Federal Reserve Bulletin, 1932-12
FEDERAL RESERVE BULLETIN DECEMBER, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Course of Prices and Income Seasonal Variations in Money in Circulation 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 METER, Governor. OGDEN L. MILLS, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman, ADOLPH C. MILLER. GEORGE R. JAMES. Comptroller of the Currency, WAYLAND W. MAGEE. FLOYD R. HARRISON, Assistant to the Governor, LEO H. PAULGER, Chief, Division of Examinations. E. A. GOLDENWEISER, Director, Division of Research CHESTER MORRILL, Secretary. and Statistics. E. M. MCCLELLAND, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Research 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston Frederic H. Curtiss... Roy A. Young W. W. Paddock W. Willett. New York J. H.Case Geo. L. Harrison _ W. R. Burgess _ C. H. Coe.i J. E. Crane RayM. Gidney.1 A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walters. Logan J.M.Rice.i L. R. Rounds Allan Sproul.1 L. Sailer L. Werner Knoke.1 Philadelphia ... R. L. Austin... Geo. W. Norris Wi H.Hutt C. A. McHhenny. W G McCreedv a Cleveland George DeCamp E. R. Fancher M. , Fleming H. F. Strater. Fra.dk J Zurlinripn Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus JohnS. Wai den, jr. * Atlanta Oscar Newton Eugene R Black W.S.Johns M. W. Bell. H. F. ConnifT W. S. McLarinJr.i Chicago Eugene M. Stevens. _ J. B. McDougal C. R. McKay W. C.Bachman.i John H. Blair D. A. Jones.i J. H.Dillard 0. J. Netterstrom.i E. A. Delaney.1 St Louis John S Wood Wm. McC. Martin 0. M. Attebery S. F. Gilmore.2 J. G, McConkey A. H. Haill.a F. N. Hall.a G. 0. Hollocher.2 0. C. Phillips.* Minneapolis. John R.Mitchell W. B Geery Harry Yaeger H Fr . a I n . k Z i C em . D er u . nlop.2 Kansas City M.L.McClure Geo II. Hamilton C. A. Worthington.— J. W. Helm. T W TTfklrn 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 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 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Course of prices and income . _ _ 729 Seasonal variations in money in circulation 735-746 Condition of all member banks on September 30, 1932 (from Member Bank Call Report No. 56) 781, 782 National summary of business conditions 747 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 748-751 Member and nonmember bank credit— All banks in the United States 754 All member banks 752-754, 777 Weekly reporting member banks in leading cities 755, 778 Brokers* loans 755 Acceptances and commercial paper 756 Discount rates and money rates 758, 779 Bank suspensions and banks reopened 757, 783-785 Member bank holdings of eligible assets (Government securities and eligible paper) 757 Security prices, security issues, United States Government securities 759 Production, employment, car loadings, and commodity prices 760, 786-788 Merchandise exports and imports 761 Department stores—Indexes of sales and stocks 761 Freight-car loadings, by classes 761 Financial statistics for foreign countries: Gold reserves of central banks and governments 762 Gold production 763 Gold movements 763-765 Government note issues and reserves 766 Bank for International Settlements 766 Central banks 767-769 Commercial banks 770 Discount rates of central banks 771 Money rates 771 Foreign exchange rates 772 Price movements— Security prices 773 Wholesale prices 773,774 Retail food prices and cost of living. 774 Federal reserve statistics by districts, etc.: Banking and financial statistics 775-780 Industrial and commercial statistics 786-789 November crop report, by Federal reserve districts 790 Index to Volume 18 791-819 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 18 DECEMBER, 1932 No. 12 REVIEW OF THE MONTH Reviewing the course of commodity prices at wholesale during the first 10 months of 1932 as a During November there was a continued whole, it appears that declines during the curgrowth in the stock of monetary gold, which rent year have been smaller than in either of the at the end of the month totaled two preceding years. This is illustrated by the $4,340,000,000, showing an increase of $430,000,000 from WHOLESALE PRICES PER CENT ( 1926 = 100 ) PER CENT the low point in the middle of last June. 100 100 Changes in currency demand have been in 1929 relatively small volume and seasonal in character. Funds arising from accessions to the gold supply were utilized in part in meeting 90 90 the seasonal demand for currency, and in part N 19,JO in a further reduction of member bank indebt- —v edness to the reserve banks. There was also a further growth of member bank reserve balances 80 80 and the excess reserves of member banks fluctuated around the $500,000,000 level. There was no change in Federal reserve bank — 192 —^*,1—. holdings of United States Government securi- 70 - 70 ties. Loans and investments of reporting member banks in New York City continued to 1932 increase, while at reporting banks outside New York City there were declines both in 60 60 loans and in investments. Money rates in the open market declined further in November or early December, the rate on bankers7 acceptances being reduced to the lowest level 50 on record. Jan. Feb. Mar. Apr. May Jun. Ju! Aug. Sept. Oct. Nov. Dec. Index compiled by the Bureau of Labor Statistics; November In October there was a further recession in estimated wholesale commodity prices, and in November chart, which compares recent changes in the the general level of prices fluc- monthly index of wholesale commodity prices Recent price tuated at about the low levels computed by the Bureau of Labor Statistics movements of early summer, approximately with those that occurred during each of the one-third below the average level of 1923-1929. three preceding years. The sharp price de- Price advances in July and August, as well as cline after September, 1929, was in marked the subsequent decline, reflected largely move- contrast to the relatively smaller fluctuations ments in the prices of farm products, foods, tex- which characterized the preceding six years, tiles, hides, and leather products. Prices of and the latest year, 1932, has also witnessed metals and metal products, building materials, relatively less change in the price level. The chemicals and drugs, and fuel and lighting greater part of the price decline of the last showed relatively little change, while prices of decade, therefore, was concentrated in the two house furnishings declined throughout the period. years, 1930 and 1931. 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
730 FEDERAL RESERVE BULLETIN DECEMBER, 1932 All the major groups of commodities dis- of the group as a whole has declined less than tinguished in the classification of the Bureau of for other groups, and prices of coal, coke, Labor Statistics have shared in electricity, and gas have shown an even smaller Price declines the price decline of recent years, change than the group as a whole. The greater by groups of commodities but there has been little uni- part of the price movement in this group has formity in the extent of the reflected wide movements in the prices of decline. This is shown in the table, which products of the petroleum industry. compares the average level of the Bureau of Price declines, especially when they are char- Labor Statistics index during the first 10 months acterized by wide variations between different of 1932 with its average for 1929, and also shows _> . commodities and classes of comr the extent to which prices of the different major Pnces of raw . . . groups of commodities which compose the index materials and modi ties, are reflected in large have shared in the general decline. The table of finished changes in the competitive posibrings out the fact that prices of commodities in the income orti opnu rochf adsiifnfger epnotw ienrd oufs trdiiefsf eraenndt which enter the fuel and lighting group have classes of the community. The marked weakdeclined since 1929 by less than one-sixth, ness in prices of farm products and most other whereas prices of commodities in the farm-prod- raw materials, which has characterized the ucts group have declined by more than one-half. price situation since the beginning of the de- Prices of commodities in the three groups of pression, has been reflected directly in a sharp foods, textiles, and hides and leather products reduction in the income of producers of these have also declined more than the general aver- commodities and in the purchasing power of age, while prices of commodities in the other these producers in world markets. five groups—metals and metal products, house Declines in prices of finished products have furnishings, chemicals and drugs, miscellaneous followed the decline in prices of raw materials products, and building materials—have shown in some industries, thus exerting an influence smaller declines than the general average. toward sustaining the market for these commodities by making them available to con- WHOLESALE COMMODITY PRICES sumers at lower prices. The degree to which [1926=100] prices of finished products have declined has A o v f 1 e 9 y r 2 e a 9 a g r e A m v o 1 o e f 9 n r 3 1 t a 2 h 0 g s e P c e h r a a c g n e e g n e t- p de a p rt e n o d n e d t h i e n p ex a t r e t n o t n to m a w rk hi e c t h c o th n e d it c i o o s n t s o a f n d r a i w n materials has entered into the cost of the fin- Fuel and lighting 83.0 70.3 -15.3 ished product, as compared with labor, over- Metals and metal products 100.5 80.4 -20.0 House furnishing goods 94.3 75.3 -20.1 head, and other costs. Chemicals and drugs 94.2 74.0 -21.4 Miscellaneous 82.6 64.6 -21.8 In general, wholesale prices of finished Building materials 95.4 71.7 -24.8 products have fluctuated less widely than All commodities 95.3 65.3 -31.5 prices of the raw materials from which they Hides and leather products 109.1 73.7 -32.4 Textiles _ 90.4 56.4 —37.6 are made. This relationship is illustrated on Foods 99.9 61.4 -38.5 Farm products 104.9 -53.5 the chart which compares, for four different groups of commodities, changes in the prices There have been large differences in price of raw materials with changes in the prices of changes, furthermore, between individual com- finished products produced mainly or largely modities within the major groups. In the farm- from these materials. The four groups are products group the average level has declined selected foods, textiles, leather, and iron, and by over 50 per cent, while prices of cotton and steel products. In each case the comparison many other commodities have declined by is made in terms of index numbers with the greater amounts. In the fuel and lighting average for 1929 as 100. The chart shows that group, on the other hand, the average level changes in prices of foods, textiles, and leather Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 731 products, which have been relatively large, scrap, which is ordinarily subject to wide fluchave all accompanied even greater changes in tuations, has declined by about 60 per cent. the prices of the raw materials from which Loss of income as between different industhey are manufactured. In the case of the tries has reflected in varying degrees the decline selected foods, comparing October, 1932, with in prices and the decrease in the average for 1929, there has been a decline the volume of activity. In Price decline of about 42 per cent in the prices of the finished in relation to agriculture the price decline products as compared with a decline of 60 income has been the major cause of per cent in raw foodstuffs. Textile products loss of income, while in the railhave declined about 37 per cent, as compared road industry, for example, the drastic dewith a decline of 64 per cent in the price of INCOME CHANGES raw textile materials, and in the case of leather SELECTED GROUPS ( 1929=100 ) products the corresponding declines have been 27 per cent and 56 per cent, respectively. The only raw material whose price is shown in the iron and steel group is scrap steel, since coke and iron ore, the other important raw materials entering into the production of iron and steel products, are not purchased extensively in the market, being produced largely WHOLESALE PRICE MOVEMENTS FOUR MAJOR GROUPS 1926 1929 1930 1931 1932 1926 1929 1930 1931 1932 Statistics for 1932 partly estimated; for sources, etc., see page 734 crease in the volume of operations has been the most important factor. It is not possible, on the basis of existing information, to present a comprehensive analysis of changes in incomes of different classes of the community. The left-hand section of the chart, however, compares changes in gross income of three of our largest industries—construction, agriculture, and railroads; while the right-hand section compares changes in the aggregate pay rolls of wage earners in the production of two classes of manufactures—durable goods and nondurable goods. The figures relate to the period 1928- 1932 and are on an annual basis, with 1929 taken as 100. The chart shows that declines in income since 1929 for these groups have ranged from 47 to 76 per cent. The decline in 1929 1930 1931 1932 1929 1930 1931 1932 gross income of railroads, amounting to 50 Index numbers computed from selected data; for details see page 734 per cent, has reflected a decrease in the volume by the manufacturers of iron and steel products of freight carried rather than changes in rates. themselves. Prices of finished iron and steel The decline in the gross income of agriculture, products included in the index have declined on the other hand, amounting to 56 per cent, by about 16 per cent since 1929, while steel has reflected almost wholly price recessions, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
732 FEDERAL RESERVE BULLETIN DECEMBER, 1932 the aggregate physical volume of agricultural Loss of income by persons connected with output having shown little change over the the different industries has been due to a period. In the case of the construction in- varying extent to declines in prices and to dustry, gross income, as measured by changes recession in activity. In agriculture, for exin contracts awarded as compiled by the F. W. ample, the loss of income has been due almost Dodge Corporation, has declined by 76 per entirely to the decline in prices of farm prodcent since 1929. This decline reflects in some ucts, while in the construction industry, part lower construction costs but is predomi- among others, reduced activity has been a nantly due to the present inactive state of more important cause of reduction of income building. than the decline in prices. Decrease in income of wage earners since 1929 has been as severe in many manufacturing During the latter part of October and the industries in which changes in the price of the early part of November central gold reserves product have been small as in industries in of France and Germany inwhich price readjustment has been large. in°EurroperVeS creased by $25,000,000 and Wage earners' income is affected both by $5,000,000, respectively, while changes in wage rates and in the volume of those of Switzerland declined by $16,000,000. factory operations, which, in turn, is deter- Central gold reserves of the other principal mined by the volume of goods that can be European countries remained substantially unsold at prevailing prices. The chart shows a changed. Most of the gold acquired by the decline of 47 per cent in the aggregate factory Bank of France came from the London bullion pay roll of workers engaged in the manufacture market, where shipments from British India of nondurable goods, largely foodstuffs, texand South Africa continue to be disposed of in tiles, and leather, rubber and paper products, large volume. and of 70 per cent in the aggregate factory pay roll of workers engaged in the manufac- GOLD RESERVES OF SELECTED CENTRAL BANKS ture of durable goods, such as iron and steel [In millions of dollars] products, building materials, automobiles, etc. Price adjustments have not been uniform in Change from— these two groups of industries. On the whole, Central bank of— D 1 a 93 te 2 , re G se o r l v d es Month Year price declines have been more drastic in goods before before for immediate consumption, but volume of England Nov +91 output and consequently wage earners' in- France Nov. 3,266 +25 +613 Germany Nov. 195 +5 -45 come has been better maintained in these lines Italy Nov. *>306 +1 +10 Belgium Nov 362 -1 +7 than in the durable-goods industries. Netherlands... Nov, 415 -1 +63 Switzerland... Nov. 493 -16 +68 Wholesale prices in the first ten months of 1932 have been relatively more stable at the p Preliminary. low level to which they had de- Gold stock of the Bank of England, which Summary clined during the preceding two amounted to £139,422,000 ($678,511,000) on years. The general average of T> i *T, i J November 23, showed prac- Bank of England . ,, . ' * -, wholesale prices at the present time is about tically no change from the one-third below the average of 1923-1929, but beginning of September. During the preceding the extent of decline varies considerably for month the volume of Government securities different groups of commodities and for differheld by the bank increased, but " other securient commodities in the groups. In general, ties/' in which are included the bank's holdings prices of finished products have declined less of foreign exchange, declined by a correspondthan prices of raw materials. ing amount. Notwithstanding a slight addi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 3932 FEDERAL RESERVE BULLETIN 733 tion to bankers7 balances, short-term rates on In order to obtain funds to meet these paythe London money market advanced during the ments the Treasury issued in October and month—the average rate on newly-allotted Treasury bills increasing from about five- BANK OF ENGLAND eighths of 1 per cent to 1J^ per cent. lln thousands of pounds sterling] Dollar quotations on the pound sterling Change from— declined during November. The accompany- Nov. 23, 1932 ing chart gives the course of the weekly aver- Oct. 26, Nov. 25, 1932 1931 age of noon buying rates for sterling in New Gold 139, 422 +18, 712 Discounts and advances. 11, 958 +361 -740 STERLING EXCHANGE AT NEW YORK Government securities- 333, 588 +7,505 +22,203 ( Weekly Averages of Daily Figures ) Other securities 24, 203 -6, 327 -23,176 $5.00 $5 00 Bankers' deposits 78,082 +746 +18, 238 Public deposits 26, 531 +1,105 -503 Other deposits 33, 742 +154 -4,398 4.80 4.80 Notes in circulation 357,847 -584 +3,446 4.60 4.60 November £450,000,000 of 2 and 3 per cent bonds to be paid for in installments falling due 4A0 4-40 on the same dates as the Government repay- 4.20 4.20 ments. These operations will complete the Government's program for converting about a 4.00 4.00 third of its long-term debt to a lower interest 3-80 3.80 basis. The Bank of France gained 631,000,000 3.60 3.60 francs ($24,735,000) of gold, and lost 3.40 3.40 101,000,000 francs of foreign Bank of France exchange, in the four weeks 3.20 3.20 ending November 18. A large part of the gold purchased on the London bullion market during 3.00 3.00 the period when the pound sterling was declin- 2.80 Sept Ort Nov Dec ' Jan Feb Mar Apr May June July Aug. Sept Od Nov. ? De B c 0 . ing in relation to gold currencies found its way 1931 1932 ultimately to the Bank of France. Partly with York City since England's suspension of the funds obtained through the sale of this gold to gold standard in September, 1931. It shows BANK OF FRANCE that declines in the latter part of October and [In millions of francs] again in the latter part of November brought quotations below the previous low point reached Change from— in December of last year. On November 29 Nov. 18, 1932 Oct. 21, Nov. 20, the noon buying rate fell to $3.15, but recovered 1932 1931 to about $3.20 at the turn of the month. From Gold 83,308 +631 +15,632 the beginning of August to the end of the third Foreign exchange 4,886 -101 -19,524 Domestic discounts and advances. 5,254 -525 -4, 289 week in October, immediately preceding the Government deposits 3,260 +368 -4, 808 Other deposits 22,159 -1,323 -952 recent declines, sterling had fluctuated around Notes in circulation 81, 605 +1,056 -40 a level of about $3.46. On December 1, 1932, the British Treasury the bank, but principally with drafts upon repaid at par about £318,000,000 of 4K and 5 " other deposits/; the market reduced its inper cent Government bonds and on February debtedness and met an increase in the demand 1,1933, it will repay an additional £129,000,000. for currency. 148900—32- 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
734 FEDERAL RESERVE BULLETIN DECEMBER, 1932 The combined gold and foreign-exchange term bills which the bank had discounted for a reserves of the Reichsbank showed no change group of agricultural cooperative associations. in the month ending November The transaction was in accordance with the Reichsbank 23, losses in reserves during the Government program for the relief of agriculfirst half of November being offset by increases tural debtors. on other report dates during the period. On November 10, in a week when the bank lost NOTE RELATING TO CHARTS reserves, the German Government repaid The brief subscripts attached to the two charts on about $3,700,000 of the $125,000,000 credit page 731 are amplified as follows: Wholesale price movements, four major groups.— originally granted in November, 1930, by an Index numbers computed from selected data. All the international syndicate of bankers. The out- price data used were taken from the publications of the Bureau of Labor Statistics; weights (value aggregates) standing amount of this credit is now approxiused are those employed by the Bureau to measure the mately $106,000,000, which is to be liquidated relative importance of the different commodities in 1926. Composition of the different groups shown is in installments extending through November, indicated in the accompanying table. The titles in 1933. quotation marks refer to entire groups of commodities in the Bureau of Labor Statistics compilation; other A return of notes from circulation and an titles refer to individual commodities. increase in the security holdings of the Reichs- Groups Raw materials Finished products REICHSBANK [In millions of reichsmarks] Selected foods.. "Livestockand "Meats," and "cereal products" poultry," and (excluding rice). "grains" (ex- Change from— cluding barley). No 1 v 9 . 3 2 23, Oct. 22, Nov. 23, Textiles Co si t l t k o , n a , n w d o o ra l, y r o a n w . "C g g l o o o o o th d d i s s n , , " " g , s " " i w l " k k o n o y i le t a n r g n o , o a d n a s d n , " d w "c c o o o r t s t t t t o o e n d n 1932 1931 thread. Leather " Hides and skins "."Leather," "boots and shoes," and "other leather products". Gold 819 +22 -190 Iron and steel. Steel scrap _. "Iron and steel" (excluding iron Foreign-exchange reserves 115 -22 -53 ore, pig iron, and steel scrap). Discounts and advances. _ 2,622 -103 -1,152 Securities 395 +33 +292 Deposits.- 429 +52 +5 Income changes, selected groups.—Statistics for 1932 Notes in circulation 3,306 -108 -971 partly estimated. Indexes based on dollar volume of construction contracts awarded as compiled by F. W. bank enabled the market to increase its deposits Dodge Corporation, on gross operating revenue of class 1 railroads, on gross farm income as estimated and to repay discounts and advances. The by the Department of Agriculture, and on the Federal 33,000,000 reichsmark increase in the security Reserve Board's index of factory pay rolls. "Steel, automobiles, lumber, etc.," includes also machinery, portfolio represented bonds that the Reichs- car building, shipbuilding, cement, clay, and glass. bank obtained from the German Government " Other manufactures " consist mainly of textiles, leather products, foods, tobacco products, paper and printing, in exchange for an equivalent amount of short- canning, chemicals, and rubber products. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 735 SEASONAL VARIATIONS IN MONEY IN CIRCULATION Current changes in the demand for currency also available currently, and is at present the are subject to wide seasonal variations. Year only one showing separately the composition of after year, at certain seasons, the demand for the currency according to the different types of money increases, while at other seasons there money. Since end-of-month dates fall on differis a recurrent decline. For a correct determi- ent days of the week in different months, hownation of the direction and dimensions of the ever, this series, on account of week-day variamain current of demand for currency, it is tions in the demand for currency, is less reliable necessary to estimate the magnitude of these than the other three as a measure of month-toseasonal factors. month developments. Composition of "money in circulation."— Estimates of seasonal movements of money "Money in circulation/7 as officially defined, in circulation, together with seasonally adjusted comprises all United States money issued and figures, are presented in this article. outstanding outside the Treasury and the Current statistics of money in circulation.— Federal reserve banks, except United States Volume of money in circulation is computed by coin known to have been exported to foreign the Federal Reserve Board in three principal countries. It includes, therefore, not only ways—monthly averages of daily figures, week- money in active use in hand-to-hand transacly averages of figures for weeks ending Saturday, tions and money held by individuals and busiand single-date figures for each Wednesday. ness houses for ordinary use, but in addition The monthly figures are the most stable of the money in the vaults of banks, money in hoards, three, and are best adapted to analysis of long- United States paper currency held abroad, time changes because the influence of occa- money lost or destroyed, etc. sional erratic variations which are inevitable In the years 1918-1930 the volume of United from day to day or week to week is reduced by States money in circulation averaged about the process of averaging. Weekly figures, on $4,850,000,000. From 1926 to 1930 it showed a the other hand, have the advantage of greater tendency to decline gradually. At the present promptness and measure more accurately the time the total is more than $5,600,000,000, the extreme movements accompanying holiday re- increase reflecting chiefly the growth of curquirements and similar seasonal demands. Of rency hoarded. Of this total, in ordinary the two weekly series, weekly averages of daily years, 60 to 65 per cent is estimated as being figures—which become available on the Tues- in active use by business houses and individuals; day following the calendar week to which they that is, in circulation in the common use of relate—are more stable than the Wednesday the term; the remainder is held in the vaults series, because erratic single-day fluctuations of banks or in private hoards, or has gone are smoothed out by the process of averaging. abroad or been lost or destroyed. At the The figures for Wednesday—which are issued present time, however, when the amount of on Thursday as part of the statement of con- currency hoarded has come to be substantial dition of the Federal reserve banks and are and the amount required for active public use published in the Frida}r papers—are available has declined on account of the depression, to the public more promptly than the weekly the proportion in active use outside all banks averages, and for that reason are more widely may be estimated at nearer to 40 to 45 per used. Notwithstanding occasional erratic move- cent of total money in circulation. ments, Wednesday figures ordinarily reflect Among the important uses of currency other with fair accuracy the direction of week-to- than for active circulation is its use by comweek changes. As a measure of the level of mercial and savings banks as vault cash. circulation, however, they are not so accurate In the years 1918-1930 the holdings of these as averages of daily figures, because money in banks, as estimated from available reports, were circulation varies considerably on different days about $900,000,000, but at present they are of the week and is usually lower by from about $700,000,000. The banks have learned $40,000,000 to $50,000,000 on Wednesday than from long exerience the amount of cash reon Friday or Saturday, when circulation is quired to carry on their business, and this highest. The Wednesday figure, therefore, is amount does not vary greatly from year to year between $20,000,000, and $25,000,000 lower except in response to changes in the volume than the average for the week. of the Nation's business or in the currency- A fourth series, giving end-of-month figures using habits of the people. Seasonally, howcompiled by the United States Treasury, is ever, cash holdings of banks vary considerably, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
736 FEDERAL RESERVE BULLETIN DECEMBER, 1932 in the main in response to the same currents the Treasury in response to changes in the pubof demand that govern the public use of money. lic need for money. It is with the seasonal In addition to the money held by the banks, changes in this stream that this article is there is a small amount of money—about concerned. $25,000,000—that is always in transit between Seasonal changes.—The accompanying chart the Federal reserve banks, which are the prin- shows the seasonal pattern of the volume of cipal currency depots for the country, and the commercial banks, which pay out cash direct to SEASONAL VARIATIONS IN MONEY IN CIRCULATION the public. This segment of circulation is also Wednesday basis, 1932 Calendar) subject to some seasonal variation. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 300 300 Currency held by the public for active use is in reality the "small change" of business, as the vast bulk of transactions are settled by check. 200 200 Currency is used for petty personal expenditures, for a part of retail trade, and in some industries and localities for paying wages. It is held by business houses for pay rolls, as till money for making change, and as receipts at the end of the day when banking hours are over, and by private citizens as pocket money for use in everyday expenditures. While individually these stocks of money are ordinarily small, they aggregate a large amount. More- 200 200 over, the larger part of the currency held in Jan. Feb. Mar. Apr. May June July Au£. Sept. Oct Nov Dec. this way is required to do the business of the CHART I.—Figures represent weekly variations of money in circucountry in good times and in bad. In view lation from the average for the year of the substantial minimum required for use by the public and the banks and the large mass of money in circulation on Wednesdays in a year currency that is in effect inert—being held when the calendar dates of the Wednesdays abroad, or in old or recent hoards—changes in are the same as in 1932. The figures are in the volume of circulation are usually small in millions of dollars and show the amount by proportion to the total volume of currency out- which circulation typically varies from the standing. Their effect on the money market, average for the year as a result solely of seahowever, may be considerable, because under sonal influences. These figures and similar our currency system, the currency must be ob- measures for other dates in the year are shown tained chiefly at the Federal reserve banks; in Table III. in fact, changes in currency demand constitute In the summer money in circulation is at a one of the most important factors in changes in low level, at times as much as $90,000,000 less the demand for reserve bank credit. than the average for the year. Late in July Currency moves into and out of the reserve and early in August demand begins to increase, banks and the Treasury in response to the and the expansion continues irregularly throughrequirements of individuals and of business out the autumn and early winter, reaching a houses passed on through the commercial banks. peak just before Christmas, when the circula- Neither business houses nor individuals ordi- tion is usually more than $400,000,000 above narily keep more money than is necessary. the low level of the summer. Immediately When, for any reason, there is a surplus on hand, after Christmas currency ordinarily returns it is ordinarily deposited in a bank, but banks rapidly to the Federal reserve banks and the also carry no more cash than they require. Treasury and late in January is at the seasonal Idle cash is a dead asset, and banks send it to minimum for the year. February and March the Federal reserve banks for deposit—or to bring a seasonal advance, followed by a decline correspondent banks which, in turn, ship it on as summer comes on. to the reserve banks—in order to retire borrow- Chart I and Table III also illustrate shortings or to build up reserve accounts. There is, time movements that recur regularly and for accordingly, a stream of currency constantly that reason are properly clasped with seasonal flowing into and out of the reserve banks and changes. Holidays, in particular, affect the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 737 demand for currency. In the last seven days reduced in January and February. It is not before Christmas, for example, about $100,000,- until spring, with purchases of Easter clothing 000 ordinarily goes into circulation; the Fourth and, later, supplies for spring and summer, that of July holiday, together with June month-end sales again increase substantially. requirements, takes about $75,000,000; the other holidays—February 22, May 30, etc.— SEASONAL VARIATIONS also increase the demand for currency, but by MILLIONS OF DOLLARS MILLIONS OF DOLLARS smaller amounts. After a holiday is over, cur- 250 250 rency returns to the Federal reserve banks and the Treasury. Increases also frequently occur at the end of the month and during the middle of the month. They are associated chiefly with the periodic settlement of personal bills and with the payment of wages. Making up pay rolls requires currency for a day or more in advance of pay day, and the payment of wages keeps currency outstanding for a few days after pay day, since the cash in pay envelopes or the cash proceeds of pay checks may be held for gradual spending. Next to weekly payment of wages, semimonthly wage payments are most usual in factories. Almost all the railroads pay wages semimonthly, although their payments extend over a number of days. Salaried workers in most industries are also paid either monthly or semimonthly. IT" -?OC£fw STORE:SALEJ _^ 1 Some of the factors in seasonal demand for *** currency are shown in the second chart, which 1 N^X1 illustrates the wide variety of demands for money for special uses. The curve at the top FACTORY PAYROLLS is a monthly measure of seasonal changes in " 1 1 Ss^ —' money in circulation; three of the curves which follow give estimated seasonal variations month PER CENT 20 GASOLINE CONSULAPT\ON 20 by month in the average daily volume of some JO 10 important branches of retail trade—sales by 0 0 department stores and grocery stores and sales 10 S to of gasoline. Pay rolls of factories are given as 20 20' 30 an illustration of seasonal changes in cash re- Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. quired for pay-roll purposes. CHART II.—Figures represent variations from the average for the year. There is a season of summer dullness in the Money in circulation, monthly averages of daily figures. Department store sales and grocery store sales, monthly variations in average daily type of trade represented by department-store sales, based on figures from Census of Distribution for 1929 and seasonal sales, but in September sales usually increase indexes of Federal Reserve Board. Factory pay rolls, monthly variations in average daily volume, based on Census figures for 1929 rapidly and in December they are at a very high and seasonal indexes of Federal Reserve Board. Gasoline consumption, seasonal indexes of Federal Reserve Bank of New York level because of Christmas shopping. Gift buying at this season—not only in department Grocery-store sales, which are made for cash stores, but in other shops as well—requires to an increasing extent and which in 1929 reprelarge amounts of pocket cash and of till money. sented more than 16 per cent of all retail sales, There are also other cash expenditures—for are much more stable throughout the year than holiday travel, for mailing letters and pack- sales by department stores. There is an inages, for larger purchases of special groceries, crease in the winter, especially in November etc.—which contribute to the increase in (Thanksgiving Day) and December (Christthe amount of money in circulaton in Decem- mas) and a fairly marked decrease in the sumber. After the holidays are over, this currency mer, buying being smallest in August. usually returns rapidly to the reserve banks. In Payments for gasoline, represented on the all of these holiday lines of trade, as illustrated chart by figures of gasoline consumption, are by department-store sales, business is greatly usually made for cash, and a considerable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
