Federal Reserve Bulletin, 1931-01

FEDERAL RESERVE BULLETIN JANUARY, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Review of Business in 1930 Condition of All Banks in United States Classified Loans of Member Banks Recent German Banking Legislation UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: EUGENE MEYER, Governor. A. W. MELLON, , Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. J. W. POLE, CHARLES S. HAMLIN. Comptroller of the Currency. GEORGE R. JAMES. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research 3. C. NOELL, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research Chief, Division of Examination, and Chief Federal and Statistics. Reserve Examiner. E. L. SMEAD, Chief\ Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) HERBERT K. HALLETT. District No.2 (NEW YORK) WM. C. POTTER. District No.3 (PHILADELPHIA) HOWARD A. LOEB. District No.4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) JOHN POOLE. District No.6 (ATLANTA) J. P. BUTLER, Jr. District No.7 (CHICAGO) MELVIN A. TRAYLOR. District No. 8 (ST. LOUIS) W. W. SMITH, Vice President. District No.9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNEY, President. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f s - erve Bank Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss Roy A. Young W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.1 A. W, Gilbart J, W. Jones.* E. R. Kenzel... W. B. Matteson.i Walters. Logan J. M. Rice.* L. R. Rounds __ Allan SprouD L. F. Sailer _. Philadelphia R. L. Austin Geo. W. Norris. Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland George DeCamp E. R. Fancher M. J. Fleming H, F. Strater. Richmond ___ Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, Jr.* Atlanta Oscar Newton Eugene R. Black Hugh Foster M. W. Bell. Chicago Eugene M. Stevens... J. B. McDougal C. R. McKay W. C. Bachman.i J. H. Dillard 0. J. Netterstrom.» E. A. Delaney.i St. Louis... John S. Wood Wm. McC. Martin... 0. M. Attebery S. F. Gilmore.1 A. H. HailU F. N. HalU G. 0. Hollocher.* C. A. Schacht.* Minneapolis . John R. Mitchell W. B. Geery. Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.1 Kansas City M. L. McClure W.J. Bailey. C. A. Worthington... J. W. Helm. Dallas C. C. Walsh Lynn P. Talley. RT .WR .GTiTlfbtlmert Fred Harris. R. B. Coleman W. 0. Ford.i San Francisco Isaac B. Newton Jno. U. Calkins. - . Wm. A. Day Wm. M. Hale. Ira Clerk i Assistant deputy governor. » Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch. C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Agneles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possession, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Review of business in 1930 1 A year of declining business activity—Building—Industrial production analyzed—Manufacturing since beginning of century—Employment—Wholesale prices—Foreign trade—Corporate profits— Retail trade—Bank credit and money rates. Condition of all banks in the United States on September 24, 1930 7,48-50 Changes in discount rates 6 Recent German banking legislation . _ 27 National summary of business conditions 7 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 9, 10 Analysis of changes in monetary gold stock, gold movements 10 Member bank borrowing at Federal reserve banks 11 Discount rates and money rates 11 Member and nonmember bank credit— All banks in the United States, all member banks 12 Weekly reporting member banks in leading cities 13 Bankers' acceptances, commercial paper, brokers' loans 13 Security prices and security issues 14 Production, employment, car loadings, and commodity prices 15 Industrial production 16 Factory employment and pay rolls 17 Building contracts awarded, by types of building 18 Merchandise exports and imports 18 Department stores—Indexes of sales and stocks 18 Banking and business conditions in Federal reserve districts: Federal reserve banks— Discounts (chart and tables) 19-20 Reserves, deposits, note circulation, and reserve percentages - 20 Member and nonmember bank credit— All banks, all member banks 21, 22 Weekly reporting member banks 24 Discount rates and money rates 23 Building 26 Commercial failures 26 Bank debits 26 Bank suspensions 26 December crop report 25 Financial statistics for foreign countries: Gold holdings of central banks and governments 31 Gold exports and imports ^ 31 Foreign exchange rates, 1922-1930 32-35 Condition of Bank for International Settlements 35 Condition of central banks 36 Condition of commercial banks 38 Discount rates of central banks 39 Money rates 39 Price movements 40 Detailed Federal reserve statistics, etc 42-50 Index . 51 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 JANUARY, 1931 No. 1 REVIEW OF THE MONTH these industries are discussed in more detail in the following paragraphs.1 In November and December there was a Building construction, which had increased further decline in output and in employment rapidly from 1921 to 1928, partly to supply in most manufacturing indus- Buildin housing shortage created by A year of j Wholesale prices for tres the reduction in the volume of declining busi- . ^ building during the war, was one of the major ness activity many important commodities factors in the expansion of business activity also continued to decline during during postwar years. When construction the last two months of the year. began to decline late in 1928, graduall}7 at first, Business activity, which began to recede in and more rapidly during 1929 and 1930, it was midsummer of 1929 after the rapid expansion of an important influence in the recession of the preceding year and a half, continued to business. The course of contracts awarded for decline at a rapid rate during the last half of construction in 37 eastern States, as reported 1930, following a brief recovery in the spring. to the F. W. Dodge Corporation, is shown on Almost all branches of industry shared in the the chart, which indicates by years the value of decline. Employment declined, and total inmost important types of building and also gives come of both wage earners and farmers dean index of house rents. For the year 1930, as creased. At the same time wholesale prices a whole, the chart indicates that construction throughout the world declined considerably, contracts awarded were the smallest for any and retail prices also reflected this decline, year since 1923. although in smaller degree. Conditions in the Throughout this post-war period the course money market were easy during the year, and of residential building has been the principal money rates declined to low levels. factor in the total volume of construction activ- During the entire period of declining activity, ity. Residential building began to decline in which has lasted about 18 months, the major the latter part of 1928, several months before groups of American industries most affected the volume of industrial production and factory have been building, in which a decline began employment began to recede, owing in large as early as 1928, the automobile and steel part to special factors affecting the demand for industries and their accessories, and the railand supply of housing facilities. The postwar roads, w^hich have reflected reduced activity shortage of houses resulted in a period of rising in other lines of industry. Agricultural outrents and of rapidly increasing building activity. put for the year 1930 was smaller than in the House rents reached a peak in December, 1924, preceding year, largely as a result of prolonged according to the index of the Bureau of Labor drought. At the close of the year stocks Statistics shown on the chart, but the volume of raw materials, especially agricultural prodof residential building increased further in 1925 ucts, were large; in some manufacturing indusand continued at about the 1925 level until tries, notably cotton textiles, automobiles, and 1928. Since 1924 house rents have been tires, inventories were reduced considerably gradually declining. In 1929 the financing of in comparison with the preceding year, while building projects became more difficult, owing in the cement, lumber, and copper industries stocks were large notwithstanding a smaller 1 Tables giving detailed statistics of business developments will be found on pp. 14-18 and 46. volume of output. Developments in some of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY, 1931 in part to developments in the money market the end of the year output was about twoand in part to the fact that a growing surplus thirds as large as at the peak of activity 18 of housing facilities rendered uncertain the months earlier and smaller than at any time prospects for income from further building, and since the spring of 1922. by the end of the year contracts had declined In this recession in manufacturing, as in the to a low level. Changes in the volume of period of expansion that preceded it, the autoresidential building during 1930 were largely mobile and steel industries have been a domseasonal in character. inating influence. This is illustrated by the BUILDING CONTRACTS AWARDED 25 VOLlJMEOFNMANUFACTURING PRC)DUC" noN 25 iitNNUlkL AGGrREGATES IN F.R. BOARDlHDEX 1919-1930 I I 1 20 20 I Manufacturii / •IC \ / 15 \ / in 10 1U Stertos.dC. \ s *^ 1923 192* 1925 1926 1927 1928 1929 1930 5 Textiles Statistics of value of building contracts awarded in 37 States east of the Rocky Mountains, from F. W. Dodge Corporation. Figures of rents Foods &ToharCO reported by U. S. Bureau of Labor Statistics are shown for June and December dates. See table, p. 46. 0 Industrial and commercial construction proj- 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 ects, which make up in large part the "all Weighted aggregates in billions. "Steel, autos, etc.," includes also tires, shipbuilding, locomotives, by-product coke; textile group inother" sector of the chart, increased in 1929 cludes cotton, wool, and silk; foods and tobacco group includes flour, but declined in 1930, especially in the latter sugar, meatpacking, and all tobacco products. Other groups comprised in total not shown. part of the year. Public works and public utility construction, however, increased sub- accompanying chart, which presents by years stantially during 1930, reflecting larger expendi- for the period 1919-1930 an analysis of fluctutures on highways and pipe lines and about the ations in manufacturing production in three same outlay on railroad construction as in 1929. major groups of industries included in the The financing of these projects during 1930 board's index. The top line represents all was aided by the improvement in the bond manufacturing industries, the second a group market, which facilitated the flotation of State of industries consisting of steel and iron, and municipal issues. automobiles, shipbuilding, and related indus- Output of factories and mines declined tries; the third, textiles; and the last the food during most of the year 1930, with the excep- and tobacco industries. The chart is so tion of a brief period in the spring. During constructed as to show the relative importance October and November the de- of each of these groups. Iroduction C^ne *n outPut was raPid, and In the first group, consisting of the steel, analyzed for December preliminary re- automobile, shipbuilding, and related indusports indicate a further decline tries, the reduction in aggregate output during of more than the usual seasonal amount. At the year 1930 as a whole accounted for more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN than half the reduction in all manufacturing packing, and sugar—while output of tobacco industries and was larger than in either the products, which ordinarily increases each year textile or food groups. This group of indus- was about the same as in 1929. Other industries was also more severly affected than the tries in which declines in output were almost others in the depression of 1920-21. In 1930, as large as in the steel industry, were the however, the curtailment of output and also of lumber and copper industries, while, in conemployment was much smaller than in thetrast, paper and printing and the leather indusearlier period. In 1919 and 1920 the large tries reduced output by 10 per cent or less. increase in steel output was a result of con- In some industries, notably automobiles, tinued demand from war-time industries, tires, and cotton textiles, stocks of newly especially shipbuilding; and the collapse of manufactured products were reduced from that demand in 1920 and 1921 forced curtail- their earlier levels as a result of curtailment ment and reorganization. In the years 1922 to of operations during the past year. Stocks of 1929, however, this group of industries had an crude petroleum were also reduced somewhat, exceptionally rapid expansion, and soon ex- and stocks of coal continued small. In nonceeded its war-time output. The rapidly grow- ferrous metals, however, and in cement, luming automobile industry replaced shipbuilding ber, leather, and paper, as well as in agricultural as a consumer of steel, and there was also a raw materials, stocks showed a large increase. growing demand for steel for construction Present conditions can be better undeistood purposes and for machinery and miscellaneous by reference to the course of industry over a equipment for foreign and domestic use. longer period. A chart is, Following an unusual growth in 1929 the auto- Manufacturing therefore, presented showing mobile industry in the United States reduced since beginning ' r . ° of century by years the physical volume output by about 40 per cent in 1930—from of output of manufactured 5,360,000 to about 3,350,000 cars, and all other goods since the beginning of the century, industries in the group, especially steel, felt the expressed as a percentage of the volume in effects of this reduction. A reduction in pur- 1899. chases by the railroads in the latter part of 1930 PER CENT also reduced the demand for steel. 1 MANUFACTURING ' I VOLUME OF PRODUCTION AND NUMBER OF EMPLOYEES, 1899-1930 In the textile industries, in contrast to steel, output declined more from 1929 to 1930 than 300 from 1919 to 1920-21, when the silk industry was in the midst of an expansion which continued for a number of years. Of the three major textile industries, output of cotton and wool was curtailed more in the last year than that of silk. In the latter part of 1930, as a result of curtailment during earlier months, stocks of cotton textiles were reduced to a level that caused some increase in operations from the low level reached in midsummer, and activity at silk mills also increased. 150 Food and tobacco industries have been the W 1900 1905 1910 1915 1920 1925 most stable of the three groups shown on the For underlying figure see page 46 chart. Their output showed little growth from It appears from the chart that production 1923 to 1929, and in 1930 declined much less by American factories has increased at a rate than that of other industries. The entire de- of about 3.5 per cent a year, and in 1929, with cline, moreover, occurred in foods—flour, meat output at the highest level of the postwar Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 FEDERAL RESERVE BULLETIN JANUARY, 1931 period, the physical volume of goods produced business recession since the war methods""of by factories was three times as large as at the factory production have been so reorganized end of the nineteenth century. as to require less labor, and in the ensuing This general rise has been accelerated at periods of business activity the total volume times but has also been interrupted by reces- of factory employment has not regained its sions of varying severity. The expansion of former level. Other occupations, however, 1900 to 1907 was followed by the panic of 1907 have absorbed a large part of the workers and a decrease in production in 1908 of more released from factories. than 15 per cent; the subsequent rapid increase In the depression of the past 18 months was halted briefly in 1911, and again in 1914, employment declined substantially. Manuduring the unsettled period following the out- facturing industries, which employed approxibreak of the World War. There followed the mately 8,600,000 wage earners in June, 1929, war-time expansion, when American factories when industrial activity was at its height, increased their output by almost one-third. had laid off about 1,100,000 workers by June, This advance w^as checked briefly in 1918 and 1930, and by mid-November, the latest date early 1919, following the cessation of war, but for which comprehensive data are available, was resumed in 1919-20; in 1921 production another 600,000 had been laid off, partly in was reduced by one-fourth and reached the response to seasonal influences. Allowing for approximate level of 1914. A year later, how- the usual seasonal changes, it is estimated that ever, manufacturing plants were producing in the decline in number of wage earners in facthe aggregate about as much as in 1920. The tories during this period was approximately 21 rapid rate of expansion was resumed in 1923, per cent, a relatively less severe decline than in with interruptions in 1924 and 1927, and in the depression of 1920-21, in which postwar reor- 1929 output was 40 per cent greater than in ganization of manufacturing was being effected. 1922. In 1930, taking the year as a whole, Total pay rolls for manufacturing industries manufacturing output was about 20 per cent have shown a decline of nearly one-third since below the level of 1929 and in about the same June, 1929, after allowance for seasonal variavolume as in 1924. tions. This reflects not only reduced volume The course of employment in manufacturing of employment, but the spread of part-time is shown by another line on the same chart with operations, and, to some extent, reductions in production. During the period wage rates. In the aggregate, factory wage Employment from 1900 to 1929, while phys- payments amounted to about $970,000,000 in ical volume of output of manufactures increased the month of June, 1929, and by November, threefold, the number of workers employed in 1930, they had been reduced by approximately factories was almost doubled. This slower $300,000,000. rate of increase was the result both of the In this same period railroads laid off introduction of labor-saving devices in estab- about 280,000 workers, while employment at lished industries and of the relatively more coal mines, which was smaller in the summer rapid growth in output of new industries— of 1930 than in 1929, subsequently showed a such as petroleum and automobiles—that use seasonal increase. The Department of Agriless labor per unit of product. culture reports a smaller than usual demand During the war years the number of factory for agricultural labor during the past season. employees increased at a rate almost as rapid Declines in wholesale prices during the past as production. In 1921 the decline in employ- year and a half have occurred in all markets, ment was large, and since that time, while the especially for the staple prodnumber of factory employees has increased ucts> suc^ as w^eat; livestock, somewhat, the war-time total has not been cotton, wool, silk, coffee, and equaled. During each of the other periods of rubber, and also the metals—copper, lead, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN silver. Price declines, which started in some depreciated value of inventories. While fourthcountries in 1928, became more rapid after the quarter returns are not yet available, estimates break in the New York securities markets in indicate the year's results for a large group of October and November, 1929, and continued important industrial corporations to be 30 to throughout 1930, with the exception of a brief 40 per cent less than for the preceding years, period of rising prices for agricultural products profits for the first three-quarters having been during the summer. By the end of December, 35 per cent smaller. Net operating income of wholesale prices in the United States had de- railroads declined by about the same perclined 20 per cent from their high point of July, centage. Public utility corporations, which in 1929, and were approximately 15 per cent above other depression years have maintained a their 1913 level. In many other countries the growth in earnings, apparently had slightly decline from the high level of 1929 to Novem- smaller profits in 1930 than in 1929. ber, 1930, ranged from 14 to 29 per cent. De- Reduction of earnings by industrial workers clining prices were caused by numerous and the decline in farmers7 income, which has factors, including overproduction of many raw been estimated by the De- Retail trade materials, the collapse of pools organized in partment of Agriculture at recent years to support prices, the continuation about 20 per cent, was reflected in a deof a downward trend in prices of highly fabri- creased volume of retail sales to consumers. cated articles as a result of improved methods At department stores in leading cities the of manufacture, as well as the reduction in pur- value of sales reached a maximum in the auchasing power of consumers. tumn of 1929, considering usual seasonal International trade declined in value dur- changes, and by November of 1930, prior to ing the past year, reflecting both the influence the holiday trade, they had declined 14 per of declines in wholesale prices cent, or almost as much as in 1920-1921. Foreign trade and reduced demand by con- Holiday sales in December showed less than sumers. The countries most affected are the usual seasonal expansion, and the board's those whose wholesale trade consists in large index, which is adjusted for seasonal fluctuapart of a few commodities which have de- tions, recorded a further small decline. Reducclined substantially in price: In Japan, silk; in tions in sales during the past year were largest Australia, wool and wheat; in Argentina, hides in the predominately industrial cities of the and wheat; in Cuba, sugar; in the Malayan Cleveland, Chicago, St. Louis, and Atlanta Fed- States, rubber. The decline in the price of eral reserve districts. There is no evidence of silver has affected also the trade of the silver- either excessive accumulation or unusual liquiusing countries of the Far East. dation of inventories by department stores. The dollar volume of American foreign trade The percentage decline in value of stocks apwas approximately 28 per cent smaller in proximated that of sales, and the rate of stock 1930 than in 1929, and smaller than in any turnover averaged about the same as in 1929. other recent year since 1922. Exports of most Reduced volume of business activity in 1930 important commodities were reduced, the was reflected in a decrease in the demand for largest part of the decline being attributable to credit from bank customers ensmaller foreign purchases of automobiles, cot- Bank credit and gaged in trade and industry. ton, iron and steel, machinery, and copper. money rates. Total volume of bank credit, Imports were also smaller in value. however, showed little change Profits of American corporations in 1930 during the year because banks used the funds were reduced from the exceptional returns of released by trade and industry in the purchase 1929, as a result of progres- of investments. There was also an increase in Corporate sively reduced business activity the banks' holdings of acceptances and of openprofits and of price declines which in market commercial paper. In addition, the many cases necessitated large allowances for banks took over a part of the loans to brokers 30404—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY, 1931 which previously had been made by nonbanking atively firm. Toward the end of December lenders, with the consequence that the banks7 there was a recovery in bond prices. total loans on securities showed little change Federal reserve credit policy throughout the for the year. year was directed toward assisting in the Money rates moved downward throughout maintenance of easy conditions in the money the year. An important factor in this decline market. In addition to purchases of United was the reduction of member bank indebted- States securities by the reserve banks, which ness to the reserve banks from a level of about between October, 1929, and the end of 1930 $1,000,000,000, which prevailed in 1929, to a amounted to $500,000,000, discount rates at all level of about $200,000,000 throughout a large of the reserve banks were reduced in the course part of 1930. This reduction in indebtedness of 1930 and the first half of January, 1931— in turn was due to three principal causes: In- at seven of the banks to 3% per cent; at Clevecrease in the country's stock of monetary gold; land, St. Louis, and San Francisco to 3 per inflow of currency from circulation, the level cent; at Boston to 2% per cent, and at New York of which during the larger part of the year was to 2 per cent. The reduction at New York to $200,000,000 lower than in 1929, owing to the the lowest rate since the establishment of the decline in the volume of retail trade and retail Federal reserve system, as well as the latest prices and industrial pay rolls; and the consider- reductions at Cleveland, St. Louis, San Franably larger volume of United States Govern- cisco, and Boston, were made toward the end ment security holdings of the reserve banks. of December and in the early days of the new Kates on call money, which had averaged year, and the effect they may have on the gen- 8K per cent in September, 1929, had declined eral situation will not become apparent until to 2 per cent by the latter part of 1930; during later. the same period rates on prime bankers' acceptances declined from 5% per cent to 1% Changes in Discount Rates and Bill Rates per cent, anfl rates on open-market commercial paper from 6% per cent to 2%-3 per cent. The The discount rate on all classes and maturities of paper was reduced from 2% to 2 per cent lower level of money rates in the open market at the Federal Reserve Bank of New York, was reflected in lower quotations on direct effective December 24; from 3% to 3 per cent loans by banks to their customers in the larger at the Federal Reserve Bank of Cleveland, centers. Average rates charged customers by effective December 29; from 3 to 2% per cent banks in principal cities, which had been above at the Federal Reserve Bank of Boston, effective January 2, 1931; from 3% to 3 per cent at the 6 per cent in the autumn of 1929, had declined Federal Reserve Bank of St. Louis, effective by the end of 1930 to 4.15 per cent in New York January 8; and from 3^ to 3 per cent at the City, 4.68 per cent in 8 other northern and east- Federal Reserve Bank of San Francisco, effective ern cities, and 5.42 per cent in 27 southern and January 9. western cities. At the Federal Reserve Bank of New York buying rates on bills of all maturities were re- Low levels of rates in the money market were duced on December 24 as follows: On bills havreflected during the first nine months of the year ing maturities up to 75 days, from 1% to 1% in a gradual rise of bond prices. In the autumn per cent; 76 to 90 days, from 2 to 1% per cent; 91 to 120 days, from 2% to 1% per cent; 4 to however, prices of many foreign bonds declined 6 months, from 2% to 2 per cent. sharply, owing to political disturbances and uncertainties abroad, and domestic bonds, particularly of the lower grades, also declined. A Changes in Foreign Central Bank Discount Rate factor in the decline of bond prices was a large The Bank of France lowered its discount rate volume of sales of bonds to establish losses for from 2% to 2 per cent, effective on January 3, income tax purposes. Prices of United States 1931. The 2l/ per cent rate had been in effect 2 Government securities, however, remained rel- since May 2 1930. ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN Member Bank Reporting Service Condition of All Banks in the United States on September 24, 1930 The list of member banks in leading cities that report their condition weekly to the Fed- The Federal Reserve Board's usual quarterly eral Reserve Board has been affected from time compilation of the principal resources and to time throughout the life of the reporting liabilities of all banks in the United States— service by changes resulting from consolida- including national banks, State commercial tions, suspensions, etc., and compensating banks and trust companies, mutual and stock changes — eliminations, substitutions, etc.— savings banks, and all private banks under made by the board with a view to maintaining State supervision—is presented for September the figures on a basis as nearly comparable as 24, 1930, in this issue of the BULLETIN. Napossible. During the week ending December tional totals are given on page 12, district totals 17, 1930, however, the comparability of the on page 22, and State totals on page 48. figures was affected materially by the closing During the third quarter of 1930 the total on December 11 of a large reporting member loans and investments of all banks decreased bank in New York City (Bank of United by $518,000,000, or about nine-tenths of 1 per States) for which no other bank or group of cent, reflecting a decrease of $903,000,000 in banks was substituted. It was decided that loans and an increase of $385,000,000 in investin this instance the usual rule of substitution ments. The decrease for member banks was would not be followed, at least for the present, $183,000,000 and for nonmember banks $335,for the reason that in course of time readjust- 000,000. ments in the New York banking situation re- For the year ending with the third quarter sulting from the suspension of this one bank of 1930 the loans and investments of all banks will in large part automatically reflect themdecreased by $1,245,000,000—from $58,835,selves in the weekly condition statement of the 000,000 to $57,590,000,000, while those of reporting member banks. That this outcome member banks decreased by $442,000,000 to the may reasonably be anticipated is indicated by level of $35,472,000,000. the fact that the member banks now on the weekly reporting list hold about 87 per cent of the total banking resources of all commercial banks in New York City. NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 23 and released for publication December 26] Volume of industrial production and factory usual seasonal amount, and output of minerals employment decreased further in November declined. and wholesale commodity prices continued to Factory employment and pay rolls showed decline. Distribution of commodities by de- decreases in November, reflecting in part partment stores increased less than is usual changes of a seasonal character. The number for November. employed in the clothing and shoe industries Production and employment.