Federal Reserve Bulletin, 1931-06

FEDERAL RESERVE BULLETIN JUNE, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Market Rates and Customer Rates for Money Business Conditions in the United States Annual Reports of Central Banks: Italy, Ecuador, Portugal, Spain 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. WAYLAND W. MA GEE. Secretary. WALTER WYATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research Chief Division of Examination, and Chief Federal and Statistics. f 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. rr 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 J W . E . R . C . B ra u n r e gess R C a . y H M . C . o G e. i i dney.i A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan Sproul.i L. F. Sailer Philadelphia. R. L. Austin.. Geo. W. Norris Wm. II. Hutt O. A. Mcllhenny. W. G. McCreedy.2 Cleveland George DeCamp E. R. Fancher M. J. Fleming II. F. Strater. Frank J. Zurlmden.. Richmond... Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. II. Broaddus John S. Walden, jr.2 Atlanta Oscar Newton Eugene R. Black W. S. Johns M. W. Bell. H. F. ConnifL W. S. McLarin, jr.* Chicago Eugene M. Stevens... J. B. McDougal C. R. McKay W. C. Bachman.i John H. Blair D. A. Jones.i J. H. Dillard O. J. Netterstrom.i E. A. Delaney.i St. Louis.. JohnS. Wood.... Wm. McC. Martin. 0. M. Attebery. S. F. Gilmore.2 A. H. Haill.2 F. N. Hall.2 G. O. Hollocher.2 C. A. Schacht.2 Minneapolis- John R. Mitchell. W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.2 Kansas City M. L. McClure... W. J. Bailey.... C. A. Worthington.. J. W. Helm. J. W. Helm.. Dallas C. C. Walsh Lynn P. Talley. R. R. Gilbert Fred Hairis. R. B. Coleman W. O. Ford.i San Francisco. Isaac B. Newton.. Jno. IT. Calkins. Wm. A. Day. Win. M. Hale. Ira Clerk.. i Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch „ R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas Citv: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch.. _ J. E. Olson. Richmond: Oklahoma City branch. C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch. Hugh Leach. El Paso branch.... J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch.... A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch _ D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Market rates and customer rates for money 301 Further declines in money rates—Short-term and long-term rates—Rates charged to customers— Decline in reserve bank credit—Changes in gold distribution. Changes in bill rates and discount rates 303 National summary of business conditions *... _ 305 Annual report of the Bank of Italy ... _ _ _ . 318 Annual report of the Central Bank of Ecuador.. ;..._. 321 Annual report of the Bank of Portugal 322 Anmial report of the Bank of Spain 324 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 306, 307 Analysis of changes in monetary gold stock, gold movements 307 Member bank borrowings at Federal reserve banks 308 Discount rates and money rates 308 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 309 Bank suspensions 311 Number of banks, banking offices, banks operating branches 311 All member banks— Loans and investments, deposits, reserve position 309, 347 Loans to banks 311 Loans to customers, open-market loans and investments 309 Holdings of eligible assets (Government securities and eligible paper) 311 Weekly reporting member banks in leading cities 310, 338 Bankers' acceptances, commercial paper, brokers' loans 310 Security prices, security issues, and security loans 312 Production, employment, car loadings, and commodity prices 313 Industrial production 314 Factory employment and pay rolls 315 Building contracts awarded, by types of building 316 Merchandise exports and imports 316 Department stores—Indexes of sales and stocks 316 Wholesale prices, by groups of commodities 317 Financial statistics for foreign countries: Gold holdings of central banks and governments 325 Gold movements 325 Foreign exchange rates 326 Bank for International Settlements 326 Central banks 327-329 Government note issues and reserves 330 Commercial banks 330 Discount rates of central banks 331 Money rates 331 Price movements: Security prices 332 Wholesale prices 333 Retail food prices and cost of living 333 Banking and business conditions in Federal reserve districts 334-340 Detailed Federal reserve statistics, etc 341-349 Index . 350-351 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 JUNE, 1931 No. 6 REVIEW OF THE MONTH The chart shows that during the year and one-half between the autumn of 1929 and May, Open-market rates on short-term paper 1931, open-market rates on short-term money declined further in May, the rate, on commercial paper showing a reduction declined from 7% per cent to 1% per cent, while rates charged to customers declined from 6% time money to 1%-1?4 per cent, to 4% per cent and rates on long-term money and the rate on bankers' acceptances to seven- (bond yields) from 4% per cent to 4% per cent. eighths of 1 per cent, while the rate on call MONEY RATES: LONG-TERM AND SHORT-TERM pERCENT money remained stable at 1% per cent. These j * 8 reductions in short-term money rates in the open market were accompanied by decreases in discount and buying rates at the reserve banks. At the New York bank the discount rate was reduced on May 8 to 1% per cent, the lowest rate on record for any bank of issue, and the buying rate on acceptances was reduced to 1 per cent on all maturities up to 90 days. Nine of the other reserve banks also reduced their discount rates during the month. Rate reductions in this country were followed by declines on May 14 in the British bank rate from 3*to 2% per cent and on May 16 in the discount rate of the Netherlands bank from 2}i to 2 per cent. Open-market rates on short-term money abroad Rates charged customers by banks in principal cities—weighted average also showred a slight downward tendency. of prevailing rates; see p. 308. Bond yields—average yield on 60high-grade bonds (Standard Statistics Co.); see p. 312. Short-term There were further reductions at many centers open-market rates—weighted average of prevailing rates on call and time loans on the stock exchange, bankers' acceptances, and comin this country in rates paid on deposits, clear- mercial paper ing house banks in several financial centers j The relatively small decline in the yields of reducing the rate paid on bankers' balances to j high-grade bonds included in the average corone-half of 1 per cent. responds to a relatively small rise in 1928 and Declines in short-term money rates have been 1929, when the rise in short-term money rates accompanied by less pronounced reductions in and the preference of the public for stocks relong-term rates and in rates sulted in a decline in bond prices and a rise in charged b>~ banks to their bond yields. In recent months the abundance customers. Comparison of a of funds and the continuous decline in shortweighted average of open-market rates on short- term rates has been reflected in increased purterm money with average yields on 60 standard chases of high-grade bonds by banks and other bonds and with an average of rates charged investors, in a rise of prices of these bonds, and their customers by banks in the larger cities in a corresponding decline in their yields. This is made in the accompanying chart. rise, however, has not extended to lower-grade 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN JUNE, 1931 domestic bonds nor to most foreign bonds whose Rates charged to customers by banks in the prices reflect primarily not the cost of long- larger cities show considerable geographic term money, but the market estimate of risk differences. These differences are brought out involved in carrying the security under present by the next chart, which shows separately conditions. Since the beginning of this year average rates charged customers by banks in prices of the highest class of bonds have ad- New York City, in 8 northern and eastern vanced steadily, United States Government cities, and in 27 southern and western cities. securities have reached new high levels, and the At New York City banks, rates charged to best corporate bonds have also advanced in customers, after rising from 4% per cent in 1927 price. New bond issues, however (exclusive of to 6}s per cent in 1929, fell to 4% per cent in United States Government securities), were con- May, 1931. In the other northern and eastern siderably smaller during the first four months cities the rates rose from 4% per cent in 1927 to of this year than during the same period of the 6% per cent in 1929 and then fell to 4% per cent two preceding years, reflecting chiefly the at the present time. In the cities of the South reluctance of investors to participate in long- and West rates charged customers did not term financing of industry and trade during a decline below 5K per cent in 1927, rose to just period of depression and uncertainty about the below 6% per cent in 1929, and have since future course of business. RATES CHARGED CUSTOMERS In considering the line on the chart referring to rates charged to customers, it should be pointed out that the rates in- Rates charged cluded are those charged on the to customers bulk of their loans by banks in cities with Federal reserve banks and branches. They are the rates shown on the face of the loans and do not necessarily represent the entire cost of the money to borrowers, which may include the requirements of minimum balances 1924 1925 1926 1927 1928 1929 1930 1931 and other items of cost. These rates may be Weighted averages of prevailing rates charged customers by banks in considered as representative of rates charged to Federal reserve bank and branch cities: New York City, 8 other northern and eastern cities, and 27 southern and western cities. (See p; customers by banks in all cities of considerable 308) size, the aggregate of commercial loans made by declined to 5}i per cent. It may be noted that these banks at these rates being equal to be- for all three classes of banks rates charged to tween one-third and one-half of all such loans customers are now lower than at the low point made by banks in this country. While it is im- of the previous low money period in 1927, and possible to estimate the proportion of borrow- except in the case of New York City banks, ers that pay these rates, this proportion is lower than at the low point in 1924. The doubtless smaller than the proportion of the chart shows that fluctuations in the cost of total amount of loans that are carried at these banking accommodation to trade and industry rates, because the banks included or repre- become smaller as one moves away from the sented in the sample are the larger banks and financial centers. Still smaller fluctuations, on the average make larger loans. The signif- and in many cases complete stability, would icance of the figures lies in the fact that the doubtless be shown if data were available for decline in open-market money rates in the past smaller towns and for rural districts in the 18 months has been accompanied by consider- South and West, where rates to customers able declines in rates charged by banks to cus- often remain at a customary level from year to tomers whose borrowings in the aggregate con- year, regardless of advances and declines in stitute a large proportion of all commerical rates at the larger centers. While the cost of loans made by banks in this country. bank credit to the average borrower in these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 303 localities is not much influenced by conditions small taker of the precious metal in 1930. in the money market, these conditions, never- Furthermore, $100,000,000 of gold was added theless, exert an influence on the banks in the to central reserves through the transfer of gold smaller places, because they influence the from the commercial banks in Australia to returns on the banks7 surplus funds held either the Commonwealth Bank, which in turn exin the form of loans in the open market or in ported it to England. In Russia the returns the form of deposits with city correspondents. show an addition of $100,000,000 to the gold The recent reduction to one-half of 1 per cent stock of the State Bank, of which only about in the rate paid on bankers7 balances at the $20,000,000 represented domestic production New York clearing banks has resulted in a of gold. As no gold was shipped to Russia tendency to shift these balances to loans during the year from important gold producing made to brokers by the New York banks for or gold holding countries, the remainder was account of their country correspondents. The apparently drawn from unreported sources rate on these loans is still IK per cent, and, within the country. The central gold reserves even after deduction of the New York banks' were also increased by the shipment to this commission, they yield a larger return to the country of gold from China and other countries, country banks than do funds kept on deposit where it had not been held in a central gold with city correspondents. reserve. In addition, some gold was turned in Notwithstanding the low rates established from private use in this country, France, and by the reserve banks for the purchase of ac- England. ceptances, there was a further The character of the shift in gold holdings Decline in decrease in May in the reserve during the year has been commented upon on reserve bank J previous occasions. The more complete figures credit banks holdings oi these bills, now available confirm the statements preand since the volume of dis- viously made that during 1930 the unusually counts and of United States Government large addition to the world's central gold securities has remained practically constant, reserves was for the most part acquired by there was a corresponding decrease in the France and the United States and that these total volume of reserve bank credit. This countries in addition were the ultimate recipidecrease of about $35,000,000 during May has ents of considerable amounts of gold exported accompanied a considerably larger addition to by outlying raw-material producing countries, the country's stock of monetary gold, reflecting while the other large commercial countries chiefly imports from Argentina. have maintained their gold reserves at a fairly Changes in the distribution of gold reserves constant level. among the different countries of the world at the end of last year have recently Changes in Bill Rates and Discount Rates dis?ributi!cm g° become available in more complete detail. During the year At the Federal Reserve Bank of New York 1930 gold reserves of the principal countries of buying rates on bills of maturities to 90 days the world increased by $600,000,000, compared were reduced as follows: May 13, rates on with a total gold production of $400,000,000 1 to 15 day maturities from 1% to 1 per cent; 31 during the year. This increase in the central to 90 day maturities from 1% to 1% per cent; gold reserves during 1930 in excess of production May 19, rates on 16 to 90 day maturities was due to several factors, including a decrease from iy% to 1 per cent. in the demand for gold from industry, owing The discount rate on all classes and maturito the business depression. India, which in ties of paper was reduced from 3% to 3 per cent prosperous years absorbs a considerable amount at the Federal Reserve Bank of Richmond of gold that goes largely into hoards and thus effective May 15 and at the Federal Reserve ceases to count as gold reserves, was a relatively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN JUNE, 1931 Bank of Kansas City effective May 21 and 1931, on account of ill health. Mr. Edd}r has from 3 to 2}i per cent at the Federal Reserve been connected with the Federal reserve Bank of San Francisco effective May 22. system since the beginning; he had served with the organization committee and had occupied various positions on the board's staff until Changes in Foreign Central Bank Discount Rates October 1, 1923, when he became secretary of the board. The following changes have been reported in the discount rates of central banks in foreign countries: Central Bank of Chile, May 5, from Annual Report of the Federal Reserve Board 7 to 8 per cent, and May 7, from 8 to 9 per The complete edition of the annual report of cent; Central Bank of Ecuador, March 14, the Federal Reserve Board, covering operations from 9 to 10 per cent; Bank of England, May for the year 1930, is now available. It contains, 14, from 3 to 2% per cent; Imperial Bank of in addition to the text of the report, statistics India, May 28, from 7 to 6 per cent; Nether- relating to banking and business conditions lands Bank, May 16, from 2^ to 2 per cent. generally. It also gives the recommendations made by the Federal Advisory Council during 1930, court decisions relating to the Federal Resignation of the Board's Secretary reserve system, and the regulations of the Mr. Walter L. Eddy, secretary of the Fed- Federal Reserve Board as they existed on eral Reserve Board, resigned, effective May 31, December 31, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 305 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 23 and released for publication May 25] Output of manufactures and employment at for educational building, 43 per cent for facfactories showed little change from March to tories, and 57 per cent for commercial buildings. April, and output of mines, which ordinarily Distribution.—Freight-car loadings showed decreases at this season, also remained un- about the usual seasonal increase in April. changed. Wholesale prices continued to de- Department-store sales increased 9 per cent cline, and money rates eased further. from March, and the board's index, which Production and employment.—Industrial makes allowance for the usual seasonal variaproduction, as measured by the Federal tions, including changes in the date of Easter, Reserve Board's seasonally adjusted index, stood at 105 per cent of the 1923-1925 average, which covers both manufactures and mines, compared with 97 per cent in March. increased from 88 per cent of the 1923-1925 Wholesale prices.—The general level of average in March to 89 in April, compared with wholesale prices declined 1.6 per cent further 82, the low point reached last December. in April, according to the Bureau of Labor Steel-mill activity declined by considerably Statistics. In the first half of May prices of more than the usual seasonal amount, while many leading commodities were reduced furin the automobile industry there was a larger ther, and for the 6-week period as a whole there than seasonal increase in output, according to were large declines in the prices of cotton, silk, preliminary reports. Consumption of cotton and textiles; livestock and dairy products; ceby domestic mills continued to increase, con- ment, petroleum products, and nonf errous metals. trary to the usual seasonal movement, while Bank credit.—Loans and investments of there was a decrease in unfilled orders for cotton reporting member banks in leading cities cloth, which was only partly seasonal in nature; declined by about $150,000,000 between April consumption of wool, which ordinarily declines 1 and the middle of May, reflecting substantial in April, increased considerably; at silk mills liquidation in loans on securities and in all other activity declined. There were large increases loans, largely commercial. This liquidation in the output of petroleum and anthracite coal, of loans was offset in part by further large while production of bituminous coal declined additions to the banks' investments, which on by about the usual seasonal amount. May 13 were over $1,000,000,000 larger than The number employed in factories at the at the beginning of the year. middle of April was about the same as a month Volume of reserve bank credit declined someearlier. In car-building shops and in estab- what in the six weeks ending on May 16. lishments producing machinery, employment Contrary to the usual seasonal tendency, there decreased considerably, while in the automobile was some further increase in currency demand and cement industries there were seasonal for the period, reflecting chiefly banking disincreases, and in the fertilizer industry a larger turbances in the Middle West. Gold imports than seasonal increase. Employment at tex- continued in considerable volume and supplied tile mills declined by less than the seasonal the member banks with sufficient funds to meet amount, reflecting chiefly a slight increase in the additional demand for currency, and also employment at cotton mills and a small de- to reduce somewhat the amount of reserve bank crease in the clothing industry; at mills pro- credit outstanding. ducing woolen and silk goods declines in Money rates declined to new low levels duremployment were larger than usual. Factory ing May. Rates on bankers' acceptances, pay rolls declined somewhat in April. which had declined from 1% per cent in the Value of building contracts awarded, which middle of April to l}{ per cent by the end of the fluctuates widely from month to month, de- month, were reduced to seven-eighths of 1 per clined considerably in April, according to the cent by May 19. Rates on commercial paper F. W. Dodge Corporation, and decreases were declined from a range of 2^-2% to a range of reported in all the leading classes of construc- 2-2% per cent. tion. In the first four months of the year At the reserve banks buying rates on bankers' total awards decreased 26 per cent from the acceptances were reduced in April and the first corresponding period of 1930, reflecting declines half of May, and in May discount rates were of 10 per cent for residential building, 17 per also reduced, the rate at the Federal Reserve cent for public works and utilities, 25 per cent Bank of New York being lowered to 1% percent. 59538—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN JUNE, 1931 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILL/QMS, OF DOLLARS 5<tOO 5W0 600 600 400 200 1927 1928 1929 1930 1931 Based on weekly averages of daily figures; latest figures are for week ending May 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

307 JUNE, 1931 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929, 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 se U S c n t u a i r t t i e e t s d ies r c e O b r s e a t e d h n r i e k v t r e i Total Mo s g t n o o e l c d t k ary T c j u r u e r ( s r a a t e d e s n d u - c ) r y y i M n la c o ti i n o rc e n u y - M b r a e b e l s a a m e n n r b c v k e e e s r d m e N e p e m t o o c s n . b i - e ts r , p c U f e a u n p n n d e i d t e x a s d - l 1929—November 953 296 315 1,631 4,374 1,789 4,845 2,521 December 803 320 446 1,643 4,324 1,797 4,943 2,395 399 1930—January 501 314 485 1,357 4,282 1,784 4,652 2, 349 393 February 378 285 480 1,181 4,317 1,781 4,554 2,305 393 March 274 246 540 1,095 4, 394 1, 797 4,532 2,330 397 April 231 266 530 1,072 4,443 1,781 4,518 2,350 400 May 247 182 529 996 4,505 1, 779 4,497 2,356 398 June 251 141 571 1,000 4,528 1,775 4,489 2, 392 395 July 226 154 583 1,003 4,532 1, 789 4,483 2,417 389 August 214 153 599 998 4,496 1,787 4,476 2,392 385 September 189 197 597 1,016 4,503 1,785 4, 492 2, 397 389 October 196 185 602 1,020 4,520 1,787 4,501 2,407 392 November 221 184 599 1,033 4,553 1,793 4,528 2,433 388 December 338 257 644 1,273 4,583 1,793 4,823 2,415 384 1931—January 253 206 647 1,129 4, 622 1,784 4, 695 2,433 379 February 216 102 603 936 4,656 1,780 4, 598 2,370 379 M arch 176 123 604 921 4,682 1,778 4,590 2,376 381 April 155 173 600 952 4,711 1,770 4,647 2,386 383 May 163 144 5S9 926 4,767 1,783 4, 679 2,387 382 Week ending (Saturday)— Apr. 25 145 104 4,713 1,776 4,645 2,367 383 May 2 _ 162 159 598 939 4,727 1,773 4,655 2,373 383 May 9 168 174 599 967 4,743 1,783 4,695 2,386 382 May 16 154 145 599 921 4,761 1,775 4, 670 2,378 382 May23 161 131 598 910 4,774 1,787 4, 671 2.392 382 May 30 _ 160 126 598 4,794 1,784 4, 670 2:399 381 1 Includes " Other securities," amounts due from foreign banks, and reserve bank float. Back figures.—See Annual Report for 1930 (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 month 1931 Gold Month m a s t t o o o e n c f n t k d h Total T n i h m et r o p o g r o u o r g l t d h T m o h a e p r r a o e k r r u i - a n g - g h d T p o h r t m o i r o o d e n u u s , g c ti - h c From or to— (prel M im a i y nary) April Ja A nu p a ri r l yexport tions etc.i Im- Ex- Im- Ex- Im- Ex- 1929—August 4,360 18.9 18.4 -1.0 1.5 ports ports ports ports ports ports September. 4,372 12.1 17.6 -6.6 1.1 October 4,386 14.4 17.5 -4.5 1.4 November- 4,367 -19.2 -23.2 1.0 3.0 England 9 December.. 4,284 -82.9 —64.4 -22.0 3.5 France 19,161 19, 215 Germany 10 61 62 Total (12 mos.). 142.4 175.1 -55.4 22.7 Italy ..- 1,132 27 25, 913 56 1930—January 4,291 4.0 0.5 2.3 CCaennatrdaal America 63 352 February... 4,353 59.9 60.0 0.0 1.9 IVIexico 983 600 1,563 6,434 March 4,423 68.2 55.5 13.0 -0.3 Argentina 40, 030 14, 782 41,113 April 4,491 68.5 65.7 0.5 2.3 Brazil 16 May 4,517 25.9 23.5 2.0 0.5 Chile 25 80 June 4,535 17.6 13.9 2.0 1.7 Colombia 3,241 86 6,220 July.. 4,517 -18.4 -19.6 -3.0 4.3 Ecuador 311 August 4,501 -15.5 -19.6 0.0 4.2 Peru 238 508 September. 4, 511 10.2 2.5 4.0 3.7 TJrufimav 2,330 October 4, 535 23.3 26.4 -6.1 3.1 Venezuela 143 259 November. 4,571 36.8 35.2 -2.1 3.8 China and Hong December.. 4, 593 22.1 32.7 -15.2 4.5 Kong 964 7 796 12, 997 63 Dutch East Indies- 812 1,393 Total (I2mos.). 305.4 280.2 -4.4 32.0 Japan 850 2,741 5,076 Philippine Islands- - 354 1,181 1931—January... 4, 643 49.4 34.4 11.9 3.1 New Zealand 5 52 M Fe a b r r c u h ary. 4 4 , ,6 6 6 9 5 7 3 2 2 2. . 0 0 2 1 5 6 . . 6 1 2 3. . 0 5 3 3 . . 3 3 All other countries * 1,095 10 580 2,268 2 A M p a r y i l. P 4 4 , , 7 7 2 9 6 7 2 7 8 1 . . 7 6 4 63 9 . .5 3 -7 4 . . 5 0 -13 4 . . 3 3 Total .. 2 45,349 620 49, 543 27 125, 796 121 1 For explanation of this figure, which is derived from preceding col- 1 Includes all movements of unreported origin or destination. umns, see BULLETIN for December, 1928, p. 831. 2 At New York—imports, $43,535,000; exports, $620,000. Elsewhere— p Preliminary. imports, $1.814,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN JUNE, 1931 MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [Monthly averages of weekly figures. In millions of dollars] Prevailing rate on— Average rate Average yield on— Reporting member Member Month 19 T 30 ota 1 l 9 l 31 N 1 b 9 e a 3 w C n 0 k i Y s ty 1 o in 9 r 3 k l 1 ead O 1 i i 9 n t n 3 h g g 0 e r c c i i l t t 1 e i i e 9 a e s 3 s d 1 - 19 l o c 3 b e u 0 i a a t t d n i s e i i k n d 1 s s l g 9 e 31 Month or week' j i m • m • P p 4 e a o r c r t i p n o c o m e i m t a h 6 r e l , - s a a P b c d n e a r c a 9 c i r n e m y 0 s e k p ' s s e - t , - d l T o a i a 9 y m n 0 s s e * , N C e a w ll lo n a e R n w e s - a i l c T c 3 n U e a u a r o r e n t t . r t t o e i S y a d e f s s s . i 6 , - - b T o r u e n r a y d s s - 8 months January.. - _ - 462 245 39 5 208 77 215 163 February. - ._- 371 209 21 2 152 55 198 152 1930 A M p a r r i c l h .. 2 2 4 2 7 5 1 14 7 6 3 1 1 7 i 5 8 4 0 3 26 5 1 1 6 5 6 4 1 1 3 2 8 0 May ' 3*6-4 3.05 3.12 2.41 3.41 May 226 149 11 ! 48 28 167 121 June _• 3J4-3; VA-2% 2.60 2.62 *1.89 3.37 June 222 5 '48 169 July 3 -3' 2K-3 2.18 2.20 1.83 3.37 J A u u ly gust 2 1 1 9 8 6 -- 3 5 9 3 1 15 6 3 5 August ; 3 2.22 2.21 1.53 3.38 September 186 9 35 142 September 3 2.17 2.19 <1.77 3.37 October 193 6 50 137 October ..' 