Federal Reserve Bulletin, 1931-03

FEDERAL RESERVE BULLETIN MARCH, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Banking Position New Regulations on Loans to Veterans Annual Report of the Bank of France 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 R o e f s - erve Bank Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss Roy A. Young .. W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.i A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walters. Logan J. M. Rice.i L. R. Rounds Allan Sprool.1 L. F. Sailer.... Philadelphia R. L. Austin.._ Oeo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W G MrCrfifidv s Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, Jr.* Atlanta Oscar Newton Eugene R. Black W.S.Johns- M. W. Bell. H. F. Conniff W. S. McLarin, jr.i ; Chicago. -_ - Eugene M. Stevens... J. B. McDougal C. R. McKay W. C. Bachman.» j John H. Blair D. A. Jones.* | J. H. Dillard - 0. J. Netterstrom.i E. A. Delaney.1 ! St. Louis John S. Wood Wm. McC. Martin._. 0. M. Attebery „ S. F. Gilmore.* I A. H. Haill.2 i F. N. HalU G. 0. Hollocher.* ; C. A. Schacht.2 Minneapolis JohnR. Mitchell W. B. Geery Harry Yaeger II. I. Ziemer. Frank C. Dunlop.* : Kansas City M. L. McClure W.J. Bailey.... C. A. Worthington... J. W. Helm. T W TTalm Dallas C. C. Walsh .. Lynn P. Talley _ R. R. Gilbert Fred Harris. R. B. Coleman W. 0. Ford.1 San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk * Assistant deputy governor. J Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch-. _ _. J. E. Olson. Richmond: Oklahoma City branch. C. E. Daniel. Baltimore branch 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: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch.. W. R. Cation. Seattle branch__ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch 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. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—The banking position 121 Current banking developments—Reserve bank credit—Volume of acceptances—Basis of acceptance credit—Funds held in New York—Decrease in volume of credit—Bank credit by districts. Changes in discount rates 124 Condition of all member banks on December 31, 1930 (from Member Bank Call Report No. 50) 176-177 National summary of business conditions 125 Annual report of the Bank of France ; 146 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 126, 127 Analysis of changes in monetary gold stock, gold movements 127 Member bank borrowings at Federal reserve banks 128 Discount rates and money rates 128 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 129 Bank suspensions 131 Number of banks, banking offices, banks operating branches 131 All member banks— Loans and investments, deposits, reserve position 129 Loans to banks 131 Loans to customers, open-market loans and investments 129 Holdings of eligible assets (Government securities and eligible paper) 131 Weekly reporting member banks in leading cities 130, 143 Bankers' acceptances, commercial paper, brokers' loans 130 Security prices, security issues, and security loans 132 Production, employment, car loadings, and commodity prices 133 Industrial production 134 Factory employment and pay rolls 135 Building contracts awarded, by types of building 136 Merchandise exports and imports 136 Department stores—Indexes of sales and stocks 136 Wholesale prices, by groups of commodities, 1913-1930 137 Banking and business conditions in Federal reserve districts (chart and tables) 138-145 Financial statistics for foreign countries: Gold holdings of central banks and governments, gold movements 151 Foreign exchange rates 152 Condition of Bank for International Settlements 152 Condition of central banks 153-155 Government note issues and reserves 156 Condition of commercial banks 156 Discount rates of central banks 157 Money rates 157 Price movements: Security prices 158 Wholesale prices 159 Law department: Change in law with regard to loans on notes secured by adjusted-service certificates 160 Revision of Federal Reserve Board's regulation G 161 Revision of regulations of Administrator of Veterans' Affairs 162 Text of sections 502 and 503 of World War adjusted compensation act 165 Detailed Federal reserve statistics, etc 167-175 Index 178 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 MARCH, 1931 No. 3 REVIEW OF THE MONTH larger than a year ago, indicating that cash withdrawn by the public on account of dis- Reserve bank credit outstanding showed a turbances in the banking situation in Novemfurther decline February, corresponding to a ber and December was still outstanding in large decrease in member bank revolume. serve balances, together with Of the decrease of $470,000,000 in the volan inflow of gold from abroad. ume of reserve bank credit from December 31 Member bank credit, as indicated by loans and to February 25, only $60,000,000 represented a investments of member banks in leading cities, decline in bills discounted for member banks; was at a somewhat higher level in February discounts had reached their seasonal peak on than at the end of the preceding month. December 24 and had declined by $200,000,000 Commercial loans continued to decline, but this reduction was more than offset b}r a con- in the following week, when the reserve banks made large purchases of acceptances and siderable growth in the banks' investments, to- United States securities. Holdings of these segether with a slight increase in their loans on curities declined during January and February securities. Brokers' loans, which had shown an by $130,000,000, as the reserve banks sold almost continuous decline for the preceding securities acquired temporarily in December. nine months, showed an increase in February At the end of February the reserve banks' portaccompanying the advance in security prices. folio of Government securities, at $600,000,000, Conditions in the money market became was at the same level as during the autumn slightly firmer in the second half of February, months of last year. Acceptance holdings of and rates on bankers' acceptances and on time the reserve banks, which had increased by loans advanced. $100,000,000 during the last week of Decem- Toward the end of February the volume of ber, declined by $260,000,000 in the following reserve bank credit outstanding declined to two months. $900,000,000 for the first time Reserve bank ^^ r^ _ since dedine be The decrease in the bill portfolio of the retween the last report dates in serve banks during the first two months of the December and in February was $470,000,000, year was considerably larger Volume of reflecting chiefly an increase of $70,000,000 in than usual and its level at the acceptances the stock of gold and a return flow of $320,000,- end of February was the lowest 000 of money from circulation. In January a for that season since 1922. This rapid liquilarge part of the gold came from Canada, which dation of the reserve banks7 acceptance holdusually exports gold to this country at the turn ings occurred notwithstanding the reduction of of the year when the seasonal peak in the the reserve banks' buying rate to the excep- Canadian demand for currency is passed, while tionally low level of 1 }i per cent for the shorter gold received in February came for the most maturities. In January the abundance of part from Argentina. The return flow of short-time funds resulted in a decline in openmoney from circulation, taking January and market bill rates for a time below the reserve February as a whole, was approximately the bank buying rate. This differential, together same as in most other recent years, but smaller with the fact that member banks in New York than in 1930. The amount of currency in cir- City were out of debt to the reserve banks and culation at the end of February was somewhat had a considerable volume of surplus reserves, 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN MARCH, 1931 caused the seasonal decline of reserve bank ket. There was a further large increase in credit taking largely the form of a reduction in bank holdings of acceptances in January of this the reserve banks' bill holdings. year, the total reaching $570,000,000 at the end The total volume of acceptances outstanding of the month. Acceptance holdings by other also declined after the turn of the year, but investors were also larger in 1930 than in other this decline was no greater than usually occurs recent years, but declined during the year, as at this season. The chart shows, for the past accepting banks absorbed an increasing proportion of acceptances available in the market. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2000 BANKERS ACCEPTANCES OUTSTANDING 2000 The proportion of acceptances held by the different classes of investors at the end of VZ% Held by otters January of the past six years is shown in the HllllllH Held by accepting banks 1500.Wh Held by reserve banks-accf. of correspondents following table: Held by reserve bonks-own account BANKERS' ACCEPTANCES OUTSTANDING Held by reserve 1000 banks Held by End of January For own c F f o o o u r r e n i t g a c o n - f ac b c a e n p k ti s ng H o e t l h d e r b s y Total 500 account corre- i spondents' Amounts in millions of dollars "19256 1927 1928 1929 1930 '31 1926. 299 84 119 286 788 1927. 317 94 55 307 773 five years, the movement in the total volume of 1928- 377 237 80 364 1,058 1929. 438 313 79 449 1,279 American acceptances outstanding, and their 1930. 293 526 220 653 1,693 1931. 89 447 571 412 1,520 distribution among different classes of holders. Acceptance holdings of the reserve banks in Percentage distribution 1930 were smaller, on the average, than in either of the two preceding years, although the 1926. 38 11 15 36 100 1927. 41 12 7 40 100 total volume of acceptances outstanding was 1928. 36 22 8 34 100 1929. 34 24 6 35 100 larger throughout the year than in 1928 and 1930. 17 31 13 39 100 1931. 6 29 38 27 100 during the larger part of the year was also Source: American Acceptance Council. larger than in 1929. This circumstance reflected the easy condition of the money market, The principal facts brought out by the table, the abundance of short-time investment funds, as well as by the chart, are the decrease between and the generally smaller demand for reserve 1927 and 1931 from 41 to 6 per cent in the bank credit. The volume of acceptances held proportion of acceptances held by the reserve by the reserve banks for account of foreign banks and the increase during the same period central banks, on the other hand, though it de- from 7 to 38 per cent in the proportion held clined during the year, was larger, on the aver- by the accepting banks. age, than in any previous year. The greatest Another analysis of American acceptances growth during 1930 was shown in the bill shows the nature of the transactions underlying holdings of accepting banks. Owing to the them. The second chart shows acceptances abundance of short-time funds in 1930 and the based on imports and exports, decreased demands from their commercial cus- Basis of on domestic shipments and acceptance tomers, member banks greatly increased their warehouse credits, bills drawn credit acceptance holdings, which in recent months to create dollar exchange, and reached important proportions for the first time bills based on goods stored in or shipped between since the establishment of the acceptance mar- foreign countries. Export and import ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAKCH, 1931 FEDERAL RESERVE BULLETIN 123 ceptances decreased last year accompanying $1,900,000,000 in September, 1929. Thisdecline the decrease in foreign trade; acceptances was due both to the diminished demand for based on domestic transactions and drawn to credit by the security market and the low level create foreign exchange did not change mate- of rates on street loans, which made it nearly as MILLIONS OF DOLLARS BANKERS'ACCEPTANCES OUTSTANDING MILLIONS OF DOL 2 L 0 A 0 R 0 S M 40 IL 0 LI 0 ONS Of DOLLA N R E S W YORK FUNDS OF OUT-OF-TOWN BANKS MILLIONS OF DO 4 L 0 LA 0 R 0 S te>~| Goods shred or in transit abroad 1 Dollar exchange \ 3000 3000 Wft Based M domestic shipments & warehouse credits 1500 on imports am/exports 2000 2000 1000 1000 —3 1000 500 1926 1927 1928 1929 1930 profitable to leave funds on deposit with New 1926 1927 1928 1929 1930 York correspondents as to place them in the rially, while acceptances based on goods stored market. New York balances of out-of-town banks abroad or shipped between foreign countries accordingly increased during 1930, and were increased from $43,000,000 at the end of at the relatively high level of $1,300,000,000 January, 1927, to $550,000,000 at the end of during the first two months of this year. January, 1931. This increase reflects chiefly The slight increase in total loans and investments of member banks in leading cities, the growing extent to which foreign countries . which was mentioned in the use dollar acceptances in financing international volum|Sofcnredit opening paragraph of this retrade. This class of acceptances has increased view, iollowed upon a decline rapidly since the conditions under which they that began last autumn. For the period from may be drawn were liberalized by the Federal October 1 to February 25, taken as a whole, Reserve Board in the autumn of 1927. Another the total amount of credit extended by these banks decreased by $820,000,000, following upon important factor in the increase of this type of an increase during the preceding six months, acceptances has been the continuance for a and carrying the total to the level of last spring. large part of the period of a lower level of rates The largest liquidation during the past five on bills in the United States than in other months, $1,160,000,000, was in loans on securicountries. ties, mostly in brokers' loans, but "all other" loans also decreased by $390,000,000, notwith- The lower level of rates in the open-market standing the increase in acceptance holdings, in recent months has also been an influence which are included in this item, while investin reducing the total volume of ments showed an increase of $730,000,000 for Funds held in funds held in New York by out- the 5-month period. Declines in total loans and investments of New York of-town banks, as is shown by weekly reporting banks were shown for the the following chart. period from the beginning of Street loans placed by out-of-town banks October to the end of February through their New York correspondents, after in all of the Federal reserve disa rapid decline in the autumn of 1929 and a tricts, except Philadelphia. A table showing changes in the principal asset items of the sharp recovery in the early part of 1930, banks in leading cities for the period from declined again for a period of 10 months, and October 1 to February 25 is shown below at the end of February of this year were at by Federal reserve districts. Changes for the a level below $300,000,000, compared with period have been influenced by suspensions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN MARCH. among reporting banks. The amounts for Security loans show declines for the period October 2, 1929, October 1, 1930, and February in all the districts, as do all other loans in all the 25, 1931, are shown in a table at the end of the districts except San Francisco, while investreview. ment holdings increased in most districts, particularly New^ York, Chicago, Philadelphia, CHANGES IN PRINCIPAL ASSETS OF MEMBEK BANKS and San Francisco. For the period of about IN LEADING CITIES: OCTOBER 1, 1930, TO FEBRUARY a year and a half from October 2, 1929, when 25, 1931 the banks7 investments were at a low point, to [In millions of dollars] February 25 of this year, when they were as Loans and investments the highest level on record, investment holdingt of reporting member banks showed an increase Federal reserve district Total o L n ri o t s i a e e n c s u s - Al l l o a o n th s er I m nv e e n s t t s - c o h f a $ s 1 es ,7 5 o 0 f ,0 in 0 v 0 e ,0 s 0 tm 0, e o n r t s 3 3 b y p e m r e c m en be t. r b T a h n e k s s e h p a u v r e been an important influence in maintaining Total i_. -821 -1,163 -388 j-729 the prices of high-grade bonds at a fairly high Boston... -95 -92 -12 +9 level throughout most of 1930 and the opening New York' -360 -678 -125 +442 months of the present year. Philadelphia... +7 ! -14 -50 +71 Cleveland -84 -56 -11 -17 At the end of February the member banks, Richmond -46 -11 -22 -13 Atlanta -41 -13 -22 -6 with a relatively low level of total loans and in- Chicago -80 -147 -104 +171 vestments, a large volume of balances with cor- St. Louis -30 -30 -20 +20 Minneapolis. _. -21 -3 -19 respondents, and a small amount of indebetedness D K a a l n l s a a s s City..- - - 2 2 3 6 -21 ^ - - 1 2 8 0 + + 1 1 3 to the reserve banks, were in a strong position to San Francisco . -21 -92 +34 +37 meet the financial requirements of trade and I industry in the approaching spring season. i Changes for the period reflect, in part, suspensions of reporting banks. PRINCIPAL ASSETS OF MEMBER BANKS IN LEADING CITIES, BY FEDERAL RESERVE DISTRICTS lln millions of dollars] Total loans and investments Loans on securities All other loans Total investments Federal reserve district Oct. 2, Oct. 1, Feb. 25, Oct. 2, Oct. 1, ; Feb. 25, Oct. 2, Oct. 1, Feb. 25, Oct. 2, Oct. 1, I Feb. 25, 1929 1930 1931 1929 1930 1931 1929 1930 1931 1929 1930 | 1931 Total i 22,829 23,467 22,646 7,825 8,476 i 7,313 9,600 8,150 5,401 6.454 1 7,183 Boston 1,553 1,546 1,451 533 509 417 682 650 338 375 384 New York i___ 8,825 9,557 9,197 3,390 4,197 3,519 3,449 2,893 2,768 1,986 2,468 2,910 Philadelphia-_ 1,242 1,301 1,308 487 460 446 450 448 398 305 393 464 Cleveland 2,200 2,304 2,220 740 736 680 829 751 630 806 789 Richmond 683 659 613 204 175 164 321 271 157 191 178 Atlanta 652 «03 562 161 145 132 367 286 124 150 144 Chicago 3, 397 3,382 3,302 1,299 j 1,276 1,129 1,439 1,312 1,208 658 794 965 St. Louis 700 657 627 241 ! 215 185 305 282 262 154 160 180 Minneapolis. __ 414 371 350 88 j 79 76 204 163 144 122 130 130 Kansas City... 696 658 632 131 I 124 103 337 295 277 228 239 252 Dallas 494 456 433 105 i 95 91 271 245 225 119 116 117 San Francisco. 1,973 1,972 1,951 446 ! 463 371 947 876 910 580 633 670 I 1 Changes for the period reflect, in part, suspensions of reporting banks. Meeting of the Federal Advisory Council William C. Potter, Mr. J. A. House has been appointed to represent the Cleveland district in The first meeting of the Federal Advisory place of Mr. Harris Creech, and Mr. Henry M. Council in 1931 was held on Tuesday, February Robinson has been appointed to represent the 17. Mr. B. A. McKinney, of Dallas, was re- San Francisco district in place of Mr. F. L. elected president and Mr. Walter W. Smith, of Lipman. St. Louis, was reflected vice president. These officers as ex officio members and Messrs. Loeb, Traylor, Prince, and McLucas will comprise the Changes in Foreign Central Bank Discount Rates executive committee. Mr. Walter Lichten- The Bank of Sweden reduced its discount stein was reappointed secretary of the council. rate from 3% to 3 per cent, effective on Febru- Mr. Robert H. Treman has been appointed to ary 6, 1931. The 3% per cent rate has been in represent the New York district in place of Mr. effect since April 3, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1931 FEDERAL RESERVE BULLETIN 125 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 21 and released for publication February 26] Industrial activity increased in January by decreases in shipments of coal, merchandise, slightly less than the usual seasonal amount, and miscellaneous freight. Department-store and factory employment and pay rolls declined. sales, which always show a sharp reduction Money rates in the open market declined fur- from December to January, declined by less ther from the middle of January to the middle than the estimated seasonal amount. of February. Wholesale prices.—The general level of Production and employment.—The board's wholesale commodity prices declined further index of industrial production, which is adjust- by 2 per cent in January, according to the ed for seasonal variation, showed a decrease of Bureau of Labor Statistics. Prices of many less than 1 per cent in January, compared with leading agricultural products and of copper declines of 3 per cent in November and in and silver decreased substantially, while prices December. Activity in the steel industry, of cotton and silk advanced. In the first half which was at a low level in December, increased of February the price of cotton continued to during the following month by considerably rise, and in the middle of the month copper more than the usual seasonal amount; output also advanced, while the price of silver declined of automobiles, which had shown an unusual to new low levels and prices of livestock conincrease in December, increased less in January tinued to decrease. than in the corresponding month of other Bank credit.—Volume of credit at member recent years. The cotton and wool textile banks in leading cities showed little change industries were more active in January, while from January 14 to February 11, further dethe output of copper, petroleum, and coal clines of $200,000,000 in loans on securities and declined. of $115,000,000 in all other loans being largely The number of wage earners employed at offset by an increase of $310,000,000 in the factories was smaller in the pay-roll period banks' holdings of investments. ending nearest the 15th of January than in the In the first three weeks of February bank preceding month, reflecting in part extended suspensions declined sharply, and a number of year-end shutdowns. There were large de- banks, previously suspended, resumed operclines in employment at foundries and at estab- ations. lishments producing hosiery, women's clothing, Volume of reserve bank credit outstanding lumber, brick, cement, and tobacco products; decreased by $175,000,000 between the weeks employment in the men's clothing, leather, and ending January 17 and February 14, reflecting agricultural implement industries increased a reduction of $70,000,000 in member-bank somewhat more than usual for the season. balances and $80,000,000 in money in circula- Factory pay rolls were considerably reduced in tion, together with an increase of $25,000,000 January. in the stock of monetary gold. The principal Value of contracts awarded for residential reduction has been in acceptance holdings of building continued to decline in January, the reserve banks. according to the F. W. Dodge Corporation, Money rates.—Money rates in the open while contracts for public works and utilities market continued to decline after the middle increased. In the first half of February the of January and by the middle of February were daily average of contracts awarded for resi- at new low levels. The prevailing rate on prime dential building increased. commercial paper declined to a range of 2% to Distribution.—Volume of freight-car load- 2% per cent; and the rate on bankers' acceptings was reduced further in January, contrary ances was reduced to 1% per cent, but subseto the usual seasonal tendency, reflecting quently advanced to 1% per cent. 42038—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN MAECH, 1931 FEDERAL RESERVE BANE CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS, OF DOLLARS 5W0 800 600 400 200 1927 1926 1929 1930 1931 Based on weekly averages of daily figures; latest figures are for week ending February 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

127 MARCH, 1931 FEDERAL RESERVE BULLETIN 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 d te 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 O e b s a t e h n r e k v r e Total Mo s g t n o o e c ld t k aryT cu re r ( r a a e d s n u - c r y y i M n la c o ti i n o rc e n u y - M re b e s a m e n r b k v e e r d m e N e p m o o s n b i - e ts r , p c U e a n n p d e it x e a d - l credit» justed) balances etc. funds 1929—September ... 229 165 1,427 4,368 1,766 4,811 2,335 28 387 October 885 337 154 1,450 4,381 1,785 4,810 2,386 392 November 953 296 315 1,631 4,374 1,789 4,845 2,521 395 December 803 320 446 1,643 4,324 1,797 4,943 2,395 399 1930—January 501 314 485 1,357 4,283 1,784 4,652 2,349 394 February.- 378 285 480 1,181 4,319 1,781 4,556 2,305 393 March 274 246 540 1,095 4,395 1,797 4,533 2,330 397 April 231 266 530 1,072 4,443 1,781 4,518 2,350 400 May 247 182 529 996 4,505 1,779 4,497 2,356 398 June 251 141 571 1,000 4,528 1,775 4,489 2,392 395 July._ 226 154 1,003 4,532 1,789 4,483 2,417 389 August. 214 153 998 4,496 1,787 4,476 2,392 385 September 189 197 597 1,016 4,503 1,785 4,492 2,397 October 196 185 602 1,020 4,520 1,787 4,501 2,407 November 221 184 599 1,033 4,553 1,793 4,528 2,433 388 December __ 338 257 644 1,273 4,583 1,793 4,823 2,415 384 1931—January 253 206 647 1,129 4,622 1,784 4,695 2,433 379 February-.. 216 102 603 4,656 1,780 4,598 2,370 379 Week ending (Saturday)— Jan. 31 224 127 615 976 4,636 1,784 4,581 2,411 379 Feb. 7 231 109 610 964 4,648 1,776 4,599 2,386 379 Feb. 14 231 92 607 945 4,652 1,783 4,605 2,367 380 Feb. 21 208 102 925 4,661 1,780 4,590 2,372 380 Feb. 28 _. 193 105 911 4,663 1,781 4,596 2,357 379 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 basis. 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 ThroughThroughThrough From or to— (p F re e l b im ru i a n r a y ry) January D Ja e n ce u m ar b y e - r of net gold ear- domestic month Total import marking producor opera- tion Im- Ex- Im- Ex- Im- Exexport tions etc.i ports ports ports ports ports ports 1929—June 4,324 23.4 30.2 -7.5 0.7 England _. | 14 289 J A u u ly gust 4 4 , , 3 3 6 4 0 1 1 1 8 6 . . 9 3 3 1 4 8. . 4 7 -2 -1 2 . . 0 0 3 1 . . 6 5 G Fr e a r n m ce a n . y _ .. _.- 3 1 2 3 7 3 73,8 2 0 0 8 1 September 4,372 12.1 17.6 -6.6 1.1 Italy 5 4 3,000 October 4,386 14.4 17.5 -4.5 1.4 Netherlands 17 1 N D o ec v e e m m b b e e r r 4 4 , , 2 3 8 6 4 7 - - 8 1 2 9. . 2 9 - - 6 2 4 3 . . 4 2 -22 1 . . 0 0 2 3 . . 3 5 C Ca en n t a r d a a l - America.. _ 22, 1 5 2 6 7 3 6 43 1, , 6 6 9 1 7 8 36,746 Mexico 536 20,805 415 Total (12 mos.).- 142.4 175.1 -55.4 22.7 Argentina 9, 289 5,441 20,272 50 1930— F J e a b nu ru ar a y ry, .. 4 4 , , 2 3 9 5 3 5 6 8 1 . . 8 9 6 4 0 . . 0 0 2 0 . . 5 0 2 1 . . 3 9 B C C r h o a i l z o le i m ] bia 3,02 3 2 1 8 9 7 , , 0 7 4 9 7 3 7 6 8 March 4,423 68.2 55.5 13.0 -0.3 Ecuador 1 1,551 April 4,491 68.5 65. 7 0.5 2.3 Peru 43 6,896 May . 4,517 25.9 23.5 2.0 0.5 VenezAiela ._ __ 45 4,747 965 June 4,535 17.6 13.9 2.0 1.7 Uruguay 1,100 8,354 July 4,517 -18.4 -19.6 -3.0 4.3 China and Hong A S O e u c p t g o t u e b s m e t r ber 4 4 4 , , , 5 5 5 0 3 1 1 1 5 -1 2 1 5 3 0 . . . 5 3 2 -1 2 9 2 6 . . . 6 5 4 -6 4 0 . . . 1 0 0 4 3 3 . . . 1 2 7 J D a u p K t a o c n h n g East Indies 2,742 8 7 1 4 4 6 9 1 8 48 1 2 5 2 1 6 , , , 7 6 6 5 0 1 2 9 2 40 5 1 0 November 4,571 36.8 35.2 -2.1 3.8 Philippine Islands 179 3,715 December 4, 593 22.1 32.7 -15.2 4.5 New Zealand 14 220 Total (12 mos.)._ +309. 4 +280. 2 -2.4 +32.0 All other countries i_ 972 656 5,700 41 Total- ._ 214,103 34,426 54 396,054 115,967 1931—January 4,643 +49.4 +34.4 +11.9 +3.1 February » 4,664 +20.8 +14.1 +2.5 +4.2 i Includes all movements of unreported origin or destination. 1 For explanation of this figure, which is derived from preceding col- * At New York—imports, $11,361,000. Elsewhere—imports, $2,742,000. umns, see BULLETIN for December, 1928, p. 831. * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDEKAL RESERVE BULLETIN MARCH, 1931 MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [Monthly averages of weekly figures. In millions of dollars] Prevailing rate on- Average rate Average_yield Month Total i N b e a w R n C k e it s p Y y o i o n r r t k i l n e g ad O m i i t n n h e g g e m r c c b i i l t t e e i i e a r e s d 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 i r „ M ,• onth or wee , k | I | m p P 4 c a e r o p r i t m c m o e i r - a e 6 , l I a P a b c n e a r c 9 i c r n e m s 0 e k p ' s e t - , - d l T o a i 9 a y m n 0 s s e 2 , N C e a w ll lo n a e R n w e s - a 1 l c T c n U e u a a r o r . e n t r t t S e y a i d e f . s s s i , - - b T o u r n r e y d a s s - * j months days 3 to 6 1930 ! 1931 1930 1931 1930 1931 1930 1931 months January 462 i 245 208 215 163 January __.| 4%-5 3%-4 % 4.31 4.64 3.39 3.51 February 371 ! 209 152 198 152 March 247 80 166 February i ift-5 3/4-3% 4H-5 4.28 4.32 3.36 3.50 April 225 54 154 March. 3%-4% 2/^-3% 3.56 3.69 <2.95 3.46 J M un ay e 2 2 2 2 6 2 4 4 8 8 1 1 6 6 9 7 April 3%-4 fr3 / 4 -4 3.79 4.00 3.00 3.40 July _ 218 165 May ! 3/^-4 5 3)4-3 3.05 3.12 2.41 3.41 August 196 153 June ! 3K-3?4 2H-33 2.60 2.62 <1.89 3.37 S O e c p to te b m er ber 1 1 8 9 6 3 3 5 5 0 1 1 4 3 2 7 July j 3 -3]/2 2K2-3 2.18 2.20 1.83 3.37 November 211 65 140 August I 3 2.22 2.21 1.53 3.38 December 26 115 167 September \ 3 2.17 2.19 < 1.77 3.37 October j 3 2.00 2.00 1.74 3.34 i Includes (in small amounts) discounts by Federal reserve banks for November I 2% -3 2 -2% 2.00 2.00 1.40 3.32 nonmembers: (1) Bills discounted for intermediate credit banks and December • 2^4-3 2 -2ft 2.27 2.23 *1.48 3. 34 (2) notes secured by adjusted-service certificates discounted for nonmember banks. 1931 i January 1H-2H 1.50 1.57 1.24 j 3.33 FEDERAL RESERVE BANK RATES February.. m-2 1.50 1.50 1.06 jI 3.40 Week ending- DISCOUNT RATES Jan. 31 _ 1M-2 1.50 1.50 1.09 3.38 [Rates on all classes and maturities of eligible paper] Feb. 7 I 2y2-2% 4 1H-2 1.50 1.50 1.07 3.39 Feb. 14. | IX 1H-2 1.50 1.50 .95 3.36 Feb. 21 i 1.50 1.50 1.03 3.41 Federal reserve bank e R M ff a e a t c e r t . i o 1 n n Dat l e i sh e e s d tab- Pre ra v t i e ous Feb. 28 j 2H 2 -2H 1.50 1.50 1.19 3.44 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. Boston __ Jan. 2,1931 3 3 issues—3^s> 3%, 4 per cent; yields calculated on basis of last redemp- New York Dec. 24,1930 tion dates—1947, 1956, and 1954. Philadelphia- July 3,1930 • Change of issues on which yield is computed. Cleveland Dec. 29,1930 Richmond July 18,1930 RATES CHARGED CUSTOMERS BY BANKS IN Atlanta _. Jan. 10,1931 PRINCIPAL CITIES Chicago do [Weighted averages] St. Louis Jan. 8,1931 Minneapolis... Sept. 12,1930 Eight other Twenty-seven Kansas City... Aug. 15,1930 New York City northern and southern and eastern cities western cities Dallas Sept. 9,1930 Month San Francisco . Jan. 9,1931 1929 1930 1931 1929 1930 1931 1929 1930 1931 BUYING RATES ON ACCEPTANCES January 5.74 5.64 4.24 5.87 5.88 4.61 5.94 6.12 5.49 February 5.73 5.35 4.31 5.86 5.66 4.63 5.96 6.04 5.41 [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 e R M ff a e a t c e r t . o i 1 n n Dat l e is h e e s d t ab- Pre r v at i e ous J J A u u u n ly g e ust _ 5 5 6 . . . 9 8 0 3 8 5 4 4 4 . . . 5 4 4 9 8 1 6 6 6 . . . 0 0 1 2 8 1 4 4 5. . . 0 7 8 6 9 1 6 6 6 . . . 1 1 2 6 7 2 5 5 5 . . . 6 6 5 9 2 7 I. September. _. 6.06 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 1 6 -1 - 5 3 0 d d a a y y s s . ,_ .. Jan. do 2 6,193 _ 1 . J | m December.-_ 5.74 ,16 5.94 4.68 6.20 5.42 ...... 31-45 days.. .....do NOTE.—Figures relate to rates charged by reporting banks to their 46-60 days- _ .—.do 1% own customers as distinguished fro en open-market rates (which are given 61-90 days.. .....do m in preceding table). All averages are based on rates reported for 3 types 91-120 days. m do m of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account 121-180 days Dec. 24,1930 2% (a) the relative importance of each of these 3 types of loans and (6) the 2 relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is NOTE.'—Rates on prime bankers' acceptances. Higher rates may be weighted according to the importance of that city in the group, as 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

129 MARCH, 1931 FEDERAL RESERVE BULLETIN 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 dollarsl Loans to customers Open-market loans and investments Month T N o e t t a l dem de a p n o d s i a ts nd time He R ld e se I r v E e x s c ess; [ i I | d , F n e e t e b I d s n t s ' e e , d r a a - t l Call date Total ! s b c t a o u o o b n n r e y c d e - d k d s s O c c u w a u u n s t n e i h r r s s * e e d e e e d d r - - Total a c P A n e u c c p p - e r t c - a s h p a p e C m c s r a o i e e p a m d r e l - r - l S o t a re n e s t 1 m v Ti e e nn s n - t t - s TOTAL [ TOTAL 1928—Oct. 3— 21,242 6,646 14,595 13,141 180 457 1,899 10,604 1930—May 32,229 18, 645 13, 584 2,356 45 245 Dec. 31.. 21, 460 7,347 14,113 13,686 212 390 2,556 10, 529 June 32,505 18,812 13, 693 2,392 54 250 1929—Mar. 27. 21,903 7,539 14, 364 12,942 238 376 1,879 10,448 July 32, 663 18,820 13,843 2,417 74 223 June 29.. 22, 516 7,734 14, 783 12,524 198 249 2,025 10,052 August 32, 581 18,746 13,835 2, 392 52 | 214 Oct.4.._ 23,249 8,109 15,141 12,024 163 228 1,885 9,749 September ... 32,643 18, 707 13,936 2. 307 59 189 Dec. 31.. 23,194 8,488 14, 706 12,026 292 290 1,660 9,784 October 32, 726 18, 726 14,000 2,407 59 196 1930—Mar. 27. 21,495 7,730 13, 765 13,034 254 499 2,344 9,937 November 33,015 18,959 14,056 2.433 51 220 June30— 21, 565 8,061 13,505 13,555 241 507 2,365 10,442 December 32,314 18,660 13,654 2,415 ! 73 337 Sept. 24. 21,010 7,864 13,146 13,997 267 523 2,472 10, 734 1931—January 32, 048 18, 572 13,477 2,433 I 105 Dec. 31- 21,007 7,942 13,066 13,222 370 366 1.498 10, 989 CITY BANKS 1 \ CITY BANKS * 1930—May _..| 19,911 12,990 6,921 1,737 ! 22 74 1928—Oct. 3— 13,016 4,918 8,098 7,800 140 262 1,521 5,877 June.... _i 20,228 13, 208 7,020 1.774 29 72 Dec. 31.- 13, 207 5,442 7,765 8,310 174 179 2,180 5,777 July ! 20,436 13, 262 7,174 1,802 48 46 1929—Mar. 27. 13,539 5,484 8,055 7,604 186 184 1,525 5,708 August. I 20,440 13, 279 7,161 1,784 27 | 48 June 29.. 13,966 5,596 8,371 7,405 158 109 1,708 5,429 September I 20,484 13, 241 7,243 1,789 34 44 Oct.4.._ 14, 622 5,814 8,808 6,937 130 83 1,509 5,215 October 20,625 13,314 7,311 1,801 33 53 Dec.31._ 14, 712 6,174 8,538 7,179 254 128 1,452 5,345 November 21,005 13, 586 7,419 1 835 29 62 1930—Mar. 27. 13,288 5,539 7,749 8,062 223 292 2,086 5,462 "December ! 20,554 13, 435 7,118 1,825 45 144 June 30.. 13, 337 5,834 7,503 8,688 229 336 2, 235 5,888 1931— January ; 20,387 13, 406 6, 980 1,846 74 Sept. 24. 13,003 5,663 7,340 9,121 260 359 2,357 6,145 COUNTRY BANKS2 j Dec. 31 — 13, 244 5,793 7,452 8,527 362 246 1,448 6,470 COUNTRY 1930—May ! 12,318 5,655 i 6,663 619 j 172 BANKS * June ! 12,276 5,603, 6,673 618 j 178 July „.: 12,227 5,558 1 6,669 615 j 178 1928—Oct. 3_._ 8,225 1,727 6,497 5,341 41 195 378 4,727 August ! 12,140 5,466 ! 6,674 608 166 Dec.31._ 8,254 1,905 6,348 5,376 38 211 376 4,751 September....! 12,160 5,467 ' 6,693 608 144 1929—Mar. 27. 8,364 2,055 6,309 5,338 52 192 354 4,740 October | 12,101 5,412 ! 6,689 605 144 June 29__ 8,551 2,139 6,412 5,119 40 140 316 4,623 November ! 12,009 5,372 | 6,637 597 158 Oct. 4_._ 8,627 2, 295 6,333 5,107 32 144 376 4,554 December i 11,760 5,225| 6,535 590 193 Dec. 31- 8,481 2,314 6,168 4,847 37 163 208 4,430 1931—January \ 11,662 5,165 | 6,496 587 166 1930—Mar. 27. 8,206 2,190 6,016 4,972 31 207 258 4,475 June 30— 8,229! 2,227 6,001 4,867 12 170 129 4,554 Sept. 24. 8,007; 2, 201 5,806 4,875 7 164 115 4, 589 i Member banks in 62 legally designated cities: 2 central reserve Dec. 31- 7,762 2,149 5,614 4,696 8 120 49 4,519 cities (New York and Chicago) and 60 reserve cities; see table on p. 171. * Member banks outside the 62 designated cities; including banks in * See notes 1 and 2 of preceding table. other cities as well as banks in towns and villages. 1 Loans (secured by stocks and bonds) to brokers and dealers in securities in New 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 Date All banks Member banks Nonmember banks interbank deposits) Total Loans I i n n v e e n s ts t- \ ; Total j. Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - ba A n l k l s M b e e m r - m N e o m n b - er banks banks 1924—June 30.. 45,180 31, 523 13,657 i 27,167 19, 204 7,963 18, 013 12,320 5,693 43,405 25,711 17,694 Dec. 31.. 47,182 32, 440 14,742 ! 28, 746 19,933 8,813 18,437 12, 507 5,929 45,835 27,836 17,999 1925—June 30.. 48, 830 33, 865 14,965 ! 29, 518 20, 655 8,863 19, 312 13, 210 6,102 47, 612 28,440 19,172 Dec. 31... 50, 603 35, 640 14,963 ' 30,884 21, 996 8,888 19, 720 13, 644 6,076 49,224 30, 029 19,195 1926—June 30.. 51, 562 36,157 15,404 : 31,184 22,060 9,123 20,378 14,097 6,281 49, 733 29,781 19,952 Dec. 31.. 52, 018 36, 759 15,260 ! 31. 642 22, 652 8,990 20,376 14,106 6,269 50,029 30,474 19, 555 1927— June 30.. 53, 750 37, 360 16,391 ! 32, 756 22,938 9,818 20,994 14.421 6,573 51,662 31, 269 20,393 Dec. 31.. 55,450 38,407 17,043 | 34, 247 23, 886 10,361 21, 204 14, 521 6,683 52,909 32, 063 20,846 1928—June 30.. 57, 265 39, 464 17,801 j 35,061 24,303 10,758 22, 204 15,161 7,043 53,398 32,133 21,265 Oct. 3—. 57, 219 39, 671 17,549 ! 34,929 24, 325 10,604 22, 291 15, 346 6,945 53, 720 32,138 21,582 Dec. 31.. 58, 266 40,763 17,504 j 35, 684 25,155 10,529 22, 582 15,607 6,975 56,766 34,826 21,940 1029—Mar. 27_. 58,019 40, 557 17,462 i 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 j 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 j 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 1920—Mar. 27.. 57,386 40, 6S6 16, 700 35, 056 25,119 9,937 22, 331 15, 568 6,763 53,185 32,082 21,103 June 30.. 58,108 40,618 17,490 35, 656 25, 214 10,442 22,453 15,404 7.048 54,954 33,690 21,264 Sept. 24.. 57, 590 39, 715 17,875 35,472 24,738 10, 734 22,118 14, 977 7,141 52,784 31,839 20,945 Dec. 31.. 34, 860 23, 870 10,989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN MARCH, 1931 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 Bor- [Net borrowings on demand and on time. In millions of dollars] row- Loans ings From New From private Month or date Total Total O c t u n ie r s s i- e- o A th l e l r m v I e e n n s - t t - s b F a . a n R t k . s End of month Total an Y d o p t r r k a u n s b i t e a s n co k m s - f b o a a r g n e e i k g n s n c , i b e b s r a , o n k e k t e i c r n . s g , 1930 1931 1930 1931 1930 1931 BY MONTHS Total: 1930— J J A N M S M A O u u F e p o u c l a a n e p t y r v g y b r o t e i c e u e l r b . u h m m s e a t r b r b y e e r r 2 2 2 2 2 2 2 2 2 2 3 3 3 2 3 3 3 2 , , , , , , , , , 4 4 1 2 0 6 1 3 6 5 0 0 2 2 6 2 5 5 5 1 9 4 0 2 8 2 7 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 7 6 6 6 6 , , , , , , , , , , 8 0 8 5 6 9 8 8 9 7 3 4 3 4 7 0 5 2 4 0 4 8 8 2 3 6 9 5 6 1 8 8 8 8 8 8 8 7 7 7 , , , , , , , , , , 3 3 5 2 2 3 3 8 9 6 1 9 6 7 7 4 3 6 9 8 2 1 1 0 0 9 7 4 7 3 8 8 8 8 8 8 8 8 8 , , , , , , , , , 5 6 5 7 7 8 4 4 5 1 3 1 8 7 7 7 8 9 5 1 3 1 1 6 6 7 7 6 5 6 6 5 6 6 5 5 5 , , , , , , , , , , 1 2 3 7 7 5 5 9 6 8 9 9 6 4 8 5 7 0 3 7 4 1 1 1 2 6 5 7 7 7 1 4 4 5 8 5 5 5 7 7 7 3 4 6 1 9 3 3 1 4 1 J J J A A S M M O F u a u e e p u c n a n a p l b t r g r y y e o u t i r c u e l - b . u a h s m . e a r . t r y r b y . e r- _ _ 3 3 3 2 4 4 3 4 5 3 , , , , , , , , , , 4 1 7 6 5 7 0 9 6 5 8 6 4 5 9 2 6 8 8 5 1 8 8 6 9 8 3 5 9 6 i 1 1, , 7 8 2 4 0 0 1 4 4 3 3 3 2 4 3 3 3 , , , , , , , , , 2 1 2 0 4 2 0 3 5 1 9 3 0 0 2 2 5 6 2 0 9 9 1 9 6 7 7 8 9 9 1 1 1 , , 6 5 4 5 6 7 6 5 4 4 4 6 6 2 6 6 6 2 3 0 8 5 2 3 5 1 2 7 9 9 9 7 5 1 4 6 1 1 9 6 4 3 1931— D J e a c n e u m ar b y e r _. 2 22 3 , , 1 6 1 6 7 0 1 16 5 , , 8 3 9 3 4 2 7 7 , , 4 7 9 7 5 6 8 8 , , 3 5 9 5 9 7 6 6 , , 7 7 6 8 6 4 1 8 4 2 1 N D o ec v e e m m b b e e r r _ -. . 2 1 , , 1 89 6 3 2 1 1, , 6 9 9 2 4 8 2 1 3 9 4 9 February 22,659 15, 557 7,315 8,242 7,102 57 New York City: 1930—February 7,493 5,584 2,909 2,675 1,909 21 i Call loans, $1,505,000,000; time loans, $335,000,000. March 7,649 5,720 3,115 2,605 1,929 1 April 7,829 3,383 2,485 1,961 17 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY May 7,852 5,878 3,459 2,418 1,974 11 June 8,117 6,099 3,701 2,398 2,019 5 [In millions of dollars. Monthly data are averages of weekly figures] July 8,078 5,984 3,558 2,426 2,094 August -. 8,097 6,004 3,588 2,416 2,093 September 5,998 3,584 2,415 2,090 ]^or banks October... 8,313 6,141 3,629 2,512 2,172 1931— N D Ja e o n c v u e e m a m ry b b e e r r 7 8 8 , , , 1 4 9 6 2 0 6 1 6 5 6 5 , , , 5 0 8 8 5 3 3 7 5 3 3 3 , , , 1 4 3 1 0 4 1 1 1 2 2 2 , , , 4 4 6 7 9 5 2 6 3 2 2 2 , , , 3 3 3 2 2 6 3 9 7 2 5 6 6 Month or date Total Total Y N I o e n r w k O Y N u o t e s r w i k de ot F h o e r rs February 7,965 5,489 3,079 2,410 2,476 2 City i City 2 Other leading cities: 1930—November 15,034 10,618 4,496 6,123 4,416 65 December 14,950 10,495 4,435 6,061 4,455 115 1930—February- 3,459 1,913 942 971 1,546 1931—January 14,754 10,311 4,384 5,927 4,443 77 March 3,741 2,310 1,210 1,100 1,430 February 14,694 10,068 4,236 5.832 4,626 55 April 4,115 2,740 1,557 1,183 1,376 May 4,030 2,727 1,665 1,062 1,302 BY WEEKS June 3,825 2,748 1,831 917 1,078 Total: July 3,224 2,378 1,631 747 846 1931—Jan. 28 22,596 15,753 7,379 8,374 6,843 August 3,150 2,351 1,659 692 798 Feb. 4 22,682 15,668 7,303 8,365 7,014 65 September. 3,174 2,426 1,676 750 748 Feb. 11 22, 659 15,605 7,319 8,286 7,054 October.. . 2,769 2,212 1,675 537 557 Feb. 18 22,650 15,494 7,325 8,169 7,156 November. 2,249 1,792 1,357 435 458 Feb. 25 22,647 15, 464 7,313 8,151 7,183 December. 2,013 1,605 1,266 339 407 New York City: 1931-January... 1,798 1,461 1,132 329 337 1931—Jan. 28 7,886 5,534 3,024 2,510 2,352 February. . 3 1, 759 1,476 1,186 290 283 Feb. 4 7,965 5,517 3,014 2,503 2,448 Feb. 11 7,962 5,513 3,050 2,463 2,449 Feb. 4 1,716 1,417 1,099 318 299 Feb. 18 7,953 5,456 3,114 2,342 2,497 Feb. 11--- 1,749 1,462 1,147 315 287 Feb. 25 7,980 5,469 3,137 2,332 2,511 Feb. 18-.-- 1,772 1,496 1,229 267 276 Other leading cities: Feb. 25-.-. 1,798 1,527 1,267 260 271 1931—Jan. 28 14,710 10, 219 4,355 5,864 4,491 F F F F e e e e b b b b . . . . 4 2 1 1 5 8 1 1 1 1 1 4 4 4 4 , , , , 6 6 7 6 9 9 1 6 7 7 7 7 1 1 1 9 0 0 0 , , , , 1 0 0 9 5 3 9 9 8 1 2 5 4 4 4 4 , , , , 1 2 2 2 7 1 8 6 6 1 9 9 5 5 5 5 , , , , 8 8 8 8 1 6 2 2 9 2 7 3 4 4 4 4 , , , , 5 6 6 6 6 0 5 7 6 5 9 2 ba 2 1 3 n W k C M s a e e o l e m l n k l l l b o y y e a ) r n ; r e s a i p , n n o $ c d 1 r l u t ,3 i n d n 4 o e g 6 n s ,0 m m u 0 n e 0 e , m k m 0 n 0 b b o 0 e e w ; r r t n i b b m a a a n n e m k k l o s s o u a i o n n n u t s t N , f s o $ i e d r 4 w e 1 c 3 u N Y ,0 s 0 o e to 0 w r m k ,0 0 e Y C 0 r o s . it r o y k f . C th i e t s y e ( b d a o n m k e s. stic ACCEPTANCES AND COMMERCIAL PAPER [In millions of dollars] Bankers'acceptances outstanding Commercial paper Held by group of accepting banks outstanding End of month Total Total Own bills Bi11s bought 1929 1930 1931 1929 1930 1931 1929 1930 1931 1929 1930 1931 1929 1930 1931 January 1,279 1,693 1,520 79.2 220.5 571.4 24.6 63.1 134.0 54.7 157.3 437.4 407 404 327 1,228 1,624 80.1 182.9 34.2 70.7 54.9 112.2 411 457 March — --- 1,205 1,539 117.4 166.7 28.9 71.9 88.5 94.7 387 529 April 1 111 1,414 95.1 157.5 31.6 54.7 63.5 102.8 351 553 May 1,107 1,382 87.4 165.6 26.8 62.6 60.6 103.0 304 541 June — 1,113 1,305 84.3 205.1 36.4 63.7 47.9 141 4 274 527 Julv 1,127 1,350 90.0 278.6 24.2 62.5 65.8 216.1 265 528 1 201 1 339 82.4 267.3 33.7 95.1 48.7 172. 2 267 526 1 272 1,367 70.8 316. 7 32.1 130.9 38.6 185.8 265 513 1,541 1,508 129.4 384.2 31.1 172.4 98.3 211.8 285 485 1 658 1,571 244. 5 493.0 70.4 180.2 174.0 312.8 316 448 D6C6infc)8r 1,732 1,556 191. 1 371.5 58.5 89.6 132.5 281.8 334 358 Figures for acceptancies as compiled by American Acceptance Council; for commercial paper as reported by about 25 dealers. 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MARCH, 1931 FEDERAL RESERVE BULLETIN 131 INTERBANK LOANS: MEMBER BANK LOANS BANK SUSPENSIONS TO BANKS [Banks closed to public on account of financial difficulties by order of [In millions of dollars] supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened.] Total, By city banks l by all By Number of banks Deposits (in thousands of dollars) Date b m a b e n e m r ks - Total In C Y i o N ty rk e 2 w I c n a g C o h 2 i-I c n i t o ie th s e 3 rc b o a u n n k t s r y * Month 1928 1929 1930 1931 1928 1929 1930 1931 January 10,983 16,413 28,903 80,728 1928—Oct. 3 548 502 287 35 179 46 February.. 18,352 21, 746 32,800 41,968 Dec. 31 538 501 288 40 173 37 March 16, 953 9,002 23,769 1929—Mar. 27 548 509 251 62 196 39 April 8,190 7,790 33,388 June 29_ 670 621 314 67 241 49 May 55 6,394 24,090 19,315 Oct. 4 640 595 302 68 225 45 June 13,496 19, 219 70,566 Dec. 31 714 669 322 88 258 45 July 65 5,368 66,161 32,333 1930—Mar. 27 527 462 199 58 205 65 August I 67 6,147 8, 532 21,951 June 30 535 474 196 50 228 62 September , 7,888 10,050 23,666: Sept. 24 466 404 169 41 193 62 October ! 41 43 72 | 9,011 13,153 24, 5991 Dec. 31 631 569 283 55 231 62 November j 72 68 j 254 24,784 22, 646 186,306 December j 44 52 i 344 11,076 15,730 367,119| 1 Central reserve and reserve city banks. Year I 491 642 i 1,345 138, 642 234, 532 864,7151 2 Central reserve city banks. 3 Reserve city banks; see table on page 171. < All other member banks. 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 [In millions of dollars. Back figures not available] Holdings of Government securities l and eligible paper (including paper under rediscount) Member By city banks2 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 G e o n v t e r s n e - - j E p li a g p i e b r le Total m G e o n v t e s rn 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 1 j curities 1 curities 1 1926—June 30. 2,210 I 2,825 5,035 884 2,100 2,984 3,094 4,925 8,019 516 1927—June 30. 2,299 ! 2, 775 5,074 847 1,992 2,839 3,146 4,767 7,913 441 1928—June 30. 2,714 ! 2,680 5,394 862 1,967 2,829 3,576 4,647 8,223 1,096 Oct. 3_. 2,823 I 2,551 5,374 914 1,817 2,731 3,738 4,368 8,106 1,020 Dec. 31. 2,730 ! 2,349 5,079 932 1,811 2,744 3, 662 4,160 7,822 1,041 1929—Mar. 27. •2,832 2,582 5,414 974 1,761 2,735 3,807 4,343 8,150 981 June 29. 2,577 2,688 5,265 929 1,773 2,702 3,506 4,461 7,968 1,029 Oct. 4__ 2,469 2,865 5,334 912 1,733 2,645 3,381 4,598 7,979 899 Dec. 31. 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 1,662 2,480 3,438 4,204 7,642 206 June 30. 2,640 2,285 4,925 772 1,620 2,392 3,412 3,905 7,317 274 Sept. 24 2,682 2,271 4,953 764 1,541 2,305 3,446 3,812 7,258 173 Dec. 31. 2,777 2,100 4,877 708 1,438 2,146 3,485 3,538 7,023 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. 171. 3 All other member banks. * Of this amount 56 per cent ($139,000,000) represents bills payable at Federal reserve banks—collateral consisting chiefly of Government securities—and 44 per cent ($109,000,000) represents rediscounts at Federal reserve banks. For other dates shown such bills payable have varied between 45.5 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 Banks» br ( a b p n a l c u n h s k e s s) Total National State m N em on b - er National State 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 L, 277 457 1,033 1926—Dec. 31 27,377 30,158 26, 581 7,760 1,160 17, 661 146 406 194 ,366 456 1,009 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 L, 220 480 1,069 1929—June 30 25,115 28, 555 24,297 7,366 987 15,944 164 993 190 L, 298 464 1,149 Dec. 31 24, 630 28,177 23,808 7,237 939 15, 632 166 1,027 180 [,299 476 1,221 1930—June 30 23,852 27,470 23,035 7,082 899 15,054 165 1,041 169 1,308 483 1,269 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. 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132 FEDERAL RESERVE BULLETIN MARCH, 1931 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) Pre- Selected groups of industrial issues Month or date Bonds1 ferred |stocks: Indus- Rail- Public Total trial road utility m A o u b to il - e B eq i u n u i g l i d p - - C st h o a r i e n C i h c e a m l - C a p o n e p d r - e t E r q i l u c e a c ip l - - c M hi a n - - Oil Steel T ti e l x e ment brass ment ery Number of issues. 60 20 404 337 33 34 13 13 17 9 9 4 10 16 10 30 1930—January 96.5 126.5 156 149 137 209 135 117 102 240 193 263 146 129 177 78 February... 96.4 126.9 166 156 143 231 145 125 100 254 193 307 154 128 188 85 March. 97.7 127.8 172 163 143 242 155 125 100 266 193 323 161 141 192 85 April 97.8 128.2 181 171 142 264 162 127 101 282 174 359 • 173 156 196 83 May 98.0 127.6 171 160 136 250 152 116 97 257 151 327 170 148 174 77 June 98.2 126.8 153 143 125 224 134 100 90 223 135 290 152 133 161 69 July 98.7 125.9 149 140 124 215 132 98 89 217 129 277 155 133 159 67 August 99.6 126.5 148 139 121 213 134 97 90 219 121 278 152 130 160 67 September- 100.0 127.9 149 139 123 216 133 100 96 230 114 283 154 125 162 68 October 99.9 126.8 128 118 111 187 108 84 88 191 93 225 134 106 142 56 November.. 99.1 124.7 117 109 102 167 101 77 82 176 91 196 120 97 131 55 December.. 97.8 121.7 109 102 94- 158 100 71 78 168 80 182 117 88 125 51 1931—January 99.6 123.6 112 103 100 163 106 74 78 162 82 176 120 89 124 53- February.-. 99.4 124.8 120 i 110 105 178 120 78 86 174 91 194 126 91 132 55 Jan. 28 I 99.7 124.1 113 ! 103 102 166 108 75 79 161 82 173 122 88 123 53- Feb. 4 • 99.0 124.2 114 105 103 169 111 74 82 165 82 178 122 88 125 54 Feb. 11 ! 99.4 124.6 120 : 111 105 178 124 79 86 174 90 195 125 92 132 54 Feb. 18 99.6 125.1 120 I 111 104 178 121 78 88 173 92 194 128 91 133 56 Feb. 25 .; 99.6 125.4 125; 115 106 188 126 80 90 185 99 208 128 92 137 58- 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 1 By By member banks other lend- Year and month Total, Total 3 G er o n v - - Corporate F is o s r u e e i s g ^ n ers * 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 e T l o s r o s e k - - ot T he o rs e b N r r T s o e o w k in - York where York 4,395 3,631 1,072 1,645 570 764 City City1 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 i 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, 918 6,013 1,441 2,980 1,503 '905 Oct. 4 16,974 !l 0,314 320 1,885 939 7,170 6,660 Dec. 31 12,835 110, 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 11,521 110, 511 175 2,472 774 7,090 1,010 April 898 729 147 321 261 169 Dec. 31 10,154 ! 9,754 315 1,498 675 7,266 400 May _. 1,096 990 142 440 407 106 J J u u n ly e 7 55 5 9 3 6 4 2 7 8 5 1 10 4 8 3 2 2 9 2 7 5 1 7 5 0 2 2 8 2 4 5 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 fo m r 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 93 71 16 on 8 S T e o p t t a . l 2 b 4 o , r r 1 o 9 w 30 in . gs at New York as reported for end of month by mem- 1931 bers of Stock Exchange minus loans to brokers in New York as reported January.. 385 334 49 235 45 51 for call dates by all member banks; resulting figures, except in December and June, reflect in part differences in these dates. r Revised. - Source: Commercial and Financial Chronicle. • Annual totals of foreign issues are as finally reported by Department of Commerce; monthly figures of foreign issue are as compiled currently by the Federal Reserve Bank of New York and are subject to revision. '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

MARCH, 1931 FEDERAL RESERVE BULLETIN 133 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES [Index numbers; 1923-1925 average—100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production • Build- Fac- Freight car loadings * Co p m ri m ce o s d f ity ing con- Factory em- tory Y m ea o r n a th nd Total Manufactures Minerals a t w ra e a d c r t d s - ployment rPo1fs Total M le e s l r o s c - a h t d h a a n l n o d - t i s c s a e r - in c A om ll - Farm mod- prodi Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- ities ucts j justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 '62 107 98 84 139 158 1920 87 87 89 '62 108 118 91 71 154 151 1921 67 67 70 '56 82 77 79 87 98 88 1922 85 87 74 "78 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 92 87 92 97 88 1926 October 114 111 112 111 124 114 126 103 102 108 122 108 109 104 98 November 110 109 108 107 123 118 119 101 101 105 113 109 108 106 95 December 101 106 99 104 113 119 131 100 101 104 108 101 105 95 1927 January 105 106 104 104 112 116 94 100 99 106 105 97 February 111 108 110 107 113 117 96 100 100 105 107 102 104 95 March 113 111 113 109 111 118 151 100 100 106 102 109 106 105 94 April 110 108 112 109 96 107 147 100 105 99 106 106 104 94 May 112 111 113 111 108 109 134 99 104 105 103 106 104 96 June 107 108 107 109 108 105 154 99 100 102 105 104 105 105 97 July 102 106 102 107 103 100 130 98 99 99 104 102 104 105 98 August 105 106 104 106 111 106 134 99 99 102 109 104 105 105 102 September 107 105 106 105 111 104 127 101 102 116 103 110 105 106 October 105 103 104 102 112 105 137 99 103 114 101 109 104 106 November 101 100 100 100 105 101 114 97 97 98 101 98 106 104 104 December 96 101 95 100 97 103 116 95 97 99 98 104 104 1928 January 105 106 106 106 100 103 104 94 96 92 102 105 106 February 111 108 113 109 99 103 113 96 96 101 94 102 101 104 105 March 112 109 114 109 98 103 144 97 96 ,103 97 103 105 104 104 April 110 109 113 110 94 105 156 96 96 100 96 101 105 103 108 May 110 109 HI 110 104 105 162 96 96 101 105 103 108 104 110 June 108 109 109 111 104 101 158 96 97 101 101 100 103 103 107 July 105 109 105 111 103 101 142 96 97 98 105 102 104 105 107 August 110 111 110 113 111 105 126 98 97 103 109 103 104 104 107 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 109 117 110 117 106 112 105 100 104 94 106 105 97 104 1929 January | 117 118 117 118 114 118 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 i 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 | 126 124 128 126 116 116 143 102 102 111 109 107 107 104 102 June I 125 126 127 129 116 112 129 102 103 110 110 108 105 105 103 July i 120 124 120 126 118 114 159 102 103 106 111 107 105 106 108 August 122 123 122 124 121 115 119 104 103 111 115 107 106 106 107 September 124 122 123 122 127 118 108 105 102 112 121 106 110 106 107 October.. 121 118 119 118 127 118 108 101 111 118 104 109 104 104 November 108 108 107 108 114 110 95 99 103 102 102 106 104 101 December 96 101 110 116 77 95 97 99 89 102 96 103 102 1930 January 104 104 103 103 108 112 79 94 100 94 101 101 February 110 107 111 107 104 I 109 77 98 99 98 101 98 March 107 104 110 106 91 96 111 98 96 101 100 95 Apri) 108 107 111 107 93 ! 104 118 97 97 101 96 May 106 104 106 105 102 j 103 111 94 96 101 93 June 99 100 99 100 103 I 100 146 91 93 98 89 July ! 91 95 90 94 100 97 89 83 92 94 83 August.. i 90 91 89 91 101 96 84 82 89 95 95 85 September.--i 93 91 91 90 100 94 81 83 87 99 80 October ! 90 87 88 85 104 98 82 81 86 97 83 November..-| 86 I 85 84 84 95 92 62 75 84 94 79 December ; 78 j 82 76 80 94 61 74 84 86 78 75 1931 January ' 81 55 76 78 74 82 83 90 77 74 • Average per working-day. For recent revision of indexes of production and freight-car loadings see FEDERAL RESERVE BULLETIN for Feb- .ruary, 1931, pp. 107-108. t Wholesale price index of Bureau of Labor Statistics; 1926-100. Index numbers for all major groups of commodities are given on p. 137. » Preliminary. r Revised. 42038—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN MARCH, 1931 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100] 1929 1930 1931 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. MANUFACTURES IRON AND STEEL _ _____ 90 99 119 113 114 111 110 93 93 86 75 65 59 64 Pig iron 95 94 101 102 102 104 101 91 86 80 71 63 56 57 Stppl insots 90 100 120 114 115 112 111 93 94 86 75 66 60 65 TFXTILES _ - -- 96 103 99 98 96 90 84 84 81 88 91 93 87 86 Cotton consumption 89 102 94 94 100 91 85 82 78 79 81 83 77 82 Wool 77 78 76 71 72 70 71 69 67 69 69 63 57 62 Consumption 80 85 81 77 80 74 78 80 76 78 ' 75 66 61 68 Machinery activity * 74 72 73 65 62 69 73 65 62 67 68 64 61 64 Carpet, rug loom activitty 1 75 69 70 66 66 60 49 43 47 49 52 52 39 40 Silk 140 141 145 150 125 117 100 113 109 139 150 1S2 157 134 Deliveries -_ 148 145 149 155 123 121 99 120 117 158 170 182 178 143 Loom activity 1 124 133 138 140 128 111 102 98 91 101 109 123 116 117 FOOD PRODUCTS _ _ __ _ 95 96 94 90 97 98 93 94 91 96 94 94 89 9a Slaughtering, meat packing _ 91 89 92 85 94 94 90 89 89 92 93 • 87 86 91 Hogs 96 89 93 80 93 94 88 85 85 91 94 94 84 95 Cattle 81 87 86 88 89 88 90 89 89 88 85 71 82 80 Calves _ _______ 91 97 92 92 100 89 86 93 95 97 97 83 101 98 Sheep 113 116 132 141 147 142 137 139 143 146 158 147 142 136 Flour 94 92 97 101 105 104 104 101 103 98 90 93 91 92 Sugar meltings _ 111 127 94 90 96 105 84 106 84 104 105 123 93 102 PAPER AND PRINTING 118 120 122 120 121 119 116 111 109 109 107 103 98 105 Wood pulp and paper 112 114 115 115 116 113 108 105 101 100 100 95 91 Newsprint - _ 93 95 97 91 86 89 88 84 83 80 81 77 79 80 Book paper 139 127 124 127 132 120 114 111 105 104 97 94 100 ioa Wrapping paper _ _ _ 95 93 92 99 98 99 95 89 89 87 91 89 86 90 Fine Da/oer 116 118 118 121 116 111 105 108 100 99 99 93 80 Paper board _ _ _ 105 127 131 125 132 132 122 124 115 115 123 115 98 Wood pulp, mechanical 91 96 111 106 89 90 98 88 92 88 72 74 77 7a W^ood pulp, chemical._ 116 115 119 117 114 115 110 103 108 106 104 97 95 94 Paper boxes - - 125 147 147 149 149 151 173 146 151 159 141 133 123 122 Newsprint consumption- 134 131 137 130 132 132 132 124 123 126 122 119 115 124 TRANSPORTATION EQUIPMENT: Automobiles 65 97 102 98 102 101 90 75 62 62 49 74 85 63 Locomotives 32 39 40 48 51 43 42 40 38 33 28 25 18 Shipbuilding 97 170 102 80 128 147 164 347 310 229 343 196 144 LEATHER AND PRODUCTS __ 100 100 97 99 103 98 97 95 95 95 89 81 81 77 Tanning 99 93 93 98 99 99 103 107 102 102 96 86 83 76- Sole leather l __ __ 94 99 101 97 99 100 100 100 99 102 96 85 89 81 Upper leather- Cattle _ _ 83 76 66 80 79 72 77 73 67 68 61 62 60 53 Calf and kip 70 68 76 80 85 95 92 106 101 90 93 71 66 62 Goat and kid _ 151 129 127 136 131 128 145 154 143 151 132 126 114 ioa Boots and shoes __ 102 104 100 99 106 98 94 88 90 91 85 78 79 78 CEMENT AND GLASS: 110 108 110 111 108 119 119 116 117 111 97 86 83 84 Glass, plate 117 124 122 117 131 143 114 105 65 95 101 91 65 90 NONFERROUS METALS 2 105 102 104 106 101 96 97 96 97 95 87 85 78 Copper (smelter) 122 110 103 103 103 101 94 95 92 94 90 86 82 70 Tin deliveries) 1 106 99 92 117 132 107 99 103 101 111 127 119 118 126 FUELS, MANUFACTURES: Petroleum refining 167 163 168 168 174 173 170 166 164 165 160 151 149 144 Gasoline! _ _. _ 203 199 204 204 214 213 210 206 205 207 203 188 186 77 Kerosene 89 89 96 99 93 90 90 85 84 78 74 69 67 70 Fuel oilx 132 121 125 117 121 123 117 113 109 112 108 109 108 106 Lubricating oil1 115 120 126 130 138 133 126 126 124 117 106 104 105 102 Coke (by-product) 131 132 136 135 138 137 132 123 119 114 109 101 97 97 RUBBER TIRES AND TUBES 80 106 107 105 123 121 119 93 96 84 88 77 73 88 Tires, pneumatic 82 109 110 108 127 125 122 96 98 87 91 «"80 75 91 Inner tubes __ -_ 70 85 85 84 97 96 93 71 79 64 68 58 61 68- TOBACCO PRODUCTS 133 131 133 128 136 134 141 137 130 125 129 119 128 121 Cigars 83 84 92 87 92 94 91 88 89 85 88 86 68 74 Cigarettes 172 167 166 161 172 167 183 177 164 158 164 147 173 157 MINERALS COAL: Bituminous 104 100 92 81 97 92 89 86 82 85 87 86 85 77 Anthracite. 117 106 «-ioo 69 73 81 78 82 88 80 105 83 93 93 Petroleum, crude 133 r 133 135 125 128 127 124 120 117 114 115 114 111 110 Iron ore shipments 104 108 95 96 79 74 51 Copper (mined)-_ _ . 115 101 95 88 90 90 86 83 84 89 83 83 76 71 Zinc 98 104 98 96 94 94 99 91 94 93 90 70 68 65 Lead . 105 95 112 107 111 104 99 103 106 101 94 83 92 83 Silver- _ 87 88 98 89 88 80 /5 69 70 73 70 73 71 68. 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." ' Revised. 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 baen 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. For recent revision see FEDERAL RESERVE BULLETIN for February, 1931, p. 107. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

135 MARCH, 1931 FEDEKAL EESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures througiI 1927. 1923-1925 average=100] ]factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variationWithout seasonal adjustment Industry 1931 1930 1931 1930 ] 1931 1930 January Decem- January January Decem- January January Decem- January ber ber ber TOTAL—ALL MANUFACTURING INDUSTRIES 76.4 78.8 93.2 78.3 80.1 95.6 68.4 73.7 94.4 IRON AND STEEL AND PRODUCTS 76.1 78.0 91.7 77.5 79.1 93.6 62.4 66.7 90.5 Steel works and rolling mills 78.8 79.7 93.4 79.8 81.0 94.5 63.9 67.2 92.6 Hardware 71.0 73.1 89.4 70.7 73.1 89.0 57.2 62.4 88.1 Structural iron work 90.4 95.9 111.7 93.1 96.7 115.0 79.1 88.6 110.6 Heating apparatus 61.4 66 9 77.3 66.4 68.3 84.0 49.4 56.0 72.0 Steam fittings 67.4 68.2 77.0 69.5 71.7 79.4 57.1 60.4 73.3 Stoves 55.9 65.7 77.6 63.6 65.3 88.2 41.9 51.8 70.7 Cast-iron pipe 61.3 63.1 75.9 64.1 64.6 79.4 53.6 58.1 68. 91 MACHINERY 81.0 83.3 109.9 81.9 84.2 111.0 69.9 75.0 113.8- Foundry and machine-shop products 73.6 76.6 99.6 75.1 78.0 101.6 61.0 66.7 101.3 Machine tools 92.6 97.4 148.7 92.5 97.3 148.7 71.0 78.2 148.3 Agricultural implements 101.9 95.8 155.2 98.6 96.1 150.1 93.3 82.3 167.4 Electrical machinery. - 93.3 94.7 122.0 93.3 94.7 122.0 87.7 93.1 131.7 TEXTILES AND PRODUCTS 76.0 78.1 92.8 75.5 77.4 92.2 68.4 72.2 92.2 A Fabrics 75.1 77.6 91.8 74.6 76.4 91.2 66.9 72.3 88.9 Cotton goods 73.2 74.8 90.4 72.2 73.3 89.3 63.4 67.2 83.1 Woolen and worsted manufactures 61.4 61.9 80.9 60.2 59.9 79.2 50.9 52.9 72.9 Woolen and worsted goods 61.4 62.1 78.4 60.1 60.1 76.8 52.2 54.2 71.1 Carpets and rugs 62.1 60.3 94.2 60.6 59.1 91.9 44.9 47.1 81.1 Hosiery and knit goods 79.0 88.0 97.2 79.8 87.7 98.2 74.4 88.7 108.0 Silk manufactures 84.0 84.9 96.9 84.4 84.7 97.5 77.1 84.6 98.2 Dyeing and finishing textiles ._ 105. 0 105.3 112.3 104.3 103.8 111.6 102.9 105.5 114.3 B. Wearing apparel 78.4 79.3 95.1 77.9 80.1 94.6 71.4 72.1 99.0 Clothing, men's 55.3 53.4 68.6 55.3 54.4 68.7 46.9 43.4 71.9 Shirts and collars ._. 76.9 82.4 103.2 76.3 79.2 102.4 62.9 70.2 98.8 Clothing, women's 117.8 123.2 136.9 114.9 125.0 133.4 108.1 116.6 140.3 Millinery _ 65.6 60.8 78.0 69.4 63.0 82.4 61.0 51.3 79.8 FOOD AND PRODUCTS _. 90.1 92.3 97.4 91.2 90.8 98.7 93.3 94.9 102.5 Baking ... 95.2 98.2 102.8 97.6 99.0 105.3 95.3 98.2 106.4 Slaughtering and meat packing _ __ 91.6 91.1 98.3 88.4 86.7 94.9 101.0 98.0 105.8 Confectionery 86.2 94.0 95.1 87.9 85.2 97.0 86.0 95.9 99.0 Icecream 76.2 77.3 78.7 88.9 88.0 91.8 81.9 82.2 84.9 Flour 81.0 82.5 89.8 81.4 81.9 90.2 80.3 83.8 94.6 Sugar refining, cane 79.2 77.5 88.1 85.1 83.1 94.6 72.4 72.3 86.8 PAPER AND PRINTING __ _ 96.3 98.4 105.1 95.6 96.7 104.3 101.3 105.7 114.9 Printing, book and job 104.0 105.3 112.8 101.7 102.7 110.2 108.5 111.4 121.0 Printing, newspapers and periodicals 103.9 105.2 106.5 103.5 103.4 106.1 113.6 118.1 119.8 Paper and pulp 85.7 88.2 99.7 85.7 88.2 99.7 81.6 86.3 105.0 Paper boxes 85.3 90.4 95.6 85.8 86.8 96.2 83.2 91.1 100.5 LUMBER AND PRODUCTS 54.4 58.4 76.8 56.3 58.8 79.6 44.0 50.4 72.8 Lumber, sawmills __ 48.0 52.2 70.6 50.3 53.2 73.9 38.6 45.7 68.1 Lumber, millwork. 55.0 58.7 70.7 56.4 59.6 72.5 45.1 50.7 64.1 Furniture__ 71.8 75.9 98.0 73.3 74.1 100.0 54.9 60.7 88.9 TRANSPORTATION EQUIPMENT 65.2 65.3 83.2 67.1 69.4 85.6 51.8 60.8 80.9 Car building and repairing 59.7 59.3 78.2 60.6 59.4 79.4 56.5 60.4 82.4 Automobiles ._ 68.3 69.0 85.7 72.3 78.9 90.7 40.0 55.5 74.0 Shipbuilding 97.1 98.3 113.3 94.3 98.3 110.1 100.1 107.2 123.1 LEATHER AND MANUFACTURES 77.5 74.5 91.4 77.1 76.6 90.9 60.6 58.1 85.4 Boots and shoes 78.1 74.6 92.2 77.9 77.3 92.0 57.7 54.0 83.7 Leather 75.3 74.3 87.9 74.0 74.0 86.4 71.0 72.8 91.8 CEMENT, CLAY, AND GLASS PRODUCTS 59.4 66.4 74.7 64.4 68.6 81.2 46.6 56.3 67.3 Clay products 56.3 64.7 71.8 61.5 66.9 78.7 40.4 51.4 60.7 Brick, tile, and terra cotta 46.9 57.4 62.9 53.4 60.6 71.6 33.1 44.3 52.0 Pottery . 82.2 84.4 96.2 83.8 84.1 98.1 60.0 70.2 83.7 Glass 66.2 70.9 83.8 70.6 72.7 89.3 58.3 65.2 81.5 Cement 57.9 64.8 68.2 63.7 67.2 74.9 47.6 57.9 65.6 NONFERROUS METAL PRODUCTS 68.4 70.2 85.9 69.2 71.2 86.8 64.1 67.9 91.5 Stamped and enameled ware. 47.6 47.4 61.5 49.6 49.4 64.0 45.1 45.6 62.0 Brass, bronze, and copper 75.4 78.0 94.1 75.9 78.6 94.6 69.6 74.4 100.1 CHEMICALS AND PRODUCTS 96.2 97.8 110.6 96.6 97.9 111.1 90.4 94.7 109.3 Chemicals and drugs 97.8 99.3 106.4 97.1 97.6 105.6 86.5 92.0 102.7 Petroleum refining ._ 97.8 99.6 120.8 99.7 100.8 123.1 99.3 101.4 121.1 Fertilizers 80.8 82.4 101.6 82.8 89.1 104.1 74.5 78.5 100.4 RUBBER PRODUCTS 73.0 73.2 89.7 73.7 74.7 90.4 63.8 62.6 88.9 Automobile tires and tubes 73.6 71.6 87.2 75.2 75.3 89.0 65.1 60.9 85.6 Rubber boots and shoes 71.4 77.8 97.2 69.3 72.7 94.4 58.4 69.6 102.3 TOBACCO MANUFACTURES 75.4 84.9 84.2 81.3 83.5 90.8 64.3 77.7 77.0 Cigars and cigarettes 75.4 86.7 85.0 82.5 85.4 92.9 63.3 78.9 76.6 Chewing and smoking tobacco, snuff 75.5 70.7 77.4 72.3 68.6 74.2 72.4 68.4 80.9 MUSICAL INSTRUMENTS 63.7 87.1 41.4 63.4 79.1 40.8 53.7 63.1 46.2 Pianos and organs 34.8 37.7 38.3 33.8 35.7 37.1 30.0 35.8 38.3 NOTE.—For description of these indexes see FEDERAL RESERVE BULLETIN for November, 1929, pp. 706-716, arid November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN MARCH, 1931 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars] Month Total Residential Factories l Commercial P p u u b b l l i i c c w u o ti r l k it s ie a s n * d Educational All other 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 324.0 228.0 66.6 54.4 13.5 10.1 54.1 28.4 136.8 95.2 19.0 19.4 34.0 20.5 February 317.1 235.4 74.8 77.9 20.4 7.3 72.9 27 * 99.0 78.6 21.2 16.7 28.8 27.0 March 456.1 101.5 29.8 77.0 149.8 35.4 62.6 April 482.9 123.1 22.1 73.2 165 7 35.2 63.5 May 457.4 116.6 37.4 73.3 ; 152. 1 36.9 41.1 June 600.6 96 8 22 7 59.1 322 9 48 9 50 2 July 366.9 84.3 28.9 46.9 121.2 42.7 42 8 August 346.6 82.7 18.2 50.9 126.7 ' 25.9 42.3 September 331.9 98 5 24.0 31.1 109 1 ! 28.2 40 8 October _ 336.7 104.7 13.8 35.7 113.0 28.6 41.1 November 253.6 80.8 13.0 29.5 76.4 29.5 24.4 December 249.4 70.9 12.9 25.1 78.6 24.5 37.3 Year 4, 523.1 1,101. 3 256.6 628.8 1,651.3 ; 376.1 509.1 i Changes made recently by the F. W. Dodge Corporation in classification of data have put figures for factories (formerly "industrial" building) and for public works and utilities on a new basis. Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsj Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1928 1929 1930 1931 1928 1929 1930 1931 January 411 488 411 *>250 338 369 311 v 183 73 119 100 * 67 February _ . 371 442 349 351 369 282 20 72 6' March 421 490 370 380 384 300 40 106 69 April __ 364 425 332 345 411 308 19 15 24 May 423 385 320 354 400 285 69 *15 35 June 389 393 295 317 353 250 71 40 44 July 379 403 267 318 353 221 61 50 46 August 379 381 298 347 369 218 32 11 79 September 422 437 312 320 351 226 102 86 86 October 550 529 327 355 391 247 195 137 80 November 545 442 289 327 338 204 218 104 85 December 476 427 275 339 310 209 136 117 67 Year 5,128 5,241 3,843 4,091 4,399 3,061 1,037 842 782 • Excess of imports. » Preliminary. DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS [1923-1925 average=100] Index of salesl Index of stocks (end of month) 1926 1927 1928 1929 1930 1931 1926 1927 1928 1929 1930 1931 Without seasonal adjustment: January 90 91 91 90 88 79 93 93 92 89 88 78 February. _ 87 89 88 91 89 98 98 98 95 93 March 97 95 97 107 93 107 107 105 102 100 April 102 109 105 103 110 ; 107 107 106 103 101 May.. _ _ _ 109 105 107 109 105 104 104 102 101 98 June 100 101 102 108 98 98 98 96 95 93 July.__ _ 77 76 80 79 71 93 95 93 92 87 August 82 85 81 84 77 97 98 97 96 87 September 104 103 113 117 103 107 108 103 104 95 October 120 117 118 122 112 .. - 114 114 112 112 101 November 124 126 125 125 113 117 117 115 115 104 December 184 182 192 191 165 96 96 94 94 85 Year 106 107 108 111 102 .. 103 103 101 100 94 Adjusted for seasonal variation: January 106 107 108 110 107 97 105 104 103 100 99 88 Februarv 105 108 106 111 108 104 103 103 100 98 Inarch 101 106 107 112 107 104 103 101 99 97 April - 105 106 106 110 107 103 103 101 99 97 May 109 105 107 109 105 102 102 100 99 96 June 105 106 107 113 103 • 101 101 99 98 96 July 106 105 110 109 100 100 102 100 99 94 August - - 108 111 107 111 102 lol 102 101 100 91 Seutember ' 106 104 112 114 99 102 104 99 100 91 October 109 107 108 112 102 : 104 104 102 101 92 November 106 108 108 108 98 103 104 102 102 92 December - 108 106 111 108 94 102 103 100 100 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

137 MARCH, 1931 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics; 1926=100] Other commodities All com- i Farm Year and month modities products Foods Total H p l i r e d o a e d t s h u a e c n r 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 Bu at 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 o h e d - - s l M an is e c o e u l s - -:l 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 i 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— 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 April _. 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. a 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 j 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 j 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 i 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 i 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 1 103.2 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 i 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 i 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 I 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 1931—January.... 77.0 73.5 I 80.1 77.8 88.6 71.0 69.8 89.3 82.9 83.6 91'. 1 64.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN MARCH, 1931 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly report date figures ) MILLIONS OF DOLLARS 1M> ~~ 1927 1328 1929 1930 1931 1927 1928 1929 1930 1931 Latest figures are for February 28; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

139 MARCH, 1931 FEDERAL RESERVE BULLETIN 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 re c s u e l r a v t e io n n o 1 tes in cir- Reserve percentages Federal reserve bank I 1931 1930 1931 1930 1931 February January February February January February February January February Boston ! 225,142 219,473 266,297 145,682 148,740 148,337 126,002 127,542 New York 11,120,408 1,139,821 910,040 1,024, 5731,069,471 952,221 271,733 331,200 Philadelphia 239,497 243,859 209,986 143,442 147, 362 135.034 140, 725 145, 678 Cleveland 318,048 302,982 279,819 197, 346 196,980 186.035 180, 720 186,287 Richmond _J 116,412 116, 612 112,175 64,407 64,175 68,320 84,298 91,945 Atlanta 161,581 158,738 152,758 61,074 61, 882 66, 538 130,965 134, 280 Chicago I 407,395 379,232 509,129 338. 320 343,186 336,187 147,321 143,365 St. Louis I 119,607 115,440 118, 981 72,262 72,014 80, 656 79,470 82,485 Minneapolis I 70,904 69, 591 88,455 49,114 50, 518 51,758 48, 562 50,883 Kansas City j 104,897 102, 208 144,430 84,432 87, 083 88,879 66, 393 67, 553 Dallas I 55,279 54, 392 63, 780 59,141 58, 842 65, 327 27,225 30,014 San Francisco | 310,048 299,865 305,465 186,663 189,538 182,468 168,102 174,409 Total 3.249,218 3,202,213 3,161,315 ,2,426,456 '2,489,841 2,361,760 1,471,516 1,565,641 1,677,809 78.3 1 Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $17,010,000; month ago, $24,221,000; year ago, $24,282,000. r Revised. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND I NDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending January, 1931. In millions of dollars] Deposits subject to re- Reserves held serve (net demand and Indebtedness at Federal time deposits; see fol- reserve banks Federal reserve district lowing page) Total Excess Novem- Decem- Janu- Novem- Decem- Janu- Novem- Decem- Janu- Novem- Decem- Januber ber ary ber ber ary ber ber ary ber ber ary Boston 2,397 2,308 2,324 150.7 144.5 146.1 2.1 3.0 2.9 12.3 17.3 11.5 New York.__: 11,012 10, 708 10,609 1026. 3 1, 031. 6 1,051.7 15.9 35.5 59.8 42.5 90.3 55.7 Philadelphia.. 2,355 2,357 2,363 140.5 140.6 143.8 3.1 1.9 4.1 19.6 27.5 27.3 Cleveland 3,222 3,167 3,170 191.8 187.1 190.9 3.2 1.7 4.3 27.1 37.9 28.7 Richmond 1,097 1,057 1,048 63.1 61.3 60.8 1.0 1.3 1.3 21.7 33.1 22.3 Atlanta 947 913 895 59.0 58.1 58.2 1.6 2.4 3.1 26.6 30.4 23.4 Chicago 4,723 4,656 4,594 344.8 343.4 339.2 7.2 8.8 9.1 18.5 26.4 25.9 St. Louis 1,130 1,070 1,071 73.6 70.2 69.9 4.0 3.4 3.2 17.4 14.2 11.8 Minneapolis. _ 891 878 849 52.3 50.2 49.0 2.6 2.1 2.9 3.8 3.9 4.1 Kansas City.. 1,185 1,164 1,150 86.6 85.4 85.0 4.6 5.1 5.8 13.9 15.9 17.2 Dallas 828 810 798 58. 8 57.7 57.1 2.4 2.6 2.8 8.4 6.9 5.2 San Francisco 3,226 3,227 3,177 185.1 184.9 181.5 3.8 5.0 5.5 8.6 33.3 19.3 Total... 33, 014 32, 314 32,048 2, 432. 7 ! 2, 415. 0 2, 433. 3 51.7 72.8 104.7 220. 3 ! 337. 1 252. 3 DISCOUNTS OF FEDERAL RESERVE BANKS, DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS BY MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] 1931 1931 1930 Federal reserve bank Federal reserve bank Feb. 4 Feb. 11 Feb. 18 Feb. 25 February January February Boston 10, 972 10, 723 10,195 10,423 Boston. _ __ - -_ 10.7 11.5 23.2 New York 44,473 51, 461 37, 641 38, 016 New York 47.8 55.7 70.5 Philadelphia 24,299 23, 978 23, 585 23, 797 Philadelphia 24.2 27.3 50.5 Cleveland 24,038 25, 725 22, 815 20, 800 Cleveland _______ ._ 23.1 28.7 53.3 Richmond 19, 925 18, 453 17, 345 17, 250 Richmond 18.3 22.3 22.2 Atlanta *23, 637 21, 979 21, 917 16, 378 Atlanta 21.6 23.4 25.3 Chicago 22, 556 18, 759 19, 089 17, 725 Chicago _ _ _ 20.5 25.9 63.0 St. Louis 9,942 8,920 8,741 9,168 St. Louis. 9.4 11.8 16.7 Minneapolis 4,205 3,946 3,954 3,917 Minneapolis 4.0 4.1 3.0 Kansas City 16,913 14, 423 11, 810 11,169 Kansas City 13.6 17.2 23.0 Dallas 6,064 6,113 5.850 6,784 Dallas 6.2 5.2 11.9 San Francisco '• 15, 893 17, 709 16, 881 14, 420 San Francisco 16.3 19.9 15.1 Total l 222,917 222,189 199, 823 189, 847 Total 215.8 252.9 377.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN MARCH, 1931 NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS, FOR JANUARY, 1931, AND DECEMBER, 1930 [Averages of daily figures, in millions of dollars] Total (all member banks) Large centers (places over 15,000) Smaller centers (places under 15,000) Net demand Time Net demand Time Net demand Time Federal reserve district January De b c e e r m- January De b c e e r m- January De b c e e r m- January De b c e e r m- January De b c e e r m- January De b c e e r m- Boston 1 319 1,295 1,005 1,013 1,206 1,178 822 830 113 117 183 183 New York - _ __ ._ 7,461 7,478 3,148 3,231 7,145 7,153 2,501 2,588 316 325 648 643 Philadelphia 1,189 1,178 1,174 1,179 997 979 714 721 191 199 461 458 Cleveland 1,513 1,497 1,657 1,670 1,301 1,286 1,296 1,308 212 210 361 362 Richmond __ 513 517 535 540 388 390 315 317 125 127 220 223 Atlanta 497 499 398 414 381 383 288 298 117 115 110 116 Chicago . _ -_ . 2,469 2,497 2,125 2,159 2,216 2,241 1,717 1,746 253 256 407 413 St. Louis... 590 595 481 476 462 463 348 338 128 131 133 138 Minneapolis 392 415 458 463 238 255 205 208 154 160 252 255 Kansas City . _. 774 786 376 377 504 512 221 222 270 274 155 155 Dallas 565 575 233 235 327 336 180 182 238 239 53 54 San Francisco 1,290 1,329 1,887 1,898 1,112 1,139 1,720 1,731 178 190 167 167 Total 18, 572 18, 660 13,477 13, 654 16,276 16, 316 10,327 10, 488 2,295 2,345 3,150 3,165 NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY [Amounts due from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars] Federal reserve district Call date 1! Y N o e r w k i d P e h lp i h la i - a C la le n v d e -; j m Ri o c n h d - ! AAttllafnlntta J .rChihpi _ c _ ango L S ou t. is M ap in o n li e s - K C an it s y a s! I 1DJnalilljaws F c S i r s a a c n n o i 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 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 39,0"8 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 33,884 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 33,838i 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 Dec. 31. 641, 271 77,082 92, 706 45,703 62, 796 27,064 34,777 1116,899 33,112 23, 814 33,487 25,012 68,819 i Due from banks in New York City as reported by member banks located in New York district but outside New York City. INTERBANK LOANS: MEMBER BANK LOANS TO BANKS [In thousands of dollars] Federal Reserve District : Totalall Call date m b e a m nk b s er Boston Y N o e r w k P a 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 - Atlanta Chicago Lo S u t. is n M o e l i a i n p s - - I i I K C a i n ty sas Dallas 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 7,989 ! 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 i 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 i 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 26,509 199,925I 49,173 30,825 24,230 32, 551 81,513 33,481 8,384 27, 630 11, 296 9,790 Sept. 24 ! 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... _| 630,545 26, 674 288, 276 55,849 42, 802 24, 438 27,478 89,896 28, 308 7,284 23, 442 7,988 8,110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

141 MAECH, 1931 FEDERAL RESERVE BULLETIN 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 Boston Y N o e r w k P p d h h e i l l i - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M ea li i p s n o - - K C a i n t s y as Dallas F c S r is a a c n n o - LOANS TO CUSTOMERS AH 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 1,703 7,231 1,750 2,296 920 796 3,555 883 515 735 651 2,161 1930—Mar. 27 21,494 1,615 6,503 1,697 2,209 850 747 3,265 830 483 684 612 2,000 June 30 21, 565 1,616 6,512 1,715 2,216 836 724 3,351 810 475 681 615 2,015 Sept. 24 _ 21,010 1,555 6,392 1,672 2,153 824 703 3,206 796 476 659 616 1,957 Dec. 31 21,007 1,534 6,428 1,654 2,182 801 678 3,182 708 461 667 576 2,135 City banks:1 1929—Oct. 4_ 14, 622 775 5,269 786 1,265 330 428 2,533 557 230 430 332 1,688 Dec. 31 _ 14, 712 756 5,371 766 1,353 336 423 2,454 525 206 422 331 1,768 1930—Mar. 27 ._ 13, 288 695 4,727 742 1,273 301 388 2,208 483 185 372 291 1,622 June 30 13, 337 694 4,708 757 1,283 299 370 2,306 463 176 366 288 1,629 Sept. 24 13,003 647 4,644 727 1,246 294 356 2,207 456 188 355 296 1,588 Dec. 31 13,244 650 4,694 716 1,290 296 360 2,213 402 178 372 297 1,778 Country banks:2 1929—Oct. 4 976 1,863 990 590 383 1,107 312 318 342 391 Dec. 31 8,482 947 1,860 943 584 372 1,100 358 309 313 319 393 1930—Mar. 27 _. 8,206 920 1,776 955 936 549 358 1,057 347 298 311 320 378 June 30 _ 8,228 922 1,804 958 934 537 355 1,044 347 I 299 314 327 386 Sept. 24 8,007 1,747 945 907 530 348 1,000 340 288 304 320 370 Dec. 31 7,762 1,734 893 505 318 285 296 280 356 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 1,477 462 407 460 288 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 1,692 454 389 479 241 1,151 Dec. 31 13, 222 950 5,307 1,023 1,194 329 284 1,538 417 382 456 238 1,104 City banks: i 1929—Oct. 4 6,917 315 3,120 288 695 143 145 778 175 100 255 136 767 Dec. 31 7,179 301 3,615 263 649 142 135 681 192 95 241 113 752 1930—Mar. 27_ 8,062 377 3,849 307 746 152 155 900 229 108 246 141 853 June 30 378 4,439 328 773 156 147 942 224 101 244 121 837 Sept. 24 9,121 411 4,285 416 898 170 163 1,126 235 100 284 128 906 Country b D a e n c k . s 3 :2 1 8,527 388 j 4,119 407 761 145 140 995 213 103 266 121 868 1929—Oct. 4_ 5,107 548 ! 1,203 642 514 211 163 I 605 243 308 224 170 276 Dec. 31. 4,847 532 ! 1.142 609 462 197 162 ! 567 237 294 213 167 266 1930—Mar. 27 4,972 557 j 1, 223 614 464 202 179 I 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 i 1,243 622 450 188 153 ! 566 219 289 196 114 244 Dec. 31 4, 696 562 i 1,189 616 433 184 144 ! 543 204 279 190 117 236 * 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 outside the 62 designated cities; including banks in other cities as well as banks in towns and villages. 42038—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDEKAL RESERVE BULLETIN MARCH, 1931 BANK SUSPENSIONS [Banks closed to public on account of financiald ifficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary] Deposits of banks suspended (in Number of banks suspended thousands of dollars) Number of banks reopened Federal reserve district Feb 1 r 9 u 3 a 1 ry, F J e a b n 1 r u 9 u 3 a a 1 r r y y - , I j I Year 1930 I \ I \ | 1931 F J e a b n 1 r u 9 u 3 a a 1 r r y y - , Year 1930 Feb 1 r 9 u 3 a 1 ry, F Ja e n b 1 r u 9 u 3 a a r 1 r y y - , Year 1930 Boston 12 : 36,158 New York 11 i 6,325 187,299 Philadelphia... 5,480 8,548 43,421 Cleveland ! 11, 618 19, 312 41, 866 2 Richmond 152 j 603 6,443 85, 640 12 Atlanta 140 ' 2,641 22,158 91,151 16 Chicago 266 j 10, 967 27, 767 111, 279 27 St. Louis 358 '• 4,853 18, 213 182,236 52 Minneapolis __. 156 j 366 4,104 24,109 7 Kansas City... 137 1,611 4,187 28,926 25 Dallas 41 j 2,238 2,730 16, 485 4 San Francisco. 21 I 1,591 2,909 16,145 1 Total. 78 277 1,345 i| 41, 968 122, 696 864, 715 45 147 Back figures—SQQ Annual Reports for 1929 (Table 111), 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 m b e a a m n ll k b s er Boston Y N o e r w k P a p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is n M e l a i i p s n o - - K C an it s y as 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 2,667 441 624 292 328 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 2,661 454 617 284 280 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 7,642 455 2,616 396 613 264 276 966 292 286 395 322 759 June 30 7,317 430 2,413 394 608 272 267 956 270 287 391 302 727 Sept. 24 _ ._ 7,258 426 2,368 399 671 264 270 925 273 263 383 290 725 Dec. 31 7,023 386 2,429 408 576 233 236 922 245 261 373 262 693 INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS [In millions of dollarsl Total- ! Federal Reserve District all Date m b e n a m o n n k b - s er Boston Y Ne o w rk - P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - Atlanta 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 an it s y as Dallas F c S r is a a c n n o - 1928—Oct.3.___ 347 ! 22 37 57 49 19 57 34 8 8 7 18 Dec. 31. 350 i 17 43 54 25 21 71 43 8 12 2 20 1929—Mar. 27. 354 i 24 43 55 31 26 71 34 6 7 4 15 June 29. 399 1 25 35 58 43 32 79 39 9 13 8 18 Oct. 4... 363 i 23 29 68 46 33 77 39 8 3 6 20 Dec. 31. 359 1 30 21 81 28 23 58 24 10 15 4 11 1930—Mar. 27. 287 19 16 61 29 18 44 32 6 10 5 12 June 30. 287 ! 17 15 51 31 35 38 30 8 15 9 12 Sept. 24. 247 15 10 29 34 33 31 32 8 11 10 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

143 MARCH, 1931 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS Federal Reserve District City Total I i Boston York phia C la le n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s n M o e i l a i n p s - - K C s i a a t n s y - Dallas F c S r i a a s n c n - o Y N o e r w k c C a h g i o - Loans and investments: Feb. 4 22, 682 471 9,177 1,316 2.217 623 567 3,319 633 353 637 1,933 7,965 2,004 Feb. 11 22, 659 470 9,175 1,312 2.227 621 574 3,298 630 352 635 434 1,931 7,962 1,989 Feb. 18 22, 650 470 9,169 1,307 2)218 615 572 3,307 631 350 633 435 1,943 7,953 2,003 Feb. 25 22, 647 451 9, 197 1,308 2,220 613 562 3,302 627 350 633 433 1,951 7,980 1,998 Loans: Feb. 4 15,668 089 6,338 858 1,440 439 424 2,419 455 224 387 318 1,277 5, 517 1,418 Feb. 11 15, 605 074 6, 331 853 1,439 437 421 2,403 453 223 385 316 1,270 5,513 1,409 Feb. 18 15,494 084 6,278 847 1,432 438 419 2,347 451 221 383 317 1,277 5,456 1, 355 Feb. 25 15,464 067 6,287 844 1,431 435 418 2,337 447 220 381 316 | 1, 2815,469 1,345 On securities— Feb. 4 7,303 418 3,407 456 690 168 131 1,193 188 77 106 378 3,014 837 Feb. 11 7,319 419 3.441 453 689 167 132 1,183 187 77 106 374 3,050 829 Feb. 18 7,325 418 3, 508 448 682 166 132 1,129 186 76 106 375 3,114 785 Feb. 25 7,313 417 3,519 446 680 164 132 1,129 185 76 103 371 3,137 777 All other— Feb. 4 8,365 671 2,931 402 75Q 271 293 1,226 267 147 281 227 899 2,503 581 Feb. 11 8,286 655 2,890 400 750 270 289 | 1, 220 266 146 279 225 896 2.463 580 Feb. 18 8,169 666 2,770 399 750 272 287 I 1, 211 265 145 277 225 902 2,342 570 Feb. 25 8,151 650 2,768 751 271 ' 1,208 262 144 278 225 910 2,332 568 Investments: Feb. 4 _ 7,014 382 2,839 458 777 184 143 900 178 129 250 118 656 2,448 586 Feb. 11 7, 054 396 2,844 459 788 184 153 895 177 129 250 118 661 2,449 580 Feb. 18 7,156 386 2,891 460 786 177 153 960 180 129 250 118 666 2,497 648 Feb. 25 7,183 384 2,910 464 789 178 144 965 180 130 252 117 670 2,511 653 United States Government securities— Feb. 4 3, 356 144 1,478 171 380 77 437 42 107 326 1, 349 289 Feb. 11 _ 3, 355 146 1,479 170 383 76 431 42 106 328 1,348 282 Feb. 18 3,414 136 1,496 169 383 70 491 41 106 330 1,365 345 Feb. 25 3,414 134 1,484 169 390 71 490 43 108 331 1. 351 345 All other— Feb 4 3,658 238 1,361 287 397 107 463 136 143 330 1,099 297 Feb. 11 3,699 250 1, 365 289 405 108 464 135 144 333 1,101 298 Feb. 18 3,742 250 1,395 291 403 107 469 139 144 336 1,132 303 Feb. 25 3,769 250 1,426 295 399 107 475 137 144 339 1,160 308 Reserves with Federal Reserve banks: Feb. 4 1, 785 97 851 87 141 39 263 54 36 I 109 789 185 Feo. II... 1,786 98 857 86 137 40 260 55 33 112 798 182 Feb. 18. 1, 796 98 869 87 142 38 265 52 32 107 804 187 Feb. 25 1,801 95 877 87 140 39 260 54 33 107 816 182 Cash in vault: Feb. 4 217 14 62 12 15 10 32 11 5 ! 18 49 13 Feb. 11 . 234 14 68 15 26 17 10 i 33 12 7 | 20 54 14 Feb. 18 213 13 56 13 17 9 ! 31 5 12 6 19 43 13 Feb. 25 224 13 59 13 18 10 j 33 5 12 7 ! 20 46 14 Net demand deposits: "\ Feb. 4 13,649 876 6,426 762 1,106 | 333 299 1,843 360 199 448 274 | 723 5,851 1,263 Feb. 11 13, 672 877 6, 409 755 1,119 ' 333 302 1,844 365 200 451 274 ; 743 5,833 1,260 Feb. 18 13, 570 868 6,358 745 1,104 323 316 1,840 358 197 448 275 i 738 5,785 1,270 Feb. 25 13, 614 856 6,419 752 1,109 | 325 309 I 1,830 359 200 450 272 ! 733 5, £38 1,261 Time deposits: Feb. 4 . 7,160 520 1,757 370 991 I 245 220 1,297 237 150 194 151 j 1,0281,209 623 Feb. 11 7,175 517 1,774 374 991 ! 246 220 1,296 237 150 195 151 j 1,0241, 225 Feb. 18 7, 243 519 1,827 377 996 ] 248 221 1,300 238 150 197 151 1,0191.274 i 624 Feb. 25 7,275 522 1,830 1,000 | 250 224 1,305 237 149 197 150 i 1,0261.275 | 623 Government deposits: ! Feb. 4 .. 93 19 I 10 ' 6 9l 15 1 11 16 11 Feb. 11 80 16 5 8 i 12 1 10 14 10 Feb. 18 80 16 j 5 8 ! 12 1 10 14 | 10 Feb. 25 80 16 I 5 12 1 10 14 10 Due from banks: Feb.4 1,736 124 166 127 159 101 272 104 176 112 • 229 162 Feb.11 1,778 110 159 128 158 100 288 111 189 121 ' 241 | 169 Feb. 18 1,782 112 174 131 177 101 90 277 111 187 120 i 215 101 159 Feb. 25 1, 848 115 180 165 185 105 293 115 182 118 j 202 106 160 Due to banks: Feb.4 3, 779 155 1,380 259 372 122 108 532 135 220 126 i 284 1,296 377 Feb. 11 3,826 151 1,409 255 382 123 113 525 134 222 129 300 1,328 371 Feb. 18 3,807 145 1,390 260 397 121 112 529 133 227 129 I 281 1308 373 Feb. 25 3,777 139 1,363 261 400 121 119 536 130 225 125 272 1,276 373 Borrowings from Federal reserve banks: Feb. 4 .. 1 7 4 10 11 I. Feb. 11 2 16 4 10 12 10 Feb. 18 .. 2 3 4 10 11 ! Feb. 25 2 3 3 7 9 ! i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN MARCH, 1931 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 Y N o e r w k 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 c S r is a a c n n o - In effect Mar. 1,1930- 4 4 4K m 4H 1 4H 4 Mar. 14 ... . Mar. 15 4 Mar. 20 4 Mar. 21 4 Apr. 8 4 Apr. 11 . . 4 Apr. 12 4 4 Apr. 15 4 May 2 3 May 8 June 7 - 3H June 20 June 21 - 3H July 3 3 334 July 12 3H July 18 3H Aug 7 3M Aug. 8 Aug 15 334 Sept 9 3M Sept. 12 . 334 Dec. 24 2 Dec 29 3 Jan. 2,1931 Jan. 8 3 Jan.9 3 Jan 10 3 Jan. 10 3 In effect Mar. 1,1931. 2 3 3H 3 3 3 3K2 3*4 3 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prime commercial paper Lo s a to ns c k-e s x e c c h u a re n d g e c b o y l lat p er r a im l e Loans secu r r e e c d e i b p y ts warehouse i Interbank loans Federal reserve bank or branch city De b c e e r m- January Fe a b ry ru- De b c e e r m- January | Fe a b ry ru- De b c e e r m- January Fe a b ry ru- De b c e e r m- January Fe a b ry ru- I Boston 4 -4 3*3-4 4 -5 4 -5 5 -5H 5 -5* 4 -4*3 4 -4*3 4 -4*1 New York 3*3^1 3*3-4 33/2-4^ 4 -5 4^3-5 4 -5 3H-5 4 -4*3 3*3-5 41* Buffalo 5 -6 5 -6 5 -6 51/3-6 51/2-6 6 6 5 5 P C R P C h i i l i t c e n i t h l v c s a m e b i d n l u a e o n r l n n a g p d d t h h i . ia 4 4 5 5 - - - - 5 5 5 6 *3 4 3 5 5 * * 3 3 - - - - 5 5 6 6 *3 4 5 5 - - - 6 6 5 4 5 5 5 5 - - - - - 6 5 6 6 6 *3 4 5 5 5 5 1 1 1 / , , 3 3 2 - - - - - 6 6 6 6 6 5 5 5 5 - - - - 6 6 6 bH 5 4 - - 6 6 6 6 5 4 - - 6 6 6 5 3 - - 6 6 4 4 4 5 * * 3 3 - - - - 5 4 6 6 6 * * 3 3 4 5 4 5 - - - - 6 4 5 6 * * 3 3 4 4 5 5 - - - - 4 6 6 6 3/ Baltimore 4 -6 5 -5*3 5 41S6 4^-6 6 6 5 -f 5 -6 5 Charlotte ___. 5 -6 I 5 -6 5 -6 5*3-6 51/2-6 5 -6 6 6 5 -6 Atlanta 4 -6 i 5 5 -6 4^-6 4 -4* 4 -4> 5 -5*3 5 -5*3 6 Birmingham 5*3-7 6 -0*3 6 -6 51/2-7 6 -7 5 -8 6 -8 6 -8 6 -8 5 -6 5 -6 5 -5*i Jacksonville : 4 -5 I 3 -5 3 -5 6 -7 6 -7 6 -7 5 -7 6 -7 6 5 -6 Nashville I 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 New Orleans j 5 -5*3 4*3- 6 5 -7 5 -7 51/3-6 *4 5 -6 5 -6 5 -6 Chicago j 4 -4*3 3% 41/2-5 4 -5 4 -5 43/4-5 4*3-5 4*3-5*3 5 5 Detroit j 4 -6 4*3-5 51/3-6 A.1/ R 6 6 6 5 -6 4*3-5*3! 5^-6 S L t i . t t L le o R ui o s c .. k.. __i 4 -4*3 4 -4 6 *3 5 -5*3 5 6 - - 6 6 5 -6 6 6 -6 6 I /2 I i 4 6 *3 - - 6 6 *3: 5 6 - - 6 6H 5 -5 6 *3 41! 4 5 H- - 6 6 Louisville ; 6 6 5^3-6 51/3-6 6 66 6 • 6 5 Minneapolis— i 4 -4*3 3*3-4 3 -4 5 -6 5 -6 5 -534 4 -4 33/i 3M 5*3-6 5 ! 5*4-6 Helena ! 8 8 8 8 8 8 6 -8 6 -8 ; 6 -8 6 -8 5*3-6 | 6 -8 Kansas City _J 4*3-5 4*3-5 4^-5 5*3-6 534-6 5 -6 5 -6 • 5 -6 5*3-6 6 -8 I Denver.. ! 4*3-5 5 -5*3 4^-5 6 a 6 -8 6 -8 ; 6 -8 6 5*3-6 I 'Oklahoma City 5 -5*3 5*3-6 534-6 8 8 8 6 -8 6 -8 6 -8 6 6 ; Omaha i 5 5 5 6 -6*3 5),3-7 53 6 6 ! 5*3-6 6 i Dallas j 5 -5*3 4 -6 4 -7 6 -6*3 6 -7 6 bH-6 5 -6 ; 5 -5*3 6 5 -5V2 El Paso ! 6 -8 7 -8 7 -8 6 -8 7 -8 7 -8 8 8 : 5*3-6 5 -6 5*4-6 Houston i 5 -6 J4 534-6 6 51/3-6 514-6 5 -6 5 -6 I 5 -6 5 -6 5*3-6 5 -534 S S a an n A Fr n a t n o c n i i s o c o j j 4H-5 6 4 6 3 /4 - - 6 5 *3 4*|^5 5 6 - - 6 7 5 6 - - 6 8 b 2-6 5 6 ^ 3- - 6 8 5 6 *3 - - 8 6 1 : 6 -8 5 6 5 -6 6 5 -VA Los Angeles. j 6 -6/ 5 -7 6 -6/3 6 -61/ 5 -7 6 -7 6*3-7 j 6 5 P Sa o l r t tl L a a n k d e . City __' 6 -6*2 6 - 6 634 6 -6 6 *3 6 -6 6 > 6 6 2 6 -7 7 6 -7 ! 6 -7 7 6 5*3-6 l Seattle 6 6 -61/3 6 -6^3 6 7 6*3-7 ; Spokane... ! 6 61,3-7 6^3-7 6 -7/2 7 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15thof 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

145 MARCH, 1931 FEDERAL RESERVE BULLETIN BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1931 1930 1931 1930 Federal reserve district Federal reserve district N of u c m it b ie e s r Jan. I Dec. Jan. Jan. Dec. Jan. Boston _ 14,814 22,331 16, 631 Boston 14 1,671 7,609 4,464 New York : 60,314 73, 559 79,462 New York 22 36, 928 35,902 34, 649 Philadelphia... ; 11,018 18,976 50,914 Philadelphia.. 14 1,925 2,132 3,913 Cleveland ____i 17,971 16,469 34,861 Cleveland 12 4,409 6,090 8,098 Richmond i 21,534 28,139 27,433 Richmond 15 ! 4,030 3,867 9,363 Atlanta _J 17,860 9,943 21,433 Atlanta 15 | 1,742 1,492 3,177 Chicago -_i 31,767 35,180 39,906 Chicago 19 I 9,828 8, 731 14,174 St. Louis ! 13,306 16,103 13,114 St. Louis 5 3,186 2,751 1,202 Minneapolis _; 2, 591 5,989 3,868 Minneapolis.. 9 1,195 3,078 808 Kansas City ! 17,756 12,898 14,922 Kansas City_. 14 1,925 5, 693 3,011 Dallas _--! 19,027 9,848 21,432 Dallas 9 2,657 4,762 4,179 San Francisco. 20 12,159 18,252 20,132 Total (11 districts) i 227,956 249,436 323,975 Total... 168 81,655 100, 359 107,168 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. BANK DEBITS COMMERCIAL FAILURES [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1931 1930 Number Number Liabilities of centers Jan. Dec. Jan. Federal reserve district 1931 I 1930 1931 1930 New York City 1 24, 557 29,001 34,732 Outside New York City 140 21, 697 23,107 25,691 Jan. Dec. Jan. j Jan. Dec. Jan Federal reserve district: Boston 11 2,248 2,530 3,050 Boston 263 242 251 28,965 5,527 3,999 New York 7 25,322 29,827 35,662 New York 756 537 588 13, 524 18,196 16,603 Philadelphia 10 2,063 2,361 2,609 Philadelphia- 193 129 177 4,128 4,550 6,887 Cleveland 13 2,754 2,803 2,827 Cleveland 254 209 197 11,952 4,487 6,101 Richmond 7 730 810 780 Richmond 203 139 184 4,339 3,131 4,510 Atlanta 15 1,031 1 010 1 211 Atlanta _. 245 168 147 4,686 21,473 2,619 Chicago 21 5,412 5,842 6,563 Chicago 502 401 453 14, 573 8,141 8,182 St. Louis 5 1 060 982 1 249 St. Louis _. 243 131 186 4,837 10,610 3,126 Minneapolis 9 617 732 751 Minneapolis... 92 63 63 776 549 1,073 Kansas City ___ 15 1,200 1,296 1,409 Kansas City... 167 132 177 1,851 1,902 | 4,067 Dallas 10 613 649 741 Dallas 127 88 67 1.955 1,926 740 San Francisco 18 3,205 3,266 3,569 San Francisco.. 271 286 3,023 3,191 3,281 Total 141 46, 253 52,107 60, 423 Total.... 3, 316 ! 2,5252,759 94,608 83,683 61,185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN MARCH, 1931 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for 53,500,000,000 francs ($2,097,200,000), that is 1930 was submitted to the regular general meet- to say, to more than 53 per cent of the aggreing of shareholders on January 29, 1931. The gate demand liabilities. It had increased in main text of the report is given herewith:1 one year by almost 12,000,000,000 francs Increase in gold reserves.—Unusual events in ($470,400,000). the sphere of business and finance characterized These movements of gold were the result of the year 1930, and necessarily influenced the the free play of the gold standard and, as was French market. The crisis which began sud- stated in the previous report, the bank intends denly in the United States in 1929 and after- to put no obstacle in the way of the flow of gold wards spread throughout Europe caused, great in either direction. In accordance with the disturbances in the international movements of monetary law of June 25, 1928, the Bank of capital, and these in turn led to transfers of France during 1930, as in 1929, confined itself gold on an extraordinary scale. to accepting gold bars offered at its wickets or At the beginning of the year the inflow of selling them on demand. Far from seeking to gold into the vaults of the Bank of France was attract gold into its vaults or even to hinder in only moderate amount. From December its outflow, the bank has lowered its discount 24, 1929, the day on which accounts for that rate on two occasions in an endeavor either to year were closed, up to February 21, 1930, the check the inflow of gold or to encourage its gold reserves increased gradually by more than export. The attraction which France exercised 1,300,000,000 francs, from 41,622,000,000 during 1930 upon the floating capital of the francs ($1,631,582,000) to 42,960,000,000 francs world was in reality and before all else the con- ($1,684,032,000). At this time, owing chiefly sequence of the decline in money rates in all to the extreme monetary ease which prevailed the great foreign markets, and of the security in the Paris market, the trend of the exchanges afforded by the French currency. altered; for two months they were almost con- The development of the world economic stantly unfavorable to France. The bank met crisis considerably diminished credit requirethis appreciation of foreign currencies by per- ments abroad. In London and in New York, mitting gold to flow out freely on demand. exceptionally low levels for short-term credits Instead of realizing its holdings of foreign prevailed almost throughout the year. The exchange, which showed no appreciable fluctu- French banks, which had invested a part of ation during this period, the bank preferred their available funds in these great markets to part with some of its metallic reserve. during the previous year, were unable to Between February 21 and May 2 withdrawals obtain renewals of their loans on as remuneraof gold continued almost without interruption tive terms as in the past. Moreover, when on and amounted to more than 600,000,000 francs various occasions they were confronted with ($23,520,000). large demands for francs in their own market In May the export of gold ceased entirely during 1930, they naturally preferred to repaand gave place to a movement in the opposite triate part of these unproductive balances direction, which was rapidly accelerated after rather than have recourse to the rediscount the middle of September. Imports of gold facilities obtainable at the Bank of France. amounted to about 1,800,000,000 francs The stocks of gold which the French market ($70,560,000) in May and June; to almost received during 1930 did not, however, arise 5,000,000,000 francs ($196,000,000) from July solely out of the repatriation of French bal- 4 to October 3; and to almost 4,500,000,000 ances. They represented, in part, an influx of francs ($176,400,000) during the last quarter foreign capital desirous of profiting from the of the year. On December 24, the day on stability and the security which the French which the accounts for the year were closed, franc now offers. They are a tribute to the the gold reserve had risen to more than great work of financial reconstruction accomplished by this country, which has now one of 1 The report, available in French, contains in addition, remarks con- the most soundly guaranteed currencies in all cerning personnel and details of banking operations, as well as a number of tables. For earlier reports, see FEDERAL RESERVE BULLETIN, the world. March, 1930,, 1929, 1928, 1927, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

147 MARCH, 1931 FEDERAL RESERVE BULLETIN Measures to encourage lending abroad.— important than ever during the present eco- The strong metallic basis of the franc assures nomic crisis; and it is a matter for congratulathe French market of great opportunities for tion that the existence of the Bank for Internaexpansion. The bank feels that these possi- tional Settlements furnishes the opportunity bilities should be realized. Every measure for regular and mutually advantageous meetwhich is calculated to extend the range of the ings between the governors of the central banks. Paris market will receive the unreserved sup- The money market.—During the entire year port of the bank. Excellent beginnings along the money market w^as adequately provided this line have been made during the past year with funds on easy terms. During the early by the French Government. The stamp tax months of the year, the plethora of funds was payable on foreign securities—which had been increased by payments of the treasury and the reduced in 1929 from 4 to 2 per cent—was Caisse d'Amortissement; these balances on the further reduced to 1 per cent. The tax on books of the Bank of France declined by almost interest from foreign investments, which had 6,000,000,000 francs ($235,200,000) between been 25 per cent, was fixed at 18 per cent. December 24 and the end of April. This inflow The stamp tax payable on foreign commercial of new funds resulted in a lowering of the rate bills drawn on France was reduced from 0.15 of interest. The board of directors, on two franc to 0.025 franc. occasions, took advantage of the situation to The bank supported these measures, and reduce the official discount rate. On January endeavored to obtain for the money market as 30, the rate was reduced from 3% to 3 per cent, much benefit as possible from them. As was and on May 1 from 3 to 2}i per cent. This is stated in the preceding report, the bank adopted the lowest rate in force since 1898. In initiatcertain measures during 1929 in order to in- ing these twx> reductions, the bank did not increase the flexibility of the money market, tend merely to remove every impediment to and especially to extend the traffic in interna- the export of gold. It was anxious also to tional acceptances drawn in francs. During benefit the commerce and industry of the coun- 1930 the bank continued to work along this try by the lowest possible rate of interest at line by cooperating in the establishment of the a time of world-wide business depression. French Acceptance Bank, and by admitting to From the month of May on, various circumdiscount on a large scale foreign credit instru- stances, both normal and exceptional, increased ments at short term. the requirements for capital. During the These reforms have not yet proved wholly second half of May, the flotation of the French effective. Political events in certain countries, tranche of the capital of the Bank for Interthe economic crisis w^hich has disturbed the national Settlements—carried through most equilibrium of the entire world, the depressed successfully by the Bank of France—was folstate of the money markets, have all created an lowed by a very large demand for funds on the atmosphere very unfavorable to the realization part of the public, the effects of which, however, of vast international operations. When, how- were only temporary; on the same afternoon ever, existing conditions improve, there is no on which the subscriptions were floated, the doubt that foreign borrowers will have recourse bank placed at the disposal of the subscribers to the French market on a large scale. Both the greater part of the funds which they had duty and self-interest require the Paris mar- deposited. A month later, the issue of the ket, while surrounding itself with all desirable bonds of the international 5% per cent loan of safeguards, to satisfy the demands of foreign the German Government caused several billion countries for capital for the improvement of francs to be withdrawn temporarily from the their production and of their exchanges. It is market. Beginning with July, the payment of especially important to facilitate the floating of direct taxes to the treasury, and the operations long-term foreign loans, which constitute, just of the Caisse d'Amortissement created an as they did before the war, the normal outlet usual demand for funds at this season. Finally for excess French capital. during the last quarter, a somewhat serious In its own special field the bank will maintain crisis brought about a sudden large demand and if possible will strengthen the cordial rela- for funds. tions which it has had with other central banks. The banking crisis.—During recent years a It hopes to increase with each of these institu- general upward movement has brought the tions those exchanges of views which are more price of most securities with variable yield to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN MARCH, 1931 levels which were based too largely on expecta- houses continue to deserve, since they have in tions of the future and on an indefinite increase general remained scrupulously faithful to those of productivity of the enterprises concerned, rules of prudence which are among the tradi and which ignored the possibilities of consump- tions of our country. tion. The speculators, who had supported Discounts.—Our discount portfolio, which these fictitious quotations too long in their regulates the market, has adapted itself with determination to keep the market price of great flexibility to these alternating movements securities of their groups at their highest level of extreme abundance and sudden withdrawals. in spite of the unfavorable background, became From December 24, 1929, to April 25, 1930, the bankrupt and involved in their ruin some finan- volume of discounts declined by about 3,000,cial houses, which suddenly found their re- 000,000 francs ($117,600,000), falling from apsources inadequate. One of the oldest re- proximately 8,500,000,000 francs ($333,200,000) gional banks, which had thus been put in to 5,500,000,000 francs ($215,600,000). It difficulties, was compelled to close its door^ rose sharply at the time when the shares of the From that moment the confidence of depositors Bank for International Settlements were offered was shaken, and the crisis which had been con- and on May 23 reached its maximum of 8,800,fined to the stock exchange now spread to the 000,000 francs ($344,960,000). Five months % field of banking. Within a few weeks, a dozen later it stood at about 6,000,000,000 francs houses in different parts of the country found ($235,200,000). During the last two months themselves unable to meet the flood of demands of the year, as a result of the crisis, it resumed for withdrawal of deposits and were compelled its upward movement, and on December 24 to suspend business. last, it again amounted to about 8,500,000,000 During this difficult period the bank made francs ($333,200,000), the level at which it every effort to reconcile its essential monetary stood at the beginning of the year. function with its desire to furnish to the banks, Increase in circulation.—As a result not only through rediscounting, the resources which of the imports of gold, but also of the expansion they needed in this time of crisis. Desirous of of discounts during the second half of the year,, aiding the threatened institutions to the full the volume of francs in circulation, in the form extent permitted by the statutes, but at the of credits or of bank notes, increased considersame time careful not to prejudice the cover ably. Credits in current account and other held against the fiduciary circulation by demand liabilities (exclusive of deposits of questionable operations, the bank adopted the public funds) have fluctuated—in round numpolicy of refusing the support of its discount bers—between 7,900,000,000 francs ($309,680,facilities only to those institutions which were 000) and 11,700,000,000 francs ($458,640,000). suffering not merely from temporary embarrass- The fiduciary circulation underwent a very ment for lack of funds, but which were in an large and almost continuous advance, even duressentially weakened condition. ing the two months in which we were exporting For a number of years past, the wide margin gold. It rose by about 3,800,000,000 francs existing between the rate of interest for short- ($148,960,000) during the first quarter, by term funds and that for long-term investment about 1,700,000,000 francs ($66,640,000) during has induced many institutions to expand their the second quarter, by about 1,250,000,000" capital loans to a dangerous extent; invest- francs ($49,000,000) during the third, and by ments of this character, made too freely in a about 1,600,000,000 francs ($62,720,000) during period of prosperity, frequently cause severe the last quarter of the year. The volume of losses as soon as business activity begins to notes in circulation, which amounted to 67,decline. 769,000,000 francs ($2,656,545,000) on the bal- Such mistakes—which, fortunately, are only ance sheet of December 24, 1929, reached 76,155,isolated phenomena and should prove a salu- 000,000 francs ($2,985,276,000) on the balance tary lesson for the future—should not be al- sheet of December 24 last. It rose in one year lowed to obscure the soundness of the French by 8,386,000,000 francs ($328,731,000). These banking organization, which has always been issues do not in their full amount represent perfectly healthy, nor to disturb for any length business transactions. A considerable volume of time that confidence which the other banking of notes—especially a great number of those. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

149 FEDEKAL RESERVE BULLETIN MARCH, 1931 which were withdrawn from the bank toward to the present time, the economic position of the end of the year—are undoubtedly being this country has been affected only indirectly hoarded. and to a slight extent by the world-wide eco- Economic situation in France.—During the nomic crisis. last few months, France has felt the first re- The volume of imports advanced somewhat, actions of the crisis which sw^ept over the world increasing during the year from 59,500,000 toward the end of 1929. French statistics now tons to 60,800,000 tons. The tonnage of exshow a certain amount of business recession, ports, on the other hand, declined during the which was scarcely perceptible until last sum- same period from 39,900,000 tons to 36,600,000 mer but has become clearly evident since tons. autumn. Coming after several years of great The world-wide decline of wholesale prices prosperity, this depression was reflected in a enabled French manufacturers to replenish marked decline in wholesale prices of rawr their stocks of raw materials at lower costs. materials and agricultural products, and in a The value in francs of imports fell from 58,000,falling off in manufactures. 000,000 francs ($2,273,600,000) to 52,000,000,- The general index of wholesale prices at the 000 francs ($2,038,400,000). A considerable end of December, 1930, was 498 as compared fall was shown also in the value of exports, with 588 at the end of December, 1929. Among which amounted to only 43,000,000,000 francs the group indexes making up the general index, ($1,685,600,000) as against 50,000,000,000 the index of imported commodities declined to francs ($1,960,000,000) in 1929. As a result of a greater extent than did the index of French the greater decline in exports, the deficit in the commodities. balance of trade for 1930 was increased by This situation should receive the full atten- more than 1,000,000,000 francs ($39,200,000), tion of French producers, while to those who as compared with 1929. are responsible for the economic future of the The tonnage of ships entering and leaving country it presents problems which are all the French ports rose to 172,000,000 tons for 1930, more important because, in contrast to the compared with 107,000,000 tons in 1929. general decline of wholesale prices, the cost of As regards railway traffic, the business reliving in France is rising; the index of the cost cession was reflected in a decrease in the daily of living advanced during the past year from average of freight car loadings, which declined 565 to 597. from 66,564 in December, 1929, to 58,907 in The crops experienced unusually unfavorable December, 1930. The actual reduction of weather conditions. The wheat harvest which, traffic, however, was not important because, in 1929, exceeded the annual requirements of with no change in charges, the revenues w^ere the country, amounted in 1930 to only 63,- almost equal to those of last year. In fact, 000,000 quintals £—a level of production which, during 1930 the decline was only from 15,with the present acreage, will not be sufficient 533,000,000 francs ($608,894,000) to 15,400,to satisfy completely the requirements of 000,000 francs ($603,680,000). national consumption. The yield of the vine- Production of coal from French mines yards fell off by one-third as compared with amounted to 54,000,000 tons, that is to say, to 1929. ^ It actually amounted to only 42,000,000 almost the level of the past year; the daily hectoliters 3 as compared with 63,000,000 output was remarkably well sustained, being hectoliters the year before. One must go back 190,000 tons in November as compared with to 1917 to find a poorer harvest than that of 188,000 tons for the corresponding month of 1930. On the other hand, the production of 1929. native sugar is reported as adequate to enable The iron industry, with 133 blast furnaces in the country to dispense with the need of any operation, instead of 154 as in December, 1929, imports from abroad. It wall even give an put out 10,100,000 tons of cast iron against exportable surplus. 10,360,000 tons the year before. It was not Commerce and industry have gone through until June that production fell below the a difficult period. Certain important i$dexes, average for 1929 and that gradually some of however, show a slight improvement over the blast furnaces were closed down. those of the previous year, indicating that up The textile industry, which had shown a marked recession in 1929, continued to be 2A quintal is equal to 220.46 pounds or 3.67 bushels measured in wheat. seriously depressed. The luxury trades were 3 A hectoliter is equal to 26.42 gallons. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN MARCH, 1931 particularly affected by the crisis which pre- BALANCE SHEET OF THE BANK OF FRANCE AS OF vailed on foreign markets, where many of their DECEMBER 24, 1931—Continued customers are to be found. On the whole, it is evident that up to the present time France has Francs Dollars 1 (in thou- (in thousuffered less than other countries from the crisis. sands) sands) In spite of the unfortunate conditions which have prevailed throughout the world, the RESOURCES—continued prosperity oi France, diminished somewhat Advances against securities 2,870,841 112,537 along certain lines, has not been essentially Postal current accounts 604,953 23, 714 Negotiable bonds of the Caisse autonome d'amoraffected. In particular, it has escaped the tissement (convention of June 23, 1928) 5, 304, 399 207,932 scourge of unemployment which has been Loans to the Government without interest (law of June 9, 1857; convention of Mar. 29, 1878; keenly felt almost everywhere else. The law of June 13,1878, extended; laws of Nov. 17, 1897, Dec. 29, 1911, Dec. 20, 1918, and June 25, fortunate diversity of the national wealth, the 1928) 3,200,000 125,440 harmonious balance between industry and Rentes earmarked for special purposes 112,981 4,429 Bank buildings and equipment 220,509 8,644 agriculture, which has always been character- Miscellaneous resources 2,001,737 78,468 istics of the economic life of this country, the Total 103,160, 599 4, 043,895 qualities of work and the virtues of saving—the LIABILITIES traditional attribute of the population—have Demand liabilities: once more shown their effectiveness. We Notes in circulation 76,155, 754 2,985, 306 do not doubt that this country will shortly Current account of the treasury 5,136,337 201, 344 triumph over the temporary difficulties through Current account of the Caisse autonome d'amortissement 7,995, 280 313,415 which it is now passing. Other current accounts and deposits 11, 284,445 442, 350 The Bank of France, for its part, guided by Other demand liabilities 432,969 16,972 its interest in the public welfare and faithful 24,849, 030 974,082 to its essential function, has the consciousness Capital 182, 500 7,154 of having performed its duty in this troubled Surplus (laws of June 9,1857, and Nov. 17,1897) „ 272,696 10,690 Reserve invested in legal securities (law of May period, as it has always done hitherto, in the 17,1834; decrees of Apr. 27 and May 2,1848; law of June 9, 1857) 22,106 867 most liberal manner consistent with the letter Depreciation reserve (real estate) 4,000 157 and the spirit of its statutes. Profit and loss: Gross dividends: 2339.29 francs (net 285 BALANCE SHEET OF THE BANK OF FRANCE AS OF francs) 61,920 2,427 Payment to the Government of sum equal to DECEMBER 24, 1930 the annual dividend in excess of 240 francs net 52,013 2,039 Francs Dollars i Carried forward 46,231 1,812 (in thou- (in thousands) sands) 160,163 6,278 Miscellaneous liabilities 1,514, 350 59,363 RESOURCES Total 103,160, 599 4,043,895 Gold reserve (coin and bullion) 53,563,485 2,099,689 Total demand liabilities, 101,004,783,689 francs Silver and copper coins 581, 583 22,798 ($3,959,387,520). Funds available on demand abroad. 6, 795,104 266,368 Ratio of gold reserve to demand liabilities, Foreign bills: 53.03 per cent. Negotiable 19, 378, 730 759,646 Other 30, 585 1,199 Domestic bills: 1 Conversion at par; 1 franc=$0.0392. Negotiable 77, 377 3,033 2 For second half year. Gross dividend for first half year, 398.81 francs Other 8,418, 314 329,998 (net 335 francs). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

