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F A C T O R S A F F E C T IN G B A N K IN G T H E U S E O F R E S E R V E S IN T H E TW ELFTH FEDERAL RESERVE D ISTR IC T ISA A C B. NEWTON, Chairman of the Board and Federal Reserve Agent Federal Reserve Bank of San Francisco San Francisco, California June 1933 F A C T O R S A F F E C T IN G T W E L F T H T H E U S E This article presents an analysis of factors which supply reserves to the banking system of the Twelfth Federal Reserve District and of the uses to which those reserves are put. The ap proach is similar to that employed by the Fed eral Reserve Board in analyzing the credit situ ation in the United States as a whole. Such a presentation facilitates an understanding of the means by which commercial banks, both in this district and in the United States, are able to meet both ordinary and extraordinary demands. It is particularly helpful in explaining the abil ity of the banking system to meet such unusual changes as those which took place in demand for currency and gold during February and March of this year and at different times in 1931 and 1932. During 1931 and 1932 the volume of currency outstanding increased markedly throughout the country, partly in response to such factors as an increased use of cash as a result of bank sus pensions, the tax on checks, and the imposition by banks of service charges on small checking accounts, but principally as a result of hoarding of currency. The increase in hoarding became spectacular late in February, 1933, when for a few days withdrawals of currency amounted to about $200,000,000 daily. This movement of currency into hoarding was one of the most im portant influences in the credit situation, both in its effect upon the position of the commer cial banks of the country and upon the opera tions of the Federal reserve banks. Changes in the volume of reserve bank credit outstanding, other than those resulting from fluctuations in the legally required reserve bal ances of member banks, reflect chiefly changes in the monetary gold stock of the country and in the volume of money in circulation, al though at times they may reflect other factors in the currency and credit system such as changes in the amount of currency issued by the United States Treasury or changes in the amount of funds disbursed through certain other types of Treasury operations. Operations of the latter type have been relatively impor tant in their effect upon the Twelfth Federal Reserve District credit situation during recent years. In recognition of the close relationship between these various financial factors and credit developments, the weekly statement of condition of the Federal reserve banks, re leased by the Federal Reserve Board in W ash ington and published in the press, presents statistics showing the total volume of money in circulation, the total monetary gold stock of the country, and other relevant items, as well as Federal reserve statistics such as the volume of reserve balances held by member O F F E D E R A L B A N K IN G R E SE R V E R E SE R V E S IN T H E D IS T R IC T banks at the reserve banks and the volume of reserve bank credit outstanding.* By use of all these figures, which are shown for the United States during the period 1929-1933 in the charts on page 3, it is possible to make a com plete statement each week of the principal fac tors affecting the volume of Federal reserve credit. An example of the use of these figures in judging the relative effect of different factors on national credit conditions is offered in the following table which compares the items for March 8, 1933, with those for February 8, 1933. During this period, that phase of the banking strain which began with the closing of banks in Michigan culminated in a nation-wide bank holiday. The heavy foreign and domestic drain on gold reserves of the Federal reserve banks and the hoarding of currency which accom panied these developments produced an acute crisis which severely strained the entire bank ing structure. A t that time “ circulation” of money reached an all-time peak, necessitating the use of record amounts of reserve bank credit. FACTORS AFFECTING THE USE OF BANKING RESERVES IN THE UNITED STATES (In millions of dollars) SOURCES OF FUNDS Mar. 8, Feb. 8, 1933 1933 4,535 4,243 Monetary gold stock...................... 1,918 1,913 Treasury currency adjusted! 3,644 Reserve bank credit....................... 2,085 Total supply............................... 8,538 USES OF FUNDS Feb. 8, 1933 5,705 Money in circulation.................... Member bank reserve balances. . 2,419 Unexpended capital funds, 413 non-member deposits, etc......... Total demand............................. 8,537 Change — 292 — 5 + 1,559 9,800 + 1,262 Mar. 8, 1933 7,538 1,800 Change + 1,833 — 619 462 9,800 + 49 + 1,263 t Currency issued by the U. S. Treasury, such as silver certificates* United States notes, national bank notes, silver and minor coin, etc., adjusted for changes in Treasury deposits at reserve banks, and for Treasury inventories of cash. This table shows that the total volume of United States money in circulationt increased by $1,833,000,000 during this period and that the monetary gold stock of the country declined by $292,000,000. Certain minor withdrawals of funds from the money market also acted as de mands upon commercial banks, these require ments taking the form of a $5,000,000 decrease in funds provided through operations of the United States Treasury, and a $49,000,000 in crease in unexpended capital funds of the Fed eral reserve banks, and in non-member bank *For description see Federal Reserve Bulletin for July, 1929, pp. 432-433. t Money in circulation is defined as money outside the Treasury and the Federal reserve banks. 