738 FEDERAL RESERVE BULLETIN DECEMBER, 1932 amount of money is required for that purpose, figures, with estimated seasonal variations both as small change for use in gas stations and eliminated, represent approximations of the as pocket money carried by automobile drivers. general level of the volume of circulation and In this instance the seasonal movement is reflect long-time changes and variations arising reversed from that of department store and gro- from the broad swings in business activity, cery store sales—summer is the busy season, as well as brief developments of a nonseasonal winter the dull one. Sales are largest in the nature that change the demand for currency. vacation months of July and August, and, to- While these changes are thus portrayed with gether with other vacation expenditures, they as much accuracy as the available data permit, explain in part the higher level of circulation in the figures are subject to important limitations July and August than in June. that are emphasized elsewhere in this article. The seasonal use of currency for wage pay- Chart III shows monthly figures, both with ments as illustrated by factory pay rolls does and without adjustment for seasonal variation, not vary greatly from month to month, al- since August, 1917, when the present regulathough, as explained above, there is a variation tions of the Federal reserve system with respect of considerable importance within the month. to cash held as reserves in the vaults of member There are two seasons when aggregate pay rolls banks became effective. It brings out the are relatively large—August, September, and rapid increase in the use of currency in the war October, in preparation for autumn and winter and early postwar years, when more than trade; and March, April, and May, in prepara- $1,500,000,000 was added to the circulation tion for spring and summer business. Mid- accompanying an expansion of trade and agrisummer and midwinter are relatively inactive culture and a rise in the cost of living which seasons for manufacturing industries as a group. increased the amount of cash required for per- In other industries the seasonal requirements of sonal expenditures. This growth was intercash for pay rolls are somewhat different from rupted briefly in the latter part of 1918 and those in factories, particularly in the construc- 1919, when the advance in industrial activity tion industry, in which weather has a much was checked temporarily following the end of greater effect on activity. hostilities, but was resumed late in 1919. At Seasonal activities in agriculture also influ- that time prices for agricultural products were ence the demand for currency. In the Federal rising rapidly and cash incomes and expendireserve districts which are dominantly agricul- tures of farmers as well as industrial workers tural the demand for currency shows a pro- were greatly expanded. After the collapse of nounced rise that begins with the harvesting commodity prices and the onset of business season in July and August and continues until depression in the middle of 1920, the amount late autumn, apparently reflecting the use of of currency in use declined by more than cash both in payment of wages by farmers and $1,000,000,000, as all branches of trade, indusin payment to farmers for crops and livestock. try, and agriculture were affected by depres- The gradual decline in the amount of money in sion, and wages, incomes, and the cost of living circulation in these areas after the harvest sea- were reduced. son indicates that in certain regions farmers The subsequent gradual increase from the hold a substantial amount of the proceeds from middle of 1922 to 1924 accompanied a growth the sale of their produce in cash, to be spent of business activity and a moderate rise in regradually as occasion requires; their supplies tail prices, but was also due in part to the exof funds appear to be smallest just before port of American paper currency to Europe at harvest. a time when many European currencies were Seasonally adjusted figures of money in cir- depreciated and American dollars were in deculation.—Starting with the statistics of the mand as a stable store of value. In general actual amount of money in circulation, as there was comparatively little change in the officially reported, measures of seasonal move- volume of circulation from 1924 to 1927, exment similar to those shown in Charts I and II cept for declines during the brief business have been used as adjustment factors to elimi- recessions in the middle of 1924 and at the end nate fluctuations of a seasonal nature. The of 1927. The highest level of circulation duramount of the seasonal variation, as shown in ing this period was reached in the summer of Tables I—III, is subtracted from the figure of 1926 when a decline began which, although actual volume of circulation on a given date. slight at first, became substantial in 1928 and The resulting seasonally adjusted figures are 1929, notwithstanding greatly increased indusgiven in Tables IV, V, and VI. These derived trial and speculative activity in those years. 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DECEMBER, 1932 FEDERAL RESERVE BULLETIN 739 This decline reflected a number of influences, in November, 1930, with the beginning of a not definitely measurable but important, some series of important bank suspensions in certain of which, indeed, had been operative for some areas, there began a period when demand for time. Among them were the return of Ameri- currency was influenced primarily by the degree can paper money from Europe after the stabili- of confidence in banks. Notwithstanding the zation of currencies there, the return of Ameri- fact that the requirements of the public for can currency from Cuba, and economies in the money for active use were constantly diminishuse of cash by banks, particularly in reserve ing during this period of the depression, the and central reserve cities. Another factor was amount of money in circulation increased, the growth of the use of checks both by individ- principally for the accumulation of private uals and by business houses. hoards and for additions to the cash holdings On two different occasions in 1929, the vol- of banks. This growth also represented the ume of circulation was expanded by temporary increase in demand for cash for use in cominfluences. When, in July, the new small-size munities which were left without banking fapaper bills were issued by the Treasury to re- cilities and the greater use of currency by MONEY IN CIRCULATION MILLIONS OF DOLLARS ( Monthly Averages of Daily Figures ) MILLIONS OF DOLLARS 6000 6000 5500 — 5500 5000 5000 4500 4500 4000 4000 3500 3500 1917 1918 1919 1920 1921 1922 19123 1924 1925 1926 1927 1928 1929 1930 1931 1932 CHART III place the old large-size issues, banks and the individuals who discontinued their checking public took a large stock for a few weeks, the accounts because of the imposition by some added demand at the reserve banks and the banks of additional service charges and, after Treasury amounting to nearly $100,000,000. June, 1932, because of the Federal tax on Again in late October and early November, checks. From late 1930 to October, 1931, following the collapse of prices on the New there was an export movement of American York Stock Exchange, there was a small de- paper money to Europe which combined with mand for currency both by banks and by the domestic demand to increase withdrawals from public. This currency soon returned to the the reserve banks and the Treasury; and in reserve banks and the Treasury, however, and 1932 an import movement which offset to some in 1930, as business depression deepened, the extent a large domestic demand. Because of volume of money in circulation declined rapidly, the presence of these influences, difficult to and by midsummer the general level was measure in dollars, the amount of money which $200,000,000 lower than in the early months of has gone into private hoards in this country 1929. can not be estimated with precision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
740 FEDERAL RESERVE BULLETIN DECEMBEE, 1932 The growth of money in circulation in theweek moving average centered at the twentypast two years has been irregular. The periods seventh week for the two sets of weekly figures. of most rapid expansion, as the chart shows, These differences from the moving average were in November and December, 1930, ac- form the basis for the selection of figures companying the suspension of two large banks which describe the pattern of seasonal fluctuain eastern cities; in the summer and early tions during the year. autumn of 1931 at a time of widespread bank For the monthly series the board's customary suspensions which were particularly numerous method of selecting typical seasonal measures in the Middle-west; again in the latter part of was followed, namely, arranging the differences December, 1931, and January, 1932, coinci- from the moving average for each of the 12 dent with important bank failures along the months in order of size and obtaining a typical Atlantic seaboard; and again during the past set of 12 seasonal adjustment factors by summer in connection with banking difficulties averaging the four or five middle-sized items in the Chicago area. This growth has been and adjusting the results to give an algebraic interrupted at intervals by renewed declines total of zero. These figures are given in Chart in the volume of money outstanding, particu- II and Table I and show the amount by which larly in November and the early part of De- average daily circulation in each month ordicember, 1931, after the organization of the narily varies from the average for all the months National Credit Corporation, and again in the in the year. spring of this year after the Reconstruction The two sets of weekly figures presented Finance Corporation began operations, and, certain difficulties of adjustment for which more recently, from late July to early October. new methods were devised. In the weekly Since that time there has been little change figures there is not only the main current of other than seasonal in the amount of money seasonal movement evident in the monthly in use. figures, reflecting changes in demand having Method.—In computing measures of seasonal their origin in changes in weather and in tradivariation, monthly figures for the period tional expenditures at certain seasons, but also August, 1917, to December, 1930, and weekly more temporary variations of a seasonal nature figures for the period January, 1922, to De-associated with the date of the month and the cember, 1930, were used, eliminating data for proximity to holidays, month-ends, mid-month more recent months because of the unusual periods, etc. currency movements of the period. The The current weekly reports of money in method was a variant of the moving average circulation are fixed according to their position method ordinarily used by the Federal Reserve in the week, i. e., Wednesday, or the average Board in computing indexes of seasonal varia- for the week ending on Saturday. The tion, the new departure being that the compu- Gregorian calendar, with 52 weeks and one tation of measures of seasonal movement was extra day in ordinary years and two extra made in millions of dollars rather than in thedays every fourth year, is so arranged that the more usual form of ratios or seasonal indexes. dates of Wednesday and Saturday shift by at Thus, the amount of the seasonal adjustment least one day each year and by two days every is absolute rather than relative, and does not fourth year. Thus, it is impossible to follow vary with the total volume of circulation. the simple expedient of computing a set of 52 The moving average method, as used by the seasonal factors, one for the first week, one for Federal Reserve Board, has been described the second week, etc. As a holiday or monthelsewhere.1 end approaches, a variation of three days often The method involves distinguishing seasonal makes a difference of several million dollars in movements from long-time growth and from the volume of money in circulation. Consechanges accompanying broad fluctuations in quently, it was necessary to estimate the seasonbusiness activity by computing differences from al level of demand for every date in the year, a moving average covering a complete annual because of the fact that in the course of a few seasonal cycle—in this case a 12-month moving years time a regular weekly report of money in average centered at the seventh month for the circulation comes on every date in the calendar. monthly averages of daily figures and a 52-Because of the limited period of years for which weekly figures are available there was usually i In the FEDERAL RESERVE BULLETIN for April, 1928, pp. 236-242, only one observation, or at the most, two, for in connection with statistics of trade, and in the Journal of the American Statistical Association for September, 1928, pp. 241-252, in connection any given date in the year. Approximations with statistics of industrial production. 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DECEMBER, 1932 FEDERAL RESERVE BULLETIN 741 to seasonal movements were derived from these seasonal adjustment factors derived from the data. monthly series, and wherever necessary adjust- The method was to compute a preliminary ments were made to bring them to the approxset of 52 seasonal adjustment factors, one for imate level of the monthly series. Measures each of 52 arbitrary 7-day periods (8-day in of seasonal movement for averages of daily two cases) into which the calendar year was figures for weeks ending on Saturday in Decemdivided.2 The weekly figures of the volume of ber, January, and other months in which money in circulation were adjusted for seasonal changes in currency demand are considerable, variation by the use of these factors, and the differ from monthly averages of daily figures irregular curve resulting was used in compari- because of a 6-day lag in the figures which are included in the weekly averages. son with a smoothed version of the same curve to estimate the additional corrections which Limitations of seasonal measures.—These would be necessary to make proper allowance measures of seasonal variation and the seafor day-to-day changes associated with par- sonally adjusted figures derived from them are ticular dates of each month. These corrections in the nature of approximations. The period for each day, added to the 52 preliminary ad- of years for which basic figures are available is relatively short, particularly for weekly justment factors, gave a set of 366 figures series; and there is evidence that seasonal measuring the seasonal level on each date in movements in demand for currency have the year. This was tested, and adjusted by recently been changing. At the month-end and inspection to smooth out erratic variations and the middle of the month, as indicated by a to bring the algebraic total of the 366 figures to study of the daily figures, there is apparently zero, including special holiday corrections. a tendency for the use of cash to increase, and The resulting figures are shown in Table II for the return flow to the reserve banks and the the weekly average series and in Table III for Treasury in the succeeding days is slower the Wednesday series. than usual, probably because of the less general Three migrating holidays—Easter, Labor use of small bank accounts. The result is to Day, and Thanksgiving—which are fixed with reduce the range of seasonal movement somerespect to the day of the week but for which what. The amount of this change in seasonal the date shifts from year to year, required movement, which is important chiefly in the special adjustments in the Wednesday series. Wednesday series, can be measured only after On the Wednesday before Easter Sunday, the records become available for a longer period Wednesday following the Monday holiday for of time. Labor Day, and the day before Thanksgiving there was an unusual increase in circulation, Constant measures of seasonal movement, unvarying in amount regardless of the total estimated as follows: volume of money in circulation, were used in [In millions of dollars] preference to seasonal indexes, notwithstand- Easter (Wednesday before) 12 ing certain obvious shortcomings of this pro- Labor Day (Wednesday after) 19 Thanksgiving (Wednesday before) 35 cedure, because the experience of past years indicates that the amount of seasonal varia- These figures were added to the seasonal tion varies by less than the change in the measures for particular dates shown in Table total volume of circulation. Moreover, at a III. time like the present, when there is a large In the weekly average series an additional ad- inactive element in the money outside the justment of $9,000,000 was made for currency reserve banks and the Treasury, the use of a demand in the week before Easter, but for seasonal adjustment on the more common Labor Day and Thanksgiving special adjust- basis of relatives would give erroneous results. ments were not necessary since the process of If the relative method were used, there would averaging the daily figures reduced the effect be a larger range of seasonal adjustment in of the holiday demand, inasmuch as the dates terms of dollars in 1932 than in any year since of these two holidays vary within a maximum 1920, notwithstanding the fact that the seasonal period of six calendar days. movement, if it has varied at all, must have been Measures of seasonal variation derived from reduced rather than increased. In these cirthe two weekly series for each date in every cumstances a constant seasonal adjustment was month were averaged and compared with the used in preference to a relative adjustment, subject to revisions which may become advisable in 2 A detailed description of the method used is available on request fr the course of time. the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
742 FEDEKAL RESERVE BULLETIN DECEMBER, 1932 TABLE I.—ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—MONTHLY AVERAGES OF DAILY FIGURES [In millions of dollars] January February March April May June July August Sep b t e e r m- October No b v e e r m- De b c e e r m- Differences from the average for the year -15 -65 -50 -45 -60 -63 -47 -40 +30 +64 +81 +210 TABLE II.—ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—WEEKLY AVERAGES OF DAILY FIGURES [Differences from the average for the year. In millions of dollars. Figures are for week ending Saturday on date specified] Date January February March i April i May June July August Se b p e te r m - October No b v e e r m- De b c e e r m- 1- +225 -96 -40 -55 -59 -42 -56 -80 -11 +43 +52 +100 2_ +218 -96 -39 -51 -58 -40 -46 -75 -9 +49 +56 +100 3_ +175 -95 -37 -47 -55 -38 -36 -73 -1 +53 +62 +104 4_ +170 -93 -33 -41 -48 -36 IT -70 +5 +61 +66 +108 5_ +157 -90 -33 -32 -47 -36 -5 -57 +10 +61 +72 +115 6_. +145 -88 -32 -32 -47 -38 +3 -51 +24 +61 +81 +125 7. +130 -85 -31 -29 -47 -42 +10 -47 +29 +64 +86 +134 8. +115 -85 -35 -29 -48 -43 +12 -45 +40 +66 +90 +142 9_ +90 -83 -37 -30 -48 -45 +10 -43 +42 +68 +92 +144 10 +65 -84 -40 -34 -49 -E0 +7 -43 +44 +72 +91 +154 11 +40 -80 -41 -37 -53 -58 -10 -43 +45 +73 +91 +155 12 +35 -77 -45 -38 -56 -61 -16 -43 +43 +75 +87 +156 13. +18 -70 -50 -38 -58 -61 -19 -43 +36 +76 +83 +160 14 +6 -70 -50 -38 -62 -64 -28 -40 +33 +79 +82 +165 15 -10 -65 -52 -38 -65 -66 -38 -40 +33 +81 +80 +170 16 -30 -63 -53 -38 -66 -69 -51 -40 +33 +81 +79 +177 17 -40 -65 -55 -38 -66 -72 -51 -38 +33 +78 +75 +185 18 -50 -66 -56 -39 -68 -72 -57 -38 +32 +78 +74 +200 19 -55 -69 -57 -44 -69 -72 -64 -38 +31 +69 +72 +212 20 -60 -67 -58 -44 -71 -72 -68 -37 +29 +69 +70 +222 21 -69 -65 -60 -50 -71 -75 -72 -37 +27 +64 +67 +234 22 -75 -62 -61 -50 -74 -75 -73 -35 +27 +59 +63 +257 23 -80 -57 -62 -53 -75 -75 -80 -35 +27 +54 +60 +267 24 -85 -52 -63 -56 -78 -75 -83 -34 +31 +51 +60 +280 25 -88 -47 -65 -60 -78 -80 -86 -34 +31 +49 +65 +298 26 -92 -47 -66 -63 -74 -80 -88 -33 +33 +49 +74 +315 27 -94 -47 -66 -65 -74 -79 -88 -32 +32 +48 +80 +300 28 -97 -47 -65 -66 -68 -77 -86 -30 +32 +46 +84 +297 29 -99 -45 -64 -66 -60 -72 -86 -25 +35 +42 +89 +275 3 3 0 1 — 1 1 0 00 0 — -5 5 7 9 —64 - — 4 8 53 -64 — -8 8 4 6 — -2 2 0 0 +39 + + 4 5 6 1 +90 + +2 2 4 5 7 0 i Special holiday correction to be added: Wpek before Easter, $9,000,000. TABLE III.—ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—WEDNESDAY SERIES [Differences from the average for the year. In millions of dollars] Date (Wednesday) January February March i April i May June July August Se b p e t r e m i - October . No b v e e r m i - De b c e e r m- 1- +185 -88 -32 -32 -43 -13 -8 -65 -5 +60 +64 +102 2- +175 -85 -30 -27 -44 -14 +29 -60 -2 +65 +76 +J08 3- +156 -85 -29 -25 -45 -35 +37 -55 +36 +67 +93 +117 4_ +135 -86 -29 -26 -46 -40 +36 -56 +40 +67 +93 +142 5_ +114 -86 -33 -28 -48 -44 +35 -55 +33 +66 +95 +145 6_ +99 -86 -34 -29 -50 -49 +33 -51 +35 +66 +95 +153 7_ +75 -86 -43 -38 -55 -53 +28 -45 +40 +66 +95 +154 8- +50 -82 -44 -35 -56 -59 -12 -45 +40 +67 +95 +154 9- +23 -78 -49 -40 -60 -59 -15 -46 +38 +70 +95 +153 10. +10 -69 -49 -42 -61 -61 -21 -48 +37 +87 +83 +146 11. -5 -57 -51 -42 -65 -64 -33 -46 +31 +93 +81 +160 12. -14 -57 -52 -40 -69 -70 -42 -46 +30 +93 +83 +173 13. -30 -55 -53 -36 -70 -70 -47 -46 +28 +94 +83 +180 14. -30 -62 -54 -36 -72 -76 -52 -36 +28 +82 +78 +187 15. —40 -68 -54 -39 -70 -77 -57 -35 +26 +82 +77 +194 16. -56 -80 -58 -43 -68 -78 -60 -38 +23 +79 +62 +197 17. -63 -80 -59 -44 -70 -72 -66 -40 +22 +68 +59 +210 18. -65 -82 -59 -49 -75 -70 -72 -40 +19 +66 +59 +234 19. -65 -70 -61 -49 -81 -75 -73 -40 +17 +60 +59 +260 20. -67 -55 -61 -53 -80 -75 -79 -37 +17 +53 +57 +270 21 -75 -41 -60 -55 -80 -75 -85 -35 +20 +48 +57 +287 22. -75 -41 -60 -59 -80 -87 -86 -33 +18 +48 +57 +323 23. -90 -35 -62 -61 -80 -86 -89 -32 +17 +47 +63 +341 24. -100 -40 -67 -65 -80 -80 -91 -36 +20 +46 +64 +342 25. -100 -46 -68 -73 -77 -76 -91 -35 +20 +46 +76 +342 26. -100 -50 -63 -73 -73 -70 -91 -28 +25 +45 +78 +320 27. -100 -45 -62 -68 -60 -70 -89 -28 +32 +45 +92 +251 28. -101 -41 -63 -58 -37 -71 -90 -27 +33 +45 +102 +234 29. -102 -40 -59 -55 -28 -51 -89 -20 +43 +46 +89 +200 30. —98 -53 —54 -33 -39 —81 — 18 +49 +48 +93 +196 31. -96 -45 -31 -75 -12 +62 +191 i Special holiday corrections to be added: Wednesday before Easter, $12,000,000; Wednesday after Labor Day, $19,000,000; Wednesday before Thanksgiving, $35,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 743 TABLE IV.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—MONTHLY AVERAGES OF DAILY FIGURES [In millions of dollars] Month 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 January 4,321 5,065 5,246 5,416 4,542 4,694 4,862 4,878 4,906 4,919 4,800 4,763 4,667 4,710 5,660 February... 4,345 4,997 5,350 5,328 4,516 4,737 4,897 4,870 4,919 4, 908 4,774 4, 751 4,619 4,663 5,692 March 4,423 4,992 5,448 5,254 4,533 4,763 4,920 4,865 4,914 4,906 4,760 4,759 4,582 4,640 5,581 April 4,468 5,015 5,417 5,123 4,527 4,776 4,931 4,848 4,927 4,924 4,775 4,724 4,563 4,692 5,497 May. 4,461 5,001 5,474 5,102 4, 510 4,824 4,926 4,851 4,931 4,920 4,782 4,744 4,557 4,739 5, 516 June 4,511 4,954 5,511 4,999 4,492 4,842 4,893 4,853 4,944 4,894 4,799 4,750 4,552 4,813 5,593 July. 4, 567 4,943 5,525 4,904 4,490 4,859 4,857 4,841 4,963 4,898 4,793 4,811 4,530 4,883 5,798 August 4,041 4,706 4,953 5,549 4,811 4,488 4,873 4,840 4,857 4,952 4,889 4,783 4,817 4,516 4,987 5,760 September.. 4,031 4,881 4,959 5,570 4,722 4,522 4,871 4,823 4,878 4,939 4,887 4,774 4,781 4,463 5,103 5,655 October 4,088 5,070 5,042 5,609 4,657 4,579 4,877 4,827 4,881 4,937 4,870 4,772 4,746 4,437 5,414 5. 579 November.. 4,122 5,102 5,127 5,581 4,592 4,590 4,872 4,889 4,879 4,924 4,854 4,779 4,764 4,447 5,437 5,562 December.. 4,132 5,033 5,132 5,448 4,508 4,617 4,861 4,878 4, 909 4,921 4,838 4,798 4,733 4,613 5,401 TABLE V.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEEKLY AVERAGES OF DAILY FIGURES [In millions of dollars] 1922 1923 1924 1925 1926 1927 W (S e a e t k u r e d n a d y i ) n - g Amount W (Sa e t e u k r d e a n y d ) i — ng Amount W (Sa e t e u k r d e a n y d ) i — ng Amount ( W Sa e t e u k r d e a n y d ) i — ng Amount W (Sa e t e u k r d e a n y d ) i — ng Amount W (Sa e t e u k r d e a n y d ) i — ng Amount Jan. 7 4,535 Jan. 6.-.. 4,653 Jan. 5 4,861 Jan. 3— 4,898 Jan. 2—_ 4,921 Jan. l—_ 4,916 Jan. 14 4,552 Jan. 13._. 4,688 Jan. 12... 4,861 Jan. 10... 4,889 Jan. 9 4,908 Jan.8 4,908 Jan. 21 4,552 Jan. 20... 4,703 Jan. 19. _. 4,861 Jan. 17— 4,886 Jan. 16— 4,902 Jan. 15— 4,918 Jan."28 4,535 Jan. 27... 4,713 Jan. 26... 4,872 Jan. 24... 4,880 Jan. 23__. 4,908 Jan. 22... 4,925 Feb. 4 4,533 Feb. 3—. 4,726 Feb. 2—. 4,877 Jan. 31— 4,878 Jan. 30— 4,915 Jan. 29— 4,922 Feb. 11 — 4,518 Feb. 10.. 4,731 Feb. 9— 4,885 Feb. 7—. 4,876 Feb. 6.... 4,921 Feb. 5—. 4,921 Feb. .18 4,511 Feb. 17- 4,733 Feb. 16— 4,889 Feb. 14... 4,879 Feb. 13... 4,921 Feb. 12— 4,913 Feb. 25.— 4,507 Feb. 24- 4,745 Feb. 23. . 4,903 Feb. 21... 4,866 Feb. 20— 4,919 Feb. 19... 4,901 Mar. 4 4, 523 Mar. 3... 4,753 Mar. 1... 4,909 Feb. 28... 4,865 Feb. 27— 4,918 Feb. 26... 4,906 Mar. 11— 4,531 Mar. 10.. 4,755 Mar. 8... 4,910 Mar. 7... 4,870 Mar. 6... 4,918 Mar. 5... 4,908 Mar. 18— 4,536 Mar. 17.. 4,762 Mar. 15.- 4,921 Mar. 14.. 4,871 Mar. 13.. 4,917 Mar. 12.. 4,906 Mar. 25.... 4,542 Mar. 24_. 4,768 Mar. 22. _ 4,923 Mar. 21.. 4,865 Mar. 20. _ 4,919 Mar. 19.- 4,909 Apr. 1 4,534 Mar. 31.. 4,768 Mar. 29.. 4,931 Mar. 28.. 4,861 Mar. 27.. 4,918 Mar. 26.. 4,914 Apr. 8 4,529 Apr. 7.... 4, 765 Apr. 5 4,929 Apr. 4— 4,858 Apr. 3—. 4,916 Apr. 2—. 4,917 Apr. 15 4,526 Apr. 14__. 4,767 Apr. 12-. 4,936 Apr. 11— 4,854 Apr. 10... 4,919 Apr. 9... 4,923 Apr. 22 4,526 Apr. 21- 4,775 Apr. 19... 4,930 Apr. 18... 4,847 Apr. 17— 4,925 Apr. 16— 4,923 Apr. 29._ 4,520 Apr. 28- 4,793 Apr. 26... 4,934 Apr. 25... 4,844 Apr. 24... 4,930 Apr. 23— 4,922 May 6— 4,519 May 5__ 4,806 May 3_-. 4,926 May 2__. 4,843 May 1__. 4,934 Apr. 30— 4,919 May 13 4,519 May 12_. 4,817 May 10_ _ 4,924 May 9__. 4,845 May8-_. 4,929 May7__. 4,917 May 20 4,513 May 19_. 4,828 May 17-_ 4,926 May 16_. 4,849 May 15-_ 4,931 May 14_ _ 4,923 May 27 4, 503 May 26.. 4,832 May 24 __ 4,927 May 23_ . 4,851 May 22_ _ 4,926 May 21_ _ 4,921 June 3. 4,492 June 2-_. 4,835 May 31__ 4,920 May 30_ - 4,851 May 29__ 4,927 May 28_ _ 4,914 June 10. 4,492 June 4,838 June 7_ 4,912 June6-_. 4,858 June 5 4,949 June 4 4,916 June 17 4,488 June 16__ 4,839 June 14-_ 4,896 June 13 __ 4,857 June 12_ _ 4,945 June 11__ 4,901 June 24.. 4,494 June23__ 4,838 June 21 __ 4,885 June 20. _ 4,849 June W.- 4,945 June 18. _ 4,895 July 1 4,489 June 3O._ 4,842 June 28_- 4,883 June 27._ 4,849 June 26._ 4,947 June 25.. 4,888 July 8. 4,484 July7—. 4,849 July 5—. 4,885 July 4___. 4,835 July 3 4,954 July 2 4,894 July 15 4,490 July 14... 4,857 July 12... 4,874 July 11— 4,842 July 10— 4,964 July 9—. 4,901 July 22 4,492 July 21... 4,863 July 19... 4,856 July 18— 4,844 July 17... 4,964 July 16... 4,896 July 29 4,493 July 28— 4,863 July 26— 4,846 July 25... 4,848 July 24... 4,963 July 23.. 4,899 Aug. 5 4,484 Aug. 4-_. 4,863 Aug. 2-_. 4,836 Aug. 1__. 4,844 July 31... 4,965 July 3O._. 4,8" Aug. 12— 4,482 Aug. 11 __ 4,877 Aug. 9.-. 4,827 Aug. 8__. 4,839 Aug. 7__. 4,947 Aug. 6__. 4,8 Aug. 19 4,485 Aug. 18-- 4,881 Aug. 16__ 4,833 Aug. 15_- 4,848 Aug. 14_ _ 4,953 Aug. 13.._ Aug. 26 4,492 Aug. 25 __ 4,867 Aug. 23 __ 4,834 Aug. 22_. 4,857 Aug. 21__ 4,951 Aug. 20. _ 4,8 Sept. 2 4,489 Sept. 1... 4,862 Aug. 30-_ 4,840 Aug. 29_- 4,862 Aug. 28__ 4,945 Aug. 27__ 4,886 Sept. 9 4,499 Sept. 8_- 4,859 Sept. 6— 4,842 Sept. 5... 4,860 Sept. 4— 4,939 Sept. 3— 4,886 Sept. 16__. 4,512 Sept. 15.. 4,867 Sept. 13.. 4,818 Sept. 12.. 4,872 Sept. 11.. 4,943 Sept. 10.. 4,891 Sept. 23__. 4,528 Sept. 22.. 4,864 Sept. 20.. 4,814 Sept. 19.. 4,886 Sept. 18.. 4,938 Sept. 17.. 4,883 Sept. 30.... 4,540 Sept. 29.. 4,873 Sept. 27._ 4,812 Sept. 26.. 4,877 Sept. 25.. 4,927 Sept. 24-_ 4,878 Oct. 7--... 4,558 Get. 6.... 4,881 Oct. 4_--_ 4,814 Oct. 3.... 4,883 Oct. 2_._. 4,934 Oct. 1 4,874 Oct. 14 4,581 Oct. 13— 4,883 Oct. 11— 4,812 Oct. 10... 4,887 Oct. 9 4,937 Oct. 8— 4,876 Oct. 21 4,590 Oct. 20... 4,876 Oct. 18— 4,820 Oct. 17... 4,878 Oct. 16... 4,934 Oct. 15... 4,870 Oct. 28 4,588 Oct. 27... 4,879 Oct. 25— 4,838 Oct. 24__. 4,881 Oct. 23... 4,935 Oct. 22... 4,870 Nov. 4 4,584 Nov. 3-.. 4,877 Nov. l.._ 4,855 Oct. 31... 4,877 Oct. 30... 4,942 Oct. 29— 4,867 Nov. 11— 4,590 Nov. 10.. 4,869 Nov. 8-- 4,866 ]\ov. 7... 4,870 Nov. 6... 4,935 Nov. 5.-_ 4,858 Nov. 18--. 4,600 Nov. 17_. 4,877 Nov. 15.. 4,884 Nov. 14.. 4,868 Nov. 13.. 4,919 Nov. 12.. 4,862 Nov. 25 4,594 Nov. 24.. 4,876 Nov. 22.. 4,895 Nov. 21 _. 4,872 Nov. 20.. 4,918 Nov. 19-. 4,856 Dec. 2 4,608 Dec. 1.... 4,876 Nov. 29.. 4,906 Nov. 28.. 4,891 Nov. 27.. 4,928 Nov. 26-. 4,860 Dec. 9 4,617 Dec. 8—. 4,868 Tec. 6— 4,899 Dec. 5—. 4,901 Dec. 4.— 4,930 Dec. 3— 4,852 Dec. 16 4,617 Dec. 15... 4,866 Dec. 13... 4,883 Dec. 12— 4,899 Dec. 11... 4,927 L<ec. 10... 4,843 Dec. 23 4,627 Dec. 22... 4,860 Dec. 20— 4,875 Dec. 19— 4,907 Dec. 18-... 4,926 Dec. 17— 4,848 Dec. 30 4,630 Dec. 29... 4,859 Dec. 27— 4,881 Dec. 26— 4,920 Dec. 25... 4,923 Dec. 24... 4,840 Dec. 31... 4,828 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
744 FEDERAL RESERVE BULLETIN DECEMBER, 1932 TABLE V.- -SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEEKLY AVERAGES OF DAILY FIGURES—Continued [In millions of dollars] 1928 1929 1930 1931 1932 W (S ee a k tu e rd n a d y in ) g Amount W (S ee at k u r e d n a d y in ) g Amount W (S ee a k tu e rd n a d y in ) g Amount W (S ee a k tu e rd n a d y in ) g Amount W (S ee a k tu e rd n a d y in ) g Amount Jan. 7... 4,821 Jan. S.- 4,775 Jan. 4_ 4,696 Jan. 3... 4,734 Jan. 2__ 5,448 Jan. 14._ 4,803 Jan. 12. 4, 758 Jan. 11. 4, 682 Jan.10- 4,744 Jan. 9-_ 5,590 Jan. 21._ 4,798 Jan. 19. 4,777 Jan. 18. 4, 679 Jan.17. 4,723 Jan.16_ 5,676 Jan. 28- 4,787 Jan. 26.. 4,769 Jan. 25. 4,674 Jan. 24. 4,706 Jan. 23. 5,712 Jan. 31. 4,681 Jan. 30.. 5,717 Feb. 4... 4,789 Feb. 2 4,760 Feb. 1 4,645 Feb. 11.. 4,789 Feb. 9 4, 758 Feb. 8 4,643 Feb. 7— 4,684 Feb. 6_. 5,733 Feb. 18- 4,776 Feb.16 4,752 Feb. 15—. 4,628 Feb. 14... 4,675 Feb. 13_. 5,712 Feb. 25- 4,761 Feb. 23 4,748 Feb. 22.... 4,611 Feb. 21... 4,655 Feb. 20.. 5,694 Feb. 28... 4,643 Feb. 27.. 5,652 Mar. 3.. 4, 756 Mar. 2 4,745 Mar. 1 4,586 Mar. 10. 4,758 Mar. 9 4,760 Mar. 8 4,597 Mar. 7_. 4,632 Mar. 5.. 5,627 Mar. 17. 4,760 Mar. 16 4,756 Mar. 15 4, 586 Mar. 14. 4,637 Mar. 12. 5,608 Mar. 24. 4,762 Mar. 23 4,754 Mar. 22 4,577 Mar. 21. 4,648 Mar. 19. 5,594 Mar. 31. 4,762 Mar. 30 4,752 Mar. 29 4,569 Mar. 28. 4,642 Mar. 26. 5,555 Apr 7 4,771 Apr. ( 4,739 Apr. 5... 4,572 Apr. 4... 4,670 Apr. 2.. 5,520 Apr. 14.... 4, 773 Apr. 13.. 4,717 Apr. 12.. 4,567 Apr. 11- 4,684 Apr. 9.. 5, 505 Apr. 21... 4,768 Apr. 20.. 4,720 Apr. 19.. 4,566 Apr. 18_. 4,687 Apr. 16.. 5,488 Apr. 28—. 4,776 Apr. 27.. 4,729 Apr. 26- 4,563 Apr. 25_. 4,705 Apr. 23.. 5, 495 Apr. 30- 5,492 May 5_. 4,785 May. 4 4,738 May 3 4,557 May 2__ 4,713 May 12. 4,782 May 11 4,740 May 10 4,557 May 9.. 4,743 May 7._ 5,512 May 19. 4,786 May 18 4,745 May 17 4,551 May 16. 4,736 May 14_ 5, 519 May 26. 4,783 May 25 4,749 May 24 4,552 May 23. 4, 74P May 21. 5,530 May 31 4,555 May 30. 4,723 May 28. 5,507 June 2... 4,782 June 1 4,745 June 9... 4,782 June 8 4,747 June 7 4, 551 June 6— 4,732 June 4__. 5, 513 June 16.. 4,797 June 15 4, 741 June 14 4,553 June 13-. 4,797 June 11.. 5,531 June 23.. 4,802 June 22 4,744 June 21 4,557 June 20- 4,845 June 18.. 5,557 June 30.. 4,804 June 29 4,755 June 28 4,545 June 27.. 4,844 June 25.. 5,636 July 7... 4,806 July 6-_ 4,765 July 5__. 4,560 July 4— 4,856 July 2— 5,749 July 14.. 4,797 July 13- 4,819 July 12_ _. 4,542 July 11- 4,870 July 9— 5,775 July 21.. 4,792 July 20- 4,843 July 19.. 4,534 July 18.. 4,887 July 16.. 5, 796 July 28.. 4,782 July27 _ 4,822 July 26- 4,524 July 25.. 4,903 July 23- 5,831 July 30- 5, 804 Aug. 4... 4,784 Aug. 3— 4,814 Aug. 2__ 4,508 Aug. 1... 4,892 Aug. 11_. 4,776 Aug. 10. 4,812 Aug. 9... 4,509 Aug. 8_. 4,918 Aug. 6... 5,789 Aug. 18.. 4,782 Aug. 17. 4,815 Aug. 16.. 4,511 Aug. 15-. 4,958 Aug. 13.. 5,768 Aug. 25.. 4,786 Aug. 24. 4,812 Aug. 23.. 4, 510 Aug. 22.. 5,004 Aug. 20-. 5,762 Aug. 31. 4,810 Aug. 30.. 4, 506 Aug. 29.. 5,038 Aug. 27.. 5,738 Sept. l._ 4,780 Sept. 8... 4,778 Sept. 7__ 4,812 Sept. 6.. 4, 502 Sept. 5__ 5,050 Sept. 3._ 5,710 Sept. 15. 4,764 Sept. 14. 4,789 Sept. 13.. 4, 458 Sept. 12. 5,062 Sept. 10., 5,688 Sept. 22. 4,762 Sept. 21. 4.771 Sept. 20.. 4,453 Sept. 19- 5,077 Sept. 17. 5,657 Sept. 29. 4,771 Sept. 28. 4,750 Sept. 27.. 4,438 Sept. 26. 5,143 Sept. 24. 5,629 Oct. 6__. 4,775 Oct. 5_._ 4,753 Oct. 4__ 4,456 Oct. 3_. 5,228 Oct. 1_. 5,592 Oct. 13.. 4, Oct. 12. . 4,747 Oct. 11. 4,448 Oct. 10. 5,365 Oct. 8... 5,600 Oct. 20.. 4,777 Oct. 19. 4,749 Oct. 18. 4.442 Oct. 17. 5,417 Oct. 15. 5, 581 Oct. 27.. 4,776 Oct. 26.. 4,742 Oct. 25. 4,433 Oct. 24. 5,473 Oct. 22.. 5,582 Oct. 31.. 5,461 Oct. 29.. 5,566 Nov. 3.. 4,772 Nov. 2.. 4,765 Nov. l._ 4,415 Nov. 10. 4,774 Nov. 9_. 4,762 Nov. 8-. 4,416 Nov. 7.. 5,466 Nov. 5.. 5,560 Nov. 17. 4,777 Nov. 16. 4,767 Nov. 15. 4,418 Nov. 14- 5,453 Nov. 12. 5,570 Nov. 24. 4,775 Nov. 23. 4,756 Nov. 22. 4.450 Nov. 21- 5,430 Nov. 19. 5, 570 Nov. 30. 4,770 Nov. 29. 4,491 Nov. 28. 5,402 Nov. 26. 5, 561 Dec. 1... 4,808 Dec. 8... 4,805 Dec. 7-.. 4,763 Dec. 6... 4,513 Dec. 5— 5,412 Dec. 3__. Dec. 15.. 4,798 Dec. 14.. 4,741 Dec. 13.. 4,570 Dec. 12_. 5,373 Dec. 10.. £>ec. 22_. 4,803 Dec. 21.. 4,734 Dec. 20.. 4,648 Dec. 19.. 5,387 Dec. 17.. Dec. 29__ 4,799 Dec. 28.. 4,724 Dec. 27.. 4,677 Dec. 26.. 5,412 Dec. 24.. Dec. 31.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 745 TABLE VI.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEDNESDAY SERIES [In millions of dollars] 1922 1923 1924 1925 1926 1927 (Wed D n a e t s e day) Amount (We D dn a e te sday) Amount (We D dn a e te sday) Amount (We D dn a e te sday) Amount (Wed D n a e t s e day) Amount (We D dn a e te sday) Amount Jan. 4-__ 4,550 Jan. 3... 4,652 Jan. 2._. 4,852 Jan. 7_._ 4,856 Jan. 6.— 4,868 Jan. 5_- 4,885 Jan. 11. 4,545 Jan. 10.. 4,682 Jan. 9___ 4,855 Jan. 14-. 4,854 Jan. 13- 4,868 Jan.12__ Jan. 18.. 4,540 Jan. 17— 4,692 Jan. 16- 4,844 Jan.21._ 4,850 Jan. 20- 4,870 Jan.19-. Jan. 25.. 4,524 Jan. 24- 4,704 Jan. 23._ 4,853 Jan. 28.. 4,853 Jan. 27- 4,886 Jan. 26- Jan. 31... 4,710 Jan. 30-_ 4,857 Feb. 1 4,519 Feb. 4... 4,861 Feb. 3,._. 4,890 Feb. 2... 4,894 Feb. 8 4,496 Feb. 7-.. 4,714 Feb. 6_... 4,865 Feb. 11... 4,861 Feb. 10.. 4,909 Feb. 9— Feb. 15 4,499 Feb. 14... 4,722 Feb. 13_. 4, 875 Feb. 18.. 4,858 Feb. 17- 4,907 Feb. 16... 4,884 Feb. 22,._. 4,498 Feb. 21.. 4,737 Feb. 20.- 4,883 Feb. 25... 4,852 Feb. 24.. 4,895 Feb. 23.. 4,885 Feb. 28- 4,744 Feb. 27- 4,887 Mar. 1... 4, 512 Mar. 4. _. 4,850 Mar. 3.. 4,891 Mar. 2.. 4,884 Mar. 8... 4,523 Mar. 7.- 4,743 Mar. 5.. 4,888 Mar. 11. 4,852 Mar. 10. 4,887 Mar. 9— 4, 885 Mar. 15.. 4,520 Mar. 14. 4,744 Mar. 12. 4,897 Mar. 18.. 4,844 Mar. 17. 4,895 Mar. 16. 4,884 Mar. 22.. 4,527 Mar. 21. 4,745 Mar. 19. 4,901 Mar. 25.. 4,843 Mar. 24. 4,895 Mar. 23. 4,884 Mar. 29.. 4,522 Mar. 28. 4,750 Mar. 26. 4,913 Mar. 31.. 4,893 Mar. 30. 4,885 Apr. 1— 4,835 Apr. 5... 4,516 Apr. 4... 4,747 Apr. 2... 4,918 Apr. 8—. 4,835 Apr. 7_... 4,891 Apr. 6— 4,889 Apr. 12.. 4,512 Apr. 11__ 4,753 Apr. O.- 4,918 Apr. 15.. 4,827 Apr. 14.. 4,899 Apr. 13... 4,889 Apr. 19.. 4,512 Apr. 18... 4,758 Apr. 16- 4,916 Apr. 22__ 4,823 Apr. 21.. 4,898 Apr. 20- 4,889 Apr. 26.. 4,510 Apr. 25_. 4,783 Api. 23.. 4,916 Apr. 29.. 4,827 Apr. 28- 4,898 Apr. 27_. 4,889 Apr. 30- 4,907 May 3... 4,511 May 2.. 4,792 May6... 4,832 May 5... May 4... 4,886 May 10.. 4,510 May 9— 4,804 May 7... 4,910 May 13. _ 4,828 May 12-. 4,896 May 11.- 4,893 May 17.. 4,509 May 16_ 4,811 May 14.. 4.912 May 20-. 4,827 May 19.. May 18.. 4,894 May 24.. 4,496 May 23. 4,817 May 21.. 4,906 May 27.. 4,831 May26- 4,901 May 25.. 4,887 May 31.. 4, 486 May 30- 4,817 May 28.. 4.901 June 3... 4,833 June 2... 4,918 June 1 4,879 June 7... 4,479 June 6__. 4,823 June 4_—. 4.897 June 10— 4,833 June 9 4,919 June 8—. 4,871 June 14.. 4,471 June 13.. 4,818 June 11__ 4,872 June 17... 4,830 June 16.. 4,922 June 15.. 4,871 June 21.. 4,479 June 20.- 4,818 June 18.. 4,861 June 24. _ 4,828 June 23.- 4,923 June 22.. 4,862 June 28.. 4,469 June 27.. 4,821 June25- 4,857 June 30- 4,924 June 29.. 4, 856 July 1... 4,825 July 5... 4,468 July 4... 4,823 July 2_._ 4,855 July8__- 4,818 July 7.... 4,934 July6— 4,864 July 12.. 4,473 July 11- _ 4,839 July 9-_ 4,854 July 15.. 4,819 July 14-. 4,935 July 13— 4,856 July 19.. 4,479 July 18- 4,842 July 16- 4,837 July 22. 4,826 July 21— 4,934 July 20..- 4,865 July 26.. 4,484 July 25.. 4,850 July 23.. 4,829 July 29.. 4,820 July 28... 4,937 July27.__ 4,865 July 30- 4,825 Aug. 2... 4,478 Aug. 1... 4,840 Aug. 5... 4,827 Aug. 4... 4,931 Aug. 3... 4,866 Aug. 9... 4,474 Aug. 8... 4,872 Aug. 6... 4,814 Aug. 12. _ 4,833 Aug. 11-. 4,932 Aug. 10- 4,863 Aug. 16.. 4,472 Aug. 15.. 4,861 Aug. 13.. 4,817 Aug. 19.. 4,838 Aug. 18.. 4,931 Aug. 17— 4,864 Aug. 23.. 4,480 Aug. 22.. 4,846 Aug. 20. 4,818 Aug. 26.. 4,844 Aug. 25. _ 4,922 Aug. 24.. 4,861 Aug. 30- 4,477 Aug. 29_. 4,846 Aug. 27.. 4,818 Aug. 31.. 4,866 Sept. 2__. 4,843 Sept. 1— 4,919 Sept. 6... 4,485 Sept. 5-__ 4,841 Sept. 3__ 4,808 Sept. 9._. 4,849 Sept. 8._- 4,916 Sept. 7— 4,860 Sept. 13_. 4,502 Sept. 12.. 4,853 Sept. 10. 4,799 Sept. 16.- 4,876 Sept. 15. _ 4,915 Sept. 14.. 4,853 Sept. 20.. 4,523 Sept. 19.. 4,853 Sept. 17. 4,803 Sept. 23.. 4,871 Sept. 22.. 4,912 Sept. 21.. 4,854 Sept. 27.. 4,529 Sept. 26.. 4,859 Sept. 24. 4,803 Sept. 30. _ 4,867 Sept. 29.. 4,910 Sept. 28- 4,845 Oct. 4.. 4,541 Oct. 3_- 4,859 Oct. 1... 4,801 Oct. 7... Oct. 6... 4,904 Oct. 5--_. 4,844 Oct. 11. 4,563 Oct. 10.. 4,858 Oct. 8— 4,794 Oct. 14.. 4,854 Oct. 13- 4,908 Oct. 12... 4,841 Oct. 18. 4, 572 Oct. 17.. 4,858 Oct. 15_. 4,807 Oct. 21_. 4,853 Oct. 20-. 4,901 Oct. 19___ 4,837 Oct. 25. 4,578 Oct. 24.. 4,861 Oct. 22._ 4,819 Oct. 28.. 4,848 Oct. 27.. 4,910 Oct. 26— 4,831 Oct. 31.. 4,867 Oct. 29.. 4,839 Nov. 1... 4,576 Nov. 4__ 4,847 Nov. 3-- 4,913 Nov. 2__ 4,829 Nov. 8... 4,583 Nov. 7.. 4,852 Nov. 5_. 4,857 Nov. 11. 4,847 Nov. 10- 4,897 Nov. 4,834 Nov. 15.. 4,581 Nov. 14. 4,856 Nov. 12. 4,872 Nov. 18. 4,854 Nov. 17- 4,895 Nov, 16 4,829 Nov. 22.. 4,584 Nov. 21. 4, 852 Nov. 19. 4,876 Nov. 25. 4,860 Nov. 24- 4,906 Nov, 23 4,827 Nov. 29.. 4,580 Nov. 28. 4,837 Nov. 26. 4,877 Nov 30 4,825 Dec. 2... 4,877 Dec. 1— 4,901 Dec. 6- 4,590 Dec. 5... 4,838 Dec. 3___. 4,882 Dec. 9— 4,884 Dec. 8— 4,904 Dec. 7_._. 4,816 Dec. 13. 4,594 Dec. 12.. 4,845 Dec. 10._ 4,878 Dec. 16- 4,896 Dec. 15- 4,901 Dec. 14_. 4,813 Dec. 20. 4, 617 Dec. 19.. 4,835 Dec. 17- 4,868 Dec. 23__ 4,910 Dec. 22_ 4,895 Dec. 21__ 4,808 Dec. 27. 4,623 Dec. 26- 4,834 Dec. 24... 4, 857 Dec. 30- 4,903 Dec. 29._ 4,893 Dec. 28.. 4,809 Dec. 31__ 4,856 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
