Federal Reserve Bulletin December 1932 - St. Louis Fed · 2018. 11. 6. · FEDERAL RESERVE BULLETIN...

FEDERAL RESERVEBULLETIN

DECEMBER, 1932

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Course of Prices and IncomeSeasonal Variations in Money in Circu-

lation

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:OGDEN L. MILLS,

Secretary of the Treasury, Chairman,

Comptroller of the Currency,

EUGENE METER, Governor.

CHARLES S. HAMLIN.

ADOLPH C. MILLER.

GEORGE R. JAMES.

WAYLAND W. MAGEE.

FLOYD R. HARRISON, Assistant to the Governor,

CHESTER MORRILL, Secretary.

E. M. MCCLELLAND, Assistant Secretary.J. C. NOELL, Assistant Secretary and Fiscal Agent.WALTER WYATT, General Counsel.

LEO H. PAULGER, Chief, Division of Examinations.E. A. GOLDENWEISER, Director, Division of Research

and Statistics.CARL E. PARRY, Assistant Director, Division of Research

and Statistics.E. L. SMEAD, Chief, Division of Bank Operations.

District No.District No,District No,District No.District No.District No.District No.District No.District No.District No.District No.District No.

FEDERAL ADVISORY COUNCIL

1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) ROBERT H. TREMAN.

3 (PHILADELPHIA) HOWARD A. LOEB.

4 (CLEVELAND) J. A. HOUSE.5 (RICHMOND) HOWARD BRUCE.6 (ATLANTA) JOHN K. OTTLEY.7 (CHICAGO) MELVIN A. TRAYLOR, Vice President.8 (ST. LOUIS) WALTER W. SMITH, President.

9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) WALTER S. MCLUCAS.11 (DALLAS) J. H. FROST.12 (SAN FRANCISCO) HENRY M. ROBINSON.

WALTER LICHTENSTEIN, Secretary


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof—

BostonNew York

Philadelphia . . .

Cleveland

Richmond

Atlanta

Chicago

St Louis

Minneapolis.

Kansas City

Dallas

San Francisco

Chairman

Frederic H. Curtiss...J. H.Case

R. L. Austin...

George DeCamp

Wm. W. Hoxton

Oscar Newton

Eugene M. Stevens. _

John S Wood

John R.MitchellM.L.McClure

C, C. Walsh

Isaac B. Newton

Governor

Roy A. YoungGeo. L. Harrison _

Geo. W. NorrisE. R. Fancher

George J. Seay

Eugene R BlackJ. B. McDougal

Wm. McC. Martin

W. B GeeryGeo II. Hamilton

B. A.McKinney.

Jno. U. Calkins

Deputy governor

W. W. PaddockW. R. Burgess _J. E. CraneA. W. GilbartE. R. KenzelWalters. LoganL. R. RoundsL. SailerWi H.HuttM. , FlemingFra.dk J ZurlinripnC. A. PepleR. H. BroaddusW.S.JohnsH. F. ConnifTC. R. McKayJohn H. BlairJ. H.Dillard

0. M. AtteberyJ. G, McConkey

Harry YaegerC. A. Worthington.—T W TTfklrnR. R.GilbertR. B. ColemanWm. A. DayIra Clerk

Cashier

W. Willett.C. H. Coe.iRayM. Gidney.1J. W. Jones.iW. B. Matteson.iJ.M.Rice.iAllan Sproul.1L. Werner Knoke.1C. A. McHhenny.W G McCreedv aH. F. Strater.

Geo. H. Keesee.JohnS. Wai den, jr. *M. W. Bell.W. S. McLarinJr.iW. C.Bachman.iD. A. Jones.i0. J. Netterstrom.iE. A. Delaney.1S. F. Gilmore.2A. H. Haill.aF. N. Hall.aG. 0. Hollocher.20. C. Phillips.*H. I. Ziemer.Frank C. Dunlop.2J. W. Helm.

Fred Harris.W, O.Ford.iWm.M.Hale.

i Assistant deputy governor. » Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo BranchCincinnati branchPittsburgh branch..

Richmond:Baltimore branch..Charlotte branch

Atlanta:New Orleans branch...Jacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle Rock branch

Managing director

R.M. O'Hara.C. F, McCombs.J. C.Nevin.

Hugh Leach.W. T. Clements.

Marcus Walker.Hugh Foster.John H. Frye.J. B. Fort, jr.

W. R. Cation.

John T. Moore.W. H. Glasgow.A. F. Bailey.

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Omaha branchDenver branchOklahoma City branch.

Dallas:El Paso branchHouston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branch ._.Salt Lake City branch.Seattle branchSpokane branch __.

Managing director

R. E. Towle,L. H. Earhart.J. E. Olson.C. E. Daniel.

J. L. Hermann.W. D. Gentry.M. Crump.

W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the board's medium of communication with memberbanks of the Federal reserve system and is the only official organ or periodical publication of theboard. The BULLETIN will be sent to all member banks without charge. To others the sub-scription price, which covers the cost of paper and printing, is $2. Single copies will be soldat 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;single copies, 25 cents.


TABLE OF CONTENTS

PageReview of the month—Course of prices and income . _ _ 729Seasonal variations in money in circulation 735-746Condition 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 748-751Member and nonmember bank credit—

All banks in the United States 754All member banks 752-754, 777Weekly reporting member banks in leading cities 755, 778

Brokers* loans 755Acceptances and commercial paper 756Discount rates and money rates 758, 779Bank suspensions and banks reopened 757, 783-785Member bank holdings of eligible assets (Government securities and eligible paper) 757Security prices, security issues, United States Government securities 759Production, employment, car loadings, and commodity prices 760, 786-788Merchandise exports and imports 761Department stores—Indexes of sales and stocks 761Freight-car loadings, by classes 761

Financial statistics for foreign countries:Gold reserves of central banks and governments 762Gold production 763Gold movements 763-765Government note issues and reserves 766Bank for International Settlements 766Central banks 767-769Commercial banks 770Discount rates of central banks 771Money rates 771Foreign exchange rates 772Price movements—

Security prices 773Wholesale prices 773,774Retail food prices and cost of living. 774

Federal reserve statistics by districts, etc.:Banking and financial statistics 775-780Industrial and commercial statistics 786-789November crop report, by Federal reserve districts 790

Index to Volume 18 791-819IV


FEDERAL RESERVE BULLETINVOL. 18 DECEMBER, 1932 No. 12

REVIEW OF THE MONTH

During November there was a continuedgrowth in the stock of monetary gold, which

at the end of the month totaled$4,340,000,000, showing an in-crease of $430,000,000 from

the low point in the middle of last June.Changes in currency demand have been inrelatively small volume and seasonal in char-acter. Funds arising from accessions to thegold supply were utilized in part in meetingthe seasonal demand for currency, and in partin a further reduction of member bank indebt-edness to the reserve banks. There was also afurther growth of member bank reserve balancesand the excess reserves of member banksfluctuated around the $500,000,000 level.There was no change in Federal reserve bankholdings of United States Government securi-ties. Loans and investments of reportingmember banks in New York City continued toincrease, while at reporting banks outsideNew York City there were declines both inloans and in investments. Money rates inthe open market declined further in Novemberor early December, the rate on bankers7

acceptances being reduced to the lowest levelon record.

In October there was a further recession inwholesale commodity prices, and in November

the general level of prices fluc-tuated at about the low levelsof early summer, approximately

one-third below the average level of 1923-1929.Price advances in July and August, as well asthe subsequent decline, reflected largely move-ments in the prices of farm products, foods, tex-tiles, hides, and leather products. Prices ofmetals and metal products, building materials,chemicals and drugs, and fuel and lightingshowed relatively little change, while prices ofhouse furnishings declined throughout the period.

Recent pricemovements

Reviewing the course of commodity prices atwholesale during the first 10 months of 1932 as awhole, it appears that declines during the cur-rent year have been smaller than in either of thetwo preceding years. This is illustrated by the

PER CENT

100

90

80

70

60

50

WHOLESALE PRICES( 1926 = 100 )

—

N

1929

19,

192

1932

JO

—^*,

—v

1—.

PER CENT

100

90

80

- 7 0

60

Jan. Feb. Mar. Apr. May Jun. Ju! Aug. Sept. Oct. Nov. Dec.

Index compiled by the Bureau of Labor Statistics; Novemberestimated

chart, which compares recent changes in themonthly index of wholesale commodity pricescomputed by the Bureau of Labor Statisticswith those that occurred during each of thethree preceding years. The sharp price de-cline after September, 1929, was in markedcontrast to the relatively smaller fluctuationswhich characterized the preceding six years,and the latest year, 1932, has also witnessedrelatively less change in the price level. Thegreater part of the price decline of the lastdecade, therefore, was concentrated in the twoyears, 1930 and 1931.

729


730 FEDERAL RESERVE BULLETIN DECEMBER, 1932

Price declinesby groups ofcommodities

All the major groups of commodities dis-tinguished in the classification of the Bureau of

Labor Statistics have shared inthe price decline of recent years,but there has been little uni-formity in the extent of the

decline. This is shown in the table, whichcompares the average level of the Bureau ofLabor Statistics index during the first 10 monthsof 1932 with its average for 1929, and also showsthe extent to which prices of the different majorgroups of commodities which compose the indexhave shared in the general decline. The tablebrings out the fact that prices of commoditieswhich enter the fuel and lighting group havedeclined since 1929 by less than one-sixth,whereas prices of commodities in the farm-prod-ucts group have declined by more than one-half.Prices of commodities in the three groups offoods, textiles, and hides and leather productshave also declined more than the general aver-age, while prices of commodities in the otherfive groups—metals and metal products, housefurnishings, chemicals and drugs, miscellaneousproducts, and building materials—have shownsmaller declines than the general average.

WHOLESALE COMMODITY PRICES

[1926=100]

Fuel and lightingMetals and metal productsHouse furnishing goodsChemicals and drugsMiscellaneousBuilding materials

All commodities

Hides and leather productsTextiles _FoodsFarm products

Averageof year

1929

83.0100.594.394.282.695.4

95.3

109.190.499.9

104.9

Averageof 10

months1932

70.380.475.374.064.671.7

65.3

73.756.461.4

Percent-age

change

-15.3-20.0-20.1-21.4-21.8-24.8

-31.5

-32.4—37.6-38.5-53.5

There have been large differences in pricechanges, furthermore, between individual com-modities within the major groups. In the farm-products group the average level has declinedby over 50 per cent, while prices of cotton andmany other commodities have declined bygreater amounts. In the fuel and lightinggroup, on the other hand, the average level

of the group as a whole has declined less thanfor other groups, and prices of coal, coke,electricity, and gas have shown an even smallerchange than the group as a whole. The greaterpart of the price movement in this group hasreflected wide movements in the prices ofproducts of the petroleum industry.

Price declines, especially when they are char-acterized by wide variations between different_> . r commodities and classes of com-Pnces of raw . . .materials and modi ties, are reflected in largeof finished changes in the competitive posi-

tion of different industries andin the income or purchasing power of differentclasses of the community. The marked weak-ness in prices of farm products and most otherraw materials, which has characterized theprice situation since the beginning of the de-pression, has been reflected directly in a sharpreduction in the income of producers of thesecommodities and in the purchasing power ofthese producers in world markets.

Declines in prices of finished products havefollowed the decline in prices of raw materialsin some industries, thus exerting an influencetoward sustaining the market for these com-modities by making them available to con-sumers at lower prices. The degree to whichprices of finished products have declined hasdepended in part on market conditions and inpart on the extent to which the cost of rawmaterials has entered into the cost of the fin-ished product, as compared with labor, over-head, and other costs.

In general, wholesale prices of finishedproducts have fluctuated less widely thanprices of the raw materials from which theyare made. This relationship is illustrated onthe chart which compares, for four differentgroups of commodities, changes in the pricesof raw materials with changes in the prices offinished products produced mainly or largelyfrom these materials. The four groups areselected foods, textiles, leather, and iron, andsteel products. In each case the comparisonis made in terms of index numbers with theaverage for 1929 as 100. The chart shows thatchanges in prices of foods, textiles, and leather


DECEMBER, 1932 FEDERAL RESERVE BULLETIN 731

products, which have been relatively large,have all accompanied even greater changes inthe prices of the raw materials from whichthey are manufactured. In the case of theselected foods, comparing October, 1932, withthe average for 1929, there has been a declineof about 42 per cent in the prices of the finishedproducts as compared with a decline of 60per cent in raw foodstuffs. Textile productshave declined about 37 per cent, as comparedwith a decline of 64 per cent in the price ofraw textile materials, and in the case of leatherproducts the corresponding declines have been27 per cent and 56 per cent, respectively.The only raw material whose price is shown inthe iron and steel group is scrap steel, sincecoke and iron ore, the other important rawmaterials entering into the production of ironand steel products, are not purchased exten-sively in the market, being produced largely

WHOLESALE PRICE MOVEMENTSFOUR MAJOR GROUPS

1929 1930 1931 1932 1929 1930 1931 1932

Index numbers computed from selected data; for details see page 734

by the manufacturers of iron and steel productsthemselves. Prices of finished iron and steelproducts included in the index have declinedby about 16 per cent since 1929, while steel

scrap, which is ordinarily subject to wide fluc-tuations, has declined by about 60 per cent.

Loss of income as between different indus-tries has reflected in varying degrees the decline

in prices and the decrease inthe volume of activity. Inagriculture the price declinehas been the major cause ofloss of income, while in the rail-

road industry, for example, the drastic de-

INCOME CHANGESSELECTED GROUPS

( 1929=100 )

Price declinein relation toincome

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 beenthe most important factor. It is not possible,on the basis of existing information, to presenta comprehensive analysis of changes in incomesof different classes of the community. Theleft-hand section of the chart, however, com-pares changes in gross income of three of ourlargest industries—construction, agriculture,and railroads; while the right-hand sectioncompares changes in the aggregate pay rolls ofwage earners in the production of two classes ofmanufactures—durable goods and nondurablegoods. The figures relate to the period 1928-1932 and are on an annual basis, with 1929taken as 100. The chart shows that declinesin income since 1929 for these groups haveranged from 47 to 76 per cent. The decline ingross income of railroads, amounting to 50per cent, has reflected a decrease in the volumeof freight carried rather than changes in rates.The decline in the gross income of agriculture,on the other hand, amounting to 56 per cent,has reflected almost wholly price recessions,



the aggregate physical volume of agriculturaloutput having shown little change over theperiod. In the case of the construction in-dustry, gross income, as measured by changesin contracts awarded as compiled by the F. W.Dodge Corporation, has declined by 76 percent since 1929. This decline reflects in somepart lower construction costs but is predomi-nantly due to the present inactive state ofbuilding.

Decrease in income of wage earners since1929 has been as severe in many manufacturingindustries in which changes in the price of theproduct have been small as in industries inwhich price readjustment has been large.Wage earners' income is affected both bychanges in wage rates and in the volume offactory operations, which, in turn, is deter-mined by the volume of goods that can besold at prevailing prices. The chart shows adecline of 47 per cent in the aggregate factorypay roll of workers engaged in the manufactureof nondurable goods, largely foodstuffs, tex-tiles, and leather, rubber and paper products,and of 70 per cent in the aggregate factorypay roll of workers engaged in the manufac-ture of durable goods, such as iron and steelproducts, building materials, automobiles, etc.Price adjustments have not been uniform inthese two groups of industries. On the whole,price declines have been more drastic in goodsfor immediate consumption, but volume ofoutput and consequently wage earners' in-come has been better maintained in these linesthan in the durable-goods industries.

Wholesale prices in the first ten months of1932 have been relatively more stable at the

low level to which they had de-Summary clined during the preceding two

years. The general average ofwholesale prices at the present time is aboutone-third below the average of 1923-1929, butthe extent of decline varies considerably fordifferent groups of commodities and for differ-ent commodities in the groups. In general,prices of finished products have declined lessthan prices of raw materials.

Loss of income by persons connected withthe different industries has been due to avarying extent to declines in prices and torecession in activity. In agriculture, for ex-ample, the loss of income has been due almostentirely to the decline in prices of farm prod-ucts, while in the construction industry,among others, reduced activity has been amore important cause of reduction of incomethan the decline in prices.

During the latter part of October and theearly part of November central gold reserves

of France and Germany in-in°EurroperVeS creased by $25,000,000 and

$5,000,000, respectively, whilethose of Switzerland declined by $16,000,000.Central gold reserves of the other principalEuropean countries remained substantially un-changed. Most of the gold acquired by theBank of France came from the London bullionmarket, where shipments from British Indiaand South Africa continue to be disposed of inlarge volume.

GOLD RESERVES OF SELECTED CENTRAL BANKS

[In millions of dollars]

Central bank of—

EnglandFranceGermanyItalyBelgiumNetherlands.. .Switzerland.. .

Date,1932

NovNov.Nov.Nov.N o vNov,Nov.

Goldreserves

3,266195

*>306362415493

Change from—

Monthbefore

+25+5+1- 1- 1

-16

Yearbefore

+91+613-45+10+7

+63+68

p Preliminary.

Gold stock of the Bank of England, whichamounted to £139,422,000 ($678,511,000) onT> i *T, i J November 23, showed prac-Bank of England . ,, . ' * -,

tically no change from thebeginning of September. During the precedingmonth the volume of Government securitiesheld by the bank increased, but " other securi-ties/' in which are included the bank's holdingsof foreign exchange, declined by a correspond-ing amount. Notwithstanding a slight addi-



tion to bankers7 balances, short-term rates onthe London money market advanced during themonth—the average rate on newly-allottedTreasury bills increasing from about five-eighths of 1 per cent to 1J^ per cent.

Dollar quotations on the pound sterlingdeclined during November. The accompany-ing chart gives the course of the weekly aver-age of noon buying rates for sterling in New

$5.00

4.80

4.60

4A0

4.20

4.00

3-80

3.60

3.40

3.20

3.00

2.80

STERLING EXCHANGE AT NEW YORK( Weekly Averages of Daily Figures )

$5 00

4.80

4.60

4-40

4.20

4.00

3.80

3.60

3 .40

3.20

3.00

Sept Ort Nov Dec ' Jan Feb Mar Apr May June July Aug. Sept Od Nov. Dec.1931 1932

?B0

York City since England's suspension of thegold standard in September, 1931. It showsthat declines in the latter part of October andagain in the latter part of November broughtquotations below the previous low point reachedin December of last year. On November 29the noon buying rate fell to $3.15, but recoveredto about $3.20 at the turn of the month. Fromthe beginning of August to the end of the thirdweek in October, immediately preceding therecent declines, sterling had fluctuated arounda level of about $3.46.

On December 1, 1932, the British Treasuryrepaid at par about £318,000,000 of 4K and 5per cent Government bonds and on February1,1933, it will repay an additional £129,000,000.

148900—32- 2

In order to obtain funds to meet these pay-ments the Treasury issued in October and

BANK OF ENGLAND

lln thousands of pounds sterling]

GoldDiscounts and advances.Government securi t ies-Other securitiesBankers' depositsPublic depositsOther depositsNotes in circulation

Nov. 23,1932

139, 42211, 958

333, 58824, 20378,08226, 53133, 742

357,847

Change from—

Oct. 26,1932

+361+7,505- 6 , 327

+746+1,105

+154-584

Nov. 25,1931

+18, 712-740

+22,203-23,176+18, 238

-503-4,398+3,446

November £450,000,000 of 2 and 3 per centbonds to be paid for in installments falling dueon the same dates as the Government repay-ments. These operations will complete theGovernment's program for converting about athird of its long-term debt to a lower interestbasis.

The Bank of France gained 631,000,000francs ($24,735,000) of gold, and lost

101,000,000 francs of foreignexchange, in the four weeks

ending November 18. A large part of the goldpurchased on the London bullion market duringthe period when the pound sterling was declin-ing in relation to gold currencies found its wayultimately to the Bank of France. Partly withfunds obtained through the sale of this gold to

BANK OF FRANCE

[In millions of francs]

Bank of France

GoldForeign exchangeDomestic discounts and advances.Government depositsOther depositsNotes in circulation

Nov. 18,1932

83,3084,8865,2543,26022,15981, 605

Change from—

Oct. 21,1932

+631-101-525+368

-1,323+1,056

Nov. 20,1931

+15,632-19,524- 4 , 289- 4 , 808

-952-40

the bank, but principally with drafts upon" other deposits/; the market reduced its in-debtedness and met an increase in the demandfor currency.



Reichsbank

The combined gold and foreign-exchangereserves of the Reichsbank showed no change

in the month ending November23, losses in reserves during the

first half of November being offset by increaseson other report dates during the period. OnNovember 10, in a week when the bank lostreserves, the German Government repaidabout $3,700,000 of the $125,000,000 creditoriginally granted in November, 1930, by aninternational syndicate of bankers. The out-standing amount of this credit is now approxi-mately $106,000,000, which is to be liquidatedin installments extending through November,1933.

A return of notes from circulation and anincrease in the security holdings of the Reichs-

R E I C H S B A N K

[In millions of reichsmarks]

GoldForeign-exchange reservesDiscounts and advances. _SecuritiesDeposits.-Notes in circulation

Nov. 23,1932

819115

2,622395429

3,306

Change from—

Oct. 22,1932

+22- 2 2

-103+33+52

-108

Nov. 23,1931

-190- 5 3

-1,152+292

+5-971

bank enabled the market to increase its depositsand to repay discounts and advances. The33,000,000 reichsmark increase in the securityportfolio represented bonds that the Reichs-bank obtained from the German Governmentin exchange for an equivalent amount of short-

term bills which the bank had discounted for agroup of agricultural cooperative associations.The transaction was in accordance with theGovernment program for the relief of agricul-tural debtors.

NOTE RELATING TO CHARTS

The brief subscripts attached to the two charts onpage 731 are amplified as follows:

Wholesale price movements, four major groups.—Index numbers computed from selected data. All theprice data used were taken from the publications of theBureau of Labor Statistics; weights (value aggregates)used are those employed by the Bureau to measure therelative importance of the different commodities in1926. Composition of the different groups shown isindicated in the accompanying table. The titles inquotation marks refer to entire groups of commoditiesin the Bureau of Labor Statistics compilation; othertitles refer to individual commodities.

Groups

Selected foods..

Textiles

Leather

Iron and steel.

Raw materials

"Livestockandpoultry," and"grains" (ex-cluding barley).

Cotton, wool, rawsilk, and rayon.

" Hides and skins ".

Steel scrap _.

Finished products

"Meats," and "cereal products"(excluding rice).

"Clothing," "knit goods," "cottongoods," "woolen and worstedgoods," silk yarn, and cottonthread.

"Leather," "boots and shoes," and"other leather products".

"Iron and steel" (excluding ironore, pig iron, and steel scrap).

Income changes, selected groups.—Statistics for 1932partly estimated. Indexes based on dollar volume ofconstruction contracts awarded as compiled by F. W.Dodge Corporation, on gross operating revenue ofclass 1 railroads, on gross farm income as estimatedby the Department of Agriculture, and on the FederalReserve Board's index of factory pay rolls. "Steel,automobiles, lumber, etc.," includes also machinery,car building, shipbuilding, cement, clay, and glass." Other manufactures " consist mainly of textiles, leatherproducts, foods, tobacco products, paper and printing,canning, chemicals, and rubber products.



SEASONAL VARIATIONS IN MONEY IN CIRCULATION

Current changes in the demand for currencyare subject to wide seasonal variations. Yearafter year, at certain seasons, the demand formoney increases, while at other seasons thereis a recurrent decline. For a correct determi-nation of the direction and dimensions of themain current of demand for currency, it isnecessary to estimate the magnitude of theseseasonal factors.

Estimates of seasonal movements of moneyin circulation, together with seasonally adjustedfigures, are presented in this article.

Current statistics of money in circulation.—Volume of money in circulation is computed bythe Federal Reserve Board in three principalways—monthly averages of daily figures, week-ly averages of figures for weeks ending Saturday,and single-date figures for each Wednesday.The monthly figures are the most stable of thethree, and are best adapted to analysis of long-time changes because the influence of occa-sional erratic variations which are inevitablefrom day to day or week to week is reduced bythe process of averaging. Weekly figures, onthe other hand, have the advantage of greaterpromptness and measure more accurately theextreme movements accompanying holiday re-quirements and similar seasonal demands. Ofthe two weekly series, weekly averages of dailyfigures—which become available on the Tues-day following the calendar week to which theyrelate—are more stable than the Wednesdayseries, because erratic single-day fluctuationsare smoothed out by the process of averaging.The figures for Wednesday—which are issuedon Thursday as part of the statement of con-dition of the Federal reserve banks and arepublished in the Frida}r papers—are availableto the public more promptly than the weeklyaverages, and for that reason are more widelyused. Notwithstanding occasional erratic move-ments, Wednesday figures ordinarily reflectwith fair accuracy the direction of week-to-week changes. As a measure of the level ofcirculation, however, they are not so accurateas averages of daily figures, because money incirculation varies considerably on different daysof the week and is usually lower by from$40,000,000 to $50,000,000 on Wednesday thanon Friday or Saturday, when circulation ishighest. The Wednesday figure, therefore, isbetween $20,000,000, and $25,000,000 lowerthan the average for the week.

A fourth series, giving end-of-month figurescompiled by the United States Treasury, is

also available currently, and is at present theonly one showing separately the composition ofthe currency according to the different types ofmoney. Since end-of-month dates fall on differ-ent days of the week in different months, how-ever, this series, on account of week-day varia-tions in the demand for currency, is less reliablethan the other three as a measure of month-to-month developments.

Composition of "money in circulation."—"Money in circulation/7 as officially defined,

comprises all United States money issued andoutstanding outside the Treasury and theFederal reserve banks, except United Statescoin known to have been exported to foreigncountries. It includes, therefore, not onlymoney in active use in hand-to-hand transac-tions and money held by individuals and busi-ness houses for ordinary use, but in additionmoney in the vaults of banks, money in hoards,United States paper currency held abroad,money lost or destroyed, etc.

In the years 1918-1930 the volume of UnitedStates money in circulation averaged about$4,850,000,000. From 1926 to 1930 it showed atendency to decline gradually. At the presenttime the total is more than $5,600,000,000, theincrease reflecting chiefly the growth of cur-rency hoarded. Of this total, in ordinaryyears, 60 to 65 per cent is estimated as beingin active use by business houses and individuals;that is, in circulation in the common use ofthe term; the remainder is held in the vaultsof banks or in private hoards, or has goneabroad or been lost or destroyed. At thepresent time, however, when the amount ofcurrency hoarded has come to be substantialand the amount required for active public usehas declined on account of the depression,the proportion in active use outside all banksmay be estimated at nearer to 40 to 45 percent of total money in circulation.

Among the important uses of currency otherthan for active circulation is its use by com-mercial and savings banks as vault cash.In the years 1918-1930 the holdings of thesebanks, as estimated from available reports, wereabout $900,000,000, but at present they areabout $700,000,000. The banks have learnedfrom long exerience the amount of cash re-quired to carry on their business, and thisamount does not vary greatly from year to yearexcept in response to changes in the volumeof the Nation's business or in the currency-using habits of the people. Seasonally, how-ever, cash holdings of banks vary considerably,



in the main in response to the same currentsof demand that govern the public use of money.

In addition to the money held by the banks,there is a small amount of money—about$25,000,000—that is always in transit betweenthe Federal reserve banks, which are the prin-cipal currency depots for the country, and thecommercial banks, which pay out cash direct tothe public. This segment of circulation is alsosubject to some seasonal variation.

Currency held by the public for active use isin reality the "small change" of business, as thevast bulk of transactions are settled by check.Currency is used for petty personal expendi-tures, for a part of retail trade, and in someindustries and localities for paying wages. Itis held by business houses for pay rolls, as tillmoney for making change, and as receipts atthe end of the day when banking hours areover, and by private citizens as pocket moneyfor use in everyday expenditures. While indi-vidually these stocks of money are ordinarilysmall, they aggregate a large amount. More-over, the larger part of the currency held inthis way is required to do the business of thecountry in good times and in bad. In viewof the substantial minimum required for use bythe public and the banks and the large mass ofcurrency that is in effect inert—being heldabroad, or in old or recent hoards—changes inthe volume of circulation are usually small inproportion to the total volume of currency out-standing. Their effect on the money market,however, may be considerable, because underour currency system, the currency must be ob-tained chiefly at the Federal reserve banks;in fact, changes in currency demand constituteone of the most important factors in changes inthe demand for reserve bank credit.

Currency moves into and out of the reservebanks and the Treasury in response to therequirements of individuals and of businesshouses passed on through the commercial banks.Neither business houses nor individuals ordi-narily keep more money than is necessary.When, for any reason, there is a surplus on hand,it is ordinarily deposited in a bank, but banksalso carry no more cash than they require.Idle cash is a dead asset, and banks send it tothe Federal reserve banks for deposit—or tocorrespondent banks which, in turn, ship it onto the reserve banks—in order to retire borrow-ings or to build up reserve accounts. There is,accordingly, a stream of currency constantlyflowing into and out of the reserve banks and

the Treasury in response to changes in the pub-lic need for money. It is with the seasonalchanges in this stream that this article isconcerned.

Seasonal changes.—The accompanying chartshows the seasonal pattern of the volume of

SEASONAL VARIATIONS IN MONEY IN CIRCULATIONWednesday basis, 1932 Calendar)

MILLIONS OF DOLLARS

300

200

MILLIONS OF DOLLARS

300

200

200 200Jan. Feb. Mar. Apr. May June July Au£. Sept. Oct Nov Dec.

CHART I.—Figures represent weekly variations of money in circu-lation from the average for the year

money in circulation on Wednesdays in a yearwhen the calendar dates of the Wednesdaysare the same as in 1932. The figures are inmillions of dollars and show the amount bywhich circulation typically varies from theaverage for the year as a result solely of sea-sonal influences. These figures and similarmeasures for other dates in the year are shownin Table III.

In the summer money in circulation is at alow level, at times as much as $90,000,000 lessthan the average for the year. Late in Julyand early in August demand begins to increase,and the expansion continues irregularly through-out the autumn and early winter, reaching apeak just before Christmas, when the circula-tion is usually more than $400,000,000 abovethe low level of the summer. Immediatelyafter Christmas currency ordinarily returnsrapidly to the Federal reserve banks and theTreasury and late in January is at the seasonalminimum for the year. February and Marchbring a seasonal advance, followed by a declineas summer comes on.

Chart I and Table III also illustrate short-time movements that recur regularly and forthat reason are properly clasped with seasonalchanges. Holidays, in particular, affect the



demand for currency. In the last seven daysbefore Christmas, for example, about $100,000,-000 ordinarily goes into circulation; the Fourthof July holiday, together with June month-endrequirements, takes about $75,000,000; theother holidays—February 22, May 30, etc.—also increase the demand for currency, but bysmaller amounts. After a holiday is over, cur-rency returns to the Federal reserve banks andthe Treasury.

Increases also frequently occur at the end ofthe month and during the middle of the month.They are associated chiefly with the periodicsettlement of personal bills and with the paymentof wages. Making up pay rolls requires cur-rency for a day or more in advance of pay day,and the payment of wages keeps currency out-standing for a few days after pay day, since thecash in pay envelopes or the cash proceeds ofpay checks may be held for gradual spending.Next to weekly payment of wages, semi-monthly wage payments are most usual in fac-tories. Almost all the railroads pay wagessemimonthly, although their payments extendover a number of days. Salaried workers inmost industries are also paid either monthlyor semimonthly.

Some of the factors in seasonal demand forcurrency are shown in the second chart, whichillustrates the wide variety of demands formoney for special uses. The curve at the topis a monthly measure of seasonal changes inmoney in circulation; three of the curves whichfollow give estimated seasonal variations monthby month in the average daily volume of someimportant branches of retail trade—sales bydepartment stores and grocery stores and salesof gasoline. Pay rolls of factories are given asan illustration of seasonal changes in cash re-quired for pay-roll purposes.

There is a season of summer dullness in thetype of trade represented by department-storesales, but in September sales usually increaserapidly and in December they are at a very highlevel because of Christmas shopping. Giftbuying at this season—not only in departmentstores, but in other shops as well—requireslarge amounts of pocket cash and of till money.There are also other cash expenditures—forholiday travel, for mailing letters and pack-ages, for larger purchases of special groceries,etc.—which contribute to the increase inthe amount of money in circulaton in Decem-ber. After the holidays are over, this currencyusually returns rapidly to the reserve banks. Inall of these holiday lines of trade, as illustratedby department-store sales, business is greatly

reduced in January and February. It is notuntil spring, with purchases of Easter clothingand, later, supplies for spring and summer, thatsales again increase substantially.

SEASONAL VARIATIONSMILLIONS OF DOLLARS

250MILLIONS OF DOLLARS

250

IT" -?OC£fw STORE:1

1 ^

SALEJ

NX1

_^***

— '

FACTORY PAYROLLS

" 1 1 S s ^20

JO

0

10

20

GASOLINE CONSULAPT\ON

S

PER CENT

20

10

0

to

20'3 0

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

CHART II.—Figures represent variations from the average for the year.Money in circulation, monthly averages of daily figures. Departmentstore sales and grocery store sales, monthly variations in average dailysales, based on figures from Census of Distribution for 1929 and seasonalindexes of Federal Reserve Board. Factory pay rolls, monthlyvariations in average daily volume, based on Census figures for 1929and seasonal indexes of Federal Reserve Board. Gasoline consump-tion, seasonal indexes of Federal Reserve Bank of New York

Grocery-store sales, which are made for cashto an increasing extent and which in 1929 repre-sented more than 16 per cent of all retail sales,are much more stable throughout the year thansales by department stores. There is an in-crease in the winter, especially in November(Thanksgiving Day) and December (Christ-mas) and a fairly marked decrease in the sum-mer, buying being smallest in August.

Payments for gasoline, represented on thechart by figures of gasoline consumption, areusually made for cash, and a considerable



amount of money is required for that purpose,both as small change for use in gas stations andas pocket money carried by automobile drivers.In this instance the seasonal movement isreversed from that of department store and gro-cery store sales—summer is the busy season,winter the dull one. Sales are largest in thevacation months of July and August, and, to-gether with other vacation expenditures, theyexplain in part the higher level of circulation inJuly and August than in June.

The seasonal use of currency for wage pay-ments as illustrated by factory pay rolls doesnot vary greatly from month to month, al-though, as explained above, there is a variationof considerable importance within the month.There are two seasons when aggregate pay rollsare relatively large—August, September, andOctober, in preparation for autumn and wintertrade; and March, April, and May, in prepara-tion for spring and summer business. Mid-summer and midwinter are relatively inactiveseasons for manufacturing industries as a group.In other industries the seasonal requirements ofcash for pay rolls are somewhat different fromthose in factories, particularly in the construc-tion industry, in which weather has a muchgreater effect on activity.

Seasonal activities in agriculture also influ-ence the demand for currency. In the Federalreserve districts which are dominantly agricul-tural the demand for currency shows a pro-nounced rise that begins with the harvestingseason in July and August and continues untillate autumn, apparently reflecting the use ofcash both in payment of wages by farmers andin payment to farmers for crops and livestock.The gradual decline in the amount of money incirculation in these areas after the harvest sea-son indicates that in certain regions farmershold a substantial amount of the proceeds fromthe sale of their produce in cash, to be spentgradually as occasion requires; their suppliesof funds appear to be smallest just beforeharvest.

Seasonally adjusted figures of money in cir-culation.—Starting with the statistics of theactual amount of money in circulation, asofficially reported, measures of seasonal move-ment similar to those shown in Charts I and IIhave been used as adjustment factors to elimi-nate fluctuations of a seasonal nature. Theamount of the seasonal variation, as shown inTables I—III, is subtracted from the figure ofactual volume of circulation on a given date.The resulting seasonally adjusted figures aregiven in Tables IV, V, and VI. These derived

figures, with estimated seasonal variationseliminated, represent approximations of thegeneral level of the volume of circulation andreflect long-time changes and variations arisingfrom the broad swings in business activity,as well as brief developments of a nonseasonalnature that change the demand for currency.While these changes are thus portrayed withas much accuracy as the available data permit,the figures are subject to important limitationsthat are emphasized elsewhere in this article.

Chart III shows monthly figures, both withand without adjustment for seasonal variation,since August, 1917, when the present regula-tions of the Federal reserve system with respectto cash held as reserves in the vaults of memberbanks became effective. It brings out therapid increase in the use of currency in the warand early postwar years, when more than$1,500,000,000 was added to the circulationaccompanying an expansion of trade and agri-culture and a rise in the cost of living whichincreased the amount of cash required for per-sonal expenditures. This growth was inter-rupted briefly in the latter part of 1918 and1919, when the advance in industrial activitywas checked temporarily following the end ofhostilities, but was resumed late in 1919. Atthat time prices for agricultural products wererising rapidly and cash incomes and expendi-tures of farmers as well as industrial workerswere greatly expanded. After the collapse ofcommodity prices and the onset of businessdepression in the middle of 1920, the amountof currency in use declined by more than$1,000,000,000, as all branches of trade, indus-try, and agriculture were affected by depres-sion, and wages, incomes, and the cost of livingwere reduced.

The subsequent gradual increase from themiddle of 1922 to 1924 accompanied a growthof business activity and a moderate rise in re-tail prices, but was also due in part to the ex-port of American paper currency to Europe ata time when many European currencies weredepreciated and American dollars were in de-mand as a stable store of value. In generalthere was comparatively little change in thevolume of circulation from 1924 to 1927, ex-cept for declines during the brief businessrecessions in the middle of 1924 and at the endof 1927. The highest level of circulation dur-ing this period was reached in the summer of1926 when a decline began which, althoughslight at first, became substantial in 1928 and1929, notwithstanding greatly increased indus-trial and speculative activity in those years.



This decline reflected a number of influences,not definitely measurable but important, someof which, indeed, had been operative for sometime. Among them were the return of Ameri-can paper money from Europe after the stabili-zation of currencies there, the return of Ameri-can currency from Cuba, and economies in theuse of cash by banks, particularly in reserveand central reserve cities. Another factor wasthe growth of the use of checks both by individ-uals and by business houses.

On two different occasions in 1929, the vol-ume of circulation was expanded by temporaryinfluences. When, in July, the new small-sizepaper bills were issued by the Treasury to re-

in November, 1930, with the beginning of aseries of important bank suspensions in certainareas, there began a period when demand forcurrency was influenced primarily by the degreeof confidence in banks. Notwithstanding thefact that the requirements of the public formoney for active use were constantly diminish-ing during this period of the depression, theamount of money in circulation increased,principally for the accumulation of privatehoards and for additions to the cash holdingsof banks. This growth also represented theincrease in demand for cash for use in com-munities which were left without banking fa-cilities and the greater use of currency by

MILLIONS OF DOLLARS

6000

5500 —

5000

4500

4000

3500

MONEY IN CIRCULATION( Monthly Averages of Daily Figures ) MILLIONS OF DOLLARS

6000

5500

5000

4500

4000

35001917 1918 1919 1920 1921 1922 19123 1924 1925 1926 1927 1928 1929

CHART III

1930 1931 1932

place the old large-size issues, banks and thepublic took a large stock for a few weeks, theadded demand at the reserve banks and theTreasury amounting to nearly $100,000,000.Again in late October and early November,following the collapse of prices on the NewYork Stock Exchange, there was a small de-mand for currency both by banks and by thepublic. This currency soon returned to thereserve banks and the Treasury, however, andin 1930, as business depression deepened, thevolume of money in circulation declined rapidly,and by midsummer the general level was$200,000,000 lower than in the early months of1929.

individuals who discontinued their checkingaccounts because of the imposition by somebanks of additional service charges and, afterJune, 1932, because of the Federal tax onchecks. From late 1930 to October, 1931,there was an export movement of Americanpaper money to Europe which combined withdomestic demand to increase withdrawals fromthe reserve banks and the Treasury; and in1932 an import movement which offset to someextent a large domestic demand. Because ofthe presence of these influences, difficult tomeasure in dollars, the amount of money whichhas gone into private hoards in this countrycan not be estimated with precision.


