Federal Reserve Bulletin, 1932-11

FEDERAL RESERVE BULLETIN NOVEMBER, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Course of Production Report of Reconstruction Finance Corporation 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. f and Statistics. E. M. MCCLELLAND, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research J. C. NOELL, Assistant Secretary and Fiscal Agent. and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) THOMAS M. STEELE. District No. 2 (NEW YORK) ROBERT H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) HOWARD BRUCE. District No. 6 (ATLANTA) JOHN K. OTTLEY. District No. 7 (CHICAGO) „ MELVIN A. TRAYLOR, Vice President. District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) WALTER S. MCLUCAB. District No. 11 (DALLAS) J. H. FROST. District No. 12 (SAN FRANCISCO),. HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R of e — serve Bank Chairman Governor Deputy governor Cashier Boston J F . r e H d . e C ric as H e . Curtiss... Roy A. Young W W . . R W . . B P u a r d g d e o s c s k C W . . I W I. i C ll o e e tt . . 1 New York Geo. L. Ilarrison J. E. Crane Ray M. Gidney.1 A. W. Gilbart J. W. Jones.1 E. R. Kenzel ___ W. B. Matteson.i Walters. Logan J.M. Rice.i L. R. Rounds,. Allan Sproul.1 L. F. Sailer L. Werner Knoke.1 Philadelphia.. R. L. Austin Geo. W.Norris... Wm. H. Hutt.. C. A. Mcllhenny. W. G. McCreedy.2 Cleveland George DeCamp E. R. Fancher M. J. Fleming. H. F. Strater. Frank J. Zurlinden_. Richmond... Wm. W. Hoxton George J. Seay C. A. Peple. Geo. II. Keesee. R. H. Broaddus JohnS. Walden,jr.2 Atlanta Oscar Newton. Eugene R. Black.. W.S.Johns M. W. Bell. H. F. ConnifT _ W.S.McLarin, jr.* Chicago Eugene M. Stevens. J. B. McDougal... C. R. McKay W. C. Bachman.1 John H. Blair D. A. Jones.i J. H. Dillard O. J. Netterstrom.i E. A. Delaney.1 St. Louis- John S. Wood.. Wm. McC. Martin... O.M. Attebery S. F. Gilmore.2 A. H. Haill.2 J. G McConkey.... F.N.Hall.2 G. O. Hollocher.2 O. C. Phillips.* Minneapolis. John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer _ Frank C. Dunlop-2 Kansas City M. L.McClure Geo. H. Hamilton.... C. A. Worthington-.. J. W. Helm. J. W. Helm Dallas C. C. Walsh B. A. McKinney—„- R. R. Gilbert Fred Harris. R. B. Coleman W.O.Ford.i San Francisco Isaac B. Newton__ Jno. U. Calkins Wm. A. Day Wm. M.Hale Ira Clerk 1 Assistant deputy governor. » Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch. R.M. O'Hara. Helena branch R. E. Towle. - Cleveland: Kansas Citv: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch_ C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch. W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch _. W. D. Gentry. New Orleans branch... Marcus Walker, San Antonio branch—__ M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch... John H. Frye. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch _ R. B. West. Chicago: Salt Lake City branch. W. L. Partner. Detroit branch W. R, Cation. Seattle branch. C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch John T. Moore. Memphis branch __ W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent course of production 679 Report of the Reconstruction Finance Corporation 684 Changes in foreign central bank discount rates 683 National summary of business conditions 686 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 687-690 Member and nonmember bank credit— All banks in the United States. 693 All member banks 691-693, 717 Weekly reporting member banks in leading cities 694, 718 Brokers' loans 694 Acceptances and commercial paper 695 Discount rates and money rates 697, 719 Bank suspensions and banks reopened 696, 721-723 Member bank holdings of eligible assets (Government securities and eligible paper) 696 Security prices, security issues, United States Government securities.. 698 Production, employment, car loadings, and commodity prices 699, 724-726 Merchandise exports and imports... 700 Department stores—Indexes of sales and stocks 700 Freight-car loadings, by classes 700 Financial statistics for foreign countries: Gold reserves of central banks and governments 701 Gold production 702 Gold movements 702-704 Government note issues and reserves 705 Bank for International Settlements .. 705 Central banks 706-708 Commercial banks 709 Discount rates of central banks 710 Money rates 710 Foreign exchange rates 711 Price movements— Security prices 712 Wholesale prices 712, 713 Retail food prices and cost of living 713 Law department: Classification by a member bank of certificates of deposit payable to other banks within 30 days 714 Federal reserve statistics by districts, etc.: Banking and financial statistics 715-720 Industrial and commercial statistics 724—727 October crop report, by Federal reserve districts 728 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 18 NOVEMBER, 1932 No. 11 REVIEW OF THE MONTH considerable part to the character of the product, and particularly to the degree of durability During October there was a further increase of the goods produced. The output of goods in member bank reserves, reflecting a further for immediate consumption, such as foods, addition of $70,000,000 to the textiles, and shoes, has been more stable country's stock of monetary and has been maintained at much higher gold, a continued nonseasonal levels than the output of durable goods, such return of currency from circulation amounting as buildings, iron and steel, automobiles, and to $20,000,000, and additional issues of lumber. An analysis of the course of produc- $30,000,000 of new national bank notes. tion during recent years, that is based largely Member bank indebtedness to the reserve on this distinction, is presented in the following banks declined still further to the lowest level paragraphs. since September of last year. Total loans and Buildings and other types of construction investments and total deposits of member banks are examples of durable products, the output of in leading cities increased during the month, rewhich is characterized by wide flecting chiefly growth in the banks' holdings Construction variation between periods of of United States Government securities, but work prosperity and periods of dealso in their purchases of other investments, pression. The accompanying chart shows the while their loans continued to decline. value of contracts awarded in 37 Eastern Final reports for September show a 10 per States, as compiled from data gathered by the cent increase over August in the physical volume of industrial production, CONSTRUCTION CONTRACTS AWARDED prXc\io°nUrSe °f including both manufactures LLI0N3 OF DOLLARS ( Adjusted for Seasonal Variation ) and minerals, and preliminary reports for October indicate that this higher level of activity was sustained. Construction work, which is not included in the board's index of industrial production, has been relatively stable during recent months at about the low level reached earlier in the year. Contract awards, which are in terms of dollars and precede actual construction, increased seasonally from the first to the second quarter of the year 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 and showed little change in the third quarter Figures are 3-month moving averages, adjusted for usual seasonal variations; data for 1919—April, 1924, partly estimated when they ordinarily decline. Since production began to decrease in 1929, F. W. Dodge Corporation, with adjustment for nearly all lines of industry have shown sub- usual seasonal variations but not for changes stantial declines, but the extent of the reduc- in building costs. The chart shows that the tion has differed considerably from industry to value of these contracts, as adjusted, decreased industry. This variation may be related in from an average of about $550,000,000 a month 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 in 1928 to about $110,000,000 in the early the physical volume of manufacturing producmonths of 1932. Since that time it has in- tion. The chart covers the period from Janucreased somewhat, reflecting an increase in. the ary, 1919, to September, 1932, and the underadjusted figures of contracts for nonresidential lying figures have been adjusted to eliminate work. Contracts included in the F. W. usual seasonal variations. The upper line on Dodge reports do not cover maintenance this chart shows monthly fluctuations in the work and construction activity carried on total output of manufactures and the two lower for railroads, governmental agencies, and lines show separately the course of production public utilities by their own working forces, of durable manufactures and other manufacfor which current figures are not available, and tures. The line indicating the output of durafor that reason they do not afford a complete ble goods comprises the output of the iron and basis for determining the course of building in- steel, nonferrous metals, coke, lumber, and dustry as a whole. The available data indicate, cement industries, as well as the output of however, that the long decline in building activ- products manufactured primarily from these ity continuing into the early months of the materials, such as automobiles, locomotives, current year has been followed by a period in and ships. The line indicating changes in the which the volume of construction has remained output of nondurable goods includes the output steady at a low level. of all other manufacturing industries, mainly textile, leather, food, tobacco, rubber, and paper Sharp increases in the physical output of inproducts. This classification of manufactures, dustry during recent months have been conwhile it does not correspond exactly to the centrated largely in the textile distinction between those for immediate con- Course of manu- j leather industries, but in an( factoring produc- . sumption and those which are relatively duration September there were also in- ble, comes as close to that distinction as the creases in output of meat- available statistics permit. packing products, steel, and coal. The chart shows that throughout most of the For manufactures, the marked contrast beperiod from 1923 to 1929, particularly in the tween the course of production of durable goods more active years, the two groups of industries and that of nondurable goods is illustrated for were of about equal importance, and that at the VOLUME OF MANUFACTURING PRODUCTION peak in the summer of 1929 the output of dura- AGGREGATES IN F. R. BOARD INDEX ADJUSTED FOR SEASONAL VARIATION ble goods was somewhat more than one-half of the total manufacturing output of the country. In periods of reduced activity, the output of All !^4anufactures durable goods has fallen much more rapidly r^ \ J \ than the output of goods in the lighter indusri V \ \ tries. This happened in 1920-21, in 1924, and 1 \/ \ ManSf t a h c e t r ure \ in 1927, and has been especially pronounced in ,s V the present depression. From the high point V V' Steel, Autos, Lumber,etc in 1929, manufacturing output as a whole has / fallen by about one-half. The output of durable goods, however, has fallen by about three- 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930 1931 1932 fourths, while in other industries the decline, Weighted aggregates in millions. "Steel, autos, lumber, etc.," includes except for a few months in the past summer, also vessels built, locomotives, nonferrous metals, cement, polished plate glass, and coke. '' Other manufactures " includes textiles, leather has been less than one-fourth. products, foods, tobacco products, paper and printing, petroleum refining, and automobile tires and tubes The recent increase in total manufacturing recent years by the chart, which presents an output, which carried the adjusted index of the analysis of the items that enter into the compu- Federal Reserve Board from a low point of 58 tation of the Federal Reserve Board's index of per cent of the 1923-1925 average last July to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 681 66 per cent in September, reflected almost goods and changes in manufacturing industries entirely increased output in the lighter indus- producing nondurable goods. The chart shows tries—principally textiles, in which activity that in 1929 the number of persons employed declined rapidly from January to May and in- in the manufacture of durable goods was about creased with equal rapidity after that time. 40 per cent of total factory employment. This In these industries, where replacement de- was at a time when the output of durable manmands can not long be deferred, year-to-year ufactures, as shown by the preceding chart, fluctuations in production have usually been constituted about 50 per cent of total manufacsmall. turing output, the difference reflecting mainly The contrast during the past three years be- the larger relative use of labor-saving machinery tween activity in the durable goods industries in these industries and the consequent larger Factory employ- an(^ tnat m otner industries has output per man. ment and pay also been reflected in manufac- The number of wage earners employed in all ro s turing employment and pay manufacturing industries in this country was rolls. The following chart shows changes in fac- about 8,900,000 in September, 1929, and has tory employment and pay rolls classified on a since declined to about 5,200,000 persons, or by basis roughly comparable with that used in the about 40 per cent. There has been a decrease analysis of manufacturing production. The of about 55 per cent in the number of persons figures are plotted for the period from 1929 to employed in the manufacture of durable goods, date and are not adjusted for seasonal varia- while in the same period the number of persons employed in the manufacture of nondurable FACTORY EMPLOYMENT AND PAYROLLS goods has declined by about 30 per cent. ( Without Seasonal Adjustment ) The volume of factory pay rolls has shown a reduction of about 60 per cent in the three years since 1929, as compared with a decline of about 40 per cent in the number of factory employees, the difference reflecting both the increased prevalence of part-time work and the reduction of wage rates. Total manufacturing pay rolls were at a rate of nearly $12,000,000,- 000 a year in September, 1929, while in September, 1932, the rate was about $4,500,000,000 a year. In the durable-goods industries, the decline in wage payments was about 75 per 1929 1930 1931 1932 1929 1930 1931 1932 "Steel, autos, lumber, etc.," includes also machinery, car building, ship cent, as compared with a decline of about 50 building, cement, clay, and glass. "Other manufactures" includes textiles, leather products, foods, tobacco products, paper and printing, per cent in other manufacturing industries. nonferrous metals, chemicals, and rubber products This analysis indicates that the depression tions. Employment, as shown on this chart, has been most pronounced in the construction reflects changes in the number of wage earners industry and in the other industries engaged employed in manufacturing establishments and in the production of durable goods, the purdoes not reflect part-time or overtime work, chase of which can be more easily deferred. while pay rolls are computed in terms of actual Employment in factories engaged directly or wage payments and reflect changes caused by indirectly in the production of these goods has both of these factors as well as by changes in fallen by more than one-half since 1929, and the volume of employment and in wage rates. output and pay rolls by about three-fourths. Both for employment and for pay rolls the Other industries, on the other hand, engaged data are subdivided to show separately changes in the production of goods for immediate conin manufacturing industries producing durable sumption, have been much more stable, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN NOVEMBEE, 1932 decline from 1929 amounting to about one- central reserves. Gains from these sources, third in factory employment, to less than one- however, have in large part been offset by losses fourth in output, and to about one-half in pay to the United States through the release of gold rolls. held by the Federal reserve banks under ear- The recent increase in the aggregate output mark for foreign account, and thus a substantial of manufactures, reflecting chiefly the growth portion of the increase in the world's central in the output of the lighter industries, has been reserves in recent months has occurred in this accompanied in August and September by an country. increase, partly seasonal, in the number of Gold holdings of the Bank of England, which employees in factories and in the volume of increased from the middle of May through most factory pay rolls. These increases, like the in- of September, remained sub- Bank of England crease in production, have reflected increased stantially unchanged in the five operations of the industries that produce goods weeks ending October 26. Open-market sales for immediate consumption, particularly the of Government securities by the bank and a canning industry, which was seasonally active, transfer of funds to Government account reand the textile and leather industries. In the duced bankers7 deposits. Short-term rates on textile industry, in which activity had declined rapidly during the spring months, operations BANK OF ENGLAND were increased in July, August, and September [In thousands of pounds sterling] at an exceptionally rapid rate. Change from— Oct. 26, 1932 Sept. 21, Oct. 28, 1932 1931 Central gold reserves of the principal European countries during the past month, as in Gold 139,422 +1 +3,745 theless, have co s t C n h h t e e i o n n w u t t r e h e d a i d l r r d b e t a o l q a n t u a k i c s a v q r e i t u n l e y i r r E e l u o it r a f t o le l p t a h e r c i , g s h n e a e y n p v e g a e a e r r r . t - , N D B G O P O u a o i t t o s h h b n t v c e e e l k e o i s r r e c r u n s i r d n n d s e m e ' t e c p c s d e p u i o n a e r o r s i c t n p s t i u i i d o s t e t l s e s s s a . a i c . t t d u i s o v r n i a t n ie c s e . s . 3 3 7 2 3 5 1 0 3 7 5 1 8 , , , , , , 3 4 4 5 5 5 3 3 2 3 8 9 6 1 6 0 8 7 + + - -5 6 1 2 , + - - , , , 4 8 4 3 6 2 5 0 3 6 6 5 8 1 9 5 5 5 0 7 1 + + - - 1 1 + + + 1 2 9 9 8 1 2 3 1 , , , , , , , 0 9 1 0 4 8 0 5 6 7 4 0 5 1 7 3 2 9 0 8 8 of the gold coming from hoards in India and the London money market, after a steady decline lasting through the first three quarters of GOLD RESERVES OF SELECTED CENTRAL BANKS this year, increased about one-fourth of 1 per [In millions of dollars] cent during the past month. In the week ended Change from— October 26 the average rate on prime bankers' Date, Gold re- acceptances was about seven-eighths of 1 per Central bank of— 1932 serves Month Year cent and that on Treasury bills about elevenbefore before sixteenths of 1 per cent. England Oct. 26 678 +18 Bank of France gold holdings on October 21 France Oct. 21 3,241 +2 +737 Germany... Oct. 22 190 +4 -83 were about the same as on September 23. Italy Oct. 20 P305 +1 +17 Belgium Oct. 20 363 +2 +6 Since December, 1931, the bank Netherlands Oct. 17 416 +90 Bank of France Switzerland. Oct. 22 509 +88 has, until recent weeks, been steadily acquiring gold with funds obtained p Preliminary. through the sale of its holdings of foreign from new production in South Africa and else- exchange, which have therefore been declining where, and in recent months there have been along with the increase in the bank's gold indications that gold in private or undisclosed reserves. The amount of foreign exchange held holdings in Europe has been finding its way into by the Bank of France is now 4,987,000 francs Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 683 as compared with the 28,335,000 francs held a REICHSBANK year ago. [In millions of reichsmarks] BANK OF FRANCE Change from— [In millions of francs] Oct. 22, 1932 Sept. 23, Oct. 23, Change from— 1932 1931 Oct. 21, 1932 Sept. 23, Oct. 23, F G o o r l e d ign-exchange reserves 7 1 9 3 7 7 + - 1 9 5 -6 1932 1931 Discounts and advances.. 2,725 -67 -1,075 Deposits 377 +19 -108 Notes in circulation 3,414 -91 Gold _ _. 82,677 +55 +18, 793 Foreign exchange ._- _ 4,987 -6 -23,348 Domestic discounts and advances 5,779 -596 -4,922 Government deposits 2,892 -776 -5,933 lation has been declining. In the month ending Other deposits... 23,482 -131 +409 Notes in circulation _._ 80,549 +349 -1,220 October 23, as on previous occasions, the notes returning from circulation were utilized by the During the past month the Government drew market in retiring discounts and advances. upon its deposits at the bank. The funds thus disbursed to the market were used in repaying Changes in Foreign Central Bank Discount Rates discounts and advances and in meeting a moderate increase in the demand for currency. The following changes in discount rates dur- The Reichsbank statement for October 23 ing the month ended November 1 have been indicates a continuation of the recent improve- reported by central banks in foreign countries: ment in the bank's reserve posi- South African Reserve Bank—October 7, from 6 to Reichsbank tion. Since early June the gold 5 per cent. Danish National Bank—October 12, from 4 to 3H and foreign-exchange reserves of the bank have per cent. gradually increased, and since the first of the National Bank of Hungary—October 18, from 5 to 4J4 per cent. year the volume of Reichsbank notes in circu- Bank of Poland—October 21, from 7^ to 6 per cent. 145101—32 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 QUARTERLY REPORT OF THE RECONSTRUCTION FINANCE CORPORATION The Reconstruction Finance Corporation marketing of agricultural commodities and made its third report to Congress on October livestock produced in the United States. 20, 1932. The text of the report, together During the entire period from the organizawith a table showing aggregate loans to each tion of the corporation on February 2, 1932, to class of borrower, is given herewith:* September 30, 1932, inclusive, the corporation Pursuant to the provisions of section 15 of authorized, under section 5 of the Reconstructhe Reconstruction Finance Corporation act, tion Finance Corporation act, 8,192 separate the corporation has the honor to submit its loans to 5,970 institutions, aggregating $1,410,report covering its operations for the third 026,518.02, as follows: $853,496,289.66 to 4,973 quarter of 1932, July 1 to September 30, inclu- banks and trust companies (including $44,178,sive, and for the period from the organization 509 to aid in the reorganization or liquidation of of the corporation, on February 2, 1932, to 443 closed banks); $87,638,738.43 to 736 build- September 30, 1932, inclusive. ing and loan associations; $75,193,200 to 88 During the third quarter of 1932 the corpo- insurance companies; $83,846,000 to 71 mortration authorized, under section 5 of the Re- gage loan companies; $405,000 to 3 credit construction Finance Corporation act, 3,109 unions; $29,000,000 to 9 Federal land banks; loans. These loans, together with increases $2,051,000 to 9 joint-stock land banks; $2,063,during the quarter of loans previously author- 374.63 to 11 agricultural credit corporations; ized, aggregated $359,588,446.61, as follows: $11,965,982.30 to 17 livestock credit corpora- $215,083,391.77 to banks and trust companies tions; and $264,366,933 to 53 railroads (includ- (including $16,780,159 to aid in the reorgan- ing $16,529,586 to 7 railroad receivers). ization or liquidation of closed banks); $35,153,- During the entire period from February 2 to 815.03 to building and loan associations; September 30, 1932, inclusive, under both the $11,727,700 to insurance companies, $10,246,- Reconstruction Finance Corporation act and 000 to mortgage loan companies; $29,000,000 the emergency relief and construction act of to Federal land banks; $781,000 to joint stock 1932, the corporation made funds available for land banks; $1,740,934.51 to agricultural credit purposes of relief and work relief, and aucorporations; $5,371,396.30 to livestock credit thorized loans or contracts, as follows: 8,235 corporations; and $50,484,209 to railroads (in- authorizations aggregating $1,550,086,689.24. cluding $6,169,790 to railroad receivers). Of the total amount authorized, $44,609,- During the third quarter the corporation 161.60 was later withdrawn or canceled. began operations under provisions of Titles I At the close of September 30, 1932, the and II of the emergency relief and construction corporation had advanced $1,194,601,566.43, act of 1932, which became a law on July 21, and repayments (exclusive of amounts unal- 1932. From that date to September 30, 1932, located, pending advices, as of September 30, the corporation made funds available for pur- 1932) amounted to $185,035,489.15, leaving poses of relief and work relief and authorized $1,009,566,077.28 outstanding on the books of loans or contracts aggregating $140,060,171.22, the corporation. as follows: Under the provisions of section 1, In addition, the corporation had outstanding Title I, of the act, $35,455,171.22 was made on September 30, 1932, agreements to make available for purposes of relief and work relief; loans totaling $600,000 upon the performance under the provisions of section 201 (a), Title of specified conditions. II, loans or contracts totaling $53,105,000 were Up to September 30, 1932, the corporation authorized for self-liquidating projects; and had allocated and made available $110,000,000 under the provisions of section 201 (d), Title to the Secretary of Agriculture in accordance II, loans aggregating $51,500,000 were author- with the provisions of section 2 of the Reconized to aid in financing the carrying and orderly struction Finance Corporation act. Of this sum, $75,000,000 had been paid over to the i The report includes, in addition, the following tables: Aggregate Secretary of Agriculture. loans to each class of borrower during the third quarter, July 1-Sept. 30, On July 23, 1932, the board of directors 1932; number of loans authorized, by States and classes, during the third quarter, July 1-Sept. 30, 1932; number of borrowers, by States authorized the issuance of $250,000,000 "third and classes, Feb. 2-Sept. 30, 1932; number of loans authorized, by States and classes, Feb. 2-Sept. 30,1932; statement of cash receipts and expendi- series" 3% per cent notes, maturing October 27, tures during the third quarter, July 1-Sept. 30, 1932—Corporation's 1932, making a total of $750,000,000 of 3% per accounts with Treasurer of the United States; statement of condition of the Reconstruction Finance Corporation at the close of business cent notes authorized in three series of $250,- Sept. 30,1932; names and compensation of directors, officers, and employees receiving from the corporation more than $400 per month. 000,000 each. Of this total, $600,000,000 had Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 685 been purchased by the Secretary of the District No. S (North Carolina, South Carolina, Treasury up to September 30, 1932, the pur- Georgia, and Florida).—Regional Agricultural Credit Corporation of Raleigh, N. C. (with a branch office at chases during the third quarter being $150,- Macon, Ga.). 000,000 of the "second series" ana $100,000,000 District No. 4 (Ohio, Indiana, Kentucky, and Tenof the "third series." nessee).—Regional Agricultural Credit Corporation of The wide distribution of the corporation's Columbus, Ohio (with a branch office at Louisville, loans is shown by the fact that of the 4,973 Ky-)- District No. 5 (Alabama, Mississippi, and Louisiana).— banks and trust companies to which loans were Regional Agricultural Credit Corporation of Jackson, authorized under section 5 of the Reconstruc- Miss, (with a branch office at Montgomery, Ala.). tion Finance Corporation act, 70 per cent were District No. 6 (Illinois, Missouri, and Arkansas).— located in towns of less than 5,000 population; Regional Agricultural Credit Corporation of St. Louis, Mo. (with branch offices at Chicago, 111.; Kan- 78.4 per cent in towns or cities of less than sas City, Mo.; and Pine Bluff, Ark.).1 10,000; 86.1 per cent in towns or cities of less District No. 7 (Michigan, Wisconsin, Minnesota, and than 25,000; 89.9 per cent in towns or cities of North Dakota).—Regional Agricultural Credit Corless than 50,000; 93 per cent in towns or cities poration of Minneapolis, Minn. of less than 100,000; and 95.2 per cent in towns District No. 8 (Iowa, Nebraska, South Dakota, and Wyoming).—Regional Agricultural Credit Corporation or cities of less than 200,000 population. Likeof Sioux City, Iowa (with branch offices at Omaha, wise, of all institutions to which loans were Nebr., and Cheyenne, Wyo.). authorized under section 5, numbering 5,917 District ATo. 9 (Kansas, Oklahoma, Colorado, and New (excluding railroads), 61.4 per cent were located Mexico).—Regional Agricultural Credit Corporation of Wichita, Kans. (with branch offices at Oklahoma City, in towns of less than 5,000 population; 69.6 Okla., and Denver, Colo.). per cent in towns or cities of less than 10,000; District No. 10 (Texas).—Regional Agricultural 78.3 per cent in towns or cities of less than Credit Corporation of Fort Worth, Tex. (with branch 25,000; 83.2 per cent in towns or cities of less offices at Houston, Tex., and San Angelo, Tex.). District No. 11 (Arizona, Utah, Nevada, and Califorthan 50,000; 87.8 per cent in towns or cities of nia).—Regional Agricultural Credit Corporation of less than 100,000; and 90.6 per cent in towns or Salt Lake City, Utah (with branch offices at San cities of less than 200,000 population. Francisco, Calif.; Los Angeles, Calif.; and Phoenix, Ariz.). Under the authority conferred by the pro- District No. 12 (Montana, Idaho, Oregon, and Washvisions of paragraph (e) of section 201, Title II, ington).—Regional Agricultural Credit Corporation of of the emergency relief and construction act of Spokane, Wash, (with branch offices at Helena, Mont.; 1932, the corporation created the following 10 Portland, Oreg.; and Boise, Idaho). regional agricultural credit corporations to i Established Oct. 8, 1932. serve the indicated Federal land-bank districts: AGGREGATE LOANS TO EACH CLASS OF BORROWER, FEBRUARY 2 TO SEPTEMBER 30, 1932, INCLUSIVE Class Authorized i A dvanced Repaid 2 Outstanding Under sec. 5 of the Reconstruction Finance Corporation act: Banks and trust companies 3 $853, 496, 289. 66 $706,591, 780.09 $162, 717,112. 02 $543,874, 668. 07 Building and loan associations . _ __ ___ _ 87,638, 738. 43 80, 310,984.19 4,858,704.69 75,452,279.50 Insurance companies 75,193,200. 00 59, 433,319.10 2,062, 412.11 57, 370, 906. 99 Mortgage loan companies 83,846,000. 00 80, 485,998. 76 4,644,094.94 75,841,903.82 Credit unions.- ___ _ 405,000. 00 373,352.00 5,503.00 367,849.00 Federal land banks 29,000,000.00 11,450,000.00 11,450,000.00 Joint-stock land banks.. _ __ 2,051,000.00 1,295,809.12 31,960.88 1,263,848.24 Agricultural credit corporations 2,063,374.63 1,760, 213. 70 74,642. 78 1,685,570.92 Livestock credit corporations 11,965,982.30 10,688,952. 72 1,259,494. 68 9,429,458.04 Railroads (including receivers) 264,366,933. 00 228,051,573. 00 9,381,564.05 218,670,008.95 Total, sec. 5, Reconstruction Finance Corporation act __ 1,410,026,518.02 1,180, 441,982. 68 185,035,489.15 995,406,493.53 Under the emergency relief and construction act of 1932: Self-liquidating projects under sec. 201 (a), Title 11 .__ . 53,105,000. 00 Bona fide institutions under sec. 201 (d), Title II 51,500,000.00 Amounts made available for relief and work relief under sec. 1, Title I 35,455,171. 22 14,159,583.75 14,159,583.75 Total, emergency relief and construction act of 1932. _ 140,060,171. 22 14,159,583.75 14,159,583.75 Grand total U,550,086,689.24 1,194,601,566.43 185,035,489.15 1,009,566,077.28 1 The corporation had outstanding on Sept. 30, 1932, agreements to make loans (not included in the above figures) upon the performance of specified conditions, as follows: Banks and trust companies, $600,000. 2 Exclusive of repayments unallocated, pending advices, as of Sept. 30, 1932. 3 Loans to banks and trust companies include $44,178,509 to aid in reorganization or liquidation of closed banks. * Includes loans authorized which were subsequently canceled or withdrawn, aggregating $44,609,161.60, as follows: Banks and trust companies, $37,955,003.09; building and loan associations, $2,013,608.03; insurance companies, $2,503,674.48; mortgage loan companies, $1,304,286.24; credit unions, $31,648; agricultural credit corporations, $13,840.81; livestock credit corporations, $697,100.95; railroads (including receivers;, $90,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 24 and released for publication October 26] Industrial activity and shipments of com- Wholesale prices.—Wholesale commodity modities by rail increased from August to Sep- prices, as measured by the monthly index of tember by considerably more than the usual the Bureau of Labor Statistics, showed little seasonal amount. There was also a more than change from August to September. During seasonal increase in the volume of factory em- August and early September there was a genployment and pay rolls. The general level of eral advance in prices followed by a decline wholesale prices, after advancing for three which continued through the first half of months, showed a decline beginning in the early October, when the average was 2 per cent part of September. below the high point in early September and 1 Production and employment.—Volume of in- per cent above the low point of early summer. dustrial production, as measured by the board's Substantial decreases occurred after the beseasonally adjusted index, based on the 1923- ginning of September in the prices of many 1925 average, increased from a low point of 58 domestic agricultural commodities, including in July to 60 in August and 66 in September. cotton, grains, and livestock, and also in prices The advance in September reflected chiefly of gasoline, nonferrous metals, and imported large increases in activity at textile mills, shoe raw materials; while prices of wool, worsted factories, meat-packing establishments, and yarns, coal, and lumber increased somewhat coal mines. In the steel industry, where activ- during this period. ity had shown none of the usual seasonal in- Bank credit.—During September and the crease in August, operations expanded consid- first three weeks of October there were further erably during September and the first three additions to the reserve funds of member weeks of October to about 20 per cent of banks, arising from increases in the country's capacity. Daily average output of automobiles stock of monetary gold, from an unseasonal and lumber in September showed little change return flow of currency, and from issues of from recent low levels. additional national bank notes. Member-bank Factory employment increased from 58.8 per indebtedness to the reserve banks declined by cent of the 1923-1925 average in August to more than $100,000,000 from September 7 to 60.3 per cent in September, according to the October 19 and their reserve balances increased board's seasonally adjusted index. Consider- by $180,000,000. able increases were reported in the cotton, During September and the first two weeks of woolen, silk, hosiery, and clothing industries, October reporting member banks in leading and smaller increases at car-building shops, cities showed a further growth in investment foundries, cement mills, and furniture factories. holdings, largely of United States Government In the automobile, tire, and electrical-machin- securities, but to some extent of other investery industries, employment declined. ments. Loans of reporting banks declined During the three months ending with Sep- further in September; in the eariy part of tember value of building contracts awarded, as October loans at banks in New York City reported by the F. W. Dodge Corporation, was showed an increase. There was considerable about the same as in the preceding three growth in Government deposits and in bankers' months, although awards are usually smaller in balances during the period; time deposits also the third quarter. In the first half of October increased. the daily average of contracts declined some- Money rates in the open market declined to what. lower levels during the first half of October, the Distribution.—Volume of freight-car loadings rate on prime commercial paper being reduced increased by considerably more than the usual from a range of 2-2% to a range of l%-2 per seasonal amount in September, reflecting chiefly cent, and the rate on 90-day bankers' acceptlarger shipments of coal and miscellaneous ances from three-fourths of 1 per cent to onefreight. Department-store sales increased from half of 1 per cent. Rates for call loans on stock the low level of August by somewhat more than exchange collateral declined from 2 to 1 per the usual seasonal percentage. cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

687 NOVEMBER, 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 500 500 01 I 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending October 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht s G e U S c m o n t u v a e i r e t t i n e e t r t i s d n e - s r O c e b r s a t e e h n d r e k v i r t e Total g M o o ld n e st t o a c ry k T c a r u d e r j a u re s s n u te c r d y y i M n l a c o ti i n r o c e n u y - M b r a e b e l s a a m e n n r b k c v e e e s r d m e N e p e m t o o c. s n b i - e ts r , p c U f e a u n n p n d e i d t x e a s d - l 1931—May- 163 144 926 4,767 1,783 4,679 2,387 28 382 June 188 121 610 945 4,865 1,759 4,750 2,404 35 380 July 1'69 79 674 954 4,958 1,784 4,836 2,407 83 370 August 222 135 712 1,107 4,975 1,764 4,947 2,345 187 367 September . 280 259 736 1,313 4,948 1,768 5,133 2,333 199 364 October 613 692 733 2,088 4,447 1,768 5,478 2,256 208 361 November. 695 560 727 2,035 4,363 1,766 5,518 2,118 171 357 December.. 774 340 777 1,950 4,450 1,782 5,611 2,069 144 358 L932—January 221 759 1, 865 4,452 1,773 5,645 1,979 113 353 February.. 848 151 743 1, 785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 1,652 4, 372 1,792 5,531 1,899 37 349 April 605 52 1,014 1,694 4,381 1,789 5,452 1,996 63 353 May - 486 41 1,413 1,959 4,273 1,788 5,456 2,138 77 349 June 495 50 1,697 2, 262 3,956 1,787 5,530 2,062 65 348 July - 523 60 1,818 2,422 3.941 1,780 5,751 2,003 46 343 August 451 37 1, 850 2,353 4,031 1,796 5,720 2,073 40 347 September. 387 34 1,848 2,282 4,140 1,826 5,685 2,181 35 347 October 328 34 1,851 2,231 4,226 1,886 5,643 2,307 355 Week ending (Saturday)- June 4 496 1,563 2,117 4,107 1,797 5,477 2,107 349 June 11- 506 1, 638 2,199 3,989 1,786 5,473 2,093 348 June 18 _- -- 496 1,700 2,276 3,922 1,800 5,485 2,092 347 June 25. 491 1,746 2,313 3,916 1,769 5,556 2,032 350 July 2... 484 1,791 2,359 3,919 1,800 5,703 1,979 346 July Q.- 509 1,793 2,404 3,920 1,795 5,785 1,946 345 July 16._ 521 1,821 2,428 3,932 1,765 5,745 1,991 344 July 23._ 536 1,831 2,439 3,952 1,775 5,751 2,025 343 July 30- 531 1,839 2,430 3,963 1,774 5,718 2,057 343 Aug.6_. 494 1.846 2,395 3,987 1,764 5,738 2,014 345 Aug. 13. 458 1,851 2,363 4,002 1,793 5,725 2,041 345 Aug. 20. 443 1,851 2,346 4,040 1,803 5,725 2,078 345 Aug. 27. 432 1,851 2,330 4,060 1,814 5,706 2,122 346 Sept. 3_. 1,851 2,332 4,082 1,803 5,709 2,129 346 Sept. 10. 422 1,842 2,313 4,107 1,825 5,732 2,134 346 Sept. 17.. 394 1,843 2,284 4,135 1,842 5,690 2,188 348 Sept. 24.. 1,852 2,262 4,164 1,814 5,660 2,196 349 Oct. 1_. 343 1,853 2,244 4,184 1,836 5,635 2,241 351 Oct. 8__ 336 1,852 2,241 4,200 1,869 5,666 2,256 350 Oct. 15. 331 1,851 2,232 4,211 1,874 5, 662 2,260 353 Oct. 22. 318 1,851 2,229 4,230 1,895 5,641 2,314 358 Oct. 29. 321 1,851 2,222 +, 256 1,905 5,608 2,385 358 End of month series Wednesday series May June July Aug. Sept. Oct. Sept. Sept. Oct. Oct. Oct. Oct. 30 31 31 28 5 12 19 26 Bills discounted 490 440 538 433 332 328 Bills discounted 359 340 333 328 314 322 Bills bought 36 67 43 34 33 34 Bills bought _ 34 33 33 34 34 United States Government se- United States Government securities 1,549 1,784 1,841 1, 8521,854 1,851 curities 1,852 1,854 1,851 1,851 1,851 1,851 Other reserve bank credit 21 17 14 Other reserve bank credit _. 15 23 22 21 14 Total reserve bank credit 2,096 2,310 2,439 2,331 2,233 2,227 Total reserve bank credit 2,259 2.241 2,241 2,234 2,219 2,221 Monetary gold stock 4,152 3,919 3,974 4,088 4,193*>4, 263 Monetary gold stock 4,165 4,185 4,201 4,208 4, 227 4,257 Treasury currency adjusted 1,802 1,836 1,758 1,800 1,840 -',909 Treasury currency adjusted 1,813 1,835 1,879 ir -- 1,898 1,905 Money in circulation 5,480 5,695 5,726 5,692 5,653 '5, 628 Money in circulation 5,642 5,605 5,649 5,651 5,621 5,584 Member bank reserve balances.. 2,113 1,982 2,052 2,146 2,225 2,383 Member bank reserve balances. 2,211 2,269 2,284 2,246 2,326 2,412 Nonmember deposits, etc.. 109 42 49 36 36 31 Unexpended capital funds, non- Unexpended capital funds 348 346 344 345 352 357 member bank deposits, etc 385 387 413 387 p Preliminary. Ba ck figures.—Bee Annual Report for 1931 (Tables l-fi) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 689 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Oct 31, 1932 Sept. 30, 1932 j Oct. 31, 1931 RESOURCES Gold with Federal reserve agents 2,192, 084 2,188, 686 1, 552, 076 Gold redemption fund with United States Treasury 43,102 48, 228 70, 561 Gold held exclusively against Federal reserve notes.. 2, 235,186 2, 236, 914 1, 622, 637 Gold settlement fund with Federal Eeserve Board 346,123 245, 086 372, 556 Gold and gold certificates held by banks 421, 634 411,179 751,144 Total gold reserves. 3, 002, 943 2, 893,179 2, 746, 337 Reserves other than gold 192, 353 197, 552 156,738 Total reserves 3,195, 296 3, 090, 731 2, 903,075 Nonreserve cash 74,147 77, 078 60, 446 Bills discounted: For member banks 327, 367 330, 882 718, 579 For intermediate credit banks.. 330 285 9,073 For nonmember banks, etc 693 621 551 Total bills discounted 328, 390 331,788 728,203 Bills bought: Payable in dollars- Bought outright 3,160 2,456 643,517 Under resale agreement 3, 746 Payable in foreign currencies. ~30,~659' ~30,~849" 33, 501 Total bills bought.. .3, 819 33, 305 680, 764 United States securities: Bought outright 1, 850, 895 1,851,011 727,175 Under resale agreement.. 2,658 Total United States securities 1, 850, 895 1, 853, 669 727,175 Other reserve bank credit: Federal intermediate credit bank debentures 26, 990 Federal land bank bonds 500 Municipal warrants 5,425 4,824 2,693 Due from foreign banks.. 2,873 2,665 9,297 Reserve bank float (uncollected items in excess of deferred availability items). 5,610 6,367 8,777 Total reserve bank credit outstanding. 2, 227, 012 2, 232, 618 2,184, 399 Federal reserve notes of other reserve banks_ 15, 799 12, 540 16, 570 Uncollected items not included in float 295, 428 332, 818 398, 466 Bank premises . 58,137 58,126 59, 390 All other resources 38, 840 44, 023 43, 470 Total resources.. 5, 904, 659 5, 847, 931 5, 665, 81G LIABILITIES Federal reserve notes: Held by other Federal reserve banks.. 15, 799 12, 540 16, 570 Outside Federal reserve banks 2, 693, 616 2, 737,144 2, 412, 424 Total notes in circulation. 2, 709, 415 2, 749, 684 2, 428, 994 Deposits: Member bank—reserve account . 2, 382,880 2, 224, 689 2,167, 422 Government 31, 826 51, 347 31. 570 Foreign bank 10, 356 8,261 150, 077 Othef deposits 21, 071 28,182 30, 633 Total deposits 2,446,133 2, 312, 479 2, 379, 702 Deferred availability items 295, 428 332,818 398,466 Capital paid in 152, 096 152, 996 164, 548 Surplus 259, 421 259, 421 274, 636 A11 other liabilities 42,166 40, 536 19, 470 Total liabilities 5, 904,659 5, 847,934 5, 665, 816 Contingent liability on bills purchased for foreign correspondents 38, 649 43, 363 99, 333 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 2, 918, 087 2, 983, 780 2, 745, 763 Held by Federal reserve banks ! 208, 672 234,096 316, 769 In actual circulation. 2, 709, 415 2, 749, 684 2, 428, 994 Collateral hold by agents as security for notes issued to banks: Gold 2,192, 084 2,188, 686 1, 552, 076 Eligible paper 312, 467 c 315, 325 1, 348, 626 United States Government securities 454, 700 498, 600 Total collateral.. 2, 959, 251 «3, 002, 611 2, 900, 702 i Excludes " Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation. «Corrected. 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

690 FEDERAL RESERVE BULLETIN NOVEMBER, 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 m a s t t o o o e n c f n t k d h I i d m n n c u s o r r t e n i o n a t c h s g k e N im et p g o o r l t d fr N m o l m e e a a t r s k e r e e a - r- d D ti u c e o c t m c p ti . r * e o o s n - - , From or to— p ( I o p m r r - t e O s li c m to E i b n x e a p r ry o ) rts p I S o m r e t - p s tem p b E o e x r r t - s p I o S m J r e a t - p s n te u m ar p b E y o e - x r r t - s 1929—April 4,260 72.4 23.1 48.6 0.8 May 4,301 40.6 23.6 16.1 0.9 Belgium.. . 1,021 83,602 June 4,324 23.4 30.2 -7.5 0.7 England 1 251 5,868 14,163 15,132 J A u u ly gust 4 4 , , 3 3 4 6 1 0 1 18 6 . . 9 3 3 1 4 8 . . 7 4 -2 -1 2 . . 0 0 3 1. . 5 6 F G r e a r n m ce any . 70 3 1 2 0 0 0 50 2 3 0 8 8 1 45 13 8 , , 7 2 3 9 8 3 S O e c p to te b m er ber- 4 4 , , 3 3 8 7 6 2 1 1 4 2 . . 4 1 1 1 7 7 . . 6 5 - - 6 4 . . 6 5 1 1. . 4 1 N Po e r t t h u e g r a la l nds 1,992 - — 5,543 5,543 11 2 5 , , 3 2 8 7 6 7 N D o ec v e e m m b b e e r r- .. 4 4, , 2 3 8 6 4 7 - -8 1 2 9 . . 9 2 - -6 2 4 3 . . 4 2 -22 1 . . 0 0 3 3 . . 0 5 S C w an it a z d e a rland 40 35 3,9 2 1 2 2 0 9 1 51,0 2 4 2 2 1 118, 1 5 4 2 3 5 Central America - 119 1,071 3 Total (12 mos.). 142.5 175.1 — -55.4 22.8 Mexico. 896 2,843 17,425 320 — Argentina 12,950 1930— J J S M A A N D M O F u u J e e p c o e u a a l n a p b t n y r c v g r y e o t i u r c e e e l u b u a h m m m s e r a t r y b b b r . y — e e e . r r r - - _ . . . 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 5 4 5 5 5 4 6 2 5 3 5 5 1 7 9 1 0 1 9 3 2 3 5 9 7 1 1 7 1 1 1 5 3 5 3 3 - - 1 1 3 2 6 2 6 7 2 1 1 8 5 6 2 6 3 8 1 0 5 0 7 . . . . . . . . . . . . 4 5 8 9 1 8 2 9 3 5 6 2 - - 1 1 3 3 6 2 6 5 2 1 9 9 2 4 5 2 5 3 5 6 0 3 . . . . . . . . . . . 6 6 . 5 0 2 7 7 5 4 5 0 9 -1 - - - 1 3 6 2 5 0 0 0 0 4 2 2 5 . . . . . . . . . . . 0 1 1 . 2 0 5 5 0 0 0 0 0 -0 4 3 0 4 3 3 2 2 4 1 1 . . . . . . . . . . . . 3 7 1 9 2 5 8 7 3 3 5 3 J D U A B E P V P C C a h e c r o h u e u r K p i u u i r n l s i t t l a o u n c a t g e o i i r s n m . a h p z d u n a h . u p o a l b g E e i r y i I a i . a n . l a _ n a a n . e d s . d . t i a I I s H n la d o n i n e d g _ s s _ . . . 6 3 3 , , , 0 3 5 5 1 5 6 7 0 8 2 3 4 2 , , 2 8 4 5 1 1 1 0 5 2 5 8 5 1 6 1 7 5 5 0 1 2 1 0 8 ' 2 4 1 3 2 4 2 5 3 7 1 5 1 , , , , , , , , , 0 5 0 8 2 9 5 0 2 8 5 3 7 3 3 0 0 0 5 4 8 8 4 7 7 7 8 5 8 8 2 7 6 1,6 1 6 2 0 6 Total (12 mos.). 309.6 280.1 -2.4 31.9 All other countries 1 737 472 8,106 232 1931—January 4,643 49.4 34.4 11.9 3.1 Total ? 18,489 2 35 27,957 60 '220,013 809,438 February 4,665 22.0 16.1 2.5 3.3 March 4,697 32.0 25.6 3.0 3.3 i Includes all movements of unreported origin or destination. April 4,726 28.7 49.5 -7.5 -13.3 » At New York—imports, $10,792, COO; exports, $35,000. Elsewhere, May 4,798 72.4 49.6 4.0 18.8 imports, $7,697,000. June 4,956 158.0 63.8 92.3 1.9 r Revised figure for imports from the Philippine Islands in July, July 4,949 -6.6 19.5 -29.7 3.6 $2,538,000. August. 4,995 45.7 57.5 -16.0 4.2 September 4,741 -254.3 20.6 -279.1 4.2 KINDS OF MONEY IN CIRCULATION October 4,292 -448.4 -337. 7 -107.6 -3.1 November 4,414 122.0 89.4 28.3 4.2 [Money outside Treasury and Federal reserve banks. In millions of December 4,460 45.8 56.9 -22.9 11.9 dollars] Total (12 mos.). -133.4 145.3 -320.8 42.1 1932 1931 1932—January 4,416 -44.2 -73.0 25.4 3.4 February. _ 4,354 -62.3 -90.6 26.4 1.9 Kind of money March 4,390 36.0 -24.7 58.3 2.4 Oct. 31 v S(jpt. 30 Oct. 31 April 4,367 -23.1 -30.2 4.0 3.2 May 4,152 -214.1 -195. 5 -22.1 3.6 June, 3,919 -233.9 —206.0 —28.8 0.9 July _ 3 3,977 57.9 3-3.4 56.2 5.2 Gold coin . - 445 445 387 August 3 4,088 111.7 6.1 100.5 5.1 Gold certificates - .- .. 624 644 972 September.. 4,193 104.8 27.9 72.3 4.6 Federal reserve notes 2,68J 2,731 2,412 October *__ 4,263 69.9 18.5 45.8 5.7 Treasury currency:* Total (10 mos.)- -197.2 -571.0 337.9 35.9 Standard silver dollars 29 29 33 Silver certificates 361 359 388 1 Gold released from earmark at Federal reserve banks less gold placed Treasury notes of 1890 1 1 1 under earmark. Subsidiary silver 257 257 271 * This figure, derived from preceding columns, represents the excess of Minor coin .. __ 113 113 117 domestic production over nonmonetary consumption of gold—chiefly United States notes.. _. 289 286 300 consumption in the arts. In any given month, however, it may be pre- Federal reserve bank notes 3 3 3 dominantly affected by the fact that on the final day of the month (a) National bank notes 817 785 657 gold bullion or foreign gold coin recently imported may not yet have reached a reserve bank or the Treasury, and (6) gold bullion recently Total Treasury currency 1,870 1,833 1,770 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies Total money in circulation.. 5,628 5.653 ,.540 in official reports of gold imports and exports. * Includes an import of $2,200,000 gold coin which was previously included in the gold stock figure in August, but is now reported in the i For explanation of the term "Treasury currency" see BULLETIN for official figures for net imports for July published by the Department of July, 1929, p. 432. Commerce. » Preliminary. » Preliminary figures. 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

691 NOVEMBER, 1932 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y o i rk r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry' T m o b t e a a m n l— k b s e a r ll Ne C w i ty Y o i rk r O e c s i t t e h i r e e v s r e " C b o a u n n ks try" 1931—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 2,003 707 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 269.9 127.7 108.9 33.3 September- 2,181 927 812 443 345.5 193.4 119.6 32.4 Week ending (Friday)— 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 Sept. 16. 2,189 933 814 443 192.1 118.8 Sept. 23. 2,187 942 799 446 207.6 108.2 Sept. 30. 2,238 981 821 435 241.8 126.5 Oct. 7___ 2,253 963 453 217.3 137.7 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 e r k 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 e a r k 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 r k m l s - - C Y N i o e t r y w k * r O e c s i t t e h i r e e v s r e ' b C t a r o n y u k " n s - 1931—June 31,602 7, 232 12,939 11,432 18,055 5,934 7,132 13,548 1,297 5,807 6,444 July 31, 526 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13,404 1,260 5,728 6,415 August 31,041 7,147 12, 702 11,192 17, 783 5,946 7,012 4,825 13, 259 1,201 5,691 6,367 September 30, 500 7,126 12, 356 11,018 17, 525 5, 962 6,805 4,758 12, 974 1,163 5,552 6,259 October... 29,138 6,937 11,657 10,544 16,859 5,872 6,421 4,567 12, 279 1,065 5,236 5,977 November 28, 218 6,612 11,350 10, 256 16,358 5,653 6,273 4,432 11,860 959 5,076 5,825 December. 27, 438 6,414 11,048 9,976 15,985 5,546 6,106 4,333 11,453 4,942 5,643 1932—January... 26, 592 6,165 10, 706 9,720 15, 447 5,343 5,921 4,183 11,145 822 4,786 5,537 February. 25, 715 5,797 10,413 9,505 14, 789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25, 431 5, 760 10,291 9,380 14,575 4, 959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14, 589 5,138 5,492 3,959 10, 797 811 4,618 5,368 May 25, 406 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 6,084 9,833 8,827 14,141 5,217 5,283 3,641 10,603 867 4,550 5,186 September 24, 973 6,308 9,853 8,811 14,408 5,440 5,316 3,652 10,565 4,538 5,159 * Central reserve city banks only. Back figures.—See Annual Report for 1931 (Table 49). 145101—32 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Purchased paper T lo o a t n a s l Call date i m T n lo a v e o n a e n t n d a s t s t s l - b L a o t n o a k n s s Total s b c t a o u o S b n n r e c y e d - d k d s s e c s r u S b e t r e a y a e - t l d e O c c u w a u u n t s n h e i r r s s - e e d e e e d d r - - Total A U S a p c a n t n c b i a a i c n e y l t t e e e e p - s s d t- a a c b P a A n e r b a c c o p l y - e e a t - s - d p C m c a o i p e a m r e l - r - Y L N k b o o i r t e e o n o a r r w - k n s i s Total m U r s G e i e t r . e o c i n e n u S v - s t - - . O r s i e t t c i h e u e s - r b s c o t a u o s b n n e r c y d - e d k d s s * TOTAL—ALL MEMBER BANKS 1929—Mar. 27_ 35,393 548 21,903 7,540 3,123 11,240 2,494 146 376 1,879 10,448 4,454 5,994 June 29_ 35,711 670 22, 517 7,734 3,164 11,618 2,472 108 90 249 2,025 10,052 4,155 10,094 Oct. 4_ _ 35,914 640 23, 249 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 10, 511 Dec. 31 34,860 631 21,007 7,942 3,234 9,831 2,233 315 55 366 1,498 10, 989 4,125 6,864 9,754 1931—Mar. 25__ _ 34, 729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11, 889 5,002 9,272 June30_ 33, 923 457 19, 257 7,117 3,216 8,922 2,103 389 113 384 1,217 12,106 5,343 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 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 Sept. 30 p 27, 994 461 14, 448 5,082 2,886 6,480 407 34 115 413 12,116 5,750 5,765 NEW YORK CITY » 1929—Mar. 27_ 7,726 251 4,253 1,744 148 2,361 1,250 59 1,102 1,972 1,135 838 2,971 June 29 8,160 314 4,532 1,877 175 2,480 1,496 58 1,359 1,819 1,006 813 3,396 Oct. 4__ 8,150 302 4,846 1,944 176 2,726 1,196 59 1,096 1,807 989 817 3,191 Dec. 31 _ 8,774 322 4,964 2,200 169 2,595 1,397 128 1,202 2,091 1,112 979 3,562 1930—Mar. 27._ 8,238 199 4,338 1,936 150 2,252 1,655 89 1,477 2,046 1,150 897 3,504 June 30_ 8,798 196 4,308 2,022 157 2,129 2,091 144 1,883 2,203 1,147 1,056 3,983 Sept. 24. _. 8, 557 169 4,276 2,031 157 2,087 1,912 148 1,714 2,198 1,091 1,107 3,798 Dec. 31._ __ 8,582 283 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25 _ _ 8,473 154 4,007 1, 960 150 1,896 1,651 199 1,367 2,662 1,466 1,196 3,397 June 30_ . 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 3O._ 6, 715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30 v 7,106 203 2,637 1,300 153 1,183 763 341 391 3,503 2,429 1,074 1,811 OTHER RESERVE CITIES 1929— Mar. 27 13,925 258 9,286 3,740 1,509 4,036 645 43 423 3,736 1,896 1,840 4,292 June 29 13,832 308 9,434 3,718 1,503 4,213 480 17 349 3,611 1,765 1,846 4,221 Oct. 4_ 13,983 294 9,775 1,491 4,415 526 8 75 413 3,388 1,671 1,717 4,429 Dec. 31 13, 785 346 9,748 3,975 1,559 4,214 438 51 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27.. 13, 575 263 8,951 3,604 1,544 3,802 945 59 242 609 3,416 1,662 1,754 4,368 June 30. 13, 701 277 9,029 3,811 1,524 3,693 710 18 301 353 3,685 1,686 1,999 4,306 Sept. 24 13,971 235 8,726 3,632 1,526 3,567 1,064 54 337 643 3,947 1,785 2,161 4,387 Dec. 31 13, 758 286 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June 30__ 13, 567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 2,408 2,342 3,459 Sept. 29 _. 13, 016 284 7,845 1,585 3,168 326 67 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 1932—June 30 __ 11, 045 254 6,519 2,403 1,407 2,709 '118 38 62 7 4,154 2,187 1,966 2,585 Sept. 30 p 10,953 206 6,167 2,296 1,413 2,458 151 57 65 15 4,428 2,466 1,962 2,449 "COUNTRY" BANKS 1929—Mar. 27. 13, 741 8,364 2,056 1,465 4,843 192 354 4,740 1,424 3,316 2,429 June29._._ 13, 719 8,551 2,139 1,486 4,926 496 140 316 4,623 1,384 3,240 2,480 Oct. 4. 13,780 8,627 2,295 1,485 4,847 553 144 376 4,554 1,361 3,193 2,694 Dec. 31 13,375 8,481 2,314 1,462 4,705 409 163 208 4,439 1,267 3,172 2,545 1930—Mar. 27 13, 243 8,206 2,190 1,475 4,541 496 207 258 4,475 1,273 3,202 2,462 June 30 13,157 8,229 2,227 1,475 4,527 312 171 129 4,554 1,229 3,326 2,367 Sept. 24 12,944 8,007 2,200 1,480 4,326 286 164 115 4,589 1,219 3,370 2,326 Dec. 31 12, 519 7,762 2,149 1,455 4,158 177 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25 12, 290 7,524 2,097 1,449 3,978 158 114 36 4,550 1,224 3,326 2,147 June30__ 12,068 7,318 2,031 1,437 3,849 135 101 30 4,555 1,279 3,276 2,078 Sept. 29 11, 805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 1,756 1,346 3,367 71 48 16 4,392 1,418 2,974 1,796 1932—June 3O._ 10, 240 1,546 1,328 3,018 64 36 13 4,226 1,432 2,794 1,574 Sept. 30 P 9,936 5,644 1,485 1,319 2,839 54 36 7 4,185 1,471 2,714 1,504 i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. »Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total loans to banks. » Central reserve city banks only. p Preliminary. 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 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 693 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 ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - ba A n l k l s M ba b e n e m 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 32,133 21,265 Oct. 3- 57, 219 39, 671 17, 549 34,929 24,325 10, 604 22,291 15,346 6,945 53, 720 32,138 21, 582 Dec. 31. 58.266 40, 763 17, 504 35,684 25,155 10, 529 22, 582 15, 607 6,975 56, 766 34,826 21,940 1929—Mar. 27. 58, 019 40,557 17,462 35, 393 24,945 10,448 22, 626 15, 612 7,013 54,545 33, 215 21,330 June 29. 58,474 41, 512 16,962 35, 711 25, 658 10,052 22, 763 15,853 6,910 53,852 32, 284 21, 567 Oct. 4_. 58,835 42, 201 16, 634 35,914 26,165 9,749 22,922 16, 036 6,885 55,180 33,004 22,176 Dec. 31. 58,417 41, 898 16, 519 35,934 26,150 9,784 22, 483 15, 748 6,735 55,289 33,865 21,423 1930—Mar. 27. 57,386 40, 686 16, 700 35,056 25,119 9,937 22,331 15, 568 6,763 53,185 32,082 21,103 June 30. 58,108 40, 618 17, 490 35, 656 25, 214 10,442 22,453 15,404 7,048 54,954 33, 690 21, 264 Sept. 24. 57, 590 39, 715 17,875 35, 472 24, 738 10, 734 22,118 14,977 7,141 52, 784 31,839 20, 945 Dec. 31. 56, 209 38,135 18, 074 34,860 23, 870 10,989 21, 349 14, 264 7,085 53,039 32, 560 20, 479 1931—Mar. 25. 55,924 36,813 19, 111 34, 729 22,840 11,889 21,195 13,974 7,222 51,427 31,153 20, 274 June 30. 55, 021 35,384 19, 637 33,923 21,816 12,106 21,099 13, 568 7,531 51,782 31, 566 20, 216 Sept. 29. 53, 365 33, 750 19, 615 33, 073 20,874 12,199 20, 292 12,876 7,416 49,152 29,469 19, 683 Dec. 31. 49, 704 31,305 18, 399 30, 575 19, 261 11,314 19,129 12,045 7,084 45,821 27, 432 18, 389 1932—June 30. 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 Na- m b e e m r - To in ta v l e s lo tm an e s n a ts nd Total tional State banks Number of banks Amount Percent- 1925—Dec. 31 28,257 9,489 8,048 1,441 18, 768 (millions age disof dollars)tribution 1926—Dec 31 27,367 9,260 7,906 I, 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 7 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. 1 Includes certain outlying banks in reserve cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN NOVEMBER, 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 Bor- Bor- Bor- Month or date row- row- Total row- Total L on o a s n e s - o A th l e l r Investments F i . n a g t R s . Total L on o a s n e s - o A th l e l r Investments F i . n a g t R s . a m l n v o d e e a s n n i t t n - s s - F i . n a g t R s . curities loans U.S. se- banks curities loans U.S. se- banks banks Total curities Total curities 1931—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 7,466 2,369 2,272 2,825 1,750 13,959 324 November.. 21, 023 5,859 7,586 7,578 4,072 7,258 2,277 2,243 2,738 1,705 13,765 388 December.. 20, 749 5,763 7,441 7,545 4,127 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 3,806 368 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, 070 164 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 October 19, 026 4,437 6,168 8,421 5,140 103 6,914 1,636 1,797 3,481 2,447 12,112 103 Aug. 3 . 18,696 4,632 6,364 7,700 4,488 188 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 3,019 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 Oct. 5__ 18,882 4,481 6,156 8,245 5,003 107 6,779 1,669 1,756 3,354 2,350 12,103 107 Oct. 12- 18,981 4,467 6,167 8,347 5,064 107 6,906 1,654 1,796 3,456 2,422 12, 075 107 Oct. 19. 19,121 4,447 6,185 8,489 5,195 94 6,989 1,653 1,822 3,514 2,469 12,132 94 Oct. 26- 19,118 4, 352 6,164 1 8, 602 5,298 103 1,569 1, 815 3,598 2,548 1 12,136 103 i Includes 1 bank (in Chicago) which withdrew from membership after close of business Oct. 26 (see p. 718). 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 banks1 End of month panies agencies, etc. 1931—September. 1,268 943 174 151 October... 921 674 90 157 1931 1932 1931 1932 1931 1932 November. 802 588 124 90 December. 655 554 88 13 1932—January... 544 473 65 6 January 1,720 512 1,557 374 163 138 February.. 495 417 72 6 M Fe a b r r c u h a . r . y .. 1 1, , 9 8 0 4 9 0 5 5 2 3 5 3 1 1, , 6 6 9 4 2 6 3 3 8 9 5 1 2 1 1 9 7 4 1 1 4 4 2 0 M A M p a a r r y i c l . h . 5 4 5 3 3 0 1 6 0 4 4 3 3 2 8 2 3 5 4 9 7 4 4 0 7 5 7 M Ap a r y il 1 1 1 , , , 4 3 6 3 9 5 5 1 1 2 3 3 4 0 7 4 0 9 1 1 1 , , , 2 2 4 9 2 6 3 1 6 2 1 3 9 4 0 4 3 0 1 1 1 7 4 8 0 1 5 4 7 5 9 7 9 J S A J u u e u l n p y g e t u e s m t ber. 3 3 4 3 7 4 0 3 7 4 9 5 3 3 3 3 4 0 1 8 2 9 9 5 2 1 1 1 9 7 9 8 6 8 8 5 July 1,344 242 1,171 195 173 47 October 411 389 16 AUgUSt 1,354 332 1,160 248 194 84 Oct. 5 426 402 September.. 1,044 380 932 292 112 88 Oct. 12 433 410 Oct. 19 433 411 October 796 325 688 263 108 61 Oct. 26 352 332 November . _ 730 582 148 December 587 455 132 1 Member and nonmember banks outside New York City (domestic banks only). Back figures—See Annual Reports for 1931 (Table 63) and 1927 Bach 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

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 695 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 Held b b y a n a k c s cepting s o to n r g ed oo i d n s go o o n ds BasedBased U S n ta i t t e e s d sto in red End of month s T t o i a o n u n g t t a d - l - o F a w c o - n r o c e f F o a i u c g o f - o n n r r t - 1 otal O bi w ll n s bo B u il g ls ht o H t b h e y e ld rs End of month Total U in .S to . o p U f n r o o . S r e m t . x s - s c ( h h r w e i o p o d a u r p i r s t e e e s - d ) c D h e a o x n l - l g a e r s t f h c r o i i o r b e p e e u s p i - n g o e - n d r count corre- between tween spond- domes- foreign ents tic points points 1930—june 1,305 127 470 205 64 141 503 OUTSTANDING J S N D A O u e o u e c l p y 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 - . - . . 1 1 1 1 1 1 , , , , , , 3 5 3 5 3 5 5 7 6 5 3 0 0 1 7 6 9 8 3 2 1 1 1 1 2 0 2 4 6 4 8 8 9 3 7 1 4 4 4 4 4 4 3 2 7 7 3 3 9 9 1 9 3 2 4 3 3 2 2 3 8 9 7 6 1 7 4 3 1 7 7 9 1 1 1 9 9 3 8 7 6 5 0 1 0 2 3 3 2 2 2 1 1 1 8 1 8 1 7 3 2 2 6 6 2 4 5 4 4 4 5 1 3 5 0 1 6 7 4 0 7 1 3 1931— N D S O A e e o c u p c t v g o t e e e u b m m m s e t b r b b e e e r r r 1 1 1 , , , 0 0 0 9 9 0 9 4 9 7 2 0 0 6 4 1 1 1 1 15 7 5 7 7 9 4 8 8 3 2 2 2 2 2 7 5 5 2 6 6 4 7 2 1 2 2 2 2 1 6 3 5 0 9 7 8 8 2 0 3 3 3 4 3 1 8 4 3 7 2 2 3 3 3 9 9 3 3 9 6 8 0 8 1 1931— A M F J e a p a n b r r i u r c l a u h r a y ry... 1 1 1 1 , , , , 5 4 4 5 2 2 6 2 0 2 7 0 1 1 8 8 6 2 9 5 2 3 4 4 4 4 4 5 3 0 7 6 1 9 5 4 5 4 7 7 5 1 1 2 0 0 1 1 1 1 3 3 5 2 1 4 1 5 4 3 3 2 3 4 9 8 7 1 8 5 4 4 4 4 1 4 2 4 2 1 9 0 1932— A M F J e p a a b n r r i r u c l u a h a ry ry __ 8 9 9 9 7 1 1 6 9 1 9 1 1 1 1 1 1 5 2 4 8 0 9 2 2 2 1 1 0 0 9 9 7 5 9 5 2 2 2 2 7 5 6 7 2 1 7 1 2 3 2 1 3 4 6 7 2 2 2 2 9 8 9 8 8 4 4 7 J J M A S u u e u l n a p y g y e t u e s m t ber.- 1 1 1 1 , , , , 4 0 3 2 9 1 9 6 2 9 3 0 8 8 6 4 1 9 3 2 2 7 5 9 0 4 0 3 3 2 2 1 4 8 4 2 0 3 0 1 8 0 4 5 6 6 4 6 5 1 6 0 4 4 0 8 6 2 1 1 1 1 3 6 7 9 6 2 8 1 6 2 3 4 4 2 2 3 5 3 9 4 6 7 8 3 8 ' 4 3 2 1 4 7 7 6 8 4 9 8 6 7 J J M A S u u e u a n l p y g y e t u . e _ s m _ t ber 7 7 7 6 6 4 8 0 8 8 7 7 5 3 1 1 8 9 0 7 7 5 7 3 3 6 1 1 1 1 1 8 6 5 7 5 4 2 6 3 2 2 2 1 1 1 1 1 7 9 9 7 2 8 2 3 1 1 1 1 5 8 3 5 1 2 2 2 2 2 6 6 3 7 5 5 9 4 1 0 October 1,040 647 99 230 112 118 63 November.- 1,002 418 126 296 125 171 161 HELD BY F. R. BANKS December. - 974 305 251 262 131 131 156 (OWN ACCOUNT) I 1932— A M M F J e a p a a n b r y r i u r c l a u h r a y ry... 8 9 9 9 7 7 6 1 8 1 9 1 9 7 1 1 3 1 7 1 6 4 9 6 6 3 3 3 2 1 1 1 9 3 8 4 2 2 5 3 4 3 3 3 6 5 4 7 3 1 5 3 7 2 0 1 2 1 1 1 5 2 8 7 5 9 5 8 5 5 2 1 2 1 2 7 2 6 6 8 4 2 8 8 6 1 1 1 1 9 9 6 1 8 5 0 3 5 9 1931— S N D O A e o e c u p t c v g o t e e u e b m m s m e t b r b b e e r e r r.. 4 6 4 3 7 4 2 1 0 0 7 0 8 5 1 6 1 6 4 0 8 0 1 3 5 5 9 6 5 9 5 3 6 5 1 8 9 8 2 8 8 9 4 9 2 1 1 1 4 3 7 6 4 2 1 1 1 8 3 0 8 7 5 8 4 5 0 J J A O S u u e c u n l p t y g e o t u b e s e m t r ber- 7 7 6 6 4 0 8 8 7 5 3 1 " 3 1 3 6 2 2 3 9 5 4 4 3 8 9 9 3 9 5 5 5 5 6 1 7 7 3 8 3 4 2 1 1 1 9 0 5 9 7 0 9 8 3 3 3 4 6 1 7 1 6 8 6 4 9 7 6 5 6 0 4 5 1932— A M F M J e p a a a b n y r r i r u c l u a h a ry ry 11 7 3 1 9 6 6 5 6 1 9 2 6 4 1 1 9 6 2 2 3 2 1 2 7 6 2 3 2 1 1 1 1 4 2 1 7 5 5 3 June , __ . 36 4 6 19 1 fi v Preliminary. July 12 1 1 5 1 4 August 3 00 (2) 1 1 1 Figures for acceptances outstanding (and held by accepting banks) September 2 (2) 1 1 1 from American Acceptance Council. Back figures—See Annual Reports for 1931 (Table 70), 1930 (Table 64), 1929 (Table 58), and 1928 (Table 61). Total holdings of Federal reserve banks include a small amount of unclassified acceptances, ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- a Less than $500,000. HOLDINGS OF FEDERAL RESERVE BANKS Back figures—See Annual Reports 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 1930 1931 1932 End of month 1929 1930 1931 1932 January.._ 1,019 1, 035 36,119 33, 444 February. 1,029 1,038 23, 958 33, 478 January.._ 407 404 327 108 March 1, 036 1,040 1,063 30, 778 February 411 457 315 103 April 1, 036 1,054 1,074 30, 736 March 387 529 311 106 May _ 1,040 1,058 1,073 30, 837 April S51 553 307 108 June 1,043 1,064 10, 551 30, 762 May 04 541 305 111 July 2,061 1,065 34, 371 30,645 June 274 527 292 103 August 12, 346 1,071 145, 215 30,834 July L 265 528 289 100 September 16,955 1,075 48, 801 30,849 August 267 526 271 108 October... 17, 0o4 21, 583 33, 501 30, 659 September 265 513 248 118 November. 1,027 31, 587 33, 386 October.. 285 485 210 December. 1,030 35, 983 33,429 November 316 448 174 December 334 358 118 Back figures—See Annual Reports for 1928 (Table 12), 1927 (Table Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Table 12), 1926 (Table 24), etc. 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 BANK SUSPENSIONS AND BANKS REOPENED Banks suspended Banks reopened Deposits (in thousands of Number Deposits (in thousands of dollars) Number dollars) Year and month Members Members ba A n l k l s Na- m N b e e o m r n s - - All banks m N b e e o m r n s - - ba A n l k l s M 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 er m s - m N b e e o m r n s - tional State National State 1921. 501 51 19 431 196, 460 21, 285 21, 218 153, 957 60 50 17,493 3,132 14, 361 1922. 354 45 12 297 110,721 19,092 5,151 86, 478 65 41 35, 565 11,618 23, 947 1923. 648 90 34 524 188, 701 32, 904 18, 324 137, 473 37 23 11, 674 5, 068 6,606 1924. 776 122 37 617 213,338 60, 889 13, 580 138, 869 94 74 22, 462 7,190 15, 272 1925. 612 118 28 466 172, 900 58, 537 8,727 105, 636 62 48 16, 618 6,779 9,839 1926. 956 125 35 79C 272,488 47, 866 20, 946 203, 676 149 135 60, 610 8,179 52,431 1927- 662 91 33 538 193,891 46, 581 19, 755 127, 555 95 84 35, 729 8,311 27, 418 1928. 491 57 16 418 138, 642 31, <)19 10, 621 96, 402 39 34 15, 727 6,610 9,117 1929. 642 64 17 561 234, 532 37, 007 20,128 177, 397 58 53 25, 829 2,273 23,556 1930. 1,345 161 2K I, 158 864, 715 173,290 207,150 484, 275 147 140 61, 599 3,538 58, 061 1931- 2,298 409 108 1,781 1, 691,510 439,171 294, 357 957, 982 276 245 158,187 53, 944 104,243 1931—February... 77 15 5 57 34, 616 5,822 7,901 20, 893 49 43 17,157 3,333 13,824 March 86 18 1 67 34, 320 10, 899 108 23, 313 31 29 11, 788 3,381 8,407 April.. 64 17 3 44 41, 683 19, 498 2,264 19, 921 28 24 23, 613 15,893 7,720 May 91 24 2 65 43, 210 12, 320 5, 055 25, 835 7 3,890 401 3,489 June 167 26 10 131 190,480 31,368 39, 434 119, 678 24,522 23,816 706 July 93 16 2 75 40, 745 7, 045 1,805 3.1, 895 2,525 2,525 August 15« 29 12 117 180, 02R 31, 629 52, 660 95, 739 4 14, 396 14, 396 September.. 305 46 16 243 233, 505 79, 446 30, 272 12:-;, 787 6 4,258 4,258 October 100 25 397 471, 380 111,088 117, 259 243, 033 22 5,096 991 4,105 November.. 175 35 132 67, 939 28, 039 4,216 35, 684 21 13,041 3,684 9,357 December.. 358 63 277 277,051 87. 448 25, 768 163, 835 . 31 18,579 589 17,990 1932—January 342 74 255 219,071 10,873 144,512 19 10,952 3,293 7,659 February.-. 121 24 91 57,237 17, 098 8,427 31, 712 43 14, 730 3,026 11, 704 March '48 7 41 ' 15, 448 4,484 ' 10,964 38 19,590 9,714 9,876 April 74 6 63 31,613 2,634 11, 887 17, 092 22 11,041 1,793 9,248 May 82 14 62 34, 365 6,258 1, 237 26, 870 23 33, 214 4,219 28, 995 June 151 44 103 ' 132, 580 42, 474 7,589 ' 82, 517 21 11,501 2,891 8,610 July 132 20 108 r 48. 564 17, 546 1.769 ' 29, 249 24 69, 959 16,382 53, 577 August 85 17 66 ' 30, 291 r11, 853 798 '17,640 25 3 33, 498 5,018 28,480 September.. 12 51 ' 13, 515 2, 0X0 ' 1, 725 ' 8, 810 '16 4 ' 14,082 2,297 ' 11, 785 October v 77 » 21, 899 P 6, 603 P 15, 296 P24 "6 v 31, 028 20, 291 ' 10, 737 v 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 bank By reserve city banks By "country" banks By all member banks borrow- Call date ings at U.S. U.S. U.S. Federal m G e o n v t e s rn e - - E p li a g p i e b r le Total m G e o n v t e s rn e - - E p li a g p i e b r le Total m G e o n v t e s rn 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 1,761 2, 735 3,807 4,343 8,150 981 June 29. 2,577 2, 688 5,265 929 1,773 2,702 3,506 4,461 7,968 1,029 Oct.4._ 2,469 2,865 5, 334 912 1,733 2,645 3,381 4,598 7,979 899 Dec. 31. 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 1, 662 2,480 3, 438 4,204 7,642 206 June 30. 2,640 2,285 4,925 772 1, 620 2,392 3,412 3,905 7,317 274 Sept. 24. 2,682 2,271 4, 953 764 1,541 2,305 3,446 3,812 7,258 173 Dec. 31. 2,777 2,100 4,877 708 1,438 2,146 3,485 3, 538 7,023 248 1931—Mar. 25. 3, 584 2,045 5,629 776 1,373 2,149 4,360 3,418 7,778 165 June 30. 3,871 1,870 5,741 836 1,328 2,164 4,707 3,198 7,905 147 Sept. 29. 3,942 1,787 5,729 994 1,209 2,203 4,936 2,996 7,932 323 Dec. 31. 3,706 1,505 5,211 989 1, 068 2, 056 4,694 2,573 7,267 623 1932—June 30. 3,985 1,457 5,442 994 971 1,965 4,979 2,428 7,407 440 i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures.—See Annual Report for 1931 (Table 50). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 697 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 Federal reserve bank e R N ff a e o t c e v t . i o 1 n n Da li t s e h e e s d tab- Pre ra v t i e ous Prime Prime Call loans i T U re .S a . s- N Bo ew st o Y n ork J O u c n t e . 2 1 4 7 . . 1 1 9 9 3 3 2 1 Month or week m m p 4 c o a e o t n r p o m c t e i h r - 6 a , s l a a b c n e a c 9 c r n e s 0 e k p ' s - t , - d l T o a i 9 a m y n 0 s s e ' , New ne R w e- al c n e a u o r n r t t i y d e f s i- b T o u r n e r d a y s s - 3 Philadelphia... Oct. 22,1931 days 3 to 6 Cleveland Oct. 24.1931 months Richmond Jan. 25.1932 1931 Atlanta Nov. 14.1931 July 1.50 1.50 .41 3.32 Chicago 2Y, June 25.1932 August.- _. 1.50 1.50 .42 3.34 St. Louis Oct. 22,1931 September 1.50 1.50 «.45 3.42 Minneapolis.._ Sept. 12.1930 October _. 2.10 2.10 1.70 3.71 Kansas City... Oct. 23.1931 November 2.50 2.50 1.77 3.69 Dallas.. ZlA Jan. 28.1932 December 2.73 2.70 <2.41 3.92 San Francisco. Oct. 21,1931 1932 January 2.61 2.65 2.48 4.27 Back figures—See Annual Report for 1931 (Table 36). February 2.50 2.50 2.42 4.11 March 2.50 2.50 «2.25 3.92 BUYING RATES ON ACCEPTANCES April 2 -3 2.50 2.50 1.11 3.74 May 2 2.50 2.50 .31 3.77 [Buying rates at the Federal Reserve Bank of New York] June VA 2.50 2.50 '.34 3.78 July- 2.08 2.08 .22 3.65 Maturity e R N ff a e o t c v e t . i o n 1 n Da l t i e s h e e s d tab- Pre ra v t i e ous A S O e u c p t g o t u e b s m e t r ber y 2 - \ 2 2 1 . . . 0 0 3 0 0 5 2 2 1 . . . 0 0 3 0 0 5 '. . 0 1 3 4 8 3 3 . . . 5 5 5 7 4 4 Week ending— 1-15 days 1 June 24, 1932 Oct. 1 -m 2.00 2.00 3.53 16-30 days... 1 do Oct. 8 2.00 2.00 3.53 31-45 days.._ 1 do _ 2H Oct. 15 1.50 1.50 3.54 46-60 days... 1 do Oct. 22 , H-l 1.00 1.00 3.54 61-90 days... 1 do. Oct. 29 1.00 1.00 3.55 91-120 days.. 1H do 121-180 days. 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. * 3 issues—3H, 3$4, 4 per cent; yields calculated on basis of last redemp- NOTE.—Rates on prime bankers' acceptances. Higher rates may be tion dates—1947, 1956, and 1954. charged for other classes of bills. * Change of issues on which yield is computed. Back figures.—See Annual Reports for 1931 (Table 37) and 1928 (Table Back figures.—See Annual Report for 1931 (Tables 39 and 40), 1930 5). (Tables 36 and 37), 1929 (Tables 35 and 36), etc. RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates] New York City 8 other northern and eastern c;ities 27 southern and western cities Month 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 1928 1929 1930 1931 1932 January 4 56 5 74 5 64 4 24 4 71 4 73 5 87 5 88 4.61 5.07 5.53 5.94 6.12 5.50 5.61 February 4.44 5.73 5.35 4.31 4.71 4.76 5.86 5.66 4.63 5.13 5.53 5.96 6.05 5.43 5.61 March 4.59 5 81 5 22 4 20 4 72 4 81 5 91 5.47 4.62 5.14 5.54 6.04 5.98 5.40 5.64 April _ 4.72 5.85 4.91 4.17 4.69 4.91 6.00 5.22 4.57 5.10 5.54 6.07 5.86 5.36 5.63 May 4.97 5.88 4 74 4 11 4.55 5 04 6.09 5.13 4.55 5.14 5.56 6.10 5.75 5.26 5.64 June 5 09 5 93 4 59 4 13 4 61 5 36 6 02 5 06 4.49 5.13 5.67 6.16 5.69 5.34 5.62 July 5.38 5.88 4 48 4 05 4.42 5 57 6 08 4.81 4.48 5.05 5.77 6.17 5.63 5.30 5.63 August _ 5.56 6.05 4.41 3.97 4.45 5.59 6.11 4.79 4.47 5.12 5.80 6.22 5.58 5.28 5.68 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 4.35 5.80 6.25 4.75 4.62 4.96 5.87 6.29 5.54 5.38 5.56 November 5 56 5 86 4 17 4 67 5 8'i 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