746 FEDERAL RESERVE BULLETIN DECEMBER, 1932 TABLE VI.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEDNESDAY SERIES—Continued [In millions of dollars] 1928 1929 1930 1931 1932 Date (Wednesday) Date (Wednesday)Amount Date (Wednesday)Amount Date (Wednesday)Amount Date (Wednesday) Amount Jan. 4... 4,804 Jan. 2... 4,758 Jan. 1__ Jan. 7._. 4,707 Jan. 6... 5,562 Jan. 11.. 4,784 Jan. 9__ 4,739 Jan. 8.. 4,640 Jan. 14.. 4,679 Jan. 13.. 5,649 Jan.18.. 4,766 Jan. 16. 4,753 Jan. 15. 4,636 Jan. 21.- 4,668 Jan. 20.. 5, 680 Jan. 25.. 4,759 Jan. 23. 4,733 Jan. 22. 4,628 Jan. 28.. 4,645 Jan. 27.. Jan. 30. 4,728 Jan. 29. 4,610 Feb. 1... 4,759 Feb. 4— 4,662 Feb. 3... 5,716 Feb. 8__. L758 Feb. 6-. 4,726 Feb. 5.. 4,611 Feb. 11- 4,651 Feb. 10.. 5,694 Feb. 15.. 4,756 Feb. 13.. 4,727 Feb. 12. 4,599 Feb. 18.. 4,642 Feb. 17.. 5,689 Feb. 22.. 4,739 Feb. 20.. ' 724 Feb. 19 . 4,591 Feb. 25. 4,615 Feb. 24.. 5,633 Feb. 29.. 4,731 Feb. 27.. 4,715 Feb. 26- 4,555 Mar. 4-. 4,604 Mar. 2.. 5,613 Mar. 7.. 4,730 Mar. 6.. 4,725 Mar. 5__ 4,561 Mar. 11- 4,605 Mar. 9__ 5,594 Mar. 14_ 4,724 Mar. 13. 4,718 Mar. 12. 4,547 Mar. 18. 4,621 Mar. 16. 5,580 Mar. 21. 4,726 Mar. 20. 4,715 Mar. 19. 4,542 Mar. 25. 4,615 Mar. 23. 5,530 Mar. 28_ 4,730 Mar. 27. 4,717 Mar. 26- 4,530 Mar. 30. 5,492 Apr. 1... 4,640 Apr. 4... 4,739 Apr. 3__. 4,699 Apr. 2... 4,545 Apr. 8— 4,647 Apr. 6— 5,487 Apr. 11.. 4,739 Apr. 10.. 4,684 Apr. 9... 4,535 Apr. 15.. 4,662 Apr. 13- 5,459 Apr. 18.. 4,740 Apr. 17- 4,690 Apr. 16-. 4,536 Apr. 22- 4,671 Apr. 20- 5, 478 Apr. 25_. 4,749 Apr. 24.. 4,696 Apr. 23.. 4,522 Apr. 29- 4,676 Apr. 27.. 5,466 Apr. 30.. 4,530 May 2.. 4,759 May 1 4,703 May 6.. 4,713 May4-_ 5,495 May 9_. 4,757 May8 4,709 May 7 4,529 May 13. 4,697 May 11.. 5,496 May 16. 4,758 May 15 4,714 May 14 4,518 May 20- 4,719 May 18. 5,524 May 23_ 4,755 May 22 4,714 May 21 4,517 May 27. 4,694 May 25_ 5, 488 May 30. 4,754 May 29 4,722 May 28 4,527 June 3... 4,708 June 1—. 5,480 June 6 4,752 June 5 4,711 June 4__. 4,516 June 10-. 4,784 June 8_. 5,511 June 13 4,765 June 12 4,706 June 11-. 4,523 June 17__ 4, June 15_. 5,544 June 20 4,768 June 19 4,710 June 18.. 4,520 June 24.. 4,813 June 22.. 5,592 June 27 4,768 June 26 4,706 June 25.. 4,502 June 29.. 5,700 July 1— 4,849 July 4.. _ 4,772 July 3... 4,729 July 2... 4,524 July 8... 4,848 July 6... 5,742 July 11. _ 4,762 July 10- 4,838 July 9._. 4,503 July 15.. 4,865 July 13.. 5,761 July 18- 4,761 July 17- 4,815 July 16- 4,508 July 22,. 4,881 July20- 5,814 July25__ 4,756 July 24. _ 4,795 July 23- 4,496 July 29_. 4,869 July 27.. 5,779 July 31- 4,792 July 30- 4,478 Aug. 1... 4,755 Aug. 5.. 4,904 Aug. 3... 5, 783 Aug. 8... 4,750 Aug. 7__. 4,786 Aug. 6... 4,488 Aug. 12. 4,936 Aug. 10-. 5,755 Aug. 15.. 4,752 Aug. 14.. 4,781 Aug. 13.. 4,483 Aug. 19. 4,992 Aug. 17.. 5,746 Aug. 22.. 4,756 Aug. 21.. 4,779 Aug. 20.. 4,480 Aug. 26. 5,022 Aug. 24.. 5,720 Aug. 29.. 4,750 Aug. 28.. 4,775 Aug. 27_. 4,476 Aug. 31.. 5,703 Sept. 2... 5,038 Sept. 5.- 4,749 Sept. 4. _ 4,770 Sept. 3_. 4,456 Sept. 9._ 5,035 Sept. 7-_ 5, 666 Sept. 12. 4,731 Sept. 11. 4,760 Sept. 10. 4,427 Sept. 16. 5,065 Sept. 14. 5,640 Sept. 19. 4,740 Sept. 18. 4,745 Sept. 17. 4,436 Sept. 23. 5,147 Sept. 21. 5,622 Sept. 26. 4,745 Sept. 25. 4,724 Sept. 24. 4,415 Sept. 30. 5,197 Sept. 28. 5,571 Oct. 3_. 4,740 Oct. 2-. 4,724 Oct. 1... 4,432 Oct. 7_. 5,365 Oct. 5... 5,583 Oct. 10- 4,745 Oct. 9__. 4,718 Oct. 8... 4,420 Oct. 14. 5,391 Oct. 12.. 5,558 Oct. 17. 4,745 Oct. 16. 4,710 Oct. 15.. 4,418 Oct. 21. 5,457 Oct. 19.. 5,561 Oct. 24_ 4,745 Oct. 23. 4,705 Oct. 22.. 4,402 Oct. 28. 5,436 Oct. 26-. 5,539 Oct. 31_ 4,740 Oct. 30_ 4,741 Oct. 29_ 4,380 Nov. 4.. 5,452 Nov, 5,541 Nov. 7__ 4,753 Nov. 6.- 4,735 Nov. 5.. 4,396 Nvo. 11. 5,438 Nov, 5, 556 Nov. 14. 4,742 Nov. 13. 4,737 Nov. 12. 4,394 Nov. 18. 5,414 Nov. 5, 567 Nov. 21. 4,738 Nov. 20. 4,720 Nov. 19_ 4,423 Nov. 25. 5,368 Nov, 5, 537 Nov. 28. 4,766 Nov. 27. 4,729 Nov. 26. 4,452 Nov, 5,555 Dec. 2... 5,403 Dec. 5... 4,768 Dec. 4__. 4,725 Dec. 3.. 4,498 Dec. 9... 5,356 Dec. 7... Dec. 12.. 4,762 Dec. 11.. 4,709 Dec. 10_. 4,510 Dec. 16.. 5,381 Dec. 14.. Dec. 19. 4,765 Dec. 18.. 4,703 Dec. 17. 4,627 Dec. 23.. 5, 392 Dec. 21-. Dec. 26.. 4,769 Dec. 25.. 4,717 Dec. 24.. 4,672 Dec. 30-. 5,436 Dec. 28. Dec. 31.. 4,699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 747 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 23 and released for publication November 25] Volume of industrial output, after increasing Distribution.—From September to October considerably during August and September, volume of freight traffic increased by more than remained unchanged in October. Factory the usual seasonal amount; after the middle of employment and pay rolls, reported for the October car loadings declined, reflecting chiefly middle of the month, showed a further increase. seasonal developments. Dollar value of During October, as in the last three weeks of department-store sales increased by the usual September, wholesale commodity prices amount in October. declined, and in the first three weeks of Novem- Wholesale prices.—Wholesale commodity ber the general average was at the level of prices, as measured by the monthly index of the early summer. Bureau of Labor Statistics, declined from 65 Production and employment.—Industrial per cent of the 1926 average in September to production, as measured by the board's season- 64 per cent in October. Weekly figures show ally adjusted index, continued in October at declines in the general average from early 66 per cent of the 1923-1925 average, as com- September through the first week in November, pared with a low level of 58 per cent in July. reflecting reductions in the prices of many In the textile industries, which had shown a domestic agricultural products and their manurapid expansion in August and September, there factures, as well as in the prices of steel rails, was a slight decrease in consumption of raw copper, coffee, rubber, and silk. In the second materials, while output of finished products week of November prices of many leading comincreased somewhat. Shoe production, which modities, including grains, hogs, cotton, silk, also had increased substantially in recent zinc, lead, and tin, advanced considerably, but months, showed a seasonal decline. Opera- later the prices of these commodities declined. tions at steel mills expanded from an average Bank credit.—Volume of reserve bank credit of 17 per cent of capacity in September to 19 showed little change for the 4-week period per cent in October, contrary to seasonal tendending November 16. Member bank balances ency, and, according to trade reports, conat the reserve banks increased further by tinued at about this rate through the first three weeks of November. Production of auto- $75,000,000 and in the middle of November mobiles in October declined further to a new were about $475,000,000 in excess of legal low level. At coal mines activity continued to reserve requirements. This growth in reserve increase rapidly until the middle of October, balances reflected an increase of $60,000,000 in but since that time a reduction, largely seasonal the stock of gold and the issue of additional in character, has been reported. national-bank notes. Demand for currency Employment in most manufacturing indus- showed little change during the 4-week period. tries increased between the middle of September Loans and investments of reporting member and the middle of October, and the board's banks in leading cities, outside New York City seasonally adjusted index of factory employand Chicago, declined further between the ment showed an advance from 60 per cent of the middle of October and the middle of November, 1923-1925 average to 61 per cent. At textile mills working forces increased by considerably reflecting a further reduction of loans at these more than the usual seasonal amount, and banks. In New York City the investments of substantial increases were also reported at steel member banks increased by an amount larger mills, lumber mills, and car-building shops. In than the decrease in loans, so that total loans the canning and automobile industries there and investments of these banks showed a were decreases in employment. further increase. Value of construction contracts awarded, as Money rates in the open market continued reported by the F. W. Dodge Corporation, at low levels during October and the first half continued at low levels during October and the of November. Rates on 90-day bankers' first half of November. acceptances were unchanged at one-half of 1 The Department of Agriculture estimate of the cotton crop, based on November 1 condi- per cent, and rates on prime commercial paper tions, was 11,950,000 bales—about 525,000 declined from a range of l%-2 to a range of bales larger than the estimate a month earlier. Per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
748 FEDERAL RESERVE BULLETIN DECEMBER, 1932 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 6000 6000 5500 5500 5000 5000 4500 4500 4000 4000 Member Bank Reserve Balances 2500 2500' 2000 2000 1500 1500 1000 1000 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending November 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
749 DECEMBER, 1932 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [In millions of dollars] Averages of daily figures Reserve bank credit outstanding Factors of decrease Factors of Increase Month or week United B co il u ls n d te i d s- bo B u il g ls ht s G e S c m o u t v a e r e t i n e t r t i s n e - s r c O e b r s a t e e h n d r e k v i r t e Total g M o o ld n e st t o a c ry k T c a r u d e r 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 r s 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—June 188 121 610 945 4,865 1,759 4,750 2,404 380 July 169 79 674 954 4,958 1,784 4,836 2,407 370 August 222 135 712 1,107 4,975 1,764 4,947 2,345 187 367 September. 280 259 736 1,313 4,948 1,768 5,133 2,333 199 364 October 613 692 733 2,088 4,447 1,768 5,478 2,256 208 361 November. 695 560 727 2,035 4,363 1,766 5,518 2,118 171 357 December.. 774 340 777 1,950 4,450 1,782 5,611 2,069 144 358 1932—January 221 759 1,865 4,452 1,773 5,645 1,979 113 353 February.. 848 151 743 1,785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 1,652 4,372 1,792 5,531 1,899 37 349 April.. 605 52 1,014 1,694 4,381 1,789 5,452 1,996 63 353 May 486 41 1,413 1,959 4,273 1,788 5,456 2,138 77 349 June 495 50 1,697 2,262 3,956 1,787 5,530 2,062 65 348 July 523 60 1,818 2,422 3.941 1,780 5,751 2,003 46 343 August 451 37 1,850 2,353 4,031 1,796 5,720 2,073 40 347 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 38 355 November. 313 34 1,851 2,211 4,292 1,917 5,643 2,378 40 359 Week ending (Saturday)- July 2 484 1, 791 2,359 3,919 1,800 5,703 1,979 346 July 9 509 1,793 2,404 3,920 1,795 5,785 1,946 345 July 16 521 1,821 2,428 3,932 1,765 5,745 1,991 344 July 23 536 1,831 2,439 3,952 1,775 5,751 2,025 343 July 30 531 1,839 2,430 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... 433 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.. 362 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 4,256 1,905 5,608 2,385 358 Nov. 5.- 327 1,851 2,229 4,265 1,900 5,632 2,369 357 Nov. 12. 314 1,851 2,211 4,272 1,917 5,657 2,344 359 Nov. 19. 310 1,851 2,210 4,284 1,926 5,642 2,385 359 Nov. 26. 309 1,851 2,205 4,314 1,922 5,635 2,402 359 End of month series Wednesday series June July Aug. Sept. Oct. Nov. Oct. Nov. Nov. Nov. Nov. Nov. 30 31 30 26 16 Bills discounted 440 538 433 328 309 Bills discounted 322 311 307 308 Bills bought 67 43 34 33 34 35 Bills bought _. 34 34 34 35 35 35 United States Government se- United States Government securities 1,784 1,841 1,852 1,854 1,851 1,851 curities 1,851 1,851 1,851 1,851 1,851 1,851 Other reserve bank credit- 12 14 Other reserve bank credit 14 3 16 Total reserve bank credit 2,310 2,439 2,331 2,233 2,227 2,202 Total reserve bank credit 2,221 2,226 2,199 2,208 2,201 2,202 Monetary gold stock 3,919 3,974 4,088 4,193 4, 264 P4, 338 Monetary gold stock 4,257 4,266 4,270 4,284 4,320 4,338 Treasury currency adjusted 1,836 1,758 1,800 1,840 1,909*>1,925 Treasury currency adjusted 1,905 1,907 1,918 1,8 ~1,925 1,925 Money in circulation 5,726 5,692 5,653 5,628 5, 648 Money in circulation. 5,584 5,616 5,651 5,629 5,635 5,648 Member bank reserve balances. 1,982 2,052 2,146 2,225 2,383 2,411 Member bank reserve balances. 2,412 2,384 2,342 2,400 2,400 2,411 Nonmember deposits, etc 42 49 36 36 31 50 Unexpended capital funds, non- Unexpended capital funds 346 344 345 352 358 357 member bank deposits, etc 387 397 394 392 410 407 p Preliminary. Back figures.—See Annual Report for 1931 (Tables 1-6) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
750 FEDERAL RESERVE BULLETIN DECEMBER, 1932 RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Nov. 30, 1932 Oct. 31, 1932 Nov. 30,1931 Gold with Federal reserve agents 2,242, 398 2,192, 084 1, 734, 676 Gold redemption fund with United States Treasury 40,048 43,102 70,082 Gold held exclusively against Federal reserve notes.. 2,282,446 2, 235,186 1,804, 758 Gold settlement fund with Federal Reserve Board 339, 926 346,123 366, 547 Gold and gold certificates held by banks 426,952 421,634 747,166 Total gold reserves 3, 049,324 3, 002, 943 2, 918,471 Reserves other than gold 192, 635 192, 353 161, 855 Total reserves 3, 241, 959 3,195,296 3, 080, 326 Nonreserve cash 77,071 74,147 62,889 Bills discounted: For member banks._ 307,883 327, 367 706,457 For intermediate credit banks.. 466 330 I 11, 320 For nonmember banks, etc 624 693 488 Total bills discounted. 308, 973 328,390 718,265 Bills bought: Payable in dollars- Bought outright 4,228 3,160 412,121 Under resale agreement 6,205 Payable in foreign currencies ~30~652" 16," 659' 33, 386 Total bills bought 34,880 33,819 451, 712 United States securities: Bought outright 1,850, 766 1, 850, 895 717, 031 Under resale agreement Total United States securities 1, 850, 76i 1, 850, 895 717, 031 •Other reserve bank credit: Federal intermediate credit bank debentures 25, 330 Federal land bank bonds. _ 500 Municipal warrants 5,411 5,425 4,397 Due from foreign banks 2,861 2,873 8,724 Reserve bank float (uncollected items in excess of deferred availability items) _ 2 -641 5,610 4,939 Total reserve bank credit outstanding 2,202,250 2,227,012 1,930,898 Federal reserve notes of other reserve banks 12,256 15, 799 15,182 Uncollected items not included in float. 354,109 295,428 390,861 Bank premises 58,169 58,137 59, 475 All other resources 38,840 41, 055 Total resources.. 5, 985, 694 5, 904, 659 5, 580,686 LIABILITIES Federal reserve notes: Held by other Federal reserve banks- 12,256 15, 799 15,182 Outside Federal reserve banks 2, 680,030 2, 693, 616 2,464, 518 Total notes in circulation. 2, 692, 286 2, 709,415 2,479, 700 Deposits: Member bank—reserve account. 2,410,594 2,382, 880 2, 050, 596 Government __ 23, 535 31,826 31, 765 Foreign bank 25, 947 10, 356 142, 665 Other deposits 24,150 21, 071 27,437 Total deposits 2,484, 226 2,446,133 2,252,463 Deferred availability items. 354,109 295,428 390,861 Capital paid in 151, 591 152,096 163, 593 Surplus. 259,421 259,421 274, 636 All other liabilities 44,061 42,166 19,433 Total liabilities _ 5, 985, 694 5, 904, 659 5, 580, 686 Contingent liability on bills purchased for foreign correspondents 32, 329 38, 649 126,389 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 2,913,683 2,918,087 2, 773, 021 Held by Federal reserve banks1- 221,397 208, 672 293,321 In actual circulation.. 2, 692, 286 2,709,415 2,479, 700 Collateral held by agents as security for notes issued to banks: Gold. 2,242, 398 2,192, 084 1,734, 676 Eligible paper | 293,944 312,467 1,107,313 United States Government securities. 414,400 454, 700 Total collateral.. 2, 950, 742 2Q 2, 841, £ 1 Includes " Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation. 2 Deferred availability items in excess of uncollected items. 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
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 751 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] [In thousands of dollars] Analysis of changes 1932 Gold Month a s t t o e c n k d I i n n c s r t e o a c s k e Net gold N le e a t s r e e- D tic o m pr e o s - - From or to— (p N re o l v im em in b a e r r y) October J O a c n t u o a b r e y r of during import from ear- duction, month month mark i etc.* Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1929—May.. 4,301 40.6 23.6 16.1 0.9 June 4,324 23.4 30.2 -7.5 0.7 Belgium. ._ 1,021 83,602 July - 4,341 16.3 34.7 -22.0 3.6 England 1,376 1,251 15,414 15,132 A S O e u c p g t t o u e s b m t e b r— er. 4 4 4 , , , 3 3 3 8 6 7 6 0 2 1 1 14 8 2 . . . 4 9 1 1 1 1 8 7 7 . . . 4 6 5 - - - 4 1 6 . . . 5 0 6 1 1 1. . . 4 5 1 N F G r e e a t r n h m c e e a rl n a y nds 2,613 2,38 7 1 2 7,9 2 3 2 8 8 4 0 1 4 1 5 1 1 8 3 5 , , , 2 2 7 7 9 3 7 3 8 November- 4,367 -19.2 -23.2 1.0 3.0 Portugal 2,386 December.. 4,284 -82.9 -64.4 -22.0 3.5 Switzerland 60 35 280 118, 560 Canada 5 199 531 21 51, 574 165 Total (12 mos.). 142.5 175.1 -55.4 22.8 Central America - 147 1,218 3 1930—January— 4.291 4.0 0.5 2.3 A M r e g x e i n co tina 69l 1,34 4 5 2 1 1 8 2 , , 9 7 9 7 2 0 320 M Fe a b r r c u h ary.- 4 4 , , 4 35 2 3 3 6 7 1 0 . . 9 2 6 5 0 5 . . 0 5 1 0 5 . . 0 0 -0 1 . . 3 9 E C c o u lo a m do b r ia 1 2 0 8 2 3,1 9 0 4 5 4 1,660 April 4,491 68.5 65.7 0.5 2.3 Peru._. 43 2,851 126 J M J A u u u n a ly g y e ust 4 4 4 4 , , , , 5 5 5 5 1 1 0 3 7 7 1 5 - - 1 1 2 1 8 5 7 5 . . . . 4 5 6 9 - - 1 1 2 1 9 9 3 3 . . . . 6 6 5 9 -3 0 2 2 . . . . 0 0 0 0 0 4 4 1 . . . . 5 7 2 3 U V A Br e u r i u n s t e g t i r s z u h a u a l e i y I a l n a dia 4,8 4 3 6 8 4 6 6 7 6,0 2 5 6 2 5 9 0 8 1 4 6 1 7 , , , , 5 0 4 1 1 3 2 5 6 7 6 8 September- 4,511 10.2 2.5 4.0 3.7 China and Hong October 4,535 23.3 26.4 -6.1 3.1 Kong . 2,922 3,600 31,105 D N e o c v e e m m b b e e r r . . . . 4 4 , , 5 5 7 9 1 3 2 3 2 6 . . 1 8 3 3 2 5 . . 7 2 -1 -2 5 . . 1 2 4 3 . . 5 8 J D a u p t a c n h East . I _ n d _ ies 3,3 1 6 3 2 2 46 2 , , 6 5 6 9 9 6 Philippine Islands 349 5,935 Total (12 mos.) _ 280.1 -2.4 31.9 All other countries * 1,455 9 382 8,488 233 1931— F J e a b nu ru ar a y ry._ 4 4 , , 6 6 4 6 3 5 4 2 9 2 . . 4 0 3 1 4 6 . . 4 1 1 2 1 . . 5 9 3 3 . . 1 3 Total.. 219, 955 29 20,674 57 240,687 809,495 March 4,697 32.0 25.6 3.0 3.3 April 4,726 28.7 49.5 -7.5 -13.3 i Includes all movements of unreported origin or destination. May 4,798 72.4 49.6 4.0 18.8 »At New York—imports, $10,860,000; exports, $9,000. Elsewhere, June 4,956 158.0 63.8 92.3 1.9 imports, $9,095,000. July.. 4,949 -6.6 19.5 -29.7 3.6 August 4,995 45.7 57.5 -16.0 4.2 KINDS OF MONEY IN CIRCULATION September. 4,741 -254.3 20.6 -279.1 4.2 October 4,292 -448.4 -337. 7 -107.6 -3.1 [Money outside Treasury and Federal reserve banks. In millions of November.. 4,414 122.0 89.4 28.3 4.2 dollars] December.. 4,460 45.8 56.9 -22.9 11.9 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 Kind of money February 4,354 -62.3 -90.6 26.4 1.9 Nov. 30 p Oct.31 Nov. 30 March 4,390 36.0 -24.7 58.3 2.4 April 4,367 -23.1 -30.2 4.0 3.2 J J M A u u u l n a y g y e ust 4 3 3 4 , , , , 1 9 9 0 5 1 7 8 2 9 7 8 - -2 2 1 3 1 5 1 3 4 7 1 . . . . 9 1 9 7 - - 1 2 - 9 0 3 5 6 6 . . . 4 . 5 0 1 - - 2 1 2 5 0 2 8 6 0 . . 1 . 8 . 2 5 3 0 5 5 . . . . 6 9 1 2 G G Fe o o d l l d d e r c a c o l e i r r n t e if s i e c r a v t e e s notes _ 2,6 4 6 7 5 3 5 4 5 2, 4 6 68 4 ? 9 4 5 2,4 9 3 6 2 8 3 8 3 S N O e o c p t v o t e e b m m er b b e e r r J . > .. _ . . 4 4 4 , , , 2 1 3 9 6 3 3 4 8 1 7 7 0 3 0 4 . . . 8 8 8 2 2 1 0 7 9 . . . 6 9 9 7 4 4 8 2 5 . . . 6 3 8 4 5 4 . . . 3 6 5 Trea S S s i t u l a v r n y e d r a c c r u e d r r r t s i e i f l n i v c c e a y r t : e l d s o .. l _ lars 3 2 6 9 1 3 2 6 9 1 38 3 7 3 Total (11 mos.) . -122.4 -548. 9 16.5 40.0 Treasury notes of 1890. . 1 1 1 Subsidiary silver 258 257 272 1 Gold released from earmark at Federal reserve banks less gold placed Minor coin. _ . .. 113 113 117 under earmark. United States notes 291 ?,89 294 > This figure, derived from preceding columns, represents the excess of Federal reserve bank notes . 3 3 3 domestic production over nonmonetary consumption of gold—chiefly National bank notes __ 826 817 655 consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a) Total Treasury currency __ 1,882 1,870 1,762 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 money in circulation- 5,648 5,628 5,536 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. » For explanation of the term "Treasury currency" see BULLETIN for July, 1929, p. 432. » Preliminary figures. » Preliminary. Back figures.—See Annual Report for 1931 (Table 30). Back figures.—See Annual Reports for 1931 (Table 35), 1930 (Table 32), and 1927 (Table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
752 FEDERAL RESERVE BULLETIN DECEMBER, 1932 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y» ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry' T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y o i rk r O e c s i t t e h i r e e v s r e " C b o a u n n k t s ry" 1931—July... 2,407 887 950 570 124.4 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 2,069 766 503 59.5 18.5 16.9 30.9 1932—January 1,979 724 767 35.4 4.5 1.8 29.2 February 1,907 681 753 473 43.8 7.2 11.3 25.3 March.. 1,899 687 747 465 59.0 17.8 17.3 23.8 April 1,996 780 749 466 152.1 88.1 35.7 28.3 May 2,138 874 800 464 277.1 155.1 91.5 30.5 June 2,062 783 819 459 234.4 89.4 111.4 33.6 July 2,003 767 781 455 204.4 75.0 91.6 37.9 August 2,073 832 797 444 269.9 127.7 108.9 33.3 September 2,181 927 812 443 345.5 193.4 119.6 32.4 October 2,307 1,001 863 444 435.8 241.6 160.5 33.7 Week ending (Friday)— 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.. 2,253 963 838 453 217.3 137.7 s ( 2 ) Oct. 14 2.260 957 861 442 202.8 163.1 Oct. 21 2,302 983 872 447 219.4 168.8 Oct. 28 2,377 1,066 874 437 295.9 168.3 fl) Nov. 4 2,378 1,059 i 872 446 283.7 167.4 1 Central reserve city banks only. > Figures not available by weeks. Back figures.—See Annual Report for 1931 (Tables 49 and 56). MEMBER BANK DEPOSITS [In millions of dollarsl 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 k r m l s - - C Y N i o e t w r y k * r O e c s i t t e h i r e e v s r e " b t C a r o n y u k " n s -a T l b l o a b m n t e a e k r m l s - - C Y N i o e ty r w k » r O e c s i t t e h i r e e v s r e ' b C t a r o n y u k " n s - a T l b l o a b m n t e a r e k l m s - - C Y N i o e t r w y k 1 r O e c s i t t e h i r e e v s r e ' b C t a r o n y u k " n s - 1931—July 31,526 7,325 12,831 11,371 18,122 6,064 7,102 4,956 13, 404 1,260 5,728 6,415 August 31,041 7,147 12, 702 11,192 17, 783 5,946 7,012 4,825 13,259 1,201 5,691 6,367 September. 30,500 7,126 12,356 11,018 17, 525 5,962 6,805 4,758 12,974 1,163 5,552 6,259 October.... 29,138 6,937 11,657 10,544 16,859 5,872 6,421 4,567 12, 279 1,065 5,236 5,977 November. 28,218 6,612 11,350 10,256 16,358 5,653 6,273 4,432 11,860 959 5,076 5,825 December.. 27,438 6,414 11,048 9,976 15,985 5,546 6,106 4,333 11,453 4,942 5,643 1932—January 26,592 6.165 10, 706 9,720 15,447 5,343 5,921 4,183 11,145 822 4,786 5,537 February.. 25, 715 5,797 10, 413 9,505 14, 789 5,001 5,723 4,064 10,926 796 4,690 5,440 March 25, 431 5,760 10,291 9, 380 14,575 4,959 5,622 3,993 10,856 800 4,668 5,387 April 25,386 5,950 10,109 9,327 14,589 5,138 5,492 3,959 10,797 811 4,618 5,368 May 25,466 6,159 10, 081 9,226 14,679 5,342 5, 425 3,911 10, 787 816 4,656 5,315 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, 565 869 4,538 5,159 October 25, 293 6,559 8,795 14, 681 5,629 5,402 3,650 10, 612 929 4,537 5,145 1 Central reserve city banks only. Back figures.—See Annual Report for 1931 (Table 49). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 753 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Purchased paper Total loans Call date i m T n lo a v o e n a e n t n d a s t s t l s - b L a o t n o a k n s s Total s b c t a u o o S b n r n e c y e d - d k d s s e c r s 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 i e r r s s e e - d e e e d d r - - Total A U a c p a n n c b i a i c n e y l t e e p e - s d t- a c p a A n e b a c p c y l e - e t - - s p C m c a o i p e a m r e l - r - Y L N k b o o i t r e e n o a r o r w k n - s * s Total m U r s G e i e t r . o e c i n S e u n 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 b s n n r e y c e d d - k d s s 2 States abroad TOTAL—ALL MEMBER BANES 1929—Mar. 27 35,393 548 21,903 7,540 3,123 11,240 2,494 146 93 376 1,879 10,448 4,454 5,994 9,693 June 29 35,711 670 22,517 7,734 3,164 11,618 2,472 108 90 249 2,025 10,052 4,155 5,898 10,094 Oct. 4 35,914 640 23, 249 8,109 3,152 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 10,314 Dec. 31 35,934 714 23,193 8,488 3,191 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 10, 505 1930—Mar. 27 35,056 527 21,494 7,730 3,170 10, 595 3,097 175 79 499 2,344 9,937 4,085 5,852 10,334 June 30 35, 656 535 21, 565 8,061 3,155 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24 35,472 466 21,010 7,864 3,163 9,982 3,262 205 62 523 2,472 10,734 4,095 6,639 10, 511 Dec. 31 34,860 631 21,007 7,942 3,234 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 1931—Mar. 25 34, 729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 9, 272 June 30 33,923 457 19,257 7,117 3,216 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29 83,073 599 18, 713 6,842 3,149 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30, 575 790 17,570 6,290 3,038 8,244 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30 28,001 573 15, 267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30 28,045 457 14, 497 5,086 2,885 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 NEW YORK CITY 3 1929—Mar. 27 7,726 251 4,253 1,744 148 2,361 1,250 59 52 37 1,102 1,972 1,135 838 2,971 June 29 8,160 314 4,532 1,877 175 2,480 1,496 58 58 21 1,359 1,819 1,006 813 3,396 Oct. 4 8,150 302 4,846 1,944 176 2,726 1,196 59 33 8 1,096 1,807 989 817 3,191 Dec. 31 8,774 322 4,964 2,200 169 2,595 1,397 128 46 21 1,202 2,091 1,112 979 3,562 1930—Mar. 27 8,238 199 4,338 1,936 150 2,252 1,655 89 40 49 1,477 2,046 1,150 897 3,504 June 30 8,798 196 4,308 2,022 157 2,129 2,091 144 29 35 1,883 2,203 1,147 1,056 3,983 Sept. 24 8,557 169 4,276 2,031 157 2,087 1,912 148 28 22 1,714 2,198 1,091 1,107 3,798 Dec. 31 8,582 283 4,338 2,137 147 2,054 1,525 188 22 34 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25 8,473 154 4,007 1,960 150 1,896 1,651 199 51 35 1,367 2,662 1,466 1,196 3,397 June 30 8,287 150 3,839 1,897 160 1,782 1,497 296 44 94 1,063 2,801 1,656 1,145 3,026 Sept. 29 8,253 250 3,850 1,816 152 1,881 1,121 201 33 48 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 17 29 542 2,697 1,768 928 2,474 1932—June 30... 6,715 260 2,856 1,343 160 1,353 565 262 21 23 258 3,033 2,008 1,025 1,757 Sept. 30 7,112 203 2,638 1,300 154 1,184 763 341 18 14 391 3,508 2,429 1,079 1,811 OTHER RESERVE CITIES 1929—Mar. 27 13,925 258 9,286 3,740 1,509 4,036 645 43 32 147 423 3,736 1,896 1,840 4,292 June 29 13,832 308 9,434 3,718 1,503 4,213 480 17 25 88 349 3,611 1,765 1,846 4,221 Oct. 4 13,983 294 9,775 3,869 1,491 4,415 526 8 31 75 413 3,388 1,671 1,717 4,429 Dec. 31 13,785 346 9,748 3,975 1,559 4,214 438 51 29 108 250 3,253 1,484 1,769 4,397 1930—Mar. 27 13,575 263 8,951 3,604 1,544 3,802 945 59 35 242 609 3,416 1,662 1,754 4,368 June 30 13, 701 277 9,029 3,811 1,524 3,693 710 18 38 301 353 3,685 1,686 1,999 4,306 Sept. 24 . 13, 971 235 8,726 3,632 1,526 3,567 1,064 54 31 337 643 3,947 1,785 2,161 4,387 Dec. 31 13, 758 286 8,906 3,656 1,631 3,620 531 122 29 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 48 212 227 4,676 2,313 2,364 3,729 June 30 13,567 247 8,100 3,188 1,621 3,291 470 91 67 189 124 4,750 2,408 2,342 3,459 Sept. 29 13, 016 284 7,845 3,092 1,585 3,168 326 67 35 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 21 62 16 4,226 2,133 2,093 3,050 1932—June 30. 11,045 254 6,519 2,403 1,407 2,709 118 38 11 62 7 4,154 2,187 1,966 2,585 Sept. 30 10, 979 205 6,196 2,304 1,406 2,486 151 58 14 65 14 4,427 2,466 1,961 2,456 "COUNTRY" BANKS 1929—Mar. 27 13, 741 39 8,364 2,056 1,465 4,843 598 44 8 192 354 4,740 1,424 3,316 2,429 June 29 13,719 49 8,551 2,139 1,486 4,926 496 33 7 140 316 4,623 1,384 3,240 2,480 Oct. 4 13,780 45 8,627 2,295 1,485 4,847 553 27 6 144 376 4,554 1,361 3,193 2,694 Dec. 31 13,375 45 8,481 2,314 1,462 4,705 409 33 5 163 208 4,439 1,267 3,172 2,545 1930—Mar. 27 13,243 65 8,206 2,190 1,475 4,541 496 27 4 207 258 4,475 1,273 3,202 2,462 June 30 13,157 63 8,229 2,227 1,475 4,527 312 8 4 171 129 4,554 1,229 3,326 2,367 Sept. 24 12,944 62 8,007 2,200 1,480 4,326 286 4 4 164 115 4,589 1,219 3,370 2,326 Dec. 31 12, 519 62 7,762 2,149 1,455 4,158 177 5 3 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25 12, 290 58 7,524 2,097 1,449 3,978 158 5 2 114 36 4,550 1,224 3,326 2,147 June 30... 12,068 60 7,318 2,031 1,437 3,849 135 2 2 101 30 4,555 1,279 3,276 2,078 Sept. 29 11,805 64 7,018 1,935 1,411 3,673 116 1 2 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 69 6,469 1,756 1,346 3,367 71 4 2 48 16 4,392 1,418 2,974 1,796 1932—June 30 10, 240 59 5,892 1,546 1,328 3,018 64 13 2 36 13 4,226 1,432 2,794 1,574 Sept. 30 9,954 49 5,663 1,481 1,324 2,857 55 8 2 36 9 4,187 1,471 2,715 1,503 i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. > Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total loans to banks. » Central reserve city banks only. Back figures.—-Thisc lassification 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
754 FEDERAL RESERVE BULLETIN DECEMBER, 1932 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] Total loans and investments Deposits (exclusive of interbank deposits) All banks Member banks Nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - ba A n l k l s M b e e m r - m N em on b - er banks banks 1928—June 30.. 57,265 39,464 17,801 35,061 24,303 10,758 22,204 15,161 7,043 53,398 32,133 21,265 Oct. 3... 57, 219 39,671 17, 549 34,929 24,325 10,604 22,291 15,346 6,945 53,720 32,138 21,582 Dec. 31.. 58, 266 40, 763 17,504 35,684 25,155 10,529 22,582 15, 607 6,975 56,766 34,826 21,940 1929—Mar. 27. 58,019 40,557 17,462 35,393 24,945 10,448 22,626 15,612 7,013 54, 545 33,215 21,330 June 29.. 58, 474 41,512 16, 962 35, 711 25, 658 10, 052 22, 763 15,853 6,910 53,852 32, 284 21,567 Oct. 4... 58,835 42, 201 16, 634 35,914 26,165 9,749 22,922 16, 036 6,885 55,180 33, 004 22,176 Dec. 31.. 58,417 41,898 16, 519 35,934 26,150 9,784 22, 483 15, 748 6,735 55,289 33, 865 21, 423 1930—Mar. 27. 57,386 40, 686 16, 700 35, 056 25,119 9,937 22,331 15, 568 6,763 53,185 32, 082 21,103 June 30.. 58,108 40, 618 17, 490 35, 656 25, 214 10, 442 22, 453 15,404 7,048 54,954 33, 690 21, 264 Sept. 24. 57, 590 39, 715 17,875 35,472 24,738 10,734 22,118 14,977 7,141 52,784 31,839 20,945 Dec. 31.. 56, 209 38,135 18, 074 34, 860 23, 870 10,989 21, 349 14, 264 7,085 53,039 32, 560 20, 479 1931—Mar. 25. 55,924 36,813 19, 111 34, 729 22,840 11,889 21,195 13,974 7,222 51, 427 31,153 20, 274 June 30.. 55,021 35,384 19, 637 33, 923 21,816 12,106 21,099 13, 568 7,531 51, 782 31,566 20,216 Sept. 29. 53, 365 33, 750 19, 615 33, 073 20, 874 12,199 20, 292 12, 876 7,416 49,152 29, 469 19, 683 Dec. 31.. 49,704 31,305 18,399 30, 575 19, 261 11,314 19,129 12,045 7,084 45, 821 27, 432 18, 389 1932—June 30.. 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] Nonmem- Date Total i Total ti N on a a - l State ba b n e k r s To in ta v l e l s o tm an e s n a ts nd 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.. 19,046 100 Dec. 31 26,416 9,034 7,759 1,275 17,382 Member banks—total... 6,980 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 39 Central reserve city banks— 1929—June 29 25,110 8,707 7,530 1,177 16, 403 New York City 36 15 Dec. 29 24, 630 8,522 7,403 1,119 16,108 Ot C h h e i r c a re g s o erve city banks— 11 3 1930— June 30 23, 852 8,315 7,247 1,068 15, 537 New York City Dec. 31 .- 22, 769 8,052 7,033 1,019 14,717 Chicago Other Federal reserve bank cities 1931_June 30 21,903 7,782 6, 800 982 14,121 (10 cities) 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 Other reserve cities (25 cities) 90 2 1932—June 30 19,046 6,980 6,145 835 12,066 "Country" banks * 6,604 22 Nonmember banks. 12,066 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
755 DECEMBER, 1932 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN LEADING CITIES [In millions of dollars. Monthly data are averages of weekly figures] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Month or date Total L on o a s n e s - o A th l e l r Investments F r B i . o n a o w g t R r s - - . Total L on o a s n e s - o A th l e l r Investments F r B i . o n a o w g t R r s - - . a m T n l v o d e e o a s n t n i t a t n - s s l - F r B i . o n a o w g t R r s - - . curities loans U.S. se- banks curities loans U.S. se- banks banks Total curities Total curities 1931—August.... 22,093 6,480 7,900 7,713 4,074 75 7,633 2,840 2,370 2,623 1,600 14, 460 72 September. 22,078 6,413 7,870 7,795 4,154 127 7,744 2,657 2,375 2,712 1,652 14, 334 124 October... 21, 425 5,971 7,679 7,775 4,171 398 7, 466 2,369 2,272 2, 825 1,750 13,959 324 November. 21, 023 5,859 7,586 7,578 4,072 404 7,258 2,277 2,243 2,738 , 705 13, 765 388 December. 20, 749 5,763 7,441 7, 545 4,127 499 7,165 2,237 2,218 2,710 ,732 13, 584 416 1932—January... 20,178 5,644 7,331 7,203 3,943 469 6,921 2,209 2,220 2,492 ,631 13, 257 435 February.. 19. 775 5,497 7,214 7,064 3,856 484 6,645 2,127 2,171 2,347 ,521 13,130 461 March 19, 434 6,987 7,059 3,866 368 6,521 2,065 2,078 2,378 ,547 12, 913 365 April 19, 096 5,150 6,820 7,126 3,875 277 6,492 1,947 2,029 2,516 ,620 12,604 277 May 19,112 4,975 6,727 7,410 4,121 185 6,647 1,851 2,038 2, 758 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 "., 896 2,813 1,860 12,066 212 August 18, 587 4,578 6, 319 7,690 4,499 164 6,517 1,657 ,819 3,041 2,081 12, 070 164 September. 18, 739 4,524 6,229 7,986 4,759 128 6,692 1,669 ,810 3,213 2,220 12, 047 128 October. _. 19, 026 4,437 6,168 8,421 5,140 103 6,914 1,636 ,797 3,481 2,447 12,112 103 November. 18, 987 4,280 6,120 8,587 5,279 7,059 1, 573 ,856 3,630 2,556 11,928 Sept. 7 18,564 4,519 6,293 7,752 4,535 153 6,575 1,646 ,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 ,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 ,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 ,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 ,758 3,354 2,350 12,103 107 Oct. 12 18,981 4,467 6,167 8,347 5,064 107 6, 906 1,654 ,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 ,822 3, 514 2,469 12,132 94 Oct. 26 19,118 4,352 6,164 8,602 5, 298 103 6,982 1,569 , 815 3,598 2,548 12,136 103 Nov. 2 19, 026 4,311 6,130 8,585 5,284 105 6, 998 1,576 ,828 3,594 2, 534 12, 028 105 Nov. 9 19, 026 4, 295 6,130 8,601 5,291 99 7,044 1,570 ,850 3,624 2, 555 11, 982 99 Nov. 16 18, 947 4,249 6,094 8, 604 5, 303 98 7,026 1,555 ,826 3,645 2,576 11,921 98 Nov. 23.— 18, 933 4,257 6,118 8, 558 5,252 95 7,057 1, 567 ,876 3,614 2, 538 11,878 95 Nov. 30 ... 19, 002 4,288 6,125 8,589 5, 266 '97 7,169 1,598 1,900 3,671 2,578 11,833 <"97 r Revised 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 banksl End of month panies agencies, etc. 1931—October 921 674 90 157 November. . 802 588 124 90 1931 1932 1931 1932 1931 1932 December 655 554 88 13 1932—January 544 473 65 6 February _ 495 417 72 6 January... 1,720 512 1,557 374 163 138 March 531 432 94 5 February.. 1,840 525 1,646 385 194 140 April 500 423 70 7 March 1,909 533 1,692 391 217 142 May 436 385 44 7 June 377 342 29 6 April 1,651 379 1,466 300 185 79 July 335 309 18 8 May 1,435 300 1,293 243 141 57 August 344 319 17 8 June 1,391 244 1,221 194 170 49 September . . .. 409 385 19 5 October.. 411 389 16 6 July 1,344 242 1,171 195 173 47 November 354 336 12 6 S A e u p g t u em st ber. 1 1 , , 3 0 5 4 4 4 3 3 3 8 2 0 1,1 9 6 3 0 2 2 2 4 9 8 2 1 1 1 9 2 4 84 N N o o v v . . 2 9 . _ 3 3 6 6 2 0 3 34 4 1 3 1 1 3 3 6 6 N O D o e c v c to e e m m be b b r e e ., r r . . . 7 5 7 8 3 9 7 0 6 3 3 3 2 8 5 4 5 5 8 5 2 2 27 6 8 3 1 1 1 3 0 4 2 8 8 N N N o o o v v v . . . 2 3 1 3 0 6 3 3 3 5 4 5 3 4 0 3 3 33 2 3 7 6 2 1 1 1 2 2 2 6 6 4 1 Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Reports for 1931 (Table 63) and 1927 (Table 47). Back figures—See Annual Report for 1931 (Table 62), 1930 (Table 56) etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
756 FEDERAL RESERVE BULLETIN DECEMBER, 1932 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 eral reserve Held by accepting on goods on banks banks stored in goods Based United stored End of month s T t o i a o n u n t g t a d - l - c o o F a w u c o - n n r t o c c e F o f o a i r u c g o f r - o n r n e r t - - 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 p U i i n o o m . t r n S o t - s . o B p U f n r a o o . s r e S m e t x . s d - b c s ( S h e h r w e t i o t w p a o d a u t r p i r e s e t e e e e s s - d ) n c D h e o a x n l - l g a e r s t f h t c r o w i i o r b e i p e e u n e s p i - e n g o e n - n d r spond- domestic foreign ents points points 1930—July 1,350 129 479 279 63 216 463 OUTSTANDING S N D A O e o u e c p v t c g o t e e u e b m m s m e t b r b b e e r e r — . r - _ 1 1 1 1 1 , , , , , 5 3 3 5 5 0 6 3 5 7 8 7 9 6 1 3 1 2 1 1 2 6 0 4 4 8 7 8 3 1 4 4 4 4 4 7 3 3 3 2 1 9 2 3 9 2 3 3 4 3 8 6 1 9 7 4 7 7 3 1 1 1 1 9 9 7 3 8 5 0 2 1 0 3 2 2 1 1 1 1 8 7 8 3 2 2 2 6 4 4 5 4 5 3 1 1 5 0 4 1 7 0 7 1931— N D O S e o c e c t v p o e t e b e m m m e b r b b e e e r r r 1 1 , , 9 0 0 4 7 0 0 4 2 1 1 1 1 5 7 5 7 9 4 8 3 2 2 2 2 5 2 5 6 7 2 4 1 2 2 2 1 6 3 5 9 7 8 8 0 3 2 2 3 9 3 9 3 6 8 8 0 1931— A J J M S F A M O J u u e e a p u c a n a l p b n t g r r y e y o u t r i c u e b . u l a h s . . m e r a . . t y r r b y e — r- 1 1 1 1 1 1 1 1 1 , , , , , , , , , 5 4 4 3 4 5 2 0 0 9 2 6 2 2 6 1 2 9 4 9 0 7 2 0 8 3 8 0 0 6 4 1 1 1 6 8 8 3 2 2 2 9 6 4 7 9 5 9 0 3 4 5 2 7 0 4 4 4 4 3 3 2 2 1 4 5 0 3 8 4 2 4 9 0 7 6 9 1 0 1 8 3 9 0 5 4 5 4 4 4 5 6 6 2 7 7 6 5 1 5 1 0 6 3 2 1 4 0 0 4 0 6 8 0 1 1 1 2 1 1 1 1 1 1 3 3 5 2 3 7 9 6 6 1 4 1 1 5 2 1 6 2 8 2 4 3 3 2 2 4 3 4 2 1 3 9 4 8 3 9 5 3 4 1 7 8 1 5 6 3 7 8 8 8 4 4 4 4 4 3 2 1 4 1 4 4 2 7 7 8 6 6 4 2 0 1 9 9 8 6 7 3 1932— J A J F M M S A O J u u e e p a u c a l a n p b n y r t g y r e o i t u r c u l e b u a h s m e r a t y r r b y _ e . _ _ _ r _ . . . . 9 8 9 9 7 7 7 6 6 1 7 6 1 0 8 4 8 8 1 9 1 9 5 7 7 3 1 1 1 1 1 1 8 9 8 2 7 0 1 5 4 7 5 7 1 9 3 3 8 0 2 6 2 2 1 1 1 1 1 1 1 1 0 0 9 8 6 9 5 7 5 5 7 5 9 4 2 5 6 3 2 7 2 2 2 2 2 2 1 2 1 1 5 1 7 7 6 1 7 9 2 9 2 1 7 1 7 2 8 3 2 2 2 2 2 2 2 2 2 2 2 2 9 8 8 9 6 6 3 7 3 5 8 7 4 4 5 9 4 1 1 0 November.. 1,002 418 126 296 125 171 161 December.. 974 305 251 262 131 131 156 HELD BY F. R. BANKS (OWN ACCOUNT) > 1932— A M F M J e p a a a b n r y r i u r c l u a h r a y ry.. _ . 9 8 9 9 7 7 6 1 1 8 9 1 9 1 7 1 3 1 7 1 4 6 9 6 6 3 3 3 2 1 1 3 1 9 8 4 5 2 2 3 3 3 3 4 5 3 7 4 5 1 2 7 3 5 0 1 1 2 1 1 5 7 2 5 8 9 5 5 5 8 2 2 1 1 2 2 7 6 6 8 2 4 8 8 6 1 1 1 1 9 8 9 6 1 5 9 0 3 5 1931— N D O S o e c e t c v p o e e t b e m m e m r b b b e e e r r r . - . . 4 6 4 3 2 1 4 0 0 8 7 5 1 6 4 0 1 3 5 55 1 9 8 2 9 4 9 2 1 1 1 8 0 7 8 5 4 0 5 J J N A S O u u e o c u n l p t y v g e o t e u e b m s m e t r b b e e r . r . - . 6 7 7 6 6 9 4 0 8 8 9 7 5 3 1 3 1 6 3 2 3 2 9 5 4 3 4 3 8 9 9 2 3 9 5 5 5 6 5 1 6 7 0 7 8 3 3 5 4 2 1 1 1 1 9 0 9 5 9 7 0 9 6 8 3 3 4 3 4 6 0 1 1 7 6 6 8 4 6 9 6 7 5 5 6 4 0 2 5 1932— A J M M F u J e p a a a n b r n y r e i r c u l u h a a ry ry . ._ - 1 3 7 3 1 1 5 6 6 6 6 9 (2 1 ) 9 2 4 6 3 2 1 1 2 7 6 3 2 9 4 2 1 7 5 5 f 3 t July 12 1 5 4 v Preliminary. August 3 1 1 September ___ 2 1 1 Figures for acceptances outstanding (and held by accepting banks) October 3 2 1 from American Acceptance Council. Back figures.—See Annual Reports for 1931 (Table 70), 1930 (Table 64), 1929 (Table 58), and 1928 (Table 61). un i c l T a o ss t i a f l i e h d o l a d c i c n e g p s t a o n f c e F s e . deral reserve banks include a small amount of » Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- Back figures.—See Annual Reports for 1931 (Tables 67 and 15), 1930 HOLDINGS OF FEDERAL RESERVE BANKS (Tables 61 and 14), etc. [In thousands of dollars] COMMERCIAL PAPER OUTSTANDING [In millions of dollars] End of month 1929 1930 1931 1932 End of month 1929 1930 1931 1932 J J J M A A S N D F M O a u u e e u p e o c n n l a a p b t y c g r v u r y e o t i r e c u e e l a b u m h m s m r e a t y r b b r b y e e e r . _ r r . . . . . . . 1 1 1 2 1 1 1 1 2 1 1 1 1 7 6 , , , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 9 3 2 3 3 4 6 1 3 2 4 3 5 4 1 9 6 6 4 0 9 0 7 5 3 6 3 2 3 1 1 5 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 0 0 0 0 0 0 0 0 5 5 9 5 3 4 3 5 6 7 6 7 8 8 8 4 5 0 8 8 4 1 5 5 7 3 3 1 3 4 3 2 3 3 3 4 1 3 3 5 6 3 8 0 1 1 1 3 4 , , , , , , , , , , , , 5 0 8 1 0 0 9 3 4 3 5 2 0 7 0 6 7 1 5 7 2 5 8 1 1 4 4 9 8 3 3 1 9 1 6 5 3 3 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 , , . , , , , , , , . 8 6 8 4 4 8 7 7 6 7 6 4 3 4 4 7 3 7 3 6 5 5 4 4 5 9 8 7 8 6 2 9 2 J J M A J M A N S F O D a u u e e p u o c e n a a n l p b t r y g c v y r u e o i t r c e u e l e a b u h m m s m r e a t y r b b b r e y e e r r r . . . . . 4 4 3 ^ 2 2 2 2 2 3 3 ; 0 8 5 1 7 6 0 6 6 1 8 3 7 7 1 1 4 7 4 5 5 6 5 4 4 4 5 5 5 5 5 5 4 4 5 3 0 5 2 5 4 2 2 2 8 4 5 1 4 7 9 3 1 7 8 6 5 8 8 3 3 3 3 2 3 3 2 2 2 2 1 1 2 1 1 0 9 0 8 4 1 7 7 1 7 5 1 7 2 5 9 8 0 1 4 8 •• 1 1 1 1 1 1 1 1 1 1 0 0 1 0 0 1 0 0 0 1 8 6 1 3 3 8 0 8 0 3 Back figures.—See Annual Reports for 1928 (Table 12), 1927 (Table ' Revised. 12), 1926 (Table 24), etc. Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 757 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 e m rs - m N be e o r m n s - tional State National State 1921. 501 51 19 431 196,460 21, 285 21, 218 153, 957 60 50 17,493 3,132 14, 361 1922. 354 45 12 297 110,721 19,092 5,151 86,478 65 41 35, 565 11,618 23,947 1923. 648 90 34 524 188, 701 32, 904 18, 324 137, 473 37 23 11, 674 5,068 6,606 1924. 776 122 37 617 213, 338 13, 580 138,869 94 74 22, 462 7,190 15, 272 1925. 612 118 28 466 172, 900 58, 537 8,727 105, 636 62 48 16, 618 6,779 9,839 1926. 956 125 35 796 272,488 47,866 20,946 203, 676 149 135 60, 610 8,179 52, 431 1927. 662 91 33 538 193, 891 46,581 19, 755 127, 555 95 84 35, 729 8,311 27,418 1928. 491 57 16 418 138, 642 31,619 10, 621 96, 402 39 34 15, 727 6,610 9,117 1929. 642 64 17 561 234, 532 37,007 20,128 177, 397 58 53 25,829 2,273 23,556 1930- 1,345 161 26 1,158 864, 715 173, 290 207,150 484, 275 147 140 61, 599 3,538 58, 061 1931- 2,298 409 108 1,781 1, 691,510 439,171 294, 357 957, 982 276 245 158,187 53, 944 104,243 1931-March.. 18 67 34, 320 10,899 23,313 31 29 11, 788 3,381 8,407 April... 64 17 44 41, 683 19,498 2,264 19, 921 28 24 23, 613 15,893 7,720 May—. 91 24 65 43, 210 12,320 5,055 25,835 7 3,890 401 3,489 June 167 26 131 190,480 31, 368 39,434 119, 678 3 24,522 23,816 706 July.. . 93 16 75 40, 745 7,045 1,805 31,895 9 2,525 2,525 August ' 158 29 117 180, 028 31, 629 52, 660 95, 739 4 14, 396 14,396 September 305 46 243 233, 505 79,446 30, 272 123, 787 6 4,258 4,258 October.. 522 100 397 471,380 111, 088 117, 259 243, 033 22 20 5,096 991 4,105 November 175 35 132 67, 939 28,039 4,216 35, 684 21 17 13,041 3,684 9,357 December 358 63 277 277,051 87,448 25, 768 163, 835 31 28 18,579 589 17,990 1932—January 342 74 255 219,071 63,686 10,873 144,512 19 16 10,952 3,293 7,659 February.-. 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 19 11, 041 1,793 9,248 May 82 14 62 34, 365 6,258 1,237 26,870 23 19 33, 214 4,219 28,995 June 151 44 103 132,580 42, 474 7,589 82, 517 21 18 11, 501 2,891 8,610 July 132 20 108 r 48, 567 17, 546 1. 769 r 29, 252 24 18 69, 959 16,382 53, 577 August 85 17 66 30, 291 11, 853 798 17,640 25 22 33, 498 5,018 28,480 September.. 67 12 51 ' 13, 508 2,980 1,725 ' 8,803 16 12 14,082 2,297 11, 785 October '102 20 '82 ' 20, 505 ' 6, 209 ' 14, 296 r.27 '21 ' 38,494 20, 291 ' 18, 203 November.. M9 p 70 v 46, 322 p 26, 475 p 16, 328 P18 v 14 »12,487 * 2, 078v 10, 409 p 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 securitiesl and eligible paper (including paper under rediscount) Member By reserve city banks By" country" banks By all member banks bo b r a r n o k w- Call date G U ov .S er . n- Eligible Total G U ov .S e . rn- Eligible Total G U ov .S er . n- Eligible Total F r i e n e s g d e s e r r v a a e t l ment se- paper ment se- paper ment se- paper banks curities curities curities 1929—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 L, 733 2,645 3,381 4,598 7,979 899 Dec. 31.. 2,403 2,713 5,116 814 L,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 L, 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 Sept. 30. 4,623 1,508 6,131 1,003 916 1,919 5,626 2,424 8,050 331 1 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Back figures—See Annual Report for 1931 (Table 50). 148900—32 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
