Federal Reserve Bulletin, 1931-02
FEDERAL RESERVE BULLETIN FEBRUARY, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Credit Liquidation and the Banking Situation Balance Sheets of Foreign Central Banks List of New Tables in Federal Reserve Bulletin 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. CHARLES S. HAMLIN. J. W. POLE, ADOLPH C. MILLER. 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 J. 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) R. H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER. 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) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss... Roy A. Young W. W. Paddock... W. Willett. J. H. Case. W. R. Burgess C. H. Coe.i New York. Qeo. L. Harrison J. E. Crane.__ Ray M. Gidney.i A. W. Gilbart. J. W. Jones.* E. R. Kenzel W. B. Matteson.i Walters. Logan... J. M. Rice.* L. R. Rounds Allan Sproul.1 L. F. Sailer Philadelphia. R. L. Austin Geo. W. Norris Wm. 11. Hutt C. A. Mcllhenny. W. G. McCreedy.2 Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond... Wm. W. Hoxton George J. Seay C. A. Peple Qeo. H. Keesee. R. H. Broaddus John S. Walden, Jr.2 Atlanta Oscar New ton Eugene R. Black W.S.Johns_ M. W. Bell. II. F. Conniff W. S. McLarin, jr.i Chicago Eugene M. Stevens. J. B. McDougal C. R. McKay W. C. Bachman.i John H. Blair D. A. Jones.* J. H. Dillard— O. J. Netterstrom.i E. A. Delaney.1 St. Louis.. John S. Wood Wra. McC. Martin... O. M. Attebery. S. F. Gilmore.2 A. H. Haill.2 F. N. Hall.2 G. 0. Hollocher.2 C. A. Schacht.2 Minneapolis. _. JohnR. Mitchell.. W. B. Geery .-, Harry Yaeger H. I. Ziemer. I H.I. Ziemer Frank C. Dunlop.2 Kansas City... M. L. McClure... W. J. Bailey ! C. A. Worthington. J. W. Helm. J. W. Helm Dallas.. C.C.Walsh Lynn P. Talley R. R. Gilbert Fred Harris. j R. B. Coleman W. O. Ford.i San Francisco. Isaac B. Newton . Jno. U. Calkins | Wm. A. Day Wm. M. Hale. Ira Clerk. * 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. 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 Hugh Foster. San Francisco: B ir mingham branc h 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—Credit liquidation and the banking situation 53 ^ Current banking developments—Demand for cash—Reserve bank credit—Member bank credit— Increased bank liquidity. Changes in discount rates 57 Election of directors of Federal reserve banks 57 Earnings and expenses of Federal reserve banks 58 National summary of business conditions 60 Balance sheets of foreign central banks 81-83 List of new and special tables in FEDERAL RESERVE BULLETIN 117 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 61, 62 Analysis of changes in monetary gold stock, gold movements 62 Member bank borrowings at Federal reserve banks 63 Discount rates and money rates 63 Member and nonmcmber bank credit: All banks in the United States— Loans and investments, deposits 64 Bank suspensions 66 Number of banks, banking offices, banks operating branches 6^ All member banks— Loans and investments, deposits, reserve position 64 Loans to banks 66 Loans to customers, open-market loans and investments 64 Holdings of eligible assets (Government securities and eligible paper) 66 Weekly reporting member banks in leading cities 65 Bankers' acceptances, commercial paper, brokers' loans 65 Security prices, security issues, and security loans 67 Production, employment, car loadings, and commodity prices 63 Industrial production 09 Factory employment and pay rolls 70 Building contracts awarded, by types of building 71 Merchandise exports and imports 71 Department stores—Indexes of sales and stocks 71 Wholesale prices, by groups of commodities, 1913-1930 72 Banking and business conditions in Federal reserve districts (chart and tables) 73—SO Financial statistics for foreign countries: Gold holdings of central banks and governments, gold movements 84 Foreign exchange rates 85 Condition of Bank for International Settlements 85 Condition of central banks 86-88 Condition of commercial banks 89 Discount rates of central banks 90 Money rates 90 Price movements: Security prices 91 Wholesale prices 02 Law department: Reserves against liabilities arising from a deposit of foreign currency 93 Detailed Federal reserve statistics, etc 94-116 Index 11 ^ TV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 17 FEBRUARY, 1931 No. 2 REVIEW OF THE MONTH A marked growth from nonseasonal factors was first evidenced chiefly in the St. Louis and Rich- Since the turn of the year there has been a mond districts, where unsettled conditions recontinuous liquidation of bank credit, reflecting sulting from important bank failures caused reductions in security loans, withdrawals of cash from the reserve banks, both °ft"set in Part *7 inCTe*ses in for the purpose of increasing the cash held in investments. Federal reserve vault by local commercial banks and meeting bank credit, which had increased rapidly in increased demand for cash by the public. On November and December in response to a de- December 11 the suspension of a member bank mand for currency only partly seasonal in charin New York City with $160,000,000 of deposits acter, declined after the turn of the year and gave rise to increased demand for cash at sevstood at the end of January below its level at the beginning of November. Money rates eased MONEY IN CIRCULATION MILLIONS OF DOLLARS ( November to January ) MILLIONS OF DOLLARS further in January, the rate for bankers' accept- 5100 5100 ances declining to IJ2 per cent in the middle of January, though it advanced slightly toward the end of the month. Discount rates at several reserve banks were reduced further. At WOO - 4900 the end of January these rates stood at 2 per cent in New York, 2% per cent in Boston, 3 per 4800 4800 cent in Cleveland, Atlanta, Chicago, St. Louis, and San Francisco, and 3}i per cent at the other 4700 five reserve banks. Changes in the demand for currency during 4600 4600 the past three months have been caused both by seasonal conditions and by local 4500 4500 for™a«h banking situations. During the 4400 4400 first 10 months of 1930 there DECEMBER was a continuous decrease in money in circu- Wednesday figures of money in circulation (outside Treasury and Federal reserve banks) lation, when allowance is made for seasonal influences, so that in October the total cur- eral banks in that city, which was an important rency in use was $300,000,000 less than the factor in a growth in the volume of money in year before. This decrease in cash reflected circulation of $180,000,000 between December the decline in industrial pay rolls, in the volume 10 and December 17. This more than seasonal of retail sales, and in the level of retail prices. increase was not confined to New York, but was Beginning with the third week in November felt also in other districts, chiefly Richmond, San the volume of currency increased at a rate more Francisco, and Chicago. In the last week before rapid than the usual seasonal growth. This is Christmas an important bank failure occurred indicated in the chart, which shows the volume in Philadelphia, and the growth of circulation of currency outside the reserve banks and the for that week was $50,000,000 larger than the Treasury on Wednesdays in November, De- usual seasonal amount. After Christmas, curcember, and January in the past three years. rency began to return to the reserve banks, but 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
54 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 in the first two weeks the return flow was smaller of additional reserve bank credit and $50,000,than usual; after that time, however, the flow 000 of gold). An even larger amount, about was accelerated. In the latter part of January, $470,000,000, was needed to meet the increased when the postholiday seasonal decrease in cur- demand for currency, the additional funds rency usually comes to an end, the volume of coming largely from a decrease in member bank money in circulation was still somewhat larger reserve balances. Between Christmas week than a year ago, and also $100,000,000 larger and the last week in January, on the other hand, than in October, although in an ordinary year, reserve bank funds of member banks decreased currency in circulation at the end of January by $360,000,000 (decrease of $410,000,000 in is about $150,000,000 to $200,000,000 smaller Federal reserve bank credit, offset to the exthan in October. It may be estimated, there- tent of $50,000,000 by gold). The member fore, that an additional amount of cash aggre- banks were in a position to relinquish this gating between $250,000,000 and $300,000,000 amount of reserve bank funds as a conseis held outside of the Treasury and the Federal quence of a decrease of $395,000,000 in curreserve banks as the result of developments in rency requirements, offset to the extent of the banking situation in the last two months of $35,000,000 by an increase in member bank re- 1930. Of this amount, probably less than one- serve balances. The liquidation of reserve third is still held in vault by commercial banks, bank credit was chiefly in the form of a reparticularly in country districts, for the purpose duction in discounts and in acceptances. of maintaining an unusually liquid condition Government security holdings increased somewith a view to being prepared to meet any possi- what in December, but securities purchased at ble further withdrawals of deposits. The in- that time for the purpose of partially meeting crease of cash held in the vaults of banks for that the unusual seasonal and other requirements of purpose was considerable in November and that month were nearly all sold in January, so December, but with the return of confidence that total reserve 'bank holdings of United most of this cash, especially in the financial States obligations at the end of January were centers, has been returned to the Federal at approximately the level maintained from reserve banks. Cash withdrawn by the pub- August to December of last year. lic, however, still remains outstanding in large volume. RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES Changes in the volume of reserve bank [Weekly averages of daily figures. In millions of dollars] credit during the past three months have been traceable largely to the move- Change between Reserve bank ments of currency into and out Week Week i Week given weeks in credit ending ending ending of circulation, which have been Nov. 8,Dec. 27, Jan. 31, Nov. Dec. 1930 1930 1931 and and discussed in the preceding paragraphs. The Dec. Jan. accompanying table shows changes in the ! principal factors in the reserve bank situation Total reserve bank credit-__ 1,038 1,386 976 +348 -410 Monetary gold stock 4,536 4, 590 4,636 +54 +46 between the first week in November and Treasury currency adjusted 1,793 1, 787 1, 784 -3 Christmas week, and between that week and Money in circulation 4,506 4,977 j 4,581 +471 ; -396 • Member bank reserve balthe last week in January. The figures are ances 2,435 2, 376 j 2,411 -59 i +35 Nonmember deposits, etc.._ 35 26 25 -1 weekly averages of daily reports. Unexpended capital funds. _ 391 384 379 -5 By combining gold with reserve bank credit, the two principal sources of reserve bank funds The increase in member bank reserve balavailable to member banks, it appears that be- ances since the turn of the year has not repretween the first week in November and Christ- sented an increase in reserve requirements mas week reserve bank funds used by member since both member bank deposits and their banks increased by $400,000,000 ($350,000,000 loans and investments have decreased. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 55 larger volume of reserves held by the banks has Taking the 15-month period from October represented rather the accumulation of excess 4, 1929, prior to the break in the stock market, reserves caused by the inflow of currency from to the present time, it would appear that durcirculation at a time of continuous decrease in ing the first 12 months there was a large liquithe demand for short-time funds in the money dation of loans to customers, and particularly market. The amount of excess reserves carried of loans to trade and industry, reflecting the by member banks in January has been con- effects of reduction in current credit requiresiderable larger than usual. ments at a time of diminished business activity. Figures have recently become available show- The heavy liquidation of local customer loans ing loans and investments of all member banks was offset during that period by an increase in on the last day of the year 1930. investments and in open-market loans, includ- Member bank Details of these figures appear ing acceptances, commercial paper, and street credit elsewhere in this BULLETIN. loans. The increase in street loans during that The reports show that between September 24, time represented a taking over by the banks of the immediately preceding call date, and the end part of the loans withdrawn by nonbanking of the year there was a decrease of $700,000,000 lenders after the break in security prices. By in total loans and investments of member the final quarter of the year these loans had banks. This total is the resultant of relatively declined to a small figure, and continued liquislight changes in loans to customers, including dation of security loans was reflected in a reducbanks, a growth of $250,000,000 in the banks' tion of street loans by member banks, wThich are investments, and a liquidation of $1,000,- now at a level $400,000,000 lower than before 000,000 of open-market loans, particularly the stock market break. During the last loans to brokers and dealers in New York City. quarter of the year there was little further A table is here presented showing changes in liquidation of customer loans, but street loans the principal classes of loans and investments of continued to decline as the demand for accommember banks in New York City, in other een- modation from the stock market decreased, with the net result that loans and investments CHANGES IN CONDITION OF MEMBER BANKS: of member banks during the 15-month period OCTOBER 4, 1929-DECEMBER 31, 1930 decreased in all by $1,130,000,000. This liqui- [In millions of dollars; figures for Dec. 31, 1930, preliminary] dation of member bank credit was accompanied .Mem- Mem- by an even larger liquidation of nonmember All ber ber "Counmem- banks banks try bank credit. The latest figures for all banks in ber in Newin other banks" banks York reserve the United States show a decrease of $1,250,000- City cities 000 between October, 1929, and October, 1930. Loans and investments, total -1,130 +429 -237 -1,322 If the relation of the decrease in nonmember Loans to banks -13 -19 -8 bank credit and in member bank credit re- Loans to othsr customers, total -2.312 -511 -877 -924 Secured by stocks and bonds. -170 + 193 -214 -149 mained approximately the same during the last Secured by real estate +74 -29 +136 -34 Otherwise secured and un- quarter, then the total decrease in bank credit secured -2,216 -675 -799 -741 Open-market loans, total -45 +329 +4 -377 outstanding for the 15-month period is in the A Co cc m e m pt e a r n c c i e a s l paper + + 2 1 0 3 7 6 + + 11 2 8 6 + +1 1 3 1 6 3 - - 2 2 5 5 neighborhood of $3,000,000,000. A part of this Street loans -388 + 185 -246 -327 decrease in bank credit has been due to bank Investments +1, 240 +828 +647 -34 suspensions during the period and represents tral reserve and reserve cities, and in country the elimination from the aggregate resources of banks for the 15-month period from the autumn active banks of such resources of failed banks call in 1929 to the end of 1930. A more detailed as have not in one way or another been transtable showing changes for the same classes of ferred to other banks. banks for the year ending last autumn, for the The reduction of about $3,000,000,000 in last quarter of 1930, and for the entire 15-month outstanding bank credit during the 15-month period is shown at the end of this review. period was accompanied by a liquidation of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
56 FEDERAL RESERVE BULLETIN" FKKKU.VRY, 1931 about $5,500,000,000 of loans made by non- total reduction during the 15-month period of banking lenders to brokers and dealers in seen- I$1,320,000,000. During the last quarter of 1930 rities. Consequently, total liquidation of credit these banks showed a reduction of $300,000,000 extended by banks and by others through the in loans to customers, of $110,000,000 in openbanks has amounted to about $8,500,000,000 market loans, and of $70,000,000 in investfor the 15-month period. ments. A part of these reductions has been While the total volume of member bank due to the elimination of banks through suspencredit showed a large decrease during the last sions, but there has also been a large-scale liquidaquarter of the year, there was little change in tion of credit at active banks in country districts, the total volume of credit at member banks in reflecting diminished activity of trade and indus- New York City. They liquidated during the try and a decline in deposits due in part to dequarter about $400,000,000 of street loans, and creases in the price of agricultural products. the volume of this class of loans at these banks The period of 15 months between October, is now little higher than it was during the period 1929, and the end of 1930 was one of readjustpreceding the break in the stock market in 1929. ment and liquidation for the On the other hand, these banks increased their Increased bank banks of the country, as well as liquidity investments, their loans to brokers outside of of an unusually large number of New York, and their holdings of acceptances, so bank suspensions. At the end of the period the that the change in total loans and investments active banks taken as a whole were in a position for the quarter was relatively small. For the of greatly increased liquidity resulting both 15-month period since October, 1929, the New from a decrease in the total volume of their out- York City banks show an increase of $400,000,- standing credit and a decrease in the proportion 000 in total loans and investments. At banks of their assets that depend on local situations in Chicago and in other reserve cities the liqui- and are under the influence of the customer dation for the last quarter amounted altogether relationship. The banks' open-market holdto $225,000,000, the reduction in street loans ings, which are in part in the nature of secondand in commercial paper being offset by in- ary reserves, on the other hand, increased creases in loans to customers on securities, on during the period in relation to their total real estate, and unsecured. At country banks resources. Furthermore, the liquidation of a liquidation all along the line continued during $5,500,000,000 of loans to the security market the quarter. Their total loans and investments made by nonbanking lenders also strengthened decreased by about $500,000,000, making a the banking situation. CHANGES IN LOANS AND INVESTMENTS OF ALL MEMBER BANKS [Based in part on preliminary figures for Dec. 31, 1930] [ In millions of dollars] City Total—All member banks New York- Mty Other reserve cities Country banks m p T e o 1 o r 5 i n t o a - t d h l * P m i r n e o g c n e t 1 d h 2 - s m p T e o 1 o r 5 i n t o a - t d h l m L o a n st t h 3 s P m i r n o ec g n e ^ th d s - m p T e o 1 o r 5 i n t o a - t d h l ! I J ; m La o s n t t h 3 s P m i r n o e g c n e t 1 h d 2 s - m p T e o 1 o r 5 i n t o a - t d h l m L o a n st t h 3 s m P in r o e g n c 1 e th 2 d s - Loans and investments—total -1,130 -088 -442 429 22 407 -237 : -225 -12 -1,322 I -480 -830 L L o o a a n n s s t t o o c b u a s n t k o s mers 1—total. -2,3 -1 1 3 2 - 1 7 6 3 2 -2 - , 1 2 7 3 4 9 1 5 1 7 4 - -5 1 7 3 0 3 -8 — 7 8 7 • ; 1 5 7 1 1 i j- 1, - 0 5 4 9 8 -92 1 4 5 -3 - 0 3 3 I i -62 1 1 7 S Se e c c u u r r e e d d b b y y r s e t a o l c k es s t a a t n e d bonds -17 7 0 4 0 7 3 5 -24 1 5 1 - 1 2 9 9 3 - 1 1 0 0 0 -1 8 9 7 -2 1 1 3 4 0 : • 10 22 0 • ; ' -23 3 0 0 -1 -3 4 4 9 - - 5 2 4 9 F -9 - 5 5 Otherwise secured and unsecured _.-2,210 -210 -2,000 -075 -39 -030 -799 : 54 ; -848 -741 -220 -521 Open-market loans—total -45 -1,031 980 329 -387 710 538 —377 -110 -207 Purchased paper- Acceptances 207 103 104 118 34 84 113 ; 07 40 -25 -25 Stree C t o l m oa m n e s r 2 cial paper -3 1 8 3 8 0 - — 1 5 9 9 75 5 2 8 9 7 5 1 2 8 0 5 -43 1 3 2 61 1 8 4 , 130; - - 1 4 2 7 0 5 2 2 2 0 9 2 -3 -2 2 5 7 - - 0 4 0 5 -20 2 1 0 -240 j Investments—total .. 1,240 255 985 628 237 391 90 557 -34 -09 647 1 Exclusive of banks. 2 Loans on securities to brokers and dealers in securities in New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
57 FEBRUARY, 1O)U FEDERAL RESERVE BULLETIN Changes in Discount Rates and Bill Rates Atlanta—J. A. McCrary, Decatur, Ga. (reelected). Chicago—Max W. Babb, Milwaukee, Wis. (re- The discount rate on all classes and maturi- elected). ties of paper was reduced from 3)i to 3 per cent St. Louis—James W. Harris, St. Louis, Mo.(reelected). at the Federal Reserve Bank of Atlanta and Minneapolis—John S. Owen, Eau Claire, Wis. (reelected). the Federal Reserve Bank of Chicago, effective Kansas City—W. D. Hosford, Omaha, Ncbr. (re- January 10, 1931. elected) . At the Federal Reserve Bank of New York Dallas—J. R. Milam, Waco, Tex. (reelected). the buying rate on bills having a maturity of 15 San Francisco—Malcolm McNaghten, Los Angeles, Calif, (reelected). days was reduced from 1% to 1% per cent, effective January 16. On January 26 buying CLASS C DIRECTORS rates on bills were reduced as follows: On bills Boston—Allen Hollis, Concord, N. H. (reelected). having a maturity up to 15 days, from 1% to New York—Clarence M. Woolley, Greenwich, Conn, 1% per cent; 16 to 45 days, from 1% to l)i per(reelected). cent; 46 to 120 days, from 1% to \% per cent. Philadelphia—Alba B. Johnson, Philadelphia, Pa. (reelected). The buying rate on bills of 4 to 6 months' Cleveland—W. W. Knight, Toledo, Ohio (reelected). maturity remained unchanged at 2 per cent. Richmond—Frederic A. Delano, Washington, D. C. (reelected). Atlanta—George S. Harris, Atlanta, Ga. (reelected). Changes in Foreign Central Bank Discount Rates Chicago—Eugene M. Stevens, Chicago, 111. The following changes have been made since St. Louis—John S. Wood, St. Louis, Mo. (reelected). Minneapolis—Homer P. Clark, St. Paul, Minn, the first of January in the discount rates of cen- (reelected). tral banks in foreign countries: January 3, Bank Kansas City—W. W. Magee, Bcnnington, Xebr. of France, from 2% to 2 per cent; January 15, (reelected). Imperial Bank of India, from 6 to 7 per cent; Dallas—S. B. Perkins, Dallas, Tex. (reelected). San Francisco—Walton N. Moore, San Francisco, January 22, Swiss National Bank, from 2}£ to Calif, (reelected). 2 per cent; January 29, National Bank of Bulgaria, from 10 to 9 per cent; and January APPOINTMENT OF CHAIRMEN AND DEPUTY 24, Netherlands Bank, from 3 to 2% per cent. CHAIRMEN The following have been designated as Federal reserve agents and chairmen of the ELECTION OF DIRECTORS board of directors of the Federal reserve banks The following directors of Federal reserve for terms of one year, expiring December 31, banks have been elected for the 3-year term 1931: beginning January 1, 1931: Boston—Frederic H. Curtiss. CLASS A DIRECTORS New York—J. H. Case. Philadelphia—Richard L. Austin. Boston—Edward S. Kennard, Rumford, Me. (re- Cleveland—George DeCamp. elected) . Richmond—Wm. W. Hoxton. New York—David C. Warner, Endicott, N. Y. Atlanta—Oscar Newton. Philadelphia—George W. Reily, Harrisburg, Pit. Chicago—Eugene M. Stevens. (reelected). St. Louis—John S. Wood. Cleveland—O. N. Sams, Hillsboro, Ohio (reelected). Minneapolis—John R. Mitchell. Richmond—Charles E. Rieman, Baltimore, Md. Kansas City—M. L. McClure. (reelected). Dallas— C. C. Walsh. Atlanta—H. Lane Young, Atlanta, Ga. (reelected). San Francisco—Isaac B. Newton. Chicago—George M. Reynolds, Chicago, 111. (reelected) . The following have been designated as St. Louis—Max B. Nahm, Bowling Green, Ky. (re- deputy chairman of the Federal reserve banks elected) . for terms of one year, expiring December 31, Minneapolis—H. C. Hansen, Churchs Ferry, N. Dak. 1931: Kansas City—C. C. Parks, Denver, Colo, (reelected). Dallas—R."E. Harding, Fort Worth, Tex. Boston—Allen Hollis. San Francisco—Keith Powell, Woodburn, Oreg. New York—Owen D. Young. Philadelphia—Alba B. Johnson. CLASS B DIRECTORS Cleveland—L. B. Williams. Boston—A. F. Bemis, Boston, Mass, (reelected). Richmond—Frederic A. Delano. New York—Samuel W. Reyburn, New York. N. Y. Atlanta—W. H. Kettig. (reelected). Chicago—James Simpson. Philadelphia—Arthur C. Dorrance, Camden, N. J. St. Louis—John W. Boehne. (reelected). Minneapolis—Homer P. Clark. Cleveland—John E. Galvin, Lima, Ohio. Kansas City—Wm. L. Petrikin. Richmond—Junius P. Fishburn, Roanoke, Va. Dallas—S. B. Perkins. (reelected). San Francisco—Walton N. Moore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
58 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS During 1930 the gross earnings of the Federal gether with average rates and amounts earned reserve banks, at $36,424,000, were $34,531,000 on each, are shown for recent years in the less than in 1929 and the lowest since 1917. accompanying table. The deduction of current expenses of $28,- 343,000—somewhat less than the previous year— EARNINGS ON BILLS AND SECURITIES and adjustments for depreciation, reserves for [In thousands of dollars] losses and self-insurance, resulted in net earnings of $7,988,000 available for distribution as Bills and securities held by all Federal reserve dividends, transfers to surplus, and franchise banks tax to the Government. Earnings, expenses, b m an a a n d r k iz s d e d i c s o t i r m n ib b u t i h t n i e e o d n a c f c o o o r f m 1 p e 9 a a n 2 rn y 9 i i n n a g g n s d ta f 1 b o 9 l r e 3 . a 0 l l a r r e e s s e u rv m e - Year Total co B d u i i n s l - l t s ed m b o o B a p u i i r n l e g k l n s h et t G U s S m e o t n t c i a v e i e u t t e n s e e r r t i s d n - - se o b a t A c t i i n e h u l l d l s l e r s i r - EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1929 AND 1930 Daily average holdings: • [In thousands of dollars] 1925 1,139, 507 481,515 287,329 358,962 11,701 1926 1,209, 309 570, 613 281, 386 349, 790 7, 520 1927 1,124,538 442, 287 263, 258 417,480 1, 513 1928 1, 467, 371 839, 942 327,806 297, 499 2,124 Increase 1929 i 1,413,058 950, 580 241,399 207,659 13,420 1930 1929 dec o re r ase Aver 1 a 9 g 3 e 0 rate of earn- !1, 056, 895 271, 727 213, 201 563, 672 8, 295 (-) 1930 ings (per cent): i 1925 3.51 3.67 3.17 3.56 3.59 1926 ! 3.76 3.95 3.o5 3.60 4.21 Total earnings 36,424 70,955 -34, 531 1927 I 3.60 3.83 3.49 3.41 3. 88 Current expenses 28,343 29,691 -1,348 1928 I 4.24 4.56 3.97 3.64 4.34 1929 j 4.86 5.03 5.00 3.93 4.94 Current net earnings 8,081 41,264 -33,183 3.25 3.93 2.85 3.06 4.09 Earnings: Additions (withdrawals from reserves, 1925... 17, 680 9,104 12,783 419 etc.) 3,475 956 2, 519 1926__. 45, 460 22, 552 10,003 12, 589 316 Deductions (for reserves, etc.) 3,568 5,817 -2, 249 1927_._ 40, 482 17, 011 9,207 14, 206 58 1928.._ 62, 275 38,334 13,021 10, 828 92 Net deductions 4,861 -4, 768 1929... 68, 683 47, 791 12,064 8,165 663 1930.. 34,365 10, 672 6,081 17, 273 339 Net earnings available for distribution 7,988 36,403 -28,415 Total current expenses of the Federal reserve Dividends paid 10,209 9, 584 68.5 Transferred to surplus -2,298 22,536 -24,834 banks in 1930 were $28,343,000, which is Franchise tax paid U.S. Government... 17 4,283 -4, 266 $1,348,000 less than in 1929. The cost of printing, issuing, and redeeming currency was The lower gross earnings reflected a de- $924,000 lower than the figure of $3,099,000 crease of $356,000,000 in the daily average for the previous year, wh^n this cost was holdings of bills and securities, together with unusually high by reason of the expense ina reduction in the average rate of earnings curred in the process of substituting notes of from 4.86 per cent to 3.25 per cent. Earnings smaller dimension for the old size. Salaries from bills discounted decreased from $47,791,- paid to officers aggregated $2,680,000 for the 000 in 1929 to $10,672,000 in 1930, the result year, and to clerical staff and others $14,574,of a decrease of $679,000,000 in average daily 000, making a total expenditure of $17,254,000 holdings of discounts and a lowering of the for all salaries and wages, compared with average rate of earnings from 5.03 per cent $17,265,000 in the preceding year. Other to 3.93 per cent. Earnings from bills bought major expenditures included taxes on banking in the open market were also lower, but earn- houses aggregating $1,374,000, as against ings from the larger holdings of Government $1,470,000, and telegraphic and postage charges securities, at $17,273,000, were $9,108,000 amounting to $2,247,000, as against $2,444,000, larger than in 1929. The rate of return on in 1929. Five of the reserve banks—New bills bought in the open market was 2.85 per York, Philadelphia, Atlanta, Minneapolis, and cent in 1930 compared with 5 per cent in Dallas—reported sufficient net earnings to 1929; on Government securities 3.06 per cent pay accrued dividends in full, the remaining compared with 3.93 per cent. The average seven banks paying their dividends entirely or holdings of discounted bills, bills bought in in part out of surplus. the open market, United States Government For the further distribution of net earnings securities, and other bills and securities, to- it is provided by the Federal reserve act that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 59 each reserve bank shall transfer to its surplus DISPOSITION OF FEDERAL RESERVE BANK EARNINGS, account the entire balance of such earnings as 1914-1930 remain after payment of dividends until surplus [In thousands of dollars] shall equal 100 per cent of its subscribed capital, and that thereafter 10 per cent of its earnings Franin excess of dividend requirements shall be chise Profit t t r h a e n s T f r e e r a re s d u ry t o a s s u a r p fr lu an s, c h a i n se d t t a h x e . ba H la o n w ce e v p e a r i , d t h to e Gross Net d D p e a i n v i d d i- s t T f o e p r r l a s r u n u e s d s r- - p U G a t i . a o d x v S t - . o l c o ( a s + f r s o r ) r i o - ( ed - r ) surplus of the 12 Federal reserve banks combin- | ern- ward ment ed after the closing of the books at the end of the j year amounted to $274,636,000, a net reduction Ml Federal reserve for the year of $2,298,000, although the New banks: York, Philadelphia, Minneapolis, and Dallas 1914-15 . 2,173 -142 217 -359 1916 5 218 2,751 1,743 +1 008 banks made some additions to their individual 1917. 16,128 9, 580 6,802 1,134 1,134 +510 1918 67, 584 52, 716 5,541 48, 334 -1,159 surplus accounts, the latter two paying small franchise taxes. The total subscribed capital 1919 102, 381 78, 368 5,012 70,652 2,704 1920 181,297 149,295 5,654 82, 916 60, 725 of the Federal reserve banks at the end of 1930 1921 122,866 82,087 6,120 15,993 59, 974 1922 50,499 16,498 6,307 -660 10, 851 amounted to $339,280,000 against $341,951,000 a year before. 1923 50, 709 12, 711 6, 553 2, 545 3, 613 1924 38, 340 3,718 6.682 -3, 078 114 Gross and net earnings and the distribution 1925 41.801 9,449 6; 916 2,474 59 1926. 47,600 16,612 7,329 8, 465 818 of net earnings are shown in the following table for all reserve banks combined since the begin- 1927 43,024 13,048 7,755 5,044 249 1928 64 053 32,122 8,458 21,079 2,585 ning of the Federal reserve system; more de- 1929 70,955 36,403 9,584 22, 536 4,283 1930 36,424 7,988 10,269 -2,298 17 tailed figures for 1930 are shown on pages 115— 116 of this issue of the BULLETIN. Total 941,052 523,204 100,942 275,136 147,126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 FEDERAL RESERVE BULLETIN 1931 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 21 and released for publication January 231 Production and factory employment de- Value of American exports to foreign counclined further in December. Wholesale prices tries was smaller in December than in Novemdecreased during the first half of the month ber and approximately 35 per cent below that but thereafter were generally steadier. Con- of December, 1929, the.decrease reflecting in ditions in the money market remained easy, part the decline in wholesale prices. and in January money rates reached new low Wholesale prices.—Wholesale prices of comlevels. modities declined sharply in the first half of Production.—Industrial production was fur- December, while in the following four weeks ther reduced during December, and the Federal average fluctuations were relatively small. Reserve Board's index, which makes allowance For the month of December as a whole, there for usual seasonal changes, showed a decline of were large decreases in prices of corn, hogs, over 2 per cent. Output of steel and iron, cotton, hides, and lumber, while prices of textiles, petroleum, cement, and copper was wheat, beef, and silk averaged somewhat higher substantially curtailed. Activity in meat-pack- than in November. ing plants and at anthracite mines increased During the first two weeks in January prices in December, and in the automobile industry of corn, sugar, and silk increased, and the price there was an increase in output, reflecting of wheat in American markets remained fairly the introduction of new models. After the stable. Silver prices reached new low levels. turn of the year automobile output increased further, and steel plants were more active. Bank credit and money rates.—Loans and investments of reporting member banks de- Construction contracts awarded during Declined in the 4-week period ending January 14, cember were in about the same volume as in reflecting further liquidation of security loans, November, according to reports of the F. W. as well as a reduction in "all other" loans and Dodge Corporation. There were slight dein investments. clines, partly seasonal in nature, in contracts for residential and commercial construction, Changes in the position of reserve banks in while public works and utility awards increased recent weeks reflected largely changes in the somewhat. demand for currency. In December this de- Employment and wage payments.—Employ- mand increased more than is usual for the ment in manufacturing industries was reduced season, owing to the withdrawal of cash by further by 2.5 per cent between the middle of banks and by the public in districts where November and the middle of December, and there were important bank failures. In the factory pay rolls also declined. The largest two weeks after Christmas the return flow of reductions in working forces were in the canning, currency from circulation was smaller than the lumber, steel, and wearing-apparel industries. usual seasonal amount, and the result was that There was little change in employment in money in circulation, which during the larger railroad car shops and in cotton and silk mills, part of 1930 had been in considerably smaller while in the automobile, meat-packing, and volume than in 1929, in January, 1931, was paper and printing industries working forces above the level of a year ago. In the following were increased slightly. twx) weeks the return flow of currency was In early January, following year-end in- somewhat larger than usual, indicating a reventory periods, reports indicate increased turn of part of the extra currency which had employment in certain industries, particularly been called into use in December. automobiles, steel, and railroads. Money rates in the open market continued Distribution.—Sales of department stores at low levels during December, and declined increased in December by slightly less than the further in the first half of January. amount which is usual for the holiday season, The discount rate at the Federal Reserve according to preliminary reports to the Federal Bank of New York was reduced to 2 per cent reserve banks. In December, as in earlier on December 24, and in the following three months of the year, the volume of sales prob- weeks the rate at the Federal Reserve Bank of ably reflected the influence of declining retail Boston was reduced to 2% per cent, and rates prices. Distribution of commodities by freight at the Federal Reserve Banks of Cleveland, showed a further decline for the month of St. Louis, Chicago, Atlanta, and San Francisco December as a whole. to 3 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
61 OAV, 1931 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANE CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES Villl i2NS OF DOLLARS MILLIONS OF DOLLARS 5W0 1926 1927 1928 1929 1930 Based on weekly averages of daily figures; latest figures are for week ending January 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Average of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht s U e S c n t u a i r t t i e e t s d ies r c O e b r s e a t e h d n r e k i v t r e 1 Total Mo s g t n o o e c l t d k ary T c j u r u e r ( s r a a t e d s e n u d - c ) r y y i M n l a o c ti i n r o c e n u y - M b r a e b e l s a a m e n n r b k c v e e e r s d m e N e p e m t o o c s n . b i - e ts r , p c U f e a u n n p n d e i d t x e a s - d l 1929—August 1,043 124 155 54 1.376 4,351 1.781 4,777 2,322 27 382 September 969 229 165 64 L,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 57 1,357 4, 283 1,784 4,652 2,349 29 394 February 378 285 480 38 1,181 4,319 L, 781 4,556 2,305 27 393 March 274 246 540 35 1,095 4,395 1,797 4,533 2,330 27 397 A.pril 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 ,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 1931—January 253 206 647 23 1,129 4,622 1,784 4,695 2,433 28 379 Week ending (Saturdav)— Dec. 27 423 262 644 57 1,386 4,590 1,787 4,977 2,376 26 384 Jan. 3 327 327 701 31 1.386 4, 592 1,785 4,909 2,446 29 379 Jan.10 290 276 673 35 1,274 4,606 1,785 4,809 2,447 31 378 Jan. 17 245 207 643 26 1,121 4,625 1,782 4,683 2,440 26 379 Jan.24 231 156 628 17 1,032 4, 631 1,785 4,621 2,421 26 380 Jan.31 224 127 615 10 976 4,636 1,784 4,581 2,411 25 379 1 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 GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [End of month basiF. In millions of dollars] [In thousands of dollars! Increase or decrease (—) during 1931 1930 month Gold Month a s t t o e c n k d Through Through Through From or to— (pr J e a l n im ua in ry ary) December D Ja e n c u em ar b y e - r of net gold ear- domestic month Total import marking producex o p r ort o t p io e n ra s - e ti tc o . n 1 p I o m r - ts p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s 1929— May . _ 4,301 40.6 23.6 16.1 0.9 England 14 289 June 4,324 23.4 30.2 -7.5 0.7 France 16 133 73,808 July - - 4,341 16.3 34.7 -22.0 3.6 Germany 27 201 August 4,360 18.9 18.4 -1.0 1.5 Italy 1 4 3,000 September 4,372 12.1 17.6 -6.6 1.1 Netherlands ••17 1 October _ 4,386 14.4 17.5 -4.5 1.4 Canada 20,460 22,897 12 43, 618 36,746 November 4,367 -19.2 -23.2 1.0 2.3 Central America _ 554 100 1,697 December 4,284 -82.9 -64. 4 -22.0 3.5 Mexico -_ . __ _-. 395 20,805 415 Total (12 mos.)- 142.4 175.1 -55.4 22.7 A Br r a g z e i n l tin . a 5,440 4r922 8 2 7 0 , , 7 27 7 2 6 50 Chile 21 438 1930—January 4,293 8.8 4.0 2.5 2.3 Colombia 2,920 1,107 9,097 February 4,355 61.9 60.0 0.0 1.9 Ecuador- 224 1,551 March. 4,423 68.2 55.5 13. 0 -0.3 Peru 209 6,896 April 4,491 68. 5 65.7 0.5 2.3 Venezuela 81 4,747 965 May . . 4,517 25.9 23.5 2.0 0.5 Uruguay-- 8,354 June 4, 535 17.6 13.9 2.0 1.7 China and Hong July 4,517 -18.4 -19.6 -3.0 4.3 Kong 673 274 24 22, 612 401 August 4,501 -15.5 -19.6 0.0 4.2 Dutch "East Indies. 164 1, 752 50 September._ .__ . 4, 511 10.2 2.5 4.0 3.7 Japan 882 156, 609 October 4,535 23.3 26.4 -6.1 3.1 Philippine Islands 446 3,715 November.. 4,571 36.8 35.2 -2.1 3.8 New Zealand... _ __ 25 220 December 4, 593 , 22.1 32.7 -15.2 4.5 All other countries l. 555 1,901 5,700 40 Total (12 mos.)_. +309.4 +280.2 -2,4 +32.0 Total 2 31,484 32, 778 36 396,054 115,967 1931—January p 4,643 +49.1 +31.5 +11,9 +5.7 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, $9,469,000. Elsewhere—imports, $22,015,000 . umns, see BULLETIN for December, 1928, p. 831. r Revised. v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 63 MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [Monthly averages of weekly figures. In millions of dollarsj Prevailing rate on- Ave;«;ge rate Average yield on— on— Month Total i i N b e a w R n C k e i s t p Y y o i o n r r t k i l n e g ad O m i in n th s e g ? e m r c c b i i l t t e e i i a r e e d s s - M o l c b e u i e a a t t m i d n s e i i k s b n d s e g e ! r Month or week m m p P 4 c a e r o o t r p i n o m c m e t i r h - 6 a e , l s a a P b c n e a r c 9 c i r n e m s 0 e p k ' s e - t , - d l T o a i a 9 y m n 0 s s e - , 1 N C e a w ll lo n a e R n w e s - a 1 l c T c n U e a u a r o r n e t . r t t e S i y a d e f s . s s i , - - I I I | 1 I 'b o T u n r r y d e s a 3 sdays 3 to 6 f 1930 1931 1930 1931 ; 1930 1931 1930 1931 months1 1930 M T Fe a a n b r u r c u a h r a y ry 4 2 3 4 6 7 7 2 1 245 ; 1 2 3 1 1 9 5 : . 2 1 0 5 8 8 2 0 77 2 1 16 1 9 6 5 8 163 J F a e n b u r a u r a y r y 4 4 % 1/r -5 3/8-4 4 4 % H- - 5 3 ! ' 4 4 . . 2 3 8 1 4 4 . . 6 3 4 2 I ! 3 3. . 3 3 6 9 I ; 3 3 . . 5 5 0 1 \pril 225 ; 17 54 154 March 3?'4-4%j 3.56 3.69 ! 4 2.95 j 3.46 J M u a n y e __- _ 2 2 2 2 2 6 1 5 1 : : ' 4 4 8 8 1 1 6 6 9 7 April 4 -4%\ 3.79 4.00 I 3.00 I 3.40 July 218 : 53 165 May SU-3H1 3.05 3.12 j 2.41 I 3.41 A S O e u c p t g o t u e b s m e t r ber 1 1 1 8 9 9 6 6 3 : 4 9 6 L i ! . 1 3 3 5 5 9 0 1 1 1 4 3 5 2 7 3 J J u u n ly e 3 i7/ 2 2 l l } / / 2 £ - - 3 3% I I I 2 2 .1 .6 8 0 2 2 . .6 2 2 0 I I 4 i 1 . .8 8 9 3 : j 3 3. . 3 3 7 7 November 211 6 L - : 65 140 August 3 l 2.22 2.21; 1.53 I 3.38 December 308 26 '• ; 115 167 September 3 '41 2.17 2.19 ! « 1.77 I 3.37 October, 3 2.00 2.00 I 1.74 3.34 1 Includes (in small amounts) discounts by Federal reserve banks for N ovember 2%-3 2.00 2.00 ! L40 i 3.32 nonmembers: (1) Bills discounted for intermediate credit banks and December j 2%-3 2.27 2.23 ! 4 1.48 I 3.34 (2) notes secured by adjusted-service certificates discounted for nonmember banks. 1931 i January j 2H~3 -2^1 1.50 1.57 i 1.24 I 3.33 FEDERAL RESERVE BANK RATES Week ending— | 1 Dec. 27 ! 234-3 2.04 2.00 j 1.51 3.35 DISCOUNT RATES Jan. 3 j 2%-3 2)4-2% 2.94 3.13 ! 1.43 3. 35 [Rates on all classes and maturities of eligible paper] Jan. 10 | 2%-3 i?4. 1.50 ! 1.39 3.32 Jan. 17 | 2%-3 1. 50 1.50 . 1.32 3.31 Jan. 24 , 2^-3 1.50 1.50 I 1.13 3.30 Federal reserve bank i 1 ; R F ef a e f t e b e c . t in 1 on Dat l e is h e e s d tab- Pre ra v t i e ous Jan. 31 ' 23A -J! 194-2 1.50 1.50 i 1.09 3.38 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. Boston Jan. 2,1931 3 3 3 issues—3%, 3%, 4 per cent; yields calculated on basis of last redemp- New York ! Dec. 24,1930 21/2 tion dates—1947, 1956, and 1954. Philadelphia \ July 3,1930 4 4 Change of issues on which yield is computed. Cleveland : Dec. 29,1930 3J/2 Richmond ; July 18,1930 4 RATES CHARGED CUSTOMERS BY BANKS IN Atlanta ! 3 Jan. 10,1931 PRINCIPAL CITIES Chicago I 3 do f Weighted averages] St. Louis • 3 Jan. 8,1931 Minneapolis j 3 ^2 Sept. 12,1930 Eight other Twenty-seven Kansas City | 3H Aug. 15,1930 New York City northern and southern and Dallas Sept. 9,1930 Month eastern cities western cities San Francisco | Jan. 9,1931 1 I 1929 1930 1931 1929 1930 1931 1929 1930 1931 BUYING RATES ON ACCEPTANCES Tanuary 5.74 5.64 4.24 5. 87 5.88 4.61 5.94 6.12 5. 49 February 5.73 5.35 5.86 5.66 5. 96 6.04 [Buying rates at the Federal Reserve Bank of New York] March 5.81 5.22 5.91 5.47 6.04 5. 98 \pril 5 85 4 91 6.00 5.22 6.07 5.86 Mav 5.88 4.74 6.09 5.13 6. 10 5. 75 Maturity P R ffff a p t p e t n in n Date estab" devious J Ju u l n y e _ .. 5 5. . 8 9 8 3 4 4. . 4 5 8 9 6 6 . . 0 0 8 2 4 5 . . 8 0 1 6 6 6 . . 1 1 7 6 5 5 . . 6 6 0 2 Feb 1 | lished rate August 6.05 4.41 6.11 4.79 6. 22 5 57 September fi. 06 4.29 6.24 4.74 6.27 5. 54 October 6.08 4.26 6.25 4.75 6. 29 5.53 November 5 86 4 17 6. 12 4.66 6.29 5 49 1-15 days.... 1H Jan. 26,1931 j December... 5.74 4.16 5.94 4.68 6.20 5.42 16-30 days._. Ui do ; 1% 31^5 days... iy2\ do ! m NOTE.—Figures relate to rates charged by reporting banks to their 46-60 days... 1%\ do i own customers as distinguished frooi open-market rates (which are given •61-90 days... \W do ; 1% in preceding table). All averages are based on rates reported for 3 types 91-120 days.. do j •1 1 H % o se f c c u u ri s t t i o e m s. er T l h o e a n m s— et c h o o m d m o e f rc c i o a m l p lo u a ti n n s g , a th n e d a d v e e m ra a g n e d s t a a n k d e s t i i m nt e o lo ac a c n o s u o n n t 121-180 days. Dec. 24,1930 | 2% r ( e a l ) a t t h iv e e r i e m la p ti o v r e ta i n m ce p o o r f t a e n a c c e h o re f p e o a r c t h in g o f b t a h n e k se , a 3 s t y m p e e a s s u o r f e d lo a b n y s t a o n t d al ( l 6 o ) a n th s. e 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 charged for other classes of bills. measured by the loans of all banks in the city. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
64 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 MEMBER AND NONMEMBER BANK CREDIT ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS, RESERVE, RESERVES HELD, AND INDEBTED- OPEN-MARKET LOANS AND INVESTMENTS NESS AT FEDERAL RESERVE BANKS [Exclusive of loans to banks. In millions of dollars] [Averages of daily figures. In millions of dollars] Loans to customers Open- i m nv a e rk st e m t e lo n a ts ns and Net dem de a p n o d s i a ts nd time Reserves i d , e / b n t " e , d- Call date cu S r e e - d i ! Other- In- Month ; • | F n e e d ss e r a a t l sto b c y k s; |c a u n re d d Total m v e es n t t - s Total N m e a t n d d e- Time Held j Excess ™™ ! TOTAL TOTAL 1928—Oct. 3__. 21, 242 6,646 14, 59513,141'i 10, 604 1930—April 32. 159 18,653 13, 506 2,350! 42 231 Dec. 31.. 21,462 7,347 14,113 13. 686'! 10,529 May 32, 229 18, 645 13, 584 2, 356I 45 245 1929—Mar. 27. 21,903 7, 53914, 36412,942; 10,448 June 32, 505 18,812 13,693 2,392i 54 250 June 29.. 22, 516 7,734 14, 78312,5241 10,052 July 32, 663 1 18,820 13,843 2,417 74 223 Oct.4... 23,249 8,109 15,141 12,024! 9, 749 August 32,581 j 18,746 13,835 2, 392 52 214 Dec. 31.. 23,194 14,706 12,026! 1, 660 9,784 September... 32, 643 ! 18,707 13,936 2,397 59 189 1930—Mar. 27. 21,495 7,730 13, 76513,034; 2,344 9, 937 October 32,726 18,726 14. 000 2,407 59 196 J line 30-. 21, 565 8,061 13, 50513, 555! 2,365 10,442 November 33,015 i 18,959 14,056 2,433 51 220 Sept. 24. 21,010 7,864 13,146 13, 997! 2,472 10, 734 December. _. 32,314 18,660 13,654 2,415 73 337 Dec. 31?. 20,937 7, 93912, 99813, 220ii 1,497 10,989 CITY BANKS 1 CITY BANKS * 1930— J J A D M N S O A u u e u e o c l p a n p y t c g v y r e o t e u i e e b l m s m m e t r b b b e e e r r r . . - . _ _ - _ . r 2 2 2 2 2 2 1 1 2 0 0 1 0 0 0 0 9 9 , , , , , , , , , 9 4 4 4 2 8 5 6 0 1 8 2 3 4 2 5 2 0 1 4 9 6 0 8 4 5 5 • : i 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 2 2 , . , , , , , , , 2 2 9 9 4 2 3 2 5 6 0 8 9 1 4 3 7 8 2 8 2 9 0 6 4 1 5 6 6 7 7 7 7 7 7 7, , , , , , , , , 1 1 8 1 3 0 2 9 4 7 1 6 4 1 2 4 1 2 4 8 1 7 1 0 3 9 1 1 1 1 1 1 1 1 1 1 , , , , , , , , 7 8 7 7 8 8 7 8 7 2 0 8 3 2 7 0 3 8 8 1 4 7 5 4 2 5 9 i 1 4 4 2 2 2 3 3 2 7 8 5 7 2 9 4 3 9 14 4 4 4 5 6 7 7 7 4 6 8 4 3 2 1 4 2 1 1 1 9 9 9 2 2 3 8 9 0 — — — J J D D D S O O M M u u e e e e c c c n c n p a a c . . t t e e r r t . . . . 3 . . 4 2 ' 3 3 3 2 S 1 2 2 9 0 . 1 4 _ . I . 7 7 . . . ' . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 4 3 3 3 3 3 4 3 3 3 , , , , , , , , , , 0 6 2 9 0 2 5 2 3 7 1 3 2 6 0 3 8 0 3 1 6 5 2 6 3 9 8 7 7 2 I .' 4 5 5 6 5 5 5 5 5 5 , , , , , , , , , , 1 6 8 9 8 5 4 5 4 8 7 6 9 1 3 1 9 8 4 3 4 3 3 8 9 4 6 4 2 4 8 8 7 8 8 7 7 7 7 , , , , , , , , , 5 3 0 0 3 4 5 7 7 7 3 4 9 5 0 4 4 6 1 8 1 8 5 3 0 9 5 8 8 8 9 7 6 8 7 7 7 , , , , , , , , , , 0 9 1 1 6 8 6 4 3 5 6 3 2 7 8 0 0 0 1 2 2 7 1 9 0 8 4 5 0 4 1 ; ; ! | | | i 2 2 2 3 1 1 2 1 1 1 5 6 6 3 2 4 2 7 8 5 4 0 2 0 3 0 9 4 6 8 2 2 3 2 3 1 1 1 1 8 6 9 5 4 3 7 8 0 2 3 2 2 9 5 6 9 4 9 8 2 2 1 2 2 1 1 1 1 1 , , , , , , , . , , ,5 3 5 2 7 0 1 4 5 4 2 0 2 3 0 5 5 8 4 8 1 9 5 5 8 2 7 6 8 0 , 5 5 5 5 6 5 5 6 5 5 , , , , , , , , , , 1 4 4 7 8 7 8 2 3 4 2 6 4 0 8 7 7 1 4 5 0 9 2 8 8 7 7 5 5 9 COUNTRY BANKS 2 COUNTRY 1930—April 12,331 5,671 ! 6,660 621 25 160 BANKS * May 12,318 5,655 6, 663 619 23 172 June 12,276 5,603 6, 673 618 25 178 1928—Oct. 3._. 8,225 1,727 6, 497 5, 341! 195 378 4,727 July ; 12,227 5,558 6, 669 615 26 178 Dec. 31.. 8,254 1,905 6, 348- 5, 376, 211 376 4, 751 August ! 12,140 5,466 6, 674 26 166 1929—Mar. 27. 8,364 2,055 6, 309! 5, 338: 192 354 4, 740 September.._ ; 12,160 5,467 6, 693 25 144 June 29.. 8,551 2,139 6,412) 5,119; 140 316 4, 623 October 12,101 5,412 6, 689 605 26 144 Oct. 4__. 8,627 2,295 6,333| 144 376 4, 554 N D o ec v e e m m b b e e r r.. _ 1 1 2 1 , , 0 7 0 6 9 0 5 5 , , 2 37 2 2 5 6 6 , , 6 5 3 3 7 5 5 5 9 9 7 0 2 2 2 8 1 1 5 9 8 3 1930— J D M u e n c a e . r . 3 3 2 0 1 7 _ .. . . 8 8 8 , , ,4 2 2 8 2 0 1 9 6 2 2 2, , , 1 3 2 1 9 2 4 0 7! 6 6 6 , , , 1 0 0 6 0 1 8 H 6 1 ' 4 4 4, | , 8 9 8 4 7 6 7 7 2 1 i ! i ! \ 2 1 1 0 7 6 7 0 3 2 2 1 0 5 2 8 8 9 4 4 4 , , , 5 4 4 5 3 7 4 9 5 Sept. 24. 8,007 2,201 5,806; 4,875!: 164 115 4,589 1 Member banks in 62 legally designated cities: 2 central reserve Dec. 31 p. 7,702 2,146' 5, 5571 4,696| 119 49 4, 520 cities (New York and Chicago) and 60 reserve cities; see table on p. 99. 2 Member banks outside the 62 designated cities; including banks in * See notes 1 and 2 of preceding table. *» Preliminary figures. other cities as well as banks in towns and villages. 1 Loans (secured by stocks and bonds) to brokers and dealers in securir Revised. ties in Xew York City. ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, AND DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS) [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision] Total loans and investments Deposits (exclusive of All banks Member banks Nonmember banks interbank deposits) Date Total Loans I m nv e e n s t t s - Total |! Loans I m nv e e n s ts t- 1 ; Total Loans I m nv e e n s t t s - ba A n l k l s M b e e m r - m No em n- ber banks I banks 1 1 1 1 9 9 9 9 2 2 2 2 5 6 7 4 — — — — D D D D J J J J e e e e u u u u c c c c n n n n . . . . e e e e 3 3 3 3 3 3 3 3 1 1 1 1 0 0 0 0 4 4 4 5 5 5 5 5 5 8 0 2 5 7 1 3 , , , , , , , , 6 1 8 0 4 1 5 7 0 1 8 3 5 8 6 5 3 8 0 0 0 2 2 0 3 3 3 3 3 3 3 3 3 5 8 1 6 6 2 7 , , , , , , , , 8 6 4 5 7 1 4 3 2 6 0 5 4 5 4 6 3 5 7 9 0 7 0 0 1 1 1 1 1 1 1 1 7 5 6 4 5 4 4 3 , , , , , , , , 3 9 4 9 6 7 0 2 9 6 0 6 5 4 4 6 1 3 4 5 7 2 3 0 3 3 2 3 3 3 2 2 4 9 2 0 1 1 7 8 , , , . , , , 6 8 1 1 7 2 7 5 8 4 6 8 4 4 5 1 4 7 2 4 6 7 6 8 2 2 2 2 2 2 1 1 2 2 2 0 1 3 9 9 , , , , , , , , 9 8 9 0 6 9 6 2 9 8 3 6 3 5 5 0 6 6 3 0 8 2 5 4 1 8 § 9 8 7 9 0 , , , , , , . 8 9 1 9 8 3 1 6 m 2 1 9 6 3 3 3 8 0 1 j I i 2 2 2 2 1 1 1 1 0 0 0 9 9 8 8 1 , . , , , , , , 2 3 3 9 0 4 3 7 0 7 7 9 1 3 1 2 4 8 6 4 3 7 2 0 1 1 1 1 1 1 1 1 3 2 4 2 4 4 4 3 , , , , , . , , 1 4 5 6 3 0 2 5 0 2 2 4 9 2 0 1 6 1 1 4 7 0 7 0 6 6 6 6 6 6 5 5 , , , , , , , , 1 0 2 2 6 9 5 6 0 8 7 6 2 8 9 7 2 1 6 9 9 3 3 3 4 4 4 4 4 5 5 5 9 9 7 0 3 5 2 1 , , , , , , , , 7 0 9 4 8 6 6 2 3 0 2 0 3 1 6 2 3 9 9 5 5 2 2 4 2 3 3 2 2 3 3 2 1 0 2 5 0 8 9 7 , , , , , , , , 0 4 0 4 8 7 7 2 2 7 3 6 4 1 8 6 9 4 6 3 0 1 1 9 2 2 1 1 1 1 1 1 9 0 0 9 9 9 7 7 , , , , , , , , 8 6 9 3 1 1 9 5 4 9 9 7 9 9 5 5 6 4 9 2 3 5 2 5 1928—June 30 57.265 39,464 17,801 35, 061 24, 303 10,758 22, 204 15,161 7,043 53,398 32,133 I 21, 265 Oct. 3 57, 219 39,671 17, 549 34,929 24, 325 10, 604 22, 291 15,346 6,945 53, 720 32,138 21, 582 Dec. 31 58.266 40, 763 17, 504 35,684 25,155 10, 529 22, 582 15, 607 6,975 56,766 34,826 21,940 1929—Mar. 27 58, 019 40, 557 17,462 35, 393 24, 945 10,448 22; 626 15,612 7,013 54, 545 33,215 21, 330 June 29 - . 58,474 41, 512 16, 962 35,711 25,658 10,052 22, 763 15,853 6,910 53,852 32,284 21, 567 • Oct.4 58,835 42, 201 16,634 35,914 26,165 9,749 22. 922 ' 16,036 6,885 55,180 33,004 22,176 Dec. 31 58,417 41, 898 16, 519 35, 934 26,150 9,784 22, 483 15, 748 6, 735 55, 289 33,865 21,424 1930—Mar. 27 57, 386 40,686 16, 700 35,056 25,119 9,937 22,331 15, 568 6,763 53,185 32,082 21,103 June 30 58,108 40, 618 17,490 35,656 25, 214 10,442 22,453 15,404 7,048 54,954 33,690 21, 264 Sept. 24 57, 590 39, 715 17,875 35,472 24,738 10. 734 22,118 14, 977 7,141 52, 784 31, 839 20,945 Deo. 31 * 34, 784 v 23, 795 * 10,989 *> Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
65 FEBRUARY, 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] Loans From N ew From private Month or date In- York banks banks, brokers, Total vest- Total ; and trust com- foreign banking ments End of month panies agencies, etc. 1930 1931 1930 ! 1931 1930 1931 BY MONTHS Total: 1930— J J M A F M A N S D O J u u e e p a u o e c a l a n b p n y r c t g v y r e o i t r u e c u e l e u b a m h m s m a e r t y b r r b b y e e e r r r 2 2 2 2 2 2 2 2 2 2 2 2 3 2 2 2 3 3 2 3 3 2 3 3 , , , , , , ' , , , , , 0 0 6 3 2 1 6 1 4 4 1 3 2 6 5 8 2 5 0 2 5 0 1 6 4 2 2 3 0 7 1 8 5 9 7 8 ,' 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 6 7 , , , , , , . , , , , , 8 0 8 9 9 8 8 8 6 7 3 5 5 4 2 0 3 0 3 2 7 4 4 3 9 8 5 6 4 2 1 8 1 3 6 2 8 8 8 8 8 7 8 8 7 7 7 7 , , , , , , , , , , , , 3 2 3 8 3 6 7 3 5 9 2 7 1 7 9 4 8 9 7 6 9 6 3 7 2 0 7 9 3 4 1 0 1 4 7 6 8 8 8 9 8 8 8 8 8 8 8 8 , , , , , , , , , , . , 6 8 7 4 0 4 5 5 4 5 7 5 3 7 8 8 2 8 1 1 7 7 5 9 1 1 1 8 7 7 3 5 6 6 7 7 5 5 5 5 5 6 6 6 6 5 6 6 , , , , , , , , . , , , 1 7 2 6 8 5 9 5 7 3 5 7 9 8 9 0 5 4 3 4 7 6 7 8 4 2 1 7 6 1 7 8 7 1 5 4 2 1 1 4 4 7 8 5 5 4 4 5 5 7 7 3 4 4 1 9 3 1 7 3 6 1 1 J J J A M M S A O N F D u u a e e u T p c e a n a l n p b v t g y r o c r e u o t i r v e u c l e a b u e m h s m r e m a t y r b r b b y e e _ e r _ r r . . _ . ._ 3 4 4 3 3 3 3 4 5 2 2 1 , , , , , , , , , 6 4 7 0 5 8 1 7 1 9 6 5 8 8 4 6 9 9 6 2 8 5 6 5 8 9 9 1 8 3 5 6 3 8 2 6 ; ! i ! • 1 1,720 • i : > 3 3 4 4 4 3 3 3 3 2 1 1 , , , , , , , , , , , 1 6 0 2 3 0 9 2 5 2 4 1 9 3 2 2 9 6 5 0 2 2 0 0 8 9 6 4 1 8 7 9 9 7 9 9 • i j : ; 1,557 6 4 4 6 6 6 5 4 2 2 6 1 8 6 2 0 5 3 3 5 1 3 2 9 9 2 7 1 9 7 4 4 6 9 5 9 163 1931—January 22 660 !,15, 894 7, 495 8, 399 6,766 82 1 Ne 1 w 9 30 Y — or J k a n C ua i r t y y : 7 ' , 664 i 5, 705 2, 945 2, 760 1, 959 39 1 Call loans, $1,365,000,000; time loans, $355,000,000. February 7,493 l; 5. 584 2. 909 2, 675 1,909 21 March 7,649 M5, 720 3,115 2, 605 1. 929 1 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY April 7,829 i; 5, 868 3,383 2, 485 1,961 17 May 7,852 ,! 5, 878 3, 459 2, 418 1,974 11 [In millions of dollars. Monthly data are averages of weekly figures] June 8,117 !| 6,099 3. 701 2, 398 2, 019 5 J A u u ly g . u . s _ t . .., 8 8 . ,0 0 7 9 8 7 j j i i 5 6 , , 0 9 0 8 4 4 3 3 , , 5 5 5 8 8 8 2 2 . , 4 4 2 1 6 6 2 2, , 0 0 9 9 4 3 "I For banks September 1 8 088 !'i 5, 998 3, 584 2, 415 2,090 9 October ! 8.313 ' 6.141 3, 629 2, 512 2.172 6 Month or date Total 11 In ! Outside i For November j 8,421 jj 6, 055 3. 401 2, 653 2, 367 6 TnMi I ^ew ! ^ew ! others December • 8,166 5, 837 3, 341 2. 496 2, 329 26 iotaJ | York ! York Ot 1 h 9 e 3 r 1 — lea Ja d n in ua g r y c ities: j i 7,906 5, 583 3,111 2, 472 2, 323 5 j! City i I City 2 ' 1930—October ' 15, 096 10, 692 4, 608 1 6, 085 j 4, 403 ,50 November j 15,034 10, 618 4, 496 i 6,123 4, 416 ;65 1930—January 3,351 1,706 !| 844 •' 802 1.644 December 14,950 10, 495 4, 435 j 6, 061 ! 4, 455 1!15 February 3, 459 1,913 j- 942 971 i 1, 546 1931—January ! 14,754 10,311 4,384 I 5.927 4,443 i March 3,741 2,310 Jj 1,210 I 1, 100 1,430 April 4, 115 2, 740 11 1,557 I 1,183 I 1,376 BY WEEKS May 4, 030 2,727 '• 1,665 ! 1,062 ; 1,302 Total: i ! I June 3, 825 2,748 I 1,831 ! 917 , 1,078 Ne 1 1 w 9 9 3 3 0 1 Y — — o J J J r D J a a a k a e n n n n c . . . . C . 2 2 1 7 3 i 8 L 4 t 1 y : j ! i ! • ' 2 2 2 2 2 2 2 2 2 2 , , , , , 7 5 6 9 6 7 9 6 5 0 6 6 6 6 3 , 1 1 1 1 15 5 6 5 6 , , , , , 8 9 0 7 2 3 2 6 5 6 9 2 4 3 3 7 7 7 7 7 , , , , , 3 8 4 6 5 7 1 2 5 2 9 4 5 3 2 , i I ! i 8 8 8 8 8 , , , , , 3 4 7 4 4 4 4 4 9 1 0 1 1 0 4 i 6 6 , , 6 6 6 8 6 . , , 4 9 3 3 7 7 7 1 4 6 j 2 3 4 1 i 5 8 8 7 2 3 0 9 0 6 J N A S D O u e o u e c l p c t y g v o t e u e e b m m s m e t b r b b e e e r r r j | 3 3 3 2 2 2 , , , , , , 0 2 1 2 7 1 1 4 5 2 7 6 3 9 0 4 4 9 2 2 2 2 1 1 , , , , , , 3 3 6 2 4 " 5 0 7 1 2 9 1 5 8 2 0 2 ; j l i ! 1 1 1 1 1 1 , , , , , , 6 2 6 6 6 3 5 3 7 6 7 5 9 1 6 6 5 7 ; : . ' i i • 6 4 7 3 7 5 3 9 3 5 3 4 5 2 9 0 7 7 I i ! ! : ' 4 8 7 5 7 4 5 5 4 4 0 9 8 7 8 6 7 8 1930-Dec. 31 ': 8,152 | 5, 859 3, 438 ' 2, 4212,293 1931-January 3 1,798 1,461 ; 1,132 i 329 ' 337 1931— J J J a a a n n n . . . 2 1 7 1 4 ! I i 7 7 7 , , , 8 9 8 8 6 9 0 8 0 ! 5 5 5 , , , 5 6 5 7 5 6 7 8 3 3 3 3. , , 0 2 1 6 3 2 1 3 4 , i ! 2 2 2 , , , 5 0 4 4 2 2 5 5 4 2 2 2 , , , 3 3 3 1 1 1 0 7 2 J J a a n n . . 7 1 — 4.. 1 1 , , 8 8 7 2 9 0 1 1 , , 5 4 2 7 1 5 : 1 1 , , 1 2 3 0 2 6 : ! 3 3 1 4 5 3 ! ', 3 3 5 4 8 4 Other le J a a d n. i n 2 g 5 cities: j j 7,886 5,534 3,024 i 2.5102,352 J J a a n n . . 2 2 8 1 . .. . 1 1 , , 7 7 3 5 4 7 1 1 , , 4 4 1 3 7 1 1 1 , , 0 1 8 0 9 1 3 3 3 2 0 8 i ! 3 3 1 2 7 6 1930—Dec. 31 ! 14,804 10, 404 4, 376 6, 028 4, 400 I 81 1931— J J J a a a n n n . . . 2 1 7 1 4 : • 1 1 1 4 4 4 , , , 7 8 7 2 0 7 3 8 6 ji 1 1 1 0 0 0 , , , 4 2 3 0 7 4 0 7 5 4 4 4 , , , 4 3 3 2 6 9 0 4 8 1 ! i 5 5 5, , . 9 9 9 1 S 4 2 6 6 4 4 4 , , , 4 4 4 3 4 0 1 6 2 j i 109 2 1 M W e e m ek b ly er re a p nd o rt n i o ng 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 (domestic Jan. 28 ; 14,710 '• 10,219 4, 3o5 5. 864 4.491 I banks only); includes unknown amount for customers of these banks. a Call loans, $1,353,000,000; time loans, $445,000,000. ACCEPTANCES AND COMMERCIAL PAPER [In millions of dollars] Bankers' acceptances outstanding Commercial paper outstanding End of month Total Held by group of accepting banks 1927 1929 1930 1928 1929 1930 1927 1928 ! 1929 ! 1930 January 774 1,058 1,279 55.0 80.0 ! 79.2 220.5 551 407 ; 404 February 785 1,056 1,228 166. 5 90.1 89.1 182.9 577 567 411 : 457 March J 809 1,085 1,205 104.5 99.1 117.4 166.7 606 570 387 i 529 April ; 811 I 1,071 1, 111 .0 56.4 95.1 157.5 599 571 351 | 553 May ....! 775 j 1,041 1,107 94.6 58.2 87.4 165.6 582 541 304 1 541 Juno .... ._! 751 ! 1,026 1, 113 .9 71.3 84.3 205. 1 579 503 274 ! 527 July 741 i 978 1,127 86.4 52.6 ! 90.0 278. 6 569 483 265 i 528 August ! 782! 952 1, 201 132.9 50.3 | 82.4 267. 3 591 458 267 '• 526 September ... . 864 ; 1,004 1,272 103. 6 53. 2 i 70.8 316.7 600 430 265 : 513 October j 975 | 1,123 1,541 118.2 43.7 129. 4 384. 2 611 427 285 ! 485 November 1,029 j 1,200 1,658 116.9 50.3 244.5 493. 0 ! 603 421 316 : 448 December I 1, 081 1 1,284 1,732 105.0 75.8 191.1 371. 5 I 555 383 334 , 357 Figures for acceptance as compiled by American Acceptance Council; for commerci al paper as reported by about 25 dealers. 35438—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
66 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 INTERBANK LOANS: MEMBER BANK LOANS BANK SUSPENSIONS TO BANKS [In millions of dollars] [Banks closed to public on account of financial difficulties by order of supervisory or directors of the banks. Figures of suspensions include banks subsequently reopened.] Total, By city banks * by all By Date b m a b e n e m r ks - Total In C Y i N o ty r e k 2 w I c n a g C o h 2 i- [ c n i t o ie t s h e 3 rc b o a u n n k t s r y * Month 19 N 27 um 19 b 2 e 8 r o 19 f 2 b 9 an 1 k 93 s 0 De 1 p 92 o 7 sits (i 1 n 9 2 th 8 ousan 19 d 2 s 9 of 1930 1928— Oct. 3_- 548 502 287 35 179 46 January... 133 53 54 99 32,038 10,983 16,413 28,903 Dec. 31 538 501 288 40 173 37 February - 81 50 60 85 25,157 18,352 21, 746 32,800 1929—Mar. 27 548 509 251 62 196 39 March t 0 66 51 76 31,222 16,953 9,002 23, 769 June 29 670 621 314 67 241 49 April 49 43 29 96 11, 750 8,190 7,790 33, 388 Oct. 4 640 595 302 68 225 45 47 29 112 55 13,198 6,394 24,090 19,315 Dec. 31 714 669 322 88 258 45 June 41 28 48 66 10,784 13, 496 19, 219 70, 566 1930—Mar. 27 527 462 199 58 205 65 July 37 24 69 65 12,162 5, 368 66,161 32,333 June 30 535 474 196 50 228 62 August 27 21 17 67 17, 364 6,147 8,532 .21,951 Sept. 24 466 404 169 41 193 62 September. 36 20 39 66 8,988 7,888 10,050 23, 666 Dec. 31 * 628 568 283 55 230 59 October 44 41 43 72 11, 542 9,011 13,153 24, 599 November.. 43 72 68 254 11, 210 24, 784 22, 646 186, 306 1 Central reserve and reserve city banks. December.. 49 44 52 344 8,476 11,076 15, 730 367,119 2 Central reserve city banks. Year 662 491 642 1,345 193, 891 138, 642 234, 532 864,715 3 Reserve city banks; see table on page 99. <A11 other member banks. » Preliminary figures. Back figures.—See Annual Report for 1928 (Table 64). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS I In millions of dollars. Back figures not availablel Holdings of Government securities i and eligible paper (including paper under rediscount) Member By city banks 2 By country banks 3 By all member banks bo b r a r n o k w- Date ings at U.S. ! U. S. U.S. Federal m Go en v t e r s n e - - ; I E p li a g p ib er le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total r b e a se n r k v s e curities i ; curities i curities l 1926—June 30. 2,210 2,825 5,035 2,984 3,094 4,925 8,019 516 1927—June 30. 2,299 2, 775 5,074 847 2,839 3,146 4,767 7,913 441 1928—June 30. 2,714 2,680 5,394 862 2,829 3,576 4,647 8,223 1,096 Oct. 3__ 2,823 2,551 5,374 914 2,731 3,738 4,368 8,106 1,020 Dec. 31. 2,730 2,349 5,079 932 2,744 4,160 7,822 1,041 1929—Mar. 27. 2,832 2,582 5,414 974 2,735 3,807 4,343 8,150 981 June 29. 2,577 2,688 5,265 929 2,702 3,506 4,461 7,968 1,029 Oct. 4__ 2,469 2,865 5,334 912 2,645 3,381 4,598 7,979 899 Dec. 31. 2,403 2,713 5,116 814 2,498 3,217 4,397 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 2,480 3,438 4,204 7,642 206 June 30. 2,640 2,285 4,925 772 2,392 3,412 3,905 7,317 274 Sept. 24 2,682 2,271 4,953 764 2,305 3,446 3,812 7,258 * 173 1 Available as collateral for borrowings at Federal reserve banks—i. e., exclusive (for all dates shown) of approximately $650,000,000 of Government securities pledged against national bank note circulation. 2 Central reserve and reserve city banks; see table, p. 99. 3 All other member banks. * Of this amount 44.5 per cent ($77,000,000) represents bills payable at Federal reserve banks—collateral consisting chiefly of Government securities—and 55.5 per cent ($96,000,000) represents rediscounts at Federal reserve banks. For other dates shown such bills payable have varied between 51 and 79.7 per cent of the total, such rediscounts between 20.3 and 49 per cent. NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC. [For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, pp. 766-768 and 411-417.] Single-office banks Banks operating branches Banking offices Member Member Nonmember Date Banksi (b p a lu n s ks Total Non- National State branches) National State member Banks Branches Banks Branches Banks Branches 1924—June 30 28,996 31,289 28,282 7,972 1,379 18,931 108 248 191 1,137 415 908 1925—Dec. 31 28,257 30,899 27,472 7,916 1,245 18,311 132 332 196 1,277 457 L,033 1926—Dec. 31 _. 27,377 30,158 26,581 7,760 1,160 17, 661 146 406 194 1,366 456 L,009 1927—Feb. 25 2 26,973 29,873 26,194 7,677 1,133 17, 384 145 390 189 1,560 445 950 June 30 _ 26, 781 29, 775 25,989 7,638 1,123 17,228 152 722 186 1,301 454 971 1928—June 30 25,950 29,180 25,115 7,516 1,058 16, 541 169 941 186 1,220 480 L,069 1929—June 30 25,115 28, 555 24,297 7,366 987 15,944 164 993 190 1,298 464 1,149 Dec. 31 24, 630 28,177 23,808 7,237 939 15, 632 166 1,027 180 1,299 476 L,22i 1930—June 30 23,852 27,470 23,035 7,082 899 15,054 165 1,041 169 1,308 483 L, 269 1 All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. 2 Date of the McFadden Act; see BULLETIN for May, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 67 SECURITY PRICES, SECURITY ISSUES, AND SECURITY LOANS SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Selected groups of industrial issues Month or date P ut u i b li l t i y c , I! m A o u b t i o le - ! I i e B q i u n u i ; i l p d - - C st h o a r i e n Ch ic e a m l - C a p o n e p d r - Elec- Ma- Steel T ti e l x e ment brass ment I e° | Number of issues 34 13 10 I 16 10 30 1930—January... 126.5 209 135 117 102 240 193 263 I 146 129 177 78 February._ 126.9 231 145 125 100 254 193 307 ! 154 128 188 85 March 127.8 242 155 125 100 266 193 323 I 161 141 192 85 April 128.2 264 162 127 101 282 174 359 173 156 196 83 May 127. 250 152 116 97 257 151 327 | 170 148 174 77 June _ 126. 224 134 100 90 223 135 290 ! 152 133 161 69 July 125.9 215 132 98 89 217 129 277 | 155 133 159 67 August 126.5 213 134 97 90 219 121 278 I 152 130 160 67 September. 127.9 216 133 100 96 230 114 283 I 154 125 162 68 October 126. 187 108 84 88 191 93 225 134 106 142 56 November- 124.7 167 101 77 82 176 91 196 120 131 55 December. 121.7 158 100 71 78 168 80 182 ! 117 125 51 1931—January... 123.6 163 106 74 78 162 82 176 i 120 124 53 Dec. 31.... 120. 158 102 68 76 163 77 174 ! 118 122 51 Jan. 7 122.6 163 106 74 79 167 84 182 i 120 126 51 Jan.14 123.8 162 104 74 78 162 81 176; 119 124 53 Jan. 21 123. 8 162 107 73 78 159 82 172 ! 120 123 52 Jan. 28 124.1 166 108 75 161 82 173 ! 122 123 53 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 2 20 high-grade industrials; average price. CAPITAL ISSUES TOTAL REPORTED SECURITY LOANS [Exclusive of refunding issues. In millions of dollars] [In millions of dollarsl Domestic issues l By By member banks other lendd T o o m ta e l s , - Gov- Corporate Foreign ers » Year and month tic and Total 3 ern- issues 2 foreign (m m ip u e a n n l) i t c- B n ( o o a t n n e d d s) s Stocks Call date Total Total ba T n o ks1 e b N r r T s o e o w k in - b e r T l o s o k l - ot T h o ers e b N r r T s o e o w k in - York York City where; City* 1922 4,395 3,631 1,072 1,645 570 764 1923 4,440 4,019 1,043 1,989 659 421 1924 5,557 4,588 1,380 2,200 829 969 1925. 6,205 5,129 1,356 2,452 1,152 1,076 1928—Oct. 3 12,429 8,819 274 1,899 850 5,796 3,610 1926 6,282 5,157 1,312 2,667 1,087 1,125 Dec. 31 14,062 10,172 269 2,556 975 6,373 3,890 1927 7,489 6,152 1,423 3,182 1,460 1,337 1928 7,979 6,728 1,387 2,378 2,900 1,251 1929—Mar. 27 14,613 9,693 274 1,879 1,014 6,526 4,920 1929 10,005 9,334 1,398 2,068 5,868 671 June 29 15,144 10,094 335 2,025 921 6,813 5,050 1930 6,880 6,013 1,441 2,980 1,503 867 Oct. 4 16,974 10,314 320 1,885 939 7,170 6,660 Dec. 31 12, 835 10, 505 357 1,660 803 7,685 2,330 1930 January 776 717 106 484 127 59 1930—Mar. 27 12,644 10, 334 260 2,344 706 7,024 2,310 February. _. 522 466 76 238 149 56 June 30 12,015 10,655 230 2,365 819 7,242 1,360 March 805 658 122 393 123 147 Sept. 24 11,521 10,511 175 2,472 774 7,090 1,010 April 898 729 147 321 261 169 Dec. 31 *.__10,150 9,750 314 1,497 677 7,262 400 May 1,096 990 142 440 407 106 June 753 528 143 225 152 225 July 559 475 108 297 70 84 1 Security loans to banks, not available separately prior to 1930, esti- A Se u p g t u e s m t ber.. 3 1 8 8 1 3 3 1 7 6 6 6 8 7 2 7 2 4 2 4 2 4 6 0 2 1 5 7 ma 2 t N ed o n f m or e 1 m 92 b 8 e r a n b d a n 1 k 92 s, 9 f a o t r e h i a g l n f o b f a t n o k ta s l , l c o o a r n p s o t r o at i b o a n n s k , s e . tc.; total loans of October 351 295 168 105 22 56 nonmember banks (separate figures of total security loans not being avail- November.. 332 248 86 117 18 84 able) approximated $16,000,000,000 on Oct. 4, 1929, and $15,000,000,000 December.. 381 365 186 71 16 on Sept. 24, 1930. 3 Total borrowings at New York as reported for end of month by members of Stock Exchange minus loans to brokers in New York as reported - Source: Commercial and Financial Chronicle. for call dates by all member banks; resulting figures, except in December 2 Annual totals of foreign issues are as reported by Department of and June, reflect in part differences in these dates. Commerce; monthly figures of foreign issues are as compiled currently v Preliminary figures. by the Federal Reserve Bank of New York and are subject to revision. 8 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
68 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 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 * Freight car loadings * Commodity (Revised; see p. 107) Build- (Revised; see p. 108) prices t ing con- Factracts Factory em- tory Y m ea o r n a th nd Total Manufsictures Minerals aw e a d rd- ployment r p o a ll y s Total M le e s l r s o c - a t h d h a a n l n o d - t i c s s a e r i - n m c i A o t o i m e l d l s - - F p u a r c o r t m d s Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 64 107 98 84 139 158 1920 87 87 89 63 108 118 91 71 154 151 1921 67 67 70 57 82 77 79 87 98 88 1922 85 87 74 81 90 81 87 94 97 94 1923 101 101 105 84 104 103 100 96 101 99 1924 95 94 96 ••94 96 96 97 99 98 100 1925 104 105 99 122 100 101 103 105 104 110 1926 108 108 108 '129 101 104 106 105 100 100 1927 . 106 106 107 128 99 102 103 105 95 99 1928 111 112 106 '134 97 102 103 104 98 106 1929 119 119 115 117 101 108 106 105 97 105 1930 »97 ?96 P99 92 88 87 92 97 86 88 1926 August 109 110 108 110 115 109 '147 101 101 104 112 107 105 105 99 97 September 113 111 112 111 119 110 137 103 102 105 121 108 110 106 100 99 October 114 111 112 111 124 114 126 103 102 108 122 108 109 104 99 98 November 110 109 108 107 123 118 119 101 101 105 113 109 108 106 98 95 December 101 106 99 104 113 119 131 100 101 104 98 108 101 105 98 95 1927 January 105 106 104 104 112 116 94 98 100 99 96 106 98 105 97 97 February „ _ 111 108 110 107 113 117 96 100 100 105 99 107 102 104 96 95 March-. 113 111 113 109 111 118 151 100 100 106 102 109 106 105 95 94 April 110 108 112 109 06 107 147 100 99 105 99 106 106 104 94 94 May 112 111 113 111 108 109 '134 99 99 104 105 103 106 104 94 96 June 107 108 107 109 108 105 154 99 100 102 105 104 105 105 94 97 July 102 106 102 107 103 100 130 98 99 99 104 102 104 105 94 98 August 105 106 104 106 111 106 r 134 99 99 102 109 104 105 105 95 102 September 107 105 106 105 111 104 127 101 98 102 116 103 110 105 97 106 October 105 103 104 102 112 105 137 99 98 103 114 101 109 104 97 105 November 101 100 100 100 105 101 114 97 97 98 101 98 106 104 97 104 December 96 101 95 100 97 103 116 95 97 99 88 98 98 104 97 104 1928 January 105 106 106 106 100 103 104 94 96 96 92 102 98 105 96 106 February 111 108 113 109 99 103 113 96 96 101 94 102 101 104 96 105 March 112 109 114 109 98 103 144 97 96 103 97 103 105 104 9b 104 April 110 109 113 110 94 105 '166 96 96 100 96 101 105 103 97 108 May 110 109 111 110 104 105 ••162 96 96 101 105 103 108 104 99 110 June 108 109 109 111 104 101 158 96 97 101 101 100 103 103 98 107 July 105 109 105 111 103 101 142 96 97 98 105 102 104 105 98 107 August 110 111 110 113 111 105 126 98 97 103 109 103 104 104 99 107 September 116 114 116 115 115 107 '142 100 98 104 119 105 109 105 100 109 October.. 118 116 117 116 123 114 145 100 98 107 119 106 109 104 98 104 November 115 116 115 116 117 113 115 99 99 104 109 107 107 105 97 102 December 109 117 110 117 106 112 105 98 100 104 94 106 99 105 97 104 1929 January 117 118 117 118 114 118 ' 99 97 100 101 95 108 97 104 97 106 February 121 118 122 117 116 120 88 100 100 108 99 107 101 104 97 105 March 122 119 126 120 101 107 118 101 101 111 98 105 106 105 98 107 April 124 122 128 123 103 115 156 102 102 111 102 108 107 104 97 105 May . . 126 124 128 126 116 116 143 102 102 111 109 107 107 104 96 102 June 125 126 127 129 116 112 '129 102 103 110 110 108 105 105 96 103 July 120 124 120 126 118 114 159 102 103 106 111 107 105 106 98 108 August 122 123 ! 122 124 121 115 119 104 103 111 115 107 106 1C6 98 107 September 124 122 123 122 127 118 108 105 102 112 121 106 110 106 98 107 October 121 118 119 118 127 118 r108 103 101 111 118 104 109 104 96 104 November 108 108 107 108 114 110 95 99 99 103 102 102 106 104 94 101 December 96 101 93 98 110 116 77 95 97 99 89 102 96 103 94 102 1930 January 104 104 103 103 108 112 79 93 96 94 89 100 94 101 93 101 February 110 107 111 107 104 109 77 93 94 98 91 99 98 101 92 98 March 107 104 110 106 91 96 111 93 93 98 90 96 101 100 91 95 ApriJ- 1C8 107 1J1 107 93 104 118 93 92 97 93 97 101 98 91 96 May 106 104 106 105 102 103 111 91 91 94 97 96 101 98 89 93 June 99 100 99 100 103 100 146 89 90 91 95 93 98 98 87 89 July. . 91 95 90 94 100 97 89 86 87 ! 83 95 92 94 95 84 83 August 90 91 89 91 101 96 '84 85 84 82 96 89 95 95 84 86 September.. _ 93 91 91 90 100 94 81 86 83 83 99 87 99 94 84 85 October 90 87 88 85 104 98 82 84 82 81 97 86 97 93 83 83 November.. 85 85 84 84 95 92 02 81 81 75 86 84 94 92 80 79 December * 78 P82 p 76 *81 P88 ?93 61 79 80 74 74 84 86 92 78 75 * Average per working-day. Index of production revised in February 1931; revision in seasonal indexes of production of automobiles and shoes, and revisions in basic data of production of lumber and flooring, lead, coal. See p. 107. t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for all major groups of commodities are given on p. 72 'Preliminary. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 69 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board as revised ir 1929 Industry Dec. MANUFACTURES IRON AND STEEL _ _ _ _ _ 90 Pig iron. _ . _____ 95 Steel ingots TEXTILES- -_ ---.__ Cotton consumption Wool Consumption._ _ __ _ _ Machinery activity ! Carpet, rug loom activity ! Silk Deliveries __ _ _- Loom activity 1 FOOD PRODUCTS Slaughtering, meat packing._ Hogs Cattle Calves _ _ _ _ Sheep Flour _ Sugar meltings __ _ PAPER AND PRINTING Wood pulp and paper . Newsprint ______ __ _ Book paper Fine paper Wrapping paper Paper board Wood pulp, mechanical._ Wood pulp, chemical Paper boxes Newsprint consumption TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shipbuilding LEATHER \ND PRODUCTS Tanning ._ _ Sole leather 1 Upper leather— Cattle Calf and kip Goat and kid. _ Boots and shoes CEMENT AND GLASS: Cement _ _ _ Glass, plate NONFERROUS METALS 2 Copper (smelter). __ - Tin (deliveries) 1 FUELS, MANUFACTURES: Petroleum refining Gasoline *_ - _ - Kerosene Fuel oill Lubricating oil1 Coke (by-product) RUBBER TIRES AND TUBES Tires, pneumatic Inner tubes _ _ _ _ _ TOBACCO PRODUCTS Cigars _ _ _ __ _____ Cigarettes MINERALS COAL: Bituminous Anthracite Petroleum, crude _ __ _ Iron ore shipments Copper (mined) Zinc __ _ _ _ - - __ Lead Silver OC DC O SO i February, 1931. Adjusted for seasonal variation. 1923-1925 average=100 1930 Jan. 99 94 100 103 89 102 77 78 80 85 74 72 75 69 140 141 148 145 124 95 91 96 81 91 113 94 111 118 112 93 139 116 95 105 91 116 125 134 65 32 97 100 99 94 83 70 151 102 110 117 122 106 117 203 89 132 115 131 80 82 70 133 83 172 104 117 ; 133 115 98 105 87 OOCC OSCO OOOC OOOC Feb. Mar. 119 113 101 102 120 114 99 98 94 94 76 71 81 77 73 65 70 66 145 150 149 155 138 140 94 90 92 85 93 80 87 86 88 97 92 92 116 132 141 92 97 101 127 94 90 120 122 120 114 115 115 95 97 91 127 124 127 118 118 121 93 92 99 127 131 125 96 111 106 115 119 117 147 147 149 131 137 97 102 39 40 170 102 100 97 93 93 99 101 76 66 68 76 129 127 104 100 108 110 124 122 105 102 110 103 99 92 163 168 199 204 89 96 121 125 120 126 132 136 106 107 109 110 85 85 131 133 84 92 167 166 100 92 106 101 132 135 101 95 104 98 95 112 88 98 OC OC O OO Apr. 114 102 115 96 100 72 80 62 66 125 123 128 97 94 93 89 100 147 105 96 121 116 86 132 116 98 132 89 114 149 48 80 99 98 97 80 80 136 99 111 117 104 103 117 168 204 99 117 130 135 105 108 84 128 87 161 81 69 125 88 96 107 89 CO C CM CM 51 128 oOcDoCc 99 79 85 131 106 108 131 106 103 132 174 214 93 121 138 138 123 CM OSco a. May 111 104 112 90 91 70 74 69 60 117 121 111 98 94 94 88 89 142 104 105 119 113 89 120 111 99 132 90 115 151 132 101 43 147 172 97 73 128 90 94 111 88 DC DC COCC June 110 101 111 84 85 71 100 72 95 128 98 119 143 101 101 107 173 213 90 123 133 137 121 125 96 134 94 167 92 81 127 104 90 94 104 80 oo co a- 100 99 102 93 90 88 90 86 137 104 84 116 108 88 114 105 95 122 98 110 173 132 90 42 164 97 103 100 77 92 145 94 119 114 96 94 99 170 210 90 117 126 132 119 CMOS CM CO July Aug. 93 93 91 86 93 84 82 69 80 65 43 113 120 98 94 89 85 89 93 139 101 106 111 105 84 111 108 89 124 88 103 146 124 75 40 347 95 107 100 73 106 154 88 116 105 97 95 103 166 206 85 113 126 123 93 96 71 141 137 91 88 183 177 89 86 78 82 124 120 108 95 86 83 99 91 99 103 /5 69 OS OO Sept. 86 80 86 88 78 79 67 69 76 78 62 67 47 49 109 139 117 158 91 101 91 96 89 92 85 91 89 88 95 97 143 146 103 98 84 104 109 109 101 100 83 80 105 104 100 99 89 87 115 115 92 88 108 106 151 159 123 126 62 62 38 33 310 229 95 95 102 102 99 102 67 68 101 90 143 151 90 91 117 111 65 95 96 97 92 94 101 111 164 165 205 207 84 78 109 112 124 117 119 114 96 84 98 87 79 64 130 89 164 82 88 117 96 84 94 106 70 CM OO Oct. 75 71 75 91 81 69 75 68 52 150 170 109 94 93 94 85 97 158 90 105 107 100 81 97 99 91 123 72 104 141 122 49 28 343 158 85 80 114 79 89 93 101 73 OOOS OCSO Nov. 65 63 66 93 83 63 66 64 52 152 182 123 94 87 94 71 83 147 93 123 103 95 77 94 93 89 115 74 97 133 119 74 25 196 96 61 93 132 85 97 101 95 90 127 160 203 74 108 106 109 88 91 68 129 88 164 87 105 115 74 83 90 94 70 OO 00 rH CC Annual Dec. 1929 59 130 56 118 60 131 87 115 115 57 97 61 61 39 157 178 116 89 86 84 82 101 142 91 93 P101 79 100 80 86 77 95 123 115 85 81 83 85 89 62 60 71 66 126 114 78 79 86 83 91 65 87 So 86 82 119 118 151 149 188 186 69 67 109 108 104 105 101 97 77 73 82 75 58 61 119 128 86 68 147 173 86 85 83 93 114 111 51 83 75 70 68 83 92 73 v 66 lg 5 143 152 127 97 94 97 87 91 118 101 104 125 119 93 135 102 118 134 96 116 155 137 135 41 88 105 98 91 79 91 134 110 114 152 125 132 127 168 200 96 138 122 144 135 OC O ococ index 1930 95 88 96 91 87 69 76 67 * 55 133 142 116 93 90 89 86 93 141 98 99 134 97 166 102 91 137 121 127 114 113 94 p, OOO coco 113 92 106 v 122 90 108 147 127 85 37 185 94 97 97 70 85 134 93 108 107 98 96 111 164 203 84 115 121 122 100 103 78 131 87 167 88 86 122 90 87 91 100 78 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." Preliminary. NOTE.—The combined index of industrial production is computed from figures for 57 statistical series, 49 of manufactures, and 8 of minerals most of which are shown in this table. Adjustments have b3en 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. Index of production revised in February, 1931. Revision in seasonal indexes of production of automobiles and shoes, and revisions in basic data of production lumber and flooring, lead, coal. (See p. 107.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
70 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 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 variationWithout £easonal adjustment Industry 1930 1929 193C 1929 1930 1929 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December ber ber ber ber ber ber ber ber TOTAL—ALL MANUFACTURING INDUSTRIES 78.8 81.0 95.2 80.1 81.1 96.9 73.7 75.1 99.1 IRON AND STEEL AND PRODUCTS 78.0 79.8 92.2 79.1 80.2 93.6 66.7 68.9 93.5 Steel works and rolling mills 79.7 80.9 92.1 81.0 81.9 93.6 67.2 69.1 92.7 Hardware __ _-__-- 73.1 73.5 89.1 73.1 73.5 89.1 62.4 62.9 94.2 Structural iron work 95.9 97.1 115.7 96 7 96.9 116.6 88.6 89.1 121.2 Heating apparatus. _ _ 66.9 72.7 86.0 68.3 70.6 87.7 56.0 61.8 84.5 Steam fittings 68.2 69.6 81.8 71.7 70.0 86.0 60.4 61.6 79.8 Stoves . . .. 65.7 75.6 89.9 65.3 71.2 89.3 51.8 62.0 89.1 Cast-iron pipe __. 63.1 68.7 80.4 64.6 69.8 82.3 58.1 63.3 79.9 MACHINERY 83.3 84.7 112.1 84 2 85.7 113 3 75.0 75.1 119.9 Foundry and machine-shop products 76.6 77.4 101.6 78.0 78.9 103.4 66.7 65.3 107.4 Machine tools 97.4 101.0 155.0 97.3 101.1 154.9 78.2 79.9 164.4 Agricultural implements 95.8 93.6 150.3 96.1 96.6 150.7 82.3 79.9 166.5 Electrical machinery . .. . _ 94.7 97.4 125.0 94.7 97.4 125.0 93.1 96.9 137.2 TEXTILES AND PRODUCTS._ 78.1 80.1 94.3 77.4 79.4 93.4 72.2 73.4 93.8 A Fabrics 77.6 79.1 94.2 76 4 77.9 92.6 72.3 73.0 93.5 Cotton goods.. . 74.8 75.4 92.0 73 3 74.1 90.1 67.2 64.9 85.4 Woolen and worsted manufactures. 61.9 64.3 82.5 59.9 52.8 80.0 52.9 53.3 75.0 Woolen and worsted goods 62.1 63.9 79.8 60 1 61.5 77.2 54.2 53.7 72.8 Carpets and rugs 60.3 66.3 96.6 59.1 65.4 94.6 47.1 51.9 85.0 Hosiery and knit goods 88.0 92.0 103.4 87 7 90.7 103.1 88.7 98.8 123.8 Silk manufactures 84.9 85.8 98.8 84.7 85.9 98.6 84.6 83.2 103.6 Dyeing and finishing textiles _ 105.3 104.9 112.0 103.8 104.1 110.4 105.5 105.5 113.1 B. Wearing apparel . .. 79.3 82.4 94.7 80 1 83.0 95.7 72.1 74.4 94.4 Clothing, men's 53.4 55.0 69.0 54.4 56.4 70.2 43.4 44.1 71.1 Shirts and collars . 82.4 88.2 107.6 79 2 85.3 104.0 70.2 77.8 109.6 Clothing, women's 123 2 125.4 135.9 125.0 127.6 137.8 116.6 118.0 130.2 Millinery 60.8 68.4 71.4 63.0 66.1 74.1 51.3 58.3 67.2 FOOD AND PRODUCTS _ 92.3 93.6 100.4 90 8 91.4 98.7 94.9 96.5 105.5 Baking 98.2 99.6 105.3 99.0 98.5 106.1 98.2 101.1 108.1 Slaughtering and meat packing 91.1 90.5 99.5 86.7 89.6 94.8 98.0 98.3 107.7 Confectionery 94.0 96.0 106.3 85.2 83.4 96.4 95.9 92.9 112.1 Tee pfpflTn 77.3 79.9 81.4 88 0 88 5 92.7 82.2 87.2 90.4 Flour _ 84.1 91.2 81 9 82.4 90.6 83.8 85.7 97.1 Sugar refining, cane 77.5 85.5 81.9 83.1 86.4 87.8 72.3 79.4 81.7 PAPER AND PRINTING . _ 98.4 98.4 106.9 96 7 97.0 105.0 105.7 105.0 118.2 Printing, book and job 105.3 103.0 114.0 102.7 102.4 111.3 111.4 108.2 122.6 Printing, newspapers and periodicals 105. 2 105.9 108.7 103 4 104.6 106.8 118.1 117.3 123.7 Paper and pulp 88.2 88.2 99.2 88.2 88.2 99.2 86.3 87.1 107.4 Paper boxes 90.4 93.7 103.0 86.8 ^ 87.8 98.8 91.1 96.8 110.9 LUMBER AND PRODUCTS^ 58.4 61.6 81.6 58 8' 60.4 82.1 50.4 54.7 82.7 Tjiimbp.r, sawmills 52 2 55.6 75.3 53 2 55 2 76 8 45.7 50.4 78.8 TiUTnbp.r, millwork 58 7 59 2 72 3 59 6 60 2 73 4 50.7 51.7 68.9 Furniture . _.__ ... 75.9 80.3 105.1 74.1 75.2 102.3 60.7 66.4 100.2 TRANSPORTATION EQUIPMENT 65 3 64 9 81 3 69 4 68 6 86 0 60.8 60.8 85.6 Car building and repairing... __ . 59.3 59.4 79.9 59 4 59.6 80.1 60.4 58.9 92.3 Automobiles 69 0 67.9 79.6 78 9 76.4 91 0 55.5 57.4 72.9 Shipbuilding 98.3 97.5 98.3 101.5 108.1 107.2 106.5 123.0 LEATHER AND MANUFACTURES.. 74 5 76.9 90.0 76 6 77.4 92 6 58.1 55.0 84.1 Boots and shoes 74 6 76 7 90 1 77 3 n 4 93 4 54.0 49.2 81.1 Leather 74.3 77.8 89.8 74 0 77.3 89.4 72.8 75.8 94.9 CEMENT, CLAY, AND GLASS PRODUCTS 66 4 70.4 82 3 68 6 70 0 85 0 56.3 60.9 80.2 Clay products . _.. __ 64.7 68.9 81.6 66 9 69.0 84.5 51.4 56.1 75.1 Brick, tile, and terra cotta 57.4 62.6 74.9 60.6 62.8 79.0 44.3 49.8 68.3 Pottery . 84.4 86.1 100.0 84 1 85 9 99.6 70.2 72.6 93.2 Glass 70.9 73.4 87.7 72.7 72.3 89.9 65.2 68.3 91.3 Cement 64.8 70.7 74.8 67.2 69.7 77.6 57.9 64.8 78.5 NONFERROUS METAL PRODUCTS . . 70.2 70.9 89.9 71 2 71 8 91.1 67.9 67.3 96.1 Stamped and enameled ware.. 47.4 48.6 65.0 49.4 49.3 67.7 45.6 45.4 63.6 Brass, bronze, and copper 78.0 78.5 98.3 78.6 79.4 99.0 74.4 73.6 105.6 CHEMICALS AND PRODUCTS 97.8 98.6 111.8 97 9 98 3 111.9 94.7 96.1 114.0 Chemicals and drugs , 99.3 100.7 109.9 97 6 98.8 1U8.1 92.0 93.4 109.1 Petroleum refining 99.6 99.8 .120. 9 100.8 100.8 122.4 101.4 103.2 124.8 Fertilizers ! 82.4 80.9 91.7 89.1 85.6 99.6 78.5 77.9 95.0 RUBBER PRODUCTS ._ ._ .. 73.2 72.6 89.2 74. 7 75.2 90.8 62.6 58.7 85.0 Automobile tires and tubes 71 6 70 8 84 7 75 3 75 7 89 1 60.9 56.8 78.2 Rubber boots and shoes , 77.8 77.7 102.7 72 7 73 7 96.0 69.6 66.4 112.0 TOBACCO MANUFACTURES : 84.9 87.1 89.2 83 5 82 0 87.4 "77.7 76.8 88.8 Cigars and cigarettes < 86.7 89.2 90.9 85.4 83.6 89.0 78.9 78.0 90.3 Chewing and smoking tobacco, snuff. 70.7 70.6 76.3 68.6 70.2 74.7 68.4 67.4 77.4 MUSICAL INSTRUMENTS ' 87.1 111.7 63.7 79.1 100.9 58.5 63.1 92.8 66.6 Pianos and organs 37.7 39.3 46.0 35.7 37.0 43.7 35.8 38.5 50.3 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
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 71 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars] Total Residential Industrial Commercial Public works and Educational All other Month public utilities 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January . ' 406.5 324.0 138.1 66.6 63.1 38.3 '96.9 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 484.6 456.1 196.9 101.5 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 63.5 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 529.9 600.6 173.8 96.8 70.0 93.6 80.9 59.1 120.8 251.9 43.4 48.9 40.9 50.2 July 652.4 366.9 199.9 84.3 66.6 35.2 91.3 46.9 194.5 114.9 48.0 42.7 52.0 '42.8 August 488.9 346.6 146.1 82.7 75.3 20.7 72.0 50.9 119.3 124.2 32.3 25.9 43.9 '42.3 September. _ ... 444.4 331.9 117.4 98.5 52.6 31.7 76.9 31.1 117.2 101.4 29.8 28.2 50.4 40.8 October 445.6 336.7 137.7 104.7 60.9 16.1 67.7 35.7 85.1 ' 110. 6 36.9 28.6 57.3 41.1 November. 391.0 253.6 113.5 80.8 39.7 ' 17.6 101.8 '29.5 72.4 71.7 25.7 29.5 38.0 24.4 December 316.4 249.4 114.0 70.9 67.4 15.2 33.4 25.1 51.8 76.4 19.8 24.5 29.9 37.3 Year. ._ '5,750.8 4, 523.1 1,915.7 1,101.3 756.5 468.9 932.7 628.8 1,248.3 1, 438.9 381.9 376.1 519.1 509.1 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. ,W. Dodge Corporation. ' Revised. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsj Merchandise exports Merchandise imports Excess of exports Month 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 '226 83 102 86 86 October 489 550 529 327 356 355 391 '247 133 195 137 80 November.. 461 545 442 289 344 327 338 '204 117 218 104 '85 December.. 408 476 427 *>273 331 339 310 *209 76 136 117 '64 4,865 5,128 5,241 v 3,841 4, 185 4,091 4,399 v 3, 061 681 1,037 842 "780 * Excess of imports. v Preliminary. ' Revised. DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS [1923-1925 average=100] Index of salesl Index of stocks (end of month) Month 1925 1926 1927 1928 1929 1930 1925 1926 1927 1928 1929 1930 Without seasonal adjustment: January 84 90 91 91 90 90 93 93 92 February 85 87 ! 89 88 91 89 96 98 98 98 95 93 March 94 97 95 97 107 93 105 107 107 105 102 100 April 105 102 109 105 103 110 106 107 107 106 103 101 May __ 103 109 105 107 109 105 103 104 104 102 101 98 June 98 100 101 102 108 98 98 98 96 95 93 July 75 77 76 80 79 71 93 95 93 92 87 August 76 82 85 81 84 77 • 97 98 97 96 87 September 97 104 103 113 117 103 107 107 108 103 104 95 October 122 120 117 118 122 112 112 114 114 112 112 101 November 122 124 126 125 125 r 113 115 117 117 115 115 104 December 176 184 182 192 191 97 96 96 94 94 85 165 Year 103 106 107 108 111 102 103 103 101 100 I 94 102 i Adjusted for seasonal variation: January 99 106 107 108 110 107 102 105 104 103 100 February 103 105 108 106 111 108 101 104 103 103 100 I March. _ 103 101 106 107 112 107 102 104 103 101 99 97 April 102 105 106 106 110 107 102 103 103 101 97 May 102 109 105 107 109 105 101 102 102 100 June 102 105 106 107 113 103 101 101 101 99 July _ 101 106 105 110 109 100 101 100 102 100 94 August 101 108 111 107 111 102 102 lul 102 101 100 91 September _ 101 106 104 112 114 99 103 102 104 99 100 91 October 111 109 107 108 112 102 101 104 104 102 101 92 November _ 104 106 108 108 108 98 102 103 104 102 102 92 December 104 108 106 111 108 94 103 102 103 100 100 91 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. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
72 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics; 1926=100] Other commodities Year and month A m l o l d c i o ti m es - pr F o a d r u m cts Foods Total H p l r i e d o a e d t s h u e c a r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d l h r s e u a m g n s i d - i f n H u g r o n g u i o s s h o e d - - s l M an i e sc o e u l s - 1913 69.8 71.5 64.2 70.0 68.1 57.3 61.3 90.8 56.7 80.2 56.3 93.1 1914 68.1 71.2 64.7 66.4 70.9 54.6 56.6 80.2 52.7 81.4 56.8 89.9 1915 69.5 71.5 65.4 68.0 75.5 54.1 51.8 86.3 53.5 112.0 56.0 86.9 1916 85 5 84.4 75 7 88.3 93.4 70.4 74.3 116.5 67.6 160.7 61.4 100.6 1917 117.5 129.0 104.5 114.2 123. 8 98.7 105.4 150. 6 88.2 165.0 74.2 122.1 1918 131.3 148.0 119.1 124.6 125.7 137.2 109.2 136.5 98.6 182.3 93.3 134.4 1919 138.6 157. 6 129. 5 128.8 174.1 135. 3 104.3 130.9 115.6 157.0 105.9 139.1 1920 154.4 150.7 137.4 161.3 171.3 164.8 163.7 149.4 150.1 164.7 141.8 167.5 1921 97.6 88.4 90.6 104.9 109.2 94.5 96.8 117.5 97.4 115.0 113.0 109.2 1922 _ .. 96.7 93.8 87.6 102.4 104.6 100.2 107.3 102.9 97.3 100.3 103.5 92.8 1923 100.6 98.6 92.7 104.3 104.2 111.3 97.3 109.3 108.7 101.1 108.9 99.7 1924 98.1 100.0 91.0 99.7 101.5 106.7 92.0 106.3 102.3 98.9 104.9 93.6 1925 _ .. 103.5 109.8 100.2 102.6 105.3 108.3 96.5 103.2 101.7 101.8 103.1 109.0 1926 (base) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1927 95. 4 99.4 96. 5 93.7 107.9 95.7 86.5 98.2 93.3 96.6 98.2 89.9 1928 97.7 105. 9 101.0 93.2 121.7 96.3 82.8 99.8 93.7 95.5 97.4 83.0 1929 _ .. 96.5 104.9 99.7 92.6 109.2 93.7 81.6 104.4 97.1 94.4 96.9 80.5 1930 86.3 88.3 90.1 85.1 99.9 80.7 76.1 95.3 90.3 88.7 95.7 73.4 1926—January 103.6 107.4 102. 6 103.0 103.3 106.3 98.7 99.9 102.3 101.6 101.4 116.8 February 102.1 105.1 100. 5 101.8 101.4 105.2 99.1 99.6 101.8 100.8 101.0 109.0 March 100.4 101.7 99.1 100.6 100.1 103.0 98.1 99.3 101.1 100.2 100.9 106.3 April 100.1 102.8 100.4 99.6 98.7 101.3 97.7 98.8 100.0 99.9 100.8 103.9 May 100.5 102.4 100.1 100.0 98.9 100.1 100.8 98.3 99.1 100.2 100.2 102.5 June 100. 5 100.9 100.5 100.0 98.8 99.4 101.0 99.1 98.9 100.9 100.0 101.0 July 99.5 98.6 98. 8 99.4 99.0 98.5 99.5 100.7 99.4 100.4 99.9 97.5 August 99.0 97.2 97.5 99.6 99.7 98.5 100.6 101.0 99.5 99.8 99.8 95.4 September. _. 99.7 99.3 99.8 99.7 98.8 98.9 101.5 101.2 99.5 100.2 99.5 94.2 October 99.4 97.9 100.8 99.4 101.0 97.7 101.3 101.0 99.5 99.1 99.4 93.4 November. __ 98.4 94.7 100.5 99.3 100.4 96.3 102.5 100.8 100.1 98.6 99.1 90.8 December 97.9 94.9 100. 7 98.0 100.4 95.2 99.4 100.4 99.2 98.8 98.8 89.9 1927—January 96.6 96.5 96.9 96.8 101.0 94.3 97.7 98.8 97.5 97.6 97.9 90.3 February 95.9 95.4 95.9 96.0 100.2 94.6 95.8 98.0 96.2 97.6 97.9 90.6 March 94.5 94.2 94.5 94.2 100.5 94.0 90.0 98.2 95.3 97.1 97.8 90.9 Aptil 93.7 94.3 94.6 92.8 101.7 94.2 84.9 97.8 95.0 97.8 97.8 91.3 May 93.7 96.3 94.4 92.8 103.7 93.9 83.9 98.6 95.1 95.4 97.8 91.3 June 93.8 96.5 94.4 92.9 107.3 94.3 84.2 98.2 94.6 95.8 98.0 90.2 July 94.1 97.6 93.9 92.9 111.7 94.3 84.2 97.7 93.7 95.3 98.0 89.3 August _ . 95.2 102.2 94.2 93.1 111.7 96.2 84.1 98.0 92.9 95.4 98.6 89.9 September. __ 96.5 105.9 96.5 93.4 112.5 98.5 84.2 97.6 92.1 96.4 98.6 89.2 October 97.0 105.0 100.9 93.1 113.0 98.4 83.8 97.1 91.6 97.1 98.5 88.3 November. __ 96.7 104.3 101.5 92.6 114.3 97.5 82. 9 97.0 90.2 97.4 98.9 88.3 December 96.8 104.4 100.7 93.0 116.9 97.2 82.5 98.4 90.4 97.2 98.8 89.0 1928—January .. _ 96.3 106.1 98.5 92.8 121.0 96.7 80.8 98.1 90.8 96.3 98.6 89.0 February 96.4 104. 5 98.7 92.9 124.1 96.6 81.2 98.3 91.0 95.8 98.4 87.3 March ___ . 96.0 103. 5 98.0 92.7 124.0 96.5 80.8 98.4 91.0 95.6 98.3 86.8 April 97.4 107.6 99.5 92.9 126. 7 96. 5 80.8 98.4 92.5 95.8 97.9 84.9 May 98.6 109.8 101.2 93 3 126. 3 96. 6 81.8 98.6 93. 5 95.3 97.8 85.1 June.. -. . 97.6 106.7 100. 3 92.8 123.7 96.3 82.1 98.7 93. 9 94.9 97.0 82.2 July... 98.3 107. 1 102.3 93.0 124.2 96.8 • 82.8 98.6 94.4 94.5 96.9 80.8 August 98.9 107.0 104.1 93. 5 121.0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 September... 100. 1 108.8 106. 9 93.6 120.7 95.6 85.1 100.5 94.7 95. 1 97.2 79.7 October 97.8 103. 5 102.3 93.6 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 November. __ 96.7 101. 6 100. 1 93. 5 115. 5 96. 1 84.4 101.7 96.0 96.0 96.4 80.0 December 96.7 103. 6 98.0 93.6 115.7 96.1 83.5 102. 9 96.8 96.1 96.4 80.1 1929—January 97.2 105. 9 98.8 93.4 113.6 96.4 82.5 103. 6 96.6 95.9 96.6 80.5 February 96.7 105. 4 98. 1 93.0 109.0 96. 1 81.3 104.4 97.5 96.1 96.6 80.4 March 97.5 107.1 98. 1 93.2 108.3 96.1 80.6 106. 4 98.8 95.6 96.5 80.0 April 96.8 104 9 97 7 92.9 107.9 95.5 80.6 106.4 97.9 94.9 96.7 79.2 May 95.8 102.2 97.7 92.5 106. 8 94.2 81.1 105.2 96.8 94.2 96.7 79.6 June . 96.4 103. 3 98.9 93. 1 108.0 93.3 83.3 105. 1 96.4 93.4 96.6 80.4 July 98.0 107. 6 102.8 92.9 109. 2 92.8 82.0 105.0 96.7 93.4 97.2 81.3 August --. 97.7 107.1 103.1 92.5 109.7 93.1 80.9 104.3 96.7 93.7 97.1 81.3 September. _. 97.5 106.6 103.2 92.7 110.8 93.1 81.1 104.1 97.5 93.9 97.1 81.7 October 96.3 103.9 101.2 92.7 110. 5 92.7 81.7 103.6 97.8 94.2 97.1 81.3 November. _. 94.4 101.1 98.8 91.7 108.4 91.5 81.7 102.3 96.0 94.0 97.1 80.1 December 94.2 101.9 98.6 91.4 107.4 90.4 81.3 102.1 96.2 93.6 97.3 79.8 1930—January 93.4 101.0 97.2 90.3 105.1 89.4 79.9 101.2 96.2 93.0 97.3 78.7 February 92.1 98.0 95. 5 89.6 103.9 88.3 78.8 100.9 95.7 92.3 97.0 78.5 March 90.8 94.7 93.9 88.7 103.2 86.5 77.4 100.6 95.4 91.2 96.5 78.2 April 90.7 95.8 94.6 88.3 102.7 85.5 77.9 98.8 94.7 91.0 96.2 78.5 May 89. 1 93 0 92 0 87. 5 102 6 84.6 78.0 96.8 92.9 89.9 96.2 77.5 June _. _ 86.8 88.9 90.5 85.7 102.4 82.2 76.4 95.4 90.0 88.9 96.2 74.5 July 84.0 83.1 86.3 84.3 100.7 80.0 75.4 94.3 88.9 87.8 96.2 71.7 August 84.0 84.9 87.1 83.3 98.9 77.7 75.4 92.7 87.4 87.3 95.9 71.2 September... 84.2 85.3 89.2 82.8 99.1 75. 5 76.3 91.8 86.4 86.6 95.4 69.7 October 82.6 82.6 88.6 81.5 96.5 73.8 75.1 90.4 85.8 86.0 95.3 68.8 November... 80.4 79.3 85.7 80. 1 94.0 73.3 71.8 90.2 85.6 85.2 95.2 67.8 December. __ 78.4 75.2 81.8 79.0 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
73 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly report date figures ) MILLIONS OF DOLLARS 1926 1927 1928 1929 1930 1926 1927 1928 1929 1930 Latest figures are for January ; see table on following page 35438—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
74 FEDERAL RESERVE BULLETIN FEBRUARY, 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 Federal I•eserve notes in cir- Reserve percentages lation* Federal reserve bank 1931 1930 1931 1930 1931 1930 1931 1930 January De b c e e r m- January January De b c e e r m- January January De b c e e r m- January u Ja a n ry - De b c e e r m- u Ja a n ry - Boston 219, 473 215, 525 286,101 148,740 146,405 152,323 127,542 133,474 182,469 79.4 77.0 85.5 New York 1,139,821 1,077,864 877,789 1,069, 4711,053,848 973,413 331,200 341,708 298,958 81.4 77.2 69.0 Philadelphia.. 243, 859 230,803 214,350 147,362 143,011 135,880 145, 678 137,979 153,079 83.2 82.1 74.2 Cleveland 302,982 ' 298,309 269,201 196,986 191,468 185,973 186, 287 195,927 181,050 79.1 77.0 73.3 Kichmond 116,612 109,376 110,822 64,175 63,326 69,611 91,945 97,219 88,010 74.7 68.1 70.3 Atlanta 158,738 143,088 148,970 61,882 59,901 67,375 134,280 129,087 134,891 80.9 75.7 73.7 Chicago 379, 232 385,942 483,577 343,186 347,418 340, 774 143,365 141,136 298,164 77.9 79.0 75.7 St. Louis 115,440 117,949 124,070 72, 014 71,976 81,254 82,485 84, 571 90,492 74.7 75.3 72.2 Minneapolis- 69, 591 71,229 90,247 50, 518 51,672 52,895 50,883 51,448 64,985 68.6 69.1 76.6 Kansas City- 102, 208 103,834 142,627 87,083 86, 556 90,326 67, 553 69,097 85,405 66.1 66.7 81.2 Dallas 54, 392 55, 654 64, 686 58,842 58,935 65,255 30,014 32,697 42,647 61.2 60.7 59.9 San Francisco 299,865 278,895 312,096 189,588 192,956 187,415 174, 409 172,707 176,733 82.4 76.3 85.7 Total— 3, 202, 213 '3,088,468 3,124, 536 2, 489, 847 2,467,472 2,402,494 1, 565, 641 1, 587, 050 1,796,883 79.0 76.2 74.4 * Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $24,221,000; month ago, $16,870,000; year ago, $35,076,000. ' Revised. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending December, 1930. In millions of dollars] Deposits subject to reserve Reserves held (net demand and time Indebtedness at Federal deposits; see following reserve banks page) Total Excess Federal reserve district October No b v e e r m- De b c e e r m- October No b v e e r m- De b c e e r m- October No b v e e r m- De b c e e r m- October No b v e e r m- De b c e e r m- Boston 2,382 2,397 2,308 149.1 150. 7 144.5 2.7 2.1 3.0 8.9 12.3 17.3 New York 10,853 11,012 10, 708 1, 008. 3 1, 026. 3 1, 031. 6 23.0 15.9 35.5 36.7 42. 5 90.3 Philadelphia 2,358 2, 355 2,357 141.1 140.5 140.6 2.8 3.1 1.9 17.5 19.6 27.5 Cleveland 3,263 3,222 3,167 196.0 191.8 187.1 4.4 3.2 1.7 25.0 27.1 37 9 Richmond 1,098 1,097 1,057 63.3 63.1 61.3 1.3 1.0 1.3 18.9 21.7 33.1 Atlanta 949 '947 913 59.6 59.0 58.1 2.1 r 1. 6 2.4 24.7 26.6 30.4 Chicago 4,720 4,723 4,656 342.6 344.8 343.4 7.3 7.2 8.8 15.8 18.5 26.4 St Louis - - 1,171 1,130 1,070 74.4 73.6 70.2 2.3 4.0 3.4 17.3 17.4 14.2 Minneapolis 884 891 878 51.6 52.3 50.2 2.4 2.6 2.1 4.3 3 8 3 9 Kansas City 1,203 1,185 1,164 88.1 86.6 85.4 4.5 4.6 5.1 10.2 13.9 15.9 Dallas - 831 828 810 59.1 58.8 57.7 2.4 2.4 2.6 10.2 8.4 6.9 San Francisco - -. 3,014 3,226 3,227 173.4 185.1 184.9 4.0 3.8 5.0 6.7 8.6 33.3 Total - 32, 726 ' 33, 014 32, 314 2,406. 6 2,432. 7 2,415. 0 59.1 ' 51.7 72.8 196. 2 220.3 337.1 r Revised. DISCOUNTS OF FEDERAL RESERVE BANKS, BY DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] 193] 1931 1930 Federal reserve bank Federal reserve bank Jan. 7 Jan. 14 Jan. 21 Jan January December; January Boston. 11,504 11,078 10,935 10, 551 Boston 11.5 17.3 23.9 New York 51,161 42, 767 42, 594 New York 55 7 90 3 111 8 Philadelphia- 29,140 27.233 25, 772 24, 521 Philadelphia 27.3 27 5 53.7 R C i le c v h e m la o n n d d 3 2 4 4 , ,2 1 8 8 1 0 2 2 9 2, , 8 4 9 5 9 8 2 2 8 1 , , 5 5 8 8 9 9 2 18 2 , , 6 7 4 1 5 4 C R l i e c v h e m la o n n d d . 2 22 8 .7 3 3 3 7 3 .9 1 3 7 0 2 8 8 Atlanta 22,710 21. 793 21,965 24, 965 Atlanta 23.4 30 4 1 31 7 Chicago 30,019 26,029 22,727 23, 640 Chicago 25.9 26.4 1 87.4 St. Louis 11,091 10, 537 11,207 10,802 St. Louis 11 8 14 2 i 17 7 Minneapolis. _ 4,080 4,189 4,185 4,016 Minneapolis 4.1 3 9 7.0 Kansas City.- 19, 641 16,880 16,096 15, 014 Kansas City 17.2 16.0 28.1 Dallas _. 5,009 4,893 5,546 5,703 Dallas 5 2 6 9 13 3 San Francisco. 31,238 17,190 18, 507 11,972 San Francisco _ 19.9 33.7 ! 22.5 Total... 292, 385 243,340 229,885 215,137 Total 252.9 i 337. 6 j 500.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 75 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 Decem- Novem- Decem- Novem- Decem- Novem- Decem- Novem- Decem- Novem- Decem- November ber ber ber ber ber ber ber ber ber ber ber Boston 1,295 1,385 1,013 1.013 1,178 1,261 830 828 117 124 183 185 New York 7,478 7,535 3,231 3,477 7,153 7,197 2,588 2,821 325 338 643 656 Philadelphia 1,178 1,159 1,179 1,196 979 958 721 732 199 201 458 464 Cleveland 1,497 1,524 1,670 1,698 1,286 1,309 1,308 1,331 210 215 362 367 Richmond 517 533 540 564 390 400 317 334 127 133 223 230 Atlanta 499 512 414 ••435 383 396 298 '313 115 116 116 121 Chicago 2,497 2, 521 2,159 2,202 2,241 2, 254 1,746 1,783 256 267 413 419 St. Louis 595 614 476 516 463 473 338 370 131 141 138 146 Minneapolis. 415 432 463 459 255 266 208 202 160 166 255 257 Kansas City 786 802 377 383 512 523 222 226 274 279 155 157 Dallas 575 589 235 239 336 341 182 184 239 248 54 55 San Francisco 1,329 1,352 1,898 1,874 1,139 1,154 1,731 1,705 190 198 167 Total 18, 660 18, 959 13, 654 r 14, 056 16, 316 16, 533 10,488 r 10, 829 2, 345 2,426 3,165 3, 227 r Revised. NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY [In thousands of dollars] Amounts due from banks in New York City as reported by member banks in Federal reserve district specified Date I Total Y N o e r w ki d P e h lp il h a i - a 1 ; C l l a e n v d e- ma c n h d - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1928—Oct. 3.. 452,478 32,943 63,933 37,688 ! 47,465 23 150 25,055 79,862 19,136 17,593 23, 737 25,923 50,993 Dec. 31. 509,786 48,227 70,991 43,812 i 55,529 23, 268 29,119 83,164 20,734 18,686 29, 582 26,887 59,787 1929—Mar. 27 391,495 36,147 56,145 31,320 39,303 15,598 26,885 62,120 17,402 14,855 25,124 22,102 44,494 June 29. 438,933 36,654 56,784 39,676 i 39,0S8 21 758 26,452 72, 700 18,999 16,523 26, 712 21, 226 62,351 Oct. 4.. 428,665 48,220 57, 542 32,615 ; 41, 502 18 105 27, 745 68,415 19,277 15,569 26, 222 26,109 47,344 Dec. 31. 519,107 82, 262 72, 538 41,553 41, 210 23, 111 28,182 62,965 18, 303 16,154 27,972 27, 781 77,076 1930—Mar. 27. 462,976 60, 281 35,251 ! 47,833 19,656 30,831 82,790 22,385 14,180 35, 341 28,191 52,353 June 30. 552,394 40, 854 81,924 37,854 ! 65,419 21 293 33,838 96, 321 26,486 17, 596 42, 345 31,339 57,125 Sept. 24. 585,847 45,131 78, 380 49,361 | 61, 230 23 976 28,453 106,160 26,663 23, 587 52,047 31,072 59, 787 .i i Amounts reported by member banks located in New York district but outside New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
76 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 INTERBANK LOANS: MEMBER BANK LOANS TO BANKS [In thousands of dollars] Federal Reserve District i Total— ! all Date ; m b e a m n b k e s r Boston Y N o e r w k P a p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - Atlanta Louis F c S r is a a c n n o - 1928—Oct. 3 ! 547,795 13,891 292, 837 37,003 20,084 24,688 30,792 61,799 27,094 7, 15,919 6,752 8,947 Dec. 31 ! 537,501 16,040 294, 865 38, 502 27, 768 15,033 22,018 73,477 14, 519 7,437 18,231 3,399 6,212 1929—Mar. 27 \ 548,152 21,186 260, 522 49, 201 33,249 17,155 23, 385 88,885 15,622 7,601 17,447 4,519 9,380 June 29 | 670,277 25,178 321, 628 47, 681 35,494 27, 719 34,107 96,922 27,767 8,593 23,798 8,719 12,671 Oct. 4 ! 640,301 20,147 308, 654 ! 51,159 34, 300 25,187 29,823 93, 297 31, 059 6,944 19,499 8,029 12, 203 Dec. 31 714,076 24, 602 328,180 ! 65,118 49,107 18,155 22,141 132,176 25, 854 6,793 23,251 5,392 13, 307 1930—Mar. 27 527,081 21,907 207, 413I 52,732 34, 932 19, 283 26, 702 94, 520 22, 678 6,351 21,681 6,953 11,929 June 30 '< 535,307 26,509 1S9,925 49,173 30, 825 24, 230 32, 551 81,513 33, 481 8,384 27, 630 11, 296 9,788 Sept. 24 l 465,793 26, 572 172, 685 26, 711 28, 478 23,541 33, 307 68,425 38, 522 7,249 21, 936 10, 909 7,458 Dec. 31 v 627,500 26, 700 288, 300 55, 600 42, 500 24,400 27, 500 89,900 27, 000 7,000 22,700 7,800 8,100 p Preliminary figures. ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS [Exclusive of loans to banks. In millions of dollars] Federal Reserve District Call date Total Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e - i i m Ri o c n h d - la A n t- ta Min- K C a i n t s y as Dallas F c S r is a a c n n o - LOANS TO CUSTOMERS All member banks: 1929—Oct. 4 23, 249 1, 751 7.132 1,774 2, 255 920 810 3,640 926 541 : 748 673 2,078 Dec. 31 23, 193 703 7, 231 1,750 2,296 920 796 3,555 883 515 ! 735 651 2,161 1930—Mar. 27 21,494 615 6, 503 1,697 2,209 850 747 3,265 830 483 i 684 612 2,000 June 30 21, 565 616 6,512 1,715 2,216 836 724 3, 351 810 475 ! 681 615 2, 015 Sept. 24 21,010 555 6,392 1,672 2,153 824 703 , 3, 2C6 796 476 659 616 1,957 Dec. 31 v 20, 937 , 534 6,425 1,656 2,180 803 677 j 3,188 558 461 : 648 574 2,134 City banks: * I 1929—Oct. 4 14, 622 775 5, 269 786 1,265 330 428 I 2, 533 557 230 j 430 332 1, 688 Dec. 31 14, 712 756 5, 371 766 1,353 336 423 j 2,454 525 206 ! 422 331 1,768 1930—Mar. 27 13, 288 695 4,727 742 1, 273 301 388 I 2,208 483 185 I 372 291 1,622 J S u e n p e t . 3 2 0 4 1 1 3 3 , , 0 33 0 7 3 6 6 9 4 4 7 4 4 , , 7 6 0 4 8 4 7 7 5 2 7 7 1 1 , , 2 2 8 4 3 6 2 2 9 9 9 4 3 3 7 5 0 6 2 2, , 2 3 0 0 7 6 4 4 6 5 3 6 1 1 7 8 6 8 ' | • 3 35 6 5 6 2 2 9 8 6 8 1 1, , 6 5 2 8 9 8 Dec. 31 v 13, 235 650 4, 693 717 1,287 295 360 2,213 396 178 I 372 296 1,778 Country banks:2 I 1929—Oct. 4 I 8, 628 976 1,863 990 590 383 1,107 369 312 ! 318 342 391 Dec. 31 8,482 947 1,860 984 943 584 372 1,100 358 309 313 319 393 1930—Mar. 27 8,206 920 1,776 955 936 549 358 1,057 347 298 I 311 320 378 June 30 8,228 922 1,804 958 934 537 355 1,044 347 299 ! 314 327 386 Sept. 24 8, 007 908 1,747 945 907 530 348 1,000 340 288 i 304 320 370 Dec. 31 P 7,702 884 1, 733 893 507 317 976 262 284 i 276 278 356 OPEN-MARKET LOANS AND INVEST- MENTS All member banks: 1929—Oct. 4 12, 024 863 4,323 930 1,209 354 309 1, 383 418 ' 409 479 306 1,042 Dec. 31 12,026 833 4,757 872 1,111 340 297 1,248 428 : 389 454 280 1,018 1930—Mar. 27 13, 034 934 5,072 921 1,210 354 334 1,477 462 I 407 460 288 1,114 June 30 13, 555 949 5, 674 949 1, 232 344 302 1,501 445 ' 387 443 244 1, 085 Sept. 24 13, 997 1,001 5, 528 1,038 1,348 358 316 1, 692 454 i 389 479 241 1,151 Dec. 31 P 13,220 950 5,328 1,021 1,196 329 284 1, 535 396 I 382 456 238 1,105 City banks: i 1929—Oct. 4 6,917 315 3,120 288 ! 695 143 145 175 i 100 255 136 Dec. 31 v, 179 301 3,615 263 I 649 142 135 681 192; 95 241 113 752 1930— J D S M u e e n p c a e . r t . . 3 3 2 2 1 0 7 4 v 8 8 9 8 , , , , 0 6 5 6 1 8 2 2 2 8 4 1 3 3 3 41 7 8 7 1 8 8 7 3 4 4 4, , , , 1 8 4 2 1 4 3 8 9 9 9 5 3 4 4 3 2 1 0 0 8 6 6 7 i : ! I 8 7 7 7 7 9 6 4 3 8 3 6 1 1 1 1 5 4 7 5 6 5 0 2 1 1 1 1 5 6 4 4 5 3 0 7 1, 9 9 9 1 9 0 4 2 1 0 2 6 2 2 2 21 2 3 2 3 9 5 4 1 1 1 1 0 0 0 0 1 3 8 0 2 2 2 2 4 8 6 4 6 4 6 4 1 1 1 1 2 4 2 2 1 1 8 2 8 8 9 8 5 3 0 6 3 7 6 8 Country banks: - 1929—Oct. 4 5,107 548 1,203 642 : 514 211 163 243 308 224 170 276 Dec. 31 4, 847 532 1,142 609 j 462 197 162 567 237 294 213 167 266 1930—Mar. 27 4,972 557 1,223 614 464 202 179 •578 233 299 214 148 261 June 30 4,867 572 1,235 621 459 188 156 559 221 287 199 123 248 Sept. 24 4,875 591 1,243 622 450 188 153 566 219 196 114 244 Dec. 31 P 4, 696 562 1,209 615 432 184 143 544 183 190 116 237 1 Member banks in 62 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per cent against net demand deposits), and 60 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. 12-17). 2 Member banks outsidethe 62 designated cities; including banks in other cities as well as banks in towns and villages. v Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 77 BANK SUSPENSIONS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for January, 1931, are preliminary] Number of banks suspended Number of banks reopened Federal reserve district Year 1930 Year 1929 Jan 1 u 93 a 1 ry, Year 1930 Jan 1 u 93 a 1 ry, Year 1930 Year 1929 Boston 12 •_ 36,158 1 New York 11 6,693 187, 299 19,101 1 Philadelphia.. 10 3 ' 3, 846 43, 421 3, 304 Cleveland 41 ; 14 6,391 41, 866 8,431 1 2 2 Richmond 152 | 59 | 7,183 85, 640 19, 601 12 12 3 Atlanta 140 i 119 | 24, 196 91, 151 62, 405 3 16 14 Chicago 266 93 16, 988 111,279 35, 579 7 27 3 St. Louis 358 j 44 J 16, 501 182, 236 9,422 18 52 3 Minneapolis __ 156 84 II 3,946 24,109 15, 300 2 7 >Y Kansas City... 137 193 :; 3, 585 28, 926 39, 204 25 22 Dallas 41 '' 11 •! 629 16, 485 1,931 4 2 San Francisco. 21 16 ii 1,402 16,145 20, 254 1 Total.__ 1,345 : 642 i 91, 360 864, 715 234, 532 43 147 58 Back figures—See Annual Reports for 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) [In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation] Federal Reserve District Total— | Date «?IL, I | Wm b e a m nk b s er Boston | Y N o e r w k a P p d h h e i ia l l - - C l l a e n v d e- m Ri o c n h d - ! AtlantaChicago L S ou t. is M p n o e i l a n i - s - K C a i n ty sas Dallas F c S r is a a c n n o - 1928—Oct. 3__ 8,106 501 2,616 499 621 288 314 1,087 332 294 426 355 772 Dec. 31 _ 7,822 436 2,468 • 444 602 284 329 1,028 327 292 435 368 809 1929—Mar. 27 8,150 495 2,667 i 441 624 292 328 1,039 333 300 439 384 809 June 29_ 7, 896 473 2,530 439 620 293 311 1,060 302 297 445 361 765 Oct. 4__ 7, 979 488 2,661 i 454 617 284 280 1,051 309 304 438 339 754 Dec. 31. 7,614 424 2,640 ! 409 599 267 275 942 284 288 417 320 750 1930—Mar. 27. 7,642 i 455 2.616 ; 396 613 264 276 966 292 286 395 322 759 June 30_ 7,317 i 430 2,413 394 608 272 267 956 270 287 391 302 727 Sept. 24 7,258 j 426 2,368 j 399 671 264 270 925 273 263 ' 383 290 725 NONMEMBER BANKS—BILLS PAYABLE AND REDISCOUNTS [In millions of dollars] Federal Reserve District Date P p d h h e i i l l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i- o L S ou t. is n M e l a i i p s n o - - K C a i n t s y as Dallas F c S i r s a a c n n o - 1928— Oct.3... 57 30 18 Dec. 31 54 34 20 1929—Mar. 27 55 37 15 June 29. 58 40 18 Oct. 4 68 10 20 Dec. 31 81 55 11 1930— Mar. 27. 61 34 12 June 30 51 28 12 Sept. 24. 29 22 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
78 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollarsl Federal Reserve District City Total B to os n - Y N o ew rk P Ha h eo i i l i- a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca 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 - D la a s l- F c S r is a a c n n o - Y N o e r w k c C a h g i o phia Loans and investments: Jan. 7." 22,776 1,494 9,175 1,306 2,205 625 582 3,338 645 363 657 437 1,948 7,968 1,997 Jan. 14 22, 666 1,489 9,097 1,308 2,203 624 571 3,344 639 361 651 435 1,942 7,890 2,009 Jan. 21 22, 603 1,480 9,091 1,308 2,201 624 568 3,326 636 361 644 434 1,931 7,880 1,997 Jan. 28 22, 596 1,477 9,098 1, 304 2, 205 622 562 3, 330 634 354 641 435 1,934 7,886 2,010 Loans: Jan. 7 16, 064 1,118 6,484 892 1,462 448 438 2,470 475 232 404 321 1,320 5,658 1,443 Jan.14 15,922 1,107 6,401 891 1,449 447 429 2,470 469 230 399 318 1,313 5,577 1,452 Jan. 21 15, 839 1,102 6,385 886 1,448 447 427 2,438 466 230 394 317 1,299 5, 563 1,423 Jan. 28 , 15, 753 1, 096 6, 357 868 1,439 443 423 2, 432 462 225 392 317 1, 299 5,534 1,425 On securities- j All J J J J o a a a a t n n n n h . . . . e 2 7 2 1 r 8 1 - 4 7 7 7 7 , , , , 3 4 5 6 7 2 2 5 9 2 5 3 4 4 4 4 3 4 3 3 4 6 1 4 3 3 3 3 , , , , 4 4 5 6 5 1 1 2 4 9 0 3 4 4 4 4 6 7 5 6 7 1 9 3 6 7 6 6 9 0 9 9 6 3 5 6 1 1 1 1 7 7 7 7 1 1 1 2 1 1 1 1 3 3 3 3 9 9 6 8 1 1 1 1 , , , , 1 2 2 1 9 0 1 9 4 3 5 5 2 2 1 1 0 0 9 9 3 0 1 5 7 7 7 7 8 8 8 8 j | 1 1 1 1 0 0 0 0 7 8 7 7 9 9 9 9 4 2 2 2 4 4 4 4 0 1 1 0 3 4 2 4 3 3 3 3, , , , 0 2 1 0 6 3 2 2 1 4 3 4 8 8 8 8 5 3 3 3 5 5 8 4 Jan. 7 8,411 672 2,861 421 759 277 299 1,267 271 154 297 227 906 2,425 605 Jan. 14 _ 8,400 673 2,891 424 754 275 290 1,255 270 151 292 225 901 2,454 597 Jan. 21 8,414 668 2,932 424 752 276 289 1,244 270 ! 152 i 287 .225 895 2,502 589 Jan. 28 8,374 665 2, 938 .409 743 272 287 1,237 271 147 284 225 896 2, 510 589 Investments: I Jan.7 6,712 ' 376 2,690 414 743 177 144 868 170 132 253 116 628 2,310 554 Jan. 14. 6,743 | 382 2,696 417 754 177 142 874 170 131 253 118 630 2,312 557 Jan. 21 6,764 ! 378 2,706 422 752 177 141 889 170 131 250 117 631 2,317 574 Jan.28 6,843 ! 381 2,741 436 766 179 139 898 172 129 249 118 635 2,352 586 U. S. Government securities— Jan. 7 3,089 148 1,341 126 345 71 62 407 37 67 109 312 1,225 257 Jan.14 3,146 151 1,364 131 361 70 60 413 37 67 108 318 1,243 259 Jan. 21 3,185 144 1,389 137 360 71 61 429 37 66 | 107 319 1,263 277 Jan. 28 3,231 143 1,410 150 367 72 60 436 39 64 106 j 317 1,284 288 All other- Jan. 7 3, 623 228 1,349 287 398 106 82 461 133 65 144 I 316 1,085 297 Jan.14 3,598 231 1,332 286 393 107 81 461 132 65 145 312 1,070 298 Jan. 21 3,579 234 1,317 285 392 107 80 460 133 65 143 312 1,054 297 Jan. 28 3,612 238 1,331 286 399 107 79 462 133 65 143 j 318 1,068 298 Reserves with Federal banks. Jan.7 1,827 103 882 90 140 39 39 265 47 26 55 ! 108 821 184 Jan. 14 1,870 99 943 91 138 37 39 258 45 25 53 111 883 181 Jan. 21 1,846 97 918 87 139 40 39 263 43 26 53 106 859 184 Jan. 28 1,842 96 925 85 139 37 37 259 43 26 54 107 865 181 Cash in vault: Jan. 7_. 282 16 93 17 31 14 11 40 11 27 79 17 Jan.14 255 16 74 17 29 14 11 36 13 7 24 62 15 Jan. 21 230 15 65 15 27 14 11 33 5 12 7 20 53 13 Jan. 28 228 14 63 14 27 14 10 34 5 13 7 20 51 14 Net demand deposits: Jan. 7 13,821 903 6,492 778 1,081 331 304 1,893 370 205 460 268 736 5,911 1,293 Jan. 14 13,862 904 6,498 783 1,081 335 312 1,888 371 208 461 269 752 5,921 1,285 Jan. 21 13, 689 889 6,394 774 1,090 341 304 1,863 365 209 452 272 738 5,280 1,265 Jan. 28 13, 680 875 6,437 770 1,096 331 300 1,848 359 202 458 274 730 5, 865 1,261 Time Deposits Jan. 7 __ 7, 043 517 1,721 350 990 242 225 1,254 237 148 195 148 1,018 1,180 593 Jan. 14 7,059 513 1,720 350 9S8 242 224 1,273 236 149 195 150 1,020 1,172 607 Jan. 21 7,090 517 1,748 352 987 243 222 1,278 236 150 196 148 1,013 1,201 611 Jan. 28 7,099 523 1,748 352 988 243 220 1,283 236 149 193 150 1,014 1,200 613 Government deposits: Jan. 7.. 148 | 14 30 12 15 10 14 23 1 1 2 8 18 25 18 Jan. 14 115 | 11 23 9 12 8 11 18 1 1 1 7 14 20 14 Jan. 21 101 10 20 8 10 7 10 16 1 12 17 12 Jan. 28 _ 93 9 19 8 10 6 9 15 1 11 16 11 Due from banks: Jan. 7 1, 596 109 173 103 143 93 82 266 87 158 99 206 92 174 Jan. 14 1,710 111 174 123 167 100 87 275 97 171 103 224 88 180 Jan. 21. :. 1,681 114 161 139 163 105 81 251 98 169 101 224 82 160 Jan. 28 1,692 110 182 126 176 101 84 257 101 159 106 214 103 155 Due to banks: Jan. 7 3,597 146 1,363 235 320 111 108 513 131 210 114 261 1,288 368 Jan. 14... 3,698 151 1,384 256 353 112 101 520 131 214 109 283 1,305 366 Jan. 21 3,619 143 1,347 253 354 118 103 492 130 213 109 275 1,271 346 Jan. 28 3,622 142 1,333 253 368 118 98 504 127 210 113 276 1,254 354 Borrowing from Federal Re- | serve banks: Jan. 7 126 2 27 8 18 n z ! i- Jan. 14.. _ 80 2 11 7 14 Jan. 21. 70 2 5 6 14 Jan. 28 53 1 6 4 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
79 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Rates on all classes and maturities of eligible paper. For back figures see January Bulletin and Annual Report for 1929 (Table 32).] Federal reserve bank Date effective Boston New Ph p il h a i d a el- C la le 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 S r a a n ncisco In effect Mar. 1,1930- 4 4 43^ 4K2 4 4y2 4 43^ Mar 14 Mar. 15 4 Mar. 20 4 Mar. 21 4 Apr. 8 -- j 4 Apr 11 4 Apr 12 4 4 Apr. 15 4 May 2 3 May 8 3H June 7 3M June 20 J Ju u n ly e 3 21 . . . 3 V/2 July 12 . . _ . 3H July 18 ! Aug. 7 i VA •• Aug 8 | Aug. 15 i Sept 9 Ql/ Sept 12 Dec. 24 . .. 2 i Dec 29 3 Jan. 2, 1931 Jan 8 3 Jan 9 3 Jan.10 3 Jan 10 3 In effect Feb. 1,1931.. 2 3K 3 3H 3 3 3 3H 3H! 3 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Loans secured by prime Loans secured by warehouse Prime commercial paper stock-exchange collateral receipts Interbank loans Federal reserve bank or branch city No b v e e r m- De b c e e r m- January January No b v e e r m- January No b v e e r m- De b c e e r m- January Boston 4 -4H 4 -4H 3H-4 41/2-5 : 4 -5 4 -5 5 -51/2 5 -5W 5 -5H 41/2-434 4 -4H New York 3^4 3^-4 3/2-4 4 -5 ; 4 -5 41/4-5 4 -4/> 4 -5 i 3?4-5 ! 4 -4H 31/4-5 P C R B C P h i u i l i t c e n i f t l h v f c s a a e m b i d l n l o u a e o n n r l n a p g d d t h h i ia . . ; ' ! 4 4 4 5 - - - - - 6 5 5 6 o 4 4 3 5 5 5 H - - - - - - 5 5 5 4 6 6 / H > 4 5 5 5 1 /2 - - - - 6 6 6 5 4 5 5 5 5 5 1 1 / / 2 - - - - - - 6 6 6 5 5 6 M /2 ! ' j ' 4 5 5 5 5 5 1/ - - - - - - 5 6 6 6 6 6 1/2 4 5 5 5 0 1 V / '" 2 -2 2 - - - - - 6 6 6 6 6 5 4 - - 6 6 6 6 6 , 5 4 - - 6 6 6 6 6 • I ! ' 5 4 - - 6 6 6 6 6 I I i i • 4 4 4 5 5 K 1 / > 4 - - - - 4 6 6 6 5 5 1 /2 " 4 4 H - - 4 6 5 1 /2 i 1 4 5 4 5 5 - - - - - 5 6 5 6 4 5 1 H H 4 Baltimore 4 -6 4 -6 5 -51. 5 -6 : 41/2-6 432-6 6 6 6 5 -6 5 -6 5 -6 C A h tl a a r n l t o a t te - i i 5 4 - - 6 6 5 4 - - 6 6 5 -6 5 -51/2! 5 41 /2 /2 - - 6 6 5 5 1 /2 - - 6 6 0/2 4 51/2- 4 6 4 -4 6 V 6 5 -5H 5 - 6 5H Birmingham • 5^-7 5V>-7 6 -6 J-4 4-7 5H-7 6 —7 6 -8 6 -8 6 -8 6 5 -6 5 -6 Jacksonville ! 4 -5 4 -5 3 -5 6 -7 6 -7 6 -7 5 -7 5 -7 6 -7 6 6 6 Nashville 6 6 -8 6 -8 6 6 -8 6 -8 6 -8 6 -8 51/4-6 6 6 New Orleans _> 5 -5V 5 -5K> 41/2-6 6 6 5 -7 5K>-6 5 /"- 5 -6 I 5 -6 C D h et i r c o a i g t o. ' 4 43 -2 - - 4 6 V 4 4 - - 4 6 /2 3 4 3 /2 /4 - - 5 4 4 5 1/2 - - 6 5 4 51 /2 /4 - - 5 6 5 4 1 .4 - - 5 6 43/4-5 6 6 41/2-5 6 5 "V 4 5 i/£- - 5 6 i /2 J i 41/2-51 5 /2 S L t i . t t L le o u R i o s. c _ k _.i 4 - 6 \\ 4 -4 6 1/2 4 -4 6 i/2 5 6 - - 5 7 3^ 5 -5j 5 6 - - 6 6 1-': 4 6 1 /2 - - 7 6 4 6 1 /2 - o 6 y 4 6 1/2 - - Q 6 1/ 5 6 ~ -7 5H 5 -5 6 J-4, 4 -6 6 Louisville 6 6 6 51/4-6 5/2-6 5}.2-6 6 6 6 5 -0/5 5 5 Minneapolis 4 -4 4 -4J-4 31/2-4 5 -6 5 -6 5 -6 4 -41/ 4 33/4 5/2-6 51/2-6 51/3-6 H K e a l n e s n a a s City 43^- 8 5 ! i 41/2- 8 5 41.4-5 8 51/4- 8 6 5/2-6 8 / 8 5 6 - - 6 8 5 6 - - 6 8 5 6 - - 6 8 5 6 /2- - 6 8 6 -8 6 -8 D O O e k m n la a v h h e o r a m .. a City 4 5 5 ^ ^ - -5 6 J -3 : J | : -5 5 /2 5 "-5 5 1/2 5 6 /2 - - 6 6 0 0 34 5 6 H - - 6 6 8 1/2 51/ " 2 - 8 7 6 6 6 - - 8 7 6 6 6 - - 8 8 6 6 6 - - 8 8 6 51.2-6 6 6 6 6 6 Dallas 5 -5/2 4 -6 6 -7 6 -6I/2 6 -7 5 -6 51/2-6 5 -6 5 -5^ 5 -6 El Paso_ -8 i 6 -8 7 -8 6 -8 6 -8 7 -8 8 8 8 Tlouston _. 6 I 5 -6 51/2-6 6 6 5/2-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 San Antonio 6 ; 6 6 -63-4, 6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 6 6 San Francisco. 5M>: 4*}4-5 5 -6 5 -6 5 -6 51/2-6 51/2-6 51/2-6 5 5 5 Los Angeles 6 • 6 6 -6/2 6 -6/' 6 -6I/2 6 -61/ 6 -7 6 -7 61/2" 6 6 5^-6 Portland 6 \ 6 6 -6I/2 6 -6/2 6 -63 6 -6y 6 -7 6 -' 6 6 6 Salt Lake City 6 j 6 6 6 6 6 7 6 6 6 Seattle-. 6 ! 6 6 6 6 -63 6 -63/ 7 63'2- 6 6 6 Spokane 6 61/2-7 6/2-7 6^-7 i 7 6 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
80 FEDEKAL RESERVE BULLETIN FEBRUARY, 1931 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1930 1929 1930 1929 Number Federal reserve district Federal reserve district of cities Dec. Nov. Dec. Dec. Nov. Dec. Boston 22, 331 20, 993 14, 850 Boston 14 *7,609 4,627 5, 654 New York 73, 559 70, 835 116, 284 New York 22 P 35,902 48, 784 38, 536 Philadelphia. 18, 976 12, 651 12, 926 Philadelphia. _. 14 2,132 8,916 7,190 Cleveland 16,469 37,488 24, 287 Cleveland 12 6,090 6, 992 12,162 Richmond 28,139 15,067 13,417 Richmond 15 3,867 5, 242 6,986 Atlanta 9, 943 15, 851 11, 805 Atlanta 15 1,492 1,774 2, 553 Chicago 35,180 39, 443 75, 335 Chicago 19 8,731 10,004 18,091 St. Louis 16,103 15, 530 17, 387 St. Louis 5 2,751 1, 673 2,693 Minneapolis.. 5, 989 5,694 8, 705 Minneapolis. _. 9 3.078 1, 600 1,132 Kansas City.. 12, 898 11, 004 8,464 Kansas City... 14 5,693 3,464 4,160 Dallas 9,848 9,017 12, 908 Dallas 9 4,762 3, 316 6,764 San Francisco.. 20 v 18, 252 13, 030 12, 259 Total (11 districts). 249, 436 253, 574 316,368 Total.... 168 100, 359 109, 420 118,180 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, asreported by the F. W. Dodge Corporation. > Preliminary. BANK DEBITS COMMERCIAL FAILURES [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1930 1929 Number Liabilities Number of centers Dec. Nov. Dec. Federal reserve district 1930 1929 1930 1929 New York City 1 29,001 22,490 39, 850 Dec. Nov. Dec. Dec. Nov. Dec. Outside New York City 140 23, 113 19, 700 26, 902 Federal reserve district: Boston 242 182 213 5, 527 2,769 7,486 Boston 11 2, 530 2, 326 3,032 New York 537 411 457 18,196 17.196 20, 644 New York . 29, 827 23,192 40,848 Philadelphia. . 129 93 78 4, 550 4,068 2,491 Philadelphia 10 2,361 1, 821 2, 852 Cleveland 209 169 140 4,487 4,057 8,168 Cleveland 13 2,803 2,171 3,005 Richmond 139 121 116 3,131 1,718 2,033 Richmond 810 699 796 Atlanta 168 110 132 21, 473 3,208 3, 800 Atlanta 15 1,015 871 1,200 Chicago 401 304 307 8,141 5, 582 9, 595 Chicago.... ... - - . 21 5, 842 4,884 6, 896 St. Louis 131 92 113 10, 610 3,870 4, 935 St. Louis... 982 928 1,300 Minneapolis - - 63 48 63 549 398 1,182 Minneapolis . 9 732 673 890 Kansas City.. 132 160 96 1,902 5, 495 1,578 Kansas City. __.".. . 15 1,296 1, 179 1, 475 Dallas 88 91 39 1,926 2,497 1, 035 Dallas 10 649 564 807 San Francisco. 286 250 283 3,191 4,401 4.518 San Francisco 18 3,266 2, 882 3, 650 Total. 2, 525 2,031 2,037 83, 683 55,261 i 67,465 Total . 141 52,113 42, 191 66, 752 ESTIMATED CASH INCOME FROM FARM PRODUCTION, BY YEARS, 1924-1929 [In millions of dollars. Based on estimates by States prepared by the Bureau of Agricultural Economics, Department of Agriculture] Federal Reserve District Year Total i Boston Y N o e r w k 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 - l A a t n - ta c C a h g i o - L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n ncisco From crops and animal products: 1924._, 9,708 237 395 243 725 1,6'7 915 1,077 1,387 956 1925 10,160 281 424 268 501 808 1,813 1,027 1,100 1,309 796 1,115 1926 9,726 402 256 500 687 1,833 887 998 1,346 1,076 1927 . 9,954 254 404 254 467 724 760 1,729 892 1,093 1, 335 1,151 1928 10, 055 239 413 252 463 671 737 1,808 933 1,044 1,393 915 1,183 1929 (preliminary) 10,147 434 276 488 662 774 1,847 952 1,022 1,356 772 1,261 From crops: 1924 5,570 102 177 117 196 545 619 545 561 564 765 797 577 1925- 5,505 139 188 133 202 571 695 556 637 467 578 624 714 1926 4,870 121 165 114 191 548 566 497 473 320 589 602 679 1927 5,270 112 157 112 163 574 637 437 489 497 661 677 751 1928 5,091 92 151 99 150 508 609 500 519 402 642 699 718 1929 (preliminary) 5,007 143 159 112 168 500 653 484 536 340 554 787 From animal products: 1924 4,137 135 217 126 272 139 106 1,133 354 513 621 160 360 1925 4,655 142 236 135 299 145 113 1,257 389 634 731 172 401 1926 ! 4,856 145 236 142 309 148 121 1,336 414 678 756 174 397 1927 ! 4,683 143 248 142 303 150 123 1,292 403 596 674 210 401 1928 I 4,965 147 262 152 313 163 128 1,308 415 642 751 217 465 1929 (preliminary) I 5,140 155 275 164 320 162 122 1,363 416 682 802 204 474 i Includes small amounts (less than $5,000,000 in any year) not apportioned by States or by districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 81 FOREIGN BANKING AND BUSINESS CONDITIONS BALANCE SHEETS OF FOREIGN CENTRAL BANKS During recent years the official balance sheets Total gold holdings are officially reported for currently published by the central banks of a all three banks, except that for the Bank of number of important countries- -and given in England a small amount may be included with abbreviated form in the FEDERAL RESERVE silver in the coin reported for the banking de- BULLETIN—have undergone further develop- partment. Total holdings of foreign exchange ment in the direction of showing separate fig- are reported separately only by the Bank of ures for those classes of assets or liabilities of France; for the Reichsbank the figures sepawhich change from time to time has most bear- rately reported include only such of the bank's ing on the national and international credit sit- holdings of foreign bills and balances as are uation. It is now possible to distinguish with reported as part of the Reichsbank's reserves. more precision such basic reserve assets as gold Accommodation granted to the market by and foreign exchange and to separate, within the central bank is shown for the Bank of Engthe domestic portfolio, paper acquired through land under "Discounts and advances"—a term the extension of accommodation to customers taken from the official balance sheet and underfrom paper acquired by the bank on its own stood to cover all paper, including Treasury initiative. Among the liabilities the funda- bills, acquired at the initiative of the market. mental distinction is between notes in circula- Accommodation granted by the Bank of France tion and deposits; but within the classification and the German Reichsbank is shown as bills " deposits" important differences exist. To and security loans, the distinction between the some extent it is possible to give separate from two types being preserved because of the differother deposits those bank balances which, ent bank rates to which the}7 arc subject. To together with cash in vault, constitute the some extent the figures for both these banks working reserves of the commercial banking sys- necessarily include bills purchased on the initiatem. It is also possible in general to distinguish tive of the central bank. This is particularly government accounts. In so far as these two true of the Reichsbank, which combines the types of deposits are independently shown, bulk of its holdings of foreign bills with its all other deposits represent the balances held holdings of domestic bills under the heading at the central banks by private corporations "Other bills and checks." Holdings of securiand individuals. ties, representing in general open market purchases of paper which the bank is free to sell, In order to condense the detailed balance are given separately for all three banks. For sheets as currently published into these basic the Bank of France and the Reichsbank the categories some regrouping and rearrangeterm may be taken to represent securities in the ment of items has been necessary. In this issue usual sense—chiefly bonds; but the Bank of of the BULLETIN there are accordingly pre- France is permitted to deal freely only in the sented for the Bank of England, the Bank of negotiable securities of the Caisse autonome France, and the Reichsbank condensed bald'amortissement (independent office for retireance sheets in which certain significant items or ment of the public debt). The Reichsbank, combinations of items have been selected for for which the item of securities is small, may separate presentation and arranged systebuy and sell securities for its own account only matically, with all other assets or liabilities in so far as this is necessary for the maintenance combined into a single total. At the same time, of ordinary business relations with customers. in order further to facilitate comparisons between countries, the data are presented in In the condensed table published for the dollars and in continuous series that cover a Bank of England the cover for the fiduciary longer period of time than has been customary. issue, which by \m is fixed at £260,000,000, is 35438—31 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
82 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 referred to in the footnote, but not shown in exceptions all items shown on the official balthe table itself. The table carries the item ance sheets are recorded either separately or in notes in circulation, which excludes notes held combination in the tables of condensed items in the banking department, rather than the published in this issue of the BULLETIN. total of notes issued, because the former corre- The following tables show the condensed sponds to notes in circulation shown for the balance sheets as published in the BULLETIN other banks. In respect to the Reichsbank an and the official balance sheets in detail, with item that appears on both sides of the official the items so numbered as to indicate by cross balance sheet—shares of the bank not yet reference the relation between the BULLETIN issued—is excluded in accordance with general tables and the official returns. Figures are for American accounting practice. With these the last report date in December, 1930. BALANCE SHEETS OP PRINCIPAL CENTRAL BANKS: CONDENSED FORM USED IN FEDERAL RESERVE BULLETIN [Numbers in parentheses refer to items as numbered in table on following page] Resources Amount (in thousands) Liabilities Amount (in thousands) BANK OF ENGLAND BANK OF ENGLAND Gold in issue department (6) £147.6 $718 Notes in circulation (lla) £368.8 $1,795 Banking department: Banking department: Gold and silver coin (10) 3 Deposits- Notes (9) 38.8 189 Bankers (15a) _.. 132.4 645 Discounts and advances (8a) .. 49.0 238 Public (14) 6.6 32 Securities (7, 8b) 104.7 510 Other (15b) _.__:.. 36.2 176 Other liabilities (12,13, 16). 18.0 87 Total for banking department 193.1 940 Total for banking department. 193.1 940 Omitted: Fixed fiduciary note cover (5)_ 260.0 1,265 Omitted: Notes not in circulation (lib) 38.8 189 Total as shown by official return.. 600.8 2,924 Total as shown bv official return 600.8 2,924 BANK OF FRANCE BANK OF FRANCE Gold(l) - Fr. 53,577.6 2,100 Notes in circulation (17a) Fr. 76,436. 3 2,996 Foreign exchange (4, 6b, 6d)_._ 26,178.8 1,026 Deposits: Domestic bills (6a, 6c).._ 8,428. 6 330 Government (17bl, 17b2) 12,624. 3 495 Security loans (7) 2,900.7 114 Other (17b3, 17b4) 11,698.0 459 Negotiable securities (8) 5. 304. 4 208 Other liabilities (13, 14, 15, 16,18) 2, 241. 0 88 Other assets (2, 3, 9,10,11,12) _ 6,609. 5 259 Total-. 102,999.6 4,038 Total _ 102,999. 6 4,038 REICHSBANK REICHSBANK Gold (2) Rm. 2,215.8 ' 528 Notes in circulation (13) Rm. 4,778.3 1,138 Reserves in foreign exchange (3). 469.2 i 112 Deposits (14) 651.8 155 Treasury bills (4) _ 206.0 i 49 Other liabilities (lla, 12, 16). 822.5 196 Other bills (and checks) (5) 2,365. 6 563 Security loans (lombards) (8) 256.0 61 Securities (9) 102.5 24 Other assets (6, 7, 10) 637.5 152 Total 6, 252. 6 Total 6, 252. 6 Omitted: Shares not yet issued (!)__-. 177.2 42 Omitted: Shares not yet issued (lib). 177.2 Total as shown by official return 6,429.8 1,531 Total as shown by official return 6,429.8 1,531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
83 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN BALANCE SHEETS OF PRINCIPAL CENTRAL BANKS: OFFICIAL FORM IN DETAIL [Date for Bank of England and Reichsbank is Dec. 31,1930, for Banque de France, Dec. 26,1930] Resources Amount (in thousands) Liabilities Amount (in thousands) BANK OF ENGLAND BANK OF ENGLAND Issue department Issue department (1) Government debt £11,015 $53,605 (11) Notes issued: (2) Other Government securities . 233,138 1,134, 568 (a) In circulation £368,802 $1,794,773 (3) Other securities i 11,477 55,853 188,937 (4) Silver coin _ 4,369 21,264 (b) In banking department _ (5) Amount of fiduciary issue. 260,000 1,265,290 147,626 718,420 (6) G old coin and bullion Total 407, 626 1,983, 710 Total.. 407,626 1,983,710 Banking department Banking department 81,021 394,290 (12) Proprietors' capital 14,553 70,822 (7) Government securities (13) Rest 3,400 16,547 (8) Other securities: 48, 962 238,276 (14) Public deposits (including exchequer, (a) Discounts and advances 23, 690 115, 288 savings banks, commissioners of na- (b) Securities 38, 824 188,937 tional debt, and dividend accounts)... 6,581 32,024 (9) Notes 646 3,142 (15) Other deposits: (10) Gold and silver coin (a) Bankers _. 132,449 644, 565 (b) Other accounts 36,159 175,969 (16) 7-day and other bills _ , 1 Total.. 193,144 Total _ 13,144 939,933 BANQUE DE FRANCE BANQUE DE FRANCE 1) Encaisse-or (monnaies et lingots) _ Fr.53,577, 609 $2,100, 242 Capital de la Banque Fr. 182, 500 $7,154 ]2) Monnaies d'argent et de billon 581, 583 22, 798 B6n6fices en addition au capital 272,696 10,690 (3) Compp tes courants ppostaux.. 367,422 14,403 Reserves mobilieres le"gales 22,106 867 () Disponibilites a vue a l'etranger _. 6,791,969 266,245 Reserve immobiliere 4,000 157 (5) Avances sur lingots et monnaies d'or Engagements a vue: (6) Portefeuille commercial et d'effets publics: (a) Billets au porteur en circulation.. 76,436,267 2,996,302 (a) Effets de commerce escomptes sur (b) Comptes courants crediteurs— la France 8.353, 588 327,461 (1) Compte courant du Trgsor (b) Effets ,de commerce escomptes public 4,638, 755 181,839 sur l'Etranger 31, 612 1,239 (2) Compte courant de la Caisse (c) Effets ne"gociables achetes en autonome d'amortissement. 7,985, 542 313,033 France 74,962 2,938 (3) Comptes courants et comptes (d) Ef 1 fe 'E #t t s r an n g 6 e g r ociables achetes a 19,355,259 758, 726 (4) Di d s e p o d s e i p ti o o t n s s d e e f t o n a d u s tres en- 11,125,833 436,133 (7) Avances sur titres 2,900, 672 113,706 gagements a vue (8) Bons ne"gociables de la Caisse autonome 572,171 22,429 d'amortissement 5,304,399 207,932 1, 759,692 (9) PrSts sans intents a l'Etat 3, 200,000 125,440 (10) Rentes pourvues d'affectations speciales- 112,981 4,429 (11) Hotel et mobilier de la Banque et irnmeubles des succursales 220, 509 8,644 (12) Divers _ 2,126, 998 83,378 Total 102,999,562 4,037,583 102,999, 562 4,037,683 REICHSBANK REICHSBANK (1) Noch nicht begebene Reichsbankanteile.. Rm. 177,212 $42,212 (11) Grundkapital: (2) Goldbestand (Barrengold) sowie in—und (a) Begeben _ Rm. 122,788 $29,248 ausla ndische Goldmiinzen 2,215,781 527,799 (b) Noch nicht begeben 177,212 42,212 (3) Deckungsfahige Devisen _ _ 469,243 111, 774 (12) Reservefonds: (4) Reichsschatzwechsel 206, 010 49,072 (a) Gesetzlicher Reservefonds 53,915 12,843 (5) Sonstige Wechsel und Schecks 2, 365, 556 563,475 (b) Spezialreservefonds fur kunftige (6) Deutsche Scheidemiinzen 136,868 32,602 D i videndenzahlung 46,224 11,011 (7) Noten anderer Banken 3,990 950 (c) Sonstige Rucklagen.._ 271,000 64.552 (8) Lombardforderungen 256,013 60,982 (13) Betrag der umlaufenden Noten 4,778,259 1,138,181 (9) Effekten 102,454 24,405 (14) Sonstige taglich fallige Verbindlichkeiten. 651,819 155,263 (10) Sonstige Aktiven _ 496, 658 118,304 (15) Aneine Kiindigungsfristgebundene Verbindlichkeiten _ (16) Sonstige Passiva........ 328, 568 78,265 Total.... 6,429,785 1,531,575 Total. 6,429,785 1,531,575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
84 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 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 g t A i e n n 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 r i d t - - U S. . R S . . c o t o r t 2 h i u e 9 e n s r - 1929—December... 10,297 3,900 434 89 163 150 78 711 1,633 544 128 273 542 180 495 115 147 714 1930—January 10,362 3,921 445 88 164 139 78 732 1,683 547 128 273 520 177 495 108 147 717 February 10,434 3,988 448 124 164 127 78 740 1,680 582 128 273 477 176 476 108 150 715 March 10,505 4,061 445 126 164 127 79 759 1,668 595 128 274 453 174 476 108 156 713 April M0,569 4,131 442 109 164 90 79 795 ' 1,660 611 128 274 443 174 477 112 167 712 May 10,613 4,159 441 91 167 90 80 765 1,717 617 128 274 434 174 477 112 177 '709 June '10,675 4,178 440 97 167 89 81 768 1,727 624 128 274 434 174 477 112 203 '702 July 10, 709 4,160 436 97 167 80 94 746 1,775 624 128 274 440 157 477 118 233 701 August 10,791 4,148 434 97 168 69 100 759 1,852 624 128 275 433 157 477 123 249 698 September..'10,829 4,159 434 98 173 65 110 766 1,899 590 128 278 431 157 478 123 249 '689 October 10, 862 4,184 429 79 180 37 122 782 1,992 519 128 278 414 171 478 128 249 691 November..*10,902 4,220 *>417 75 r180 *23 129 767 2,037 519 128 279 409 171 474 130 249 P693 December...P10, 915 4,225 M12 75 191 P15 P110 '722 2,100 528 *126 *279 412 171 471 138 249 692 1931—January v 4,285 682 v 2,176 »535 175 - - 249 i v Preliminary, based on latest available figures. r Revised. 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 jf $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; Canada—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] Uilited Stsites 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 E o x rt - s Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net Net Net 1929—December 8,121 72,547 -64,426 11,096 806 10,290 65,343 16,439 48,903 297 17 280 -18,220 4,603 1930—January 12,908 8,948 3,960 5,052 629 4,423 41,702 16,102 25,600 248 3,224 -2,975 -17,808 5,370 February 60,198 207 59,991 38,252 687 37,565 38,961 34,074 4,886 80 1,026 —946 -20,786 3,844 55,768 290 55,478 15,119 769 14,350 38,258 12,826 25,432 89 10 79 -13,777 3,447 April 65,835 110 65,725 18, 670 703 17,967 42,741 14,828 27,913 81 21 60 -18,134 5,953 May 23,552 82 23,470 7,318 722 6,596 45,388 61,134 -15,746 75 19 56 -22,798 6,452 June -- - 13,938 26 13,912 7,561 '624 '6,937 13,747 20, 659 -6,912 34 11 23 -18,190 9,204 July 21,889 41,529 -19,640 1,481 628 853 24,646 40,335 -15,709 48 16, 587-16. 539 -22, 415 3,404 August 19,714 39, 331 — 19,617 1,614 656 958 24, 201 21,390 2,811 281 8 273 -18,708 13,461 September 13,680 11,133 2,547 2,030 25,859-23,829 22, 339 20,245 2,094 81 13 68 -17,149 3,568 October .. 35, 635 9, 267 26,368 3,215 97,305-94,090 45,416 34,754 10,662 12,338 199 12,139 -20,259 967 November 40,159 5,008 35,151 1,539 '789 '750 41,199 43,164 -1,965 150 115 35 —18, 762 December 32, 778 36 32, 742 9,646 731 8,915 43,124 78,507 -35,383 42 39 3 -16,966 ' Revised. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1930 1929 1930 1929 From or to— December D Ja e n ce u m ar b y e - r Calendar year From or to— October J O an ct u o a b r e y r - Calendar year p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s 65,750 1,470 270,301 2,066 162,527 England 296 8,331 1 10,461 Germany 9,963 7 78,842 3,203 92,991 United States 22 Netherlands 19 19 1,000 14,382 2,000 Aden and dependen- Spain and Canaries. 4,866 468 29,229 1,610 4 359 cies 24 533 1,045 Switzerland 685 23,190 10,781 Arabia . 74 658 1,287 United States . . 283 23,090 61,293 British Oceania 10 7,360 7,701 South America 16,501 57,944 49 39,129 Bahrein Islands 6 160 119 British India 124 1 8,178 10,320 Ceylon . _ . 2,600 4,151 1 Australia 464 116,417 2 24,603 China 5 3,661 188 New Zealand — 127 2,433 Mesopotamia 152 1,988 2,613 EffVDt 94 3,786 Straits Settlements 2,812 14 19 28 Rhodesia 391 5,197 4,641 Egypt 1,177 6,867 Transvaal 20,199 203, 513 ... 184, C54 Natal 400 26, 366 29, 595 West Africa 407 5,075 4,216 8 All other countries 39 206 19 All other countries.. 296 1,497 2,441 14, 764 1,003 ' 33,388 Total 43,124 78,507 421, 725 398,040 303,725 ' 377,459 Total 967 55,684 15 64,275 48 f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
85 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] 1930 1931 1930 1931 Par Par Country Monetary unit c o h f a n ex g - e No b v e e r m- De b c e e r m- January Country Monetary unit c o h f a e n x g - e No b v e e r m - De b c e e r m- January EUROPE SOUTH AMERICA Austria Schilling. 14.07 14.0917 14. 0840 14.0708 Argentina - Peso 96.48 78.1187 75. 5521 69.7038 Belgium Belga 13.90 13.9421 13.9648 13.9422 Bolivia 2 Boliviano. 36.50 36. 7500 36. 7500 36.7500 Bulgaria Lev. .72 .7181 .7171 .7169 Brazil... Milreis.. 11.96 9.6121 9.0721 Czechoslovakia- Crown. 2.96 2.9650 2. 9664 2.9617 Chile.... Peso 12.17 12.0702 12.0955 12.0663 Denmark Krone.. 26.80 26. 7417 26.7442 26. 7246 Colombia .do.. 97.33 96. 5300 96. 5531 96. 5700 E F G F i n r e n a g r n l m l a c a n e a n d n d y P M F R o r e a a u i r n c n k c h d k s a mark. 48 2 6 2 3 3 . . . . 5 9 8 6 : 2 2 548 23 5 3 2 . . . . 6 8 5 9 4 2 1 2 0 8 7 7 9 7 0 1 48 2 5 3 2 3 . . . . 8 5 6 9 4 1 6 2 0 6 1 9 4 6 0 2 48 2 2 5 3 3 . . . . 7 4 5 9 7 6 1 2 1 8 6 0 9 4 9 7 V E P U e c e r r u u n u a g e d z u 2 u o a e r y la » 1 2 S S P B o e u o s l c l o i r v e a . r- 1 2 4 0 1 0 0 3 9 . . . . 0 0 4 3 0 0 2 0 2 3 7 1 0 9 1 8 . . . . 9 0 5 0 2 4 0 0 2 3 0 0 6 5 0 0 7 2 3 1 4 0 8 0 . . . . 0 9 2 5 0 9 9 0 0 8 3 0 0 1 7 0 2 2 6 18 9 0 8 . . . . 6 0 1 5 7 0 4 0 3 0 1 0 1 0 4 0 Greece- Drachma 1.30 1. 2950 1. 2944 1.2942 Hungary Pengo 17.49 17.4949 17.4947 17.4751 ASIA I N ta e l t y herlands L Fl i o ra r - in. 40 5. . 2 2 6 0 40 5 . . 2 2 3 3 9 4 3 7 40 5 . . 2 2 6 3 9 7 0 8 40 5 . . 2 2 3 3 5 1 0 6 C C h h i i n n a a * 4. S M h e a x n i g c h an a i d t o a l e la l. r . . 3 2 2 3 . .3 21 6 2 3 7 8 . . 9 8 9 3 1 9 8 2 3 2 5 5. . 7 6 1 9 5 8 1 7 2 31 2 . . 0 8 3 4 5 0 1 4 Norway Krone 26.80 26. 7427 26. 7434 26. 7265 China* Yuan dollar 22.85 27.8000 25. 6394 22.9102 Poland Zloty 11.22 11. 2158 11.2110 11. 2114 Hong Kong *_. Dollar 23.19 31.4542 27. 9966 24. 2653 Portugal Escudo 108. 05 4. 4. 4839 4.4867 India Rupee. 36.50 35.9656 35.930; 35.9344 S S U R w w . u e m i S t d . z a e e S n n r . i l a R an .2 d. L P K F C e e r h r a s u o e e n n r t c v a a . onetz - . . 5 2 1 1 1 6 4 9 9 . . . . . 8 6 6 3 3 0 0 0 0 0 351 2 1 1 5 6 9 1 . . . . . 2 5 8 3 0 9 9 8 2 0 6 4 7 8 0 3 4 ; 4 035 2 1 1 1 6 0 9 5 . . . . . 3 0 7 8 5 9 0 4 3 9 7 0 0 6 4 2 0 9 0 5 3 5 2 1 1 1 6 9 0 5 . . . . . 5 7 3 3 0 9 6 5 9 0 4 4 0 7 6 4 3 0 4 7 J J T S a a t u m v p r r a a a k e i n t e 2 n s y t s. Settle- T Y S F i u l e l n o a r n g k r r a . i i n p sh o .. r . e p ou d n o d _ l- . 43 4 4 5 9 0 9 6 . . . . 2 7 8 6 0 8 5 5 3 4 4 5 4 0 9 5 7 . . . . 9 1 2 5 4 3 6 9 6 3 4 8 1 9 0 7 6 4 4 5 4 0 9 5 7 . . . .1 6 9 2 3 1 3 5 6 8 2 8 9 5 2 8 7 4 4 5 4 0 9 5 7 . . . . 4 9 1 2 4 3 0 2 2 0 4 6 6 9 8 5 Yugoslavia Dinar 19.30 1. 7701 1.7697 1.7679 AFRICA N C O a R n T a H d A a MERICA Dollar 100. 00 100.1037 99.8963 99.7909 Egypt Egyptian pound 494. 315498.50668 498.3123 7 498.0464 Cuba Peso 100. 00 99.9639 99.9300 99.9364 Mexico do 49.85 46.0995 45.5461 46. 3566 1 Based on noon buying rates for cable transfers in New York. 1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 8 Chervonetz quotations nominal. * Silver currency. The figure given for parity represents gold value of unit in January, 1931, computed by multiplying silver content of unit by New York average price of silver for January, 1931, which was $0.29736 per fine ounce. On the same basis, parity in January, 1930. for the Chinese-Mexican dollar was 35.62 cents; for the Shanghai tael, 49.10 cents; for the Yuan dollar, 34.84 cents; and for the Hong Kong dollar, 35.36 cents . 5 September, 1930. • October, 1930. ' November, 1930 Back figures.—See BULLETIN for January, 1931, 1930, 1929, and 1928. CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars: Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930] 1930 1930 Resources October ber n- De b c e e r m- Liabilities October Novem- Decem- Cash on hand and on current account with Short-term deposits: banks 893 826 1,173 Central banks for own account— Demand funds at interest 5,584 13,779 14,439 Demand 14,439 19, 242 38,415 Time- Rediscountable bills and acceptances (at Not exceeding 3 months.. 69,782 92,996 116,767 cost): Between 3 and 6 months.. 20, 000 3.002 Commercial bills and bankers' acceptances 43,418 46, 317 61, 681 Total.. 104,221 115, 240 155,183 Treasury bills 32,144 32,958 34,194 Central banks for account of others- Total | 75,562 79,275 95,875 T D i e m m e a - nd- _ 24,783 37, 293 27,135 Time funds at interest: Not exceeding 3 months 134,528 128, 341 29,783 Not exceeding 3 months... 192,833 202, 806 126,035 Between 3 and 6 months 28 10, 641 Between 3 and 6 months— 30,271 25,941 28, 037 Total 159,339 165, 644 67, 559 Between 6 and 9 months- Other depositors: Demand.. 22 23 43 Total.. 223,105 228, 747 154, 072 Time—Not exceeding 3 months 1,679 Sundry investments (at cost): Long-term deposits: Not exceeding 1 year 29, 681 Annuity trust account 29,820 29, 820 29, 790 Between 1 and 2 years 36, 827 36, 767 7,154 German Government deposit 15,442 15, 440 14,895 Over 2 years 202 101 French Government guaranty fund 13,265 13, 255 13, 253 Other T re o s ta o l urces- 3 2 7 , , 1 0 8 3 3 0 2,616 2,186 C O a th p e it r a T l l i o a p t b a a i i l l d i ti i e n s .. 5 1 2 9 8 , , , 4 5 7 5 2 9 6 2 5 5 1 8 9 2 , , , 8 5 7 9 1 9 6 4 5 5 1 7 2 9 , , , 3 9 8 2 3 5 2 8 5 Total resources.. 344, 356 362,112 304, 580 Total liabilities 344,356 362,112 304, 580 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
86 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 CONDITION OF CENTRAL BANKS [For explanation of these tables see pp. 81-38] 1 Resources of banking department Liabilities of banking department Gold (in Notes BANK OF ENGLAND d m i e s e p s n u a t r e ) t ! - Cash reserves co D a u n is n d - ts Securi- cu in la c ti i o r- n Deposits l O ia t b h i e li r - Coin Notes advances Bankers' Public Other ties Millions of pounds sterling: 1930— Oct. 29 159.5 1.2 63.9 4.2 60.0 355.6 55.7 21.0 35.0 17.7 Nov. 26 156.6 1.0 65.4 6.1 56.8 351.1 55.9 18.9 36.8 17.8 Dec. 31 147.6 .6 38.8, 49.0 104.7 368.8 132.4 36.2 18.0 Millions of dollars: 1929—Dec. 25 710 1 128 109 413 1,847 346 43 174 87 1930—Jan. 29 731 1 302 27 332 1,694 328 71 175 Feb. 26 736 3 314 23 230 1,688 247 58 176 Mar. 26 755 4 306 30 283 1,714 267 91 175 Apr. 30 795 5 314 33 337 1,746 322 102 178 May 28 765 5 297 33 278 1,733 287 64 175 June 25 763 4 284 77 312 1,745 310 105 176 87 July 30 741 5 214 33 360 1,793 297 44 182 Aug. 27 754 5 263 31 347 1,756 305 88 164 Sept. 24 761 5 295 28 305 1,731 312 65 166 Oct. 29 776 6 311 21 292 1,731 271 102 170 Nov. 26 762 5 318 30 277 1,709 272 92 179 87 Dec. 31._ 718 3 189 238 510 1,795 645 32 176 87 Resources Liabilities BANK OF FRANCE Gold e F x o ch re a i n g g n e Do b m il e l s s tic Se lo c a u n ri s ty c N a u b r e l i g e ti o e s t s e i - - 2 a O s t s h e e ts r N ci o t r i c t o e u n s l a i - n Gove D rn e - posi O ts ther lia O b t i h li e ti r es ment Millions of francs: 1930—Oct. 30.. 50, 807 25, 616 7,104 2,7/0 5,304 6,979 74, 787 13, 089 8,378 2,327 Nov. 28.. 51,967 25, 897 8,777 2,868 5,304 6,687 75,951 13,354 9,833 2,362 Dec. 26.. 53, 578 26,179 8,429 2,901 5,304 6,609 76,436 12,624 11,698 2,241 Millions of dollars: 1929—Dec. 27.. 1,633 1,017 338 220 220 2,688 460 308 71 1930—Jan. 31... 1,683 1,008 233 101 214 292 2,757 399 294 Feb. 28.. 1,680 1,007 209 104 214 280 2,788 344 280 Mar. 28.. 1,668 1, 006 251 99 212 233 2,776 267 342 85 Apr. 25.. 1,660 1,005 224 102 211 233 2,774 257 313 90 May 30.. 1,717 1,002 300 100 211 230 2,865 210 394 92 June 27.. 1,727 1,005 247 106 211 237 2,846 194 408 84 J A S u e u l p y g t . . 2 2 2 5 9 6 . . . . . . 1 1 1, , , 8 7 8 9 7 5 9 5 2 1 1 1, , , 0 0 0 0 0 2 3 4 2 2 2 24 4 5 3 4 4 1 1 1 0 1 0 5 0 7 2 2 2 1 0 0 1 8 8 2 2 2 3 4 5 8 4 0 2 2 2 , , , 8 8 8 2 6 8 7 4 8 3 3 4 9 5 1 6 8 2 3 3 34 2 0 4 8 3 8 8 86 4 7 N D O e o c c t v . . . 3 2 2 0 8 6 . . - . . 2 2 1 , , , 9 1 0 9 0 3 2 0 7 1 1 1 , , , 0 0 0 1 0 2 5 4 6 2 3 3 7 3 4 8 0 4 1 1 1 0 1 1 9 4 2 2 2 2 0 0 0 8 8 8 2 2 2 7 5 6 4 9 2 2 2 2 , , , 9 9 9 7 9 3 7 6 2 5 5 49 1 2 5 3 3 3 4 3 2 5 8 8 9 5 9 9 1 3 Resources Liabilities REICHSBANK Gold i e R n x e c f s o h e r a r e n v ig g e n e s Tre b a il s l u s ry b c i O h ll e s t c h ( k e a s r n ) d S b e ( lo a l c o r a u m d n r s i s - t ) y Se ti c e u s ri- a O s t s h e e ts r N ci o t r i c t o e u n s l a i - n Deposits lia O b t i h li e ti r es Millions of reichsmarks: 1930—Oct. 31 2,180 198 24 2,301 318 102 686 4,675 383 751 Nov. 30 2,180 525 106 2,003 231 102 643 4,601 381 808 Dec. 31 2,216 469 206 2,366 256 102 4,778 652 822 Millions of dollars: 1929—Dec. 30 544 57 621 60 22 156 1,201 180 175 1930—Jan. 30 547 95 6 483 40 22 178 1,108 |85 178 Feb. 28 582 91 11 457 77 22 149 1,125 112 154 Mar. 31 595 92 4 489 48 22 158 1,145 109 154 Apr. 30 611 78 18 462 32 22 171 1,111 128 156 May 31 617 84 20 446 45 24 174 1,146 96 168 June 30 624 109 2 423 44 24 175 1,116 117 169 July 31 624 62 419 32 24 200 1,105 95 170 Aug. 30 624 88 412 51 24 193 1,121 99 171 Sept. 30 590 41 499 69 24 200 1,130 112 183 Oct. 31 519 47 548 76 24 163 1,113 91 179 Nov. 30 519 125 477 55 24 153 1,096 91 192 Dec. 31 528 112 563 61 24 152 1,138 155 196 1 In addition the issue department holds Government and other securities as cover for the fiduciary issue which is fixed by law at £260,000,000. 8 Bons nSgociables de la Caisse autonome d'amortissement (Independent office for retirement of public debt). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PKBHUABT, 1931 FEDERAL RESERVE BULLETIN 87 CONDITION OF CENTRAL BANKS—Continued [Figures are for last report date of month] 1930 1929 1930 1929 Dec. Nov. ! Oct. Dec. Dec. Nov. Oct. Dec. 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 15,386 16,285 18, 264 l Foreign bills, etc 100 93 103 91 Securities _ 8,216 5,716 5,316 20, 9f>7 i Loans and discounts 86 76 78 97 Banking department—. Note circulation 360 354 370 367 Coin, bullion, and cash.. 1,301 1,390 1,488 1,223 , Deposits.. 69 30 53 Money at short call in London _._ 5,909 .4,774 3,220 8.423 ! Bank of Danzig (thousands of Danzig Loans and discounts 13,195 13,500 12, 398 19,1(50 gulden) 16,645 16,337 17,145 16. 660 Securities.. 20,683 21,683 22,083 10,503 Balances with Bank of England.- 17,133 15,099 10. 208 12.433 Deposits. 41,513 43,050 40, 757 36, 626 Foreign bills, etc i 21,070 18.865 19. 323 22,427 Banks notes in circulation 42,714 39,480 38,469 42,423 Loans and discounts | 37, 948 37, 345 38,164 37, 797 Au sc st h r i i l a li n n g N s a ): tional Bank (millions of N De o p te o s c i i t r s c ulation • j 2 3, , 2 3 2 1 6 2 3 1 , . 3 30 4 1 5 3 1 , . 3 5 4 7 5 3 3 2 , , 3 74 9 7 8 Gold 21-1 214 214 169 Central Bank of Ecuador (thousands j Foreign exchange of the reserve. - 198 200 226 238 ofsucres): \ Other foreign exchange 518 491 498 334 Gold I 5,654 5,622 5.617 5,570 Domestic bills 148 130 102 30P> Foreign exchange | 23,261 22. 354 23,481 29,493 Government debt 101 101 101 109 Loans and discounts j 13,315 14,619 14, 787 14, 459 Note circulation 1,090 1, 042 1,035 1,094 Notes in circulation ! 23,491 23, 717 24,060 29, 977 Deposits 93 97 110 64 Deposits i 16,092 13, 847 14, 641 16,147 National Bank of Belgium (millions Bank of Estonia (thousands of j of belgas): krones): Gold 1,372 1,297 1,295 1,175 Gold 6,558 6, 541 G.552 6,408 Foreign bills and balances in gold. 970 896 887 578 Net foreign exchange 16, 514 16, 7:tt) 17. 635 20, 782 Domestic and foreign bills 896 748 747 816 Loans and discounts 27, 074 26.194 26. 439 27, 573 Loans to State 0) 312 312 338 Note circulation 32, 234 33, 452 34,152 34, 042 N De o p te o s c i i t r s culation. 3, 284 3,1 1 5 3 7 9 3,1 1 2 57 7 2,6 2 8 19 5 Depo G s o it v s— ernment 8,927 9,782 9, 047 8,127 294 Bankers 4,167 4,069 4,384 5,718 Central Bank of Bolivia (thousands of Other 2,270 1,348 1,117 2,341 bolivianos): Gold 2,759 2,779 2.748 9,258 Bank of Finland (millions of Finnish Foreign exchange 37,413 36,308 38, 914 46,367 marks): Loans and discounts 22,497 23,008 21.124 21, 598 Gold 301 302 301 302 Notes in circulation 32,479 31,795 33,442 42,526 Balances abroad and foreign Deposits.. 14, 578 14,659 14,424 17,887 credits 813 812 856 670 Bank C C G o u o o r r l f d r r e e B s n p r c a o y z n i d l e ( n m ts i ll a i b o r n o s a d of milreis): 3 2 2 6 3 1 2 1 4 6 4 1 5 4 1 1 1 8 3 6 1 7 6 4 6 30 0 9 5 7 0 D N D Fo e o o r m m t e e i a e g c s n n i t d r i c c b u l i i b l l a l a i s b l t l i i s l o i n ties 1, 7 2 2 1 9 7 0 2 5 8 9 8 1, 2 7 2 2 2 1 6 1 0 2 5 3 1, 6 2 1 3 2 1 9 1 4 5 8 3 1 1, , 3 2 2 6 1 3 2 1 3 7 1 Loans and discounts 1,324 J,3J8 1,327 1,440 Bank of Greece (millions of drach- Securities 124 123 122 128 mas): Note circulation._. 170 170 170 592 Gold 510 528 526 640 Deposits 1,331 1,237 1,218 1, 679 Net foreign exchange in reserve... 2,501 2,665 2,849 2,474 Na o t f i o l n ev a a l ) B : ank of Bulgaria (millions T L o oa ta n l s f a o n re d i g d n i s e c x o c u h n a t n s ge j ' 3, 3 2 2 8 7 2 3,3 3 4 1 3 5 3. 3 5 1 7 8 8 4,1 3 3 2 5 5 N T G o e o t t l a d f l o F re o i r g e n ig n e x e c x h c a h n a g n e ge . 1,4 9 3 5 0 1 5 1 2 1 1 , , 4 4 1 0 4 3 4 8 5 1 1 , , 4 0 4 5 0 4 2 7 0 1 1 , , 9 3 3 8 1 0 2 9 7 N G O o t o h t v e e e r r c n s ir i m g cu h e l t n a t l t i i a o o b b n i l l i i g t a ie t s io ns I I 3 4 1 , , , 3 8 6 8 0 7 9 3 8 4 1 , , 7 8 6 2 1 3 3 5 1 , , . 0 6 3 5 6 8 5 7 9 3 5 1 , , , 5 1 5 2 9 9 9 3 6 Loans and discounts 778 668 733 1,402 National Bank of Hungary (millions j Government obligations 3,162 3,195 3, 210 3, 505 of pengos): I Note circulation 3,216 3, 562 3, 656 3, C09 Gold i 163 163 163 163 Other sight liabilities 1,567 1, 459 1,350 2,231 Foreign bills, etc ! 34 27 14 39 Ce p n e t D N G L s r o o a e o o s a l p l t ) d e n : o B s s c a i a i t a t r n s n c h k d u o a l b m d a o r t i e f o i s o a c C n d o h u i n le ts (millions of .. 3 3 6 4 7 0 2 4 9 4 4 3 0 4 6 9 3 6 3 1 A N D L M O o d e o t i h a s p v te c n e o a e r s n s c l i a c l i a t a r s e s n c n s s d u e e t t l o o d s a u t i t i s s o r c e l n o i a a u s b n u i t l r s i y . ties I 4 2 6 6 6 9 5 5 4 9 7 8 4 0 4 2 1 1 6 3 3 5 1 0 7 2 9 3 6 4 5 2 6 2 5 5 0 9 9 2 8 2 0 9 5 3 6 0 2 8 9 6 8 1 9 8 8 0 Deposits against which reserve is Bank of Italy (millions of lire): held... 50 120 Gold at home 5, 296 5,293 5,190 Ba ( n t k h L G G o o o o o u a l l f s d d n a s t n a a h t a b d e n s r h o d o o R a m f d d e p i e p . s e u c s b o o l u s i n c ): ts of Colombia 1 1 9 7 3 , , , 4 5 9 8 0 3 1 8 5 1 1 9 8 1 , , , 1 3 2 7 9 5 1 6 0 1 1 8 9 1 , , , 6 6 3 0 6 6 2 9 5 2 1 1 2 5 8 , , , 1 3 3 3 7 7 5 1 7 T C L P O u o o r t e h b a ta d n e l l i r i s c t n s d a d o e n a e t p d n e p o d o c d s s i i i b r t i s s c a t c s u l o a l u n a n c ti e t o s s n abroad _ _. 1 4 5 4 1 , , , , 3 3 6 6 5 5 0 0 7 0 0 0 0 9 0 1 4 4 5 1 , , , , 8 3 3 6 7 9 1 9 0 3 3 7 0 9 8 1 5 6 6 1 , , , , 1 1 6 3 7 5 8 2 0 7 1 5 1 0 4 Note circulation 27, 357 25, 540 26,085 39,074 Bank of Japan (millions of yen): Deposits 6,689 6,101 5,865 6,865 Gold 825 819 842 1,065 Cz li e o c F G n h o s o o r l s o e d l f i o g v C n a z k b e a c l h N a o n a s c t l i o e o s v n a a a k n l d c B r c o a u w n r n k r s e ) n : ( c m y il . - .. 2 1, , 5 4 4 4 5 7 2 1 , , 3 54 4 6 4 2 1 , , 3 4 4 8 5 0 2 1 , ,2 2 5 7 8 0 A N T G o d o o t v t v a e a e l s n r d n i c s e e m s p s u e o e a n s d n i t t d s b o d n is d c s ounts. 1, 8 4 5 1 0 2 0 7 9 3 8 2 1, 7 6 1 1 9 3 6 1 5 8 1 8 1, 7 0 7 1 8 4 0 1 9 1 7 8 1,6 7 6 1 3 9 3 8 3 3 8 7 Loans and advances _._ 525 180 268 1,011 Bank of Java (millions of florins): Assets of banking office in liqui- Gold 139 139 139 140 dation -. --- 323 326 327 362 Foreign bills 31 31 31 23 Note circulation 7,824 7,278 7,144 8,230 Loans and discounts 49 52 55 112 Deposits 570 382 568 675 Note circulation 252 255 257 289 Deposits 46 41 38 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
88 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 Dec. Nov. Oct. i Dec. Dec. Nov. Oct. Dec. Bank of Latvia (millions of lats): National Bank of Rumania (millions Gold of lei): Foreign exchange reserve Gold at home 3,919 3,919 3,919 Bills Gold abroad 5,356 5,356 5.266 Loans Foreign exchange of the reserve.__ 1, 736 1,696 6, 745 Note circulation _- O ther foreign exchange 99 145 44 Government deposits Loans and discounts 8,011 8,316 9, 718 Other deposits State debt 4,699 4,999 5, 631 Note circulation 18, 726 19,054 21,150 Bank of Lithuania (millions of litas): Deposits 6,713 6, 838 9, 389 Gold 39 38 37 South African Reserve Bank (thou- Foreign currency 86 89 99 sands of pounds sterling): Loans and discounts 103 100 97 Gold 7,163 7, 495 Note circulation 117 116 118 Foreign bills 6, 245 6, 567 Deposits 101 102 105 Domestic bills 823 3,167 Note circulation 8,462 9,173 Ne fl t o h r e in rl s a ) n : ds Bank (millions of Dep G o o si v t e s r - nment 1. 765 1,839 G Fo o r l e d i gn bills ._ 4 2 2 4 6 7 4 2 2 4 6 9 4 25 2 0 6 4 2 4 2 8 0 B O a th n e k r e s rs 4', 2 5 0 3 5 0 4, 6 7 2 5 6 5 Loans and discounts 148 135 130 182 Bank of Spain (millions of pesetas): Note circulation 813 813 815 851 Gold 2,439 2,458 2, 566 Deposits 30 42 54 33 Silver 701 706 705 Balances abroad 111 110 103 Bank of Norway (millions of kroner): Loans and discounts 2,218 2,090 2,209 G Fo o r l e d ign balances and bills 1 3 4 6 6 14 3 6 1 14 3 6 1 14 5 7 9 N D o ep te o s c i i t r s culation 4, 8 7 2 2 1 4 4,6 8 4 4 2 1 4,4 9 3 2 3 4 Domestic credits 200 200 217 240 Bank of Sweden (millions of kronor): Note circulation 312 303 312 318 Gold 241 242 242 245 Foreign deposits 1 1 2 2 Foreign bills, etc 400 401 410 266 Total deposits 64 58 81 88 Loans and discounts 345 144 115 411 Note circulation 594 588 581 569 Reserve Bank of Peru (thousands of Deposits 301 119 107 272 Swiss National Bank (millions of Gold 43, 801 43,665 !53, 770 francs): Foreign exchange reserve- 6.976 10,026 I 8,237 Gold 713 672 664 595 Bills '. -. 22, 318 24,938 31,770 Foreign balances and bills 345 335 354 353 Note circulation 64, 862 66,228 65, 228 Loans rind discounts 148 67 72 224 Deposits 3,963 4, 850 !11,595 Note circulation 1,062 968 989 999 r Demand deposits 242 199 189 200 Bank of Poland (millions of zlotys): State Bank of U. S. S. R. (thousands Gold at home 485 485 485 521 of chervontsi): Gold abroad 77 77 77 180 Loans and discounts 473, 734 Foreign exchange of the reserve. __ 288 301 312 419 I Deposits 268, 790 Other foreign exchange 121 125 122 108| Issue department- Loans and discounts 758 755 787 781 Gold 28, 570 Note circulation 1,328 1,332 1,408 1, 340 Other precious metals 3,461 Current account of the treasury.. 27 70 66 271 Foreign exchange 7,077 Other current accounts 184 156 140 196 Note circulation 153,697 National Bank of the Kingdom of Bank of Portugal (millions of es- Yugoslavia (millions of dinars): cudos): I Gold . 98 95 Gold 9 Foreign notes and credits 120 162 171 268 Balances abroad ! 192 155 332 Loans and discounts 1,637 1,557 1,516 1,518 Bills ! 459 402 354 Advances to State 2,997 2,997 2,997 2, 999 Note circulation 1, 951 1, 944 2.001 Note circulation 5,397 5,404 5,572 5,818 Deposits ' 123 118 Deposits 863 860 1,411 1 Figures for December, 1929, have been converted from libras (par $4.8665) into soles (par $0.4000). See FEDERAL RESERVE BULLETIN for May, 1930. NOTES Reserve requirements of central banks.—For tabulated statement giving legal reserve requirements of foreign central banks (36 countries), see page 502 of the FEDERAL RESERVE BULLETIN for August, 1930. as wen as in units 01 national cumsncy, see r nunKAJL. .tt,lLHi!.KVJ£ &VLUZTIN IOT 1\)6\J, &s ionows: Bank Bulletin Bank Bulletin Bank Bulletin Austrian National Bank June, p. 362. Bank of Estonia Sept., p. 559, Bank of Latvia _ July, p. 439. National Bank of Belgium May, p. 297. Bank of France _ Mar., p. 116. Netherlands Bank _. Aug., p. 505. Central Bank of Bolivia July, p. 441. German Reichsbank _ May, p. 301. Bank of Norway .. June, p. 363. Bank of Brazil _ July, p. 444. Bank of Greece Oct., p. 636. Bank of Poland June, p. 367. National Bank of Bulgaria Sept., p. 557. National Bank of Hungary.. July, p. 435. National Bank of Rumania Sept., p. 553. ,ank of the Republic of Colombia, Dec, p. 792. Bank of Italy _ July, p. 432. Swiss National Bank May, p. 312. zechoslovak National Bank Aug., p. 509. Bank of Japan May, p. 304. National Bank of the Kingdom June, p. 371. anish National Bank _.. Dec, p. 788. Bank of Java Dec, p. 795. of Yugoslavia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
89 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN COxNDITION OF COMMERCIAL BANKS Millions of national Millions of dollars currency Country 1930 1929 1930 |ve N m o b " erj I D b e e c r em- October ve N m o b - e r | D b ec e e r m-1 August Septem-October ve N m o b - er De b c e e r m- Canada: Millions of dollars Gold and subsidiary coin 1 62 62 61 62 61 61 63 62 62 62 62 61 Money at call and short notice 379 405 351 521 532 507 422 445 413 379 405 351 Current loans and discounts 1,456 1,394 1,363 1,715 1,684 1, 653 1,502 1,483 1,481 1,456 1,394 1,363 Public and railway securities _ 544 551 604 487 475 448 447 458 480 544 551 604 Note circulation 160 159 148 185 187 175 152 166 164 160 159 148 Individual deposits _ 2,439 2, 453 2.440 2,679 2,636 2,605 2,391 2,387 2,460 2,439 2,453 2,440 Gold reserve against Dominion notes.— 105 112 93 60 60 I 60 77 83 93 105 112 93 Dominion note circulation 181 207 175 212 234 ! 204 166 163 170 181 207 175 Argentina: Bank of the Nation- Millions of pesos Gold. 5 1 40 29 29 6 6 5 1 Other cash _ 115 120 122 113 79 104 | 100 93 90 94 Loans and discounts _ 600 612 558 564 576 486 497 497 469 478 Deposits _... 714 730 705 694 681 699 i 602 593 557 570 Other banks in Buenos Aires— Gold 9 9 12 12 11 10 j 10 9 9 8 Other cash _ _. 200 189 146 145 146 163 177 170 i 148 j_ Loans and discounts 895 906 844 835 ! 831 712 I 713 721 708 !_ Deposits. __ _ 1,029 1,032 952 929 j 925 826 i 847 839 i 803 806 L Millions of pounds England: sterling Cash in vault and at banks 189 189 : 204 921 907 979 931 915 907 918 919 994 Money at call and «hort notice. 144 137 ! 142 733 707 700 697 657 654 699 665 692 Advances and discounts 1,220 1,230 i 1,234 5,829 5,842 5,829 6,015 5,912 5,891 5,935 5,985 6, 006 Investments _ 257 265 269 1,171 1,142 1,147 1,171 1,217 1,240 1,250 1,288 1,311 Deposits _ __ 1,791 1,801 1,839 8,587 8,522 8, 628 8,730 8,600 8,484 8,716 8,762 8,949 France: Millions of francs Bills and national-defense bonds 19,686 | 804 819 '• 826 792 801 761 772 • Loans and advances _. 11,280 ! 424 421 I 421 448 429 433 442 i Demand deposits 34,879 I 1,306 1,291 i 1,285 1,185 1,350 1,367 Time deposits 1,645 41 41 j 43 56 57 60 64 I Germany: Millions of reich Bills and treasury notes 2,390 2,453 679 687 : 724 706 695 632 569 i 584 ! Due from other banks ; 984 1,017 342 293 ! 309 i 290 251 261 234 i 242 Miscellaneous loans j 8,598 8, 534 1,931 1,969 i 1,976 I 2.044 2,047 2,054 2,048 ! 2,033 Deposits : 11,092 11,077 2,777 2,774 j 2,868 2,874 2,812 2,780 2,641 | 2,639 ; Acceptances : 652 670 118 116 i 122 121 124 130 155 I 160 Denmark: Millions of kroner I Loans and discounts 1,821 477 476 479 I 487 489 488 I Due from foreign banks 121 39 37 ! 38 ; 33 34 35 Due to foreign banks 66 16 16 j 19 i 18 18 18 i 18 Deposits and current accounts. 2,065 529 526 | 526 539 540 552 j 554 I Norway: Milll'ons of kroner | Loans and discounts 1,213 1,201 i 336 336 335 328 325 324 325 322 Due from foreign banks 85 75 ! 38 34 32 I 32 28 23 20 Due to foreign banks 72 69 ! 23 23 21 j 18 18 19 18 Rediscounts _ 75 74 I 27 24 I 21 20 20 Deposits 1,441 1,430 414 412 - 399 on*? 386 383 i Sweden: Millions of kronor Loans and discounts 4,515 4,488 j 4,437 1,141 1,141 1,117 1.189 1,193 1,209 1,210 1,203 1,189 Foreign bills and credits abroad- 247 256 236 94 80 79 81 76 67 66 69 63 Due to foreign banks 208 j 227 246 39 31 30 64 59 57 56 61 66 Rediscounts 17 ! 36 197 47 45 67 4 10 7 5 10 53 Deposits 3,669 i3,660 j 3,631 954 944 997 994 1,001 983 981 973 Japan: Cash on hand.. 224 I 272 231 157 168 156 90 140 112 136 140 Total loans 2,167 ; 2,206 2,225 974 1,003 1,058 1,085 1,071 1,219 1,080 1,100 1,109 Total deposits.. 2,055 i 2,076 2,100 990 1,021 1,023 1,023 1,022 1,031 1,024 1,035 1,047 i 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
90 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 DISCOUNT RATES OF CENTRAL BANKS Bank Bank German Bank Bank of l a E n n d g- Fra o n f ce R b e a ic n h k s- It o a f ly Ja o p f an Country F R e a b t . e 1 1 I s n i n e c f e f — ect Country F R e a b te .l I s n i n e c f e f — ect In effect Oct. 1, 1929 &A 3H 7lA 7 5.48 Austria 5 Sept. 10,1930 Latvia _ 6 Oct. 1,1930 N Oc o t v . 3 2 1 _. __*. 6 7 B Bo el l g iv iu ia m 2V2 A Au u g g . . 2 1 6 , , 1 1 9 9 3 3 0 0 N Li e t t h h u e a r n la ia nds. 2 6 *4 A Ja p n r . . 2 1 4 , , 1 1 9 9 3 3 0 1 Nov 21 5K Bulgaria .. 9 Jan. 29,1931 Norway 4 Nov. 8,1930 Dec. 12 5 Jan 14 1930 VA Chile 7 1 Aug. 4, 1930 Peru... 7 Sept. 1,1930 Jan 30 3 Colombia 7 1 Sent 18. 1930 Poland Oct. 3,1930 Feb 5 6 Czechoslo- Portugal June 2,1930 Feb 6 4^ vakia _ 4 June 25,1930 Rumania 9 Nov. 2G, 1929 Mar 3 m Danzig 5 Oct. 10,1930 Mar 6 4 South Africa. 5H Sept. 29,1930 Mar 8 5^ Denmark Nov. 13,1930 Spain _ 6 Julv 17,1930 M M a ar r . 2 2 5 0 . .., zy2 5 E E c st u o a n d i o a r . 9 7 J O a c n t . . 1 7 0, , 1 1 9 9 3 3 0 0 S S w w i e tz d e e r n land— 2 A Ja p n r . . 22 3 , , 1 19 9 3 3 0 1 Apr. 24 -- 6 Finland 6 Aug. 27,1930 May 1 __ _ 3 U. S. S. R... 8 Mar. 22,1927 May 2 2H Greece 9 Nov. 30, 1928 Yugoslavia-. May 28,1930 May 19 - 5*4 Hungary blA May 30,1930 May 20 4H India Jan. 15.1931 J O u c n t e . 7 21 - . - __ 4 5.11 Java 4H Mar. 11,1930 Oct 9 5 Jan 3 1931 2 Changes: Bulgaria—Jan. 29, down from 10 to 9 per cent; France—Jan In effect Feb. 1,1931 3 2 5 ^A 5.11 3 N , e d th o e w rl n a n f d ro s— m Ja 2* n. 4 t 2 o 4 , 2 d p o e w r n c e fr n o t; m In 3 d t i o a — 2* J 4 a n p . er 1 5 ce , n u t p ; S fr w om itz e 6 rl a to n d 7 — p J e a r n . c en 2 t 2 down from 2l/> to 2 per cent. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month B a m a n a c o n c c e n k e s t p e h , t r 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -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 t f h or d P is r r c i a v o t a e u t n e t 1929— October 6.13 6.19 5.45 4*4-1 7.28 9.06 8.06 5.15 4.52 3.38 November 5.35 5.30 5.15 4 -3*4 6.89 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 •4.23 3*4-3 6.98 8.78 8.14 3.52 3.87 3.15 1930—January 4.07 4.04 3.62 3 6.33 7.71 6.03 2.99 2.85 2.97 February 3.82 3.72 3.76 3 -2*4 5.53 6.72 6.01 2.80 2.94 2.71 March 2.78 2.55 3.20 2*4-1*4 5.12 6.35 5.57 2.50 2.61 2.60 April 2.48 2.49 2.28 1*4 4.46 5.57 4.40 2.52 3.08 2.61 May 2.16 2.11 1.93 1 3.89 5.00 3.62 2.29 2.53 2.44 June 2.31 2.30 1.93 1 3.58 4.80 3.74 1.89 1.93 2.06 July 2.37 2.38 1.78 1 3.40 4.57 4.30 1.85 1.85 1.92 August 2.21 2.17 1.85 1 3.24 4.43 3.73 1.83 1.63 1.75 September 2.07 2.05 1.68 1 3.30 4.54 3.78 1.96 1.84 1.50 October. _ 2.09 2.13 1.65 1 4.66 5.93 5.15 1.59 1.48 1.29 November 2.18 2.15 2.01 1 4.79 6.51 5.48 1.31 1.29 1.16 December 2.30 2.34 1.60 1 4.82 7.24 5.54 1.39 1.86 1.18 Belgium France Italy Sweden (Brussels) (Paris) (Milan) Austria (Vienna) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m f o o o n n rl e th y c c i o a P m l r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o r a n n l i e l g y ht 1929—October 4.94 3.50 7.18 8 -m 9 -10 9 -10*4 7*4-8 5*4-7 5.48 3.47 November 4.57 3.50 7.00 7% -8*4 83,4-10 8*4- 9% 6*4-734 5*4-7 5.48 3.47 December 4.40 3.50 7.00 7*4 -7H 8*4-9*4 8*4- 9% 7 -7*4 5*4-7 5.48 3.10 1930—January 3.40 3.38 7.00 6*4 -734 7H-8H 7*4-10 6*4-7*4 4*4-6 5.48 2.74 February 3.41 2.91 6.95 6M6-6J4 7 -8 7-9*4 5*4-6*4 4*4-6 5.48 3.83 March 3.31 2.70 6.57 59*-6 6%-7% 634-8*4 5*4-6*4 4 -6 5.48 3.83 April 3.33 2.57 6.43 5 -5*4 6*4-7** 6*4- 8*4 5 -6*4 3*4-5*4 5.48 3.65 May 2.87 2.36 5.81 0£ -5 6*£-7 5%-8 4%-6 3*4-5*4 5.48 3.10 June 2.78 2.11 5.50 4*4 -^H* 6 -6*4 5*4-8 4*4-6*4 3*4-5*4 5.48 3.83 July 2.78 2,08 5.50 6 -634 5*4- 7% 4*4-5*4 3*4-5*4 5.48 3.65 August 2.44 2.10 5.50 4 -4*4 6 -6*4 5H-7M 4**-5 3*4-5*4 5.48 3.83 September 2.39 1.99i 5.48 3^-4*4 5?4-6*4 5*4- 7*4 4*4-5*4 3*4-5*4 5.48 3.65 October- 2.27 2.00 5.25 4 -4*4 5^-634 594- 7 4*4-5 3*4-5*4 5.48 3.29 November 2.05 2.00 5.43 5?4-6*4 5%- 7*4 4*4-5 3*4-5*4 3.65 December 2.34 2.03 5.50 4*4 -45/S 594-6M 3*4-5*4 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
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 91 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year and month ( U a S p v n r t e a i i c r t t a e e e ) g s d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r (1913 a F v r e a r n a c g e e= 100) G (a p e v r r e i m c r e a a ) g n e y ( a 1 U g 9 S 2 e n t 6 = a i 1 t t a e e 0 v s d 0 e ) r- ( 1 D E 9 n e 2 c g 1 e = la m 1 n 0 b d 0 e ) r (1913 a F v r e a r n a c g e e= 100) a ( G 1 v 9 e e 2 1 r r 4 0 m a 0 - g 1 a ) e 9 n = 2 y 6 Number of issues 60 87 52 1 35 208 404 278 288 300 329 1926 97.0 110.0 57.4 100.0 133.1 233 109 0 1927 98 9 110. 7 71. 7 118 3 142 4 287 158 0 1928 98 7 112.3 82.8 90.3 149.9 154. 3 416 148 4 1929 95. 7 110.2 So. 1 87.1 190. 3 159. 0 506 133.9 1930 98 3 111.8 95.8 "88 3 149. 8 136. 6 437 v in 2 1926 January 96.2 110.2 57.0 101.8 132.6 211 75.8 February 96 6 110 8 57. 7 101.8 131. 6 216 83 3 March 96. 6 109. 6 56.5 95.8 129.2 205 88 2 April 96. 9 110.1 57.2 92.9 128.7 207 96. 0 May 97.3 110.2 56.4 93.2 131.0 211 94 7 June 97.3 110.2 54. 3 97 2 133. 6 229 100 7 July.. 97.0 110.0 54.6 100.0 132.8 2t>0 108.9 August 97.2 110.2 56.6 102.9 135. 4 254 119 4 September 97.0 110.0 56.6 104.3 136. 5 269 122.2 October 97 0 110.2 58.3 101.6 134. 5 259 134 2 No vem ber 97 6 109 3 60 2 103 1 135 9 239 142 4 December 97 8 109 3 62 8 105 4 135. 7 232 141 9 1927 January 97.9 111.3 66.0 105. 6 138. 5 255 162 7 February 98. 1 110. 5 65. 4 107.9 139.9 262 172.5 March .. 98.4 110.3 71.0 109.1 139. 0 280 167. 5 April 99.0 110. 6 73. 9 111. 1 140.4 301 177 4 May 99 1 110 6 72 7 114 2 141.6 293 170 1 Tune 98.4 110.1 72.1 115. 4 141.5 281 155 2 July - 98.4 110.3 72.2 117.2 142.0 291 160. 2 A ugust 98.8 110.6 72.6 122 0 142.9 288 157 5 September 99.3 110. 7 73.1 127.7 144.2 292 151 9 October 99 6 111.9 72.3 126 7 146.0 294 147 0 November 99.7 110.6 72. 7 129.6 145.9 290 133 2 December 100.0 111.2 76.8 133.1 146. 9 315- 140.9 1928 January 100. 3 112.4 80.4 92.5 134.4 147.9 345 148.0 February 100. 3 112. 3 80.2 91.8 132.3 147.7 334 144.3 March 100. 5 112.4 80.3 91.1 137.9 151.7 368 142 3 April __ 100. 3 113. 7 81.3 90.9 145. 9 154. 7 413 148.4 May 99. 7 112.4 81.8 90. 5 152.1 157.8 419 152 8 Tune_. 98.5 112.4 84.3 90.3 145.3 152. 7 421 153. 9 July 97. 9 112.1 83.7 90 0 144 2 151.7 397 149 5 August 97. 2 112.1 84.9 89. 7 148.3 154.2 441 149.2 September 97. 5 111.7 84.9 89.4 156. 6 156. 7 451 149.5 October 97. 5 112. 3 84.4 89. 0 159.1 158. 7 450 147 4 November 97. 8 112.1 83.8 88.7 171.1 159.4 467 147.1 December 97.2 112.1 84.1 88.9 171.4 158.8 483 148.7 1929 97 0 113.4 86.0 83.6 89.2 185.2 163. 4 543 543 146.6 February 96.3 111.7 84.5 81.8 89.5 186.5 162.0 548 548 141.7 March 95.8 111.1 84.5 81.7 88.8 189.1 161.1 535 535 141.1 April 95.8 111.9 85.5 83.0 S8.3 186.6 159. 5 518 518 141.2 May, _ 95. 7 110.4 86.6 84.2 86.9 187.8 157.4 512 512 135.4 June 95.3 109.8 87.5 84.8 86.9 190.7 157.9 491 491 138.7 July 95.2 109.3 84.6 86.9 207.3 162. 0 497 135.7 August 95.0 109.0 84.8 86.6 218.1 164.4 501 134.2 September... 94.8 108.9 86.9 86.3 225.2 165.4 518 132.4 October. 95.1 109.3 86.6 85 4 201 7 160 8 489 124 7 November 95.7 108.5 87.7 85.1 151.1 147.0 461 119.8 December _ 96. 5 108.5 91.6 84.8 153. 8 147.1 463 115.2 1930 January 96.5 109.6 97.5 85.2 156.3 146.7 496 120. 0 February 96. 4 110.1 96.3 86.1 165.5 146.3 479 120.6 March 97 8 112 7 95 8 86 4 172 4 145 3 478 119 0 AoriL 97.9 112.7 95.5 88.0 181.0 147.9 486 122.2 May 97.9 111.4 95.3 89.6 170.5 143.7 462 121.7 June ... . 98.2 110.0 95.8 90.0 152.8 135. 5 437 116 4 Julv 98.7 112.3 95.7 90.6 149. 3 137.2 440 110.0 August 99.6 111.9 96.6 90.3 147.6 131.0 424 103.3 September 100.0 fc 112.0 96.4 89.7 148.8 134.6 425 102.3 October 99.9 113.1 95 4 87 9 127 6 127 0 395 95 8 November 99. I 112.8 94.7 87 8 116 7 125 2 378 92 3 December.- -_. 97.8 112.5 94.1 109. 4 118.5 349 SOURCES: United -States—Standard Statistics Co., New York; description (and back figures) in Standard Statistics Bulletin, General Section, Base Book Issue for 1930-31 (pp. 63,66, and 104). - - - -- -- - - -ruary, 1923 (p. 251); back figures in current issu Generate, for July, 1927 (pp. 390-397). Germa.) . and (with back figures) January, 1929 (p. 62). * v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES United States Canada England France Germanv Italy Japan Netherlands (1926= 100) (1926=100) (1913= 100) (1913=100) (1913=100) (1913=100) (Oct., (1913=100) Month 1900=100) 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 97 93 94 96 138 131 657 576 139 132 461 417 228 201 146 131 February._. 97 92 95 94 138 128 660 567 139 129 463 408 226 200 146 126 March 98 91 96 92 140 125 654 558 140 126 461 400 226 196 147 122 April 97 91 95 92 139 124 648 548 137 127 455 396 225 193 144 122 May 96 89 93 90 136 122 643 546 136 126 452 390 223 189 142 118 June 96 87 94 88 136 121 629 540 135 125 447 382 222 181 141 118 July 98 84 97 86 137 119 624 558 138 125 440 375 220 177 141 115 August 98 84 98 84 136 118 598 560 138 125 437 379 218 176 142 114 September.. 98 84 98 83 136 116 608 556 138 123 437 375 218 172 141 112 October 96 83 97 81 136 113 607 552 137 120 436 364 216 165 140 111 November.. 94 80 96 80 134 112 603 551 136 120 431 361 211 162 137 110 December.. 94 78 96 78 133 109 596 542 134 118 425 350 205 161 135 WHOLESALE PRICES—GROUPS OF COMMODITIES United States (1926=100) Othcir commodities Month m c t A o i o e m l d s l i - - F p u r a c o r t d m s - Foods ! I Total l H e p u a a r i c n o t d h t d d e s e - s r T p e u r x c o t t d i s - le li m F r g a a i u h n t a t e d l e i l s - ng M m p e u a e r t c n t o t a d d a s l - l s B m r u a i i i n t a l l g e d s - - c C a d h l r e s u m g a i s n - d f H u g r o o i n u o n i g d s s s e h- l M a i n s e c o e u l s - j j 1929—December _. 102 91 I 107 90 81 102 96 94 97 80 1930—June 89 91 86 j 102 82 76 95 90 89 96 75 ! July 83 86 j 84 I 101 80 75 94 89 88 96 72 j August 85 87 I 83 99 78 75 93 87 87 96 71 ! September.. 85 89 ! 83 99 76 76 92 86 87 95 70 : October 83 89 | 82 ! 97 74 75 90 86 86 95 69 ! November.. 79 86 | 80 ! 94 73 72 90 86 85 95 68 ; Deceinber.. 75 82 I 79 i 91 72 71 90 84 85 91 67 ! England (1913=100) Industrial products s I a r t n e o d e n l Coal m O i a n t n e h d r e a r ls Cotton Wool t O ex t t h i e le r s l M an is e c o e u l s metals 1929—December. 115 130 ! 111 144 152 125 131 1930—June 114 i 117 | 93 126 127 104 126 July 113 j 116 92 123 124 98 124 August 112 ! 116 91 119 122 97 122 September- 112 i 120 j 90 113 119 89 121 October.. . 111 121 84 107 110 87 120 November- 110 I 121 j 85 107 106 86 118 December.. 109 i 121 85 101 102 86 115 France (1913=100) Germany (1913 = 100) Industrial Industrial finished products Fann and Agricul- raw and m A o ll d i c t o ie m s - pro fo d o u d cts I p n r d o u d s u tr c i t a s l m Al o l d c i o ti m es - pr t o u d r u a c l ts P s r io o n v s i- fi s n e is m h i e - d Total du P c ro e - rs' su C m o e n r - s' products goods goods 1929—December, 596 546 640 134 126 115 129 156 140 169 1930—June 540 488 587 125 110 115 122 151 138 j July 558 540 573 125 115 114 119 151 138 August 560 550 568 125 117 111 118 149 138 168 September. 556 562 551 123 114 108 116 148 138 157 October 552 562 543 120 109 108 114, 147 137 154 N D o ec v e e m m b b e e r r . . 5 5 5 4 1 2 5 5 7 7 0 0 5 5 3 16 5 I , 1 1 1 2 8 0 1 1 1 1 0 2 1 10 0 5 8 1 1 1 1 3 0 * 1 14 4 3 5 1 13 3 5 6 1 1 1 5 5 49 2 9 NOTE.—Original sources for the indexes are: United States—Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; Canada—Prices and Price Indexes, Dominion Bureau of Statistics, Department of Trade and Commerce; England—Board of Trade Journal; France—Bulletin de la Statistique Generate de la France, Supplement Mensuel; Germany—Wirtschaft und Statistik, Statistisches Reichsamt; Italy—Bollettino Mensile di Statistica dell' Istituto Centrale di Statistica; Japan—Index Number of Average Monthly Wholesale Prices in Tokyo, Bank of Japan; Netherlands—Maandschrift van het Centraal Bureau voor de Statistiek. Secondary sources and compilers of these indexes are among those listed in the note on page 124 of the BULLETIN for March, 1930. Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were published in the BULLETIN for April, 1930, page 256. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
93 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Reserves against liabilities arising from a deposit of incurred in receiving any ordinary deposit exforeign currency to the credit of a member bank cept that (1) in this case the deposit is received with a foreign correspondent. by the member bank's correspondent abroad A question has been raised as to the necessity and credited in the member bank's account for the carrying of reserves by a member bank with such correspondent, and (2) the deposit is against liabilities arising from transactions received and payable in foreign currency. whereby foreign currency is paid into an ac- Although the deposit is received by the foreign count maintained by the member bank with a correspondent for credit in the account of the foreign correspondent, the amount being repay- member bank, the liability is that of the memable by the member bank in foreign currency ber bank itself and is so shown on its books. with interest on a specified later date. The Likewise the fact that the deposit is received liability might arise in one of several different and payable in foreign currency does not affect ways, but in the case presented to the board the manner in which it should be classified for one of the customers of a member bank makes reserve purposes. The relation of debtor and or arranges for the deposit of foreign currency creditor which is ordinarily applicable between to the credit of the member bank in its account a bank and its depositor applies in this case, with a foreign correspondent, with an arrange- and the bank is under the same liability to pay ment whereby the depositing customer is given at the time specified although the medium of credit on the books of the member bank in for- payment is not the same as in the case of the eign currency payable at a future date. usual deposit. In the opinion of the board a The liability of the member bank incurred in liability arising in the manner above described receiving deposits in the manner stated appears must under the law be regarded as a deposit liato be in all respects the same as the liability bility and subject to the corresponding reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
94 FEDEKAL EESERVE BULLETIN FEBRUARY, 1931 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1931 1930 Jan. 31 Dec. 31 Jan.31 RESOURCES Gold with Federal reserve agents 1,788, 659 1, 730 439 1, 650,164 Gold redemption fund with United States Treasury _ _ _ 34.844 35, 211 58, 258 Gold held exclusively against Federal reserve notes . 1,823, 503 1, 765, 650 1, 708,422 Gold settlement fund with Federal Reserve Board 421, 666 417, 440 650,124 Gold and gold certificates held by banks 816, 935 758,129 601,166 Total gold reserves 3, 062,104 2, 941, 219 2, 959, 712 Reserves other than gold. _ . 180,405 140, 298 196,862 Total reserves 3, 242,509 3, 081, 517 3,156, 574 Nonreserve cash 77 181 79, 932 66 647 Bills discounted ! 231. 728 251, 398 394, 234 Bills bought: Outright2 124,000 324, 746 200, 986 Under resale agreement _ _ 1,384 39,098 93, 321 Total bills bought 125,384 363, 844 294, 307 United States Securities: Bought outright 609,920 686, 064 476, 481 Under resale agreement-._ .' - 43, 403 2,100 Total United States securities 609.920 729, 467 478, 581 Other reserve bank credit: Other securities . - 7,143 12 430 Due from foreign banks _ 701 704 721 Reserve bank float3 _ _ 12,328 20, 776 28,423 Total reserve bank credit outstanding 980,061 1, 373, 332 1, 208, 696 Federal reserve notes of other reserve banks 22 648 21, 993 27 623 Uncollected items not included in float 403,156 564, 007 511,800 Bank premises -_ . .__ 58,035 57, 843 58, 267 All other resources 18,624 22, 024 12, 546 Total resources 4.802. 214 5, 200, 648 5, 042,153 Federal reserve notes: LIABILITIES Held by other Federal reserve banks 22, 648 21,993 27, 623 Outside Federal reserve banks 1,471.491 1, 641, 545 1, 682,943 Total notes in circulation . _ . 1,494,139 1, 663. 538 1, 710, 566 Deposits: Member bank—reserve account 2,397,523 2, 470, 583 2, 293, 386 Government . 26, 773 18, 819 37, 570 Foreign bank 5, 753 5,761 5,732 Other deposits 18,378 21, 970 19, 022 Total deposits _ 2,448,427 2,517,133 2,355,710 Deferred availability items 403,156 564, 007 511,800 Capital paid in ,, 169,493 169, 640 171. 524 Surplus __ ._- .. .. . 274,636 274, 636 276,936 All other liabilities 12, 363 11,694 15, 617 Total liabilities ... _. 4,802 214 5, 200 648 5,042 153 Contingent liability on bills purchased for foreign correspondents . 447,444 439, 288 525, 875 Federal reserve notes: FEDERAL RESERVE NOTE STATEMENT Issued to Federal reserve banks by Federal reserve agents 1,974.999 2 093 625 2,077 092 Held by Federal reserve banks *... 480, 860 430, 087 366, 526 In actual circulation 1,494,139 1, 663, 538 1, 710, 566 Collateral held by agents as security for notes issued to banks: Gold 1, 788, 659 1, 730,439 1, 650,164 Eligible paper 303, 702 507, 788 664, 389 Total collateral 2,092,361 2, 238, 227 2, 314, 553 1 Includes bills discounted for intermediate credit banks as follows: Latest month, none; month ago, $737,000; year ago, $1,010,000; and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $50,000; month ago, $70, 000; year ago, $28, 000. 2 Includes bills payable in foreign currencies as follows: Latest month, $36,119,000; month ago, $35,983,000; year ago, $1,035,000. 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
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 95 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENTS [In thousands of dollars. Figures are for Jan. 31, 1931] Total Boston j Phila- Cleve- Rich- At- Chi- St. jMinne- Kansas delphia land mond lanta cago Louis ! apolis City RESOURCES Gold with Federal reserve agent 788,659 144,917 460,729 160,000 187,550 85,150 126, 700 |l86, 000 j 76,885 48,025 I 65,000 220,763 Gold redemption fund with U. S. Treasury 34,844 ! 1,344 13,734 1,332 2,730 1,264 1,647 | 4,044 | 1,561 486 I 1,423 4,491 Gold held exclusively against Federal reserve notes 823,503 '146,261 474,463 161,332 19C, 280 86,414 128,347 190,044 j 78,446 | 48,511 | 66,423 27,728 ! 225,254 Gold settlement fund with Federal Reserve Board 421, 666 27, 001 136,981 44,524 39, 661 11,012 11,436 63,389 ! 15,590 10,932 18,277 9,794 33,069 Gold and gold certificates held by banks. 816,935 i 37,093 483,078 26, 529 68, 267 9,673 8,498 jlO8,120 ; 11, C 6,010 i 12,6 7,133 | 38,879 Total gold reserves . 062,104 210,355 1,094,522 232,385 298,208 107,099 148,281 J361, 553 jl05,045 \ 65,453 97,346 | 44,655 I 297,202 Reserves other than gold- 180,405 , 16,060 I 51,737 12,178 11.284 10, 774 10,607 j 25,087 | 11,064 j 5,242 ; 8,202 I 8,333 j 9,837 Total reserves 242,509 | 226,415 1,146,259244,563 309,492 117,873 ',158,888 !386,640 1116,109 j 70,695 -105, 548 j 52,988 307,039 77,181 9,689 19,959 4,087 5,974 4,986 | 4,760 | 9,651 i 4,683 1,867 1,817 ] 3,593 6,115 Nonreserve cash__. _ Bills discounted: Secured by U. S. Government obligations 78,401 4,114 18,636 9,747 11,724 2,391 1, 055 14,199 i 4,584 409 992 I 293 10, 257 Other bills discounted 153,327 7,325 25,079 16,166 12, 560 16,946 26,819 12.710 6,697 i3,604 I 15,632 j5,642 4,147 Total bills discounted-_- 231,728 I 11,439 43,715 25,913 24,284 19,337 27,874 26,909 11,281 i 4,013 16, 624 5,935 14,404 Bills bought in open market.-. 125,384 8,637 43,479 3,568 11,764 3,921 7,229 18,969 | 4,687 | 3,118 5,041 4,366 10,605 U. S. Government securities: Bonds 84,042 1,820 38, 227 1,353 1,161 1,531 217 ! 22,191 ! 692 i 5,440 I 630 10,380 400 Treasury notes 190,272 14,999 42,204 19,640 25,673 5,446 4,246 | 20,666 ! 13.102 1 9,295 I 9,458 6,323 19,220 Certificates and bills. 335,606 29,734 118.497 29, 571 31,525 ! 10,284 | 3,235 I 38,987 | 10.357 ' 11,889 j 18,940 12,734 19,853 Total TJ. S. Government securities 609,920 46,553 198,928 50, 564 58,359 i 17,261 ! 7,698 81,844 ! 24,151 i 26,624 29,028 29,437 39,473 Other securities -I- Total bills and securities. 967,032 ! 66, 629 286,122 I 80, 045 94,407 40,519 i 42,801 127,722 40,119 64, 482 Due from foreign banks 701 I 53 226 70 72 28 25 96 25 48 Federal reserve notes of other Federal reserve banks 22,648 265 10,287 577 1,156 2,239 2,301 985 1,445 Tncollected items 415,484 : 46, 207 116,366 32,362 37,834 29,077 12,714 49,913 , 18,897 i 7,874 23,395 Bank premises 58,035 3,458 15,240 2,614 6,969 3,305 2,573 8,061 \ 3,635 j 1,926 4,621 All other resources 18,624 146 6, 552 218 1,102 1,052 ! 4,177 I 1,014 ' 2,479 I 547 j 417 Total resources . 4,802,214 ; 352,862 ,1,601,011364, 536 457,006 jl99,079 226,901 1585.398 186,932 1117,490 J187,594 |115,843 407, 562 I Federal reserve notes in actual circulation 1,494,139 11128,644 j 289.158 142.526 178,991 i 87,516 '133,223 143,787 81,127 ! 49, 288 164, 912 Deposits: Member bank—reserve account 2,397,523 |, 142,4431, 037, 274 44, 609 189,373 59,744 59,414 327,731 67,011 56,698 182,920 Government 26,773 11 2,941 2,253 1,903 3,415 4,971 2,468 2,229 1,684 819 . 820 Foreign bank 5,753 428 1,922 565 577 228 206 771 200 171 Other deposits 18,378 83 8,585 144 2,052 621 440 95 5,193 Total d eposit s 2, 448, 427 145,895 1,050,034 147, 221 195, 417 65,031 i 62,778 J331.352 69,335 48,976 85,284 i 57,783 189,321 D A S C u l e a l r f p p e o i r l t t r u a h e l s e d r p a a li v i a d a b i i i l n l a i b ti i e l s ity items 4 2 1 0 7 6 1 3 9 4 2 , , , , 1 6 3 4 5 3 6 9 6 6 3 3 4 2 1 1 5 1 , , , 0 8 1 2 2 7 2 9 4 7 3 9 1 8 6 1 0 2 2 5 , , , , 9 6 6 5 2 8 3 7 8 2 4 5 3 2 1 0 7 6 , , , 7 0 7 1 7 6 8 6 7 5 4 3 3 2 1 8 6 5 , , , 8 9 8 9 2 4 6 7 1 6 0 1 2 1 7 5 2 , , , 9 7 7 1 0 5 5 1 8 7 3 4 I | 1 1 2 5 2 0 , , , , 7 2 0 8 5 8 5 0 8 3 7 2 j 4 2 39 8 2 0 , , , , 1 1 0 9 9 0 2 3 3 1 9 6 1 10 4 9 1 , , , , 3 9 6 5 2 7 0 6 8 6 4 2 8 3 7 ; , , 1 7 0 2 4 4 6 7 4 4 0 8 2 4 8 2 , , , 2 4 2 7 6 3 2 0 1 5 0 2 ! i 1 4 5 6 8 , , , 3 0 8 9 6 8 3 2 1 6 6 2 1 1 2 8 1 , , , 7 4 4 6 4 9 7 0 8 7 5 9 Total liabilities 4,802, 214 352,862 il,601,011 364, 536 457, 006 199,079 ,226,901 585,398 186,932 ;117,490 '187,594 115,843 407, 562 Reserve ratio (per cent) 82.2 85. ( 84.4 77.3 81.1 81.4 77.2 ! 71. < .9.5 I 86.7 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve bank by Federal reserve agent 1,974, 999 155, 392 490, 371 171,922 214,640 101,483 159,620 193,670 • 89,887 j 53,441 80,380 j 32,671 231, 522 Held by Federal reserve bank*. 480,860 26,748 201,213 29,396 35, 649 13,967 ! 26,397 49,883 i 8,760 i 4,153 \ 13,688 j 4,396 66,610 In actual circulation 1,494,139 128, 644 289,158 142, 526 178, 991 87,516 '133,223 143, 787 j 81,127 49, 288 I 66, 692 28, 275164,912 Collateral held by agent as security for notes issued to bank: Gold _ 1,788,659 1144.917 460, 729 160, 000 187, 550 85,150 126, 700186, 000 76, 885 48, G25 65,000 i 26,940 220,763 Eligible paper. 303,702 17,377 62, 072 24,671 32,136 21,610 33, 633 40,940 I 13,914 5,778 20,360 8,944 22,267 1 Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation " Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 CHANGES IN MEMBERSHIP CHANGES IN MEMBERSHIP—Continued On January 20, 1931, there were 8,013 active member banks in the Federal reserve system, including CHANGES 7,000 national banks and 1,013 State bank members. Date ("Consolidations" shown below include "absorp- Capital tions/' "mergers," etc.) Below are given all changes, except suspensions and insolvencies, between December 21 and January 20, affecting the list of active member banks. DISTRICT NO. 5—RICHMOND Dec. 23 Centreville National Bank, Centreville, Md $75,000 Queen Anne's National Bank 75,000 CHANGES | Consolidated under charter and title of Centre- j Date (" Consolidations" shown below include "absorp- j Capital ville National Bank 75,000 tions," "mergers," etc.) Dec. 23 McDowell County National Bank of Welch, W.Va.j 250,000 Succeeded by McDowell County National j Bank in Welch. \ DISTRICT NO. 1—BOSTON Dec. 31 First National Bank, Wytheville, Va 100,000 Farmers Bank of Southwest Virginia, Wytheville, ' Dec. 27 Boston National Bank, Boston, Mass ; $625,000 Va., nonmember \ 50,000 Continental National Bank ; 500,000 Consolidated under charter of First National Consolidated under charter of Boston National Bank and title of First National Farmers Bank and title of Boston-Continental Bank I 200, 000 National Bank 1, 000,000 Jan. 20 Farmers National Bank, Norway, S. C 25, 000 Voluntary liquidation. DISTRICT "NO. 2—NEW YORK DISTRICT NO. 6—ATLANTA Dec. II1 East Side National Bank, Buffalo, N. Y 300, 000 Dec. I1 First National Bank, Bristol, Tenn 250, 000 Victor B. Szczukowski, private bank 100,000 City Bank, nonmember 25, 000 Consolidated under charter and title of East Consolidated under charter and title of First Side National Bank 300, 000 National Bank 250, 000 Dec. 30 M. & T. Trust Co., Buffalo, N. Y., member 6, 000,000 Dec. 12i First National Bank, Etowah, Tenn 50,000 A. Pepe & Sons, private bank 100, 000 Peoples Bank, nonmember 25, 000 Consolidated under charter and title of M. & Consolidated under charter and title of First T. Trust Co., member 6, 000, 000 National Bank 50, 000 Jan. 12 Hudson Falls National Bank, Hudson Falls, N. i". 75,000 Dec. 161 Ensley National Bank, Ensley, Ala 209, 000 Sandy Hills National Bank 105, 000 Bank of Alabama, nonmember 50, 000 Consolidated under charter and title of Sandy Consolidated under charter and title of Ensley Hills National Bank 105, 000 National Bank 200, 000 Jan. 10 Peoples National Bank, Quitman, Ga 50, 000 DISTRICT NO. 3—PHILADELPHIA First National Bank 150, 000 Dec. 31 Lycoming Trust Co., Williamsport, Pa., member. 2,000,000 Consolidated under charter and title of First Susquehanna Trust Co., member 500,000 National Bank 150, 000 Consolidated under charter and title of Ly- Jan. 13 First National Bank, Griffin, Ga 200,000 coming Trust Co., member ! 2,000,000 Griffin Banking Co., nonmember 150,000 Consolidated under charter and title of Griffin DISTRICT NO. 4—CLEVELAND | Banking Co., nonmember 150,000 Nov. II1 Prairie Depot National Bank, Wayne, Ohio 25,000 Jan. 13 First National Bank, Carrollton, Ga 100, 000 Union National Bank, Fostoria, Ohio 125,000 Peoples Bank, nonmember 60,000 Consolidated under charter and title of Union Consolidated under charter and title of Peoples National Bank, Fostoria, Ohio 125, 000 Bank, nonmember 60,000 Dec. 131 Day & Night National Bank, Pikeville, Ky 100, 000 Jan. 13 First National Bank, Chipley, Fla 50,000 Pikeville National Bank 100,000 Chipley State Bank, nonmember 25,000 Consolidated under charter and title of Pike- Consolidated under charter and title of Chipley ville National Bank 100, 000 State Bank, nonmember 25,000 Dec. 151 First National Bank, Napoleon, Ohio 50, 000 Napoleon State Bank, member 100,000 DISTRICT NO. 7—CHICAGO Consolidated under charter and title of Na- Dec. 6i Iowa-Des Moines National Bank, Des Moines, poleon State Bank, member 100,000 Iowa 2,000,000 Dec. 22 Central Trust Co., Cincinnati, Ohio, member 4, 000, 000 Iowa Trust & Savings Bank, nonmember 100, 000 Brighton Bank & Trust Co., member.'. 500,000 Consolidated under charter and title of Iowa- Pearl Market Bank & Trust Co., member 600,000 Des Moines National Bank 2,000, 000 Consolidated under charter and title of Dec. 20 i Kent State Bank, Kentland, Ind., member 50,000 Central Trust Co., member 4, 000, 000 Succeeded by Kent State Bank, nonmember. Dec. 22 Fifth-Third Union Trust Co., Cincinnati, Ohio, Dec. 20 i First National Bank, Wyoming, Iowa 50,000 member 5, 000, 000 Citizens State Bank, nonmember 50,000 Oakley Bank, nonmember 100,000 Consolidated under charter and title of Citizens Consolidated under charter and title of Fifth- ! State Bank, nonmember 50, 000 Third Union Trust Co., member I 5, 000,000 Dec. 27 First National Bank of Vernon, Vernon, Ind 50, 000 Dec. 23 American First National Bank, Findlay, Ohio,title North Vernon National Bank, North Vernon. Ind_ 50,000 changed to the First National Bank & Trust Co. Consolidated under charter and title of North Dec. 31 Peoples-Pittsburgh Trust Co., Pittsburgh, Pa,, Vernon National Bank, North Vernon, Ind. 50, 000 member j 5, 319, 000 Dec. 31 Third National Bank & Trust Co., Greensburg, Metropolitan Savings Bank & Trust Co., non- | Ind 150, 000 member | 200,000 Citizens National Bank 100, 000 Peoples Trust Co., nonmember i 250, 000 Consolidated under charter of Third National Terminal Trust Co., nonmember 125, 000 Bank & Trust Co., and title of Citizens Third Consolidated under charter and title of Peoples- National Bank & Trust Co 150,000 Pittsburgh Trust Co., member 5, 319, 000 Jan, 3 First National Bank, Butler, Ind 25,000 Jan. 1 City Trust & Savings Bank, Youngstown, Ohio, Knisely Brothers & Co., nonmember 60,000 member . 1, 000,000 Consolidated under charter and title of Knisely Youngstown State Bank, nonmember 50,000 Brothers & Co., nonmember 60,000 Youngstown Savings Co., nonmember 25, 000 Jan. 3 First National Bank, Fort Dodge, Iowa 300, 000 Consolidated under charter and title of City Converted to First State Bank & Trust Co., Trust & Savings Bank, member 1, 000, 000 nonmember. Jan. 12 First National Bank, Cadiz, Ohio 75,000 Jan. 5 Jefferson Park National Bank, Chicago, 111 300, 000 Harrison National Bank 100, 000 Jefferson Park Trust & Savings Bank, nonmem- Fourth National Bank 125.000 ber 100, 000 Consolidated under charter of First National Consolidated under charter and title of Jeffer- Bank and title of Union National Bank & son Park National Bank 300,000 Trust Co 200, 000 Jan. 12 State Savings Bank, Missouri Valley, la., member 50,000 Jan. 20 First National Bank of Birmingham, Pittsburgh, Voluntary withdrawal from membership. Pa. 100, 000 Jan. 14 Citizens National Bank, Franklin, Ind 50,000 Peoples-Pittsburgh Trust Co., member 5,319,000 Absorbed by Citizens National Bank, Consolidated under charter and title of Peoples Farmers Trust Co., nonmember and Union Pittsburgh Trust Co., member 5,319, 000 Trust Co., nonmember. 1 Not reported in period in which change took place. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
97 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN CHANGES IN MEMBERSHIP—Continued CHANGES IN MEMBERSHIP—Continued CHANGES CHANGES Date ("Consolidations" shown below include "absorp- Capital Date ("Consolidations" shown below include "absorp- Capital tions," "mergers, "etc.) tions," "mergers," etc.) DISTRICT NO. 8—ST. LOUIS DISTRICT NO. 11—DALLAS—Continued Dec. 22 First National Bank, Columbus, Miss $100,000 Dec. 11 First National Bank, Sanger, Tex $30,000 Columbus National Bank 100,000 First State Bank, Slidell, Tex., nonmember 10,000 Consolidated under charter of Columbus Consolidated under charter and title of First National Bank and title of First Columbus National Bank, Sanger, Tex 30,000 National Bank 150,000 Dec. 3 i First National Bank, Cooledge, Tex 75, 000 Dec. 8 ! First National Bank, Siloam Springs, Ark 50, 000 First State Bank, nonmember 50,000 Succeeded by Hutchings First National Bank. Consolidated under charter and title of First Jan. 2 Lafayette National Bank & Trust Co., Luxem- National Bank 75, 000 burg, Mo 50,000 Dec. 111 First National Bank, New Boston, Tex 30,000 Primary organization. New Boston National Bank 30, 000 Jan. 15 Chouteau Trust Co., St. Louis, Mo., member 200, 000 Consolidated under charter and title of First Admitted to membership. National Bank 30, 000 Jan. 17 Granite City National Bank, Granite City, 111 150, 000 Dec. 13i Central State Bank, McKinney, Tex., member._. 75,000 First National Bank _ _ _ 100,000 First State Bank, Westminister, Tex., nonmember. 13,000 Consolidated under charter of Granite City Consolidated under charter and title of National Bank and title of First Granite City Central State Bank, McKinney, Tex., National Bank. ._____• . .... 200,000 member 75, 000 Dec. 151 First National Bank, Gilmer, Tex 100, 000 DISTRICT NO. 9—MINNEAPOLIS Gilmer State Bank, nonmember 50, 000 Dec. 6 i First National Bank, Fessenden, N. Dak 25,000 Consolidated under charter and title of First Security State Bank, Bowdon, N. Dak., non- National Bank 100,000 member 15,000 Dec. 151 First National Bank, Quit-man, Tex 50, 000 Consolidated under charter and title of First First National Bank, Hawkins, Tex 30, 000 National Bank, Fessenden, N. Dak._ -__ _ 25, 000 Consolidated under charter and title of First Dec. 201 First National Bank, Petersburg, N. Dak 25, 000 National Bank, Quitman, Tex 50, 000 Farmers State Bank, nonmember 10,000 Dec. 17 i Pittsburg National Bank, Pittsburg, Tex.. 50, 000 Consolidated under new charter and title of First National Bank 100, 000 Citizens State Bank of Petersburg, non- Consolidated under charter and title of Pittsmember 35, 000 burg National Bank 50, 000 Dec. 23 First National Bank, Chisholm, Minn 100,000 Dec. 201 Swenson National Bank, Swenson, Tex 25, 000 Chisholm State Bank, nonmember 25, 000 Absorbed by First National Bank, Asper- Consolidated under charter and title of First mont, Tex., First National Bank, Jayton, National Bank . __ _ _ 100, 000 Tex., and the Peacock Bank, Peacock, Tex., Dec. 22 First National Bank, Manistique, Mich__ _._ _ . 100, 000 nonmember. Succeeded by First National Bank in Manisti- Dec. 22 Citizens National Bank, Brownwood, Tex 100, 000 que., _ . 50,000 Coggin National Bank 100, 000 Dec. 31 First National Bank, Forest Lake, Minn 25, 000 Consolidated under charter and title of Citi- Forest Lake State Bank, nonmember 25, 000 zens National Bank 100,000 Consolidated under charter and title of Forest Dec. 23 Moore National Bank, Moore, Tex 25,000 Lake State Bank, nonmember. _.. ... 25. 000 Pearsall National Bank, Pearsall, Tex 75, 000 Jan. 3 Southern Montana Bank, Ennis, Mont _. 25, 000 Consolidated under charter and title of Pear- | Succeeded by Madison Valley Bank, non- sail National Bank i 75, 000 member. Dec. 27 Commercial National Bank, Jefferson, Tex 25, 000 Jan. 5 Northwestern National Bank, Madison, S. Dak 50. 000 Jefferson State Bank, nonmember j 50,000 Primary organization. Consolidated under charter and title of Jeffer- Jan. 6 First National Bank of Pavnesville, Minn 25, 000 son State Bank, nonmember 50,000 Succeeded by First National Bank in Paynes- Dec. 29 Citizens National Bank, Oodley, Tex | 25,000 ville Cleburne State Bank, Cleburne, Tex., nonmember.i 100,000 Jan. 3 National Bank of Adrian. Adrian, Minn... 25, 000 Consolidated under charter and title of Cle- | Adrian State Bank, nonmember.- _._ . . .__ . 40,000 burne State Bank, Cleburne, Tex., non- Consolidated under charter and title of Adrian member 100,000 State Bank, nonmember 40, 000 Dec. 29 Continental Bank & Trust Co., Shreveport, La., Jan. 12 Home National Bank, Dell Iiapids, S. Dak 50. 000 mem her 300,000 New First National Bank 25, 000 Succeeded by Continental Trust & Savings Consolidated under charter and title of New Bank, nonmember. First National Bank 25, 000 Dec. 30 First National Bank, Gainesville, Tex 250,000 Lindsay National Bank 200,000 DISTRICT NO. 10—KANSAS CITY Consolidated under charter of Lindsay Na- Dec. 5 1 Citizens National Bank, Allen, Kans 200, 000 tional Bank and title of First National Bank.. 200,000 State Bank of Allen, nonmember _ ___ _ 11, 000 Dec. 31 Stamford State Bank, Stamford, Tex., nonmember- 50,000 Consolidated under charter and title of Citi- First State Bank, member 100,000 zens National Bank 200, 000 Consolidated under charter and title of Stam- Dec. L51 First National Bank, Olathe, Colo 25, 000 ford State Bank, which was admitted to Olathe State Bank, nonmember _ 50, 000 membership 50,000 Consolidated under charter and title of First Dec, 31 Dallas National Bank, Dallas, Tex 500,000 National Bank 25, 000 Dallas Bank & Trust Co., nonmember 1,000,000 Dec. 22 Limon National Bank, Limon, Colo 30, 000 Consolidated under charter and title of Dallas First National Bank, Genoa, Colo. _ . _ _ 25, 000 Bank & Trust Co., which was admitted to Consolidated under charter and title of Limon membership 1.000,000 National Bank, Limon, Colo _ .. _ . ___ 30,000 Dec. 31 First National Bank, Antlers, Okla 100,000 Dec. 23 First National Bank, Peabodv, Kans.. .. 50,000 Converted to First State Bank, nonmember. Peabody State Bank, nonmember 75, 000 Dec. 31 Farmers National Bank, Seymour, Tex 50,000 Consolidated under charter and title of Pea- First State Bank, Bomarton, Tex., nonmember... 20,000 body State Bank, nonmember. 75, 000 Consolidated under charter and title of Farm- Dec. 31 Hastings National Bank, Hastings, Nebr 100, 000 ers National Bank 50,000 Conversion of State Bank of Hastings, non- Dec. 31 East Texas National Bank, Palestine, Tex 150,000 member. Neches State Bank, Neches, Tex., nonmember 20,000 Consolidated under charter and title of East DISTRICT NO. 11—DALLAS Texas National Bank 150,000 Nov. 211 Citizens National Bank, Marlin, Tex.. ... ... 100, 000 First National Bank, Italy, Tex 50,000 Marlin National Bank _. . . 100, 000 Farmers National Bank 40,000 Consolidated under charter and title of Marlin Consolidated under charter and title of First National Bank. . _ 100,000 National Bank. 50,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
98 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 CHANGES IN MEMBERSHIP—Continued CHANGES IN MEMBERSHIP—Continued CHANGES CHANGES Date ("Consolidations" shown below include "absorp- Capital Date ! ("Consolidations" shown below include "absorp- Capital tions," "mergers," etc.) tions," "mergers," etc.) DISTRICT NO. 11—DALLAS—Continued DISTRICT NO. 12—SAN FRANCISCO—Continued Jan. 2 Piano National Bank, Piano, Tex $65,000 Dec. 31 First National Bank, Hillyard, Spokane, Wash... $25,000 Farmers National Bank _ 60,000 United Hillyard Bank, nonmember- 150,000 Consolidated under new charter and title of Consolidated under charter and title of United First National Bank 50,000 Hillyard Bank, nonmember 150,000 Jan. 2 Citizens National Bank of Waxahachie, Tex 200,000 Jan. 17 Continental National Bank, Salt Lake City, Utah, Succeeded by Citizens National Bank in Wax- title changed to Continental National Bank & ahachie _ _ 150,000 Trust Co. Jan. 3 American National Bank, Honey Grove, Tex 100,000 First National Bank 50,000 Consolidated under charter and title of First Fiduciary Powers Granted to National Banks National Bank _ 50,000 Jan. 10 Citizens National Bank of Saint Jo, Tex_ 25,000 Succeeded by Citizens National Bank in During the month ended January 21, 1931, the Jan. 10 Alvord S a N in a t t i J o o n . al Bank, Alvord, Tex 50, 000 Federal Reserve Board approved applications of the First National Bank 25, 000 national banks listed below for permission to exercise Consolidated under charter and title of Alvord one or more of the fiduciary powers named in section 11 National Bank _ 50.000 (k) of the Federal reserve act as amended, as follows: Jan. 15 First National Bank, Josephine, Tex ... 30,000 First National Bank, Nevada, Tex. 25,000 (1) Trustee; (2) executor; (3) administrator; (4) reg- Consolidated under charter and title of First istrar of stocks and bonds; (5) guardian of estates; (6) National Bank, Nevada, Tex 25,000 assignee; (7) receiver; (8) committee of estates of Jan. 16 Security National Bank, Collinsville, Tex 25,000 Whitesboro National Bank, Whitesboro, Tex 50, 000 lunatics; (9) in any other fiduciary capacity in which Consolidated under charter and title of Whites- State banks, trust companies, or other corporations boro National Bank 50,000 which come into competition with national banks are permitted to act under the laws of the State in which DISTRICT NO. 12—SAN FRANCISCO the national bank is located. Pec. 14 Arizona Central Bank, Flagstaff, Ariz., nonmember _ „.!. 500,000 First National Bank 50,000 Consolidated under charter and title of Ari- Dis- Powers zona Central Bank nonmember 500,000 Location trict Name of bank granted Dec. 22 W. G. Jenkins & Co., M ackay, Idaho, member 25,000 No. Voluntary withdrawal from membership. Dec. 26 Farmers National Bank, Colfax, Wash 100,000 Elberton State Bank, Elberton, Wash., nonmem- Brockton, Mass 1 Home National Bank 6 to 9.i ber 10,000 Gulfport, Miss 6 First National Bank... 9.i Consolidated under charter and title of Farm- Bloomington, Ind 7 Bloomington National Bank.. 1 to 9. ers National Bank, Colfax, Wash 100,000 Luxenburg, Mo 8 Lafayette National Bank & Ito9. boro National Bank 50,000 Trust Co. Dec. 30 Citizens Savings Bank, Pasadena, Calif., member, title changed to Citizens Commercial Trust & Savings Bank. 1 Supplementary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
99 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN BANK LOANS AND INVESTMENTS, PERCENT- MEMBERSHIP IN PAR COLLECTION SYSTEM AGE DISTRIBUTION [Number of banks at end of December] [Figures for Sept. 24, 1930—latest date for which comprehensive data are available] Member banks Nonmember banks Total loans and investments On par list Not on par list Number of banks 1930 1929 Amount Percent- (millions age dis- 1930 1929 1930 1929 of dollars) tribution All banks in the United States i 23, 590 57,590 i 100 United States. 8,052 8,522 10,956 12, 045 3,437 3,754 Boston 396 404 260 271 Member banks—total 8,246 35,472 ! 62 New York 914 931 395 404 City banks (62 cities)—total Philadelphia 753 764 451 476 Central reserve city banks: i Cleveland 757 795 936 991 9 9 New York City ! 52 8,557 15 Richmond 471 514 523 577 441 546 Chicago •' 16 1,934 3 Atlanta 390 428 186 254 862 926 Reserve city banks: j Chicago 1,081 1,186 3,200 3,485 238 229 New York City i 12 61 St. Louis 513 571 1,404 1,670 417 477 Chicago I 37 175 Minneapolis __ 642 683 497 582 1,007 1,101 Other F. R. bank cities(10 cities). 108 5,732 10 Kansas City 871 893 1,917 2,096 191 197 F. R. branch cities (25 cities).... 163 4,763 8 Dallas 684 746 572 605 211 207 Other reserve cities (25) cities). 101 1,307 2 San Francisco 581 607 615 634 61 62 Country banks2 _.; 7,757 12,944 22 Nonmember banks J 15,344 22,118 38 Figures cover all incorporated banks (other than mutual savings banks). 1 Includes national banks, State commercial banks and trust com- NONMEMBER BANKS *—BILLS PAYABLE AND panies, mutual and stock savings banks, and all private banks under State supervision. REDISCOUNTS, 1923-1930 2 Includes certain outlying banks in reserve cities. [In millions of dollars. Back figures not available on comparable basis] FEDERAL RESERVE BANKS—MATURITY DIS- Bills Bills TRIBUTION OF BILLS AND SHORT-TERM payable payable SECURITIES Date and re- Date and rediscounts discounts [In thousands of dollars] Total W i d n a i y t 1 h s 5 - [1 d 6 a t y o s 3 0 3 d 1 a y to s 60 j 1 6 d 1 a y to s 909 m 1 t o o d n a 6 t y h s s m O o v n er t h 6 s 1 1 9 9 2 2 3 4 - - D J M u e a n c r e . . 3 3 3 1 0 1 4 3 3 5 1 4 0 5 4 1 1 1 9 9 2 2 7 8 - - O F D e c e b t c . . . 1 2 3 0 8 1 2 2 2 7 3 0 6 0 8 Oct. 10 337 ! June 30 351 Bills discounted: Dec. 31 339 Oct. 3 347 Jan. 7 1292,385 203,724 21,889 31,489 22,799 11, 287 1,197 1925—Apr. v 326 Dec. 31 350 Jan. 14 1243,340 156,008 20,661 31,647; 21,755 11, 787 1, 482 Jure 30 361 i 1929-Mar. 27 354 Jan. 21 '229,885147,597| 19,316 29,716 20,414 11,250 1, 592 Sept. 28 352 June 29 399 Jan. 28 215,13' 131,600j 18,931 30,584 21,021 10, 924 2,077 Dec. 31 372 Oct. 4 363 Bills bought in 1926-Apr. 12 350 Dec. 31 359 open market: June 30 398 | 1930—Mar. 27 287 J Ja a n n . . 1 7 4 2 1 6 9 5 6 , ,1 4 8 56 0 1 1 0 4 2 1 , 5; 3 6 7 0 , , 3 9 5 3 5 1 3 2 4 4 , , 4 8 3 5 4 8 2 2 9 7 , , 7 9 2 2 2 9 954 1927— D M ec a . r. 3 2 1 3 3 2 2 5 4 9 J S u e n p e t . 3 2 0 4 2 2 8 4 7 7 Jan. 21 151,625 27, 266 21, 502 29,926 1,242 June 30 275 1 Jan.28 120, 241 17, 745 32, 927 23, 341 856 Certificates and bills: i Includes all banks (including mutual savings banks) in the conti- Jan. 7 342,55C 24,182 _. 111,430 206, 938 nental United States that are not members of the Federal-reserve system Jan. 14 1349,459 26,107; 111,431 211,921 (15,344 banks on Sept. 24, 1930, with total loans and investments of Jan. 21 1346,507 26,107 122,969 197,431 $22,118,000,000). Jan. 28 ;336, 762 25, 607 122, 070189, 085 Municipal war- | RESERVE BANK CREDIT AND FACTORS IN rants: CHANGES (WEDNESDAY SERIES) Jan. 7 858 169 32; 654 [In millions of dollars] KIND OF MONEY IN CIRCULATION 1930 1931 [End of month figures. In thousands of dollars] Dec. Dec. Jan. Jan. Jan. Jan. 1930 1931 24 31 7 14 28 i Oct. 31 Nov. 30 Dec. 31 Jan. 31» B B i i l l l l s s b d o is u c g o h u t nted _. 4 2 4 6 8 0 j 2 36 5 4 1 2 2 9 6 2 5 2 1 4 9 3 6 2 1 3 5 0 2 2 1 1 2 5 0 United States securities. _ . 642 729 659 644 625 610 Gold coin i 350,226 350,931 368,379 357, 691 Other reserve bank credit.. 75 29 31 27 14 10 Gold certificates j 1,019, 584 1,075, 770 1,117,630 1,055, 714 Standard silver dollars ! 37, 312 37,087 36, 777 35, 051 Total reserve bank credit i_. 1, 425 1, 373 1,248 1,111 1,020 956 Silver certificates i 391,366 400,104 403,906 371, 829 Monetary gold stock 4,589 4,593 4,602 4,625 4,631 4,637 T Su re b a s s id u i r a y r y n o s t i e l s v e o r f . . 1 _ 8 90 l | 281 1 , , 1 2 3 5 5 0 281 1 , , 2 2 4 2 8 1 28 1 1 , , 2 1 4 3 8 3 26 1 9 , , 2 8 4 4 5 3 Treasury currency adjusted. 1, 775 1,798 1,784 1,781 1,787 1,781 Minor coin ' 117,859 118,227 118,740 116,273 Money in circulation 5,014 4,889 4,649 4,593 4,544 United States notes i 300,032 304,407 295, 515 288, 971 Member bank reserve bal- 4,782 Federal reserve notes j 1, 349,940 1,440,003 1, 640, 537 1, 470, 213 ances 2,367 2,471 2,464 2,441 2,425 Federal reserve bank notes. I 3,032 3,064 3,041 3,020 Unexpended capital funds, 2,444 National bank notes ; 640,818 648, 252 623, 218 640, 030 nonmember deposits, etc. 408 404 404 404 405 409 Total ! 4,492,604 4,660,315 4,890,123 ! 4,609,881 1 Averages of daily figures for week ending on Wednesday as follows (in millions of dollars): Dec. 24—1,338; Dec. 31—1,399; Jan. 7-1,355; Preliminary. Jan. 14—1,175; Jan. 21—1,064; Jan. 28—991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
100 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 MEMBER BANKS IN SMALLER CENTERS—DEPOSITS IN 1929-30, BY DISTRICTS [All member banks in places having a population under 15,000 (1920 census). Averages of daily figures. In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Month de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time 1929 January 124,953 177, 732 351,913 641, 275 218,084 466, 258 264,529 390,980 160,537 256, 848 154,087 139, 613 February 121,962 179,799 346,702 639, 827 214,428 466, 287 266,807 395,723 158,693 257, 238 156, 244 141,307 March 119,423 179,692 I 339,100 641,893 215,129 252,431 392,970 156,189 257,402 157, 618 141,472 April 120,485 179,089 339,108 639,455 213, 659 467, 549 250,963 389, 699 157,128 253, 291 155,123 140,166 May 120,644 179,960 350,783 638,001 209,533 466, 272 247,144 389,447 148,927 251,056 143, 595 137, 720 June 122,126 178,461 357,031 639, 958 211,661 463, 669 246,919 388,153 145,514 243,529 133, 503 137, 241 July 126,786 178,480 366, 266 642, 684 214, 243 462, 111 255, 613 387, 684 145,779 245,714 123,032 133,007 August 130.394 180,702 373, 875 646, 774 215,466 462, 562 256, 732 387, 753 145,978 248,418 120,815 129,352 September... 135,047 181,308 371, 251 650,028 221,944 462, 236 255,861 384, 507 148,940 246, 533 127, 619 129,007 October 136,400 181, 690 373,433 658, 007 222, 229 460, 701 254,855 384,679 153,189 244,969 129,606 125, 610 November... 131.395 180,046 351,151 637,935 214, 204 455, 962 247,823 387,338 153, 229 243, 659 134, 884 128,139 December. . 125,161 177,832 343,010 630, 854 210,086 448,707 240, 654 381,385 153,730 241,372 132, 981 127,960 1930 January 121, 774 178, 611 335, 789 634,120 203, 301 453,938 237,493 374,352 146,387 241, 220 143, 726 129,093 February 117,922 180, 249 330,968 633,919 200,099 455, 700 240, 725 375,690 j148,157 242,345 143,017 128,381 March 115,710 181,461 324,047 637,359 199,642 456,872 235,309 376,856 144,463 240, 254 147,158 126,258 April 118,991 182, 595 333,411 641,252 199,970 457,421 232,864 380, 887 143,373 238,531 135,399 122,163 May 118,523 182,397 336,118 640,476 197, 080 457, 283 227, 360 379, 641 138,382 234,195 139,997 129, 502 June 118, 629 181,978 348,344 639,801 200, 520 456,744 227,186 383,963 132,938 234,371 118,515 126,401 July 124,183 184,113 354, 330 648, 620 201,113 461,453 235,589 382,498 129,982 233,432 115,813 121,459 August 125,227 184, 556 358, 739 654,141 201,903 463, 260 233,195 373,538 127,305 232, 655 111,018 120, 314 September.. 128,128 184,859 354, 686 657,584 205, 854 463,954 229, 539 370,979 130, 357 233,097 112, 471 123,179 October 128,007 184, 660 346, 764 658, 774 204, 783 465,960 224,725 368,657 133,517 231,900 114,094 119,328 November.. 123, 797 184, 691 338,183 655, 786 200, 708 464,229 215,436 367,058 133,298 230,459 115,971 121,185 December.. 117, 270 182,618 324, 517 643,139 198,739 458, 025 210, 314 362, 289 127,166 222, 552 115,343 115, 548 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Month Net Net Net Net Net Net demand Time demand Time demand llrne ! demand Time demand Time demand Time 1929 January 318.002 460,005 175, 562 159, 594 189,009 273,186 344, 515 169, 6C0 353, 580 63,808 225, 670 178,320 February 325,437 459, 229 170, 892 160, 797 185,442 275,089 i331,753 163,944 345, 758 59, 593 218,327 181,136 March 329,459 458, 496 170,136 158,436 186,095 274, 736 328, 570 159, 827 329,771 60,105 218, 559 181,340 April 327,551 455, 499 170, 644 158, 924 183,025 275,094 !318,093 163, 072 315,138 62,423 216, 697 177,564 May 328,293 '455, 216 172,901 158, 854 179,445 272,008 i307, 313 160.847 301, 558 61, 636 217,187 180, 250 June 322, 316 454, 546 168, 713 157,076 180,122 270,358 |305,916 162,156 292,896 61,190 217, 747 179,303 July 320, 726 456, 384 i65, 257 157, 279 178, 075 270,105 '319,458 162,953 291,093 61,211 217,909 178, 532 August 319, 679 454, 752 162, 370 156, 789 179, 052 268,805 i 163,010 285,224 58, 544 217,415 176,882 September..- 319,159 452, 576 164, 235 156,493 185,883 267,584 '316,994 162, 747 300, 796 60,449 225,359 178, 955 October 313, 359 449,365 169,927 156,124 189, 509 265,063! 331,158 165, 204 313,186 60,905 231,523 177,107 November. _. 300,241 445, 696 168, 844 155, 287 186,807 263,726 i318,609 157,898 313,030 60,018 231,959 175,844 December. __ 292, 638 440.198 165,178 153,009 183, 354 262,128 '315, 462 155.848 307, 228 58, 651 223,437 172,318 1930 January 293,144 437, 557 165,871 154, 543 177,454 262,246 |312, 069 157,000 301, 243 60, 293 212, 533 173,896 February 295,305 436,143 162,466 149,681 173,941 264,103 '306,596 158,245 301,606 60,122 203,992 174,421 March 301,932 432,820 159,128 153, 341 174,157 264, 070 302,197 158, 686 284,436 59, 744 200,412 173,298 April 302,089 432,149 159, 269 151, 564 172, 220 264,115 294,106 157, 331 271,895 59,043 200,822 172,134 May 301,458 430, 394 160, 372 151,156 168, 665 262, 629 289,897 161,419 267, 732 58, 766 201, 533 171,403 June 292,851 428, 206 156, 074 150, 329 170, 366 261, 523 287, 683 156, 962 258,797 58,103 203,186 172,854 July 284, 778 422, 083 150,491 150,332 163, 422 260, 312 289,121 160,125 248,238 57,884 198, 209 174, 055 August 284,353 422,780 146,383 150.062 158, 628 260,283 286,086 159, 678 243,932 59,024 195,826 173,374 September... 279,970 422, 540 143, 590 149,883 162, 273 260,124 282,335 158,253 250, 654 57,198 198, 224 173, 652 October 274,181 421, 599 142, 762 148, 657 163,219 257, 689 279, 258 159, 214 251, 338 54,967 198,385 172, 583 November. _. 266,936 419, 326 141,013 146, 357 165,853 256, 766 279,418 157,363 247, 694 55,141 19/, 731 168, 539 December... 256,438 413,148 131,113 138,001 160,436 254, 610 274,455 155,135 239,173 53, 572 189, 747 166, 737 Back figures.—For figures back to April, 1923 (on single date basis, not averages of daily figures), see Annual Reports for 1928 (Table 94) and 1927 (Table 88); also BULLETIN for December, 1927, p. 924, and currently during period January, 1928-January, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 101 MEMBER BANKS IN SMALLER CENTERS—DEPOSITS IN 1929, BY STATES [Member banks in places having population (1920 census) of less than 15,000. In thousands of dollars] New England Month (1929) Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut de N m e a t nd Time d N em et and Time de N m e a t nd Time de N m e a t nd Time Time January 16,863 66, 370 21,418 14, 039 15, 759 38, 720 ; 49,112 43, 221 23, 781 18, 336 February:. 16,441 66, 904 20, 878 14,179 15, 046 39,294 : 48, 314 43, 625 22, 828 18, 765 March 16, 330 66, 796 20, 012 14, 461 14,631 39,108 : 47, 352 43, 855 22, 617 18, 490 April 16, 453 66, 336 20, 300 14, 635 15,268 38,994 ; 47, 091 43, 706 22, 794 18, 388 May 16,454 66, 465 20,113 14,420 15, 034 39, 618 ; 47i 313 44,122 23,198 18, 250 June 16, 454 65, 899 20, 005 13,441 15,135 ! 39,653 ; 49, 029 44, 333 22, 973 18, 022 July 17, 635 64, 968 21,417 14, 373 16,445 | 39,406 i 49, 513 44, 589 23,455 17, 986 August 18, 489 66, 025 22, 732 14, 925 16,660 i 39,480 51, 211 45,010 23, 056 18,124 September. 20,011 65, 958 23, 478 15,011 16,884 j 39,904 i 53, 224 45,193 23, 484 18,109 October 20, 326 66, 224 22, 792 14,974 16,847 39,443 54, 540 45, 218 24, 229 18, 644 November. 18,821 66, 232 21,354 14, 676 15,787 i 39,621 ! 54, 447 44, 691 23, 264 17, 525 December _ 18, 068 65, 862 21, 275 14, 238 15,080 i 39,750 '. 50, 578 43, 427 22,139 17, 236 Middle Atlantic East North Central New York New Jersey Pennsylvania Ohio Indiana ; Illinois i de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time | Time j Time January 224,098 446, 099 171, 677 258,094 275, 332 614,107 119,035 132, 514 59,385 58, 467 146, 255 167, 220 February j 222,297 444, 501 167,721 258, 427 269, 008 616, 286 124, 209 135, 057 57,244 I 57, 634 146, 747 170, 299 March ' 219,740 447,152 161, 698 257, 966 269, 235 616, 639 112,871 133,691 55, 617 j 57, 285 148, 539 164, 255 April I 224,127 443, 258 156,548 259, 083 268, 443 616, 108 i113, 604 130, 433 56,169 ! 56,181 151, 952 166, 021 May 235, 625 441,155 156, 330 259, 574 264, 450 615,854 I111,456 129, 420 61.111 j 56,316 159,490 166, 590 June ! 232.205 442, 592 168, 717 259, 652 265, 233 613,386 110, 527 128, 805 59,813 !- 56,173 155, 545 165, 012 July 1 243,275 444, 044 167, 890 261, 677 267, 094 610,914 118,255 128,458 I 57,922 I 56, 417 j 151,861 165, 969 August : 248,588 445, 614 171,223 265,133 266, 524 608, 702 120, 486 130,471 ! 58,859 ' 55, 905S 150,862 165, 861 September ' 245, 394 447, 205 172, 560 267,113 274, 425 605, 360 116,897 130,088 58.598 ! 55, 267 i 149,593 165, 748 October ! 249,492 455, 035 168, 393 267, 309 280, 562 607, 410 113, 513 127,984 •57,863 : 54, 979 143,969 164,168 November i 230,731 437, 787 162,542 263, 523 271,093 602, 905 111,095 131,818 i 60,750 j 54, 542 137,480 162, 785 December ' 220,185 433, 230 165, 798 259, 255 263, 543 593, 652 105, 484 129, 872 58, 802 54, 096 134, 569 160, 966 East North Central—Continued West North Central Michigan Wisconsin Minnesota Iowa Missouri North Dakota dem Ne a t n d ! | de N m e a t nd Time demand : Time : de SL Time L^Li de N m e a t nd Time j... January 83,670 ' 195, 202 44, 125 96, 244 60, 070 110,222 ! 78, 476 91, 864 42, 880 27, 481 29,371 34, 589 February 86, 896 196,579 45, 646 96, 828 59, 279 111,535 ' 81,698 89, 556 42, 614 27, 423 28, 466 34, 780 March 85, 660 196, 020 49, 105 96, 799 59, 955 111,773 ; 83,201 88, 870 41, 372 27, 485 29, 385 34, 544 April 83, 305 195, 424 48', 067 96, 509 58, 644 112,720 ' 83, 023 88, 775 40, 624 27, 444 28, 808 34, 530 May 80, 619 195, 397 46, 841 96, 281 58, 455 110, 642 78, 973 88, 506 40, 695 27, 339 27, 041 33, 931 J J u u l n y e 7 8 9 0, , 9 6 8 6 9 1 1 1 9 9 5 6 . , 0 0 1 5 1 9 4 47 6 , , 7 2 2 3 -5 f 1 9 9 5 5 , , 0 1 7 6 2 1 6 6 0 1 . ,9 2 2 3 4 2 1 1 1 1 0 0 , , 3 1 8 2 1 9 ' ; 7 7 6 6 , , 3 8 0 4 1 9 8 8 9 8 , , 0 5 3 0 6 0 4 1 0 0 , , 3 7 0 4 0 1 2 27 8 , , 8 0 7 1 7 9 2 2 5 5 , , 6 7 6 2 3 S 3 3 3 3 , , 2 3 5 9 0 4 August 81, 663 195,700 45, 825 94, 663 59j231 iO9, 917 . 76, 823 88, 529 40, 948 27, 922 26, 825 33, 494 September 82, 462 194, 935 46, ON 94, 461 59, 885 109,584 i 77, 002 87, 901 41, 069 27, 761 30, 835 33, 229 October 79, 537 194.429 44, 866 94, 661 59, 882 108,514 i 78, 422 85, 948 40, 710 27, 713 33, 310 32, 770 November 74,556 193, 342 42, 673 94, 592 60, 8k9 107,639 , 72, 704 84, 470 40, 452 27, 597 30, 638 33, 099 December 72, 165 191,290 41, 592 93, 329 60, 793 107,458 i 71,419 83, 316 38, 982 26, 804 29,279 32, 287 West North Central—Continued South Atlantic South Dakota Nebraska Kansas Delaware Maryland Virginia de > m 'e a t n d • ! Time de N m e a t nd ; ; Time de N m e a t nd ! Time ! de N m e a t nd i I Time ! i de N m e a t n d ; ! Time January ! 32,112 30,47: 684 i 34, 752 j 100,225 I 43, 392 3,403 10, 248 23,358 | 62,401 i 44,520 . 79, 953 February ; 31,838' 30,452 406 i 34,456 : 91,917 ! 38, 125 3,332 : 10,193 ! 22,883 j 62,704 i 43,370 I 80, 494 March 3u, 046 30,254 934 1 34,065 I 88,730 ! 36, 291 3,476 ' 10, 3S6I 22,550 ' 63,020 ! 42,429 : 80, 648 April j 31,741 1.9,837 369 1 34,361 I 87,681 ! 37,414 3,349 10, 362I 22,583 63,546 : 41,829 ; 80, 242 May 32,039 29,786 576 34,613 84,528 ! 37, 334 3, 302 10, 321I 21,527 . 61, 150 I 41,340 ' 79, 699 June 31,Oi8 i 29,91)0 012 ; 35, 015 85, 159 36, 968 3,217 i 10, 037 22,403 ! 61,207 ! 40, 875 76, 584 July ! 31,577 30,101 882 ' 35, 449 96,480 i 37, 088 3,655 ' 10,072 23, 947 60,388 ! 41,471 80, 045 August ! 32.184! 30,348 ()-r0 35,819 !' 95,372 37, 121 i 3,775 • 10, 053 24, 763 61,899 41,754 , 79, 847 September ! 33', 449 j 30,197 Ki9 ; 35,762 92,818 j 36,973 ! 3,858 ! 10, 057 25, 100 62,169 . 43,064 • 79, 529 October I 33,576! 29,837 368 35, 448 89,631 ' 36,968 I 3, 146 8, 860 25, 949 62,333 • 45,469 ; 79, 364 November 33,991 ! 29,447 468 j 34,812 84.23L 36,418 ! 2,999 ! 8,725 24, 366 62,283 ! 45,007 79, 202 December 32,713' 29,196 897 i 34, 184 85,563 ' 35.736 I 2,858 ! 8, 648 23, 533 61,498 I 46,026 78, 802 Back figures—-For similar figures for a single date in each month from 1923 to 1928 see bulletins as follows: 1927, December, pp. 873 and 886-925* 1928, January, p. 99; February, p. 161; March, p. 222; April, p. 295; May, p. 361: June, p. 435; July, p. 530; August, p. 606; September, p. 668; October, p. 725; November, p. 818; December, p. 871: and. 19-9, January, p. 50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
102 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 MEMBER BANKS IN SMALLER CENTERS—DEPOSITS IN 1929, BY STATES—Continued [Banks in places having population (1920 census) of less than 15,000, in thousands of dollars] East South South Atlantic—Continued Central Month West Virginia North Carolina j South Carolina Georgia Florida Kentucky de N m e a t nd Time de N m e a t nd Time ! de N m e a t nd Time ! I de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time January... 37, 233 50, 091 43, 062 46, 241 16, 545 24, 550 27, 878 24, 563 35. 698 33, 243 57, 841 48, 695 February.. 39, 303 50, 293 41,921 46,077 15,477 24, 062 26,441 24,135 38. 802 33, 757 58, 608 48. 517 March 39,119 50,186 40, 507 45, 715 15,854 24, 203 26, 560 23,802 40,949 33,344 55, 729 49,606 April 39, 314 40,875 42, 950 44, 651 14, 856 24, 291 27, 900 23, 600 38, 700 33, 400 52,490 49, 502 May 38, 262 49, 604 38,182 42,964 13, 887 23, 903 23, 946 23,240 35, 715 30, 044 49, 953 49,644 June 38, 014 49, 093 35, 879 42, 679 12, 671 20,136 22,876 23,179 31,638 31,456 48, 611 49,486 July 38, 542 49,109 34, 509 39, 976 11,631 22, 357 22, 098 22, 027 26, 691 28,136 48, 694 49, 535 August 38,600 48, 813 33, 551 42, 028 11, 530 21,982 I23,176 22, 955 22, 648 24,224 47, 910 49, 312 September. 37, 752 48, 459 34,496 40, 871 12, 764 21,674 25, 303 22, 780 22, 787 23, 785 48,140 48,985 October 37,137 48, 255 34, 951 39, 418 13, 751 21, 731 25,054 22, 011 23, 308 23, 964 47,219 48, 773 November. 36,903 47, 762 37,169 38, 926 13, 805 21, 542 27, 083 22,463 26,120 23, 400 46, 212 48,427 December. 39, 061 46, 928 35,995 38, 648 13,413 21,439 26,859 21, 743 26, 585 23,847 48, 962 48,113 East South Central—Continued West South Central Tennessee Alabama Mississippi Arkansas Louisiana Oklahoma Net i Net Net I Net Net demand Time demand Time Time i demand Time demand Time demand r January... 28,473 31,639 36, 852 29,128 26,866 19,817 i 36,934 23,599 21,392 12,427 121,143 38,089' February.. 28,971 32,110 ,35,815 29,175 29, 037 20,324 I33, 886 22, 281 20, 790 13,422 Ii7, 565 39,622 March 29, 083 33,151 I35.879 28,614 28,144 20,727 35,474 24, 059 19,971 13, 514 116,211 39, 721 April 28,073 30,892 i36,195 29, 332 26, 328 20,646 35, 770 23, 754 20,268 13,811 110, 319 38,998- May 27, 565 31, 612 32, 509 28, 750 24, 289 20,627 I35, 798 23,306 20, 383 14,404 105, 345 38, 788 June 26,903 •30,434 28,671 28, 693 23,267 I20,491 i35,382 22.918 19,858 14, 006 104, 687 38, 947 July 27,145 30,446 24,412 28,306 22,546 !20,244 !34,344 22,382 19,278 14,813 107,175 39, 201 August 26, 514 30, 601 26,492 28, 262 21,029 I20,034 j31,859 22,269 19,427 14,105 103,184 39,461 September. 26, 758 30, 367 29,053 23,022 i 19,949 !32,084 22,241 21,031 14,325 104, 072 39,882 October. _. 25,491 28, 350 32.880 28,129 25,520 19,906 I37,203 22,275 21,483 14,193 110, 877 38, 778 November. 27,084 30,086 32,548 28, 349 25,301 I20,416 38,045 22,412 22, 032 14,585 112,319 37,637 December. 27,231 30, 513 31,046 28, 069 24,732 j20,459 j36,020 21.919 20, 345 14,453 109,990 37,075 Wrest South Central—Contd. Mountain Texas Montana Idaho Wyoming Colorado New Mexico de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time January... 325,171 55, 295 38,411 32,041 24, 902 13, 792 23,199 16,024 44,260 32,040 19,744 5,062 February.. 317,846 50,613 36,122 32,252 23,017 13,858 21,860 16,126 43,129 30,336 18,829 5,215 March..... 302,621 51,070 34,951 31, 955 22,499 13,857 20, 575 16,137 45,069 28,338 17,873 5,236 April 287,098 53,266 34, 681 32,189 21, 992 14,046 19,983 15,906 44,114 31,140 17,372 5,191 May 273,487 I 52, 512 32,854 32,103 21,199 13, 991 19,042 13,967 41, 765 31,045 17,908 5,151 June 265,696 i 51, 967 33,156 31,936 21,288 13,879 18, 566 14,485 41,045 31, 630 17,938 5,119 July 264,189 51, 728 32, 719 31, 512 21.805 13, 782 19, 390 14,191 40,865 32,155 17,721 5,062 August 259,015 49,072 33,042 30,126 21, 339 13,801 19,339 14, 053 43, 635 31, 590 17,119 5,228 September. 274,484 51,091 33,886 29,904 22.806 13,683 19,625 13,999 43, 708 31, 235 16, 593 5,182- October... 286, 259 51, 659 36,087 29, 763 24, 517 13, 669 21,311 14,001 53, 736 34,984 16,590 5,078 November. 283,610 50,549 36,226 29,356 24, 779 13, 709 21,884 13,978 46, 588 30,197 18,393 5,106 December. 278,067 49,207 36,095 29,441 24,350 13, 721 21,293 14,071 44, 514 29, 933 19, 372 5,161 Mountain—C ontinued Pacific Arizona Utah Nevada Washington Oregon California Net Net Net Net Net demand Time demand Time demand Time demand Time demand Tim« deman d Tllime January 7,230 4,498 11,405 12,043 8,776 8,494 45,674 37,078 52,303 37,030 78,892 67,754 February __. 7,569 4,490 10,694 12,280 8,410 8,617 44,844 37,422 50,822 37,101 76,690 69, 749 March 7,677 4,572 10,341 12,433 8,364 8,717 47,963 37,062 50,185 36, 618 75, 523 70, 547 April 8,416 4,659 9,913 12,338 8,537 8,737 48,479 36,463 48, 792 33,833 75,363 69,998 May 8,422 4,550 9,852 12,254 8,698 8,652 46,788 36, 436 51,969 36, 762 75,401 70,175 June 7,652 4,292 9,830 12,248 9,188 47,945 36,008 51,331 36,379 75,396 70, 531 July... 6,870 4,603 9,216 12,082 9,332 8,621 46,991 35,974 51,685 36,250 76,311 69,996 August 6,618 4,457 8,658 12,199 9,274 8,550 46, 735 35,911 53,057 37,197 75, 732 67, 536 September.. 6,579 4,454 8,793 12,186 9,478 8,575 48,253 35,983 55,095 37,040 78,286 69, 797 October 6,402 4,384 9,913 11,984 9,692 8,590 48,424 35,814 55, 687 37,159 80,534 68,283 November.. 6,520 4,336 10,408 12,047 8,561 48,040 35,973 57,064 37, 511 79,159 66,425 December.. 6,428 4.320 11,264 11,461 9,636 8,512 46,811 35,801 54,129 36,899 74,348 64,33S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 103 MEMBER BANKS IN SMALLER CENTERS—DEPOSITS IN 1930, BY STATES [Banks in places having population (1920 census) of less than 15,000. In thousands of dollars] New England Month (1930) Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut de N m e a t nd Time I : de N m e a t n d | Time de N m e a t nd Time de N m e a t n d i i ; de N m e a t nd de N m e a t nd Time January... 17,485 66,433 I 20, 720 14,433 14,664 39, 705 48, 225 43, 628 938 22, 590 17,092 February.. 17,094 66,923 i 19. 873 14, 493 13, 776 39, 805 46, 995 44,156 946 21, 920 17, 592 March 17,009 67, 368 '19,480 14, 694 13,124 40,190 46,161 44, 507 940 21, 596 17,442 April 17,677 67, 690 19, 893 14, 822 13, 218 40, 538 47, 598 44, 872 929 22, 322 17, 371 May 17,911 67, 766 19,190 14, 822 13, 220 40,439 47, 404 44, 823 942 22, 674 17, 251 June 18, 095 67, 749 19, 229 14, 561 13, 578 39, 697 47, 345 45,133 979 22, 726 18,028 July 18, 855 69, 415 20, 616 14, 519 14, 671 39, 656 49, 297 45, 654 921 22, 646 17,605 August 18, 922 69, 442 21, 339 14, 618 14, 646 39, 600 50,169 45, 931 960 22, 039 17, 725 September. 19,471 69, 540 21, 976 14, 676 15,033 39. 816 51, 495 45, 938 946 22, 040 17. 688 October... 19,158 69, 645 21, 876 14, 805 15,166 39, 827 51, 279 45, 470 959 22, 652 17, 642 November. 18, 069 69, 387 20, 467 14. 810 14,484 39, 921 50, 989 45, 659 989 21, 624 17, 556 December . 17, 500 68, 981 20, 011 14, 442 13, 718 40, 002 46, 878 44, 561 921 20, 951 17, 286 Middle Atlantic East North Central New York New Jersey Pennsylvania Ohio Indiana Illinois ; i de N m e a t nd Time jdeSSnd Time de N m e a t nd Time de N m e a t n d j | jdeSL Time demand Time January. i 217, 659 433, 733 158, 928 263,454 253,091 594, 838 106, 645 124, 936 55,272 54, 544 134,152 160,979 February | 216, 698 432, 485 153, 926 264, 554 249, 753 597,049 111, 134 125, 723 I53, 684 50, 326 132, 771 158, 923 March ...I 212,129 434, 449 150, 498 266,181 249, 826 598, 521 107,982 126, 540 52, 388 53,169 134, 981 157, 661 April i 220,386 436, 989 150, 613 267, 589 251,492 599, 663 106, 825 129, 883 '52, 578 53, 220 139, 510 154, 822 May 221,892 436, 757 152, 236 267,120 249, 611 603, 397 101, 040 124, 556 i56, 632 52, 913 146, 277 154, 353 June __ 224,824 435, 303 165, 209 266, 990 249,165 602, 569 101, 370 129, 529 |54, 641 52, 866 143,194 153, 695 July _ 235,163 442, 408 161, 844 271, 037 247, 903 602, 837 111, 134 130, 318 !53,009 52, 917 138, 786 152, 798 August. 240,431 446,159 161, 959 272, 940 246, 959 601, 029 109,939 124, 729 !51, 917 53, 291 137, 226 152, 805 September. 236, 794 447, 289 161, 893 275, 957 251, 222 599, 677 105, 632 123,521 j50, 656 52, 766 134, 097 153, 807 October 231, 832 447, 428 157, 071 277, 585 254, 520 600, 075 98, 728 122,483 !50,183 52, 724 130,099 153,049 November.. 225. 570 445, 735 154, 623 276, 303 246, 015 599,009 94, 888 120,521 i53, 878 51, 962 126. 820 152, 793 December.. 210, 075 437,196 157, 631 270, 213 240, 584 592, 396 92, 286 118,933 I49,514 50, 811 119,619 147, 864 East North Central—Continued West North Central Michigan Wisconsin Minnesota Iowa Missouri North Dakota de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd i de NIN m ee a xt n , d Tliime de N m e a t nd iime January. _. 78, 580 189, 000 42, 011 93, 216 58,149 106,976 71, 505 83,167 ! 40,385 26, 887 27,143 32,858 February.. 79,480 189, 806 43,387 92, 679 57, 236 108,202 73,433 82, 502 |39,191 27, 008 25,964 32,901 March 80, 255 191, 038 47,846 92,433 57, 659 108,441 74, 708 80,874 I38, 275 27, 073 26, 675 32, 660 April 78, 918 46,398 92, 644 55, 943 108,268 74, 674 80, 756 |37, 597 26, 884 27, 044 32, 645 May 75,838 191,228 45, 251 92, 294 54,990 107, 628 70,385 80,567 i38, 070 27, 069 25,636 32,469 June 72,981 188, 705 44, 399 92, 083 58, 549 107,173 67, 684 80, 826 37, 640 27,197 24,537 32, 085 July 71,462 183, 701 44, 567 91, 770 56, 225 107,145 64, 562 80,882 37, 267 27, 448 23, 287 31, 877 August 73,608 183,917 43, 632 92, 051 53, 887 107,309 64,150 80, 547 37,209 27, 387 22, 689 31, 743 September. 72, 524 184,950 43, 201 91,576 54, 114 107,570 64,446 79,713 37, 775 27,364 25, 250 31, 488 October.... 68, 671 184,357 41, 549 92,125 53, 675 106,816 66, 358 78, 527 37, 572 27,127 26,844 30,870 November. 64, 720 183, 514 40,310 92,225 56,965 106, 054 62, 231 77, 467 37, 320 26, 528 25,851 30,440 December. 62, 706 181, 704 39, 414 91, 816 54,484 105, 830 59, 428 75,106 36, 700 25, 665 24, 560 29, 927 West North Central—Continued South Atlantic South Dakota Nebraska Kansas Delaware Maryland Virginia de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time de N m e a t nd Time January 31,758 29,381 46,478 34,939 87,691 35,924 2,879 20,796 60,225 44,664 80,104 February. . 31,448 29, 549 50,845 35, 527 84, 751 36, 033 2,862 8,713 22, 452 61,995 43,473 81,201 March 30, 764 29,276 53,329 36,403 79, 571 34, 074 2,795 8,764 22,150 62.098 42, 096 81,473 April 30,753 29,304 51, 422 36,875 78, 505 33,953 2,782 8,795 22,494 62,293 41,618 81,275 May 31,381 29,167 51, 574 37, 250 76, 403 33, 733 2,716 8,797 22, 062 61, 784 40,331 80,781 June 30, 612 29, 339 51,184 37,966 77,133 2.764 8,823 21, 680 61,913 39, 787 80,468 July _. 29,155 29,741 50,969 39,277 81,886 33, 740 2; 950 8,929 21, 758 61, 570 39,244 80, 741 August 28, 090 29,870 52,368 39,417 80,171 33,664 3,034 21, 545 61,423 38,180 80,400 September. 28, 519 29, 863 52,106 38, 695 78,146 33, 455 3,159 21,863 61,146 38, 949 79,995 October... 28,424 29, 597 50,101 39, 236 76,462 33,989 8, 104 9,007 22,109 61,098 39,989 79, 831 November. 29,527 29,162 48, 502 38, 657 74, 387 33,649 3,040 9,013 21,431 61, 161 39, 588 79, 338 December. 27, 822 28,345 48, 748 38,112 73, 747 32, 842 2,910 9,079 20, 212 60, 294 39, 802 77,992 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
104 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 MEMBER BANKS IN SMALLER CENTERS—DEPOSITS IN 1930, BY STATES—Continued [Banks in places having population (1920 census) of less than 15,000. In thousands of dollars] East South South Atlantic—Continued Central Month (1930) West Virginia North Carolina South Carolina Georgia Florida Kentucky de N m e a t nd Time de N m e a t nd Time Time i ! de N m e a t nd Time Time de N m e a t n d ! j Time I January 37,270 47,086 33,930 38, 709 21,002 25, 700 21, 780 24, 578 52,858 | 48, 561 February.-. 39, 988 47, 215 33, 680 38, 673 19,172 22,836 22,077 25,068 53,437 ! 48,996 March 39, 530 47,104 33,127 38, 261 17,11 8 24, 505 21, 664 25, < 05 50,808 : 48,909 April 39,839 47,039 32,252 36, 863 16,962 22, 652 21,183 23, 568 48,317 : 49,057 May 39, 236 46, 859 30, 934 36,144 14,476 22, 042 20, 929 26,131 45,604 : 49,180 June 37, 236 46,264 28, 971 36, 334 15,180 19,459 21,051 23, 379 44, 734 49, 329 July 36, 945 46, 091 27, 839 36, 347 14,482 18, 893 20, 537 21,814 43,455 49,231 August 36, 227 45, 988 27,350 36,357 14,328 19,061 20, 660 20, 396 42, 508 49,417 September . 37,005 46, 229 28,098 36, 375 15,211 19, 908 20,424 20, 751 41,776 49,166 October 35, 740 46, 354 30,234 36, 365 14.142 20, 381 20,052 20, 793 41,365 48, 875 November- 35, 225 46, 297 31, 797 35, 765 13, 758 20, 239 19, 746 20, 014 40, 534 48, 275 December. . 35,712 45, 617 26,1)63 31,309 13,105 20, 090 19,989 19,979 40, 756 46, ill9 East South Central—Continued West South Central Tennessee Alabama Mississippi Arkansas Louisiana Oklahoma de N m e a t nd Time de N m e a t nd Time I | de N m e a t nd Time de N m e a t nd Time ! | de N m e a t nd i Time de N m e a t nd Time January 27, 513 30, 647 33,288 30, 323 26,105 20, 742 34, 445 22, 174 20, 797 ,' 12, 472 104.252 I 36, 797 February--. 27, 774 31, 612 30, 216 27,334 i 27, 425 20, 903 32, 370 22, 083I 19,633 12, 559 100,046 37,199 March 28, 563 29,923 30,158 27,117 i 25, 622 20,914 31.270 21,845 I 18,147 11, 812 99,003 ' 38, 899 April '- 27, 817 30, 885 25, 576 25.142 ! 24, 588 20, 907 31, 741 21, 493I 17,805 11, 590 96,312 ; 37,465 May 28, 753 30,850 29,926 30,248 ! 22,914 20, 879 31,237 21,222 18, 267 11,371 94, 095 37, 498 June 26,009 30, 744 27, 836 29,829 j 22, 268 20, 731 30, 001 20,900 17,580 11, 584 93,529 i 37,465 July 25, 368 31,143 24, 577 26, 779 20, 717 20, 668 28, 748 20, 765 16, 886 11,513 91,598 j 38.162 August 24, 831 31,195 23, 473 26,829 ; 19,035 20,421 27,167 20, 731 15,699 11, 660 88,153 j 37,984 September- 24. 084 30, 986 26, 015 29.581 I 18, 995 20, 508 25, 752 20, 448 15,715 11, 678 86,777 ; 37, 803 October 24,074 30, 813 25, 810 26,523 i 19, 307 20,196 25, 720 20, 242 14, 946 11,475 86,813 : 37,445 November. 23, 278 30, 395 27, 849 29,262 ! 19, 320 20, 260 24 818 19,484 14, 530 11, 792 86,724 ! 36,876 December.. 22, 833 29, 282 25, 024 25,465 | 17, 788 18,954 22, 340 17,655 15, 202 11,099 84,061 . 36, 424 West South Central—Contd. Mountain Texas Montana Idaho Wyoming- Colorado New Mexico de N m e a t nd Time de N m e a t nd Time i demand | Timo de N m e a t nd Time de N m e a t nd ' ! ; Time de N m e a t nd Time January 273, 252 50, 879 32, 827 29, 595 23, 733 13,457 20, 830 14. 298 42, 654 30, 005 19, 016 5, 374 February 275,182 51, 031 31,186 29,765 22, 695 14, 042 19, 407 14,486 41, 243 30, 072 18,901 5, 450 March 259, 032 50, 850 30, 300 29,517 21, 509 13, 700 18,850 14, 551 42,114 29, 821 17,805 5, 364 April 246, 948 50,170 29, 932 29, 387 21, 154 13,878 18, 397 14.422 40, 438 29,731 17, 180 5, 222 May 242, 657 49,932 29, 305 29, 043 20, 060 13,606 18, 376 14, 21)0 39, 525 33, 945 .17,890 5, 211 June 234, 984 49,410 30, 138 28, 898 20, 082 13,534 18, 457 14, 174 37, 669 29, 133 17,499 5, 212 July 225, 707 49, 031 28, 804 27, 765 20,121 13,491 18. 029 14, 066 37, 171 30, 250 16. 763 4, 963 August 222, 727 50,140 28, 374 27, 475 18, 909 13,430 17, 723 13. 922 38,318 30, 027 15,996 5, 085 September 229, 599 48, 420 28, 862 27,259 ! 20, 049 13, 471 17, 971 14, 186 37, 767 29, 477 16,231 5,015 October 230, 641 46,237 29, 970 26,899 ! 20, 537 13, 281 18, 724 14,305 38, 159 29,616 15,710 5, 108 N De o c v e e m m b b e e r r 2 2 2 1 7 8 , , 1 3 7 3 1 4 4 4 6 5 , , 1 5 7 9 6 6 3 3 1 1 , ,7 5 4 22 4 I ( 2 2 7 7 , ,4 6 2 2 4 6 i 2 1 0 9 , , 3 5 0 9 4 8 1 13 3 , ,4 2 1 3 3 7 2 1 0 9, , 1 7 4 9 4 6 1 1 4 4 , ,3 3 1 4 2 6 4 39 0 , , 0 6 7 7 7 4 2 2 9 9 , , 0 2 6 4 7 2 1 1 6 5 , ,8 2 4 3 7 3 4 5 , , 9 1 3 2 8 0 J_ Mountain—Continued Pacific Arizona Utah Nevada Washington Net Net Net Net I demand Time demand Time demand Time demand! Time January 6,205 4, 330 10, 272 11,682 8,764 I 8,581 j 44, 573 35, 095 71,449 February. _. 6,151 4,263 9, 764 11,782 8,463 8,556 I 42, 743 34, 999 69, 282 March 5, 893 4,274 9,362 11, 866 8,359 8,304 !44, 290 34,212 67, 658 April 6, 034 4,286 8,878 11,676 8,498 ' 8,543 i44,910 34, 020 68, 849 May 6,481 4, 233 8, 359 11,608 8, 161 i 8, 532 i43,965 34, 450 68,544 June 5, 960 4,154 7,965 11,681 8, 556 8,659 46, 829 34. 600 69, 045 July 5,450 4, 283 7, 674 11,638 8,401 i 8,601 I 43, 651 34, 259 67,934 August 5, 118 4, 258 7, 442 11, 564 8.216 8,520 43, 098 34,318 68, 128 September- 4, 9S2 4,241 7, 494 11,516 8, 127 8,544 42, 707 34, 250 68, 954 October 4, 665 4, 162 7,441 10,935 8,343 8, 491 42, 145 33, 936 68, 947 November.. 4, 539 4, 095 7,811 10, 382 8,428 , 8, 3S7 41, 016 33, 565 66, 792 December 4,418 4, 049 9,244 9,967 8, 976 8,347 39, 951 33,377 61,824 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1931 FEDERAL RESERVE BULLETIN 105 EARNINGS AND EXPENSES OF MEMBER BANKS TABLE 1.—NATIONAL BANKS,i BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1930 [In thousands of dollars] Federal Reserve District Total New Phila- Cleve- Rich- M i nne-i Kansas I San Boston York delphia land mi?d JAtlantajChicngo ^ apolis I City Dallas I Fran- : cisco I oss earnings: j i Interest received— I I On loans * i 427,5X9 I 37. 002 91,539 34, 592 33, 243 21,721 21, 399 55, 012 10. 068 16,358 ! 24,440 23,279 i 52.930 On investments 3 j 150,100 I 12,238 41,294 14,903 15,323 5, 015 4, 357 14,630 5,147 7,385 I 8,255 3, 884 I 17, 60!) On Vialances with other i banks I 11,017 ;! 800 708 613 1,014 563 724 1, 596 565 823 1, 462 1,172 J 1,877 Domestic rxchange and col- j j| leeiioLi charges ! 7,881 j; 265 1,833 283 281 371 822 1,028 325 864 621 498 | 690 Foreign exchange depart- i j| mtrnl : I 6,704 !l 212 3, 721 391 149 25 184 738 34 32 7 79i 1,102 Commissions received i 414 if 14 2 5 3 116 18 178 41 1 36 T Pr r o u f s i t t s d o e n p a s r e t c m u e ri n t t i es sold j ! 1 1 2 8 , , 8 6 7 7 9 1 '1 1 , , 0 7 8 2 4 2 5 7 . , 7 6 9 4 6 2 1, 5 7 8 6 8 3 2,1 5 8 4 5 8 3 55 1 1 5 9 4 2 5 6 6 6 1 1 . , 3 2 6 6 5 4 ise 5 8 1 5 2 " 4 3 1 4 8 7 3 3 0 3 4 3 1, 2 1 , , M 51 o 3 Other earnings. | 51,900 3,925 16,964 1,793 3,871 1,6 2,428 5,904 444 1,218 2,837 2, 480 ; 7,65S 1,140 Tot:.] r:.rnim:s ! 6S8. 05." 57,278 169, 511 54,928 56,619 30,211 30,639 81.653 j 23,877 27,455 38,428 31,830 ' 85,620 Expense?: , ;i Salaries and wages • 130, 098 ; 10,447 ! 29,491 9, 634 9, 800 6,009 ; 6,080 I 10, 435 5,238 6,000 9,321 7,399 j 19,578 Interest paid— i !! On borrowed money 2__.! 7, 819 i; 488 ; 1,385 974 778 604 717 081 444 134 441 747 i 420 On deposits— , i: Time ._.' 144,109 |i 12,023 29,042 13,126 14, 334 7,851 6,074 15,491 ! 5,081 7,440 5, 669 3, 874 | 23, 504 Demand I 03,578 '• 7,170 22,209 4,421 5,285 1,669 2,050 7,547 1, 890 1,447 2,979 2,582 4,323 Bank \ 21,383 ;; 1,570 5,348 924 1,727 718 913 2,537 1,012 992 1,753 1,124 2, 765 Taxes j 31,170 j| 1,813 0,338 2,487 2,774 1,497 989 5,374 1, 563 2,153 1, 912 1, 899 2,377 Other expenses ! 87,234 jj 5,831 22,471 5,381 5, 750 3,381 4,069 12,043 2,793 3,745 5,481 4,313 11, 976 Total expenses ! 491,397 39,942 116,284 36,947 40,514 21, 729 21, 492 60,108 18,027 21,911 27, 556 21,938 64,949 >Tet earnings ! 190,058 |[ 17,330 • 53,227 17,981 16,105 i 8,482 9,147 I 21, 545 5, 850 ! 5, 544 10, 872 9, 892 20,677 Recoveries on charged-oiY ! I assets: j ; Loans and discounts i 8,105 ' 59!) 1,131 190 413 308 378 1,269 | 420 707 1,179 968 | 537 Bonds, securities, etc • 1,870 j 208 581 227 134 39 79 139 ! 75 47 131 37 113 All other-_ j 3,801 : 212 : 420 79 239 96 108 816 ! 75 180 741 412 357 Total net earnings and j ! recoveries j 210,434 j 18.415 ; 55,365 18,477 16,891 8, 925 I 9, 77223, 769 6,420 j 6,478 12,923 11,309 21,684 Losses charged off: j j On loan- and discounts ; 50, 001 i 2,837 13,J54 2,180 i 3,139 2,209 4,501 7,101 1,858 1,789 3,531 3,750 4,012 On bonds, securities, etc ] 23,090 j 1,905 10,925 2,041 ] 2, 572 523 806 1,636 592 422 873 273 1,008 On banking house, furni- ' I ture and fixtures • 15,210 i 445 : 7,099 389 690 147 351 1,359 199 1,005 595 330 2,007 On foreign exchange •; 103 ! 33 ! 1 11 7 37 All other losses .. ; 7,985 j 324 : 1,831 ! 285 571 185 492 1, 287 373 690 593 849 ; j _ Total losses charged oflL__! 97, 001 5,578 ! 33,642 4,896 j 6,983 3,064 6,157 11,383 3,148 3,596 5,695 I 4,940 7,973 Xet additions to profits ! 113,373 12,837 | 21,723 13,581 , 9,908 j 5,8613,615 12,386 3,278 2,882 7,228 ! 6,363 13, 711 Dividends declared _| 105,241 9, 492 29,200 10,045 i 7,941 j 4,700 4,200 11,136 4,480 3,575 5,336 i 3,534 11, 602 Capital stock paid in* '1, 740,549 154,137 481, 717 123, 950 125,385 82, 723 81, 595 200,905 65, 035 61, 210 85,477 6,0 192,327 129,487 557,309 220,872 139,937 68,125 57, 565 137, 036 37, 965 34,223 41, 312 45,405 120,046 Surplus fund * jl, 589,282 283,624 1,039,026 344,822 265,322 150,848 1139,160 337,941 103, 000 95,433 126,789 1131,493 312,373 Capital and surplus * |3,329,831 305 764 672 682 446 357 900 450 619 870 640 482 Xumber of banks * ___! 7, 247 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. 2 Includes discount. 3 Includes dividends. * As uf June 30, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
106 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 2.—STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1930 [In thousands of dollars} Federal Reserve District Total Boston Y N o e r w k d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Gross earnings: Interest received— Onloans1 278, 796 14,093 122, 291 15,486 35, 937 5,487 5,361 50,916 11,134 1,013 1,854 1,881 13,343 On investments 2 78,188 4,120 33,966 6,448 10, 703 1,050 1,040 12,166 3,651 447 807 194 3,596 On balances with other banks --. 4,102 146 1,059 309 563 161 167 740 236 97 62 511 Domestic exchange and collection charges 1, 917 44 280 44 208 101 85 666 282 37 19 27 124 Foreign department - - 5,611 77 3,489 15 198 67 77 1,429 27 7 225 Commissions received 17,337 282 14, 794 171 396 197 120 670 477 27 18 27 158 Trust department 25, 415 2,046 10, 443 3,571 3,139 265 277 4,155 572 7 136 12 792 Profits on securities sold 11, 213 234 5,668 1,195 752 154 293 1,921 431 12 144 51 358 Other earnings 21, 762 933 6,911 1,253 4,494 556 821 3,330 890 64 639 232 1,639 Total earnings 444,341 21,975 i 198,901 28,492 56,390 8,038 8,241 75, 993 17,700 1,658 3,721 2,486 20, 746 Expenses: Salaries and wages 88,896 3,901 39,317 5,814 10,680 1, 765 1,555 15,193 3,686 374 937 715 4,959 Interest paid— On borrowed money !_ _ 5,655 300 1,765 602 529 150 378 932 737 13 19 119 111 On deposits- Time 79,867 5,111 27,343 3, 960 14, 960 1,622 1,371 14,701 3,537 541 267 253 6,201 Demand . _ __ _ 53,932 3,445 26,601 3,542 5,653 730 828 9,416 1,601 84 507 102 1,423 Bank 13, 530 222 7,496 491 1,369 338 237 2,000 502 35 243 73 524 Taxes _ 21,440 1,538 8,324 1,727 4,093 363 552 3,090 838 55 198 113 549 Other expenses 53,513 2,711 23, 715 3,634 5,393 1,224 1,325 8,655 2,398 195 837 514 2,912 Total expenses 316,833 17,228 134,561 19,770 42,677 6,192 6,246 53,987 13,299 1,297 3,008 1,889 16,679 Net earnings 127,508 4,747 64,340 8,722 13,713 1,846 1,995 22,006 4,401 361 713 597 4,067 Recoveries on charged-ofl assets: Loans and discounts- 4,139 307 2,357 120 285 40 147 544 142 36 33 44 84 Bonds, securities, etc 3,103 10 2,789 158 64 5 44 14 1 3 15 Allother 1,764 212 567 79 203 127 56 155 228 3 36 11 87 Total net earnings and recoveries 136,514 5,276 70,053 9,079 14,265 2,018 2,198 22,749 4,785 401 782 655 4,253 Losses charged off: On loans and discounts 14,238 571 5,080 439 1,460 227 2,869 1,941 643 86 107 275 540 On bonds, securites, etc 6,715 134 3,202 367 495 72 1,195 400 541 71 3 23 212 On banking house, furniture Al a l n o d t h f e ix r t l u o r s e s s es 4 5 , ,0 4 9 9 4 8 1 1 6 5 8 1 1 1, , 6 4 7 8 8 7 4 20 3 2 3 5 52 7 6 9 1 5 2 1 9 1 2 2 6 9 lr5 4 7 1 3 4 3 5 4 1 2 7 1 1 8 9 3 9 3 9 6 1 1 3 4 3 8 2 7 2 Total losses charged off.__ 30,545 1,024 11,447 1,441 3,060 479 4,219 4,328 2,043 359 212 372 1,561 Net addition to profits 105,969 4,252 58,606 7,638 11,205 1,539 4 2,021 18,421 2,742 42 570 283 2,692 Dividends paid 77,161 4,153 39,579 5,498 7,377 1,172 945 13,078 2,951 212 494 237 1,465 Capital stock paid in 3 981,448 42,525 449,236 57,893 108,609 24,943 21,250 172,232 45,440 3,180 8,480 7,460 40,200 Surplus fund 3 1,281,518 52,042 681,392 153,097 153,430 15,356 13,809 154,930 25,475 1,701 3,157 2,455 24,674 Capital and surplus * !2,262,966 94,567 1,130,628 210,990 262,039 40,299 35,059 327,162 70,915 4,881 11,637 9,915 64,874 Number of banks 3 1,068 36 159 84 99 40 52 235 102 45 20 79 117 * Includes discount. 2 Includes dividends. 3 As of June 30, 1930. 4 Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
107 FEBBUARY, 1931 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION: INDEX NUMBERS ADJUSTED FOR SEASONAL VARIATION [1923-1925 average=100] Industrial production 1 Manufactures Minerals Month 1923 1924! 1925 1926 1927 1928 1929 1930 1928 1929 926 1927 1928 1929 January 99 j 105 107 109 104 I106 118 103 105 92 116 103 118 112 February 102 i 105 106 108 107 109 117 105 100 95 117 103 120 109 Mareh 10/ 107 109 109 120 98 95 104 118 103 107 April 107 109 | 122 107 109 110 123 93 99 108 107 105 115 104 May 89 i 103106 109 I 124 106 111 110 126 105 108 93 , 105104 109 105 116 103 J J A u u u n ly g e ust 8 8 8 5 4 9 ] ; i 1 1 1 0 0 0 2 3 3 1 1 1 0 0 1 8 7 0 1 1n 0 0o 8 7 ! 1 1 1 0 0 0 9 6 7 1 1 1 1 1 1 1 1 3 1 1 1 2 2 2 6 9 4 9 9 9 2 2 2 ; 1 1 1 0 0 0 4 7 1 1 1 1 0 0 0 6 9 7 1 1 1 0 0 0 5 6 0 1 1 1 0 0 0 1 1 5 1 1 1 1 1 1 5 4 2 10 9 9 0 6 7 September.-. 94 ! 101 in 105 S115 122 97 89 110 104 107 118 94 October 95 j 104 in 102 |116 118 96 i 90 114 105 114 118 98 November... 97 i 107109 107 100 ! 116 108 96 i 94 118 101 113 110 92 December 101 i 109106 104 100 |117 98 100 , 93 119 103 112 116 Year., 95 j 104 | 108 106111 ! 119 101 94 105 108 106 l 112 119 96 ! 99 108 107 106 115 i Revised in January, 1931. Revisions in seasonal indexes for production of automobiles and shoes and revisions in basic data of production of lumber and flooring, lead, and coal. » Preliminary. AUTOMOBILE PRODUCTION: REVISED INDEX NUMBERS, ADJUSTED FOR SEASONAL VARIATION Total Passenger cars and taxicabs Trucks Month 1925 1926 1926 1927 1928 1929 1923 1924 1925 19261 1927 1928 1929 1930 January j 89 120 117 87 120 84 86 139 101 February 90 114 116 89 114 92 96 140 March j 98 105 104 105 92 98 140 April 106 105 92 ! 105 104 94 98 138 May 107 108 78 107 107 98 98 136 June 109 106 IS 109 104 83 107 140 July 114 105 81 I 116 104 81 112 136 August 79 117 80 j 119 116 79 114 129 September... 107 jj 90 97 115 75 126 85 I 90 115 73 122 121 October 109 ! 132 108 73 126 89 ' 132 107 70 124 119 November 111 || 136 105 64 129 85 137 104 62 129 107 December 122 ! 84 134 81 70 | 138 86 135 78 65 139 59 Year 102 i 91 107 JOS 80 I 110 135 ! 85 82 ! 108 84 109 131 91 92 117 115 103 LEATHER AND SHOE PRODUCTION: REVISED INDEX NUMBERS, ADJUSTED FOR SEASONAL VARIATION Leather, group Shoes Month 1923 1924 >26 1927 1928 1929 1930 : 1923 1924 1925 1926 1927 1928 1929 1930 January 112 97 95 100 103 99 100 Ill 101 106 106 104 February 113 97 95 102 104 99 97 111 102 107 106 100 March 116 96 98 95 99 104 100 99 i 113 99 102 108 107 99 April 117 U2 99 97 103 102 103 103 111 101 106 102 108 106 May 117 91 96 97 104 101 106 98 112 100 105 104 114 98 June 116 90 92 99 105 106 110 97 112 107 106 113 94 July 114 87 95 99 • 107 106 108 95 108 109 107 110 88 August 109 90 97 97 107 105 108 95 104 108 106 112 90 September 108 92 95 100 106 104 110 95 104 95 101 106 103 113 91 October 102 95 97 101 105 102 111 89 i 101 103 105 102 114 85 November ___ 101 95 94 101 100 99 108 80 100 103 101 104 111 78 December 98 96 95 98 102 99 100 83 96 102 103 104 102 79 Year 110 94 96 98 103 103 105 94 ! 107 95 104 105 110 92 SEASONAL INDEXES OF AUTOMOBILE AND SHOE PRODUCTION [Average for the year= 100] Passenger cars andtaxicabs Trucks Shoes ATrwnfh 1923 1924 1925 1926 1927 1928 1929 1930 1923 1924 1925 1926 1927 1928 1929 1930 1923 1924 1925 1926 1927 1928 1929 1930 January 80 81 81 81 82 83 83 83 77 80 81 81 81 81 81 80 99 99 96 95 92 92 92 91 February 101 102 103 105 106 107 107 107 97 99 102 104 104 104 104 104 106 105 105 105 104 103 102 101 March ;.__ 110 112 113 117 119 123 124 124 111 111 111 112 113 114 113 111 111 110 108 107 105 105 105 105 April 119 120 120 123 129 129 129 129 120 121 121 121 121 121 121 121 107 105 104 99 98 97 97 98 May 119 119 120 124 126 126 126 126 120 120 120 120 121 121 121 120 99 97 94 91 91 91 91 91 June 111 109 108 108 111 112 114 115 112 105 101 102 102 102 103 104 92 90 90 90 92 94 95 95 July 101 101 101 103 104 104 104 104 98 97 97 99 101 103 104 105 87 87 88 92 97 98 98 9S August 99 100 100 109 111 111 111 111 97 95 93 95 98 100 99 99 99 100 105 108 111 113 114 115 Septejmber 100 101 102 106 107 108 109 109 102 104 105 107 107 108 108 108 106 109 112 117 119 120 120 120 October.---- 95 96 96 92 89 87 85 85 96 98 101 101 101 101 101 101 104 108 110 112 112 112 112 112 November 86 87 87 73 61 58 56 55 93 94 18 85 83 83 84 100 100 99 97 96 95 95 95 December 79 72 69 59 55 52 52 52 77 76 66 62 62 03 90 90 89 87 83 80 79 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
108 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 FREIGHT-CAR LOADINGS: REVISED INDEXES [Indexes of average number of cars loaded per day. 1923-1925 average=100. Source of original data: American Railway Association.] Total all classes istment Adjusted for seasona variation J211922 1923 1924 1925 L926 1927 1928 1929 1930 1919 1920 1921 1922 1923 1924 1925 1926 192.7 1928 1929 1930 January 72 74 90 91 94 94 96 92 95 89 87 94 79 80 99 99 103 104 106 102 108 100 Febraa'ry 72 79 88 95 95 96 99 94 99 91 85 91 79 86 97 102 102 103 107 102 107 99 March. - .-_ 71 84 94 94 95 99 102 97 *98 90 81 95 75 88 101 100 101 105 109 103 105 96 April 72 77 96 90 96 98 99 96 102 93 81 84 77 81 104 96 103 105 106 101 108 97 May 78 77 102 95 103 106 105 105 109 97 81 88 79 78 102 94 102 105 103 103 107 96 June 80 88 104 93 102 109 105 101 110 95 80 92 80 85 102 91 100 107 104 100 108 93 July 83 87 105 94 104 110 104 105 111 95 90 91 81 83 102 93 102 107 102 102 107 92 August 80 88 106 99 110 112 109 109 115 96 87 94 77 84 101 95 106 107 104 103 107 89 September 89 98 111 111 115 121 116 119 121 99 90 91 80 88 99 99 102 108 103 105 106 87 October 95 100 110 112 113 122 114 119 118 97 85 90 83 89 98 100 102 108 101 106 104 86 November 81 100 104 104 109 113 101 109 102 86 83 91 77 95 99 99 105 109 98 107 102 84 December 82 | 82 72 88 88 93 97 98 88 94 89 74 91 90 77 96 97 101 107 108 98 106 102 84 Year__. 84 ! 91 79 87 100 97 103 100 103 103 106 92 Merchandise in less-than-carload lots Janu:iiy I 70 84 86 91 95 98 98 98 97 94 (2) (2) 79 92 94 99 102 106 105 105 104 101 February 78 88 87 96 101 102 102 101 101 98 (2) 8 83 93 92 100 104 105 104 104 104 101 March 85 95 93 101 105 107 106 105 106 101 (2) 84 94 92 100 104 106 105 104 105 100 April C2) 87 101 96 101 105 106 106 105 107 101 (2) (2) 85 99 94 99 104 105 104 103 104 98 May 88 95 99 101 106 107 106 108 107 101 (2) (2) 86 93 97 99 104 105 104 104 104 98 June 89 100 99 97 104 106 105 103 105 98 (2) (2) 88 99 98 96 104 100 105 103 105 98 July 90 97 98 96 103 104 104 104 105 94 (2) 72 90 97 98 97 104 105 105 105 106 95 August 82 85 93 97 98 105 105 105 104 106 95 (2) 83 86 94 97 98 105 105 105 104 106 95 S O e c p to te b m er ber 85 : ! i 94 95 9 9 2 5 1 1 0 0 2 2 1 1 0 0 4 4 1 1 1 0 1 9 1 10 1 9 0 1 1 0 1 9 0 1 1 0 0 9 9 1 1 0 1 9 0 9 9 9 7 ( ( 2 2 ) ) 8 8 1 2 9 9 0 2 9 9 0 0 9 9 9 7 1 9 0 9 1 1 10 0 6 5 1 1 0 0 0 4 1 1 0 0 5 4 1 1 0 0 5 4 1 1 0 04 6 9 9 4 3 November (*) 82 j 92 94 102 103 109 108 106 107 106 94 (2) 80 90 91 99 100 1C6 106 104 105 104 92 December 78 88 88 94 97 101 101 98 99 96 86 C2) 80 90 91 98 101 106 105 104 105 103 92 Year. 94 96 99 105 105 105 104 105 97 Coal January (2) i 114 95 114 115 117 106 |126 105 120 117 (2) 106 91 87 103 105 105 96 117 103 F M e a b r r c u h ary ( ( 2 3 ) ) ! I 1 1 0 0 5 4 1 11 0 1 9 1 1 0 08 5 1 9 1 3 0 9 8 9 4 1 1 0 0 1 1 ] i1 1 2 1 3 7 9 9 8 2 1 8 2 6 0 9 7 9 8 ( C 2 ) ) 1 11 0 1 8 8 7 8 6 1 11 0 6 8 1 1 0 1 7 0 1 9 0 7 7 9 8 5 8 1 9 0 6 7 1 9 1 1 1 8 9 3 1 April 43 100 70 80 93 ! 88 82 83 76 108 91 51 119 83 95 111 99 9L May ( ( 2 2 ) ) ! i 90 96 46 104 78 90 95 | 92 91 90 80 (2) 103 98 50 113 85 99 105 100 90 June (2) j 110 54 106 80 89 101 I 89 83 88 77 (2) 113 j 94 57 113 85 97 112 99 ! 94101 88 July (2) I 114 44 109 82 98 104 85 85 87 77 (2) 116 90 46 113 87 104 112 96 i 95 98 | 88 August 103 I 117 55 109 88 112 108 100 94 96 83 104 118 I 86 57 112 89 113 110 103 i 97 99 86 September 118 | 118 100 105 106 101 119 107 107 111 90 107 108 87 92 97 99 95 113 100 99 103 83 N O D o e c c v to e e b m m e b b r e , e r _ r _ 1 7 2 0 6 , ! 1 1 2 2 6 7 1 1 10 0 1 9 3 9 1 1 9 0 0 6 9 4 1 1 1 0 0 0 8 9 7 1 1 1 0 0 0 6 9 3 1 1 1 3 2 2 9 8 9 1 9 9 0 9 7 8 1 1 1 1 0 1 6 5 4 1 1 1 0 1 1 9 4 2 9 9 9 9 4 0 1 6 9 0 6 7 8 1 1 1 0 1 2 9 9 8 i 9 8 7 6 7 8 1 1 9 0 0 5 6 9 9 9 9 7 5 5 1 9 9 0 9 9 3 9 9 9 7 8 9 1 1 1 1 2 2 6 5 3 91 ! 97 1 1 9 0 0 9 1 5 8 8 8 7 6 4 Year.. _ 9 . 5 „ ; • 11 1 2 26 82 106 95 111 103 98 101 88 Coke January 85 83 62 117 101 I 112 148 ; 100 91 103 94 (2) 79 76 57 108 93 102 134 91 83 93 86 February 83 74 ;66 126 108 150 j 103 96 114 95 (2) 75 67 59 114 97 99 135 93 85 100 83 March 96 53 ! 71 126 110 116 I 101 89 103 82 (2) 88 49 66 118 103 97 111 96 86 101 81 April 86 44 j 69 130 102 ! 94 83 99 83 (2) 91 46 73 133 93 92 105 97 86 104 87 May 87 43 |70 126 /6 ! 97 88 86 111 88 (2) 91 46 74 134 79 85 102 93 89 112 88 June () 98 39 | 79 124 61 79 104 78 (2) 104 41 85 134 67 83 104 92 85 113 85 J A u u ly gust ( 88 2 33 ) i 1 1 0 2 0 1 3 3 5 5 ! ! 8 6 1 8 1 1 1 2 0 2 5 5 9 9 I 81 7 7 5 7 1 9 0 8 0 6 7 8 2 ( 9 2 3 ) 1 1 1 3 0 7 4 3 0 8 8 7 9 6 1 12 3 3 4 6 6 5 5 8 9 5 0 1 1 0 0 5 5 9 8 2 9 8 8 4 5 1 1 0 1 8 2 8 7 2 5 September 88 i 133 42 73 114 73 . 98 86 102 70 90 135 43 75 116 74 100 106 85 88 104 72 October 83 j 131 54 86 98 80 ! Ill 88 100 73 83 131 54 86 98 80 111 107 77 88 100 71 November 92 : 124 55 106 96 86 I 132 90 98 69 87 118 52 101 91 82 126 105 74 87 95 67 December 87 ' 107 58 !110 95 101 140 91 100 74 82 102 55 104 97 96 133 98 77 86 93 69 Year 104 51 78 115 84 101 86 103 79 Grain and grain products January 91 107 99 109 100 90 105 96 91 February 82 111 107 92 93 94 103 100 March..'... 78 87 87 80 85 83 100 99 April 71 73 80 71 80 79 85 108 May 83 88 86 82 85 85 88 101 June 88 86 81 79 90 88 74 103 July 127 111 101 96 122 103 116 109 August 123 119 131 118 119 119 124 107 September 123 113 150 115 108 131 132 86 October 107 110 145 99 112 117 117 79 November 84 118 123 109 98 102 117 77 December 92 112 104 111 97 96 106 80 82 Year--. 85 I 77 9966 103 108 97 99 99 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
109 FEBRUARY, 1931 FEDERAL RESERVE BULLETIN FREIGHT-CAR LOADINGS: REVISED INDEXES—Continued [1923-1925 average=100] Livestock 921 1922 1923 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 192y iy;io January 119 99 96 104 110 i 109 95 84 105 | 97 90 88 97 105 104 95 90 94 80 February ; 101 86 87 95 93 84 ! 76 104 1 91 89 90 99 104 98 91 89 102 *:*> 80 March_ 78 80 91 81 81 ! 69 97 | 96 87 90 102 103 93 93 92 96 82 79 April .._ 82 83 92 84 82 | 72 98 i 89 92 92 104 101 97 93 92 86 78 May... 80 84 93 82 86 i 71 97 j 97 88 92 102 104 90 91 93 86 83 76 June 82 88 89 79 82 ! 64 91 ! 94 90 98 100 102 91 95 94 87 So 75 July 76 82 93 81 (51 99 i 91 88 94 105 100 92 94 93 83 tvi 73 August : 77 88 100 90 84 I 75 64 5)8 • 90 85 96 107 98 95 93 90 S4 S"2 72 September ; 91 108 121 104 : 115 98 I 105 84 1.00 ! 88 82 96 108 100 91 98 84 88 SI 7C October 107 119 126 126 119 116 i 113 96 1.01 • 84 89 98 104 100 98 92 89 86 K2 November j 96 120 122 108 107 104 98 84 L04 89 80 100 102 103 93 92 90 85 82 72 December : no 88 102 110 101 91 87 87 73 105 84 84 98 104 108 9(5 90 85 86 79 73 Year___! 100 87 95 103 75 Forest products January '. 80 ! 64 67 95 98 91 88 84 78 74 86 68 69 98 99 101 97 91 , 91 SO 73 February | 84 ; 73 69 113 112 105 97 95 85 80 83 72 68 90 106 105 99 93 '• 92st 78 March ! 89 ! 68 72 112 111 105 97 94 93 74 86 65 69 97 105 105 99 92 ! 90 Sy 77 April i 84 : 65 80 106 105 107 104 94 88 95 75 85 64 77 100 100 102 99 91 j 87 91 7\ May i 87 i 68 81 106 104 107 105 98 94 97 77 84 65 76 100 98 101 99 92 1 8892 71 June 86 i 70 86 108 94 101 105 96 91 97 80 82 67 82 104 91 97 100 92 ! 87 92 July ! 80 1 63 78 100 87 93 95 91 86 88 84 83 65 81 105 90 97 99 93 j 88 W r>s August | 87 88 ! 60 79 105 94 98 97 95 91 94. 84 86 60 80 106 95 99 98 94 j 88 91 51 September I 90 88 ! 66 80 104 96 99 101 96 91 90 86 84 65 81 105 97 99 99 93 1 88 86 r>5 N O o ct v o e b m er b er i ! 8 8 2 2 8 7 3 7 1 i7 7 0 2 8 8 8 1 1 1 0 0 3 2 9 9 9 7 9 9 6 5 9 9 3 9 8 9 7 2 9 9 0 1 8 7 7 8 I 8 8 0 0 8 7 0 6 6 7 9 0 8 8 7 2 1 10 0 3 4 1 9 0 9 0 9 9 8 7 9 9 8 6 9 9 0 1 1 ! 9 8 3 9 8 S 1 4 5 5 2 1 December j 75 64 ! 63 81 89 89 80 73 77 65 85 72 71 92 98 104 103 96 88 ! 92 80 52 Year....! 80 82 | 67 79 99 100 98 92 89 Ore January ! 37 28 22 11 28 22 26 25 i 24 22 23 22 153 116 93 46 117 93 107 105 102 90 97 90 February j 43 33 21 11 25 25 29 27 I 28 21 25 22 163 128 80 45 104 95 113 102 107 89 104 93 March j 38 40 17 14 34 30 30 27 '28 22 29 23 136 143 59 47 113 103 109 105 i 112 84 US 97 April i 52 48 15 26 51 53 74 39 62 27 78 38 111 102 31 53 105 106 148 77 ; 124 54 150 77 May i 117 142 62 45 160 138 166 138 154 120 189 143 83 101 44 32 109 92 no 92 '. 103 80 126 95 June 166 193 77 139 205 151 161 181 171 169 196 160 99 115 46 81 119 87 93 104 : 97 96 110 89 July j 186 198 84 170 219 146 166 193 168 166 202 160 103 110 47 94 122 81 92 107 ' 93 92 111 89 August i 113 200 79 170 205 129 160 197 158 164 194 145 67 119 47 100 121 76 94 115 ; 93 96 113 85 September.. ' 181 213 76 140 195 125 150 198 147 167 182 128 106 124 44 83 119 77 93 122 ! 90 103 112 79 October j 124 190 54 119 151 108 125 171 122 150 147 96 92 141 40 89 112 80 92 123 1 87 107 105 69 November | 75 119 21 78 95 49 85 81 47 84 71 40 95 151 27 99 125 67 116 114 i 66 118 101 57 December ; 33 40 14 26 28 26 30 26 22 27 22 15 96 120 45 87 96 93 110 100 i 87 114 93 63 Year....; 97 120 45 79 116 84 100 109 9, 95 113 83 ; I : Miscellaneous January i (2) 60 60 82 82 85 108 109 108 115 107 February | (2) 62 63 83 88 92 108 110 109 116 109 March ! (2) 66 72 93 92 99 106 111 110 118 107 April I (2) 67 81 99 94 103 107 111 110 117 106 May _...! (2) 69 82 101 94 105 108 108 110 116 101 June i (2) 73 91 100 92 106 109 110 107 118 100 July ; (2) 76 91 98 96 108 109 109 112 118 98 August ! (2) 75 91 101 102 112 109 109 112 116 95 September i (2) 86 97 110 115 125 no 109 114 116 94 October I (2) 93 100 112 118 122 111 107 114 114 92 November ! (2) 74 97 104 107 114 110 106 115 111 91 December i (2) 62 81 83 87 97 110 103 115 108 90 Year. 72 84 97 97 106 2 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
110 FEDERAL RESERVE BULLETIN FEBRUARY, 1931 FREIGHT-CAR LOADINGS: REVISED INDEXES OF SEASONAL VARIATION [Average for the year= 100. For description of method used in computing seasonal indexes see BULLETIN for April, 1928, p. 236] Merchandise in less-than-carload lots Coal Month 1920 1921 1922 1923 1924 9271928 1929 1930 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 January 91 91 92 92 92 93 93 93 93 108 108 109 109 110 110 111 111 112 112 112 113 February 94 94 95 95 96 97 98 97 97 97 93 96 98 101 101 103 104 105 106 107 108 109 March 101 101 101 101 101 101 101 101 101 101 95 95 95 96 95 95 95 95 94 93 94 94 April 102 102 102 102 102 101 102 102 103 103 84 83 83 84 84 84 84 84 84 84 84 84 May 102 102 102 102 102 | 102 102 103 103 103 93 93 92 91 92 92 91 91 91 90 90 89 June 101 101 101 101 101 100 100 100 100 100 97 97 96 94 94 94 92 90 90 88 88 87 July 100 100 100 100 99 99 99 99 99 99 101 99 98 97 96 94 94 93 89 89 89 88 August 99 99 99 100 100 100 100 100 100 100 99 100 98 98 98 99 99 98 97 97 97 97 September 105 105 105 105 105 104 104 104 104 105 110 109 110 109 108 107 106 106 107 108 108 108 October 104 104 103 103 103 105 105 105 105 104 116 116 116 114 112 110 109 111 112 113 113 114 November 103 103 103 103 103 102 102 102 102 102 106 106 lo- 107 109 109 111 111 111 111 110 110 December 98 98 97 96 96 96 94 94 93 93 98 98 gs 100 101 103 104 105 107 108 107 107 Coke Grain and grain products January-. - 108 109 109 109 109 110 110 109 110 Ill i 110 I 104 1j04 104 104 104 103 103 101 100 99 97 96 February 111 111 111 111 111 111 111 111 113 114 ! 95 95 95 95 95 95 95 96 95 96 96 March 109 I 108 108 107 107 105 105 105 103 102 ' 88 88 86 85 85 85 86 85 85 April 94 I 94 95 98 98 98 97 97 96 95 ; 78 78 78 78 79 79 79 79 77 77 77 May ._ 95 95 95 94 95 95 95 95 97 99 I 85 85 85 84 85 85 84 84 83 82 82 June 95 95 93 92 91 92 94 95 93 92 88 87 86 85 85 85 86 86 86 87 87 July 91 ' 91 91 91 91 91 91 90 90 89 107 108 108 108 108 109 111 113 116 119 120 August 89 I 89 90 90 90 90 90 90 90 90 119 119 120 121 121 120 120 120 121 121 121 S N O e o c p t v o t e e b m m er b b e e r r 1 1 9 0 0 8 0 5 I i ! 1 1 Qa 0 0 Oo 0 5 1 1 ny 0 0 oo 0 5 11 Oy 00 fo 0 t 5 1 1 Qy 0 0 Qo 0 5 1 1 Qy 0 0 Co 0 5 1 1 Qy 0 0 Oo 0 4 1 1 Qy 0 0 Qo 0 4 1 1 Qy 0 0 Oo 0 4 1 1 9 0 0 8 0 3 1 1 1 2 0 0 1 7 6 1 1 1 2 0 0 1 6 7 1 1 1 2 0 0 1 8 6 1 1 1 2 0 0 1 9 6 1 1 1 2 0 1 1 6 0 1 1 1 2 1 0 1 1 6 1 1 1 1 2 0 1 1 6 1 1 1 2 1 0 1 1 6 1 1 1 2 1 0 1 1 6 1 1 1 1 2 0 1 1 6 1 1 1 2 1 0 1 1 6 December 105 | 105 105 105 105 105 105 106 106 107 ! 107 102 102 101 101 101 101 101 99 99 98 98 i Livestock Forest products January 113 112 110 108 107 105 105 105 106 105 105 93 93 95 97 ! 97 96 95 94 94 93 91 89 February 97 97 97 97 96 96 95 94 94 95 95 100 101 101 102 i103 106 107 106 104 104 102 102 March 89 89 89 89 89 88 87 88 88 88 87 103 103 104 105 106 107 106 106 105 104 104 103 April 88 88 89 90 89 87 87 88 89 91 93 98 99 1.01 104 106 105 105 105 103 102 105 106 May 93 93 91 91 91 91 91 91 93 94 94 103 104 105 106 106 106 106 106 106 106 106 106 June 90 ! 91 91 90 89 87 87 87 87 86 85 105 105 105 105 104 103 104 105 104 104 105 105 July 87 j 86 86 87 88 89 88 88 85 84 84 97 96 96 96 :96 96 96 96 98 97 98 98 August 90 90 91 91 93 94 94 94 93 90 89 [03 103 99 99 99 99 99 101 103 104 105 September 108 109 111 112 112 114 115 117 117 119 119 105 104 102 99 99 100 102 104 104 104 105 October 119 i120 121 121 121 123 128 130 131 132 133 103 103 103 99 98 98 99 101 101 102 103 103 November Jos' 121 120 120 119 119 117 116 115 115 116 102 101 101 101 100 99 97 97 97 97 96 96 December 104 104 104 106 107 106 102 102 101 100 88 88 88 86 86 86 83 83 84 82 Ore Miscellaneous January 24 24 24 24 24 24 24 24 24 24 24 83 83 83 83 84 84 83 82 82 80 February 26 26 26 24 24 26 26 26 24 24 24 87 87 86 86 86 89 88 87 86 86 March. 28 28 28 29 30 29 28 25 j26 25 24 91 93 93 92 93 94 ' 94 95 95 95 95 April 47 47 48 48 49 50 50 50 50 50 50 96 96 96 97 97 97 ; 98 97 99 99 102 May 140 141 141 141 147 149 150 150 i150 150 150 100 100 99 99 100 100 101 103 104 106 104 June 168 168 168 172 172 173 173 175 j177 179 180 103 103 103 104 103 103 i103 104 104 104 105 July 180 180 180 180 180 180 181 181 !181 181 181 106 106 106 105 103 102 i102 104 104 105 105 August _. 168 168 168 170 170 170 170 171 I171 171 171 105 105 105 105 105 104 |104 106 107 108 110 September 171 171 171 169 164 162 162 162 162 162 162 114 114 114 115 115 114 116 116 117 117 119 119 October 135 135 135 135 135 135 136 139 I 140 ;140 140 140 122 120 122 120 119 119 117 117 117 116 117 j 117 November 79 79 79 78 76 74 73 71 i 71 71 70 70 106 106 106 107 108 108 105 103 101 100 98 ! 98 December 34 33 32 30 29 28 27 26 I 25 I24 24 24 87 87 87 87 87 87 !87 84 83 82 80 i 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES [Amounts in millions of dollars. Back figures available only for October 3, 1928; see BULLETIN for November, 1930, p. 753] j Loans to banks Loans to customers (exclusive of banks) Open-market loans [ Investments ! Secured by Secured by real Total i stocks and bonds estate Purchased paper Total Date i m n lo a v e n a e n n d s t s t s - T lo o a t n a s l Total S s b e t a o c o b n n u c y d d r k e s s c Total o T Y u N k o t e o e s b w r r i s k r d - o e - to o c m t T u h s o e e - r r s F i l . d a , mn r . m l i ' j e O s r t e t a h a t e l e r s a s O e e n w c c d t u i u h s u r r e e e e n r d d - : Total s m U G e e c r . e o u n n S v r - t - i . - s O e t c i t e h u s e ri r - lo s b a t a o o n n n c s d d k o s s n City Total: 1928—Dec. 31 . 35, 684 25,155 ! 538 (2) 21,462 j, 975 6, 373 412 , 2,711 10,991 i 10, 529 4,312 0, 2174 10, 172 1929—Mar. 27.... 35, 393 24,945 548 (2) 21,903 :! 1,014 6, 526 403 ; 2, 720 11,240 ! 10, 448 4,454 5, 994 4 9, 693 June 29 35,711 25, 658 070 (2) 22.516 i; 921 6, 813 404 i 2, 760 11,018 ! 10, 052 4,155 5, 89f4 10,094 Oct. 4 35, 914 26,165 040 (2) 23,249 !i 939 7,170 392 ! 2, 760 11,988 . 9, 749 4,022 5,72; 4 10,314 Dec. 31... 35,934 26,150 714 () 23,194 ;. 803 7, 685 388 i 2,803 11,515 .! 9, 784 3,863 5,921 4 10, 505 1930-Mar. 27... 35, 056 25,119 527 260 21,495 !l 706 7,024 394 I 2,776 10,595 i 9, 937 4,085 5,862 10,334 June 30.-.. 35, 656 25, 214 535 230 21,565 i| 819 7,242 386 j 2, 769 10,349 : 10, 442 4,061 6,380 10,656 Sept. 24. _. 35, 472 24, 738 466 175 21,010 ; 774 7,090 387 |2,776 9,982 . 10, 734 4,095 6,639 10,511 Dec. 31 v . 34,784 23,795 628 314 20,937 |! 677 7,262 385 j 2,841 10, 989 4,118 6, 871 9,750 New York City:3 -,--- 1 1 1 9 9 2 23 9 — — D M e a c r . . 2 3 7 1 .. . _ .. 7 7 , , 9 7 5 2 1 6 6 5 , , 0 7 1 5 8 4 251 4 3 , , 2 94 5 0 3 5 5 0 2 1 1 , , 6 69 5 2 8 j | 1 1 3 4 2 8 2 2 , , 1 3 0 6 0 1 11,,275900 >l 1 1 , , 9 9 3 7 3 2 1 1 , , 0 1 9 3 4 5 8 8 3 3 9 8 < * 2 3 , , 9 4 7 9 1 1 June 29- 8,160 6,341 314 4,532 63 1,814 ! 173 2,480 1,496 1,319 1,006 813 4 3, 393 Oct. 4 8,150 6,344 302 4,846 46 1,898 i 175 2,726 1,196 i 1,807 989 817 4 3.191 Dec. 31 8,774 6,683 322 () 4,964 55 2,145 ! 169 2, 595 1,397 ; 2,091 1,112 979 4 3,562 1930-Mar. 27__ 8,238 6,192 199 92 4,338 60 1,876 i 150 2,252 1,655 ! 2,046 1,150 897 3, 504 June 30 8,798 6, 596 196 78 4,308 as 1,954 ' 157 2,129 2,091 ; 2, 203 1,147 1,056 3,983 Sept. 24. __ 8, 557 6, 359 169 53 4, 276 1,945 j 157 2,030 1,912 i 2,198 1, 091 1,107 3, 798 Dec. 31 » 8,579 6,144 283 132 4,336 86 2,033 ' 147 2,051 1,525 2,435 1, 239 1,196 | 3,550 Chicago: 3 104 1928—Dec. 31. . 1,910 1,519 40 1,389 309 3 440 91 • 391 174 217 4 1,002 1929—Mar. 27... 1,793 1,456 62 1,353 311 477 2 19 544 41 i 337 164 172 4 837 June 29 __ 1,767 1,433 67 1,309 242 484 2 22 559 58 ! 334 159 176 4 807 Oct. 4 1,823 1, 510 68 1,374 257 504 2 19 592 68 312 153 160, 4 854 Dec. 31_ _. 1,757 1,448 88 1,329 240 533 2 19 535 30 ; 309 116 193'i 4 828 1930—Mar. 27.__ 1,717 1,406 58 1,160 194 474 2 18 472 187 3 310 146 164 859 J S u e n p e t . 3 2 0 4 . _ . 1 1, , 9 8 3 4 4 9 1 1, , 5 4 2 8 4 3 5 4 0 1 1 1, , 1 2 8 5 7 7 2 2 2 3 9 9 4 44 8 8 7 2 2 18 | 5 4 2 8 1 2 2 1 9 7 6 6 | ' 2 4 3 0 0 9 6 1 1 5 6 7 0 2 2 0 5 5 2 8 9 5 5 9 5 5zJ Dec. 31 p.. 1,860 1,344 55 1,194 201 472 2 13 ' 501 95 | 18 516 240 I 276 761 Reserve city banks: l 1928—Dec. 31 12.156 8,702 173 7,878 509 2,318 j 118 1,387 j \ 546 650 l 10 465 3,454 1,662 1,791 * 3,379 1929—Mar. 27... 12,132 8,733 196 7,933 538 2,415 ! 112 1,376 3,492 003 35 405 3,400 1,732 I 1, 668 4 3,456 June 29... 12, 065 8,789 ; 241 8,124 511 2,480 j 109 1,370 ! 3,654 423 i 10 302 3, 276 1,007 j 1,670 4 3,414 Oct. 4 12,161 9,085 ! 225 8,401 510 2,598 : 110 1,300 i % 823 458 •• 0 354 3, 075 1,519 | 1, 557 4 3, 575 Dec. 31 12,029 9,084 i 258 () 8,417 425 2, 775 ! 110 1,428 % 679 408 43 239 2,944 1,368 i 1,576 4 3, 569 1930—Mar. 27 11,858 8,752 ! 205 104 7,790 360 2,576 113 ,411 3, 330 757 :• 55 469 3,105 1,510 j 1,590 3,509 June 30. . 11,852 8,533 l 227 99 7,770 431 2, 663 110 , 394 3,172 534 | 17 253 3,319 1,525 1,794 3,447 Sept. 24__. 12, 038 8,500 ! 193 77 7, 540 360 2,586 111 ,398 3,085 768 47 409 3,537 1,628 l,fi" 3,431 Country b D an ec k . s: 31 p.. 11, 887 8,369 : : 230 125 7,705 312 2,670 120 ,487 3,115 435 ! i 104 122 3,518 1,486 2,C 3,230 1928—Dec. 31 . 13, 667 8,915 ; 37 8.254 107 1,799 290 ,154 4,904 625 ; 30 211 376 4,751 1,382 3,370 « 2,300 1929—Mar. 27-_. 13, 741 9,001 ' 39 8,364 114 1,942 289 ,176 4,843 598 \ 44 192 354 4.740 1,424 3, 310 < 2,429 June 29 _ _ 13,719 9,096 j 49 8,5f>l 105 2, 034 291 ,195 4,920 490 ! 33 140 316 4,623 1,384 3, 240 j* 2,480 Oct. 4 13,780 9,226 45 5, 1527 125 2,170 279 , 200 4,847 553 i 27 144 370 4, 554 1,301 3, 193 4 2, 694 Dec. 3l___ 13, 375 8,936 : 45 8,481 83 2, 231 270 , 180 4, 705 409 ; 33 103 208 4, 439 1, 267 3,172 4 2, 545 1930 —Mar. 27__ 13,243 8,768 '• 65 8, 200 93 2, 097 279 1,190 4,541 490 . 27 207 258 4.475 1. 273 3, 202 2.462 June 30.__ 13.157 8,602 I 62 8,229 90 2,137 274 ],201 4,527 312 8 171 129 4,554 1, 229 3, 326 j 2,367 Sept. 24__ 12,944 8,354 : 62 8,007 83 2,112 275 1,205 4,326 286 4 164 115 4,589 1,219 3,3701: 2,326 Dec. 31 v__ 12, 458 7,938 i 59 7,702 59 2,087 262 1,189 4,106 176 5 119 49 4, 520 1,153 3, 307 ! 2,210 1 Loans to brokers and dealers in securities at New York City. 4 Loans to banks on securities for these dates estimated as one-half of total loans to banks. 2 Figures not available. ^Preliminary. 3 Central reserve city banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS, BY DISTRICTS iBanks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve district Members Members Members Members ba A n i k l s ; Total ti N on a a - l State m N b e e o m r n s - - ba A n l k l s Total ti N on a a - l State me N m o b n e - rs ba A n ll ks ti N on a a - l State m N b e e o m r n s - - ba A n l k l s ti N on a- al State m N b e e o m r n s - - United States: 1921 501 70 51 19 431 196,460 42, 503 21,285 21,218 153,957 60 8 2 50 17,493 2,499 633 14, 361 1922 354 57 45 12 297 110,721 24, 243 19, 092 5,151 86, 478 65 2 41 35, 565 8,076 3,542 23, 947 1923 . 648 124 90 34 524 188, 701 51, 228 32, 904 18,324 137, 473 37 11 3 23 11,674 3, 973 1,095 6.606 1924 776 159 122 37 617 213, 338 74, 469 60, 889 13, 580 138, S69 94 18 2 74 22,462 6, 895 295 15,272 1925 . _ 612 146 118 28 466 172,900 67, 264 58, 537 8,727 105, 636 62 11 3 48 16,618 6. 300 479 9, 839 1926 956 160 125 35 796 272,488 68,812 47, 866 20, 946 203, 676 149 10 4 135 60, 610 4,665 3,514 52,431 1927 _ . . 662 i 124 33 538 193, 891 66, 336 46, 581 19, 755 127, 555 95 : 8 3 84 35, 729 5,073 3,238 27, 418 1928 491 73 16 418 138, 642 42, 240 i 31, 619 10,621 96, 402 39 2 3 34 15,727 4.17 6,193 9,117 1929 . - _ . . 642 ': 81 i 64 17 561 234, 532 57,135 ! 37, 007 20,128 177,397 58 3 2 53 25, 829 1,607 666 23, 556 1930 1,345 187 161 26 1,158 8(54, 715 380,440 ;173,290 207,150 484, 275 147 5 140 61,599 1, 872 1,666 58,061 Total (10 years) 6,987 1,181 924 257 5,806 2,586,388 874.670 529,070 345,600 1,711,718 806 98 26 (582 303,306 41, 377 21,321 240,608 Year 1930: Boston . - _ 12 i 1 ; 1 11 36,158 852 852 35, 306 1 1 4,867 4,867 New York 11 : 4 2 2 7 187,299 162, 437 1,158 161,279 24, 862 i Philadelphia 10 1 ] 9 43 421 352 ' 352 43, 069 j Cleveland 41 9 8 1 32 41, 866 10, 940 . 10,423 517 30, 926 2 ' 2 1,344 1, 344 Richmond 152 22 ! 21 1 130 i 85,640 21, 584 21,012 572 64, 056 12 { 11 5,416 397 5,019 Atlanta 140 22 17 118 91,151 31,883 30,511 1,372 59, 268 10 15 4. 534 133 4,401 Chicago _ -_ - - . 266 32 ' 28 4 234 111,279 26, 666 21,241 5, 425 84,613 27 ] 1 25 17, 271 783 650 15,832 St Louis 358 43 34 9 315 ; 182,236 96,024 59, 458 30, 566 80,212 52 50 16,140 559 15,581 M Ka i n n s n a e s a p C o i l tv is,. _ . . 1 1 3 5 7 6 16 1 1 5 5 1 1 1 2 4 2 0 2 2 8 4 , , 9 1 2 0 6 9 3 7, , 9 5 1 1 2 5 3 7 , , 1 9 3 1 4 2 381 2 20 1 , , 0 5 1 9 4 4 7 • 1 25 6 2 7 ,8 8 5 2 1 4 1,010 7 .1 , , 8 8 2 4 4 1 Dallas _.- 41 17 16 1 24 16,485 12,158 12,136 22 4,327 4 4 1.094 1, 094 San Francisco 21 5 3 2 16 ! 16,145 6,117 5,101 1,016 10, 028 1 1 '258 258 January, 1931: Boston . New York 2 1 1 1 6,693 0,056 6,050 037 Philadelphia 3 3 3, 846 3, 840 Cleveland 7 3 1 4 6,391 1,401 703 698 4, 990 1 i 1 412 412 Richmond 18 1 1 ' 17 7,183 326 320 0. 857 j 12' 3 110 I 3,110 Atlanta 36 10 3 20 24,196 14, 662 13, 375 1, 287 9, 534 3 | 3 l'94O 1,940 Chicago. _-___._ _ _ 48 3 3 45 16,988 1,310 1,310 15, 678 1 3, 273 3, 273 St. Louis 47 8 (i 2 39 16,501 5, 316 4, 224 1,092 11, 185 18 . 1 1 10 4, 003 1, 250 3(50i 2,993 Minneapolis 13 2 2 ! 11 3,946 738 738 3, 208 2 : 1 2 508 508 Kansas Citv 16 10 3, 585 3, 585 Dallas 4 1 1 : 3 629 108 108 521 San Francisco 3 i 3 I 1,402 1,402 Total 197 29 22 7 168 i 91,360 29,917 20, 784 9, 133 fil,443 43 1 1 41 13,852 1,250 3(50 12, 242 i For district Humes kick to ll»21 st-e tumuitl reports lor \\f»j (Table 111), Mil's (Table HA), 11)27 (Table lit), and 1926 (Table us). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS DURING 1930, BY STATES [Revision of preliminary figures which were published in January BULLETIN. Figures of suspensions include hanks subsequently reopened] Unitesuspended Hunks reopened j Number Deposits (in thousam's of dollars) Number Deposits (in thousands «f dollars) SUite i Members •> Non- Members Non- i' Members Xon- ^JJ is ji Members Non- | banks Tntal tiSki State m b e e m rs - banks Total ti N on a- al State m b e e m rs - ba A n ll ks •• Xa - - • : , st.Ue State m b e e m rs - New England: New Hampshire .. 1 1 11,400 11,400 Vermont- _. 9 I ; 1 1 1,708 : 852 So? 910 Massachusetts 3 10,010 i 10 010 1 4,807 : 4, 807 Connecticut 7 15,003 : ir> 003 Middle Atlantic: 1 New York . s 2 1 1 0 183, 000 101,421 421 1(51,000 '>'>, 179 New Jersey 3 1 1 2, 500 1 010 737 279 1 550 Pennsylvania 19 0 : 0 13 51,007 4, 901 4. 901 40 700 East North Central: • ' 1 Ohio 95 4 3 1 21 29,302 : 0 391 5 874 517 99 <)]-j 2 2 1,344 •: 1,344 Indiana.. 90 5 : 4 ] 85 38,108 i 2, 223 1 903 320 35 885 18 ' IS 10,201 :! 10, 261 Illinois.... 120 >3 20 3 103 63,098 j 23, 045 12,091 10,354 40, 053 J0 1 9 7,031 •! 783 0, 848 w Michigan 21 9 9 19 6,535 ! 1 551 1 551 4 984 1 1 650 ..' 050 Wisconsin 94 1 1 8 904 • 1S'> 8, 722 11 : 5,557 Ii ^> West North Central: f Minnesota. 99 1 i 1 '>1 3,268 ! 590 590 9, 072 3 ] - 1 2 1,320 1,010 310 Iowa 80 15 ^ 13 71 30 062 15 073 14 802 97] 14, 989 Missouri.. 104 1 97 19, 356 L264 1,081 183 18,092 " "l ]' 1 , 98 ;j 98 w North Dakota 00 8 1 8 52 5, 107 ! 1,193 1 193 3 974 1 ; 1 130 i! 130 TV South Dakota 54 4 ii 3 1 50 11,409 1 1,374 993 381 10, 035 i 1 263 i; _. . 203 fel Nebraska 44 4 4 40 9,810 i 838 838 8 972 99 : : 22 7.304 N 7, 304 r^ Kansas 43 3 3 40 10,545 5,147 5. 147 5, 398 9 i 2 447 i1 447 South Atlantic: H Maryland 9 4,050 1 4, 050 1 i 1 967 . 907 V W i e r s g t i n V ia ir . g .. inia 2 1 0 0 5 > •: i 2 5 1 5 8 1 5 0 , , 8 2 3 7 5 4 i : 5, 5 6 1 4 0 9 • 5 6 51 4 0 9 4 5 3 (V 2 > 5 o 9 J ! 1 ! 660 i l i ; 397 203 d W North Carolina 93 10 10 83 57,402 11,591 : 11,591 45 811 7 : 7 3,321 |; 3,321 South Carolina . 27 5 4 .. 22 7, 479 3, 834 3, 262 572 3, 645 2 .... 2 ! 468 i 40S Georgia... 31 6 •! 3 25 0,478 2,171 1,314 857 4 307 9 1 1 202 > 133 09 Florida. 39 ; 5 4 31 34 44, 427 14, 248 13 783 465 30 179 8 3 577 3, 577 H East South Central: Kentucky 29 1 4 3 03,190 52, 319 38 391 13 928 10 871 0 ! '> 459 >, 459 Tennessee. 28 : 3 j; 3 95 27, 740 12, 532 12, 532 15,208 r 5 1, 167 1, 107 Alabama 34 : 8 •: 7 1 20 9, 375 2,932 ; 2,882 50 6, 443 3 3 i;>05 205 Mississippi 5 3 9 47 27,428 5,089 3, 940 1,149 22,339 1 ' 203 203 West South Central: Arkansas. .. 135 ! 16 ! 13 3 119 47,297 22, 450 6, 664 15, 780 24, 847 34 9 ; 32 0,540 559 5 981 Louisiana. 9 1 1 8 5, 993 '>, 471 '>, 471 3 5'>° 9 l> 801 801 Oklahoma . . 23 0 ':i 0 17 4, 507 1, 798 1,798 >, 709 1 1 73 : .. - 73 Texas 34 15 : 14 1 19 11,451 9, 411 9, 389 99 l>- 040 3 3 : 754 .. ' 754 Mountain: Montana.. 11 : 2 1 2 9 2, 367 170 170 *> 197 Idaho. 1 46 46 Colorado.. 5 1 j 1 4 499 81 81 418 Arizona 5 3, 064 3 004 1 1 • °58 >' '-'oS Utah 3 1 1 9 1,909 934 934 1,035 Pacific- Washington 3 2 '! 1 1 1 1,060 981 899 82 85 Oregon 174 174 California 7 5 9, 820 4, 202 4, 202 5, 024 Total . 1,345 187 101 20 1,158 804, 715 1380, 440 : 173,290 207, 150 484, 275 147 5 9 140 i 01,599 1,872 1, 000 58,001 NOTE.—No suspensions in Delaware, District of Columbia, Maine, Nevada, New Mexico, Rhode Island, or Wyoming. Back figures—Sea Annual Report for 1929 (Table 112), 1928 (Table 110), 1927 (Table 112), 1920 (Table 100), and 1925 (Tables 97 and 98). H- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS DURING JANUARY, 1931, BY STATES [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the banks. Figures of suspensions included banks subsequently reopened and are preliminary] Banks suspended Banks reopened Number Deposits (inthousands of dollars) Number Deposits (in thousands of dollars) State Member?> Members Members Members All Non- All Non- All Non- All Nonbanks mem- banks mem- banks mem- banks mem- Total Na- State bers Total Na- State bers Na- State bers Na- State bers tional tional tional tional Middle Atlantic: NGW York 1 1 637 637 New Jersey 2 1 1 1 7,763 6,056 6,056 1,707 Pennsylvania 3 i 1 1 2 2,244 105 105 2,139 East North Central: Ohio 4 2 1 1 2 4,339 1,296 598 698 3,043 1 1 412 412 Indiana - - 22 ; 1 1 21 6,817 392 392 6,425 4 4 2,105 2,105 Illinois 15 1 1 14 5,837 749 749 5,088 1 1 283 283 Michigan 1 1 649 649 3 3 1,430 1,430 2 2 885 885 West North Central: JMinnGsotii 5 : 2 2 3 1,192 738 • 738 454 s Iowa 15 1 1 14 3, 352 169 169 3,183 Missouri 14 2 2 12 3,889 756 756 3,133 2 2 360 360 South Dakota 6 6 2,629 2,629 2 2 508 508 § Nebraska o , 3 791 791 Kansas -- - 4 ; 4 600 600 : • " . . "i South Atlantic: Virginia 3 : 3 743 743 3 1 155 1 155 N W o e r s t t h V C ir a g r i o n l i i a na 4 5 4 5 2 3 , , 2 76 91 1 | 3 2, , 2 7 9 6 1 1 9 9 1 955 1 955 w South Carolina 7 1 1 6 1,665 326 i 326 1,339 Georgia - -- 13 1 3 2 1 10 6,099 1,926 i 1,814 112 4,173 Florida 3 3 1,714 1,714 1 1 816 816 East South Central: Kentucky 2 2 1,339 1,339 2 2 551 i 551 TGIIIIGSSGG 6 (5 353 353 2 2 181 181 Alabama 9 1 3 1 2 6 3,320 1,768 593 1,175 1,552 Mississippi - 26 i 6 5 1 20 20, 386 12, 532 11,800 732 7,854 2 l ! ^ 2,291 1,250 1,041 W^est South Central: Arkansas 9 4 3 1 5 4,486 2,996 2,636 360 1,490 12 1 11 2,350 360 1,990 Oklahoma 2 2 483 483 Texas - -- 4 1 1 3 629 108 108 521 Mountain: IVf ontana 1 48 48 Colorado - - 2 2 472 472 Utah 1 1 1,035 1,035 Nevada 1 1 75 75 Pacific: Washington 1 1 292 292 Total 197 29 22 7 168 91, 360 29, 917 20, 784 9,133 61,443 43 1 1 41 13,852 1 250 360 12, 242 NOTE.—In States not shown (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, North Dakota, Delaware, Maryland, District of Columbia, Louisiana, Idaho, Wyoming, New Mexico, Arizona, Oregon, and California) there were no suspensions in January, 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1930 EARNINGS j Total Boston New York Ph p il h a i d a el- Cleveland Richmond! Atlanta Chicago St. Louis Dallas San c is F c r o an- Discounted bills $10, 672,215 $595,987 $1,910, 378 $1, 217, 736 $1,303,852 $877,181 $1, 087, 248 $1, 222, 081 $660,996 j $172, 441 $624, 945 $441,337 I $558,033 Purchased bills 6,081,187 438, 264 1, 917, 937 155, 563 538, 682 281,883 417,294 629, 854 285,169 ; 228, 551 204, 411 229,821 753,758 United States securities. __ 17, 273, 331 1, 201, 549 5,895, 425 1, 521, 825 1, 505,428 408,503 315,989 2, 503, 592 753,034 I 747, 484 530,153 873,178 i 1,017,171 Deficient reserve penalties 225,748 9,054 27, 066 11, 401 28, 235 24,139 35, 290 17,431 I 7,644 11, 383 17,844 ! 7,571 Miscellaneous % 171, 563 123, 232 642, 383 89, 718 208, 550 45, 588 119, 054 443, 336 29,055 ! 78, 962 296, 775 22,933 \ 71,977 Total earnings 36, 424, 044 2, 368,086 10, 393,189 2,996,243 3,585,202 1,641,390 ! 1,963,724 4,834,153 1,745,685 j 1,235,082 1,667,667 1,585,113 , 2,408,510 CURRENT EXPENSES Salaries: Bank officers $2,679, 838 $116,250 $545, 649 $136,333 $222, 300 $186,529 $237, 239 $320, 490 $170, 659 $122,067 $193,000 I $175,356 $253,966 Clerical staff 11746, 849 904,394 3, 225, 557 903,199 1, 020, 380 602,170 417, 748 1, 634, 841 542, 017 338, 939 642,426 ! 522, 497 992, 681 Special officers and watchmen 921, 424 36, 812 170,847 50, 943 116,171 65, 666 45, 842 132,699 48, 502 34, 673 73, 594 S 47, 794 97,881 All other | 1,906,063 94,662 505, 399 85, 767 269, 352 99, 738 35, 516 273,346 86, 790 61, 568 167,432 ' 82, 579 143,914 (.} overnors' conferences 2,427 69 54 41 109 43 134 89 136 609 341 I 360 442 Federal reserve agents' conferences 2,880 119 65 36 90 70 122 115 462 317 163 ' 315 1,006 Federal Advisory Council ! 12, 583 568 678 630 780 683 944 1,228 1, 300 1,298 1,300 1, 374 1,800 D irectors' meetings 155, 502 7,734 15,077 6, 887 7,331 8,133 23, 223 11,637 • 13, 061 6, 529 29, 338 9, 956 16,596 Traveling expenses i 198, 373 7,541 31, 520 13, 901 18, 772 12, 989 22, 676 18, 666 16, 507 12, 920 10, 348 18,180 14, 353 Assessments for Federal Reserve Board's expenses 809, 585 60,570 i 264,862 78,901 81, 282 33, 409 29,398 108,972 29, 230 18,504 24, 405 24,137 55, 915 Legal fees 95, 701 3,097 j 5,411 3,319 4,768 731 8,222 15, 220 18, 432 13,130 10, 734 11,734 Insurance (other than currency and security shipments) 426, 633 29,674 ; 66, 370 34, 249 33, 674 23, 862 26, 013 44,663 27,197 30, 721 43,082 26, 780 40, 348 Insurance on currency and security ship- 3 ments 594,102 74,044 122,940 81,820 60,714 31,042 46, 241 64, 654 17,006 13,916 18, 262 23, 392 40,071 Taxes on banking house 1, 374, 368 126,420 407, 865 40, 484 140, 763 65, 394 62, 328 166,941 66,135 69, 399 97, 888 39,070 91,681 Light, heat, and power 338,622 21,756 ; 75,119 18, 758 35, 067 14,013 16, 768 31,944 20, 792 17, 202 40,062 21,021) 26,112 Repairs and alterations, banking house.. 176, 880 4, 2J1 ' 41,060 18, 726 13,038 1, 622 12,044 12,059 9, 611 6,155 28, 256 9, 860 20, 238 Rent 242,132 447 1,144 92, 648 13, 559 5,351 12, 385 1,500 115,098 Office and other supplies I 391,148 20, 084 101, 707 34,897 35, 845 18,132 20,275 45, 228 17, 758 17,538 24, 597 16,720 38,367 Printing and stationery j 426,186 36, 428 81, 432 28, 208 35, 873 23, 217 28, 557 (57,093 21,829 19,4.47 21, 499 21,905 40, 698 Telephone I 210, 223 20,002 60, 269 27, 779 14,371 7, 537 8,015 20,013 13, 592 5,166 8, 457 9, 612 15, 410 Telegraph 499, 392 6,373 52,807 13, 520 35,104 33,130 73,700 41,049 42, 991 18,032 59,124 52, 544 71,018 Postage 1, 747,151 193,098 306, 628 162,846 152, 846 111,615 93, 998 231, 868 84, 661 64,933 133, 703 86,763 124,192 Expressage 475, 409 44,055 105, 447 63, 667 36, 488 35, 356 39, 591 58, 546 15,554 12, 230 18, 667 23, 234 22, 574 Miscellaneous expenses 733,725 47,200 197, 023 55, 117 51, 502 32, 585 38, 367 83, 541 33, 731 29, 342 49,216 44, 418 71,683 Total, exclusive of cost of currency. 26,167,196 1, 855, 608 6, 383, 7861, 861,172 2, 479, 268 1, 421, 225 1, 292, 312 3, 384,902 1, 292,809 919,937 1, 698, 290 1, 270,109 2, 307,778 Federal reserve currency, including shipping charges: Original cost 2,039, 726 210, 793 j 411,313 167, 540 159,401 140,280 71,057 404,177 99, 941 52, 685 80, 828 66, 591 175,120 Cost of redemption..... 135,804 11,391 j 31, 465 12, 915 10,828 7,529 9,513 16,038 6,186 4,245 5,491 4,453 15,750 Total current expenses. 28, 342, 726 2, 077, 792 6, 826, 5642,041, 627 2, 649, 497 1, 569,034 | 1, 372,8823, 805,117 1, 398,936 976, 867 1, 784, 609 1,341,153 2,498, 648 I (Continued on page 116) Oi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1930—Continued PROFIT AND LOSS ACCOUNT Total Boston Now York Ph p il h a i d a el- ClevelandRichmond Atlanta Chicago ; ! St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F co ran- K arnings -..__- $36,424,044 $2, 368,086 $10, 393,189 $2, 996, 243 $3, 585. 202 $1,641,390 $1, 963, 724 $4,834,153 $1,745,685 $1,235,082 $1,667,667 $1,585,113 $2, 408, 510 C urrent expenses . 28, 342, 726 i 2,077,792 6, 826, 564 2,041, 627 2, 649, 497 1, 569,034 1, 372, 882 3,805,117 ' 1,398,936 976, 867 1, 784, 609 1, 341,153 2, 498, 648 Current net earnings 8, 081,318 290, 294 3, 566,625 954, 616 935, 705 72, 356 590, 842 1,029,036 | 346,749 258,215 -116,942 243,960 -90,138 Additions to current net earnings: Withdrawn from reserve for probable losses 402,060 200,000 36,900 ' _ _ __ 159,000 6,160 Profit on United States securities sold _ . 2, 849, 567 180, 927 1, 532,178 191, 736 178,163 59, 218 35, 993 255,952 57,523 68,139 85, 439 97, 921 106, 378 Allother 222, 790 : 6, 196 115, 316 952 333 2,598 1, 992 5,658 , 6,695 66,067 8, 893 3, 555 4,535 Total additions ... 3,474, 417 • 187,123 1, 647, 494 192, 688 378,496 61,816 37,985 298,510 ' 64,218 293, 206 94,332 101,476 117,073 Deductions from current net earnings: Bank premises—depreciation 1, 905,689 122,048 389, 688 274, 387 129,151 85,829 233, 681 175, 332 91. 982 168,188 46, 562 188, 841 Furniture and equipment 541, 385 9,130 128, 923 31, 752 42,317 27, 781 11, 934 38,980 18,848 14, 548 5, 271 25, 592 186,309 Reserve for probable losses 409, 865 194, 990 214 875 Reserve for self insurance 552, 264 101,055 188,959 12, 250 250,000 Allother 158, 350 92,462 6,069 12,781 24, 761 6,037 517 557 798 1,302 4, 907 685 7,474 Total deductions. . - ... . 3, 567, 553 223,640 625, 735 44, 533 530,424 162, 969 305, 520 273,218 409,853 357, 832 178, 366 72, 839 382, 624 Net deductions from current net earnings. 93,136 36, 517 2 1,021,759 2 148,155 151,928 101,153 267, 535 2 25, 292 345, 635 64, 626 84,034 2 28, 637 265, 551 Net earnings available for dividends, sur- i plus, and franchise tax 7,988,182 253, 777 4,588,384 1,102, 771 783, 777 -28,797 323, 307 1,054,328 1,114 193, 589 -200, 976 272, 597 -355, 689 Dividends paid 10, 268, 598 705,949 4,013,779 1,002,602 952,934 353,472 323, 307 1, 211, 418 315, 839 184, 445 259, 397 262, 510 682, 946 Transferred to surplus account -2, 297, 724 i -452,172 574, 605 100,169 -169,157 -382, 269 -157,090 -314,725 914 -460, 373 1,009 -1,038,635 Franchise tax paid United States Government 17, 308 8, 230 9 078 W i F REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT HH Salaries... $123,309 $7,052 ; $14, 274 $9, 805 $15,945 i $5,023 ' $5, 280 $6, 665 $10, 354 3 $14, 572 $17, 660 $8, 034 $8, 639 All other. 37, 777 1,790 : 5,884 1,978 2,097 | 2,878 I 1,962 8, 875 2, 163 3,482 1,789 1,551 3, 32S Total. 161,086 8, 842 ; 20,158 11,783 18,042 • 7,901 i 7,242 15, 540 12, 517 18, 054 19,455 9, 585 11,067 Other than those connected with governors' and agents' conferences and of the advisory council. 2 xet addition. s includes $5,000 officers' salaries. Back figures—See Annual Reports for 1929 (Table 80), 1928 (Table 84), 1927 (Table 75), 1926 (Table 68), and 1925 (Table 67 and Pt. II, Table 5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY, 1931 FEDERAL RESERVE BULLETIN 117 LIST OF NEW AND SPECIAL TABLES UNITED STATES NATIONAL DATA Federal reserve banks: Page Reserve bank credit and factors in changes (Wednesday series) 99 Earnings and expenses of Federal reserve banks in 1930_ _ i. 115 All banks in the United States: Total loans and investments, loans, investments, deposits exclusive of interbank deposits (54 Bank suspensions (and banks reopened) 66, 112, 113 Number of banks, banking offices, banks operating brandies 66 Total loans and investments: Percentage distribution 99 All member banks: Loans to banks 66 Loans to customers, open-market loans and investments 64 Holdings of eligible assets (Government securities and eligible paper) 66 Earnings and expenses (national banks, State member banks) 105-106 Detailed classification of loans and investments on call dates 111 Nonmember banks: Bills payable and rediscounts 99 Acceptances held 1 >y group of accepting banks 65 Capital issues, 1922-1930 67 Total reported security loans 67 Merchandise exports and imports 71 Wholesale prices, by groups of commodities, 1913-1930 72 I ndex of industrial production, revised figures, 1923-1930 107 Production of automobiles (revised index) 107 Seasonal indexes of automobile production 107 Production of shoes (revised index) 107 Seasonal indexes of shoe production 107 Freight-car loadings, revised indexes, 1923-1930 108 Seasonal indexes of freight-car loadings 110 DATA BY FEDERAL RESERVE DISTRICTS All member banks: Bank suspensions, 1921-1930 (and banks reopened) 112 Holdings of eligible assets (Government securities and eligible paper) 77 Interbank loans 76 Deposits of member banks in smaller centers, 1929-30 100 New York balances of member banks outside New York City 75 Nonmember banks: Bills payable and rediscounts 77 Estimated cash income from farm production, 1924-1929 80 DATA BY STATES Bank suspensions (and banks reopened) in 1930 113 Bank suspensions (and banks reopened) in January, 1931 114 Deposits of member banks in smaller centers, 1929-30 101-104 FOREIGN COUNTRIES Balance sheets (in dollars) of Bank of England, Bank of France, Reichsbank *6 Security prices (bonds and stocks) 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX Acceptances: Factors: Federal reserve bank buying rates on 63 Of decrease in reserve bank credit out- Held by Federal reserve banks 62, 94, 95 standing „ 62 Held by member banks 64 Of increase in reserve bank credit out- Open-market rates on 63 standing . 62 In foreign countries 90 Factory employment and pay rolls 68, 70 Outstanding 65 Failures. (See Bank suspensions; Commercial Agriculture. (See Crops; Farm production; failures.) Farm products; Deposits of member banks in Farm production, estimated income from cash_ 80 smaller centers.) Fa/m products, prices of 68, 72, 92 • All banks in the United States. (See Condition Federal reserve bank buying rates on acceptstatements.) ances 57, 63 Balance sheets of foreign central banks 81, 86 Federal reserve bank credit and factors in Bank debits 80 changes 61, 62 Bankers' balances 75, 78 Federal reserve bank reserves, deposits, note Bank suspensions. 66, 77, 112-114 circulation, and reserve percentages 74 Bills bought, holdings of Federal reserve banks. Federal reserve discount rates 57, 63 (See Acceptances.) Federal reserve notes 74, 94, 95, 99 Bills discounted, holdings of Federal reserve Fiduciary powers granted to national banks 98 banks 62, 63, 74, 94, 95, 99 Float, reserve bank 62, 94 Brokers7 borrowings 65 Foreign countries: Brokers' loans 65 Balance sheets of central banks 81, 86 Building statistics 68, 71, 80 Condition of central banks 86-88 Business conditions, national summary of 60 Condition of commercial banks 89 Business failures 80 Discount rates of central banks 90 Capital issues, domestic and foreign 67 Exchange rates 85 Changes in membership in Federal reserve Gold holdings 84 system 96 Gold movements 84 Charts: Money rates 90 Reserve bank credit and factors in changes, 61 Security prices 91 Discounts of Federal reserve banks, by Wholesale prices 92 districts 73 Freight-car loadings 68, 108-110 (See also Review of the Month.) Gold: Commercial failures 80 Analysis of changes in stock of United Commercial paper outstanding 65 States 62 Condition statements: Circulation 99 All banks 64 Earmarked 62 All member banks 64, 76, 111 Exports and imports 62 Bank for International Settlements 85 At New York _ 62 r Central banks in foreign countries 86-88 Elsewhere 62 Commercial banks in foreign countries 89 Holdings of central banks and governments- 84 Federal reserve banks 62, 94, 95 Movements 62, 84 Member banks in leading cities 65, 78 Production 62 Nonmember banks 64 Stock of United States 61,62 Reporting member banks 65, 78 Imports, merchandise 71 Credit liquidation and the banking situation, Indebtedness of member banks at Federal rereview of 53-56 serve banks 62, 63, 74 Debits to individual accounts. (See Bank debits.) Index numbers of Federal Reserve Board 68 Department stores 71 Industrial production, index of 68, 69, 107 Deposits: Interbank loans: All member banks 64, 74, 75 Volume of 66, 76, 77, 99 Central banks in foreign countries 86-88 Rates on 79 Federal reserve banks 74, 94, 95 Interest rates. (See Money rates.) Member banks in larger and smaller centers. 75 Manufacturing industries: Member banks in smaller centers, by Index of production 68, 69, 107 States 101-104 Index of employment 68, 70 Reporting member banks 78 Index of payrolls 68, 70 Discount rates: Maturity distribution of bills and short term Central banks in foreign countries 57, 90 securities 99 Federal reserve banks 57, 63 Member bank borrowings at Federal reserve Discounts, holdings of Federal reserve banks. banks. (See also Bills discounted) 63 (See Bills discounted.) Member bank reserve balances 61, 62, 74, 94, 95 Earnings and expenses of Federal reserve Member banks. (See Condition statements, banks 58, 115 Deposits, etc.) Elements analysis 61, 62, 99 Membership in Federal reserve system, changes Employment in manufacturing industries 68, 70 in 96 Exports, merchandise 71 Membership in par collection system 99 118 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
119 INDEX Page Page Minerals, index of production 68, 69, 107 Prices of commodities (wholesale), indexes of: Monetary gold stock of the United States 61, 62 Foreign countries, all commodities 92 Monetary units of 44 countries 85 Foreign countries, groups of commodities-_ 92 Money in circulation: United States, all commodities 68 By kinds 99 United States, groups of commodities 72, 92 Chart showing 61 Prices of securities, indexes of 67,91 End of month 99 Production: Monthly averages of daily figures 62 Industrial, index of 68, 69, 107 Weekly averages of daily figures 61, 62 Manufactures 68, 69, 107 Money rates: Minerals 68, 69, 107 Acceptances, New York City 63 Reporting member banks: Acceptances, foreign countries 90 Borrowings at Federal reserve banks 63, 65, 78 Call loans, New York City 63 Loans and investments 65, 78 Call loans, England, Germany, Japan 90 Due to banks 78 Charged customers by banks in principal Reserve bank credit outstanding and factors in cities 63 changes 61, 62, 99 New York City 63 Reserve bank float 62, 93 Eight other northern and eastern cities_ 63 Reserve ratios of Federal reserve banks 74 Twenty-seven southern and western Reserves: cities 63 Federal reserve banks 74, 93, 94 Commercial paper 63 Member banks 61, 62, 74, 94, 95 Interbank loans 79 Central banks in foreign countries 86-88 Open market 63 Review of the month—Credit liquidation and Time loans 63 the banking situation 53-56 U. S. Treasury notes and certificates, yield Security prices, indexes of 67, 91 on * 63 Silver, price of 85 U.S. Treasury bonds, yield on 63 Stocks at department stores, index of 71 National banks granted fiduciary powers 98 Time deposits of member banks __ 64, 75, 100, 101-104 National summary of business conditions 60 Treasury currency (adj usted) 62 Nonmember banks 64, 66, 77, 99, 112-114 Unexpended capital funds of Federal reserve Nonmember deposits, etc., of Federal reserve banks 62 banks 62 United States securities, holding of Federal " Other " reserve bank credit 62, 94 reserve banks 62, 93, 94 "Other securities" held by Federal reserve United States Treasury notes and certificates, banks I 62, 94 yield on 63 Par list, number of banks, on 99 United States Treasury bonds, yield on 63 Par of exchange for 44 countries 85 Wholesale prices. (See Prices.) Pay rolls in manufacturing industries, index of_ 68, 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS Af£V:/ ialt Lake City \ / UTAH KANSAS CITY OKLA. Oklahoma City • ARK- L.« DALLAS® n J TEXAS > ••••••ii••BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES o FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1931, January 31). Federal Reserve Bulletin, 1931-02. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193102
@misc{wtfs_bulletin_193102,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1931-02},
year = {1931},
month = {Jan},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193102},
note = {Retrieved via When the Fed Speaks corpus}
}