698 FEDERAL RESERVE BULLETIN NOVEMBER, 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) Pre- Selected groups of industrial issues Month or date Bonds1 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 m A o u b to il - e B eq i u n u i g l i d p - - C st h o a r i e n C i h c e a m l - C a p o n e p d r - e t E r q i l u e c i c a p - l - c M e h r i a y n - - Oil Steel T ti e l x e ment brass ment Number of issues 66 20 421 351 33 37 13 12 16 11 8 4 10 15 10 28 1931—September 95.6 116.1 82 76 56 132 85 47 80 110 50 132 72 60 72 40 October 89.4 109.4 70 65 48 112 70 38 70 90 43 113 59 53 59 36 November 89.0 108.5 72 68 46 115 75 39 69 96 45 114 61 57 59 36 81.6 99.1 58 54 33 96 65 31 57 79 35 94 46 44 41 31 1932—January _ . 81.0 96.5 58 54 37 94 64 31 57 80 36 85 48 43 32 31 February 80.3 96.3 56 53 34 93 60 30 56 79 32 77 47 42 32 31 March «, 80.8 96 2 57 54 32 93 55 29 58 85 30 77 47 45 32 31 April 79.4 94.2 44 42 22 73 34 22 49 61 22 57 37 38 23 26 May 75.2 90 3 40 38 17 68 30 20 42 52 20 52 33 39 20 23 June 72.2 83.6 34 34 14 55 26 18 35 48 17 40 29 37 16 20 July 74.2 85.3 36 36 16 55 26 19 36 50 20 43 30 42 18 22 August. 83.2 98.6 53 52 29 ' 84 45 30 49 75 38 73 44 55 33 33 September 85.8 101.8 58 56 35 91 54 34 53 83 47 78 48 54 42 39 October 84.1 99.8 50 48 28 81 43 28 48 74 34 63 42 47 33 33 Oct. 5 85.3 101.8 52 49 29 83 46 30 49 76 37 66 45 47 35 34 Oct. 12 83.8 99.5 48 46 25 78 40 26 47 71 33 61 41 46 31 32 Oct. 19 . . 84.2 100 1 51 49 29 83 45 29 50 76 36 65 43 49 34 33 Oct. 26 _ 82.9 97.9 48 46 27 78 40 26 47 71 32 60 40 47 30 31 i 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-termL; i. e., ]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 U - S n m a p t i n a a c u d t l 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 e F i o g r n - m e a ( f i d e o g n o s r n d - t - ) ic Month Total B n a o o n n t d e d s s C ic b a e a i n r l t d t l e s i s f- 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 Mav 16,245 13,323 2,922 -123 -244 121 1924 5,557 4,588 1,380 2,200 829 969 759 June 16,520 14,152 2,368 275 829 —554 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 July ... 16,522 14,178 2,344 2 26 -24 1926 . 6,314 5,189 1,344 2,667 1,087 1,125 1,046 August 16,585 14,179 2,406 63 1 62 1927 7,556 6,219 1,475 3,183 1,474 1,337 2,220 September 17,048 14,980 2,068 463 801 -338 1928 8,040 6,789 1,379 2,385 2,961 1,251 1,858 October 17,028 14,981 2,047 -20 1 -21 1 1 1 9 9 9 2 3 3 9 0 1 ___ 1 3 6 0 , , , 0 9 0 9 0 9 9 9 1 6 9 2 , , , 0 8 4 0 6 2 4 0 0 1 1 L , , 4 4 3 1 2 4 8 35 2 2 1, , , 2 9 0 4 8 7 0 0 8 5 1 , ,5 9 3 0 2 1 3 4 1 2 6 9 2 0 7 9 5 1 1,4 9 7 2 4 1 2 9 1 N De o c v e e m m b b e e r r 1 1 7 7 , , 5 0 2 4 8 0 1 1 5 4 , , 0 9 9 5 2 5 2 2, , 4 0 3 8 6 5 48 1 8 2 - 1 2 3 6 7 35 3 1 8 1931—September.. 245 221 114 94 12 24 43 Total (12 months).... 1,754 638 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 2 1 3 2 1 1 1 2 0 3 5 4 4 4 2 2 6 8 3 2 9 4 2 0 2 2 1 1 J F a e n b u r a u r a y ry 1 1 7 7 , , 5 8 1 2 5 0 1 1 5 5 , , 1 1 0 0 2 2 2 2, , 7 4 1 1 8 3 - 3 1 0 3 5 10 - 3 2 0 3 5 1932— J J A A M F M u u J e u p a l n a a b y n g r e r y i u u r c l u a . s h . r t a . y ry... 1 1 1 6 0 7 9 7 7 8 6 3 6 8 1 3 1 4 2 1 1 1 6 0 9 7 8 7 7 6 0 4 1 8 4 3 1 2 1 1 3 2 3 3 8 7 3 0 4 5 5 0 4 4 8 9 6 3 2 4 4 1 2 4 5 5 7 2 7 5 0 2 4 0 0 4 1 1 2 0 0 0 0 3 0 0 1 3 5 0 2 6 1 2 7 2 7 8 1 4 4 9 2 J J M A M A S O u u e p u c a n l a p t y r g y r e o t i c u e l b h s m e t r ber 2 2 1 1 1 1 1 1 0 8 9 8 0 9 9 8 , , , , , , , , 2 1 1 7 2 4 7 2 9 6 9 2 8 5 8 9 6 1 0 9 7 8 5 7 1 1 1 1 1 1 1 1 7 5 5 6 7 5 5 5 , , , , , , , , 7 2 1 3 1 7 7 4 1 8 0 1 0 9 4 5 5 8 2 8 3 6 4 4 3 3 3 3 3 2 3 3 , , , , , , , , 4 1 0 6 5 0 4 3 1 8 0 8 5 4 8 0 1 4 8 9 3 6 8 4 4 3 4 5 4 1 1 4 3 7 3 6 9 3 8 2 2 1 7 6 0 8 9 8 3 2 7 5 9 1 3 2 1 0 7 5 1 4 9 0 8 - - - 2 2 3 2 3 1 9 4 1 2 7 9 0 3 6 9 9 7 6 7 0 0 September.. 75 73 63 6 0 2 76 NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $327,000,000 at the end of October, *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 $366,000,000 at the end of October, 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 sublet 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

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 699 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 -17- ployment 3 pay loadings * * __ _ J month Total * Manufactures1 Minerals l Totsl Residential All other rolls 3 ity prices * Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 _ 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 08 1922 85 86 74 79 68 88 90 81 87 07 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 96 96 97 08 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 05 1928 111 112 106 135 126 142 97 102 103 07 1929 119 119 115 117 87 142 101 108 106 05 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1928 September 116 113 116 114 115 107 138 134 118 118 154 147 100 98 104 119 105 00 October. _ 118 115 117 116 123 111 134 136 115 115 150 152 100 98 107 119 106 07 November 115 117 115 118 118 114 122 132 112 114 130 146 99 99 104 109 107 06 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 07 168 141 102 102 111 109 107 05 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 108 05 July 120 124 120 125 118 116 136 124 94 93 170 149 102 103 106 111 107 07 August... 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 06 September 123 121 123 121 127 118 112 110 ! 73 73 144 140 105 102 112 121 106 06 October. _ 121 118 119 119 127 116 104 107 , 67 67 135 139 103 101 111 118 104 05 November 108 110 107 110 114 110 94 103 i 66 67 116 132 99 99 103 102 102 04 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 03 1930 January.. 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 03 February- 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 01 March 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 00 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 00 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 06 80 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 02 84 August... 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 84 October. _ 90 88 87 86 105 95 75 78 51 62 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 38 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 69 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 '65 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 60 58 59 66 65 32 30 11 12 48 45 59 59 40 53 51 65 September ,67 ,66 ,66 ,65 73 70 30 30 12 12 45 44 62 60 42 61 54 65 J» Preliminary. ' Revised. • Average per working day. » For indexes of groups and separate industries see p. 724; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. i 3-month moving average, centered at second month: for description and back figures see BULLETIN for July, 1931, p. 358. 1 For indexes of groups and separate industries see p. 725; for description and back figures see B ULLETIN for November, 1929, and November, 1930. « For indexes of groups see p. 700; for back figures see BULLETIN for February, 1931, p. 108. 4 Revised index otBureau of Labor Statistics (784 price series), 1926=100. Index numbers fGr groups of commodities are given on p. 726. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN NOVEMBER, 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 Vpril 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 91 32 11 79 -2 18 September 422 437 312 180 320 351 226 170 102 86 86 10 October 550 529 327 205 355 391 247 169 195 137 80 36 November.. 545 442 289 194 327 338 204 149 218 104 85 44 December 476 427 275 184 339 310 209 154 136 117 66 30 Year 5,128 5,241 3, 843 2,424 4,091 4,399 3,061 2,091 1,037 842 782 334 v Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average=100] [Index numbers; 1923-1925 average=100] Index of sales » Index o m f s o to n c th k ) s (end of 1932 May June July Aug. Sept. Month fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- Adjusted for seasonal variation variation justment variation justment Total 54 52 51 51 54 Coal 48 45 49 51 59 1931 1932 1931 1932 1931 1932 1931 1932 Coke 26 27 24 25 32 Grain and grain prod ucts 76 66 70 68 68 January 97 78 79 64 88 75 78 67 Livestock 54 53 54 57 54 February 98 78 80 64 86 73 81 69 Forest products 24 22 21 20 24 March 97 72 92 70 84 70 87 72 Ore 4 6 9 10 10 April -. 106 80 101 76 83 70 87 72 Miscellaneous 54 54 49 48 52 May 97 73 97 73 83 68 85 70 Merchandise 1 71 71 69 68 June 95 71 90 67 82 68 80 66 July 91 67 65 47 81 64 75 60 August 88 66 67 50 79 61 76 59 Without seasonal adjustment September 84 70 87 73 81 61 84 63 N O D o c e t c v o e e b m m e b r b e e r r __ 8 8 8 1 6 3 1 9 9 4 3 5 2 8 7 7 0 9 8 8 8 7 8 9 3 Tota C C l o oa k L e 5 4 2 3 2 6 3 5 2 9 2 4 4 2 5 3 1 1 5 4 2 3 9 3 6 6 3 1 4 1 Year 91 • 82 Gr u a c i t n s and grain prod 62 58 84 83 82 Livestock 51 45 45 51 64 i Based throughout on figures of daily average sales—with allowance Forest products 26 24 21 21 25 for changes from month to month in number of Saturdays and for 6 Ore 7 10 17 18 16 national holidays: New Year's Day, Memorial Day, Independence Day, Miscellaneous 56 56 52 53 62 Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- Merchandise i 74 71 68 68 72 sonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. i In less-than-carload lots. v Preliminary. Ra B il a w se a d y o A n s s d o a c i i l a y t io a n v . erage loadings. Source of basic data: American 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

NOVEMBER, 1932 FEDEEAL RESERVE BULLETIN 701 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total United End of month (4 t 9 r i c e o s u ) n- States Canada ccoouunnttrriieess)) Austria Belgium Bulgaria Denmark England France Germany 1931—June 11,272 4,593 5,351 199 793 2,212 339 July 11, 220 4,587 5,353 214 643 2,290 325 August 11,296 4,632 5,415 221 649 2,296 325 September--. 11, 275 4,364 5,689 346 666 2,326 310 October 11,139 3,905 6,066 357 660 2,534 273 November,. _ 11, 249 4,031 6,113 356 587 2,659 239 December 11, 289 4,051 6,189 354 588 2,699 234 1932—January 11, 340 4,009 6,300 352 588 226 February 11,418 3,947 6,444 351 588 2,942 221 March.._. 11,500 3,986 6,484 349 588 3,012 209 April 11,515 3,956 6,531 351 588 3,052 205 May _ 11, 416 3,717 6,665 353 608 3,115 206 June 11,348 3,466 6,841 357 663 3,218 198 July 11,420 r 3, 522 6,871 365 670 3,221 183 August v 11, 563 3,639 6,897 364 676 3,224 183 September... v 11, 696 3,748 P 6,923 359 678 3,241 190 October. _ ^3,818 678 P 3,250 Europe—Continued End of month Greece Hungary Italy Ne l t a h n e d r s - Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- R. Y sl u a g v o i - a 6 c o o t u h n e - r tries 1931--June 282 200 468 162 262 ]S 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 32S 26 1932—January 296 351 434 472 329 26 February 296 353 434 482 329 26 March 296 354 434 471 330 26 April 296 364 434 471 331 27 May.. 297 384 435 493 335 30 June 298 394 435 503 349 31 July 300 408 435 509 357 30 August 302 415 435 510 368 28 September.. 305 416 435 509 28 October Latin America Asia and Oceania Africa Total Total End of month c tr o ( i 1 u e 0 n s) - Ar t g in e a n- Chile lo C m o- - Peru g U u r a u y - 5 c t o o r t u i h e n s e - r c tr o i ( e u 7 s n ) - A t l r u i a a s - - India Japan Java N Ze e a w - Siam T k u ey r- Alge- Egypt A So fr u ic th a 1931—June 451 350 730 151 425 31 July 418 322 714 158 412 33 August 402 309 698 162 406 31 September- 372 281 706 162 408 32 October 369 270 652 162 342 30 November.. 364 265 593 162 271 37 December.. 355 253 548 162 234 39 1932—January 350 252 532 162 215 40 February... 347 249 534 162 215 37 March 348 249 535 162 214 31 April 344 249 534 162 214 34 May 346 249 534 162 214 35 June 348 249 536 162 214 28 38 July 348 249 524 162 214 28 34 August 249 523 162 214 28 35 September.. ^249 162 214 ^28 32 Preliminary. r Revised. Figures for 34 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 R6publique de Turquie and for the Government of Siam have been added to the table. The figures for Turkey 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 ID 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

702 FEDERAL RESERVE BULLETIN NOVEMBER, 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 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_._ p 38, 111 P 30,186 19,593 976 466 391 5,093 * 862 380 1,164 671 590 May p 39,077 v 31,153 19,970 977 481 409 5,551 »862 448 1,234 653 567 June * 38, 986 v 31,061 19,871 1,011 471 9 426 5,592 P862 405 1,172 647 603 July v 39,122 v 31,198 20, 268 981 546 P 439 5,124 P862 455 1,244 692 585 August _ * 39, 707 * 31.783 20,475 1,019 510 p 439 5,428 *>862 P 524 v 1, 244 696 P585 » Preliminary. NOTE.—The figure for total world production in 1930 is that published in the annual report of the Director of the Mint for 1931. The difference between this figure and the total production reported monthly in 1930 is $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 over half represents United States production, is increased by 4.8 per cent—the ratio of increase of United States production in 1931—and added to the production actually reported each month. The 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 t t al China All p i o m rt - s E la n n g d - France m G a e n r y - g B i e u l m - N l e a t n h d e s r- Sw la i n tz d er- C a a d n a - Mexico A t r i g n e a n- 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—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 II, 666 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 4,164 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 -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 4,866 5,172 3,133 July '-3, 437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 ' 3,064 A Se u p g t u e s m t ber 2 6 7 , , 1 8 0 9 3 7 6 5, , 8 0 6 9 8 3 -17,95 5 0 0 320 1,021 5,543 2 -8 19 3 5 , ,2 9 5 0 7 4 2 2 , , 2 84 7 3 3- - 4 5 5 2 2,8 4 5 6 5 7 4 4 , , 2 7 0 8 5 3 4 2 , , 1 0 2 3 2 9 October p.. 18,454 1,251 70 1,992 896 6,010 3,563 3,352 1,315 p Preliminary. »• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 703 GOLD MOVEMENTS—Continued lln thousands of dollars] Great Britain Net imports from— Month n T p e o o t r t i a t m s l - 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 it n z 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 t e t s s - Au l s ia tra- R W A h S o e f o s r d u i t e c t a A s h i , f a - , c o t o A r th i u e l e n l s r - 1931—March 6,452 -7, 793 -1,047 -6,317 18 -194 112 -249 879 365 21,382 -704 April 24,084 -344 -92 65 -126 340 305 967 3,407 23,090 -3, 528 May 19,122 -296 -420 146 -133 2,753 -258 1,003 398 16,185 -256 June 54,300 -232 37, 514 -19 -82 -3, 338 389 -25 1,205 511 21,024 -2, 647 July -130,808 -1,506 -110,144 1,765 -10,751 -50,133 -1,658 6,028 3,132 1,703 10,096 21, 042 -382 August -24,150 11 -13,333 7 -9,145 -24, 373 -13,218 602 984 1,504 15,549 17,861 -599 September... -9,302 -843 -819 -82 -43 -21,353 -10.189 811 682 765 16 20,554 1,197 October * 13,040 970 -6,800 -119 -7 -8, 59J -2,458 1,003 7,462 400 419 21,017 -256 November J>. -44, 977 -4,144 -61,412 -2 -66 -12,370 -10,003 692 23, 930 214 1,107 15,426 1,649 December p_. -15,602 -7,086 -24, 939 -515 -155 -4, 290 -18,564 19, 527 417 64 19, 499 442 Total p -148,868 -12,598 -316,906 33, 754-36, 960 -121,253 -61, 026 29,038 56,217 11,0 32,687 234,942 2,137 1932—January -7,320 -4,129 -64,955 -76 -134 -3,584 -247 105 45,986 746 1, 555 17,062 352 February -6,182 2, 256 -52, 712 -58 -756 -7,537 -3, 723 2,226 30, 661 781 371 20,884 1,426 March -2, 691 -119 -40,858 3 -53 -3, 480 -7,382 1,002 24, 340 602 1,750 20,616 887 April 26,148 1,207 -17,795 71 -53 -1,955 -16 17,393 899 1,083 24,893 420 May 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... 5,204 -6,887 -27,521 5 -85 -2,571 -214 187 13,009 584 1,505 25,866 1,326 October p 9,048 -269 -18,801 -21 -22 -2, 443 -71 183 705 823 17, 337 1,622 France Germany Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta it t e e d s E la n n g d - m G a e n r- y N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A r th i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U S. . S R . . I c o t A o r th i u l e e n l s r - 1931—March 10,558 9,643 -18 -1 10, 598 12 1,247 895 177 79 7,718 469 April 2,736 2,218 -13 538 11,383 1 563 41 309 4' 10, 327 95 May -12,090 -12,749 -20 -3 425 6,371 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 5,154 1-16,839 July 149,150 29, 520 89, 786 -19 -9 29,872 -6, 243 -10,963 -1,949 54 151 18 5,218 1,227 August 72,95: 78,366 -29 -5,996 611 934 112 216 548 -23 80 September. 418 209 902 -10 -1.818 1,13' -16,947 547 3 -5, 558 -11,859 -80 October 273, 734 243, 956 21, 73S 6,060-3, 553 -153 5,685 -31, 473 681 120 -5, 951 -10,965 -20. 620 5,183 78 November. 122,372 40,447 91 22, 741 -42,572 1,789 -41,968 18 49 18 -16,455 -25, 594 -4 December.. 13,881 3,164 26,132 1 -232 -22, 386 7,203 875 7 542 56 150 103 17 Total 728,176 328,130 312,561 100, 050 18, 775—83,20: 49,86' -247,950 -36,160 -35, 221-102,019 -55,142 -63,866 58,932 -14,475 1932—January.... 74,007 65,062 10, 735 -46 6, 755 -9,899 1,401 328 16 278 4 -9 February.. 184,171 82, 5S0 -4 9,601 -1,592 2,639 -5,26: 71 49 -5,647 247 -53 March 147,604 71, 279 49,028 13,889 12, 561 17 830 -13,647 -16,224 170 -2, 776 5,152 33 April 60,340 38, 080 23,888 -15 2,019 428 -4,061 -8, 319 -14 -5,398 -8, 328 42 5, 198 180 May 17, 73, 17,174 14, 232 2,5S2 2,006 -1, -17,141 3,133 293 8 17 -7, 539 67 101..352 -66 J J u u n ly e 1 3 6 1 8 , ,0 9 0 5 0 4 1 1 5 6 2 , , 0 7 7 4 2 6 1 7 2, , 5 4 4 7 1 2 5,7 — 37 5 4; 4 6 8 0 3 1 - - 8 1 , , 0 2 0 3 1 4 6 3 , , 2 2 8 5 1 9 -1 -7 3 , , 1 7 3 1 9 8 66 - - 5 4, ,8 7 0 5 0 ' - - 7 5, ,6 4 9 7 1 4 7 7 2 1 3,3 5 9 4 9 9 -4, 2 ,8 06 0 5 9 August 42,940 24,149 16,241 5.382 -17 -369 -2,44" 4,189 11 1,129 52 4, 624 -1.627 September. 9,638 -625 4,424 3,918 1,448 249 222 8,551 6 3,3' 43 5,409 -283 1 $17,555,000 exported by Germany to Belgium. » $29,233,000 imported by France from Spain. » $21,292,000 exported by France to Belgium. » Preliminary figures. Great Britain—Net import figures for September, 1931, are now final. The figures for October, November, and December, 1931, will be revised ejthe final figures become available. Germany.—Since figures for individual countries are subject to semiannual revision, those given for July, August, and September, 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