—Industrial decreased by more than the usual amount, production declined about 4 per cent in Novem- while employment at silk mills showed an inber, according to the Federal Reserve Board's crease contrary to the ordinary seasonal moveseasonally adjusted index. Output of iron and ment. In the industries producing building steel decreased further, while the number of materials, including lumber, cement, and brick, automobiles produced per working day con- declines in employment exceeded the usual tinued at a low level. Daily average cotton seasonal proportions. In the automobile inconsumption increased further by somewhat dustry employment declined further, but by more than the usual seasonal amount, and an amount considerably smaller than is usual activity at silk mills continued to increase, in November. while wool consumption decreased by an Value of contracts awarded for residential amount substantially larger than is usual in building and for public works and utilities, as November. Production at cement mills was reported by F. W. Dodge Corporation, dereduced considerably, daily output at meat- clined in November, and contracts for compacking establishments increased less than the mercial and industrial building continued at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY, 1931 the low levels of other recent months. In the loans on securities and a decline of $196,000,000 first two weeks of December the daily average in all other loans, offset in part by a further of total contracts awarded was somewhat small increase in investments. There was also smaller than in November. a decline in time deposits, reflecting in large According to the December crop report of part withdrawal of Christmas funds. the Department of Agriculture, output of In the following week, December 10 to Decorn in 1930 was 2,081,000,000 bushels, about cember 17, changes in the figures for reporting 500,000,000 bushels less than last year and banks reflected in part the closing of a large 600,000,000 bushels less than the 5-year average, reporting bank in New York City. This rewhile the total wheat crop of 851,000,000 sulted in a decline in the reported assets and bushels was about equal to the 1924-1928 liabilities of New York City banks. average. The cotton crop of 14,243,000 bales Keserve bank credit outstanding increased by was slightly smaller than in the two previous about $294,000,000 during the four weeks endseasons. Total crop production was about 5 ing December 17, and there was also an addiper cent smaller than a year ago. tion of $30,000,000 to the country's stock of Distribution.—Freight-car loadings decreased gold. Discounts for member banks increased further in November by more than the ordinary by $126,000,000, acceptance holdings of the seasonal amount. Expansion of department- reserve banks by $74,000,000, and their holdstore sales from October to November was ings of United States securities, including 1-day smaller than usual, following a growth in Treasury certificates issued in connection with October that was larger than usual. December 15 fiscal operations, by $96,000,000. Wholesale prices.—The general level of The increase in reserve bank credit outstanding wholesale commodity prices declined further reflected a large growth in the demand for curin November, according to the Bureau of Labor rency by the public and by banks, resulting in Statistics, and there were additional price part from the currency requirements for the declines in the first half of December, when holiday trade, and in part from demand for several commodities, including silver and cot- cash from banks and from the public in regions ton, reached new low levels. From the end where important bank failures occurred during of October to the middle of December there the period. were substantial decreases in prices of many During November and the first two weeks of other commodities, including corn, hogs, pork, December money rates continued fairly steady hides, tin, and coffee, while prices of copper at extremely low levels, with prime commercial and rubber fluctuated widely, declining at the paper at a range of 2% to 3 per cent and bankers' end of the period. acceptances at 1% per cent. In the third week Bank credit.—Loans and investments of of December there was a slight increase in rates reporting member banks in leading cities for call and time loans on the New York Stock declined by about $250,000,000 during the Exchange. The yields on high-grade bonds three weeks period ending December 10, re- increased during the latter part of the period. flecting a further reduction of $69,000,000 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY, 1931 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS Ml LUPUS, Of DOLLARS 5<*00 5W0 5200 200 1926 1927 1928 1929 1930 Based on weekly averages of daily figures; latest figures are for week ending December 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY, 1931 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES Averages of daily figures. In millions of dollars] Reserve bank credit outstandingI Factors of decrease* Factors of increase * Month or week B co il u ls n d te i d s- b B ou il g ls ht se U S c n u ta i r t t i e e t d i s es r c O e b r s e a t e d h n r e i k v t r » e Total Mo 8 g n t o o e l c t k d a r y I T i j r u ™ e s a te s < d u ) r * y i M n la c o t i i n r o c e n u y - M b r a b e e l s a a m e n n r b k c v e e e r s d m e N e p e m o t o c n s b . i - e ts r , p c U f e a u n n p n d e i d t x e a s - d l 1929—June 978 99 179 61 1,317 4,311 1,779 4,687 2,314 30 376 July 1,096 75 147 62 1,380 4,335 1,790 4,764 2,334 31 376 August 1,043 124 155 54 1,376 4,351 1,781 4,777 2,322 27 382 September 969 229 165 64 1,427 4,368 1,766 4,811 2,335 28 387 October 885 337. 154 74 1,450 4,381 1,785 4,810 2,386 28 392 November 953 296 315 67 1,631 4,374 1,789 4,845 2,521 33 395 December - 803 320 446 74 1,643 4,324 1,797 4,943 2,395 27 399 1930—January 501 314 485 57 1,357 4,283 1,784 4,652 2,349 29 394 February 378 285 480 38 1,181 4,319 1,781 4, 556 2,305 27 393 .March -_.__ - 274 246 540 35 1,095 4,395 1,797 4,533 2,330 27 397 April 231 266 530 45 1,072 4,443 1,781 4,518 2,350 28 400 May 247 182 529 38 996 4,505 1,779 4,497 2,356 29 398 June - - - 251 141 571 37 1,000 4,528 1,775 4,489 2,392 27 395 July _-. 226 154 583 40 1,003 4,532 1,789 4,483 2,417 35 389 August 214 153 599 32 998 4,496 1,787 4,476 2,392 28 385 September 189 197 597 33 1,016 4, 503 1, 785 4,492 2,397 26 389 October 196 185 602 37 1,020 4,520 1,787 4,501 2,407 27 392 November 221 184 599 29 1,033 4,553 1. 793 4.528 2.433 30 388 December 338 257 644 34 1,273 4,583 1,793 4,823 2,415 27 384 Week ending (Saturday)— Dec. 6 . . 2G9 216 604 26 1,115 4,572 1,784 4,638 2,420 27 386 Dec 13 293 249 017 20 1,179 ! 4,577 1,794 4,730 2,409 27 384 Dec 20 353 254 678 40 1,325 ! 4,586 1,810 4,870 2,440 27 384 Dec. 27 423 262 644 57 1,386 4, 590 1,787 4,977 2,376 26 384 i For explanation see BULLETIN for July, 1929, pp. 432-438. «Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929. Back figures,—See Annual Report for 1929 (Tables 1, 2, and 3). ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] [In thousands of dollars] Increase or decrease (—) during 1930 month Gold Month a s t t o e c n k d ; Through Through Through From or to— (p D re e l c i e m m in b a e r r y; November N J o a v n e u m ar b y e - r of i net gold i ear- domestic month Total ! import marking produc- ! or opera- tion, Im- Ex- Im- Ex- Im- Exexport ' tions etc.1 ports ports ports ports ports ports 1929—February... 4,153 26.4 25.5 , England 1 14 289 March 4,188 34.4 24.8 i 7.5 2.1 France ._ 11 123 73 808 April. 4,260 72.4 23.1 48.6 0.7 Germany __ _ 1 27 201 May 4,301 40.6 23.6 16.1 0.9 Italy _ 3 3 000 June 4,324 23.4 30.2 : -7.5 0.7 Netherlands 1 1 July 4,341 16.3 34.7 -22.0 3.6 Canada _ 22 000 799 5,007 20, 721 36,734 A Se u p g t u e s m t ber- 4 4 , , 3 3 7 6 2 0 1 1 8 2 . . 9 1 ! 1 1 8 7 . . 4 6 — -6 . 1 6 .0 1 1 . . 5 1 M Ce e n x t i r c a o l . America __ 55 8 7 5 20 1 5 4 9 0 7 9 415 October 4,386 14.4 I 17.5 -4.5 1.4 Argentina _ 4,922 i 14, 384 15, 350 November- 4,367 -19.2 ! -23.2 1.0 2.3 Brazil. _. 5,000 87,776 December.. 4,284 -82.9 | -64.4 • -22.0 3.5 Chile 25 417 Colombia 973 I 1 742 7 990 Total (12 mos.) _ 142.4 175.1 ; -55.4 22.7 Ecuador 97 1,328 Peru _ 97 6 686 1930—January 4,293 8.8 4.0 2.5 2.3 Venezuela 5 4 666 965 February 4,355 61.9 60.0 0.0 1.9 Uruguay 8 354 March. ._ 4,423 68.2 55.5 13.0 -0.3 China and Hong April 4,491 68.5 65.7 0.5 2.3 Kong 201 735 22 338 377 May i 4,517 25.9 23.5 2.0 0.5 Dutch East Indies.. I 1,587 50 June. _ ._| 4,535 17.6 13.9 2.0 1.7 Japan... : 16, 250 156, 609 July | 4,517 -18.4 -19.6 -3.0 4.3 Philippine Islands.- 300 3,268 August 4, 501 -15.5 -19.6 0.0 4.2 New Zealand 8 194 S O e c p to te b m er ber.. _ 4 4 , , 5 5 1 3 1 5 2 1 3 0 . . 3 2 2 2 6 . . 5 4 -6 4 . . 1 0 3 3 . . 7 1 All other countries *_ 2,551 61 3,815 91 November 4, 571 36.8 35.2 -2.1 3.8 Total 230,647 40,159 5,008 363, 275 115,931 December v 4,593 21.5 30.6 -15.2 6.0 1 Includes all movements of unreported origin or destination. 1 For explanation of this figure, which is derived from preceding col- 2 At New York—imports, $8,446,000. Elsewhere—imports, $22,201,000. umns, see BULLETIN for December ,1928 p. 831. ' Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 JANUARY, 1931 FEDERAL RESERVE BULLETIN MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [Monthly averages of weekly figures. In millions of dollars] Prevailing rate on— Average rate Average yield on— on— Reporting member banks in leading cities i Member ! banks Call loans * U.S. Total 1 .i outside Month or week Prime j Treas- Month New Ci Y ty ork ', O in th g e c r i t l i e e a s d - ' ' citi ^ es1 m p 4 e a r p t c o e i r a 6 , li d l T o a i 9 a y m n 0 s s e 2 , New Re- c n e a u o r n r t t i y d e f s i- b T o u r n r e d y a s s * - 1929 1930 1929 1930 1929 I 1930 : 1929 j 1930 months days newal c 3 a t t o e s 6 , months January 891 462 190 39 473 : 228 ! 215 February._ 893 371 131 21 528 : 234 ! 198 1929 March 978 247 166 1 574 : 238 | 166 November 5H-6 SU-4H 434-6 5.40 5.44 3.47 3.45 April 991 225 162 17 563 i 266 May __ 951 226 145 11 516; 290 December j 4?4-5 4.88 4.83 *3.03 3.46 June 972 222 165 5 505 302 July 1,100 218 319 482 299 1930 August 1,013 196 196 521 296 January.. 37,s-4 4.31 4.64 3.39 3.51 S O e c p to te b m er ber. 9 8 7 8 4 5 1 1 9 8 3 6 1 7 6 4 6 5 56 4 1 0 i I 2 2 6 5 8 0 February. 4.28 4.32 3.36 3.50 D N e o c v e e m m b b e e r r . . , 9 7 4 5 4 5 3 2 0 1 8 1 8 6 0 0 26 4 5 1 9 0 5 : : 2 2 8 65 9 A M p a r r i c l h 2 2 > i/2 i~ -3 6 3 /4| 1 3 4 9 4-4 -4 % H3 3 . . 7 5 9 6 4 3 . . 0 6 0 9 '2 3 . . 9 0 5 0 3 3 . . 4 4 6 0 May 3.05 3.12 2.41 3.41 1 Includes (in small amounts) discounts by Federal reserve banks for June 2.60 2.62 '1.89 3.37 nonmembers: (1) Bills discounted for intermediate credit banks and July -|3 2.18 2.20 1.83 3.37 (2) notes secured by adjusted-service certificates discounted for nonmember banks. August VA 2H-2H 2.22 2.21 1.53 3.38 September VA 2H-2H 2.17 ;' 2.19 'U.77 3.37 FEDERAL RESERVE BANK RATES October VA' 234-2%' 2.00 : 2.00 '1.74 3.34 November VA 2 -2H| 2.00 1 2.00 r1.40 3.32 DISCOUNT RATES December ! 2%-3 VA 2 -2\k\ 2.27 I 2.23 U.48 3.34 Week ending— j [Rates on all classes and maturities of eligible paper] Dec. 6 ! 2?4-3 VA 2 -2^1 2.00 I 2.00 1.36 3.33 Dec. 13 : VA 2 -2^1 2.09 ! 2.00 1.44 3.35 Federal reserve bank i ! ! e R f J f a e a t c n e t . i o n 9 n l e D i s s t a h a t e b e d - i Pr r e a v t i e ous D D e e c c . . 2 2 7 0 ; 2-K-3 V V A A 2 2 \ M i-2 -2 \< H i ] \ \ 2 2 . . 0 2 4 1 j : 2 2 . . 0 3 0 0 « 1 1 .5 .5 1 6 3 3 . . 3 3 5 4 1 Stock exchange call loans; new and renewal rates. Boston 2H Jan. 2 * Stock exchange 90-day time loans. 3 3 issues—3%, 3%, 4 per cent; yields calculated on basis of last redemp- New York 2 Dec. 24 tion dates—1947, 1956, and 1954. Philadelphia.. July 3 * Change of issues on which yield is computed. Cleveland Dec. 29 r Revised. Richmond July 18 Atlanta July 12 RATES CHARGED CUSTOMERS BY BANKS IN Chicago June 21 PRINCIPAL CITIES St. Louis Jan. 8 [Weighted averages] Minneapolis—. Sept. 12 Kansas City... Aug. 15 Eight other north- Twenty-seven Dallas 3*4 Sept. 9 New York City ern and eastern southern and San Francisco. 3 Jan. 9 cities western cities Month 1928 1929 i 1930 1928 : 1929 1930 1928 1929 1930 BUYING RATES ON ACCEPTANCES T [Buying rates at the Federal Reserve Bank of New York] January 4.56 5.74 i5.64 4.73 5.87 5.88 5.53 5.94 6.12 February 4.44 5.73 : 5.35 4.76 : 5.86 5.66 5.53 5.96 6.04 March 4.59 5.81 i5.22 4.81 ;5.91 5.47 5.54 6.04 5.98 Maturity e R ff a ec te t i o n n ! e D st a a t b e - Previous A M p a r y il _ 4 4 . . 9 7 7 2 5 5 . . 8 8 8 5 ' ! 4 4 . . 7 9 4 1 4 5. . 0 9 4 1 j 6 6 . . 0 0 9 0 5 5 . . 1 2 3 2 5 5 . . 5 5 4 6 6 6 . .0 1 7 0 5 5 . . 8 7 6 5 Jan. 9 i lished rate June 5.09 5.93 !4.59 5.36 ;6.02 5.06 5.67 6.16 5.69 July 5.38 5.88 ! 4.48 5.57 !6.08 4.81 5.77 6.17 5.62 August 5.56 6.05 ; 4.41 5.59 !6.11 4.79 5.80 6.22 5.57 September... 5.63 6.06 i4.29 5.80 : 6.24 4.74 5.82 6.27 5.54 1-15 days... 1U Dec. 24 : VA October 5.63 j 6.08 i4.26 5.80 !6.25 4.75 5.87 6.29 5.53 16-30 days.. 1% ...do ; VA N De o c v e e m m b b e e r r... 5 5 . . 5 6 6 3 5 5. .8 74 6 i i4 4. . 1 1 6 7 5 5 . . 8 9 2 1 ' 6 5. . 9 1 4 2 4 4 . . 6 6 6 8 5 5 . . 9 9 0 1 6 6 . . 2 2 9 0 5 5 . . 4 4 2 9 31-45 days.. 1U —do I VA 46-60 days.. 1H ...do : VA 61-75 days.. m—do..... VA ow N n O c T u E st . o — m F e i r g s u r a e s s d r i e st l i a n te g u t i o s h r e a d t e f s r o c m h a o r p ge e d n -m by a rk re e p t o r r a t t i e n s g (w ba h n ic k h s a t r o e g th iv e e ir n 76-90 days.. 1%'—do ! 2 in preceding table). All averages are based on rates reported for 3 types 91-120 days. m —do of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account 121-180 days 2 ....do ; (a) the relative importance of each of these 3 types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is NOTE.—Rates on prime bankers' acceptances. Higher rates may be weighted according to the importance of that city in the group, as meascharged for other classes of bills. ured by the loans of all banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY, 1931 MEMBER AND NONMEMBER BANK CREDIT ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN- RESERVES HELD, AND INDEBTEDNESS AT FEDERAL MARKET LOANS AND INVESTMENTS RESERVE BANKS [Exclusive of loans to banks. In millions of dollars] [Averages of daily figures. In millions of dollars] Open-market loans and Loans to customers investments Net demand and time ! Reserves ; Indeposits I ; debted- Other- Purchased Month ! Tim. | Hdd | Excess .j i n F e e s d s e a r t al Call date Total s b c t a o S u o b n n r c o y d e d k d s s c u w a u n s n e i r s s - e d e e d - Total c a A e n c p c - t p e - s ap C m e c r o i e a m r l - - S lo t a re n e s t 1 m v i e e n s n - t t - s cured paper 1 TOTAL i TOTAL 1 1 9 9 3 2 0 9 — — D J N a e o n c v u e e m a m r b y b e e r r j j3 3 3 3 1 2 , , , 1 9 1 7 8 8 3 0 2 1 1 1 9 8 9 , , , 9 7 1 7 1 1 9 9 2 1 1 13 3 3 , , , 2 0 1 6 7 9 1 0 4 2 2 2 . , , 3 3 5 4 9 2 9 5 1 i i ! 9 8 4 5 0 9 0 1 8 1928— D O e c c t. . 3 3 _ 1 - _ . 2 2 1 1 . ,4 2 6 42 2! 6 7, , 3 6 4 4 7 614 1 , 4 5 , 9 1 5 13 1 13 3 , ,1 6 4 8 1 6 2 1 1 8 2 0 3 4 9 5 0 7 2 1 , , 5 8 5 9 6 9 1 10 0 , , 5 6 2 0 9 4 February 31,531 18, 262 13, 269 2,306 j 378 1929—Mar. 27 _ 21,903; 7.539 14,364 12,942 238 376 1,879 10,448 March 31,791 18,390 13,401 2,330 I 272 Juno 29. 22, 516 7,734 14.783 12, 524 198 249 2,025 10, 052 April 32,159 18,653 13, 506 2.350 i 231 Oct. 4___ 23,249 8,109 15 141 12,024 163 228 1,885 9,749 May 32,229 18,645 13,584 2,356 ! 245 Dec. 31 . 23,194 8,488 14,706 12, 026 292 2S0 1,660 9,784 J J u u n ly e - 3 32 2 , , 6 5 6 0 3 5 1 1 8 8 , , 8 8 1 2 2 0 1 1 3 3 , , 6 8 9 4 3 3 2 2, , 4 3 1 9 7 2 2 2 5 2 0 3 1930— J M un a e r. 3 2 0 7 . - 2 2 1 1 , , 4 5 9 6 5 5 7 8 , , 7 0 3 6 0 1 1 13 3 , ,7 5 6 0 5 5 l 1 o 3 , , 0 5 3 5 4 5 2 2 5 4 4 1 4 5 9 0 9 7 2 2 , , 3 3 4 6 4 5 1 9 0 , , 9 4 3 4 7 2 August.. 32,581 18,746 13,835 2,392 214 Sept. 24. 21,010 7,864 13,146 13,997 267 523 2,472 10,734 September 32,643 18,707 13,936 2,397 189 CITY BANKS * N Oc o t v o e b m er ber 3 3 2 3 , , 7 0 2 1 6 5 1 x 8 8, , 9 7 5 2 9 6 i 1 14 4 , , 0 0 5 0 6 0 2 2 , , 4 4 0 3 7 3 1 22 9 0 6 1928— D O e c c t . . 3 3 _ 1 . _ _ 1 1 3 3 , ,2 0 0 1 7 6 4 5 , , 9 4 1 4 8 2 8 7 , , 0 76 9 5 8 8 7 , , 3 8 1 0 0 0 1 1 4 7 0 4 2 1 6 7 2 9 2 1 , , 1 5 8 2 0 1 5 5 , , 8 7 7 7 7 7 CITY BANK3 1 1929—Mar. 27. 13, 539 5,4^4 8,055 7,604 186 184 1,525 5,708 June 29 . 13,966 5,596 8,371 7,405 158 109 1,708 5,429 1929—No vember 20,661 14,124 6,537 1,892 ! 617 Oct. 4_- 14,622 5,814 8,808 6,937 130 83 1,509 5,215 1930— M D F J e e a a b c n r r e u c u m a h a r b y ry er 1 1 1 1 9 9 9 9 , , , , 5 8 2 6 0 4 5 7 1 6 0 2 1 1 1 1 2 3 2 2 , , , , 5 3 7 9 8 5 4 9 6 8 2 0 6 6 6 6 , , , , 7 6 4 6 5 6 8 8 9 4 8 2 1 1 1 1 , , , , 7 7 6 7 7 1 8 2 6 0 8 8 i i ! j 4 2 1 9 9 6 6 6 0 1 9 1930— D S J M u e e n p a c. e r t . . 3 3 2 2 1 0 4 7 . . . - 1 1 1 1 3 4 3 3 , , , , 2 3 0 7 8 3 0 1 8 7 3 2 6 5 5 5 , , , , 1 5 6 8 7 3 6 3 4 9 3 4 8 7 7 7 , , , , 5 3 7 5 3 4 4 0 0 9 8 3 8 9 7 8 , , , , 1 1 0 6 2 7 6 8 1 9 2 8 2 2 2 2 5 6 2 2 4 0 3 9 2 3 1 3 9 5 2 3 2 9 8 6 2 2 2 1 , , , . 0 3 4 2 8 5 5 3 6 7 2 5 5 5 5 6, , , , 1 4 3 8 4 6 4 8 5 2 5 8 April 19,829 12,982 6,847 1,728 i 71 COUNTRY May 19,911 12,990 6,921 1,737 ! 74 BANKS * J J A S N O u u e u c o l n p y t g v e o t u e e b s m m e t r b b e e r r 2 2 2 2 2 21 0 0 0 0 0 , , , , , , 6 4 4 2 4 0 2 8 3 2 4 3 5 4 6 8 0 8 1 1 1 1 1 1 3 3 3 3 3 3 , , , , , , 2 2 2 3 2 5 7 0 6 1 4 8 9 8 2 4 1 6 7 7 7 7 7 7 , , , , , , 2 1 1 4 0 3 7 4 1 6 2 1 4 3 9 1 0 1 1 1 1 1 1 1, , , , , , 7 7 7 8 8 8 8 8 7 0 0 3 4 9 4 2 1 5 I I ! ! 4 4 5 0 4 7 8 4 3 2 6 2 1 1 9 92 2 8 9 — — J D D O O M u e e c c c n a c t t . e . . r . . 4 3 2 3 3 2 _ 1 9 1 . 7 _ - . . . . . 8 8 8 8 8 8 , . , , , , 4 5 3 6 2 2 8 5 6 2 5 2 1 1 4 7 4 5 2 2 2 2 1 1 , , , , , , 3 2 1 0 7 9 1 3 9 5 2 0 4 9 5 5 7 5 6 6 6 6 6 6 , , , , , , 3 4 3 3 1 4 0 1 4 3 6 9 9 2 8 3 8 7 4 5 5 5 5 5 , , , , , , 1 1 8 3 3 3 1 0 4 4 3 7 9 7 7 1 8 6 4 3 3 3 4 5 0 8 2 7 1 2 2 1 1 1 1 1 4 4 P 1 9 6 4 0 1 5 3 2 2 3 3 3 3 3 0 5 7 7 7 1 8 4 6 8 6 6 4 4 4 4 4 4 , , , , , , 5 4 6 7 7 7 5 3 2 4 5 2 4 9 3 0 1 7 COUNTRY BANKS * 1930—Mar. 27. 8,206 2,190 6.016 4,972 31 207 258 4,475 June 30 - 8,229 2,227 6,001 4,867 12 170 129 4,554 1929—November 12, 512 5,855 6,657 j 630 20 332 Sept. 24. 8,007 2,201 5,806 4,875 7 164 115 4,589 December 12,336 5,754 6,582 619 19 312 1930—January 12,308 5,729 6,579 621 23 237 * See notes 1 and 2 of preceding table. February 12,282 5,677 6,605 ! 618 23 210 1 Loans (secured by stocks and bonds) tc brokers and dealers in secur- March 12, 290 5,648 6,642 620 26 176 ities in New York City. April 12,331 5,671 6,660 621 25 160 May 12,318 5,655 6,663 619 23 172 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND June .- 12, 276 5,603 6,673 618 25 178 INVESTMENTS J A S u e u l p y g t u e s m t ber 1 1 1 2 2 2 , , , 1 1 2 4 6 2 0 0 7 5 5 5 , , , 5 4 4 5 6 6 8 6 7 6 6 , , 6 6 6 7 9 4 6 6 6 0 1 0 8 5 8 2 2 2 6 6 5 1 1 1 7 4 6 8 4 6 [In b a m nk i s ll i a o n n d s t o ru f st d o c l o l m ar p s. a ni I e n s c , lu m d u e t s u a n l a a ti n o d n a s l t oc b k a n s k av s/ i n S g t s a b te a n c k o s m , a m n e d r c a i l a l l October 12,101 5,412 605 26 144 private banks under State supervision] November 12,009 5,372 6,637 597 22 158 All banks All'member banks cit i i e M s— em N b e e w r Y b o a r n k k s a n i d n C 6 h 0 i c l a e g g o a ll ( y su b d j e e s c i t g n to a t r e e d s er c v it e i e r s e : q u 2 ir e c m en e t n r t a l o f r e 1 s 3 e r p v e e r Date1 ! L a o n a d ns | Invest- Loans l\ Investcent against net demand deposits), and 58 reserve cities (subject to re- ; invest- Loans ments invest-i ments serve requirement of 10 per cent against net demand deposits); for list of : ments ; ments \\ these cities see Member Bank Call Report No. 49 (pp. 10-17). »Member banks outside the 60 designated cities; including (in addition to banks in towns and villages) banks located in undesignated 1924—June 30 ..: 45,180 31,523 13,657 27,167 19,204 7,963 cities. Dec. 31 _J 47,182 32,440 14,742 28,746 ; 19,933 8,813 1925—June 30 48,830 33,865 14,965 29,518 ; 20,655 Dec. 31 ; 50,603 35, 640 14,963 30,884 • 21,996 1926—June 30 __! 51,562 36,157 15,404 31,184 i 22,060 9,123 Dec. 31 i 52,018 36, 759 15, 260 31,642 I 22,652 8,990 1927—June 30 i 53,750 37,360 16,391 32,756 ; 22,938 9,818 Dec. 31 ; 55,450 38,407 17.043 34,247 23,886 10,361 1928—June 30 ; 57,265 39,464 17,801 35,061 I 24,303 10,758 Oct. 3 ! 57,219 39,671 17, 549 34,929 24,325 10,604 Dec. 31 ! 58,266 40,763 17,504 35,684 I 25,155 10,529 1929—Mar. 27 j 58,019 40, 557 17,462 35,393 24,945 10,448 June 29. .! 58,474 41,512 16,962 35,711 25.658 10,052 Oct. 4_ J 58,835 42, 201 16,634 35,914 26,165 9,749 Dec. 31 __! 58,417 41,898 16,519i 35,934 26,150 9,784 1930— Mar. 27 i 57,386 40, 686 16, 700 35,056 25,119 9,937 June 30 ! 58,108 40,618 17,490 35,656 25,214 10,442 Sept. 24 I 57,590 39, 715 17,875 35,472 24,738 10,734 1 Dates of reports of member banks; figures included for nonmember banks are as of nearest available date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

13 JANUARY, 1931 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS BROKERS' LOANS [In millions of dollars. Monthly data are averages of weekly figures] REPORTED BY THE NEW YORK STOCK EXCHANGE Loans and investments [Net borrowings on demand and on time. In millions of dollars) Borrow- !! From New From private Total Total L O c o t n u i a e r n s i s s - e- o A th ll er m v I e e n s n - t t - s b D a t n u o k e s b F i a n a . n g R t k s . s End ot month 1929 Total 1930 ! jl | a 1 n Y 9 d 2 o 9 p r t a r k u n b s ie t a 1 s n c 9 o k 3 m 0 s - f b o a a 1 r g 9 n e 2 e i k g 9 n s n c , i b e b s r a o , n 1 k e 9 k t e 3 i c 0 r n . s g , January... 6,735 3,985 5,664 1,071 616 February.. 6,679 4,168 5,619 3,529 1,060 639 BY MONTHS March 6,804 4,656 5,713 4,026 1,091 631 To 1 1 t 9 9 a 2 3 l 9 : 0 — — N A D M F O S J e p o e a c e a b n c t r v p r o i r e u c t e l b u e m a h m m e a ry b r r b b y e e e r r r 2 2 2 2 2 2 2 2 3 2 3 2 2 2 2 3 , , , , , , , , 6 1 6 0 3 3 0 6 4 2 5 8 6 5 6 1 6 4 7 3 8 2 3 2 1 1 1 1 1 1 1 1 6 6 6 7 7 6 7 8 , , , , , , , , 7 4 5 7 8 9 1 0 4 4 4 0 0 9 2 4 6 4 2 6 1 7 1 1 8 8 7 7 7 7 7 , , , , , , , 6 9 2 7 2 6 9 7 6 7 9 5 4 6 1 4 4 0 4 9 8 8 8 8 9 9 9 9 9 , , , , , , , , 8 4 7 6 0 5 6 7 7 9 7 0 2 8 4 3 1 6 2 1 8 7 3 l ! ! 1 | l 5 5 5 5 5 5 5 5 , , , , , , , , 5 7 4 5 4 5 6 6 5 4 4 4 1 6 2 0 6 1 8 9 7 8 3 7 2 2 2 3 2 2 2 , , , , , , , 9 8 9 7 8 0 8 1 1 1 4 8 0 2 4 8 8 0 6 8 8 4 2 6 6 7 1 9 8 7 4 7 3 5 0 0 1 1 7 4 4 5 6 J J A N D A S O M u u e u o e p c n l a p c g y v r t y e t i o e u e e l m m b m st e b b b r e e e . r . r r . . . . . 4 6 3 8 7 7 6 6 7 , , , , , , , , , 0 1 9 0 5 4 8 7 6 0 1 7 9 4 7 8 7 6 9 7 1 0 2 9 4 5 5 1 2 3 2 1 3 3 4 3 5 , , , , , , , , , 4 1 5 8 6 5 7 7 0 8 6 9 5 4 8 9 2 6 1 2 3 8 6 9 9 8 3 3 5 5 6 6 7 5 3 5 , , , , , , , , , 1 3 3 4 7 4 4 5 0 6 1 7 9 9 8 8 7 3 4 3 0 2 7 0 7 2 2 3 3 3 4 3 4 1 1 , , , , , , , , 9 6 1 0 2 2 1 4 9 2 0 2 5 0 3 0 4 8 9 7 7 1 9 9 1 1 1 1 1 1 , , , , , , 5 7 1 3 2 3 1 4 8 9 8 7 9 2 9 7 5 6 3 5 0 0 4 2 4 4 2 4 2 6 5 6 1 2 3 6 5 8 2 5 0 9 5 4 2 7 9 7 4 9 9 May 22,662 16,825 8,312 8,513, 5,837 2,870 59 ! June | 23,024 17,048 8,560 8,487j 5,977 3,063 53 July j 23,101 16,906 8,391 8,5151 6,194 3,404 53 1 Call loans,* 1,519,000,000; time Joans, $374,000,000. August i 23,128 16,838 8, 349 8,488! 6,291 3,334 43 September | 23,220' 16,859 8,476i 6,361 3,505 44 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY N O o ct v o e b m er b er j j2 2 3 3, , 4 4 5 0 5 9 , ! j 1 16 6 , ,8 6 3 7 4 31 8 7 , ,8 2 9 3 7 7 8 8 . , 7 59 7 7 6 1 : 6 6 , , 7 5 8 7 2 5 l 3 3, , 5 5 4 2 5 8 5 7 6 1 [In millions of dollars. Monthly data are averages of weekly figures) December i 23,117' 16,332 7,774 8,558J 6,784 3,394 141 New York City: , I For banks 1929—September 7, 5071 5,803 2,892 2,91l! 1,704 887 166 N D O o e c c t v o e e b m m e b r b e e r r ; , | 8 8 7 , , , 8 3 0 3 4 0 7 9 1 1 i j 6 6 , , 1 0 0 2 8 1 3 3 3 , , , 1 1 3 9 1 4 1 2 0 2 3 2 , , , 9 9 0 1 0 4 6 9 0 ; ! 1 1 1 , , , 9 7 9 6 2 8 9 9 1 1 1 , , 9 1 0 8 2 3 0 3 2 6 8 7 0 0 4 Month or date Total Total Y N I o e n w rk O Y N u o t e s w r i k de ot F h o e r rs 1930—January l 7, 664 5,705 2,945 2,760! 1,959 931 39 City* City» February ; 7,4931 5,584 2,909 2, 675J ,909 902 21 March 7,649; 5,720 3,115 2,605! L, 929 952 1 April j 7,829| 5,868 3,383 2,485 ., 961 982 17 1929—December. 3,391 1,601 888 713 1,790 May 7,852! 5,878 3,459 2,418 .,974 931 11 1930—January... 3,351 1,706 844 862 1,644 June 8,1171 6,099 3,701 2,398, 2,019 1,009 5 February._ 3,459 1,913 942 971 1,546 July -| 8,078i! 5,984 3,558 2,426i 2,094 1,100 March 3,741 2,310 1,210 1,100 1,430 August , 8,0971 6,004 3,588 2,416! 2,093 999 April 4,115 2,740 1,557 1,183 1,376 September : 5,998 3,584 2,415' 2,090 1,076 May 4,030 2,727 L, 665 1,062 1,302 October 8,313 6,141 3,629 2, 512 2,172 1,154 June 3,825 2,748 L,831 917 1,078 November j 8,421 | 6,055 3,401 2,6531 2,367 1,201 July 3,224 2,378 1,631 747 840 December ; 8,166 I 5,837 3,341 2,496| 2,329 1,181 26 August 3,150 2,351 i 1,659 692 798 Other leading cities: September 3,174 2,426 : 1,676 750 748 1929—September j 15,139 | 11,394 4,762 6,632! 3,745 1,830 540 October 2,769 2,212 1,675 537 557 October _i 15,288 | 11, 598 4,906 6,692! 3,690 1,891 561 November. 2,249 1,792 1, 357 435 458 November i 15,314 11,661 4,£" 6,7521 3,654 1,875 594 December. 3 2,013 j 1,605 1 1,266 339 407 December j 15,011 11,424 4,856 6,568! 3,587 1,906 410 1930—January 14, 705 11,115 4,849 6,267J 3,589 208 Dec. 3 2, 111 1,669 1,296 373 442 February i 14,590| 10,958 4,762 6,196 3,632 1^ 916 152 Dec. 10 2,099 I 1,669 i 1,269 400 430 March j 14,703 11,026 4,850 6,176i 3,677 1,946 80 Dec. 17 *_.. 2,008 1,579 ! 1,184 395 430 April J 14,828, 11,033 4,8" 6,146| 3,795 1,959 54 Dec. 24___. 1,920 1,556 1,262 294 363 May 14,810|| 10, 948 4,853 6,09513,862 1,939 48 Dec. 31--. 1,926 1,556 1,321 235 370 J J u u l n y e 1 14 6 , , 9 0 0 2 7 3 1 1 1 0 0 , , 9 9 4 2 9 2 4 4 , , 8 8 5 3 9 3'i;r 6 66, , ,i0 0 9 9 0 0 ; | 4 3 , , 1 9 0 5 1 8 2 2 , , 3 05 0 4 4 4 5 8 3 S A e u p g t u e s m t ber 1 15 5 , , 1 0 3 3 2 1 1 10 0 , , 8 8 6 3 0 4 4 4 , 7 7 6 9 1 9 ' ' 6 6 , , 0 07 6 2 1 ] ! 4 4 , , 1 2 9 7 8 2 2 2 , , 3 4 3 2 6 9 3 3 9 5 J * M W e e m ek b ly er re a p n o d r t n in o g n m m e e m m b b e e r r b b a a n n k k s s o in u t N si e d w e N Y e o w rk Y C o i r t k y . City (domestie October. 15,096' 10,692 4, 608 r 6,085 4,403 2,391 50 banks only); includes unknown amount for customers of these banks. N D o ec v e e m m b b e e r r 1 1 5 4 , , 0 9 3 5 4 0 i ! 1 1 0 0 , , 4 6 9 1 5 8 4 4 , , 4 4 3 9 4 6 6 6 , , 1 06 2 2 3 4 4 , , 4 4 1 5 6 5 2 2, , 3 2 2 1 7 2 1 6 1 5 5 * » B C e a g ll i n lo n a in n g s, w $1 i , t 4 h 8 7 D ,0 e 0 c 0 e ,0 m 00 b ; e r t im 17 e , l t o h a e n s f , i g $ u 5 r 2 e 5 s , 0 a 0 r 0 e ,0 e 0 x 0. clusive of those for one bank in New York City which closed December 11. BY WEEKS Total: i ACCEPTANCES AND COMMERCIAL PAPER 1930—Nov. 26 23, 381 16, 527 7,761 8,766 6,854 3,413 84 Dec. 3 23, 316] 16, 516 7,769 8,747 6,800 3,455; 99 [In millions of dollars] Dec. 10 23, 242 16,426 7,769 8,656 6,816 3,339 106 D D D e e e c c c . . . 2 3 1 4 1 7.. 2 2 2 2 3 2 , , , 0 9 9 8 8 5 4 5 6 1 1 1 6 6 6 , , , 2 2 2 5 0 6 8 0 3 7 7 7 , , , 7 8 7 4 1 7 1 4 9 8 8 8 , , , 5 4 4 1 2 4 7 1 9 6 6 6 , , , 8 7 6 2 8 9 7 5 3 3 3 3 , , , 4 5 2 3 3 0 4 9 3 1 ' j 2 1 5 6 8 0 0 9 End of month Bankers' s a ta c n ce d p in ta g nces out- Comme s r t c a i n a d l i p n a g per out- New York City:* 1930-Nov. 26 8,413 3,342 2,648 2,423 1,215... 1927 1928 I 1929 1930 1927 1928 1929 1930 Dec. 3 8, 352 6, 975 3,341 2,634 2,377 1,185; 6 Other le D D D D a e e e e d c c c c i . . . . ng 3 1 2 1 4 1 0 7 c . ities: _ 8 8 8 8 , , , , 2 1 0 0 8 5 0 4 2 0 3 5 ! i 5 5 5 5 , , , , 8 7 7 8 9 0 4 5 6 6 9 9 3 3 3 3 , , , , 4 3 2 3 3 1 4 6 0 8 8 6 1 2 2 2 2 , , , , 5 4 4 3 8 5 2 8 6 7 3 1 2 2 2 2 , , , , 3 2 2 2 8 9 9 9 4 7 3 5 1 1 l 1 , , , , 0 2 1 3 9 1 0 1 1 0 4 7 1 i ! | 2 1 7 5 9 0 9 J A F M a e p n a b r r u i r c l a u h r a y ry _ 8 8 7 7 1 0 7 8 1 9 4 5 1 1 1 1 , , , , 0 0 0 0 7 5 8 5 1 6 5 8 I 1 I ! 1 1 1 1 , , , , 1 2 2 2 1 0 7 2 1 5 9 8 , , ,4 6 5 1 2 3 4 4 9 6 57 5 7 1 5 6 6 5 7 6 7 7 7 7 1 0 4 4 3 3 1 0 5 8 1 7 1 7 4 4 5 5 5 0 5 2 7 4 3 9 1930— D D D D D N e e e e e o c c c c c . . . . . v . 3 3 2 1 1 2 1 4 0 7 6 1 1 1 1 1 1 5 4 4 4 4 4 , , , , , , 9 9 9 9 8 0 6 6 6 4 0 8 1 9 4 0 4 2 1 1 1 1 1 1 0 0 0 0 0 0 , , , , , , 4 5 5 5 4 5 0 4 3 5 3 5 4 1 0 2 8 0 4 4 4 4 4 4 , , , , , , 4 4 4 4 3 4 1 5 2 9 7 1 9 9 8 3 6 3 | 6 6 6 6 6 6 , , , , , , 1 1 0 0 0 0 1 1 7 6 3 2 9 3 0 1 7 8 4 4 4 4 4 4 , , , , , , 4 5 4 4 4 4 2 2 9 3 3 0 4 9 0 2 1 0 2 2 2 2 2 2, , , , , , 1 1 2 2 2 2 9 1 3 7 2 2 7 3 4 0 2 2 1 ! 1 1 9 8 8 8 3 8 3 4 7 1 5 1 J J A N M S O u u e u o c n l a p y g v t y e o t u e e b m s m e t b r b . e e r r 1, 8 9 7 7 7 7 0 7 5 6 4 8 7 2 5 1 4 1 2 5 9 1 1 1 1 1 , , , , , 9 9 0 1 2 0 0 7 4 5 2 2 0 0 8 2 1 3 6 0 4 : j ' ] I !1 1 1 1 1 1 1 , , , , , , , 2 1 1 5 1 6 2 0 4 1 0 2 5 7 1 1 3 7 7 8 2 , , , , , , , 5 3 3 3 5 3 3 0 3 6 5 7 0 8 8 9 7 0 1 5 2 6 5 5 5 5 6 6 0 8 9 1 7 6 0 3 2 1 1 9 9 0 ! 4 4 4 4 5 5 4 3 2 2 8 5 4 0 0 1 7 3 8 1 3 3 2 2 2 2 2 3 0 8 1 6 6 7 6 4 5 6 5 5 4 7 5 5 4 5 5 5 2 2 8 1 2 4 8 7 5 3 6 1 December 1,081 1,284 '1,732 555 334 ' Revised. 1 Beginning with December 17, the figures are exclusive of those for I one bank in New York City which closed December 11. Last report of Figures for acceptances as compiled by American Acceptance Council; bank showed loans and investments of about $190,000,000. for commercial paper as reported by about 25 dealers. 30404—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY, 1931 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Pre- Selected groups of industrial issues Month or date Bonds1 ferred stocks3 Total3 In tr d ia u l s- R ro a a i d l- u P t u il b i l t i y c m A o u b to il - e e B m q i u n u e i g n i l p d t - - C st h o a r i e n C i h c e a m l - b C a p r o n e a p d r s - s e t m E q r l i u e e c n i a c p t - l - c M e h r i a n y - - Oil Steel T ti e l x e - Number of issues 60 20 404 337 33 34 13 13 17 9 9 4 10 16 10 30 1929—November _. 95.7 123.9 151 145 135 195 134 114 104 214 204 227 135 131 169 78 December 96.5 126.4 154 147 136 201 134 113 106 228 196 241 143 132 170 77 1930—January . . - 96.5 126.5 156 149 137 209 135 117 102 240 193 265 146 129 177 78 February _. .... 96.4 126.9 166 156 143 231 145 125 100 254 193 307 154 128 188 85 March 97.8 127.8 172 163 143 242 155 125 100 266 193 323 161 141 192 85 April 97.9 128.2 181 171 142 264 162 127 101 282 174 359 173 156 196 83 May .. ... - ..