Federal Reserve Bulletin, 1931-05

FEDERAL RESERVE BULLETIN MAY, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Money Rates and Member Bank Credit Business Conditions in the United States Annual Reports of Central Banks: Austria, Hungary, Poland, Norway 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 oj 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) . JOHN K. OTTLEY. District No. 7 (CHICAGO) MELVIN A. TRAYLOR. District No.8 (ST. LOUIS) W. W. SMITH, Vice President. District No.9 (MINNEAPOLIS) -_ GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNEY, President. District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H Curtiss Roy A. Young . .. W. W. Paddock . W. Willett. New York.. J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gldney.* A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walters. Logan J. M. Rice.i L. R. Rounds Allan Sproul.1 L. F. Sailer Philadelphia. R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.1 Cleveland George DeCamp E. R. Fancher _ M. J. Fleming _ H. F. Strater. Frank J. Zurlinden Richmond Win. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, Jr.' Atlanta Oscar Newton Eugene R. Black W. S. Johns M. W, Bell. H. F. ConnifE W. S. McLarinJr.i Chicago _ Eugene M. Stevens... J. B. McDougal C. R. McKay W. C. Bachman.1 John H. Blair D. A. Jones.i J. II. Dillard 0. J. Netterstrom.i E. A. Delaney.1 St. Louis John S. Wood... Wm. McC. Martin... 0. M. Attebery S. F. Gilmore.' A. H. HailU F. N. Hall.' G. 0. Hollocher.' C. A. Schacht.* Minneapolis JohnR. Mitchell W. B. Geery Harry Yaeger 11.1. Ziemer. H. I. Ziemer Frank C. Dunlop.1 Kansas City M. L. McClure W.J. Bailey C. A. Worthington... J. W. Helm. Dallas... _ C.C.Walsh.. Lynn P. Talley RT . WR . TGTnillb mert Fred Harris. R. B. Coleman W. 0. Ford.i San Francisco Isaac B. Newton Jno. U. Calkins _ Wm. A. Day Wm. M. Hale. Ira Clerk i Assistant deputy governor. l Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch _ R. E. Towle. Cleveland: 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. n 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Money rates and member bank credit 245 Money market conditions—Member bank credit—First quarter of 1931—Movement since 1922— Loans to customers and investments. Changes in bill rates and discount rates 248 National summary of business conditions 249 Annual report of the National Bank of Austria 262 Annual report of the National Bank of Hungary 267 Annual report of the Bank of Poland 271 Annual report of the Bank of Norway 274 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 250, 251 Analysis of changes in monetary gold stock, gold movements 251 Member bank borrowings at Federal reserve banks 252 Discount rates and money rates 252 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 253 Bank suspensions 255 Number of banks, banking offices, banks operating branches 255 All member banks— Loans and investments, deposits, reserve position 253 Loans to banks 255 Loans to customers, open-market loans and investments 253 Holdings of eligible assets (Government securities and eligible paper) 255 Weekly reporting member banks in leading cities 254, 289 Bankers' acceptances, commercial paper, brokers' loans 254 Security prices, security issues, and security loans 256 Production, employment, car loadings, and commodity prices 257 Industrial production 258 Factory employment and pay rolls 259 Building contracts awarded, by types of building 260 Merchandise exports and imports 260 Department stores—Indexes of sales and stocks 260 Wholesale prices, by groups of commodities 261 Financial statistics for foreign countries: Gold holdings of central banks and governments, gold movements 2 76 Foreign exchange rates 277 Bank for International Settlements 277 Central banks 278-280 Government note issues and reserves 281 Commercial banks 281 Discount rates of central banks 282 Money rates : 282 Price movements: Security prices 283 Wholesale prices 284 Retail food prices and cost of living 284 Banking and business conditions in Federal reserve districts 285-291 Detailed Federal reserve statistics, etc 292-297 Index . 298 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 MAY, 1931 No. 5 REVIEW OF THE MONTH Boston rate to 2 per cent. In view of the existing world situation, which was causing a con- Conditions in the money market showed a tinuous movement of funds to this country, the further easing tendency in April and the early recent rate reductions by the Federal reserve part .of May. Open-market system represent essentially an adjustment of rates on commercial paper in reserve bank rates to prevailing financial con- New York declined further and ditions. rates on time money, which had gone down Total loans and investments of city banks considerably since the close of last year, conwere considerably larger in April than in any tinued at low levels. This low level of money of the preceding months of this rates has been reflecting itself in reductions in year, notwithstanding the conrates paid on deposits by commercial banks tinued decline in loans both both on commercial accounts and in many cases on securities and "all other." This increase on savings accounts. This movement was not in member bank credit was due largely to confined to New York, Chicago, Philadelphia, the rapid growth of member bank investments and other financial centers, but occurred also in United States Government securities, which in many of the moderate size and smaller com- was continuous since the beginning of this year, munities. Notwithstanding the low and de- and became more rapid after the middle of clining level of money rates in this country, March. Since that time the Government has there continued to be a large inflow of gold from issued more than $2,000,000,000 of new securabroad. Gold imports, which amounted to ities, about one-half of which has represented $100,000,000 during the first three months of refunding operations, and the other half new the 3rear, were proceeding at an even more rapid borrowing. A substantial part of these Govrate after the beginning of April. Particularly ernment issues has been acquired by the memnoteworthy was the receipt of $19,000,000 of ber banks. For the reporting banks in leading gold from France in the course of one week. In cities, Government security holdings showed view of the large balances on which French an increase of $560,000,000 between March interests could draw in this market as an 11 and April 29. The larger part of the alternative to shipping gold, this movement of Government deposits created by the banks' gold indicates that, however low the level of subscriptions to the issues was gradually withmoney rates may have appeared from the drawn, as the Treasury utilized the funds to domestic banking point of view, it has not been meet current expenditures and to make loans sufficiently low to discourage the flow of foreign to veterans under the provisions of the recent funds to this market. law. The banks, however, having an abun- At the reserve banks, buying rates for dance of funds, did not dispose of the Governbankers' bills, which had remained unchanged ment securities acquired at the time the between the latter part of January and the new issues were made. In effect, therefore, middle of April, were reduced several times in the Government has borrowed considerable subsequent weeks, and discount rates, in which amounts from the banks, and the funds thus no changes had occurred after January 10, were created have passed into private hands and reduced in the early part of May, the New have been used in part in the liquidation of York rate declining to 1% per cent and the debt. 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN MAY, 1931 Preliminary figures for all member banks for all classes of banks, furthermore, practically the first quarter of the year, which have just the entire increase was in holdings of Governbecome available, indicate that ment securities, and in the case of country First quarter of there has been a decrease of banks there was a decrease of $43,000,000 in 1931. $112,000,000 in loans and in- other securities, while holdings of United vestments during the first quarter of 1931, a States Government securities increased by smaller decrease than is usual for this period of $107,000,000. The following table shows the year. The decrease in loans and invest- changes in the various items for the different ments at the member banks in New York City groups of banks for the first quarter. was of the same magnitude as the total decrease, while banks in Chicago and other reserve CHANGES IN MEMBER BANK LOANS AND INVESTMENTS DURING FIRST QUARTER OF 1931 cities showed an increase of over $200,000,000, [In millions of dollars. Preliminary figures] offset by an equivalent decrease in country banks. Analysis of figures for the member Increase or decrease during first quarter of 1931 banks as a whole shows that during the first quarter of the year there was a decrease of New Other York reserve "Coun- $185,000,000 in member bank loans to banks Total City city try" banksi banks 2 banks and of $1,079,000,000 in loans to other customers, while open-market loans increased by Loans and investments—total -112 -111 +207 -206 $220,000,000 and investments by $931,000,000, Loans to banks -185 -129 -51 -3 of which $920,000,000 was in holdings of United Loans to customers—total -1,079 -333 -497 -249 States Government securities. Secured by stocks and bonds 3_ -505 -165 -291 -50 Otherwise secured and unsecured -573 -168 -207 -199 Of the decrease in loans to customers, Open-market loans—total +220 +126 +114 -18 $573,000,000 represented a liquidation of loans To brokers in New York City- +131 +85 +59 -13 Other open-market loans 4 +89 +41 +55 -5 to trade and industry, reflecting the reduced Investments—total +931 +227 +641 +63 volume of business activity, and $400,000,000 U.S. Government securities. +920 +227 +587 +107 Other securities. + 11 -1 +55 -43 represented a decline in security loans to customers, excluding brokers outside of New York 1 Central reserve city banks only. 2 Includes Chicago banks. City. This decrease in security loans to such 3 Includes loans to brokers outside New York City. * Acceptances purchased and commercial paper purchased. customers has carried the total considerably below the level of the autumn of 1929. The The course of total loans and investments of rapid liquidation of loans to New York brokers member banks since the beginning of 1922, wath following upon the break in the stock market certain classifications, is shown Movement since j j at that time was accompanied by an increase n the following chart t in security loans made by the banks directly brings out the fact that total to their customers, so that at the end of 1930 loans and investments increased fairly conthis class of loans was still above its level in tinuously to the end of 1928 but showed October, 1929. Since the beginning of this relatively little change after that time. Duryear, however, there has been a considerable ing the year 1929 there was a rapid growth in liquidation of these security loans to customers, loans to customers, largely offset by liquidation and it has occurred in all classes of banks. both of investments and of open-market loans. All classes of banks also showed decreases Since the beginning of 1930, however, there has for the quarter in loans to banks and to other been a large growth in investments and relatively customers, and all the banks except country little change in open-market loans, while loans banks showed increases in holdings of open- to customers have decreased in the aggregate by market paper. Investment holdings also in- $3,250,000,000, of which $2,250,000,000 reprecreased in all classes of banks, the largest sents a decrease in loans not secured by stocks increase being at banks in reserve cities. At and bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

247 MAY, 1931 FEDERAL RESERVE BULLETIN or DOIUBS ALL MEMBER BANKS •L10HS QT DOLLARS LOANS TO CUSTOMERS B1LLI0HS OF DQLLAI i MLLI0MS 0F D0LLARS 10 —i—i*o V Other Tota LoansUuvestments \ Reserve City Banks 35 s 35 / . •- "Country'Banks ^ ^ 30 30 s y 25 > 25 LoanstoCutomers y NewYork City Banks 20 20 15 15 3 f Investmerrfs 10 10 2 n-markeLoans } CJ 1928 1929 1930 1931 1922 1923 mi* 1925 1926 J927 1928 1929 1930 1931 Chicago is included with "other" reserve cities; so-called "country* Figures are for dates on which member banks made call reports banks include all member banks other than central reserve and reserve city banks. An analysis of the course of loans to cus- The course of investment holdings shown in tomers beginning with the last quarter of 1928, the next chart indicates a large growth of inwhen these figures first became vestments in reserve cities while at country Loans to available, to the present time is banks the volume of investments has fluctucustomers and • . ., , J ated relatively little. The growth of investinvestments presented in the next chart. Customer loans of New York BILLIONS OF DOLLARS INVESTMENTS BILUOHS OF DOLLARS 6 6 City banks, which rose rapidly in 1929, have declined since the beginning of 1930 and are 5 now at approximately the same level as two and one-half years ago. The course of cus- 4 tomer loans in other reserve cities has been somewhat similar, but the decline since October, 1929, has carried them materially below the figure in the autumn of 1928. In country banks the increase in 1929 was much less marked; a decline began with the fourth quarter of the year and has been continuous since that time. At the present time the level 1928 1929 1930 1931 of country bank loans to customers is $700,- Chicago is included with "other" reserve cities; so-called "country" banks include all member banks other than central reserve and 000,000 below the level in the autumn of 1928. reserve city banks. The chart brings out the fact that for the period ments in the reserve city banks other than covered there has been no liquidation of loans New York during the first quarter of this year to customers at New York City banks, while amounted to $650,000,000, a larger growth the other banks of the country show a large than at any earlier period of similar duration. liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN MAY, 1931 The net result of the movements of the and industry has been more than offset by purdifferent items in the banks' loans and invest- chases of investments and open-market paper, ments since October, 1928, is shown in the while at country banks liquidation of comfourth chart, which compares the course of mercial loans has not been accompanied by total loans and investments in New York City, increased purchases in the open market. It in other reserve cities, and in country banks. appears that the banks, taken as a w^hole, hav- It appears from this chart that there has been ing an abundance of funds released from trade little change in member bank credit in New and industry, have not kept them idle but have York City since the beginning of 1930. In employed them in the investment market. Until the end of 1930 the increase in invest- 1 BIL 5 LIO NS O ~ F DOLLARS TOTAL LOANS AND INVESTMENTS BIlLI0NS OF DOLLA 1 R 5 S ments was in bonds other than United States bonds, while in the first quarter of this year, Other Reserve City Banks with the increase in Government issues, the banks' purchases have been largely concen- 13 "Country" Banks 13 trated in this class of investments. 12 12 Changes in Bill Rates and Discount Rates At the Federal Reserve Bank of New York 11 buying rates on bills of all maturities were successively reduced during April and in the 10 10 early part of May, as shown in the following table: New York City Banks 9 Date effective 1 d t a o y s 30 - 31 d a to y s 45 46 d a to y s 90 91 d t a o y 1 s 2 0 | 12 d 1 a t y o s 180 B In effect Apr. 1 1% Apr. 9 7 \ Apr. 21 m Apr. 27 1H\ May 5 11/4 m May 6 May 8 In effect May 9 "m VA 1928 1929 1930 1931 Discount rates on all classes of paper of all Chicago is included with "other" reserve cities; so-called "country" maturities were reduced as follows: banks include all member banks other than central reserve and re- May 7—Federal Reserve Bank of Boston from 2}£ serve city banks. to 2 per cent and Federal Reserve Bank of Philadelphia other reserve cities there w^as little change from Z){ to 3 per cent. May 8—Federal Reserve Bank of New York from 2 after the last quarter of 1929. In country to l}i per cent and Federal Reserve Bank of Dallas banks the rapid growth of credit stopped in the from 3% to 3 per cent. May 9—Federal Reserve Banks of Cleveland, middle of 1928; the volume then remained Chicago, and St. Louis from 3 to 2}i per cent. practically unchanged until the last quarter of 1929, and after that time diminished con- Reappointment of Mr. James tinuously and rapidly. This decrease in George R. James, of Tennessee, whose term country-bank assets has been due to a conof office as member of the board expired on tinuous process of liquidation of local loans, April 27, 1931, was reappointed by the Presireflecting diminished demand for credit be- dent for a 10-year term. cause of the decline in business activity and in the prices of agricultural commodities. Appointment of Mr. Magee This survey brings out the facts that for a Wayland W. Magee, of Nebraska, was period of more than twT> years there has been appointed by the President on May 5, 1931, no growth in bank credit, and that at the to fill the vacancy created by the death of financial centers liquidation of loans to trade Edward H. Cunningham last November. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1931 FEDERAL RESERVE BULLETIN 249 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 22 and released for publication April 24] Further increase in industrial activity was Agriculture estimates, based on April 1 condireported for the month of March, which usually tions, indicate a winter wheat crop of 644,000,shows little change from February. Factory 000 bushels—about 100,000,000 bushels larger employment and pay rolls increased by the than the 5-year average and 40,000,000 more usual seasonal amount between the middle of than last year. Intentions to plant, as reported February and the middle of March. The vol- March 1, indicate a considerable reduction in ume of building contracts awarded in March spring-wheat acreage, and an increase in acreshowed considerable growth, largely of a sea- age to be planted to corn. sonal nature. The general level of wholesale Distribution.—Volume of freight-car loadings prices continued to decline. increased seasonally in March, and department- Production and employment.—Industrial store sales increased during the Easter season production increased 2 per cent further in by about the usual amount. March and the Federal Reserve Board's sea- Prices.—The general level of wholesale comsonally adjusted index stood at 88 per cent of modity prices continued to decline in March, the 1923-1925 average, compared with 104 per according to the Bureau of Labor Statistics, cent in March, 1930. There was a considerable reflecting chiefly reductions in the prices of increase in daily average output of steel, which petroleum products, bituminous coal, and texordinarily shows little change from February tile products. Prices of farm products into March, while production of automobiles in- creased slightly, and there was a substantial creased by about the usual seasonal percentage. advance in the price of hides. In the first half Activity at cotton mills increased slightly, con- of April prices of many commodities, including trary to the ordinary seasonal movement, and cattle, cotton, rubber, and coffee, declined, there was a substantial increase in output of while the price of wheat advanced. shoes. In the first half of April steel mill Bank credit.—Loans and. investments of activity declined. member banks in leading cities, which had in- The number of men employed at factories creased in the middle of March as the result of increased between the middle of February and Treasury operations, showed a decline for every the middle of March by about the usual week between March 18 and April 8, but on the seasonal amount. In the iron and steel and latter date were still $270,000,000 larger than automobile industries somewhat larger than four weeks earlier. Investment holdings of usual increases were shown, and at textile mills these banks were at a new high figure on April and shoe factories, where the number employed 8, owing largely to an increase in their holdings ordinarily declines in March, substantial in- of United States Government obligations, creases in employment were reported. In the while loans on securities as well as all other agricultural machinery and petroleum refining loans showed a decline for the 4-week period. industries and at car-building shops employ- Volume of reserve bank credit has fluctuated ment declined contrary to the usual seasonal since the middle of February around a level of trend, and in the automobile tire and fertilizer $925,000,000. Continued imports of gold, deindustries employment increased less than usual. posited by member banks with the reserve Volume of building contracts awarded in banks, have provided the member banks with March increased considerably from February, sufficient funds to meet an increase in the deaccording to the F. W. Dodge Corporation, mand for currency. United States Governreflecting in large part developments of a sea- ment security holdings of the reserve banks sonal character. Contracts for residential have remained at the level of $600,000,000 building increased seasonally and were in about established last summer, while discounts for the same volume as a year ago, while contracts member banks have continued to decline, and for public works and utilities rose to the high holdings of purchased acceptances have fluctulevel of March, 1930. ated in response to temporary changes in the Agriculture.—Definite improvement in mois- demand for reserve bank credit. ture conditions in the drought area w^as an im- Money rates showed little change from the portant development in March and the first middle of March to the middle of April. Rates week of April; supplies of moisture in the top- on commercial paper declined further from a soil have been replenished, but the subsoil con- prevailing rate of 2% per cent to a range of 2){tinued to be dry in certain areas, particularly 2% per cent, while bond yields increased in the spring-wheat belt. Department of slightly. 54780—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN MAY, 1931 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS,OF DOLLARS ShOO —— — — 1927 1928 1929 1930 1931 Based on weekly averages of daily figures; latest figures are for week ending April 25 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 251 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929, pp. 432-438.] Reserve bank credit outstanding Factors of decrease Factors of increase Month or week B co il u ls n t d e i d s- bo B u il g ls ht s U e S c n t u a i r t t i e e t s d ies r c O e b r s e a t e h n d r e k v i r t e l Total Mo s g t n o o e c l t d k ary T c j u r u e r ( s r a a t e d e s n u d - c ) r y y i M n la c o ti i n o r e c n u y - M b r a e b e l s a a m e n n r b k c v e e e 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—November 953 296 315 1,631 4,374 1,789 4,845 I 2, 521 33 395 December 803 320 446 1.643 4,324 1,797 4,943 I 2,395 27 1930—January 501 314 485 1,357 4,283 1,784 4,652 i 2,349 29 February _ 378 285 480 1,181 r4,317 1,781 '4,554 2,305 27 393 March 274 246 540 1,095 '4,394 1,797 '4,532 2,330 27 397 April 231 266 530 j 1,072 4,443 1,781 4,518 2,350 28 400 May __- 247 182 529 ! 996 4,505 1,779 4,497 2,356 29 398 June 251 141 571 1,000 4,528 1,775 4,489 2,392 27 395 July... 226 154 583 1,003 4,532 1,789 4,483 2,417 35 389 August-- 214 153 599 998 4,496 1,787 4,476 2,392 28 385 September 189 197 597 1,016 4,503 1,785 4,492 2,397 26 389 October 196 185 602 1,020 I 4,520 1, 787 4,501 2,407 27 November 221 184 599 1,033 j 4,553 1,793 4,528 i 2,433 30 December 338 257 644 1,273 | 4,5S3 1, 793 4,823 2,415 27 384 1931—January. 253 206 647 1,129 i 4,622 1,784 i 4,695 2,433 28 379 February 216 102 936 i 4,656 1, 780 ! 4,598 2,370 25 379 March 176 123 604 18 921 4,682 1,778 ! 4,590 2,376 24 381 • April 155 173 600 24 952 ! 4,711 1,770 j 4,647 2,376 27 383 Week ending (Saturday)— I Mar.28 157 108 605 14 4,689 1,782 j 4,577 2,370 24 384 Apr. 4 188 158 602 28 4,699 1,752 ! 4,638 2,380 27 382 Apr. 11 153 184 600 21 4,705 1,764 j 4, 647 2,372 26 382 Apr. 18 147 172 600 27 946 I 4,711 1,780 ; 4,648 2,378 28 383 Apr. 25 145 164 599 25 4,713 1,776 ! 4,645 2,367 27 383 1 Includes "other securities," amounts due from foreign banks, and reserve bank float. r Revised. 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 Gold stock April January- Month at end Through ThroughThrough From or to— (preliminary) March March of net gold ear- domestic month Total import marking produci or opera- tion Im- Ex- Im- Ex- Im- Exi export tions etc.1 ports ports ports ports ports ports 1 1929—August 4,360 18.9 i 18.4 -1.0 1.5 England - - 9 September 4,372 12.1 17.6 — 6.6 1.1 France 3,492 50 54 N O o ct v o e b m er b e _ r 4 4 , 3 3 6 8 7 6 — 1 1 4 9 .4 2 11 — 1 2 7 3 . . 5 2 -4 1 . . 5 0 2 1 .4 3 I G ta e l r y many 1 5 1 December _-. 4,284 -82.9 I -64.4 -22.0 3.5 Netherlands Canada 922 9 24, 771 29 Total (12 mos.)— 142.4 j 175.1 -55.4 22.7 Central America. 92 289 Mexico 1,141 4,032 4,871 1930— F J e a b n r u u a a rv ry _. 4 4 , , 2 3 9 5 3 5 6 8 1 . . 8 9 i 6 4 0 . . 0 0 2 0 . . 5 0 2 1 . . 3 9 A Br r a g z e i n l tina 14,782 11,60 1 1 6 26,33 1 1 6 March 4,423 68.2 55.5 13.0 -0.3 Chile 13 55 April _ 4,491 68.5 65.7 0.5 2.3 Colombia - 2,996 6,134 May 4 517 25.9 23.5 2.0 0. 5 Ecuador ! 195 311 June 4, 535 17.6 13.9 2.0 1.7 Peru 165 270 July 4,517 -18.4 -19.6 -3.0 4.3 Venezuela 1,230 2,330 August 4,501 — 15. 5 —19. 6 0.0 4 2 Uruguay 17 116 September 4,511 10.2 2.5 4.0 3.7 China and Hong October. 4, 535 23.3 26.4 -6.1 3.1 Kong 7,638 1,612 15 5,201 63 November 4,571 36.8 I 35.2 -2.1 3.8 Dutch East Indies 312 581 December 4, 593 22.1 32.7 -15.2 4.5 Japan 2,743 1,586 2,335 Philippine Islands 317 826 Total (12 mos.).. +309. 4 +280. 2 -2.4 +32.0 New Zealand .. 17 47 All other countries». 1,015 486 2 1,688 2 1931—Januarv 4,643 +49.4 +34.4 +11.9 +3.1 February 4,665 +22. 0 +16.1 +2.5 +3.3 Total _ . , 2 30,811 25, 661 26 76,243 94 March . _ 4,697 +32.0 +25.6 +3.0 +3.3 April P 4.726 +28.8 +30.8 -7.5 +5.4 1 Includes all movements of unreported origin or destination. 1 For explanation of this figure, which is derived from preceding eol »At New York—imports, $20,430,000. Elsewhere—imports, $10,381,000 umns, see BULLETIN for December, 1928, p. 831. » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN MAY, 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] Average rate Average yield on— on— Reporting member banks in leading cities Member banks Month Total » New York j l Other lead- o l c e u i a t t d i s e i i s n d g e i Month or week City j ing cities 1930 ! 1931 1930 1931 | 1930 1931 1930 1931 1 Januarv 462 i 245 39 5 i 208 77 215 163 1930 February 371 i 209 21 2 ' 152 55 198 152 March March 247 173 1 , 80 35 166 138 April April 225 1 146 ! 17 i 54 26 154 120 May 226 1 '• 11 j 48 167 May June 222 5 i 48 169 June July— 218 ! 53 165 July.... August 196 4 ! 39 153 September 186 9 . : 35 142 August... October 193 6 ! 50 137 September November 211 6 1 65 140 October December 308 26 . ... ! 115 167 November December * Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) Bills discounted for intermediate credit banks and 1931 (2) notes secured by adjusted-service certificates discounted for non- January member banks. February March FEDERAL RESERVE BANK RATES April ____j DISCOUNT RATES Week ending— Mar. 28 [Rates on all classes and maturities of eligible paper] Apr. 4 Apr. 11 Federal reserve bank e R ff a e t c e t o in n Dat l e is h e e s d tab- Previous A A p p r r . . 2 1 5 8 May 9 1 Stock exchange call loans; new and renewal rates. Boston May 7,1931 * Stock exchange 90-day time loans. New York May 8,1931 • 3 issues—3^8. 3%, 4 per cent; yields calculated on basis of last redemp- Philadelphia- 3 May 7,1931 tion dates—1947, 1956, and 1954. Cleveland 2H May 9,1931 4 Change of issues on which yield is computed Richmond July 18,1930 Atlanta Jan. 10,1931 RATES CHARGED CUSTOMERS BY BANKS IN Chicago _ May 9,1931 PRINCIPAL CITIES St. Louis do [Weighted averages of prevailing rates] Minneapolis... Sept. 12,1930 4 Kansas City... 3H Aug. 15,1930 4 Eight other Twenty-seven Dallas 3 May 8,1931 3K New York City northern and southern and San Francisco. 3 Jan. 9,1031 Month eastern cities western cities 1929 1930 1931 1929 1930 1931 1929 1930 1931 BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] January 5.74 5.64 4.24 5.87 5.88 4.61 5.94 6.12 5.49 February 5.73 5.35 4.31 5.86 5.68 4.63 5.96 6.04 5.41 March. _ 5.81 5.22 4.20 5.91 5.47 4.62 6.04 5.98 5.39 April 5. 85 4.91 4.17 6.00 5.22 4.57 6.07 5.86 5.35 Maturity , i Date estab- \ Previous May 5.88 4.74 6.09 5.13 6.10 5.75 May 9 i June 5 93 4 59 6.02 5.06 6.16 5. 69 July 5. 88 4.48 6.08 4.81 6.17 5. 62 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 1-15 days 1^1 May 6,1931 IK October 6.08 4.26 6.25 4.75 6.29 5.53 16-30 days... 1H\ do IK N D o ec v e e m m b b e e r r .._ 5 5. . 7 8 4 6 4 4. . 1 1 6 7 6 5 . . 9 1 4 2 4 4 . . 6 6 8 6 6 6 . . 2 2 0 9 5 6 . .4 4 9 2 31-45 days... 1H Apr. 27,1931 i 19* 46-60 days... 1H May 5,1931 m 61-90 days.._ IH\\ do m NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished fro m open-market rates (which are given 91-120 days.. Apr. 27,1931 j m in preceding table). All averages are based on rates reported for 3 types 121-180 days. May 8,1931 ' of customer loans—commercial loans, and demand and time loans on 2 securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (b) the 1 For other changes during April see p. 248. 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

253 MAY, 1931 FEDERAL RESERVE BULLETIN MEMBER AND NONMEMBER BANK CREDIT ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS, RESERVE, RESERVES HELD, AND INDEBTED- OPEN-MARKET LOANS AND INVESTMENTS NESS AT FEDERAL RESERVE BANKS [Exclusive of loans to banks. In millions of dollars] [Averages of daily figures. In millions of dollars] Loans to customers Open- i m nv a e rk st e m t e lo n a t n s s and Month Net dem de a p n o d s i a ts nd time Reserves . j ! d F n e e e I b s d n s t e - e r a d a t - l Call date Total "|i c u S b r e ? e - d j O w s t e i h s - e e r- Total P A u c- p rc a h p a e s r ed |l S o t a r n e s e » t m v I e e n s n - t t - s Total Held Excess I r b e a se n r k v s e ' s ' ! p d ap a e l r I I TOTAL TOTAL ! j 1928—Dec. 31.. 21,460 ' 7, 347;14,113113,686! 212, 390; 2,556! 10,529 1 1 9 93 3 0 1 — — M A D F N S O J J e e u a e u o c a b p l n c t g v y r o t r u e c u e e u b m a h m s m a e r t . y b r r b b y e e e r r r - _ _ J _ J j | • 3 3 3 3 3 3 3 3 3 2 1 2 2 2 2 3 2 , 2 , , , , , , , 3 5 6 7 , 0 9 0 0 6 1 8 2 4 6 J 4 6 6 5 4 1 6 3 8 8 7 3 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 , , , . , , . , 8 5 3 9 7 7 7 6 7 2 8 5 4 2 0 6 2 0 0 9 6 6 7 0 i ! : ! | 1 1 1 1 1 1 1 1 1 3 3 3 3 3 4 3 4 3 ! , . , , , . , , 6 4 8 8 9 0 0 6 5 7 3 3 3 4 5 5 0 8 7 5 7 6 3 6 4 0 0 ; ; i •' 2 2 2 2 2 2 2 2 2 , , , , , , , . , 3 4 4 3 4 3 4 4 3 8 1 0 9 1 3 9 3 7 6 7 7 7 5 3 2 3 0 1 7 5 6 5 5 5 5 7 0 4 2 6 9 9 1 7 3 5 2 2 2 2 2 3 1 1 1 1 1 5 2 7 3 2 9 8 4 6 2 3 6 7 0 6 9 1 1 1 9 9 9 2 3 3 9 1 0 — — - J D J M D O S M M u u e e e c c a c n n p a a . . t r e e r r t . . . . . 4 2 3 2 3 2 2 3 2 . 1 0 1 9 7 7 5 . 1 - . . . . . . . . . . »| 2 2 2 2 2 2 2 2 1 1 3 2 1 1 1 9 3 1 , , , , , , , , , 0 9 4 1 0 5 5 2 9 0 9 9 0 1 6 1 2 4 7 5 3 0 4 5 6 7 9 1 ! ! ! ! ' i ! : | : I ' ' 8 8 7 7 8 7 7 7 7 , , , , , , , , , 5 0 4 1 9 4 8 7 7 3 6 0 8 4 3 6 3 3 9 1 2 9 8 6 4 4 0 , ! ' : ; | : ' f 1 1 1 1 1 1 1 1 1 4 4 3 3 4 2 5 3 3 , , , , , , , , , 1 0 1 5 3 7 7 4 7 4 6 4 0 8 0 6 9 0 1 6 4 6 3 5 5 1 6 ! ! 1 1 1 1 1 1 1 1 14 2 3 3 2 2 3 2 3 , , , , , , , , , 9 0 0 9 0 5 2 5 3 4 3 2 5 2 9 2 2 7 2 4 4 5 2 5 4 7 6 : ; ; ' i : i I ! ! i ! ,' 3 2 2 2 1 2 2 4 1 7 3 5 9 6 4 6 9 6 0 8 4 8 2 1 7 2 3 ; , ; , : ; 1 j 3 2 5 2 2 4 3 5 3 4 6 7 2 0 9 9 6 2 9 3 6 1 ! 6 3 8 7 0 9 ! 1 | 2 l 2 2 1 2 l 1 1 , , , . , , , , . 6 8 8 6 0 4 3 3 6 8 7 2 4 2 6 9 4 7 0 9 9 5 5 8 5 4 2 : , 1 j , . ; ! j 1 1 1 1 1 1 0 9 9 9 0 0 0 0 1 , , , , , , , , , 9 4 7 7 9 4 9 0 7 4 3 4 8 2 4 8 3 5 8 7 9 4 0 2 9 4 2 18,430 ! RESERVE CITY ! I I RESERVE CITY [ BANKS * j BANKSl ' 1.928—Dec. 31..J 13,207! 5. 442 7, 765 i8,310' 174i 179! 2,180 5, 777 1 1 9 9 3 3 0 1 — — M A S O N D F J J u e e a u c e o a l b p n t c g v y r o r u t e c u e . b u e _ a h m s m e m a r t y r b r b b y e e r e r r.... 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 1 0 0 . , , , , , , , , 4 4 4 6 5 0 3 4 3 8 7 4 2 0 5 8 3 8 4 5 0 5 5 4 7 6 5 ! j j ! ! I [ ! i ; 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 . , . , , . . . , 2 2 4 3 2 4 3 5 2 4 6 1 0 7 3 2 8 0 1 2 4 6 9 5 9 6 0 ! \ j i , , j \ , 7 7 7 7 6 7 7 7 7 , , , , , , , , , 1 1 3 4 1 9 2 1 0 7 4 1 1 6 8 1 4 J 4 6 9 1 1 8 0 3 5 1 1 1 1 1 1 1 1 1 . , , , , , , , 8 8 7 7 8 8 8 7 8 0 8 4 8 0 2 0 9 3 2 4 6 9 1 5 5 2 5 4 3 3 7 3 2 2 4 8 4 3 4 0 7 9 5 I I I ! ! i j 1 4 8 5 6 4 4 4 6 4 8 7 3 3 1 4 6 2 4 1 1 1 9 9 9 3 2 3 0 9 1 — — — J J D D O S M M M u u e e e c c c n n p a a a . . t e e r t r r . . . 2 4 . . 3 2 2 3 2 3 9 2 . 0 . 7 1 4 1 5 _ 7 _ . . . . . v . . . . . j 1 1 1 1 1 1 1 1 1 3 4 4 3 3 3 3 3 2 , , , . , , , , , 6 3 0 7 9 2 2 4 5 2 3 0 6 4 1 8 1 3 2 7 3 4 6 2 8 9 4 M ! 1 . ! ; i 1 ' ' : ' ; - ; : , ' 5 5 5 5 6 5 5 5 5 , | , , , , , , , 8 1 6 4 5 3 7 5 8 1 7 6 8 3 9 3 3 9 4 4 3 4 7 9 6 4 3 : : : . ' ; 8 8 8 8 7 7 7 7 7 , , , , , , , , , 3 0 7 8 3 5 0 4 5 7 4 5 4 7 0 3 5 0 1 9 5 0 7 8 8 2 3 7 8 7 6 9 8 8 9 7 , , , , , . , , , 6 1 4 1 9 0 5 6 6 2 0 0 7 3 6 3 2 8 1 4 5 9 3 7 7 2 8 : ' 2 4 1 2 2 2 1 1 3 6 5 5 8 5 2 3 2 6 0 8 6 4 5 9 0 3 2 ' ' ; ! ; ; : , ; 1 2 2 1 3 3 1 2 1 4 9 8 5 S 4 0 3 2 7 2 4 9 6 9 8 6 3 ! : : ; : ) | j 2 2 l 2 1 1 1 l l , , , , , , , , , 5 5 7 0 4 5 3 4 2 0 2 0 8 4 9 5 5 3 9 5 6 8 8 3 7 2 5 i i ! ! ! : ' | ' 5 5 5 5 5 5 6 7 6 , , , , , , . , , 1 7 4 8 3 4 3 2 4 4 0 6 8 4 7 3 1 2 5 8 2 8 5 0 8 5 9 OTHER BANKS : |; | OTHER BANKS 1 19 9 3 3 1 0— — J N M D A S F O u J e e a o e l u c a b n p c y t g v r o u r e . t c u e b u e m a h . s m e m r a . t y r h r b y b e e e r r r . . . . - . . . . : 1 1 1 1 1 1 1 1 1 2 2 1 1 2 1 1 2 2 , . . , , . . , , 6 0 5 1 5 1 2 1 7 6 0 6 9 2 8 4 0 6 2 9 0 3 7 3 0 1 0 ! \ ! ; ! ! 1 j > : j 1 ; 5 5 5 5 5 5 5 , 5 5 , , , . , , 5 , 1 1 4 3 , 4 4 2 5 0 6 1 0 7 0 6 U 2 8 5 2 1 2 7 8 < 5 ' ) • ! ; ! j j i ' | f 6 6 6 6 6 6 6 i , , , , , , , , 4 4 6 4 5 6 6 6 9 9 7 6 8 3 8 3 1 6 4 9 9 5 5 7 5 6 6 6 5 5 6 5 5 8 8 0 9 1 0 7 0 9 0 7 S 7 5 8 8 5 0 i : : ' i 2 2 3 2 2 2 2 2 2 8 2 6 1 7 6 5 6 8 ; I i i ! i , : 1 1 1 1 1 1 1 1 1 3 6 4 7 5 4 6 9 f 6 > 6 4 8 8 4 6 3 3 1 1 1 1 9 9 9 9 2 2 3 3 8 9 0 1 — — — — J J D D S O D M M M u u e e e c e n n p a a c c a t c e e . . . r r t . r . . . . 3 3 3 2 3 4 2 2 2 1 2 0 1 9 1 . . 5 7 7 _ 4 . . . P _ . . . . . . . J ! _ ' | i j 8 8 8 8 8 8 8 8 7 7 , , , , , , , , . , 2 5 2 0 4 2 7 3 ( 5 > 2 5 0 5 8 0 6 6 1 2 9 1 7 4 1 6 2 4 7 3 . ; j ! ' : ' - ! ; : ! : ; 2 2 1 2 2 2 2 2 2 2 . , , , , , , , , , 1 3 0 2 1 9 0 2 2 9 1 5 1 3 2 9 0 0 0 9 4 5 9 7 4 5 1 9 5 9 1 ; ' : ! | ! , j6 6 5 6 6 6 6 6 5 5 , , , , , , , , , , 4 4 6 3 0 0 1 8 3 1 1 0 1 0 6 1 0 3 3 2 4 9 4 1 8 6 6 3 4 " i ; ' 8; 4 5 5 4 4 5 5 4 4 , , , , , , , , , 3 3 8 8 8 9 7 1 7 l 3 7 6 4 7 4 0 l 6 8 t 5 7 7 2 2 7 f - - , ; - ' ; ' ! ! j ' ' ' 3 4 3 5 3 3 1 7 8 2 1 0 2 2 - ' / ! , ' i 2 2 1 1 1 1 1 1 1 1 0 6 7 1 4 9 4 2 6 1 7 3 0 1 ! ! 2 4 0 ' 0 4 6 , ; : ! ; j 2 3 3 3 3 2 1 1 0 7 7 1 5 4 2 5 1 3 8 6 6 6 4 9 5 6 9 8 ! ! ! ; : : j ; ' 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , 7 5 4 5 5 7 5 6 4 5 5 5 3 8 4 5 1 7 2 8 1 4 ? 0 4 2 9 5 3 9 i Member banks in 62 legally designated cities: 2 centra] reserve * See note 1 of preceding tablo. *> Preliminary figures. cities (New York and Chicago) and 60 other reserve cities; see table on 1 Loans (secured by stocks and bonds) to brokers and dealers in securip. 295. ties in New York City. ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, AND DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS) [In millious 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 Mem- Xon- I ij Total' ! Loans ^ Total ba A n ll ks ba b n e k r s r b n a em nk b s er 1924—June 30... 45,180 31,523 i 13,657 I 27,167 ; 19, 204 7,963 | 18,013 12, 320 5,693 I 43,405 25, 711 17, 694 Dec. 31... 47,182 I 32,440 ; 14,742 i 28,746 ! 19,933 8,813 ! 18, 437 12, 507 5,929 I 45, 835 27,836 17,999 1925—June 30... i8, 83C 33,865 i 14, 965 29,518 20, 655 8,863 I 19,312 13, 210 6,102 I 47, 612 28, 440 19, 172 Dec. 31... 50, 603 35,640 i 14,963 j 30,884 i 21, 996 8,888 19, 720 13, 644 6,076 !49, 224 30, 029 19,195 1926—June 30... 51, 562 36,157 ! 15,404 31,184 22,060 9. 123 j 20, 378 14, 097 6,281 49, 733 29, 781 19,952 Dec. 31... 52.018 36,759 i 15,260 i 31.642 ! 22, 652 8,990 ! 20, 376 14,106 6, 269 50, 029 30,474 19,555 1927—June 30... 53, 750 37,360 \ 16,391 32,756 I 22,938 9,818 I 20, 994 14.421 6,573 51,662 31, 269 20,393 Dec. 31... 55,450 38,407 i 17,043 ' 34,247 ; 23,886 10,361 : 21, 204 14, 521 6.683 52, 909 32, 063 20,846 1928—June 30.. . 57.265 ! 39,464 ; 17,801 , 35,061 24, 303 10,758 j 22, 204 15,161 7,043 53, 398 32,133 21, 265 Oct. 3 57,219 I 39,671 ]. 17,549 ! 34,929 ! 24,325 I 10,604 22, 291 15, 346 6,945 53, 720 32,138 21, 582 Dec. 31_._ 58.266 j 40,763 ! 17,504 , 35,684 i 25,155 10,529 22, 582 15,607 6,975 56, 766 34, 826 21,940 1929—Mar. 27... 58.019 ! 40,557 j 17,462 ! 35,393 ; 24,945 10,448 22, 626 15,612 7,013 54, 545 33,215 21,330 June 29... 58,474 i 41,512 ! 16,962 ' 35,711 ! 25, 658 10,052 j 22, 763 15,853 6.910 53,852 32, 284 21, 567 Oct. 4 58,835 I 42,201 I 16,634 I 35,914 i 26,165 9,749 22. 922 16, 036 6,885 55, 180 33, 004 22,176 Dec. 31... 58,417 i 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 l 35,056 '' 25,119 ! 9,937 22, 331 15, 568 6,763 53,185 32, 082 21,103 June 30... 58,108 I 40,618 ! 17,490 j 35,656 i 25,214 j 10,442 22,453 15, 404 7.048 54,954 33, 690 21,264 Sept. 24... 57,590 I 39,715 ! 17,875 i 35, 472 24,738 10. 734 22,118 14, 977 7, 141 52. 784 31,839 20, 945 Dec. 31.... 56,209 i 38,135 i 18,074 34, 860 ! 23, 870 ! 21,349 14,264 7,085 53,039 32,560 20, 479- 1931—Mar. 25... \\P 34,748 i '22,828 ;: 11,920 Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN MAY, 1931 REPORTING MEMBER BANKS BROKERS' LOANS [In millions of dollars. Monthly data are averages of weekly figures] REPORTED BY THE NEW YORK STOCK EXCHANGE Loans and investments Bor- {Net borrowings on demand and on time. In millions of dollars] row- Month or date Loans ings at From New From private o AA th III e I r ! l m v e e n s ts t;; i b F a . . n RR ks .. End of month Total an Y d o p t r r k a u n s b i t e a s n co k m s - f b o a a r g n e e i k g n s n c , i b e b s r a , o n k e k t e i c r n . s g , BY M0NTH3 1930 1931 i; 1930 1931 1930 1931 Total: 1930—April 22,657 16,901 8,270 8,631 5,756 71 May ._ 22,662 16,825 8,312 8,513 5,837 59 January 3,985 1,720 ! 3,368 ! 1,557 616 163 June 23,024 17,047 8,560 8,487 5,977 53 February 4,168 1,840 I 3,529 | 1,646 639 194 July _. 23,101 16, 906 8,391 8,515 6,194 53 March _ 4,656 1,909 ! 4,026 I 1,692 631 217 August 23,128 16,838 8,349 8,488 6,291 43 April 5,063 1 1,651 I 4,409 | 1,389 654 262 September 23,220 16,859 8,383 8,476 6,361 44 May 4,748 4,139 U 609 October 23,409 16, 834 8,237 , 8, 597 6,575 56 June 3,728 3,201 527 November 23,455 16, 673 7,897 8,776 6,782 71 July.— 3, 689 3,227 462 December -. 23,117 16, 332 7,776 8,557 6,784 141 August _. 3,599 3,109 489 1931—January 22,660 15,894 7,495 8,399 6,766 82 September __ 3,481 3,057 425 February 22,659 15,557 7,315 8,242 7,102 57 October 2, 556 2,299 257 March.. _ _j 22.839 15,452 7,302 8,150 7,387 j 35 November 2,162 1,928 234 April I 22,942 15,197 7,157 8,040 7,745 j 26 December 1,893 1,694 199 New York City: ; 1930—April ._{ 7,829 5,868 3,383 2,485 1,961 ! 17 May 1 7,852 5,878 3,459 2,418 1,974 ! 11 1 Call loans, $1,466,000,000; time loans, $185,000,000. June - I 8,117 6.099 3, 701 2,398 2,019 i 5 J A u u ly g ust -J i 8 8 , . 0 0 9 7 7 8 5 6 ; ,00 98 4 4 3 3 , , 5 5 5 8 8 8 2 2 , ,4 4 1 2 6 6 2 2, , 0 0 9 9 3 4 '. MADE BY REPORTING MEMBER BANKS IN N. Y. CITY September 8,088 5,998 3,584 2,415 2, 090 j October 8,313 6,141 3,629 2,512 2,172 [In millions of dollars. Monthly data are averages of weekly figures November 8,421 6,055 3,401 2,653 2, 367 i December _. 8,166 5,837 3,341 2,496 2, 329 ' 1931—January 7,906 5,583 3,111 2,472 2,323 i For ac- February 7,965 5,489 3,079 2,410 2,476 ! For count of For ac- March 7. W75 5. 471 3.176 2, 295 2,504 L Month or date Total own ac- out-of- count of April 7,889 , 5,322 3,080 2,242 2,567 '. count 1 town others Other leading cities: | banks2 1931—January— | 14,754 I 10,311 4,384 5,927 4,443 ! February —' 14.694 j 10,068 4,236 5.832 4,626 j March I 14.864 9.981 4,126 5,855 4,883 ' 1930—April 4,115 1,557 1,183 1, 376 April j 15,054 9,875 4,078 5,797 5,179 ! May 4,030 ! 1,665 1,062 1,302 Total: BY WEEKS I J J u u l n y o. _. 3 3 , ,2 8 2 2 4 5 1 1 , , 8 6 3 3 1 1 9 7 1 4 7 7 1,078 1931— A A A A M p p p p a r r r r . r . . . . 2 8 1 1 2 2 5 5 I ; 2 2 2 2 2 2 2 2 3 3 . , , . . 9 8 9 0 0 3 8 4 4 5 3 7 6 5 1 1 1 1 1 1 5 5 5 5 5 , , , , . 1 4 2 3 3 7 5 8 21 9 0 8 2 2 7 7 7 7 7 , , , , , 1 1 1 3 2 3 4 9 5 4 8 6 4 6 9 8 8 8 8 8 , , , , , 0 1 1 0 0 2 2 0G 0 1 1 6 6 4 7 7 7 7 7 , , , , , 8 7 6 5 5 4 9 5 3 7 1 8 3 6 3 • ' 1 I I D A N S O e u e o c p t c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 2 3 2 2 3 , , . , , 1 1 2 0 7 7 5 4 6 1 4 0 9 9 3 1 1 1 1 1 , , , , , 6 6 3 6 2 7 7 5 5 6 6 5 7 9 6 6 5 7 4 3 9 3 3 5 3 2 7 5 0 9 5 4 4 7 5 5 0 4 8 7 7 8 New Yo A rk p r C . 2 it 9 y : j j 22.896 14, 993 7, 052 i 7, 941 7,903 i 1931— F J e a b n r u u a a r r y y . . . . . . . 1 1. , 7 7 9 5 8 9 1 1, , 1 1 8 3 6 2 3 29 2 0 9 2 3 8 3 3 7 1931— A M p a r r . . 1 2 5 I 8 7, , 9 0 7 3 4 6 5 5, , 5 4 2 5 1 1 3 3, , 1 2 8 4 3 4 2 2, , 2 2 7 68 7 2 2 , , 5 5 1 2 5 3 : ; M Ap a r r i c l h 3 1 1 . , 8 8 5 2 8 4 : !' 1 1 . , 3 3 2 3 2 5 2 2 6 7 4 1 2 2 5 3 9 1 A A A A p p p p r r r r . . . . 2 2 8 1 9 2 5 | ! j • 7 7 7 ? , , , 8 8 8 3 « 5 9 4 8 7 ™ 5 5 5 5 , , , , 3 3 2 3 1 3 0 0 1 8 7 2 3 3 3 3 , , , , 0 0 0 0 8 0 6 6 3 3 3 6 2 2 2 2 , , , , 2 2 2 2 4 0 5 3 8 5 4 6 2 2 2 2 , , , , 5 5 5 62 6 5 5 7 6 9 9 • i ; ' A A A p p p r r r . . . 1 8 1 5 . . . . . . . . 1 1 1, , , 8 8 8 4 2 7 9 2 5 i : ' ! . 1 1 1 , , , 3 3 2 9 2 7 1 4 7 3 2 2 8 0 5 6 0 8 2 2 2 3 4 2 9 5 6 Other leading cities: Apr. 22.. 1,844 ! 1, 350 270 224 1931—Mar. 25 15,010 9,949 4,105 5,844 5,061 I Apr. 29.. 1,730 ;j 1,268 243 219 Apr. 1 14, 959 9,931 4,073 5, 858 5,028 A A A A p p p p r r r r . . . . 2 8 2 1 2 9 5 1 1 1 1 5 5 5 4 , , , , 0 1 1 9 6 5 0 8 2 4 7 7 9 9 9 9 , . , , 9 8 7 9 8 2 2 1 6 0 8 0 4 4 4 i , , , , 0 0 1 0 8 4 1 7 0 9 1 5 5 5 5 5, , , , 8 7 7 8 0 5 3 3 9 3 7 0 5 5 5 5 , , , , 2 2 0 2 7 3 7 7 9 4 7 6 ba * 1 » n C M W ks a e e l o l m e n k l b o l l y y e a ) r n ; r s e a , i p n n $ o d c 1 r l , t u 4 n i 6 d n o 3 e g n , s 0 m m 0 u 0 e n e , m 0 k m 0 n b b 0 o e ; e r w r t i n b b m a a a n e n m k k l s o o s a u o i n n n u s t t , N s f $ i o e d 3 r w e 6 c 1 N u , Y 0 s e 0 o t w 0 o r , k m 0 0 Y e C 0 r o . s i r t k y o . f C th it e y s e ( b d a o n m k e s s . tic ACCEPTANCES AND COMMERCIAL PAPER [In millions of dollars] Bankers' acceptances outstanding dollar acceptarces) HelcI by Federal reserve Held by group of accepting banks Commercial End of month banks paper out- Total F ac o c r o o u w n n t o F f o f r o r a e c ig c n o u c n o t r- Total Own bills Bills bought others standing respondents i 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 19309 1931 1930 1931 January _. _. 1, 693 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 1,520 269.2 85.0 503. 0 456.0 182.9 549.5 70.7 151.4 112.2 398.2 668.8 429.5 457 315 March 1,539 1,467 277.3 123.2 482.5 431.5 166.7 472.2 71.9 130.9 94.7 341.3 612.9 440.1 529 311 April 1 414 208 5 465 5 157.5 54.7 102.8 582.2 553 May 1 382 184.0 462.8 165.6 62.6 103.0 569.8 541 June 1 305 126 8 469 7 205 1 63.7 141.4 503.3 527 July 1 350 129 0 479 2 278.6 62.5 216.1 462.9 528 August 1 339 167 0 470.7 267.3 95.1 172.2 434.4 526 September 1,367 -J 207.7 431.6 316.7 130.9 185.8 410.8 513 October 1,508 141.3 433.1 384.2 172.4 211.8 549.7 485 1 571 143 0 428 8 493 0 i j 180 2 312 8 506 6 448 December 1,556 327! 9 439. 3 371.5 i i 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 dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 255 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 b m a b e n e m r ks - Total In C Y i N o ty r e k w 2 I c n a g C o h 2 i- I r c n e i s t o i e e t r h s v e 3 e r b o a th n e k r s Month 1928 1929,11930 1931 1928 1929 1930 i 1931 1 1 9 92 2 8 9 — — J O D M u c e n a t c e . r . . 4 2 3 2 9 1 7 5 5 6 64 7 3 4 0 0 8 8 6 5 5 5 0 2 9 0 9 1 5 1 | 2 2 3 3 1 8 0 5 4 8 2 1 4 6 6 6 0 7 8 2 2 2 1 1 4 2 9 7 1 5 6 3 3 4 3 4 9 5 7 9 J A M F M a e p n a a b r y u r i r l a c u r h a y r . y _ .. . 20 6 7 3 3 8 1 1 1 8 6 6 0 8 , , , , , 1 3 9 9 3 9 9 5 8 5 4 0 3 3 2 2 2 1 1 9 7 4 6 , , , , , 7 0 0 4 7 9 0 9 1 4 0 2 0 3 6 3 2 3 2 1 3 3 9 2 8 , , , , , 8 9 7 3 3 0 0 6 8 1 0 3 9 8 5 ' ' 3 3 4 7 5 5 9 8 , , , , 4 3 4 6 2 3 6 7 6 7 8 5 Dec. 31 714 669 ! 322 88 258 45 June 13,496 19, 219 70, 566 1 1 9 9 3 3 1 0 — — J D S M M u e e n a p a c e r . r t . . . 3 3 2 2 2 1 0 5 7 4 P _ 5 5 4 6 4 2 3 6 3 4 7 5 6 1 6 4 4 4 3 5 7 6 0 8 6 4 2 4 8 9 1 2 1 1 1 9 9 8 5 6 9 6 3 4 9 5 5 4 4 5 8 0 1 1 5 2 2 2 1 1 0 2 9 3 9 5 8 4 1 3 6 6 6 6 5 5 2 2 2 8 J A N S O u e u o c l p y g v t t o u e e b m s m t e b b r e . e . r r . I ! 7 4 2 1 68 j 254 24 5 6 9 7 , , , , , 0 1 3 8 7 1 4 6 8 8 1 7 8 8 4 6 2 1 1 8 6 2 3 0 , , , , , 1 5 6 1 0 6 4 3 5 5 1 6 2 3 0 1 3 2 2 2 8 4 3 6 2 1 , , , , , 3 9 6 3 5 3 5 6 0 9 3 1 6 9 6 December ! 44 52 | 344 11,076 15, 730367,119 1 Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. 295. Year 491 642 j 1,345 138, 642234,532 |864,715 2 Central reserve city banks. « Other reserve city banks; see table on page 295. p Preliminary figures. 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 securities * and eligible paper (including paper under rediscount) Member By reserve city t)anks 2 By other banks By all member banks bo b r a r n o k w- Date U.S. 1 U. S. U.S. F in e g d s e r a a t l c m G u e o ri n v t t e i e r s s n e - 1 - 1 \ E p li a g p i e b r le Total c m G u e o ri n v t t e i e r s s n e - * - E p li a g p i e b r le Total c m G u e o ri n v t t e i e r s s n e - 1 - E p li a g p i e b r le Total r b e a se n r k v s e i 1926—June 30 2,210 ! 2,825 5,035 884 2,100 2,984 3,094 4,925 8,019 516 1927—June 30 . 2,299 ! 2.775 5,074 847 1,992 2,839 3,146 4,767 7,913 441 1928—June 30 -. 2,714 1 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 i 2,349 5,079 932 1811 2,744 3,662 4, 160 7,822 1,041 1929—Mar. 27 2,832 , 2.582 5,414 974 1,761 2, 735 3,807 4,343 8,150 981 June 29 2,577 | 2,688 5,265 929 1,773 2,702 3,506 4,461 7,968 1,029 Oct. 4 _ 2,469 : 2,865 5,334 912 1,733 2,645 3,381 4, 598 7,979 899 Dec 31 2,403 i 2,713 5,116 814 1,684 2,498 3,217 4,397 7, 614 646 1930—Mar 27 2,619 i 2,542 5,161 818 1,662 2,480 3,438 4,204 7, 642 206 June 30 2, 640 2,285 4,925 772 1,620 2,392 3,412 3, 905 7,317 274 Sept 24 2,682 : 2,271 4,953 764 1,541 2,305 3,446 3,812 7, 2-58 173 Dec. 31 2, 777 : 2,100 4,877 708 1,438 2,146 3,485 3,538 7,023 248 i 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 CO o thcr reserve cities; see table on p. 295. NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC. [For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for De uiber, 1930, pp. 766-768 and 411-417] Single-office banks Banks operating branches Banking offices Member Member Nonmeinber Date Banks * (b p a lu n s ks Total m N em on b - er National State branches) National State Banks Branches Banks Branches Banks Branches 1924—June 30 28,996 31,289 28,282 7,972 1,379 18,931 108 248 191 1,137 415 908 1925—Dec. 31 28,257 30,899 27,472 7,916 1,245 18,311 132 332 196 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 ,560 445 950 June 30 26, 781 29,775 25,989 7,638 1,123 17, 228 152 722 186 ,301 454 971 1928—June 30 25,950 29,180 25,115 7,516 1,058 16, 541 169 941 186 1L, 220 480 1,069 1929—-June 30 .. 25,115 28,555 24,297 i 7,366 987 15,944 164 993 190 i ]L, 298 464 1,149 Dec. 31 24, 630 28,177 23,808 7,237 939 15,632 166 1,027 180 L,299 476 1,221 1930—June 30 23,852 27,470 23,035 7.082 899 15,054 165 1,041 169 L, 308 483 1,269 Dec. 31 22, 769 '26,308 21,993 6,872 859 14,262 161 1,106 160 1,286 455 r 1,147 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. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN MAY, 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) Selected groups of industrial issues Pre- Month or date .Bonds1 ferred stocks; Total I ! I t n r d ia u l s- R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e B e m q i u n e u i g n l i d p t - - C s h to a r i e n Ch ic e a m l - b C a p r o n a e p d r s - s e t m E r q i l e u e c n c i a p t - l - c M e h r i a y n - - Oil Steel T t e il x e - Number of issues 60; 20 404 337 33 34 17 9 10 16 10 30 1930—April i 97.8 ! 128.2 181 171 | 142 264 162 127 101 282 174 359 173 156 196 83 May | 98.0 j 127.6 171 160 136 250 152 116 97 257 151 327 170 148 174 77 June 98.2 126.8 153 143 125 224 134 100 90 223 135 290 152 133 161 69 July 98.7 125.9 149 ! 140 124 215 132 98 S9 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 j 100. 0 | 127.9 149 I 139 ! 123 216 133 100 96 230 114 283 154 125 162 68 October : 99.9 j 126.8 128 ; 118 ! 111 187 108 84 88 191 93 225 134 106 142 56 November i 99.1 124. 7 117 109 | 102 167 101 77 82 176 91 196 120 97 131 i 55 December • 97.8 121.7 109 102 ! 94 158 100 71 78 168 80 182 117 88 125 ! 51 1931—January ! 99.6 I 123.6 112 103 ! 100 163 106 74 78 162 82 176 120 89 124 ! 53 February | 99.4 | 124.8 120 no; 105 178 120 78 86 174 91 194 126 91 132 ! 55 March ! 100.0 126.4 j 122 112 ! 97 189 129 81 90 173 96 201 125 85 133 58 April I 99.6 125.3 \ 109 100 ; 87 170 117 70 86 148 79 172 109 74 116 52 Mar. 25 ! 100.2 | 126.7 j 123 113; 97 ! 190 133 81 92 174 95 204 125 83 133 59 Apr. 1 ! 99.9 i 126.1 \ 115 106 j 91 177 122 75 89 160 84 184 121 78 125 56 Apr. 8 j 99.6 125.7 '• 114 105 91 176 123 74 87 157 83 184 118 i 123 54 Apr. 15 ; 99.7 I 125.5 ! 112 103 '• 88 ; 174 124 72 87 152 83 172 ! 113 ! 77 i 118 53 Apr. 22 ' 96.6 125.0 ! 106 97 i 85 165 112 86 145 76 165 101 71 ! 112 51 Apr.29 ! 99.4 124.4 1 100 ] 90 i 82 157 106 83 127 156 95 65 j 101 48 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)] Domestic issues l By By member banks other lend- Year and month I I 1 d t T i o c o m t a a e n l s , d - G er o n v - - Corporate F is o s r u e e ig s3 n ers* ! foreign (m m u e n n i t c-. Bonds Call date I Total* i To ipal) (and Stocks brok I notes) , Total To , ers in others New York 1922 ; 4,395 3,631 1,072 1,645 570 764 < City l 1923 ; 4,440 4,019 1,043 I 1,989 659 421 1924 i 5,557 4,588 1,380 I 2,200 829 969 1925 i 6,205 5,129 1,356 2,452 i 1,152 1,076 1928—Oct. 3.... J12,429 !! 8,819 274 1,899 850 5,796 3,610 1926 6,282 5,157 1,312 2.667 ' 1,087 1,125 Dec. 31— .14,062 ! 110,172 2,556 975 6,373 3,890 1 19 9 2 2 8 7 ... _.i i 7 7 , , 4 9 8 7 9 9 6 6, , 7 1 2 5 8 2 1 1, , 3 4 8 2 7 3 3 2 , , 1 3 8 7 2 8 2 1 , , 9 4 0 6 0 0 1 1 , , 3 2 3 5 7 1 1929—Mar. 27... Jl4,613 ! 9,693 274 1,879 1,014 6,526 • 4,920 1929. ' 10,005 9,334 1,398 2,068 5,868 671 Jun8 29... _ 115,144!j 10,094 335 2,025 921 6,813 ! 5,050 1930 1 6,918 6,013 1,441 2,980 1,503 905 Oct. 4.... -i 16,974 10,314 320 1,885 939 7,170 6, 660 Dec. 31... .. (12,835 .; 10,505 357 1,660 803 7,685 2,330 1930 I il M A J M u p a a n r r y i e c l h ,. 1, 7 0 5 9 3 6 6 7 9 5 2 5 9 2 9 8 0 8 1 1 1 1 2 4 4 4 2 7 2 3 3 3 4 2 9 2 4 2 3 1 0 5 2 4 1 1 6 0 2 5 1 7 3 2 2 1 1 1 6 4 2 0 9 7 5 6 1930— J S D M u e e n p a c e . r t . . 3 3 2 2 0 7 4 1 . . . . . . . . . . . . . - . 1 j i | 1 1 1 1 1 2 2 0 , , , , 5 0 6 1 1 4 2 5 5 4 1 4 ' ' j 1 1 1 1 0 9 0 0 , , , , 6 7 3 5 5 5 3 1 5 4 4 1 2 2 3 1 6 3 1 7 0 0 5 5 2 2 2 1 , , , , 3 3 4 4 4 6 7 9 4 5 2 8 I • j ! 7 8 7 6 1 0 7 7 9 6 4 5 7 7 7 7 , , , , 0 2 2 0 2 4 6 9 4 2 6 0 i 2 1 1 , , , 0 3 4 3 1 6 0 1 0 0 0 0 July 559 475 108 297 70 84 August 183 166 82 44 40 17 1931—Mar. 25 P.._' 9,563 218 1,629 : 570 ; 6,866 280 September. 381 376 77 222 62 5 D N O e c o c t v o e e b m m e b r b . e — e r r . . . . 3 3 3 8 5 3 1 1 2 2 3 2 6 4 9 5 8 5 1 1 8 6 8 6 8 6 1 1 9 1 0 3 7 5 2 1 7 2 8 1 5 8 1 6 4 6 e Y ig o 1 n r F k o b C r a n i l t e k y n s d , a e r c r e o s i r n o p c t o h l r u e a d r t e i t o d h n a s i n n , a e m v tc e a . m i — la b o b e n l r e ly b r a e s n p e k o c s r u — t r s i . i t . y e l . o , a n n o s n m to e m br b o e k r e b rs a n in k s N , f e o w r- 1931 v Preliminary figures. January 385 334 49 I 235 February 232 202 119 48 March <992 *959 * 685 250 1 Source Commercial and Financial Chronicle. * Annual totals of foreign issues are as finally reported by Department of Commerce-; monthly figures of foreign issue are as compiled currently by the Federal Reserve Bank of New York and are subject to revision. 3 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. * Includes Treasury issues (exclusive of refunding): $408,925,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1931 FEDERAL RESERVE BULLETIN 257 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- Freightjcar loadings ' in tr g a c c o ts n-| Factory em- t F o a r c y - j Merchandise in Com- Year and month Total Manufactures Minerals aw e a d rd- ployment r p o a l y ls Total j | les l s o - a th d a n lo - t c s ar- m i o t d y pricesf Unad- ] Ad- Unad- Ad- Unad- Ad- Unad- Unad- j Ad- Unad- Unad- Ad- i Unad- Adjusted j justed justed justed justed justed justed justed | justed justed justed justed || justed I justed 1919._ 831 84 77 62 107 i. 84 139 1920.. 87i 87 89 62 108 !. 118 91 71 154 1921.. 67 67 70 56 82 j. 77 79 87 98 1922.. 85 |- 87 74 78 90 ; 81 87 94 97 1923.. 101 101 105 84 104 103 100 96 101 1924.. 95 94 96 94 96 I. 96 97 99 98 1925.. 104i ... 10.' 99 122 100 i. 101 103 105 104 1926-. 108 108 !. 108 129 101 104 106 105 100 1927.. 1061 106 j. 107 128 99 102 103 105 95 1928.- 111 112 j. 106 134 97 I 102 103 104 98 1929.. 119 119 I. 115 117 101 I 108 106 105 97 1930-- 97! 96 |. 99 92 87 92 97 1926 December... 101 ( 106 104 113 119 131 100 , 101 104 108 j 101 105 1927 I I January 105 106 104 104 : 112 116 ! 94 98 i 100 99 106 105 97 February 111 108 110 107 ! 113 117 ! 96 100 100 105 99 107 | 102 104 96 March 113 111 113 109 '•• 111 118 151 100 100 106 102 109 I 106 105 95 April 110 108 112 109 : 96 107 147 100 105 99 106 106 104 94 May... 112 111 113 111 ; 108 109 134 99 104 105 103 106 104 94 June 107 108 107 109 i 108 105 154 100 102 105 104 105 105 i 94 July.... 102 106 102 107 ! 103 100 130 99 99 104 102 104 105 i 94 August 105 j 106 104 106 ! 111 106 134 99 102 109 104 I 105 105 j 95 September... 107 ! 105 106 105 i 111 104 127 101 98 102 116 103 j 110 105 ! 97 October 105 103 104 102 I 112 105 137 99 98 103 114 101 ! 109 104 ! 97 November... 101 100 100 • 100 I 105 101 114 97 97 101 98 | 106 104 i 97 Deeember... 96 101 95 | 100 : 97 103 116 95 97 104 | 97 1928 January 105 106 106 ! 106 ! 100 103 104 96 92 102 ! 105 ! February 111 108 113 j 109 ! 99 103 113 101 94 I 102 j 101 104 ! March 112 109 114 ! 109 I 98 103 144 103 97 103 I 105 104 I 96 April 110 109 113 ! 110 ! 94 105 156 100 96 101 i 105 103 ; 97 May 110 109 Ill i 110 I 104 105 162 101 105 103 i 108 104 l 99 June 108 109 109 ! 111 104 101 158 101 101 i 100 i 103 103 98 July. 105 109 105 111 '. 103 101 142 98 105 102 104 105 ! 98 August 110 in 110 113 , 111 105 126 103 109 103 104 104 i 99 September... 116 | 114 llfl 115 i 115 107 142 100 , 104 119 105 109 105 i 100 October 118 : 116 117 116 : 123 114 145 100 I 107 119 106 ! 109 104 ! 98 November... 115 116 115 116 | 117 113 115 104 109 107 j 107 105 i 97 December-.. 109 117 110 117 I 106 112 105 100 104 94 106 I 105 i 97 1929 January 117 118 ! 117 . 118 j 114 118 99 97 100 101 95 | 108 i 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 I 105 ! 106 105 j 98 April 124 122 128 ! 123 ! 103 115 156 102 102 111 102 108 i 107 104 i 97 May 126 124 128 i 126 J 116 116 143 102 102 111 109 107 I 107 104 i 96 June 125 126 127 i 129 i 116 112 129 102 103 110 110 108 i 105 105 ' 96 July 120 124 120 i 126 ' 118 114 159 102 103 106 111 107 j 105 106 ! 98 August. 122 123 i 122 i 124 j 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 ; October 121 118 i 119 118 ' 127 118 108 103 101 ! 111 118 104 109 104 November... 108 108 107 108 ' 114 110 95 99 99 i 103 102 102 106 104 '' 94 December... 101 93 110 116 77i 95 97 I 99 102 96 103 ! 94 I 1930 January 104 104 103 , 103 i 108 j 112 79 93 ; 96 i 94 89 100 94 101 : 93 February 110 107 111 i 107 i 104 ! 109 77 93 94 i 91 99 98 101 ! 92 March. 107 104 110 106 ; 91 ! 96 111 93 ! 93 i 90 96 101 100 91 April.. 108 107 111 ' 107 | 93 ! 104 118 93 ! 92 93 97 101 91 May 106 104 106 ; 105 i 102 ; 103 111 91 ' 91 ! 97 96 101 89 June 99 100 99 ' 100 j 103 ! 100 146 90 I 95 93 98 87 July 91 95 90 i 94 ; 100 | 97 I 89 87 ! 95 92 94 95; 84 August 90 91 ; 91 | 101 96 84 85 : 84 1 96 89 95 95 84 September- 93 91 90 i 100 i 94 I 81 83 i 99 87 99 95 , 84 October 90 87 • 85 104 ! 98 j 82 82 I 97 86 97 93 83 November... 85 : 84 84 ! 95 I 92 62 81 : 81 ! 86 84 94 92 December... 82 76 i 94 | 61 79 i 80 ! 74 84 92 1931 January '83 : '82 '82 : 86 ! 90 i 55 76 ' 74 ! 82 90 ; 77 February 89 84 i 88 j 57 77 78 , 74 , 80 87 89 76 March "82 i 87 90 78 ' 75 I 80 75 * Average per working-day. For recent revision of indexes of production and freight-car loadings see BULLETIN for February, 1931, pp. 107-108. I t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for groups and subgroups of commodities are given on p. 261. » Preliminary. r Revised. 54780—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDEKAL KESEKVE BULLETIN MAT, 1931 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average** 100] 1931 Industry MANUFACTURES IRON AND STEEL Pig iron — Steel ingots TEXTILES _ Cotton consumption Wool - — Consumption Machinery activity Carpet, rug loom activity Silk Deliveries Loom activity l FOOD PRODUCTS Slaughtering, meat packing. Hogs... Cattle Calves Sheep- Flour -- Sugar meltings. _ PAPER AND PRINTING Wood pulp and paper Newsprint -.- Book paper Wrapping paper. Fine paper-. Paper boards Wood pulp, mechanical Wood pulp, chemical. Paper boxes Newsprint consumption TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shipbuilding LEATHER AND PRODUCTS Tanning Sole leather 1-_- Upper leather- Cattle Calf and kip. Goat and kid Boots and shoes CEMENT AND GLASS: Cement__ Glass, plate >T ONFERROUS METALS 2. Copper (smelter) Tin deliveries) 1. FUELS, MANUFACTURES: Petroleum refining Gasoline * Kerosene Fuel oil Lubricating oill Coke (by-product) RUBBER TIRES AND TUBES Tires, pneumatic Inner tubes TOBACCO PRODUCTS. Cigars Cigarettes MINERALS COAL: Bituminous Anthracite Petroleum, crude Iron ore shipments Copper (mined) Zinc _ Lead Silver-. _. i Without seasonal adjustment. J Includes also lead and zinc; see " Minerals. Revised. » Preliminary. NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals) most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. For recent revision see BULLETIN for February, 1931 (p. 107). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

259 MAT, 1931 FEDERAL RESERVE 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 AdjustecI for seasonal varia- Without seasonal adjustment tion Industry 1931 1930 1931 1930 1931 1930 March February March March February March March February March TOTAL—ALL MANUFACTURING INDUSTRIES 78.1 77.3 93.1 77.9 77.8 92.9 74.9 73.2 98.2 IRON AND STEEL AND PRODUCTS 77.7 76.5 92.8 76.6 75.9 91.6 70.0 67.5 97.1 Steel works and rolling mills 80.3 79.1 95.1 78.6 78.0 93.0 73.8 70.5 101.3 Hardware 70.6 70.5 86.9 69.6 69.3 85.6 58.9 57.8 84.5 Structural iron work _ _ . _. ._ 86.4 86.9 107.4 S8.8 88.9 110.3 75.0 75.9 108.6 Heating apparatus 67.6 65.0 81.4 67.9 65.9 81.8 54.6 54.2 77.8 Steam fittings 66.4 66.4 77.4 65.6 65.7 76.4 54.4 57,2 75.6 Stoves _ 68.7 63.7 85.0 70.1 66.0 86.7 54. S 51.3 79.9 Cast-iron pipe 66.6 64.7 80.1 67.0 67.2 80.5 62.4 57.9 81.4 MACHINERY 80.4 81 1 108 5 79.3 80 6 106.9 72.0 71.9 115.1 Foundry and machine-shop products 74.0 74.0 99.2 72.7 73.7 97.5 64.3 63.4 104.6 Machine tools __ 90.7 90.8 142.1 89.0 89.2 139.4 73.1 72.3 142.8 Agricultural implements 87.3 99 6 160 3 81.3 93 6 149.2 74.9 92.9 179.6 Electrical machinery .- - 92.3 93.1 118.1 92.3 93.1 118.1 89.6 89.6 128.2 TEXTILES AND PRODUCTS _ . 82.7 79.4 92.9 79.7 77.2 89.4 SI. 9 76.9 96.6 A. Fabrics 79 4 77 4 89 3 77.9 75 9 87.6 74.3 72.7 87.3 Cotton goods 76.8 73.3 87.7 75.3 71.4 86.0 67.9 63.9 80.3 Woolen and worsted manufactures 68.4 66.6 73.3 68.1 65.3 72.9 60.9 59.8 63.6 Woolen and worsted goods 68.1 66.6 70.3 68.1 65.3 70.3 61.6 60.6 61.5 Carpets and rugs 70.4 66.3 89.4 68.0 64.9 86.3 57.9 56.2 73.3 Hoisery and knit goods 84.3 83.4 96.0 82.6 82.4 94.0 81.7 83.2 108.8 Silk manufacturers ._ 85.6 86.7 99.9 83.3 85.4 97.3 82.9 85.5 106.8 Dveing and finishing textiles 108.0 108.1 112.9 105.3 105.4 110.2 113.2 115.2 120.4 B. Wearing apparel _ _ 91.0 84.1 101.9 84.0 80.4 94.2 97.4 85.4 115.4 Clothing, men's 60 1 58.7 67.4 58.9 57.2 66.0 57.6 54.8 68.8 Shirts and collars 84.8 81.7 102.1 83.4 80.1 100.5 74.3 70.3 96.7 Clothing, women's 138 6 126 8 154 9 122.2 116 7 136.6 150.5 132.7 179.3 Millinery _ . 90.3 72.8 94.6 79.6 74.3 83.4 104.8 72.1 113.9 FOOD AND FRODUCTS 88.1 89.4 95.0 89.9 90.3 96.9 89.2 91.6 99.7 Baking _._ 95.3 95.3 102.1 95.9 97.1 102.7 94.5 95.2 105.4 Slaughtering and meat packing 85.5 89.1 92.7 87.2 86.4 94.6 89.5 95.6 98.4 Confectionery 85.4 87.0 89. 4 88.8 88.8 93.0 81.9 83.9 93.3 Icecream 78.2 76.7 82.6 87.5 88.6 92.5 85.3 84.4 87.4 Flour 73 6 79.8 89.7 78.9 79.8 90.0 78.1 80.5 96.1 Sugar-refining cane _ _._ 79.9 77.6 91.2 79.3 81.1 90.4 77.1 75.2 91.7 PAPER AND PRINTING _ 95.0 95.1 103.7 94.7 94.9 103.4 101.9 100.7 115.0 Printing, book and job 99.9 101.9 110.2 98.7 100.9 108. 9 105.3 104.9 119.6 Printing, newspapers and periodicals 104.7 102.6 105.9 104.5 102.4 105.7 116.0 112.6 120.1 Paper and pulp 85.2 85.6 99.3 85.2 85.6 99.3 84.0 84. 9 107.3 Paper boxes 84.4 84.2 93.4 85.5 85.4 94.7 86.4 84.0 100.3 LUMBER AND PRODUCTS 54.4 54.6 75.0 55.7 56.3 76.8 46.2 45.6 74.6 Lumber, sawmills 47.5 47.7 69.5 49.1 49.9 71.9 39.8 38.8 72.0 Lumber, mill work 56 4 56.2 70.0 56.5 57.0 70.1 47.8 47.3 67.0 Furniture _ 72.6 73.0 93.6 73.5 74.1 94.8 59.3 59.1 85.4 TRANSPORTATION EQUIPMENT _ 65.7 65.2 83.2 64.3 64.9 81.4 64.1 62.2 90.6 57 4 58.9 74.6 57.7 59.7 75.0 . 58. 2 59.5 81.5 Automobiles _ , . 73.4 69.8 91.0 70.2 68.8 87.0 67.7 61.1 97.3 Shipbuilding 91.4 93.9 112.0 86.1 88.9 105.4 94.0 98.0 127.1 LEATHER AND MANUFACTURES - . - 83.2 80.3 91.5 82.2 78.4 90.4 73.4 68.8 85.2 Boots and shoes 84.9 81.5 92.7 84.1 79.8 91.8 73.0 67.6 84.2 Leather __ _- - - _- _ 76.1 75.3 86.5 74.3 73.1 84.4 75.0 73.2 88.7 CEMENT, CLAY, AND GLASS PRODUCTS 63.1 60.7 78.4 65.2 65.0 81.1 54.0 51.4 73.4 Clay products _ 59.4 57.2 73.6 62.2 62.1 77.2 46.1 43.4 65.0 Brick, tile, and terra cotta 50.9 47.6 65.7 55.2 54.7 71.3 38.0 35.2 57.4 Pottery 82.9 83.3 95.3 81.3 82.3 93.4 67.3 65.3 85.3 Glass . 71.0 69.0 90.4 70.6 70.9 90.0 68.0 66.1 89.2 Cement 61 9 58.8 73.8 66.2 64.7 78.9 57.0 53.9 75 0 NONFERROUS METAL PRODUCTS 68.8 68.1 84.3 66.6 66.8 81.6 66.3 64.4 91.0 Stamped and enameled ware 47.8 48.0 63.3 44.8 46.8 59.4 44.7 44.4 66.2 Brass, bronze, and copper 76.0 75.0 91.5 74.0 73.6 89.1 72.6 70.2 98.2 CHEMICALS AND PRODUCTS 93 3 95.6 112.5 89.8 94.5 107.5 89.8 92.9 111.6 Chemicals and drugs - .. 95.7 97.4 102.9 94.4 95.6 101.6 89.4 89.8 101. 6 Petroleum refining.- _ 86.3 96.2 118.5 87.2 97.4 119.7 90.8 100.8 123.1 Fertilizers .- - . 103.0 81.6 152.9 69.1 77.4 102.6 87.6 74.4 137.1 RUBBER PRODUCTS 69.0 72.0 87.2 68.4 71.4 86.8 63. 2 63.8 90.0 Automobile tires and tubes 72.9 72.7 85.7 71.9 72.4 84.5 69.8 67.2 89.1 Rubber boots and shoes 57.1 69.8 91.6 58.3 68.7 93.4 37.3 50.7 93.8 TOBACCO MANUFACTURES 82.9 83.4 89.6 83.4 84.6 90.2 68.3 65.3 81.0 Cigars and cigarettes 84.0 84.5 91.4 85.0 86.3 92.5 68.1 64.3 81.4 Chewing and smoking tobacco, snull 74.3 75.6 75.5 70.8 71.2 71.9 70.2 73.3 78.0 MUSICAL INSTRUMENTS _ 43.9 56.7 41.9 44.3 56.9 42. 2 40.9 47.6 45.1 Pianos and organs 34.1 33.9 40.3 34.0 33.2 40.1 29.4 27.7 40.9 NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN MAY, 193 L BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation] Total Residential Factories» Commercial P p u u b b l l i i c c w u o ti r l k it s i e a s n * d 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 March _ 456.1 370.0 101.5 100.9 29.8 20.6 77.0 36.7 149.8 151.7 35.4 24.3 62.6 35.9 Year to date 1,097.1 833.8 242.9 233.6 63.7 38.0 204.0 92.6 385.7 325.6 75.6 60.4 125.4 83.5 April 482.9 123.1 22.1 73.2 165.7 35.2 63.5 May 457.4 116.6 37.4 73.3 152 1 36 9 41.1 June 600.6 96.8 22.7 59.1 322.9 48.9 50.2 July 366.9 84.3 28.9 46.9 121.2 42.7 42.8 August 346.6 82.7 18.2 50.9 126.7 25.9 42.3 September 331.9 98.5 24.0 31.1 109.1 28.2 40.8 October 336.7 104.7 13.8 35.7 113.0 28.6 41.1 November 253.6 80.8 13.0 29.5 76.4 29.5 24.4 December . 249.4 70.9 12.9 25.1 78.6 24.5 37.3 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. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports ! Excess of exports ! 1928 1929 1930 1931 1928 1929 1930 1931 i 1928 1929 1930 1931 January - 411 488 411 250 338 369 311 183 73 119 100 66 February __ . _» . 371 442 349 224 351 369 282 175 20 72 67 49 March 421 490 370 *237 380 384 300 »211 i 40 106 69 Year to date j 1,203 1,420 1,129 P711 1,069 1,122 893 *569 133 297 236 P142 April - - 364 425 332 345 411 308 19 15 24 May . - - i 423 385 320 354 400 285 69 •15 35 June 389 393 295 317 353 250 71 40 44 July _ i 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 - i 550 529 327 355 391 247 195 137 80 November ... - _- -- __- 545 442 289 327 338 204 218 104 85 December - - i 476 427 275 339 310 209 136 117 67 ; * Excess of imports. Preliminary. DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS [1923-1925 average=100] Index of sales 1 Index of stocks (end of month) Adjusted for seasonal Without seasonal Month Adjusted for seasonal variation Without seasonal adjustment variation adjustment 1928 | 1929 1930 1931 1928 1929 1930 1931 1929 1930 1931 1929 1930 1931 January 108 110 107 97 91 90 88 79 100 99 88 89 88 78 February 106 '• 111 108 98 88 91 89 80 100 98 86 95 93 81 March 107 i 112 107 97 97 107 93 92 99 97 84 102 100 87 April 106 110 107 105 103 110 99 97 103 101 May 107 i 100 105 107 109 105 99 96 101 98 June 107 113 103 102 108 98 98 96 95 93 July 110 109 100 80 79 71 99 94 92 87 Aucnist 107 111 102 81 84 77 100 91 96 87 September 112 114 99 113 117 103 100 91 104 95 October 108 • 112 102 118 122 112 101 92 112 101 November 108 i 108 98 125 125 113 102 92 115 104 December 111 ! 108 94 192 191 165 100 91 94 85 Year 108 111 102 100 94 1 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. Adjustment for seasonal variation makes allowance in March and April for the effects upon scales of changes in the date of Easter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 261 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics; 1926=100] Other commodities Year and month ! m Al o l d c i o ti r e n s - | pr F o a d r u m cts Foods ! Total m F li u a g e t h e l t r a i i n a n g l d s Metals Building c C a d l h r s e u a m g n s i d - ; j | i f n H u g r o n g u i o s s h e o - d - s l M an is e c 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 i 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 j 97.1 94.4 •• 96.9 80.6 1930. _. 86.3 88.3 90.1 85.1 99.9 : 80.7 76.1 95.3 I 90.3 88.7 ; 95.7 j 73.4 1930—February i 92.1 98.0 95.5 i 103.9 , 88.3 78.8 100.9 ! 95.7 92.3 97.0 78. 6 March _.l 90.8 94.7 93.9 88.7 i' 103. 2 i 86.5 77.4 100.6 i 95.4 91.2 96.5 78. 2 April.._ i 90.7 95.8 94.6 ; 88.3 i. 102.7 : 85.5 I 77.9 93.8 94.7 | 91.0 96.2 78. 5 May i 89.1 93.0 92.0 i 87. 5 I 102.6 ! 84.6 78.0 90.8 i 92.9 i 89.9 96.2 77. 5 June ! 86.8 88.9 90.5 ! 85.7 I 102.4 ; 82.2 76.4 95.4 90.0 j 88.9 ; 96.2 74. 6 July. i 84.0 83.1 86.3 84.3 i 100.7 80.0 75.4 94.3 88.9 ! 87.8 • 96.2 71. 7 August • 84.0 84.9 87.1 83.3 ! 98.9 •' 77. 7 | 75.4 92.7 : 87.4 ; S7.3 95.9 71. 2 September.. ; 84.2 85.3 89.2 ! 82.8 ! 99.1 : 75.5 i 76.3 91.8 ; 80.4 | 86.6 95.4 69. 7 October ' 82.6 82.6 88.6 81.5 i 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 i 94.0 73.3 ! 71.8 90.2 i 85.6 ' 85.2 95.2 67. 8 December. __' 78.4 75.2 81.8 : 79.0 : 91.2 72.4 I 70.5 90.0 84.4 I 84.8 91.3 66. 9 i I i ! 1931—January 77.0 73.5 I 80.1 77. 8 '; 71.0 89.3 82.9 i 83.6 91.1 ; 64.7 February 75. 5 70.1 j 77.1 77.1 ! 70.4 88.9 : 81.8 ! 82.2 90.8 ; 63.9 March 74.5 70.6 ! 76.7 75.6 i 60. 2 04. 5 j 89.0 81. 9 i 81.9 : 90.8 i 64.7 1930 1931 Subgroups ! I Jan. ! Feb. Mar.Apr. May •: June j July Aug. Sept. Oct. Nov. \ Dec. i Jan. ' Feb. Man . FARM PRODUCTS: ! Grains | 93. 8 89.0 83. 5 84.1 j 82.1 i 78.7 74.1 80.4 72.1 64.0 i 64. 0 ; 62.4 : 60.4 59. 3 Livestock and poultry \ 100. 5 101.3 99.6 96.9 93.2 ; 88.5 81.8 84.6 8787..00 82.4 77.7 | 76.3 i 75. 2 : 69. 6 70.7 Other farm products \ 103.9 95.2 99.0 • 96.5 I 92.7 86.9 86.7 86.4 86.3 85.4 i 78.1 76.0 ; 73.7 74.2 FOODS: j Butter, cheese, and milk • 97.5 ; 97.4 98.5 99. 3 ! 92. 5 90.4 92.0 97.9 99.6 08.7 95.8 89.4 i 85.2 83.3 I 83. Meats ! 106.2 I 105. 1 104.2 103.2 i 101.3 ; 99.9 • 91. 8 93.1 99.2 96. 7 91.4 89.2 ; S8.4 i 83. 6 82.0 Other foods | 91.7 ! 89.2 86.2 87.7 | 86.3 | 85.1 80.7 79.4 79.3 79.8 78.4 74.5 | 73.4 ' 70.8 1 70.8 HIDES AND LEATHER PRODUCTS: ; Hides and skins 104.2 99.0 95. 8 95.8 I 96.8 ; 99.0 94.0 | 91.2 94.2 83.6 I 75.1 69.4 64.4 ! 57. 7 1 62. 1 Leather ; 108.3 107.7 , 107.4 105. 3 104.2 102.9 100.1 | 99.9 98.2 90.7 I 93.3 91.5 ! 89. 0 ! 88. 4 Boots and shoes 103.8 103. 8 103. 8 103. 8 103.7 103.0 102.9 • 100.6 i 100. 5 100.3 I 100.3 97.7 90.8 ! 95. 0 94. 9 Other leather products 1 105.8 105.8 105. 8 105.3 105. 105.1 105.2 ! 104.9 ! 105.0 104.2 i 104.2 104.2 ' 102. 0 ! 102. 0 TEXTILE PRODUCTS: ! ! 102! 4 ; Cotton goods 95. 4 93.8 91.9 91.4 ! 90.7 j 89.3 ' 87.4 85.0 \ 82.8 81.6 I 81.9 79.7 i 76.9 76.5 Silk and rayon ; 7G.0 74.9 73.7 72.0 70. 3 I 64.3 j 60.4 57.6 55.4 j 52.1 ! 50.7 51.7 77.3 i 48.8 47.0 Woolen and worsted goods... 94.0 i 93.2 91.0 89.6 88.9 i 88.6 ! 88.0 86.6 ! 84.6 i 83.6 i 83.2 82.3 ; 50.1 i 81.7 j 79.7 Other textile products 72.3 ; 72.2 70.6 i 72. 3 72.1 I 69. 0 65.5 63. 5 ! 61.3 ! 59.0 | 57.9 57.8; 82.1 : 59.0 ! 57.4 FUEL AND LIGHTING MATERIALS: \ 57.5 i Anthracite coal 91.2 91.2 91.2 90.2 86.9 85.8 i 86.5 87.8 '••80.1 i 89.6 • 89.6 89.6 88.9 : 88.9 ! 88.2 Bituminous coal 92.2 91.4 89.9 88.4 88.4 88.2 88.8 88.6 ! 89.2 I 89. 2 i 89.1 89.1 i 88.1 87.8 ! 85.8 Coke , 84.1 84.2 84.2 84. 2 84. 0 84.0 ! 84.0 83.8 ; 83.9 | 83.9 ! 83.9 83.8 ! 83.8 83.8 ! 83.7 Gas 92. 5 94.0 94.1 94.9 97.9 99.7 99.4 99.8 ; 101.3 ! 99.7 ; 97.0 95.4 j 95.8 : 95.8 - Petroleum products , 67.3 65.7 63. 7 65.6 66.5 63.6 i 61.0 60.9 : 02.0 ! 59.4 | 53.3 51.1 ! 50.4 50.2 \ 41.8 MET I A ro L n S a A n N d D s M te E e T l AL PRODUCTS: ; 95.7 94.8 94.9 93.8 92.9 91.7 j 90.7 90.1 I 89.5 ! 88.6 j 88.3 88.0 ! 83.1 . 88.4 ! 88.1 Nonferrous metals : 100.6 100. 2 08.6 90. 5 80.6 78.1 , 73.5 72. 7 j 71.2 ! 07.8 j 68.4 69.7 I 67.4 66. 1 j 67.1 Agricultural implements , 96.1 96.1 S5.0 95. 0 95.0 95.0 | 94.9 94.9 j 94.9 I 94.9 ; 94.9 94.9 | 94.7 : 94.7 j 94.7 Automobiles "• 106.8 106. 8 1C6.8 106. 8 106. 8 105.5 105. 5 102.5 ! 101.6 100.2 ; 99.8 i 99.5 ! 98.7 , 98.0 98.0 Other metal products. _ 98. 4 98. 4 98. 4 98. 4 98.4 98.4 ! 98.4 98.4 j 98.4 j 98.4 j 98.0 95.2 : 95.0 95. 0 95.0 BUIL L D u IN m G b e M r ATERIALS: 92. 7 91.9 91.6 91.8 I 89.7 85.3 83.3 ' 81.1 ! 80.8 ! 80.2 I 80.1 78.1 ; 76.0 : 73.2 I 74.2 B C r e i m ck e nt 9 9 0 0 . . 4 4 8 9 8 2 . . 3 7 8 92 8 . . 3 7 8 9 8 2 . . 4 7 8 9 6 2 . . 4 7 8 9 3 1 . . 0 7 8 9 2 1 . . 9 7 ; 8 91 2 . . 7 5 ! ; 9 8 1 2 . . 7 3 ! ' 9 8 1 2 . . 7 5 I I 9 8 1 1 . . 1 8 9 8 0 1 . . 6 6 i i 8 9 1 0 . . 7 5 ! ' 8 8 1 7 . . 9 5 i ' 8 8 . 4 1. . 1 5 Structural steel 97.0 91.9 91. 9 91.9 91.9 86.8 84.3 i 84.3 ; 81.7 i 81.7 81.7 81.7 ; 83.0 54.3 j 84.3 Paint materials 93.7 93.0 92.1 91.4 89.1 88.7 87.1 83.7 78.1 i 75.9 74.4 72.4 70.2 : 70.9 73.0 Other building materials 106.4 ( 106.5 106.4 , 104.0 10L8 99.6 99.4 98.0 ; 97.3 97.8 97.1 95.5 ' 95.6 I 95.4 CHEMICALS AND DRUGS: Chemicals.. , 98.9 97.9 96.8 ' 96.6 95.3 92.5 92.1 i 90.9 ' 89.6 89.2 89.1 1 87.0 85.0 84.8 Drugs.. 69.0 ' 68. 6 63. 3 68.0 67.8 67.9 67.3 : 66.8 : 66.8 ! 66. 8 66.3 65. 5 I 65.1 : 65. 0 64.6 Fertilizer materials... 89.8 ; 89.5 88.2 88.1 86.5 85. 3 84.3 : 83.3 ' 83.1 ! 83.6 82.1 81.4 ! 81.4 81.1 80.8 Mixed fertilizers 97.1 96.2 94.8 94.4 93.6 94.1 93.1 . 92.7 j 92.5 | 92.9 I 91.1 90. 6 i 90. 4 89.1 88.3 HOU F F S u E u F r r n n U i i R s tu N hi r I e n S g H s I NG GOODS: __• 97 9 . 6 7 .6 9 9 6 7 . . 6 3 : 9 9 6 6 . . 6 3 9 9 6 5 . . 6 8 9 9 6 5 . . 8 6 9 9 5 6 . . 9 5 9 9 6 5 . . 5 8 ; 9 9 6 5 . . 5 3 ! | 8961.54 I i9 9 6 4 . . 2 5 9 9 6 4 . . 5 0 9 8 5 7 . . 5 6 ! j 9 8 5 7 . . 5 3 i ! 9 86 5 . . 7 5 9 86 5 . . 7 5 MISCELLANEOUS: A C R O Pa a u u th p t t b t o e e b l r r m e e m r a o f e n b i e d s i d c le p e . . l u _ t l i l a r p n e e s ous 1 • 8 1 1 5 3 7 0 3 5 1 8 . . . . 3 . 5 2 1 3 ; . •. 1 1 8 3 5 0 0 7 2 5 7 8 . . . . . 0 8 5 2 5 1 1 8 3 5 0 0 1 7 5 3 8 . . . . . 6 8 0 2 6 : : : 1 1 8 3 5 1 0 6 0 4 7 8 . . . . . 9 7 1 0 3 ; ,• 1 1 8 2 5 1 0 5 4 9 0 7 . . . . . 6 3 5 2 9 1 1 8 2 5 0 0 5 2 5 2 3 . . . . . 0 2 2 9 3 9 8 9 2 5 4 3 7 3 2 . . . . . 8 8 6 2 0 1 8 5 9 2 0 3 2 4 4 0 . . . . . 8 0 8 5 3 I ! i | 9 8 5 1 3 3 2 7 . . . . 6 0 1 5 : ' 8 9 8 5 1 9 1 2 3 6 . . . . . 6 0 5 5 9 8 8 8 5 1 3 8 3 1 8 . . . . . 0 9 5 3 6 7 8 5 8 1 8 3 6 1 8 . . . . . 2 6 9 3 6 I I i 4 7 8 1 5 5 3 7 >. . . . . 7 0 6 1 1 i i ; 7 8 4 8 1 1 5 3 5 6 . . . . . 6 7 1 1 1 8 4 8 8 1 5 2 6 2 6 . . . . . 7 1 3 3 0 Back figures.—For indexes of groups, see FEDERAL RESERVE BULLETIN for March, 1931 (p. 137), of subgroups, see FEDERAL RESERVE BULLETIN for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics, Nos. 473, 493, and 521. 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262 FEDERAL RESERVE BULLETIN MAY, 1931 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF AUSTRIA The annual report of the National Bank of industries which turn out finished products. Austria for the year 1930 was submitted to the It is true that even with a decline of 17.60 per general meeting of shareholders on March 20, cent in the value of imports, and of 15.14 per 1931. Selections from the report are given cent in the value of exports, the merchandise herewith:1 balance for 1930 again shows an import sur- The economic situation throughout the plus, but this is 22.50 per cent less than in world in 1930 was depressed as the result of a 1929, and thus relieves the balance of paysevere crisis which gradually became evident ments to the extent of 246,000,000 schillings in all branches of production and trade in ($34,612,000). Considering individual items, every country, and brought about unemploy- about 20 per cent more grain was imported ment on an unprecedented scale. The situa- than in 1929, but this larger quantity cost 10 tion was further aggravated by heavy expendi- per cent less than the smaller amount in 1929. tures for unemployment relief. Imports of petroleum and petroleum products Effects of the crisis in Austria.—An arti- increased by 21 per cent in amount but by ficially created state such as Austria, not yet only 7 per cent in value. The decline in securely established along economic lines, imports of cotton and wool amounted to about could not fail to be seriously affected by the one-sixth in quantity and one-third in value as crisis. The fact that certain consequences of compared with 1929. On the other hand, the the crisis are less pronounced in Austria than price decline had an unfavorable effect on cerelsewhere should deceive no one. For example, tain Austrian exports, such as lumber and it is true that the percentage increase in unem- paper. Austrian exports of finished products, ployment during 1930 was less in Austria than however, exert a decisive influence in the in many other countries such as England and matter of values, and the decline in prices of Germany, but this was because the level of these products was by no means so great as industrial employment in Austria had already in those of raw materials. Invisible exports, declined in preceding years, and therefore the however, which form an important element in number of unemployed was at that time rela- the balance of payments, showed a rather tively greater. While economic reports on the sharp decline. past year show, in a number of other countries, The capital loan.—It was of especial ima sharp decline in stock-exchange quotations portance for Austria that, after the removal of and suspensions of payment by great credit the last political obstacles through The Hague institutions, Austria has been spared such agreement of January 20, 1930, and the agreeexperiences because the Vienna stock exchange ment with Italy in regard to the relief debts, had not yet recovered from the collapse of a portion at least of the investment loan— 1924-25, and the Austrian banking system had which had been under negotiation since 1927— already undergone a sharp contraction between could at last be realized in July, 1930, through 1925 and 1929. It is also easy to explain why the issue of the Austrian Government interbusiness losses resulting from a fall in the price national loan of 1930, in the total nominal of raw materials should have assumed smaller amount of 438,000,000 schillings ($61,627,000), proportions than elsewhere in a country like with net proceeds of 395,000,000 schillings Austria, where production of raw materials— ($55,577,000). The Austrian Government had except for lumber—is of little importance and expected to float a loan of 725,000,000 schillings where business enterprises are unable for lack ($102,008,000) in order to cover the estimated of capital to maintain large stocks. In fact, costs of the program of capital expenditure the price decline and the decrease in the volume to be effected by the Federal railways and the of foreign trade have not been altogether Postal Administration Department between unfavorable to this country, which is depend- 1928 and 1932. As a result of the postponeent on large imports of raw materials and in ment of the loan, the Government was comwhich a predominant place is held by those pelled to cover the scheduled expenditure during the period from 1928 to the summer of 1 The report, available in German and in English, contains in addi- 1930 out of cash holdings and by short-term tion tables showing the operations of the bank in detail and sections dealing with causes of the international depression, the pension fund, credit operations. Through the net proceeds personnel, etc. For earlier reports seed FEDERAL RESERVE BULLETIN, of the installments of the loan floated in July, June, 1930, May, 1929, June, 1928, 1927, July, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, I93i FEDERAL RESERVE BULLETIN 263 1930, repayment was made possible of the an actual surplus of 130,100,000 schillings short-term debts incurred in the meantime ($18,305,000), resulting from increased revenues for the purpose of continuing the capital from taxation. Inasmuch as the capital exundertakings, and the cover for the further penditure of the Federal Government during investment requirements of the railways and 1929 amounted to 147,200,000 schillings ($20,postal administration was assured until the 711,000), there is a net deficit on the total end of 1931. For the continuation of these operations of the Government in the amount of capital expenditures after 1931, flotation of a 17,100,000 schillings ($2,406,000). This capital second tranche of the loan has been provided. expenditure includes investments on behalf By this issue a further 330,000,000 schillings of the Federal railways only to the extent that ($46,431,000) can be made available under they were actually covered out of Federal authority granted to the Government by the funds during 1929. In addition to this, how- Federal law of March 21, 1930. It is to be ever, the railways made capital expenditures of hoped that this issue can be floated promptly, 59,200,000 schillings ($8,329,000) which were so that there may be no interruption to the covered by independent short-term credit program of capital expenditure. operations on the part of the corporation of In spite of unfavorable market conditions, Austrian Federal railways. Not until after the loan was successfully floated in seven the realization of the international loan in countries. In Austria the loan was floated July, 1930, was it possible to put at the disposiunder the auspices of the Austrian National tion of the Federal railways the necessary Bank. The nominal amount offered was funds for meeting these short-term obligations, 50,000,000 schillings ($7,035,000) while sub- so that these do not appear in the Federal scriptions reached 152,800,000 schillings accounts until 1930. Mainly for this reason, ($21,499,000). These satisfactory results were capital expenditure in the final budget for 1929 due in large measure to the favorable condi- appears relatively small, whereas a corresponding increase is shown in the final budget for tions of the loan, which nevertheless met a 1930. certain amount of criticism. If, however, the situation of the market at the time of flotation Returns thus far available for the budget is taken into consideration, as well as the operations of 1930 show a deficit of 17,000,000 firmness which the quotation of this loan has schillings ($2,392,000), whereas budget estisince exhibited in all markets—at times under mates anticipated a surplus of 32,000,000 very adverse circumstances and in contrast to schillings ($4,502,000). Effective capital exsimilar loans carrying less favorable condi- penditure during 1930 amounted to 250,000,000 tions—the criticism seems unwarranted. schillings ($35,175,000). The greater part of Pre-war debts of the Austrian Government.— this was covered according to program out of The efforts initiated at The Hague conference the net proceeds of the Federal loan of 1930, to effect a final settlement of all financial while the balance, as well as the deficit shown questions raised by the treaty of St. Germain in current operations, could be met out of have also given hope of a,n early adjustment of cash holdings provided by operating surpluses the difficult and complicated question of the of earlier years. Nevertheless, it can not be pre-war debts of the old Austrian State. At denied that the budget position in Austria has The Hague the Austrian Government expressed become serious. The unsatisfactory results of its willingness to do everything in its power to the budget as compared with the estimates is this end. Its intention to settle before the end owing chiefly to an increase of about 51,000,000 of 1930 all questions still pending could not be schillings ($7,176,000) for social insurance. realized because of various obstacles of apolitical The preliminary budget for 1931 shows a character, but the Government is determined surplus of 35,700,000 schillings ($5,023,000) in to conclude this business as soon as possible. current operations, with capital expenditure Federal budgets.—The final accounts of the of 171,600,000 schillings ($24,144,000), resulting budget of the Federation for 1929 showed in an aggregate net deficit of 135,900,000 schila surplus of 166,900,000 schillings ($23,483,000) lings ($19,121,000), due solely to capital investon current operations, although this figure ment. To meet this, the proceeds of the loan included an amount of 36,800,000 schillings can be drawn upon. i\jialysis of the very ($5,178,000) resulting merely from a bookkeep- considerable increase in expenditures over ing change in an item of the loan, and thus estimates for 1930 shows that by far the greater represents only an operation in accounting. part is owing to such expenditures as were made After deduction of this amount, there remained necessary by the crisis and could generally be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN MAY, 1931 met by correspondingly increased revenues— believes that, as a preponderantly importing chiefly by higher indirect taxes. It is true that country, and especially in consideration of her the preliminary estimates of tax returns have special relations with a number of neighboring in many cases been placed so high as to make States, she might well demand favored-nation it doubtful whether the actual results will come treatment for her exports, the Government up to the estimates. For this reason the decla- endeavored to find new lines of commercial ration of the Government in the course of the policy. At the session of the League of Nations, budget debate—that it proposed to reduce in which the creation of a European union was expenditures, and would effect such reductions up for debate, the Government proposed the in 1931 if necessary, in order to insure a favor- conclusion of regional agreements, which should able balance of accounts—is very welcome. enable it to make certain mutual concessions The greatest economy will therefore have to which could not be demanded by other States be practiced henceforward by Austria—as by on the basis of the most-favored-nation clause. other countries more seriously affected by the At the second tariff truce conference, however, crisis—in order to build up reserves with which in November, 1930, the opinion was expressed to meet unforeseen expenditures and inadequate by the majority of the participants that exceprevenues, and to prepare for the seemingly tional departures from the most-fayored-nation inevitable cutting down of the budget next year. clause should be permitted only with the con- Vienna loan of 1902.—In October, 1930, the sent of all the States bound by the clause, and municipality of Vienna reached a preliminary only in emergencies. It is not yet easy to see, agreement with the foreign bondholders of the therefore, how the urgently needed improve- Vienna loan of 1902, whereby the amortization ment in our export position is finally to be and interest service of these obligations to for- achieved. eign holders will be subject to new regulations. The proposed convention for stabilizing com- Distribution of proceeds of taxation.—While mercial relations could not be held during the the financial position of the province and year under review, because a number of states municipality of Vienna continued to be satis- declined to participate. In March, 1930, factory, the adverse situation of the other prov- Austria tried to make such agreements, after inces and larger cities has been further aggra- the expiration of her commercial treaties with vated. As a result they have insisted more several neighboring States. Negotiations with urgently than ever that the distribution ratio Hungary—although the two countries had of the proceeds of so-called general taxes— made a friendly agreement to abrogate the according to which the municipality receives existing commercial treaty—had to be post- 50 per cent, while the population of Vienna poned until 1931 because of certain obligais only 28% per cent of the total population of tions to Yugoslavia. Conversations respecting the country—is seriously in need of revision, an Austro-Eumanian and an Austro-Czechoeven though all arguments in favor of giving slovak commercial agreement were begun durpreference to the nation's capital are given due ing the year but accomplished nothing. In weight. After lengthy negotiations during the this time of widespread economic crisis, both past year, the Government was successful in industry and agriculture consider that the most bringing about a satisfactory settlement. At effective remedy lies in the maintenance and the same time the right of veto of the Federal promotion of sales at home, and are urging the Government in respect to tax legislation of the Government to protect their interests by a provincial diets—which by previous legal pro- substantial increase of customs duties on indivision was to terminate at the close of 1930— vidual items. This increase is to be embodied was extended and given somewhat wider in the new tariff bill now under consideration. application. Features of the depression.—Apart from the Commercial treaties.—In the field of com- marked increase in the number of insolvencies, mercial treaties, the most important event was the economic depression is most clearly rethe conclusion and ratification of the convention flected in the decline of traffic on the Federal with the German Reich, even though no very railways, the growth of unemployment, the considerable revival of Austrain exports to decrease in consumption of coal, and in figures Germany is expected to result from it. No of production. The number of cars used on greater concessions could be obtained because of the Federal railways declined by 7.6 per cent the principle of most-favored nations, on which in 1930 as compared with 1929. According to almost all the commercial treaties of Europe such preliminary figures as have been published are based. Inasmuch, however, as Austria thus far, the revenue of the Federal railways Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 265 declined by 11 per cent in freight car loadings raising of import duties on grain could not be and by 1 per cent in passenger service—for considered because of obstacles in the form of bothVbranches, by an average of 7.5 per cent. commercial treaty commitments. Recourse The number of unemployed persons registered was had, therefore, to the provisional expedient as looking for work was 341,073 at the close of of subsidies, granted as general premiums for 1930, as compared with 265,684 at the close of cultivation and special subventions for the 1929, an increase of about 28 per cent. The mountain farmers. The aggregate funds renumber receiving unemployment relief was quired by this action, which also covered the 294,845 at the close of 1930, as against 226,567 related milling industry, amounted to 96,a year earlier. The Austrian output of coal 000,000 schillings ($13,507,000), and were pro- (chiefly brown coal) amounted to 3,300,000 vided through extraordinary additions to the tons in 1930, compared with 3,700,000 tons in taxes on beer and sugar. 1929. During the same period imports of coal Banking situation.—The business depression fell from 6,700,000 to 4,800,000 tons. Thus seriously affected the development of banking the total supply of coal showed a reduction of in 1930. The crippling of enterprise in comabout 22 per cent. The output of crude steel merce and industry and the stagnation prevaildeclined by 37.8 per cent; that of pig iron by ing, with only brief interruptions, on the Vienna 38.9 per cent; that of paper by 8.4 per cent, and stock exchange, made it impossible to earn cellulose by 4.9 per cent. The economic situ- profits from consortium or issuing business and ation became especially critical in the textile reduced the income from commissions on the and the lumber industries, in which the greatest sale of securities to a minimum. As a result of number of suspensions occurred. Sawmills the downward trend of commodity prices, were seriously affected by Russian dumping. which threatened commerce, industry, the Exports of lumber from Austria in 1930 repre- trades and agriculture with increasing losses, sented a value of 187,000,000 schillings ($26,- especial caution had to be exercised in credit 311,000), as against 238,000,000 schillings operations. The volume of short-term foreign ($33,487,000) in 1929. funds in Austria in 1930 probably underwent a Under existing circumstances, the expansion considerable decline, owing to the increase in of water power and the resulting increase in the domestic deposits and the small demand for production of electricity—which has developed credit in the domestic market. Inasmuch, into an important export industry—may be however, as foreign short-term funds under regarded as a favorable element in the economic various forms still play a very important part situation. in the operations of the Austrian banks, the Amalgamations.—The difficulties of industry lowering of foreign interest rates which took during the past year strengthened the tendency place during the second half of the year may toward amalgamation along several lines. have had a favorable effect on the net income The tendency was further strengthened by the of banks in Austria. In other branches of fact that, as a result of the merger of the business, however, only a very small part of Allgemeine osterreichische Boden - Credit -An- their losses is likely to have been made good in stalt with the Oesterreichische Credit-Anstalt this way. The lessened opportunity for profit ftir Handel und Gewerbe, several enterprises in domestic business caused Austrian banks to working in the same line were united in the expand their foreign connections. Thus the group controlled by the Credit-Anstalt. Amal- Oesterreichische Credit-Anstalt fur Handel und gamations were effected in the locomotive Gewerbe cooperated with an international industry, in the automobile industry, in metals, group in the foundation of the Continental and in cotton. Trust Co. for Bank and Industrial Securities, Agriculture.—The depressed situation of with its seat at Basel. The company will have agriculture, which had already become a serious a capital of 60,000,000 Swiss francs ($11,580,problem in 1929, was made worse by the further 000), two-thirds of which have been paid up. price decline on international grain markets A bond issue of 40,000,000 Swiss francs ($7,720,and necessitated extraordinary measures for 000) has also been floated by the company. relief. The most far-reaching proposal—that Other leading banks have made new foreign of the introduction of a grain monopoly—was connections or expanded those which already debated for some time, but was abandoned, existed. partly because of strong objections on the part The Austrian Post-Office Savings Bank conof interested groups, but chiefly because it tinued to develop favorably. Its savings dewould have required long preparation. The posits increased by 17,900,000 schillings ($2,- 54780—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN MAY, 1931 519,000), or 20.3 per cent, to a total of 106,000, loan, which was 105.50 at the end of 1928 and 000 schillings ($14,914,000). At the close of 107.0 at the end of 1929, rose to 108.15 at the the year deposits in its checking accounts close of 1930. The average quotation of the 7 amounted to 206,800,000 schillings ($29,097,- per cent mortgage bonds rose during the year 000), which is slightly less than at the close of from 96.03 to 97.08. Since the beginning of the preceding year. 1931 considerable activity has been shown in Money market.—The great liquidity prevail- the Austrian Government international loan of ing in the international money markets was re- 1930, and its quotations have responded acflected on the Vienna market in large offers of cordingly. Quotations of the Austrian and the short-term foreign funds. The Austrian Na- Swiss issue have risen above par since the midtional Bank was able to lower its discount rate dle of February, 1931, while most other issues five times during the year—on January 25, are quoted at 1 or 2 per cent above the issue February 11, March 22, May 24, and Septem- price. ber 10—by one-half of 1 per cent in each case. Discounts.—The bill portfolio of the National Thus the official discount rate, which at the be- Bank was in smaller volume during the past ginning of the year stood at 7% per cent, hasyear, while holdings of foreign bills were conbeen 5 per cent since September 10. The aver- siderably increased. The decline in the volume age rate for the year was 5.7379 per cent as of discounts is chiefly the result of the recession against 7.3658 per cent for 1929. in business activity and of the fact that, espe- The share market continued to be wholly in- cially in the second half of the year, part of the active. The turnover in stocks and shares, as relatively cheap funds in schillings, procured estimated by the Wiener Giro- und Kassen- by "swap" transactions, was available to the Verein, showed a decline of 24.4 per cent. The market for discounting. The increase in holdindex of shares (including mining shares), com- ings of foreign exchange is in large measure due puted by the Federal Office of Statistics, de- to the realization by the Government of the clined from 1,530 in the middle of January to proceeds of the international loan of July, 1930. 1,295 in the middle of December. On the It should be noted, however, that as early as other hand, securities with fixed yield showed the spring of 1930, prior to the flotation of the a satisfactory improvement, especially during loan, and independently of credit operations on the second half of the year. The quotation of the part of the Government, the influx of forthe Austrian issue of the League of Nations eign exchange was very considerable. BALANCE SHEET OF THE AUSTRIAN NATIONAL BANK AS OF DECEMBER 31, 1930 Schillings I Dollars * Schillings Dollars » Resources (in thou- ! (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Cash: Notes in circulation 1,090,070 153,373 Gold coin and bullion 214,415 30,168 i Demand deposits _ 92,703 13,043 Foreign exchange 2 3 197,560 27,797 1,182,773 166,416 411, 975 57, 965 Capital 43,200 6,078 Foreign exchange not included in cash 3 517,859 i 72,863 Surplus 10,272 1,445 Subsidiary coin 2, 737 385 Reserve against losses 7,500 1,055 Bills discounted _... 148,011 20, 825 Currency reserve 9,731 1,369 Advances on security.. 981 i 138 Pension fund 39,636 5,577 Government debt _ _. 101,211 : 14,240 Interest carried forward in 1931.. 1,254 176 Securities 6, 790 ! 955 Net profit 10,733 1,510 Premises 6,335 i 891 Equipment _ 520 ! 73 Other liabilities: Machinery ___ 275 ! 39 Foreign currency liabilities.. 66,319 9,331 Materials, etc _ 569 ! Foreign exchange per contra. 354 50 Sundry accounts 131,052 18,439 Other resources: Foreign exchange other than note cover. 151,486 ! 21,314 Total other liabilities 197,726 27,820 Forward exchange 354 i 50 Sundry accounts 153,722 ! 21,629 Total other resources 305,563 ; 42,993 Total resources 1,502,825 I 211,447 Total liabilities 1,502,825 211,447 i Conversion at par: 1 schilling=$0.1407. a Under art. 85 of the statutes of the bank. a Dollars and pounds only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 267 ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY The annual report of the National Bank of Balance of payments.—In contrast to the Hungary for 1930 was presented to the general agricultural situation and the position of the meeting of shareholders on February 3, 1931.public finances, the power of recovery shown Selections from the report are given herewith:l by the country in face of altered conditions, The decline of economic activity in Hungary, and especially of the difficulties in procuring which became apparent in 1929, was aggravated foreign capital, was a gratifying surprise even in 1930. The conventions signed in Paris on to those experts who were best informed re- April 28, after protracted negotiations, imple- garding the country's economic structure. The mented the principles laid down at The Hague balance of payments during both 1927 and in January and effected a final settlement of 1928 showed a deficit of some 500,000,000 the reparations question for Hungary. Al- pengo ($87,450,000), and in 1929 of more than though these conventions cleared the political 200,000,000 pengo ($34,980,000). Thus in the situation in central and eastern Europe, the three years the country's indebtedness to foranticipated economic benefits have not ma- eign countries increased by an aggregate of terialized. Difficulties in the way of market- 1,200,000,000 pengo ($209,880,000). t In 1930, ing farm products led to proposals for coopera- however, in spite of the increase in the intion with neighboring countries to the south terest service on foreign debts, the adverse and southeast, where the situation is similar to balance probably did not exceed 100,000,000 that of Hungary; but these States undertook pengo ($17,490,000). In 1930 the volume of to assist their own agrarian production by pro- foreign capital imported was considerably tective customs duties, and in the course of the larger. The influx of capital in the form of negotiations made demands which were either long-term credits amounted to about 85,000,unacceptable or difficult to meet. At the end 000 pengo ($14,867,000); and to about 175,of the year, therefore, the marketing situation 000,000 pengo ($30,608,000) in the form of for farm products was considerably worse than medium-term loans, including the provisional State loan of £3,000,000 and various export at the beginning. The depressed situation of credits. It is probable, therefore, that such agriculture, for which no offset was to be found part of the total capital influx as was not rein other branches of production, reduced the quired to meet interest payments on foreign national revenue; and foreign capital, which loans not covered by a surplus of exported might have afforded temporary relief, was commodities, was invested abroad or used for available only in diminished volume. repurchase of securities previously sold in Budget position.—Under these circumstances foreign countries. revenues of the State and of other public authorities declined. In contrast to previous The factor principally responsible for the years, when budget surpluses of varying more favorable development of our balance amounts were shown, the balance between re- of payments is the change in our foreign trade. ceipts and expenditure in 1929-30 was effected It is true, indeed, that this change has been only by the inclusion of certain nonrecurring due chiefly to the force of circumstances. items under the head of departmental receipts. The difficulties in obtaining foreign capital, The data so far made public for the second for example, restricted the financing of imhalf of the calendar year show a further decline ports. As compared with figures for the corin public revenues. It may be hoped, however, responding period of the previous year, imthat the measures taken for reduction by ports for the first 11 months of 1930 showed 45,000,000 pengo ($7,871,000) of expenditures a decline of some 23 per cent in value and of already voted by Parliament will insure a some 15 per cent in quantity, whereas exports balanced budget for the current year, and that showed a decline of only 8 per cent in value the adoption of principles of economy will ob- and 2.5 per cent in quantity. This indicates viate the need of further measures to increase that the country has made every effort to budget receipts. adjust itself to the altered circumstances, partly by lowering its standards of living and i Taken with some textual revision from the English translation fur- partly by increasing its productive capacity. nished by the beink. The report contains in addition tables showing Credit conditions.—The short-term money the operations of the bank in detail, and sections dealing with the international situation, the situation of agriculture, industry and commerce, market experienced a considerable degree of e J t u c n . e, F 1 o 9 r 2 9 e , a A rli u e g r u r s e t p , o 1 r 9 t 2 s 8 s , e e e t c F . EDERAL RESERVE BULLETIN, July, 1930, relaxation in sympathy with the tendency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN MAY, 1931 prevailing in the international markets; and terruptedly, and at the end of the year were on rates of interest declined during the year by average 20 to 25 per cent lower than at the about 2}i per cent. The decline in rates beginning. paid on deposits and in rates on foreign credits Gold and foreign exchange reserve.—Owing offered to banks was slightly less, so that the to considerable improvement in the foreign margin between rates of interest paid by the trade balance and to continued large-scale banks and rates charged by them became offerings of foreign short-term credits, Hunnarrower. Funds were most abundant in gary's international payments were more nearly August and September, but toward the end in balance than in previous years. This situaof the year reflected to some extent the stiffen- tion is reflected in the gold and foreign exing of money rates throughout central Eu- change reserve of the National Bank, which rope. During the entire year short-term showed unusually slight fluctuations during the credits were freely offered from abroad, so 37ear. The gold and foreign exchange reserve that for several months foreign credits were reached its peak—217,900,000 pengo ($38,cheaper—at times by nearly 1 per cent—than 111,000)—on July 31, and its lowest point— rediscounting with the National Bank. Under 180,500,000 pengo ($31,569,000)—on April 23. these circumstances, during the late summer, The difference between the highest and lowest banks sometimes discounted pengo bills at points was only 37,400,000 pengo, ($6,541,000), rates below the official rate of the National whereas in 1929 the difference amounted to Bank. The downward trend of rates in the 73,700,000 ($12,890,000); in 1928 to 61,000,000 money markets was reflected in the movement ($10,669,000); in 1927 to 64,100,000 ($11,211,of the official bank rate, which was lowered 000); and in 1926 to 61,600,000 ($10,774,000) four times by one-half of 1 per cent, from 7% pengo. During the first four months of the per cent at the end of 1929 to 5}i per cent in year the reserve showed a downward tendency, May, and remained at that level to the end and then rose to its peak in July and August. of the year. During the autumn it declined again as a During the second half of the year there was result of conditions in the central European a decline in the number of insolvencies and money markets. Toward the end of the year protested bills. Beginning with June the num- the volume of foreign exchange representing ber of bills, and more particularly the amounts the proceeds of the provisional State loan which they represented, were considerably brought the reserve to about the same level at below the figures for the corresponding months which it had stood in January. On December of the previous year, due in part to the business 31 the reserve amounted to 206,400,000 pengo recession and the smaller demand for credit, to ($36,099,000), as against 209,800,000 pengo the fall in prices, and to the cautious policy of ($36,694,000) at the close of the previous year. lenders. During September and October politi- The position of the reserve was not a factor cal events in central Europe led to some tempo- in the four reductions of the bank rate during rary withdrawal of deposits and conversion of the year, the rate being adjusted entirely with pengo balances into foreign currencies. reference to the situation prevailing in the inter- In the capital market conditions were less national money market. The reserve in gold favorable than in the money market, so that alone showed but insignificant changes during the issue of the proposed large Government the year under review. loan had to be postponed. Although the Discounts.—The volume of discounts was flotation of the provisional State loan of considerably less than in the previous year. £3,000,000 was an indication of confidence, This was due to two causes. The first was the Hungary, as well as other countries of central fact that the recession in business activity and a,nd eastern Europe, was handicapped by the the fall of prices were accompanied by a parsituation in the leading capital markets, with allel decline in the demand for means of paythe result that Hungarian banking institutions ment, which led to a reduction of the demand were unable to meet the demand for long-term for bank credit. The second cause was the credit. It is true that, owing to the downward continued withdrawal of Government deposits trend of prices and the business recession, the with the bank, through which, instead of demand for capital was considerably less than through bank credit, part of the country's rein 1929, as reflected in the fact that increases quirements for means of payment were supof share capital of joint-stock companies aggre- plied. During the first nine months of the year gated nearly 50 per cent less than the year there was a gradual decrease in the volume of before. The position of the Bourse reflected discounts, which declined from 329,500,000 similar influences. Quotations declined uninpengo ($57,630,000) at the beginning of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1931 FEDERAL RESERVE BULLETIN 269 year to 163,200,000 pengo ($28,544,000) on subsidiary coins is taken as the basis of com- September 23—that is, by more than 50 per parison, the average decline in the circulating cent. The change in the situation of the cen- medium for the year is 3.1 per cent. Notes tral European money market during September in circulation at the end of the year amounted led to a reduction in the foreign exchange re- to 469,100,000 pengo ($82,046,000), which is serve and to an increased demand for bank 31,400,000 pengo ($5,492,000) less than at the credit at the time of the seasonal autumn end of 1929, while the aggregate note and subcredit requirements, so that the volume of dis- sidiary circulation declined by 8,400,000 pengo counts rose during October and November. ($1,469,000). The seasonal movement of The volume of discounts in November, 1930, money in circulation during the year was unaveraged only 21.6 per cent less than in No- usual in only one respect, viz, that the monthly vember, 1929, whereas for the period May to averages reached their highest point in the September the average was about 40 per cent month of November, instead of in October, as lower than in 1929, and in June was 43.4 per is usually the case—notwithstanding the fact cent lower. During the second half of October that the October end-of-month settlement day discounts rose by 109,400,000 pengo ($19,134,- involved an unusually large increase of 112,- 000), while new discounts in the last week of 400,000 pengo ($19,659,000). October were 76,000,000 pengo ($13,292,000) During the year demand liabilities declined in excess of bills maturing—the largest increase considerably—from 98,300,000 ($17,193,000) during one week since the establishment of the to 66,800,000 pengo ($11,683,000). Mention bank. These figures disprove the statement was made earlier of the sharp decline in Govthat the bank followed a policy of credit re- ernment deposits resulting from the changed striction, for they show that the bank was al- position of the public finances. With regard ways prepared to discount eligible bills. The to private deposits, it is worth noting that durincreased demand for bank credit in the autumn ing the summer months these liabilities stood reached its peak at the end of October, when at an unusually high figure as a result of the the bill portfolio amounted to 298,800,000 plethora of money then prevailing. pengo ($52,260,000). Discounts at the end of Ratio of cover; State debt due to the bank.— the year amounted to 297,700,000 pengo Owing to the decline of demand liabilities and ($52,068,000), a decrease of 31,800,000 pengo to the replacement of small notes by subsidiary ($5,562,000) as compared with the end of 1929. coins, the reserve ratio averaged 49 per cent, The lessened credit demand is also reflected in or 6.1 per cent above the average for 1929. the generally shorter maturity of bills discounted. The reserve ratio reached its highest level for The average maturity of discounted bills was 31 the year, 54.5 per cent, on September 23, and days, as against 36 days in 1929 and 39 days in the lowest, 40.9 per cent, on October 31. At 1928. Provincial and agricultural bills contin- the end of the year the ratio was 43.8 per cent, ued to gain in importance and averaged 65.9 per which^was 2.8 per cent higher than a year ago. cent of the total discounts, compared with 53.8 The State debt to the bank, which is to be per cent in 1928 and 59.9 per cent in 1929. In deducted from the circulation against which the past year very few warrants were presented reserves must be held, showed a decrease of for discount. Only in January did warrants in 23,200,000 pengo ($4,058,000) during the year, the portfolio of the bank reach the amount of owing chiefly to the State's having been credited 1,000,000 pengo ($174,900), and at times the with the amount of the seigniorage on the token discounts included no warrants whatever. coins issued. The debt now stands at 64,300,- The quality of the bills discounted with the 000 pengo ($11,246,000). bank is attested by the fact that, in spite of the Composition of circulation.—Eeference has number of insolvencies, not one of the bills dis- been made to the change in the composition of counted by us was dishonored during the entire the circulating medium, that is, the putting year. into circulation as from June 25, 1930, of the Note circulation.—Note circulation was in new 2-pengo and 5-pengo silver coins, and the smaller volume than the year before. At the consequent withdrawal of the 5-pengo bank end of June the withdrawal of 5-pengo notes notes dated August 1, 1928. The 5-pengo was begun, their place being taken in part by notes were accepted as legal tender until newly-issued 2-pengo and 5-pengo silver coins. December 31, 1930; they will be exchangeable As a consequence the note circulation was at the offices of the National Bank until from 7 to 10 per cent less during the second half December 31, 1933. The issue of the new type of the year than in the corresponding period of of 20-pengo bank notes dated January 2, 1930, 1929. If the aggregate circulation of notes and was begun on November 20, 1930. At the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN MAT, 1931 same time the withdrawal from circulation of As a consequence of the putting into circuthe older type of 20-pengo notes dated March lation of the 5-pengo and 2-pengo coins, the 1, 1926, was begun, the period of withdrawal circulation of subsidiary coins increased to expiring on May 31, 1931. For a further 62,000,000 pengo ($10,844,000)—as against period of 3 years the offices of the bank will 39,000,000 pengo ($6,821,000) at the end of accept these notes for exchange. the previous year. BALANCE SHEET OF THE NATIONAL BANK OF HUNGARY AS OF DECEMBER 31, 1930 Pengo Dollars 1 Pengo Dollars i Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Metallic reserve: Note circulation: Gold coin and bullion 162,652 28, 448 Pengo notes 468, 961 82,021 Foreign bills of exchange and currencies in- Crown notes 189 33 cluded under art. 85 of the bank statutes 33, 638 5,883 Token coin 10,139 1,773 Total note circulation 469,150 82,054 Total metallic reserve 206,429 36,104 Current accounts, deposits, and other liabilities payable on demand: Domestic bills, warrants, securities 297, 655 52, 060 Public 32, 826 5,741 Advances on securities 20 3 Private 33, 936 5,935 State debt 64 340 11 253 Bank premises _. 6,107 1,068 Total. 66, 762 11,677 Other assets 43, 936 7,684 Capital 34, 756 6,079 Surplus _ 8,119 1,420 Profits brought forward from 1929 and net profits for 1930 8 285 1 449 Profits carried forward to 1931 1 212 212 Other liabilities 30, 203 5,283 Total resources _ 618, 488 108,174 Total liabilities. _ 618, 488 108,174 » Conversion at par: I pengo=$0.1749. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

271 MAY, 1931 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE BANK OF POLAND The annual report of the Bank of Poland In comparison with the year before, an imfor 1930 was presented to the general meeting provement was noted in the quality of imports of shareholders on February 24, 1931. Sec- and exports. The average value of a ton of tions of the report dealing with financial and exports showed no recession in spite of the economic conditions in Poland are given marked price decline of a number of exported herewith: ] commodities, and was maintained at 120 The world crisis which began in 1929 became zlotys as in 1929; on the other hand, the value very acute in 1930. Its most striking char- of a ton of imports rose from 609 zlotys to 627 acteristics were the decline in prices, a general zlotys as compared with the year before. falling off in production, widespread reduction Finances of the Government.—The fiscal in purchasing power, the decrease in fiscal year which closed on March 31, 1930, marked revenues, and a considerable advance in the the end of a period of increase in the general number of unemployed. Although Poland is expenditures of the Government. Actual preeminently a producer of those raw materials revenues were maintained approximately at and agricultural products which were most the level of the previous year and exceeded seriously affected by the crisis, it showed great estimates by 2.3 per cent, whereas actual power of resistance. The economic progress expenditures were only 1.7 per cent in excess of the country w^as retarded, it is true, but not of budgetary estimates. On final account the stopped. Although fiscal receipts declined, fiscal year 1929-30 closed with a budget surplus the Treasury kept its monthly budgets in of 38,400,000 zlotys ($4,308,000). e equilibrium through reduction of expenditures. Budget estimates for the year 1930-31 were The merchandise balance was favorable and based on the results of the fiscal year 1929-30. showed improvement in the quality of both im- Estimates of revenues were placed slightly ports and exports. The Bank of Poland made above the actual revenues of the previous every effort to counteract the depression, partic- year, whereas estimates of expenditure were ularly along the line of credits to agriculture. slightly less than the corresponding figures for During the second half of the year, as a result 1929-30. As a result of continuing the system of its intervention, these credits reached a level of monthly budgets and of reducing expendialmost equal to that of 1929 in spite of the tures, the equilibrium of the budget has been business recession. steadily maintained, and the Government has Trade balance.—The year 1930 closed with even been able to obtain each month a slight a favorable surplus in the trade balance for surplus of revenue over expenditure. the first time since stabilization of the Polish Budget estimates for the year 1931-32, as currency in 1927. The value of exports from presented to the Diet, were as follows: Rev- Poland declined by scarcely 13 per cent, enues, 2,890,000,000 zlotys ($324,258,000); exwhereas imports declined by 28 per cent, the penditures, 2,886,000,000 zlotys ($323,809,000). excess of exports for the year amounting to These figures, it will be noted, are slightly 187,400,000 zlotys ($21,026,000). The decline higher than those for the two previous years. in imports was occasioned by the small inflow For the purpose of encouraging private of foreign capital into Poland as compared initiative in the construction of buildings, the with preceding years, the excellent harvests Government in June issued a domestic loan at which made it possible to reduce imports of 3 per cent in the amount of 50,000,000 zlotys foodstuffs, and, finally, the tendency to sub- ($5,610,000). The loan was well received and stitute domestic products for certain foreign considerably oversubscribed. commodities. As during previous years, more Foreign credits.—The situation in the interthan 50 per cent of the total exports were sent national money market created conditions by to Germany, England, Austria, and Czecho- no means favorable for the flotation of longslovakia, while more than 50 per cent of the term loans. It was not until the end of the imports came from Germany, England, the year that the Minister of Finance, in extending United States of America, and Czechoslovakia. the term of the match-monopoly concession, Exports to Germany declined, while those to was able to float a foreign loan at 6% per cent England increased. in the amount of $32,000,000. The yield of the loan will not be available until some time 1 The report, available in French, contains in addition a review of theduring 1931. international situation, sections on the money market, agriculture, industry, transportation and personnel, and a number of tables showing Some progress, however, was shown in the the operations of the bank in detail. For earlier reports, see FEDERAL movement of short-term capital between for- RESERVE BULLETIN, June, 1930, April, 1929, May, 1928, 1927, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN MAT, 1931 eign markets and Poland. The Bank for Inter- per cent, the average rate of interest in 1930 national Settlements, which was organized in declined from 4.3 per cent at the beginning of May, established relations with the Bank of the year to 3.5 per cent in March, to 2.5 per Poland in June, and invited it to participate in cent in July, and stopped at 2% per cent in the subscriptions to the bank's share capital. August. The proceeds from interest on foreign The Bank of Poland subscribed for 4,000 shares balances and discounts in 1930 was 16,400,000 at 2,500 Swiss francs per share, and paid 25 per zlotys ($1,840,000), as compared with 26,300,cent of the amount subscribed, in accordance 000 zlotys ($2,951,000) in 1929. with the statutes of the Bank for International Exchange.—The fluctuations of the exchange Settlements. The increasingly close coopera- rate of the zloty in the Warsaw market were tion with the Bank for International Settle- unimportant. The cable rate on New York ments, which invested some of its resources in was 8.899 zlotys to the dollar at the beginning zlotys in the Polish market, was especially of the year, 8.922 in February, and fluctuated valuable and helpful to this country. thereafter between 8.91 and 8.924 zlotys— Foreign short-term capital continued to be that is, not more than iy per cent. The rates 2 offered but was not fully utilized. Inasmuch of the other exchanges depended on fluctuations as the demand for working capital had declined of the cable rate on New York in the important with the increasing severity of the economic foreign markets. crisis, the banks and industrial and commercial Money in circulation.—Several factors inenterprises endeavored to liquidate any foreign fluenced the volume of money in circulation. credits that were not indispensable. Credits Withdrawals from the foreign exchange holdfor merchandise were also liquidated to a great ings of the Bank of Poland for which the bank extent. On the other hand, credits extended to received its own notes in return, as well as the foreign buyers by Polish exporters were increased lessened demand for credit, tended to reduce in order to stimulate exports. These factors had the circulation. On the other hand, the cashing an unfavorable influence on the balance of pay- of the demand deposits of the bank tended to ments, and resulted in drafts on the foreign increase it. As a result of these two opposing exchange holdings of the Bank of Poland. influences, the total circulation during the first- Reserve position of the bank.—The reserves six months of the year showed no fluctuations in gold and foreign exchange eligible as cover of any importance but followed a course pardeclined during the year by 268,400,000 zlotys allel with the growth of the securities portfolio. ($30,114,000). The gold and foreign exchange At the end of October the circulation of bank cover against notes in circulation and other notes amounted to 1,408,400,000 zlotys ($158,demand liabilities of the bank, at the end of 022,000), an increase of 16,200,000 zlotys December, was 55.29 per cent, or 15.29 per ($1,818,000) over the end of October figure for cent above the legal minimum prescribed in the last year, which was the peak for 1929. At statutes. the same time the aggregate circulation of bank The metallic reserves increased until August notes and specie issued by the treasury by 2,900,000 zlotys ($325,400). In September amounted to 1,647,100,000 zlotys ($184,805,the bank exchanged part of its gold bars abroad 000), the highest figure for the year. Beginning with November the total circulation declined to the value of 141,600,000 zlotys ($15,888,000) and at the end of December amounted to against balances in foreign exchange. This 1,569,200,000 zlotys ($176,064,000), as commeasure was taken in order to reestablish a pared with 1,599,700,000 zlotys ($179,486,000) better proportion between the reserves in gold at the end of 1929. and those in foreign exchange. At the end of the year the metallic reserves amounted to Credit policy.—Credit operations of the Bank 562,200,000 zlotys ($63,079,000). of Poland were influenced by the business The purely metallic cover declined through- depression. During previous years the portout the year, closing at 36.54 per cent at the folio of the bank showed a continuous rise, end of 1930; this was 6.54 per cent above the more or less rapid according to the volume of minimum required by the statutes of the bank. its reserves in gold and foreign exchange. The proceeds from interest on foreign bal- During the first six months of the past year, ances of the bank underwent a reduction, owing however, in spite of the facilities extended by as much to the smaller volume of balances held the bank, the demand for accommodation declined steadily because of the scarcity of good as to the decline of interest rates in most of the commercial bills eligible for discount, which in leading foreign markets. While in 1929 the turn resulted from the recession in the volume rate of interest payable to the bank on time of production and business turnover. As a deposits abroad fluctuated between 4% and 6% Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1931 FEDERAL RESERVE BULLETIN 273 result of the general decline of money rates, Special treasury reserve.—The special treas" and in order to follow the policy of gradual ury reserve of 75,000,000 zlotys ($8,415,000), reductions in discount rates of the other banks provided under the stabilization plan, was liquiof issue, the Bank of Poland reduced its official dated in November in agreement with the rate on January 31 from 8}i to 8 per cent; on financial adviser, and was allocated to the March 14 to 7 per cent, and on June 13 to 6}£ following uses: 25,000,000 zlotys ($2,805,000) per cent. The rate on advances against col- for repayment of the noninterest-bearing credit lateral was similarly reduced to 9 per cent, 8 of the Bank of Poland to the Government; per cent, and 7}i per cent. 25,000,000 zlotys to the account of the treasury During the second half of the year redis- for strengthening its cash reserves; and the counting operations increased as the result of a remainder to the account of Government funds growing demand for loans on the part of allocated to economic development. These farmers as well as of a considerably larger reg- latter funds at the end of the year amounted to istration of grain as security for loans.1 Credits 198,600,000 zlotys ($22,283,000), while capital of this type, included in the general discount appropriations drawn from these funds operations, were granted on the basis of 60 amounted to 198,400,000 zlotys ($22,260,000). per cent of the value of the wheat, whether Profits of the bank.—Profits of the bank for threshed or not, and at the end of the year the past year represented a total of 71,100,000 aggregated 55,400,000 zlotys ($6,216,000). At zlotys ($7,977,000) and were 26,600,000 zlotys the end of September the large transfers of ($2,985,000) less than the profits for 1929. foreign exchange and the marked increase of The difference between the results for the two the bill portfolio—movements which threatened years is owing to a decline in the volume of to become accentuated—made a policy of discounted bills, lowering of the interest rate caution desirable. In these circumstances the of the bank, a decline in the aggregate of the official discount rate was raised (on October foreign balances of the bank as well as the 3 from 6K to 7}i per cent), and at the same time lower yield of interest on these balances, which the bank adopted a more strictly selective was due to the general reduction of money policy with regard to bills presented for disrates in New York and almost all the financial count. At the end of October a new measure centers of Europe. The share dividend for was adopted limiting the maturity of redis- 1930 was fixed at 15 per cent. Shares of the counted bills to a maximum of 75 days. second issue, all of which are the property of the treasury, carried a dividend of only 10 per 1 See annual report of the Bank of Poland for 1928, in FEDERAL RE- cent, as provided in the stabilization plan. SERVE BULLETIN, April, 1929, p. 276. BALANCE SHEET OF THE BANK OF POLAND AS OF DECEMBER 31, 1930 Zlotys I Dollars 1 Zlotys I Dollars l Resources (in thou- (in thou- Liabilities (in thou- ! (in thousands) ! sands) sands) sands) Gold reserve: Notes in circulation 1,328,198 149, 024 Gold in vault 484,849 ! 54, 400 Gold held abroad .! 77,396 | 8,684 Demand deposits: Treasury current account __ 26, 643 2,989 ! 562,244 ' 63,084 Other current accounts 162, 415 18, 223 Foreign exchange included in the reserve. 288,417 I 32, 360 Treasury account for purchase of silver : 13,000 1, 459 Government funds allocated to economic 850,662 i 95,444 development 144 16 Other demand liabilities 8,120 911 Foreign exchange not included in the reserve 124,268 ! 13,943 Polish silver and copper coin . 12,160 ! 1,364 210,322 ! 23,598 Bills discounted 672,047 i 75,404 Advances on securities _._ __ 86,344 I 9,688 Capital 150,000 > 16,830 Securities 8,835 i 991 Surplus 114,000 j 12,791 Assets in which the surplus of the bank is invested. 86, 565 I 9,713 Employees' pension fund 38,996 : 4, 375 Assets of employees' pension fund 37,598 4,218 Reserve for costs of printing bank notes. 2,000 224 Bank premises _ 20,000 ! 2,244 Net profits - 33,154 3,720 Unearned discount on bills 7,032 789 Bank participations: Miscellaneous suspense accounts 84, 976 9, 534 In printing offices for bank notes and securities - - 15, 500 1,739 In the Polish Wheat Elevator Co 3,000 337 In the Bank for International Settlements 4,300 482 22,800 ! 2,558 ! Suspense accounts of branches and agencies.. 3,903 j 438 j Miscellaneous assets 43,497 4,880 i Total resources _ ; 1,968,678 | 220,886 I Total liabilities 1,968,678 ' 220,886 1 Conversion at par: 1 zloty=$0.1122. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN MAY, 1931 ANNUAL REPORT OF THE BANK OF NORWAY The annual report of the Bank of Norway rency has been stabilized, the stocks of foreign for 1930 was submitted to the general meeting exchange held by others than the Norges Bank of shareholders on February 16, 1930. The are of more importance than before. In many address of Mr. N. Rygg, governor of the bank, instances a decline in the foreign exchange contains the following discussion of the depres- holdings of the Norges Bank means only that sion as it affects Norway and of the credit and foreign exchange has been transferred to other banking situation:* banks. Such transfers may be fairlylarge. The Money market and interest rates.—The out- significant figure is, of course, the aggregate standing characteristics of the }7ear 1930 were stock of the Norges Bank and other banks. the easier conditions prevailing in the short- Capital market.—Rates for long-term loans, term money market and the decline in rates of or bonds, have for some time been at a higher interest. It would be inaccurate to say that level everywhere than was the case before the the position of the Norwegian market was wrar. At present there is a definite downward easy, inasmuch as the volume of bank deposits trend, which has been accelerated by reducshowed a further decline as compared with the tions in discount rates, and is of great advanprevious year, the influx of foreign funds was tage. In this advantage Norway shared durinconsiderable, the demand for funds was in- ing the spring of 1930, when the conversion of creasing, and a portion of the available funds a Government loan was negotiated at 5 per sought investment abroad, where it was possi- cent, and more recently, when another conble to obtain up to 5 per cent for short-term version was carried through at 4% per cent. money. Neither of these conversion operations could be The foreign exchange market was tight dur- assured in advance of a successful issue, and ing the early part of the year, and the stocks doubts were freely expressed as to their feasiof foreign exchange held by the bank were con- bility. The results wTere achieved by taking siderably reduced. On January 1 these stocks advantage of opportune times and conditions, amounted to 66,000,000 kroner ($17,688,000), and have themselves helped to accelerate the but at the end of February they had fallen to downward trend in long-term rates. 34,500,000 kroner ($9,246,000). Rates for mortgage loans are also showing a On February 6 the Bank of England reduced gradual decline, and should become still more its discount rate from 5 to 4K per cent, and by moderate. successive reductions in the next three months Depression in Norway.—It was impossible lowered it to 3 per cent. The example of Eng- that the international economic crisis should land was followed by other countries. This fail to reach Norway. In the spring of 1930 action helped to relieve the pressure in the unmistakable signs of depression became visible Norwegian market, since investments abroad in industry, and banks were affected by the no longer offered the same attractive conditions. price changes, the reduced volume of trade, In spite of this relief, however, the market con- and other manifestations of the crisis. The tinued to be inadequately supplied with funds. effects will no doubt be still more widely felt. On March 21 the bank lowered the discount But even under these circumstances it should rate from 5 to 4% per cent, and again on No- be remembered that in Norway the crisis is vember 7 to 4 per cent, which is the lowest rate making itself felt with far less severity than in on record since 1898. most other countries. Reasons for this are to At the end of the year the Norges Bank held be found in the economic conditions which are foreign exchange in the amount of 71,200,000 peculiar to Norway, the methods of capital kroner ($19,082,000). To this amount should accumulation, and the manner in which probe added the holdings of the other banks, repre- duction has developed. Production as a whole senting 75,000,000 kroner ($20,100,000), makhas been less rapidly expanded in Norway than ing a total of 146,200,000 kroner ($39,182,000), in other countries, and has developed more as compared with 151,000,000 kroner ($40,evenly. The country has engaged in activities 468,000) at the close of 1929. Since the curwhich do not offer vast opportunities for profit, but yield a stable return. The country has i Taken with some textual revision from the English translation of the governor's address, published in abbreviated form in the February concentrated on those activities for which it is Bulletin of the Bank of Norway. The full text of the report, available best suited; that is, in which it has a relative in Norwegian, gives in addition a number of tables showing the detailed operations of the bank, and a discussion of the international situation, advantage. The most remarkable developvarious Norwegian industries, etc. For earlier reports, see FEDERAL ment has taken place in agriculture, and the RESERVE BULLETIN, June, 1930, August, 1929 and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

275 MAY, 1931 FEDERAL RESERVE BULLETIN area under cultivation has in recent years shown local banks are dependent on special industries, a great expansion. The output of fodder has it is necessary for the central bank to be preincreased considerably, and the stock of do- pared for fluctuations in the volume of its mestic animals is growing. Mention should be advances. The bank will, accordingly, have to made of the remarkable growth of the merchant maintain reserves to meet such demands. The fleet, which has attained a still higher degree of direct contact with private customers will competitive efficiency. Finally, there has been always constitute a very important part of the an extraordinary development in whaling, in bank's operations. Such loans are granted which, possibly, there has been overexpansion. chiefly through the medium of the branches. On the other hand, the growth of unemploy- It is, of course, self-evident that the Norges ment presents a serious problem which requires Bank can not make advances against mortsolution. There is evident need to reduce pro- gages. These are outside the functions of a duction costs. On balance, the situation is bank of issue and should be made by other sufficiently serious to induce everyone to look institutions. beyond conflicting interests of minor impor- With such exceptions, the bank is prepared tance, to build up a community of interest, and to meet demands from all branches of business endeavor to aid the progress of Norwegian pro- and all industrial groups as a supplement to the duction to the utmost. facilities which other institutions are in a posi- Advances.—The Norges Bank is prepared to tion to grant. It is necessary for the bank to lend its assistance in developing production. spread its loans and to maintain contact with Advances to commercial banks at present are every branch of the national production and not in large amount, but this state of things with business of every size. Its aim is to build may change. In a country where the banking up a portfolio of first-class paper with complete system is so decentralized, and where many impartiality. BALANCE SHEET OF THE BANK OF NORWAY AS OF DECEMBER 31, 1930 Kroner Dollars l Kroner Dollars i Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Gold. 146,427 39,242 Notes in circulation 311,563 83,499 Foreign banknotes 60 16 Demand deposits 65,191 17,471 Due from foreign banks _. 24,108 6,461 Checks _ 274 73 Foreign bills _ _ 11,993 3,214 ! Collection accounts 151 **40 Other foreign exchange.- 4,176 1,119 Mortgage debt _ 97 26 Domestic bills _. 106, 748 28, 608 Capital _ 35,000 9,380 Advances on collateral 2,845 762 Surplus _ 15,432 4,135 Advances on current account 49,832 13, 355 Reserve for losses 2,838 761 Mortgage loans _ 158 42 Reserve for stabilizing dividends . 550 147 Negotiable bonds _ 47,123 12, 629 Reserve for construction 690 185 Other securities 11,052 2,962 Dividends unpaid 2,858 766 Overdue bills 23, 389 6,268 Interim expenses. _ 36 10 Total liabilities exclusive of contra accounts _ 434,644 116,485 Stamps 11 3 Subsidiary coin account of the treasury 5, 739 1,538 Capital adjustment account _ 3 1 Guaranties - 41 11 Furniture and fixtures (taxes at 7,327,820 kroner). Other assets _. _ 6,6S0 1,790 Total resources exclusive of contra accounts 434, 644 116,485 Subsidiary coin... _ 5,739 1,538 Guaranties 41 11 Total resources- 440,424 118,034 Total liabilities i 440,424 118,034 1 Conversion at par: 1 krone=$0,268. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN MAY, 1931 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and June, 1930, p. 372] Month c T o ( o 4 u t 5 n a - l U S n ta it t e e d s g t A i e n n r a - - ^ ft 2 " f" ! | g B lu el m - [ 1 B r z a il - C a a d n a - E la n n g d - France m G a e n r y - d In ia - Italy p J a a n - N la e e n r t d - h s - i Spain S l z a w e n i r t d - - U S. . R S . .! j j c o o t 2 h u 9 e n r * tries) tries 1930—March 10,505 4,061 445 126 ' 164 127 79 759 1,668 595 128 274 453 174 ! 476 108 156 713 April 10,569 4,131 442 109 I 164 90 79 795 1,660 611 128 274 443 174: iI 477 112 167 712 May 10, 613 4,159 441 91 , 167 90 80 765 1,717 617 128 274 434 174 477 112 177 i 709 June 10,675 4,178 440 97 : 167 89 81 768 1,727 624 128 274 434 174 | 477 112 203 702 July 10, 709 4,160 430 97 ; 167 80 94 746 1,775 624 128 274 440 157 ' 477 118 233 701 August 10, 791 4,148 434 97 168 69 100 759 1,852 624 128 275 433 157 i 477 123 698 September.. 10, 829 4,159 434 98 , 173 65 110 766 1,899 590 128 278 431 157 ! 478 123 249 6S9 October 10,862 4,184 429 79 i 180 . *37 122 782 1,992 519 128 278 414 171 478 128 249 691 November.. 10,902 4,220 417 75 i 180 23 129 767 2,037 519 128 279 409 171 474 130 249 December... 1Q. 915 4,225 412 75 191 15 110 722 2,100 528 128 279 412 171 471 138 249 1931—January 10K964 4,285 397 75 i 191 , 8 92 682 2,176 535 128 279 415 175 466 126 249 685 A M Fe p a b r r i r l c u h ar . y .. _. » "1 ll 1 , , 0 0 1 7 1 1 » 4 4 4 , , , 3 3 3 0 7 4 9 3 3 " " 3 3 9 7 2 8 7 7 5 6 i 2 1 0 9 0 7 • 0 0 "9 9 2 2 "7 6 7 1 8 0 6 9 3 " 2 2 2 , , , 1 2 1 9 0 8 2 0 0 '5 5 5 6 4 5 4 4 3 1 1 3 2 5 8 2 2 7 7 9 9 4 4 1 1 7 5 1 1 1 8 7 7 9 9 1 ! ; L 4 4 6 6 6 7 1 1 2 2 4 4 2 2 2 4 5 5 9 9 9 !. "678 1 , » Preliminary, based on latest available figures. * No complete return of central gold holdings in Brazil is available for any date later than September 30, 1930; later figures shown represent gold holdings as of that date with deductions based on amounts of Brazilian gold subsequently received in the United States and Great Britain. 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. The 16 countries here shown separately include all those which have held gold in recent years to the amount of $90,000,000 or more. Figures are for central banks only except as followrs: 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—paper currency and gold standard reserves of Government. GOLD MOVEMENTS [In thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month Im- Ex- Im- Ex- Im- I Ex- Im- Exports ports Net I ports ports Net ports ! ports Net ports ports Net Net 1930—March j 55,768 290 55,478 10,708! 2661 10,442 38,2581 12,826 25,432 89 10 79 -13,777 i 3,447 April I 65,835 110 65,725 18,617 280! 18, 337! 42, 7411 14,828 27,913 81 21 60 -18,134! 6,953 May i 23,552 82 23,470 7,096 245 6,85li 45,388 61,134 -15,746 75 19 56 -22,798! 6,452 June I 13,938 26 13,912 7,529 259 7, 2701 13, 747 20,659| -6,912 34 11 23 -18,190! 0,204 July _.i 21,889 41,529 -19,640 1,414 227 1,187i 24,646 40,335 -15,709 48 16,587 -16.539 -22,4151 3,404 August ' 19,714 39,331 -19,617 1,545 210 1, 335i 24, 201 21,390 2,811 281 8 273 -18,708; 13,461 September.... i 13,680 11,133 2,547 1,967 25,358 -23,391, 22,339 20,245 2,094 81 13 68 -17,149! 3,568 October ' 35,635 9,267 26,368 3,162 96, 677-93, 514; 45,416| 34, 754 10,662 12,338 199 12,139 -20,269; 667 November ! 40,159 5,008 35,151 1,458 273 1,185, 41,199| 43,164 — 1,965 150 115 35 -18,762i, 1,323 December 32,778 361 32, 742 9,524 274 9, 250 i 43,124 78,507 -35,383 42 39 3 -16,966| 681 1931—January 34.426 54! 34,372 12,252 287 11,965 i 35,304 78,774 -43,470 301 52 249 —21,0051 -286 February , r 16,156 141 '16,142 12,335 237 12,098i 31, 335 28,892 2,443 59 167 -109 -18,482! 880 March 25,661 26! 25,635 11,077 479 10,598i 22, 829 16, 377 6, 452 59 215 -155 -17,557. ' Revised. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA lln thousands of dollars] [In thousands of dollars] 1931 1930 1931 1930 From or to— March January-March • Calendar year From or to— February January Calendar year i I I i I Im- Ex- Im- Ex- Im- Ex- Imports Exports Imports I Exports; Imports Exports ports ports ports ports ports ports France 98,650 ' 1,470 270,301 England 323 157 1,181 8,848 167 Germany 4,303 , 7 78,842 United States Netherlands 43 314 ! 19 1,000 Aden and dependen- Spain and Canaries. 595 29,229 1,610 cies 22 81 650 Switzerland 1,340 23,190 Arabia.- - - 48 163 1 759 UnitediStates 283 British Oceania 211 94 8,053 South America 112 10 57,944 49 Bahrein Islands *.. 22 16 196 British India 867 ; 1 8,178 Ceylon 37 2,718 Australia 365 116,417 2 China 38 3,670 New Zealand \ 1 J 127 Mesopotamia 113 138 2,402 Egypt 219 ! 94 Straits Settlements.. 17 2,828 14 Ehodesia 395 5,197 Egypt , 1,177 Transvaal i 20,620 203,513 Natal 49 247 26,513 West Africa ; 367 1 5,075 11 All other countries.. 39 All other countries.. j 922 17,745 2,441 14, 764 Total 880 895 1,181 57,854 182 Total 22,829 124,043 421,725 398,040 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1931 FEDERAL RESERVE BULLETIN 277 FOREIGN EXCHANGE RATES [MoDthly averages of daily quotations; based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] 1931 1931 Par i_ Par Country Monetary unit of ex- Country Monetary unit of exmary March April change ruary March I April SOUTH AMERICA Austria Schilling. 14.07! 14. 0544 14.0552 14.0568 Argentina Peso 96.48: 71.9416 78.0406 76. 4629 Belgium... Belga 13.90! 13. 9410 13.9294 13. 9039 Bolivia i Boliviano 36. 50! 36. 7500 36. < 500 36.7500 Bulgaria _ Lev .72! .7178 .7173 . 7174 Brazil Milreis ll.fi 8. 5601 • 7.8897 7.2668 Czechoslovakia- Crown. 2.961 2. 9598 2. 9624 2.9619 Chile Peso 12.17! 12. 0673 12.0632 12.0628 Denmark Krone.. 26. [ 26. 7454 26. 7458 26. 7503 Colombia do 97.33i 96. 5700 96.5700 96. 5700 E F G F i n r e n a g r l n m l a c a n a e n d n d y P M F R r o e a a i u r n c k n h c k d - s . a m ,. . . . ark. 4 2 8 2 3 3 6 . . . . 9 5 6 8 2 2 5 2 48 2 5 3 3 2 . . . . 8 7 5 9 3 6 1 1 8 9 7 9 9 3 8 7 4 2 8 2 3 3 5 . . . . 9 5 8 8 0 1 1 2 7 3 9 7 2 3 8 7 | 4 2 8 3 2 3 5 . . . . 9 5 8 9 1 1 1 8 7 0 0 6 2 4 5 3 V E P U e c e r r u u n u e a g * z d u u o a e y r l » a * _ S S B P o u e o l s c l o i r v e ar ! 1 2 4 1 0 0 0 9 3 . . . . 0 0 4 3 0 0 2 0 1 ! ] '; 2 6 2 1 9 0 7 8 . . . . 8 1 0 0 7 3 7 0 5 6 7 0 8 0 4 0 ' : ; 2 2 7 1 0 8 7 3 . . . . 0 8 3 0 0 6 6 0 0 3 1 0 0 5 7 0 j ! 1 ' 2 2 6 1 7 6 8 0 . . . . 3 0 7 9 4 0 1 9 6 0 9 8 1 0 9 4 Greece Drachma 1. 301 1.2946 1. 2945 1.2943 Hungary Pengo 17. 49; 17. 4000 17.4411 17.4368 ASIA \ Italy Lira 5.2e! 5. 2350 5.2383 5.2360 China* Mexican dollar.. 22.46; 20.8153 22. 7936; 22. 5646 Netherlands Florin,. 40. 20| 40.1378 40, C869 40.1391 China* Shanghai tael... 30. 97| 28. 9578! 31. 59861 31.0951 Norway Krone 26.80 26. 7462 26. 7501 26. 7530 China» Yuan dollar 21.97| 20. 8390: 22.7948; 22.4949 Poland ZIoty j 11. 22; 11.2025 11.1931 11.1929 Ilong Kong1.,. Dollar .., 22. 30i 22. 66731 24.5297 24. 3312 P S S R S U p w w o u . a r m e i S t i t d n u z . a e g e S n n r a . i l l a a R n . d »._- E L F P K C e e s r h r a c u s o e e u n r n t d v c a a o . o , netz J I I j | 5 1 2 0 1 1 1 8 6 4 9 9 . . . . . . 6 6 8 3 3 0 0 0 0 0 0 5 ; ; | : * 5 2 1 1 1 6 9 4 0 5 . . . . . . 4 1 0 7 2 5 8 8 0 7 9 5 9 5 0 0 3 3 4 4 7 0 4 ! 8 I J «5 2 1 1 1 6 0 5 4 9 . . . . . . 7 7 4 2 0 5 7 2 8 4 0 7 9 9 2 5 8 2 0 4 3 9 0 5 2 1 1 1 4 0 9 6 5 . . . . . . 5 7 0 4 4 2 9 0 7 7 7 5 4 0 5 8 3 5 2 0 8 2 6 9 J J T I S n a a t u m v p r d r a a a i k e a i n t e n * s y t s. Settle _ - . T Y S R F i l u u e l n o a r n p g r k r e i a . n i e p s h o re p ou d n o d l . - . | j ! I j 43 4 3 6 4 9 9 6 6 0 . . . . . 6 5 2 8 7 5 0 0 8 5 ; j ' ! 4 5 4 3 49 7 0 6 5 . . . . . 1 0 9 1 4 4 3 0 0 2 7 0 2 5 5 4 9 8 4 5 4 5 3 4 6 0 9 6 . . . . 3 0 0 0 6 8 6 9 5 0 1 0 6 5 5 4 : ! 1 ! 3 4 4 5 6 9 0 6 . . . . 3 1 1 0 6 0 3 4 0 2 1 6 1 8 2 2 Yugoslavia Dinar 19. 30| 1. 7633 1. 7537 1. 7585 AFRICA NORTH AMERICA Canada.. Dollar 100. OOi 99.9761! 99.9789 99.9517 Egypt Egyptian pound 494.31 j 498,2255; Cuba __ Peso 100.00' 100.0196! 100. 0238 99. 9248 I Mexico .do. | 49.85J 46.1950| 47.3546| 47.4843 i Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 1 Chervonetz quotations nominal. a Silver currency. The figure given for parity represents gold value of unit in April, 1931, computed by multiplying silver content of unit by New York average price of silver for April, 1931, which was $0.28589 per fine ounce. On the same basis, parity in April,; 1930, for the Chinese- Mexican dollar was 33.58 cents; for the Shanghai tael, 46.30 cents; for the Yuan dollar, 32.84 cents; and for the Hong Kong dollar, 33.34 cents. 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] 1931 1931 Resources January j r F u e a b r - y M.'irch Liabilities (January! r F u e a b r - y March Cash on hand and on current account with Short-term deposits: banks... 1,099 | 1,3111 1, 397 j Central banks for own account- Demand funds at interest 16,505! 10,892, 35, 952 ;: Demand 45,897; 61,002 60,019 Time- Rediscountable bills and acceptances (at i ; ; Not exceeding 3 months._ 112,022: 107,150 95,560 cost): : ! j j Between 3 and 6 months _. 1,1961 1,099 1,100 Commercial bills and bankers' accept- i ; !' Total.. 159,115; 169,251 156,679 ances.... 66,965 i 82,866, 00,997!: Treasury bills 35,789 j 33,708 26,653 i Central banks for account of others- Total : 102,754 116,575; 117,651 | Demand 35,306 36, 761 56, 393 Time funds at interest: Time- N Ov o e t r e x 1 c y e e e a d r ing 3 months. 13 3 9 1 , , 3 3 1 6 2 7 ! 1 5 3 0 9 , , 2 6 6 6 1 2 , 16 2 4 , , 4 1 6 8 8 4 B N e o t t w e e x e c n e e 3 d a in n g d 3 6 m m o o n n t t h h s s 2 2 4 9 . , 0 0 6 64 3; 4 2 1 9 , , 4 0 7 4 7 1 i 68 1 , , 6 0 5 1 6 4 Total j 88,433; 107,278; 126,063 Total.. 170,679 I 189,923 166,652 Other depositors: j Sundry investments (at cost): Demand.-- 1 43: 44: 44 Not exceeding 1 year 29,050 ! 30,867! 35,603 ! Time—Not exceeding 3 months j 1, 688 •'2,662 Over 1 year 7,176 i 7,173: 7,297 j Long-term deposits: I Total 36,226 38,041 j 42, 960 AAnnuyu ity rtursuts t accccooutnt I 29,779 29, 770! 29, 891 Other resources.. 2,369 2, 440: 2, 310 German Government d e p o s i tj 14,890 14,885 j 14,945 French Government guaranty fund 13,277 13,273; 13.294 Total C7,945i 57,928 £8,130 Capital paid in 19,855! 19,8551 19, 915 Other liabilities 2,557. 3,138 3,429 Total resources.. .j 329,631 I 359,181 j 366,922 Total Liabilities 329,6311 359,181} 366,922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN MAT, 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 issue Notes Bank of England depart- Cash reserves Dis- in cir- Deposits ment)1 counts Securi- culation and ties Coin Notes advances Bankers' Public Millions of pounds sterling: 1931—Feb. 25 140.8 53.2 8.5 64.4 i 347.7 i ?.far. 25 143.6 54.8 11.4 52.1 348.8 ! Apr. 29 146.4 56.5 7.2 56.7 349.8 | Millions of dollars: 1930-Mar.26 755 306 30 283 1,714 ] Apr. 30 795 314 33 337 1,746 i May 28 765 297 33 278 1,733 June 25 763 284 77 312 1,745 July 30 741 214 33 360 1,793 Aug. 27._ 754 283 31 347 1,756 Sept. 24 761 295 28 305 1,731 Oct. 29__ 776 311 21 292 1,731 Nov. 26.... 762 318 30 277 1,709 Dec. 31 718 189 238 510 1,795 1931—Jan. 28__ 679 256 47 306 1,688 Feb. 25 685 259 41 313 1,692 Mar. 25 699 267 55 254 1,697 Apr. 29 _. 712 275 35 276 1,702 Resources Liabilities Deposits 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 t e i o s e t e s i - - * ; j I i ' N ci o t r i t c o e u s n l a in - G m ov e e n r t n- Other lia O b t i h li e ti r es Millions of francs: 1931—Feb. 27... 55,924 26,316 8,250 2,801 5,199 ! 78,947 13,339 10,963 2,221 Mar. 27— 56,116 26.307 7,084 2.858 5,082 i 7,026 : 77,864 11,773 12, 577 2,260 Apr. 24._. 55, 615 26, 306 6,502 2,794 5,082 ! 77, 231 11,679 12,062 Millions of dollars: 1930—Mar. 28... ,006 251 99; 212 233 2,776 267 342 85 Apr. 25... 1,005 224 102 ! 211 233 2,774 257 313 90 May 3O._. ,717 L,002 300 ioo ! 211 ! 230 2,865 210 394 92 June 27. _. ,727 1,005 247 106 • 211 237 ; 2,846 194 408 84 July 25-.. ,775 L,022 244 105 i 211 238 2,827 358 84 Aug. 29... ,852 1,004 254 107 ! 208 i 250 i 2,888 396 87 Sept. 26~. ,899 L,003 243 110 I 208 244 I 2,864 412 344 86 Oct. 30... ,992 1,004 278 109 i 208 : 274 j 2,932 513 328 91 Nov. 28... 2,037 1,015 344 112! 208 ; 262 2,977 523 385 93 Dec. 26— 2,100 1,026 330 114 I 208 i 259 : 2.996 495 459 1931—Jan. 30__. 2,176 1,032 371 112 i 204 270 3,079 543 457 Feb. 27... 2,192 1,032 323 110 | 204 ! 274 ' 3,095 523 430 87 Mar. 27... 2.200 1,031 278 112 I 199 275 3,052 461 493 89 Apr. 24... 2, L80 1,031 255 no I 199 3,027 458 473 Resources Liabilities Reichsbank Gold i e R n x e c f s o h e r a r e n v ig g e n e s Tre b a il s l u s ry b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n ri s ty Se t c ie u s ri- a O s t s h e e ts r N ci o t r i t c o e u s n l a i - n Deposits lia O b t i h li e ti r es Millions of reichsmarks: 1931—Feb. 28 2,285 166 76 1,979 301 102 676 4,428 325 832 Mar.31 2,323 ill 142 1,951 274 103 638 4,156 387 775 Apr. 30 -.. 2,368 1,860 287 103 668 4,340 355 749 Millions of dollars: 1930—Mar. 31 595 92 4 489 48 22 158 1,145 109 154 Apr. 30 . 611 78 18 462 32 22 171 1,111 128 156 May 31 617 84 20 446 45 24 174 1,146 96 168 June 30 624 109 2 423 44 24 175 1,116 117 169 July 31 624 62 9 419 32 24 200 1,105 95 170 Aug. 30 624 88 412 61 24 193 1,121 99 171 Sept. 30 590 41 1 499 69 24 200 1,130 112 183 Oct. 31 519 47 6 548 76 24 163 1,113 91 179 Nov. 30 519 125 25 477 55 24 153 1,096 91 192 Dec. 31 528 112 49 563 61 24 152 1,138 155 196 1931—Jan. 31 535 47 20 463 41 24 175 1,044 63 198 Feb. 28 544 39 18 471 72 24 161 1,055 77 198 Mar. 31 . . .. 553 45 34 465 65 24 152 1,061 92 185 Apr. 30 564 37 443 68 24 159 1,034 85 178 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). 'Issued by 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

279 MAY, 1931 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 Mar. Feb. ! Jan. Mar. Mar. Feb. | Jan. Mar. Commonwealth Bank of Australia Danish National Bank (millions of (thousands of pounds sterling): kroner): Issue department— Gold.— 172 172 172 172 Gold coin and bullion 15,640 15,386 15, 386 25,993 Foreign bills, etc 78 90 81 101 Securities 31,157 25,758 5,682 6,191 Loans and discounts 75 77 85 77 Banking department- Note circulation 341 340 341 356 Coin, bullion, and cash 4,394 1,568 1,421 2,600 Deposits 23 25 32 31 Money at short call in London 4,254 6,477 4,662 5,100 Bank of Danzig (thousands of Danzig Loans and discounts 25,122 22,405 19, 765 14, 637 gulden): Securities 21,443 23,183 23,183 20,208 Balances with Bank of England.. 16,462 16,594 | 17,100 15,347 Deposits ._. 55,348 54, 921 49, 728 42, 619 Foreign bills, etc - 12,519 14.654 16,151 9,472 Banks notes in circulation 42,852 39,058 39, 306 37, 727 Loans and discounts _ 20, 750 20,313 I 19,618 21,812 Note circulation 36, 523 36,196 36, 519 36,661 Austrian National Bank (millions of i Deposits 1,699 994 1,763 1,659 schillings): Central Bank of Ecuador (thousands Gold ; 214 214 214 169 of sucres): F D D O N G o o e o o t r h p m t v e e e o e i e r g r s c s n n i i f t t r o m i s c c e r . u e x e b i l c n g a i h t l n t l a i s d o n e e n g x b e c t h o a f n t g h e e re ._ se rve.. ! j ! j I 4 9 1 9 9 6 9 7 3 3 8 6 9 8 9 4 9 1 1 1 8 7 9 1 3 0 3 6 0 4 7 1 4 9 1 1 1 1 7 9 3 0 1 4 9 6 6 1 2 0 9 2 3 1 1 2 2 8 3 0 6 6 1 0 6 8 6 N D L G Fo o o e o r a p l t e d e n o i s s g s i n i a t n s n e c d x i c r d h c i u a s n l c a o g t e u io n n ts _ - ._.. 2 1 1 1 1 5 4 9 4 , , , , , 6 0 3 1 9 5 0 9 0 3 1 1 4 2 8 ! ! ! | ' 2 2 5 0 1 1 2 , , 4 3 , 6 7 , , 1 5 1 6 4 3 3 0 5 7 6 4 8 2 2 1 1 5 6 5 4 3 , , , , , 5 4 8 5 5 8 0 2 3 4 6 9 3 8 4 Bank of Estonia (thousands of National Bank of Belgium (millions • I I krooni): ofbelgas): ! • Gold _ 6,512 6,529 6,546 6,461 Gold—- ...! 1,439 1,416 ! 1,376 1,181 Net foreign'exchange _ 17,551 15, 972 16, 221 19,800 Foreign bills and balances in gold.[ 914 912 i 889 j 545 Loans and discounts 27 572 23,457 24.460 28,336 Domestic and foreign bills j 755 764 793 | 837 Note circulation _. 35, 658 34, 902 33; 314 33,169 Loans to State _i 292 292 | 292 309 Deposits- Note circulation j 3,164 3,213 i 3,206 2,790 Government 10,384 6,085 9,178 I 13,948 Deposits | 282 219 I 194 128 Bankers 5, 437 4,494 3,530 3,472 Central Bank of Bolivia (thousands of Other 1,573 2,057 2,177 1, 849 bolivianos): Bank of Finland (millions of Finnish I Gold __ 2,794 I 2,781 |3,904 marks): Foreign exchange 32,622 I 37,088 I48,157 Gold - 302 301 301 304 Loans and discounts 24,733 | 24,031 j20, 964 Balances abroad and foreign I Notes in circulation. 29,795 | 30,811 ]39,800 credits - __. 761 740 732 933 Deposits 14,644 j 15,265 15,148 Foreign bills 217 191 188 85 Domestic bills... 709 699 725 1,130 Bank of Brazil (millions of milreis): Note circulation 1,320 1,305 1,231 1,447 C G u ol r d rency.. __ 373 ' 341 I 4 6 0 4 7 3 Demand liabilities 124 180 170 395 Correspondents abroad 234 i 306 I 303 Bank of Greece (millions of drach- Loans and discounts 1,484 ! 1,413 ! 1,423 mas): Securities. ___ _ 148 I 124 I 127 Gold 499 515 513 627 Note circulation.— .! j 170 j 170 592 Net foreign exchange in reserve... 2,259 2,327 2,272 2,768 Deposits ._ ! | 1,612 ! 1,527 ! 1,521 Total foreign exchange 2, 671 2,640 2,843 3,749 Loans and discounts 348 336 325 295 National Bank of Bulgaria (millions i \ Government obligations 3, 389 3,389 3,389 3,513 of G le o v ld a ): _ i j 1,471 ! | 1,462 1,458 ! 1,404 N O o th te e r c s ir ig cu h l t a l t i i a o b n i lities _ __ 4 1 , ,6 4 9 6 2 5 4 2 , , 4 0 1 7 7 3 4 1 , ,7 5 8 2 3 1 4 1 , ,9 8 5 9 0 0 Net foreign exchange j 255 231 267 i 325 Total foreign exchange J 647 687 704 | 718 National Bank of Hungary (millions Loans and discounts ! 622 655 683 i 1,245 of pengos): Government obligations ; 3,064 \ 3,064 3,101 j 3,339 Gold 126 148 163 i 163 Note circulation _i 3,129 3,029 3,059 3, 350 Foreign bills, etc 25 27 14 j 8 Other sight liabilities | 1,445 1,485 1,503 i 1,780 Loans and discounts 258 243 265 I 225 Advances to treasury 60 60 64 I 83 Central Bank of Chile (millions of I Other assets _•- 16 22 28 I 72 pesos): ! ; Note circulation 385 400 446 431 Gold at home j 62 | 62 62 ! 63 Deposits 38 38 19 46 Deposits abroad j 247 j 264 258 ; 1340 Miscellaneous liabilities.. 38 39 44 46 Loans and discounts | 91} 85 94 i 128 Note circulation... J 290 j 301 292 366 Bank of Italy (millions of lire): Deposits against which reserve is I Gold at home 5,311 5,306 5,299 5,202 held -.. | 55 44 42 87 Credits and balances abroad 4,100 4,037 4,038 4,858 Loans and discounts 4,371 5,098 5,038 4,379 Bank of the Republic of Colombia |~ Total note circulation 15,034 15,129 15, 212 16, 322 (thousands of pesos): Public deposits 300 300 300 300 Gold at home 12, 512 15,143 14, 793 20,553 Other deposits 2,375 2,337 2,232 1,436 Gold abroad 8,757 7,179 9, 268 I 9,872 Loans to member banks 13,414 13,445 13, 230 I14,466 Bank of Japan (millions of yen): Note circulation _ \ 2233,333366 24,339 25,352 j31, 573 Gold.— - 833 836 832 2 912 Deposits _ _ | 6,062 7,768 8,130 ! 5,532 Advances and discounts 715 743 739 755 Government bonds 136 136 136 131 Czechoslovak National Bank (mil- ; Notes issued 1,112 1,188 1,213 1,270 lions of Czechoslovak crowns): j i Total deposits 678 577 Gold - ' 1,542 j '1,543 1,544 i 1,262 Foreign balances and currency...! 2,199 | 2,143 2,233 ! 1,907 Bank of Java (millions of florins): Loans and advances _ ! 163 123 255 i 639 Gold 119 119 129 139 Assets of banking office in liqui- | Foreign bills _ 29 29 33 31 dation ; 315 318 318 i 352 Loans and discounts _. 46 50 51 63 Note circulation 6,699 6,571 6,608 7,011 Note circulation 239 246 243 270 Deposits - ; 828 820 987 ' 417 Deposits - - 56 37 23 37 * Includes deposits abroad for account of government, which were not separately reported until April, 1930. Average for week ending last report date of month. «Corrected. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN MAY, 1931 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1030 || Mar. Feb. Jan. Mnr. Mar. Feb. S Jan. \ Mar. Bank of Latvia (millions of lats): National Bank of Rumania (millions Gold 24 of lei): Foreign exchange reserve 48 Gold at home - 5,646 5.356 i 5, 356 5, 331 Bills 93 Gold abroad 3,114 3,919 I 3,919 3,919 Loans 55 j Foreign exchange of the reserve.._ 1,270 1, 270 | 1,697 2,353 Note circulation 4S Other foreign exchange 52 65 1 59 18 Government deposits.- 91 Loans and discounts _ 7,894 8,001 ! 7,906 10,605 Other deposits 77 State debt _ 3,617 3,617 i 3.617 5,797 Note circulation _ 18,341 18,105 j 18,449 19, 708 Bank of Lithuania (millions of litas): Deposits _ 5, 300 5,654 I 6, 070 8,210 Gold _ 39 39 35 South African Reserve Bank (thou- Foreign currency— ov 72 74 81 sands of pounds sterling): Loans and discounts 71 103 101 90 Gold 6,423 7,091 6, 974 7,315 Note circulation 109 ! 108 110 101 Foreign bills 6,751 7, 272 j 7, 374 6, 633 Deposits... 1 9 1 8 3 j 95 N Do o m te e c s i t r i c c u b la il ti l o s— n _ _ _ _j 7, 3 4 8 1 2 2 8, 3 1 2 9 3 0 ! I 8 5 ; 8 2 9 56 8 2 , , 4 8 3 1 6 2 Deposits- Netherlands Bank (millions of Government ! 2,135 1,517 , 1,921 2,450 florins): Bankers _ ! 4,705 5, 933 ) 5,164 4,737 Gold 446 446 436 432 Others | 122 167 I 229 393 Foreign bills _ 218 ! 227 2:>i 204 Loans and discounts 143 | 130 132 171 Bank of Spain (millions of pesetas): Note circulation - 841 j 803 801 837 Gold _ __ 2,420 2,416 i2.41.5 2,468 Deposits _ 17 i 54 64 13 Silver _._ 717 713 i 711 716 Balances abroad 120 113 I 107 34 Loans and discounts 1, 952 2, 037 12,062 2,018 Bank of Norway (millions of kroner): I Note circulation.— 4,604 4,689 !4, 667 4, 365 Gold J 140 i 146 146 ! 147 Deposits 794 795 ; 811 833 Foreign balances and bills | 37 | 23 23 > 29 Domestic credits _ j 183 182 187 ! 241 Bank of Sweden (millions of kronor):! Note circulation 296 j 287 290 I 305 Gold... I 240 240 ! 241 244 Foreign deposits. 2 2 1 i Foreign bills, etc I 303 353 ; 371 262 Total deposits G2 67 i Loans and discounts _ 299 223 ; 212 302 Note circulation | 580 545 ' 533 575 Reserve Bank of Peru (thousands of i D eposi ts : 175 187 ! 205 159 soles): i Swiss National Bank (millions of j~ Gold ;.. 44,217 k-44,020 ' r 54.238 francs): ! Foreign exchange reserve L ^,580 S 7,831 i 5; 450 Gold j 643 643 600 561 Bills „__!_ J 19,613 20,586 i 19,841 • Foreign balances and bills. _•• 306 379 377 335 Note circulation I. -! 62,716 62,126 j 57, 263 ! Loans and discounts _ ' 95 61 66 119 Deposits L J 6,016 6,867 i 9,769 j Note circulation | 994 961 949 918 I Demand deposits. _ j 134 246 262 122 Bank of Poland (millions of zlotys): j ! State Bank of U. S. S. R. (thousands i Gold at home ; 485 j 485 485 '•• 483 of chervontsi): j Gold abroad 77 77 219 LoaDS and discounts | (<) (2) j (*) i 3 488,992 Foreign exchange of the reserve. _ J 256 • 244 262 ! 325 Deposits ' (2j (2) j (2) I 198,530 Other foreign exchange , 125 i 127 122 116 Issue department- Loans and discounts : 650 j (584 711 ! 697 Gold 50, 351 48,301 ! 48,301 j 30,348 Note circulation j 1,261 ; 1, 284 1,277 i 1.324 Other precious metals. 2,025 2.121 ! 2,1S9 3, 079 Current account of the treasury i_j 58 I 37 48 , .175 Foreign exchange 4) 907 4,478 4,564 6,016 Other current accounts i _._' 161 ; 132 137 : 162 Note circulation 219, 385 210,770 210.835 I 155,598 National Bank of the Kingdom of Bank of Portugal (millions of es- Yugoslavia (millions of dinars) : cudos): Gold _ 99 I Gold 9 9 9 ' 9 Foreign notes and credits 87 94 123 291 Balances abroad.. i 160 181 183 : 165 Loans and discounts 1, 405 1,435 i1, 552 1,319 Bills ..__; 392 413 422 : 330 Advances to State 2,997 2,997 2,997 2,997 Note circulation.. ' 1,860 1,871 1,920 i 1, 879 Note circulation 4, 729 4,917 5,064 5, 363 Deposits ! 187 172 ' 156 ; 59 Deposits 952 830 925 1,397 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. 1 Figures not yet available. 8Revise! to include " Loans of branches." »• Revised. 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 26 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 •i Austria May 1931, p. 266. 1 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 ; France March 1931, p. 150. 1 Norway May 1931, p. 275. Brazil... July 1930, p. 444. 1 Germany May 1930, p. 301. ii Poland May 1931, p. 273. Bulgaria _ September 1930, p. 557. • Greece October 1930, p. 636. j Rumania.. September 1930, p. 553. Colombia - December 1930, p. 792. ; Hungary May 1931, p. 270. !i 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. !i Denmark December 1930, p. 788. Java December 1930, p. 795. j; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

281 MAT, 1931 FEDERAL RESERVE BULLETIN GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] I 1931 1930 1931 1930 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): ; of dollars): Gold - *390 P405 p 411 455 Gold reserve against Dominion Nntps issued » 519 P 534 v 539 584 notes 80 78 75 63 Irish Currency Commission (thousands Advances to banks under finance of pounds sterling): act 1923 7 9 13 50 Legal tender note fund- Dominion notes- British legal tender and bank Issued 141 143 147 174 balances ! 242 127 150 325 Outside chartered bank holdings. 28 28 28 British securities -- --- 6,939 6,843 6,896 6,825 ! Indian Government (millions of rupees): Notes issued 7,181 6,970 7,046 7,150 i Gold standard reserve— Consolidated bank notes *— ! Gold 112 114 89 29 Issued 4 044 3 985 3 930 3 782 Foreign exchange 421 420 444 505 Deemed such under sec. 60 (4) Paper currency reserveof currency act, 1927 - 1,872 1,906 1,968 2,218 Gold 259 238 262 323 Silver coin and bullion 1,248 1,227 1,211 1,110 Other assets -- . - 102 101 109 340 Notes issued. 1,608 1,565 1,582 1,772 i The figures of consolidated bank notes issued represent daily averages for the 4 weeks ending Mar. 7, and Jan. 10,1931, and Mar. 8,1930. 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 1931 1930 1931 Jan. Feb. Alar. Argentina: Bank of the Nation— I Millions of pesos Gold 1 1 5 1 1 1 Other cash ! 98 83 113 90 94 75 59 Loans and discounts I 610 606 534 532 525 469 478 472 425 ! 436 Deposits I 713 706 649 631 557 570 551 497 ! 508 Other banks in Buenos Aires— i Gold i 9 11 11 10 8 8 Other cash _ I 202 209 155 ! 156 166 156 148 155 141 | 150 Loans and discounts j 913 910 829 ! 789 754 708 693 637 ! 654 Deposits i 1,045 1,043 ; 916 867 867 806 791 728 i 750 Canada: Assets entirely in Canada- MiU'ons of dollars Cash in vault L._ 158 151 173 161 162 178 203 174 158 151 Cash in central gold reserves 22 25 33 40 44 36 37 33 22 25 Security loans _. 192 186 237 227 231 214 212 205 192 186 Other current loans i 1,141 j 1,116 1,384 1,362 1,347 1,230 ; 1,184 1,149 ,14l! 1,116 Security loans abroad 120 132 212 201 184 165 193 146 120J 132 Securities _ • 593 654 431 423 418 544 551 604 654 Liabilities entirely in Canada— | Notes in circulation ' 129 131 144 ' 14« 145 148; 145 133 129! 131 Individ ual demand deposits 557 543 645 i 622 616 633 605 642 557! 543 Individual time deposits ' 1,429 | 1,430 1,440 i 1,440 1,445 1,432 1,439 1,426 1,429| 1,436 Millions of pounds England: i sterling Cash in vault and at banks __' 195 187 181 935 j 884 882 918 : 919 994 947J 910 879 Money at call and short notice [ 143 115 112 692 j 621 645 699 665 692 695! 559 547 Advances and discounts i 1,237 1,208 1,159 5,903 ' 5,799 5,631 5,935 5,985 6,006 6,020i 5,880 5,642 Investments ' 281 293 295 1,134 1,113 1,096 1,250: 1,288 1,311 1,368' 1,428 1,436 Deposits __! 1,836 1,782 1,726 8,600 ! 8,341 8,185 8,716 ; 8,762 8,949 8,9341 8,672 8,399 France: j Millions of francs Bills and national-defense bonds j 20,833 834 i 829 804 772 : 799 793 817 i Loans and advances 10,754 420 j 427 418 442 443 448 422 I Demand deposits _ ! 34,750 i 1,298 ' 1,324 1,314 1,367 1,392 1,373 1,362 i Time deposits ! 1, 544 44 i 50 58 64 , 59 53 61 i Germany: j Millions of reichsmarks Bills and treasury notes ! 2,497 2,532 il 750 770 569 584 613 594 603 Due from other banks ' 946 956 ,i 276 282 234 242 241 225 228 Miscellaneous loans I 8,225 8,143 !|. 2,039 2,052 2,048 i 2,033 1,951 1,959 1,940 Deposits j 10,729 10,778 l! 2,867 2,920 2,641 i 2,639 2,651 2,556 2,567 Acceptances I 657 630 125 122 i 155 160 | 167 156 150 Japan: I Millions of yen Cash on hand 275 277 i 274 i 138 j 119 114 ! 112 136 '• 140 137 138 137 Total loans _ j 2,220 2,217 ! 2,176 I 1,071 I 1,075 1,080 | 1,080 , 1,100 j 1,109 1,107 1,105 1,085 Total deposits ! 2,009 ! 2,142 j 2,150 1,033 ! 1,028 1.022 | 1,024 ; 1,035 ! 1,047 1,001 1,C68 1,072 1 Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks Germany—six Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN MAT", 1931 DISCOUNT RATES OF CENTRAL BANKS Bank Bank German Bank Bank of Bank of Date effective of l a E n n d g- Fra o n f ce R b e a ie n h k S' Ita o l f y N l e a t n h d e s r ze S r w la i n td Ccoounnnttrryv I M R a a y t l e I s n i n e c f o f_ect Country M R a at y e l ' i I s n in c e e ff — ect In effect Oct. 1,1929. Austria 5 i Sept. 10,1930 Java I 4> Mar. 11,1930 N Oc o t v . . 3 1 1 B B o el l g iv iu ia m j 2 7 Y2 | A A u u g g . . 2 1 6 , , 1 1 9 9 3 3 0 0 L L a it t h vi u a a nia... | 6 6 A O p ct r . . 1 1, , 1 1 9 9 3 3 0 0 Nov. 2 - BBulligaria | 9 Jan. 29,1931 Norway 4 Nov. 8,1930 Nov. 16... Nov. 21 Chile- Aug. 4,1930 Peru Sept. 1,1930 Dec. 12 Colombia Sept. 18,1930 Poland Oct. 3,1930 Jan. 14, 1930 Czechoslo- Portugal June 2,1930 Jan. 16..- -. vakia I June 25,1930 Rumania Apr. 1,1931 Jan. 30 Danzig _j Oct. 10,1930 Feb. 5 South Africa. Mar. 13,1931 Feb. 6.— .- Denmark j Nov. 13,1930 I;Spain July 17,1930 M M a a r r . . 3 6-.-. E E c st u o a n d i o a r I | M Oc a t r . . — 7 , , 1 1 9 93 3 0 1 j | 1 Sweden Feb. 6,1931 Mar. 7... Finland j Aug. 27,1930 |i U. S. S. R... Mar. 22,1927 M M a a r r . . 2 8 0 -j 5H! I Greece | Nov. 30,1928 I j Yugoslavia-. May 28,1930 Mar. 25 Hungary ; May 30,1930 l! Apr. 3 i India ! Jan. 15,1931 I! Apr. 24 Japan • 5.11 Oct. 7,1930 ! May 1 May2__ _ Changes: Ecuador—Mar. —, up from 9 to 10 per cent. May 19 6H May 20 _ June 21 July 10 .--. Oct. 9 _ Jan. 3, 1931 Jan. 22 Jan. 24 In effect May 1, 1931. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) NetherlandsUmster- Switzerland 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 t ' s 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 M 1 o m ne o y n t f h or d P is r r i c a v o t a e u t n e t 1930—March 2.78 2.55 3.20 5.12 6.35 5.57 i 2.50 2.61 2.60 * April 2.48 2.49 2.28 m 4.46 5.57 4.40 i 2.52 3.08 2.61 May 2.16 2.11 1.93 3.89 5.00 3.62 | 2.29 2.53 2.44 June 2.31 2.30 1.93 1 3.58 4.80 3.74 ; 1.89 1.93 2.06 July 2.37 2.38 1.78 1 3.40 4.57 4.30 ! 1.85 1.85 1.92 August 2.21 2.17 1.85 3.24 4.43 3.73 j 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 i 4.66 5.93 5.15 ! 1.59 1.48 1.29 November 2.18 2.15 2.01 4.79 6.51 5.48 j 1.31 1.29 1.16 December 2.30 2.34 1.60 4.82 7.24 5.54 ; 1.39 1.86 1.18 1931—January 2.25 2.24 1.74 4.75 6.64 4.93 1.38 1.55 1.17 February 2.56 2.57 2.29 4.88 6.31 5.49 : 1.12 1.05 1.00 March.. 2.60 2.56 2.20 \ 4.76 6.17 5.00 1.09 1.04 .99 Belgium France Italy Sweden (Brussels) (Paris) (Milan) Austria (Vienna) Hungary ! \ ( h S o to lm ck ) - Japan (Tokyo) Month d P is r c iv o a u t n e t d P is ri c v o a u t n e t d P is ri c v o a u t n e t d P is r c iv o a u t n e t M f o o n rl ey co P m ri m m e e r- Day-to-day; L o™ Discounted m C o a n l e l y rate rate rate rate month cial paper money j months bills overnight 1930—March 3.31 2.70 6.57 5H-6 6*4- Stt 5H-6# 4 -6 5.48 3.83 April 3.33 2.57 6.43 5 -5H m-7n 5 -m 3H-5H 5.48 3.65 May 2.87 2.36 5.81 4H -5 6H-7 574-8 4H-6 i 3^-5^ 5.48 3.10 June.. 2.78 2.11 5.50 4H -4iMe 6 -6H 5H- 8 4H-6H 3H-5H 5.48 3.83 July 2.78 2.08 5.50 4*i«-4fc 6 -6H 5W-7H 4^-5^: 3H-5^ 5.48 3.65 August 2.44 2.10 5.50 4 -4H 6 -6H 4^-5 i 3H-5H 5.48 3.83 S O e c p t t o e b m e b r. e - r 2 2 . . 2 3 7 9 2 1 . . 0 9 0 9 5 5 . . 2 4 5 8 zn-m 5 5 3 H 4 - - 6 6 H H 5 5 3 H 4 - - 7 7 K 4 4M K- - 5 6 H Z 3 H H - - 5 5 H H 5.48-5 5 . . 6 4 6 8 3 3 . . 2 6 9 5 November 2.05 2.00 5.43 4 -4H 534-6M 534- 7H 4^-5 3H-5H 5.48-5.66 3.65 December 2.34 2.03 5.50 4M«-4^ 5?4-6M 5?4- 7H 4H-5 3^-5^ 5.48-5.66 3.65 1931—January 2.38 1.89 5.50 4H -4% 5H-6M 5?4- 73,4 4H-5^ 3^-5^ 5.48-5.66 3.10 February 2.31 1.77 5.50 4 -4H 5^-6 53/4- 734 4K- 5 3-5 5.43 2.92 March 2.25 !.« 5.50 394 -4 5H-Q 3% -4he 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

283 MAY, 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 a i i c r t t a e 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 35 208 404 278 300 ; 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 90.3 149.9 115.9 178.5 : 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 88.2 , 149.8 102.6 187.6 100.2 1926—February. 96.6 110.8 57.7 101.8 98.9 : 92.7 76.4 March . ._ 96.6 109.6 56.5 95.8 97.1 88.0 80.9 April 96.9 110.1 57.2 92.9 96.7 ' 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 98.3 92 4 July 97.0 110.0 54.6 100.0 99.8 111.6 99.9 August- 97.2 110.2 56.6 102.9 101.7 109.0 109.5 September 97.0 110.0 56.6 104.3 102.6 115.5 112.1 October 97.0 110.2 58.3 101.6 101.1 ' 111.2 123.1 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 April 99 0 110.6 73.9 111.1 105.5 ; 129.2 162.8 May 99.1 110.6 72.7 114.2 106.4 i 125.8 156.1 June 98.4 110.1 72.1 115.4 106.3 120.6 142.4 July 98.4 110.3 72.2 117.2 106.7 124.9 147.0 August . - , 98.8 110.6 72.6 122.0 107.4 123.6 144.5 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 Dfi(?fimber 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 91.8 132.3 111.0 143.3 132.4 March _. . _ ._ 100.5 112.4 80.3 91.1 137.9 114.0 157.9 130.6 April 100.3 113.7 81.3 90.9 145. 9 116.2 177.3 136.1 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.. 97.2 112.1 84.9 89.7 148.3 115.9 -• 189.3 136.9 September 97.5 111.7 84.9 89.4 156.6 117.7 193.6 137.2 October . 97.5 112.3 84.4 89.0 159.1 119.2 193.1 135.2 November 97.8 112.1 83.8 88.7 171.1 119.8 • 200.4 135.0 December 97.2 112.1 84.1 88.9 171.4 119.3 207.3 136.4 1929—January 97.0 113.4 83.6 89.2 185.2 1 122.8 • 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 ; 229.6 129.4 April 95 8 111 9 83.0 88.3 186.6 119.8 i 222.3 129.5 May _ . 95.7 110.4 84.2 88.9 187.8 118.3 219.7 124.2 June 95.3 109. 8 84.8 86.9 190.7 118.6 210.7 127.2 July __ 95. 2 109.3 84.6 86.9 207.3 121.7 213.3 124.5 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 j 222.3 121.5 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. 9 109.9 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 U0.1 February 96. 4 : no.i 96.3 86.1 165.5 109.9 205.6 110.6 March 97. 8 1 112.7 95.8 86.4 172.4 109.2 205.2 109. 2 April __. . i 97.9 ; 112.7 95. 5 88.0 181.0 • 111.1 208.6 112.1 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 87.9 November 99.1 ; 112.8 94.7 87.8 116.7 i 94.1 162. 2 84. 7 December . _ . 97.8 112. 5 94.1 I 87.3 109.4 89.0 149. S 80.0 1931—January 99.6 ! 112.8 95. 7 ! 87.5 112.3 ", 89.6 156.7 75.0 February 99 4! 109.7i 97.1 119.8 ! 89.3 l(>0.1 78. 5 jVTarch 100. 0, 111.6 97.9 121.6 89.4 155,4 i i 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, Genera! Section, Base Book Issue for 1930-31 (pp. 63, 66, and 104). England—Bankers Magazin e, London; description in issues for February, 1922 (p. 227) and February, 1923 (p. 251): back figures in current issues. France—Statistique G§n6rale Paris; description (and back figures) in Bulletin de la Statistique Generale, for July, 1927 (pp. 390-397). Germany-Statisches Keichsamt, Berlin; description in Wirtschaft und Statistik, February, 1928 (p._144) and (with back figures) January, 1929 (p. 62). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL JEtESERVE BULLETIN MAY, 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 j 1931 January - - 93 77 95 77 131 107 j 576 541 132 115 417 342 201 158 131 • 105 February 92 76 94 76 128 106 , 567 538 129 114 408 338 200 i 158 126 104 March -_ , 91 75 92 75 125 106 l 558 539 126 114 400 339 196 158 122 ... . April 91 91 124 ' 548 127 396 193 122 May 89 90 122 i 546 126 390 189 '_.. , 118 87 88 121 - . i 540 125 382 181 118 July 84 86 119 558 125 375 177 '• 115 August 84 84 118 560 125 379 176 114 September.. . _ . 84 83 116 ! 556 123 375 172 __. 112 October 83 81 113 552 120 364 165 111 November 80 80 112 .' 551 120 361 162 110 December _ 78 78 109 ! 541 118 350 161 107 WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913 = 100) 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 fl ? I? o r d f d ™ u° c" , s Ind * u * s * t * r * ia * l p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- In r f a i d s n w u e i s r s a h a t i r n e - i d d al I p n fi r d n o u i d s s u h tr c e i t d a s l products 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 88 127 119 483 601 111 117 124 152 June. 89 91 86 127 117 488 587 110 115 122 151 July 83 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 78 113 104 580 507 107 102 108 142 February 70 77 77 112 103 575 505 IO« 100 106 140 March 71 77 76 111 103 581 503 107 99 106 139 RETAIL FOOD PRICES COST OF LIVING United England France Germany United England France Germany States (July, (July, (1913- States (July, (Jan.-June, (1913- (1913=100) 1914=100) 1914=100) 14=100i) (1913=100) 1914=100) 1914=100) 14=100 l) Month Month 1930 1931 1930 j 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January ,. 155 133 157 138 124 i 132 150 134 January 166 153 152 140 February 153 127 154 ! 136 121 I 132 148 i 131 February I 164 152 150 139 March 150 126 150 | 134 120 I 131 145 ! 130 March I 161 150 115 149 138 April 151 143 119 I 143 ' April 157 147 May 150 140 I 120 | 142 I May 155 147 June 148 138 120 143 June 167 154 116 J. 148 July 144 141 122 146 July -.- 155 149 August 144 144 127 145 August 157 149 September 146 144 129 142 September... _ 157 "120 147 October 144 143 129 140 I October 156 145 November 141 144 131 138 j November 157 144 December 137 141 132 135 December 161 155 142 i 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 Reichsamt; France— for retail food prices, Statistique Ge'ne'rale and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

285 MAY, 1931 FEDERAL RESERVE BULLETIN BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] Federal reserve notes in cir- Total cash reserves Total deposits culation i Reserve percentages Federal reserve bank 1931 1930 1931 1930 1931 1930 1931 i 1930 April March April April March j April April i March April March j April Boston 235,003 i 228,602 j 25S, 974j 147,512 145.328 '• 149, 531 136, 024 129,553 163,789 82.9 83 2 82.7 New York 1,094,320 11,134 10S ! 903, 05511,017,788 1,042.095 970, 671 269, 501 259, 383 184, 993 85.0 87. 1 78.1 Philadelphia 261,055 I 251.071 ; 234, 2411 154.778 149, 5S6 138,696 138, 559 139,307; 146,422 89.2 86. 9 82.2 R C i le c v h e m la o n n d d 3 1 2 2 2 0 , , 4 1 9 6 9 1 ' j 1 32 1 2 7 , , 8 6 0 9 2 7 ! : 3 10 1 9 6 , , 1 8 5 8 6 8 i j 20 6 1 4 ', ,5 4 4 4 4 4 1 6 99 3, , 7 3 2 3 1 2 ! 1 6 9 8 2 , , 2 2 9 6 9 6: 1 7 8 8 2 , , 9 0 4 9 8 9 1 8 8 0 0 , , 2 9 1 6 2 6 18 7 2 2, , 3 4 3 34 9 8 83 4 . . 7 1 8 8 5 1 . . 0 3 8 7 4 8 . . 4 1 Atlanta 170,752 : 167,064 J 50. 7041 62,110 60,413 68.212 132,404 130,686 128, 852 87.8 87.4 79.5 Chicago 406,374 : 415,111 I 540,921 ! 335,155 330.837 i350,049 209,471 159,568 •270,381 85. 6 84.6 87.2 St. Louis 117,092 116,623: 124,440 '• 74,559 7.1,714 • SO, 684 76,307 77,259! 78,141 77.6 7S. 3 78.4 Minneapolis 70,259 . 70,490 : 84, 5681 51,274 49.865 52,770 48, 515 48,205 59, 858 70.4 71.9 75.1 Kansas City 103,156 : 103. 284 ; 138, 260 i 83,812 83,655; 89,507 65, 831 66,004 76, 5S2 68.9 69.0 i 83.2 Dallas 52,328 53,486 63, 993I 58,857 59,220! 64, 263 . 27,756 26,948: 33, 925 60.4 62.1 i 65.2 San Fran cisco 299, 1(54 ! 296, 416' 278, 267 i 188,277 186,756 183,091 161, 613 161,991 I 157,194 85. f> 85.0 81.8 Total 3, 312, 703 3, 276, 754 3, 209, 467 12,440,110 :2, 442. 522 2, 408, 039 1, 527, 028 11, 460, 032 ' 1,8 35.554 ,91084.0 ! 81.0 ! : . . I I ! 1 Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $15,203,000; month ago, $14,449,000, year ago, $18,514,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending March 31, 1931 T" '"•"lions of dollars] Deposits subject to reserve Reserves ^ (net demand and time Indebtedness at Federal deposits; see following reserve banks Federal reserve district page) Excess Febru- : January ary Boston ! 2,324 i 2,301 2, 297 : 140.1 142.6 141.9 New York ; 10,609 ! 10,598 10,620 ; 1,051.7 1, 005.1 3,018.1 Philadelphia ! 2, 363 I 2, 364 2.416 : 143. 8 141.3 146.2 Cleveland i 3,170 \ 3, 200 3, 227 190. 9 192. 7 ; 194. 8 Richmond 1,0-18 I 1. 049 1,0*2 I 60.8 60.6 i 61. 0 Atlanta 895 i 892 903 ! 58. 2 58.8 i 58.8 Chicago 4,594 ! 4, 570 4,537 ! 339. 2 332. 9 I 327. 4 St. Louis 1, 071 I 1.052 1,075 ; 69. 9 69.6 70.2 Minneapolis 849 i 842 8o3 49. 0 4 48.9 Kansas City _. . 1,150 ' 1, J33 1. 133 i 85.0 82. 2 Dallas 1 798 8.13 ' 802 ! 57.1 57. 0 San Francisco i 3, 17' 3. r 3, 162 181.5 179. 3 Total | 32,048 i 31,908 32,067 [ 2,433.3 ! 2,370.3 j 2,385.7 56.6 66.5 ! 252.3 215.8 176.4 DISCOUNTS OF FEDERAL RESERVE BANKS, DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS BY MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] 1931 1931 1930 Federal reserve bank • — - •-- ; Federal reserve bank Apr. 1 j Apr. 8 Apr. 15 | Apr. 22 ; Apr. 29 April March April Boston ! 11,576 7,322 7, 534 7,160 10, 328 Boston 8.4 9.9 15.6 New YorR : 36, 187 34, 755 26,144 31,192 30, 560 New York 41.9 41.3 53.7 P C h le il v a e d l e an lp d h ia ; ! 1 1 8 4 , , 0 0 4 5 2 7 1 1 5 3 , , 7 2 1 8 1 2 1 1 4 4 , , 4 3 3 8 7 5 1 11 5 , , 7 8 6 2 8 2 1 1 8 6 , , 9 7 7 4 3 4 P C h le i v la e d la e n lp d hia... 1 14 6 . . 0 0 2 1 0 0 . . 6 4 2 25 8 . . 7 3 Richmond 15,054 15, 792 14, 475 11,937 13,043 Richmond 13.2 15.9 16.0 Atlanta i 13,425 11,245 9, 770 10, 048 10, 321 Atlanta 11.0 13.4 18.8 Chicago : 12,324 11,635 12,351 13, 337 13,669 Chicago 12.7 14.7 ' 22.7 St. Louis ' 7,899 7,421 7,490 8,173 St. Louis 7.9 8.2 13.9 Minneapolis 3, 523 3,417 3,415 3,401 3,629 Minneapolis... 3.5 3.6 3.1 Kansas City ! 9,657 8,603 8,935 9, 059 8,624 Kansas City- 9.0 10.5 12.8 Dallas ; 6,991 7,572 7,326 7,477 7,903 Dallas 7.5 7.2 7.5 San Francisco '• 14, 295 5,830 5, 742 5, 560 13,184 San Francisco. 9.4 14.8 13.1 j _ 142, 585 132, 004 j 135, 250 | 155,151 Total— 154.7 170.4 231.2 Total... ..--; 163,630 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN MAY, 1931 NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS [Averages of daily figures. In millions of dollars] Total (all member banks) Larger centers (places over 15,000) * Smaller centers (places under 15,000) * Federal reserve district Net demand Time Net demand Time Net demand Time March Fe a b ry ru- March Fe a b ry ru- March Fe a b ry ru- March Fe a b ry ru- March Fe a b ry ru- March Fe a b ry ru- Boston 1,276 1,288 1,020 1,013 1,178 1,188 855 847 98 100 166 165 New York 7,446 7,397 3,175 3,201 7,175 7,123 2,585 2,610 270 274 590 591 Philadelphia . _ _ __ 1,199 1,163 1,216 1,200 1,013 976 754 738 186 187 463 463 Cleveland 1,543 1,536 1,684 1,665 1,356 1,342 1,350 1,329 187 193 334 336 Richmond 500 509 542 540 389 396 339 336 111 113 203 204 Atlanta _ _____ _______ 508 504 395 388 416 413 311 304 92 90 84 84 Chicago 2,383 2,428 2,154 2,142 2,150 2,200 1,791 1, 774 232 228 363 368 St. Louis 592 577 483 475 478 463 363 355 114 114 120 120 Minneapolis _ _. _ 396 383 457 459 251 240 213 214 144 143 244 245 Kansas City.. 749 757 384 376 506 511 244 234 243 246 140 142 Dallas 567 577 235 236 374 376 195 196 194 200 39 40 San Francisco ._ 1,270 1,270 1,892 1,885 1,122 1,119 1,749 1,742 148 151 142 144 Total 18,430 18, 389 13,637 13, 580 16, 409 16, 350 10, 749 10, 678 2,021 2,039 2,889 2,901 11930 census; for figures through January on 1922 basis see BULLETIN for March, 1931 (p. 140). 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 Total Boston Y N o e r w k* d P el h p i h la ia - C la le n v d e- m R o ic n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y a s: |Dallas F c S i r s a a c n n o - 1928—Oct. 3_. 452,478 32,943 63,933 37,688 47,465 23,150 25,055 79,862 19,136 17,593 23,737 25,923 50,993 Dec. 31. 509,786 48,227 70,991 43,812 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 39,0G8 21, 758 26.452 72,700 18,999 16, 523 26,712 21,226 62,351 Oct. 4.. 428,665 48,220 57,542 32, 615 41, 502 18,105 27,745 68,415 19,277 15, 569 26,222 26,109 47,344 Dec. 31. 519,107 82, 262 72, 538 41,553 41,210 23,111 28,182 62,965 18, 303 16,154 27,972 27,781 77,076 1930—Mar. 27. 462, 976 33,884 60, 281 35,251 47,833 19,656 30,831 82, 790 22,385 14,180 35,341 28,191 52,353 June 30. 552,394 40,854 81,924 37,854 65, 419 21, 293 33,838 96,321 26, 486 17, 596 42,345 31,339 57,125 Sept. 24. 585,847 45,131 78,380 49,361 61, 230 23,976 28.453 106,160 26,663 23, 587 52,047 31,072 59,787 Dec. 31. 641, 271 77,082 92, 706 45, 703 62, 796 27,064 34, 777 1116,899 33,112 23,814 33, 487 25,012 68,819 i Due from banks in New York City as reported by member banks located in New York district but outside New York City. INTERBANK LOANS: MEMBER BANK LOANS TO BANKS [In thousands of dollars] Federal reserve district Totalall Call date m b e a m nk b s er Boston Y N o e r w k P 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 - - F c S r is a a c n n o - 1928—Oct. 3 547,795 13,891 292,837 37,003 20,084 24,688 30,792 61,799 27,094 7,989 15,919 6,752 8,947 Dec. 31... 537,501 16,040 294,865 38,502 27,768 15,033 22,018 73,477 14,519 7,437 18,231 3,399 6,212 1929-Mar. 27... 548,152 21,186 260,522 49,201 33,249 17,155 23,385 15,622 7,601 17,447 4,519 9,380 June 29... 670,277 25,178 321,628 47,681 35,494 27,719 34,107 96,922 27,767 8,593 23,798 8,719 12,671 Oct. 4..... 640,301 20,147 308,654 51,159 34,300 25,187 29,823 93,297 31,059 6,944 19,499 8,029 12,203 Dec. 31... 714,076 24,602 328,180 65,118 49,107 18,155 22,141 132,176 25,854 6,793 23,251 5,392 13,307 1930-Mar. 27... 527,081 21,907 207,413 52,732 34,932 19,283 26, 702 94, 520 22,678 6,351 21,681 6,953 11,929 June 30__. 535,307 26,509 199,925 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... 630, 545 26, 674 288,276 55,849 42, 802 24,438 27,478 89,896 28,308 7,284 23,442 7,988 8,110 1931^Mar. 25 P. 446,475 18,779 157, 743 45,704 32,846 18, 280 21,051 85,916 22, 705 21,453 7,718 7,800 Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 287 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 i I Boston Y N o ew rk P p d h h e il l i - a a - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t i . s ne M a l i i p n s o - - Ka C n it s y as Dallas F c S r is a a c n n o - LOANS TO CUSTOMERS All member banks: 1929—Oct. 4 23,249 1, 751 7,132 1,774 2,255 920 810 3,640 926 541 748 673 2,078 Dec. 31 23,193 1. 703 7,231 1,750 2,296 920 796 3,555 883 515 735 651 2,161 1930-Mar. 27 21,494 1,615 6,503 1,697 2,209 850 747 3,265 830 483 684 612 2,000 June 30 21, 565 ; 1,616 6,512 1,715 2,216 836 724 3,351 810 475 681 615 2,015 Sept. 24 21,010 1,555 6,392 1,672 2,153 824 703 3,206 796 476 659 616 1,957 Dec. 31._. - 21,007 1,534 6,428 1,654 2,182 801 678 3,182 708 461 667 676 2,135 1931—Mar. 25 P 19, 927 1,467 6,048 1,605 2,123 775 634 2,951 672 463 625 556 2,007 Reserve city banks: * 1929—Oct. 4__ _. 14, 622 775 5,269 786 1,265 330 428. i 2,533 557 230 430 332 1,688 Dec. 31 14, 712 756 5,371 766 1,353 336 423 2,454 525 206 422 331 1,768 1930—Mar. 27 _ _. 13, 288 695 4,727 742 1,273 301 388 I 2,208 483 185 372 291 1,622 June 30_ 13,337 694 4,708 757 1,283 299 370 ] 2,306 463 176 366 288 1,629 Sept. 24 13,003 647 4,644 727 1,246 294 356 2,207 456 188 355 296 1,588 Dec. 31 13,244 650 4,694 716 1,290 296 360 2,213 402 178 372 297 1, 778 1931—Mar. 25 v 12,414 i 601 4,353 687 1,263 284 340 2,024 381 188 343 283 1,667 Other banks: 1929—Oct. 4__ _ 8,628 1,863 990 590 383 1,107 312 318 342 391 Dec. 31 8,482 947 1,860 943 584 372 1,100 358 309 313 319 393 1930—Mar. 27 8,206 920 1,776 955 936 549 358 1,057 347 " 298 311 320 378 June 30 8,228 922 1,804 958 934 537 355 1,044 347 299 314 327 386 Sept. 24 8,007 908 1, 747 j 945 907 530 348 1,000 340 288 304 320 370 Dec. 31 7,762 884 1, 734 I 938 893 505 318 969 306 285 296 280 356 1931—Mar. 25 * 7,513 866 1,695 i 919 860 491 294 | 927 291 275 281 273 340 I OPEN-MARKET LOANS AND INVEST- MENTS All member banks: 1929—Oct. 4__ 12,024 4,323 ; 930 1,209 354 309 1,383 418 409 479 306 1,042 Dec. 31 12,026 833 4, 757 • 872 1,111 340 297 1,248 428 389 454 280 1,018 1930—Mar. 27.. 13,034 934 5,072 921 1,210 354 334 1,477 462 407 460 288 1,114 June 30.. 13,555 949 5, 674 ' 949 1,232 344 302 1,501 445 387 443 244 1,085 Sept. 24. 13,997 1,001 5, 528 i1,038 1,348 358 316 1,692 454 389 479 241 1,151 Dec. 31 13, 222 950 5,307 |1,023 1,194 329 284 1,538 417 382 456 238 1,104 1931—Mar. 25 v 14, 375 1,015 5,713 ; 1,170 1,278 352 318 1,737 449 376 457 261 1,249 Reserve city banks: i i 1929—Oct. 4 6,917 315 3,120 ! 288 695 143 145 i 778 I 175 100 255 136 767 Dec. 31 7,179 301 3,615 ! 263 649 142 135; 681 192 95 241 113 ; 752 1930— Mar. 27. 8,062 377 3,849 ! 307 746 152 155 ! 900 229 108 , 246 141 ! 853 June 30 8,688 378 4, 439 328 773 156 147 ! 942 i 224 101 ! 244 121 i 837 Sept. 24 9,121 411 4,285! 416 898 170 163 | 1,126 i 235 100 j 284 128 | Dec. 31 8,527 388 4,119 i 407 761 145 140 ! 995 213 103 I 266 121 i 1931—Mar. 25 v 9,633 434 4,483 I 549 854 162 172 1,191 242 103 ! 271 150 | 1,022 Other banks: 1929—Oct. 4. 5,107 548 1, 203 642 514 211 163 605 243 308 224 170 ' 276 Dec. 31 4,847 532 1,142 ! 609 462 197 162 567 237 294 213 167 266 1930— Mar. 27 4,972 557 1,223 i 614 464 202 179 578 233 299 214 148 261 June30__ 4,867 572 1,235 ; 621 459 188 156 559 221 287 j 199 123 248 Sept. 24. 4,875 591 1,243 j 622 450 188 153 566 219 289 196 114 244 Dec. 31 4,696 562 1,189 ! 616 433 184 144 543 204 279 190 117 236 1931—Mar. 25 v 4,742 581 1,231 | 620 424 190 146 546 207 273 187 111 227 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 Report No. 50 (pp. 12-17). p Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN MAY, 1931 BANK SUSPENSIONS, BY DISTRICTS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bankF,igures of suspensions include banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars),L Number Deposi o ts f ( d in o ll t a h r o s u ) sands Federal reserve district Members i! Mernbers Non- Non- ! Nonba A n l k l s m b e e m rs - ba A n 1 k 1 s ' ti N on a a - l State m b e e m rs - ba A n ll ks M be e r m s - i m b e e m rs - banks ! bers i m b e e m rs - January-April, 1931: Boston 1 1 2,312 2,312 1 1 2,426 !; 2,426 New York 9 5 1 3 13,351 :> 5,383 6,056 1,912 2 1 1 5,622 ;: 2,939 2,683 Philadelphia 13 9 13,688 ; 4,908 8,780 Cleveland 35 13 2 20 32,637 , 15,009 1,743 15,885 1 1 412 | 412 Richmond 32 6 1 25 12,915 3,740 219 8,956 31 2 29 9.605 ! 3, 659 5,946 Atlanta ... 56 10 4 42 27,313 14,036 1,898 11,379 11 1 10 4,866 [ 879 3.987 Chicago -. 118 1 110 57,245 i 5,059 5, 981 46, 205 19 1 18 15,167 : 7,502 7,665 St. Louis 76 9 3 64 16,344 4,073 741 11,530 79 8 71 26,199 ! 9,081 17,118 Minneapolis 35 28 9,125 2,443 6, 682 11 11 3,368 i 3, 368 Kansas City 32 1 31 5,571 941 4, 630 2 2 356 356 Dallas 13 7 6 4,521 ; 3,088 1,433 4 2 2 1,706 ! 412 1,294 San Francisco. . 12 1 3 8 3,884 ;, 284 1,753 1,847 Total 432 70 15 347 198,906 58,964 18,391 121,551 161 | 15 146 69,727 ; 24,472 45,255 April, 1931: Boston __ New York 4 • 3 1 3,939 3, 387 552 1 | 1 2,939 2,939 Philadelphia 3 ! 1 4,847 3 833 1 014 Cleveland 6 : 4 2 12,242 ! 10,314 1,928 Richmond 2 5 4,943 • 2 717 2 226 2 2 497 i 497 Atlanta .... 3 i 1 1 1 5,058 2,675 1 334 1,049 1 1 161 !| 161 Chicago 17 17 12,116 ' 12,116 3 1 2 8,570 !! 7,502 1,068 St Louis 2 1 1 515 350 105 14 2 12 8,238 :j 5,452 2,786 Minneapolis 11 • 3 8 2,778 i 952 1,826 1 1 191 ! 191 Kansas City 5 5 800 . 800 S D a a n ll a F s rancisco 3 2 1 2 1 1 1,5 6 6 6 9 1 :; 474 1,433 1 1 8 3 7 6 1 1 546 ! 546 Total 63 17 3 43 49,468 |! 24,702 2,767 21, 999 23 1 4 19 21,142 15,893 5,249 i Represents national banks only, except as follows: January-April, 3 State members in St. Louis district with deposits of $6,313,000; April, 1 State member in St. Louis district with deposits of $5,200,000. 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- Call date m b e a a m n ll k b s er ;Boston Y N o e r w k P p d h h e i l i l - a a- Clalenvde - SRoicnhd- At.antaCh.cago L S o t u . i^s n M e l a i i p s 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._. 8,106 501 ; 2,616 499 314 | 1,087 332 294 426 355 772 Dec. 31.. 7,822 436 2,468 444 329 1,028 327 292 435 368 1929—Mar. 27. 8,150 495 ' 2,667 441 328 ; 1,039 333 300 439 384 June29_. 7,896 473 , 2, 530 439 311 i 1,060 302 297 445 361 765 Oct. 4... 7,979 488 2,661 454 280 '1,051 309 304 438 339 754 Dec. 31.. 7,614 424 2, 640 409 275 942 284 288 417 320 750 1930—Mar. 27.. 7,642 455 i 2,616 396 276 ! 966 292 286 395 322 759 J S D u e e n p c e . t . 3 3 2 0 1 4 - . J 7 7 7 , , , 3 0 2 1 2 5 7 3 8 I 4 4 3 2 8 3 0 6 0 ' 2 2 2 . , , 3 4 4 6 2 1 8 9 3 i i 408 6 5 7 7 1 6 2 2 2 6 3 7 7 6 0 ; ! j 9 9 9 5 2 2 6 5 2 2 2 2 7 7 4 0 3 5 2 2 2 8 6 6 7 1 3 o 3 37 8 y 3 3 i O 2 2 9 6 /- 0 2 J9 7 7 6 2 2 9 5 7 3 INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS | In millions of dollarsl i Total— i Federal Reserve District 1 all i Date ; m b e n a m o n n k b - s e r, j ! 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 - I Lo St u . is 1 i i l n M i e i a s p n o - - K C an it s y as Dallas F c S r i a s a n c n o - 1928—Oct.3 347 ! 22 57 30 49 19 i 57 34 : 8 7 18 Dec. 31 .!1 350 i 17 54 34 25 21 | 71 i 43 12 2 20 1929—Mar. 27 !! 354 !: 24 55 37 31 26 ; 71 34 7 4 15 June 29. ji 399 i 25 58 40 43 32 ! 79 i 39 13 8 18 Oct. 4 .!! 363 ! 23 68 10 46 33 I 77 i 39 3 6 20 y i 1 - 9 r 3 0— J D D S M u e e e n c p a c . . e r t . . 3 3 3 2 0 2 1 1 7 4 . ... ._.. _ I ! ! i j 2 2 3 2 2 4 6 8 8 5 7 9 7 7 9 I i i ! 3 1 1 1 1 0 9 7 5 7 8 6 5 5 2 1 1 6 1 9 ] ; 5 3 2 2 3 5 4 8 2 7 2 2 3 3 2 8 9 1 4 5 2 3 3 2 1 3 5 3 0 8 j ! ! 3 4 3 4 5 8 4 1 2 8 ; i i ; 2 3 2 3 3 4 0 3 2 2 ; i 1 1 1 1 1 5 0 5 1 3 10 4 4 5 9 1 1 1 1 1 2 1 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

289 MAY, 1931 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District Total sas |Dallas j Fran- City I I cisco Loans and investments: Apr. 1 2,283 1,976 7,974 1,918 Apr. 8 2,277 1,967 7, 858 1,948 Apr. 15 2,290 1,982 7,897 2,010 Apr. 22 . . . . 2, 289 1, 992 7, 880 2,005 Apr. 29 2, 273 1, 989 7,834 2,011 Loans: Apr. 1 15,382 1,439 1,247 5,451 1,302 Apr. 8 15,212 1,432 1,237 5,302 1, 313 Apr. 15 15,258 1,426 1,240 5, 338 1,377 Apr. 22 15,139 1,406 1,238 5,311 1,358 Apr. 29 14, 903 023 | 0,014 1,407 1, 237 5,207 1,341 On securities— Apr. 1 7,256 405 '3,561 3,183 Apr. 8 7,146 408 3,447 3,066 Apr. 15 7,194 406 3, 455 3, 083 Apr. 22 7,138 411 3,436 3,063 Apr. 29 7,052 412 3,374 3, 003 All other— Apr. 1 656 2,711 2, 268 Apr. 8 650 2,682 2,236 Apr. 15 _. 2,255 Apr. 22 2,248 Apr. 29 2,204 Investments: Apr. 1 7,551 2,523 Apr. 8 7,633 'j 2,556 Apr. 15._ 7,793 \ 460 ! 2,984 2, 559 Apr. 22 7,848 464 j 2,995 2, 569 Apr. 29 7,903 464 i 3,045 2, 027 U. S. Securities— Apr. 1 3,777 1,548 1,398 Apr. 8 3,848 1,575 1,423 Apr. 15 _ 3,977 1,578 1,412 Apr. 22 3,968 1,556 1,393 Apr. 29 3,996 1,598 1,445 Allother— Apr. 1 _._ 3,774 1,384 151 1,125 Apr. 8 3,785 1,391 151 I 1,133 Apr. 15 3,816 1,406 150 ! 1,147 Apr. 22 3,880 1,439 150 1,176 Apr. 29 3,907 1,447 151 1,182 Reserves with F. R. banks: Apr. 1 1,810 i; Apr. 8 1,797 :; Apr. 15 1,768 I Apr. 22 1,790 !i Apr. 29 1,832 ;' Cash in vault: Apr. 1 Apr. 8 Apr. 15 Apr. 22 Apr. 29 Net demand deposits: Apr. 1 13,749 .j 6,457 5, 849 1,141 Apr. 8 13,678 i! 6,306 | 1,782 5, 697 1,200 Apr. 15 13,811 i 6.356 312 | 1,821 5, 749 1,225 Apr. 22 13,752 '•{ 6,376 311 | 1.793 i 5,775 1,198 Apr. 29 13,004 :: 0, 348 312 | 1, 798 I 5, 704 1,215 Time deposits: Apr. 1 -.. 7,296 1,778 383 | 1,017 230 ! 1, 325 1, 235 Apr. 8 7,273 : 1, 752 392 I 1,019 231 i 1,312 1,217 Apr. 15 7,304 \ 1,749 391 i 1,009 230 i 1,352 1,219 Apr. 22 7,358 ; 1,750 391 ! 1,016 230 ; 1,392 j 1,214 Apr. 29 7,410 1,780 230 ; 1, 395 | 1, 251 Government deposits: Apr. 1 33 i 16 Apr. 8 29 ! 14 Apr. 15 40 ! 24 Apr. 22 29 i 18 Apr. 29 23 j 10 Due from banks: Apr. 1 Apr. 8 Apr. 15 , Apr. 22 ; 1,686 Apr. 29 1, 003 Due to banks: ; Apr. 1 i 3,989 1,512 Apr. 8 ._.: 3,907 1, 354 Apr. 15 ! 3,898 1,363 Apr. 22 i 3,680 1, 239 Apr. 29 I 3,594 Borrowings from F. R. banks: I Apr. 1 ' : 1 8 ; Apr. 8... Apr. 15 i 1 Apr. 22 _.. 1 • : 1 j Apr. 29-,. i i ; i 1 8 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN MAY, 1931 FEDERAL RESERVE BANK DISCOUNT RATES [Eates on all classes and maturities of eligible paper. For back figures see January BULLETIN and Annual Report for 1929 (Table 32)] ]Federal reserve bank Date effective Boston Y N o e r w k Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis Min o n li e s ap- K C an it s y as Dallas F S r a a n ncisco In effect Apr. 1,1930- 4 4 4 4H * 4 Apr. 8 4 Apr. 11 4 Apr 12 i 4 4 Apr. 15 _ 4 May 2 „ 3 I MayS. 33^ J J u u n n e e 7 20 2H 3>2 June 21 3H July 3 3H July 12 3K j July 18 3H Aug. 7 1 3K Aug 8 I 334 Aug 15 1 VA Sept 9 3>i|- Sept 12 3K Dec. 24 2 Dec 29 3 Jan. 2, 1931 2M Jan. 8 3 Jan. 9 3 Jan. 10 3 3 May 7 _ . . 2 __________ May 8 3 i May 9 _ . 2H In effect May 9,1931.. 2 IK 3 23-3 3H| 3 m 3H VA 3 3 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Interbank loans Federal reserve bank or branch city Boston New York Buffalo Philadelphia. Cleveland Cincinnati Pittsburgh Richmond Baltimore Charlotte. Atlanta. Birmingham. Jacksonville Nashville. New Orleans Chicago Detroit St. Louis Little Rock. Louisville Minneapolis.. Helena ._ Kansas City Denver Oklahoma City Omaha Dallas El Paso Houston San Antonio San Francisco Los Angeles Portland Salt Lake City Seattle. Spokane NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rate 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

291 MAY, 1931 FEDERAL RESERVE BULLETIN BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars. Figures are for 37 States [Value of permits in thousands of dollars] east of Rocky Mountains, as reported by F. W. Dodge Corporation] 1931 1930 1931 1930 Federal reserve district N of u m ci b ti e e r s Federal reserve district Mar. Feb. Mar. Mar. ; Feb. | Mar. Boston 14 2,626 3, 340 7,453 New York 22 58,243 ' 31,606 44, 610 Boston I 37,539 19,517 ! 28,102 Philadelphia. 14 . 2,438 2,257 11, 020 New York I 92,584 i 70,060 i 105,493 Cleveland 12 | 5,969 6,000 15, 850 Philadelphia 16,539 14,143 I 25,511 Richmond 15 ! 6,534 8,463 12,126 Cleveland 26,377 16,493 | 60, 012 Atlanta 15 I 2,349 r 1,891 6, 630 Richmond I 30,617 , 19,666 I 43, 220 Chicago 19 23,666 12, 230 15, 503 Atlanta I 20,189 20,354 20,898 St. Louis 5 2,337 2,469 3,085 Chicago I 69,099 i 29,011 73, 812 Minneapolis- 9 4,228 1,410 2,035 St. Louis j 22,970 ; 12,509 I 23, 705 Kansas City__ 14 I 3,760 r 4, 552 8,022 Minneapolis _. 10,084 5, 507 I 15,131 Dallas 2,693 3,264 5,840 D K a a l n l s a a s s City ' ! 1 2 9 4 , , 1 8 0 8 1 3 1 1 0 7 , , 1 9 7 7 4 3 | 2 3 4 5 , , 9 2 7 6 4 0 San Francisco 20 13, 027 10,842 19, 887 Total 168 127,870 '8S.325 152,060 Total (11 districts) i 369,982 235,405 i 456,119 r Revised. COMMERCIAL FAILURES BANK DEBITS [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co/ 1931 1930 ]Number Liabilities Number of centers Mar. Feb. Mar. Federal reserve district 1931 1930 1931 1930 New York Citv 1 27, 589 20, 948 40, 740 Mar. Feb. Mar. Mar. Feb. Mar. Outside New York City 140 19, 421 17,084 24, 983 Federal reserve district: Boston . . 262 247 264 5,351 7,115 5,020 Boston 11 2,149 1,760 2,615 New York 562 490 416 9,950 8,728 11,401 New York _ 7 28, 336 21, 607 41, 715 Philadelphia 106 115 132 3,261 4,603 2,054 Philadelphia _ 10 1,937 1,710 2,505 Cleveland 233 202 169 6,502 7,123 5,263 Cleveland 13 2,118 1, 932 2,667 Richmond 168 160 126 4,702 2,382 2,639 Richmond 7 644 597 764 Atlanta 174 183 204 3,311 3,089 3. 659 Atlanta 15 880 860 1,068 Chicago 361 371 333 13,661 5,740 1 15,854 Chicago 21 5,040 4,266 6,635 St. Louis 144 181 133 2,970 5; 158 ! 2. 420 St Louis 5 921 809 1,157 Minneapolis 69 69 101 1,638 3,446 1.100 Minneapolis _ 9 554 507 730 Kansas City 136 108 124 2,184 1,226 ! 1 827 Kansas City 15 1,052 950 1, 348 Dallas 76 114 66 1, 456 2,153 920 Dallas - 10 526 511 734 San Francisco 313 323 279 5,401 8,845 4,685 San Francisco 18 2,853 2, 524 3,784 Total 2,604 2,563 2, 347 60, 387 59, 608 56, 846 Total 141 47,011 38,031 65, 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN MAY, 1931 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT fin thousands of dollars] 1931 Apr. 30 Mar. 31 Apr. 30 Gold with Federal reserve agents 1,782,314 1, 733,124 I 1,642,214 Gold redemption fund with United States Treasury _. 32,193 32, 647 i 41,097 Gold held exclusively against Federal reserve jjotes.. 1,814,507 i 1,765,771 i 1,683,311 Gold settlement fund with Federal Reserve Board 555,046 ! 499,976 I 634, 847 Gold and gold certificates held by banks _ 791,121 i 848,894 j 754, 502 Total gold reserves. _ _._ 3,160,674 I 3,114,641 3,072, 660 Reserves other than gold 173,423 | 181,637 178,937 Total reserves 3,334,097 i 3,296,278 ! 3, 251, 597 Nonreserve cash 64,127 I 73,124 | 62,607 Bills discounted »_ 157,076 ! 250,225 j 233,452 Bills bought: Outright 132,291 115,343 i 161,845 Under resale agreement. 30,361 8,960 I 47, 719 Total bills bought 162,652 ! 124,303 209, 564 United States securities: Bought outright8 598,314 I 598,431 527,124 Under resale agreement. 100 2,385 Total United States securities.. 598,314 i 598,531 529, 509 Other reserve bank credit: Other securities 350 9,700 Due from foreign banks.._ _ 697 707 711 Reserve bank float3- _.. 18,117 16,553 22,882 Total reserve bank credit outstanding.. 937,206 j 990,319 1,005,818 Federal reserve notes of other reserve banks.. 16,091 14,278 20,968 Uncolleeted items not included in float 474, 098 463,183 562, 769 Bank premises 58,420 58,322 All other resources 17, 882 17, 601 11, 542 Total resources _ _J 4,901,925 4,913,105 4,973,881 LIABILITIES | Federal reserve notes: Held by other Federal reserve banks ! 16,093 14, 278 20,968 Outside Federal reserve banks _ j ], 519,16fi 1,472,080 1,486,300 Total notes in circulation i 1 535 259 I 1,486,358 1, 507,268 Deposits: Member bank—reserve account. 2,371,171 2,428,081 2, 384, 721 Government 34.963 55,916 22, 674 Foreign bank 5,606 5,145 5,365 Other deposits 21, 889 16, 515 21,173 Total deposits j 2,433,629 2,505,657 I 2, 433, 933 Deferred availability items.. 474,098 ! 463, 183 ! 562, 769 Capital paid in 168,fi00 i 168,828 • 174, 209 Surplus 274,636 I 274,636 276, 936 All other liabilities 15,703 ! 14, 443 18, 766 Total liabilities... 4,901,925 j 4, 913,105 ; 4, 973, 881 Contingent liability on bills purchased for foreign correspondents 408,916 I 430, 779 • 465, 458 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: I H s e su ld e d b y to F F e e d d e e ra ra l l r r e e s s e e r r v v e e b b a a n n k k s s 4 by Federal reserve agents 1, 3 9 9 3 7 3 , , 8 0 2 8 5 4 I 1,8 3 7 8 5 9 , , 6 28 4 4 2 1 : 1,8 3 2 19 6 , , 9 7 8 1 7 9 In actual circulation _ j 1,535,259 j 1,486,358 ; 1, 507, 268 Collateral held by agents as security for notes issued to banks: Gold _ ! 1,782,314 ! 1, 733,124 I 1, 642, 214 Eligible paper _ I 292,179 ! 351,122 j 430, 807 Total collateral | 2,074,493 2,084, 246 j 2, 073,021 1 Includes bills discounted for Federal intermediate credit bank as follows: Latest month, $58,000; month ago, $121,000; year ago, $1,401,000, and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $78,000; month ago, $77,000; year ago, $39,000. H£§ 2 Includes bills payable in foreign currencies as follows: Latest month, $1,074,000; month ago, $1,063 000* year ago $1 054 000 3 Uncollected items in excess of deferred availability items. :* uw * *>-. ' ' « 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

293 MAY, 1931 FEDERAL RESERVE BULLETIN EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES—ALSO FEDERAL RESERVE NOTE STATEMENT, APRIL 30, 1931 [Tn thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a! C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. i s M ap in o n li e s - K C an it s y as Dallas i F S r a a n ncisco RESOURCES Gold with Federal reserve agents 1,782,314 146, 917! 361, 919 160,000 192, 550 84, 070 140,400 276,9 69,880j 44,815 65, 000 24,100: 215,763 Gold redemption fund with II U. S. Treasury 32,193 1,165! 13,158 1,050 2,5371 53' 1,021 3,985 l,520! 1,349 764: 4,438 Gold held exclusively I against Federal reserve notes 1,814,5071 148, 0S2J 375,077 161,050 195, 087 84, 607; 141,421, 280,885 71, 400J 45,484 66, 349 24,8641 220,201 Gold settlement fund with Federal Reserve Board ._ 555, 046 35,823! 170,906 60,932 39,908 20,406; 10,937| 96,712 24,7201 28,388 18, 465 13,902; 33,947 Gold and gold certificates held by banks 791,1211 30,718- 513,036 25, 276 65, 716J 5,324' 7,819, 76,001 10, 837J 5,152 10, 858 4,965; 35,419 Total gold reserves. 3,160,674 214,623| 1,059,019 247, 258 300, 7111 110,337, 160,177J 453, £ 10066,, 995577 79, 024! 95,672 43, 731! 289,567 Reserves other than gold_ 173, 423j 14, 947; 57, 646 8, 394 15,393j 11,046; 5,798, 21,102 9, 379! 4,084 7,541 8, 294! 9, 799 Total reserves || 3,334,097! 229,570 1,116,665 255,652 316,104! 121,383! 165,975 474,700! 116,336! 83,108 103,213| 52,025 299,366 Nonreserve cash 64,127; 7,466! 14,340; 33,447799 O3 ,9n8O8O1f 4A f3O7-V0V| 4A ,2O6/J2O (9\ ,7!70A3O 4A ,8O6C77jl 1i ,8r>5 I4- A 1,808[ 3, 322| 4, 668 Bills discounted: ;j Secured by U. S. Govern- \\ ment obligations ij 63,128| 5,522, 17,7371 7,047 11,583 2,060 329 6, 583J 3, 215j 455 963 180 7,454 Other bills discounted ii 93,948j 5,345| 13,278; 11,428 6,753j 11, 752 9,774 7,187! 4,989| 3,183 7,884 4,689 Total bills discounted™!' 157,076; 10,867; 31,015: 18,475 18,336J 13,812: 10,103 13, 770 8,204 3, 638! 8,847 7,866! 12,143 Bills bought I 162, 6521 16,206 60,109; 105 19,601 42! 6,248 18,581 7, 433| 5,105' 7,866 4, 826 16, 530 U. S. Government securities: ;i j Bonds ! 60, 508i 1, 202! 16,523 520 1,325^ 273 20, 5901 7,530! 379 10,192. 319 Treasuuyry nottes ji 52,227 1, 502! 11, 380 4,606 11,549 490i 3,874 1,972 3,976, 600 1,110 623[ 10, 545 Certificates and bills 485, 579 4433 ,447788 15544, 881100i 4AO3 ,7T5CT7 4AC5 ,62Cn4Aj, 15,168! 8,1 58,566 19,257; 17,483 3322,229911 18,409; 28,128 Total U. S. Government I ! 1 Other se s c e u c r u it r i i e ti s es 598, 3 35 1 0 4 46,182! 182,7 3 1 50 3 ; ! 49,352 57,693 16,983 12, 755 81,128 23,899, 25,613! 33,780! 29,224 38,992 Total bills and securities. 918,392 73,255! 274,187! 67,932 95,630 30,837! 29,106 113,479 39,536, 34,356] 50,493! 41,916 67, 665 Due from foreign banks 697 53| 223 i 70 72J 281 25 95 25; 16: 21 21 Federal reserve notes of other banks 16,091 259J 5, 224| 981 1,333! 1,634 2,272i 845! 6691 783 291; 1,492 Uncollected items 492,219 56, 568 140, 525 44, 054 46,,!9 40| 3,5,821! 15,600 58,724! 2200, ,224488! 8,886! 23,24' 15,408! 26,198 Bank premises 58,420 3,458 15, 240 2,614 7,1931 3,465! 2,573 8,0611 3,635l 1,926 3,803 1,8311 4,621 All other resources _ 17,882 452 4,854 855 1,919! 1,189 3,748 829 1,249! 694! 464 823J 806 Total resources . 4,901,925| 371,081| 1, 571, 258j 374,964 472,827j 198,426! 222,923 667,863 186,741 j 131,509, 183,832 115, 637i 404,864 LIABILITIES Federal reserve notes in actual circulation 1,535,259 136, 706 270,772; 137,187 183,864 77,049; 130,231 222,159 74,711 47, 830 27,889; 162,318 Deposits: T i Member bank—reserve account 2,371,171 14400,,885588!! 992,994 149,412 192,398J 63,516 56,807 322,624 71,781 62,601 82,553 57 , , j 827j 177,800 Government 34,963 33,22005511 11002,2228811 22,775522 119,8191 44,883366 1,736 3,404 1,492 973 1,168 11,001199 221,16611 Foreign bank 5,606 386 2,1541 509 520 206 185 695 180 118 149 154 350 Other deposits _ 21,889 701 11,536 2,362 100 214 521 299 151 125 60 6,352 Total deposits 2,433,629 144,5191 1,016,912 152, 772197, 269 58,942 327,244 73,752 63,843 83,995 59,060, 186,663 Deferred availability items 474,098 56,3911 133,166 40, 765 45, 751 34,050 15, 522 56, 243 21,541 8,868 21,878 14,753, 25,170 Capital paid in 168, 600 11,8291 65,498 16,776 15, 753 5,721 5, 247 19,927 4,831 3,020 4,243 4,300 11,455 Surplus _. 274, 636 21,299' 80, 575 27,065 2288,997711 jj 1122,111144 10,857 39,936 10,562 7,144 8,702 18,475 All other liabilities 15, 703 337 4,335 1,219 834 2,124 2.354 1,344 804 471 783 Total liabilities ; 4,901,925 371,081 1,571,258; 374,964 472,827\ 198,426 222,923 667,863 186,741| 131,509 183,832; 115,637 404,864 Reserve ratio (per cent) _ 84.0 81.6 86.7 18.2 82.9! 83.3 87.7 86.4 78.4J 74.4j 69. 5 59. 8 85.8 FEDERAL RESERVE NOTE I STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent 1,933,084 162,175 395, 731 165,6911 212,3641 85,693 155, 970 287, 272 81,843! 52,508! 69,995 34,586 229,256 Held by F. R. bank 1 397,825 25,469 124,959 2Ar8t , 5>A0 44 I 2fl8O, 5p0fiA0' 8O ,6r*4 A4 A 25, 739 65,113 7,132| 4,678; 5,452J 6,697j 66,938 In actual circulation 1,535, 259 136, 706 270,772 137,187 183,864,1 77,049 130,231 222,159 74,7111 47,830^ 64,543 27,889, 162,318 Collateral held by agent as security for notes issued to bank: Gold i 1,782,314 146,917 361,919 160,000 192, 550 84, 070 140,400 276, 900 69,880 44,815 65,000 24,100, 215,763 Eligible paper 292,179 27,011 72,882 15,921 34, 611 13, 677 15, 917 32,112 14, 679 8,4 86 1 ,224 12,195 28,464 14, 679 8,486 16, 224 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

ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES to [Amounts in millions of dollars. Back figures available only to October 3,1928; see BULLETIN for November, 1930, p. 7531 Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments Secured by Secured by real Purchased paper stocks and bonds estate Total Total Call date i m n l a o v e n a e n d n s t s t s - T lo o a t n a s l Total S s b e t a o c o b n n u c y d d r k e s s d Total o T Y u N C k o t e o e i s b t r r w i y s r k d o e - to o c m T t u h o s e e - r r s F la a n rm d e O r s t e t h a a e t l e r a s s O e e n w c c d t u h u i u s r r e e e e n r d d - - Total i p n A S a a c U t y n c a c a n e t e b i e p t s s l e t e - d a f a o B c n r c i e c l e i e l p g s s t n , , - m p C e a o r p c m e ia r - l l S o t a r n e s e t * Total s m U G e e t c r i e . o u e n n S v s r - t - i . - s O e t c t i h e u s e ri r - lo s b t a a o o n n n c s d d k o s s n countries Total: 1929— J M un a e r . 2 2 9 7 3 3 5 5 , , 7 3 1 9 1 3 2 25 4 , , 6 9 5 4 8 5 6 5 7 4 0 8 (3) 2 2 2 1 , , 5 9 1 0 6 3 1,0 9 1 2 4 1 6 6, , 8 5 1 2 3 6 4 40 0 4 3 2 2 , , 7 7 2 6 0 0 1 11 1 , , 6 2 1 4 8 0 2 2 , , 4 4 9 7 4 2 1 1 0 4 8 6 9 9 3 0 3 2 7 4 6 9 2 1 , , 8 0 7 2 9 5 1 1 0 0 , , 4 0 4 5 8 2 4 4 , , 4 1 5 5 4 5 5 5 , , 9 8 9 9 4 8 1 4 1 9 0 , , 6 0 9 9 3 4 Oct 4 35,914 26,165 640 (2) 23,249 939 7,170 392 2,760 11,988 2,276 93 70 228 1,885 9,749 4,022 5 727 410,314 Dec 31 35,934 26,150 714 (2) 23,194 803 7,685 388 2,803 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 4 10,505 1930—Mar 27 35, 056 25,119 527 260 21,495 706 7,024 394 2,776 10, 595 3,097 175 79 499 2,344 9,937 4,085 5 852 10 334 June 30 35, 656 25,214 535 230 21, 565 819 7,242 386 2,769 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10, 656 Sept 24 35,472 24,738 466 175 21, 010 774 7,090 387 2,776 9,982 3,262 205 62 523 2,472 10, 734 4,095 6,639 10, 511 Dec 31 34,860 23,870 631 315 21,007 675 7,266 387 2,847 9,831 2,233 315 55 366 1 4QR 10,989 4,125 6,864 9,754 1931—Mar. 25 P 34,748 22,828 446 218 19, 927 570 6,866 387 2,828 9,277 2,454 361 101 363 1, 629 11,920 5,045 6,875 9,283 New York City:8 IQOQ Mar 27 7,726 5,754 251 8 4,253 52 1,692 148 2,361 1,250 59 52 37 1,102 1,972 1,135 838 4 2,971 June 29 8,160 6,341 314 4,532 63 1,814 2 173 2,480 1,496 58 58 21 1,359 1,819 1,006 813 4 3, 393 Oct 4 8,150 6,344 302 4,846 46 1,898 1 175 2,726 1,196 59 33 8 L, 096 1 807 989 817 4 3 191 Dec 31 8,774 6,683 322 4,964 55 2,145 169 2,595 1,397 128 46 21 L 202 2 091 1 112 979 4 3 562 iQQn Mar 27 8,238 6,192 199 92 4,338 60 1,876 150 2,252 1,655 89 40 49 I 477 2 046 1 150 897 3 504 June 30 8,798 6,596 196 78 4,308 68 1,954 157 2,129 2,091 144 29 35 L,883 2,203 1,147 1,056 3,983 Sept 24 8,557 6,359 169 53 4,276 86 1,945 157 2,090 1,912 148 28 22 1,714 2,198 1,091 1,107 3,798 Dec 31 8,582 6 147 283 132 4,338 104 2 033 147 2,054 1,525 188 22 34 L 281 2 435 1 239 1 197 3 550 1931—Mar. 25 v 8,471 5,809 154 70 4,006 119 1,853 1 150 1,882 1,650 199 51 35 1,366 2, 662 1,466 1,196 3,408 Chicago:» 1929—Mar. 27 ... 1,793 1,456 62 (2) 1,353]j 311 477 2 19 544 41 8 5 10 18 337 164 172 4 837 June 29 1,767 1,433 67 (2) 1,309 242 484 2 22 559 58 1 3 6 48 334 159 176 4 807 D O e c c t. . 4 3 1 _ . 1 1, , 7 8 5 2 7 3 1 1, , 4 5 4 1 8 0 8 6 8 8 ( ( 2 2 ) ) 1 1 , , 3 3 7 2 4 9 2 2 4 5 0 7 5 5 0 3 4 3 2 2 1 1 9 9 5 5 9 3 2 5 6 3 8 0 9 1 4 5 4 5 5 1 9 1 3 30 1 9 2 1 1 1 5 6 3 1 1 9 6 3 0 4 4 8 8 5 2 4 8 I 1930—Mar. 27 _ 1,717 1,406 58 50 1,160 194 474 2 18 472 187 3 11 33 140 310 146 164 859 June 30 1,849 1,483 50 43 1,257 229 487 2 18 521 176 2 19 56 99 366 160 205 859 Sept. 24 1,934 1,524 41 35 1,187 1 239 448 2 16 482 296 7 13 42 233 409 157 252 955 Dec. 31 1,861 1,344 55 42 1,194 201 472 2 18 501 95 18 14 18 45 518 240 277 761 1931—Mar. 25 P 1,852 1,262 41 35 1,050 159 452 2 16 422 171 14 25 21 111 590 329 261 756 Other reserve cities: 1929—Mar. 27 12,132 8,733 196 8 7,933 538 2,415 112 1,376 3,492 603 35 27 136 405 3,400 1,732 1,668 * 3,456 June 29 12,065 8,789 241 8,124 j 511 2,480 109 L,370 3,654 423 16 22 83 302 3,276 1,607 1,670 4 3,414 D O e c c t 4 31 1 1 2 2, , 0 1 2 6 9 1 9 9 , ,0 0 8 8 4 5 2 2 2 5 5 8 ( 2 ) 8 8 , ,4 4 1 0 7 1 4 5 2 1 5 0 2 2 , , 5 7 9 7 8 5 1 1 1 1 0 0 , , 3 4 6 2 0 8 3 3, , 6 8 7 2 9 3 4 40 5 8 8 43 6 2 2 4 7 1 7 0 1 2 3 2 5 3 4 9 3 2, , 9 0 4 7 4 5 1 1 , , 5 3 1 6 9 8 1 1 , , 5 5 5 7 7 6 4 4 3 3 , , 5 5 6 7 9 5 1930—Mar. 27 11, 858 8,752 205 104 7,790 1 360 2,576 113 L, 411 3,330 757 55 24 209 469 3,105 1,516 1,590 3,509 June 30 11,852 8,533 227 99 7,770 431 2,663 110 ,394 3,172 534 17 19 245 253 3 319 1,525 1,794 3 447 Sept. 24 12,038 8,500 193 77 7,540 | 360 2,586 111 L, 398 3,085 768 47 17 295 409 3,537 1,628 1,909 3 431 Dec 31 11,897 8,379 231 125 7,712 312 2,671 120 L. 491 3,119 436 104 15 194 123 3 517 1,486 2,031 3 230 1931—Mar. 25 * 12,113 8,027 194 101 7,358 231 2,523 122 1,476 3,006 475 144 23 191 116 4,086 1,984 2,102 2^971 "Country" banks: 1929—Mar. 27 13, 741 9,001 39 8,364 114 1,942 289 1,176 4,843 598 44 8 192 354 4 740 1,424 3,316 4 2 429 June 29 13,719 9,096 49 8 8,551 105 2,034 291 1,195 4,926 496 33 7 140 316 4 623 1 384 3,240 4 2 480 Oct. 4 13, 780 9,226 45 8,627 ! 125 2,170 279 1,206 4,847 553 27 6 144 376 4 554 1,361 3,193 i 2 694 Dec. 31 ' 13, 375 8,936 45 8,481 ! 83 2,231 ' 276 1,186 4,705 409 33 5 163 208 4,439 1,267 3,172 4 2 545 1930— Mar. 27 13, 243 8,768 65 14 8,206 93 2,097 279 1,196 4,541 496 27 4 207 258 4,475 1,273 3,202 2 462 June 30 ._ 13,157 8,602 62 11 8,229 90 2,137 274 1,201 4,527 312 8 4 171 129 4,554 1,229 3,326 2 367 Sept. 24 12, 944 8,354 62 11 8,007 ! 88 2,112 275 1,205 4,326 286 4 4 164 115 4 589 i 1 219 3,370 2,326 Dec. 31 12, 519 8,001 62 15 7,762 59 2,090 264 1,191 4,158 177 5 3 120 49 4 519 1 159 3,359 2 213 1931—Mar. 25 » 12,313 7,730 58 13 7,513 i 61 2,038 262 1,185 3,967 159 5 2 116 36 4,582 1,266 3,316 2,148 i Loans to brokers and dealers in securities at New York City. 2 Figures not available. 3 Central reserve city banks only. 4 Loans to banks on securities for these dates estimated as one-half of total loans to banks. » Preliminary figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 MAY, 1931 FEDERAL RESERVE BULLETIN BANK LOANS AND INVESTMENTS, PERCENT- MEMBERSHIP IN PAR-COLLECTION SYSTEM AGE DISTRIBUTION [Number of banks at end of March] [Figures for Dec. 31,1930—latest date for which comprehensive data are available] Member banks Nonmember banks On par list Not on par list Total loans and investments 1931 1930 1931 1930 1931 1930 Number of banks Amount Percent- United States. 7,924 8,407 10,648 11, 776 3,427 3,689 (millions ' age disof dollars) tribution Boston 393 403 259 269 New York 907 929 393 403 All banks in the United States i_. 22, 769 56,209 100 Philadelphia 751 758 442 471 Cleveland 740 794 920 981 7 9 Member banks—total- 8,052 34,860 62 Richmond 466 508 509 563 437 516 Atlanta 375 419 171 235 845 903 Reserve city banks (62 cities) 464 22,340 | 40 Chicago 1,056 1,153 3,092 3,413 241 229 Central reserve city banks: St. Louis 503 560 1,379 1,613 426 485 New York City__ 48 8,582 15 Minneapolis 633 670 479 549 1,002 1,076 Chicago 14 1,861 : 3 Kansas City 861 892 1,856 2,054 198 197 Other reserve city banks: Dallas 666 722 546 596 211 214 New York City 12 58 . San Francisco _. 573 599 602 629 60 60 Chicago _ _. 37 166 Other F. R. bank cities (10 cities).! 105 5,807 ! F. R. branch cities (25 cities).... 151 4, 567 i Figures cover all incorporated banks (other than mutual savings Other reserve cities (25 cities).. 97 1,298 | banks). Country banks * 7,588 12,519 j INDEBTEDNESS OF NONMEMBER BANKS:1 Nonmember banks 14, 717 21, 349 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. [In millions of dollars. Back figures not available on comparable basis] J Includes certain outlying banks in reserve cities. Bills Bills FEDERAL RESERVE BANKS—MATURITY DIS- payable payable TRIBUTION OF BILLS AND SHORT-TERM Date and re- Date and re- SECURITIES discounts discounts [In thousands of dollars] 1923-Dec. 31 415 1927-Oct. 10- 276 T™J-116 to 30 31 to 60 61 to 90| 91^a/s Over 6 1924—Mar. 31 350 Dec. 31 230 Total days days jm™to £6 ns months J O u c n t e . 1 3 0 0 _ _ ._ . 3 3 4 3 4 7 1928- J F u e n b e . 2 3 8 0 2 3 0 6 8 1 Dec. 31 339 Oct. 3. 347 Bills discounted: 1925—Apr. 6 326 Dec. 31 350 Apr. 1 163,630 1001,,343' 14,452 21,857 14,744! 9,297 2,937 June 30_ 361 1929-Mar. 27 354 Apr. 8 142, 58582,237: 13,949 21,035 13,665i 8,772 2,927 Sept. 28 352 June 29 399 Apr. 15 132, 00473,825! 14,367 19,640 12, 291! 9,819 2,062 Dec. 31 372 Oct. 4_ 363 Apr. 22 135, 25078,833' 12,564 19,451] 12,333! 10, 001 2,068 1926-Apr. 12 350 Dec. 31 359 Apr. 29 155,151 98,316 12,065 19,123 13,143; 10, 277 2,227 June 30. 398 1930—Mar. 27 287 Bills bought in Dec. 31 324 June 30 287 open market: 1927—Mar. 23 259 Sept. 24 247 Apr. 1 166,622120,934; 31,828 10,779! 2,891i 190 June 30 _ 275 Dec. 31 269 Apr. 8 L71,729 95,149! 53,580 19, 539 i 3, 223; 238!. A A p p r r . . 2 1 2 5 1 13 5 1 1 , , 6 4 1 7 1 9 9 69 5 , , 4 3 3 31 9 1 ! 2 3 9 5 , , 1 9 6 1 7 6 1 13 4 , , 0 4 9 3 7 2 1 ! 1 1 1 3 , , 8 6 0 6 0 1 ! ! 1 1 0 3 8 9 1 Includes all banks (including mutual savings banks) in the conti- Apr. 29 169,765101,395 27,321 22,301! 18,440 308 nental United States that are not members of the Federal-reserve system Certificates and (14,717 banks on Dec. 31, 1930, with total loans and investments of bills: $21,349,000,000). Apr. 1 468, 537 36, 000 120, 216 158, 697 153, 624 A Ap p r r . . 8 15 4 4 8 7 0 2 , , , 6 7 8 1 4 1 , . J ! 6 5 , , 0 0 0 0 0 0 2 2 4 9 , , 4 5 2 0 2 0 i , 1 1 3 2 4 2 , ,7 7 9 2 4 6 1 1 1 1 5 5 9 8 , , 7 6 1 9 2 7 1 1 4 6 8 3 , , 7 7 5 8 6 8 RESERVE BANK CREDIT AND FACTORS IN Apr. 22 480,5861 5,000i 19,200 91,716| 40,300, 149,743 174, 627 CHANGES (WEDNESDAY SERIES) Apr. 29 5,000: 19,200 89,716! 45,3001 149,717 176, 687 [In millions of dollars] KINDS OF MONEY IN CIRCULATION 1931 [End of month figures. In thousands of dollars] Apr. Apr. Apr. Apr. Apr. 1 8 15 22 29 1931 Kind of money Bills discounted 162 165 164 143 132 135 155 Jan. 31 Feb. 28 Mar. 31 April P Bills bought 123 83 167 172 131 152 170 United States securities... 618 599 598 599 599 599 598 Gold coin 357, 565 355,912 353,647 352,886 Other reserve bank credit.j 5 15 16 33 26 13 Gold certificates 1,055,740 1,060,922 1,047, 327 1,034,690 Total reserve bank credit i.] 907 858 943 929 895 911 936 Standard silver dollars 35, 050 34,864 34,679 34,358 Monetary gold stock 4,685 4,689 4,698 4,703 4,710 4,713 4,721 Silver certificates... 371,830 373,179 372,030 374,778 Treasury currency ad- ! I Treasury notes of 1890 1,245 1,244 1,243 1,242 justed : 1,816 ,1,7651,778 1,775 1,789 S M F U N F u e e n a i d d b n t i i e t e s o o e i r r r d d n a a i l a l c a S l r o r r e e t i y b n a s s a e t . e s e _ n r r i v s v l k v e e n e n b o r n o a t o e t n _ e t s e k s s notes. 1, 6 2 2 1 4 4 6 8 1 7 0 3 9 8 6 0 , , , , , , 0 8 1 9 0 2 1 2 8 7 3 3 4 0 8 2 1 1 1,4 2 2 6 1 6 9 G 4 1 0 5 2 9 5 9 , , , , , 9 , 9 9 4 6 2 4 8 8 5 5 0 5 9 8 9 0 3 1,4 2 2 1 6 7 7 8 1 4 1 0 2 9 6 8 , , , , , , 0 9 4 3 4 5 9 7 5 8 9 9 0 2 2 3 5 6 1, 2 2 1 6 5 1 9 7 5 1 6 2 4 1 1 8 , , , , , , 9 7 5 2 1 7 5 4 7 7 2 6 5 5 1 8 3 8 M M Un b n e o e e t a o m n c x l n e a b p y m n e e c r e n i e n m d s e c b b d i e r a r c c n u a k p l a i d t t i a e r o l p e n s f o u e s r n i v t d s e s , , | A \ i ! 2 , , 4 5 4 3 6 1 6 2 0 I i j , I 4 2 4 , , 5 3 0 4 5 7 7 7 4 2 , , 6 3 4 9 2 0 2 1 7 4 2 , , 6 3 4 8 1 0 9 1 7 4 2, , 3 6 4 5 2 1 6 3 4 4 2 , , 6 3 4 1 8 1 2 0 0 2 4 , , 4 6 4 0 2 0 8 1 8 Total 4,609,687 4, 620,414 4, 607, 914 4,653,395 i Averages of daily figures for week ending on Wednesday as follows (in millions of dollars): Mar. 18—940; Mar. 25—880; Apr. 1—919; Apr. 8— t> Preliminary. 1,003; Apr. 15—920; Apr. 22—965; Apr. 29—924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN MAT, 1931 BANK SUSPENSIONS, BY STATES, DURING APRIL, 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 and are preliminary] Banks suspended Banks reopened Deposits (in thousands of Deposits (in thousands Number dollars) Number of dollars) State Members Members ba AA n l1 k 1l s ' Na- State m N b e e o m r n s - - ba A n l k l s Na- State 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 - - ba A n l k l s M be e r m s* - m N b e e o m r n s - tional tional | i ! i New England: Maine ' New Hampshire :::::::: ; Vermont I-— Massachusetts r : Rhode Island _. 1 Connecticut i Middle Atlantic: New York _ 2 2 448 448 New Jersey... _ 3 2 1 3, 830 3,278 552 2,939 2,939 Pennsylvania 5 4 1 11, 900 10, 886 1,014 East North Central: Ohio 3 1 2 4. 850 2 922 1 928 Indiana 2 2 357 357 Illinois H 11 10 859! i 10 852 6 : 1 5 6,952 | 5,200 1,752 Michigan i 3 741 741 Wisconsin _ 3 650 650 1 1 476 i 476 West North Central: Minnesota _ 2 5 1, 953 777 1,176 1 1 191 ! 191 Iowa \ 2 331 331 1 7, 502 7,502 Missouri.. 1 106 106 North Dakota N So e u b t r h a s D ka akota • 1 2 2 1 9 7 5 5 175 i 295 ! Kansas i 1 South Atlantic: i Delaware j Maryland i j Dist of Columbia ! Virginia 2 2 460 460 West Virginia North Carolina 2 2 3,733 2,717 1,016 2 j 2 497 497 South Carolina 1 750 750 Georgia : 1 1, 334 I 1.334 Florida 2 ' 1 1 3,724 2,675 1 049 East South Central: Kentucky 1 1 366 366 Tennessee Alabama _|| Mississippi 5 i 5 827 i 827 West South Central: Arkansas 350 350 i 4 1 3 846 252 594 Louisiana Oklahoma 1 1 189 189 i Texas 2 1 1 661 474 187 1 1 546 : 546 Mountain: Montana Idaho j " "1 Wyoming Colorado 1 1 210 210 1 New Mexico ._ :::::::: Arizona i Utah 1 1 1 136 136 li" Nevada i j Pacific: I Washington 1 1 j 2Q4 294 Oregon 1 1,139 1,139 i California _ _ Total 63 ! 17 3 43 49, 468 24, 702 2,767 21, 999 23 4 19 21,142 i 15, 893 5,249 » Represents national banks only, with the exception of 1 State member bank in Illinois with deposits of $5,200,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1931 FEDERAL RESERVE BULLETIN 297 BANK SUSPENSIONS, BY STATES, JANUARY 1 TO APRIL 30, 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 Deposits (in thousands of Deposits (in thousands Number dollars) Number of dollars) State ii | II Members Members ba A n 1 k 1 s II. ti N o .. n a . a - . l State m N b e e o m r n s - - ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n l k l s A b AQ e T r T s , i m b N 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 - - New England: Maine. New Hampshire 1 Vermont I • Massachusetts 1 1 2,312 2,312 1 1 2,426 2,426 Rhode Island Connecticut i 1 1 2,683 2,683 Middle Atlantic: New York 6 4 2 3,804 2,444 1,360 New Jersey 5 2 1 2 11,402 3,278 6,056 2,068 1 1 2,939 2,939 Pennsylvania ___ 19 9 10 21,330 13, 401 7,929 East North Central: Ohio 23 6 2 15 18, 039 5,746 1,743 10,550 1 1 412 412 Indiana 37 2 1 34 14. 953 578 5, 981 8, 394 11 11 3,702 3.702 Illinois 45 4 ; 1 40 i 24,912 4,425 139 20, 348 14 1 13 9,679 5, 200 X, 479 Michigan 16 16 ! 9,431 9, 431 Wisconsin 8 8 ! 2. 740 2,740 5 5 2,372 2,372 West North Central: Minnesota 18 5 .... - 13 4, 880 2,154 2,726 ii 2 406 406 Iowa- 33 2 31 7,644 367 7,277 1 7,502 7,502 Missouri.. 26 3 23 4, 581 821 3. 760 4 658 658 North Dakota 2 1 1 190 114 South Dakota 10 1 9 3,311 175 3,136 9 I 9 2, 962 2,962 Nebraska 7 7 1,446 1,446 2 , 2 356 356 Kansas 7 I __ 6 1,453 941 512 South Atlantic: Delaware Maryland Dist. of Columbia i Virginia 8 1 7 2,029 261 3,768 3 3 1,155 1,155 West Virginia 6 2 4 3, 594 472 3,122 North Carolina 10 2 8 6,050 2,717 3,333 28 2 26 8,450 j 3,659 4,791 South Carolina 9 1 1 2,189 290 219 1,680 Georgia 17 2 3 12 6,960 1,281 1,542 4,137 1 1 110 110 Florida 6 2 4 5,703 3,437 2,266 1 1 816 816 East South Central: Kentuck y 4 1 3 4,823 431 4,392 5 5 1 496 : 1,496 Tennessee 14 14 1,387 1,387 2 2 140 140 Alabama 12 2 1 9 2,519 542 356 1 621 Mississippi 36 5 1 30 18, 037 9,402 400 8,235 32 4 28 11,369 3,666 7,703 West South Central: Arkansas 11 4 1 6 3,471 2,315 202 954 33 4 29 8,388 1,094 7,294 Louisiana. 2 2 226 22C 1 1 748 748 Oklahoma 3 3 392 392 ! Texas 13 7 6 j 4,521 3,088 1,433 3 2 1 958 412 546 Mountain: M'ontana 1 i 1 i 36 36 Idaho 1 1 I 27 27 Wvominfir j I Colorado 5 5 1 657 657 New Mexico • Arizona Utah 2 2 905 905 1 1 52 52 Pacific: Washington 2 1 1 525 294 231 Oregon 6 1 2 3 2,375 284 1,459 632 California Total 432 70 15 347 198, 9C6 ! 58.964 18, 391 121, 551 161 ; is 146 69,727 24, 472 45, 255 1 Represents national banks only, except as follows: 1 State member in Arkansas with deposits of $202,000, 1 in Mississippi with deposits of $911,000, and 1 in Illinois with deposits of $5,200,000. 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

INDEX Acceptances: Page Federal reserve bank buying rates on 252 Employment in manufacturing industries 257, 259 Held by Federal reserve banks. 251, 293, 294, 295 Exports, merchandise 260 Held by group of accepting banks 254 Factors: Held by member banks 253 Of decrease in reserve bank credit outstand- Open-market rates on 252 ing 251 In foreign countries 282 Of increase in reserve bank credit outstand- Outstanding 254 ing 251 Agriculture. (See Farm products; Deposits of Factory employment and pay rolls 257, 259 member banks in smaller centers.) Failures. (See Bank suspensions; Commercial All banks in the United States. (See Deposits; failures.) Loans, etc.) Farm products, prices of 261, 284 Annual reports of central banks: Federal reserve bank buying rates on accept- Austria 262 ances 252 Hungary 267 Federal reserve bank credit and factors in Norway 274 changes 250, 251 Poland 271 Federal reserve bank reserves, deposits, note cir- Balance sheets: culation, and reserve percentages 285 Bank for International Settlements 277 Federal Reserve Board: Federal reserve banks 293, 294 Annual report 248 Foreign central banks 266, 270, 273, 275, 278 James, Geo. R., reappointment of, as member. 248 Bank debits 291 Magee, W. W., appointment of, as member. 248 ankers' balances 286,289 Federal reserve discount rates 248, 252, 290 Bank suspensions 255, 288, 296, 297 Federal reserve notes 285, 293, 294, 295 Bills bought, holdings of Federal reserve banks. Float, reserve bank 251, 293 (See Acceptances.) Foreign countries: Bills discounted, holdings of Federal reserve Annual reports— banks 251, 293, 294, 295 Bank of Austria 262 Bills payable, etc., of nonmember banks 295 Bank of Hungary 267 Brokers' borrowings 254 Bank of Norway 274 Brokers' loans 254 Bank of Poland 271 Building statistics 257, 260, 291 Balance sheets of central banks 266, Business conditions, national summary of 249 270, 273, 275, 278 Business failures 291 Discount rates of central banks 282 Capital issues, domestic and foreign 256 Exchange rates 277 Charts: Gold holdings 276 Preserve bank credit and factors in changes. 250 Gold movements 276 (See also Preview of month.) Government note issues and reserves ! 281 Classification of member bank loans and invest- Money rates 282 ments 294 Security prices 283 Commercial failures 291 Statistics of central banks 278-280 Commercial paper outstanding 254 Statistics of commercial banks 281 Condition statements. (See Balance sheets; also Wholesale prices 284 Deposits; Elements analysis; Loans, etc.) Freight-car loadings 257 Debits to individual accounts. (See Bank debits.) Gold: Department stores, indexes of sales and stocks. 260 Analysis of changes in stock of United Deposits: States 251 All banks in the United States 253 Circulation 295 All member banks 253, 285, 286 Earmarked 251 Central banks in foreign countries 278-280 Exports and imports 251 Commercial banks in foreign countries 281 At New York 251 Federal reserve banks 285 Elsewhere 251 Member banks in larger and smaller cen- Holdings of central banks and governters 286 ments 276 Reporting member banks 289 Movements 251, 276 Discount rates: Production 251 Central banks in foreign countries 282 Stock of United States 250, 251, 295 Federal reserve banks 252, 290 Imports, merchandise 260 Discounts, holdings of Federal reserve banks. Indebtedness of member banks at Federal re- (See Bills discounted.) serve banks 252,285 Elements analysis .' 250, 251, 295 Indebtedness of nonmember banks 295 298 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1931 FEDERAL RESERVE BULLETIN 299 Page Index numbers of Federal Reserve Board 257-259 Money rates—Continued. Industrial production, index of 257, 258 Commercial paper 252 Interbank loans: Interbank loans 290 Rates on 290 Open market 252 Volume of 255, 286, 295 Time loans 252 Interest rates. (See Money rates.) National summary of business conditions 249 James, Geo. R., reappointed as member of Nonmember banks. (See Deposits, Indebted- Federal Reserve Board 248 ness, Loans, etc.) Loans and investments: Nonmember deposits, etc., of Federal reserve All banks in the United States 253 banks 251 All member banks 253, 287, 292, 295 "Other" reserve bank credit 251,293 Central banks in foreign countries 278-280 "Other securities" held by Federal reserve Commercial banks in foreign countries 281 banks 251, 293 Member banks in reserve cities 295 Par list, number of banks on 295 Member banks outside reserve cities 295 Par of exchange for 44 countries 277 Nonmember banks 295 Pay rolls in manufacturingindustries, index of _ 257, 259 Reporting member banks in leading cities. _ 289 Prices of commodities (wholesale), indexes of: (See also Balance sheets.) Foreign countries, all commodities 284 Magee, W. W., appointed member of Federal Foreign countries, groups of commodities __ 284 Reserve Board 248 United States, all commodities 257 Manufacturing industries: United States, groups of commodities 261, 284 Index of employment 257, 259 Prices of securities, indexes of 256, 283 Index of pay rolls 257, 259 Production: Index ojf production 257, 259 Industrial, index of 257, 258 Maturity distribution of bills and short-term Manufactures 257, 258 securities 295 Minerals 257, 258 Member bank borrowings at Federal reserve Reporting member banks: banks (see also Bills discounted) 252 Borrowing at Federal reserve banks. 252, 254, 289 Member bank developments—Review of Loans and investments 254, 289 month 245-248 Due to banks 289 Member bank reserve balances.. 250, 251, 285, 293, 294 Reserve bank credit outstanding and factors in Member banks. (See Deposits, Loans, etc.) changes 250, 251, 295 Membership in par collection system „__ 295 Reserve bank float 251, 293 Minerals, index of production 257, 258 Reserve ratios of Federal reserve banks 285 Monetary gold stock of the United States 250, 251 Reserves: Monetary units of 44 countries 277 Federal reserve banks 285, 293, 294 Money in circulation: Member banks... 182-184, 186, 187, 285, 293, 294 By kinds 295 Central banks in foreign countries 278-280 Chart showing 250 Review of the month—Member bank develop- Coin, notes, etc 295 ments 245-248 End of month 295 Security prices, indexes of 256, 283 Monthly averages of daily figures 251 Silver, price of 277 Wednesday series 295 Stocks. (See Security prices; Capital issues.) Weekly averages of daily figures 250, 251 Stocks at department stores, index of 260 Money rates: Time deposits of member banks 253, 286, 289 Acceptances, New York City 252 Treasury currency (adjusted) 251 Acceptances, foreign countries 282 Unexpended capital funds of Federal reserve Call loans, New York City 252 banks 251 Call loans, England, Germany, Japan 282 United States securities, holding of Federal Charged customers by banks in principal reserve banks 251, 293, 294 cities 252 United States Treasury notes and certificates, New York City 252 yield on 252 Other northern and eastern cities 252 United States Treasury bonds, yield on 252 Southern and western cities 252 Wholesale prices. (See Prices.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS Birmingham MTSS! j ALA'r;j )6 savanna '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