Federal Reserve Bulletin, 1931-04

FEDERAL RESERVE BULLETIN APRIL, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Treasury Operations and the Banks Business Conditions in the United States Annual Reports of Central Banks: Switzerland, Belgium, Danzig 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, Presidents District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank ! Chairman Governor Deputy governor Cashier of- ! Boston... j Frederic H Curtiss... Roy A. Young . W. W. Paddock. W. Willett. W. R. Burgess C. H. Coe.1 New York ! J. H. Case... Geo. L. Harrison.. J. E. Crane Ray M. Gidney.i A. W. Gilbart.. J. W. Jones.» E. R. Kenzel. W. B. Matteson.i Walter S. Logan J. M. Rice.* L. R. Rounds Allan SprouU L. F. Sailer Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland.. George DeCamp E. R. Fancher j M. J. Fleming.. _ H. F. Strater. Frank J. Zurlinden... Richmond Wm. W. Hoxton George J. Seay _:C. A. Peple— Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.2 Atlanta Oscar Newton Eugene R. Black ! W.S.Johns M. W. Bell. H. F. Conniff W. S. McLarin, jrJ Chicago Eugene M. Stevens,~ J. B. McDougal, C. R. McKay „ W. C. Bachman.i John H. Blair __. D. A. Jones.* J. H. Dillard O. J. Netterstrom.i E. A. Delaney.1 St. Louis John S. Wood Wm. McC. Martin._.; O. M. Attebery. S. F. Gilmore.3 A. H. Haill.' F. N. Hall.* G. O. Hollocher.» C. A. Schacht.* Minneapolis-_ _. John R. Mitchell | W. B. Geery !Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.J Kansas City.. _ M. L. McClure j W. J. Bailey i C. A. Worthington... J. W. Helm. J. W. Helm Dallas... C. C.Walsh Lynn P. Talley. R.R.Gilbert Fred Harris. R. B. Coleman W. O. Ford.i San Francisco Isaac B. Newton \ Jno. U. Calkins Wm. A. Day... Wm. M. Hale. Ira Clerk i Assistant deputy governor. * Coatroller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: 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 possessions, $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—Treasury operations and the banks 181 Treasury financing on March 15—Technique of operations—Results of financing— Bank deposits and reserves—Influence of bank balances—Two periods contrasted. Changes in discount rates 184 Condition of all banks in the United States on Dec. 31, 1930 184, 239-241 National summary of business conditions 185 Annual report of the Swiss National Bank 198 Annual report of the National Bank of Belgium 207 Annual report of the Bank of Danzig 213 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart arid table) 186, 187 Analysis of changes in monetary gold stock, gold movements 187 Member bank borrowings at Federal reserve banks 188 Discount rates and money rates 188 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 189 Bank suspensions 191 Number of banks, banking offices, banks operating branches 191 All member banks— Loans and investments, deposits, reserve position 189 Loans to banks 191 Loans to customers, open-market loans and investments 189 Holdings of eligible assets (Government securities and eligible paper) 191 Weekly reporting member banks in leading cities 190, 229 Bankers' acceptances, commercial paper, brokers' loans _ 190 Security prices, security issues, and security loans 192 Production, employment, car loadings, and commodity prices 193 Industrial production 194 Factory employment and pay rolls 195 Building contracts awarded, by types of building 196 Merchandise exports and imports - 196 Department stores—Indexes of sales and stocks 196 Wholesale prices, by groups of commodities 197 Financial statistics for foreign countries: Gold holdings of central banks and governments, gold movements 214 Foreign exchange rates 215 Bank for International Settlements 215 Central banks 216-218 Government note issues and reserves 219 Commercial banks 219 Discount rates of central banks 220 Money rates 220 Price movements: Security prices 221 Wholesale prices 222 Retail food prices and cost of living 222 Banking and business conditions in Federal reserve districts (chart and tables) 223-231 Detailed Federal reserve statistics, etc 232-236 Index 242 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 APRIL, 1931 No. 4 REVIEW OF THE MONTH notes maturing March 15, outstanding at the end of February in an amount of $1,109,000,000, In recent weeks changes in the banking of which all but $70,000,000 were presented position have been influenced largely by during the period March 16-23, either for exoperations of the United States change into securities of the new issues or for Treasury Treasury. Loans and invest- payment in cash. The payment on Monday, nnancing on - March 16, of maturing obligations resulted, in March 15 ments of member banks m view of unavoidable delay in the collection of leading cities increased by checks, in Treasury disbursements on that day $500,000,000 during the week ending March 18, substantially in excess of cash receipts from the increase representing chiefly allotments to tax payments and from the sale of the new these banks of United States obligations issued issues. To cover this excess of disbursements on March 15, for which the banks paid by the Treasury issued a temporary certificate of deposit credit. There was relatively little indebtedness aggregating $170,000,000. Had decrease in the banks' investments in the follownothing been done to offset the effects of ing two weeks, although Government deposits Treasury disbursements until tax checks were were withdrawn in considerable volume. Treascollected, there would have been a large temury disbursements in excess of receipts during porary increase in member bank excess reserves, the mid-month period resulted in a temporary with a consequent condition of artificial surplus of funds, and member bank borrowings ease in the money market. In order to absorb at the reserve banks declined to the lowest point these funds, the Federal reserve banks sold in recent years, while Government security to member banks participations in the Treasholdings of the reserve banks temporarily inury certificate amounting to $106,000,000, of creased. A brief description of Treasury operawhich $86,000,000 was taken by New York tions in March is given in the following parabanks and $20,000,000 by Boston banks. graphs. Similar arrangements were made from day to From the point of view of the Federal reserve day thereafter involving diminishing amounts system the problem connected with the quarof temporary certificates, the participation of °f terly financial operations of the member banks being terminated on March 20, Treasury in March was one of while the last of the certificates held by the handling the large turnover of reserve banks was redeemed on March 24. funds with a minimum of disturbance to the In addition, the Federal reserve banks during money market. The Treasury operations inthe period March 17-19 made temporary sales cluded the collection of income taxes, the payout of their own portfolio of Government ment of interest on the public debt, and the issue securities, which decreased by $37,000,000 from of $1,500,000,000 of Treasury bonds and certifi- March 15 to March 17, and came back to the cates of indebtedness, of which $1,000,000,000 former level of $600,000,000 on March 20. By represented refunding and $500,000,000 the the use of these methods, the temporary acraising of additional funds by the Treasury for cession of reserve funds to the member banks meeting current and other expenditures during was considerably reduced and the period was the second quarter of the calendar year. The passed with little fluctuation in money rates. securities refunded were 3% per cent Treasury 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN APRIL ,1931 The net result of the operations was to give Deposits subject to reserve requirements the Treasury a working fund with which to showed an increase of $246,000,000 for the meet current expenses and make period—$18,000,000 representing an increase Results of advances of cash to veterans in in net demand deposits and $229,000,000 an financing accordance with recent legisla- increase of time deposits. As against this tion. These loans made to veterans amounted growth in deposits, there was an increase of during March to about $300,000,000, with $55,000,000 in required reserves and, in addimany applications still pending at the end of tion, excess reserves were much larger at the the month and new applications still being re- end of the period than at the beginning, so ceived. Toward the end of March the Treas- that actual reserve balances held by member ury announced the impending issue of $100,- banks increased by $153,000,000. In view 000,000 of 90-day Treasury bills and allotted of the small growth of demand deposits and the this amount on March 30. low reserve requirements against time deposits, A large part of the new issues of Government the increase of as much as $55,000,000 in securities went into the hands of the banks, the required reserves for all member banks appears net increase in the holdings of such securities to call for explanation. The reason for this by member banks in leading cities being $380,- growth in required reserves lies in the fact that 000,000 for the two weeks ending March 25. there was an increase in demand deposits of At the same time Government deposits of these New York City banks, which require a 13 per banks increased by about $400,000,000. Pend- cent reserve, while demand deposits at banks ing utilization of these deposits by the Treasury in other reserve cities (including Chicago with their growth has no effect on the money market, 13 per cent requirements and other reserve since they involve no increase in the reserve cities with 10 per cent) and particularly at requirements of the member banks and con- so-called country banks, which require only a sequently occasion no need for additional bor- 7 per cent reserve, showed a large decrease in rowing at the reserve banks. As the Treasury deposits. The table below shows changes in in course of time draws down these deposits, member bank loans and investments, deposits, however, and the deposits pass from the Gov- and reserves between October 4, 1929, and ernment to private depositors, whose deposits December 31, 1930: require reserves, an increase in reserve requirements of member banks is likelv to result. CHANGES IN MEMBER BANK CREDIT BETWEEN OC- Publication recently of the detailed state- TOBER 4, 1929, AND DECEMBER 31, 1930 ment of condition of member banks at the end [In millions of dollars] of 1930 has provided a basis and redsee??eSsS *°r a closer analysis of banking Member banks All ceding 15 month d s e . v el A op s m w e a n s t s p o d in u t r e i d n g o u t t h e in p th re is - b m a b e n e m r ks - Y N I o e n w rk - re o s t I e h n r e v r e re O s s i e u d r e t v - e review for February, loans and investments of City cities cities member banks had shown a decline of more Loans and investments _ _ -1,054 +432 -226 -1,261 than $1,000,000,000 from the beginning of Deposits: October, 1929, prior to the break in the stock Net demand, total +18 +818 -84 -716 Individual demand -436 +462 -190 -708 market, to the end of 1930. This decrease in Due to banks (net)l +454 +356 +106 -9 Time +229 -78 +536 -229 loans and investments, however, was not ac- Total net demand plus companied by a decrease in deposits, the differ- time. - - _ . +24G +740 +452 -946 Reserves: ence being due chiefly to gold imports, which Required . +55 +104 +8 -57 \ctual +153 +165 +40 -53 create deposits not arising from loans or invest- Excess _ +97 +61 +32 +5 ments, and to open-market purchases by the reserve banks, which have the same effect. * Sum of net balances of individual member banks, as computed for reserve purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 183 The table shows that a shift of deposits oc- The 15-month period of declining money curred from banks with lower reserve require- rates from the autumn of 1929 to the end of Influence of ments to banks with higher 1930 may be contrasted in this bankers' reserve requirements, and that JjntrasteddS respect with the immediately as a consequence there was an preceding period of rising increase in the aggregate reserve requirements money rates and increasing use of credit, for member banks. A closer analysis of these during which the Federal reserve system figures shows further that a large increase pursued a restraining policy; this period lasted occurred in the item known as "due to banks, from the close of 1927 to October, 1929. The net/7 which represents net balances held by comparison is made in the following table: the member banks for other banks, this increase somewhat more than offsetting the decline CHANGES IN MEMBER BANK CREDIT IN SELECTED PERIODS in individual demand deposits. The growth [In millions of dollars] in individual demand deposits, which occurred at banks in New York City, was considerably Period of Period of rising falling more than offset by decreases in that item in money- moneyrates: De- rates: Ocother reserve cities and in country banks, cember, tober, 1929 1927 to Oc- to Decembut bankers' balances increased both at banks tober, 1929 ber, 1930 in New York City and in other reserve cities, with little change in country banks, so that Loans and investments _ +1,667 -1,054 there was a net increase of $454,000,000 in Deposits: Net demand deposits, total -1,153 +18 bankers' balances; it is this growth in bankers' Individual demand -254 -436 Due to banks, net -899 +454 balances which accounts for the greater part of Time deposits +553 +229 the increase in reserve requirements. Bankers7 Total net demand and time -600 +246 Reserves: balances in the past have usually increased Required -109 +55 Actual -193 +153 during periods of slack demand for bank credit Excess -. ._ -84 +97 and low money rates. During such periods member banks in the interior have funds on During the earlier period there was a growth hand for which there is no satisfactory local of member bank credit of $1,667,000,000, but demand and send them to their correspondents total deposits subject to reserve requirements in New York City and other financial centers. diminished by $600,000,000 and total required In view of the low rates prevailing at such reserves by $109,000,000. Actual reserves times on call loans in the money market, diminished even more, because, in view of the furthermore, the country banks find it as tightness of the money situation, the banks profitable to leave these funds on deposit with drew down their excess reserves by $84,000,000. the correspondents, where they draw a small The contrast between the growth in loans and rate of interest, as to lend them on the street. investments and the decrease in aggregate The net effect has been that during a period of deposits during this period is accounted for banking liquidation, low money rates, and an chiefly by the growth in the member banks7 easing policy pursued by the Federal reserve capital funds and by the sale of securities by system, there has been nevertheless an increase the reserve banks, which result in a decrease in in the reserves which member banks are re- bank deposits without changing bank loans and quired to carry, arising from a concentration of investments. The difference between the bankers' balances in the financial centers change in loans and investments and in deposits rather than from increased credit needs of was increased by a decline of $900,000,000 in commerce and industry. bankers' balances, due largely to the rise in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN APRIL, 1931 money rates. The decline in required reserves site direction from the general demand for during this period reflected largely this reduc- bank credit and the course of reserve bank tion in bank balances. These balances exercise policy. a particularly important effect on the volume of required reserves, because they are concentrated Changes in Foreign Central Bank Discount Rates largely in cities that are subject to the highest The following changes have been made since reserve requirements. During the period of the first of March in the discount rates of cenrising money rates preceding October, 1929, tral banks in foreign countries: March 13, South banks in the interior withdrew funds from their African Reserve Bank, from 5% to 5 per cent; correspondents and placed these funds in the April 1, National Bank of Rumania, from 9 to 8 per cent. money market, where they earned much higher rates of return. This transfer of funds from bankers' balances with city correspondents to loans placed through them, resulted in a de- Annual Report of the Federal Reserve Board crease in reserve requirements, and conse- The text of the annual report of the Federal quently tended to decrease the demand for Reserve Board, covering operations for 1930, reserve bank credit at a time when the Fed- was presented to Congress on March 4 and released for publication on the same day. eral reserve system was pursuing a policy of restraint. To sum up, bankers' balances are in the Condition of All Banks in the United States on Denature of a duplication of deposits, because cember 31, 1930 they represent the redeposit with city corre- The Federal Reserve Board's usual quarterly spondents of customers' deposits held by banks compilation of the principal resources and throughout the country. This duplication of liabilities of all banks in the United States— deposits is generally greater at times of low including national banks, State commercial money rates, when interior banks are content banks and trust companies, mutual and stock to leave their balances with their correspond- savings banks, and all private banks under State supervision—is presented for December ents rather than to place them in the market, 31, 1930, in this issue of the BULLETIN. Naand less in periods of higher money rates, which tional totals are given on page 189, district totals attract the funds to the money market. They on page 228, and State totals on page 239. decline and tend to cause a decrease in reserve During the last quarter of 1930 the total requirements and in the demand for reserve loans and investments of all banks decreased by $1,381,000,000, reflecting a decrease of bank credit in periods of rising money rates; and $1,580,000,000 in loans and an increase of by increasing tend to enlarge reserve require- $199,000,000 in investments. The decrease ments and the demand for reserve bank credit for member banks was $613,000,000 and for in periods of low money rates when a smaller nonmember banks $769,000,000. volume of credit is required by trade and in- For the year ending 1930 as a whole the loans and investments of all banks decreased dustry. Changes in the volume of bankers' by $2,208,000,000—from $58,417,000,000 to balances, therefore, through their influence on $56,209,000,000—while those of member banks the volume of reserves required by member decreased by $1,074,000,000 to the level of banks, have a tendency to work in the oppo- $34,860,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ArKiL, 1931 FEDERAL RESERVE BULLETIN 185 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23 and released for publication March 25] Output of most of the important industries industries the rate of increase was larger than increased more than seasonally in February; usual. and although factory employment advanced Distribution.—Daily average freight-carloadat a less rapid rate, the volume of wage pay- ings showed little change from January to February, w^hile ordinarily there is an increase ments at factories also rose by more than the at this season. Sales by department stores usual seasonal amount. The general level of increased slightly. commodity prices continued to decline. Wholesale prices.—Wholesale commodity Production.—Industrial production, as measprices declined further in February, and the ured by the Federal Reserve Board's index, Bureau of Labor Statistics index, at 75.5 per which is adjusted to allow for seasonal variacent of the 1926 average, was about 18 per tion, increased by 4 per cent in February from cent below the level of a year ago. Prices of the low level prevailing in December and many agricultural products decreased con- January. On the basis of the average for siderably, w^hile the price of cotton advanced 1923-1925 as 100, the volume of production in further. In the first half of March there were February was 85, compared with 82 for the considerable increases in prices of silver, livetwo preceding months and 107 for February of stock, meats, and hides, and declines in the last year. At steel mills activity increased prices of petroleum and cotton. considerably, and the output of automobiles Bank credit.—Loans and investments of advanced by somewhat more than the usual member banks in leading cities changed relaseasonal amount. Output of shoe factories and tively little between the end of January and textile mills increased substantially, while the the middle of March. Total loans on securoutput of coal continued to decline. During ities declined, notwithstanding the growth in the first half of March activity at steel mills brokers' loans in New York City, and all other continued to increase. loans showed considerable further liquidation, Value of building contracts awarded in while the banks' investments continued to February was slightly larger than in January, increase. according to the F. W. Dodge Corporation. Volume of reserve bank credit tended down- An increase in residential building was ac- ward in February and showed little change companied by a decrease in contracts for public between March 4 and March 18. Funds arising works and utilities, while awards for factories from gold imports in February were largely and commercial buildings continued in small absorbed in meeting a seasonal demand for T'olume. In the first half of March there was currency, while in the early part of March an increase in the daily average of contracts there was an increase in member bank reserve awarded, as is usual at this season. balances. Factory employment and pay rolls.—Factory Money rates in the open market continued employment increased slightly less than usual at low levels from the middle of February to in February, while factory pay rolls increased the middle of March. Rates on commercial by more than the seasonal amount from the paper were reduced from a range of 2K to 2% low level of January. In many industries the to a prevailing level of 2}i per cent, while rate of increase in pay rolls was about the same rates on 90-day bankers' acceptances remained as in February of other recent years, but in the at \}{ per cent. Yields on high-grade bonds automobile, shoe, woolen goods, and clothing continued to decline. 48611—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN APRIL, 1931 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5400 5400 5200 5000 4800 4600 4400 4200 4000 2600 1927 1928 1929 1930 1931 Based on weekly averages of daily figures; latest figures are for week ending March 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

187 APRIL, 1931 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929.J nk credit outstanding Factors of decrease Factors of increase Month or week i c B o i u ll n s t d ed is- bo Bi u l g l h s t s U e S c n t u a i r t t i e e t s d ies r c O e b r s e a t e d h n r i e k v t r » e Total Mo s g t n o o e c ld t k aryT c j u r u e r ( s r a a t e d e s n u d - c ) r y y i M n la c o ti i n o rc e n u y - M b r a e b e l s a a m e n n r b c k v e e e s r d m e N e p e m o o tc s n b . i - e ts r , p c U f e a u n n p n d e i d t x e a s d - l 1929—October. 885 337 154 74 1,456 4,381 1,785 4,810 2,386 28 392 November 953 296! 315 67 1,631 4,374 ,789 4,845 2,521 33 395 December 803 320 446 74 1,643 4,324 ,797 4,943 2,395 27 399 1930—January 501 314 485 57 1,357 4,283 ,784 4,652 2,349 29 394 February 378 285 480 38 1,181 4,319 ,781 4,556 2,305 27 393 March 274 246 540 35 1,095 4,395 ,797 4,533 2,330 27 397 April 231 266 530 45 1,072 4,443 ,781 4,518 2, 350 28 400 May... 247 182 529 38 996 4,505 ,779 4,497 2, 356 29 398 June — 251 141 571 37 1,000 4,528 ,775 4,489 2,392 27 395 July.-- 226 154 583 40 1,003 4,532 ,789 4,483 2,417 35 389 August.- _ 214 153 599 32 998 4,496 ,787 4,476 2,392 28 385 September 189 j 197 597 33 1,016 4,503 ,785 4,492 2,397 26 389 October 196 I 185 602 37 1,020 4,520 ,787 4,501 2,407 27 392 November 221 ! 184 599 29 1,033 4,553 ,793 4,528 2,433 30 388 December 338 257 644 34 1,273 4,583 ,793 4,823 2,415 27 384 1931—January 253 206 647 23 1,129 4,622 ,784 4,695 2,433 28 379 February 216 102 603 15 936 4,656 .780 4,598 2,370 25 379 March — 176 123 604 18 921 4,682 ,778 4,590 2,386 24 381 Week ending (Saturday)— Feb. 28 193 105 599 14 911 4,663 ,781 4,596 2,357 23 379 Mar. 7 199 114 600 19 932 4,671 L, 765 4,601 2,364 23 380 Mar. 14 _ 179 147; 602 19 947 4,678 •1,768 4,587 2,404 23 379 Mar. 21 166 123 611 16 916 4,685 1,810 4,588 2,414 26 384 Mar.28 157 108 605 14 884 4,689 L, 782 4,577 2,427 24 384 1 Includes "other securities," amounts due from foreign banks, and reserve bank float. 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 month i Gold ! stock • March February January- Month I at end Through Through Through From or to— (preliminary) February ! Of ; net gold ear- domestic i month Total im o p r ort m o a p r e k r i a n - g pr t o io d n uc- Im- Ex- Im- Ex- Im- Exexport tions etc.1 ports ports ports ports ports ports 1929—July 4,341 i 16.3 34.7 -22.0 3.6 England 9 9 August 4,360 | 18.9 18.4 -1.0 1.5 France 1 4 September. 4,372 12.1 17.6 -6.6 1.1 October 4,386 14.4 17.5 -4.5 1.4 Italy 1 November. 4,367 -19.2 -23.2 1.0 2.3 Netherlands December.. 4,284 -82.9 -64.4 -22.0 3.5 Canada 1,287 14 23, 849 20 Central America 58 185 Total (12 mos.)_ 142.4 175.1 -55.4 22.; Mexico 3,579 - -_ 303 839 Argentina 11,547 9,289 14,730 _ 1930—January 4,293 8.8 4.0 2.5 2.3 February.. 4,355 61.9 60.0 0.0 1.9 B C r h a i z le il . _ 11 • 42 i March 4,423 68.2 55.5 13.0 -0.3 Colombia 2,919 116 3,138 A M p a r y il 4 4 , , 5 4 1 9 7 1 6 25 8 . . 9 5 6 2 5 3 . . 7 5 0 2. . 0 5 2 0. . 5 3 Peru 1 6 1 2 5 1 1 1 0 6 5 June - 4,535 17.6 13.9 2.0 1.7 Venezuela 54 1,100 July. 4,517 -18.4 -19.6 -3.0 4.3 Uruguay 1,230 1,100 99 August 4,501 -15.5 -19.6 0.0 4.2 China and Hong September. 4.511 10.2 2.5 4.0 3.7 Kong 1,607 2, 739 3,589 48 October 4,535 23.3 26.4 -6.1 3.1 Dutch East Indies 109 270 November. 4,571 36.8 35.2 -2.1 3.8 Japan 1,573 1 749 December. _ 4,593 22.1 32.7 -15.2 4.5 Philippine Islands 330 509 New Zealand 16 31 Total (12 mos.). +309. 4 +280. 2 = -2.4 j +32.0 All other countries 1. 1,211 546 1,207 1931— F J e a b n r u u a a ry ry _. | 4 4 , , 6 6 6 4 5 3 +22.0 + + 3 1 4 6 . . 4 1 + + 1 2 1 . . 5 9 + + 3 3 . . 1 3 Total 2 23,666 16,145 14 50, 571 69 March v 4,696 +31.4 +23.7 +3.0 +4.7 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, $20,495,000. Elsewhere—imports, $3,180,000. umns, see BULLETIN for December, 1928, p. 831. * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN APR-L, 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 Averageyleld ba R nk e s p o in rt i l n e g ad m in e g m c b it e i r es M b e a m nk b s er T U re .S a . s- Total i outside Month or week ury leading notes Treas- Month New York Other lead- cities l and ury City in? cities i certifi- bonds3 cates, 3 to 6 | 1930 1931 |: 1930 I j 1931 1930 1931 ! 1930 1931 months — - !-• 1— i— - 1930 J F a e n b u r a u r a y r y ! 4 3 6 7 2 1 2 2 4 0 5 9 ! 3 2 9 1 ! I 2 5 1 2 5 0 2 8 7 5 7 5 ! 2 1 1 9 5 8 1 1 6 5 3 2 February 3.36 3.50 March J 247 173 [ 1 ; 80 35 166 138 March *2.95 3.46 April...I i 225 !. 17 i 54 154 April 3.00 3.40 J M u a n y e ! | 2 2 2 2 6 2 _ ! p 1 5 1 i 4 4 8 8 1 1 6 6 9 7 May 2.41 3.41 July -i 218 1, ; 53 | 165 June <1.89 3.37 August i 196 j 39 j. 153 July... 1.83 3.37 S O e c p to te b m er b er 1 18 9 6 3 , ' 6 _ 3 5 5 0 ! I _ 1 1 3 4 7 2 August 1.53 3.38 November j 211 6 • 65 j 140 September <1.77 3.37 December I 308 26 115 | 167 October 1.74 3.34 November 1.40 3.32 i Includes (in small amounts) discounts by Federal reserve banks for December 2%-3 * 1.48 3.34 nonmembers: (1) Bills discounted for intermediate credit banks and (2) notes secured by adjusted-service certificates discounted for non- 1931 member banks. January 1.24 3.33 February .06 3.40 FEDERAL RESERVE BANK RATES March ; .38 3.39 Week ending— DISCOUNT KATES Feb. 28 • 2 -2Mi 1.50 .19 3.44 [Rates on all'classes and maturities of eligible paper] Mar. 7 I \Yi 2 -2Yi 158 .25 3.42 Mar. 14 iy2 2 -23^ 167 .28 3.39 Federal reserve bank ! j ; e R A ff a e p t c e r t . i o 1 n n Dat l e is h e e s d tab- Pre ra v t i e ous M M a a r r . . 2 28 1 1 : \ m y 2 2 m — -2 2 \£ i \ 1 1 4 5 1 8 1 . . 4 5 5 0 3 3 . . 3 3 7 9 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. Boston Jan. 2,1931 j 3 New York 2 Dec. 24,1930 j • 3 issues—3^8, 3%, 4 per cent; yields calculated on basis of last redemp- Philadelphia— 3J/2 July 3,1930 ! 4 tion dates—1947, 1956, and 1954. Cleveland 3 Dec. 29,1930 j « Change of issues on which yield is computed. Richmond 3*6 July 18,1930 ! 4 RATES CHARGED CUSTOMERS BY BANKS IN Atlanta 3 Jan. 10,1931 \ PRINCIPAL CITIES Chicago -- 3 do ! [Weighted averages of prevailing rates] St. Louis 3 Jan. 8,1931 j Minneapolis. .- Sept. 12,1930 Eight other Twenty-seven Kansas City... 3tf Aug. 15,1930 New York City northern and southern and Dallas.. - Sept. 9,1930 Month eastern cities western cities 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 [Buying rates at the Federal Reserve Bank of New York] F M e a b r r c u h ary 5 5 . . 7 8 3 1 5 5 . . 3 2 5 2 4 4 . .2 3 0 1 5 5 . . 8 9 6 1 5 5 . . 6 4 6 7 4 4 . . 6 6 3 2 5 6. . 0 9 4 6 6 5 . . 0 9 4 8 5 5 . . 4 3 1 9 April 5.85 4.91 6.00 5.22 6.07 5.86 Rate in Date estab- Previous J M un a e y.. 5 5 . . 8 9 8 3 4 4 . . 7 5 4 9 6 6 . . 0 0 9 2 5 5 . .0 1 6 3 6 6 . . 1 1 0 6 5 5 . . 7 6 5 9 Maturity effect on lished rate July 5.88 4.48 6.08 4.81 6.17 5.62 Apr. 1 August 6.05 4.41 6.11 4.79 6.22 5.57 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 1-15 days Jan. 26,1931 | m November... 5.86 4.17 6.12 4.66 6.29 5.49 16-30 days... ....do... m December. __ 5.74 4.16 5.94 4.68 ...... 6.20 5.42 ;;;;;; 31-45 days... m do : m 46-60 days... 1H\ do.. 1H NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given 61-90 days... ....do 1U 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 121-180 days. Dec. 24,1930 securities. The method of computing the averages takes into account 2 2H (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is NOTE.—Rates on prime bankers' acceptances. Higher rates may be weighted according to the importance of that city in the group, as 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

189 FEDERAL RESERVE BULLETIN APRIL, 1931 MEMBER AND NONMEMBER BANK CREDIT ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS, RESERVE, RESERVES HELD, AND INDEBTED- OPEN-MARKET LOANS AND INVESTMENTS NESS AT FEDERAL RESERVE BANKS [Exclusive of loans to banks. In millions of dollars] [Averages of daily figures. In millions of dollars] Loans to customers ' Open- i m n a v r e k s e tm t e l n oa ts ns and Net dem de a p n o d s i a ts nd time Reserves de I b n t - ed- Call date Month i n F e e s d s e a ra t l \ Total Total N m e a t n d d e- Time j Held tCess r b es a e n r k v s e TOTAL TOTAL 1928—Oct. 3... 21,242 6,646j 14, 59513,141 1930—June 32, 505 18,812 13,693 2,392 54 250 Dec. 31.. 21,460 7,347 i14,113 13,686 July. 32,663 18,820 13,843 ; 2,417 74 223 1929—Mar. 27. 21,903 7,539; 14,364 12, 942 August 32,581 18,746 13,835 ! 52 214 June29__ 22, 516 7, 734114, 78312,524 September.. 32,643 18,707 13,936 i 2,397 59 189 Oct.4— 23,249 8,109! 15,141 12,024 1931— D F N O J e a e c o n b t c v o u r e e u b a m m r a e y r r b b y e e .- r r _ . . . . 3 3 3 3 31 2 2 3 2 . , , , , 0 0 3 7 9 4 1 1 2 0 8 5 4 6 8 1 1 1 1 1 8 8 8 8 8 , , , . , 7 9 6 5 3 5 2 6 7 8 9 6 0 2 9 1 1 1 1 1 3 3 3 4 4 . , , , , 4 6 0 0 5 7 5 5 8 0 0 7 4 6 0 I i : j ' 2 2 2 2 2 , , , . , 4 4 4 4 3 3 0 3 1 7 3 7 3 5 0 10 5 5 7 5 9 1 3 2 2 2 3 1 5 1 3 9 2 2 0 7 6 0 1930— D J D S M u e e e n c c p a . . e r t. . 3 3 2 2 S 0 1 4 7 . l - - . . . 2 2 2 2 2 1 1 3 1 1 , , , , , 4 1 0 0 5 9 9 0 1 6 5 4 7 0 5 8,488 1 1 1 1 1 3 3 4 3 3 , , , , , 1 7 5 7 0 4 6 0 0 6 6 6 5 5 61 1 1 1 13 2 3 3 3 , , , , , 0 0 9 5 2 2 3 9 5 2 6 4 7 5 2 ii ESERVE CITY KKSEKYE CITY BANKS * HANKS 1 1928—Oct. 3— 13,016 4,918 8,098 1,521! 5,877 1930—June 20,228 13,208 7,020 1.774 72 Dec. 31— 13,207 5,442 7,765 2,180! 5,777 July i 20,436 13,262 7,174 ! 1,802. 46 1929—Mar. 27. 13,539 5,484 8,055 1,525 5,708 August ! 20.440 13,279 7,161 ; 1,784 48 June 29.. 13,966 5,596 8,371 1,708 5,429 September ! 20,484 13, 241 7.243 1,789 44 Oct.4- — 14, 622 5,814 1,509 5,215 October I 20,625 13, 314 7,311 ! 1,801 53 Dec. 31- 14,712 6,174| 1,452 5,345 November ! 21,005 13. 586 7,419 1 835 62 1930—Mar. 27. 13, 288 5, 539' 2,086 5,462 December ! 20,554 13,435 7,118 1.825 144 June 30. _ 13,337 5,834 2,235 5,888 1931— F J e a b n r u u a a ry ry i 2 2 0 0 , , 3 38 8 7 5 1 13 3 . , 4 2 0 9 6 0 6 7 , , 9 0 8 9 0 5 ; 1 1. , 8 7 4 9 6 2 8 0 7 3 D Se ec p . t. 3 24 1- . 1 13 3 , , 0 2 0 4 3 4 5 5 , , 793! 2 1 , ,4 3 4 5 8 7 1 | 6 6. , 4 1 7 4 Q 5 OTHER BANKS OT1IKK BANKS 1 1 9 9 3 3 0 1 — — J N A D S O F J J u u e e o a e c u l n p b n y c t v g o e u r e t e u b e u m a m s m e a ry t b r r b . y b e . e r e r r.... 1 1 1 1 1 1 1 1 1 2 2 2 2 2 1 1 1 2 , , , v , , . , , 1 2 1 6 5 7 1 0 2 4 2 6 6 8 6 0 0 7 0 7 0 2 3 0 1 9 6 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 5 4 6 4 4 3 2 0 6 5 6 0 6 7 1 2 9 5 8 6 3 7 2 2 5 9 0 6 6 6 6 , , , , , 4 4 6 6 5 9 8 3 7 3 6 5 7 5 4 : ! 6 6 6 5 6 . 6 5 5 5 7 1 1 0 0 9 9 0 8 8 5 8 8 5 7 0 8 7 2 2 3 2 2 2 2 2 5 2 1 6 6 6 5 8 1 1 1 1 1 1 1 1 1 6 5 6 4 9 7 4 7 5 6 3 6 4 3 8 4 8 8 1 1 1 9 9 9 2 2 3 8 9 0 — — — J D J D D S O O M M u u e e e e c c n n c c c p a a t t . . . e e . r r . t . . . 4 S 3 2 3 2 3 3 2 2 — 0 9 1 4 1 1 . _ 7 7 - . - - - _ . . . . 8 8 8 8 8 8 8 8 8 7 , , , , , , , , , , 4 5 3 2 2 0 2 6 7 2 8 5 2 6 5 0 0 2 6 2 1 1 9 4 4 7 6 7 2 5 2 2 2 1 2 2 2 2 2 1 , , , , , , , , , , 9 7 3 1 2 0 1 2 1 2 0 2 1 9 2 5 3 9 4 0 5 7 4 0 7 5 9 5 9 1 6 6 6 6 6 5 5 6 6 6 , , , , , , , , , , 3 3 1 6 8 0 4 4 0 3 0 4 1 0 1 9 6 1 0 3 9 8 4 6 6 7 8 2 1 3 » Member banks in 62 legally designated cities: 2 central reserve * See note 1 of preceding table. cities (New York and Chicago) and 00 other reserve cities; see table on 1 Loans (secured by stocks and bonds) to brokers and dealers in securip. 236. ties 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 All banks Member banks : Nonmember banks interbank deposits) Date Total j Loans i I m nv e e n s t t s - I ! ;- Total I Loans I m nv e e n s ts t- Total li Loans I m nv e e n s t t s - ba A n ll ks ' ! i M b b a e n e m r ks - m b N e a o m n n k b - s er 1924—June 30. _ 45,180 31, 523 13,657 j 27,167 | 19, 204 7,963 18, 013 12, 320 5, 693 43, 405 i 25,711 17,694 Dec. 31.. 47,182 32,440 14,742 i 28,746 j; 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 19, 312 13, 210 6,102 47,612 i 28,440 19,172 Dec. 31.. 50, 603 35, 640 14,963 i 30,884 21,996 19, 720 13,644 6,076 49, 224 ! 30,029 19,195 1926— June 30-. 51, 562 36,157 15,404 i 31,184 I 22, 060 9,123 20, 378 14,097 6,281 49, 733 i 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 j 32,756 | 22,938 9,818 ; 20,994 14.421 6,573 51,662 31,269 Dec. 31- 55,450 38,407 17,043 ! 34,247 ! 23,886 10,361 ; 21, 204 14, 521 6.683 52,909 1 32,063 20,846 1928—June 30.. 57, 265 39,464 17,801 i 35,061 i 24, 303 10,758 22, 204 15,161 7,043 53,398 j 32,133 21,265 Oct. 3.... 57, 219 39,671 17,549 I 34,929 i' 24,325 10,604 ! 22, 291 15,346 6,945 53, 720 32,138 21,582 Dec. 31... 58, 266 40, 763 17,504 i 35,684 | 25,155 10,529 22,582 15, 607 6,975 56, 766 34,826 21,940 1929—Mar. 27.. 58, 019 40,557 17,462 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 35,711 i 25,658 10, 052 22, 763 15, 853 6,910 53,852 32,284 21,567 Oct. 4.... 58,835 42, 201 16,634 35,914 i 26,165 9,749 22. 922 16, 036 6,885 i55,180 i 33,004 22,176 Dec. 31.. 58,417 41,898 16, 519 35,934 ; 26,150 9,784 22,483 . 15, 748 6,735 55,289 33,865 21,424 1930—Mar. 27.. 57,386 40,686 16,700 35,056 25,119 9,937 22,331 15, 568 6,763 53,185 I 32,082 21,103 June 30.. 58,108 40, 618 17,490 35,656 j 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.- 56,209 38,135 18,074 34, 860 ! 23, 870 10,989 21,349 14,264 7, 085 53,039 • 32,500 20,47i> Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN APRIL, 1931 REPORTING MEMBER BANKS BROKERS' LOANS [In millions of dollars. Monthly data are averages of weekly figures] REPORTED BY THE NEW YORE STOCK EXCHANGE Loans and investments Bor- [Net borrowings on demand and on time. In millions of dollars] row- Month or date Loans In- in a g t s j Y F o ro rk m b N an e k w s b F a r n o k m s, b p r r o iv k a e t r e s, Total On se- All vest- F.R. Total and trust com- foreign banking Total c t u ie r s i- other ments banks End of month panies agencies, etc. I 1930 1931 1930 1931 1930 1931 BY MONTHS Total: 1930-March 22, 352 16,746 7,964 8,781 5,607 81 January 3,985 1,720 3,368 1,557 616 163 April 22,657 16,901 8,270 8,631 5,756 71 February 4,168 1,840 3, 529 1,646 639 194 May 22,662 16,825 8,312 8,513 5,837 59 March 4,656 U,909 4,026 1,692 631 217 June 23,024 17,048 8,560 8,487 5,977 53 April 5,063 4,409 ! 654 July 23,101 16,906 8,391 8,515 6,194 53 May 4,748 4,139 ;. 609 August 23,128 16,838 8,349 8,488 6,291 43 June 3,728 3,201 L__ 527 September 23,220 16,859 8,383 8,476 6,361 44 July 3,689 3,227 462 October 23,409 16,834 8,237 8,597 6,575 56 August 3,599 3,109 ; 489 November.._ 23,455 16,673 7,897 8,776 6,782 71 September 3,481 3,057 i 425 December 23,117 16,332 7,776 8,557 6,784 141 October 2, 556 2,299 ! 257 1931—January 22,660 15,894 7,495 8,399 6,766 82 November 2,162 1,928 I 234 February 22,659 15,557 7,315 8,242 7,102 57 December 1,893 1,694 i 199 March 22,839 15,452 7,302 8,150 7,387 35 New York City: 1930—March 7,649 5,720 3,115 2,605 1,929 1 i Call loans, $1,630,000,000; time loans, $280,000,000. April 7,829 5,868 2,485 1,961 17 May 7,852 5,878 3,459 2,418 1,974 11 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY June 8,117 8,099 3,701 2,398 2,019 ! 5 July 8,078 5,984 3,558 2,426 2,094 I [In millions of dollars. Monthly data are averages of weekly figures August 8,097 6,004 3,588 2,416 2,093 I S O e c p to te b m er ber. .. 8,313 5 6, , 1 9 4 9 1 8 3,584 2 2, , 5 4 1 1 2 5 2 2 , , 0 1 9 7 0 2 I I! For banks November... 8,421 6,055 3,401 2,653 2,367 December 8,166 5,837 3,341 2,496 2, 329 i For ac- ! For ac- 1931—January 7,906 5,583 3,111 2,472 2,323 ! Month or date Total For count of count of February 7,965 5,489 3,079 2,410 2,476 | own ac- out-of- others March 7,975 5,471 3,176 2,295 2, 504 j count i town Other leading cities: I banks2 1930—December— 14,950 10,495 4,435 6,061 4,455 I 115 1931—January - 14,754 10,311 4,384 5,927 4,443 ! 77 1930—March. 3,741 1,210 1,100 1,430 February 14,694 10,068 4,236 5.832 4,626 I 55 April-. 4,115 1,557 1,183 1,376 March 14,864 9,981 4,126 5,855 4,883 ! 35 May- 4,030 1,665 1,062 1,302 June... 3,825 1,831 917 1,078 BY WEEKS July__. 3,224 1,631 747 846 Total: August 3,150 1,659 692 798 1931—Feb. 25 22,647 15,464 7,313 8,151 7,183 September .._; 3,174 1,676 750 748 Mar. 4 22,621 15, 441 7,256 8,185 7,180 October 2,769 1,675 537 557 Mar. 11 22,577 15, 377 7, 237 8,140 7,200 November 2,249 1,357 435 458 Mar. 18 23,111 15, 518 7,365 8,153 7,593 December 2,013 1,266 339 407 Mar. 25 - 23,046 15,470 7,349 8,121 7,576 1931-January 1,798 1,132 329 337 New York City: February 1, 759 1,186 290 283 1931—Feb. 25 ! 7,980 5,469 3,137 2,332 2,511 March.... ! "1,858 1,335 264 259 "M ar. 4. 7,954 5,481 3,160 2,321 2,473 Mar. 11 7,829 5,354 3,082 2,272 2,475 Mar. 4... 1,790 1,316 210 2b4 Mar. 18 8.083 5,529 3,219 2,310 2,554 Mar. 11- 1,819 1,236 293 290 Mar. 25. - 8,036 5,521 3,244 2,277 2,515 Mar. 18. 1,913 1,373 294 246 Other leading cities: Mar. 25.. 1,908 1,414 260 234 1931—Feb. 25 1 14,667 9,995 4,176 5,819 4,672 Mar. 4 I 14,667 9,960 4,113 5,847 4, 707 I Mar. 11.. 14, 748 10, 023 4,178 5,845 4,725 i Weekly reporting member banks in New York City. Mar. 18.. 15, 028 9,989 4,146 5,843 5,039 > Member and nonmember banks outside New York City (domestic Mar. 25.. 15,010 9,949 4,105 5,844 5,061 ba » n C ks a l o l n lo ly a ) n ; s , i n $ c 1 l , u 45 d 6 e , s 0 0 u 0 n ,0 k 0 n 0 o ; w ti n m a e m lo o a u n n s t , f $ o 4 r 0 2 c , u 0 s 0 t 0 o ,0 m 0 e 0 r . s of these banks. ACCEPTANCES AND COMMERCIAL PAPER [In millions of dollars] Bankers' acceptances outstanding (dollar acceptances) Heldby Federal reserve Held by group of accepting banks Commercial End of month Total For own bank o F s f o fo r r a e c ig c n o u c n o t r- Total Own bills Bills bought H o e t l h d e r b s y p s a t p an er d o in u g taccount respondents 1930 [ 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January ._ 1,693 1 1.520 293.3 89.3 525.9 447.4 220.5 571.4 63.1 134.0 157.3 437.4 653.2 411.9 404 327 February 1,624 1,520 209.2 85.0 503.0 456.0 182.9 549.5 70.7 151.4 112.2 398.2 668.8 429.5 457 315 Mi arch * I 539 277 3 482 5 166 7 71.9 94.7 612.9 529 April t 414 208 5 4fi5. R 157.5 54.7 102.8 582.2 553 M!ay 1,382 184.0 . 4fi2.8 165.6 62.6 103.0 569.8 541 L 305 126 8 dfiQ 7 ..:.... 205 1 | 63 7 141 4 503 3 527 July L, 350 129.0 479. 2 278.6 62.5 216.1 462.9 528 L 339 167 0 470 7 267.3 ! 95.1 172.2 434.4 526 L 367 207.7 431.6 •• "~ 316.7 130.9 185.8 410.8 513 October L, 508 141.3 433.1 384.2 172.4 211.8 549.7 485 L 571 143 0 428 8 493.0 ! 180.2 312.8 506.6 448 December 1,556 327.9 439.3 371.5 : 89.6 281.8 417.4 358 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council; for commercial paper as reported by about 25 dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

191 APRIL, 1931 FEDERAL RESERVE BULLETIN 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 reserve city banks l by all By Number of banks Deposits (in thousands of dollars) Date mem- In New In Chi In other other Month ber Total York LZan2 ! reserve banks 1928 1929 1930 1931 banks City2 cag0 i cities 3 1928, 1929 I 1930 I 1931 January ...I 53 10,983 16,413 78,675 1928—Oct.3 548 502 287 179 February ! 50 18,352 21,746 -„ 32,8001 '35,663 Dec. 31 538 | 501 288 173 March___ I 66 16,953 9.002 23, 769! 43,204 1929—Mar. 27 548 509 251 196 April •.... 43 8,190 7,790 33,388! June 29 670 621 314 241 May ! 29 6,394 24,090 19,315! Oct. 4_ 640 595 302 225 June... -.! 28 13,496 19, 219 70,566; Dec. 31 714 669 322 258 July ! 24 5,368 66,161 32,333 1930—Mar. 27 527 462 199 205 August i 21 6,147 8,532 21,951 June 30 535 474 196 228 September 20 7,888 10,050 23,666 Sept. 24 466 404 169 193 October 41 9,011 13,153 24, 599! Dec. 31 631 569 283 231 November ! 72 24, 784 22,646 i December ; 44 11,076 15,730 367,119i 1 Member banks in 62 legally designated cities: 2 central reserve cities Year ! 491 642 1,345 j 138,642 234,532 | 864,715! (New York and Chicago) and 60 other reserve cities; see table on p. 236. 2 Central reserve city banks. • Other reserve city banks; see table on page 236. Back figures.See Annual Report for 1928 (Table 64). r Revised. 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 securitiesi and eligible paper (including paper under rediscount) Member I By reserve city banks 2 By other banks By all member banks bo b r a r n o k w- Date U. S. ' i U. S. I U. S. I F in e g d s e r a a t l m G e o n v t e r s n e - - j ! E p li a g p i e b r l e : i T t , m G e o n v t e r s n e - - j j E p l a ig p i e b r le i . oiai m G e o n v t e r s n e - - E p li a g p i e b r l e | ! T1oUt La j i r b e a se n r k v s e curities * curities i ; curities 1 1926—June 30. 2,210 2,825 | 5,035 884 2,100 2,984 3,094 4,925 i 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 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 i 5,414 974 1,761 2,735 3,807 4,343 I 8,150 981 June 29. 2,577 2,688 i 5,265 929 1,773 2,702 3,506 4,461 ! 7,968 1,029 Oct. 4__ 2,469 2,865 i 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 i 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 1,662 2,480 3,438 4,204 I 7,642 206 June 30. 2,640 2,285 ' 4,925 772 1,620 2,392 3,412 3,905 j 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 7,023 248 1 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. » Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. 236. 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 Date Banksi ( O/-> b p L fX a L l \L u n C/ s ) k A6( s SJ Total Member m N em on b - er National Member State Nonmember branches) State Banks Branches Banks Branches Banks Branches 1924—June 30 28,996 31,289 28,282 i 7,972 1,379 18,931 108 i 248 191 1,137 415 908 1925—Dec. 31 28,257 30,899 27,472 ! 7,916 1,245 18,311 132 332 196 1,277 457 1,033 1926—Dec. 31._____. 27,377 30,158 26,581 ! 7,760 1,160 17,661 146 406 194 1,366 456 1,009 1927—Feb. 25 » 26,973 29,873 26,194 7,677 1,133 17,384 145 390 189 1,560 445 950 1928— J J u u n n e e 3 3 0 0 2 2 6 5 , ,9 7 5 8 0 1 2 2 9 9 , , 7 18 7 0 5 2 2 5 5 , , 9 1 8 1 9 5 ! ! 7 7, , 5 6 1 3 6 8 1 1, , 0 1 5 2 8 3 1 1 7 6 , , 2 5 2 4 8 1 1 1 5 6 2 9 ; ! 7 9 2 4 2 1 1 1 8 8 6 6 1 1, , 2 3 2 0 0 1 4 4 5 8 4 0 1,0 9 6 7 9 1 1929—June 30 25,115 28, 555 24,297 i 7,366 987 15,944 164 ! 993 190 1,298 464 1,149 Dec. 31 24, 630 28,177 23,808 , 7,237 939 15, 632 166 i 1,027 180 1,299 476 1.221 1930—June 30 23,852 27,470 23,035 ' 7,082 899 15,054 165 j 1,041 169 1,308 483 1,269 Dec. 31 22, 769 26,309 21,993 ! 6,872 859 14, 262 161 1,106 160 1,286 455 1,148 1 All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks and all private banks under State supervision. 2 Date of the McFadden Act; see BULLETIN for May, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVrE BULLETIN APRIL, 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 . Istocks2: ! Indus- Rail- I Public] Total ! trial road i utilityj | m A obile e B q i u n u i g l i d p - - ] C st h o a r i e n ! J 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 ec i a p - 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 17 9 4 10 16 10 30 1930—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 i 97.8 128.2 181 171 142 264 162 127 101 282 174 359 173 156 196 83 May j 98.0 127.6 171 160 136 250 152 116 97 257 151 327 170 148 174 17 June I 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 I 99.1 i124.7 117 109 102 167 101 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 j 99.6 j123.6 112 103 100 163 106 74 78 162 82 176 120 89 124 53 February I 99.4 •124.8 120 110 105 178 120 78 86 174 91 194 126 91 132 55 March ; 100.0 '126.4 122 112 97 189 129 81 90 173 96 201 125 85 133 5& Feb. 25 ! 99.6 '125.4 I 125 115 106 188 126 80 90 185 99 208 128 92 137 5S Mar. 4 99.7 125.8 ' 120 111 99 184 124 79 87 173 98 197 124 88 132 57 Mar. 11 99.9 126. 3 121 111 98 189 128 80 88 173 94 201 126 83 132 5S Mar. 18 100.0 126. 7 123 113 95 192 130 82 93 174 96 203 126 85 134 59 Mar. 25 100.2 126.7 123 113 97 190 133 81 92 174 95 204 125 83 133 59> 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 dollars. For explanation, see March BULLETIN (p. 132)) issues » j By By member banks j other i lend- Total, ! | • Gov- i Corporate Foreign ! ers i Year and month ^d I em- issues2 foreign Total » ; | : : ( 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 ; Total1 - I j ! | b a T n o k s j i i . N e b r T e s r o w o i k n - b e r T e l o s r o e s k - - ot T h o ers e b N r r T s o e o w k in 1922 4,395 3, 631 1,072 1,645 570 764 I ! : i Y C o it r y k where C Y i o t r y k * 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--. 112,429 ii 8,819 274 1,899 850 5,796 3,610 1926 _i 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, 89a 1 1 9 9 2 2 7 8 { ! . 7 7 , , 4 9 8 7 9 9 6 6, , 1 7 5 2 2 8 1 1 , ,3 4 8 2 7 3 3 2 , , 1 3 8 7 2 8 2 1, , 4 9 6 0 0 0 1 1 , , 3 2 3 5 7 1 1929—Mar. 27.. 14,613 I 9,693 274 1,879 1,014 i6,526 4,92O> 1929 10,005 9,334 I 1,398 2,068 5,868 671 June 29._ 15,144 I 10,094 335 2,025 921 ;6,813 5,050- 1930 : 6,918 6,013 ! i,441 2,980 1,503 905 Oct. 4-_. 16,974 ; 10,314 320 1,885 939 !7,170 6,660 I Dec. 31.. 12,835 !l0,505 357 1, 660 803 !7,685 2,330 1930 February i 522 466 238 149 56 1930—Mar. 27.. 12,644 ij 10, 334 260 ! 2, 344 706 j7,024 2,310 March ' 805 658 122 393 123 147 June 30.. 12, 015 j 10, 655 230 I 2,365 819 j7,242 1,360- April..'. : 898 729 ; 147 321 261 169 Sept. 24.. 11,521 110,611 175 ! 2, 472 ' 774 I7,090 1,010 May ; 1,096 990 | 142 440 407 106 Dec. 31 . 10,154 9,754 315 ! 1,498 675 !7,266 40G June I 753 528 : 143 225 152 225 J A u u ly g ust ! ; 5 1 5 8 9 3 4 1 7 6 5 6 i ! 1 8 0 2 8 29 4 7 4 4 7 0 0 8 1 4 7 1 For lenders other than member banks—i. e., nonmember banks, for- September ! 381 376 ! 77 222 62 5 eign banks, corporations, etc.—only security loans to brokers in New- October... I 351 295 i 168 105 22 56 York City are included in available reports. November ...! 332 248 i 86 117. 18 84 December ; 381 365 i 186 93 71 16 1931 January. 385 334 !, 49 235 45 February I 232 202 ji 119 ; 48 27 1 Source: Commercial and Financial Chronicle. 2 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. 3 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

193 APKIL, 1931 FEDEEAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY 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 * Year and month Total Manufactures Minerals a t w r a e a d c r t d s - Fa p c lo t j o m ry e n e t m- t r p o o a l r v l y s Total M l e e r s l c s o - h a t E c h m l a d n l - i o c t s a s e r i - n m C i o o t d m y - pricesf Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- j Ad- Unad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed: justed justed justed justed justed justed , , i 1919 . 83 1 84 '62 107 98 84 339 1920 87 87 89 r «2 108 118 91 71 354 1921 _. 67 67 1 70 i r 5fi 82 79 87 98 1922 85 87 74 r 78 90i 81 87 1 94 97 1923-. 101 101 105 84 104 103 100 96 303 1924 95 94 96 94 96 96 97 99 98 1925 . 104 105 99 122 100 101 103 105 104 1926 108 108 108 129 101 104 106 105 100 1927 106 106 107 128 99 102 303 • 105 95 1928.. 111 112 106 134 97 102 103 104 98 1929... 119 I 119 115 117 101 108 106 105 97 1930 97 96 99 92 88 87 92 97 86 1926 November 110 109 108 107 123 118 119 101 101 105 113 109 108 106 98 December 101 106 99 104 113 119 131 100 101 104 98 108 101 305 98 1927 Januarv 105 106 104 104 112 116 94 98 100 99 96 106 98 305 97 Februarv 111 108 110 107 113 117 96 100 100 105 99 107 102 304 96 March 113 111 113 109 111 118 151 100 100 106 102 109 106 305 95 April.... 110 108 112 109 96 107 147 100 99 105 99 106 106 304 94 May 112 111; 113 111 108 109 134 99 99 104 105 103 106 304 94 June. 107 108 107 109 108 105 154 99 100 102 105 304 105 305 94 Julv 102 106 102 107 103 100 130 98 99 99 104 102 104 305 94 August 105 106 104 106 111 106 134 99 99 102 109 104 105 305 95 September _ 107 105 106 105 111 104 127 101 98 102 116 103 110 105 97 October- 105 103 104 102 112 105 137 99 98 103 314 101 309 304 97 November 101 100 100 100 105 101 114 97 97 98 101 98 306 104 97 December 96 101 95 100 97 103 116 95 97 99 88 98 98 104 97 1928 January. 105 106 106 106 100 103 104 94 96 96 92 102 98 105 96 February . 111 108 113 109 99 103 113 96 96 101 94 102 303 104 96 March. 112 109 114 109 98 103 144 97 96 103 97 103 305 104 96 April 110 109 113 no 94 105 156 96 96 100 96 101 305 303 97 Mav.. 110 109 111 no 104 105 162 96 96 101 105 103 308 104 99 June 108 109 109 in 104 101 158 96 97 101 101 100 303 103 98 July 105 109 105 in 103 101 142 96 97 98 105 102 104 105 98 August 110 111 110 113 111 105 126 98 97 103 109 103 104 104 99 September 116 114 116 115 115 107 142 100 98 104 119 105 109 105 100 October 118 116 117 116 123 114 145 100 98 107 119 106 109 104 98 November 115 116 115 116 117 113 115 99 99 104 109 107 107 105 97 December . 109 117 110 117 106 112 105 98 100 104 94 106 99 305 97 1929 Januarv 117 118 ; 117 118 114 118 99 97 100 101 95 108 97 104 97 February 121 118 122 117 116 120 88 100 100 108 99 107 101 104 97 March 122 119 126 120 101 107 118 101 101 111 98 105 106 305 98 April 124 122 128 123 103 115 156 102 102 111 102 108 107 304 97 May 126 124 128 126 116 116 143 102 102 111 109 107 ' 107 304 96 June 125 126 127 129 116 112 129 102 103 110 110 308 105 305 96 Julv 120 124 120 126 118 114 159 102 103 106 111 107 x 105 106 98 August 122 123 122 124 121 115 119 104 103 111 115 107 106 106 98 September 124 122 123 122 127 118 108 105 102 112 121 106 110 106 98 October 121 118 i 119 118 127 118 108 103 101 111 118 104 109 104 96 November .. 108 108 107 108 114 110 95 99 99 103 102 102 306 304 94 December 96 101 93 98 110 116 77 95 97 99 89 102 96 303 94 1930 January 104 104 103 103 108 112 79 93 96 94 89 100 94 303 93 February. __ _._ 110 107 111 107 104 109 77 93 94 98 91 99 98 303 92 March 107 104 110 106 91 96 111 93 93 98 90 96 303 300 91 April 108 107 111 107 93 104 118 93 92 97 93 97 303 98 91 May -. 106 104 106 105 102 103 111 91 91 94 97 96 303 98 89 June 99 100 99 100 103 100 146 89 90 91 95 93 98 98 87 Julv 91 95: 90 94 100 97 89 86 87 83 95 92 94 95 84 August. _ -_ 90 91 89 91 101 96 84 85 84 82 96 89 95 95 84 September 93 91 91 90 100 94 81 86 83 83 99 87 99 95 84 October 90 87 88 85 104 98 82 84 . 82 81 97 86 97 93 83 November 86 85 84 84 95 92 62 81 81 75 86 84 94 92 80 December 78 82 76 80 89 94 61 79 80 74 74 84 86 92 78 1931 January 82 82 81 81 86 90 55 76 78 68 74 82 83 90 77 February .. ._ . 57 77 73 74 80 87 89 76 * Average per working-day. For recent revision of indexes of production and freight-car loadings see BULLETIN for February, 1931, pp. 107-108. t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for groups and subgroups of commodities are given on p. 197. p Preliminary. r Revised. 48611—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN APRIL, 1931 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100] 1930 1931 Industry Jan. Feb. j Mar. Apr. ; May Aug. ! Sept. ; Oct. ; Nov. Dec. Jan. • Feb MANUFACTURES IRON AND STEEL 59 73 Pig iron 56 6547 61 Steel ingots. 60 65 75 TEXTILES -._. 87 86 93 Cotton consumption 77 82 84 Wool 57 62 75 Consumption. 61 68 81 Machinery activity 61 64 77 Carpet, rug loom activity 39 40 54 Silk 157 134 146 Deliveries 178 143 158 Loom activity 116 117 121 FOOD PRODUCTS 89 93 92 Slaughtering, meat packing 86 91 94 Hogs. 84 95 96 Cattle 82 80 85 Calves. 101 98 99 Sheep 142 136 136 Flour 91 92 91 Sugar meltings 93 102 87 PAPER AND PRINTING 98 105 Wood pulp and paper 91 98 Newsprint. 79 78 77 Book paper. 100 103 Wrapping paper. 86 90 Fine paper. 80 96 Paper board 101 115 Wood pulp, mechanical 77 73 Wood pulp, chemical 95 94 Paper boxes 123 122 Newsprint consumption 115 124 120 TRANSPORTATION EQUIPMENT: Automobiles 85 63 68 Locomotives. 18 ii Shipbuilding 144 ±J- LEATHER AND PRODUCTS. 81 27468 87 Tanning 83 76 79 Sole leather 89 81 80 Upper leather- Cattle 61 62 60 53 57 Calf and kip 93 71 66 62 67 Goat and kid 132 126 114 103 113 Boots and shoes 85 78 79 '80 91 CEMENT AND GLASS: Cement 97 86 83 84 80 Glass, plate. 101 91 65 90 111 NONFERROUS METALS 2 95 87 85 78 79 Copper (smelter) 90 86 82 70 77 Tin deliveries) 1 127 119 118 126 105 FUELS, MANUFACTURES: Petroleum refining 160 131 149 144 149 Gasoline 1 203 188 186 M77 18S Kerosene 74 69 67 70 69 Fuel oilx 108 109 108 106 107 Lubricating oil 106 104 105 102 94 Coke (by-product) 109 101 97 97 $;9 RUBBER TIRES AND TUBES 88 77 73 88 94 Tires, pneumatic 91 80 75 91 96 Inner tubes. 68 58 61 68 71 TOBACCO PRODUCTS 129 119 128 121 132 Cigars 88 86 68 74 i 78 Cigarettes 164 147 173 157 174 MINERALS COAL: Bituminous 87 86 85 77 73 Anthracite 105 83 93 93 89 Petroleum, crude 115 114 111 110 110 Iron ore shipments 74 51 Copper (mined) 83 83 76 •"72 76 Zinc 90 70 68 65 65 Lead 94 83 92 83 82 Silver.- _-_ 70 73 71 '65 62 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals. Revised. p Preliminary. c Corrected. importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. For recent revision see BULLETIN for February, 1931 (p. 107). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 APRIL, 1931 FEDERAL RESEBVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] Factory employment Factory pay rolls Without seasonal adjustment {Adjusted for seasonal variation Without seasonal adjustment Industry 1931 1930 1931 1930 1931 1930 February' January ' February! February January ; February February January February TOTAL—ALL MANUFACTURING INDUSTRIES 7.3 76.4 ; 93.3 77.8 78.3 93.9 68.4 97.7 IRON AND STEEL AND PRODUCTS. _ 76.5 76.1 : 93. 5 75. 9 77. 5 92. 8 67. 5 62.4 '• 98.1 Steel works and rolling mills. 79.1 i 78.8 ! 95. 6 78.0 79.8 94.2 70. o 63.9 i 102.0 Hardware. _.._. 70.5 71.0 ! 88. 3 09. 3 70.7 86.8 57. 8 57.2 I 89. S Structural iron work 86.9 : 90.4 i 108.6; 88.9 ' 93. 1 : 111.1 75.9 79.1 i 109. 6 Heating apparatus 65.0 I 61.4 ! 82.6 \ 65.9 66.4 . 83.8 54. 2 49.4 ! 78.9 Steam fittings 66.4 ; 67.4 ! 79.1 ; 65. 7 69.5 ; 78.3 57.2 57.1 ! 78.3 Stoves 63.7 ! 55.9 i 85.8 ! 66. 0 63.6 88.9 51. 3 41.9 ! 79.5 Cast-iron pipe 64.7 | 61.3 ! 77.0 | 67.2 64.1 : 80.0 I 57.9 53.6 ; 75.0 MACHINERY 81.1 ! 81.0 : 109.3 ! 80.6 81.9 ! 108.6 71.9 69.9 ' 115.2 Foundry and machine-shop products.. 74.0 ! 73.6 I 100.0 s 73.7 75.1 ! 99. 5 |}3. 4 61.0 104.9 Machine tools 90.8 ! 92.6 : 144.9 i 89. 2 92.5 142. 4 72.3 71.0 144.1 Agricultural implements 99.6; 101.9 ! 159.4 : 93. 6 98.6 ; 149.8 92. 9 93.3 176. 4 Electrical machinery. 93.1 : 93. 3 i 119.0 ! 93.1 93.3; 119.0 89.6 87.7 128. 0 TEXTILES AND PRODUCTS _ 79.4 ! 76.0 : 92.9 ! 77.2 | 75.5 90.3 76.9 68.4 94. 1 A. Fabrics _ 77.4 '; 75.1 i 91.2 : 75.9 i 74.6 89.4 72.7 66.9 . 89. C Cotton goods 73.3 i 73.2 i 88.8 i 71.4 | 72.2 86. 6 63.9 63.4 <2.2 Woolen and worsted manufactures. 66.6 : 61.4 ; 78.3 j 65.3 60.2 : 76.7 59. 8 50.9 *>9. (5 Woolen and worsted goods 66.6 ''. 61.4 i 75.6 I 65. 3 60.1 74.1 00. 6 52.2 67. 9 Carpets and rugs 66.3 i 62.1 ! 92.0 • (54.9 60.6 89.9 56. 2 44. 9 j 77.1 Hosiery and knit goods 83.4 79.0 98.4 \ 82.4 79.8 97.3 83. 2 74.4 i 112.4 Silk manufactures 86.7 • 84.0 99.8 85.4 84.4 98.3 85.5 77.1 ; 104.6 Dyeing and finishing textiles 108.1 i 105.0 ! 113.0 105.4 104.3 110.8: 115. 2 102. 9 ' 118.8 B. Wearing apparel. 84.1 i 78.4 i 97.0 ' 80.4 77.9 : 92.8 i 85.4 71.4 ; 103.1 Clothing, men's 58.7 ; 55.3 j 69.6 57.2 55.3 67.8 : 54.8 46.9 i 72.6 Shirts and collars. 81.7 ! 76.9 103.9 ' 80.1 76.3 : 101.8 ; 70.3 62.9 i 101. 8 Clothing, women's 126.8 I 117.8 I 140.1 116.7 114.9 128.9 : 132.7 108.1; 147. 9 Millinery _ _ 72.8 | 65.6 | 81.3 | 74.3 69.4 82.9 ; 72.1 61.0 j 86.8 FOOD AND PRODUCTS 89.4 < 90.1 96.7 : 90.3 91.2 - 97.6 ; 91.6 93.3 ' 101. 6 Baking 95.3 ! 95.2 102.8 : 97.1 97.6 • 104.7 j 95. 2 95.3 i 106. 7 Slaughtering and meat packing 89.1 : 91.6 97.3 i 86.4 88.4 ; 94.4 ! 95. 6 101. 0 103. 7 Confectionery 87.0 ! 86.2 91.3 ! 87.9 93.2 i 83.9 86.0 : 96.0 Ice cream 76.7 ! 76.2 79.3; 88.9 : 91.6 ' 84.4 81.9 i 83.6 Flour 79.8 ! 81.0 90.4 i 79.8 81.4 i 90.5 i 80.5 80.3 ! 96.0 Sugar refining, cane 77. 6 | 79.2 87.4 i 81.1 85.1 I 91.3 ; 75.2 72.4 84.0 PAPER AND PRINTING 95.1 | 96.3 104.0 94.9 95.6 103.8 ' 100.7 101. 3 i 114.9 Printing, book and job 101.9 ! 104.0 110. 5 100.9 101.7 i 109.4 ! 104.9 108. 5 119. 6 Printing, newspapers and periodicals J02.6 i 103.9 105.9 102.4 103.5 ! 105.7 112.6 113.6 I 119.4 Paper and pulp 85.6 i 85.7 99.8 : 85.6 85.7 i 99.8 I 84.9 ! 81.6 j 108.1 Paper boxes 84.2 j 85.3 93.7 85.4 85.8 95.1 84.0 83.2 ; 99.3 LUMBER AND PRODUCTS 54.6 I 54.4 75.0 ; 56.3 56.3 77.4 • 45.6 44.0 ! 72.6 Lumber, sawmills 47.7 ; 48.0 68.4 49.9 50.3 , 71.4 i 38.8 38.6 l (57. 3 Lumber, millwork 56.2 j 55. 0 72.0 57. 0 56.4 • 73.0 47.3 45.1 07.4 Furniture 73.0 | 71.8 95.4 74.1 73.3 96.9 59.1 54. 9 87. 5 TRANSPORTATION EQUIPMENT.. 65. 2 j 65. 2 83.9 64.9 67.1 83.6 62.2 51.8 | S9.8 Car building and repairing. 58.7 : 59. 7 76.6 59. 7 60.6 77. (i 59. 5 56.5 I S3. 8 Automobiles ._ 09. s ; 68. 3 89. 7 68.8 72.3 88.4 61.1 40.0 92.7 Shipbuilding 93.9 ; 97.1 113.2 : 88.9 94.3; 107. 2 98.0 100. 1 | 126.9 LP:ATHER AND MANUFACTURES-. 80.3 i 77. 5 92.4 : 78.4 77.1 • 90.2 68.8 60. 6 j 86.2 Boots and shoes 81.5 i 78.1 93.6 79.8 77.9 , 91. 6 67.6 57.7 : 84. 6 Leather 75.3 j 75.3 87.4; 73.1 74.0 ! 84.7 73.2 71.0 91.8 CEMENT, CLAY, AND GLASS PRODUCTS., 60.7 I 59.4 75.3 I 65.0 64.4 | 80.7 51.4 46.6 ; 70.2 Clay products 57.2 • 56.3 71.0 i 62.1 61.5 | 77.5 43.4 40.4 61.7 Brick, tile, and terra cotta 47.6 ! 46.9 61.6 i 54. 7 53.4 i 70.9 35.2 33.1 52.4 Pottery 83.3 i 82.2 96.8 i 82.3 83. 8 , 95.6 65.3 60.0 86.3 Glass .* 69.0 ] 66.2 87.6 i . 70.9 70.6 i 90.0 66.1 58.3 88.3 Cement 58.8 ; 57.9 68.3 ; 64.7 63.7 75.2 53.9 47.6 68.3 NONFERROUS METAL PRODUCTS 68.1 68.4 84.6 : 66.8 69.2 ! 82.9 ! 64.4 64.1 91.7 Stamped and enameled ware. 48.0 I 47.6 ! 60.9 I 46.8 49.6 59.3 ! 44.4 45.1 58.7 Brass, bronze, and copper 75.0 75.4 ! 92.7 j 73.6 75.9 | 90.9 j 70.2 69.6 101. 3 CHEMICALS AND PRODUCTS 95.6 96. 2 i 110.2 j 94.5 96.6 • 109.0 : 92.9 • 90.4 110.0 Chemicals and drugs 97.4 97.8 i 104.5 i 95. 6 97.1 102.4 i 89.8 i 86.5 101.0 Petroleum refining 96.2 97.8 I 120.9 j 97.4 99.7 122.4 j 100.8 ! 99. 3 125. 0 Fertilizers 81.6 80.8 j 109.3 : 77.4 82.8 • 103.7 | 74.4 | 74.5 104.4 RUBBER PRODUCTS 72.0 73.0 I 87.9 71.4 73.7 87.3 63.8 | 63.8 92.1 Automobile tires and tubes. 72.7 73.6 i 85. 6 72.4 75.2 85.3 67.2 ! 65.1 90.3 Rubber boots and shoes 69. 8 71.4 | 94.8 68.7 69.3 93.4 50.7 | 58.4 99. 3 TOBACCO MANUFACTURES 83.4 75.4 ' 88.9 84.6 81.3 90.1 65.3 ! 64.3 SO.O Cigars and cigarettes 84.5 75.4 90.6 86.3 82.5 ! 92.5 64.3 j 63.3 79.9 Chewing and smoking tobacco, snuff.. 75. 6 75. 5 75.7 71.2 72.3 ; 71.3 73.3 j 72.4 80.7 MUSICAL INSTRUMENTS 56.7 63. 7 42.5 56.9 63.4 i 42.3 47.6 i 53.7 46.2 Pianos and organs 33.9 34.8 40.8 33.2 33.8 40.0 27.7 | 30.0 40.9 i NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November, 1930 (pp. 662-677). 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196 FEDERAL RESERVE BULLETIN APRIL, 1931 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars] Public works and Total Residential Factories * Commercial public utilities * Educational All other Month 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 27.5 99.0 78.6 21.2 16.7 28.8 «27.3 Year to date 641.0 463.4 141.4 132.3 33.9 17.4 127.0 55.9 235.8 173.9 40.2 36.1 62.8 47.8 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 78.0 24.5 37.3 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. « Corrected. 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 dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1928 1929 1930 1931 1928 1929 1930 1931 January 411 488 411 250 338 369 311 183 73 119 100 6€ February 371 442 349 *226 351 369 282 20 72 6 Year to date 782 930 760 »476 689 738 593 *358 93 191 167 P117 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 i 218 104 85 December 476 427 275 339 310 209 136 117 67 * Excess of imports. » Prelimin ry. DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS [1923-1925 average=100J Index of salesl Index of stocks (end of month) 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 80 98 98 98 95 93 81 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 120 118 122 112 114 114 112 112 101 November 124 12*6 125 125 113 117 117 115 115 104 184 182 192 191 165 96 96 94 94 85 Year 106 107 108 111 102 103 103 101 100 94 Adjusted for seasonal variation: 106 107 108 110 107 97 105 104 103 100 99 88 February 105 108 106 111 108 98 104 103 103 100 98 86 M^arch ______ 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 lul 102 101 100 91 106 104 112 114 99 102 104 99 100 91 Ootobpr 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 » 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

197 APRIL 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 r n ts d jp 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 lm Bu at i e ld ri i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s h o e d - - s l M an i e sc o e u l s - 1926 (base) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ! 100.0 1927 95.4 99.4 96.5 93.7 107.9 95.7 86.5 98.2 93.3 96.6 98.2 ': 89.9 1928... 97.7 105.9 101.0 93.2 121.7 96.3 82.8 99.8 93.7 95.5 97.4 : 83.0 1929 96.5 104.9 99.7 92.6 109.2 93.7 81.6 104.4 97.1 94.4 96.9 | 80.5 1930 86.3 88.3 90.1 85.1 99.9 80.7 76.1 95.3 90.3 88.7 95.7 73.4 1930—January 93.4 101.0 97.2 90.3 105.1 89.4 79.9 101.2 96.2 93.0 97.3 I 78.7 February... 92.1 98.0 95.5 89.6 103.9 88.3 78.8 100.9 95.7 92.3 97. 0 ! 78.5 March 90.8 94.7 93.9 88.7 103.2 86.5 77.4 100.6 95.4 91.2 96.5 78.2 April 90.7 95.8 94.6 88.3 102.7 85.5 77.9 98.8 94.7 91.0 96.2 ! 78.5 May 89.1 93.0 92.0 87.5 102.6 84.6 78.0 96.8 92.9 89.9 96.2 | 77.5 June 86.8 88.9 90.5 85.7 102.4 82.2 76.4 95.4 90.0 88.9 96.2 | 74.5 July- 84.0 83.1 86.3 84.3 100.7 80.0 75.4 94.3 88.9 87.8 96.2 j 71.7 August 84.0 84.9 87.1 | 83.3 98.9 77.7 75.4 92.7 87.4 87.3 95.9 71.2 September.. 84.2 85.3 89.2 82.8 99.1 75.5 76.3 91.8 86.4 86.6 95.4 69.7 October 82.6 82.6 88.6 ' 81.5 96.5 73.8 75.1 90.4 85.8 86.0 95.3 68.8 November.. 80.4 79.3 85.7 80.1 94.0 73.3 71.8 90.2 85.6 85.2 95.2 67.8 December. _ 78.4 75.2 81.8 79.0 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 1931—January 77.0 73.5 80.1 77.8 88.6 71.0 69.8 89.3 82.9 83.6 91,1 64.7 February... 75.5 70.1 77.1 77.1 86.6 70.4 69.6 88.9 81.8 82.2 90.8 63.9 Annual indexes 1930 1931 Subgroups 1927 1928 1929 1930 JJaann.. FFeebb.. June JJuullyy AAuugg.. Sept. Oct. Nov. Dec, Jan. Feb. FARM PRODUCTS: Grains 100.9 107.3 97.4 78.3 93.8 89.0 78.7 74.1 80.4 77.0 72.1 64.0 64.0 62.4 60.4 Livestock and poultry 98.9 105.4 106.1 89.2 100.5 101.3 88.5 81.8 84.6 88.0 82.4 77.7 76.3 75.2 69.6 Other farm products 99.2 105.8 106.6 91.1 103.9 98.9 92.7 86.9 86.7 86.4 86.3 85.4 78.1 76.0 73.7 FOODS: Butter, cheese, and milk 104.0 105.6 105.8 95.7 97.5 97.4 90.4 92.0 97.9 98.7 ! 95.8 89.4 85.2 83.3 Meats.— 92.7 107.0 109.1 98.4 106.2 105.1 99.9 91.8 93.1 99.2 96.7 ! 91.4 89.2 88.4 83.6 Other foods 96.2 95.5 91.6 83.0 91.7 89.2 85.1 80.7 79.4 79.3 79.8 ; 78.4 74.5 73.4 70.8 HIDES AND LEATHER PRODUCTS: Hides and skins 120.4 148. 6 112.7 91.0 104.2 99.0 99.0 94.0 91.2 94.2 83. 6 j 75.1 69.4 64.4 57.7 Leather 109.2 126.3 113.2 101.3 108.3 107.7 102.9 100.1 99.9 98.2 96.7 93.3 91.5 90.8 89.0 Boots and shoes ._ 102.5 109.9 106.3 102.0 103.8 103.8 103.0 102.9 100.6 100.5 100.3 100.3 97.7 95.1 95.0 Other leather products.. i 104.1 108. 5 106.2 105.1 105.8 105.8 105.1 105.2 104.9 105.0 104.2 104. 2 104.2 102.4 102.0 TEXTILE PRODUCTS: Cotton goods __ 97.9 101.2 99.4 87.4 95.4 93.8 89.3 87.4 85.0 82.8 81. 6 81.9 79.7 77.3 76.9 Silk and rayon 88.1 83.6 80.1 63.2 76.0 74.9 64.3 60.4 57.6 55.4 52.1 ! 50.7 51.7 50.1 48.8 Woolen and worsted goods. _. 97. 6 100.4 97.8 87.8 94.0 93.2 88.6 88.0 86.6 84.6 83.6 i 83.2 82.3 82.1 81.7 Other textile products 95.4 81.8 66.0 72.3 72.2 69.0 65.5 63.5 61.3 59.0 57.9 57.8 57.5 59.0 FUEL AND LIGHTING MATERIALS: Anthracite coal. __ 96.3 91.7 90.1 89.1 91.2 91.2 85.8 86.5 87.8 89.1 89.6 88.9 88.9 Bituminous coal 100.4 93.6 91.3 89.4 92.2 91.4 88.2 88.8 88.6 89.2 89.2 89.1 89.1 88.1 87.8 Coke 94.4 84.6 84.6 84.0 84.1 84.2 84.0 84.0 83.8 83.9 83.9 83.9 83.8 83.8 83.8 Gas 97.9 94.9 93.2 97.3 92.5 94.0 99.7 99.4 99.8 101.3 99.7 97.0 95.4 95.8 Petroleum products 72. 7 ! 72.0 71.3 61.5 67.3 65.7 63.6 61.0 60.9 62.0 59.4 53.3 51.1 50.4 50.2 METALS AND METAL PRODUCTS: j I N r o on n f a er n r d o u s s te e m l etals ; j 9 9 5 1 . . 9 8 : i 9 9 4 3 . . 9 3 1 9 0 7 5 . . 3 7 9 80 1 . . 7 5 1 9 0 5 0 . . 7 6 1 9 0 4 0 . . 8 2 9 7 1 8 . . 7 1 7 9 3 0 . . 5 7 9 7 0 2. . 7 1 8 7 9 1 . . 5 2 67.8 8 6 8 8. . 4 3 8 6 8 9 . . 0 7 8 67 8 . . 4 1 8 6 8 6 . . 4 1 Agricultural implements 99.2 i 98.8 97.9 95.1 96.1 96.1 95.0 94.9 94.9 94.9 94.9 94.9 94.9 94.7 94.7 Automobiles.. 102.5 | 106. 9 110.9 104.5 106.8 106.8 105.5 105.5 102.5 101.6 100.2 99.8 99.5 98.7 98.0 Other metal products | 100.2 j 97.2 98.5 97.9 98.4 98.4 98.4 98.4 98.4 98.4 98.4 98.0 95.2 95.0 95.0 BUILDING MATERIALS: j I Lumber j 92.5 i 90.1 94.5 I 85.7 92.7 91.9 85.3 83.3 81.1 80.2 80.1 78.1 76.0 73.2 Brick 93.2 ' 92.7 91.1 84.7 90.4 88.3 83.0 82.9 82.5 . 82.5 81.8 81.6 81.7 81.5 C St e r m uc e t n u t r al steel 9 9 4 6 . . 7 7 ! ! 9 9 5 5 . . 9 2 9 9 1 8 . . 8 1 9 8 1 7 . . 8 3 ! 9 9 0 7 . . 4 0 9 91 2 . . 9 7 9 8 1 6 . . 7 8 9 8 1 4 . . 7 3 9 8 1 4 . . 7 3 8 91 2 . . 7 3 | 9 8 1 1 . . 7 7 9 8 1 1. . 7 1 9 8 0 1 . . 6 7 9 8 0 3 . . 5 0 8 8 7 4 . . 9 3 P O a th in e t r m bu a i t l e d r i i n a g l s m . _ a terials ' i • 9 91 4 . . 0 1 i '1 8 0 6 1 . . 6 3 1 9 0 1 6 . . 3 9 1 8 0 4 1 . . 9 1 ' ;1 9 0 3 6 . . 7 4 1 9 0 3 6 . . 0 5 88.7 9 8 9 7 . . 4 1 9 8 8 3 . . 7 7 8 7 1 8 . . 7 1 i | 9 7 7 5. . 9 3 9 7 7 4. . 4 8 9 7 7 2. . 4 1 9 7 5 0 . . 5 2 9 7 5 0 . . 6 9 98.0 ! ClIEMICAIS AND DRUGS: j Chemicals l 100.0 101.3 100.2 93.5 i 98.9 97.9 93.8 92.5 92.1 90.9 I 89.6 89.2 89.1 87.0 85.0 Drugs i 87.3 70.8 70.5 67.4 ! 69.0 68.6 67.9; 67.3 66.8 66.8 i 66.8 66.3 65.5 65.1 65.0 Fertilizer materials 96.2 94.6 92.1 : 85.6 I 89.8 89.5 85.3 • 84.3 83.3 83.1 i 83.6 82.1 81.4 81.4 81.1 Mixed fertilizers | 93.0 97.3 97.2 93.6 | 97.1 96.2 94.1 , 93.1 92.7 92.5 I 92.9 91.1 90.6 90.4 89.1 IJOUSEFURNISHING GOODS: Furniture 97.6 97.2 96.0 ; 96.5 ! 96.6 96.6 96.5 i 96.5 96.5 96.5 | 96.5 96.5 95.5 \ 95.5 95.5 Furnishings j 98.6 97.5 97.5 94.9 ; 97.7 97.3 95.9 95.8 95.3 94.4 : 94.2 94.0 87.6 i 87.3 86.7 MISCELLANEOUS: I Cattle feed i 117.8 138.1 121.6 99.7 | 113.5 107.5 102.0 i 94.8 104.8 93.6 | 89.6 83.0 78.2 75.0 71.6 Paper and pulp i 92.2 87.9 85.0 i 87.3 87.0 85.2 83.8 83.8 83.5 : 83.5 83.5 83.6 83.6 83.1 Rubber j 77.9 : 46.4 42.3 24.5 i 31.1 32.8 25.9 23.6 20.3 17.1 16.9 18.6 18.6 17.1 16.1 Automobile tires j 76.3 64.4 55.6 53.1 55.2 55.2 52.2 ! 52.0 52.0 52.0 52.0 51.3 51.3 45.7 45.7 Other miscellaneous • 99.9 : 106.3 99.7 I 108.3 108.5 103.3 ! 97.2 94.5 93. 8 91.5 88.9 86.9 86.1 85.1 I Back figures.—For indexes of groups, see BULLETIN for March, 1931 (p. 137); of subgroups, see bulletins of the Bureau of Labor Statistics, Nos. 473, 493, and 521. 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198 FEDERAL RESERVE BULLETIN APRTL, 1931 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF SWITZERLAND The annual report of the National Bank of ments can not be removed without the consent Switzerland for 1930 was submitted to the of Switzerland; on the other hand, the Bank general meeting of shareholders on January 22, for International Settlements can maintain its 1931. The main text of the report is given seat in this country in spite of any opposition herewith: * on the part of Switzerland. In order to facili- Amendments to the bank law.—The annual tate the tasks which the recovery of the interreport for 1929 contained an extended analysis national situation may impose upon it, the of the amendments made to the bank law of bank has been accorded various privileges, in April 7, 1921, by the Federal law of December general either of a fiscal character or designed 20, 1929. These amendments were put into to guarantee its own property and the funds effect by the Federal Council on April 1, 1930, entrusted to it against any restrictions by the at the close of the 3-month period allowed for Swiss authorities. In regard to the operations referendum. On the same day, the second of the bank and their possible reactions on the paragraph of the Federal law of July 30, 1914, Swiss economic position, complete guarantees respecting inconvertibility of notes of the have been given to Switzerland, in particular National Bank, was repealed. Thus, the to the National Bank as regulator of the money war-time inconvertibility and legal tender market, first, through the general provision in quality of our notes were both abolished; while the statutes of the Bank for International the constitutional system, which gives them Settlements that its operations shall be in conmerely the so-called status of national cur- formity with the policy of the central banks of rency and obligates the bank to redeem them, the participating countries; and even more was reestablished. The metallic cover wall through the fact that the National Bank has the right of veto in all operations transacted henceforward consist exclusively of gold. in Swiss francs or effected in the Swiss money The final establishment of the Bank for Intermarket. This right of veto is included among national Settlements in 1930 made necessary a the statutory provisions which can be altered new decree—that of June 26,1930, respecting the only by an amendment to the enabling charter. participation of the Swiss National Bank in the The Federal decree of June 26, 1930, men- Bank for International Settlements. This detioned above, was a reply to the invitation adcree further amended the bank law. The Bank dressed by the Bank for International Settlefor International Settlements, as is well known, ments to the Swiss National Bank—as one of a was organized and began operations as soon group of central banks—to participate in its as the Federal decrees passed on February 25, share capital, in order to be eligible for mem- 1930, went into effect. These decrees ratified bership on the board of directors in addition the convention made between the Swiss Conto having the right to take part in the general federation and the powers which participated meetings. Under the terms of the statutes, in the founding of the Bank for International the shares were offered for subscription only in Settlements. The fundamental law—the sosuch countries as were concerned in reparation called constitutional charter—of the bank was payments, or had currencies which satisfied the embodied as an integral part of this convention, practical requirements of the gold or the goldand thus constitutes an enactment in Swiss exchange standard. By virtue of the authorlegislation; it confers upon the bank the status ization conferred upon it, and by agreement of a legal entity in Swiss law and defines its with the Federal Council, the National Bank privileges in the field of corporate rights as well took up the 4,000 shares offered to it in a nomias in fiscal and administrative matters. From nal amount of 10,000,000 Swiss francs ($1,this it follows that Switzerland and the other 930,000); of this amount, only one-fourth, or contracting parties, especially the Bank for 2,500,000 Swiss francs ($482,500), had to be International Settlements, have certain obligapaid in at the time of subscription. Inasmuch tions and certain privileges. For example, as the purchase of these shares represents a the seat of the Bank for International Settle- long-term investment, which is not in accordance with the fundamental principles of the 1 The report, available in German and French, contains in addition sections dealing with branches of the bank and personnel, as well as bank law, the board of directors will endeavor tables showing the operations of the bank in detail. For earlier reports, gradually to amortize this subscription as it see FEDERAL RESERVE BULLETIN for May, 1930, April, 1929 and 1928, March 1927, April 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APR'L, 1931 FEDERAL RESERVE BULLETIN 199 does in the case of other investments such, for preceding year. Exports, on the other hand example, as its bank buildings. (omitting gold bullion, which is not included in the merchandise balance), showed a greater decline with each succeeding month and re- The world crisis.—After only a few years of sulted finally in an unfavorable trade balance prosperity, a wave of depression upset, in vary- in the amount of 781,800,000 Swiss francs ing degrees, the system of production and dis- ($150,887,000), which was exceeded only once tribution in all countries. This depression is before, in 1920. The total figure for exports, due to increased production, to the progress of 1,768,000,000 Swiss francs ($341,224,000) is 16 rationalization, to the maintenance of certain per cent below that of the previous year. Exretail prices at a high level by artificial means, ports intended for shipment to the United and to the crash of security prices on the stock States were considerably reduced as a result exchanges which began in America toward the of higher tariffs and lower purchasing power end of 1929 and developed into a world crisis. in America. In addition to the United States, It came at a time of reduced purchasing power Germany, which is our largest customer, and in a number of countries, especially in Germany Italy also, reduced their imports of Swiss merand in England, where economic conditions chandise. were already serious; but the crisis was aggra- Unemployment.—In December, 1930, the vated by the unfavorable situation of agri- number of unemployed was 23,000, as comculture everywhere, by political disturbances in pared with 13,000 iii December, 1929. This several countries, bank failures, the boycott of figure in itself is disturbing; but it is even more foreign goods by India, the reduced purchasing a matter for concern in connection with the power of China as a result of civil war and the burden of relief which so high a level of unemdepreciation of her silver currency, by the enor- ployment makes necessary. It represents, mous war debts, the revival of the reparations nevertheless, only a fifth to a quarter of the question, and last but not least by the tariff maximum number of unemployed who w^ere policy of the United States. Several govern- registered during the crisis of 1921-22, and is ments attempted to intervene by supporting by no means in proportion, furthermore, to the prices of raw materials and of agricultural the number of unemployed in other countries. products, by reducing the costs of production, The figure 23,000, however, is somewhat in and by other measures; their efforts were no excess of the number of unemployed in 1926; more successful than were the expansion of but in order to make an accurate comparison, credit facilities and the reduction of discount account should be taken of foreign workers rates by central banks. Efforts made by inter- who have migrated to Switzerland since that national economic conferences failed likewise, period. and the cooperation of central banks did not Industries.—Watchmaking, which of all the achieve any notable success. Experience has industries of Switzerland is the most sensitive shown at least that an individual bank of issue to business recessions, has been most seriously has only a limited influence on the development affected by reduced purchasing power and unof the business situation at times when funds willingness to buy on the part of our customers. are in great abundance, and that it certainly is The number of engraved watch cases exported unable to prevent or to end a crisis, especially has declined by one-third, and the value of when the causes of the crisis are international the watches exported by one-fifth. Inasmuch in character. as the watchmaking industry is so large an The Swiss situation, balance of trade.—The element in our export trade, such a reduction position of Switzerland in world economy shows is of considerable importance. that the wave of depression could not be The situation of the textile industry constopped at the boundaries. During the first tinued to grow worse. It was depressed not half of 1930, however, the situation was not only as a result of political disturbances in very seriously affected; not until the second textile-buying countries, but also by changes half of the year, and particularly the last quar- in fashion and by foreign competition. The ter, did business depression become pronounced. position of embroidery also became more diffi- The most sensitive economic barometer for cult, and even the Canton of Appenzell, which Switzerland is the foreign trade balance. Dur- had hitherto escaped the textile crisis, saw its ing 1930, notwithstanding the fall in prices of hand embroidery become sympathetically inraw materials and the reduced output of Swiss volved. Total exports of embroidery declined manufactures, the value of imports reached to less than one-third in value and to one-fifth approximately the same figure as that of the in volume as compared with pre-war amounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN APRIL, 1931 The fact that the number of unemployed in year. It is estimated that receipts from this this industry is relatively small is due to the source declined by one-fifth from the level emigration or to the change of occupation of recorded in 1929. The decline was, of course, many of the workers. The Confederation very unequally distributed among the various granted the Swiss Embroidery Cooperative tourist resorts. Society a further subsidy of 1,000,000 francs Federal railways.—The financial position of ($193,000), partly with a view to cutting down the Federal railways should be followed with still further the number of machines in opera- close attention. In spite of an unfavorable tion or of introducing new industries. In east- summer, passenger receipts advanced by several ern Switzerland attempts made to replace em- millions; freight receipts, on the other hand, broidery by other trades were continued failed to reach the figures of last year. Revethroughout the year with some measure of nues declined while expenditures increased, and success. the surplus of receipts for 1930 was lower by Compared with 1929, exports of cotton yarn, 21,000,000 francs ($4,053,000) than for 1929. cotton fabrics, silk floss, and silk fabrics de- The accounts for the year, however, closed clined to a considerable extent. Of other without a deficit. industries it may be said in general that they Public finance.'—Throughout the year the were well employed during the first half-year, finances of the Confederation felt the effects of and some of them until autumn. This state- the crisis to only a moderate extent; thus, the ment applies especially to the metallurgical customs receipts, which represent approxiand chemical industries. The electrical in- mately 70 per cent of the total revenues of the dustry was well employed throughout the year, Confederation, continued at the level of the and breweries had a satisfactory year in spite previous year; the yield of stamp taxes, which of a wet, cold summer. The building industry represents 16 per cent of the total revenue, was very active, although it showed some re- underwent some decline in respect to security cession in certain cities toward the end of the issues but this was more than compensated by year. taxes levied on Swiss bonds (as a result of Agriculture.—The fact that on several occa- several conversion operations), and on foreign sions during the year, the Federal Chambers securities and coupons. The Government were obliged to consider the situation of agri- budget for 1930, as in the two preceding years, culture and to take measures for its relief is will close with a surplus. In this connection most striking evidence of the depression in this special mention should be made of the fact that branch of our economic system. For Swiss the amortization of the public debt was conagriculture in general the year 1930 was a tinued in accordance with the plan providing failure. The unfavorable weather not only for the automatic increase of the rate of damaged the grain harvests but also checked amortization. In the past five years it has been the growth of other crops. The potato crop possible to reduce the total of the public debt was small, and fruit growing was a complete by approximately 200,000,000 francs ($38,600,failure. Forage crops, however, yielded a fairly 000). The numerous advance payments on the good harvest, although the quality was below third tranche of the Federal war tax made the average. The yield of the vineyards was in possible the accumulation of an amortization general inferior to that of previous years. The reserve fund of about 100,000,000 francs ($19,condition of the cattle market was moderately 300,000) which still further guarantees the good. Difficulties in marketing milk products, regular service of amortization. Through liqhowever, seriously affected the situation of the uidation or conversion, during the past year, of farmers. As a result of the depression in the loans carrying high rates of interest, the Concheese market, the price of milk had twice to be federation has been able to reduce the cost of reduced. The Confederation tried to alleviate its interest service. On January 1, 1931, the the situation by granting a subsidy to the dairy Government repaid the loan of $25,000,000 at 8 farmers, and by supporting the price of wheat per cent, floated in America in 1920, without at a level above the minimum guaranteed by having recourse to the capital market. law. Finances of the cantons and communes im- Tourist business.—It is scarcely surprising, proved their position somewhat; the reorganizawith bad weather prevailing throughout the tion of finances was continued generally, and greater part of the year, and the purchasing has now enabled several cantons to reduce their power of many foreigners reduced through taxes. losses on the stock exchange, that the tourist Price and cost of living indexes.—The Swiss trade failed to reach the volume of the previous index of wholesale prices reflected the unfavor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

201 APRIL, 1931 FEDERAL RESERVE BULLETIN able influence of the international market for began to limit their issue. The smaller banks raw materials. For many years this index had and the rural banks especially, hesitated to fluctuated but slightly; during 1930, however, lower their interest rate because their customers it showed a fall of 22 points—about 15 perwere unaccustomed to a level of 4 per cent. cent. The index of the cost of living remained As the greater part of the banks employ their more or less stable, declining by only 2 per savings deposits in their business, they genercent. This decline would have been greater ally hesitated to lower the rate on funds of this had it not been counteracted by an advance in character. Some of them, however, risked rents, based partly on the installation of more putting the 4 per cent rate into effect during conveniences in dwellings. Nevertheless, it 1930, or stated that they would make it effecmust be admitted that at the end of the year tive at the beginning of January, 1931. almost no benefit from the decline in prices of The banks have lowered the rate on almost raw materials had as yet been felt by the con- all kinds of mortgages, and have decided to sumer in Switzerland. lower it again in 1931; thus the rate on loans The capital market.—The situation on the on first mortgages, which formerly averaged 5 Swiss stock exchanges was characterized by con- per cent, has been generally changed to 4% per siderable reserve in respect to securities with cent. In this connection it should be stated variable yield, but an increased demand for that the Federal law in regard to the mortgage domestic securities with fixed yield, with the bond (lettre de gage) has finally been passed; result that bond prices appreciated and share the period allowed for referendum on the deciprices declined. The Swiss index of bond sion taken by the Federal Council in the session prices rose from 99 to 116, while the index of of last summer, expired on September 30 withindustrial shares declined from 232 to 178, and out any use having been made of it. Two the general index of securities from 190 to 158. central offices were provided for the issue of The Swiss bond market was especially influ- lettres de gage—one for the cantonal banks and enced by the inflow of capital from abroad, one for private establishments—which will conwhereas the share market suffered from the fine their operations to mortgage-bond busistrong pressure exerted by stock markets in ness; the latter of the two central offices was other countries, and from its relations with established before the close of the year. Obviforeign undertakings. ously, the present period of moderate interest During 1930 the Swiss capital market as a rates is altogether favorable for the introducwhole was very active as a result of the down- tion of the mortgage bond. ward movement of interest rates and the large The downward movement of interest rates volume of new issues. The yield of Swiss marked 1930 as a year of conversion opera- Government bonds, which was still slightly tions. Borrowers whose bonds were maturing above 4K per cent at the beginning of the year, or were subject to call made extensive use of declined steadily to less than 4 per cent by the opportunity to effect conversions. They autumn. This, however, is considerably less were able to do this the more successfully both than the decline which took place during 1922, because foreign capital continued to seek emand amounted to more than 1 per cent. As ployment in Switzerland, and because relatively to rates on their own certificates, a few of the few loans were floated by public corporations, great banks abandoned the 5 per cent type as so that the choice of investment opportunities early as January, and issued certificates at 4% was considerably reduced. If during the last per cent, then at 4K per cent; finally in mid- months of the year various 4 per cent loans July, they risked fixing the rate at 4 per cent, were less successful, the cause lies in the weariwhile continuing for a time to offer % or }{ perness of the money market resulting from a cent more on conversions. In general, the succession of loans, floated one after another, other great banks and the banks of the cantons or often simultaneously, and also in the sudden followed the movement after a short interval. suspension of the inflow of foreign capital to- The average rate on new certificates of the 12ward the middle of October, but the fault was most important banks of the cantons, which was not in the 4 per cent rate. Inasmuch as for 4.85 per cent in December, 1929, declined to some time before this the yield of loans of the 4.32 per cent in July and to 4 per cent in De- Confederation had declined to about 3% per cember. In spite of these moderate rates, the cent, the issue of 4 per cent bonds by public greater number of the banks received such an corporations seemed entirely justified. influx of funds that it was impossible to find During 1930 the value of Swiss bond issues employment for them; the banks, therefore, aggregated 1,209,000,000 francs ($233,337,000), ceased their propaganda in favor of bonds, and a record figure in the statistics of loan flota- 48611—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN APRIL, 1931 tions in this country. Making deduction for The aggregate of foreign bonds placed in conversions, new loans floated in the market Switzerland was much larger than during 1929. amounted to 278,000,000 francs ($53,654,000) It rose to 305,000,000 francs ($58,865,000) as as compared with 248,000,000 francs ($47,- compared with 110,000,000 francs ($21,230,000) 864,000) in 1929. During the year, 120 do- in 1929. Much of this increase is due to the mestic bond issues were floated, as compared issue of the Young loan; the Swiss banks underwith 58 in 1929. wrote a nominal amount of 92,000,000 Swiss After having made no demands for two years, francs ($17,756,000) and offered the public a the Confederation applied twice to the capital tranche in the nominal amount of 75,000,000 market in 1930; first, in February, for a loan francs ($14,475,000). Inasmuch as these forintended for the conversion in part of the 5% eign demands were largely compensated by per cent loan of 1922, in the sum of 300,000,000 imports of capital, they could be satisfied withfrancs ($57,900,000), maturing on September 1, out the least disturbance to either the money 1930, and for a new 4^ per cent loan of 250,- or the capital market. 000,000 francs ($48,250,000). The second ap- The international money market.—By the plication was in September, for the purpose of end of 1929, the world-wide crisis on the stock converting the eighth mobilization loan, dated exchanges led to a decline in rates of interest in 1917 and carrying 5 per cent, in the amount of the international money market and to a great 150,000,000 francs ($28,950,000), redeemable abundance of funds. This situation became on March 1, 1931, and a 4 per cent loan of the more pronounced throughout the year. Reducsame nominal amount. The two loans, issued tions in rates followed one another until, in the at 98.90 and 98.50 respectively, plus the summer, most of the banks of issue had lowered Federal tax of 0.6 per cent, were fully sub- their official discount rates to such a level that scribed. any further reduction would have had almost The cantons and the communes made ex- no practical effect at that time. The liquidity traordinarily large demands on the capital of the international money market was due to market, not for new loans, but in order to the fact that in some countries capital sums lighten their interest burdens through con- which had taken flight from their own curversions. The cantons have made no demands rencies were added to the working capital set upon the market for new issues, and the com- free by trade and industry as a result of busimunes to only a moderate extent. ness depression. Furthermore, continued liq- The banks, w^hich last year raised 103,000,000 uidations created a weakness in international francs ($19,879,000) of fresh money through stock markets, which helped to swell the volume bond # issues (an amount to which should be of short-term funds. The low rates, however, added the considerable capital increases effected failed to cause any recovery of the markets. by the great banks), have taken only 14,000,000 Moreover, political disturbances discouraged francs ($2,702,000) in this way during the past initiative to such an extent that short-term year. In this connection it should not be funds had difficulty in finding employment. forgotten that the funds obtained through the The private discount rate declined to an extraorissue of bonds were much less than those ob- dinarily low level in all the leading financial tained through issue of certificates or the growth centers. The interdependence of the interof savings deposits; as a result of the abundance national money markets was reflected in the of funds in the capital market, the certi- fact that the margins between the private disficates and deposit accounts supplied the banks count rates had never been so narrow as they with more than adequate resources. On the were in 1930. other hand, the finance companies, electrical The Swiss money market.—As a result of the enterprises and various industries had exten- development of international credit operations, sive recourse to the market. the Swiss money market reacted strongly to The interest rate on loans of the cantons and foreign influences, and saw its liquidity incommunes fluctuated between 4% and 4 per crease under the action of causes similar to cent; that of other loans reached a maximum those which operated in foreign markets. The of 6 per cent and a minimum of Aji per cent. ease which began toward the end of 1929 con- Share issues, which in 1929 rose to the exces- tinued, while the decline of interest rates in sive volume of 508,000,000 francs ($98,044,000), the capital market caused some unwillingness declined to 29,000,000 francs ($5,597,000) in to reinvest funds arising out of repaid loans, so 1930. It is true that the figure for the preced- that part of these funds came into the shorting year was greatly augmented by an extraor- term market. Furthermore, Switzerland was dinary issue. the principal country in which foreign capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 203 sought investment during 1930. Finally, the the existing regulation which limited to 20 Swiss market became even more liquid because days the maturity of paper drawn by foreigners Swiss banks, as a result of the uncertainty of on Switzerland; it also ruled that foreign bills the international situation, hesitated to make and bank acceptances as well as Swiss and new foreign engagements and even found foreign finance bills should not be accepted themselves obliged to curtail those which they for discount except when offered with a had made, in spite of the fact that it was diffi- fixed amount of Swiss eligible paper. This cult to find employment for their funds at requirement was sufficient to prevent money short term. rates from rising in spite of the tightening of In the case of the National Bank, the the market. The money market then developed liquidity of the money market was most in such a way that by August, 1929, certain strikingly reflected in the giro accounts. concessions could be granted; beginning with These rose to an average of 168,000,000 March 8, 1930, the bank removed all regulafrancs ($32,424,000) for the year as compared tions except that governing maturity; and in with 89,000,000 francs ($17,^177,000) in 1929. December it decided to facilitate still further It is necessary to go back to the year 1922, the discounting of bills of this character by which was also a year of crisis, to find a higher extending their maturity from 20 to 30 days. figure—181,500,000 francs ($35,030,000). As a This measure became effective during Janresult of easy money, the volume of discounts uary, 1931. and also of loans on collateral declined. On April 3, 1930, the National Bank reduced In spite of the efforts of the commercial its official rate from 3% per cent, which had banks to maintain the private discount rate— been maintained unchanged since October 22, which was still quoted at 3% per cent at the 1925, to 3 per cent in order to follow the private beginning of the year—near the official rate, rate and to prepare the way for a general it declined steadily. The growling volume of lowering of rates. Even though the anticiavailable funds seeking investment, and the pated lowering took place to only a moderate increasing difficulties in placing short-term extent, the rates declined somewhat, and their funds brought the private rate to 1% per cent in reduction was not without its effect on the loan October, and to \% per cent in December— market; moreover, it prevented a new rise of the some operations were even carried out at 1 Swiss franc, and kept foreign capital from comper cent. In the last days of December, the ing to increase the liquidity of the money market. efforts of the banks to accumulate adequate During the summer the private discount funds for end-of-year settlements brought the rate continued to decline and diverged more rate up to V/o per cent. and more from the official rate. Inasmuch as It is worth noting that the rate applied to the official rate had been reduced in France foreign bills and bank acceptances which at the and in New York, the National Bank adopted beginning of the year exceeded by at least 1 the same policy as a result of large offers of per cent similar bills of Swiss origin, gradually foreign exchange and demands for gold imapproached the level of the latter and finally ports, together with an advance in the exbecame identical with it. The explanation change rate of our currency. lies not so much in the fact that foreign bills On July 10, therefore, the board of directors of this kind became more and more rare, nor in reduced the official bank rate for the second the fact that as early as March the bank of time by one-half of 1 per cent—the lowest issue had abolished all limitations on acceptance rate in effect since the foundation of the Naof these bills with exception of their length of tional Bank. This measure had sufficient maturity; it was due rather to the fact that effect on the exchange market to prevent the funds became so abundant that the banks were Swiss franc from rising any further, at least glad to have the bills to discount. By the end for a time. This second reduction of the bank of the year, however, the difference between rate exerted pressure on credit and debit rates, conditions prescribed for discounting foreign and brought about their reduction in all the bills and those for discounts originating in great financial centers, and this in turn benefited Switzerland became more marked. rates on mortgage loans. It also prepared the Discount policy.—During recent years the way for public corporations to float their loans discount policy followed by the National Bank at 4 per cent. The yearly average of the official has aimed at maintaining a stable discount bank rate was 2.89 per cent as compared with rate. In 1929, in order to counteract foreign 3.50 per cent in 1929. pressure on our money market, the National When lowering its official discount rate, the Bank did not merely confine itself to enforcing National Bank twice reduced its rate on loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 FEDERAL RESERVE BULLETIN APRIL, 1931 on collateral by one-half of 1 per cent, first to The rise of the Swiss franc above its par 4 per cent, then to 3% per cent. In spite of value was not quite 0.50 per cent on average these advantageous rates, the demand for for the year, and never exceeded 0.71 per cent. loans on collateral did not increase, because This premium caused little difficulty for the the needs for funds were limited, and because Swiss export trade, because Swiss export insufficiently large amounts of Government funds dustries also require a large volume of imports, were made available to a number of banks. and, owing to the low rates prevailing in the Gold and foreign exchange policy.—The market they were able to obtain working capital gold and foreign exchange policy of the Na- at moderate cost. tional Bank, which throughout the year aimed At the end of 1930 the National Bank had a to prevent the Swiss franc—already at a pre- stock of more than 1,000,000,000 francs ($193,mium everywhere—from advancing any fur- 000,000) in gold and gold exchange. (The exther, passed through various stages. When, change represents currencies of countries in in March and April, and again in June and which the banks of issue are legally obligated July, the Swiss franc again showed a tendency to redeem their notes in gold coin or gold to rise, the bank attempted to intervene by bullion.) To these holdings should be added purchasing foreign exchange. When once the the United States Treasury bills which are ingold import point was reached, the bank de- cluded in the Government securities belonging clared itself ready to buy gold in accordance to the bank, although these bills can neither be with its established regulations, specifying, included in the cash reserves nor be held as however, that each offer of gold should be cover against notes except as their maturity subject to a special decision. (It is well known, falls within three months. The position of of course, that the National Bank, unlike most Switzerland in the international money and banks of issue, is not legally obligated to buy capital markets compels the National Bank to at a fixed price all gold that is offered to it. maintain a strong reserve position in order to be It buys gold only according to its requirements; able to meet any sudden demand for repatriaon the other hand, free coinage of gold exists tion of funds which have sought an asylum in in Switzerland.) When the Bank of England Switzerland. decided to deliver only bars of "standard" The ultimate aim of Swiss monetary policy gold—916% fine—the National Bank, along is to put gold coins into circulation. The with other banks of issue, decided to accept National Bank, however, has no intention of only bars of fine gold; this resulted in lowering putting this plan into effect at present, inasthe gold import point of the English pound in much as under existing economic and political relation to Switzerland. conditions, gold coins would not only be When, as a result of gold purchases aggre- hoarded in Switzerland but would be carried gating 78,000,000 Swiss francs ($15,054,000), away into other countries. The replacement of the metallic reserve of the National Bank had gold which would thus disappear would be a reached 639,000,000 francs ($123,327,000) at heavy charge on the bank and a drain on the the end of August, and the notes in circulation international gold market. The National Bank were covered to 70 per cent by gold, tenders of believed that it would be cooperating with gold no longer had any interest for the bank, other central banks by refusing to put gold which, therefore, ceased to accept them. into circulation and by not taking gold except This refusal, however, brought about an equally in limited amount. It should be noted that of large inflow of foreign bills of exchange; the the total volume of gold coins of Swiss mintresulting decline in foreign exchanges enabled ing—some 423,000,000 francs ($81,639,000)— the commercial banks to purchase gold and to only about half is held in the vaults of the have it minted. The National Bank assisted National Bank, while more than 200,000,000 this operation by postponing, in favor of the francs ($38,600,000) are held outside the bank. private banks, the reminting into Swiss coin In 1930, the minting of gold coins for account of its own stock of gold coins of the other of the private banks amounted to 30,000,000 countries of the Latin Monetary Union. But francs ($5,790,000). about the middle of October, when disturbances The problem of gold.—The problem of gold in Germany had again created a strong de- from the international point of view was the mand for Swiss francs, the bank, in order to subject of much discussion during the past check the further advance of the Swiss franc, year. Controversy was especially aroused by was compelled to accept foreign exchange in the preliminary report of the gold delegation large amounts, part of which was converted appointed by the League of Nations. This reinto gold deposits in London and New York. port takes the position that existing stocks of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

205 APRIL, 1931 FEDERAL RESERVE BULLETIN gold (supposing them to be redistributed in a with the return of Switzerland to the gold rational manner) are at present sufficient for standard. The Confederation had available reserves against note circulation, but that funds which enabled it to debit the total of its within a few years, inadequate production of rescription account—26,500,000 francs ($5,115,gold may disturb the international economic 000)—as well as an amount equal to the metallic situation. This point of view, or if one prefers, value of the foreign 5-franc pieces—11,400,000 this conception of the function of gold as means francs ($2,200,000). Shortly afterwards France of payment, met lively opposition not only and Belgium retired their 5-franc pieces before among central banks but also from eminent the expiration of the time provided in the economists. It is to be hoped that the dele- monetary convention. Now only the Italian gation will examine into the question further. 5-franc pieces, in a nominaFamount of 5>000,000 It is easy to understand why people have francs ($965,000) at the' end of the year, tried to establish a relation between the present remain to be repatriated. gold situation and the world depression. The Note circulation.—Since 1927 the fiduciary fact is, however, that in no country have credits circulation has steadily increased in spite of had to be restricted because of insufficient gold the business recession, and at the end of last cover; that on the contrary, in all leading year it amounted to 1,062,000,000 francs countries, the potential issue of notes has been ($204,966,000). The yearly average was 894,considerably increased, greater credit facilities 000,000 francs ($172,542,000), which is 38,000,have been made available and interest rates 000 francs ($7,334,000) higher than last year. have been reduced, while almost everywhere Part of this rise is due to the fact that in periods existing gold reserves would permit a still of cheap money and abundant funds, note's further expansion of credit. come back to the bank more slowly than (hiring Reserve position.—The note cover has sel- periods when rates are high. A similar dom been so strong as during the past year, phenomenon was to be noted in clearing especially considering the fact that since April accounts where every 1 franc of the average 1 the metallic reserve has been composed clearing account represented a turnover of exclusively of gold. The aggregate reserve— 467.francs (in 1929, it was 862 francs), while gold and gold exchanges—rose on yearly the length of the average period during which average to 900,000,000 francs ($173,700,000) clearing house payments were left on account as against 781,000,000 francs ($150,733,000) was 1.539 days in 1930 as against 0.835 day in 1929. in 1929. It is also probable that economic During the year the Confederation and the troubles and political disturbances fostered Federal railways had almost always large hoarding. The greater part of the increase in sums to their credit at the National Bank, so the fiduciary circulation was diie to the foreign that only on rare occasions did they present demand for Swiss notes. That this demand their notes (inscriptions) for rediscount, and was due chiefly to the desire to hoard, either most of these credits were small and for only in Switzerland or abroad, was shown by the short term. fact that notes of large denominations formed The noninterest bearing rescriptions which a considerable proportion of the increase. the bank has held since 1921, as cover for the Furthermore, not only has note circulation difference between the metallic and the nominal risen, but clearings with the National Bank and value of the 5-franc pieces originating in other the turnover of postal checks increased also. countries of the Latin Monetary Union, and This indicated that trade and commerce still included in the metallic cover, disappeared required an active turnover of means of from the accounts of the bank on April 1,1930, payment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN APRIL, 1931 BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER 31, 1930 DECEMBER 31, 1930—Continued Francs (in Dollars 1 I Francs (in Dollars i thousands):(in thous.inds) sands) RESOURCES RESOURCES—continued S F G w o o r l i e d s i s g b g n a o r g l s d o l c d o i c n oin.. 4 68 2 9 , , , 2 9 2 6 9 3 7 5 4 U B Fu a n r n p n k a i i t d p u r r c e e a m p a i n i s t d a e l s f . i . x tures j ' • 2 ( 3 2 5 ) , , 0 0 0 0 0 0 • ! ; (2 4 ) , 5 8 7 2 9 5 Total gold in vault.. Miscellaneous assets : 3,284 634 Gold at the Federal mint- Gold earmarked abroad... Total resources.. 1,391,881 268,633 Total gold. LIABILITIES Notes in circulation \ 11,,062, 087 204, 983 Other cash items Giro accounts 213, 223 41,152 F S F w o o r r i e e s S i i s g g w n n p i o s e e s r x x tf b c c o i h h l l a l i a s o n n : g g e e o o n th g e o r l t d h a st n a n g d o a ld r d e x c c o h u a n n t g ri e es 16, 739 F D R O e e r t d h a d f e e i t s r r s a c d l o a e u a n p n c d o t c s s o o i f u t f s n ic t e s rs' checks 2 7 8 , , 8 8 0 8 7 5 3 5 7 6 7 7 5 1 . , 4 1 1 1 5 6 6 1 1 9 5 6 Other discounts 1, 543 Capital 50, 000 9,650 18, 282 N Su e r t p p lu ro s f 3 its 9 7, , 1 5 0 0 9 0 1 1 , , 8 3 3 7 4 2 Adv E an li c g e i s b l o e n a s s e c c o u v r e it r y f : or bank notes_ 53,366 i 10, 300 D R R e e iv s s e e id r r v v e e e n d f f s o o r r u p u n n r p i i a n n i t s d i u n r g e d b a r n is k k s notes 1 1 , , 0 0 1 0 0 0 0 0 1 19 9 2 3 3 Other - Miscellaneous liabilities 10,325 1,993 53,366 I 10,300 Total liabilities.. 1, 391, 881 268, 633 G overnment securities 103,985 I 20, 069 I D D te u u m e e s f f r r o o fo m m r c p S o o w ll s e i t s c a s t l i o c c o n h r e r c e k s p s o e n r d v e i n c t e s - _ .. 32 1 1 , , , 5 2 7 7 3 4 2 8 0 i ! | 6,3 3 2 1 0 3 9 3 9 2 1 C C a o r n r v ie e d r s a io t n 1 a fr t a p n a c r . : 1 franc=$0,193. Coupons 967 ! 187 3 After the transfer of 500,000 francs ($96,500) from the profits of the Interest accrued on securities 326 i 63 year 1930 the surplus will be 10,000,000 francs ($1,930,000). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL. 1931 FEDERAL RESERVE BULLETIN 207 ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of It is not surprising, therefore, that such a Belgium for 1930 was submitted to the general combination of adverse circumstances should meeting of shareholders on February 23, 1931. create a general depression throughout the The main text of the report is given herewith.1 world, nor that Belgium as an exporting coun- The general situation.—The year 1930 wit- try should feel its influence, even though she nessed the growth of the world crisis, the was less affected by it than other countries. beginnings of which were described in the Currency, exchange, and gold.—In spite of previous report. The causes of this crisis are existing difficulties, the currency system—of well known. As was stated before the general which the National Bank is guardian—proved meeting on August 25, 1930, the exceptional itself entirely sound. The increase in note demands arising out of the war and the postwar circulation was covered to 100 per cent by the reconstruction period brought about an exces- increase in gold and gold exchange reserves. sive advance in the price level and a considerable The opinion of the bank in this matter is well increase in production. The first reaction was known—that from the point of view of the felt in 1920-1921. Thereafter, in the case of a currency such an increase in reserves is unnecnumber of commodities, adaptation of produc- essary. It was unavoidable, however, chiefly tion to consumption, which was greatly assisted because of the large inflow of foreign bills arising by technical improvements, made gradual from loans floated abroad by private underprogress. But in the case of other commodities takings. Aggregate loans of this character a lack of balance was created between supply floated during the past year may be estimated and demand, and this was ultimately reflected at approximately 2,000,000,000 Belgian francs in a sharp and rapid fall of prices. In agriculture, ($55,600,000). They were to be explained to for example, the high level of prices, improved some extent by the tightness of the domestic methods of farming, and the exceptional yield of capital market and by the more favorable the harvests resulted in greatly increased pro- conditions which the contracting parties found duction of many crops. Moreover, instead of abroad, but it should also be remembered that allowing economic laws free play, some countries they were favored by fiscal legislation passed tried the futile and costly experiment of support- in this country during a period of currency deing prices by artificial means, which always pro- preciation, which subjected coupons of bonds duces serious disturbance of the markets and issued here to a higher tax than coupons of ends in catastrophe. foreign bonds. Inasmuch as the circumstances which justified this discrimination no longer Recovery was also rendered much more diffiexisted, the bank proposed to the Government cult by various disturbances in the leading the abolition of this distinction. The law of countries to which Europe exports her prod- July 13, 1930, accordingly, fixed a uniform rate ucts. Exporting at present encounters seriof 15 per cent as personal-property tax payable ous obstacles on every side. In the United on coupons of bonds issued for the require- States the losses resulting from the recent ments of Belgian enterprises, whether floated excess of speculation reduced the purchasing in the domestic or in a foreign market. power of the public, and the raising of tariffs which were already highly protective still In matters of foreign loans of administrative further aggravated existing difficulties. India departments, the Government remained faithsuffered not only from the world-wide fall in ful to its policy of refusal, which was more than prices, but also from political unrest of long- ever justified under existing circumstances. standing. The rich countries of South America Throughout the year, the position of the and Australia were burdened by the conse- belga in the exchange market remained very quences of economic and financial mistakes, such steady. The following table (omitted) giving as the abuse of foreign loans, excessive public the monthly average in belgas of the principal expenditures, the suspension of convertibility foreign currencies shows that Belgian currency of notes in gold, or unsound measures for the was almost always at a premium over the other artificial support of prices. In Russia and gold-standard currencies. China no improvement of the situation was Regarding the composition of reserves, the noted. bank continued the policy adopted after the currency reform. From December 25, 1929, i The report, available in French, contains in addition tables showing to December 25, 1930, the gold reserve rose the operations of the bank in detail and sections dealing with the centennial of Belgian independence, personnel, conditions in selected from 5,875,239,000 Belgian francs ($163,332,industries, etc. For earlier reports see FEDERAL RESERVE BULLETIN 000) to 6,772,723,000 francs ($188,282,000), for May, 1930, April, 1929, 1928, 1927, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN APRIL, 1931 an increase of 897,484,000 francs ($24,950,000). 3. The bars must be pure and free from alloy, and free from materials which would render them unsuit- The gold reserve exceeds by 10 per cent the able for industrial use or for minting—for example, minimum of 30 per cent required by law. iridium, selenium, arsenic, etc., and must have the Such a margin is not at all excessive. On the other customary technical qualities. other hand, the bank was careful to make its 4. The equivalent value of the bars transferred to the bank will be paid, or placed to the credit of the acgold purchases without disturbing the intercount of the seller, on the day following the delivery. national market. 5. Bars shall be presented at the wickets of the bank Since stabilization the bank itself has gener- at Brussels during regular banking hours. ally effected its purchases of gold on its own 6. Gold coins: The terms of purchase of gold coins are not to be altered. The scale of prices is as follows: initiative either by converting into gold in New 136.50 Belgian francs for gold coins of 20 francs of York or London foreign bills offered to it by the the Latin Monetary Union. market, or by importing gold produced in the 68.25 Belgian francs for gold coins of 10 francs of Belgian Congo. About the middle of the year the Latin Monetary Union. 34.10 Belgian francs for gold coins of 5 francs of the bank felt that the time had come to make the Latin Monetary Union. public announcement, through a special regula- 168.50 Belgian francs for gold coins of 20 German tion, of the price and the exact conditions under marks. which it is always prepared to accept or de- 84.25 Belgian francs for gold coins of 10 German marks. liver gold at its offices. The text of the regu- 172.25 Belgian francs for gold coins of £1. lation is as follows: 86.10 Belgian francs for gold coins of 10 shillings. Gold operations at the offices of the National The coins must be in perfect condition and of full Bank of Belgium.—The National Bank of Belgium, in weight. accordance with the royal decree of October 25, 1926, These gold coins may be presented at the head having the force of law, and of articles 160 to 164 ofoffice of the bank at Brussels, at the branch at Antwerp, the statutes, approved by the Minister of Finance on and at any of the agencies in the Province. April 10, 1929, establishes as follows the conditions of purchase and sale of gold made at its offices. II. DELIVERIES OF GOLD I. PURCHASES OP GOLD The bank shall deliver gold in exchange for its notes, at the legal parity of 0.209211 gram of fine gold per 1. The price for the purchase of gold by the bank is belga. This parity corresponds to a selling price of fixed at 4,763.1338 belgas, or 23,815.669 francs, per kilo-4,779.8634 belgas or 23,899.317 francs per kilogram gram of gold 10/10 fine. of gold, 10/10 fine. 2. Only bars of a weight of about 12}£ kilograms, Delivery shall be made in bars of about 12% kiloand of a fineness equal or superior to 0.995 will be ac-grams, of a fineness equal or superior to 0.995.1 cepted. 1 The price of the bars must be transferred in cash The bars shall bear the stamp of a well known refiner. by the purchaser at the time of delivery. The bank reserves the right to decline bars on which The delivery of gold will be made at the office of the stamp is not to its satisfaction. the bank at Brussels during the regular banking hours. Furthermore, the bars shall be accompanied by a certificate of assay, furnished by one of the assayers Since the regulation became effective, the which has been agreed upon by the bank, and which rate of exchange several times reached the gold still continues to be a guarantor recognized by the bank. import point, and gold imports in moderate The following are recognized as acceptable assayers: The Mint, at Brussels; the General Metallurgical amounts resulted. Society of Hoboken, at Hoboken. The system which was thus put into effect The cost of assay to be charged by the assayer is as the result of deliberate and wise planning, fixed at 45 francs per bar. and which had its beginnings in the monetary By special arrangement, bars may be accepted if accompanied by a certificate of assay furnished by onereform of October 25, 1926, functioned in a of the assayers agreed upon by one of the leading for- wholly satisfactory manner. All the great eign banks of issue, or regularly stamped by them, the banks of issue employ a similar system. In National Bank of Belgium reserving the right to have Belgium it is necessary to go back 50 years— assayed again all or part of the said bars by its own assayers, mentioned above, at the seller's expense. before the first difficulties were encountered by The seller is held responsible for the fineness shown bimetallism and the Latin Monetary Union— by the stamp or recorded on the certificates of assay to find a currency policy so entirely based on attached to the bars, and is required to furnish a special gold. The bank still remains perfectly free to letter of guaranty covering this point. carry out on its own initiative, without any * Requirement as to fineness changed by amendment of Jan. 21, 1931- intermediary, such gold transactions as it may At first the regulation provided that the bars offered to the bank should consider useful or in the general interest. be of a fineness equal or superior to 0.995. It appeared subsequently that this stipulation might give rise to practical difficulties inasmuch Following a custom of long standing, exas the London market was able at that time to obtain from the Bank of England only bars of a fineness of 0.916^. Under these circumstances^ change transactions effected between banks in acting in agreement with the Bank of France, the Bank of Italy, and the our market were until recently cleared on the German Reichsbank, the National Bank decided to accept bars of a minimum fineness of 0.900. This measure removed the obstacles which day following the conclusion of the transaction, the different requirements of the various markets in respect to the fineness of gold bars placed in the way of the free movement of gold. regardless of the time of delivery of the_ ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

209 APRIL, 1931 FEDERAL RESERVE BULLETIN change. This method of settlement had some between the Belgian Government and the German drawbacks. During the past year, the bank Reich before the account of the debt to the National Bank had been closed, a convention was to be entered brought the conditions of payment in Brussels into between the Government and the bank to provide into harmony with those abroad, where ex- for the manner of liquidating the balance; change operations are treated as "values Under the agreement made on July 13, 1929, between offset'7 (valeur compensee). Germany and Belgium; Whereas the debt of the Government to the bank has Discount policy.—Since the beginning of the been reduced to 2,000,000,000 Belgian francs ($55,present crisis, the bank has maintained a 600,000) in accordance with article 2 of the decree cheap-money policy. On January 1, 1930, it law of October 25, 1926, respecting currency stabilizalowered the discount rate (from 4}Q to 3}i tion; and by application of article 4 of the same decree law, the amortization fund of the public debt per cent, on May 1 to 3 per cent, and finally has made reimbursements of the principal for the on August 1 to 2K per cent. Other leading benefit of the bank, aggregating 510,000,000 francs central banks throughout the world pursued ($14,178,000) on December 31, 1929; the same policy. Whereas, by agreement with the bank, these payments, fixed at 20,000,000 francs ($556,000) per month, The low-money rates obtaining in all markets applied to the redemption of a like amount of treasury directly affected the yield of our foreign assets. bills held by the bank and representing Government The average rate, which was 4.32 per cent for debt, have" been deposited in a special fund, the the first quarter of the year, declined to 2.95 revenues of which should accrue to the principal; but as a result of changes made by the law of Decemper cent during the second quarter, and conber 31, 1929, in the payments of the amortization fund, tinued to decline throughout the second half these payments have not been continued since January year, so that the average yield on these assets 1, 1930; for the year as a whole was considerably lower Whereas the charges of the loans, the yield of which than for 1929. has been applied to repayments on account of this credit, are considerably in excess of the amount of the The present discount rate of the National annuities which Germany has contracted to pay to Bank is the lowest which has been in effect Belgium under the agreement of July 13, 1929; since 1896. In spite of the facilities offered Whereas in order to effect the liquidation of the by the low rate, the demand for discount debt to the bank in accordance with the capacity of accommodation declined steadily as a result the budget, it is advisable to distribute the payments over a fairly long period, and to graduate them in of the business depression and the cautious proportion to the relief afforded by the progressive policy observed by Belgian undertakings. reduction of the service of the foreign debts; The greater part of the assets held against Therefore, the Belgium Government represented by the demand liabilities of the bank consist of the Minister of Finance, and the National Bank of gold and gold exchange. The bank will thus Belgium represented by its governor, under authority of the decision of the General Council be able to furnish business enterprises with a Have agreed as follows: large supply of gold exchange, whenever ARTICLE 1. The special fund created by the agreecircumstances permit them to resume those ment of January 25, 1928, between the Government international investment operations which be- and the National Bank is abolished. The amount fore the war represented a large part of this thereof, at its value as of December 25, 1929, is transferred to the National Bank, which shall apply it to country's financial activity and were an imthe final extinction of a corresponding amount of the portant factor in export trade. Government debt. Repayment of balance of the Government This transfer shall be free of all taxes and levies. debt.—By authorit}^ of article 5 of the con- The Government and the National Bank have vention of October 18, 1926, the question of the agreed upon 538,206,616 Belgian francs ($14,962,144) as representing the cash and securities belonging to the liquidation of the balance of the Government special fund as under date of December 25, 1929, and debt to the bank was settled by a special con- certify that the Government debt has been reduced vention under date of October 17, 1930, and by application of the'rabove1! amount to 1,461,793,384 ratified by the Federal Parliament on the Belgian francs ($40,637,856). following December 27, after an exchange of ART. 2. The Government shall liquidate the balance views to which the reader is referred.3 The of the debt in 18 annuities, as follows: full text of the agreement is as follows: Belgian francs Belgian francs 1931 21, 793, 384 1941 ___ 75,000,000 CONVENTION BETWEEN THE GOVERNMENT AND THE 1932 30, 000, 000 1942 __- 100,000,000 NATIONAL BANK OF BELGIUM 1933 40, 000, 000 1943 100, 000, 000 1934 50, 000, 000 1944 125,000,000 Under article 5 of the convention of October 18, 1935 60, 000, 000 1945- 125, 000, 000 1926, approved by the decree law of October 25, 1926, 1936 70, 000, 000 1946_ 125, 000, 000 according to the terms of which, if an agreement 1937 70, 000, 000 1947- 125, 000, 000 respecting the redemption of marks should be made 1938 70, 000, 000 1948- 125, 000, 000 of 3 D P e a c r . l i 1 a 6 m , e 1 n 7, t a a r n y d R 1 e 8 c , o 1 r 9 d 3 s 0 , . C h S a e m na b t e e r , o 1 f 9 R 30 e - p 31 re , s s e e n ss t i a o t n iv o e f s , D 19 e 3 c 0 . - 2 3 3 1 , , s 1 e 9 s 3 s 0 io . ns 1 1 9 9 3 4 9 0 7 7 5 5 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 Total.. 1,461,793,384 48611—31 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN APRIL, 1931 The certificates of these annuities shall be remitted during the past year. The table below shows to the bank in exchange for treasury bills which it now the monthly index of security prices in the holds. The payment of the annuities as provided Brussels market, as computed by the bank's above shall be made in connection with the half-yearly payments by the bank to the Government, under the division of research. provisions ofj[article 4 of the convention of October 18, 1926. INDEX OF THE BRUSSELS STOCK EXCHANGE The form and the number of the annuity certificates shall be determined by the Minister of Finance in [120 securities with variable yield. Base, Jan. 3, 1928=100] agreement with the bank. For the requirements of the currency circulation the bank shall be able to obtain Month 1928 1929 i 1930 ! the certificates on demand, and to rediscount them or put them into circulation, the costs relative to these January _.J 100 108 76 operations being at its own charge. February : 107 117 | 77 Done in duplicate, at Brussels, October 17, 1930. March ...J 106 114 ! 67 April I 121 113 ! 74 THE NATIONAL BANK OF BELGIUM. May i 125 105 i 76 LOUIS FRANCK, Governor. June 124 102 72 July : 115 98 j 67 LOUIS-JEAN MAHIEU, Secretary. August I 103 100 63 BARON M. HOUTART, September. 119 104 62 October j 114 91 ! 61 The Minister of Finance. November : 110 87 ! 52 The solution thus arrived at is in accord with December | 107 77 56 the formal obligations which the Government assumed toward the bank. It conforms to the 1 Preliminary. principles of financial theory and practice. A Compared with the figure for May, 1928, sound currency should not be supported even when the index reached its highest point, the to a limited extent by the credit of Govern- depreciation of securities with variable yield is ment. In providing for the amortization of 55.2 per cent. As a result of the decline in the balance of the advances made by the bank quotations, the capitalization of the leading to the treasury under the pressure of excep- securities in this market advanced considertional requirements, the Government com- ably, and the fundamental idea of yield or pleted the reform so fortunately begun four return, so long neglected, is beginning once years ago. By so doing it has served the highest more to receive its due importance. The deinterests of the country. cline in the volume of share issues bears witness Treasury debt operations.—During the past to the depression in the market for securities year the treasury has effected large liquidation with variable yield. and conversion operations in respect of the The situation was very different as regards foreign debt. The law of June 12, 1930, securities with fixed yield, the advantages of authorized the amortization of the balance of which the bank constantly emphasized. The the 7% per cent loan of $50,000,000, floated inrecovery of the bond market continued through- 1920 in the United States. This operation w^as out the year. The index of the price of rents effected with the cooperation of the amortiza- rose from 100 in January, 1928, to 126 in tion fund of the public debt and the cash fund. December, 1930. The law of November 26, 1930, authorized the A considerable proportion of private savings issue of a foreign loan for amortization of the is at present accumulating in the banks and is balance of the 8 per cent loan, floated in the withheld from investment. Savings deposits United States in 1921. In giving effect to this in the General Savings and Pensions Office law, a loan of 45,000,000 florins ($18,090,000) showed a very sharp advance. was floated in the Netherlands, Switzerland, At the end of 1930, for the first time since and Sweden at the rate of 4% per cent. The the w^ar, the total deposit balance in the Gen- Government is to be congratulated on the eral Savings and Pensions Office reached the adoption of a policy which enables it to reduce level at which it stood on December 31, 1913. to a considerable degree the heavy charges If account is taken of the large volume of which the service of the foreign debt imposes savings at present on deposit in some of the on the budget. great private banks wThich, before 1914, had no Security market.—The severe losses which such amounts on deposit, it may safely be said resulted from the excessive speculation of recent that the virtue of saving among the Belgian years diverted investment from the security people has not been weakened. market. As in other centers, the market in Prices.—At the beginning of this report the Belgium was very dull. Security quotations, general causes of the existing crisis were indiwhich were already much depressed at the close cated. The effects of the crisis, up to the of 1929, showed a considerable further decline present, on the principal lines of business ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 211 tivity in Belgium should now be briefly evident. Industrial leaders and the rank and examined. file of workers alike realize very clearly the The disequilibrium of the great markets was effort needed to accomplish anything in this reflected in a sharp decline of wholesale prices. field, where so much remains to be done. In Belgium wholesale prices actually fell to Unemployment.—Unemployment, which for their pre-war level, and in the case of a number a number of years past was practically nonof commodities were even lower than in 1914. existent in Belgium, recently began to grow, In retail prices, the downward movement was and there is reason to expect that it will become much less marked. still worse. In Belgium, however, it is only Up to the present time the retail price index temporary in character, being due to the crisis has reflected to only a partial extent, and with and not to organic causes. a very considerable lag, the downward movement in wholesale prices, which became more INSURED PERRONS UNEMPLOYED marked about the middle of 1929. The fact Percentage of unemployed to insured workmen is that certain elements which are hard to reduce, such as w^ages and general costs, make 1 Entirely ; Intermit- Year • unem- \ tently unretail prices far less sensitive than wholesale ployed employed prices to the depreciation of raw materials. Besides, retail dealers resist a fall in prices as 1926. 1 1.45 , 2.68 1927_ ! 1.81 ' 3.88 long as possible, and try—often successfully— 1928_ , .93 3.54 to charge their customers the old prices for 1929_ 1 1.32 2.98 1930_ i 2. 78 i 6. 57 some time. In any case, retail prices at present show a downward trend—which should con- 1 Average for first 11 months. tinue, for its regulatory action and its influence Wage reductions were made in many kinds on the increase of consumption may effect a of business. As a rule, they provoked no serious gradual improvement in the existing situation. conflict. Industry.—The accompanying table, showing Banking situation.—One of the most reasthe remarkable growth in production of the suring signs at present is the sound position of principal industries, although it reflects the the great banking institutions. It is of course influence of the crisis, leaves no doubt that true that the financial houses, which find their progress has been made. Comparison between prosperity dependent on the economic situathe figures for 1913 and for 1928 and 1929 is satisfactory if it is remembered that the table PoSITLON OF T11K PRINCIPAL BELGIAN CREDIT INSTIshows quantities and not values. TUTIONS ONT DECEMBER 31 [In thousands of francs] INDUSTRIAL PRODUCTION IN BELGIUM 1929 1928 1927 [In tons] Resources: Copper Cash funds: Cash on hand, at Year Coal C ir a o s n t I C s r te u e d l e C z r i u n d c e C to o n t- ^ v oo1 . ! i m n i t n h e e d N ch a e t c io ks n , a c l oupo B n a s n , k f , o reig p n o c s u ta r l yarn Congo rency 3 336 763 3,194,235 2, 620,046 Commercial bills discounted (exclusive of rediscounts) 5, 552, 069 5, 066,198 4, 392, 881 1913... 22,841,590! 2, 484, 690: 2,404,780 204. 228;145,400, 27,578! 7.407 Securities and participations 5,271,462 4, 168,076 3,356, 306 1925... 23,133,160' 2,54J, 430' 2,343,850 ]74, 271155.4501 26,995[ 90,100 Debits in current account, 1926... 25,319, 570J 3,399,260! 3,289^420 190, 020; 59,150 29,866! 80,600 banking correspondents, ac- 1 1 1 1 9 9 9 9 2 3 2 2 8 0 9 7 . . . . _ . . . . . . . . 2 2 2 2 6 7 7 7 , , , , 5 5 4 9 7 4 0 3 3 5 2 1 , , , , 5 7 5 4 5 8 6 6 0 0 0 0 ! ' ; j 3 3 3 4 , , , , 9 7 3 0 0 5 9 9 1 5 3 5 , , , , 3 4 5 9 2 0 4 4 0 0 0 0 ^ : 4 3 3 3 , , , , 2 O 8 6 7 2 0 i 0 0 4 l , , , , 6 8 1 9 8 2 8 1 0 0 0 0 ; ! ; 2 2 20 0 01 1 8, , ,6 3 30 8 02 -0 0} i i 6 6 3 6 7 3 8 5 4 5, , , , , 0 3 8 3 0 5 5 0 0 5 0 0 0 0 0 , ' ! , 3 4 3 4 4 2 9 0 0 1 8 , , , 7 , , 5 7 0 3 7 2 7 5 6 0 5 0 7 5 i4 1 1 1 8 8 3 1 1 8 8 5 3 2 , , 1 , , , 1 0 8 8 8 6 0 3 1 . 1 0 1 7 7 Liab P il a t c r i i t i i e e e i d e p s d - s , t u a : p f a n o d c r c v e w a a s p a , n i r c t d l a e o l s a , n s a c a c _ n o _ d u _ n s t e s c c u a r r i- - 2 3 0 , , 1 5 3 8 8 4 , , 9 2 1 11 0 1 2 6 , , 5 7 7 0 4 3 , ,9 70 2 4 8 1 1 3 , , 8 1 7 71 6 , , 8 2 5 4 4 3 Reserves 2, 793, 459 2,190,268 1,091,637 1 From Sept. .1, 1912, to cud of August, 1913. Aggregate capital and reserves. 6, 377, 670 4,894,196 2, 967, 880 2 First 6 months. Miscellaneous liabilities: Cred- 3 11 months. its in current account, cor- • 10 monthii- respondents, acceptances, bills payable 27, 136,873 23, 85S,613 20,316,729 Percentage of— The results for 1930, although less satisfac- Cash funds to miscellaneous tory, indicate the great power of resistance of liabilities 12.30 13.39 12. 90 Hills discounted to miscellane- Belgian export industries. They should not, ous liabilities 20. 46 21.23 21.62 Debits in current account to however, give any too great feeling of security. miscellaneous liabilities 74.21 6S.47 64. 83 It is in difficult periods such as this, through Capital and reserves to- Miscellaneous liabilities 23. 50 20. 51 14. 61 which the country is now passing, that the Securitj7 investments and participations 120. 98 117.42 88.43 necessity of obtaining new markets is most Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN APRIL, 1931 tion, felt the effects of the crisis, yet their BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM strength has not been impaired, and as soon AS OF DECEMBER 25, 1930—Continued as business shows an improvement their support will be available to all prudently managed Francs (in ' .... In(m enterprise. The table on the preceding page thousands) I ^^ shows the position of the banks. LIABILITIES BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM Bank notes: Issued 17, 215, 507 478, 591 AS OF DECEMBER 25, 1930 Held by the bank 1,397,724 38,857 In circulation _.. 15, 817, 783 439, 734 t F h r o a u n s c a s n ( d i s n ) D (i s n o a l n t l h d a o s rs ) u i - Curr T e r n e t a s a u cc ry ounts: 212, 382 5,904 Individual 22,484 RESOURCES 1, 021,168 28, 388 Reserve: Gold 6, 772, 724 188, 282 Bills deposited for collection in current account. 63,004 1, 752 Foreign exchange on gold standard countries 4, 384, 766 121,896 Capital 200, 000 5,560 Surplus 82,660 2,298 11,157,489 310,178 Amortization account of real estate in use, furni- Subsidiary coin 19,335 538 ture, and fixtures 54, 702 1, 521 Belgian and foreign bills 4, 023,694 111,859 Insurance fund 91,751 2, 551 Advances on Belgian public securities 156, 223 4,343 Interest and rediscount 13,284 369 Belgian treasury bills and other public securities Taxes payable to the Government: (royal decree of Oct. 25, 1926) 1,461, 793 40,638 Profits on discounts and advances in excess Public securities 196,442 5,461 of 3H per cent 83 2 Public securities in the surplus account of the Tax on fiduciary circulation 9, 399 261 bank 79, 384 2,207 Share of the Government in profits on foreign Public securities in amortization account of real exchange 26, 279 731 estate in use, furniture, and fixtures 49,296 1,370 Share of the Government in profits (art. 38 Insurance fund assets 91,453 2,542 of the statutes) 15, 038 418 Bills deposited for collection in current account.. 63,004 1,752 Unpaid dividend for second half year of 1930 16, 026 446 Real estate in use 95, 663 2,659 Furniture and fixtures 4,700 131 Total liabilities 17,411,177 484, 031 Provision for the manufacture of bank notes, and labor involved 3,066 85 Interest earned or receivable 6,749 188 1 Converted at par of exchange: I franc=$0.0278. Assets held in pledge or to be liquidated (art. 34 of the statutes) 2, 885 80 Total resources 17,411,177 484, 031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 213 ANNUAL REPORT OF THE BANK OF DANZIG The annual report of the Bank of Danzig for culation than would otherwise have been the 1930 was presented to the general meeting of case. The note circulation was, however, lower shareholders on February 7, 1931. Selections than in 1927. from the report are given herewith:1 Forei"^ exchange.—Demands for credit at The development of the economic situation the central bank were consistently in moderate in Danzig followed with certain modifications amount. As in preceding years, business was a course parallel to that in other countries. financed chiefly by means of the available Here as elsewhere the characteristic phenomena stocks of foreign exchange. The Bank of Danwere in evidence—severe business recession, zig, therefore, found its bill portfolio greatly falling off in business turnover, contraction of expanded as a result of being compelled to purcredits, a sharp decline in bill transactions and chase foreign commercial bills with first-class in the bill holdings of the banks, a slackening of bankers' indorsement, and in this way concapital accumulation, lowered standards of liv- verted a considerable part of its stock of foreign ing, a rapid advance in unemployment—which exchange into the form of bills. The foreign at the end of the year amounted to 24,000 per- exchange holdings, as in previous years, were sons, the highest figure ever recorded—and a always in large volume, and at the end of the large increase in the number of bankruptcies year reached their peak at 45,300,000 gulden and insolvencies. ($8,820,000) as compared with 41,300,000 Discount rate.—The Bank of Danzig, regu- gulden ($8,041,000) at the close of 1929. Inaslating the movement of its discount rate in much as the balance of the Government loan, harmony with that of the German Reichsbank, administered under the trusteeship of the reduced its rate gradually from 6 to 4 per cent, Bank of Danzig, was exhausted, the stock of and in October raised it again to 5 per cent. foreign exchange was not increased from this Note circulation.—It is significant that the source during the year, but it showed a conaverage note circulation underwent only a siderable accession from short-term loans which slight decline—to 33,300,000 gulden ($6,484,- the Government floated abroad. The foreign 000) as compared with 34,700,000 gulden exchange reserve against notes in circulation ($6,756,000) during the preceding year, show- was accordingly very satisfactory. The note ing a remarkable freedom from fluctuation and circulation was almost constantly covered to maintaining a higher level than might have been more than 100 per cent by the stock of foreign expected in view of the severity of the depres- exchange held by the bank. At the end of the sion. The explanation probably lies in the fact year the reserve ratio was 119.4 per cent, the that the level of prices and wages, as well as highest figure shown. These abundant hold- Government expenditures for relief of the unem- ings of foreign exchange guarantee that the ployed, kept a larger volume of money in cir- Bank of Danzig is adequately provided with resources with which to meet any demands that i The report, available in German, contains in addition a review of the international situation, statistics for the Port of Danzig, and tables and may be made upon it. charts showing the operations of the bank in detail. BALANCE SHEET OF THE BANK OF DANZIG AS OF DECEMBER 31, 1930 Gulden Dollars i Gulden Dollars1 (in thou- (in thou- (in thou- (in thousands) sands) sands) \ sands) Gold coin RESOURCES LIABILITIES Bank of England notes. Notes in circulation 37,948 7,388 Balance at Bank of England Deposits in giro account 2,312 450 Deposits in current account 45 9 Liabilities in foreign currencies. __ 8,605 1,675 S B u il b ls s i e d l i i a g r i y b le D a a s n z n i o g t e c o c i o n ver: S C u a r p p i l t u a s l 5 7 , , 7 5 2 0 0 0 1 1 , , 4 1 6 1 0 4 I I n n g fo u r l e d ig e n n . c . urrencies S P N p r e o e t f c i p i t a r s l o c f r i a e t r s s r e i r e v d e f f o u r n w d ard from 1929. 1,1 5 1 4 7 4 7 3 2 2 1 2 2 1 8 3 2 Other liabilities 835 163 Other bills Call loans Bank premises Furniture and equipment. Other assets Total liabilities. 64, 825 12,621 Total resources... i Converted at par: 1 gulden=$0.1947. 1 Carried at 1 gulden. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN APRIL, 193 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 372] Month T c tr o ( o i 4 u e t 5 s a n ) l - U S n ta i t t e e s d g t A e i r n n - - a A t l r u i a a s - - g B i e u l m - B z r i a l - C a a d n a - E la n n g d - France m G a e n r- y d I i n a - Italy | p J a a n - N la e e n r t d - h s - Spain S l w z a e i n r t d - - S U . . R S . .i S I i o c t t o r 2 h i i 9 e i e n s r - 1930—February...1 10,434 3,988 448 124 164 127 78 : 740 1,680 582 128 273 j 477 176 ! 476 iO8 150 715 March _ 10,505 ! 4,061 445 126 164 127 79 i 759 I 1, 668 595 128 274 i453 174 476 108 156 713 April i 10,569 4,131 442 109 164 90 79 i 795 ! 1,660 611 128 274: 443 174 l 477 112 167 712 May 10,613 : 4,159 441 91 167 90 80 i 765 1,717 617 128 274 '434 174 ! 477 112 177 709 June i 10,675 4,178 440 97 167 89 81 I 768 1,727 624 128 274 ;434 174 i 477 112 203 702 July -_! 10,709 ! 4,160 436 97 167 80 94 I 746 1,775 624 i 128 274 440 157 • 477 118 233 701 S A e u p g t u e s m t ber..! 1 1 0 0 , , 8 7 2 9 9 1 I ; 4 4, , 1 1 4 5 8 9 4 4 3 3 4 4 9 9 8 7 1 1 7 6 3 8 6 6 5 9 i n o o o ! j 7 7 6 5 6 9 1 1 , , 8 8 5 9 2 9 5 6 9 2 0 4 i ; 1 1 2 2 S 8 2 2 7 7 8 5 : 4 4 3 3 1 3 1 1 5 5 7 7 : ' 4 4 7 7 8 7 1 1 2 2 3 3 2 2 4 4 9 9 6 6 9 S 8 9 October : 10,862 4, 184 429 79 180 37 122 ! 782 1,992 519 i 128 278 :414 171 ! 478 128 249 691 November..; 10,902 | 4,220 417 75 180 23 129 767 2,037 519 • 128 279 409 171 I 474 130 249 693 December... P10, 915 4,225 412 75 191 *15 110 722 2,100 528 ; 128 279 ,412 171 ! 471 138 249 *>690 1931— F J e a b n r u u a a ry ry -__> P 1 1 1 0 ,0 ,9 0 6 9 4 • ; 4 4 , , 2 3 8 0 5 9 P3 3 9 9 2 7 75 1 1 9 9 1 7 P P 8 O 9 9 2 2 6 6 8 8 2 9 2 2 , , 1 1 7 9 6 2 5 5 3 4 5 4 1 1 2 2 8 8 2 2 7 7 9 9 ; 4 4 1 1 5 7 1 1 7 7 5 9 ! : 4 4 6 6 6 6 1 1 2 2 6 4 2 2 4 4 9 9 * p > 6 67 -4 6 March I : P4, 343 "2,200 : 259 T I v Preliminary, based on latest available figures. NOTE.—Table covers all countries for which satisfactory figures are available: see BULLETIN for April, 1930, where separate figures for 44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina— Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; 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. GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands S A o fr u ic th a India Month | Im- Ex- Imj ports ports Net ports Net Net Net Net 1930—February 60,198 207 59,991: 38,189 246 37, 944 38,961 i 34,074! 4,886 20, 786 3,844 March 55,768 290 55,478, 10,708 266 10, 442 38,258! 12,826 25,432 13,777 3,447 April _ ! 65,835 110 65, 725' 18, 617 280 18, 337 42, 74lj 14,828 27,913 18,134 6,953 May _ j 23,552 82 23, 470: 7,096 245 6,851 45, 388' 61,134 -15, 746 22, 798 6,452 June _—I 13,938 26 13,912 7,529 259 7,270 13,747 20, 659 -6,912 18,190 9,204 July 21,889 41, 529 -19,640' 1,414 227 1,187 24,646 40, 335! -15,709 •22,415! 3,404 August.— 19,714 39,331 -19,617! 1,545 2101 1,335 24,201 21, 390! 2,811 18,70S! 13,461 September 13,680 11,133 2,547i 1, 967 25, 358 -23, 391 22,339 20, 245 i 2,094 17,149 3,568 October. 35,635 9, 26 26,368; 3,162 96,6771 -93, 514 45,416 34,754! 10,662 20, 259 G67 November 40,159 5,008 35,151 1,458 273! 1,185 41,199 43J64J -1,965 18, 762: 1,323 December 32,778 36 32, 742 9,524 274i 9, 250 43,124 78, 507 i -35, 383 16,966: 681 1931—January | 34.426 54 34, 372 12, 2521 2871 11,9651 35, 304 78, 774 -43,470 21,005 February [ 16,14E 14 16,131' 12,335 237! 12,0981 31,335 28, 892! 2, 443 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA Lin thousands of dollars] [In thousands of dollarsl 1931 1930 From or to— February February Calendar year From or to— Imports Exports ImportsJExports Imports Exports j Im- I Ex- ! Imi ports j ports j ports France j 55 j 18,233 ; 58 90, 852 1,470 270, 301 Germany '. j 1,772 ; 1 3,256 7 78, 842 England I 158 ! Netherlands.. 1 ! 14 ! ! 290 19 1,000 United States L Spain and Canaries. j 122 4,867 i 149 . 29,229 1,610 Adenanddependen- | Switzerland : I 153 I 1,146 : 23,190 cies _ _! 44 i I 650 United States : I ; !.._• • 283 Arabia I 70 i 759 South America 8,495,1 10 ;16,318 ! • 10 • 57,944 British Oceania ! 261 j 8,053 British India 927 398 ; 1,344 | 617 1 Bahrein Islands i 18 i 196 I A N u ew st r Z al e ia a . land __: 33757! ! ! ! 5 !{ 754 ! 116, 1 4 2 17 7 C C e h y in lo a n L j 4 ! ! 3 2 , , 6 7 7 1 0 8 j Egypt 146 ; 219 Mesopotamia I 154 ! 2,402 I.. Rhodesia j 459 880 ! I 5,197 Straits Settlements..! 16 ! 2.828 14 T W r e a s n t s v A a f a ri l c a : ; 16, 3 6 7 5 4 6 36. ' 1 8 7 1 1 3 ! | 1: 2 0 5 3 , , 0 5 7 1 5 3 N Eg a y ta p l t j. 123 ! 26 1 , , 5 1 13 | 29,595 I....I... All other countries.-; 3, 995 8,044 5,434 ! 11,126 i 2,441 All other countries.... 39 L. 206 19 Total. 1 31,335 28,892 1 66,639 1107,666 1421,725 398, 040 Total. 847 j 166 5,77 ,88-5Y14 ! 182 64, 275 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 215 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations; based on noon baying rates for cable transfers in New York. In cents per unit of foreign currency] 1931 1931 J i Par Par ! Country i Monetary unit i of ex- j of ex- ! i I change January ; March I change! January Austria I Schilling J 14.07 14.0708; 14. 0544: 110552 Argentina Peso ! 96.48: 71. 9416! 78. 0406 Belgium ! Belga .1 13.90 13.9422 13.9410: 13. 9294 Bolivia l Boliviano | 36.50: 36. 7500 36. 7500: 36. ,500 Bulgaria | Lev '. .72 .71691 . 71.78; .7173 Brazil Milreis 9.0721 8. 5(101! 7. 8897 Czechoslovakia.! Crown _| 2.96 2. 9617J 2. 0598! 2. 9624 Chile Peso 12.17; 12.0663 12.0673 12.1632 Denmark | Krone.. \ 26.80 26.7246| 26.7-154! 26. 7458 Colombia 97. 331 96. 5700 96. 5700! 96. 5700 E G F F n i r e n a g r n l m l a a c n a n e d n d y -_ P M R F o r e a a u ic r n n k h c d k s m a ark ..J i : | 48 2 6 3 2 3 . . . . 8 5 6 9 2 2 5 2 1 ; 48 2 5 3 2 3 . . . . 4 5 9 7 6 1 2 7 6 8 0 1 9 4 7 9 ; ' ! ; 4 2 8 3 3 2 5 . . . . 9 5 8 7 1 1 3 ( 9 1 8 7 ' 9 9 8 3 ^ 48 2 5 3 2 3 . . . . 8 8 9 5 2 1 1 0 7 9 3 7 7 3 8 2 V P E U e c e r u u n ru a e g i d z u u o a e r y la i l S S P B o u e o s l c l o r i e var. 10 2 4 1 3 0 0 9 . . . . 0 0 4 3 0 0 2 0 ! : ! ; 2 2 6 18 9 8 0 . . . . 6 1 0 5 7 4 0 0 3 1 0 0 1 4 0 0, 2 6 2 1 9 7 0 8 . . . . 1 0 8 0 3 7 7 0 6 7 5 0 4 8 0 0 ! ; . ' 2 2 7 1 0 3 8 7 . . . . 8 3 0 0 6 0 6 0 3 0 1 0 5 0 7 0 G H r u e n e g c a e r , y _ D Pe ra n c g h o m ... a 1..J : 17 1 . . 3 4 0 9 17 1 . . 4 2 7 9 5 4 1 2 : ; 17 1 . . 4 2 C 9 0 K 0 V : 1 1 7 . . 4 2 4 9 1 4 1 5 ASIA j Italy.. Lira , 5. 26 5. 2350i 5. 2350; 5. 2383 China3 _._. Mexican dollar.. 23.18j 22.9351 20. 8153, 22. 7936 Netherlands Florin ! 40. 20j 40. 2316' 40. 1378' 40. 0869 China 3 Shanghai tael... 31. 96] 31.8404: 28. 9578; 31. 5986 Norway Krone 26. 80 26.7265; 26. 7402; 26. 7501 Chinas Yuan dollar 22.67j 22.9102: 20. 8390! 22. 7948 Poland Zloty._ J 11.22 11.2114! 11.2025; 11. 1931 Hong Kong a... Dollar 23.01 24.2653; 22. 6673 24. 5297 P S S S U R p w w o . u a r i m e S t i t u d n z . a g e e S n n r a . l i . l a a _ R n , . d 1 .- J I j ! j C L K F P E e e r s h r a u s c o e e n u n r t v c d a a o . o . n _ etz _ • _ • i : ; . 5 1 1 0 2 1 1 4 8 6 9 9 , . . . . . 6 8 0 3 6 3 0 0 5 0 0 0 : 2 5 2 1 1 1 6 4 9 0 5 . . . . . . 3 3 5 0 7 4 5 9 9 0 6 8 7 6 4 0 4 6 4 0 7 4 3 7 ! - , ^ ; ' 51 2 1 1 5 6 4 9 0 . . . . . . 5 2 0 1 7 4 9 9 0 8 7 8 4 3 0 5 0 5 8 4 0 3 7 4 : ! : : ' 25 2 1 1 1 0 9 0 4 5 . . . . . . 5 0 4 2 7 7 9 0 8 4 7 2 4 0 2 2 7 9 7 0 9 3 5 8 J J T I S n a a t u m p v d r r a a a i k e i a n t e 3 n s y t s. Settle- T R Y S F i u l u e l n o a r n p g r k r . i e , a n i e p sh - o re p ou d n o d l- -1 j 43 4 4 3 5 9 0 6 9 6 . . . . . 6 8 7 5 2 5 5 8 0 0 : 1 • 4 4 3 4 5 9 0 5 5 7 . . . . . 4 9 9 2 4 3 3 2 2 0 4 6 6 9 4 5, 4 4 4 3 5 0 6 9 7 5 . . . . . 4 1 9 0 1 0 3 2 0 4 5 7 5 0 2 4 4 5 9 8 1 . 4 3 4 5 9 6 0 6 . . . . 3 0 0 0 6 9 6 8 0 5 1 0 4 6 5 5 Yugoslavia | Dinar.- ' 19. 30 1. 7679' 1. 7633: 1. 7587 AFRICA NORTH AMERICA j Canada ! Dollar 100.00 99. 7909 99. 97(51! 99. 9789 Egypt— Egyptian pound ; 494.31 3 497.8443 498,2255 Cuba ! Peso 100.00 99.9364 100.0196i 100.0238 Mexico .-.; do 49.85 46.3566! 46. 1950; 47. 3546 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. Chervonetz qquotations nominal. 3 SSiill ver currency. TThhe ffiig ure giiven for parity represents gold value of unit in March, 1931, computed by multiplying silver content of unit by New York average price of silver for March, 1931, which was $0.29504 per fine ounce. On the same basis, parity in March, 1930, for the Chinese- Mexican dollar was 32.97 cents; for the Shanghai tael, 45.45 cents; for the Yuan dollar, 32.24 cents; and for the Hong Kong dollar, 32.73 cents. * December, 47.1088. 5 December, 498.0358. Back figures.—See BULLETIN for January, 1931, 1930, 1929, and 1928. BANK FOR INTERNATIONAL SETTLEMENTS [Amounts in thousands of dollars; converted into dollars from Swiss francs at par: 1 Swiss franc:=$0.1930] 1930 1931 1930 1931 Resources De h c e e r m- i0'iTnllulaqrrvi l I Feb- Liabilities De b c e e r m-1 January r F u e a b r - y Cash on hand and on current account with : Short-term deposits: banks 1,173 1.099 , 1,311; Central banks for own account- Demand funds at interest _. 14,439 16,505: 10,892 Demand.. _ ji 38,415 45, 897 i 61, 002 Time- Rediscountable bills and acceptances (at i Not exceeding 3 months.. 116, 767 112,022 j 107,150 cost): i ; Between 3 and 6 months- 1,196! 1,099 Co a m nc m es e rcial bills and bankers' accept- 61,681 66,965 ! j Total.. 155,1831 159,115! 169,251 Treasury bills 34,194 35,789 j Central banks for account of others- Total _ 95,875 102,754 i 116,575 \ Demand- 27,135i 35,306 36,761 Tim N e o fu t n e d x s c e a e t d i i n n t g e r 3 e st: m o n t126,0h35 13s9j,367 ! 139,662 Tim N e o - t exceeding 3 months 29,783 29,064 29,041 Between 3 and 6 months 28,037; 31,312 50, 261 Between 3 and 6 months 10,641: 24,063 41,477 Total I 67,559: 88,433 107,278 Total 154,072: 170,679 189,923 i I Other depositors: i Sundry investments (at cost): . Demand ; 43 43 44 Not exceeding 1 year , 29,681 29,050 30, 867 Time—Not exceeding 3 months ! 1,679 c 1,682 1,688 Between 1 and 2 years 7,154! 7,176 7,173 Long-term deposits: [ I Total _ 36,836^ 36,226 38, Oil! Annuity trust account. 29,790; 29,779'; 29,770 Other resources 2,186; 2,369 2,440, German Government deposit ! 14,895: 14,890' 14,885 French Government guaranty fund...—; 13,253, 13, 277| 13.273 Total ; 57,938; 57,945: 57.918 Capital paid in ; 19,855 19,855 19, 855 Other liabilities ' 2,322j 2,557 3.138 Total resources . 304,580! 329,631 359,181' Total liabilities i 304,580: 329, 631 i 359,181 1 ! ' Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN APRIL, 1931) CENTRAL BANKS [For explanation of these tables see BULLETIN for February, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Bank of England d m i e s e p s n a u t r e ) t 1 - C C o a in sh rese N rv o e t s es ad c v o D a a u n i n s n d - c ts es Se ti c e u s r i- j i j I c i N u n l o a c t t i e i r o s - n Bankers' D P e u p b o l s i i c ts Other l O ia ti t b e h i s e li r - Millions of pounds sterling: 1930—Dec. 31. 147.6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Jan. 28 139.5 52.7 9.7 62.9 346.8 55.2 19.4 33.4 18.1 Feb. 25 140.8 53.2 8.5 64.4 347.7 59.1 16.2 33.3 18.2 Millions of dollars: 1930—Jan. 29_ 731 302 27 332 1,694 328 71 175 Feb. 26 736 314 23 230 1,688 247 58 176 Mar. 26 755 306 30 283 1,714 267 91 175 Apr. 30 - 795 314 33 337 1,746 322 102 178 May 28... 765 297 33 278 1,733 287 64 175 June 25 763 284 77 312 1,745 310 105 176 87 July 30 741 214 33 360 1,793 297 44 182 Aug. 27 754 263 31 347 1,756 305 88 164 Sept. 24 761 295 28 305 1,731 312 65 166 Oct. 29 776 311 21 292 1,731 271 102 170 Nov. 26 762 318 30 277 1,709 272 92 179 87 Dec. 31 - 718 189 238 510 1,795 645 32 176 87 1931—Jan. 28_ _. 679 256 47 306 1,688 268 94 162 Feb. 25._ 685 259 41 313 1,692 287 79 162 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 s e t e s i - - > i Other 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—Dec. 26 53,578 26,179 8.429 2,901 5,304 | 6,609 76, 436 12,624 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 Feb. 27 55,924 26,316 8,250 2,801 5,199 j 6,982 ; 78,947 13,339 10,963 2,221 Millions of dollars: 1930—Jan. 31 1,683 1,008 233 101 214 | 292 ! 2,757 294 80 Feb. 28 1,680 1,007 209 104 214 i 280 2,788 344 280 83 Mar. 28__._. 1,668 1,006 251 99 212 233 ; 2,776 267 342 85 Apr. 25 1,660 1,005 224 102 211 : 233 ! 2,774 257 313 90 May 30 1,717 1,002 300 100 211 ! 230 i 2,865 210 394 92 June 27 1,727 1,005 247 106 211 i 237 | 2,846 194 408 84 July 25 1,775 1,022 244 105 211 ; 238 •. 2,827 358 328 84 Aug. 29 1,852 1,004 254 107 208 ! 250 j 396 303 87 Sept. 26 1,899 1,003 243 110 208 i 244 ' 2,864 412 344 86 Oct. 30 1,992 1,004 278 109 208 ! 274 i 2,932 513 328 91 Nov. 28 2,037 1,015 344 112 208 ! 262 2,977 523 385 Dec. 26 2,100 1,026 330 114 208 ! 259 i 2.996 495 459 1931—Jan. 30 2,176 1,032 371 112 204 270 3, 079 543 457 Feb. 27 2,192 1,032 323 110 204 274 ! 3,095 523 430 87 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 n r ) d S b e l (L a o c r a o u d m n r s i s ) - ty Se ti c e u s ri- a O s t s h e e t r s N ci o t r i t c o e u s n l a i - n Deposits jj^SJS. Millions of reichsmarks: 1930—Dec. 31 2,216 206 2,366 256 102 4,778 652 i 822 1931—Jan. 31__ 2,244 199 86 1,942 174 103 733 4,383 267 i 831 Feb. 28 2,285 166 76 1,979 301 102 676 4,428 325 ; Millions of dollars: 1930—Jan. 30 547 95 40 22 178 1,108 j 85 , 178 Feb. 28 582 91 457 77 22 149 1,125 ! 112 - 154 Mar. 31 595 92 489 48 22 158 1,145 109 . 154 Apr. 3O._ 611 78 462 32 22 171 1,111 128 i 156 May 31 617 84 446 45 24 174 1,146 96 168 June 30 _ 624 109 423 44 24 175 1,116 117 169 July 31 _ 624 62 419 32 24 200 1,105 95 170 Aug. 30 624 88 412 51 24 193 1,121 99 171 Sept. 30 590 41 499 69 24 200 1,130 112 183 Oct. 31 519 47 548 76 24 163 1,113 91 ' 179 Nov. 30 519 125 477 55 24 153 1,096 91 i 192 Dec. 31 528 112 563 61 24 152 1,138 155 j 196 1931—Jan. 31_ 535 47 463 41 24 175 1,044 63 j 198 Feb. 28 544 39 471 72 24 161 1,055 77 I 198 i 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). *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

217 APRIL, 1931 FEDEKAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. Common wealth 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 25, 379 Foreign bills, etc... _ _. 90 81 100 128 Securities 25,758 5,682 8,216 9,769 Loans and discounts 77 85 79 Banking department- Note circulation 340 341 360 352 Coin, bullion, and cash.. 1,568 1,421 1,301 1, 345 Deposits 25 32 69 29 Money at short call in London _-. 6,477 4,662 5,909 4, 351 Bank of Danzig (thousands of Danzig Loans and discounts 22,405 19, 765 13,195 15,483 gulden): Securities ___ 23,183 23,183 20,683 17, 208 Balances with Bank of England- 16, 594 17,100 16,645 14, 502 Deposits.. _ 54,921 49, 728 41,573 38, 348 Foreign bills, etc 14, 654 16,151 17,133 13, 328 Banks notes in circulation 39,058 39, 306 42,714 37, 648 Loans and discounts 20, 313 19,618 21,070 20,155 Austrian National Bank (millions of •i Note circulation 36,196 36,519 37, 948 36, 045 schillings): Deposits 994 1,763 2,312 1,696 Gold 214 I 214 214 I 169 Central Bank of Ecuador (thousands Foreign exchange of the reserve. _ 137 i 140 198 204 ofsucres): Other foreign exchange 490 ! 496 518 315 Gold 5,653 I 5,654 5,584 Domestic bills _ 114 i 136 148 234 Foreign exchange ! 20,704 !23, 261 26,195 Government debt 101 j 101 101 109 Loans and discounts I 13,654 13,315 13, 648 Note circulation 976 i 979 1,090 974 Notes in circulation i 22,147 I 23,491 27, 715 Deposits • 83 ! 112 93 59 Deposits ! 14,368 i16,092 14, 670 National Bank of Belgium (millions Bank of Estonia (thousands of ofbelgas): i krooni): Gold - 1,416 1,376 Gold 6,529 6,546 | 6,558 6,450 Foreign bills and balances in gold.. 912 889 ! Net foreign'exchange __. 15, 972 16,221 j 16,514 18,134 Domestic and foreign bills I 764 793 ! Loans and discounts 23,457 24,460 ! 27,074 28, 262 Loans to State I 292 292 I Note circulation 34,902 ! 33,314 | 32,234 33, 322 Note circulation ! 3,213 3,206 I Deposits- Deposits 219 ! 194 : Government 6,085 I 9,178 ! 8, 927 9,289 Central Bank of Bolivia (thousands of Bankers 4,494 I 3, 530 i 4,167 5,112 bolivianos): Other 2, 057 2,177 ! 2, 270 1,480 Gold 2,781 Bank of Finland (millions of Finnish Foreign exchange 37,088 marks): Loans and discounts _ _ 24,031 Gold Notes in circulation 30,811 Balances abroad and foreign Deposits 15, 265 credits _.. Sank of Brazil (millions of milreis): Foreign bills Gold \ ___,. Domestic bills C C o u r r r r e e s n p c o y n dents abroad •, i i ! 3 30 4 6 1 N D o em te a c n i d rc u li l a a b ti il o i n ties Loans and discounts ., ; 1,413 Bank of Greece (millions of drach- Securities ! [ 124 mas): Note circulation ! j 170 Gold. Deposits _ : \ 1,527 Net foreign exchange in reserve... National Bank of Bulgaria (millions i "•" Total foreign exchange of leva): I ! Loans and discounts N T G o e o t t l a d f l o f r o e r ig ei n g n e x e c x h c a h n a g n e g e ....' i i 1,4 2 6 6 3 8 2 1 7 I j j 1, 2 7 4 0 6 5 4 7 8 N G O o t o h t v e e e r r c n s ir i m g cu h e l t n a t l t i i a o o b b n i l l i i g t a ie t s ions Loons and discounts ; 665555 jj 683 National Bank of Hungary (millions GG overnment obligations '' 3,064 | 3,101 of pengos): Note circulation j 3,029 | 3, 059 Gold Other sight liabilities j 1,485 •, Foreign bills, etc -Central Bank of Chile (millions of T Loans and discounts pesos): ! ! Advances to treasury Gold at home 62 Other assets _ Deposits abroad 264 Note circulation Loans and discounts " 85 Deposits Note circulation 301 Miscellaneous liabilities Deposits against which reserve is ink of Italy (millions of lire): held. 44 Gold at home j 5,306 5,299 5,297 5,190 Sank of the Republic of Colombia : Credits and balances abroad ' 4,037 4,038 4, 327 4,855 (thousands of pesos): S Loans and discounts j 5,098 5,038 5, COS 4,614 Gold at home _.! 15,143 Total note circulation i 15,129 15, 212 15, 680 16, 095 G Lo o a ld n s a b to r o m ad e mber banks j i 1 7 3 , , 1 44 7 5 9 P O u th b e li r c d d e e p p o o s s it i s ts i j 2, 3 33 0 7 0 I j 2, 3 2 0 3 0 2 2,1 3 2 0 1 0 1, 3 6 0 6 0 3 Note circulation '• 24,339 ink of Japan (millions of yen): Deposits _' Gold ' 836 | ••832 2 965 Czechoslovak National Bank (mil- Advances and discounts ...: 743 I 739 823 755 lions of Czechoslovak crowns): Government bonds \ 136 j 136 172 144 Gold Notes issued 1,188 1,213 1, 409 1,277 Foreign balances and currency... Total deposits 628 577 508 733 Loans and advances ! Bank of Java (millions of florins): Assets of banking office in liqui- Gold. 119 j 129 139 139 dation Foreign bills 29 33 ! 31 31 Note circulation Loans and discounts. 50 51 j 49 79 Deposits Note circulation _ 246 243 252 275 Deposits 37 43 I 46 32 r Revised. « Corrected. 1 Includes deposits abroad for account of government, which were not separately reported until April, 1930 ^ Average for week ending last report date of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN APRIL, 1931 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1130 1931 1930 Feb. Jan. Dec. Fob. Feb. ! Jan. Dec. Feb. Bank of Latvia (millions of lats): National Bank of Rumania (millions ! Gold _ 24 24 24 of lei): i Foreign exchange reserve.. 31 33 37 45 Gold at home ..I 5, 356 5, 307 Bills 84 86 88 94 Gold abroad.. j 3, 919 3, 919 Loans 71 79 68 54 Foreign exchange of the reserve._.| 1, 746 3,610 Note circulation 49 52 49 Other foreign exchange. : 77 22 Government deposits _ 84 81 84 Loans and discounts ' 8,132 9,661 Other deposits 88 83 79 82 State debt. 3,617 5,197 Note circulation ! 19. 605 19, 518 Deposits 5,077 8,487 Bank of Lithuania (millions of litas): G Fo o r l e d ign currency 3 7 9 2 3 7 9 4 8 3 6 9 8 3 5 5 So s u a t n h ds A o fr f i c p a o n u n R ds e s s e t r e v r e li n B g) a : n k (thou- i ! Loans and discounts 103 101 103 84 Gold. i 7,091 6,974 6, 717 7,680 Note circulation . . 108 110 117 99 Foreign bills. 7,272 7,374 7,153 6, 237 Deposits... _. 98 95 101 96 Domestic bills ...! 323 589 1,096 2,333 Note circulation • 8,190 8, 256 8,032 9,032 Deposits— : Netherlands Bank (millions of Government ; 1,517 1,921 1,994 2,573 florins): Bankers _: 5,933 5,164 4, 689 4,860 Gold 446 436 426 437 Others • 167 229 329 250 Foreign bills _ 227 251 247 201 Loans and discounts 130 132 148 130 Bank of Spain (millions of pesetas): Note circulation 803 801 843 782 Gold 2,416 2,415 Deposits 54 64 30 23 Silver 713 711 Balances abroad.. 113 107 Loans and discounts 2,037 2,062 Bank of Norway (millions of kroner) : Note circulation 4, 689 4,667 Gold 146 146 146 147 Deposits 795 811 Foreign balances and bilis __ 23 23 36 27 Domestic credits . . 182 187 200 233 Bank of Sweden (millions of kro• or): Note circulation 287 290 312 297 Gold.... Foreign deposits 2 1 1 2 Foreign bills, etc Total deposits _ 62 57 64 68 Loans and discounts Note circulation Deposits Reserve Bank of Peru (thousands of soles): Swiss National Bank (millions of i Gold 44,217 44,019 43,917 53, 720 francs): Foreign exchange reserve 7,580 7,831 7,158 6,025 Gold.. 643 655 713 561 Bills 19,613 20, 586 23,062 24,498 Foreign balances and bills 379 377 345 344 Note circulation 62, 716 62,126 64,035 59, 919 Loans and discounts : 61 66 148 120 Deposits 6,016 6,867 6,270 8,354 Note circulation... : 961 949 1,062 893 Demand deposits j 246 262 212 129 Bank of Poland (millions of zlotys): State Bank of U. S. S. R. (thousands j' Gold at home 485 485 485 521 of chervontsi): j Gold abroad. 77 77 77 180 Loans and discounts ! 509,965 Foreign exchange of the reserve... 244 262 288 360 Deposits _ ' 311,114 Other foreign exchange 127 122 124 100 Issue department- Loans and discounts _ _ 684 711 758 739 Gold 48,361 48, 361 I 48, 364 29, 080 Note circulation 1,284 1,277 1,328 1,282 Other precious metals. _. 2,121 2,189 ; 2, 226 3,298 Current account of the treasury *_ 37 48 40 303 Foreign exchange _ 4,478 4,564 i 5,509 6, 813 Other current accounts1 132 137 171 153 Note circulation 210, 770210,835 210,041 153, 580 National Bank of the Kingdom of Bank of Portugal (millions of es- Yugoslavia (millions of dinars): cudos): Gold 99 96 Gold 9 9 9 9 Foreign notes and credits 94 123 120 291 Balances abroad 181 183 187 275 Loans and discounts __ 1,435 1,552 1,637 1,377 Bills 413 422 435 359 Advances to State _. 2,997 2,997 2,997 2,999 Note circulation . . . 1,871 1,920 1, 994 1,906 Note circulation _. 4, 917 5,064 5,397 5, 560 Deposits 172 156 140 77 Deposits 830 925 863 1,409 1 Revised by transfer from "Other current accounts" to "Current account of the Treasury" of a special account for the purchase of silver amounting to 13,000,000 zlotys. 2 Figures not yet available. NOTES Reserve requirements of central banks.—For tabulated statement giving legal reserve requirements of foreign central banks (36 countries) see FEDERAL RESERVE BULLETIN for August, 1930 (p. 502). Detailed balance sheets.—For detailed balance sheets of 25 foreign central banks, with figures in dollars as well as in units of national currency, see FEDERAL RESERVE BULLETIN, as follows: Central Bank of— Bulletin Central Bank of— Bulletin Central Bank of— Bulletin Austria June 1930, p. 362. ! England _ February 1931, p. 83. j Latvia July 1930, p. 439. Belgium April 1931, p. 207. Estonia September 1930, p. 559. i Netherlands August 1930, p. 505. Bolivia July 1930, p. 441 j France March 1931, p. 150. Norway June 1930, p. 363. Brazil July 1930, p. 444. Germany May 1930, p. 301. Poland June 1930, p. 367. Bulgaria September 1930, p. 557. •Greece October 1930, p. 636. Rumania September 1930, p. 553 Colombia December 1930, p. 792. Hungary __. _July 1930, p. 435. Switzerland April 1931, p. 198. Czechoslovakia. - August 1930, p. 509. Italy July 1930, p. 432. Yugoslavia June 1930, p. 371. Danzig April 1931, p. 213. Japan May 1930, p. 304. Denmark... December 1930, p. 788. Java . December 1930, p. 795. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

219 APRIL, 1<J:>1 FEDERAL RESERVE BULLETIN GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1931 1330 Feb. Jan. ; Doc. \ Feb. Feb. Jan. Dee. Feb. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of dollars): Gold P 405 426 458 Gold reserve against Dominion Notes issued *>534 V539 bob 587 notes 63 Irish Currency Commission (thousands Advances to banks under finance of pounds sterling) : act, 1923 _.. 13 45 Legal tender note fund— Dominion notes- B B r r i i t t i i s s h h s l e e g c a u l r it t i e e n s der and bank 6, 843 «•>,896 7, 098 6, 520 I O ss u u ts e i d de chartered bank holdings. 1 2 4 8 3 14 2 7 8 | I 17 2 5 9 16 2 9 8 balances 127 264 36 Indian Government (millions of rupees): Notes issued 6,970 025 -• 7,962 6, 556 Gold standard reserve- Consolidated bank notes 1— Gold 114 34 29 Issued 3, 985 3,930 I 3,890 3,782 Foreign exchange 420 444 493 505 Deemed such under see. GO (4) Paper currency reserveof currency act, 1927-_ 1,000 1,008 ; 2,029 2,218 Gold 238 262 317 323 Silver coin and bullion 1,227 1,211 1,200 1,075 Other assets _ 101 109 96 418 Notes issued 1, 565 1,582 1,613 1,816 1 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ending Feb. 7 and Jan. 10,1931, and Dec. 13, and Feb. 1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. » Preliminary. COMMERCIAL BANKS Millions of national ,; Millions of dollars currency Country 1930-31 1929-30 1930-31 Dec. Jan. ; Feb. Dec. Jan. Feb. Sept. Oct. Nov. Dec. Jan. Feb. ' . 1 Argentina: • j Bank of the Nation- Mil lions of pesos ' Gold 1 1 29 6 ! 6 6 5 1 1 1 Other cash 99 98 79 113 1 99 93 90 94 75 69 Loans and discounts 624 610 576 534 : 532 497 469 478 472 425 Deposits 729 713 681 668 649 593 557 570 551 497 Other banks in Buenos Aires- Gold 9 9 11 11 11 9 9 8 8 Other cash 206 202 146 155 156 170 156 148 155 141 Loans and discounts 918 913 - 831 829 789 721 699 708 693 637 Deposits 1 047 1 045 i 925 916 867 839 803 806 791 728 Canada: Assets entirely in Canada- Millions of dollars Cash in vaultl . . 174 158 151 178 173 161 163 178 203 174 158 151 Cash in central gold reserves 33 22 25 56 33 : 40 39 36 37 33 22 25 Security loans _ . _ . 205 192 180 : 262 237 227 226 214 212 205 192 186 Other current loans 1,149 1,141 1,116 1,403 1,384 ! 1,362 1,256 1,230 1,184 1,149 1,141 1,116 Security loans abroad .__ 146 120 132 245 212 , 201 187 165 193 146 120 132 Securities 604 593 054 448 431 423 480 544 551 604 593 654 Liabilities entirely in Canada- Notes in circulation 133 129 131 155 144 146 146 148 145 133 120 131 Individual demand deposits 642 557 543 729 645 622 668 633 605 642 557 543 Individual time deposits 1,426 1,429 1.436 ; 1,434 1,440 1,440 1,420 1,432 1,439 1,426 1,429 1,436 : Millons of pounds England: sterling Cash in vault and at banks i 204 195 187 i 979 935 ; 884 907 918 919 994 947 910 Money at call and short notice i 142 143 115 700 692 621 654 699 665 692 695 559 Advances and discounts •• 1,234 1,237 1.208 ; 5,829 5,903 i 5,799 5,891 5, 935 5,985 6,006 6, 020 5,880 Investments . ! 269 281 293 ; 1,147 1,134 : 1,113 1,240 1,250 1,288 1,311 1,368 1,428 Deposits 1,839 1,836 1.7S2 i 8,628 8,600 : 8,341 8,484 8,716 8,762 8,949 8,934 8,671 France: Mil ions of francs ' Bills and national-defense bonds . _ i 20,224 826 834 i 829 761 772 799 793 Loans and advances _ 11,428 421 420 i 427 433 442 443 448 Demand deposits ! 35,032 ! 1,285 1,298 ; 1,324 1,350 1,367 1, 392 1,373 Time deposits i 1 350 42 44 50 60 64 59 53 Germany: j Millioris of reichsmarks \ Bills and treasury notes . 2.497 : 724 i 750 632 569 584 594 Due from other banks j 940 ! 309 276 261 234 242 225 Miscellaneous loans 8,225 •• 1,976 2,039 2,054 2,048 2,033 1,959 Deposits 10,729 i 2,868 i 2,867 2,780 2,641 2,639 2, 550 Acceptances 657 122 • 125 130 155 160 156 Japan: 1 Millions of yen Cash on hand ! 281 275 277 156 138 ! 119 140 112 136 140 137 138 Total loans ! 2,225 2,220 2.217 1,058 1,071 1,075 1,219 1,080 1,100 1,109 1,107 1,105 Total deposits 2,100 2,009 2,142 ! 1,023 1,033 I 1,028 1,031 1,024 1,035 1,047 1,001 1,068 j 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; Fiance—four commercial banks Germany—six Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDEEAL RESERVE BULLETIN APEIL, 1931 DISCOUNT RATES OF CENTRAL BANKS Bank Bank German Bank Bank ofBank of Date effective of l a E n n d g- Fra o n f ce R b e a ic n h k s- Ita o l f y N l e a t n h d e s r- z S er w la i n t- d Country A R p a r te .l I s n i n e c f e f — ect Country A R p a r te .l I s n i n e c f e f — ect m In effect Oct. 1, 1929. 6M 3H 7Vi 7 Austria 5 Sept. 10,1930 Java. Mar. 11,1930 N O o ct v . . 3 1 1 6 5 B B o el l g iv iu ia m 7 A Au u g g . . 2 1 6 , , 1 1 9 9 3 3 0 0 1 L L a i t t v h i u a a . nia... 6 6 A O p ct r . . 1 1 , , 1 1 9 93 3 0 0 Nov 2 7 Bulgaria 9 Jan. T6, iU3i| Norway 4 Nov. 8,1930 J J J N N M F M D F a a a e e o o e n n n a a b b c v v r r . . 3 1 1 6 1 5 1 6 2 3 0 6 4 2 6 1 , 1930 . - 4 5 4 H 2 3 6 6H 4 4 H :::::::: D E E D C C C c s o h e a z v t u n n l i e o a o l a z m c k n e m d i h i . i g a o a a b o r r i k s a lo- _ 9 5 4 7 7 7 I i | J J N O O S A a u e o c c u n n p t t v g . e . . t . . . 1 1 2 1 1 4 7 0 3 5 0 8 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 0 0 0 0 0 0 0 1 S S S R P P P w o p o e o u a u r l r m e u a i t t d n u h n a e d g n n A a ia l frica. 8 3 5 6 7 2 M A J F J S O u u e e p c a l n b p t y r r . e . t . . . 1 1 6 2 3 1 1 3 7 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 1 1 0 0 0 0 1 M Ma ar r . 7 8 . .. 5V2 3H G Fi r n e l e a c n e d .. 9 6 N Au o g v . . 3 2 0 7 , , 1 1 9 9 2 3 8 0 Y U. u g S o . s S la . v R ia — . . 8 M Ma ay r. 2 2 2 8 , , 1 1 9 9 2 3 7 0 M M a a r r . 2 2 5 0 3H 5 Hungary May 30,1930 Apr. 3 3 India Jan. 15,1931 Apr 24 6 Japan 5.11 Oct. 7,1930 May 1 3 " "' May 2 2YL % Changes: iRumania—Apr. 1, down from 9 to 8 per cent; South M M a a y y 2 19 0 5H Africa—Mar. 13, down from 5>£ to 5 per cent. June 21 4 July 10 2H Oct 9 c Jan 3 1931 2 Jan 22 2 Jan 24 ! In effect Apr. 1,1931. 3 2 5 2 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- Switzer- England (London) Germany (Berlin) dam) land Month B a m a n a c o n c c n e k e s t p e h , t r - 3 s s' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a d o n w e k p a e o n r s c s i e ' ts Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r c i a v o t a e u t n e t 1930—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 2H-1H 5.12 6.35 5.57 2.50 2.61 2.60 April 2.48 2.49 2.28 IH 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 3.58 4.80 3.74 1.89 1.93 2.06 July 2.37 2.38 1.78 3.40 4.57 4.30 1.85 1.85 1.92 August.. 2.21 2.17 1.85 3.24 4.43 3.73 1.83 1.63 1.75 September 2.07 2.05 1.68 3.30 4.54 3.78 1.96 1.84 1.50 October 2.09 2.13 1.65 1 4.66 5.93 5.15 1.59 1.48 1.29 November 2.18 2.15 2.01 1 4.79 6.51 5.48 1.31 1.29 1.16 December 2.30 2.34 1.60 1 4.82 7.24 5.54 1.39 1.86 1.18 1931—January 2.25 2.24 1.74 1 4.75 6.64 4.93 1.38 1.55 1.17 February 2.56 2.57 2.29 1 4.88 6.31 5.49 1.12 1.05 1.00 Sweden Belgium France Italy Austria (Vienna) Hungary (Stock- Japan (Tokyo) (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o te a u t n e t d P is r r i c a v o te a 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 t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1930—February 3.41 2.91 6.95 6He-6H 7 -8 7 - 9}4 5.48 3.83 March 3.31 2.70 6.57 5H-6 6H-7H 5J4-6H 4 -6 5.48 3.83 April 3.33 2.57 6.43 5 -5H 6H-7H 5 -6*4 3^-5H 5.48 3.65 May 2.87 2.36 5.81 454 -5 6^-7 55i- 8 m-& 3^-5H 5.48 3.10 June 2.78 2.11 5.50 4K -41M« 6 -6H 5^-8 3H-5H 5.48 3.83 July 2.78 2.08 5.50 4Mo-4H 6 -6H 5H-7M 4H-6H ZH-5H 5.48 3.65 A Se u p g t u e s m t ber 2 2 . . 4 3 4 9 1 2 . . 9 1 9 0 5 5 . . 5 4 0 8 4 3 #- -4 4^ H 6 -m 5 5H ^ - - 7 7 3 ^ 4 4 4 H ^- - 5 5H 3 3 * ^ 4 - -5 5 * ^ 4 5 5. . 4 4 8 8 3 3 . . 8 6 3 5 October.- 2.27 2.00 5.25 4 -4H 5*4-6M 594-7 4M-5H 3^-5H 5.48-5.66 3.29 November 2.05 2.00 5.43 4M*4% 6H-6V4 5%- 7H 4H-5 3M-5H 5.48-5.66 3.65 December 2.34 2.03 5.50 4H -456 5M-6H 53/4- 7% 4^-5 3^-5^ 5.48-5.66 3.65 1931—January 2.38 1.89 5.50 4 -AYi 534-6H 5%- 7% 4U-5 3^-5H 5.48-5.66 3.10 February 2.31 1.77 5.50 5^-6*4 4H-5H 3 -5 NOTE—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929 (p. 503). November, 1929 (p. 736), and May, 1930 (p. 318). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

221 APRIL, 1931 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year and month ( U a S p v n r t e i a 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 d 0 e ) r ( a 1 g 9 F e 1 r 3 a = n 1 a c 0 v e 0 e ) r- G (a p e v r r e i m c r e a a ) g n e y U S n ta i t t e e s d England France Germany Number of issues. 60 87 35 404 278 i 300 329 1926 97.0 110.0 57.4 100.0 100.0 : 100.0 100.0' 1927 98.9 110.7 71.7 118.3 107.0 ! 123.2 145.0 1928 98.7 112.3 82.8 90.3 149.9 115.9 i 178.5 136.1 1929 95.7 110.2 85.1 87.1 190.3 119.5 217.2 122. 8 1930 ._ _. 98.3 111.8 95.8 *88.3 149.8 102.6 | 187.6 100. 2 1926— F J e a b n r u u a a r r y y , . . . . . . 9 96 6 . . 6 2 1 1 1 1 0 0 . . 2 8 5 5 7 7 . . 7 0 1 1 0 0 1 1 . . 8 8 9 98 9 . . 9 6 ! | 9 92 0 . . 7 6 6 7 9 6. . 4 5 March 96.6 109.6 56.5 95.8 97.1 i 88.0 80.9 April 96.9 110.1 57.2 92.9 96.7 i 88.8 88.1 May 97.3 110.2 56.4 93.2 98.4 ! 90.6 86.9' June. 97.3 110. 2 54.3 97.2 100.4 i 98.3 92.4 July 97.0 110.0 54.6 100.0 99.8 ! 111.6 i 99.9 August 97.2 110.2 56.6 102.9 101.7 109. 0 : 109. 5 September. 97.0 110.0 56.6 104.3 102.6 115.5 i 112.1 October 97.0 110.2 58.3 101.6 101.1 111.2 I 123.1 November.. 97.6 109.3 60.2 103.1 102.1 102.6 ' 130. 6 December.. 97.8 109.3 62.8 105.4 102.0 99.6 130. 2" 1927—January 97.9 111.3 66.0 105.6 104.1 109.4 ' 149. 3- February... 98.1 110.5 65.4 107.9 105.1 112.4 ! 158. 3- March 98.4 110.3 71.0 109.1 104.4 120. 2 ; 153.7 A M p a r y il 9 9 9 9 . . 0 1 1 1 1 1 0 0 . .6 6 7 7 3 2 . . 9 7 1 11 1 4 1 . . 2 1 1 10 0 6 5 . . 4 5 1 1 2 2 9 5 . .8 2 : ; 1 1 6 5 2 6 . . 8 1 - June 98.4 110.1 72.1 115.4 306.3 120.6 i 142.4 July 98.4 110.3 72.2 117.2 106. 7 124.9 ' 147.0 August 98.8 110.6 72.6 122.0 107.4 123.6 i 144.5 September. 99.3 110.7 73.1 127.7 108.3 125.3 : 139.4 October 99.6 111.9 72.3 126.7 109.7 126.2 : 134. 9 November.. 99.7 110.6 72.7 129.6 109.6 124.5 ' 122. 2 December.. 100.0 111.2 76.8 133.1 110.4 135. 2 129.3 1928—January 100.3 112.4 80.4 92.5 134.4 111.1 148.1 '• 135. 8 February... 100.3 112.3 80.2 91.8 132.3 111.0 143.3 j 132.4 March 100.5 112.4 80.3 91.1 137.9 114.0 157.9 i 130.6 April 100.3 113.7 81.3 90.9 145.9 116.2 177.3 i 136.1 May 99.7 112.4 81.8 90.5 152.1 118.6 179.8 140. 2 June 98.5 112.4 84.3 90.3 145.3 114.7 180.7 : 141.2 July 97.9 112.1 83.7 90.0 144.2 114.0 170.4 137. 2 August 97.2 I 112.1 84.9 89.7 148.3 115.9 189.3 ' 136.9 September.. 97.5 i 111.7 84.9 89.4 156.6 117.7 193.6 - 137.2 October 97.5 I 112.3 84.4 89.0 159.1 119.2 193.1 : 135.2 November- 97.8 I 112.1 83.8 88.7 171.1 119.8 j 200.4 135.0 December.. 97.2 112.1 84.1 88.9 171.4 119.3 j 207.3 ; 136.4 1929—January 97.0 113.4 83.6 89.2 185.2 122.8 i 233.0 ! 135.4 February-.. 96.3 111.7 81.8 89.5 186.5 121.7 ! 235. 2 130. 0 March 95.8 111.1 81.7 88.8 189.1 121.0 229.6 i 129.4 April 95.8 111.9 83.0 88.3 186.6 119.8 222.3 , 129. 5 May 95.7 110.4 84.2 187.8 118.3 219.7 124. 2 June 95.3 109.8 84.8 190.7 118.6 210.7 ! 127.2 July 95.2 109.3 84.6 207.3 121.7 213.3 ! 124. 5 August 95.0 109.0 84.8 86.6 218.1 123.5 215.0 123.1 September.. 94.8 108.9 86.9 86.3 225.2 124.3 222.3 I 121.5 October 95.1 109.3 86.6 85.4 201.7 120.8 209.9 , 114. 4 November.,. 95.7 108.5 87.7 85.1 151.1 110.4 197.9 i 109.9 December.. 96.5 108.5 91.6 84.8 153.8 110.5 198. 7 . 105.7 1930—January 96.5 109.6 97.5 85.2 156.3 110.2 212.9 I 110.1 February... 96.4 110.1 96.3 86.1 165. 5 109.9 205.6 i 110. 6 March 97.8 112.7 95.8 86.4 172.4 109.2 205.2 i 109. 2 April 97.9 112.7 95.5 88.0 181.0 ill. 1 208.6 ; 112.1 May 97.9 111.4 95.3 89.6 170.5 108.0 198.3 : 111.7 June 98.2 110.0 95.8 90.0 152.8 101.8 187.6 ' 106.8 July 98.7 112.3 95.7 90.6 149. 3 103.1 188.8 ! 100.9 August 99.6 111.9 96.6 90.3 147.6 98.4 182. 0 : 94.8 September.. 100.0 112.0 96.4 89.7 148.8 101.1 182. 4 ! 93.9 October. 99.9 113. 1 95.4 87.9 127. 6 95.4 169. 5 i 87.9 November.. 99.1 112.8 94.7 87.8 116.7 94.1 162. 2 i 84.7 December.. 97.8 112.5 94.1 109. 4 89.0 149.8 I 80.0 1931—January 99.6 112.8 95.7 112.3 89.6 156.7 i 75.0 February... 99.4 109.7 97.1 119.8 89.3 160.1 L Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures, see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158). 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 February, 1923 (p. 251); back figures in current issues. France—Statistique Gene"rale 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 figures) January, 1929 (p. 62). * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN APRIL, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES United States Canada England France Germany Italy J ( a O p c a t n ., Netherlands (1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913 = 100) 1900=100) (1913=100) Month 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 ! J F a e n b u r a u r a y ry 9 9 2 3 7 7 7 6 9 94 5 7 76 7 1 1 3 2 1 8 • 1 1 1 0 0 7 6 5 5 7 6 6 7 5 5 4 3 1 8 1 1 3 2 2 9 1 11 1 4 5 4 41 0 7 8 3 3 3 42 8 2 2 0 0 1 0 ,: 1 1 5 5 8 8 1 12 3 6 1 105 "VI arch 91 92 125 ' 558 126 400 196 122 April 91 91 124 548 127 396 193 : 122 jVlay 89 90 122 546 126 3(0 189 118 June 87 • 88 121 1 540 125 382 181 : 118 July 84 86 119 558 125 375 177 ; 115 August 84 84 118 560 125 379 176 _ . 114 ScDtcmbor 84 83 116 556 123 375 172 ' 112 October 83 81 113 552 120 364 165 : 111 November 80 80 112 55 L 120 361 162 ; 110 December 78 78 109 541 118 350 161 107 _ WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] United States (1926=100) England (1913 = 100) j France (1913=100) Germany (1913 = 100) i i Month and year pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods I p n r d o u d s u tr c i t a s l . p an r F o d a d r f u m o c o t d s I p n r d o u d s u tr c i t a s l 1 p A r t o g u r d r i u c a u c l l t - s P s r io o n v s i- In r f a d i s n w u e i m s s a t h i r n e - i d a d I p n f r i d n o u i d s s u t h r c e i t a d s l products j 1930— February. __ 98 96 90 135 124 503 623 116 115 127 155 March . _ 95 94 89 129 122 ! 495 612 110 118 126 153 April 96 95 88 129 121 481 606 ' 112 118 125 152 May 93 92 88 127 119 i 483 601 111 117 124 152 June . 89 91 86 127 i 117 1 488 587 : 110 115 122 151 July S3 86 84 127 115 ! 540 573 115 114 119 151 August 85 87 83 126 113 550 568 117 111 118 149 September. _ 85 89 83 124 111 562 551 114 108 116 148 October 83 89 82 121 109 562 543 109 108 114 147 November. _ 79 86 80 121 107 570 535 112 108 113 145 December.. 75 82 79 116 105 570 516 : 110 105 110 143 1931—January 74 80 78 113 104 j 580 507 : 107 102 108 142 February.._ 70 77 77 112 103 575 505 i 106 100 106 140 1 RETAIL FOOD PRICES i COST OF LIVING ! i i United England i France Germany United England France Germany States ' (July, (July, (1913-* States i (July, (Jan.-June, (1913- Month (1913=100) i 1914 = 100) ! 1914=100) 14=100 0 Month (1913 = 100) 1914 = 100) 1914=100) 14=100') 1930 1931 i 1930 1931 1930 1931 1930 1931 1930 !1931 1930 1931 1930 1931 1930 1931 ! i ___ 1 I J F a e n b u r a u r a y ry 1 1 5 5 5 3 1 1 3 2 3 7 i 1 1 1 5 5 4 7 1 1 3 3 8 6 \ : 1 1 2 2 4 1 1 1 3 3 2 2 1 .1 5 4 0 8 1 1 3 3 4 1 J F a e n b u r a u r a y ry 1 1 6 6 6 4 1 1 5 5 3 2 1| 1 1 5 5 2 0 1 1 4 3 0 9 March 150 i 150 i 120 145 March . . .. '• 161 ; 115 149 April 151 143 j 119 143 April ! 157 147 May _. 150 140 i 120 142 Mav. . 155 147 June._ 148 138 i 120 143 June.. 167 : 154 116 148 July 144 141 ... ! 122 146 July !• 155 149 August 144 144 i 1 127 145 August 157 149 September 146 i 144 129 142 Sexjtember : 157 ; 120 147 October 144 143 i 129 140 October i 156 145 November 141 144 131 m November 157 144 December _ 137 ! 141 \ 132 135 December 161 | — 155 : 121 142 — - - 1 Average of October, 1913, January, April, and July, 1914=100. SOURCES: Wholesale prices.— For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States- Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany— Statistisches Keichsamt; Franc?— for retail food prices, Statistique Generate and for cost of living, Commission d'etudes relatives au coiit de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 223 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly report date figures ) MILLIONS OF DOLLARS 300 1927 1928 1929 1930 1931 1927 1928 1929 1930 1931 Latest figures are for March 28; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN APRIL, 1931 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] Federal reserve notes in Total cash reserves Total deposits actual circulation l Reserve percentages Federal reserve bank 1931 1930 1931 1930 1931 1930 1931 1930 March Fe a b ry ru- March March Fe a b ry ru- March March Fe a b ry ru- March March Fe a b ry ru- March Boston ' 228,602 225,142 263,083 145,328 145,682 145,896 129,553 126,002 162, 250 83.2 82.9 85.4 New York.... Jl, 134,108 1,120,408 912, 761 1,042,095 1,024, 573 962,762 259,383 271,733 205,347 87.1 86.4 78.1 Philadelphia j 251,071 239,497 222, 371 149, 586 143,442 136,457 139,307 140,725 146,422 86.9 84.3 78.6 Cleveland j 322,802 318,048 307, 581 199,332 197,346 188,058 180,212 180,720 180,335 85.0 84.1 83.5 Richmond ; 117,697 116,412 109,661 63,721 64,407 65,920 84, 298 76, 299 81.3 78.3 77.1 Atlanta ' 167,064 161, 581 158,366. 60,413 61,074 65,922 130,965 131,943 87.4 84.1 80.0 Chicago 415, 111 407,395 540,311 330,837 338,320 342,821 159, 568 147, 321 296,363 84.6 83.9 84.5 St. Louis ' 116,623 119,607 120,963 71,714 72,262 78, 786 77,259 79,470 82,262 78.3 78.8 75.1 Minneapolis..- ! 70,490 70,904 84, 011 49,865 49,114 52, 740 48,205 48, 562 59,843 71.9 72.6 74.6 Kansas City ! 103,284 104,897 138.079 83, 655 84,432 89,295 66,004 79,044 69.0 69.5 82.0 Dallas -i 53,486 55, 279 64", 744 59,220 59,141 63,972 26,948 27,225 37,440 62.1 64.0 63.8 San Francisco ! 296,416 310,048 280,149 186,756 186,663 180,450 161,991 168,102 158,404 85.0 87.4 82.7 I Total '3,276,754 3,249,218 3,202,080 2,442,522 2,426,456 2,373,079 1,460,082 1,471,516 1,615,952 84.0 83.4 80.3 i Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month,$14,449,000; month ago,$17,010,000; year ago, $22,792,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending Feb. 28,1931. In millions of dollars] Reserves held Deposits subject to reserve Indebtedness at Federal p (n o e s t i ts d ; e m se a e n f d o l a lo n w d in ti g m p e a d g e e - ) Total Excess reserve banks Federal reserve district 1931 1930 1931 1930 1931 1930 1931 1930 Fe a b ry ru- January De b c e e r m- Fe a b ry ru- January De b c e e r m- Fe a b ry ru- January De b c e e r m- r F u e a b r - y u Ja a n ry - ce D m e b - er Boston . . 2,301 2,324 2, 308 142.6 146.1 144.5 2.0 2.9 3.0 10.7 11.5 17.3 New York... _ 10,598 10, 609 10, 708 1, 005.1 1,051. 7 1,031.6 18.7 59.8 35.5 47.8 55.7 90.3 Philadelphia 2,364 2,363 2, 357 141.3 143.8 140.6 2.9 4.1 1.9 24.2 27.3 27.5 Cleveland . 3,200 3,170 3,167 192.7 190.9 187.1 3.5 4.3 1.7 23.1 28.7 37.9 Richmond 1,049 1,048 1.057 60.6 60.8 61.3 1.3 1.3 1.3 18.3 22.3 33.1 Atlanta 892 895 913 58.8 58.2 58.1 3.3 3.1 2.4 21.6 23.4 30.4 Chicago . , 4,570 4,594 4, 656 332.9 339.2 343. 4 6.6 9. 1 8.8 20.5 25.9 26.4 St. Louis 1,052 1,071 1,070 69.6 69.9 70.2 4.3 3.2 3.4 9.4 11.8 14.2 Minneapolis. .- 842 849 878 47.5 49.0 50.2 2.1 2.9 2.1 4.0 4.1 3.9 Kansas City 1,133 1,150 1,164 82.2 85.0 85.4 4.5 5.8 5.1 13.6 17.2 15.9 Dallas 813 798 810 57.7 57.1 57.7 2.3 2.8 2.6 6.2 5. 2 6.9 San Francisco 3,155 3,177 3,227 179.4 181.5 184.9 5.0 5.5 5.0 16.3 19.3 33. 3 Total 31, 968 32,048 32. 314 2, 370. 3 2, 433. 3 2, 415. 0 56.6 104. 7 72.8 215.8 252.3 337.1 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 1C30 Federal reserve bank Federal reserve bank Mar. 4 Mar. 11 Mar. 18 Mar. 25 March February March Boston 9,547 8,777 8, 782 10, 565 Boston 10.7 21.1 New York.... 38,834 38,082 37,876 34,681 New York 41.3 47.8 54.3 Philadelphia.. 23,444 21,928 19,345 17,373 Philadelphia.. 20.6 24.2 36.7 Cleveland 18,656 18,881 14, 485 13, 848 Cleveland 16.4 23.1 31.1 Richmond.... 16,836 17, 563 14,410 13,479 Richmond 15.9 18.3 16.8 Atlanta 14,772 14,431 11, 870 11, 593 Atlanta 13.4 21.6 21.6 Chicago 16, 678 15, 884 13, 593 12,865 Chicago 14.7 20.5 35.2 St. Louis 9,149 8,158 8,023 7,946 St. Louis 8.2 9.4 14.0 Minneapolis.. 3,793 3,808 3,493 3,369 Minneapolis.. 3.6 4.0 2.4 Kansas City.. 11,310 11, 274 10, 738 9,108 Kansas City.. 10.5 13.6 16.2 Dallas 7,561 7,546 6,780 6,861 Dallas 7.2 6.2 8.3 San Francisco. 19,996 6,218 12, 527 23,737 San Francisco 14.8 16.3 15.8 Total.... 190, 576 172, 550 I 161, 922 165,425 Total-. 176.4 215.8 273.5 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 225 NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS [Averages of daily figures. In millions of dollars] Total (all member banks) Larger centers (places over 15,000)l Smaller centers (places under 15,000)! Federal reserve district Net demand Time Net demand Time Net demand Time i Feb- Jan- Feb- Jan- Feb- Jan- Feb- Jan- Feb- Jan- Feb- Janruary uary ruary uary ruary uary ruary uary ruary j uary ruary uary i Boston ..- 1,288 1,319 1,013 1,005 1,188 1,216 847 840 100 103 165 165 New York 7,397 7,461 3,201 3,148 7,123 7,184 2,610 2,556 274 !• 277 591 592 Philadelphia 1 163 1 189 1 200 1,174 976 998 738 712 187 i 190 463 462 Cleveland _ . _ 1, 536 1,513 1,665 1, 657 1,342 1,319 1,329 1,319 193 . 194 336 337 Richmond __ 509 513 540 535 396 401 336 331 113 I 113 204 204 Atlanta 504 497 388 398 413 408 304 311 90 j 90 84 87 Chicago 2,428 2,469 2,142 2,125 2,200 2,241 1,774 1,753 228 ! 228 368 372 St. Louis . 577 590 475 481 463 474 355 361 114 ! 116 120 121 Minneapolis 383 392 459 458 240 246 214 211 143 i 146 245 247 Kansas City 757 774 376 376 511 521 234 232 246 ; 252 142 144 Dallas 577 565 236 233 376 367 196 193 200 i 198 40 40 San Francisco 1, 270 1,290 1,885 1,887 1,119 1,132 1,742 1,742 151 i 158 144 145 Total 18, 389 18, 572 13, 580 13,477 16, 350 16, 507 10, 678 10, 561 2,039 i 2,064 2,901 2,916 11930 census, figures heretofore have been based on Bureau of Census population estimates as of July 1,1922. 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 Boston Y N o e r w k* d P el h p i h la ia - C la le n v d e -1 m Ri o c n h d - j. Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y a s ! 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 28,737 ' 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 26.452j 72,700 18, 999 16, 523 26,712 1 21,226 62,351 Oct. 4 _ I 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 ~D ec. 3"'1 519,107 82,262 72,538 41, 553 41, 210 23, 111 28,182I 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 30,8311 82,790 22,385 14,180 35,341 ' 28,191 52,353 June 30. 552,394 40,854 81,924 37,854 65,419 21,293 33,838! 96,321 26,486 17, 596 42,345 \ 31,339 57,125 Sept. 24- _ _| 585,847 45,131 78,380 49,361 61, 230 23,976 28.453 106,160 26,663 23, 587 52,047 i 31,072 59, 787 Dec. 31 | 641,271 77,082 92,706 45, 703 62, 796 27,064 34, 777 116,899 33,112 23, 814 33,487 | 25,012 68,819 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 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 Chicago L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - 1928—Oct. 3 j 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 i 537,501 16,040 294,865 38, 502 27,768 15,033 22,018 73,477 14,519 7,437 18,231 3,399 6,212 1929—Mar. 27 i 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 1 670,277 25,178 321,628 47,681 35,494 27,719 34,107 96,922 27,767 8,593 23,798 8,719 12,671 Oct. 4.... 640,301 20,147 308,654 51,159 34,300 25,187 29,823 93,297 31,059 6,944 19,499 8,029 12,203 Dec. 31 714,076 24,602 328,180 65,118 49,107 18,155 22,141 132,176 25,854 6,793 23,251 5,392 13,307 1930—Mar. 27 ' 527,081 21,907 207,413 52,732 34,932 19,283 26,702 94, 520 22,678 6,351 21,681 6,953 11,929 June 30. - I 535,307 26,509 199,925 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_— i 630,545 26,674 288, 276 55, 849 42,802 24,438 27,478 28,308 7,284 23,442 7,988 8,110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN APRIL, 1931 ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS [Exclusive of loans to banks. In millions of dollars] Federal Reserve District Call date Total Boston P p h d h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a hi g - o Lo S u t. is n M e i a n p - o- Ka C n it s y as Dallas F c S i r s a a c n n o - LOANS TO CUSTOMERS AH member banks: 1929—Oct. 4 23,249 j 1, 751 7,132 2,255 ! 920 810 3,640 926 541 748 673 2,078 Dec. 31 23,103 ! 1,703 7,231 ,750 2,296 i 920 796 3, 555 883 515 735 651 2,161 1930—Mar. 27 _._. 21,494 ! 1,615 6,503 ,697 2, 209 i 850 747 3,265 830 483 684 612 2,000 June 30 ___ 21,565 I 1,616 6,512 ,715 2, 216 j 836 724 3,351 810 475 681 615 2,015 Sept. 24 21,010 1,555 6,392 ,672 2,153 824 703 3,206 796 476 659 616 1,957 Dec. 31 21,007 ! 1,534 6,428 ,654 2,182 ! 801 678 3,182 708 461 667 576 2,135 Reserve city banks: i 1929—Oct. 4_ 14,622 ii 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 i. 4,727 742 1,273 301 388 2,208 483 185 372 291 1,622 June 30. _ ! 13,337 ' 4,708 757 1,283 299 370 2,306 463 j 176 366 288 1,629 Sept. 24 1 13,003 ; 647 4,644 727 1,246 294 j 356 | 2,207 456 ; 188 355 296 1, 588 Dec. 31 _-. ! 13,244 ; 650 4,694 716 1,290 296 360 2,213 402 i 178 372 297 1, 778 Othe 1 r 9 2 b 9 a — n O ks c : t. 4 _._ I 8,628 ! 976 1, 863 990 590 383 1,107 369 ! 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 i 920 1,776 955 549 358 I 1,057 347 | 298 i 311 320 378 June 30 ! 8,228 922 1,804 958 537 355; 1,044 347 I 299 314 327 386 Sept. 24 ! 8,007; 908 1,747 945 907 530 348 ! 1,000 340 I 288 304 320 370 Dec. 31 7,762 I 1,734 893 505 318 ! 969 306 i | 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 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 I 387 443 244 1,085 Sept. 24 13,997 1,001 5,528 1,038 1,348 358 316 1,692 454 j 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 Reserve city banks: 1 ! 1929—Oct. 4_ 6,917 315 3,120 288 i 143 145 778 175 i 100 255 136 767 Dec. 31 7,179 301 3,615 263 I 649 142 135 681 192 ! 95 241 113 752 1930—Mar. 27 8,062 377 3,849 307 ! 746 152 155 900 229 i 108 246 141 853 June 30 378 4,439 328 i 773 156 147 942 224 | 101 244 121 837 Sept. 24 9,121 411 4,285 416 i 898 170 163 1,126 235 100 284 128 906 Dec. 31 8,527 388 4,119 407 | 761 145 140 995 213 j 103 266 121 868 Other banks: 1929—Oct. 4 5,107 548 1,203 642 | 514 211 163 605 243 | 224 170 276 Dec. 31 4,847 532 1,142 609 [ 462 197 162 i 567 237 294 213 167 266 1930—Mar. 27 4,972 557 1,223 614 ! 464 202 179 j 578 233 299 214 148 261 June 30 4,867 572 1,235 621 j 459 188 156 ! 559 221 287 199 123 248 Sept. 24 4,875 591 1,243 622 i 450 188 153 i 566 219 j 289 196 114 244 Dec. 31 _ 4,696 562 1,189 616 433 184 144 ! 543 204 ! 279 190 117 236 I i 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 Reoort No. 50 ( o. 12-17). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

227 APRIL, 1931 FEDERAL RESERVE BULLETIN 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 thoiisands ofdollars) Number Deposit c s f d (i o n l l t a h r o s iisauds Federal reserve district ba A n l k l s \ i ti N o M n a a - e l nib S er t s ate r N a b e e o m r n s - - ba A n I k I s '; ; ! . N M a- ernb S e t r a s te m N b e e o m r n s - - ba A n l k l s M be e rs m i - m N b e e o m r n s - - ba A n l k l s • M be e rs m i - m N b e e o m r n s - tional • January-March, 1931: Boston _ 1 1 2,764 2,764 1 1 2,426 2,426 New York 5 2 1 2 9,412 :• 1,996 6,056 1,360 1 1 2,683 2,6<*3 Philadelphia . 10 2 9,406 ! 1,308 8,098 Cleveland 29 9 2 18 21,042 : 5,511 1,743 13, 788 1 1 412 412 Kichmond 25 4 1 20 8, 880 i 1, 230 219 7,431 25 2 23 8,387 • 3,659 4,728 \tlanta 53 - 9 3 41 22,681 }11, 361 578 10,742 9 1 8 4,120 879 3,241 Chicago 101 7 1 93 47,253 , 5, 059 5,981 36,213 16 16 6, 597 6,597 St Louis . . 75 : 8 3 64 17,248 | 3,723 741 12,784 62 6 56 16,913 ' 3,629 13, 284 Minneapolis 24 4 20 7,510 i 2 204 5,306 10 10 3,177 3,177 Kansas City 27 1 26 5,148 ; 1,116 4,032 2 356 356 Dallas __ . 11 6 5 3,860 2, 614 .1, 246 3 2 1,160 412 748 San Francisco 9 1 1 7 2,338 ; 284 320 1,734 Total 370 53 12 305 157,542 j 36,406 15, 638 105, 498 130 11 119 46, 231 i 8,579 37, 652 March, 1931: Boston 1 1 2, 764 2,764 New York 3 2 1 3,087 1,996 1,091 ! Philadelphia 2 1 1 1,728 963 765 Cleveland 3 4 4,148 2,500 1,648 I I Kichmond 5 2 3 2,543 662 1,881 3 1 2 3,830 3,255 575 Atlanta _. _. 6 1 5 989 ' 122 867 1 1 110 110 Chicago 40 ! 4 36 19,739 3,749 15,990 4 4 1,448 1,448 St Loui^ 9 I 9 1 885 1 885 9 1 » 1 899 ; 135 1 764 Minneapolis 8 i 2 6 3,485 1,501 1,984 6 6 2,156 2,156 Kansas City 4 ! 1 3 1,341 1,116 225 Dallas 3 3 1,445 1,445 San Francisco. _._ 1 1 50 50 :::::::: Total 89 18 1 70 43,204 .. 13, 932 122 29,150 23 2 21 9,443 3,390 6, 053 1 Represents national banks only, except as follows: January-March, 2 State members in St. Louis district with deposits of $1,113,000. 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). 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— all Call date m b e a m nk b s er Boston \ Y N o ew rk P p a h h e i i i l - a a- C la le n v d e- mond JAtlantalChicago1 St. n M ea m po - - K C an it s y as T J. lias i 1 F c S r is a a c n n o - 1928—Oct. 3__. 8,106 501 i 2,616 499 621 314 1,087 332 i 294 426 355 ' 772 Dec. 31 _. 7,822 436 '. 2,468 444 602 284 ' 329 1,028 327 I 292 435 368 i 809 1929—Mar. 27. 8,150 495 j 2,667 441 624 292 | 328 1,039 333 ; 300 439 384 '• 809 June29_. 7,896 473 2,530 439 620 293 i 311 1,060 302 | 297 445 361 ; 765 Oct. 4___ 7,979 488 ! 2,661 454 617 284 i 280 1,051 309 j 304 438 339 i 754 Dec. 31.. 7,614 424 i 2,640 409 599 267 275 942 284 I 288 417 320 j 750 1930—Mar. 27.. 7,642 455 i 2,616 396 613 264 ! 276 966 292 i 286 395 322 1 759 June 30_. 7,317 430 ! 2,413 394 608 272 267 956 270 ! 287 391 302 i 727 Sept. 24. 7,258 426 ! 2,368 399 671 264 j 270 925 273 263 383 290 1 725 Dec. 31.. 7,023 2,429 408 576 233 j 236 922 245 261 373 262 I 693 INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS [In millions of dollars! Total- Federal Reserve District all Date m b e n a m o n n k b - s er Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - Atlanta c C a h g i- o L S ou t. is | i i n M e l a i i s p n o - - K C an it s y as Dallas F c S i r s a a c n n o - 1928-Oct.3 347 22 57 30 49 19 ! 34 7 18 Dec. 31.. 350 17 ; 54 34 25 21 71 ! 43 12 2 20 1929—Mar. 27.. 354 24 j 55 37 31 26 71 j 34 7 4 15 June29_. 399 25 58 40 43 32 79 ; 39 13 8 18 Oct. 4.... 363 23 i 68 10 46 33 77 ! 39 , 3 6 20 Dec. 31.. 359 30 81 55 28 23 58 ! 24 15 4 11 1930—Mar. 27.. 287 19 ! 61 34 29 18 44 : 32 i 10 5 12 June 30.. 287 17 j 51 28 31 35 38 I 30 15 9 12 Sept. 24.. 247 is ; 29 22 34 33 31 ! 32 11 10 11 Dec. 31.. 269 56 37 25 20 42 | 23 : 13 4 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN APRIL, 1931 ALL BANKS IN THE UNITED STATES—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES [In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of Rediscounts and interbank deposits bills payable Total Loans Investments Federal reserve district 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 Dec. 31 Se 2 p 4 t. Dec. 31 Dec. 31 Se 2 p 4 t. Dec. 31 Dec. 31 Se 2 p 4 t. Dec. 31 Dec. 31 Se 2 p 4 t. Dec. 31 D 3 e 1 c. Se 2 p 4 t. D 3 e 1 c. ALL BANKS * ^Boston 6,782 6,871 6,758 4,508 4,408 4,319 2,273 2,463 • 2,440 6,298 6,340 6,312 78 32 37 New York 19,494 19,280 19,288 14,252 13, 500 13,174 5,243 5,781 6,115 18, 490 17,033 17,894 279 80 103 Philadelphia 4,395 4,409 4,321 2,859 2,753 2,633 1,535 1,656 1,688 3,745 3,754 3, 755 175 56 97 Cleveland 4,869 4,893 4,712 3,413 3,223 3,142 1,456 1,670 i 1,570 4,452 4,413 4,299 155 45 88 Richmond 2,435 2,391 2,242 1,813 1,706 1,581 622 685 661 2,271 2,212 2,120 76 59 56 Atlanta ._ 1,629 1,505 1,394 1,262 1,128 1,045 366 377 349 1,548 1,401 1, 347 66 66 46 •Chicago 7,740 7,627 7,374 5,953 5,668 5,370 1,788 1,959 2,005 7,381 7,201 7,131 205 81 73 St. Louis -_. 2,072 1,975 1,753 1,526 1,440 1,247 546 535 506 1,962 1,818 1,678 56 60 44 Minneapolis 1,507 1,447 1,396 936 863 837 572 585 559 1,519 1,475 1,429 22 13 12 Kansas City 1,842 1,720 1,662 1,293 1,175 1,114 549 544 548 1,909 1,829 1,736 49 20 30 Dallas 1,179 1,096 1,037 907 830 766 273 265 271 1,186 1,085 1,055 21 28 10 San Francisco 4,rt72 4,377 4,270 3,177 3,022 2,907 1,295 1,355 1,362 4,529 4,223 4,281 55 22 28 Total 58,417 57, 590 56,209 41,898 39, 715 38,135 16, 519 17,875 .18,074 55,289 52, 784 53,039 1,238 563 624 MEMBER BANKS Boston 2,561 2, 583 2,511 1,910 1,808 1,750 650 775 761 2,391 2,328 2,317 49 17 19 New York _ . .. 12,316 12,093 12,023 9,097 8, 595 8,300 3,220 3,498 3,724 11,810 10, 358 11,035 258 69 88 Philadelphia. _ _ 2,687 2,737 2,733 1,859 1,814 1,767 828 922 966 2,265 2,280 2,339 94 27 41 Cleveland 3, 455 3,530 3,419 2,410 2,300 2,262 1,046 1,230 1,156 3,154 3,159 3,114 100 23 51 Richmond . ..- 1,278 1,206 1,154 974 882 842 303 324 312 1,152 1,104 1,074 48 26 32 Atlanta 1,115 1,053 989 855 768 726 260 284 264 1,020 962 944 42 34 26 Chicago 4,934 4,967 4,809 3,770 3,642 3,406 1,164 1,324 1,403 4,617 4, 594 4, 558 148 50 31 St. Louis. 1,337 1,289 1,154 955 899 787 381 389 366 1,213 1,151 1,072 32 29 21 Minneapolis 911 872 851 563 515 495 348 358 357 892 876 863 12 5 5 Kansas City^ 1,212 1,160 1,147 804 741 717 408 419 430 1,190 1,192 1,158 35 9 16 Dallas 936 868 822 714 649 601 222 219 221 913 850 820 17 18 6 San Francisco 3,192 3,116 3,246 2,239 2,124 2,218 953 992 1,028 3,247 2,984 3,265 44 10 19 Total _"___ 35, 934 35,472 34,860 26,150 24,738 23,870 9,784 10, 734 10,989 33,865 31,839 32, 560 879 316 355 NONMEMBER BANKS 'Boston 4,221 4,287 4,248 2,598 2,599 2,569 1,623 1,688 1,679 3,907 4,011 3,995 30 15 17 New York . 7,178 7,188 7,265 5,155 4,905 4,874 2,023 2,283 2,391 6,679 6,675 6,859 21 10 15 Philadelphia 1 708 1,672 1, 588 1,000 939 866 708 733 722 1,480 1,474 1,416 81 29 56 •Cleveland 1,414 1,364 1,293 1,004 924 880 410 440 414 1,298 1, 253 1,185 55 22 37 Richmond 1,157 1,185 1,088 838 824 739 319 361 349 1,119 1,108 1,046 28 34 25 Atlanta 514 453 405 408 360 319 106 93 86 527 439 403 23 33 20 •Chicago 2,806 2, 660 2, 565 2,183 2,026 1,964 623 635 601 2,764 2,607 2, 574 58 31 42 St. Louis.- 736 686 599 571 541 459 165 146 140 750 666 606 24 32 23 Minneapolis 597 575 545 373 348 342 224 227 203 626 600 565 10 8 7 Kansas City 630 559 515 489 434 397 141 125 117 719 638 578 15 11 13 Dallas 243 228 214 193 181 165 50 47 49 272 235 235 4 10 4 San Francisco 1,279 1,261 1,024 938 898 690 342 363 334 1,282 1,239 1,017 11 11 9 Total . 22,483 22,118 21,349 15, 748 14, 977 14,264 6,735 7,141 7,085 21,424 20,945 20,479 359 247 269 1 Includes all National and State banks (including stock and mutual savings banks) and all private banks under State supervision. Back ftgures.S&Q Bulletin for July, 1930, and January, 1931; also Tables 40, 41, and 81-84, Annual Report of the Federal Reserve Board for 1929, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 229 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District City B ! | Total H^jir& m Ri o c n h d - la A n t- ta Chi- L S ou t. is Min- K C s a i a t n s y - Dallas F c S r i a s a c n n o - Y N o e r w k i | c C a h g i o - Loans and investments: I Mar. 4 22,621 1,460 9,173 1,316 2,231 614 565 3, 262 630 349 631 432 1,958 7,954 | 1,95ft Mar. 11 22,577 1,468 9,056 1,335 2,229 615 568 3, 268 645 360 638 431 1,964 7, 829 , 94,'i Mar. 18 23, 111 1,493 9,316 1,372 2,265 632 587 3,338 645 372 634 456 2,001 8,083 ! .993 Mar. 25 23,046 1,484 9, 269 1,392 2, 265 631 585 3,314 654 372 636 8,036 I , 963 Loans: i Mar. 4 15,441 1,075 6, 299 848 1,427 435 2,299 447 i 219 382 315 1,278 5,481 | .303 Mar. 11 15,377 1,083 6,183 856 1,429 434 419 2,317 459 231 387 313 1,266 5,354 i ,308 Mar. 18 _i 15,518 1,061 6, 346 850 1,426 433 2, 349 450 I 240 381 310 1,257 5, 529 i , 352 ' Mar. 25 -.1 15,470 1.059 6,342 846 1,424 431 2,324 452 ! 239 382 312 1,247 5,521 ! , 325 On securities- Mar. 4 rr'. 256 414 3, 539 444 678 164 131 1,093 181 ' 103 91 359 3,160 i Mar. 11 7,237 417 3,472 444 678 165 135 1,123 188 109 91 352 3,082 i Mar. 18 7. 365 414 3, 595 439 675 164 1,164 179 60 105 91 347 3,219 I 805- Mar. 25 7, 349 409 3,623 i 434 674 162 1,141 | 177 I 59 103 90 344 3,244 781 All other— ! j i M M M a a a r r r . . . 4 1 1 1 8 j ! | • 8 8 8 , , 1 1 ,1 4 5 8 0 3 5 6 6 6 4 6 6 7 6 1 2 2 2, , , 7 7 7 5 1 6 1 1 0 I I I 4 4 4 1 0 1 1 4 2 7 7 7 5 5 4 1 1 9 2 2 2 6 6 7 9 9 1 2 2 2 8 8 8 3 4 6 1 1 1 , , , 1 1 2 8 9 0 5 4 6 i ! ! 2 2 2 7 7 6 1 1 6 ! i I r ' 1 1 1 6 8 6 8 0 0 2 2 2 7 7 7 8 9 6 2 2 2 1 2 2 4 2 9 | I 9 9 9 1 1 1 0 9 4 2 2 2 , , , 3 3 2 2 1 7 1 0 2 i ; 5 5 5 6 4 4 1 7 5 Mar. 25 j 8,121 ; 650 2,719 | 412 750 269 279 1,183 j 275 | 180 279 222 903 2,277 ; 544 Investments: \ Mar. 4 | 7,180 385 2,874 j 468 804 179 148 963 ; 183 130 249 117 2,473 ! 047 Mar. 11 i 7.200 385 2,873 j 479 800 181 149 951 i 186 129 251 118 2,475 ; 635 Mar. 18 | 7,593 432 2, 970 ! 522 839 199 172 989 '. 195 132 253 146 744 2,554 ! 641 Mar. 25 j 7.576 i 425 2,927 j 546 841 200 173 990 ; 202 133 254 146 739 2,515 ; 638 United States Government ! securities— Mar. 4 i 3,444 134 1.498 i 171 399 71 494 : 43 | 103 337 1,357 343 Mar. 11 ! 3,435 ' 135 1,486 ! 176 398 72 480 i 46 104 341 ,348 ! 329 Mar. 18 j 3,860 3 79 1.613 j 220 437 87 524 i 58 i 106 387 .457 344 Mar. 25 | 3,814 174 1,555 ! 238 j 442 87 522 j 60 ! 105 j 384 ,404 = 339 All other— i j Mar. 4 ; 3,736 251 1,376 I 297 405 108 140 i 146 i 343 ,116 304 Mar. 11 j. 3,765 250 1,387 I 303 402 109 471 i 140 I 147 | 357 ,127 ! 306 Mar. 18 | 3,733 253 1,357 : 302 402 112 465 i 137 147 357 ,097 : 297 Mar. 25 | 3.762 ; 251 h 372 j 308 399 113 468 ! 142 ! 149 1 355 ,111.., 299 Reserves with Federal reserve ' I banks: ; Mar. 4 ! 1,773 ; 96 ! 845 j 89 141 40 263 i 54 106 7S4 • 185. Mar. 11 i 1,847 : 98 • 927 ! 90 141 39 252 ! 52 108 866 • 177 Mar. 18 I 1,846 i 97 917 I 141 36 254 i 53 111 853 i 180 Mar. 25 ---1 1,779 j 94 853 93 143 38 250 ' 52 112 793 : 172 Cash in vault: Mar. 4 211 13 I 13 I 26 17 32 ! 11 6 18 43 : 13 Mar. 11 215 13 | 56 13 i 26 16 32 i U 7 I 19 44 12 Mar. 18 I 205 13 i 53 12 j 26 15 32 i 11 6 | 17 42 12 Mar. 25 205 13 I 12 I 25 14 32 I 11 7 ! 17 42 12 Net demand deposits: j Mar. 4 i 13,514 j 860 6.357 i 756 | 1.111 328 1,799 ; 359 200 443 275 I 724 5,781 ; 1,221 Mar. 11 i 13,725 ' 867 6,469 j 783 i 1,118 329 1,784 ! 379 206 449 275 ! 755 5,885 ! 1,204 Mar. 18 ' 13,782 864 6,529 784 1,114 322 1,803 369 218 445 274 760 5,945 i 1,215 Mar. 25 • 13,690 851 6,443 | 807 1,119 323 301 1,776 ; 378 I 216 442 275 j 759 5,869 : 1,194 Time deposits: ! Alar. 4 7.289 526 i 1,787 j 393 1,008 247 1,318 ! 238 149 204 150 ! 1.042 1,232 - 632 Mar. 11 ' 7,247 526 j 1,750 388 1,008 250 1,324 i 239 150 205 150 j 1,031 1,196 i 634 Mar. 18... 7,249 521 I 1.756 394 1,017 251 1, 308 i 239 150 205 149 I 1,028 1,199 : 620 Mar. 25 7,278 524. j 1? 770 1 394 1,016 252 232 1,310 I 242 152 207 151 | 1,028 1,213 619 G overnment deposits: | ! j Mar. 4 29 3 i 6 i 3 ! 1 \ 4 Mar. 11 Mar. 18 522 181 | 49 24 I 27 35 I 56 16 4 25 ! 46 168 ! 40 Mar. 25 408 141 i 39 19 ; 21 27 ; 44 | 13 3 20 j 36 131 ; 31 Due from banks: i Mar. 4 1, 855 123 180 I 184 170 | 106 98 ' 300 104 189 117 187 97 I 170 Mar. 11 1.808 101 180 | 169 174 I 106 92 298 91 182 116 203 99 ' 168 Mar. 18 1. 956 132 218 | 192 179 113 98 307 107 195 117 208 127 | 171 Mar. 25 1,866 123 202 ; 176 171 I 108 95 303 106 181 112 203 116; 171 Due to banks: Mar. 4 3. 835 151 1,395 ! 267 | 385 I 122 123 540 ; 130 231 126 271 1,315 ! 371 Mar. 11 3. 755 147 1,333 ! 271 ! 392 121 123 521 | 128 221 122 282 1,253 j 362 Mar. 18 S. 994 154 1. 163 i 296 J 400 I 127 118 568 I 134 228 121 287 1,382; 405 Mar. 25 3,912 143 1,396 : 300 ! 419 j 124 117 554 ! 134 221 125 281 1,311 ! 390 Borrowing from Federal.reservo | banks: Mar. 4 47 2 i 4 i 3 j Mar. 11 33 3 i 4 !. Mar. 18 27 ' 3 i 3 L Mar. 25 35 I 2 I 2 . r Revised on account o 1 reclassification ofloans of one reporting bank* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN APRIL, 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) J Federal reserve bank Dale effective Boston ! y^ Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - Atlanta Chicago In effect Mar. 1,1930- 4 4 4*3 4*3 4H 1 Mar 14 3*3 Mar. 15 A Mar. 20 4 . - _ Mar 21 Apr. 8 - 1 Apr 11 4 Apr. 12 4 Apr. 15 —i May 2 3 May 8 3*3 June 7 3*3 June 20 2*3 June 21 3H July 3 3 _ V/i July 12 3*3 July 18 3*3 Aug. 7 Aug 8 Aug 15 Sept 9 Sept 12 Dec 24 2 Dec 29 3 Jan. 2,1931 2*6 Jan 8 Jan.9 - Jan.10 3 Jan 10 In effect Apr. 1,1931- 2*3 2 = 3*3 3 3*6 3 CO CO St. Louis Min o n li e s ap- K C an it s y as Dallas F c S i r s a a c n n o - 4*3 4>3 4 4 4 ! 4 4 I ! i ; i 3^2 . i 3*3 3*3 3*3 3 3 3 3*3; 3*3 3 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prime commercial paper Lo s a to n c s k-e s x e c c h u a re n d g e c b o y l lat p e r r i a m l e Loans secu r r e e c d e i b p y ts warehouse Interbank loans Federal reserve bank or branch eity ! January Fe a b ry ru- March ' January Fe a b ry ru- March January Fe a b ry ru- March I January Fe a b ry ru- March Boston.. 3*6-4 4 -5 5 -5H 5 4 —4V4 -4H 4 New York 3*6-4 3*^-4 4*6-5 y/x- 3*6-5 4*^ 3*^-5 P B h u i f l f a a d lo e lphia i , 5 -6 3 5 * 3 - -4 6 *3 5*^-6 4*3-6 5 -6 5 -6 6 5 -ty 2 4 -4 5 *6 4 -5 5 Cleveland j 3*6-5*6 3*^-6 5 -6 5-6 4-6 3 -6 3K-6 4 -6 4 -6 Cincinnati ! 5 -6 5 -6 5*6-6 5-6 6 -6 5 -6 5 -6 5 -6 Pittsburgh ] 5 -6 5 -5*3 5*6-6 5-6 6 6 5 -5*6 5 -6 5 -6 Richmond. : 4*6-5 5 -6 5 -6 5 -5*6 5 5 -5*3 Baltimore I 5 -5*6 5 2-5*3 4*6-6 5 -6 5 -6 5 -6 Charlotte ! 5 -6 5 -6 I 5*6-6 I 5 -6 6 6 5 -6 Atlanta j 5 4*3-^ i 5 -6 5 -5* 4 -4*6 4 -4* 5 -5*6 5 -5*3 5 Birmingham ; 6 -6* 6 -7 5 -8 6 -8 6 -8 5 -6 5 -6 5 -6 Jacksonville ! 3 -5 3 -5 2i 6 -7 6 -7 6 -7 6*^-8 6 6 Nashville _ ! 6 -8 6 -8 ! 6 -8 6 -8 6 -8 6 -8 6 -8 6 6 N Ch ew ic a O go rl eans 4*6-6 4*3-6j ! 4 5 - - 5 7 4 5 - - 3 5 * 4 5 * * 6 6 - - 5 6 4 5 * * 3 3 - - 5 6 4 5 * * 3 3- -5 6 5 -6 5 -6 5 5 -6 5 Detroit- 4*6-5 5*6-6 6 6 5*^-6 St. Louis 4 -4*6 3*3-5 2 5 -6 4*6-6 5 -6 4 -6 Little Rock 6 ! 6 -6*6 6 -6*6 6 -6*3 6 -6*1 6 5*4-6 6 L M o i u n i n s e v a il p le o - lis.. 3 -4 6 i | 5 5* 6 - - 6 6 5 -6 6 3*3-4 6 5*6- 5 6 f4 4 5*3- 5 6 Helena 8 8 8 6 -8 6 -8 * 6 -8 6 -8 6 -8 Kansas City 4*3-5 i 5 -6 5 -6 5 -6 5*6-6 5*3-6 Denver 5 -5*6 4*^-5*3 6 6 -8 6 -8 6 -8 6 5*^-6 Oklahoma City i 5*6-6 i 8 6 -8 6 -8 6 -8 Omaha 5 o J4 5M-7 6 6 6 Dallas ! 4 -6 4 -6 6 -7 6 -6 5 -6 6 5 -6 I 5 -5*3 5 -5*3 El Paso__ 7 -8 7 -8 7 -8 7 -8 8 8 I 5*6-6 5*3-6 5*3-6 Houston _ i 5*6-6 5 -7 5 -6 5 -6 5 -5*3: 5 -6 55 4*3-5*3 San Antonio 6 -6*6 6 -8 6H-7 6 -8 6 -8 6 -8 6 San Francisco ! 43^-5 5 -6 5 -6 5*6-6 5*4-6 5*3-6 5 5 -5* Los Angeles j 6 -6*6 53^-6 6 -m 5 -7 6*6-7 6*4-7 6 -7 5*6-6 6 Portland ! 6 -6*6 6 -6 6 -m 6 -6> 6 -7 6 -7 6 -7 6 6 Salt Lake City 6 5 -6 7 7 7 6 6 Seattle ~ 6 6*6-7 6 -7 6 Spokane 6 -7 7 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

231 APRIL, 1931 FEDERAL RESERVE BULLETIN BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1031 1930 1931 1930 Federal reserve district Federal reserve district N of u m cit b ie e s r Feb. Jan Feb. Feb. Feb. Boston ! 19,517 14,814 17,961 Boston 3,340 1,671 4,076 N Ph e i w la d Y e o l r p k h ia 7 1 0 4 , , 0 1 6 4 0 3 6 1 0 1 , , 3 0 1 1 4 8 9 1 0 7 , , 3 74 1 3 2 N Ph e i w la d Y e o lp r h k i . a . . . . . 31 2 , , 6 2 8 5 1 7 r 3 1 7 , , 9 2 2 9 5 5 3 4 0 , , 2 2 4 31 1 R Cl i e c v h e m la o n n d d ... 1 1 9 6 , , 6 4 6 9 6 3 2 1 1 7 , ,9 5 7 3 1 4 3 28 5 , , 7 9 0 9 7 2 R C i l c e h v m ela o n n d d 8 6 , , 4 0 6 0 3 0 r3 4 , , 8 0 5 3 4 0 9 6 , ,0 6 1 3 1 8 Atlanta 20,354 17,860 19,526 Atlanta 1,841 1,742 3,179 Chicago _ ! 29,011 31, 767 37,983 Chicago 12,230 9,828 15,729 St. Louis._ ! 12,509 13, 306 24,510 St. Louis 2,469 3,186 2,670 Minneapolis j 5,507 2,591 4,980 Minneapolis.. 1,410 1,195 1,083 D K a a l n l s a a s s City 1 1 0 7 , , 1 9 7 7 4 3 1 1 7 9 , , 0 7 2 5 7 6 1 2 8 1 , , 0 2 7 6 1 7 K Da a l n l s a a s s City.. 4 3 , , 5 2 5 6 1 4 r 4 2 , , 9 6 2 5 5 7 4 6, , 5 6 0 1 1 4 San Francisco. 10,842 12,159 14,144 Total (11 districts) 235,405 227,956 317,053 Total... 168 88,348 j 84,466 102,118 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. r Revised. BANK DEBITS COMMERCIAL FAILURES [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figuresr eported by R. G. Dun Co.] 1931 1930 Number Liabilities Number of centers Feb. Jan. Feb. Federal reserve district 1931 1930 1931 1930 Feb. Jan. Feb. Feb. Jan. Feb. N O e u w tsi d Y e o r N k e w Ci t Y y ork City 14 1 0 2 1 0 7 , , 9 0 4 8 8 4 2 2 4 1 , , 5 6 5 9 7 7 3 2 1 1 , , 1 5 1 0 7 8 Federal reserve district: Boston 247 263 283 7,115 28,965 6,124 Boston 11 1,760 2,248 2,329 New York 490 756 530 8,728 13,524 13,520 New York 7 21,607 25,322 31,940 Philadelphia- 115 193 123 4,603 4,128 3,757 Philadelphia 10 1,710 2,063 2,233 Cleveland 202 254 168 7,123 11,952 3,023 Cleveland 13 1,932 2,754 2,325 Richmond 160 203 145 2,382 4,339 2,418 Richmond 7 597 730 654 Atlanta 183 245 85 3,089 4,686 1,702 Atlanta 15 860 1,031 1,009 Chicago 371 502 356 5,740 14, 573 8,618 Chicago. 21 4,266 5,412 5,489 St. Louis 181 243 102 5,158 4,837 6,030 St. Louis 5 809 1,060 1,024 K M a i n n s n a e s a p C o i l t i y s. . . . 1 6 0 9 8 1 9 6 2 7 1 4 0 8 3 3 1 , ,2 4 2 4 6 6 1,8 7 5 7 1 6 1,2 5 0 2 8 2 M Ka in n n sa e s a p C o i l t i y s _ lS 9 5 5 0 0 7 1,2 6 0 1 0 7 1,2 6 2 6 2 4 Dallas 114 127 42 2,153 1.955 1,359 Dallas.- 10 511 613 646 San Francisco. 323 271 277 8,845 3,023 3,045 San Francisco 18 2,524 3,205 3,090 Total... 2,563 3,316 2,262 59,608 94,608 51,326 Total 141 38,031 46, 253 52,625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN APRIL, 1931 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT fin thousands of dollars] ! 1931 1930 l Mar. 31 ! Fob. 28 ! Mar. 31 i RESOURCES Gold with Federal reserve agents 1, 733,124 1,709,384 1 1, 695,084 Gold redemption fund with United States Treasury 32, 647 33, 662 ; 51,852 Gold held exclusively against Federal reserve notes.. 1,765,771 1,743,046 • 1, 746,93(> Gold settlement fund with Federal Reserve Board 499, 976 473,690 ; 601,913 Gold and gold certificates held by banks 848,894 853,633 i 666,395 Total gold reserves .._ 3,114,641 3,070,369 l 3,015,244 Reserves other than gold _._ _ 181, 637 173,760 I 182,428 Total reserves.. 3,296,278 I 3, 244,129 ! 3,197,672 Nonreserve cash _ 73,124 | 71,137 i 61,489 Bills discounted i 250,225 i 197,563 ; 310, 228 Bills bought: Outright _._. 115,343 ! 108,395 ! 143, 563 Under resale agreement. 8,960 ; 578 j 134,97S- Total bills bought 124,303 108,973 ; 278, 53a United States securities: Bought outright» 598, 431 599,463 j 526,739 Under resale agreement. 100 j 8,49a Total United States securities- 598, 531 599,463 : 535, 229 Other reserve bank credit: Other securities 8,780 Due from foreign banks 707 f>99 723 Reserve bank float3-. 16,553 ; 18,806 i 15, 779 Total reserve bank credit outstanding. 990,319 925, 504 ; 1,149, 275 Federal reserve notes of other reserve banks. 14.278 15,874 ! 20,001s Uncollected items not included in float 463,183 475, 522 ' 481,482 Bank premises.- 58,322 58,192 58,507 All other resources _ 17, 601 19,529 ! 11,543 Total resources.. 4, 913, 105 I 4,809,887 ; 4,979, 976 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. 14,278 | 15, 874 20,008 Outside Federal reserve banks 1,472,080 | 1,4(52,248 1,487,260 Total notes in circulation.. 1,486,358 I 1,478,122 '. 1,507,268 Deposits: Member bank—reserve account. ; 2,428,081 ! 2,343,373 ' 2,384,721 Government ; 55,916 I 33,136 22,674 Foreign bank _ _ ; 5,145 '. 5,193 5,365 Other deposits : 16,515 | 17,494 21,173 Total deposits.... ._ 2,505,657 ; 2,399,19(5 , 2,433,933 Deferred availability items.. 463,183 475. 522 562,769 Capital paid in.. _. 168,828 1(59,131 174,209 Surplus 274,636 ; 274. 636 276,936 All other liabilities 14,443 i 13, 280 18, 766 Total liabilities :.. 4,913,105 ! 4.809,887 4, 973,881 Contingent liability on bills purchased for foreign correspondents 430,779 ! 456,038 482,462 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1,875,642 ! 1, 870, 232 1,916,435 Held by Federal reserve banks 4 _ 389,284 i 392,110 : 322,180 In actual circulation _ 1,488,358 ! 1,478,122 1,594,255 Collateral held by agents as security for notes issued to banks: Gold 1,733,124 j 1,709,384 : 1,695,084 Eligible paper 351,122 i 265,365 ! 576,35S Total collateral 2,084,246 1,974,749 i 2,271,442 1 Includes bills discounted for Federal intermediate credit bank as follows: Latest month, $121,000; month ago, none; year ago, $1,043,000; and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $77,000: month ago, $48,000; vear ago, $37,000. 2 Includes bills payable in foreign currencies as follows: Latest month, $1,063,000; month ago, $23,958,000; year ago, $1,040,000. 3 Uncollected items in excess of deferred availability items. 4 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

233 APRIL, FEDERAL RESERVE BULLETIN EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, MAR. 31, 1931 [In thousands of dollars] Total i Boston I Y N o ew rk d P e h lp il h a i - a C l l a e n v d e - I i R n i o c n h d - la A n t t - a C ca h g i o - L S ou t. is M ap in o n li e s -! j K C an it s y as Dallas F c S r is a a c n n o - RESOURCKS ) irold with Federal reserve j agent 1,733, 124 149,917 300,919| 100,000 192, 550 84, 080j138,900; 215,000 72880 40,515: 05,000: 25, 000 215, 703 Gold redemption fund with I U.S. Treasury 32, 047 1, 223; 13,299; 1.14 2, 568j 812| 1, 042, 3, 995 h520 470! 1,354; 707 4,444 Gold held exclusively j against Federal Re- i serve notes • I. 705, 771! 151, 140J 380, 218; 161, J47j 195, 118: 84, 892 139,942 218,995; 74, 400 40, 985: 66, 354; 26,307 220,207 Gold settlement- fund with ! Federal Reserve Hoard. j 499,970 23, 838; 98,013J 72,339 47,971 21,834' 14,404; 127,294 19,424 15,073; 14,416; 11,557! 33,213 Gold and gold cer* ificates held ! by hanks • 8844»8, ,8SI9M4 |, ;j 6363,, I5)»8/7 1j o5l )000, ,V7 44 7/| 29,855; 05,594] 8, 070; 71,519 11,024 5,224; 12, 253 j 4,881! 34,843 Total gold reserves j 3,114, 0411 j 208,505 044, 978| 2G3,341! 308,6831 112,023! 102,410 41.7, 808 1..0..4,_8.5_4. 67,882i 93,023| 42, 805, 288, 263 Reserves other thin gold ! 181,0371; 10,920 58, 77OJ 9, 542| 16,058j 10, 5J3j 0, 558; 20, 093 9,127; • 10, 710 10,9311 4,204; 8,145; Total reserves | 3,296, 27S|j 225,491 1,103,748 272,883; 324, 741 j 122,530 108,974 437, 901 51,932, 298,973 l~\ 785* 72, 146J 101, 108: .Nonreserve cash..._ 73,124;! 8,420 19,044j 4, C 4, 860) 4, 714 3,946; 9. 593 3,25l! 0,220 5,059; 1,497; 1,822; 1 Jills discounted: ; Secured by U. S. Govern- ; ment obligations ! 129,545;i 0,7101 80,017! 5,800: 7,930| 2.724, 305 5, 420 j 2.602 414 1,050 154; 9,747 Other bills discounted_• ; 120, 68011 5,659J 35, 899! 12,248: 6, 747| 12, 802 11,4451 8,142 5,140j 3, 156 8, 152, 6, 806: 4, 484 1 L . L Total bills discounted j 250,2251! 12,375 122.516! 18,108 14,077; 15,520 ll,750j 13, 5681 7, 742! 3,570 9,202 6,960' 14,*23! Bills bought ; 124,303|j 11,927 40,196; 105; 14,393! 243 5, 6881 16, 028 4, 214! 5, 756 3,587| 16,358 IT. S. Government securities: i Bonds. 66, 6811| 1,202 22,,55 23! 9 60882|| 1,,325 207! 20, 590 066 7,507 479; 10, 192 319 Treasury notes '• 63, 227| 2, 745; 1333,263 5,025, 12,853 923 4,1521 3, 045 4, 393i 1, 099j 2, 032:1,149 11,348 Certificates and bills : 468, 6231 42. 235 14400,928! 42,738 44,320 14,735 8,340 i 50,893 18.840'i 17,017; 31,309; 17, 883 > 27,325 • | Total U. S. Government j securities l 598,53111 40.182! 182,714 49,352: 57,855 10,983 12,699 81,128 23,899 25,023 33,880; 29,224 38,992 Total bills and securities.! 973,059; 70.484! 345, 426 67, 565! 80.925j 32. 752 30,137 110,724 37,449 33,407 48,838' 39,771 69,581 Due from foreign banks : 707j| 53i 69! 71j 28 25 94 25 10 20: 21! 48 Federal reserve notes of other Federal Reserve banks i 14278 257 4, 000 197; 1,117! 1,198 1,031 1,920 780 763i 894' 249: 1, 212 Uncollected items 474)1730 58, 224 146, 461 37,872! 43,996! 35,62" 14,910 53. 505 19, 448 8,637: 22,408; 15,3571 23,231 Bank premises ! 58, 322 3,458 15, 240 2,614i 7,1241 3,437 2, 573 8, 061 3, 635 1,9261 3,803* 1,830! 4,621 All other resources ! 17,001 342 4,783 391 1,571 1,093 3, 654 1, 561 1,429 719^ 427! 961i 670 Total resources . 4, 913,105 366,729 1, 640,199 385,689J 470,405 201,385 225,250 623,359 183,610 119, 111) 179,440: 113,372! 404,556 LIABILITIES Federal reserve notes in actual circulation 1,480,358 133,810 139,598! 178.319 79, 74; 173, 780 76, 897 48, 606j 65, 412, 27, 004 159,804 Deposits: Member bank—Reserve account 2, 42S, 081 136,957 1,050,033 154,152! 197,154 61,501 59.6971 333,819| 68,219 49,741! 78,818 55,403 182,587 G overnment 55,916 4,259 25, 524 5, 8301 3. 380 6,462 1.911| 1,361 1,014! 1,088! l,835i 2,420 Foreign bank 5,145 389 1,661 514; 524 208 187 701 182 119| 150! 353 Other deposits 16. 515 ! 32 7,715 73! 1,720 97 151 452 374 100 325! 1141 5,362 Total deposits 2, 505,657 141,637 1, 084,933160,569! 202,784 68, 268 61,946 336,333 69,601 50,974 80, 382j 57, 508 190,722 Deferred availability items 463,183 57,897 132, 598 41,364j 43,441 34,715 14,607 51,141 20, 399 8.54^ 20,257 14,935 23,282 Capital paid in 168,828 11.832 05, 624 16,780 15,760 5,736 5,241 19, 942 4.837 3,055 4,248 4,311 M,462 .Surplus.. 274, 636 i 21,299 80, 575 27,065 28,971 12,114 10, 857 39,936 10, 562 7,144 8,702 8,936! 18,475 All other liabilities 14,443 ' 254 3,732 313 1,130 805 2,015 2,227 1,314 785 439 678 751 Total liabilities.... 4, 913,105 366, 729 1, 640,199 385, 689' 470,4051 201, 385225, 250 623, 359 183,610 119,llll 179,440 113,372 404,556 Reserve ratio (per cent). 82,0 81.9 81.3! 90.9'j 85.2! 82.8 87. r 85.8 79.0 72. 5i 69. 4 61. 4 85. 3 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: i Issued to F. It. banks by F. R. agent 1, 875,642156, 980 394,831 164,855 208,307. 88, 591 154, 094 231,939| 84,370 52,938| 72,986 33,317 232,434 Held by F. R. banks 1 389, 284 23.170 122, 094 25, 257 29,9881 8,844 23, 510 58,159| 7, 473 4, 332j 7, 574 6,313 72,570 In actual circulation, 1,486,358 133,810 272,737 139,598! 178,319| 79,747 130, 584 173, 780 76.897 48,606 65,412 27,004 159, 864 Collateral held by agent as secu- I ! ! rity for notes issued to bank: Gold 1, 733,124149,917 366,919 160, OOo! 192,550J 84,080 138,900 215, OOO! 72,880 46,515 65,000 25,600 215,763 Eligible paper 351,122 24, 279 152,459 16,5681 23,082; 15,296 16,181 29,3911 12.631 7, 332) 14, 244 9,470 30,189 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

234 FEDERAL RESERVE BULLETIN APRIL, 1931 CHANGES IN MEMBERSHIP CHANGES IN MEMBERSHIP—Continued On March 25, 1931, there were 7,931 active member banks in the Federal reserve system, including 6,933 CHANGES national banks and 998 State bank members. Below Date (Consolidatio t n io s ns sh ," o w "m n er b g e e lo rs w ," e in tc c . l ) ude "absorp- Capital are given all changes, except suspensions and insolven- . L cies, between February 21 and March 25, affecting the list of active member banks. DISTRICT NO. 7—CHICAGO Feb. 1i Dearborn State Bank, Dearborn, Mich., member- $300,000 Peoples State Bank, Inkster, Mich., nonmember.. 50,000 CHANGES Consolidated under charter and title of Dear- Date (Consolidations shown below include "absorp- Capital born State Bank, Dearborn, Mich., member.! 300,000 tions," "mergers," etc.) Feb.; 21 Farmers State Bank, Bellevue, Mich, member 25, 000 Bellevue State Bank, nonmember ! 20,000 Consolidated under charter and title of Belle- j DISTRICT NO. 1—BOSTO* Feb. 25 Broad v w u a e y S N ta a t t e i o B n a a n l k B , a n n o k n , m C e h m ic b a e g r o , 111 j j 2 2 0 0 0 , , 0 0 0 0 0 0 Mar. 12 Howard National Bank, Burlington, Vt $500,000 Devon Trust & Savings Bank, nonmember . | 200,000 City Trust Co., nonmember 100,000 Consolidated under charter and title of Devon ' Consolidated under charter of the former and Trust & Savings Bank, nonmember 200, 000 title of the Howard National Bank & Trust Feb. 21 American State Bank, Saginaw, Mich., member.. 400, 000 Co - 600,000 Peoples Sayings Bank, nonmember.. _ 200, 000 Mar. 23 Bristol-American Bank & Trust Co., Bristol, Consolidated under charter of the former and Conn. Voluntary withdrawal 300,000 title of Peoples-American State Bank, mem- | ber _ _ 400,000 DISTRICT No. 2—NEW YORK j Feb. 18 First National Bank, Clinton, Ind... 30, 000 Citizens Bank, nonmember 100, 000 Mar. 16 Orleans County Trust Co., Albion, N. Y., member.j 100,000 Consolidated under charter and title of First Voluntary withdrawal. ; National Bank __ 100,000 Mar. 20 Bank of Jamestown, Jamestown, N. Y., member-! 500,000 Mar. 10 First Calumet Trust & Savings Bank, East Chi- Admitted to membership. cago, Ind., nonmember 200,000 Absorbed by Union National Bank of Indiana DISTRICT NO. 3—PHILADELPHIA Harbor at East Chicago, Ind., and First National Bank in East Chicago, Ind. Feb. 21 Miners Bank, Nesquehoning, Pa., nonmember 75,000 Mar. 10 First National Bank & Trust Co., East Chicago, First National Bank 50,000 Ind 200, 000 Consolidated under charter and title of First Succeeded by First National Bank in East National Bank 100, 000 Chicago. Mar. 2 First National Bank, Haddon Heights, N. J 100,000 Mar. 10 United States National Bank of Indiana Harbor, Primary organization. East Chicago, Ind 200,000 Mar. 3 National Bank of Schwenksville, Pa., title changed Succeeded by Union National Bank of Indiana to National Bank & Trust Co. Harbor at East Chicago. Ind. Mar. 13 First National Bank in Gallitzin, Pa 50, 000 Mar. 11 Ulch Brothers State Bank, Solon, Iowa. 50, 000 Succeeded First National Bank, Gallitzin, Pa- 25,000 Voluntary withdrawal. Mar. 23 American Bank & Trust Co., Hazleton, Pa. Mar. 16 State National Bank, Petersburg, 111 200,000 Admitted to membership. 450,000 First National Bank, Oakford, 111 _ 25, 000 Consolidated under charter and title of State DISTRICT NO. 4—CLEVELAND National Bank, Petersburg, 111 200.000 Mar. 23 Lake Odessa State Sayings Bank, Lake Odessa, Feb. II1 First National Bank, Jeannette, Pa 50,000 Mich. Voluntary withdrawal 25,000 Jeannette Savings & Trust Co., nonmember 150, 000 Mar. 24 First National Bank, Angola, Ind 75,000 Consolidated under charter of Jeannette Sav- Steuben County State Bank, nonmember 50,000 ings & Trust Co, and title of First Bank & Consolidated under charter and title of Steuben Trust Co., nonmember 150,000 County State Bank, nonmember 50,000 Feb. 21 Citizens National Bank, Irwin, Pa 100, 000 First National Bank _ 50,000 DISTRICT NO. 8—ST. LOUIS Consolidated under charter and title of First Feb. 28 Irving National Bank, Irving, 111 25, 000 National Bank.. 50, 000 Hillsboro National Bank, Hillsboro, 111 200,000 Mar. 4 Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., Consolidated under charter and title of Hillsmember 5,456,000 boro National Bank. 200, 000 Dollar-Savings & Trust Co., nonmember 1, 000,000 Mar. 10 First National Bank, Mineral Springs, Ark., title Consolidated under charter and title of Peoples- and location changed to: First National Bank Pittsburgh Trust Co., member 5,456, 000 of Nashville, Ark. Mar. 11 Mid V dl o e l f u le n l t d a r B y a w nk it i h n d g r a C w o a ., l . Middlefield, Ohio 25,000 Mar. 21 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 D . ardanelle, Ark. -I 25,000 DISTRICT NO. 5—RICHMOND DISTRICT NO. 9—MINNEAPOLIS Feb. 26 First National Bank, Spartanburg, S.C., member. 500,000 Feb. 2 First National Bank, Oakes, N. Dak 50, 000 Bank of Wellford, Wellford, S. C, nonmember 25, 000 Guelph State Bank, Guelph, N. Dak. 10,000 Consolidated under charter and title of First Consolidated under charter and title of First National Bank 500, 000 National Bank, Oakes, N. Dak 50,000 Mar. 12 First National Bank, Gastonia, N. C__ 500, 000 Feb. 27 First National Bank, Durand, Wis 75,000 Resumed business. Succeeded by First National Bank in Durand. 50,000 Mar. 19 Farmers State Bank, Flandreau, S. Dak 50,000 j DISTRICT NO. 6—ATLANTA Admitted to membership. Feb. 16i National Park Bank, Livingston, Mont 100, 000 Jan. 27 j Marion Central Bank, Marion, Ala., member 50,000 Gardiner State Bank, Gardiner, Mont., nonmemj Peoples Bank of Marion, nonmember._ __. 50, 000 ber. 20,000 | Consolidated under charter and title of Marion Consolidated under charter and title of Naj Central Bank, member 50, 000 tional Park Bank, Livingston, Mont 100, 000 Feb. 27 j First National Bank, Doyle, Tenn.. 25,000 Mar. 9 First National Bank, Scranton, N. Dak 25,000 j Commerce Union Bank, Nashville, Tenn., non- Bank of Scranton, nonmember __ 25, 000 I member _._ 800,000 Consolidated under charter and title of Bank | Consolidated under charter and title of Com- of Scranton. merce Union Bank, Nashville, Tenn., non- Mar. 14 Citizens National Bank, Fairmont, Minn 50,000 member _._ 800,000 Fairmont National Bank _ 50,000 Mar. 2 I Bank of Wadley, Wadley, Ga _ 25, 000 Consolidated under charter and title of Fair- 1 Voluntary withdrawal. mont National Bank 50,000 Not reported in period in which change took place. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 235 CHANGES IN MEMBERSHIP—Continued CHANGES IN MEMBERSHIP—Continued CHANGES CHANGES Date (Consolidations shown below include "absorp- Capital Date (Consolidations shown below include "absorp- Capital tions," "mergers," etc.) tions," "mergers," etc.) DISTRICT NO. 9—MINNEAPOLIS—Continued ! DISTRICT NO. 11—DALLAS—Continued I Mar. 24 Austin National Bank, Austin, Minn - ! $75,000 Mar. 17 First State Bank, Robert Lee, Tex $30,000 First National Bank I 100,000 Admitted to membership. Consolidated under charter and title of First , Mar. 17 ' First State Bank & Trust Co., Snyder, Tex l 50,000 National Bank I 100,000 Admitted to membership. < Mar. 23 Westein National Bank, Hereford, Tex 50,000 DISTRICT NO. 10—KANSAS CITY j First State Bank, nonmember 50,000 Consolidated under charter and title of First Feb. 111 Security National Bank, Clinton, Okla__ ___j 50,000 State Bank, nonmember 50,000 State Bank of Bessie, Bessie, Okla __! 15, 000 Mar. 25 First National Bank, Alvin, Tex 25,000 Consolidated under charter and title of Se- • , City National Bank, Galveston, Tex 200,000 curity National Bank ' 50,000 Consolidated under charter and title of City Feb. 21 Caney Valley National Bank, Caney, Kans 50,000 National Bank, Galveston, Tex : 200,000 Home National Bank ; 40,000 Consolidated under charter and title of Caney ; DISTRICT NO. 12—SAN FRANCISCO Valley National Bank 50,000 Feb, 25 Hartford National Bank, Hartford, Kans ; 25,000 Mar. 1 Walker Brothers, Bankers, Salt Lake City,Utah, Restored to solvency and sold to Hartford ! title changed to Walker Bank & Trust Co. State Bank, nonmember (new bank). Mar. 1 Commercial National Bank, Phoenix, Ariz 100,000 Feb. 26 First National Bank, Pittsburg, Kans 100,000 Converted to Arizona Bank, nonmember. Miners State Bank, Mulberry, Kans I 20,000 Consolidated under charter and title of First , National Bank, Pittsburg, Kans ! 100,000 . i Not reported in period in which change took place. Feb. 28 National Bank of Marlow, Okla i 25,000 First National Bank ; 25,000 Consolidated under charter and title of First ! National Bank ; 25,000 Fiduciary Powers Granted to National Banks Mar. 6 Security National Bank, Florence, Colo i 25,000 First National Bank ' 50,000 Consolidated under charter and title of First During the month ended March 21, 1931, the National Bank 50,000 Federal Reserve Board approved applications of the national banks listed below for permission to exercise DISTRICT NO. 11—DALLAS one or more of the fiduciary powers named in section 11 Feb. Hi First National Bank, Levelland, Tex ___ 25,000 (k) of the Federal reserve act as amended, as follows: First State Bank, nonmember-_ 20, 000 (1) Trustee; (2) executor; (3) administrator; (4) reg- Consolidated under charter and title of First i National Bank _ 25,000 istrar of stocks and bonds; (5) guardian of estates; (6) Feb. 15i Farmers-First National Bank, Stephenville, Tex. J 100,000 assignee; (7) receiver; (8) committee of estates of First State Bank, nonmember : 75,000 lunatics; (9) in any other fiduciary capacity in which Consolidated under charter and title of Far- ! mers-First National Bank : 100,000 State banks, trust companies, or other corporations Feb. 24 First National Bank, Irene, Tex__ 25,000 which come into competition with national banks are [ Resumed business. permitted to act under the laws of the State in which Feb. 28 ! First National Bank, Kingston, Okla 25,000 ; First National Bank, Madill, Okla . 25,000 the national bank is located. | Consolidated under charter and title of First I National Bank, Madill, Okla ___> 25,000 Mar. 6 i First National Bank, Mineral Wells, Tex eo, ooo ! State National Bank _._: 100,000 Dis- Powers Consolidated under charter and title of State ; Location trict Name of bank granted National Bank, Tex •• 100,000 No. Mar. 7 First National Bank, Memphis, Tex i 100,000 i Farmers State Bank, Newlin, Tex., nonmember--1 15,000 | Consolidated under charter and title of First I New London, Conn..! 1 National Bank of Commerce--: 9.1 I National Bank, Memphis, Tex i 100,000 Brooksville, Ky j 4 First National Bank [ 5 and 8.* Mar. 12 ! H Fi o r b st b s N S at t i a o te n a B l a B n a k n , k H , o N b e b w s, H N o . b M bs e , x N ., . n M on e m x ember_: j 2 25 5 , , 0 0 0 0 0 0 Reynoldsville, Pa ! I 4 First National Bank ; 1 to 9. Consolidated under charter and title of Hobbs ! State Bank, nonmember ! 25,000 i Supplementary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN APRIL, 1931 BANK LOANS AND INVESTMENTS, PERCENT- MEMBERSHIP IN PAR COLLECTION SYSTEM AGE DISTRIBUTION [Number of banks at end of February] {Figures for Dec. 31, 1930—latest date for which comprehensive data are available] j Member banks Nonmember banks i : On par list Not on par list Total loans and investments 1930 1 1931 1930 1931 1930 Number of banks m Am ill o io u n n s t a P g e e r c d en is t - - United States.' " ,(968 ! 8,447 i I 10,718 11,864 3, 441 3,712 of dollars) tribution Boston ; 39o ! 403 i 260 271 New York 910 ' 927 I 395 404 All banks in the United States L__ : 22, 769 56, 209 100 Philadelphia I 7ol ' 761 ' 443 471 i Cleveland : 749 i 794 s 924 988 8 9 Member banks—total i 8,052 34, 860 62 K ichmond \ 467 , 509 509 568 443 527 Reserve city banks (62 cities) 464 22, 340 40 Atlanta.. j 381 . 421 i 173 249 848 905 Central reserve city banks: Chicago ; ,066 ! 1,167 ! 3,131 3, 435 242 230 New York City.- : 48 8,582 15 St. Louis ! 504 ! 565 ! 1,381 1, P32 423 480 Chicago _ 14 1, 861 3 Minneapolis ! 636 ! 678 483 558 1,006 1,091 Other reserve city banks: Kansas City. j 8(53 ' 893 ! 1,862 2,062 198 199 New York City 12 58 Dallas. .* i 671 726 552 596 212 210 Chicago 37 166 San Francisco i 575 : 603 i 605 630 61 (il Other F. R. bank cities (10 cities). 105 5,807 10 F. R. branch cities (25 cities)....; 151 4, 567 8 Other reserve cities (25 cities)..; 97 1,298 2 Figures cover all incorporated banks (other than mutual savings Country banks 2 i 7,588 12,519 22 banks). Nonmember banks _ ; 1144,, 771177 21, 349 38 INDEBTEDNESS OF NONMEMBER BANKS1: TOTAL BILLS PAYABLE AND REDISCOUNTS, 1 Includes national banks, State commercial banks and trust com- 1923-1930 panies, mutual and stock savings banks, and all private banks under State supervision. 2 Includes certain outlying banks in reserve cities. [In millions of dollars. Back figures not available on comparable basis] FEDERAL RESERVE BANKS—MATURITY DIS- Bills Bills TRIBUTION OF BILLS AND SHORT-TERM Date p a a n y d a b re l - e Date p a a n y d a b re l - e SECURITIES ! discounts discounts [In thousands of dollars] I 1923-Dec. 31.. 415 1927—Oct. 10 _. 276 W in i t 1 h 5 - 16 to 30 31 to 60 61 to 90i; 91 days Over 6 1924- J M u a n r e . 3 3 0 1 . . . 3 34 5 4 0 1928- D Fe e b c. . 3 28 1 .... .. _ . - . 2 2 0 3 8 0 days days days months months Oct. 10.. 337 June 30 __ 361 Dec. 31.. 339 Oct. 3 347 19: •Apr. (?___ 326 Dec. 31 350 Bills discounted: June 30 _ 361 1929-Mar. 27 354 Mar. 4 190, 576 120,439 19,318 24, 779 14,374! 8, 315 3,351 Sept. 28- 352 June 29 _ 399 Mar. 11. 172, 550 100,829 18, 725 25, 377 15, 742: 8, 278 3, 599 Dec. 31- 372 Oct. 4... 363 Mar. 18 161,922 95,670 16,061 23,102 15,132 8,154 3,803 1926—Apr. 12.. 350 Dec. 31 359 Bills M b a o r. u 2 g 5 ht in 165,425 102, 694 14,152! 22,426 14, 236 7, 817 4,100 J D u e n c e . 3 3 0 1 . - . 3 3 9 2 8 4 1930— J M un a e r . 3 2 0 7 . 2 2 8 8 7 7 open market: 1927—Mar. 23. 259 Sept. 24 247 Mar. 4 100,555 35,604 40,488! 21,414 2, 738! 311 June 30.. 275 Dec. 31 _. 269 Mar. 11 _151,4021 78,336 49,372 21,695 1,760! 239 M M a a r r . . 2 1 5 8 1 8 2 3 2 , , 2 5 7 5 2 0 ! 7 5 4 4 , , 8 39 7 9 2 2 17 6 , , 8 0 3 9 5 5 ! 1 9 9 , , 6 9 6 1 6 9 1 1, , 4 2 3 4 4 5 i ! 2 1 3 2 0 7 1 Includes all banks (including mutual savings banks) in the conti- Certificates and nental United States that are not members of the Federal-reserve system bills: (14,717 banks on Dec. 31, 1930, with total loans and investments of Mar. 4 355,451 j ; 32,000' 130,773 192,678 $21,349,000,000). Mar. 11 350,484 ! 2,000 30,000! 128,715 189, 769 Mar. 18 497,564; 45,000.-. 6,000 158, 717 144,706 143,141 RESERVE BANK CREDIT AND FACTORS IN Mar. 25 ~ "~ j j 36,000113,718 158, 729 160, 251 CHANGES (WEDNESDAY SERIES) [In millions of dollars] KINDS OF MONEY IN CIRCULATION 1931 [End of month figures. In thousands of dollars] Feb. Feb. Mar. Mar. Mar. Mar. 25 4 11 18 25 1930 1931 Kind of money Dec. 31 Jan. 31 Feb. 28 Mar. 31 P Bills discounted 200 [ 190' 191 173 162 165 Bills bought 94 ! 106! 101 151 123 83 United States securities 600 i 599! 600 605 618 599 G G o o l l d d c co er in tificates 1,1 3 1 6 7 8 , , 6 3 3 7 0 9 1,0 3 5 5 5 7 , , 5 7 6 4 5 0 1,0 3 6 55 0 , , 9 9 2 1 2 2 1,0 3 4 5 7 3 , , 3 6 6 5 7 2 Other reserve bank credit.._ il ! 8[ 17 13 5 10 Standard silver dollars 36,777 35,050 34,864 34,728 Total reserve bank credit1.. 905 j 904! 908 942 907 858 Silver certificates 403, 906 371,830 373,179 372,030 Monetary gold stock 4,661 4,663 4,672 4,677 4, 685 4,689 Treasury notes of 1890 1,248 1,245 1,244 1,243 Treasury currency adjusted. 1,778 I 1,784 1,762 1,772 1,816 1, 765 Subsidiary silver 281,133 269,814 269,650 270,621 M Un in it o e r d c S o t in ates notes 2 11 9 8 5 , ,5 7 1 4 5 0 2 1 8 1 8 6 , ,1 9 8 7 8 2 2 1 9 1 5 5 , ,9 2 8 6 8 3 2 1 8 1 9 6 , , 4 3 5 7 2 3 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, 560 | 4, 569 , 4,575 . 4,554 4,562 4,547 F Fe e d d e e r 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 1,640 3 , , 5 0 3 4 7 1 1, 47 3 0 , , 0 2 2 3 0 1 1,460 2 , , 9 9 4 8 5 9 1,471 2 , , 0 9 6 7 2 2 Un a e n x ce p s e nded capital funds, . .|2,380 ; ! 2,378! i 2,365 j ! 2,436 2, 436 2,357 National bank notes 623,218 640, 031 649,459 648,495 nonmember deposits, etc.. 404 i 403! 401.1 401 410 407 Total 4,890, 123 4,00?, 687 4,620,414 4,607,996 i Averages of daily figures for week ending on Wednesday as follows (in millions of dollars); Feb. 18—940; Feb. 25—913; Mar. 4—921; Mar. » Preliminary. 11—944; Mar. is—940; Mar. 2f.—880. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 237 BANK SUSPENSIONS, BY STATES, DURING MARCH, 1931 {Banks dosed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened and are preliminary] Banks suspended Banks reopened Number ; deposits ^mthousands of Deposits (in thousands Number of dollars) State Members j : Members | ba A n l k l s Na- ; _ J ! ' N be o S n- " : ban .j k j s Na- m N b e e o m r n s - - banks ' M be e rs m 1 - m N b e e o m r n s - - ba A n l k l s ; M be e r m s * - m N b e e o m r n s - tion\l j State I ^ tional State New England: Maine NPW TIamDshire i ! I Vermont Massachusetts 1 1 2 764 2,764 Rhode Island C onnecticut ! Middle Atlantic: New York 3 2 ! 1 3,087 : 1,996 1,091 New Jersey . i Pennsylvania - - 2 1 ] 1 728 963 765 East North Central: Ohio 7 3 4 4 148 2 500 1,648 Indiana 8 \ 7 1 22*5 186 1,039 3 3 786 786 Illinois 11 2 q 7' 214 '• 3 365 3,849 4 4 1,281 1,281 ATichinan 11 11 •. 7 Q78 7,978 Wisconsin 1 i 1 '242 242 1 1 616 616 West North Central: Minnesota 5 1 i ' 4 2 682 1,335 ! 1, 347 1 1 215 215 TowTa 13 1 12 3 432 198 3,234 Missouri 4 4 • 517 517 2 ' 2 298 298 N So o u r t t h h D D a a k k o o t t a a 2 1 2 637 166 '• 637 5 i 5 1,941 1,941 Nebraska Kansas 1 1 '•- 1,116 1.116 i :' i; South Atlantic: Delaware Maryland Dist. of Columbia ._ Virginia 3 1 : 9 1 Sfifi 335 • 1 031 West Virginia 1 1 327 327 North Carolina 1 1 850 850 1 2 3,830 3. 255 575 South Carolina Georgia 2 1 1 442 122 320 1 i 1 110 110 Florida East South Central: Kentucky 1; 1 147 147 Tpnnessee 3 3 327 327 \labama 1 1 220 220 Mississippi 3 3 1 163 1,163 1 1 84 84 Wast South Central: \rkansas 1 1 135 ; 135 Tjouisiana Oklahoma Texas 3 3 ! 1 445 1,445 Mountain: Afontana Idaho 1 : 1 50 50 Wyoming __ _ Colorado 1 i ; 1 7k 78 New Mexico _- i \rizona ___. -_ Utah i , " ~" ! • li Nevada Pacific: ;l Washington Oregon California i ! j Total 89 IS 1 70 i 43 204 1 13 932 122 29,150 23 2 21 9,443 3,390 6, 053 1 Represents national banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN APRIL, 1931 BANK SUSPENSIONS, BY STATES, JANUARY 1 TO MARCH 31, 1931 [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 Deposits5 (in thousands ofdollars) Number Depos o it f s d ( o in ll a t r h s) ousands State S Mernbers Menibers ba A n l k l s ti N on a- al 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 M be e r m s - 1 m N b e e o m r n s - - ba A n ll ks M be e r m s 1 - m N b e e o m r n s - - New England: ! Maine New Hampshire.. i Vermont i Massachusetts 1 1 I 2,764 2,764 1 1 2,426 2,426 Rhode Island | Connecticut 1 1 2,683 2,683 Middle Atlantic: New York 4 ' 2 2 3,356 1,996 1,360 New Jersey 2 1 1 7,572 6,056 1,516 East P N en o n r s th yl v C a e n n ia tral: 14 i 5 9 9,995 2,748 7,247 ! Ohio 20 1 5 2 13 13,836 3,640 1,743 • 8, 453 l 1 412 412 Indiana 35 1 32 14, 683 578 5, 981 8,124 10 10 3,382 3,382 Illinois.. . 34 ! 4 1 29 15, 974 4,425 139 11,410 8 8 2,727 2,727 Michigan 13 13 8,778 8,778 Wisconsin 5 1 5 2,090 2,090 4 4 1,896 1,896 West North Central: Minnesota 11 3 8 3,811 2 038 1,773 1 1 215 215 Iowa 31 2 29 7,601 367 7 234 Missouri 25 3 22 4,557 821 3,736 4 4 658 658 North Dakota 2 1 __ 1 242 166 76 South Dakota 9 9 3,363 3,363 9 9 2,962 2,962 Nebraska 5 :::: 5 1,337 1,337 2 2 356 356 Kansas ._ 7 i 6 1,628 1,116 512 South Atlantic: Delaware Maryland.. ! Dist. of Columbia Virginia 6 5 1,994 335 1,659 3 3 1,155 1,155 West Virginia 6 2 4 3,727 605 3,122 North Carolina 6 6 2,667 2,667 22 2 20 7,232 3,659 3,573 South Carolina- .. 8 1 1 6 1,439 290 219 930 Georgia 16 2 2 12 5,779 1,281 222 4,276 1 1 110 110 Florida 4 1 3 1,979 762 1,217 1 816 816 East South Central: Kentucky 4 1 3 4,823 431 4,392 4 4 1,130 1,130 Tennessee 14 14 1,506 1 506 2 2 140 140 Alabama 12 ! 2 9 2,673 542 356 1,775 Mississippi. 37 ! 5 1 31 19,121 9,402 400 9,319 25 4 21 9,912 3,666 6,246 West South Central: Arkansas 10 3 6 3,121 1 965 202 954 28 3 25 6,859 842 6,017 Louisiana 2 2 226 226 1 1 748 748 Oklahoma 2 2 203 203 Texas 11 6 5 3,860 2,614 1,246 2 2 412 412 Mountain: Montana 1 1 36 36 Idaho 1 1 50 1 50 Wyoming. 1 Colorado 4 4 463 463 New Mexico Arizona.. I, Utah 1 1 769 ! 769 Nevada . 1 1 52 I i 52 Pacific: i Washington 1 1 231 231 Oregon.. _ 5 1 1 3 1,236 284 320 632 California i Total 370 53 12 305 157, 542 I 36,406 15, 638 105,498 130 11 119 46, 231 8,579 37, 652 1 Represents national banks only, except as follows: 1 State member in Arkansas with deposits of $202,000 and 1 in Mississippi with deposits Of $911,000. Back figures—See BULLETIN for March, 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

239 APRIL, 1931 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES ALL BANKS IN THE UNIT ED STATES J—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 24, 1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits exclusive j Rediscounts and j Number of reof interbank de- Loans, including posits bills payable porting banks State Total overdrafts Investments Decem- Septem- ;: Decem- Septem- Decem- Septem- ! Decem- Septem- De- Sepber ber i! ber ber ber ber ber ber ber ber cember New England: Maine i 430,354 442,837 i 228, 786 234,721j 201,568 208,116' 400,208 410,785; 6,761 6,026 128 131 New Hampshire j 295,789 298,186!! 147, 782 149, 661 i 148,007 148, 525| 269,935 271,379; 2,240 1,891 121 121 Vermont 236,743 240, 048j 148,954 15.0..,9.5.5..i 87,789 89,093| 226,856 227,581; 4,542 3,923 102 102 Massachusetts ! 4,237,080 4,299,3901', 2,883,391 2,931,626i 1,353,689 1,367,764! 3,957,165 3,965,136 13,800 13,411 445 447 Rhode Island __| 536,633 545,0911' 286, 579 299, 903i' 250,054 245,1881 506, 710 515, 540 259 35 35 Connecticut 1,326,359| 1,354,803i 783,367 802,0111 542,992 552,792 1,235,493 1,233,941; 13,174 9,184| 231 236 Middle Atlantic: ' ! i i New York 17,045,603 17,002,163 ,11,795, 247 12,088,916j 5, 250,356 4,913,247 15,735,909 14:,, 897,380 78,5402 66, 6721 1,099 1,124 New Jersey , 2,349,7511 2,376.969| 1,493,825! 1,525,1661 855,926 851,803 2,279,396 "2,237, 658J 36,559 17,342; 556 559 Pennsylvania.,.. ___! 5,658,643: 5,823,427;' 3,282,626| 3,418,712 2,376,017 2,404,715 4,828,261 4,884, 019| 108, 340 64,175, 1,501 1,523 East North Central: | ' Ohio I 2,543,808! 2,638,572! 1,904,509; 1,960,871 639,299 677,701 2,447,714 2, 519,1871 51,974 25, 917! 965 977 Indiana : 731,848 802,596; 529, 774J 592,411 202,074! 210,185, 731,063 768,447' 13,922 12, 589: 873 912 Illinois j 3,703,611! 3,821,908 2,585,080; 2,791,796 118,531! l,030,112! 3,521,478 3,508,235J 22,907« 41,362: 1,589 1,652 Michigan ; 1,897,443. 1,963,198' 1,386,013; 1,412,566 511,4301 550,6321 1,821,050 1, 868,120! 25,004 24, 379; 722 727 Wisconsin 889,149 894,778! 607,923 617,429 281,226| 277,349 858,793 865,942 15, 748 5,966i 931 930 West North Central: ! j Minnesota 861,845' 879,001' 509,991 508,472 351,854! 370, 529 872, 067 879,998 4,929 5,150 992 1,002 Iowa i 707,629' 742,66411 605, 018 630,496 '• 102, 611} 112,168i 739,620 772,2291 9,009 6,163; 1,146 1,193 Missouri 1,119,396 1,159,985; 768,042! 811,050| 351,354 348,935! 1,128,716] 1,163,387? 12,392 11,391 1,146 1,193 North Dakota ! 93,053 99,741,' 64, 686! 71,153! 28,367; 28, 588 97,996 106, 790, 1,389 1,938 321 357 South Dakota 113,523, 130,227h 77,762 90,362| 35,761 39,865! 118,388 138,199 2,210 2,895' 328 375 Sout N K h e a A b n r s t a l a a s s n k t a i c: • , 3 3 1 5 9 2 , , 9 0 0 3 1 3 ! ' 3 3 6 2 3 8 , , 7 9 6 5 0 7: ! 1 : 2 25 2 2 9 , , 4 3 3 6 6 0! 2 2 6 3 5 4 , ,8 5 1 6 3 0 ! ; 9909,,647635 ° !! \ 9 9 4 8 , , 1 2 4 0 4 0 ; ; 3 3 5 21 9 , , 5 C 2 ~ 6 ~ 3 3 7 4 1 1 , , 1 2 7 1 0 4 ! 9 8 , ,9 1 3 7 1 0 3 5 , , 2 2 0 7 3 4 1,0 7 1 4 2 7 1,0 7 3 6 6 4 Delaware 164,932 166,962i' 109,937i 112, 297i 54,995; 54,665' 141,826 137, 775 1,712 1,333 48 48 Maryland 824,734: 848,987;; 480,085 491, 388; 344,649 357, 599! 778,093 795,077i 10,960 5,519 221 224 District of Columbia 247, 763 250,653! 167,627: 176,394 80,1361 74,259 250, 643 249, 783 2,228 1.234 39 40 Virginia 508,405 536,251;' 413, 537 433,607, 94,868; 102,644! 439,083 461,963; 17, 649 16, 326 449 459 West Virginia ; 318,954! 328,097;! 253,126 258,644, 65,828 69,453, 288,159 306,039! 15,820 9,543 280 287 North Carolina ; 278,082, 348,6161 226,910i 291,779! 51,172! 56,837 275,216 318,701; 11,216! 23,149 318 385 South Carolina ! 141,441' 154,750 101,329! 113,408; 40,112; 41,342i - 157,163 151,859i 1,072 4,943 160 170 Georgia : 299,605: 330,379; 240, 689; 254, 645; 58,916! 75, 734 289,091 308,652' 5, 975 9,541 365 390 Florida • 192,104 207,298! 92,880; 103,444 99,224 103.854: 208,190 215,497| 3, 696 4,024 201 207 East South Central: i Kentucky i 458,470 524,8791 359,256; 410,9201 99,214: 113,959 386,275 419, 643' 12,318! 11,072 519 547 Tennessee i 368,368; 427,087j: 306,455 352, 768: 61,913i 74,319 338,891 398,470 20,926} 17,640 450; 480 Alabama ! 246,400' 251,612!' 193, 626: 198, 626' 52,774! 52,986 227,211 227,418; 8,444| 10,456 315 317 Mississippi ! 155,884 204,208| 114,902 158, 559 40,982 45,649 162,659 179, 305J 7,673j 29,116 249! 290 West South Central: j ; j Arkansas ! 130,921 188, 757; 101,833; 155,051: 33, 706 129, 399 169,444 20,644 304i 386 Louisiana j 384, 779j 390,389! 300, 647! 310,478 84; 132| 79, 9111 383.301 366, 045 8, 772; 14. 6411 213! 221 Oklahoma j 359, 612 370,226 225, 893, 241,144 133,719! 129,082j 368,475 392, 625 8, 695 5, 892' 569 587 Texas | 908,511 962,403 j 677,513| 731,398 230,998j 231,0051 921,232 955, 568 7,552 19,466 1,215 1, 267 Mountain: ! ! Montana i 127,536 132,840 I 69,068' 75,260! 58,468 57, 580; 140,228 140, 808 7131 1, 890' 174 181 Idaho ! 73,596 74,200 44,486] 46,210| 29,110 27,990 83, 246 82,153 402i 725 136! 135 Wyoming i 51,737 53, 632 36,327i 38,370 15,410; 15,262 58,285 384 1,191. 83] 83 Colorado i 254,490 259, 960| 149, 031 157, 553| 105,459 102,407 282,478 291,137 1,518 3, 257' 266j 267 New Mexico \ 36,1291 38,293! 22,338 24,116 13, 791 14,177 40,919 41, 684 247 1, 077 I 55 Arizona 69,460' 69, 894; 38, 721 42,426: 30, 739 27,468 78, 874 75,872 535 635 43 Utah. ! 155,239| 158,139! 116,098 119, 200J 39,14l! 38,939 133, 776 129, 718 1,346 3,492 101 Paci N fic e : v ada i j 35,559 36, 646j 27,095 28, lie! 8,464 8, 530| 37,322 37,487 150 35 35 Washington i 442,189 447,826 275,006, 282,863] 167 183 164,963j 440,315 443,356! 2,826 3,3751 330 332 Oregon !< 238,651 248,253 126, 789! 138, 687| 111,862 109,566: 249,551 258,934! 1,853 2,055 225: 227 California j 3,284,9071 3,370,492; 2,292,526 2,379,113! 992, 381 991,379j 3,291,413! 3,226,062! 21,153 11,4241 421! 430 Total __J56,208,65257,590, 030 38,134,88139,715,114:18,073,77117,874,91653,038,688 52, 784, 098 623,983 562,661' 22,769, 23,590 ' '• I i ! I \_ I i 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from page 241 and represent in some cases the condition of banks as of dates other than December 31 and September 24,1930. 2 Excess over figures shown on pages 240 and 241 is due chiefly to technical differences between reports to the board and reports to State banking authorities. Back figures—See BULLETIN for January, 1931, October, 1930, and July, 1930; also Tables 85-87, Annual Report of Federal Reserve Board, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN APRIL, 1931 NATIONAL BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 24, 1930, BY STATES [Amounts in thousands of dollars} Loans and investments Deposits, exclusive j Rediscounts Number of of interbank de- { and bills pay- reporting Total Loa o n v s e r ( d i r n a c f l t u s) ding Investments posits j able banks State De b c e e r m- ; Sep b t e e r m- De b c e e r m- Sep b t e e r m- De b c e e r m- i Sep b t e e r m- De b c e e r m- Sep b t e e r m- c D b e e m e- r - t S b e e m e p r - - j ! j c D b e e m e- r - I i S t b e e m e p r - i -I— - New England: Maine 138,934; 143, 248 74,51 76, 921 64,41 66,327 128,950! 132, 267i 1, 1,038. 52 52 New Hampshire 71, 679: 74,076 43,550 45,429! 28,129 28, 647 61, 643 63,087? 1,645 1,296, 56 56 Vermont 67,251: 67,926 37, 790 38,896| 29,461 29,030 58,102 59, 708: 1,436 983; 45 45 Massachusetts 1,347, 501 i 1,389,002 987, 6991,018,258! 359,802 370, 7441,245,178 1, 258, 779i 7,206 4, 9361 150 152 Rhode Island 53, 920i 54,189 33,227 34, 509; 20, 693 19, 680 43,300 43,079! 250 10 10 Connecticut 250,422i 256, 984 181,501 187, 5191 68, 921 09, 465 231, 591 224,383; 5,344 4,819! 61 61 Middle Atlantic: New York 5,160,852i 5,109,316 3, 472, 6033,457,185 1,688,249 1,652,131 4,704,013 4.291,294! 34,034 41, 229; 553 557 New Jersey 848,224! 864, 658 523,909 535,7471 324,315 328,911 835, 272 822. 790; 13,432 8, 555! 295| 295 Pennsylvania 2,618,024: 2,672,081 1, 558, 6081,596,8541 1,059,416 1,075,227 2, 200, 567 2, 207, 206! 43,879 25, 640; 831 j 834 East North Central: Ohio 665,0831 680,420 461,959 463, 700 203,124! 216, 720 618, 270 638, 635 17,944| 9,895! 304 307 Indiana 340,803; 347,413 229,710 233, 782 Ill, 093 j 113,631 . 332,445 327, 736 3, 704! 3,593 200} 207 Illinois 1,232,750; 1,331,402 832,832 940,358 399, 918! 391,044 1, 205, 723 1,239,697 8,070 7, 262: 444! 460 Michigan 494,390! 510,230! 351,184 345,570 143,206! 164, 660; 490,294 485, 751 4,056 11,315 125| 120 Wisconsin 424, 019! 419,391 287, 957 290, 891 136,062 128,500; 392,370 388,169i 6,470 1,172; 152! 153 West North Central: Minnesota 503, 982! 512, 622 305,353 316,018 198, 6291 196, 6041 504, 603 503,721j 872 1, 030' 258 i 262 Iowa 239,0471 262,248' 149,977 166,042 89, 070 96,206! 237, 679 255,983j 2,116 1,236; 223| 235 Missouri 417, 6221 418,237 288, 717 291,908 128,905 126,329! 379,824 379, 555! 2,321 1,496 122; 124 North Dakota 64,511! 66, 6791 39,822 41,927 24, 689 24, 752| 66,94" 70,449! 867 950! 107: 111 South Dakota 59, 524 63,1221 35, 231 36,816 24,293 26,306 60,336 64, 3121 1,258 1,125! 92-! 90 Nebraska 190,985; 193, 925i 126, 735 129, 433 64,250 64,492 182,924 186,183 4,865 1,366> 167' 168 Kansas 177,522; 185,356J 115,332 121,18^ 62.190 60,169 182, 65" 181,479 3,061 2,096i 2441 240 South Atlantic: Delaware 21,159: 21,479i 11,90' 12,098 9, 2521 9,381 17,253 18,302 528 Maryland 182, 993' 191,3581 109, 235 112,851 73, 758! 78, 507 163,374 168, 538 2,767 1, 556, 73 75 District of Columbia 133, 272 130,836! 89,359 88, 776 43,913 42,060 138,053 131,616 1,549 200! 12 12 Virginia 294,117 303,462i 234,903 241,392 59, 214 62,070 259,151 270,070 8,725 6,408; 155 157 West Virginia 156, 517; 159,143! 118,228 119,074 38,289 40,069 137,509 145,5" 9,623 4, 645' 111 112 North Carolina 86, 658: 104, 768 69,401 85, 023 17,2571 19, 745 77, 285 91, 616 6,15' 7, 701 ? i 64 South Carolina j 63,0731 64,979 45,281 48,040 17, 792 16,939 63,323 61, 519 238 1,488I 35 Georgia 193, 619 218,318 147,795 155,315' 45,824 63,003 192,055 208,224 1,447 2,806: 75 East F S lo o r u id th a Central: 133, 670! I 142,194 58,479 64,360 75.191 77,834 145, 761 146,097 1,977 2,378, ! 53 55 Kentucky 185,859! 221,397 138, 530 164,501 47,3291 56,896 175,361 186,404 4,765 2, 779! 126 131 Tennessee 224,127j 249,141 181,649 205,544 42,478 43, 597 196,660 218, 554 10, 799 10,789] 94! 100 Alabama 170,552: 175,764 127,1311 132,131 43,421i 43,633 155, 738 155,945 4,072 97| 99 Mississippi 61, 679; 72, 229 45,104 54,404 16, 575! 17,825 60, 726 63,058 3,704 8,2671 31j 35 West South Central: Arkansas 54,280* 63,460 ! 35,407 43,806 18,873; 19, 654 52, 506 58,121 1,652 3,0061 54; 65 Louisiana . 97,258 93,936ij 79,514 77,835 17, 7441 16,101 85, 670 81,160 2,948 3, 672, 30! 31 Oklahoma 299,034; 304,014 187,456 195,800 111,578 108,214 303,181 321,859 7,212 3,1261 268 274 Texas 705, 7571 752,481 518,954 562,826 186,803 189, 655 702,080 735, 740 5,074 13,499i 560 589 Mountain: Montana 70,036' 72,146 36,199 39,295 33,837 32,851 77,134 76,884 368 769! 59 00 Idaho 33.100: 33, 559! 21,295 22, 290 11,805 11,269 36,150 35, 778 244 527; 41 41 Wyoming 29,458, 30, 550; 18,937; 20,088 10,521 10,462 32, 573 31,970 60 221 i 25 Of Colorado 198,238; 203, 708 109, 793 118,315 88,445 85,393 219, 619 228,278 875 2, 6141 116 117 New Mexico 25, 656| 27,317 15, 247 16, 572 10,409 10, 745 29, 586 29, 750 94 610! 27 27 Arizona 26,270! 24,389; 12, 263 13,372 14,007 11,017 28, 558 25,921 158 14; 13 14 Utah 44,232= 43, 618 28, 023 27, 609 16,209 16,009 41,331 37,140 70 513! 1 17 Nevada 16, 651 i 16,!" 10,781 11,084 5,870 5,792 15,929 15,953 150; 10 10 Pacific: Washington 252, 432 j 255,009! 148, 210; 151, 966 104,222 103,043 246, 793 248,81 943 l,038: 103 105 Oregon 175,016^ 181,439 86,917! 95,371 88,099 86,068 182, 294 188,818 1,024 1,158, 93 93 California 2,123,879! 1,977,278 1,522,551 1,393,257| 601,328 584,021 2,139,278 1,859,961 13,895 2,629 197 201 Total- 21,425, 637:21, 753,373 14,346, 762 14, 641,945 7,078,875| 7, 111, 428 20,137, 619 19, 665,934 255, 606 219,850; 7,033 7,192 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 241 STATE BANKS l—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND SEPTEMBER 24, 1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts I Number of of interbank and bills reporting Total Lo o a v n e s r d ( r i a n f c t l s u ) ding Investments deposits payable ! banks Decem- Septem- Decem- Septem- Decem- Septem- Decem- ! Septem- Sepber ber ber ber ber ber ber j ber tember New England: i ; Maine... [ 291,420 299,589: 154, 269| 157,800 137,151 141,789 271, 258 278, 518 4,953 New Hampshire 224,110 224,110: 104,232 104,232 119,878 119,878 208,292 208,292 595 Vermont 169,492 172,122] 111, 164 112, 059 58,328 60,063 168, 754 167,873 3,106 Massachusetts 2,889, 579 2,910,388! 1,895,692 1, 913,368 993, 887 997,020 2, 711, r" 2, 706,357 6,594 Rhode Island 482,713 490,902! 253,352 265,394 229,361 225,508 463,410 472,461 9 Connecticut 1,075,937 1,097,819 601, 866 614,492 474,071 483,327 1,003,902 1,009, 558 7,830 4,365 Middle Atlantic: i I New York 111,884,75111,892,847; 8, 322,6448, 631, 731 3, 562,1073, 261,116 11, 031, 896 10, 606, 086 14,443 546 567 New Jersey _._ ! 1,501,527 1,512,311; 969, 916 989,419 531,611 522,892 1,444,124 1,414,868 8,787 261 264 Pennsylvania ! 3,040,619 3,151,346j 1, 724,0181, 821, 858 1,316, 6011,329,488 2,627,694 2,676,813 38, 535 670 East North Central: j Ohio .. . -J 1,878,725 1,958,152 1,442, 5501,497,171 436,175 460, 981 1,829,444 1,880,552 2 34,030' 2 16,022 Indiana ! 391,045 455,183 300, 064 358, 629 90, 981 96, 554 398,618 440,711 10,218 Illinois . . ! 2,470,861 2,490,506 1, 752,2481.851,438 718,613 639,068 2,315,755 2,268,538 14,837 Michigan [ 1,403,053 1,452,968 1,034, 8291,066, 996 368, 224 385, 972 l,330,756: 1,382,369 20, 948 Wisconsin. j 465,130 475,387 319, 966] 326,538 145,164 148,849 466,423: 477, 773 9,278 West North Central: Minnesota i 357,863 j 366,379 204,638 192,454 153, 225 173, 925 367,464 376,277 4,057 4,120 Iowa ; 468, 582] 480,416 455,041 464,454 13, 541 15, 962 3 501,9411 3 516,246 6,893 4,927 Missouri 701, 774 741, 748 479,325 519,142 222,449 222,606 3 748, 8921 3 783,832 10,071 9, 895 North Dakota •• 28, 542 33,062 24,864 i 29, 226 3,678 3,836 31, 049: 36,341 522 South Dakota 53,999 67,105 42,531! 53, 546 11,468 13, 559 58, 052: 73, 887 952 Nebraska 128,916 135, 032! 102,701' 105,380 26, 215 29, 652 138,106! 155, 031 4, 066! Kansas 174,511 182, 404! 137, 028! 144,373 37, 483 38, 031 3 176, 869! 3 189, 691 6,109; South Atlantic: : ! Delaware • 143, 773i 145, 483 98, 030 100,199[ 45, 743 45, 284 124, 573! 119,473 1,162 Maryland i 641, 74li 657, 629 370, 850 378, 537 270, 891 279, 092 614, 719: 626, 539 3,963 District of Columbia i 114,491 119,817|! 78, 2681 87, 618 36, 223 32,199 112,590 118,167 1,034 Virginia ... 214,288 232,7891 178, 634. 192,215 35, 654 40, 574 179, 932 191, 893 9, 918 West Virginia. : 162,437 168, 954 134,898 139, 570 27, 539 29,384 150,650 160,461 4, r" " N F S G l o e o o u o r r t r t i h h g d i a a C C a a r r o o l l i i n n a a = 1 1 < 7 5 0 8 5 8 1 , , , 9 3 4 ,4 8 6 3 2 6 4 8 4 ) j 2 1 4 8 1 6 3 9 2 5 , , , , 8 1 0 7 4 0 6 7 8 4 1 1 ! 15 3 5 9 7 2 6 4 , , , , 4 8 5 0 0 9 0 4 1 4 9 8 ; ! i 20 3 6 9 6 9 9 5 , , , , 0 3 3 7 8 6 3 5 4 8 0 6 2 2 3 1 2 4 3 3 , , , , 9 3 0 0 1 2 3 9 5 0 3 2 ' 3 2 2 1 6 7 4 2 , , , , 0 4 7 0 9 0 3 2 2 3 1 0 1 9 9 6 9 3 2 7 7 , , , , 4 0 8 9 2 3 4 3 9 6 0 1 : 2 1 2 9 6 0 7 0 9 0 , , , , 4 4 0 3 2 0 8 4 8 0 5 0 1 3 6 5 1, , , , 6 4 7 4 4 4 5 3 6 8 5 5 East South Central: Kentucky J 272,611 303,482 * 220, 726i 246, 419 * 51,885 57,063 * 210,914! 233, 239 8,293 « 393 416 Tennessee.. 1-14,241 177,946 124,806; 147, 224 19,435 30, 722! 3 142,231, 3 179, 916! 6,851 356 380 Alabama ; 75,848! 75, 848 66,495 66,495! 9, 353 9, 3531 3 71,473: 3 71,473 4. 372: 218 218 Mississippi 94,205: 131,979 69,7981 104,155J 24,407 27,824: 101,933, 116, 247; 20, 849; 218 255 West South Central: I i A rkansas 76,641: 125, 297 66,426: 111,245! 10, 215 14,052! 76, 893: 111,3231 17, 638 250 321 Louisiana j 287, 521 i 296,453 221,133: 232, 643 i 66. 388 63, 810 297,631! 284,885! 10,969 183 190 Oklahoma : 60, 578i 66, 212 38,437: 45, 344: 22,141 20, 868: 6i 294i 70, 766: 2, 766! 301 313 Texas 202,754 209, 922 158,559 168,572! 44,195 41, 350 219,152 219,828: 5,967; 655 678 Mou M nt o a n i t n a : na ; i 57,500' | 60, 694 32, 869! j 24, 631 24, 7291 63,094 63,924' 1,121 N N A U I C W d e o t e r a y a i w v l z h h o o a o o r m d n M a a a i d e n o x g . i co ' ; ' ! ! • ' • 1 4 1 2 5 1 1 4 0 2 0 6 8 1 3 , , , , , , , 4 4 0 9 1 2 2 9 7 0 0 9 5 7 6 3 7 8 0 2 9 1 ! ! ! ! 1 4 1 4 2 5 1 1 5 6 4 3 0 9 0 , , , , , , , 9 6 0 5 2 5 7 7 2 4 0 8 5 7 6 1 1 5 2 2 0 8 3 2 2 1 1 6 8 9 3 6 7 7 , , , , , , , 0 0 1 3 4 2 3 7 9 9 9 5 1 3 1 5 1 0 8 4 8 ; : ! : ! ; 3 2 9 3 2 1 1 9 9 8 1 7 5 3 7 , , , . , , , , 5 2 9 2 0 0 9 5 9 8 2 3 6 3 5 4 1 2 0 8 5 2 4 4 ' ! ; | ! : : ! 2 1 1 1 2 4 3 6 7 2 7 , , , , , , , 8 3 5 0 9 3 7 8 1 8 9 3 0 3 9 4 2 4 2 5 2 2 1 1 1 2 7 4 3 2 6 6 , , , , , , , 8 4 4 7 0 9 7 0 3 5 1 3 3 2 0 2 1 4 8 0 1 , 1 ; : : ; s 3 6 9 2 2 1 4 5 5 1 1 2 2 7 0 , . , , , , , 8 4 0 3 7 3 5 3 4 9 1 1 3 9 9 5 6 6 2 3 3 ' | : , ; 3 s 2 6 9 2 4 1 4 2 2 1 4 6 1 9 , , , , , , , 9 8 5 7 5 3 7 3 5 1 9 3 8 4 7 9 5 6 4 | 5 ! 1 ] ; ' ' ; . , 2 5 , 9 9 6 4 1 4 6 7 7 6 9 3 2 9 0 7 8 ! 1 ! : ! ; ; Pacific: I i Washington ' 189, 757! 192,817 126, 7961 130,8971 62,961 61, 920 193, 522 194, 539 227 Oregon j 63, 635| 66,814 39,8721 43, 316| 23, 763 23,498^ 67,257 70,116' 132 California. ! 1,161,028; 1,393,214 769,975) 985,856 391,053 407,358 1.152,135; 1,366,101 224 Total ....34,783,01535,836,657 23, 788,119 25,073,16910,994,896 10, 763,488;32,901,069;33,118,164 368,377 310,81l! 15,736 16,398 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. 2 Includes bonds borrowed. 3 Includes due to banks. 4 Represents June, 1930, condition figures adjusted for suspensions and for consolidations with national banks. 8 Includes miscellaneous liabilities. NOTE.—All figures in the December columns are as of Dec. 31, except as follows: Maine, Dec. 27; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Dec. 10; Kansas, Dec. 26; Alabama, Nov. 20; Oklahoma, Dec. 30; Colorado, Nov. 10. All figures in the September columns are as of Sept. 24, except as follows: Maine, Sept. 27; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Rhode Island, savings banks, June 30, State banks, Sept. 10; Connecticut, savings banks, June 30; New York, savings banks, June 30; Ohio, Sept. 25; Indiana, June 30; Minnesota, Nov. 10; Missouri, Aug. 22; South Dakota, June 30; Nebraska, Sept. 6; Kansas, Sept. 10; Maryland, savings banks, June 30, State banks, Sept. 2; Florida, June 30; Kentucky, June 30; Tennessee, May 19; Alabama, Nov. 20; Colorado, Nov. 10; Utah, Sept. 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: . Pas© Page Federal reserve bank buying rates on 188 Elements analysis 186, 187, 236 Held by Federal reserve banks _ 187, 232, 233, 236 Employment in manufacturing industries 193, 195 Held by group of accepting banks 190 Exports, merchandise 196 Held by member banks 189 Factors: Open-market rates on 188 Of decrease in reserve bank credit outstand- In foreign countries 220 ing 187 Outstanding 190 Of increase in reserve bank credit outstand- Agriculture. (See Farm products; Deposits of ing 187 member banks in smaller centers). Factory employment and pay rolls 193, 195 All banks in the United States. (See Deposits; Failures. (See Bank suspensions; Commercial Loans, etc.) failures.) Annual report of the Bank of Danzig 213 Farm products, prices of 197, 222 Annual report of the Federal Reserve Board 184 Federal reserve bank buying rates on accept- Annual report of the National Bank of Belances 188 gium 207-212 Federal reserve bank credit and factors in Annual report of the Swiss National Bank 198-206 changes 186, 187 Balance sheets: # Federal reserve bank reserves, deposits, note cir- Bank for International Settlements 215 culation, and reserve percentages 224 Federal reserve banks 232, 233 Federal reserve discount rates 188 Foreign central banks 206, 212, 213, 216 Federal reserve notes 224, 232, 233, 236 Bank debits 231 Fiduciary powers granted to national banks 235 Bankers' balances 182-184, 225, 229 Float, reserve bank 187,232 Bank suspensions 191, 227, 237, 238 Bills bought, holdings of Federal reserve banks. Foreign countries: (See Acceptances.) Annual report of the Bank of Danzig 213 Bills discounted, holdings of Federal reserve Annual Report of the National Bank of banks 187, 232, 233, 236 Belgium 207-212 Bills payable, etc., of nonmember banks 236 Annual report of the Swiss National . Brokers' borrowings 190 Bank 198-206 Brokers' loans 190 Balance sheets of central banks 2J 6 Building statistics 193, 196, 231 Discount rates of central banks 220 Business conditions, national summary of 185 Exchange rates 215 Business failures 231 Gold holdings 214 Capital issues, domestic and foreign 192 Gold movements 214 Changes in membership in Federal reserve sys- Government note issues and reserves 219 tem 234 Money rates 220 Charts: Security prices 221 Reserve bank credit and factors in changes. 186 Statistics of central banks 216-218 Discounts of Federal reserve banks, by dis- Statistics of commercial banks 219 tricts 223 Wholesale prices 222 Commercial failures 231 Freight-car loadings 193 Commercial paper outstanding 190 Gold: Condition statements.' (See Balance sheets; also Analysis of changes in stock of United Deposits; Elements analysis; Loans, etc.). States 187 Debits to individual accounts. (See Bank debits.) Circulation 236 Department stores, indexes of sales and stocks. 196 Earmarked 187 Deposits: Exports and imports 187 All banks in the United States. 189, 228, 239-241 At New York 187 All member banks 189, 224, 225 Elsewhere 187 Central banks in foreign countries 216-218 Holdings of central banks and govern- Commercial banks in foreign countries 219 ments 214 Federal reserve banks 224 Movements 187, 214 Member banks in larger and smaller cen- Production 187 ters 225 Stock of United States 186, 187, 236 Reporting member banks 229 Imports, merchandise 196 Discount rates: Indebtedness of member banks at Federal Re- Central banks in foreign countries 184, 220 serve banks 188, 224 Federal reserve banks 188, 230 Indebtedness of nonmember banks 236 Discounts, holdings of Federal reserve banks. Index numbers of Federal Reserve Board 193-195 (See Bills discounted.) Industrial production, index of 193, 194 242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1931 FEDERAL RESERVE BULLETIN 243 Interbank loans: Page Page Rates on 230 U. S. Treasury bonds, yield on 188 Volume of 191, 225, 236 National banks granted fiduciary powers 235 Interest rates. (See Money rates.) National summary of business conditions 185 Loans and investments: Nonmember banks. (See Deposits, Indebted- All banks in the United States. 189, 228, 239-241 ness, Loans, etc.) All member banks 189, 226, 228, 236 Nonmember deposits, etc., of Federal reserve Central banks in foreign countries 216-218 banks _ 187 Commercial banks in foreign countries 219 "Other" reserve bank credit 187, 232 Member banks in reserve cities 236 "Other securities'7 held by Federal reserve Member banks outside reserve cities 236 banks 187, 232 Nonmember banks 228, 236 Par list, number of banks on 236 Reporting member banks in leading cities__ 229 Par of exchange for 44 countries 215 (See also Balance sheets.) Pay rolls in manufacturing industries, index of. 193,195 Manufacturing industries: Prices of commodities (wholesale), indexes of: Index of employment 193, 195 Foreign countries, all commodities 222 Index of pay rolls 193, 195 Foreign countries, groups of commodities.. 222 Index of production 193, 194 United States, all commodities 193 Maturity distribution of bills and short-term United States, groups of commodities 197, 222 securities 236 Prices of securities, indexes of 192, 221 Member bank borrowings at Federal reserve Production: banks (see also Bills discounted) 188 Industrial, index of 193, 194 Member bank reserve balances. 186, 187, 224, 232, 233 Manufactures 193, 194 Member banks. (See Deposits, Loans, etc.) Minerals 193, 194 Membership in Federal reserve system, changes Reporting member banks: in 234 Borrowing at Federal reserve banks. 188, 190, 229 Membership in par collection system 236 Loans and investments 190, 229 Minerals, index of production 193, 194 Due to banks 229 Monetary gold stock of the United States 186, 187 Reserve bank credit outstanding and factors in Monetary units of 44 countries 215 changes 186, 187, 236 Money in circulation: Reserve bank float 187, 232 By kinds 236 Reserve ratios of Federal reserve banks 224 Chart showing 186 Reserves: Coin, notes, etc 236 Federal reserve banks 224, 232, 233 End of month 236 Member banks.._ 182-184, 186, 187, 224, 232, 233 Monthly averages of daily figures 187 Central banks in foreign countries 216-218 Wednesday series 236 Review of the month—Treasury operations and Weekly averages of daily figures 186, 187 the banks 181-184 Money rates: Security prices, indexes of 192, 221 Acceptances, New York City 188 Silver, price of 215 Acceptances, foreign countries 220 Stocks. (See Security prices; ^Capital issues.) Call loans, New York City 188 Stocks at department stores, index of 196 Call loans, England, Germany, Japan 220 Time deposits of member banks 189, 225, 229 Charged customers by banks in principal Treasury currency (adj usted) 187 cities 188 Treasury operations and the banks 181-184 New York City 188 Unexpended capital funds of Federal reserve Other northern and eastern cities 188 banks 187 Southern and western cities 188 United States securities, holding of Federal Commercial paper 188 reserve banks 187, 232, 233 Interbank loans 230 United States Treasury notes and certificates, Open market 188 yield on 188 Time loans 188 United States Treasury bonds, yield on 188 U. S. Treasury notes and certificates, yield on__ 188 Wholesale prices. (See Prices.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N.DAK. \ 3 I MINN. ; MINNEAPOLIS S.DAK. I0WA CH?CAG ILL. KANSAS CITY KANS. I OKLA. Oklahoma City | AR* Little — BOUNDARIES OF FEDERAL RESERVE DISTRICTS .—— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis