 35 169 421 278 300 329 1930-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 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 4 81.4 98.2 79.2 132.6 4 70.5 August 98.5 107.2 99.5 (J) 95.5 73.8 130.5 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 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 1932—January.... 81.0 104.7 91.5 (8) 58.0 69.7 107.3 M Fe a b r r c u h ary... 8 80 0 . . 8 3 1 11 0 1 6 . . 6 5 9 90 0 . . 5 3 88 5 5 6 6 . . 8 4 1 11 2 7 6 . . 6 2 April 79.4 110.6 89.0 43.9 63.5 107.3 4 45.5 J M u a n y e 7 7 5 2 . . 2 2 1 1 1 1 1 1 . . 4 0 8 8 5 5 . . 9 2 << 6 66 4 3 . . 4 0 3 3 9 4 . . 8 0 6 5 1 9 . . 6 3 9 9 4 7 . . 4 4 4 4 6 5 . . 4 6 July 74.2 115.6 87.4 60.4 35.9 63.5 100.0 45.8 August 83.2 116.1 88.6 62.2 53.3 69.5 103.4 47.9 63.2 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 1 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds. 1 Figures not available because of closing of the exchange. 4 Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February, 1932, page 121, 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) (1 F 91 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 19 J ( 0 a O 0 p = c a 1 t n . 0 , 0) (1 N 9 l 1 e a 3 t n h = d e 1 s r 0 - 0) 1930—July 84 86 119 558 125 375 177 115 August _ . .. 84 84 118 560 125 379 176 114 September 84 82 116 556 123 374 172 112 October _ ._ . . 83 81 113 552 120 364 165 111 November 81 80 112 551 120 361 162 110 December . . ._ 80 78 109 541 118 350 161 107 1931—January 78 77 107 541 115 342 158 105 February. _ . . 77 76 106 538 114 338 158 104 March 76 75 106 539 114 339 158 103 April 75 74 106 540 114 337 158 102 May 73 73 104 520 113 332 154 102 June 72 72 103 518 112 327 151 100 July 72 e71 102 600 112 324 153 97 August 72 71 100 488 110 322 152 94 September . 71 70 99 473 109 319 150 91 October . _ . . . .. 70 70 104 457 107 322 147 89 November 70 71 106 447 107 320 147 89 December.. _ . _ 69 70 106 442 104 319 151 85 1932—January _ 67 69 106 439 100 317 160 84 February 66 69 105 446 100 314 161 83 March _. 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May 64 68 101 438 97 305 150 79 June . .. . > . . 64 67 98 425 96 297 146 78 July 65 67 98 430 96 296 148 76 August .. - 65 67 100 415 95 296 156 75 " Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

659 OCTOBER, 1932 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100) ]Englan 10 d 0 ) (1913= Franc 1 e 0 0 ( ) 1913= Germany (1913=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 a p n r F o d a d r f u m o c o t d s p I r n o tr d d 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 t f r n I i i n n d a i d l s s u h r e a e s m w - d i- p tr I r i i n o a s d d h l u u e fi d s c n - t - s products 1930—July 83 87 85 127 115 540 573 115 114 119 151 August 85 88 84 126 113 550 568 117 111 118 149 September 85 90 83 124 111 562 551 114 108 116 148 October 83 89 82 121 109 562 543 109 108 114 147 November 79 86 SI 121 107 570 535 112 108 113 145 December 75 82 80 116 105 570 516 110 105 110 143 1931—January 73 81 79 113 104 580 507 107 10?, 108 142 February 70 78 78 112 103 575 505 106 100 106 140 March 71 78 77 111 103 581 503 107 106 139 April.... 70 76 76 113 102 592 495 108 97 105 138 May 67 74 75 113 100 566 480 109 96 103 137 June 65 73 74 113 98 571 472 107 95 103 137 July 65 74 74 110 98 541 465 105 97 103 136 August 64 75 74 108 95 528 452 103 96 102 136 September 61 74 74 108 95 508 443 101 94 100 135 October.. 59 73 113 100 489 429 99 95 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December 56 69 72 113 102 491 400 95 91 97 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 Q1 91 122 March 50 62 71 116 99 510 388 97 89 90 121 April 49 61 71 115 96 506 381 95 88 89 120 May 47 59 70 114 94 511 374 93 87 88 119 June 46 59 70 112 91 490 369 92 85 87 118 July.... 48 61 70 108 92 498 370 93 84 87 117 August 49 62 70 107 95 453 382 91 83 88 116 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France (Germany States (July, (July, (1913- States (July, (Jan.-June, (1913- Month (1913=100) 1914=100) 1914=100) 14=100) i Month (1913=100) 1914=100) 1914=100) ]L4=100) * 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January 133 109 138 131 132 114 134 116 January. 153 147 140 125 February 127 105 136 131 132 115 131 114 February 152 147 139 122 March. 126 105 134 129 131 115 130 114 March 150 146 120 108 138 122 April 124 104 129 126 130 115 129 113 April 147 144 137 122 May 121 101 129 125 129 114 130 113 May 147 143 137 121 June . 118 100 127 123 128 111 131 113 June 150 136 145 142 120 109 138 121 July 119 101 130 125 125 108 130 114 July 147 143 137 122 August 120 101 128 123 121 104 126 112 August . 145 141 135 120 .September 119 128 119 125 September__ __ 145 115 134 October 119 128 116 123 October 145 Irtt November 117 130 113 122 November 146 "H9 December 114 132 113 120 December 146 148 108 130 i Average of October, 1913, January, April, and July, 1914 = 100. SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.— United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique GSnerale, and for cost of living, Commission d'e"tudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN OCTOBER, 1932 LAW DEPARTMENT Reserves Against Funds Collected by Banks Under of Virginia relating to the subject of branch the Revenue Act. banking, which are quoted in full on page 266 The question has recently been presented to of the FEDERAL RESERVE BULLETIN for April, the Federal Reserve Board whether reserves 1930, authorize banks having a paid-up and should be maintained by member banks against unimpaired capital and surplus of $50,000 or amounts collected by them and held pending more, with the consent of the State corporation payment to the Collector of Internal Revenue commission, to "establish branches within the in accordance with the provisions of section 751 limits of the city, town, or village in which the of the revenue act of 1932 with respect to the parent bank is located," and permit the merger tax on checks, drafts, or orders for the payment of banks located in the same or adjoining of money. Upon consideration of this question, counties and the operation by the merged it is the opinion of the Federal Reserve Board company of the offices of the constituent that such amounts do not constitute deposits institutions. In addition the Virginia statute within the meaning of section 19 of the Federal permits banks in that State having a paid-up reserve act and, accordingly, are not subject and unimpaired capital and surplus of $50,000 to the reserve requirements of that section. or more, with the consent of the State corporation commission, to establish branches in cities of the State having a population of not Branch Banking in the State of Virginia. less than 50,000 inhabitants. However, the On page 455 of the FEDERAL RESERVE number of places in which branches may be BULLETIN for July, 1932, there was published established pursuant to this latter provision is a revised summary of the State laws relating to limited, as there are only three cities with a branch banking in which the State of Virginia population of 50,000 inhabitants or more in the was classified as a State which permits State- State of Virginia (Richmond, Norfolk, and wide branch banking. The laws of the State Roanoke). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 661 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS, BY MONTHS DISCOUNTS, BY WEEKS [In millions of dollars] [In thousands of dollars] Averages of dail/ figures Wednesday series (1932) Federal reserve bank Federal reserve bank 1932 1931 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Sep b t e e r m- August Se b p e te r m- Boston 16,189 15, 704 16,157 15, 458 New York. _. 90,533 81,446 76, 737 70, 836 Philadelphia. 59,390 56, 760 54,335 53. 043 Boston 16.2 19 2 8 1 New York 81.0 93 2 51 3 Cleveland.. 33, 801 31,178 28,014 28,257 Philadelphia ... 56.7 65.1 31.7 Richmond- 24, 431 24,122 22,215 22, 943 Cleveland - 30.2 35.5 35 8 Atlanta. ... 31, 262 33,445 22, 581 Richmond . ._. _ . 24.1 27.7 22.7 Atlanta 26.5 33 5 25 3 Chicago 30,432 29,192 27, 258 24,825 Chicago 28.6 33.2 24.0 St. Louis 11,071 10, 896 10,292 9,646 St Louis 10.7 12.4 12.2 Minneapolis- 13,171 12, 335 12,400 11,043 Minneapolis 12.5 13.7 4.1 Kansas City. . -_ _ _ _ 18.8 21.1 13.3 Kansas City... 19, 527 18, 814 17. 978 17, 502 Dallas 13.4 16.8 13.5 Dallas 14, 885 14,422 12,063 11,614 San Francisco 68.3 79.5 38.1 San Francisco.. 75, 736 73, 619 58, 993 57, 582 Total 386.9 450.8 280.2 TotaL 420, 428 401, 933 359,023 339, 647 Back figures—See Annual Reports for 1931 (Table 80), 1928 (Table Back figures—See Annual Report for lt>31 (Table 83), 1930 (Table 72), and 1927 (Table 55). 78), etc. RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Federal reserve notes in cir- Total cash reserves Total deposits culation i Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 Septem- eptem- Septem- Septem- Septem- Septem- Septem- September August ber ber August ber ber August ber ber August ber Boston 213,547 215, 673 232,428 131,072 134, 633 157,357 200,987 202, 666 140,578 64.3 63.9 78.0 New York 934, 878 850, 174 1, 191,861 1, 081, 548 992, 614 1, 099,133 593,796 601, 056 394, 748 55.8 53.3 79.8 Philadelphia . 204,845 202, 704 249, 452 121,974 120, 634 158,149 249, 359 255,869 161, 248 55.2 53.8 78.1 Cleveland.. 254, 752 254, 599 344, 265 149, 595 147, 506 203, 025 286, 271 293,356 246, 850 58.4 57.8 76.5 Richmond. 96, 898 85,356 90, 339 58, 923 54,900 68, 997 105, 153 102,445 75,199 59.1 54.2 62.7 Atlanta 83, 887 80, 534 127, 036 45,411 45,418 61, 269 106, 511 110, 278 112, 678 55.2 51.7 73.0 Chicago 757, 894 740, 408 673, 350 318, 934 300, 980 354, 277 699, 737 718, 396 446, 021 74.4 72.6 84.1 St. Louis 88, 708 85, 036 108, 783 58, 197 56,670 73, 636 101, 085 100, 872 76, 039 55.7 54.0 72.7 Minneapolis- 58, 246 56, 348 76,172 40, 394 41,000 52, 673 80, 910 79, 709 55, 037 48.0 46.7 70.7 Kansas City___ 89, 564 89, 094 100, 673 68,471 69, 207 85, 957 94, 189 95, 027 69,191 55. 1 54.2 64.9 Dallas 44,413 42, 218 51, 785 45, 667 45, 387 59.003 37, 848 37, 582 30, 835 53.2 50.9 57.6 San Francisco. 206, 764 206, 389 308, 961 146, 597 144, 907 189,366 250, 040 216, 863 53.7 52.3 76. 1 Total 2. 3,034,396 2,908,533 3, 555,105 2,266,783 2,153,856 2,562,842 2,794,642 2,847,296 2,025,287 60.0 58.2 77.5 i Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $16,386,000; month ago, $14,781,000; year ago, $15,817,000. a For back figures see Annual Reports for 1931 (Table 8) and 1928 (Table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN OCTOBER, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, SEPTEMBER 30, 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- Chica- L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco RESOURCES Gold with Federal reserve agents 2,188,686 157,727 596,321 152, 500 182,470 71,600 65,000 623,845 65, 310 40,335 58,480 24,335 150,763 Gold redemption fund with U. S. Treasury 48,228 3,358 6,114 5,674 5,675 1,995 3,028 8,006 1,848 2,235 2,500 1,085 6,710 Gold held exclusively against Federal reserve notes 2,236,914 161,085 602,435 158,174 188,145 73, 595 68,028 631,851 67,158 42, 570 60, 980 25,420 157,473 Gold settlement fund with Federal Reserve Board 245,086 8,565 64, 714 26, 423 7,957 7,695 61,727 7,740 11,007 6,924 25,265 Gold and gold certificates held by banks 411,179 16,980 273,403 19,346 7,893 8,987 31,471 6,364 3,712 11,231 4,086 20,808 Total gold reserves. 2,893,179 186,630 940, 552 174,055 233,914 89,445 84, 710 725,049 81, 262 54,368 83,218 36,430 203, 546 Reserves other than gold. 197, 552 17,873 55,344 30,892 18, 577 8,389 4,601 28,354 8,655 3,408 4,324 6,674 10,461 Total reserves. 3,090, 731 204,503 204, 947 252,491 97,834 89,311 753,403 89,917 57, 776 87,542 43,104 214,007 Nonreserve cash 77,078 5,579 18, 540 4,496 3,901 3,025 4,853 16,161 4,180 2,039 3,340 3,088 7,876 Bills discounted: Secured by U. S. Government obligations 103,600 6,159 36,140 15,112 9,006 3,540 1,463 6,129 5,0S6 620 1,313 651 18,371 Other bills discounted 228,188 9,154 32,611 38,382 17, 321 19, 234 15,484 17, 303 4,578 10, 314 16,491 10, 546 36, 770 Total bills discounted 331,788 15,313 68,751 53,494 26,327 22,774 16,947 23, 432 9,674 10,934 17,804 11,197 55,141 Bills bought... 33, 305 2,352 10, 544 3,260 3,114 2,144 1,912 4,147 1,009 634 894 866 2,429 U. S. Government securities: Bonds 421,476 20,351 189, 250 31,173 36, 491 9,647 10, 255 40, 776 13,940 17,283 11, 776 15, 265 25,269 Treasury notes 398,310 22, 693 151,152 32,073 44,069 11,122 11,002 50,904 15, 493 11,112 13,493 6,069 29,128 Certificates and bills 1,033,883 78,184 378,390 76,023 99,722 26,364 26,093 170,630 36,723 26,337 31,983 14,387 69,047 Total U. S. Government securities 1,853,669 121, 228 718,792 139, 269 180, 282 47,133 47, 350 262, 310 66,156 54,732 57,252 35, 721 123,444 Other securities -. 4,824 2,807 1,340 500 177 Total bills and securities. 2, 223, 586 138,893 800,894 197, 363 209,723 72,051 66, 709 289,889 76,839 66,477 75,950 47,784 181,014 Due from foreign banks 2,665 212 950 270 107 374 18 11 75 184 Federal reserve notes of other 12, 540 335 3,249 730 952 1,836 1,073 734 302 1,177 Uncollected items.. 339,185 40,899 98,107 29,210 29,330 26, 642 8,497 39,939 14, 289 8,207 16,972 11,119 15,974 Bank premises 58,126 3,336 14,817 2,907 7,967 3,617 7,828 3,461 1,835 3,649 1,787 4,433 All other resources.. 44,023 1,327 26,037 726 1,236 3,242 3,632 1,980 944 1,535 836 1,217 1,311 Total resources 5,847,934 395,084 1,958,490 440,417 505,724 207,248 176, 542 1,111,410 190,721 138,614 189,232 108,476 425,976 LIABILITIES Federal reserve notes in actual circulation 2, 749,684 198,945 595,144 244, 550 279,644 102, 922 103, 616 683,116 100, 332 80, 563 92,341 37,023 231,488 Deposits: Member bank—reserve account 2,224, 689 119,411 1, 091,710 119,139 145,587 48, 704 42,275 1218, 99 54,168 36, 741 63, 716 42,911 138,428 Government 51,347 2,778 14,393 3,113 2,979 7,225 2,049 6,802 3,183 1,774 3,004 1,689 2,358 Foreign bank 8,261 772 1,414 1,046 1,026 406 376 1,361 356 224 295 284 701 Other deposits 28,182 547 13,233 197 2,152 3,700 548 450 1,079 213 602 132 5,329 Total deposits 2,312,479 123,508 1,120,750 123,495 151,744 60,035 45,248 330, 512 58,786 38,952 67, 617 45.016 146,816 Deferred availability items 332,818 40,479 95,357 27, 227 29,115 25, 604 9,405 37, 620 15,826 8,093 16,265 11,469 16,358 Capital paid in 152, 996 10,872 59,020 16,098 14,221 5,173 4,858 16,910 4,435 2,910 4,059 3,908 10,532 Surplus 259,421 20,039 75, 077 27,640 11,483 10,449 38,411 10,025 6,356 8,124 7,624 17, 707 All other liabilities 40, 536 1,241 13,142 2,561 3,360 2,031 2,966 4,841 1,317 1,740 826 3,436 3,075 Total liabilities.... 5,847,934 395,084 1,958,490 440,417 505, 724 207,248 .76, 542 1,111,410 190,721 138, 614 189,232 108,476 425,976 Reserve ratio (per cent). 61.1 63.4 58.0 55.7 58.5 60.0 60.0 74.3 56.5 48.3 54.7 52.5 56.6 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent... 2,983,780 219,607 660,616 255,119 2S0,389 108,867 21,155 720,705 ,09,859 83,434 L03, 698 42,802 267, 529 Held by F. R. bank 234,096 20, 662 65,472 10,569 10,745 5,945 17, 539 37, 589 9,527 2,871 11,357 5,779 36,041 In actual circulation 2,749,684 198,945 595,144 244, 550 279, 644 102,922 103,616 683,116 100,332 80, 563 92,341 37,023 231,488 Collateral held by agent as security for notes issued to banks: Gold , 188,686 157, 727 596,321 152, 500 182, 470 71,600 65,000 >23,845 65,310 40,335 58,480 24,335 150, 763 Eligible paper 315,325 15,270 65,977 53, 501 26, 298 23,409 15,898 23,057 9,253 9,675 17, 694 11,063 44,230 U. S. Government securities 498, 600 46,800 50,000 85,000 15,000 42,000 80,000 35,400 33,900 30,000 7,500 73,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 663 ALL BANKS IN THE UNITED STATES ALL BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, BY DISTRICTS [In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Rediscount? and interbank deposits bills payable Total Loans Investments Federal reserve district 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 June Dec. June June Dec. June June Dec. June June Dec. June June Dec. June 30 31 30 30 31 30 30 31 30 30 31 30 30 31 30 ALL BANKS* Boston . . 6,767 6,385 5,951 4,130 3,835 3,525 2,638 2, 550 2,426 6,332 5,897 5,542 25 101 79 New York 19, 323 17,826 16, 726 12,442 11, 281 9,927 6,881 6,545 6,799 17,822 16, 298 15,187 68 216 184 Philadelphia.— 4,339 3,784 3,578 2,479 2,114 1,946 1,860 1,670 1,633 3,749 3,171 2,947 77 196 165 Cleveland 4,550 3,770 3,604 2,896 2,397 2,214 1,654 1,374 1 390 4,138 3,354 3,124 52 154 159 Richmond., . 2,224 2,014 1,902 1,491 1, 295 1,174 733 719 728 2,114 1,845 1,705 39 75 86 Atlanta 1,338 1,243 1,170 938 845 773 400 398 396 1,304 1,153 1,045 30 63 76 Chicago •- _ 6,619 ' 5,643 4,835 4,618 ' 3, 850 3,257 2,000 ' 1, 793 1,578 6,446 ' 5, 416 4,531 60 '149 211 St. Louis 1,718 1,541 1,416 1,145 1,006 874 574 535 542 1,669 1,442 1,296 32 47 55 Minneapolis. 1,363 1,221 1,138 798 700 629 565 520 510 1,383 1,214 1,106 12 16 29 Kansas Citv 1,575 1,410 1,238 1,009 860 723 566 549 515 1,635 1,408 1, 232 20 42 36 Dallas 1,012 895 873 718 602 566 293 293 307 1, 007 866 828 18 20 30 San Francisco ... 4,194 3,973 3,641 2,719 2,520 2,227 1,475 1,453 1,413 4,182 3,756 3,420 18 67 128 Total 55, 021 '49, 704 46, 071 35, 384 r31, 305 27, 834 19, 637 ••18,399 18, 237 51,782 '45,821 41, 963 452 1,147 1,238 MEMBER BANKS Boston. _ 2,456 2,185 2,009 1,588 1,390 1,229 868 794 780 2, 260 1,964 1,831 13 62 37 New York.. _ _ __ 11,661 10,565 9,590 7, 537 6,609 5,346 4,124 3,956 4,244 10, 637 9,276 8,262 51 194 154 Philadelphia 2,788 2,558 2,428 1,674 1,521 1,407 1,114 1, 037 1,021 2,402 2,090 1,963 26 141 105 Cleveland.. . _ 3,370 2,865 2,743 2,113 1,807 1,676 1,257 1,058 1,067 3,042 2,500 2,330 24 129 116 Richmond 1,141 1,050 989 785 693 620 356 358 369 1,079 944 869 19 38 48 Atlanta 957 906 856 646 593 543 312 313 313 916 817 747 16 48 57 Chicago . 4,486 3,882 3,352 3.025 2,632 2,242 1,461 1,249 1,110 4,265 3,616 3,100 18 91 110 St. Louis 1,137 1,031 940 '702 623 526 435 407 414 1,057 932 843 14 27 23 Minneapolis 840 789 735 479 441 392 361 349 343 846 773 710 5 8 13 Kansas City.. . _ 1,102 1,016 926 653 574 495 449 442 431 1,101 980 910 9 29 22 Dallas 803 724 671 560 480 430 243 244 242 789 686 631 12 14 16 San Francisco 3,182 3,005 2,761 2,053 1,898 1,681 1,128 1,107 1, 080 3,172 2,854 2,560 10 57 113 Total... 33, 923 30, 575 28, 001 21, 816 19, 261 16, 587 12,106 11,314 11, 414 31, 566 27, 432 24, 755 217 839 815 NONMEMBER BANKS Boston 4,311 4,201 3,942 2,542 2,445 2,295 1,770 1,756 1,646 4,073 3,934 3,711 12 39 42 New York 7,662 7,261 7,136 4,906 4,672 4,581 2,757 2,589 2,555 7,185 7,022 6,926 17 21 30 Philadelphia ... 1,551 1,226 1,151 805 593 538 746 633 612 1.347 1,081 983 51 55 61 Cleveland 1,180 905 860 783 590 537 397 316 323 1,096 854 794 27 24 43 Richmond.. 