758 FEDERAL RESERVE BULLETIN DECEMBER, 1932 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Kates for member banks on eligible paper] Prevailing rate on— Average rate Average yield on— Rate in N P B h o e i s w l t a o d Y n e F o lp e r d h k e i . a r . a . . . . l reserve bank ef D fe e c c t . o V 1 n A J O O D u c c n a l t t e i . . t s e h 2 2 1 e e 2 4 7 s d , , , t 1 1 1 a 9 9 9 b 3 3 3 - 2 1 1 Pre ra v t i e o V 3 3 u A s Month or week m m p P 4 c o a e r o i r p n t m m c o e t i h r a - e 6 , s l a P a b c d n e a r c a 9 i r c n e m s y 0 e k p ' s s e t - , - d l T o a i 9 a y m n 0 s s e * , N C e a w ll lo n a e R n w e s - a i l T c c n 3 U e a u r a o r e n . t t r t t S o e a i y e d f s . s s i 6 , - - b T o u r n e ry a d s s - 3 months Cleveland Oct. 24.1931 3 Kichmond Jan. 25.1932 4 1931 Atlanta Nov.14.1931 August Vs 1.50 1.50 0.42 3.34 Chicago 2H June 25.1932 September 1.50 1.50 *.45 3.42 St. Louis Oct. 22,1931 October 2.10 2.10 1.70 3.71 Minneapolis. _ Sept.12.1930 November 2.50 2.50 1.77 3.69 Kansas City.. VA Oct. 23.1931 December 2.73 2.70 3.92 Dallas 3H Jan. 28.1932 1932 Ban Francisco VA Oct. 21,1931 January 2.61 2.65 2.48 4.27 February 2.50 2.50 2.42 4.11 Back figures.—See Annual Report for 1931 (Table 36). March 2.50 2.50 '2.25 3.92 April 2 -3 2.50 2.50 1.11 3.74 BUYING RATES ON ACCEPTANCES May 2.50 2.50 .31 3.77 June 2H-3 2.50 2.50 «.34 3.78 [Buying rates at the Federal Reserve Bank of New York] July 2H-2H 2.08 2.08 .22 3.65 August 2 -2fc 2.00 2.00 .14 3.57 Maturity e R f D f a e e t c c e t . i o 1 n n Da l t i e s h e e s d tab- Pre ra v t i e ous S O e c p to te b m er ber 2 -2H 1H-1H 2 1 . . 0 3 0 5 2 1 . . 0 3 0 5 <.O3 3 3 . .5 5 4 4 November 1K-1H H 1.00 1.00 3.55 1-16 days... June 24, 1932 Week ending— 16-30 days.. do VA Nov. 5 1H-2 1.00 1.00 3.55 81-45 days.. do VA Nov. 12 1.00 1.00 3.56 46-60 days.. do VA Nov. 19 1.00 1.00 3.55 61-«0days._ do VA Nov. 26 1.00 1.00 3.55 91-120 days. do 2H 121-180 days do_ 3 * Stock exchange call loans; new and renewal rates. * Stock exchange 90-day time loans. * 3 issues—3%, 3K, 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 35). (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 (3ities 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 4.69 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 4.12 5.82 6.12 4.66 4.87 4.88 5.90 6.29 5.50 5.53 5.55 Dewnhfif 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.—SeeA nnual Report for 1931 (Table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 759 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926= 100) Pre- Selected groups of industrial issues Month or date Bonds1ferred stocks 2 Total In tr d ia u l s- R ro a a i d l- u P t u il b i l t i y c m A o u b to il - e B 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 c e i a c 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—October 89.4 109.4 70 65 48 112 70 38 70 90 43 113 59 53 59 36 89.0 108.5 72 68 46 115 75 39 69 96 45 114 61 57 59 36 December.. . 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 November 81.9 97.4 48 45 26 78 40 25 47 71 32 60 39 47 28 30 Nov. 2 81.8 97.0 46 44 24 75 37 24 46 66 30 56 37 46 28 30 Nov. 9 82.1 97.7 48 46 26 78 40 26 49 71 34 62 40 47 29 31 Nov. 16_ 82.8 98.1 50 48 27 81 42 27 49 76 35 65 40 49 29 31 Nov. 23 81.9 97.9 48 46 26 79 40 25 47 72 32 60 38 48 28 30 Nov. 30 ._ 81.1 96.2 46 44 24 76 38 24 45 69 30 56 37 46 26 29 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. > 20 high-grade industrials; average price. Back figures.—See (for principal series) Annual Report for 1931 (Table 129). CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e., 1 year or more. In millions of dollars] [In millions of dollars] New issues Re- Outstanding at end Increase or decrease fund- of month (—) during month Domestic ing Total issues Year and month m e a ( f i d e o g n o s r n d - - t ) ic t T a o li - S n m a p t i n a a c u d t i l - e - B n a o o C n n t o d e d r s s po S r t a o t c e ks F ei o g r n - m e a ( f i 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 i s f s - Total B n a o o n n t d e d s s C ic b a e a i n r l t t d l e i s f s - 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 2 2 2 2 2 2 3 2 7 8 6 3 9 5 0 4 . . . .. 1 8 4 6 5 6 6 7 0, , , , , , , , 3 2 0 4 9 5 5 0 1 0 4 3 0 5 5 9 4 1 7 0 9 6 7 1 4 4 5 6 6 9 6 5 , , , , , , , , 2 1 0 1 0 4 7 5 1 8 2 1 0 2 8 8 9 9 5 6 0 4 9 8 1 1 1 1 1 1 1 1 , , , , , , , , 3 3 3 4 3 4 4 0 3 4 5 7 8 7 1 4 4 4 2 9 0 5 8 3 3 2 2 2 2 2 2 1 , , , , , , , , 1 9 3 6 0 4 9 2 8 8 7 6 8 7 5 0 3 0 7 5 8 2 6 0 2 5 1 1 1 1 , , , , , , 9 9 0 4 5 1 6 8 6 8 2 7 0 5 5 2 1 7 4 4 9 9 3 3 1 1 1 1 , , , , 0 1 3 2 4 6 9 9 7 3 2 5 7 0 2 6 6 7 5 1 1 5 1 9 2 1 1 1 , , , , 8 4 0 2 6 7 9 7 5 2 4 2 8 2 1 5 8 2 6 2 5 0 1 9 J J N S D A O u u e o e c u n l p c t y v g e o t e e e u b m m m s e b t r b b . e . e e r r r 1931 1 1 1 1 1 1 1 6 6 6 7 7 7 7 , , , , , , , 5 5 5 5 0 0 0 8 2 2 2 4 2 4 5 2 0 8 8 8 0 1 1 1 1 1 1 15 4 4 4 4 4 4 , . , , . , , 1 9 9 1 1 9 0 5 7 8 7 5 8 9 5 9 1 8 2 0 2 2 2 2 2 2 2 2 , , , , , , , 3 0 0 4 0 3 4 4 4 0 6 8 6 3 4 7 6 8 5 8 6 - 4 2 4 2 6 7 6 8 0 1 3 5 3 8 2 2 - 8 8 1 2 2 2 0 3 6 6 9 1 1 1 7 - - 5 3 - - 3 2 2 5 3 3 5 4 6 4 1 8 1 2 8 1931 3,099 2,860 1,235 1,240 311 229 949 Total (12 months). 1,754 1,110 1931— N D O e o c c v to e e b m m e b r b e e r r . . . . 1 1 1 4 2 2 5 3 1 1 4 2 1 3 5 0 5 4 1 4 4 6 2 2 1 6 8 4 2 3 4 9 4 0 2 0 2 2 1 1 1 J F a e n b u r a u r a y ry 1932 1 1 7 7 , , 5 8 1 2 5 0 1 1 5 5 , , 1 1 0 0 2 2 2 2 , , 4 7 1 1 3 8 - 3 1 0 3 5 - 3 2 0 3 5 1932— J J A M M A F u u J e p u a l n a a b y n r g y r e i u r c u l u a h s r t a y ry... 1 1 1 6 0 9 7 7 6 8 7 3 6 1 1 8 2 4 3 1 1 1 0 6 7 9 7 8 6 7 4 0 1 1 8 4 2 3 1 1 3 3 2 3 3 0 8 7 5 0 5 4 8 9 4 4 3 6 4 4 2 1 5 2 2 7 5 4 5 7 4 4 0 0 2 0 1 1 0 0 0 0 2 0 0 3 1 3 2 2 7 6 0 5 1 2 1 9 2 4 8 7 4 J J A M A M S O u u e u p c n l a a p y t g r r y e o t i c u e l b h s m e t r ber _.. 2 2 1 1 1 1 1 18 0 0 9 9 9 8 8 , , , , , , , , 2 1 4 2 1 2 7 7 6 9 8 9 8 9 2 5 1 6 5 7 7 0 9 8 1 1 1 1 1 1 1 1 5 7 6 5 7 5 5 5 , , , , , , . . 7 2 1 7 1 3 7 4 1 0 8 4 0 9 1 5 5 3 8 4 2 6 8 4 3 3 3 3 3 3 3 , , , , , , , 1 4 0 4 5 0 3 8 1 0 4 5 0 8 4 1 8 6 3 4 8 4 4 3 5 1 4 1 4 3 7 3 3 9 6 8 2 2 0 8 6 7 1 9 8 2 3 5 7 2 3 1 9 0 1 9 1 4 5 7 8 0 - - - 2 2 3 2 9 3 1 4 1 6 2 7 0 9 3 9 9 7 0 7 6 5 September.. 75 73 63 6 0 2 76 November 20, 476 17,796 2,680 -9 October 94 94 36 47 2 0 28 NOTE.—Figures relate to interest-bearing public debt; matured non- 1 Includes issues of Federal land banks and Federal intermediate credit interest-bearing debt amounted to $330,000,000 at the end of November, banks, not shown separately. 1932. Figures include obligations held in Government trust funds amounting to $359,000,000 at the end of November, 1932. Sources.—For domestic issues: Commercial and Financial Chronicle; Bonds and notes are long-term—i. e., 1 year or more (figuring from for foreign issues (issues publicly offered) annual totals are as finally date of issue); certificates and bills, shorter term. reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision Back figures.—See (for figures of new issues—annual and quarterly basis) Annual Report for 1931 (Table 128). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
760 FEDERAL RESERVE BULLETIN DECEMBER, 1932 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average= 100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * Building contracts awarded Fac- (value)» Factory em- tory Freight-car Oommonth Total » Manufactures1 Minerals» Total Eesidential All other ployment 8 ro p l a ls y 3 loadings* * __ i _ t j y prices' Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 139 1920 87 87 89 63 30 90 108 118 91 154 1921 67 67 70 56 44 65 82 77 79 98 1922 _ _ 85 86 74 79 68 88 90 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 _ _ 95 94 96 94 95 94 96 96 97 98 1925 104 105 99 122 124 120 100 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 97 102 . 103 97 1929 119 119 115 117 87 142 101 108 106 95 1930 96 95 99 92 50 125 88 87 92 86 1931 81 80 84 63 37 84 74 66 75 73 1928 October. _ 118 115 117 116 123 111 134 136 115 115 150 152 100 98 107 119 106 97 November 115 117 115 118 118 114 122 132 112 114 130 146 99 99 104 109 107 96 December 109 118 110 120 106 111 107 127 93 106 117 145 98 100 104 94 106 96 1929 January.. 117 119 117 120 114 116 98 120 81 97 111 139 97 100 101 95 108 96 February- 121 119 122 119 116 119 102 118 84 94 116 137 100 100 108 99 107 95 March 124 119 126 120 101 109 121 121 106 101 133 137 101 101 111 98 105 96 April 124 121 128 122 103 114 139 123 117 100 158 142 102 102 111 102 108 96 May 126 122 128 123 116 117 143 121 113 97 168 141 102 102 111 109 107 95 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 108 95 July , 120 124 120 125 118 116 136 124 94 93 170 149 102 103 106 111 107 97 August... 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 96 September 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106 9fl October. _ 121 118 119 119 127 116 104 107 67 67 135 139 103 101 111 118 104 95 November 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 94 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 99 89 102 93 1930 January.. 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 93 February . 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 91 March 106 104 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 90 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 9G May. 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 89 June 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 87 July 91 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 84 August. __ 90 90 88 89 101 96 85 81 48 49 115 106 85 84 82 96 89 84 September 92 90 90 89 101 94 82 81 52 62 108 105 86 83 83 99 87 84 October. _ 90 88 87 86 105 95 75 78 61 52 94 99 84 82 81 97 86 83 November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 81 December 77 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 80 1931 January.. 82 83 81 83 86 88 58 71 37 44 75 93 76 78 68 74 82 78 February. 87 86 88 86 84 86 68 79 42 47 89 104 77 78 73 74 80 77 March 89 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 76 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 75 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 73 June 83 83 83 82 85 86 74 63 41 37 101 84 75 76 68 77 77 72 July 80 82 79 82 85 86 68 61 36 35 94 82 74 75 64 78 76 72 August... 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 72 September 77 76 76 75 82 77 59 59 32 32 81 80 75 73 62 78 69 71 October, _ 75 73 72 71 90 82 52 55 29 30 71 76 71 70 59 78 69 70 November 72 73 70 71 83 81 43 49 26 27 57 67 69 69 56 70 68 70 December 68 74 66 73 79 84 30 38 20 23 39 50 68 69 56 61 69 69 1932 /anuary.. 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 68 fifi 67 66 73 70 30 30 12 12 45 44 62 60 42 fil 54 65 October. _ »68 *66 ^66 *>65 80 74 28 29 12 12 41 43 62 61 44 65 57 64 » Preliminary. • Average per working day. 1 For indexes of groups and separate industries see p. 786; for description see BULLETIN for February and March, 1927; for back figures see BULLETIN for March, 1932, p. 194. 2 3-month moving average, centered at second month; for description and back figures see BULLETIN for July, 1931, p. 358. 3 For indexes of groups and separate industries see p. 787; for description and back figures see BULLETIN for November, 1929, and November, 1930. * For indexes of groups see p. 761; for back figures see BULLETIN for February, 1931, p. 108. * Revised index olBureau of Labor Statistics (784 price series), 1926=100. Index numbers for groups of commodities are given on p. 788. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 761 MERCHANDISE EXPORTS AND IMPORTS I In millions of dollars] Merchandise exports Merchandise imports Month 1928 1929 1930 1931 1932 1928 1929 January 411 488 411 250 150 338 369 February 371 442 349 224 154 351 369 March 421 490 370 236 155 380 384 Vpril 364 425 332 215 135 345 411 May 423 385 320 204 132 354 400 June . - . 389 393 295 187 114 317 353 July 379 403 267 181 107 318 353 August 379 381 298 165 109 347 369 September _ 422 437 312 180 132 320 351 October. 550 529 327 205 v 153 355 391 November 545 442 289 194 327 December 476 427 275 184 339 Year 5,128 6,241 3,843 2,424 4,091 oooo Excess of exports 1930 1931 1932 1928 1929 1930 1931 1932 311 183 136 73 119 100 66 15 282 175 131 20 72 67 49 23 300 210 131 40 106 69 26 24 308 186 127 19 15 24 29 9 285 180 112 69 -15 35 24 20 250 173 110 71 40 44 14 4 221 174 79 61 50 46 6 27 218 167 91 32 11 79 -2 18 226 170 98 102 86 86 10 34 247 169 195 137 80 36 P 47 204 149 218 104 85 44 209 154 136 117 66 30 4,399 3,061 2,091 1,037 842 782 334 p Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-1925 average =* 100] [Index numbers; 1923-1925 average=100] Index of salesl Index of stocks (end of 1932 month) June July Aug. Sept. Oct. Month fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- Adjusted for seasonal variation variation justment variation justment Total 52 51 51 54 57 Coal 45 49 51 59 68 1931 1932 1931 1932 1931 1932 1931 1932 Coke 27 24 25 32 39 Grain and grain prod ucts 66 70 68 68 65 January. 97 78 79 64 88 75 78 67 Livestock 53 54 57 54 52 February 98 78 80 64 86 73 81 69 Forest products 22 21 20 24 25 March 97 72 92 70 84 70 87 72 Ore. 6 9 10 10 12 April 106 80 101 76 83 70 87 72 Miscellaneous 54 49 48 52 56 May . 97 73 97 73 83 68 85 70 Merchandise i 71 69 68 69 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 D O e o c c t v o e e b m m e b r b e e r r 8 8 8 6 3 1 71 1 9 9 4 3 5 2 77 8 7 7 0 9 8 61 8 8 7 8 9 3 67 Tota C C l o oa k l e _ 3 5 2 9 2 4 4 5 2 3 1 1 5 4 2 3 9 3 6 3 6 1 1 4 4 6 7 0 5 7 Grain and grain prod- Year 91 82 ucts 58 84 83 82 72 Livestock _ 45 45 51 64 69 i Based throughout on figures of daily average sales—with allowance Forest products 24 21 21 25 26 for changes from month to month in number of Saturdays and for 6 Ore. 10 17 18 16 16 national holidays: New Year's Day, Memorial Day, Independence Day, Miscellaneous. 56 52 53 62 66 Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- Merchandise' 71 68 68 72 72 sonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 1 In less-than-carload lots. » Preliminary. Based on daily average loadings. Source of basic data: American Railway Association. Back figures.—See BULLETIN for November, 1930, p. 686. Back figures—See BULLETIN for February, 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
762 FEDERAL RESERVE BULLETIN DECEMBER, 1932 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS lln millions of dollars] Europe Total United End of month (4 t 9 r i c e o s u ) n- States Canada countries) Austria Bel*ium ****** Denmark England France Germany 1931—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 5,689 346 656 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 2,808 226 February... 11,418 3,947 6,444 351 588 2,942 221 March.. '11,499 3,986 6,484 349 588 3,012 209 April 11,515 3,956 6,531 351 3,052 205 May 11,416 3,717 6,665 353 3,115 206 June— 11,348 3,466 6,841 357 663 3,218 198 July 11,420 3,522 6,871 365 670 3,221 183 August 11, 562 3,639 6,897 364 676 3,224 183 September.. v 11,694 3,748 v 6,923 359 678 3,241 190 October v 11, 791 3,819 v 6, 944 363 678 3,250 195 November.. v 3,883 678 3,267 »197 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden 3w la i n tz d er- U. R S . . S. Y sl u av g i o a - 6 c o o u th n e - r tries 1931—July.. 236 439 225 267 18 August 283 260 439 229 280 21 September. 286 282 439 328 21 October 293 336 434 422 25 November.. 296 362 434 425 315 26 December-. 296 357 434 453 328 26 1932—January 296 351 434 472 329 26 February.. 296 353 434 482 329 26 March 296 354 •*434 471 330 26 April 296 364 434 471 331 27 May 297 384 435 493 335 30 June 298 394 435 503 349 31 July. 300 408 435 509 357 30 August 302 415 435 510 368 28 September- 305 416 435 509 28 October 306 416 436 509 '28 Latin America Asia and Oceania Africa End of month T c tr o ( o i 1 u e t 0 s n a ) l - A t r i g n e a n- Chile l C o b o m ia - - Peru g U u r a u y - 5 c t o o r t i u h e n s e - r T c tr o o i ( u e 7 t s n a ) l - A t l r u i a a s- - India Japan Java N l Z a e e n a w d - Siam T k u ey r- A ri l a ge- Egypt A So fr u ic th a 1931—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 1932—January 350 252 532 162 215 40 February... 347 249 534 162 215 23 37 March '347 249 535 162 214 28 31 April '343 249 534 162 214 28 34 May 346 249 534 162 214 28 35 June '347 249 536 162 214 28 38 July 348 249 524 162 214 28 34 August 348 249 523 162 214 28 35 September- 346 249 523 162 214 28 32 October 3»343 "524 162 214 J>28 35 Preliminary. ' Revised. • Corrected. NOTES 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 Re"publique 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
DECEMBEE, 1932 FEDERAL RESERVE BULLETIN 763 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Month world Africa production Total South West Belgian Canada Mexico Colombia Australia Japan India Africa Rhodesia Africa Congo 1930—Total _. 416,752 326,032 221, 526 11,476 4,995 3,618 43,454 13,813 3,281 9,553 7,531 6,785 1931—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 :U032 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 L.131 741 545 April 38,305 30,381 19,593 976 466 391 5,093 1,057 380 L, 164 671 590 May 39,241 31,317 19,970 977 481 409 5,551 1,026 448 1,234 653 567 June v 39,084 v 31,160 19,871 1,011 471 P 426 5,592 960 405 ,172 647 603 July _.. v 39,184 v 31,259 20,268 981 546 P 439 5,124 924 455 L,244 692 585 August v 39, 979 *>32,054 20,475 1,019 510 P455 5,428 1,138 524 1,221 696 588 September. _. v 39, 301 * 31, 377 19,888 1,041 509 P419 5,386 v 1,138 456 ,283 *>696 561 p 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 Total net China All p i o m rt - s E la n n g d - France m G a e n r y - g B iu e m l- N l e a t n h d e s r-Sw la i n tz d er- C 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—April 49,516 19,161 61 16 1,105 1,563 14,782 86 7,796 2,741 2,205 May 49,630 5 -20 1,052 774 40. 029 3,359 960 847 2,624 June 63,847 21 25,990 -17 20,725 438' 4.923 155 6,361 399 4,852 July. 19,503 -4 8 4,871 466 8,305 87 1,544 1,246 2,980 August 57,500 1,501 -16 11,000 -5 2,208 8,802 5,383 142 4 1,046 25,000 2,435 September- 20,561 23 -24,087 2 2 -4,172 -349 8,837 4,260 25, 770 3,095 3,596 3,584 October. _. -337,685 685-324, 500 -831 -9,678 -35,904 -17,617 5,666-1,239 15,474 16 5,533 22,501 2,209 November. 89,436 333 -10 -115 -57 -394 -515 7,408 989 267 4,895 1,644 75,932 941 December . 56,858 4,249 -15,150 -62 -5,861 -9,857 -1,270 4,513 1,344 2,042 3,165 623 68,285 4,837 Total.... 145,325 6,797-344,514 36,026-15, 583-50,327 -19,768 81,136 22,267 141,263 15,116 8,064 34,240 199,286 31,322 1932—January... -72,950 -3,199 -83,783 -71 -12, 553 -6,257 -1, 759 4,154 1,103 9,110 2,948 4,677 167 9,969 2,542 February. _ -90,567 -235 -98, 203 -495 -17,859 -8,672 -254 8,406 950 1,157 7 2,575 819 19,441 1,795 March -24, 671 -23 -37, 532 2 -6,341 -6 7,216 2,997 2,683 3 70 2,948 3,313 April -30, 239 -1,922 -24,527 -3,286 -669 -18,707 -115 7,267 3,329 7 2,402 2,013 3,967 May -195, 514 -7,047 -63, 216 -9, 710 -19,930 -58, 473-53, 554 4,699 1,510 175 3,791 2,441 3,800 June -206,047 -1,910 -111,411 -116 -26,250 -23,168 -62,603 5,424 816 4,866 5,172 3,133 July -3,437 1,405 -21,513 -225 4,573 1,284 13 240 3,524 4,197 3,064 August 6,103 6,093 -17,950 1,021 -8 5, 257 2,273 45 467 4,783 4,122 September 27,897 5,868 50 320 5,543 219 3,904 2,843 52 2,855 4,205 2,039 October _. 20, 617 1,251 72 2,381 25 510 1,345 42 28 6,068 3,600 3,362 1,933 November p 19, 946 1,376 2,613 5,199 691 4,866 2,922 2,279 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
764 FEDERAL RESERVE BULLETIN DECEMBER, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from— Month n T p et o o 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 o e u r t i h ca B I r n i d ti i s a h S S m t e e r t a t n l i t e t s s - Au l s ia tra- R W h A S e o r f o i s r d c u i t e c a t s A a h i , f a - , c o t o A r th i u e l e n l s r - 1931—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 15, 775 1,122 -6, 769 -119 -8 -9, 462 -2, 502 1,370 8,353 444 572 21,681 1,093 November p. -44, 977 -4,144 -61,412 -2 -66 -12,370 -10,003 692 23, 930 214 1,107 15,426 1,649 December p. —15,602 -7,086 -24,939 -515 -155 -4,290 -18,564 19,527 417 64 19, 499 442 Total *>.„- -146,133 -12,446 -316,875 33, 754-36,961 -122,124 -61,070 29, 405 57,108 11,142 32,840 235, 606 3,486 1932—January -7,320 -4,129 -64,955 -76 -3, 584 -247 105 45,986 746 1,555 17,062 352 February -6,182 2,256 -52, 712 -58 -7, 537 -3, 723 2,226 30, 661 781 371 20,884 1,426 March -2,691 -119 -40,858 3 -3,480 -7,382 1,002 24,340 602 1,750 20, 616 887 April 26,148 1,207 -17,795 71 -1,955 -16 17,393 1,083 24,893 420 May 16, 973 7,541 -10,843 -18 -11,310 -214 406 11,565 915 18,965 1,734 June 35, 019 15,897 -9, 035 14 -9, 394 -1,081 12,812 772 794 26, 246 760 July. _.. 22, 675 -1,671 -11,361 4 -7,812 -753 500 14,204 2,122 9,661 19,351 3,207 August 1,296 -4,259 -20, 269 45 -10,438 -75 300 14,279 829 175 19,712 5,010 September- 5,204 -6,887 -27,521 5 -2,571 -214 187 13,009 584 1,505 25, 866 1,326 October 5,814 -284 -24,895 -20 -2, 969 -120 189 11, 973 943 870 18,378 1,853 November P. 7,722 -1,373 -17,744 366 -2,905 371 7,841 678 799 19,442 572 France Germany Net imports from— Net imports from— Month Total Total im n p e o t rts U S n ta i t t e e s d E la n n g d - m G a e n r y - N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A r th i u e l e n l s r - im n p e o t rts U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- S U . .S R . . c o t o A r th i u e l e n l s r - 1931—April 2,736 2,218 -13 -7 538 11,383 1 563 41 309 4 10, 327 95 May -12,090 -12, 749 257 -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 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 72,952 78,366 -29 -5,996 611 934 112 216 548 -23 80 September. 418 209 902 -2 -10 -1,818 1,137 -16,947 547 3 -5,558 -11,859 -80 October—. 2 1 7 2 3 2 , , 3 7 7 3 2 4 2 9 4 9 3 , , 8 9 7 5 6 6 4 2 0 1 , , 4 7 4 3 7 8 6,0 9 6 1 0- 2 3 2 , , 5 7 5 4 3 1-42 - , 1 5 5 7 3 2 5 1 , , 6 7 8 8 5 9 - - 3 4 1 1 , , 4 9 7 6 3 8 68 1 1 8 1 4 2 9 0 -5,95 1 1 8 - - 1 1 0 6 , , 9 4 6 5 5 5 - -2 2 5 0?, 5 6 9 2 4 0 5,183 - 7 4 8 November. 13,881 3,164 26,132 1 -232 7,203 875 7 542 56 150 103 17 December- Total--. 728,176 328,130 312,561 100,050 18, 775-81,207 49,867-247,950 -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, 580 90,947 -4 9,601 -1,592 2,639 -5,262 71 71 49 -5,647 247 -53 March 147,604 71,279 49,028 13,889 12, 561 17 830 -13,647 -2 -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 42 5,198 180 May 17, 735 17,174 14, 232 2, 582 2,006 -1,1193-17,141 3,133 293 8 17 -7, 539 67 110,,352 -66 June 168,000 152,072 7,541 5,737 4,601 -8,234 6,281 -7,139 66 5 -5,800 72 3,399 2,809 July 31, 954 16, 746 12, 472 -5 483 -1,001 3,259 -13,718 -42 -4, 757 ~5',474 71 549 -4,065 August 42, 940 24,149 16,241 5.382 -17 -369 -2,447 4,189 -2 11 1,129 52 4,624 -1,627 September. 9,638 -625 4,424 3,918 1,448 249 222 8,551 -2 6 3,379 43 5,409 -283 October 32,695 11,927 19, 995 329 565 -270 148 5,560 30 31 -52 57 5,458 1 $17,555,000 exported by Germany to Belgium. 2 $29,233,000 imported by France from Spain. 3 $21,292,000 exported by France to Belgium. v Preliminary figures. Great Britain.—-Net import figures for September and October, 1931, are now final. The figures for November and December, 1931, will be revised as the final figures become available. Germany.—Since figures for individual countries are subject to semiannual revision, those given for July, August, September, and October, 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
DECEMBER, 1932 FEDEKAL KESERVE BULLETIN 765 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—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 1 6,751 September.. 19,020 15,387 -86 -113 » 3,831 25, 505 1,722 23 1 16,577 » 7,181 October 30, 598 16,413 14,781 -17,572 17, 455 -479 94, 339 32,919 5.346 3,398 8,270 44,196 200 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 '-3,602 2,538 65 116 -95 -165 « 2, 616 May 58,256 55, 317 5,470 -3, 258 7,429 «-6,703 46,051 41,034 116 1,718 -52 •3,23fi June 54,107 47,324 8,397 -1,786 9,763 »-9. 590 80.872 70. 247 1,734 3,554 -85 • 5,422 July 4,983 5,565 -276 5, 376 «-5, 681 14.993 9,779 111 3,734 -51 • 1, 420 August 7,204 8,715 -334 -1.280 » 103 1,503 81 90 757 -1 92 485 September. „ -13,797 -6, 367 1,198 -1,708 -3, 496 5 3, 423 -604 -361 154 -540 -34 1 177 October -6, 230 -1,916 1,252 -593 -61 5 -4,912 -3,385 -50 82 -3,087 -102 4 -232 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 a m t l r N a p a n e l o i w d a rts 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 d n t d i p o i r n a o 7 -c e I i r r i n n e e n o r 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 p c r l I s d r r n d e e i i v d n e a ( - s g a i e - a t s ) e 8 1931—April. 600 102 199 118 107 6,168 -5, 005 May .-. 696 295 99 167 111 523 5,866 -4,647 June -1, 752 -4 -2, 254 170 146 165 491 3,397 -4, 658 July -803 -1,539 404 79 253 502 7,362 -7,663 August _. -270 -10 -979 224 202 70 223 517 3,760 -3, 513 September 175 r— 762 ' -101 '444 '161 '256 '177 564 21 718 October. -26, 058 -8, 273 -10,179 23 279 479 •-8,388 675 -353 -25,030 November. _^_ -24, 217 -3, 307 -17,610 372 ie-3, 673 592 359 -23,984 December -45,596 -5, 294 -39, 539 152 -921 581 0 -45,015 Total . -17,650 -72, 531 '2,286 ' 2, 071 '1,343 -11,208 6,835 33, 532 -122,385 1932—January ._ -24,029 -2,863 -21,419 225 536 18 -23,511 February -17,672 -363 -17,353 28 527 -2 -17,143 March. -18.670 -90 -18,788 ]89 547 -7 -18,116 April. -11,812 -209 -11,229 -471 592 -11,134 May -8, 935 -9, 007 59 569 -8,365 June -13, 227 -167 -13,155 88 605 -12,622 July... -16,437 '-374 -14,575 i» -1,497 587 -15,850 August -11,674 -2, 775 ' -7, 979 '-931 590 -11,084 September -17,201 -5,978 12 — 1, 393 P563 34 -16,672 October v-13, 384 p-12, 821 i $6,733,000 imported by Switzerland from Australia. « $4,020,000 imported by Netherlands from Dutch East Indies. 3 $7,293,000 imported by Switzerland from Norway. * $3,824,000 imported by Netherlands from British India. 5 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; October, $5,737,000. To Czechoslovakia—August, $2,199,000; September, $5,847,000. Imported by Netherlands: From British India—August, $3,212,000; September, $1,994,000; October, $1,006,000. 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. i Reported monthly production ol the Mysore State plus $82,000 representing the average monthly production of the rest of India in 1930, 8 Figures derived from preceding columns. Net imports plus production minus increase in Government reserves in India. • $7,575,000 was exported from India to Netherlands. io $1,891,000 was exported from India to Netherlands; $2,173,000 to France. u $1,777,000 was exported from India to Netherlands. 12 $1,640,000 was exported from India to Netherlands. *From October, 1931, through June, 1932, figures for net imports from individual countries are preliminary and subject to revision. Figures for total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated. » Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
766 FEDERAL RESERVE BULLETIN DECEMBER, 1932 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 1931 1932 1931 Oct. Sept. Aug. Oct. Oct. Sept, Aug. Oct. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold_. *>257 257 257 280 Gold reserve against Dominion notes- "73 Notes issued l P580 580 584 525 Advances to banks under finance act- 23 29 24 Irish Currency Commission (thousands of Dominion notespounds sterling): Issued 161 153 154 158 Legal tender note fund- Outside chartered bank holdings- 28 29 28 30 British legal tender and bank Indian Government (millions of rupees): balances 150 74 124 1,059 Gold standard reserve- British securities- 6,811 6,694 6,580 6,239 Gold 328 330 332 Notes issued 6,961 6,767 6,703 7,298 Foreign exchange 203 201 134 Consolidated bank notes *— Paper currency reserve- Issued -:._ 4,560 4,541 4,532 4,310 Gold _ 115 113 111 43 Deemed such under sec. 60 (4) of Silver coin and bullion— 1,149 1,153 1,150 1,316 currency act, 1927 1,406 1,423 1,442 1,687 Other assets 494 491 494 239 Notes issued 1,758 1,758 1,756 1,598 1 Includes a small quantity of subsidiary coin. 2 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Oct. 15, Sept. 17, and Aug. 20, 1932, and Oct. 17f 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 Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Cash on hand and on current account with Short-term deposits: banks. _. _ 1,734 2,625 1,914 Central banks for own account- Demand funds at interest 9,668 7,805 32,605 Demand 67,977 71,639 73,003 Rediscountable bills and acceptances (at Timecost). Not exceeding 3 months.. 13,026 16,562 21,006 Commercial bills and bankers' accept- Between 3 and 6 monthsances 61,483 57, 304 Treasury bills _ 25,661 24,633 27,694 Total 81,004 88,201 94,009 Total. 87,143 93, 242 84,S98 Central banks for account of others- Demand _-. ,792 2,537 26,608 Time funds at interest: Time- Not exceeding 3 months. 44,853 47,401 49,121 Not exceeding 3 months 6,020 Sundry bills and investments: Total 2,792 2,537 32,628 Maturing within 3 months- Treasury bills 2,762 5,787 Other depositors- Sundry investments 13,736 9,185 Demand 32 35 695 Between 3 and 6 months- 31,320 Time—Not exceeding 3 months.. 1,211 1,208 Treasury bills 6,967 2,763 Long-term deposits: Sundry investments 6,871 11,432 Annuity trust account 29,677 29, 677 29,677 Over 6 months _ 318 371 8,586 German Government deposit 14,839 14, 839 14,839 French Government guaranty fund- 13, 249 13,249 13,249 Total 30,654 29, 538 39,907 Other resources- 1,545 1,304 2,471 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.-.. 6,857 6,232 4,236 Total resources.. 175, 598 181,914 211,016 Total liabilities.. 175, 598 181, 914 211,016 i Composed of $6,529,000 of investments between 6 months and 1 year and $2,057,000 exceeding 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 767 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 Bank of England m d i e e s p s n a u t r ) e t 1 - C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se ti c e u s ri- ci N t r i c o o u t n l e a- Bankers' D P e u p b o l s i i c ts Other l O ia ti t b e h i s e li r - Millions of pounds sterling: 1931—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 .6 49.4 11.5 71.0 346.4 67.9 14.1 32.2 18.2 Mar. 30 120.8 .6 35.3 11.7 86.8 360.5 54.6 27.2 34.4 18.2 Apr. 27._ 120.8 .7 43.0 11.5 79.4 352.8 58.3 23.4 35.3 17.7 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 Nov. 30 »..- 139.4 1.0 55.6 11.9 87.1 358.8 90.5 10.1 37.1 17.8 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 g b c e l o u s e r t » i i a - - O as t s h e e ts r ci N t r i c o o u n t l e a- G m ov e e n D r t n e - posi O ts ther l O ia ti t b e h i s e li r - Millions of francs: 1931—Sept. 25_. 59,346 25,194 5,880 2,754 5,065 8,099 78,173 7,357 18,542 2,266 Oct. 30__. 64, 648 27,600 8,809 2,712 5,065 8,428 83,639 8,227 22,954 2,441 Nov. 27... 67,844 24,273 7,766 2,731 5,065 8,647 82,543 7,170 24,171 2,442 Dec. 30... 21, 111 7,389 2,730 7,157 8,545 85, 725 5,898 22,183 1,989 1932—Jan. 29__. 71, 625 18,805 6,555 2,744 6,899 8,278 84,723 4,722 23,552 1,910 Feb. 26... 75,059 15,127 5,544 2,707 6,882 8,329 83,189 3,637 24,899 1,925 Mar. 25... 76,832 12, 632 4,820 2,716 6,881 8,371 81,782 3,526 24,962 1,980 Apr. 29... 77,862 11,800 4,690 2,735 6,881 8,697 82. 774 3,111 24, 827 1,953 May 27... 79, 470 9,001 4,160 2,700 6,881 81, 418 3,432 24,128 2,917 June 24... 82,100 6,332 3,929 2,715 6,626 8,634 80,667 2,881 24,621 1,167 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.... 82, 909 4,984 3,637 2,764 6,621 9,145 82, 205 4,553 21, 229 2,071 Nov. 25 *. 83,341 4,852 3,265 2,500 6,621 () 81,536 2,929 22,970 (3) Resources Liabilities Reserves Reichsbank Gold e F x o c r h e a i n g g n e Tre b a il s l u s ry b c i O l h l e s t c h ( k 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 t t i b h e i s e li r - Millions of reichsmarks: 1931—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..—— 128 3,108 224 365 975 3,967 380 1,267 Aug. 31 157 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. 31 817 123 2,857 198 362 957 3,620 389 1,345 Nov. 30 * 827 110 2,731 207 395 959 3,531 418 1,314 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). 1 Not yet available. v Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
768 FEDERAL RESERVE BULLETIN DECEMBER, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Oct. Sept. Aug Oct. Oct. Sept. * Aug. Oct. National Bank of Albania (thousands Bank of the Republic of Colombia of Albanian francs): (thousands of pesos): Gold _ - 5,520 5,546 4,088 Gold at home and abroad 11,579 13, 261 13,903 10,997 Foreign exchange 29,176 28, 574 26,156 Foreign exchange... 4,388 3,323 3,664 4,558 Loans and discounts 3,402 3,699 4,568 Loans to member banks 6,275 5,305 4,432 19. 514 Other assets 5,001 4,717 7,244 Note circulation 19, 260 18, 255 16,774 19,165 Note circulation _ 12,002 12,148 12, 223 Deposits 20,154 18, 674 19,053 9,027 Demand deposits 19, 293 18,842 15,665 National Bank of Czechoslovakia Other liabilities 11, 804 11, 546 14,168 (millions of Czechoslovak crowns): Commonwealth Bank of Australia Gold 1,659 1,659 1,640 1,552 (thousands of Australian pounds): Foreign balances and currency. .. 1,082 1,098 1,079 1,128 Issue department- Loans and advances 1,560 1,628 1,489 1,765 Gold coin and bullion 10,499 10,499 10,500 Assets of banking office in liqui- Securities..- 38, 053 38,094 41, 498 dation — 0 0 0 299 Banking department— Note circulation 6,057 6,218 6,144 7,218 Coin, bullion, and cash 1,218 1,183 1,035 Deposits... 634 579 London balances 13,666 9,297 7,198 Danish National Bank (millions of Loans and discounts 14,903 15,118 22,884 kroner): Securities 29, 874 29,878 17, 434 Gold 133 133 133 164 Deposits - 62,147 57,219 49, 712 Foreign bills, etc 55 55 47 45 Bank notes in circulation 42, 705 42,349 46,395 Loans and discounts 104 118 134 151 Austrian National Bank (millions of Note circulation _ -.. 333 315 366 schillings): Deposits — 76 41 Gold.. - 149 149 149 190 Bank of Danzig (thousands of Danzig Foreign exchange of the reserve. -. 39 40 40 112 gulden): Other foreign exchange... 0 0 0 43 Gold - 21, 375 21, 371 21,372 21, 784 Domestic bills _._ 2 336 867 872 767 Foreign exchange of the reserve.- 15,230 18, 839 24,957 15,079 Government debt 2 663 92 92 96 Other foreign exchange 248 302 357 11,776 Note circulation 903 902 915 1,134 Loans and discounts 9,223 8,851 7,190 10, 231 Deposits _ 177 173 165 91 Note circulation.- 37,126 37,963 38,690 43,827 National Bank of Belgium (millions Deposits 6,502 6,861 10,676 5,972 off beblgla)s): Central Bank of Ecuador (thousands GGoolldd 2,611 2,582 2,615 2,567 of sucres): Domestiic and foreign bills 683 655 678 957 Gold at home and abroad 14, 648 14,611 5,653 Loans to State 367 367 367 290 Foreign exchange 4,502 3,519 11,649 Note circulation. 3,637 3,631 3,652 3,602 Loans and discounts 21,960 20,893 14,400 Deposits 168 128 158 313 Note circulation 24,127 22,441 20, 220 Central Bank of Bolivia (thousands Deposits 9,766 9,320 9,584 of bolivianos): National Bank of Egypt3 (thousands Gold at home and abroad 21, 322 23,264 2,871 of Egyptian pounds): Foreign exchange 3,050 2,854 23,511 Gold 6,663 4,225 J oans and discounts 38, 703 32,311 22, 414 Foreign exchange. 1,953 2,522 1,217 Note circulation 33,960 32,596 26,183 British Government securities-.. 12,159 10, 359 15,470 Deposits 16,165 14,287 11,098 Loans and discounts.__ — 6,161 8,046 9,421 Bank of Brazil (millions of milreis): Egyptian Government securities. 17,175 17,900 14,996 Currency 586 454 357 247 Other assets 3,634 3,617 3,590 Correspondents abroad.>. 255 215 161 51 Note circulation 18, 935 17,174 19,543 Loans and discounts 1,804 1,806 1,877 1,611 Deposits—Government 2,830 5,058 5,102 Note circulation 170 170 170 170 Other 17, 901 18, 708 16,142 Deposits 2,571 2,238 2,157 1,536 Other liabilities 8,080 8,168 8,133 National Bank of Bulgaria (millions Bank of Estonia (thousands of of leva): krooni): Gold 1,517 1,517 1,517 1,510 Gold..- * 11, 481 11, 475 11,470 6,549 Net foreign exchange in reserve. _. -23 8 12 53 Net foreign exchange 6,949 6,973 7,250 15, 927 Total foreign exchange 268 254 268 455 Loans and discounts 22,923 23,296 22,421 23, 558 Loans and discounts 817 784 690 813 Note circulation 32,944 32,060 31,385 38,094 Government obligations _. 2,935 2,945 2,965 3,030 Deposits—Government 3,269 4,398 4,500 5,673 Note circulation 2,713 2,773 2,658 3,185 Bankers' 5,650 5,644 5,753 3,101 Other signt liabilities j 1,542 1,478 1,620 1,274 Other 2,541 2,318 2,387 1,961 Central Bank of Chile (millions of Bank of Finland (millions of pe G so o s l ) d : at home and abroad 86 93 96 67 ma G r o kk ld a . a . ) . : . — 304 304 304 305 . N L G F D o o o o e r a p t v e e n B E o e i s g s r c x a n n i i a n c t r m s h k n c e a x . u d e _ n c l n _ d a g h t t i e a i s s o n c e c n g o c o e u u m n r fo i m t t s r i i e a s s s c i c o o n unt of— 4 2 2 2 8 3 0 8 3 0 9 0 0 2 4 2 1 8 5 1 8 0 5 0 2 3 1 1 8 0 9 3 0 0 5 1 9 8 D N B D Fo a o o e c r l m m t r a e e e n i e a d g c c s n i n i e t t d r s i s c c b u l i i b l l a a a l i b s l b t l . i i r s o l o i n t a i d es and _ foreign 1, 2 4 9 0 35 6 8 3 6 1 5 5 0 6 1, 4 9 2 3 0 4 9 4 2 9 6 9 1 5 0 1, 8 3 5 2 0 2 0 7 1 3 8 8 0 0 5 1, 2 9 3 1 2 3 1 6 6 6 6 3 5 4 4 Central Bank of China 3 (thousands Bank of Greece (millions of drachof Yuan dollars): mas) : Gold 1,352 3,168 Gold - - 654 617 588 Silver 46,762 48,013 46,400 Foreign exchange.-- 1.255 932 822 1,713 Due from banks abroad 3,559 4,315 18,954 Loans and discounts _ 2,167 1,966 1,515 443 Due from domestic banks 22,348 22,340 23,241 Government obligations 3,322 3,321 3,321 3,148 Loans and discounts 93,119 83,912 65,210 Note circulation _. 4,750 4,683 4,323 4,297 Securities 5,832 5,586 13,646 Other sight liabilities- 2,955 2,454 2,173 777 Other assets _. 19, 338 19, 964 8,678 Liabilities in foreign exchange. __ 230 197 193 201 Note circulation _ 30,842 31,036 39, 442 Central bank of Guatemala (thou- Deposits—Government 87, 603 93,290 sands of quetzales): Bank 23,891 20, 506 11,024 Gold coin 1,778 1,666 2,246 Other 4,902 5,146 5,072 Balances abroad 414 513 637 Other liabilities 44, 528 42,625 30, 469 Loans and discounts 6,144 6,117 5,907 ^'Gold and English sterling." 2 Bills and acceptances rediscounted for the Credit-Anstalt, amounting to 571,000,000 schillings, were transferred to Government account. 3 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 769 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1932 1931 Central bank Central bank Oct. Sept. Aug. Oct. Oct. Sept. Aug Oct. Central bank of Guatemala—Contd. Bank of Portugal—Continued. Other assets _ 1,515 1,444 1,660 Discounts and advances 346 365 Note circulation 5,478 5,395 6,570 Government obligations 1,058 1,058 1,058 1,058 Demand deposits 1,337 1,325 1,278 Note circulation 1,906 1,920 1,929 1,930 Other deposits 122 83 101 Other sight liabilities 379 355 365 326 Other liabilities 2,914 2,937 2,501 National Bank of Rumania (millions National Bank of Hungary (millions of lei): of pengos): Gold _ 9,476 9,476 8,957 Gold 97 97 97 105 Foreign exchange of the reserve.. 589 549 1,738 Foreign bills, etc 8 11 11 16 Other foreign exchange 78 16 20 Loans and discounts 489 459 448 422 Loans and discounts 11,312 11, 575 13, 727 Advances to treasury 52 52 52 58 State debt.-- _ 5,730 5,730 5,337 Other assets 22 20 19 41 Note circulation. _ 21,313 21,194 23, 243 Note circulation -. 410 372 376 435 Demand deposits 6,957 6,735 6,027 Deposits 55 81 74 114 South African Reserve Bank (thou- Miscellaneous liabilities 174 159 150 61 sands of South African pounds): Bank of Italy (millions of lire): Gold —. 7,189 6,512 7,093 6,189 Gold at home_-_ 5,811 5,789 5,750 5,570 Foreign bills 0 0 0 0 Credits and balances abroad 1,405 1,400 1,393 2,551 Domestic bills.. 1,133 1,862 2,362 4,570 Loans and discounts - 6,463 6,028 5,909 5,251 Note circulation 7,365 7,933 6,588 8,340 Total note circulation.. _ 13, 795 13, 814 13,382 14, 441 Deposits—Government 1,042 1,171 1,386 1,986 Public deposits _ 300 300 300 300 Bank 3,790 3,997 4,146 4,300 Other deposits - 1,096 1,274 1,345 1,450 Other 192 142 335 192 Bank of Japan (millions of yen): Bank of Spain (millions of pesetas): Gold 429 429 429 Gold _ 2, 258 2,257 2,257 2,247 Advances and discounts 845 828 874 808 Silver 590 586 585 530 Government bonds 268 118 118 118 Balances abroad 293 289 287 286 Notes issued 1,130 979 1,007 1,093 Loans and discounts 2,819 2,803 2,812 3,220 Total deposits.. 421 469 460 459 Note circulation 4,856 4,818 4,777 5,073 Bank of Java (millions of florins): Deposits 938 918 991 1,104 Gold 105 104 104 132 Bank of Sweden (millions of kronor): Foreign bills 19 18 17 3 Gold — 206 206 206 213 Loans and discounts . 49 49 47 51 Foreign bills, etc.. 195 179 172 28 Note circulation 214 216 216 239 Loans and discounts 187 209 217 528 Deposits ___ 33 32 36 27 Note circulation 571 612 556 579 Bank of Latvia (millions of lats): Deposits 183 133 102 Gold 36 36 32 Swiss National Bank (millions of Foreign exchange reserve... 12 12 12 14 francs): Bills 71 71 71 81 Gold 2,638 2,638 2, 644 2,188 Loans 56 52 46 59 Foreign balances and bills 47 61 61 105 Note circulation _ 37 36 35 42 Loans and discounts 66 56 56 92 Government deposits 67 68 69 58 Note circulation. _ 1,553 1,575 1,561 1,498 Other deposits 87 85 82 85 Demand deposits 1,201 1,187 1,202 934 Bank of Lithuania (millions of litu): Central Bank of the Republic of Gold 49 49 50 Turkey (thousands of Turkish Foreign currency 18 16 15 42 pounds): Loans and discounts 93 95 124 Gold.. 19, 214 18, 439 18,155 Note circulation 102 98 121 Foreign exchange.. _ 373 387 201 Deposits 54 58 58 84 Government securities 155,450 L55, 840 .56, 307 Netherlands Bank (millions of Other securities .- 28,081 28,081 28,081 florins): Other assets 21, 538 22,488 20,918 Gold 1,035 1,035 1,032 836 Note circulation 164,139 164, 529164,996 Foreign bills 71 71 71 100 Sight deposits-_. --- 10, 373 9,082 7,668 Loans and discounts 122 119 125 264 Other liabilities . 50,144 51, 623 50, 998 Note circulation 1,003 974 996 1,037 Bank of the Republic of Uruguay Deposits _ 264 294 278 220 (thousands of pesos): Bank of Norway (millions of kroner): Gold .. 47, 906 48, 052 51,215 Gold 144 142 142 172 Loans and discounts 108,167 107, 476 102,820 Foreign balances and bills 26 29 13 11 Other assets.- 39,257 38,464 35,953 Domestic credits 254 261 273 230 Note circulation.. 82, 383 83, 311 76,124 Note circulation 306 311 314 295 Deposits—Demand 35,029 33, 667 35,278 Foreign deposits 3 3 2 2 Time 37, 477 37, 731 39,040 Total deposits _. 80 83 76 96 Judicial and adminis- Central Reserve Bank of Peru trative 2,715 2,746 3,538 (thousands of soles): Other liabilities... 37, 728 36, 539 36,008 Gold 39, 277 38, 943 59, 347 State Bank of U. S. S. R. (note-issu- Foreign exchange 93 477 2,861 ing department; thousands of Bills 15,143 16, 588 14,317 chervontsi): Note circulation 47,388 48, 767 56, 641 Gold 71, 452 60,025 Deposits... _ 4,587 4,836 3,219 Other precious metals 1,750 2,226 Bank of Poland (millions of zlotys): Foreign exchange 3,088 4,808 Gold . _.„. 494 489 477 594 Note circulation 343,034 259,633 Foreign exchange of the reserve.. 36 35 47 78 National Bank of the Kingdom of Other foreign exchange 103 103 100 132 Yugoslavia (millions of dinars): Loans and discounts 714 741 777 765 Gold 1,763 1, 763 1,763 1,757 Note circulation 1,063 1,056 1,082 1,254 Foreign exchange 347 354 327 657 Other sight liabilities 130 152 147 165- Loans and discounts 2,546 2,482 2,416 2,088 Bank of Portugal (millions of Advances to State 2,411 2,410 2,409 2,325 escudos): Note circulation 4,759 4,833 4,836 5,302 Gold _ 400 397 221 Other sight liabilities 852 795 716 871 Other reserves 558 544 559 588 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
770 FEDERAL RESERVE BULLETIN DECEMBER, 1932 COMMERCIAL BANKS 1931 1932 Country Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina (millions of gold pesos): Bank of the Nation- Gold 1 1 1 1 1 1 1 1 1 1 1 1 Other cash 90 109 107 111 113 115 105 121 136 127 132 128 Loans and discounts 708 696 707 675 234 680 685 688 696 688 679 679 Deposits 661 652 641 639 642 649 644 664 712 702 696 690 Other banks in Buenos Aires— Gold 2 2 2 1 1 1 1 1 1 1 1 1 Other cash 186 194 203 200 199 206 206 212 218 218 228 243 Loans and discounts 847 830 817 821 1,251 798 794 783 775 769 761 754 Deposits 947 939 939 936 933 933 922 914 907 905 909 926 Canada (millions of Canadian dollars): Assets entirely in Canada- Cash in vault» 159 201 175 176 167 158 150 154 166 161 154 151 161 Cash in central gold reserves 27 25 26 22 20 24 23 23 23 25 22 23 21 Security loans 159 157 135 131 130 131 122 114 110 112 114 115 117 Other current loans 1,141 1,102 1,082 1,071 1,063 1,071 1,070 1,057 1,037 1,028 1,004 1,003 1,018 Security loans abroad 91 113 83 66 99 88 73 65 74 76 96 95 88 Securities 696 719 694 674 664 671 666 663 669 674 703 699 727 Liabilities entirely in Canada- Notes in circulation _ __ 140 131 129 123 122 121 125 119 126 123 117 124 120 Individual demand deposits 581 017 567 507 496 500 495 498 489 462 475 481 493 Individual time deposits... 1,462 1,396 1,360 1,368 1,390 1,389 1,393 1,387 1,373 1,363 1,367 1,359 1,371 England (millions of pounds sterling) : Cash in vault and at bank 173 170 181 177 170 171 170 176 188 188 190 190 189 Money at call and short notice- 113 108 118 116 108 111 111 110 111 120 114 110 112 Advances and discounts 1,131 1,125 1,131 1,128 1,093 1,103 1,105 1,102 1,114 1,138 1,176 1,179 1,171 Investments 288 284 281 268 264 266 272 284 324 333 348 367 396 Deposits 1,688 1,670 1,700 1,677 1,621 1,639 1,643 1,661 1,727 1,765 1,813 1,826 1,853 France (millions of francs): Bills and national-defense bonds. 19,006 17,851 18,441 18, 454 17,346 17,482 18,043 18, 998 18, 994 20,136 18, 745 19,034 Loans and advances 9,863 9,797 9,697 9,041 9,114 8,711 8,312 8,296 8,593 8,188 8,456 8,490 Demand deposits 36,972 37,019 37,023 36,196 36,435 35,983 35,929 35, 826 36,351 36,031 36,148 36,372 Time deposits 1,370 1,332 1,222 1,179 1,218 1,201 1,239 1,284 1,250 1,263 1,286 1,280 Germany (millions of reichsmarks): Bills and treasury notes 1,406 1,431 1,503 1,380 1,613 1,652 1,660 1,661 1,665 1,651 1,674 Due from other banks 373 345 320 367 267 290 257 263 242 256 242 Miscellaneous loans 6,837 6,748 5,935 6,034 6,235 6,160 5,898 5,813 5,736 5,745 5,706 7,500 7,390 7,276 7,289 7,539 7,652 7,541 7,457 7,397 7,439 7,401 Acceptances 891 910 903 863 872 851 815 796 782 773 775 Japan (millions of yen): Cash on hand -- 126 146 140 124 130 116 136 215 156 117 212 197 185 Loans 2,171 2,208 2,247 2,283 2,228 2,264 2,248 2,250 2,252 2,234 2,219 2,187 2,165 Deposits ._ _ «_ . 2,066 2,059 2,051 2,008 1,954 1,938 1,946 1,949 1,963 1,973 2,027 2,019 2,042 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
771 DECEMBER, 1932 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B ra a o n n f c k e G R b e e a i r c m n h k a s- n B It a o a n l f y k N B la e a n th n d e k s r- t B S i N o w a n a n i a s - k s l Country D R e a 1 c t . e In s i e n f c f e e — ct Country R De a 1 c t . e I s n i n e c f e f — ect In effect June 1,1931. 2 5 2 2 Albania 8 July 1,1931 Japan 4.38 Aug. 18,1932 June 13 7 Austria 6 Aug. 24,1932 Java Mar. 11,1930 July 16 10 Belgium Jan. 14,1932 Latvia 6 2 Oct. 1,1930 July 23 SB Bolivia - 6 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-- 4^ Aug. 22,1932 Peru 6 May 20,1932 Sept 2 8 Colombia 5 Sept. 19,1932 Poland 6 Oct. 21,1932 S S e e p p t t . . 2 21 8 _ 6 7 Cz v e ak c i h a oslo- Sept. 26,1932 Portugal 63^ Apr. 4,1932 Sept 29 3 Rumania 7 Mar. 4,1932 Oct. 10 2H Danzig 4 July 12,1932 South Africa. 5 Oct. 7,1932 Dec 10 7 Denmark Oct. 12,1932 Spain 6 Oct. 26, 1932 F M M eb a a . r r . 1 9 1 8 0 , 1932 5 4 6 E E c s u to a n do ia r .. 6 5V2 S Fe e b p . t. 23 1 , , 1 1 9 9 3 3 2 2 U Sw .S e . de S n . R._. m M Se a p r t . . 22 1 , , 1 1 9 9 2 3 7 2 M Ma ar r . 1 2 7 1 VA 6 F G i r n e l e a c n e d io 2 A A p ug r. . 1 8 9 , , 1 1 9 9 3 3 2 2 Yugoslavia- 7V2 July 20,1931 A A A p p p r r r . . 9 2 1 1 9 3 5V2 2V2 H In u d n ia gary 4 J O u c ly t. 1 7 8 , , 1 1 9 9 3 3 2 2 Apr. 28 5 May 2 5 May 12 June 30 Sept. 22 4 In effect Dec. 1, 1932. 2 2* 4 5 2 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- England (London) Germany (Berlin) dam) Month Bankers' 3 a a m c n c c o e e n p s t t , h - s T m b re i o l a l n s s t , u h 3 r s y Da m y- o to ne -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 to ne -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—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 -3 6.67 7.98 7.81 1.87 1.69 March 2.59 2.28 2.40 6.10 7.10 7.76 1.22 1.06 April 2.19 2.07 1.91 5.12 6.31 6.17 1.02 .94 May.. 1.44 1.10 1.29 4.87 5.96 5.91 .60 1.03 June -. 1.05 .85 .99 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 October .82 .71 .71 3.87 5.00 4.94 .25 1.00 Sw la it n z d er- (B B r e u lg s i s u e m ls) ( F P r a a r n i c s e ) (M Ita il l a y n) Hungary S (S w t e o d c n e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P m l r i p m m ap e e r e - r Da m y- o to ne -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—October... 1.90 2.44 1.80 7.50 4.93-5. 66 5.48 November. L77 2.44 1.90 7.50 5.48-6.57 5.66 December. 1.75 2.44 1.75 7.50 5.84-6.57 3.57 1932—January... 1. 2.91 1.75 7.50 5.84-6.57 6.02 February.. 1.52 3.31 1.75 6.92 5.84-6.57 6.39 March 1.50 3.36 1.80 6.53 5 -5 6.20-6.57 5.84 April 1.50 3.26 1.66 6.00 6. 20-6. 57 5.48 May 1.50 3.21 1.50 5.52 6.20-6.57 4.56 June 1.50 3.16 1.22 5.50 4 -4$ 6.02-6. 57 4.56 July 1.50 3.17 .99 5. 50 4 -4? 6. 02-6. 39 4.20 August 1.50 3.12 1.02 5.50 5.84-6.21 4.02 September 1.50 3.00 1.00 5.50 5.66-6.21 3.47 October... 1.50 3.00 1.01 5.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
772 FEDERAL RESERVE BULLETIN DECEMBER, 1932 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] China (and Hong Kong) Month A t r i g n e a n- Austria Belgium Brazil Bulgaria Canada Chile c M an e d x o i- l- Shang- Yuan H K o o n ng g Co b l i o a mlar hai tael dollar 1931—November 58.8403 13. 9516 13. 9070 6.1704 0.7138 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 November 58. 5837 13.9477 13.8723 7.6302 .7200 87. 3000 6.0276 20.6406 29.3164 20.5937 22. 4062 95. 2400 Month Cuba s C lo z v ec a h k o ia - m D a e r n k - England l F a i n n d - France m G a e n r y - Greece Hungary India Italy Japan 1931—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 November.. 99.9237 2. 9619 17. 0613 327. 5267 1.4441 3. 9190 23. 7536 . 5743 17. 4356 24. 7830 5.1124 20. 6218 Month Mexico N l e a t n h d e s r- Norway Poland Portugal m R a u n - ia Spain S S m t e r e t a t n l i t e t s s - Sweden Sw la i n tz d er- Uruguay Y sla u v g i o a - 1931—November- 39.1364 40.1916 20. 5163 11.1903 3. 6401 .5966 8.6137 43.1386 20. 7378 19. 4632 45. 0027 1.7856 December.. 39.0086 40. 2338 18. 4831 11.1902 3. 2302 .5959 8.3992 39. 0313 18.7098 19. 4805 44. 5487 1. 7796 1932—January 39.3294 40.1828 18.6969 11.1934 3.1642 .5951 8. 3945 39.6900 19.1888 19. 5074 44.9160 1.7784 February. _. 37.8712 40. 3479 18. 7701 11.1896 3.1830 .5950 7. 7671 39. 7745 19. 2922 19. 4961 46.1521 1. 7803 March 33.6841 40. 2799 19.6003 11.1770 3. 2832 .5958 7.5993 41. 3333 19.8540 19.3405 47. 0796 1. 7753 April 33. 3728 40. 4914 19. 0780 11.1847 3. 3804 .5960 7. 6942 42. 7404 19.0910 19. 4374 47.3186 1. 7725 May— 30. 2540 40. 5474 18. 4823 11.1810 3. 3267 .5970 8.1169 42. 2400 18.7238 19. 5579 47. 5433 1.7743 June 26. 8977 40.4411 18.0626 11.1839 3. 3320 .5966 8.2451 41.9567 18. 7049 19. 5141 47. 2115 1. 7436 July 27.7321 40.2740 17.6386 11.1885 3.2240 .5972 8.0518 40.9675 18.2190 19.4684 47. 5680 1.6717 August 28.5682 40. 2443 17.4101 11.1771 3.1579 .5978 8.0608 40.1042 17.8485 19.4528 47.4413 1.6903 September.. 29.9159 40.1586 17. 4470 11.1800 3.1481 .5982 8.1044 40. 2475 17.8055 19. 3007 47. 3900 1. 5892 October 31.1060 40.2217 17.1752 11.1740 3. 0872 .5978 8.1871 39. 4372 17. 5334 19. 3041 47. 3466 1.4094 November.. 32. 2205 40.1774 16. 7252 11.1769 3.0293 .5975 8.1730 38. 0026 17.4314 19.2470 47. 3402 1. 3506 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 Netherlands Florin.. 40.20 Austria Schilling 14.07 Denmark Krone 26.80 Norway Krone 26.80 Belgium Belga 13.90 England Pound 486. 66 Poland Zloty.. _ 11.22 Brazil Milreis 11.96 Finland Markka 2.52 Portugal Escudo _ 4.42 Bulgaria Lev .72 France _ - Franc 3.92 Rumania _. Leu .60 Canada Dollar 100.00 Germany Reichsmark. _ 23.82 Spain Peseta 19.30 Chile Peso 12.17 Greece. Drachma 1.30 Straits Settle- Straits Settle- 38.21 fMexican dollar» 21.07 Hungary Pengo 17.49 ments.* ments dollar. China (and Hong I Shanghai tael» 29.26 India Rupee 36.50 Sweden Krona 26.80 Kong) _._ iYuani 21.22 Italy ,.. Lira 5.26 Switzerland Franc 19.30 (Hong Kong dollar' 20.76 Japan . Yen 49.85 Uruguay Peso 103.42 Colombia Peso 97.33 Mexico Silver peso 49.85 Yugoslavia Dinar _ 1.76 Cuba do 100.00 1 Silver currencies—Figures given for parity represent gold value or unit in November, 1932, computed by multiplying silver content of unit by New York average price of silver for November, 1932, which was $0.27010 per fine ounce. a 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 November, 1932. Back figures.—See BULLETIN for January, 1932,1931,1930, 1929f and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 773 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100)l Month ( U a S v n t e a i r t t a e e g s d e (D 1 E 9 e 2 n c 1 g e l = m a n 1 b 0 d e 0 r ) , ( a 1 g 9 F 1 e r 3 a = n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e m c r e a a ) g n * e y U S n ta i t t e e s d England France Germany price) Number of issues. 60 87 35 421 278 300 329 1930—September. 100.0 112.0 96.4 85.4 148.8 101.1 182.4 October 99.9 113.1 95.4 83.7 127.6 95.4 169.5 87.9 November- 99.1 112.8 94.7 83.2 116.7 94.1 162.2 84.7 December.. 97.8 112.5 94.1 82.7 109.4 89.0 149.8 80.0 1931—January 112.8 95.7 82.7 112.3 156.7 75.0 February... 99.4 109.7 97.1 82.7 119.8 89.3 160.1 78.5 March 100. 0 111.6 97.9 83.8 121.6 89.4 155.4 83.6 April 99.6 111.3 99.0 84.8 109.2 85.1 148.5 84.8 May _. 99.7 110.8 98.4 84.2 98.0 76.8 138.2 76.1 June 99.4 111.1 82.4 95.1 77.8 141.2 69.6 July 99.4 111.2 <81.4 98.2 79.2 132.6 * 70. 5 August 98.5 107.2 99.5 (8) 95.5 73.8 130.5 September. 95.6 103.5 97.7 *70.4 81.7 67.2 115.5 * 52.3 October 89.4 104.2 94.8 69.7 75.6 106.9 November- 89.0 104.8 94.4 71.7 74.7 104.3 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 () 56.4 126.2 March 80.8 111.6 90.5 0) 56.8 117.6 April 79.4 110.6 89.0 43.9 63.5 107.3 «45. 5 May. _. 75.2 111.4 85.9 <63.0 39.8 61.6 94.4 46.4 June 72.2 111.0 85.2 64.4 34.0 59.3 97.4 45.6 July 74.2 115.6 87.4 60.4 35.9 63.5 100. 4 45.8 August 83.2 116.1 88.6 62.2 53.3 69.5 103.4 47.9 September- 85.8 118. 4 89.5 63.2 58.2 72.7 104.3 54.1 October 84.1 120.3 89.1 67.4 49.9 72.4 97.4 52.5 70.1 1 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base. 2 New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 per cent bonds. 3 Figures not available because of closing of the exchange. * Based on data for part of month, no quotations being available for remainder of month. Back figures.—See BULLETIN for February, 1932, page 121, and sources there cited. WHOLESALE PRICES—ALL COMMODITIES United Japan Nether- Month States Canada England France Germany Italy (Oct., lands (1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100) (1913=100) 1930—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 r 415 95 296 156 75 September _ __ _. 65 67 102 413 95 300 167 76 October ._ __ __ 64 65 101 412 94 299 169 77 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
774 FEDERAL RESERVE BULLETIN DECEMBER, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those included in indexes shown in preceding table] United States (1926=100) England (1913= France (1913 = Germany (1913=100) 100) 100) Month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u u r h e a s c m e - w t d s i- p tr I r i i n o s a d d h l u e u fi d s c n - t - s 1930—September 85 90 83 124 111 562 551 114 108 116 148 October 83 89 8? 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 10? 108 142 February 70 78 78 112 103 575 505 106 100 106 140 March 71 78 77 111 103 581 503 107 99 106 139 April 70 76 76 113 102 592 495 108 97 105 138 May 67 74 75 113 100 566 480 109 96 103 137 June 65 73 74 113 98 571 472 107 % 103 137 July 65 74 74 110 98 541 465 105 97 103 136 August 64 75 74 108 95 528 452 103 96 102 136 September. - 61 74 74 108 95 508 443 101 94 100 135 October 59 73 73 113 100 489 429 99 95 99 133 November _ 59 71 74 115 102 482 416 99 94 99 132 December 56 69 72 113 102 491 400 95 91 97 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 February 51 63 71 114 101 511 389 95 91 91 122 March. _ _ 50 62 71 116 99 510 388 97 89 90 121 April 49 61 71 115 96 506 381 95 88 89 120 May. - 47 59 70 114 94 511 374 93 87 88 119 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 95 453 383 91 83 88 116 September 49 62 70 107 99 445 '384 89 85 89 115 October 47 61 70 106 98 450 379 88 83 88 115 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) L4=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 1^8 122 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 145 141 115 105 134 120 October 119 100 128 125 116 102 123 110 October 145 143 1ST 119 November 117 130 113 122 November, 146 13? December 114 132 113 120 December 146 148 108 130 i Average of October, 1913, January, April, and July, 1914=100. »• Eevised. SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost ot living.—United States— Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique Ge"n6rale, 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
DECEMBER,1932 FEDERAL RESERVE BULLETIN 775 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [In millions of dollars] [In thousands of dollars] 1932 1931 Wednesday series (1932) Federal reserve bank Federal reserve bank No b v e e r m- October No b v e e r m- Nov. 2 Nov. 9 Nov. 16 Nov. 23 Nov. 30 Boston 12, 369 12, 076 12, 591 13, 521 14,139 Boston _ 13.0 13.2 26.0 New York 64, 514 58, 478 59, 903 63, 464 61, 577 New York 61.7 64.6 120.5 Philadelphia.. 47,875 47, 490 47, 515 49, 592 50, 355 Philadelphia... 48.6 49.4 108.3 Cleveland 28.4 30.1 98.9 Cleveland 30,146 27, 057 27, 393 27, 231 30, 365 Richmond 18.6 20.5 40.5 Richmond 19, 692 19, 015 18, 588 17, 956 18,181 Atlanta 21.0 19.8 51.0 Atlanta 20,936 20, 640 20, 707 20.808 22, 583 Chicago 18.0 20.4 69.9 St. Louis 8.3 8.9 25.9 Chicago 18, 247 17, 630 17, 403 17, 559 18, 549 Minneapolis.. __ 12.2 11.6 7.4 St. Louis 9,152 8,792 8, 849 7, 918 7,532 Kansas City... 15.4 16.7 33.8 Minneapolis.. 11, 969 12,195 12, 046 12, 344 12,728 Dallas... 8.0 10.1 23.0 San Francisco. 59.9 62.3 89.9 Kansas City- 16, 293 16, 551 15, 442 13, 847 13, 901 Dallas 8,584 8,246 8,138 7,616 7,202 Total. ... 313.0 327.5 695.1 San Francisco 66, 267 62, 783 58, 597 55, 664 51, 861 Total- 326, 044 310,953 307,172 307, 520 308,973 Back figures.—See Annual Report for 1931 (Table 80), 1928 (Table 72), and 1927 (Table 55). Back figures.—See Annual Report for 1931 (Table 83), 1930 (Table 78), etc. RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Amounts in thousands of dollars] Averages of daily figures Total cash reserves Total deposits Federal re c s u e l r a v ti e o n n o * tes in cir- Reserve percentages Federal reserve bank 1932 1931 1932 1931 1932 1931 1932 1931 Novem- Novem- Novem- Novem- Novem- Novem- Novem- November October ber ber October ber ber October ber ber October ber Boston 235,397 219,348 167,494 131,185 130, 735 149,463 194,255 199,369 148,293 72.3 66.4 56.3 New York 1,055,286 1,020,278 1,033,957 1,195, 7411,151,518 980,075 584,972 587,629 496, 742 59.3 58.7 70.0 Philadelphia.. 206, 720 204, 593 270, 785 124, 725 121,642 145, 218 238,929 241, 782 273,966 56.8 56.3 64.6 Cleveland 244, 462 243, 764 304, 063 147,378 148,599 175,543 276,045 276, 385 312, 781 57.7 57.4 62.3 Richmond 96, 484 96, 995 86, 528 56,819 58, 275 64, 408 101,078 102, 617 100,062 61.1 60.3 52.6 Atlanta 79, 077 85,653 83, 622 45, 584 45,783 56,815 98, 555 102, 489 120,708 54.9 57.8 47.1 Chicago. 804,817 791, 394 575,027 383, 402 367, 267 312, 647 672,198 678, 790 492, 958 76.2 75.7 71.4 St. Louis 95,962 89, 435 83, 550 62,030 57, 265 72, 412 101, 491 100,807 85,958 58.7 56.6 52.8 Minneapolis.. 56, 087 57,406 65, 293 40, 200 39, 377 51, 236 79,063 80,573 64, 256 47.0 47.9 56.5 Kansas City.. 89, 687 87,139 77, 972 67,789 67,729 80,172 90, 635 91,595 80,381 56.6 54.7 48.6 Dallas 43,457 42,073 53,908 46,746 45,821 56, 546 39,241 37,707 50. 922 50.5 50.4 50.2 San Francisco 210, 274 207,104 213, 459 148, 293 147, 286 178, 339 230,935 232,607 226,373 55.4 54.5 52.7 Total. _. 3,217, 710 3,145,182 3,015,658 2,449,892 2,381, 297 2,322,874 2,707,397 2,732,350 2,453,400 61.5 * Includes "Federal reserve notes of other reserve banks" as follows: Latest month, $13,428,000; month ago, $15,857,000; year ago, $17,370,000. Back figures.—See Annual Report for 1931 (Table 8), and 1928 (Table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
776 FEDERAL RESERVE BULLETIN DECEMBER, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, NOVEMBER, 30, 1932 [In thousands of dollars] Bos- New Phila- Cleve- Rich- Atlan- Chi- St. Minne- Kansas San Total ton York delphia land mond ta cago Louis apolis City Dallas F c r is a c n o - RESOURCES Gold with Federal reserve agents -.--2,242,398 79,127 610,178 63,500 78, 470 70,500 50,500 47,870 69,990 35,885 61,480 22,635 152,263 Gold redemption fund with TJ. S. Treasury 40, 048 1,821 4,134 5,267 5,751 2,022 3,460 3,979 1,624 2,281 2,235 1,326 6,148 Gold held exclusively against Federal reserve notes 282,446 80,948 614,312 68, 767 84, 221 72, 522 53,960 651,849 71,614 38,166 63,715 23,961 158,411 Gold settlement fund with Federal Reserve Board 339, 926 10,042 109, 403 23,043 27, 530 2,857 4,862 107,196 7,442 9,167 9,334 6,044 23,006 Gold and gold certificates held by banks 426, 952 15,101 298, 505 8,060 19,354 8,801 9,091 25,411 5,879 2,370 10,102 4.199 20, 079 Total gold reserves. 049, 324 206,091 022,220 99,870 231,105 84,180 67,913 784,456 84, 935 49, 703 83,151 34, 204 201,496 Reserves other than gold- 192,635 16,814 58, 580 23,000 11, 589 8,177 5,490 28, 241 9,980 5, 351 6,655 8,071 10,687 Total reserves 241, 959 222,905 080,800 222,870 242,694 92, 357 73,403 812,697 94,915 55,054 89,806 42, 275 212,183 Nonreserve cash 77, 071 3,724 20,716 4,267 4,077 3,190 5,714 14, 245 3,782 2,150 2,664 3,078 9,464 Bills discounted: Secured by U. S. Government obligations 103, 253 4,912 31, 720 13, 699 10, 456 2,287 2,565 5,854 3,934 1,145 1,149 861 24,671 Other bills discounted 205, 720 9,227 29, 857 36, 656 19,909 15, 894 20,018 12, 695 3,598 11, 583 12, 752 6,341 27,190 Total bills discounted 308, 973 14,139 61, 577 50, 355 30, 365 18,181 22, 583 18, 549 7,532 12, 728 13,901 7,202 51,861 Bills bought.- 34,880 2,338 10,262 3,169 3,096 2,137 3,782 4,122 1,008 634 889 858 2,585 U. S. Government securities: Bonds 420,714 20, 334 187, 716 31,171 36,493 9,649 9,557 40,775 13, 939 17, 234 11, 775 16,802 25,269 Treasury notes 377, 693 20,638 152,806 29,162 38,252 10,112 10,001 46, 639 14, 087 10,116 12, 268 7,127 26,485 Certificates and bills 1,052,359 55, 741 395,270 78,936 103,537 27, 371 27,039 174, 796 38,130 27,348 33, 209 19, 292 71,690 Total U. S. Government securities 1, 850, 766 96, 713 735, 792 39,269 178,282 47,132 46, 597 262,210 66,156 54,698 57, 252 43,221 123, 444 Other securities 5,411 4,081 1,047 283 Total bills and securities. ,200, 030 113,190 811,712 93,840 11, 743 67,450 72, 962284,881 74,69Q 68, 343 72,042 51,281 177,890 Due from foreign banks 2,861 229 1,014 310 291 115 106 403 19 12 83 81 Federal reserve notes of other banks 12, 256 226 3,688 418 878 1,327 893 1,558 829 316 789 283 1,051 Uncollected items 353, 468 43, 445 107, 728 28, 628 31, 486 26,924 9,295 36,458 13,772 8,824 16, 819 11, 896 18,193 Bank premises 58,169 3,336 14,817 2,947 7,968 3,619 2,489 7,828 3,461 1,835 3,649 1,787 4,433 All other resources 39, 880 990 21, 548 1,176 1,389 2,974 3,855 1,473 1,296 1,808 847 1,343 1,181 Total resources 5, 985,694 388,045 2,062,023 454, 456 500, 526 197,956 168, 7173 159,543 192, 770 138,342 186, 699 112,024 424,593 LIABILITIES Federal reserve notes in actual circulation ,692,286 192,834 583,162 238,016 277,887 100,176 96, 346 667,755 101,015 79, 217 89,850 38,921 227,107 Deposits: Member bank—reserve account 2, 410, 594 115,868 1,199, 755 139, 231 139,992 48,756 41,133 386,606 55,510 37,860 64,054 43, 624 138,205 Government 23,535 1,883 2,402 725 821 1,967 2,146 4,352 2,501 840 1,848 1,886 2,164 Foreign bank 25, 947 1,841 9,620 2,495 2,447 969 896 3,246 848 533 703 678 1,671 Other deposits 24,150 60 11, 754 179 3,043 1,559 407 329 1,399 306 220 58 4,836 Total deposits 2,484, 226 119,652 1, 223, 531 142,630 146, 303 53, 251 44, 582 394, 533 60, 258 39, 539 66,825 46, 246 146,876 Deferred availability items 354,109 43, 595 105, 585 28, 282 30, 836 26,334 9,680 37, 309 15, 716 8,422 16,294 13,003 19,053 Capital paid in 151, 591 10,857 58,617 16,093 14,215 5,172 4,682 16,211 4,400 2,901 4,057 3,899 10,487 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 44,061 1,068 16,051 2,949 3,645 1,540 2,978 5,324 1,356 1,907 1,549 2,331 3,363 Total liabilities 5,985,694 388,045 2,062,023 454,456 500, 526 197,956 168, 7171 159,543 192, 770 138,342 186,699 112,024 424, 593 Reserve ratio (percent) 62.6 71.3 59.8 58.6 57.2 60.2 52.1 76.5 58.9 46.4 57.3 49.6 56.7 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve bank by Federal reserve agent 2,913, 683 211,464 651,995 250,039 289,939 106,330 114, 352 696, 792 108,865 81, 710 97,844 43,899 260,454 Held by Federal reserve bank 221,397 18,630 68,833 12,023 12,052 6,154 18,006 29,037 7,850 2,493 7,994 4,978 33,347 In actual circulation 2, 692, 286 192,834 583,162 238, 016 277,887 100,176 96,346 667, 755 101,015 79,217 89,850 38,921 227,107 Collateral held by agent as security for notes issued to bank: Gold-- 2, 242, 398 179,127 610,178 163, 500 178,470 70, 500 50,500 647,870 69,990 35,885 61,480 22,635 152,263 Eligible paper 293, 944 14,111 59, 216 50, 235 30, 333 19,050 23, 387 18,316 7,399 10, 496 13,350 7,054 40,997 U. S. Government securities _ 414, 400 18,400 37,000 85,000 18,000 42,000 37,000 31,600 35,900 25,000 14,500 70,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 777 ALL MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars] Averages of daily figures Reserves held Borrowings at Federal reserve banks Total Excess Federal reserve district 1932 1931 1932 1931 1932 1931 October Sep b t e e r m- October October Se b p e te r m- October October Se b p e te r m- October Boston 127.4 126.9 154.3 10.5 13.3 19.6 13.2 16.2 17.0 New York . . 1,123. 4 1, 050. 4 996.1 249. 0 201.3 62.6 64.3 80.7 152.9 Philadelphia 118.5 117.7 131.5 3.5 2.9 3.1 49.4 56.7 89.3 Cleveland __--.. - 143.0 143.2 159.9 4.5 5.4 3.9 30.1 30.2 78.5 Richmond 50.5 49.8 57.9 1.8 2.1 1.7 20.5 24.1 35.1 Atlanta - 42.4 42.1 51.4 1.9 1.7 1.7 19.7 26.5 35.5 Chicago . .. 362.9 310.5 306.0 143.9 97.5 19.8 20.3 28.6 50.3 St Louis 53.8 54.4 64.7 3.4 3.7 3.6 8.9 10.7 18.5 Minneapolis 37.8 38.4 46.4 2.7 2.8 2.5 11.5 12.3 6.0 Kansas City 65.3 66.0 76.8 6.0 6.1 5.8 16.6 18.7 23.6 Dallas -.. .-- 43.4 43.3 53.4 2.8 2.7 6.3 10.1 13.4 20.5 San Francisco 139.1 138.2 157.2 5.9 5.9 -1.6 62.1 68.2 81.0 Total 2, 307.4 2,181.1 2, 255. 6 435.8 345.5 129.1 326.6 386.3 608.1 Back figures.—Fov 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 October Sep b t e e r m- October October Sep b t e e r m- October October Sep b t e e r m- October October Sep b t e e r m- October Boston 981 941 1,125 692 704 824 83 82 103 140 140 158 New York 6,363 6,184 6,767 1,959 1,898 2,258 209 214 266 473 473 563 Philadelphia 818 818 906 606 606 688 146 144 175 394 395 437 Cleveland __._ _ 972 961 1,070 1,002 1,012 1,152 132 134 169 256 258 300 Richmond 329 320 381 299 299 328 77 75 99 160 159 185 Atlanta 290 291 368 283 285 310 55 51 69 66 64 77 Chicago 1,475 1,432 1,952 1,177 1,178 1,486 145 144 191 236 236 305 St Louis 347 351 429 300 297 345 87 87 107 98 96 117 Minneapolis 184 190 241 193 190 201 96 97 130 192 195 226 Kansas City 389 393 470 216 215 233 169 173 210 114 115 137 Dallas .- .. 283 285 331 158 155 168 130 128 157 32 33 34 San Francisco ... 826 818 1,011 1,465 1,456 1, 618 93 94 135 103 105 131 Total ..-- 13, 258 12, 985 15, 048 8,349 8,294 9,609 1,423 1,423 1,811 2,263 2,271 2,670 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
778 FEDERAL RESERVE BULLETIN DECEMBER, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal reserve district City Total Bos- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Loans and investments: Nov. 2 19,026 1,251 7,995 1,124 1,936 587 504 2,164 521 306 517 391 1,730 6,998 1,142 Nov. 9 19,026 1,226 8,038 1,133 1,932 585 503 2,161 513 304 515 391 1,725 7,044 1,141 Nov. 16 18,947 1,218 8,021 1,132 1,903 586 503 2,143 513 303 514 390 1,721 7,026 1,181 Nov. 23 18,933 1,212 8,051 1,129 1,896 583 501 2,125 512 301 511 387 1,725 7,057 1,114 Nov. 30 19,002 1,210 8,160 1,100 1,893 584 501 2,116 512 299 510 388 1,729 7,169 1,106 Loans: Nov. 2 10,441 746 4,008 608 1,109 314 323 1,392 290 183 253 242 973 3,404 664 Nov. 9 10,425 733 4,021 606 1,107 312 323 1,391 286 182 251 243 970 3,420 664 Nov. 16 10, 343 720 3,983 604 1,092 313 323 1,385 284 182 250 242 965 3,381 659 Nov. 23 10, 375 717 4,043 602 1,089 311 322 1,381 281 180 249 239 961 3,443 656 Nov. 30 ._.. 10, 413 710 4,095 599 1,086 310 323 1,375 280 179 248 241 967 3,498 651 On securities— Nov. 2 4,311 288 1,831 300 501 118 106 611 108 53 78 72 245 1,576 372 Nov. 9 _. 4,295 284 1,823 299 501 117 106 610 107 53 78 72 245 1,570 372 Nov. 16 4,249 272 1,808 298 491 117 107 605 106 53 78 72 242 1,555 369 Nov. 23 4,257 271 1,820 298 490 117 105 606 110 52 78 72 238 1,567 369 Nov. 30 4,288 273 1,850 297 489 116 107 602 111 52 78 72 241 1,598 365 All other— Nov. 2 6,130 458 2,177 308 608 196 217 781 182 130 175 170 728 1,828 292 Nov. 9 _... 6,130 449 2,198 307 606 195 217 781 179 129 173 171 725 1,850 292 Nov. 16 6,094 448 2,175 306 601 196 216 780 178 129 172 170 723 1,826 290 Nov. 23 6,118 446 2,223 304 599 194 217 775 171 128 171 167 723 1,876 287 Nov. 30 6,125 437 2,245 302 597 194 216 773 169 127 170 169 726 1,900 286 Investments: Nov. 2 8,585 505 3,987 516 827 273 181 772 231 123 264 149 757 3,594 478 Nov. 9 8,601 493 4,017 527 825 273 180 770 227 122 264 148 755 3,624 477 Nov. 16 8,604 498 4,038 528 811 273 180 758 229 121 264 148 756 3,645 472 Nov. 23 8,558 495 4,008 527 807 272 179 744 231 121 262 148 764 3,614 458 Nov. 30 8,589 500 4,065 501 807 274 178 741 232 120 262 147 762 3,671 455 U. S. Government securities— Nov. 2 5,284 314 2,689 239 495 157 459 117 144 421 2,534 288 Nov.9 5,291 304 2,709 248 494 157 456 112 144 420 2,555 285 Nov. 16 5,303 312 2,731 248 485 157 443 114 145 422 2,576 280 Nov. 23 5,252 311 2,693 249 480 157 430 115 145 427 2,538 267 Nov. 30 5,266 315 2,732 226 480 159 423 116 145 426 2,578 259 All other— Nov. 2 3,301 191 1,298 277 332 116 313 114 120 336 1,060 190 Nov. 9 3,310 189 1,308 279 331 116 314 115 120 335 1,069 192 Nov. 16 3,301 186 1,307 280 326 116 315 115 119 334 1,069 192 Nov. 23 3,306 184 1,315 278 327 115 314 116 117 337 1,076 191 Nov. 30 3,323 185 1,333 275 327 115 318 116 117 336 1,093 196 Reserve with Federal reserve bank: Nov. 2 .„... 1,929 94 1,057 74 111 36 318 34 21 41 88 1,006 263 Nov. 9 1,907 101 1,015 73 108 35 329 41 20 43 88 969 271 Nov. 16 1,957 88 1,072 75 106 34 335 40 20 44 88 1,026 279 Nov. 23 _. 1,966 89 1,085 72 107 35 332 41 20 42 88 1,039 275 Nov. 30 1,985 81 1,093 95 107 33 339 37 20 42 85 1,047 277 Cash in vault: Nov. 2 189 15 44 10 23 12 34 7 5 12 13 34 16 Nov. 9 217 16 53 14 26 14 39 7 5 13 15 41 18 Nov. 16 199 16 47 12 25 12 35 6 5 12 7 15 36 16 Nov. 23 211 15 54 13 25 13 36 7 5 13 8 15 42 17 Nov. 30 209 15 53 13 25 13 36 7 5 12 7 15 42 16 Net demand deposits: Nov. 2 __ 11,461 771 5,891 639 849 288 212 1,257 276 159 336 223 560 5,466 878 Nov. 9 _. 11,505 757 5,899 647 851 287 217 1,273 284 158 337 226 569 5,476 Nov. 16 11,584 754 5,984 652 839 288 218 1,267 285 158 343 225 571 5,558 Nov. 23 11,559 727 6,021 648 836 288 217 1,251 286 160 337 222 566 5,595 872 Nov. 30 11, 745 737 6,195 650 837 288 216 1,246 285 160 337 225 569 5,768 866 Time deposits: Nov. 2 5,709 410 1,329 280 810 231 195 904 204 143 181 128 894 901 324 Nov. 9 __. 5,707 409 1,336 280 809 231 192 904 204 143 181 128 890 910 323 Nov. 16 ._.. 5,694 409 1,335 279 799 230 192 904 203 142 181 128 892 910 323 Nov. 23 5,682 412 1,330 279 798 229 192 891 202 142 181 128 898 904 314 Nov. 30 5,668 410 1,315 276 797 228 193 895 204 141 181 128 900 893 320 Government deposits: Nov. 2 534 23 254 45 39 20 29 43 8 3 7 23 40 236 30 Nov. 9 484 21 231 41 35 17 27 39 7 2 7 20 37 214 28 Nov. 16 466 20 222 39 34 17 25 38 7 2 7 20 35 205 26 Nov. 23 '441 19 209 37 16 24 36 7 2 6 19 34 193 25 Nov. 30 423 418 201 36 15 23 35 1 18 33 186 24 DiiOrfrom banks: •Nov. 2 1,589 162 134 142 95 72 317 99 62 152 91 169 87 222 Nov. 9 1,618 181 132 130 94 72 323 108 67 151 95 171 82 223 Nov. 16. 1,675 189 128 135 91 71 335 108 70 168 101 181 85 230 Nov. 23 1,623 170 124 131 92 68 334 109 71 159 98 178 78 239 Nov. 30 1,639 174 136 131 89 67 335 108 72 156 98 187 90 244 «• Revised. Back figures.—See Annual Report for 1931 (Tables 112-122), 1930 (Tables 106-116), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 779 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal reserve district City Total B to o n s- Y N o ew rk P p d h h e i i l l a - a- C la le n v d e- m K o ic n h d - At t l a an- c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Due to banks: Nov. 2. 3,241 174 1,463 211 236 101 79 397 104 56 158 86 176 1,403 302 Nov 9 3,294 173 1,481 209 242 104 80 408 109 57 161 91 179 1,419 308 Nov 16 . 3,335 168 1,504 216 238 101 80 413 108 58 169 95 185 1,444 318 Nov. 23 3,267 167 1,498 207 225 98 77 399 104 55 164 90 183 1,439 244 Nov. 30 3,290 168 1,540 207 226 98 76 388 101 54 159 89 184 1,480 298 Borrowings from Federal reserve banks: Nov 2 105 1 11 7 13 5 10 2 2 2 52 Nov 9 99 8 7 13 6 9 2 2 2 50 Nov. 16 98 9 7 13 5 12 2 1 2 1 46 Nov 23 95 11 7 12 5 11 2 1 1 1 1 43 Nov 30 '97 1 10 7 15 5 '13 2 1 1 2 40 ' Revised. RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT Prime commercial paper Loans e x se c c h u an re g d e b c y o l p la r t i e m ra e l stock Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal reserve bank or branch city 1932 1931 1932 1931 1932 1931 1932 1931 ber October No b v e e r m- ber October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- Boston.. 3*3-5 4 -5*3 4*^-5 4*3-5*3 5 - 5 -5*3 5*-5*3 4 -4H 4 -4*3 4 -m5 New York 3 -4 3 -4*3 4 -5 4 -5 4 -5 4*3-5 3 -4*3 4 -5 4*3-5 4 -5 4*3-5 Buffalo 5 -6 5K-6 5VS-6 5 -6 5 -6 5*3-6 6 6 6 5 4*3-5 4*3-5 5 -6 4H-6 5 -6 5 -5 5 -5*3 4 -5*3 4 -5 Philadelphia.. „ 4*3-5 5 -6 3*3-6 4 -6 5*3-6 5H 5 -6 6 4 -5 5*3-6 5 -5*3 Cleveland 5*3-6 4 -6 5-6 5*^-6 5*3-6 5*3-6 5 -7 5 -7 6 -6*3 5 -5*3 5 -6 5 -6 Cincinnati 5 -6 5 -6 53/2-6 5*^-6 5K6 6 5H6 5*3-6 Pittsburgh 5 5 3*3-5 5*3-6 5 6 R B C i a h c l a h t r i m m lo o o tt n r e e d 5 5 - - 6 6 5 5 - - 6 6 4 53 K ^ - - 6 6 5 5* 3 - - 6 6 5 5 *3 - - 6 6 4 5 H - -6 6 5*3-6 6 5*3-6 6 5 -6 5* ^ 3 - - 6 6 5*3-6 5 -6 Atlanta 5 -6 5 -5*3 4*3-6 5 -6 5 -6 5 -6 4 -5 5 5 5 -5*3 Birmingham. _. 4*£-8 4*3-" 6' -7 6 -8 6 -8 5 -8 6 -8 6 -8 6 5 -6 Jacksonville 5 -7 5 -7 5 -8 5 -8 6 -7 6 -8 6 -8 6 Nashville 6 6 6 6 6 6 6 6 New Orleans... 5*3-6 5*3-6 5*3-7 6 -6*3 5*3-6 5*3-6 5V3-6 Chicago 4 -5 4 -5 4 -4*3 4 -5 4H-5 5 -5*3 4 -6 5 -5*3 Detroit 5*3-6 5VS-6 5H-6 5*3-6 5*3-6 6 6 5H6 St. Louis 4*3-5 4*3-5 5 -6 5 -6 5 -6 4 -6 4*3-6 5 -6 5 -5 4*3-6 Little Rock 6 -7 6 -6*3 6 6*3-7 6*3-7 6 6*3-73^ 6 -6* 6 -7 6 -7 6 Louisville 6 5M-6 5*3-6 6 5 -6 5 -6 5 -6 Minneapolis 2 -5 2 -5 4 -5*3 4 -6 4 -6 4*3-6 I 4 -5 Helena 7 -8 7 -8 6 -8 7 -8 7 -8 6 -8 -7 6 -7 -7 Kansas City 4*3-6 4*3-5 5*3-6 5*3-6 5*3-6 5*3-6 D O e k n la v h e o r ma City. 4*3-5 6 * 6 - 8 ey2 8 5 6 1 /2 - - 8 8 5 6 *3 - - 8 8 5 6 * 3 - - 8 8 6 6 Omaha 5 -5 5*3-6 5 -5*3 5*3-7 53^-7 6 -6* 6 -6J3 Dallas 4 -6 4 -6 4*^-6 6 -7 6 -7 6 -6* 5 -7 5*3-6 5 -5*2" 5 -5*3 5 -5H El Paso. 7 -8 7 -8 6 -8 7 -8 7 -8 6 -8 8 8 5 -6 6 -6 5 -6 Houston 5 -6 5*3-7 5*3-7 5*3-6 5 -6 5 -6 5*3-6 5 -5* 5 -5*3 San Antonio 6 -614 5 -7 6 -7 6 -7 6 -7 6 -8 6 -8 6 San Francisco.. 4*3-5*3 4*^-5*3 5 -6 5 -6 5*3-6 5*3-6 5 -5*3 5 -5H 5 -5*3 Los Angeles 5*3-6 5*^-6 5*3-6 6 -6*3 6 -6*3 5 -7 6 -7 6 -7 6 6 5V£-6 Portland 6 6 5 -7 6 -6*3 6 -6*3 6 -6V 6 -7 6 -7 6 -7 6 6 6 S S S a e p l a o t t k t L l a e a n k e e .- City- 5 -7 6 6 -7 6 6 5*3-6 6 5 6 6 * 3 - - - 6 7 7 *3 5 6 6 V -6 2 - - 7 3 7 -3 6 -6 6 6 6 * ^ 3 -7 -7 7 6*3-7 6*3-7 6-6 6 *3 6 -6*3 NOTB.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
780 FEDERAL RESERVE BULLETIN DECEMBER, 1932 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS, ETC. CURRENCY TO AND FROM EUROPE [In thousands of dollars] BY SELECTED BANES IN NEW YORK CITY [Paper currency only. In thousands of dollars] Total W i d n a i y t 1 h s 5 - 1 d 6 a to y s 30 3 d 1 a t y o s 6061 d a to y s 90 91 m t o d o s a . 6 ys 6 O v m e o r s. 1931 1932 Bills discounted: Net Net Nov. 2 326,044 237,414 25,973 33,709 19,704 8,014 1,230 Month m Sh e i n p t - s ce R i e p - ts m sh e i n p t - s m Sh e i n p t - s ce R ip e- ts m sh e i n p t - s N N o o v v . . 9 16 3 31 0 0 7 , , 1 9 7 5 2 3 2 2 2 21 2 , , 6 9 9 3 5 5 2 2 6 2 , , 4 7 3 8 0 63 3 4 2 , , 2 57 8 1 31 19 8 , , 3 2 2 3 5 8 8 8 , , 2 8 0 4 5 5 1 1 , , 4 3 1 9 9 3 to from (-)or to from (-)or Nov. 23 307, 520 223, 026 23, 87030, 74619,429 8,934 1,515 Europe Europe receipts EuropeEurope receipts Nov. 30 308,973 224, 502 22, 79530, 57220,088 9,415 1,601 Bills bought in (+) open market: Nov. 2 34, 053 5,142 5,516 11, S 11,502 J M A F a e p n a b r u r i r l a c u r h a y r .. y . . . . 1,3 4 9 1 8 1 7 3 0 5 0 0 4 1 , , 0 4 9 8 5 6 6 6 1 9 3 0 +3 + + - , 5 5 5 8 1 5 8 3 7 4 1 0 2 0 0 5 0 8 3 4 5 , , , , 4 3 2 5 6 3 2 6 8 5 1 3 + + + + 4 3 5 8 , , , , 3 2 4 5 1 6 2 6 0 8 1 3 Cert N N N N ifi o o o o c v v v v a . . . . t e 2 9 3 1 s 0 3 6 and 3 3 3 3 4 4 4 4 , , , , 6 8 5 0 4 8 2 0 6 0 4 2 1 5 9 1 , , , 9 0 2 5 4 7 7 7 6 1 8 9 7 1 , , , , 2 3 8 5 8 8 5 1 8 3 0 r 8 9 8 7 , , , , C 1 3 3 7 1 0 9 9 0 10 8 7 8 , , , , 0 7 4 8 1 7 3 3 6 1 5 0 May 2,570 2,103 -467 0 10,938 +10,938 bills: J S J A N O u u e u o c n l p y g v t e t o u e e b m m st e b b r e e .. r r . . . 1 8 8 3 3 0 , , , , , 8 2 0 4 2 2 1 8 3 5 5 6 1 8 6 3 2 1 3 3 7 1 , , , , 7 3 2 0 7 5 2 3 9 9 7 8 3 9 0 4 9 8 + + - - - 9 8 5 6 8 + , , , , , 8 0 1 9 5 4 6 4 3 8 0 9 3 2 2 7 0 7 1 3 2 7 5 1 6 0 7 0 2 2 1 6 6 6 6 5 6 , , , , , , 6 0 6 2 4 2 9 0 1 9 5 6 4 3 3 4 8 5 + + + + + 16 6 5 6 6 5 , , , , , , 5 3 9 2 2 6 6 0 8 4 5 7 7 6 7 3 3 4 Mun N N N N N ic o o o o o i v v v v v p . . . . . a 9 l 2 2 3 1 3 0 6 war- 1 1 1 1 1 , , , , , 0 0 0 0 0 6 5 6 6 6 7 2 7 1 1 , , , , , 1 6 2 3 3 6 5 5 6 5 0 7 8 5 9 1 1 1 2 6 0 2 0 9 9 0 , , , , 0 1 2 7 0 0 4 5 0 0 9 0 1 7 2 0 0 1 , , , 0 2 5 0 5 0 0 0 0 1 1 1 6 6 2 7 4 8 8 4 7 9 , , , , , 6 6 6 5 0 0 0 0 6 6 0 0 0 4 4 1 1 1 1 1 2 5 6 3 2 0 6 4 9 7 , , , , , 0 3 7 8 6 3 3 2 3 7 4 9 5 9 5 3 3 3 3 3 3 4 4 0 5 6 7 6 , 5 7 , , 0 , , 8 4 2 7 6 2 4 7 7 1 9 3 0 0 9 3 1 3 1 3 3 3 2 9 1 , 2 1 , 3 2 0 , , 0 , 2 2 0 2 0 0 2 0 0 0 6 1 1 December. 1,523 3,749 +2,226 rants: Nov. 2 5,425 4, 507 50 199 Nov. 9 5,427 3,921 1,25' 50 199 pp F . o 7 r - 9 d . escription and back figures see BULLETIN for January, 1932, N No o v v . . 2 1 3 6 . 5 5, , 3 5 5 6 0 9 4 5 , ,0 2 5 9 8 3 1,00 1 0 0 2 1 8 3 2 3 143 Nov. 30 5,411 5, 10 313 MEMBERSHIP IN PAR-COLLECTION SYSTEM Back figures.—See (for bills discounted and bills bought) Annual Re- [Number of banks at end of October] port for 1931 (Table 16), 1930 (Table 15), 1929 (Table 14), etc. Nonmember banks UNITED STATES POSTAL SAVINGS Member banks Fede d r i a s l t r r i e c s t erve On par list Not on par list [Balance to credit of depositors. In millions of dollars] End of month 1927 1928 1929 1930 1931 1932 1932 1931 1932 1931 1932 1931 United States, 6,886 7,426 8,292 9,541 3,073 3,296 J F a e n b u r a u r a y ry _ 1 1 4 4 1 3 . . 5 8 1 1 4 5 8 1 . . 9 1 1 15 5 4 3 . . 8 5 1 1 6 6 5 7 . . 1 9 2 2 7 9 8 2. . 1 4 6 6 6 9 5 1 . . 6 8 B N S P C R C M A K t h o e i h l t a . i e c l i s w i n n a l v h L c t a n s o n e a m o d a e Y n t l g s u a a e a o o o n i l p n C s . p r d o d k h i l t i i y s a _ _ _ _. 8 3 6 6 3 3 8 4 5 7 2 6 9 8 3 3 0 3 5 9 6 7 7 9 3 2 5 7 1 4 8 3 7 6 4 3 9 8 4 5 6 8 5 3 2 2 7 2 8 8 4 3 6 6 7 0 3 5 8 8 2 1 1 , , , 1 4 2 2 3 3 7 4 3 1 3 7 6 0 3 2 6 2 3 3 4 2 6 4 4 2 5 8 0 5 2 1 1 , , , 2 6 7 2 8 3 3 4 3 1 9 9 0 1 6 5 9 4 7 5 7 2 2 0 6 0 8 8 3 8 3 2 8 7 4 2 6 3 5 2 0 1 5 2 9 4 6 5 3 8 4 2 4 8 2 0 0 5 9 2 1 6 9 8 5 9 3 1 J J S A A N M O D M u u e u p o e c n a l a p y c g r v t y r e t i o e c u e e l m b h m s m t e b b b r e e e . r . r r . - . 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 0 7 9 7 7 7 8 7 8 8 . . . . . . . . . . 4 1 1 0 4 4 7 9 5 2 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 2 2 3 2 3 2 3 1 2 2 . . . . . . . . . . 0 0 9 9 1 1 7 3 2 2 1 1 1 1 1 1 1 1 1 1 5 5 8 5 6 6 5 5 6 6 5 3 0 3 4 4 3 7 1 0 . . . . . . . . . . 0 8 7 1 3 6 3 6 8 3 2 2 1 1 1 1 1 1 1 1 0 4 6 7 8 8 9 7 7 8 0 5 9 1 0 6 2 5 0 9 . . . . . . . . . . 7 5 4 7 2 5 5 3 8 2 3 3 3 4 3 3 4 6 5 5 0 2 2 7 1 6 0 4 3 6 2 2 5 2 3 9 5 7 3 5 . . . . . . . . . . 7 7 0 8 9 1 4 5 1 5 v v v 7 7 7 8 8 8 7 8 5 5 0 4 2 2 8 4 4 8 5 2 2 8 4 4 . . . . . . . . 3 6 1 5 8 9 0 8 Dallas 594 625 431 483 221 226 San Francisco 461 541 471 564 48 59 p Preliminary. Figures cover all incorporated banks (other than mutual savings banks). Back figures.—See Annual Report for 1931 (Table 88), 1930 (Table 83), 1929 (Table 77), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON CALL DATES OCTOBER 4, 1929, to SEPTEMBER 30, 1932 [Amounts in thousands of dollars] 1929 1930 1931 1932 Oct. 4 Dec. 31 Mar. 27 June 30 Sept. 24 Dec. 31 Mar. 25 June 30 Sept. 29 Dec. 31 June 30 Sept. 30 RESOURCES Loans (including overdrafts) .26,164,829 26,150,061 25,118, 78325, 213, 77024, 738, 01123, 870, 48822, 839, 94621,816, 24320, 874, 08419, 260, 68516, 587,18515,923,841 United States Government securities 4,021,636 3, 862,968 4, 085, 006 4,061, 395 4, 095, 270 4,124, 776 5, 002, 262 5, 343, 032 5, 564,461 5, 318, 654 5, 627, 854 6, 366, 099 Other securities-._ 5, 727, 3065, 920,921 5, 851, 908 6, 380, 494 6, 864, 247 6,886, 357 6, 763, 247U, 634, 689 5,995, 786 5, 785, 764 5, 754, 743 Total loans and investments _ 35,913,771 35,933,950 35,055,697 35,655,659 35,472,250 34,859,511 34,728,565 33,922,522 33,073,234 30,575,125 28,000,803 28,044,683 Customers' liability on account of acceptances 988,912 1, 252,147 1, 111, 153 928, 807 912, 852 1,117,833 1, 035, 978 888, 454 662, 415 718, 500 458, 952 440, 276 Banking house, furniture, and fixtures 1,175, 393 1,190, 306 1, 202, 486 1, 217, 963 1, 230, 754 1, 240,444 1, 239,935 1, 234, 404 1, 220, 317 1,174, 957 1,166, 263 1,167, 763 Other real estate owned _ __ 182, 796 183,989 188,815 190,995 197,869 191,169 199, 935 206, 569 209, 518 211, 755 233, 014 253, 342 Cash in vault 497, 212 558, 450 496, 633 484, 262 470, 367 592, 504 461, 267 519,135 554,150 522, 551 478, 224 406. 688 Reserve with Federal reserve banks 2, 321, 806 2, 373, 760 2, 352, 738 2, 407, 960 2, 414, 991 2, 474, 509 2, 364, 478 2, 396, 421 2, 339, 230 1, 975,169 1, 997, 656 2, 234,919 Items with Federal reserve banks in process of collection _ 923, 363 994, 373 719, 201 836,471 698, 871 757, 216 524, 765 629, 418 531, 691 598, 285 419, 706 387, 225 Due from banks in United States 2, 004, 938 2,167, 756 1, 901, 517 2, 360, 377 2, 462, 827 2, 455, 948 2, 791, 204 2, 517,096 1, 935,119 1, 662, 226 1, 730, 7702,048, 644 Due from banks in foreign countries (including own branches) 246,996 263, 834 247, 612 220, 793 202, 447 260. 818 296, 376 351, 320 215, 692 174,183 192, 619 175, 377 Exchanges for clearing house and other checks on local banks 2,132, 331 2, 762, 463 1, 616, 954 2, 645, 057 1,146, 915 2, 076,189 975, 215 1, 771, 312 959, 218 859, 340 802, 881 Outside checks and other cash items _. 102, 363 139,056 65, 331 118, 552 51, 706 92, 766 43, 344 87, 358 50, 696 108,128 58,092 47,102 Redemption fund and due from United States Treasurer 32,828 32,823 32, 658 32, 604 32, 318 32, 264 32,001 31, 524 31, 372 32, 548 37, 627 Acceptances of other banks and bills of exchange or drafts sold with indorsement 551, 587 735,193 612,193 557, 748 592, 732 524,104 452,045 329, 756 310, 502 55, 022 18, 558 Securities borrowed 32, 592 35, 533 25, 744 26, 324 23. 866 21, 069 24, 822 20, 279 17,150 13, 473 11, 664 11, 259 Other assets _ _ 198, 700 219, 379 231,482 223,114 242,062 222, 911 300,024 260, 254 249, 067 216, 388 233, 501 223, 687 s Total _ 47, 305, 58848,843, 07845,860, 37947,906, 74046,153,113 47, 057, 89145, 542, 27645, 288, 58842, 378, 77739, 688, 32235,911,061 36, 309, 845 LIABILITIES Capital stock paid in 2, 739, 645 2, 757,113 2, 744,975 2, 721, 997 2, 728, 664 2, 665,151 2,657,172 2, 620, 606 2, 580, 550 2,499,098 2,440,467 2, 431, 688 Surplus ___ 2,811, 269 2,864, 612 2,881,944 2, 870, 800 2,903,258 2, 822,091 2,804, 906 2, 741,351 2, 695,285 2, 524,460 2, 366, 239 2,262,122 Undivided profits—net 909, 548 956, 053 950, 072 1, 009, 435 894, 388 910,480 804,199 811, 456 605,403 510, 696 516,491 Reserves for dividends, contingencies, etc _. 143, 603 177, 252 176, 610 182, 940 185, 602 211,407 225, 483 264, 068 271, 408 370,368 343, 518 360,860 Reserves for interest, taxes and other expenses accrued and unpaid __ _._ 172,193 •137, 660 175,896 148, 960 182, 397 121,190 158, 416 127, 345 162, 507 109,927 129,969 Due to Federal reserve banks _ 55, 720 54,458 51,915 46,206 47,147 49, 267 43,323 41, 073 41,070 48, 381 38,362 32,196 Due to other banks in United States 3,153,077 3, 517,325 3,204,316 3, 831, 656 3,817,132 3, 872,842 4,236,451 4,004,077 3,222,466 2,832,296 2,870,029 3,268,854 Due to banks in foreign countries (including own branches) __ 481, 696 576, 664 498, 075 571, 766 660, 612 634,927 566,579 657,285 747,282 433, 740 200, 569 262, 676 Certified and officers' checks outstanding 1,405,446 1,603, 562 1,134,283 1, 493,437 771,941 1,223, 777 626,747 999,310 617,053 729,301 503,336 464,006 Cash letters of credit and travelers' checks outstanding. 27, 613 23, 460 25,038 41,389 26,638 20,960 22, 506 33, 231 23,701 19, 581 24, 475 17,958 Demand deposits ___17,937,478 18, 861, 58217,078,905 18,061, 97716,838,351 17, 501, 550 .6,338, 728 6,622,224 15, 526,18214,955, 40013,203, 73213,081,243 Time deposits _ 13,317, 64913,233, 48113,518, 73113,811,978 13,944, 86813,546,201 3,663,258 3,515,468 12, 776, 33211,315,842 10,636,021 10,601,689 United States deposits _ 315,479 143,203 324,893 280, 769 257,185 267,415 502,204 395, 397 526,161 411, 845 387,463 737, 769 Total deposits 36,694,158 38,013,735 15,836,156 38,139,178 36,363,874 37,116,939 5,999,796 6,268 065 33,480,247 30,746,386 27,863,987 28,466,391 Agreements to repurchase U. S. Government or other securities sold 149,090 136,957 66,214 37,164 38,144 158,141 23,599 15,371 25,303 81, 583 62,983 42, 111 Bills payable and rediscounts: With Federal reserve banks 899,311 646,334 206,124 273, 880 172, 578 248,017 165,106 146, 819 323,354 622,652 440, 504 331,345 Allother _. 250, 587 232,188 140,467 161,090 143,402 107,151 116,336 70,079 142,357 216,476 374,619 365,404 Acceptances of other banks and bills of exchange or drafts sold with indorsement _. 551, 586 735,193 612,193 557, 748 592, 732 662, 686 524,104 452,045 329, 756 310, 502 55,022 18,558 Acceptances executed for customers 984, 670 1,276,159 1,125,907 925,576 929,337 1,138, 624 1,063,334 901,351 681,145 732,253 483,064 448,440 Acceptances executed by other banks for account of p* fr-fc' reporting banks 40,400 29, 647 24, 654 34,998 18,127 15,031 15,553 11,514 f 13,197 14,169 6,912 5,416 National-bank notes outstanding 640, 610 645, 562 647,481 649,098 648,999 639,640 642,284 636,041 628,334 624,234 648,906 739, 793 Securities borrowed 32,592 35, 533 25,744 26,324 23,866 21,069 24, 822 20, 279 17,150 13,473 11,664 11, 259 Other liabilities 214,946 245, 585 239,961 226,915 212,698 236,366 210, 885 209,455 216, 728 228, 597 192, 553 179,998 Total 47,305,588 48,843,078 45,860,379 47,906,740 46,153,113 47,057, 89145, 542,27645,288, 5 t2, 378, 77739,688,322 35,911,061 16,309, 845 Number of banks _ _ _ 8,616 8,522 8,406 8,315 8,246 8,052 7,928 7,782 7,599 7,246 6,904 T Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL AND STATE MEMBERS—CONDITION ON SEPTEMBER 30, 1932, BY CLASSES OF BANKS oo [Amounts in thousands of dollars] to All member banks National banks * State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city banks Total city city banks Total city city banks banks banks banks banks banks banks RESOURCES Loans (including overdrafts) _ _-.15,923,841 4,350, 516 5,806,312 5,767,013 9, 904,005 1, 758,219 3, 850, 493 4,,295, 293 6, 019,836 2, 592,297 1,, 955,819 1.,, 471,720 United States Government securities..- 6,366,099 2,685,273 2,209,360 1,471,466 3,657,245 850,7"9" 11,588,0081,, 218, 446 2,708,854 1, 834,482 621,352 253,020 Other securities 5, 754, 743 1, 267, 750 1,771,893 2, 715,100 3, 772,490 551, 7611,091,248 2,, 129,481 1,982,253 715,989 680,645 585,619 Total loans and investments ._ 28,044,683 8,303,539 9,787,565 9,953,579 17,333,740 3,160,7777116,539,749 7,,643,220 10,710,943 5,143,768 3,257,816 2,310;1,359 Customers' liability on account of acceptances.._ - _. 440,276 380, 556 55, 939 3,781 234, 472 192, 6—01 40,256 1,615 205,804 187, 955 15,683 2,166 Banking house, furniture, and fixtures 1,167,763 278, 285 417, 616 471,862 756, 038 105, 497 279,396 371,145 411, 725 172, 788 138,220 100, 717 Other real estate owned _._ 253,342 21,879 96,330 135,133 155,066 6,236 48, 550 100, 280 98, 276 15, 643 47,780 34,853 Cash in vault -- 406,688 57,239 119,413 230,036 293,386 20, 761 84,466 188,159 113,302 36, 478 34,947 41, 877 Reserve with Federal reserve banks... 2,234,919 1,185, 510 608, 679 440, 730 1,381,065 613, 212 425,158 342, 6951 853, 854 572, 298 183,521 98, 035 Items with Federal reserve banks in process of collection 387, 225 115,898 187,083 84,244 242,862 51,456 131,148 60,2581 144,363 64, 442 55,935 23,986 Due from banks in United States 2,048,644 299, 295 1,078,134 671,215 1,423,935 54,499 816, 537 552,899 624,709 244, 796 261, 597 118,316 Due from banks in foreign countries (including own branches) 175,377 131,464 41,361 2,552 134,150 96, 534 35,857 1,759 41,227 34,930 5,504 793 Exchanges for clearing house and other checks on local banks 802,881 610, 777 151, 574 40, 530 367,115 232, 551 108, 525 26, 039 435,766 378,226 43,049 14,491 Outside checks and other cash items. 47,102 5,943 26, 236 14,923 33,183 1,314 19, 440 12,429 13, 919 4, 6,796 2,494 Redemption fund and due from United States Treasurer 37,627 2,236 11,825 23, 566 37,627 2,236 11,825 23, 566 Acceptances of other banks and bills of exchange or drafts sold with indorsement.. 18,558 6,770 10, 576 1,212 4,601 961 2,757 883 13,957 5,809 7,819 329 Securities borrowed 11.259 3,858 7,401 7,892 2,336 5,556 3,367 1,522 1,845 Other assets - 233,501 78, 559 98, 323 56, 619 119,264 25,483 55, 513 38,268 114,237 53,076 42,810 18,351 Total. 36,309,845 11,477, 950 12,694, 512 12,137, 383 22, 524,396 4, 564,1128,591,513 9,368,771 13, 785,449 6,913,838 4,102,999 2,768,612 Capital stock paid in. 2,431,688 765, 324 784, 944 881, 420 1, 559, 807 336, 429 536,186 687,192 871, 881 428,895 248, 758 194, 228 Surplus.. 2,262,122 844, 538 729,210 688, 374 1,203, 877 282, 233 403,075 518, 569 1, 058, 245 562, 305 326,135 169, 805 Undivided profits—net _... 516,491 159,132 157, 936 199,423 307, 749 43, 930 104,107 159, 712 208, 742 115, 202 53, 829 39, 711 Reserves for dividends, contingencies, etc 360,860 164,640 119,135 77,085 166,354 82,223 54,633 29,498 194, 506 82,417 64, 502 47,587 Reserves for interest, taxes, and other expenses accrued and unpaid. 129, 969 39, 701 52,269 37, 999 68, 750 11,096 33, 308 24,346 61,219 28,605 18, 961 13, 653 Due to Federal reserve banks... _ 32,196 6,238 25, 958 24, 437 5,150 19, 287 7,759 V 6,671 Due to other banks in United States 3, 268, 8541,631,188 1, 393, 716 243, 950 1, 870,040 646,1721,032, 915 190, 953 1, 398, 814 985, 016 360, 801 52, 997 Due to banks in foreign countries (including own branches) 262, 676 239, 312 21, 825 1,539 169, 900 153, 865 15,184 851 92, 776 85, 447 6,641 Certified and officers' checks outstanding 464,006 348, 759 72.160 43, 087 196. 968 113, 801 51, 528 31, 639 267, 038 234, 958 20, 632 11, 448 Cash letters of credit and travelers' checks outstanding 17, 958 13, 377 4,407 174 7, 3,489 4,270 103 10, 096 9,888 137 71 Demand deposits — 13, 081, 2435,184, 5284, 270, 7243, 625, 9917,836, 9272, 080,173 2, 984, 430 2, 772, 3245, 244, 3163,104,355 1,286, 294 853, 667 Time deposits.._ 10, 601, 6891, 214, 5604, 229, 9985,157,131 7, 220, 682 425,372 21,,799,0633, 996, 2473, 381,007 789,188 1,430,935 , 160, 884 United States deposits 737, 769 337, 934 304,187 95, 648 372, 472 121, 734 181, 200 69, 538 365, 297 216, 200 122, 987 26,110 Total deposits _ - 28,466,391 8,969,65810>,, 303,2559,193,47817,699,r" 3,544,606 7?,,073,-740 7',,080,94310,767,103 5,425,052 3,229,515 2,11"31,536 Agreements to repurchase U. S. Government or other securities sold. 42, 111 295 17, 401 24, 415 26, 595 5,777 20, 818 15, 516| 295 11, 624 3,597 Bills payable and rediscounts: With Federal reserve banks 331, 345 4,574 76.161 250, 610 257, 461 1,084 59, 832 196, 545 73, 884 3,490 16,329 54,065 Allother. _ 365,404 36, 731 93, 804 234, 869 186,113 1,220 27, 576 157, 317 179, 291 35, 511 66, 228 77, 552 Acceptances of other banks and bills of exchange or drafts sold with indorsement. - 18, 558 6,770 10, 576 1,212 4,601 961 2,757 883 13,957 5,809 7,819 329 Acceptances executed for customers 448, 440 387,170 58, 544 2,726 238, 981 195, 252 42, 201 1,528 209, 459 191,918 16, 343 1,198 Acceptances executed by other banks for account of reporting banks. 5,416 2,754 1,421 1,241 2,019 765 1,082 172 3,397 1"~ 339 1,069 National-bank notes outstanding - 739, 793 41, 642 468, 483 739, 793 41, 642 229, 668 468, 483 Securities borrowed 11, 259 3,858 7,401 7,892 2,336 5,556 3,367 1,522 1,845 Other liabilities- — 179, 998 55,021 56, 330 68, 647 55,116 22, 671 15, 235 17, 210 124, 882 32, 350 41,095 51, 437 Total 36, 309, 84511, 477, 950 12, 694, 512 12,137, 383 22, 524, 396 4, 564,112 8, 591, 5139, 368, 771 13, 785, 449 6, 913, 838 4,102, 999 2, 768, 612 Number of banks - • 6,904 47 327 6,530 6,080 18 237 5,825 824 29 90 705 * Member banks only, i. e., exclusive of national banks in Alaska and Hawaii- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 783 BANK SUSPENSIONS AND BANKS REOPENED BANK SUSPENSIONS AND BANKS REOPENED, BY DISTRICTS Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve 'district Members Members ba A n l k l s 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 s1 - m N b e e o m r n s - - November, 1932: Boston New York Philadelphia 1 1 1,957 1,957 Cleveland 4 2 2 17, 431 13,978 3,453 2 1 2 1 3,227 423 2 2,804 Richmond 2 2 1,354 1,354 Atlanta . _ 10 2 1 7 1,261 174 293 794 2 2 803 803 Chicago 21 2 1 18 7,897 1,348 2,745 3,804 6 1 5 4,147 301 3,846 St. Louis 13 2 11 8,286 5,954 2,332 3 23 2,418 2 2,418 Minneapolis. __ -. 9 2 7 1,323 230 1,093 1 1 423 423 Kansas City 25 5 20 5,099 2,593 2,506 2 2 115 115 Dallas 5 1 4 1,244 83 1,161 San Francisco 7 2 4 1 1,824 158 481 1,185 Total.. 95 19 6 70 46,322 26,475 3,519 16,328 18 4 14 12,487 2,078 10,409 January-November, 1932: Boston . 11 2 1 8 72, 563 4,031 10,258 58,274 3 2 8,571 2,271 6,300 New York 14 10 1 3 25, 773 20,580 797 4,396 9 3 6 22, 610 13,623 8,987 Philadelphia 27 10 17 30,949 6,625 24,324 7 7 7,446 7,446 Cleveland-. 56 21 1 34 36,923 22,386 512 14,025 17 2 3 15 68, 660 1,000 3 67, 660 Richmond.-. _ . _ _ 67 12 55 53, 271 14,526 38, 745 41 11 30 29,377 13,152 16,225 Atlanta 72 18 5 49 18, 571 7,076 2,198 9,297 23 1 3 22 8,588 680 3 7,908 Chicago -_ 449 73 20 356 229, 761 68, 220 24,775 136,766 76 12 3 64 78,817 19, 231 3 59,586 St. Louis 145 21 5 119 42, 256 15,023 3,379 23,854 35 5 3 30 10,636 1,133 3 9,503 Minneapolis 118 22 96 24,809 5,566 19,243 14 1 13 5,582 1,132 4,450 Kansas City,.- . 180 27 2 151 27,816 8,660 481 18,675 22 22 3,812 3,812 Dallas 33 9 2 22 9,229 3,910 150 5,169 9 3 6 5,558 4,231 1,327 San Francisco 127 32 13 82 77, 586 25,094 5,274 47, 218 20 4 16 19,891 7,103 12,788 Total- 1,299 257 50 992 649,507 201, 697 47,824 399,986 276 51 225 269,548 71,002 198,546 1 Represents National banks only, except as follows: November, 1 State member in Chicago district with deposits of $301,000; January-November, 1 State member in New York district with deposits of $12,170,000, 4 in Chicago district with deposits of $1,930,000, 1 in St. Louis district with deposits of $339,000 and 2 in San Francisco district with deposits of $960,000. 2 At time of suspension, 1 bank in Cleveland district with deposits of $2,804,000, and 1 bank in St. Louis district with deposits of $400,000, were State member banks. 3 At time of suspension, 6 banks in Cleveland district with deposits of $41,464,000,1 bank in Atlanta district with deposits of $531,000, 9 banks in Chicago district with deposits of $36,151,000, and 1 bank in St. Louis district with deposits of $400,000 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 192fi (Table 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
784 FEDERAL RESERVE BULLETIN DECEMBER, 1932 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, DURING NOVEMBER, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) State Members Members All m N e o m n- - All m N e o m n- - All Mem- m N e o m n- - All Mem- m N e o m n- banks Na- State bers banks Na- State bers banks bers * bers banks bers i bers tional tional New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey 1 1 1,957 1,957 Pennsylvania 3 2 1 17,027 13,978 3,049 1 1 423 423 East North Central: Ohio 1 1 404 404 1 21 2,804 2 2,804 Indiana 1 1 767 767 Illinois - 9 1 8 6,214 5,298 916 2 2 922 922 Michigan 2 l 1 3,106 2,745 361 3 1 2 1,716 301 1,415 Wisconsin 5 1 4 1,593 867 726 1 1 1,165 1,165 West North Central: LU Minnesota 4 4 739 739 Iowa 11 1 10 2,727 481 2,246 Missouri 10 1 9 2,820 656 2,164 2 2 160 160 North Dakota 1 1 102 102 South Dakota 3 1 2 447 128 319 Nebraska 6 6 611 611 TTansfts 4 4 602 602 1 1 39 39 South Atlantic- Delaware Maryland District of Columbia Virginia West Virginia 2 2 1,354 1,354 North Carolina South Carolina Georgia 3 1 2 456 159 297 Florida 1 1 244 244 East South Central: Kentucky Tennessee 2 2 72 72 Alabama 4 1 l 2 489 15 293 181 2 2 803 803 Mississippi 2 22 2,334 ? 2,334 West South Central: Arkansas 1 1 31 31 Louisiana Oklahoma 8 5 3 3,298 2,593 705 Texas. 3 1 2 320 83 237 Mountain: Montana. __ Idaho _ _.. 1 l 115 115 Wyoming Colorado _ 4 4 315 315 New Mexico ._ 1 1 83 83 Arizona 1 1 841 841 Utah. _ Nevada Pacific: Washington 4 1 3 448 82 366 Oregon California. 2 1 1 1,261 76 1 185 Total 95 19 6 70 46,322 26, 475 3,519 16,328 18 4 14 12,487 2,078 10,409 1 Represents national banks only, except as follows: 1 State member in Michigan with deposits of $301,000. 2 At time of suspension, 1 bank in Ohio wriatthh ddeeppoossiittss <o"f $2,804",0"0 0, an-d•• 1 i-n- Mississippi w- it-h dep-o sits— o-f- •$400,000 were State member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER, 1932 FEDERAL RESERVE BULLETIN 785 BANK SUSPENSIONS AND BANKS REOPENED—Continued BANK SUSPENSIONS AND BANKS REOPENED, BY STATES, JANUARY 1 TO NOVEMBER 30, 1932 (Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures included for latest month are preliminary and subject to revision] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Idumber Deposits (in thousands of dollars) State Members Members Non- All Non- All Mem- Non- Nonba 4 n 1 k 1 s ti N on a- al State m b e e m rs - banks ti N on a a - l State m b e e m rs - banks bers J m b e e m rs - ba A n l k l s M be e rs m 1 - m b e e m rs - New England: Maine New Hampshire 1 1 402 402 Vermont _ Massachusetts 5 1 1 3 29,678 1,334 10, 258 18,086 2 1 1 8,169 1,869 6,300 Rhode Island Connecticut 6 I 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 8 5 1 2 14,636 10,947 797 2,892 6 3 3 8,725 5,514 3,211 Pennsylvania 42 20 1 21 51,336 22, 208 512 28, 616 6 5 1 5,575 2,509 3,066 East North Central: Ohio 25 2 23 8,216 1,678 6,538 13 1 2 12 64 024 577 2 63,447 Indiana _ 65 11 54 36,843 11, 281 25, 562 11 11 5,725 5,725 Illinois 191 45 9 137 117, 231 45, 660 12,931 58, 640 23 6 17 10, 018 5, 720 4,298 Michigan __ __ 76 4 10 62 29, 647 2,404 6,734 20, 509 33 6 2 27 29,754 11,394 218, 360 Wisconsin 53 3 50 15,929 1,913 14,016 16 2 14 9,364 2,220 7,144 West North Central: Minnesota _._ . . 55 6 49 10,502 1,187 9,315 4 4 1,205 1,205 Iowa 124 22 3 99 57,389 17, 776 5,561 34,052 7 1 2 6 31,327 1,409 2 29,918 Missouri. _ _ . 76 8 1 67 14, 201 4,324 455 9,422 4 4 573 573 North Dakota 14 3 11 1,066 243 823 4 4 597 597 South Dakota 20 6 14 5,037 1,027 4,010 Nebraska ... .. 44 3 2 39 5,527 408 481 4,638 13 13 2,650 2,650 Kansas 60 9 51 8,788 3,304 5, 484 2 2 286 286 South Atlantic: Delaware 1 1 792 792 1 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 11 6 5 12, 961 8,043 4,918 North Carolina 31 5 26 14,129 9,967 4,162 14 4 10 11 800 4 542 7,258 South Carolina 16 3 13 28, 826 3,239 25, 587 8 8 2,215 2,215 Georgia 19 6 1 12 3,062 738 358 1,966 1 1 309 309 Florida ._ 9 1 8 2,879 432 2,447 4 4 933 933 East South Central: Kentucky 38 10 1 271 10,493 4,186 2,347 3,960 8 1 7 1,084 160 924 Tennessee -._ 26 3 23 4,534 1,616 2,918 5 5 642 642 Alabama 17 6 3 8 5,789 3,155 1,309 1, 325 2 2 803 803 Mississippi 10 1 9 1,506 455 1,051 15 2 15 7 411 2 7 411 West South Central: Arkansas 10 1 1 8 859 85 126 648 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 29 9 20 8,108 4,219 3,889 5 5 441 441 Texas 30 9 2 19 8,097 3,910 150 4,037 9 3 6 5,558 4,231 1,327 Mountain: Montana 8 3 5 1,384 716 668 Idaho 23 6 2 15 12,' 387 8,181 213 3,993 8 1 7 8,254 5,258 2,996 Wyoming _. 2 2 878 878 Colorado 21 5 16 2,352 686 1,666 New Mexico 1 1 83 83 Arizona - 7 1 6 5,967 354 5,613 Utah 14 2 12 9,816 863 8,953 5 2 3 2,194 960 1,234 Nevada 3 3 981 981 Pacific- Washington. _ 28 5 5 18 23, 788 3,955 2, 545 17, 288 2 2 1,223 1,223 Oregon 25 7 4 14 6,545 2,244 1,653 2,648 3 1 2 6,726 885 5,841 California 29 13 16 19,151 10,360 8,791 2 2 1,494 1,494 Total 1,299 257 50 992 649,507 201,697 47, 824 399, 986 276 51 225 269, 548 71,002 198, 546 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; 3 in Michigan with deposits of $1,302,000; 1 in Arkansas with deposits of $339,000; and 2 in Utah with deposits of $960,000. 2 At time of suspension 6 banks in Ohio with deposits of $41,464,000; 8 in Michigan with deposits of $9,293,000; 1 in Iowa with deposits of $26,- 858,000; 1 in Mississippi with deposits of $400,000; and 1 in Louisiana with deposits of $531,000, were State member banks. Back figures—See BULLETIN for February, 1932; also Annual Reports for 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
786 FEDERAL RESERVE BULLETIN DECEMBER, 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 Oct. Sept. Oct. Oct. Sept. Oct. Manufactures—Total.. 72 71 IRON AND STEEL 30 27 44 28 45 Pig iron 21 20 39 21 39 Steel ingots.. 31 28 44 28 46 TEXTILES - 102 104 95 104 93 Cotton consumption 99 96 88 99 85 Wool - 81 84 75 82 71 Consumption 91 99 88 94 80 Machinery activity 90 89 65 Carpet and rug-loom activity.. 39 33 52 Silk 140 154 144 140 148 144 Deliveries 157 178 159 157 170 159 Loom activity 106 105 115 2) I FOOD PRODUCTS . 93 92 89 95 92 Slaughtering and meat packing.. 88 92 92 100 95 Hogs 80 86 101 107 101 Cattle 93 93 74 83 80 Calves 92 94 89 95 90 Sheep 160 173 173 145 149 158 Wheat flour 98 95 99 88 80 Sugar meltings 75 106 82 79 99 PAPER AND PRINTING J>93 89 103 100 Wood pulp and paper...- *>84 81 91 89 Newsprint 61 59 75 61 59 75 Book paper 85 97 85 96 Wrapping paper 72 81 71 80 Fine paper 80 80 81 79 Box board 109 100 113 104 94 107 Wood pulp, mechanical 55 72 67 80 Wood pulp, chemical 82 84 82 82 Paper boxes 157 151 161 150 137 153 Newsprint consumption 106 99 127 100 101 120 LUMBER _ ..-, 27 25 34 26 24 33 TRANSPORTATION EQUIPMENT: Automobiles 15 26 23 24 26 Locomotives 6 5 17 5 5 Shipbuilding.- 84 70 84 96 LEATHER AND PRODUCTS »107 88 P93 81 Tann S i o n le g leather 8 8 8 3 84 Upper leather- Cattle 85 84 Calf and kip 72 60 Goat and kid -. 115 110 Boots and shoes 120 '126 107 79 CEMENT AND GLASS: Cement 67 75 Glass, plate 45 56 NONFERROUS METALS i—Tin deliveries.. 45 FUELS, MANUFACTURED: Petroleum refining 137 133 159 137 133 158 Gasoline 180 173 206 i Kerosene 70 72 74 70 71 Fuel oil - 85 87 102 2) i Lubricating oil - 72 71 95 i Coke, by-product 55 51 75 55 52 75 RUBBER TIRES AND TUBES... _ 60 61 67 64 76 Tires, pneumatic 62 63 69 71 66 79 Inner tubes 39 48 53 44 48 59 TOBACCO PRODUCTS 112 123 120 104 111 111 Cigars. 77 73 90 63 64 74 140 159 144 133 145 137 Cigarettes 80 73 90 74 70 Minerals—Total- 74 61 78 67 58 71 Bituminous coal 79 62 95 61 61 74 Anthracite coal 104 108 117 103 104 116 Petroleum, crude 22 15 71 13 8 41 Iron ore _ 32 29 46 33 30 47 Zinc 39 39 68 41 66 Lead 36 34 40 41 Silver 1 Includes also lead and zinc; see "Minerals." p Preliminary. 3 Without seasonal adjustment. «• Revised. 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
787 DECEMBER, 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 adjust- Adjusted for seasonal Without seasonal adjust- Industry- ment variation ment 1932 1931 1932 1931 1932 1931 Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. TotaL- 62.0 61.5 71.4 61.1 60.3 70.3 43.5 43.1 59.4 IRON AND STEEL AND PRODUCTS 53.3 51.7 66.3 53.2 51.3 66.2 26.2 23.4 43.9 Steel works and rolling mills 55.9 54.1 66.9 56.3 54.1 67.3 25.2 22.2 41.7 Hardware _ 50.1 49.2 63.0 50.4 48.6 63.3 25.9 24.3 45.1 Structural iron work 47.2 49.0 75.2 46.1 47.4 73.4 27.7 28.0 57.5 Heating apparatus 50.4 47.4 63.8 47.4 45.2 60.3 33.9 29.0 48.6 Steam fittings 41.2 39.2 59.0 40.4 38.3 57.8 27.0 23.4 43.9 Stoves 58.9 54.8 68.3 53.9 51.6 62.6 40.4 34.4 53.0 Cast-iron pipe 33.8 32.0 58.2 33.7 31.6 58.0 17.0 18.1 42.0 MACHINERY 45.8 45.9 65.2 46.1 46.0 65.6 27.7 27.0 50.2 Foundry and machine-shop products.. 44.4 43.8 59.4 44.8 43.9 59.9 24.8 23.5 42.7 Machine tools 36.8 37.6 67.7 36.9 38.0 67.9 21.4 22.2 50.4 Agricultural implements 25.5 27.6 42.1 26.8 29.8 44.1 19.6 20.3 32.8 Electrical machinery 52.3 53.7 80.2 52.3 53.7 80.2 36.5 36.6 69.8 TEXTILES AND PRODUCTS _ 75.7 71.9 77.4 74.3 72.2 76.0 55.6 53.1 66.0 A. Fabrics _ 76.2 72.6 75.6 75.5 73.6 74.9 55.2 51.7 62.9 Cotton goods 75.9 71.9 74.1 75.3 73.0 73.5 52.1 48.9 58.4 Woolen and worsted manufactures.. 65.6 64.0 61.7 64.3 64.8 60.6 44.9 43.1 48.3 Woolen and worsted goods 68.5 67.8 61.2 66.9 68.6 59.7 47.9 47.5 49.0 Carpets and rugs 50.1 43.7 64.4 50.6 45.2 65.0 31.0 22.6 45.5 Hosiery and knit goods 91.4 85.2 88.9 90.7 86.0 88.3 77.1 67.3 81.5 Silk manufactures 66.7 62.9 75.1 66.3 63.5 74.7 48.9 44.9 67.9 Dyeing and finishing textiles 88.1 88.0 93.8 87.9 90.2 93.6 69.0 71.9 84.9 B. Wearing apparel 74.4 70.3 82.2 71.2 68.6 78.7 56.3 56.0 72.2 Clothing, men's 55.0 53.0 59.8 54.4 51.8 59.1 38.2 37.3 47.7 Shirts and collars 73.0 65.6 86.8 71.6 66.2 85.1 49.9 41.3 67.8 Clothing, women's 104.4 95.6 117.0 98.1 93.6 109.9 83.9 79.6 107.5 Millinery. 71.6 74.7 71.2 65.1 69.6 64.7 47.5 65.0 63.2 FOOD AND PRODUCTS _.. 85.0 83.8 89.2 81.3 81.8 85.5 70.9 70.8 85.9 Baking— __ 85.2 84.7 94.8 82.5 83.4 91.9 72.9 73.1 90.4 Slaughtering and meat-packing 83.1 82.6 84.4 83.5 83.4 84.8 70.3 70.3 84.3 Confectionery _ 100.9 92.2 96.4 83.6 83.9 79.9 78.1 73.4 88.5 Ice cream _ _ 70.3 78.4 78.7 71.8 71.9 80.4 60.9 68.2 79.6 Flour _ 75.9 75.8 79.3 73.0 73.2 76.3 66.3 63.1 77.0 Sugar refining cane 75.7 75.3 77.5 73.1 74.4 74.9 59.1 68.8 PAPER AND PRINTING __ 82.3 80.9 91.4 82.0 81.1 91.0 71.7 70.0 91.4 Printing, book and job 78.1 77.1 91.6 78.8 77.5 92.4 66.4 65.3 89.0 Printing, newspapers and periodicals.. 94.4 93.4 101.9 94.3 94.4 101.7 89.8 89.0 110.3 Paper and pulp 78.1 76.9 82.7 78.2 77.0 82.7 56.7 53.8 71.2 Paper boxes _ 75.9 72.0 87.3 72.0 70.9 82.9 66.4 61.5 86.3 LUMBER AND PRODUCTS 39.0 37.7 50.1 37.6 36.6 48.4 22.4 20.9 38.2 Lumber, sawmills 34.1 33.2 43.1 33.4 32.2 42.4 18.4 17.4 32.1 Lumber, millwork 35.1 35.4 49.3 35.1 34.9 49.3 20.2 20.1 36.8 Furniture 55.4 51.9 70.4 50.8 49.9 64.6 32.5 29.1 52.4 TRANSPORTATION EQUIPMENT. _. 41.3 43.1 51.5 41.4 42.8 51.7 29.1 27.3 45.3 Car building and repairing.-. 42.1 40.1 49.0 41.9 40.0 48.8 31.4 28.9 44.7 Automobiles 37.3 44.3 50.5 37.3 43.0 50.5 23.3 22.2 41.4 Shipbuilding.. 63.4 64.5 84.1 67.6 69.2 89.7 53.4 52.4 83.5 LEATHER AND MANUFACTURES.. 79.0 78.0 79.2 76.1 74.9 76.4 55.0 54.5 56.4 Boots and shoes 81.7 81.1 80.8 78.1 77.3 77.3 54.6 55.2 53.7 Leather 67.9 65.0 72.4 67.9 65.0 72.4 56.3 52.3 66.6 CEMENT, CLAY, AND GLASS PRODUCTS.. 44.9 43.4 59.0 43.8 41.9 57.6 26.4 24.6 43.9 Clay products _. 39.4 38.5 54.4 38.8 37.3 53.5 20.0 18.4 35.9 Brick, tile, and terra cotta 30.7 31.6 46.2 30.0 29.9 45.1 13.4 14.1 28.6 Pottery 63.1 57.2 77.0 62.7 57.3 76.5 37.4 29.8 55.1 Glass _ 56.0 53.4 68.1 54.4 51.6 66.2 38.7 35.8 57.0 Cement 44.3 43.3 58.8 42.6 41.1 56.5 27.0 26.3 48.5 NONFERROUS METAL PRODUCTS.. 47.1 46.6 60.8 47.8 47.2 61.7 32.2 30.3 49.9 Stamped and enameled ware.. 24.2 24.7 39.7 24.7 25.4 40.6 17.4 17.5 34.3 Brass, bronze, and copper 55.0 54.0 68.1 55.6 54.6 68.9 36.4 34.0 54.4 CHEMICALS AND PRODUCTS 75.1 74.0 85.7 74.9 73.7 85.4 60.7 59.8 80.8 Chemicals and drugs 79.4 76.9 92.1 78.6 77.0 91.2 61.9 58.4 84.4 Petroleum refining 74.6 76.6 83.0 74.7 75.2 83.2 63.3 66.3 80.8 Fertilizers. 49.6 46.7 53.9 51.4 47.4 55.8 33.7 33.2 46.3 RUBBER PRODUCTS _. 60.5 60.2 70.2 60.7 58.6 70.3 36.4 53.7 Automobile tires and tubes.. 62.9 63.3 69.9 64.0 61.6 71.0 38.1 35.6 51.9 Rubber boots and shoes 53.3 50.7 71.2 51.0 49.4 68.1 42.4 39.9 60.9 TOBACCO MANUFACTURES _ 71.9 79.9 68.3 67.9 75.8 52.6 51.0 64.6 Cigars and cigarettes _ 71.8 81.3 67.7 67.5 76.7 51.6 49.7 64.5 Chewing and smoking tobacco, snuff.. 72.4 70.6 68.4 73.0 71.3 69.0 61.7 64.9 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
788 FEDERAL RESERVE BULLETIN DECEMBER, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities All com- Year and month m ti o e d s i- p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a c n r ts c1 p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1927 95.4 99.4 <)fi 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 <W> 5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 75 0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1931—October 70.3 58.8 ra 3 72.9 82.5 63.0 67.8 82.8 76.1 75.6 81.0 66.6 November _. 70.2 58.7 n o 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 (J2.5 71.3 78.3 59.8 68.3 80.9 73 4 75.5 77.5 64.7 March 66.0 50.2 {\2 3 70 9 77.3 58.7 67.9 80.8 73 ? 75.3 77.1 64.7 April 65.5 49.2 tn o 70.9 75.0 57.0 70.2 SO. 3 72.5 74.4 76.3 64.7 May 64.4 46.6 59.3 70 4 72.5 55.6 70.7 80.1 71.5 73.6 74.8 64.4 June 63.9 45.7 W 8 70.1 70.8 53.9 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 47.9 i0 9 69.7 68.6 52.7 72.3 79.2 69.7 73.0 74.0 64.3 August- 65.2 49.1 31.8 70.1 69.7 54.0 72.1 80.1 69.6 73.3 73.6 64.6 September 65.3 49.1 (31.8 70.4 72.2 57.0 70.8 80.1 70.5 72.9 73.7 64.7 October 64.4 46.9 (30.5 70.2 ' 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 1931 1932 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. FARM PRODUCTS: Grains - -_ -- -_ ._ 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 34.4 Livestock and poultry_ 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 45.0 Other farm products 67.3 65.4 64.2 63.1 61.2 54.8 52.7 62.1 51.2 49.6 48.2 48.4 50.8 52.1 52.1 FOODS: Butter, cheese, and milk 82.2 84.6 86.1 80.7 79.8 67.8 64.1 64.2 61.6 59.6 57.4 58.2 60.2 60.6 60.5 Cereal products - 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 64.1 Fruits and vegetables 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 52.2 Meats -_ 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 56.4 Other foods 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 65.4 HIDES AND LEATHER PRODUCTS: Boots and shoes . 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 84.6 Hides and skins 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 49.6 Leather 90.3 83.4 80.7 78.8 78.8 77.5 76.5 73.4 67.2 e>0 6 58.7 60.0 60.0 63.2 64.1 Other leather products. 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 81.9 TEXTILE PRODUCTS: Clothing 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 62 5 Cotton goods 64.0 61.5 59.7 58.1 56.4 55.8 56.4 56.2 55.1 52.9 51.0 50.0 52.6 57.9 56.2 Knit goods 59.2 59.2 59.2 59.0 58.5 55.8 55.8 54.9 51.9 50.5 49.6 47.8 48.5 50.4 50 9 Silk and rayon 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 30.8 Woolen and worsted goods ... 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 56.5 Other textile products 74.4 74.1 72.4 72.5 71.3 70.7 69.7 69.5 68.2 67.2 66.7 66.5 67.4 68.6 67.7 FUEL AND LIGHTING MATERIALS: Anthracite coal 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 88.7 Bituminous coal 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 81 1 Coke 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 76.7 Electricity. 98.4 100.6 102.1 103.4 104.1 107.5 104.8 104.4 103.5 106.1 105.5 105.8 104.4 103.4 Gas 103.2 103.4 100.8 100.1 98.2 98.6 98.0 97.5 99.1 103.0 106.3 108.3 107.0 107 6 Petroleum products 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 47.4 METALS AND METAL PRODIJCTS: Agricultural implements; 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 84.7 Iron and steel _. .. __ 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 80.4 Motor vehicles 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 92.7 Nonferrous metals 60.1 59.0 54.9 54.7 53.8 55.4 52.7 50.5 49.3 I[R 3 47.6 47.0 48.5 51.6 50.7 BUILDING MATERIALS: Brick and tile 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 75 3 Cement -. .-> - 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 79.0 Lumber . 66.9 66.9 65.2 65.9 65.8 65.6 62.9 61.5 69.5 57.6 56.9 55.5 56.3 56.6 Paint materials 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 68.3 Plumbing and heating 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 67.5 Structural steel 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 81.7 Other building materials 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 80.0 CHEMICALS AND DRUGS: Chemicals 80.5 79.8 79.7 80.6 80.8 80.6 80.8 80.9 79.7 70.1 78 6 78.9 79.7 79.8 79 8 Drugs and Pharmaceuticals.. 61.9 61.7 61.6 61.3 61.0 60.6 60.1 59.7 58.9 t)8.7 58.3 57.6 57.0 56.6 55.9 Fertilizer materials 74.4 74.2 70.2 70.1 70.1 69.9 69.8 68.6 70.1 frt 4 68.0 66.8 66.4 63.6 63.4 Mixed fertilizers 78.7 77.6 77.2 77.7 77.1 75.5 73.7 73.2 71.1 fW 0 69.0 68.8 68.3 66 9 66 5 HOUSEFURNISHING GOODS: Furnishings... ... _. 81.7 81.2 79.8 79.7 76.6 76.1 75.9 75.4 75.4 ta 5 75.4 75.1 74.8 74.7 74.7 Furniture . . 88.6 84.6 82.4 82.3 80.6 79.5 79.5 79.1 77.4 u.i 74.0 73.0 72.6 72.7 72.8 MISCELLANEOUS: Auto tires and tubes 46.0 46.0 46.0 46.0 40.8 39.7 39.5 39.2 39.2 w ? 39.6 40.1 40.1 42.7 44.6 Cattlifeed 50.8 44.4 49.4 59.8 53.9 53.0 48.2 62.4 53.4 1ft 9 42.1 42.2 47.4 45.9 42.7 Paper and pulp ... 80.6 80.7 80.5 80.8 80.8 78.0 76.7 76.8 76.8 m 5 76.2 76.2 76.3 75.5 73.4 Rubber, crude ... 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 7.3 Other miscellaneous _. itf 4 Rf.7 86.9 86.7 85.9 85.2 84.4 84.5 84.5 iJ4.6 84.6 84.5 84.2 83.2 82.1 Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p. 99; indexes of subgroups available at Bureau of Labor Statistic*. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
789 DECEMBER, 1932 FEDERAL RESERVE BULLETIN BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING (Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Total Residential Factories Commercial P p u u b b li l c ic w u or ti k li s t i a e n s d Educational All other Month 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 January 228.0 84.8 54.4 27.5 10.1 3.4 26.9 9.1 96.8 24.1 19.4 4.4 20.5 16,3 February 235.4 89.0 77.9 24.4 7.3 4.4 27.1 10.1 79.0 28.3 16.7 10.8 27.3 11.0 March.- . . - 370.0 112.2 100.9 33.2 20.6 4.5 36.2 10.6 152.2 29.9 24.3 9.8 35.7 24.2 April 336.9 121.7 95.9 28.9 11.3 4.5 26.2 12.9 133.4 47.3 23.0 10.7 47.1 17.5 May . — 306.1 146.2 88.9 25.6 16.3 3.0 25.7 12.2 109.6 61.7 23.8 6.5 41.8 37.2 June... 316.1 113.1 72.7 23.1 8.9 2.1 26.9 13.0 141.6 50.1 22.5 7.2 43.6 17.6 July 286.0 128.8 63.9 19.7 10.4 3.5 28.4 8.3 117.4 60.0 26.1 6.4 39.8 30.8 August 233.1 134.0 60.2 20.8 4.7 3.3 19.1 18.4 73.3 64.2 19.3 5.5 56.5 21.9 September 251.1 127.5 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 242.1 107.5 60.5 21.9 8.9 3.2 41.3 7.0 83.0 58.5 14.7 3.6 33.8 13.3 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 Federal reserve district Number of cities 1932 1931 Oct. Sept. Oct. Federal reserve district Oct. Sept Oct. Boston 1,055 1,360 2,926 NewYork.__. 5,892 5,689 32,133 Philadelphia.. 1,251 1,557 N B P A S C R C M t h l h o i e t . i e c l i i s n w a l v L c h t a n o n a e m o d e Y g t l n u a a a e o o i o p n l s n p r d o d k h li i s a 2 1 1 2 5 9 9 3 7 7 3 1 , , , , , , , , , 1 3 2 8 3 4 9 3 7 2 3 9 6 3 2 8 0 8 5 4 4 4 8 0 7 3 0 2 2 1 1 1 1 4 0 0 6 0 0 9 7 2 , , , , , , , , , 9 9 2 4 0 0 6 5 3 4 8 5 7 4 6 8 5 6 8 4 2 0 3 4 5 1 3 1 2 2 2 0 1 1 1 3 3 1 5 8 1 4 7 3 , , , , , , , , , 7 1 5 1 0 3 6 3 9 5 2 5 3 6 4 0 4 6 6 9 4 8 6 5 6 2 1 R S S M K D C C A a t i h l a a t . c i e n l i l n n a h c v L l s a n n F a m e o a s g t e l r u s a a o a o a n i n n p C s d c d o i i l s t i c y s o . . . . . 2 2 3 3 1 1 , , , , , , 5 0 2 0 3 7 6 7 7 1 2 7 1 3 1 2 1 0 7 3 0 2 0 5 8 6 5 2 5 1 1 3 1 1 , , , , , , , 4 2 3 9 1 4 6 7 7 1 5 3 2 3 6 9 2 4 1 0 8 3 3 7 3 4 5 4 5 1 1 8 4 1 3 3 , , , , , , , , , 7 3 4 1 0 7 4 5 1 0 6 9 8 1 0 0 4 6 6 3 4 8 9 3 5 5 8 K D a al n l s a a s s City 10 6 , , 6 3 4 8 9 0 9 6 , , 1 0 6 0 6 2 4 8 , , 8 3 2 7 2 6 Total. _. 168 24,114 27, 290 72,334 Total (11 districts) 107,474 127, 527 242,094 BANK DEBITS [Debits to individual accounts. In millions of dollars] COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars; figuresr eported by R. G. Dun Co.] 1932 1931 Number of centers Number Liabilities Oct. Sept. Oct. Federal reserve district 1932 1931 1932 1931 New York City.. 1 12,944 14,163 20,678 Outside New York City 140 12, 354 11, 768 18,124 Oct. Sept. Oct. Oct. Sept. Oct. Fede B r o a s l t r o e n serve district: H 1,643 1,301 2,344 New York 13, 443 14,655 21,402 B N A P C R C S M K h t o h l i e t a . e c i l s i i w n n a v h c l L t a s o n n a e m o a d Y g n t l e u a a s o e o a o n i n l p s C r p d d k o h i l t i i y a s , . . . . . 4 2 3 1 1 1 1 8 9 8 9 3 1 1 3 0 8 2 3 6 4 4 2 9 7 3 8 4 2 3 1 1 1 1 1 8 9 1 3 2 2 5 9 2 1 4 5 7 8 5 0 0 4 2 7 4 3 2 1 1 1 1 1 1 0 5 9 3 5 2 2 0 6 8 3 3 2 1 5 5 6 8 5 7 1 4 2 8 2 6 3 1 1 1 , , , , , , , , , 1 7 1 9 3 3 3 6 8 5 8 8 8 3 9 8 7 4 4 3 7 1 4 7 4 0 7 8 0 5 1 1 4 4 4 2 2 1 1 1 4 2 , , , , , , , , , , 6 5 0 6 4 4 4 0 9 0 1 6 8 8 3 2 0 5 2 8 9 9 4 8 8 0 2 2 2 7 1 1 1 4 2 8 2 0 6 4 1 1 1 , , , , , , , , , , 8 4 4 4 0 9 4 6 3 5 9 9 5 0 9 9 7 6 2 5 1 6 0 3 5 8 6 5 4 4 R S S M D P A C C K a t h i h l a a t . i c e n l i i n l n a l h v c L l a n s a n F a m e o d a e s g t l r u s a e a a o a o n l i p n n C p s d o c d h i i l s i i t s a c y o ... 1 1 2 1 1 1 1 5 9 0 3 7 1 5 5 0 8 1 1 2 1 , , , , 1 2 8 7 5 6 5 4 6 3 1 6 4 4 3 0 2 9 9 9 5 7 7 4 3 5 4 0 2 5 1 1 2 1 , , , , 1 1 8 7 4 5 5 4 6 3 2 3 6 1 8 8 9 3 8 5 0 6 8 6 3 0 9 7 1 4 1 1 4 2 , , , , 8 9 2 4 6 8 8 5 9 5 7 6 7 9 6 4 5 5 5 6 3 5 9 0 4 7 5 9 5 8 D Sa a n ll a F s rancisco. 3 1 2 0 0 5 2 6 5 5 5 2 1 8 3 7 0 2 6 , , 7 8 6 4 3 6 5 1 , , 6 2 0 3 8 8 4 1 , , 3 9 7 30 7 Total i 141 25, 298 25, 931 38,802 Total... 2,273 2,182 2,362 52, 870 56,128 70, 660 i For back figures see Annual Reports for 1931 (Table 71) and 1925 (Table 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
790 FEDERAL RESERVE BULLETIN DECEMBER, 1932 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for November,l, 1932,1 as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Prod 1 u 93 c 1 tion, N E o s v t . i 1 m ,1 a 9 te 32 Prod 1 u 93 c 1 tion, N E o s v t . i 1 m ,1 a 9 te 32 Prod 1 u 93 c 1 tion, E N st o 1 i 9 v m 3 . 2 a 1 t , e Prod 1 u 93 c 1 tion, N E o s v t . i m 1,1 a 9 te 32 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,929 7,418 65 86 65 86 New York 25,837 24,098 6,197 4,662 6,012 4,470 185 192 Philadelphia 55,305 42,887 18,764 12,212 18,577 12,107 187 105 Cleveland -- - 206,456 161, 702 56,086 35,533 55, 832 35,364 254 169 Richmond 146,866 106, 450 30,194 16, 807 30,194 16,807 Atlanta 165,412 146, 216 4,612 3,027 4,612 3,027 Chicago - - 887,842 1,094, 780 77, 259 48,919 73, 636 45, 527 3,623 3,392 St Louis 383,052 380, 395 66, 586 34, 527 66, 260 34, 292 326 235 Minneapolis _ 173,273 296.973 82,089 240,300 8,943 20, 473 73,146 219,827 Kansas City 393, 884 532, 624 402,121 169,957 398,096 163, 559 4,025 6,398 Dallas 109,442 117, 226 60,041 30,431 59, 876 30, 300 165 131 San Francisco - - 7,973 9,920 90,190 115,246 67, 424 75,862 22,766 39,384 Total 2,563, 271 2,920,689 894,204 711,707 789,462 441, 788 104, 742 269,919 Oats Tame hay Tobacco White potatoes Cotton Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1931 Nov. 1,1932 1931 Nov. 1,1932 1931 Nov. 1,1932 1931 Nov. 1,1932 1931 Nov. 1,1932 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 6,359 7,794 3,346 2,848 39,043 29,364 58,475 46,968 New York 25,819 27, 763 5,563 4,755 1,462 1,113 32, 651 30, 777 Philadelphia 17, 687 15,112 2,304 1,954 57,669 42,100 25, 212 20, 851 Cleveland 75, 247 59,476 4,742 3,784 191,060 127, 656 19, 771 19, 921 Richmond ._ 23, 671 19,016 2,928 2,666 684,996 402, 696 32, 600 23, 917 1,803 1,253 Atlanta 14, 558 11,218 2,182 2,205 172,950 102,120 14, 538 10, 282 3,597 2,152 Chicago 469,972 531,147 11,939 13,400 48,904 35,042 50,418 60, 344 St. Louis.. 63,142 50,385 5,458 4,891 395,016 275, 855 12, 472 13, 413 2 3, 740 3 2, 328 Minneapllis . 183,049 325,603 7,039 9,626 5,036 2,760 49, 934 54, 405 Kansas City__ 147, 712 147,057 7,270 8,546 4,774 5,494 27, 780 32, 087 1,336 1,080 Dallas 63,026 45, 507 991 1,024 5,916 5,261 6,339 4,938 San Francisco _ ._ 21, 795 25, 263 10,451 12,844 45,751 41,177 281 196 Total 1,112, 037 1, 265, 341 64, 213 68, 543 1, 600,910 1, 024, 200 375, 518 359, 403 17,096 11,947 1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 1; no estimates made for Nov. 1. 2 Includes 12,000 bales grown in miscellaneous territory. 3 Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 Acceptances: Page Bankers', outstanding 72, 128, 155, 236, 299, 359, 428, 491, 572, 641, 695, 756 Buying rates at Federal reserve banks— Changes in 94, 146, 205, 416 Monthly figures 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Held by Federal reserve banks 15, 105, 155, 236, 299, 359, 428, 491, 572, 641, 695, 756 Held by group of accepting banks 15, 105, 155, 236, 299, 359, 428, 491, 572, 641, 695, 756 Held by member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Open-market rates— Foreign countries 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 New York City 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Acts: Assessments covering cost of examining trust departments of banks 537 Emergency relief and construction act of 1932— Discussion of 473 Text of 520 Federal home loan bank act— Discussion of 474 National bank note circulation under provisions of— Article on 478 Ruling of Attorney General regarding 535 Text of 527 Federal reserve act, amendments to. (See Federal reserve act.) Reconstruction Finance Corporation act 94 Adjusted-service certificates: Discount of bills secured by 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Loans on, secured by— Regulation G, revision of 598 Regulations of Veterans' Administration 600 Text of act regarding 598 Advisory council, Federal: Comments on Glass bill (S. 4115) , 203, 222 Meeting of 146 Africa, gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Agricultural implements: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Agricultural products, wholesale prices 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Albania, National Bank of: Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 311 Legal reserve requirements 437 Algeria, gold reserves of: Monthly figures 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Amendments to Federal reserve act. (See Federal reserve act.) Annual reports: Bank for International Settlements 365 Federal Reserve Board 348, 562 Foreign central banks— Austrian National Bank 305 Bank of Belgium 242 Bank of France 161 Bank of Japan 309 Bank of Java 49 German Reichsbank 244 National Bank of Czechoslovakia 434 National Bank of Switzerland 251 Netherlands Bank 578 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
792 INDEX TO VOLUME 18 Argentina: Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. _ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Gold reserves— Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Government note issues and reserves 61, 119, 171, 259, 322, 381, 443, 509, 589, 705, 766 Legal reserve requirements 438 Assessment for expenses of Federal Reserve Board 130, 550 Attorney General, ruling of, regarding national-bank notes issued pursuant to provisions of the Federal home loan bank act 535 Australia: Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Gold reserves— Monthly figures 52, 11, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Legal reserve requirements 437 Gold imports and exports to and from United States 486, 567, 636> 690, 751 Gold production 112, 256, 319, 378, 440, 506, 586, 648, 702, 763 Austria: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594 National bank of— Annual report 305 Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 205, 562 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Legal reserve requirements 437 Automobiles: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production. _ _ _ 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Bailey, W. J., retirement of, as governor of Federal Reserve Bank of Kansas City 5 Balance sheets: Bank for International Settlements— As of March 31, 1932 376 Monthly figures _ 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 ^Foreign central banks— Austrian National Bank 308 Bank of Belgium 243 Bank of France 166 Bank of Japan 310 Bank of Java 50 German Reichsbank 250 Monthly figures 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 National Bank of Czechoslovakia 436 National Bank of Switzerland 254 Netherlands Bank 584 Balances, reserve, of member banks. (See Reserves.) Bank credit. (See Credit.) Bank debits-.- — 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Bank deposits. (See Deposits.) Bank failures. (See Bank suspensions.) Bank for International Settlements— Annual report 365 Balance sheet 376 Condition of 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 793 Bank for International Settlements—Continued. Report of committee appointed by, relative to economic conditions in Germany 21 Shares allotted I 376 Bank premises, Federal reserve banks: All banks combined 67, 123, 182, 230, 293, 353, 422 485 586, 635, 689, 750 ; ; Depreciation charges 131 Each bank 68, 124, 183, 269, 332, 392,460, 545, 604, 682, 716, 776 Bank suspensions: By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By months 16, 106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757 By States- Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784 Cumulative 75, 134, 191,280,339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 Discussion of 203 Bankers' acceptances. (See Acceptances.) Bankers' balances: All banks, on call dates 192, 609, 781 Chart showing 2 Classification by a member bank of certificates of deposit payable to other banks within 30 days; ruling on " _ _ 714 Discussion of 1 Reporting member banks 71, 127, 186, 276, 334, 400, 462, 547, 607, 668, 718, 778 Banking laws. (See Acts.) Bankruptcies. (See Failures.) Banks, Federal reserve. (See Federal reserve banks.) Banks, member. (See Member banks.) Banks, number of, in United States 14, 105, 153, 234, 297, 357, 426, 489, 570, 693, 754 Banks reopened after suspension: By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By States 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784 Belgium: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States__ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 National bank of— Annual report 242 Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in _ 94 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Legal reserve requirements __ __ 1 437 Bills: Bought by Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Earnings on 130, 550 Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Buying rates— Federal reserve banks— Changes in 94, 146, 205, 416 Monthly figures 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Foreign central banks 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Discounted by Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 District data, by weeks and by months 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775 Earnings on 130, 550 Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Held by foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Held by member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
794 INDEX TO VOLUME 18 Bills payable and rediscounts: All banks on call dates— Page By Federal reserve districts 78, 270, 663 By States__ 79, 271, 664 Member banks, on call dates 192, 609, 781 National banks, on call dates 80, 272, 665 Nonmember banks, on call dates 78, 270, 663 State banks, on call dates 81, 273, 666 Bolivia: Central Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 477 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913^-1931 312 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Bonds: Industrial— Issues of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Prices of— Domestic 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Principal countries 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Loans by member banks secured by. (See Loans.) United States. (See United States Government securities.) Boots and shoes: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Wholesale prices . 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Borrowings of member banks at Federal reserve banks: All banks— By Federal reserve districts 69, 125, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777 Compared with eligible assets held 16, 106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757 On call dates 192,609,781 Reporting member banks— Monthly averages of weekly figures 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755 Weekly figures 72, 127, 186, 276, 334, 400, 463, 547, 607, 668, 718, 778 Branch banking, State laws relating to 455-458, 660 Branches, number of banks operating 14, 104 Brazil: Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Gold reserves— Monthly figures 52, 111, 167, 255, 312 Years 1913-1931 312 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Brick: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 British India, gold imports and exports to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Brokers' loans: As reported by the New York Stock Exchange 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755 Loans to brokers in New York— By all member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 By reporting member banks in New York City_ 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755 Building: Contracts awarded— By districts 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 By types of building 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Chart showing 679 Discussion of J_ 679 Total 19, 109, 159, 240, 303, 363, 432. 495, 576, 645, 699, 760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 795 Building—Continued. Materials, wholesale prices— Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Revised indexes 199 Permits issued 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Bulgaria: Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 348 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 312 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Business and financial conditions: Discussion in annual reports— Austrian National Bank 305 Bank of France 161 Bank of Japan 309 Bank for International Settlements 365 German Reichsbank 244 National Bank of Czechoslovakia 434 National Bank of Switzerland 251 Netherlands Bank 578 National summary _ _ 10, 100, 147, 227, 290, 350, 419, 482, 563, 632, 686, 747 Business failures 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Call money rates: Foreign countries 62, 120, 176,264,327,386,448,514,594,656,710,771 New York City 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Canada: Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. _ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Gold production— Chart showing 625 Monthly figures 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Gold reserves— Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 '_ 312 Government note issues and reserves 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Legal reserve requirements 438 Capital: Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183,269,332,392,460, 545, 604, 662,716,776 Member banks 76, 394-397 National banks 76, 398 State bank members 77, 399 Capital issues, domestic and foreign 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 689, 750 Car loadings, freight: By classes 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Cash in vaults, member banks: All banks on call dates 192, 609, 781 Reporting banks in leading cities 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 Cattle slaughtered 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Cement: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
796 INDEX TO VOLUME 18 Page Central America, gold imports and exports to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Central banks, foreign: Annual reports. (See Annual reports.) Balance sheets. (See Balance sheets.) Condition of. (See Condition of banks.) Discount rates. (See Discount rates.) Gold reserves. (See Gold reserves.) Certificates of indebtedness. (See United States Government securities.) Chairman of board of directors of Federal reserve banks. (See Federal reserve agents.) Changes in State laws relating to branch banking 455-458 Charts: Bankers' balances 2 Building contracts awarded 679 Department-store sales, seasonal variations 737 Deposits, time and demand, of member banks 347 Discounts of Federal reserve banks, by districts 6, 289, 415 Employment, factory 681 Gasoline consumption 737 Gold holdings of central banks and governments, 1913-1932 624 Gold holdings, private, in India 626 Gold production of the world, 1910-1932 625 Gold stock, monetary, of United States 345 Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Grocery stores sales 737 Income changes 731 Loans and investments of member banks 2, 90, 346 Manufactures, production 680 Money in circulation 621,736,737,739 Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Seasonal variations in 736, 737 Net demand plus time deposits of country banks 91 Pay rolls, factory I 681 Seasonal variations in 737 Prices of farm products 91 Prices, wholesale 729, 730 Reserve balances of member banks 1, 90, 148, 228, 291, 351, 420, 483, 564 633, 687, 748 Reserve bank credit 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Shipments of American currency to and from Europe 8 Sterling exchange at New York 732 Check clearing and collection: Number of banks in system 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Rulings of Secretary of Treasury on tax on checks arising under revenue act of 1932 537 Chemicals: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Wholesale prices— Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Revised index _ 199 Chile: Central Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 448, 562 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 505, 585, 647, 701, 762 Years 1913-1931 312 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 China: Central Bank of, condition of 59, 117, 173, 261, 383, 445, 511, 591, 653, 707, 768 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 797 Cigars and cigarettes: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Classification by a member bank of certificates of deposit payable to other banks within 30 days; ruling on_ 714 Classification of loans and investments of member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Clearing-house bank debits 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Closed banks. (See Bank suspensions.) Coal: Freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Coin circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Collateral held by Federal reserve agents as security for Federal reserve notes: All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Colombia: Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 94, 623 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 . 312 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from the United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Gold production 648,702, 763 Commercial failures 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Commercial paper: Held by member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Interest rates— Charged by banks in principal cities 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 Foreign countries 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Open-market rates in New York 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Outstanding 15, 105, 155, 236, 299, 359, 428, 491, 572, 641, 695, 756 Committees, banking and industrial, of Federal reserve banks, list of 416 Commodity prices. (See Prices.) Comptroller of the Currency, Pole, J. W., resignation of 623 Condition of banks: All banks in United States on call dates— By Federal reserve districts 78, 270, 663 By States 79,271,664 Bank for International Settlements 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Foreign central banks— Balance sheets— Austrian National Bank 308 Bank of Belgium 243 Bank of France. 166 Bank of Japan 310 Bank of Java 50 German Reichsbank 250 National Bank of Czechoslovakia 436 National Bank of Switzerland 254 Netherlands Bank 584 Monthly figures 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Foreign commercial banks 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Member banks— All banks, on call dates 192, 609, 781 Reporting banks 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 148900—32 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
798 INDEX TO VOLUME 18 Condition of banks—Continued. Page National banks, on call dates 80, 193, 272, 610, 665, 782 Nonmember banks on call dates 78, 270, 663 State banks, on call dates— All banks 81, 273,666 Member banks 193, 610,782 Conference at Lausanne 497 Conference of South American central banks on monetary stabilization 43 Copper production I 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Corn crop estimates 86, 558, 620, 678, 728, 790 Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Cotton: Crop estimates 86,620,678,728,790 Manufactures— Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Country member banks: Deposits, time and demand 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 Interbank loans, percentage distribution 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Loans and investments— Discussion of 92 On call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Reserve balances 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 Court opinion, United States Circuit Court of Appeals in case of Lucas v. Federal Reserve Bank of Richmond; right of Federal reserve bank to require collateral security in rediscounting paper 452 Credit, bank: Discussion in annual reports— Bank for International Settlements 365 German Reichsbank 245 National Bank of Czechoslovakia 434 Netherlands Bank 578 Federal reserve— Chart showing 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Discussion of 1, 90, 285 Factors in changes 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Member bank, discussion of 2, 346 Crop estimates 86, 558, 620, 678, 728, 790 Cuba, foreign exchange rates: Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Currency: Circulation— Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 By kinds 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Discussion of 90, 203, 411, 560, 621 Foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Seasonal variations in 735-746 Government note issues, Argentina, Canada, India, Ireland 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Hoarding, discussion of 621 Shipments and receipts, to and from Europe 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Shipments to and from Europe 7-9 Stabilization of, recommended by conference of South American central banks 43 Czechoslovakia: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 National Bank of— Annual report _ 434 Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 5,288,623 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 312 Legal reserve requirements 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 799 Danzig, Bank of: Page Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 477 Monthly figures 62, 120, 176, 264,327,386,448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 312 Legal reserve requirements 437 Debits to individual accounts 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Debts, intergovernmental, moratorium proposed, discussion of, in annual report of Bank for International Settlements 372 Deferred availability items, Federal reserve banks: All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Deficiencies in reserves, penalties on 130, 550 Demand deposits. (See Deposits.) Denmark: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 National Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 146,348,683 Monthly figures 62, 120, 176, 264. 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 312 Legal reserve requirements 437 Department-store sales: Chart showing seasonal variations in 737 Monthly figures 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Deposits: All banks in United States on call dates— By Federal reserve districts 78, 270, 663 By States 79,271,664 Total 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Banks suspended— By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By months 16, 106, 156,237,300, 360, 429,492, 573, 642, 696,757 By States— Current month 74, 133, 190, 279, o38, 404, 466, 552, 614, 672, 722, 784 Cumulative 75, 134', 191, 280, 339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 Classification by a member bank of certificates of deposit payable to another bank within 30 days; ruling on 714 Foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Held by Federal reserve banks— Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775 End of month figures— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183,269, 332, 392, 460, 545, 604, 662, 716, 776 Member banks— All banks, on call dates 192, 609, 781 Time and demand— By Federal reserve districts 69, 125, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777 Chart showing 347 Discussion of 346 In larger and smaller centers 70, 126, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777 New York Cit}^ banks, reserve city banks, and country banks 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 Reporting banks in leading cities 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 United States Government— All banks, on call dates 192,609,781 Weekly figures 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 National banks, on call dates 80, 272, 665 Nonmember banks— Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Total, on call dates 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Postal savings 188,277,336,402,464,608, 670,720, 780 Public moneys by the United States which are exempt from reserve requirements; ruling on 65 State banks, on call dates 81, 273, 666 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
800 INDEX TO VOLUME 18 Page Deputy Federal reserve agents, appointment of 5 Directors of Federal reserve banks: Election of 5 Expenses of meetings 130, 550 Discount rates: Federal reserve banks— Buying rates on bills— Changes in 94, 146,205,416 Monthly data 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Changes in— Chicago 416 Dallas 94 New York 146, 416 Richmond 94 Monthly data 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Foreign central banks— Changes in— Australian National Bank 205, 562 Bank of Colombia 94, 623 Bank of Danzig 477 Bank of England 146, 205, 288, 348, 416 Bank of Estonia 94 Bank of Finland . 146,288 Bank of Greece 94, 146, 562 Bank of India 94, 146, 288, 477 Bank of Italy 205,348 Bank of Japan 146, 416, 562 Bank of Norway 146,348, 562 Bank of Poland 683 Bank of Portugal 288 Bank of Sweden 146, 348, 416, 562 Central Bank of Bolivia 477 Central Bank of Chile 448, 562 Central Bank of Ecuador 448 Danish National Bank 146, 348, 683 German Reichsbank 5, 146, 288, 623 National Bank of Belgium 94 National Bank of Bulgaria 348 National Bank of Czechoslovakia 15, 288, 623 National Bank of Hungary 94, 288, 416, 683 National Bank of Rumania 146 Netherlands Bank 288 Reserve Bank of Peru 348 South African Reserve Bank 683 Discussion in annual reports— Bank of Belgium 242 Bank of France 163 Bank of Japan 309 German Reichsbank 246 National Bank of Czechoslovakia 435 National Bank of Switzerland 251 Netherlands Bank 583 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Open-market rates— In New York City 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Foreign countries 62, 120, 176, 264, 327, 368, 448, 514, 594, 656, 710, 771 (See also Interest rates). Discounts by Federal reserve banks for individuals, partnerships, and corporations under provisions of emergency relief and construction act: Circular of Federal Reserve Board 518 Discussion of 473 Text of amendment to Federal reserve act 523 Discounts of Federal reserve banks, chart showing 6, 289, 415 Dividends: Federal reserve banks 131, 550 Member banks 76, 349, 394-397 National banks 76, 398 State bank members 77, 399 Drugs: Factory employment and pay rolls— Annual indexes _ 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 801 Drugs—Continued. Wholesale prices— Page Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Revised indexes 199 Due from foreign banks to Federal reserve banks: All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 545, 604, 662, 716, 776 Due to banks, certificates of deposit payable by one member bank to another, classification of, ruling on__ 714 Due to and from banks. (See Bankers' balances.) Dutch East Indies, gold imports and exports to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Earmarked gold 12, 102, 150 231, 294, 354, 423, 486, 567, 636, 690, 751 ; Earnings and expenses: Federal reserve banks 130, 550 Member banks 76, 349, 394-399 National banks 76, 398 State bank members 77, 399 Earnings on bills and securities held by Federal reserve banks 130, 550 Economic conditions. {See Business conditions.) Ecuador: Central Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in __ __ 448 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 312 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 _ 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States__ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Egypt:, Fofeign exchange rates— Monthly averages 56, 57, 115, 177 Yearly averages, 1923-1931 54 National Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Gold reserves— Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 312 Legal reserve requirements 437 Election of directors of Federal reserve banks 5 Eligible paper: Held by Federal reserve agents as security for Federal reserve notes— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Held by member banks on call dates 16, 106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757 Emergency relief and construction act of 1932: Discussion of 473 Text of 520 Employment, factory: Annual indexes 197 Chart showing 681 Discussion of __ __ __ 681 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 England: Bank of— Condition of 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Discount rates— Changes in 146, 205, 288, 348, 416 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly review 3, 93, 145, 204, 287, 347, 413, 476, 561, 622 682, 732 ; Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Legal reserve requirements 437 Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Food prices, retail 64, 122, 179, 267, 330, 389, 451, 517, 597, 659 713, 774 ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
802 INDEX TO VOLUME 18 England—Continued. Foreign exchange rates— Monthly averages. 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports— Net imports 53, 113, 169, 257, 320, 379, 441, 507, 587, 649, 703, 764 To and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Security prices (stocks and bonds) 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Estonia, Bank of: Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 94 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 312 Legal reserve requirements 437 Examination of trust departments of national banks, cost of, act relative to 537 Excess reserves. (See Reserves.) Exports, gold. (See Gold imports and exports.) Expressage, Federal reserve banks, cost of 130, 550 Factory employment and pay rolls: Annual indexes 197 Chart showing 681 Discussion of 681 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Failures: Bank. (See Bank suspensions.) Commercial 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Farm products, prices of: Chart showing 91 Monthly figures 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Principal countries 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, #13, 774 Revised indexes 199 Federal Advisory Council: Comments on Glass bill (S. 4115) 203, 222 Expenses of conferences 130, 550 Meeting of 146 Federal home loan bank act: Discussion of 474 National bank note circulation under provisions of— Article on 478 Ruling of Attorney General regarding 535 Text of 527 Federal intermediate credit banks: Amendment to Federal reserve act relative to discount by Federal reserve banks of paper of 390 Bills discounted for, by Federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Debentures of, held by Federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Federal land banks: ^ Bonds of, held by Federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Loans to, by Reconstruction Finance Corporation 226, 481, 630, 684 Federal reserve act, amendments to: Authorizing discounts by Federal reserve banks for individuals, partnerships, and corporations under provisions of emergency relief act— Circular of Federal Reserve Board 518 Discussion of 473 Text of amendment 533 Discount by Federal reserve banks of paper of Federal intermediate credit banks 390 Glass-Steagall bill providing for advances by Federal reserve banks to groups of member banks, etc.— Discussion of I 141,286 Text of act 180 Proposed amendments (Glass bill, S. 4115), comments on— By Federal Advisory Council 203,222 By Federal Reserve Board 203, 206 Federal reserve agents: Appointment of 5 Conferences, expenses of 130, 550 Federal reserve note account 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Federal reserve bank notes, circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Federal Reserve Bank of Richmond, Lucas v., right of bank to acquire collateral security in rediscounting paper; opinion of court 452 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 803 Federal reserve banks: Appointment of Federal reserve agents 5 Bailey, W. J., retirement of, as governor at Kansas City 5 Condition of. (See Condition of banks.) Discount rates. (See Discount rates.) Dividends paid 131, 550 Earnings and expenses 130, 550 Election of directors of 5 Fiscal agency expenses 131, 550 Franchise tax paid 131 Listing of banking and industrial committees 416 Hamilton, George H., appointed governor at Kansas City 5 Federal Reserve Board: Annual report 348, 562 Assessment for expenses of 130, 550 Comments on Glass bill (S. 4115) 302,206 Mellon, Andrew W., chairman, resignation of 146 Mills, Ogden L., appointed chairman 146 Paulger, Leo H., appointed chief of examinations division 5 Pole, J. W., resignation of, as ex officio member 623 Regulation G, revision of 598 Federal reserve notes: Circulation— Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775 All Federal reserve banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each Federal reserve bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 End of month figures 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Collateral held by agents as security for— All Federal reserve banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each Federal reserve bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Cost of 130,550 United States securities against, under Glass-Steagall bill— Discussion of 143, 286, 560 Text of act 181 Fertilizer: Factory employment and pay rolls— Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Annual indexes 197 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Finland: Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 146,288 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 312 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Fiscal agency expenses of Federal reserve banks 131, 550 Float, Federal reserve 68, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Flour: Factory employment and pay rolls— Annual indexes 197 Monthlv indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index _-- 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Food and food products: Factory employment and pay rolls— Annual indexes 197 Monthlv indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series - 196 Retail prices 54, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Wholesale prices— Monthly figures 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Principal countries 84, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Revised indexes 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
804 INDEX TO VOLUME 18 Foreign banks: Central banks— Annual reports. (See Annual reports.) Balance sheets. (See Balance sheets.) Condition of. (See Condition of banks.) Discount rates. (See Discount rates.) Gold holdings— Years 1913-1932 624 Chart showing 624 Legal reserve requirements 437 Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Deposits of, held by Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Due from, to Federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Foreign exchange: Discussion in annual reports— Austrian National Bank 307 Bank for International Settlements 371 Bank of France 162 Bank of Japan 309 Bank of Java 50 German Reichsbank 247 National Bank of Czechoslovakia 434 National Bank of Switzerland 252 Monthly review, England, France, Germany 3, 92, 144, 204, 287, 347, 413, 476, 561, 622, 682, 732 Rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55, 56 Yearly averages, 1923-1931 54 Sterling exchange at New York, chart showing 733 France: Bank of— Annual report 161 Condition of 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly review 4,93,145,204,288,347, 414, 477, 562, 623, 682, 733 Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years, 1913-1931 - 311 Legal reserve requirements 437 Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports— Net imports 113, 169, 257, 320, 379, 441, 507, 587, 649, 703, 764 To and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Prices- Commodity, wholesale 64,122,178,266,329,388,450,516,596,658,712,773 Food, retail 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Security (stocks and bonds) 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Franchise tax paid by Federal reserve banks 131 Freight-car loadings: By classes 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Fuels, manufactures: Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Wholesale prices— Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Revised index 199 Furniture: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 805 Gasoline: Consumption, chart showing seasonal variations in 737 Production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Germany: Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold, imports and exports— Net imports 53, 113, 169, 257, 320, 379, 441, 507, 587, 649, 703, 764 To and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Reichsbank— Annual report 244 Condition of 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Discount rates— Changes in 5, 146, 288 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 623, 710, 771 Gold reserves— Monthly review 4, 93, 146, 205, 287, 348, 414, 477, 562, 623, 683, 733 Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 311 Legal reserve requirements 437 Prices— Commodity, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Food, retail 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Security (stocks and bonds) 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Reparations— Final act of the Lausanne Conference 497 Report of committee appointed by Bank for International Settlements 21 Glass: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Glass bill (S. 4115), comments on: By Federal Advisory Council 203, 222 By Federal Reserve Board 203, 206 Gold: Coin and certificates, circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Earmarked 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Free, discussion of 144 Held by Federal reserve agents as security for Federal reserve notes— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Hoarding, discussion of 621 Holdings of central banks and governments, 1913-1932 624 Chart showing 624 Holdings, private, in India 626 Imports and exports— Discussion of 345 Movements to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Net imports, principal countries 53, 113, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Industrial consumption 626 Production— Foreign 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Monthly figures 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 World 625 Chart showing 625 Reserves. (See Reserves, gold.) Stock, monetary, in United States— Analysis of changes in 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Chart showing 345 Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Discussion of 345,411, 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
806 INDEX TO VOLUME 18 Gold redemption fund, Federal reserve banks: Page All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460 545, 604, 662, 716, 776 ; Gold settlement fund: All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Gold standard: Discussion in annual report of Netherlands Bank 580 Discussion of, by conference of South American central banks 43 Government deposits. (See United States Government deposits.) Government note issues and reserves, Argentina, Canada, India, Ireland 61, 119, 171, 259, 322, 381, 443, 509, 589, 705, 766 Government securities. (See United States Government securities.) Governors of Federal reserve banks: Bailey, W. J., retirement of, at Kansas City 5 Expenses of conferences 130, 550 Hamilton, George H., appointed at Kansas City _ 5 Grain, freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Greece: Bank of— Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768 Discount rates— Changes in 94, 146, 562 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647,701, 762 Years 1913-1931 313 Foreign exchange rates— Monthly figures 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 _ 55 Yearly averages, 1923-1931 54 Guatemala, Central Bank of: Condition of 60, 118, 174, 262, 325, 384, 445, 511, 591, 653, 707, 768 Gold reserves, 1913-1931 313 Legal reserve requirements 437 Hamilton, George H., appointed governor of Federal Reserve Bank of Kansas City 5 Hay crop estimates 86, 558, 620, 678, 728, 790 Hoarding of currency, discussion of 621 Hogs slaughtered 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Home loan bank act: Discussion of 474 Ruling of Attorney General relative to national-bank notes issued under provisions of 535 Text of 527 House-furnishings goods, wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Hungary: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 __ 55 Yearly averages, 1923-1931 __ 54 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 National Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 94, 288, 416, 683 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 313 Legal reserve requirements 437 Imports and exports: Gold- Discussion of 345 Movements to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636*690, 751 Net imports, principal countries 53, 113, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Merchandise 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Income, changes in, chart showing 731 Indebtedness of member banks at Federal reserve banks. (See Borrowings.) India: Bank of— Discount rates— Changes in 94, 146, 288, 477 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 807 India—Continued. Bank of—Continued. Gold reserves— -Page Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 313 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 776 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 56 Gold holdings, private, 1914-1932, chart showing 625 Gold imports and exports 53, 114, 170, 258, 321, 380, 442, 508, 588, 650, 704, 762 Gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 766 Government note issues and reserves 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 743 Industrial production. (See Production.) Insurance, Federal reserve banks, cost of 130, 560 Interbank loans: Interest rates on 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 Percentage distribution 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Interest rates: Charged customers by banks— In Federal reserve bank and branch cities 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 In New York City and other cities 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Open market rates in New York City 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 (See also Discount rates.) Intermediate credit banks. (See Federal intermediate credit banks.) Investments. (See Loans and investments.) Ireland: Government note issues and reserves 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Legal reserve requirements 438 Iron and steel: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Chart showing 730 Iron ore shipments 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Italy: Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 205, 348 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 313 Legal reserve requirements 437 Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States 12, 102, 150, 231, 294, 354, 423, 486 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 .Japan: Bank of— Annual report 309 Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 146,416,562 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 313 Legal reserve requirements 437 Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770 Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
808 INDEX TO VOLUME 18 Japan—Continued. Page Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Java: Bank of— Annual report _ 49 Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 313 Legal-reserve requirements 437 Foreign-exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Kerosene production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Latvia, Bank of: Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 .__ 313 Legal-reserve requirements 437 Lausanne conference, final act of 497 Law department: Act authorizing Comptroller of Currency to assess cost of examining trust departments of national banks, text of 537 Amendment to sec. 13 of Federal reserve act authorizing discounts by Federal reserve banks for individuals, partnerships, and corporations— Circular of Federal Reserve Board 518 Text of amendment 523 Rulings of the Federal Reserve Board— Amendment to Federal reserve act— Glass-Steagall bill providing for advances by Federal reserve banks to groups of member banks, etc 180 Discount by Federal reserve banks of paper of Federal intermediate-credit banks 390 Classification by a member bank of certificates of deposits payable to other banks within 30 days 714 Deposits of public moneys by the United States which are exempt from reserve requirements _ _ 65 Emergency relief and construction act of 1932, text of 520 Federal home-loan bank act, text of 527 Opinion of court with respect to right of Federal reserve bank to require collateral security in rediscounting paper 452 Regulation G, rediscount of notes secured by adjusted-service certificates, revision of 598 Regulations of Veterans' Administration regarding loans on notes secured by adjusted-service certificates 600 Reserves against funds collected by banks under the revenue act 660 Ruling of Attorney General regarding national-bank notes issued pursuant to provisions of the Federal home-loan bank act 535 State laws relating to branch banking, changes in 455-458, 660 Treasury ruling on check tax, etc., arising under revenue act of 1932 537 Laws: State, relating to branch banking, changes in 455-458, 660 {See also Acts.) Lead production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 785 Leather: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index.._ 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices— Chart showing 730 Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Revised indexes 199 Legal fees, Federal reserve banks 130, 550 Legal-reserve requirements of foreign central banks 437 Correction noted 477 Lithuania, Bank of: Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves, 1913-1931 313 Legal-reserve requirements 43T Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 809 Page Livestock, freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Living, cost of 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Loans: Discount rates. (See Discount rates.) Interbank— Interest rates on 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 Percentage distribution 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Made by Reconstruction Finance Corporation 225, 481, 628, 684 On securities— By member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 By reporting member banks 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 To brokers. (See Brokers' loans.) Loans and investments: All banks in United States on call dates— By Federal reserve districts 78, 270, 663 By States 79, 271, 664 Total 14, 104, 153, 234, 297, 357, 426, 489 570, 639, 693, 754 ; Member banks— All banks, classification on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 All banks, on call dates 192, 609, 781 Chart showing 2, 90, 346 Country banks, discussion of 92 Discussion of 2, 90, 346 Reporting banks in leading cities— Monthly averages of weekly figures 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755 Weekly figures 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 Reserve city banks, discussion of 92 National banks, on call dates 80, 272, 665 Nonmember banks, on call dates 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 State banks, on call dates 81, 273, 666 Locomotives, production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Losses, Federal reserve banks, reserves against 131 Lumber: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Machinery, factory employment, and pay rolls: Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 695, 725, 787 Manufactures, production of: By industries 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 194, 196 Chart showing 680 Discussion of 680 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Maturity of bills and short-term securities 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Mellon, Andrew W., resignation of, as Secretary of the Treasury 146 Member bank call report 192, 609, 781 Member bank credit. (See Credit.) Member banks: Bankers' balances. (See Bankers' balances.) Borrowings at Federal reserve banks. (See Borrowings.) Branches of 14, 104 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Dividends paid 76, 349, 394-397 Earnings and expenses 76, 349, 394-399 Loans and investments. (See Loans and investments.) Loans to brokers. (See Brokers' loans.) Number of 14, 104, 153, 234, 297, 357, 426, 489, 570, 693, 754 Number on par list 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Reserves. (See Reserves.) Suspensions— By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By States- Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784 Cumulative 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
810 INDEX TO VOLUME 18 Page Membership in par collection system 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Merchandise: Freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Imports and exports 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Mexico: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763 Gold reserves, 1913-1931 313 Mills, Ogden L., appointed Secretary of the Treasury 146 Minerals, index of production: Monthly figures 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 194, 196 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Monetary gold stock. (See Gold.) Monetary stabilization, conference of South American central banks relative to 43 Money: Circulation— Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 By kinds 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Chart showing 621,739 Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Seasonal variations in, article on 735-746 Charged customers by banks in New York City and other leading cities 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Foreign countries 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Prevailing in Federal reserve bank and branch cities 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 Moratorium, discussion of, in annual report of Bank for International Settlements 372 Municipal warrants: Held by Federal reserve banks— Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Monthly figures 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 National bank note circulation: Monthly figures 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Under provisions of the Federal home loan bank act— Article on 478 Discussion of 474 Ruling of Attorney General 535 Text of act 527 National banks: Act authorizing assessment for cost of examining trust departments 537 Branches of, number of 14, 104 Condition of, on call dates 80, 193, 272, 610, 665, 782 Dividends paid 76, 398 Earnings and expenses _ 76, 398 Number of 14, 104, 153, 234, 297, 357, 426, 489, 570,. 693, 754 Suspensions— By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By States— Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784 Cumulative 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 National summary of "business conditions 10, 100, 147, 227, 290, 350, 419, 482, 563, 632, 686, 747 Netherlands: Bank of— Annual report 578 Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 288 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 '__ 313 Legal reserve requirements 437 Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 811 Netherlands—Continued. Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports— IMI Net imports 53, 114, 170, 258, 321, 380, 442, 508, 588, 650, 704, 765 To and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 New Zealand, gold reserves: Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 313 Nonferrous metal products: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Nonmember banks: Bills discounted for, secured by adjusted service certificates 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Branches of 14, 104 Condition of, on call dates 78, 270, 663 Deposits— Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Total, on call dates 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Loans and investments on call dates— By Federal reserve districts 78, 270, 663 Total 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Number of 14, 104, 153, 234, 297, 357, 426, 489, 570, 693, 754 Number on par list 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Suspensions— By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By States— Current month 74, 133, 190, 279, 338, 404, 466, 522, 614, 672, 722, 784 Cumulative 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 Nonreserve cash held by Federal reserve banks: All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Norway: Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 146, 348, 562 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 '__ 314 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Number of banks in United States. ..J 14, 105, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Number of banks suspended: By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By States— Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784 Cumulative 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 Oats crop estimate 86, 558, 620, 678, 728, 790 Oil manufactures, production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Paper: Factory employment and pay rolls—• Annual indexes "* 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
812 INDEX TO VOLUME 18 Page Par list, number of banks on 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Par value of foreign currency 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Paulger, Leo H., appointed chief of examinations division 5 Pay rolls, factory: By industries— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Chart showing 681, 737 Duscussion of 681 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Penalties for deficient reserves 130, 550 Permits, building, issued 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789 Peru: Central Reserve Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 348 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Petroleum products, wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Petroleum refining: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Philippine Islands, gold imports and exports to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Poland: Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 683 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 437 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 _ ___ 55 Yearly averages, 1923-1931 54 Pole, J. W., resignation of, as Comptroller of the Currency 623 Portugal: Bank of— Condition of 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in * 288 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 _ 54 Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Postage, Federal reserve banks, cost of 130, 550 Postal savings deposits 188, 277, 336, 402, 464, 608, 670, 720, 780 Potato crop estimates 86, 558, 620, 678, 728, 790 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 813 Prices: Commodity, wholesale— Chart showing 729, 730 Discussion of 729-732 Monthly indexes 84, 137, 199, 283, 342, 408, 470, 566, 618, 676, 726, 788 Revised ijidexes 1QQ Principal countriesrilllllllllllllllllllZIIII"64," 122," 178,"266,"329,"388,"460,"516,"596,"658,"712, 773 United States— By groups and subgroups 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Food, retail 54, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774 Security (stocks and bonds)— Domestic 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Principal countries 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Printing and stationery, Federal reserve banks, cost of 130, 550 Production, industrial: By industries 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Chart showing 679 Discussion of 679 Revised index 194, 196 Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760 Profit and loss account, Federal reserve banks 131 Public moneys deposited by the United States which are exempt from reserve requirements; ruling on__ 65 Public utility stocks, prices of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Railroads: Loans to, by Reconstruction Finance Corporation 225, 481, 629, 685 Stocks, prices of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Rates: Discount. (See Discount rates.) Foreign exchange. (See Foreign exchange.) Money. (See Money rates.) Real estate, loans secured by, made by member banks 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Reconstruction Finance Corporation: Act creating 94 Organization of 89 Directors of 89 Powers broadened under emergency relief and construction act of 1932 520 Reports of 225,481,628,684 Rediscounts and bills payable: All banks in United States on call dates— By Federal reserve districts 78, 270, 663 By States 79,271,664 Member banks, on call dates 192, 609, 781 National banks, on call dates 80, 272, 665 Nonmember banks, on call dates 78, 270, 663 State banks, on call dates 81, 273, 666 Regulation G—Rediscount of notes secured by adjusted-service certifiicates, revision of 598 Regulations of Veterans' Administration regarding loans on notes secured by adjusted-service certificates 600 Reichsbank, German. (See Germany.) Rent paid by Federal reserve banks 130, 550 Reparations, German. (See Germany.) Reports: Annual, of foreign banks. (See Annual reports.) Conference of South American central banks relative to currency stabilization 43 Reconstruction Finance Corporation 225, 481, 628, 684 Special advisory committee appointed by the Bank for International Settlements relative to economic conditions in Germany 21 Reserve balances of member banks. (See Reserves.) Reserve city member banks: Deposits, time and demand 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 Interbank loans 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754 Loans and investments— Discussion of 92 On call dates 14, 104, 129, 152, 233,296,356,425,488, 569, 638,692, 753 Reserve balances 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 Reserve ratio of Federal reserve banks: Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775 End of month figures 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
814 INDEX TO VOLUME 18 Reserve requirements: Legal, of foreign central banks 437 Correction noted 477 Public moneys deposited by United States exempt from; ruling 65 Reserves: Excess, of Federal reserve banks under Glass-Steagall bill amending Federal reserve act, discussion of 143,286,412 Excess, of member banks 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 Federal reserve banks— Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775 End of month figures— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Gold— Argentina, Canada, India, Ireland 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Foreign central banks— Discussion in annual reports— Bank for International Settlements 371 Bank of Belgium 242 Bank of France 161 Bank of Java 50 National Bank of Switzerland 252 Netherlands Bank 581 German Reichsbank 247 Monthly figures 52, 111, 167, 311, 377, 439, 505, 585, 647, 701, 762 Monthly review 3, 92, 144, 204, 287, 347, 413, 476, 561, 622, 682, 733 Years 1913-1931 311-318 Sources of data 315-318 Holdings of foreign central banks, 1913-1932 624-627 Member banks— Against funds collected by banks under the revenue act; ruling on 660 All banks, on call dates 192, 609, 781 Balances— Averages of daily figures, end of month series, Wednesday series 11, 101, 149/229, 292, 352, 421, 484, 565, 634, 688, 749 Chart showing 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748 Discussion of 1 New York City banks, reserve city banks, and countrv banks 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752 By Federal reserve districts 69, 125, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777 Deficient, penalties for 130, 550 Reporting banks in leading cities 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 Reserves and note issues, Argentina, Canada, India, Ireland. _ 61, 119, 171, 259, 322, 381, 443, 509, 589, 705, 766 Resources and liabilities: All banks in United States on call dates— By Federal reserve districts 78,270, 663 By States 72, 271, 664 Bank for International Settlements 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766 Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Member banks—• All banks, on call dates 192, 609, 781 Reporting member banks in leading cities 72, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 National banks, on call dates 80, 193, 272, 610, 665, 782 State banks, on call dates 81, 273, 666 State member banks, on call dates 193, 610, 782 (See also Condition of banks.) Retail trade, department stores 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Revised index, industrial production 194, 196 Rubber products: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Tires and tubes, production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Rulings of the Federal Reserve Board. (See Law department.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 815 Rumania: Foreign exchange rates— Page Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 National bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 146 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Russia. (See Union of Socialist Soviet Republics.) Salaries: Federal reserve banks 130, 550 Member banks 76, 349,394 Secretary of the Treasury: Mellon, Andrew W. resignation of 146 } Mills, Ogden L., appointed 146 Rulings on tax on checks, etc., arising under revenue act of 1932 537 Securities: Government. (See United States Government securities.) Held by Federal reserve banks— Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Earnings on 130, 550 End of month figures 67,123,182,230,293,353,422,485,566,635,689,750 Held by foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767 Loans on, by member banks— By class of bank 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Reporting banks in leading cities 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755 Security, collateral, in rediscounting paper, right of Federal reserve bank to require; opinion of court 452 Security issues, monthly figures 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Security prices (stocks and bonds): Domestic 18,108,158,239,302,362,431,494,575,644,698,759 Principal countries 63, 121, 178, 266, 329, 388, 450, 516, 596,658, 712,773 Sheep slaughtered: Monthly index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised index 196 Shipbuilding: Factory employment and pay rolls— Annual index 197 Monthly index _ 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Shipments of American currency to and from Europe 7-9 Siam, gold reserves 701, 762 Silk manufactures: Factory employment and pay rolls— Annual index 197 Monthly index 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Silver: Coin circulation _ _ 12,102,150,231,294,354,423,486,567,636,690,751 Par of exchange 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 South Africa: Gold production, chart showing 625 Reserve Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 683 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 : 314 Legal reserve requirements 438 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
816 INDEX TO VOLUME 18 Spain: Bank of— Page Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 __ __ 55 Yearly averages, 1923-1931 54 State banks: Branches of 14, 104 Condition of all banks on call dates 81, 273, 666 Member banks— Condition of, on call dates 193, 610, 782 Dividends paid 77, 399 Earnings and expenses 77, 399 Number of 14, 104, 153, 234, 297, 357, 426, 489, 570, 693, 754 Suspensions— By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783 By States- Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784 Cumulative _ 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785 During year 1931 75, 134 State laws relating to branch banking __ 455-458, 660 Steel: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199,283,342,408,470, 556, 618, 676, 726, 788 Stock and bonds: Interest rates on loans secured by 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 Issues of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Loans by member banks secured by 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Prices— Domestic 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Principal countries 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773 Stocks, department stores 20, 110, 160, 241, 304, 364, 433, 496, 646, 700, 761 Straits Settlements, foreign exchange rates: Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Sugar: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Surplus: Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Charges against 131 Each bank 68, 124, 183, 269,332, 392,460, 545," 604," 662," 716, 776 Member banks 76, 394-397 State bank members 77, 399 Sweden: Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates— Changes in 146, 348, 416, 562 Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 646, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Foreign exchange rates- Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 _ _ 55 Yearly averages, 1923-1931 ________"_____""_" 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 817 Sweden—Continued. Gold imports and exports to and from United States 12, 102, 150, 231, 294 Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Switzerland: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports— Net imports 114, 170, 258, 321, 380, 442, 508, 588, 650, 704, 765 To and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Money rates 62, 120, 176,264,327,386,448,514, 594, 656, 710, 771 Swiss National Bank— Annual report 251 Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates. 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Tax, franchise, paid by Federal reserve banks 131 Taxes: Federal reserve banks 130, 550 Ruling of Secretary of Treasury on tax on checks, etc., arising under revenue act of 1932 537 Telephone and telegraph expenses of Federal reserve banks 130, 550 Textiles: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index—• Monthly figures 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices— Chart showing 730 Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Revised indexes 199 Time deposits. (See Deposits.) Time loans, interest rates on 17, 107, 157, 238, 301, 430, 493, 574, 643, 697, 758 Tin production 82, 135, 195, 281, 340, 406, 486, 554, 616, 674, 724, 786 Tires, rubber: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 268, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788 Tobacco: Crop estimates 86, 558, 620, 678, 728, 790 Manufactures—• Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Revised series 196 Trade, retail, department stores 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761 Traveling expenses, Federal reserve banks 130, 550 Treasury certificates of indebtedness. (See United States Government securities.) Treasury notes of 1890, circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Trust departments of national banks, act authorizing assessment for cost of examining 537 Turkey: Central Bank of— Condition of 446, 512, 592, 654, 708, 769 Gold reserves 439, 505, 585, 647, 701, 762 Foreign exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Unexpended capital funds, Federal reserve banks 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Union of Socialist Soviet Republics: Foreign exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
818 INDEX TO VOLUME 18 Union of Socialist Soviet Republics—Continued. State Bank of— Page Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 United States Government deposits: Held by Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Held by member banks— All banks, on call dates 192, 609, 781 Reporting banks 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 United States Government securities: As collateral against Federal reserve notes, under Glass-Steagall bill amending Federal reserve act— Discussion of 143, 286, 412 Text of act 181 Held by Federal reserve banks— All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750 Averages of daily figures, end of month series, Wednesday series 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749 Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Discussion of 285, 411 Earnings on 130, 550 Profit on securities sold 131 Held by all member banks— On call dates 192,609, 781 By class of bank 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753 Compared with borrowings at Federal reserve banks 16, 106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757 Held by reporting member banks— Monthly figures 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755 Weekly figures 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778 Outstanding at end of month 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 Treasury bonds, interest yield on 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Treasury certificates of indebtedness— Held by Federal reserve banks— Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Weekly figures 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776 Interest yield on 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758 Outstanding at end of month 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759 United States notes, circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 United States postal savings deposits 188, 277, 336, 402, 464, 608, 670, 720, 780 Uruguay: Bank of— Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Venezuela: Foreign exchange rates— Monthly averages 57, 115, 177 Monthly averages, 1930-31 56 Yearly averages, 1923-1931 54 Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751 Veterans' Administration, regulations of, regarding loans on notes secured by adjusted-service certificates. 600 Wages. (See Pay rolls.) Warehouse receipts, interest rates on loans secured by 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779 Warrants, municipal, held by Federal reserve banks, maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780 Wheat crop estimates 86, 558, 620, 678, 728, 790 Wholesale prices. (See Prices.) Wood-pulp production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 18 819 Wool manufactures: Factory employment and pay rolls— Annual indexes 197 Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787 Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Wholesale prices 84, 137, 199, 283, 342,408,470, 556,618,676,726, 788 Yugoslavia: Foreign exchange rates— Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772 Monthly averages, 1930-31 55 Yearly averages, 1923-1931 54 National Bank of— Condition of ..__ 60, 118, 174, 262, 325, 384, 512, 592, 654, 708, 769 Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771 Gold reserves— Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 647, 701, 762 Years 1913-1931 314 Legal reserve requirements 438 Zinc production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS ' • BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES o FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1932, November 30). Federal Reserve Bulletin, 1932-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193212
@misc{wtfs_bulletin_193212,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1932-12},
year = {1932},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193212},
note = {Retrieved via When the Fed Speaks corpus}
}