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Federal Reserve Bulletin August 1932

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Federal Reserve Bulletin August 1932 FEDERAL RESERVE BULLETIN AUGUST, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Legislation Final Act of the Lausanne Conference Earnings and Expenses of Federal Reserve Banks UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor. OGDEN L. MILLS, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. WAYLAND W. MAGEE. FLOYD R. HARRISON, Assistant to the Governor. LEO H. PAULGER, Chief, Division of Examinations. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Division of Research and Statistics. E. M. MCCLELLAND, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research J. C. NOELL, Assistant Secretary and Fiscal Agent. and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) THOMAS M. STEELE. District No. 2 (NEW YORK)._. ROBERT H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) HOWARD BRUCE. District No. 6 (ATLANTA) JOHN K. OTTLEY. District No. 7 (CHICAGO) , MELVIN A. TRAYLOR, Vice President. District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS)^ THEODORE WOLD. District No. 10 (KANSAS CITY) WALTER S. MCLUCAS. District No. 11 (DALLAS) J. H. FROST. District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederie H. Curtiss... Roy A. Young __. W. W. Paddock W. Willett. J. H. Case W. R. Burgess C. H. Coe.i New York. Geo. L. Harrison J. E. Crane Ray M. Gidney.1 A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B.Matteson.i Walter S. Logan J.M. Rice.i L. R. Rounds Allan SprouU L. F. Sailer _-_ L. Werner Knoke.i Philadelphia R. L. Austin Geo. W. Norris Wm. H.Hutt C. A. Mcllhenny. W. G. McCreedy.J Cleveland George DeCamp E. R. Fancher M. J. Fleming. H. F. Strater. Frank J. Zurlindefi- Richmond _ Wm. W. Hoxton George J. Seay _ C. A. Peple.-. Geo. H. Keesee. R. II. Broaddus JohnS. Walden,jr.a Atlanta Oscar Newton Eugene R. Black W.S.Johns-. M. W. Bell. H. F. Conniff.. W. S.McLarinJr.i Chicago. Eugene M. Stevens... J. B. McDougal C. R. McKay- W. C. Bachman.l John H. Blair. D. A. Jones.* J. H. Dillard,.. O. J. Netterstrom.i E. A. Delaney.i St. Louis.. John S. Wood- Wm. McC. Martin ... O.M.Attebery S. F. Gilmore.* A. H. Haill.2 J. G. McConkey—. F.N. Hall.a G. O. Hollocher.i O. C. Phillips.* Minneapolis. _. John R. Mitchell.. W. B. Geery Harry Yaeger H. I. Ziemer. H.I. Ziemer Frank C. Dunlop.* Kansas City... M. L. McClure... Geo. H. Hamilton.. C. A. Worthington... J. W. Helm. J. W. Helm Dallas C.C.Walsh B. A. McKinney... R. R.Gilbert Fred Harris. R. B. Coleman.. W. O. Ford.* San Francisco.. Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm.M.Hale. Ira Clerk _. i Assistant deputy governor. » Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE 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. Kansas City: Cincinnati branch _ C. F.McCombs. Omaha branch. _ L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch _. J. E. Olson. Richmond: Oklahoma City branch- C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch... Marcus Walker. San Antonio branch M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch John H. Frye. Los Angeles branch W. N. Ambrose. Nashville branch J.B.Fort, jr. Portland branch R.B. West. Chicago: Salt Lake City branch. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R.Shaw. St. Louis: Spokane branch D.L.Davis. Louisville branch John T. Moore. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the sub- scription 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. HI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page Review of the month—Recent banking legislation 473 Changes in foreign central bank discount rates 477 Recent legislation on national bank note circulation . 478 Report of the Reconstruction Finance Corporation 481 Final act of the Lausanne Conference 497 Earnings and expenses of Federal reserve banks : 550 National summary of business conditions 482 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 483-486 Member and nonmember bank credit— All banks in the United States 489 All member banks 487-489, 546 Weekly reporting member banks in leading cities 490, 547 Brokers' loans : 490 Acceptances and commercial paper 491 Discount rates and money rates 493, 548 Bank suspensions and banks reopened 492, 551-553 Member bank holdings of eligible assets (Government securities and eligible paper) 492 Security prices, security issues, United States Government securities 494 Production, employment, car loadings, and commodity prices 495, 554-556 Merchandise exports and imports 496 Department stores—Indexes of sales and stocks 496 Freight-car loadings, by classes ; 496 Financial statistics for foreign countries: Gold reserves of central banks and governments 505 Gold production 506 Gold movements 506-508 Government note issues and reserves 509 Bank for International Settlements 509 Central banks 510-512 Commercial banks 513 Discount rates of central banks 514 Money rates 514 Foreign exchange rates 515 Price movements— Security prices 516 Wholesale prices > — 516, 517 Retail food prices and cost of living 517 Law department: Discounts for individuals, partnerships, and corporations under emergency relief act 518 Text of emergency relief and construction act 520 Text of Federal Home Loan Bank act 527 Ruling of Attorney General regarding national bank note issues 535 Text of amendment to Revised Statutes authorizing assessments for covering cost of examining trust departments of banks 537 Treasury ruling on check tax, etc 538 Federal reserve statistics by districts, etc.: Banking and financial statistics 544-553 Industrial and commercial statistics i 554-557 July crop report, by Federal reserve districts 558 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 18 AUGUST, 1932 No. 8 REVIEW OF THE MONTH ized public works, including $120,000,000 for New legislation relating to the reserve banks the construction of highways. and member banks has been the principal Of particular interest to the Federal reserve development in the banking sit- system is section 210 of the emergency relief Emergency uation in recent weeks. On and construction act, which relief bill Reserve bank amends section 13 of the Fed- July 21 the President signed the loans to mdi- , i i T emergency relief and construction act of 1932, viduals eral reserve act by adding the text of which is published elsewhere in this a new paragraph, as follows: issue. In unusual and exigent circumstances the Federal This act authorizes the Reconstruction Reserve Board, by the affirmative vote of not less than five members, may authorize any Federal reserve bank Finance Corporation, under certain condi- during such periods as the said board may determine, tions, to make available to States and Terri- at rates established in accordance with the provisions tories for the relief of distress a total of not of section 14, subdivision (d), of this act, to discount for to exceed $300,000,000, the amount advanced any individual, partnership, or corporation, notes, by the corporation to bear interest at the rate drafts, and bills of exchange of the kinds and maturities made eligible for discount for member banks under of 3 per cent. It further provides for loans other provisions of this act when such notes, drafts, by the corporation to States and other politi- and bills of exchange are indorsed and otherwise cal bodies or agencies, and to private corpora- secured to the satisfaction of the Federal reserve bank: tions, for self-liquidating projects of a public Provided, That before discounting any such note, or semipublic nature, such as bridges, tunnels, draft, or bill of exchange for an individual or a part- nership or corporation the Federal reserve bank shall docks, and housing facilities in slum areas. obtain evidence that such individual, partnership, or In addition, the corporation is authorized to corporation is unable to secure adequate credit accom- make loans for the purpose of financing sales modations from other banking institutions. All such of surplus agricultural products in foreign discounts for individuals, partnerships, or corporations markets; to make loans to bona fide insti- shall be subject to such limitations, restrictions, and reg- ulations as the' Federal Reserve Board may prescribe. tutions to enable them to finance the carrying and orderly marketing of agricultural commod- This amendment introduces a new element ities and live stock produced in the United into the operations of the Federal reserve sys- States; and to create in any Federal land bank tem by extending the power of the reserve banks district a regional agricultural credit corpora- to make discounts, which previously had been tion with a paid-up capital of not less than limited to paper offered and indorsed by mem- $3,000,000 to be subscribed by the corpora- ber banks or by Federal intermediate credit tion.
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