1,083 964 913 705 603 554 377 361 359 1,034 901 836 21 37 38 Atlanta 381 337 314 293 252 230 88 85 83 387 337 299 14 15 19 Chicago 2,133 r 1, 761 1,483 1,593 ' 1, 218 1,015 540 '544 468 2,181 ' 1, 800 1,431 42 '58 100 St. Louis 581 510 476 442 382 349 139 128 128 612 510 453 19 21 32 Minneapolis _ 522 431 403 319 260 237 204 172 167 537 441 396 8 9 15 Kansas City _ 473 394 312 356 287 229 117 107 84 535 428 323 10 13 14 Dallas 209 171 202 158 123 136 51 49 65 218 180 196 6 6 14 San Francisco 1,012 969 879 666 622 546 346 346 333 1,009 902 860 8 10 15 Total- 21,099 '19,129 18, 071 13, 568 '12,045 11, 247 7,531 ' 7, 084 6,823 20, 216 '18,389 17, 208 235 308 423 i Includes all National and State banks (including stock and mutual savings banks) and all private banks under State supervision. ' Revised. Back figures.—See BULLETIN for July, 1930, and January and July, 1931; also (figures of loans, investments, and deposits) Annual Report of the Federal Reserve Board for 1931 (Tables 45, 46, and 92-95). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN OCTOBER, 1932 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1932, AND DECEMBER 31, 1931, BY STATES [Amounts in thousands of dollars] Loans and investments Total Loans Investments De o p p f o o s s i i t n i s t t s e , rb e a x n cl k u si d v e e - Re b d il i l s s c o p u a n y t a s b l a e nd N re u b p m a o n b rt k e i s r n g of State Decem- Decem- Decem- Decem- Decem- De- June ber June ber June ber June ber June ber June cember New England: Maine 399,260 412,876 207, 942 216, 911 191,318 195, 965 358, 003 377, 319 12,116 13,195 115 115 New Hampshire-. 287, 502 294, 951 134,802 141,438 152, 700 153, 513 254,154 266,666 7,831 4,045 11 117 Vermont... - 214,023 221.185 132. 992 137, 513 81,031 83,672 200,629 212,416 12,126 6,587 100 100 M assachusetts 3,663, 418 3, 938, 9272,258,596 2,489,203 1,404,822 1,449, 7243, 441, 946 3, 647, 507 35, 396 57,255 416 425 Rhode Island 491,875 517, 939 253, 299 263, 692 238, 576 254, 247 456,570 479, 909 1,128 2,580 34 35 Connecticut- - 1,178, 320 1, 296, 031 684, 292 741,172 494, 028 554,859 1, 091,023 1,190,463 18,045 22, 544 207 219 Middle Atlantic: New York... 14,821,693 15, 792, 0368,831, 56110, 095, 7385, 990,132 5, 696, 298 !13,, 406,17214, 357, 602 114,043 160, 634 1,001 New Jersey,. 1, 965,574 2,096,306 1,170, 428 1, 263, 618 795,146 832,688 1,813,661 1, 986, r~~ 102,831 79,279 47, 486 Pennsylvania 4, 591,053 4,830,616 2, 384, 383 2,603, 6342,206,670 2,226, 9823, 756,574 4,021,831 162, 596 211,154 1,260 1,320 East North Central: Ohio 1,893, 545 1, 981,674 1, 315,670 1, 406, 975 577,875 574,699 1, 719,809 1, 113, 219 102,134 807 822 Indiana 530,689 598, 729 347, 158 402, 615 183,531 196,114 530,154 599,443 17, 710 14, 901 695 742 Illinois 2,188,262 2, 712, 3601, 410, 218 1, 755, 200 778, 044 957,160 1, 987,172 2, 537,136 120, 827 39, 9621,149 1,294 Michigan 1, 374,148' 1, 489,814 966, 754r 1, 078, 735 407, 394 ••411,079 1, 290,029• 1,444, 751 47, 607 ' 77,831 557 ••588 Wisconsin 729,080 789, 526 476, 656 520,821 252,424 268, 705 693, 949 755, 531 20, 557 15, 957 857 874 West North Central: Minnesota 725,417 772,829 398, 765 447, 607 326,652 325, 222 710,119 765, 901 10, 611 6,059 840 868 Iowa 466, 554 546.624 319, 733 386, 052 146,821 160, 572 454,103 547,197 23,843 18, 752 880 938 Missouri- - 908, 521 996,174 509, 779 595.601 398, 742 400, 573 872, 987 968, 445 18, 330 22,848 914 982 North Dakota 70,923 74,182 45,964 48,175 24, 959 26, 007 68,928 75,828 2,644 1,053 237 245 South Dakota 85,233 88,803 50, 961 53, 853 34, 272 34, 950 78, 635 89, 137 5,835 2,499 257 264 Nebraska 220, 758 245,493 146,063 165. 506 74,695 79, 987 213,186 236, 798 8,614 10,991 615 630 Kansas 276, 514 310, 514 178, 415 205, 950 104, 564 267, 516 304, 847 10, 236 10, 046 880 922 South Atlantic: Delaware 154,898 164.186 86, 914 95, 755 67,984 68, 431 126, 942 137,052 2,406 1,706 59 49 Maryland 753, 284 769, 053 371,805 399.117 381,479 369, 936 678, 233 710, 521 20,820 205 202 District of Columbia—. 241,162 249,087 140, 545 151, 496 100, 617 97,591 242, 772 244, 909 4,294 5,962 Virginia... 436, 793 454, 731 3?8, 401 350, 668 108,392 104, 063 372, 242 389, 279 19, 277 17, 132 390 402 West Virginia 243, 202 254, 111 179, 100 193.118 64, 102 60, 993 215,114 230, 724 15,092 12, 949 210 215 North Carolina._. 203, 569 240, 429 146, 744 178,083 56, 825 62, 346 174, 510 214, 614 18,622 19, 406 257 284 South Carolina 113, 793 55,679 74,832 33, 249 38, 961 77, 854 114,041 11,202 6,844 123 113 Georgia.. 247,019 269, 733 173, 873 193,895 73,146 75,838 226, 953 251, 697 10,459 8,742 307 322 Florida.- 177,354 179,622 58, 582 68, 378 118, 772 111, 244 178, 279 183, 203 2,609 184 187 East South Central: Kentucky 354,302 403, 775 256, 745 310, 700 97, 557 93, 075 286, 504 349, 531 10, 896 8,047 471 511 Tennessee 301,495 326, 577 233, 485 259, 006 68, 010 67, 571 269, 521 297, 065 22, 855 20, 424 383 400 Alabama... 186,922 207, 692 130, 506 149, 019 56, 416 58, 673 155, 228 186, 487 10, 500 9,075 243 257 Mississippi 122,035 120, 875 80,229 81, 330 41,806 39, 545 114, 649 121, 637 10, 826 7,523 226 222 West South Central: Arkansas. 105,945 106, 670 72, 223 75,130 33, 722 31, 540 99, 451 101, 007 8,925 6,194 273 275 Louisiana -.. 337,783 355,416 246,379 258,844 91,404 96, 572 294,148 324,172 31, 848 26, 398 195 200 Oklahoma - 269,517 288, 390 142, 041 166, 443 127, 476 121, 947 275, 376 287, 083 8,151 9,902 510 527 Texas „ 730,307 781, 289 476, 218 526, 930 254, 089 254, 359 692, 591 757,122 21, 671 13, 5451,053 1,102 Mountain: Montana _._ 96,379 109, 415 46, 498 55, 325 49,881 54, 090 95, 990 113, 932 3,105 1,270 151 356 Idaho.. 53,714 60, 331 28,864 32, 923 24, 850 27, 408 55, 321 66, 365 1,586 710 112 122 Wyoming. _ _. 44,809 47, 305 30, 537 32,196 14, 272 15.109 41,609 49, 026 3,291 1,056 73 78 Colorado— 204,154 226,110 101, 491 117, 562 102, 663 108, 548 211, 005 239, 026 5,192 2,385 221 237 New Mexico 29,114 30, 950 16, 366 17, 843 12, 748 13, 107 28, 378 32, 503 1,813 1,018 49 50 Arizona 41,109 56, 590 20, 601 28,579 20, 508 28,011 43, 682 61, 520 1,416 846 26 32 Utah 108,177 133, 936 68, 507 91, 708 37, 670 42, 228 81, 446 107,172 3,018 1,224 71 88 Nevada 32,580 33, 885 24, 275 25,143 8, 305 8,742 29, 473 34, 46S 2,494 832 28 32 Pacific: Washington 338,364 386, 394 183,144 230,929 155, 220 155, 465 323.949 379, 051 11, 624 5,511 259 286 Oregon 184,713 211,137 79, 546 93, 073 105,167 118, 064 179, 425 206,106 6,183 3,348 169 197 California. 2,903,390 3,115,123 1, 830, 608 2,027, 4581, 072, 782 1, 087, 6652, 726, 986 2, 927, 215 102,147 55, 020 363 393 Total 46,071,380 49, 704,19427,834, 33731, 305, 49218, 237, 04318, 398,702 41,962,950'45,820,556 1,238,467'1,146,66319,046 19,9G6 i Includes all National and State banks and all private banks under State supervision. Figures for State institutions are taken from p. 666 and represent in some cases the condition of banks as of dates other than June 30, 1932, and Dec. 31, 1931. ' Revised. Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (Tables 96-98) and 1927 (Tables 81-83). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 665 ALL BANKS IN THE UNITED STATES—Continued NATIONAL BANKS!—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1932, AND DECEMBER 31, 1931, BY STATES [Amounts in thousands of dollars] Loans and investments Dep o o f s d i i e n ts p t , e o r e s b x it a c s n lu k sive a R nd ed b a is i b l c l l o s e u p n a t y s - N po u r m ti b ng er b o a f n k re s - State Total Loans Investments Decem- Decem- Decem- Decem- Decem- |Decem- June ber June ber June ber June ber June ber June ber New England: Maine 117,064 122, 508 61,523 64,777 55,541 57, 731 105,510 111,214 4,387 4,355 43 43 New Hampshire.. 66,754 69,497 36,836 38,822 29,918 30,675 52,248 57,777 4,584 3,405 53 52 Vermont..- 60,547 62,468 32,875 33,688 27,672 28,780 49,495 53,045 4,004 2,527 45 45 Massachusetts L, 022,6271,118,138 632,243 739,395 390,384 378,743 968,559 1,021,044 9,864 26,025 141 144 Rhode Island 45,576 50,881 25,202 29,012 20,374 21,869 33,745 38,285 648 2,265 10 10 Connecticut 224,321 241,543 148,912 163,486 75,409 78,057 199,249 217,314 5,813 7,974 58 61 Middle Atlantic- New York 5, 785,2364,373,865 2,096,930 2,747,593 1,688,306 1,626,272 3,210,941 3, 749,144 59,847 87,784 497 509 New Jersey 710,146 768,072 397,030 437,796 313,116 330,276 648,121 721,842 47,536 41,897 268 272 Pennsylvania >, 224, 5952,296,428 1, 204,6211,281,091 1,019,974 1,015,337 1,832,812 1, 919,955 75,547 101,400 762 774 East North Central: Ohio. 579,773 599,706 360,922 389,518 218,851 210,188 517,861 541,032 16,622 26,128 267 268 Indiana 255,744 289,362 151, 905 178,529 103,839 110,833 246,366 276,857 7,267 6,634 161 171 Illinois 712, 791 873,519 438,765 544,077 274,026 329,442 661,680 797,842 16,087 15,251 345 382 Michigan 772,157 838,485 548,021 616,475 224,136 222,010 742,500 835,933 11,197 48,203 103 106 Wisconsin 352,654 379,982 230, 788 249, 767 121,866 130,215 336,631 356,945 5,179 4,135 135 138 West North Central: Minnesota 453,420 482,857 254,014 286,640 199,406 196,21' 438,890 466,595 3,113 1,638 237 239 Iowa 173,934 198,941 96,485 116,946 77,449 81,995 164,878 189,314 4,676 6,048 177 188 Missouri 355,054 402.497 199,226 242,065 155,828 160,432 323,077 361,115 3,696 9,973 101 109 North Dakota 52,603 54,857 30,316 32,140 22,287 22,717 50,823 55,805 1,697 681 81 86 South Dakota 48,904 51,218 24,889 26,495 24,015 24,723 44, 785 50,246 3,183 1,565 78 79 Nebraska 145,898 160,753 90,097 100,219 55,801 60,534 139,251 150,377 5,286 8,304 156 158 Kansas 146,125 165,427 80,229 94,800 65,896 70,627 141,211 160, 747 3,889 4,065 222 232 South Atlantic: Delaware „ 19,446 20,603 10,196 10,872 9,250 9,731 14,522 16,108 1,074 890 iei 16 Maryland 180,139 174,442 81,270 86, 710 87, 732 153,423 155,109 3,287 2,136 68j 69 District of Columbia.__ 131,685 134,519 71,225 76,908 60,460 57,611 133,665 132,960 3,361 4,657 12 12 Virginia 253, 914 267,884 183,343 198,536 70,571 69,348 221,982 231,480 10,004 8,968 142 144 West Virginia 116,878 125,156 81,405 90, 715 35,473 34, 441 99,511 110,376 8,076 7,456 80 87 North Carolina. _ 51,729 72,731 37,906 54,375 13,823 18,356 39,848 57,523 5,449 6,857 41 44 South Carolina- 43,993 51,960 27,582 35,58" 16,411 16,373 37,162 49,402 5,609 2,357 21 24 Georgia 159, 934 175.498 102,294 114,043 57,640 61,45f 153,915 167,471 3,081 2,546 62 65 Florida 129,769 129,487 37,337 44,184 92,432 85,303 128,616 130,040 1,194 1,143 49 50 East South Central: Kentucky 157, 641 171, 209 102,490 122,008 55,151 49, 201 132,031 152,044 4,858 3,891 109J 119 Tennessee 197,479 211,007 146, 868 161, 806 50, 611 49,201 164, 850 182,074 17,20' 14,518 82i 84 Alabama __ 136,51" 152, 969 88,416 102, 984 48,097 49, 985 111,991 133,746 5,845 5,688 81 84 Mississippi 43, 390 44,615 27, 394 28, 534 15, 996 16,081 40, 898 44,531 2,817 1,856 26 26 West South Central: Arkansas 46, 480 48, 252 25, 705 27, 512 20, 775 20, 740 42, 273 43,146 1,238 1,! 50 51 Louisiana 81, 863 96,289 59, 208 70, 846 22, 665 25, 443 67,461 80, 891 5,288 4,288 29 29 Oklahoma 224, 587 240,383 116,955 138,485 107, 632 101, 898 229, 542 237,040 6,502 8,625 242 250 Texas 582,531 622, 738 372,345 412, 974 210,186 209, 764 550,296 592,520 12,336 10,248 493 508 Mountain: Montana 54,315 62,035 22,183 27, 706 32,132 34, 329 55,527 65, 793 1,412 646 53 55 Idaho 23,331 26,400 13, 628 15,444 9,703 10,956 23,223 27, 765 842 375 31 35 Wyoming.. 28,136 28, 803 17, 865 18,079 10,271 10, 724 26,121 29,426 1,618 461 25 25 Colorado 166, 925 181, 032 77, 274 88, 526 89, 651 92, 506 172,162 191,195 3,640 1,476 100 105 New Mexico 21, 750 22, 826 11, 807 12, 625 9,943 10, 201 21,166 23,969 1,284 678 26 26 Arizona 15, 757 21,191 6,934 8,921 8,823 12,270 16,284 22,266 540 345 10 11 Utah 34,914 40,427 17,206 22,162 17, 708 18,265 29,202 35,174 856 147 15 16 Nevada 18,217 17,092 11, 769 10, 758 6,448 6,334 13, 811 14, 960 2,494 832 10 10 Pacific: Washington 206, 998 226,216 100,496 123, 111 106, 502 103,105 189,229 214,469 6,505 2,776 86 92 Oregon 147, o75 166, 234 58, 019 65,807 89, 556 100, 427 141, 638 159, 560 4,205 2,611 78 84 California ., 866, 5218, 960, 6131, 214, 3101,321, 230 652, 218 639, 3831, 709, 8491, 837, 632 92,071 46, 768 168 181 Total _ 17,448,34019,093, 61510,265,259 11, 904, 779 7,183,0817,188, 836 15, 628, 83117, 271,098 506, 815555,365 6,145 6,368 i 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

666 FEDERAL RESERVE BULLETIN OCTOBER, 1932 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1932, AND DECEMBER 31, 1931, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive of Rediscounts and Number of reinterbank deposits bills payable pomng banks Total Loans Investments State Decem De- June December June December June December Jane December June ber June cember New England: Maine 282,196 290,368 146,419 152,134 135,777 138,234 252,493 266,105 7,729 8,840 72 72 New Hampshire 220,748 225,454 97,966 102, 616 122,782 122,838 201,906 3,247 640 64 65 Vermont 153.476 158,717 100,117 103,825 53,359 54,892 151,134 159,371 8.122 4,060 55 55 Massachusetts 2, 640,791 2,820,789 1,626,353 1,749,808 1, 014,438 1,070,981 2,473,387 2,626,463 25,532 31,230 275 281 Rhode Island 446,299 467, 058 228,097 234,680 218,202 232,378 422, 825 441, 624 480 315 24 25 Connecticut 953,999 1,054,488 535,380 577,686 418, 619 476,802 891,774 973,149 12,232 14, 570 149 158 Middle Atlantic: New York 11,036,457 11,418,171 6,734,631 7,348,145 4,301,826 4, 070, 026 10,195,23110,608,458 54,196 72,850 487 492 New Jersey ._ 1,255,428 1,328,234 773, 398 825,822 482,030 502,412 1,165,540 1,265,051 55,295 37,382 207 214 Pennsylvania 2,366,458 2,534,188 1,179, 762 1, 322, 5431,186, 696 1,211,645 1,923, 762 2,101,876 87,049 109,754 498 546 East North Central: Ohio - 1,313,772 1,381,968 954, 748 1, 017,457 359,024 364,511 1,201,948 1,297,376 96,597 3 76,006 540 554 Indiana 274,945 309,367 195,253 224,086 79,692 85,281 283,788 322,586 10,443 8,267 534 571 Illinois 1,475,471 1,838,841 971,453 1,211,123 504, 018 627,718 1,325,492 1,739,294 104,740 24,711 804 912 Michigan 601,991 '651,329 418,733 '462,260 183,258 ' 189,069 547,529 ' 608,818 36,410 29,628 454 '482 Wisconsin 376,426 409,544 245,868 271, 054 130,558 138,490 357,318 15,378 11, 822 722 736 West North Central: Minnesota 271,997 289,972 144,751 160,967 127,246 129,005 271,229 299,306 7,498 4,421 603 629 Iowa 292,620 347,683 223,248 269,106 09,372 78,577 3 289,225 » 357,883 19,167 12,704 703 750 Missouri.. _.- 553,467 593,677 310,553 353,536 242,914 240,141 3 549,910 3 607,330 14,634 12,875 813 873 North Dakota 18,320 19,325 15,648 16,035 2,672 3,290 18,105 20, 023 947 372 156 160 South Dakota 36,329 37,585 26,072 27,358 10,257 10,227 33,850 38,891 2,652 934 179 185 Nebraska 74,860 84,740 55,966 65,287 18,894 19,453 73,935 86,421 3,328 2,687 459 472 Kansas 130,389 145,087 98,186 111, 150 32,203 33,937 '126,305 8144,100 6,347 5,981 658 South Atlantic: Delaware --- 135,452 143, 583 76,718 84,883 58,734 58,700 112,420 120,944 1,332 816 43 33 Maryland 573,145 594, 611 290,535 312,407 282, 610 282,204 524,810 555,412 17,533 14,472 137 133 District of Columbia. 109.477 114,568 69,320 74,588 40,157 39,980 109,107 111,949 933 1,305 27 27 Virginia 182,879 186,847 145, 058 152,132 37,821 34, 715 150,260 157,799 9,273 8,164 248 258 West Virginia 126,324 128,955 97,695 102,403 28,629 26,552 115,603 120,348 7,016 5,493 130 128 North Carolina-.- 151,840 167,698 108,838 123,708 43,002 43,990 134,662 157, 091 13,17r 12,549 216 240 South Carolina.... <44,935 61,833 «28,097 39,245 « 16,838 22,588 M0,692 64,639 * 5,593 4, -~ <102 89 Georgia 87,085 94,235 71,579 79,852 15,506 14,383 73,038 84,226 7,378 6,196 245 257 Florida - 47, 585 50,135 21,245 24,194 26,340 25,941 49,663 53,163 1,415 1,537 135 137 East South Central: Kentucky... 196,661 232,566 154,255 188,692 42,406 43,874 154,473 197,487 6,038 4,156 362 392 Tennessee 104,016 115,570 86,617 97,200 17,399 18,370 3104,671 3114,991 5,648 5,906 301 316 Alabama 50,409 54,723 42,090 46.035 8,319 8,688 43,237 52,741 4,655 3,387 162 173 Mississippi 78,645 76,260 52,835 52, 796 25,810 23,464 73,751 77,106 8,009 5,667 200 196 West South Central: Arkansas 59,465 58,418 46,518 47.618 12,947 10,800 57,178 57,861 7, 4,325 223 224 Louisiana 255,920 259,127 187,171 187,998 68,749 71,129 226,687 243,281 26, 560 22,110 166 171 Oklahoma 44,930 48,007 25,086 27,958 19,844 20,049 45,834 50,043 1,649 1,277 268 277 Texas 147,776 158,551 103,873 113,956 43,903 44,595 142,295 164,602 9,335 3,297 560 594 Mountain: Montana 42,064 47,380 24,315 27.619 17,749 19,761 40,463 48,139 1,693 624 98 101 Idaho 30,383 33,931 15,236 17,479 15,147 16,452 3 32,098 3 38,600 744 335 81 87 Wyoming 16,673 18, 502 12,672 14,117 4,001 4,385 15,488 19,600 1,673 595 48 53 Colorado 37,229 45,078 24,217 29.036 13,012 16,042 38,843 47,831 1, 55r 909 121 132 New Mexico 7,364 8,124 4,559 5,218 2,805 2,906 7,212 8,534 «529 «340 23 24 ' Arizona 25,352 35,399 13,667 19,658 11,— 15,741 3 27,398 3 39,254 876 501 16 21 Utah.. 71,263 93,509 51,301 69,546 19,962 23, 963 52,244 71,998 2,162 1,077 56 72 Nevada 14,363 16,793 12,506 14,385 1,857 2,408 15,662 19,508 18 22 Pacific: Washington 131,366 160,178 82,648 107,818 48,718 52,360 3134,720 164,582 5,119 2,735 173 194 Oregon. 37,138 44,903 21,527 27,266 15,611 17,637 37,787 46,546 1,978 737 91 113 California 1,036,862 1,154,510 616,298 706,228 420,564 448,282 1,017,137 10,076 8,252 195 212 Total.- 28,623,040 30,610, 579 17, 569,078 ' 19,400,713 11,053,962' 11,209,866 26,334,119' 28,549,458 731,652 ' 591,298 12,901 13,598 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates nearest thereto for which figures are available. 2 Includes bonds borrowed. 8 Includes due to banks. * Includes 10 cash depositories. • Includes miscellaneous liabilities. •• Revised. NOTE.—All figures in the June columns are as of June 30, except as follows: Tennessee, June 15; Oklahoma, June 27; Colorado, June 25. All figures in the December columns are as of Dec. 31, except as follows: Maine, Dec. 26; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Kentucky, June 30; Oklahoma, Dec. 26; Colorado, Dec. 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 667 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 Federal reserve district Total Excess 1932 1931 1932 1931 1932 1931 August July August August July August August July August Boston. _ 131.1 139.2 141.0 18.2 26.8 3.0 19.2 25.4 8.9 New York 958 5 896 7 999 9 138 7 86 5 43 9 93.0 103.4 48.1 Philadelphia. 116.9 116.3 143.5 2.6 1.5 3.3 65.1 72.3 18.6 Cleveland 141.3 142.3 187.2 4 0 4 7 2.8 35.5 51.7 25.0 Richmond _. ... 50. 1 51. 1 61.0 2.5 3.4 2.2 27.7 28.5 18.5 Atlanta . 42 4 42 6 54 4 2 0 1 6 1.4 33.5 39.9 20.3 Chicago 294.4 277.3 332 8 82 6 65 2 23.1 33.1 41.2 15.9 St. Louis 53.3 54.9 67.1 2.4 3.9 2.5 12.4 13.5 10.6 Minneapolis 38.9 40.8 47.6 2.9 3.4 2.3 13.6 12.6 4.5 Kansas City 66.9 66.2 80.7 6.7 5.4 6.1 21.0 22.9 13.1 Dallas 43 0 44 9 52 6 2 6 3 5 1.6 16.8 16.0 13.3 San Francisco... ..- _ 136.4 130.1 177.5 4.7 -1.6 8.4 79.2 94.7 25.4 Total 2,073. 2 2,002. 6 2, 345. 4 269.9 204.4 100.6 450.2 522.1 222.2 Back figures—For reserves jheld and borrowings at Federal reserve banks, see Annual Reports for 1931 (Tables 100 and 101), 1929 (Table 91), and 1927 (Tables 89 and 90). 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 August July August August July August August July August August July August Boston _ 934 940 1,153 703 689 855 80 76 103 141 138 159 New York 5,954 5,909 6,897 1,903 1,843 2,452 216 216 289 476 479 591 Philadelphia 813 819 988 604 600 773 142 143 181 398 401 456 Cleveland 955 960 1,309 1,012 1,008 1,330 136 135 178 260 262 313 Richmond 321 321 394 296 296 358 73 74 100 161 162 199 Atlanta 290 296 392 288 285 325 52 54 76 64 64 83 Chicago 1,419 1,421 2,103 1,190 1,204 1,656 144 147 208 241 245 335 St. Louis 351 355 456 305 297 357 88 88 113 97 97 120 Minneapolis 194 204 250 188 190 206 97 101 132 197 200 235 Kansas City 397 402 492 213 213 240 171 173 225 117 118 140 Dallas 284 292 359 155 155 184 126 130 165 33 32 38 San Francisco 811 806 1,080 1,455 1,470 1,719 93 97 140 108 110 135 Total 12,723 12, 723 15,873 8,312 8,247 10,455 1,418 1,434 1,910 2,291 2,308 2,804 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN OCTOBER, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR N. Y. CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C l l a e 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 i a t 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 Loans and investments: Sept. 7 18,564 1,215 7,574 1,093 1 907 570 492 2,256 520 314 522 375 1,726 6,575 1,219 Sept. 14. 18, 556 1,218 7,596 1,094 1,903 569 492 2,230 523 314 618 373 1,726 6,599 1,194 Sept. 21 _ 18,930 1,249 7,798 1,121 1,934 590 503 2.245 532 314 522 387 1,735 6,796 1,208 Sept. 28 18, 907 1,239 7,799 1,119 1,925 591 499 2,247 528 314 521 388 1,737 6,801 1,214 Loans: Sept. 7 10, 812 758 4,095 625 1,136 319 322 1,582 185 260 236 996 3,478 832 Sept. 14 10, 766 768 4,108 625 1,130 318 322 1,522 300 185 258 236 994 3,493 774 Sept. 21 __. 10. 729 774 4,080 621 1,126 317 320 1,520 301 184 257 236 993 3,468 773 Sept. 28 10, 706 765 4,087 618 1,121 316 320 1,508 300 185 258 238 990 3,479 767 On securities- Sept. 7 4,519 287 1,904 309 515 122 106 714 113 54 78 72 245 1,646 465 Sept. 14 4,547 289 1,944 309 513 120 107 701 113 54 79 73 245 1,686 453 Sept. 21 4,511 288 1,918 308 514 119 106 114 54 78 72 244 1,662 448 Sept. 28 4,521 288 1,939 306 511 120 106 113 54 72 245 1,683 445 All others- Sept. 7 6,293 471 2,191 316 621 197 216 185 131 182 164 751 1,832 367 Sept. 14 6,219 479 2,164 316 617 198 215 821 187 131 179 163 749 1,807 321 Sept. 21 6,218 486 2,162 313 312 198 214 824 187 130 179 164 749 1,806 325 Sept. 28... 6,185 477 2,148 312 610 196 214 820 187 131 179 166 745 1,796 322 Investments: Sept. 7 _.. 7,752 457 3,479 771 251 170 674 222 129 262 139 730 3,097 Sept. 14 _ 7,790 450 3,488 773 251 170 708 223 129 260 137 732 3,106 420 Sept. 21_ 8,201 475 3,718 500 808 273 183 725 231 130 265 151 742 3,328 435 Sept. 28 8,201 474 3,712 501 804 275 179 739 228 129 263 150 747 3,322 447 United States Government securities- Sept. 7 4,535 272 2,256 197 439 130 87 362 103 143 400 2,109 198 Sept. 14 4,559 264 2,255 197 441 130 87 391 103 142 402 2,108 226 Sept. 21 4,981 290 2,499 225 477 151 100 408 111 147 411 2,344 240 Sept. 28 4,960 287 2,475 225 473 154 423 108 145 415 2,321 253 All other- Sept. 7 3,217 185 1,223 271 332 121 312 119 119 330 189 Sept. 14 3,231 186 1,233 272 332 121 317 120 118 330 194 Sept. 21 _._ 3,220 185 1,219 275 331 122 317 120 118 331 195 Sept. 28 ..-. 3,241 187 1,237 276 331 121 316 120 118 332 1,001 194 Reserve with Federal reserve bank: Sept. 7- 1,703 97 882 70 109 35 264 21 45 205 Sept. 14 1,810 101 1,002 70 110 33 253 20 45 957 197 Sept. 21.. 1,767 81 970 69 110 33 269 19 42 924 209 Sept. 28- 1,831 1,004 70 111 33 285 22 42 961 229 Cash in vault: Sept. 7.. 206 15 50 12 24 13 5 14 16 39 17 Sept. 14 217 16 54 13 26 13 5 14 16 43 17 Sept. 21... _ 198 15 47 11 24 13 5 14 14 36 17 Sept. 28 206 16 49 11 13 5 13 15 17 Net demand deposits: Sept. 7. 11,011 729 5,580 634 829 264 219 1,190 278 162 348 224 554 5,142 802 Sept. 14 ___. 11, 232 730 5,737 639 831 276 216 1,210 281 163 353 225 571 5,295 816 Sept. 21 11,100 716 5,658 626 841 272 212 1,218 279 156 345 220 557 5,218 828 Sept. 28 11,229 732 5,731 628 276 214 1, 243 277 157 340 219 563 5,296 853 Time deposits: Sept. 7 5,622 429 1,244 272 229 195 906 200 138 180 125 884 820 326 Sept. 14 5,610 429 1,243 272 819 228 194 907 200 140 180 123 875 816 328 Sept. 21 .._ 5,627 429 1,245 272 821 230 200 903 200 141 181 125 880 824 324 Sept. 28 5,640 429 1,249 271 821 231 193 200 142 181 125 892 829 326 Government deposits: Sept. 7 147 12 11 5 12 2 1 10 64 Sept. 14 147 12 11 5 12 2 1 10 64 Sept. 21 ••608 29 295 50 45 23 46 3 39 273 Sept. 28 608 29 295 50 45 23 46 3 39 273 32 Due from banks: Sept. 7. 1,347 138 127 100 85 71 299 41 131 134 71 215 Sept. 14 1,462 148 123 108 99 77 330 44 142 156 69 242 Sept. 21 1,431 135 125 110 108 80 303 44 140 147 70 219 Sept. 28. 1,448 141 127 120 107 78 299 41 145 144 73 211 Due to banks: Sept. 7 _._ 2,875 138 1,289 181 216 348 51 155 160 1,233 258 Sept. 14 2,997 151 1,357 187 222 362 50 156 173 1,300 275 Sept. 21 2,962 144 1,313 187 224 377 51 156 171 1,256 283 Sept. 28 2,991 142 1,327 188 227 375 54 159 176 1,270 284 Borrowings from Federal reserve banks: Sept. 7 _ 153 Sept. 14 148 Sept. 21 113 Sept. 28 101 Back figures—See Annual Report for 1931 (Tables 112-122), 1930 (Tables 106-116), etc. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 669 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Loans secured by prime stock Loans secured by warehouse Prime commercial paper exchange collateral receipts Interbank loans Federal reserve bank or branch city 1932 1931 1932 1931 1932 1931 1932 1931 Sep b t e e r m- August ep b t e e r m- Septem- August Se b p e t r em- Se b p e te r m- August Siee b ppt e tee r m- Se b p e te r m- August Se b p e te r m- Boston.. 3 -4H 5 -6 33/4-5 5 -5M New York. 3 -4 4 -5 4^-5 4 -4V 3 -4 4 -5 4- 5 Buffalo 5 -6 5 -6 5H-6 5H-6 6 6 6 Philadelphia.. 5 -6 5 -6 5 -Vy 4 -53^ 33^-5 Cleveland.. 5 -6 5 -6 4- 5 5 -6 6 6 5 -6 6 53^-6 5 -53 Cincinnati.. 5 -6 5 -8 5 -6 5 -6 5 -6 5 -7 6 -7 6 -63, 5 -6 5 -6 5 -6 Pittsburgh. 5 -53> 6 6 5H-6 5H-6 Richmond.. 5 -5H 5 -5 Baltimore.. 5 -6 5 -6 5 -6 4 -6 6 5 -6 Charlotte... 5 -6 5 -6 5- 6 5H-6 6 5H-6 Atlanta 5 -b\ 5 -7 »-5 -7 5 -h\ 5 -6 5 -6 5 -5H Birmingham.. 5 -6 6 -7 6 -8 ••6 -8 5 -8 6 -8 '6 -8 6 5 -6 Jacksonville- 4^-8 6 -6 »-6 -8 6 -7 6 -8 6 -8 6 Nashville 5 -6 6 6 6 6 6 New Orleans.. 5 -63. 0 -6 5 -63- Chicago.. 4 -5 4 -5 4 -43- 4-5 43/4-5H Detroit. . 4 -6 5 -6 6 St. Louis 5 -6 5 -6 43^-6 4 -6 4 -6 5- 6 4 -6 Little Rock.. 6 -61 7 -73, 6 -7 6 Louisville—. 6 5 -6 Minneapolis.. 3 -5 43^-6 2 -53- 3 -5 53^-6 4H-6 Helena 7 -8 6 -8 7 -8 7 -8 6 -8 6 -7 6 -7 6 -8 6 -7 6 -8 Kansas City 4 -6 5 -53- 5H-6 5 -8 53^-6 53^-6 5 -S Denver 4^-5 4 -6 4 -6 6 6 53-3-8 6 -8 6 -7 6 5H-6 6 Oklahoma City 6 -6 8 6 -8 6 -8 0 -8 6 6 Omaha 5 5M-7 6 -&} 6 -6M Dallas 6 -7 6 -8 5 -7 5 -6 5 -5J, 5 -5 5 -53 S El Paso 7 -8 7 -8 7 -8 7 -8 7 -8 8 8 5 -6 5 -6 5 -6 Houston 5 -6 5 -6 5 -6 5 -8 5 -6 5 -53> 5 -534 San Antonio.. 5 -7 5 -7 6 -7 6 -8 6 -8 6 6 San Francisco 5 -5V 5 -6 5 -6 5 -6 53^-6 5H-6 L P o o s r t A la n n g d eles 5' 2-6 6 5 -6 6 6 6 -6 -6 1 } , 6 -6 6 6 2-6> 6 6 ~ - e 7 y2 6 6 - - 7 6H 6 6 -6 -7 3^ Salt Lake City 6 6 -7 6 -7 6 -7 6 7 7 Seattle 6 5 -7 6 -7 63^-7 8 -63> 6H-7 Spokane 6 -6V2 6 -6} 6 -7 6M-7 7 r Revised. 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

670 FEDERAL RESERVE BULLETIN OCTOBER, 1932 OTHER BANKING AND FINANCIAL STATISTICS MATURITY DISTRIBUTION OF BILLS, ETC. SHIPMENTS AND RECEIPTS OF AMERICAN fin thousands of dollars] CURRENCY TO AND FROM EUROPE BY SELECTED BANKS IN NEW YORK CITY With- 91 days Total in^ 16 to 30 31 to 60 61 to 90 to 6 Over 6 [Paper currency only. In thousands of dollars] days days days mos. 1931 1932 Bills discounted: Sept. 7 420,428 299,302 34, 793 47,290 29,799 8,697 547 Sept. 14 401,933 283,154 33,991 30,151 8,010 589 Net Net Sept. 21 359,023 241,609 28, 258 43,906 27, 555 7,112 10,583 Month E m S u h e t r o i n o p t p - s e E c f u e R r r o i e p o m - t p s e re m ( s c - h e e ) i n i o p p t r - s ts E m S u h e t r o i n o p t p - s e E c f u e r R o r i e p o m - t p s e re m ( s c - h e e ) i n o i p p t r - s ts Bi o ll p s S S S e e n e e b p p p o t m t t . . . u a g 7 1 2 r h 4 8 k t e i t: n 33 3 3 9 3 3 , , , 5 6 7 8 4 2 5 7 6 23 2 4 6 , , , 6 0 6 8 0 2 1 3 2 2 4 7 1 , , , 7 2 9 5 3 9 7 7 8 41,2 9 6 0 6 4 2 2 2 7 5 6 , , , 1 6 4 7 8 1 4 4 3 6,557 Sept. 21 33,652 4,806 928 1,063 26,825 Sept. 28 33,604 2,267 1,644 1,792 27,871 Certificates and January... 470 4,051 +3,581 25 3,335 +3,310 bills: M A Fe p a b r r i r c l u h ary.. 1,3 9 1 8 1 3 0 5 0 1,469 + + -5 5 8 1 5 3 7 4 0 0 0 0 4 5 8 , , , 4 5 2 6 2 6 8 1 3 + + +4 8 5 , , , 5 4 2 6 6 2 3 8 1 S S Se e e p p p t t t . . . 2 7 1 1 4 _ 1 1 1 , , , 0 0 0 3 2 2 0 9 1 , , , 3 8 3 8 4 5 4 3 2 1 1 3 4 7 4 5 1 t , , , , , 5 4 5 2 3 0 6 4 0 1 5 6 3 8 0 6 , , , 0 8 2 5 2 9 0 2 0 2 2 1 3 1 3 6 9 8 , , , 5 1 7 6 8 0 8 9 0 1 1 3 4 6 9 , , 8 7 2 5 5 5 0 0 0 2 1 1 0 3 3 4 , , , 5 7 7 5 7 7 6 5 5 4 4 4 1 2 2 3 7 7 , , , 5 5 5 4 4 9 8 3 7 May 2,570 2,103 -467 0 10,938 +10,938 Sept. 28 1,029,335 19,822150,417156,349 000 254,160 423, 587 June 8,811 779 -8,032 12 16,265 +16,253 Municipal war- July 10,256 394 -9,862 20 6,694 +6,674 rants: August 3,226 3,723 +497 152 6,458 +6,306 Sept. 7 5,714 4,238 1,258 193 September. 8,433 3,290 -5,143 36 6,603 +6, 567 Sept. 14 5,426 3,910 1,276 215 October. _. 3,088 11,588 +8,500 Sept. 21 4,402 4,162 205 November. 52 7,039 +6,987 Sept. 28 4,872 4,632 25 205 December. 1,523 3,749 +2,226 Back figures.—See (for bills discounted and bills bought) Annual Re- For description and back figures see BULLETIN for January, 1932 port for 1931 (Table 16), 1930 (Table 15), 1929 (Table 14), etc. pp. 7-9. UNITED STATES POSTAL SAVINGS MEMBERSHIP IN PAR-COLLECTION SYSTEM [Balance to credit of depositors. In millions of dollars] [Number of banks at end of August] Nonmember banks End of month 1927 1928 1929 1930 1931 1932 Member banks Fede d r i a s l t r r i e ct serve On par list Not on par list J F a e n b u r a u r a y ry _ 1 1 4 4 1 3 . . 5 8 1 1 4 5 8 1 . . 9 1 1 1 5 5 4 3 . . 8 5 1 16 6 7 5 . . 9 1 2 2 9 7 2 8 . . 1 4 6 6 6 9 5 1 . . 6 8 March 146.4 152.0 155.0 169.5 302.7 705.3 April 147.1 152.2 154.3 170.2 313.8 722.1 1932 1931 1932 1931 1932 1931 May 147.4 152.0 153.8 171.2 325.0 » 733. 5 June 147.4 152.1 153.6 175.3 347.4 » 776.3 July 147.1 151.7 167.8 180.7 372.5 » 826.0 United States— 6,925 7,679 8,365 10,103 3,122 3,429 August 147.9 152.2 160.1 186.5 422.7 » 844.9 September 148.2 152.3 160.3 189.8 469.9 Boston 367 384 221 255 October. .. 148.7 153.1 161.6 192.5 538.1 New York . 824 884 335 377 November. 149.0 153.9 163.7 200.7 565.5 Philadelphia 702 742 305 423 December- 148.5 153.9 164.3 245.4 605.1 Cleveland 637 711 763 858 6 7 Richmond 387 452 431 488 358 430 Atlanta 333 366 135 160 729 839 » Preliminary Chicago 813 983 2,302 2,893 262 254 St. Louis 441 501 1,144 1, 349' 402 444 Minneapolis 560 605 343 429 861 959 Kansas City. 797 845 1,492 1,765 230 218 Dallas 596 653 431 523 225 217 San Francisco 468 553 463 583 49 61 Figures cover all incorporated banks (other than mutual savings banks). Back figures.—See Annual Report for 1931 (Table 88), 1930 (Table 83), 1929 (Table 77), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 671 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] Bank:s suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits d ( o in l la th rs o ) usands of Federal reserve district Members Members ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n l k l s National State m N b e e o m r n s - - ba A n l k l s M be e r m s^ - m N b e 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 - - September, 1932: Boston New York Philadelphia _ . . 2 2 1 250 1,250 Cleveland- 4 3 1 1,251 966 285 1 1 3,066 3,066 Richmond 3 3 2 365 2 365 3 1 2 2,101 1,286 815 Atlanta 2 2 661 661 Chicago 15 1 14 4,787 109 4,678 6 2 34 6,810 757 a 6,053 St. Louis - - 3 3 537 537 2 1 1 461 254 207 Minneapolis 12 3 9 1,879 436 1,443 1 1 936 936 Kansas City _ _ 13 1 12 2,251 34 2,217 1 1 249 249 Dallas . 2 2 135 135 San Francisco 9 2 4 3 2,892 185 1,992 715 Total. 65 12 4 49 16,008 2,980 1,992 11,036 14 4 10 13,623 2,297 11,326 January-September, 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 6 1 5 8,415 507 7,908 Philadelphia 25 8 17 28,715 4,391 24,324 7 7 7,446 7,446 Cleveland. _ - 49 18 1 30 19,036 7,983 512 10,541 12 1 <11 60,803 577 < 60,226 Richmond 65 12 53 2 52.966 14, 526 2 38,440 37 8 29 27,217 11.063 16,154 Atlanta 53 14 4 35 16,248 6,102 1.905 8,241 20 1 < 19 7,746 680 4 7,066 Chicago 395 68 19 308 214, 601 66,208 22,030 126.363 65 10 4 55 72,677 18,633 4 54,044 St Louis 121 17 5 99 32,229 8,007 3,379 20,843 32 5 27 8,218 1,133 7,085 Minneapolis _ _ 80 14 66 18, 695 4,058 14, 637 13 1 12 5,159 1,132 4,027 Kansas City 143 20 2 121 22,370 5,688 481 16,201 18 18 3,411 3,411 Dallas 27 7 2 18 7,723 3,474 150 4,099 9 3 6 5,558 4,231 1,327 San Francisco 116 28 9 79 76,317 23,999 5,060 47,258 8 2 6 9,187 960 8,227 Total 1,099 218 44 837 587, 236 169,047 44,572 373,617 229 41 188 218,108 48, 633 169,475 *"*' 1 Represents national banks only, except as follows: January-August, 2 State members in Chicago district with deposits of $1,332,000, 1 in St. Louis district with deposits of $339,000, and 2 in San Francisco district with deposits of $960,000. 2 Exclusive of deposits of 1 bank for which deposit figures are not yet available. 3 At time of suspension, 1 bank in Chicago district with deposits of $4,314,000 was a State member bank. 4 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 9 banks in Chicago district with deposits of $36,151,000, were State member banks. Back figures.—See BULLETIN for February, 1932; also Annual Reports for 1931 (Table 123), 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

672 FEDERAL RESERVE BULLETIN OCTOBER, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING SEPTEMBER, 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 call date preceding suspension] [Figures are preliminary and subject to revision] Banks suspended Banks reopened Deposits (in thousands Number Deposits (in thousands of dollars) Number of dollars) State Members Members ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n ll ks National State me N m o b n e - rs ba A n l k l s M be e r m s i - m N b e e o m r n s - - ba A n l k l s M be e r m s i - m N b e e o m r n s - - New England: Maine New Hampshire.. , Vermont Massachusetts . Rhode Island Connecticut- Middle Atlantic: New York New Jersey Pennsylvania _. 6 5 1 2, 501 2,216 285 1 1 3,066 3,066 East North Central: Ohio Indiana 4 4 696 696 Illinois 2 2 1,317 1,317 2 1 1 501 337 164 Michigan 6 6 2,285 2,285 5 1 24 7,245 420 2 6,825 Wisconsin 2 2 579 579 West North Central: Minnesota 7 2 5 1,223 375 848 Iowa. ._ 4 1 3 652 109 543 Missouri 1 1 117 117 North Dakota.. 2 2 183 183 South Dakota 2 1 1 151 61 90 Nebraska 5 5 1,099 1,099 1 1 249 249 Kansas 5 5 692 692 South Atlantic: Delaware Maryland 1 1 582 582 District of Columbia Virginia West Virginia 1 1 253 253 1 1 1,286 1,286 North Carolina 2 2 3 112 3 112 1 1 233 1 233 South Carolina Georgia Florida 2 2 661 661 East South Central: Kentucky Tennessee . 1 1 207 207 Alabama Mississippi West South Central: Arkansas 1 1 254 254 Louisiana - Oklahoma 2 2 426 426 Texas 2 2 135 135 Mountain: Montana Idaho 4 1 1 2 707 81 118 508 Wyoming . Colorado 1 1 34 34 New Mexico Arizona Utah Nevada Pacific: Washington 2 1 1 1,307 1,100 207 Oregon 3 1 2 878 104 774 California Total 65 12 4 49 16, 008 2,980 1,992 11,036 14 4 10 13 623 2,297 11, 326 1 I 1 Represents national banks only. 2 At time of suspension 1 of these banks, with deposits of $4,314,000, was a State member bank. 3 Exclusive of deposits of 1 bank for which deposit figures are not yet available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 673 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO SEPTEMBER 30, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank, Figures of suspensions during given period include any banks which may have 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 included for latest month are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of State dollars) 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 - i m N b e e o m r n s - - ba A n l k l s M be e r m s! - m N b e e o m r n s - tional tional New England: Maine New Hampshire _ _ 1 1 402 402 Vermont Massachusetts 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 15,326 12,016 3,300 4 1 3 6,283 507 5,776 New Jersey 7 4 1 2 12,679 8,990 797 2,892 4 2 2 6,700 4,568 2,132 Pennsylvania 37 16 1 20 33,763 7,528 512 25,723 5 4 1 5,152 2,086 3,066 East North Central: Ohio 22 2 20 7,625 1,678 5,947 9 1 28 56,590 577 2 56,013 Indiana . 63 9 54 35,833 10,182 25,651 10 10 4,958 4,958 Illinois 169 42 9 118 109,275 40,096 12,931 56,248 21 6 15 9,096 5,720 3,376 Michigan 70 4 9 57 25,647 2,404 3,989 19,254 28 4 2 24 27,570 10,796 2 16, 774 Wisconsin. . ... 25 2 23 9,154 1,046 8,108 12 2 10 6,674 2,220 4,454 West North Central: Minnesota _. _ 41 4 37 7,4b3 862 6,601 4 4 1,205 1,205 Iowa 110 20 3 87 53,964 16,908 5,561 31,495 1 26 31,327 1.409 2 29,918 Missouri 64 7 1 56 11,019 3,694 455 6,870 2 2 413 413 North Dakota 9 2 823 141 682 4 4 597 597 South Dakota . 12 2 10 3,875 356 3,519 Nebraska 34 3 2 29 4,959 408 481 4,070 12 12 2,403 2,403 Kansas. 49 7 42 7,762 2,925 4,837 1 1 247 247 South Atlantic: Delaware 1 1 792 792 1 1 792 792 Marvland 4 1 3 5,520 839 4,681 8 8 2,957 2,957 District of Columbia 4 4 3,497 3,497 Virginia 9 2 7 879 339 540 2 1 1 591 567 24 West Virginia 4 1 3 602 142 460 9 4 5 11,607 6,689 4,918 North Carolina 30 5 25 3 13,897 9,967 3 3,930 12 3 9 10,994 3,807 7,187 South Carolina 15 3 12 28,679 3,239 25,440 8 8 2,215 2,215 Georgia 12 4 1 7 2,450 506 358 1,586 1 1 309 309 Florida 8 1 7 2,741 432 2,309 4 4 933 933 East South Central: Kentucky. 36 10 1 25 10,362 4,186 2,347 3,829 8 1 7 1,084 160 924 Tennessee 21 3 18 4,340 1,624 2,716 4 4 603 603 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 7 2 5 1,216 593 623 Louisiana . 7 1 1 5 2,450 680 531 1,239 6 1 25 3,097 680 2 2, 417 Oklahoma 20 4 16 4,844 1,626 3,218 4 4 402 402 Texas _. 26 7 2 17 7,515 3,474 150 3,891 9 3 6 5,558 4,231 1,327 Mountain: Montana 5 2 3 838 306 532 Idaho 22 6 1 15 12,441 8,181 118 4,142 Wyom i ng 2 2 878 878 Colorado 17 5 12 2,037 686 1,351 New Mexico Arizona 6 1 5 6 376 354 6 022 Utah 14 2 12 9,812 863 8,949 4 2 2 1,913 960 953 Nevada 3 3 981 981 Pacific: Washington 24 4 2 18 23,483 3,873 2,285 17,325 1 1 327 327 Oregon . _ 22 5 4 13 5,699 1,307 1,794 2,598 2 2 5,841 5,841 California.. 26 12 14 17,733 10,284 7,449 1 1 1,106 1,106 Total - . --. 1,099 218 44 837 587,236 169,047 44,572 373,617 229 41 188 218,108 48,633 169,475 1 Represents national banks only, except as follows: 1 State member in Illinois with deposits of $628,000; 1 in Michigan with deposits of $704,000; 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; 8 in Michigan with deposits of $9,293,000; 1 in Iowa with deposits of $26,858,000; and 1 in Louisiana with deposits of $531,000, were State member banks. 3 Exclusive of deposits of 1 bank for which deposit figures are not yet available. Back figures—See Bulletin for February, 1932; also Annual Reports for 1931 (Table 124), 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), ]926 (Table 100). and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN OCTOBER, 1932 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1925 average= 100] Without seasonal adjustment AdjustedL for seasonalvariation Industry 1932 1931 1932 1931 August July August August July August Manufactures—total *>58 55 77 '59 57 78 IRON AND STEEL _ - 23 23 49 23 25 50 Pig iron _ _ _ ._ 17 19 42 18 20 44 Steel ingots - _ 23 24 50 24 26 51 TEXTILES ._ _ _ _ _ 86 64 94 90 69 99 Cotton consumption .. - ....-- -- -.- ....,- 1 74 57 83 82 63 92 Wool | 70 53 93 73 56 97 Consumption „ .... 1 82 59 107 88 66 115 Machinery activity 77 58 92 Carpet and rug-loom activity 25 26 51 Silk 138 99 124 134 103 120 Deliveries _ 165 117 136 158 123 131 Loom activity 85 62 99 FOOD PRODUCTS 78 80 84 83 81 88 Slaughtering and meat packing.. 74 76 75 87 81 86 Hogs 68 69 59 89 78 78 Cattle - 76 79 90 77 80 92 Calves 84 81 86 91 84 Sheep > _ 152 144 159 150 144 158 Wheat flour 82 81 98 77 84 92 Sugar meltings-- - _ - _ _ ._ 87 96 98 78 79 88 PAPER AND PRINTING 79 101 85 105 Wood pulp and paper 72 94 76 96 Newsprint - 61 62 71 62 63 72 Book paper 75 105 81 107 Wrapping paper _ _ _ _ __ 62 90 65 90 Fine paper 68 79 74 83 Box board 85 115 89 114 Wood pulp mechanical 54 63 63 79 Wood pulp, chemical 71 87 75 89 Paper boxes.- 129 172 135 171 Newsprint consumption 89 91 105 100 102 118 LUMBER,. __ _____ 26 26 40 25 27 38 TRANSPORTATION EQUIPMENT: Automobiles 26 35 56 23 33 52 Locomotives _ . _ 7 5 5 6 5 5 Shipbuilding _ _ _ 79 100 54 68 LEATHER AND PRODUCTS _ J>93 113 '84 102 Tanning. _ __ . _ 99 96 Sole leather 87 (2) (2) (2) Upper leather- Cattle _ 87 91 Calf and kip 96 80 Goat and kid" 130 132 Boots and shoes 105 78 122 92 79 106 CEMENT AND GLASS: Cement. 62 61 107 48 50 83 Glass, plate 23 '38 76 22 ••38 75 NONFERROUS METALS *: Tin deliveries * 42 50 89 0) FUELS, MANUFACTURED: Petroleum refining _ _ _ ._ 135 141 161 135 141 161 Gasoline 178 183 208 (2) Kerosene _ 70 73 74 74 78 Fuel oil 85 90 105 (2) 8 8 Lubricating oil 66 82 96 (2) Coke, by-product _ _-_---_. 47 48 77 48 80 50 RUB T B i E r R es , T I p R n E e S u m AN a D ti c TUBES 6 7 8 0 8 9 7 2 9 9 3 5 6 7 8 2 8 9 9 3 9 9 4 7 Inner tubes 46 55 80 42 58 72 TOBACCO PRODUCTS __. 115 123 126 108 114 118 Cigars 67 66 82 64 63 78 Cigarettes 150 167 159 139 152 148 Minerals—Total 66 82 65 64 79 Bituminous coal _ 49 42 69 50 46 70 Anthracite coal 43 45 62 48 55 62 Petroleum, crude _ _ _ 106 106 109 104 104 107 Iron ore 17 15 120 8 8 59 Zinc _ 28 31 46 31 34 49 Lead _ 32 29 63 33 31 66 Silver 40 34 45 41 40 45 v Preliminary. r Revised. 1 Includes also lead and zinc; see'' Minerals." »Without seasonal adjustment. For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 675 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1932 1931 1932 1931 1932 1931 August July August August July August August July August Total : 58.6 57.2 n.2 58.8 58.3 74.1 40.1 39.6 64.3 IRON AND STEEL AND PRODUCTS 50.4 51.4 69.9 50.6 52.1 70.3 22.1 22.2 50.6 Steel works and rolling mills 53.0 54.5 71.8 53.4 55.3 72.4 21.2 21.4 50.3 Hardware... 47.3 48.5 63.2 48.7 49.2 65.2 22.3 23.1 47.2 Structural iron work 51.1 51.8 82.7 49.4 51.2 80.0 29.4 29.4 67.9 Heating apparatus. __ 41.7 39.7 60.4 41.3 41.8 59.9 23.8 22.4 45.1 Steam fittings 36.5 35.9 56.9 36.0 36.7 56.1 21.6 21.3 42.9 Stoves. 46.4 43.2 63.7 46.2 46.4 63.4 25.9 23.6 47.3 Cast-iron pipe 35.0 36.5 64.3 34.1 35.4 62.7 18.1 19.6 50.6 MACHINERY 46.4 48.4 67.7 46.4 48.3 67.7 27.1 28.8 54.9 Foundry and machine-shop products.. 43.2 45.3 62.3 43.1 45.1 62.2 23.3 24.3 46.6 Machine tools 38.2 38.2 72.7 38.6 38.8 73.5 22.3 22.3 55.8 Agricultural implements- 28.5 26.0 41.2 30.1 27.4 43.4 21.7 19.6 33.4 Electrical machinery. 56.7 58.9 81.8 56.7 58.9 81.8 37.2 41.2 76.8 TEXTILES AND PRODUCTS 62.3 53.9 77.8 64.8 56.9 80.9 42.3 32.5 70.2 A. Fabrics _ 63.8 56.4 77.4 66.1 58.6 80.1 42.1 34.4 68.3 Cotton goods _ 61.2 55.4 75.0 64.0 57.2 78.4 37.3 32.0 62.4 Woolen and worsted manufactures 59.7 49.2 76.2 61.1 51.8 78.0 38.8 30.3 65.9 Woolen and worsted goods 62.8 50.7 77.2 64.1 53.4 78.8 42.5 32.4 68.7 Carpets and rugs 43.6 41.1 70.9 45.3 43.4 73.6 21.6 20.9 52.8 Hosiery and knit goods 76.4 71.0 85.6 78.6 74.2 88.0 53.4 46.6 77.6 Silk manufactures... 55.3 42.5 67.1 56.2 43.4 68.2 40.0 28.1 64.1 Dyeing and finishing textiles. 77.0 72.6 95.2 80.2 75.2 99.1 56.7 45.3 92.7 B. Wearing apparel 58.4 47.5 78.9 61.5 52.9 83.2 42.6 28.6 74.2 Clothing, men's 48.3 43.7 61.1 46.9 43.3 59.3 31.1 22.6 56.6 Shirts and collars 58.0 58.7 82.8 60.1 61.6 85.9 37.8 36.3 70.3 Clothing, women's 73.8 50.6 104.8 80.3 60.1 113.9 57.7 35.6 98.2 Millinery 57.1 40.9 74.4 68.3 58.8 89.1 43.5 25.3 71.6 POOD AND PRODUCTS 80.7 79.3 87.9 81.0 79.4 88.1 67.9 86.7 Baking 85.0 85.9 96.4 85.4 85.3 96.9 71.9 73.2 92.2 Slaughtering and meat packing. 80.6 80.7 83.6 81.4 80.7 84.4 67.3 69.4 85.9 Confectionery 74.2 60.9 76.8 79.2 69.4 82.0 56.5 45.9 71.2 Icecream _ 83.7 85.6 95.6 71.3 70.9 81.4 73.6 76.5 97.1 Flour _ 74.0 74.6 80.6 72.5 74.4 79.0 62.2 63.0 79.1 Sugar refining cane 74.3 73.7 82.0 70.4 70.9 77.7 62.9 63.4 75.0 PAPER AND PRINTING. 79.3 80.5 91.7 80.4 81.4 93.0 67.4 69.1 93.1 Printing, book and job.. 76.2 79.4 95.0 77.5 80.4 96.6 63.3 66.9 94.8 Printing, newspapers and periodicals._ 92.3 93.1 99.6 94.2 94.3 101.6 87.2 89.4 107.4 Paper and pulp 75.0 75.0 84.3 75.1 75.1 84.3 50.9 50.0 75.7 Paper boxes _ _ 68.7 68.6 83.6 69.8 70.6 85.0 55.0 55.0 81.2 LUMBER AND PRODUCTS 36.4 36.3 52.1 35.7 36.1 51.1 19.3 19.0 41.3 Lumber, sawmills 32.6 32.7 45.6 31.7 32.0 44.3 16.6 17.2 35.8 Lumber, millwork... 35.6 35.8 54.0 34.9 35.3 53.0 20.0 20.9 43.7 Furniture _ 47.7 46.6 69.4 47.3 48.0 68.8 24.7 21.8 51.7 TRANSPORTATION EQUIPMENT.. 45.1 49.2 58.7 44.8 49.3 58.3 31.6 37.3 50.9 Car building and repairing 38.7 40.7 51.1 38.6 40.4 51.0 28.6 29.6 48.1 Automobiles 50.8 57.9 65.4 49.8 58.1 64.2 32.7 43.4 50.4 Shipbuilding _ 66.9 71.4 83.2 70.7 73.0 88.0 53.6 64.9 82.8 LEATHER AND MANUFACTURES 76.1 71.6 86.7 74.0 71.9 84.3 51.7 46.2 75.5 Boots and shoes 79.4 74.2 88.8 76.7 74.1 85.8 52.4 46.1 75.1 Leather 62.6 61.3 77.8 62.9 62.4 78.2 49.0 46.6 76.9 CEMENT, CLAY, AND GLASS PRODUCTS 42.1 43.4 62.6 40.5 43.1 60.1 23.9 24.4 48.1 Clay products 38.0 38.7 58.9 36.4 37.6 56.2 17.6 17.8 39.1 Brick, tile, and terra cotta 31.9 31.4 52.1 29.4 29.1 48.1 14.1 13.6 33.6 Pottery _ 58.4 58.4 77.4 55.1 60.7 78.3 26.7 29.1 53.6 Glass... _ 51.8 53.6 69.7 51.1 55.9 68.7 35.9 36.9 60.9 Cement 39.2 41.9 63.2 3&4 39.8 58.8 25.1 25.9 56.7 NONFERROUS METAL PRODUCTS 45.8 45.4 62.3 46.4 46.0 63.1 28.9 29.4 52.9 Stamped and enameled ware 24.7 21.8 42.6 25.7 22.3 44.2 17.4 16.3 35.7 Brass, bronze, and copper 53.0 53.5 69.0 53.4 54.0 69.6 32.2 33.2 57.9 CHEMICALS AND PRODUCTS 72.2 72.3 84.4 74.0 74.7 86.6 60,0 60.0 80.4 Chemicals and drugs 75.7 75.6 89.0 77.6 78.2 91.3 58.1 57.8 80.7 Petroleum refining.__ 75.8 77.4 86.4 74.4 75.7 84.8 68.2 68.9 85.6 Fertilizers 37.6 33.4 48.6 48.8 49.0 63.2 28.2 26.9 45.7 RUBBER PRODUCTS 63.6 65.0 71.5 62.7 64.6 70.5 41.5 45.9 62.2 Automobile tires and tubes 66.3 69.4 74.1 64.4 68.1 72.0 43.0 49.7 64.0 Rubber boots and shoes 55.2 51.9 63.9 57.2 54.3 66.2 35.7 30.8 55.3 TOBACCO MANUFACTURES 68.3 68.4 79.1 68.3 70.2 79.1 49.4 51.4 66.3 Cigars and cigarettes _ 67.8 68.1 80.6 67.6 69.3 80.3 48.2 50.6 66.4 Chewing and smoking tobacco, snuff.. 71.5 70.7 67.2 73.7 76.9 69.2 59.7 58.2 65.3 For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN OCTOBER, 1632 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities All Year and month m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s lm Bu at i e ld ri i a n l g s c C a d l h r s e u a m g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1927. 95.4 99.4 96.7 94.0 107.7 95.6 88.3 96.3 94.7 96.8 97.5 91.0 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929_ 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 193;— August 72.1 63.5 74.6 74.2 88.7 65.5 66.5 83.9 77.6 76.9 84.9 68.3 September.. 71.2 60.5 73.7 73.9 85.0 64.5 67.4 83.9 77.0 76.3 82.7 68.2 October 70.3 58.8 73.3 72.9 82.5 63.0 67.8 82.8 76.1 75.6 81.0 66.6 November.. 70.2 58.7 71.0 73.5 81.6 62.2 69.4 82.6 76.2 76.1 80.9 68.7 December... 68.6 55.7 69.1 72.3 79.8 60.8 68.3 82.2 75.7 76.1 78.5 66.8 1932—January 67.3 52.8 64.7 71.7 79.3 59.9 67.9 81.8 74.8 75.7 77.7 65.6 February.... 66.3 50.6 62.5 71.3 78.3 59.8 68.3 80.9 73.4 75.5 77.5 64.7 March 66.0 50.2 62.3 70.9 77.3 58.7 67.9 80.8 73.2 75.3 77.1 64.7 April 65.5 49.2 61.0 70.9 75.0 57.0 70.2 80.3 72.5 74.4 76.3 64.7 May 64.4 46.6 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 58.8 70.1 70.8 53.9 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 47.9 60.9 69.7 52.7 72.3 79.2 69.7 73.0 74.0 64.3 August 65.2 49.1 61.8 70.1 54.0 72.1 80.1 73.3 73.6 64.6 1931 1932 Subgroups June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. FARM PRODUCTS: Grains 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 38.2 Livestock and poultry 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 52.8 Other farm products 70.8 71.3 67.3 65.4 64.2 63.1 61.2 54.8 52.7 52.1 61.2 49.6 48.2 48.4 50.8 FOODS: Butter, cheese, and milk 78.8 80.6 82.2 84.6 86.1 80.7 79.8 67.8 84.1 64.2 61.6 59.6 57.4 58.2 60.2 Cereal products 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 66.0 Fruits and vegetables 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 55.6 Meats 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 61.9 Other foods 68.5 70.6 69.6 68.5 69.7 68.0 67.2 61.9 59.4 57.1 55.8 54.9 55.4 58.5 62.1 HIDES AND LEATHER PRODUCTS: Boots and shoes 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 84.4 Hides and skins 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 39.3 Leather 87.8 89.8 90.3 83.4 80.7 78.8 78.6 77.5 76.5 73.4 67.2 60.6 58.7 60.0 60.0 Other leather products 101.4 101.4 101.4 101.1 101.1 101.1 99.7 98.9 98.8 98.8 98.0 97.9 96.4 83.7 82.3 TEXTILE PRODUCTS: Clothing 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 66.0 Cotton goods 67.6 66.8 64.0 61.5 59.7 58.1 56.4 55.8 56.4 56.2 55.1 52.9 51.0 50.0 52.6 Knit goods . 59.8 60.0 59.2 59.2 59.2 59.0 58.5 55.8 55.8 54.9 51.9 50.5 49.6 47.8 48.5 Silk and rayon 41.9 43.8 43.7 43.5 41.7 41.8 39.0 37.7 36.5 33.5 31.3 29.1 27.5 26.2 29.5 Woolen and worsted goods.. 68.0 67.4 67.4 65.7 64.6 64.2 63.9 63.3 63.1 62.7 59.7 58.3 55.0 53.6 53.4 Other textile products 75.5 75.2 74.4 74.1 72.4 72.5 71.3 70.7 69.7 69.5 68.2 67.2 66.7 66.5 67.4 FUEL AND LIGHTING MATERIALS: Anthracite coal 88.8 90.8 92.2 94.3 94.2 94.2 94.8 94.8 94.8 89.9 85.7 85.6 85.3 84.5 86.0 Bituminous coal 83.2 83.5 83.7 83.9 83.6 83.7 83.8 84.4 84.3 83.5 82.7 82.0 81.8 81.6 81.3 Coke 81.5 81.5 81.5 81.5 81.5 81.4 81.1 80.5 80.4 80.4 79.8 77.1 76.9 76.3 76.7 Electricity _ 98.6 97.9 98.4 100.6 102.1 103.4 104.1 107.5 104.8 104.4 103.5 106.1 105.5 105.8 Gas 101.9 103.5 103.2 103.4 100.8 100.1 98.2 98.6 98.0 97.5 99.1 103.0 106.3 108.3 Petroleum products .. 30.7 30.3 37.5 39.2 42.5 39.6 38.8 38.6 39.8 45.5 47.2 48.2 49.7 48.9 METALS AND METAL PRODUCTS: Agricultural implements 94.2 94.2 94.3 94.1 85.6 85.5 85.5 85.5 85.1 85.0 85.0 84.9 84.9 84.9 84.9 Iron and steel 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 78.7 Motor vehicles _ 94.2 94.7 94.7 95.4 95.4 95.2 95.2 95.3 95.3 95.3 93.8 93.8 93.8 95.3 95.3 Nonferrous metals 61.2 61.4 60.1 59.0 54.9 54.7 53.8 55.4 52.7 50.5 49.3 48.3 47.5 47.0 48.5 BUILDING MATERIALS: Brick and tile - 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 75.2 Cement 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 79.0 Lumber 68.5 67.2 66.9 66.9 65.2 65.9 65.8 65.6 62.9 61.5 60.0 59.5 57.6 56.9 55.5 Paint materials..- 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 67.2 Plumbing and heating 86.6 86.8 83.8 82.6 81.6 81.4 79.9 74.1 65.8 64.4 64.4 64.4 66.7 67.1 67.1 Structural steel 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 81.7 Other building materials 85.4 83.7 83.7 82.6 82.0 81.9 81.5 81.0 80.2 80.6 80.2 78.2 77.6 77.9 78.3 CHEMICALS AND DRUGS: Chemicals ___ 82.5 82.4 80.5 79.8 79.7 80.6 80.8 80.6 80.8 80.9 79.7 79.1 78.6 78.9 79.7 Drugs and Pharmaceuticals. 62.6 62.1 61.9 61.7 61.6 61.3 61.0 60.6 60.1 59.7 58.9 58.7 58.3 57.6 57.0 Fertilizer materials 79.8 78.7 74.4 74.2 70.2 70.1 70.1 69.9 69.8 68.6 70.1 69.4 68.0 66.8 66.4 Mixed fertilizers 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 68.3 HOUSEFURNISHING GOODS: Furnishings 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 74.8 Furniture 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 72.6 MISCELLANEOUS: Auto tires and tubes 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 40.1 Cattle feed 61.1 55.8 50.8 44.4 49.4 59.8 53.9 53.0 48.2 52.4 53.4 45.9 42.1 42.2 47.4 Paper and pulp 80.7 80.6 80.6 80.7 80.5 80.8 80.8 78.0 76.7 76.8 76.8 76.5 76.2 76.2 76. 3 Rubber, crude 13.3 13.2 11.2 10.6 10.2 9.6 9.5 9.3 8.6 7.2 6.6 6.7 5.8 6.1 7.9 Other miscellaneous 88.2 88.6 86.4 86.7 86.9 86.7 85.9 85.2 84.4 84.5 84.5 84.6 84.6 84.5 84.2 Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1932 FEDERAL RESERVE BULLETIN 677 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 or ti 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 233.1 134.0 60.2 20.8 4.7 3.3 19.1 18.4 73.3 64.2 19.3 5.5 56.5 21.9 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 BUILDING PERMITS ISSUED, BY DISTRICTS DISTRICTS [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 Federal reserve district of cities 1931 August i July i August Federal reserve district August July August Boston 1,092 3,494 6,114 New York 6,825 7,187 38,074 Philadelphia- 2, 522 960 3,650 Boston 9,850 9,648 23, 413 Cleveland 1, 374 1,624 6,948 New York 27, 495 20,144 70,216 Richmond 2,704 2,001 5,528 Philadelphia 11,712 7,619 8,092 Atlanta 1,338 794 2,065 Cleveland 12,964 12, 533 17, 461 Chicago 1,688 3,369 8,389 Richmond 13, 611 20,915 12, 549 St. Louis 621 978 1,666 Atlanta 8,277 5,621 10,900 Minneapolis.. 857 578 1,868 Chicago 21,698 16,083 43, 855 Kansas City.. 1,561 778 4,548 St. Louis 9,340 12, 024 16,457 Dallas 927 798 , 2,291 Minneapolis 8,052 9,351 8,625 San Francisco. 20 3,281 2, 775 | 9,118 Kansas City 4,697 8,195 8,312 Dallas. 6,290 6,635 13,226 Total—. 168 24,791 25,336 ! 90,260 Total (11 districts) 133,988 128, 769 233,106 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 of centers Number Liabilities August July August Federal reserve district | 1931 1931 New York City 1 13,458 12,728 17, 501 Outside New York City 140 11, 757 12,511 16, 526 Aug. ! July Aug. Aug. July Aug. Fede B r o al s t r o e n s erve district: _. _. 11 1,294 1,395 1, 876 New York 7 13, 929 13,298 18,112 Philadelphia 10 1,080 1, 206 1, 579 Boston 253 321 8,607 7,132 3,349 Cleveland . _ . ___ 13 1,163 1,283 1,781 New York 629 606 416 16, 842 26,848 13, 696 Richmond 7 477 488 622 Philadelphia. 136 163 108 4,882 5,562 5,508 Atlanta 15 545 543 704 Cleveland 279 203 162 6,331 7,877 4,406 Chicago . _ 21 3,039 3,079 4,285 Richmond 185 173 64 3,792 4,546 2,595 St. Louis 5 538 614 733 Atlanta 155 128 83 2,536 6,218 2,487 Minneapolis 9 410 414 528 Chicago 402 331 254 13, 249 14, 242 6,528 Kansas City 15 684 739 932 St. Louis 104 109 125 3,179 2,094 831 Dallas 10 340 350 424 Minneapolis. 58 71 57 883 904 564 San Francisco _ __ . 18 1,718 1,829 2, 450 Kansas City. 184 141 122 4,408 3,639 1,706 D Sa a n ll a F s rancisco,. 3 8 3 0 3 2 7 7 2 8 2 8 8 1 4 10 2, , 2 0 3 8 8 3 2 5 , ,9 1 3 9 1 7 10 1 , , 0 2 9 6 4 0 Total l 141 25, 215 25, 239 34. 027 Total ! 2,796 2,596 1,94477, 031 87,190 53,025 i For back figures see Annual Reports for 1931 (Table 71) and 1925 (Table 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN OCTOBER, 1932 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for September 1,1932, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Prod 1 u 9 c 3 t 1 ion, E S s e 1 t p i 9 m t 3 . 2 a 1 t , e Prod 1 u 93 c 1 tion, E S s e 1 t p i 9 m t 3 . 2 a 1 t , e Prod 1 u 93 c 1 tion, E S s 1 e t 9 p i 3 m t 2 . a 1 1 t , e Prod 1 u 93 c 1 tion, E S s e 1 t p i 9 m 3 t. 2 a l t , e Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston - - 7,929 7,653 65 87 65 87 New York 25,837 23, 762 6,197 4,657 6,012 4,470 185 187 Philadelphia 55,305 42,247 18, 764 12,198 18,577 12,107 187 91 Cleveland 206,456 154, 607 56,086 35,515 55, 832 35,364 254 151 Richmond - 146, 866 105, 761 30,194 16, 807 30,194 16, 807 Atlanta. _ 165,412 158,334 4,612 3,027 4,612 3,027 Chicago -- 887, 842 1,032,115 77, 259 48, 857 73, 636 45, 527 3,623 3,330 St. Louis 383,052 378, 548 66, 586 34, 527 66,260 34,292 326 235 Minneapolis 173,273 295,343 82,089 243,395 8,943 20,473 73,146 222, 922 Kansas City 393, 884 524,917 402,121 170,246 398,096 163, 559 4,025 6,687 Dallas 109,442 121,100 60,041 30,452 59, 876 30,300 165 152 San Francisco 7,973 9,920 90,190 114,770 67,424 75,862 22,766 38,908 Total -. 2, 563,271 2, 854,307 894,204 714, 538 789,462 441, 788 104,742 272, 750 Oats Tame hay Tobacco White potatoes Cotton Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1931 Sept. 1,1932 1931 Sept. 1,1932 1931 Sept. 1,1932 1931 Sept. 1,1932 1931 Sept. 1,1932 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston.. 6,359 7,741 3,346 2,804 39,043 29,043 58,475 49,618 New York 25,819 26,038 5,563 4,746 1,462 1,154 32,651 26,978 Philadelphia 17,687 14,816 2,304 1,913 57,669 42,100 25, 212 19,515 Cleveland 75,247 57,508 4,742 3,756 191,060 132,034 19,771 17, 750 Richmond 23,671 18,604 2,928 2,591 684, 996 395,537 32,600 23,391 1,803 1,143 Atlanta 14,558 11,218 2,182 2,185 172, 950 101,419 14,538 10,238 3,597 2,091 Chicago 469,972 524,166 11,939 13,015 48,904 33,943 50,418 57,093 St. Louis 63,142 47, 737 5,458 5,030 395,016 284,681 12,472 13,029 2 3,740 3 2,185 Minneapolis 183,049 321,535 7,039 9,662 5,036 2,676 49,934 56,101 Kansas City 147, 712 145,289 7,270 8,761 4,774 5,360 27,780 36,769 1,336 957 Dallas 63,026 45,463 991 1,009 5,916 5,247 6,339 4,744 San Francisco 21, 795 24,666 10,451 13,115 45, 751 41,017 281 190 Total... _._ 1,112,037 1,244, 781 64, 213 68,587 1,600,910 1,027,947 375,518 356,746 17,096 11,310 1 Figures for winter wheat from estimates for Aug. 1; no estimate made for Sept. 1. 2 Includes 12,000 bales grown in miscellaneous territory. 3 Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS w — 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