704 FEDEKAL RESERVE BULLETIN NOVEMBER, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Switzerland Net imports from— Net imports from— Month Total Total net All net All imports U S n ta i t t e e s d England France m G a e n r y - c o o th u e n r - imports U S n ta i t t e e s d England France m G a e n r y - A So fr u ic th a c o o th u e n r tries tries 1931—March -156 -14 31 -142 -29 -111 143 -42 -58 -153 April -433 -65 25 -392 -2 -10 100 -32 -39 -38 May.__ -519 —145 23 -382 -13 -18 123 -6 -11 -123 June 24,384 -21 23 24,176 207 17,475 3,269 8,220 6,110 -146 July 9,397 9,820 37 -229 -232 3, 597 23 1,072 2,300 -36 332 -69 August 60,076 60, 722 39 -556 -128 18,096 186 66 50 11,044 » 6,751 September. . 19, 020 15,387 -86 -113 > 3,831 25,505 1,722 23 1 16,577 »7,181 October 30, 598 16,413 14, 781 -17, 572 17, 455 -479 94,339 32,919 5,346 3,398 8,270 44,196 209 November. _ 36, 551 21,551 7,982 -1,113 4,717 '3,413 43, 572 3,224 9,805 4, 519 25,604 408 11 December... 19, 567 1,449 8,849 -2, 325 11, 672 -78 19.687 254 18, 364 886 -75 203 55 Total 198,619 39,413 117, 591 -21, 024 56, 059 6,580 222, 751 36, 422 41, 301 19, 317 39,684 72,760 13, 267 1932—January __. 7,130 7,747 3,100 -3, 521 -304 109 5, 653 2,067 1,300 1,972 10 304 February. . 2,608 8,810 5,446 -9,900 320 -2,069 17, 658 1,411 5,725 5,423 5,731 -630 March., -1,886 6,342 3.870 -11, 028 34 -1,105 4,698 82 5,733 -2,069 886 65 April 7,737 2,799 867 -771 8,445 4-3, 602 2,538 6.5 116 -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 i-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 September. . -13,797 -6, 367 1,198 -1,708 -3,496 5 3, 423 -604 -361 154 -540 -34 1 177 British India* Month T i o m t p al o n rt 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 m a t l r N a p a n e l o i d w r a ts 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 i r r i n n e e n r o n a s c r I e s G r m d n e e r o v e d a e ( - v e s n — ia e s - t )c i i n h I r n n e o o a c p r l I s d r r n d e e i i d n v e a (— - s g a i e a t s e 8 ) 1931—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 I -4, 658 July „- —803 -1, 539 404 79 253 502 7,362 -7,663 August -_- -270 -10 -979 224 202 70 223 517 3,760 -3,513 September.._ 175 -2,196 -291 993 460 738 471 564 21 718 October —26,058 -8,273 -10,179 23 279 479 675 -353 -25, 030 November _ _ -24, 217 -3, 307 -17,610 372 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 1,825 -10,914 6,835 33, 532 -122, 385 ===== — ====== 1fl32— F J e a b nu ru ar a y ry,_ - - 2 1 4 7 , , 0 6 2 7 9 2 -2 - , 3 8 6 6 3 3 - - 1 2 7 1 , , 3 41 5 9 3 2 2 2 8 5 5 5 3 2 6 7 18 J A M M u p n a a r r y e i c l h - - - - 1 1 1 8 1 8 3 , , , , 9 8 6 2 3 1 7 2 5 2 0 7 - - - 2 1 9 0 6 0 9 7 - - - - 1 1 1 9 1 8 3 , , , , 0 2 7 1 2 0 8 5 9 7 8 5 97 -4 1 7 5 8 8 1 9 8 9 5 5 5 6 6 9 4 0 9 2 7 5 - - - - 8 2 7 1 6 July -16,437 -375 -14,577 -l,497 587 August -11,674 -2, 780 -7, 976 -929 September . P-14, 732 34 I i $6,733,000 imported by Switzerland from Australia. » $4,020,000 imported by Netherlands from Dutch East Indies. a $7,293,000 imported by Switzerland from Norway. * $3,824,000 imported by Netherlands from British India. »Exported from Netherlands: To Poland—Apri) $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'. To Czechoslovakia—August, $2,199,000; September, $5,847,000. Imported by Netherlands: From British India—August, $3,212,000; September, $1,994,000. From Belgium—September, $1,843,000. «Imports by Switzerland from Netherlands: April, $2,308,000; 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. « 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. « $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. «Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 705 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Sept. Aug. July Sept. Sept. Aug. July Sept. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold - _ P257 257 257 290 Gold reserve against Dominion notes.. 68 66 65 Notes issued *._ _ *>578 584 '584 524 Advances to banks under finance act- 23 29 38 19 Irish Currency Commission (thousands of Dominion notes— pounds sterling): Issued 153 154 166 150 Legal tender note fund- Outside chartered bank holdings._ 29 28 29 British legal tender and bank Indian Government (millions of rupees): balances 74 124 195 493 Gold standard reserve- British securities- 6,594 6,580 6,674 6,333 Gold 330 332 335 401 Notes issued _ 6,767 6,703 6,870 6,826 Foreign exchange 203 201 198 132 Consolidated bank notes J— Paper currency reserve- Issued 4,541 4,532 4, 518 4,269 Gold 113 111 109 42 Deemed such under sec. 60 (4) of Silver coin and bullion 1,153 1,150 1,144 1,325 currency act. 1927 1,423 1,442 1,461 1,707 Other assets. 491 494 490 120 Notes issued.. 1,758 1,756 1.742 1,487 1 Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Sept. 17, Aug. 20, and July 23, 1932, and Sept. 19, 1931. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. v Preliminary. «Corrected. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc=$0.1930] 1932 1931 1932 1931 Resources Liabilities Sept. 30 Aug. 31 Sept. 30 Sept. 30 Aug. 31 Sept. 30 Cash on hand and on current account with Short-term deposits: banks 2,625 2,870 1,754 Central banks for own account- Demand funds at interest _. 7,805 17,636 24,525 Demand 71,639 89,470 61,163 Rediscountable bills and acceptances (at Timecost1): Not exceeding 3 months 16, 562 17,406 59,371 Commercial bills and bankers' accept- Between 3 and 6 months 68, 609 74,109 69,374 Treasury bills 24,633 29,109 31,147 Total 88, 201 106,876 120,534 Total 93, 242 103,217 100, 521 Central banks for account of others— 2,537 4,891 23,833 Time funds at interest* Time- Not exceeding 3 months... 47, 401 47, 784 76, 588 Not exceeding 3 months . _ - 17,420 Sundry bills and investments: Total 2,537 4,891 41, 253 Maturing within 3 months— Treasury bills 5,787 8,574 Other depositors- Sundrv investments 9,185 9,193 Demand 35 1,249 383 Between 3 and 6 months— • 31,705 Time—Not exceeding 3 months 1,208 295 Treasury bills 2,763 } 11,438 Long-term deposits: Sundry investments .__ - .__ 11,432 Annuity trust account 29,677 29,677 29, 677 Over 6 months . 371 372 1 8, 596 German Government deposit 14,839 14,839 14,839 French Government guaranty fund... 13, 249 13,249 13,249 Total 29, 538 29, 576 40,301 O ther^esources 1,304 1,458 2,118 Total 57, 765 57, 765 57, 765 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 6,232 5,824 3,893 Total resources 181,914 202, 542 245,808 Total liabilities 181,914 202,542 245,808 i Composed of $6,529,000 of investments between 6 months and 1 year and $2,067,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN NOVEMBER, 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—Aug. 26 133.3 1.3 58.0 78.2 350.3 53.6 26.3 48.7 18.2 Sept. 30_ 134.8 1.3 52.6 14.8 94.9 357.2 62.6 30.1 52.6 19.3 Oct. 28__ 135.7 1.3 54.6 10.5 84.6 356.0 63.5 17.3 52.6 17.7 Nov. 25 120.7 1.0 41.3 12.7 87.8 354.4 59.8 27.0 38.1 17.8 Dec. 30- 120.7 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Jan. 27__ 120.8 49.9 12.9 82.5 345.9 74.3 15.3 38.2 18.1 Feb. 24 120.8 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27._ 120.8 .7 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 May25.__ __. 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 Oct. 26 139.4 1.0 56.0 11.6 85.4 358.4 77.3 25.4 33.6 17.7 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 r t 2 i i a - - Other ci N t r i c o o u n t l e a- G m ov e e n D r t n e - posi O ts ther l O ia t t i b e h i s e li r - Millions of francs: 1931—Aug. 28.. 58, 563 27,611 5,820 2,729 5,065 78,635 9,470 17,649 2,227 Sept. 25 _ 59,346 25,194 5,880 2,754 5,065 78,173 7,357 18,542 2,266 Oct. 30. _ 64, 648 27,600 8,809 2,712 5,065 8,428 83, 639 8,227 22,954 2,441 Nov. 27.. 67,844 24,273 7,766 2,731 5,065 8,647 82,543 7,170 24,171 2,442 Dec. 30. _ 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 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... 82,168 5,482 3,905 2,747 6, 621 8,994 82,118 3,740 22,033 2,025 Aug. 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 2,604 2,783 6,621 9,686 82,459 3,010 21,876 2.009 Oct. 28 v. 82, 909 4,991 3,636 2,763 6,621 (3) 82, 205 4,552 21, 230 Resources Liabilities Reserves Reiclisbank Gold Foreign Tre b a il s l u s ry b c i O l h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty Securities Other ci N t r i c o o u t n l e a- Deposits l O ia ti t b e h i s e li r exchange Millions of reichsmarks: 1931—Aug. 31 1,366 356 3,101 208 103 972 4,834 509 1,251 Sept. 30 1,301 139 124 3,545 301 103 1,016 4,609 613 1,306 Oct. 31 1,145 131 4,010 240 103 963 4,746 518 1,326 Nov. 30 1,005 170 3,901 254 103 980 4,641 506 1,323 Dec. 31 984 172 4,144 245 161 1,065 4,776 755 1,338 1932—Jan. 30 948 145 3,632 158 161 1,098 4,407 394 1,373 Feb. 29 928 149 3,324 303 162 1,100 4,268 423 1,318 Mar. 31 879 142 3,258 290 362 1,044 4,231 578 1,226 Apr. 30 859 131 3,146 282 362 977 4,128 405 1,249 May 31 863 129 2,990 257 363 1,032 3,961 431 1,262 June 30 832 130 3,100 261 364 1,038 3,984 473 1,271 July 30 766 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 768 157 3,009 207 365 960 3,817 408 1,279 Sept. 30 796 133 2,991 242 362 940 3,755 451 1,298 Oct. 31 v 817 123 2,857 198 362 957 3,620 1,345 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1,1931, however, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been authorized by the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may be granted is two years. * Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement). »Not yet available. v Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 707 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Sept. Aug. July Sept. Sept. Aug. July Sept. National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold 5,520 5,546 5,554 3,080 Gold at home and abroad 13,261 13,903 13,416 8,108 Foreign exchange -- 29,176 28, 574 27,875 25, 216 Foreign exchange 3,323 3,664 3,268 6,590 Loans and discounts 3,402 3,699 3,766 4,429 Loans to member banks 5,305 4,432 6,257 19, 396 Other assets 5,001 4,717 4,563 7,943 Note circulation 18; 255 16, 774 17,997 18, 730 Note circulation 12, 002 12,148 11,501 12. 619 Deposits 18, 674 19,053 19,309 7,097 Demand deposits --. 19, 293 18, 842 18,684 14,119 National Bank of Czechoslovakia Other liabilities 11, 804 11, 546 11,573 13, 930 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold.... 1,659 1,640 1,640 1,520 (thousands of Australian pounds): Foreign balances and currency... 1,098 1,079 1,061 1,177 Issue department- Loans and advances 1,628 1,489 1,632 1,722 Gold coin and bullion 10, 499 10,499 10,499 10, 500 Assets of banking office in liqui- Securities 38,053 38,094 39,173 41,498 dation 0 0 0 Banking department- Note circulation 6,218 6,144 6,224 7,172 Coin, bullion, and cash 1,218 1,183 1,246 943 Deposits 579 499 309 London balances 13, 666 9,297 9,742 6,400 Danish National Bank (millions of Loans and discounts -. 14, 903 15,118 18,081 26, 804 kroner): Securities 29, 874 29,878 28,962 17, 261 Gold 133 133 133 164 Deposits . 62,147 57,219 59,634 51, 677 Foreign bills, etc.. 55 47 24 55 Bank notes in circulation 42, 705 42,349 43, 574 47, 344 Loans and discounts 118 134 138 115 Austrian National Bank (millions of Note circulation - 315 308 314 334 schillings): Deposits 71 36 Gold. 149 149 149 190 Bank of Danzig (thousands of Danzig Foreign exchange of the reserve 40 40 41 115 gulden): Other foreign exchange... _-- 0 0 0 87 Gold 21, 371 21,372 31,645 15, 706 Domestic bills 867 872 883 Foreign exchange of the reserve.. 18, 839 24, 957 16,338 15, 593 Government debt --- 92 92 92 Other foreign exchange 302 357 230 10, 474 Note circulation 902 915 949 1,111 Loans and discounts 8,851 7,190 6,999 11,446 Deposits 173 165 148 74 Note circulation -. 37, 963 38,690 38,857 42,133 National Bank of Belgium (millions Deposits 10,676 12,063 3,556 of belgas): Central Bank of Ecuador (thousands Gold 2,582 2,615 2,568 2,492 of sue res): Domestic and foreign bills 655 678 763 859 Gold at home and abroad 14, 611 14, 593 5,666 Loans to State 367 367 367 290 Foreign exchange.-_ - 3,519 3,103 15,044 Note circulation 3,631 3,652 3,698 3,457 Loans and discounts J. 20, 893 20, 200 15, 305 Deposits 128 158 210 260 Note circulation 22, 441 21, 230 20, 473 Central Bank of Bolivia (thousands Deposits — --• 9,320 9,822 12, 777 of bolivianos): National Bank of Egypt 2 (thousands Gold at home and abroad 23,264 23,401 2,864 of Egyptian pounds): Foreign exchange. 2,854 4,073 23, 233 Gold 6,663 6,663 4,224 1 oans and discounts.. 32,311 32,420 22,045 Foreign exchange 2,522 2,577 1,099 Note circulation 32,596 31,148 26, 298 British Government securities.. 10, 359 10,659 15, 368 Deposits 14,287 16,284 9,093 Loans and discounts _.-.. 8,046 8,361 8,331 Bank of Brazil (millions of milreis): Egyptian Government securities. 17, 900 19, 038 14, 729 Currency 357 221 Other assets 3, 617 3,599 3,846 Correspondents abroad 161 126 42 Note circulation. 17,174 17,391 19, 264 Loans and discounts 1,877 1,880 1,660 Deposits—Government 5,058 5,800 4,424 Note circulation 170 170 170 Other.... 18, 708 19, 548 15, 890 Deposits 2,157 2,108 1,481 Other liabilities.. 8,168 8,160 8,019 National Bank of Bulgaria (millions Bank of Estonia (thousands of of leva): krooni): Gold 1,517 1,517 1,516 1,509 Gold —- 11, 475 11,470 11,468 6,547 Net foreign exchange in reserve 8 12 4 77 Net foreign exchange 6,973 7,250 8,035 17, 253 Total foreign exchange 254 268 269 420 Loans and discounts 23, 296 22,421 22, 590 20, 614 Loans and discounts 784 690 700 861 Note circulation 32,060 31, 385 31, 685 34, 362 Government obligations 2,945 2,965 2,965 3,051 Deposits—Government 4,398 4,500 4,407 5,117 Note circulation 2.773 2,658 2,638 3,335 Bankers' 5, 644 5,753 6,361 5,434 Other sight liabilities 1,487 1,620 1,696 1,233 Other 2,318 2,387 2,432 1,996 Central Bank of Chile (millions of Bank of Finland (millions of pe G so o s l ) d : at home and abroad 93 96 ma G r o k l k d a ): - 304 304 304 301 N D F L G o o e o o r a p t v e e n B o E e i s g s r c x a i n n i a c t n r s m n h e c k d a x u e . n c l n . d a h g . t t i e a i s s n o c e c n g o c o e u u m n f r o i m t t s r i i e a s s c si c o o n unt of— 4 2 2 2 8 0 8 3 3 0 0 0 9 2 2 1 4 8 1 5 8 3 0 0 5 2 '1 4 2 1 6 3 5 4 6 6 8 7 2 1 1 4 7 9 0 0 4 9 2 Ban B k N D F D o a o e o c o l r m t r m a e f e e n i a e d g c G c s n i n i e t t d r r s i s e c c b e u l i i l b c l a a l a e i s b b l t l i i r s o l ( o i m n t a i d e il s lio a n n s d o f fo d r r e a i c g h n - 1, 4 2 9 3 0 4 2 9 4 9 6 5 9 1 0 1, 2 8 5 3 0 3 2 1 0 7 0 8 0 8 5 1, 4 2 8 2 0 3 3 0 2 8 8 8 4 0 8 1, 4 7 2 1 3 6 0 0 8 1 2 7 5 1 Central Bank of China 2 (thousands mas): of L S S D D O G Y e i o t u u o l c u h a v e e l u e a n e d r r n f r f s . i r r t o o a a i d m s m e n o s s d l e l d b t a d s o a r i n m s s ) c k : e o s s u t a i n b c t r s b o a ad nks — 4 8 2 1 3 8 2 9 4 5 1 , , , , , , , 5 3 3 0 9 3 9 8 1 5 1 1 4 6 6 5 2 3 2 0 4 4 2 7 1 6 5 5 9 4 7 , , , . . , 1 6 6 1 6 9 2 0 0 9 3 6 0 0 1 5 2 2 4 8 8 4 6 5 1 1 1 8 6 8 4 1 8 5 , , , , , , , 4 2 0 6 9 5 7 8 8 5 5 5 2 4 1 5 9 5 2 7 2 N L F G O G L o i o o o t o a h r a l t v b e d e e n e i i r s g l r c i n n s i t a r i i m n g c e e s u d h x e l t n c i a d h n t l t i i a i s a o f o n c o b b n g o r i l e e u l i i i g n t g i a t n e s t s io e n x s change... 3 4 2 1 , , , , 6 9 9 3 6 4 1 1 3 6 2 8 9 5 7 2 6 7 1 3 4 3 4 2 1 , , , , 5 8 3 3 1 5 1 8 2 2 9 1 2 7 8 2 3 1 5 3 3 3 4 1 1 , , , , 1 3 3 2 7 2 9 0 0 6 6 1 3 2 4 2 3 4 , , , 4 4 6 6 5 1 4 3 9 5 3 6 0 2 5 1 4 8 8 3 2 Note circulation 31,036 30.133 43, 576 Central bank of Guatemala (thou- Deposits—Government 86,169 76,842 112, 690 sands of quetzales): Bank. 20, 506 23,104 29, 865 Gold coin 1,778 1,666 1,628 2,619 Other 5,146 5,373 5, 485 Balances abroad 414 513 689 435 Other liabilities... 42, 625 43,858 32,085 Loans and discounts 6,144 6,117 6,132 5,810 i"Gold and English sterling." 2 Items for issue and banking departments consolidated. <; Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Sept. Aug. July Sept. Aug. July Sept. Central bank of Guatemala—Contd. Bank of Portugal—Continued. Other assets _ 1,515 1,444 1,374 1,295 Discounts and advances 339 346 314 367 Note circulation 5,478 5,395 5,517 6,122 Government obligations 1,058 1,058 1,058 1,058 Demand deposits 1,337 1,325 1,218 1,377 Note circulation 1,920 1,929 1,886 1,938 Other deposits.. _ 122 83 60 145 Other sight liabilities 355 365 357 285 Other liabilities 2,914 2,937 3,028 2,514 National Bank of Rumania (millions National Bank of Hungary (millions of lei): of pengos): Gold 9,476 9,458 8,931 Gold _ - 97 97 105 Foreign exchange of the reserve.. 549 104 1,554 Foreign bills, etc__ 11 11 11 7 Other foreign exchange 16 24 14 Loans and discounts 459 448 454 385 Loans and discounts 11, 575 11, 998 12, 261 Advances to treasury 52 52 53 59 State debt 5,730 5,730 5,485 Other assets 20 19 20 44 Note circulation._ 21,194 20, 891 21, 861 Note circulation 372 376 403 383 Demand deposits 6,735 5,762 6,160 Deposits 81 74 63 119 South African Reserve Bank (thou- Miscellaneous liabilities 159 150 141 65 sands of South African pounds): Bank of Italy (millions of lire): Gold 6,512 7,093 7,041 6.541 Gold at home 5,789 5,750 5,700 5,445 Foreign bills 0 0 6,241 Credits and balances abroad 1,400 1,393 1,390 2,937 Domestic bills 1,862 2,362 2,694 133 Loans and discounts 6,028 5,909 5,638 4,838 Note circulation 7,933 7, {*74 6,852 Total note circulation 13, 814 13,382 13,492 14, 481 Deposits—Government 1,171 1,386 1,252 1,694 Public deposits 300 300 300 300 Bank 3,997 4,146 4, 137 4,809 Other deposits -__. 1,274 1,345 1, 405 1,614 Other 142 335 93 299 Bank of Japan (millions of yen): Bank of Spain (millions of pesetas): Gold 429 429 429 818 Gold 2,257 2,257 2,256 2,277 Advances and discounts.. 828 874 881 702 Silver _ .- 586 585 580 559 Government bonds 118 118 118 117 Balances abroad._. 289 287 282 255 Notes issued 979 1,007 1,057 989 Loans and discounts 2,803 2,812 2,919 3,073 Total deposits.. 469 460 410 621 Note circulation.. 4,818 4,777 4,782 5,025 Bank of Java (millions of florins): Deposits .- 918 991 943 1,054 Gold 104 104 105 126 Bank of Sweden (millions of kronor): Foreign bills 18 17 20 4 Gold 206 206 206 199 Loans and discounts 49 47 50 52 Foreign bills, etc.. 179 172 163 36 Note circulation. 216 216 219 238 Loans and discounts 209 217 241 574 Deposits 32 36 36 Note circulation 612 556 556 594 Bank of Latvia (millions of lats): Deposits 133 182 124 Gold 36 36 Swiss National Bank (millions of Foreign exchange reserve 12 12 francs): Bills 71 72 Gold.... _ _. 2,638 2,644 2,637 1,699 Loans _. 52 49 Foreign balances and bills 61 61 63 349 Note circulation. 36 36 44 Loans and discounts 56 56 59 124 Government deposits... .. 68 71 61 Note circulation.. 1,575 1,561 1,571 1,462 Other deposits 85 81 81 Demand deposits 1,187 1,202 1,185 716 Bank of Lithuania (millions of litu): Central Bank of the Republic of Gold.. 49 50 40 Turkey (thousands of Turkish Foreign currency 16 18 55 pounds): Loans and discounts 96 96 118 Gold 18,439 18,155 17, 703 Note circulation 98 98 118 Foreign exchange.- _ 387 201 1,060 Deposits 58 62 Government securities 155, 840156, 307|156, 388 Netherlands Bank (millions of Other securities 28,081 28, 081 28,081 florins): Other assets... 22, 488 20,918 18,700 Gold _. 1,035 1,032 1,016 702 Note circulation 1164, 529164, 996165, 480 Foreign bills 71 71 69 219 Sight deposits 7,668 7,428 Loans and discounts 119 125 138 221 Other liabilities 51, 623 50, 998 49, 024 Note circulation 974 996 983 1,035 Bank of the Republic of Uruguay Deposits 294 278 281 187 (thousands of pesos): Bank of Norway (millions of kroner): Gold.... 48,052 48,535 52, 665 Gold 142 142 142 145 Loans and discounts 107, 476105,738 104, 778 Foreign balances and bills 29 13 13 36 Other assets _ 38,464 37,763 35, 540 Domestic credits 261 273 279 218 Note circulation 83,311 84,502 74,359 Note circulation __. 311 314 317 302 Deposits—Demand 33, 667 31,227 39, 642 Foreign deposits _ 3 2 2 4 Time 37, 731 37,953 40,149 Total deposits 83 76 80 81 Judicial and adminis- Central Reserve Bank of Peru trative 2,746 2,839 3,543 (thousands of soles): Other liabilities... 36, 539 35,515 35,290 Gold 38, 943 38,497 44, 745 State Bank of U. S. S. R. (note-issu- P'oreign exchange 477 333 20,079 ing department; thousands of Bills 16, 588 17,426 15, 545 chervontsi): Note circulation 48, 767 50,879 57, 676 Gold.. _ 71, 452 69, 325 56, 931 Deposits 4,836 2,759 7,143 Other precious metals 1,750 1,760 2,238 Bank of Poland (millions of zlotys): Foreign exchange.. .- 3,120 5,259 Gold 477 568 Note circulation 1343,034j327, 321 252, 715 Foreign exchange of the reserve.. 35 47 40 116 National Bank of the Kingdom of Other foreign exchange 103 100 105 134 Yugoslavia (millions of dinars): Loans and discounts 741 777 737 Gold 1,763 1,763 1,763 1, 657 Note circulation 1,056 1,082 1,089 1,225 Foreign exchange 354 327 304 550 Other sight liabilities 152 147 155 198 Loans and discounts 2,482 2,416 2,397 1,819 Bank of Portugal (millions of Advances to State._. 2,410 2,409 2,408 2,294 escudos): Note circulation _. 4,833 4,836 4, 855 5,197 Gold _ 397 394 221 Other sight liabilities 795 716 629 342 Other reserves.-. 544 559 536 575 r Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDEEAL RESERVE BULLETIN 709 COMMERCIAL BANKS 1931 1932 Country Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jane July Aug. Sept. Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 l 1 1 1 1 Other cash 91 90 109 107 111 113 115 105 121 136 127 132 Loans and discounts 681 708 696 707 675 234 680 685 688 696 688 679 Deposits 663 661 652 641 639 642 649 644 664 712 702 696 Other banks in Buenos Aires- Gold 7 2 2 2 1 1 1 1 1 1 1 1 Other cash _ 190 186 194 203 200 199 206 206 212 218 218 228 Loans and discounts 852 847 830 817 821 1,251 798 794 783 775 769 761 Deposits .. 966 947 939 939 936 933 933 922 914 907 905 909 Canada (millions of Canadian dollars): Assets entirely in Canada- Cash in vault 1 157 159 201 175 176 167 158 150 154 166 161 154 Cash in central gold reserves 24 27 25 26 22 20 24 23 23 23 25 22 Security loans 167 159 157 135 131 130 131 122 114 110 112 114 Other current loans 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 90 91 113 83 66 99 88 73 65 74 76 96 Securities 678 696 719 694 674 664 671 666 663 669 674 703 Liabilities entirely in Canada- Notes in circulation 128 140 131 129 123 122 121 125 119 126 123 117 Individual demand deposits 594 581 617 567 507 496 500 495 498 489 462 475 Individual time deposits 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 171 173 170 181 177 170 171 170 176 188 188 190 190 Money at call and short notice.. 106 113 108 118 116 108 111 111 110 111 120 114 110 Advances and discounts 1,132 1,131 1,125 1,131 1,128 1,093 1,103 1,105 1,102 1,114 1,138 1,176 1,179 Investments 288 288 284 281 268 264 266 272 284 324 333 348 367 Deposits 1, 675 1,688 1,670 1,700 1,677 1,621 1,639 1,643 1,661 1, 727 1,765 1,813 1,826 France (millions of francs): Bills and national-defense bonds. 20,242 19,006 17,851 18,441 18,454 17,346 17,482 18,043 18,998 18, 994 20,136 18, 745 Loans and advances 10, 076 9,863 9,797 9,697 9,041 9,114 8,711 8,312 8,296 8,593 8,188 8,456 Demand deposits 36,137 36,972 37,019 37,023 36,196 36,435 35,983 35,929 35,826 36,351 36,031 36,148 Time deposits 1,429 1,370 1,332 1,222 1,179 1,218 1,201 1,239 1,284 1,250 1,263 1,286 Germany (millions of reichsmarks): Bills and treasury notes 1,509 1,406 1,431 1,503 1, 380 1,613 1,652 1,660 1,661 1,665 1,651 Due from other banks 465 373 345 320 367 267 290 257 263 242 256 Miscellaneous loans 6,884 6,837 6,748 5,935 6,034 6,235 6,160 5,898 5,813 5,736 5,745 Deposits 7,873 7,500 7,390 7,276 7,289 7,539 7,652 7,541 7,457 7,397 7,439 Acceptances 818 891 910 903 863 872 851 815 796 782 773 Japan (millions of yen): Cash on hand . 197 126 146 140 124 130 116 136 215 156 117 212 197 Loans 2,146 2,171 2,208 2,247 2,283 2,228 2,264 2,248 2,250 2,252 2,234 2,219 2,187 Deposits.. 2,102 2,066 2,059 2,051 2,008 1,954 1,938 1,946 1,949 1,963 1,973 2,027 2,019 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