- 97.9 127.6 171 160 136 250 152 116 97 257 151 237 170 148 174 77 June 98.2 126.8 153 143 125 224 134 100 90 223 135 290 152 133 161 69 July 98.7 125.9 149 140 124 215 132 98 89 217 129 277 155 133 159 67 August 99.6 126.5 148 139 121 213 134 97 90 219 121 278 152 130 160 66 September 100.0 127.9 149 139 123 216 133 100 96 230 114 283 154 125 162 67 October 99.9 126.8 128 118 111 187 108 84 88 191 93 225 134 106 142 58 November __ 99.1 124.7 117 109 102 167 101 77 82 176 91 196 120 97 131 55 December 97.8 121.7 109 102 94 158 100 71 78 168 80 182 117 88 125 51 Dec. 3 98.4 123.8 117 110 100 167 104 79 84 180 93 195 123 96 132 54 Dec. 10 97.6 123.5 111 104 94 158 98 73 79 168 82 184 119 92 126 52 Dec. 17 , __ 96.8 119.9 106 98 89 154 98 68 76 163 73 180 112 83 122 49 Dec. 24 97.8 120.5 106 99 92 153 101 68 75 166 75 177 113 83 122 49 Dec. 31 98.5 120.8 108 100 92 158 102 68 76 163 77 174 118 85 122 51 i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. '• 20 high-grade industrials; average price. CAPITAL ISSUES [Exclusive of refunding issues. In millions of dollars] Domestic issues i Foreign issues2 Government Corporate Year and month Total Total 3 Bonds and notes Total ment Corporate Municipal Stocks Long-term Short-term YEAR 1924 4 588 1 380 1 924 276 829 1925 6,162 5,129 1,356 2, 231 221 1,152 1,033 634 399 1926--- 6,209 5,157 i 1,312 2,418 249 1,087 1,052 628 424 1927 7,534 6,152 1,423 2,961 221 1,460 1,382 854 528 1928 7,972 6,728 1,387 2,168 210 2,900 1,244 723 520 1929 10, 097 9,334 1,398 1,863 205 5, 868 763 308 455 MONTH 1930—January 776 717 106 436 48 127 59 16 43 February 522 466 76 224 14 149 56 12 44 March - 805 658 122 368 25 123 147 39 108 April 898 729 147 251 70 261 169 148 21 May 1, 096 990 142 375 65 407 106 84 22 June __ 753 528 143 156 69 152 225 193 32 July 559 475 108 241 56 70 84 55 29 August - -- 183 166 82 35 9 40 17 3 15 September 381 376 77 178 44 62 5 4 October 351 295 168 85 20 22 56 47 9 November 332 248 86 ; 55 62 18 84 84 Total (11 months) 6,656 5,648 1,255 i 2,405 481 1,432 1,008 685 323 i Source: Commercial and Financial Chronicle. 2 Compiled by the Federal Reserve Bank of New York. 3 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 15 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES [Index numbers; 1923-1925 average™ 100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * Build- Freight car loadings * Co p m ri m ce o s d f ity ing con- Fac- Y m ea o r n a th nd Total Manufactures Minerals a t w r e a a d c r t d s - F p a l c o to y r m y e e n m t - r t p o o a l r y l y s Total I M le e s l r o s c - a h t d h a a n l n o d - t i s c s a e r - in c A om ll - Farm mod- prodities ucts Unad- Ad- Unad- Ad- ! Unad- Ad- Unad- I Unad- Ad- Unad- Unad- Ad- I Unad- ! Adjusted justed justed justed ! justed justed justed justed justed justed justed justed ! justed ! justed 1919 83 84 77 64 107 84 139 158 1920 87 87 89 63 108 118 91 72 - 154 151 1921 67 67 70 57 82 77 79 87 I. 98 88 1922 85 87 74 81 90 81 86 93 . 97 94 1923 101 101 105 84 104 103 100 96 L 101 99 1924 95 94 96 95 96 96 98 99 L 98 100 1925__ 104 105 99 122 100 101 103 104 !. 104 110 192G _. 108 108 108 130 101 104 107 107 ;_ 100 100 1927 106 106 107 128 99 102 103 105 i. 95 99 1928 111 111 106 135 .97 102 103 104 i. 98 106 1929.. 118 119 115 117 101 108 106 104 ;. 97 105 1926 July 103 10 7 102 107 | 110 107 126 101 111 108 106 ! 106 100 | 99 August ._ 109 110 108 111 : 115 109 148 101 101 104 113 108 107 i 106 99 97 September 113 112 112 112 ! 119 110 137 103 102 105 122 109 112 ! 107 100 October 114 111 112 Ill 124 114 126 103 102 108 123 109 112 | 107 November 110 108 108 106 ; 123 118 119 101 101 105 113 109 110 ' 108 95 December 101 105 99 103 , 113 119 131 100 101 104 107 103 ! 108 95 1927 January 105 106 104 105 l 112 116 94 100 97 105 100 i 108 97 97 February 111 108 110 107 ! 113 117 96 100 100 105 100 109 1Q4 I 109 96 95 March 113 111 113 110 I 111 118 151 100 100 106 102 108 108 i 107 95 94 April 110 109 112 109 : 96 107 147 100 105 100 108 108 ! 107 94 94 May. 112 111 113 111 I 108 109 135 104 105 106 106 j 104 94 June 107 108 107 109 ! 108 105 154 100 102 106 104 105 I 104 94 July..,. 102 106 102 107 ! 103 100 130 99 104 101 104 j 104 94 August 105 107 104 107 j 111 106 135 99 j 102 109 104 105 j 104 95 102 September 107 105 106 105 I 111 104 127 101 i 102 116 104 110 ' 104 97 106 October. 105 103 104 102 ! 112 105 137 99 I 103 114 101 109 I 105 97 105 November 101 99 100 105 101 114 97 I 101 97 I 106 ' 104 97 104 December 100 11 95 97 103 116 95 | 95 ! 103 97 104 1928 January 105 106 106 106 i 100 103 104 94 i 92 100 ' 106 96 I 106 February 111 109 114 110 j 99 103 113 96 | 96 101 94 102 101 105 96 ! 105 March... 112 110 115 111 j 98 103 144 97 103 97 102 105 104 9b 104 April... 110 109 113 110 i 94 105 157 96 ! 100 96 104 I 105 I 104 97 108 May 110 109 111 109 I 104 105 163 96 | 101 104 105 106 j 104 99 I 110 June. 108 109 109 111 ! 104 101 158 96 101 103 102 105 103 98 | 107 July 105 110 106 111 | 103 101 142 98 105 102 I 104 ' 104 98 ! 107 August _ 110 112 110 113 111 105 126 103 109 104 ! 104 ! 103 99 i 107 September 116 114 116 116 ! 115 107 143 100 104 119 106 I 109 104 100 109 October 118 115 117 115 I 123 114 145 100 107 119 106 I 109 ' 105 98 104 November 115 113 115 113 I 117 113 115 99 j 104 108 104 I 106 i 104 97 102 December 108 113 109 114 ! 106 112 105 98 ! 100 104 95 103 100 ; 105 97 104 1929 I I January 116 117 116 117 114 118 100 97 | 100 101 95 104 97 ! 105 106 February 120 117 120 116 116 120 88 100 100 108 107 101 ' 105 105 March.__ 121 118 125 120 101 107 118 101 101 111 103 106 ! 105 107 April 124 122 127 123 104 115 156 102 j 102 111 102 111 107 i 106 105 May _ 125 124 127 125 116 116 143 102 i 102 111 110 111 108 i 108 102 June 125 127 126 129 116 113 133 102 103 110 109 108 105 I 104 96 103 July 119 124 119 126 118 114 159 102 I 103 106 111 108 105 ! 105 108 August 121 123 121 125 ! 121 115 119 104 ! 103 111 114 109 106 i 105 107 September 123 122 122 122 | 127 118 108 105 i 102 112 121 108 110 ! 105 107 October. 120 117 119 117 j 127 118 109 103 101 111 118 104 109; 105 104 November 108 106 107 105 114 110 95 99 | 99 103 102 99 106 : 104 101 December 95 92 96 ! 110 116 77 95 i 97 99 90 97 101 102 1930 January 103 104 102 102 j 107 112 79 96 94 89 97 94 102 101 February 109 107 110 106 104 109 77 94 92 99 98 102 98 March 106 104 109 105 91 96 111 93 90 QK 101 100 95 ApriJ 107 105 110 107 93 104 118 92 93 101 101 100 96 May 105 104 106 104 102 103 111 91 97 98 101 99 93 June 99 100 100 103 100 146 90 95 94 98 97 89 July 90 94 93; 100 97 89 87 95 92 94 94 83 August 90 92 91 101 96 85 85 84 96 91 95 94 86 September... 92 91 90 100 94 81 , 83 99 89 99 95 85 October j 90 88 86 104 98 82 i 82 97 86 97 93 November., j "85 P82 I '95 62 81 86 82 94 92 * Average per working-day. t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for all major groups of commodities are given on p. 41. » Preliminary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY, 1931 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board; adjusted to censuses. Adjusted for seasonal variation. 1923-1925 average=100] 1929 1930 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1 MANUFACTURES IRON AND STEEL... 140 124 100 90 99 119 113 114 111 110 93 93 86 75 65 Pig iron . 122 118 107 95 94 101 102 102 104 101 91 86 80 71 63 Steel ingots -- - - 142 125 100 90 100 120 114 115 112 111 93 91 86 75 66 116 118 108 96 103 99 98 96 90 84 ; 84 81 88 91 93 C otton consumption„ 115 '116 104 90 102 94 94 100 91 . 85 i 82 78 79 81 83 98 101 89 77 78 76 71 72 70 71 j 69 67 69 69 63 C onsumption 106 109 94 80 85 81 77 80 74 78 80 76 78 75 66 Machinery activity i 89 91 82 74 72 73 65 62 69 73 65 62 67 68 64 Carpet, rug loom activity * _ 90 96 88 75 69 70 66 66 60 49 43 47 49 52 52 Silk 148 148 145 140 141 145 150 125 117 100 113 109 139 150 164 Deliveries . 158 158 153 148 145 149 155 123 121 99 120 117 158 170 182 Loom activity * 128 130 128 124 133 138 140 128 111 102 98 91 101 109 128 FOOD PRODUCTS 98 96 96 95 96 94 90 97 98 93 94 91 96 94 94 Slaughtering, meat packing -_ 101 97 95 91 89 92 85 94 94 90 89 89 92 93 87 106 104 101 96 89 93 80 93 94 88 85 85 91 94 94 Cattle 91 86 82 81 87 86 88 89 88 90 89 89 88 85 71 Calves .. . - 99 88 88 91 97 92 92 100 89 86 93 95 97 97 83 Sheep— 126 125 125 113 116 132 141 147 142 137 139 143 146 158 147 Flour 99 91 92 94 92 97 101 105 104 104 101 103 98 90 93 Sugar meltings. 84 99 106 111 127 94 90 96 105 84 106 84 104 105 123 PAPER AND PRINTING 130 126 123 118 120 122 120 121 119 116 111 108 109 106 Wood pulp and paper 121 120 118 113 114 116 116 116 113 108 105 101 100 98 »95 NewsDrint 94 94 92 93 95 97 91 86 89 88 84 83 80 81 77 Book paper .. . 143 145 139 139 127 124 127 132 120 114 111 105 104 97 94 Fine paper. 119 119 120 116 118 118 121 116 111 105 108 100 99 99 93 WraDDing DaDer . 101 96 97 95 93 92 99 98 99 95 89 89 87 91 89 128 130 131 107 127 131 125 132 132 122 124 115 115 Wood pulp, mechanical.. 100 91 85 91 96 111 106 89 90 98 88 92 88 72 74 Wood pulp, chemical.. . 120 118 113 116 115 119 117 114 115 110 103 108 106 104 98 Paper boxes - 178 156 144 125 147 147 149 149 151 173 146 151 159 141 133 Newsprint consumption 148 '138 133 134 131 137 130 132 132 132 124 123 126 122 119 TRANSPORTATION EQUIPMENT: Automobiles.. 133 113 81 49 103 110 109 109 104 98 75 67 66 45 50 Locomotives « . 49 57 45 32 39 40 48 51 43 42 40 38 33 28 Shipbuilding 101 75 69 97 170 102 80 128 147 164 347 310 229 343 LEATHER AND PRODUCTS .. 116 113 106 93 96 96 98 99 94 100 100 102 100 90 78 105 108 103 99 93 93 98 99 99 103 107 102 102 96 87 Sole leather * 94 94 95 94 99 101 97 99 100 100 100 99 102 '96 85 Upper leather- Cattle 87 98 88 83 76 66 80 79 72 77 7* 67 '68 61 62 Calf and kip 102 100 88 70 68 76 80 85 95 92 106 101 90 93 71 Goat and kid 144 147 145 151 129 127 136 131 128 145 154 143 151 132 126 123 117 108 90 98 97 97 99 91 98 96 102 99 86 72 CEMENT AND GLASS: Cement 118 113 109 110 108 110 111 108 119 119 116 117 111 97 86 ' 174 172 149 117 124 122 117 131 143 114 105 65 95 101 91 NONFERROUS METALS * ! 125 122 119 113 105 101 104 106 101 96 97 96 97 95 88 Copper (smelter) ! 127 125 126 122 110 103 103 103 101 94 95 92 94 90 86 Tin (deliveries) * 131 125 112 106 99 92 117 132 107 99 103 101 111 127 119 FUELS, MANUFACTURED: Petroleum refining 173 178 171 166 163 168 168 174 173 170 166 164 165 160 151 Gasoline * . 208 215 209 201 199 204 204 214 213 210 206 205 207 203 188 95 103 93 90 89 96 99 93 90 90 85 84 78 74 69 Fuel oil* 141 142 136 132 121 125 117 121 123 117 113 109 112 108 109 Lubricating oil * . 123 121 110 115 120 126 130 138 133 126 126 124 117 106 104 Coke (by-product) 147 146 139 131 132 136 135 138 137 132 123 119 114 109 101 RUBBER TIRES AND TUBES 116 114 94 80 106 107 105 123 121 119 93 96 84 88 77 Tires, pneumatic 120 117 97 82 109 110 108 127 125 122 96 98 87 91 82 Inner tubes . 90 87 74 70 85 85 84 97 96 93 71 79 64 68 58 TOBACCO PRODUCTS . ... 136 135 130 133 131 133 128 136 134 141 137 130 125 129 119 Cigars. ... . 100 99 96 83 84 92 87 92 94 91 88 89 85 88 86 Cigarettes 168 168 160 172 167 166 161 172 167 183 177 164 158 164 147 MINERALS COAL: Bituminous 103 103 98 104 100 92 81 97 92 89 86 82 85 87 86 Anthracite . . 102 112 '88 '117 106 101 69 73 81 78 82 88 80 105 83 Petroleum, crude. . 140 140 '132 '133 132 135 125 128 127 124 120 117 114 115 114 Iron ore shipments . . 121 107 98 104 108 95 96 79 74 51 Copper (mined) . . . .. 125 123 118 115 101 95 88 90 90 86 83 84 89 83 83 Zinc 120 119 106 98 104 98 96 94 94 99 91 94 94 90 70 Lead 119 115 114 105 92 106 107 111 104 99 103 106 101 94 83 Silver -. . 89 94 114 87 88 98 89 88 80 75 69 70 73 '70 76 i Without seasonal adjustment. s Includes also lead and zinc; see " Minerals." » Preliminary. ' Revised. NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDEBAL BESERVE BULLETIN 17 FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry 1930 1929 1930 1929 1930 1929 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- TOTAL—ALL MANUFACTURING INDUSTRIES 81.0 84.3 81.1 82.2 99.3 75.1 102.5 IRON AND STEEL AND PRODUCTS 79.8 81.6 97.0 80.2 81.3 97.4 68.9 75.8 100.0 Steel works and rolling mills 80.9 82.4 97.3 81.9 83.1 98.4 69.1 76.4 100.4 Hardware 73.5 75.1 90.5 73.5 75.4 90.5 62.9 65.4 94.9 Structural ironwork 97.1 100.4 119.0 96.9 98.2 118.8 89.1 98.0 123.7 Heating apparatus _ 72.7 74.2 92.8 70.6 70.0 90.0 61.8 67.7 91.6 Steam fittings - -_ 69.6 69.5 86.8 70.0 68.1 87.2 61.6 64.4 87.9 Stoves _ _ 75.6 78.4 98.3 71.2 71.7 92.6 62.0 70.8 95.1 Cast-iron pipe. 68.7 | 74.1 84.4 73.9 85.8 63.3 71.6 83.2 MACHINERY 84.7 ! 87.4 115.0 85.7 88.0 116.4 75.1 81.4 121.6 Foundry and machine-shop products 77.4 • 80.0 103.6 78.9 80.7 105.6 65.3 72.1 109.9 Machine tools 101.0 j 106.9 164.2 101.1 107.3 164.4 79.9 90.2 172.4 Agricultural implements 93.6 92.9 146.1 96.6 97.4 150.8 79.9 80.2 155.0 Electrical machinery 97.4 j 100.2 129.8 97.4 100.2 129.8 96.9 102.0 137.8 TEXTILES AND PRODUCTS 80.1 j 82.4 97.1 79.4 80.7 96.2 73.4 80.3 96.2 A. Fabrics 79.1 I 78.6 96.7 77.9 77.9 95.2 73.0 73.7 96.2 Cotton goods 75.4 I 74.5 93.8 74.1 73.9 92.3 64.9 64.9 87.1 Woolen and worsted manufactures 64.3 j 66.5 86.1 52.8 65.3 83.3 53.3 56.7 79.3 Woolen and worsted goods 63.9 66.1 83.4 61.5 64.5 80.3 53.7 57.1 75.8 Carpets and rugs 66.3 I 68.7 100.3 65.4 69.4 99.0 51.9 54.4 95.5 Hosiery and knit goods 92.0 | 91.6 107.9 90.7 90.9 106.4 98.8 99.7 128.4 Silk manufactures 85.8 82.1 99.5 85.9 81.6 99.7 83.2 82.6 103.9 Dyeing and finishing textiles 104.9 I 103.4 114.1 104.1 103.2 113.2 105.5 104.1 115.6 B. Wearing apparel - 82.4 I 92.0 98.2 83.0 87.9 98.9 74.4 93.5 96.2 Clothing, men's 55.0 i 59.8 69.9 56.4 59.1 71.8 44.1 52.2 68.2 Shirts and collars 88.2 89.3 107.8 85.3 87.6 104.4 77.8 81.2 112.2 Clothing, women's 125.4 [ 144.8 141.6 127.6 136.0 144.0 118.0 155.2 134.7 Millinery 68.4 | 79.7 81.4 66.1 72.4 78.7 58.3 76.1 76.7 FOOD AND PRODUCTS _ 93.6 94.7 101.6 91.4 90.9 99.1 96.5 98.4 105.5 Baking 99.6 101.1 107.9 98.5 98.0 106.7 101.1 103.1 110.9 Slaughtering and meat packing 90.5 89.2 96.4 89.6 89.6 95.5 98.3 96.9 103.7 Confectionery 96.0 110.0 83.4 81.9 95.7 92.9 99.0 111.8 Ice cream _ 79.9 84.4 88.5 88.1 93.6 87.2 92.9 92.9 Flour _ 84.1 87.0 92.7 82.4 83.7 90.2 85.7 91.0 96.5 Sugar refining, cane.__ _ _- 85.5 84.9 88.3 86.4 82.0 89.2 79.4 81.2 82.6 PAPER AND PRINTING 98.4 98.8 106.7 97.0 98.4 105.2 105.0 105.4 117.2 Printing, book and job --. 103.0 102.7 I 111.8 102.4 103.7 111.1 108.2 107.4 119.1 Printing, newspapers and periodicals 105.9 105.0 107.9 104.6 104.8 106.5 117.3 116.1 122.4 Paper and pulp _ 88.2 90.4 99.7 88.2 90.4 99.7 87.1 90.3 107.6 Paper boxes 93.7 94.3 I 107.3 87.8 89.5 100.4 96.8 99.2 116.9 LUMBER AND PRODUCTS 61.6 64.3 j 86.7 60.4 62.1 85.0 54.7 60.4 89.2 Lumber, sawmills 55.6 58.3 ; 79.1 55.2 57.3 78.6 50.4 55.4 82.6 Lumber, mill work 59.2 60.4 I 76.4 60.2 60.5 77.7 51.7 55.0 72.7 Furniture - 80.3 83.4 I 114.5 75.2 76.4 107.6 66.4 74.8 114.5 TRANSPORTATION EQUIPMENT _ 64.9 67.0 | . 82.9 68.6 67.2 87.3 60.8 62.8 89.4 Car building and repairing _ 59.4 61.4 : 80.2 59.6 61.2 80.4 58.9 61.9 90.9 Automobiles 67.9 69.6 83.7 76.4 69.6 93.8 57.4 58.4 84.3 Shipbuilding 97.5 103.6 j 103.8 101.5 110.4 108.0 106.5 108.0 116.3 LEATHER AND MANUFACTURES 76.9 83.1 ! 94.4 77.4 80.2 95.1 55.0 69.7 83.9 Boots and shoes 76.7 i 83.7 i 95.2 77.4 80.0 96.1 49.2 66.7 80.4 Leather 77.8 ! 80.8 ! 91.5 77.3 80.8 90.9 75.8 80.5 96.5 CEMENT, CLAY, AND GLASS PRODUCTS.. 70.4 i 73.2 ! 88.9 70.0 71.4 88.4 60.9 66.4 86.4 Clay products 68.9 : 71.4 i 88.1 69.0 70.1 88.3 56.1 60.6 81.6 Brick, tile, and terra cotta 62.6 j 66.1 I 83.8 62.8 64.6 84.1 49.8 56.3 77.1 Pottery 86.1 i 85.7 I 99.9 85.9 85.2 99.6 72.6 72.0 93.7 Glass 73.4 i 75.2 i 95.0 72.3 73.1 93.4 68.3 71.5 97.7 Cement 70.7 I 76.5 | 80.4 69.7 73.6 79.4 64.8 77.4 83.3 NONFERROUS METAL PRODUCTS—. 70.9 | 71.6 i 93.6 71.8 72.6 94.8 67.3 69.4 99.6 Stamped and enameled ware- 48.6 I 48.7 | 69.8 49.3 49.8 70.9 45.4 45.6 68.9 Brass, bronze, and copper 78.5 I 79.4 I 101.8 79.4 80.3 102.9 73.6 76.4 108.5 CHEMICALS AND PRODUCTS 98.6 | 101.4 I 113.8 98.3 101.1 113.4 96.1 99.9 115.6 Chemicals and drugs 100.7 ! 101.8 ! 110.9 98.8 100.8 108.8 93.4 95.3 110.6 Petroleum refining 99.8 ! 104.1 | 123.7 100.8 104.3 124.9 103.2 109.3 126.3 Fertilizers .. 80.9 | 88.6 I 97.5 85.6 91.9 103.2 77.9 86.7 97.8 RUBBER PRODUCTS 72.6 ! 75.3 91.2 75.2 75.4 94.4 58.7 65.9 85.9 Automobile tires and tubes.. 70.8 j 74.6 87.7 75.7 75.8 93.7 56.8 65.3 79.9 Rubber boots and shoes 77.7 77.6 101.5 73.7 74.2 96.2 66.4 68.5 110.0 TOBACCO MANUFACTURES 87.1 I 88.0 96.0 82.0 83.5 90.9 76.8 78.0 94.3 Cigars and cigarettes 89.2 ! 90.1 99.4 83.6 85.0 93.4 78.0 79.4 97.3 Chewing and smoking tobacco, snuff- 70.6 i 71.3 71.1 70.2 71.9 71.0 67.4 66.3 70.1 MUSICAL INSTRUMENTS 111.7 ! 122.3 73.6 100.9 113.1 67.4 92.8 133.7 75.3 Pianos and organs 39.3 i 40.4 53.8 37.0 50.6 38.5 39.7 60.2 NOTE.—For description of these indexes see FEDERAL RESERVE BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY, 1931 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars] Total Eesidential Industrial Commercial P p u u b b li l c ic w u o t r i k li s ti a e n s d Educetional All other 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 410.0 324.0 138.1 66.6 63.1 38.3 100.4 54.1 66.5 112.1 17.7 19.0 24.1 34.0 February . 361.3 317.1 129.5 74.8 56.1 33.5 68.3 72.9 57.6 85.8 22.6 21.2 27.3 28.8 March 484.8 456.1 197.2 101.5 55.8 74.3 75.6 77.0 71.5 105.3 37.5 35.4 47.2 62.6 April 642.1 482.9 256.8 123.1 68.2 38.1 78.0 73.2 152.1 149.7 29.9 35.2 57.1 63.6 May. 587.8 457.4 192.0 116.6 80.8 54.6 86.5 73.3 139.4 134.9 38.2 36.9 50.9 41.1 June 545.9 600.6 189.8 96.8 70.0 93.6 80.9 59.1 120.8 251.9 43.4 48.9 40.9 50.2 July_ 652.4 367.5 199.9 84.3 66.6 35.2 91.3 46.9 194.5 114.9 48.0 42.7 52.0 43.5 August 488.9 347.3 146.1 82.7 75.3 20.7 72.0 50.9 119.3 124.2 32.3 25.9 43.9 43.0 September 445.4 331.9 118.4 98.5 52.6 31.7 76.9 31.1 117.2 101.4 29.8 28.2 50.4 40.8 October 445.6 337.3 137.7 104.7 60.9 16,1 67.7 35.7 85.1 111.2 36.9 28.6 57.3 41.1 November 391.0 253.6 113.5 80.8 39.7 16.1 101.8 31.0 72.4 71.7 25.7 29.5 38.0 24.4 Year to date 5,455 2 4,275.6 1,818.9 1,030.4 689.1 452.3 899.3 605.2 1,196.5 1,363.1 362.1 351.5 489.2 473.1 December _ __ 316.4 114.0 67.4 33.4 51.8 19.8 29.9 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. EXPORTS AND IMPORTS [In millions of dollarsj • Merchandise exports Merchandise imports Excess of exports 1927 1928 1929 1930 1927 1928 1929 1930 1927 1928 1929 1930 January 419 411 488 411 357 338 369 311 63 73 119 100 February 372 371 442 349 311 351 369 282 62 20 72 67 March 409 421 490 370 378 380 384 300 31 40 106 69 April . -. . ... 415 364 425 332 376 345 411 308 40 19 15 24 May 393 423 385 320 347 354 400 285 47 69 *15 35 June 357 389 393 295 355 317 353 250 2 71 40 44 July. 342 379 403 267 319 318 353 221 23 61 50 46 August 375 379 381 298 369 347 369 218 6 32 11 79 September . .. 425 422 437 312 342 320 351 227 83 102 86 86 October __ 489 550 529 327 356 355 391 246 133 195 137 80 Novfimhfir 461 545 442 J>289 344 327 338 *205 117 218 104 *84 Year to date _. 4,457 4,653 4,814 3,568 3,854 3,752 4,090 2,853 604 900 725 715 December 408 476 427 331 339 310 76 136 117 Total (12 months) 4,865 5,128 5,241 4,185 4,091 4,399 681 1,037 842 * Excess of imports. » Preliminary. DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS [1923-1925 average =100] Index of salesJ Month 1925 1926 1927 * 1928 1929 1930 1925 Without seasonal adjustment: January 84 90 91 91 '90 88 90 February 85 87 89 88 91 89 96 March.. 94 97 95 97 107 93 105 April 105 102 109 105 103 110 106 May. . 103 109 105 107 109 105 103 June 98 100 101 102 108 98 98 July _ 75 77 76 80 79 71 94 August 76 82 85 81 84 77 98 September __ 97 104 103 113 117 103 107 October 122 120 117 118 122 112 112 November. . 122 124 126 125 125 112 115 December __ 176 184 182 192 191 97 Year. .. 103 106 107 108 111 102 With seasonal adjustment: January 99 106 107 108 110 107 102 February 103 105 108 106 111 108 101 March 103 101 106 107 112 r 107 102 April 102 105 106 106 110 '107 102 May 102 109 105 107 109 105 101 June 102 105 106 107 113 103 101 July 101 106 105 110 109 100 lul August 101 108 111 107 111 102 102 September 101 106 104 112 114 99 103 October . _ 111 109 107 108 112 102 November Iu4 106 108 108 108 98 December 104 108 106 111 108 HI Index of stocks(end of month) 1926 1927 1928 93 93 92 98 98 98 107 107 105 107 107 106 104 104 102 98 98 96 93 95 93 97 98 97 107 108 103 114 114 112 117 117 115 96 96 94 103 103 101 105 104 103 104 103 103 104 103 101 103 103 101 102 102 100 101 101 99 100 102 100 lul 102 101 102 104 99 104 104 103 104 102 103 HI 1929 89 95 102 101 95 92 96 104 112 115 94 100 1U0 100 99 99 99 98 99 100 100 HI 1930 88 93 100 101 98 93 87 87 95 101 104 99 98 97 97 96 96 94 91 91 92 92 i Based throughout on figures of daily average sales, which are computed on the basis of the number of week days in each month—Saturday being considered equivalent to one and one-third days—with allowance for six national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. •• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 19 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly report date figures ) MILUOHS OF DOLLARS 10 1926 1927 1928 1929 1930 1926 1927 1928 1929 1930 Latest figures are for December 31; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY, 1931 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] Total cash reserves Total deposits Federa c l i r r c e u s l e a r t v io e n n o l tes in Reserve percentages Federal reserve bank 1930 1929 1930 1929 1930 1929 1930 1929 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- Decem-Novem« December ber ber ber ber ber ber ber ber ber ber ber Boston 215, 525 225,524 302,904 146,405 153,565 151, 583 133,474 128,697 210,317 77.0 79.9 83.7 New York 1,077,864 1,106,942 874,425 1,053,848 1,044,787 1,013,693 341, 708 247, 303 328,328 77.2 85.7 65.2 Philadelphia 230,803 221,303 209,358 143.011 142,779 135,234 137,979 120,561 167,826 82.1 84.0 69.1 Cleveland 298,438 307,106 251,691 191,468 196,348 183,529 195,927 184,711 191,812 77.0 80.6 67.1 Richmond 109,376 96,599 108,139 63, 326 66,354 67,499 97, 219 70,512 97,997 68.1 70.6 65.3 Atlanta 143,088 144,630 148,831 59,901 61,664 64,282 129,087 122,663 147,893 75.7 ! 78.5 70.1 Chicago 385,942 409,837 461,696 347, 418 348,326 345,984 141,136 143,501 313,114 79.0 i 83.3 70.0 St. Louis. 117,949 116,071 122,095 71, 976 77,072 80,550 84,571 73,552 94,465 75.3 77.1 69.8 Minneapolis 71,229 72, 614 87,866 51,672 53,556 54, 571 51,448 48,591 66,318 69.1 71.1 72.7 Kansas City 103,834 106, 435 117,214 86, 556 87,966 90,075 69, 097 66,371 89,255 66.7 69.0 65.4 Dallas 55,654 58,066 71,816 61,108 65,728 32,697 32,950 49,323 60.7 61.7 62.4 San Francisco ...I 278,895 292,995 283,975 192, 956 194,710 185,186 172, 707 154,930 189,754 76.3 75.7 Total 3,088,597 3,158,122 3,040,010 2,467,472 2,488,235 2,437,914 1,587,050 1,394,342 1,946,402 ! 76.2 81.3 69.3 1 Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $16,870,000; month ago, $16,727,000; year ago, $30,500,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending November, 1930. In millions of dollars] Reserves held Deposits subject to reserve Indebtedness at Federal Federal reserve'district d (N ep e o t si d ts e ) mand and time Total Excess reserve banks Sep b t e e r m- October No b v e e r m- Sep b t e e r m- October No b v e e r m- Se b pt e e r m- October No b v e e r m- Se b p e te r m- October No b v e e r m- Boston _ 2 359 2,382 2,397 146 8 149.1 150.7 2.2 2.7 2.1 11.6 8.9 12.3 New York 10,687 10,853 11,012 989.6 1, 008.3 1,026.3 21.1 23.0 15.9 32.1 36.7 42.5 Philadelphia 2,343 2,358 2,355 141.2 141.1 140.5 3.2 2.8 3.1 16.5 17.5 19.6 Cleveland. ._ 3 332 3,263 3,222 200 8 196.0 191.8 3.8 4.4 3.2 14.6 25.0 27.1 Richmond 1,096 1,098 1,097 63.4 63.3 63.1 1.4 1.3 1.0 20.0 18.9 21.7 Atlanta 952 949 980 59 9 59 6 59 0 2.3 2.1 .6 28.2 24.7 26.6 Chicago . 4,764 4,720 4,723 348.5 342.6 344.8 9.8 7.3 7.2 14.4 15.8 18.5 St. Louis 1,186 1,171 1,130 75.7 74.4 73.6 2.1 2.3 4.0 17.7 17.3 17.4 Minneapolis 872 884 891 51 3 51.6 52 3 2.8 2.4 2.6 4.1 4.3 3.8 Kansas City 1,211 1,203 1,185 88.2 88.1 86.6 4.6 4.5 4.6 8.7 10.2 13.9 Dallas 831 831 828 58 5 59.1 58.8 2.1 2.4 2.4 13.2 10.2 8.4 San Francisco 3,011 3,014 3,226 173.4 173.4 185.1 3.9 4.0 3.8 7.5 6.7 8.6 Total - 32,643 32, 726 33,048 2,397.1 2,406.6 2, 432. 7 59.2 59.1 50.7 188.5 196.2 220.3 DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS DISCOUNTS OF FEDERAL RESERVE BANKS, BY MONTHS [In thousands of dollars] [Averages of daily~figures. In millions of dollars] Federal reserve bank Dec. 3 Dec. 10 Dec. 17 Dec. 24 Dec. 31 1929 Federal reserve bank B N o ew st o Y n ork 4 1 6 4 , ,0 9 3 6 6 5 6 1 0 2 , , 7 9 7 2 5 1 7 14 7 , , 7 5 4 4 0 9 6 1 1 3 , , 8 23 9 8 8 1 2 4 4 1 , , 8 4 6 8 9 6 De b c e e r m- No b v e e r m - I De b c e e r m- Philadelphia _ 21,149 21,811 24, 224 25,663 40, 759 Cleveland 34, 021 32,089 42,225 37,216 47, 556 Richmond __ 25,185 28, 224 32,171 22, 766 38,459 Boston 17.3 12.3 40.4 Atlanta 32,985 32,415 28,947 18,069 28,814 New York 90.3 42.6 188.3 Chicago 21,159 22,410 23,144 22,804 31,674 Philadelphia.. 27.5 19.6 80.2 St. Louis 13, 782 13,251 15, 205 11,301 14,352 Cleveland 37.9 27.1 98.4 Minneapolis 3,798 3,880 3,861 3,576 4,162 Richmond 33.1 21.7 41.8 Kansas City 16, 372 15, 980 14, 720 15,042 15, 380 Atlanta 30.4 26.6 43.0 Dallas.._ 7,535 7,347 6,586 4,342 6,688 Chicago 26.4 18.5 133.0 San Francisco 13,940 5,994 47,949 15,483 54,150 St. Louis 14.2 17.4 30.9 Minneapolis.. 3.9 3.8 17.4 Total .. . 250,927 257, 097 331, 321 251, 398 448,349 Kansas City.. 16.0 14.0 45.9 Dallas. 6.9 8.4 19.1 San Francisco 33.7 8.9 65.0 Total... 337.6 220.8 803.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 21 NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS [Averages of daily figures. In millions of dollars] Total (all member banks) Larger centers (places over 15,000) Smaller centers (places under 15,000) Federal reserve district Net demand Time Net demand Time Net demand Time Novem- Octo- Novem- Octo- Novem- Octo- Novem- Octo- Novem- Octo- Novem- October ber ber ber ber ber ber ber ber ber ber ber Boston 1,385 1,353 1,013 1,029 1,261 1,225 828 845 124 128 185 185 New York 7,535 7,344 3,477 3,509 7,197 6,997 2,821 2,850 338 347 656 659 Philadelphia 1,159 1,173 1,196 1,185 958 968 732 719 201 205 464 466 Cleveland 1,524 1,556 1,698 1,707 1,309 1,331 1,331 1,338 215 225 367 369 Richmond 533 531 564 567 400 397 334 335 133 134 230 232 Atlanta 512 511 468 438 396 397 347 318 116 114 121 119 Chicago 2,521 2.506 2,202 • 2,214 2,254 2,232 1,783 1,793 267 274 419 422 St Louis 614 635 516 536 473 492 370 387 141 143 146 149 Minneapolis.. _ _ 432 428 459 456 266 264 202 199 166 163 257 258 Kansas City 802 820 383 383 523 541 226 224 279 279 157 159 Dallas 589 593 239 238 341 342 184 183 248 251 55 55 San Francisco _ - 1,352 1,276 1,874 1,738 1,154 1,077 1,705 1, 566 198 198 169 173 Total - - 18,959 18, 726 14,089 14, 000 16, 533 16, 265 10,862 10, 757 2,426 2,461 3,227 3,244 ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS, AND INVESTMENTS [Exclusive of loans to banks. In thousands of dollars] Federal reserve district Call date Total Boston Y N o ew rk - Ph p il h a i d a el- I ' C l l a e n v d e- m Ri o c n h d - Atlanta. Chicago Lo S u t i . s M ap in o n li e s - 1 K C a i n ty sas Dallas Fra S n a c n isco LOANS TO CUSTOMERS All member banks: 1929—Oct. 4 23,249,400 1, 751,1607,132,048 1,774,128 2,255,030 920,019 810,326 3, 640, 335926,158 541,508 747,761 672,727 2,078,200 Dec. 31 — 23,193,486 1,702,823 7,230, 685 1,749,832! 2, 295, 527j 919,769 795, 6953, 554, 577882, 686514,8061 735,076 650, 7532,161,257 1930—Mar. 27... 21,494,446 1,614, 8906, 503,097 1,696,860' 2,208,952! 849,942 746, 7813, 264, 564830, 368483,185 683, 601 611,854 2,000, 352 June 30-.. 21, 565, 230 1, 616, 0126,511,526 1,715,159! 2,216,304| 835,968 724,164 3,350, 674810,132 474,716 680,976 614,934 2,014,665 Sept.24... 21, 009,942 1, 555,4416,391,'""" 1,671,9261 2,152,884J 824,442 703, 3923,206, 393795, 741475, 740 659, 247 615, 7661,957,273 City banks: i 1929—Oct. 4 14, 621, 595 774, 9165,268, 580 786,2141 1,265,169'; 330,152 427, 7082, 533,420557, 213 229,818 429,771 331,045 1,687, 589 Dec. 31.-. 14, 711, 741 756, 0575, 370, 613 766,016^ 1,352,648! 335,975 423, 3642,454, 086524, 795 205,838 422,192 331,980 1,768,177 1930—Mar. 27— 13, 288, 303 695,103 4, 727, 023 742,078' 1,272,703 300,687 388, 3192, 207, 689483,453 185,354; 372,151 291,367 1,622,376 June 30-. _ 13,337,448 693, 7984, 707, 718 756,714: 1,282,800! 298,779 369, 5512, 306,498462, 985 175,601! 366,490 287, 701 1,628,813 Sept. 24. _. 13, 003,440 647, 25: 4, 644,433 726,760 l,245,998j 294,049 355, 8152, 206, 530455,992| 187,70c1 355,019 296, 2291, 587,663 Country banks:2 1929—Oct. 4 8, 627,805 976, 2441,863,468 987, r 14 989, 861 589, 867382,618 1,106,915 368,945 31L6901 317,990 341,682 390,611 Dec. 31.— 8,481,745 946, 7661,860,072 983,816 942,879 583,794 372,331 1,100,491 357,891 308,968 312,884 318, 773 393,080 1930—Mar. 27... 8, 206,143 919,787 1,776,074 954,782! 936, 249 549, 255358,462 1,056,875 346,915 297,831! 311,450 320,487 377,976 June 30. __ 8, 227,782 922, 214 1,803, 808 958,445 933, 504 537,189 354, 6131, 044,176347,147 299,115| 314,486 327, 233 385,852 Sept. 24-. 8, 006, 502, 908,189 1, 747, 264 945,166 530, 393347, 577 999,863 339, 749 288, 040! 304,228 319, 537 369, 610 OPEN-MARKET LOANS AND IN- VESTMENTS All member banks: 1929—Oct. 4 12, 024, 070; 863, 0944, 322,746 929,640 1,208,935 353,682 308, 507 1,382,932 417,993 408,6211 479,294 306, 3321,042, 294 Dec. 31... 12, 026, 388| 833, 3334, 757, 338 871,771 1,110,771 339, 635296, 8941, 247, 733428,340 389,325 453,565 280, 0131, 017, 670 1930— Mar. 27— 13, 034,1701 934,107 5, 072, 048 921,020 1,210,419 354, 020333, 879 1,477,447 462,143 406, 647j 459,716 1,114, 338 June 30.. _ 13, 555,122: 949, ir 5, 673, 751 948,886| 1,231,904 344, 282302,484 1, 501, 220444,964 387,311' 442,660 243, 5621, 084,981 Sept. 24... 13,996,5151 1, 001,4465, 528, 337 1,037,933^ 1,348,421 357, 734315, 838 1, "' ~~~454, 315 389, 355 479,155 241,414 1,150,880 City banks:l 1929—Oct. 4 6,916, 701 314, 8713,120, 057 j 287,553! 695,196 142, 694145, 086 778, 069 174, 825 100,172 255,257 136, 282 Dec. 31 — 7,178,890 300,870 3,615,103, 262,732: 648,766 142,216 135,121 681,054 191,793 95,291' 240,838 112,954 752,152 1930—Mar. 27— 8, 062,4661 377,433 3, 849, 2951 307, 226' 746,174 152, 483 154, 620 899, 576228, 703 107,634J 245,640 140, 746 852, 936 June 30. ._ 8, 688,458' 377, 6174,438, 792: 327,988, 772, 882 155,925 146, 971 941,905 223, 564 100,616; 244,056 120, 769 837, 373 Sept. 24... 9,121,179, 410, 6364, 285, 0311 415, 532 169, 874162,914 1,125,923 235.157 100,061 283,500 127,650 906,477 Country banks:2 ! 1929—Oct. 4 5,107, 369 548, 2231, 202, 689! 642,087 513,739 210,988 163,421 604,863 243,168 308,449 224,037 170, 050 275, 655 Dec. 31 — 4,847,498, 532.463 1,142, 235, 609,039 462,005 197,419' 161,773! 566, 679236, 547 294.0341 212,727 167, 059 265, 518 1930—Mar. 27— 4,971,704 556, 6741, 222, 753! 613, 794' 464,245 201,5371 179, 259! 577, 871233,440 299,013 214,076 147, 640 261.402 June 30.. . 4, 866, 6641 571, 5001,234,9591 620,898 459, 022 188, 357 j 155, 513559, 315221,400 286,695 198,604 122, 793 247, 608 Sept. 24... 4,875, 336 590,810 1, 243, 306 622,4011 449,997 187,860 152,924 565,764 219.158 289,294; 195,655 113, 764 244.403 1 Member banks in 60 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per cent against net demand deposits), and 58 reserve cities (subject to reserve requirement of 10 per cent against net demand deposits); for list of these cities see Member Bank Call Report No. 49 (pp. 10-17). . ,_,.„. 2 Member banks outside the 60 designated cities; including (in addition to banks in towns and villages) banks located in undesignated cities. 30404—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY, 1931 ALL BANKS IN THE UNITED STATES—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES [In millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits (exclusive of Rediscounts and interbank deposits) bills payable Total Loans Investments Federal reserve district 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 Oct. 4 June 30Sept. 24 Oct. 4 June 30Sept. 24 Oct. 4 June 30Sept. 24 Oct. 4 June 30Sept. 24 Oct. 4 Ju 3 n 0 e Se 2 p 4 t. ALL BANKS * Boston 6,865 6,862 6,871 4,508 4,440 4,408 2,358 2,422 2,463 6,308 6,351 6,340 103 47 32 New York 18,835 19, 718 19.280 13,839 14,009 13.500 4,996 5,709 5,781 18,090 18,809 17,033 284 181 80 PhiladelDhia 4,505 4,420 4,409 2,929 2,807 2,753 1,576 1,613 1,656 3,752 3,777 3,754 170 95 56 Cleveland 4,964 4,840 4,893 3,450 3,272 3,223 1,515 1,568 1,670 4,568 4,439 4,413 114 67 45 Richmond 2,501 2,398 2,391 1,868 1,730 1,706 633 669 685 2,262 2,231 2,212 111 60 59 Atlanta 1,719 1,528 1,505 1,346 1,166 1,128 373 362 377 1,571 1,441 1,401 123 67 66 Chicago 8,065 7,655 7,627 i 6,195 5,764 5,668 1,871 1,891 1,959 7,590 7,287 7,201 224 65 81 St Louis 2,160 2,013 1,975 1,596 1,485 1,440 564 528 535 1,980 1,879 1,818 122 55 60 Minneapolis 1,580 1,455 1,447 f 987 874 863 593 582 585 1,561 1,482 1,475 47 13 13 Kansas City . _ 1,901 1,740 1,720 1,332 1,209 1,175 569 531 544 1,958 1,841 1,829 48 28 20 Dallas . 1,245 1,105 1,096 957 842 830 288 263 265 1,209 1,108 1,085 41 22 28 San Francisco 4,494 4,375 4,377 3,196 3,021 3,022 1,298 1,353 1,355 4,332 4,310 4,223 125 23 22 Total 58,835 58,108 57,590 42,201 40,618 39,715 16,634 17,490 17,875 55,180 54,954 52,784 1,512 722 563 MEMBER BANKS Boston 2,634 2,592 2,583 1,920 1,836 1,808 715 756 775 2,368 2,355 2,328 80 30 17 New York 11, 763 12,385 12,093 8,813 8,914 8,595 2,950 3,472 3,498 11,056 11,981 10, 358 255 166 69 PhiladelDhia 2,755 2, 713 2,737 1,890 1,829 1,814 865 884 922 2,255 2,301 2,280 102 45 27 Cleveland 3,498 3,479 3, 530 2,418 2,336 2,300 1,080 1,144 1,230 3,164 3,182 3,159 104 39 23 Richmond 1,299 1,204 1,206 990 888 882 309 316 324 1,142 1,105 1 104 65 29 26 Atlanta 1,149 1,059 1,053 889 791 768 260 268 284 1,004 994 962 91 32 34 Chicago 5,117 4,933 4,967 3,901 3,682 3,642 1,216 1,251 1,324 4,757 4,615 4,594 147 27 50 St. Louis 1,375 1,289 1, 289 984 910 899 391 379 389 1,199 1 172 1,151 82 25 29 Minneapolis 957 870 872 597 516 515 360 354 358 906 876 876 40 5 5 Kansas City 1,247 1,151 1,160 823 750 741 424 401 419 1,202 1 187 1 192 45 13 9 Dallas 987 870 868 749 653 649 238 217 219 935 867 850 35 13 18 San Francisco 3,133 3,109 3,116 2,192 2,109 2,124 941 1,001 992 3,016 3,056 2,984 105 12 10 Total. 35,914 35,656 35, 472 26,165 25, 214 24, 738 9,749 10, 442 10, 734 33, 004 33,690 31,839 1,150 435 316 NONMEMBER BANKS Boston. . 4,231 4,270 4,287 2,588 2,604 2,599 1,643 1,666 1,688 3,940 3,996 4,011 23 17 15 New York . . 7,072 7,333 7,188 5,025 5,096 4,905 2,046 2, 237 2,283 7,034 6,829 6,675 29 15 10 Philadelphia 1,750 1,706 1,672 1,039 977 939 711 729 733 1,497 1,476 1,474 68 51 29 Cleveland .- .- 1,466 1,361 1,364 1,031 937 924 435 425 440 1,403 1 257 1 253 10 28 22 Richmond 1,202 1,194 1,185 878 841 824 324 353 361 1,119 1,125 1,108 46 31 34 Atlanta - -- 570 469 453 457 375 360 113 93 93 567 447 439 33 35 33 Chicago _ 2,949 2,721 2,660 2,294 2,081 2,026 655 640 635 2,834 2,672 2,607 77 38 31 St Louis 785 724 686 612 575 541 173 149 146 781 706 666 39 30 32 Minneapolis 623 585 575 390 358 348 233 227 227 655 606 600 8 8 8 Kansas City 655 589 559 509 459 434 145 130 125 756 655 638 3 15 11 Dallas 258 235 228 208 189 181 50 46 47 274 241 235 6 9 10 San Francisco 1,362 1,265 1,261 1,004 912 898 357 353 363 1,316 1,254 1,239 20 12 11 Total _ 22, 922 22,453 22,118 16,036 15, 404 14,977 6,885 7,048 7,141 22,176 21, 264 20, 945 363 287 247 1 Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. Back figures—See Bulletin for July, 1930, and Tables 40, 41, and 81-84, Annual Report of the Federal Reserve Board for 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