3 VA 2.00 2.00 1.74 3.34 N D o ec v e e m m b b e e r r 3 2 0 1 8 1 2 6 6 1 6 1 5 5 1 16 4 7 0 November 2^-3 2 -2 2.00 2.00 1.40 3.32 December 2 -2 2.27 2.23 *1.48 3.34 1 Includes (in small amounts) discounts by Federal reserve banks for 1931 | nonmembers: (1) Bills discounted for intermediate credit banks and January I 2%-Z 1.50 57 1.24 3.33 m (2 e ) m n b o e te r s b s a e n c k u s r . ed by adjusted-service certificates discounted for non- February ! 234-2% 1H-2 1.50 50 1.06 3.40 March ! iy2 2 -2H 1.56 55 *1.38 3.39 FEDERAL RESERVE BANK RATES April | 2}4-2y2 VA 1.57 52 1.49 '3.38 May.. 2-2*4 1.45 45 3.32 DISCOUNT RATES Week ending- [Rates on all classes and maturities of eligible paper] April 25 -2}4-2y2 154-2 1.50 1.50 1.48 3.38 May 2 j 2^-2^ 1.50 1.50 1.29 3.36 Rate in j May 9 I 2^-2^ 1.40 1.50 1.20 3.35 Federal reserve bank ef J f u e n ct e o 1 n Da l t i e s h e e s d tab- Pre ra v t i e ous M M a a y y 2 1 3 6 ; 2 -2 2 J ^ 4 1 -1 VA-2 1 1 . . 5 3 0 8 1 1 . . 5 3 0 0 . .7 9 4 2 3 3. . 2 3 7 0 May 30 ,; 2-2^ 1.50 1.50 Boston 2 May 7,1931 New York.... IX: May 8,1931 2 1 Stock exchange call loans; new and renewal rates. Philadelphia- 3 ; May 7,1931 3H 2 3 3 S t i o ss c u k e s e — xc 3 h ^ a 6 n , g 3 e % 9 , 0 4 - d p a e y r c ti e m n e t; l y o i a e n ld s. s calculated on basis of last redemp- Cleveland 2H; May 9,1931 3 tion dates—1947, 1956, and 1954. A R Ch i t c l i a c h n a m g ta o o nd 3 2 3 H ,' ; i J M M an a a y . y 1 1 9 0 5 , , , 1 1 1 9 9 9 3 3 3 1 1 1 V V 3 / A i 4 r B R a C c e h k v a i n f s i g g e e u d r . o e f s . i — ss S u e e e s o A n n n w u h a i l c h R y ep ie o ld rt i f s o r c o 1 m 93 p 0 u ( t T ed a . bles 36 and 37). St.'Louis 2M; do. 3 RATES CHARGED CUSTOMERS BY BANKS IN Minneapolis, _ 3H! Sept. 12,1930 4 PRINCIPAL CITIES Kansas City— 3 ; May 21,1931 3j/2 Dallas 3 i May 8,1931 33^2 [Weighted averages of prevailing rates] San Francisco 2*4, May 22,1931 3 8 other 27 southern and Back figures.—See Annual Report for 1930 (Table 33). Month New York City n e o as r t t e h r e n r n c i a ti n e d s western cities BUYING RATES ON ACCEPTANCES 1929 1930 1931 1929 1930 1931 1929 1930 1931 [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 5.66 4.63 5.96 6.04 5.41 Maturity e R ff a ec te t i o n n Date estab- Previous A M p a r r i c l h . 5 5. . 8 8 5 1 4 5 . . 9 2 1 2 4 4. . 2 1 0 7 6 5 . . 0 9 0 1 5 5 . . 2 4 2 7 4 4 . . 5 6 7 2 6 6 . . 0 0 7 4 5 5 . . 8 9 6 8 5 5 . . 3 3 5 9 June 1 lished rate* May 5.88 4.74 4.11 6.09 5.13 4.55 6.10 5.75 5.24 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 8.05 4.41 6.11 4.79 6.22 5.57 1-15 days 1 ! May 13,1931 IX September... 6.06 4.29 6.24 4.74 6.27 5.54 16-30 days... 1 i May 19,1931 IX O N c o t v o e b m er ber... 6 5. . 8 0 6 8 4 4 . . 2 1 6 7 6 6. . 1 2 2 5 4 4 . . 6 7 6 5 6 6 . . 2 2 9 9 5 5. . 4 5 9 3 31-45 days... 1 i do. December... 5.74 4. 16 5.94 4.68 6.20 5.42 46-60 days... 1 ! do 61-90 days... 1 j do NOTE.—Figures relate to rates charged by reporting banks to their 61-120 days.. 1H| May 13,1931 m g o i w v n en c in u s p to re m c e e r d s i ng a s t a d b i l s e t ) i . n gu A i l s l h a e v d e ra f g ro e m s ar o e p e b n a - s m ed a rk o e n t ra r t a e t s e s r ep ( o w r h te ic d h fo a r r 3 e 121-180 days. IK' do types of customer loans—commercial loans, and demand and time loans VA on 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 Reduced from \\i to \\i per cent on May 13. 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. Back figvres.—See Annual Report for 1930 (Table 34). Back figures.—See Annual Report for 1930 (Table 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 309 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, For back figures see p. 343] [Averages of daily figures. In millions of dollars, For back figures see p. 347] Loans to customers Open-market loans and investments Net demand and time Reserves llndebtdeposits Se- Other- Purchased Month i Total N m e a t n d d e- Time Excess F r b e e a s d a e n t e r k v r s a e l Call date Total b s c t a o u o b n n r c y d e d k d s s c c u w a u u n s n i r r e s s e e d - e e d d - Total a c n A e c p c e p - t s - ap p e C m c a r o i p e a m r e l - r - l S o t a r n ee s1 tI m nv e e n s t t s - 1930—October 32,726 18,726 14,000 2,407 59 196 TOTAL November 33,014 18,959 14, 056 2,433 52 220 1929—Oct. 4... 23,249 8,109 15,141 12,024 163 228 1,885 9,749 December ' 32,314 18,660 13, 654 2,415 73 337 Dec. 31.. 23,194 8,488 14,706 12,026 292 290 1,660 9,784 1931—January 32, 048 18. 572 13,477 2,433 105 252 1930—Mar. 27. 21,495 7,730 13,765 13,034 254 499 2,344 9,937 February 31,968 18; 389 13, 580 2,370 57 216 June 30.. 21, 565 8,061 13,505 13, 555 241 507 2,365 10,442 March '32,069 18, 431 13, 637 2,386 66 176 Sept. 24. 21,010 7,864 13,146 13,997 267 523 2,472 10,734 April 32,179 18, 491 13, 688 2.376 154 Dec. 31.. 21,007 7,942 13,066 13,222 370 366 1,498 10,989 1931—Mar. 25. 19, 940 7,423 12, 517 14,342 462 361 1,630 11,889 NEW YORK CITY J j NEW YORK 1930— October 7,597 I 6,005 1,592 845 CITY * N D o ec v e e m m b b e er r ..- _ 7 7 , , 5 78 2 7 8 j | 6 6 , , 2 1 1 7 6 1 1 1, , 3 5 5 7 7 1 865 1929— Oct. 4... 4,846 1,945 2,901 3,002 92 8 1,096 1,807 1931—January 7,445 i 6.163 1,282 891 Dec. 31.. 4,961 2,200 2,765 3,488 174 21 1,202 2,091 M Fe a b r r c u h a ry 7 7 , , 4 4 5 7 3 2 I M 6,1 2 6 0 9 1 1 , , 3 3 3 0 4 3 847 1930— J M un a e r. 3 2 0 7 . . 4 4 , , 3 30 3 9 8 2 1 , ,9 0 3 2 5 3 2 2, , 2 4 8 0 6 3 4 3 , , 2 7 9 0 4 1 1 1 2 7 9 3 4 3 9 5 1 1 , , 4 8 7 8 7 3 2 2, , 2 0 0 4 3 6 April 7,336 | 6, 019 I. 317 829 D Se e p c. t . 3 2 1 4 .. . 4 4, , 3 2 3 7 8 8 2 2 , ,1 0 3 3 7 1 2 2 , , 2 2 4 0 7 1 4 3 , , 1 9 1 6 0 1 2 1 1 7 0 6 2 3 2 4 1 1 , , 2 7 8 1 1 4 2 2 , , 1 4 9 3 8 5 OTHER RESERVE ! 1931—Mar. 25. 4,007 1,960 2,046 4, 313! 249 35 1,367 2,662 CITIES 2 OTHER RE- 1930— N O o c v to e b m er b er : 1 1 3 3 , , 0 2 2 1 8 8 7 7 , , 3 3 7 0 0 9 5 5, , 7 8 4 Iff 7 9 95 7 7 0 3 5 8 1 S 1 E 92 R 9 V — E O C c I t T . I 4 ES . . * . 9,775 3,869 5,906 3, 9141 39 75 413 3,388 December 13, 026 7,264 5, 762 956 103 Dec.31_. 9,748 3,974 5,773 3,69l! 80 108 250 3,253 1931—January 12,942 7,243 5,698 955 67 1930—Mar. 27. 8,951 3,604 5,346 4, 361! 94 242 609 3,416 February 12,932 7,170 5,761 945 46 June 30. 9,029 3,811 5, 217 4,395 56 301 353 3,685 March 13, 003 7,159 5,843 945 27 Sept. 24. 8,726 3, 632 5,093 5,011: 84 337 643 3,947 April 13,181 7,309 5,872 962 19 Dec. 31.. 8,906 3,656 5,250 4, 566! 151 212 167 4,035 1931—Mar. 25. 8,409 3,366 5,043 5, 322| 206 212 227 4,676 "COUNTRY" BANKS •. " COUNTRY" 1930—October I 12,101 5,412 6, 680 605 144 BANKS N De o c v e e m m b b e e r r.-. 1 1 2 1 , , 0 7 0 6 9 0 5 5, , 2 3 2 7 5 2 6 6, . 5 6 3 3 5 7 5 5 9 9 0 7 1 19 5 3 8 1929—Oct. 4... 8,627 2,295 6,333 5,107 32 144 376 4,554 1931—January 11,662 5,165 G, 496 587 166 Dec. 31.. 8,481 2.314 6,168 4,847 37 163 208 4,439 February : 11,583 5, 099 6, 485 578 153 1930—Mar. 27. 8,206 2,190 6,016 4,972 31 207 258 4,475 A M p a r r i c l h '1 1 1 1 , , 5 6 9 62 4 • 5 5 , , 1 1 6 03 3 6. ; 498 5 58 8 5 0 1 11 3 9 6 J S u e n p e t. 3 2 0 4 . . 8 8 , , 2 0 2 0 9 7 2 2 , , 2 2 2 0 7 1 6 5 , , 0 8 0 0 1 6 4 4 , , 8 8 7 67 5 ^ 1 7 2 1 16 7 4 0 1 1 2 1 9 5 4 4 , , 5 55 8 4 9 Dec. 31 . 7.762 2,149 5,614 4,696 8 120 49 4,519 1931- Mar. 25. 7, 524 2,097 5,427 4,708 7 114 36 4,550 1 Central reserve city banks only. 2 Member banks in 61 legally designated cities: 1 central reserve city * See notes 1 and 2 of preceding table. Chicago) and 60 other reserve cities; see table on p. 344. 1 Loans (secured by stocks and bonds) to brokers and dealers in securir Revised. ties in New York City. ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, AND DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS) [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. For back figures see May BULLETIN (p. 253) and Annual Report, 1930 (Tables 42-43)] Total loans and investments Deposits (exclusive of interbank deposits) All banks Member banks Nonmember banks Date Total Loans I m nv e e n s ts t- i ! Total Loans I ! I m nv e e n s t t s - Total Loans I I I m nv e e n s t t s - ba A n ll k s ! I j j M ba b e n e m r ks - m b N e a o m n n k b - s er 1926—June 30 ! 51,562 36,157 15,404 31,184 22,060 9,123 20,378 14,097 6,281 49,733 29,781" 19,952 Dec. 31 i 52,018 36,759 15,260 31,642 22,652 8,990 20,376 14,106 ; 6,269 50,029 30,474 19,555 1 1 1 1 1 9 9 9 9 9 3 3 2 2 2 1 8 0 9 7 — — — — — J J D D D D S O O J M M J M u u e u u e e e e c c n n p n c c n a a a t t c c e . . . . e r r r t e e . . . . . . 3 3 3 4 3 3 3 2 3 3 2 2 2 2 0 1 1 1 1 9 0 0 7 7 5 4 ..-- 1 ; I : ! ! ! i : i • * 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 8 8 7 8 8 8 5 7 7 7 8 3 , , , , , , , , , , 8 , , , , 2 4 1 2 8 4 2 4 5 3 0 7 2 6 0 1 0 1 3 7 6 5 9 8 1 5 6 0 9 7 8 9 5 4 6 0 0 6 9 0 5 4 3 3 3 4 4 4 4 4 4 3 3 3 3 6 0 2 0 0 0 9 7 9 8 1 1 9 8 , . , , , , , , , , , , , , 1 5 8 4 4 2 8 7 6 6 3 5 6 7 3 6 0 1 9 0 6 5 8 1 5 7 6 1 5 4 7 2 8 1 3 1 6 8 1 7 0 5 • 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 8 7 6 7 7 6 7 7 6 6 7 7 9 , , , , , , , , , , , , , , 0 9 5 6 4 5 7 0 3 5 8 4 8 0 7 6 0 3 6 4 1 0 9 7 4 9 0 0 4 2 4 4 2 9 9 0 0 5 1 3 1 9 I I i i ! ' | •• 3 3 3 3 3 3 3 3 3 3 3 3 3 4 2 5 5 4 5 4 4 5 5 5 5 5 , , , , , , , , , , , , , 0 9 8 2 3 0 9 6 4 7 7 7 6 6 2 5 4 9 6 1 8 7 5 2 1 5 1 9 6 7 3 0 4 4 2 6 9 1 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 2 5 4 4 5 2 4 6 4 5 6 5 , , , , , , , , , , , , , , 3 8 8 6 3 1 1 9 1 9 1 7 2 8 0 1 2 5 7 4 5 6 3 4 1 5 3 8 3 9 5 5 0 0 8 5 8 5 4 0 8 6 1 1 1 1 1 1 1 1 1 1 9 9 9 9 0 0 0 0 0 0 0 1 0 0 , , , , , , , , , , , , , , 8 7 3 7 9 9 8 4 0 4 6 5 7 7 6 1 4 8 8 3 8 4 5 4 0 2 3 5 1 9 9 8 9 8 4 7 2 2 4 9 4 8 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 2 0 2 2 2 2 2 2 , , , , , , , , , , , , , , 1 7 9 4 6 3 4 9 1 2 2 2 3 5 3 8 6 9 2 3 5 2 1 9 0 4 0 8 1 3 3 4 6 1 3 2 8 1 4 9 4 2 v 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 5 5 5 6 5 5 5 5 5 4 4 4 , , , , , , , , , , , , , , 5 4 1 8 3 0 6 6 7 5 4 9 2 0 2 2 6 5 4 3 0 1 4 6 0 7 6 1 1 1 1 3 6 6 7 2 8 8 4 7 4 1 : ! ! i ! ; j i i I ; j j* 6 6 6 7 6 6 7 6 6 6 7 7 7 7 , , , , , , , , , , , , , , 5 9 6 0 9 9 8 7 0 7 1 0 1 0 7 8 4 1 4 7 6 8 8 4 3 4 2 1 3 3 3 0 5 5 3 5 1 5 5 8 3 0 * 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 6 4 3 2 2 3 3 5 3 3 4 5 1 , , , , , , , , , , , , , , 9 3 8 1 0 9 2 1 6 7 7 7 5 4 0 9 8 5 3 5 8 8 6 8 2 6 4 3 9 8 0 2 9 4 9 5 2 4 0 6 5 0 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 2 1 3 1 2 2 2 2 4 1 3 3 3 , , , , , , , , , , , , , , 1 1 8 0 8 0 1 6 2 8 2 2 5 0 2 3 5 3 8 6 3 9 1 6 8 6 6 0 6 9 3 8 2 3 3 0 5 5 4 9 0 4 p 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 0 1 1 1 0 0 2 1 0 0 , , , , , , , , , , , , , , 4 2 4 8 3 3 9 1 1 2 5 9 2 5 2 6 4 7 3 9 4 6 7 0 7 6 4 8 4 4 6 9 0 3 5 7 6 5 7 5 0 2 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN JUNE, 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] Month or date Total L se t o o i c a e n u n s r s i- l o o A t a h l n e l s r T In o v ta e l stm s U e e t c . i n e u S s t r s . i-] i F b n r . o a g w n s R k - a s . t Total an Y F d o r o t r r k m u s b N t a c e n o w k m s - f b F o a r r e n o i k m g s n , p b b r r a i o v n k a k e t i r e n s g , End of month panies agencies, etc. BY MONTHS Total: 1930—May 22,662 8,312 8,513 5,837 2,830 59 1931 1930 1931 1930 1931 June 23,024 8,560 8,487 5,977 2,825 53 July.. 23,101 8,391 8,515 6,194 2,898 53 1931— A S O N D A F M J e e u c e a o p a p b n t g c r v r o t i r e u u e c e l b u m a h s m m e r a t y b r b r b y e e e r r r — 2 2 2 2 2 2 2 2 2 3 3 3 2 2 2 2 3 3 , , , , , , , , , 1 4 4 1 2 6 6 8 9 2 0 5 1 2 5 6 3 4 8 9 5 7 0 9 0 9 2 8 8 7 7 7 7 7 7 , , , , , , , , 2 3 7 8 4 1 3 3 7 3 9 8 9 5 0 1 6 7 7 5 7 3 2 5 8 8 8 8 8 8 8 8 , , , , , , , , 5 4 5 1 3 2 0 7 7 9 5 5 9 4 4 7 6 7 0 7 9 2 0 6 6 6 6 6 6 6 7 7 7 , , , , , , , , , 2 3 5 7 7 7 1 3 7 9 6 8 7 0 8 8 6 4 1 1 2 4 5 7 2 6 5 2 3 2 3 3 3 3 3 "I , , , , , , , , , 0 9 1 0 1 3 9 8 6 0 2 2 7 6 1 9 8 3 4 0 3 6 3 3 2 5 8 1 4 4 5 7 8 5 3 4 2 3 4 6 1 2 7 5 1 6 J J M A J F M A S a u u e e p u n a a n l b p r g r y y u e i r t c u l e a . u h . s m r a t y r b y e r -| ! ! \ i ' ! ! 4 3 3 4 4 3 5 3 3 , , , , , 1 , , , , 7 0 7 6 4 0 9 5 6 2 5 4 8 6 8 8 9 8 8 6 8 9 5 3 9 1 1 1 1 1 1 , , , , , 4 7 8 6 9 4 2 3 5 0 0 0 5 1 9 ; ' 4 3 3 4 4 3 3 3 , , , , , , , , , 0 3 5 4 1 1 2 2 0 2 2 0 0 3 0 0 2 5 6 9 9 9 8 1 9 7 7 1 1 1 1 1 , , , , , 2 5 6 6 3 4 5 9 8 9 6 7 3 9 2 ! | t 6 6 6 6 4 4 4 5 i 3 < 8 3 5 0 6 l 9 > t Q 9 9 4 5 J 9 ) 7 2 2 1 1 19 1 4 6 6 4 7 1 2 3 May 22, 713 6,998 7,893 7,822 3,957 October ' 2,556 2,299 957 Ne 1 w 9 3 Y 0— or J M k u n a C e y ity: — 7 8, , 1 8 1 5 7 2 3 3, ,4 70 5 1 9 2,418 2 1 , ,9 0 7 1 4 9 1 1, , 0 0 7 9 6 1 N D o ec v e e m m b b e e r r j 2 1 , , 1 8 6 1 2 4 1 1 , , 9 69 2 4 8 ? 1 3 9 4 9 July 8,078 3,558 2,426 2,094 1,102 August 8,097 3,588 2,416 2,093 1,078 Back figures.—See Annual Report for 1930 (Table 57). September 8,088 3,584 2,415 2,090 1,069 October. -. 8,313 3,629 2,512 2,172 1,084 November 8,421 3,401 2,653 2,367 1,177 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY December 8,166 3,341 2,496 2,329 1,228 1931—January 7,906 3,111 2,472 2,323 1,254 [In millions of dollars. Monthly data are averages of weekly figures] February 7,965 3,079 2,410 2,476 1,353 March 7,975 3,176 2,295 2,504 1,391 For ac- April 7,889 3,080 2,242 2,567 1,414 | For count of For ac- May 7,875 3,039 2,194 2,642 1,460 Month or date Total own ac- out-of- count of Other leading cities: count i town others 1931—January 14, 754 4,384 5,927 4,443 1,909 banks 2 February 14, 694 4,236 5,832 4,626 2,032 March _. 14, 864 4,126 5,855 4,883 2,247 1930—April 4,115 1, 557 1,183 1,376 April 15, 054 4,078 5,797 5,179 2,499 May 4,030 1 1,665 1,062 1,302 May 14, 838 3,959 5,699 5,180 2, 497 June 3,825 1 1,831 917 1,078 Total: BY WEEKS J A u u ly gust 3 3, , 1 2 5 2 0 4 ! 1 1 , , 6 6 3 5 1 9 6 7 9 4 2 7 8 7 4 9 6 8 1931—Apr. 29 22, 896 7,052 7,941 7,903 3,996 September. 3,174 i 1,.676 750 748 May 6 22, 768 7,036 7,886 7, T' " 3,970 October 2,769 ; 1,675 537 557 May 13 22, 778 7,046 7,879 7,853 3,975 November.. 2, 249 ! 1,357 435 458 May 20 22, 708 6,981 7,924 7,803 3,947 December | 2,013 1,266 339 407 May 27 22, 598 6,928 7,885 7,785 3, 937 1931—January. 1,798 1,132 329 337 New York City: February.. 1, 7591 1,186 290 283 1931—Apr. 29 - 7,834 3,003 2,204 2,627 1,445 March 1,858 1,335 264 259 May 6 7,806 3,045 2,167 2,594 1,414 April 1,824 1,322 271 231 May 13 7,952 3,119 2,183 2,650 1,445 May 1,644 1,279 191 174 May 20 7,925 3,025 2,241 2,659 1,474 May 6 1,699 1,293 213 193 May 27 7,815 2,969 2,183 2,663 1,505 May 13... 1,671 1,360 159 152 Ot 1 h 9 e 3 r 1 — le M a A d p a i y r n . g 6 2 c 9 ities: 1 14 5 , , 0 9 6 6 2 2 4 3 , ,9 0 9 4 1 9 5 5, , 7 7 1 3 9 7 5 5 , , 2 2 7 5 6 2 2 2 , , 5 5 5 5 1 6 M M a a y y 2 27 0 _ . _ . _ . 1 1 , , 5 6 7 3 4 1 1 1 , , 1 2 9 7 1 0 2 1 0 8 7 5 1 1 7 7 6 6 M M M a a a y y y 2 1 27 0 3 _ , . 1 1 1 4 4 4 , , , 8 7 7 2 8 8 6 3 3 3 3 3 , , ,9 9 9 5 2 5 6 7 9 5 5 5 , , , 6 7 6 9 0 8 6 2 3 5 5 5 , , , 1 1 2 4 2 0 4 2 3 2 2 2 , , , 5 4 4 3 7 3 0 3 2 ba 1 2 n M W ks e e o m e n k b l l y y er ) r ; e a i p n n o c d l r u t n i d o n e g n s m m u e n e m k m n b b o e e r w r b n b a a a n n m k k s o s u o in n u t t N s f i o d e r e w c N Y us e o t w o rk m Y e C o r i s r t k y o . f C t i h t e y s e ( d b o a m nk es s t . ic Back figures.—See Annual Report for 1930 (Tables 51-54). Back figures—See Annual Report for 1930 (Table 56). ACCEPTANCES AND COMMERCIAL PAPER [In millions of dollars] Bankers' acceptances outstanding (dollar acceptances) Held by Federal reserve banks Held by group fif accepting banks Commercial End of month Total For own o F f o fo r r a ei c g c n o u c n o t r- Total Ownbills Bills bought H o e t l h d e r b s y standing account respondents 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 193L 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 M30.8 166.7 472.2 71.9 130.9 94.7 341.3 612.9 M40.8 529 311 April 1,414 1,422 208.5 161.6 465.5 408.9 157.5 410.2 54.7 125.0 102.8 285.3 582.2 441.3 553 307 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 1,367 207.7 431.6 316.7 130 9 185 8 410 8 513 October 1,508 141.3 _ 433.1 384.2 172 4 211.8 549.7 485 November 1,571 143.0 428.8 493.0 180.2 312.8 506.6 448 December 1,556 327.9 439.3 371.5 89.6 281.8 417.4 358 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council; for commercial paper as reported by about 25 dealers. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 311 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. Back figures not available] supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened] By reserve city banks 1 Total, By Number of banks Deposits (in thousands of dollars) Date b m y e m al l _—. j other Month ber In,NHlnChiJInother ™™' banks Total York cago* reserve 1928 1929 1930 1931 1928 1929 1930 ' 1931 City 2 cities 3 January '202 10, 983 16,413 28,903 r 78,130 1928— Oct. 3. _. 548 502 i 287 35 ' 179 February 77 18, 352 21, 746 32,800 '35,123 Dec. 31.. 538 501 | 288 40 , 173 March 16,953 9,002 23,769 '35, 285 1929—Mar. 27.. 548 I 509 251 62 ! 196 April 8,190 7, 790 33,388 r 42,417 June 29.. 670 I 621 ! 314 67 • 241 ! May 6, 394 24, 090 19,315 53,838 Oct. 4... 640 I 595 i 302 m 225 ! June 13, 496 19, 219 70,566 1 1 9 9 3 3 0 1 — — J D D S M M u e e e n c c p a a . . e r t r . . . 3 3 2 3 2 2 1 0 1 4 7 _ 5 _ . _ . . . . . . . 4 4 7 5 5 6 6 4 1 3 2 3 6 6 4 5 7 1 i ! j | | 4 4 4 6 5 7 0 6 6 6 4 4 2 9 9 ! | I i 3 2 1 1 1 1 2 8 9 5 9 6 2 3 6 4 9 9 , 4 8 4 5 5 5 1 8 1 8 0 5 ! ! : i i 2 2 2 2 1 1 2 3 0 9 5 9 8 1 5 4 8 3 ! ' | ! J N A S D O u e o e u c l p c t y g v o t e u e e b m m s m e t b r b b e e e r r r 2 1 6 7 9 5 4 1 , , , , , , 1 0 7 8 0 3 4 1 8 7 8 6 7 1 4 6 8 8 2 6 1 1 15 2 8 6 0 3 , , , , , , 5 0 1 1 7 6 5 3 5 6 3 4 0 3 1 2 0 6 3 1 3 8 2 2 2 6 3 6 1 4 2 7 , , , , , , 1 3 3 6 5 9 1 3 0 6 9 5 9 6 6 3 9 1 I 1 Member banks in 62 legally designated cities: 2 central reserve cities Year 491 642 1,345 138,642 234,532 864,715 (New York and Chicago) and 60 other reserve cities; see table on p. 344. 2 Central reserve city banks. Back figures—See Annual Report for 1928 (Table 64). 3 Other reserve city banks; see table on p. 344. 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 l and eligible paper (including paper under rediscount) Member bank By reserve city banks • By other banks By all member banks borrow- Date U.S. U. S. U. S. F in e g d s e r a a t l I m G e o n v t e s r e n - - E p li a g p i e b r le Total m G e o n v t e s rn e - - E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r l e I Total r b e a se n r k v s e curities i curities l curities l I I 1926—June 30. . 2, 210 2,825 5,035 884 2,100 2,984 3,094 4.925 I 8,019 516 1927—June 30.. 2,299 2, 775 5,074 847 I 1,992 2,839 3,146 4,767 j 7,913 441 1928—June 30. . 2,714 2,680 5,394 862 ; 1,967 2,829 3, 576 4,647 I 8,223 1,096 Oct. 3___. 2,823 2,551 5,374 914 ; 1,817 2, 731 3, 738 4,368 j 8,106 1,020 Dec. 31— 2, 730 2,349 5,079 932 ; 1,811 2,744 3,662 4,160 I 7,822 1,041 1929—Mar. 27_. 2,832 2,582 5,414 974 ! 1,761 2,735 3,807 4,343 I 8,150 9S1 June 29. . 9 r.77 2,688 5,265 929 : 1,773 2,702 3, 506 4,461 ! 7, 96S 1,029 Oct. 4... 2,469 2, 865 5, 334 912 1,733 2,645 3,381 4,598 7, 979 899 Dec. 31.. 2,403 2,713 5,116 814 1, 684 2,498 3,217 4,397 7,614 646 1930—Mar. 27.. 2, 619 2, 542 5,161 818 1, 662 2,480 3, 438 4,204 7,642 206 June 30. _ 2, 640 2, 285 4, 925 772 I 1,620 2, 392 3,412 3. 905 7, 317 274 Sept. 24. 2, 682 2,271 4, 953 764 1,541 2.305 3,446 3,812 7,258 173 Dec. 31- 2,777 2,100 4,877 70S 1,438 2,146 3, 485 3, 538 7, 023 248 1931—Mar. 25 _ 3, 584 2,045 5, 629 776 1,373 2, 149 4, 360 3,418 7, 778 165 1 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. 2 Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. 344. NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC. [For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, pp. 766-768 and 811-817] Single-office banks Banks operating branches Banking offices Member Member Nonmember Date Banksi br ( a b p n a l c u n h s k e s s) Total National State m N em on b - er National State Banks Branchos 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 2 26,973 29, 873 26,194 7,677 1,133 17,384 145 390 189 1,560 445 950 June 30 26,781 29,775 25,989 7,638 1,123 17,228 152 722 186 1,301 454 971 1928—June 30 25,950 29,180 25,115 7,516 1,058 16, 541 169 941 186 1,220 480 1,069 1929—June 30 25,115 28,555 24,297 1 7,366 987 15,944 164 993 190 1,298 464 1,149 Dec. 31 24,630 28,177 23,808 i 7,237 939 15, 632 166 1,027 180 1,299 476 1,221 1930—June 30 23, 852 27,470 23,035 7,082 899 15,054 165 1,041 169 1,308 483 1,269 Dec. 31 22, 769 26, 308 21, 993 ! 6,872 859 14, 262 161 1,106 160 1,286 455 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. 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312 FEDERAL RESERVE BULLETIN JUNE, 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) 1 Pre- Selected groups of industrial issues Month or date Bonds*i farrpri Stocks2 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c Auto- B i u n i g ld- Chain Chem- C p o e p r - Oil Steel Texmobile equip- store ical and tile ment brass Number of issues 60 20 404 337 33 34 13 13 17 9 9 4 | 10 16 10 30 1930—May 98.0 i 127.6 171 160 136 250 152 116 97 257 151 327 ! 170 148 174 77 June 98.2 1 126.8 153 143 125 224 134 100 90 223 135 290 ' 152 133 161 69 July 98.7 125. 9 149 140 124 215 132 98 89 217 129 277 • 155 133 159 67 August 99. 6 126. 5 148 139 121 213 134 97 90 219 121 278 152 130 160 66 September 100.0 127.9 149 139 123 216 133 100 96 230 114 283 154 125 162 67 October.. -. . ... 99.9 126.8 128 118 111 187 108 8w4 88 191 93 225 134 106 142 58 November . 99.1 124.7 117 109 102 167 101 82 176 91 196 120 97 131 55 December - 97.8 ; 121.7 109 102 94 158 100 78 168 80 182 117 88 125 51 1931—January 99. 6 123. 6 112 103 100 163 106 74 78 162 82 176 120 89 124 53 February 99. 4 124. 8 120 110 105 178 120 78 86 174 91 194 126 91 132 55 March. _- 100. 0 126. 4 122 112 97 189 129 81 90 173 96 201 125 85 133 58 April 99. 6 125: 3 109 100 87 170 117 70 86 148 79 172 109 74 116 52 May 99. 7 122. 6 98 89 77 156 110 59 89 127 67 159 89 63 94 47 Apr. 29 99. 4 124. 4 100 90 82 157 ]06 61 83 127 71 156 95 65 101 48 May 6.- .. 99.6 : 123.5 103 94 83 163 117 62 89 134 71 168 97 67 100 48 May 13 99.7 122.8 103 94 80 163 120 62 85 131 71 165 94 65 99 50 May 20 99. 9 122. 2 95 87 73 152 106 58 85 125 66 152 i 86 62 91 47 May 27 . . . 99.4 121.8 91 83 72 147 97 55 87 118 60 151 78 59 84 44 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 J By Year and month d t f T i o o c o r m e t a i a e n g l s d n , - : Total 3 i| G er o n v - - Bo C nd o s r p | orate F is o s r u e e i s g 2 n By member banks . : o l e e t r h m s e i 1 r ment (and i Stocks notes) I Call date Total i To To bro- To bro- 1 1 1 1 9 9 9 9 2 2 2 2 2 4 5 3 .... . . . . . . .! 4 5 4 6 , , , , 4 3 2 5 4 5 9 0 0 7 5 5 1 , ! : 3 4 4 5 , . , , 0 1 6 5 1 2 3 8 9 9 1 8 1 1 1 1 , , , , 3 0 3 0 5 7 8 4 6 2 0 3 2 2 1 1 , , , , 6 2 4 9 4 0 5 8 5 0 2 9 1,1 8 5 6 5 2 7 5 2 9 0 9 1,0 9 4 7 7 6 6 2 6 9 4 1 Total ba T n o ks k Y N e C r o i e s t w r y k in w b k e h l r e s o e r e - s r - e ot T h o ers k C Y N e i r o e s t r y w k i - n i 1926 6,282 j 5,157 1,312 2,667 1,087 1,125 1927 7,489 i 6,152 1,423 3,182 1,460 1,337 1928 ..! 7,979 ' 6, 728 1,387 2,378 2,900 1,251 1928—Oct. 3 12,429 8,819 274 1,899 850 5,796 3,610 1929 10,005 9,334 ! 1, 398 2,068 5,868 671 Dec. 31 14, 062 ;10,172 269 2,556 975 6,373 3, 8&0 1930 6, 918 6,013 i 1,441 2,980 1,503 905 1930— M Ap a r y il ' 1 ' , 8 0 8 9 0 1 9 7 9 2 0 9 i I 1 1 4 4 2 7 j ! 3 44 2 0 1 2 40 6 7 1 ' ' 1 1 5 0 1 1 1929— J O M u c n a t e r . 4 2 2 9 7 1 1 1 4 6 5 , , , 9 1 6 7 4 1 4 4 3 1 1 9 0 0 , , , 6 3 0 1 9 9 4 3 4 2 3 3 7 3 2 4 5 0 2 1 1 , , , 8 8 0 7 8 2 9 5 5 1,0 9 9 1 2 3 4 1 9 6 6 , ,8 5 1 1 2 7 3 6 0 5 4 6, , , 0 0 6 5 2 6 0 0 0 J J u u n ly e .. , ' " 7 •5 0 5 6 3 5 4 2 7 8 5 : ! 1 1 4 0 3 8 ' < 2 29 2 7 5 1 7 5 0 2 '1 '7 7 8 8 Dec. 31 12, 835 10, 505 357 1,660 803 7,685 2,330 August '183 166 ': 82 44 40 '17 1930—Mar. 27 12,644 10,334 260 2,344 706 7,024 2, 310 September. -. '381 376 I 222 62 '5 June 30 12,015 10,655 230 2,365 819 7,242 1, 360 October . '381 295 i 168 105 22 '86 Sept. 24 ill, 521 10.511 175 2,472 774 7,090 1, 010 N D o e v ce em m b b e e r r.... ' ' 2 3 4 8 9 4 2 3 4 6 8 5 I 1 8 8 6 6 : • 1 9 1 3 7 7 1 1 8 T '1 19 Dec. 31 '10,224 9,754 315 1,498 675 7,266 , 2470 1931—January '420 ! 334 49 : 235 45 '96 1931—Mar. 25 79,602 9, 272 219 1,630 575 6,848 2330 February--_ '211 ! 202 119 | 48 27 '9 March «' 961 « « 7 95 9 9 8 4 685 2 1 5 6 0 6 10 9 2 M '2 o 1 For lenders other than member banks—i. e., nonrnember banks, for- April eign banks, corporations, etc.—only security loans to brokers in New York City are included in available reports. 1 Source: Commercial and Financial Chronicle. 2 Revised figures, based in part on weekly returns of reporting member 2 Issues publicly offered; annual totals are as finally reported by De- banks in addition to sources used for earlier dates. partment of Commerce; monthly figures are as compiled currently and ' Revised. are subject to revision. 3 Includes issues of Federal land banks and Federal interemediate credit banks, not shown separately. 4 Includes Treasury issues (exclusive of refunding) as follows: March, $408,925,000; April, $429,483,000. ' Revised, P Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 JUNE, 1931 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production * I Build- Fac- Freight-car loadings * Year and month Total Manufactures Minerals - i j j i a n tr w g a e a c d c r t o s d n - - ! : ; ; F p a l c o to ym ry e e n m t - r t p o o a l r y l y s Total I ; M le e s l r s o c - a h t d h a a n l n d o - i t c s s a e r i - n C m o o r d n - - I prices t Unad- Ad- Ad- Unad- Ad- Unad- : Unad- j Ad- Unad- I Unad- Ad- Unadjusted justed justed justed ! justed | justed : justed ! justed justed I justed justed justed 1919_ 84 77 62 107 84 139 1920 _ 87 87 89 62 , 108 118 91 71 154 1921. 67 67 70 56 ; 82 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 96 97 99 98 1925. 104 105 99 122 I 100 101 103 105 104 1926_ 108 108 108 129 ' 101 104 106 105 100 1927 _ 106 106 107 128 ; 99 102 103 105 95 1928. 111 112 106 134 : 97 102 103 104 98 1929 _ 119 119 115 117 : 101 108 106 105 97 1930. 97 99 92 87 92 97 86 1926 December. _ 101 106 99 104 | 113 119 131 loo i 101 104 98 108 101 105 I 1927 January 105 106 104 104 112 116 94 100 99 96 106 105 97 February... 111 108 110 107 113 117 96 100 ; 100 105 99 107 102 104 96 March 113 j 111 113 109 111 118 151 ioo i 100 106 102 109 106 105 95 April __ 110 108 112 109 96 107 147 100 ; 99 105 99 106 106 104 94 May 112 111 113 111 108 109 134 99 104 105 103 106 104 94 June 107 108 107 109 108 105 154 100 102 105 104 105 105 94 July- 102 106 102 107 103 100 130 99 104 102 104 105 94 August 105 106 104 106 111 106 134 102 i 109 104 105 105 95 September.. 107 105 106 105 111 104 127 101 102 I 116 103 110 105 97 October 105 103 104 102 112 105 137 99 103 I 114 101 109 104 97 November.. 101 100 100 100 105 101 114 97 101 98 106 104 97 December.. 96 101 95 100 97 103 116 95 88 98 104 I 97 1928 January 105 I 106 106 106 100 103 104 94 92 102 105 96 February 111 i 108 113 109 103 113 96 101 94 102 101 104 96 March 112 ; 109 114 109 103 144 97 96 103 97 103 105 104 96 April 110 ! 109 113 110 94 105 156 96 96 100 96 101 105 103 97 May. __ no ! 109 111 110 104 105 162 96 96 101 105 103 108 104 June 109 109 111 104 101 158 96 97 i 101 101 100 103 103 July 108 | 109 105 111 103 101 142 97 ! 98 105 102 104 105 August 105 ; 111 110 113 111 105 126 97 1 103 109 103 104 104 September.. 110 i 114 116 115 115 107 142 100 j 104 119 105 109 105 100 N O o ct v o e b m er ber... 1 1 1 1 6 8 ! i 1 1 1 1 6 6 1 1 1 1 5 7 1 1 1 1 6 6 1 1 2 1 3 7 1 1 1 1 3 4 1 1 1 4 5 5 100 i 1 1 0 0 4 7 1 1 0 1 9 9 1 1 0 0 7 6 1 1 0 0 9 7 1 10 0 5 4 97 December... 1 1 0 1 9 5 ; : 117 110 117 106 112 105 100 104 94 106 105 97 1929 January 117 ! 118 117 118 114 118 97 100 101 95 108 97 104 97 February 121 i 118 122 117 116 120 100 100 108 99 107 101 104 I 97 March 122 ! 119 126 120 101 107 118 101 101 111 98 105 ' 106 105 ; April 124 i 122 128 123 103 115 156 102 102 111 102 108 '• 107 104 97 May 120 ! 124 128 126 116 116 143 102 102 111 109 107 107 104 96 June 125 ; 126 127 129 116 112 129 102 103 110 110 108 105 105 96 July 120 i 124 120 126 118 114 159 102 103 106 111 107 105 106 98 August 122 i 123 122 124 121 | 115 119 104 103 111 115 107 106 106 98 September... 124 i 122 123 122 127 | 118 108 105 102 112 121 106 ! 110 106 98 October 121 j 118 119 118 127 ! 118 108 103 101 111 118 104 109 104 96 November... 108 i 108 107 108 114 I 110 95 99 99 103 102 102 106 104 94 December-.. 96 ! 101 93 110 ! 116 i 77 95 97 99 89 102 | 96 103 94 1930 ! January ••103 | 104 103 103 108 112 i 79 93 94 89 100 I 94 101 93 February 110 ! 107 in 107 104 109 ! 77 93 94 98 101 92 March 107 i 104 no '105 91 96 i 111 93 93 96 i 101 100 91 April.. 108 ; 107 '110 107 93 104 ! 118 93 92 97 ; 101 98 91 J J A M u u u l n a y g y e ust 1 9 9 9 0 0 1 9 6 i I ' 1 1 9 9 0 0 4 1 4 0 ' 1 8 9 9 0 8 0 9 6 ' 1 1 9 9 0 0 0 4 5 0 1 1 1 1 G 0 0 0 1 0 3 2 1 1 9 9 0 0 7 6 0 3 ! ! ! I 1 1 8 8 1 4 9 4 1 6 8 9 8 8 6 1 9 5 8 9 9 8 7 1 0 4 1 8 8 2 3 9 9 5 6 9 9 9 2 3 6 . i 1 9 9 9 0 8 4 5 1 9 n \ 9 9 o ) 8 5 5 o 8 8 8 8 7 S 4 4 September... '92 91 91 90 100 94 ! 81 86 83 83 99 99 95 84 N O o ct v o e b m er ber... 9 8 0 6 8 8 7 5 8 8 8 4 8 8 4 5 1 9 0 5 4 9 9 8 2 ! , 8 6 2 2 8 8 4 1 8 8 2 1 8 7 1 5 9 8 7 6 8 8 6 4 j j 9 9 7 4 9 9 3 2 8 8 3 0 December '• I 82 76 80 89 94 61 79 80 74 74 84 | 86 92 78 1931 January 82 ! 82 '81 86 90 : 55 76 78 68 74 82 83 90 77 February 88 : 89 86 84 88 ; 57 77 78 73 74 80 87 89 76 A M p a r r i c l h •I 90 i j 91 88 *8 8 3 2 J> 8 9 7 2 ; I 9 8 0 2 7 7 8 8 7 7 8 8 7 7 4 5 7 7 5 7 8 9 9 1 8 8 9 8 7 7 5 3 * Average per working-day. t Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on p. 317. p Preliminary. ' Revised. 59538—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN JUNE, 1931 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100] 1930 1931 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. MANUFACTURES IRON AND STEEL '112 '113 '110 '109 93 '92 '85 '74 65 59 64 73 78 75 Pig iron 102 102 104 101 91 86 80 71 63 56 57 61 64 65 Steel ingots '113 '114 '111 '110 93 '93 '85 '74 '65 '59 '64 '74 79 76 TEXTILES 98 96 90 84 84 81 88 91 93 87 86 93 97 *>98 Cotton consumption 94 100 91 85 82 78 79 81 83 77 82 84 89 96 Wool 71 72 70 71 69 67 69 69 63 57 62 75 76 86 Consumption 77 80 74 78 80 76 78 75 66 61 68 81 81 103 Machinery activity1 65 62 69 73 65 62 67 68 64 61 64 77 75 71 Carpet, rug loom activityl 66 66 60 49 43 47 49 52 52 39 40 54 60 60 Silk 150 125 117 100 113 109 139 150 162 157 134 146 149 Deliveries 155 123 121 99 320 117 158 170 182 178 143 158 165 122 Loom activity 1 140 128 111 102 91 101 109 123 116 117 121 117 FOOD PRODUCTS 90 97 98 93 91 96 94 94 89 93 92 87 Slaughtering, meat packing 85 94 94 90 89 92 93 87 86 91 94 97 Hogs : 80 93 94 88 85 85 91 94 94 84 95 96 93 Cattle 88 89 88 90 89 89 88 85 71 82 80 85 91 97 Calves 92 100 89 86 93 95 97 97 83 101 98 99 99 104 Sheep 141 147 142 137 139 143 146 158 147 142 136 136 138 159 Flour 101 105 104 104 101 103 98 90 93 91 92 91 93 98 Sugar meltings 90 96 105 84 106 84 104 105 123 93 102 87 74 89 PAPER AND PRINTING 120 121 119 116 111 109 109 107 103 98 107 '111 110 Wood pulp and paper 115 116 113 108 105 101 100 100 95 91 100 104 102 • Newsprint | 91 86 89 88 84 80 81 77 79 ! 78 77 81 80 B ook paper i 127 132 120 114 111 104 97 94 100 j 118 118 115 Wrapping paper 99 98 99 95 89 87 91 89 86 83 '91 86 Fine paper 121 116 111 105 108 100 99 99 93 80 94 98 101 Paper board i 125 132 132 122 124 115 115 123 115 101 i 116 122 121 Wood pulp, mechanical 106 89 90 98 88 92 88 72 74 77 ; 72 79 75 Wood pulp, chemical 117 114 115 110 103 108 106 104 97 95 I 94 '99 92 Paper boxes .49 ..49 151 173 146 151 159 141 133 123 ! 122 144 146 155 Newsprint consumption 130 132 132 132 124 123 126 122 119 115 | 124 124 129 125 TRANSPORTATION EQUIPMENT: Automobiles 102 101 90 75 62 62 49 74 85 ! 63 67 77 Locomotives 51 43 42 40 38 33 28 25 18 i 11 7 7 13 Shipbuilding 80 128 147 164 347 310 229 343 196 144 246 115 61 LEATHER AND PRODUCTS 103 98 97 95 95 95 89 81 81 i 78 87 92 *>103 Tanning 99 99 103 107 102 102 96 86 83 : 76 79 80 92 Sole leather i 97 99 100 100 100 102 85 81 72 85 Upper leather- Cattle 80 79 72 77 73 67 61 62 60 ! 53 57 Calf and kip 80 85 95 92 106 101 90 93 71 66 | 62 67 69 84 Goat and kid 136 131 128 145 154 143 151 132 126 114 103 113 118 123 Boots and shoes 99 106 98 94 88 90 91 85 79 : 80 92 99 P110 CEMENT AND GLASS: Cement 111 108 119 119 116 117 97 83 84 80 '82 90 Glass, plate 117 131 143 114 105 65 101 91 65 90 111 119 117 NONFERROUS METALS 2 104 106 101 96 97 96 97 95 87 85 , 78 79 77 73 Copper (smelter) 103 103 101 94 95 94 90 86 70 77 76 70 Tin (deliveries) l 117 132 107 99 103 111 127 119 18128 ! 126 105 109 FUELS, MANUFACTURES: Petroleum refining 168 174 173 170 166 164 165 160 151 149 144 149 152 161 Gasoline i 204 214 213 210 206 205 207 203 188 186 177 188 191 205 Kerosene 99 93 90 90 85 84 78 74 69 67 70 69 76 71 Fuel oil i 117 121 123 117 113 109 112 108 109 108 106 107 112 113 Lubricating oil1 130 138 133 126 126 124 117 106 104 105 102 94 96 100 Coke (by-product) 135 138 137 132 123 119 114 109 101 97 97 99 100 102 RUBBER TIRES AND TUBES 105 123 121 119 93 96 84 88 77 73 88 94 98 107 Tires, pneumatic 108 127 125 122 96 98 87 91 80 75 91 96 102 111 Inner tubes 84 97 96 93 71 79 64 68 58 61 68 71 74 81 TOBACCO PRODUCTS 128 136 134 141 137 130 125 129 119 128 121 132 131 134 Cigars 87 92 94 91 88 89 85 88 86 68 74 78 83 89 Cigarettes 161 172 167 183 177 164 158 164 147 173 157 174 169 171 MINERALS COAL: Bituminous 81 97 92 89 82 85 87 86 85 77 73 76 77 Anthracite 68 71 '80 78 82 88 80 105 83 93 93 89 72 84 Petroleum, crude 125 128 127 124 120 117 114 115 114 111 110 110 112 121 Iron ore shipments 104 108 95 96 79 74 51 Copper (mined) 90 90 86 83 84 89 83 83 76 72 | 76 70 70 Zinc 94 94 99 91 94 93 90 70 68 65 | 65 65 61 Lead 107 111 104 99 103 106 101 94 83 92 83 82 79 71 Silver 80 75 69 70 73 70 73 71 65 61 63 54 i Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." 'Revised. v 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

315 JUNE, 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 Adjusted for ti s o e n asonal varia- Without seasonal adjustment Industry 1931 1930 1931 1930 1931 1930 April March April April March April April March April TOTAL—ALL MANUFACTURING INDUSTRIES. __ 77.9 78.1 92.6 78.0 77.9 92.4 73.6 74.9 97.1 IRON AND STEEL \ND PRODUCTS 77.4 77.7 93.0 76.4 76.6 91.9 69.1 70.0 97.7 Steel works and rolling mills 80.3 80.3 95.6 78.6 78.6 93. 6 73.1 73.8 102.5 Hardware 70.1 70 6 85.0 71.2 69. 6 86.3 57.3 58.9 79.9 Structural iron work. 84.9 86.4 108. 6 86.8 88.8 111.0 71.3 75.0 113. 1 Heating apparatus. .__ _. 66.7 67.6 80.4 66.2 67.9 79.8 52.9 54.6 75.8 Steam fittings 63.8 66.4 76. 1 63.1 65.6 75.2 51.2 54.4 74.5 Stoves 69 4 68 7 84 3 69 1 70.1 83.9 54.5 54.8 77.0 Cast-iron pipe 69.0 66.6 82.2 68.4 67.0 81.4 66.6 62.4 85.3 MACHINERY 78.9 80.4 106.9 78.0 79.3 105.6 69.7 72.0 113.4 Foundery and machine-shop products 72.6 74.0 98.6 71.4 72.7 97.0 62.3 64.3 103.8 Machine tools 88. 1 90.7 137.4 87.3 89.0 136.1 70.4 73.1 134.9 Agricultural implements . 78.7 87.3 150.7 74.0 81.3 141.8 60.9 74.9 164.0 Electrical machinerv 91.5 92.3 115. 9 91.5 92.3 115.9 87.8 89.6 127.2 TEXTILES AND PRODUCTS 81.8 82.7 90.3 80.2 79.7 88.6 76.8 81.9 89.3 A. Fabrics 78 6 79 4 87 7 78 1 77.9 87.1 72.4 74.3 84.1 Cotton goods 77.3 76.8 87.0 77.3 75.3 86.9 69.4 67.9 79.9 Woolen and worsted manufactures . . 65.1 68.4 69.2 65.7 68.1 69.8 55.6 60.9 58.9 Woolen and worsted goods 63.9 68.1 65.7 64.9 68.1 66.7 55.2 61.6 56.6 Carpets and rugs_ __ 71.4 70.4 87.9 69.6 68.0 85.6 57.9 57.9 69.4 Hosiery and knit goods 84.9 84 3 95 8 83 0 82.6 93.7 84.2 84.7 104.9 Silk manufactures ___ 83.0 85.6 98.0 81.8 83.3 96.7 78.2 82.9 101.0 Dveing and finishing textiles ___ 105.7 108.0 110.9 102. 7 i 105. 3 107.7 108.5 113.2 115.3 B. Wearing apparel 89.9 91.0 26.7 85. 6 84. 0 92.4 85.6 97.4 99.9 Clothing, men's 59.0 60 1 63 5 60 9 58.9 65.5 50.7 57.6 58.5 Shirts and collars 85 9 84.8 99.3 85.9 83.4 99.3 74.7 74.3 91.3 Clothing, women's.- _ _ 135.6 138. 6 145.0 124.7 122.2 133.3 128.8 150.5 147.8 Millinery. 90.8 90.3 93.1 77.4 79.6 79.4 95.0 104.8 116.1 FOOD AND PRODUCTS 87.3 88.1 94.0 90.6 89.9 97.5 88.2 89.2 99.7 Baking 94.8 95 3 102 4 96 4 95.9 104.1 93.0 94.5 106.4 Slaughtering and meat packing 84.8 85.5 90.2 88.4 87.2 94.1 89.3 89.5 98.2 Confectionery. 81.0 85.4 86.4 89.1 88.8 95.0 77.7 81.9 90.3 Ice cream 80 6 78 2 88 4 83 8 87.5 92.0 88.0 85.3 96.6 Flour 78.8 78.6 86.0 82.5 78.9 90.0 77.4 78.1 92.3 Sugar refining, cane_ 81.2 79.9 92.1 79.7 79.3 90.4 76.2 77.1 85.8 PAPER AND PRINTING .___.. 94.6 95.0 102.6 95.0 94.7 103.1 100.6 101.9 113.5 Printing, book and job __ _ _ 98.7 99. 9 108.0 99.4 98.7 108.7 103.2 105.3 116.2 Printing, newspapers and periodicals 104.4 104.7 105. 7 104.1 104.5 105.4 115. 7 116.0 120.4 Paper and pulp 85 2 85.2 98.6 85.2 85.2 98.6 82.2 84.0 106.2 Paper boxes 84.5 84.4 92.0 87.0 85.5 94.7 85.5 86.4 97.1 LUMBER AND PRODUCTS 54. 6 54.4 74.2 55. 4 55.7 75.2 44.9 46.2 73.8 Lumber, sawmills..- ._ . 48.3 47.5 69. 5 48.5 49. 1 70.0 38.7 39.8 72.8 Lumber, millwork. _ 56.6 56.4 69.8 56.3 56.5 69.3 47.9 47.8 67.6 Furniture __ 71.2 72.6 90.2 74.0 73.5 93.6 56.3 59.3 80.3 TRANSPORTATION EQUIPMENT. _ 66.2 65. 7 84.0 63.8 64.3 81.0 65.3 64.1 92.0 Car building and repairing . . __. 56.9 57. 4 73.8 56.6 57.7 73.3 57.8 58.2 81.2 -\utomobiles 75 1 73 4 93 9 70 3 70.2 87 9 70.8 67.7 100.8 Shipbuilding _____ 93. 9 91.4 113. 9 88.5 86.1 107.4 96.6 94.0 128.2 LEVTHER AND MANUFACTURES 82.4 83.2 89.8 84.0 82.2 91.5 70.6 73.4 81.6 Boots and shoes ______ _ 84.2 84.9 90.8 85.9 84.1 92.7 69.6 73.0 79.9 Leather 75.3 76.1 85.8 76.0 74.3 86.4 74.4 75.0 87.6 CEMENT, CLAY, AND GLASS PRODUCTS 65. 7 63.1 81.2 65.2 65.2 80.7 55.7 54.0 77.1 Clay products 62. 6 59.4 77.8 61.9 62.2 77.1 48.2 46.1 69.6 Brick, tile, and terra cotta . _ 54.5 50.9 71.5 54.2 55.2 71.0 39.8 38.0 63.9 Potterv 84.4 82.9 94.9 83.2 81.3 93.5 70.5 67.3 84.4 Glass - __ 71.7 71.0 88.8 70.8 70.6 87.7 67.0 68.0 88.3 Cement 66.0 61.9 79.8 67.1 66.2 81.2 61,8 57.0 83.3 NONFERROUS MFTAL PRODUCTS 68.1 68.8 82.9 66.5 66.6 81.0 65.4 66.3 88.3 Stamped and enameled ware 48 3 47 8 61 7 46 0 44.8 58.7 45.4 44.7 61.9 Brass, bronze, and copper 74.9 76.0 90.2 73.5 74.0 88.6 71.3 72.6 96.0 CHEMICALS AND PRODUCTS _. .. 96.7 93.3 111.7 91.7 89.8 105. 6 92.0 89.8 110.9 Chemicals and drugs 93.2 95. 7 101.7 92.4 94.4 100.8 86.3 89.4 99.0 Petroleum refining 94. 0 86.3 116.1 94. 0 87.2 116.1 96.7 90.8 122.1 Fertilizers. _ __ ____ ... 128. 0 103.0 160.3 79.3 69.1 99.3 118.0 87.6 156. 5 RUBBER PRODUCTS 71.1 69.0 88.6 70.5 68.4 88.0 66.8 63.2 94.5 Automobile tires and tubes 73 7 72.9 88.7 72.4 71.9 87.2 71.8 69.8 95. 9 Rubber boots and shoes _ _ 63.2 57.1 88.1 64.8 58.3 90.4 46.8 37.3 89.0 TOBACCO MANUFACTURES . 80.2 82.9 88.0 82.1 83.4 90.1 65.7 68.3 77.1 Cigars and cigarettes 82.3 84.0 90.1 84.3 85.0 92.4 66.2 68.1 77.7 Chewing and smoking toabcco, snuff 64.3 74.3 71.6 64.9 70.8 72.3 61.4 70.2 72.4 MUSICAL INSTRUMENTS 44.2 43.9 41.6 45.2 44.3 42.4 40.3 40.9 45.1 Pianos and organs __ . 33.4 34.1 39.7 33.5 34.0 39.9 28.7 29.4 38.8 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

316 FEDERAL RESERVE BULLETIN JUNE, 1931 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 li l c ic w u o t r i k li s ti a e n s 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 April __ 482.9 336.9 123.1 95.9 22.1 11.3 73.2 26.5 165.7 133.0 35.2 23.0 63.5 47.1 Year to date 1,580. 0 1,170.3 366.0 329.1 85.8 49.3 277.2 119.2 551. 3 458.6 110.8 83.4 188.9 130.7 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 1 70.9 12.9 25 1 78 6 24.5 37.3 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1928 1929 1930 1931 1928 1929 1930 1931 January 411 488 411 250 338 369 311 183 73 119 100 67 February 371 442 349 224 351 369 282 175 20 72 67 49 March 421 490 370 236 380 384 300 210 40 106 69 26 April _ 364 425 332 "217 345 411 308 *187 19 15 24 *30 Year to date >_ - - 1,567 1,845 1,461 '927 1,415 1,533 1,201 *755 152 312 260 P172 May 423 385 320 354 400 285 69 *15 35 June ._ 389 393 295 317 353 250 71 40 44 July 379 403 267 318 353 221 61 50 46 August 379 381 298 347 369 218 32 11 79 September 422 437 312 320 351 226 102 86 86 October 550 529 327 355 391 247 195 137 80 November 545 442 289 327 338 204 218 104 85 December 476 427 275 339 310 209 136 117 67 * Excess of imports. p Preliminary. DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS [1923-1925 average=100. For back figures see BULLETIN for November, 1930, p. 686] Index of sales i Index of stocks (end of month) Month Adjusted for seasonal variation Without seasonal adjustment Adjusted for seasonal Without seasonal 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 107 112 107 97 97 107 93 92 99 97 84 102 100 87 April ._ 106 110 107 106 105 103 110 101 99 97 83 103 101 87 May 107 109 105 107 109 105 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 August - 107 111 102 81 84 77 100 91 96 87 Pept.pfnhnr 112 114 99 113 117 103 100 91 104 95 October. 108 112 102 118 122 112 101 92 112 101 November 108 108 98 125 125 113 102 92 115 104 "Dp.cCTTihp.r 111 108 94 192 191 165 100 91 94 85 Year 108 111 102 100 94 i Based throughout on figures of daily average sales, which are computed on the basis of the number of week days in each month—Saturday being considered equivalent to one and one-third days—with allowance for six national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 317 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics; 1926=100] Other commodities All com- Farm Year and month modities products j Foods Total H p l i r e d o a e d t s h u a e c n r ts d j Textile m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m Bu a i t l e d r i ia ng ls c C a d h l r s e u m a g n s i d - in f H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1926 (base) j 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1927-- 95.4 99.4 96.5 93.7 107.9 95.7 86.5 98.2 93.3 96.6 98.2 89.9 1928- ! 97.7 105.9 101.0 93.2 121.7 96.3 82.8 99.8 93.7 95.5 97.4 83.0 1929-- 96.5 104.9 99.7 92.6 109.2 93.7 81.6 104.4 97.1 94.4 96.9 80.5 1930-- 86.3 88.3 90.1 85.1 99.9 80.7 76.1 95.3 90.3 88.7 95.7 73.4 1930—March __j 90.8 94.7 88.7 103.2 86.5 77.4 100.6 95.4 91.2 96.5 78.2 April : 90.7 95.8 94.6 88.3 102.7 85.5 77.9 98.8 94.7 91.0 96.2 78.5 May ; 89.1 93.0 92.0 87.5 102.6 84.6 78.0 96.8 92.9 89.9 96.2 77.5 June --. 86.8 88.9 90.5 85.7 102.4 82.2 76.4 95.4 90.0 88.9 96.2 74.5 July • 84.0 83.1 86.3 84.3 100.7 80.0 75.4 94.3 88.9 87.8 96.2 71.7 August i 84.0 84.9 87.1 83.3 98.9 77.7 75.4 92.7 87.4 87.3 95.9 71.2 September—.1 84.2 85.3 89.2 82.8 99.1 75.5 76.3 91.8 86.4 86.6 95.4 69.7 October , 82.6 82.6 88.6 81.5 96.5 73.8 75.1 90.4 85.8 86.0 95.3 68.8 November.... 80.4 79.3 85.7 80.1 94.0 73.3 71.8 90.2 85.6 85.2 95.2 67.8 December...; 78.4 75.2 81.8 79.0 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 1931—January \ 77.0 73.5 80.1 i 77.8 88.6 71.0 89.3 82.9 83.6 91.1 64.7 February '< 75.5 70.1 77.1 I 77.1 86.6 70.4 88.9 81.8 82.2 90.8 63.9 March _i 74.5 70.6 76.7 75.6 87.4 69.2 64.5 89.0 81.9 81.9 90.8 64.7 April ; 73.3 70.1 75.6 74.2 87.3 67.6 61.6 88.7 80.9 80.1 90.8 63.9 1930 1931 Subgroups Feb. Mar. Apr. May June July Aug. Sept. ; Oct. Nov. Dec. Jan. Feb. Mar. Apr. FARM PRODUCTS: Grains 89.0 83.5 84.1 82.1 78.7 74.1 80.4 77.0 i 72.1 64.0 64.0 62.4 60.4 59.3 59.5 Livestock and poultry 101.3 99.6 96.9 93.2 88.5 81.8 84. 6 j 88.0 | 82.4 77.7 76.3 75.2 69.6 70.7 70.3 Other farm products 98.9 95.2 99.0 96.5 92.7 86.9 3.7 86.4 | 86.3 85.4 78.1 76.0 73.7 74.2 73.4 FOODS: Butter, cheese, and milk 97.4 98.5 99.3 92.5 90.4 92.0 97.9 99.6 I 98.7 95.8 89.4 85.2 83.3 83.7 80.9 Meats 105.1 104.2 103.2 101.3 99.9 91.8 93.1 99. 2 ! 96. 7 91.4 89.2 88.4 83.6 82.0 79.9 Other foods ... 89.2 86.2 87.7 86.3 85.1 80.7 79.4 79.3 j 79.8 78.4 74.5 73.4 70.8 70.8 70.9 HIDES AND LEATHER PRODUCTS: Hides and skins 99.0 95.8 95.8 96.8 99.0 94.0 91.2 94. 2 ! 83.6 75.1 69.4 64.4 57.7 62.1 62.0 Leather 107.7 107.4 105.3 104.2 102.9 100.1 99.9 98.2 j 96.7 93.3 91.5 90.8 89.0 88.4 88.4 Boots and shoes 103.8 103.8 103.8 103.7 103.0 102.9 100.6 100.5 ; 100.3 100.3 97.7 95.1 95.0 94.9 94.8 Other leather products 105.8 105.8 105.3 105.3 105.1 105.2 104.9 105.0 104.2 104.2 104.2 102.4 102.0 102.0 101.6 TEXTILE PRODUCTS: Cotton goods 93.8 91.9 91.4 90.7 89.3 87.4 85.0 82.8 81.6 81.9 79.7 77.3 76.9 76.5 75.7 Silk and rayon 74.9 73.7 72.0 70.3 64.3 60.4 57.6 55.4 52.1 50.7 51.7 50.1 48.8 47.0 45.2 Woolen and worsted goods.._ 93.2 91.0 89.6 88.9 88.6 88.0 86.6 84.6 83.6 83.2 82.3 82.1 81.7 79.7 77.3 Other textile products 72.2 70.6 72.3 72.1 69.0 65.5 63.5 61.3 59.0 57.9 57.8 57.5 59.0 57.4 55.6 FUEL AND LIGHTING MATERIALS: Anthracite coal 91.2 91.2 90.2 86.9 85.8 86.5 87.8 89.1 89.6 89.6 89.6 88.9 88.9 88.2 86.6 Bituminous coal 91.4 89.9 88.4 88.4 88.2 88.8 88.6 89.2 89.2 89.1 89.1 88.1 87.8 85.8 84.4 Coke - 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 83.7 Gas -- 94.0 94.1 94.9 97.9 99.7 99.4 99.8 101.3 j 99.7 97.0 95.4 95.8 95.8 94.6 Petroleum products 65.7 63.7 65.6 66.5 63.6 61.0 60.9 62.0 i 59.4 53.3 51.1 50.4 50.2 41.8 37.4 METALS AND METAL PRODUCTS: Iron and steel 94.8 94.9 j 93.8 92.9 91.7 90.7 90.1 89.5 ! 88.3 88.0 88.1 88.4 88.1 87.5 Nonferrous metals 100.2 98.6 I 90.5 80.6 78.1 73.5 72.7 71.2 i 67.8 68.4 69.7 67.4 66 1 67.1 65.1 Agricultural implements 96.1 95.0 i 95.0 95.0 95.0 94.9 94.9 94.9 j 94.9 94.9 94.9 94.7 94.7 94.7 94.7 Automobiles 106.8 106.8 I 106.8 106.8 105.5 105.5 102.5 101.6 i 100.2 99.8 99.5 98.7 98.0 98.0 98.6 Other metal products 98.4 98.4 ! 98.4 98.4 98.4 98.4 98.4 98.4 | 98.4 98.0 95.2 95.0 95.0 95.0 95.0 BUILDING MATERIALS: Lumber 91.9 91.6 91.8 89.7 85.3 83.3 81.1 80.2 80.1 78.1 76.0 73.2 74.2 73.3 Brick 88.3 88.3 88.4 86.4 83.0 82.9 82.5 82.3 I 82.5 81.8 81.6 81.7 81.5 81.5 81.0 Cement 92.7 92.7 92.7 92.7 91.7 91.7 91.7 91.7 91.7 91.1 90.6 90.5 87.9 84.1 81.0 Structural steel . 91.9 91.9 91.9 91.9 86.8 84.3 84.3 81.7 81.7 81.7 81.7 83.0 84.3 84.3 84.3 Paint materials -.1 93.0 92.1 91.4 89.1 88.7 87.1 83.7 78.1 75.9 74.4 72.4 70.2 70.9 73.0 72.5 Other building materials j 06.5 106.4 i 104.0 101.8 99.6 99.4 98.7 98.0 97.3 97.8 97.1 95.5 95.6 95.4 94.2 CHEMICALS AND DRUGS: I Chemicals - I 96.8 96.6 95.3 93.8 92.5 92.1 90.9 89.6 89.2 89.1 87.0 85.0 84.8 83.3 Drugs 68.6 68.3 68.0 67.8 67.9 67.3 66.8 66.8 66.8 66.3 65.5 65.1 65.0 64.6 63.0 Fertilizer materials 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 80.6 Mixed fertilizers 96.2 94.8 94.4 93.6 94.1 93.1 92.7 92.5 92.9 91.1 90.6 90.4 89.1 88.3 83.5 HOUSE-FURNISHING GOODS: Furniture 196.6 96.6 96.6 96.6 96.5 96.5 96.5 96.5 96.5 96.5 95.5 95.5 95.5 95.5 95.5 Furnishings 97.3 96.3 95.8 95.8 95.9 95.8 95.3 94.4 94.2 94.0 87.6 87.3 86.7 86.7 86.7 MISCELLANEOUS: Cattle feed - 107.5 103.8 117.1 110.3 102.0 94.8 104.8 83.0 78.2 75.0 71.6 82.1 81.2 Paper and pulp 87.0 87.0 86.0 85.6 85.2 83.8 83.8 83.5 83.5 83.5 83.6 83.6 83.1 82.3 81.4 Rubber 32.8 31.6 30.9 29.2 25.9 23.6 20.3 17.1 16.9 18.6 18.6 17.1 16.1 16.0 13.3 Automobile tires 55.2 55.2 54.7 54.5 52.2 52.0 52.0 52.0 52.0 51.3 51.3 45.7 45.7 45.7 45.7 Other miscellaneous 108.5 108.6 108.3 107.9 103.3 97.2 94.5 91.5 86.9 86.1 85.1 86.3 85.9 Back figures.—For indexes of groups, see FEDERAL RESERVE BULLETIN for March, 1931 (p. 137); of subgroups, see FEDERAL RESERVE BULLETIN or April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics, Nos. 473, 493, and 521. 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318 FEDERAL RESERVE BULLETIN JUNE, 1931 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF ITALY The annual report of the Bank of Italy for the deficiency of actual receipts has been shrink- 1930 was submitted to the general meeting of ing, principally because of the better yield of shareholders on March 28, 1931. Sections of the tax on exchange and of the duty on grain. the report dealing with the general situation, During 1930 the public debt increased by Government finance, credit to domestic in- 1,092,000,000 lire ($57,400,000) to 88,781,000,dustries, reserves of the Bank of Italy, and 000 lire ($4,669,800,000), an increase of 1.24 legislation affecting the bank, are given here- per cent. The funded debt was reduced by with:1 40,000,000 lire ($2,100,000) and the redeemable General situation.—The acute depression debt by 162,000,000 lire ($8,500,000); on the which originated abroad has extended in other hand, the interest-bearing current acvarying degrees to our market, interrupting the counts of the Royal Treasury—which under movement already begun for restoration. It our system constitute the so-called floating could not be otherwise in view of the character debt, represented in other countries by orof our economy, its sensitiveness to foreign dinary treasury bills—increased during the influences, and the incompleteness of its re- year by 1,294,000,000 lire ($68,000,000). This covery. But recognition should be given to increase raised the proportion of the floating the effective resistance offered by our economic debt to the total public debt for 1930 from 3.6 organism to the depression, whether by reason to about 5 per cent. of the bases on which it is now established or During 1930, under the supervision of the as a result of the timely measures adopted by Office of Amortization of the Public Debt, the National Government to alleviate the securities amounting to about 44,100,000 lire crisis and to promote gradual recovery. ($2,300,000), almost exclusively in consolidated Government finance.—For the fiscal year loans, were retired. ended June 30, 1930, which closed with actual In regard to the foreign debt of the State, receipts totaling 19,897,000,000 lire ($1,046,- the so-called Morgan loan ($100,000,000, 7 per 000,000) and expenditures of 19,746,000,000 cent, 1951), which constitutes the entire lire ($1,038,000,000), the surplus was only external debt, was reduced in the past year 151,000,000 lire ($7,900,000) compared with from $93,340,089 to $91,373,900, i. e., to the estimate for the year of 258,000,000 lire 1,736,104,100 lire. ($13,500,000) and with a realized surplus in As to the war debts to the United States of 1928-29 of 555,000,000 lire ($29,200,000). America and to Great Britain, it is stated that The present financial year has shown from the Royal Treasury, utilizing the payments in the very beginning a decline in the ratio cash and in kind made by Germany on reparabetween receipts and expenditures, which, tions account, had paid up to December 15, although it was only the natural result of world- 1930, $25,199,466 to the North American wide forces affecting all countries, could not Government, and, up to January 15 last, fail to impel the National Government to take £22,041,660 ($107,265,738) to the British speedy measures of defense. It was expected Government. that the working out of the crisis here would Syndicate for advances against industrial permit a more normal rate of receipts while the securities.—On December 31, 1930, the credit public authorities endeavored to reduce ex- extended by the Syndicate for Advances penditures. against Industrial Securities totaled 671,200,000 During the first eight months of the fiscal lire ($35,300,000) in comparison with 662,400,year the actual increase from 1929-30 to 000 ($34,800,000) at the close of the preceding 1930-31, of 1.62 per cent in receipts was year, as appears in the following table (in accompanied by an increase of 8.27 per cent in millions of lire): expenditures undertaken. It is gratifying, however, to note that in the past few months 1929 1930 D e i n ff c e e ri In addition the report deals with the Bank for International Settle- Advances on securities 180 2 109 0 —71.2 ments, foreign exchanges, money market, securities markets, currency in Industrial bills 377.4 395.9 +18.5 circulation, foreign trade, industry, agriculture, banking, and the detailed Advances on commodities. _ 8.9 7.5 -1.4 operations of the bank and its branches. For earlier reports see FEDERAL Shipping credits 95.9 158.8 +62.9 RESERVE BULLETIN, July, 1930, June, 1929, July, 1928, and August, 1927. The present report is available in Italian. Total. 662.4 671.2 +8.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 319 The noticeable reduction of advances on until the same date. At the time when our last securities is due essentially to the careful extraordinary general meeting (June 18, 1928) selection of industrial securities offered as was considering the extension of the life of the guarantee; while the increase, also notable, of bank to the end of 1950 (art. 4 of the charter transactions in shipping credits, has its origin approved at that time) the note-issuing power in loans granted directly or through the inter- reserved to the Bank of Italy had not yet mediary of the Institute for Shipping Credit to expired, since by the terms of the decree law of the armament industry. September 27, 1923, No. 2158, that power was Reserve position of the Bank of Italy.— not to terminate until December 31 of last year; The proportion of gold in the total reserve at hence the necessity of the present enactment the end of December, 1930, stood at 55 per cent, extending the power to the new date of expirawhereas a year before it did not exceed 50 per tion adopted by the bank for its own existence. cent. Since at the close of 1930 the notes of Article 2 of the decree law under discussion the bank in circulation and other demand limits to December 31, 1935, the effectiveness liabilities amounted to a total of 18,101,000,000 of some provisions contained in the royal decree lire ($952,113,000), the proportion of the total of June 17, 1928, No. 1377, which ratified the reserve to the obligations to be covered worked agreements between the Royal Government out at 53 per cent, against 55 per cent at the and the bank in connection with our monetary close of 1929. The gold in vault alone repre- reform.3 Thus, both as regards the tax on sented 29.26 per cent of the liabilities, in circulation and the distribution between the contrast with 27.67 per cent the preceding Government and the bank of the profits of a year. part of the foreign exchange reserves held by our For the total of demand liabilities the legal bank, there will be a continuance for five years reserve 2 of 40 per cent amounted to 7,240,- of the present regime which was sanctioned 600,000 lire ($380,855,000). The excess above by the convention to which article 7 of the that figure, or free reserve of 2,383,700,000 above-mentioned royal decree of June 17, 1928, lire ($125,382,000), represents 453,900,000 lire refers. As is known, the Royal Treasury was to ($23,875,000) less than the excess last year. receive the entire net return of that part of our An examination of the balance sheet shows reserve representing the $90,000,000 already that the gold reserve against our note circula- turned over by it to the bank in 1926 in partial tion increased during the year 1930 from 30.94 cancellation of the debt of the State in existing per cent to 33.77 per cent. In contrast with a notes; 4 while the net proceeds of the gold decline in note circulation from 16,774,300,000 exchange obtained by the bank as a result of lire ($882,328,000) to 15,680,500,000 lire ($824,- the monetary reform of 1927 were to be divided 794,000), the amount of gold in vault increased equally between the State and the bank through from 5,190,100,000 lire ($272,999,000) to 5,296,- last year, subject to later decision as to their 800,000 lire ($278,612,000). Of the increase further use. The new provision assures, thereof 106,700,000 lire ($5,612,000), 77,900,000 fore, that there will be no change before lire ($4,098,000) represents the conversion into December 31, 1935. metal of foreign credits belonging to the reserve However, article 4 of the decree law in quesand 28,800,000 lire ($1,515,000) the return to tion, in view of the adoption of a new agreethe bank of a part of the gold coin previously ment covering the services of the bank as transferred to London, following the settlement fiscal agent of the Royal Treasury, fixes at not of the war debts. Correspondingly, the gold later than the end of 1932 the duration of the deposited abroad, owed by the State to the rules which now govern its operations, giving bank, was reduced from 1,813,100,000 lire to both the bank and the State the power to ($95,369,000) to 1,784,300,000 ($93,854,000). denounce the extension by notice at least six Legislation.—The principal legislative en- months in advance. The same article names actment of the year in connection with bank the fixed sum of 21,900,000 lire ($1,150,000) circulation is undoubtedly the decree law of for each of the two years as the Government's December 26, 1930, No. 1693. contribution to the costs incurred by the bank Article 1 of this decree extends until Decem- for the said service. ber 31, 1950, the power of the bank to issue By article 3 of the decree law in question the bank notes and similar evidences of value, existence of the Institute of Liquidation is payable to bearer on demand; the legal tender quality of the notes themselves is extended 3 The text of this decree, in translation, was published in the BULLETIN for September, 1928, pp. 643-644. 4 This transaction is described in the Annual Report of the Bank for 2 Gold and foreign currencies convertible into gold. 1926; see BULLETIN for August, 1927, p. 593. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN JUNE, 1931 extended for five years, through 1935; extension institute of interest charges previously asfor a similar period being provided for the sumed and now consolidated in the amount of measures already taken to protect the credit 135,000,000 lire ($7,100,000) annually. of the bank with the institute. The latter, A further provision affecting our bank is that which it was hoped might be closed December contained in article 5 of the decree law of 31, 1930, will have to remain open for a certain August 8,1930, No. 1162, which fixes the rate of number of years. the stamp tax on drafts at not more than 90 Accordingly the bank and the State will days' sight, of Italian and foreign firms, continue for another five years to make con- accepted by Italian credit institutions authortributions toward the earliest possible liquida- ized thereto by the Minister of Finance. This tion of the accounts which the institute has the article empowers the Bank of Italy to acquire task of winding up, the bank continuing to or discount, sell or offer for discount at the devote the surplus of the profits of operation market rates, such bills of exchange issued by and the proceeds of the public securities already Italian and foreign firms of known solvency and received by it from the institute, to the reduc- accepted by first-class Italian banks.5 tion of its credit with the latter; the State continuing to forego three-quarters of the • In reference to provisions concerning our metallic circulation, we cite the royal decree of July 18, 1930, No. 1148, which authorizes in principle annual proceeds of the circulation tax and to the minting of gold coins of 50 and of 100 lire ($2.63 and $5.26) and fixes the provide for the payment on behalf of the standard, the weight, and the limits of tolerance, postponing until a later enactment the determination of other details. BALANCE SHEET OF THE BANK OF ITALY AS OF DECEMBER 31, 1930 Lire (in Dollars i Lire (in Dollars i Resources thou- (in thou- Liabilities thou- (in thousands) sands) sands) sands) Reserve: Notes in circulation 15,680,458 824,792 Gold at home 5, 296, 775 278,610 Demand drafts outstanding 700,589 36,851 Treasury current account 300,000 15, 780 Other gold assets— Current accounts _ 1,420, 358 74, 711 Balances abroad 3,073,578 161, 670 Foreign Treasury bills 1,253,907 65,956 18,101,404 952,134 4,327,486 | 227,626 Capital _ _. 500,000 26,300 Surplus 100,000 5,260 Total reserve 9, 624,261 506,236 Extraordinary reserve 32,500 1, 710 State debt to the bank on account of gold Undivided profits (net for the year) 73, 509 3,867 deposited abroad 1, 784, 323 93,855 Special security accounts 33,464 1,760 Other cash... _ 710,973 37,397 Fixed Treasury deposits _. 1,385,881 72,897 Domestic bills 3, 946,005 207,560 Treasury deposit for account of Institute of Items for collection 33, 296 1,751 Liquidation 540,000 28,404 Advances to customers 1, 661,712 87,406 Deposits of Autonomous Office for Amortiza- Government securities 1,160, 391 61,037 tion of Internal Public Debt 190, 539 10,022 Securities account of Autonomous Office for Securities account of Autonomous Office for Amortization of Internal Public Debt 125,000 6,575 Amortization of Internal Public Debt 125,000 6,575 Other liabilities 900,259 47,354 Due from domestic banks: Clearinghouses 202,388 10,646 Others. 84,436 4,441 286, 824 15,087 Interest due from Treasury for account of Institute of Liquidation 527,019 27, 721 Credit with Institute of Liquidation 626,230 32,940 Bank premises _ _ _. 166,342 8,750 Unpaid capital _ 200,000 10, 520 Other resources _ 1,130,181 59,448 Total resources ___ 21,982, 556 I 1,156, 282 Total liabilities. 21,982,556 1,156,282 1 Conversion at par: 1 lira=$0.0526. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 321 ANNUAL REPORT OF THE CENTRAL BANK OF ECUADOR The annual report of the Central Bank of actions with member banks, up to 90 days, in Ecuador for 1930 was submitted to the general rediscounting promissory notes for industrial meeting of shareholders on February 16, 1931. purposes; 9 per cent for direct transactions Sections of the report dealing with the depres- with the public, up to 180 days, with agriculsion in Ecuador, the situation of agriculture tural security. and industry, balance of payments, interest At the end of August the effects of the sharp rates, and foreign exchange are given herewith:1 decline in the prices of our exportable commodi- The economic situation of the country de- ties began to be felt. This created a strong veloped during the past year under generally demand for gold exchange at the Central Bank adverse conditions. To domestic difficulties, and a consequent withdrawal of notes from cirwhich in recent years had led to a decline in culation. Inasmuch as the demand for bills of exports, was now added the world crisis, which, exchange was heavy in the following months, by reason of its most marked characteristic— the directors, in defepse of the reserves, raised the fall of prices—seriously affected the income the rate for transactions with the public to 11 derived from production of commodities for per cent in November, while retaining the rate export. of 9 per cent for rediscounts of member banks. Funds were accordingly withdrawn from the This measure which, in a country so small and market in considerable volume, a movement so limited in resources as Ecuador, did not prove which was immediately reflected in reduced entirely effective—as it does in other countries deposits with commercial banks; in slow collec- which have a complete financial organization— tions—especially in the case of discounted bills— was nevertheless the object of violent criticism because a period of tight money is apt to on the part of some responsible organizations create frozen credits; and in a general reduc- and influential newspapers, which contended tion of consumption. The decline in the value with much heat that an excessive deflation was of exports also created a strong demand for taking place in the country and therefore adgold exchange at the Central Bank, which re- vised that the rate of interest be lowered. The sulted in the withdrawal of bank notes and matter was referred to the decision of Professor contraction of the circulation. AH this pro- Kemmerer, whose opinion was directly opposed duced uneasiness and uncertainty in commerce to this theory and who approved the rates of and other important lines of business and in- interest fixed by the directors. tensified the general depression with which the A very important statement in the lengthy year had begun. discussion over the question of interest rates Policy of the bank.—At the beginning of the was the unanimous opinion expressed in a year the bank established a rate of 9 per cent meeting held by the managers of the commerfor rediscounts of member banks and 10 per cial banks in Quito to consider the advisability cent for direct transactions with the public. of reducing rates. The statement was as The directors were constantly watching the follows: effect on our market of declining interest rates The Central Bank, before recommending advances in the principal financial centers of the world or reductions of interest rates, should study the movein order to adopt such changes as might bene- ment of the market in connection with the free play of fit the situation in Ecuador. Taking advan- monetary supply and demand; under present circumtage, therefore, of some relaxation in the money stances—the demand for credit being heavy and available funds with the commercial banks being in small market from May until the third week in amount—it is inadvisable to make any reduction in the August, the directors decided to establish vary- existing rates of interest. ing rates of interest for different classes of bills; Throughout the entire year the bank mainand, furthermore, varying rates for bills of the tained the quotation of 5.05 sucres to the dollar, same class but of different maturities, to the or at a selling price below the gold export point, end that business pight profit from rapid turnand constantly intervened in the market to over, and operations intended for industrial supply the demand for bills of exchange. By development might profit from moderate interest rates. The rates established were as this policy the bank maintained the unrestricted follows: 7 per cent for transactions with mem- redemption of its notes, eliminated speculation ber banks, up to 30 days; 8 per cent for trans- in foreign exchange, and thus performed its function of stabilizing the currency in spite of i The report, available in Spanish, contains in addition tables showing the difficult conditions prevailing in the printhe operations of the bank in detail, and discussion of foreign trade, agriculture and industry, the fiscal situation, Government debts, etc. cipal lines of business and production. 50538—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN JUNE, 1931 BALANCE SHEET OF THE CENTRAL BANK OF ECUADOR AS OF DECEMBER 31, 1930 Sucres Dollars Sucres Dollars Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands)1 sands) sands)1 Gold 5,654 1,131 Notes in circulation 23,491 Foreign balances and remittances. 23,244 4,649 Deposits: Subsidiary coin and cash items 4,141 828 National Government and Government enterprises 9,416 1,883 Loans and discounts " Member banks 4,072 814 Advances to the Government- P O u th b er lic- 2,1 4 2 7 5 9 42 9 5 6 13,315 2,663 Bank premises 752 150 16,092 3,218 Furniture and fixtures. 155 31 Other assets 2,707 541 Capital.. 6,240 1,248 Surplus.. 780 156 Total resources exclusive of contra account_ 49,968 9,994 Contra account - 46,880 9,376 7,019 1,404 Profit for 1930 j 892 178 Other liabilities--. I 2,473 495 Total liabilities exclusive of contra account__I 49,968 9,994 Contra account j 46,880 9,376 Total resources ! 96,848 ! 19,370 Total liabilities j 19,370 i Conversion at par of exchange: 1 sucre=$0.20. ANNUAL REPORT OF THE BANK OF PORTUGAL The annual report of the Bank of Portugal Government, which could not regard the situafor 1930 was presented to the general meeting tion of the money market with indifference. of shareholders on February 4, 1931. Sec- As had been the case during the preceding tions of the report dealing with the banking year, and because of the abundant wheat situation and the building up of a reserve for harvest—which was even greater in 1930 than currency stabilization are given herewith:x in 1929—large advances in the form of re- In Portugal the world depression assumed a discounts had to be extended for crop-moving special aspect as a result both of the character of purposes. Liquidation of these advances prothe country, which is agricultural rather than ceeded very slowly because of the inactive industrial, and also of the influence of the demand for wheat. relations between the colonies and the mother The circumstances described above explain country. The producer of foodstuffs—with the unprecedented volume of demands on the exception of the wheat farmer—was seriously bank for accommodation, either by discountaffected by the decline of prices in foreign ing or rediscounting; and explain also the exmarkets; and the decline of purchasing power ceptionally high level shown by aggregate in the country districts, which occurred in discount operations during 1930 as a result spite of abundant grain harvests in the past of efforts to meet demands so far as possible. year, was reflected in the commercial centers. Agreements between bank and Govern- These centers and the entire industrial or- ment.—In accordance with the decision of the ganization felt the acute depression in colonial special meeting of shareholders, held on Febtrade, caused by the sharp decline in the prices ruary 27, 1930, the two agreements between of crops of our overseas possessions. the bank and the Government, which were Banking situation.—The depression was re- authorized by decrees No. 17,991 and 17,992 flected not only in the trade situation through- of February 24, 1930, were signed on March 6 out the country, but also, during the closing of that year. According to these agreements, months of the year, in the decline of bank the allocation of funds accruing from interest deposits. As a result, several banking estab- charges at 1 per cent, levied by the bank on lishments were compelled to rediscount a advances to the Government under the agreeportion of their bill portfolios. The threat of ment of April 29, 1918, and subsequent agreea banking crisis was averted by the effective ments, has been altered. Such funds have and timely intervention of the Bank of Portu- now been allocated to the purchase of gold gal, and also by the able assistance of the exchange either representing receipts from exports or acquired from other sources, and intended to build up a reserve for stabilization of * The report, available in Portuguese and French, contains in addition tables showing the operations of the bank in detail, discussion of dis- the national currency. count operations, note circulation, branches, personnel, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

323 JUNE, 1931 FEDERAL RESERVE BULLETIN BALANCE SHEET OP THE BANK OF PORTUGAL AS OP DECEMBER 31, 1930 Escudos Dollars Escudos Dollars Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) i sands) sands) * Gold 9,021 2 404 Notes in circulation 1,994,417 89,350 Foreign Government short-term gold obligations. 29,772 1,334 Deposits 140,057 6,275 Securities in foreign currencies: Correspondents in current account 203,721 9,127 In sterling or its equivalents (clause 2, agree- Deposits of committee of public credit 5,060 227 ment of July 21, 1926) 1,994 89 Current account of Public Treasury 1,329 60 Other 1,309 59 Capital 13, 500 605 Correspondents in current account 421,811 18,897 Surplus: Bills 435,048 19,490 Permanent 2,700 121 Loans in current account against collateral, and Variable 522 23 advances 226 10 Profit and loss 15, 227 682 Advances on collateral 366 16 Amortization and reserve funds (law of Sept. 9, Treasury current account—agricultural credit 10,000 448 1915) 113,154 5,069 Agreements with the Government: Investment of pension fund 3 Advances to the Government (agreement of Revaluation of silver (agreement of Mar. 24,1924). 33,442 "~I,~498 Apr. 29, 1918; law of Nov. 27, 1920; agree- Dividends unpaid 1,771 79 ments of Apr. 21, 1922, June 7, and Deo. Other liabilities 328,171 14, 702 22, 1923; Mar. 24, 1924, and Mar. 6, 1930)- 1,405,354 ! 62,960 Advanee to the Government (agreement of Total liabilities exclusive of contra accounts. 2,853,075 127,818 July 21,1926)— Contra account: Securities deposited 1, 736,181 77, 781 Capital _ 125,000 5,600 Public Treasury—deposit of bonds of the Portu- Interest 630 28 guese Railway Co. 3 per cent first issue (decree of June 9, 1916)__ _ 5,199 233 125,630 5,628 Other 18 1 Total advances to the Government 1,531,003 Amortization and reserve funds (law of Sept. 9, 1915): Gold securities __.. 39,162 1,754 Other securities _. 1,533 69 Bank premises and equipment 24, 424 1,094 Dividend of first half-year, 1930 1,350 60 Other assets 346,055 15, 503 Total assets exclusive of contra accounts. _. 2,853,075 127,818 Contra account: Securities deposited — 1,736,181 77,781 Bonds of the Portuguese Railway Co., 3 per cent, first issue (decree of June 9,1916) 5,199 233 Total resources 4,594,455 205,832 Total liabilities.. 4, 594,455 205,832 1 Conversion at average rate of exchange for December, 1930: 1 escudo=$0.0448. 2 $9,747,000 when converted at par (1 escudo=$1.0805). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN JUNE, 1931 ANNUAL REPORT OF THE BANK OF SPAIN The annual report of the Bank of Spain for authorized the shipment to England of £1,000,- 1930 was presented to the general meeting of 000 of gold belonging to the Spanish treasury; shareholders on March 1, 1931. Sections of that of November 4 authorized the Bank of the report dealing with gold shipments and SpaiQ to send to Eagland an equal amount of the increase of rates charged by the bank are gold from its own stocks; and that of December given herewith:l 19 authorized a third gold shipment of an equal The royal decree of September 22, 1930, amount, to be taken jointly from the gold authorized the Secretary of the Treasury, in stocks of the treasury and of the bank. On accordance with section 7 of article 1 of the this last occasion, the Council of Ministers bank statutes, to make such disposition of for- went on record to the effect that as a result of eign balances of the treasury as circumstances these shipments the metallic reserves of the might require. The management of these Bank of Spain had not been diminished, and treasury balances was intrusted to the bank, that the gold shipped by the Bank of Spain chiefly for the purpose of centralizing in the from its own stocks was to be kept intact and bank all foreign exchange operations. For earmarked in the Bank of England, subject the implementing of the royal decree several neither to pledge nor to withdrawal. royal ordinances had to be passed by the Coun- Still another measure for the support of the cil of Ministers. The ordinance of October 1 peseta was the raising by one-half of 1 per cent fixed the volume of funds to be placed abroad of the rate of interest on all credit operations at £10,000,000; the ordinance of October 18 of the bank, except those guaranteed by gold securities. This action was taken on July 17, i The report, available in Spanish, contains in addition tables showing the operations of the bank in detail, and sections dealing with the estab- following suggestions made by the Governlishment of a board of regulation of exchange, organization of a research ment. division, operations of the branches, personnel, etc. BALANCE SHEET OF THE BANK OF SPAIN AS OF DECEMBER 27, 1930 Pesetas Dollars * Pesetas Dollars i Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Gold in vault: Notes in circulation __ 4,724,138 507, 656 Treasury account 14, 731 Current accounts 821,232 88, 250 Bank of Spain- Deposits in specie... 5,850 629 Required by law.. 1,962,069 2 210,844 Gold accounts (per contra) 1,097 118 461,185 > 49, 559 Net Treasury balance 213, 008 22, 890 Other accounts.. 3,097 2 118 Capital 177, 000 19, 020 Surplus _ 33, 000 3,546 2,439, 082 2 262,104 Reserve for contingencies 18,000 1,934 Reserve (law of Dec. 29, 1921). 16,000 1,719 Balances abroad (gold and foreign exchange): Profit and loss.. 51,081 5,489 Treasury account _ 58, 820 2 6,321 Dividends, interest, etc 56. 831 6,107 Bank of Spain— Other liabilities 27,171 2,920 Legally available as alternative to gold in vault 27, 457 * 2. 951 Excess _ 25, 200 1 2, 708 111,477 Ml, 979 Silver: Required by law.. 272,414 29, 274 Excess 428, 629 46,060 701,042 75,334 Subsidiary coin (bronze) Items for collection _ 1,844 Due from banks in Spain 1,185 Discounts 85, 244 Secured overdrafts 130, 253 Unsecured overdrafts 19, 350 Secured loans _ 3,543 Other assets in portfolio _ 938 Treasury credit under law of July 15,1891 16,119 Promissory note of Treasury under law of Aug. 2, 1899 __._ 9,520 Amortizable Government debt (1928) ___ 344,475 37,017 Shares of the Farmers' Tobacco Co. 10, 500 1,128 Shares of the State Bank of Morocco 1,155 124 Shares of the Foreign Bank of Spain _ 6,000 645 Bank premises 33, 693 3,621 Total resources- 6,144,407 660, 278 Total liabilities. 6,144,407 660, 278 1 Conversion at average rate of exchange for December, 1930: 1 peseta=$0.10746. * Gold and foreign exchange converted at par (1 peseta=$0.1930) are as follows (in thousands of dollars): Gold in vault: Treasury account, 2,843; Bank of Spain—required by law, 378,679; excess, 89,009; other accounts, 212; total, 470,743. Balances abroad (gold and foreign exchange); Treasury account, 11,352; Bank of Spain—legally available as alternative to gold in vault, 5,299; excess, 4,864; total, 21,515. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 325 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] I Month c T tr o ( o i 4 e u t 5 s n a ) l - U S n ta i t t e e s d g t A i e n r n a - - A t l u r i s a a - - g B i e u l- m B z r i a l - C a a d n a - E l n a g n - d France m G a er n - y I d n i - a Italy p J a a- n N la e e n r t d - h s - Spain S l z a w e n r i d - t- S U . . R S. . o tr t 2 i h 9 e e s r 1929—December 10,297 3,900 ! 434 89 163 150 78 711 1,633 544 128 273 542 I 180 495 115 147 714 1930—January 10,362 3,921 ! 445 88 164 139 78 732 1,683 547 |128 273 520 i 177 495 108 147 717 February 10, 434 3,988 ! 448 124 164 127 78 740 1,680 582 j128 273 477 | 176 476 108 150 715 March 10, 505 4,061 I 445 126 164 127 79 759 1,668 595 ;128 274 453 ! 174 476 108 156 713 April 10, 569 4,131 ! 442 109 164 90 79 795 1,660 611 ! 128 274 443 ! 174 477 112 167 712 May 10, 613 4,159 i 441 91 167 90 80 765 1,717 617 I128 274 434 1 174 477 112 177 709 June 10, 675 4,178 | 440 97 167 81 768 1,727 624 i128 274 434 174 477 112 203 702 July 10, 709 4,160 436 97 167 94 746 1,775 624 128 274 440 ! 157 477 118 233 701 August 10, 791 4,148 434 97 168 100 759 1,852 624 ; 128 ! 275433 ! 157 477 123 249 698 September 10,829 4,159 434 98 173 110 766 1, 899 590 i128 i 278 431 i 157 478 123 249 689 October 10, 862 4,184 429 79 180 122 782 1,992 519 j 128 278 414 '.171 478 128 249 691 November 10,902 4,220 417 75 180 129 767 2,037 519 |128 279 409 ! 171 474 130 249 693 December 10,915 4,225 412 75 191 110 722 2,100 528 128 279 412 j 171 471 138 249 630 1931—January 10,964 4,285 397 75 191 92 682 2,176 535 128 279 415 ! 175 466 126 249 685 February 11,011 4, 309 390 75 197 «94 689 2,192 544 128 279 417 j 179 466 124 249 678 March P11,075 4,343 378 76 200 96 703 2, 200 553 135 279 415 I 179 467 124 259 April , 074 4,373 74 201 716 2,180 564 141 279 419 i 181 468 124 259 May _ H, 445 ? 2,181 P569 181 262 • Correction. p 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 follows: United States—Treasury and Federal reserve banks; Argentina—Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Canada—Government reserve against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—paper currency and gold standard reserves of Government. GOLD MOVEMENTS [In thousands of dollars] United States Great Britain Netherlandss South Africa India Month Im- Ex- Im- Ex- Im- Exports ports Net ports ports Net ports ports Net Net Net 1930—May j 23,552 82 7,0961 45,388! 61,134 -15,746 75 19 56 -22,798 6,452 June ' 13,938 26 7, 529' 13,747; 20, 659 -6,912j 34 11 23 -18,190 9,204 July I 21,889 41, 529 1,414 24,646, 40,355 -15,7091 48 16, 587-16, 539 -22,415 3,404 August ! 19,714 39.331 1, 545 24,201 21,390 2,811 281 8 273 -18,708 13,461 September | 13,680 11,133 1,967 22,339! 20,245 2,0941 81 13 68 -17,149 3,568 October : 35,635 '9,266 3,162| 45,416j 34, 754 10, 662 12,338 199 12,139 -20,259 967 November i 40,159 5,008 1, 458i 41,199 43,164 — 1,9651 150 115 35 -18,762 1,323 December ! 32,778 36 9,524 43,1241 78, 507-35,383j 42 39 3 -16,966 681 1931—January '• 34,426 54 12, 252 35,304i 78,774 -43,4701 301 52 249 -21,005 -286 February.. 16,156 14 12,335J 31, 335! 28.892 2,443 59 167 -109 -18,482 880 March_.._ '25,671 26 11,0771 22,829| 16, 377 6,452 59 215 -155 -17,557 943 April __! 49,543 27 11, 728! 28, 495! 4,411 24,084 25 458 -433 -16,895 p Revised. «Correction. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1931 1930 1931 1930 From or to— April January-April Calendar year From or to— March January-March Calendar year ImportsExportsImports! ExportsImportsExports ImportsExportsImportsExportsImportsExDorts _, 44 388 106 99,038 1,470 270,301 Germany _. __ . 92 1 | 4,395 78,842 England.. 415 441 895 1,622 8,848 167 Netherlands 65 107 ' 314 19 1 000 United States Spain and Canaries . 204 4,867 i 799 29,229 1,610 Aden and dependen- Switzerland _ 126 i 1,465 23,190 cies 24 128 650 United States 283 Arabia 144 355 1 759 South America.. 398 58 16,828 68 57,944 49 British Oceania 418 723 8 053 British India 444 139 1 788 i 1 006 1 8 178 Bahrein Islands 29 67 196 Australia 3,407 4,526 1 116 417 2 Ceylon 35 72 2 718 New Zealand — ' 1 J 127 China 10 48 3,670 Egypt j 219 94 Mesopotamia 144 395 2,402 Rhodesia 450 1,724 '_ 5,197 Straits Settlements.. 52 69 2,828 14 Transvaal ._ 22,063 78,854 L 203, 513 Egypt » 1,177 West Africa 577 1,757 j 1 5,075 11 Natal 113 408 26,513 Ali other countries.. 1,048 3,403 7,404 21,148 2,441 14,764 All other countries.- 39 Total ... 28,495 4,411 117,963 128,454 421,725 398,040 Total 1,384 442 3,160 1,623 57,854 182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN JUNE, 193I FOREIGN EXCHANGE RATES [Monthly 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 of Par of Country Monetary unit ex- Country Monetary unit exchange March April i May change March April May EUROPE SOUTH AMERICA Austria Schilling 11.07 14.0552 14.0568 14.0543 Argentina Peso 96.48 78.0406 76.4629 70.7121 Belgium Belga 13. 13. 9294 13.9039 13.9119 Bolivia 1 Boliviano. 36.50 36.7500 36.7500 36.7500 Bulgaria - Lev - .7173 .7174 .7176 Brazil Milreis-.- 11.96 7.8897 7.2668 6. 6756 Czechoslovakia. Crown 2^96 2.9624 2.9619 2.9622 Chile 12.17 12.0632 12.0628 12.0673 Denmark - Krone 26.80 26. 7458 26. 7503' 26. 7738 I Colombia do 97.33 96.5700 96.5700 96.5700 Ecuador1 Sucre 20.00 20.0000 20.0000 20. 0000 England Pound 486.65 485.8293 485.9863 486.4039 I Peru1 Sol 40.00 27.8635 28.3461 27.9600 Finland. Markka 2.52 2. 5177 2. 5172 2. 5172 Uruguay Peso 103.42 73.3617 67. 7199 61.4301 France Franc 3.92 3.9138J 3.9104, 3.9114 Venezuela1 Bolivar. __ 19.30 18.0000 16.9984 16.4332 Germany Reichsmark.. 23.82 23.8072| 23.8105 23. 8036 Greece Drachma 1.30 1.2945: 1. 2943' 1. 2349 ASIA Hungary Pengo.. 17.49 17.4411! J 7.43681 17.4376 China3 Mexican dollar.. 21.97 22. 7936 22.5646 22. 0118 Italy Lira____ —I 5.26 5.2383; 5.2360| 5.2353 China3 Shanghai tael... 30.29 31. 5986 31.0951 30. 2520 Netherlands.. Florin | 40.20 40.0869 40.1391! 40.1847 China3 .._. Yuan dollar 21.49 22.7948 22.4949 21.8950 Norway Krone. 26.80l 26. 75011 26.7530 26. 7761 Hong Kong 3 Dollar 21.81 24.5297 24.3312 24.0131 Poland Zloty 11.22! 11.1931! 11.1929| 11.1950 India Rupee 36.50 36.0805 36.1028i 36.1423 Portugal Escudo -.- 108.05j 4.4823| 4.4782J 4.4918 Japan Yen. 49.85 49.3656 49. 3601 49. 3813 Java1 Florin 40.20 40.0904 40.1312 40.1720 Rumania— -- Leu .60! . 5947; .5942 .5943 Straits Settle- Singapore dol- 56.78 56.0615 56.0462 56.0348 Spain.-. Peseta 19.30! 10. 7298! 10.4736 10. 0004 ments. lar. i Sweden Krona. 26. 801 26.7775 26.7758 26.8070 Turkey Turkish pound. 439.65 Switzerland.. Franc 19.30J 19.2429 19.2559 19.2845 U. S. S. R.»... Chervonetz 514.60 2 515.0000 2 515.0000|2 515. 0000 AFRICA Yugoslavia Dina.r 19.30 1. 7587' 1. 7585j 1. 7603 j Egypt Egyptian pound. 494.31 498.2048 NORTH AMERICA Canada Dollar 100.00 99.97891 99.9517 99.9449 Cuba Peso 100.00 100.0238 99.9248 99.9187 Mexico do 49.85 47.3546 47.4843 48.0200 i 1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 2 Chervonetz quotations nominal. a Silver currency. The figure given for parity represents gold value of unit in May, 1931, computed by multiplying silver content of unit by New York average price of silver for May, 1931, which was $0.27932 per fine ounce. On the same basis, parity in May, 1930, for the Chinese-Mexican dollar was 32.24 cents; for the Shanghai tael, 44.45 cents; for the Yuan dollar, 31.54 cents; and for the Hong Kong dollar, 32.01 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 franco$0.1930] 1931 1931 Resources Liabilities Febru- February March April ary March April Cash on hand and on current account with Short-term deposits: banks -- 1,311 1,397 1,458 Central banks for own account— Demand funds at interest __ 10,892 35, 952 19,840 Demand 61,002 60,019 56,987 Time- Rediscountable bills and acceptances (at Not exceeding 3 months 107,150 95,560 88,243 cost): Between 3 and 6 months 1,099 1,100 2,102 Commercial bills and bankers' acceptances 82,866 90,997 85,578 Total.. 169,251 156,679 147,331 Treasury bills 33, 708 26, 653 39, 347 Central banks for account of others— ===== Total 116, 575 117, 651 124,926 Demand __ -_ 36,761 56,393 29,424 Time funds at interest: Time- Not exceeding 3 months 139,662 164,184 181, 399 Not exceeding 3 months 29,041 68,656 113,869 Between 3 and 6 months 50, 261 2,468 1,420 Between 3 and 6 month 41,477 1,014 Total 189, 923 166, 652 182, 820 Total 107,278 126,063 143,293 Other depositors: Sundry investments (at cost): Demand 44 44 44 Not exceeding 1 year. 30, 867 35,663 36,338 Time—Not exceeding 3 months 1,688 2,662 2,664 Over 1 year 7,173 7,297 7,263 Long-term deposits: Other T re o s t o a u l rces 3 2 8 , , 4 0 4 4 0 1 4 2 2 , , 3 9 1 6 0 0 43 2 , ,4 6 2 0 8 1 A G n er n m ui a t n y G tr o u v st e r a n c m co e u n n t t deposit. _ 2 1 9 4 , , 7 8 7 8 0 5 2 1 9 4 , ,9 8 4 9 5 1 2 1 9 4 , , 8 9 4 2 2 1 French Government guaranty fund.,. 13,273 13,294 13,279 Total. _„ 57,928 58,130 58,042 Capital paid in 19,855 19,915 19,976 Other liabilities- 3,138 3,429 3,722 Total resources 359,181 366,922 375, 072 Total liabilities 359,181 366,922 | 375,072 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDEBAL RESERVE BULLETIN 327 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Bank of England issue Deposits depart- Other ment)1 Public Other liabilities Millions of pounds sterling: 1931-Mar. 25.._ 9.5 33.7 18.3 Apr. 29 17.7 37.0 17.7 May 27 17.4 33.8 17.8 Millions of dollars: 1930— Mar. 26 1,714 91 175 89 Apr. 30 1,746 102 178 86 May 28 1,733 64 175 86 June 25 1,745 105 176 87 July 30 1,793 44 182 Aug. 27 1, 756 88 164 Sept. 24 1,731 65 166 89 Oct. 29 1,731 102 170 86 Nov. 26.__ 1,709 92 179 87 Dec. 31 1, 795 32 176 87 1931-Jan. 28 1, 94 162 Feb. 25 1,692 79 162 Mar. 25 1, 697 46 164 Apr. 29 1,702 86 180 May 27_. 1,727 85 165 87 Resources Liabilities i Deposits Bank of France LrOlu 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 r s ity | 1 1 c a N u b r e l i g e ti o s e t e s i - - 2 a O s t s h e e ts r N ci o t r i t c o e u n s l a i - n i i G m ov e e n r t n- Other lia O b t i h li e t r ies Millions of francs: 1931—Mar. 27. 56,116 26,307 7,084 2,858 5,082 7,026 77,864 1 11,773 12,577 2,260 Apr. 24. _ 55, 616 o 26, 305 6,502 « 2, 795 5,082 7,134 77,231 i « 11,680 12,062 2,462 May 29 * 55, 634 26,160 6,185 2,806 5,082 (3) 78,385 , 9,940 12,669 (3) Millions of dollars: 1930—Mar. 28. 1,668 1,006 251 99 212 233 2,776 267 342 85 Apr. 25.. 1,660 1,005 224 102 211 233 2,774 ! 257 313 90 May 30.. 1,717 1,002 300 100 211 230 2,865 : 210 394 92 June 27.. 1,727 1,005 247 106 211 237 2,846 ; 194 408 84 July25_. 1,775 1,022 244 105 211 238 2,827 ! 358 328 84 Aug. 29.. 1,852 1,004 254 107 208 250 2,888 i 396 303 87 Sept. 26. 1,899 1,003 243 110 208 244 2,864 i 412 344 86 Oct. 30.. 1,992 1,004 278 109 j 208 I 274 2,932 1 513 328 91 Nov. 28. 2,037 1,015 344 112 | 208 I 262 2,977 i 523 385 93 Dec. 26.. 2,100 1,026 330 114 I 208 259 2,996 i 495 459 88 1931—Jan. 30.. 2,176 1,032 371 112 ' 204 270 3,079 1 543 457 86 Feb. 27.. 2,192 1,032 323 110 I 204 274 3,095 ! 523 430 87 Mar. 27. 2,200 1,031 278 112 ! 199 275 3,052 i 461 493 89 Apr. 24.. 2,180 1,031 255 110 i 199 280 3,027 ! 458 473 97 May 29 » 2,180 1,025 242 110 i 199 ) 3, 065! 390 497 (3) Resources Liabilities Reichsbank old i e R n x e c s f h o e a r r e n v i g e g e s n Tre b a il s l u s ry b c i O l h l 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 in - Deposits lia O b t i h li e t r ies Millions of reichsmarks: 1931—Mar. 31 .- 2,323 188 142 1,951 274 103 638 4,456 387 775 Apr. 30... 2,368 157 45 c 1, 816 287 103 668 4,340 355 749 May 30 » 2,390 186 25 1,791 167 103 721 4,299 353 731 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, ]46 96 168 June 30 -- 624 109 2 423 44 24 175 1,116 117 169 July 31 624 62 9 419 32 24 200 1,105 95 170 Aug. 30. 624 88 412 51 24 193 1,121 99 171 Sept. 30 590 41 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 A M M p a a r y r . . 3 3 3 0 0 1 » 5 5 5 6 6 5 4 9 3 4 3 4 5 7 4 3 1 4 6 1 «4 4 4 3 6 2 2 5 7 6 6 4 5 8 0 2 2 2 4 4 4 1 1 1 5 5 7 9 2 2 1 1 1 , , , 0 0 0 2 3 6 4 4 1 8 8 9 5 4 2 1 1 1 8 7 7 5 4 8 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000 ($1,265,000,000). N ^. ,..,*., a Issued by the independent office for retirement of public debt (Caisse autonome d'amortissement). 3 Figures not available. • Correction. * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN JUNE, 1931 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 j Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. 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.. 15,141 15,640 15,386 22, 493 Foreign bills, etc 67 78 98 Securities 32,058 31,157 25, 758 5,190 Loans and discounts 92 75 83 Banking department- Note circulation 354 341 340 362 Coin, bullion, and cash 2,263 4,394 1,568 2,215 Deposits 23 25 31 Money at short call in London... _. 4,863 4,254 6,477 6,261 Bank of Danzig (thousands of Danzig Loans and discounts 30,326 25,122 22, 405 13, 350 gulden): Securities 20,583 21,443 23,183 21, 208 Balances with Bank of England-. 14,843 16, 462 16,594 14,820 Deposits 57, 003 55, 348 54, 921 41,980 Foreign bills, etc 6,842 12, 519 14, 654 12,384 Bank notes in circulation 44,351 42, 852 39, 058 39, 797 Loans and discounts 22,160 20, 750 20, 313 19,425 Note circulation 36,126 36,523 36,196 36, 207 Austrian National Bank (millions of Deposits 1,303 1,699 994 2,084 schillings): Gold 214 214 214 169 Central Bank of Ecuador (thousands Foreign exchange of the reserve.. 138 139 137 231 of sucres): Other foreign exchange 507 499 490 365 Gold — 5,666 5,658 5,661 5,590 Domestic bills 90 93 114 146 Foreign exchange _ 18,052 18,829 19, 394 25,006 Government debt—.„.-. 96 96 101 ]02 Loans and discounts 14,176 13,961 14,001 14,068 Note circulation 984 978 976 982 Notes in circulation 20,829 21, 783 21, 938 26, 685 Deposits 64 66 83 Deposits 13,871 13,833 14,102 13,555 National Bank of Belgium (millions Bank of Estonia (thousands of krooni): of belgas): Gold _ 6,517 6,512 6,529 6,477 Gold 1,445 1, 439 1,416 1,183 Net foreign exchange 17, 258 17,551 15,972 18,169 Foreign bills and balances in gold. 891 914 912 615 Loans and discounts 26,809 27,572 23,457 28,268 Domestic and foreign bills 748 755 764 829 Note circulation 35,536 35,658 34,902 32, 327 Loans to State 292 292 292 309 Deposits- Note circulation 3, 279 3,164 3,213 2,877 Government 8,5C0 10,384 6,085 11, 439 Deposits. 147 282 219 105 Bankers 5,787 5,437 4,494 3,302 Other _._ __ 1,620 1,573 2,057 1,584 Central Bank of Bolivia (thousands of bolivianos): Bank of Finland (millions of Finnish Gold 2,811 2,794 3,904 marks): Foreign exchange 26,699 32,120 32, 622 45, 547 Gold... 301 302 301 304 Loans and discounts 23, 237 28,853 24, 733 21, 732 Balances abroad and foreign Notes in circulation 28,314 39, 227 29, 795 39,124 credits 722 761 740 946 Deposits 8,420 14,112 14, 644 14, 206 Foreign bills 236 217 191 122 Domestic bills. 621 709 699 916 Bank of Brazil (millions of milreis): Note circulation 1, 301 1,320 1,305 1,440 Gold 407 Demand liabilities 154 124 180 237 Currency _ _ 365 373 373 Correspondents abroad 165 234 306 Bank of Greece (millions of drach- Loans and discounts 1,504 1,484 1,455 mas): Securities 149 148 127 Gold 481 515 621 Note circulation 170 170 592 Net foreign exchange in reserve._. 2,171 2,259 2,327 2,716 Deposits 1,614 1,612 1, 297 Total foreign exchange 3,092 2,671 2,640 3,424 Loans and discounts 338 348 336 233 National Bank of Bulgaria (millions Government obligations 3,389 3,489 of leva): Note circulation 4,436 4,465 4,417 4,991 N Go et l d foreign exchange _. 1, 2 48 42 3 1, 2 4 5 7 5 1 1, 2 4 3 6 1 2 1, 2 4 6 0 9 7 Other sight liabilities- 1,636 1,675 2,073 1, 525 Total foreign exchange 734 647 687 737 National Bank of Hungary (millions Loans and discounts 643 622 655 1,110 of pengos): Government obligations 3,064 3,064 3,064 3,339 Gold 112 126 148 163 Note circulation 3,212 3,129 3,029 3,302 Foreign bills, etc 47 25 27 10 Other sight liabilities 1,490 1,445 1,485 1, 737 Loans and discounts 263 258 243 248 Advances to treasury 60 60 60 83 Central Bank of Chile (millions of Other assets.- 18 16 22 58 pe G D so o e s p l ) d : o s a i t t s h o ab m r e oad _ 2 6 3 2 7 2 6 4 2 7 2 6 6 2 4 316 N D M e o is p te c o e s c l i i l t a r s c n u e l o a u t s i o l n ia . b _ ilities 4 4 3 0 0 1 6 3 3 3 8 8 8 5 40 3 3 0 8 9 4 4 6 2 7 4 5 Loans and discounts 91 85 108 Note circulation _. 279 290 301 346 Bank of Italy (millions of lire): Deposits against which reserve Gold at home 5,31d 5,311 5,306 5,204 is held 54 55 44 Credits and balances abroad 4,150 4,100 4,037 5,026 Loans and discounts 4,025 4,371 5,098 4,359 Ba (t n h G G k o o o u o l l s d d f a n a a t t h d b s r h e o o o a R m f d e e p p e u s b o l s i ) c : of Colombia 1 7 2 , ,8 2 4 3 0 1 1 8 2 , ,5 7 1 5 2 7 1 7 5 , , 1 1 7 4 9 3 2 9 0 , , 1 8 4 8 1 6 T P O u o th b ta e l l i r c n d d o e e t p e p o o c s s i i r i ts c ts ulation 14 1 , , 3 8 6 0 8 5 0 1 2 1 2 5 , , 3 3 0 0 7 3 0 5 4 1 2 5 , , 3 3 1 0 2 3 0 9 7 1 1 6 , , 5 0 3 1 6 0 4 2 0 Loans to member banks 13,746 13, 414 13, 445 13, 428 Bank of Japan (millions of yen): Note circulation 22,875 23,336 24, 339 30,095 Gold 840 833 836 1895 Deposits 6,495 6,062 7,768 6,199 Advances and discounts.- __ 713 715 743 749 C l z i e o c G n h s o o l o s d l f o C va z k e ch N o a ls ti o o v n a a k l c B ro a w n n k s ) ( : mil- 1, 542 1,542 1, 543 1, 262 N T G o o o t t v a e e l s r d n is e m s p u e o e n s d t i ts b onds ___ _- 1, 1 6 05 3 7 6 2 8 1, 1 6 1 3 7 1 6 8 2 1, 1 1 3 8 6 8 1,1 6 8 8 9 6 5 3 Foreign balances and currency.__ 2,078 2,199 2,143 1,872 Bank of Java (millions of florins): Loans and advances 159 163 123 515 Gold 115 119 119 139 Assets of banking office in liqui- Foreign bills 29 29 29 37 dation 315 315 318 350 Loans and discounts 47 36 50 64 Note circulation 6,609 6, 699 6,571 6,854 Note circulation _ 242 239 246 269 Deposits.. _ _.. 711 820 401 Deposits 40 56 37 51 * Average for week ending last report date of month. • Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 329 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 Apr. Mar. Feb. Apr. Apr. Mar. | Feb. Apr. Bank of Latvia (millions of lats): National Bank of Rumania (millions Gold ... 24 24 24 24 of lei): Foreign exchange reserve 27 31 31 53 Gold at home 5,670 5,646 i 5,356 5,346 Bills 81 83 84 91 Gold abroad __ 3,114 3,114: 3.919 3,919 Loans __ 70 71 71 56 Foreign exchange of the reserve. - 2,370 1,270 1 1,270 2,154 Note circulation 46 47 47 48 Other foreign exchange 652 52 65 41 Government deposits .. . . 71 74 78 107 Loans and discounts 7,828 7,894 • 8,001 10,398 Other deposits __ 87 89 88 71 State debt 3,617 3,617 ! 3,617 5,797 Note circulation 18,905 18,341 i 18,105 19,254 Bank of Lithuania (millions of litas): Deposits— j 5,038 5,300 I 5,654 7,944 Gold . . _ 39 39 39 35 South African Reserve Bank (thou- I Foreign currency 74 71 72 74 sands of pounds sterling): ! Loans and discounts 105 109 103 94 Gold ._._ 6,304 6,423 7,091 7,529 Note circulation 112 113 108 102 Foreign bills 6,882 6,751 7,272 6,170 Deposits 98 98 98 94 Domestic bills i 272 382 323 1,714 Note circulation i 6,692 7,412 8,190 7,726 Netherlands Bank (millions of Deposits-— ! florins): Government _ ' 2,657 2,135 1,517 2,462 Gold 450 446 446 432 Bankers _ | 4,756 4,705 4,739 Foreign bills 221 218 227 213 Others j 131 122 167 129 Loans and discounts 133 143 130 145 Bank of Spai n (millions of pesetas): I Note circulation 838 841 803 829 Gold 2,423 2,420 2,416 2,469 Deposits _._ 33 17 54 18 Silver _ 708 717 713 714 Balances abroad j 108 120 113 38 Bank of Norway (millions of kroner): Loans and discounts j 2,257 1,952 2,037 1,890 Gold 146 146 146 146 Note c"ir cu"la ti"o n. 4,951 4,604 4,689 4,395 Foreign balances and bills 32 37 23 35 Deposits 752 794 795 834 Domestic credits 185 183 182 240 Bank of Sweden (millions of kronor): i Note circulation 296 296 287 310 Gold. i 240 240 243 Foreign deposits 2 2 2 2 Foreign bills, etc i 303 353 356 Total deposits 67 72 62 84 Loans and discounts 299 223 201 Note circulation ; 580 545 545 Reserve Bank of Peru (thousands of Deposits I 175 187 183 soles): Swiss National Bank (millions of ! Gold. 44,217 48,901 francs): j | Foreign exchange reserve 7,580 11,160 Gold i 643 j 643 579 Bills ... 19, 613 18,466 Foreign balances and bills. 306 i 379 391 Note circulation. 62, 716 59, 063 Loans and discounts 95 | 61 Deposits 6,016 8,585 Note circulation 994 ! 961 916 Demand deposits | 149 134 ! 246 154 Bank of Poland (millions of zlotys): State Bank of U. S. S. R. (thousands i Gold at home _ 486 485 485 483 of chervontsi): j Gold abroad , 82 77 77 219 Loans and discounts 502,364 Foreign exchange of the reserve.. 229 256 244 298 Deposits 198,828 Other foreign exchange . . 116 125 127 112 Issue department- Loans and discounts 619 656 684 669 Gold 50,396 50,351 48, 361 32,454 Note circulation 1 259 1 261 1 284 1 326 Other precious metals. 1,917 2,025 2,121 2,823 Current account of the treasury.. 39 58 37 i 140 Foreign exchange 4~"~ 4,907 4,478 6,400 Other current accounts 149 161 132 i 161 Note circulation 224, 551219,385 210, 770 164,629 National Bank of the Kingdom of Bank of Portugal (millions of es- Yugoslavia (millions of dinars): cudos): Gold 99 I 99 97 Gold 9 9 9 9 Foreign notes and credits 87 • 94 263 Balances abroad 102 160 181 210 Loans and discounts. 1,405 i 1,435 1,310 Bills . _. 370 392 413 329 Advances to State 2,997 22,,999977 2,997 Note circulation 1,864 1,860 1,871 1,886 Note circulation 4,729 4,917 5,221 Deposits 158 187 172 62 Deposits 952 830 1,555 1 Revised by transfer from "Other current accounts" to "Current account of the Treasury" of a special account for the purchase of silver amounting to 13,000,000 zlotys. 2 Figures not yet available. * Revised to include "Loans of branches." 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 28 foreign central banks, with figures in dollars as well as in units of national currency, see FEDERAL RESERVE BULLETIN, as follows: Central Bank of— Bulletin Central Bank of— Bulletin Central Bank of— Bulletin Austria- I May, 1931, p. 266. |England February, 1931, p. 83. Netherlands August, 1930, p. 505. Belgium \ April, 1931, p. 207. ! Estonia September, 1930, p. 559. Norway May, 1931, p. 275. Bolivia i July, 1930, p. 441. : France March, 1931, p. 150. Poland May, 1931, p. 273. Brazil i July, 1930, p. 444. i Germany. j May, 1930, p. 301. Portugal June, 1931, p. 322. Bulgaria September, 1930, p. 557. iGreece ! October. 1930, p. 636. Rumania.- September, 1930, p. 553. C~ ol*o mb' i"a December, 1930, p. 792. iHungary ! May, 1931, p. 270. Spain ! June, 1931, p. 324" Czechoslovakia August, 1930, p. 509. ' Italy.... i June, 1931, p. 318. Switzerland.. | April, 1931, p. 198. Danzig J April, 1931, p. 213. Japan } May, 1930, p. 304. Yugoslavia June, 1930, p. 371. Denmark ! December, 1930, p. 788.! Java December, 1930, p. 795. Ecuador ; June, 1931, p. 321. Latvia ! July, 1930, p. 439. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN JUNE, 1931 GOVERNMENT NOTE ISSUES AND RESERVES IFigures are for last report date of month] 1931 1930 1931 1930 Apr. Mar. Feb, Apr. Apr. Mar. Feb Apr. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of dollars): Gold 340 390 I 403 451 Gold reserve against Dominion notes. 64 Notes issued 511 519 | 531 580 Advances to banks under finance act, Irish Currency Commission (thousands 1923 50 of pounds sterling): Dominion notes— Legal tender note fund- Issued 148 141 143 174 British legal tender and bank Outside chartered bank holdings.. 27 28 28 28 balances 130 242 127 102 Indian Government (millions of rupees): British securities 7,227 6,939 6,843 7,246 Gold standard reserve- Notes issued 7,357 7,181 6,970 7,348 Gold 112 ! 112 114 29 Consolidated bank notes 1— Foreign exchange.. 421 421 420 505 Issued 4,079 4,044 3,985 3,782 Paper currency reserve- Deemed such under sec. 60 (4) Gold 275 259 238 323 of currency act, 1927 1,844 1,872 1,906 2,218 Silver coin and bullion 1,254 1,248 1,227 1,106 Other assets 72 102 101 310 Notes issued 1,601 1,608 1,565 1,739 i The figures of consolidated bank noces issued represent daily averages for the 4 weeks ending Apr. 4, Mar. 7, and Feb. 7, 1931, and Apr. 1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. COMMERCIAL BANKS Millions of national currency Millions of dollars Country 1931 1930 1931 Feb. I Mar. Apr. Feb. Mar. Apr. Nov. Dec. Jan. Feb. Alar. Apr. Argentina: Bank of the Nation—• Millions of pesos Gold 1 2 6 6 1 1 1 1 2 Other cash 83 85 99 108 94 75 69 59 66 Loans and discounts 606 626 532 525 533 478 472 425 436 488 Deposits 706 695 649 631 646 570 551 497 508 543 Other banks in Buenos Aires- Gold 9 11 10 10 Other cash 209 173 156 166 166 148 155 141 150 135 Loans and discounts 910 912 754 780 708 693 637 654 712 Deposits 1,043 1,020 867 791 728 750 796 Canada: Assets entirely in Canada- Millions of dollars Cash in vault* 151 148 157 161 162 162 203 174 158 151 148 157 Cash in central gold reserves. 25 27 26 40 44 44 37 33 22 25 27 26 Security loans 186 175 181 227 231 233 212 205 192 186 175 181 Other current loans 1,116 1,115 1,130 1,362 1,347 1, 345 1,184 1,149 1,141 1,116 1,115 1,130 Security loans abroad 132 137 117 201 184 182 193 146 120 132 137 117 Securities 654 649 651 423 418 428 551 604 593 654 651 Liabilities entirely in Canada— Notes in circulation 131 152 124 146 145 140 145 133 129 131 152 124 Individual demand deposits.. 543 579 596 622 616 644 605 642 557 543 579 596 Individual time deposits 1, 436 1,445 1,453 1,440 1,445 1,441 1, 439 1,426 1,429 1,436 1,445 1,453 Millions of pounds England: sterling Cash in vault and at banks 187 181 175 884 882 911 919 994 947 910 853 Money at call and short notice... 115 112 115 621 645 650 665 692 695 559 547 560 Advances and discounts 1, 208 1,159 1,134 5, 799 5, 631 5,729 5, 985 6, 006 6,020 5,880 5,642 5, 520 Investments 293 295 292 1,113 1,096 1,095 1,288 1,311 1, 368 1,428 1, 436 1,423 Deposits 1,782 1, 726 1, 698 8,341 8,185 8, 331 8,762 8,949 8,934 8,672 8, 399 8,264 France: Millions of francs Bills and national-defense bonds.. 829 804 793 817 Loans and advances 427 418 440 443 448 422 Demand deposits 1,324 1,314 1, 325 1,392 1,373 1,362 Time deposits 50 58 59 53 61 Germany: Millions of reichsjnarks Bills and treasury notes 2,497 2, 532 2,529 750 770 755 584 613 594 603 602 Due from other banks ! 946 956 981 276 282 271 242 241 225 228 234 Miscellaneous loans ! 8,225 8,143 8,020 2,039 2,052 2, 076 2,033 1,951 1, 959 1,940 1,910 Deposits ; 10,729 10, 778 10, 683 2,867 2,920 2,921 2, 639 2, 651 2,556 2,567 2,545 Acceptances. j 657 630 6C0 125 122 117 160 167 156 150 143 Japan: j Millions of yen Cash on hand 277 274 332 119 114 140 136 140 137 138 137 165 Total loans 2,217 2,176 2,184 1,075 1,080 1,061 1,100 1,109 1,107 1,105 1,085 1,089 Total deposits ; 2,142 2,150 2,161 1,028 1,022 1,017 1,035 1,047 1,001 1,068 1,072 1,077 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

331 JUNE, 1931 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a a E n n n d k g- F B ra a o n n f c k e G R b e e a r i m n c k h a s n - B It a o a n f ly k B N l a a e n n th k d e s o r- fB z S a e w r n l k a it n - o d f Country J R u a n t e e l I s n i n e c f e f — ect Country J R u a n t e e l In si n e c f e f — ect In effect Jan. 1,1930. 5 7 7 i 4J^ 33^2 Austria 5 Sept. 10,1930 Java . 4U Mar. 11,1930 Jan.14 &A Belgium Aug. 1,1930 Latvia 6 Oct. 1,1930 J Ja a n n . . 1 3 6 0 3 4 B B o u l l i g v a i r a ia 9 7 2 A Ja u n g . . 2 2 9 6 , , 1 1 9 9 3 3 1 0 N Li o t r h w ua ay nia I A N p o r v . . 1 8 , , 1 1 9 9 3 3 0 0 Feb.5 6 4H Chile 9 May 7,1931 Peru 7 Sept. 1,1930 F M M M M e a a a a b. r r r r . . . . 6 6 8 3 7 . - 4 672 zy 2 i C C D o z a v l n e a o z k c m i i h g a b o ia slo- 4 5 7 J S O u e c n p t e . t . 2 1 1 5 0 8 . , , 1 1 1 9 9 9 3 3 3 0 0 0 R P P o o u l r m a tu n a g d n a i l a- 7 8 7 y y2 2 J A O u p c n t r . . e 2 1 3 , , , 1 1 1 9 9 9 3 3 3 0 1 0 Mar. 20 ! South Africa _ 5 Mar. 13,1931 Mar 25 5 3 Denmark Nov. 13,1930 Spain 6 July 17,1930 Apr. 3 3 Ecuador 10 Mar. 14,1931 Sweden 3 Feb. 6,1931 Apr 24 6 Estonia 7 Oct. 7,1930 May 1 3 Finland 6 Aug. 27,1930 U. S. S. R... 8 Mar. 22,1927 May 2 91/ Yugoslavia... sy May 28,1930 May 19 i Greece 9 Nov. 30,1928 2 May 20 Hungary May 30.1930 June 21 _ 4 India 6 May 28,1931 July 10 2M Japan 5.11 Oct. 7,1930 Oct. 9 5 Jan. 3, 1931 2 Jan. 22 2 Jan.24.. . 2H Mav 14 2H _. _ _ May 16 0 In effect June 1,1931. 2H 2 5 2 2 51/2 Changes: Chile—May 5 up from 7 to 8 per cent, May 7 up from 8 to 9 per cent; England—May 14 down from 3 to 2}/2 per cent; India—May ' down from 7 to 6 per cent; Netherlands—May 16 down from iy2 to 2 per cent. MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- Switzer- England (London) Germany (Berlin) dam) land Month 3 B A a a m n c n c e o k e c n e s p t , r t h s - s ' T m b re i o l a l n s s t , u h 3 r s y m mo o n n e e y v y Q a B n l l d a o e n w p k o a e s n r i c s ts e ' ! d P i r s r a c i t v e o a u t n e t M 1 o m ne o y n f th or Da m y o -t n o e - y day d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h o r j ; d P i r s r i c a v o t a e u t n e t 1930—April 2.48 2.49 4.46 5.57 4.40 2.52 3.08 2.61 May 2.16 2.11 1.93 3.89 5.00 3.62 2.29 2.53 2.44 June 2.31 2.30 1.93 3.58 4.80 3.74 1.89 1.93 2.06 July 2.37 2.38 1.78 3.40 4.57 4.30 1.85 1.85 1.92 August 2.21 2.17 1.85 3.24 4.43 3.73 1.83 1.63 1.75 September 2.07 2.05 1.68 3.30 4.54 3.78 1.96 1.84 1.50 October 2.09 2.13 1.65 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 I 1.31 1.29 1.16 December 2.30 2.34 1.60 j 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 I 4.88 6.31 5.49 ! 1.12 1.05 1.00 March i 2.60 2.56 2.20 ! 4.76 6.17 5.00 I 1.09 1.04 .99 April j 2. 58 2.57 2.17 i 4.65 5.67 ! 1.50 1.61 1.06 (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t j | d P is r r c i a v o t a e u t n e t M m fo o o r n n e 1 th y c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e d y ay L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht ,J 1930—April 3.33 2.57 6.43 ! 5 -5/2 6/2-8/4 5 -6I/2 3H-5HI 5.48 3.65 May 2.87 2.36 5.81 ; ¥}& -5 5^-8 4J6-6 3/2-5/2 5.48 3.10 June 2.11 5. 50 I 4/2 -41 He 6 -6 H' 51/2-8 4/2-6K 3H-5H 5.48 3.83 J A S N O u e u o c l p y t g v o t u e e b m s m e t r b b e e r r 2 2 2 2 2 . . . . . 4 3 7 2 0 4 9 8 7 5 2 2 2 2 1 . . . . . 9 1 0 0 0 9 0 0 0 8 5 5 5 5 5 . . . . . 4 4 2 5 5 8 3 5 0 0 i ! j i j 4 4 4 3 ^ / i6 - - - 4 4 4 / / 2 t i I 6 6 5 -K - - 6 6 -6 / H H 2 I ! 1 5 51 / H 2 /2 - 7 - 7 H 7 % H 4 4 4 4 4 * J J / / 2 2 4 4 4 - - - - - 5 5 5 5 5 J /2 4 3 3 3 3 3 1 H H / / / 2 2 2 - - - - 5 - 5 5 5 1 5 / H H 2 / / 1 5 5 . . 4 4 8 8 - - 5 5 5 5 5 . . . . . 4 4 4 6 6 8 8 8 6 6 3 3 3 3 3 . . . . . 6 2 8 6 6 5 9 3 5 5 December 2.34 2.03 5. 50 I 5M-6J4 4/i-5 5. 48-5. 66 3.65 1931— F J e a b n r u u a a ry ry 2 2 . . 3 3 1 8 1 1 . . 7 8 7 9 5 5. . 5 5 0 0 I 4 4 /2 - AY -4 > i 5 51 / / - 2 6 -6J4 5H-7H 4 4 M H- - 5 51/2 3 3/ H 2 - - 5 5/ H 2 5.48-5 5. . 4 6 8 6 3 2 . . 1 9 0 2 March 2.25 1.57 5. 50 3% -4 5/>-6 5/2-7/2 41/-5 3 -5 5. 29-5.48 2.74 April 2.25 1.47 5.48 -=3% -4He 51/2-6 3 -5 3% -4 3 -5 NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929 (p. 503), November, 1929 (p. 736), and May, 1930 (p. 318). c Correction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN JUNE, 1931 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 r n t e i a i c r t t a e e e ) g s d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r ( a 1 g 9 F 1 e r = 3 a n 1 a 0 c v e 0 e ) r- G (a e p v r r e i m c ra e a g ) n e y U S n ta it te 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 89.9 110.7 71.7 118.3 107.0 123.2 145.0 1928. > 98.7 112.3 82.8 86.9 149.9 115.9 178.5 136.1 1929 95.7 110.2 85.1 82.8 190.3 119.5 217.2 122.8 1930 . _. 98.3 111.8 95.8 85.0 149.8 102.6 187.6 100.2 1926—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 IVlay 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 T)p.r*p.mhpr 97.8 109.3 62.8 105.4 102.0 99.6 130.2 ig27—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 72.7 114.2 106.4 125.8 156.1 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 December 100.0 111.2 76.8 133.1 110.4 135.2 129.3 1928—January 100.3 112.4 80.4 89.4 134.4 111.1 148.1 135.8 February. 100.3 112.3 80.2 88.5 132.3 111.0 143.3 132.4 March 100.5 112.4 80.3 87.8 137.9 114.0 157.9 130.6 April. 100.3 113.7 81.3 87.5 145.9 116.2 177.3 136.1 May 99.7 112.4 81.8 87.2 152.1 118.6 179.8 140 2 June . _ _ __ 98.5 112.4 84.3 86.8 145.3 114.7 180.7 141.2 July 97.9 112.1 83.7 86.5 144.2 114.0 170.4 137.2 August 97.2 112.1 84.9 86.2 148.3 115.9 189.3 136 9 September _ . _ 97.5 111.7 84.9 85.9 156.6 117.7 193.6 137.2 October 97.5 112.3 84.4 85.6 159.1 119.2 193 1 135 2 November 97.8 112.1 83.8 85.4 171.1 119.8 200.4 135 0 December 97.2 112.1 84.1 85.4 171.4 119.3 207.3 136.4 1929—January 97.0 113.4 83.6 85.6 185.2 122.8 233.0 135.4 February 96.3 111.7 81.8 85.3 186.5 121.7 235.2 130.0 March 95.8 111.1 81.7 84.8 189.1 121.0 229 6 129 4 April 95.8 111.9 83.0 84.2 186.6 119.8 222.3 129.5 May .. -. 95.7 110.4 84.2 82.7 187. 8 118.3 219.7 124 2 June 95.3 109.8 84.8 82.7 190.7 118.6 210.7 127.2 July 95.2 109.3 84.6 82.8 207.3 121.7 213.3 124 5 August 95.0 109.0 84.8 82.5 218.1 123 5 215 0 123 1 September 94.8 108.9 86.9 82.1 225.2 124.3 222.3 121.5 October.. . 95.1 109.3 86.6 81.3 201.7 120.8 209 9 114 4 November 95.7 108.5 87.7 81.0 151.1 110.4 197.9 109.9 December . 96.5 108.5 91.6 80.7 153.8 110.5 198 7 105 7 1930—January 96.5 109.6 97.5 81.2 156.3 110.2 212.9 110.1 February. . _ 9b. 4 110.1 96.3 82.2 165.5 109.9 205.6 110.6 March 97.8 112.7 95.8 82.6 172.4 109.2 205.2 109.2 April 97.9 112.7 95.5 84.7 181.0 111.1 208.6 112.1 May _ . . 97.9 111.4 95.3 86.7 170.5 108.0 198.3 111.7 June 98.2 110.0 95.8 87.1 152.8 101.8 187.6 106.8 July 98.7 112.3 95.7 88.0 149.3 103 1 188 8 100 9 August 99.6 111.9 96.6 87.5 147.6 98.4 182.0 94.8 September ._ - . _ 100.0 112.0 96.4 86.9 148.8 101.1 182-4 93.9 October 99.9 113.1 95.4 84.7 127.6 95.4 169.5 87.9 November . 99.1 112.8 94.7 84.5 116.7 94.1 162.2 84.7 December __ . 97.8 112.5 94.1 83.9 109.4 89.0 149.8 80.0 1931—January _ 99.6 112.8 95.7 84.0 112.3 89.6 156.7 75.0 February 99.4 109.7 97.1 84.3 119.8 89.3 160.1 78.5 March 100.0 111.6 97.9 85.9 121.6 89.4 155.4 83.6 April 99.6 111.3 99.0 109.2 85.1 148.5 r Revised series; number of issues included in the revised series is not yet available. Stock price series for England, France, and Germany have been converted from orginal bases to a 1926 base; for original figures, see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158). SOURCES: United States -Standard Statistics Co., New York; description (and back figures) in Standard Statistics Bulletin, General Section, Base Book Issue for 1930-31 (pp. 63, 66, and 104). England—Bankers Magazine, London; description in issues for February, 1922 (p. 227) and February, 1923 (p. 251); back figures in current issues. France—Statistique Generate, Paris; description (and back figures) in Bulletin de la Statistique Generate, for July, 1927 (pp. 390-397). Germany—Statisches Reichsamt, Berlin; description in Wirtschaft und Statistik, February, 1928 (p. 144) and (with back figures) January, 1929 (p. 62). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 333 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES Month U ( n 1 i 9 te 2 d 6= S 10 ta 0 t ) es (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 1 g 3 l = a 1 n 0 d 0) (1 F 91 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 J 9 ( a O 0 p 0 c = a t n 1 ., 00) N ( e 19 th 1 e 3 r = l 1 a 0 n 0 d ) s i 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1 January ... 93 77 95 77 131 107 576 541 132 115 417 342 201 158 131 105 February 92 76 94 76 128 106 567 538 129 114 408 338 200 158 126 104 March 91 7.5 92 75 125 106 553 539 126 114 400 339 196 158 122 103 April 91 73 91 75 124 106 548 540 127 114 396 337 193 158 122 102 May 89 90 122 546 126 '389 189 118 June 87 88 121 540 125 382 181 118 July 84 86 119 558 125 375 177 115 \U2HSt 84 84 118 560 125 379 176 114 September 84 83 ___ - 116 556 123 ••374 172 112 October 83 81 113 552 120 364 165 111 November 80 80 112 551 120 361 102 110 December 78 78 109 541 118 350 161 107 I r Revised. 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 Industrial Farm Other , Industrial Farm Industrial Agricul- Provi- raw and Industrial products Foods com iti m es od- . Foods I products p an ro d d f u o c o t d s products pr t o u d r u a c l ts sions fi s n e i m sh i e - d p f r in o i d s u h c e t d s products 1930—March 95 94 89 129 122 495 612 110 118 126 153 April 96 95 129 121 481 606 112 118 125 152 May 93 92 127 119 483 601 111 117 124 152 June 89 91 127 117 488 587 110 115 122 151 July 83 86 127 115 540 573 115 114 119 151 August 85 87 126 113 550 568 117 111 118 149 September.. 85 89 124 111 562 551 114 108 116 148 October 83 89 121 109 562 543 109 108 114 147 November. 79 86 121 107 570 535 112 108 113 145 December__ 75 82 116 105 570 516 110 105 110 143 1931—January 74 80 113 104 580 507 107 102 108 142 February.. 70 77 112 103 575 505 106 100 106 140 March 71 77 111 103 581 503 107 99 106 139 April 70 76 113 102 592 495 108 97 105 138 RETAIL FOOD PRICES COST OF LIVING I I United England France Germany United England France Germany States (July, (July, (1913- States (July, Jan.-June, (1913- (1913=100) 1914=100) 1914=100) 14=100) i (1913=100) 1914=100) 1914=100) 14=100) i Month Month 1930 1931 1930 1931 1930 1931 i 1930 i 1931 1930 : 1931 1930 1931 1930 1931 1930 1931 January 133 157 I 138 124 132 ! 150 i 134 January 166 153 152 140 February.. 127 154 136 121 132 I 148 | 131 February.. 164 152 150 139 March 126 150 I 134 120 131 i 145 130 March 161 150 115 120 149 138 April 124 143 ; 129 119 130 ! 143 129 April 157 147 147 137 May 140 L 120 142 May 155 147 June 138 I 120 143 Jun 154 116 148 July 141 i 122 146 July.. 155 149 August I 144 127 141 August 157 149 September i 144 I 129 142 September,. 157 120 147 October ! 144 I 143 i 129 140 October 156 145 November 141 i 144 i 131 138 November.. 157 144 December 137 I 141 132 135 December... 161 I 1 155 121 142 1 Average of October, 1913, January, April, and July, 1914=100. SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States— Bureau of Labor Statistics, Department of Labor; En gland—Ministry of Labour; Germany—Statistiscb.es Iieichsamt; France—for retail food prices, Statistique GenSrale 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

334 FEDERAL RESERVE BULLETIN JUNE, 1931 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] Total cash reserves Total deposits 1 Federal re c s u e l r a v t e io n n o i tes in cir- Reserve percentages Federal reserve bank 1931 1930 1931 1930 1931 1930 1931 1930 May April May May April May May April May May April May Boston 230,955 235, 003 254,110 144,034 147, 512 148, 612 137,283 136,024 158,819 82.1 82.9 82.7 New York 1,170,987 1, 094, 320 977, 444 1, 029,925 1, 017, 788 987,162 272,302 269, 501 176, 748 89.9 85.0 84.0 Philadelphia 259,299 281, 655 227, 216 149, 253 154, 778 137, 279 144,168 138, 559 139,184 88.4 89.2 82.2 Cleveland __ _. 323,022 322,499 323, 241 197,252 •201,444 193, 764 188,805 182,099 183, 612 83.7 84.1 85.7 Richmond 102, 729 120,161 105,712 65, 349 64, 544 67, 016 75, 622 78,948' 68,556 72.9 83.7 78. C Atlanta 157,866 170,752 146,177 60,174 62,110 65, 866 129,835 132,404 126, 765 83.1 87.8 75.9 Chicago- - - - 491,972 466,374 518, 746 337,759 335,155 351,107 227,980 209,471 238, 232 87.0 85. 6 88.0 St Louis 115,998 117, 092 120, 994 75,576 74, 559 79, 528 74,609 76,307 76, 521 77.2 77.6 77.5 Minneapolis 68,267 70, 259 82, 370 49,873 51, 274 52, 367 47,993 48, 515 57, 538 69.8 70.4 74. S Kansas City 99,867 103,156 126, 643 83, 504 83, 812 88, 877 63,838 65, 831 73, 299 67.8 68.9 78.1 Dallas -- -- 50,984 52, 328 61, 216 57, 705 58, 857 63, 078 27,839 27, 756 31, 771 59.6 60.4 64.5 San Francisco 300, 331 299,164 282, 498 189,187 188, 277 183, 774 167,082 161,613 154, 464 84.3 85.5 83.5 Total 3,372,277 ,3,312,763 3, 226, 367 2,439,591 2, 440,110 2,418,430 1,557,352 1, 527, 028 1,485, 509 84.4 83.5 82.6 1 Includes ''Federal reserve notes of other Federal reserve banks" as follows: Latest month, $14,828,000; month ago, $15,203,000; year ago, $19,475,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily fij?ures for 3 months ending April 30,1931. In millions of dollars] De ( p n o et s it d s e s m ub a j n e d c t a to n d re s t e im rv e e Reservos held Indebtedness at federal deposits; see following reserve ban Federal reserve district page) Total Excess Fe a b ry ru- March April Fe a b ry ru- March April Fe a b ry ru- March April Fe a b ry ru- March April Boston . 2,301 2,297 2,312 142.6 141.9 143.8 2.0 2.1 2.0 10.7 9.9 8.4 New York 10, 598 10, 620 10, 526 1,005.1 1, 018.1 990. 5 18.7 26.2 14.2 47.8 41.3 41.9 Philadelphia 2,364 2,416 2,467 141.3 146.2 151.5 2.9 3.9 4.0 24.2 20.6 16.0 Cleveland- 3,200 3,227 3,240 192.7 194.8 196.9 3.5 4.1 4.2 23.1 16.4 14.0 Richmond 1,049 1,042 1,061 60.6 61.0 61.6 1.3 2.4 2.1 18.3 15.9 13.2 Atlanta 892 903 905 58.8 58.8 59.5 3.3 2.9 3.5 21.6 13.4 10.8 Chicago 4, 570 4, 537 4, 586 332. 9 327.4 330.8 6.6 7.4 8.8 20.5 14.7 12.7 St Louis 1, 052 ' 1,077 1,108 69.6 70.2 72.5 4.3 3.2 3.2 9.4 8.2 7.9 Minneapolis 842 853 862 47.5 48.9 50.0 2.1 2.4 2.6 4.0 3.6 3.5 Kansas City 1,133 1,133 1,138 82.2 82.2 81.8 4.5 4.9 4.3 13.6 10.5 8.9 Dallas 813 802 801 57.7 57.0 57.1 2.3 2.4 2.3 6.2 7.2 7.5 San Francisco _ 3,155 3,162 3,174 179.4 179.3 179.9 5.0 4.6 4.4 16.3 14.8 9.4 Total 31, 968 »• 32, 069 32,179 2, 370. 3 2, 385. 7 2, 375. 9 56.6 66.5 55.6 215.8 176.4 154.4 r Revised. 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 May 6 ! May 13 May 20 May 27 May April May Boston 9,106 11, 295 11,687 10,627 Boston 10.6 8.4 17.7 New York 28,472 31,897 27,771 26, 999 New York 37.4 41.9 58.0 Philadelphia.-. 16,414 :17, 729 18,879 18,930 Philadelphia 18.2 16.0 29.8 Cleveland 13,095 I 14, 562 13, 537 13, 454 Cleveland 14.1 14.0 21.0 Richmond 14,928 i 13, 383 16, 796 18,214 Richmond 15.9 13.2 17.2 Atlanta .__. 9,937 i10,041 11,987 12.356 Atlanta 11.0 11.0 27 6 Chicago 13, 500 12, 229 13,404 11,940 Chicago _ _-. _ . 13.5 12.7 20.6 St. Louis 7,029 6,688 6,713 7,051 St. Louis 7 4 7.9 15 5 Minneapolis. _. 3,665 4,020 3,841 4,386 Minneapolis. .... .. 3.9 3.5 3.8 Kansas City... 8,612 8,712 9,178 10,706 Kansas City 9.5 9.0 15.2 Dallas 7,951 8, 260 8,610 9, 028 Dallas 8.5 7.5 8 7 San Francisco.. 17, 493 6,473 9,161 San Francisco 12.6 9.4 11.8 Total. ... 150,202 I 144,904 148, 876 152, 852 Total _ 162.8 154.7 246.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 335 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)1 Smaller centers (places under 15,000)! Federal reserve district Net demand Time Net demand Time Net d(jmand Time April March April March April March April March April March April March Boston. 1,300 1, 270 1,012 1,020 1,202 1,178 848 855 99 98 164 166 New York 7,342 7,446 3,184 3,175 7, 067 7,175 2, 593 2,585 275 270 590 590 Philadelphia __ . _ 1, 256 1,199 1,211 1, 216 1,968 1,013 750 754 188 186 462 463 Cleveland 1, 563 1, 543 1,677 1, 684 1,381 1,356 1, 351 1, 350 182 187 326 334 Richmond 507 500 554 542 396 389 350 339 111 111 203 203 Atlanta 511 508 394 395 417 416 309 311 94 92 85 84 Chicago 2, 397 2, 383 2,188 2,154 2,162 2,150 1, 828 1, 791 236 232 361 363 St. Louis. (515 r 594 493 483 494 478 372 363 121 r 116 121 120 Minneapolis 403 396 459 457 260 251 215 213 143 144 244 244 Kansas City 751 749 387 384 508 506 246 244 243 243 141 140 Dallas 567 507 234 235 377 374 195 195 190 194 39 39 San Francisco ... 1,279 1,270 1, 895; 1,892 1,129 1,122 1,754 1, 749 150 148 141 142 Total 18, 491 r 18, 431 13, 688 ', 13,637 16, 459 16, 409 10,812 10,749 2, 032 r 2, 022 2,875 2,889 j r Revised. i 1930 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 i I d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta I Chicago' Lo S u t i . s M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - 1928—Oct 3 452,478 32,943 63, 933! 37,688 47, 465 23, 150 25, 055 79, 862 19,136 17, 593 28, 737 25, 923 50, 993 Dec. 31 509,786 48, 227 70, 991 43,812 55, 529 23, 268 29,119 83,164 20, 734 18, 686 29, 582 26, 887 59,787 1929—Mar. 27 391,495 36,147 56,145 31,320 39, 303 15, 598 26, 885 62,120 17, 402 14, 855 25,124 22,102 44, 494 June29___! 438,933 36, 654 56, 784! 39,676 39, 098 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, 538I 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 I 585,847 45,131 78, 380'< 49,36161, 230 23, 976 28, 453 106,160 26, 663 23, 587 52, 047 31, 072 59, 787 Dec. 31 ! 641,271 77, 082 92, 706i 45,703 62, 796 27, 064 34, 777 116,899 33,112 23, 814 33, 487 25, 012 68, 819 Mar. 25 771,795 67, 353 107,124 !lO5, 737 87, 916 33, 244 44, 716 127, 354 43, 834 25, 268 39, 007 29, 219 61, 023 1 Due from banks in New York City as reported by member banks located in New York district but outside New York City. Back figures.—Not available. INTERBANK LOANS: MEMBER BANK LOANS TO BANKS [En thousands of dollars. Back figures not available] Federal Reserve District Total- Call date all I m b e a m n b k e s r Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m R o ic n h d - AtlantaChicago Lo S u t i . s n M o e l a i i n s p - - K^s I Dallas F c S r is a a c n n o - 1928—Oct 3 547, 795 13, 891 292,837 37,003 20,084 24, 688 30, 792 61, 799 27,094 7,989 15, 919 6,752 8,947 Dec. 31 537, 501 16, 040 294, 865 38, 502 27, 768 15,033 22, 018 73,477 14, 519 7,437 18,231 3, 399 6,212 1929—Mar. 27 548,152 21,186 260, 522 49, 201 33, 249 17,155 23, 385 88,885 15, 622 7,601 17, 447 4,519 9,380 June 29 670, 277 25,178 321,628 47, 681 35, 494 27, 719 34,107 96,922 27, 767 8, 593 23, 798 8,719 12, 671 Oct.4 640, 301 20,147 308, 654 51,159 34, 300 25,187 29, 823 93, 297 31, 059 6,944 19, 499 8,029 12, 203 Dec.31 714,076 24, 602 328,180 65,118 49,107 18,155 22, 141 132,176 25,854 6,793 23, 251 5,392 13, 307 1930—Mar. 27 527,081 21, 907 207, 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 39, 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. 446, 274 18, 779 157, 530 46,207 32, 846 18, 374 21, 050 86,148 22, 219 6,284 21,112 7, 925 7,800 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN JUNE, 1931 ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS [Exclusive of loans to banks. In millions of dollars] Federal Reserve District Call date Total Boston Y N o e r w k phia land m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t. is n M e l a i i s p n o - - Ka Ci n t s y as Dallas F c S i r s 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 i 920 810 3,640 541 748 673 2,078 Dec. 31 23,193 1,703 7, 231 1,750 2,296 920 796 3,555 883 515 735 651 2,161 1930—Mar. 27 21, 494 1,615 6,503 1, 697 2,209 850 747 3,265 830 483 684 612 2,000 June 30 21, 565 1,616 6,512 1,715 2,216 836 724 3,351 810 475 681 615 2,015 Sept. 24 21, 010 1,555 6, 392 1,672 2,153 824 703 3,206 796 476 659 616 1,957 Dec. 31 21,007 1,534 6,428 1,654 2,182 801 678 3,182 708 461 667 576 2,135 1931—Mar. 25 19,940 1,467 6,051 1,596 2,127 775 635 2,956 676 463 626 558 2,009 Reserve city banks: i 1929—Oct. 4 14, 622 775 5,269 1,265 330 428 2, 533 557 230 430 332 1,688 Dec. 31 14, 712 756 5,371 1,353 ! 336 423 2,454 525 206 422 331 1,768 1930—Mar. 27 13,288 695 4,727 742 1,273 j 301 388 2,208 483 185 372 291 1,622 June 30 13, 337 694 4,708 757 1,283 ' 299 370 I2,306 463 176 366 288 1,629 Sept. 24 13,003 ! 647 4, 644 727 1,246 j 294 356 !2,207 456 188 355 296 1,588 Dec. 31 13, 244 650 4,694 716 1,290 296 360 I 2,213 402 178 372 297 1,778 1931—Mar. 25 12, 416 601 4,353 678 1,265 284 340 2,025 386 188 343 283 1,668 Other banks: 1929—Oct. 4 8,628 976 1,863 990 590 383 1,107 369 ! 312 318 342 391 Dec. 31 8,482 947 1,860 984 943 584 372 1,100 358 ! 309 313 319 393 1930—Mar. 27 8,206 920 1,776 955 936 549 358 1,057 347 i 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 1,747 945 907 530 348 1,000 340 288 304 320 370 Dec. 31 7,762 1,734 938 893 505 318 969 306 285 296 280 356 1931—Mar. 25.. 7,524 866 1,698 918 862 491 295 931 290 275 283 274 341 OPEN-MARKET LOANS AND INVEST- MENTS All member banks: 1929—Oct. 4 _ 12,024 863 4,323 930 354 309 1,383 418 j 409 479 306 1,042 Dec. 31 12,026 833 4,757 872 340 297 1,248 428 | 389 454 280 1,018 1930—Mar. 27 13, 034 934 5,072 921 354 334 1,477 462 407 460 288 1,114 June 30 13, 555 949 5, 674 949 344 302 1,501 445 387 443 244 1,085 Sept. 24 13,997 1,001 5,528 1,038 358 316 1,692 454 389 479 241 1,151 Dec. 31 13, 222 950 5,307 1,023 329 284 1,538 417 i 382 456 238 1,104 1931—Mar. 25 14, 342 1,015 5,672 1,170 351 318 1,742 449 j 384 457 260 1,249 Reserve city banks: * 1929— Oct. 4____ 6,917 315 3,120 143 145 778 175 j 100 255 136 767 Dec. 31 7,179 301 3,615 263 649 142 135 681 192 ! 95 241 113 752 1930—Mar. 27 8,062 377 3,849 307 746 152 155 900 229 108 246 141 853 June 30 378 4,439 328 773 156 147 942 224 101 244 121 837 Sept. 24 9,121 411 4,285 416 898 170 163 1,126 235 100 284 128 906 Dec. 31 _ 8,527 388 4,119 407 761 145 140 995 213 103 266 121 868 1931—Mar. 25 9,634 434 4,483 549 852 162 172 1,193 243 103 271 151 1,022 Other banks: 1929—Oct. 4 5,107 548 1,203 642 514 211 605 243 224 170 276 Dec. 31 4,847 532 1,142 609 462 197 162 567 237 294 213 167 266 1930—Mar. 27 4,972 557 1,223 614 464 202 179 578 233 299 214 148 261 June 30_ 4,867 572 1,235 621 459 188 156 559 221 287 199 123 248 Sept. 24 4,875 591 1,243 622 450 188 153 566 219 289 196 114 244 Dec. 31 4,696 562 1,189 616 433 184 144 543 204 279 190 117 236 1931—Mar. 25 4,708 581 1,188 621 422 189 147 549 206 | 281 187 110 227 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. 51 (pp. 12-17). Back figures.—See Annual Report for 1929 (Table 93). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 337 BANK SUSPENSIONS, BY DISTRICTS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Federal reserve district Members Members ba A n l k l s ti N on a- al State m N b e o e m r n s - - ba A n l k l s ti N on a- al State m N b e o e m r n s - - ba A n l k l s M be e r m s 1 - m N b e e o m r n s - - ba A n l k l s M be e r m s 1 - m N b e e o m r n s - - January-May, 1931: Boston _ . . 1 1 2,312 2,312 1 1 2,426 2,426 New York 9 5 1 3 13,363 5,395 6,056 1,912 2 1 1 5,622 2,939 2,683 Philadelphia. 20 7 13 24, 822 7,655 17,167 Cleveland 42 16 3 23 39,855 15, 472 7,123 17, 260 1 1 412 412 Richmond 39 6 1 32 12,448 2,392 219 9,837 32 2 30 9,990 3,659 6,331 Atlanta 61 11 4 46 28, 687 14, 984 1,715 11,988 11 1 10 4,542 879 3,663 Chicago 143 13 1 129 74, 297 10, 815 5,981 57, 501 23 1 22 16, 935 7,502 9,433 St. Louis 78 9 3 66 17,411 3,898 741 12, 772 81 10 71 26,600 9,482 17,118 Minneapolis 48 11 1 36 13, 200 3,666 531 9,003 11 11 3,368 3,368 Kansas City 41 3 38 8,631 1, 692 6,939 2 2 356 356 Dallas 17 9 8 4,990 3,285 1,705 4 2 2 1,706 412 1, 294 San Francisco 17 4 3 10 4,777 1,045 1,433 2, 299 Total 516 94 17 405 244, 793 70, 299 23, 799 150, 695 168 17 151 71, 957 24, 873 47,084 May, 1931: Boston New York ' Philadelphia • 7 3 4 13,001 4,209 8, 792 Cleveland 7 3 1 3 9,613 2,307 5, 380 1,926 Richmond 7 7 1,381 1,381 Atlanta 4 1 3 1,250 542 708 Chicago 25 6 19 17,133 5,756 11,377 3 3 1,278 1,278 St. Louis fi 6 1,459 1,459 2 2 401 401 Minneapolis 13 4 i 1 8 4,624 1,282 531 2,811 Kansas Citv 9 2| 7 3,676 751 2, 925 Dallas 4 2 484 207 277 San Francisco 5 3 2 1,217 751 466 Total 87 24 2 61 53, 838* 15,805 5,911 32,122 5 2 3 1,679 401 1,278 J Represents National banks only, except as follows: January-May, 3 State members in St. Louis district with deposits of $6,313,000. Back figures.—YOT district figures back to 1921 see Bulletin for February, 1931, also Annual Reports for 1930 (Table 117), 1929 (Table 111), 192S (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 I Total—'! Call date j m | b e a a m l n l b k e s r : Boston I Y N o e r w k P p d h h e i i l l a - a - i ! | AtlantaJChicago; n M e l a i i p s n o - - K C an it s y as Dallas i F C S r is a a c n n o - ! 1929—Oct.4 _ _ ._ : 7,979 ' 4S8 2,601 j 454 ! 017 i 284 280 1,051 ; 309 304 438 339 I 754 Dec. 31 7,614 424 i 2.040 I 409 ! 599 ! 207 | 275 942 . 284 288 417 320 j 750 1930—Mar. 27 ... 7,642 455 ; 2, 010 ! 390 i 613 | 264 ! 270 906 292 280 395 322 i 759 June 30 7,317 , 430 i 2,413 | 394 ! 008 , 272 | 207 956 ' 270 287 391 302 ' 727 Sept. 24 7,258 420 I 2,308 399 I 071 ! 264 I 270 925 ' 273 203 383 290 ! 725 Dec. 31 7,023 380 2,429 j 408 , 570 I 233 I 230 922 ! 245 201 373 202 i 093 1931—Mar. 25... 7,778 423 2,093 ! 520 609 , 249 ; 200 i 1,050 259 273 350 283 ! 743 INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS [In millions of dollars] Total-lj Federal Reserve District ; all ! Date : i m b n e a o m n n b k - e s r; ! ! j Bost o o n n Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m R o ic n h d - Atlanta L S ou t. is n M e l a i i p s n o - - K C an it s y as Dallas F c S r is a a c n n o - 1928—Oct. 3. . . 347!. 22 37 57 ' 30 49 19 57 34 8 8 7 18 Dec. 31 ... 350 I. 17 43 54 1 34 25 21 71 43 8 12 2 20 1929—Mar. 27. . 354 | 24 43 55 ! 37 31 26 71 34 6 7 4 15 June 29 399 ; 25 35 58 : 40 43 32 79 39 9 13 8 18 Oct. 4 363 ! 23 29 68 10 46 33 77 39 8 3 6 20 Dec. 31. 359 ji 30 21 81 ' 55 28 23 58 24 10 15 4 11 1930—Mar.27 287 |, 19 16 61 1 34 29 18 44 32 6 10 5 12 June 30 287 ji 17 15 51 i 28 31 35 38 | 30 8 15 9 12 Sept. 24____ 247 j 15 10 29 1 22 34 33 31 | 32 8 11 10 11 Dec.31 ... 209 | 17 15 56 i 37 25 20 42 | 23 7 13 4 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN JUNE, 1931 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal reserve District City Date B to o n s- I Y N o e r w k P p d h h e i l i l - a a- C la le n v d e -| : m Ri o c n h d - la A n t t - a c C a h g i o - n M o e i l a n i p - s - K C s a i a n t s - y D l a a l s - F c S r i a s a c n n o - Y N o e r w k c C a h g i- o Loans and investments: May 6 22,768 1,476 9,024 1,380 2,255 641 576 3,319 663 365 636 447 1,986 7,806 1,981 May 13 22,778 1,467 9,156 1,347 2,234 ' 638 568 3,281 664 363 633 439 1,988 7,952 1,950 May 20 22, 708 1,465 9,133 1,349 2,236 630 557 3,243 673 363 626 441 1,992 7,925 1,912 May 27 22, 598 1,455 9,024 1,354 2,238 630 549 3, 268 671 365 634 428 1,982 7,815 1,941 Loans: May 6 __. 14,922 11 1,0096,016 820 1,399 : 424 393 2,284 441 232 371 302 1,231 5,212 1,314 May 13___ 14,925 ; n9ft9e5 6,098 819 1,388 423 389 2,245 435 231 367 300 1,235 5,302 1,277 May 20 _. 14,905 ! 993 6,062 825 1,386 ! 423 386 2,267 433 230 365 298 1,237 5,266 1,298 May 27 14,813; 993 5,944 826 1,390 • 421 382 2,298 428 231 369 301 1,230 5,152 1,337 On securities- May 6 7,036 405 3,414 419 652 160 116 1,112 176 58 103 88 333 3,045 771 May 13 7,046 i 398 3,481 411 647 160 115 1,076 171 57 101 340 3,119 735 May 20 6,981 : 393 3,390 417 651 ; 161 116 1,095 172 57 101 340 3,025 750 May 27 _. 6,928 j 3, 331 422 644 160 116 1,107 170 57 101 92 338 2,969 All other—• May 6 7,886 ! 604 2,602 747 ' 264 277 1,172 265 174 268 214 2,167 543 May 13 7,879 ! 597 2,617 741 I 263 274 1,169 264 174 266 211 895 2,183 542 May 20 7,924 I 600 2,672 735 262 270 1,172 261 173 264 210 897 2,241 548 May 27.... 7,885 ! 603 2,613 404 746 261 266 1,191 2o8 174 268 209 2,183 569 Investments: May 6 7,846 ' 467 3,008 560 856 217 183 1,035 222 133 265 145 755 2,594 667 May 13 7,853 I 472 3,058 528 846 215 179 1, 036 229 132 266 139 753 2,650 673 May 20 7,803 472 3,071 524 850 207 171 976 240 133 261 143 755 2,659 614 U. S M . G a o y v 2 e 7 rnment securities 7.785 '{ 462 3,080 528 209 167 970 243 134 265 127 752 2,663 604 May 6 3,970 ! 209 1,565 240 465 100 96 574 70 62 115 90 384 1,414 374 May 13 3,975 I 215 1,593 210 459 100 93 578 74 62 116 84 391 1,445 382 May 20... 3,947 ! 215 1,626 206 462 91 85 523 84 64 113 87 391 1,474 330 May 27 _. 3,937 j 207 1,662 206 462 92 81 539 51 64 114 71 388 1,505 341 All other- May 6 _. 3,876 ! 258 1,443 320 391 117 87 461 152 71 150 55 371 1,180 293 May 13.. 3,878 ! 257 1,465 318 387 115 86 458 155 70 150 55 362 1,205 291 May 20.. 3,856 I 257 1,445 318 388 116 86 453 156 69 148 56 364 1,185 284 May 27 3,848 ; 255 1,418 322 386 117 8b 431 192 70 151 56 364 1,158 263 Reserves with Federal reserve banks: May 6 1,829 877 94 144 42 40 264 27 53 34 109 817 183 May 13 1,835 95 895 95 147 41 39 257 25 53 33 109 829 178 May 20 1,834 97 877 91 143 40 40 271 25 53 35 113 815 188 May 27.... 1,847 95 925 90 140 40 38 249 25 54 32 110 867 170 Cash in vault: May 6 229 11 68 | 12 25 16 9 36 5 11 7 18 56 16 May 13 226 14 60 13 26 15 10 39 5 11 7 19 48 18 May 20. 223 14 57 17 28 16 9 36 5 11 6 18 45 15 May 27 226 14 61 ! 16 27 15 9 36 5 11 7 18 48 15 Net demand deposits: May 6 13, 608 868 6,327 815 1,109 335 309 1,789 206 449 284 731 5, 736 1,205 May 13 13, 777 869 6,475 787 1,108 337 310 1,821 388 208 453 281 740 5,880 1,225 May 20 13, 757 864 6,450 789 1,115 330 307 1,834 388 202 443 284 751 5,869 1,247 May 27 13, 625 861 6,394 786 1,113 330 304 1,793 386 207 444 738 5,818 1,219 Time deposits: May 6 7,422 520 1,788 399 1,015 262 229 1,377 252 152 206 148 1,074 1,255 676 May 13.. 7,398 520 1,803 399 ' 1,013 262 228 1,340 251 153 206 147 1,076 1,269 639 May 20 7,409 521 1,781 401 1,011 263 227 1,363 251 153 206 148 1,084 1,248 660 May 27 7,399 522 1,783 405 1,017 263 227 1,353 249 153 204 147 1,076 1,251 Government deposits: May 6 144 13 37 16 11 14 15 12 3 10 35 May 13 _ 121 12 32 13 9 12 11 10 3 7 9 30 May 20 64 6 17 7 5 6 5 1 1 4 5 16 4 May 27... 38 4 4 3 4 3 1 1 3 3 9 2 Due from banks: May 6 1,649 100 169 112 142 82 285 93 191 106 188 90 172 May 13. _ 1,839 98 199 141 160 102 86 325 95 206 121 219 94 197 May 20.. 1,724 94 160 141 143 99 86 345 79 192 104 196 88 231 May 27.... 1,732 146 145 165 97 95 315 80 178 113 212 1,178 333 Due to banks: May 6.... 3,712 148 1,303 256 392 122 118 533 143 233 122 250 373 May 13 3,848 149 1,414 253 403 120 117 540 138 234 125 264 1,314 383 May 20 3,670 147 1,320 260 387 116 114 506 132 224 120 257 1,227 351 May 27- 3,632 1,270 270 400 121 118 489 132 219 114 269 1,178 333 Borrowings from Federal reserve banks: May 6 1 4 12 May 13 1 3 May'20 2 3 May 27 2 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 339 FEDERAL RESERVE BANK DISCOUNT RATES [Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1930 (Table 33)] Federal reserve bank Date effective San Boston Y N o ew rk - Ph p il h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap i o n l n is e- K C an it s y as Dallas F ci r s a c n o i 1 In effect May 1,1930- 4 3M 4 , 4 4 4 4 4 4 4 4 4 May 2 3 May 8 June 7 June 20 2H June 21 i j 3K July 3 3 _ _ _ _ _ Julv 12 3K . i July 18 3H \ug 7 I Aug 8 i Aug. 15 - Sept. 9 i Sept 12 Dec 24 2 .... ... Dec 29 3 J J a an n . 8 2, 1931 : 2V2 1 i 3 Jan 9 ' .- Jan 10 3 3 Mav 7 2 3 May 8 May 9 : 2H 23^ 2H May 15 ] 3 May 21 -- i May 22 ! | In effect June 1,1931. ! . 2 3 3 3 2y2 2y2 oc_ 1 3 3 3 2V2 m 3 3 2V2 i RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Federal reserve Prime commercial paper Loans e s x e c c h u a r n e g d e b c y o l p l r a i t m er e al stock- Loans secu r r e e c d e i b p y ts warehouse Interbank loans bank or branch city March April May March April May March April May March April May B N o ew st o Y n ork _. 3 3M M - - 4 4H 3>J-4 2 f-t 4 43 ^ 4 - - 5 5 i 4 4 H- - 5 5 5 3M - - 4 5 3 y 4 2 5 33 4 - - 5 4 M 34 5 -5M 3 4 3 4 - - 4 4 M Buffalo ; 5 -6 5 -G 534-6 ; 5 -6 6 5 5 Philadelphia ___! 334-434 3^-4 4H-6 I 4^-6 6 5 -5^ 5 -534 4 -5 4 -4H P R C C i i i l t c e n t h v c s e m i b n la u o n n r n a g d d ti h . _ _ _ _ J : , 4 3 5 5 i 3 ^ 4 _ - - - 6 5 6 5y2 4 5 5 - - - 6 5 6 5 5 - - 5 6 H 5 5 5 5 - - - - 6 6 6 6 5 5 5 5 34 - - - - 6 6 6 6 1 : ! j 5 5 3 5 ^ ^ - - - - 6 5 6 6 5 3 5 ^ ^ - - - 6 6 5 6 H 5 3 6 > K i - - - 6 6 6^ 5 5 5 M - - - 6 7 6 4 5 5 5 - - - - 6 6 6 5\ 5 5 o - - - 5 6 6 > 4 5 5 H - - - 6 5 6 Baltimore : 5 -534 5 "534 43^-6 43^-6 ; 4H-6 6 5 -6 -6 5 -6 Charlotte 5 -6 5 -6 5H-6 5H-6 : 5 -6 5%-6 5M-6 5 -6 6 J N D B N C A a h i e t e a c r l w t s i a k m c r h n o a s v i O t o g i n i t a o n l r g l l v e e h i a a l n m l s e . . .. _ ! : 4 6 3 6 t 4 y 3 ^ 2 ^ - X - - - - 5 8 5 5 6 y 3 H 2 4 4 3 5 3 4 3 3 H 4 ^ - - - - - 6 4 5 4 5 i 2 4 3 5 - - - 6 5 6 5 6 4 6 5 5 - - - - - - 5 7 8 8 6 5 H } 4 5 6 5 4 5 H - - - - - - 6 5 7 6 8 6 6 y2 i 1 ; ; | 4 6 5 4 5 5 - - - - - - 6 6 5 8 7 6 6 3 4 ! 1 4 4 6 3 4 - - - 4 - 8 8 5 6 3/ 4 6 4 6 5 M H - - - - - 4 6 7 8 5 6 6 34 4 4 6 6 5 3 3 4 4 - - - - - 8 7 5 6 6 6 iy2 5 5 - - 6 6 5 6 6 5 5 5 5 ^- - - 6 6 6 6 6 5 5 5 - - 6 5 6 St. Louis 3)4~5 3 -5 434-6 I 5 -6 5 -6 -6 5 -6 4 -6 5 -5H Little Rock 6 6 6 I 6 -634 6 -6> 6 6 M Lo i u n i n s e v a il p le olis 3 -4 6 6 -4 5 -6 434-6 G ! ' 5 5 3 ^ - - 6 6 6 334-4 3H-4 6 5H-6 5 5H-6 5 Helena _.; 8 8 8 ! 8 6 -8 6 -8 6 -8 6 -8 6 -7 6 -7 Kansas City ! 4H-5i 4^-5 5H-6 i 5H-6 5 -6 5 -6 5 -6 5 -6 5 -6 Denver | 6 ! 6 6 -8 6 -8 5H-8 6 6 Oklahoma City i 5H-6 534-6 s i 8 6 -8 6 -8 6 -8 6 G 6 E O D l a m l P l a a a h s s a o ..! ! i 4 7 - - 6 8 5 4 7 3 4 - - 8 6 5 6 7 -8 6 5 7 3 4 - - 8 7 sy2 G 7 5 3 ~ 4 - & - 8 7 y2 5 -6 6 8 5 -7 6 8 6 8 5 -5 6 V 5 5 ^ - - 5 6 3 6 > 5 -5 6 H Houston I 5^-6 5 -7 5 -7 5 -7 5 -hVt 5 -6 5 -6 4^-6 San Antonio.. | 2 G 6 53476 6 -7 7 -7} 6 -8 6 -8 6 -8 6 San Francisco j 434-5 43^-5 4 -5 5 -6 4H-6 4K-6 534-6 534-6 5H-6 5 Los Angeles 5H-6 53^-6 5 -6 5 -7 5 -7 6 -7 6 -7 6 -7 53^-6 S S S P e a p o l a o r t t t k t l L l a a e a n n k e d e City | j G ~ a 6 6 %y2 5 -7 Q 6 6 6 5 6 - - - 6 7 6 6H 5 6 6 3 4 - - 6 - 7 7 3 6 . 5 6 3 4 - - 7 6 6 -7 7 6 6 ^- - 7 7 7 7 6 63 H 4 - - 7 7 6 6 G 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. 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

340 FEDERAL RESERVE BULLETIN JUNE, 1931 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED (Value of contracts in thousands of dollars. Figures are for 37 States east [Value of permits in thousands of dollars] of Rocky Mountains, as reported by the F. W. Dodge Corporation] 1931 1930 1931 ! 1930 Federal reserve district N of u m cit b ie e s r Federal reserve district April March April April March i April i Boston. _ .. . . . 14 4,485 1 2, 626 5,827 Boston ! 27,319 37,539 I 39,491 New York , 22 66,235 j '65,596 53,840 New York 107,248 92,584 123,318 Philadelphia 14 9,463 i 2,438 14,229 Philadelphia 21,337 16,539 I 42,034 Cleveland 12 6,004 ! 5,969 13,508 Cleveland 36,888 26,377 ! 46,918 Richmond 15 9,274 '. 6,534 12,351 Richmond 21,937 30,616 i 40,972 Atlanta.. - _ .. 15 5,059 ! 2,349 3,740 Atlanta 14,445 20,189 | 21, 745 Chicago 19 12,748 ' 23,666 18,349 Chicago 46,030 69,099 81,424 St. Louis 5 5,887 i 2,337 6,605 St. Louis •_. 17,081 22,970 ! 28,331 Minneapolis 9 3,497 i 4,228 3,707 Minneapolis 14,421 10,084 ' 13,822 Kansas City 14 4, 554 3, 760 7,768 Kansas City 13,105 19,101 j 20,754 Dallas. 9 3,933 : 2,693 6,158 Dallas 17,114 24,883 I 24,068 San Francisco 20 11,130 '13,088 18,491 Total (11 districts) 336,925 369,981 ' 482,877 Total 168 142,269 ; r 135,283 184, 572 r Revised. BANK DEBITS COMMERCIAL FAILURES [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1 1931 1930 Number i of centers; i April March April New York City 1 1 26,821 27,589 38,631 Outside New York City 140 ; 19,620 19,421 24,315 Federal reserve district: Boston 5,351 5,100 Boston. . _ 11 | 2,173 2,149 2,698 New York. 9,950 8,483 New York 7 I 27,605 28,336 39, 597 Philadelphia 3,261 2,315 Philadelphia 10 ; 1,982 1,937 2,273 Cleveland. 6,502 2,573 Cleveland.. 13 ! 2,222 2,118 2,733 Richmond 4,702 7,244 Richmond 7 i 654 644 756 Atlanta 3,311 1,956 Atlanta 15 ! 858 880 1,053 Chicago 13,661 j 8,214 Chicago 21 i 5,071 5,040 6,489 St. Louis 2,970 ! 4,114 St. Louis 5 920 921 1,128 Minneapolis 1,638 Minneapolis - .. 9 ! 574 554 730 Kansas City 2,184 Kansas City 15 i 1,039 1,052 1,315 Dallas 1,456 Dallas - . 10 522 526 fi81 San Francisco. 5,401 San Francisco.-- 18 ; 2,819 2, 853 3,493 Total.-. Total 141 46,440 47,011 62, 946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 341 DETAILED FEDERAL RESERVE, STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1931 1930 May 31 April 30 May 31 RESOURCES Oold with Federal reserve agents 1,785,864 1,782,314 1,607,714 Gold redemption fund with United States Treasury 32,613 32,193 37,857 Gold held exclusively against Federal reserve notes.. 1,818,477 i 1,814,507 1,645,571 Gold settlement fund with Federal Reserve Board 593,053 ' 555,046 626,631 Gold and gold certificates held by banks 838,012 | 791,121 766,236 Total gold reserves 3,249, 542 3,160,674 3,038,438 Reserves other than gold 163,932 173,423 156,940 Total reserves 3, 413, 474 3,334,097 3,195,378 58,753 64,127 55,969 Nonreserve cash * Bills discounted 1 173,861 157,076 3X2,602 I Bills bought: 120,560 132,291 135,413 Outright 4,893 30,361 49,653 UnTdoetra lr ebsialllse bagoruegehmt.ent 125,453 162,652 185,066 United States securities: Bought outright2 598,336 598,314 525,772 Under resale agreement. 2,495 Total United States securities. 598,336 598,314 528,267 Other reserve bank credit: Other securities 1.687 i 350 6,400 Due from foreign banks 699 ! 697 709 Reserve bank float 3_^ 17,366 j ' 18,121 15,697 Total reserve bank credit outstanding. 917, 402 ! r 937> 210 1,048,741 Federal reserve notes of other reserve banks - 12,670 ! 16,091 20,614 Uncollected items not included in float 450,447 I 474,098 511,695 Bank premises 58.580 : 58,420 58,671 All other resources 20,722 i 17,882 12,055 Total resources.. 4,932,048 : 4,901,925 4,903,123 Federal reserve notes: LIABILITIES Held by other Federal reserve banks - 12,670 '16,091 20,614 Outside Federal reserve banks 1,567,806 ' 1, 519,168 1,468,313 Total notes in circulation 1,580,476 1, 535,259 1,488,927 Deposits: ! Member bank—reserve account. 2,389,288 ! 2,371,171 2,369,314 Government 21,703 ! 34,963 42, 700 Foreign bank 7,760 ! 5, C0.6 5,711 Other deposits 22,764 , 21,889 18,228 Total deposits.. 2,441,515 2,433,629 2,435,953 Deferred availability items. 450, 447 474,098 511,695 Capital paid in 168.375 168,600 170, 546 Surplus 274,636 274,636 276,936 All other liabilities 16, 599 15, 703 19,066 Total liabilities 4,932,048 4,901,925 4,903,123 Contingent liability on bills purchased for foreign correspondents 380,178 408,916 462,845 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1,962,077 1,933,084 1,784,041 Held by Federal reserve banks 4 381,601 397,825 295,114 In actual circulation 1, 5S0, 476 1,535,259 1,488,927 Collateral held by agents as security for notes issued to banks: Gold 1,785,864 1, 782,314 1,607, 714 Eligible paper 281,045 292,179 491,048 Total collateral . 2,066,909 2,074,493 2,098,762 1 Includes bills discounted for Federal intermediate credit banks as follows: Latest month, none; month ago, $58,000; year ago, $1,076,000, and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $93,000; month ago, $78,000; year ago, $53,000. 2 Includes bills payable in foreign currencies as follows: Latest month, $1,073,000; month ago, $1,074,000; year ago $1,058,000. 3 Uncollected items in excess of deferred availability items. 4 Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN JUNE, 1931 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, MAY 31, 1931 [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - RESOURCES Gold with Federal reserve agents 1, 785, 864 147,917 386,919 160,000 192, 550 65, 070 127,100 291, 900 69, 730 43,815 58,000 22,100 220, 763 Gold redemption fund with U. S. Treasury 32, 613 1,136 13, 092 1,004 2,460 1,015 960 3, 957 1,505 663 1,339 1,058 4,424 Gold held exclusively against Federal reserve notes 1,818,477 149, 053 400,011 161,004 195, 010 66, 085 128, 060 295,857 71, 235 44, 478 59, 339 23,158 225,187 Gold settlement fund with Federal Reserve Board 593,053 38, 264 189,115 68, 508 49, 980 12, 543 10, 918 116,643 20, 775 12, 818 20, 687 13,328 39, 474 Gold and gold certificates held by banks --. 838,012 33,184 559, 977 22, 661 66, 689 5,447 8,028 78,138 11, 520 5,622 10, 522 4,402 31, 822 Total gold reserves. 3, 249, 542 220, 501 1,149,103 252,17 311, 679 84,075 147,006 490, 638 103, 530 62, 918 90, 548 40, 888 296, 483 Reserves other than gold. 163, 932 11, 659 57,038 6,503 15, 611 10, 477 7,273 18, 478 8,522 4,058 7,566 7,770 8,977 Total reserves 3,413,474 232,160 1, 206,141 258, 676 327, 290 94, 552 154, 279 509,116 112,052 6ti, 976 98,114 48,658 305,460 Nonreserve cash. 58, 753 7,133 13, 223 3, 287 3,416 4,074 4,161 8,078 4,397 1,8 1, 545 3,148 4,465 Bills discounted: Secured by U. S. Government obligations 64, 661 4,580 16, 548 9,912 6,521 4,836 594 4,670 3,324 703 1,858 328 10, 787 Other bills discounted 109, 200 6,061 13,926 12, 534 8,222 14,370 12,102 7,137 5,944 3, 464 11,296 8,766 5,378 Total bills discounted.. 173, 861 10,641 30,474 22, 446 14, 743 19,206 12, 696 11,807 9,268 4,16 13,154 9,094 16,165 Bills bought 125,453 13, 506 32, 710 106 16,576 2,236 8,515 16,135 7,955 5,380 7,644 4,092 10, 598 U. S. Government securities: Bonds 68,841 2,225 16,822 1,827 1,703 1, 973 652 21, 540 1,148 7,969 1,138 10, 640 1,204 Treasury notes 52, 237 1, 501 11,380 4,607 11,549 490 3, 874 1,972 3,976 610 1,110 623 10, 545 Certificates and bills 477, 258 42,455 116,968 42,919 49, 438 27, 520 16,229 57, 619 20, 318 17,041 31, 532 17,976 37, 243 Total U. S. Government securities..: 98, 336 46,181 145,170 49, 353 62, 690 29,983 20, 755 81,131 25, 442 25, 620 33, 780 29, 239 48,992 Other securities... 1,687 1,650 37 Total bills and securities. 899 337 70,328 210,004 71,905 94,009 51,425 41,966 109, 073 42,665 35, 204 54, 578 42, 425 75, 755 Due from foreign banks '699 52 231 69 71 28 25 94 24 16 20 21 48 Federal reserve notes of other banks 12, 670 267 3,948 266 806 1,282 848 1,367 813 649 624 291 1,509 Uncollected items 467, 813 53,163 137,146 41,280 43.343 33, 749 16, 772 53,987 19,424 8,888 21, 604 15,102 23, 355 Bank premises 58, 580 3,458 15, 240 2,614 7,314 3,504 2, 573 8,061 3,635 1,926 3, 803 1,831 4,621 All other resources 20, 722 572 6,360 1,103 1,965 1,276 3,553 1,380 1,214 813 566 953 967 Total resources 4, 932,048 367,133 1. 592, 293379, 200478, 214189,890 224,17 691,156 184,224 116,298 180, 854112, 429416,180 LIAEII.IT1ES Federal reserve notes in actual circulation 1, 580, 476137, 212 288,352 149, 785192, 763 74, 416 127, 755232, 614 73,839 47, 715 62, 634 26, 974166, 417 Deposits: Member bank—reserve account 2, 389, 288141,923 1, 006, 28 144,97 192,842 61,057 56, 688340, 570 70, 708 47, 676 81,441 55,803 189, 328 Government.. 21, 703 1,108 2,985 1.150 2,129 2,998 2,018 1,762 1,383 942 2,960 1,000 1,268 Foreign bank 7,760 420 3,999 555 56f 224 202 757 196 129 163 168 381 Other deposits 22, 764 54 8,899 100 2.112 128 3,221 865 929 167 101 80 6,108 Total deposits 2, 441, 515143, 5051, 022,164146, 776197, 649 64, 407 62,129 343. 954 73, 216 48, 91 84, 665 57, 051 197,085 Deferred availability items... 450, 447 52, 867 131, 075 38 318 41, 792 32, 389 16,056 52, 494 20,422 8,724 20,066 14, 315 21,929 Capital paid in__ 168, 375 11, 838 65, 45f 16, 774 15, 74? 5,692 5,180 19, 906 4,822 3,015 4, 225 4, 291 11,434 Surplus 274, 636 21, 299 80, 575 27,065 28,971 12,114 10, 857 39, 936 10, 562 7,144 8,702 8,936 18, 475 All other liabilities 16, 599 412 4,671 482 1,297 872 2,200 2, 252 1,363 786 562 862 840 Total liabilities 4,932, 048 367,133 1, 592, 293 379, 200 478, 214 189, 890 224,177 691,156 184, 224 116, 298 180, 854 112, 429416,180 Reserve ratio (per cent) 84.9 82.7 92.0 87.2 83.8 68.1 81.2 88.3 76.2 69.3 66.6 57.9 84.0 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent... 1, 962,077 162,188 418, 49, 172, 38£217, 898 84,075 146, 07 297, 570 81, 720 52, 705 68, 213 33, 871 226, 875 Held by F. R. bank 381, 601 24, 976 130,143 22, 60S 25,135 9,659 18, 32 64, 95f 7)881 4,990 5,579 6,897 60,458 In actual circulation 1. 580, 476 137, 212 288, 35 149, 785 192, 763 74, 41f 127, 75 232, 614 73, 839 47, 715 62. 634 26, 974 166,417 Collateral held by agent as security for notes issued to bank: Gold 1, 785, 864 147,91 386, 919 160, 000 192, 550 65,070 127,100 291, 900 69, 730 43, 815 58, 000 22,100 220, 763 Eligible paper 281,045 24, 088 52, 940 17, 324 30, 979 21, 014 20, 99fe 27,699 16, 724 9, 30- 20,442 12,930 26,603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES [Amounts in millions of dollars. Back figures not available] Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments Secured by- Purchased paper stocks and Secured by Total Total bonds real estate U.S. loans Call date a m l n v o d e e a n s n t i t s n - s - T lo o a t n a s l Total S s b e t a o o c b n n u c y d d r k e s s d s O c u e w a u c n t n h r i u s s e d e e r e d e r - - d Total o b Y u N ro T t o e s k o r i w e d k r e s to o c m T t u h s o e e - r r s F la a n rm d O re th a e l r s O c u e w a u c n t n h r u i s s e e d r e e d e r - - d Total A U a S a b p c n n t l a a c c e i y t e t e e e p i - s s n d t-a a a B c b p e a n c r t a i b c c o l e y l e l . p a e s , s - t d , , - p C m c a o i p e a m r e l - r - l S o t a r n ee s t i Total m G c e t s u i r e o e e n r n - v s i - - t - O c t s u t i e h e r - s i e - r s s b e t a o c o b n n u c y d d r k e s s d City Total: 1928—Oct. 3 34,929 24,325 548 21, 242 850 5,796 421 2,668 11.507 2,537 80 101 457 1,899 10,604 4,386 I6.218 * 8, 819 Dec. 31 35. 684 25,155 538 21, 462 975 6,373 412 2,711 10, 991 3,158 109 103 390 2, 556 10, 529 4,312 ! 6,217 4 10,172 1929—Mar. 27 35, 393 24,945 | 548 21, 903 1,014 6,526 403 2,720 11, 240 2,494 146 93 376 1, 879 10,448 4.454 I 5. 994 4 9, 693 June 29 35,711 25,658 | 670 22, 516 921 6,813 404 2,760 11,618 2,472 108 90 249 2, 025 10,052 4. 155 I 5, 898 4 10, 094 Oct. 4 35. 914 26,1(55 ! 640 23, 249 939 7,170 392 2,760 11,988 2,276 93 70 228 1, 885 9,749 4,022 ! 5, 727 •10,314 Dec. 31 35, 934 26,150 714 23,194 803 7,685 388 2,803 11,515 2,243 212 80 291 1, 660 9,784 3, 863 5, 921 4 ]0,.r05 1930—Mar. 27 35, 050 25,119 527 260 267 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, 214 535 230 305 21, 565 819 7,242 386 2,769 10,349 3,113 170 71 507 2, 365 10,442 4,061 16, 380 10,656 Sept. 24 __.. 35, 472 24, 738 466 175 291 21, 010 774 7,090 387 2,776 9,982 3,262 205 62 523 2,472 10,734 I4,095 !6,639 10,511 Dec. 31 34,860 23, 870 631 315 316 21,007 675 7,266 387 2,847 9,831 2,233 315 55 366 1,498 10,989 I4,125 ;6,864 9,754 F 1931—M^r. 25 34, 729 22, 840 446 219 228 19, 940 575 6,848 386 2,834 9,298 2,454 361 101 361 1,630 11,889 I5,002 !6,886 9,272 New York City: 3 1928—Oct. 3 7,197 5,254 287 3, 919 45 1,491 130 2,253 1,048 50 55 63 1,942 1,130 I 813 4 2, 560 Dec. 31 7,951 6,018 288 3, 940 50 1,658 132 2,100 1,790 61 61 29 1, 639 1,933 1,094 ! 839 4 3,491 g 1929—Mar. 27 7,726 5,754 251 () 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 0) 4, 532 63 1,814 173 2,480 1,496 58 58 21 1, 359 1. 819 1,006 I 813 4 3, 393 D O e c c t. . 4 31 8 8 , , 1 7 5 7 0 4 6 6 , , 3 6 4 8 4 3 I 3 3 0 2 2 2 () ( ( 2) ) 4 4 , , 8 9 4 6 6 4 4 5 6 5 2 1 , , 1 89 4 8 5 1 1 7 6 5 9 2 2 , , 5 7 9 2 5 6 1 1 . , 1 3 9 9 6 7 1 5 2 9 8 4 3 6 3 2 8 1 1 1 , , 0 2 9 0 6 2 2 1 , , 0 8 9 0 1 7 1, 9 1 S 1 9 2 i 8 97 1 9 7 4 4 3 3 , ,1 5 9 62 1 H 1930— J M un a e r . 3 2 0 7 _... 8 8 , , 2 7 3 9 8 8 6 6 , ,1 5 9 9 2 6 1 1 9 9 6 9 9 7 2 8 1 11 0 8 7 4 4 , , 3 3 3 0 8 8 6 6 8 0 1 1 , , 8 9 7 5 6 4 1 1 5 5 7 0 2 2 , , 2 1 5 2 2 9 2 1 , , 0 6 9 5 1 5 1 8 4 9 4 4 2 0 9 4 3 9 5 1 1, , 8 4 8 7 3 7 2 2 , , 0 2 4 0 6 3 1 1, , 1 1 4 5 7 0 ' ' 1, 8 0 9 5 7 6 3 3 , , 9 5 8 04 3 W Sept. 24 8,557 6,359 169 53 116 4,276 86 1,945 157 2.087 1,912 148 28 22 1,714 2,198 1,091 I1,107 3,798 d Dec. 31 8,582 6,147 283 132 151 4.338 104 2,033 147 2,054 1,525 188 22 34 1,281 2, 435 1,239 I1,197 3, 550 1931—Mar. 25 __.. 8,473 5,811 154 70 84 4,007 121 1.839 149 1,896 1,651 199 51 35 1,367 2,662 1,466 j1,196 3, 397 Other reserve cities: 1928—Oct. 3 14,121 10,186 214 2, 694 127 1,409 4,178 875 30 199 641 3, 935 1,894 2,041 4 4,130 Dec. 31 14, 066 10, 222 213 9,267 818 2,916 121 1,426 3,986 742 18 34 150 541 3,844 | 1, 836 2,008 4 4, 381 1929—Mar. 27 13, 925 10,189 258 9,286 848 2,892 114 1,395 4,036 645 43 32 147 423 3,736 1. 896 1, 840 4 4, 293 June 29 13, 832 10, 222 308 9,434 753 2,965 111 1, 392 4,213 480 17 25 88 349 3,611 1,765 1,846 4 4, 221 Oct. 4 13,983 10, 596 294 9, 775 767 3,102 112 1,379 4,415 526 8 31 75 413 3,388 1,671 1,717 4 4, 429 Dec. 31 13, 785 10, 532 346 () () 9,748 666 3,309 111 1,448 4,214 438 51 29 108 250 3, 253 1,484 1,769 4 4, 397 1930—Mar. 27 13, 575 10,159 263 155 108 8,951 553 3,051 115 1,429 3,802 945 59 35 242 609 3, 416 1, 662 1, 754 4, 368 June 30 13, 701 10,016 277 142 136 9,029 660 3,151 112 1,412 3,693 710 18 38 301 353 3, 685 1,686 1, 999 4, 306 Sept. 24 13,971 10, 025 235 112 123 8,726 599 3,033 112 1,414 3, 567 1,064 54 31 337 643 3, 947 1, 7X5 2,161 4, 387 Dec. 31 13, 758 9 723 286 167 118 8,906 513 3,143 122 1, 509 3,620 531 122 29 212 167 4, 035 1,727 2, 308 3,991 1931—Mar. 25 13, 965 9^ 289 235 135 8,409 390 2,976 123 1,496 3,423 645 158 48 212 227 4, 676 2, 313 2, 364 3,729 "Country" banks: 1928— D O e c c t . . 3 31 1 1 3 3 , , 6 66 1 7 2 8 8 , , 8 9 8 1 5 5 4 3 6 7 (8) 8 8 , ,2 2 5 2 4 5 1 1 1 0 7 7 1 1 , , 6 79 1 9 0 2 2 9 9 4 0 1 1 , , 1 1 2 5 9 4 5 4, , 9 0 0 7 4 5 6 6 1 2 4 5 2 3 4 0 1 8 7 2 1 1 9 1 5 3 3 7 7 8 6 4 4 , , 7 7 2 5 7 1 1 1 , , 3 3 6 8 2 2 3 3 . , 3 3 6 7 5 0 4 4 2 2 , . 1 3 2 0 9 0 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 * 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 < 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 « 2, 694 Dec. 31.. 13, 375 8,936 45 2 8,481 83 2,231 276 1,186 4,705 409 33 5 163 208 4,439 1,267 3,172 * 2, 545 1930—Mar. 27 13, 243 8,768 65 () 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 63 8,229 90 2,137 274 1,201 4,527 312 8 4 171 129 < 554 1,229 3, 326 2, 367 Sept. 24 12, 944 • 8, 354 62 8,007 88 2,112 275 1,205 4 326 286 4 4 164 115 4, 589 1,219 3, 370 2, 326 Dec. 31 12, 519 8,001 62 51 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, 290 7,740 58 52 7,524 64 2, 033 261 1,188 3,978 158 5 2 114 36 4, 550 1, 224 3,326 2, 147 51 46 1 Loans (secured by stocks and bonds) to brokers and dealers 4i4n securities at New York City. 3 Central reserve city banks only. 00 2 Figures not available. < Loans to banks on securities for these dates estimated as one-half of total loans to banks. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN JUNE. 1931 BANK LOANS AND INVESTMENTS, PERCENT- MEMBERSHIP IN PAR-COLLECTION SYSTEM AGE DISTRIBUTION [Number of banks at end of April] {Figures for Dec. 31, 1930—latest date for which comprehensive data are available] Member banks Nonmember banks Total loans and investments Federal reserve On par list Not on par list Number district of banksI Amount Percent- 1931 1930 I (millions age disof dollars) tribution 1931 1930 1931 1930 All banks in the United States i _ 22, 769 ; 56, 209 100 United States. 7,888 8,382 10,567 11,703 3,455 3,645 j Member banks—total 8,052 i 34,860 62 Boston 391 403 259 270 i New York 902 929 i 392 404 i Reserve city banks (62 cities) 464 ! 22,340 40 Philadelphia 748 758 441 472 Central reserve city banks: Cleveland 734 794 907 977 7 9 New York City 48 8,582 15 Richmond 462 501 505 561 441 503 Ot C h h er ic r a e g s o e rve city banks: 14 j ' 1,861 3 A Ch tl i a c n ag ta o ... . 1,0 3 5 7 3 2 1,1 4 5 1 1 7 3,0 1 6 7 5 0 3,3 2 7 3 9 0 8 2 4 4 5 3 9 2 0 2 2 6 New York City 12 58 St. Louis.. 506 554 1,374 1,600 438 480 Chicago i 37 ! 166 Minneapolis 628 668 469 549 1,003 1,060 Other F.R. bank cities (10cities)-I 105 \ 5,807 Kansas City 859 891 1,841 2,037 204 191 F. R. branch cities (25 cities). _ _.\ 151 | 4,567 Dallas 661 721 543 594 214 214 Other reserve cities (25 cities).... i 97 : 1, 298 San Francisco 572 595 601 630 60 60 Country banks 2 j 7, 588 j 12,519 Figures cover all incorporated banks (other than mutual savings Nonmember banks j 14,717 21,349 banks) 1 Includes national banks, State commercial banks and trust com- INDEBTEDNESS OF NONMEMBER BANKS: > panies, mutual and stock savings banks, and all private banks under TOTAL BILLS PAYABLE AND REDISCOUNTS, State supervision. 1923-1930 2 Includes certain outlying banks in reserve cities. [In millions of dollars. Back figures not available on com rable basis] FEDERAL RESERVE BANKS—MATURITY DIS- TRIBUTION OF BILLS AND SHORT-TERM SECURITIES Bills Bills [In thousands of dollars] Date p a a n y d a b re l - e Date p a a n y d a b re l - e discounts discounts Total W i d n a i t y 1 h s 5 - d 16 a 3 y 0 t s o 3 d 1 a 6 y 0 t s o 6 d 1 a 9 y 0 to s ! I m 9 o 1 to n d t 6 a h y s s m O o v n er t h 6 s 1923—Dec. 31 415 1927—Oct. 10 276 Bills M M d a a i y y sc 6 o 13 unted: 1 1 5 4 0 4 , , 2 9 0 0 2 4 9 8 2 3 , , 3 5 7 9 1 3 1 1 2 3 , , 2 9 4 2 6 6 2 21 0 , , 6 7 1 2 3 2 | 1 1 1 1 , , 9 6 2 5 9 5 1 1 1 2 , , 4 5 5 8 6 6 1 1 , , 5 5 0 0 9 0 1924— J D O M u e c n a c t e . r . . 1 3 3 3 0 1 0 1 ..-. 3 3 3 3 3 4 5 3 9 4 0 7 1928— J D O F u e c e n t c b e . . . 3 3 3 2 1 0 8 - 2 2 3 3 3 0 4 6 0 8 7 1 May 20 148,876 83, 721 14,460 22,806 12, 573 14,157 1,159 1925—Apr. 6 326 Dec. 31 350 Bi o ll p s M e n b a o y m u 2 a g 7 r h k t et i : n 152,852 86,762 13,313 23, 513 12, 864' 15, 395 1,005 J D S u e e n p c e t . . 3 3 2 0 1 8 .... - 3 3 3 7 5 6 2 2 1 1929— J O M u c n a t e . r . 4 2 2 9 7 3 3 3 5 6 9 4 3 9 May 6 193,869 105, 496 34,172 38,183 15,680 338 1926—Apr. 12 350 Dec. 31 359 May 13 1'"5"3 ,1"0"8 74,812 36, 598 32, 877 8,584; 237 June 30 398 1930—Mar. 27 287 Ce b r i t l M i M l f s i : c a a y a y t e 2 2 s 0 7 and 1 1 2 3 4 1 , ,0 5 0 0 7 1 4 5 6 0 , , 9 5 9 8 5 2 3 3 0 6 , , 8 3 0 6 5 8 4 3 2 5 , , 7 7 6 9 8 9 3 7 , , 8 2 4 3 8 3 4 6 9 1 8 2 1927— J D M u e n a c e r . . 3 3 2 1 0 3 ... - 3 2 2 2 5 7 4 9 5 J D S u e e n p c e t . . 3 3 2 1 0 4 .--- 2 2 2 8 4 6 7 7 9 May 6 487,044 19, 200 129,166 30,850 135,205 172, 623 May 13 487,171 19,200 133,207 30,850 131,292 172, 622 i Includes all banks (including mutual savings banks) in the conti- May 20 487,134 81,866 51, 300 56,550 114,697 182, 721 nental United States that are not members of the Federal-reserve system May 27 487,056 65,375 52,300 57,550 118,709 193,122 (14.717 banks on Dec. 31, 1930, with total loans and investments of Municipal war- I $21,349,000,000). rants: May 13 ! May 20 | RESERVE BANK CREDIT AND FACTORS IN May 27 _ 18. CHANGES (WEDNESDAY SERIES) [In millions of dollars] KINDS OF MONEY IN CIRCULATION 1931 [End of month figures. In thousands of dollars] • Apr. Apr. May May May 1931 22 29 6 13 20 27 Kind of money Feb. 28 ! Mar. 31 Apr. 30 May 29 » Bills discounted 135 155 150 145 149 153 Gold coin 355,912 i 353,647 352,055 352,621 Bills bought --- 152 170 194 153 131 125 Gold certificates 1.060,922 ! 1,047,327 1,034,633 1,020,395 United States securities 599 598 598 598 599 598 Standard silver dollars 34,864 ! 34,679 34,338 34,299 Other reserve bank credit 26 13 24 21 16 10 Silver certificates . 373,179 1 372,030 374, 779 379,930 Total reserve bank credit * 911 936 967 918 894 886 Treasury notes of 1890 1,244 i 1,243 1,242 1,240 Monetary gold stock ___ 4,713 4,721 4,743 4,766 4,772 4,795 Subsidiary silver 269,650 270,596 271,504 272,984 Treasury currency adjusted 1,778 1,779 1,783 1,773 1,792 1,787 Minor coin . 115,988 116,383 116,707 117,076 Money in circulation 4,612 4,621 4,663 4,627 4,639 4,634 United States notes 295,263 i 289,452 294.747 299,606 Member bank reserve balances.. 2,380 2,408 2,418 2,421 2,411 2,425 Federal reserve notes _ 1,460,945 ! 1,471,090 1,518,175 1,566,518 Unexpended capital funds, non- Federal reserve bank notes 2,989 ! 2,972 2,955 2,946 member deposits, etc 410 408 412 408 408 409 National bank notes 649,459 648,495 651, 278 654,669 Total 4,620,414 j 4,607,914 4,652,414 4,702,284 i Averages of daily figures for week ending on Wednesday as follows (in millions of dollars): Apr. 22—965; Apr. 29—924; May 6—972; May Preliminary. 13—933; May 20—917; May 27—891. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

345 JUNE, iSSl FEDERAL RESERVE BULLETIN BANK SUSPENSIONS, BY STATES, DURING MAY, 1931 1 Banks clos31 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 Number Deposits (in thousands of dollars) Number of dollars) State Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s M be e rs m i - m N b e e o m r n s - - ba A n l k l s M be e rs m 1 - m N b e e o m r n s - - New England: ', Maine New Hampshire ' _ j i Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: ! New York New Jersey. .- Pennsylvania 12 6 1 5 21,163 6,516 5,380 9,267 East North Central: Ohio 2 2 1,451 1,451 Indiana 4 1 3 3,383 ! 311 3,072 2 2 574 574 Illinois 8 1 7 8,266 i 2,430 5,836 Michigan 3 1 2 741 650 91 1 1 704 704 Wisconsin 1 1 2,497 2,497 West North Central: Minnesota 9 2 6 3,777 562 531 2,684 Iowa 11 3 8 3,170 518 2,652 Missouri __ 2 2 225 225 1 ! 1 166 166 N So o u r t t h h D D a a k k o o t t a a n 1 1 1 1 1 8 1 5 2 70 4 8 2 5 Nebraska 3 3 960 960 Kansas 5 2 3 2,656 751 1,905 South Atlantic: Delaware _ ._ Maryland Dist. of Columbia . Virginia 3 3 892 892 West Virginia North Carolina 3 3 338 338 South Carolina 1 1 151 151 Georgia _. _ 1 1 76 76 Florida 1 1 186 186 East South Central: 1 Kentucky 1 1 573 573 Tennessee 1 1 197 127 Alabama 2 , 1 1 ; 988 542 446 Mississippi ! 1 West South Central: Arkansas 1 1 ! 260 260 1 ; i 235 235 Louisiana Oklahoma 2 ! I" 1 159 99 60 MouTnetxaains: 3 i i 2 108 277 Montana Idaho Wyoming Colorado New IVtexico Arizona Utah Nevada Pacific: Washington 3 i 2 659 193 466 California _ 2 2 558 558 Total ... 87 24 2 61 i 53,838 15, 805 5,911 32,122 5 ; 2 3 1,679 401 1,278 1 Represents national banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN JUNE, 1931 BANK SUSPENSIONS, BY STATES, JANUARY 1 TO MAY 31, 1931 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n ll a th rs o ) usands State Members Members ba A n l k l s ti N on a- al State m N b e e o m r n s - - ba A n l k l s ; ! ti N on a- al State m N b e e o m r n s - - ba A n l k l s M be e rs m - i m N b e e o m r n s - - ba A n l k l s M be e rs m i - m N b e e o m r n s - - New England: Maine New Hampshire Vermont M assachusetts 1 1 2,312 2,312 1 1 2,426 2,426 Rhode Island Connecticut 1 1 2,683 2,683 Middle Atlantic: New York 6 4 2 3,816 2,456 1,360 New Jersey 5 2 1 2 11,301 3,177 6,056 2,068 1 1 2,939 2,939 Pennsylvania 31 15 1 15 39,544 17,373 5,380 16,791 East North Central: Ohio . . 25 6 2 17 18,278 5,085 1,743 11,450 1 1 412 412 Indiana 40 3 1 36 18,271 889 5,981 11,401 14 14 4,766 4,766 Illinois _ 53 5 1 47 33,072 6,855 139 26,078 14 1 13 9,679 5,200 4,479 Michigan 19 1 18 10,172 650 9,522 1 1 704 704 Wisconsin 9 1 8 5,000 2,497 2,503 5 5 2,372 2,372 West North Central: Minnesota 27 7 1 19 8,430 2,742 531 5,157 2 2 406 406 Iowa . 44 5 39 10,814 885 9,929 1 1 7,502 7,502 Missouri 27 3 24 4,652 821 3,831 5 1 4 824 166 658 North Dakota 4 2 2 302 184 118 South Dakota 11 1 10 3,311 90 3,221 9 9 2,962 2,962 Nebraska 10 10 2,004 2,004 2 2 356 356 Kansas 12 3 9 4,109 1,692 2,417 South Atlantic: Delaware Maryland.. .. . Dist. of Columbia. Virginia.. . 11 1 10 2,869 261 2,608 3 3 1,155 1,155 West Virginia 6 2 4 3,594 472 3,122 North Carolina 13 2 11 4,940 1,369 3,571 29 2 27 8,835 3,659 5,176 South Carolina 10 1 1 8 1,992 2S0 219 1,483 Georgia 18 2 3 13 6,853 1,281 1,359 4,213 1 1 110 110 Florida 7 2 5 6,177 3,843 2,334 1 1 816 816 East South Central: Kentucky 5 1 4 5,396 431 4,965 5 5 1,496 1,496 Tennessee _. 14 14 1,464 1,464 2 2 140 140 Alabama 14 3 1 10 3,507 1,084 356 2,067 Mississippi 36 5 1 30 17,652 9,402 400 7,850 32 4 28 11,045 3,666 7,379 West South Central: Arkansas . 11 4 1 6 3,509 2,140 202 1,167 34 5 29 8,623 1,329 7,294 Louisiana 3 3 630 630 1 . 1 748 748 Oklahoma 5 1 483 99 384 Texas .. 16 8 8 4,906 3,196 1,710 3 2 1 958 412 546 Mountain: Montana - - 1 1 36 36 Idaho 1 1 27 27 Wyoming . . Colorado ... 5 5 635 635 New Mexico Arizona Utah 2 2 886 886 Nevada 1 1 52 52 Pacific: Washington 5 1 1 3 1,098 193 208 697 Oregon __. 6 1 2 3 2,141 284 1,225 632 California 2 2 558 558 Total 516 94 17 405 244, 793_ 70,299 j 23,799 150, 695 168 17 151 71,957 24, 873 47,084 i 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 February, 1931, also Annual Reports for 1930 (Table 118), 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

JUNE, 1931 FEDERAL RESERVE BULLETIN 347 ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars. Back figures not available] Net dem de a p n o d s i a ts nd time Reserves de I b n te - d- Net dem de a p n o d s i a t n s d time Reserves de I b n t - edness at ness at Month Federal Month Federal Total j i N m et a n d d e - \ Time Held I Excess r b e a se n r k v s e Total N m et a n d d e- Time Held I Excess r b e a s n e k rv s e TOTAL OTHER RESERVE CITIES 2 1929—January 32, 566 19,101 |13,465 2.386 844 I February 32, 298 18,889 13,409 2, 358 875 1929—January , 12,956 7, 504 5,391 907 419 March -_ 32,068 !18,722 '1•3, 347 2,337 956 February 12,751 7,44S 5,303 952 473 April 31, 794 18,521 !13, 273 2,308 990 March • 12, 560 7, 324 5, 236 937 542 May 31, 733 18,430 i13,303 2, 296 951 April 12,421 7, 240 5,181 925 523 June 31, 761 18,513 j13, 242 2,316 974 May i 12, 430 7, 208 5,222 921 483 July 31,921 18,733 '13,188 2, 334 1,090 June 12,409 7,190 5, 219 923 472 August 31, 896 18, 662 13,234 2, 322 1,040 July i 12, 500 7, 290 5, 204 929 447 September 32, 090 18, 778 13, 311 2, 334 961 August ; 12, 495 7,310 5,185 932 490 October 32, 441 19,125 13, 317 2,386 878 September..-J 12, 525 7, 320 5, 205 930 514 November 33,173 19,979 13,194 2, 521 950 October j 12,026 7,413 5, 213 943 j 513 December 32,182 19,112 13, 070 2, 395 801 November ' 12, 029 7,448 5,181 948 ' 538 December ; 12, 533 7, 319 5,183 938 382 1930— A J M M J F A N S O D J u u e e p a u o c e a a n p b l n r t c g v y r e y o i t r u e c u e l e u - b a m h m s m a e r t y b r r b b y e e e r r r - 3 3 3 3 3 3 3 3 3 3 3 3 2 1 2 1 2 2 2 2 1 2 2 3 , , , , , , , , , , , , 1 9 2 5 5 6 7 5 6 7 3 0 5 8 2 3 9 0 6 8 4 2 1 1 9 1 9 1 4 3 1 1 3 6 4 4 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , , 9 8 6 8 7 2 3 6 7 7 6 7 5 2 4 1 5 9 6 0 ] 4 6 2 9 0 5 9 3 0 2 7 6 0 6 2 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 4 3 4 3 3 , , , , , , , , , , , , 4 9 5 0 2 5 8 6 2 8 0 6 0 3 0 6 6 3 0 8 9 5 4 5 1 6 6 1 9 5 0 4 3 6 3 4 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , . , , 4 3 4 3 4 4 3 3 3 3 3 3 1 4 1 3 0 3 5 0 9 5 9 9 7 5 9 0 7 3 6 6 7 0 2 2 4 2 2 3 2 2 2 2 2 3 1 1 9 3 7 4 7 1 3 5 2 2 9 8 8 1 2 5 8 4 7 0 0 3 6 8 1930— A J J F M M A N S O D J u u e e u p a o c e a n a p b l g n r t c v y r e o y i t U r u e c e l e u b - a m h m S m e a r t y b r r b b y e e e r r r ..! I ! i ; ! j : j ; ! 1 1 1 1 1 1 1 1 1 1 1 1 2 3 2 2 2 2 2 3 3 3 3 3 , , , , , , , , , , , . 5 5 4 6 0 0 7 0 0 2 0 0 5 1 0 2 8 2 1 8 7 1 2 4 9 4 8 4 4 8 0 5 8 8 6 1 I . 7 7 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , , , 3 3 2 2 3 2 0 3 4 2 3 N 0 8 8 4 7 5 9 6 0 1 6 1 i 3 3 J 0 6 5 4 9 3 7 l 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 7 3 4 8 7 4 3 0 6 3 3 1 7 0 4 8 1 4 8 2 2 5 2 6 1 3 7 3 9 5 0 9 8 3 9 2 9 9 9 9 9 9 9 9 9 9 9 9 4 5 4 3 2 5 6 6 1 5 7 7 1 0 0 4 8 7 5 6 8 2 0 0 ! | 1 1 1 4 4 3 7 4 3 2 3 5 4 9 0 5 5 8 4 5 6 7 0 1 1 8 3 NEW YORK CITY "COUNTRY" BANKS 1929—January 6, 756 5,490 1,266 763 165 L929—January 12,854 j 6,047 657 260 February 6, 758 5,468 1,290 759 141 February 12,789 5, 973 6,816 647 261 March 6. 756 5,477 1,278 758 155 March 12.753 5,921 6,832 642 259 J J A M A S N D O u u e p e u o c a n l p c t r g v y y e o t i e u e . e l b m m s m e t b r b b e e e r r r 6 6 6 6 7 8 6 6 7 , . , , , , . , , 7 3 1 0 7 6 6 8 0 1 1 7 3 6 9 6 3 1 2 3 7 2 2 6 6 8 3 5 5 5 5 5 5 6 5 6 , , , , , , , , , 4 4 5 0 5 5 4 7 2 0 2 6 0 0 6 1 5 7 1 0 7 9 9 3 0 2 6 1 1 1 1 1 1 1 1 1 , , , , , , , , , 2 3 2 1 3 3 3 2 2 6 4 2 9 5 0 6 6 6 6 1 8 2 7 4 5 8 0 8 9 7 7 7 7 7 7 8 4 4 0 4 5 6 6 3 6 4 6 2 8 3 3 4 8 2 3 2 1 1 1 1 1 9 2 3 8 5 6 7 7 0 5 9 0 5 7 6 4 9 8 J J A A M S N D O u u e u p e o c a n l p c t r g v y y e o i t e u e l . e b m s m . m e . t b r b b e e r e r r— . - - 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 , , , , . . , , , 7 6 7 6 6 3 6 5 5 2 3 2 7 7 3 9 1 9 6 6 0 8 7 6 8 2 0 l I I ! ! ! I ! 5 5 5 5 5 5 5 5 5 , , . , , , . , . 8 9 8 8 8 8 9 9 7 2 2 5 0 5 9 6 4 5 1 8 4 8 5 0 0 8 4 6 6 6 6 6 6 6 6 6 , , , , , , , , , 7 8 8 7 7 5 7 7 7 2 6 1 9 3 8 8 8 5 8 3 5 2 8 2 8 3 7 6 6 6 6 6 6 6 6 6 4 3 3 4 3 4 3 3 1 1 5 0 0 7 1 2 0 9 3 2 3 3 2 3 2 3 3 1 8 1 2 8 6 2 3 1 1 1 4 0 2 9 7 2 2 1930—January 7,112 5, 734 1,378 795 62 1930—January 12,309 J 5, 729 6, 579 621 237 February 6,826 5, 491 1,335 770 28 February 12,282 ! 5,677 6,605 618 210 March 6,088 5,582 1, 406 783 22 March : 12,290 i 5,648 6,642 620 176 April 7,161 5, 699 1,462 788 26 April i 12,331 !5, 671 6,660 621 100 May 7.227 5,747 1,480 797 29 May i 12,318 i 5, 655 6, 663 619 172 June 7,444 5, 906 1, 537 822 28 June ! 12,276 '5,603 6, 673 618 178 July— 7, 395 5,848 1,547 833 9 July ! 12,227 5,558 6, G69 615 178 August 7,430 5, 898 1,532 818 21 August 1 12,140 5,466 6,674 608 166 N S D O e o e c p c t v o t e e e b m m m e b r b b e e e r r r 7 7 7 7 , , , , 4 5 7 5 0 2 8 9 6 8 7 7 5 6 6 6 , , , , 2 1 8 0 1 7 7 0 6 1 3 5 1 1 1 1 , , , , 5 3 5 5 3 5 7 9 3 7 1 2 8 8 8 86 4 6 2 9 5 5 4 4 1 1 1 1 4 4 1 N D S O e e o c p c t v o t e e e b m m m e b r b b e e e r r r-_- j I : j 1 1 1 1 2 2 2 1 , , , , 1 1 0 7 0 5 0 6 1 9 9 0 5 5 5 5 , , , , 4 4 3 2 6 1 7 2 7 2 2 5 6 6 6 6 , , , , 6 5 6 6 8 9 3 3 9 3 5 7 6 6 5 5 0 0 0 9 8 5 7 0 1 1 1 1 9 4 5 4 3 4 8 4 1 Central reserve city bauks only. - Member banks in 61 legally designated cities: One central reserve city (Chicago) and 60 other reserve cites; see table 0:1 p. 314. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS- CONDITION ON CALL DATES FEBRUARY 28, 1928, TO MARCH 25, 1931 00 [Amounts in thousands of dollars] 1928 1929 1930 1931 Feb. 28 June 30 Oct. 3 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 Mar. 27 June 30 Sept. 24 I Dec. 31 Mar. 25 RESOURCES Loans (including overdrafts) - 23,098,936 24,302, 787 24, 325,010 25,155, 255 24,944,641 25,658,491 26,164, 829 26,150,061 25,118,78235,213, 77024, 738, 011 23, 870, 48812 2,2 8,39, 946 United States Government securities 4,215,8221 4,224,730 4,385,830 4.311.790 4,453,953 4,154,929 4,021,636 3,862,968 4,085,0064, 061, 395 4, 095, 2701 4,124, 7765,002, 262 Other securities ___ 6,373,6301 6,533,656 6,218,145 6,216.890 5,994,432 5,897.541 5,727,306 5,920,921 5,851,9086, 380, 494 6.638,9691 6,864,247 6,886, 357 Total loans and investments 33,688,388 35,061,173 34,928,985 35,683,935 35,393,026 35,710,961 35,913,771 35,933,950 35,055,69735,655,659 35,472,250 34,859,511 34,,728,565 Customers' liability on account of acceptances 695,319 710,207 727,258 929,540 836,028 802,188 988,912 1,252,147 1,111,153 928, 807 912, 852 1,117, 833 1, 035,978 Banking house, furniture, and fixtures 1,077,529 1,099,210 1,105,558 1,107,287 1,118,418 1,169,752 1,175,393 1,190,306 1,202,486 1, 217,963 1, 230, 7541, 240, 4441, 239, 935 Other real estate owned _ 180,511 184,109 178,443 177,716 184,873 179,878 182,796 183,989 188,815 190,995 197,869 191,169 199, 935 Cash in vault _.. 525,992; 449; 198 519,126 564,384 516,742 433,491 497,212 558,450 496,633 484, 26r 470.367 592, 504 461,267 Reserve with Federal reserve banks _ 2,366,605 2,342,045 2,348,018 2,409,367 2,338,569 2,359,077 2,321,806 2,373,760 2,352,738 2,407,960 2,414,991 2,474, 509 2, 364, 478 Items with Federal reserve banks in process of collection. 686,881 680,492 856,655 967.836 841,606 775,822 923,363 994,373 719,201 836,471 698,871 757, 216 524, 765 Due from banks in United States 1, 940, 619 1,897, 231 2, 026, 259 2,124, 252 1, 741,478 1,885,167 2, 004,938 2,167, 756 1,901, 517 3,360, 377 2,462,827 2,455, 9482,791,204 Due from banks in foreign countries (including own branches) _ 269, 373 291,490 286,686 305, 299 287, 248 272,682 246,996 263,834 247, 612 220, 793 202,447 260, 818 296, 376 Exchanges for clearing house and other checks on local banks 1,311,817 1,447, 219 1, 634, 689 3, 493, 061 2,486, 203 1,446,186 2,132, 331 2, 762,463 1, 616,954 2, 645,057 1,146,915 2, 076,189 975,215 Outside checks and other cash items _ 134,916 217,291 163, 527 203.884 142,395 117,^98 102,363 139,056 65.331 118, 552 51, 706 43, 344 Redemption fund and due from United States Treas- 92, 766 urer. 32,823 33,025 33,001 32,995 32,761 32,71i 32,828 32,889 32,823 32,658 32, 604 32, 264 Acceptances of other banks and bills of exchange or 32, 318 drafts sold with indorsement _.. 454,958 436,486 433,668 677,994 475,155 453,826 551,587 735,193 612,193 557, 748 592, 732 524,104 I Securities borrowed _ _. 29, 248 37,733 36, 551 35, 947 48,844 36,337 32, 592 35, 533 25,744 26, 324 23,866 662, 686 24, 822 Other assets _ _ _.. 186,677 204,940 205. 273 222,149 229.751 232, 621 198, 700 219,379 231,482 223,114 242, 062 21, 069 300, 024 Total. 43, 581.656 45, 091,849 45, 483, 69'48, 935, 646 46,673,097 45,908,001 47,305,588 48,843,078 45,860,379 47,906. 740 46,153,113 47,025272,,8 99111 45, 542, 276 tel LIABILITIES w Capital stock paid in 2,345, 519 2,415,376 2, 453,859 2, 474, 223 2, 563, 278 2,646,928 2,739,645 2,757,113 2, 744,975 2,721, 9972, 728, 6642, 665,151 2, 657,172 Surplus _ _ _ _ 2,144,182 2, 285, 536 2, 382, 393 2, 440, 709 2, 548,155 2, 650,336 2,811,269 2, 864,612 2,881,944 2,870, 8002,903, 2582, 822, 0912, 804,906 d U Re n s d e i r v v i e d s e d fo p r r d o i f v it i s d — en n d e s t , contingencies, etc __ - __ i 914,114 924,012 ' 1 8 2 8 0 6 , , 0 0 2 2 0 5 8 1 3 51 2 , , 7 5 4 6 4 4 9 1 1 4 8 4, , 2 1 4 4 2 5 164,430 143,603 9 1 0 7 9 7 . , 2 5 5 4 2 8 9 1 5 76 6 , , 6 0 1 5 0 3 9 1 5 8 0 2 , , 0 9 7 4 2 0 1, 1 0 8 0 5 9 , , 6 4 0 3 2 r 8 21 9 1 4 , , 4 3 0 8 7 8 9 22 1 5 0 , , 4 4 8 8 3 0 IF Reserves for interest, taxes, and other expenses accrued and unpaid 137.345 145.458 150, 438 120, 676 157,144 148,825 172,193 137,660 175,896 148,960 182. 397 121,190 158,416 Due to Federal reserve banks 45,360 49,823 65,379 56, 510 51,433 51,883 55, 720 54,458 51,915 46, 206 47,147 49, 267 43, 323 Due to other banks in United States 3, 495,722 3, 263,494 3, 462, 377 3, 649, 037 3, 070,084 !, 091,639 3,153,077 3, 517,325 3, 204,316 3, 831, 6563,817,132 3, 872,8424, 236, 451 Due to banks in foreign countries (including own branches) _. 643,372 613,732 508,571 543,273 462, 649 464,871 481. 696 576, 664 498, 075 571, 660, 612 634, 566, 579 Certified and officers' checks outstanding 848,064 787,770 1,041,114 2,184,138 1,739, 947 753,620 1, 405,446 1,603, 562 1,134, 283 1, 493, 771, 941 1, 223, 626. 747 Cash letters of credit and travelers' checks outstanding.. 29,015 43,177 27,338 23,128 27,385 43,182 27,613 23,460 25,038 41, 26, 638 20, 22, 506 Demand deposits 7, 304,646 17, 606, 564 17, 501, 430 18.903, 658.7, 708, 269 .7,814,— .7,937,478 8,86l',582|l7,078,90518, 061,977 16,838, 351 17',, 5500l1', 550 16, 338, 72S Time deposits 2, 922, 638 13, 438,585 13, 409, 608 13,453, 311.3, 328, 712 .3,325, 066 .3,317,649 1~3, 223333,,48113,518,73113,811, "' " \ 13,663,258 United States deposits _ 86,032 256,681 158,761 261,505 410,867 347,967 315,47" 143,203 324,893 280, 502 204 T A o gr t e a e l m d e e n p t o s s t i o ts repurchase U. S. Government or other 35,374,849 36,059,826 36,174,578 39,074,560 !6,799,~346 35, m, 83136,694,158 38,013,735,35,836J156 38,139,178 36,363,874 37,116,939 35,999* 796 securities sold _ 21,375 18,103 95,161 134,084 102,423 103, 758 149,090 136,957 66, 214 37,164 38,144 158,141 23, 599 Bills payable and rediscounts: With Federal reserve banks 485,874 1, 095,997 1, 019, 789 1,040,608 981,434 1, 029. 391 899,311 646,334 206,124 273,880 172, 578 248, 017 165.106 Allother 95, 018 113,440 134,127 121, 570 171,601 168,975 250, 587 232,188 140,467 161,090 143,402 107,151 116, 336 Acceptances of other banks and bills of exchange or drafts sold with indorsement _. 454,958 436,486 433,665 677,994 475,155 453,826 551, 586 735.193 612,193 557, 748 592, 732 524,104 Acceptances executed for customers 705, 001 716, 270 717,931 928,329 846,370 800, 423 984, 670 1. 276,1591,125,907 925, 576 929, 337 1,138, 6241,063, 334 Acceptances executed by other banks for account of reporting banks - 26, 008 28, 235 41,417 43, 636 45, 025 42,075 40,400 29,647 24, 654 34, 998 18,127 15, 031 15, 553 N ational-bank notes outstanding 646,162 648, 602 648. 046 649,893 647,354 648, 944 640,610 645, 562 647,481 649, 098 648,999 639, 640 642, 284 Securities borrowed _ 29, 352 37, 782 36, 556 35, 947 48,844 36,337 32,592 35, 533 25, 744 26, 324 23,866 21, 069 24, 822 Other liabilities 201,899 166,726 189, 692 209,109 224, 581 238,116 214,946 245, 585 239,961 226, 915 212, 698 236, 366 210, 885 Total. 43,581, 656|45,091,849 t5,483,69748,935,64646,673,097 45,908, 001 47,305, 588 48, 843, 078 45,860, 379 J, 906,740 46.153.113 47.057, 891J45, 542, 276 Number of banks.. 8,929 8,896 8,837 8,755 8,707 8,616 8,522 8,406 8,315 8,246 8,0521 7,928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL AND STATE MEMBERS—CONDITION OF MARCH 25, 1931, BY CLASSES OF BANKS [Amounts'in thousands of dollars] All member banks National banks J State bank members Central Other Central Other Central Other Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry Total res i e t r y ve re c s i e t r y ve C b o a u n n k t s ry ! : Total re c s i e t r y ve re c s i e t r y ve Country banks banks bai:nks banks banks banks banks RESOUKCES I Loans (including overdrafts) .. 22, 839,946 7,072,129 027,838 739,979 13, 706. 7103, 080, 953 4,888,846 5,736,911 9,133,236!3,991,176 3,138,992 2,003, 068 United States Government securities ..... _ 5,002, 262 1, 794, 616 983,973 223, 673 3,187,177 819, 285 1, 356, 509 1,011,383 1,815,085! 975,331 627, 464 212. 290 Other securities _ - ... 6.886, 357 1, 459, 205 2,100,850 326, 302 4,462,592 629,077 1, 225, 276 2, 608, 239 I 2, 423. 765! 830,1281 875, 574 718,063 Total loans and investments. 34,728,565 10,325,95012,112,66112,289,95421,356,479 4,529,315 7,470,631 9,356,533 13,372,086!5,796,635 4,642,030 2,933,421 Customers' liability on account of acceptances... 1,035,978 843, 975 182,388 9,615 539, 231 394, 833 138,858 5,540 496, 747 449, 142 43, 530 4, 075 Banking house, furniture, and fixtures 1, 239, 935 258, 705 448,479 532, 751 810, 303 115, 694 282, 229 412, 380 429, 632 143,011i 166, 250 120,371 Other real estate owned . 199,935 12, 691 73, 635 113, 609 124, 658 6,453 31,161 87, 044 75, 277 6, 238: 42, 474 26, 565 Cash in vault _ _ 461, 267 56,124 132,143 273, 000 331, 657 25, 443 87, 66" 218, 547 129, 610 30,681' 44, 476 54, 453 Reserve with Federal reserve banks _._ . 2, 364,478 997, 373 784, 615 582,490 1, 441, 387 483, 647 509, 355 448, 38c 923, 091 513,726 275, 260 134,105 Items with Federal reserve banks in process of collection 524, 765 174,811 259,169 90, 785 333,804 97,423 172, 963 63,41* 190,961 77, 388 86, 206 27, 367 Due from banks in United States. 2, 791, 204 294,159 ., 403,363 093, 682 2,000, 347 115,317 995, 539 889, 491 790,857 178,842; 407, 824 204,19 J Due from banks in foreign countries (including own branches) 296, 376 213,803 79, 679 2,894 206, 668 133, 757 70,934 i,97r 89, 708 80,046! 8, 745 917 Exchanges for clearing house and other checks on local banks 975, 215 769,842 164,343 41, 030 496.436 358,129 111,535 26, 772 478, 779 411,713 52,808 14, 258 Outside checks and other cash items 43,344 5,871 23, 752 13, 721 32,131 3,498 17, 403 11,230 11,213 2, 373, 6.349 2,491 Redemption fund and due from United States Treasurer 32, 264 2,241 7,510 22,513 32,264 2,241 7,'510 22, 513 Acceptances of other banks and bills of exchange or drafts sold with indorsement 524.104 424,078 98, 272 1,754 215, 326 157,019 56, 630 1, 677 i 308, 778 267, 059 41, 642 77 Securities borrowed 24.822 13,625 11,197 14,910 6,806 8,104 I 9,912 6,819 3, 093 Other assets 300,024 130, 283 103.597 63,144 147, 535 45, 208 62, 432 39,895 152, 489 "85,"075j 44,165 23, 249 I Total . 45, 542, 276 14, 509,906 15,890, 231 15,142,13928,083,136 6,467. 977 10,021,653 11, 593, 50617,459,140;8, 041, 929 5, 868, 578 3, 548,633 LIABILITIES Capital stock paid in ___ 2, 657,172 837, 214 977,543 1, 712,829 407,104 546, 380 759,345 944,343 430, HO! 296,035 218,198 Surplus _ _ 2, 804,906 1,106,274 845,666 1, 527,834 448, 664 447, 648 631,522 1, 277,072 657, 610 405, 318 214,144 to Undivided profits—net _ 910,480 333, 676 335,350 531,968 127,425 140,198 264,345 378, 512 206,251, 101, 256 71, 005 Reserves for dividends, contingencies, etc _ 225,483 91,240 54,492 113,329 33, 310 48, 356 31, 663 112,154 57,, 93 01 131,395 22,829 F D D D R D C Ca e e e u u u s r s m e e e t e h i f r a t t t i v l o o o n e e e d d t o b F s t t a e e d f a h n o r d e n e s k r e p r d r s o i o a n b o f s i l t a i n f e c t f r n s r r i e f c k e e s o e d s s e r r t e i r s i , t v i ' n g t e a a c n U n x h b e d e c a n s c o n i t , k t u k r e a a s s n d n v _ t o d r e _ S u i l e o t e t s s a t r h t t s a e ( e ' i n s n r c d c h e i l x e n u c p g d k e i n s n s g o e u s o t w a s _ c t n a c _ _ n r b u d r e i a n d n g c a _ h n e d _ s ) unpaid.. 4 6 , , 3 6 5 1 2 3 2 6 4 2 5 3 8 2 6 6 3 8 6 , , , , , , , 3 4 4 7 7 5 5 2 1 2 5 4 0 7 3 6 8 1 7 6 9 5 1 , , 9 4 5 7 3 3 1 1 5 2 2 4 4 6 0 7 , , , , , , 0 7 1 5 4 3 4 1 9 2 7 8 5 1 2 3 1 2 3 5, 4 0 4 7 1 3 5 2 5 2 0 6 2 , , , , , , 4 2 3 4 9 3 3 0 1 4 1 4 0 2 1 5 8 0 8 8 61 2 0 , , 6 0 3 3 4 8 3 3 6 3 3 4 9 1 2 0 2 , , , , , , , 3 6 4 1 9 1 6 5 3 5 5 4 2 1 5 4 7 0 5 2 3 2, 3 7 1 6 1 8 9 1 7 5 3 8 6 5 0 , , , , , , 5 1 2 8 2 9 7 0 7 8 4 4 3 6 1 2 5 53 1 , , 5 5 4 8 1 3 4 3 2 2 3 5 5 1 , , , , , , , 1 0 0 3 6 3 5 0 3 4 0 9 4 4 3 3 2 2 2 2 4 3,8 3 4 1 3 2 5 9 6 0 4 8 1 , , , , , , 6 3 4 0 2 5 5 3 7 7 0 5 4 6 4 7 4 2 9 7 1 6 1 , , 3 2 2 0 5 9 7 0 1 6 4 9 9 6 6 3 , , 2 , , , , , 7 4 4 0 6 0 1 0 9 4 5 0 7 9 0 1 5 4 7 3 4 3,2 9 2 1 6 3 4 3 3 9 1 8 4 1 6 1 2 6 , , , , , , 2 4 8 2 4 3 9 9 3 4 9 6 1 4 1 1 8 1 i 9 8 7 1 ; : j ,8 5 4 5 2 3 1 1 6 8 5 1 0 , , , , , , 9 1 2 8 4 4 0 8 2 5 4 4 0 1 6 0 4 4 4 4 5 L, 2 9 1 1 0 8 8 3 5 2 , , , , , 8 0 2 6 1 6 4 4 4 7 5 4 8 4 9 6 4 1 4 9 9 3 H Time deposits _ - 3, 663, 258 1,836, 254 6, 501,4608,695,334 745, 2273, 005, 5384, 944,569 4,967,9241, 091, 027,2, 320, 006.,556,891 United States deposits 502, 204 172,410 75,468 301, 572 67,069 181,015 53, 488 200,632!] 105,341! 73,311 21,980 T A o g t re a e l m d e e n p t o s s t i o t s repurchase U.S. Government or other securities sold. 15,9 2 9 3 9 , , 5 7 9 9 9 6 10,6 1 2 0 9 , , 1 4 5 1 8 913,21 6 8 , , 9 8 9 41 2 12!,, 1 6 5 , 1 4 , 4 5 9 3622,40 1 9 3 , , 2 8 5 5 7 7 4,784 5 , . 0 0 3 0 7 0 8,37 3 6, f 6 " 11 9,248 5 , ,2 6 0 0 9 9 13,590 9 , , 5 7 3 4 9 2 ! 5,84 5 5 , , 1 3 5 8 8 2 4,842 3 , , 2 3 3 4 0 4 f, 90 1 2 ,2 ,9 4 2 0 7 Bills payable and rediscounts: With Federal reserve banks _ _. 165,106 10.697 28,848 125, 561 130, 289 2,181 26, 206 101, 902 34, 817 8, 516: 2, 642 23, m Acce A p l t l a o n t c h e e s r of other banks and bills of exchange or drafts sold with 116.336 17,156 k 41,811 57, 369 64,177 19, 398 43,881 52,159 16, 258 22. 413 13,488 indorsement .. 524,104 424, 078 98,272 1,754 215, 326 157, 019 56, 630 1,677 308, 778 267, 059 41,042 77 Acceptances executed for customers 1,063,334 868,337 185,854 9,H3| 554,813 407,937 141,835 5,041 508, 521 460, 400 44, 019 i 4,102 Acceptances executed by other banks for account of reporting banks. 15, 553 11,074 3.699 780 8,627 4,670 3,322 635 6,926 6,404, 3771 146 National-bank notes outstanding 642, 284 44,601 149,651 448,032 642, 284 44, 601 149,651 448, 032 Securities borrowed - 24,822 13, 625 11,197 14, 910 6,806 8,104 9.912 ! 6.819: 3,093 Other liabilities - - - .. .. .. 210,885 71,410 67, 556 71.919 61,711 26, 850 21,622 13, 239 149,174 44,560 45.934 i 58.080 Total =5, 542,276 4, 509,90615,890, 23115,142,139 28,083,136 6,467, 977 [0, 021, 65311, 593, 506 17, 459,140i8, 041, 929.0,868, 57813, 548, 633 Number of banks . - 7,8 62 397 7,4 6,930 29 282 6,619 998 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. CO NOTE—For additonal detail (by districts, States, cities, and class of bank) see Memb Bank Call Report No. 51. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Page Federal reserve bank buying rates on 308 Employment in manufacturing industries 313, 315 Held by Federal reserve banks. 307, 341, 342, 343 Exports, merchandise 31fr Held by group of accepting banks. 310 Factors: Held by member banks 309 Of decrease in reserve bank credit outstand- Open-market rates on. 308 ing 307 In foreign countries 331 Of increase in reserve bank credit outstand- Outstanding 310 ing 307 Agriculture. (See Farm products; Deposits of Factory employment and pay rolls 313, 315 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 317, 333 Annual report of Federal Reserve Board 304 Federal reserve bank buying rates on accept- Annual reports of central banks: ances 308 Ecuador 321 Federal reserve bank credit and factors in Italy 318 changes 306, 307 Portugal 322 Federal reserve bank reserves, deposits, note cir- Spain 324 culation, and reserve percentages 334 Balance sheets: Federal Reserve Board: Bank for International Settlements 326 Annual report 304 Federal reserve banks 292, 293 Eddy, Walter L., resignation of, as secre- Foreign central banks 320, 322, 323, 324, 327 tary 304 Bank debits 340 Federal reserve discount rates 304, 308, 339 Bankers' balances 335,338 Federal reserve notes 334, 341, 342, 344 Bank suspensions 311, 337, 345, 346 Float, reserve bank 307, 341 Bills bought, holdings of Federal reserve banks. Foreign countries: (See Acceptances.) Annual reports— Bills discounted, holdings of Federal reserve Bank of Ecuador 321 banks 307, 341, 342, 343 Bank of Italy 318 Bills payable, etc., of nonmember banks 344 Bank of Portugal 322 Brokers' borrowings 310 Bank of Spain 324 Brokers' loans 310 Balance sheets of central banks 320, Building statistics 313, 316, 340 322, 323, 324, 327 Business conditions, national summary of 305 Discount rates of central banks 331 Business failures 340 Exchange rates 326 Capital issues, domestic and foreign 312 Gold holdings 325 Charts: Gold movements 325 Reserve bank credit and factors in changes. 306 Government note issues and reserves _ 330 (See also Review of month.) Money rates 331 Classification of member bank loans and invest- Security prices 332 ments 343 Statistics of central banks 327-329 Commercial failures 340 Statistics of commercial banks 330 Commercial paper outstanding 310 Wholesale prices 333 Condition statements. (See Balance sheets; also Freight-car loadings 313 Deposits; Elements analysis; Loans, etc.) Gold: Debits to individual accounts. (See Bank debits.) Analysis of changes in stock of United Department stores, indexes of sales and stocks. 316 States 307 Deposits: Circulation 344 All banks in the United States 309 Earmarked 307 All member banks 309, 334, 335, 347 Exports and imports 307 Central banks in foreign countries 327-329 At New York 307 Commercial banks in foreign countries 330 Elsewhere 307 Federal reserve banks 334 Holdings of central banks and govern- Member banks in larger and smaller cen- ments 325 ters 335 Movements 307, 325 Reporting member banks 338 Production 307 Discount rates: Stock of United States 306, 307, 344 Central banks in foreign countries 331 Imports, merchandise 316 Federal reserve banks 308, 339 Indebtedness of member banks at Federal re- Discounts, holdings of Federal reserve banks. serve banks 309, 334, 347 (See Bills discounted.) Indebtedness of nonmember banks 344 Elements analysis ' 306, 307, 344 Index numbers of Federal Reserve Board 313-315 350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1931 FEDERAL RESERVE BULLETIN 351 Page Industrial production, index of 313, 314 Money rates—Continued. Interbank loans: Open market 308 Rates on_._ 339 Time loans 308 Volume of 311, 335, 344 National summary of business conditions 305 Interest rates. (See Money rates.) Nonmember banks. (See Deposits, Indebted- Loans and investments: ness, Loans, etc.) All banks in the United States 309 Nonmember deposits, etc., of Federal reserve All member banks 309, 336, 343 banks 307 Central banks in foreign countries 327-329 "Other" reserve bank credit 307,341 Commercial banks in foreign countries 330 "Other securities" held by Federal reserve Member banks in reserve cities 344 banks 307, 341 Member banks outside reserve cities 344 Par list, number of banks on 344 Nonmember banks 344 Par of exchange for 44 countries 326 Reporting member banks in leading cities. . 338 Pay rolls in manufacturing industries, index of. 313, 315 Prices of commodities (wholesale), indexes of: (See also Balance sheets.) Foreign countries, all commodities 333 Manufacturing industries: Foreign countries, groups of commodities.. 333 Index of employment 313, 315 . United States, all commodities 313 Index of pay rolls 313, 315 United States, groups of commodities 317, 333 Index of production 313, 315 Prices of securities, indexes of 312, 332 Market rates and customer rates for money— Production: Review of month 301 Industrial, index of 313, 314 Maturity distribution of bills and short-term Manufactures 313, 314 securities 344 Minerals _ 313, 314 Member bank borrowings at Federal reserve Reporting member banks: banks (see also Bills discounted) 308 Borrowing at Federal reserve banks. 308, 310, 338 Member bank reserve balances.. 306, 307, 334, 241, 242 Loans and investments 310, 338 Member banks. (See Deposits, Loans, etc.) Due to banks 338 Membership in par collection system 344 Reserve bank credit outstanding and factors in Minerals, index of production 313, 314 changes 306, 307, 344 Monetary gold stock of the United States 306, 307 Reserve bank float 307, 341 Monetary units of 44 countries 326 Reserve ratios of Federal reserve banks 334 Money in circulation: Reserves: By kinds 344 Federal reserve banks 334, 341, 342 Chart showing 306 Member banks 334, 341, 342, 347 Coin, notes, etc 344 Central banks in foreign countries 327-329 End of month 344 Review of the month—Market rates and cus- Monthly averages of daily figures 307 tomer rates for money 301 Wednesday series 344 Security prices, indexes of ._ 312, 332 Weekly averages of daily figures 306, 307 Silver, price of .... 326 Money rates: Stocks. (See Security prices; Capital issues.) Acceptances, New York City 308 Stocks at department stores, index of 316 Acceptances, foreign countries 331 Time deposits of member banks 309, 335, 338 Call loans, New York City 308 Treasury currency (adj usted) 307 Call loans, England, Germany, Japan 331 Unexpended capital funds of Federal reserve Charged customers by banks in principal banks 307 cities 308 United States securities, holding of Federal New York City 308 reserve banks 307, 341, 342 Other northern and eastern cities 308 United States Treasury notes and certificates, Southern and western cities 308 yield on 308 Commercial paper 308 United States Treasury bonds, yield on 308 Interbank loans 339 Wholesale prices. (See Prices.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS to IOWA CHICAGO I Meinprns n i ' -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