710 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a E a n n n d k g- F B ra a o n n f c k e G R b e e a i r c m n h k a s n - B It a o a n f ly k N B l e a a t n h n d e k s r- t B S i N o w a n a n is a - k s l Country N R o a 1 t v e . In s i e n f c f e e — ct Country N R o a 1 t v e . I s n i n e c f e f — ect J In u n e e ff e 1 c 3 t June 1,1931. 2 5 7 5K 2 2 2 A A l u b s a t n ri i a a . 8 6 J A u u ly g . 2 1 4 , , 1 1 9 9 3 32 1 J J a a p v a a n 4.38 A M u a g r . . 1 11 8 , , 1 1 9 9 3 3 0 2 July 16. . 10 Belgium Jan. 14,1932 Latvia 6 2 Oct. 1,1930 July 23. _ 81 Bolivia. July 5,1932 Lithuania 6 Apr. 1,1930 July 30 „ Aug 1 15 Bulgaria 8 May 25.1932 Norway 4 Sept. 1,1932 Aug. 12_ . . 10 Chile. f* Aug. 22,1932 Peru 6 May 20,1932 Sept 2 8 Colombia Sept. 19,1932 Poland 6 Oct. 21,1932 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 2K Danzig- 4 July 12,1932 South Africa . 5 Oct. 7,1932 Dec 10 7 Denmark Oct. 12,1932 Spain July 8,1931 Feb. 18, 1932_ 5 Ecuador 7 May 13,1932 Mar. 9 6 Estonia Feb. 1,1932 Sweden Sept. 1,1932 Mar 10 4 U. S. S. R._. 8 Mar. 22,1927 Mar. 17 Finland Apr. 19,1932 Yugoslavia—. 7lA July 20,1931 Mar. 21 6 Greece io 2 Aug. 8,1932 Apr 9 5H Hungary Oct. 18,1932 Apr. 19— 2/^ India 4 July 7,1932 Apr. 21 - 3 Apr. 28 5 May 2 5 Changes since October 1: South Africa—Oct. 7, down from 6 to 5 per May 12 cent; Denmark—Oct. 12, down from 4 to 3H per cent; Hungary—Oct. 18, June 30 down from 5 to 4^ per cent; Poland— Oct. 21, down from 7XA to 6 per cent. Sept. 22 4 In effect Nov. 1,1932. 2 21/2 4 5 2y2 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlan d d am s ) (Amster- Month 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n ll a o d n w e k p a e o n r s c s i ' e ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -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—September. 4.74 4.57 4.04 7.99 9.18 9.15 1.30 1.21 October--. 5.68 5.46 4.36 4 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 A M p a r r i c l h 2 2 . . 1 5 9 9 2 2 . . 0 2 7 8 2 1 . . 4 9 0 1 3 -\y2 6 5 . . 1 1 0 2 7 6 . . 1 3 0 1 7 6. . 1 7 7 6 1 1 . . 2 0 2 2 1 . . 9 0 4 6 May 1.44 1.10 1.29 4.87 5.96 5.91 .60 1.03 June 1.05 .85 .99 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 September. .67 .55 .67 4.25 5.55 5.55 .25 1.00 Sweden Sw la it n z d er- (B Be ru 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 ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P l m r i p m m ap e e r e - r Da m y- o to n - e d y ay L m oa t o o n n s t 3 h u s p Disc b o il u l n s ted ov m e C o rn a n l i e l g y ht 1931— O N D S e o c e c t v p o e e te b m m m e b b r b e . e e r _ r r . . . . 1 1 1 1 . . . . 7 8 7 9 7 0 5 0 2 2 2 2 . . . . 4 4 4 4 4 4 4 4 1 1 1 1 . . . . 8 5 9 7 0 0 0 5 5 7 7 7 . . . . 4 5 5 5 7 0 0 0 6 6 6 -7 - - i i " y y y2 2 2 4 4 5 5 . . . . 4 8 9 9 8 4 3 3 - - - - 6 6 5 5 . . . . 5 4 5 6 7 8 7 6 5 2 5 6 . . . . 5 6 4 5 7 6 8 6 1932— F J e a b n r u u a a r r y y - . . . . 1 1 . . 6 5 8 2 3 2 . . 3 9 1 1 1 1 . . 7 7 5 5 7 6. . 9 5 2 0 5 6 M - - 7 7 ; 5 5 . . 8 8 4 4 - - 6 6 . . 5 5 7 7 6 6 . . 0 3 2 9 March 1.50 3.36 1.80 6.53 5 -7 6.20-6. 57 5.84 April 1.50 3.26 1.66 6.00 5 -7 6. 20-6. 57 5.48 May 1.50 3.21 1.50 5.52 6.20-6.57 4.56 June 1.50 3.16 1.22 5.50 4 -5 6. 02-6. 57 4.66 July 1.5C 3.17 .99 5.50 4 -5 6. 02-6. 39 4.20 August 1.50 3.12 1.02 5.50 4 -5 5. 84-6.21 4.02 September. 1.50 3.00 1.00 5.50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

711 NOVEMBER, 1932 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China (and Hong Kong) Month A t r i g n e a n- Austria Belgium Brazil Bulgaria Canada Chile ca M n l a ex r d i o - l- h S a h i a t n a g e - l Yuan d H K o o o ll n n a g g r Co b l i o a m- 1931—October... 51.9966 13. 9158 13. 9852 5. 6202 .7127 89.1025 12.0690 22.8205 31.8314 22. 7019 24. 6765 96. 5700 NoTember. 58.8403 13.9516 13. 9070 6.1704 .7138 88.9914 12. 0750 24. 5833 34 0732 24. 7246 26.0124 96. 5700 December. 58. 5196 13.9460 13.9039 6. 2010 .7148 82. 7064 12. 0669 23. 6010 32.8054 23. 7323 24.8704 96. 5692 1932—January... 58. 2724 13.9518 13.9140 6.1579 .7151 85.1301 12.0500 23. 5237 32. 6357 23. 6966 24.8396 95. 6656 February.. 58. 2204 13.9516 13.9384 6.1720 .7145 87. 2936 12.0500 24. 4696 33.1449 24. 3587 25.3353 95.2400 March 58. 2879 13. 9601 13. 9361 6. 2121 .7176 89. 4530 12. 0606 23. 9969 32. 8061 23. 9213 24. 6855 95. 2400 April 58. 2171 13.9544 13.9956 6. 5402 .7201 89. 8808 10. 6538 22. 3173 31. 2481 22. 3221 23.7187 95. 2400 May 58.3242 13.9645 14.0249 7.1294 .7202 88. 4430 6.0000 21.6412 30. 4700 21.7116 23. 4337 95. 2400 June 58. 5205 13.9600 13.9366 7. 5008 .7200 86. 7427 6.0202 21. 2319 30. 2007 21.3125 23.3431 95.2400 July 58. 5574 13.9813 13.8724 7. 5960 .7230 87.0658 6.0250 20. 5462 29.3650 20.6400 22.8893 95. 2400 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 October 58.5835 13.9550 13. 8940 7. 6214 .7200 91. 2332 6.0250 21.0250 30.0206 20.8883 22. 9487 95. 2400 Month Cuba s C lo z v ec a h k o ia - m D a e r n k - England l Fi a n n - d France m G a e n r- y Greece Hungary India Italy Japan 1931—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 October 99. 9109 2. 9606 17. 6412 339.6163 1. 4823 3.9264 23. 7692 .6014 17. 4452 25. 6800 5.1195 23.0628 Month Mexico N l e an th d e s r- Norway Poland Portugal Ru- 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—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 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 October 31.1060 40.2217 17.1752 11.1740 3. 0872 .5978 8.1871 39. 4372 17. 5334 19. 3041 47. 3466 1. 4094 I Monetary units and pars of exchange (in cents per unit of foreign currency): Par of Par of Par of Country Monetary unit ex- Country Monetary unit ex- Country Monetary unit exchange change change Argentina Gold peso. 96.48 Czechoslovakia. Koruna 2.96 Norway Krone _. 26.80 Austria Schilling... 14.07 Denmark Krone _. 26.80 Poland... Zloty. 11.22 Belgium Bl 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- 39.62 Chile. Peso. 12.17 Greece Drachma.. 1.30 ments.8 ments dollar, [Mexican dollar 21.61 Hungary Pengo 17.49 Sweden _. Krona 26.80 China (and Hong I Shanghai tael * 29.80 India Rupee 36.50 Switzerland Franc 19.30 Kong). lYi 21.14 Italy Lira 5.26 Uruguay Peso 103. 42 I Hong Kong dollar 1 21.45 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 October, 1932, computed by multiplying silver content of unit by New York average price of silver for October, 1932, which was $0.27507 per fine ounce. 2 Straits Settlements dollar is legally equivalent to seven-sixtieths of one English pound. Figure given for parity represents seven-sixtieths of average quotation of pound in New York for October, 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

712 FEDEKAL KESERVE BULLETIN NOVEMBER, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average** 100)l Month United England France Germany (a S p v r t e a ic r t e a e ) g s e (D 19 e 2 c 1 e = m 1 b 0 e 0 r ) , ( a 1 g 91 e 3 = 1 a 0 v 0 e ) r- ( p a r v i e c r e a ) g 3 e U S n ta i t t e e s d England France Germany Number of issues 60 87 35 169 421 278 300 329 1930—August 111.9 96.6 147.6 98.4 182.0 94.8 September. 100.0 112.0 96.4 148.8 101.1 182.4 93.9 October 99.9 113.1 95.4 127.6 95.4 169.5 87.9 November. 99.1 112.8 94.7 116.7 94.1 162.2 84.7 December.. 97.8 112.5 94.1 109.4 89.0 149.8 80.0 1931—January.... 99.6 112.8 95.7 112.3 89.6 156.7 75.0 February... 99.4 109.7 97.1 119.8 89.3 160.1 78.5 March 100.0 111.6 97.9 121.6 89.4 155.4 83.6 April 99.6 111.3 99.0 109.2 85.1 148.5 84.8 May 99.7 110.8 98.4 98.0 76.8 138.2 76.1 June 99.4 111.1 98.8 95.1 77.8 141.2 69.6 July 99.4 111.2 98.9 98.2 79.2 132.6 *70.5 August 98.5 107.2 99.5 95.5 73.8 130.5 8) September. 95.6 103.5 97.7 81.7 67.2 115.5 •52.3 October 89.4 104.2 94.8 69.7 75.6 106.9 November. 89.0 104.8 94.4 71.7 74.7 104.3 December.. 81.6 102.2 90.8 57.7 68.1 94.8 1932—January 81.0 104.7 91.5 58.0 69.7 107.3 February... 80.3 106.5 90.3 56.4 68.9 126.2 March 80.8 111.6 90.5 56.8 69.6 117.6 April 79.4 110.6 89.0 43.9 63.5 107.3 *45.6 May 75.2 111.4 85.9 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 35.9 63.5 r 100.4 45.8 August 83.2 116.1 88.6 53.3 69.5 103.4 47.9 September. 85.8 118.4 89.5 58.2 72.7 104.3 54.1 i 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. • Figures not available because of closing of the exchange. * Based on data for part of month, no quotations being available for remainder of month. r Revised. Back figures.—See BULLETIN for February, 1932, page 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month U oC n Jwt i if t tite e PsC d (1 C 9 a 2 n 6 a = d 10 a 0) ( E 1 n 91 g 3 l = a 1 n 0 d 0) (1 F 9 r 1 a 3 n = c 10 e 0) ( G 1 e 9 r 13 m = a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) J {\C\ a lJ p oCtb a . n t Ne l t an h d er s - (1926=100) 1900=100) (1913=100) 1930—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 71 102 500 112 324 153 97 August 72 71 100 488 110 322 152 94 September. 71 70 99 473 109 319 150 91 October... 70 70 104 457 107 322 147 89 November. 70 71 106 447 107 320 147 89 December. 69 70 106 442 104 319 151 85 1932—January... 67 69 106 439 100 317 160 84 February.. 66 69 105 446 100 314 161 83 March 66 69 105 444 100 315 159 82 April 66 68 102 439 98 311 154 80 May 64 68 101 438 97 305 150 79 June 64 67 98 425 96 297 146 78 July 65 67 98 430 96 296 148 76 August 65 67 100 r416 95 296 156 75 September. 65 67 102 413 95 300 167 76 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

713 NOVEMBER, 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 1 d 00 ) (1913= Franc 1 e 0 0 (1 ) 913= 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 ia u u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n I i i n n d a i d l s s h u r e a e s m w d - i- tr I i i n s a d h l u e fi d s n - products products 1930—August 85 88 84 126 113 550 568 117 Ill 118 149 September 85 90 83 124 111 562 551 114 108 116 148 October 83 89 82 121 109 562 543 109 108 114 147 November 79 86 81 121 107 570 535 112 108 113 145 December 75 82 80 116 105 570 516 110 105 110 143 1931—January 73 81 79 113 104 580 507 107 102 108 142 February _ . 70 78 78 112 103 575 505 106 100 106 140 March 71 78 77 111 103 581 503 107 W 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 Q7 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 ,3 113 100 489 429 99 95 99 133 November 59 71 74 115 102 482 416 99 94 99 132 December 56 69 7? 113 102 491 400 95 91 97 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122 March 50 62 71 116 99 510 388 97 89 90 121 April.. 49 61 71 115 96 506 381 95 88 89 120 May 47 59 70 114 94 511 374 93 87 88 119 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 r383 91 83 88 116 September _._ 49 62 70 107 99 445 386 89 85 89 115 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July, (July, (1913- States (July, (Jan.-June, (1913- (1913=100) 1914=100) 1914=100) 14 = 100) i (1913=100) 1914=100) 1914=100) 14=100) i Month Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January 133 109 138 131 132 114 134 116 January. 153 147 140 125 February 127 105 136 131 132 115 131 114 February 152 147 139 122 March _. _ . 126 105 134 129 131 115 130 114 March.. 150 146 120 108 138 122 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 __ 119 100 128 123 119 102 125 111 September 145 141 115 134 120 October 119 128 116 123 October 145 133 November 117 130 113 122 November.. ._ 146 132 December 114 132 113 120 December "I46~ 148 "I68~ 130 1 Average of October, 1913, January, April, and July, 1914=100. r Revised. 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 G6n6rale, and for cost of living, Commission d'Studes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 LAW DEPARTMENT Classification by a member bank of certificates of balances with Federal reserve banks shall be deposit payable to other banks within 30 days determined.77 It is the opinion of the Federal The question has been presented to the Fed- Reserve Board that an amount which will not eral Reserve Board whether a certificate of become due and payable until a future date is deposit payable by one bank to another and not an amount "due" within the meaning of due within 30 days should be classified as an this provision; and accordingly a certificate of amount "due to banks" or as a demand deposit deposit which will be due and payable to in preparing reports of condition and in com- another bank within 30 days, but has not yet puting the amount of reserve to be carried with become due, may not properly be classified as the Federal reserve bank. an amount due to banks. Inasmuch as such a Section 19 of the Federal reserve act, which certificate is payable within 30 days, it constiprescribes the reserve requirements of member tutes a demand deposit under the provisions of banks of the Federal reserve system, provides the law and should be so classified by a member that "the net difference of amounts due to and bank, both in preparing reports of condition from other banks shall be taken as the basis for and in computing the amount of its required ascertaining the deposits against which required reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 715 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS, BY MONTHS DISCOUNTS, BY WEEKS [In millions of dollars] [In thousands of dollars] Averages of daily figures Wednesday series (1932) Federal reserve bank Federal reserve bank 1932 1931 Oct. 5 Oct. 12 Oct. 19 Oct. 26 October Se b p e te r m- October N Bo ew st o Y n ork 6 1 8 4 , , 3 1 0 1 6 5 6 1 3 2 , , 9 4 1 7 0 9 6 1 0 2 , , 6 2 2 9 1 9 6 1 2 2 , , 6 9 3 8 3 3 Philadelphia.. 49, 393 48, 717 48, 835 48, 364 Cleveland 30,628 31, 723 30, 303 26, 830 Boston 13.2 16.2 17.0 Richmond 21, 572 19, 490 19,151 19, 304 New York 64.6 81.0 153.2 Atlanta 17, 805 19,105 19, 895 20, 349 Philadelphia.. 49.4 56.7 89.3 Chicago 22, 480 21, 686 18,121 18, 070 Cleveland 30.1 30.2 78.5 St. Louis 9,112 8,943 8,329 Kichmond 20.5 24.1 35.1 Minneapolis-. 10, 703 10, 960 12, 039 12, 275 Atlanta -. 19.8 26.5 37.7 Kansas City.. 17,180 16, 733 16, 279 16,500 Chicago 20.4 28.6 50.4 Dallas _.. 10, 670 10, 623 9,771 9,367 St. Louis 8.9 10.7 18.5 San Francisco. 61, 463 63, 395 57, 282 67, 318 Minneapolis- 11.6 12.5 6.1 Kansas City.. 16.7 18.8 24.4 Total... 333, 427 327, 667 313, 539 322, 322 Dallas 10.1 13.4 20.5 San Francisco 62.3 68.3 82.4 Back figures.—See Annual Report for 1931 (Table 83), 1930 (Table Total- 327.5 613.0 78), etc. Back figures.—See Annual Reports for 1931 (Table 80), 1928 (Table 72), and 1927 (Table 55). RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Total deposits Federa c l i r r c e u s l e a r t v i e o n n o 1 tes in Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 Septem- Septem- Septem- Octo- Sep- Octo- October ber October October ber October October ber October ber tember ber Boston. 219,348 213, 547 193, 713 130,735 131, 072 168,068 199, 369 200,987 151,150 66.4 64.3 60.7 New York 1,020, 278 934,878 1,029, 5471,151,518 1, 081, 5481,086, 201 587,629 593, 796 462, 424 58.7 55.8 66.5 Philadelphia.. 204, 593 204, 845 255, 743 121. 642 121,974 149, 688 241, 782 249,359 237,722 56.3 55.2 66.0 Cleveland 243, 764 * 254, 748 296, 647 148, 599 149, 595 184, 740 276,385 o 286, 267 289.356 57.4 58.4 62.6 Richmond 96,995 ' 96, 895 79, 335 58, 275 58,923 68,012 102, 617 ° 105; 150 93,325 60.3 59.1 49.2 Atlanta 85, 653 90, 299 45, 783 45, 411 59,907 102, 489 106, 511 117,472 57.8 55.2 50.9 Chicago _ 791,394 "757, 586, 793 367, 267 318,934 331,243 678,790 c 699, 733 484, 239 75.7 74.4 72.0 St. Louis 89, 435 c 88, 705 82, 219 57, 265 58,197 73,154 100, 807 c 101,082 81. 546 56.6 55.7 53.1 Minneapolis. _ 57, 406 ' 58, 243 62,392 39,377 40, 394 52,299 80, 573 " 80,907 61,325 47.9 48.0 54.9 Kansas City__ 87,139 «89, 563 78,466 67, 729 68,471 84,204 91, 595 c 94,188 74,365 54.7 55.1 49.5 Dallas 42,073 44, 413 53,474 45,821 45, 667 60, 582 37, 707 37, 848 50.4 53.2 48.9 San Francisco 207,104 206,764 211,090 147,286 146,597 178,060 232,607 238,796 229,131 54.5 53.7 51.8 Total 3_- 3,145,182 3, 034,378 3,019, 718 2,381,297 2, 266, 7832, 496,158 2,732,350 «2, 794, 624 2, 330,936 61.5 60.0 62. € 1 Includes "Federal reserve notes of other reserve banks," as follows: Latest month, $15,857,000; month ago, $16,386,000; year ago, $16,033,000. 2 For back figures see Annual Reports for 1931 (Table 8) and 1928 (Table 2). e Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, OCTOBER 31, 1932 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in ol n i e s - K C an i s ty as Dallas F S ra an ncisco- RESOURCES Gold with Federal reserve agents _ _ _ _ _ 2,192,084 187, 027 603,724 148,670 174,470 70,000 56, 500 638,970 64,760 35,935 56, 480 22, 285 133, 263 Gold redemption fund with U. S. Treasury- 43,102 3,081 5,017 5,299 5,705 2,130 3,519 4,457 1,735 2,320 2,385 1,213 6,241 Gold held exclusively against F. R. notes.. 2, 235,186 190,108 608,741 153,969 180,175 72,130 60, 019 643,427 66,495 38, 255 58,865 23, 498 139, 504 Gold settlement fund with Federal Reserve Board 346,123 10, 318 129, 269 10,914 24, 345 8,791 8,548 97, 311 8,883 9,065 8,344 6,453 23, 882 Gold and gold certificates held by banks 421, 634 17, 676 283, 272 8,071 19, 650 8,453 9,011 26, 354 5,825 3,728 11, 313 4,183 24,098 Total gold reserves 3,002,943 218,102 1, 021, 282 172,954 224,17C 89, 374 77, 578 767,092 81, 203 51,048 78, 522 34,134 187,484 Reserves other than gold 192,353 16,928 55,382 27, 807 15,143 8,089 5,043 28,189 8,289 4,286 6,146 7,088 9,963 Total reserves. _. 3,195,296 235,030 1,076, 664200,761 239,313 97, 463 82, 621 795,281 89, 492 55, 334 84, 668 41, 222 197, 447 Nonreserve cash 74,147 5,409 17, 230 4,190 3,680 3,123 5,399 14,444 3,230 2,083 3,132 2,889 9,338 Bills discounted: Secured by IT. S. Government obligations 114,909 4,782 34, 523 12,496 10, 548 3,282 2,410 5, 712 4,356 817 1,005 629 34,349 Other bills discounted. __ 213,481 8,262 30, 058 35, 843 18, 439 16, 461 18, 598 12, 570 4,355 11, 562 15, 675 8,336 33, 322 Total bills discounted. 328, 390 13, 044 64, 581 48,339 28,987 19, 743 21,008 18, 282 8,711 12, 379 16, 680 8,965 67, 671 Bills bought 33, 819 2, 353 10,147 3,232 3,116 2,202 2,806 4,149 1,009 634 895 864 2,412 U. S. Government securities: Bonds 420, 691 20, 347 188, 229 31,173 36, 492 9,650 9,555 40, 776 13, 941 17,198 11, 775 16, 287 25, 268 Treasury notes 362,924 20,737 137,486 29,302 38,435 10,161 10,038 46,843 14,154 10, 205 12,327 6,623 26,613 Certificates and bills 1, 067, 280 55, 643 412, 577 78, 794 103, 355 27, 321 26,993 174, 691 38, 061 27, 321 33,150 17,811 71, 563 Total U. S. Government securities. 1, 850,895 96,727 738, 292 139, 269 178, 282 47,132 46, 586 262,310 66,156 54, 724 57, 252 40, 721 123,444 Other securities 5 425 3,919 1,297 209 Total bills and securities 2, 218, 529 112,124 816,939 192,137 210,385 69,077 70, 400 284, 741 75,876 67,946 74,827 50, 550 193, 527 Due from foreign banks 2,873 212 1,161 287 269 107 99 374 17 11 77 75 184 Federal reserve notes of other banks 15, 799 331 5,511 590 710 1,362 643 2,497 688 809 1,297 279 1,082 Uncollected items 301, 038 39, 081 81, 401 23,737 26, 424 26, 581 7,580 35, 002 12, 503 7,605 15,757 10,906 14,461 Bank premises 58,137 3,336 14, 817 2,915 7,968 3,619 2,489 7,828 3,461 1,835 3,649 1,787 4,433 All other resources _. 38, 840 1,328 20,996 738 1,200 3,056 3,722 1,719 1,042 1,773 857 1,279 1,130 Total resources 5,904, 659 396,851 2,034, 719 425,355 489,949 204,388 172,953 1,141, 886 186, 309 137, 396 184, 264 108,987 421, 602 LIABILITIES Federal reserve notes in actual circulation 2, 709,415 198, 267 585,801 239,430 273, 757 101,350 100,088 672, 392 101,139 79,400 89, 719 37,973 230,099 Deposits: Member bank—reserve account 2, 382, 880 125, 202 1, 204,330 115, 276 138, 573 49, 828 43,328 371,170 52,399 37,617 63, 792 43, 528 137, 837 Government 31, 826 2,020 2,729 2,318 3,235 6,603 2,455 3,320 2, 258 1,471 2,049 983 2,385 Foreign bank . 10, 356 627 4,792 850 834 330 306 1,106 289 182 239 231 570 Other deposits 21, 071 34 9,453 222 1,999 2,404 627 402 914 259 59 58 4,640 Total deposits 2, 446,133 127, 883 1, 221, 304 118,666 144,641 59,165 46, 716 375,998 55,860 39, 529 66,139 44, 800 145,432 Deferred availability items- _ 295, 428 38, 679 78, 201 21,901 26,172 25, 817 8, 043 33, 879 13, 546 7,342 15, 416 11,831 14, 601 Capital paid in.. 152,096 10, 870 59,009 16,106 14, 208 5,169 4,685 16, 271 4,407 2,909 4,058 3,898 10,506 Surplus 259, 421 20, 039 75,077 26, 486 27, 640 11,483 10, 449 38, 411 10,025 6,356 8,124 7,624 17, 707 All other liabilities 42,163 1,113 15, 327 2,766 1, 404 2,972 4,935 1,332 1,860 808 2,861 3,257 Total liabilities 5,904, 659 396,851 2,034, 719 425, 355 489,949 204, 388 172, 953 1,141,886 186, 309 137, 396 184,264 108,987 421, 602 Reserve ratio (per cent) 62.0 72.1 59.6 56.1 57.2 60.7 56.3 75.9 57.0 46.5 54.3 49.8 52.6 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent ___ ... 2,918, 087 219,129 646,188 248, 596 282, 818 107, 843 116,919 699,602 108, 204 81, 761 101,097 43, 772 262,158 Held by F. R. bank 208, 672 20, 862 60, 387 9,166 9,061 6,493 16, 831 27, 210 7,065 2, 36] 11, 378 5,799 32, 059 In actual circulation 2, 709, 415 198, 267 585,801 239, 430 273, 757 101, 350 100,088 672, 392 101,139 79, 400 89, 719 37, 973 230, 099 Collateral held by agent as security for notes issued to bank: Gold 2,192, 084 187, 027 603, 724 148, 670 174, 470 70, 000 56, 500 638, 970 64, 760 35,935 56, 480 22, 285 133,263 Eligible paper 312, 467 12, 960 62, 248 48, 255 28, 949 20, 707 20, 896 18, 093 8, 521 10, 565 16,318 8,696 56, 259 U. S. Government securities . 454, 700 19, 900 53,000 85,000 18, 000 42, 000 47, 000 35 000 35, 900 30, 000 12, 90C 76,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 717 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of dailyfigures Reserves held Borrowings at Federal reserve banks Federal reserve district Total Excess 1932 1931 1932 1931 1932 1931 Sep b t e e r m- August Se b p e te r m- Se b p e te r m- August Se b p e te r m- Se b p e te r m- August Se b p e te r m- Boston 126. 9 131.1 142.7 13.3 18.2 5.0 16.2 19.2 8 1 New York 1, 050. 4 958. 5 1,015.8 201.3. 138.7 62.5 80.7 93.0 50.9 Philadelphia 117.7 116.9 139.8 2.9 2.6 2.7 56.7 65.1 31.7 Cleveland . ___ .__ . . .. 143.2 141.3 178.6 5.4 4.0 3.6 30.2 35.5 35.8 Richmond 49.8 50.1 59.2 2.1 2.5 .4 24.1 27.7 22.7 Atlanta . _ . _ 42.1 42.4 53.6 1.7 2.0 1.9 26.5 33.5 25.3 Chicago _ . 310.5 294.4 327.9 97.5 82.6 25.2 28.6 33.1 24.0 St. Louis 54.4 53 3 65.9 3.7 2.4 2.4 10.7 12 4 12 2 Minneapolis 38.4 38.9 47.6 2.8 2.9 2.5 12.3 13.6 4.1 Kansas City 66.0 66.9 79.6 6.1 6.7 6.1 18.7 21.0 13.3 Dallas 43 3 43 0 52 4 2 7 2 6 3.0 13.4 16 8 13 5 San Francisco 138.2 136. 4 169.7 5.9 4.7 5.1 68.2 79.2 38.1 Total 2,181.1 2, 073. 2 2, 332. 7 345.5 269.9 120.3 386.3 450.2 279.6 Back figures.—For reserves held 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) Net demand Time Net demand Time Federal reserve district 1932 1931 1932 1931 1932 1931 1932 1931 Septem- August Sep b t e e r m- Sep b t e e r m- August Sep b t e e r m- Sep b t e e r m- August Sep b t e e r m- Sep b t e e r m- August Se b p e t r em- Boston., _ _ _ 941 934 1,146 704 703 851 82 80 104 140 141 159 New York 6,184 5,954 6,887 1,838 1,903 2,400 214 216 279 473 476 580 Philadelphia 818 813 966 606 604 750 144 142 183 395 398 452 Cleveland 961 955 1,231 1,012 1,012 1,288 134 136 173 258 260 305 Richmond ... 320 321 393 299 296 355 75 73 103 159 161 197 Atlanta 291 290 382 285 288 319 51 52 71 64 64 80 Chicago 1,432 1,419 2,065 1,178 1,190 1,593 144 144 201 236 241 322 St. Louis -. _. . _ 351 351 447 297 305 354 87 88 110 96 97 120 Minneapolis _ _ __. 190 194 249 190 188 205 97 97 132 195 197 232 Kansas City . ... _ 393 397 485 215 213 242 173 171 219 115 117 139 Dallas 285 284 347 155 155 179 128 126 162 33 33 37 San Francisco 818 811 1,049 1,456 1, 455 1,682 94 93 139 105 108 133 Total 12, 985 12, 723 15, 648 8,294 8,312 10, 218 1,423 1,418 1,878 2,271 2,291 2,757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN NOVEMBER, 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 h d h e i l l i - a a - C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i o - Lo S u t. is n M o e i l a n i p - s - K C s a i a n t - s y Dallas F c S r i a a s n n c - o Y N o e r w k C c h a i g - o Loans and investments: Oct. 5 18,882 1,233 7,775 1,113 1,934 500 2,245 526 312 519 389 1,743 6,779 1,217 Oct. 12 18,981 1,244 7,899 1,115 1,931 584 500 2, 235 523 312 518 388 1,732 6,906 1,214 Oct. 19 19,121 1,249 7,982 1,123 1,932 591 505 2,261 523 309 516 392 1,738 6,989 1,235 Oct. 26 19,118 1,253 7,977 1,123 1,936 505 12,258 522 309 515 392 1,739 6,982 11, 232 Loans: Oct. 5 10, 637 764 4,034 614 1,118 317 323 1,494 299 184 255 239 996 3.425 756. Oct. 12 10, 634 764 4,057 614 1,116 316 322 1,485 296 184 254 240 3,450 751 Oct. 19 10, 632 760 4,080 611 1,112 315 324 1,478 295 183 253 240 3,475 745 Oct. 26 - 10,516 752 3,988 608 1,110 314 325 1,468 294 184 253 242 978 3,384 173? On securities— Oct. 5. - 4,481 281 1,927 304 506 119 105 678 113 54 78 72 244 1,669 437 Oct. 12 4,467 287 1,911 306 505 119 105 676 111 54 78 72 243 1,654 435 Oct. 19 4,447 286 1,907 304 503 119 107 665 111 53 78 71 243 1,653 425 Oct. 26 14,352 282 1,824 300 503 118 107 1659 111 53 72 245 1,569 1420 All other— Oct. 5 6,156 483 2,107 310 612 218 816 186 130 177 167 752 1,756 319 Oct. 12 .- 6,167 477 2,146 308 611 197 217 809 185 130 176 168 743 1,796 316 Oct. 19 6,185 474 2,173 307 609 1S6 217 813 184 130 175 169 738 1,822 320 Oct. 26 16,164 470 2,164 308 607 196 218 1809 183 131 175 170 733 1,815 1317 Investments: Oct. 5. 8,245 474 3,741 816 271 177 751 227 128 264 150 747 3,354 461 Oct. 12 —_ 8,347 480 3,842 501 815 268 178 750 227 128 264 148 746 3,456 463 Oct. 19 8,489 489 3,902 512 820 276 181 783 228 126 263 152 757 3,514 490 Oct. 26 18,602 501 3,989 515 826 275 180 1790 228 125 262 150 761 1495 U. S. Govt. securities— Oct. 5 5,003 287 2,502 224 484 153 94 433 108 66 145 93 414 2,350 264 Oct. 12 5,064 292 2,573 226 483 151 94 426 108 66 144 91 410 2,422 259 Oct. 19 5,195 300 2, 623 236 488 158 97 455 114 64 144 94 422 2,469 283 Oct. 26 5,298 313 2,703 237 494 157 96 461 114 63 143 92 425 2,548 289 All other— Oct. 5 3,242 187 1,239 275 332 118 83 318 119 62 119 57 333 1,004 197 Oct. 12 3,283 188 1,269 275 332 117 84 324 119 62 120 57 336 1,034 204 Oct. 19... 3,294 189 1,279 276 332 118 84 328 114 62 119 58 335 1,045 207 Oct. 26 13,304 188 1,286 278 332 118 84 1329 114 62 119 58 336 1,050 1206 Reserve with F. R. bank: X Oct. 5._ 1,828 90 993 73 112 36 30 281 36 20 45 27 85 946 223 Oct. 12 1,799 83 959 69 109 32 27 314 33 20 41 27 85 913 256 Oct. 19 _. 1,871 92 1,006 73 109 34 28 317 35 20 45 26 959 261 Oct. 26 1,975 93 1,102 71 109 34 29 326 35 19 43 26 1,055 270 Cash in vault: Oct. 5 197 16 49 10 13 7 34 5 13 7 14 38 17 Oct. 12 .- 207 15 50 12 25 13 8 36 7 5 14 7 15 39 17 Oct. 19 203 16 47 12 25 13 7 37 7 5 13 7 14 36 17 Oct. 26_ 203 16 48 11 25 13 37 6 5 13 7 14 37 16 Net demand deposits: Oct. 5... 11, 208 751 5,715 626 848 275 1, 236 272 154 342 219 556 5,277 852 Oct. 12 11,309 745 5,799 630 850 273 217 1,243 278 158 341 219 556 5,365 857 Oct. 19 11,382 762 5, 824 634 842 284 214 1,263 276 153 343 221 566 5,406 Oct. 26 11,470 765 5,900 633 285 215 1,270 279 154 337 221 565 5,476 Time deposits: Oct. 5 5,644 415 1,263 272 814 232 193 906 202 142 181 125 843 324 Oct. 12 5,660 414 1,288 272 810 231 194 903 203 143 181 128 807 323 Oct. 19_ -_ 5,692 422 1,315 273 810 231 193 900 203 143 181 127 887 319 Oct. 26 5,725 422 1, 341 273 813 232 194 203 143 182 ]27 897 913 317 Government deposits: Oct. 5. 593 28 49 44 22 33 45 3 8 26 38 267 31 Oct. 12 , 550 25 265 45 41 21 31 43 3 7 25 35 246 30 Oct. 19 598 26 2S6 50 44 22 33 47 9 3 26 44 265 34 Oct. 26 560 24 267 47 41 21 30 45 9 3 24 41 247 32 Due from banks: Oct. 5 1,539 162 139 146 90 78 307 87 47 149 92 144 83 215 Oct. 12 1,570 151 140 141 90 95 80 330 95 50 153 94 151 83 237 Oct. 19 1,589 170 133 143 103 91 75 308 98 51 157 93 167 81 216 Oct. 26_ 11, 555 160 127 133 91 75 1305 101 54 153 92 166 81 1213 Due to banks: Oct. 5. - 3,198 167 1,414 212 238 97 84 105 58 165 85 174 1,354 300 Oct. 12 3,189 165 1,430 210 232 97 83 392 104 54 163 83 176 1,371 297 Oct. 19. 3, 212 165 1,450 212 235 99 80 393 103 51 162 84 178 1,389 302 Oct. 26 3,164 166 1,418 205 230 96 79 104 51 159 87 180 1,360 299 Borrowings from F. R. banks: Oct. 5. 107 15 7 15 6 2 2 47 4 Oct. 12 107 14 7 17 5 1 2 48 4 Oct. 19 94 10 7 15 4 1 2 43 Oct. 26 103 11 7 12 4 1 2 53 i Includes 1 bank (in Chicago) which withdrew from membership after close of business October 26, the deposit liabilities of which had been assumed by a new reporting member bank on October 6. Exclusion of figures for this bank would reduce the figures shown by the following amounts; loans and investments, $88,000,000; loans, $70,000,000; loans on securities, $45,000,000; all other loans, $25,000,000; investments (and all other investments), $18,000,000; due from banks, $1,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 719 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper Loans secured by prime stock- exchange collateral Federal reserve bank or branch city 1932 1931 1932 October Septem- October October ber Boston- 3}ir&A 3}iH34 4} New York 3 3 -434 3 4 Buffalo.. 5 -6 5 -6 5 Philadelphia 4H-5 4 5 Cleveland 4 -fi 5 -6 4 -5 fi1 Cincinnati 5 -6 5 -6 -6 Pittsburgh 5>$-6 5 -6 5} Richmond 5 5 -534 4 -5 31 Baltimore 5 -6 5 -6 4}4-6 5 Charlotte 5 -6 5 -6 5}4-6 5} Atlanta 5 -534 414-5 fi Birmingham 43^1-7 6 6 Jacksonville 4> 5 -7 5 Nashville 6 6 New Orleans - 5*3-6 4}3-6 5} Chicago 4 -5 4 -5 3} Detroit 5}i-Q 5 5} St. Louis _ 4^3-5 33>4-5 fi Little Rock 6 6 -634 6 Louisville 6 2 6 6 Minneapolis 2 -5 334-4 4 Helena- 7 -8 7 2-8 6 -8 7 Kansas City 43> 4 -6 4H-5 Denver. _ 4> 4M-5 5 -534 Oklahoma City 2 6 2 6 Omaha- 5}3-6 2 5 Dallas 4 -fi 33^-6 El Paso. _ 7 -8 7 -8 7 -8 Houston 5H-6 5 -6 5}-3-6 San Antonio 5 -7 5 -7 6 -6H San Francisco 5 -534 Los Angeles 5) Portland . *~6 5 -6 fi Salt Lake City 6 -7 6 6 Seattle 6 6 fi14-6 Spokane- 6 6 -634 5 -6 nC SO nC SO Septem- ber 4-5 4}3~534 -5 4 -fi -6 -6 5 -6 ^-fi 53^-fi 4-fi 3-fi 3-6 5>u 3-5 51 -6 54--6fi 3-6 6>3-6 -6 fi -7 -8 6 -8 5 6 4-7 & -6 5 -6 -8 3-6 8 3-7 -7 7 -8 534-7 6 -7 5 -6 6 -fiil fi 5} fi 6 -7 opopcc Loans secured by warehouse receipts 1931 1932 Septem- October October ber 5-5H 5 -hy2 Ri^- 6 4U 3 - 6 Ay2 5 5 -6 5 -6 fi 6 fi -7 5 -7 5 -6 6 6 6 5 2-6 s>i-6 5 -5H 4 -R 4V4-5 5 -8 6 -8 6 -7 6 -8 6 6 f-7 5 -6H 5>*-6 4 -4^ 5 6 -fi 5 -6 fi -fi 6 -63^ 6> 2 6 6 434-6 2 7 -8 6 -8 6 5M-6 4^-6 6 ^6 8 8 6 -6H 6 -7 6 -6H 53^-6 7 -8 7 -8 8 5M-7 5 -6 6 -7 6 2-7 6 -8 5 -fi 5 -6 fii3-fi 6 5 -7 6 -7 fi 6 -6H fi -7 6 -7 6 7 6 -7 6 ~6}4 fi13-7 6 -7 m-7 ^COCO ^opopcc 1931 October 5 4 -4U 6" 5 -53^ 4^-fi fi 5 31 4^-5^ 6 2 6 2 2 -53^ 6 -7 6 -W2 g 5 -6 6 -8 53^-6 6 -63^ 6 -7 7 63^-7 ssoso 4> 41 CO COCO -61/ 6 6 -6 -8 6 2 3-6 3-5 6 6 -8 5 6 fi1 SOSO»CSO SO Interbank loans 1932 October 4 -4H 4 -fi 6 4 -5M fi fi -fi 5}3-6 5 5}3-6 6 R 0 5M-6 6 -8 6 fi -fi^l 7 fi13-7 6 cococc 1931 Septem- October ber 3 -3H 4 -5 4 -5 6 5 4 -5H 334-5 6 434-6 5 -6 4^-6 4 -5 53J-6 5 -5>3 6 5 -6 6 6 6 6 53^-6 5M-6 5 -6 5 -5H 53^-6 6 ^34 5 -53^ 5 -6 434-6 6 -7 6 -7 6 5 -6 6 5 -6 3-6 5 -6 fi 6 2-7 6 -8 5>3-6 5 -6 6 6 6 6 6 6 6 fi 5 -5H 5 -534 5 -fi 5 -6 5 -5M 5 -5>3 4/^-5^3 6 6 6 fi 5 5 -f>y2 6 6 534-6 fi 6 6 6 6 "~63^ 6 fi 6 6 6 6 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending loth of month. Rates from about 200 banJcs 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

720 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS, ETC. CURRENCY TO AND FROM EUROPE fin thousands of dollars] BY SELECTED BANKS IN NEW YORK CITY [Paper currency only. In thousands of dollars] Total W i d n a i t y 1 h s 5 - 1 d 6 a to y s 30 31 to 60 61 d a to y s 9091 m t o d o s a . 6 ys 6 O v m e o r s. 1931 1932 Bills discounted: Net Net .Oct. 5 333,42' 231, 724 29,498 26,144 6,371 701 Month Ship- Re- ship- Ship- Re- ship- Oct. 12 327, 667 ~2 3~0~;l,67228,590 36,152 25,026 6,340 887 ments ceipts ments ments ceipts ments Oct. 19_ 313, 539 223,281 25,165 36,222 21,253 6,657 961 to from (-)or to from (—) or Oct. 26 322, 322 232,592 24,777 35,984 20, 717 7,142 1,110 Europe Europe receipts Europe Europe receipts Bills bought in (+) open market: Oct. 5 33, 266 3,800 5,357 5,962 18, 063 84 Oct. 12. 33, 278 5,142 9,766 8,085 10, 285 J F a e n b u r a u r a y ry.. 4 1 7 3 0 0 4,051 +3 + ,5 8 8 3 1 0 2 0 5 3 5 , , 3 22 3 1 5 + + 5 3 , , 2 31 2 0 1 Cert O O ifi c c c t t a . . t 2 1 e 6 9 s and 3 3 3 3 , , 6 5 9 8 5 3 5 6 , , 8 1 5 0 7 5 4 5, ,1 •" 1 "" 8 11 7 , , 4 5 0 7 5 5 1 10 5 , , 5 9 7 5 4 5 March 1,380 -517 0 8,468 +8,468 bills: J J M A A u u p a u l n y y r g e il u .. s ,— t— - 1 8 3 2 0 , , , , 8 2 5 2 9 1 2 7 5 1 1 6 0 6 5 3 2 1 , , , 3 7 1 7 4 2 9 0 7 6 4 3 3 9 9 - - 9 8 + + - , , 8 4 0 4 5 6 6 3 9 5 2 7 2 7 4 1 2 1 5 0 0 0 2 2 1 1 6 6 4 6 0 , , , , , 6 4 5 2 9 9 5 6 6 3 4 8 3 5 8 + + + + + 1 1 8 6 4 0 6 , , , , , 6 3 5 9 2 7 0 6 3 5 4 6 3 8 3 Mun O O O O ic c c c c i t t t t p . . . . a 2 5 1 1 l 6 . 9 2 _ w . ar- 1 1 1 1 , , , , 0 0 0 0 3 6 3 7 3 6 9 8, , , , 8 2 5 0 3 5 5 5 4 7 0 0 1 8 5 3 ~ 0 9 9 5 0 ~ , , , , 4 0 2 " 5 5 0 " 4 0 "6 0 0 0 1 1 3 5 0 2 6 5 9 0 , , , , 6 0 1 8 0 0 0 5 0 0 0 0 1 1 1 8 7 2 6 9 1 0 9 , , , , 3 7 2 5 4 0 4 9 0 0 9 0 7 6 1 1 1 6 2 6 , 5 , 7 , 6 , 6 4 0 0 5 6 0 0 6 C 2 3 2 2 0 3 3 2 4 1 7 3 , , 3 , 5 1 . 5 0 5 5 7 0 7 7 5 4 4 6 2 4 3 6 3 4 1 , 1 3 , 0 , 6 0 8 0 , 8 7 8 1 8 8 88 September. 8,433 3,290 -5,143 36 6,603 +6, 567 rants: N D O o e c c v to e e m b m e b b r e e .. r r . . . 3 1 , ,5 0 2 8 5 3 8 2 1 3 7 1 , , , 7 0 5 3 4 8 9 9 8 + + + 6 8 2 , , , 9 5 2 8 0 2 7 0 6 7 5,294 +5,287 O O O c c c t t t . . . 5 1 1 9 2 5 5 5 , , , 4 4 9 2 3 1 2 7 1 4 4 5 , , , 7 4 0 9 8 4 0 1 2 4 7 2 5 5 8 22 5 2 0 1 15 7 4 2 Oct. 26 5,425 5,176 10 239 For description and back figures see BULLETIN for January, 1932, pp. 7-9. Ba<k figures.—See (for bills discounted and bills bought) Annual Report for 1931 (Table 16), 1930 (Table 15). 1929 (Table 14), etc. MEMBERSHIP IN PAR-COLLECTION SYSTEM UNITED STATES POSTAL SAVINGS [Number of banks at end of September] [Balance to credit of depositors. In millions of dollars] Nonmember banks Fede d r i a s l t r r i e c s t erve Member banks On par list Not on par list End of month 1927 1928 1929 1930 1931 1932 January... 141.5 148.9 153.5 165.1 278.4 665.6 1932 1931 1932 1931 1932 1931 February. 143.8 151.1 154.8 167.9 292.1 691.8 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 United States_ 6,904 7,594 8,337 9,883 3,108 3,383 J M un ay e 1 1 4 4 7 7 . . 4 4 1 1 5 5 2 2 . . 0 1 1 15 5 3 3 . . 6 8 1 17 7 5 1 . . 3 2 3 3 2 4 5 7 . . 0 4 7 7 4 8 2 4 . . 6 8 Boston 367 384 221 255 July 147.1 151.7 157.8 180.7 372.5 v 826.0 New York 824 875 334 373 August 147.9 152.2 160.1 186.5 422.7 v 844.9 Philadelphia 699 738 304 412 September. 148.2 152.3 160.3 189.8 469.9 v 854. 8 Cleveland 634 702 763 841 5 7 October... 148.7 153.1 161.6 192.5 538.1 Richmond 388 442 428 471 361 419 November. 149.0 153.9 163.7 200.7 565.5 Atlanta 333 364 135 158 726 832 December- 148.5 153.9 164.3 245.4 605.1 Chicago.. . 810 957 2,290 2,812 261 255 S M t. i n L n o e u a i p s olis 4 5 3 5 9 7 5 5 0 9 0 7 1,1 3 4 4 3 1 1,3 4 3 1 1 2 4 8 0 5 2 5 4 93 3 5 5 v Preliminary. Kansas City 796 844 1,482 1,737 226 220 Dallas 594 645 432 508 224 220 San Francisco 463 546 464 573 48 60 Figures cover all incorporated banks (other than mutual saving 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

721 NOVEMBER, 1932 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopenedPduring given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve district Members Members ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s Na- State m N b e e o m r n s - - ba A n l k l s M be e r m s 1 - m N b e e o m r n s - - ba A n l k l s M be e r m s J - m N b e e o m r n s - tional tional October, 1932: Boston New York 3 2 1 14,195 13,116 1,079 Philadelphia 1 1 339 339 Cleveland 3 1 2 717 425 292 3« 23 4,630 2 4, 630 Richmond 1 1 162 162 1 1 735 735 Atlanta 9 2 7 1,245 812 433 1 1 39 39 Chicago 29 3 26 8, 382 664 7,718 5 1 4 1,993 297 1,696 St Louis 9 2 7 1, 925 1,096 829 Minneapolis 28 6 22 5,937 1,278 4,659 Kansas City 12 2 10 1,346 379 967 2 2 297 297 Dallas 1 1 397 397 San Francisco 4 2 2 1,449 1,213 236 9 2 7 9,139 6,143 2,996 Total 97 20 77 21, 899 6,603 15, 296 24 6 18 31, 028 20, 291 10, 737 January-October, 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 9 3 6 22, 610 13, 623 8,987 Philadelphia 26 9 17 29.054 4,730 24, 324 7 7 7,446 7,446 Cleveland 52 19 1 32 19,519 8,408 512 10, 599 15 1 314 65,433 577 3 64,856 Richmond 66 12 54 53,242 14, 526 38, 716 39 9 30 28, 023 11, 798 16,225 Atlanta 62 16 4 42 17, 379 6,906 1,905 8, 568 21 1 3 20 7,785 680 3 7,105 Chicago 427 71 19 337 222, 025 66, 872 22,030 133,123 70 11 »59 74, 670 18,930 3 55, 740 St. Louis 130 19 5 106 34, 027 9,077 3,379 21, 571 32 5 27 8,218 1,133 7, 085 Minneapolis 108 20 88 24, 078 5,336 18, 742 13 1 12 5,159 1,132 4,027 Kansas City1 155 22 2 131 22 827 6,067 481 16, 279 20 20 3,708 3,708 Dallas 28 8 2 18 8,029 3, 871 150 4,008 9 3 6 5,558 4,231 1,327 San Francisco 120 30 9 81 76, 067 25, 212 4,793 46, 062 18 4 14 18, 714 7,103 11,611 Total 1,199 238 44 917 604, 583 175, 616 44,305 384,662 255 47 208 249, 595 68, 924 180, 671 1 Represents national banks only, except as follows: October, 1 State member in New York district with deposits of $12,170,000 and 1 in Chicago district with deposits of $297,000; January-October, 1 State member in New York district with deposits of $12,170,000, 3 in Chicago district with deposits of $1,629,000, 1 in St. Louis district with deposits of $339,000, and 2 in San Francisco district with deposits of $960,000. - At time of suspension, 1 bank in Cleveland district with deposits of $3,178,000 was a State member bank. 3 At time of suspension, 5 banks in Cleveland district with deposits of $38,660,000, 1 bank in Atlanta district with deposits of $531,CC0, and 9 banks in Chicago district with deposits of $3.0,151,000 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