3 FACTORS A F F E C T IN G T H E U SE OF B A N K IN G RESERVES BILLIONS OF DOLLARS MONEY IN CIRCULATIO M1 | MEMBE;r BANK ^ RESERVE Q V Vr UNEXPE: nded c a p i * AL AND NON MEMBER DEP< >51TS »929 1930 1931 1932 1933 1929 1930 1931 SOURCES AND USES OF BANKING RESERVES IN THE UNITED STATES (M on th ly averages of daily figures) 1932 1933 4 FACTORS A F F E C T IN G T H E U S E OF B A N K I N G RESERVES and “ other” deposits with the reserve banks. The sum ($2,179,000,000) of these four factors— domestic demand for currency, exports of gold, withdrawals of Treasury funds from the money market, and increases in unexpended capital funds and in non-member bank and “ other” de posits— constituted the demands upon commer cial banks for funds during the four-week period under review. The immediate effect of these demands was to reduce the balances of member banks carried with the reserve banks, for mem ber banks come to the reserve banks to obtain both currency and gold, which they pay for with drafts drawn upon their deposit accounts at the reserve banks. In spite of this drain of $2,179,000,000, the reduction in member bank reserve balances was but $619,000,000, because additional reserve funds were being placed at the disposal of banks by the Federal reserve system. The most important means of securing funds was through direct borrowing at the re serve banks, although the reserve system also purchased a substantial amount of bills and some United States Government securities in the open market. In all, reserve system credit expanded by $1,559,000,000 between February 8 and March 8, which, together with the net withdrawal of $619,000,000 by member banks from their deposits at the reserve banks, sup plied the funds required to meet the heavy drains upon the commercial banking structure. These requirements, as stated before, came al most entirely in the form of demand for cur rency for hoarding and for gold for export. Twelfth District credit conditions and their contribution to the national credit situation are indicated by a similar analysis for this district as shown in the following table. FACTORS AFFECTING THE USE OF BANKING RESERVES IN THE TWELFTH DISTRICT (in millions of dollars) Changes February 8, 1933—March 8, 1933 SOURCES OF FUNDS Commercial operations ............................................................. Treasury operations .................................................................. Reserve bank credit .................................................................. +41.7 — 5.2 +49.9 Total....................................................................................... +86.4 USES OF FUNDS Demand for currency.................................................................. Member bank reserve balances................................................. Unexpended capital funds, non-member deposits, etc........... +96.0 — 15.1 + 5.5 Total........................................................................................ +86.4 Demand for currency within the Twelfth Dis trict increased by $96,000,000 between February 8 and March 8, 1933. In addition, district banks were called upon to supply $5,200,000 (shown as “ Treasury operations” in the table) for trans fer out of the district because local collections of the United States Treasury on account of taxes, borrowings, and from other sources ex ceeded disbursements of the Treasury in this area.* A further small drain upon district bank ing reserves came in the form of increases total ing $5,500,000 in unexpended capital funds of the Federal Reserve Bank of San Francisco and in non-member clearing and “other” deposits at that bank. These three items— increased de mand for currency, net Treasury transfers out of the district, and increased unexpended capi tal funds and non-member deposits at the Re serve Bank— represented an aggregate require ment of $106,700,000 for additional banking re serves which was met by a combination of sev eral different methods. First of all, district member banks withdrew funds on deposit with banks outside the district. These funds, to gether with transfers for the accounts of individ uals and business houses, resulted in a net gain of $41,700,000 (shown as “ commercial opera tions” in the table) in banking reserves for the district during the four-week period under re view. Member banks also withdrew $15,100,000 from their reserve accounts at the Federal Re serve Bank of San Francisco, representing partly a use of excess reserves which some banks had been carrying. In addition to obtain ing funds from these two sources, banks found it necessary to borrow $49,900,000 from the Federal Reserve Bank of San Francisco, in or der to meet the total need for $106,700,000 of funds. These changes demonstrate the flexi bility of the banking structure and illustrate how increases or decreases in any single factor affecting the uses of banking reserves must be offset by changes in other factors so as to pre serve a balance between the requirements for and sources of funds. The charts on page 5 show the changes in each of these items from January, 1929, to the present time. Although credit developments in the district are affected by the same general influences that affect the national situation, there are a number of technical differences between district figures and national figures. In a Federal reserve dis trict, for example, the total amount of currency in circulation cannot be computed, but current changes in demand for currency are available. Statistics of currency within the Twelfth Dis trict, therefore, are shown in the table and on the charts in terms of increases or decreases during a given period and not in terms of total circulation. Similarly, changes in district factors corre sponding to monetary gold stock in the national analysis are available only in terms of changes between different dates. Except in the New York and San Francisco districts, the effect of im ports and exports of gold at ports of entry within a single Federal reserve district is usually relatively unimportant. Changes in dis*The reverse situation has been true during the past four years, the United States Treasury having disbursed in the Twelfth District substantially greater amounts than it has collected in this area, the difference having been made up by transfers into the Twelfth District of funds collected in other parts of the United States. FACTORS A F F E C T IN G T H E U SE OF B A N K IN G RESERVES MILLIONS Or DOLLARS SOURCES AND USES OF BANKING RESERVES IN THE TWELFTH DISTRICT Changes cumulated from January 2,1929 (Monthly averages of weekly figures) 5 6 FACTORS A F F E C T IN G T H E U SE OF B A N K I N G RESERVES trict gold holdings are affected to a greater ex tent by transactions which go through the Gold Settlement Fund maintained in Washington by the reserve system for settling balances between Federal reserve districts. The volume of Federal reserve credit is meas urable in total amount, but that factor is also shown in terms of changes over a stated period in order to be on a comparable basis with the other factors. The changes in reserve bank credit as shown in this analysis do not neces sarily coincide with changes in credit extended by the Federal Reserve Bank of San Francisco as reported in the weekly statement of condi tion. This is because the amount of reserve credit extended locally is ordinarily less than the total amount of credit extended by the Fed eral Reserve Bank of San Francisco, since the latter amount includes bills and securities pur chased for the account of the Federal Reserve Bank of San Francisco in the open market out side the Twelfth District, chiefly in New York. A short explanation of each of the items ac counting for changes in member bank reserves within the Twelfth District during the four weeks from February 8 to March 8,1933, is pre sented in the following paragraphs. Demand for Currency. The increase of $96,000,000 in demand for currency during this period reflected thé requirements of all banks in the district and paralleled the national in crease of $1,833,000,000 in currency demand. As in the country as a whole, there were substan tial withdrawals of bank deposits in cash for private hoardings. Currency was obtained chiefly by member banks through drafts on their reserve balances at the reserve banks. In mak ing these drafts the member banks met the de mands of non-member banks as well as of the general public. The reserve banks are the chief source of supply of currency. The remainder is issued by the Treasury, but most of it except national bank notes, reaches the public through the Federal reserve banks acting as fiscal agents for the United States Government. Commercial Operations. Transactions of a commercial and financial nature, involving pay ments to or receipts from areas outside the dis trict, resemble settlements in international trade for the country as a whole, the net gain or loss corresponding to the nation’s balance of payments. These transactions are cleared through the Gold Settlement Fund and are an important factor affecting that which, for the individual reserve district, corresponds to the monetary gold stock of the country as a whole. During the four-week period under review there was a net inflow of $41,700,000, the loss of funds to other districts because of payments for goods, services, investments, and interest charges, having been more than offset by the transfers of deposits of banks and individuals from places outside the district to local institu tions. Although these inter-district commer cial and financial transactions resulted in a net gain to the Twelfth District during the period from February 8 to March 8, 1933, the cus tomary relationship during recent years has been the reverse. For example, during 1929, 1930, 1931, and 1932 individuals and business houses of this area were almost constantly send ing more money out of the district in payment for goods, services, investments, and interest and in transfers of bankers' deposits than was being received, the net loss of funds to the Twelfth District because of this movement dur ing these four years having totaled $394,000,000. Outgoing payments for goods, services, invest ments, and interest are made by check or draft on Twelfth District banks and forwarded to firms and individuals located in other districts. These checks or drafts are deposited in banks in other districts and are collected from Twelfth District banks chiefly through the Federal re serve banks by way of the Gold Settlement Fund. The checks are forwarded to the Federal Reserve Bank of San Francisco or its branches, from which they are forwarded for payment to the local banks on which they are drawn. Pay ment by district member banks is made by drawing on balances at the reserve banks; as is the case when obtaining currency, non-member banks usually remit through balances at correspondent member banks, although in some cases they maintain accounts at the reserve bank for clearing purposes. The proceeds col lected in this way are remitted through the Gold Settlement Fund to the banks in the districts that forwarded the checks and drafts for collec tion. Similarly bankers’ balances which are being sent into or out of the district for deposit or investment by other banks are transferred by wire through the operation of the Federal reserve system's Gold Settlement Fund and the amounts charged or credited as the case may be to the reserve balance of the Twelfth District member bank involved in the transaction. The charges on the reserve balances arising from inter-district payments are constantly be ing offset to a small extent through domestic gold production and the net import direct to the district of gold from abroad. Imports from abroad, if they are in the form of United States gold coin, are usually deposited with the Fed eral reserve bank by a member bank, to be credited to the depositing bank's reserve ac count. Other imported or locally produced gold is generally sold to the United States Mint in San Francisco or to the United States assay offices located in other cities of the district. These offices pay for the gold chiefly by checks drawn on the account of the Treasurer of the United States with the reserve bank. These checks, upon being deposited, are forwarded for payment to the Federal reserve bank, which is the fiscal agent of the United States Treas- FACTORS A F F E C T IN G T H E U SE OF B A N K I N G RESERVES urer, and the proceeds are credited to the re serve balance of the member bank forwarding the check. Thus both of these transactions in crease the volume of reserve funds held by com mercial banks. In the current review of finan cial developments the inter-district movement of funds for commercial and financial account, and the production, consumption, import, and export of gold are combined under the single term “ commercial opérations.” Treasury Operations. In the four-week period under review, a rather small factor absorbing some district banking reserves was the local collection by the United States Treasury of $5,200,000 more than was disbursed by the Treasury in this area. As in the case of commer cial operations discussed above, the effect of Treasury operations between February 8 and March 8 of this year was not typical of their influence upon member bank reserves during recent years. For example, in the four years 1929-1932, inclusive, when commercial opera tions resulted in a net transfer of $394,000,000 out of the district, the United States Treasury disbursed in the Twelfth District $504,000,000 in excess of its local collections, thus more than offsetting the outward commercial movement of funds. In addition to the customary Govern ment disbursements, these payjnents by the United States Treasury included payments for the account of the Reconstruction Finance Cor poration and other Government agencies ex tending credit, as well as new issues of national bank notes, which were of considerable impor tance in the summer of 1932. For the country as a whole, Treasury opera tions ( “Treasury currency adjusted” ), except ing the recent issues of national bank notes, have little effect in the long run upon the vol ume of member bank reserves, since they repre sent a transfer of funds from one account to another rather than the creation of new funds or the absorption of existing funds ; for any one Federal reserve district, however, as explained in this bank’s Monthly Review of Business Con ditions for June, 1930, Treasury operations may at times be the most important single factor influencing the volume of member bank re serves. In the San Francisco district, for ex ample, it was pointed out in the preceding para graph that expenditures by the Treasury ex ceeded collections by $504,000,000 during 1929, 1930, 1931, and 1932, and in 1932 alone the ex cess was $241,000,000— by far the most impor tant factor influencing banking reserves in that year. Practically all Treasury expenditures in this district are made by checks chargeable to the Treasurer’s account at the Federal reserve bank. Payment of these checks naturally tends to increase bank reserves. Treasury collections, on the other hand, tend to reduce bank reserves. Income and internal revenue taxes, customs, 7 dues, and cash subscriptions to new issues of United States Government securities, are usu ally paid for by checks or other cash items, the Treasurer presenting these for payment through the Federal reserve bank to the banks upon which they are drawn. Payment is effected by charging the member bank’s reserve account and crediting the Treasurer’s account. Reserve Bank Credit. This item includes all credit extended by the Federal reserve system to the Twelfth District. Such credit is supplied principally by the Federal Reserve Bank of San Francisco. Reserve bank credit includes bills discounted for district banks, local purchases of United States securities or acceptances, and such minor items as float, member bank over drafts, et cetera. Total holdings of bills and securities of the Federal Reserve Bank of San Francisco are usually considerably in excess of the amount of reserve bank credit extended to the Twelfth District. This results from the fact that the Federal Reserve Bank of San Francisco participates with the other reserve banks in System open-market operations and thus a large part of its holdings of United States securities and bills is purchased in national markets, chiefly New York, and consequently represents almost entirely credit extended to other parts of the United States. Unexpended Capital, Non-member Deposits, et cetera. A demand on the member banks for reserve funds may arise when non-member de posits at the reserve bank increase*, and when there is an addition to capital, surplus, or un divided profits of the reserve banks. During recent years there has been little change in the total of these several small items in the Twelfth District. The capital stock of the reserve banks changes only gradually, and earnings accumu late slowly, so that the amount of reserve funds drawn into and held by the reserve banks in this way is not large. Similarly, the deposits main tained b y non-member banks for clearing pur poses, do not change greatly in this district. On the following pages are tabulated two sets of figures for the Twelfth Federal Reserve Dis trict. Pages 8 and 9 contain the weekly figures of changes in the several factors discussed, cov ering the period since January, 1929. In the series on pages 10 and 11, the weekly figures have been accumulated, using the figures of January 2, 1929, as zero or the starting point of the accumulation. These series, when plotted, give the same appearance of movement as would the charting of absolute amounts, except that the lines are always in relation to January 2, 1929, as zero, and may therefore fluctuate above or below zero. The series of weekly changes in the several items will be furnished the press regularly hereafter. *These deposits are held largely for clearing purposes. They are usually built up out of funds transferred from the reserve bal ances of member banks. 