740 FEDERAL RESERVE BULLETIN DECEMBEE, 1932

The growth of money in circulation in thepast two years has been irregular. The periodsof most rapid expansion, as the chart shows,were in November and December, 1930, ac-companying the suspension of two large banksin eastern cities; in the summer and earlyautumn of 1931 at a time of widespread banksuspensions which were particularly numerousin the Middle-west; again in the latter part ofDecember, 1931, and January, 1932, coinci-dent with important bank failures along theAtlantic seaboard; and again during the pastsummer in connection with banking difficultiesin the Chicago area. This growth has beeninterrupted at intervals by renewed declinesin the volume of money outstanding, particu-larly in November and the early part of De-cember, 1931, after the organization of theNational Credit Corporation, and again in thespring of this year after the ReconstructionFinance Corporation began operations, and,more recently, from late July to early October.Since that time there has been little changeother than seasonal in the amount of moneyin use.

Method.—In computing measures of seasonalvariation, monthly figures for the periodAugust, 1917, to December, 1930, and weeklyfigures for the period January, 1922, to De-cember, 1930, were used, eliminating data formore recent months because of the unusualcurrency movements of the period. Themethod was a variant of the moving averagemethod ordinarily used by the Federal ReserveBoard in computing indexes of seasonal varia-tion, the new departure being that the compu-tation of measures of seasonal movement wasmade in millions of dollars rather than in themore usual form of ratios or seasonal indexes.Thus, the amount of the seasonal adjustmentis absolute rather than relative, and does notvary with the total volume of circulation.The moving average method, as used by theFederal Reserve Board, has been describedelsewhere.1

The method involves distinguishing seasonalmovements from long-time growth and fromchanges accompanying broad fluctuations inbusiness activity by computing differences froma moving average covering a complete annualseasonal cycle—in this case a 12-month movingaverage centered at the seventh month for themonthly averages of daily figures and a 52-

i In the FEDERAL RESERVE BULLETIN for April, 1928, pp. 236-242,in connection with statistics of trade, and in the Journal of the AmericanStatistical Association for September, 1928, pp. 241-252, in connectionwith statistics of industrial production.

week moving average centered at the twenty-seventh week for the two sets of weekly figures.These differences from the moving averageform the basis for the selection of figureswhich describe the pattern of seasonal fluctua-tions during the year.

For the monthly series the board's customarymethod of selecting typical seasonal measureswas followed, namely, arranging the differencesfrom the moving average for each of the 12months in order of size and obtaining a typicalset of 12 seasonal adjustment factors byaveraging the four or five middle-sized itemsand adjusting the results to give an algebraictotal of zero. These figures are given in ChartII and Table I and show the amount by whichaverage daily circulation in each month ordi-narily varies from the average for all the monthsin the year.

The two sets of weekly figures presentedcertain difficulties of adjustment for whichnew methods were devised. In the weeklyfigures there is not only the main current ofseasonal movement evident in the monthlyfigures, reflecting changes in demand havingtheir origin in changes in weather and in tradi-tional expenditures at certain seasons, but alsomore temporary variations of a seasonal natureassociated with the date of the month and theproximity to holidays, month-ends, mid-monthperiods, etc.

The current weekly reports of money incirculation are fixed according to their positionin the week, i. e., Wednesday, or the averagefor the week ending on Saturday. TheGregorian calendar, with 52 weeks and oneextra day in ordinary years and two extradays every fourth year, is so arranged that thedates of Wednesday and Saturday shift by atleast one day each year and by two days everyfourth year. Thus, it is impossible to followthe simple expedient of computing a set of 52seasonal factors, one for the first week, one forthe second week, etc. As a holiday or month-end approaches, a variation of three days oftenmakes a difference of several million dollars inthe volume of money in circulation. Conse-quently, it was necessary to estimate the season-al level of demand for every date in the year,because of the fact that in the course of a fewyears time a regular weekly report of money incirculation comes on every date in the calendar.Because of the limited period of years for whichweekly figures are available there was usuallyonly one observation, or at the most, two, forany given date in the year. Approximations



to seasonal movements were derived from thesedata.

The method was to compute a preliminaryset of 52 seasonal adjustment factors, one foreach of 52 arbitrary 7-day periods (8-day intwo cases) into which the calendar year wasdivided.2 The weekly figures of the volume ofmoney in circulation were adjusted for seasonalvariation by the use of these factors, and theirregular curve resulting was used in compari-son with a smoothed version of the same curveto estimate the additional corrections whichwould be necessary to make proper allowancefor day-to-day changes associated with par-ticular dates of each month. These correctionsfor each day, added to the 52 preliminary ad-justment factors, gave a set of 366 figuresmeasuring the seasonal level on each date inthe year. This was tested, and adjusted byinspection to smooth out erratic variations andto bring the algebraic total of the 366 figures tozero, including special holiday corrections.The resulting figures are shown in Table II forthe weekly average series and in Table III forthe Wednesday series.

Three migrating holidays—Easter, LaborDay, and Thanksgiving—which are fixed withrespect to the day of the week but for whichthe date shifts from year to year, requiredspecial adjustments in the Wednesday series.On the Wednesday before Easter Sunday, theWednesday following the Monday holiday forLabor Day, and the day before Thanksgivingthere was an unusual increase in circulation,estimated as follows:


Easter (Wednesday before) 12Labor Day (Wednesday after) 19Thanksgiving (Wednesday before) 35

These figures were added to the seasonalmeasures for particular dates shown in TableIII.

In the weekly average series an additional ad-justment of $9,000,000 was made for currencydemand in the week before Easter, but forLabor Day and Thanksgiving special adjust-ments were not necessary since the process ofaveraging the daily figures reduced the effectof the holiday demand, inasmuch as the datesof these two holidays vary within a maximumperiod of six calendar days.

Measures of seasonal variation derived fromthe two weekly series for each date in everymonth were averaged and compared with the

2 A detailed description of the method used is available on request frthe Division of Research and Statistics.

seasonal adjustment factors derived from themonthly series, and wherever necessary adjust-ments were made to bring them to the approx-imate level of the monthly series. Measuresof seasonal movement for averages of dailyfigures for weeks ending on Saturday in Decem-ber, January, and other months in whichchanges in currency demand are considerable,differ from monthly averages of daily figuresbecause of a 6-day lag in the figures which areincluded in the weekly averages.

Limitations of seasonal measures.—Thesemeasures of seasonal variation and the sea-sonally adjusted figures derived from them arein the nature of approximations. The periodof years for which basic figures are availableis relatively short, particularly for weeklyseries; and there is evidence that seasonalmovements in demand for currency haverecently been changing. At the month-end andthe middle of the month, as indicated by astudy of the daily figures, there is apparentlya tendency for the use of cash to increase, andthe return flow to the reserve banks and theTreasury in the succeeding days is slowerthan usual, probably because of the less generaluse of small bank accounts. The result is toreduce the range of seasonal movement some-what. The amount of this change in seasonalmovement, which is important chiefly in theWednesday series, can be measured only afterrecords become available for a longer periodof time.

Constant measures of seasonal movement,unvarying in amount regardless of the totalvolume of money in circulation, were used inpreference to seasonal indexes, notwithstand-ing certain obvious shortcomings of this pro-cedure, because the experience of past yearsindicates that the amount of seasonal varia-tion varies by less than the change in thetotal volume of circulation. Moreover, at atime like the present, when there is a largeinactive element in the money outside thereserve banks and the Treasury, the use of aseasonal adjustment on the more commonbasis of relatives would give erroneous results.If the relative method were used, there wouldbe a larger range of seasonal adjustment interms of dollars in 1932 than in any year since1920, notwithstanding the fact that the seasonalmovement, if it has varied at all, must have beenreduced rather than increased. In these cir-cumstances a constant seasonal adjustment wasused in preference to a relative adjustment, sub-ject to revisions which may become advisable inthe course of time.


742 FEDEKAL RESERVE BULLETIN DECEMBER, 1932

TABLE I.—ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—MONTHLY AVERAGES OF DAILY FIGURES[In millions of dollars]

Differences fromthe average forthe year

January

- 1 5

February

- 6 5

March

- 5 0

April

- 4 5

M a y

- 6 0

June

- 6 3

July

- 4 7

August

- 4 0

Septem-ber

+30

October

+64

Novem-ber

+81

Decem-ber

+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

+225+218+175+170+157+145+130+115+90+65+40+35+18+6

- 1 0- 3 0- 4 0- 5 0- 5 5- 6 0- 6 9- 7 5- 8 0- 8 5- 8 8- 9 2- 9 4- 9 7- 9 9

— 100100

February

- 9 6- 9 6- 9 5- 9 3- 9 0- 8 8- 8 5- 8 5- 8 3- 8 4- 8 0- 7 7- 7 0- 7 0- 6 5- 6 3- 6 5- 6 6- 6 9- 6 7- 6 5- 6 2- 5 7- 5 2- 4 7- 4 7- 4 7- 4 7- 4 5

March i

- 4 0- 3 9- 3 7- 3 3- 3 3- 3 2- 3 1- 3 5- 3 7- 4 0- 4 1- 4 5- 5 0- 5 0- 5 2- 5 3- 5 5- 5 6- 5 7- 5 8- 6 0- 6 1- 6 2- 6 3- 6 5- 6 6- 6 6- 6 5- 6 4—59- 5 7

April i

- 5 5- 5 1- 4 7- 4 1- 3 2- 3 2- 2 9- 2 9- 3 0- 3 4- 3 7- 3 8- 3 8- 3 8- 3 8- 3 8- 3 8- 3 9- 4 4- 4 4- 5 0- 5 0- 5 3- 5 6- 6 0- 6 3- 6 5- 6 6- 6 6—64

May

- 5 9- 5 8- 5 5- 4 8- 4 7- 4 7- 4 7- 4 8- 4 8- 4 9- 5 3- 5 6- 5 8- 6 2- 6 5- 6 6- 6 6- 6 8- 6 9- 7 1- 7 1- 7 4- 7 5- 7 8- 7 8- 7 4- 7 4- 6 8- 6 0— 53- 4 8

June

- 4 2- 4 0- 3 8- 3 6- 3 6- 3 8- 4 2- 4 3- 4 5- E 0- 5 8- 6 1- 6 1- 6 4- 6 6- 6 9- 7 2- 7 2- 7 2- 7 2- 7 5- 7 5- 7 5- 7 5- 8 0- 8 0- 7 9- 7 7- 7 2- 6 4

July

- 5 6- 4 6- 3 6

IT

- 5+3

+10+12+10+7

- 1 0- 1 6- 1 9- 2 8- 3 8- 5 1- 5 1- 5 7- 6 4- 6 8- 7 2- 7 3- 8 0- 8 3- 8 6- 8 8- 8 8- 8 6- 8 6—86- 8 4

August

- 8 0- 7 5- 7 3- 7 0- 5 7- 5 1- 4 7- 4 5- 4 3- 4 3- 4 3- 4 3- 4 3- 4 0- 4 0- 4 0- 3 8- 3 8- 3 8- 3 7- 3 7- 3 5- 3 5- 3 4- 3 4- 3 3- 3 2- 3 0- 2 5—20- 2 0

Septem -ber

- 1 1- 9- 1+5

+10+24+29+40+42+44+45+43+36+33+33+33+33+32+31+29+27+27+27+31+31+33+32+32+35+39

October

+43+49+53+61+61+61+64+66+68+72+73+75+76+79+81+81+78+78+69+69+64+59+54+51+49+49+48+46+42+46+51

Novem-ber

+52+56+62+66+72+81+86+90+92+91+91+87+83+82+80+79+75+74+72+70+67+63+60+60+65+74+80+84+89+90

Decem-ber

1-2_3_4_5_6_.7.8.9_10111213.141516171819202122232425262728293031

+100+100+104+108+115+125+134+142+144+154+155+156+160+165+170+177+185+200+212+222+234+257+267+280+298+315+300+297+275+250+247

i Special holiday correction to be added: Wpek before Easter, $9,000,000.

T A B L E I I I . — A D J U S T M E N T FACTORS FOR M O N E Y IN C I R C U L A T I O N — W E D N E S D A Y S E R I E S[Differences from the average for the year. In millions of dollars]

Date (Wednesday) January

+185+175+156+135+114+99+75+50+23+10

- 5- 1 4- 3 0- 3 0—40- 5 6- 6 3- 6 5- 6 5- 6 7- 7 5- 7 5- 9 0

-100-100-100-100-101-102

—98- 9 6

February

- 8 8- 8 5- 8 5- 8 6- 8 6- 8 6- 8 6- 8 2- 7 8- 6 9- 5 7- 5 7- 5 5- 6 2- 6 8- 8 0- 8 0- 8 2- 7 0- 5 5- 4 1- 4 1- 3 5- 4 0- 4 6- 5 0- 4 5- 4 1- 4 0

March i

- 3 2- 3 0- 2 9- 2 9- 3 3- 3 4- 4 3- 4 4- 4 9- 4 9- 5 1- 5 2- 5 3- 5 4- 5 4- 5 8- 5 9- 5 9- 6 1- 6 1- 6 0- 6 0- 6 2- 6 7- 6 8- 6 3- 6 2- 6 3- 5 9- 5 3- 4 5

April i

- 3 2- 2 7- 2 5- 2 6- 2 8- 2 9- 3 8- 3 5- 4 0- 4 2- 4 2- 4 0- 3 6- 3 6- 3 9- 4 3- 4 4- 4 9- 4 9- 5 3- 5 5- 5 9- 6 1- 6 5- 7 3- 7 3- 6 8- 5 8- 5 5—54

May

- 4 3- 4 4- 4 5- 4 6- 4 8- 5 0- 5 5- 5 6- 6 0- 6 1- 6 5- 6 9- 7 0- 7 2- 7 0- 6 8- 7 0- 7 5- 8 1- 8 0- 8 0- 8 0- 8 0- 8 0- 7 7- 7 3- 6 0- 3 7- 2 8- 3 3- 3 1

June

- 1 3- 1 4- 3 5- 4 0- 4 4- 4 9- 5 3- 5 9- 5 9- 6 1- 6 4- 7 0- 7 0- 7 6- 7 7- 7 8- 7 2- 7 0- 7 5- 7 5- 7 5- 8 7- 8 6- 8 0- 7 6- 7 0- 7 0- 7 1- 5 1- 3 9

July

- 8+29+37+36+35+33+28- 1 2- 1 5- 2 1- 3 3- 4 2- 4 7- 5 2- 5 7- 6 0- 6 6- 7 2- 7 3- 7 9- 8 5- 8 6- 8 9- 9 1- 9 1- 9 1- 8 9- 9 0- 8 9—81- 7 5

August

- 6 5- 6 0- 5 5- 5 6- 5 5- 5 1- 4 5- 4 5- 4 6- 4 8- 4 6- 4 6- 4 6- 3 6- 3 5- 3 8- 4 0- 4 0- 4 0- 3 7- 3 5- 3 3- 3 2- 3 6- 3 5- 2 8- 2 8- 2 7- 2 0— 18- 1 2

Septem-ber i

- 5- 2

+36+40+33+35+40+40+38+37+31+30+28+28+26+23+22+19+17+17+20+18+17+20+20+25+32+33+43+49

October

+60+65+67+67+66+66+66+67+70+87+93+93+94+82+82+79+68+66+60+53+48+48+47+46+46+45+45+45+46+48+62

Novem-. beri

+64+76+93+93+95+95+95+95+95+83+81+83+83+78+77+62+59+59+59+57+57+57+63+64+76+78+92

+102+89+93

Decem-ber

1-2-3-4_5_6_7_8-9-10.11.12.13.14.15.16.17.18.19.20.2122.23.24.25.26.27.28.29.30.31.

+102+J08+117+142+145+153+154+154+153+146+160+173+180+187+194+197+210+234+260+270+287+323+341+342+342+320+251+234+200+196+191

i Special holiday corrections to be added: Wednesday before Easter, $12,000,000; Wednesday after Labor Day, $19,000,000; Wednesday beforeThanksgiving, $35,000,000.



TABLE IV.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—MONTHLY AVERAGES OF DAILYFIGURES


Month 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932

JanuaryFebruary...MarchAprilMay.JuneJuly.AugustSeptember..OctoberNovember..December..

4,0414,0314,0884,1224,132

4,3214,3454,4234,4684,4614,5114, 5674,7064,8815,0705,1025,033

5,0654,9974,9925,0155,0014,9544,9434,9534,9595,0425,1275,132

5,2465,3505,4485,4175,4745,5115,5255,5495,5705,6095,5815,448

5,4165,3285,2545,1235,1024,9994,9044,8114,7224,6574,5924,508

4,5424,5164,5334,5274, 5104,4924,4904,4884,5224,5794,5904,617

4,6944,7374,7634,7764,8244,8424,8594,8734,8714,8774,8724,861

4,8624,8974,9204,9314,9264,8934,8574,8404,8234,8274,8894,878

4,8784,8704,8654,8484,8514,8534,8414,8574,8784,8814,8794, 909

4,9064,9194,9144,9274,9314,9444,9634,9524,9394,9374,9244,921

4,9194, 9084,9064,9244,9204,8944,8984,8894,8874,8704,8544,838

4,8004,7744,7604,7754,7824,7994,7934,7834,7744,7724,7794,798

4,7634, 7514,7594,7244,7444,7504,8114,8174,7814,7464,7644,733

4,6674,6194,5824,5634,5574,5524,5304,5164,4634,4374,4474,613

4,7104,6634,6404,6924,7394,8134,8834,9875,1035,4145,4375,401

5,6605,6925,5815,4975, 5165,5935,7985,7605,6555. 5795,562

TABLE V.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEEKLY AVERAGES OF DAILYFIGURES


1922 1923 1924 1925 1926 1927

Week ending(Saturday)- Amount Week ending

(Saturday)— Amount Week ending(Saturday)— Amount

Week ending(Saturday)— Amount Week ending

(Saturday)— Amount Week ending(Saturday)— Amount

Jan. 7Jan. 14Jan. 21Jan."28Feb. 4Feb. 11 —Feb. .18Feb. 25.—Mar. 4Mar. 1 1 —Mar. 18—Mar. 25....Apr. 1Apr. 8Apr. 15Apr. 22Apr. 29._May 6—May 13May 20May 27June 3.June 10.June 17June 24..July 1July 8.July 15July 22July 29Aug. 5Aug. 12—Aug. 19Aug. 26Sept. 2Sept. 9Sept. 16__.Sept. 23__.Sept. 30....Oct. 7--...Oct. 14Oct. 21Oct. 28Nov. 4Nov. 1 1 —Nov. 18-- .Nov. 25Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30

4,5354,5524,5524,5354,5334,5184,5114,5074, 5234,5314,5364,5424,5344,5294,5264,5264,5204,5194,5194,5134, 5034,4924,4924,4884,4944,4894,4844,4904,4924,4934,4844,4824,4854,4924,4894,4994,5124,5284,5404,5584,5814,5904,5884,5844,5904,6004,5944,6084,6174,6174,6274,630

Jan. 6.-..Jan. 13._.Jan. 20...Jan. 27...Feb. 3—.Feb. 10..Feb. 17-Feb. 24-Mar. 3 . . .Mar. 10..Mar. 17..Mar. 24_.Mar. 31..Apr. 7....Apr. 14__.Apr. 2 1 -Apr. 28-May 5__May 12_.May 19_.May 26..June 2-_.JuneJune 16__June23__June 3O._Ju ly7—.July 14...July 21. . .July 28—Aug. 4-_.Aug. 11 __Aug. 18--Aug. 25 __Sept. 1 . . .Sept. 8_-Sept. 15..Sept. 22..Sept. 29..Get. 6 . . . .Oct. 13—Oct. 20...Oct. 27...Nov. 3 - . .Nov. 10..Nov. 17_.Nov. 24..Dec. 1....Dec. 8—.Dec. 15...Dec. 22...Dec. 29...

4,6534,6884,7034,7134,7264,7314,7334,7454,7534,7554,7624,7684,7684, 7654,7674,7754,7934,8064,8174,8284,8324,8354,8384,8394,8384,8424,8494,8574,8634,8634,8634,8774,8814,8674,8624,8594,8674,8644,8734,8814,8834,8764,8794,8774,8694,8774,8764,8764,8684,8664,8604,859

Jan. 5Jan. 12...Jan. 19. _.Jan. 26.. .Feb. 2—.Feb. 9 —Feb. 16—Feb. 23. .Mar. 1 . . .Mar. 8 . . .Mar. 15.-Mar. 22. _Mar. 29..Apr. 5Apr. 12-.Apr. 19...Apr. 26...May 3_-.May 10_ _May 17-_May 24 __May 31__June 7_June 14-_June 21 __June 28_-July 5—.July 12...July 19...July 26—Aug. 2-_.Aug. 9 . - .Aug. 16__Aug. 23 __Aug. 30-_Sept. 6—Sept. 13..Sept. 20..Sept. 27._Oct. 4_--_Oct. 11—Oct. 18—Oct. 25—Nov. l.._Nov. 8 - -Nov. 15..Nov. 22..Nov. 29..Tec. 6 —Dec. 13...Dec. 20—Dec. 27—

4,8614,8614,8614,8724,8774,8854,8894,9034,9094,9104,9214,9234,9314,9294,9364,9304,9344,9264,9244,9264,9274,9204,9124,8964,8854,8834,8854,8744,8564,8464,8364,8274,8334,8344,8404,8424,8184,8144,8124,8144,8124,8204,8384,8554,8664,8844,8954,9064,8994,8834,8754,881

Jan. 3 —Jan. 10...Jan. 17—Jan. 24...Jan. 31—Feb. 7—.Feb. 14...Feb. 21...Feb. 28...Mar. 7 . . .Mar. 14..Mar. 21. .Mar. 28..Apr. 4 —Apr. 11—Apr. 18...Apr. 25...May 2__.May 9__.May 16_.May 23_ .May 30_ -June6-_.June 13 __June 20. _June 27._July 4___.July 11—July 18—July 25...Aug. 1__.Aug. 8__.Aug. 15_-Aug. 22_.Aug. 29_-Sept. 5 . . .Sept. 12..Sept. 19..Sept. 26..Oct. 3 . . . .Oct. 10...Oct. 17...Oct. 24__.Oct. 31 . . .]\ov. 7 . . .Nov. 14..Nov. 21 _.Nov. 28..Dec. 5—.Dec. 12—Dec. 19—Dec. 26—

4,8984,8894,8864,8804,8784,8764,8794,8664,8654,8704,8714,8654,8614,8584,8544,8474,8444,8434,8454,8494,8514,8514,8584,8574,8494,8494,8354,8424,8444,8484,8444,8394,8484,8574,8624,8604,8724,8864,8774,8834,8874,8784,8814,8774,8704,8684,8724,8914,9014,8994,9074,920

Jan. 2—_Jan. 9Jan. 16—Jan. 23__.Jan. 30—Feb. 6... .Feb. 13...Feb. 20—Feb. 27—Mar. 6 . . .Mar. 13..Mar. 20. _Mar. 27..Apr. 3—.Apr. 10...Apr. 17—Apr. 24...May 1__.May8-_ .May 15-_May 22_ _May 29__June 5June 12_ _June W.-June 26._July 3July 1 0 —July 17...July 24...July 31...Aug. 7__.Aug. 14_ _Aug. 21__Aug. 28__Sept. 4 —Sept. 11..Sept. 18..Sept. 25..Oct. 2_._.Oct. 9Oct. 16...Oct. 23.. .Oct. 30...Nov. 6 . . .Nov. 13..Nov. 20..Nov. 27..Dec. 4.—Dec. 11...Dec. 18-...Dec. 25...

4,9214,9084,9024,9084,9154,9214,9214,9194,9184,9184,9174,9194,9184,9164,9194,9254,9304,9344,9294,9314,9264,9274,9494,9454,9454,9474,9544,9644,9644,9634,9654,9474,9534,9514,9454,9394,9434,9384,9274,9344,9374,9344,9354,9424,9354,9194,9184,9284,9304,9274,9264,923

Jan. l—_Jan.8Jan. 15—Jan. 22. . .Jan. 29—Feb. 5—.Feb. 12—Feb. 19...Feb. 26...Mar. 5 . . .Mar. 12..Mar. 19.-Mar. 26..Apr. 2—.Apr. 9 . . .Apr. 16—Apr. 23—Apr. 30—May7__.May 14_ _May 21_ _May 28_ _June 4June 11__June 18. _June 25. .July 2July 9—.July 16...July 23..July 3O._.Aug. 6__.Aug. 13.._Aug. 20. _Aug. 27__Sept. 3 —Sept. 10..Sept. 17..Sept. 24-_Oct. 1Oct. 8 —Oct. 15.. .Oct. 22...Oct. 29—Nov. 5.-_Nov. 12..Nov. 19-.Nov. 26-.Dec. 3 —L<ec. 10...Dec. 17—Dec. 24...Dec. 31.. .

4,9164,9084,9184,9254,9224,9214,9134,9014,9064,9084,9064,9094,9144,9174,9234,9234,9224,9194,9174,9234,9214,9144,9164,9014,8954,8884,8944,9014,8964,8994 , 8 "4,8

4,84,8864,8864,8914,8834,8784,8744,8764,8704,8704,8674,8584,8624,8564,8604,8524,8434,8484,8404,828



TABLE V.- -SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEEKLY AVERAGES OF DAILY

FIGURES—Continued


1928 1929 1930 1931 1932

Week ending(Saturday) Amount



Week ending(Saturday) Amount Week ending

(Saturday) Amount

Jan. 7 . . .Jan. 14._Jan. 21._Jan. 2 8 -

Feb. 4 . . .Feb. 11..Feb. 18 -Feb. 2 5 -

Mar. 3 . .Mar. 10.Mar. 17.Mar. 24.Mar. 31.

Apr 7Apr. 14....Apr. 2 1 . . .Apr. 28—.

May 5_.May 12.May 19.May 26.

June 2...June 9...June 16..June 23..June 30..

July 7 . . .July 14..July 21. .July 28..

Aug. 4...Aug. 11_.Aug. 18..Aug. 25..

Sept. l._Sept. 8...Sept. 15.Sept. 22.Sept. 29.

Oct. 6__.Oct. 13..Oct. 20..Oct. 27..

Nov. 3..Nov. 10.Nov. 17.Nov. 24.

Dec. 1...Dec. 8...Dec. 15..£>ec. 22_.Dec. 29__

4,8214,8034,7984,787

4,7894,7894,7764,761

4, 7564,7584,7604,7624,762

4,7714, 773

Jan. S.-Jan. 12.Jan. 19.Jan. 26..

4,7684,776

4,7854,7824,7864,783

4,7824,7824,7974,8024,804

4,8064,7974,7924,782

4,7844,7764,7824,786

4,7804,7784,7644,7624,771

4,7754,

Apr. (Apr. 13..Apr. 20..Apr. 27..

4,7774,776

4,7724,7744,7774,775

4,8084,8054,7984,8034,799

Oct. 19.Oct. 26..

Nov. 2 . .Nov. 9_.Nov. 16.Nov. 23.Nov. 30.

Dec. 7-..Dec. 14..Dec. 21..Dec. 28..

4,7754, 758

Feb. 2Feb. 9Feb.16Feb. 23

Mar. 2Mar. 9Mar. 16Mar. 23Mar. 30

May. 4May 11May 18May 25

June 1June 8June 15June 22June 29

July 6-_July 1 3 -July 20 -July27 _

Aug. 3—Aug. 10.Aug. 17.Aug. 24.Aug. 31.

Sept. 7__Sept. 14.Sept. 21.Sept. 28.

Oct. 5_._Oct. 12. .

4,7774,769

4,7604, 7584,7524,748

4,7454,7604,7564,7544,752

4,7394,7174,7204,729

4,7384,7404,7454,749

4,7454,7474, 7414,7444,755

4,7654,8194,8434,822

4,8144,8124,8154,8124,810

4,8124,7894.7714,750

4,7534,7474,7494,742

4,7654,7624,7674,7564,770

4,7634,7414,7344,724

Jan. 4_Jan. 11.Jan. 18.Jan. 25.

Feb. 1Feb. 8Feb. 15—.Feb. 22.. . .

Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

Apr. 5.. .Apr. 12..Apr. 19..Apr. 26-

May 3May 10May 17May 24May 31

June 7June 14June 21June 28

July 5__.July 12_ _.July 19..July 2 6 -

Aug. 2__Aug. 9 . . .Aug. 16..Aug. 23. .Aug. 30..

Sept. 6..Sept. 13..Sept. 20..Sept. 27..

Oct. 4__Oct. 11.Oct. 18.Oct. 25.

Nov. l._Nov. 8-.Nov. 15.Nov. 22.Nov. 29.

Dec. 6...Dec. 13..Dec. 20..Dec. 27..

4,6964, 6824, 6794,674

4,6454,6434,6284,611

4,5864,5974, 5864,577

Jan. 3...Jan.10-Jan.17.Jan. 24.Jan. 31.

Feb. 7—Feb. 14...Feb. 21...Feb. 28...

4,569

4,5724,5674,5664,563

4,5574,5574,5514,5524,555

4, 5514,5534,5574,545

4,5604,5424,5344,524

4,5084,5094,5114, 5104, 506

4, 5024, 4584,4534,438

4,4564,4484.4424,433

4,4154,4164,4184.4504,491

4,5134,5704,6484,677

Mar. 7_.Mar. 14.Mar. 21.Mar. 28.

Apr. 4 . . .Apr. 1 1 -Apr. 18_.Apr. 25_.

May 2__May 9 . .May 16.May 23.May 30.

June 6—June 13-.June 20-June 27..

July 4—July 1 1 -July 18..July 25..

Aug. 1. . .Aug. 8_.Aug. 15-.Aug. 22..Aug. 29..

Sept. 5__Sept. 12.Sept. 19-Sept. 26.

Oct. 3_.Oct. 10.Oct. 17.Oct. 24.Oct. 31..

Nov. 7 . .Nov. 14-Nov. 21-Nov. 28.

Dec. 5—Dec. 12_.Dec. 19..Dec. 26..

4,7344,7444,7234,7064,681

4,6844,6754,6554,643

4,6324,6374,6484,642

4,6704,6844,6874,705

Jan. 2__Jan. 9-_Jan.16_Jan. 23.Jan. 30..

Feb. 6_.Feb. 13_.Feb. 20..Feb. 27..

Mar. 5..Mar. 12.Mar. 19.Mar. 26.

Apr. 2..Apr. 9..Apr. 16..

4,7134,7434,7364, 74P4,723

Apr. 23..Apr. 30-

May 7._May 14_May 21.May 28.

4,7324,7974,8454,844

4,8564,8704,8874,903

4,8924,9184,9585,0045,038

5,0505,0625,0775,143

5,2285,3655,4175,4735,461

5,4665,4535,4305,402

5,4125,3735,3875,412

June 4__.June 11..June 18..June 25..

July 2—July 9—July 16..July 2 3 -July 30-

Aug. 6 . . .Aug. 13..Aug. 20-.Aug. 27..

Sept. 3._Sept. 10.,Sept. 17.Sept. 24.

Oct. 1_.Oct. 8...Oct. 15.Oct. 22..Oct. 29..

Nov. 5 . .Nov. 12.Nov. 19.Nov. 26.

Dec. 3__.Dec. 10..Dec. 17..Dec. 24..Dec. 31..

5,4485,5905,6765,7125,717

5,7335,7125,6945,652

5,6275,6085,5945,555

5,5205, 5055,4885, 4955,492

5,5125, 5195,5305,507

5, 5135,5315,5575,636

5,7495,7755, 7965,8315, 804

5,7895,7685,7625,738

5,7105,6885,6575,629

5,5925,6005, 5815,5825,566

5,5605,5705, 5705, 561



TABLE VI.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEDNESDAY SERIES


1922 1923 1924 1925 1926 1927

Date(Wednesday)

Jan. 4-__Jan. 11.Jan. 18..Jan. 25..

Feb. 1Feb. 8Feb. 15Feb. 22,._.

Mar. 1...Mar. 8...Mar. 15..Mar. 22..Mar. 29..

Apr. 5 . . .Apr. 12..Apr. 19..Apr. 26..

May 3 . . .May 10..May 17..May 24..May 31..

June 7...June 14..June 21..June 28..

July 5 . . .July 12..July 19..July 26..

Aug. 2. . .Aug. 9...Aug. 16..Aug. 23..Aug. 30-

Sept. 6...Sept. 13_.Sept. 20..Sept. 27..

Oct. 4 . .Oct. 11.Oct. 18.Oct. 25.

Nov. 1...Nov. 8...Nov. 15..Nov. 22..Nov. 29..

Dec. 6 -Dec. 13.Dec. 20.Dec. 27.

AmountDate

(Wednesday)Amount

4,5504,5454,5404,524

4,5194,4964,4994,498

4, 5124,5234,5204,5274,522

4,5164,5124,5124,510

4,5114,5104,5094,4964, 486

4,4794,4714,4794,469

4,4684,4734,4794,484

4,4784,4744,4724,4804,477

4,4854,5024,5234,529

4,5414,5634, 5724,578

4,5764,5834,5814,5844,580

4,5904,5944, 617

Jan. 3 . . .Jan. 10..Jan. 17—Jan. 2 4 -Jan. 31. . .

Feb. 7 - . .Feb. 14...Feb. 21. .Feb. 2 8 -

Mar. 7.-Mar. 14.Mar. 21.Mar. 28.

Apr. 4 . . .Apr. 11__Apr. 18...Apr. 25_.

May 2 . .May 9—May 16_May 23.May 30-

June 6__.June 13..June 20.-June 27..

July 4 . . .July 11- _July 18-July 25..

Aug. 1 . . .Aug. 8 . . .Aug. 15..Aug. 22..Aug. 29_.

Sept. 5-__Sept. 12..Sept. 19..Sept. 26..

Oct. 3 _ -Oct. 10..Oct. 17..Oct. 24..Oct. 31 . .

4,623

Nov. 7 . .Nov. 14.Nov. 21.Nov. 28.

Dec. 5 . . .Dec. 12..Dec. 19..Dec. 26-

Date(Wednesday)

4,6524,6824,6924,7044,710

4,7144,7224,7374,744

4,7434,7444,7454,750

4,7474,7534,7584,783

4,7924,8044,8114,8174,817

4,8234,8184,8184,821

4,8234,8394,8424,850

4,8404,8724,8614,8464,846

4,8414,8534,8534,859

4,8594,8584,8584,8614,867

4,8524,8564, 8524,837

4,8384,8454,8354,834

Jan. 2._.Jan. 9___Jan. 1 6 -Jan. 23._Jan. 30-_

Feb. 6_...Feb. 13_.Feb. 20.-Feb. 27-

Mar. 5 . .Mar. 12.Mar. 19.Mar. 26.

Apr. 2 . . .Apr. O.-Apr. 16-Api. 23..Apr. 30-

May 7 . . .May 14..May 2 1 . .May 28. .

June 4_—.June 11__June 18..J u n e 2 5 -

July 2_._July 9-_July 16-July 23..July 30 -

Aug. 6. . .Aug. 13..Aug. 20.Aug. 27..

Sept. 3__Sept. 10.Sept. 17.Sept. 24.

Oct. 1 . . .Oct. 8—Oct. 15_.Oct. 22._Oct. 29..

Nov. 5_.Nov. 12.Nov. 19.Nov. 26.

Dec. 3___.Dec. 10._Dec. 17-Dec. 24...Dec. 31__

Amount

4,8524,8554,8444,8534,857

4,8654, 8754,8834,887

4,8884,8974,9014,913

4,9184,9184,9164,9164,907

4,9104.9124,9064.901

4.8974,8724,8614,857

4,8554,8544,8374,8294,825

4,8144,8174,8184,818

4,8084,7994,8034,803

4,8014,7944,8074,8194,839

4,8574,8724,8764,877

4,8824,8784,8684, 8574,856

Date(Wednesday)

Jan. 7_._Jan. 14-.Jan.21._Jan. 28..

Feb. 4 . . .Feb. 11...Feb. 18..Feb. 25...

Mar. 4. _.Mar. 11.Mar. 18..Mar. 25..

Apr. 1—Apr. 8—.Apr. 15..Apr. 22__Apr. 29..

M a y 6 . . .May 13. _May 20-.May 27. .

June 3...June 10—June 17...June 24. _

July 1...July8__-July 15..July 22.July 29..

Aug. 5 . . .Aug. 12. _Aug. 19..Aug. 26..

Sept. 2__.Sept. 9._.Sept. 16.-Sept. 23..Sept. 30. _

Oct. 7 . . .Oct. 14..Oct. 21_.Oct. 28..

Nov. 4__Nov. 11.Nov. 18.Nov. 25.

Dec. 2 . . .Dec. 9—Dec. 16-Dec. 23__Dec. 30-

AmountDate

(Wednesday)

4,8564,8544,8504,853

4,8614,8614,8584,852

4,8504,8524,8444,843

4,8354,8354,8274,8234,827

4,8324,8284,8274,831

4,8334,8334,8304,828

4,8254,8184,8194,8264,820

4,8274,8334,8384,844

4,8434,8494,8764,8714,867

4,8544,8534,848

4,8474,8474,8544,860

4,8774,8844,8964,9104,903

Jan. 6.—Jan. 1 3 -Jan. 2 0 -Jan. 2 7 -

Feb. 3,._.Feb. 10..Feb. 17-Feb. 24..

Mar. 3 . .Mar. 10.Mar. 17.Mar. 24.Mar. 31..

Apr. 7_...Apr. 14..Apr. 21. .Apr. 2 8 -

May 5 . . .May 12-.May 19..M a y 2 6 -

June 2...June 9June 16..June 23.-June 30-

July 7 . . . .July 1 4 - .July 21—July 28.. .

Aug. 4 . . .Aug. 11-.Aug. 18..Aug. 25. _

Sept. 1 —Sept. 8._-Sept. 15. _Sept. 22..Sept. 29..

Oct. 6 . . .Oct. 1 3 -Oct. 20-.Oct. 27..

Nov. 3--Nov. 10-Nov. 17-Nov. 24-

Dec. 1—Dec. 8—Dec. 15-Dec. 22_Dec. 29._

AmountDate

(Wednesday)

4,8684,8684,8704,886

4,8904,9094,9074,895

4,8914,8874,8954,8954,893

4,8914,8994,8984,898

Jan. 5 _ -Jan.12__Jan.19- .Jan. 2 6 -

Feb. 2 . . .Feb. 9—Feb. 16...Feb. 23..

4,896

4,901

4,9184,9194,9224,9234,924

4,9344,9354,9344,937

4,9314,9324,9314,922

4,9194,9164,9154,9124,910

4,9044,9084,9014,910

4,9134,8974,8954,906

4,9014,9044,9014,8954,893

Mar. 2 . .Mar. 9—Mar. 16.Mar. 23.Mar. 30.

Apr. 6—Apr. 13...Apr. 20-Apr. 27_.

May 4 . . .May 11.-May 18..May 25..

June 1June 8—.June 15..June 22..June 29..

Ju ly6—July 13—July 20..-July27.__

Aug. 3 . . .Aug. 10-Aug. 17—Aug. 24..Aug. 31..

Sept. 7 —Sept. 14..Sept. 21..Sept. 28-

Oct. 5--_.Oct. 12.. .Oct. 19___Oct. 26—

Nov. 2__Nov.Nov,Nov,Nov

162330

Dec. 7_._.Dec. 14_.Dec. 21__Dec. 28..

Amount

4,885

4,894

4,8844,885

4,8844, 8854,8844,8844,885

4,8894,8894,8894,889

4,8864,8934,8944,887

4,8794,8714,8714,8624, 856

4,8644,8564,8654,865

4,8664,8634,8644,8614,866

4,8604,8534,8544,845

4,8444,8414,8374,831

4,8294,8344,8294,8274,825

4,8164,8134,8084,809



TABLE VI.—SEASONALLY ADJUSTED FIGURES OF MONEY IN CIRCULATION—WEDNESDAY SERIES—Continued


1928 1929 1930 1931 1932

Date (Wednesday)

Jan. 4 . . .Jan. 11..Jan .18 . .Jan. 25..

Feb. 1...Feb. 8__.Feb. 15..Feb. 22..Feb. 29..

Mar. 7 . .Mar. 14_Mar. 21.Mar. 28_

Apr. 4 . . .Apr. 11..Apr. 18..Apr. 25_.

May 2 . .May 9_.May 16.May 23_May 30.


July 4 . . _July 11. _July 18 -July25__

Aug. 1 . . .Aug. 8 . . .Aug. 15..Aug. 22..Aug. 29..

Sept. 5.-Sept. 12.Sept. 19.Sept. 26.

Oct. 3_.Oct. 10-Oct. 17.Oct. 24_Oct. 31_

Nov. 7__Nov. 14.Nov. 21.Nov. 28.

Dec. 5. . .Dec. 12..Dec. 19.Dec. 26..

Date (Wednesday) Amount Date (Wednesday)

4,8044,7844,7664,759

4,759L758

4,7564,7394,731

4,7304,7244,7264,730

4,7394,7394,7404,749

4,7594,7574,7584,7554,754

4,7524,7654,7684,768

4,7724,7624,7614,756

4,7554,7504,7524,7564,750

4,7494,7314,7404,745

4,7404,7454,7454,7454,740

4,7534,7424,7384,766

4,7684,7624,7654,769

Jan. 2 . . .Jan. 9__Jan. 16.Jan. 23.Jan. 30.

Feb. 6 - .Feb. 13..Feb. 20..Feb. 27..

Mar. 6. .Mar. 13.Mar. 20.Mar. 27.

Apr. 3__.Apr. 10..Apr. 17-Apr. 24..

May 1May8May 15May 22May 29


July 3 . . .July 10-July 17-July 24. _July 3 1 -

Aug. 7__.Aug. 14..Aug. 21..Aug. 28..

Sept. 4. _Sept. 11.Sept. 18.Sept. 25.

Oct. 2 - .Oct. 9__.Oct. 16.Oct. 23.Oct. 30_

Nov. 6.-Nov. 13.Nov. 20.Nov. 27.

Dec. 4__.Dec. 11..Dec. 18..Dec. 25..

Amount

4,7584,7394,7534,7334,728

4,7264,727' 724

Jan. 1__Jan. 8..Jan. 15.Jan. 22.Jan. 29.

4,715

4,7254,7184,7154,717

4,6994,6844,6904,696

4,7034,7094,7144,7144,722

4,7114,7064,7104,706

4,7294,8384,8154,7954,792

4,7864,7814,7794,775

4,7704,7604,7454,724

4,7244,7184,7104,7054,741

4,7354,7374,7204,729

4,725

Feb. 5..Feb. 12.Feb. 19 .Feb. 26-

Mar. 5__Mar. 12.Mar. 19.Mar. 26-

Apr. 2.. .Apr. 9...Apr. 16-.Apr. 23..Apr. 30..

May 7May 14May 21May 28

June 4__.June 11-.June 18..June 25..

July 2 . . .July 9._.July 16-July 2 3 -July 30-

Aug. 6 . . .Aug. 13..Aug. 20..Aug. 27_.

Sept. 3_.Sept. 10.Sept. 17.Sept. 24.

Oct. 1...Oct. 8...Oct. 15..Oct. 22..Oct. 29_

4,7094,7034,717

Nov. 5 . .Nov. 12.Nov. 19_Nov. 26.

Dec. 3..Dec. 10_.Dec. 17.Dec. 24..Dec. 31..

Date (Wednesday) Amount

4,6404,6364,6284,610

4,6114,5994,5914,555

4,5614,5474,5424,530

4,5454,5354,5364,5224,530

4,5294,5184,5174,527

4,5164,5234,5204,502

4,5244,5034,5084,4964,478

4,4884,4834,4804,476

4,4564,4274,4364,415

4,4324,4204,4184,4024,380

4,3964,3944,4234,452

4,4984,5104,6274,6724,699

Jan. 7._.Jan. 14..Jan. 21.-Jan. 28..

Feb. 4—Feb. 11-Feb. 18..Feb. 25.

Mar. 4- .Mar. 11-Mar. 18.Mar. 25.

Apr. 1.. .Apr. 8—Apr. 15..Apr. 22 -Apr. 2 9 -

May 6 . .May 13.May 20-May 27.

June 3...June 10-.June 17__June 24..

July 1—July 8...July 15..July 22,.July 29_.

Aug. 5 . .Aug. 12.Aug. 19.Aug. 26.

Sept. 2...Sept. 9._Sept. 16.Sept. 23.Sept. 30.

Oct. 7_.Oct. 14.Oct. 21.Oct. 28.

Nov. 4 . .Nvo. 11.Nov. 18.Nov. 25.

Dec. 2...Dec. 9...Dec. 16..Dec. 23..Dec. 30-.

Date (Wednesday)

4,7074,6794,6684,645

4,6624,6514,6424,615

4,6044,6054,6214,615

4,6404,6474,6624,6714,676

4,7134,6974,7194,694

4,7084,784

Jan. 6 . . .Jan. 13..Jan. 20..Jan. 27..

Feb. 3 . . .Feb. 10..Feb. 17..Feb. 24..

4,4,813

4,8494,8484,8654,8814,869

4,9044,9364,9925,022

5,0385,0355,0655,1475,197

5,3655,3915,4575,436

5,4525,4385,4145,368

5,4035,3565,3815, 3925,436

Mar. 2 . .Mar. 9__Mar. 16.Mar. 23.Mar. 30.

Apr. 6—Apr. 13-Apr. 20-Apr. 27..

May4-_May 11..May 18.May 25_

June 1—.June 8_.June 15_.June 22..June 29..

July 6.. .July 13..Ju ly20-July 27..

Aug. 3 . . .Aug. 10-.Aug. 17..Aug. 24..Aug. 31..

Sept. 7-_Sept. 14.Sept. 21.Sept. 28.

Oct. 5. . .Oct. 12..Oct. 19..Oct. 26-.

Nov,Nov,Nov.Nov,Nov,

Amount

5,5625,6495, 680

5,7165,6945,6895,633

5,6135,5945,5805,5305,492

5,4875,4595, 4785,466

5,4955,4965,5245, 488

5,4805,5115,5445,5925,700

5,7425,7615,8145,779

5, 7835,7555,7465,7205,703

5, 6665,6405,6225,571

5,5835,5585,5615,539

5,5415, 5565, 5675, 5375,555

Dec. 7...Dec. 14..Dec. 21-.Dec. 28.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled November 23 and released for publication November 25]

Volume of industrial output, after increasingconsiderably during August and September,remained unchanged in October. Factoryemployment and pay rolls, reported for themiddle of the month, showed a further increase.During October, as in the last three weeks ofSeptember, wholesale commodity pricesdeclined, and in the first three weeks of Novem-ber the general average was at the level ofearly summer.

Production and employment.—Industrialproduction, as measured by the board's season-ally adjusted index, continued in October at66 per cent of the 1923-1925 average, as com-pared with a low level of 58 per cent in July.In the textile industries, which had shown arapid expansion in August and September, therewas a slight decrease in consumption of rawmaterials, while output of finished productsincreased somewhat. Shoe production, whichalso had increased substantially in recentmonths, showed a seasonal decline. Opera-tions at steel mills expanded from an averageof 17 per cent of capacity in September to 19per cent in October, contrary to seasonal tend-ency, and, according to trade reports, con-tinued at about this rate through the first threeweeks of November. Production of auto-mobiles in October declined further to a newlow level. At coal mines activity continued toincrease rapidly until the middle of October,but since that time a reduction, largely seasonalin character, has been reported.

Employment in most manufacturing indus-tries increased between the middle of Septemberand the middle of October, and the board'sseasonally adjusted index of factory employ-ment showed an advance from 60 per cent of the1923-1925 average to 61 per cent. At textilemills working forces increased by considerablymore than the usual seasonal amount, andsubstantial increases were also reported at steelmills, lumber mills, and car-building shops. Inthe canning and automobile industries therewere decreases in employment.

Value of construction contracts awarded, asreported by the F. W. Dodge Corporation,continued at low levels during October and thefirst half of November.

The Department of Agriculture estimate ofthe cotton crop, based on November 1 condi-tions, was 11,950,000 bales—about 525,000bales larger than the estimate a month earlier.

Distribution.—From September to Octobervolume of freight traffic increased by more thanthe usual seasonal amount; after the middle ofOctober car loadings declined, reflecting chieflyseasonal developments. Dollar value ofdepartment-store sales increased by the usualamount in October.

Wholesale prices.—Wholesale commodityprices, as measured by the monthly index of theBureau of Labor Statistics, declined from 65per cent of the 1926 average in September to64 per cent in October. Weekly figures showdeclines in the general average from earlySeptember through the first week in November,reflecting reductions in the prices of manydomestic agricultural products and their manu-factures, as well as in the prices of steel rails,copper, coffee, rubber, and silk. In the secondweek of November prices of many leading com-modities, including grains, hogs, cotton, silk,zinc, lead, and tin, advanced considerably, butlater the prices of these commodities declined.

Bank credit.—Volume of reserve bank creditshowed little change for the 4-week periodending November 16. Member bank balancesat the reserve banks increased further by$75,000,000 and in the middle of Novemberwere about $475,000,000 in excess of legalreserve requirements. This growth in reservebalances reflected an increase of $60,000,000 inthe stock of gold and the issue of additionalnational-bank notes. Demand for currencyshowed little change during the 4-week period.

Loans and investments of reporting memberbanks in leading cities, outside New York Cityand Chicago, declined further between themiddle of October and the middle of November,reflecting a further reduction of loans at thesebanks. In New York City the investments ofmember banks increased by an amount largerthan the decrease in loans, so that total loansand investments of these banks showed afurther increase.

Money rates in the open market continuedat low levels during October and the first halfof November. Rates on 90-day bankers'acceptances were unchanged at one-half of 1per cent, and rates on prime commercial paperdeclined from a range of l%-2 to a range of

P e r cent.



RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGESMILLIONS OF DOLLARS

6000

5500

5000

4500

4000

2500

Member BankReserve Balances

MILLIONS OF DOLLARS

6000

5500

5000

4500

4000

2500'

2000

1500

1000

2000

1500

1000

1927 1928 1929 1930 1931 1932Based on weekly averages of daily figures; latest figures are for week ending November 26



FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES


Month or week

Averages of daily figures

Reserve bank credit outstanding Factors of decrease

Bills dis-counted

Billsbought

UnitedStates

Govern-ment

securities

Otherreservebankcredit

Total Monetarygold stock

Treasurycurrencyadjusted

Factors of Increase

Moneyin circu-

lation

Memberbank

reservebalances

Non-memberdeposits,

etc.

Unex-pendedcapitalfunds

1931—JuneJulyAugustSeptember.OctoberNovember.December..

1932—JanuaryFebruary..MarchApril..MayJuneJulyAugustSeptember.OctoberNovember.

188169222280613695774

848714605486495523451387328313

12179135259692560340

2211511055241506037343434

610674712736733727777

759743809

1,0141,4131,6971,8181,8501,8481,8511,851

Week ending (Saturday)-July 2July 9July 16July 23July 30

Aug. 6 . . .Aug. 13.Aug. 20_.Aug. 27..

Sept. 3...Sept. 10..Sept. 17..Sept. 24..

Oct. 1...Oct. 8...Oct. 15..Oct. 22..Oct. 29..

Nov. 5.-Nov. 12.Nov. 19.Nov. 26.

484509521536531

494458443432

433422394362

343336331318321

327314310309

1, 7911,7931,8211,8311,839

1.8461,8511,8511,851

1,8511,8421,8431,852

1,8531,8521,8511,8511,851

1,8511,8511,8511,851

945954

1,1071,3132,0882,0351,950

1,8651,7851,6521,6941,9592,2622,4222,3532,2822,2312,211

4,8654,9584,9754,9484,4474,3634,450

4,4524,3844,3724,3814,2733,9563.9414,0314,1404,2264,292

1,7591,7841,7641,7681,7681,7661,782

1,7731,7871,7921,7891,7881,7871,7801,7961,8261,8861,917

4,7504,8364,9475,1335,4785,5185,611

5,6455,6275,5315,4525,4565,5305,7515,7205,6855,6435,643

2,3592,4042,4282,4392,430

2,3952,3632,3462,330

2,3322.3132,2842,262

2,2442,2412,2322,2292,222

2,2292,2112,2102,205

3,9193,9203,9323,9523,963

3,9874,0024,0404,060

4,0824,1074,1354,164

4,1844,2004,2114,2304,256

4,2654,2724,2844,314

1,8001,7951,7651,7751,774

1,7641,7931,8031,814

1,8031,8251,8421,814

1,8361,8691,8741,8951,905

1,9001,9171,9261,922

5,7035,7855,7455,7515,718

5,7385,7255,7255,706

5,7095,7325,6905,660

5,6355,6665,6625,6415,608

5,6325,6575,6425,635

2,4042,4072,3452,3332,2562,1182,069

1,9791,9071,8991,9962,1382,0622,0032,0732,1812,3072,378

1,9791,9461,9912,0252,057

2,0142,0412,0782,122

2,1292,1342,1882,196

2,2412,2562,2602,3142,385

2,3692,3442,3852,402

187199208171144

11373376377654640353840

380370367364361357358

353349349353349348343347347355359

346345344343343

345345345346

346346348349

351350353358358

357359359359

End of month series

June30

July31

Aug. Sept.30

Oct. Nov.

Wednesday series

Oct.26

Nov. Nov. Nov.16

Nov. Nov.

Bills discountedBills boughtUnited States Government se-

curitiesOther reserve bank credit-

Total reserve bank creditMonetary gold stockTreasury currency adjusted

Money in circulationMember bank reserve balances.Nonmember deposits, etcUnexpended capital funds

44067

1,784

2,3103,9191,836

1,98242346

53843

1,841

2,4393,9741,758

5,7262,052

49344

43334

1,85212

2,3314,0881,800

5,6922,146

36345

33

1,854

2,2334,1931,840

5,6532,225

36352

32834

1,85114

2,227

30935

1,851

2,2024, 264 P4, 3381,909

5,6282,383

31358

*>1,925

5, 6482,411

50357

Bills discountedBills bought _.United States Government se-

curitiesOther reserve bank credit

Total reserve bank creditMonetary gold stockTreasury currency adjusted

Money in circulation.Member bank reserve balances.Unexpended capital funds, non-

member bank deposits, etc

32234

1,85114

2,2214,2571,905

5,5842,412

387

34

1,851

2,2264,2661,907

5,6162,384

397

31134

1,8513

2,1994,2701,918

5,6512,342

394

307 30835 35

1,851 1,85116

2,2084,2841,8 ~

5,6292,400

392

2,2014,3201,925

5,6352,400

410

35

1,851

2,2024,3381,925

5,6482,411

407

p Preliminary.

Back figures.—See Annual Report for 1931 (Tables 1-6)



RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERALRESERVE NOTE STATEMENT

[In thousands of dollars]

Nov. 30, 1932 Oct. 31, 1932 Nov. 30,1931

Gold with Federal reserve agentsGold redemption fund with United States Treasury

Gold held exclusively against Federal reserve notes..Gold settlement fund with Federal Reserve BoardGold and gold certificates held by banks

Total gold reservesReserves other than gold

Total reservesNonreserve cash

Bills discounted:For member banks._For intermediate credit banks..For nonmember banks, etc

Total bills discounted.

Bills bought:Payable in dollars-

Bought outrightUnder resale agreement

Payable in foreign currencies

Total bills bought

United States securities:Bought outrightUnder resale agreement

Total United States securities•Other reserve bank credit:

Federal intermediate credit bank debenturesFederal land bank bonds. _Municipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items) _

Total reserve bank credit outstanding

Federal reserve notes of other reserve banksUncollected items not included in float.Bank premisesAll other resources

Total resources..

Federal reserve notes:Held by other Federal reserve banks-Outside Federal reserve banks

LIABILITIES

Total notes in circulation.

Deposits:Member bank—reserve account.Government __Foreign bankOther deposits

Total depositsDeferred availability items.Capital paid inSurplus.All other liabilities

Total liabilities _Contingent liability on bills purchased for foreign correspondents

FEDERAL RESERVE NOTE STATEMENTFederal reserve notes:

Issued to Federal reserve banks by Federal reserve agentsHeld by Federal reserve banks1-

In actual circulation..

Collateral held by agents as security for notes issued to banks:Gold.Eligible paperUnited States Government securities.

Total collateral..

2,242, 39840,048

2,192, 08443,102

1, 734, 67670,082

2,282,446339, 926426,952

2, 235,186346,123421,634

1,804, 758366, 547747,166

3, 049,324192, 635

3, 002, 943192, 353

2, 918,471161, 855

3, 241, 95977,071

3,195,29674,147

3, 080, 32662,889

307,883466624

327, 367330 I693

308, 973 328,390

4,228

~30~652"

3,160

16," 659'

34,880 33,819

1,850, 766 1, 850, 895

1, 850, 76i 1, 850, 895

5,4112,861

2 - 6 4 1

5,4252,8735,610

2,202,250 2,227,012

12,256354,109

58,169

15, 799295,428

58,13738,840

5, 985, 694 5, 904, 659

12,2562, 680,030

15, 7992, 693, 616

2, 692, 286 2, 709,415

2,410,59423, 53525, 94724,150

2,382, 88031,82610, 35621, 071

2,484, 226354,109151, 591259,42144,061

2,446,133295,428152,096259,421

42,166

5, 985, 69432, 329

5, 904, 65938, 649

2,913,683221,397

2,918,087208, 672

2, 692, 286 2,709,415

2,242, 398| 293,944

414,400

2,192, 084312,467454, 700

2, 950, 742 2 Q

706,45711, 320

488

718,265

412,1216,205

33, 386

451, 712

717, 031

717, 031

25, 330500

4,3978,7244,939

1,930,898

15,182390,861

59, 47541, 055

5, 580,686

15,1822,464, 518

2,479, 700

2, 050, 59631, 765

142, 66527,437

2,252,463390,861163, 593274, 636

19,433

5, 580, 686126,389

2, 773, 021293,321

2,479, 700

1,734, 6761,107,313

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.


D E C E M B E R , 1932 FEDERAL RESERVE BULLETIN 751

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Month

1929—May..JuneJuly -AugustSeptember.October—November-December..

Total (12 mos.).

1930—January—February.-MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

Total (12 mos.) _

1931—JanuaryFebruary._MarchAprilMayJuneJu ly . .AugustSeptember.OctoberNovember..December..

Total (12 mos.) _

1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember....OctoberNovember J>_.

Total (11 mos.) .

Goldstockat end

ofmonth

4,3014,3244,3414,3604,3724,3864,3674,284

4.2914,3534,4234,4914,5174,5354,5174,5014,5114,5354,5714,593

4,6434,6654,6974,7264,7984,9564,9494,9954,7414,2924,4144,460

Analysis of changes

Increasein stockduringmonth

40.623.416.318.912.114.4

- 1 9 . 2- 8 2 . 9

142.5

61.970.268.525.917.6

- 1 8 . 4- 1 5 . 5

10.223.336.822.1

4,4164,3544,3904,3674,1523,9193,9774,0884,1934,2644,338

49.422.032.028.772.4

158.0- 6 . 645.7

-254.3-448.4

122.045.8

-133.4; . • • • : ' =

- 4 4 . 2- 6 2 . 3

36.0- 2 3 . 1

-214 .1-233.9

57.9111.7104.870.873.8

-122.4

Net goldimport

23.630.234.718.417.617.5

- 2 3 . 2- 6 4 . 4

175.1

4.060.055.565.723.513.9

- 1 9 . 6- 1 9 . 6

2.526.435.232.7

280.1

34.416.125.649.549.663.819.557.520.6

-337. 789.456.9

145.3

- 7 3 . 0- 9 0 . 6- 2 4 . 7- 3 0 . 2

-195. 5-206. 0

- 3 . 46.1

27.920.619.9

-548. 9

Net re-lease

from ear-mark i

16.1- 7 . 5

-22.0- 1 . 0-6 .6- 4 . 5

1.0-22.0

-55.4

0.50.0

15.00.52.02.0

-3 .00.04.0

- 6 . 1- 2 . 1

-15.2

- 2 . 4

11.92.53.0

- 7 . 54.0

92.3- 2 9 . 7- 1 6 . 0

-279.1-107.6

28.3- 2 2 . 9

-320.8

25.426.458.34.0

- 2 2 . 1- 2 8 . 8

56.2100.572.345.848.616.5

Domes-tic pro-duction,

etc.*

0.90.73.61.51.11.43.03.5

22.8

2.31.9

- 0 . 32.30.51.74.34.23.73.13.84.5

31.9

3.13.33.3

-13 .318.81.93.64.24.2

- 3 . 14.2

11.942.1

3.41.92.43.23.60.95.25.14.64.55.3

40.0

1 Gold released from earmark at Federal reserve banks less gold placedunder earmark.

> This figure, derived from preceding columns, represents the excess ofdomestic production over nonmonetary consumption of gold—chieflyconsumption in the arts. In any given month, however, it may be pre-dominantly affected by the fact that on the final day of the month (a)gold bullion or foreign gold coin recently imported may not yet havereached a reserve bank or the Treasury, and (6) gold bullion recentlywithdrawn from stock for export may not yet have been actually ex-ported. The figures are subject to certain unavoidable inaccuraciesin official reports of gold imports and exports.

» Preliminary figures.

Back figures.—See Annual Report for 1931 (Table 30).

GOLD MOVEMENTS TO AND FROM UNITEDSTATES


From or to—

Belgium. ._EnglandFranceGermanyNetherlandsPortugalSwitzerlandCanadaCentral America -MexicoArgentinaColombiaEcuadorPe ru ._ .UruguayVenezuelaAustraliaBritish IndiaChina and Hong

Kong .Dutch East IndiesJapan . _ _Philippine IslandsAll other countries *

T o t a l . .

1932

November(preliminary)

Im-ports

1,376

2,613

5 199

69l

347

4864,866

2,922

1,455

219, 955

Ex-ports

9

29

October

Im-ports

1,25172

2,381

60531147

1,3454228

10243

229550

6,068

3,600132

3,362349382

20,674

Ex-ports

3521

57

January-October

Im-ports

1,02115,414

280381

7,924

28051, 574

1,21818, 77012,9923,105

9442,8514,0371,5166,458

17,126

31,1052,669

46, 5965,9358,488

240,687

Ex-ports

83,60215,132

458,29313,738

115,2772,386

118, 560165

3320

1,660126

233

809,495

i Includes all movements of unreported origin or destination.»At New York—imports, $10,860,000; exports, $9,000. Elsewhere,

imports, $9,095,000.

KINDS OF MONEY IN CIRCULATION[Money outside Treasury and Federal reserve banks. In millions of

dollars]

Kind of money

Gold coinGold certificatesFederal reserve notes _

Treasury currency: l

Standard silver dollarsSilver certificates.._Treasury notes of 1890. .Subsidiary silverMinor coin. _ . . .United States notesFederal reserve bank notes .National bank notes __

Total Treasury currency __

Total money in circulation-

1932

Nov. 30 p

454635

2,675

29361

1258113291

3826

1,882

5,648

Oct.

2,

1,

5,

31

4456?4689

29361

1257113?,89

3817

870

628

1931

Nov. 30

383928

2,463

33387

1272117294

3655

1,762

5,536

» For explanation of the term "Treasury currency" see BULLETIN forJuly, 1929, p. 432.

» Preliminary.Back figures.—See Annual Reports for 1931 (Table 35), 1930 (Table 32),

and 1927 (Table 22).



MEMBER BANK RESERVE BALANCES[In millions of dollars]

Month or week


Reserves held

Total—allmember

banksNew York

City»Other

reservecities

"Country'banks

Excess reserves

Total—allmemberbanks

New YorkCityi

Otherreservecities

" Country"banks

1931—July...AugustSeptemberOctober-NovemberDecember

1932—JanuaryFebruaryMarch..AprilMayJuneJulyAugustSeptemberOctober

Week ending (Friday)—Sept. 2Sept. 9Sept. 16Sept. 23Sept. 30 .

Oct. 7 . .Oct. 14Oct. 21Oct. 28

Nov. 4

2,4072,3452,3332,2562,1182,069

1,9791,9071,8991,9962,1382,0622,0032,0732,1812,307

887843864848774766

724681687780874783767832927

1,001

950943918872832

767753747749800819781797812863

2,1322,1272,1892,1872,238

2,2532.2602,3022,377

2,378

892865933942981

963957983

1,066

1,059 i

803814814799821

838861872874

872

570559551536512503

473465466464459455444443444

437448443446435

453442447437

446

124.4100.6120.3129.157.059.5

35.443.859.0152.1277.1234.4204.4269.9345.5435.8

34.353.852.510.718.5

4.57.217.888.1155.189.475.0127.7193.4241.6

172.6144.1192.1207.6241.8

217.3202.8219.4295.9

283.7

32.835.736.739.719.416.9

1.811.317.335.791.5

111.491.6

108.9119.6160.5

115.5125.6118.8108.2126.5

137.7163.1168.8168.3

167.4

30.930.629.837.026.930.9

29.225.323.828.330.533.637.933.332.433.7

s(2)fl)

1 Central reserve city banks only.

Back figures.—See Annual Report for 1931 (Tables 49 and 56).

> Figures not available by weeks.

MEMBER BANK DEPOSITS

[In millions of dollarsl

Month

Total-all mem-

berbanks


Net demand and time deposits

NewYorkCity*

Otherreservecities

" Coun-try"

banks

Total-all mem-

berbanks

Net demand deposits

NewYorkCity»

Otherreservecities

'Coun-try"

banks

Time deposits

T o t a l -all mem-

berbanks

NewYorkCity1

Otherreservecities

'Coun-try"

banks

1931—JulyAugustSeptember.October....November.December..

1932—JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.October

31,52631,04130,50029,13828,21827,438

26,59225, 71525, 43125,38625,46625,07524,71224,74424,97325, 293

7,3257,1477,1266,9376,6126,414

6.1655,7975,7605,9506,1595,9575,9516,0846,3086,559

12,83112, 70212,35611,65711,35011,048

10, 70610, 41310,29110,10910, 08110,0329,8309,8339,853

11,37111,19211,01810,54410,2569,976

9,7209,5059, 3809,3279,2269,0878,9318,8278,8118,795

18,12217, 78317, 52516,85916,35815,985

15,44714, 78914,57514,58914,67914,41314,15714,14114,40814, 681

6,0645,9465,9625,8725,6535,546

5,3435,0014,9595,1385,3425,1545,1335,2175,4405,629

7,1027,0126,8056,4216,2736,106

5,9215,7235,6225,4925, 4255,4335,3045,2835,3165,402

4,9564,8254,7584,5674,4324,333

4,1834,0643,9933,9593,9113,8263,7203,6413,6523,650

13, 40413,25912,97412, 27911,86011,453

11,14510,92610,85610,79710, 78710,66310, 55510,60310, 56510, 612

1,2601,2011,1631,065959

822796800811816803818867869929

5,7285,6915,5525,2365,0764,942

4,7864,6904,6684,6184,6564,5994,5264,5504,5384,537

6,4156,3676,2595,9775,8255,643

5,5375,4405,3875,3685,3155,2615,2115,1865,1595,145

1 Central reserve city banks only.Back figures.—See Annual Report for 1931 (Table 49).



ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS


Call date

Totalloansand

invest-ments

35,39335,71135,91435,93435,05635, 65635,47234,86034, 72933,92383,07330, 57528,00128,045

7,7268,1608,1508,7748,2388,7988,5578,5828,4738,2878,2537,4606,7157,112

13,92513,83213,98313,78513,57513, 70113, 97113, 75813,96513,56713, 01612,11511,04510, 979

13, 74113,71913,78013,37513,24313,15712,94412, 51912, 29012,06811,80510,99910, 2409,954

Loansto

banks

548670640714527535466631446457599790573457

251314302322199196169283154150250374260203

258308294346263277235286235247284347254205

3949454565636262586064695949

Loans to other customers

Total

21,90322,51723, 24923,19321,49421, 56521,01021,00719,94019,25718, 71317,57015, 26714, 497

4,2534,5324,8464,9644,3384,3084,2764,3384,0073,8393,8503,6942,8562,638

9,2869,4349,7759,7488,9519,0298,7268,9068,4098,1007,8457,4076,5196,196

8,3648,5518,6278,4818,2068,2298,0077,7627,5247,3187,0186,4695,8925,663

Se-cured

bystocksand

bonds

7,5407,7348,1098,4887,7308,0617,8647,9427,4237,1176,8426,2905,2925,086

1,7441,8771,9442,2001,9362,0222,0312,1371,9601,8971,8161,7281,3431,300

3,7403,7183,8693,9753,6043,8113,6323,6563,3663,1883,0922,8062,4032,304

2,0562,1392,2952,3142,1902,2272,2002,1492,0972,0311,9351,7561,5461,481

Se-cured

byreal

estate

3,1233,1643,1523,1913,1703,1553,1633,2343,2203,2163,1493,0382,8942,885

148175176169150157157147150160152153160154

1,5091,5031,4911,5591,5441,5241,5261,6311,6191,6211,5851,5381,4071,406

1,4651,4861,4851,4621,4751,4751,4801,4551,4491,4371,4111,3461,3281,324

Other-wisese-

curedand

unse-cured

11,24011,61811,98811,51510, 59510,3499,9829,8319,2988,9228,7228,2447,0816,527

2,3612,4802,7262,5952,2522,1292,0872,0541,8961,7821,8811,8131,3531,184

4,0364,2134,4154,2143,8023,6933,5673,6203,4233,2913,1683,0632,7092,486

4,8434,9264,8474,7054,5414,5274,3264,1583,9783,8493,6733,3673,0182,857

Open-market loans

Total

2,4942,4722,2762,2433,0973,1133,2622,2332,4542,1031,563

901747970

1,2501,4961,1961,3971,6552,0911,9121,5251,6511,4971,121

695565763

645480526438945710

1,064531645470326135118151

598496553409496312286177158135116716455

Purchased paper

Accept-ancespay-ablein

UnitedStates

14610893

212175170205315361389268146313407

595859

12889

144148188199296201107262341

43178

51591854

1221589167353858

44332733278455214

138

Ac-cept-ancespay-able

abroad

9390708079716255

10111370413434

5258334640292822514433172118

3225312935383129486735211114

87654443222222

Com-mer-cial

paper

376249228291499507523366361384296140122115

3721

82149352234359448292314

1478875

108242301337212212189167626265

19214014416320717116412011410181483636

Loansto

bro-kersin

NewYork*

1,8792,0251,8851,6602,3442,3652,4721,4981,6301,217

928575278414

1,1021,3591,0961,2021,4771,8831,7141,2811,3671,063

839542258391

42334941325060935364316722712456167

14

3543163762082581291154936303216139

Investments

Total

10,44810,0529,7499,7849,937

10,44210,73410,98911,88912,10612,19911,31411,41412,121

1,9721,8191,8072,0912,0462,2032,1982,4352,6622,8013,0322,6973,0333,508

3,7363,6113,3883,2533,4163,6853,9474,0354,6764,7504,5614,2264,1544,427

4,7404,6234,5544,4394,4754,5544,5894,5194,5504,5554,6064,3924,2264,187

U.S.Gov-ern-mentsecu-rities

4,4544,1554,0223,8634,0854,0614,0954,1255,0025,3435,5645,3195,6286,366

1,1351,006

9891,1121,1501,1471,0911,2391,4661,6561,8301,7682,0082,429

1,8961,7651,6711,4841,6621,6861,7851,7272,3132,4082,3012,1332,1872,466

1,4241,3841,3611,2671,2731,2291,2191,1591,2241,2791,4331,4181,4321,471

Othersecu-rities

5,9945,8985,7275,9215,8526,3806,6396,8646,8866,7636,6355,9965,7865,755

838813817979897

1,0561,1071,1971,1961,1451,202

9281,0251,079

1,8401,8461,7171,7691,7541,9992,1612,3082,3642,3422,2602,0931,9661,961

3,3163,2403,1933,1723,2023,3263,3703,3593,3263,2763,1722,9742,7942,715

Totalloans

se-cured

bystocks

andbonds2

TOTAL—ALL MEMBERBANES

1929—Mar. 27June 29Oct. 4Dec. 31

1930—Mar. 27June 30Sept. 24Dec. 31


1932—June 30Sept. 30

NEW YORK CITY 3




1932—June 30...Sept. 30

OTHER RESERVE CITIES


1930—Mar. 27June 30Sept. 24 .Dec. 31


1932—June 30.Sept. 30

"COUNTRY" BANKS



1931—Mar. 25June 3 0 . . .Sept. 29Dec. 31

1932—June 30Sept. 30

9,69310,09410,31410, 50510,33410,65610, 5119,7549, 2728,5638,0817,3205,9165,770

2,9713,3963,1913,5623,5043,9833,7983,5503,3973,0262,7802,4741,7571,811

4,2924,2214,4294,3974,3684,3064,3873,9913,7293,4593,3173,0502,5852,456

2,4292,4802,6942,5452,4622,3672,3262,2132,1472,0781,9851,7961,5741,503

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.—-This classification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report for 1931 (Table 53), but comparablefigures 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 separatefigures of United States Government securities and other securities back to 1914, see Annual Report for 1931 (Table 52).



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 privatebanks under State supervision]

Date

1928—June 30..Oct. 3 . . .Dec. 31. .

1929—Mar. 27.June 29..Oct. 4 . . .Dec. 31 . .

1930—Mar. 27.June 30..Sept. 24.Dec. 31. .

1931—Mar. 25.June 30..Sept. 29.Dec. 31 . .

1932—June 30..

Total loans and investments

All banks

Total

57,26557, 21958, 266

58,01958, 47458,83558,417

57,38658,10857, 59056, 209

55,92455,02153, 36549,704

46, 071

Loans

39,46439,67140, 763

40,55741,51242, 20141,898

40, 68640, 61839, 71538,135

36,81335,38433, 75031,305

27,834

Invest-ments

17,80117, 54917,504

17,46216, 96216, 63416, 519

16, 70017, 49017,87518, 074

19, 11119, 63719, 61518,399

18, 237

Member banks

Total

35,06134,92935,684

35,39335, 71135,91435,934

35, 05635, 65635,47234, 860

34, 72933, 92333, 07330, 575

28, 001

Loans

24,30324,32525,155

24,94525, 65826,16526,150

25,11925, 21424,73823, 870

22,84021,81620, 87419, 261

16, 587

Invest-ments

10,75810,60410,529

10,44810, 0529,7499,784

9,93710, 44210,73410,989

11,88912,10612,19911,314

11,414

Nonmember banks

Total

22,20422,29122,582

22,62622, 76322,92222, 483

22,33122, 45322,11821, 349

21,19521,09920, 29219,129

18,071

Loans

15,16115,34615, 607

15,61215,85316, 03615, 748

15, 56815,40414,97714, 264

13,97413, 56812, 87612,045

11, 247

Invest-ments

7,0436,9456,975

7,0136,9106,8856,735

6,7637,0487,1417,085

7,2227,5317,4167,084

6,823

Deposits (exclusive ofinterbank deposits)

Allbanks

53,39853,72056,766

54, 54553,85255,18055,289

53,18554,95452,78453,039

51, 42751, 78249,15245, 821

41,963

Mem-ber

banks

32,13332,13834,826

33,21532, 28433, 00433, 865

32, 08233, 69031,83932, 560

31,15331,56629, 46927, 432

24, 755

Non-memberbanks

21,26521,58221,940

21,33021,56722,17621, 423

21,10321, 26420,94520, 479

20, 27420,21619, 68318, 389

17, 208

Back figures—See Annual Report for 1931 (Tables 45 and 46).

NUMBER OF BANKS

Date

1925—Dec. 31

1926—Dec. 31

1927—June 30 _Dec. 31

1928—June 30 . . .Dec. 31

1929—June 29Dec. 29

1930— June 30Dec. 31 . -

1931_June 30Sept. 29Dec. 31

1932—June 30

Total i

28,257

27,367

26,76526,416

25,94125, 576

25,11024, 630

23, 85222, 769

21,90321, 29419, 966

19,046

Member banks

Total

9,489

9,260

9,0999,034

8,9298,837

8,7078,522

8,3158,052

7,7827, 5997,246

6,980

Na-tional

8,048

7,906

7,7907,759

7,6857,629

7,5307,403

7,2477,033

6, 8006,6536,368

6,145

State

1,441

I, 354

1,3091,275

1,2441,208

1,1771,119

1,0681,019

982946878

835

Non-mem-ber

banks

18, 768

18,107

17, 66617,382

17,01216, 739

16, 40316,108

15, 53714,717

14,12113, 69512, 720

12,066

i All banks in the United States; includes national banks, State com-mercial banks and trust companies, mutual and stock savings banks, andall private banks under State supervision.

BANK LOANS AND INVESTMENTS, PERCENT-AGE DISTRIBUTION

[Figures for June 30, 1932]

All banks in the United States..

Member banks—total...

Reserve city banks (62 cities)Central reserve city banks—

New York CityChicago

Other reserve city banks—New York CityChicago

Other Federal reserve bank cities(10 cities)

Federal reserve branch cities (25cities)..

Other reserve cities (25 cities)"Country" banks *

Nonmember banks.

Numberof banks

19,046

6,980

376

3611

13190

6,604

12,066

Total loans andinvestments

Amount(millionsof dollars)

Percent-age dis-

tribution

100

61

39

153

222

1 Includes certain outlying banks in reserve cities.



REPORTING MEMBER BANKS IN LEADING CITIES

[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1931—August....September.October...November.December.

1932—January...February..MarchAprilMayJuneJuly.AugustSeptember.October. _.November.

Sept. 7Sept. 14....Sept. 21....Sept. 28-—

Oct. 5Oct. 12Oct. 19Oct. 26

Nov. 2Nov. 9Nov. 16Nov. 23.—Nov. 30 . . .

Total—all weekly reporting member banks

Loans and investments

Total

22,09322,07821, 42521, 02320, 749

20,17819. 77519, 43419, 09619,11218, 87718, 41918, 58718, 73919, 02618, 987

18,56418,55618,93018, 907

18, 88218,98119,12119,118

19, 02619, 02618, 94718, 93319, 002

Loanson se-

curities

6,4806,4135,9715,8595,763

5,6445,497

5,1504,9754,8114,6164,5784,5244,4374,280

4,5194,5474,5114,521

4,4814,4674,4474,352

4,3114, 2954,2494,2574,288

Allotherloans

7,9007,8707,6797,5867,441

7,3317,2146,9876,8206,7276,6096,4556, 3196,2296,1686,120

6,2936,2196,2186,185

6,1566,1676,1856,164

6,1306,1306,0946,1186,125

Investments

Total

7,7137,7957,7757,5787, 545

7,2037,0647,0597,1267,4107,4577,3487,6907,9868,4218,587

7,7527,7908,2018,201

8,2458,3478,4898,602

8,5858,6018, 6048, 5588,589

U.S. se-curities

4,0744,1544,1714,0724,127

3,9433,8563,8663,8754,1214, 2004,1444,4994,7595,1405,279

4,5354,5594,9814,960

5,0035,0645,1955, 298

5,2845,2915, 3035,2525, 266

Bor-row-ingsat

F. R.banks

75127398404499

469484368277185191212164128103

153148113101

10710794

103

105999895

'97

New York City

Loans and investments

Total

7,6337,7447, 4667,2587,165

6,9216,6456,5216,4926,6476,5416,3536,5176,6926,9147,059

6,5756, 5996,7966,801

6,7796, 9066,9896,982

6, 9987,0447,0267,0577,169

Loanson se-

curities

2,8402,6572,3692,2772,237

2,2092,1272,0651,9471,8511,7451,6441,6571,6691,6361, 573

1,6461,6861, 6621,683

1,6691,6541,6531,569

1,5761,5701,5551, 5671,598

Allotherloans

2,3702,3752,2722,2432,218

2,2202,1712,0782,0292,0381, 995"., 896,819,810,797,856

,832,807,806,796

,758,796,822, 815

,828,850,826,876

1,900

Investments

Total

2,6232,7122, 8252,7382,710

2,4922,3472,3782,5162, 7582,8012,8133,0413,2133,4813,630

3,0973,1063,3283,322

3,3543,4563, 5143,598

3,5943,6243,6453,6143,671

U.S. se-curities

1,6001,6521,750, 705,732

,631,521,547,620

1,7971,8491,8602,0812,2202,4472,556

2,1092,1082,3442, 321

2,3502,4222,4692,548

2, 5342, 5552,5762, 5382,578

Bor-row-ingsat

F. R.banks

Other leadingcities

Totalloans

and in-vest-

ments

14, 46014, 33413,95913, 76513, 584

13, 25713,13012, 91312,60412,46512,33612,06612, 07012, 04712,11211,928

11,98911,95712,13412,106

12,10312, 07512,13212,136

12, 02811, 98211,92111,87811,833

Bor-row-ingsat

F. R.banks

72124324388416

435461365277185191212164128103

153148113101

10710794

103

105999895

<"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

[Net borrowings on demand and on time. In millions of dollars!

End of month

January...February..March

AprilMayJune

JulyAugustSeptember.

October.,.November.December.

Total

1931

1,7201,8401,909

1,6511,4351,391

1,3441,3541,044

796730587

1932

512525533

379300244

242332380

325338

From NewYork banks

and trust com-panies

1931

1,5571,6461,692

1,4661,2931,221

1,1711,160

932

582455

1932

374385391

300243194

195248292

263278

From privatebanks, brokers,foreign banking

agencies, etc.

1931

163194217

185141170

173194112

108148132

1932

138140142

795749

4784

Back figures.—See Annual Reports for 1931 (Table 63) and 1927(Table 47).

MADE BY REPORTING MEMBER BANKS IN N. Y. CITY[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1931—OctoberNovember. .December

1932—JanuaryFebruary _MarchAprilMayJuneJulyAugustSeptember . . . .October..NovemberNov. 2. _Nov. 9Nov. 16Nov. 23Nov. 30

Total

921802655544495531500436377335344409411354

362360344350353

Forown ac-count

674588554473417432423385342309319385389336

343341326332337

For ac-count ofout-of-town

banks l

90124886572947044291817191612

1313121212

For ac-count ofothers

157901366577688566

66664

1 Member and nonmember banks outside New York City (domesticbanks only).

Back figures—See Annual Report for 1931 (Table 62), 1930 (Table 56) etc.



ACCEPTANCES AND COMMERCIAL PAPER

BANKERS' ACCEPTANCES OUTSTANDINGACCEPTANCES)


(DOLLAR

End of month

1930—JulyAugustSeptember-OctoberNovember—December. _

1931—JanuaryFebruary—MarchApri l . .MayJuneJu ly . . .AugustSeptember-OctoberNovember..December..

1932—JanuaryFebruary. . .March _AprilMayJune . . .JulyAugustSeptember-OctoberNovember

Totalout-

stand-ing

1,3501,3391,3671,5081,5711,556

1,5201,5201,4671,4221,4131,3681,2281,090

9961,0401,002

974

961919911879787747705681683699

Held by Fed-eral reserve

banks

Forownac-

count

129167208141143328

8985

123162124953970

420647418305

1197636164

3612

323

Forac-

countof for-eign

corre-spond-

ents

479471432433429439

44745643140938034124322810099

126251

314312335292183985949433932

Held by acceptingbanks

279267317384493371

571550472410464554668606410230296262

332343377455510518563574573605

Ownbills

6395

13117218090

134151131125171196232168162112125131

159175155188225200197198156199

Billsbought

216172186212313282

437398341285293357436438248118171131

174168222268286318366376414406

Heldby

others

463434411550507417

4124294404414443792781866763

161156

195189163115909670556452

v Preliminary.Figures for acceptances outstanding (and held by accepting banks)

from American Acceptance Council.Back figures.—See Annual Reports for 1931 (Table 70), 1930 (Table 64),

1929 (Table 58), and 1928 (Table 61).

ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OF FEDERAL RESERVE BANKS


End of month

JanuaryFebruary. .MarchAprilMayJuneJuly _.AugustSeptember .OctoberNovember..December..

1929

1,0191,0291,0361,0361,0401,0432,061

12, 34616,95517,0341,0271,030

1930

1,0351,0381,0401,0541,0581,0641,0651,0711,075

21, 58331, 58735, 983

1931

36,11923,958

1,0631,0741,073

10, 55134,371

145, 21548,80433,50133, 38633, 429

1932

33, 44433, 47830, 77830, 73630. 83730, 76230,64530,83430.84930, 65930, 652

Back figures.—See Annual Reports for 1928 (Table 12), 1927 (Table12), 1926 (Table 24), etc.

CLASSES OF BANKERS' ACCEPTANCES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1931—SeptemberOctoberNovemberDecember

1932—JanuaryFebruary. _MarchApril _.May _.JuneJulyAugustSeptember.October __.

HELD BY F. R. BANKS(OWN ACCOUNT) >

1931—September.OctoberNovember-December..

1932—January.February._MarchAprilMay -JuneJulyAugustSeptember ___October

Total

Basedonim-

portsintoU.S.

1,0401,002974

961919911879787747705681683

420647418305

11976361653612323

Basedon ex-portsfromU.S.

174173158159

1501421291181039785767381

1056143

16942

(2)

1

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomestic

points

257261254222

207195205199184173162152156157

55

Dollarex-

change

190238258267

272271267251217193178192212222

1299984

32271263

195112

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

338330298296

298284287294269271265250234231

185285170104

4725135

ft4111

i Total holdings of Federal reserve banks include a small amount ofunclassified acceptances.

» Less than $500,000.Back figures.—See Annual Reports for 1931 (Tables 67 and 15), 1930

(Tables 61 and 14), etc.COMMERCIAL PAPER OUTSTANDING


End of month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1929

407411387^51;04

274265267265285316334

1930

404457529553541527528526513485448358

1931

327315311307305292289271248210174118

1932

108103106108111103100108

••110113

' Revised.Back figures.—See Annual Reports for 1931 (Table 66) and 1930 (Table

60).



BANK SUSPENSIONS AND BANKS REOPENED

Year and month

Banks suspended

Number

Allbanks

Members

Na-tional State

Non-mem-bers

All banks

Deposits (in thousands of dollars)

National State

MembersNon-mem-bers

Banks reopened

Number

Allbanks

Mem-bers

Non-mem-bers

Deposits (in thousands ofdollars)

Allbanks

Mem-bers

Non-mem-bers

1921.1922.1923.1924.1925.1926.1927.1928.1929.1930-1931-

501354648776612956662491642

1,3452,298

1931-March..Apr i l . . .M a y — .JuneJuly..

6491

167. 93

August ' 158SeptemberOctober..NovemberDecember

1932—JanuaryFebruary.-.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..

305522175358

3421214874821511328567

'102

514590122118125915764161409

181724261629461003563

742476144420171220M9

19123437283533161726108

431297524617466796538418561

1,1581,781

67446513175117243397132277

255914163621031086651

'82p 70

196,460110,721188, 701213, 338172, 900272,488193, 891138, 642234, 532864, 715

1, 691,510

34, 32041, 68343, 210190,48040, 745180, 028233, 505471,38067, 939277,051

219,07157,23715,44831,61334, 365132,580r 48, 56730, 291

' 13, 508' 20, 505v 46, 322

21, 28519,09232, 904

58, 53747,86646,58131,61937,007173, 290439,171

10,89919,49812,32031, 3687,045

31, 62979,446111, 08828,03987,448

63,68617, 0984,4842,6346,25842, 47417, 54611, 8532,980

' 6, 209p 26, 475

21, 2185,15118, 32413, 5808,72720,94619, 75510, 62120,128207,150294, 357

2,2645,05539,4341,805

52, 66030, 272117, 2594,216

25, 768

10,8738,427

11, 8871,2377,5891. 769798

1,725

153, 95786,478137, 473138,869105, 636203, 676127, 55596, 402177, 397484, 275957, 982

23,31319, 92125,835119, 67831,89595, 739123, 787243, 03335, 684163, 835

144,51231,71210, 96417, 09226,87082, 517

r 29, 25217,640' 8,803' 14, 296p 16, 328

6065379462149953958147276

3128

222131

194338222321242516

r.27P18

5041237448135843453140245

292473946

201728

16

191918182212

'21v 14

17,49335, 56511, 67422, 46216, 61860, 61035, 72915, 72725,82961, 599158,187

11, 78823, 6133,89024,5222,525

14, 3964,2585,09613,04118,579

10,95214, 73019,59011, 04133, 21411, 50169, 95933, 49814,082

' 38,494»12,487

3,13211,6185,0687,1906,7798,1798,3116,6102,2733,538

53, 944

3,38115,893

40123,816

9913,684589

3,2933,0269,7141,7934,2192,89116,3825,0182,29720, 291* 2, 078

14, 36123,9476,60615, 2729,839

52, 43127,4189,117

23,55658, 061

104,243

8,4077,7203,489

7062,525

14,3964,2584,1059,357

17,990

7,65911, 7049,8769,248

28,9958,610

53, 57728,48011, 785

' 18, 203v 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 theyoccur, 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 areas 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 seldomavailable, 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


Call date

1929—June 29-Oct. 4 . . .Dec. 31. .

1930—Mar. 27..June 30..Sept. 24.,Dec. 31. .

1931—Mar. 25..June 30-Sept. 29.Dec. 31. .

1932—June 30..Sept. 30.

Holdings of Government securities l and eligible paper (including paper under rediscount)

By reserve city banks

U.S.Govern-ment se-curities

2,5772,4692,4032,6192,6402,6822,7773,5843,8713,9423,7063, 9854,623

Eligiblepaper

2,6882,8652,7132,5422,2852,2712,1002,0451,8701,7871,5051,4571,508

Total

5,2655,3345,1165,1614,9254,9534,8775,6295,7415,7295,2115, 4426,131

B y "


929912814818772764708776836994989994

1,003

country" banks

Eligiblepaper

1,773L, 733L,6841,6621,620L, 5411,4381,3731,3281,2091,068

971916

Total

2,7022,6452,4982,4802,3922,3052,1462,1492,1642,2032,0561, 9651,919

By all member banks


3,5063,3813,2173,4383,4123,4463,4854,3604,7074,9364,6944,9795,626

Eligiblepaper

4,4614,5984,3974,2043,9053,8123,5383,4183,1982,9962,5732,4282,424

Total

7,9687,9797,6147,6427,3177,2587,0237,7787,9057, 9327,2677,4078,050

Memberbank

borrow-ings atFederalreservebanks

1,029899646206274173248165147323623440331

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


758 FEDERAL RESERVE BULLETIN D E C E M B E R , 1932

FEDERAL RESERVE BANK RATES

DISCOUNT RATES

[Kates for member banks on eligible paper]

Federal reserve bank

BostonNew York....Philadelphia..ClevelandKichmondAtlantaChicagoSt. LouisMinneapolis. _Kansas City..DallasBan Francisco

Rate ineffect onDec. 1

VA

2H

VA3HVA

Date estab-lished

Oct.JuneOct.Oct.Jan.Nov.JuneOct.Sept.Oct.Jan.Oct.

17,193124,193222,193124.193125.193214.193125.193222,193112.193023.193128.193221,1931

Previousrate

VA3334


BUYING RATES ON ACCEPTANCES

[Buying rates at the Federal Reserve Bank of New York]

Maturity

1-16 days . . .16-30 days. .81-45 days. .46-60 days. .61-«0days._91-120 days.121-180 days

Rate ineffect on

Dec. 1Date estab-

lished

June 24, 1932dodododododo_

Previousrate

VAVAVAVA2H3

NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.

Back figures.—See Annual Reports for 1931 (Table 37) and 1928 (Table35).

OPEN-MARKET RATES

RATES IN NEW YORK CITY

Month or weekPrimecom-

mercialpaper,4 to 6

months

1931AugustSeptemberOctoberNovemberDecember

1932JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Week ending—Nov. 5Nov. 12Nov. 19Nov. 26

Prevailing rate on—

2H-32H-2H2 -2fc2 -2H

1K-1H

1H-2

Primebank-ers'

accept-ances,

90days

Vs

Timeloans,

90days*

2 -3

1H-1H

H

Average rate

Call loans i

New

1.501.502.102.502.73

2.612.502.502.502.502.502.082.002.001.351.00

1.001.001.001.00

Re-newal

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

1.501.502.102.502.70

2.652.502.502.502.502.502.082.002.001.351.00

1.001.001.001.00

Average yieldon—

Treas-ury

bonds 3

0.42*.451.701.77

2.482.42

'2 .251.11.31

«.34.22.14

<.O3

3.343.423.713.693.92

4.274.113.923.743.773.783.653.573.543.543.55

3.553.563.553.55

* 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-

tion dates—1947,1956, and 1954.« Change of issues on which yield is computed.Back figures.—See Annual Report for 1931 (Tables 39 and 40), 1930

(Tables 36 and 37), 1929 (Tables 35 and 36), etc.

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES

[Weighted averages of prevailing rates]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugust..SeptemberOctober . . .November .̂_Dewnhfif

New York City

1928

4.564.444.594.724.975.095.385.565.635.635.565.63

1929

5.745.735.815.855.885.935.886.056.066.085.865.74

1930

5.645.355 224.914.744.694.484.414.294.264.174.16

1931

4.244.314 204.174.114.134.053.973.934.274.674.64

1932

4.714.714 724.694.554.614.424.454.304.354.12

8 other northern and eastern (

1928

4.734.764 814.915.045.365.575.595.805.805.825.91

1929

5.875.865 916.006.096.026.086.116.246.256.125.94

1930

5.885.665.475.225.135.064.814.794.744.754.664.68

1931

4.614.634.624.574.554.494.484.474.484.624.874.91

3ities

1932

5.075.135.145.105.145.135.055.125.034.964.88

27 southern and western cities

1928

5.535.535.545.545.565.675.775.805.825.875.905.91

1929

5.945.966.046.076.106.166.176.226.276.296.296.20

1930

6.126.055.985.865.755.695.635.585.555.545.505.43

1931

5.505.435.405.365.265.345.305.285.325.385.535.56

1932

5.615.615.645.635.645.625.635.685.635.565.55

NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given inpreceding 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 importanceof each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to theimportance of that city in the group, as measured by the loans of all banks in the city




SECURITY PRICES AND SECURITY ISSUESSECURITY PRICES

[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]

Month or date

Number of issues

1931—October

December.. .1932—January. ,

FebruaryMarch. .AprilMay - . -JuneJulyAugustSeptemberOctoberNovember

Nov. 2Nov. 9Nov. 16_Nov. 23Nov. 30 ._

Bonds1

66

89.489.081.681.080.380.879.475.272.274.283.285.884.181.9

81.882.182.881.981.1

Pre-ferredstocks 2

20

109.4108.599.196.596.396.294.290.383.685.398.6

101.899.897.4

97.097.798.197.996.2

Total

421

7072585856574440343653585048

4648504846

Indus-trial

351

6568545453544238343652564845

4446484644

Rail-road

33

4846333734322217141629352826

2426272624

Publicutility

37

112115969493937368555584918178

7578817976

Common stocks (1926= 100)

Selected groups of industrial issues

Auto-mobile

13

7075656460553430262645544340

3740424038

Build-ing

equip-ment

12

3839313130292220181930342825

2426272524

Chainstore

16

7069575756584942353649534847

4649494745

Chem-ical

11

9096798079856152485075837471

6671767269

Cop-perand

brass

8

4345353632302220172038473432

3034353230

Elec-tricalequip-ment

4

113114948577775752404373786360

5662656056

Ma-chin-ery

10

5961464847473733293044484239

3740403837

Oil

15

5357444342453839374255544747

4647494846

Steel

10

5959413232322320161833423328

2829292826

Tex-tile

28

3636313131312623202233393330

3031313029

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[Long-term; i. e., 1 year or more. In millions of dollars]

Year and month

19231924.1925 . . . .192619271928192919301931

1931—OctoberNovember..December. .

1932—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..October

New issues

Total(do-

mesticandfor-

eign)

4,4375,5576,2016,3147,5568,040

10, 0916,9093,099

45112123

18473

162719178

106637594

Domestic

To-ta l i

4,0164,5885,1255,1896,2196,7899,4206,0042,860

45110123

18473

162719178

104607394

Stateandmu-nici-pal

1,0431,3801,3521,3441,4751,3791,4181,4341,235

165444

13835

10930847425346336

Corporate

Bondsand

notes

1,9762,2002,4522,6673,1832,3852,0782,9801,240

142628

42354715

74

6225

647

Stocks

659829

1,1531,0871,4742,9615,9241,503

311

42439

4410001202

For-eign

421969

1,0761,1251,3371,251

671905229

020

0000002320

Re-fund-ing

issues(do-

mesticandfor-

eign)

682759925

1,0462,2201,8581,422

711949

12121

14212972326457

1087628

1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.

Sources.—For domestic issues: Commercial and Financial Chronicle;for foreign issues (issues publicly offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision

Back figures.—See (for figures of new issues—annual and quarterlybasis) Annual Report for 1931 (Table 128).

UNITED STATES GOVERNMENT SECURITIES[In millions of dollars]

Month

1931JuneJulyAugust..SeptemberOctoberNovemberDecember

Total (12 months).

1932JanuaryFebruaryMarchAprilMayJune _..JulyAugustSeptemberOctoberNovember

Outstanding at endof month

Total

16,52016,52216,58517,04817,02817,04017,528

17,51517,82018,19018,28718, 72919,16119,29719, 75820,29620,48520, 476

Bondsand

notes

14,15214.17814.17914,98014,98114,95515, 092

15,10215,10215.10215.10315, 31815,71515,74416, 45417,28817, 79617,796

Certif-icatesandbills

2,3682,3442,4062,0682,0472,0852,436

2,4132,7183,0883,1843,4113,4463,5533,3043,008

2,680

Increase or decrease(—) during month

Total

2752

63463

- 2 012

488

1,754

- 1 3305370

97442432136461538189

Bondsand

notes

829261

8011

-26137

121539729710834508

Certif-icatesandbills

- 5 5 4- 2 4

62- 3 3 8

- 2 138

351

1,110

- 2 3305370

96227

35107

- 2 4 9- 2 9 6

- 3 1 9- 9

NOTE.—Figures relate to interest-bearing public debt; matured non-interest-bearing debt amounted to $330,000,000 at the end of November,1932. Figures include obligations held in Government trust fundsamounting to $359,000,000 at the end of November, 1932.

Bonds and notes are long-term—i. e., 1 year or more (figuring fromdate of issue); certificates and bills, shorter term.



PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES[Index numbers; 1923-1925 average= 100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]

month

1919192019211922 _ _19231924 _ _1925192619271928192919301931

1928October. _NovemberDecember

1929January..February-MarchAprilMayJuneJuly ,August...SeptemberOctober. _NovemberDecember

1930January..February .MarchAprilMay.JuneJulyAugust. __SeptemberOctober. _NovemberDecember

1931January..February.MarchAprilMayJuneJulyAugust...SeptemberOctober, _NovemberDecember

1932/anuary..February.March....AprilMayJuneJulyAugust...SeptemberOctober. _

Industrial production *

Total »

Unad-justed

83876785101951041081061111199681

118115109

11712112412412612512012212312110896

10310910610710599919092908477

828789908983807877757268

717168646159565968

»68

Ad-justed

115117118

119119119121122125124121121118110103

10610710410410298939090888684

838687888783827876737374

7269676360595860fifi

*66

Manufactures1

Unad-justed

84876786101941051081061121199580

117115110

11712212612812812712012212311910793

10211010911010698898890878274

818891919083797776727066

707066636059555867

^66

Ad-justed

116118120

120119120122123127125122121119110101

10510710410410197928989868582

838687878782827875717173

716865615858575966

*>65

Minerals»

Unad-justed

7789707410596991081071061159984

123118106

114116101103116116118121127127114110

10810491941021031001011011059689

868482838485858282908379

74757772656162667380

Ad-justed

111114111

116119109114117114116115118116110116

110108981041041021009694959293

888689918786867977828184

77788479676364657074

Building contracts awarded(value)»

Total

Unad-justed

6363567984941221291291351179263

134122107

981021211391431441361291121049484

78891021131251161078582756859

586877827874686359524330

25232631313231323028

Ad-justed

136132127

120118121123121126124122110107103102

9510410210110599958181787673

717977736563615959554938

31272627262727303029

Eesidential

Unad-justed

443044688195124121117126875037

11511293

8184106117113102948473676653

464454626154484852614637

374250524741363232292620

16151616141212111212

Ad-justed

115114106

97941011009795938673676761

564952535249474962524843

444747444037353332302723

19171514121111121212

All other

Unad-justed

79906588869412013513914214212584

150130117

111116133158168178170166144135116109

104126141156178166155115108948677

758998107104101948781715739

33303543454746484541

Ad-justed

152146145

139137137142141152149152140139132136

128148144140148140135106105999998

93104100968584828180766750

41353638373940454443

Factory em-ployment 8

Unad-justed

10710882901049610010199971018874

1009998

971001011021021021021041051039995

939393939189868586848179

767778787775747475716968

66676664615957596262

Ad-justed

9899100

1001001011021021031031031021019997

969493929190878483828180

787878787876757473706969

68686664626058596061

Fac-torypay

rolls 3

Unad-justed

981187781103961011041021021088766

107104104

10110811111111111010611111211110399

949898979491838283817574

687375747268646462595656

52545249464340404244

Freight-carloadings* *

Unad-justed

8491798710097103106103

. 1031069275

11910994

95999810210911011111512111810289

899190939795959699978674

747475777977787678787061

5859585753525153fil65

Ad-justed

106107106

108107105108107108107107106104102102

1009996979693928987868484

828080807977767269696869

64626159545251515457

Oom-_ _ _ j

ityprices'

1391549897101981041009597958673

979696

96959696959597969fl959493

9391909G8987848484838180

787776757372727271707069

67666666646465656564

» 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 seeBULLETIN 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.



MERCHANDISE EXPORTS AND IMPORTSI In millions of dollars]

Month

JanuaryFebruaryMarchVpril

M a yJune . - .JulyAugustSeptember _October.NovemberDecember

Year

Merchandise exports

1928

411371421364423389379379422550545476

5,128

1929

488442490425385393403381437529442427

6,241

1930

411349370332320295267298312327289275

3,843

1931

250224236215204187181165180205194184

2,424

1932

150154155135132114107109132

v 153

Merchandise imports

1928

338351380345354317318347320355327339

4,091

1929

369369384411400353353369351391

oooo

4,399

1930

311282300308285250221218226247204209

3,061

1931

183175210186180173174167170169149154

2,091

1932

136131131127112110

799198

Excess of exports

1928

7320401969716132

102195218136

1,037

1929

11972

10615

- 1 540501186

137104117

842

1930

1006769243544467986808566

782

1931

6649262924146

- 210364430

334

1932

152324

9204

271834

P 47

p Preliminary.

DEPARTMENT STORES—SALES, STOCKS[Index numbers; 1923-1925 average =* 100]

Month

January.FebruaryMarchAprilMay .JuneJulyAugustSeptemberOctoberNovemberDecember

Year

Index of sales

Adjustedfor seasonalvariation

1931

979897

1069795918884868381

1932

78787280737167667071

l

Withoutseasonal ad-justment

1931

798092

10197906567879395

142

91

1932

64647076736747507377

Index of stocks (end ofmonth)

Adjustedfor seasonalvariation

1931

888684838382817981807978

1932

75737070686864616161

Withoutseasonal ad-justment

1931

788187878580757684888973

82

1932

67697272706660596367

i Based throughout on figures of daily average sales—with allowancefor changes from month to month in number of Saturdays and for 6national holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea-sonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.

» Preliminary.

Back figures.—See BULLETIN for November, 1930, p . 686.

FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1923-1925 average=100]

TotalCoalCokeGrain and grain prod

uctsLivestockForest productsOre.MiscellaneousMerchandise i

Total _CoalCokeGrain and grain prod-

uctsLivestock _Forest productsOre.Miscellaneous.Merchandise'

1932

June July Aug. Sept. Oct.

Adjusted for seasonal variation

524527

665322

65471

514924

7054219

4969

515125

685720104868

545932

685424105269

576839

6552251256

Without seasonal adjustment

523924

584524105671

514321

844521175268

534923

835121185368

616431

826425166272

657740

726926166672

1 In less-than-carload lots.Based on daily average loadings. Source of basic data: American

Railway Association.Back figures—See BULLETIN for February, 1931, pp. 108-110.



FINANCIAL STATISTICS FOR FOREIGN COUNTRIESGOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS

lln millions of dollars]

End of monthTotal

(49 coun-tries)

UnitedStates Canada

countries) A u s t r i a B e l * i u m ******

Europe

Denmark England France Germany

1931—JulyAugustSeptember-.OctoberNovember,.December...

1932—JanuaryFebruary. . .March. .AprilMayJune—JulyAugustSeptember..OctoberNovember..

11,22011,29611,27511,13911,24911,289

11,34011,418

'11,49911,51511,41611,34811,42011, 562

v 11,694v 11, 791

4,5874,6324,3643,9054,0314,051

4,0093,9473,9863,9563,7173,4663,5223,6393,7483,819

v 3,883

5,3535,4155,6896,0666,1136,189

6,3006,4446,4846,5316,6656,8416,8716,897

v 6,923v 6, 944

214221346357356354

352351349351353357365364359363

643649656660587588

588588588

663670676678678678

2,2902,2962,3262,5342,6592,699

2,8082,9423,0123,0523,1153,2183,2213,2243,2413,2503,267

325325310273239234

226221209205206198183183190195

»197

Europe—Continued

End of monthGreece Hungary

1931—July..AugustSeptember.OctoberNovember..December-.

1932—JanuaryFebruary..MarchAprilMayJuneJuly.AugustSeptember-October

Italy

283286293296296

296296296296297298300302305306

Nether-lands

236260282336362357

351353354364384394408415416416

Norway Poland Portu-gal

Ruma-nia Spain

439439439434434434

434434

•*434434435435435435435436

Sweden 3witzer-land

225229328422425453

472482471471493503509510509509

U. S. S.R.

267280

315328

329329330331335349357368

Yugo-slavia

6 othercoun-tries

182121252626

262626273031302828

'28

Latin America

End of month Total(10

coun-tries)

Argen-tina Chile

Co-lom-bia

Peru Uru-guay

5 othercoun-tries

Asia and Oceania

Total(7

coun-tries)

Aus-tra-lia

India Japan JavaNewZea-land

Siam Tur-key

Africa

Alge-ria Egypt South

Africa

1931—JulyAugustSeptember-October.. .November-December.

1932—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-October

418402372369364355

350347

'347'343346

'347348348346

3»343

322309281270265253

252249249249249249249249249

714698706652593548

532534535534534536524523523

"524

158162162162162162

162162162162162162162162162162

412406408342271234

215215214214214214214214214214

2328282828282828

J>28

3331323037

40373134353834353235

Preliminary. ' Revised.

NOTES

• Corrected.

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 lastreport date of month. See BULLETIN for May, 1932, p. 315. Since the note in the BULLETIN for May, 1932, was prepared, figures for the BanqueCentrale 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 lastThursday 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 IDexcess of $10,000,000.

For back figures—and for additional details relating to this table—see BULLETIN for May, 1932.


DECEMBEE, 1932 FEDERAL RESERVE BULLETIN 763

GOLD PRODUCTION[In thousands of dollars]

Month

1930—Total _.

1931—February... ,.MarchAprilMay _June. .July __AugustSeptember.. _OctoberNovember. __December

Total.

1932—JanuaryFebruaryMarchAprilMayJuneJuly _. .AugustSeptember. _.

Esti-matedworld

produc-tion

416,752

34, 51536,09436, 22236, 68236,65836, 60437,21537,19938,31237, 21137, 276

440,518

37,88136,89938,67438,30539,241

v 39,084v 39,184v 39, 979v 39, 301

Production reported monthly

Total

326,032

26, 59028,17028, 29828,75728,73428,68029, 29029, 27530,38729,28729,352

345,426

29,95728,97530,75030,38131,317

v 31,160v 31,259*>32,054* 31, 377

Africa

SouthAfrica

221, 526

17, 42718,79118,19418,90118,59418,95918,85918,98119, 52518, 67318,809

224,863

19,58718,93519,87719,59319,97019,87120,26820,47519,888

Rhodesia

11,476

898886917918926947918905936941

1,041

11,193

921956996976977

1,011981

1,0191,041

WestAfrica

4,995

438453446451447451462486473477498

5,524

460453484466481471546510509

BelgianCongo

3,618

333349351334340342353397437408417

4,448

405381424391409

P 426P 439P 4 5 5P 4 1 9

Canada

43,454

4,0334,2184,5914,4604,7254,7114,7185,0054,9334,9064,974

55,458

4,8344,6705,2855,0935,5515,5925,1245,4285,386

Mexico

13,813

1,011988

1,3291,2081,103

8141,2281,0741,041

914877

12,866

1,106948862

1,0571,026

960924

1,138v 1,138

Colombia

3,281

299340278329353354353256452389312

4,016

450386404380448405455524456

Australia

9,553

869863936919

1,092933

1,229916

1,2401,3211,181

12,134

:U0321,063L.131L, 1641,234,172

L,2441,221,283

Japan

7,531

702689694716663668654692679667664

8,109

628657741671653647692696

*>696

India

6,785

580594561521490500516562673590579

6,815

534525545590567603585588561

p Pre l iminary .

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 differencebetween 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 derivemonthly figures for estimated world production for 1931-32, this average difference, of which over half represents United States production, isincreased 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 theGold Coast and Sierra Leone; those for Australia, total output with the exception of Tasmania and Northern Territory; those for Japan, the outputof the leading mines; and those for India, the output of the Mysore State. Official figures for all mines in Colombia are available on a monthlybasis only for the year 1932. Monthly output in Colombia previous to 1932 has been estimated by adding to the official monthly figures for theDepartment 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 MOVEMENTSIn thousands of dollars]

Month

1931—AprilMayJuneJuly.AugustSeptember-October. _.November.December .

Tota l . . . .

1932—January...February. _MarchAprilMayJuneJulyAugustSeptemberOctober _.November p

United States

Totalnetim-

ports

49,51649,63063,84719,50357,50020,561

-337,68589,43656,858

145,325

-72,950-90,567- 2 4 , 671- 3 0 , 239

- 1 9 5 , 514-206,047

- 3 , 4 3 76,103

27,89720, 61719, 946

Net imports from—

Eng-land

- 41,501

23685333

4,249

6,797

- 3 , 1 9 9- 2 3 5

- 2 3-1 ,922- 7 , 0 4 7-1 ,910

1,4056,0935,8681,2511,376

France

19,1615

218

- 1 6-24,087

-324 , 500- 1 0

-15,150

-344,514

-83 ,783- 9 8 , 203- 3 7 , 532-24,527- 6 3 , 216

-111,411-21 ,513-17,950

5072

Ger-many

61- 2 0

25,990

11,0002

- 8 3 1- 1 1 5- 6 2

36,026

- 7 1- 4 9 5

2- 3 , 2 8 6- 9 , 710

- 1 1 6

320

Bel-gium

16

- 52

- 9 , 6 7 8- 5 7

- 5 , 8 6 1

- 1 5 , 583

- 1 2 , 553-17,859- 6 , 3 4 1

- 6 6 9-19,930-26,250

1,021

Nether-lands

- 4 , 1 7 2-35,904

- 3 9 4- 9 , 8 5 7

-50,327

- 6 , 2 5 7-8 ,672

-18,707- 5 8 , 473-23,168

5,5432,3812,613

Switzer-land

- 1 7

- 3 4 9-17,617

- 5 1 5-1 ,270

-19,768

- 1 , 759- 2 5 4

- 6- 1 1 5

- 5 3 , 554-62,603

- 2 2 5- 821925

Can-ada

1,1051,052

20,7254,8712,2088,8375,6667,4084,513

81,136

4,1548,4067,2167,2674,6995,4244,5735, 2573,904

5105,199

Mexico

1,563774

Argen-tina

14,78240. 029

438' 4.923466

8,8024,260

-1 ,239989

1,344

22,267

1,103950

2,9973,3291,510

8161,2842,2732,8431,345

691

8,3055,383

25, 77015,474

267

141,263

9,1101,1572,683

42

Colom-bia

863,359

15587

1423,095

16

2,042

15,116

2,948737

13455228

BritishIndia

4

4,8953,165

8,064

4,6772,575

70

175

240467

2,8556,0684,866

Chinaand

HongKong

7,796960

6,3611,5441,0463,5965,5331,644

623

34,240

167819

2,9482,4023,7914,8663,5244,7834,2053,6002,922

Japan

2,741847399

1,24625,000

22,50175,93268,285

199,286

9,96919,441

2,0132,4415,1724,197

3,362

Allothercoun-tries

2,2052,6244,8522,9802,4353,5842,209

9414,837

31,322

2,5421,7953,3133,9673,8003,1333,0644,1222,0391,9332,279

Preliminary.



GOLD MOVEMENTS—Continued[In thousands of dollars]

Month

Great Britain

Totalnet im-ports

Net imports from—

UnitedStates France Ger-

manyBel-gium

Nether-lands

Switzer-land

SouthAmerica

BritishIndia

StraitsSettle-ments

Austra-lia

SouthAfrica,

Rhodesia,West Af-

rica

Allothercoun-tries

1931—AprilMayJuneJuly _..AugustSeptember-..OctoberNovember p.December p.

Total *>.„-

1932—JanuaryFebruaryMarchAprilMayJuneJuly. _..AugustSeptember-OctoberNovember P.

24,08419,12254,300

-130,808-24,150-9,302

15, 775-44, 977—15,602

-1,50611

-8431,122

-4,144-7,086

-344-296-232

-110,144-13,333

-819- 6 , 769

- 6 1 , 4 1 2-24 ,939

- 9 2- 4 2 0

37,5141,765

7- 8 2

- 1 1 9- 2

- 5 1 5

- 1 9-10, 751- 9 , 1 4 5

- 4 3- 8

- 6 6- 1 5 5

65146

- 8 2- 5 0 , 1 3 3-24 ,373- 2 1 , 353

- 9 , 462-12 ,370- 4 , 2 9 0

- 1 2 6- 1 3 3

- 3 , 3 3 8- 1 , 6 5 8

-13,218-10.189- 2 , 502

-10,003-18,564

3402,753

3896,028

602811

1,370692

305- 2 5 8

- 2 53,132

984682

8,35323, 93019,527

9671,0031,2051,7031,504

765444214417

3,407398511

10,09615,549

16572

1,10764

23,09016,18521,02421,04217,86120, 55421,68115,42619, 499

-3, 528-256

-2,647-382-5991,1971,0931,649442

-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

-7,320-6,182-2,69126,14816, 97335, 01922, 6751,2965,2045,8147,722

-4,1292,256-1191,2077,54115,897-1,671-4,259-6,887-284

-1,373

-64,955-52, 712-40,858-17,795-10,843- 9 , 035-11,361-20, 269-27,521-24,895-17,744

-76-58

371

-18144455

-20366

- 3 , 584- 7 , 537-3,480-1,955-11,310-9, 394-7,812-10,438-2,571- 2 , 969-2,905

-247-3 , 723-7,382

-16-214

-1,081-753-75-214-120

1052,2261,002

406

500300187189371

45,98630, 66124,34017,39311,56512,81214,20414,27913,00911, 9737,841

746781602

7722,122829584943678

1,555371

1,7501,083915794

9,661175

1,505870799

17,06220,88420, 61624,89318,96526, 24619,35119,71225, 86618,37819,442

3521,426887420

1,734760

3,2075,0101,3261,853

572

Month

France

Totalnet

imports

Net imports from—

UnitedStates

Eng-land

Ger-many

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

Germany

Totalnet

imports

Net imports from—

UnitedStates

Eng-land France

Neth-er-

lands

Swit-zer-land

U.S.S. R.

Allothercoun-tries

1931—AprilMayJuneJulyAugustSeptember.October—.November.December-

T o t a l - - .

1932—January—.February..MarchAprilMayJuneJulyAugustSeptember.October

2,736-12,090-9,558149,15072,952

418273, 734122,37213,881

-12, 749-6,326

209243,95699,8763,164

2,218257316

29, 52078,366

90221, 73840, 44726,132

4,11489, 786

- 26,060

911

-13-20-21-19-29-10

-3,55322, 741-232

- 7- 3

- 8 , 262- 9

-5,996-1,818-153

-42,572

538425621

29,872611

1,1375,6851,7897,203

11,3836,371

-205, 543-6, 243

934-16,947-31,473-41,968

875

112

-25,927-10,963

681187

563248

-40,029-1,949

11254712049542

4145

-97,630542163

-5,9511856

309424

-24,159151548

-5,558-10,965-16,455

150

442

-6,11318

-23-11,859-20? 620-25,594

103

10, 3275,1695,1545,218

5,183

95431

1,22780

-8078- 417

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

74,007184,171147,60460, 34017, 735

168,00031, 95442, 9409,63832,695

65,06282, 58071,27938,08017,174152,07216, 74624,149-62511,927

10, 73590,94749,02823,88814, 2327,54112, 47216,2414,42419, 995

-46- 4

13,889-15

2, 5825,737- 5

5.3823,918329

6,7559,60112, 5612,0192,0064,601483-171,448565

-9,899-1,592

17428

-1,119-8,234-1,001-369249

-270

1,4012,639830

-4,0613-17,141

6,2813,259

-2,447222148

328-5,262-13,647- 8 , 3193,133

-7,139-13,718

4,1898,5515,560

29366

71- 2-14

85

-42- 2- 230

1671

-16,224-5,398

17-5,800- 4 , 757

11631

27849170

- 7 , 539

~5',4741,1293,379

-52

4-5,647-2,776

4267 10,7271524357

2475,1525,1981,3523,399549

4,6245,4095,458

- 9-53

33180

-662,809

-4,065-1,627

-283

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 berevised 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.


DECEMBER, 1932 FEDEKAL KESERVE BULLETIN 765

GOLD MOVEMENTS—Continued[In thousands of dollars]

Month

1931—April...MayJuneJuly.AugustSeptember..OctoberNovember..December...

Total

1932—JanuaryFebruary. --MarchAprilMayJuneJulyAugustSeptember. „October

Netherlands

Totalnet

imports

- 4 3 3- 5 1 9

24,3849,397

60,07619,02030, 59836, 55119, 567

198,619

7,1302,608

- 1 , 8 8 67,737

58,25654,1074,9837,204

-13 ,797- 6 , 230

Net imports from—

UnitedStates

16,41321,551

1,449

39,413

7,7478,8106,3422,799

55, 31747,324

- 6 , 367- 1 , 9 1 6

England

- 6 5- 1 4 5

- 2 19,820

60, 72215,38714,7817,9828,849

117, 591

3,1005,4463.870

8675,4708,3975,5658,7151,1981,252

France

2523233739

- 8 6-17 ,572- 1 , 1 1 3- 2 , 325

- 2 1 , 024

- 3 , 521- 9 , 9 0 0

- 1 1 , 0 2 8- 7 7 1

- 3 , 258- 1 , 7 8 6

- 2 7 6- 3 3 4

- 1 , 7 0 8- 5 9 3

Ger-many

- 3 9 2- 3 8 2

24,176- 2 2 9- 5 5 6- 1 1 3

17, 4554,717

11, 672

56, 059

- 3 0 4320

348,4457,4299,7635, 376

- 1 . 2 8 0- 3 , 496

- 6 1

Allothercoun-tries

- 2- 1 3207

-232-128

» 3,831-479

«3,413- 7 8

6,580

109-2,069-1 ,105

' -3 ,602«-6,703»-9. 590«-5 , 681

» 1035 3, 423

5 -4,912

Switzerland

Totalnet

imports

- 1 0- 1 8

17,4753,597

18,09625, 50594, 33943,57219. 687

222, 751

5,65317,6584,6982,538

46,05180.87214.993

1,503- 6 0 4

- 3 , 3 8 5

Net imports from—

UnitedStates

23

32,9193,224

254

36,422

2,0671,411

8265

41,03470. 2479,779

81- 3 6 1

- 5 0

England

100123

3,2691,072

1861,7225.3469,805

18,364

41, 301

1,3005,7255,733

116116

1,734111

9015482

France

- 3 2- 6

8,2202,300

6623

3,3984,519

886

19, 317

1,9725,423

- 2 , 069- 9 5

1,7183,5543,734

757- 5 4 0

- 3 , 0 8 7

Ger-many

- 3 9- 1 1

6.110- 3 6

501

8,27025,604

- 7 5

39,684

105,731

886- 1 6 5

- 5 2- 8 5- 5 1

- 1- 3 4

- 1 0 2

SouthAfrica

33211,04416,57744,196

408203

72, 760

9214

Allothercoun-tries

- 3 8- 1 2 3- 1 4 6

- 6 91 6,751» 7,181

2001155

13,267

304- 6 3 0

65« 2, 616•3,23fi• 5,422• 1, 420

485177

- 2 3 2

British India*

MonthTotal netimports

Net imports from—

UnitedStates England

Australiaand NewZealand

Iraq SouthAfrica

All othercountries

Gold pro-duction

in India7

Increaseor de-

crease (—)in Gov-ernmentreservesin India

Increaseor de-

crease ( - )in privateholdingsin India8

1931—April.May . - .JuneJulyAugust _.SeptemberOctober.November. _̂ _December

600696

- 1 , 752- 8 0 3

- 4

- 2 7 0175

-26, 058-24, 217-45,596

- 1 0r— 762- 8 , 273- 3 , 307- 5 , 294

102295

- 2 , 254- 1 , 5 3 9

- 9 7 9' - 1 0 1

-10 ,179- 1 7 , 6 1 0- 3 9 , 539

19999

170404224

'44423

11816714679202'161279372152

70'256479

107111165253223'177

•-8,388ie-3, 673

-921

523491502517564675592581

6,1685,8663,3977,3623,760

21- 3 5 3

3590

Total . -17 ,650 - 7 2 , 531 '2,286 ' 2, 071 '1 ,343 -11 ,208 6,835 33, 532

1932—January ._FebruaryMarch.April.MayJuneJ u l y . . .AugustSeptemberOctober

-24 ,029-17 ,672-18 .670-11 ,812

- 8 , 935

-2 ,863- 3 6 3- 9 0

- 2 0 9

- 1 3 , 227-16 ,437-11 ,674-17 ,201

v-13, 384

- 1 6 7' - 3 7 4- 2 , 775-5,978

-21 ,419-17 ,353-18 ,788-11 ,229

- 9 , 007-13,155

-14 ,575' - 7 , 979

22528

]89- 4 7 1

5988

i» - 1 , 4 9 7' - 9 3 1

12 — 1, 393

536527547592569605587590

P 5 6 3

18- 2- 7

34

-5, 005-4,647- 4 , 658-7,663-3, 513

718-25,030-23,984-45,015

-122,385

-23,511-17,143-18,116-11,134-8,365

-12,622-15,850-11,084-16,672p-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. Figuresfor total net imports, gold production, and increase in Government and private holdings are final unless otherwise indicated.

» Preliminary.r Revised.



GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]

Argentine Conversion Office (millions ofgold pesos):

Gold_.Notes issued l

Irish Currency Commission (thousands ofpounds sterling):

Legal tender note fund-British legal tender and bank

balancesBritish securities-Notes issued

Consolidated bank notes *—Issued -:._Deemed such under sec. 60 (4) of

currency act, 1927

1932

Oct.

*>257P 5 8 0

1506,8116,961

4,560

1,406

Sept.

257580

746,6946,767

4,541

1,423

Aug.

257584

1246,5806,703

4,532

1,442

1931

Oct.

280525

1,0596,2397,298

4,310

1,687

Canadian Minister of Finance (millionsof Canadian dollars):

Gold reserve against Dominion notes-Advances to banks under finance a c t -Dominion no tes -

IssuedOutside chartered bank holdings-

Indian Government (millions of rupees):Gold standard reserve-

GoldForeign exchange

Paper currency reserve-Gold _Silver coin and bullion—Other assets

Notes issued

1932

Oct.

16128

328

1151,149

4941,758

Sept,

23

15329

330203

1131,153

4911,758

Aug.

29

15428

332201

1111,150

4941,756

1931

Oct.

"7324

15830

134

431,316

2391,598

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]

Resources

Cash on hand and on current account withbanks. _. _

Demand funds at interestRediscountable bills and acceptances (at

cost).Commercial bills and bankers' accept-

ancesTreasury bills _

Total.

Time funds at interest:Not exceeding 3 months.

Sundry bills and investments:Maturing within 3 months-

Treasury billsSundry investments

Between 3 and 6 m o n t h s -Treasury billsSundry investments

Over 6 months _

TotalOther resources-

Total resources..

1932

Oct. 31 Sept . 30

1,7349,668

61,48325,661

87,143

44,853

2,76213,736

6,9676,871

318

30,6541,545

175, 598

2,6257,805

24,633

93, 242

47,401

5,7879,185

2,76311,432

371

29, 5381,304

181,914

1931

Oct. 31

1,91432,605

57, 30427,694

84,S98

49,121

31,320

8,586

39,9072,471

211,016

Liabilities

Short-term deposits:Central banks for own account-

DemandT i m e -

Not exceeding 3 months. .Between 3 and 6 months-

TotalCentral banks for account of o thers -

Demand _-.T i m e -

Not exceeding 3 months

TotalOther depositors-

DemandTime—Not exceeding 3 months. .

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund-

To ta l—Capital paid inReserves:

Legal reserve fundDividend reserve fund-General reserve fund

Other liabilities.-..

Total liabilities..

1932

Oct. 31 Sept. 30

67,977

13,026

81,004

,792

2,792

321,211

29,67714,83913, 249

57,76524,125

254519

1,0386,857

175, 598

71,639

16,562

88,201

2,537

2,537

351,208

29, 67714, 83913,249

57,76524,125

254519

1,0386,232

181, 914

1931

Oct. 31

73,003

21,006

94,009

26,608

6,020

32,628

695

29,67714,83913,249

57,76520,941

108211422

4,236

211,016

i Composed of $6,529,000 of investments between 6 months and 1 year and $2,057,000 exceeding 1 year.



CENTRAL BANKS[For explanation of these tables see BULLETIN for February, 1931, pp. 81-83]

Bank of EnglandGold (in

issuedepart-ment) 1

Resources of banking department

Cash reserves

Coin Notes

Discountsand

advancesSecuri-

ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers'

62.663.559.8

126.474.367.954.658.377.586.688.279.580.677.390.5

Public

30.117.327.07.7

15.314.127.223.423.618.011.220.723.425.410.1

Other

52.652.638.140.338.232.234.435.332.934.734.635.433.433.637.1

Otherliabili-

ties

Millions of pounds sterling:1931—Sept. 30

Oct. 28.Nov. 25Dec. 30

1932-Jan.27Feb. 24Mar. 30Apr. 27._May25._June 29 _July 27Aug. 31—Sept. 28Oct. 26Nov. 30 ». .-

134.8135.7120.7120.7120.8120.8120.8120.8125.0136.1137.7138.9139. 4139.4139.4

1.31.31.0

.6

.6

.7

.7

.8

.9

.91.01.01.0

52.654.641.331.649.949.435.343.045.848.143.448.654.656.055.6

14.810.512.727.312.911.511.711.512.214.915.312.212.111.611.9

94.984.687.8

133.082.571.086.879.493.293.592.592.288.085.487.1

357.2356.0354.4364.2345.9346.4360.5352.8354.2363.1369. 3365.3359.8358.4358.8

19.317.717.818.018.118.218.217.717.818.018.118.218.217.717.8

Bank of France

Resources Liabilities

Gold Foreignexchange

25,19427,60024,27321, 11118,80515,12712, 63211,8009,0016,3325,4825,3894,9774,9844,852

Domesticbills

5,8808,8097,7667,3896,5555,5444,8204,6904,1603,9293,9053,4672,6043,6373,265

Securityloans

2,7542,7122,7312,7302,7442,7072,7162,7352,7002,7152,7472,7602,7832,7642,500

Negotia-ble

securi-ties »

5,0655,0655,0657,1576,8996,8826,8816,8816,8816,6266,6216,6216,6216,6216,621

Otherassets

Notecircula-

tion

Deposits

Govern-ment Other

Otherliabili-

ties

Millions of francs:1931—Sept. 25_.

Oct. 30__.Nov. 27...Dec. 30...

1932—Jan. 29__.Feb. 26...Mar. 25...Apr. 29...May 27...June 24...July 29. . .Aug. 26 . .Sept. 30...Oct. 28....Nov. 25 *.

59,34664, 64867,844

71, 62575,05976,83277,86279, 47082,10082,16882, 23982,68182, 90983,341

8,0998,4288,6478,5458,2788,3298,3718,697

8,6348,9948,8789,6869,145()

78,17383,63982,54385, 72584,72383,18981,78282. 77481, 41880,66782,11879,91282,45982, 20581,536

7,3578,2277,1705,8984,7223,6373,5263,1113,4322,8813,7403,9823,0104,5532,929

18,54222,95424,17122,18323,55224,89924,96224, 82724,12824,62122, 03323,42621,87621, 22922,970

2,2662,4412,4421,9891,9101,9251,9801,9532,9171,1672,0252,0352.0092,071

(3)

Reichsbank

Resources Liabilities

Reserves

Gold Foreignexchange

Treasurybills

Otherbills (andchecks)

Securityloans Securities Other Note

circula-tion

4,6094,7464,6414,7764,4074,2684,2314,1283,9613,9843,9673,8173,7553,6203,531

Deposits

613518506755394423578405431473380408451389418

Otherliabili-

ties

Millions of reichsmarks:1931—Sept. 30

Oct. 31Nov. 30Dec. 31

1932—Jan. 30. _Feb. 29Mar. 31Apr. 30 _May 31June 30July 30 . .——Aug. 31Sept. 30.Oct. 31Nov. 30 *

1,3011,1451,005

984948928879859863832

796817827

139131170172145149142131129130128157133123110

124 3,5454,0103,9014,1443,6323,3243,2583,1462,9903,1003,1083,0092,9912,8572,731

301240254245158303290282257261224207242198207

103103103161161162362362363364365365362362395

1,016963980

1,0651,0981,1001,044977

1,0321,038975960940957959

1,3061,3261,3231,3381,3731,3181,2261,2491,2621,2711,2671,2791,2981,3451,314

1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed bylaw 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 authorizedby the British Treasury under section 8 of the Currency and Bank Notes Act, 1928; the maximum period for which such authorization may begranted is two years.

* Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement).1 Not yet available.v Preliminary figures.



CENTRAL BANKS—Continued[Figures are for last report date of month]

Central bank1932

Oct. Sept. Aug

1931

Oct.Central bank

1932

Oct. Sept. * Aug.

1931

Oct.

National Bank of Albania (thousandsof Albanian francs):

Gold _ -Foreign exchangeLoans and discountsOther assetsNote circulation _Demand depositsOther liabilities

Commonwealth Bank of Australia(thousands of Australian pounds):

Issue department-Gold coin and bullionSecurities..-

Banking department—Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits -

Bank notes in circulationAustrian National Bank (millions of

schillings):Gold.. -Foreign exchange of the reserve. - .Other foreign exchange...Domestic bills _._Government debtNote circulationDeposits _

National Bank of Belgium (millionsf b l )

149390

2 3362 663

903177

of belgas):Gold

i2,611

683367

3,637168

GoldDomestic and foreign billsLoans to StateNote circulation.Deposits

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeJ oans and discountsNote circulationDeposits

Bank of Brazil (millions of milreis):CurrencyCorrespondents abroad.>.Loans and discountsNote circulationDeposits

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchange in reserve. _.Total foreign exchangeLoans and discountsGovernment obligations _.Note circulationOther signt liabilities j 1,542

Central Bank of Chile (millions ofpesos):

Gold at home and abroadForeign exchange for account of—

Bank.__Exchange commission

Loans and discountsGovernment securitiesNote circulation

. DepositsCentral Bank of China 3 (thousands

of Yuan dollars):GoldSilverDue from banks abroadDue from domestic banksLoans and discountsSecuritiesOther assets _.Note circulation _Deposits—Government

BankOther

Other liabilities

586255

1,804170

2,571

1,517-23268817

2,9352,713

86

5,52029,1763,4025,00112,00219, 29311, 804

10,49938, 053

1,21813,66614,90329, 87462,14742, 705

149400

86792902173

2,582655367

3,631128

21, 3223,05038, 70333,96016,165

454215

1,806170

2,238

1,5178

254784

2,9452,7731,478

93

3200280480239

46,7623,55922,34893,1195,83219, 33830,84287, 60323,8914,90244, 528

5,54628, 5743,6994,717

12,14818,84211, 546

10,49938,094

1,1839,29715,11829,87857,21942,349

149400

87292915165

2,615678367

3,652158

23,2642,85432,31132,59614,287

357161

1,877170

2,157

1,51712268690

2,9652,6581,620

96

182280455210

1,35248,0134,31522,34083,9125,58619, 96431,036

20, 5065,14642,625

4,08826,1564,5687,24412, 22315,66514,168

10,50041, 498

1,0357,19822,88417, 43449, 71246,395

1901124376796

1,13491

2,567957290

3,602313

2,87123,51122, 41426,18311,098

24751

1,611170

1,536

1,51053455813

3,0303,1851,274

67

1380

1990

30185

3,16846,40018,95423,24165,21013,6468,67839, 44293,29011,0245,072

30, 469

Bank of the Republic of Colombia(thousands of pesos):

Gold at home and abroadForeign exchange...Loans to member banksNote circulationDeposits

National Bank of Czechoslovakia(millions of Czechoslovak crowns):

GoldForeign balances and currency. . .Loans and advancesAssets of banking office in liqui-

dation —Note circulationDeposits...

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulation _ -. .Deposits —

Bank of Danzig (thousands of Danziggulden):

Gold -Foreign exchange of the reserve.-Other foreign exchangeLoans and discountsNote circulation.-Deposits

Central Bank of Ecuador (thousandsof sucres):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

National Bank of Egypt3 (thousandsof Egyptian pounds):

GoldForeign exchange.British Government securities-..Loans and discounts.__ —Egyptian Government securities.Other assetsNote circulationDeposits—Government

OtherOther liabilities

Bank of Estonia (thousands ofkrooni):

Gold . . - *Net foreign exchangeLoans and discountsNote circulationDeposits—Government

Bankers'Other

Bank of Finland (millions ofmarkkaa):

Gold.. . . —Balances abroad and foreign

creditsForeign bills.Domestic bills _Note circulationDemand liabilities

Bank of Greece (millions of drach-mas) :

Gold - -Foreign exchange.--Loans and discounts _Government obligationsNote circulation _.Other sight liabilities-Liabilities in foreign exchange. __

Central bank of Guatemala (thou-sands of quetzales):

Gold coinBalances abroadLoans and discounts

11,5794,3886,27519, 26020,154

1,6591,0821,560

06,057634

1335510433376

21, 37515,230

2489,22337,1266,502

11, 4816,94922,92332,9443,2695,6502,541

304

465230985

1,066351

6541.2552,1673,3224,7502,955230

13, 2613,3235,30518, 25518, 674

1,6591,0981,628

06,218579

13355118315

21, 37118, 839

3028,85137,9636,861

14, 6484,50221,96024,1279,766

6,6631,95312,1596,16117,1753,63418, 9352,83017, 9018,080

11, 4756,97323,29632,0604,3985,6442,318

304

499225946

1,090341

617932

1,9663,3214,6832,454197

1,778414

6,144

13,9033,6644,43216,77419,053

1,6401,0791,489

06,144

13347134

21,37224,957

3577,19038,69010,676

14,6113,51920,89322,4419,320

2,52210, 3598,04617,9003,61717,1745,05818, 7088,168

11,4707,25022,42131,3854,5005,7532,387

304

510230828

1,075308

588822

1,5153,3214,3232,173193

1,666513

6,117

10,9974,55819. 51419,1659,027

1,5521,1281,765

2997,218

1644515136641

21, 78415,07911,77610, 23143,8275,972

5,65311,64914,40020, 2209,584

4,2251,21715,4709,42114,9963,59019,5435,10216,1428,133

6,54915, 92723, 55838,0945,6733,1011,961

305

365213936

1,264164

1,713443

3,1484,297777201

2,246637

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.



CENTRAL BANKS—Continued[Figures are for last report date of month]

Central bank

1932

Oct. Sept. Aug.

1931

Oct.Central bank

1932

Oct. Sept. Aug

1931

Oct.

Central bank of Guatemala—Contd.Other assets _Note circulationDemand depositsOther depositsOther liabilities

National Bank of Hungary (millionsof pengos):

GoldForeign bills, etcLoans and discountsAdvances to treasuryOther assetsNote circulation -.DepositsMiscellaneous liabilities

Bank of Italy (millions of lire):Gold at home_-_Credits and balances abroadLoans and discounts -Total note circulation.. _Public deposits _Other deposits -

Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bondsNotes issuedTotal deposits. .

Bank of Java (millions of florins):GoldForeign billsLoans and discounts .Note circulationDeposits ___

Bank of Latvia (millions of lats):GoldForeign exchange reserve...BillsLoansNote circulation _Government depositsOther deposits

Bank of Lithuania (millions of litu):GoldForeign currencyLoans and discountsNote circulationDeposits

Netherlands Bank (millions offlorins):

GoldForeign billsLoans and discountsNote circulationDeposits _

Bank of Norway (millions of kroner):GoldForeign balances and billsDomestic creditsNote circulationForeign depositsTotal deposits _.

Central Reserve Bank of Peru(thousands of soles):

GoldForeign exchangeBillsNote circulationDeposi ts . . . _

Bank of Poland (millions of zlotys):Gold . _ . „ .Foreign exchange of the reserve..Other foreign exchangeLoans and discountsNote circulationOther sight liabilities

Bank of Portugal (millions ofescudos):

Gold _Other reserves

978

489522241055174

5,8111,4056,46313, 795

3001,096

429845268

1,130421

105194921433

127156376787

49189310254

1,03571122

1,003264

144262543063

80

49436103714

1,063130

400558

1,5155,4781,337122

2,914

9711

459522037281159

5,7891,4006,02813, 814

3001,274

429828118979469

104184921632

36127152366885

4916

58

1,03571119974294

142292613113

83

39, 27793

15,14347,3884,587

48935103741

1,056152

544

1,4445,3951,325

832,937

97114485219

37674150

5,7501,3935,90913,382

3001,345

429874118

1,007460

104174721636

36127146356982

5015959858

1,03271125996278

14213

273314276

38, 943477

16, 58848, 7674,836

47747100777

1,082147

397559

1,6606,5701,278101

2,501

10516

422584143511461

5,5702,5515,25114, 441

3001,450

808118

1,093459

13235123927

32148159425885

4212412184

836100264

1,037220

17211230295296

59, 3472,86114,31756, 6413,219

59478132765

1,254165-

221588

Bank of Portugal—Continued.Discounts and advancesGovernment obligationsNote circulationOther sight liabilities

National Bank of Rumania (millionsof lei):

Gold _Foreign exchange of the reserve..Other foreign exchangeLoans and discountsState debt .-- _Note circulation. _Demand deposits

South African Reserve Bank (thou-sands of South African pounds):

Gold — .Foreign billsDomestic bills..Note circulationDeposits—Government

BankOther

Bank of Spain (millions of pesetas):Gold _SilverBalances abroadLoans and discountsNote circulationDeposits

Bank of Sweden (millions of kronor):Gold —Foreign bills, e tc . .Loans and discountsNote circulationDeposits

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and discountsNote circulation. _Demand deposits

Central Bank of the Republic ofTurkey (thousands of Turkishpounds):

Gold..Foreign exchange.. _Government securitiesOther securities .-Other assetsNote circulationSight deposits-_. ---Other liabilities .

Bank of the Republic of Uruguay(thousands of pesos):

Gold . .Loans and discountsOther assets.-Note circulation..Deposits—Demand

TimeJudicial and adminis-

trativeOther liabilities...

State Bank of U. S. S. R. (note-issu-ing department; thousands ofchervontsi):

GoldOther precious metalsForeign exchangeNote circulation

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities

1,0581,906379

7,1890

1,1337,3651,0423,790192

2, 258590293

2,8194,856938

206195187571183

2,6384766

1,5531,201

19, 214373

155,45028,08121, 538164,13910, 37350,144

1,0581,920355

9,47658978

11,3125,73021,3136,957

6,5120

1,8627,9331,1713,997142

2,257586289

2,8034,818918

206179209612133

2,6386156

1,5751,187

18, 439387

L55, 84028,08122,488164, 5299,08251, 623

47, 906108,16739,25782, 38335,02937, 477

2,71537, 728

1,763347

2,5462,4114,759852

1, 763354

2,4822,4104,833795

3461,0581,929365

9,47654916

11, 5755,73021,1946,735

7,0930

2,3626,5881,3864,146335

2,257585287

2,8124,777991

206172217556

2, 6446156

1,5611,202

18,155201

.56, 30728,08120,918164,9967,66850, 998

48, 052107, 47638,46483, 31133, 66737, 731

2,74636, 539

71, 4521,7503,088

343,034

1,763327

2,4162,4094,836716

3651,0581,930326

8,9571,738

2013, 7275,337

23, 2436,027

6,1890

4,5708,3401,9864,300192

2,247530286

3,2205,0731,104

21328528579102

2,18810592

1,498934

51,215102,82035,95376,12435,27839,040

3,53836,008

60,0252,2264,808

259,633

1,757657

2,0882,3255,302871



COMMERCIAL BANKS

Country

Argentina (millions of gold pesos):Bank of the Nation-

GoldOther cashLoans and discountsDeposits

Other banks in Buenos Aires—GoldOther cashLoans and discountsDeposits

Canada (millions of Canadian dol-lars):

Assets entirely in Canada-Cash in vault»Cash in central gold re-

servesSecurity loansOther current loans

Security loans abroadSecuritiesLiabilities entirely in Canada-

Notes in circulation _ __Individual demand depos-

itsIndividual time deposits...

England (millions of pounds ster-ling) :

Cash in vault and at bankMoney at call and short notice-Advances and discountsInvestmentsDeposits

France (millions of francs):Bills and national-defense bonds.Loans and advancesDemand depositsTime deposits

Germany (millions of reichsmarks):Bills and treasury notesDue from other banksMiscellaneous loans

AcceptancesJapan (millions of yen):

Cash on hand --LoansDeposits ._ _ «_ .

1931

Oct.

190

708661

2186847947

159

27159

1,14191

696

140

5811,462

173113

1,131288

1,688

19,0069,863

36,9721,370

1,406373

6,8377,500

891

1262,1712,066

Nov.

1109696652

2194830939

201

25157

1,102113719

131

0171,396

170108

1,125284

1,670

17,8519,797

37,0191,332

1,431345

6,7487,390

910

1462,2082,059

Dec.

1107707641

2203817939

175

26135

1,08283

694

129

5671,360

181118

1,131281

1,700

18,4419,697

37,0231,222

1402,2472,051

1932

Jan.

1111675639

1200821936

176

22131

1,07166

674

123

5071,368

177116

1,128268

1,677

18, 4549,041

36,1961,179

1242,2832,008

Feb.

1113234642

1199

1,251933

167

20130

1,06399

664

122

4961,390

170108

1,093264

1,621

17,3469,114

36,4351,218

1,503320

5,9357,276

903

1302,2281,954

Mar.

1115680649

1206798933

158

24131

1,07188

671

121

5001,389

171111

1,103266

1,639

17,4828,711

35,9831,201

1,380367

6,0347,289

863

1162,2641,938

Apr.

1105685644

1206794922

150

23122

1,07073

666

125

4951,393

170111

1,105272

1,643

18,0438,312

35,9291,239

1,613267

6,2357,539

872

1362,2481,946

May

1121688664

1212783914

154

23114

1,05765

663

119

4981,387

176110

1,102284

1,661

18, 9988,296

35, 8261,284

1,652290

6,1607,652

851

2152,2501,949

June

1136696712

1218775907

166

23110

1,03774

669

126

4891,373

188111

1,114324

1,727

18, 9948,593

36,3511,250

1,660257

5,8987,541

815

1562,2521,963

July

1127688702

1218769905

161

25112

1,02876

674

123

4621,363

188120

1,138333

1,765

20,1368,188

36,0311,263

1,661263

5,8137,457

796

1172,2341,973

Aug.

1132679696

1228761909

154

22114

1,00496

703

117

4751,367

190114

1,176348

1,813

18, 7458,456

36,1481,286

1,665242

5,7367,397

782

2122,2192,027

Sept.

1128679690

1243754926

151

23115

1,00395

699

124

4811,359

190110

1,179367

1,826

19,0348,490

36,3721,280

1,651256

5,7457,439

773

1972,1872,019

Oct.

161

21117

1,01888

727

120

4931,371

189112

1,171396

1,853

1,674242

5,7067,401

775

1852,1652,042

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 banksthereafter; Japan—Tokyo banks.



DISCOUNT RATES OF CENTRAL BANKS

Date effective

In effect June 1,1931.June 13Ju ly 16Ju ly 23Ju ly 30 . . .Aug 1Aug. 12Sept 2Sept. 21 _Sept. 28Sept 29Oct. 10Dec 10Feb. 18, 1932Mar 9Mar. 10Mar 17Mar. 21Apr 9Apr. 19Apr. 21Apr. 28May 2May 12June 30Sept. 22In effect Dec. 1, 1932.

Bankof Eng-

land

SB6

5

4VA

3

2

Bankof

France

2

2H

2 *

GermanReichs-

bank

57

10

15108

7

6

5V2

5

44

Bankof

Italy

7

6

5

5

Nether-landsBank

2

3

2V2

SwissNa-

tionalBank

2

2

Country

AlbaniaAustriaBelgiumBolivia -

Bulgaria .Chile--ColombiaCzechoslo-

vakia

DanzigDenmarkEcuadorEstonia..

FinlandGreeceHungaryIndia

RateDec.

1

86

6

84 ^5

4

65V2

io 2

4

In effectsince—

July 1,1931Aug. 24,1932Jan. 14,1932July 5,1932

May 25.1932Aug. 22,1932Sept. 19,1932

Sept. 26,1932

July 12,1932Oct. 12,1932Sept. 23,1932Feb. 1,1932

Apr. 19,1932Aug. 8,1932Oct. 18,1932July 7,1932

Country

JapanJavaLatviaLithuania

NorwayPeruPolandPortugalRumaniaSouth Africa.Spain

SwedenU.S. S. R._.Yugoslavia-

RateDec.

1

4.38

6 2

6

46663^

756

m7V2

In effectsince—

Aug. 18,1932Mar. 11,1930Oct. 1,1930Apr. 1,1930

Sept. 1,1932May 20,1932Oct. 21,1932Apr. 4,1932

Mar. 4,1932Oct. 7,1932Oct. 26, 1932

Sept. 1,1932Mar. 22,1927July 20,1931

MONEY RATES IN FOREIGN COUNTRIES

Month

England (London)

Bankers'accept-ances,

3 months

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rateMoney for1 month

Day-to-daymoney

Netherlands (Amster-dam)

Privatediscount

rateMoney for

1 month

1931—October.-.NovemberDecember.

1932—January...February..MarchAprilMay. .June -.JulyAugustSeptember.October

5.685.755.855.524.632.592.191.441.05.92.74.67.82

5.465.555.604.944.082.282.071.10.85.66.60.55.71

4.364.964.274.203.842.401.911.29.99.67.73.67.71

4444-3

8.008.007.336.946.676.105.124.874.754.584.504.253.87

9.849.317.407.587.987.106.315.965.765.755.755.555.00

9.218.698.457.867.817.766.175.915.705.495.825.554.94

2.761.591.572.241.871.221.02.60.39.49.37.25.25

3.071.731.592.371.691.06.94

1.031.001.001.001.001.00

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan) Hungary

Sweden(Stock-

n)Japan (Tokyo)

MonthPrivatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

Loans upto 3

monthsDiscounted

billsCall

moneyovernight

1931—October...November.December.

1932—January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...

1.90L771.751.1.521.501.501.501.501.501.501.501.50

2.442.442.442.913.313.363.263.213.163.173.123.003.00

1.801.901.751.751.751.801.661.501.22.99

1.021.001.01

7.507.507.507.506.926.536.005.525.505. 505.505.505.00

5 -5

4 -4$4 -4?

4.93-5. 665.48-6.575.84-6.575.84-6.575.84-6.576.20-6.576. 20-6. 576.20-6.576.02-6. 576. 02-6. 395.84-6.215.66-6.21

5.485.663.576.026.395.845.484.564.564.204.023.47



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]

Month Argen-tina Austria Belgium Brazil

6.17046. 2010

6.15796.17206. 21216. 54027.12947.50087. 59607.62217. 61717. 62147.6302

Bulgaria

0.7138.7148

.7151

.7145

.7176

.7201

.7202

.7200

.7230

.7209

.7203

.7200

.7200

Canada Chile

China (and Hong Kong)

Mexi-can dol-

larShang-hai tael Yuan

HongKongdollar

Colom-bia

1931—NovemberDecember

1932—JanuaryFebruaryMarchAprilMay -JuneJuly__AugustSeptemberOctoberNovember

58.840358. 519658.272458. 220458. 287958. 217158.324258. 520558. 557458. 569558. 588658. 583558. 5837

13. 951613.946013. 951813.951613.960113.954413. 964513.960013.981313.969613. 963513.955013.9477

13. 907013.903913.914013.938413.936113.995614. 024913.936613. 872413.873513.860613. 894013.8723

88.991482. 706485.130187. 293689. 453089. 880888. 443086. 742787. 065887.551390. 263691. 233287. 3000

12. 075012. 066912. 050012. 050012. 060610. 65386. 00006.02026.02506.02836. 04146. 02506.0276

24. 583323.601023. 523724. 469623.996922. 317321. 641221. 231920. 546220.971021.273721. 025020.6406

34. 073232.805432. 635733.144932. 806131. 248130. 470030. 200729. 365030. 433230. 626230. 020629.3164

24. 724623.732323. 696624. 358723. 921322. 322121.711621.312520.640021.003121.040420. 888320.5937

26. 012424.870424.839625.335324. 685523. 718723. 433723.343122.889323. 247923.429322. 948722. 4062

96. 570096. 569295. 665695.240095.240095. 240095. 240095. 240095.240095. 240095.240095.240095. 2400

Month Cuba Czecho-slovakia

Den-mark England

1931—November..December..

1932—JanuaryFebruary.,.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..

99.991399.947099. 929699.9622100. 059099. 981699.929999.921799. 918699.909499. 911899. 910999.9237

2.96252.96262. 96272.96272. 96282.96292.96502.96412. 95892.95962. 95942. 96062. 9619

20.670018.587518. 880119. 019220. 011220. 526720. 065419.924819.204418.499317. 978117. 641217. 0613

371.9934337.3707343.1210345.6316363. 9304374.9994367.5140364.6648354. 9564347. 5721347.1062339.6163327. 5267

Fin-land

1.98391.69381.50361. 50141. 60151. 72251.71711. 70191. 53501.51141. 49531. 48231.4441

France Ger-many Greece Hungary

3.92013. 9229

3.92943. 93793. 93253.94303. 94683.93633. 92073.91873. 91793.92643. 9190

23. 677723. 619223.647523. 739223. 781223.742723. 794723.687823. 717623.783823. 781423. 769223. 7536

1. 28791. 2879

1. 28771.28751.28751.2318.6641.6387.6399.6321.6060.6014. 5743

India Italy Japan

17. 467017. 4580

17. 450017.439717. 435317. 429817. 438417.474017. 461217. 450717. 465317. 445217. 4356

27.987425.361225.817926. 032927. 312128.013327. 317527.164726.684226.157726. 219225. 680024. 7830

5.15485.10945. 04415.17995.18245.14935.14915.11625.10095.11445.12645.11955.1124

49. 296843. 4644

35. 986634. 323332.156232.806331.973030.285627.447124.494423.631423.062820. 6218

Month Mexico Nether-lands Norway Poland Portugal Ru-

mania SpainStraitsSettle-ments

Sweden Switzer-land Uruguay Yugo-

slavia

1931—November-December..

1932—JanuaryFebruary. _.MarchAprilMay—JuneJulyAugustSeptember..OctoberNovember..

39.136439.008639.329437.871233.684133. 372830. 254026. 897727.732128.568229.915931.106032. 2205

40.191640. 233840.182840. 347940. 279940. 491440. 547440.441140.274040. 244340.158640.221740.1774

20. 516318. 483118.696918. 770119.600319. 078018. 482318.062617.638617.410117. 447017.175216. 7252

11.190311.190211.193411.189611.177011.184711.181011.183911.188511.177111.180011.174011.1769

3. 64013. 23023.16423.18303. 28323. 38043. 32673. 33203.22403.15793.14813. 08723.0293

.5966

.5959

.5951

.5950

.5958

.5960

.5970

.5966

.5972

.5978

.5982

.5978

.5975

8.61378.39928. 39457. 76717.59937. 69428.11698.24518.05188.06088.10448.18718.1730

43.138639. 031339.690039. 774541. 333342. 740442. 240041.956740.967540.104240. 247539. 437238. 0026

20. 737818.709819.188819. 292219.854019.091018.723818. 704918.219017.848517.805517. 533417.4314

19. 463219. 480519. 507419. 496119.340519. 437419. 557919. 514119.468419.452819. 300719. 304119.2470

45. 002744. 548744.916046.152147. 079647.318647. 543347. 211547. 568047.441347. 390047. 346647. 3402

1.78561. 77961.77841. 78031. 77531. 77251.77431. 74361.67171.69031. 58921.40941. 3506

I

Monetary units and pars of exchange (in cents per unit of foreign currency):

Country

ArgentinaAustriaBelgiumBrazilBulgariaCanadaChile

China (and HongKong) _._

ColombiaCuba

Monetary unit

Gold pesoSchillingBelgaMilreisLevDollarPeso

fMexican dollar»I Shanghai tael»iYuani(Hong Kong dollar'Peso

do

Par ofex-

change

96.4814.0713.9011.96

.72100.0012.1721.0729.2621.2220.7697.33

100.00

Country

Czechoslovakia...DenmarkEnglandFinlandFrance _ -GermanyGreece.HungaryIndiaItaly ,..Japan .Mexico

Monetary unit

KorunaKronePoundMarkkaFrancReichsmark. _DrachmaPengoRupeeLiraYenSilver peso

Par ofex-

change

2.9626.80

486. 662.523.92

23.821.30

17.4936.505.26

49.8549.85

Country

NetherlandsNorwayPolandPortugalRumania _.SpainStrai ts Settle-

ments.*SwedenSwitzerlandUruguayYugoslavia

Monetary unit

Florin..KroneZloty.. _Escudo _LeuPesetaStrai ts Settle-

ments dollar.KronaFrancPesoDinar _

Par ofex-

change

40.2026.8011.224.42.60

19.3038.21

26.8019.30

103.421.76

1 Silver currencies—Figures given for parity represent gold value or unit in November, 1932, computed by multiplying silver content of unit byNew 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-sixtiethsof average quotation of pound in New York for November, 1932.

Back figures.—See BULLETIN for January, 1932,1931,1930, 1929f and 1928.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

SECURITY PRICES[Index numbers except as otherwise specified]

Month

Number of issues.

1930—September.OctoberNovember-December..

1931—JanuaryFebruary...MarchAprilMay _.JuneJulyAugustSeptember.OctoberNovember-December..

1932—JanuaryFebruary...MarchAprilMay. _.JuneJulyAugustSeptember-October

Bonds

UnitedStates

(averageprice)

England(December,1921 = 100)

60

100.099.999.197.8

99.4100. 099.699.799.499.498.595.689.489.081.6

81.080.380.879.475.272.274.283.285.884.1

87

112.0113.1112.8112.5

112.8109.7111.6111.3110.8111.1111.2107.2103.5104.2104.8102.2

104.7106.5111.6110.6111.4111.0115.6116.1118. 4120.3

France(1913 aver-age =100)

35

96.495.494.794.1

95.797.197.999.098.4

99.597.794.894.490.8

91.590.390.589.085.985.287.488.689.589.1

Germany(averageprice) *

85.483.783.282.7

82.782.783.884.884.282.4

<81.4(8)*70.4

()

0)<63.0

64.460.462.263.267.470.1

Common stocks (1926 average=100)l

UnitedStates

421

148.8127.6116.7109.4

112.3119.8121.6109.298.095.198.295.581.769.771.757.7

58.056.456.843.939.834.035.953.358.249.9

England

278

101.195.494.189.0

89.389.485.176.877.879.273.867.275.674.768.1

69.7

63.561.659.363.569.572.772.4

France

300

182.4169.5162.2149.8

156.7160.1155.4148.5138.2141.2132.6130.5115.5106.9104.394.8

107.3126.2117.6107.394.497.4

100. 4103.4104.397.4

Germany

329

87.984.780.0

75.078.583.684.876.169.6

* 70. 5

* 52.3

«45. 546.445.645.847.954.152.5

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

Month

1930—SeptemberOctober _ _ _ _ _NovemberDecember _ _

1931—January _ _ _ . _F e b r u a r yM a r c h _ . _ _ _ _ . _ _ _ _ _ _ _AprilMayJuneJulyAugust. _ _ _ _September _OctoberNovember . _ _ _ _December

1932—-JanuaryFebruaryMarch _ _ _AprilMay _ .JuneJuly . _ _AugustSeptember _ __ _.October ._ __ __

UnitedStates

(1926=100)

84838180

787776757372727271707069

67666666646465656564

Canada(1926=100)

82818078

777675747372717170707170

69696968686767676765

England(1913=100)

116113112109

10710610610610410310210099

104106106

1061051051021019898

100102101

France(1913=100)

556552551541

541538539540520518500488473457447442

439446444439438425430

r 415413412

Germany(1913=100)

123120120118

115114114114113112112110109107107104

10010010098979696959594

Italy(1913=100)

374364361350

342338339337332327324322319322320319

317314315311305297296296300299

Japan(Oct.,

1900=100)

172165162161

158158158158154151153152150147147151

160161159154150146148156167169

Nether-lands

(1913=100)

112111110107

105104103102102100979491898985

84838280797876757677

' Revised.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

WHOLESALE PRICES—GROUPS OF COMMODITIES[Groups are those included in indexes shown in preceding table]

Month

1930—SeptemberOctoberNovemberDecember

1931—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. -OctoberNovember _December

1932—JanuaryFebruaryMarch. _ _AprilMay. -JuneJulyAugustSeptemberOctober

United States (1926=100)

Farmproducts

85837975

737071706765656461595956

53515049474648494947

Foods

90898682

817878767473747574737169

65636261595961626261

Othercommod-

ities

838?8180

797877767574747474737472

72717171707070707070

England (1913=100)

Foods

124121121116

113112111113113113110108108113115113

114114116115114112108107107106

RETAIL FOOD PRICES

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

UnitedStates

(1913=100)

1931

133127126124121118119120119119117114

1932

109105105104101100101101100100

England(July,

1914=100)

1931

138136134129129127130128128128130132

1932

131131129126125123125123123125

France(July,

1914=100)

1931

132132131130129128125121119116113113

1932

114115115115114111108104102102

Germany(1913-

14=100) i

1931

134131130129130131130126125123122120

1932

116114114113113113114112111110

Indus-trial

products

111109107105

10410310310210098989595

100102102

1011019996949192959998

France (1913 =100)

Farmand foodproducts

562562570570

580575581592566571541528508489482491

496511510506511490498453445450

Month

January.FebruaryMarchAprilMay -JuneJulyAugustSeptembOctober

/

er

November,December

Indus-trial

products

551543535516

507505503495480472465452443429416400

390389388381374369370383

'384379

Agricul-tural

products

COST

UnitedStates

(1913=100)

1931

150

146

1932

136

114109112110

107106107108109107105103101999995

92959795939293918988

OF ]

Germany (1913=100)

Provi-sions

108108108105

10?100999796%979694959491

90918988878584838583

Indus-trial rawand semi-finishedproducts

116114113110

108106106105103103103102100999997

92919089888787888988

LIVING

England(July,

1914 = 100)

1931

153152150147147145147145145145146148

1932

147147146144143142143141141143

France(Jan.-June,1914=100)

1931

120

120

115

108

1932

108

109

105

<

Indus-trial fin-

ishedproducts

148147145143

142140139138137137136136135133132130

125122121120119118117116115115

Germany(1913-

L4=100) i

1931

1401391^81371371381371351341ST13?130

1932

125122122122121121122120120119

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.


DECEMBER,1932 FEDERAL RESERVE BULLETIN 775

FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.DISCOUNTS BY MONTHS



Boston _New YorkPhiladelphia.. .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis.. __Kansas C i t y . . .Da l las . . .San Francisco.

Total . . . .

1932

Novem-ber

13.061.748.628.418.621.018.08.3

12.215.48.0

59.9

313.0

October

13.264.649.430.120.519.820.48.9

11.616.710.162.3

327.5

1931

Novem-ber

26.0120.5108.398.940.551.069.925.97.4

33.823.089.9

695.1

Back figures.—See Annual Report for 1931 (Table 80), 1928 (Table 72),and 1927 (Table 55).

DISCOUNTS BY WEEKS[In thousands of dollars]


BostonNew YorkPhiladelphia..

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis..

Kansas C i t y -DallasSan Francisco

T o t a l -

Wednesday series (1932)

Nov. 2 Nov. 9 Nov. 16 Nov. 23 Nov. 30

12, 36964, 51447,875

30,14619, 69220,936

18, 2479,152

11, 969

16, 2938,584

66, 267

326, 044

12, 07658, 47847, 490

27, 05719, 01520, 640

17, 6308,792

12,195

16, 5518,246

62, 783

310,953

12, 59159, 90347, 515

27, 39318, 58820, 707

17, 4038, 849

12, 046

15, 4428,138

58, 597

307,172

13, 52163, 46449, 592

27, 23117, 95620.808

17, 5597, 918

12, 344

13, 8477,616

55, 664

307, 520

14,13961, 57750, 355

30, 36518,18122, 583

18, 5497,532

12,728

13, 9017,202

51, 861

308,973

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]


BostonNew YorkPhiladelphia..

ClevelandRichmondAtlanta

Chicago.St. LouisMinneapolis..

Kansas Ci ty . .DallasSan Francisco

Tota l . _.


Total cash reserves

1932

Novem-ber

235,3971,055,286

206, 720

244, 46296, 48479, 077

804,81795,96256, 087

89, 68743,457

210, 274

3,217, 710

October

219,3481,020,278

204, 593

243, 76496, 99585,653

791, 39489, 43557,406

87,13942,073

207,104

3,145,182

1931

Novem-ber

167,4941,033,957

270, 785

304, 06386, 52883, 622

575,02783, 55065, 293

77, 97253,908

213, 459

Total deposits

1932

Novem-ber

131,1851,195, 741

124, 725

147,37856,81945, 584

383, 40262,03040, 200

67,78946,746

148, 293

3,015,658 2,449,892

October

130, 7351,151,518

121,642

148,59958, 27545,783

367, 26757, 26539, 377

67,72945,821

147, 286

2,381, 297

1931

Novem-ber

149,463980,075145, 218

175,54364, 40856,815

312, 64772, 41251, 236

80,17256, 546

178, 339

Federal reserve notes in cir-culation *

1932

Novem-ber

194,255584,972238,929

276,045101,07898, 555

672,198101, 49179,063

90, 63539,241

230,935

2,322,874 2,707,397

October

199,369587,629241, 782

276, 385102, 617102, 489

678, 790100,80780,573

91,59537,707

232,607

1931

Novem-ber

Novem-ber

148,293496, 742273,966

312, 781100,062120,708

492, 95885,95864, 256

80,38150. 922

226,373

2,732,350 2,453,400

Reserve percentages

1932

72.359.356.8

57.761.154.9

76.258.747.0

56.650.555.4

OctoberNovem-

ber

66.458.756.3

57.460.357.8

75.756.647.9

54.750.454.5

61.5

1931

56.370.064.6

62.352.647.1

71.452.856.5

48.650.252.7

* 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).



EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVENOTE STATEMENT, NOVEMBER, 30, 1932


Total Bos-ton

NewYork

Phila-delphia

Cleve-land

Rich-mond

Atlan-ta

Chi-cago

St.Louis

Minne-apolis

KansasCity Dallas

SanFran-cisco

RESOURCES

Gold with Federal reserveagents - .--

Gold redemption fund withTJ. S. Treasury

Gold held exclusivelyagainst Federal reservenotes

Gold settlement fund withFederal Reserve Board

Gold and gold certificates heldby banks

2,242,398

40, 048

79,127

1,821

610,178

4,134

63,500

5,267

78, 470

5,751

70,500

2,022

50,500

3,460

47,870

3,979

69,990

1,624

35,885

2,281

61,480

2,235

22,635

1,326

152,263

6,148

282,446

339, 926

426, 952

80,948

10,042

15,101

614,312

109, 403

298, 505

68, 767

23,043

8,060

84, 221

27, 530

19,354

72, 522

2,857

8,801

53,960

4,862

9,091

651,849

107,196

25,411

71,614

7,442

5,879

38,166

9,167

2,370

63,715

9,334

10,102

23,961

6,044

4.199

158,411

23,006

20, 079Total gold reserves.

Reserves other than gold-Total reserves

Nonreserve cash

049, 324192,635

206,09116,814

022,22058, 580

99,87023,000

231,10511, 589

84,1808,177

67,9135,490

784,45628, 241

84, 9359,980

49, 7035, 351

83,1516,655

34, 2048,071

201,49610,687

241, 95977, 071

222,9053,724

080,80020,716

222,8704,267

242,6944,077

92, 3573,190

73,4035,714

812,69714, 245

94,9153,782

55,0542,150

89,8062,664

42, 2753,078

212,1839,464

Bills discounted:Secured by U. S. Govern-

ment obligationsOther bills discounted

Total bills discountedBills bought.-

103, 253205, 720

4,9129,227

31, 72029, 857

13, 69936, 656

10, 45619,909

2,28715, 894

2,56520,018

5,85412, 695

3,9343,598

1,14511, 583

1,14912, 752

8616,341

24,67127,190

308, 97334,880

14,1392,338

61, 57710,262

50, 3553,169

30, 3653,096

18,1812,137

22, 5833,782

18, 5494,122

7,5321,008

12, 728634

13,901889

7,202858

51,8612,585

U. S. Government securities:BondsTreasury notesCertificates and bills

Total U. S. Governmentsecurities

Other securitiesTotal bills and securities.

Due from foreign banksFederal reserve notes of other

banksUncollected itemsBank premisesAll other resources

Total resources

420,714377, 693

1,052,359

20, 33420,63855, 741

187, 716152,806395,270

31,17129,16278,936

36,49338,252

103,537

9,64910,11227, 371

9,55710,00127,039

40,77546, 639

174, 796

13, 93914, 08738,130

17, 23410,11627,348

11, 77512, 26833, 209

16,8027,127

19, 292

25,26926,48571,690

1, 850, 7665,411

96, 713 735, 7924,081

39,2691,047

178,282 47,132 46, 597 262,210 66,156 54,698283

57, 252 43,221 123, 444

,200, 0302,861

12, 256353, 46858,16939, 880

113,190229

22643, 4453,336

990

811,7121,014

3,688107, 72814,81721, 548

93,840310

41828, 6282,9471,176

11, 743291

87831, 4867,9681,389

67,450115

1,32726,9243,6192,974

72, 962106

8939,2952,4893,855

284,881403

1,55836,4587,8281,473

74,69Q19

82913,7723,4611,296

68, 34312

3168,8241,8351,808

72,04283

78916, 8193,649

847

51,28181

28311, 8961,7871,343

177,890

1,05118,1934,4331,181

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 actualcirculation ,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 ac-

countGovernmentForeign bankOther deposits

Total depositsDeferred availability itemsCapital paid inSurplusAll other liabilities

Total liabilitiesReserve ratio (percent)

2, 410, 59423,53525, 94724,150

115,8681,8831,841

60

1,199, 7552,4029,620

11, 754

139, 231725

2,495179

139,992821

2,4473,043

48,7561,967

9691,559

41,1332,146

896407

386,6064,3523,246

329

55,5102,501

8481,399

37,860840533306

64,0541,848

703220

43, 6241,886

67858

138,2052,1641,6714,836

2,484, 226354,109151, 591259, 42144,061

119,65243, 59510,85720,039

1,068

1, 223, 531105, 58558,61775,07716,051

142,63028, 28216,09326, 4862,949

146, 30330, 83614,21527, 6403,645

53, 25126,3345,172

11,4831,540

44, 5829,6804,682

10, 4492,978

394, 53337, 30916,21138, 4115,324

60, 25815, 7164,400

10, 0251,356

39, 5398,4222,9016,3561,907

66,82516,2944,0578,1241,549

46, 24613,0033,8997,6242,331

146,87619,05310,48717, 7073,363

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, 59362.6 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 NOTESTATEMENT

Federal reserve notes:Issued to Federal reserve

bank by Federal reserveagent

Held by Federal reservebank

In actual circulationCollateral held by agent as

security for notes issued tobank:

Gold--Eligible paperU. S. Government secur-

ities _

2,913, 683

221,397

211,464

18,630

651,995

68,833

250,039

12,023

289,939

12,052

106,330

6,154

114, 352

18,006

696, 792

29,037

108,865

7,850

81, 710

2,493

97,844

7,994

43,899

4,978

260,454

33,347

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

2, 242, 398293, 944

414, 400

179,12714,111

18,400

610,17859, 216

163, 50050, 235

37,000

178,47030, 333

85,000

70, 50019,050

18,000

50,50023, 387

42,000

647,87018,316

37,000

69,9907,399

31,600

35,88510, 496

35,900

61,48013,350

25,000

22,6357,054

14,500

152,26340,997

70,000



ALL MEMBER BANKS IN EACH DISTRICT

RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS


Federal reserve district

BostonNew York . .Philadelphia

Cleveland _ _ - - . . -RichmondAtlanta -

Chicago . . .St LouisMinneapolis

Kansas CityDallas - . . .--San Francisco

Total


Reserves held

Total

1932

October

127.41,123. 4

118.5

143.050.542.4

362.953.837.8

65.343.4

139.1

2, 307.4

Septem-ber

126.91, 050. 4

117.7

143.249.842.1

310.554.438.4

66.043.3

138.2

2,181.1

1931

October

154.3996.1131.5

159.957.951.4

306.064.746.4

76.853.4

157.2

2, 255. 6

Excess

1932

October

10.5249. 0

3.5

4.51.81.9

143.93.42.7

6.02.85.9

435.8

Septem-ber

13.3201.3

2.9

5.42.11.7

97.53.72.8

6.12.75.9

345.5

1931

October

19.662.63.1

3.91.71.7

19.83.62.5

5.86.3

- 1 . 6

129.1

Borrowings at Federal reservebanks

1932

October

13.264.349.4

30.120.519.7

20.38.9

11.5

16.610.162.1

326.6

Septem-ber

16.280.756.7

30.224.126.5

28.610.712.3

18.713.468.2

386.3

1931

October

17.0152.989.3

78.535.135.5

50.318.56.0

23.620.581.0

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]


BostonN e w YorkPhi lade lphia

Cleveland _ _ . _ _RichmondAtlanta

ChicagoSt LouisMinneapolis

Kansas CityDallas .- . .San Francisco . . .

Total . . - -


Member banks in larger centers (places over 15,000)

Net demand

1932

October

9816,363

818

972329290

1,475347184

389283826

13, 258

Septem-ber

9416,184

818

961320291

1,432351190

393285818

12, 985

1931

October

1,1256,767

906

1,070381368

1,952429241

470331

1,011

15, 048

Time

1932

October

6921,959

606

1,002299283

1,177300193

216158

1,465

8,349

Septem-ber

7041,898

606

1,012299285

1,178297190

215155

1,456

8,294

1931

October

8242,258

688

1,152328310

1,486345201

233168

1, 618

9,609

Member banks in smaller centers (places under 15,000)

Net demand

1932

October

83209146

1327755

1458796

169130

93

1,423

Septem-ber

82214144

1347551

1448797

173128

94

1,423

1931

October

103266175

1699969

191107130

210157135

1,811

Time

1932

October

140473394

25616066

23698

192

11432

103

2,263

Septem-ber

140473395

25815964

23696

195

11533

105

2,271

1931

October

158563437

30018577

305117226

13734

131

2,670



WEEKLY REPORTING MEMBER BANKS IN LEADING CITIESPRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND

CHICAGO[In millions of dollars]

Total


Bos- NewYork

Phila-del-phia

Cleve-land

Rich-mond

Atlan-ta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

City

NewYork

Chi-cago

1,1421,1411,1811,1141,106

664664659656651

372372369369365

292292290287286

478477472458455

288285280267259

190192192191196

263271279275277

1618161716

878

872866

324323323314320

3028262524

222223230239244

Loans and investments:Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

Loans:Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30 ._..

On securities—Nov. 2Nov. 9 _.Nov. 16Nov. 23Nov. 30

All other—Nov. 2Nov. 9 _...Nov. 16Nov. 23Nov. 30

Investments:Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

U. S. Government securi-ties—

Nov. 2Nov.9Nov. 16Nov. 23Nov. 30

All other—Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

Reserve with Federal reservebank:

Nov. 2 . „ . . .Nov. 9Nov. 16Nov. 23 _.Nov. 30

Cash in vault:Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

Net demand deposits:Nov. 2 __Nov. 9 _.Nov. 16Nov. 23Nov. 30

Time deposits:Nov. 2Nov. 9 __.Nov. 16 ._..Nov. 23Nov. 30

Government deposits:Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

DiiOrfrom banks:•Nov. 2Nov. 9Nov. 16.Nov. 23Nov. 30

19,02619,02618,94718,93319,002

10,44110,42510, 34310, 37510, 413

4,3114,2954,2494,2574,288

6,1306,1306,0946,1186,125

8,5858,6018,6048,5588,589

5,2845,2915,3035,2525,266

3,3013,3103,3013,3063,323

1,9291,9071,9571,9661,985

189217199211209

11,46111,50511,58411,55911, 745

5,7095,7075,6945,6825,668

534484466

'441423

1,5891,6181,6751,6231,639

1,2511,2261,2181,2121,210

746733720717710

288284272271273

458449448446437

505493498495500

314304312311315

191189186184185

94101888981

1516161515

771757754727737

410409409412410

23212019

418

162181189170174

7,9958,0388,0218,0518,160

4,0084,0213,9834,0434,095

1,8311,8231,8081,8201,850

2,1772,1982,1752,2232,245

3,9874,0174,0384,0084,065

2,6892,7092,7312,6932,732

1,2981,3081,3071,3151,333

1,0571,0151,0721,0851,093

4453475453

5,8915,8995,9846,0216,195

1,3291,3361,3351,3301,315

254231222209201

134132128124136

1,1241,1331,1321,1291,100

608606604602599

300299298298297

308307306304302

516527528527501

239248248249226

277279280278275

7473757295

1014121313

639647652648650

280280279279276

4541393736

142130135131131

1,9361,9321,9031,8961,893

1,1091,1071,0921,0891,086

501501491490489

608606601599597

827825811807807

495494485480480

332331326327327

111108106107107

2326252525

849851839836837

810809799798797

393534

587585586583584

314312313311310

118117117117116

196195196194194

273273273272274

157157157157159

116116116115115

3635343533

1214121313

288287288288288

231231230229228

2017171615

9594919289

504503503501501

323323323322323

106106107105107

217217216217216

181180180179178

212217218217216

195192192192193

2927252423

7272716867

2,1642,1612,1432,1252,116

1,3921,3911,3851,3811,375

611610605606602

781781780775773

772770758744741

459456443430423

313314315314318

318329335332339

3439353636

1,2571,2731,2671,2511,246

904904904891895

4339383635

317323335334335

521513513512512

290286284281280

108107106110111

182179178171169

231227229231232

117112114115116

114115115116116

3441404137

77677

276284285286285

204204203202204

8777

99108108109108

306304303301299

183182182180179

5353535252

130129129128127

123122121121120

2120202020

55555

159158158160160

143143142142141

32221

6267707172

517515514511510

253251250249248

7878787878

175173172171170

264264264262262

144144145145145

120120119117117

4143444242

1213121312

336337343337337

181181181181181

7776

152151168159156

391391390387388

242243242239241

7272727272

170171170167169

149148148148147

787

223226225222225

128128128128128

2320201918

91951019898

1,7301,7251,7211,7251,729

973970965961967

245245242238241

728725723723726

757755756764762

421420422427426

336335334337336

8888888885

1315151515

560569571566569

894890892898900

4037353433

169171181178187

6,9987,0447,0267,0577,169

3,4043,4203,3813,4433,498

1,5761,5701,5551,5671,598

1,8281,8501,8261,8761,900

3,5943,6243,6453,6143,671

2,5342,5552,5762,5382,578

1,0601,0691,0691,0761,093

1,006969

1,0261,0391,047

3441364242

5,4665,4765,5585,5955,768

901910910904893

236214205193186

8782857890

«• Revised.

Back figures.—See Annual Report for 1931 (Tables 112-122), 1930 (Tables 106-116), etc.



WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND

CHICAGO—Continued[In millions of dollars]

Due to banks:Nov. 2.Nov 9Nov 16 .Nov. 23Nov. 30

Borrowings from Federal re-serve banks:

Nov 2Nov 9Nov. 16Nov 23Nov 30

Total

3,2413,2943,3353,2673,290

105999895

'97


Bos-ton

174173168167168

1

1

NewYork

1,4631,4811,5041,4981,540

1189

1110

Phila-del-phia

211209216207207

77777

Cleve-land

236242238225226

1313131215

Kich-mond

1011041019898

56555

Atlan-ta

7980807776

109

1211

' 1 3

Chi-cago

397408413399388

22222

St.Louis

104109108104101

22111

Min-neap-olis

5657585554

11

Kan-sas

City

158161169164159

22212

Dallas

8691959089

11

SanFran-cisco

176179185183184

5250464340

City

NewYork

1,4031,4191,4441,4391,480

Chi-cago

302308318244298

' Revised.

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT

Federal reserve bankor branch city

Prime commercial paper

1932

ber October

1931

Novem-ber

Loans secured by prime stockexchange collateral

1932

ber October

1931

Novem-ber

Loans secured by warehousereceipts

1932

Novem-ber October

1931

Novem-ber

Interbank loans

1932 1931

Novem-ber

Boston..

New York

Buffalo

Philadelphia.. „

ClevelandCincinnatiPittsburghRichmondBaltimoreCharlotteAtlantaBirmingham. _.JacksonvilleNashvilleNew Orleans...

ChicagoDetroit

St. LouisLittle RockLouisville

MinneapolisHelena

Kansas CityDenverOklahoma City.Omaha

DallasEl Paso.HoustonSan Antonio

San Francisco..Los AngelesPortlandSalt Lake City-SeattleSpokane.-

3*3-5

3 -45 -6

4*3-5

3*3-65*3-65 -6

55 -65 -6

5 -64*£-85 -7

65*3-6

4 -55*3-6

4*3-56 -7

2 -57 -8

5 -5

4 -67 -85 -66 -614

5*3-66

5 -76

3 -4*3

5K-6

4*3-5

4 -65 -6

55 -65 -6

5 -5*34*3-"

4 -55VS-6

6 -6*3

2 -57 -84*3-64*3-5*

65*3-6

4 -67 -8

4*3-5*35*^-6

66 -7

66

4 -55VS-6

4*3-5

4 -65-6

53/2-6

4K-653^-6

4*3-66' -75 -7

65*3-6

4 -4*3

4*3-56

4 -5*36 -8

4*3-5

5 -5*3

4*^-66 -8

5 -7

4*^-5*35*3-65 -7

65*3-6

4 -5*3

4 -5

5 -6

5 -6

5*^-6

5 -65*3-6

5 -66 -85 -8

6

4 -55H-65 -66*3-7

6

4 -67 -8

6 -77 -85*3-76 -7

5 -66 -6*36 -6*35*3-76 -6*36 -7

4*^-5

4 -55 -6

5 -6

5*3-65*3-65*^-6

3*3-55 -65*3-6

5 -66 -85 -8

65*3-7

5*3-6

5 -66*3-75M-6

4 -67 -8

5*3-66 -ey2

85*3-7

6 -77 -85*3-76 -7

5 -66 -6*36 -6*35V2-76 -63-36 - 7

4*3-5*3

4*3-55*3-6

4H-6

5H5*3-65 K 6

5*3-64H-65 -6

5 -65 -86 -7

66 -6*3

4H-55*3-6

5 -66

5*3-6

4*3-66 -8

853^-7

6 -6*6 -85*3-66 -7

5 -76 -6V

66 -6

5 -

3 -4*36

5 -6

5 -65 -7

65*3-6

6 -86

5*3-6

4 -66*3-73^

-7

51/2-86 -86 -6*

5 -78

5 -66 -8

5*3-66 -76 -7

76*3-76^-7

5 -5*3

5 -5

65 -7

65*3-6

4 -56 -86 -8

65*3-6

5 -5*36

I5*3-86 -86 -6J3

5 -6

6 -7

6*3-7

5*-5*3

4 -5

5 -5*3

4 -56 -6*3

6

5 -6

56 -8

4 -66

4*3-66 -6*

6

4 -5

5*3-65*3-86 -8

5*3-68

5*3-66 -8

5*3-66 -76 -7

6*3-7

4 -4H

4*3-56

4 -5*3

5*3-65 -5*35 H 6

5^ - 6

5*3-6

5666

5 -66 -75 -6

6 -7

5*3-6

5 -5*2"5 -65 -5*

5 -5*366

6-6*36

4 -4*3

4 -56

5 -65*3-6

5*3-6

5 -5*35H6

5 -56 -75 -6

-7

5*3-666

5 -5*36 -65 -5*3

6

5 -5H66

6 -6*3

4 -5m

4*3-55

4 -5

5 -5*35 -6

65 -6

5 -5*35 -6

5V3-6

4*3-66

5 -6

5 -5H5 -6

5 -5*35V£-6

6

NOTB.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Ratesfrom about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.



OTHER BANKING AND FINANCIAL STATISTICS

SHIPMENTS AND RECEIPTS OF AMERICANCURRENCY TO AND FROM EUROPE

BY SELECTED BANES IN NEW YORK CITY

[Paper currency only. In thousands of dollars]

Month

JanuaryFebruary..March . . . .AprilMayJuneJulyAugustSeptember.October...November.December.

1931

Ship-ments

toEurope Europe

470130

1,380915

2,5708,811

10,2563,2268,4333,088

521,523

Re-ceiptsfrom

4,051960863

1,4692,103779394

3,7233,29011,5887,0393,749

Netship-ments(-)or

receipts(+)

+3,581+830-517+554-467

-8,032-9,862

+497-5,143+8,500+6,987+2,226

1932

Ship-ments

toEurope

250000

1220

15236

770

Netship-ments(-)or

Europe receipts

Re-ceiptsfrom

3,3355,2218,4684,563

10,93816,2656,6946,4586,6035,2946,013

+3,310+5,221+8,468+4, 563

+10,938+16, 253

+6, 674+6,306+6,567+5, 287

5,943

For description and back figures see BULLETIN for January, 1932,pp. 7-9.

MEMBERSHIP IN PAR-COLLECTION SYSTEM

[Number of banks at end of October]

Federal reservedistrict

United States,

BostonNew YorkPhiladelphiaCleveland _ _.RichmondAtlantaChicago. __St. LouisMinneapolisKansas CityDallasSan Francisco

Member banks

1932

6,886

367826697633389332805437551794594461

1931

7,426

383864725673420356927488588836625541

Nonmember banks

On par list

1932

8,292

222334304765428135

2,2661,134

3301,472

431471

1931

9,541

250366373810448158

2,7021,297

3981,692

483564

Not on par list

1932

3,073

536271325440583922622148

1931

3,296

640880925542389921122659

Figures cover all incorporated banks (other than mutual savingsbanks).

Back figures.—See Annual Report for 1931 (Table 88), 1930 (Table 83),1929 (Table 77), etc.

MATURITY DISTRIBUTION OF BILLS, ETC.[In thousands of dollars]

Bills discounted:Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

Bills bought inopen market:

Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

Certificates andbills:

Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30

Municipal war-rants:

Nov. 2Nov. 9Nov. 16Nov. 23.Nov. 30

Total

326,044 237,414310, 953 221, 935307,172 222, 695307, 520 223, 026308,973 224, 502

34, 05334, 00234, 52434,64634,880

1,067, 258 109,1,067,160 120, 7501,061,6571, 061, 3591,052, 365

5,4255,4275,5695,3505,411

With-in 15days

16 to 30 31 to 60

5,1425,957

9,04711,276

120, 24969, 000

4,3,9214,2935,0585,

days

25,97326, 78622,43023, 87022, 795

5,5168, 51r11,3889,2837,850

100 120, 2501,000

5071,25'1,000

1010

days61 to 90

days

33,70934, 28332, 57130, 74630, 572

11, S8,C9,1798,3007,319

5050133282313

91 daysto 6mos.

19,70418,32519, 23819,42920,088

11,50210, 8307,7718,0168,435

68, 600 126,064 330,044 313,20068, 600 139, 839 355, 770 313, 201124, 600 150, 739 346,869 319, 200177, 564 127, 375 367, 219 320, 201

70, 500 149,064 164, 325 347, 270 321,206

199199143

8,0148,2058,8458,9349,415

Over6 mos.

1,2301,4191,3931,5151,601

Back figures.—See (for bills discounted and bills bought) Annual Re-port for 1931 (Table 16), 1930 (Table 15), 1929 (Table 14), etc.

UNITED STATES POSTAL SAVINGS

[Balance to credit of depositors. In millions of dollars]

End of month

JanuaryFebruary _MarchAprilMayJuneJulyAugustSeptemberOctober...November.December-

1927

141.5143.8140.4147.1147.4147.4147.1147.9148.2148.7149.0148.5

1928

148.9151.1152.0152.2152.0152.1151.7152.2152.3153.1153.9153.9

1929

153.5154.8155.0154.3153.8153.6157.8180.1160.3161.6163.7164.3

1930

165.1167.9169.5170.2171.2175.3180.7186.5189.8192.5200.7245.4

1931

278.4292.1302.7313.8325.0347.4372.5422.7469.9533.1565.5605.1

1932

665.6691.8705.3722.1742.6784.8828.5

v 844.9v 854. 8v 858. 0

p Preliminary.


ALL MEMBER BANKS—CONDITION ON CALL DATES OCTOBER 4, 1929, to SEPTEMBER 30, 1932[Amounts in thousands of dollars]

RESOURCES

Loans (including overdrafts) .United States Government securitiesOther securities-._Total loans and investments _Customers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate owned _ __Cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process of collec-

tion _Due from banks in United StatesDue from banks in foreign countries (including own

branches)Exchanges for clearing house and other checks on local

banksOutside checks and other cash items _.Redemption fund and due from United States Treas-

urerAcceptances of other banks and bills of exchange or

drafts sold with indorsementSecurities borrowedOther assets _ _

Total _

LIABILITIES

Capital stock paid inSurplus ___Undivided profits—netReserves for dividends, contingencies, etc _.Reserves for interest, taxes and other expenses accrued

and unpaid __ _._Due to Federal reserve banks _Due to other banks in United StatesDue to banks in foreign countries (including own

branches) __Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding.Demand deposits ___Time deposits _United States deposits _Total depositsAgreements to repurchase U. S. Government or other

securities soldBills payable and rediscounts:

With Federal reserve banksAllother _.

Acceptances of other banks and bills of exchange ordrafts sold with indorsement _.

Acceptances executed for customersAcceptances executed by other banks for account of

reporting banksNational-bank notes outstandingSecurities borrowedOther liabilities

Total

Number of banks _ _ _

47, 305, 588

1929

Oct. 4 Dec. 31

26,164,8294,021,6365, 727, 306

35,913,771988,912

1,175, 393182, 796497, 212

2, 321, 806

923, 3632, 004, 938

246,996

2,132, 331102, 363

32,828

551, 58732, 592198, 700

26,150,0613, 862,9685, 920,921

35,933,9501, 252,1471,190, 306183,989558, 450

2, 373, 760

994, 3732,167, 756

263, 834

2, 762, 463139,056

48,843, 078

2, 739, 6452,811, 269

143, 603

172,19355, 720

3,153,077

481, 6961,405,446

27, 61317,937,47813,317, 649

315,47936,694,158

149,090

899,311250, 587

551, 586984, 670

40,400640, 61032,592214,946

47,305,588

8,616

735,19335, 533219, 379

45,860, 379

2, 757,1132,864, 612909, 548177, 252

•137, 66054,458

3, 517,325

576, 6641,603, 562

23, 46018, 861, 58213,233, 481

143,20338,013,735

136,957

646,334232,188

735,1931,276,159

29, 647645, 56235, 533

245, 585

48,843,078

8,522

1930

Mar. 27 June 30 Sept. 24 Dec. 31

25,118, 7834, 085, 0065, 851, 908

35,055,6971, 111, 1531, 202, 486188,815496, 633

2, 352, 738

719, 2011, 901, 517

247, 612

1, 616, 95465, 331

32,823

612,19325, 744231,482

47,906, 740

2, 744,9752,881,944956, 053176, 610

175,89651,915

3,204,316

498, 0751,134,283

25,03817,078,90513,518, 731

324,89315,836,156

66,214

206,124140,467

612,1931,125,907

24, 654647,48125,744239,961

45,860,379

8,406

25, 213, 7704,061, 3956, 380, 494

35,655,659928, 807

1, 217, 963190,995484, 262

2, 407, 960

836,4712, 360, 377

220, 793

2, 645, 057118, 552

32, 658

557, 74826, 324223,114

35,472,250912, 852

1, 230, 754197,869470, 367

2, 414, 991

698, 8712, 462, 827

202, 447

1,146, 91551, 706

32, 604

592, 73223. 866242,062

46,153,113

2, 721, 9972, 870, 800950, 072182, 940

148, 96046,206

3, 831, 656

571, 7661, 493,437

41,38918,061, 97713,811,978

280, 76938,139,178

37,164

273, 880161,090

557, 748925,576

34,998649,09826,324226,915

47,906,740

8,315

24, 738, 0114, 095, 270

23, 870, 4884,124, 7766, 864, 247

34,859,5111,117,8331, 240,444191,169592, 504

2, 474, 509

757, 2162, 455, 948

260. 818

2, 076,18992, 766

32, 318

47, 057, 891

2, 728, 6642,903,2581, 009, 435

185, 602

182, 39747,147

3,817,132

660, 612771,94126,638

16,838,35113,944, 868

257,18536,363,874

38,144

172, 578143,402

592, 732929,337

18,127648,99923,866212,698

46,153,113

8,246

21, 069222, 911

22, 839, 9465, 002, 2626,886, 357

34,728,5651, 035, 9781, 239,935

199, 935461, 267

2, 364, 478

524, 7652, 791, 204

296, 376

975, 21543, 344

32, 264

524,10424, 822300,024

45, 542, 276

2, 665,1512, 822,091

894, 388211,407

121,19049, 267

3, 872,842

634,9271,223, 777

20,96017, 501, 55013,546,201

267,41537,116,939

158,141

248,017107,151

662, 6861,138, 624

15,031639,64021,069236,366

47,057, 891

8,052

1931

Mar. 25 June 30 Sept. 29 Dec. 31

2,657,1722,804, 906910,480225, 483

158, 41643,323

4,236,451

566,579626,74722, 506

.6,338, 7283,663,258502,204

5,999,796

23,599

165,106116,336

524,1041,063,334

15,553642,28424, 822

210, 885

21,816, 2435, 343, 0326, 763, 247

33,922,522888, 454

1, 234, 404206, 569519,135

2, 396, 421

629, 4182, 517,096

351, 320

1, 771, 31287, 358

32,001

452,04520, 279

260, 254

45, 288, 588

45, 542,276

7,928

20, 874, 0845, 564,461U, 634, 68933,073,234

662, 4151, 220, 317209, 518554,150

2, 339, 230

531, 6911, 935,119

215, 692

959, 21850, 696

31, 524

329, 75617,150

249, 067

42, 378, 777

2, 620, 6062, 741,351804,199264, 068

127, 34541, 073

4,004,077

657,285999,31033, 231

6,622,2243,515,468395, 397

6,268 065

15,371

146, 81970,079

452,045901,351

11,514636,04120, 279209,455

45,288, 5

7,782

19, 260, 6855, 318, 6545,995, 786

30,575,125718, 500

1,174, 957211, 755522, 551

1, 975,169

598, 2851, 662, 226

174,183

39, 688, 322

2, 580, 5502, 695,285

811, 456271, 408

162, 50741,070

3,222,466

747,282617,05323,701

15, 526,18212, 776, 332

526,16133,480,247

25,303

323,354142,357

329, 756681,145p* fr-fc'

f 13,197628,33417,150

216, 728

t2, 378, 777

7,599

108,128

31, 372

310, 50213, 473

223, 687

16, 587,1855, 627, 8545, 785, 764

28,000,803458, 952

1,166, 263233, 014478, 224

1, 997, 656

419, 7061, 730, 770

192, 619

859, 34058,092

32, 548

55, 02211, 664

216, 388

35,911,061

2,499,0982, 524,460605,403370,368

48, 3812,832,296

433, 740729,30119, 581

14,955, 40011,315,842

411, 84530,746,386

81, 583

622,652216,476

310, 502732,253

14,169624,23413,473

228, 597

39,688,322

7,246

1932

June 30 Sept. 30

2,440,4672, 366, 239

510, 696343, 518

109,92738,362

2,870,029

200, 569503,33624, 475

13,203, 73210,636,021

387,46327,863,987

62,983

440, 504374,619

55,022483,064

6,912648,90611,664

192, 553

35,911,061

15,923,8416, 366, 0995, 754, 743

28,044,683440, 276

1,167, 763253, 342406. 688

2, 234,919

387, 2252,048, 644

175, 377

802, 88147,102

37, 627

18, 55811, 259

233, 501

36, 309, 845

2, 431, 6882,262,122516,491360,860

129,96932,196

3,268,854

262, 676464,00617,958

13,081,24310,601,689

737, 76928,466,391

42, 111

331,345365,404

18,558448,440

5,416739, 79311, 259179,998

16,309, 845

s

6,904 T


NATIONAL AND STATE MEMBERS—CONDITION ON SEPTEMBER 30, 1932, BY CLASSES OF BANKS[Amounts in thousands of dollars]

All member banks

TotalCentralreserve

citybanks

Otherreserve

citybanks

Countrybanks

National banks *

TotalCentralreserve

citybanks

Otherreserve

citybanks

Countrybanks

State bank members

TotalCentralreserve

citybanks

Otherreserve

citybanks

Countrybanks

ooto

RESOURCES

Loans (including overdrafts) _ _-.United States Government securities..-Other securitiesTotal loans and investments ._Customers' liability on account of acceptances.._ - _.Banking house, furniture, and fixturesOther real estate owned _._Cash in vault --Reserve with Federal reserve banks...Items with Federal reserve banks in process of collectionDue from banks in United StatesDue from banks in foreign countries (including own branches)Exchanges for clearing house and other checks on local banksOutside checks and other cash items.Redemption fund and due from United States TreasurerAcceptances of other banks and bills of exchange or drafts sold with

indorsement..Securities borrowedOther assets -

15,923,8416,366,0995, 754, 743

28,044,683440,276

1,167,763253,342406,688

2,234,919387, 225

2,048,644175,377802,881

47,10237,627

18,55811.259

4,350, 5162,685,2731, 267, 7508,303,539

380, 556278, 28521,87957,239

1,185, 510115,898299, 295131,464610, 777

5,9432,236

6,770

233,501 78, 559

5,806,3122,209,3601,771,8939,787,565

55, 939417, 616

96,330119,413608, 679187,083

1,078,13441,361

151, 57426, 23611,825

10, 5763,858

98, 323

5,767,0131,471,4662, 715,1009,953,579

3,781471,862135,133230,036440, 73084,244

671,2152,552

40, 53014,92323, 566

1,2127,401

56, 619

9, 904,0053,657,2453, 772,490

17,333,740234, 472756, 038155,066293,386

1,381,065242,862

1,423,935134,150367,115

33,18337,627

4,6017,892

119,264

1, 758,850,791551, 761

3,160,771192, 601105, 497

6,23620, 761

613, 21251,45654,49996, 534

232, 5511,3142,236

219 3, 850, 493 4," " 1,588,0081,

1,091,248 2,7716,539,749 7,— 40,256

279,39648, 55084,466

425,158131,148816, 537

35,857108, 525

19, 44011,825

961

25,483

2,7572,336

55, 513

,295, 293, 218, 446, 129,481,643,220

1,615371,145100, 280188,159342, 6951

60,2581552,899

1,75926, 03912,42923, 566

8835,556

38,268

6, 019,8362,708,8541,982,253

10,710,943205,804411, 725

98, 276113,302853, 854144,363624,709

41,227435,766

13, 919

2, 592,297 1,1, 834,482

715,9895,143,

187, 955172, 788

15, 64336, 478

572, 29864, 442

244, 79634,930

378,2264,

, 955,819 1,621,352680,645

768 3,257,816 2,310;15,683

138,22047,78034,947

183,52155,935

261, 5975,504

43,0496,796

., 471,720253,020585,619

1,3592,166

100, 71734,85341, 87798, 03523,986

118,316793

14,4912,494

13,9573,367

114,237

5,809

53,076

7,8191,522

42,810

3291,845

18,351

Total. 36,309,845 11,477, 950 12,694, 512 12,137, 383 22, 524,396 4, 564,112 8,591,513 9,368,771 13, 785,449 6,913,838 4,102,999 2,768,612

Capital stock paid in.Surplus..Undivided profits—net _...Reserves for dividends, contingencies, etcReserves for interest, taxes, and other expenses accrued and unpaid.Due to Federal reserve banks... _Due to other banks in United StatesDue to banks in foreign countries (including own branches)Certified and officers' checks outstandingCash letters of credit and travelers' checks outstandingDemand deposits —Time deposits.._United States depositsTotal deposits _ -Agreements to repurchase U. S. Government or other securities sold.Bills payable and rediscounts:

With Federal reserve banksAllother. _

Acceptances of other banks and bills of exchange or drafts sold withindorsement. -

Acceptances executed for customersAcceptances executed by other banks for account of reporting banks.National-bank notes outstanding -Securities borrowedOther liabilities- —

Total

Number of banks - •

2,431,6882,262,122516,491360,860129, 96932,196

3, 268, 854262, 676464,00617, 958

13, 081, 24310, 601, 689

737, 76928,466,391

42, 111

331, 345365,404

18, 558448, 4405,416

739, 79311, 259

765, 324844, 538159,132164,64039, 701

1,631,188239, 312348, 75913, 377

5,184, 5281, 214, 560337, 934

8,969,65810,295

4,57436, 731

6,770387,1702,754

41, 642

784, 944729,210157, 936119,13552,2696,238

1, 393, 71621, 82572.1604,407

4, 270, 7244, 229, 998304,187

>, 303,25517, 401

76.16193, 804

10, 57658, 5441,421

179, 998 55,0213,858

56, 330

881, 420688, 374199,42377,08537, 99925, 958243, 950

1,53943, 087

1743, 625, 9915,157,131

95, 6489,193,478

24, 415

250, 610234, 869

1,2122,7261,241

468, 4837,401

68, 647

1, 559, 8071,203, 877307, 749166,35468, 75024, 437

1, 870,040169, 900196. 9687,

7,836, 9277, 220, 682

372, 47217,699,r"

26, 595

257, 461186,113

4,601238, 9812,019

739, 7937,892

55,116

336, 429282, 23343, 93082,22311,096

536,186403,075104,10754,63333, 3085,150

1,032, 91515,18451, 5284,270

646,172153, 865113, 8013,489

2, 080,173 2, 984, 430 2, 772, 324425,372 2,121, 734

3,544,606 7,

687,192518, 569159, 71229,49824,34619, 287

190, 953851

31, 639103

740 7,

1,0841,220

961195, 252

76541, 642

22, 671

1,799,063181, 200

?,073,-5,777

59, 83227, 576

2,75742, 2011,082

229, 6682,33615, 235

3, 996, 24769, 538

',080,94320, 818

196, 545157, 317

8831,528172

468, 4835,556

17, 210

871, 8811, 058, 245208, 742194, 50661,2197,759

1, 398, 81492, 776

267, 03810, 096

5, 244, 3163, 381,007

365, 29710,767,103

15, 516|

73, 884179, 291

13,957209, 4593,397

428,895562, 305115, 20282,41728,605

985, 01685, 447

234, 9589,888

3,104,355 1,789,188 1,216, 200

5,425,052 3,295

3,49035, 511

5,809191,9181 " ~

248, 758326,13553, 82964, 50218, 961V

360, 8016,641

20, 632137

286, 294430,935122, 987229,515 2,11311, 624

194, 228169, 80539, 71147,58713, 6536,671

52, 997

11, 44871

853, 667, 160, 884

26,110"1,5363,597

16,32966, 228

7,81916, 343

339

54,06577, 552

3291,1981,069

3,367124, 882 32, 350

1,52241,095

1,84551, 437

36, 309, 845 11, 477, 950 12, 694, 512 12,137, 383 22, 524, 396 4, 564,112 8, 591, 513 9, 368, 771 13, 785, 449 6, 913, 838 4,102, 999 2, 768, 612

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-



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 duringgiven period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include re-openings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as ofdate of suspension where available, otherwise as of the latest available call date preceding suspension]

[Figures for latest month are preliminary]

Federal reserve 'district

November, 1932:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta . _ChicagoSt. LouisMinneapolis. __ -.Kansas CityDallasSan Francisco

Total..

January-November, 1932:Boston .New YorkPhiladelphiaCleveland-.Richmond.-. _ . _ _AtlantaChicago -_St. LouisMinneapolisKansas City,.- .DallasSan Francisco

Total-

Banks suspended

Number

Allbanks

14

1021139

2557

95

111427566772

44914511818033

127

1,299

Members

Na-tional

12

2222512

19

21010211218732122279

32

257

State

11

4

6

11

1

5205

22

13

50

Non-mem-bers

2

718117

2041

70

83

17345549

35611996

1512282

992


Allbanks

1,95717, 431

1,2617,8978,2861,3235,0991,2441,824

46,322

72, 56325, 77330,94936,92353, 27118, 571

229, 76142, 25624,80927,8169,229

77, 586

649,507

Members

Na-tional

1,95713,978

1741,3485,954

2302,593

83158

26,475

4,03120,5806,625

22,38614,5267,076

68, 22015,0235,5668,6603,910

25,094

201, 697

State

2932,745

481

3,519

10,258797

512

2,19824,7753,379

481150

5,274

47,824

Non-mem-bers

3,453

7943,8042,3321,0932,5061,1611,185

16,328

58,2744,396

24,32414,02538, 7459,297

136,76623,85419,24318,6755,169

47, 218

399,986

Banks reopened

Number

Allbanks

2226312

18

397

174123763514229

20

276

Mem-bers1

12

1

4

2372

111

1251

34

51

Non-mem-bers

2 1

25

2312

14

6

3 1530

3 223 643 30

13226

16

225

Deposits (in thousandsof dollars)

Allbanks

3,2271,354

8034,1472,418

423115

12,487

8,57122, 6107,446

68, 66029,3778,588

78,81710,6365,5823,8125,558

19,891

269,548

Mem-bers1

4231,354

301

2,078

2,27113,6237,4461,000

13,152680

19, 2311,1331,132

4,2317,103

71,002

Non-mem-bers

2 2,804

8033,846

2 2,418423115

10,409

6,3008,987

3 67, 66016,2253 7,908

3 59,5863 9,503

4,4503,8121,327

12,788

198,546

1 Represents National banks only, except as follows: November, 1 State member in Chicago district with deposits of $301,000; January-Novem-ber, 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 withdeposits 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, wereState 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 banksin 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).



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 duringgiven period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopen-ings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) are as of dateof suspension where available, otherwise as of the latest available call date preceding suspension]

[Figures are preliminary and subject to revision]

State

New England:MaineNew HampshireVermontMassachusettsRhode IslandConnecticut

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndianaIllinois -MichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaTTansfts

South Atlantic-DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:KentuckyTennesseeAlabamaMississippi

West South Central:ArkansasLouisianaOklahomaTexas.

Mountain:Montana. __Idaho _ _..WyomingColorado _New Mexico ._ArizonaUtah. _Nevada

Pacific:WashingtonOregonCalifornia.

Total

Banks suspended

Number

Allbanks

13

1

925

41110

1364

31

24

1

83

1

411

4

2

95

Members

Na-tional

12

1

1

1111

1

1

51

1

1

19

State

l

l

l

3

6

Non-mem-bers

1

1

814

4109

264

21

22

1

32

411

1

70


Allbanks

1,95717,027

404

6,2143,1061,593

7392,7272,820

102447611602

456244

72489

31

3,298320

115

31583

841

448

1,261

46,322

Members

Na-tional

1,95713,978

5,298

867

481656102128

159

15

2,59383

82

76

26, 475

State

2,745

293

115

366

3,519

Non-mem-bers

3,049

404

916361726

7392,2462,164

319611602

297244

72181

31

705237

31583

841

1 185

16,328

Banks reopened

Number

Allbanks

1

11231

2

1

2

22

18

Mem-bers *

1

1

2

4

Non-mem-bers

211221

2

1

222

14


Allbanks

423

2,804767922

1,7161,165

160

39

1,354

8032,334

12,487

Mem-bers i

423

301

1,354

2,078

Non-mem-bers

2 2,804767922

1,4151,165

LU

160

39

803? 2,334

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 with deposits < " " " - • • - - - - - —--•rath deposits of $2,804,000, and 1 in Mississippi with deposits of $400,000 were State member banks.



BANK SUSPENSIONS AND BANKS REOPENED—ContinuedBANK 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 includereopenings both of banks closed during that period and of banks closed in prior periods. Deposits (including those of banks reopened) areas 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]

State

New England:MaineNew HampshireVermont _MassachusettsRhode IslandConnecticut

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndiana _IllinoisMichigan __ __Wisconsin

West North Central:Minnesota _._ . .IowaMissouri. _ _ .North DakotaSouth DakotaNebraska . . . . .Kansas

South Atlantic:DelawareMarylandDistrict of ColumbiaVirginia.West VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida ._

East South Central:KentuckyTennessee -._AlabamaMississippi

West South Central:ArkansasLouisiana .OklahomaTexas

Mountain:MontanaIdahoWyoming _.ColoradoNew MexicoArizona -UtahNevada

Pacific-Washington. _OregonCalifornia

Total

Banks suspended

Number

4 11

banks

5

6

108

42

2565

1917653

551247614204460

14494

3116199

38261710

107

2930

8232

2117

143

282529

1,299

Members

Na-tional

1

I85

20

2114543

62283639

11

215361

10361

1199

36

5

1

57

13

257

State

1

11

910

31

2

1

1

3

11

2

2

2

54

50

Non-mem-bers

3

5

22

21

2354

1376250

49996711143951

3473

2613128

27123

89

85

2019

5152

1616

123

181416

992


Allbanks

29,678

42, 885

15,31614,63651,336

8,21636,843

117, 23129, 64715,929

10,50257,38914, 2011,0665,0375,5278,788

7925,5203 497

879528

14,12928, 8263,0622,879

10,4934,5345,7891,506

8592,4508,1088,097

1,38412,' 387

8782,352

835,9679,816

981

23, 7886,545

19,151

649,507

Members

Na-tional

1,334

2,697

12, 01610,94722, 208

1,67811, 28145, 6602,4041,913

1,18717, 7764,324

2431,027

4083,304

792839

339142

9,9673,239

738432

4,1861,6163,155

455

85680

4,2193,910

7168,181

686

354

3,9552,244

10,360

201,697

State

10, 258

797512

12,9316,734

5,561455

481

358

2,347

1,309

126531

150

213

863

2, 5451,653

47, 824

Non-mem-bers

18,086

40,188

3,3002,892

28, 616

6,53825, 56258, 64020, 50914,016

9,31534,0529,422

8234,0104,6385, 484

4,6813 497

540386

4,16225, 587

1,9662,447

3,9602,9181, 3251,051

6481,2393,8894,037

6683,993

8781,666

835,6138,953

981

17, 2882,6488,791

399, 986

I

Allbanks

1

2

566

1311233316

4744

132

18

21114814

852

15

7659

8

5

232

276

dumber

Mem-bers J

1

1

235

1

662

1

1

164

1

21

3

1

2

1

51

Banks reopened

Non-mem-bers

1

331

2 121117

2 2714

42 6

44

132

8

15

10814

752

2 15

525

56

7

3

222

225


Allbanks

402

8,169

18,4538,7255,575

64 0245,725

10, 01829,7549,364

1,20531,327

573597

2,650286

7922,957

59112, 96111 8002,215

309933

1,084642803

7 411

1,2163,097

4415,558

8,254

2,194

1,2236,7261,494

269, 548

Mem-bers 1

402

1,869

12, 6775,5142,509

577

5, 72011,3942,220

1,409

792

5678,0434 542

160

593680

4,231

5,258

960

885

71,002

Non-mem-bers

6,300

5,7763,2113,066

2 63,4475,7254,298

218, 3607,144

1,2052 29,918

573597

2,650286

2,957

244,9187,2582,215

309933

924642803

2 7 411

6232 2,417

4411,327

2,996

1,234

1,2235,8411,494

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).



INDUSTRIAL PRODUCTION, BY INDUSTRIES[Index numbers of the Federal Reserve Board. 1923-1925 average=100]

Industry

Without seasonal adjustment Adjusted for seasonal variation

1932

Oct. Sept.

1931

Oct.

1932

Oct. Sept.

1931

Oct.

Manufactures—Total . .IRON AND STEEL

Pig ironSteel ingots..

TEXTILES -Cotton consumptionWool -

ConsumptionMachinery activityCarpet and rug-loom activity..

SilkDeliveriesLoom activity

FOOD PRODUCTS .Slaughtering and meat packing..

HogsCattleCalvesSheep

Wheat flourSugar meltings

PAPER AND PRINTINGWood pulp and paper . . . -

NewsprintBook paperWrapping paperFine paperBox boardWood pulp, mechanicalWood pulp, chemical

Paper boxesNewsprint consumption

LUMBER _ . . - ,

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding.-

LEATHER AND PRODUCTSTanning

Sole leatherUpper lea ther -

CattleCalf and kipGoat and kid -.

Boots and shoesCEMENT AND GLASS:

CementGlass, plate

NONFERROUS METALS i—Tin deliveries..FUELS, MANUFACTURED:

Petroleum refiningGasolineKeroseneFuel oil -Lubricating oil -

Coke, by-productRUBBER TIRES AND T U B E S . . . _

Tires, pneumaticInner tubes

TOBACCO PRODUCTSCigars.Cigarettes

Minerals—Total-Bituminous coalAnthracite coalPetroleum, crudeIron ore _ZincLeadSilver

302131

1029981919039140157106

1609875

J>93*>8461

109

15710627

15

120

137180708572556062391127714080747910422323936

2720281049684998933154178105

93888093921739510689815985728010055821519925

26684

»107

'126

674545

1331737287715161634812373159

73616210815293934

72443944958875886552144159115

92928693941739982

1039175978180113728416112734

23570888883

8572115

159206741029575

676953

12090144

90789511771466840

140157

2)899210174891458879

61

104

150100

26

17

107

137

55

714410463133

7467611031333

282128104998294

148170

9510010783951498099

59857181946782137101

24

24584

P 9 3

133

702)

5264664811164145

70586110483041

7145394693857180

144159

I

92951018090158

1008975968079107808215312033

265968184

846011079

7556

158i71

ii7576795911174137

717411641476641

1 Includes also lead and zinc; see "Minerals."3 Without seasonal adjustment.

N O T E . — F o r description see B U L L E T I N for February and March, 1927.

p Preliminary.«• Revised.

For latest revisions see B U L L E T I N for March, 1932, pp. 194-196.



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]

Industry-

Factory employment

Without seasonal adjust-ment

1932

Oct. Sept.

1931

Oct.

Adjusted for seasonalvariation

1932

Oct. Sept.

1931

Oct.

Factory pay rolls

Without seasonal adjust-ment

1932

Oct. Sept.

1931

Oct.

TotaL-IRON AND STEEL AND PRODUCTS

Steel works and rolling millsHardware _Structural iron workHeating apparatus

Steam fittingsStoves

Cast-iron pipeMACHINERY

Foundry and machine-shop products..Machine toolsAgricultural implementsElectrical machinery

TEXTILES AND PRODUCTS _A. Fabrics _

Cotton goodsWoolen and worsted manufactures..

Woolen and worsted goodsCarpets and rugs

Hosiery and knit goodsSilk manufacturesDyeing and finishing textiles

B. Wearing apparelClothing, men'sShirts and collarsClothing, women'sMillinery.

FOOD AND PRODUCTS _..Baking— __Slaughtering and meat-packingConfectionery _Ice cream _ _Flour _Sugar refining cane

PAPER AND PRINTING __Printing, book and jobPrinting, newspapers and periodicals..Paper and pulpPaper boxes _

LUMBER AND PRODUCTSLumber, sawmillsLumber, millworkFurniture

TRANSPORTATION EQUIPMENT. _.Car building and repairing.-.AutomobilesShipbuilding..

LEATHER AND MANUFACTURES..Boots and shoesLeather

CEMENT, CLAY, AND GLASS PRODUCTS..Clay products _.

Brick, tile, and terra cottaPottery

Glass _Cement

NONFERROUS METAL PRODUCTS..Stamped and enameled ware..Brass, bronze, and copper

CHEMICALS AND PRODUCTSChemicals and drugsPetroleum refiningFertilizers.

RUBBER PRODUCTS _.Automobile tires and tubes..Rubber boots and shoes

TOBACCO MANUFACTURES _Cigars and cigarettes _Chewing and smoking tobacco, snuff..

62.0

53.355.950.147.250.441.258.933.845.844.436.825.552.375.776.275.965.668.550.191.466.788.174.455.073.0

104.471.685.085.283.1

100.970.375.975.782.378.194.478.175.939.034.135.155.441.342.137.363.479.081.767.944.939.430.763.156.044.347.124.255.075.179.474.649.660.562.953.371.971.872.4

61.551.754.149.249.047.439.254.832.045.943.837.627.653.771.972.671.964.067.843.785.262.988.070.353.065.695.674.783.884.782.692.278.475.875.380.977.193.476.972.037.733.235.451.943.140.144.364.578.081.165.043.438.531.657.253.443.346.624.754.074.076.976.646.760.263.350.7

70.6

71.466.366.963.075.263.859.068.358.265.259.467.742.180.277.475.674.161.761.264.488.975.193.882.259.886.8

117.071.289.294.884.496.478.779.377.591.491.6

101.982.787.350.143.149.370.451.549.050.584.179.280.872.459.054.446.277.068.158.860.839.768.185.792.183.053.970.269.971.279.981.368.4

61.153.256.350.446.147.440.453.933.746.144.836.926.852.374.375.575.364.366.950.690.766.387.971.254.471.698.165.181.382.583.583.671.873.073.182.078.894.378.272.037.633.435.150.841.441.937.367.676.178.167.943.838.830.062.754.442.647.824.755.674.978.674.751.460.764.051.068.367.773.0

60.3

51.354.148.647.445.238.351.631.646.043.938.029.853.772.273.673.064.868.645.286.063.590.268.651.866.293.669.681.883.483.483.971.973.274.481.177.594.477.070.936.632.234.949.9

42.840.043.069.274.977.365.041.937.329.957.351.641.147.225.454.673.777.075.247.4

58.661.649.467.967.571.3

70.3

66.267.363.373.460.357.862.658.065.659.967.944.180.276.074.973.560.659.765.088.374.793.678.759.185.1

109.964.785.591.984.879.980.476.374.991.092.4

101.782.782.948.442.449.364.651.748.850.589.776.477.372.4

57.653.545.176.566.256.561.740.668.985.491.283.255.870.371.068.175.876.769.0

43.526.225.225.927.733.927.040.417.027.724.821.419.636.555.655.252.144.947.931.077.148.969.056.338.249.983.947.570.972.970.378.160.966.359.171.766.489.856.766.422.418.420.232.529.131.423.353.455.054.656.326.420.013.437.438.727.032.217.436.460.761.963.333.7

38.142.452.651.6

43.123.422.224.328.029.023.434.418.127.023.522.220.336.653.151.748.943.147.522.667.344.971.956.037.341.379.665.070.873.170.373.468.263.1

70.065.389.053.861.520.917.420.129.127.328.922.252.454.555.252.324.618.414.129.835.826.330.317.534.059.858.466.333.236.435.639.951.049.761.7

59.443.941.745.157.548.643.953.042.050.242.750.432.869.866.062.958.448.349.045.581.567.984.972.247.767.8

107.563.285.990.484.388.579.677.068.891.489.0

110.371.286.338.232.136.852.445.344.741.483.556.453.766.643.935.928.655.157.048.549.934.354.480.884.480.846.353.751.960.964.664.564.9

NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Revised index of Bureau of Labor Statistics (784 price series); 1926=100]

Year and month

19271928192919301931

1931—OctoberNovember _.December

1932—January .._FebruaryMarchAprilMayJuneJulyAugust-SeptemberOctober

FARM PRODUCTS:Grains - -_ -- -_ ._Livestock and poultry_Other farm products

Allcom-modi-ties

95.496.795.386.473.0

70.370.268.6

67.366.366.065.564.463.964.565.265.364.4

FOODS:Butter, cheese, and milkCereal products -Fruits and vegetablesMeats -_Other foods

HIDES AND LEATHER PRODUCTS:Boots and shoes .Hides and skinsLeatherOther leather products.

TEXTILE PRODUCTS:ClothingCotton goodsKnit goodsSilk and rayonWoolen and worsted goods . . .Other textile products

F U E L AND LIGHTING MATERIALS:Anthracite coalBituminous coalCokeElectricity.GasPetroleum products

METALS AND METAL PRODIAgricultural implementsIron and steel _. . . __Motor vehiclesNonferrous metals

BUILDING MATERIALS:Brick and tileCement -. .-> -Lumber .Paint materialsPlumbing and heatingStructural steel

JCTS:;

Other building materialsCHEMICALS AND DRUGS:

ChemicalsDrugs and Pharmaceuticals..Fertilizer materialsMixed fertilizers

HOUSEFURNISHING GOODS:

Furnishings... . . . _.Furniture . .

MISCELLANEOUS:Auto tires and tubesCattlifeedPaper and pulp . . .Rubber, crude . . .Other miscellaneous _.

prod-ucts

99.4105.9104.988.364.858.858.755.752.850.650.249.246.645.747.949.149.146.9

Foods

<)fi 7101.099.9<W> 5

ra 3n o69.164.7({t

J2.5\2 3n o

59.3

((

W 8i0 931.831.830.5

Other commodities

Total

94.092.991.685.275 072.973.572 371 771.370 970.970 470.169.770.170.470.2

Hides ancleather

products

107.7121.4109.1100.086.182.581.679.879.378.377.375.072.570.868.669.772.2

' 72.8

1931

Aug.

44.867.067.3

82.270.973.476.069.6

93.569.190.3

101.4

75.964.059.243.767.474.4

92.283.781.598.4

103.237.5

94.382.494.760.1

82.975.866.978.483.881.783.7

80.561.974.478.7

81.788.6

46.050.880.611.2itf 4

Sept.

44.261.065.4

84.670.371.073.668.5

93.558.683.4

101.1

75.561.559.243.565.774.1

94.383.981.5

100.6103.438.9

94.182.395.459.0

82.675.866.977.682.681.782.6

79.861.774.277.6

81.284.6

46.044.480.710.6Rf .7

Oct.

44.357.664.2

86.170.668.271.169.7

93.150.080.7

101.1

73.959.759.241.764.672.4

94.283.681.5

102.1100.839.2

85.681.795.454.9

82.675.165.277.081.681.782.0

79.761.670.277.2

79.882.4

46.049.480.510.286.9

Nov.

51.355.763.1

80.773.165.167.768.0

92.549.078.8

101.1

72.658.159.041.864.272.5

94.283.781.4

103.4100.142.5

85.581.595.254.7

81.474.665.977.581.481.781.9

80.661.370.177.7

79.782.3

46.059.880.8

9.686.7

Dec.

47.051.761.2

79.872.263.563.267.2

89.248.878.899.7

70.856.458.539.063.971.3

94.883.881.1

104.198.239.6

85.581.095.253.8

80.074.665.876.679.981.781.5

80.861.070.177.1

76.680.6

40.853.980.8

9.585.9

1 Textileproducts

95.695.590.480.366.363.062.260.859.959.858.757.055.653.952.754.057.055.0

Fuel andlighting

materials

88.384.383.078.567.567.869.468.367.968.367.970.270.771.672.372.170.871.1

Metalsand metalproducts

96.397.0

100.592.184.5

82.882.682.2

81.880.980.8SO. 380.179.979.280.180.180.3

Buildingmaterials

94.794.195.489.979.276.176.275 774 873 473 ?72.571.570.869.769.670.570.7

Chemi-cals anddrugs

96.895.694.289.179.375.676.176.175.775.575.374.473.673.173.073.372.972.7

House-furnish-ing goods

97.595.194 392.784.981.080.978.577.777.577.176.374.874.774.073.673.773.7

Miscel-laneous

91.085.482.677.769.866.668.766.865.664.764.764.764.464.264.364.664.764.1

1932

Jan.

46.753.454.8

67.871.062.261.961.9

88.849.077.598.9

70.755.855.837.763.370.7

94.884.480.5

107.598.638.8

85.579.995.355.4

79.375.265.675.474.177.381.0

80.660.669.975.5

76.179.5

39.753.078.0

9.385.2

Feb.

46.150.352.7

64.169.661.859.559.4

88.546.176.598.8

70.656.455.836.563.169.7

94.884.380.4

104.898.038.6

85.179.395.352.7

79.375.362.975.165.877.980.2

80.860.169.873.7

75.979.5

39.548.276.78.6

84.4

Mar.

43.551.462.1

64.268.362.361.457.1

88.544.773.498.8

69.056.254.933.562.769.5

89.983.580.4

104.497.539.8

85.079.795.350.5

79.375.061.575.464.479.780.6

80.959.768.673.2

75.479.1

39.262.476.8

7.284.5

Apr .

44.549.251.2

61.668.262.359.855.8

88.440.867.298.0

68.755.151.931.359.768.2

85.782.779.8

103.599.145.5

85.080.193.849.3

78.475.0

74 764.481.780.2

79.758.970.171.1

75.477.4

39.253.476.8

6.684.5

May

42.644.449.6

59.668.161.556.554.9

88.435.7e>0 697.9

68.252.950.529.158.367.2

85.682.077.1

106.1103.047.2

84.980.093.8I[R 3

77.475.069.573.964.481.778.2

70.1tff

i

)8.7rt 4W 0

ta 5u.i

w ?1ft 9m 56 7

J4.6

June

37.746.748.2

57.466.862.456.055.4

87.532.558.796.4

67.451.049.627.555.066.7

85.381.876.9

105.5106.348.2

84.979.893.847.6

76.177.157.673.366.781.777.6

78 658.368.069.0

75.474.0

39.642.176.25.8

84.6

July

36.754.148.4

58.265.759.762.058.5

84.433.560.083.7

66.050.047.826.253.666.5

84.581.676.3

105.8108.349.7

84.977.295.347.0

75.977.356.966.867.181.777.9

78.957.666.868.8

75.173.0

40.142.276.26.1

84.5

Aug.

38.252.850.8

60.266.055.661.962.1

84.439.360.082.3

66.052.648.529.553.467.4

86.081.376.7

104.4107.048.9

*84.978.795.348.5

75.279.055.567.267.181.778.3

79.757.066.468.3

74.872.6

40.147.476.3

7.984.2

Sept.

37.451.252.1

60.665.852.560.964.6

84.448.263.281.5

67.357.950.432.656.768.6

87.781.176.7

103.4107 646.7

84.979.792.751.6

75.479.056.368 266.881.779.9

79.856.663.666 9

74.772.7

42.745.975.58.2

83.2

Oct.

34.445.052.1

60.564.152.256.465.4

84.649.664.181.9

62 556.250 930.856.567.7

88.781 176.7

47.4

84.780.492.750.7

75 379.056.668.367.581.780.0

79 855.963.466 5

74.772.8

44.642.773.4

7.382.1

Back figures.—For revised indexes of groups see BULLETIN for March, 1932, p . 99; indexes of subgroups available at Bureau of Labor Statistic*.



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]

Month

JanuaryFebruaryMarch.- . . -AprilMay . —June.. .JulyAugustSeptemberOctoberNovemberDecember

Year- -

Total

1931

228.0235.4370.0336.9306.1316.1286.0233.1251.1242.1151.2136.9

3,092.8

1932

84.889.0

112.2121.7146.2113.1128.8134.0127.5107.5

Residential

1931

54.477.9

100.995.988.972.763.960.254.660.545.336.2

811.4

1932

27.524.433.228.925.623.119.720.822.821.9

Factories

1931

10.17.3

20.611.316.38.9

10.44.7

11.08.94.22.5

116.2

1932

3.44.44.54.53.02.13.53.36.33.2

Commercial

1931

26.927.136.226.225.726.928.419.128.641.314.110.6

311 1

1932

9.110.110.612.912.213.08.3

18.48.87.0

Public works andpublic utilities

1931

96.879.0

152.2133.4109.6141.6117.473.386.583.048.050.5

1,171.1

1932

24.128.329.947.361.750.160.064.268.758.5

Educational

1931

19.416.724.323.023.822.526.119.321.214.711 86.1

228.8

1932

4.410.89.8

10.76.57.26.45.57.43.6

All other

1931

20.527.335.747.141.843.639.856.549.333.827.831.0

454 3

1932

16,311.024.217.537.217.630.821.913.513.3

BUILDING CONTRACTS AWARDED, BYDISTRICTS

[ Value of contracts in thousands of dollars; figures for 37 States east ofthe Rocky Mountains, as reported by the F. W. Dodge Corporation]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts)

1932

Oct. Sept

9,12522, 7805,3989,830

13,4647,387

11,9247,3033,234

10, 3806,649

107,474 127, 527

1931

Oct.

10, 36327,2846,952

10, 55110, 6859,470

22,04310, 0644,9489,1666,002

24,126101, 34523, 06613,15923, 34211, 96118, 6067,5385,7544,8228,376

242,094

COMMERCIAL FAILURES, BY DISTRICTS

[Amounts in thousands of dollars; figures reported by R. G. Dun Co.]


BostonNew YorkPhiladelphia,.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco.

Total...

Number

1932

Oct.

188486942341191373128293103105320

2,273

Sept.

194417117220150125338958412265255

2,182

1931

Oct.

18740316525592131353126108125130287

2,362

Liabilities

1932

Oct.

4,18712, 5353,3706,3871,9342,1818,7841,6481,397

8402,7636,846

52, 870

Sept.

4,40714,9204,5824,6192,6382,06912,0821,4281,0521,4841,2385,608

56,128

1931

Oct.

4,40616,4968,92410, 5541,3652,89114,6702,4981,4931,0551,9304,377

70, 660

BUILDING PERMITS ISSUED, BY DISTRICTS

[Value of permits in thousands of dollars]


BostonNewYork.__.Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco.

Total. _.

Numberof cities

168

1932

Oct.

1,0555,8921,2512,0233,0322,5171,7151,310

628716705

3,270

24,114

Sept.

1,3605,6891,5572,4111,3381,9235,250

7451,6931,137

7243,463

27, 290

1931

Oct.

2,92632,133

5,4054,0191,7634,4881,7081,3063,1943,1638,545

72,334

BANK DEBITS

[Debits to individual accounts. In millions of dollars]

New York City..Outside New York City

Federal reserve district:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City...DallasSan Francisco

Total i

Numberof centers

1140

H1013

7152159

151018

141

1932

Oct.

12,94412, 354

1,64313, 4431,1671,217

505592

2,845633424690395

1,744

25, 298

Sept.

14,16311, 768

1,30114,6551,1381,126

483580

2,860599437681354

1,716

25, 931

1931

Oct.

20,67818,124

2,34421,4021,8791,960

664847

4,273855555959568

2,495

38,802

i For back figures see Annual Reports for 1931 (Table 71) and 1925(Table 100).



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]


BostonNew YorkPhiladelphiaCleveland -- -RichmondAtlantaChicago - -St LouisMinneapolis _Kansas CityDallasSan Francisco - -

Total

BostonNew YorkPhiladelphiaClevelandRichmond ._AtlantaChicagoSt. Louis..Minneapllis .Kansas City__DallasSan Francisco _ ._

Total

Oats

Production,1931

Bushels6,359

25,81917, 68775, 24723, 67114, 558

469,97263,142

183,049147, 71263,02621, 795

1,112, 037

Estimate,Nov. 1,1932

Bushels7,794

27, 76315,11259,47619,01611,218

531,14750,385

325,603147,05745, 50725, 263

1, 265, 341

Corn

Production,1931

Bushels7,929

25,83755,305

206,456146,866165,412887,842383,052173,273393, 884109,442

7,973

2,563, 271

EstimateNov. 1,1932

Bushels7,418

24,09842,887

161, 702106, 450146, 216

1,094, 780380, 395296.973532, 624117, 226

9,920

2,920,689

Tame hay

Production,1931

Tons3,3465,5632,3044,7422,9282,182

11,9395,4587,0397,270

99110,451

64, 213


Tons2,8484,7551,9543,7842,6662,205

13,4004,8919,6268,5461,024

12,844

68, 543

Total wheat

Production,1931

Bushels65

6,19718,76456,08630,1944,612

77, 25966, 58682,089

402,12160,04190,190

894,204

EstimateNov. 1,1932

Bushels86

4,66212,21235,53316, 8073,027

48,91934, 527

240,300169,95730,431

115,246

711,707

Tobacco

Production,1931

Pounds39,0431,462

57,669191,060684,996172,95048,904

395,0165,0364,774

1, 600,910


Pounds29,364

1,11342,100

127, 656402, 696102,12035,042

275, 8552,7605,494

1, 024, 200

Winter wheat

Production,1931

Bushels

6,01218,57755, 83230,1944,612

73, 63666, 2608,943

398,09659, 87667, 424

789,462

EstimateNov. 1,

1932

Bushels

4,47012,10735,36416,8073,027

45, 52734, 29220, 473

163, 55930, 30075,862

441, 788

White potatoes

Production,1931

Bushels58,47532, 65125, 21219, 77132, 60014, 53850,41812, 47249, 93427, 7805,916

45,751

375, 518


Bushels46,96830, 77720, 85119, 92123, 91710, 28260, 34413, 41354, 40532, 0875,261

41,177

359, 403

Spring wheat

Production,1931

Bushels65

185187254

3,623326

73,1464,025

16522,766

104, 742

EstimateNov. 1,1932

Bushels86

192105169

3,392235

219,8276,398

13139,384

269,919

Cotton

Production,1931

Bales

1,8033,597

2 3, 740

1,3366,339

281

17,096


Bales

1,2532,152

3 2, 328

1,0804,938

196

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.


INDEX TO VOLUME 18

Acceptances: PageBankers', outstanding 72, 128, 155, 236, 299, 359, 428, 491, 572, 641, 695, 756Buying rates at Federal reserve banks—

Changes in 94, 146, 205, 416Monthly 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, 756Held by group of accepting banks 15, 105, 155, 236, 299, 359, 428, 491, 572, 641, 695, 756Held by member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753Open-market rates—

Foreign countries 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771New York City 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758

Acts:Assessments covering cost of examining trust departments of banks 537Emergency relief and construction act of 1932—

Discussion of 473Text of 520

Federal home loan bank act—Discussion of 474National bank note circulation under provisions of—

Article on 478Ruling of Attorney General regarding 535

Text of 527Federal 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, 750Loans on, secured by—

Regulation G, revision of 598Regulations of Veterans' Administration 600Text of act regarding 598

Advisory council, Federal:Comments on Glass bill (S. 4115) , 203, 222Meeting of 146

Africa, gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763Agricultural implements:

Factory employment and pay rolls—Annual indexes 197Monthly 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, 788Agricultural products, wholesale prices 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Albania, National Bank of:

Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves, 1913-1931 311Legal reserve requirements 437

Algeria, gold reserves of:Monthly figures 311, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 311

Amendments to Federal reserve act. (See Federal reserve act.)Annual reports:

Bank for International Settlements 365Federal Reserve Board 348, 562Foreign central banks—

Austrian National Bank 305Bank of Belgium 242Bank of France 161Bank of Japan 309Bank of Java 49German Reichsbank 244National Bank of Czechoslovakia 434National Bank of Switzerland 251Netherlands Bank 578

791


7 9 2 INDEX TO VOLUME 18

Argentina:Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Foreign exchange rates—

Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 56Yearly averages, 1923-1931 54

Gold imports and exports to and from United States. _ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Gold reserves—

Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 311

Government note issues and reserves 61, 119, 171, 259, 322, 381, 443, 509, 589, 705, 766Legal reserve requirements 438

Assessment for expenses of Federal Reserve Board 130, 550Attorney General, ruling of, regarding national-bank notes issued pursuant to provisions of the Federal

home loan bank act 535Australia:

Bank of—Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Gold reserves—


Legal reserve requirements 437Gold imports and exports to and from United States 486, 567, 636> 690, 751Gold production 112, 256, 319, 378, 440, 506, 586, 648, 702, 763

Austria:Foreign exchange rates—


Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594National bank of—

Annual report 305Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—

Changes in 205, 562Monthly 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, 762Years 1913-1931 311

Legal reserve requirements 437Automobiles:


Production. _ _ _ 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Wholesale 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 5Balance sheets:

Bank for International Settlements—As of March 31, 1932 376Monthly 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 308Bank of Belgium 243Bank of France 166Bank of Japan 310Bank of Java 50German Reichsbank 250Monthly figures 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767National Bank of Czechoslovakia 436National Bank of Switzerland 254Netherlands 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, 789Bank deposits. (See Deposits.)Bank failures. (See Bank suspensions.)Bank for International Settlements—

Annual report 365Balance sheet 376Condition of 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766


INDEX TO VOLUME 18 7 9 3

Bank for International Settlements—Continued.Report of committee appointed by, relative to economic conditions in Germany 21Shares allotted I 376

Bank premises, Federal reserve banks:All banks combined 67, 123, 182, 230, 293, 353, 422; 485; 586, 635, 689, 750Depreciation charges 131Each 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, 783By months 16, 106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757By S ta t e s -

Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784Cumulative 75, 134, 191,280,339, 405, 467, 553, 615, 673, 723, 785During year 1931 75, 134

Discussion of 203Bankers' acceptances. (See Acceptances.)Bankers' balances:

All banks, on call dates 192, 609, 781Chart showing 2Classification by a member bank of certificates of deposit payable to other banks within 30 days;

ruling on " _ _ 714Discussion of 1Reporting 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, 754Banks reopened after suspension:

By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783By States 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784

Belgium:Foreign exchange rates—


Gold imports and exports to and from United States__ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771National bank of—


Changes in _ 94Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 710, 771


Legal reserve requirements __ __ 1 437Bills:

Bought by Federal reserve banks—All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776Averages of daily figures, end of month series, Wednesday series 11,

101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749Earnings on 130, 550Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780

Buying rates—Federal reserve banks—


Foreign central banks 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Discounted by Federal reserve banks—

All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Averages of daily figures, end of month series, Wednesday series 11,

101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776District data, by weeks and by months 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775Earnings on 130, 550Maturity 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, 767Held by member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753



Bills payable and rediscounts:All banks on call dates— Page

By Federal reserve districts 78, 270, 663By States__ 79, 271, 664

Member banks, on call dates 192, 609, 781National banks, on call dates 80, 272, 665Nonmember banks, on call dates 78, 270, 663State banks, on call dates 81, 273, 666

Bolivia:Central Bank of—

Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—

Changes in 477Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771

Gold reserves, 1913 -̂1931 312Legal reserve requirements 437

Foreign exchange rates—Monthly averages 57, 115, 177Monthly averages, 1930-31 56Yearly averages, 1923-1931 54

Bonds:Industrial—

Issues of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759Prices of—

Domestic 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759Principal 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 197Monthly 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, 786Wholesale 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, 777Compared with eligible assets held 16, 106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757On call dates 192,609,781

Reporting member banks—Monthly averages of weekly figures 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755Weekly figures 72, 127, 186, 276, 334, 400, 463, 547, 607, 668, 718, 778

Branch banking, State laws relating to 455-458, 660Branches, number of banks operating 14, 104Brazil:


Monthly figures 52, 111, 167, 255, 312Years 1913-1931 312

Foreign exchange rates—Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 56Yearly averages, 1923-1931 54

Brick:Factory employment and pay rolls—


Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788British India, gold imports and exports to and from United States 12,

102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Brokers' loans:

As reported by the New York Stock Exchange 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755Loans to brokers in New York—

By all member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753By 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, 789By types of building 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Chart showing 679Discussion of J_ 679Total 19, 109, 159, 240, 303, 363, 432. 495, 576, 645, 699, 760



Building—Continued.Materials, wholesale prices—

Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Revised indexes 199

Permits issued 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Bulgaria:

Bank of—Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—



Legal reserve requirements 437Foreign exchange rates—


Business and financial conditions:Discussion in annual reports—

Austrian National Bank 305Bank of France 161Bank of Japan 309Bank for International Settlements 365German Reichsbank 244National Bank of Czechoslovakia 434National Bank of Switzerland 251Netherlands Bank 578

National summary _ _ 10, 100, 147, 227, 290, 350, 419, 482, 563, 632, 686, 747Business failures 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Call money rates:

Foreign countries 62, 120, 176,264,327,386,448,514,594,656,710,771New 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, 770Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773Foreign exchange rates—


Gold imports and exports to and from United States. _ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Gold production—

Chart showing 625Monthly 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, 762Years 1913-1931 '_ 312

Government note issues and reserves 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766Legal reserve requirements 438

Capital:Federal reserve banks—

All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each bank 68, 124, 183,269,332,392,460, 545, 604, 662,716,776

Member banks 76, 394-397National banks 76, 398State bank members 77, 399

Capital issues, domestic and foreign 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 689, 750Car loadings, freight:

By classes 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760

Cash in vaults, member banks:All banks on call dates 192, 609, 781Reporting 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, 786Cement:


Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised series 196

Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788


796 INDEX TO VOLUME 18

PageCentral America, gold imports and exports to and from United States 12,

102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Central 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 455-458Charts:

Bankers' balances 2Building contracts awarded 679Department-store sales, seasonal variations 737Deposits, time and demand, of member banks 347Discounts of Federal reserve banks, by districts 6, 289, 415Employment, factory 681Gasoline consumption 737Gold holdings of central banks and governments, 1913-1932 624Gold holdings, private, in India 626Gold production of the world, 1910-1932 625Gold stock, monetary, of United States 345

Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748Grocery stores sales 737Income changes 731Loans and investments of member banks 2, 90, 346Manufactures, production 680Money in circulation 621,736,737,739

Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748Seasonal variations in 736, 737

Net demand plus time deposits of country banks 91Pay rolls, factory I 681

Seasonal variations in 737Prices of farm products 91Prices, wholesale 729, 730Reserve balances of member banks 1, 90, 148, 228, 291, 351, 420, 483, 564 633, 687, 748Reserve bank credit 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748Shipments of American currency to and from Europe 8Sterling 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, 780Rulings of Secretary of Treasury on tax on checks arising under revenue act of 1932 537

Chemicals:Factory employment and pay rolls—


Wholesale prices—Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Revised index _ 199

Chile:Central Bank of—



Gold reserves—Monthly figures 505, 585, 647, 701, 762Years 1913-1931 312



China:Central Bank of, condition of 59, 117, 173, 261, 383, 445, 511, 591, 653, 707, 768Foreign exchange rates—


Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751



Cigars and cigarettes:Factory employment and pay rolls—



Classification by a member bank of certificates of deposit payable to other banks within 30 days; ruling on_ 714Classification of loans and investments of member banks on call dates 14,

104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753Clearing-house bank debits 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Closed banks. (See Bank suspensions.)Coal:

Freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786

Revised series 196Wholesale 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, 751Collateral 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, 750Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776

Colombia:Bank of—



Gold reserves—Monthly figures 52, 111, 167, 255, 312, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 . 312



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, 763Commercial failures 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Commercial paper:

Held by member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753Interest rates—

Charged by banks in principal cities 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779Foreign countries 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Open-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, 756Committees, banking and industrial, of Federal reserve banks, list of 416Commodity prices. (See Prices.)Comptroller of the Currency, Pole, J. W., resignation of 623Condition of banks:

All banks in United States on call dates—By Federal reserve districts 78, 270, 663By States 79,271,664

Bank for International Settlements 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766Federal reserve banks—


Foreign central banks—Balance sheets—

Austrian National Bank 308Bank of Belgium 243Bank of France. 166Bank of Japan 310Bank of Java 50German Reichsbank 250National Bank of Czechoslovakia 436National Bank of Switzerland 254Netherlands Bank 584

Monthly figures 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767Foreign commercial banks 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Member banks—

All banks, on call dates 192, 609, 781Reporting banks 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778

148900—32 6



Condition of banks—Continued. PageNational banks, on call dates 80, 193, 272, 610, 665, 782Nonmember banks on call dates 78, 270, 663State banks, on call dates—

All banks 81, 273,666Member banks 193, 610,782

Conference at Lausanne 497Conference of South American central banks on monetary stabilization 43Copper production I 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Corn crop estimates 86, 558, 620, 678, 728, 790Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Cotton:

Crop estimates 86,620,678,728,790Manufactures—


Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Wholesale 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, 752Interbank loans, percentage distribution 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754Loans and investments—

Discussion of 92On 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, 752Court opinion, United States Circuit Court of Appeals in case of Lucas v. Federal Reserve Bank of Rich-

mond; right of Federal reserve bank to require collateral security in rediscounting paper 452Credit, bank:

Discussion in annual reports—Bank for International Settlements 365German Reichsbank 245National Bank of Czechoslovakia 434Netherlands Bank 578

Federal reserve—Chart showing 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748Discussion of 1, 90, 285Factors in changes 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749

Member bank, discussion of 2, 346Crop estimates 86, 558, 620, 678, 728, 790Cuba, foreign exchange rates:


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, 751Discussion of 90, 203, 411, 560, 621Foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767Seasonal 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 621Shipments and receipts, to and from Europe 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Shipments to and from Europe 7-9Stabilization of, recommended by conference of South American central banks 43

Czechoslovakia:Foreign exchange rates—


National Bank of—Annual report _ 434Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—

Changes in 5,288,623Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771


Legal reserve requirements 437



Danzig, Bank of: PageCondition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—

Changes in 477Monthly figures 62, 120, 176, 264,327,386,448, 514, 594, 656, 710, 771

Gold reserves, 1913-1931 312Legal reserve requirements 437

Debits to individual accounts 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Debts, intergovernmental, moratorium proposed, discussion of, in annual report of Bank for Interna-

tional Settlements 372Deferred availability items, Federal reserve banks:


Deficiencies in reserves, penalties on 130, 550Demand deposits. (See Deposits.)Denmark:


National Bank of—Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—

Changes in 146,348,683Monthly figures 62, 120, 176, 264. 327, 386, 448, 514, 594, 656, 710, 771


Legal reserve requirements 437Department-store sales:

Chart showing seasonal variations in 737Monthly 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, 663By States 79,271,664Total 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, 783By months 16, 106, 156,237,300, 360, 429,492, 573, 642, 696,757By States—

Current month 74, 133, 190, 279, o38, 404, 466, 552, 614, 672, 722, 784Cumulative 75, 134', 191, 280, 339, 405, 467, 553, 615, 673, 723, 785During 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, 767Held by Federal reserve banks—

Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775End of month figures—

All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each bank 68, 124, 183,269, 332, 392, 460, 545, 604, 662, 716, 776

Member banks—All banks, on call dates 192, 609, 781Time and demand—

By Federal reserve districts 69, 125, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777Chart showing 347Discussion of 346In larger and smaller centers 70, 126, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777New York Cit}^ banks, reserve city banks, and country banks 13,

103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752Reporting banks in leading cities 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778

United States Government—All banks, on call dates 192,609,781Weekly figures 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778

National banks, on call dates 80, 272, 665Nonmember banks—


Total, on call dates 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754Postal savings 188,277,336,402,464,608, 670,720, 780Public moneys by the United States which are exempt from reserve requirements; ruling on 65State banks, on call dates 81, 273, 666



PageDeputy Federal reserve agents, appointment of 5Directors of Federal reserve banks:

Election of 5Expenses of meetings 130, 550

Discount rates:Federal reserve banks—

Buying rates on bills—Changes in 94, 146,205,416Monthly data 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758

Changes in—Chicago 416Dallas 94New York 146, 416Richmond 94

Monthly data 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758Foreign central banks—

Changes in—Australian National Bank 205, 562Bank of Colombia 94, 623Bank of Danzig 477Bank of England 146, 205, 288, 348, 416Bank of Estonia 94Bank of Finland . 146,288Bank of Greece 94, 146, 562Bank of India 94, 146, 288, 477Bank of Italy 205,348Bank of Japan 146, 416, 562Bank of Norway 146,348, 562Bank of Poland 683Bank of Portugal 288Bank of Sweden 146, 348, 416, 562Central Bank of Bolivia 477Central Bank of Chile 448, 562Central Bank of Ecuador 448Danish National Bank 146, 348, 683German Reichsbank 5, 146, 288, 623National Bank of Belgium 94National Bank of Bulgaria 348National Bank of Czechoslovakia 15, 288, 623National Bank of Hungary 94, 288, 416, 683National Bank of Rumania 146Netherlands Bank 288Reserve Bank of Peru 348South African Reserve Bank 683

Discussion in annual reports—Bank of Belgium 242Bank of France 163Bank of Japan 309German Reichsbank 246National Bank of Czechoslovakia 435National Bank of Switzerland 251Netherlands Bank 583

Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Open-market rates—

In New York City 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758Foreign 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 518Discussion of 473Text of amendment to Federal reserve act 523

Discounts of Federal reserve banks, chart showing 6, 289, 415Dividends:

Federal reserve banks 131, 550Member banks 76, 349, 394-397National banks 76, 398State bank members 77, 399

Drugs:Factory employment and pay rolls—

Annual indexes _ 197Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787


INDEX TO VOLUME 18 801

Drugs—Continued.Wholesale prices— Page

Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Revised indexes 199

Due from foreign banks to Federal reserve banks:All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each 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__ 714Due 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, 751Earmarked gold 12, 102, 150; 231, 294, 354, 423, 486, 567, 636, 690, 751Earnings and expenses:

Federal reserve banks 130, 550Member banks 76, 349, 394-399National banks 76, 398State bank members 77, 399

Earnings on bills and securities held by Federal reserve banks 130, 550Economic conditions. {See Business conditions.)Ecuador:

Central Bank of—Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Discount rates—

Changes in __ __ 448Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771


Foreign exchange rates—Monthly averages 57, 115, 177Monthly averages, 1930-31 _ 56Yearly averages, 1923-1931 54

Gold imports and exports to and from United States__ 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Egypt:,

Fofeign exchange rates—Monthly averages 56, 57, 115, 177Yearly averages, 1923-1931 54

National Bank of—Condition of 59, 117, 173, 261, 324, 383, 445, 511, 591, 653, 707, 768Gold reserves—


Legal reserve requirements 437Election of directors of Federal reserve banks 5Eligible 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, 750Each 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, 757Emergency relief and construction act of 1932:

Discussion of 473Text of 520

Employment, factory:Annual indexes 197Chart showing 681Discussion of __ __ __ 681Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760

England:Bank of—


Changes in 146, 205, 288, 348, 416Monthly 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, 732Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 311

Legal reserve requirements 437Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Food prices, retail 64, 122, 179, 267, 330, 389, 451, 517, 597, 659? 713, 774



England—Continued.Foreign exchange rates—

Monthly averages. 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 55Yearly averages, 1923-1931 54

Gold imports and exports—Net imports 53, 113, 169, 257, 320, 379, 441, 507, 587, 649, 703, 764To 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, 771Security 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, 768Discount rates—



Examination of trust departments of national banks, cost of, act relative to 537Excess reserves. (See Reserves.)Exports, gold. (See Gold imports and exports.)Expressage, Federal reserve banks, cost of 130, 550Factory employment and pay rolls:

Annual indexes 197Chart showing 681Discussion of 681Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787Total 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 91Monthly figures 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Principal countries 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, #13, 774Revised indexes 199

Federal Advisory Council:Comments on Glass bill (S. 4115) 203, 222Expenses of conferences 130, 550Meeting of 146

Federal home loan bank act:Discussion of 474National bank note circulation under provisions of—

Article on 478Ruling of Attorney General regarding 535

Text of 527Federal intermediate credit banks:

Amendment to Federal reserve act relative to discount by Federal reserve banks of paper of 390Bills discounted for, by Federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Debentures 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, 684Federal reserve act, amendments to:

Authorizing discounts by Federal reserve banks for individuals, partnerships, and corporationsunder provisions of emergency relief act—

Circular of Federal Reserve Board 518Discussion of 473Text of amendment 533

Discount by Federal reserve banks of paper of Federal intermediate credit banks 390Glass-Steagall bill providing for advances by Federal reserve banks to groups of member banks, etc.—

Discussion of I 141,286Text of act 180

Proposed amendments (Glass bill, S. 4115), comments on—By Federal Advisory Council 203,222By Federal Reserve Board 203, 206

Federal reserve agents:Appointment of 5Conferences, expenses of 130, 550Federal 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, 751Federal Reserve Bank of Richmond, Lucas v., right of bank to acquire collateral security in rediscounting

paper; opinion of court 452



Federal reserve banks:Appointment of Federal reserve agents 5Bailey, W. J., retirement of, as governor at Kansas City 5Condition of. (See Condition of banks.)Discount rates. (See Discount rates.)Dividends paid 131, 550Earnings and expenses 130, 550Election of directors of 5Fiscal agency expenses 131, 550Franchise tax paid 131Listing of banking and industrial committees 416Hamilton, George H., appointed governor at Kansas City 5

Federal Reserve Board:Annual report 348, 562Assessment for expenses of 130, 550Comments on Glass bill (S. 4115) 302,206Mellon, Andrew W., chairman, resignation of 146Mills, Ogden L., appointed chairman 146Paulger, Leo H., appointed chief of examinations division 5Pole, J. W., resignation of, as ex officio member 623Regulation G, revision of 598

Federal reserve notes:Circulation—

Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775All Federal reserve banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each Federal reserve bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776End 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, 750Each Federal reserve bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776

Cost of 130,550United States securities against, under Glass-Steagall bill—

Discussion of 143, 286, 560Text of act 181

Fertilizer:Factory employment and pay rolls—

Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787Annual indexes 197

Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Finland:


Changes in 146,288Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771



Fiscal agency expenses of Federal reserve banks 131, 550Float, Federal reserve 68, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Flour:

Factory employment and pay rolls—Annual indexes 197Monthlv 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, 786Revised index 196

Food and food products:Factory employment and pay rolls—

Annual indexes 197Monthlv 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, 786Revised series - 196Retail prices 54, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Wholesale prices—

Monthly figures 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Principal countries 84, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Revised indexes 199



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 624Chart showing 624

Legal reserve requirements 437Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Deposits of, held by Federal reserve banks—


Due from, to Federal reserve banks 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Foreign exchange:

Discussion in annual reports—Austrian National Bank 307Bank for International Settlements 371Bank of France 162Bank of Japan 309Bank of Java 50German Reichsbank 247National Bank of Czechoslovakia 434National Bank of Switzerland 252

Monthly review, England, France, Germany 3, 92, 144, 204, 287, 347, 413, 476, 561, 622, 682, 732Rates—

Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 55, 56Yearly averages, 1923-1931 54

Sterling exchange at New York, chart showing 733France:

Bank of—Annual report 161Condition of 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves—

Monthly review 4,93,145,204,288,347, 414, 477, 562, 623, 682, 733Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762Years, 1913-1931 - 311

Legal reserve requirements 437Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Foreign exchange rates—


Gold imports and exports—Net imports 113, 169, 257, 320, 379, 441, 507, 587, 649, 703, 764To 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, 771Prices-

Commodity, wholesale 64,122,178,266,329,388,450,516,596,658,712,773Food, retail 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Security (stocks and bonds) 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773

Franchise tax paid by Federal reserve banks 131Freight-car loadings:

By classes 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Total 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, 786Revised index 196Wholesale prices—

Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Revised index 199

Furniture:Factory employment and pay rolls—





Gasoline:Consumption, chart showing seasonal variations in 737Production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786

Revised index 196Germany:

Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Cost of living 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Foreign exchange rates—


Gold, imports and exports—Net imports 53, 113, 169, 257, 320, 379, 441, 507, 587, 649, 703, 764To 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, 771Reichsbank—


Changes in 5, 146, 288Monthly 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, 733Monthly figures 52, 111, 167, 255, 311, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 311

Legal reserve requirements 437Prices—

Commodity, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773Food, retail 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Security (stocks and bonds) 63, 121, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773

Reparations—Final act of the Lausanne Conference 497Report of committee appointed by Bank for International Settlements 21

Glass:Factory employment and pay rolls—


Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised index 196

Glass bill (S. 4115), comments on:By Federal Advisory Council 203, 222By Federal Reserve Board 203, 206

Gold:Coin and certificates, circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Earmarked 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Free, discussion of 144Held by Federal reserve agents as security for Federal reserve notes—


Hoarding, discussion of 621Holdings of central banks and governments, 1913-1932 624

Chart showing 624Holdings, private, in India 626Imports and exports—

Discussion of 345Movements to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Net imports, principal countries 53, 113, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763

Industrial consumption 626Production—

Foreign 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763Monthly figures 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751World 625

Chart showing 625Reserves. (See Reserves, gold.)Stock, monetary, in United States—

Analysis of changes in 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Averages of daily figures, end of month series, Wednesday series 11,

101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749Chart showing 345

Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748Discussion of 345,411, 559



Gold redemption fund, Federal reserve banks: PageAll banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each 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, 750Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776

Gold standard:Discussion in annual report of Netherlands Bank 580Discussion 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, 766Government securities. (See United States Government securities.)Governors of Federal reserve banks:

Bailey, W. J., retirement of, at Kansas City 5Expenses of conferences 130, 550Hamilton, George H., appointed at Kansas City _ 5

Grain, freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Greece:


Changes in 94, 146, 562Monthly 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, 762Years 1913-1931 313

Foreign exchange rates—Monthly figures 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 _ 55Yearly averages, 1923-1931 54

Guatemala, Central Bank of:Condition of 60, 118, 174, 262, 325, 384, 445, 511, 591, 653, 707, 768Gold reserves, 1913-1931 313Legal reserve requirements 437

Hamilton, George H., appointed governor of Federal Reserve Bank of Kansas City 5Hay crop estimates 86, 558, 620, 678, 728, 790Hoarding of currency, discussion of 621Hogs slaughtered 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Home loan bank act:

Discussion of 474Ruling of Attorney General relative to national-bank notes issued under provisions of 535Text of 527

House-furnishings goods, wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Hungary:

Foreign exchange rates—Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 __ 55Yearly averages, 1923-1931 __ 54

Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771National Bank of—




Legal reserve requirements 437Imports and exports:

G o l d -Discussion of 345Movements to and from United States 12, 102, 150, 231, 294, 354, 423, 486, 567, 636*690, 751Net 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, 761Income, changes in, chart showing 731Indebtedness of member banks at Federal reserve banks. (See Borrowings.)India:

Bank of—Discount rates—




India—Continued.Bank of—Continued.

Gold reserves— -PageMonthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 313


Gold holdings, private, 1914-1932, chart showing 625Gold imports and exports 53, 114, 170, 258, 321, 380, 442, 508, 588, 650, 704, 762Gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 766Government 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, 560Interbank loans:

Interest rates on 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779Percentage 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, 779In 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, 766Legal reserve requirements 438

Iron and steel:Factory employment and pay rolls—



Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Chart showing 730

Iron ore shipments 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised series 196

Italy:Bank of—




Legal reserve requirements 437Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773Foreign exchange rates—


Gold imports and exports to and from United States 12, 102, 150, 231, 294, 354, 423, 486Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771

.Japan:Bank of—


Changes in 146,416,562Monthly figures 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771


Legal reserve requirements 437Commercial banks, condition of 61, 119, 175, 263, 326, 385, 447, 513, 593, 655, 709, 770Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773Foreign exchange rates—




Japan—Continued. PageGold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771

Java:Bank of—

Annual report _ 49Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves—


Legal-reserve requirements 437Foreign-exchange rates—

Monthly averages 57, 115, 177Monthly averages, 1930-31 56Yearly averages, 1923-1931 54

Kerosene production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Latvia, Bank of:

Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves, 1913-1931 .__ 313Legal-reserve requirements 437

Lausanne conference, final act of 497Law department:

Act authorizing Comptroller of Currency to assess cost of examining trust departments of nationalbanks, text of 537

Amendment to sec. 13 of Federal reserve act authorizing discounts by Federal reserve banks forindividuals, partnerships, and corporations—

Circular of Federal Reserve Board 518Text 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 memberbanks, etc 180

Discount by Federal reserve banks of paper of Federal intermediate-credit banks 390Classification by a member bank of certificates of deposits payable to other banks within

30 days 714Deposits of public moneys by the United States which are exempt from reserve requirements _ _ 65

Emergency relief and construction act of 1932, text of 520Federal home-loan bank act, text of 527Opinion of court with respect to right of Federal reserve bank to require collateral security in redis-

counting paper 452Regulation G, rediscount of notes secured by adjusted-service certificates, revision of 598Regulations of Veterans' Administration regarding loans on notes secured by adjusted-service

certificates 600Reserves against funds collected by banks under the revenue act 660Ruling of Attorney General regarding national-bank notes issued pursuant to provisions of the

Federal home-loan bank act 535State laws relating to branch banking, changes in 455-458, 660Treasury 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, 785Leather:


Production index.._ 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised series 196

Wholesale prices—Chart showing 730Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Revised indexes 199

Legal fees, Federal reserve banks 130, 550Legal-reserve requirements of foreign central banks 437

Correction noted 477Lithuania, Bank of:

Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves, 1913-1931 313Legal-reserve requirements 43T



PageLivestock, freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Living, cost of 64, 122, 179, 267, 330, 389, 451, 517, 597, 659, 713, 774Loans:

Discount rates. (See Discount rates.)Interbank—

Interest rates on 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779Percentage distribution 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754

Made by Reconstruction Finance Corporation 225, 481, 628, 684On securities—

By member banks on call dates 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753By 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, 663By States 79, 271, 664Total 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, 753All banks, on call dates 192, 609, 781Chart showing 2, 90, 346Country banks, discussion of 92Discussion of 2, 90, 346Reporting banks in leading cities—

Monthly averages of weekly figures 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755Weekly figures 71, 127, 186, 275, 334, 400, 462, 547, 606, 668, 718, 778

Reserve city banks, discussion of 92National banks, on call dates 80, 272, 665Nonmember banks, on call dates 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754State banks, on call dates 81, 273, 666

Locomotives, production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Losses, Federal reserve banks, reserves against 131Lumber:



Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Machinery, factory employment, and pay rolls:


Manufactures, production of:By industries 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786

Revised series 194, 196Chart showing 680Discussion of 680Total 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, 780Mellon, Andrew W., resignation of, as Secretary of the Treasury 146Member bank call report 192, 609, 781Member bank credit. (See Credit.)Member banks:

Bankers' balances. (See Bankers' balances.)Borrowings at Federal reserve banks. (See Borrowings.)Branches of 14, 104Condition of. (See Condition of banks.)Deposits. (See Deposits.)Dividends paid 76, 349, 394-397Earnings and expenses 76, 349, 394-399Loans and investments. (See Loans and investments.)Loans to brokers. (See Brokers' loans.)Number of 14, 104, 153, 234, 297, 357, 426, 489, 570, 693, 754Number on par list 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Reserves. (See Reserves.)Suspensions—

By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783By S t a t e s -

Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784Cumulative 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785During year 1931 75, 134



PageMembership in par collection system 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Merchandise:

Freight-car loadings 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Imports and exports 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761

Mexico:Foreign exchange rates—


Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Gold production 112, 168, 256, 319, 378, 440, 506, 586, 648, 702, 763Gold reserves, 1913-1931 313

Mills, Ogden L., appointed Secretary of the Treasury 146Minerals, index of production:

Monthly figures 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised index 194, 196Total 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 43Money:

Circulation—Averages of daily figures, end of month series, Wednesday series 11,

101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749By kinds 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Chart showing 621,739

Based on monthly figures 1, 90, 148, 228, 291, 351, 420, 483, 564, 633, 687, 748Seasonal 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, 771Prevailing in Federal reserve bank and branch cities 70,

126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779Moratorium, discussion of, in annual report of Bank for International Settlements 372Municipal warrants:

Held by Federal reserve banks—Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Monthly 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, 751Under provisions of the Federal home loan bank act—

Article on 478Discussion of 474Ruling of Attorney General 535Text of act 527

National banks:Act authorizing assessment for cost of examining trust departments 537Branches of, number of 14, 104Condition of, on call dates 80, 193, 272, 610, 665, 782Dividends paid 76, 398Earnings and expenses _ 76, 398Number of 14, 104, 153, 234, 297, 357, 426, 489, 570,. 693, 754Suspensions—

By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783By States—


National summary of "business conditions 10, 100, 147, 227, 290, 350, 419, 482, 563, 632, 686, 747Netherlands:

Bank of—Annual report 578Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates—


Gold reserves—Monthly figures 52, 111, 167, 255, 313, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 '__ 313

Legal reserve requirements 437Commodity prices, wholesale 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773



Netherlands—Continued.Foreign exchange rates—


Gold imports and exports— IMINet imports 53, 114, 170, 258, 321, 380, 442, 508, 588, 650, 704, 765To 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, 771New Zealand, gold reserves:


Nonferrous metal products:Factory employment and pay rolls—



Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Nonmember banks:

Bills discounted for, secured by adjusted service certificates 67,123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750

Branches of 14, 104Condition of, on call dates 78, 270, 663Deposits—


Total, on call dates 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754Loans and investments on call dates—

By Federal reserve districts 78, 270, 663Total 14, 104, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754

Number of 14, 104, 153, 234, 297, 357, 426, 489, 570, 693, 754Number on par list 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Suspensions—



Nonreserve cash held by Federal reserve banks:All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776

Norway:Bank of—


Changes in 146, 348, 562Monthly 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, 762Years 1913-1931 '__ 314



Number of banks in United States. . . J 14, 105, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754Number of banks suspended:



Oats crop estimate 86, 558, 620, 678, 728, 790Oil manufactures, production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Paper:

Factory employment and pay rolls—•Annual indexes "* 197Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787





PagePar list, number of banks on 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Par value of foreign currency 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Paulger, Leo H., appointed chief of examinations division 5Pay rolls, factory:

By industries—Annual indexes 197Monthly indexes 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787

Chart showing 681, 737Duscussion of 681Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760

Penalties for deficient reserves 130, 550Permits, building, issued 85, 138, 200, 284, 343, 409, 471, 557, 619, 677, 727, 789Peru:

Central Reserve Bank of—Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates—




Monthly averages 57, 115, 177Monthly averages, 1930-31 56Yearly averages, 1923-1931 54

Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Petroleum products, wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Petroleum refining:


Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised 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—





Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 _ ___ 55Yearly averages, 1923-1931 54

Pole, J. W., resignation of, as Comptroller of the Currency 623Portugal:

Bank of—Condition of 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates—

Changes in * 288Monthly 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, 762Years 1913-1931 314


Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 55Yearly averages, 1923-1931 _ 54

Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Postage, Federal reserve banks, cost of 130, 550Postal savings deposits 188, 277, 336, 402, 464, 608, 670, 720, 780Potato crop estimates 86, 558, 620, 678, 728, 790



Prices:Commodity, wholesale—

Chart showing 729, 730Discussion of 729-732Monthly indexes 84, 137, 199, 283, 342, 408, 470, 566, 618, 676, 726, 788Revised ijidexes 1QQPrincipal c o u n t r i e s r i l l l l l l l l l l l l l l l l l l l Z I I I I " 6 4 , " 122," 178,"266,"329,"388,"460,"516,"596,"658,"712, 773United States—

By groups and subgroups 64, 122, 178, 266, 329, 388, 450, 516, 596, 658, 712, 773Total 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, 774Security (stocks and bonds)—


Printing and stationery, Federal reserve banks, cost of 130, 550Production, industrial:

By industries 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Chart showing 679Discussion of 679Revised index 194, 196Total 19, 109, 159, 240, 303, 363, 432, 495, 576, 645, 699, 760

Profit and loss account, Federal reserve banks 131Public moneys deposited by the United States which are exempt from reserve requirements; ruling on__ 65Public utility stocks, prices of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759Railroads:

Loans to, by Reconstruction Finance Corporation 225, 481, 629, 685Stocks, 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 94Organization of 89Directors of 89Powers broadened under emergency relief and construction act of 1932 520Reports of 225,481,628,684

Rediscounts and bills payable:All banks in United States on call dates—

By Federal reserve districts 78, 270, 663By States 79,271,664

Member banks, on call dates 192, 609, 781National banks, on call dates 80, 272, 665Nonmember banks, on call dates 78, 270, 663State banks, on call dates 81, 273, 666

Regulation G—Rediscount of notes secured by adjusted-service certifiicates, revision of 598Regulations of Veterans' Administration regarding loans on notes secured by adjusted-service certifi-

cates 600Reichsbank, German. (See Germany.)Rent paid by Federal reserve banks 130, 550Reparations, German. (See Germany.)Reports:

Annual, of foreign banks. (See Annual reports.)Conference of South American central banks relative to currency stabilization 43Reconstruction Finance Corporation 225, 481, 628, 684Special advisory committee appointed by the Bank for International Settlements relative to economic

conditions in Germany 21Reserve 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, 752Interbank loans 72, 128, 153, 234, 297, 357, 426, 489, 570, 639, 693, 754Loans and investments—

Discussion of 92On 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, 752Reserve ratio of Federal reserve banks:

Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775End of month figures 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776



Reserve requirements:Legal, of foreign central banks 437

Correction noted 477Public moneys deposited by United States exempt from; ruling 65

Reserves:Excess, of Federal reserve banks under Glass-Steagall bill amending Federal reserve act, discus-

sion of 143,286,412Excess, of member banks 13, 103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752Federal reserve banks—

Averages of daily figures 69, 125, 184, 268, 331, 391, 459, 544, 603, 661, 715, 775End of month figures—


Gold—Argentina, Canada, India, Ireland 61, 119, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766Federal reserve banks—


Foreign central banks—Discussion in annual reports—

Bank for International Settlements 371Bank of Belgium 242Bank of France 161Bank of Java 50National Bank of Switzerland 252Netherlands Bank 581German Reichsbank 247

Monthly figures 52, 111, 167, 311, 377, 439, 505, 585, 647, 701, 762Monthly review 3, 92, 144, 204, 287, 347, 413, 476, 561, 622, 682, 733Years 1913-1931 311-318Sources of data 315-318

Holdings of foreign central banks, 1913-1932 624-627Member banks—

Against funds collected by banks under the revenue act; ruling on 660All banks, on call dates 192, 609, 781Balances—

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, 748Discussion of 1New York City banks, reserve city banks, and countrv banks 13,

103, 151, 232, 295, 355, 424, 487, 568, 637, 691, 752By Federal reserve districts 69, 125, 185, 274, 333, 393, 461, 546, 605, 667, 717, 777Deficient, penalties for 130, 550Reporting 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, 766Resources and liabilities:

All banks in United States on call dates—By Federal reserve districts 78,270, 663By States 72, 271, 664

Bank for International Settlements 57, 115, 171, 259, 322, 381, 443, 509, 589, 651, 705, 766Federal reserve banks—


Foreign central banks 58, 116, 172, 260, 323, 382, 444, 510, 590, 652, 706, 767Member banks—•

All banks, on call dates 192, 609, 781Reporting 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, 782State banks, on call dates 81, 273, 666State 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, 761Revised index, industrial production 194, 196Rubber products:


Tires and tubes, production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised index 196Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788

Rulings of the Federal Reserve Board. (See Law department.)



Rumania:Foreign exchange rates— Page


National bank of—Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates—



Legal reserve requirements 438Russia. (See Union of Socialist Soviet Republics.)Salaries:

Federal reserve banks 130, 550Member banks 76, 349,394

Secretary of the Treasury:Mellon, Andrew W.} resignation of 146Mills, Ogden L., appointed 146Rulings on tax on checks, etc., arising under revenue act of 1932 537

Securities:Government. (See United States Government securities.)Held by Federal reserve banks—


Earnings on 130, 550End 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, 767Loans on, by member banks—

By class of bank 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753Reporting 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 452Security issues, monthly figures 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759Security prices (stocks and bonds):

Domestic 18,108,158,239,302,362,431,494,575,644,698,759Principal 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, 786Revised index 196

Shipbuilding:Factory employment and pay rolls—

Annual index 197Monthly index _ 83, 136, 198, 282, 341, 407, 469, 555, 617, 675, 725, 787


Shipments of American currency to and from Europe 7-9Siam, gold reserves 701, 762Silk manufactures:

Factory employment and pay rolls—Annual index 197Monthly 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, 786Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788

Silver:Coin circulation _ _ 12,102,150,231,294,354,423,486,567,636,690,751Par of exchange 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786

Revised series 196South Africa:

Gold production, chart showing 625Reserve Bank of—



Gold reserves—Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 : 314

Legal reserve requirements 438



Spain:Bank of— Page

Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves—



Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 __ __ 55Yearly averages, 1923-1931 54

State banks:Branches of 14, 104Condition of all banks on call dates 81, 273, 666Member banks—

Condition of, on call dates 193, 610, 782Dividends paid 77, 399Earnings and expenses 77, 399Number of 14, 104, 153, 234, 297, 357, 426, 489, 570, 693, 754Suspensions—

By Federal reserve districts 73, 132, 189, 278, 337, 403, 465, 551, 613, 671, 721, 783By S ta t e s -

Current month 74, 133, 190, 279, 338, 404, 466, 552, 614, 672, 722, 784Cumulative _ 75, 134, 191, 280, 339, 405, 467, 553, 615, 673, 723, 785During year 1931 75, 134

State laws relating to branch banking __ 455-458, 660Steel:



Wholesale prices 84, 137, 199,283,342,408,470, 556, 618, 676, 726, 788Stock and bonds:

Interest rates on loans secured by 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779Issues of 18, 108, 158, 239, 302, 362, 431, 494, 575, 644, 698, 759Loans by member banks secured by 14, 104, 129, 152, 233, 296, 356, 425, 488, 569, 638, 692, 753Prices—


Stocks, department stores 20, 110, 160, 241, 304, 364, 433, 496, 646, 700, 761Straits Settlements, foreign exchange rates:


Sugar:Factory employment and pay rolls—


Production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Surplus:

Federal reserve banks—All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Charges against 131Each bank 68, 124, 183, 269,332, 392,460, 545," 604," 662," 716, 776

Member banks 76, 394-397State bank members 77, 399

Sweden:Bank of—




Legal reserve requirements 438Foreign exchange r a t e s -

Monthly averages 57, 115, 177, 265, 328, 387, 449, 515, 595, 657, 711, 772Monthly averages, 1930-31 _ _ 55Yearly averages, 1923-1931 ________"_____""_" 54



Sweden—Continued.Gold imports and exports to and from United States 12, 102, 150, 231, 294Money rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771

Switzerland:Foreign exchange rates—


Gold imports and exports—Net imports 114, 170, 258, 321, 380, 442, 508, 588, 650, 704, 765To 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, 771Swiss National Bank—

Annual report 251Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates. 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves—

Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 585, 647, 701, 762Years 1913-1931 314Legal reserve requirements 438

Tax, franchise, paid by Federal reserve banks 131Taxes:

Federal reserve banks 130, 550Ruling 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, 550Textiles:


Production index—•Monthly figures 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Revised series 196

Wholesale prices—Chart showing 730Monthly indexes 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Revised indexes 199

Time deposits. (See Deposits.)Time loans, interest rates on 17, 107, 157, 238, 301, 430, 493, 574, 643, 697, 758Tin production 82, 135, 195, 281, 340, 406, 486, 554, 616, 674, 724, 786Tires, rubber:



Wholesale prices 84, 137, 199, 283, 342, 408, 470, 556, 618, 676, 726, 788Tobacco:

Crop estimates 86, 558, 620, 678, 728, 790Manufactures—•



Trade, retail, department stores 20, 110, 160, 241, 304, 364, 433, 496, 577, 646, 700, 761Traveling expenses, Federal reserve banks 130, 550Treasury certificates of indebtedness. (See United States Government securities.)Treasury notes of 1890, circulation 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Trust departments of national banks, act authorizing assessment for cost of examining 537Turkey:

Central Bank of—Condition of 446, 512, 592, 654, 708, 769Gold reserves 439, 505, 585, 647, 701, 762


Unexpended capital funds, Federal reserve banks 11, 101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749Union of Socialist Soviet Republics:




Union of Socialist Soviet Republics—Continued.State Bank of— Page

Condition of 60, 118, 174, 262, 325, 384, 446, 512, 592, 654, 708, 769Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves—


Legal reserve requirements 438United States Government deposits:

Held by Federal reserve banks—All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776

Held by member banks—All banks, on call dates 192, 609, 781Reporting 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, 412Text of act 181

Held by Federal reserve banks—All banks combined 67, 123, 182, 230, 293, 353, 422, 485, 566, 635, 689, 750Averages of daily figures, end of month series, Wednesday series 11,

101, 149, 229, 292, 352, 421, 484, 565, 634, 688, 749Each bank 68, 124, 183, 269, 332, 392, 460, 545, 604, 662, 716, 776Discussion of 285, 411Earnings on 130, 550Profit 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, 753Compared with borrowings at Federal reserve banks 16,

106, 156, 237, 300, 360, 429, 492, 573, 642, 696, 757Held by reporting member banks—

Monthly figures 15, 105, 154, 235, 298, 358, 427, 490, 571, 640, 694, 755Weekly 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, 759Treasury bonds, interest yield on 17, 107, 157, 238, 301, 361, 430, 493, 574, 643, 697, 758Treasury certificates of indebtedness—

Held by Federal reserve banks—Maturity distribution 72, 128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Weekly 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, 758Outstanding 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, 751United States postal savings deposits 188, 277, 336, 402, 464, 608, 670, 720, 780Uruguay:





Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Venezuela:


Gold imports and exports to and from United States. 12, 102, 150, 231, 294, 354, 423, 486, 567, 636, 690, 751Veterans' Administration, regulations of, regarding loans on notes secured by adjusted-service certificates. 600Wages. (See Pay rolls.)Warehouse receipts, interest rates on loans secured by 70, 126, 187, 276, 335, 401, 463, 548, 607, 669, 719, 779Warrants, municipal, held by Federal reserve banks, maturity distribution 72,

128, 188, 277, 336, 402, 464, 549, 608, 670, 720, 780Wheat crop estimates 86, 558, 620, 678, 728, 790Wholesale prices. (See Prices.)Wood-pulp production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786-



Wool manufactures:Factory employment and pay rolls—


Production index 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786Wholesale prices 84, 137, 199, 283, 342,408,470, 556,618,676,726, 788

Yugoslavia:Foreign exchange rates—


National Bank of—Condition of ..__ 60, 118, 174, 262, 325, 384, 512, 592, 654, 708, 769Discount rates 62, 120, 176, 264, 327, 386, 448, 514, 594, 656, 710, 771Gold reserves—

Monthly figures 52, 111, 167, 255, 314, 377, 439, 505, 647, 701, 762Years 1913-1931 314

Legal reserve requirements 438Zinc production 82, 135, 195, 281, 340, 406, 468, 554, 616, 674, 724, 786


FEDERAL RESERVE DISTRICTS

' • BOUNDARIES OF FEDERAL RESERVE DISTRICTS-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESo FEDERAL RESERVE BANK AGENCY


Date post:	21-Jan-2021
Category:	Documents
Upload:	others
View:	2 times
Download:	0 times

Federal Reserve Bulletin December 1932 - St. Louis Fed · 2018. 11. 6. · FEDERAL RESERVE BULLETIN...

Documents