722 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING OCTOBER, 1932 Banks closed to public on account of financiald ifficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Depo o s f i t d s o ( l i la n r s th ) ousands State Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s M be e r m s1 - m N b e e o m r n s - - ba A n l k l s M be e r m s 1 - m N b e e o m r n s - - New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York „ 1 1 12,170 12,170 New Jersey 2 1 1 2,025 946 1,079 Pennsylvania. 2 2 764 764 East North Central: Ohio 2 2 292 292 3 23 4,630 2 4,630 Indiana 2 2 1,099 1,099 Illinois 12 2 10 1,921 274 1,647 Michigan 2 2 669 669 2 1 1 468 297 171 Wisconsin 22 22 6,569 6,569 3 3 1,525 1,525 West North Central: Minnesota 10 2 8 2,954 325 2,629 Iowa 3 1 2 898 387 511 Missouri 2 2 493 493 North Dakota 4 4 243 243 South Dakota 5 3 2 774 543 231 Nebraska 4 4 522 522 1 1 247 247 Kansas __ 7 2 5 803 379 424 South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina 1 1 735 735 South Carolina 1 1 162 162 Georgia - - 4 1 3 165 77 88 Florida East South Central: Kentucky 2 2 143 143 Tennessee 2 2 119 119 1 1 39 39 Alabama _ 3 1 2 961 735 226 Mississippi _ West South Central: Arkansas Louisiana Oklahoma 1 1 21 21 1 1 50 50 Texas 1 1 397 397 Mountain: Montana 2 1 1 481 410 71 Idaho 8 1 7 8,254 5,258 2,996 Wyoming Colorado New Mexico -. Arizona - Utah Nevada Pacific: Washington Oregon 3 2 1 1,270 1,213 57 1 1 885 885 California 1 1 179 179 Total 97 20 77 21,899 6,603 15, 296 24 6 18 31, 028 20,291 10,737 * Represents national banks only, except as follows: 1 State member in New York with deposits of $12,170,000 and 1 in Michigan with deposits of $297,000. 2 At time of suspension, 1 of these banks, with deposits of $3,178,000, was a State member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 723 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO OCTOBER 31, 1932 Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have 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 dollars) State Members Members ba A n 1 k 1 s ti N on a- al State m N b e o e m r n s - - ba A n ll ks ti N on a a - l State m N b e e o m r n s - - ba A n l k l s M be e r m s ! - m N b e e o m r n s - - ba A n ll ks bers i m N b e o e m r n s - - New England: Maine New Hampshire 1 1 402 402 Vermont Massachusetts 5 1 1 3 29,678 1,334 10,258 18,086 1 1 1,869 1,869 Rhode Island Connecticut 6 1 5 42,885 2,697 40,188 Middle Atlantic: New York 10 8 2 15, 316 12, 016 3,300 5 2 3 18,453 12,677 5,776 New Jersey 7 4 1 2 12, 679 8,990 797 2,892 6 3 3 8,725 5,514 3,211 Pennsylvania- 39 18 1 20 34,371 8,292 512 25,567 5 4 1 5,152 2,086 3,066 East North Central: Ohio 24 2 22 7,839 1,678 6,161 12 1 2 11 61,220 577 2 60,643 Indiana 65 11 54 36, 840 11,281 25, 559 10 10 4,958 4,958 Illinois 182 44 9 129 110, 850 40,370 12, 931 57, 549 21 6 15 9,096 5,720 3,376 Michigan _ 74 4 9 61 26,714 2,404 3,989 20,321 30 5 2 25 28,038 11,093 2 16,945 W isconsin 47 2 45 14,792 1 046 13, 746 15 2 13 8,199 2,220 5,979 West North Central: Minnesota 51 6 45 10,083 1 187 8,896 4 4 1,205 1,205 Iowa 113 21 3 89 54, 662 17,295 5,561 31,806 7 1 26 31,327 1,409 2 29,918 Missouri 66 7 1 58 11,477 3,668 455 7,354 2 2 413 i* 413 North Dakota 13 2 11 1,001 141 860 4 4 597 6 597 South Dakota 17 5 12 4,615 899 3,716 Nebraska 38 3 2 33 4,944 408 481 4,055 13 13 2,650 2,650 Kansas 56 9 47 8, 279 3,304 4,975 1 1 247 247 South Atlantic: Delaware 1 1 792 792 1 792 792 Maryland 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 3 528 142 386 9 4 5 11, 607 6,689 4,918 North Carolina 30 5 25 14, 085 9,967 4,118 14 4 10 11,800 4,542 7,258 South Carolina 16 3 13 28,841 3,239 25, 602 8 8 2,215 2,215 Georgia 16 5 1 10 2,615 583 358 1,674 1 1 309 309 Florida 8 1 7 2 635 432 2 203 4 4 933 933 East South Central: Kentucky 38 10 1 27 10, 505 4,186 2,347 3,972 8 1 1,084 160 924 Tennessee 23 3 20 4,451 1,616 2,835 5 5 642 642 Alabama 13 5 2 6 5,345 3,140 1 016 1, 189 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 21 4 17 4,799 1,626 3,173 5 5 452 452 Texas__ . _ 27 8 2 17 7,821 3,871 150 3,800 9 3 6 5,558 4,231 1,327 Mountain: Montana 7 3 4 1,319 716 603 Idaho 22 6 1 15 12, 272 8,181 98 3,993 8 1 7 8,254 5,258 2,99& W'yoming 2 2 878 878 Colorado 17 5 12 2,037 686 1,351 New M^exico Arizona 6 1 5 5 126 354 4,772 Utah 14 2 12 9,816 863 8,953 4 2 2 1,913 960 953 Nevada 3 3 981 981 Pacific: Washington 24 4 2 18 23, 340 3,873 2,179 17,288 1 1 327 327 Oregon 25 7 4 14 6,828 2,520 1,653 2,655 3 1 2 6,726 885 5,841 California 27 12 15 17, 912 10,284 7,628 2 2 1,494 1,494 Total 1,199 238 44 917 604, 583 175, 616 44, 305 384,662 255 47 208 249, 595 68, 924 180,671 1 Represents national banks only, except as follows: 1 State member in New York with deposits of $12,170,000; 1 in Illinois with deposits of $628,000; 2 in Michigan with deposits of $1,001,000; 1 in Arkansas with deposits of $339,000; and 2 in Utah with deposits of $960,000. 2 At time of suspension 5 banks in Ohio with deposits of $38,660,000; 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. Bank 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), 1926 (Table 100) and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. 1923-1925 average= 100] Without seasonal adjustment Adjusted for seasonal variation Industry 1932 1931 1932 1931 Sept. Aug, Sept. Sept. Aug. Sept. Manufactures—Total _ 76 75 IRON AND STEEL., 27 23 44 28 45 Pig iron 20 17 40 21 41 Steel ingots 28 23 45 28 45 TEXTILES 104 86 101 104 100 Cotton consumption . 96 74 91 99 93 Wool 84 70 88 82 85 Consumption 82 102 94 97 Machinery activity 77 84 Carpet and rug-loom activity.. 33 25 54 Silk ! ... 154 138 145 148 134 140 Deliveries 178 165 161 170 158 153 Loom activity 105 85 114 2) I FOOD PRODUCTS. 93 78 92 95 83 93 Slaughtering and meat packing.... 88 74 83 100 87 93 Hogs 80 68 73 107 89 97 Cattle 93 76 83 77 80 Calves 92 84 95 91 102 Sheep 173 152 173 149 150 149 Wheat flour 95 82 102 80 77 86 Sugar meltings 106 87 111 99 78 104 PAPER AND PRINTING 105 104 Wood pulp and paper 95 94 Newsprint 76 59 62 77 Book paper 101 100 Wrapping paper 86 85 Fine paper _. 82 83 Box board 100 122 94 87 115 Wood pulp, mechanical- 70 87 Wood pulp, chemical 87 87 Paper boxes _. 151 127 175 137 126 159 Newsprint consumption 99 118 101 100 121 LUMBER 25 36 24 36 TRANSPORTATION EQUIPMENT: Automobiles. 26 43 24 23 40 Locomotiyes 4 5 5 4 Shipbuilding 82 22 LEATHER AND PRODUCTS J>107 108 P84 95 Tanning 96 91 Sole leather 84 Upper leather— Cattle 85 Calf and kip 72 Goat and kid 133 127 Boots and shoes 125 105 117 105 92 97 CEMENT AND GLASS: Cement 79 Glass, plate 58 57 NONFERROUS METALS *—Tin deliveries-. FUELS, MANUFACTURED: 133 135 159 133 135 159 Petroleum refining ._ 173 178 207 K G e a r s o o s li e n n e e 8 7 7 2 8 7 5 0 10 6 3 7 70 74 66 Cok L F e, u u b e b y l r i - o c p i a l r . t o i d n u g c o t il _ 7 5 1 1 6 4 6 7 9 7 2 5 52 i 77 RUBBER TIRES AND TUBES.. 61 68 77 64 80 Tires, pneumatic 63 70 79 66 72 83 Inner tubes _ 48 46 63 48 42 63 TOBACCO PRODUCTS 123 115 130 111 108 118 Cigars 73 67 82 64 64 72 Cigarettes.._ __ 159 150 166 145 139 151 Minerals—Total. 73 66 70 65 77 Bituminous coal 61 49 74 58 50 70 Anthracite coal 62 48 66 61 48 65 Petroleum, crude 108 106 106 104 104 103 Iron ore 15 17 99 8 8 52 Zinc 29 28 47 30 31 49 Lead 39 32 61 41 33 65 Silver ._ 35 40 40 37 41 42 p Preliminary. J Includes also lead and zinc; see "Minerals." * Without seasonal adjustment. NOTE.—For description see BULLETIN for February and March, 1927. For latest revisions see BULLETIN for March, 1932, pp. 194-196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

725 NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 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 Sept. Aug. Sept, Sept. Aug. Sept. Sept. Aug. Sept. Total. 61.5 58.6 U.I 60.3 58.8 72.8 42.1 40.1 61.8 IRON AND STEEL PRODUCTS 51.7 50.4 68.0 51.3 50.6 67.4 23.4 22.1 45.2 Steel works and rolling mills 54. 1 53.0 69.1 54.1 53.4 69.1 22.2 21.2 43.9 Hardware 49.2 47.3 62.7 48.6 48.7 62.0 24.3 22.3 42.0 Structural ironwork 49.0 51.1 79.4 47.4 49.4 76.9 28.0 29.4 63.5 Heating apparatus 47.4 41.7 62.3 45.2 41.3 59.6 29.0 23.8 45.9 Steam fittings 39.2 36.5 56.4 38.3 36.0 55.1 23.4 21.6 39.3 Stoves 54.8 46.4 67.7 51.6 46.2 63.7 34.4 25.9 52.2 Cast-iron pipe 32.0 35.0 60.7 31.6 34.1 59.9 18.1 18.1 43.2 MACHINERY 45.9 46.4 67.0 46.0 46.4 67.3 27.0 27.1 51.2 Foundry and machine-shop products.. 43.8 43.2 61.4 43.9 43.1 61.6 23.5 23.3 43.6 Machine tools 37.6 '37.9 69.4 38.0 '38.3 70.2 22.2 22.3 49.9 Agricultural implements 27.6 28.5 40.7 29.8 30.1 43.9 20.3 21.7 32.4 Electrical machinery 53.7 56.7 82.0 53.7 56.7 82.0 36.6 37.2 71.6 TEXTILES AND PRODUCTS . 71.9 62.3 79.8 72.2 64.8 80.0 53.1 42.3 71.0 A. Fabrics.— 72.6 63.8 77.3 73.6 66.1 78.4 51.7 42.1 65.1 Cotton goods 71.9 61.2 75.4 73.0 64.0 76.5 48.9 37.3 60.6 Woolen and worsted manufactures.. 64.0 59.7 71.3 64.8 61.1 72.3 43.1 38.8 55.7 Woolen and worsted goods 67.8 62.8 72.6 68.6 64.1 73.4 47.5 42.5 57.6 Carpets and rugs 43.7 43.6 64.6 45.2 45.3 66.7 22.6 21.6 47.1 Hosiery and knit goods _. 85.2 76.4 85.9 86.0 78.6 86.8 67.3 53.4 77.9 Silk manufactures 62.9 55.3 71.5 63. 5 56.2 72.2 44.9 40.0 64.4 Dyeing and finishing textiles 88.0 77.0 97.3 90.2 80.2 99.8 71.9 56.7 91.8 B. Wearing apparel. 70.3 58.4 86.0 68.6 61.5 84.0 56.0 42.6 82.9 Clothing, men's 53.0 48.3 61.9 51.8 46.9 60.4 37. 3 31.1 51.6 Shirts and collars 65.6 58.0 85.3 66.2 60.1 86.1 41.3 37.8 70.2 Clothing, women's 95.6 73.8 122.7 93.6 80.3 120.2 79.6 57.7 123. 7 Millinery 74.7 57.1 82.1 69.6 68.3 76.4 65.0 43.5 87.4 FOOD AND PRODUCTS 83.8 80.7 89.7 81.8 81.0 87.5 70.8 67.9 87.4 Baking 84.7 85.0 96.0 83.4 85.4 94.7 73.1 71.9 92.2 Slaughtering and meat packing _ 82.6 80.6 83.7 83.4 81.4 84.6 70.3 67.3 84.7 Confectionery 92.2 74.2 92.8 83.9 79.2 84.4 73.4 56.5 87.6 Ice cream 78.4 83.7 89.1 71.9 71.3 81.6 68.2 73.6 91.4 Flour _ 75.8 74.0 79.7 73.2 72.5 77.0 63.1 62.2 76.4 Sugar refining, cane 75.3 74.3 80.5 74.4 70.4 79.7 62.6 62.9 72.8 PAPER AND PRINTING 80.9 79.3 90.8 81.1 80.4 91.1 70.0 67.4 90.4 Printing, book and job 77.1 76.2 92.4 77.5 77.5 93.0 65.3 63.3 90.2 Printing, newspapers and periodicals- 93.4 92.3 100.0 94.4 94.2 101.1 89.0 87.2 108.4 Paper and pulp.._ 76.9 75.0 82.6 77.0 75.1 82.6 53.8 50.9 69.9 Paper boxes.. 72.0 68.7 85.6 70.9 69.8 84.3 61.5 55.0 81.0 LUMBER AND PRODUCTS 37.7 36.4 51.1 36.6 35.7 49.4 20.9 19.3 40.3 Lumber, sawmills - 33.2 32.6 44.3 32.2 31.7 43.0 17.4 16.6 34.8 Lumber, millwork 35.4 35.6 50.6 34.9 34.9 49.9 20.1 20.0 38.9 Furniture 51.9 47.7 70.4 49.9 47.3 67.6 29.1 24.7 53.1 TRANSPORTATION EQUIPMENT. _. 43.1 45.1 57.7 42.8 44.8 57.2 27.3 31.6 45.6 Car building and repairing 40.1 38.7 50.4 40.0 38.6 50.2 28.9 28.6 45.5 Automobiles 44.3 50.8 63.9 43.0 49.8 62.0 22.2 32.7 41.5 Shipbuilding 64.5 66.9 84.7 69.2 70.7 90.9 52.4 53.6 78.8 LEATHER AND MANUFACTURER 78.0 76.1 84.2 74.9 74.0 80.9 54.5 51.7 67.7 Boots and shoes 81.1 79.4 86.4 77.3 76.7 82.3 55.2 52.4 66.6 Leather.__ 65.0 62.6 75.2 65.0 62.9 75.2 52.3 49.0 71.8 CEMENT, CLAY, AND GLASS PRODUCTS.. 43.4 42.1 61.7 41.9 40.5 59.4 24.6 23.9 46.1 Clay products 38.5 38.0 57.4 37.3 36.4 55.4 18.4 17.6 37.3 Brick, tile, and terra cotta 31.6 31.9 50.1 29.9 29.4 47.3 14.1 14.1 31.8 Pottery _. 57.2 54.4 77.3 57.3 55.1 77.4 29.8 26.7 51.7 Glass 53.4 51.8 71.1 51.6 51.1 68.7 35.8 35.9 60.3 Cement 43.3 39.2 60.1 41.1 36.4 57.1 26.3 25.1 51.7 NONFERROUS METAL PRODUCTS.. 46.6 45.8 61.7 47.2 46.4 62.5 30.3 28.9 50.2 Stamped and enameled ware.. 24.7 24.7 39.5 25.4 25.7 40.6 17.5 17.4 33.0 Brass, bronze, and copper 54.0 53.0 69.2 54.6 53.4 70.0 34.0 32.2 55.2 CHEMICALS AND PRODUCTS 74.0 72.2 86.0 73.7 74.0 85.7 59.8 60.0 80.8 Chemicals and drugs 76.9 75.7 91.7 77.0 77.6 91.8 58.4 58.1 82.6 Petroleum refining._ 76.6 75.8 84.4 75.2 74.4 82.9 66.3 68.2 83.0 Fertilizers 46.7 37.6 55.1 47.4 48.8 55.9 33.2 28.2 49.3 RUBBER PRODUCTS._ 60.2 63.6 71.7 58.6 62.7 69.8 36.4 41.5 54.6 Automobile tires and rubes. 63.3 66.3 71.8 61.6 64.4 69.9 35.6 43.0 53.0 Rubber boots and shoes 50.7 55.2 71.2 49.4 57.2 69.4 39.9 35.7 61.0 TOBACCO MANUFACTURES 69.9 68.3 79.5 67.9 68.3 77.2 51.0 49.4 62.7 Cigars and cigarettes. 69.9 67.8 81.2 67.5 67.6 78.4 49.7 48.2 62.8 Chewing and smoking tobacco, snuff.. 70.6 71.5 66.4 71.3 73.7 67.2 61.7 59.7 62.4 ' Revised. NOTE—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities Ytar and month m c t A o i o e m l d s l i - - F p u r a c o r t m d s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d 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 m a g n s i d - in f 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 1931—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 5tf,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 68.6 52.7 72.3 79.2 69.7 73.0 74.0 64.3 August 65.2 49.1 61.8 70.1 69.7 54.0 72.1 80.1 69.6 73.3 73.6 64.6 September 65.3 49.1 61.8 70.4 72.2 57.0 70.8 80.1 70.5 72.9 73.7 64.7 1931 1932 Subgroups July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. FARM PRODUCTS: Grains 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 37.4 Livestock and poultry. 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 51.2 Other farm products 71.3 67.3 65.4 64.2 63.1 61.2 54.8 62.7 52.1 51.2 49.6 48.2 48.4 50.8 52.1 FOODS: Butter, cheese, and milk 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 60.6 Cereal products 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 65.8 Fruits and vegetables 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 52.5 Meats 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 60.9 Other foods 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 64.6 HIDES AND LEATHER PRODUCTS: Boots and shoes 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 84.4 Hides and skins 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 48.2 Leather 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 63.2 Other leather products 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 81.5 TEXTILE PRODUCTS: Clothing 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 67.3 Cotton goods 66.8 64.0 61.5 59.7 58.1 56.4 55.8 56.4 56.2 52.9 51.0 50.0 52.6 57.9 Knit goods 60.0 59.2 59.2 59.2 59.0 58.5 55.8 55.8 54.9 5L9 50.5 49.6 47.8 48.5 50.4 Silk and rayon 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 32.6 Woolen and worsted goods... 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 56.7 Other textile products 75.2 74.4 74.1 72.4 72.5 71.3 70.7 69.7 69.5 67.2 66.7 66.5 67.4 68.6 FUEL AND LIGHTING MATERIALS: Anthracite coal 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 87.7 Bituminous coal__ 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 81.1 Coke _ 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 76.7 Electricity 97.9 98.4 100.6 102.1 103.4 104.1 107.5 104.8 104.4 103.5 106.1 105.5 105.8 104.4 Gas 103.5 103.2 103.4 100.8 100.1 98.2 98.6 98.0 97.5 99.1 103.0 106.3 108.3 107.0 Petroleum products 30.3 37.5 38.9 39.2 42.5 39.6 38.8 38.6 39.8 45.5 47.2 48.2 49.7 48.9 46.7 METALS AND METAL PRODUCTS: Agricultural implements 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 84.9 Iron and steel 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 79.7 Motor vehicles 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 92.7 Nonferrous metals 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 51.6 BUILDING MATERIALS: Brick and tile 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 75.4 Cement 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 79.0 Lumber 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 56.3 Paint materials 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 68.2 Plumbing and heating 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 66.8 Structural steel 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 81.7 Other building materials 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 79.9 CHEMICALS AND DRUGS: Chemicals 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 79.8 Drugs and Pharmaceuticals.. 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 56.6 Fertilizer materials 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 63.6 Mixed fertilizers 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 66.9 HOUSEFURNISHING GOODS: Furnishings 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 74.7 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 72.7 MISCELLANEOUS: Auto tires and tubes 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 42.7 Cattle feed 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 45.9 Paper and pulp 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 75.5 Rubber, crude 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 8.2 Other miscellaneous 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 83.2 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

NOVEMBER, 1932 FEDERAL RESERVE BULLETIN 727 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] Public works and Total Residential Factories Commercial Educational All other public utilities Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January 228.0 84.8 54.4 27.5 10.1 3.4 26.9 9.1 96.8 24.1 19.4 4.4 20.5 16.3 February 235.4 89.0 77.9 24.4 7.3 4.4 27.1 10.1 79.0 28.3 16.7 10.8 27.3 11.0 March 370.0 112.2 100.9 33.2 20.6 4.5 36.2 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 251.1 127.5 54.6 22.8 11.0 6.3 28.6 8.8 86.5 68.7 21.2 7.4 49.3 13.5 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 1932 1931 Sept. Aug. Sept. Federal reserve district ept. Aug. Sept. B N o e s w to n York.... 5 1, , 3 6 6 8 0 9 6 1 , , 8 0 2 9 5 2 2 12 1 , , 0 3 2 8 2 0 Philadelphia.. 1,557 2,522 2,907 B N R P C h o i e l c e i s w h l v t a o m e d Y n la e o o n l n p r d d k hia 1 1 2 1 0 0 7 6 0 , , , , , 9 3 6 5 2 5 6 8 5 8 3 2 5 1 4 2 1 1 12 9 3 7 1 , , , , , 6 8 4 7 9 1 9 5 1 6 1 5 2 0 4 2 8 2 1 1 0 9 4 9 1 , , , , , 7 5 3 2 3 5 7 5 6 4 4 3 1 4 2 R S M C C A t i h l t . c e i l i n a h v c L n n a m e o g l e t u a a o o a n i n p s d d olis.. 2 1 5 1 1 , , , , , 9 4 3 2 7 6 2 3 1 5 4 9 3 8 1 0 5 3 2 1 1 1 , , , , 8 6 3 7 3 6 5 2 7 3 8 0 7 1 4 8 8 4 4 2 2 4 7 l , , , , , f 4 9 4 0 8 6 4 1 6 4 6 0 1 8 7 1 8 1 Atlanta 9,470 8,277 13, 722 Kansas City.. 1,137 1,561 2, 573 Chicago _ 22, 043 21, 698 33, 361 Dallas. 724 927 2,171 M St. i n L n o e u a i p s olis 1 4 0, , 9 0 4 6 8 4 9 8 , , 3 05 4 2 0 1 8 1, , 3 7 9 9 6 1 San Francisco. 20 3,463 3,281 8,025 D K a a l n l s a a s s City 9 6 , , 1 0 6 0 6 2 4 6 , , 6 2 9 9 7 0 9 9 , , 2 3 0 5 4 1 Total... 168 27,290 24, 791 72, 415 Total (11 districts) 127, 527 133,988 251,110 BANK DEBITS [Debits to individual accounts. In millions of dollars] COMMERCIAL FAILURES, BY DISTRICTS Amounts in thousands of dollars; figures reported by R. G. Dun Co.] Number 1932 1931 of Number Liabilities centers Sept. Aug. Sept. Federal reserve district 1932 1931 1932 1931 New York City 1 14,163 13,458 20, 073 Outside New York City 140 11,768 11, 757 16,627 Sept. Aug. Sept. Sept. Aug. Sept. Fede B r o a s l t r o e n s erve district: _ 11 1,301 1,294 1,751 New York 7 14,655 13,929 20, 713 Boston 194 253 143 4,407 8,607 2,183 P C h le il v a e d la e n lp d h ia _ 1 1 0 3 1 1, , 1 1 2 3 6 8 1 1 , , 0 1 8 6 0 3 1 1 , , 8 7 6 1 3 0 New York.... 417 629 335 14,920 16,842 7,293 Richmond 7 483 477 610 P C h le il v a e d la e n lp d hia.. 2 1 2 1 0 7 2 1 7 3 9 6 1 1 1 6 3 5 4 4 , ,6 5 1 8 9 2 4 6, , 3 8 3 8 1 2 2 4 , ,3 6 1 9 4 4 A Ch tl i a c n ag ta o 2 1 1 5 2,8 5 6 8 0 0 3,0 5 3 4 9 5 4,1 7 6 4 3 0 Richmond 150 185 102 3,792 2,741 St. Louis 5 599 538 790 Atlanta 125 153 111 2,069 2,536 1,592 Minneapolis 9 437 410 529 Chicago 338 402 315 12,082 13, 249 7,501 Kansas City 15 681 684 913 S M K t a . i n n L s n o a e u s a i p s C o i l t i y s . . . . 1 9 8 2 5 4 2 1 1 5 8 0 8 4 4 1 1 5 2 0 3 8 2 1 1 1, , , 4 4 0 8 2 5 4 8 2 4 3 , , 8 4 1 8 7 0 3 9 8 2 3 1 , , ,8 3 6 5 2 2 8 4 2 D Sa a n ll a F s rancisco.._ 1 1 0 8 1,7 3 1 5 6 4 1,7 3 1 4 8 0 2,4 4 4 7 7 2 D Sa a n l la F s rancisco 2 6 5 5 5 3 8 3 0 3 27 9 6 3 5 1, , 2 6 3 0 8 8 1 2 0 , ,0 2 8 3 3 8 8 2 , , 9 2 0 3 5 0 Total1 141 25,931 25, 215 36,700 Total... 2,182 2,796 56,128 77,031 47,256 1 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

728 FEDERAL RESERVE BULLETIN NOVEMBER, 1932 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for October 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 O s 1 t c i 9 t m 3 . 2 a 1 t , e Prod 1 u 9 c 3 t 1 ion, E O s 1 t c i 9 t m 3 . 2 a 1 t , e Prod 1 u 9 c 3 t 1 ion, E O s 1 t 9 c i 3 t m 2 . a 1 1 t , e Prod 1 u 9 c 3 t 1 ion, E O st 1 c i 9 t m 3 . 2 a 1 t , e Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,929 7,713 65 86 65 New York 25,837 23,762 6,197 4,662 6,012 4,470 185 192 Philadelphia- 55,305 42,399 18, 764 12,212 18,577 12,107 187 105 Cleveland 206, 456 160,914 56,086 35, 533 55, 832 35, 364 254 169 Richmond 146, 866 105, 958 30,194 16,807 30,194 16, 807 Atlanta 165,412 153,975 4,612 3,027 4,612 3,027 Chicago 887, 842 1, 049, 713 77, 259 48,919 73,636 45,527 3,623 3,392 St. Louis 383,052 378,283 66, 586 34, 527 66,260 34, 292 326 235 Minneapolis.. 173,273 295,343 82,089 240,300 8,943 20,473 73,146 219,827 Kansas City.. 393, 884 532,995 402,121 169,957 398,096 163, 559 4,025 6,398 Dallas 109, 442 123, 558 60,041 30,431 59, 876 30,300 165 131 San Francisco 7,973 10,069 90,190 115, 246 67,424 75, 862 22, 766 39, 384 Total-._ 2, 563, 271 2,884,682 894, 204 711,707 789,462 441, 788 104,742 269,919 Oats Tame hay Tobacco White potatoes Cotton Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1931 Oct. 1,1932 1931 Oct. 1,1932 1931 Oct. 1,1932 1931 Oct. 1,1932 1931 Oct. 1,1932 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bait Boston 6,359 7,794 3,346 2,848 39,043 28,136 58,475 47,058 New York 25,819 27, 763 5, 563 4,755 1,462 1,104 32,651 27,343 Philadelphia.. 17,687 15,112 2,304 1,954 57,669 40,837 25, 212 20,032 Cleveland 75, 247 59, 476 4,742 3, 784 191,060 128, 725 19, 771 19,156 Richmond 23,671 19,016 2,928 2,666 684,996 391,122 32,600 23,471 1,803 1,158 Atlanta 14,558 11,218 2,182 2,205 172, 950 101,030 14,538 10,065 3,597 2,106 Chicago 469,972 531,147 11,939 13, 400 48, 904 34, 073 50, 418 60, 295 St. Louis 63,142 50,385 5,458 4,891 395,016 278, 501 12,472 13, 377 2 3, 740 3 2, 237 Minneapolis. _ 183, 049 325,603 7,039 9,626 5,036 2,693 49,934 55, 880 Kansas City.. 147, 712 147,057 7,270 8,546 4,774 5,360 27, 780 33, 461 1,336 Dallas 63,026 45, 507 991 1,024 5,916 5,254 6,339 4,741 San Francisco 21, 795 25, 263 10,451 12, 844 45,751 41,455 281 196 Total... 1,112,037 1,265, 341 64,213 68, 543 1,600,910 1,011,581 375, 518 356,847 17,096 11, 425 1 Figures for winter wheat from estimates for Aug. 1; no estimate made for Oct. 1. 2 Includes 12,000 bales grown in miscellaneous territory, a Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS »*i m / i r BOUNDAR1E5*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