8 FACTORS A F F E C T IN G T H E U SE OF B A N K I N G RESERVES SOURCES AND USES OF BANKING RESERVES IN THE TWELFTH FEDERAL RESERVE DISTRICT Weekly changes in millions of dollars Sources of Funds — > r m - ... Uses of FundsComTreasDem'd Member Nonfor Bank member ury Week Reserve mereiai Cur-' Reserve De Opera Opera End*g Bank rency 1Deposits posits tions tions 1929 Credit Jan. — 6.5 — 9.1 — 4.3 + 2 .5 — 22.9 + 18.7 9 .— 4.7 + .5 + 1.0 .8 — 4.5 + .5 16 + .— 5.6 4.3 — 1.8 - 8.6 — 5.0 + 1.3 23 - 5.4 30 + 1.2 — 3.6 — .9 + 1.5 + 1.0 Feb. 6 13 20 27 -18.7 + 6.2 - 2.5 -18.3 __ 1.6 .2 + + 1.8 1.2 Mar. — 2.7 6 13 + -9 — 30.7 20 — 1.4 27 Apr. 3 10 17 24 2.0 .9 2.0 .8 .2 + + 4.9 7.8 — 1.5 — .1 + .8 — 1.3 — .7 4- 8.7 * +30.3 + 1.8 __ 4.0 — .3 — 1.4 — 3.1 + 2.8 4.1 — 1.5 — 1.4 — .9 + 4.6 .8 — 1.6 + + * * .4 -2 + + - 3.9 4.2 4.1 4.2 + 2.8 + 4.3 5.2 + 3.0 2.6 .7 * 2.9 — .5 + — 2.3 + 3.4 3.6 — .3 + 2.5 — 1.3 — 2.4 May 1 + 3.3 — 12.2 8 — 18.1 15 + 6.0 22 29 + 5.4 + 2.8 H- 7.4 Hf-18.6 -15.8 - 4.4 + 2.5 + 4.2 + 2.2 + 1.1 1.3 3.5 .2 1.5 .— .5 + 1.1 + + + + 2.1 .2 2.9 7.8 .6 + 3 .0 — 1.0 + 1.3 — .5 — 2.0 June — .2 5 — 9.3 12 + 10.9 19 26 — 11.3 + 7.2 + 11.6 - 4.9 + 13.1 + 2.2 + 1.4 — 12.8 + 2.2 + + + 5.3 .8 .8 .1 + + — + 2.4 1.4 4.0 3.3 + 1.5 + 1.4 — 2.1 + .5 1-13.2 -10.2 - 3.2 -17.2 - 9.2 — 1.9 — i .5 + 3.4 7.6 + 1.4 + 17.6 + 5.4 9.9 — 8.2 — 1.4 July 3 10 17 24 31 +23.1 + .3 — 10.4 + 18.1 + — + — 3.9 9.0 3.2 7.3 + 7.6 — 6.0 — 16.1 + 17.2 + 2.6 Aug. + 8.8 7 — 5.6 14 — 8.9 21 — 2.3 28 + + - 4.6 2.7 7.6 4.6 + 3.0 + 2.6 + 2.6 + 5.5 + + + + + + + 6.1 — .8 + 1.8 .6 2.5 1.2 .2 + .3 — 4.0 + + + 1.8 .3 * .1 .2 * — .6 — .2 + + + .7 .1 * * + + + + .1 .1 .1 .1 + * * * .4 + * # * .1 * • + .1 + .1 + .1 — — + + + .9 — .3 .6 + .1 * .2 * .9 .3 — .1 — + — — « .1 * * .7 -7 .5 .9 + Sept. + 12.1 4 + 16.1 11 18 + 3.5 25 + 5.1 + 3.8 -18.3 - 1.7 -11.2 — + — + 1.3 2.7 8.4 1.7 + 8.2 -— .2 .— 4.5 — 2.4 + 6.1 .8 — .5 — 2.6 + .3 + 1.4 — 1.6 + .5 * + .1# + .1 Oct. 2 9 16 23 30 + 11.9 + 1.2 — 17.0 + 14.3 — 13.9 -13.5 - 6.9 +24.1 -25.5 + 14.5 3.8 5.4 1.6 + 2.4 + 3.3 1.4 .3 1.5 — 2.9 .5 + 1.2 1.4 + 7.0 6.3 + 5.0 — .5 + .6 — .1 + .3 — 1.5 + .1 + .2 + .1 + .1 .1 Nov. 6 13 20 27 +21.5 + 6.2 + 1.4 — 20.5 -23.9 - .7 - 9.5 + 16.3 + + — + 3.5 — 3.2 2.7 + 5.0 3.8 4.7 — .4 — 3.3 — .5 + 2 .2 — .7 + .5 + .1 + .1 + .1* Dec. 4 11 18 24 31 — 15.0 — 7.5 — 3.9 — 14.9 — 4.6 H(-15.1 Hu 6.1 + 4.2 + 14.7 + 4.3 + + + .5 + + 1.4 + 3.3 + 7.0 — 10.7 — .4 + .3 + .3 — 1.7 + 1.3 • + .1 .1 * — .2 + + 2.3 4.5 1.0 1.0 1.7 3.4 2.4 2.3 .4 + + + + + + 1.7 .2 .8 — 7.8 + 9.7 + + 1930 Jan. 8 15 22 29 — 6.4 — 15.2 + 1.8 — 5.8 + — — — 2.5 1.1 6.1 8.2 — .6 + 2.3 H- 1.8 Hh 1.2 — — — — 9.2 9.5 6.2 5.4 + 5.2 4.3 + 2.6 7.2 — .7 — .2 + 1.1 — .2 + .2 * * * Feb. 5 12 19 26 + — + + — .3 + 10.8 — 11.7 — 12.5 h 2.1 b 5.6 h .5 b 2.3 + + — — 3.8 4.0 4.0 1.0 .3 + + 4.3 3.4 — 1.1 + — — — » * — .2 * 3.0 8.8 2.9 7.9 "Change smaller than $50,000. .7 .7 .7 .2 Week Reserve End*g Bank 1930 Credit Com mercial Opera tions Treas ury Opera tions -Use¡8 Of Funds— % Dem'd Member Non- UnexBank member pended for Capital Cur Reserve DeDeposits posits Funds rency J Mar. 5 + 10.5 12 — 18.3 19 — 6.6 26 — 8.1 — 14.7 + 18.0 — 4.3 +21.8 + 3.5 + 2.0 1.9 — 9.2 4.9 4.0 — 1.9 — 2.8 Apr. 2 9 16 23 30 + 18.5 — 9.9 + 4.0 — 3.1 + 5.1 — 11.8 + 12.9 — 6.5 — .9 — 12.7 — .2 + 1.4 .2 + .5 + .5 + + + May 7 14 21 28 — 9.3 — 3.1 + «8 + 6.2 +23.7 — 4.8 — 6.4 — 12.5 + + + + 2.5 3.9 2.2 1.3 + 2.7 2.4 .6 + + 1.5 + 11.5 .4 + 3.3 — 5.5 + 2.7 — 1.9 — .7 — 1.0 * — .1 * * June 4 — 5.8 — 2.4 11 + 8.3 18 25 — 11.2 + 13.2 + .4 — 7.8 + 11.2 + 4.8 + 2.9 6.6 — .5 + 2.8 + 1.2 .5 — .4 + 8.8 .6 + 6.4 — .2 + — + + .7 .9 .9 .1 — .1 * — .1 * July 2 9 16 23 30 + 1.9 + 12.9 — 16.6 — 2.6 — 8.0 + 3.1 + 2.2 + 3.4 + 1.5 .9 + + 13.6 — 1.0 — 5.7 — 1.6 — 4.3 2.6 5.2 4.2 — 4.8 — 2.3 + .3 + L1 — 1.5 + .1 + .7 — .3 * * * — .1 Aug. 6 — 2.3 13 + .9 20 — 1.3 27 + 7.1 + — + — + + + + Sept. 3 10 17 24 — 5.9 — .3 — 1.0 + 1.9 + .9 + 10.0 + 2.4 — 16.9 + 1.9 + 3.4 8.2 — 1.3 Oct. 1 8 15 22 29 + — + — — 1.6 3.6 9.6 .3 7.3 — .4 + 3.3 — 20.6 — 8.5 — 2.2 Nov. 5 + 12.2 12 — 3.4 19 — .5 + 4.0 26 Dec. 3 10 17 24 31 t---- Sources of Funds Unexpended Capital Funds + 11.2 — 9.8 + 1.8 — 5.2 + 1.1 t----- + + 3.7 .4 1.3 3.8 .1 * * * # * — 5.6 + 5.2 + *5 — 10.0 — .9 + 7.4 — .1 + + + 1.7 5.2 4.1 1.0 8.7 + + * + 1.1 * — 1.2 * + *5 — .6 — .1 + -6 — .1 * + 4.4 .5 — .6 + 5.3 — .4 + + 3.1 — .1 + + 6.0 .4 — 4.2 — 4.7 — 9.2 + 13.1 — 3.0 — 11.2 + + + — .2 -4 .4 .4 — .1 * * * + 4.9 + 8.5 + 4.5 + 5.4 + 4.6 + + 1.5 2.8 .1 — 5.2 — 2.1 + 4.5 + 5.0 5.8 + 1.3 4.1 + .1 + -4 — .6 + -5 + 1.3 * * * * * — 3.0 + 4.6 — 4.8 — 16.0 + 3.9 + 7.3 + 4.8 + 4.9 + 7.6 .6 — 4.7 + 2.3 + + + — — 1.3 — .6 + 1.5 — 3.3 * — .1 * * + 7.6 — 10.2 +45.8 + 9.3 — 34.2 — .8 + 7.1 — 20.8 + 6.5 +26.0 1.6 4.4 6.2 — 5.6 + 2.5 + 1.7 + 1.7 +20.8 + 13.5 — 4.9 + 5.6 .4 — 2.3 — 1.8 — 1.9 + + .5 — 1.5 + 1.3 + .2 * — .2 * — .2 1931 Jan. 7 14 21 28 + 6.4 — 28.1 — 1.7 — 2.0 — 5.9 + 12.0 — 15.4 — 6.4 + + + .8 .4 2.1 1.0 — 1.2 — 17.0 — 10.1 — 5.3 3.5 .3 4.6 2.0 — — — — — .9 .1 .3 .1 — .1 + .3 * * Feb. 4 11 18 25 — 2.2 + .5 — .1 — 3.8 + 1.1 + 4.6 — 16.1 + .2 + 9.6 + 5.2 + 5.8 + 3.6 + 4.8 + 9.4 4.3 — + + + + + 3.7 .8 6.1 .8 .1 .1 * — .1 __ .1 * * * Mar. 4 + 9.2 — 5.3 11 + 3.0 18 25 + 10.9 — 10.3 — .3 — 6.9 — 4.5 — 1.1 + 6.0 + 4.1 6.9 .1 + 2.3 — 1.9 — 3.5 — + + + 2.0 2.6 1.7 3.2 — + + — — .1 * * * 9.7 6.7 3.5 6.2 4.0 4.9 3.3 2.9 + + + + + 7.0 .9 .6 .8 6.8 9.8 2.7 6.1 + + .9 .2 .1 .4 .2 * .1 * * 9 FACTORS A F F E C T IN G T H E U SE OF B A N K IN G RESERVES t— -Sources of Funds------\ t------------ Uses of Funds Week Reserve End’g Bank 1931 Credit Apr. 1 8 15 22 29 — 5.5 — 10.8 + 1.5 + 1.8 + 3.4 Com mercial Opera tions Treas ury Opera tions - 4.1 + 13.1 -18.4 - 10.6 -13.2 + 4.5 + 12.0 + 3.3 + 2.5 + 8.6 Dem’d Member NonBank member for Cur Reserve De rency Deposits posits + + — + 2.2 1.8 .5 2.1 1.2 -----% Unexpended Capital Funds — 7.6 + .4 — + 12.6 — .1 * — — 13.0 — 4.1 — .2 + — 3.0 + .6 .1 * .1 .1 27 * * + .6 + 3.3 + 3.9 - 3.9 + 10.7 + 9.2 + 1.4 + 2.1 + 6.7 + 11.1 — .2 — 2.2 — .1 * + 1.1 + 3.0 — .1 —■ .1 1.8 — .6 + *5 + 10.8 + 5.5 — 4.2 + 6.0 - 9.2 -14.7 + 13.2 - 6.9 * + 8.5 — 10.7 + 2.8 # * * — 18.3 + 15.5 — 4.3 + 16.6 — 12.9 + 32.6 -23.8 - 6.3 -19.7 + 7.1 + 5.6 + 8.1 + 3.2 + 3.4 + 2.9 + 12.4 + 2.6 — 6.0 + 1.8 + 49.6 — 64.8 + 20.8 + 1.5 — 47.8 + 62.9 - 6.3 - .8 + 1.3 + 3.5 + 3.9 + 4.5 + 6.3 — 3.0 .6 + 1.7 + + 16.2 + 2.5 + 4.8 — 1.1 + 6.3 — 14.8 — 1.4 — .1 10 17 24 + 5.2 + 2.3 1.1 1.0 — 3.5 * — 3.5 + 3.0 July 1 8 15 22 29 2.8 + 5.8 — 1.8 — .4 — 2.6 * — .1 + *í — .5 — .1 + 2.0 — .3 — .9 — .1 * — 1.0 * + 1.1 — .1 Aug. 5 12 19 26 * * * — .2 — .7 — .3 + 1.5 2 + 1.1 + 6.0 — 7.0 — 1.3 +22.3 8.0 7.6 2.0 — — + — — 3.7 6.3 2.4 3.8 3.8 — 1.3 * — + .1 + 1.9 — + — .1* .1 .1 .2 21.6 + 6.5 + 2.3 — 8.9 + .7 + 1.2 + 5.9 + 4.0 - 10.2 -19.6 — 41.6 -10.4 + 5.7 + 2.4 — .5 + 4.3 * + .1 + 7.7 — 1.9 — 2.1 + -3 — .5 + .3 — 1.2 — 8.2 — 1.2 + .1 — 2.7 — 1.4 — .2 + .1 + + - 4.7 6.9 16.2 2.9 + + Oct. 7 14 21 28 + 10.4 + 15.2 + 31.6 + 1.9 Nov. 4 11 18 25 — 7.0 — 10.4 — 2.8 — .8 + 5.5 + 10.6 - 5.7 - 5.9 + 5.1 + 9.5 + 3.9 + 4.6 + 4.0 — 5.3 — 27.2 + 12.8 — 5.4 -14.1 b 4.5 - 11.1 -15.9 - 8.4 + 1.4 + 5.0 + 5.2 — 17.4 — .1 + 3.3 .1 — 5.2 — 3.1 * * * # — .5 + 10.4 + -8 + 1.4 + .8 — .6 — .2 — .4 — 8.9 + 5.7 — 15.7 — 3.1 + 4.7 — .4 — .1 * — .3 + 1.9 + .1 * + .5 + 1.2 + .4 Dec. 2 9 16 23 30 + .7 1.2 2.8 + + 13.9 — 3.4 1932 Jan. 6 20 13 27 3 17 24 + 19.0 — 4.7 +25.4 + 4.9 -27.6 - 6.6 -36.1 - 4.8 + 3.7 + 2.9 + 7.4 + 3.8 + — + 7.6 8.1 .5 1.2 — 14.4 + 6.5 — 5.5 + 5.7 + 2.7 — 6.9 +2.7 — 3.0 — + .8 .1* * 2 + 17.1 + 1.1 + 12.3 — 2.3 - 6.8 + 2.2 -25.6 -11.7 + 3.1 — 1.9 +24.5 + 2.9 + 8.8 + 1.8 + 3.1 2.3 + — + — 4.1 1.3 8.9 7.9 + .7 + -8 — .9 — 1.1 — + + + .2 .1 .1 .2 6 20 27 + 4.4 + 3.7 + -2 — + .3 — .8 + .3 + 3.8 + *1 + — 2.5 — 11.3 + .3 + 11.4 + 1.2 + *5 + 11.1 — 8.7 — .4 — 6.0 + 8.9 — 12.8 +22.5 + 1.6 + 5.3 — 2.7 — 2.6 + 1.4 + 5.8 + 2.0 + 2.0 + 4.6 + 4.5 + 7.4 — — 1.2 — + 4.4 + — 8.7 — + 10.1 + + 4.1 + 7.4 + 2.7 + 1.4 — 1.6 — 5.7 — 12.5 — 9.2 — + + + 1.7 1.9 5.2 3.8 + 19.8 — 5.0 — .9 — 2.9 — 18.0 + 8.6 — 3.6 — 1.5 — .7 — .1 — .1 + .4 + 19.7 + 3.2 — 1.4 + 2.3 — 6.4 + 3.1 + 7.6 + *9 + 7.9 + 3.2 + 7.4 + -2 — .8 — 1.0 + 7.6 + 5.8 + .9 — 2.0 + 4.3 — 7.1 * — .1 + .2 + -1 + .1 + .3 — .1 + .1 — .3 — .2 + *8 — 8.0 + 9.4 + .1 + 6.5 + 6.9 — 1.3 — .3 + — — — + 5.8 + + 1.0 + — 2.1 — + 1.9 + + 4.7 — .3 — 4.0 + 8.7 — 5.7 + 1.1 — 2.0 — 12.3 + 4.3 + 4.2 + 4.8 + 2.8 + 4.7 + 4.3 — 2.6 — 1.2 — — — — — + + — — — 5.3 5.0 3.7 5.9 1.2 + 5.8 + 9.7 + 7.4 + 5.6 + 1.1 + 5.8 + .1 — .4 + + 10.2 + .9 + .1 + — 2.5 + 1.5 + .3 — — 1.2 — 1.3 — .4 + — 3.9 — 3.8 + .1 — 10.7 — 10.5 — 4.9 * + 19.8 + 1.2 — .4 — 8.5 + 2.8 + 3.7 + 9.4 + 1.3 + — + — + 3.1 — 4.7 + 1.4 + 11.0 + 3.5 — 8.0 — 9.0 — .1 + •! + 5.0 + 4.2 + 1.8 + 3.6 + 2.4 — 7.5 + 1.3 — 4.5 + 1.0 +21.5 — 7.7 * + .8 * — 1.5 + .2 — .1 — .3 — .8 + 4.6 — 12.1 + 2.7 + 8.4 — 2.9 + 16.9 + 18.3 — .3 + -6 + 6.4 — 8.1 — .6 — + + + 6.4 * 6.6 + 1.6 — .1 — 1.0 + -9 + .4 + .1 — .3 + *2 + l-t + 2 17.5 + -9 — 1.3 — 1.1 + *6 + 23.0 + 8.6 — 58.2 — 26.0 + 2.6 + .8 — .4 — 9.2 + 2.1 +41.0 +40.7 + -4 — 74.2 — 20.3 — 20.8 — .7 + 6.1 + 3.4 — 4.9 +4.4 + 1.1 + 3.0 + 1.0 — .2 + .1 + -1 — .5 + 1.2 + -3 + 1.0 — 5.3 + 2.9 — 10.3 — 13.8 — 10.6 — 13.1 — 3.8 + 10.1 + 10.9 + 4.7 + 7.8 — 2.2 + 1.4 — 1.2 * — 9.6 + 4.3 — 4.7 — 2.2 + .8 — 10.1 + 6.4 — 2.7 — .6 + .3 + -5 + .2 + 7.3 — 35.1 + 1.7 — .5 — 1.8 + .2 + 24.7 — 12.1 — 11.6 — 2.0 — 14.6 + 12.0 + 7.9 + 4.3 + 6.0 — — — — + * 3.1 — 4.9 + .9 5.2 + 6.5 + .2 + *1 3.2 + 1.2 — .6 1 * * 5.3 — 3.0 + *5 2.9 — 2.7 + 2.1 — .1 June 7 — 4.6 14 — 1.4 21 — 2.7 + 6.4 — 1.2 + 1.9 + -3 — .8 + 6.7 — — + 1.0 2.8 18 25 1 8 15 22 29 6 13 20 27 Aug. — 3 10 — 17 — 24 — 31 + — .8 — 7.3 — 16.3 + 2.8 — 2.6 - 5.8 - 9.0 -13.3 - 6.8 - 10.8 + 4.4 + 8.1 +27.0 — 2.1 + 4.5 __ — — — — 3.2 5.1 5.3 3.9 5.7 + -7 — 3.9 + 3.6 — 2.4 — 2.8 + .3 + -6 + — .9 + -1 + — .4 + * .1* .1 .1 + 2.0 — 1.8 — 17.3 — 9.2 - 8.9 + -9 + 5.0 - .7 + 10.3 + 2.7 + 12.4 + 5.1 * Change smaller than $50,000. + 4.4 3.6 + 1.6 3.5 — 1.5 + .3 * + 5.3 — 2.1 + -5 — 1.2 — .2 + + + .2 .1 .1* 9.7 9.5 1.9 6.9 3.2 Sept. — .2 7 14 — 2.5 21 — 12.5 — 2.0 28 12 19 26 Nov. 2 9 16 23 30 Dec. 7 14 21 28 1933 Jan. 4 11 18 25 1.5 3.6 3.2 4.7 2.9 1.3 5.1 2.4 4.4 4.2 3.7 3.2 4.5 — 1.5 + 1.1 + 1.3 + .4 1 8 21 Mar. 1 8 22 29 Apr. 5 19 26 May 3 10 17 24 31 2.3 4.4 7.8 6.5 .7 .6 .1 -2 .1 .6 .2 *2 * * — + .2 *1 * — .3 + .1 * — .1 * .1 .6 .1 -2 — + + .2 .2 .1 + .1 — .4 + .1 — .1 + .1* .1 « + .1 .1 .1 .1* + 7.2 + .4 + .1 — 1.2 — .2 — .5 * + .8 + .1 — 2.6 + .1 — .3 Feb. 12 Apr. 13 + *2 + 2.3 + 10.1 — .7 11 15 Mar. 9 16 23 30 + 10.1 + 11.9 — 10.8 — 10.6 May 4 15 Feb. 10 — 2.3 — 14.5 + 4.8 — 2.1 Week Reserve End’g Bank 1932 Credit Oct. 5 Sept. 9 16 23 30 -Uses of Funds— Dem’d Member Non- Unex Bank imember pended for Cur Reserve De Capital rency Deposits posits Funds July June 3 Treasury Opera tions June May 6 13 20 Commercial Opera tions t-----Sources of Funds -------> c + + + 2.5 + 4.6 — .5 + 5.8 — 1.5 * — .8 + * * .1 10 FACTORS A F F E C T IN G T H E U SE OF B A N K I N G RESERVES SOURCES AND USES OF BANKING RESERVES IN THE TWELFTH FEDERAL RESERVE DISTRICT Weekly changes in millions of dollars cumulated from January 2,1929 -Uses of Funds— Dem’d Member Non- Unex Bank member pended for Cur Reserve De- Capital rency Deposits posits Funds t-----Sou rces of Fï inds-----> r Week Reserve End'g Bank 1929 Credit Jan. 9 16 23 30 Com mercial Opera tions Treasury Operations -22.9 -22.4 -31.0 -36.4 - 6.5 5.7 4.4 3.4 — 9.1 — 13.8 — 19.4 — 23.0 — 4.3 — 3.8 — 8.1 — 9.0 + 2.5 + 3.5 + L7 + 3.2 ¡-33.5 -33.8 -23.4 (-41.5 -55.1 — 48.9 -51.4 — 69.7 - 5.0 4.8 3.0 4.2 — 21.0 — 20.1 — 22.1 — 21.3 — 8.8 — 3.9 — 11.7 — 13.2 1-3.1 b3.9 [-2.6 hi*9 + + + + .1 .2 .2 .2 (-38.8 -39.7 b 9.0 b 7.6 ——61.0 — 61.0 -30.7 -28.9 - 8.2 - 8.5 - 9.9 — 13.0 — 18.5 — 22.6 — 24.1 — 25.5 — 14.1 — 9.5 — 10.3 — 11.9 + 1.9 + 1.9 + 2.3 + 2.5 + + + + -3 .4 .5 Feb. 6 13 20 27 27 Apr. 3 10 17 24 + 11.5 + 2.5 + 5.7 - 1.6 -32.8 -28.6 -24.5 -28.7 - 10.2 - 5.9 - 11.1 - 8.1 — 22.9 — 23.6 — 23.6 — 26.5 May 1 8 15 22 29 June 5 12 19 26 July 3 10 17 24 31 Aug. 7 14 21 28 Sept. 4 11 18 25 9 16 23 30 27 Dec. 4 11 18 24 31 29 + + + + .6 .6 .6 1.0 - 5.6 - 1.4 + .8 -1h 1.9 Hb .6 — 23.0 — 22.8 — 24.3 — 24.8 — 23.7 — 11.8 — 11.6 — 8.7 — 16.5 — 15.9 + 4.0 + 3.0 + 4.3 + 3.8 + 1.8 -17.4 -26.7 -15.8 -27.1 -12.9 - 1.3 - 6.2 + 6.9 Hb 2.8 b 4.2 - 8.6 - 6.4 — 18.4 — 17.6 — 18.4 — 18.3 — 13.5 — 12.1 — 16.1 — 12.8 + 3.3 + 4.7 Hb2.6 + 3.1 Treas ury Opera tions Dem’d Member NonBank member for Cur Reserve De rency Deposits posits — 13.1 — 2.3 — 14.0 — 26.5 +29.3 +34.9 +35.4 + 37.7 — 32.4 — 28.4 — 32.4 — 33.4 — 12.9 — 8.6 — 12.0 — 13.1 b3.1 + 2.0 -2.4 + 2.0 - 1.6 + 1.9 -1.4 + 1.9 Mar. 5 — 43.9 12 — 62.2 19 — 68.8 26 — 76.9 — 41.2 — 23.2 — 27.5 — 5.7 Hb’41.2 b43.2 b41.3 + 32.1 — 28.5 — 32.5 — 34.4 — 37.2 — 18.7 — 13.5 — 23.5 — 16.1 hl.4 -1.9 - 1.0 - .9 + + + + 1.9 1.9 1.9 1.9 — 58.4 — 68.3 — 64.3 — 67.4 — 62.3 — 17.5 — 4.6 — 11.1 — 12.0 — 24.7 H(-31.9 Hb33.3 Hb33.5 b34.0 +33.5 — 33.5 — 33.1 — 31.8 — 35.6 — 35.5 — 14.4 — 9.2 — 13.3 — 12.3 — 21.0 + 2.0 + *8 + 1.3 + .7 + 1.3 + + + + + 1.9 1.9 1.9 — 71.6 — 74.7 — 73.9 — 67.7 — 1.0 — 5.8 — 12.2 — 24.7 +36.0 + 39.9 +42.1 +43.4 — 32.8 — 35.2 — 34.6 — 33.1 — 9.5 — 9.1 — 12.4 — 17.9 Hb4.0 b2.1 + 1.5 + .5 + 1.7 + 1.6 + 1.5 + 1.5 June 4 — 73.5 11 — 75.9 18 — 67.6 25 — 78.8 + 1.1 + 1.2 + 1.3 + 1.4 -19.5 — 25.5 — 41.6 -24.4 - 21.8 1- 20.1 Hb30.3 h33.5 + 16.3 + 7.1 - 8.3 - 8.8 - 5.4 -13.0 - 11.6 — .7 + 4.7 — 5.2 — 13.4 — 14.8 — 10.3 — 11.5 — 11.3 — 11.6 — 15.6 + 2.2 + 1.6 + 1.8 Hb2.7 + 3 .0 + + + + + 1.1 1.2 1.2 1.2 1.1 -13.0 -18.6 -27.5 -29.8 b 2.5 - 5.2 - 12.8 - 8.2 - 8.6 - 6.0 - 3.4 + 2.1 — — — — — 13.8 — 14.1 — 14.1 — 14.0 Hb2.3 + b3.0 + + 2.5 + + 1.6 + 1.1 1.2 1.2 1.2 + + + + + 1.0 1.0 1.0 1.1 1.1 — 11.5 — 11.1 — 18.9 — 7.7 +48.2 H[-51.1 HL44.5 + 44.0 — 30.3 — 29.1 — 29.6 — 30.0 — 9.1 — 8.5 — 14.9 — 15.1 + 1.2 + .3 + 1.2 + 1.3 + + + + — 67.6 — 77.4 — 75.6 — 80.8 — 79.7 — 5.8 + 7.1 — 9.5 — 12.1 — 20.1 +47.1 +49.3 + 52.7 + 54.2 + 55.1 — 16.4 — 17.4 — 23.1 — 24.7 — 29.0 — 12.5 — 7.3 — 11.5 — 16.3 — 18.6 1- 1.6 b2.7 - 1.2 -1.3 - 2.0 — 82.0 — 81.1 — 82.4 — 75.3 — 10.4 — 17.1 — 13.6 — 19.8 + 59.1 +64.0 +67.3 + 70.2 — 22.0 — 22.9 — 22.3 — 21.5 — 14.2 — 13.7 — 8.4 — 5.3 Sept. 3 — 81.2 10 — 81.5 17 — 82.5 24 — 80.6 — 18.9 — 8.9 — 6.5 — 23.4 b72.1 -75.5 -67.3 - 66.0 2 9 16 23 30 May 7 14 21 28 July 2 8.7 9.5 7.7 8.3 H + .8 + 3.5 - 4.9 - 3.2 — .1 — .3 — 4.8 — 7.2 — 7.9 — 8.7 — 9.2 — 11.8 + 1.9 + 3.3 + 1.7 + 2.2 + 18.9 1- 20.1 b 3.1 + 17.4 3.5 1 + -32.7 -39.6 -15.5 — 41.0 -26.5 .6 + 6.0 + 4.4 b 6.8 H — — — — — — 10.6 — 12.0 — 5.0 — 11.3 — 6.3 b1-7 -2.3 b2.3 - 2.6 b 1-1 +25.0 + 31.2 +32.6 4- 12.1 — 50.4 — 51.1 — 60.6 — 44.3 - 2.9 -10.4 -14.3 -29.2 — 33.8 -29.2 -23.1 — 18.9 - 4.2 + .1 bio.i + 12.4 + 16.9 + 15.9 5.8 5.5 7.0 9.9 9.4 + 16.9 — — — — 5.9 3.2 7.0 7.4 — 9.5 — 4.5 — 9.2 — 12.5 h2.1 + 2.6 + 18.6 + 22.0 +24.4 + 22.1 +22.5 — — — + — 6.9 5.5 — 10.8 — 10.6 — 11.4 — 19.2 — 9.5 b2.2 b2.5 - 2.8 - 1.1 -2.4 2.2 4.8 5.9 6 13 20 27 1 8 22 Id 3 + 1.2 + 1.3 + 1.3 + 1.4 + + + + + 1.5 1.7 1.7 1.8 1.7 + 1.8 + 1.9 + 2.0 + 2.0 + + + + + 2.0 2.1 2.0 2.0 1.8 + 2.6 + 1.5 - 4.6 - 12.8 b21.9 -24.2 -26.0 -27.2 — 15.1 — 24.6 — 30.8 — 36.2 — 4.3 — 8.6 — 6.0 — 13.2 + 1.7 + 1.5 + 2.6 + 2 .4 + + + + 2.0 2.0 2.0 2.0 — 11.1 — 6.1 — 11.9 — 10.6 — 14.7 Hb l .6 b2.0 + 1.4 + 1.9 + 3 .2 + + + + + -9 .9 .9 .9 .9 — + + — + 1.9 + b1-3 + b2.8 + + .9 Î — 60.7 — 70.9 — 25.1 — 15.8 — 50.0 — 71.8 — 64.7 — 85.5 — 79.0 — 53.0 + + + + + 114.6 109.0 111.5 — 21.6 + 4.1 — 19.9 + 3.7 + .9 + 1.4 + 14.4 — .4 + 9.5 — 2.3 — 43.6 — 71.7 — 73.4 — 75.4 — 58.9 — 46.9 — 62.3 — 68.7 + + + + 112.3 111.9 114.0 115.0 + 8.3 — 8.7 — 18.8 — 24.1 + 1.2 + 1.5 — 3.1 — 5.1 — 77.6 — 77.1 — 77.2 — 81.0 — 67.6 — 63.0 — 79.1 — 78.9 + + + + 124.6 129.8 135.6 139.2 — 19.3 — 9.9 — 14.2 — 14.9 — 1.4 — .6 — .6 - .5 — 6.7 - .5 — 5.9 - .6 Mar. 4 — 71.8 11 — 77.1 18 — 74.1 25 — 63.2 — 89.2 — 89.5 — 96.4 — 100.9 + + + + 138.1 144.1 148.2 141.3 — 14.8 — 17.1 — 19.0 — 22.5 — 7.9 — 5.3 — 3.6 — .4 1931 Jan. 7 14 21 28 Feb. 4 11 18 25 — 40.2 -55.4 -53.6 -59.4 — 23.3 — 20.5 — 20.6 — 25.8 — 27.9 — 20.3 — 20.9 — 25.6 — 23.3 17 24 31 116.4 120.8 .9 1.0 1.0 1.0 .9 -9 .9 -9 — 54.8 — 50.2 — 55.0 — 71.0 10 1.4 1.4 1.3 1.3 + + + + Nov. 5 — 68.4 12 — 71.8 19 — 72.3 26 — 68.3 Dec. 3 1.7 + 1.1 Hh1.5 H[-1.9 b 1-5 — 23.8 — 20.5 — 41.1 — 49.6 — 51.8 +97.8 105.1 109.9 114.8 1.8 + 1.0 + 1.0 + 1.0 + 1.0 + .9 + 2.0 + Hbl.4 + + + h ° — 79.0 — 82.6 — 73.0 — 73.3 — 80.6 29 + 70.9 +79.4 +83.9 +89.3 +93.9 Unexpended Capital Funds — 15.5 — 14.5 — 15.9 — 1.4 — 20.1 — 4.4 — 24.8 — 15.6 Oct. 15 + 12.0 - 6.3 - 8.0 -19.2 + 9 16 23 30 Aug. -17.7 - 1.6 H^ 1.9 b 7.0 1930 Jan. 8 15 22 + 2.2 + 4.7 + 3 .4 + 1.0 -25.9 -18.5 + .1 -15.7 - 20.1 Nov. 6 13 20 — 11.4 — 13.7 — 10.3 — 13.9 .6 + 1.7 -10.5 -28.6 - 22.6 -17.2 Oct. 2 r* J------- -Uses of Funds------------ * Com mercial Opera tions Apr. Mar. 6 13 20 + .2 + .2 — .4 — .6 H(-18.7 H1-14.2 + 9.2 + 10.4 t---- Soui rces of Fiiinds---- \ Week Reserve End’g Bank 1930 Credit Feb. 5 — 56.4 12 — 65.2 19 — 62.3 26 — 54.4 7.9 1.9 4.6 1.5 + + + + .4 .4 .9 .6 .7 - .2 - .3 - .6 — .7 - .8 - .7 — .3 - .5 .8 .8 .8 + + + + + 1.0 1.0 .8 .8 .6 + + + + .5 .8 .8 .8 + .7 + .7 + .7 + .7 + + + + .6 .6 .6 .6 FACTORS A F F E C T IN G T H E U SE OF B A N K I N G RESERVES ■Sources of Funds - Week Reserve End’g Bank 1931 Credit Com mercial Opera tions Treas ury Opera tions ,------------ Uses of Funds------------ \ Dem’d Member Nonfor Bank member Cur- Reserve Derency Deposits posits Unexpended Capital Funds Apr. 1 8 15 22 29 — 68.7 — 79.5 — 78.0 — 76.2 — 72.8 — 105.0 — 91.9 — 110.3 — 120.9 — 134.1 + + + + + 145.8 157.8 161.1 163.6 172.2 — 20.3 — 18.5 — 19.0 — 21.1 — 19.9 — 8.0 — .1 + + 4.6 — ■ .2 + — 8.4 — .2 + — 12.5 — . .4 + — 15.5 + .2 + .5 .5 .4 .5 .5 6 13 20 27 — 66.5 — 81.3 — 82.7 — 82.8 -133.5 -130.2 -126.3 -130.2 +182.9 + 192.1 + 193.5 + 195.6 — 13.2 — 15.4 — 14.3 — 16.1 — 4.4 — 4.5 — 1.5 — 2.1 — .1 + -4 + + + + .5 .5 .4 .4 3 17 24 — 72.0 — 66.5 — 70.7 — 64.7 — 139.4 — 154.1 — 140.9 — 147.4 + 195.6 +204.1 + 193.4 + 196.2 — 10.9 — 12.0 — 9.7 — 10.7 — 5.6 — 5.6 — 9.1 — 6.1 + .3 + .7 + .2 + .5 + .4 + .4 + .4 + .4 July 1 8 15 22 29 —68.1 -115.3 -139.1 -145.4 -165.1 -158.0 — 18.5 — 83.3 — 62.5 — 61.0 -205.8 -142.9 -149.1 -150.0 — 59.9 — 53.9 — 60.9 — 62.2 — 39.9 — 154.7 — 161.6 — 145.4 — 142.5 — 164.1 — 83.0 ——67.5 — 71.8 — 55.2 +201.8 * + 2.1 + 1.2 + -2 + 1.3 + 1.2 — — — — ±2* — .3 — 2.1 — 2.5 — 5.1 — 5.1 + 220.7 +224.2 +228.1 +232.6 + 3.6 + 5.3 +21.5 + 26.3 — 8.1 — 7.5 — 5.0 — 6.1 + 1.0 + .3 + *1 + 1.5 — — — — .1 .1 .1 .1 +239.1 + 241.4 +232.5 + 233.2 +234.4 +34.3 +41.9 + 39.9 +45.8 +49.8 — 9.8 — 16.1 — 13.7 — 17.5 — 21.3 + .2 + .3 + -3 + .4 — — .2 .2'l +209.9 +213.1 + 216.5 +219.4 + 1.7 ± 1 7 .1 .1 .1 .1 Aug. 5 12 19 26 Sept. 2 9 16 23 30 + 2.4 — .j Oct. 7 14 21 28 — .4 — .1 — 29.5 — 14.3 + 17.3 + 19.2 -174.3 -193.9 -235.4 -245.8 +240.1 +242.5 +242.0 +246.3 + + + + 57.5 55.4 54.2 51.5 — 23.2 — 22.9 — 31.1 — 32.5 + 2.4 + 1-9 + 12.2 + 1.8 — 1.1 — 1.8 — 240.2 — 229.6 — 235.3 — 241.1 + 251.4 + 260.8 + 264.8 +269.4 + 54.8 + 54.7 +49.5 + 46.4 — 33.1 — 22.7 — 21.9 — 20.5 + 1.5 + .9 + .7 + -4 — 29.4 — 23.7 — 39.4 — 42.5 — 37.8 * * * — .3 .2 + 1.6 + + 2.1 + .2 + 3.3 + .5 * + .8 + -6 + .1 Nov. 4 11 18 25 + + + + .1 .1 .1 .1 Dec. 2 9 16 23 30 + 2.2 — 3.1 — 30.3 — 17.5 — 23.0 — 255.3 — 250.7 — 239.7 — 223.8 — 215.4 + 270.8 +275.8 + 281.0 + 263.6 + 263.5 +47.1 +45.9 +48.7 +62.6 + 59.1 1932 Jan. 6 13 20 27 — 4.0 — 8.7 + 16.8 + 21.7 — 243.0 — 249.6 — 285.7 — 290.5 + 267.3 +270.2 +277.6 + 281.4 + 66.8 + 58.7 + 58.2 + 59.4 — 52.3 — 45.7 — 51.2 — 45.5 + 6.1 — — .8 — + 1.9 — 1.2 — 3 17 24 — 297.4 — 295.2 — 320.9 — 332.5 (-284.5 -282.6 -307.1 -310.0 + 68.2 + 70.0 + 73.1 + 70.8 — 41.4 — 42.8 — 33.9 — 41.7 — .5 + *3 — .6 — 1.7 .2 .2 .2 .2 — .4 — .2 — .1 + .1 Mar. 2 9 16 23 30 6 13 20 27 .1 +49.2 +41.9 +25.6 +28.4 +25.8 — 338.3 — 347.3 — 360.6 — 367.4 — 378.2 +314.4 + 322.6 +349.6 + 347.6 +352.1 +67.6 +62.6 + 57.3 + 53.4 +47.6 — 41.0 — 44.9 — 41.2 — 43.6 — 46.4 — 1.4 — .8 — 1.7 — 1.6 — 2.0 + + + + + +27.8 +26.0 + 8.7 — .5 — 387.1 — 386.2 — 381.2 — 381.9 + 362.4 +365.1 +377.4 + 382.6 + 52.1 +48.5 + 50.1 +46.6 — 47.9 — 42.6 — 44.7 — 45.9 — 1.7 — 1.7 — 1.3 — 1.5 + .6 + .7 + .8 + .9 Apr. * Change smaller than $50,000. —Uses of Funds— A Dem’d Member Non- Unexfor Bank imember pended Capital Cur Reserve De rency Deposits posits Funds .3 .3 .4 .5 — 1.3 -6 + + + + 382.8 385.1 395.2 394.5 + 51.0 + 51.4 + 51.7 +49.2 — 42.3 — 43.1 — 39.3 — 50.6 — — 381.7 — 387.7 — 378.8 — 391.6 — 369.2 + 396.0 +401.3 + 398.6 +396.0 + 397.4 + 55.0 + 57.1 + 59.1 +63.7 + 68.2 —43.3 — 44.5 — 40.1 — 48.9 — 38.7 — 1.4 + .8 — 1.6 + .6 — 1.4 + .7 — 1.5 + .6 — .9 + .6 5.1 12.5 15.2 16.5 -370.8 -376.5 -389.1 -398.2 + 395.7 +397.6 +402.9 +406.6 +88.0 +83.0 + 82.1 + 79.2 — 56.8 — 48.1 — 51.8 — 53.3 — 1.5 + .3 — 1.6 + .4 — 1.7 + .4 — 1.4 + .3 + 6.9 — 2.6 — 4.5 — 11.5 — 8.3 — 378.6 — 375.4 — 376.7 — 374.4 — 380.8 1-409.7 -417.4 -418.3 -426.2 -429.4 + 86.6 +86.9 + 86.1 +85.2 +92.8 — 47.5 — 46.6 — 48.6 — 44.3 — 51.5 — 1.4 — 1.2 — 1.2 — 1.2 — 1.5 + .3 + .4 + .7 + .8 + .6 Sept. — 8.5 7 —11.0 14 21 — 23.5 — 25.5 28 -380.0 -388.0 -378.6 -378.6 +436.0 +442.9 +441.6 +441.3 +94.1 +89.0 +86.7 + 82.3 — 45.7 — 44.7 — 46.8 — 45.0 — 1.5 — .8 — + + + + — 20.8 — 21.0 — 25.0 — 16.2 — 384.2 — 383.1 — 385.1 — 397.4 +445.7 +449.8 +454.6 +457.4 +87.0 +91.3 + 88.7 +87.5 — 46.4 — 45.4 — 44.1 — 43.7 — .6 — 1.0 — .9 — .9 + .7 + .8 + .7 + .9 — 17.7 — 21.3 — 24.5 — 29.3 — 32.1 — 396.3 — 391.0 — 395.9 — 399.6 — 405.6 +463.3 +472.9 +480.4 + 486.0 +487.1 +93.3 + 103.5 + 101.0 +99.8 +95.9 — 43.7 — 42.8 — 41.2 — 42.6 — 46.4 — 1.4 — 1.2 — .9 — 1.3 — 1.1 + + + + + — 42.8 — 53.3 — 58.2 — 58.2 — 385.7 — 384.5 — 384.9 — 393.5 +489.9 +493.6 + 503.0 + 504.2 + 100.2 + 96.4 +99.7 + 95.1 — 39.1 — 40.3 — 39.5 — 42.1 — .8 — 1.0 — 1.0 — .9 + 1.1 + -6 + -7 + .4 — 55.1 — 59.8 — 58.4 — 47.4 — 389.9 — 397.9 — 406.9 — 407.0 + + + + 504.3 509.3 513.5 515.2 +98.8 +91.3 + 86.8 + 108.3 — 39.8 — 38.5 — 37.5 — 45.2 — .1 — 1.6 — 1.4 — 1.7 + + + — — 42.7 — 54.8 — 52.2 — 43.7 — 409.9 — 393.1 — 374.8 — 375.1 + + + + 515.8 522.2 514.1 513.5 + + + + 106.0 110.4 118.2 124.7 — 42.7 — 36.1 — 29.7 — 29.7 * — .1 — .2 + .1 — 1.1 — .3 — .2 — .1 — 22.4 — 4.9 — 4.1 — 5.3 — 6.4 — 374.5 — 351.4 — 342.8 — 401.0 — 427.0 + + + + + 516.2 517.0 516.6 507.4 509.4 + 165.6 +206.4 + 206.8 + 132.6 + 112.3 — 50.5 — 51.2 — 45.1 —41.7 — 46.6 + 4.1 + 5.2 + 8.3 + 9.2 + 9.1 + -1 + -2 — .3 + .9 + 1.2 — 5.4 — 10.7 — 7.9 — 18.1 — 440.8 — 451.4 — 464.5 — 468.3 + + + + 519.6 530.4 535.1 542.9 + 110.1 + 100.4 +95.8 + 85.6 — 45.2 — 40.8 — 43.1 — 36.7 + 7.8 + 7.8 + 8.6 + 5.9 + -6 + .9 + 1.4 + 1.6 — 10.9 — 46.0 — 44.3 — 44.8 — 46.5 — 468.1 — 443.4 — 455.6 — 467.2 — 469.2 + + + + + 528.3 540.2 548.1 552.4 558.4 +82.5 + 77.3 + 74.1 + 68.8 + 71.6 — 41.6 — 35.1 — 33.9 — 36.9 — 39.6 + 6.8 + 7.0 + 6.4 +6.9 + 9.0 + + + + + June 7 — 51.1 14 — 52.5 21 — 55.2 — 462.7 — 463.9 — 462.0 + 558.7 + 557.9 + 564.6 + 70.6 + 67.8 + 68.5 — 35.0 — 35.5 — 29.7 + 7.5 + 1.7 + 7.6 + 1.6 + 6.8 + 1.8 18 25 1 8 15 22 29 6 13 20 27 Aug. 3 10 17 24 31 Oct. 5 12 19 26 — 2.8 — 17.3 — 12.4 — 14.6 — — 3.2 2.0 1.5 + 9.6 + 1.0 — + + + + — 1.1 — 1.1 .8 — .9 .7 + + + + Nov. 2 9 16 23 30 Dec. 7 14 21 28 1933 Jan. 4 11 18 25 Feb. 1 8 21 .8 -8 .8 *5 .4 -5 .6 1.0 1.0 1.0 1.0 1.0 .4 .4 .3 .5 Mar. 1 8 22 15 + 38.8 +40.0 + 52.3 + 50.0 r — 371.9 — 359.9 — 370.7 — 381.3 11 15 Feb. 10 May 4 Treas ury Opera tions July June 10 Week Reserve End’g Bank 1932 Credit Com mercial Opera tions June May * * (---- Souirces of Fim ds---- 11 29 Apr. 5 12 19 26 May 3 10 17 24 31 1.6 1.7 1.7 1.7 1.7
@FedFRASER