23 JANUARY, 1931 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1929 (Table 32).] Federal reserve bank Date effective Boston Y N o e r w k Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis Min o n li e s ap- K C an it s y as Dallas F c S i r s a a c n n o - In effect Jan. 1,1930.. 434 4K 5 5 5 434 434 5 5 434 5 4H Jan. 16 434 Feb 7 4 43^ Feb 8 4K 4 4^ 4H Feb. 11 4M Feb. 13 4 Feb 15 4 Mar. 14 334 Mar 15 4 Mar 20 4 Mar. 21 4 Apr. 8 - 4 Apr 11 4 Apr 12 4 4 Apr 15 4 May 2 3 May 8 3H June 7 334 June 20 234 June 21 3H J J u u l l y y 1 3 2 3 33/2 VA July 18 334 Aug 7 334 Aug 8 i 334 Aug 15 334 Sept 9 i 3H Sept 12 334 Dec 24 2 Dec 29 3 Jan. 2, 1931.. 234 Jan 8 3 Jan 9 3 In effect Jan. 9,1931.. VA 2 &A 3 3H VA 3M 3 VA VA | 334 3 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prime commercial paper Federal reserve bank or branch city October Boston -_ 4 -4% New York Buffalo 5 -6 Philadelphia 4 -434 Cleveland 4 -5 Cincinnati 5 -6 Pittsburgh 5 -6 Baltimore 4J4-6 Charlotte 5 -6 Atlanta 4 -6 Birmingham Jacksonville 434-5 Nashville 6 New Orleans 5 -5M Chicago 4-4^ Detroit 434-6 St. Louis 4-4^ Little Rock 6 Louisville . 6 Minneapolis 4-434 Helena _ 8 Kansas City 43^-5 Denver 5-6 Oklahoma City 5-5H Omaha 434-5 Dallas 4-6 El Paso 6-8 Houston 534-6 San Antonio 6-6J4 San Francisco 5-51^ Los Angeles Portland Salt Lake City Seattle -- Spokane vsoso Novem- ber 4 -434 334-4 5 -6 334-4H 4 -5 5 -6 4 -6 4 -5 4 -6 5 -6 4 -6 4 -5 6 5 -534 4 -434 434-6 4 -43-3 6 6 4 -434 8 434-5 534-6 5 -534 434-5 5 -534 6 -8 6 6 6 6 6 6 6 SO SO Decem- ber 4 -4H 5 -6 3H-4H 4 -5 5 -6 5 -5H 4 -5 4 -6 5 -6 4 -6 4 -5 6 -8 5 -53^ 4 -4H 4 -6 4 -434 6 6 4 -4H 8 4H-5 413-5 5 -5H 5 -534 6 -8 5 -6 6 4^-5 6 cocoCOCO Loans secured by prime Loans secured by warehouse stock-exchange collateral receipts October No b v e e r m- De b c e e r m- October 43^-5 434-5 4 -5 5 -534 4 -5 4 -5 4 -5 4 -5 534-6 534-6 534-6 6 4^-6 4^-6 4 -6 5 -6 5 -6 5 -6 5 -6 4 -6 5 -6 5 -6 5 -6 534-6M 534-6 5 -534 5 -6 6 53^-6 5 -534 5 -534 434-6 5 -6 4^-6 6 534-6 534-6 6 5 -534 5 —534 434-6 4H-5 5J4-7 5J4~ 7 5^-7 6-8 6 -7 6-7 6 -7 534-7 6 6 6 -8 534-6 6 -634 6 6 534-6 4^-5 4312-5 4^-5 5-6 5 -6 534-6 4 6 5-6 5 —534 5 -5V£ 5-6 6-7 6 -7 6 6-7 5^-6 534-6 53^-6 6 5-6 5 -6 5 -6 4-434 8 8 8 6-8 534-6 534-6 534-6 5-6 534-6 5^-6 6-8 8 8 8 6-634 6 -634 6 -634 6-7 6 -7 6 -63^ 6-8 6 -8 6 -8 6 6 6 6-7 6 -7 6 -7 5-6 5 -6 5 -6 6-634 6 -634 53-2-634 6 -634 6 -6H 6 6 6 6-634 6 -%y2 6 -63^ 6 6^-7 6^-7 ne 00 SO SO Novem- ber 5 -5K 4 -434 6 5 -6 4 -6 6 6 6 534-6 4 6 -8 5 -7 5H-6 534-6 4^-5 6 434-6 6-7 6 4 —4)/o 6 -8 5 -6 6 -7 5-6 6-8 5H-6 6-7 6-7 6-7 7 7 SO ne 00 SO SO Interbank loans De b c e e r m- October No b v e e r m- De b c e e r m- 5 -5H 4 -434 4y2-4y± 4 -4H 4 -5 4 -4^ 4 -43^ 4 —4V 6 5 5 5 5 -6 4 -434 4 -4M 4 -434 4 -6 434-6 434-6 6 5 -6 5 -6 5 -6 6 5 -6 5 -6 6 434-5 6 5 -6 5 -6 5 -6 5^-6 6 6 6 4 5 -534 5 -534 5 -5H 6 -8 5 -6 5 -6 5 -7 6 6 6 6 -8 53^-6 6 5H-6 5 -6 5 -6 5 -6 4^-5 4M-534 6 5-6 5 -6 5 -6 434-6 5-534 5 -534 5 -5H 6 ~6H 6 6 -7 6 6 5-534 5 -534 5 4 -434 534-6 6 -8 6-8 6 -8 6 -8 5 -6 534-6 534-6 6 -8 6 6 6 6 -8 6 6 6 6 5^-6 5^-6 5^-6 5^-6 5-534 5 -53^ 5 -5H 8 8 5-6 534-6 5^-6 5 -6 5 -6 5-6 5 -6 5 -6 6 -8 6 -8 6 6 6 534-6 53^-6 5 5 5 6-7 6 -7 5H-6 6 6 6 -7 6 -7 6 6 6 7 7 534-6 6 6 7 7 6 6 6 7 7 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY, 1931 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District City Total i Boston Y N o e r w k* P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r i a s a c n n o - - Y N o e r w k c C a h g i o - Loans and investments: Dec. 3 - - - 23,316 1,502 9,579 1,306 2,228 648 593 3,349 642 369 657 448 1,996 8,352 2,008 Dec 10 23,242 1,495 9,512 1,307 2,227 643 591 3,361 638 365 656 444 2,002 8,280 2,018 Dec. 17 23,084 1,495 9,234 1,314 2,247 648 605 3,415 640 371 653 449 2,011 8,003 2,061 Dec. 24 _ _ . 22,985 1,485 9,263 1,318 2,227 644 601 3,350 645 364 650 449 1,987 8,045 1,999 Dec 31 22,956 1,492 9,365 1,291 2,216 629 577 3,312 650 364 662 444 1,954 8 152 1 978 Loans: Dec. 3 16,516 1,120 6,812 895 1,487 463 452 2,496 476 237 412 332 1,332 5,975 1,472 Dec 10 16,426 1,113 6,737 891 1,493 461 448 2,499 472 233 412 330 1,339 5,896 1,475 Dec. 17 _ 16,258 1,100 6,545 878 1,503 464 452 2,518 477 240 412 327 1,340 5,706 1,487 Dec 24 16,200 1,098 6,581 884 1,482 461 451 2, 466 480 233 408 329 1,326 5 749 1,438 Dec. 31 . 16, 263 1,115 6,687 883 1,475 450 436 2,444 483 233 409 329 1,320 5,859 1,414 On securities— Dec 3 7,769 451 3,734 450 723 171 140 1,197 193 77 111 93 429 3,341 840 Dec. 10 7,769 451 3,708 450 724 171 135 1,219 192 78 112 94 436 3,310 861 Dec 17 7,741 450 3,644 452 735 175 137 1,231 198 78 111 95 436 3 248 874 Dec. 24 7,779 440 3,756 463 720 173 136 1,193 198 78 107 95 420 3,366 835 Dec. 31 7,814 454 3,828 476 706 171 130 1,150 206 79 108 95 412 3,438 789 All other- Dec. 3 - - - - 8,747 669 3,078 446 765 292 312 1,299 283 160 302 239 903 2,634 632 Dec. 10 _- 8,656 662 3,029 440 769 289 313 1,280 280 155 301 236 903 2,586 614 Dec 17 8,517 651 2,901 426 768 289 315 1,288 279 162 302 233 904 2,457 613 Dec. 24 _ . 8,421 658 2,826 422 762 288 315 1,272 282 155 301 234 906 2,383 603 Dec. 31 _- 8,449 661 2,859 407 769 280 307 1,294 277 154 301 234 908 2,421 625 Investments: Dec. 3 - 6,800 382 2,767 411 741 185 141 853 166 131 244 116 664 2,377 536 Dec 10 6,816 382 2,775 417 735 182 144 863 166 132 244 114 662 2,384 543 Dec. 17 6,827 394 2,689 436 744 184 153 897 163 131 241 122 671 2,297 574 Dec. 24 _ 6,785 387 2,681 434 746 183 151 884 166 131 242 120 660 2,295 561 Dec 31 6,693 377 2,679 408 741 179 140 868 167 131 253 115 634 2,293 564 U. S. Government securities- Dec 3 3,095 153 1,336 127 343 75 62 387 36 70 98 66 343 1,217 232 Dec. 10 - 3,144 152 1,388 127 342 73 63 392 36 70 99 64 338 1,271 239 Dec 17 3,214 165 1,356 145 353 74 73 431 32 68 100 71 347 1,236 273 Dec. 24 3,156 153 1,352 143 348 74 69 415 32 67 98 69 336 1,234 258 Dec 31 2,992 149 1,298 114 335 70 58 389 34 67 106 61 313 1,182 250 All other- Dec. 3 3,706 228 1,431 283 398 110 79 467 131 61 146 50 321 1,160 304 Dec 10 3,672 230 1,387 289 393 110 81 470 131 63 145 50 324 1,114 304 Dec. 17 3, 612 229 1,334 291 391 110 81 466 131 64 142 51 324 1,061 301 Dec. 24 _ 3,629 234 1,329 291 397 109 82 469 133 64 144 51 324 1,061 304 Dec 31 3,701 228 1,381 294 406 109 83 479 133 65 147 54 322 1,111 314 Reserves with Federal reserve banks: Dec. 3 : 1,816 99 867 88 139 41 39 272 45 27 54 34 111 806 193 Dec. 10 1,849 99 905 89 139 38 39 270 46 26 54 32 112 841 192 Dec 17 1,854 100 904 86 136 40 38 275 46 28 57 35 110 841 194 Dec. 24 _ 1,772 97 848 82 136 38 39 265 45 25 55 33 108 782 186 Dec 31 1,878 107 921 85 134 39 40 287 45 24 57 32 107 861 215 Cash in vault: Dec. 3 230 13 70 14 28 13 10 34 9 5 10 6 18 56 14 Dec 10 269 15 93 16 31 14 10 37 9 5 11 7 21 79 14 Dec. 17 293 16 105 17 33 17 10 38 9 5 10 7 26 90 15 Dec 24 318 18 118 25 30 17 11 39 9 6 11 7 26 104 17 Dec. 31 287 16 99 19 32 15 12 39 8 5 11 7 25 85 16 Net demand deposits: Dec. 3 13,908 891 6,504 i 764 1,082 344 306 1,907 365 228 467 281 767 5,933 1,323 Dec. 10 13,914 883 6,515 764 1,080 345 305 1,922 369 224 466 277 765 5,947 1,328 Dec 17 13,771 870 6,438 756 1,066 339 299 1,911 374 221 468 276 752 5,855 1,306 Dec. 24 , 13, 603 857 6,398 750 1,062 329 299 1,855 376 215 463 271 729 5,832 1,275 Dec 31 13,999 896 6,663 767 1,070 332 303 1,872 393 207 476 269 751 6,070 1,273 Time deposits: Dec. 3 7,372 535 1,927 ! 366 1,010 248 234 1,297 233 152 197 150 1,023 1,377 615 Dec. 10 7,355 530 1,911 365 1,010 245 234 1,300 232 151 197 150 1,030 1,360 616 Dec. 17 7,180 523 1,763 361 1,005 243 230 1,300 229 151 195 148 1,032 1,216 617 Dec. 24 . ._ i 7,126 520 1,756 356 992 241 230 1,284 227 150 195 147 1,027 1,209 601 Dec. 31 .-i 7,070 509 1,741 351 985 241 229 1, 265 226 148 190 147 1,037 1,201 602 Government deposits: Dec. 3 _ Dec. 10 • I Dec. 17 -. 248 23 50 20 26 16 24 39 1 1 3 14 30 43 31 Dec. 24 202 19 41 16 21 12 20 32 1 1 2 12 25 ! 35 25 Dec. 31. 204 19 41 16 21 14 20 32 1 1 2 12 25, 35 25 1 Bsginnin? with Dae. 17, the figures are exclusive of those for 1 bank in New York City, which closed Dec. 11. Last report of bank showed loans and investments of about $190,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

25 JANUARY, 1931 FEDERAL RESERVE BULLETIN PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In millions of dollars] Federal Reserve District f City Total Boston XT T I Phila- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M ea in p- - K s a a n s - Dallas Fran- Y N o e r w k c C a h g i- o olis City ! Cisco Due from banks: Dec. 3 1,526 160 102 124 261 82 99 166 101 199 | 92 169 Dec. 10 1,492 134 97 118 250 97 95 165 109 200 i 78 155 Dec. 17.-. 1,481 167 I 87 106 74 235 89 84 168 108 206 ! 99 142 Dec. 24 1,407 158 ! 69 99 67 237 83 87 100 195 | 94 150 Dec. 31 1,617 204 ! 97 126 83 300 73 147 j 97 219 ; 132 207 Due to banks: Dec. 3 3,455 140 1,263 ! 239 314 117 100 477 115 214 | 118 274 1,185 335 Dec. 10 3,339 131 1,178 ! 232 312 110 101 477 120 207 118 1,104 335 Dec. 17.. 3,434 131 1,283 i 230 298 104 98 496 118 213 115 264 i1,211 358 Dec. 24 3,203 120 1,154 ! 210 284 97 488 115 208 109 240 !1,090 354 Dec. 31 3,539 150 1,389 i 214 289 102 514 116 204 112 263 i1,317 368 Borrowings from Federal reserve banks: Dec. 3 99 21 I 2 9 Dec. 10 106 37 i 2 3 Dec. 17 160 38 : 1 44 Dec. 24 250 89 I 2 49 Dec. 31 89 17 I 1 11 DECEMBER CROP REPORT [Based on estimates, by States, for December 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Production, Estimate, Production,; Estimate, Production, Estimate, Production, Estimate, 1929 Dec. 1,1930 1929 Dec. 1,1930 1929 Dec. 1,1930 1929 Dec. 1,1930 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7 721 8,028 110 86 110 86 New York 24, 355 23, 155 5,188 5,619 5,052 5,449 136 170 Philadelphia. 42, 363 27, 778 18, 690 22,911 18, 591 22, 809 99 102 Cleveland 170,010 107, 808 36, 862 34, 632 36, 765 34, 532 97 100 Richmond .. 152, 032 110,120 26, 059 28, 626 26, 059 28 626 Atlanta 174, 605 126, 380 4,144 3,790 4,144 3, 790 Chicago 879, 380 730, 306 62, 550 69, 718 58,140 64,110 4,410 5,608 St. Louis _. 312, 580 182, 698 44, 676 50,141 44, 259 49, 564 417 577 Minneapolis 294, 502 248, 540 189, 853 196, 950 12, 455 11,064 177, 398 185,886 Kansas City- 444, 781 404,168 267, 571 296,197 255,475 285. 271 12,096 10,926 Dallas 101,149 100,951 39,923 29, 116 39, 580 28,926 343 190 San Francisco... ... 10,654 11,116 113, 550 113,179 75, 693 70, 196 37, 857 42, 983 Total 2, 614,132 2,081,048 809,176 850,965 576, 213 604, 337 232,963 246, 628 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1929 Dec. 1,1930 1929 Dec. 1,1930 1929 Dec. 1,1930 1929 Dec. 1,1930 1929 Dec. 1,1930 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 8,369 8,754 4,531 4,214 39,811 43,181 57, 650 55 820 STew York 25,493 46, 675 6,838 5,852 1,085 1,081 27, 642 33,421 Philadelphia 18, 750 25, 268 3,037 2,674 49, 536 38,118 23,196 22, 548 Cleveland. 64,498 81, 866 7,168 4,084 149, 879 139, 252 19,531 16, 783 Richmond 26,999 25, 451 4,198 2,486 725,898 740, 651 37, 244 32, 605 1,625 1,877 Atlanta 15, 814 14, 510 2,884 2,211 185, 390 210, 766 11, 945 12,166 3,468 3,778 Chicago 501,169 571,158 23,180 16, 726 49,167 52, 685 46,151 38, 637 St. Louis 51,166 62,404 9,057 5,724 316,511 275, 389 13, 318 15, 278 1 3, 306 2 2, 531 M inneapolis 283,837 312,857 12,032 10, 343 4, 687 6,049 48, 510 40, 342 Kansas City 151,856 167, 547 12,411 11, 678 2,713 3,136 31, 595 37, 380 1,169 847 Dallas 45, 514 48,881 1,279 1,232 3,189 4,594 4,862 4,816 San Francisco 34,904 36, 655 14,278 15,432 --- - - 39,077 51, 516 398 394 Total 1,228, 369 1,402,026 100,893 82, 656 1, 524, 677 1,510, 308 359,048 361,090 14,828 14, 243 1 Includes 9,000 bales grown in miscellaneous territory. 2 Includes 6,000 bales grown in miscellaneous territory. NOTE.—Figures for 1929 are as revised in December, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDEKAL RESERVE BULLETIN JANUARY, 1931 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1930 1929 Num- 1930 1929 Federal reserve district Federal reserve district ber of Nov. Oct. Nov. cities Nov. Oct. Nov. Boston 20,993 27,932 22,746 Boston.. 4,627 5,484 4,174 New York ' 70,835 95,490 168,750 New York.... 48, 784 34,029 62, 208 Philadelphia 12,651 16, 202 24,226 Philadelphia.. 8,916 10, 284 Cleveland ' 37,488 41, 342 23.950 Cleveland 6,992 14, 096 12, 678 Richmond '• 15,067 25, 569 22,870 Richmond 5,242 6,454 5,312 Atlanta - i 15,851 12, 488 12,568 Atlanta 1,774 3,501 2,595 Chicago - -j 39,443 52, 622 57,879 Chicago 10,004 15, 299 28, 658 St. Louis - j 15,530 31, 705 18,679 St. Louis 1,673 1,765 3,024 Minneapolis ; 5, 694 6,347 J 11,703 Minneapolis.. 1,600 2,076 2,759 Kansas City... I 11,004 17, 003 ; 13,541 Kansas City.. 3,464 9,018 6,627 Dallas i 9,017 10, 602 14,100 Dallas 3,316 4,712 4,684 San Francisco. 20 13,030 14, 914 16, 649 Total (11 districts) . 1. 253,574 337,301 391,013 Total. _. 168 109,420 118,215 159, 651 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. BANK DEBITS COMMERCIAL FAILURES [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] Num- 1930 1929 ]XTumbei Liabilities c b e e n r t e o r f s Nov. Oct. Nov. Federal reserve district 1930 1929 1930 1929 New York City 1 22,490 30,781 53,604 Nov. Oct. Nov. Nov. Oct. Nov. Outside New York City 140 19, 696 23,693 28,486 Federal reserve district: Boston 182 177 173 2,769 4,996 8,459 Boston 11 2,326 2,767 3,296 New York 411 458 391 17,196 18, 587 21,302 New York 7 23,192 31, 635 54, 700 Philadelphia 93 122 95 4,068 3,797 2,026 Philadelphia 10 1,821 2,246 2,926 Cleveland . - 169 185 120 4,057 3,476 3,450 Cleveland 13 2,171 2,654 2,985 Richmond 121 121 98 1,718 1,431 1,907 Richmond _ . _ 7 699 805 805 Atlanta 110 100 112 3,208 3,048 1,245 Atlanta 15 871 1,053 1,148 Chicago 304 337 298 5,582 8,136 6.154 Chicago 21 4,880 5,956 7,625 St. Louis ... 92 118 126 3,870 3,506 1,773 St. Louis 5 928 1,112 1,342 Minneapolis 48 50 53 398 418 743 Minneapolis 9 673 761 912 Kansas City 160 129 125 5,495 1,400 2,179 Kansas City 15 1,179 1,388 1,533 Dallas 91 51 37 2,497 840 438 Dallas 10 564 694 812 San Francisco 250 276 168 4,401 6,661 2,368 San Francisco _ 18 2,882 3,404 4,006 Total - - 2,031 2,124 1,796 55, 261 56, 297 52, 046 Total 141 42,186 54,474 82,090 BANK SUSPENSIONS [Figures for latest month are preliminary. For statistics of bank suspensions by States see p. 47] [Banks closed to public permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks. Deposit figures are for the latest available date prior to suspension and are subject to revision] Number of banks ]Deposits (in thousands of dolars) Federal reserve district All banks Members 1 No b n e m rs e 2 m- All banks Members i Nonmembers 2 Dec, Year, Year, Dec, Year, Dec, Year, Dec, Year, Year, ! Dec, Year, Dec, Year, 1930 1930 1929 1930 1930 1930 ! 1930 1930 1930 1929 1930 1930 1930 1930 | . _ . Boston __ 5 11 1 5 i 10 17,114 39 016 852 17 114 38 164 New York 6 11 6 2 4 4 7 187, 642 189,799 19,101 161,377 162, 535 26, 265 27, 264 Philadelphia 6 10 3 1 1 5 9 57, 320 60,105 3,304 553 553 56, 767 59, 552 Cleveland 4 41 14 9 4 32 780 41,987 8 431 10 940 780 31 047 Richmond 62 145 59 10 22 52 ; 123 34,065 86,674 19,601 11, 385 22^ 694 22,680 63,980 Atlanta 35 141 119 4 22 31 119 15, 215 92, 771 62,405 7,881 33,162 7,334 59,609 Chicago 53 263 93 10 32 43 231 32, 346 114,164 35, 579 16, 092 27, 565 16,254 86,599 St. Louis 97 352 44 17 42 80 310 40, 626 188,015 9,422 • 13,688 98,150 26, 938 89, 865 Minneapolis 31 155 84 7 17 24 . 138 8,787 26, 857 15, 300 2,495 3,953 6,292 22, 904 Kansas City 16 135 193 1 15 15 120 3,751 30,110 39,204 ; 68 7,940 3,683 22,170 Dallas 8 42 11 4 18' 4 24 4,014 18, 880 1,931 2,892 14, 320 1,122 4,560 San Francisco.. 5 20 16 1 5 4 15 5,667 15, 576 20, 254 952 6,135 4,715 9,441 Total 328 1,326 642 57 188 271 1,138 407,327 903,954 234,532 i 217,383 388, 799 189,944 515,155 Banks reopened 34 138 58 1 8 33 i 130 13, 783 54,678 25,829 797 4,501 12,986 50,177 1 December figures include 50 national banks with deposits of $52,584,000 and of 7 State bank members with deposits of $164,799,000; year 1930 figures include 162 national banks with deposits of $180,843,000 and 26 State bank members with deposits of $207,956,000. 2 Includes private banks for which deposit figures are not available, as follows: Dec. 3; year, 1930, 6 banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 27 FOREIGN BANKING AND BUSINESS CONDITIONS RECENT GERMAN BANKING LEGISLATION Under Article IX of the agreement with the liquidation of outstanding notes of the Germany signed on January 20, 1930, at The Deutsche Rentenbank (Rentenbankscheine) Hague, the German Government agreed to which is now taking place under the managetake the measures necessary for the enactment ment of the Reichsbank. of a law for the amendment of the bank law of This series of alterations in the status of the August 30, 1924, in accordance with Annex V Reichsbank and allied institutions, the last of the agreement. The provisions of Annex of which became effective December 1, 1930, V were later embodied by the German Govern- are presented in full below. A brief analysis ment in an act approved March 13, 1930, of the most comprehensive act—the law amendthough it was not to be made effective until ing the bank law of August 30, 1924—is given some future date fixed upon by the Government. herewith. At the same time advantage was taken of this In general this law embodies provisions amending act to alter a number of other articles which were rendered necessary by the shift in the bank law not referred to in Annex V of from a situation in which the general council the agreement. of the Reichsbank was half composed of On April 15 the managing board and the nationals of foreign countries and notes were general council of the Reichsbank concurrently issued under the supervision of a foreign decided to put into force article 31 of the bank commissioner, to a situation in which all law, the decision to take effect at the same foreign control over the banking and currency time as the New Plan.1 Article 31 requires system has been removed. Most of these the Reichsbank to redeem its notes in gold or provisions were in fact formulated in Annex V gold bars, or in foreign exchange at the market of the agreement with Germany signed at The value of the foreign currency in gold. Under Hague on January 20, 1930. Articles 2-8, 10 article 52 the coming into force of article 31 (final paragraph), 12, 14, and 15 of section 1 of required a concurrent resolution such as was the law approved March 13, 1930, amending actually adopted on April 15. the bank law of August 30, 1924, merely carry The New Plan became effective on May 17, out the stipulations of Annex V of The Hague 1930. In accordance with the decision already agreement. Articles 2,4-9,14, and 18 all have to taken, article 31 of the bank law automatically do with changes in regard to the general council went into force on that date; and on May 19 and the commissioner for the issue of notes. the German Government decreed the law Articles 11 and 13 and the final paragraph of amending the bank law and approved March article 10 deal with other matters connected with 13, 1930, to be in effect as from May 17, 1930. The Hague agreements. Article 2, in addition to dealing with the general council, includes Section III of the amending law, provided provisions which enlarge the power of the for a special act for the purpose of altering President of the Reich. Article 10, aside from distribution of profits of the Reichsbank. This the final paragraph, alters certain of the condispecial act amending article 37 of the bank law tions governing security loans. Loans on setook the form of a decree dated December 1, curity of Government and municipal bonds ma- 1930. In connection with the change in the turing within one year, formerly made to banks provisions governing distribution of profits only, can now be made to any type of borrower; of the Reichsbank, a portion of the shares of but the power of the Reichsbank to lend on the Deutsche Golddiskontbank, a subsidiary of long-term bonds of the Reich w^ith the added the Reischbank, was assigned to shareholders security of two obligees liable on the loan, one of the latter institution. By decree of Decemof them a bank, is rescinded. The period at ber 1, 1930, the legal status of the Golddiskontwhich the German Government must be bank was redefined. A third decree as of Deentirely out of^ debt to the Reichsbank is cember 1, 1930, established a new schedule for changed by article 12 from the end of any business year to July 15 of each year. The i This is the official term for the series of arrangements by which a final settlement of reparations and other financial claims arising out of remaining articles of the amending act are the World War was effected. The New Plan embodies the experts' report of June 7,1929, the protocol of Aug. 31,1929, and The Hague agree- either routine in character or self explanatory. ments of Jan. 20, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY, 1931 LAW AMENDING THE BANK LAW OF AUGUST or his deputy shall consult the government of the 30, 1924 Reich concerning the election." VII. Article 17 shall read as follows: Approved March 13, 1930 (Reichsgesetzblatt II, p. "The following classes of persons shall not be elected 355) as members of the general council: "(a) Officials in the immediate service of the German The Reichstag has adopted the following law, which' Reich or of any German State, unless they are in a with the assent of the Reichsrat, is hereby promulgated: permanent state of retirement. "(6) Persons who receive any payment from the SECTION i German Reich government, or from the government of any German State. Remuneration for earlier services The bank law of August 30, 1924 (Reichsgesetzblatt does not count as payment." II, p. 235), shall be amended as follows: VIII. Article 18 shall read as follows: I. In article 5, paragraph 1, the words "provided "Decisions of the general council require a simple always that such original capital shall not be less than majority; if the votes are equally divided the chairman 300 million reichsmarks" shall be omitted. shall have a casting vote. This provision shall not apply Paragraph 2 of article 5 shall be canceled. to the election of the president, nor to the assent to be II. Article 6, paragraph 4, shall read as follows: given to the appointment of the members of the "The president shall be elected by the general managing board. council after the latter has heard the managing board "At each of its meetings and at least once in three of the Reichsbank. Such election requires a majority months, the general council shall examine the reports of 7 votes and the confirmation of the President of the submitted to it by the president. It shall decide on Reich, who signs the deed of appointment. By the all proposals made to it by the president, provided that delivery of the deed the president elected is duly such decisions do not encroach upon the rights of adminappointed." istration of the bank reserved to the managing board." Paragraph 5 of article 6 shall be canceled. IX. Article 19 shall be deleted, The present paragraph 6 of article 6 shall read as X. Article 21, subsection 3 b, last sentence, shall follows: read as follows: "The members of the managing board shall be "viz, the bonds to bearer of German public credit appointed by the president after approval by the institutions as well as * * *" (i. e., the word general council. The same majority is required for "land" shall be deleted). such approval as for the election of the president. The Article 21, subsection 3 c shall read as follows: appointment requires confirmation by the President of "On the security of interest-bearing bonds to bearer the Reich. The members are duly appointed by or bonds to bearer (maturing within a year) of the delivery of the deed of appointment. The appoint- Reich, of any German State, or of any German comment shall be for a term of 12 years, subject always to munal corporation or on the security of interest-bearing the condition that on attaining the age of 65 years a bonds to bearer of which the interest is guaranteed by member shall cease to hold office." the Reich or by a German State, the amount lent not The present paragraph 9 of article 6 shall be supple- to exceed three-quarters of the market value of such mented by the following passage: securities." "The approval shall be considered as refused if two- Article 21, subsection 3, last paragraph, shall be thirds of the members have voted against the new deleted. candidate." Article 21, add at end as new paragraph: The present paragraph 10 of article 6 shall be supple- "All functions confined to and obligations imposed on mented by the following passage: central banks in general or any one such central bank "The dismissal of the president or of a member of specially by the New Plan (Hague agreement, January, the managing board requires confirmation by the 1930), will be performed in Germany by the Reichs- President of the Reich." bank . All functions confided to and obligations imposed III. Article 12, paragraph 2, shall read as follows: on presidents of central banks in general or any one "The general meeting shall also determine the stat- such president specially by the New Plan will be perutes and any changes in the statutes on the proposal formed ifl Germany by the president of the Reichsbank." of the managing board and with the consent of the XI. Article 24 shall be supplemented by the followgeneral council. The statutes and any changes therein ing paragraph 2: shall be published by the managing board in the "The bank is entitled to acquire or to sell shares of Reichsanzeiger." the Bank for International Settlements and to guar- IV. Article 14 shall read as follows: antee their subscription." "A general council of the Reichsbank shall be con- XII. Article 25, paragraph 2, in the second sentence stituted consisting of 10 members. These members the words "at the end of any business year" shall be must be German nationals." replaced by "on July 15 of each year." V. Article 15 shall read as follows: XIII. Article 26, paragraph 1, the second sentence "The president of the Reichsbank managing board shall be deleted. shall be one of the members and also chairman of the Paragraph 2 of article 26 shall be deleted. general council." XIV. Article 27, paragraphs 1 to 3, shall read as *. The term of office of a member of the general councilfollows: with the exception of the president shall be three years. "The preparation and completion; the issue, the VI. Article 16 shall read as follows: withdrawal, and the destruction of bank notes shall "The members of the general council, with the ex- be effected under the control of the president of the ception of the president, shall be elected by means of Rechnungshof of the German Reich as commissioner. cooption by those members of the general council who "The checking of the issue of notes shall be effected are in office at the time, subject to confirmation on the by numerically ascertaining the available note cover as part of^such of the shareholders as are German nationals. prescribed by law. The examination shall take place Before the election the chairman of the general council on those days for which the bank, according to article Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 29 36, paragraph 1, regularly publishes its returns. The bank law. This decision shall become effective at the reports as to such examinations must be submitted to same time the New Plan is put into force. the general council at each of its meetings. No exam- REICHSBANK-DIREKTORIUM. ination or discussion concerning the credit, discount, and currency policy of the bank shall take place in Berlin, April 15, 1930. connection with the checking. DECREE PUTTING INTO EFFECT THE LAW " Statements as to the cover of notes and as to the AMENDING THE BANK LAW, MAY 19, 1930 notes in circulation must be given to the commissioner daily." (Reichsgesetzblatt II, p. 777) XV. Article 38 paragraph 4 shall read as follows: In pursuance of Section IV of the law amending the " While the note issue privilege is in force, the Reichs- bank law and approved March 13, 1930 (Reichsgesetzbank may only go into liquidation with the consent of blatt II, p. 355), the following shall be enacted: the government of the Reich. Thereafter, the Reichs- " The law amending the bank law and approved on bank shall, before going into liquidation, give notice March 13, 1930 (Reichsgesetzblatt II, p. 355), shall to the government in good time." come into force as of May 17, 1930." XVI. (1) Article 39: The words from "to a fine" REICHSWIRTSCHAFTSMINISTER. to the end of the sentence shall be modified as follows: Berlin, May 19, 1930. "to a fine of from five thousand to one hundred thousand reichsmarks." DECREES OF THE PRESIDENT OF THE REICH (2) Article 41: (a) Paragraph 1, the word "know- FOR SAFEGUARDING THE NATIONAL ECONingly" shall be deleted; (b) Paragraph 2, the words OMY AND PUBLIC FINANCES, DECEMBER 1, from "with a fine" to the end of the sentence shall be 1930 modified as follows: "to a fine of from five thousand (Reichsgesetzblatt I, pp. 591-592) to one hundred thousand reichsmarks." DISTRIBUTION OF PROFITS OF THE REICHSBANK XVII. Articles 42 and 43 shall be deleted. The provisions of article 37 of the bank act of August XVIII. Article 44, subsection 10, both paragraphs 30, 1924 (Reichsgesetzblatt II, p. 235), shall be apshall be deleted. plied as follows: SECTION II Article 37 paragraph 1 shall read as follows: Members of the managing board as well as German "Ten per cent of the yearly net profit shall be paid members of the general council, in office at the time of into a surplus fund until it shall amount to 100 per the coming into operation of this law, shall remain in cent of the paid-in capital stock of the bank." office. The duration of their term of office is governed, Article 37 paragraph 3 shall read as follows: respectively, by the provisions of article 6, paragraph 6, "The balance of the net profit remaining after payand of article 15, paragraph 2, of the bank law of ment of the said dividend shall be distributed as follows: August 30, 1924. 