151 MARCH, 1931 FEDERAL RESERVE BULLETIN FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANES 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 t o r ( o i 4 u e t 5 n a s l - ) I ' jU S n ta i t t e e s d g t A e i r n n - - a Aus- Bel- B z r i a l - C a a d n a - E la n n g d - m G a e n r- y d I i n a - N la e e n r t d - h s - S l z w a e n i r d t - - c o t o r t 2 h i u e 9 e n s r « 1930—January i 10,362 i 3,921 445 164 139 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 ±08 150 715 March j 10,505 4,061 445 126 164 127 79 759 1,668 595 128 274 453 174 476 108 156 713 Aprii 10,569 4,131 442 109 164 90 79 795 1,660 611 128 274 443 174 477 112 167 712 May _„i 10,613 4,159 441 91 167 90 80 765 1,717 617 128 274 434 174 477 112 177 709 June I 10,675 4,178 440 97 167 81 768 1,727 624 128 274 434 174 477 112 203 702 July ! 10,709 4,160 436 97 167 94 746 1,775 624 128 274 440 157 477 118 233 701 August ; 10,791 4,148 434 97 168 100 759 1,852 624 128 275 433 157 477 123 249 September-.; 10,829 4,159 434 98 173 110 766 1,899 590 128 278 431 157 478 123 249 October I 10,862 4,184 429 79 180 122 782 1,992 519 128 278 414 171 478 128 249 691 November..1 10,902 4,220 417 75 180 129 767 2,037 519 128 279 409 171 474 130 249 December *10,915 4,225 i>412 75 191 110 722 2,100 528 128 279 412 171 471 138 249 1931—January P10,968 4,285 191 v8 i 92 ! 682 2,176 535 128 415 175 466 126 249 February : P4,308 v 2,192 M79 249 Preliminary, based on latest available figures. NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April, 1930, where separate figures for 44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina— Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; 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] United States Germanyr Great Britain Netherlands S A o fr u ic th a India Month p I o m rt - s Net p I o m rt - s p E o x rt - s v IS r f6li 1 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 1930—January 12,908 3,960! 5,000 261 4,739 41,702 16,102 25,600 248 3,224 -2,975 -17,808 5,370 February 60,198 59,9911 38,189 246 37, 944 38,961 34,074 4, 80 1,026 -946 -20,786 3,844 March 55,768 55,478| 10, 708 266 10,442 38,258 12,826 25,432 89 10 79 -13,777 3,447 April 65,835 65,725! 18, 617 280 18, 337 42,741 14,828 27,913 81 21 60 -18,134 5,953 May 23,552 23,470; 7, 096 245 6,851 45,388 61,134 -15, 746 75 19 56 -22,798 6,452 June 13,938 13,912i 7,529 259 7,270 13,747 20, 659 -6,912 34 11 23 -18,190 9,204 July... 21,889 -19,640 1,414 227 1,187 24,646 40, 335 -15,709 48 16,587-16.539 -22,415 3,404 August 19,714 -19,617 1,545 210 1,335 24,201 21, 390 2,811 281 8 273 -18,708 13,461 September ! 13,680 2,547 1,967 25, 358-23, 391 22,339 20,245 2,094 81 13 68 -17,149 3,568 October | 35,635 26,368: 3,162 96, 677-93, 514 45,416 34,754 10,662 12,338 199 12,139 -20,259 967 November ! 40,159 35,151 1,458 273 1,185 41,199 43,164 -1,965 150 115 35 -18, 762 1,323 December _.-| 32,778 32, 742i 9,524 274 9,250 43,124 78,507 -35,3S3 42 39 3 — 16,966 681 1931—January | 34.426 34, 372j 12,252 287 11,965 35,304 78,774 -43,470 301 52 249 —21,005 Preliminary. r Revised to include only unmanufactured gold and gold coin. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1931 1930 1930 1929 From or to— January January Calendar year From or to— November N J o a v n e u m ar b y e - r Calendar year ImportsExportsImportsExportsImportsExports Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports France.. 3 72, 619 351 10,676 1,470 270,301 Germany 1 1,484 5 3,481 7 78,842 England. 360 8,691 1 10,461 Netherlands 276 187 19 1,000 United States 22 Spain and Canaries * 4, 867 27 5 29, 229 1,610 Aden and dependen- Switzerland 992 407 23,190 cies 74 607 1,045 United States 283 Arabia 31 689 1,287 South America 7,823 12,3'87 49 57, 944 49 British Oceania 433 7,793 7,701 British India 417 219 885 1 8,178 Bahrein Islands 18 178 119 Australia 380 9,830 2 116,417 2 Ceylon 118 2,718 4,151 1 New Zealand 127 China 5 3,666 188 Egypt 73 1 94 Mesopotamia 259 2,247 2,613 Hb.od.6sia 421 361 5 197 Straits Settlements 2,812 14 19 28 Transvaal 19, 514 _. 18, 372 203, 513 Egypt 1,177 6,867 West Africa 439 370 5 5,075 11 Natal 24 26, 390 29,595 All other countries.. 1,440 3,083 25 403 2,441 14, 764 All other countries . 39 206 19 Total 35, 304 78, 774 41,702 16,102 421, 725 398,040 Total 1,323 57 007 15 64,275 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN MARCH, 1931 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] Par ! 1930 I 1931 Par 1930 1931 Country Monetary unit c o h f a n ex g - e ' i ber January r F u e a b r - y Country Monetary unit c o h f a n ex g - e De b c e e r m- January r F u e a b r - y EUROPE SOUTH AMERICA Austria Schilling- 14.07 14.0840 14.0708 14. 0544 Argentina Peso 96.48 75. 5521 69.7038 71. 9416 Belgium __. 13.90 13.9648; 13.9422 13. 9410 Bolivia2 Boliviano,. 36.50 36. 7500 36.7500 36. 7500 Bulgaria e .72 .71711 .7169 .7178 Brazil Milreis.. 11.96 9. 6121 9.0721 8. 5601 Czechoslovakia. Crown. 2.961 2. 9664j 2.9617 2. 9598 Chile 12.17 12.0955 12.0663 12. 0673 D E F G F i r n e e n a g r n n l m l a m c a n a e n a d n d r y k _ _ _ _ R M K P F o r e r a a o u i r c n n n k h e c d k — sm a ark.. 48 2 n.6 6 c 3 2 3 U . . . . . 9 5 o 8 O 6 2 2 n 2 U 5 48 2 5 2 3 3 . ! . 8 5 9 6 4 1 2 6 0 6 9 1 4 6 2 0 48 2 23 5 6 2 3 . . . . . 7 4 9 7 5 2 6 2 7 1 4 8 0 1 6 6 4 7 9 9 48 2 2 5 3 6 2 3 . . . . . 8 7 7 5 9 3 6 4 1 1 8 9 5 7 9 9 3 4 8 7 V E U C Pe c o e r u u r n lo u a g e m * z d u u o a b e r y i l a a 2 a _. S S B P o u e o s l c l . o r i d e v o a - r. 1 9 4 2 1 0 7 0 0 9 3 . . . . . 3 0 3 0 4 3 0 0 0 2 3 9 2 7 1 0 6 4 0 8 . . . . . 2 5 9 0 5 9 5 9 0 0 8 3 3 0 0 1 1 7 0 0 9 2 2 6 18 9 6 8 0 . . . . . 6 1 5 0 5 7 4 7 0 0 3 1 0 0 0 1 4 0 0 0 1 1 : ; | 9 2 2 6 1 6 0 7 9 8 . . . . . 1 8 0 5 0 3 7 0 7 7 6 5 7 0 0 4 0 8 0 0 Greece. _ Drachma 1.30 1. 2944 1.2942 1. 2946 Hungary Pengo 17.49 17.4947 17.4751 17. 4600 ASIA Italy.— Lira- 5.26 5. 2378 5.2350 5. 2350 China*. Mexican dollar- 21.28 25.7151 22.9351 j 20. 8153 Netherlands Florin _. 40.20 40. 2690 40. 2316 40.1378 China* Shanghai tael... 29.34 35.6987 31.8404 28.9578 Norway. Krone 26.80 26. 7434 26. 7265 26. 7462 China « _... Yuan dollar 20.81 25.6394 22.9102 20. 8390 Poland Zloty 11.22 11. 2110 11.2114 11. 2025 Hong Kong<__. Dollar 21.13 27. 9966 24. 2653 22. 6673 Portugal Escudo 108.05 4. 4839 4.4867 4.4854 India.* Rupee 36.50 35. 9305 35.9344 35. 9374 U R S S S w p w u . a m e i S i t d . n z a e e S n n r . i l a a R n . d 3 ' L P K F C e r e 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 . . . . . 6 6 8 3 3 0 0 0 0 0 35 1 2 1 1 6 0 9 5 . . . . . 8 7 5 3 0 3 4 9 9 0 0 4 6 7 0 9 5 0 2 0 « 5 2 1 1 1 6 0 9 5 . . . . . 3 5 3 7 0 5 9 9 6 0 7 4 0 4 6 4 4 0 3 7 3 5 2 1 1 1 6 9 0 5 . . . . . 1 2 7 0 8 5 9 7 0 5 9 3 0 0 4 3 4 7 0 8J J T S a a t u m p r v r a a a k e i n * t e n s y t s. Settle- T Y S F i l u e l n o a r n g r k r i . a . n i p sh o re p ou d n o d l - - 43 4 4 5 9 9 0 6 . . . .7 8 2 6 8 5 0 5 »4 4 4 5 7 9 0 5 . . . . 1 6 2 9 3 1 5 3 6 8 8 2 9 5 8 2 •4 4 4 5 7 9 0 5 . . . . 1 4 2 9 4 0 3 2 2 0 6 4 6 9 5 81 4 4 56 0 9 . . . 1 4 0 4 0 0 0 5 2 9 4 8 Yugoslavia j Dinar 19.30 1.7697 1.7679 1. 7633 AFRICA NORTH AMERICA i Canada Dollar 100.00 99.8963 99.7909 99.9761 Egypt.. Egyptian pound 494.315 498.3123 • 498.0464 . Cuba __!Peso 100.00 99.9300 99.9364 100. 0196 Mexico ! do_ 49.85 45.5461 46.3566 46.1950 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. 1 Chervonetz quotations nominal. 4 Silver currency. The figure given for parity represents gold value of unit in February, 1931, computed by multiplying silver content of unit by New York average price of silver for February, 1931, which was $0.27085 per fine ounce. On the same basis, parity in February, 1930, for the Chinese-Mexican dollar was 34.18 cents; for the Shanghai tael, 47.13 cents;for the Yuan dollar, 33.43 cents; and for the Hong Kong dollar, 33.93 cents. « 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 1931 1930 1931 Resources No b v e e r m- '! January Liabilities No b v e e r m - De b c e e r m- January Cash on hand and on current account with Short-term deposits: banks 1,173 1,099 Central banks for own account- Demand funds at interest 13,779 14,439; 16,505 Demand 19,242 38,415 45,897 Time- Rediscountable bills and acceptances (at Not exceeding 3 months... 92,996 116,767 112,022 cost): Between 3 and 6 months.. 3,002 1,196 Co a m nc m es ercial bills and bankers' accept- 46,317 61, 681 Total 115, 240J 155,183| 159,115 Treasury bills 32,958 34,194 35, 789 Central banks for account of others- Total.. 79,275 95,875 102, 754 Demand- 37,293 27,135 35,306 Time funds at interest: Time- N Be o t t w e e x e c n e e 3 d a in n g d 3 6 m m o o n n t t h h s s . . . . . . 2 2 0 5 2 , , 9 8 4 0 1 6 12 2 6 8 , ,0 0 3 3 7 5 13 3 9 1 , , 3 3 1 6 2 7 B N e o t t w e e x e c n e e 3 d a in n g d 3 6 m m o o n n t t h h s s .. - . 128,341 2 1 9 0 , , 7 6 8 4 3 1 2 2 9 4 , , 0 0 6 6 4 3 Total.. 165,644 67,559 88,43a Total... 228,747 154,072 170, 679 Other depositors: Sundry Investments (at cost): Demand 23 43 43 Not exceeding 1 year 29, 681 29,050 Time—Not exceeding 3 months.. 1,679 1,681 Between 1 and 2 years 36, 767 7,154 7,176 Over 2 years 101 Long-term deposits: Annuity trust account 29,820 29, 790 29, 779 Total 36, 226 German Government deposit 15,440 14,895 14,890 Other resources.. 2,616 2,186 2,369 French Government guaranty fund... 13, 255 13, 253 13, 277 Total 58,514 57,938 57,945 Capital paid in 19,795 19,855 19, 855 Other liabilities 2,896 2,322 2,557 Total resources.. 362,112; 304,580 329, 631 Total liabilities 362,112 304, £ 329,631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1931 FEDERAL RESERVE BULLETIN 153 CONDITION OF CENTRAL BANKS [For explanation of these tables see BULLETIN for February, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Notes BANK OF ENGLAND d m i e s e p s n a u t r e ) t 1 - Cash reserves co D u is n - ts Securi- c i u n l a c ti ir o - n Deposits l O ia t b h i e li r and ties ties Coin Notes advances Bankers' Public Other Millions of pounds sterling: 1930—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 6.6 36.2 18.0 1931—Jan. 28 139.5 .7 52.7 9.7 62.9 346.8 55.2 19.4 33.4 18.1 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 88 Feb. 26 736 3 314 23 230 1,688 247 58 176 89 Mar. 26 _.. 755 4 306 30 283 1,714 267 91 175 89 Apr. 30 795 5 314 33 337 1,746 322 102 178 86 May 28 765 5 297 33 278 1,733 287 64 175 86 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 1931—Jan. 28-__ 679 3 256 47 306 1,688 268 94 162 Resources Liabilities BANK OF FRANCE- Gold e F x o c r h e a i n g g n e Do b m il e l s s tic Se lo c a u n ri s ty c N a u b r e l i g e ti o e s t e s i - - 3 1 j | assets N ci o t r i t c o e u s n l a i - n G m ov e e n D r t n e - posi O ts ther lia O b t i h li e ti r es Millions of francs: 1930—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, 024 11, 698 2,241 1931—Jan. 30___ 55,510 26,323 9,463 2,866 5,199 i 78, 559 13,844 11, 659 2,198 Millions of dollars: 1929— Dec. 27 1,633 1,017 338 99 220 i 220 2, 688 460 308 71 1930—Jan. 31._ 1,683 1,008 233 101 214 ! 292 2, 757 399 294 80 Feb. 28 1,680 1,007 209 104 i 214 i 280 2,788 344 280 83 Mar. 28 1,668 1,006 251 99 I 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 July 25 ! 1,775 1,022 244 105 211 j 238 2, 827 358 328 84 Aug. 29 i 1,852 1,004 254 107 208 ! 250 2, 888 396 303 87 Sept. 26 i 1,899 1,003 243 110 208 i 244! 2,864 412 344 86 Oct. 30 | 1,992 1,004 278 109 208 : 274 2,932 513 328 91 Nov. 28 j 2,037 1, 015 344 112 208 : 262 2,977 523 385 93 Dec. 26. _. 2,100 1,026 330 114 208 • 259 2.996 495 459 1931—Jan. 30 ! 2,176 1,032 371 112 204 i 270 3, 079 543 457 Resources Liabilities REICHSBANK Gold i e R n x e c f s o h e r a r e n v i g g e e n 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 Se ( lo l c o a u m n ri s - ty Se ti c e u s ri- a O s t s h e e ts r N ci o t r i t c o e u s n l a i - n Deposits lia O b t i h li e ti r es bards) Millions of reichsmarks: 1930—Nov. 30 2,180 525 106 2,003 231 102 643 4,601 381 808 Dec. 31. 2 216 469 206 2,366 256 102 638 4,778 652 822 1931—Jan. 31 2 244 199 86 1,942 174 103 733 4,383 267 831 Millions of dollars: 1929—Dec. 30 544 96 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 9 419 32 24 200 1,105 95 170 Aug. 30. 624 88 412 51 24 193 1,121 99 171 Sept. 30 590 41 I 499 69 24 200 1,130 112 183 Oct. 31 519 47 6 548 76 24 163 1,113 91 179 Nov. 30__ 519 125 25 477 55 24 153 1,096 91 192 Dec. 31— . 528 112 49 563 61 24 152 1,138 155 196 1931—Jan. 31 535 47 20 463 24 175 1,044 63 198 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000 ($1,265,000). 2 Of the independent office for retirement of public debt (Caisse autonome d'amortissement). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN MARCH, 1931 CONDITION OF CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. 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 15,386 18,148 Foreign bills, etc 81 100 93 106 Securities _ 5,682 8,216 5,716 17,263 Loans and discounts 85 76 78 Banking department—- Note circulation., 341 360 354 347 Coin, bullion, and cash 1,421 1,301 1,390 1,411 Deposits .._ 32 30 35 Money at short call in London 4,662 5,909 4,774 4,669 Bank of Danzig (thousands of Danzig Loans and discounts 19, 765 13,195 13, 500 16,497 gulden) 17,100 16, 645 16,337 13, 969 Securities . 23,183 20,683 21,683 12,319 Balances with Bank of England- 16,151 17,133 15,099 13, 88a Deposits 49, 728 41,573 43,050 33,239 Foreign bills, etc 19, 618 21,070 18.865 20,481 Banks notes in circulation 39, 306 42,714 39,480 38,466 Loans and discounts 36,519 37, 948 37, 345 36, 281 Austrian National Bank (millions of Note circulation 1,763 2,312 1.301 1,33a schillings): Deposits 3,479 3,226 3,345 3,125 Gold - -. 214 214 214 169 Central Bank of Ecuador (thousands Foreign exchange of the reserve. _ 140 198 200 204 of sucres): Other foreign exchange 496 518 491 312 Gold 5,654 5,622 5,585 Domestic bills _ 136 148 130 238 Foreign exchange 23,261 22. 354 27,02a Government debt 101 101 101 109 Loans and discounts 13,315 14,619 13,910 Note circulation 979 1,090 1,042 981 Notes in circulation 23,491 23, 717 28,334 Deposits 112 93 97 53 Deposits 16,092 13, 847 15, 216 National Bank of Belgium (millions Bank of Estonia (thousands of of belgas): krones): Gold 1,376 1,372 1,297 1,177 Gold.— 6,546 6,558 6,541 6,437 Foreign bills and balances in gold. 889 970 896 542 Net foreign exchange 16, 221 16, 514 16, 730 19,478 Domestic and foreign bills 793 896 748 816 Loans and discounts 24,460 27,074 26.194 27,819 Loans to State _ 292 292 312 322 Note circulation 33, 314 32, 234 33,452 32,260 Note circulation 3,206 3,284 3,157 2,768 Deposits— Deposits _ 194 294 139 138 Government 9,178 8,927 9,782 8,73a Ce b n o t l r i a v l i a B n a o n s k ): of Bolivia (thousands of B O a th n e k r ers 3 2 , , 5 1 3 7 0 7 4 2 , , 1 2 6 7 7 0 4 1 , , 0 3 6 4 9 8 6 2 , , 1 1 8 0 7 2 Gold ._._ __. 2,779 2,759 9,252 Bank of Finland (millions of Finnish Foreign exchange 36,308 37,413 44,337 marks): Loans and discounts 23,008 22,497 21,341 Gold 301 301 302 301 Notes in circulation 31,795 32,479 40,602 Balances abroad and foreign Deposits 14,659 14,578 16,763 credits 732 813 812 705 Ban G C C k o u o o r r l f d r r e e B s n p r c o a y z n i d l e ( n m ts i l a li b o r n o s a d of milrei _ s _ ): _ 3 26 2 1 3 2 1 4 6 4 1 5 4 4 2 6 4 0 8 6 7 0 N D F D o o e o r m m t e e i a e g c n s n i t d r i c c b l u i i b l l a l a i s b l t l i i s l o it n i . es 1,2 7 1 1 3 2 7 8 1 5 0 8 1, 2 2 7 1 7 0 9 2 9 8 5 8 1, 2 7 2 2 1 6 2 1 5 0 2 3 1 1 , , 3 2 1 0 5 1 4 & 5 9 7 Loans and discounts 1,324 1,318 1,478 Bank of Greece (millions of drach- Securities 124 123 128 mas): Note circulation 170 170 592 Gold 513 510 528 644 Deposits 1,331 1,237 1,830 Net foreign exchange in reserve- 2,272 2,501 2,665 2,689 Na o t f i N T G o le o n e o v t a t l a d a l f l ) o : B f r o e a r i n g e k i n g n o e x f e c x B h c u a h n l a g g n a e g ri e a (millions 1,4 2 7 5 0 6 4 7 8 1, 9 4 3 0 5 1 1 5 2 1 1 , , 4 4 1 0 4 3 4 8 5 1,3 8 5 9 7 0 5 5 6 T N L G O o o o o th a t t v a e n e e l r s r c f n s i a o r i m n r g c e d u h e i g l t n d a n t l t i i i s a o e o c b b x n o i l c u l i h i g n t a a i t e n s ti s g o e ns 4 2 3 1 , , , , 5 3 8 7 3 2 8 4 8 2 1 3 5 3 9 4 3 3 1 , , , , 3 8 3 2 6 8 2 8 0 7 7 9 2 3 8 3 4 3 1 , , , , 3 7 3 3 8 4 6 8 1 2 3 1 5 9 3 3 3 4 2 , , , , 3 0 9 8 5 7 8 0 3 9 7 1 7 0 6 Loans and discounts 683 778 668 1227 National Bank of Hungary (millions Government obligations 3,101 3,162 3,195 3,340 of pengos): Note circulation 3, 059 3,286 3,562 3,260 Gold 163 163 163 163 Other sight liabilities. 1,503 1,567 1,459 1,886 Foreign bills, etc 14 34 27 18 Central Bank of Chile (millions of Loans and discounts 265 298 253 293 pesos): Advances to treasury _.. 64 64 67 88 N D L G o o e o a p l t d e n o s s c a i i t a t r s n c h d u a o l b m a d r t i e o i s o a c d n ounts __ 2 29 6 6 9 2 3 2 4 3 3 1 6 5 0 1 2 5 6 2 3 2 6 3 6 9 2 3 8 8 3 5 1 6 4 0 0 3 4 1 3 N D M O o e t i h s p te c e o e r s c l i a l i t a r s s c n s u e e l t o s a u ti s o l n iabilities ... 4 4 6 2 1 4 6 8 9 4 5 6 5 6 4 7 0 9 4 1 1 3 3 1 0 2 9 6 4 4 9 7 9 6 4 6 7 3 Deposits against which reserve is Bank of Italy (millions of lire): held 85 54 87 Gold at home 5,299 5,297 5,296 5,189 Bank of the Republic of Colombia Credits and balances abroad 4,038 4,327 4,500 4,911 (thousands of pesos): Loans and discounts 5,038 5,608 4,350 4,713 L G G o o o a l l d d n s a a t a b n r h o d o a m d d i e . scounts 1 1 9 7 3 , , , 9 4 5 8 3 0 1 5 8 1 11 9 8 , , , 1 2 3 7 5 9 1 0 6 2 1 1 1 0 7 , , , 8 9 2 9 7 7 7 9 0 T P O u o th b ta e l l i r c n d d o e e t p e p o o c s s i i t r i s t c s ulation 15 2 , , 3 2 2 0 3 1 0 2 2 15 2 , , 1 3 6 2 0 8 0 1 0 15 1 , , 3 6 6 0 7 0 0 9 0 16 1 , , 3 5 3 0 6 2 0 0 9 Note circulation 27, 357 25, 540 34,246 Bank of Japan (millions of yen): Deposits 6,689 6,101 6,720 Gold 831 825 819 1,065 Czechoslovak National Bank (mil- Advances and discounts 739 823 768 732 lions of Czechoslovak crowns): Government bonds 136 172 118 179 F G o o r l e d ign balances and currency 2 1, , 2 5 3 4 3 4 2 1 , , 4 5 4 4 7 5 2 1, , 5 3 4 4 6 4 2 1, , 2 0 6 3 2 9 T N o o t t a e l s d is e s p u o e s d its 1, 5 2 7 1 7 3 1, 5 40 0 9 8 1, 6 19 35 1 1, 8 34 2 7 2 Loans and advances .._ 255 525 180 j 364 Bank of Java (millions of florins): Assets of banking office in liqui- Gold 139 139 140 dation 318 323 326 355 Foreign bills 31 31 31 Note circulation _ 6,608 7,824 7,278 6,923 Loans and discounts 49 52 95 Deposits _ 570 382 407 Note circulation 252 255 279 Deposits. 46 41 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAKCH, 1931 FEDERAL RESERVE BULLETIN 155 CONDITION OF CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1931 1930 Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Bank of Latvia (millions of lats): National Bank of Rumania (millions Gold 24 of lei): Foreign exchange reserve 43 Gold at home 5, 356 5,356 5,280 Bills 94 Gold abroad 3,919 3,919 3,919 Loans 54 Foreign exchange of the reserve. 1,746 1,736 5,063 Note circulation 48 Other foreign exchange 77 99 39 Government deposits 87 Loans and discounts 8,132 8,011 9,529 Other deposits 79 State debt 3,617 4,699 5,469 Note circulation 19.605 18, 726 19,767 Bank of Lithuania (millions of litas): Deposits 5,077 6,713 9,097 Gold 39 39 38 35 South African Reserve Bank (thou- Foreign currency 74 86 89 82 sands of pounds sterling): Loans and discounts 101 103 100 84 Gold.. 6,974 6,717 7,163 7,914 Note circulation 110 117 116 96 Foreign bills 7,374 7,153 6,245 6,027 Deposits 95 101 102 96 Domestic bills 589 1,096 '902 3,081 Note circulation 8,256 8,032 8,462 9,156 Ne fl t o h G F r e i o o n r r l l s e d a ) i : n g d n s bill B s ank (millions of 4 2 3 5 6 1 4 2 2 4 6 7 4 2 2 4 6 9 4 2 4 1 0 7 Dep B O G o a t s o h n i v e t k e s r e r - s r n s m ent ._ 5 1 , , 2 1 92 2 6 9 1 4 4 1 , , 3 9 6 2 9 8 9 4 9 4 1 , , 2 5 7 0 3 6 5 0 5 5 1 , , 3 1 7 8 7 4 6 8 0 Loans and discounts 132 148 135 141 Bank of Spain (millions of pesetas): Note circulation 801 843 813 787 Gold 2,415 2,439 2,458 2,567 Deposits 64 30 42 34 Silver 711 701 706 711 Balances abroad... 107 111 110 86 Bank G F o o o r l f e d i N g o n r b w a a l y a n ( c m es i ll a i n on d s b o il f l s kroner): 1 2 4 3 6 j 1 3 4 6 6 1 3 4 1 6 1 3 4 0 7 N D Lo e o a p te n o s s c i i a t r s n c d ul d at i i s o c n ounts 2 4 , , 8 0 6 1 6 6 1 2 7 2 4 , , 2 8 7 2 2 1 1 4 8 4 2 , , 8 6 0 4 4 9 1 2 0 2 4 1 , , , 3 0 0 9 1 6 9 7 2 Domestic credits 187 200 200 233 Bank of Sweden (millions of kronor): Note circulation 290 I 312 303 297 Gold 241 241 242 244 Foreign deposits .. 1 I 1 3 Foreign bills, etc 371 400 401 237 Total deposits 71 Loans and discounts _ 212 345 144 296 Note circulation. 533 594 588 521 Deposits __ 205 301 119 183 Reserve Bank of Peru (thousands of j soles):i I Swiss National Bank (millions of Gold , I 44,019 43,917 43, 801 53, 767 francs) : Foreign exchange reserve : 7,831 7,158 6.976 8,188 Gold 655 713 672 560 Bills '_ ! 20,586 23,062 22, 318 26, 588 Foreign balances and bills 377 345 335 378 Note circulation I 62,126 64,035 64, 862 61, 016 Loans and discounts 66 M8 67 135 Deposits ! 6,867 i 6,270 3,963 11,102 Note circulation 949 1,062 968 890 Demand deposits 262 242 199 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 472,486 Foreign exchange of the reserve._.| 262 288 301 372 Deposits 268,314 Other foreign exchange ; 122 124 125 101 Issue department- Loans and discountsl ! 711 758 755 756 Gold... 28, 567 Note circulation ! 1, 277 1, 328 1,332 1,247 Other precious metals 3,414 Current account of the treasury. J 35 27 70 300 Foreign exchange... 6, 687 Other current accounts ._! 150 184 156 154 Note circulation.. _ 150,027 National Bank of the Kingdom of Bank of Portugal (millions of es- j Yugoslavia (millions of dinars): cudos): • Gold 99 99 98 96 Gold |_ 9 Foreign notes and credits | 123 120 162 276 Balances abroad : 192 313 Loans and discounts j 1,552 1,637 1,557 1,434 Bills •_. 459 361 Advances to State j 2,997 2,997 2,997 2,999 Note circulation L 1, 951 1,972 Note circulation I 5,064 5, 397 5,404 5,586 Deposits 123 108 Deposits __j 925 863 868 1,372 I I 1 Figures for January, 1930, 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. Detailed balance sheets.—For detailed balance sheets of 24 foreign central banks (as given in their latest annual reports), with figures in dollars as well as in units of national currency, see FEDERAL RESERVE BULLETIN for 1930, as follows: 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.2P.150. 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. Bank of the Republic of Colombia- Dec, p. 792. Bank of Italy July,P- 432. Swiss National Bank May, p. 312. Czechoslovak National Bank Aug., p. 509. Bank of Japan May p.304. National Bank of the Kingdom June, p. 371. Danish National Bank Dec, p. 788. Bank of Java Dec, P. 795. of Yugoslavia. Bank of England1 Feb.,2 p. 83. 1 Special article. a FEDERAL RESERVE BULLETIN for 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN MARCH, 1931 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1931 1930 1931 1930 Jan. Dec. Nov. Jan. Jan. Dec. i Nov. Jan. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of dollars): Gold _ *411 426 431 455 Gold reserve against Dominion notes.. 112 63 Notes issued. - _.. *539 555 560 584 Advances to banks under finance act, Irish Currency Commission (thousands 1923.... 39 50 of pounds sterling) : Dominion notes— Legal tender note fund— Issued 147 175 207 173 British securities J>6, 896 7,698 7,451 6,377 Outside bank holdings 28 29 29 28 British legal tender and bank Indian Government (millions of rupees): balances J»129 264 179 89 Gold standard reserve- Con N so o li t d e a s t i e s d s u b e a d n . k . notes 1— P7, 025 7,962 7,629 6,466 G Fo o r l e d ign exchange , 444 34 505 5 2 0 9 5 Issued _ 3,930 3,890 3,869 3,782 Paper currency reserve- Deemed such under sec. 60 (4) of Gold _ 262 317 323 323 currency act, 1927 1,968 2,029 2,092 2,118 Silver coin and bullion 1,211 1,200 1,227 1,066 Other assets 109 96 99 413 Notes issued _ 1,582 1,613 1,648 1,802 i The figures of consolidated'bank notes issued represent daily averages for the 4 weeks ending Jan. 10,1931, and Dec. 13, Nov. 15, and Jan. 11» 1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. *> Preliminary. CONDITION OF COMMERCIAL BANKS Millions of national currency Millions of dollars Country 1930-31 1929-30 1930-31 Nov. Dec. Jan. Nov. Dec. Jan. Aug. Sept. Oct. Nov. Dec. Jan. i Argentina: Bank of the Nation- Mil ions of pesos Gold 1 29 29 6 6 6 5 1 1 Other cash 120 99 113 79 113 100 93 90 94 75 Loans and discounts .. 612 624 564 576 534 497 497 469 478 472 Deposits 730 729 694 681 668 602 593 557 570 551 Other banks in Buenos Aires- Gold 12 11 11 10 9 9 8 8 Other cash 189 *206 145 146 155 177 170 156 148 155 Loans and discounts 906 918 835 831 829 713 721 699 708 693 Canada: Deposits . 1,032 1,047 929 925 916 847 839 803 806 791 Asse C ts a s e h n t i i n re v ly a u in lt 1 Canada- M 20 il 3 l 'ons 1 o 7 f 4 dcliars 158 207 178 173 148 163 178 '' 203 174 158 Cash in central gold reserves _ 37 33 22 57 56 33 47 39 36 l 37 33 22 Security loans . 212 205 192 250 262 237 229 226 214 212 205 192 Other current loans 1,184 1,149 1,141 1,443 1,403 1,384 1,260 1,256 1 230 1. 184 1,149 1,141 Security loans abroad . . . 193 146 120 282 245 212 216 187 165 : 193 146 120 Securities 551 604 593 475 448 431 458 480 544 SSI 604 593 Liabilities entirely in Canada- Notes in circulation 145 133 129 171 155 144 150 146 148 145 133 129 Individual demand deposits 605 642 557 729 729 645 598 633 605 642 557 Individual time deposits 1,439 1 426 1 4'29 1,453 1,434 1,440 1,404 1,420 1,432 1,439 1,426 1,429 Millions of pounds England: sterling Cash in vault and at banks 189 204 195 907 979 935 915 907 918 919 994 947 Money at call and short notice 137 142 143 707 700 692 657 654 699 665 692 695 Advances and discounts 1,230 1,234 1,237 5,842 5,829 5,903 5,912 5,891 5,935 5,985 6,006 6,020 Investments . _ 265 269 281 1,142 1,147 1,134 1,217 1,240 1,250 1,288 1,311 1,368 Deposits _ 1,801 1,839 1,836 8,522 8,628 8,600 8,600 8,484 8,716 8,762 8,949 8,934 France: Millions offrancs Bills and national-defense bonds 20,369 819 826 834 801 761 772 799 Loans and advances 11 288 421 421 420 429 433 442 443 Demand deposits 35,509 1,291 1,285 1,298 1,389 1,350 1,367 1,392 GermTiamney :deposits M 1 i ll 5 i 1 o 6 r s of reich I smarks il 42 44 57 60 64 59 Bills and treasury notes ... 2,453 687 724 695 632 569 584 Due from other banks 1 017 293 309 251 261 234 242 Miscellaneous loans.. 8,534 1 969 1 976 2,047 2,054 2 048 2 033 Deposits 11,077 2,774 2,868 2,812 2,780 2,641 2,639 Acceptances 670 116 122 124 130 155 160 Japan: Millions ofyen Cash on hand . 272 281 275 168 156 138 90 140 112 136 140 137 Total loans _ 2,206 2,225 2,220 1,003 1,058 1,071 1,071 1,219 1,080 1,100 1,109 1,107 Total deposits 2,076 2,100 2,009 1,021 1,023 1,033 1,022 1,031 1,024 1,035 1,047 1,001 i Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks Germany—six Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

157 MARCH, 1931 FEDERAL RESERVE BULLETIN 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 l I s n i n e c f e f — ect Country F R e a b t . e l I s n i nc ef e f — ect In effect Oct. 1,1929 6H VA 7H 7 5.48 Austria 5 Sept. 10,1930 Latvia 6 Oct. 1,1930 N O o c v t. 3 2 1 6 ... B B e o l l g iv iu ia m F 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 i n a d . _ s. _ 2 6 tt J A a p n r . . 2 1 4 , , 1 1 9 9 3 3 0 1 Nov 21 5H Bulgaria Jan. 29,1931 Norway Nov. 8,1930 Dec. 12 5 9 Jan 14,1930 6H Chile Aug. 4,1930 Peru Sept. 1,1930 Jan. 30 - 3 Colombia 7 Sept. 18,1930 Poland Oct. 3,1930 Feb 5 6 Czechoslo- 7 Portugal 7V*June 2,1930 Feb 6 4M vakia 4 June 25,1930 Rumania 9 Nov. 26,1929 Mar. 3 634 Danzig 5 Oct. 10,1930 Mar 6 4 South Africa. 5H Sept. 29,1930 M M M a a ar r r . . 2 8 2 5 0 Z}/2 5 5 H _ __ D E E c s e t u n o a m n d i a o a r r k 9 V 7 /2• N J O a c o n t v . . 1 1 7 3 0 , , . 1 1 1 9 9 9 3 3 3 0 0 0 S S Sw w pa i e t i z d n e e r n la nd— _ _ 6 2 3 J J F a u e n l b y . . 2 1 6 2 7 , , , 1 1 1 9 9 9 3 3 3 1 1 a Apr. 24 6 Finland 6 Aug. 27,1930 May 1 3 U. S. S. R___ 8 Mar. 22,1927 May 2 234 Greece__ 9 Nov. 30.1928 Yugoslavia-. 5M May 28, 1930- May 19 5H Hungary hYi May 30,1930 May 20 ___ 4M India 7 j Jan. 15,1931 June 21 _- 4 Java Wi Mar. 11,1930 Oct. 7__ _ 5.11 Oct 9 5 Jan. 3, 1931 2 Changes: Sweden.—Feb. 6, down from 334 to 3 per cent. In effect Mar. 1, 1931 3 ; 2 5 5H 5.11 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- Switzer- England (London) Germany (Berlin) dam) land Month Bankers' a m a n c o c c n e e s t p , h t - 3 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 l l 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 f t o h r Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f t o h r d P is r r c i a v o t a e u t n e t 1929— November 5.35 5.30 5.15 4 -ZVi 6.89 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 4.23 334-3 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 -2H 5.53 6.72 6.01 2.80 2.94 2.71 March 2.78 2.55 3.20 234-134 5.12 6.35 5.57 2.50 2.61 2.60 April 2.48 2.49 2.28 134 4.46 5.57 4.40 2.52 3.08 2.61 May 2.16 2.11 1.93 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 1.69 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 1931—January 2.25 2.24 1.74 1 4.75 6.64 4.93 1.38 1.55 1.17 (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m f o o o n n rl e th y c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s 3 t h u s p Disc b o 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 -8H 9 -10 9 -10H 734-8 534-7 5.48 3.47 November 4.57 3.50 7.00 7% -834 8?4-10 834- 9M 634-7% 534-7 5.48 3.47 December 4.40 3.50 7.00 734 -7% 834-934 834- 9% 7 -734 534-7 5.48 3.10 1930—January 3.40 3.38 7.00 6H -734 7H-&A 7^-10 634-734 4^-6 5.48 2.74 February 3.41 2.91 6.95 6M6-634 7 -8 7 - 934 534-6?4 4^-6 5.48 3.83 March 3.31 2.70 6.57 5^-6 6*4-7*4 m- m 4 -6 5.48 3.83 April 3.33 2.57 6.43 5 -534 6 34-7 H 5 -634 334-534 5.48 3.65 May 2.87 2.36 5.81 4H -5 6^-7 634- SU 4%-6 334-534 5.48 3.10 J J A S N D O u u e u e c o l n p y t c v g e o t e e u e b m m m s e t b r b . b e e e r _ r r __ 2 2 2 2 2 2 2 . . . . . . . 4 3 3 7 2 0 7 4 4 9 8 7 5 8 2 1 2 2 2 2 2 . . . . . . . 9 0 0 1 0 0 1 9 8 0 0 0 3 1 5 5 5 5 5 5 5 . . . . . . . 5 2 5 5 5 4 4 0 5 0 0 0 8 3 3 4 4 4 4 4 7 3 M H A 4 6 6 - - - - - - 4 4 4 4 4 4 3 3 i H H H M 4 4 « 6 5 5 6 5 6 ? ? 3 4 4 4 - - - - - - 6 6 6 6 6 $ 3 3 3 3 3 H 4 4 4 4 4 5 5 5 5 5 53 V H ' H H A / 2 4 - - - - - - 8 8 7 7 7 3 m H 4 4 4 4 4 4 4 4 3 3 3 3 H ^ ^ 4 4 4 4 - - - - - - - 5 5 5 5 8 5 5 3 3 H 4 4 3 3 3 3 3 3 3 3 3 3 H ^ 4 4 4 4 - - - - - - 5 5 5 5 5 5 3 * 3 ^ ^ ^ 4 4 4 »• 5 5 . . 5 4 4 . 8 8 4 - - 8 5 5 5 5 5 5 - . . . . . . 5 4 4 4 4 6 6 . 8 8 8 8 6 6 6 6 3 3 3 3 3 3 3 . . . . . . . 6 6 8 8 2 6 6 5 5 3 3 9 5 5 1931—January 2.38 1.89 5.50 4H -456 5 53 ?4 4 - - 6 63 M 4 5 5 ? % 4 - - 7 7 H U 334-5H 4 -434 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

158 FEDEKAL RESERVE BULLETIN MARCH, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES flndex 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 e a e e ) g s d e ( 1 D E 9 e 2 n c 1 g e = l m a 1 n 0 b 0 d 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 e 2 n t 6 = a i t t 1 a e e 0 v s d 0 e ) r- ( 1 D E 9 e n 2 c g 1 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) a ( G 1 v 9 e e 2 1 r r 4 m 0 a - 0 g 1 a ) e 9 n = 2 y 6 Number of issues 60 87 52 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 85.1 87.1 190.3 159.0 506 133.9 1930 98.3 111.8 95.8 J>88.3 149.8 136.6 437 109.2 1926 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 54.6 100.0 132.8 260 108.9 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 November 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 June 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 August 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 June 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 January 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 88.3 186.6 159.5 518 518 141.2 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 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 April 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 July 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 0 112 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 99.1 112.8 94.7 87.8 116.7 125.2 378 92.3 December 97.8 112.5 94.1 109.4 118.5 349 87.3 1931 January 99.6 112.8 95.7 112.3 119.2 365 •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). England—Bankers Magazine, London; description in issues for February, 1922 (p. 227) and Feb ruary, 1923 (p. 251); back figures in current issues. France—Statistique Generate, Paris; description (and back figures) in Bulletin de la Statistique Generale, for July, 1927 (pp. 390-397). Germany—Statisches Reichsamt, Berlin; description in Wirtschaft und Statistik, February, 1928 (p. 144) and (with back f~ig ures)" iJ Jaannuuaarryy, , 11992299 ((pp. .6 622).). »Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1931 FEDERAL RESERVE BULLETIN 159 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES Month U ( n 1 i 9 t 2 e 6 d = 1 S 0 ta 0 t ) es • (19 C 2 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (19 F 1 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = lv 100) 19 J ( 0 O a 0 p = c a 1 t n . 0 , 0) N (1 e 9 th 1 e 3= rl 1 a 0 n 0 d ) s 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 93 77 '95 77 131 107 576 541 132 115 417 342 201 158 131 iftK February _w _ _ 92 94 128 567 129 408 200 126 March 91 i 92 125 558 126 400 196 122 April _.. 91 ; r91 124 548 127 396 193 122 May 89 90 122 546 126 390 189 118 June 87 :. 88 121 540 125 382 181 118 July.. 84 ; 86 119 558 125 375 177 115 August 84 : 84 118 560 125 379 176 114 September 84 : 83 116 556 123 375 172 112 October__ 83 , 81 113 552 120 364 165 111 November.. 80 80 112 551 120 361 162 110 December _ 78 78 109 '541 118 350 161 107 r Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES United States (1926=100) Other commodities Non- Month m c t A o o ie m d l s l i - - F p u r a c o r t d m s - Foods 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 u e r x c o t t d s i - le li m g F r a i h a u n a t t d e l i e s n l - g M m p u a r e e c n o t t t d a d a s l - l s j B m r i u i a n a i t g l l e s d - - c C a d h l r s e u a m g n s i d - f H u g r o i o n n o u i g d s s h s e - l M an is e c o e u l s - a m g t c t u r o i o i r e m c d a s u i l - - l- 1930—January _. 93 101 97 90 105 89 80 101 96 93 97 79 91 June . 87 89 91 86 102 82 76 95 90 89 96 75 86 July 84 83 86 84 101 80 75 94 89 88 96 72 84 August 84 85 87 83 99 78 75 93 87 87 96 71 84 September 84 85 89 83 99 76 76 92 ! 86 87 95 70 84 October 83 83 89 82 97 74 75 90 •: 86 86 95 69 83 November 80 79 86 80 94 73 72 90 86 85 95 68 81 December 78 75 82 79 91 72 71 90 84 85 91 67 79 1931—January _ 77 74 80 78 89 71 70 89 83 84 91 65 78 England (1913=100) Foods Industrial products All m c t o o ie m d s i - - Total Cereals an M d e f a i t sh O fo t o h d e s r Total 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 te O x t t h il e e r s l M an is e c o e u l s metals 1930—January 131 139 129 154 135 127 115 130 110 141 145 123 130 June . 121 127 111 135 137 117 114 117 93 126 127 104 126 July 119 127 108 136 138 115 113 116 92 123 124 98 124 August 118 126 109 138 134 113 112 116 91 119 122 97 122 September.. 116 124 105 138 130 111 112 120 90 113 119 89 121 October 113 121 99 136 131 109 111 121 84 107 110 87 120 November 112 121 95 140 132 107 110 121 85 107 106 86 118 December.. 109 116 92 134 126 105 109 121 85 101 102 86 115 1931—January _ 107 113 88 130 126 104 109 122 82 100 99 84 112 France (1913 = 100) Germany (1913 == 100) Industrial Industrial finished products m A o ll d i c t o ie m s - F p a r r o f m o d o u d a c n ts d 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 - p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- r f a i s n w e is m h a i e n - d d Total du P c ro e - rs' su C m o e n r - s' products goods goods 1930—January 576 i 512 630 132 122 115 128 156 140 168 i June 540 488 587 125 110 115 122 151 138 161 July 1 55S 540 573 125 115 114 119 151 138 160 August 1 560 550 568 125 117 111 118 149 138 158 September 1 556 562 551 123 114 108 116 148 138 157 October ! 552 562 543 120 109 108 114 147 137 154 November 570 535 120 112 108 113 145 136 152 December r541 570 516 118 1 110 105 110 143 135 149 1931—January __ 541 580 507 m\ 107 102 108 142 134 147 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 listed 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. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN MARCH, 193) LAW DEPARTMENT CHANGE IN LAW WITH REGARD TO LOANS ON NOTES SECURED BY ADJUSTED-SERVICE CERTIFICATES By act of Congress passeed February 27, not exceeding by more than 2 per cent per 1931, section 502 of the World War adjusted annum the rate charged at the date of the loan compensation act with reference to loans upon for the discount of 90-day commercial paper by adjusted service certificates was amended so as the Federal reserve bank of the Federal reserve to provide that the loan basis of such a certifi- district in which the lending bank is located, or cate shall at no time be less than 50 per cent of (6) 4% per cent per annum compounded annuits face value and also that the rate of interest ally, whichever is the lower. on any such loan shall in no event exceed 4}£ It will also be noted that the Administrator per cent per annum compounded annually. of Veterans' Affairs has prescribed in his regu- The Federal Reserve Board on March 2, 1931, lations a new form of note which may be used amended its Regulation G governing the redis- by banks in making loans on the security of count by Federal reserve banks of notes secured adjusted service certificates, containing a proby adjusted service certificates so as to con- vision that if the principal and interest are not form to the law as thus amended. As has been paid at maturity, the maker and all indorsers the case in the past, in order to be eligible for authorize the holder at his option, evidenced rediscount at Federal reserve banks such notes by the holder's indorsement to that effect on must comply in all respects with the require- the note, to extend its maturity for a period of ments of the World War adjusted compensation one year and to repeat such extensions from act and the regulations of the Administrator of year to year. The Federal Reserve Board's Veterans' Affairs, and for practical reasons such new Regulation G contains a provision that notes should be accompanied at the time of re- where there is such a provision for the extension discount by such evidence as the Administrator of maturity of a note from year to year at the of Veterans' Affairs would require if it should option of the holder evidenced by his indorsebecome necessary for the Federal reserve banks ment thereon, the maturity of said note (after to present such notes to him for payment. the first maturity stated therein) shall, for the The Administrator of Veterans' Affairs has purpose of determining its eligibility for realso amended his regulations with reference to discount, be deemed to be that stated in the loans on adjusted service certificates so as to latest extension indorsed thereon by the holder. conform to the provisions of the law as amended The new form of note prescribed by the Adand there are published below the text of the ministrator of Veterans' Affairs (United States Federal Reserve Board's Regulation G as Veterans' Bureau Form No. 6615-a) will, thereamended, the text of the amended regulations fore, be eligible for rediscount at a Federal reof the Administrator of Veterans' Affairs re- serve bank whenever the maturity date stated garding loans by banks on adjusted service cer- in the latest extension indorsed on the note is tificates, and the text of sections 502 and 503 not more than nine months after the date of of the World War adjusted compensation act, rediscount, provided, of course, that the note as amended. Section 502 was amended by the complies in all other respects with the react of February 27, 1931, by the addition of quirements of the law and of the regulations. subsections (1) and (m). Banks making loans on notes secured by ad- It will be noted that, as to all loans made on justed service certificates, which do not desire the security of adjusted service certificates on to preserve the eligibility of such notes for and after February 27, 1931, the rate of interest rediscount after the first maturity may properly must not exceed (a) simple interest at a rate use the same form (United States Veterans' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

161 MARCH, 1931 FEDERAL RESERVE BULLETIN Bureau Form No. 6615) which has been used SECTION II.—Definitions heretofore for making loans on the security of Within the meaning of this regulation— adjusted service certificates. (a) The term "the act" shall mean the World War adjusted compensation act as amended; (b) The term "director" shall mean the Ad- REGULATION G, SERIES OF 1931 ministrator of Veterans7 Affairs, who has been [Superseding Regulation G of 1928] vested by law with the power and duties formerly vested in the Director of the United States REDISCOUNT OF NOTES SECURED BY ADJUSTED- SERVICE CERTIFICATES Veterans' Bureau; (c) The term "certificate" shall mean an ad- SECTION I.—Statutory provisions justed service certificate issued under the pro- Under the terms of the World War adjusted com- visions of section 501 of the World War adjusted pensation act as amended, loans may lawfully be made compensation act as amended; to veterans upon their adjusted service certificates only (d) The term "veteran" shall mean any person in accordance with the provisions of section 502 thereof. to whom an adjusted service certificate has been Any national bank, or any bank or trust company issued by the director under the provisions of incorporated under the laws of any State, Territory, the World War adjusted compensation act as possession, or the District of Columbia is authorized, amended; after the expiration of two years after the date of the (e) The term "bank" shall mean any national certificate, to loan to any veteran upon his promisory bank or any bank or trust company incorporated note secured by his adjusted service certificate any under the laws of any State, Territory, possession, amount not in excess of the loan value of the certificate, or the District of Columbia; which is (a) 50 per cent of the face value of the certifi- (/) The term "note" shall mean a promissory cate, or (b) the loan value stated on the face of the note secured by an adjusted service certificate and certificate, whichever is the greater amount. The law evidencing a loan made by a bank on the security provides that the rate of interest charged upon the loan of such certificate in full compliance with the proby the lending bank shall not exceed by more than 2 visions of the World War adjusted compensation per cent per annum the rate charged at the date of act as amended and the regulations of the Adminthe loan for the discount of 90-day commercial paper istrator of Veterans' Affairs. by the Federal reserve bank of the Federal reserve SECTION III.—Eligibility district in which the lending bank is located and, as to loans made on or after February 27, 1931, shall in no In order to be eligible for rediscount at a Federal event exceed 4% per cent per annum compounded reserve bank, any such note must— annually. (a) Arise out of a loan made by a bank to a Upon the indorsement of any bank, which shall be veteran in full compliance with the provisions of deemed a waiver of demand, notice and protest by the act and of any regulation which the director such bank as to its own indorsement exclusively, and may prescribe; subject to regulations to be prescribed by the Federal (6) Be secured by the certificate issued to the Reserve Board, any such note secured by an adjusted maker, which certificate must accompany the note; service certificate and held by a bank is made eligible for (c) Be held by the offering bank in its own right rediscount with the Federal reserve bank of the Federal at the time it is offered for rediscount; reserve district in which such bank is located, whether (d) Be in the form approved by the director; or not the bank offering the note for rediscount is a (e) Have a maturity at the time of rediscount member of the Federal reserve system and whether or not in excess of nine months, exclusive of days not it acquired the note in the first instance from the of grace; provided, however, that when such note veteran or acquired it by transfer upon the indorsement contains, in the form approved by the director, of any other bank; provided that at the time of redis- a provision for the extension of the maturity count such note has a maturity not in excess of nine thereof from year to year, at the option of the months, exclusive of days of grace, and complies in holder evidenced by his indorsement thereon, the all other respects with the provisions of the law, the maturity of said note (after the first maturity regulations of the United States Veterans' Bureau, and stated thereon) shall, for the purpose of determinthe regulations of the Federal Reserve Board. ing its eligibility for rediscount, be deemed to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN MARCH, 1931 that stated in the latest extension indorsed thereon (2) The person who obtained the loan eviby the holder; denced by such note is known to be the veteran (/) Evidence a loan the amount of which does named in the certificate securing such note; not exceed (a) 50 per cent of the face value of the (3) Such bank has notified the director that it certificate or (6) the loan value stated on the face has made a loan to the veteran named in the certiof the certificate for the year in which such loan ficate, as required by the regulations of the direcwas made, whichever amount is greater; tor; and (g) Be payable with interest accruing after the (4) Such bank has notified the veteran by mail date of the note at a rate stated in the face of the at his last known post-office address of any sale, note, which rate must not exceed by more than 2 discount, or rediscount of such note by such bank, per cent per annum the rate charged at the date as required by section 502 (b) of the act. of the loan for the discount of 90-day commercial (c) Affidavit of other banks.—If such note is offered paper by the Federal reserve bank of the Federal for rediscount by a bank other than the bank which reserve district in which the lending bank is made the loan thereon, it must also be accompanied by located; provided, however, that, if the loan was an affidavit of an officer of the offering bank and an made on or after February 27, 1931, the rate must affidavit of an officer of each other bank which has sold, not in any event exceed 4J^ per cent per annum, discounted, or rediscounted such note, which affidavit compounded annually; shall be in form approved by the director and shall state (h) Bear the indorsement of the bank offering that the bank of which the affiant is an officer has it for rediscount, which indorsement shall be promptly notified the veteran by mail at his last deemed a waiver of demand, notice, and protest known post-office address of the sale, discount, or redisby such bank as to its own indorsement exclu- count of such note by such bank, as required by section sively; 502 (b) of the act. (i) Be accompanied by the evidence of eligibility required by this regulation and such other evidence SECTION V.—Application for rediscount of eligibility as may be required by the Federal Every application for the rediscount of such notes reserve bank to which it is offered for rediscount; shall be made on a form approved by the Federal reand serve bank to which such note is offered and shall con- (j) Comply in all other respects with the retain a certificate of the offering bank to the effect that, quirements of the law and of this regulation. to the best of its knowledge and belief, such note arose out of a loan made in full compliance with the provisions SECTION IV.—Evidence of eligibility of the act and the regulations of the director and is (a) General.—The Federal reserve bank to which a eligible for rediscount under the provisions of section note is offered for rediscount must be satisfied either 502 of the act and of this regulation. by reference to the note itself or otherwise that the SECTION VI.—Proper bank for rediscount loan evidenced by the note or any sale, discount, or rediscount thereof complies in all respects with the pro- No such note shall be rediscounted by any Federal visions of section 502 of the act and that the note is reserve bank for any bank not located in its own Federal eligible for rediscount by a Federal reserve bank under reserve district, except that such notes may be redisthe terms of the law and the provisions of this regu- counted by any Federal reserve bank for any other lation. Federal reserve bank. (6) Affidavit of lending banks.—Any note offered to a Federal reserve bank for rediscount must be accom- SECTION VII.—Rate of rediscount panied by the affidavit required by section 502 (h) of The rate of interest charged by any Federal reserve the act and the regulations of the director, in form bank on any such note rediscounted by it shall be the approved by the director, made by an officer of the same as that charged by it for the rediscount of 90-day bank which made the loan, before a notary public or notes drawn for a commercial purpose, except that when other officer designated for the purpose by regulation of such notes are rediscounted for another Federal reserve the director, stating that— bank the rate shall be that fixed by the Federal Re- (1) Such bank has not charged or collected, or serve Board. attempted to charge or collect, directly or indirectly, any fee or other compensation in respect of SECTION VIII.—Rediscounts for nonmember banks any loan, made by such bank to any veteran under section 502 of the act, except the interest No Federal reserve bank shall rediscount such notes authorized by such section; for any nonmember bank until such bank has furnished Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

163 MARCH, 1931 FEDERAL RESERVE BULLETIN to the Federal reserve bank such information as it may 4678. Form of note.—The form of note used m request in order to satisfy itself as to the condition of making loans secured by adjusted service certificates such bank and the advisability of making the redis- should substantially follow United States Veterans' count for it. Bureau Form No. 6615 or 6615-a. United States Veterans' Bureau Form 6615-a is as follows: 19... VETERANS ADMINISTRATION, $ One year after date I promise to pay to the order of , UNITED STATES VETERANS' BUREAU dollars for value received, with interest after date until paid Washington, D. C, March 4, 1931. [at the rate of per cent per annum, simple interest ] ^at the rate of per cent per annum, compounded annually on thef [anniversary of the date of the note. j Loans by banks on adjusted service certificates under This note is payable at the bank named above. If the principal and interest of this note are not paid at maturity, the section 502 of the World War adjusted compensa- maker and all indorsers hereby authorize the holder, at his option, evidenced by the holder's indorsement to that effect hereon, to extend the tion act. maturity of this note for a period of one year, and to repeat such extension from year to year. Whenever the holder shall indorse an extension of maturity hereon, this note and all indorsements hereon shall remain 4675. Certificates.—Adjusted service certificates are in full force and effect according to their original tenor, except that dated as of the 1st day of the month in which the the maturity of the note shall then be deemed for all purposes to be that stated in the latest extension. applications were filed, but no certificates are dated As collateral security for the prompt payment of this note I have delivered to and do hereby pledge with the holder of this note my adprior to January 1, 1925. Loans on the security of justed service certificate No. dated , further identified such certificates may not be made before the expira- by No. A This note may be sold, discounted, or rediscounted and the certificate pledged herewith may be transferred in accordance tion of two years after the date of the certificate. The with the provisions of the World War adjusted compensation act, as amended. If the principal and interest of this note are not paid at its fact that a certificate is stamped or marked "duplicate" maturity, any bank holding this note and certificate may, at any time does not destroy its value as security for a loan. after maturity of the loan, but not before the expiration of six months after the loan was made, present this note and certificate to the Director 4676. To whom loan may be made.—Only the of the United States Veterans' Bureau in order to secure payment of this loan, as provided in the World War adjusted compensation act, as veteran named in the certificate can lawfully obtain a amended. loan on his adjusted service certificate and neither the (Signature of veteran) beneficiary nor any other person than the veteran has (Please print or typewrite Name of veteran any rights in this respect. The person to whom the name and address of veteran Street address or route number loan is made must be known to the lending bank to be here.) City or town and State the veteran named in the certificate securing such note. The form of indorsement used in accordance with the second paragraph of Form 6615-a should be substantially as follows: The consent of the beneficiary is not required, the act The principal and interest of this note not having been paid at maturproviding that a loan on the security of the certificate ity, the maturity is hereby extended to (Date of new maturity) may be made "with or without the consent of the , Holder beneficiary thereof." Loans may be made to veterans (Signature of holder) adjudged incompetent only through the guardians of such veterans and pursuant to specific order of the court 4679. Interest charges.—The rate of interest which having jurisdiction. Certified copy of court order must a bank may charge upon such a loan shall not exceed be submitted if note be presented for redemption by by more than 2 per cent per annum the rate charged the United States Veterans' Bureau. at the date of the loan for the discount of 90-day com- 4677. By whom loans may be made.—Any national mercial paper under section 13 of the Federal reserve bank or any bank or trust company incorporated under act by the Federal reserve bank of the district in which the laws of any State, Territory, possession, or the the lending bank is located. As to all loans made on or District of Columbia, hereinafter referred to as any after February 27, 1931, the rate of interest must not "bank," is authorized to loan to any veteran upon his exceed (a) simple interest at a rate 2 per cent above the promissory note secured by his adjusted service certifi- Federal reserve discount rate of the district of the lendcate and after two years from the effective date there- ing bank, or (b) 4}£ per cent interest compounded anof, any amount not in excess of the loan value of the nually, whichever is the lower. In no event shall the certificate at the date the loan is made. Each certifi- rate of interest charged exceed the maximum legal rate cate contains on its face a table for determining the established for the State, Territory, or possession of the loan value of the certificate, but it is provided by amend- United States in which the bank is located. When a ment to the World War adjusted compensation act loan is made by a bank located in a Territory or posdated February 27, 1931, that the loan value of any session not embraced in any Federal reserve district, certificate shall at no time be less than 50 per cent of the highest rate charged by any Federal reserve bank the face value. Upon the making of such loan, the at the date of the loan for the discount of 90-day comlending bank shall promptly notify the bureau of the mercial paper may be taken as the basis for establishname of the veteran, the A number shown immediately ing the rate of interest on loans made in such Territory after the name, the number of the certificate, the or possession. In no event may the rate of interest amount, the rate of interest, and date of loan; however, charged on loans made subsequent to February 27, this requirement may be waived by the director. 1931, exceed 4% per cent compounded annually. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN MARCH, 1931 rates of interest charged on loans made outside the Redemption by bureau. continental limits of the United States by a branch of a 4682. If the veteran does not pay the loan at its bank whose head office is in the Federal reserve dis- maturity, the bank holding the note and certificate trict are governed by the discount rate charged by the may at any time after the maturity of the loan, but Federal reserve bank in which such head office is not before the expiration of six months after the loan was located, provided, however, that in no event shall a made, present them to the director of the bureau. The rate charged for any loan made on or after February director may in his discretion accept the certificate and 27, 1931, exceed 4% per cent compounded annually. note and pay the bank in full satisfaction of its claim, No charge, other than the interest charge provided the amount of the unpaid principal due it, and the herein, may be made by the lending bank, the act pro- unpaid interest at the rate fixed in the note, up to the viding, under penalty, that such bank shall not charge date of the check issued to the bank. or collect, or attempt to charge or collect directly or 4683. It will be the policy of the bureau to redeem indirectly, any fee or other compensation in respect of all loans made in accordance with the law and reguany loan made upon the security of an adjusted- lations made pursuant thereto, when such loans are service certificate except the interest authorized by law. made in good faith to the veteran to whom the certifi- Any violation of this provision will make the loan cate was issued. If, while his certificate is held by a void. On notes containing option of extension in the bank as security for a loan, the veteran applies for the form prescribed in section 4678 of these regulations, increased loan value authorized by the amendment to the interest rate may continue at the rate charged on the World War adjusted compensation act dated Febthe date the loan was originally made. ruary 27, 1931, whether or not the loan has matured, 4680. Sale or discount of note by holding bank.—Any the veteran and the bank will be informed fully of the bank holding a note secured by an adjusted service provisions of this section and that the bank may make certificate may sell the note to any bank authorized the loan for the additional amount or, upon request of to make a loan to a veteran and deliver the certificate the veteran, may send the note and certificate to the to such bank. In case a note secured by an adjusted director of the bureau. The director shall, if the loan service certificate is sold or transferred, the bank selling, was legally made, accept such certificate and note, and discounting, or rediscounting the note is required by pay to the bank in full satisfaction of its claim the law to notify the veteran promptly by mail at his last amount of the unpaid principal due it and the unpaid known post-office address. No adjusted service interest at the rate fixed in the note, up to the date of certificate is negotiable or assignable, or may serve as the check issued to the bank, or up to the date of security for a loan, except as provided in section 502 maturity of the loan whichever is the later date. If of the World War adjusted compensation act, as the loan has not matured the bank may waive its amended. Any negotiation, assignment, or loan made right to interest up to date of maturity or any portion in violation of section 502 of the World War adjusted of such interest. compensation act is void. In case of sale, discount 4684. If the veteran dies before the maturity of the or rediscount by the bank which made the loan, the loan, the amount of the unpaid principal and the note or notes should be accompanied by the affidavit unpaid interest accrued up to the date of his death required by paragraph 4685 of these regulations. shall be immediately due and payable. In such case, 4681. Rediscounts with Federal reserve banks.— or if the veteran dies on the day the loan matures or Upon the indorsement of any bank, which shall be within six months thereafter, the bank holding the deemed a waiver of demand, notice and protest by note and certificate shall, upon notice of the death, such bank as to its own indorsement exclusively, and present them to the director, who shall pay to the subject to regulations to be prescribed by the Federal bank, in full satisfaction of its claim, the amount of Reserve Board, any such note secured by an adjusted the unpaid principal and unpaid interest, at the rate service certificate and held by a bank is made eligible fixed in the note, accrued up to the date of the check for discount or rediscount by the Federal reserve bank issued to the bank; except that if, prior to the payment, of the Federal reserve district in which such bank is the bank is notified of the death by the director and located, wThether or not the bank offering the note for fails to present the certificate and note to the director discount or rediscount is a member of the Federal within 15 days after the notice, such interest shall be reserve system and whether or not it acquired the only up to the fifteenth day after such notice. note in the first instance from the veteran or acquired 4685. In order to be eligible for redemption by the it by transfer upon the indorsement of any other bank; bureau, the note and certificate must be accompanied provided that at the time of discount or rediscount by an affidavit of a duly authorized officer (the capacity such note has a maturity not in excess of nine months, in which the officer serves must be shown) of the lending exclusive of days of grace, and complies in all other bank showing that the said bank has not charged or respects with the provisions of the law, the regulations collected, or attempted to charge or collect, directly or of the Federal Reserve Board and these regulations. indirectly, any fee or other compensation in respect of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1931 FEDERAL RESERVE BULLETIN 165 the loan, or any other loan made by the bank under bank.' Upon the indorsement of any bank, which the provisions of section 502 of the World War adjusted shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, compensation act, except the rate of interest specified and subject to regulations to be prescribed by the in the section of the act cited; that the person who ob- Federal Reserve Board, any such note secured by a tained the loan is known to the lending bank to be the certificate and held by a bank shall be eligible for person named in the adjusted service certificate; and discount or rediscount by the Federal reserve bank for the Federal reserve district in which the bank is that notice required by paragraph 4677 of these regulalocated. Such note shall be eligible for discount or tions was promptly given. In case the note was sold or rediscount whether or not the bank offering the note discounted by the lending bank, there should be incor- for discount or rediscount is a member of the Federal porated in the affidavit a statement that the veteran Reserve System and whether or not it acquired the note in the first instance from the veteran or acquired was notified promptly of the transfer by mail to his last it by transfer upon the indorsement of any other bank. known address. In case the note was resold or redis- Such note shall not be eligible for discount or rediscount counted by any other bank, affidavit shall be made by unless it has at the time of discount or rediscount a a duly authorized officer of such bank that proper notice maturity not in excess of nine months exclusive of days of grace. The rate of interest charged by the Federal of such resale or rediscount was promptly mailed to the reserve bank shall be the same as that charged by it for veteran at his last known address. The proper execu- the discount or rediscount of 90-day notes drawn for tion of the appropriate affidavit on Form No. 6615 will commercial purposes. The Federal Reserve Board is be considered as a compliance with the requirements authorized to permit, or on the affirmative vote of at least five members of the Federal Reserve Board to of this paragraph. A single affidavit setting forth the require, a Federal reserve bank to rediscount, for any full particulars may be accepted to cover any num- other Federal reserve bank, notes secured by a certifiber of veterans' notes submitted for redemption at one cate. The rate of interest for such rediscounts shall time. The affidavit must be executed before a judge be fixed by the Federal Reserve Board. In case the note is sold, discounted, or rediscounted the bank of the United States court, United States commissioner, making the transfer shall promptly notify the veteran United States district attorney, United States marshal, by mail at his last known post-office address. collector of internal revenue, collector of customs, (c) If the veteran does not pay the principal and United States postmaster, clerk of court of record interest of the loan upon its maturity, the bank holding under the seal of the court, an executive officer of an the note and certificate may, at any time after maturity of the loan but not before the expiration of six months incorporated bank or trust company, under his official after the loan was made, present them to the Director. designation and the seal of the bank or trust company, The Director may, in his discretion, accept the certifior a notary public under his seal, or a diplomatic or con- cate and note, cancel the note (but not the certificate), sular officer of the United States, under his official seal. and pay the bank, in full satisfaction of its claim, the amount of the unpaid principal due it, and the unpaid interest accrued, at the rate fixed in the note, up to the date of the check issued to the bank. The Director shall restore to the veteran, at any time prior to its SECTIONS 502 AND 503 OF THE WORLD WAR maturity, any certificate so accepted, upon receipt ADJUSTED COMPENSATION ACT, AS AMENDED from him of an amount equal to the sum of (1) the amount paid by the United States to the bank in LOAN PRIVILEGES cancellation of his note, plus (2) interest on such amount from the time of such payment to the date of SEC. 502. (a) A loan may be made to a veteran such receipt, at 6 per centum per annum, compounded upon his adjusted service certificate only in accordance annually. with the provisions of this section. (b) Any national bank, or any bank or trust com- (d) If the veteran fails to redeem his certificate from pany incorporated under the laws of any State, Terri- the Director before its maturity, or before the death of tory, possession, or the District of Columbia (herein- the veteran, the Director shall deduct from the face after in this section called "bank"), is authorized, after value of the certificate (as determined in section 501) the expiration of two years after the date of the certifi- an amount equal to the sum of (1) the amount paid by cate, to loan to any veteran upon his promissory note the United States to the bank on account of the note of secured by his adjusted service certificate (with or with- the veteran, plus (2) interest on such amount from the out the consent of the beneficiary thereof) any amount time of such payment to the date of maturity of the not in excess of the loan basis (as defined in subdivision certificate or of the death of the veteran, at the rate of (g) of this section) of the certificate. The rate of inter- 6 per centum per annum, compounded annually, and est charged upon the loan by the bank shall not exceed, shall pay the remainder in accordance with the proby more than 2 per centum per annum, the rate charged visions of section 501. at the date of the loan for the discount of 90-day com- (e) If the veteran dies before the maturity of the mercial paper under section 13 of the Federal Reserve loan, the amount of the unpaid principal and the un- Act by the Federal reserve bank for the Federal reserve paid interest accrued up to the date of his death shall be district in which the bank is located. Any bank holding immediately due and payable. In such case, or if the a note for a loan under this section secured by a certifi- veteran dies on the day the loan matures or within six cate (whether the bank originally making the loan or a months thereafter, the bank holding the note and certifibank to which the note and certificate have been trans- cate shall, upon notice of the death, present them to the ferred) may sell the note to, or discount or rediscount Director, who shall thereupon cancel the note (but not it with, any bank authorized to make a loan to a veteran the certificate) and pay to the bank, in full satisfaction under this section and transfer the certificate to such of its claim, the amount of the unpaid principal and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN MARCH, 1931 unpaid interest, at the rate fixed in the note, accrued bank, and the provisions of this section shall be appliup to the date of the check issued to the bank; except cable to such loans; except that the rate of interest shall that if, prior to the payment, the bank is notified of be 2 per centum per annum more than the rate charged the death by the Director and fails to present the certifi- at the date of the loan for the discount of ninety-day cate and note to the Director within fifteen days after commercial paper under section 13 of the Federal Rethe notice, such interest shall be only up to the fifteenth serve Act by the Federal reserve bank for the Federal day after such notice. The Director shall deduct the reserve district in which is located the regional office, amount so paid from the face value (as determined suboffice, or hospital of the United States Veterans' under section 501) of the certificate and pay the re- Bureau at which the loan is made, but in no event shall mainder in accordance with the provisions of section 501. the rate of interest exceed 6 per centum per annum. (f) If the veteran has not died before the maturity of (j) For the purpose of enabling the director to make the certificate, and has failed to pay his note to the such loans out of the United States Government life bank or the Federal reserve bank holding the note and insurance fund the Secretary of the Treasury is authorcertificate, such bank shall, at the maturity of the ized to loan not exceeding $25,000,000 to such fund with certificate, present the note and certificate to the interest at the rate of 4 per centum per annum (begin- Director, who shall thereupon cancel the note (but not ning on the date the check for each amount loaned to the certificate) and pay to the bank, in full satisfaction a veteran is paid by the Treasurer of the United States), of its claim, the amount of the unpaid principal and compounded annually, on the security of bonds held in unpaid interest, at the rate fixed in the note, accrued such fund. up to the date of the maturity of the certificate. The Director shall deduct the amount so paid from the face (k) The disbursing officers of the United States value (as determined in section 501) of the certificate Veterans' Bureau shall be allowed credit in their and pay the remainder in accordance with the pro- accounts for all loans made in accordance with regulavisions of section 501. tions and instructions of the director. (g) The loan basis of any certificate at any time (1) For the purpose of this section the loan basis proshall, for the purpose of this section, be an amount vided in subdivision (g) shall at no time be less than 50 which is not in excess of 90 per centum of the reserve per centum of the face value of the certificate, and in value of the certificate on the last day of the current no event shall the rate of interest on any loan made certificate year. The reserve value of a certificate on after this subdivision takes effect exceed 4^ per centum the last day of any certificate year shall be the full re- per annum, compounded annually. If at the time of serve required on such certificate, based on an annual application to the Administrator of Veterans' Affairs level net premium for twenty years and calculated in for a loan the principal and interest on or in respect of accordance with the American Experience Table of any prior loan under this section have not been paid in Mortality and interest at 4 per centum per annum, full by the veteran (whether or not the loan has compounded annually. matured), then, on request of the veteran, the Ad- (h) No payment upon any note shall be made under ministrator shall (1) pay or otherwise discharge such this section by the Director to any bank, unless the unpaid principal and so much of such unpaid interest note when presented to him is accompanied by an affi- (accrued or to accrue) as is necessary to make the davit made by an officer of the bank which made the certificate available for use as security for the new loan, before a notary public or other officer designated loan and (2) deduct the same from the then existing for the purpose by regulation of the Director, and loan basis of the certificate. stating that such bank has not charged or collected, or (m) Loans made by the Administrator of Veterans' attempted to charge or collect, directly or indirectly, Affairs under this section may at his option be made any fee or other compensation (except interest as au- out of the United States Government life insurance thorized by this section) in respect of any loan made fund, or out of the Adjusted Service Certificate Fund under this section by the bank to a veteran. Any bank created under section 505. which, or director, officer, or employee thereof who, SEC. 503. No certificate issued or right conferred does so charge, collect, or attempt to charge or collect under the provisions of this title shall, except as proany such fee or compensation, shall be liable to the vided in section 502, be negotiable or assignable or veteran for a penalty of $100, to be recovered in a civil serve as security for a loan. Any negotiation, assignsuit brought by the veteran. The Director shall upon ment, or loan made in violation of any provision of request of any bank or veteran furnish a blank form for this section shall be held void. If any person is named such affidavit. as beneficiary by the veteran as a consideration for the (i) The Director of the United States Veterans' making of a loan to the veteran by such person or any Bureau is authorized, through such officers and at such other person, such naming shall be void. Any person regional offices, suboffices, and hospitals of the United who accepts an assignment of a certificate or receives a States Veterans' Bureau as he may designate, and out certificate as security for a loan contrary to the proof the United States Government life insurance fund visions of this title, or who makes a loan to a veteran in established by section 17 of the World War Veterans' consideration of the naming by the veteran of such Act, 1924, as amended, to make loans to veterans upon person or any other person as beneficiary, shall be their adjusted service certificates in the same amounts guilty of a misdemeanor and shall upon conviction and upon the same terms and conditions as are applica- thereof be fined not more than $500 or imprisoned not ble in the case of loans made under this section by a more than one year, or both. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

167 MARCH, 1931 FEDERAL RESERVE BULLETIN DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1931 1930 Feb. 28 Jan.31 Feb. 28 RESOURCES O old with Federal reserve agents _ _ _ 1, 709, 384 1, 788, 659 1, 619,405 Gold redemption fund with United States Treasury.. 33, 662 34,844 54, 297 Gold held exclusively against Federal reserve notes 1, 743. 046 1, 823, 503 1, 673, 702 Gold settlement fund with Federal Reserve Board .. __ .__ __ - _ . 473, 690 421, 666 646,153 Gold and gold certificates held by banks 853, 633 816, 935 644, 884 Total gold reserves 3, 070, 369 3, 062,104 2,964, 739 Reserves other than gold 173, 760 180,405 186,287 Total reserves __ __ __ - .. __ 3, 244,129 3, 242, 509 3,151,026 Nonreserve cash 71,137 77,181 60,874 Bills discounted 1 197, 563 231, 728 352,917 Bills bought: Outright 108, 395 124,000 233,089 Under resale agreement._ _. 578 1,384 37,161 Total bills bought 108, 973 125, 384 270, 250 United States securities: Bought outright2 599, 463 609,920 477,044 Under resale agreement ._ 2,890 Total United States securities. __. 599,463 609,920 479, 934 Other reserve bank credit: Other securities 13,080 D Re u s e e f r r v o e m b a fo n r k e i f g l n o a b t3 anks 18, 6 8 9 0 9 6 12,3 7 2 0 8 1 23,3 7 1 2 7 1 Total reserve bank credit outstanding __ 925, 504 980,061 1,140, 219 Federal reserve notes of other reserve banks. _. _. _ _ . _. ._ 15, 874 22,648 24,721 TTnnnllftcted itarns not included in float 475, 522 403,156 583,197 Bank premises . .. _ __ 58,192 58,035 58,419 All other resources 19, 529 18, 624 14, 861 Total resources 4, 809, 887 4, 802, 214 5, 033, 317 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 15, 874 22, 648 24, 721 Outside Federal reserve banks 1, 462, 248 1,471,491 1, 631, 255 Total notes in circulation 1, 478,122 1,494,139 1, 655,976 Deposits: Member bank—reserve account 2, 343, 373 2, 397, 523 2, 260,130 Government 33, 136 26, 773 42,289 Foreign bank _ 5, 193 5,753 6,638 Other deposits ._ __. _._ ._ 17, 494 18,378 18, 385 Total deposits.. 2, 399, 196 2, 448,427 2, 327,442 Deferred availability items 475, 522 403,156 583,197 Capital paid in _ _, _ __ 169, 131 169,493 171,841 Surplus 274, 636 274,636 276,936 All other liabilities 13, 280 12, 363 17,925 Total liabilities 4, 809, 887 4, 802, 214 5,033,317 Contingent liability on bills purchased for foreign correspondents 456, 038 447,444 502,969 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1, 870, 232 1, 974,999 2,027,350 Held by Federal reserve banks 4 392,110 480, 860 371,374 In actual circulation __ 1,478,122 1,494,139 1, 655, 976 Collateral held by agents as security for notes issued to banks: Gold 1, 709, 384 1, 788, 659 1, 619,405 Eligible paper. 265, 365 303, 702 594, 683 Total collateral 1, 974, 749 2,092, 361 2, 214, 088 1 Includes bills discounted for Federal intermediate credit bank as follows: Latest month, none; month ago, none; year ago, $250,000 and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $43,000; month ago, $50,000; year ago, $21,000. 2 Includes bills payable in foreign correncies as follows: Latest month, $23,958,000; month ago, $36,119,000; year ago, $1,038,000. 3 Uncollected items in excess of deferred availability items. « Excludes "Federal reserve notes of other Federal reservice banks" which are consequently included in actual circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN MARCH, 1931 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars. Figures are for Feb. 28, 1931] J Total Boston Y N o e r w k d P e h lp il h a i - a 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 a s I ! Dallas I J F ci r S s a c n a o - n EESOUItCES Gold with Federal reserve agents 1,709,384! 144,917 366,919 160,000 192,550 84,080; 133,900 191,000 74,880 47,025 67, OOO: 6,350' 220,763 Gold redemption fund with U. S. Treasury '_. 33,662;! 1,: 13,600 1,235 2,659 1,027 1,113 4, 032 1, 551 481 1,414; 779j 4,483 Gold held exclusively | I I against Federal reserve i I notes _ I 1,743,046' 146,205 380,5191 161,235 195,209 85,107 135,013 195,032 76,431 47, 506 27,129; 225,246 Gold settlement fund with | 68,414! Federal Reserve Board...____| 473,690; i 26,204 171, 844 38,604 48,062 15, 508 13, 359 84, 969 16, 497 10,186 13,507 20,435 Gold and gold certificates held j 14, 515! by banks 853, 633 | 35, 221 534, 786 30, 356 67,961 5,318 7,596 96,124 11,016 6,312 4,879; 40,033 14,031; Total gold reserves \ 3,070,369! 207,630 1,087,149! 230,195 311,232 105,933 155,968 376,125 103, 944 64,004 96,960', 45,515| 285,714 Reserves other than gold. 173,760|! 16, r— 48, 076J 11,024 13,899 10, 823 8,458 21,636 11, 743 5,064 7,682i 8,498j 10, 769 |- Total reserves,. 3,244,129!: 223,718 1,135,225! 241, 219 325,131 116, 756 164,426 397, 761 115, 687 69,068 104,642! 54,013i 296,483- Nonreserve cash 71,137 ! 8, 320 16, 598; 3f- 4,342 4,892J 4,825 9,870 5,019 ir~ 2,024! 3, 330, 6,248 Bills discounted: Secured by U. S. Government obligations __. 62, 987 i 4,145 16, 670' 8,643 8, 543| 1, 525, 392 7,031 3, 810! 414 8821 163. 10,769 Other bills discounted 134, 576! i 7,447 24, 379; 16, 254 10, 519| 15,962 17, 813 10, 842 5,803 3,449 10, 648| 7,049| 4,411 Total bills discounted 197, 563 i 11,592 41, 049j 24, 897 19, 062! 17,487 18, 205 17,873 9,613 3,863 11, 530 7,212 15,180 Biils bought 108,973 i 8, 397 37,4891 2,372 10, 217! 1, 782| 6,693 13, 507 5,378 3,251 5,516 3, 279 11,092 U. S. Government securities: Bonds 75,722 1,820 30,179; 1,353 1,161: 1, 531j 225 22,191 692 5,111 679 10,380! 400 Treasury notes 168, 334 11,916 41,140! 17,110 22,433! 4,364i 3,899 16, 503 12,058 7,915 8,766| 5,015' 17,215 Certificates and bills 355,407 i 32, 817 112, 609i 32,101 34, 765; 11, 366 3,602 43,150 11,401 13,113 24,5831 14,042: 21,858 Total U. S. Government securities ,99,463 I 46, 553 183,928! 50, 564 58,359; 17,261 7,726 81, 844 24,151 26,139 34,028 29,437! 39,473 Total bills and securities.. 905,999|| 66,542 262,466! 77, 833 87, 638! 36, 530 32, 624 113,2241 39,142 33,253 51,074i 39,928i 65,745 Due from foreign banks 53 228; 69 71 \ 28 25 95 25 16 20: 21! 48 Federal reserve notes of other Federal reserve banks 15,874: 290 3, 6751 398 935! 1,453 1,164 2,974 809 821 1,248! 4011 1,706 Uncollected items 494,3281: 54,242 137, 492: 39. 798 42, 812: 35, 7." 17,302 61,133! 19,692| 9,754 26, 300; 17,929! 32,090 Bank premises 58,192 j 3,458 15, 240: 2,614 7,066! 3, 365 2, 573 8, 0611 3,635j 1,926 3,8031 1,830j 4,621 All other resources 19, 529 ! 227 7, 024 i 467 1,279, 1,168 3,951 1, 343! 1,820| 541 272| 883: 554 Total resources.. 4,809,887 356,850 1, 577,948" 366,381 469,274| 199,976 226,890 594,461 j 185,829 117,065 189,383| 118,335: 407,495 LIABILITIES I Federal reserve notes in actual ' circulation | 1,478,122 126, 335 275,197^ 143,081 182, 885; 82,956 129, 724 150, 573: 78,451 48, 026 16,415! 26,844; 167,635 Deposits: i Member bank—reserve ac- ; count | 2, 343, 373 j 139,865 1,004,578, 139,730 191,665| 59,924 58,978 319,111! 67,893 46,776 82,5841 58,414) 173,855 Government i 33,136 1 3,249 8,222! 1,201 4, 217i 3,917 2,156 3,202, 1,300 1,220 1, 679! 1,4551 1, 318 Foreign bank 5,193! 432 1,332: 570 581! 207 777 201 132! 167| 173j 391 Other deposits 17,494(1 19 8, 771 j 216' 1,691J 51I 335 388 324 79' 264| 28! 5,328 Total deposits 2,399,196 I 143,565 1,022,903! 141,717, 198,154J 64,122 61,676 323,478 69, 718 48,207i 84, 694' 60,070 180,892 Deferred availability items 475,522.1 53,595 130, 640! 37,498, 42,427, 34,257J 17,380 58,307 20,887 9,815; 24,896! 17,474 28, 346 Capital paid in 169,131!! 11,862| 65,678! 16,778' 15,795! 5,750i 5,257 20, 037 4,871f 3,053' 4,255! 4,330 11,465 Surplus 274,636' 21,299 80,575i 27,065' 28,971! 12,114 10,857 39, 936 10, 562! 7,144! 8, 702i 8,936 18,475 All other liabilities 13,280:! 194 2,955i 242: 1,042; 777J 1, 2,130 1,340| 820! 4211 682 Total liabilities... 4,8 i 356,850 1,577,9481 366,381! 469,274 199,976 226, 594,461 185,829 117,065; 189,383; 118,3351 407,495 Reserve ratio (per cent). 83.7 87. 5! 84. 7! 85.3; 79.4 85. 78.1 71.8! >9.2| 62.1 85.1 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. banks by F. R. agent 1,870, 232 152,185 396,595i 168,4841 214,098i 94,974 154,441 202,360 87,081! 52,755 77,526! 32,271! 237,462 Held by F. R. banks 0)... 392,110 25,850 121,398! 25,403! 31,213; 12,018 24, 717 51, 787 4,729 11,111; 5,427 69,827 In actual circulation 1,478,1221; 126,335 275,197; 143,081; 182,885i 82,956 129,724 150,573 78,451 48,026 66,4151 26,844 167,635 Collateral held by agent as security for notes issued to j ; bank: 1 Gold 1, 709, 384 144,917! 366,9191 160, 000J 192, 550| 84,080 133,900 191,000 47,025 67,000! 26,350| 220,763 Eligible paper 265, 365 18,192 59,219 23,121: 26,667: 18,201 23,141 28,074 6,022 15,876j 9,164 24, 388 ! !i 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

MARCH, 1931 FEDERAL RESERVE BULLETIN 169 CHANGES IN MEMBERSHIP I CHANGES On February 20, 1931, there were 7,969 active mem- Date (" Consolidations" shown below include "absorp- Capital ber banks in tne Federal reserve system, including tions," "mergers," etc.) 6,968 national banks and 1,001 State bank members. Below are given all changes, except suspensions and DISTRICT^NO. 5—RICHMOND insolvencies, between January 21, and February 20, affecting the list of active member banks. Jan. 29 Union National Bank, Lenoir, N. C $150,000 Succession to First National Bank which closed Dec. 17, 1930. Feb. 6 First National Bank, Clendenin, W. Va 25,000 I CHANGES j Farmers & Citizens State Bank, nonmember 100,000 Date | (" Consolidations" shown below include "absorp- I Capital Consolidated under charter and title of Farmi tions," "mergers," etc.) I ers & Citizens State Bank, nonmember 100,000 Feb. 11 Bank of Romney, Romney, W. Va 100,000 Admitted to membership. i DISTRICT NO. 1—BOSTON Dec. 31 Peop S l u es c c N ee a d t e io d n b a y l B Pe a o n p k l e o s f N G a a t t i e o n C a i l t y B , a V nk a in Gate 25,000 I ! City 50,000 Jan. 21 ! National Bank of Commerce, Providence, Ii. I., I i title changed to National Bank of Commerce & : DISTRICT NO. 6.—ATLANTA i Trust Co. i Feb. 14 i First National Bank, Manchester, N. H ! $150,000 Nov. 29 2 First National Bank, Carrollton, Ga i 100,000 i Voluntary liquidation; terminal. Peoples Bank, member ] 60,000 Feb. 16 | First National Bank, West Newton, Mass j 100,000 Consolidated under charter and title of j ; Newton Trust Co., member i 1,000,000 Peoples Bank, member j 60,000 ; Consolidated under charter and title of New- j Dec. 31 City National Bank, Knoxville, Tenn j 1,000,000 ton Trust Co., member 1,000,000 East Tennessee National Bank j 1.000,000 Consolidated under charter and title of East ' DISTRICT NO. 2—NEW YORK ; i Tennessee National Bank 1,000,000 Jan. 23 i I M Co a m ri m ne e r T ci r a u l s t T r C u o s . t , B C u o f . f , a n lo o , n m N e . m Y b ., e r m ember \ | 1 1 0 , , 0 2 0 50 0 , , 0 0 0 0 0 0 Jan. 19i F F i a r r s m t e N rs a t S io t n at a e l B B a a n n k k , , n N o e n w m v e i m lle b , e A r la 2 25 5 , , 0 0 0 0 0 0 • Consolidated under charter and title of the ! Consolidated under charter and title of : Marine Trust Co., member ' 10,000,000 Farmers State Bank, nonmember 25, 000 Jan. 29 ; ; Nati P on ri a m l a B r a y n o k r g o a f n A iz r a g t y io le n , . Argyle, N. Y i ! 40,000 Feb. 12 First R N es a u t m io e n d a l b B us a i n n k e , s s M . cComb City, Miss 50,000 Jan. 31 Le Roy National Bank, Le Roy, N. Y ! 100,000 Bank of Le Roy, nonmember . 100,000 DISTRICT NO. 7—CITICAGO \ Consolidated under charter and title of Bank of Le Roy, nonmember : 100, 000 Jan. 19 First National Bank, Paris, 111 j 150, 000 Jan. 31 ; Columbus National Bank, Paterson, N. J 200, 000 Absorbed by Edgar County National Bank : Second National Bank 750,000 & Trust Co. and Citizens National Bank. I Consolidated under charter and title of Sec- Jan. 22 First National Bank, Cuba, 111 50,000 1 ond National Bank 750,000 State Bank of Cuba, nonmember 50,000 Feb. 20 ! First National Bank & Trust Co., Middletown, Consolidated under charter and title of State j i N. Y 100,000 Bank of Cuba, member ! 50,000 : Merchants National Bank 200,000 Feb. 2 American Trust Co., South Bend, Ind., member.; 500,000 Consolidated under new charter and title of La Salle State Bank, nonmember... i 50,000 First Merchants National Bank & Trust Consolidated under charter and title of Amer- ; : Co 250,000 ican Trust Co., member : 500,000 Feb. 2 First National Bank, Stonington, 111 j 50,000 DISTRICT NO. 3—PHILADELPHIA Farmers State Bank, nonmember ] 25,000 Consolidated under charter of Farmers State j Dec. 4 i West Shore National Bank, Lemoyne, Pa 100,000 Bank and title of First State Bank, non- j Primary organization. member ! 25,000 Jan. 30 Miners National Bank, Nanticoke, Pa 300,000 Feb. 4 Citizens National Bank, Cheboygan, Mich 50,000 Conversion of Miners Trust Co., member 300,000 Primary organization. Jan. 28 Pine Grove National Bank, Pine Grove, Pa., title Feb. 7 Strauss National Bank & Trust Co., Chicago, Ill- 1, 000,000 changed to Pine Grove National Bank & Trust Franklin Trust & Savings Bank, nonmember 200,000 Co. Consolidated under charter and title of Strauss Feb. 4 American Bank & Trust Co., Hazleton, Pa., National Bank 1,000,000 ; member i 400,000 Feb. 7 First National Bank, St. Clair Shores, Mich 50,000 j City Bank & Trust Co., nonmember ! 125,000 Lake Shore State Bank, nonmember 50,000 : Consolidated under new charter and title of i Consolidated under charter and title of First I American Bank & Trust Co., nonmember. j National Bank 50,000 Feb. 13 Farmers* Merchants National Bank,Roseville,Ill. 50,000 i DISTRICT NO. 4—CLEVELAND j National Bank of Monmouth, Monmouth, 111 200,000 Consolidated under the charter and title of Nov. 241! Citizens National Bank, Monessen, Pa j 100,000 the National Bank of Monmouth.. 200,000 i First National Bank & Trust Co I 160,000 Feb. 14 Irving Park National Bank, Chicago, 111 300,000 ! Consolidated under charter and title of First [ Portage Park National Bank 300.. 000 j National Bank & Trust Co 160,000 Inland Trust & Savings Bank, nonmember 300,000 Jan. 27 { Kentucky National Bank, Catlettsburg, Ky I 75,000 Consolidated under the charter of Irving Park I Farmers & Merchants Bank, nonmember | 50,000 National Bank and title of Inland-Irving { Consolidated under charter of Farmers & j National Bank 525,000 Merchants Bank and title of Kentucky Feb. 14 Fenton State Savings Bank, Fenton, Mich,. Farmers Bank, nonmember-. 50,000 member 25, 000 Jan. 30 Peoples Savings & Banking Co., Barberton, Commercial State Savings Bank, member 50,000 Ohio, member, title changed to First-City Sav- Consolidated under charter of Commercial ings Bank. State Savings Bank and title of State Jan. 31 First City Trust & Saving Bank, Akron, Ohio, j Savings Bank, member.. 50,000 member '• 3, 500,000 Ohio State Bank & Trust Co., nonmember ' 1,000,000 DISTRICT NO. 8—ST. LOUIS Consolidated under charter and title of First j City Trust & Savings Bank, member , 3, 750,000 Jan. 16* Peoples Savings Bank & Trust Co., Halls, Tenn. 25,000 Jan. 31 Merchants State Bank, New Philadelphia, Ohio, j Bank of Halls, Halls, Tenn., nonmember 70,000 member I 150,000 Consolidated under charter and title of Bank Liquidation. \ of Halls, nonmember 70,000 Feb. 6 Marine National Bank, Ashtabula, Ohio J 100,000 Jan. 201 Federal Bank & Trust Co., Little Rock, Ark 200,000 Succeeded by Marine Savings Bank Co., j Voluntary liquidation. nonmember. ! Jan. 24 First National Bank, Corinth, Miss 100,000 Feb. 6 Broadway National Bank, Scottsdale, Pa ! 50,000 Resumed business. First National Bank : 50,000 Jan. 27 Phillips National Bank, Helena, Ark.__ 100,000 Consolidated under charter and title of First ! Succession to Merchants & Planters Bank, National Bank i 50,000 nonmember, which closed Nov. 17, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN MARCH, 1931 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—Continued DISTRICT NO. 11—DALLAS—Continued Jan. 31 Bank of Marvell, Marvell, Ark $50,000 Jan. 22 Farmers & Merchants National Bank, De Leon, Resumed business. Tex $50,00O Feb. 2 First National Bank, Smithton, 111 25,000 Security State Bank, nonmember 48, 000 Conversion of First State Bank of Smithton, Consolidated under charter and title of nonmember. Farmers & Merchants National Bank 50,00O Feb. 10 Greenwood Bank & Trust Co., Greenwood, Miss. 200,000 Jan. 23 First National Bank in Hutto, Tex 2o, 000' Resumed business. City National Bank, Georgetown, Tex 50,000 Feb. 16 Citizens Bank, Festus, Mo 35,000 Consolidated under charter and title of City Voluntary withdrawal. National Bank, Georgetown, Tex 50,000 Feb. 11 First National Bank, Blytheville, Ark 150,000 Jan. 23 First National Bank, Wills Point, Tex._ 50,000 Resumed business. Van Zandt County National Bank 50,00O Feb. 17 First National Bank, Pontotoc, Miss. 125,000 Consolidated under charter and title of First Resumed business. National Bank 50, 000) Feb. 20 First National Bank, Harrison, Ark 25, 000 Jan. 31 First State Bank, Hillsboro, Tex., member 100,000 Restored to solvency and immediately sold Farmers National Bank . 100,000' to a State bank. Consolidated under new charter and title of Central Bank <fe Trust Co., nonmember 100,000- DISTRICT NO. 9.—MINNEAPOLIS Feb. 4 First National Bank, Roscoe, Tex 25, 00O Nov. 171 j F N i a rs ti t N C o N n o at n a a i l s o t i o n B o l a i n a d l a n a l B k t e B a d o n a f k n u G k nd a e ry r , c G ha a r r t y e , r S an . d D a ti k tle of First 2 2 2 5 5 5 , , , 0 0 0 0 0 0 0 0 0 Feb. 12 R Fi o r s s c t C o N o e R n a o S s t s o t i c a o l o i t n d e e a a B l S t e B t a d a n a t k e n u , k n B n d o a o e f n n r k H m c , e e h n m m a o r p n b t h e m e r i r l e l a m , n T b d e e x r title of the 3 3 2 0 0 5 , , , 0 0 0 0 0 0 0 0 0 ' ' Jan. 101 Fergus Falls National Bank, Fergus Falls, Minn., Succeeded by First National Bank in Hempj title changed to Fereus Falls National Bank & hill 25, 000' Trust Co. DISTRICT NO. 12—SAN FRANCISCO Jan. 19i F K i e rs n t m N o a re ti o N n a a t l i o B n a a n l k B , a K nk enmore, N. Dak 2 2 5 5 , , 0 0 0 0 0 0 Jan. 2 B B r a o n u k g h o t f o S n t a N rb a u ti c o k n , a S l t B ar a b n u k c , k D , W ay a to s n h. , , W no a n s m h ember 1 2 0 5 0, , 0 0 0 0 0 0 ' Consolidated under charter and title of the Consolidated under charter and title of Kenmore National Bank 25,000 Broughton National Bank, Dayton, WTash. 100,000- Jan. 19i N St a a t t i e o n B a a l n B k a o n f k M of o o L r e e w , M ist o ow nt n ., , n M on o m nt ember 1 2 5 5 0 , , 0 0 0 0 0 0 Jan. 2 F C i i r ti s z t e N ns a t N io a n t a io l n B a a l n B k a , n R k ialto, Calif 3 50 5 , , 0 0 0 0 0 0 Consolidated under charter and title of Na- Consolidated under charter and title of First tional Bank of Lewistown, Mont 150, 000 National Bank 50,000 Jan. 24 First National Bank, Preston, Idaho 50,000 DISTRICT NO. 10—KANSAS CITY First Security Bank, nonmember 25,00O Jan. 2i Liberty National Bank, Weatherford, Okla 50.000 Consolidated under charter and title of the Corn State Bank, nonmember 10,000 First Security Bank, nonmember 25,00O Consolidated under charter and title of Jan. 29 Garfield National Bank, Garfield, W^ash 25,00O Liberty National Bank 50, 000 State National Bank 50,000 Jan.12 i American National Bank, Pryor, Okla 25, 000 Consolidated under charter and title of the First State Bank, Strang, Okla., nonmember 10,000 State National Bank 50,000 Consolidated under charter and title of Ameri- Jan. 21 Hollister National Bank, Hollister, Calif 100,00O can National Bank, Pryor, Okla 25, 000 Primary organization. Jan.131 Citizens National Bank, Boulder, Colo 100,000 Jan. 31 Citizens State Bank, Tekoa, Wash., member 25,000 Voluntary liquidation. Tekoa State Bank, member 30,000 Jan. 14 First National Bank, Windsor, Colo 40,000 Consolidated under charter and title of Tekoa Farmers Bank, Severance, Colo., nonmember.._ 10,000 State Bank, member 30,000 Consolidated under charter and title of First Feb. 9 Bank of Oregon City, Oregon City, Oreg 150,000 National Bank, Windsor, Colo 40,000 Voluntary withdrawal. Jan. 22 B Fi a r n st k N o a f t C io o n m al m B er a c n e k , , n R on a m lst e o m n b , e O r kla 2 1 5 0 , , 0 0 0 0 0 0 2 1 P N r o e t v r io ep u o sl r y t e r d e p in o r p t e e r d i o i d n i F n e w br h u ic a h ry c h B a U n L g L e E t T o I o N k , b pl u a t c P e. eoples Bank here- Consolidated under charter of Bank of Com- referred to as nonmember instead of member. merce and title of First Bank of Commerce, nonmember 25,000 Fiduciary Powers Granted to National Banks Jan. 26 First National Bank, Prague, Okla 25, 000 First State Bank nonmember 10,000 During the month ended February 21, 1931, the Consolidated under charter and title of First Federal Reserve Board approved applications of the National Bank _. _ _ 25,000 Jan. 27 City National Bank, York, Nebr 100,000 national banks listed below for permission to exercise Bank of Commerce, nonmember 50, 000 one or more of the fiduciary powers named in section 11 Consolidated under charter and title of City (k) of the Federal reserve act as amended, as follows: National Bank 100,000 Feb. 3 First National Bank, Marietta, Okla 50,000 (1) Trustee; (2) executor; (3) administrator; (4) reg- Marietta National Bank 60,000 istrar of stocks and bonds; (5) guardian of estates; (6) Consolidated under charter and title of First assignee; (7) receiver; (8) committee of estates of National Bank 50, 000 Feb. 16 Citizens National Bank, Pawhuska, Okla 160,000 lunatics; (9) in any other fiduciary capacity in which First National Bank 100,000 State banks, trust companies, or other corporations Consolidated under new charter and title of which come into competition with national banks are Citizens-First National Bank 100, 000 Feb. 20 First National Bank, Haxtun, Colo 50, 000 permitted to act under the laws of the State in which Farmers State Bank, Haxtun, Colo., nonmember_ 25, 000 the national bank is located. Consolidated under charter and title of Farmers State Bank, nonmember 25, 000 Dis- Location trict Name of bank Powers DISTRICT NO. 11—DALLAS No. granted Jan. 2i F C i l r y s d C t e S o N n ta s a t o e t l i i o d B n a a a t n e l k d B , u a n n n o d k n e , m r C c e l h m y a d b r e t e e , r r . T . a . e n x d title of Clyde 2 25 5 , , 0 0 0 0 0 0 M Be i v d e d r l l e y to , w M n a , s N s.. . Y... 2 1 B Fi e r v s e t rlv M N er a c t h io a n n a ts l B N a a n t k io _ n . al 5 1 t t o o 9 9 . . i Jan. 15i F F i i r r s s C t t N o S N n t a a a s t t t o i i e o o l i n n B d a a a a l t l n e B B k d a , a u n n O n k k d t , t e o M r , c T a h r e t a x , r . T t , e e n r x o _ a n ' n m d e t m itl b e e r of First 2 5 2 5 0 0 , , , 0 0 0 0 0 0 0 0 0 N S G o a a u n s t t t h o ic n o B ia k e , e n , N d P , . a I C n d __ 3 5 7 M C C i i B i t t n i i a z z e n e e r n n k s s s N & N N a a a t T i t t o r i i o o u n n n s a t a a l l l C B B B o a a a n . n n k k k 1 1 1 t t t o o o 9 9 9 . . . Jan. 20i A Fa tl r a m n e t N a rs a N t S i a o ta t n i t o a e l n B a B l a a n B n k k a , n , n k M o , n A a m r t t l e , a m T n b t e a e x , r Tex 5 5 2 0 0 5 , , , 0 0 0 0 0 0 0 0 0 I B P d r a a i k c h e e o r , s U F fie a t l a l d l h s , , C Id a a li h f o.... 1 1 1 2 2 2 F A F i i m r r s s e t t ri N N ca a a n t t i i o o N n n a a a t l l i o B B n a a a n n l k k Bank 2 I I t t , o o 3 9 9 ,5 . . to 8 Consolidated under charter and title of Atlanta National Bank 50, 000 1 Supplementary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

171 MARCH, 1931 FEDERAL RESERVE BULLETIN BANK LOANS AND INVESTMENTS, PERCENT- MEMBERSHIP IN PAR COLLECTION SYSTEM AGE DISTRIBUTION [Number of banks at end of January] [Figures for Sept. 24, 1930—latest date for which comprehensive data are Nonmember banks available] Member banks Total loans and Federal reserve On par list Not on par list investments district | Number I of banks Amount Percent- 1931 1930 1931 1930 1931 1930 (millions ! age disof dollars) j tribution United States. 8,006 8,486 10, 797 11,943 3,413 3,728 All banks in the United States i_. Boston 396 403 260 270 Member banks—total New York 911 928 394 405 City banks (62 cities)—total.. Philadelphia 752 761 448 474 Central reserve city banks: Cleveland _ 761 795 932 990 8 9 N C e h w ica Y go ork City A Ri t c la h n m ta ond 4 3 6 8 9 3 4 5 2 1 5 2 5 1 1 7 2 7 2 5 5 7 0 1 4 8 4 4 1 7 5 91 3 7 3 Reserve city banks: Chicago 1,074 1,173 3,151 3,458 239 230 New York City St. Louis __ -_ 505 569 1, 389 1,645 408 480 Chicago Minneapolis 636 682 485 566 1,003 1,088 Other F. R. bank cities(10 cities)., Kansas City 868 892 1,883 2,080 195 199 F. R. branch cities (25 cities)—J Dallas .. .. 672 740 556 602 211 210 Other reserve cities (25) cities). San Francisco 579 606 610 632 61 62 Country banks h Figures cover all incorporated banks (other than mutual savings Nonmember banks. _ banks). 1 Includes national banks, State commercial banks and trust com- INDEBTEDNESS OF NONMEMBER BANKS1: panies, mutual and stock savings banks, and all private banks under TOTAL BILLS PAYABLE AND REDISCOUNTS, State supervision. 8 Includes certain outlying banks in reserve cities. 1923-1930 [In millions of dollars. Back figures not available on comparable basis] FEDERAL RESERVE BANKS—MATURITY DIS- ; T SE R C IB U U R T IT IO IE N S OF BILLS AND SHORT-TERM Date p a a n B y d i a l l b r s e le - Date p a a n B y d i a l l b s re le - [In thousands of dollars] discounts discounts Total W i d n a i y t 1 h s 5 - 16 d a to y s 3 0 3 d 1 a t y o s 60 j . 6 d 1 a t y o s 90 1 1 9 9 2 2 3 4 - - D J M u e a n c r e . . 3 3 3 1 0 1 3 4 3 5 4 1 0 4 5 1 1 1 9 9 2 2 7 8 - - O D F e c e c t b . . . 1 3 2 0 1 8 _. - 2 2 2 3 0 7 0 8 6 Oct. 10 337 June 30 ••361 Dec. 31 339 Oct. 3 347 Bills discounted: 1925—Apr. 6 326 Dec. 31 350 Feb. 4 222,917 139,548 19, 92730,618' 20,844i 9,674 2,306 June 30 361 1929-Mar. 27.... 354 Feb. 11 222,189140, 520 20, 09929,801 j 19,439' 9,481 2,849 Sept. 28 352 j June 29 399 Feb. 18 199,823 123,265 28,841) 17, 575i 8,820 3,034 Dec. 31 372 Oct. 4 363 Feb. 25 189, 847 117, 738 16, 94627,1881 16, 388J 8,430j 3,157 1926—Apr. 12 350 Dec. 31 359 Bills bought in June 30... _. 398 1930—Mar. 27.,. 287 open market. Dec. 31 324 June 30 287 Feb.4 104,275 32,460 13, 31433,740 23,8311 930|- 1927—Mar. 23 259 Sept. 24 ._ 247 Feb. 11 87, 739 22,097 15, 68635,734! 13,866i 356. June 30 275 Feb. 18 93, 995 24, 35225,642 33,436j 10,215! 350. 1 Feb. 25 106, 317 39,496 36, 65323,608- 5,844j 716 _ Certificates and 1 Includes all banks (including mutual savings banks) in the contibills: i 1 nental United States that are not members of the Federal-reserve system Feb. 14 335, 593 25, 607 122,067; 187,919 (15,344 banks on Sept. 24, 1930, with total loans and investments of Feb. 11 336, 593 26, 607 122,067! 187,919 $22,118,000,000). r Revised. Feb. 18 324,488 22,000 122,567 179, 921 Feb. 25 340, 638 I 29,000; 123,967 187, 671 RESERVE BANK CREDIT AND FACTORS IN CHANGES (WEDNESDAY SERIES) [In millions of dollars] KINDS OF MONEY IN CIRCULATION lEnd of month figures. In thousands of dollars] 1931 1930 1931 Jan. Jan. Feb. Feb. Feb. 21 28 4 11 25 Nov. 30 Dec. 31 Jan. 31 Feb.* Bills discounted 230 215 223 200 190 Bills bought 152 120 104 94 106 Gold coin 350,931 368, 379 357, 565 356, 007 U O n th i e te r d r e S s t e a r t v e e s b se a c n u k r i c ti r e e s dit.... 62 1 5 4 61 1 0 0 61 1 0 2 61 9 0 60 1 0 1 Gold certificates 1,075, 770 1,117, 630 1, 055, 740 1, 060,903 Standard silver dollars 37, 087 36, 777 35, 050 35,123 Total reserve bank credit!. . 1,020 956 949 929 905 904 Silver certificates 400,104 403, 906 371, 830 373,179 Monetary gold stock 4,631 4,637 4,649 4,651 14,661 4,663 Treasury notes of 1890 1,248 1,248 1,245 1,244 Treasury currency adjusted. 1,787 1,781 1,761 1,782 1,778 Subsidiary silver 281, 221 281,133 269, 814 269, 676 1,784 M Un in it o e r d c S oi t n ates notes 3 11 0 8 4 , , 4 2 0 2 7 7 2 1 9 1 5 8 , , 5 7 1 4 5 0 2 1 8 1 8 6 , , 1 9 8 7 8 2 2 1 9 16 f, , 0 2 1 6 4 0 M M o em ne b y e r i n b c a i n rc k u l r a e t s io e n rve bal- 4,593 4,544 4,576 4,594 4,560 4,569 F F e e d d e er r a a l l r r e e s s e e r r v v e e b n a o n te k s notes_ 1,440 3 , , 0 0 0 6 3 4 1, 640 3 , , 0 5 4 3 1 7 1, 47 3 0 , , 0 2 2 3 0 1 1,460 2 , , 9 9 8 7 9 1 Un an ex ce p s ended capital funds, 2,441 2,425 2,379 2,365 J2,380 2,378 National bank notes 648,252 623, 218 640, 031 649, 459 nonmember deposits, etc.. 404 405 404 403 404 Total 4, 660, 315 4,890,123 4, 609, 687 4, 620, 825 I 1 Averages of daily figures for week ending on Wednesday as follows (in millions of dollars): Jan. 21—1,064; Jan. 28—991; Feb. 4—967; Feb. Preliminary. 11—948; Feb. 18—940; Feb. 25—913. 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] Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments ' Secured by Secured Total stocks and bonds est Purchased paper Total Call 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 o c Vo n k n u c Ty d T d k re s s d Total i o T N u k o t e e s r w i b s d ro e - o c T t u h s o e - r F la a n rm d e O r s e t t h a a e t l e r a s s O e e n w c c d t u u i h s u r r e e e e n r d d - , i Total i p n A a a c U y n c c a n e e b i p s t l t e e - d et a a c a B c b . n , c l i c l e e p l e p s i a s , t , n y - - j j j j m C p e a o r p m c e i r a - l l S o t a r n e s e t J Total s m U e G e t c r i . e o u e S n n v s r . - i t - - s O e t c i t e h u s e ri r - lo s b t a a o o n n n c s d d k o s s n : York tomers States foreign i j City countries Total: 1928—Dec. 31 35, 684 25,155 538 (2) 21,462 . 975 6,373 412 2,711 10,991 3,158 109 103 £90 2,556 10,529 4,312 6,217 * 10,172 1929—Mar. 27 35,393 24,945 548 (2) 21,903 ! 1,014 6,526 403 2,720 11, 240 2,494 146 93 376 1,879 10, 448 4,454 5,994 • 9,693 June 29 35, 711 25, 658 670 (2) 22, 516 i 921 6,813 404 2,760 11,618 2,472 108 90 249 2,025 10,052 4,155 * 10,094 Oct. 4 35,914 26,165 640 (2) 23, 249 1 939 7,170 392 2,760 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 < 10,314 Dec. 31 35,934 26,150 714 (2) 23,194 803 7,685 388 2,803 11, 515 2,243 212 80 291 1,660 9,784 3,863 5,921 * 10, 505 1930—Mar. 27 35,056 25,119 527 260 21,495 706 7,024 394 2,776 10, 595 3,097 175 79 499 2,344 9,937 4,085 5,852 10,334 June 30 35,656 25, 214 535 230 21, 565 , 819 7,242 386 2,769 10, 349 3,113 170 71 507 2,365 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 3,262 205 62 523 2,472 10, 734 4,095 10,511 Dec. 31 34,860 23,870 631 315 21,007 i 675 7,266 3S7 2,847 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 New York City:3 1923—Dec. 31 7,951 6,018 288 (2) 3,940 ! 50 1,658 132 2,100 1,790 61 61 : 29 1,639 1,933 1,094 • 3,491 1929—Mar. 27 7,726 5,754 251 (2) 4,253 ' 52 1,692 148 2,361 1,250 ; 59 52 ; 37 1,102 1,972 1,135 «2, 971 June 29 8,160 6,341 314 (2) 4,532 i 63 1,814 2 173 2,480 1,496 : 58 58 ! 21 1,359 1,819 1,006 813 • 3,393 Oct. 4 8,150 6,344 302 (2) 4,846 46 1,898 1 175 2,726 1,196 j 59 33 i 8 1,096 1,807 989 817 • 3,191 Dec. 31 8,774 6,683 322 (2) 4,964 : 55 2,145 169 2,595 1,397 i 128 40 21 1,202 2,091 1,112 979 • 3,562 g 1930—Mar. 27 8,238 6,192 199 92 4,338 i 60 1,876 150 2,252 1,655 89 40 49 1,477 2,046 1,150 897 3,504 June 30 8,798 6,596 196 78 4,308 68 1,954 157 2.129 2,091 144 29 ! 35 1,883 2,203 1,147 1,056 3,983 i i Sept. 24 8,557 6.359 169 53 4,276 86 1,945 157 2,090 1,912 148 28 22 1,714 2,198 1,091 1,107 3,798 Dec. 31 8,582 6,147 283 132 4,338 104 2,033 147 2,054 1,525 , 188 22 34 1,281 2,435 1,239 1,197 3,550 Chicago: 3 1928—Dec. 31 1,910 1,519 40 (2 1,389 309 598 *3 39 440 91 ! 1 14 75 391 174 217 • 1,002 1929— J O M u c n a t e . r . 4 2 2 _ 9 7 1 1 1 , , , 7 8 7 6 2 9 7 3 3 1 1 1 , , , 4 5 4 3 1 5 3 0 6 6 6 6 2 7 8 ( ( (2 2 2 1 1 1 , , , 3 3 3 0 7 5 9 4 3 3 2 2 1 5 4 1 7 2 4 4 5 7 8 0 7 4 4 • 2 2 2 2 1 1 2 9 9 5 5 5 4 9 5 4 2 9 4 6 5 1 8 8 ! ; 3 4 5 ; ; 1 4 6 0 4 5 1 8 9 8 3 3 3 3 3 1 7 4 2 1 1 15 5 6 3 9 4 1 1 1 7 6 7 6 0 2 • • '8 8 8 0 5 3 7 4 7 d w 1930— D M e a c. r . 3 2 1 7 1 1 , , 7 7 5 1 7 7 1 1 , , 4 40 4 6 8 8 5 8 8 (2 50 1 1 , , 3 1 2 6 9 0 2 1 4 9 0 4 4 5 7 3 4 3 2 2 1 1 9 8 4 5 7 3 2 5 18 3 7 0 i ! 1 5 1 i : 3 5 3 1 1 4 1 0 3 3 0 1 9 0 1 1 1 4 6 6 1 1 9 6 3 4 •8 8 2 5 8 9 i June 30 1,849 1,483 50 43 1,257 229 487 2 18 521 176 ! l 19 56 99 366 160 205 859 Sept. 24 1,934 1,524 41 35 1,187 239 448 2 16 482 296 13 ! 42 233 409 157 252 955 Reserve ci D ty e c b . a 3 n 1 ks: 1,861 1,344 55 42 1,194 201 472 2 18 501 95 18 14 18 45 518 240 277 761 i3—i 1928-Dec. 31 12.156 8,702 173 (2) 7,878 509 2,318 118 1,387 3,546 650 16 | 33 ; 136 465 3,454 1,662 1,791 •3,379 1929—Mar. 27 12,132 8,733 196 (2) 7,933 538 2,415 112 1,376 3,492 603 l 35 ! 27 136 405 3,400 1,732 1,668 • 3,456 June 29 12,065 8,789 241 (2) 8,124 511 2,480 109 1,370 3,654 423 16 | 22 i 83 302 3,276 1,607 1,670 •3,414 Oct. 4 12,161 9.085 225 (2) 8,401 510 2,598 110 1,360 3,823 458 27; 71 354 3,075 1,519 1,557 • 3,575 1930— J D D S M u e e e n p c a c e . . r t . . 3 3 3 2 2 1 1 0 4 7 1 1 1 1 1 2 1 1 1 2 , , , , , 8 8 0 8 0 9 2 5 5 3 7 9 2 8 8 8 8 8 8 9 . , , , , 5 5 3 0 7 0 7 3 8 .5 0 9 4 3 2 i 2 2 2 2 1 2 3 0 5 9 7 1 5 8 3 (2 1 1 ) 2 0 9 7 5 4 9 7 8 7 7 7 7 , , , , , 4 7 7 5 7 1 1 7 4 9 7 2 0 0 0 4 4 3 3 3 3 1 2 6 6 1 2 5 0 0 2 2 2 2 2 , , , , , 6 5 6 7 5 8 6 7 7 7 6 3 1 5 6 1 1 1 1 1 2 1 1 1 1 0 0 1 3 0 1 1 1 1 1 , , , , , 3 3 4 4 4 9 9 1 9 2 4 8 1 1 8 3 3 3 3 3 , , , , , 1 1 0 3 6 7 1 8 3 7 2 9 5 0 9 7 4 4 5 7 6 3 3 0 5 8 6 4 8 7 ; , ' 1 1 04 i 1 2 2 3 1 1 4 4 9 5 7 I | ; 2 2 2 1 1 9 4 0 9 0 5 5 9 4 2 4 4 2 1 2 0 5 6 2 3 9 3 9 3 9 3 3 3 3 2 , , , , , 3 1 5 5 9 1 0 1 3 4 9 5 7 7 4 1 1 1 1 1 , , , . , 5 6 5 4 3 1 8 2 2 6 6 6 8 5 8 2 1 1 1 1 , , , , , 9 7 5 0 5 0 9 7 9 3 9 4 6 0 1 •3 3 3 3 3 , , , , , 4 4 2 5 5 3 6 4 3 0 1 9 7 0 9 Country banks: 1928—Dec. 31 13,667 8.915 | 37 (2) 8,254 107 1,799 290 1,154 4,904 625 30 I 211 376 4,751 1,382 3,370 •2,300 1929—Mar. 27 13,741 9,001 39 (2) 8,364 114 1,942 289 1,176 4,843 598 : 44 192 354 4.740 1,424 3,316 •2,429 June 29 13,719 9,096 49 (I) 8,551 105 2,034 291 1,195 4,926 496 33 140 316 4,623 1,384 3,240 • 2,480 Oct. 4 13,780 9,226 45 (2) 8,627 125 2,170 279 1,206 4,847 553 27 | 144 376 4,554 1,361 3,193 •2,694 Dec. 31 13,375 45 (2) 8,481 83 2,231 276 1,186 4,705 409 '' 33 163 208 4,439 1,267 3,172 •2,545 1930—Mar. 27 13,243 8,768 65 14 8,206 93 2,097 279 1,196 4,541 496 ; 27 207 258 4,475 1,273 3,202 2,462 June 30 13.157 8,602 62 11 8,229 90 2,137 274 1,201 4,527 312 171 129 4,554 1,229 3,326 2,367 D Se e p c. t . 3 2 1 4 1 1 2 2 , , 5 9 1 4 9 4 8 8, , 0 3 0 5 1 4 6 6 2 2 1 1 5 1 7 8 , ,0 7 0 6 7 2 8 5 8 9 2 2 , , 0 1 9 1 0 2 2 26 7 4 5 1 1 , , 1 2 9 0 1 5 4 4, , 1 3 5 2 8 6 2 1 8 7 6 7 : i 1 1 6 2 4 0 1 4 1 9 5 4 4 , , 5 5 8 1 9 9 1 1 , , 2 1 1 5 9 9 3 3, , 3 3 5 7 9 0 2 2 , , 3 2 2 1 6 3 1 Loans to brokers and dealers in securities at New York City. 1 Central reserve city banks only. 8 Figures not available. • Loans to banks on securities for these dates estimated as one-half of total loans to banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS, BY DISTRICTS [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 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 i Members Members ba A n l 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 T b o e n r - s ba A n l k l s ti N on a a - l State m N be e o m r n s - - ba A n l k l s ti N on a a - l State m N b e e o m r n s - - January-February, 1931: i Boston 1 2,426 2,426 New York 2 1 1 I 6,325 6,056 6,056 269 1 1 2,683 1 2, 683 R P C h i l c e i h l v a m e d la e o n l n p d d h ia _ 2 2 8 2 0 8 3 1 6 2 1 2 1 1 1 74 7 1 8 6 9 , , , 5 4 3 4 4 1 8 3 2 5,4 3 8 0 5 9 7 8 3 3, 6 3 6 3 5 0 0 8 6 1,7 2 7 8 7 7 1 8 3 5 , , , 1 5 9 9 5 0 0 0 5 20 1 I 1 1 9 4, 4 3 1 2 2 3 404 3,9 4 1 1 9 2 Atlanta 47 11 9 2 36 22,158 12, 215 11,759 456 9,943 6 1 5 3, 532 879 2,653 Chicago 61 4 3 1 57 27, 767 7,291 1,310 5,981 20, 476 H 11 4,159 4,150 St. Louis 62 3 51 18, 213 4,601 3,861 740 13, 612 51 4 2 45 16, 707 2,839 1,113 12, 755 Minneapolis 16 14 4," 104 703 703 3,401 4 4 1,185 1,185 Kansas City 23 23 4,187 4,187 3 1 2 449 93 356 Dallas 8 : 3 3 5 2,730 1,615 1,615 1,115 1 1 177 177 San Francisco _ 8 : 2 1 i 6 2,909 738 385 353 2,171 _ Total 277 ; 46 ! 35 n 231 122, 696 39, 877 24,227 15, 650 82, 819 99 8 2" 89 36, 053 4,392 1,113 30, 548 February, 1E31: ! i • Boston New York 1 1 2,683 1 2 683 Philadelphia 4 1 3 5,480 358 S58 5,122 | Cleveland 16 7 '• 6 l 9 11,618 4,906 3,630 1,276 6,712 Richmond 2 2 1 l 603 603 316 287 5 5 527 527 Atlanta 10 2 2 -- 2,641 1,219 1,219 1,422 3 1 2 1 627 879 748 Chicago 12 1 l 11 10,967 5,981 5,981 4,986 4 4 886 886 St. Louis 15 3 2 l 12 4,853 754 615 139 4,099 26 1 3 i 22 9 884 1 589 911 7 384 Minneapolis 3 3 366 • 366 2 2 677 677 Kansas City 7 7 1,611 1,611 3 1 2 449 93 356 Dallas 4 2 2 2 2,238 1,559 1,559 679 1 177 177 San Francisco 5 : 2 1 l 3 1,591 ! 738 385 353 853 ! | Total 78 i 20 15 5 58 41,968 16,118 8,082 8,036 25, 850 45 6 1 38 16, 910 2, 738 911 13, 261 Back figures.—For district figures back to 1921 see BULLETIN for February, 1931, also annual reports for 1929 (Table 111), 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98). CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS DURING FEBRUARY, 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 include banks subsequently reopened and are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thoii.sands ofdollars) State Members Members Members Members i banks 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 m N b e e o m r n s - - ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s ti N on a a - l State m N b e e o m r n s - - New England: Connecticut 1 _ _.. 1 1 2,683 2,683 Middle Atlantic: East P N en o n r s th yl v C a e n n ia tral: 9 4 4 5 7,981 2,035 2,035 5,946 Ohio 10 3 2 1 7 8,615 2,727 | 1,451 1,276 5,888 Indiana 5 1 1 4 7,030 5,981 5,981 1,049 3 3 491 491 Illinois 7 2 1 1 5 3,893 589 450 139 3,304 1 1 111 111 Michigan 1 1 151 151 Wisconsin 1 1 420 420 1 1 395 395 West North Central: Minnesota 1 1 161 161 Iowa 2 2 233 233 Missouri 7 1 1 6 1,190 165 165 1,025 1 1 811 811 North Dakota 1 1 117 117 South Dakota 1 1 88 88 2 2 677 677 Nebraska - 2 2 841 841 2 2 356 356 Kansas 2 2 233 233 1 1 93 93 South Atlantic: w N W o e r s t t h V C ir a g r i o n l i i a na 1 1 1 316 316 316 5 5 527 527 cj South Carolina 1 1 1 287 287 287 E Georgia _ 1 1 149 149 Florida 1 1 1 1,100 1,100 1,100 East South Central: Kentucky 1 1 1 502 502 502 Tennessee 5 i 883 883 Alabama 2 1 1 373 119 119 254 Wes M t S is o s u is t s h ip C pi entral: 5 5 3,274 3,274 16 2 1 13 7,495 1,505 911 5,079 Arkansas 1 1 66 66 11 2 9 3,094 963 2,131 Louisiana 1 1 136 136 Texas 4 2 2 2 2,238 1,559 1,559 679 1 1 177 177 Mountain: Colorado 1 1 100 100 Pacific: Oregon 5 2 1 1 3 1,591 738 385 353 853 Total 78 20 15 5 58 41, 968 16,118 8,082 8,036 25, 850 45 6 1 38 16,910 2,738 911 13, 261 NOTE.—In States not shown (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, New York, New Jersey, Delaware, Maryland, District of Columbia, Virginia, Oklahoma, Montana, Idaho, Wyoming, New Mexico, Arizona, Utah, Washington, and California) there were no suspensions in February, 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK "SUSPENSIONS, BY STATES, JANUARY 1 TO FEBRUARY 28, 1931 [Figures of suspensions include banks subsequently reopened] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits d ( o in ll a th rs o ) usands of State Members Members Members Members Non- Non- Non- Non- All mem- All mem- All mem- All membanks Total ti N on a- al State bers banks Total ti N on a- al Stale bers banks ti N on a- al State bers banks ti N on a- al State bers i NTew England: i M assachusett s 1 1 2,426 2,426 Connecticut 1 2,683 i 2, 683 Middle Atlantic: New York. 1 1 269 269 New Jersey 0 1 i 1 7,572 6,056 6, 056 1,516 i East P N en o n r s t y h l v C a e n n ia tr al . : . 12 4 4 8 9, 533 2,035 2,035 7,498 ! d Ohio 13 4 2 9 11, 639 3,228 1,451 1,777 8,411 1 1 412 412 Indiana 27 2 \ 1 25 13, 490 6,373 392 5,981 7,117 7 2 596 2. 596 Illinois 93 3 2 1 20 9,027 1,338 1,199 139 7,689 3 3 456 456 Michigan 2 2 800 800 Wisconsin 4 4 1,831 1,831 3 3 1,280 1,280 West North Central: . _ Minnesota 6 2 I 4 1,176 703 703 473 Iowa 18 1 17 4,191 169 169 4,022 N M o is r s th o u D ri akota 21 1 3 3 1 1 8 4,3 1 0 1 0 7 820 820. 3,4 1 8 1 0 7 3 .... 3 .. 1,171 1,171 3 South Dakota _ 7 7 2,717 2,717 4 1,185 1,185 N K e a b n r s a a s s ka 5 6 -. .. 6 5 1. 5 6 7 3 6 2 1,6 5 3 7 2 6 2 1 1 2 35 9 6 3 93 356 w South Atlantic: d Virginia 3 3 628 628 3 3 1,155 1,155 ^Vest Virginia 5 1 1 4 3,438 316 316 3 122 North Carolina. 5 5 1,817 1,817 17 1 16 3,168 404 2,764 8 2 1 1 6 1, 507 577 290 287 930 Grporfifia. 14 3 2 1 11 5,389 1,381 1,281 100 4,008 Florida, 4 1 1 3 2,317 1,100 1,100 1,217 1 1 816 816 East South Central: Kentucky 4 1 1 3 4,894 502 502 4,392 2 2 551 551 Tennessee 11 11 1,193 1,193 2 2 140 140 11 3 2 1 8 2,474 958 602 356 1, 516 Mississippi 30 6 5 1 24 20,478 9,801 9,402 399 10,677 19 3 1 15 10,206 2,755 911 6,540 West South Central: Arkansas 10 4 3 1 6 3,140 2,167 1,965 202 973 28 2 1 25 7,182 963 202 6.017 Louisiana 2 2 267 267 Oklahoma 2 2 203 203 Texas 8 3 3 5 2,730 1,615 1,615 1,115 1 1 177 177 Mountain: M^ontana 1 1 36 36 Colorado 3 3 406 406 Utah 1 1 1,035 1,035 Nevada 1 1 52 52 I Pacific: ! "Washington 1 1 231 231 Oregon 5 2 1 1 3 1,591 738 385 353 853 1 Total 277 46 35 n 231 122, 696 39, 877 24, 227 15, 650 82,819 99 8 2 89 36.053 4,392 1,113 30, 548 NOTE.—No suspensions in Arizona, California, Connecticut, Delaware, District of Columbia, Idaho, Maine, Maryland, Massachusetts, New Hampshire, New Mexico, Rhode Island, Vermont, or Wyoming. Back figures.—See Bulletin for February, 1931; also Annual Report for 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON CALL DATES DECEMBER 31, 1927, TO DECEMBER 31, 1930 [Amounts in thousands of dollars] 1927 1928 1929 1930 Dec. 31 I Feb. 28 June 30 Oct. 3 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 Mar. 27 June 30 Sept. 24 j Dec. 31 RESOURCES Loans (including overdrafts)..._ J23,886,393 23,098,936 24,302,787 24,325,010 25,155,255 24,944,641 25,658,491 26,164, S29 26,150,061 25,118,783 25,213, 738,011 23,870, 488 TT*%i4-rt^l ci4-rt J-,-vrt O rtT-r^««•-*-»rt-r. J- nsin.•••*{-*•;«« o r^TT TCTI A O-I er onnl A C\C\A TOA A4, 3oo8er5 ,8O3O0A A OH *ic\t\ A A CO r\en A t e A r\f\r\ A AOI ^Qftl Q Qf*O Q£& J 4A,O0P8 5rw,r0\r»0l 6!^ 4n,0/»6i1,395 4,095,270 4,124,776 6,218,145 5^ 727* 30C>l 5^920*, 9215,851,908, 6,380,494 ".638,969 6,864,247 TM. outiaali Mloxarnans Maon ad uiun v11e1 sitrmaueunctsu ia |34,w21x6, «; i9u1,2 U1I3S3JU; U68, w8,o3o8, 8i» o3o5 ;i »«0*6,i ;v v1i7,3 na34 ;3 49,2 982i8 9,8 95 8535,683; 935 35,393; 026 35; 710; 961 35,913,77l|35,933,950, m3 5i; \m05 5A; AW6'9AW7 3A5 m; w 65f5*; ffQ Off472,250 3144,1,859,511 C~ ust'o mers' liability on account. of ac.c.e ptances i 699, 17 01 695,319 710,207 727,258 929, 540_»_ 8—36.-, 028 802,188988,912j 1,252,147 " "1,111,153 928,8807 912,852 1,117,833 Banking house, furniture, and fixtures 1,067,200; 1,077,529 1,099,210 1,105,558 1,107, 287 1,118,418 1,169,752 1,175,3931 1,190,306 1,202,486 217£963 230, 754 1, 240,444 Other real estate owned I 177,229| 180,51l| 184,109 178,443 177, 716 184,873 179,878 182,796 18; 188,815 ' 190,995 197,869 191,169 C R a e s s h er v in e v w a i u th lt Federal reserve banks ! j 2 , 5 5 1 2 4 3 ,4 ,3 6 7 5 0 1 j 2,3 5 6 2 6 5 , , 6 9 0 9 5 2 2,3 4 4 4 2 9 , , 0 1 4 9 5 8 2,3 5 4 1 8 9 , , 0 1 1 2 8 6 2,4 5 0 6 9 4 , , 3 3 6 8 7 4 2,3 5 3 1 8 6, , 5 7 6 4 9 2 2,3 4 5 3 9 3, , 0 4 7 9 7 1 2,3 4 2 9 1 7 , , 8 2 0 1 8 2 ! 5 2, 5 37 ! 3 , ,760 2,3 49 5 6 2 , , 7 6 3 3 8 3 2,4 4 0 84 7 , ,9 2 6 6 0 2 4 4 7 1 0 4 , , 3 9 6 9 7 1 2, 5 4 9 7 2 4 , , 5 5 0 0 4 9 Items with Federal reserve banks in process of collec- ! I tion j 784,391 j 680, 492 856, 655 967,836 841, C06| 775, 822 923,363, 994,373: 719,201 836,471 698,871 757, 216 Due from banks in United States ; 2,209,83) 1,940, 619 1,897, 231! 2,026,259 2,124,252 1,741,478 1, 885,1671 2, 004, 938! 2,167, 756 1, 901, 517 3, 360, 3772, 462, 827i 2,455, 948 Due from banks in foreign countries (including own branches). 258,337 269, 373 291, 490 286, 686 305, 299! 287, 248 272, 682 246, 996 263,834 247, 612, 220,7 202, 447 260,818 Exchanges for clearing house and other checks on local banks 1,508,418 1,311,817 1,447,219 1, 634, 689 3,493, 061! 2,486,203 1,446,186 2,132, 331 2, 762,463 1,616,954- 2,645.057 1,146.915 2, 076,189 Outside checks and other cash items 200,159 134,916 217, 291 163, 527 203,884 142, 395 j 11 102, 363 139,056 65,331 51, 706 92,766 Redemption fund and due from United States Treasurer 33,281; 32,823 33, 025 33, 001 32,995 32, 7611 32, 715 32, 828 32,889 32,823 32, 604 i 32,318 Acceptances of other banks and bills of exchange or drafts sold with indorsement 431,968 454,958 436,486 433,668 677, 994j 475,155J 453,826 551,587 735,193 612,193! 557,748 592,732 662,686 Securities borrowed ._ _ 35, 212 29, 248 37,733 36,551 35,947 48,844! 36,337 32, 592' 35, 533 25,744; 26,324 23,866 21,069 Other assets.- 197, 666 186, 677 204,940 205, 273 222,149 229, 7511 232, 621 198, 700! 219, 379 231,482 223,114 242,062| 222,911 Total 441888,_140 43, 581, 656 45, 091,849 45,483, 697 48,935,646 46, 673,097 45,908,00147,305,588 48,843,078 45t860,"379 47,906,740;46,153,113147,057,891 LIABILITIES Capital stock paid in _. 2,337,780 2, 345, 519 2,415, 376 2,453, 859 2,474,223 J, 563, 278 2,646,9282, 739, 645 2, 757,113 2, 744,975 2, 721,997 2,728,664 2,665,151 Surplus.- -. 2,124, 020 2,144,182 2, 285, 536 2, 382, 393 2,440, 709 >, 548,155 2,650,336 2,811,269 2,864,612 2,881,944 2,870,800 2,903,258 2,822,091 d U Re n s d e i r v v i e d s e d fo r p r d o i f v it i s d — en n d e s t , contingencies, etc __. \ 879,480 914,114 924, 012f I 1 8 2 8 0 6 , , 0 0 2 2 0 5 | 8 1 3 5 2 1 , , 5 7 6 4 4 4 9 1 1 4 8 4 , ,2 1 4 4 2 5 8 1 8 6 2 4 , , 8 4 0 3 6 0 9 14 8 3, 0 ,9 6 2 0 8 3 9 1 0 7 9 7 , , 2 5 5 4 2 8 9 1 5 7 6 6 , , 0 61 5 0 3 9 1 5 8 0 2 , , 9 0 4 7 0 2 1,0 1 0 8 9 5 , , 4 6 3 0 5 2 : 2 8 1 9 1 4 , , 4 3 0 8 7 8 E Reserves for interest, taxes, and other expenses accrued D D u u a e e n d t t o o u o F n t p e h d a e e i r d r a b l a r n e k s s e r in v e U b n a i n te k d s States ___ .__ 3,8 1 0 5 2 8 8 2 , , , 2 0 7 2 7 5 2 3 7 3,4 1 9 4 3 5 5 7 , , , 3 7 3 6 2 4 0 2 5 1 3, 2 1 4 6 4 9 3 5 , , , 8 4 4 2 9 5 3 4 8 ! | 3,4 1 6 6 6 2 5 0 , , , 3 4 3 7 3 7 8 7 9 j | 3, 6 1 4 5 20 9 6 , , , 5 0 6 1 3 7 7 0 6 ] : 3, 0 1 5 7 5 1 7 0 , , , 1 0 4 4 8 3 4 4 3 3, 0 1 5 9 4 1 1 8 , , , 8 8 6 8 2 3 3 5 9 ! | 3,1 1 5 5 7 5 3 2 , , , 1 0 7 9 7 2 3 7 0 3, 1 5 5 3 1 4 7 7 , , , 3 4 6 2 6 5 5 0 8 3,2 1 0 5 7 4 5 1 , , , 9 3 8 1 1 9 5 6 6 3,8 1 3 4 4 1 8 6 , , , 2 6 9 0 5 6 6 6 0 1, 1 8 4 8 1 7 2 7 , , , 1 3 1 4 9 3 7 7 2 3,8 1 7 4 2 2 9 1 , , , 2 1 8 6 9 4 7 0 2 H i S — 2 t | Due to banks in foreign countries (including own branches) 745,691 643,372 613,732, 508,571 543,273 462,649 464,871 j 481,696 576, 664 498, 075 571,766 660, 612 634, 927 Certified and officers' checks outstanding 839,556 848, 064 787,770 l,041,114| 2,184,138! 1,739,947 753,620 1,405,446! 1,603,562 1,134,283 1,493,437 771,941 1,223,777 Cash letters of credit and travelers' c.h ecks outstanding„._. 21,,6 .4..1. _29_,,0._1_5 1 43,177| 27,338' 23,128, 27,385 43,182, 27,613! 23,460 25,038 41,389 26,638| 20,960 Demand deposits ,18,170,14017,304,64617,606, 564 17,501,430|l8,903,65817,708,269 17,814,603 17,937,47818,861,, 558822 17',, 078, 905 18,061,977 16,838,351117,501,550 Time deposits __J12, 764, 79812,922, 638 13,438, 585 13,409,608113,453,311 13,328, 712 13,325, 06613, 317, 64913,233,481 13,551188;, 773311 13,811,97813,944,86813,546,201 United States deposits ! 266,9811 86,032l 256,68lj 158,7611 261,505| 410,867| 347,967 315,479 143,203 3~2~4", 89"3"1 280,769 257,185 267, 415 Total deposits _ Q3C6 ,f6i<6iO9 ,'l1n0o*2K 359^,3*7 4a;t8&4t9a 36n,-0n5 9Q;o8a 2t6a 36II,A17 4O;Q57I'—8 39,074;560 36,799,34635,892,831 36,694,158 38,013,735 35>,, 836,156 38,139,1"7"8 36,363,87437,116,939 Agreements to repurchase U. S. Government or other securities sold 32,785 21,375 18,103 95,161 134, 084! 102,423 103, 758, 149, 090 136,957 66,214 37,164 38,144 158,141 Bills payable and rediscounts: With Federal reserve banks__ _ 583,266 485,874, 1,095,997 1,019,789 1,040, 608 981,434 1,029,391 899, 311 646,334 206,124 273,880 172,5: 248,017 All other 80,209 95,018! 113,440 134,127 121, 57f 171, 601 168,975; 250,587 232,188 140,467 161,090 143, ' 107,151 Acceptances of other banks and bills of exchange or drafts sold with indorsement-- 431, 968 454,9581 433, 665 677,9941 475,155 453,826; 551,586 735,193 612,193 557, 748 592,732 662, 686 Acceptances executed for customers 721,473 705,001; 716,270 717,931 928,329; 846,370 800,423! 984,670 1,276,159 1,125,907 925, 576 929,337 1,138,624 Acceptances executed by other banks for account of reporting banks _ 22,318 26,008| 28,235 41,417 43,636; 45,025; 42, 075 40,400 29, 647 24,654 34,998 18,127 15,031 National-bank notes outstanding 649,877| 646,162; 648, 046 649,893! 647,354 648, 944 640, 610 645, 562 647,481 649,098 "»9i 639,640 Securities borrowed-- _.- 35,936 29,352| 37, 782 36,556 35, 947 48,844 36,337 32,592 35, 533 25,744 26, 324 23,866I 21,069 Other liabilities-. 191,169 201,8991 166,726 189, 692 209,109 224,581 238,116i 214,946 245,585 239, 961 226,915 236,366 Total- 44,888,14043,581,65645,091,84945,483,691 48,935,64646,673,097,45,908,001,47,305, 58848,843,07845,860,37947,906,74046,153,113,47,057,891 Number of banks.. 9,034 8,6 8,929 8,837 8, 755| 8,707, 8,616 8,522 8,406 8,315 8,246j 8,052 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL AND STATE MEMBERS—CONDITION ON DECEMBER 31, 1930, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks l State bank members ij Central Other Central Other i Central Other Total || ™g™ re c s i e t r y ve C b o a u n n k t s ry Total re c s i e t r y v e j re c s i e t r y ve C b o a u n n k t s ry Total I I re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry ii banks banks banks banks ! banks banks -I- Loans (including overdrafts) .23,870,4881 7,490,506j 8,379,156 8,000,826 114,346, 762 3,,293, 131, 264 5, 922, 296 9, 523, 726:4,197, 304 3,247,892 2,078!,,530 United States Government securities ._: 4,124,776i| 1,479,081 i 1,486,289 1,159,406 2,649,262!! 670,922^; 009,109 969,231 1,475,514, 808,159 477,180 190,175 Other securities ._ i 6,864,247! 1,473,861! 2!,,0033LL140 3,359,246 4,429,613!l 641,104 1,159,964 2, 628, 545 2,434,634 832,757 871,176 730, 701 Total loans and investments 34,859,511 10,443,44811,89?,58512,519,478 21,425,637 4,,605,228 7,300,337 9,520,072 13,433,874! 5,838,220 4,596,248 21,,999,406 Customers' liability on account of acceptances i 1,117,833 858,038 245,8661 13,929 613,607 412, 584 192,365 8,658 504, 226 445,454 53, 501 5,271 Banking house, furniture, and fixtures j 1,240,444 255,641 448,872J 535,931 811,499 115,326 281,909 414,264 428,945:: 140,315 166,963 121,667 Other real estate owned _ I 191,169 12,498 67,432 111,239 120, 719 : 6,375 28, 287 86,057 70,450: 6,123 39,145 25,182 Cash in vault i 592, 504J 105,970! 169, 217 317,317 405,821 41,621 110,411 253,789 186, 683 64,349 63, 528 Reserve with Federal reserve banks _ _ '• 2,474,509;1,109,346| 770, 591 594,572 1,460,365 494,857 503, 612 461,896 1,014,1441 614,489 266,979 132,676 a Items with Federal reserve banks in process of collection _ 757,216 j 272, 963 348,204 136, 049 450, 229 131,376 231,312 87, 541 306,9871 141,587 116,892 48,508 Due from banks in United States . _! 2,455,948i' 339, 574 1,141, 771 974,603 1,777,037 131,90l! 836,975 808,161 678,911: 207,673 304, 796 166,442 Due from banks in foreign countries (including own branches) i 260,818 188, 571 69,411 2,836 204,448 142,811 59,882 1,755 56,370;i 45,760 9,529 1,081 Exchanges for clearing house and other checks on local banks ; 2,076,189 1,617,600 361,952 96, 637 1, 010,263 710, 644 239,191 60,428 l,065,926!; 906,956 122, 761 36,209 i Outside checks and other cash items. 92,766 13, 526 54,222 25,018 63,011 5,290 37,770 19,951' 29,755I 8,236 16,452 5,067 Redemption fund and due from United States Treasurer 32,318 2,220 7,426 32,318|; 2,220 7,426 22,672 Acceptances of other banks and bills of exchange or drafts sold with 22,672 indorsement - - 558,973 98,309 244,489!; 195,269 43,921 5,299 418,197 363, 704 54,388 105 Securities borrowed 21,069 9,752 5,404!! 15,803j!. 7,046 8,757 5,266 2,706 2,560 Other assets _ 222,911 j | 85,669 80,933 56,309J 118,586 | 38,600 41, 507 38, 479 104,325 47, 069 39,426 17,830 Total.. 47,057,891i !l5,864, 037 15,770,543 15,423,311 28, 753,832J .7,034,102 9,921,95111,797,779! 18,304,059 8,829,935 5,848, 592 3, 625,532 LIABILITIES Capital stock paid in 2,665,151 838, 642 841,701 1,718,7341 408,532 545,90S 764,297 946,417 430,110 295, 796 220,511 Surplus ! 2,822,091 ., 109, 306 854,245 858, 540 l,546,302i 456,696 447,968 641,638 1,275, 789 652, 610 406, 277 216,902 w Undivided profits—net 894,388 339,903 231,335 323,150| 5K11K5 ,338»11 i 110277 ,0H9Q77 133,92£ 254,359 379, 007 212, 806 97,410 68,791 d R R e e s s e e r r v v e e s s f f o o r r i d n i t v e i r d e e s n t, d s ta , x c e o s n , t a in n g d e n o c th ie e s r , e e x tc penses accrued and unpaid. 2 1 1 21 1 , , 1 4 9 0 0 7 ! , I 4 77 7 , ,9 7 7 4 2 3 3 7 8 2 , ,1 4 2 0 4 2 6 3 1 4 , , 5 8 4 1 0 6 ; 1 6 0 4 8 , , 2 2 7 6 7 9 ' I 2 1 6 6 , , 9 4 6 1 7 4 4 2 1 4 , , 4 3 2 6 2 t 3 23 9 , , 4 8 9 8 4 0 1 5 0 6 3 , , 9 1 1 3 3 8 3 5 1 0 , ,7 55 ^' 8 3 14 0 , , 7 0 0 3 2 3 2 1 1 1 , , 6 32 6 2 0 1 Due to Federal reserve banks 49,267' 9 9,420 39,838 32,416 i 6,97t 25,437 16,851 9 2,441 14,401 Due to other banks in United States 872,842' ., 713, 815 1, 772, 505 386, 522 2,360,920|i 733, 724 1., 321, 34cr: 305, 851 1,511,922 980,091 451,160 80, 671 Due to banks in foreign countries (including own branches). 634,9271 577, 274 55,722 1,931 388, 5971 342, 517 44, 671 1,409 246, 330 234,757 11,051 522 Certified and officers' checks outstanding 223, 7771 874,584 237,458 111,735 633, 590i 390, 568 163, 089 79, 933 590,187 484, 016 74, 369 31,802 Cash letters of credit and travelers' checks outstanding 20,960i 15,105 5,471 384 8, 777; 3,349 5,265 163 12,183 11, 756 206 221 Demand deposits • 501,550, i, 687,470 5, 594,468 5, 219, 612 10, 622,893 3,057,9973, 616,026 3, 948, 870 6,878, 657 3,629, 4'7""3 1,978,4421,, 270,742 Time deposits _ 546,201 i ., 805,404 5, 202,345 6,538,452' 711, 72111 764,1412,962,619 4, 984,961 4,834,480 1,041,263 2,239, 726 j,i; 553,491 United States deposits _ 267,415'! 62, 640 151,867 52, 9081 160,638 21,108 102, 045 37,485 106, 777 41, 532 49,822 15, 423 A T g o r t e a e l m d e e n p t o s s t i o t s repurchase U. S. Government or other securities sold.. 37,1 1 1 58 6 , , 1 9 4 3 1 9 . 1, 1 7 0 3 0 6 , , 9 3 2 0 1 113,0 4 2 2 9 , , 2 2 5 3 6 7 12!,, 3 1 5 4 1 , , 9 3 8 8 3 2 ; !22,91 33 9 , , 5 0 5 73 2 1 1, 4 5 0 0 4 0 8S,22 1 2 8, , 0 9 3 7 9 0 9,38 1 4 2, , 1 6 0 0 9 3 14,1 1 9 2 7 5 , , 3 0 8 6 7 8 6,42 9 2 9 , , 4 8 2 9"~7 1 43 ,80 2 7 3 , , 2 2 1 6 7 7 ,2,,96 2 7 , , 3 27 8 3 0 Bills payable and rediscounts: With Federal reserve banks _ 248,017i 20, 516 63,380 164,121 185, 732 52,172 128, 716 62, 285 15, 672 11,208 35,405 All other 107,151! 16,024 11, 638 79,489 j 69, 8741 7,170 62, 065 37, 277 15,385 4,468 17,424 Acceptances of other banks and bills of exchange or drafts sold with indorsement _. . 662,686 558,973 5,404 244,489! 43,921 5,299 418,197 363,704 54,388 105 Acceptances executed for customers _ 138,624! 873,151 252,889| 12, 584 625,4501 197, 381 7,719 513,174 452,801 55, 508 4,865 Acceptances executed by other banks for account of reporting banks,. 15,0311 9,878 3,471 1,6821 8,242: 3,227 1,245 6, 789 6,108 244 437 National-bank notes outstanding _. - 639,640 44,119 144,298 451,223 639, 640: 144, 298j 451, 223 Securities borrowed - 21,069; 9,752 11,317 15,803! 7,046 8,757 5,266 2,706 2,560 Other liabilities 236,366 90, 588 77,506 68,272: 59,014 32,138 12, 375 177,352 76,087 45,368 55,897 Total 47, 057,891 15,864,037 15,770, 543 15,423, 311 28,753,832| 7, 034,102 9,921,95111,797,779 18,304, 059 8,829,935 5,848,592 3,625,532 Number of banks 8,052 62 402 7,588 7,C 29 287 6,717 1,019 33 115 871 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. NOTE.—For additional detail (by districts, States, cities, and class of bank) see Member Bank Call Report No. 50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Page Page Federal reserve bank buying rates on 128 Elements analysis 126, 127, 171 Held by Federal reserve banks. _ 127, 167, 168, 171 Employment in manufacturing industries 133, 135 Held by group of accepting banks ^ - 130 Exports, merchandise 136 Held by member banks 129 Factors: Open-market rates on 128 Of decrease in reserve bank credit out- In foreign countries 157 standing 127 Outstanding 130 Of increase in reserve bank credit out- (See also Review of the Month.) standing 127 Adjusted-service certificates, loans on, change Factory employment and pay rolls 133, 135 in law and regulations 160-166 Failures. (See Bank suspensions; Commercial Agriculture. (See Farm products; Deposits of failures.) member banks in smaller centers.) Farm products, prices of 133, 137, 1§9 All banks in the United States. (See Condition Federal reserve bank buying rates on acceptstatements.) ances 128 Annual report of the Bank of France 146 Federal reserve bank credit and factors in Balance sheets of foreign central banks 153, 154 changes 126, 127 Bank debits'. 145 Federal reserve bank reserves, deposits, note Bankers' balances 140, 143 circulation, and reserve percentages 139 Bank suspensions 131, 142, 173-175 Federal reserve discount rates 128 Bills bought, holdings of Federal reserve banks. Federal reserve notes 139, 167, 168, 171 Fiduciary powers granted to national banks 170 (See Acceptances.) Float, reserve bank 127, 167 Bills discounted, holdings of Federal reserve Foreign countries: banks 127, 167, 168, 171 Annual report of Bank of France 146 Brokers' borrowings . 130 Balance sheets of central banks 153, 154 Brokers' loans 130 Condition of central banks 153-155 Building statistics 133, 136, 145 Condition of commercial banks 156 Business conditions, national summary of 125 Discount rates of central banks 157 Business failures 145 Exchange rates 152 Capital issues, domestic and foreign 132 Gold holdings 151 Changes in membership in Federal reserve Gold movements 151 system 169 Government note issueJ and reserves 156 Charts: Money rates 157 Reserve bank credit and factors in changes. 126 Securitjr prices 158 Discounts of Federal reserve banks, by Wholesale prices 159 districts 138 Freight-car loadings 133 (See also Review of the Month.) Gold: Commercial failures 145 Analysis of changes in stock of United Commercial paper outstanding 130 States 127 Condition statements: Circulation 171 All banks 129, 171 Earmarked 127 All member banks 129, 141, 171, 172, 176, 177 Exports and imports 127 On Dec. 31, 1930 176-177 At New York 127 Bank for International Settlements 152 Elsewhere 127 Central banks in foreign countries 153-155 Holdings of central banks and governments. 151 Commercial banks in foreign countries 156 Movements 127, 151 Federal reserve banks 127, 167, 168 Production 127 Member banks in leading cities 130, 143 Stock of United States 126, 127 Nonmember banks 129 Imports, merchandise 136 Reporting member banks 130, 143 Indebtedness of member banks at Federal re- Debits to individual accounts. (See Bank debits.) serve banks 128, 139 Department stores, sales and stocks 136 Index numbers of Federal Reserve Board 133-135 Deposits: Industrial production, index of 133, 134 All member banks 129, 139, 140 Interbank loans: Central banks in foreign countries 153-155 Volume of 131, 141, 171 Federal reserve banks 139, 167, 168 Rates on 144 Member banks in larger and smaller centers. 140 Interest rates. (See Money rates.) Reporting member banks 143 Loans and investments. (See Condition state- Discount rates: ments.) Central banks in foreign countries 124, 157 Manufacturing industries: Federal reserve banks 128 Index of production 133, 134 Discounts, holdings of Federal reserve banks. Index of employment 133, 135 (See Bills discounted.) Index of pay rolls 133, 135 178 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

179 MARCH, 1931 FEDERAL RESERVE BULLETIN Page Page Maturity distribution of bills and short-term Par list, number of banks on 171 securities 171 Par of exchange for 44 countries 152 Member bank borrowings at Federal reserve Pay rolls in manufacturing industries, index of_ 133, 135 banks (see also Bills discounted) 128 Prices of commodities (wholesale), indexes of: Member bank reserve balances. 126, 127, 139, 167, 168 Foreign countries, all commodities 159 Member banks. (See Condition statements; Foreign countries, groups of commodities_. 159 Deposits, etc.) United States, all commodities 133 Membership in Federal reserve system, changes United States, groups of commodities 137, 159 in 169 Prices of securities, indexes of 132, 158 Membership in par collection system 171 Production: Minerals, index of production 133, 134 Industrial, index of 133, 134 Monetary gold stock of the United States 126, 127 Manufactures 133, 134 Monetary units of 44 countries 152 Minerals , 133, 134 Money in circulation: Regulation G, revision of 161 By kinds 171 Reporting member banks: Chart showing 126 Borrowings at Federal reserve banks. 128, 130, 143 End of month 171 Loans and investments 130, 143 Monthly averages of daily figures 127 Due to banks 143 Weekly averages of daily figures 126, 127 Reserve bank credit outstanding and factors in Money rates: changes 126, 127, 171 Acceptances, New York City 128 Reserve bank float 127, 167 Acceptances, foreign countries 157 Reserve ratios of Federal reserve banks 139 Call loans, New York City 128 Reserves: Call loans, England, Germany, Japan 157 Federal reserve banks 139, 167, 168 Charged customers by banks in principal Member banks 126, 127, 139, 167, 168 cities 128 Central banks in foreign countries 153-155 New York City 128 Review of the month—The banking position __ 121-124 Eight other northern and eastern cities. 128 Security prices, indexes of 132, 158 Twenty-seven southern and western Silver, price of 152 cities 128 Stocks at department stores, index of 136 Commercial paper 128 Time deposits of member banks 129, 140, 143 Interbank loans 144 Treasury currency (adj usted) 127 Open market 128 Unexpended capital funds of Federal reserve Time loans 128 banks 127 U. S. Treasury notes and certificates, yield on__ 128 United States securities, holding of Federal U. S. Treasury bonds, yield on 128 reserve banks 127, 167, 168 National banks granted fiduciary powers 170 United States Treasury notes and certificates, National summary of business conditions 125 yield on 128 Nonmember banks 129, 131,142, 171, 173-175 United States Treasury bonds, yield on 128 Nonmember deposits, etc., of Federal reserve Veterans', World War, loans to; change in law banks 127 and regulations 160-166 "Other" reserve bank credit 127, 167 Wholesale prices. (See Prices.) "Other securities" held by Federal reserve banks 127, 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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