75 per cent of the first 25,000,000 reichsmarks falls to As regards their first term of office the new members the Reich and 25 per cent to the shareholders, 90 per joining the general council after this law comes into cent of the next 20,000,000 reichsmarks falls to the force, shall be distributed amongst the three pre- Reich and 10 per cent to the shareholders. Of the existing groups of German members. The first meeting remainder, if any, 95 per cent falls to the Reich and 5 of the general council taking place after this law comes per cent to the shareholders. The amounts so allotted into force shall decide upon the distribution amongst to the shareholders may, on the proposal of the managthe several groups by lot. ing board, either be paid out as an additional dividend or be used for a special reserve for future dividends SECTION III created for the purpose of equalization of dividends." Article 37 and the distribution of profits for 1930 and REORGANIZATION OF THE DEUTSCHE GOLDDISKONTBANK for the following years shall be altered by a special act SECTION I SECTION IV The following regulations henceforth govern the legal The date of the coming into force of this law shall be status of the Deutsche Golddiskontbank established by fixed by the Government. the law for the Deutsche Golddiskontbank of March REICHSPRASIDENT. 19, 1924 (Reichsgesetzblatt II, p. 71): BERLIN, March 13, 1980. ART. 1. The purpose of the Deutsche Golddiskontbank is to supply the credit requirements of NOTIFICATION OF THE REDEMPTION OF the national economy, especially in the field of promo- REICHSBANK NOTES, APRIL 17, 1930 tion of exports. The Deutsche Golddiskontbank has its headquarters in Berlin. It has the legal status of a (Reichsgesetzblatt II, p. 691) private person and is subject to the regulations apply- The managing board of the Reichsbank has issued ing to stock companies, so far as not otherwise provided the following notification, which is published herewith in this law. Public notification of the statutes and their in accordance with article 52 of the bank law of August modifications shall be made. Changes in the statutes 30, 1924. require the consent of the government of the Reich. ART. 2. In order to create funds for the granting of REICHSWIRTSCHAFTSMINISTER. credit, the Deutsche Golddiskontbank may issue REICHSMINISTER DER FINANZEN. interest-bearing bonds to bearer up to five times the BERLIN, April 17, 1930. amount of its capital and reserves. The general regulations for the bonds to be issued in NOTIFICATION REGARDING THE REDEMPTION OF accordance with paragraph 1 shall be promulgated by REICHSBANK NOTES the government of the Reich. Interest on the bonds In pursuance of article 52 of the bank law of August is not subject to deduction for tax on capital yield. 30, 1924 (Reichsgesetzblatt II, p. 235) the managing ART. 3. The certification of the board of directors as board and the general council of the Reichsbank have well as of other persons authorized to represent the concurrently decided to put into force article 31 of the bank in legal matters may be effected by an official Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY, 1931 certificate from the notary appointed at the Reichs- Reichstag, to decree the collection of the interest on bank in accordance with section 8 of the banking law the succeeding legal due date." of August 30, 1924. The resolutions of the general 2. Article 5 shall read as follows: meeting may be recorded by this notary. "(1) According to the provisions of this law, by The general meeting shall adopt resolutions in all December 31, 1942, at the latest, the Reichsbank must cases by a simple majority of the votes cast. liquidate the total amount of the outstanding Renten- The regulations of the German commercial code, which bank notes. apply to the register of the court of commerce, do not " (2) As soon after April 1, 1930, as an amount has affect the Deutsche Golddiskontbank. Similarly the accumulated in the sinking fund which equals the total regulations for the establishment and the promoters' of the outstanding Rentenbank notes, as published by liability, also the regulations in articles 40 (par. 1), the minister of finance of the Reich in accordance with 180, 182, 227, 246 (par. 4), 252 (par. 3, sentence 2), article 7, paragraph 4, of this law, but not later than 259, 266, 267, 281 (par. 1, No. 4), 295 (par. 2), 302January 1, 1943, the Deutsche Rentenbank must call (pars. Ito3), 309, 314 (par. 1, No. 4), and 319 of the in the still outstanding Rentenbank notes for redemp- German Commercial Code, as well as the regulations of tion and for exchange into lawful money within six the decree regarding gold balance sheets of December months. The Reichsbank must make the exchange 28, 1923 (Reichsgesetzblatt I, p. 1253), have no appli- at its windows out of the resources placed at its disposal cation to the Deutsche Golddiskontbank. The by the term of article 7." exemption from the regulations of article 40, paragraph 3. Article 7 shall read as follows: 1, and of article 180 of the German Commercial Code "(1) The annual share of profits accruing to the is postponed until December 31, 1931. Reich according to article 37 of the bank law is allotted ART. 4. An advisory council of experts in the export- to the sinking fund until all the Rentenbank notes ing business shall be formed in connection with the outstanding on April 1, 1930, are redeemed, at the Deutsche Golddiskontbank, the advisory opinions of latest until December 31, 1942. which the bank must consult with reference to the " (2) In case the collection of interest is again principles of its operation, and which it may hear at decreed in accordance with the authority granted in any time. The instructions with regard to the com- article 4, paragraph 3, sentence 4, the Deutsche position and the powers of the advisory council shall Rentenbank must remit to the sinking fund all the be formulated by the board of directors of the bank. receipts from the debtors as provided in article 4 of ART. 5. All persons connected with the Deutsche this law. These payments are to be transmitted Golddiskontbank as managers or employees, as well direct to the sinking fund at the Reichsbank by the as those concerned in the supervision, are obligated to payment offices (Finanzamtern). observe secrecy in regard to the business of the bank, "(3) If the total of the amounts remitted to the sinkeven after their connection with the Deutsche Gold- ing fund up to December 31, 1942, is not sufficient for diskontbank is ended. Contrary provisions of other the redemption of all outstanding Rentenbank notes, laws have no application to the Deutsche Golddiskont- the Reich shall place at the disposal of the Reichsbank bank. The regulations of the criminal procedure and from time to time upon request the necessary funds so of the tax laws of the Reich are not affected. far as the Deutsche Rentenbank is unable to furnish ART. 6. The Deutsche Golddiskontbank must be them. examined anually, before the verification of the balance "(4) The total of the Rentenbank notes left in circulasheet, by an independent agency to be selected by the tion on April 1, 1930, shall be published by the minister board of directors. The board of directors reports to of finance of the Reich." the general meeting the result of the examination. The 4. Article 9 shall read as follows: "The Deutsche provisions of section 5 of this decree apply likewise to Rentenbank is authorized, with the consent of the persons connected with the examination. government of the Reich, to transfer its property or ART. 7. The regulations of the law for the Deutsche parts thereof to the Deutsche Rentenbank-Kredit- Golddiskontbank of March 19, 1924 (Reichsgesetz- anstalt." blatt II, p. 71) are annulled. As regards the regulation 5. Articles 8, 10, and 12 are annulled. of article 11, paragraph 1, sentence 1, this is not in 6. Article 13 shall read as follows: "Whatever effect, however, until January 1, 1931. balance remains in the sinking fund after the expiration of the period for redemption shall accrue to the SECTION II Reich." Articles 2 and 3 of the law for the amendment of the 7. Article 14, paragraph 2, shall read as follows: bank law of March 19, 1924 (Reichsgesetzblatt II, p. "After the expiration of the period for redemption 73), are annulled. (art. 5, par. 2) the Deutsche Rentenbank shall be SECTION III placed in liquidation. At the completion of the liqui- The tax exemption provisions, beginning January 1, dation the mortgages of the debtors are canceled. The 1931, in article 9, paragraph 1, No. 2, of the corpora- property of the Deutsche Rentenbank after completion tion tax law of August 10, 1925 (Reichsgesetzblatt I, of the liquidation falls to the Reich. The government p. 208), and in article 4, paragraph 1, No. 1, of the of the Reich shall issue further regulations for the property tax law of August 10, 1925 (Reichsgesetz- carrying out of the liquidation and shall publish the blatt I, p. 233), are not applicable to the Deutsche date of the close of the liqudation." Golddiskontbank. 8. The following is added as article 22: "Mortgage interest in arrears receivable after April 1, 1930, accrues LIQUIDATION OF RENTENBANK NOTES to the sinking fund." SECTION I. The law of August 30, 1924, for the liqui- SEC. II. Article 18 of the law for the establishment dation of Rentenbank notes in circulation (Reichsge- of the Deutsche Rentenbank-Kreditanstalt of July 18, setzblatt II, p. 252) is to be amended as follows: 1925 (Reichsgesetzblatt I, 145, 156), is annulled. 1. Article 4, paragraph 3, shall include the following SEC. III. Article 15 of the decree for the establishsentences 3 and 4: " Interest payments legally due on ment of the German Rentenbank of October 15, 1923 April 1, 1930, and later, are abolished. The govern- (Reichsgesetzblatt I, p. 963), is annulled. ment of the Reich, however, is empowered, with the SEC. IV. The provisions of this decree are effective consent of the Reichsrat and of a committee of the beginning April 1, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDEKAL RESERVE BULLETIN 31 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 372 Month T c tr o ( o i 4 u e t 5 s n a ) l - U S n ta i t t e e s d t A in r a - A t l r u i a a s - - g B iu el m - B z r i a l - C ad an a - E la n n g d - France m G a e n r y - d In ia - Italy p J a a n - N la e e n r t d - h s - Spain S l z a w e n i r d t - - U S. . R S . . c o t o r t 2 h i u e 9 e n s r - 1929—November.. 10,304 4,003 451 97 151 151 78 659 1,600 534 128 273 542 180 495 105 142 714 December... 10,297 3,900 434 89 163 150 78 711 ,633 544 128 273 542 180 495 115 147 714 1930—January 10,362 3,921 445 88 164 139 78 732 ,683 547 128 273 520 177 495 108 147 717 February 10,434 3,988 448 124 164 127 78 740 ,680 582 128 273 477 176 476 108 150 715 March 10,505 4,061 445 126 164 127 79 759 ,668 595 128 274 453 174 476 108 156 713 April 10, 568 4,131 442 109 164 90 79 795 ,659 611 128 274 443 174 477 112 167 712 May 10,613 4,159 441 91 167 90 80 765 ,717 617 128 274 434 174 477 112 177 710 June 10,673 4,178 440 97 167 89 81 768 ,727 624 128 274 434 174 477 112 203 701 July 10, 709 4,160 436 97 167 80 94 746 ,775 624 128 274 440 157 477 118 233 701 August 10, 791 4,148 434 97 168 69 100 759 1,852 624 128 275 433 157 477 123 249 698 September.. 10, 828 4,159 434 98 173 65 110 766 1,899 590 128 278 431 157 478 123 249 688 October no, 868 4,184 »429 ! 79 180 122 782 1,992 519 128 278 414 171 478 128 249 »691 November.. P10, 909 4,220 *417 | 75 181 767 2,037 519 128 *279 409 171 474 130 249 *693 December... H, 224 I 724 n, ioo *528 *128 249 1 v Preliminary, based on latest available figures. NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April, 1930, where separate figures for 44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina— Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Cawada—Government reserve against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standard reserves of Government; Japan—domestic holdings of Bank of Japan and Government. GOLD MOVEMENTS [In thousands of dollars] United Sta Germany Great Britain Netherlands S A o fr u ic th a India Month p I o m rt - s p E o x rt - s Net p I o m rt - s p I o m rt - s p E o x r - ts Net p I o m rt - s p E o x rt - s Net Net Net 1929—November. 7,123 30,289 -23,166 5,093 4,174 36,249 27,844 8,405 107 15 92; 20,922| 4,408 December. 8,121 72,547 -64,426) 11,096 10,290 65,343 16,439 48,903 297 17 280;, 18,220! 4,603 1930— A F M J e p a a b r r n i r c l u u h a a r r y y . . . . . aO 5 6 1 n 5 5 U 2 , , , , 8 9 I 7 lQ 3 0 6 »Q 5 8 8 o 8,9 A 2 9 1 4 f 91 ltl 8 00 7 5 6 5 3 9 5 5 , , , , 9 7 9 4 9 2 6 7 1 5 8 0 1 ! 3 1 1 5 8 8 5 , , , , 0 2 6 1 5 5 1 7 2 9 0 2 3 1 1 4 7 7 4 , , , , 4 5 3 9 2 6 5 6 3 5 0 7 4 4 3 3 2 1 8 8 , , , , 7 9 2 7 4 6 5 0 1 1 8 2 3 1 1 1 4 6 4 2 , , , , 0 1 8 8 7 0 2 2 4 2 6 8| 2 2 2 4 5 7 5 , , , , 8 4 9 6 3 0 1 8 2 0 3 6 2 8 8 8 4 0 9 1 8 3 1, , 0 2 2 2 2 1 6 1 0 4 -2 - ,9 , 9 ;~ 7 4 7 6 5 9 i ; ! -1 1 1 2 7 3 8 0 , , , 8 , 7 1 7 7 0 3 8 7 8 4 6 1 ! 5 3 3 5 , , , , 3 8 4 9 4 7 4 5 4 0 7 3 May 23,552 82 23, 47Oi 7,318 45,388 61,134 -15,746 75 19 60 22, 798' 6,452 June _- 13,938 26 13,912 7,561 13, 747 20,659, -6,912 34 11 56, 18,190 9,204 July 21,889 41,529 -19,640 1,481 24,646 40,3351 -15,709 48 16,587— 16.52339i -22,415! 3,404 August 19, 714 39,331 -19,617 1,614 24,201 21, 390; 2,811 281 8 273; -18,708 13,461 September. 13, 680 11,133 2,547 2,030 22, 339 20,245| 2,094 81 13 68! -17,149 3,568 October. _. 35, 635 9, 267 26,368 3,215 45,416 34,7541 10,662 12,338 199 12,139! -20,259 949 November. 40,159 5,008 35,151' 1,539 41,199 43,164 -1,965 150 115] 35! _ MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars! [In thousands of dollarsl 1930 1929 1930 1929 From or to— November N Ja o n v u e a m r b y- er Calendar year From or to— September S J e a p n t u em ar b y e - r Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports France 39,682 1,470 204, 551 2,066 162,527 England 534 8,035 1 10,461 i N G e e t r h m e a r n la y nds 9 1 4 0 0 1 1 7 9 68 J , 9 8 8 7 1 8 1 3 4 , , 2 38 0 2 3 9 2 2 , , 0 9 0 9 6 1 A U d n e it n e d an S d t d at e e p s enden- 22 ! Spain and Canaries. 4,866 993 24, 363 1,143 4 359 cies 73 509 1,045 Switzerland 614 22, 505 10,781 Arabia . 17 583 1,287 i United States 283 23,090 61,293 British Oceania 410 7,350 7,701 South America 12, 396 41,442 49 39,129 Bahrein Islands 21 154 119 British India 377 1 8,054 10,320 Ceylon __ .. 141 2.600 4,151 1 Australia 5,371 115, 954 2 24,603 China _ 97 _J 3i657 188 New Zealand 127 2,433 Mesopotamia 204 •__! 1,836 2,613 Egypt 94 3,786 Straits Settlements.. 498 ._.: 2,812 14 28 Rhodesia 423 4,807 4,641 Egypt i 1 17fi 6,867 Transvaal . .. 17,089 183,314 184,954 Natal 1,573 25,965 29,595 West Africa 420 4,668 11 4,216 8 AH other countries.. 39 206 19 AH other countries.. 635 459 2,146 13, 267 1,003 33,434 Total 41,199 43,164 378,601 319, 533 303,725 377,505 Total 3,568 i 54,718 16 64,275 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY, 1931 FOREIGN EXCHANGE RATES, YEARLY AVERAGES 1922-1930 [In cents per unit of foreign currency. For explanation see note on p. 35] Country Presen u t n m it o i n etary ex P c a h r a n o g f e 1922 1923 1924 1925 1926 1927 1928 1929 1930 Europe: Austria Schilling i 14.07 0.0097 0. 0014 0. 0014U4.0612 14,0740 14.0764 14.0743 14.0575 14.0891 Belgium Belga* 13.90 7. 6829 5. 2190 4. 6438 4. 7580 3 3. 3721 13. 9157 13. 9281 13. 9124 13.9524 Bulgaria Lev i. .72 .6883 .8837 .7281 .7317 .7210 .7235 .7207 .7216 .7209 Czechoslovakia Crown <2.96 2. 4151 2. 9550 2. 9542 2.9656 2. 9618 2. 9622 2.9625 2. 9609 2.9640 Denmark Krone. 26.80 20.9470 18. 3643 16. 7228 21.1310 26. 2257 26. 7251 26. 7426 26.6802 26. 7650 England Pound 486. 65 442.9165 457. 4825441. 7064482.8944 485. 8235 486.1024 486. 6223 485. 6879 486.2126 Finland Markka1 2.52 2.1634 2. 6831 2. 5076 2. 5218 2. 5209 2. 5197 2. 5173 2. 5160 2. 5169 France.. __ Franc 1 3.92 8. 2013 6. 0811 5. 2368 4. 7671 3. 2427 3. 9240 3.9210 3.9161 3.9249 Germany Reichsmark *_, 23.82 .2323 .0020 5 22.9980 23. 8013 23.7996 23. 7638 23. 8614 23. 8086 23.8541 Greece _ Drachma 1 1.30 3. 3059 1. 7141 1. 7900 1. 5614 1. 2579 1.3173 1.3044 1.2934 1.2959 Hungary Pengo 1 17.49 .0906 .0164 .0017 .0014 17. 5612 17. 4741 17. 4443 17. 4414 17.4939 Italy LiraL 5.26 4. 7559 4. 6016 4. 3580 3.9776 3.8894 5.1560 5. 2571 5. 2334 5. 2374 Netherlands Florin 40.20 38. 4975 39.1005 38. 2109 40.1601 40. 0984 40.1065 40. 2238 40.1622 40. 2251 Norway Krone 26.80 17. 5016 16.6710 13.9403 17.8836 22. 3347 26. 0477 26. 6876 26. 6827 26.7598 Poland... Zlotyi 11.22 .0188 .0014 619.2280 17. 7432 11.1796 11. 2881 11. 2097 11.1940 11. 2051 Portugal _. Escudo 108. 05 6.6700 4. 2527 3. 3850 5. 0397 5.1254 5.0290 4. 4675 4. 4714 4.4940 Rumania Leu K. .60 .6969 .4937 .4982 .4832 .4620 ' .6042 .6133 .5961 .5953 Spain Peseta 19.30 15.4828 14. 4529 13.3375 14. 3443 14. 8959 17. 0592 16. 5942 14.6833 11. 6670 Sweden Krona 26.80 26.1661 26. 5548 26. 5223 26.8479 i 26. 7646 26.8148 26. 8002 26. 7839 26.8543 Switzerland Franc 19.30 19.0652 18.0600 18. 2228 19.3268 19. 3130 19.2618 19. 2596 19.2792 19.3820 U. S. S. R Chervonetz. 514. 60 515.0000 7 515.0000 515.0000 7 515.00007 515.0000 Yugoslavia Dinar 19.30 1. 3524 1. 0722 1. 2818 i.~7054~ 1. 7647 1. 7598 1. 7598 1. 7591 1. 7681 North America: Canada Dollar.. 100.00 98. 4783 98. 0352 98. 7322 99. 9615 99.9720 99. 9094 99. 2472 99.8424 Cuba Peso. 100.00 99. 8516 99. 9508 99. 9783 99. 9359 99. 9310 99.9675 99.9634 99. 9647 99.9515 Mexico... .do.. 49.85 48. 7150 48. 5465 48. 5143 49.3926 48. 3087 47. 2049 48.1067 48.1830 47.1331 South America: Argentina -do.. 96.48 81.8166 78.5727 78.1308 91. 3822 92.1497 96. 2950 96. 4801 95.1274 83.5050 Bolivia Boliviano * 36.50 34. 0941 34. 3913 35. 3911 36. 2776 36.3771 Brazil Milreis i__ 11.96 12. 9486 10. 2285 10. 9403 12.1962 14. 4357 11. 8383 11. 9737 11.8078 10. 7136 Chile... Peso 12.17 12. 2159 12. 2423 10. 5448 11. 6031 12. 0766 12. 0652 12.1451 12.0601 12.0785 Colombia do 97.33 98. 4547 97. 6879 97. 6937 96. 5512 Ecuador Sucre 1 20.00 20. 0571 18.9724 19.9127 20. 0000 20.0000 Peru.. Soli 40.00 374. 0965 373.7739 397. 0488 399.9835 8 35.6170 Uruguay Peso 103. 42 79.3966 79. 0615 82. 2695 98. 4009 101.4740 101.3361 102. 6567 98. 6294 85.8650 Venezuela Bolivar 19.30 19. 2565 18. 9835 19. 2525 19.2973 18.9009 Asia: China Mexican dollar».. 30.22 54. 6337 52. 0153 52. 3642 55. 5471 49. 9159 45.0315 46. 4710 42.1541 30.0861 China Shanghai taelfl... 41.67 74.9281 72.0248 72. 6814 75. 7738 68. 4214 62.0994 64.3014 58. 4153 41.8159 China Yuan dollar» 29.56 55. 6073 52. 6223 52. 6973 56.9066 49. 9807 43. 9414 46.1378 41.9007 29.9166 Hong Kong _ Dollars 30.00 55. 7126 52.8985 52.4691 56. 5199 53. 3290 49. 2085 50. 0717 47.1669 33.8530 India Rupee 1 36.50 28. 7409 31.1103 31. 7835 36. 2642 36.3267 36. 3117 36.4663 36. 2020 36.0672 Japan ___ Yen.. 49.85 47. 8037 48. 5845 41.1857 41. 0362 47.1163 47.4113 46. 4096 46. 0997 49.3898 Java Florin 40.20 40. 2862 40. 2377 40. 2208 40.0568 40.2328 Straits Settlements- 56.78 50. 7753 53. 4984 51. 2523 56.1546 56. 2705 56. 0476 56. 2838 56. 0117 55.9639 Turkey Singapore dollar.. 439. 65 52. 2549 51. 3204 50. 9987 48. 4105 Africa: Turkish pound- Egypt. 494. 31 498. 0954 498. 3123 499. 0254 498. 0689 Egyptian pound. 1 In the following cases the present, monetary unit with present par value was quoted for only a part of the period 1922-1930, and the averages given for earlier years are for the unit which has been superseded: Country P u i r n n e i s t N e f n e i t r w s m t Y q o u n o o e r t t k e ar d - y Previou u s n m it onetary p P re u a v n r i i o t o u f s Country P u i r n n e i s t N e f n e i t w r st m Y o q o n u r o e k t t — a ed ry Previou u s n m it onetary p P re u a v n r i i o o t u f s Austria Mar. 13, 1926 Krone 20.26 Germany Oct. 29, 1924-_ Mark 23.82 Belgium... Oct. 25, 1926 Franc 19.30 Greece May 14, 1928 Drachma 19.30 Bolivia Aug. 20, 1928 Boliviano.- 38.93 Hungary- Jan. 2, 1926 Krone. _ 20.26 Brazil.. Dec. 18, 1926 Milreis 32.44 India . Apr. 1, 1927 . Rupee . .. 48.66 Bulgaria Nov. 22, 1928. .:. Lev 19.30 Italy Dec. 21, 1927.. Lira 19.30 Chile Aug. 21, 1925 Peso ._ 36.50 Peru Mar. 27, 1930 Libra . _. 486. 65 Ecuador _ Mar. 19, 1927 _ Sucre 48.66 Poland Oct. 13, 1927 Zloty* 19.30 Finland... _ Jan. 2, 1926 Markka 19.30 Rumania Feb. 7, 1929 Leu 19.30 France June 25, 1928 Franc... _ 19.30 * The zloty (par value 19.30 cents) superseded the Polish mark (par value 23.82 cents) May 26, 1924. 2»Average for schilling Mar. 13 to Dec. 31, inclusive. Average for krone, Jan. 2 to Mar. 12, was 0.0014 cent. •'/Average for franc Jan. 2 to Oct. 25, inclusive. Average for belga, Oct. 26 to Dec. 31, was 13.9095 cents. 4 Established by new currency law, effective Nov. 27, 1929; for previous status of Czechoslovak crown see BULLETIN for November, 1929, p. 737. 8 Average for 1,000,000,000,000 marks Jan. 2 to Oct. 28, inclusive. Average for reichsmark, Oct. 29 to Dec. 31, was 23.8008 cents. 6 Average for zloty May 26 to Dec. 31, inclusive. A verage for Polish mark, Jan. 2 to May 24, was 0.0113 cents pei thousand. 7 Nominal. « Average for sol, Mar. 27 to Dec. 31, inclusive. Average for libra, Jan. 2 to Mar. 26 was 400.0000 cents. • Silver currency. Par of exchange represents gold value of unit in 1930 computed by multiplying silver content of unit by New York average price'of silver for 1930, which was $0.38466. Corresponding parities for the years 1922 to 1929 are as follows: 1922 1923 1924 1925 1926 1927 1928 1929 Mexican dollar _- 53.37 51.25 52.72 54.53 49.04 44.53 45.95 41.88 Shanghai tael 74.15 71.21 73. 25 75.76 68.14 61.87 63. 84 58.18 Yuan dollar 52 79 50.70 52 15 53.93 48.51 44 05 45.45 41.42 Hong Kong dollar.. 52.99 50.89 52.35 54.14 48.69 44.21 45. 62 41.58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 33 FOREIGN EXCHANGE RATES, 1929-1930 MONTHLY AVERAGES [In cents per unit of foreign currency] Austria Belgium Bulgaria s C l z o e v c a h k o i - a Denmark England Finland France Germany Greece Hungary 1929 January _ _ 14.0598 13.8958 0.7191 2.9605 26.6704 484.9878 2.5171 3.9082 23.7694 1.2917 17. 4246 February 14. 0543 13.8944 .7202 2.9604 26. 6664 485. 2140 2. 5169 3.9057 23.7306 1. 2915 17.4278 March 14.0522 13.8836 .7206 2. 9610 26. 6493 485. 2626 2. 5165 3.9058 23. 7218 1.2920 17. 4255 April _. _ _ 14. 0467 13.8847 .7212 2.9600 26. 6527 485. 3225 2. 5160 3.9070 23. 7039 1. 2924 17.4239 May 14.0468 13.8826 .7210 2. 9599 26. 6473 485.0785 2. 5155 3. 9071 23. 7570 1. 2924 17.4269 June 14. 0465 13.8832 .7218 2. 9602 26. 6332 484. 8230 2. 5144 3.9098 23.8403 1. 2921 17.4280 July __ 14.0519 13.8917 .7213 2.9595 26. 6387 485.1018 2. 5147 3.9158 23. 8255 1.2922 17. 4300 August 14. 0745 13. 8995 .7217 2. 9593 26. 6243 484. 8515 2. 5148 3.9134 23.8140 1. 2918 17.4369 September . _ 14.0734 13. 8967 .7220 2. 9601 26. 6237 484. 8206 2. 5155 3.9135 23.8085 1. 2917 17. 4403 October 14.0666 13.9579 .7236 2. 9611 26. 7426 486. 9944 2. 5174 3.9307 23.8733 1. 2957 17. 4508 November 14.0536 13.9852 .7235 2.9624 26. 7911 487.7481 2. 5164 3.9375 23.9185 1. 2983 17.4767 December _ . 14.0636 13.9977 .7229 2. 9670 26.8309 488.1632 2. 5169 3. 9390 23. 9430 1. 2993 17,5079 1930 January _. 14. 0597 13.9377 .7213 2.9583 26. 7517 486. 8823 2. 5160 3.9291 23.8821 1. 2976 17. 4912 February 14. 0605 13.9271 .7212 2. 9590 26. 7532 486.1785 2. 5162 3. 9155 23. 8711 1. 2962 17. 4769 March 14. 0705 13.9373 .7216 2.9622 26. 7693 486. 3085 2. 5166 3.9132 23. 8573 1. 2960 17. 4738 April _ . 14. 0801 13.9565 .7221 2. 9621 26. 7745 486. 3104 2. 5171 3. 9185 23. 8684 1.2967 17. 4718 May 14. 0864 13.9541 .7219 2.9634 26. 7556 485.9675 2. 5172 3.9222 23. 8627 1. 2960 17. 4772 June . 14.0898 13. 9529 .7208 2. 9655 26. 7556 485. 8667 2. 5172 3.9241 23.8498 1. 2955 17.4820 July 14.1073 13. 9754 .7218 2. 9658 26. 7914 486. 5691 2. 5173 3. 9343 23.8693 1.2961 17.5117 August 14.1182 13.9838 .7219 2. 9661 26.8150 487.0709 2. 5175 3.9337 23. 8893 1. 2969 17. 5294 September. 14.1131 13. 9476 .7224 2.9672 26. 7670 486.1101 2. 5173 3.9273 23. 8229 1. 2958 17. 5160 October 14.1046 13. 9441 .7209 2.9664 26. 7557 485. 8969 2. 5170 3. 9235 23. 8050 1. 2949 17. 5050 November 14. 0917 13.9421 .7181 2. 9650 26. 7417 485. 6409 2. 5170 3.9271 23.8287 1. 2950 17. 4949 December 14.0840 13. 9648 .7171 2. 9664 26. 7442 485. 6610 2. 5166 3.9292 23.8404 1. 2944 17.4947 Italy Ne l t a h n e d r s - Norway Polapd Portugal Rumania Spain Sweden Sw l i a t n z d er- U.S.S.R.i Y sl u a g v o i - a 1929 January . . _ 5. 2337 40.1096 26. 6560 11.1883 4.4281 .6018 16.2954 26.7392 19. 2405 515.0000 1. 7580 February _ . _ 5.2343 40. 0490 26. 6633 11.1942 4.4069 .6001 15.5587 26. 7275 19. 2318 515.0000 1. 7573 March 5. 2351 40. 0535 26. 6609 11.1923 4.4495 .5964 15.0656 26. 7101 19. 2333 515. 0000- 1. 7563 April . 5. 2355 40.1409 26. 6644 11.1910 L 4645 .5955 14. 7495 26. 7054 19. 2468 515. 0000 1. 7563 May 5. 2357 40.1984 26. 6550 11.1859 L 4738 .5946 14. 2245 26. 7181 19. 2572 515. 0000 1. 7570 June 5. 2313 40.1512 26. 6393 11.1858 t. 4854 .5935 14.1315 26. 7623 19. 2409 515.0000 1. 7568 July 5. 2302 40.1362 26. 6471 11.1866 I. 4822 .5937 14. 5070 26.8020 19. 2347 515. 0000 1. 7559 August 5. 2286 40. 0597 26. 6325 11. 2039 t. 4668 .5940 14. 6664 26. 7865 19. 2379 515. 0000 1. 7558 September 5. 2300 40. 0897 26. 6299 11. 2011 I. 4809 .5937 14. 7559 26. 7831 19. 2641 515. 0000 1. 7563 October 5. 2357 40. 2511 26. 7433 11.1986 1. 4929 .5955 14. 5046 26.8412 19. 3402 515. 0000 1. 7617 November. __ 5. 2357 40. 3523 26. 7909 11.1976 I. 5099 .5975 13. 9893 26.8711 19. 3899 515.0000 1. 7669 December 5. 2355 40. 3569 26. 8171 11. 2031 I. 5113 .5972 13. 7826 26.9637 19.4401 515.0000 1. 7715 1930 January 5. 2331 40. 2279 26. 7347 11.1973 1.4969 .5962 13.1044 26.8460 19. 3486 515. 0000 1. 7658 February 5. 2346 40.1028 26. 7212 11.1935 1.4957 .5950 12.6955 26.8262 19. 2938 515. 0000 1.7604 March 5. 2375 40.1066 26. 7589 11. 2027 t. 4930 .5953 12.3131 26.8563 19. 3453 515. 0000 1. 7637 April— ... 5. 2415 40. 2013 26. 7719 11. 2037 1.4954 .5957 12.4828 26.8796 19. 3790 515.0000 1.7674 May 5. 2414 40. 2255 26. 7570 11. 2020 t. 5013 .5953 12.2283 26.8342 19. 3550 515. 0000 1. 7669 June 5. 2380 40.1991 26. 7634 11. 2010 I. 4983 .5947 11. 7490 26.8480 19. 3669 515. 0000 1.7661 July . 5. 2383 40. 2375 26. 7913 11. 2085 4.4947 .5955 11. 5243 26.8837 19.4279 515.0000 1.7704 August 5. 2384 40. 2908 26. 8101 11. 2065 4. 5046 .5958 10.8762 26.8914 19. 4449 515. 0000 1.7727 September. 5. 2371 40. 2880 26. 7604 11. 2063 4.4925 .5959 10. 7255 26. 8680 19.4060 515.0000 1. 7716 October 5. 2360 40. 2982 26. 7544 11. 2119 4.4872 .5949 10. 3448 26.8523 19. 4193 515. 0000 1. 7717 November 5. 2347 40.2393 26. 7427 11. 2158 4.4833 .5944 11. 2963 26. 8284 19. 3875 515. 0000 1. 7701 5. 2378 40. 2690 26. 7434 11.2110 4.4839 . 5945 10. 7460 26. 8309 19. 3792 515.0000 1. 7697 i Chervonetz quotations nominal. NOT*.—For back figures (monthly basis) see BULLETIN for January, 1930, January, 1929, and January, 1928. All of the averages are based on daily quotations, most of which are furnished by the Federal Reserve Bank of New York, in accordance with tariff legislation passed in May, 1921; the others are taken from unofficial sources, as indicated in detail on p. 35. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY, 1931 FOREIGN EXCHANGE RATES, 1929-1930—Continued MONTHLY AVERAGES—Continued Canada Cuba Mexico Argentina Bolivia Brazil Chile Colombia Ecuador Peru Uruguay 1929 January ! 99.7509 I 99.9583 48.3678 ; 95.7642 36.3308 11. 9160 12.0630 97.0900 20.0000 400.0000 102.7469 February _ | 99.6411 ! 100.0307 | 48.4581 95.7650 36. 5000 11.9171 12.0479 97.0900 20. 0000 399. 7727 102.6037 March. 99.4030 100.0261 j 48.0515 95. 5624 36. 5000 11. 8235 12. 0645 96. 7669 20.0000 400.0000 101. 6177 April. _. 99.2394 99.9721 48. 2419 95.5563 36.5000 11.8348 12.0644 96. 3900 20.0000 400.0000 99.1120 May.._ 99. 3012 100.0101 | 47. 9715 95. 5184 36. 5000 11. 8634 12. 0423 96. 3900 20. 0000 400. 0000 97. 7018 June 99.1632 99.9522 ! 47. 8536 95. 2760 36. 5000 11.8553 12. 0362 96.4320 20. 0000 400. 0000 96.6934 July. 99.4760 99.9083 ! 48. 0883 95. 3678 36. 5000 11. 8579 12. 0448 96. 5712 20. 0000 400. 0000 97. 5731 August _. _! 99-4390 99.9655 j 48. 5676 95. 3901 36. 0000 11. 8598 12. 0589 96. 3900 20. 0000 400. 0000 98. 5723 September. 99.2420 99.9301 48.4325 95. 3409 36. 0000 11. 8577 12. 0642 96. 3900 20. 0000 400. 0000 97. 8166 October 98. 8341 99. 9396 48.1571 95. 0015 36. 0000 11.8715 12. 0681 96. 3900 20. 0000 400. 0000 97. 6941 November.. 98. 3780 99.9567 48.0086 93.9192 36.0000 !11. 7453 12.0755 96. 3775 20.0000 400.0000 96. 7937 December.. 99. 0742 99.9322 i 48. 0113 93. 0029 36.0000 !11. 2874 12. 0913 20. 0000 400.0000 94. 8166 1930 j January .. 98.8932 99.9247 47.4393 91. 3355 36.0000 '11. 0857 12. 0556 96. 3900 20.0000 400. 0000 92. 9796 February 99.2408 100.0313 47.4758 86. 5311 36. 0000 i11.1533 12. 0319 96. 3900 20. 0000 400. 0000 88. 9679 March..' _| 99. 7637 99. 9596 47.4921 85. 6357 36.0385 j11. 5012 12. 0518 96. 3900 20. 0000 400. 0000 89. 0137 April I 99.9501 99.9189 47. 5414 88. 6349 36.5000 ,11. 7206 12.0549 96. 3900 20. 0000 i 40. 0000 92. 9001 May ! 99. 8360 100. 0032 47. 5356 87. 2153 36.5000 I 11. 8349 12.0746 96.4962 20. 0000 40. 0000 92. 2102 June. 99.9913 99.9403 47.4135 84.4773 36.1000 j11. 3983 12. 0777 96. 6328 20.0000 38. 2500 89.1731 July 100.0697 99. 9092 47.1287 82. 0511 36.0000 !10. 8752 12. 0908 96. 5542 20. 0000 37. 6923 85.4430 August 100.0943 99. 9449 47. 3364 82. 4855 36.3750 j 9.9571 12.1133 96. 5246 20. 0000 35. 9808 82. 9367 September. 100.1206 99.9704 47.3740 81. 7843 36. 7500 10. 0850 12.1365 96. 5300 20. 0000 34.4100 82. 3747 October 100.1033 99.9359 47.1678 78. 0538 36.7500 I 2 12. 0834 96. 5300 20. 0000 31. 2596 79.2496 November _ 100.1037 99.9639 46.0995 78.1187 36.7500 () 12.0702 96. 5300 20. 0000 31.0435 79. 9226 December.. 99.8963 99. 9300 45. 5461 75. 5521 36. 7500 9. 6121 12. 0955 96. 5531 20. 0000 30. 2981 74. 9937 I iVenezuela 1 ( M d C o e h l x i l i n a c r a a ) n (S C h ta a h e n i l n g ) a h ai i i d ( C Y o h l u l i a n a r a n ) H K o o n n g g India Japan Java S S m t e e r t a n tl i t e t s s - Turkey Egypt T 1929 i I January ! 19.3400 ,; 45. 6837 63.1168 45. 4070 49.8161 36.4487 45.5102 40. 0623 56. 0027 48.7296 497. 3430 February ..- ; 19.2636 ' 44. 7932 62.1973 44. 5558 48. 8849 36.3629 45.2103 39. 9218 55. 9681 49. 2150 497. 5544 March. 19. 2500 44. 8856 62. 2304 44. 6205 48.8437 36. 3623 44. 5203 39. 9396 56. 0752 48. 9973 497. 6292 April 19. 2550 44. 2260 61. 2516 43.9839 48.6963 36.3107 I 44. 6176 39.9896 i 55.9615 49. 0731 497. 6630 May 19. 3300 43. 2824 59. 6191 42. 8005 48.3424 36.1817 ! 44. 6460 40.1000 I 55. 9824 48. 5304 497. 4362 June 19. 3800 42.1116 57. 7650 41. 4866 47.8613 36.0292 i 43.8830 40.0500 55.9284 47.8000 497.1610 July 19. 3800 41. 6354 57. 8368 41. 5521 48.1230 35.9742 i 45. 5571 40.0346 i 55. 8775 47. 9673 497. 4458 August 19. 3100 41.4362 57. 6873 41. 3649 47. 9432 35.9714 : 46. 6928 39.9600 I 55. 8666 47. 6685 497. 2178 September. 19.2600 40. 2639 56. 0436 40. 0963 47. 7035 36.0324 j 47. 2731 40.0000 i 55. 9884 48. 0329 497. 2008 October 19. 2500 39. 3666 54. 7721 39.1065 44.1532 36.1646 47. 7599 40.1377 j56. 2211 47. 4812 499. 4394 November. 19. 2500 39.3730 54.7154 39.1987 43. 2180 36. 2460 48. 7268 40.2313 I 56. 2144 46. 8929 500. 2389 December.. 19. 2900 38. 7331 53. 6839 38. 5741 42. 2258 36. 3638 48. 9564 40.2520 I 56.0658 j46. 7776 500. 6147 1930 January 19.2500 35. 6106 49. 6186 35. 5497 39.9497 i 36. 3102 49.0905 ! 40.1769 56. 0259 47. 3035 499. 2997 February._ 19.2500 34. 3963 47.9616 34. 2746 38.2350 36. 2071 49.1295 40. 0791 56. 0006 46. 6955 498. 5970 March 19.2408 '33.8100 47.1132 33. 6009 37. 2238 36.1138 49.3298 40.1365 55.8994 47. 0823 498.6789 April 19.1300 33. 6670 46. 9037 33.3822 37.1905 36.1163 49. 3661 40. 2350 55. 8744 47. 0542 498. 6854 May 19.1300 32. 0607 44. 6901 31. 8181 35. 7697 36. 0567 49. 3809 40. 2385 55. 8892 46. 9862 498. 3372 June 18. 9748 26. 5046 37. 0400 26. 3800 31.1427 35. 9971 49. 4070 40. 2292 55. 9132 46. 9356 498. 2290 July 19.0000 26. 6238 36. 9428 26. 4839 31.1799 36. 0598 49. 3597 40. 2565 55. 9408 47. 0019 498.9320 August 18. 8304 27. 8666 38. 5445 27. 7580 32. 2054 36. 0417 49.3853 j40. 3023 55. 9482 47.1035 499.4600 September. 18. 5000 '28. 7591 39. 6795 28. 5500 32. 2015 35. 9899 49.4077 !40. 3068 56. 0320 47.1640 498. 5066 October 18.5000 28. 2598 39. 0962 28.0003 j31. 9163 36. 0222 49.5896 j40. 3188 56.1687 47.1369 498. 3123 November. 18. 5000 27. 9918 38. 8392 27.8000 !31.4542 35.9656 49.5987 | 40. 2339 55. 9461 December.. 18. 5000 25. 7151 35. 6987 25.6394 | 27. 9966 35. 9305 49.6185 j40. 2588 55. 9322 I 1 Quotation for sol, which superseded libra, on Mar. 27. 2 No quotations available Oct. 7-Dec. 1, inclusive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 35 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency! Par 193° Par 1930 Country i Monetary unit change October | ber Country Monetary unit c o h f a e n x ge October No b v e e r m- De b c e e r m- 1" I SOUTH AMERICA Austria ._! Schilling 14.07| 14.1046! 14.0917 14.0840 Argentina Peso 96.48 78. 0538 78.1187 75. 5521 Belgium.._ j Belga 13.90 13.9441! 13. 9421 13.9648 Bolivia 2 Boliviano. 36.50 36.7500 36. 7500 36. 7500 Bulgaria. _ •, Lev .72: .7209 .7181 .7171 Brazil Milreis 11.96 9.6121 Czechoslovakia.! Crown 2. 96i 2.9664 2. 9650 2. 9664 Chile Peso. 12.17 12.0834 1276702 12.0955 Denmark j Krone _ 26.80; 26.7557 26. 741' 26. 7442 Colombia do_. 97.33 96. 5300 96. 5300| 96. 5531 E F F G i r n e n a g r n l m l a c a n e a n d n d y ! j | M P R F o r e a a u i r c n n k h c d k s a mark 48 2 6 2 3 3 . . . . 9 8 5 6 2 2 2 5 i ! ! j 48 2 2 3 5 3 . . . . 9 8 8 5 2 9 0 1 3 6 5 7 5 9 0 0 1 ! 48 23 5 3 2 . . . . 6 8 9 4 5 2 2 0 1 8 7 9 7 7 1 0 48 2 5 3 2 3 . . . . 5 9 6 8 1 2 6 4 6 9 1 0 6 2 0 4 V E U Pe c e r r u u n u a g e d z u 2 u o a e r y l 2 a 2 S S B P o u e o s l c l o r i e var. 1 4 2 0 1 0 0 3 9 . . . . 3 4 0 0 0 2 0 0 ! 2 7 3 1 1 9 0 8 . . . . 5 2 0 2 0 4 0 5 0 9 0 9 0 6 0 6 2 3 7 1 0 8 1 9 . . . . 0 9 0 5 4 2 0 0 3 2 0 0 5 6 0 0 ; 3 7 2 1 4 0 8 0 . . . . 0 9 2 5 0 9 9 0 0 8 3 0 0 1 7 0 Greece.. ! Drachma 1.30! 1. 29491 1. 2950 1. 2944 Hungary • Pengo 17.49; 17.5050! 17.4949 17. 4947 ASIA i Italy... | Lira 5.26> 5. 2360; 5. 2347 5. 2378 China 4 Mexican dollar- 25.89; 28.2598 27. 9918 25.7151 Netherlands j Florin ___ 40. 20i 40. 2982; 40. 2393 40. 2690 China4 Shanghai tael... 35. 69; 39. 0962 38. 8392 35.6987 Norway. j Krone 26.80 26. 75441 26.7427| 26. 7434 China* Yuan dollar 25.32: 28.0003 27. 8000! 25.6394 Poland.- .; Zloty 11. 22 11.2119: 11.2158! 11.2110 Hong Kong *... Dollar 25. 70! 31. 9163 31. 4542 27. 9966 Portugal j Escudo 108. 05 4. 4872! 4.4833! 4. 4839 India Rupee 36. 50i 36. 0222 35. 9656 35.9305 S S U R S w p w . u a m e i S i t d n z . a e e S n n r . i l a a R n . d 2 j ! i | L F P C K e r e h r a s u o e e n n r t c v a a . o . . _ n _ etz 51 2 1 1 ' 4 6 9 9 . . . . . 8 6 3 3 6 0 0 0 o 0 1 ! l »51 2 1 1 5 6 9 0 . . . . . 5 4 3 0 8 9 1 4 0 5 4 9 4 0 2 9 3 8 0 3 351 2 1 1 6 5 1 9 . . . . . 0 5 8 2 3 9 0 2 9 8 4 0 8 6 7 4 0 4 3 5 '5 2 1 1 1 0 5 6 9 . . . . . 8 3 7 0 3 9 5 4 0 0 7 9 6 0 9 2 4 0 0 5 J J T S a a t u m p v ra r a a e i k n t 2 n s e t y s. . S .. ettle- T S Y F i l u e n o r n g r k . i a n i p sh o re pou d n o d l . - .\ 43 4 4 5 9 0 6 9 . . . . 6 8 2 7 5 5 0 8 1 ! ! ' 5 4 4 4 5 7 0 9 6 . . . . 1 1 5 3 0 6 8 1 3 8 9 8 5 J 7 6 8 1, ' . 8 4 4 4 5 7 0 9 5 . . . . 1 9 2 6 5 4 3 9 4 6 3 8 0 1 9 7 ! 1 7 4 4 4 5 7 0 9 5 . . . . 1 3 2 9 6 5 6 1 3 8 8 9 2 5 8 2 Yugoslavia j Dinar 19. 30J 1.7717 1. 7701 1. 7697 AFRICA NORTH AMERICA | i I Canada j Dollar 100. 00 100.1033 100.1037 99.8963 Egypt Egyptian pound I 494.31 « 49C. 46006 498.5066 M98. 3123 Cuba j Peso 100. 001 99.9359 99.9639 99.9300 Mexico ...; do 49.85| 47.1678 46. 0995 45.5461 1 Based on noon buying rates for cable transfers in New York. * Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 8 Chervonetz quotations nominal. 4 Silver currency. The figure given for parity represents gold value of unit in December, 1930, computed by multiplying silver content of unit by New York average price of silver for December, 1930, which was $0.32945 per fine ounce. On the same basis, parity in December, 1929, for the Chinese-Mexican dollar was 38.33 cents; for the Shanghai tael, 52.85 cents; for the Yuan dollar, 37.49 cents; and for the Hong Kong dollar, 38.05 cents. * August, 1930. 6 September, 1930. 7 October, 1930. CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars *] 1930 1930 I No b v er e m- ! jOctober te S m e b p- er No b v e e r m- October te S m ep b - er LIABILITIES Cash on hand and on. current account with : j Short-term deposits: ! j banks 826 ! 893 1,073 Central banks for own account— I ' Demand funds at interest 13,779 | 5,584 13, 290 Demand | 19,242 ] 14,439 14, 002 Time: Not exceeding 3 months j 92,996 1 69,782 51,889 Rediscountable bills and acceptances (at ! Time: Between 3 and 6 months j 3,002 20,000 37,289 cost): Commercial bills and bankers' accept- j Total.... - — I 115, 240 104,221 103,179 ances ._ 46,317 i 43,418 39, 316 Treasury bills 32,958 | 32,144 19,463 Central banks for account of others- Demand j 37, 293 24,783 24, 697 Total ! 79,275 ; 75,562 58,779 Time: Not exceeding 3 months j 128,341 134,528 112,441 Time: Between 3 and 6 months j 28 7,563 Time funds at interest: Not exceeding 3 months 202,£ 192, 833 182, 733 Total.. i 165,644 159,339 144,700 Between 3 and 6 months... 25, 941 30, 271 29,714 Other depositors: ] Between 6 and 9 months... 4, 866 Demand '__• 23 22 23 Total- 228,747 223,105 217,312 ! Long-term deposits: =.| Annuity trust account _ 29,820 , 29,820 29, 786 Sundry investments (at cost): j German Government deposit 15,440 : 15,442 15,424 Maturing within 2 years... 36, 767 36,827 ! 35,853 I French Government guarantee fund 13,255 ! 13,265 13, 262 Over 2 years 101 202 i 202 I Total 58,514 ! 58,526 58,472 Total 36,869 ! 37,030 ' 36, 056 ! Capital paid in.. 19,795 i 19,795 19,783 Other resources.. 2,616 j 2,183 j 1,672 Other liabilities 2,896 i 2,452 2,024 Total resources —J 362,112 | 344,356 328,181 Total liabilities.. 362,112 ! 344,356 328,181 1 Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY, 1931 CONDITION OF CENTRAL BANES [Figures are for the last report date of month] 1930 1929 1930 1929 Novem- Octo- Sep- Novem- Novem- Octo- Sep- November ber tember ber ber ber tember ber Central Bank of Bolivia (thousands Bank of England (millions of pounds of bolivianos): ste I r s l s i u n e N G g ) o o d : l t e d e p s a c i o r s t i s m n u e e a d n n t d — bullion | 4 1 1 5 6 6 . . 6 6 4 1 1 5 9 9 . . 5 5 4 1 1 5 6 7 . . 3 4 3 1 9 3 4 4 . . 7 7 N F L G o o o o r a l t e d e n i s s g n i a n n e d c x i c r d h c i u a s n l c a g o t e u io n n ts 2 3 3 2 1 3 8 , , , , 7 1 9 4 4 2 1 4 4 8 4 2 2 4 3 1 2 1 5 , , , , 9 7 0 0 9 4 8 5 7 2 0 6 4 2 4 7 3 9 2 , , , , 1 2 8 3 3 4 1 0 8 9 8 7 . - Bank G i o n l g d a d n e d p a s r il t v m er e n co t- in 1.0 1.2 1.1 1.0 Deposits _ 14, 424 14,424 17, 438. Bank notes I 65.4 63.9 60.5 40.2 Bank of Brazil (millions of milreis): Government securities 34.6 37.7 41.1 57.7 Gold— _ 41 137 407 407 Other securities 22.2 26.6 21.6 17.9 Currency 265 166 338 714 Discounts and advances 6.1 4.2 5.7 15.3 Correspondents abroad 144 181 326 293 Public deposits... 18.9 21.0 13.3 17.4 Loans and discounts 1,318 1,327 1,759 1,403 Bankers' deposits 55.9 55.7 64.2 58.2 Securities _ 123 122 122 128 Other deposits 36.8 35.0 34.2 38.2 Note circulation 170 170 592 592 Reserve ratio * (per cent) 59.6 58.2 55.2 35.9 Deposits 1,237 1,218 1,571 1,667 Bank notes in circulation *_ 351.1 355.6 355.8 354.6 National Bank of Bulgaria (millions Bank of France (millions of francs): of leva): Gold 51,967 50,807 48,431 40,808 Gold 1,448 1,440 1,434 1,386 Sight balances abroad 6,760 6,492 6,567 7,107 Net foreign exchange 404 402 234 846 Foreign bills 19,137 19,124 19, 027 38,741 Total foreign exchange 1,135 1,057 1,164 1,318 Loans and discounts 11,645 9,874 8,984 13,155 Loans and discounts 668 733 782 1,583 Negotiable bonds 5,304 5,304 5,304 5,612 Government obligations 3,195 3,210 3,279 3,505 Note circulation 75,951 74, 787 73,053 68,159 Note circulation 3,562 3,656 3,660 3,900 Public deposits _ 13,354 13,089 10,509 13,871 Other sight liabilities... 1,459 1,350 1,375 2,144 Other deposits 9,833 8,378 8,780 7,105 Central Bank of Chile (millions of German Reichsbank (millions of reichsmarks): Gold at home... 62 62 63 Gold reserve _~ 1,958 1,959 2,329 2,091 Deposits abroad 379 362 410 Gold abroad 222 221 150 150 Loans and discounts 44 32 84 Reserves in foreig exchange 524 198 171 397 Note circulation 304 316 330 Loans and discoui i 2,341 2,642 2,387 2,574 Deposits against which reserve Deposits 381 383 472 445 is held 50 70 162 R R e e i n c t h e s n m m a a r r k k s s in in c c ii i r ; c u u l l a a t t i i o o n n 4,6 4 0 4 1 7 4, 4 67 47 5 4, 4 7 4 4 8 4 4, 4 91 10 6 Ba ( n th k o u o s f an th d e s o R f e p p e u s b o l s ic ): of Colombia Bank of Italy (millions of lire): Gold at home 18, 250 19,669 20,549 23,396 Gold at home -. 5,296 5,293 5,291 5,189 Gold abroad 9,171 8,602 8,751 17, 044 Credits and balances abroad 4,500 4,893 4,969 5,167 Loans and discounts 11,396 11,365 11,090 16, 585 Loans and discounts 4,369 4,317 4,137 5,194 Note circulation 25,540 26,085 26,363 38, 757 Total note circulation 15,679 15, 738 16,172 16,828 Deposits 6,101 5,865 5,136 8,084 P O u th b e li r c d d e e p p o o s s it i s ts „ 1, 3 6 0 0 0 0 1, 3 6 0 9 0 9 1, 3 71 00 6 1, 3 4 0 2 0 2 Cz li e o c n h s o s o l f o v C a z k e ch N o a s t l i o o v n a a k l c B ro a w nk n s): (mil- Bank of Japan (millions of yen): Gold 1,546 1,480 1,413 1,259 Gold 819 842 1,063 Foreign balances and currency.-. 2,344 2,345 2,423 1,954 Advances and discounts...... 768 749 710 769 Loans and advances 180 268 284 994 Government bonds 118 118 118 195 Assets of banking office in liqui- T N o o t t a e l s d i e ss p u o e s d its 1,191 1,0 7 8 0 1 7 1, 7 0 4 7 1 2 1, 8 27 72 9 No d t a e t i c o i n rculation 7, 3 2 2 7 6 8 7, 3 1 2 4 7 4 7,1 3 9 31 8 7, 3 6 6 8 6 9 Deposits 382 568 575 416 Commonwealth Bank of Australia Danish National Bank (millions of (thousands of pounds sterling): kroner): Issue department- Gold 172 172 172 172 Gold coin and bullion. 15,386 16,285 20,177 19,951 Foreign bills, etc 93 103 81 87 Securities 5,716 5,316 4,691 19,650 Loans and discounts 76 78 78 82 Banking department- Note circulation 354 370 345 370 Coin, bullion, and cash 1,390 1,549 1,386 Deposits 30 27 29 34 M L Se o d o c a o n u n n r e s i y t a ie n a s d t s d h i o sc rt o u c n a t l s l _ in Lon- 2 1 4 1 3 , , , 7 6 5 7 8 0 4 3 0 1 3 2 , , 2 3 2 9 0 8 2 1 2 2 2 , , , 7 7 1 2 0 3 8 7 8 1 1 6 2 3 , , , 8 4 4 5 1 2 1 3 3 Ba z n ig k B g a o u l f a l d n D e c n e a s ) n z : w ig i th ( t B ho a u n s k a n o d f s E o n f g l D a a n n d - .. 16,337 17,145 13,027 15,956 Deposits 43,050 40,757 41,133 33,719 Foreign bills, etc 15, 099 10, 208 9,041 11,711 Bank notes in circulation 39,480 37, 322 37,915 Loans and discounts 18,865 19,323 24,117 22, 526 Note circulation 37, 345 38,164 37, 616 38,121 Austrian National Bank (millions of Deposits 1,301 1,573 1,720 schillings): Central Bank of Ecuador (thousands Gold _ 214 214 -215 of sucres): Foreign exchange of the reserve.. 200 226 218 225 Gold 5,622 5,617 5,606 5,574 Other foreign exchange 491 498 479 328 Foreign exchange 22,354 23,481 23,992 28,821 Domestic bills 130 102 96 301 Loans and discounts 14,619 14,787 14,142 14,963 Government debt 101 101 101 109 Notes in circulation „_. 23, 717 24,060 24,107 30,005 Note circulation 1,042 1,035 1,008 1,072 Deposits 13,847 14,641 14,091 16,014 Deposits 97 110 103 61 Bank of Estonia (thousands of krones): National Bank of Belgium (millions Gold 6,541 6,552 6,546 6,373 of belgas): Net foreign exchange. 16, 730 17, 635 16,958 18, 932 Gold _ _ 1,297 1,295 1,248 1,083 Loans and discounts 26,194 26,439 24,943 28,329 Foreign bills and balances in gold. 896 887 852 567 Note circulation 33,452 34,152 33, 638 35,159 Domestic and foreign bills. 748 747 744 822 Deposits- Loans to State 312 312 311 344 Government 9,782 9,047 7,033 8,117 Note circulation 3,157 3,127 3,051 2,694 Bankers.. 4,069 4,384 4,789 5,145 Deposits 139 157 149 161 Other 1,348 1,117 1,793 1,863. *Ratio of gold and notes in banking department to deposit liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

37 JANUARY, 1931 FEDERAL RESERVE BULLETIN CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 No vein-1 Octo- • Sep- Novem- Novem- Octo- | Sep-November ber ; tember ber ber ber tember ber Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 4.85 485 i 521 Gold - 302 301 301 303 Gold abroad 77 77 I 77 162 Balances abroad and foreign Foreign exchange of the reserve... 301 312 ; 322 422 credits 812 856 869 595 Other foreign exchange 125 122 ! 115 94 Foreign bills _ 212 198 197 28 Loans and discounts 755 787 j 784 795 Domestic bills 720 624 578 1,225 Note circulation j 1,332 1,408 I 1,373 1,366 Note circulation _ _. 1,263 1,313 1,350 1,347 Current account of the treasury.. 70 66 67 270 Demand liabilities : 215 215 94 236 _ Other current accounts ..: 156 140 125 144 Bank of Greece (millions of drach- Bank of Portugal (millions of escu ma N T L G G s o o ) e o o : a t t l v a d n e f l s o r f n r a o e m n i r g e d e n ig n d n t e i x s o e c c b x h o l c a u i h g n n a _ a g t n s t _ e i g . o i e n n s reserve... 2 3 3 , , , 3 3 3 6 5 4 8 1 6 2 5 3 9 5 8 2 3 , , 8 5 5 3 4 7 2 1 9 8 6 8 2 3 3 , , , 3 7 9 3 5 8 4 5 2 2 9 7 4 7 2 4 3 2 , , , 5 5 6 6 2 6 5 9 3 7 5 1 6 6 0 do N G B D B s) i : a o e o l l p l l t a d s e o n s c c i e i t r s s c u a l b a r t o io a n d . . . 1,9 4 1 1 5 5 9 2 1 9 9 2 3 1, 4 9 1 1 0 5 1 4 9 2 5 8 4 1, 3 1 9 1 9 1 1 6 4 8 9 0 1, 3 3 9 5 1 5 3 9 5 2 0 2 Note circulation _. 4,761 5,055 5,077 5,173 National Bank of Roumania (millions ~\ Other sight liabilities 1,823 1,667 1,680 1,660 of lei): Gold at home _ ; 5, 356 5,356 |5,356 j 5,243 National Bank of Hungary (mil- Gold abroad ; 3,919 3,919 3,919 i 3,919 lions of pengos): Foreign exchange of the reserve. _; 1,736 1,696 1,613 l 6,748 Gold 163 I 163 163 163 Other foreign exchange ; 99 145 I 159 I 46 Foreign bills, etc 27 ! 14 25 41 Loans and discounts 8,011 8,316 !8,378 I 9,805 Loans and discounts 253 i 299 189 322 State debt _ 4,699 4,999 j5,349 6,062 Advances to treasury 67 I 69 89 Note circulation \ 18, 726 19,054 19,355 i21, 387 Other assets 104 i 58 65 Deposits i 6,713 6,838 6,806 i10,125 N M D o e is p te c o e s c l i l i t a r s c n u e l o a u ti s o l n iabilities 4 1 3 3 1 9 2 6 I ! j 5 5 2 0 2 2 0 4 2 5 3 8 1 0 4 1 7 6 1 3 3 6 So s u a t n G h d o s A l d o f r f i p ca o n u n R ds e s s e t r e v r e li n B g a ): n k (thou- - [ ! 7,163 •6,653 7,879 Ban G F k o o o r l f e d i J g a n v a b il ( l m s illions of florins): ai 1 3 3 1 9 1 2 3 9 9 1 3 4 0 0 N D Fo o o r m t e e i e g c s n i t r i c c b u i b l l l a i s l t l i s on : 8 6 , , 8 4 2 G 2 4 3 2 5 ; 8 6 , , 8 5 2 8 3 5 9 3 3 ! ! 7 7 , , 7 4 2 4 5 0 3 0 9 5 3 , , , 2 0 2 9 8 7 9 8 0 L N D o o e a p te n o s s c i i a t r s n c d ul d at i i s o c n o unts _ 2 6 4 5 2 1 5 2 3 5 5 9 5 7 2 5 5 3 7 2 1 9 6 2 7 1 4 B G O a t o h n v e k e r e r s r n s ment. 4 1 , ,7 5 2 6 3 0 5 5 0 2 4 , , 1 9 1 0 0 3 2 8 7 • I [ 2 4 , , 0 4 1 6 4 3 5 4 1 ! j I 4 1 , , 6 71 9 4 5 Bank of Latvia (millions of lats): Bank of Spain (millions of pesetas): ; Gold. 24 i 24 Gold ._ j 2,458 2,477 !2,475 I 2,565 Foreign exchange reserve 39 ! 49 Silver _._. ! 706 702 712 i 711 Bills 87 i 93 Balances abroad ; 110 97: 38 | 90 Loans _ 61 ! 56 Loans and discounts I 2,090 2,099 2,103 i 2,181 Note circulation _ 50 i 49 Note circulation ', 4,642 i4,699 4,508 j 4,390 Government deposits 85 ! 93 ! Deposits ._ .; 841 ; 836 807 i 933 Other deposits _ 74 I 75 i Bank of Sweden (millions of kronor): Ban N L G F k o r o o o o r a l t f e d e n i L s g c i n i a t r h n c c u d u u a l r d a n r t i e i i s a n o c c n o ( y m un il ts lions _ of litas): 1 1 3 8 1 0 8 9 6 0 ! i I i 1 9 3 9 1 7 7 9 8 1 9 3 9 0 4 5 4 9 8 9 3 7 7 7 5 4 i ! , N D F L G o o e o o r a p l t e d e n o i s g s c i n i a t r s n c b d u il l l d a s t i , i s o e c n t o c u nts _. ' ! : ! 4 2 5 1 1 0 1 8 4 4 1 9 8 2 4 : . 2 4 5 1 1 4 1 8 0 1 2 0 1 7 5 ; i 2 6 3 1 1 1 4 0 9 58 3 2 9 8 i * i i ' 3 2 2 5 1 2 7 5 4 5 3 3 6 0 3 Deposits _ _. 102 I 105 106 91 I Swiss National Bank (millions of I francs): i Netherlands Bank (millions of Gold 672 664 640 546 florins): Foreign balances and bills 335 354 335 : 288 Gold _. _. 426 ; 426 391 448 Loans and discounts 67 i 72 70 ' 174 Foreign bills 249 : 250 243 216 Note circulation I 968 989 987 : 928 N Lo o a te n s c i a r n cu d l d at i i s o c n ounts 8 1 1 35 3 ' : • 8 1 1 3 5 0 8 1 3 4 1 0 8 1 2 4 1 8 Demand deposits _ 199 189 157 : 102 Deposits 42 ! 54 21 29 State Bank of U. S. S. R. (thousands ; of chervontsi): \ Bank G o o l f d Norway (millions of kroner): 146 146 147 147 L D o e a p n o s s i a ts n d discounts. L |- 2 4 5 5 3 6 , , 7 2 4 9 5 0 N D F T F o o o o o r r t m t e e a e i i l e g g c s d n n i t r e i c c b d p u a e o c l l p s a r a i o e t n t i s d s o c i i n e t t s s s and bills 2 3 3 5 0 0 1 1 8 3 0 2 3 3 1 1 8 2 1 7 2 1 2 3 1 2 7 0 1 7 3 9 i ! I 2 3 1 5 4 0 0 2 2 2 3 1 Issue N G F O o o o t d r h t l e e e e d i p r . g c a n p i r r r c t e e m u x c l c i a e o h t n u a i s o t n - n g m e etals I l ' | . . . . ! ; I i 15 2 8 7 3 7 , , , , 5 6 6 6 4 9 9 4 0 2 0 3 National Bank of the Kingdom of I Reserve Bank of Peru (thousands of I Yugoslavia (millions of dinars): ; soles)•i Gold ; 98 98 98 ] 95 Gold _.._ 43, 519 53,763 Foreign notes and credits i 162 171 j 189 ! 289 Foreign exchange reserve. 10,168 8,127 Loans and discounts ._: 1,557 1,516 ! 1,503 ' 1,507 Bills 17,041 30,903 Advances to State. j 2,997 12,997 !2,997 i 3,000 Note circulation 56,443 64, 222 Note circulation ! 5,404 5,572 !5, 536 5,690 Deposits 7,202 11, 597 Deposits __ | 868 860 ! 998 i 1,308 1 Figures for November, 1929, have been converted from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUARY, 1931 CONDITION OF COMMERCIAL BANKS Millions of national Millions of dollars currency Country 1930 1929 1930 October !££ ' July August Septemv er Canada: Millions of dollars Gold and subsidiary coin 1 62 62 61 62 61 60 63 62 62 62 Money at call and short notice 413 , 379 594 521 532 435 422 445 413 379 Current loans and discounts.—. 1,481 1,456 1,639 1,715 1,684 1,550 1,502 1,483 1,481 1,456 Public and railway securities 480 ; 544 487 487 475 444 447 458 480 544 Note circulation 164 160 197 ; 185 1.87 166 152 166 164 160 Individual deposits 2,460 2,439 2, 654 ; 2,679 2,636 2,449 2,391 2,387 2,460 2,439 Gold reserve against Dominion notes... 93 : 105 60 60 60 66 77 83 93 105 Dominion note circulation 170 181 201 212 234 174 166 3 170 181 Argentina: Bank of the Nation- Millions of pesos Gold..-. 77 0 57 40 29 6 6 6 6 5 Other cash 114 115 ! 122 122 113 104 104 100 93 90 Loans and discounts 608 600 ! 554 558 564 495 486 497 497 469 Deposits 725 714 723 705 694 613 599 602 593 557 Other banks in Buenos Aires- i Gold 9 9 12 i 12 12 10 10 10 9 9 Other cash 208 200 160 146 145 166 ; 177 170 156 ' Loans and discounts 883 895 861 844 835 735 163 i 713 721 699 Deposits _ 1,026 , 1,029 979 952 929 857 712 ; 847 803 826 Millionsofvo unds England: sterling Cash in vault and at banks 186 j 189 189 929 j 921 907 921 j 931 915 907 918 I 919 Money at call and short notice.. 134 | 144 137 725 : 733 707 697 i 657 654 699 , 665 Advances and discounts 1,211 I 1,220 1,230 5,803 5,829 5,842 5,993 j 6,015 I 5,912 5,891 i 5,935 i 5,985 Investments 255 i 257 265 1,175 : 1,171 1,142 1,132 I 1,171 ! 1,217 1,240 ! 1,250 ! 1,288 Deposits 1,764 i 1,791 1,801 8,534 8,587 8,522 8,701 ' 8,730 I 8,600 8,484 !8,716 8,762 France: Millions of francs Bills and national-defense bonds. 19,412 I | 770 804 I 819 793 i 792 : 801 761 . Loans and advances 11,041 422 424 i 421 425 ! 448 i 429 433 '_ Demand deposits 34,423 1,248 1,306 1,291 1,378 i 1,185 i 1,389 1,350 . Time deposits 1,523 40 41 I 41 57 | 56 ! 57 60 . Germany: Millions of reichsmarks | Bills and treasury notes 2,654 2,390 2,452 : 669 679 i 687 776 i 706 695 632 = 569 ! 584 Due from other banks _ \ 1,096 984 1,017 ', 336 342 j 293 265 I 290 251 261 ! 234 i 242 Miscellaneous loans \ 8, 627 8,533 " 1,935 1,931 1,969 2,046 j 2,044 2,047 2,054 | 2,048 2,033 Deposits _ 11,672 11,092 11,077 ,: 2,760 j 2,777 j 2,774 2,929 I 2,874 \ 2,812 2,780 ! 2,641 | 2,639 Acceptances .._: 546 652 670 ' 121 118 116 115 i 121 | 124 130 ! 155 160 Denmark: \ Millx0725 Of kr Loans and discounts __j 1,822 1,821 476 477 ! 476 i 487 489 488 | Due from foreign banks _ _! 132 121 43 i 37 33 ! 33 34 35 I 33 |- Due to foreign banks • 66 66 17 16 ! 16 ! 18 i 18 18 18 ! 18 ;.. Deposits and current accounts \ 2,060 2,065 533 529 | 526 i 537 •: 539 540 552 I 554 L. Norway: j Millions of kroner Loans and discounts J 1,210 j 1,213 1 337 i 336 i 336 ! 328 ; 328 325 324 325 '.. Due from foreign banks \ 105 8°5" 'j_. 36 ! 38 i 34 ! 28 | 32 33 ' 28 23 L. Due to foreign banks.. 67 lit 22 | 23 ' 23 I 18 ; 18 17 18 19 j. Rediscounts 76 27 ! 27 ! 26 ! 21 21 20 20 20 |_. Deposits 1,477 417 i 414 i 412 i 397 I 399 398 396 386 j_. 1,441 l_. I Sweden: Millions of kronor Loans and discounts 4,511 j 4,515 1,128 | 1,141 1,141 1,181 1,189 1,193 1,209 1,210 L. Foreign bills and credits abroad- 250 I 247 I 93 ! 94 80 ! 72 81 76 67 66 L Due to foreign banks 213 ! 208 34 j 39 31 | 69 64 59 57 56 j. Rediscounts 25 17 57 ! 47 45 19 4 10 7 5 j_. Deposits _. 3,737 3,669 ; 955 ! 954 944 I 978 997 1,001 Japan: Millions of yen Cash on hand... 281 224 272 140 i 157 i 168 i 115 ! 98 90 140 I 112 ! 136 Total loans 2,446 2,167 ; 2,206 ! 971 | 974 i 1,003 | 1,093 1,085 1,071 1,219 i 1,0 1,100 Total deposits... 2,068 2,055 i 2,076 982 I 990 ; 1,021 I 1,033 , 1.023 1,022 1,031 | 1,024 ! 1,035 * Not including amounts held abroad. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 39 DISCOUNT RATES OF CENTRAL BANKS German Bank ! Bank Reichs- of j of In effect bank Italy i Japan In effect Oct. 1, 1929 Austria 10,1930 Latvia Oct. 1,1930 Oct. 31 Belgium 1,1930 Lithuania Apr. 1,1930 Nov. 2 Bolivia 26,1930 Netherlands., Mar. 25,1930 Nov. 21 Bulgaria 2,1929 Norway i Nov. 8,1930 Dec. 12 Jan. 14, 1930 Chile Peru Sept. 1,1930 Jan. 30 Colombia Poland | Oct. 3,1930 Feb. 5 Czechoslo- Portugal | , June 2,1930 Feb. 6 vakia Rumania ! 9 | Nov. 2G, 1929 Mar Danzig 8 • Mai. 22,1927 13,1930 Sept. 29,1930 10, 1930 0 , July 17,1930 7, 1930 Apr. 3,1930 Apr. 24 27, 1930 May 1 Switzerland.; : July 10,1930 May 2 Nov. Yugoslavia.. I May 28,1930 May 19 May May 20 Nov. June 21 Mar. Oct. 7 Jan. 3, 1931 In effect Jan. 3, 1931 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) ! Netherlands (Amstcr- Switzer- | dam) land Month B a m a n a c o n c c n e k e s t p e , h t r - s 3 s' I i T m b r i e o l a l n s s , t u h 3 r s y j ! Da m y o -t n o e - y day o a B n ll e a o n w k a e n r c s e ' d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f th or d P is r r c i a v o t a e u t n e t | i 1929— N D O S o e c e t c v p o e e t b e m m e m r b b b e e e r r r . . . . . 5 6 4 5 . . . . 5 1 3 7 9 3 5 6 i : | • 4 5 6 5 . . . . 1 3 6 7 9 0 3 5 4 4 5 5 . . . . 3 4 2 1 9 5 3 5 I I ! j 7 7 . . 1 2 8 8 9 9 8 8 . . . . 0 2 4 7 6 9 8 8 8 7 7 8 . . . . 0 1 8 7 6 4 6 9 4 5 3 5 . . . .3 1 5 2 6 5 2 6 4 5 4 3 . . . . 3 5 8 1 2 2 7 7 3 3 3 3 . . . . 3 1 3 3 8 5 8 2 ! 1930—January 4.07 ! 4.04 i 3.62 3 6.33 7.71 6.03 I 2.99 2.85 2.97 A F M e p a b r r i r c l u h ary... 3 2 2 . . . 8 7 4 2 8 8 ; ! , 3 2 2 . . . 7 4 5 2 9 5 I I ' 3 3 2 . . . 7 2 2 6 0 8 3 -2 4 5 5 . . . 1 4 5 2 6 3 6 6 5 . . . 7 3 5 2 5 7 6 4 5 . . .5 4 0 7 0 1 ! ! j 2 2 2 . . . 8 5 5 0 0 2 2 2 3 . . . 9 0 6 4 8 1 i | I 2 2 2 . . . 6 7 6 0 1 1 May 2.16 : 2.11 i 1.93 3.89 5.00 3.62 I 2.29 2.53 2.44 June 2.31 ! 2.30 i 1.93 3.58 4.80 3.74 ! 1.89 1.93 2.06 July.. 2.37 2.38 i 1.78 3.40 4.57 4.30 • 1.85 1.85 1.92 August 2.21 i 2.17 I 1.85 3.24 4.43 3.73 ! 1.83 1.63 1.75 September. 2.07 2.05 I 1.68 3.30 4.54 3.78 j 1.96 1.84 1.50 October 2.09 ; 2.13 i 1.65 4.66 5.93 5.15 i 1.59 1.48 1.29 November. 2.18 ' 2.15 j 2.01 4.79 6.51 5.48 ! 1.31 1.29 1.16 Belgium France Italy Sweden (Brussels) (Paris) (Milan) Austria [Vienna) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month Private Private Private Money Prime i -p. Loans up Call discount discount discount discount forl commer- i to 3 Viiilo ' money rate rate rate rate month cial paper i months overnight 1929—September.. 4.94 i 3.50 7.01 7% 8H-9H 8%-10K 63/4-8 • fifc-7 5.48 2.92 October 4.94 i 3.50 7.18 8 -m 9 -10 9 -10Hi 7H-8 5^-7 5.48 3.47 November.., 4.57 ! 3.50 7.00 7% -8J4 8^4-10 8H- 934! 6^-7% 5^-7 5.48 3.47 December.. 4.40 I 3.50 7.00 7H -7H 8H- 9K: 7 -7H 5^-7 5.48 3.10 1930—January 3.40 3.38 7.00 6H-7H 7H-$7A 7^-10 6H-7H 4^-6 5.48 2.74 February... 3.41 2.91 6.95 6Me-6H 7 -8 7 - 9H1 4^-6 5.48 3.83 March 3.31 2.70 6.57 &H -6 6^4-7% 6%- 8H! 5 ^—6 J^ 4 -6 5.48 • 3.83 April 3.33 2.57 6.43 5 —5^ 6H- 8H: 5 —6V^ 3 ^-5 ^ 5.48 3.65 May 2.87 2.36 5.81 4H -5 6^-7 57A- 8 ; 4^-6 3 /^-5 H 5.48 3.10 June 2.78 2.11 5.50 4^-41He 6 -6H 5.48 3.83 July 2.78 2.08 5.50 4M6—4H 6 -6H 5H-7f4 4^-5^i 3H~5^ 5.48 3.65 August 2.44 ! 2.10 5.60 4 -4>4 6 -6V5 5H- 7^- 4^-5 3H-5W 5.48 3.83 September.. 2.39 I 1.99 5.48 3% -4^ 5%-6V> 5^- 7H\ 4]?4~5K 3H~5H 5.48 3.65 October 2.27 I 2.00 5.25 4 -4H 5%-SH 5%- 7 • 4H-5 3^-51,^ 5.48 . 3.29 November.. 2.05 2.00 5.43 4^6-4% 5%~6H i ; j NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and May, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN JANUARY, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES Unitec States Canada England France Germany Italy Japan Month 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 97 93 94 96 138 131 657 576 139 132 461 417 228 201 February. _. 97 92 95 94 138 128 600 567 139 129 463 408 226 200 March 98 91 96 92 140 125 654 558 140 126 461 400 226 196 April 97 91 95 92 139 124 648 548 137 127 455 396 225 193 May 96 89 93 90 136 122 643 546 136 126 452 390 223 189 June 96 87 94 88 136 121 629 540 135 125 447 382 222 181 July 98 84 97 86 137 119 624 558 138 125 440 375 220 177 August 98 84 98 84 136 118 598 560 138 125 437 379 218 176 September.. 98 84 98 83 136 116 608 556 138 123 437 375 218 172 October 96 83 97 81 136 113 607 552 137 120 436 364 216 165 November.. 94 80 96 80 134 112 603 551 136 120 431 361 211 162 December.. 94 96 133 596 134 425 205 Australia Austria Belgium China Czechoslovakia Denmark Dutch East Indies 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January.— 157 151 128 125 867 808 160 170 139 126 151 143 149 143 February.. 156 147 130 123 865 791 162 175 139 124 159 140 149 141 March 157 144 133 121 869 774 164 174 141 122 154 136 150 139 April 158 146 134 119 862 777 161 174 141 121 150 135 148 138 May 156 148 135 118 851 774 162 173 137 120 148 132 150 136 June 158 145 134 121 848 750 163 186 134 119 146 130 149 134 July 159 144 132 119 858 739 163 190 135 120 149 129 149 132 August 160 142 132 118 850 729 165 189 134 118 150 128 148 131 September. 163 134 128 115 846 712 167 188 132 115 150 126 148 129 October... 161 130 127 112 838 705 168 182 131 113 149 123 147 November. 158 . 126 125 110 834 693 165 178 130 113 147 122 146 December- 154 123 823 165 128 146 144 Egypt Finland Hungary India Netherlands New Zealand Norway 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January... 125 109 100 94 132 106 145 131 146 131 155 155 149 144 February.. 122 106 100 93 136 104 144 126 146 126 155 155 150 143 March.... 123 101 100 92 136 100 143 125 147 122 155 154 150 142 April 120 101 99 92 135 96 140 123 144 122 155 154 148 141 May 114 101 98 90 123 06 139 121 142 118 155 154 146 140 June 108 100 98 90 122 94 138 116 141 118 155 153 147 139 July 109 102 97 90 119 99 142 115 141 115 156 152 149 138 August 112 104 97 89 114 93 143 114 142 114 156 154 148 137 September. 113 104 96 88 109 92 143 111 141 112 157 152 148 135 October... 115 105 96 86 111 94 140 108 140 111 156 150 147 132 November. 112 105 95 ' 87 107 137 104 137 155 146 131 December. 110 95 107 134 135 154 146 Peru Poland Russia SouthAfrica Spain Sweden Switzerland 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 186 181 98 88 177 182 135 121 171 172 144 131 143 136 February... 185 181 99 85 177 185 173 173 145 128 143 133 March 189 180 99 85 178 187 174 173 144 125 142 131 April 185 179 98 85 179 187 131 117 174 172 141 124 140 129 May 186 179 95 83 180 188 171 168 140 123 139 128 June 186 178 95 83 181 187 170 166 139 123 139 126 July.. 187 177 96 84 180 189 129 112 169 170 140 121 143 126 August 187 175 95 82 180 188 170 173 141 121 143 126 September.. 186 178 94 80 181 187 171 174 140 119 142 123 October 186 177 93 78 182 128 112 172 175 138 118 142 122 November.. 184 175 95 181 171 Wo 117 140 120 December.. 182 173 92 182 172 134 139 NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indi cated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers may be found. The base periods are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium—April, 1914; Canada—1926; China—February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913. Finland—1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan—October, 1900; Netherlands—1913;New Zealand— 1909-1913; Norway—December 31, 1913-June 30, 1914; Peru—1913; Poland—1927; Russia—1913; South Africa—1910; Spain—1913; Sweden—1913; Switzerland—July, 1914. Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were given in the BULLETIN for (April, p. 256.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BTJTLETIN 41 WHOLESALE PRICES—GROUPS OF COMMODITIES Other commodities Non- |agricul- UNITED ST lo A o T ) E S (1926=- i A m l o l d C it O i I e T s l- i j l l pro F d a u rm cts Foods j i ; pr H o i d d u e c s ts ! Fuel and! pr m o a d e n t u d a c l ts m Bu a i te ld ri i a n l g s c C a d h l r s e u a m g n s l df H u g r o o i n n o u i g d s s h e s - - l M an i e sc o e u l s -, | m c t t u o i o e m r d a s i - l - 1929—November.. 94 j! 101 99 ; 92 j, 108 ! 102 96 I 97 93 1930—May 89i; 93 j 92 ; 103 ! 97 i 93 j June 37;; 89 ! 91; 102 i 95 ! 90 ! July 84 : 83 | 86; 84 ! 101 i 94 ! 89 ! 84 August 84 i! 85 87 i 83 I; 93 j 87 ! 84 September- 84 |l 85 j 89 : 83 92 ! 86 ! 84 October 83 |j 83 i 89 | 82 97! 90 86 i 83 November.. 80 i! 79 ! 86 j 80 94 ; 86 ; 85 81 i Foods Industrial products I Other ENGLAND (1913=100) i O fo t o h d e s r Total I a r n o d n Coal i m i a n n e d rals Cotton Wool te O x t t h il e e r sl M an i e sc o e u l s - Total I Cereals steel : metals 1929—November. . 134 I 142 j: 132 ! 150 145 ! 129 115 128 147 156 127 134 1930—May 122 | 1271; 114 • 136 132 119 114 119 130 129 110 128 June 121 127 jl 111 ! 135 137 I 117 114 117 126 127 104 126 July 119 127 ; 108 I 136 138 ; 115 113 116 123 124 98 124 August 118 126 109 ! 138 134 i 113 112 116 119 122 97 122 September- 116 124 i! 105 i 138 130 : 111 112 120 113 119 89 121 October 113 121 : 99 : 136 131 109 111 121 107 110 87 120 November- 112 121 i 95 I 140 132 i 107 110 I 121 107 106 86 118 Farm and food products Industrial products FRANCE (1913=100) Chemi- I Cement cal prod-Rubber Paper Lumber and ucts brick, | • etc. 1929—November | 606 i 96 685 1,003 636 1930—May ! 592 i 81 667 978 708 June i 593 : 74 667 978 708 July j 582 ! 65 664 956 725 August j 671 I 59 654 937 725 September i 570 i 48 654 937 725 October I 552 59 636 963 725 November _ _ i 542 ! 59 636 963 725 I Industrial raw and semifinished products All com- i Provi- GERMANY (1913 = 100) modities : Toij-oT Ve f g o e o t d a s ble Cattle | p A ro n d i u m c a l; l s Fodder sions 1929—No vember.. 136 ; 128 119 128 153 107 ; 1930—May 126 I 111 119 110 ! 109 96 ! June 125 ! 110 118 109 | 110 90 ; July 125 115 120 112 | 121 97 August 125 117 124 112 i 121 100 i September.. 123 | 114 117 108 i 125 97 ; October 120 109 109 105 ! 128 87 i November.. 120 ' 112 111 108 i 131 Industrial raw and semifinished products—Continued Textiles l H e a a i n t d h d e e s r Ch c e al m s i- f A er r t t i i l f i i z c e ia rs l T o e i c l f s h a n t a s i n c d al ,' ! Rubber a m n P d at a e p p r a e i p a r l e s r 1929—November. 130 ; 118: 127 I 129 ; 1930—May 116 | in ' 126 ! 135 ; June. 111 '• 112 126 | 134 July. 105 I 108 125 i 131 August 101 108 125 133 September. 96 111 125 1 129 October... 90 111 124 I 118 November. 89 ! 107 124 I 116 * The index for other commodities, recently published by the Bureau of Labor Statistics, includes the prices of articles in the all-commodities index with the exception of those for farm products and foods; the nonagricultural index omits merely iarm products. NOTE—Annual indexes for the groups shown in the table are given for the >ears 1913 and 1925-1929 in the BULLETIN for April (p. 257). Original sources for these indexes are: United States— Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England— Board of Trade Journal and Commercial Gazette, Board of Trade; Franee— Bulletin de la Statistique G6n6rale de la France, Supplement Mensuel, Statistique Ge"ne"rale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY, 1931 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1930 1929 Dec. 31 Nov. 30 Dec. 31 Gold with Federal reserve agents 1,730,439 1,592,356: 1,676,918 Gold redemption fund with United States Treasury 35,211 35,334 73,287 Gold held exclusively against Federal reserve notes.. 1, 765,650 1,627, 690 1, 750, 205 Gold settlement fund with Federal Reserve Board 417,440 472,009 • 511, 243 Gold and gold certificates held by banks 758,129 881,169 '< 595, 603 Total gold reserves 2,941,219 2,980,868 i 2, 857,051 Reserves other than gold 140, 298 133,887 153,877 Total reserves 3,081,517 3,114,755 3,010, 928 Nonreserve cash _ 79,932 54,302 I 81,909 Bills discounted » _.. 251,398 274,596 , 632,421 Bills bought: Outright2 324,746 166,863 236,974 Under resale agreement. 39,098 7,710 } 155, 235 Total bills bought.. 363,844 174,573 I 392, 209 United States securities: Bought outright 599,286 ; 487, 291 Under resale agreement. 43,403 23, 296 Total United States securities.. 729,467 510, 587 Other reserve bank credit: 0 ther securities 7,143 6,358 12,300 Due from foreign banks. 704 707 721 Reserve bank float3 20,776 23,080 ! 33,663 Total reserve bank credit outstanding.. 1,373,332 1,078,600 i 1, 581,901 Uncollected items not included in float 564,007 546,756 i 672,922 Federal reserve notes of other reserve banks. 21, 993 13,571 j 42,151 Bank premises _ 57.843 59, 702 i 57, 359 All other resources 22,024 21,420 i 11, 275 Total resources.. 5,200, 648 4, 889,106 j 5,458,445 Federal reserve notes: Held by other Federal reserve banks. 21,993 13,571 i 42,151 Outside Federal reserve banks _.. 1,641,545 1,441,684 j 1,867,572 Total notes in circulation. 1,663,538 1,455,255 | 1,909, 723 Deposits: Member bank—reserve account- 2,470, 583 2, 373, 260 2, 355, 263 Government __ _ 18, 819 23,347 ! 28,852 Foreign bank 5,761 5,552 i 5,710 Other deposits... 21,970 19,520 1 23,850 Total deposits 2, 517,133 2,421, 679 j 2,413,675 Deferred availability items.. 564,007 546,756 i 672,922 Capital paid in 169, 640 170,467 | 170,973 Surplus 274,636 276,936 ; 276,936 All other liabilities 11,694 18,013 ! 14,216 Total liabilities ,. _ 5, 200,648 4,889,106 5,458,445 Contingent liability on bills purchased for foreign correspondents 439, 288 428,842 j 547,962 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 2,093,625 1,851,749 I 2,426, 584 Held by Federal reserve banks * _. 430,087 396,494 J 516,861 In actual circulation _.. 1,663,538 1,909,723 Collateral held by agents as security for notes issued to banks: Gold ._ 1,730,439 1,592,356 1,676,918 Eligible paper 507, 788 400,051 970,462 Total collateral. 2, 238,227 1,992,407 2, 647,380 1 Includes bills discounted for intermediate credit banks as follows: Latest month, $737,000; month ago, $1,111,000; year ago, $1,094,000; and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $71,000; month ago, $41,000; year ago, $51,000. 2 Includes bills payable in foreign currencies as follows: Latest month, $35,983,000; month ago, $31,587,000; year ago, $1,030,000. 3 Uncollected items in excess of deferred availability items. < Excludes "F. R. notes of other F. R. Banks," which are consequently included in actual circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 43 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1930 [In thousands of dollars] Total ii Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chica*° Lo S u t. is M ap in o n li e s - K C an it s y as Dallas ! I i F c S r is a a c n n o i I RESOURCES Gold with Federal agents 1,730,439 ; 1149,917 420, 729 160,000 1185, 550 83,150 129,900 '173, COO | 74,885 48,325 62,000 27,220 \ 215, 763 Gold redemption fund with U. I I S. Treasury 35,211 !i 1,492 14,032 1,593 | 2,913 2,375 ! 2,237 1,097 i 1,594 802 1,449 1,098 ! 4,529 Gold held exclusively against Federal reserve notes 1,765,650 ;; 151,409 434,761 161, 593 188,463 85,525 132,137 174,097; 76,47949,127 63,449 j 28,318 220,292 Gold settlement fund with Federal Reserve B oard 417,440 li 18,711 135,358 61,416 36,196 18,231 10,803 49,660\ 18,721 10,076 21,551 I 9,659 j 27,058 Gold and gold certificates held by banks 758,129 I' 31,149 437,003 15,543 53,812 9,464 7,907 130,114 9,129 5,208 7,371 8,425 43,004 Total gold reserves. 2,941,219 201,269 1,007,122 238,552 278,471 113,220 150,847 353,871104,329 64,411 92,371 46,402 290,354 Reserves other than gold _ 140,298 10,096 39,879 8,874 8,096 6,904 "i, 578 21,591j 9,303 4,258 7,200 7,126 8,393 Total reserves. 3,081,517 ; 211,365 1,047,001 247,426 286,567 120,124 159,425 375,462113,632 68,669 99,571 I 53,528 298,747 Nonreserve cash 79,932 ii 6,473 22,285 5,146 \ 428 4,556 4,693 11,382I 4,675 2,432 2,345 4,206 5,311 Bills discounted: Secured by U. S. Government obligations 89,421 5,880 24,441 10,272 20, 930 3,235 472 10,891 4,962 j 403 1,298 ! 744 j 5,893 Other bills discounted 161,977 I 7,358 37,457 15,391 16,286 19,531 17, 597 11,913 6,339 !3,173 13,744 I 3,598 j 9,590 Total bills discounted... 251,398 !: 13,238 61,898 25,663 37,216 22,766 18,069 22,804 11,301 3,576 I15,042 4,342 15,483 Bills bought 363,844 j! 25,315 158,273 3,496 25,931 10,936 15, 755 52,370 10,788 8,411 12,971 8,575 I 31,023 U. S. Government securities: Bonds 163,785 !| 3,877 89,226 3,289 3,614 2,010 523 30,905 ! 1,2025,936 2,063 11,381 9,759 Treasury notes 226,473 ! 17,959 58,332 22,510 29,303 4,716 4,380 22,538 ; 15,056 10,185 11,555 7,807 22,132 Certificates and bills 339,209 | 28,089 135,774 28,405 30,008 7,181 2,974 36,160 | 10,125 11,181 17,993 j 12,128 19,191 Total IT. S. Government i securities 729,467 |: 49,925 283,332 54,204 62,925 13,907 7,877 89,603 26,383 27,302 31,611 ! 31,316 i 51,0 Other securities 7,143 !j 850 2,850 610 1,000 600 1,000 233 L __! Total bills and securities.1,351,852 Ii 89,328 506,353 83,973 127,072 47,609 42,301 165, 777 48,472 39,522 59,624 j 44,233 97,588 Due from foreign banks 704 52 231 68 71 30 26 94 25 16 21 21 49 Uncollected items 584, 783 65,638 183,283 51,802 53,979 38,140 12,846 68,622 21,817 10,366 I 31,675 j 17,362 | 29,253 Federal reserve notes of other banks 21,993 |i 337 7,173 350 1,397 2,266 1,685 2,333 ! 1,056 805 ; 1,798 i 487 i 2,306 Bank premises 57,843 | 3,458 15,240 2,614 6,833 3,249 2,573 8,061 I 3,635 1,926 3,803 j 1,830 j 4,621 All other resources- 22,024 ! 76 8,615 136 990 967 4,552 1,126 I 3,508 528 241 ! 551 ! 734 Total resources !5,200,648 i ;376,727 1,790,181 391,515 483,337 216,941 1228,101 |632,857 196,820 124,264 199,078 122,218 438,609 LIABILITIES i , Federal reserve notes in actual j I circulation 1,663,538 '132,035 384, 976 153, 727194,948 100,515 133,854 139,162 ! 84,599 I 53,558 | 68,424 i 31,901 | 185,839 Deposits: I Member bank—reserve account 2,470,583 I i 150,9361, 062, 276142, 539186,377 60,820 61, 014360, 832 \ 69, 52148, 447 Government 18,819 ••; 829 4,113 1,344 2,240 444 1,211 2,590 ! 1,0891,280 Foreign bank. 5,761 i 425 1,903 558 575 241 207 770 I 207 132 Other deposits | 21, 970 65 9,555 163 2,697 168 479 960 i 534 139 Total deposits |2, 517,133 1152, 255 1,077,847 144,604 191,889 61, 673 62, 911365,152 71, 351 49,998 89, 529 58, 498 191,426 Deferred availability items 564.007 'j 59,167 178, 877 49, 256 50, 765 36,110 13,130 66, 524 23, 934 9,776 27, 711 17,964 30, 793 Capital paid in I 169, 640 ! 11,877 65, 578 16, 793 15, 813 5,801 5,346 20,145 5,053 3,063 4,311 4,356 ! 11,504 Surplus I 274, C3G -i 21,299 80, 575 27,065 28,971 12,114 10, 857 39,936 10, 562 7,144 8,702 8,936 i 18,475 All other liabilities. 11,694 94 2,328 70 951 728 2,003 1,938 1,321 725 401 563 572 Total liabilities.... 5, 200,648 376, 727 1,790,181 391,515 483,337 216,941 1228,101 '632,857 196,820 124,264 199,078 122,218 I 438,609 Reserve ratio (per cent). 73.7 74.3 71. 6 82. 9 74.1 74.1 81.0 | 74. 5 I 72. 9 i 66.3 63. 0 59. 2 ! 79. 2 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve bank by Federal reserve agent . 2,093,625 167,190 524,757 j181,135 233, 591110,075 161,866 189,407 i 94,870 58,704 82,446 38, 510 251,074 Held by Federal reserve bank.. 430,087 j: 35,155 139,781 i 27,408 9, 560 ! 28,012 I 50, 245 ! 10, 271 5,1144,6022 6,609 65,235 In actual circulation 1,663,538 i 132,035 384,976 153,727 194,948 100,515 133,854 139,162 I 84,599 j 53,55868,424 | 31,901 185,839 Collateral held by agent as security for notes issued to bank: Gold 1, 730, 439 149, 917 420,729 160,000 185, 550 83,150 129,900 173,000 74,885 i48, 325! 62,000 27, 220 215, 763 Eligible paper 507, 788 35, 889 146,054 22, 444 55, 346 32, 077 32,483 70, 281 20,427 !10, 554 26,794 11, 609 43, 830 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY, 1931 CHANGES IN MEMBERSHIP CHANGES On December 20, 1930, there were 8,099 active mem- Date ("Consolidations" shown below include "ab- Capital ber banks in the Federal reserve system, including sorptions," "mergers," etc.) 7,075 national banks and 1,024 State bank members. Below are given all changes, except suspensions and DISTRICT NO. 7—CHICAGO—Continued insolvencies, between November 26 and December 20, affecting the list of active member banks. Nov. 241 City National Bank, Clinton, Iowa.. $300,000 Citizens Savings Bank, Low Moor, nonmember.. 30,000 Consolidated under charter and title of City National Bank, Clinton, Iowa 300,000 CHANGES | Nov.251 First National Bank, Mount Pleasant, Iowa 100,000 Date ("Consolidations" shown below include "ab- I Capital Henry County Savings Bank, nonmember 36,000 sorptions," "mergers," etc.) | Consolidated under charter and title of Henry County Savings Bank, nonmember 36,000 Nov. 251 National Bank of Monmouth, 111 200,000 First National Bank, Alexis, 111 50,000 DISTRICT NO. 2—NEW YORK I Consolidated under charter and title of Na- Dec. 1 Lincoln National Bank, Newark, N. J • $600.000 tional Bank of Monmouth, 111 200,000 Colonial Trust Co., member ' 300,000 Nov.101 Grant Trust & Savings Bank, Marion, Ind., Consolidated under charter and title of Lin- j member 240,600 coin National Bank I 600,000 First National Bank ___ 250,000 Dec. 1 Sunrise National Bank, Baldwin, N. Y., title I Consolidated under charter and title of First changed to Sunrise National Bank & Trust Co. National Bank ... __ 350,000 Dec. 13 State Bank & Trust Co., Hackensack, N. J 100,000 Dec. 4 First National Bank, Frankfort, Ind 200,000 Admitted to membership; new organization. Succeeded by First State Bank, nonmember. Dec. 15 Plattsburg National Bank & Trust Co., Platts- Dec. 13 Ladoga State Bank, Ladoga, Ind., member 25,000 burg, N. Y_ __! 500,000 Voluntary withdrawal from membership. First National Bank 100,000 Dec. 15 First National Bank, Dyers ville, Iowa 50,000 Consolidated under charter and title of ' Succeeded by Dyersville National Bank 25,000 Plattsburg National Bank & Trust Co ! 500,000 Dec. 15 First National Bank, Berwyn, 111 100,000 Dec. 16 Grape Belt National Bank, Westfield, N. Y I 50,000 American State Bank, nonmember 100,000 National Bank of Westfield 150,000 Oakwyn State Bank, nonmember 50,000 Consolidated under charter and title of Na- Ridgeland State Bank, nonmember 100,000 tional Bank of Westfield 150,000 Consolidated under charter of First National Bank and title of First American National DISTRICT NO. 3—PHILADELPHIA Bank & Trust Co _ 175,000 Nov. 26 City National Bank & Trust Co., Philadelphia, Dec. 18 Commercial National Bank, Waterloo, Iowa. 400,000 Pa. 1,125,000 First National Bank 200,000 Woodland Bank & Trust Co., nonmember 150,000 Consolidated under charter and title of Com- Consolidated under charter and title of City- mercial National Bank 400,000 National Bank & Trust Co 1,125, 000 Dec. 18 Indiana National Bank, Indianapolis, Ind ._ 2,000,000 Continental National Bank 400,000 DISTRICT NO. 4—CLEVELAND Consolidated under charter and title of In- Nov. 17 i Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., diana National Bank 2, 000,000 member _ 5, 322, 000 Dec. 20 First National Bank, Fort Dodge, Iowa 300,000 Oakland Savings & Trust Co., member 300,000 First Trust & Savings Bank, nonmember 100,000 Consolidated under charter and title of Consolidated under new charter and title of Peoples-Pittsburgh Trust Co., member 5, 322, 000 First State Bank & Trust Co., nonmember. 200,000 Dec. 6 Masontown National Bank, Masontown, Pa I 100,000 First National Bank 100, 000 DISTRICT NO. 8—ST. LOUIS Consolidated under charter and title of First ! Nov.251 First National Bank, Fayetteville, Ark 125,000 National Bank ..j 100,000 Arkansas National Bank 150,000 Consolidated under charter and title of First DISTRICT NO. 5—RICHMOND | National Bank 125,000 Dec. 6 Gary National Bank, Gary, W. Va 50,000 Dec. 1 First National Bank, Duquoin, Ill._ 50,000 Succeeded by Gary National Bank 100,000 First State Bank & Trust Co., nonmember 50,000 Dec. 9 West End Bank, Richmond, Va., nonmember... 100,000 Consolidated under charter and title of First American Bank & Trust Co., member 3,500,000 National Bank _ __ 100,000 Consolidated under charter and title of Ameri- Dec. 9 First National Bank, Mount Vernon, Mo 25,000 can Bank & Trust Co., member 3,500,000 Primary organization. Dec. 16 National Bank of Commerce, Charleston, W. Va. 200,000 Conversion of Bank of Commerce, non- j DISTRICT NO. 9—MINNEAPOLIS member. I Nov. 8i Northwestern National Bank, Minneapolis, Minn. S, COO, 000 Dec. 17 Bank of Tidewater (Inc.), Portsmouth, Va., non- | Metropolitan National Bank 500,000 member _ j 250,000 Consolidated under charter and title of American National Bank i 500,000 Northwestern National Bank __ S, 000,000 Consolidated under charter and title of Ameri- j Nov. 191 First National Bank, Kalispell, Mont __. 200,000 can National Bank __• 500,000 Bank of Commerce, nonmember 100,000 Consolidated under charter and title of First DISTRICT NO. 6—ATLANTA National Bank 200,000 Dec. 2 New Orleans Bank & Trust Co., New Orleans, i Nov. 29 Hancock National Bank, Hancock, Minn _ 40,000 La., member _ ! 1,200,000 First National Bank 25,000 Interstate Trust & Banking Co., member \ 750,000 Consolidated under charter and title of Han- Consolidated under charter and title of Inter- j cock National Bank . _ _ - _ . ... 40,000 state Trust & Banking Co., member { 750,000 Dec. 4 Malta National Bamk, Malta, Mont 60,000 Dec. 3 First National Bank, Wetumpka, Ala j 25,000 First State Bank, nonmember 50,000 Bank of Wetumpka, member j 25,000 Consolidated under charter and title of First Consolidated under charter and title of First j State Bank, nonmember 50,000 National Bank • 25,000 Dec. 20 Welcome National Bank, Welcome, Minn.. 50,000 Dec. .16 Bank of Portal, Portal, Ga., member ' 25,000 Welcome State Bank, nonmember. 20,000 Voluntary withdrawal from membership. ; Consolidated under charter and title of Wel- DISTRICT NO. 7—CHICAGO j come State Bank, nonmember.. 20,000 Oct. 17i Farmers National Bank, Cambridge, 111 ___j 50,000 DISTRICT NO. 10—KANSAS CITY First National Bank j 50,000 Oct. 291 First State Bank, Newcastle, Wyo 25.000 Consolidated under charter and title of! Admitted to membership. Farmers National Bank 50,000 Nov. 12i Stephens National Bank, Fremont, Nebr 100,000 Nov. 241 Centennial National Bank, Virginia, 111 50.000 Farmers State Bank, Nickerson, Nebr., non- Petefish, Skiles & Co., nonmember 100,000 member. 15,000 Consolidated under title of Petefish.. Skiles & Consolidated under charter and title of Co., nonmember 100,000 Stephens National Bank, Fremont, Nebr._ 100,000 1 Not reported in period in which change took place. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1931 FEDERAL RESERVE BULLETIN 45 Fiduciary Powers Granted to National Banks CHANGES Date ("Consolidations" shown below include "ab- Capital During the month ended December 21, 1930, the sorptions," "mergers," etc.) Federal Reserve Board approved applications of the national banks listed below for permission to exercise DISTRICT NO. 10—KANSAS CITY—Continued ! one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: Dec. 5 First National Bank, Hulbert, Okla j $25,000 Converted to First State Bank, nonmember. \ (1) Trustee; (2) executor; (3) administrator; (4) reg- Dec. 5 Hartshorne National Bank, Hartshorne, Okla ! 50,000 istrar of stocks and bonds; (5) guardian of estates; (6) Converted to a new State bank, nonmember.: assignee; (7) receiver; (8) committee of estates of Dec. 20 American National Bank, Tonkawa, Okla •, 25,000 First National Bank _ ! 25,000 lunatics; (9) in any other fiduciary capacity in which Consolidatad under charter and title of First i State banks, trust companies, or other corporations National Bank ' 25,000 which come into competition with national banks are DISTRICT NO. 11—DALLAS permitted to act under the laws of the State in which Nov. 26 First National Bank, Grand view, Tex \ 40, 000 the national bank is located. Farmers & Merchants National Bank ; 40, 000 Consolidated under charter and title of First \ National Bank _ 40, 000 D D e e c c . . 8 9 A Fi l r b s a t R N N e N s a a t a t t o t i i r i o o o e n n d n a a a l l t l o B B B s a a a o n n n l k k v k , , e , n A F M c r l y b o i n a s a , t c , n o T d T l e a e , x a x b T s e o x rbed by First 4 7 7 0 5 5 , , , 0 0 0 0 0 0 0 0 0 Location ! \ D t N a is c o - t . j '• I Name of bank g P r o a w nt e e r d s Succeeded by Frost National Bank 40.000 Dec. 13 First National Bank, Garland, Tex... 50,000 State National Bank 100,000 Newport, N. IT : 1 j Citizens National Bank 2, G, 7, and Consolidated under charter and title of State : 9.1 National Bank 100,000 Watertown, Mass \ 1 ! Union Market National 5 to 9.1 Dec. 20 First National Bank, Electra, Tex 100, 000 ! Bank. First State Bank, nonmember _.. 75, 000 Cambridge, Ohio ; 4 ; Central National Bank 1 to 7, and Consolidated under charter and title of First 9. State Bank, nonmember ' 75, 000 Washington, D. C__._ 5 | National Capital Bank 4. Greeneville, Ala i 6 ; First National Bank 4 and 6 to DISTRICT NO. 12—SAN FRANCISCO 9.i Nov. Ba c n ia k t i o o f n A , m Sa e n r i F ca r a N nc a i t s i c o o n , a l C T al r i u f- st & Savings Asso- 50,000,000 Livingston, Mont 9 ; i Na L ti i o v n in a g l sto P n a . rk Bank in 1 to 9. First National Bank, Berkeley, Calif 375,000 St. Paul Minn '. 9 | Empire National Bank 1 to 9 First National Bank, Eureka, Calif 300,000 Austin, Tex ., 11 i American National Bank 4 to 9. i Consolidated under charter and title of Bank o c f i a A ti m on e , ri S c a a n N F a r t a i n o c n i a s l c T o, r u C s a t li & f Savings Asso- 50,000,000 1 Supplementary. Dec. 5 Bank of America National Trust & Savings Asso- FEDERAL RESERVE BANKS—MATURITY DISciation, San Francisco, Calif 50,000,000 First National Bank, Porterville, Calif 100,000 TRIBUTION OF BILLS AND SHORT-TERM Consolidated under charter and title of Bank SECURITIES of America National Trust & Savings Assoi elation, San Francisco, Calif 50,000,000 [In thousands of dollars] Dec. 13 I Bank of Wasco, Wasco, Oreg., member 25,000 j Bank of Commerce, nonmember 40,000 j I Co a n n s d o l t i i d tl a e t e o d f u B n a d n e k r o c f h a C r o te m r m of e B rc a e n , k m o e f m W b a e sc r o ... 55,000 ! Total W d in a i t y 1 h s 5 -1, 1 d 6 a to y 3 s 0 3 d 1 a to y 6 s 0 ' | 6 d 1 a to y 9 s 0 9 m 1 t o o d n a 6 t y h s s m O o ve n r th 6 s 1 Not reported in period in which change took place. Bills discounted: The Comptroller of the Currency presents the follow- Dec. 3 250,927 167, 3281 23,983 28, 745; 19,230 10,701 940 ing summary of increases and reductions in the number Dec. 10 257,097 171,392| 24,4101 30,269! 19,530 10,433 1,063 and capital of national banks during the period from Dee. 17 331,321241,076! 27,077 30,673; 19,838 10,998 1,660 Dec. 24 448,349 355,958j 22,149 ,: 23,255 11,060 990 November 22 to December 26, 1930, inclusive: Dec. 31 251,398175,50l| 17,659 26,966 19,459 10,634 1,179 Bills bought in N b b a e u r n m k o s - f Am ca o p u i n ta t l of op D D D en e e e c c c m . . . a 3 1 1 r 0 7 ket: 1 1 1 2 2 , 1 4 8 3 , , 9 6 3 9 7 79 8 2 4 , , 8 5 5 9 9 5 5 7 7 0 7 1 , , , 9 2 6 8 8 9 4 0 1 1 i i 6 5 6 7 5 8 , , , 4 9 2 1 7 7 4 3 7 1 1 1 4 1 2 , , , 1 6 0 6 5 6 0 5 2 4 4 4 8 9 8 Dec. 24 1259,837149,99005 60, 720| 40,712 8,218 282 New charters issued 10 $890,000 Dec. 31 363,8444 219, 272 68, 062; 47, 249 28,129 1,132 I R n e c s r t e o a r s e e d o t f o c s a o p l i v ta e l n c a y pproved J__ ,2 1,880,000 Ce b r i t l i l f s i : cates and L R i e q d u u i c d A i a n g s t g i o g o l r c n v e a s g e p - n a . i t c _ t e y a , o l 2 f a n nd ew b _ a c n h k a s r te in rs c , r e b a a s n in k g s _ r c e a s p to it r a e l d to j ' j • 26 I 2 5 , , 7 8 7 4 9 0 0 0 , 0 0 , , 0 0 0 0 0 0 0 0 D D D D D e e e e e c c c c c . . . . . 3 2 3 1 1 1 4 0 7 ; ! ! ; '3 3 3 3 3 3 2 0 0 7 9 1 0 1 G , , , , 3 2 0 , 1 S 5 0 6 1 n 2 9 0 7 ( ! |1 0 7 7 9 2 3 2 , , , , 5 4 7 0 5 2 6 0 5 5 5 0 ^ ! : ! ! _ 2 2 3 4 , ,1 4 8 5 2 7 | 3 3 3 8 8 3 , , , 7 9 7 0 5 _ 0 7 7 _ 7 ! ! ' , ; . 1 1 1 0 0 0 3 8 1 , , ,3 8 9 7 7 2 0 9 9 2 1 1 1 1 0 2 9 9 8 3 6 4 8 4 , , , , , 0 6 7 5 5 1 7 4 8 8 6 3 9 1 8 Total liquidations and reductions of capital. j 63 [ 6,290,000 Municipal warrants: Consolidation of national banks under act of Nov. | Dec. 3 1081 - 10. 7,1918 ._._! 1,250,000 Dec. 10 108! ! Consolidation of national banks and State banks Dec. 17 151j .-I 110 under act of Feb. 25, 1927 1,475,000 Dec. 24 233! __l 194 Total consolidations 2, 725,000 Dec. 31 843! 185! 614 Agnegate increased capital for period 2, 770,000 Re luction of capital owing to liquidations, etc.. 6. 290,000 Net decrease 3,520,000 * Includes three increases in capital aggregating $425,000 incident to consolidations under act of Feb. 25, 1927. * Includes three reductions in capital aggregating $275,000 incident to ^ onsolidations under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY, 1931 EMPLOYMENT AND WAGE PAYMENTS IN MANUFACTURING: VOLUME OF PRODUCTION SELECTED INDUSTRIES AND NUMBER OF EMPLOYEES, 1899-1930 [Index numbers 1899=100] i Average number employed Year Coal mines J T fa o c t t a o l r y a n w n a u g a e l Year V d o u o f c l p u ti r m o o n - e N p o l u f o m y e e m b e e - s r \ Year V d o u o f c l p u ti r m o o n - e N p o l u f o m y e e m b e e - s r payments * Factories * Railroads 3 Anthra- Bitumicite nous 1899* 100 0 100 0 1915 188 0 160 0 1900. 101.0 105.0 1916 223.0 187.0 1901 112.0 110.0 1917 224.0 204.0 1919. 8,998,000 155,000 622,000 1,908,000 $10,460,000,000 1902 122.0 118.0 1918 220 0 210 0 1920 9,080,000 145,000 640,000 2,054,000 12, 562,000,000 1903 124.0 123.0 1919* ._ ._ 213.7 204.4 1921- 6,944,000 159,000 664,000 1,661,000 8, 200,000,000 1904* 122.2 117.5 1920 221.4 205.0 1922 7,583,000 157,000 688,000 1, 645,000 8,627,000,000 1905 144 0 127.0 1921* 169 7 158 2 1923- 8, 777, 000 158,000 705,000 1,880,000 11, 008,000,000 1906 154. 0 135. 0 1922 222.2 172.9 1924 8,096, 000 160,000 620,000 1, 777,000 10,177,000,000 1907 153.0 141.0 1923* 260. 5 196.4— 1925 8,382,000 160,000 588,000 1, 769, 000 10,727, 000,000 1908 129.0 127.0 1924 243 4 181 4 1926 8,537,000 165,000 594,000 1,806,000 11,095,000,000 1909* „ 159.2 145. 1 1925* 273.3 188.4 1927 8,350,000 165,000 594, 000 •1, 761, 000 10,849, 000,000 1910 162. 0 149.0 1926 281.2 191.8 1928- 8,177,000 161,000 522,000 1,680,000 10,829,000,000 1911 155.0 150. 0 1927* 274 9 188 4 1929 8,514,000 152,000 503,000 1, 686, 000 11,462,000, 000 1912 _ 179.0 156. 0 1928 „_ 290 6 185 4 1930- P 7,400,000 v 129,000 * 431,000 v 1,548,000 v 9,316,000,000 1913 185. 0 159.0 1929 v 308. 3 P 192. 8 1914* 1G9.4 156.2 1930 P 251.1 v 170. 8 v Preliminary. * Data from Census of Manufactures in census years; other years de- v Preliminary. rived from indexes of Federal Reserve Board. i Statistics for period 1899-1921 prepared by Woodlief Thomas. See 2 U. S. Bureau of Mines through 1929; 1930 estimated from data by Recent Economic Changes, Volume II, p. 454. For period 1922-1930, U. S. Bureau of Labor Statistics. prepared by Federal Reserve Board. 3 Interstate Commerce Commission. Figures for Class I railroads. WHOLESALE PRICES IN THE UNITED STATES MEMBERSHIP IN PAR-COLLECTION SYSTEM1 [Annual indexes of the Bureau of Labor Statistics. 1926=100] [Number of banks at end of November] Year Al m l o co d m - - pr F o a d r u m cts Foods O co th m e - r Member banks Nonmember banks ities modities Federal reserve district On par list Not on par list 1913 69.8 71.5 64.2 70.0 1930 1929 1914 68.1 71.2 64.7 66.4 1915 69.5 71.5 65.4 68.0 1930 1929 1930 1929 1916 85.5 84.4 75.7 88.3 1917. 117.5 129.0 104.5 114.2 1918-_ 131.3 148.0 119.1 124.6 United States. 8,159 8,569 11,129 12,104 3,532 3,761 1919 138.6 157.6 129.5 128.8 1920 154.4 150.7 137.4 161.3 Boston 397 406 263 271 1921 97.6 88.4 90.6 104.9 New York 917 933 402 406 1922 96.7 93.8 87.6 102.4 Philadelphia 754 767 455 478 1923- 100.6 98.6 92.7 104.3 Cleveland 770 801 939 994 9 g 1924 98.1 100.0 91.0 99.7 Richmond _ 481 520 542 583 480 547 1925- 103.5 109.8 100.2 102.6 Atlanta 404 433 196 254 881 928 1926- 100.0 100.0 100.0 100.0 Chicago 1, 099 1, 194 3, 243 3,493 239 228 1927 95.4 99.4 96.5 93.7 St. Louis 528 570 1,443 1,677 445 478 1928 97.7 105.9 101.0 93.2 Minneapolis.. . 653 685 507 583 1,014 1,105 1929 96.5 104.9 99.7 92.6 Kansas City 874 895 1,942 2,113 189 198 1930 v 86.4 v 88.5 * 90.5 ' 85.1 Dallas 698 755 578 613 215 207 San Francisco 584 610 019 639 60 61 Preliminary; estimated by Federal Reserve Board. i Incorporated banks other than mutual savings banks. BUILDING CONTRACTS AWARDED KINDS OF MONEY IN CIRCULATION [Value of contracts. In millions of dollars] [End of month figures. In thousands of dollars] Public Year Total Res ti i a d l en- an w d o u rk ti s li- All other Sept. 30 Oct. 31 Nov. 30 Dec. 31> ties Gold coin _ 351,765 350,226 350,931 368,488 1923 4,130 1,788 674 1,669 Gold certificates 1,026,036 1,019,584 1,075,770 1,117, 615 1924 * 4,656 2,116 742 1,798 Standard silver dollars 37,512 37,312 ' 37,087 36,786 1925_._ _ 6,006 2,748 902 2,357 Silver certificates.— 391,311 391,366 400,104 403,904 1926 6,381 2,671 1,113 2,597 Treasury notes of 1890 1,252 1,250 1,248 1,248 1927. 6,303 2,573 1,264 2,466 Subsidiary silver. 280,868 281,135 281,221 281,057 1 1 1 9 9 9 3 2 2 0 8 9 _ .. v 6 4 5 , , , 6 7 5 2 5 2 8 4 4 v 2 1 1 , , , 9 7 1 1 8 0 6 8 1 v 1 1 1, , , 3 2 4 3 4 4 8 8 8 v 2 2 1 , , , 5 5 9 9 0 7 0 2 4 F M U F e e n i d d n i e e t o e r r r d a a l l c S r o r e e t i s a n s e t e e r r v s v e e n b o n a t _ o e n t s k e s notes. 1,3 2 1 5 9 1 9 3 7 7 , , , , 1 3 3 7 0 5 0 2 4 7 8 8 1,3 3 1 4 0 1 3 9 0 7 , , , , 0 9 0 8 8 4 3 5 2 0 2 9 ; ; 1,4 3 1 4 0 1 3 0 4 8 , , , , 0 0 4 2 6 0 2 0 4 7 7 3 1, 2 1 6 9 4 1 3 0 5 8 , , , , 0 5 8 5 4 1 1 2 1 4 0 7 National-bank notes 635,237 640,818 ! 648,252 623, 218 p Preliminary. Total 4,501,478 j 4,492,604 4,660,315 4,890, 208 Figures are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Data for 1923 and January-April, 1924, are estimated from data for 36 States. Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

47 JANUARY, 1931 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS, BY STATES [Banks closed to public permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks. Figures for 1930 are preliminary] Banks suspended Banks reopened State Number Deposits d ( o in ll a th rs o ) usands of Number Deposi o ts f d (i o n ll a th rs o ) usands ba A n l k l s M b e er m s - N m b o e e m n rs - - b A an ll ks M be e r m s - me N m o b n e - rs ba A n ll ks M be e r m s - m N b e e o m r n s - - ba A n l k l s ! I M be e rs m- m N b e e o m r n s - - United States: 1921 501 70 431 196,460 42,503 153,957 60 10 50 17,493 , 3,132 14,361 1922 354 57 297 110, 721 24,243 86, 478 65 24 41 35,565 11,618 23,947 1923 _ 648 124 524 188,701 51,228 137,473 37 14 23 11,674 5,068 6,606 1924 776 159 617 213, 338 74, 469 138,869 94 20 74 22,462 ; 7,190 15,272 1925 612 146 466 172, 900 67, 264 105, 636 62 14 48 16, 618 6,779 9,839 1926 956 160 796 272, 488 68, 812 203, 676 149 14 135 60, 610 I 8,179 52,431 1927 662 124 538 193,891 66, 336 127, 555 95 11 84 35,729 8,311 27,418 1928 491 73 418 138,642 42,240 96,402 39 5 34 15,727 6,610 9,117 1929. . - 642 81 561 234,532 57,135 177,397 58 5 53 25, 829 2,273 23, 556 1930 (preliminary) _ 1,326 188 1,138 903, 954 388, 799 515,155 138 8 130 54, 678 4,501 50,177 Total (10 years) 6,968 1,182 5,786 2, 625, 627 883, 029 1, 742, 598 797 125 672 296, 385 63,661 232, 724 1930 New England: Maine . New Hampshire i 1 11,400 11 400 Vermont 2 1 1 1,768 852 916 Massachusetts 3 3 10 124 10 124 1 4,867 4,867 Rhode Island Connecticut G 18,407 18,407 Middle Atlantic: New York 8 2 6 186, 002 161,421 24, 581 New Jersey 3 2 1 2,664 1,114 1,550 Pennsylvania 19 6 13 68 320 5 102 63 218 East North Central: Ohio 25 4 21 29,394 6,391 23,003 2 1,344 1,344 Indiana 89 5 84 39, 601 2,483 37,118 18 18 10, 285 10, 285 Illinois 124 23 101 65,033 23, 523 41, 510 9 i 1 8 2,856 '• 783 2,073 Michigan 20 2 18 6,434 1 551 4 883 1 1 656 656 Wisconsin 24 1 23 8,904 182 8,722 10 1 9 4,558 : 797 3,761 West North Central: Minnesota.. . 23 1 22 3,395 600 2,795 3 ; 1 2 1,320 1,010 310 Iowa 86 15 71 31,107 15, 656 15,451 Missouri 104 7 97 20,067 1,446 18, 621 .. 1 98 98 North Dakota 59 8 51 5 474 1 266 4 208 1 1 136 136 South Dakota 53 4 49 13, 766 1,595 12 171 Nebraska 42 4 38 9 754 866 8 888 " " 22"1 22 7,304 7,304 Kansas 43 3 40 10.978 5 147 5 831 2 1 2 447 447 South Atlantic: Delaware Maryland 2 2 4,926 1 4,926 1 1 967 967 District of Columbia Virginia 19 2 17 6,689 525 6,164 i:::::::: West Virginia .. 9 5 4 6,902 6,027 875 2 1 1 660 397 263 North Carolina 89 10 79 60,433 12, 284 48,149 7 7 3,321 3,321 South Carolina 26 5 21 7,724 3,858 3 866 2 2 683 683 Georgia 31 6 25 7,793 2,294 5,499 2 I 1 202 133 69 Florida 39 5 34 44, 555 15,192 29, 363 8 8 3,577 3,577 East South Central: Kentucky 29 4 25 63,222 52, 319 10,903 2 2 2,459 2,459 Tennessee 28 3 25 27, 789 12 532 15 257 4 4 1,015 1,015 Alabama 33 8 25 10, 309 3,144 7,165 2 2 145 145 Mississippi 51 5 46 29,327 7,573 21, 754 1 1 263 263 West South Central: Arkansas 133 15 118 48,425 21,488 26,937 31 2 29 5,969 : 725 5,244 Louisiana 9 1 8 5 924 2 471 3 453 1 1 461 461 Oklahoma 23 6 17 4,891 1,798 3,093 1 1 73 73 Texas 35 16 19 13,631 11,573 2,058 3 3 754 754 Mountain: iVtontana 3 8 2 324 310 2 014 Idaho 1 1 46 46 i Wyoming Colorado 5 1 4 922 81 841 New Mexico Arizona 5 5 3 064 3,064 1 1 258 25S Utah 3 1 2 2,024 952 1,072 Pacific: Wfi sh i n Erfon 3 2 1 1 066 981 85 Orpcron 2 2 174 174 California 6 2 4 9,202 4,202 5,000 Back figures—See Annual Report for 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY, 1931 CONDITION OF ALL BANKS IN THE UNITED STATES, BY STATES ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 24 AND JUNE 30,1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive j Rediscounts Number of of interbank cie- and bills pay- reporting Loans (including posits able banks State Total overdrafts) Investments ep b t e e r m- June | DeS;r June June Sep b t e e r m- June ; ; te S m ep b - er te S m ep b - er; June .. 'I _• New England: !i ^ i I I Maine 442,837 410,785: 403,853 6,0261 5,952 131! 131 N V M e e a w r s m s a H o c n a h t m us p e s t h ts ire 4, 2 2 29 9 4 9 8 0 , , , 1 0 3 8 4 9 6 8 0 4 2 2 3 9 4 4 9 5 , , , 8 5 5 1 3 5 0 6 0 , ' ! ! 2 1 1 3 4 5 4 0 9 , , , 7 9 6 2 5 6 1 5 1 : ; 2 1 1 3 5 5 1 5 0 , , , 1 5 8 7 3 2 1 7 9 ) ! : 2 1 0 8 4 9 8 8 , , , 0 1 5 9 1 2 3 6 5 J ! ; 2 1 9 0 4 0 3 8, , , 7 2 3 0 7 7 7 3 9 3,9 2 2 6 2 7 5 7 1 , , , 1 3 5 3 7 81 6 9 , ; i 3,9 2 2 8 6 3 1 2 9 , , , 2 8 9 6 1 9 2 6 5 ! , 1 3 3 l , , , 4 8 9 1 2 9 1 3 l 1 1 j 22 4 5 , , ,4 5 3 2 8 9 5 2 5 4 1 4 0 7 2 4 1 12 4 0 1 9 3 Rhode Island 545,091 4, 296,010i! 2,931,626; 2,954,8351 l,367,764i 1,324315,,7127351 '5£115 Z,5 4KQAC' i ' 5Kf0\f6K; O2Q9Q9'_ 325 35 35 Mid C dl o e n n A e t c la ti n c t u i t c: 1, 354,803 1,3 5 5 3 5 9, , 5 0 7 4 9 9 i I, 8 2 0 9 2 9, , 9 0 0 1 3 1 , : 8 3 0 03 3 , , 8 7 5 3 6 3 - ' 5 2 5 4 2 5 , ,1 7 8 9 8 2 1 i 551,316 1,233,941' 1, 242, 6271 9,184 10, 723 236 237 New York 17, 002,163 17',4,22,2671 12,088,916 12, 570, 758i 49,13, 2474, 851, 509! 14, 897, 380 16,638, 016; 2 66, 672 159,698 1,124 1,122 New Jersey-- 2, 376,969 2,404,928! 1,525,166, 1,566,543! 851,803 838,385 2,237,658: 2, 271, 299i 17,342 33, 423 559 560 Pennsylvania 5,823, 427 5,779,339! 3,418,712' 3,483,778! 2,404,715 2, 295, 561 4,884,019; 4, 923,176: 64,175 101, 393 1,523 1,541 East North Central: I I O n h d i i o ana 2, 8 6 0 3 2 8 , , 5 5 9 7 6 2 2,6 8 2 10 8 , , 6 6 1 6 7 3 1, 5 9 9 6 2 0 , , 8 4 7 1 1 1 : 1,9 6 8 0 1 5 , , 6 3 3 3 6 0 ! : 6 21 7 0 7 , , 1 7 8 0 5 1 i ! 6 20 4 5 6 , , 3 9 3 8 3 1 1 2, 5 7 1 6 9 8 , , 1 4 8 4 7 7 , i 2. '7 5 8 2 4 7 , , 3 4 8 4 5 4 ; : 2 1 5 2 , , 5 9 8 1 9 7 3 1 9 3 , , 8 4 4 2 4 6 9 9 7 1 7 2 9 9 1 8 5 6 I M ll i i c n h o i i g s a .- n 3 1, , 8 9 2 63 1 , , 9 1 0 9 8 8 3 l ,, , 8 9 1 8 3 2 , , , 0 9 6 7 2 0 : : ! , 1 , 2 4 , 1 7 2 9 , 1 5 , 6 7 6 96 : 1 , 2 4 , 5 8 2 2 , 2 9 , 2 0 0 6 : 2!,0 55 3 0 0 , , 1 6 1 3 2 2 : 9 52 9 9 1 , , 1 9 4 0 2 8 1 3 1 , , 8 50 6 8 8 , , 1 2 2 3 0 5 ! | 3 1 , , 5 9 2 0 8 2 , , 4 9 6 2 6 l : | 2 4 2 1 4 , , 3 3 6 7 2 9 2 2 2 2 , , 7 7 3 4 9 5 1,6 7 5 2 2 7 1,6 7 8 3 3 1 Wisconsin 894, 778; 906, 710 617,429 631,288; 277, 349; 275,422! 865,942 889,010i 5,960 9, 223j 930 936 West North Central: Minnesota 879,001: 877,288 508, 472 505, 794* 370, 529' 371, 494; 879, 998: 880, 279| 5,150 4, 733! 1,002| 1,015 Iowa 742,664 756,291 630, 496, 645, 997| 112,168: 110, 294! 772, 229; 783, 802 6,163 7, 4181 1,193 1,216 Missouri 1,159, 985 1,182,977^ 811,050 850,084; 348,935: 332, 893'1,163, 387! 1,170,119! 11, 391 16, 005: 1,193 1,235 North Dakota 99,741 101,488 71,153 72,8^8; 28, 588! 28, 650 106, 790. 104, 733! 1, 9381 2, 023! 366 South Dakota 130, 227 131, 230 90, 362 91,622i 39,865, 39,608 138,199i 139, 435! 2,8951 2, 7291 375' 374 Nebraska 328,957: 333,583 234,8131 241, 455 94,144 92,128 341,214 343,022! 3,203 5,079: 7641 773 Kansas. 363, 760 376, 487 265, 5601 276, 886 98, 200 99, 601 371,170 385,746: 5,274 10, 032 1,036! 1,051 South Atlantic: 4 Delaware 166, 962! 166, 336 112, 297! 114, 574 54,665 51, 762 137, 775: 137, 252! 1,333 2,094 48 Maryland 846, 710! 491,388; 495,803 357, 599 350,907 795,077: 799,446! 5,519 6, 308! 226 District of Columbia 250, 653! 242, 779, 176,3941 176, 702 74, 259 66,077 249, 783 246,970! 1,234 1, 008; 224| 40 Virginia 536, 251 j 540,489 433,607: 438,132 102,644 102,357 461,963' 460,3801 16,326 19, 691 40i 462 West Virginia 328,097! 333,463! 258,644; 263,817 69,453 69,646 306,039; 314, 572i 9,543 10,966 459 290 North Carolina.- 348, 616; 354,060 291, 779 56.837 55,192 318,701! 323,110! 23,149 19,309 287 391 South Carolina 154, 750' 159, 553! 113,408' 116, 971 41,342 42, 582 151,859; 159,071! 4,943 4,123! 385 173 Georgia .- 330,379! 328, 563: 254, 645 266, 544 75, 734 62,019 308, 652! 302,31li 9,541 12,827 170 390 Florida 207,298' 213,479 103, 444 108, 961 103,854 104, 518 215, 497 228, 559! 4,024 3,138! 3901 207 East South Central: 207 Kentucky 524, 879, 528, 574! 410,920! 414, 573 113,959 114, OOlj 419, 643| 429, 447 < 11,072 11,691; 547 549 Tennessee 427,087, 429, 532 352, 768! 354,552 74,319 74,980j 398,470, 411, 485! 17, 640 14, 7541 480! 479 Alabama 251, 612, 262,225 198, 626! 210,816 52, 9861 51, 409J 227,418! 232,672; 10,456 16,711! 317! 321 Mississippi 204, 208 210, 822 158,559; 161,920 45, 649 48, 902 179,305: 195,702| 29,116 22,432| 290| 293 West South Central: Arkansas 188, 757; 194,094! 155,051' 157,437 33,706 36,657 169,444 184, 685 i 20, 644 14.087J 386! 396 Louisiana _ -- 390,389 396,134! 310,478! 319,172 79,911 76,962| 366,045 379,920 14,6411 11,745! 221! 222 Oklahoma 370, 226 380,831 241,144j 247,005 129,082 133,826 392, 625 408, 224! 5,892j 5,307 587| 598 Texas.._ 962,403| 966,478| 731,398; 739,011 231,005 227, 467 955, 568 971, 393 i 19, 466 15, 739 1, 267 1, 279 Mountain: Montana- - -- 132,840! 134, 753! 75,260! 79, 916 57, 580| 54, 837 140,808 144,003 1,890 2, 205! 181 185 Idaho 74,200 76, 095! 46, 210! 47,130 27,990 28,965 82,153 84,829 725J 898| 1351 137 Wyoming..- 53,632; 54, 754 38,370i 39, 282 15, 262 15,472 56, 686 56, 929 1,19l| 1,414! 83i 84 Colorado 259,960: 241, 5091 157, 553; 152,972 102,407 88, 537 291,137 272, 576 3,257 2,779 267 270 New Mexico 38, 293! 39,904; 24,116: 24, 782j 14,177 15,122 41, 684 43, 622 1,077 855 55 53 Arizona 69, 894' 75,347 42,426! 46,535 27,468 28, 812! 75, 872 82, 975! 635 488! 43 44 Utah 158,139 159, 276, 119, 2001 121,421j 38,939 37,855 129, 718 130, 531j 3,492 3,041j 1011 102 Nevada 36, 646! 28,116! 28,193 8,530 8,705 37,487 38,888, 150 7 °ii 35 35 Pacific: i Washington 447, 826! 455, 072 282,863, 296,749 164,963! 158,323 443, 356 454, 471: 3,375l 332| 333 O Ca re li g f o o n rnia 3,3 2 7 48 0 , ,4 2 9 5 2 3 | i 3,3 2 5 4 2 9 , , 7 4 3 4 8 5 ! 2,3 1 7 38 9 , , 1 6 1 8 3 7 | j 2, 1 3 4 5 0 6 , , 4 9 2 2 8 8 9 10 9 9 1 , ,3 5 7 66 9 ! i 9 1 9 0 5 9 , , 8 01 1 7 0 3, 2 25 2 8 6 , , 0 9 6 3 2 4 3, 2 2 9 6 0 0 , , 8 3 2 5 0 1 i 11 2 , ,0 4 5 2 5 4 3 3, ,8 81 0 6 0; 4 2 3 27 0 ! | 4 2 3 2 7 8 Total 157,590,030 58,108,347,39, 715,114 40,618,146117, 874,916 17,490, 201 52,784, 098 54, 953,899 562,661 72 1 2 1 , , 2 4 4 5 7 5 23,590j 23,852 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from Table 4 and represent in some cases the condition of banks as of dates other than September 24 and June 30,1930. 2 Excess over figures shown in Tables 3 and 4 is due chiefly to technical differences between reports to the board and reports to State banking authorities. Back figures,—See Tables 85-87, Annual Report of Federal Reserve Board, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

49 JANUARY, 1931 FEDERAL RESERVE BULLETIN NATIONAL BANKS»—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 24 AND JUNE 30, 1930, BY STATES [Amounts in thousands of dollars] Loans and investments ..._._ Deposits, exclusive Rediscounts i Number of of interbank de- and bills j reporting Loans (including posits payable banks Total overdrafts) Investments State Sep b t e e r m- June : Se b p e te r m- Sep b t e e r m - TJune Sep b t e e r m- June t S e b e r e p n - r - i June New England: ' Maine i 143,248 141,493!; 76,921 76,473j 66,327 65,020 132,267 129, 074 1,858| 52 New Hampshire i 74,076 75,426; • 45,429 46,597' 28,647 28,829 63,087 61, 703 56 Vermont.. ! 67,926: 68,280|| 40,196 29.030 28,084 59, 708 58,838 45 Massachusetts 1,389,002 1, 363, 532! 1,018,258| 994, 970, 370, 744 368,562,1,258,779 1, 246, 790 152 Rhode Island ! 54,189 53,083; 34,509: 34,105 19, 680 18, 978; 43,079 42,102 10 Connecticut I 256,984' 260, 600; i 187, 519| 190,989 69,465 69, 6111 224,383 235,470 4,819 62 Middle Atlantic: : New York ; 6,109,316 5,156,311 I3,457,185! 3, 576,015! 1, 652,1311,580,296^4,291,294 4, 987, 521 41, 229 23, 6581 556 New Jersey j 864,658 880,249,! 535,747J 562,611: 328,911 317,638 822, 790 842, 527 8,555 15, 428 297 Pennsylvania ; 2,672,081: 2,628,103: | 1,596,854! l,613,197i 1,075, 22711,014,906:2,207,206 2,234,689 25,640| 40, 289 845 East North Central: Ohio 680,420 678,800! 463, 7001 472,179 216, 720! 206,621! 638> 635 639, 913 10, 06 lj 308 Indiana : 347,413 355, 480^ 233, 782; 246, 701 113,631: 108, 779! 327, 736 343,674 4, 848! 210 W I M ll i i i c s n c h o o i i g n s a . s n in ; i 1,3 5 4 3 1 1 1 0 9 , , , 2 4 3 3 0 9 0 2 1 l,3 4 5 0 2 1 3 7 6 , , , 7 7 2 3 4 5 0 0 5 ! ! ; 9 3 2 4 4 9 5 0 0 , , , 8 5 3 9 7 5 1 0 8 , : : 9 3 2 6 9 6 5 1 0 , , ,0 3 2 2 9 5 7 4 1! , 3 1 1 9 2 6 1 8 4 , , , 0 5 6 4 0 6 4 0 0 1 ; ! 3 1 1 4 5 2 6 8 6 , , , 4 2 3 7 2 4 9 8 6 1,2 4 3 3 8 8 9 5 8 , , , 6 1 7 9 6 5 7 9 1 1, 4 2 5 0 1 1 1 1 6 , , , 3 5 3 4 3 7 9 5 5 6 3 1 , , , 1 6 9 4 5 7 0 9 6 | ! ! 4 1 1 6 2 5 2 6 5 West North Central: Minnesota.,. 512,622 504, 570; 316,O18! 307, 566! 196,604! 197,004; 503,721 500,0701 263 Iowa 262,218 263,8611 166,042 171,094: 96,206; 92,767' 255,983 255,653 241 Missouri 418,237 411,933 ! 291,908! 296,062; 126,329* 115,871! 379,555 365,808 125 North Dakota 66,679: 67,405! 41,927 i 42,776! 24,752- 24,629: 70,449 68,701 112 South Dakota 63,122 64,125 I 36,816! 38,076^ 26,303 26,049 64,312 65, 548 95 Nebraska 193,925 193, 798 i 129,433! 131, 562 64,492! 62, 236 186,183 186, 509: 2,238! 171 Kansas 181,356 182,363;: 121,187i 124, 226: 60,169; 58,137; 181,479 186,965 3,557 245 South Atlantic: Delaware - - 21,479 20,655! | 12,098 12,081 9,381* 8,574 18,302 16,410 16 M Di a s r tr y i l c a t n o d f Columbia 1 1 9 3 1 0 , , 3 8 5 3 8 6 2 1 0 25 9 , , 3 9 1 6 6 6 : ; ! 1 8 1 8 2 , ,8 7 5 76 1 128, 750: 4 7 2 8 , , 0 5 6 0 0 7 ! ! 8 3 1 6 , , 6 2 3 1 1 6 1 1 3 6 1 8 , , 6 5 1 3 6 8 1 1 2 8 8 8 , , 6 1 3 8 4 5 ! ; 1 7 1 7 2 Virginia 303,462 307,504;! 241, 392 241,312 62,070! 66,192, 270,070 269, 7851 7,933i 157 West Virginia i 159,143 161,12li| 119,074; 121,329 40,069! 39,792! 145, 578 146,791 6,033 11 North Carolina. 104,768! 10f>, 470; 85,0231 85,997 19,745: 20,473 91, 616 92,098; 6,325 64 South Carolina. 64,979i 65,010! 48,040j 49,088 16,939: 15,922 61, 519 63, 711: 1,162; 35 Georgia 218,318! 208,011 , 155,3151 159,445 63.003i 48, 566: 208, 224 198, 637 i 3,702| 75 Florida 142.194! 148,375: 64, 3601 69,877 77,834 146,097 159,159: 1,4921 55 East South Central: : , Kentucky ; 221,397; 225,092! 164, 501! 168,154 56,896! 56,938: 185,404 195,208! 2, 779 133 Tennessee 249,141! 251,586! 205,544 207,328 43,597 44,258 218, 554 231, 569i 10,789 99 Alabama.. 175,764 178,018 ; 132,131 135,324 43,633 42,594' 155,945! 159,391: 6,084i 101 Mississippi '• 72,229: 74,335, 54,404 55,247 17,825 19,119 63,058! 67,568: 8,267; 35 35 West South Central: ; Arkansas. 63,430; 65,914 ; 43,80S1! 45,202 19,654 20,712 58,12li 63,097| 3,006! 67 Louisiana 93,936! 96,146 ! 77,835i 80, 587 16,101 15, 559 81,160 84,932: 3,672! 31 Oklahoma j 304, OR 310,805! 195,800: 198, 643 108,214 112,162 321,859 330,829| 3,126: 278 Texas 752,481! 750,017 : 562,826i 562, 762 189, 655 187,255 735, 740 751, 266! 13,499 Mountain: Montana ; 72,146 73,121 ! 39,295 41, 572 32,851; 31, 549, 76,884: 77, 523! Idaho 33, 559; 34,313 22,290 22, 753 11, 269 11, 560' 35, 778! 37,473 5271 575 41 Wyoming : 30,550 31, 305 20,088 20, 652 10,452 10, 653; 31,970 31,782 221; 357 25 Colorado 203,708! 187, 588 118,315 114,035 85,393 73, 503! 228,278 213, 559 2,614' 1,981 120 New Mexico ; 27,317 18. 572 17,174 10, 745 11,693, 29,750 31,409! 610j 466 26 Arizona 24,389i 26, 705 13,372 14, 838 11,017 12,067j 25, 921 28, 479: 14 20 14 U Ne ta v h a da • 4 1 3 6 , , 6 8 1 7 8 6 1 4 1 5 6, , 9 1 2 4 1 5 ; 2 1 7 1 , , 6 0 0 8 9 4 3 1 0 1 , , 1 1 4 0 3 7 1 5 6 , ,0 7 0 9 9 2 15 5 , , 0 8 0 1 2 4 i j 3 1 7 5 , , 1 9 4 5 0 3 3 1 8 6 , , 4 6 2 2 9 8 | ; 513;; 41 7 3 0 1 1 8 0 Pacific* • 150; Washington 255,009! 260, 937 151,966 163, 728 103,043 97,209! 248,817 257,383 105 Oregon 181,439 182, 975 '•• 95, 371 95,866 86,068 86,109: 188,818 190,868 93 California 1,977.278 1, 960, 0071,393,257 1,349,640 584,021 010,387! 1,859,961! 1,903,137 205 Total 21, 753, 373 21, 749,373 14,641, 94514,874, 216 7, 111, 428 6,875,157,19, 665, 934 20, 555, 754 219,8501 229,033 7,192 7,247 i ' i I : i I i •; I I i 1 Member banks only, i, e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BtJLLETIN JANUARY, 1931 STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 24 AND JUNE 30,1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive ' Rediscounts Number of of interbank de- \ and bills reporting State Total Loa o n v s e r ( d i r n a c f l t u s d ) ing Investments posits payable banks ! Se b p e t r em- June Se b pt e e r m- June Se b p e te r m- June | ; te S m ep b - er June te S m ep b - er June New England: I Maine 299,589 293,317i 141,7891 138,253 278, 518 274,779| 4,988 4,094 79 79 New Hampshire j 224,110 224,110; 119,878! 119,878 208,292 208,292 595 595 65 65 Vermont i 172,122 177,2701 60,063; 62,295 167,873 173,978 2,940 3,637 57 58 Massachusetts 2,910,388 2, 932, 478! 997,020! 972,613 2,706,357 2,734,472< 8,475 11,861 295 297 Rhode Island . 490,902 486,496: 225, 508; 216, 745 472,461 464,197i 200 25 25 Connecticut 1,097,819 1,094,449 i 483,327! 481,705 1,009,558 1,007,157 4,365 5,883 175 175 Middle Atlantic: j NNeeww JYeorsrkey •,1 11,,581922,,381417 121,, 256254,9,65769! 3,2 5 6 2 1 2 , , 1 8 1 9 6 2 , 3, 5 2 2 71 0 , , 2 7 1 4 3 7 1 1 0 , , 4 6 1 0 4 6 , , 8 0 6 8 8 6 1 1. , ,1 4 6 2 5 8 0 , , 7 4 7 9 2 5 ] 1 8 4 , , 7 4 8 4 7 3 6 1 5 7 , , 5 99 7 5 1 2 5 6 6 4 7 2 5 6 6 3 6 Pennsylvania _._| 3,151,346 3,151,236i 1,329,488 1,280,655 2,676,813 2,688,487 i 38,535 61,104 East North Central: Ohio ! 1,958,152 1,949,817! 460,981 440,360 1,880, 552 1,887,531! 2 16,022 2 29,365 670 678 Indiana : 455,183 455,183 96, 554 96, 554 440,711 440,711,' 8,996 8,996 705 705 Illinois ! 2,490,506 2, 506,240| 639,068 645,429 2,268, 538 2,312,0911 13,100 16,605 1,192 1,221 Michigan .! 1,452,968 1, 465,807| 385,972 372,914 1,382,369 1,391,386; 13,064 19," 601 605 Wisconsin i 475,387 482,970! 148,849 147,076 477, 773 487,661 i 4,794 7,247 777 781 West North Central: I Minnesota 372,718 198, 173,925 174,490 376, 277 380,209 4,120 4,057 740 752 Iowa 480,416 492,430, 474, 15,962 17,527 3 516,246 3 528,149 4,927 5,738; 975 Missouri 741,748 771,044 554, 222,606 217,022 3 783,832 3 804, 311 ll,27l! 1,110 North Dakota... 33,062| 34,083; 30,06L 3,836 4,021 36, 341 36,032 1,083; 246 254 South Dakota—. 67,105; 67,1051 53,5461 13,559 13,559 73,887| 73,887 1,770 1,770] 279 279 Nebraska 135, 032i 139,785;] 109,893i 29,652 29,892 155,031 156,513 1,837 2,841 596 602 Kansas 182,404: 194,124 | 152,660 38,031 41,464 3189, 6911 a 198, 781 3,178 6,475J 790 806 South Atlantic: Delaware 145,483! 145,68lj! 100,199 102,493 45,284 43,188 119,473| 120,842 1,162 1,32l! 32 32 Maryland 657,629; 636, 7441 i 378, 537 367,053 279,092 269,691 626,539! 611,261 3,963 4,581! 149 149 District of Columbia 119,817; 117,46311 87,618 88,017 32,199 29,446 118,1671 118, 336 1,034 808' 28 28 Virginia 232,789! 232,985j: 192, 215 196,820 40,574 36,165 191,893 190,595 9,918 11,758; 302 305 West Virginia- 168,954i 172, 342ij 139,570 142,488 29, 384 29,854 160,4611 167,781 4,898 4, 933 175 179 North Carolina.. 243,848 247,5901 206,756 212,871 37,092 34,719 227,0851 231,012 15,448j 12,984| 321! 327 South Carolina- 89, 771! 94,543 65, 368 67,883 24,403 26,660 90, 340! 95,360 3,455! 2,9611 135 138 Georgia 112,061 120,552 99,330 107,099 12,731 13,453 100,428! 103,674 6,735; 9,125 315 315 Florida 65,104 65,104 39,084 39,084 26,020 26, 020 69,400! 69,400 1,646| 1,646 152 152 East South Central: A T K M e l e i a n s n b n s t a i e u s m s c s s i k a e p y e p i - 3 1 1 7 7 0 3 7 5 3 1 , , , , 9 4 9 8 4 8 7 4 6 9 8 2 ^ ! 3 1 1 8 0 7 3 4 3 7 6 , , , , 9 4 4 2 4 8 5 0 6 2 6 7 2 1 1 6 4 0 4 6 6 4 7 , , , , 4 4 1 2 1 9 5 2 9 5 5 4 2 1 1 7 4 0 4 5 6 6 7 , , , , 4 4 6 2 1 9 7 2 9 2 3 4 5 3 2 9 7 7 0 , , , , 8 0 7 2 3 6 2 4 5 3 2 3 | j 2 5 3 8 9 7 0 , , , , 7 0 7 7 1 6 8 2 5 3 3 2 3 3 2 1 1 3 1 7 7 3 6 1 9 , , , , 4 2 9 2 7 4 1 3 3 7 6 9 1 ; 3 3 2 1 1 3 7 2 7 3 3 8 9 , , , , 2 1 9 2 3 3 1 8 9 4 6 1 , ! : 2 8 4 6 0 , , , , 8 2 8 3 5 9 4 7 1 3 9 2 1 ; i j 1 9 O 6 5 , , , , 1 8 2 £ 8 5 i 9 \) 8 1 0 O j ! \ 4 2 3 1 1 8 6 8 0 4 3 2 2 1 8 2 5 6 0 0 8 West South Central: 255 A T L O e o r k x k u l a a a is s h n i o s a a m n s a a 2 2 1 6 0 2 9 6 5 9 6 , , , , 2 9 4 2 9 2 5 1 7 2 3 2 1 ! 2 2 1 9 7 1 2 9 6 0 8 , , , , 4 9 0 1 6 8 2 8 1 8 6 0 2 1 1 3 4 1 6 2 1 5 8 , , , , 3 5 6 2 4 7 4 4 4 2 3 5 2 1 1 4 3 7 1 6 8 8 2 , , , , 5 3 2 2 8 6 3 4 5 2 5 9 4 6 2 1 1 4 3 0 , , , , 0 8 8 3 5 1 6 2 5 0 8 J 0 4 6 2 1 0 1 1 5 , , , , 6 2 4 9 6 1 0 4 4 2 3 5 2 2 1 7 8 1 1 0 4 9 1 , , , , 8 8 3 7 8 2 2 6 5 8 3 6 2 2 1 9 2 7 2 7 4 0 1 , , , , 9 1 5 3 8 8 2 9 7 8 8 5 ! ! 1 17 2 5 0 , , , , 9 9 6 7 6 3 6 6 8 9 7 6 * j | i 1 8 5 2 2 , , , , 0 5 7 8 3 4 3 0 7 0 0 5 j ! ! | 6 3 3 1 7 2 1 9 8 1 3 0 3 1 3 2 9 2 9 1 0 Mountain: Montana — - 60, 694| 61, 632 35,965 38, 344 24, 729 63,924 66,480i 1,121 [ 1,257J 121 122 Idaho 40,641 41,782 23,920 24,377 16, 721 17,405: 3 46,375 3 47,356 198! 3231 94 96 Wyoming 23,082 23,449 18,282 18, 630 4,800 4,819! 24, 716 25,147 970! 1,057! 58 59 Colorado 56,252 53,941 39,238 38,907 17,014 15,034 62,859 59,017 643! 798| 150 150 New Mexico 10,976' 11,037 7,544 7,608 3,432 3,429; 11,934 12,213 467, 389; 28 27 Arizona 45,505 48,642 29, 054 31,897 16,451 16,7451 3 49,951 3 54,496 <621 <468[ 29 30 Utah 114, 521 114,131 91, 591 91, 278 22,930 22,853: 92, 578 91,903! 2,979! 2,628 84! 84 Nevada 19,770 19,977 17,032 17,086 2,738 2,891; 21,534 22,459|. 25 25 Pacific: Washington 192,817 194,135 130,897 133,021 61,920 61,114! 194,539 197, 088| 2, 337: 2,494 227 228 Oregon 66,814 66,470 43, 316 43, 562 23,498 22,908; 70,116 69,952! 8971 1,539 134 135 California 1,393,214; 1,392,731 985,856 1,007,288 407, 358 385,443! 1,366,101 1, 387, 214! 8, 795| 7,681 229 232 Total . 35,836,657 36,358,974 25,073,169 25, 743,930:10, 763,488 10, 615, 044 33,118,164 34, 398,145 310,811; 422,953 16,398 16, 605 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. 2 Includes bonds borrowed. 3 Includes due to banks. * Includes miscellaneous liabilities. NOTE.—All figures in the September columns are as of Sept. 24, except as follows: Maine, Sept. 27; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, savings banks, June 30, State banks, Sept. 10; Connecticut, savings banks, June 30; New York savings banks June 30; Ohio, Sept. 25; Indiana, June 30; Minnesota, Nov. 10; Missouri, Aug. 22; South Dakota, June 30; Nebraska, Sept. 6; Kansas, Sept 10: Maryland, savings banks, June 30, State banks, Sept. 2; Florida, June 30; Kentucky, June 30; Tennessee, May 19; Alabama, Nov. 20; Colorado, Nov. 10; Utah, Sept. 27. All figures in the June columns are as of June 30, except as follows: Minnesota, June 16; Missouri, Apr. 16; Tennessee, May 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Gold—Continued. Page Federal reserve bank buying rates on 11 Holdings of central banks and governments 31 Held by Federal reserve banks.. _ 10,42,43,45 Movements _ _ _ 10,31 Held by member banks _ __ 12 Production _ _ 10 Open-market rates on _ _ 11 Stock of United States 9,10 In foreign countries _ 39 Imports, merchandise ___ 18 Outstanding 13 Indebtedness of member banks at Federal reserve banks 12,20 Agriculture. (See Crops; Farm products; Deposits of member Index numbers of Federal Reserve Board 15 banks in smaller centers.) Industrial production, index of- _ 15,16 All banks in the United States, condition on Sept. 24, 1930.. 7,12,22,48 Interbank loans, rates on 23 Bank debits __ 26 Interest rates. (See Money rates.) Bankers' balances 13,24 Manufacturing industries: Bank suspensions _.. 26,47 Index of production 15,16,46 Bills bought, holdings of F. R. banks. (See Acceptances.) Index of employment 15,16,46 Bills discounted, holdings of Federal reserve banks._. 11,19, 20,42,43,45 Index of pay rolls 15,17,46 Brokers' borrowings 13 Maturity distribution of bills and short term securities 45 Brokers'loans..- ._ 13 Member bank borrowings at Federal reserve banks. (See also Building statistics 15,18,26,46 Bills discounted) 11 Business conditions, National summary of _. 7-8 Member bank reporting service _ 7 Business failures 26 Member bank reserve balances 9,10,12,20,42,43 Business in 1930, Review of 1-6 Member banks. (See Condition statements, Deposits, etc.) Capital issues, domestic and foreign 14 Membership in Federal reserve system, changes in. 44 Changes in membership in Federal reserve system 44 Membership in par collection system _ 46 Charts: Minerals, index of production 15,16 Reserve bank credit and factors in changes 9 Monetary gold stock of the United States 9,10 Discounts of Federal reserve banks, by districts 19 Monetary units of 44 countries 32,35 (See also Review of the Month.) Money in circulation: Commercial failures 26 By kinds __ 46 Commercial paper outstanding 13 Chart showing _ 9 Condition statements: End of month 46 Allbanks___ 7,12,22,48 Monthly averages of daily figures 10 All member banks 12,21 Weekly averages of daily figures _ _ 9,10 Bank for International Settlements 35 Money rates: Central banks in foreign countries __ 36-37 Acceptances, New York City 11 Commercial banks in foreign countries.-. 38 Acceptances, foreign countries _ 39 Federal reserve banks 10,42,43 Call loans, New York City 11 Member banks in leading cities.. 13,24 Call loans, England, Germany, Japan 39 National banks 49 Charged customers by banks in principal cities _ 11, 23 Nonmember banks... 22 New York City ._ 11 Reporting member banks 13,24 Eight other northern and eastern cities 11 State banks 50 Twenty-seven southern and western cities 11 Crops, condition of. 25 Commercial paper 11 Debits to individual accounts. (See Bank debits.) Interbank loans 23 Department stores 18 Open market 11 Deposits: Time loans 11 All member banks 12,20,21 U. S. Treasury notes and certificates, yield on 11 Central banks in foreign countries 36-37 U. S. Treasury bonds, yield on _ 11 Federal reserve banks 20,42,43 National banks: Member banks in larger and smaller centers. _ 21 Condition of 49 Reporting member banks 24 Granted fiduciary powers 45 Discount rates: National summary of business conditions 7-8 Central banks in foreign countries 7, 39 Nonmember banks. (See Condition statements.) Federal reserve banks 6,11,23 Nonmember deposits, etc., of Federal reserve banks 10 Discounts, holdings of Federal reserve banks. (See Bills dis- " Other" reserve bank credit 10,42 counted.) "Other securities" held by Federal reserve banks.. 10,42 Elements analysis. 9,10 Par list, number of banks, on 46 Employment in manufacturing industries 15,17,46 Par of exchange for 44 countries 32,35 Employment on railroads 46 Pay rolls in manufacturing industries, index of 15,17,46 Exports, merchandise 18 Prices of commodities (wholesale), indexes of: Factors: Foreign countries, all commodities 40 Of decrease in reserve bank credit outstanding.__ 10 Foreign countries, groups of commodities 41 Of increase in reserve bank credit outstanding 10 United States, all commodities _ 15,40,46 Factory employment and payrolls 15,17,46 United States, groups of commodities 46 Failures. (See Bank suspensions; Commercial failures.) Prices of securities, indexes of__ _ 14 Farm products, prices of 15,46 Production: Federal reserve bank buying rates on acceptances 11 Industrial, index of 15,16 Federal reserve bank credit and factors in changes 9,10 Manufactures _. 15,16,46 Federal reserve bank reserves, deposits, note circulation, and Minerals '. _.._ 15,16 reserve percentages 20 Reporting member banks: Federal reserve discount rates 7,11, 23 Borrowings at Federal reserve banks 11,13, 25 Federal reserve notes 20,40,43,46 Loans and investments 13,24 Fiduciary powers granted to national banks 45 Due to banks _ 13,24 Float, reserve bank 10,42 Reserve bank credit outstanding and factors in changes 9,10 Foreign countries: Reserve bank float 10,42 Condition of central banks . 36-37 Reserve ratios of Federal reserve banks 20 Condition of commercial banks — 38 Reserves: Discount rates of central banks 39 Federal reserve banks 20 Exchange rates 32-34,35 Member banks 12, 20 Gold holdings 31 Central banks in foreign countries 36-37 Gold movements 31 Review of the month—Business conditions in 1930 1-6 Money rates 39 Security prices, indexes of - 14 Prices 40,41 Silver, price of 32,35 Freight-car loadings 15 State banks, condition of 50 German banking legislation 27-30 Stocks at department stores, index of 18 Gold: Time deposits of member banks 12,21 Analysis of changes in stock of United States 10 Treasury currency (adjusted) 10 Circulation -- 46 Unexpended capital funds of Federal reserve banks ... 10 Earmarked 10 United States securities, holding of Federal reserve banks 10,42,43 Exports and imports 10 United States Treasury notes and certificates, yield on 11 At New York 10 United States Treasury bonds, yield on 11 Elsewhere 10 Wholesale prices. (See Prices.) 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS . - DALLAS® .ill BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis