Federal Reserve Bulletin, 1931-07

FEDERAL RESERVE BULLETIN JULY, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Gold and Currency Movements Gold Reserves of Principal Countries Annual Report of Bank for International Settlements Annual Reports of Central Banks: Egypt, Estonia, Greece, Japan, Yugoslavia 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. MAGEE. -, Secretary. WALTER WYATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research Chief, Division of Examination, and Chief Federal and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) HERBERT K. HALLETT. District No. 2 (NEW YORK) R. H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) . JOHN POOLE. District No. 6 (ATLANTA) 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. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman Governor Deputy governor Cashier of— Boston ..._ ... Frederic H. Curtiss... Roy A. Young W. W. Paddock W. Willett. New York ... J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.i A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walters. Logan J. M. Rice.i L. R. Rounds Allan SprouU L. F. Sailer Philadelphia R. L. Austin Geo. W. Norris - Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.a Cleveland George DeCamp E R Fancher M J Fleming H. F. Strater. Frank J. Zurlinden Richmond Wm. W. Hoxton George J. Seay 0. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black W. S.Johns M. W. Bell. H. F. Conniff W. S. McLarin, jr.i Chicago Eugene M. Stevens. _. J. B. McDougal C. R. McKay W. C. Bachman.i John n. Blair D. A. Jones.* J. H. Dillard.... 0. J. Netterstrom.i E. A. Delaney.i St. Louis John S. Wood Wm McC. Martin 0. M. Attebery S. F. Gilmoro.a A. H. Haill.a F. N. Hall.2 G. 0. Holloeher.2 C. A. SchachU Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemor. H. 1. Ziemer Frank C. Dunlop.1 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. 0. Ford.* San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk i Assistant deputy governor. 8 Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch. C. E. Daniel. Baltimore branch A. 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. We«?t. 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—Gold and currency movements 353 Loss of gold by Germany—The President's statement—Recent gold receipts—Gold reserves of central banks—Reserve position of central banks—Currency withdrawals Changes in foreign central bank discount rates 356 National summary of business conditions 361 Earnings and expenses of member banks 357, 424-429 Revised index of building contracts 358-360 Condition of all banks in the United States on March 25, 1931 365, 416, 430-432 Annual report of the Bank for International Settlements 374 Currency reform in Yugoslavia 380 Annual report of the National Bank of Yugoslavia 380 Annual report of the Bank of Japan 384 Annual report of the Bank of Greece 386 Annual report of the Bank of Estonia 389 Annual report of the National Bank of Egypt 390 Gold reserves of principal countries, 1913-1930 392, 394 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table 362, 363 Analysis of changes in monetary gold stock, gold movements 363 Member bank borrowings at Federal reserve banks 364 Discount rates and money rates 364 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 365 Bank suspensions 367 Number of banks, banking offices, banks operating branches 367 All member banks— Loans and investments, deposits, reserve position 365 Loans to banks 367 Loans to customers, open-market loans and investments 365 Holdings of elibigle assets (Government securities and eligible paper) 367 Weekly reporting member banks in leading cities 366, 416 Bankers' acceptances, commercial paper, brokers' loans 366 Security prices, security issues, and security loans 368 Production, employment, car loadings, and commodity prices 369 Industrial production 370 Factory employment and pay rolls 371 Building contracts awarded, by types of building 372 Merchandise exports and imports 372 Department stores—Indexes of sales and stocks 372 Freight-car loadings, by classes 372 Wholesale prices, by groups of commodities 373 Financial statistics for foreign countries: Gold reserves of central banks and governments 394, 400 Gold movements 401 Foreign exchange rates 402 Bank for International Settlements 403 Central banks 404-406 Government note issues and reserves , 407 Commercial banks 407 Discount rates of central banks 408 Money rates 408 Price movements: Security prices 409 Wholesale prices 410 Retail food prices and cost of living 410 Banking and business conditions in Federal reserve districts 411-418 Detailed Federal reserve statistics, etc 419-423 Index 433-434 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 JULY, 1931 No. 7 REVIEW OF THE MONTH the fiscal year beginning on July 1, conditional on a like postponement for one year of all pay- In recent weeks additions to this country's ments of intergovernmental debts owing the gold stock, which have been continuous since important creditor powers. The purpose of last autumn, greatly increased this action is to give the forthcoming year to Germany01*1 ** in volume. In addition to the the economic recovery of the world and to help inflow of gold from Argentina free the recuperative forces already in motion and Canada, a large amount of gold, which had in the United States from retarding influences previously been held under earmark for foreign from abroad. account, was released in the United States. This release of gold was connected with a large- "The world-wide depression has affected the scale withdrawal of short-time funds from the countries of Europe more severely than our German market. During the period from May own. Some of these countries are feeling to a 31 to June 23 the Reichsbank lost $230,000,000 serious extent the drain of this depression on in gold and $20,000,000 in foreign exchange, national economy. The fabric of intergovernwith the consequence that its reserves were mental debts, supportable in normal times, reduced close to the minimum required by law. weighs heavily in the midst of this depression. On June 24 the Federal Reserve Bank of "From a variety of causes arising out of the New York, in association with other Federal depression, such as the fall in the price of reserve banks, and with the approval of the foreign commodities and the lack of confidence Federal Reserve Board, agreed, if desired, to in economic and political stability abroad, there purchase from the Reichsbank up to a total of is an abnormal movement of gold into the about the equivalent of $25,000,000 of prime United States which is lowering the credit commercial bills. The agreement of the Fed- stability of many foreign countries. These eral Reserve Bank of New York was made in and the other difficulties abroad diminish buycooperation with the Bank of England, the ing power for our exports and in a measure are Bank of France, and the Bank for International the cause of our continued unemployment and Settlements, as a part of the credit arrangement continued lower prices to our farmers. with the Reichsbank aggregating in all approx- "Wise and timely action should contribute imately the equivalent of $100,000,000. to relieve the pressure of these adverse forces The serious international situation led the in foreign countries and should assist in the President of the United States to issue on June reestablishment of confidence, thus forwarding 20 a statement proposing "the political peace and economic stability in the postponement during one year world." of all payments on intergov- . During the period of two months ending on ernmental debts, reparations, and relief debts, June 24 the gold stock of the United States both principal and interest." The President's increased by $200,000,000, of statement proceeds to say: e" which $90,000,000 was added "Subject to confirmation by Congress, the during one week, the largest American Government will postpone all pay- addition to the gold stock for any week in the ments upon the debts of foreign governments history of the country. Such a large addition to the American Government payable during to the gold stock in one week was facilitated 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN JULY, 1931 by the fact that a part of the gold was not 000,000 since 1927, while in the United States shipped from abroad, but was already in this gold stock increased until May, 1927, then country held under earmark for foreign •account declined by about $500,000,000 to the middle and was added to the country's monetary gold of 1928, changed relatively little to the beginstock through release from earmark. ning of 1929, and rose by about $800,000,000 Recent international movements of gold from that time to the present. The gold stock make it opportune to review briefly the changes of the Bank of England has fluctuated, but has in gold holdings of the principal not changed materially during the entire SOcfntra?Sbanks countries during the past five period, though in recent months it has inyears.1 creased. The gold holdings of the Keichsbank, Two charts are here presented showing which had begun to increase in 1924, after the changes in gold reserves of some of the principal adoption of the Dawes plan and the flotation of the international loan provided for by this U.S.MONETARY GOLD STOCK plan, continued to increase until the end of AND GOLD RESERVES OF CENTRAL BAKKS M 50 IL 0 LI 0 ONS OF DOLLARS - M1J ILLIONS OF DO 1 L 5 L 0 AR 0 S 0 1928, when they reached their postwar maximum of $650,000,000. From that time until U.S. Monetary Gold Stock June of this year the gold holdings of the bank 4500 showed relatively little net change, although there were two large decreases, one in the 4000 4000 spring of 1929 during the course of the negotia- 2500 2500, tions of the Young proposals, and the other after the results of the elections in the autumn 2000 2000 of 1930 became known. From November, Bank of France 1930, the Reichsbank's gold holdings gradually 1500 1500 CENTRAL GOLD RESERVES OF SELECTED COUNTRIES Mill QMS OF DOLLARS MILLIOWS OF DOLLARS 700 1000 1000 Bank of England 5 600 Japan 500 Reichsbank 500 500 1926 1927 1928 1929 1930 1931 400 400 Figures are for last report date of month. Latest figures shown are as L .follows: United States, June 30; Bank of England, June 24; Bank of I France, June 26; German Reichsbank, June 30 300 300 X Australia countries of the world since the beginning of 1926. The first chart shows the monetary 200 Brazil V 200 gold stock of the United States and the 100 100 central gold reserves of France, England, and Germany, the principal commercial countries, while the second chart shows the central 1926 1927 1928 1929 1930 1931 Figures are for last report date of month; latest figures for end of May. gold holdings of Argentina, Brazil, Australia, Figures for Australia represent estimates of gold held by 12 Australian banks, including Commonwealth Bank and Japan, all outlying raw-material producing countries. These charts bring out the fact that increased until the beginning of June of this the principal recipients of gold since 1926 have year, but in the last few weeks they dropped been the United States and France, the con- abruptly by $230,000,000 to the lowest level at tinuous growth of gold in France being $1,500,- any time since 1926. The other chart shows that Argentina and 1 Elsewhere in this issue there appears a table on central gold reserves Brazil had very considerable increases in gold for a series of years with a brief discussion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 355 holdings during the easy-money period at the to be not less than 40 per cent, declined to end of 1927 and the early part of 1928, but lost 40.4 per cent. There was relatively little gold, in the case of Argentina from the middle change in the ratio of the Bank of Italy, as of 1928, and in the case of Brazil from the be- its gold holdings changed little and the deginning of 1930 to the present time. In crease in foreign exchange holdings was ap- Australia gold holdings declined somewhat in proximately offset by a decrease in liabilities. 1926, remained at a constant level to the latter The central banks of Belgium, Switzerland, part of 1929, and then decreased by about and Netherlands showed increased reserve $150,000,000 to the present time. ratios. In general, the table indicates that For the period from the end of 1929, when during the period from the end of 1929 to the the present movement of gold to the United middle of 1931 there was an improvement in States began, to the present the reserve position of most of the European time>a table has been prePared central banks, as well as of the Federal reserve banks. showing for the beginning and the end of the period the ratios of reserve The large increase in gold stock of the United material, including gold and foreign exchange, States during the past two months did not reto the total note and deposit liabilities of the sult in a decrease in the deprincipal central banks, and changes for the drawea]lsCy ^^ mand for reserve bank credit, period in the volume of gold, foreign exchange, the volume of which remained and demand liabilities of these banks. fairly constant from the middle of April until the middle of June, owing chiefly to the fact RESERVE POSITION OF CENTRAL BANKS that there was a substantial increase in the [Figures are for last report date of month] demand for currency in connection with dis- Increase or decrease be- turbed banking conditions, particularly in the Ratio of reserve tween December, 1929, material to and May, 1931 (mil- Chicago district. notes and lions of dollars) deposits (per Currency demands caused by banking discent) Reserve material turbances have developed on several occasions Notes since the early part of last November, and there and de- D 19 e 2 c 9 , M 19 a 3 y 1 , Gold e F x o ch re a i n g g n e posits has been a large increase since November in the amount of currency that is either held in Federal reserve banks 66.8 81.1 +392 -272 private hoards or has been added to vault Bank of France 76.7 81.2 +547 +9 +495 Bank of England 29.5 33.0 +29 -167 cash by banks in excess of their usual require- German Reichsbank 43.4 50.8 +26 -267 Bank of Italy 51.1 49.8 +7 -57 -74 ments. Money in circulation, which in this National Bank of Belgium.. 59.8 68.1 +38 +41 +65 Swiss National Bank 79.0 85.1 +9 —6 -12 country is used only for a relatively small pro- Netherland Bank 75.4 76.6 +1 2+2 -2 portion of total payments, fluctuates usually in 1 Not reported. accordance with changes in the volume of retail 2 Report of foreign exchange holdings incomplete. trade, factory pay rolls, and changes in the cost The ratio in the United States and in France of living. Since 1926, however, there has been increased to approximately the same level of a gradual decrease in the volume of money in 81 per cent; the ratio at the Bank of England circulation, which up to the autumn of 1929, and at the Reichsbank also increased owing, a period of active business, was due chiefly to however, more to a decrease in note and de- an increase in the use of checks and to a return posit liabilities than to an increase in gold. flow of American currency from foreign coun- The table carries figures to the end of tries after stabilization of their own currencies, May. After that time the Reichsbank lost as well as to a gradual decline in the cost of $256,000,000 of reserves in gold and foreign living and to some economy in the use of cash exchange, so that by June 23 the bank's ratio by banks. By October, 1929, the volume of of reserves to notes, which by law is required money in circulation was $200,000,000 lower Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDEBAL RESERVE BULLETIN JULY, 1931 than for the same month in 1926. From Octo- indicating that the seasonal demand was offset ber, 1929, to October, 1930, the amount of in the total by a further return of money from currency in circulation declined further by private hoards. In April, May, and June, how- $300,000,000, this decline being due to the ever, a series of bank failures occurred in the depressed condition of business. Beginning Chicago district, which led to further withwith November, however, when important bank drawals of currency, the total amount of money failures occurred in Tenneesee and Kentucky, in circulation increasing by $200,000,000 bethe amount of money in circulation increased tween the end of March and the middle of rapidly, far in excess of the usual seasonal June. , Withdrawals of currency of such magrequirements for the holiday trade. When nitude constitute, under present conditions, a allowance is made for the seasonal factor, it factor of considerable importance in the appears that the nonseasonal increase in de- general credit position and the relation of the mand for currency continued through Decem- Federal reserve system to it. ber and the early part of January, following upon bank failures in New York and Philadelphia. In the latter part of January, however, Changes in Foreign Central Bank Discount Rates as confidence was reestablished, a considerable The following changes have been reported in volume of currency was redeposited at the the discount rates of central banks in foreign banks and by them passed on to the reserve countries; Austrian National Bank, June 6, banks, so that the return flow of currency to from 5 to 6 per cent; June 16, from 6 to 7% these banks during this period was more than per cent; National Bank of Bulgaria, June 4, seasonal in volume. During February and from 9 to 8% per cent; German Keichsbank, March the volume of currency in use is usually June 13, from 5 to 7 per cent; National Bank somewhat larger than in January, but during of Hungary, June 16, from 5K to 7 per cent; this period of the current year there was little National Bank of the Kingdom of Yugoslavia, change in the volume of money in circulation, June 29, from 5% to 6K per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 357 EARNINGS AND EXPENSES OF MEMBER BANKS Net profits of member banks decreased in Interest earned and deposit interest paid.— amount by 45 per cent from 1929 to 1930, Interest earned is classified as between amounts according to figures that have recently become earned on loans, investments, and balances with available, and the rate of return on the banks' other banks; interest paid on deposits is classiinvested capital decreased from 8.75 per cent fied as between interest paid on time, demand, in 1929 to 4.56 per cent in 1930. and bank deposits. Comparison of amounts of The net profits per $100 of the banks' interest earned and paid with the assets and aggregate loans and investments decreased for deposits to which they relate indicates approxithe year by 69 cents—from $1.56 in 1929 tomately the average rates that were effective 87 cents in 1930—reflecting chiefly a decrease during the year period. Such rates are preof 62 cents in gross earnings that was largely sented in the accompanying table. It should the result of a lower level of interest rates in be noted that these rates are derived by com- 1930. Other factors were a substantial increase parisons of aggregates, and that the loans, inin net losses on loans and investments. Ex- vestments, and deposits with which amounts of penses were reduced for the year by 18 cents interest are compared, being averages of figures per $100 of earning assets. for five call dates, are only approximations of The figures of member bank earnings and the amount upon which interest was earned or expenses in 1930 and 1929 are summarized in paid. the accompanying table and are given in detail on pages 424 to 429. INTEREST EARNED AND DEPOSIT INTEREST PAID BY MEMBER BANKS: 1929-1930 EARNINGS AND EXPENSES OF MEMBER BANKS: 1929-1930 A s m an o d u s n o ts f ( d i o n l l t a h r o s u ) - ra A te p s p r ( o p x e i r m ce a n te t)1 1930 1929 1930 1929 Amounts (in thou- Amounts per sands of dollars) $100 a o s f s e e t a s rning Inter O es n t l a o n a d n s d . i . scount earned: 1,349,364 1, 562,769 5.4 6.1 On investments.. 472,351 472,868 4.6 4.7 1930 1929 1930 1929 Total 1,821,715 2,035, 637 5.1 5.7 On balances with other banks 35,799 33,264 1.4 1.7 Gross earnings 2,228, 774 2,474,099 6.30 6.92 Expenses 1,604,335 1,683, 720 4.53 4.71 Interest paid on deposits: Time 450,865 444,636 3.3 3.3 Net earnings.. 624,439 790,379 1.76 2.21 Demand 225,280 246,493 1.3 1.3 Bank 72,847 68,131 1.7 1.8 Net losses: On loans and discounts.. 171,323 114,384 .48 .32 Total 748,992 759,260 2.1 2.1 On investments 96, 694 75,509 .27 .21 Allother — 49,920 43,972 .14 .12 i Obtained by dividing amounts of interest by averages of the amounts of related assets and deposits for 5 call dates. Total 317,937 233,865 .90 .65 NOTE.—Statistics of member bank earnings and expenses, together Net profits 306,502 556, 514 .87 1.56 with some analytical material, have been published in previous issues of the BULLETIN as follows: February, 1931, pp. 105-106; July, 1930, pp. Loans and investments * 35,395,412 35, 727,128 411-413 and 476-481; January, 1930, pp. 49-50; August, 1929, pp. 530-532 Capital funds 12- 6, 722, 782 6,360,306 and 587-592; December, 1928, pp. 826-828 and 877-881; July, 1928, pp. 450- 452 and 536-539; December, 1927, pp. 830-832 and 882-885; July, 1927, pp. 460-463 and 549-553; January, 1927, pp. 22-28; June, 1926, pp. 409-414; 1 Averages of amounts from reports of condition for 5 call dates Decem- December, 1925, pp. 869-873; June, 1925, pp. 402-405. ber to December; loans and investments exclusive of bills sold with Statistics for calendar years 1923-1929 were published in the Annual indorsement. Report of the Federal Reserve Board for 1930, pp. 135-136; for years 2 Capital, surplus, and undivided profits including reserve for divi- ending June 30, 1926-1930, on pp. 207-209. dends and contingencies, and excluding reserve for taxes, interest, and Detailed figures for national banks are published in the annual reports other expenses accrued. of the Comptroller of the Currency. 64652—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN JULY, 1931 REVISED INDEX OF BUILDING CONTRACTS A revised index of building contracts awarded, sas and Nebraska. Beginning with May, 1921, computed by the board's division of research figures for North and South Carolina were and statistics, is published herewith, replacing added, and in January, 1923, reporting servthe index heretofore published in the BULLETIN ices were started in Florida, Georgia, Alabama, and described in the issue for August, 1927. Mississippi, Louisiana, Arkansas, and Okla- Minor revisions have been made in the orig- homa. In May, 1924, figures for Texas were inal data, but the principal changes consist of added, so that since that time the Dodge recomputation of two separate indexes—the first ports have covered 37 States. In order to of contracts for residential building and the obtain comparable figures for the entire period second for all other types of construction—and 1919-1931, the total volume of contracts their combination into an index of total building awarded in 37 States was estimated for the contracts awarded; the use for a given month period January, 1919, to April, 1924. For all INDEX OF BUILDING CONTRACTS AWARDED 1923-25=100 PER CENT 160 1*0 120 100 80 60 i Adjusied for Seasonal Variation Without Seasonal Adjustment 20 10 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 Index of value of building contracts awarded, based on 3-month moving averages, centered at the middle month of each group of three of average figures of contracts for three con- States which were not originally included in secutive months instead of data for the single the report, with the exception of Texas, it month; and the adjustment for typical seasonal was assumed that contracts awarded formed movements by means of newly derived adjust- the same percentage of the total in the earlier ment factors computed separately for residen- period as in the three base years 1923-1925; tial and for "all other" contracts. for Texas a similar estimate was made on the Data used.—The index of the value of build- basis of the relationship existing in the period ing contracts has been derived for the period May, 1924, to December, 1925. 1919 to date from monthly figures reported by Three-month moving averages.—Value of the F. W. Dodge Corporation. From Janu- building contracts awarded fluctuates widely ary, 1919, to April, 1921, their reports included from month to month in a given year, partly figures for 25 States east and north of and in- as a result of seasonal developments and partly cluding North and South Dakota, Iowa, Mis- in response to accidental factors such as the souri, Tennessee, and Virginia, together with award of a few very large contracts in a parthe District of Columbia and portions of Kan- ticular month. Wide fluctuations of an irreg- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

359 JULY, 1931 FEDERAL RESERVE BULLETIN ular character obscure sustained movements represents the index without adjustment for and make difficult the calculation of typical seasonal variation, and the heavy line the measures of seasonal variation. In the re- seasonally adjusted index. vised index these erratic movements are Adjustments for seasonal variation.—The eliminated in part by the use of averages of 3-month moving averages of contracts awarded contracts for three months instead of data for were adjusted for seasonal movements by the one month. For example, the unadjusted use of indexes of seasonal variation, shown in index for May is based upon an arithmetic the second section of the table on page 360. average of the value of contracts awarded in These indexes of seasonal variation were de- April, May, and June, and the index for June iived from the unadjusted indexes of contracts is based upon a similar average for May, June, awarded by the "ratio-to-moving average" and July. The computation of these 3-month method used in the board's other indexes, moving averages, centered at the middle and described in the FEDERAL RESERVE BUILDING CONTRACTS AWARDED MILLIONS OF DOLLARS MILLIONS OF DOLLARS 700 700 600 500 400 300 200 200 100 100 1919 1920 1921 1922 1923 1924 1925 1926 1927 1926 1929 1930 1931 Estimated value of building contracts awarded in 37 eastern States. The figures are 3-month moving averages centered at the middle month of each group of three, and are adjusted for seasonal variations. See text month of each group of three, was made BULLETIN for April, 1928, page 236. The separately for residential contracts and for estimated value of residential and of "all "all other" building contracts. other7' construction contracts were adjusted Index numbers on a 1923-1925 base were separately for seasonal variation by dividing constructed separately for residential and "all by the indexes of seasonal variation, and the other" building contracts by dividing these adjusted value aggregates for these two series 3-month moving averages by the average were combined to obtain the seasonally advalue of contracts awarded in the years 1923- justed total of contracts awarded. The 1925.* An index of total contracts was com- adjusted aggregates, indicating the changing puted from the combination of the value of relative importance of residential and "all awards for the two types of construction. other" building contracts, are shown in the These indexes are given in the accompanying second chart. table and the index for total contracts awarded Seasonally adjusted indexes for residential is shown on the first chart, where the light line and "all other" building contracts and the index for the two series combined were com- 1 A 36-month average of the centered 3-month moving averages. Thus the figure for January, 1923, based on an average of awards for puted from these seasonally adjusted aggre- December, 1922, January and February, 1923, was the first figure in the base period, and the figure for December, 1925, based on an average gates in the same manner as the unadjusted of awards in November and December, 1925, and January, 1926, was indexes. the last figure included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN JULY, 1931 VALUE OF BUILDING CONTRACTS AWARDED: REVISED INDEXES [Index numbers based on 3-month moving averages; 1923-1925=100. Source of original figures: F. W. Dodge Corporation] Without seasonal adjustment Adjusted for seasonal variation Month 1919192019211922 1923 1924 1925 1926 1927 1928 1929 19301931 1919 19201921192219231924 1925 1926 1927 1928 1929 19301931 Total, all classes Jan 21 65 31 50 64 76 78 113 107 111 98 78 58 30 91 43 67 Feb . 27 72 37 59 76 87 90 121 114 121 102 89 68 32 86 43 68 Mar 40 80 48 77 89 102 111 130 132 138 121 102 77 39 78 46 75 Apr 53 86 60 95 102 113 127 142 144 155 139 113 82 44 71 50 78 May 69 82 66 100 102 111 133 135 145 159 143 125 79 55 65 53 80 June 8?, 72 64 99 94 99 131 131 140 154 144 116 70 60 55 85 July 88 66 62 96 83 92 140 136 140 142 136 107 78 57 57 88 Aug 82 58 64 89 76 88 140 137 131 137 129 85 78 54 61 86 Sept _ _81 56 65 80 80 93 139 137 133 138 112 82 78 54 64 80 Oct 74 49 6? 72 81 95 128 127 126 134 104 75 78 52 76 Nov . 74 40 57 67 82 93 125 125 122 122 94 68 88 49 66 76 Dec 66 34 52 63 77 84 119 114 111 107 84 59 — - 90 46 66 79 Year....63 63 56 79 84 94 122 123 129 135 117 92 :Residential building Jan 9 31 19 50 68 86 80 113 97 116 81 46 37 11 24 Feb 15 31 27 55 77 101 90 114 105 128 84 44 42 18 32 Mar 25 40 36 66 87 110 114 128 123 143 106 54 50 24 34 Apr 39 45 45 80 97 119 131 140 133 152 117 62 52 32 36 May 5? 41 48 83 89 107 130 135 132 149 113 61 47 42 38 June .. _ 61 31 44 78 80 90 124 120 117 140 102 54 58 30 42 July 63 26 44 70 72 82 131 116 115 127 94 48 63 27 46 Aug.. . .59 24 48 63 68 78 137 115 108 116 84 48 61 26 51 Sept 60 25 54 64 77 85 144 122 119 118 73 52 59 25 55 Oct 54 24 56 68 83 93 140 123 120 115 67 51 55 24 57 Nov 49 21 57 71 89 97 139 120 120 112 66 46 51 22 59 Dec-.. 37 19 54 72 89 90 125 109 111 93 53 37 43 21 59 Year....44 30 44 68 81 95 124 121 117 126 87 50 All other building Jan 30 93 40 50 61 76 113 115 108 111 104 75 45 134 Feb 37 106 45 63 75 76 90 126 121 115 116 126 89 44 127 Mar 113 57 86 91 96 109 132 138 134 133 141 98 51 110 Apr 64 119 73 107 106 108 124 143 153 157 158 156 107 54 99 May 83 114 81 113 112 113 136 136 157 168 168 178 106 66 91 June _ 99 105 80 117 106 106 137 140 158 166 178 166 80 85 July . 108 98 77 117 91 101 147 151 160 155 170 155 90 82 Aug 101 86 77 110 83 95 142 155 149 154 166 115 92 78 Sept 99 80 74 93 82 99 134 149 145 154 144 108 94 77 Oct 90 69 67 76 80 96 118 130 131 150 135 94 97 74 Nov 94 56 58 63 76 91 113 130 124 130 116 86 117 70 Dec 90 46 50 56 68 80 113 119 111 117 109 77 128 66 Year....79 90 65 88 86 94 120 135 139 142 142 125 CD CO CO CO CO i—11—i <M »ra oc 83 95 97 139 132 137 120 95 71 85 97 103 139 131 138 118 104 79 85 98 107 127 128 137 121 102 77 84 96 111 126 128 137 123 101 73 84 95 118 120 128 137 121 105 66 84 91 123 122 128 139 126 99 78 88 131 126 128 132 124 95 76 86 137 132 126 131 122 81 81 92 133 130 128 134 110 81 85 98 131 130 128 136 107 78 91 99 131 132 129 132 103 76 92 98 136 131 131 127 102 73 80 101 96 135 117 139 97 56 44 82 107 99 127 117 142 94 49 47 80 102 105 121 116 136 101 52 47 78 98 112 121 115 130 100 53 44 77 96 117 120 115 130 97 52 40 75 78 91 126 119 114 133 95 49 74 77 87 135 119 114 126 93 47 69 75 85 145 119 113 119 86 49 67 81 88 141 120 118 118 73 52 69 84 93 138 122 119 115 67 52 74 90 95 137 118 121 114 67 48 76 94 95 134 117 125 106 61 43 58 79,86 91 99 141 144 135 139 128 93 53 75 88 89 106 149 142 135 137 148 104 84 89 94 108 132 138 137 137 144 100 61 89 89 94 110 130 139 142 142 140 96 64 90 89 94 118 120 139 143 141 148 87 65 94 88 91 120 125 140 144 152 140 65 99 79 88 128 133 140 137 149 135 70 100 76 87 130 142 136 141 152 106 71 90 80 96 127 139 136 147 140 105 7? 81 86 103 125 137 135 152 139 99 72 78 91 103 126 142 136 146 132 99 .... 72 81 90 101 138 142 136 145 136 98 VALUE OF BUILDING CONTRACTS AWARDED: REVISED INDEXES OF SEASONAL VARIATION [Based on 3-month moving averages; average for year=100; for description of method used in computing seasonal indexes, see BULLETIN for April, 1928, p. 236] Residential All other 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 193 L1919 1920 1921 1922 1923 19241925192619271928192919301931 Jan 79 80 81 82 85 85 84 84 83 83 83 83 83 67 69 69 70 71 74 77 80 80 80 80 81 81 Feb 83 84 85 90 94 94 91 90 90 90 89 89 89 84 84 85 85 85 85 85 8^ 8^ 85 Mar 106 106 106 106 108 108 107 106 106 105 105 105 105 102 102 102 102 102 102101100100 98 97 98 98 Apr 124 124 124 124 124 122 117 116 116 117 117 117 117 120 120 120 120 119 115in no110no111in 11 *> May 124 124 124 122 116 112 111 112 114 115 116 117 118 125 125 125 125 125 120J 1.5.13113117119120122 June 105 105 105 105 102 99 99 101 103 106 108 109 110 124 124 124 124 120 116n4 n2 113115117119120 July 100 98 96 95 94 94 97 98 101 101 101 101 101 120 119 118 118 115 115115114114113114 115115 Aug 97 96 94 92 90 92 95 96 96 97 97 98 99 110 ±10 110 110 109 109109109109109109108108 Sept 102 100 98 95 95 97 102 102 101 100 100 100 100 105 104 104 103 102 103106 10710610a103102101 Oct 98 98 98 98 98 100 101 101 101 100 99 98 97 93 93 93 93 93 94 94 95 97 98 97 95 94 Nov 9f> 96 97 97 99 102 102 101 100 98 98 97 9f> 80 80 80 80 84 88 89 91 91 89 88 87 86 Dec 86 89 92 94 95 95 94 93 89 88 87 86 85 70 70 70 70 75 79 82 84 82 81 80 79 78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

361 JULY, 1931 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 24 and released for publication June 26] Volume of industrial production showed sonal tendency, and the board's index declined little change between April and May, following to the level prevailing before the sharp increase upon increases for four consecutive months, in April. Total freight-car loadings increased while factory employment declined by the somewhat less than usual. usual seasonal amount. The general level of Wholesale prices.—The general level of wholesale prices continued to decline. wholesale prices declined 2.7 per cent further in Production and employment.—Volume of in- May, according to the Bureau of Labor Stadustrial production, as measured by the board's tistics, reflecting large decreases in prices of seasonally adjusted index, was about the same agricultural products, textiles, nonferrous metin May as in April, 9 per cent larger than in als, and building materials. In the first half December, and 14 per cent smaller than in of June prices of livestock, which had declined May, 1930. Steel output continued to decline rapidly in April and May, advanced, while more rapidly than is usual at this season, and prices of petroleum continued to decline. consumption of cotton by domestic mills was Bank credit.—Loans and investments of realso curtailed, while wool consumption con- porting member banks in leading cities declined tinued to increase, contrary to the usual sea- further by about $285,000,000 in the four weeks sonal tendency, and shoe production, which ending June 17, reflecting reductions in loans ordinarily declines in May, showed little on securities. "All other" loans, largely change; daily average output of automobiles, commercial, have shown little change since the according to preliminary reports, was about the early part of May. The banks' investments, same as in April. During the first three weeks which reached a new high level late in April, of June activity at steel mills declined further. were reduced somewhat during May and have In the first five months of the year, taken as fluctuated within a range from $7,800,000,000 a whole, output of textile mills and shoe fac- to $7,850,000,000 since that time. tories has been in about the same volume as in During the four weeks ending June 17 there the corresponding period of last year, while were imports of gold from Argentina and Canoutput of steel, automobiles, and lumber has ada, and in addition a large amount of gold prebeen about one-third smaller. viously ear-marked for foreign account was Changes in employment from the middle of released in the United States. The total in- April to the middle of May were of the usual crease in the stock of monetary gold was $120,seasonal character in many manufacturing 000,000 for the period, of which $90,000,000 industries. In the iron and steel industry, was added during the last week. Payments of however, at car-building shops and at establish- currency into circulation, accompanying bank ments producing machinery, employment de- suspensions in the Chicago district, absorbed a clined considerably, while it increased in the large part of the funds arising out of the addiautomobile and tire industries. At textile tions to the gold stock, with the consequence mills employment increased somewhat, con- that there was little change in the volume of trary to seasonal tendency, while in the clothing reserve bank credit. industry the number employed decreased. Money rates.—Money rates in the open Value of building contracts awarded in May market continued-at a low level during May was somewhat smaller than in April, reflecting and the first three weeks of June. There was chiefly a decline in awards for public works and a further decline in prevailing rates on comutilities. In the first half of June, daily average mercial paper from a range of 2-2% to a level of value of contracts awarded increased some- 2 per cent, while rates on bankers' acceptances what, reflecting larger awards for public works were unchanged at seven-eighths of 1 per cent. and utilities, offset in part by decreases in Rates paid on deposits by banks were further awards for other types of construction. reduced, and clearing house banks in a number Distribution.—Sales by department stores of financial centers established a rate of one-half decreased in May, contrary to the usual sea- of 1 per cent on bankers' balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDEKAL RESERVE BULLETIN JULY, 19 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5400 i 15400 5200 5000 4800 4600 4400 4200 1927 1928 1929 1930 1931 Based on weekly averages of daily figures; latest figures are for week ending June 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

363 JULY, 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 u ta i r t t i e e ti s d es c r O e b re s a t e d h n r i e k v t r e i Total Mo s g t n o o e c ld t k aryT c j r u u e r ( s r a a t e d s e n u - d c ) r y y i M n l a o c ti i n o r e c n y u- M b r a e b e l s a a m e n n r b k c v e e e s r d m e N e p e m o o tc s n b . i - e ts r , p c U f e a u n p n n d i e d t x e a s d - l 1930—January... - 501 314 485 1,357 4,282 1,784 4,652 2,349 29 February _ 378 285 480 1,181 4,317 1,781 4,554 2,305 27 393 March _ _ 274 246 540 1,095 4,394 1.797 4,532 2,330 27 397 April _ 231 266 530 1,072 4,443 1,781 4,518 2,350 28 400 May _ 247 182 529 996 4,505 1,779 4,497 2, 356 29 June 251 141 571 1,000 4,528 1,775 4,439 2, 392 27 July 226 154 583 1,003 4,532 1,789 4,483 2,417 35 389 August 214 153 599 998 4,496 1,787 4,476 2,392 28 385 September 189 197 597 1,016 4,503 1,785 4, 492 2,397 26* 389 October.. 196 185 602 1,020 4,520 1,787 4,501 2,407 27 392 November 221 184 599 1,033 4,553 1,793 4,528 2,433 30 388 December 338 257 644 1,273 4,583 1,793 4,823 2,415 27 384 1931—January ___ 253 206 647 1,129 4,622 1,784 4,695 2,433 28 379 February _ __ 216 102 603 936 4,656 1,780 4,598 2,370 25 379 March _ _ 176 123 604 921 4,682 1,778 4,590 2,386 24 381 April _ 155 173 600 952 4,711 1,770 4,647 2,376 27 383 May _ 163 144 599 926 4,767 1, 783 4, 679 2.387 28 382 June 188 121 610 945 4,865 1,759 4,750 2,404 35 380 Week ending (Saturday)— May30 _ 160 126 598 4,794 1,784 4,670 2.399 27 381 June 6 178 135 598 4,797 1,758 4,G94 2,384 29 381 June 13 185 131 600 937 4,808 1,794 4,736 2,394 27 382 June 20 197 118 601 947 4,884 1,764 4,773 2,407 33 382 June 27 198 108 617 957 4,925 1,731 4,765 2,429 40 379 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 fEnd of month basis. In millions of dollars] [In thousands of dollars] Month m a s G t t o o o o e n c f l n d k t d h In d m c u o r r e n in a th s g e N im et p g o o r l t d fr N m o l m e e a t a r s k r e e e a - i r- D pr o t e o i m t o d c n e . u * s , c ti - c From or to— (prel J i u m n i e nary) Ma 1 y 931 Jan M u a a y ry- 1930—January 4,291 6.8 4.0 0.5 2.3 February 4,353 59.9 60.0 0.0 1.9 March 4,423 68.2 55.5 13.0 -0.3 Im- Ex- Im- Ex- Im- Ex- April 4,491 68.5 65.7 0.5 2.3 ports ports ports ports ports ports May_ 4,517 25.9 23.5 2.0 0.5 June 4,535 17.6 13.9 2.0 1.7 J A S O u e u c l p y g t t o u e b s m t e b r e .. r . _. _ 4 4 4 4 , , , , 5 5 5 5 1 0 1 3 7 1 1 5 - - 1 1 2 1 8 5 3 0 . . . . 4 5 2 3 - - 1 1 2 9 9 2 6 . . . . 6 6 5 4 - - 3 6 0 4 . . . . 0 1 0 0 4 4 3 3 . . . . 2 7 3 1 E F G r n e a g r n m l c a e a n n d y 26,010 20 5 20 19, 2 6 2 2 9 0 20 N De o c v e e m m b b e e r r _ 4 4 , , 5 5 7 9 1 3 3 2 6 2 . . 8 1 3 3 5 2 . . 2 7 - - 1 2 5 . . 1 2 3 4 . . 8 5 I C C ta a e n n lv a tr d a a l Ameri _ c . a 17, 759 1,06 6 0 0 8 26, 4 9 1 7 2 7 3 64 Total (12 mos.)_. 305.4 280. 2 -4.4 32.0 Mexico 283 1,374 600 7,808 600 1931— M F J e a a b n r u r c u a h r a y ry 4 4 4 , , , 6 6 6 9 4 6 7 3 5 3 4 2 2 9 2 . . . 0 4 0 3 2 1 5 4 6 . . . 6 4 1 1 2 3 1 . . . 0 5 9 3 3 3 . . . 3 1 3 A B C C r o h r a g l i z o l e e i m n l t b in ia a _. 4,923 40 3 , , 3 0 5 2 2 9 6 9 8 9 1 , , 5 1 1 4 7 0 1 2 9 6 6 April 4,726 28.7 3 49.5 -7.5 3-13.3 Ecuador 91 402 J M un ay e p 4 4 , ; 7 9 9 5 8 4 1 7 55 2 . . 4 8 3 5 4 9 9 .7 .6 9 4 2 . . 0 3 3 1 3 8 .8 .8 U Pe r r u u guay 2,024 115 2,3 6 3 22 0 Total(6mos.)p. 360.3 235.0 106.2 19.1 Venezuela 129 388 China and Hong u c d p o n o r 1 2 e n d m d G s e T e u o r o s h m m t l e i i d s a c p i n r t r f m i a e i p o g l n r e a n u o t a r l r d k y s e i e u . , n d c a d f t t e f f i h r e o r o e i c n v m t e e a d o d r e v t a s f e b r . r r y o m m n I a t n h o r k p e n r a m a e f n a t c o y c e F n t d e e g i t d t n i h a v e g a r e r t y n a c l o o c m l n r u o e o m s n th e n s n r e u t v s h m , e f , i r p n b e h t a a p i o l o n r w n e d k s e s a e v y o l n e e f t r s o s , s f g t o g i t h t l h o e d e l m — d e x m a p c c y h l o e a i s n e c b s f t e e h l o d y f J A D P N a h l e u K p l i w t a l o o c i n p h n t Z h p g e e E i r a n a l e c a s t o n I u d s I n l n a t d n r i i d e e s s s i_ 6 2 , , 2 0 4 8 6 0 3 0 0 1,6 9 8 2 2 0 6 4 6 8 4 3 0 7 8 8 4 1 5 3 3 1 1 , , , , , 6 4 9 9 8 6 6 5 2 7 9 9 1 7 3 2 6 63 2 r ( e a a ) c g h o e l d d b a u r l e li s o e n rv o e r b fo a r n e k i gn o r g t o h l e d c T o r i e n a s re u c r e y n , t a ly n d i m ( p 6) o r g te o d ld m b a u y l li n o o n t y re e c t e h n a t v ly e Total 2 59,742 2 20 50,258 628 176,054 749 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in 1 Includes all movements of unreported origin or destination. official reports of gold imports and exports. 2 At New York—imports, $35,300,000; exports, $20,000. Elsewhere— 3 $15,649,000 of gold bullion imported on Apr. 30 from France was not imports, $24,442,000. purchased by the New York Assay Office until May 1. * Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN JULY, 19 31 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- I Average rate Average yield on— Reporting member Member Call loans l U.S. Month Total » N b e a w n C k i Y t s y i o n r k lead O i i n n th g g e r c c i i l t t e i i e e a s s d- l o c b e u i a a t t i d n s e i i k s n d s g e » Month x. or wee . k i ; m P p 4 c e r a o i r t p m o c m e i . e a r 6 , l a P a b c n e a r c 9 i r c n e m s 0 e k p ' s e - t , - d l T o a i 9 a m y n 0 s s e ' , New ne R w e- al c T c n e a u a r o r e n t r t t e y a i d e f s s s i , - - T bo r u n e r a d y s s - * I months days 3 to 6 1930 1931 1930 1931 1930 1931 1930 1931 months January - 462 245 39 5 208 77 215 163 1930 M Fe a b r r c u h ary 3 24 7 7 1 2 1 0 7 9 3 21 1 2 1 8 5 0 2 5 3 5 5 1 1 9 6 8 6 1 1 5 3 2 8 May 334-3% 3.05 3.12 2.41 3.41 April 225 146 17 54 26 154 120 June 3^-3% 2.60 2.62 <1.89 3.37 May - - - 226 149 11 48 28 167 121 July 3 -V/i I 2.18 2.20 1.83 3.37 June 222 185 5 48 56 169 129 August 3 2^-2% 2.22 2.21 1.53 3.38 J A S u e u l p y g t u e s m t ber __ 2 1 1 1 9 8 8 6 6 9 -- 3 5 3 9 3 5 1 1 14 5 6 2 3 5 S O e c p to te b m er ber 3 3 2 2& tf- - 2 2 f & c| 1 2 2 . . 1 0 7 0 2 2 . .1 0 9 0 M 1 . . 7 7 7 4 3 3. . 3 3 4 7 October 193 6 50 137 November 2 -2^| 2.00 2.00 1.40 3.32 N De o c v e e m m b b e e r r - 2 30 1 8 1 26 6 1 6 1 5 5 1 16 4 7 0 December _ 2M-3 2 -iy2 2.27 2.23 U.48 3.34 1931 * Includes (in small amounts) discounts by Federal reserve banks for January 1.50 1.57 1.24 3.33 nonmembers: (1) Bills discounted for intermediate credit banks and February __ 1.50 1.50 1.06 3.40 m (2 e ) m n b o e te r s b a s n ec k u s r . ed by adjusted-service certificates discounted for non- March IX 2 -2Ji 1.56 1.55 *1.38 3.39 April.... IX 1M-2M 1.57 1.52 1.49 3.38 FEDERAL RESERVE BANK RATES May 2 -2 1H-2 1.45 1.45 .88 '3.31 June 1K-1M 1.50 1.50 «.55 3.30 DISCOUNT RATES Week ending- [Rates on all classes and maturities of eligible paper] May 30 2 - 1H-W 1.50 1.50 3.30 June 6 _ 2 -2H 1.50 1.50 .51 3.29 June 13 2 1.50 1.50 .37 3.28 Federal reserve bank e R f J f a u ec t l e t y i l o n n | j i Da l t i e s h e e s d tab- Pre ra v t i e ous J J u u n n e e 2 2 0 7 2 2 1 1 . . 5 5 0 0 1 1 . . 5 5 0 0 .65 3 3 . .2 3 8 3 i Stock exchange call loans; new and renewal rates. Boston 2 i May 7,1931 3 Stock exchange 90-day time loans. N Ph e i w la Y de o l r p k h . ia- 3 V /% I M M a a y y 7 8 , ,1 1 9 9 3 3 1 1 V 2 A tio 4 8 n 3 C d i h s a a s te n u s g e — e s— 1 o 9 f 3 4 i ^ 7 s , s , 3 u 1 % e 9 s 5 , 6 o 4 , n p a e w n r d h c i 1 e c 9 n h 5 t 4 ; y . i y e i l e d l d i s s c c a o l m cu p l u at t e e d d . on basis of last redemp- Cleveland 2KJ May 9,1931 3 r Revised. Richmond 3 | May 15,1931 Back figures.—See Annual Report for 1930 (Tables 36 and 37). Atlanta 3 | Jan. 10,1931 Chicago 2X\ May 9,1931 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES St. Louis 2H do Minneapolis.. Zy2\ Sept. 12,1930 [Weighted averages of prevailing rates] Kansas City- 3 j May 21,1931 D Sa a n ll a F s rancisco 3 V A j M M a a y y 22 8 , , 1 1 9 9 3 31 1 Month New York City n e o as r 8 t te h o r e n t r h n c e i r a ti n e d s 27 w s e o st u e t r h n e r c n it i a e n s d Back figures.—See Annual Report for 1930 (Table 33). 1929 1930 1931 1929 1930 1931 1929 1930 1931 BUYING RATES ON ACCEPTANCES January 5.74 5.64 4.24 5.87 5.88 4.61 5.94 6.12 ••5.50 February 5.73 5.35 4.31 5.86 5.66 4.63 5.96 6.04 ••5.42 [Buying rates at the Federal Reserve Bank of New York] March.. 5.81 5.22 4.20 5.91 5.47 4.62 6.04 5.98 ••5.40 April 5.85 4.91 4.17 6.00 5.22 4.57 6.07 5.86 «-5.36 May . 5.88 4.74 4. 11 6.09 5.13 4.55 6.10 5.75 '5.26. Maturity e R f J f u a ec t l e y t i o 1 n n Da l t i e s h e e s d tab- Previous J J A u u u l n y g e ust 5 6 5 . . . 8 0 9 8 5 3 4 4 4 . . . 5 4 4 9 1 8 4.13 6 6 6 . . . 0 0 1 8 2 1 4 4 5. . . 0 7 8 f 9 1 lf 4.49 6 6 6 . . . 1 1 2 7 6 2 5 5 5 . . . 6 5 6 2 7 9 5.34 September... 6.06 4.29 6.24 4.74 6.27 5.54 October 6.08 4.26 6.25 4.75 6.29 5.53 November__. 5.86 4.17 6.12 4.66 6.29 5.49 1-15 days May 13,1931 VA December 5.74 4.16 5.94 4.68 6.20 5.42 16-30 days... May 19,1931 IX 31-45 days... do IX ' Revised. 46-60 days... ..do IX NOTE.—Figures relate to rates charged by reporting banks to their 61-90 days... 1 | do IX o gi w v n e n c i u n s p to re m c e e r d s i n a g s t a d b i l s e ti ) n . g A ui l s l h a e v d e ra fr g o e m s a o re 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 91-120 days.. VA May 13,1931 m types of customer loans—commercial loans, and demand and time loans 121-180 days. ltf: do on securities. The method of computing the averages takes into account IX (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is NOTE.—Rates on prime bankers' acceptances, Higher rates may be weighted according to the importance of that city in the group, as charged for other classes of bills. measured by the loans of all banks in the city. Back figures.—SeeA nnual 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

365 JULY, 1931 FEDERAL RESERVE BULLETIN MEMBER AND NONMEMBER BANK CREDIT ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS, RESERVE, RESERVES HELD, AND INDEBTED- OPEN-MARKET LOANS AND INVESTMENTS NESS AT FEDERAL RESERVE BANKS [Exclusive of loans to banks. In millions of dollars. For back figures see p. 343J [Averages of daily figures. In millions of dollars. For back figures see June BULLETIN, p. 347] Open-market loans and Loans to customers investments Month N To e t t a d l em d N e m a p e n a t o d n s d d i a e t s - n j d T ti Ti m imrn e ei, He R ld eserv E e x s cess I I F r e I b e e d n a s d a n d e n t e e r e k v r s b s a s e t l - Call date Total s c t a u S b o n e r y c - d e k d s O c u w a u n t s n h e i r s s - e d e e e d r - - Total P A u c p - rc a h p a e C s r o e m d - I m nv e e n s t t s bonds cured ;Paper TOTAL TOTAL 1930— D N e o c v e e m m b b e e r r 3 3 2 3 , , 3 0 1 1 4 4 1 1 8 8 , , 9 6 5 6 9 0 i | 1 1 3 4 , , 6 0 5 5 4 6 2 2 , ,4 4 1 3 5 3 5 7 2 3 2 33 2 7 0 1929-O De c c t . . 4 3 . 1 . . . . 2 2 3 3 , , 2 1 4 9 9 4 8 8 , , 1 4 0 8 9 8 1 1 5 4 , , 1 7 4 0 1 6 1 1 2 2 , , 0 0 2 2 4 6 2 1 9 6 2 3 , | 2 2 2 9 8 0 1 1, , 660 9 9 , , 7 78 4 4 9 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 M A F M e p a a b r r y i r c l u h ary 3 3 3 3 2 2 1 2 , , , , 1 0 9 1 7 6 6 6 9 9 8 8 1 1 1 1 8 8 8 8 , , , , 4 3 4 4 3 8 9 1 1 9 1 9 1 1 1 1 3 3 3 3 , , , , 6 5 6 7 8 8 3 4 8 0 7 9 2 2 2 2, , . , 3 3 3 3 8 7 7 8 6 0 6 7 5 6 5 6 7 6 6 7 2 1 1 1 1 7 5 6 6 6 4 3 1931— J D S M u e e n c p a . e r t . . 3 3 2 2 0 1 4 5 . . . . . . 2 2 2 1 1 1 1 9 , , , , 5 0 0 9 6 1 0 4 5 0 7 0 8 7 7 7 , , , , 0 8 9 4 6 6 4 2 1 4 2 3 1 1 1 1 3 3 3 2 , , , , 1 0 5 5 4 6 1 0 6 6 7 51 1 1 1 3 3 3 4 , , , , 2 9 3 5 2 5 9 4 5 2 7 2 1 j 2 2 3 4 4 6 6 7 1 2 7 0 ! ; 1 i 5 3 3 5 0 6 6 2 7 1 6 3 2 2 1 1 , , , , 1 3 4 6 9 7 6 3 8 2 5 0 1 1 1 1 0 0 0 1 , , , , 7 4 9 8 3 4 8 8 4 2 9 9 NEW YORK CITY l NEW YORK 1930—November 7,787 6,216 1,571 865 10 CITY • December 7,528 6,171 1,357 869 26 1929—Oct. 4...I 4,846 1,945 2,901 3,002l 92j 1,096 1,807 1931—January 7,445 6,163 1,282 891 5w1 Dec. 31.J 4,961 2,200 2,785 3,488 1741 1,202 2,091 February 7,453 6,120 1,334 847 193(H-Mar. 27. 4,338 1,935 2,403 3,701 129 1,477 2,046 March 7,472 6,169 1,303 860 June 30. 4,309 2,023 2,286 4, 294 173 1,883 2,203 April 7,336 6,019 1,317 829 Sept. 24. 4,278 2,031 2,247 4,110 1761 1,714 2,198 May 7,439 6,094 1,345 848 Dec. 31.. 4,338 2,137 2,201 3,961 210 1,281 2,435 1931—Mar. 25. 4,007 1,960 2,046 4,313 249 35; 1,367 2,662 OTHER RESERVE OTHER RE- CITIES * SERVE CITIES * 1 19 9 3 3 1 0 — — M A D F M J N e a e p a a b n c r o r y i u e r c v l u m a h e r a m y b ry e b r er... 1 1 1 1 1 1 1 3 2 3 3 3 2 3 , , , , , , , 0 1 0 9 1 9 2 2 8 0 3 5 1 4 6 3 1 2 7 8 2 7 7 7 7 7 7 7 , , , , , , , 3 2 1 1 2 3 2 5 7 6 7 4 0 3 9 0 0 4 3 9 6 5 5 5 5 5 5 5 , , , , , , , 8 7 6 7 8 9 8 4 6 2 9 6 4 7 1 7 1 8 2 3 2 9 9 9 9 9 9 9 7 5 5 4 4 6 6 0 6 5 5 5 2 1 1 5 4 6 2 0 2 1 1 6 7 7 3 4 9 1 1 1 9 9 9 2 3 3 9 0 1 — — - J D D S M O M u e e e c n a c c p a t . . r e r . t . . . 4 2 3 3 3 2 2 1 1 0 5 . 4 7 . . . . . . . . . . 9 9 8 9 8 8 8 , , , , , , , 9 7 0 7 7 9 4 5 7 2 4 2 0 0 1 5 9 8 6 6 9 3 3 3 3 3 3 , , , , , , 8 9 6 6 3 6 1 7 0 6 5 3 1 4 4 6 6 2 5 5 5 5 5 5 5 , , , , , , , 9 2 7 3 2 0 0 1 0 7 4 5 9 4 7 6 3 6 0 3 3 3 3 4 4 4 5 5 , , , , , , , 9 6 3 5 0 3 3 1 9 1 6 6 9 2 4 1 1 6 1 5 2 2 1 8 9 5 8 0 5 0 4 6 4 6 1 2 3 3 2 2 10 0 4 7 1 1 3 8 1 2 5 2 2 7 i 2 4 3 6 6 2 5 1 1 5 4 0 2 6 0 3 3 3 9 7 7 3 3 3 3 4 4 , , , , , , 4 2 6 6 0 9 1 5 8 7 3 4 6 3 6 6 5 7 "COUNTRY" BANKS "COUNTRY" 1930—November 12,009 5,372 6,637 597 158 BANKS December 11,760 5,225 6,535 590 193 1929—Oct. 4... 8,627 2,295 6,333 5,107 144 376 4,554 1931—January 11,662 5,165 6,496 587 166 Dec. 31.. 8,481 2.314 6,168 4,847 163 208 4,439 February 11,583 5,099 6,485 578 153 1930—Mar. 27. 8,206 2,190 6,016 4,972 207 258 4,475 March 11, 594 5,103 6,491 580 136 June 30. 8,229 2,227 6,001 4,867 170 129 4,554 April 11, 662 5.163 6,498 585 119 Sept. 24. 8,007 2,201 5,806 4,875 164 115 4,589 May 11, 573 5,090 6,483 578 126 Dec. 31.. 7,762 2,149 5,614 4,"' 120 49 4,519 1931—Mar. 25. 7,524 2,097 5,427 4,708 114 4,550 i Central reserve city banks only. • See notes 1 and 2 of preceding table. J Member banks in 61 legally designated cities: 1 central reserve city 1 Loans (secured by stocks and bonds) to brokers and dealers in securi- (Chicago) and 60 other reserve cities; see table on p. 421. 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 for 1930 (Tables 42-43)] Total loans and investments Deposits (exclusive of All banks Member banks Nonmember banks interbank deposits) Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - ba A n l k l s M b e e m r - m N e o m n b - er banks banks 1926—June 30 51,562 36,157 15,404 31,184 22,060 9,123 20,378 14,097 6,281 49,733 j 29,781 19,952 Dec. 31 - 52.018 36,759 15,260 31,642 22,652 8,990 20,376 14,106 6,269 50,029 i 30,474 19,555 1927—June 30 53.750 37,360 16,391 32,756 22,938 9,818 20,994 14,421 6, 573 51,662 ! 31,269 20,393 Dec. 31 55.450 38,407 17.043 34,247 23,886 10,361 21,204 14,521 6,683 52,909 32,063 20,846 1928—June 30 57.265 39,464 17,801 35,061 24,303 10,758 22,204 15,161 7,043 53,398 32,133 21,265 Oct. 3 _. 57,219 39,671 17, 549 34,929 24,325 10,604 22,291 15,346 6,945 53,720 32,138 21,582 Dec. 31 58.266 40,763 17.504 35,684 25,155 10,529 22, 582 15,607 6,975 56, 766 34,826 21,940 1929— Mar. 27 58.019 40,557 17.462 35,393 24.945 10,448 22,626 15,612 7,013 54,545 33, 215 21,330 June 29 58,474 41,512 16,962 35,711 25,658 10,052 22,763 15,853 6,910 53,852 32,284 21,567 1930- D J M S O D u e e e c a c n c p t . . r e . t . . 4 3 3 3 2 2 1 0 1 7 4 _ 5 5 5 5 5 5 8 8 7 7 8 6 , , . , , , 4 1 3 5 8 2 1 8 0 9 3 0 7 6 8 0 5 9 4 4 4 4 3 3 1 0 0 2 9 8 , , , , , , 8 6 6 2 7 1 9 8 1 0 1 3 8 6 8 1 5 5 1 1 1 1 1 1 6 6 6 7 7 8 , , , , , , 6 7 4 0 8 5 3 0 9 7 7 1 4 0 0 4 5 9 3 3 3 3 3 3 5 5 5 5 5 4 , , , , , , 9 6 0 9 4 8 3 5 5 1 7 6 4 6 6 4 2 0 2 2 2 2 2 2 6 6 5 5 4 3 , , , , , , 1 2 1 1 7 8 1 1 5 6 3 7 4 9 0 5 8 0 1 1 9 9 9 0 0 , , , , , 7 7 9 4 7 8 4 3 4 3 4 9 7 2 4 2 2 2 2 2 2 2 2 2 2 2 1 , , , , , , 3 4 4 9 1 3 3 8 5 2 4 1 1 3 3 2 9 8 1 1 1 1 1 1 5 4 5 6 5 4 , , , , , , 4 0 7 9 5 2 0 3 4 7 6 6 4 6 8 7 8 4 6 6 6 7 7 7 , , , , , , 7 7 8 0 1 0 3 4 4 6 8 8 1 5 8 3 5 5 5 5 5 5 5 5 4 5 5 3 2 3 , , , , , , 9 2 1 7 1 0 5 8 8 8 8 3 4 9 4 0 5 9 3 3 3 3 3 3 2 3 3 3 2 1 , , , , , , 0 8 0 6 8 5 8 6 0 9 3 6 2 5 4 0 9 0 2 2 2 2 2 2 1 1 2 1 0 0 , , , , , , 4 2 1 1 4 9 2 6 7 7 0 4 4 4 6 9 3 5 1931—Mar. 25 - 55, 924 36.813 1Q.111 3V 7'>Q 90 R4O 11 21.195 13.074 7. 99? RI 4^7 31. IRS ?0 9-4 64652—31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN JULY, 1931 REPORTING MEMBER BANKS BROKERS' LOANS [Tn millions of dollars, monthly data are averages of weekly figures] REPORTED BY THE NEW YORK STOCK EXCHANGE Loans and investments [Net borrowings on demand and on time. In millions of dollars] Bor- Month or date Total j! s L e t o o i c e a n u s n r s i- o lo A th a l n e l s r T In o v ta e l stm se e ti c n e u t s s r i- ; | b r a o n w k - s Total an Y F d o r o t r r k m u s b N t a e c n w o k m s - ff b oi F a r r e n o i k g m g s n , p b b b r r a i k o v ni k a k e t i r e n s g , End of month panies agencies, etc. BY MONTHS I Total: 1930—June 23,024 8, 560 8,487 5, 977 2,825 53 1930 1931 1930 1931 1930 1931 July 23,101 8,391 8,515 6,194 2, 898 53 August 23,128 8,349 6,291 2,892 43 September 23, 220 8,383 8, 476 6,361 i2,923 44 January ' 3,985 720 ! 3,368 1,557 616 163 October 23, 409 8,237 8,597 6,575 i3,004 56 February i 4,168 840 3, 529 1,646 ' 639 194 November 23, 455 7,897 8,776 6, 782 :3,076 71 March 4,656 909 ! 4,026 1,692 631 217 1931— D M F J e e a a b n c r e r u c u m a h a ry b ry er 2 2 2 2 2 2 2 3 , , , , 1 8 6 6 1 3 5 6 7 9 9 0 7 7 7 7 , , , , 3 7 3 4 1 7 0 9 5 6 2 5 ! 8 8 8 8 , , , , 1 5 2 3 5 5 9 4 0 7 9 2 6 6 7 7 , , , , 1 7 3 7 0 6 8 8 2 7 6 4 : I ! ! 3 3 3 3 , , , , 1 3 1 6 6 8 2 3 3 0 5 8 1 8 3 5 4 2 5 7 1 J J A M u u p a n ly r y e i l _ _ 5 3 4 3 , , , , 7 7 6 0 2 8 4 6 8 9 8 3 3 6 4 9 3 5 1 5 1 ! ; 4 3 4 3 , , , , 2 2 4 1 2 0 0 3 7 1 9 0 1 1 1 , , , 2 2 3 2 9 8 1 3 9 i i : 6 6 5 4 0 5 2 6 9 4 7 2 2 1 14 6 7 1 2 0 April 22, 942 7,157 8,040 7,745 .3,913 26 August 3,599 3,109 i May 22, 713 6,998 j7, 893 7,822 j3, 957 28 September... 3,481 3,057 j 425 j. June 22, 439 6, 770 j7,853 7,816 !4,048 56 October.. 2,556 2,299 I 257 Ne 1 w 93 0 Y — or J k u n C e ity: 8,117 3,701 j 2,398 2,019 I1,0™76l D N e o c v e e m m b b e e r r , 2 1, , 8 1 & 62 4 1 1 , , 6 9 9 2 4 8 j. 2 1 3 9 4 9 ! i July 8,078 3,558 | 2,426 2,094 j1,102 August 8,097 3,588 j 2,416 2,093 !1,078 September 8,088 3,584 I 2,415 2,090 i1,069 Back figures.—See Annual Report for 1930 (Table 57). October. 8,313 3,629 2, 512 2,172 •1,084 November 8,421 3,401 2,653 2,367 I1,177 December 8,166 3,341 2, 496 2,329 I1,228 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY 1931—January 7,906 3,111 2,472 2,323 |1,254 February 7, 965 3,079 2,410 2,476 1,353 [In millions of dollars. Monthly data are averages of weekly figures] March _ 7, 975 3,176 2,295 2,504 1,391 April 7,889 3,080 2,242 2, 567 1,414 For ac- May 7,875 3,039 2,194 2, 642 1,460 For count of For ac- June 7,694 2,816 2,204 2,644 1,523 Month or date I Total own ac- out-of- count of Other leading cities: count l town others 1931—February 14, 694 4,236 j 5,832 4,626 j 2,032 banks 2 March 14,864 4,126 I 5,855 4,883 ! 2,247 April 15,054 4,078 ! 5,797 5.179 ! 2,499 1930—May j 4,030 1,665 1,062 1,302 May 14,838 3,959 5, 699 5.180 : 2,497 June- 3,825 1,831 917 1,078 June 14, 745 3, 924 5, 649 5,172 2, 525 July 3,224 1,631 747 846 BY WEEKS August 3,150 1,659 692 798 Total: September.. 3,174 1, 676 750 748 1931-May 27 22, 598 6,928 j 7,885 7, 785 3,937 October 2,769 1,675 537 557 June3 .. 22, 536 6,867 7,863 7,806 3,989 November.. 2,249 1,357 435 458 June 10 22, 452 6,791 7,850 7,811 4,019 December.. 2,013 1,266 339 407 June 17 22,425 6,720 ! 7,862 7,843 4,091 1931—January. , 1,798 1,132 329 337 June 24 22, 343 6, 703 j7,837 4,094 February ..! 1, 759 • 1,186 290 283 Ne 1 w 9 3 Y 1— or M k a C y i 2 ty 7 : - 7, 815 2,969 | 2,183 2,663 1, 505 M Ap a r r i c l h. "I 1 1 , , 8 85 2 8 4 1 1 , , 3 3 3 2 5 2 2 2 6 7 4 1 2 2 5 3 9 1 June 3__ _ 7,804 2,920 | 2,187 2, 697 1,525 May.... 1,644 1,279 191 174 June 10 7,756 2,876 ; 2,184 2,696 1,553 June 1,464 1,110 181 173 June 17 7, 594 2,797 j 2,209 2,588 1,491 June 3._. 1,539 1,169 199 171 June 24 7,621 2,791 i 2,237 2,593 1,521 June 10.. 1,490 1,135 177 178 Other leading cities: I June 17_. 1,419 1 1,070 177 172 1931—May 27 14, 783 3,959 5, 702 5,122 2,432 June 24. 1,406 1, 065 170 171 June 3 14, 732 3,947 5,676 5, 109 2,464 June 10 14, 696 3,915 5,666 5,115 2,466 i Weekly reporting member banks in New York City. June 17 14, 831 3,923 5,653 5,255 2,600 * Member and nonmember banks outside New York City (domestic June 24 14, 722 3,912 5,600 5,210 2,573 banks only); includes unknown amount for customers of these banks. 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 of accepting banks Commercial End of month Total F a o cc r o o u w n n t o F f o fo r r a ei c g c n o u c n o t r- Total Own bills Bills bought H o e t l h d e r b s y standing respondents 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 1,693 1,520 293.3 89.3 525.9 447.4 220.5 571.4 63.1 134.0 157.3 437.4 653.2 411 9 404 327 February 1,624 1, 520 269.2 85.0 503.0 456. 0 182.9 549.5 70.7 151.4 112.2 398. 2 668.8 429.5 457 315 March ... 1,539 1,467 277.3 123. 2 482.5 430.8 166.7 472.2 71.9 130.9 94.7 341.3 612.9 440.8 529 311 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 1,413 184.0 124.4 462.8 380.2 165.6 464.2 62.6 171.4 103.0 292.8 569.8 444.2 541 305 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 i 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 heldj by accepting banks) from American Acceptance Council; for commercial paper as reported by about 25 dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

367 JULY, 1931 FEDERAL RESERVE BULLETIN INTERBANK LOANS: MEMBER BANK LOANS BANK SUSPENSIONS TO BANKS [Banks closed to public on account of financial difficulties by order of [In millions of dollars. Back figures not available] supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened] Number of banks Deposits (in thousands of dollars) Month j 1928 1929 1930 1931 1928 1929 1930 1931 January 53 54 99 202 10,983 16,413 28,903 ' 78,130 1928—Oct. 3 548 February 50 60 85 77 18, 352 21, 746 32, 800 35,123 Dec. 31 i 538 March 66 51 76 86 16, 953 9,002 23, 769 35, 285 1929—Mar. 27 ' 548 April 43 29 96 64 8,190 7,790 33, 388 42,417 June 29 670 May 29 112 55 '89 6,394 24, 090 19,315 >• 45, 026 Oct. 4___ 640 June.. 28 48 66 166 13, 496 19, 219 70,566 ' 218,013 Dec. 31 i 714 July 24 69 65 5, 368 66,161 32,333 _ 1930— Mar. 27 _. 527 August 21 17 67 6,147 8,532 21,951 : June 30 535 September 20 39 66 7,888 10, 050 23,666 Sept. 24 466 October 41 43 72 9,011 13,153 24,599 i Dec. 31 631 November 72 68 254 24, 784 22, 646 186,306 1931—Mar. 25 446 December 44 52 344 11, 076 15, 730 367,119 Year 491 642 1,345 138, 642 234, 532 864,715 * Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. 421. » Central reserve city banks. r Revised. > Other reserve city banks; see table on p. 421. Back figures.—See Annual Report for 1928 (Table 64). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars. Back figures not available] i Holdings of Government securities ! and eligible paper (including paper under rediscount) ! j j Member By reserve city banks 2 By other banks By all member banks i bank borrow- Date c m G u U e o ri n v . t t e i S e r s . s n e - - i E p li a g p i e b r le Total c m G u U e o ri n v . t t i S e e r s . s n e - - * ! E p li a g p i e b r le Total c m G u U e o ri n . v ti t e S e r s . s n e - - 1 E p li a g p i e b r le Total ! F r i b e e n a s d g e n s e r k r v a a s e t l 1926—Juno 30. 2,210 2,825 5,035 884 i 2,100 2,984 3,094 4,925 8,019 516 1927—June 30. 2,299 2,775 5,074 347 1,992 2,839 3,146 4,767 7,913 441 1928—June 30. 2,714 2,680 5,394 862 1,967 2,829 3,576 4,647 8,223 1,096 Oct. 3__. 2,823 2,551 5,374 914 1,817 2, 731 3,738 4,368 8,106 1,020 Dec. 31. 2,730 2,349 5,079 932 1,811 2,744 3,662 4,160 7,822 1,041 1929—Mar. 27. 2,832 2,582 5,414 974 | 1,761 2,735 3,807 4,343 8,150 981 June 29. 2, 577 2,688 5,265 929 1, 773 2,702 3,506 4,461 7,968 1,029 Oct. 4__ 2,469 2,865 5, 334 912 1,733 2,645 3,381 4,598 7,979 899 Dec. 31- 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 1,662 2,480 3,438 4,204 7,642 206 June 30. 2,640 2,285 4,925 772 1,620 2,392 3,412 3,905 7,317 274 Sept. 24. 2,682 2,271 4, 953 764 1,541 2,305 3,446 3,812 7,258 173 Dec. 31. 2,777 2,100 4,877 708 1,438 2,146 3,485 3,538 7,023 248 1931—Mar. 25. 3, 5S4 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. 421. 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 Banks* (banks Nonplus Total ;•• member National State branches) Branches Banks Branches Banks Branches !• 1924—June 30 28,996 31,289 28, 282 7,972 1,379 18,931 108 248 191 1,137 415 908 1925—Dec. 31 28,257 30,899 27,472 7,916 1,245 18, 311 132 332 196 1,277 457 1,033 1926—Dec. 31 27,377 30,158 26, 581 7,760 1,160 17,661 146 406 194 1,366 456 1,009 1927—Feb. 25 2 26,973 29,873 26,194 7,677 1,133 17,384 145 390 189 1,560 445 1950 June 30 26, 781 29,775 25,989 7,638 1,123 17,228 152 722 186 1,301 454 971 1928—Juno 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 7,366 987 15,944 164 993 190 1,298 464 1,149 Dec. 31 24,630 28,177 23,808 7,237 939 15,632 166 1,027 180 1,299 476 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 I 'All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks and all private banks under State supervision. 2 Date of the McFadden Act; see BULLETIN for May, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN JULY, 1931 SECURITY PRICES, SECURITY ISSUES, AND SECURITY LOANS SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) Pre- Selected groups of industrial issues Month or date Bonds1 ferred 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 m A o u b to il - e B eq i u n u i g l i d p - - C st h o a r i e n C i h c e a m l - C a p o n e p d r - e t E q r l i u e c i c a p - l - I i c M h a i - n- Oil Steel T ti e l x e ment brass ment ery Number of issues. 60 20 404 337 33 34 13 10 16 10 30 1930—June 98.2 126.8 153 143 125 224 134 100 223 135 290 152 133 161 69 July 98.7 125.9 149 140 124 215 132 98 217 129 277 ! 155 133 159 67 August 99.6 126.5 148 139 121 213 134 97 90 219 121 278 152 130 160 66 September- 100.0 127.9 149 139 123 216 133 100 230 114 283 154 125 162 67 October 99.9 126.8 128 118 111 187 108 84 191 93 225 | 134 106 142 58 November- 99.1 124.7 117 109 102 107 101 77 176 91 196 i 120 97 131 55 December.. 97.8 121.7 109 102 94 158 100 71 168 80 182 117 88 125 51 1931—January 99.6 123.6 112 103 100 163 ! 106 74 162 82 176 120 89 124 53 February... 99.4 124.8 120 110 105 178 j 120 78 174 91 194 126 91 132 55 March 100.0 126.4 122 112 97 189 ! 129 81 173 96 201 ! 125 85 133 58 April 99.6 125.3 109 100 87 170 ! 117 70 148 79 172 | 109 74 116 52 May 99.7 122.6 98 89 77 156 110 59 127 67 159 ! 89 63 94 47 June . 99.4 119.7 95 87 74 153 . 101 58 128 62 157 i 83 63 85 45 May 27 99.4 121.8 91 83 72 147 I 55 118 60 151 , 78 59 84 44 June 3 98.8 120. 3 90 82 69 146 | 96 54 122 56 153 ; 78 58 82 44 • J J J u u u n n n e e e 1 1 2 7 0 4 9 9 9 9 . . 4 6 1 1 11 1 1 9 9 9 . . . 7 8 1 1 9 0 9 3 3 4 9 8 8 5 5 4 7 7 3 4 1 1 1 5 5 6 1 1 4 i ! 1 1 1 0 9 1 0 7 6 5 5 3 8 7 1 1 1 3 2 2 9 4 7 7 5 5 7 6 9 1 1 1 7 4 5 2 8 7 9 8 8 1 2 2 7 6 6 1 3 1 9 8 8 3 4 2 4 4 4 5 7 4 I i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. * 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 * By Year and month d t f T i o o c o r m e t a i a e g n l s n d , - Total3 G er o n v - - Bo C n o ds rporate F is o s r u e e i s g 2 n By member banks o l e e t r h n s d e i - r ment (and Stocks notes) Call date i Total» To To bro- To bro- 1 1 9 9 2 2 2 3 4 4 , , 3 4 9 4 5 0 4 3 , , 0 6 1 3 9 1 1 1 , , 0 0 7 4 2 3 1 1 , ,9 6 8 4 9 5 5 65 7 9 0 4 7 2 6 1 4 i Total ba T n o ks k Y N er o e s w r k in b e k l r e s o r e - s - ot T he o rs k Y N er o e s w rk in 1924 5,557 4,588 1,380 2,200 829 969 City where City i 1925 6,205 5,129 1,356 2,452 1,152 1,076 1926 ..- .-. 6,282 5,157 1,312 2,667 1,087 1,125 1 1 1 9 9 9 2 2 2 7 8 9 -. 1 7 7 0, , , 9 4 0 7 8 0 9 9 5 6 6 9 , , , 1 3 7 5 3 2 2 4 8 1 1 1 , , , 3 4 3 8 2 9 7 3 8 3 2 2 , , , 1 3 0 8 7 6 2 8 8 2 5 1 , , ,4 9 8 6 6 0 0 0 8 1 1 , , 3 2 6 3 5 7 7 1 1 1928— D O e c c t . . 3 31 1 12 4 . , 0 4 6 2 2 9 1 8 0 , , 8 1 1 7 9 2 2 2 7 6 4 9 2 1, , 8 5 9 5 9 6 8 9 5 7 0 5 5 6 , , 7 3 9 7 6 3 3 3 , , 6 8 1 9 0 0 1930 6,918 6,013 1,441 2,980 1,503 905 1929—Mar. 27 14,613 • 9,693 274 1,879 1,014 6,526 4,920 1930—May 1,091 990 142 440 407 101 June 29 15,144 ! 10, 094 335 2,025 921 6,813 5,050 June 706 528 143 225 152 178 Oct. 4 . 16,974 10,314 320 1,885 939 7,170 6,660 July 553 475 108 297 70 78 Dec. 31 12,835 10,505 357 1,660 803 7,685 2,330 August 183 166 82 44 40 17 September--. 381 376 77 222 62 5 1930—Mar. 27 12, 644 10,334 260 2,344 706 7,024 2,310 October 381 295 168 105 22 86 June 30 12,015 10,655 230 2,365 819 7,242 1,360 November. .. 249 248 86 117 18 1 Sept. 24 11,521 10,511 175 2,472 774 7,090 1,010 December 384 365 186 93 71 19 Dec. 31 10,224 9,754 315 1,498 675 7,266 *470 1931—January _ 420 334 49 235 45 96 February 211 202 119 48 27 9 1931—Mar. 25 9,602 9,272 219 1,630 575 6,848 »330 March _ 4 961 «959 *685 250 9 2 A M p a r y il r <8 34 3 8 9 '* 7 33 9 3 4 «•* 1 5 7 2 2 6 1 1 6 3 6 2 10 2 2 9 4 1 5 5 1 For lenders other than member banks—i. e., nonmember banks, foreign banks, corporations,etc.—only security loans to brokers n New York City are included irI available reports. i Source: Commercial and Financial Chronicle. 2 Figures based in parton weekly returns of reporting memberbanks 1 Issues publicly offered; annual totals are as finally reported by De- in addition to sources used for earlier dates. partment of Commerce; monthly figures are as compiled currently and are subject to revision. »Includes issues of Federal land banks and Federal interemediate credit banks, not shown separately. * Includes Treasury issues (exclusive of refunding) as follows: March, $408,925,000; April, $425,404,000 (revised). ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 369 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 * Year and month Total Manufactures Minerals t B r u ac i ( t l v s d a i l a n u w e g a ) c r * o * d n e - d Fa p c l t o o y r m y e e nt m- F r t p o o a a l r c y l y - s F l r o e a ig d h i t n - g c s a * r C m o od m - ity . prices f Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 107 98 84 139 1920 87 87 89 63 108 118 91 154 1921 67 67 70 56 82 77 79 98 1922 85 87 74 79 90 81 87 97 1923 101 101 105 84 104 103 100 101 1924 95 94 96 94 96 96 97 98 1925 _ . 104 105 99 122 100 101 103 104 1926 108 108 108 129 101 104 106 100 1927 106 106 107 129 99 102 103 95 1928 111 112 106 135 97 102 103 98 1929 119 119 115 117 101 108 106 97 1930 97 96 99 92 88 87 92 86 1926 December 101 106 99 104 113 119 114 131 100 101 104 98 108 98 1927 January 105 106 104 104 112 116 107 132 98 100 99 96 106 97 February 111 108 110 107 113 117 114 131 100 100 105 99 107 96 March. 113 111 113 109 111 118 132 128 100 100 106 102 109 95 April 110 108 112 109 96 107 144 128 100 99 105 99 106 94 May__ 112 111 113 111 108 109 145 128 99 99 104 105 103 94 June 107 108 107 109 108 105 140 128 99 100 102 105 104 94 Julv 102 106 102 107 103 100 140 128 98 99 99 104 102 94 August _ 105 106 104 106 111 106 131 126 99 99 102 109 104 95 September 107 105 106 105 111 104 133 128 101 98 102 116 103 97 October 105 103 104 102 112 105 126 128 99 98 103 114 101 97 November 101 100 100 100 105 101 122 129 97 97 98 101 98 97 December 96 101 95 100 97 103 111 131 95 97 99 88 98 97 1928 Januarv 105 106 106 106 100 103 111 137 94 96 96 92 102 96 February 111 108 113 109 99 103 121 138 96 96 101 94 102 96 March 112 109 114 109 98 103 138 137 97 96 103 97 103 96 April 110 109 113 110 94 105 155 137 96 96 100 96 101 97 May.-. 110 109 111 110 104 105 159 137 96 96 101 105 103 99 June 108 109 109 111 104 101 154 139 96 97 101 101 100 98 July . 105 109 105 111 103 101 142 132 96 97 98 105 102 98 August 110 111 110 113 111 105 137 131 98 97 103 109 103 99 September 116 114 116 115 115 107 138 134 100 98 104 119 105 100 October 118 116 117 116 123 114 134 136 100 98 107 119 106 98 November 115 116 115 116 117 113 122 132 99 99 104 109 107 97 December _ ._ 109 117 110 117 106 112 107 127 98 100 104 94 106 97 1929 January 117 118 117 118 114 118 98 120 97 100 101 95 108 97 February 121 118 122 117 116 120 102 118 100 100 108 99 107 97 March 122 119 126 120 101 107 121 121 101 101 111 98 105 98 April.. . 124 122 128 123 103 115 139 123 102 102 111 102 108 97 May 126 124 128 126 116 116 143 • 121 102 102 111 109 107 96 June.. . . 125 126 127 129 116 112 144 126 102 103 110 110 108 96 July 120 124 120 126 118 114 136 124 102 103 106 111 107 98 August 122 123 122 124 121 115 129 122 104 103 111 115 107 98 September 124 122 123 122 127 118 112 110 105 102 112 121 106 98 October 121 118 119 118 127 118 104 107 103 101 111 118 104 96 November 108 108 107 108 114 110 94 103 99 99 103 102 102 94 December 96 101 93 98 110 116 84 102 95 97 99 89 102 94 1930 January 103 104 103 103 108 112 78 95 93 96 94 89 100 93 February 110 107 111 107 104 109 89 104 93 94 98 91 99 92 March __. _. 107 104 110 105 91 96 102 102 93 93 98 90 96 91 April.. 108 107 110 107 93 104 113 101 93 92 97 93 97 91 Mav 106 104 106 105 102 103 125 105 91 91 94 97 96 89 June.. _ 99 100 99 100 103 100 116 99 89 90 91 95 93 .87 Julv 91 94 90 94 100 97 107 95 86 87 83 95 92 84 August 90 91 88 90 101 96 ' 85 81 85 84 82 96 89 84 September 92 91 91 90 100 94 82 81 86 83 83 99 87 84 October 90 87 88 85 104 98 75 78 84 82 81 97 86 83 November _ 86 85 84 84 95 92 68 76 81 81 75 86 84 80 December 78 82 76 80 89 94 59 73 79 80 74 74 84 78 1931 Januarv 82 83 82 81 86 90 58 71 76 78 68 74 82 77 February 88 86 89 86 84 88 68 79 77 78 73 74 80 76 March 90 88 91 88 82 87 77 78 78 75 75 80 75 April.. _ 90 90 92 90 83 92 82 73 78 78 74 77 80 73 May "90 '89 '91 P86 ' 79 77 78 72 79 79 71 * Average per working-day. ** Revised index: 3-month moving average (centered at second month); for description see p. 358. t Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on p. 358. » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN JULY, 1931 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100] 1930 1931 Industry me July Aug. Sept. MANUFACTURES IRON AND STEEL _ _. 110 109 93 92 85 74 65 59 64 73 78 75 72 Pig iron _.. 104 101 91 86 80 71 63 56 57 61 64 65 64 Steel ingots 111 110 93 93 85 74 65 59 64 74 79 76 72 TEXTILES 90 84 84 81 88 91 93 87 86 93 97 98 101 Cotton consumption _ 91 85 82 78 79 81 83 77 82 84 89 96 93 Wool 70 71 69 67 69 69 63 57 62 75 76 86 98 Consumption 74 78 80 76 78 75 66 61 68 81 81 103 122 Machinery activity1 69 73 65 62 67 68 64 61 64 77 75 j 71 79 Carpet, rug loom activity1 60 49 43 47 49 52 52 j 39 40 54 60 | 60 63 Silk 117 100 113 109 139 150 162 I 157 134 146 149 j 119 123 Deliveries 121 93 120 117 158 170 182 j 178 143 158 165 ! 122 136 Loom activity K~ 111 102 98 91 101 109 123 ! 116 117 121 117 ! 114 96 FOOD PRODUCTS _.. 98 i 93 94 91 96 94 94 j 89 93 92 87 I 91 Slaughtering, meat packing 94 90 89 89 92 93 87 I 86 91 94 88 ! 92 Hogs 94 | 88 85 85 91 94 94 84 95 96 83 93 88 Cattle.. - -. 90 89 89 88 85 71 82 80 85 91 97 94 Calves 86 93 95 97 97 83 ' 101 98 99 99 104 94 Sheep .- 142 137 139 143 146 158 147 142 136 136 138 159 156 Flour 104 104 101 103 98 90 93 91 92 91 93 Sugar meltings 105 84 106 84 104 105 123 93 102 87 74 ; PAPER AND PRINTING - 119 116 111 109 109 107 103 98 r 106 r no 110 i 110 113 Wood pulp and paper 113 108 105 101 100 100 95 91 '£9 '101 ! 102 104 Newsprint 89 88 84 83 80 81 77 79 78 '103 81 ! 80 79 Book paper 120 114 111 105 104 97 94 100 118 77 '114 i 114 118 Wrapping paper _ 99 95 89 89 87 91 89 86 '79 ' '117 '84 | 90 94 111 105 108 100 99 99 93 80 94 '100 ! 92 91 Paper board 132 122 124 115 115 123 115 101 116 122 121 i 124 126 Wood pulp, mechanical.. 90 98 88 92 88 72 74 77 72 : 75 79 Wood pulp, chemical 114 115 110 103 108 106 104 97 95 '91 '90 ! 92 93 Paper boxes 149 151 173 146 151 159 141 133 123 122 144 146 155 166 Newsprint consumption 132 132 132 124 123 126 122 119 115 124 124 129 ! 125 127 TRANSPORTATION EQUIPMENT: Automobiles 102 101 '91 75 62 62 49 74 ! 85 63 67 ; Locomotives 51 43 42 40 38 33 28 25 i 18 11 7 7 ! 13 Shipbuilding 128 147 164 347 310 229 343 196 i 144 246 115 61 ! 99 LEATHER AND PRODUCTS 103 98 97 95 95 95 89 81 ! 81 87 92 i 103 107 Tanning _ 99 99 103 107 102 102 83 79 80 ! 92 91 Sole leather^ 100 100 100 99 102 81 [ 72 ! 85 Upper leather— Cattle 79 72 77 73 67 68 61 62 , 60 53 i 57 Calf and kip 85 95 92 106 101 90 93 ; 71 : 66 62 ' 67 69 : 84 92 Goat and kid. 131 128 145 154 143 151 132 i 126 114 103 i 113 118 123 116 Boots and shoes 106 94 88 90 91 85 I 78 80 ! 91 100 ; 109 117 CEMENT AND GLASS: Cement 108 119 119 116 117 111 97 83 84 i 80 82 ! 90 Glass, plate 131 143 114 105 65 95 101 91 ! 65 90 : 111 119 ; 117 112 NONFERROUS METALS 2 106 101 96 97 96 97 95 j 87 85 78 79 77 ! 73 73 Copper (smelter) 103 101 94 95 92 94 90 82 70 77 76 i 70 72 Tin (deliveries)1 132 107 99 103 101 111 127 119 118 126 105 96 , 109 104 FUELS, MANUFACTURES: Petroleum refining 174 173 170 166 164 165 160 151 149 144 149 152 ! 161 163 Gasoline x -- 214 213 210 206 205 207 203 188 186 177 188 191 | 205 211 Kerosene 93 90 90 85 84 78 74 69 67 70 69 76 71 71 Fuel oil i__ 121 123 117 113 109 112 108 109 108 106 107 112 113 109 Lubricating oil >... 138 133 126 126 124 117 106 104 105 102 94 96 , 100 95 Coke (by-product) 138 137 132 123 119 114 109 101 97 97 99 100 ! 102 100 RUBBER TIRES AND TUBES 123 121 119 93 96 84 88 77 73 88 j 94 98 | 107 123 Tires, pneumatic 127 125 122 96 98 87 91 80 75 91 ! 96 102 ; 111 127 TOBA In C n C e O r P t R u O b D es UCTS 1 9 3 7 6 1 9 3 6 4 1 9 4 3 1 1 7 3 1 7 1 7 3 9 0 1 6 2 4 5 1 6 2 8 9 1 5 1 8 9 1 6 2 1 8 1 6 2 8 1 | 1 7 3 1 2 13 7 1 4 ! 1 8 3 1 4 1 9 3 5 7 C C i i g g a a r r s ettes 1 9 7 2 2 1 9 6 4 7 1 9 8 1 3 1 8 7 8 7 1 8 6 9 4 1 8 5 5 8 147 | 173 1 7 5 4 7 1 7 7 8 4 1 8 6 3 9 | 1 8 7 9 1 1 8 7 8 7 i MINERALS COAL: Bituminous 97 92 89 86 82 85 87 86 ; 85 77 73 Anthracite.- 71 80 78 82 88 80 105 83 I 93 93 89 Petroleum, crude 128 127 124 120 117 114 115 114 HI 110 110 Iron ore shipments 104 108 95 96 79 74 ! 51 Copper (mined) 90 86 83 84 89 83 j 83 72 ! Zinc 94 99 91 94 93 90 ! 70 65 ! Lead 104 99 103 106 101 94 ! 83 83 ! Silver 75 69 70 73 70 i 73 65 j 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." 'Revised. NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals most of which are shown in this table. Adjustments have 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

371 JULY, 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 \djusted for seasonal variation Without seasonal adjustment Industry 1931 1930 1931 1930 1931 1930 May April May May April May May April May TOTAL—ALL MANUFACTURING INDUSTRIES._. 77.1 77.9 90.9 77.8 78.0 91.4 72.1 73.6 94.4 IRON AND STEEL AND PRODUCTS 75.7 77.4 92.7 74.8 76.5 91.6 64.9 69.1 95.5 Steel works and rolling mills 78.2 80.3 95.4 77.0 78.6 94.1 67.5 73.1 100.1 Hardware 69.3 70.1 83.7 68.6 71.2 82.9 56.9 57.3 78.2 Structural ironwork 83.1 84.9 109.4 83.6 86.8 110.0 71.4 71.3 113. L Heating apparatus 65.4 66.7 79.1 64.8 66.2 78.4 51. 5 52.9 72.7 Steam fittings 61.7 63.8 74.8 61.2 63.1 74.3 48.1 51.2 70.8 Stoves 68.8 69.4 83.0 68.1 69.1 82.1 54.8 54.4 74.5 Cast-iron pipe 69.5 69.0 82.6 68.2 68.4 80.9 63.9 66.6 86.1 MACHINERY 76.8 78.9 103.6 76.3 78.0 102.8 67.8 69.7 108.3 Foundry and machine-shop products 71.1 72.6 96.1 70.4 71.4 95. 2 60.5 62.3 98.8 Machine tools 85.4 88.1 133.4 85.2 87.3 133.1 68.4 70.4 128.9 Agricultural implements 65.3 78.7 140.6 63.3 74.0 136. 3 50. 7 60.9 143.5 Electrical machinery 89.5 91.5 111.4 89.5 91.5 111.5 87.0 87.8 123.4 TEXTILES AND PRODUCTS 80.6 81.8 86.8 81.2 80.2 87.4 71.7 76.8 82.7 \. Fabrics 79.8 78.6 85.6 80.0 78.1 85.8 73.3 72.4 80.7 Cotton goods 79.1 77.3 83.9 79.4 77.3 84.2 70.6 69.4 75.5 Woolen and worsted manufactures 69. 5 65. 1 71.3 70.7 65.7 72.4 60. 6 55. 6 63.8 Woolen and worsted goods. 68.9 63. 9 69. 0 70.4 64.9 71.2 61.1 55.2 64.7 Carpets and rugs 72.4 71.4 80.3 71.6 69.6 79.4 58.5 57.9 60.0 Hosiery and knit goods._ - 85.7 84.9 94. 6 84.9 83.0 93.8 86.3 84.2 97.7 Silk manufactures 79.1 83.0 91.8 78.8 81.8 91.4 72.9 78.2 91.1 Dyeing and finishing textiles 103.2 105.7 107. 3 103. 4 102.7 107.5 101.4 108. 5 108.2 B. Wearing apparel --. 82.4 89.8 89.8 84.1 85.6 91.5 69. 4 85. 6 86.7 Clothing, men's 56.4 59.0 60.9 59.4 60.9 64.1 44.1 50.7 53.4 Shirts and collars 85.7 85.9 93.2 86.7 85.9 94.3 74. 6 74.7 80.7 Clothing, women's • 120.4 135. 6 131.4 123.7 124.7 135.1 100.1 128.8 124.9 Millinery 78. 3 90.8 85.8 72.1 77.4 79.1 69.0 95.0 99.8 FOOD AND PRODUCTS 88.3 87.3 94. 5 90.8 90.6 97.1 89.7 88.2 100.7 Baking _ - -- _ _ 96.5 94.8 102.9 97.1 96.4 103.5 95.4 93.0 106.8 Slaughtering and meat packing 85.8 84.8 90.7 88. 8 88.4 93.9 91.0 89.3 99.2 Confectionery _ 81.5 81.0 83.4 90.7 89.1 92.7 77.8 77.7 85.7 Ice cream 85.9 80.6 100.1 82.0 83.8 95. 6 91.6 88.0 110.1 Flour _ 77.3 78.8 85.1 80.6 82.5 88.7 77.1 77.4 90.0 Sugar refining cane 76. 9 81.2 94.7 76.5 79.7 94.2 72. 6 76.2 93.8 PAPER ^.ND PRINTING 94. 6 94.6 102.4 95.3 95.0 103.2 100.0 100. 6 113.3 Printing, book and iob 98.3 98.7 108.3 99.4 99.4 109. 6 101.4 103.2 117.8 Printing, newspapers and periodicals -_ 104.5 104.4 105.8 104.2 104.1 105.4 115.9 115.7 120.1 Paper and pulp 85.8 85.2 98. 3 85. 8 85.2 98. 3 81.9 82.2 104. 7 Paper boxes _ -- 83.9 84.5 .90.5 87.2 87.0 94.1 85.1 85. 5 94.8 LUMBER \ND PRODUCTS 54.9 54.6 73.4 55. 4 55. 4 73 9 45. 7 44. 9 73.2 Lumber, sawmills _ _ __ - _ 48. 8 48.3 69. 4' 48.0 48.5 m. 4 40.3 38.7 72.6 Lumber millwork 57. 4 56. 6 70.2 57.0 56. 3 69. 6 49. 3 47.9 69.5 Furniture ___ 70.4 71.2 86. 7 74.9 74.0 92.1 55.2 56 3 77.3 TRANSPORTATION EQUIPMENT 66.1 66. 2 84.0 63.2 63.8 80.4 66.1 65. 3 91.1 Car building find repairing 55. 3 56. 9 73.0 54.9 56. 6 72.4 55.3 57.8 78.9 Automobiles _. __ 77.3 75.1 95.3 70.9 70.3 87.4 75. 6 70.8 101. 7 Shipbuilding 92.0 93.9 110.4 89.6 88.5 107.7 98. 3 96. 6 127.7 LEATHER AND MANUFACTURES 80.8 82.4 86.8 84.2 81.0 90.4 68. 7 70.6 75.6 Boots and shoes 82.2 84.2 87. 4 86.0 85. 9 91.4 67.0 69 6 72.4 Leather 75.1 75.3 84.3 77.0 76.0 86.4 75.0 74.4 86.8 CEMENT CLAY AND GLASS PRODUCTS 67.3 65.7 81.7 65.4 65.2 79.3 56.7 55. 7 76.9 Clav products 64.2 62. 6 78.5 61.8 61. 9 75. 4 48.4 48.2 68.9 Brick tile and terra cotta 56.2 54.5 74.2 53.1 54.1 70.1 40.8 39.8 66.1 Pottery 86. 1 84.4 90.4 85. 3 83.2 89.7 68.8 70.5 76.4 Glass .. 72 8 71.7 86.7 71.7 70.8 85.4 67.9 67.0 86.3 Cement __ _ _ _ 68.3 66. 0 84.0 66. 9 67.1 82.4 65. 5 61. 8 87.8 NONFERROUS METAL PRODUCTS 67.4 68.1 81.2 66. 6 66.5 80.2 63.4 65. 4 84.4 Stamped and enameled ware 46. 0 48.3 59.4 44.3 46.0 57. 2 39.7 45. 4 58.4 Brass, bronze, and copper 74.7 74.9 88.6 74.2 73.5 88.1 70.3 71.3 92.0 CHEMICALS AND PPODU^TS _._ _._ _ 91. 4 96. 7 104. 6 93.0 91.7 106. 5 88.4 92.0 106. 6 Chemicals and drugs 91.5 93.2 101.2 92.9 92.4 102. 8 85. 0 86.3 98.5 Petroleum ret)ning _ 94.4 94.0 114.1 94.5 94.0 114.3 96.1 96. 7 120.4 Fertilizer? 80.2 128. 0 93.4 88.1 79.3 10?. 6 74.4 118.0 99.1 RUBBER PRODUCTS 74.3 71.1 88.3 74.0 70.5 88.0 71.0 66.8 95.4 \utomobile tires and tubes 77. 4 73.7 91.1 75.9 72.4 89.3 76. 6 71.8 99.0 Rubber boots and shoes __ . , 65.1 63.2 80.0 68.5 64.8 84.3 48.8 46. 8 81.1 TOBACCO MANUFACTURES __ - 80.7 80.2 89.4 82.1 82.1 90.9 68.3 65.7 82.1 Cigars and cigarettes 82.3 82.3 91.8 83,5 84.3 93.2 68. 6 66.2 83.4 Chewing and smoking tobacco, snuH' . C8.2 64.3 70.5 70.9 64.9 73.2 65. 4 61.4 71.6 MUSICAL INSTRUMENTS 41 5 44.2 41.2 43.9 45.2 44.4 37. 9 40.3 47.0 Pianos <MK1 organs 31.4 33.4 38.3 32.8 33.5 39. 9 24. 9 28. 7 38.1 NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN JULY, 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 t i 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 35.7 April 482.9 336.9 123.1 95.9 22.1 11.3 73.2 26.6 165.7 133.0 35.2 23.0 63.5 47.1 May 457.4 306.1 116.6 89.9 37.4 16.3 73.3 26.3 152.1 108.9 36.9 23.8 41.1 41.8 Year to date. 2,037.4 1,476. 3 482.6 418.0 123.1 65.6 350.5 145.6 703.5 567.5 147.6 107.3 230.1 172.5 June 600.6 96.8 22.7 59.1 322.9 48.9 50.2 July 366.9 84.3 28.9 46.9 121.2 42.7 42 8 August 346.6 82.7 18.2 50.9 126.7 25.9 42.3 September 331.9 98.5 24.0 31.1 109.1 28.2 40.8 October 336.7 104.7 13.8 35.7 113.0 28.6 41.1 November 253.6 80.8 13.0 29.5 76.4 29.5 24.4 December 249.4 70.9 12.9 25.1 78.6 24.5 37.3 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports 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 364 425 332 215 345 411 308 186 19 15 24 29 May _ -- _ - 423 385 320 354 400 285 p 182 69 *15 35 Year to date 1,9*9 2,230 1,781 n, 130 1,769 1,933 1,486 *936 221 297 295 P194 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—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [1923-1925 average= 100. For back figures see BULLETIN for November, [Index numbers; * 1923-1925 average= 100. Source of basic data: Ameri- 1930, p. 686] can Railway Association] Index of sales l Index of m s o to n c th k ) s (end of 1931 Ja a n ry u- Fe a b ry ru- March April May Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal ad- Adjusted for seasonal variation variation justment variation justment Total 82 80 80 80 79 Coal 79 73 78 78 76 1930 .1931 1930 1931 1930 1931 1930 1931 Coke 68 64 64 60 56 Grain and grain products 90 94 96 104 97 January 97 88 79 99 88 88 78 Livestock 72 70 67 69 68 February 98 89 80 98 86 93 81 Forest products 51 48 45 43 44 March 97 93 92 97 84 100 87 Ore 56 60 62 41 30 April . 106 110 101 97 83 101 87 Miscellaneous 87 85 83 85 85 Mav 97 105 97 96 83 98 85 Merchandise 2 90 89 89 88 89 June . 98 96 93 July 100 71 94 87 Without seasonal adjustment August 102 77 91 87 S N D O e o e c p t c v o t e e e b m m m e b r b b e e e r r r _._ 1 9 9 9 0 9 8 4 2 1 1 1 1 0 1 1 6 3 2 3 5 9 9 9 9 1 2 2 1 1 1 9 0 8 0 5 1 5 4 Tota C C G l o o ra a k l i e n a .- nd grain prod- 9 7 7 0 4 4 7 7 7 9 4 3 7 6 7 4 4 5 6 5 7 5 7 7 7 6 5 9 7 6 Year 102 94 Li u v c e t s s tock __. 8 7 7 6 9 6 0 7 8 5 2 9 8 6 0 5 8 6 0 4 Forest products 45 48 47 45 47 1 Based throughout on figures of daily average sales—with allowance Ore . ._ _-. 13 15 15 20 45 f n o a r t i c o h n a a n l g h e o s l f id ro a m ys : m N o e n w th Y t e o a m r's o n D t a h y i , n M n e u m m o b r e ia r l o D f a y S , a I t n u d rd e a p y e s n d a e n n d c e f o D r a s y ix , M M i e s r c c e h l a la n n d e i o se u s 2 6 8 9 3 7 8 3 7 7 8 9 9 8 9 7 1 8 9 9 2 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects 1 Based throughout on daily average loadings. upon sales of changes in the date of Easter. 2 In less-than-carload lots. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

373 JULY, 1931 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics; 1926=100] Other commodities All com- Farm Year and month modities products Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u g a e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u m g an s i- d i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1926 (base) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1927 95.4 99.4 96.5 93.7 107.9 95.7 86.5 98.2 93.3 96.6 98.2 89.9 1928 97.7 105.9 101.0 93.2 121.7 96.3 82.8 99.8 93.7 95.5 97.4 83.0 1929._ 96.5 104.9 99.7 92.6 109.2 93.7 81.6 104.4 97.1 94.4 96.9 80.5 1930 86.3 88.3 90.1 85.1 99.9 80.7 76.1 95.3 90.3 88.7 95.7 73.4 1930—April 90.7 95.8 94.6 88.3 102.7 85.5 77.9 - 98.8 94.7 91.0 96.2 78.5 May _ 89.1 93.0 92.0 87.5 102.6 84.6 78.0 96.8 92.9 89.9 96.2 77.5 June 86.8 88.9 90.5 85.7 102.4 82.2 76.4 95.4 90.0 88.9 96.2 74.5 July __. 84.0 83.1 86.3 84.3 100.7 80.0 75.4 94.3 88.9 87.8 96.2 71.7 August 84.0 84.9 87.1 83.3 98.9 77.7 75.4 92.7 87.4 87.3 95.9 71.2 September.. 84.2 85.3 89.2 82.8 99.1 75.5 76.3 91.8 86.4 86.6 95.4 69.7 October 82.6 82.6 88.6 81.5 96.5 73.8 75.1 90.4 85.8 86.0 95.3 68.8 November.. 80.4 79.3 85.7 80.1 94.0 73.3 71.8 90.2 85.6 85.2 95.2 67.8 December.. 78.4 75.2 81.8 79.0 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 1931—January 77.0 73.5 80.1 ! 77.8 88.6 71.0 69.8 89.3 82.9 83.6 91.1 64.7 February. __ 75.5 70.1 77.1 ! 77.1 86.6 70.4 69.6 88.9 81.8 82.2 90.8 63.9 March 74.5 70.6 76.7 I 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.fi 61.6 «8.7 80.9 S0.1 90.8 63.9 May 71.3 67.1 72.9 73.2 87.3 66.3 60.9 87.8 78.4 79.1 89.2 62.8 1930 1931 Subgroups Mar. Apr. ' May June July Aug. i Sept. I Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 May FARM PRODUCTS: Grains 83.5 84.1 i 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 59.6 Livestock and poultry 99.6 96.9 i 93.2 88.5 81.8 84. 6 88. 0 | 82. 4 77.7 76.3 75.2 69.6 70.7 70.3 64.1 Other farm products 95.2 99.0 ! 96.5 92.7 86.9 86.7 86.4 ! 86.3 85.4 78.1 76.0 73.7 74.2 73.4 71.5 FOODS: Butter, cheese, and milk 98.5 99.3 92.5 90.4 92.0 97.9 i 99.6 98.7 95.8 89.4 85.2 83.3 83.7 80.9 78.4 Meats 104.2 103.2 101.3 99.9 91.8 93.1 j 99.2 96.7 91.4 89.2 88.4 83.6 82.0 79.9 74.4 Other foods _ 86.2 87.7 86.3 85.1 80.7 79.4 i 79.3 79.8 78.4 74.5 73.4 70.8 70.8 70.9 69.7 HIDES AND LEATHER PRODUCTS: Hides and skins 95.8 95.8 99.0 94.0 91.2 94.2 83.6 75.1 69.4 64.4 57.7 62.1 62.0 62.6 Leather 107.4 105.3 104.2 102.9 100.1 99.9 98.2 96.7 93.3 91.5 90.8 89.0 88.4 88.4 88.1 Boots and shoes 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 94.8 Other leather products 105.8 105.3 105.3 105.1 105.2 104.9 105.0 104.2 104.2 104.2 102.4 102.0 102.0 101.6 101.3 TEXTILE PRODUCTS: Cotton goods 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 73.9 Silk and rayon 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 44.0 Woolen and worsted goods.. 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 76.4 Other textile products 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 55.9 FUEL AND LIGHTING MATERIALS: Anthracite coal ..- 91.2 90.2 86.9 85.8 86.5 87.8 89.1 89.6 89.6 88.9 88.9 88.2 87.6 Bituminous coal 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 83.9 Coke 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 83.7 Gas 94.1 94.9 97.9 99.7 99.4 99.8 101.3 99.7 97.0 95.4 95.8 95.8 94.6 96.1 Petroleum products 63.7 65.6 66.5 63.6 61.0 60.9 62.0 59.4 53.3 51.1 50.4 50.2 41.8 37.4 35.9 METALS AND METAL PRODUCTS: Iron and steel 94.9 93.8 92.9 91.7 90.7 90.1 89.5 88.6 88.3 88.0 88.1 88.4 88.1 87.5 87.2 Nonferrous metals... 98.6 90.5 80.6 78.1 73.5 72.7 71.2 67.8 68.4 69.7 67.4 66 1 67.1 65.1 60.6 Agricultural implements 95.0 95.0 95.0 95.0 94.9 94.9 94.9 94.9 94.9 94.9 94.7 94.7 94.7 94.7 94.7 Automobiles 106.8 106.8 106.8 105.5 105.5 102.5 101.6 100.2 99.8 99.5 98.7 98.0 98.0 98.6 98.6 Other metal products 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 94.4 BUILDING MATERIALS: Lumber 91.6 91.8 89.7 85.3 83.3 81.1 80.8 80.2 80.1 78.1 76.0 73.2 74.2 73.3 68.4 Brick 88.3 88.4 86.4 83.0 82.9 82.5 82.3 82.5 81.8 81.6 81.7 81.5 81.5 81.0 80.8 Cement. 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 79.7 Structural steel 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 84.3 Paint materials 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 70.5 Other building materials 106.4 104.0 101.8 99.6 99.4 98.7 98.0 97.3 97.8 97.1 95.5 95.6 95.4 94.2 93.2 CHEMICALS AND DRUGS: Chemicals 96.8 96.6 95.3 93.8 92.5 92.1 89.6 89.2 89.1 87.0 85.0 84.8 83.3 81.9 Drugs 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 62.8 Fertilizer materials 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 80.5 Mixed fertilizers 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 82.8 HOUSE-FURNISHING GOODS: Furniture. 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 93.5 Furnishings 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 85.5 MISCELLANEOUS: Cattle feed.. 103.8 117.1 110.3 102.0 94.8 104.8 93.6 89.6 83.0 78.2 75.0 71.6 82.1 81.2 67.9 Paper and pulp 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 81.3 Rubber 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 13.7 Automobile tires 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 45.7 Other miscellaneous 108.6 108.3 107.9 103.3 97.2 94.5 93.8 91.5 88.9 86.9 86.1 85.1 86.3 85.9 84.9 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. 64652—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN JULY, 1931 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS The first annual report of the Bank for Annex I (see p. 378) gives the full list of the International Settlements, covering the fiscal participating banking institutions as of March year which began May 17, 1930, and closed 31, 1931, and the number of shares, 25 per cent March 31, 1931, was submitted to the general paid in, originally allotted to each, with the meeting of shareholders on May 19, 1931d.ates of the respective allotments. Starting Sections of the report dealing with the develop- with deposits of 220,000,000 Swiss francs and ment of the institution, deposits and invest- total assets and liabilities of 300,000,000 Swiss ments, and central banking collaboration are francs, our monthly statement of March 31, given herewith:x 1931, disclosed the growth of deposits to This year of 10^ months has been one of 1,780,000,000 Swiss francs and the increase of steady development of our institution in each total assets and liabilities to 1,900,000,000 of its spheres of action. Not only has the bank Swiss francs. In Annexes III and IV (see p. been fortunate in contributing to the advance 379) you will find, for the purposes of detailed of cooperation between central banks—a field comparison, our first monthly statement, as of in which there remains vast room for gradual May 31, 1930, and the statement as of March progress—but it has also helped to provide 31,1931. additional facilities for international financial While profit making has never been a prioperations and capital movements—another mary object, ordinary business foresight and domain where the opportunities for construc- sound economic principle have dictated thrift tive service are almost boundless. In this in expenditure and care in our investments, same connection it has discharged functions which have been made with, through, or with as trustee or agent under various international the knowledge and without the objection of the settlements enumerated below, the machinery central banks concerned in 26 countries of the of all of which has operated through the bank world. Our operating staff, recruited from 10 without difficulty, interruption, or delay, all nationalities, has been kept within moderate the sums involved having been punctually and limits. regularly received and equally punctually and Deposits and investments.—The origin of the regularly distributed. These subjects will be funds deposited with the Bank for Internareturned to later, but before doing so it is tional Settlements is explained b}^ the very desired to lay before you the business results of nature of its functions. Created in connection the first fiscal year and to call your attention to with the arrangements relative to the German certain statistics which, by themselves, reveal annuity payments, for the promotion of interthe bank's material growth. national financial facilities, and as an interme- Opening our fiscal year with shareholders of diary between central banks to advance their seven nationalities, namely, those of the central cooperation and to simplify transfers from one banks or other banking institutions which currency to another, the bank during the curfounded the Bank for International Settlements rent fiscal year has accepted, in addition to and filed subscriptions to 112,000 shares of the the Government deposits envisaged by The capital stock,2 we terminated the year with 23 Hague Agreements of January, 1930,3 only deshareholding institutions of different nationali- posits from central banks, either for their own ties with a total oi 165,100 shares outstanding, account or for the account of their governin addition to which 6,000 shares were author- mental treasuries. Neither individuals nor ized for delivery to the central banks of private banks are so far among the bank's Yugoslavia and Portugal as soon as the cur-depositors. rencies in these countries were legally stabilized. Speaking in round figures, besides the 103,- 000,000 Swiss francs paid in on account of 1 In addition, the report contains sections dealing with net profits, capital, the bank has received, in conformity trustee and agency functions, the annuity payments of the German with The Hague Agreements, the non-interest- Reich, of Bulgaria, Czechoslovakia, and Hungary, the service of the German external loan of 1924, and the Austrian Government inter- bearing deposit of some 155,000,000 Swiss francs national loan of 1930, together with a number of annexes showing the personnel of the bank, profit and loss account, appropriation account, deposited at long term by the treasuries of the rec 2 e S i i p x t t s e e a n n d th p ou ay sa m n e d n s ts h a o re f s G ea e c rm h a w n e r a e n s n u u b i s ti c e r s ib , e e d t c b . y the Banca d'ltalia, creditor powers, as well as the sum of 77,500,000 Bank of England, Banque de France, Banque Nationale de Belgique, Swiss francs deposited by Germany on the Reichsbank, Industrial Bank of Japan heading a Japanese group, and J. P. Morgan & Co., the First National Bank of New York, and the First National Bank of Chicago constituting the American group. 3 See FEDERAL RESERVE BULLETIN for April, 1930, pp. 172-249. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

375 JULY, 1931 FEDERAL RESERVE BULLETIN same basis, and a deposit of the French Gov- depositary central banks certain advantages in ernment in the amount of some 69,000,000 the administration of these reserves, in the Swiss francs on account of the guaranty fund revenue therefrom, and in the rapid convertiwhich that Government is obliged to create in bility from one currency to another, thereby proportion to the mobilization of the German affording an additional facility for international annuities. These items constitute the long- financial operations and capital movements, term funds over which the bank has disposition, which it is hoped may be still further developed. in the aggregate of approximately 404,000,000 Swiss francs. MILLIONS OF SWISS FRANCS MILLIONS OF SWISS FRANCS The fact that the bank is a trustee for the SOURCES FROM WHICH FUNDS AT THE 2000 _ DISPOSAL OF THE B.l.S.WERE DERIVED - 2000 German annuity payments brings it certain 1800 1800 other deposits for considerable periods. As of March 31, 1931, these funds represented 12 1600 1600 per cent of the bank's deposits, as against 15 1^00 1*1-00 per cent on December 31, 1930, and 20 per 1200 1Z00 cent and 54 per cent on September 30 and June 1000 1000 30, 1930, respectively. It will be observed that 800 BOO these funds have been relatively of diminishing importance. 600 600 Certain of the governmental treasuries which 400 ^00 maintain deposits through their central banks 200 200 have accumulated with the bank the sums necessary to meet their so-called outpayments May June July 1 93 A 0 u £. Sept. Oct. Nov. I Dec. Jan. F 1 e 9 b 3 . 1 Mar. abroad. Under this heading deposits held with The relationship of the short-term deposits the bank represent 31 per cent on our balance received by the bank, divided into deposits at sheet at the end of November, 1930, and 21 sight, three months and three to six months, per cent on March 31, 1931. This category of has undergone the following development durdeposits has led to the organization of a clearing the year under review: ing of intergovernmental payments, which has eliminated numerous conversions from one currency to another, operations which, if they had occurred through the ordinary markets, would At sight m A on t t 3 hs m A on t t 6 hs only have unnecessarily troubled the exchanges. The organization of the intergovernmental Deposits of central banks for the act c i l o e n a a ri l n f g i n c a o n n c s ia ti l t u o t p e e s r a a t io n n ew s. facility for interna- co J S u u e n n p t e t o . 3 f 3 0 0 t , h , 1 i 1 r 9 9 d 3 3 0 0 parties: Per ce 10 n 1 0 7 t Per 0) ce 7 n 8 t Per 0 c ) ent Dec. 31, 1930 40 44 5 It is, however, in the steady development of Mar. 31, 1931 45 54 16 Deposits of central banks for their own 1 deposits of central banks for their own account account: that one finds the reason for the steady growth June 30, 1930 100 0) (0 Sept. 30, 1930 14 50 36 of the volume of funds at the disposition of the Dec. 31, 1930 25 / 0 0 bank during the first fiscal year. Out of the Mar. 31, 1931 38 61 1 total of our resources, 10 per cent at the end of 1 Not organized. June, 1930, represented the foreign currency reserves of central banks, whereas this per- Our policy in fixing interest rates payable centage became 31 per cent at the end of Sep- on deposits has tended to render more adtember, 1930, 51 per cent at the end of Decem- vantageous the maintenance by central banks ber, 1930 (804,000,000 Swiss francs), and 43of their foreign exchange reserves in a way per cent on March 31, 1931 (812,000,000 Swiss which insures greater liquidity for these francs). In its first year, therefore, the bank, reserves. While this policy has rendered more thanks to the spirit of collaboration between difficult our own corresponding investment central banks, has become an organization one policy, the bank has nevertheless considered of whose principal activities is to act as a that it would thus facilitate to central banks the reserve center for the foreign exchange holdings maintenance of stability of their various curof those agencies in the respective countries rencies and contribute to the increase of conwhich are charged with the duty of maintaining fidence in international monetary security. exchange stability, as shown in the following Out of the total of our short-term deposits on chart. This concentration of foreign exchange March 31, 71 per cent had been effected in reserves has made it possible to offer to the dollars, 11 per cent in reichsmarks, 9 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN JULY, 1931 in pounds sterling, 3 per cent in French francs, The nature of our deposits and commit- 3 per cent in Dutch florins, 2 per cent in Swiss ments has led us to maintain a very great francs, and the remainder scattering. Neces- liquidity in the assets of the bank. Of our sarily the currency originally deposited has a total funds, but 2 per cent are invested at relationship to the repartition of our own in- long term and approximately 10 per cent at vestments. Nevertheless, thanks to arrange- intermediate term. Of these two categories ments which it has been possible to make with aggregating 223,000,000 Swiss francs, nearly a number of central banks providing for the the whole is invested in Germany. Our inimmediate conversion of one currency into vestments from 3 to 6 months amounted on another without passing through the open mar- March 31 to 13,000,000 Swiss francs, our funds ket, we have been able, with security, to not to exceed 3 months to 850,000,000 Swiss redistribute deposits received and to effect a francs, the remainder of our funds, that is to considerable geographic distribution of our in- say, 42 per cent, being invested at sight or in vestments on 25 different markets. The portfolio rediscountable at any moment, thus amount held in Germany represents, for ex- giving us quick assets to move from one curample, 21 per cent of our assets. Of the funds rency to another. As our own treasury reserve Mre endeavor as a general rule, if there is no reason for exception, to use currencies which, MILLIOHS OF SWISS FRANCS MILLIONS OF SWISS FRANCS I I ASSETS OF THE B.I.S. from time to time, have the highest international 2000 CLASSIFIED ACCORDING TO CATEGORY OF INVESTMENT.. 2000 value, and we endeavor gradually to increase 1800 1800 our assets in a given currency when this cur- 1600 1600 rency approaches a low point between the gold points. In this manner our operations tend in 14-00 1400, the direction of smoothing out exchange quo- 1Z00 1200 tations. 1000 1000 In conformity with its statutes, the bank has 600 600 not granted any advance to governments. 600 600 With a view to aiding the development of busi- 400 400 ness affairs, the bank has, on the contrary, pro- 200 200 gressively increased the volume of its com- 0 0 mercial bills. This portfolio represented 25 May June July Aug. Sept. Oct Nov. Dec Jan. Feb. Mar. per cent of the bank's assets as of March 31, 1930 1931 1931, as against 20 per cent on December 31, invested, 41 per cent were invested with cen- 1930, and 12 per cent on September 30, 1930. tral banks, 20 per cent with banking institu- In addition, deposits which the bank has made tions selected by central banks, and the with central banks in the form of "money remainder with or through institutions selected employed (deposits)" have enabled certain by us with the knowledge of the interested central banks during the fiscal year, with the central banks, as shown in the accompanying funds so deposited, to exercise on their markets chart. In this last category, as in the case of a helpful influence in the development of a the first two, all our investments are made normal market for commercial bills. through the intermediary of the central banks Considering the need for promoting capital concerned, which are thus aware of all opera- movements from markets where capital is tions in their markets. This rule which has overabundant to markets where it is required been followed enables the bank to feel that it for economic development and the equal need is not acting in contradiction to the credit policy for moving the surplus of short-term funds into of the local central bank, and thanks to this longer-term investments, the board of direcpractice, there has been no instance to date of tors last autumn appointed a committee which the exercise of the veto right which, in accord- was to elaborate general principles in regard to ance with our statutes, each central bank is the nature and amount of middle term credits, entitled to exercise with respect to any opera- especially for the promotion of exports, which tion in its market which it does not desire. might be taken by the bank, within the limits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 JULY, 1931 FEDERAL RESERVE BULLETIN of its resources, in the hope that this example technical experts from the central banks, for might stimulate others to proceed in the same the purpose of organizing conferences between manner on a larger scale. The report of the them on problems of mutual interest. It may committee was adopted, and it was decided to be said that since the creation of the bank, no employ 100,000,000 to 150,000,000 Swiss francs w^eek has passed without visits being received or thereabouts, over and above the invest- from several central bank representatives. ments already made, in operations of this type. These exchanges of views and the continuous It was decided that the bank would grant contact which is maintained with Basel have medium term credits only through the inter- been most useful in developing a better collabmediary of the respective central banks them- oration between the institutions. The existselves, or with the help of local agencies, ence of a central organization facilitates study specialized in that type of business, which of common problems which interest the agencies would be indicated by the central banks. In that are responsible for the maintenance of no case was the bank to enter into direct currency stability and the control of the volume relations with the individual borrowers or with of credit, such as the best methods for following the markets, and all bills taken were to con- the development of credit on the different form substantially to the requirements for markets, discount policy, the influence of the self-liquidating trade bills eligible for discount official rate upon the open-market rate and of by central banks, with the sole exception that both rates upon the international movements of they might run over a longer period. In view capital, policy with respect to exchange operaof the fact that the demand for such credits is tions, and the various regulations concerning likely to be larger than the sums available to the convertibility of one currency into another. the bank for this purpose, it has been the policy Besides permanent contacts with institutions that the assistance afforded should take already on the gold or gold-exchange standard, principally the form of aiding individual central the bank has been glad to keep in touch with banks in the creation of markets for middle- central banks in countries which have not yet term bills. stabilized their currencies, and the bank has Central banking collaboration.—One of the been prepared, in principle, to study the possiobjects of the bank is to facilitate collaboration bilities of rendering technical assistance to such between central banks w^hose currencies satisfy institutions as propose to reestablish the legal the practical requirements of the gold or gold convertibility of their currencies. exchange standard—collaboration not only in A conference in November of the heads of connection with the maintenance of monetary the exchange departments of several important stability but also in connection with a better European banks of issue led to useful expresorganization of credit in the respective markets sions of views with respect to the administraand the facilitation of international capital tion of foreign currency reserves and prepared transactions. the way for the adoption of common conditions A prerequisite to successful collaboration is for the purchase of gold. At present, most mutual acquaintanceship and understanding central banks have declared themselves ready and, in this regard, the establishment of regular to accept gold bars of the fineness of 900/1,000, personal contact between the governors of sev- thereby facilitating the use, in international eral central banks, upon the occasion of the transactions, of the existing stocks of the metal. board meetings, has naturally been most useful. The same meeting recommended that banks Not only have the governors of the central holding gold abroad should notify the Bank for banks now represented in the board exchanged International Settlements of the amount and views at each monthly gathering, but the gov- location, in order to permit the bank to enernors of other central banks that are share- deavor to serve as a clearing intermediary for holders in the institution, have likewise visited banks having movements of gold to effect from Basel from time to time to meet their colleagues. market A to market B, with a view to avoiding Besides the reunions of the governors, we any unnecessary physical shipment in case have on several occasions gathered together other banks could be found already possessing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN JULY, 1931 gold in market B which they were prepared to ANNEX I exchange against the gold in market A. Gold of a value of more than a billion Swiss francs CENTRAL BANKS OR OTHER BANKING INSTITUTIONS held abroad in New York, London, Paris, ALLOTTED SHARES OF THE BANK DURING THE PERIOD FROM MAY 17, 1930, TO MARCH 31, 1931 Berne, Stockholm, and Copenhagen has been reported to the bank for the foregoing purpose. Number Date of ac- In addition, the bank itself holds in its own of shares quisition name, but for the account of various central Shares, 25 per cent paid up, allotted to: banks, gold in New York, London, and Paris. Banca d'ltalia, Rome 16,000 May 20,1930 Bank of England, London 16,000 Do. The concentration with the bank of a part of Bank Polski, Warsaw 4,000 June 25,1930 the foreign reserves of central banks has per- Bank von Danzig, Danzig 1,000 Do. Banque de France, Paris 16, 000 May 20,1930 mitted the development of transfer operations Banque de Grece, Athens 4,000 June 25,1930 Banque Nationale de Bclgique, Brussels._ 16, 000 May 20,1930 from bank to bank, by book transfers and deb- Banque Nationale do Bulgarie, Sofia 4,000 June 25,1930 its and credits in the accounts of our bank Banque Nationale de Roumanie, Bucarest. 4,000 Do. De Nederlandsche Bank, Amsterdam 4,000 May 20,1930 without going through the open market. These Eesti Pank, Tallinn 100 Oct' 31.1930 Finlands Bank, llelsingfors 4,000 June 25,1930 transfers, from the account of one bank to the Latvijas Banka, Riga 500 Dec. 30,1930 account of another bank, permit the execution Lietuvos Bankas, Kaunas 500 Mar. 31,1931 Magyar Nemzeti Bank, Budapest 4,000 June 25,1930 of international settlements, without any reac- Narodni Banka Ceskoslovenska, Prague.. 4,000 Do. tion on the market of the currency thus trans- Na h t a i g o e n n albank en i Kj0benhavn, Copen- 4,000 Do. ferred. The bank indeed continues to hold, Oesterreichische Nationalbank, Vienna 4,000 Do. Reichsbank, Berlin 16, 000 May 20,1930 against the deposit of the bank which is cred- Schweizerische Nationalbank, Zurich 4,000 Do. ited, the same assets which it held against the Sveriges Riksbank, Stockholm 4,000 Do. A group of 14 Japanese banks led by the deposit of the bank which effected the pay- Industrial Bank of Japan, Tokyo 16,000 Do. The American group— ment. The development and perfecting of J. P. Morgan & Co., New York these clearing operations is now the subject of The First National Bank of New York, New York 16, 000 Do. exchanges of views with the central banks, and The First National Bank of Chicago, Chicago it is hoped to make further progress in this direction. 165,100 All of these steps indicate the direction in NOTE.—Since March 31, 1931, 500 shares have been allotted to the which we have tended, during the first year of Banca Nazionale d'Albania, Rome; in addition, 4,000 shares have been authorized for delivery to the Norges Bank, Oslo, 4,000 to the Banque our activity, on the way to establishing mone- Nationale du Royaume de Yougoslavie, Belgrade, and 2,000 to the Banco de Portugal, Lisbon, as soon as the necessary local legislation enabtary solidarity between the central banks hav- ling the first-named central bank to subscribe to shares is adopted, and, ing gold currencies. as regards the remaining two, as soon as currency stabilization is legally effected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 JULY, 1931 FEDERAL RESERVE BULLETIN ANNEXES III AND IV BALANCE SHEET OF THE BANK FOR INTERNATIONAL SETTLEMENTS—MARCH 31, 1931, AND MAY 31, 1930 IN THOUSANDS OF SWISS FRANCS AT PAR Resources M 1 a 9 r. 3 1 31, M 1 a 9 y 3 0 31, Liabilities Ma 19 r. 3 1 31, M 1 ay 93 0 31, I. Cash on hand and on current account with I. Capital: banks 7, 239 5,071 Authorized 200,000 shares, each of 2,500 II. Sight funds at interest 186, 281 32, 395 Swiss gold francs 500, 000 500, 000 III. Rediscount-able bills and acceptances (at cost): Issued 165,100 shares 412,750 1 310, 000 (1) Commercial bills and bankers accept- Of which 25 per cent paid up 103,188 i 77, 500 ances 471,424 125, 238 II. Long-term deposits: (2) Treasury bills 138,103 101,005 (1) Annuity trust account 154, 874 197,652 (2) German Government deposit 77,437 609,528 226,243 (3) French Government guaranty fund 68,880 IV. Time funds at interest: 301.191 197,652 (1) Not exceeding 3 months 850, 694 7,141 (2) Between 3 and 6 months 12, 788 III. Short-term and sight deposits: (1) Central banks for their own account— 863, 482 7,141 (a) Between 3 and 6 months 5, 700 (b) Not exceeding 3 months 495,127 V. Sundry bills and investments: (c) Sight 310,980 26,953 (1) Maturing within 1 year 184, 782 15,962 (2) Over 1 year 37,870 15, 267 811,807 26, 953 222, 652 31, 228 (2) Central banks for the account of others— VI. Other assets 11,967 620 (a) Between 3 and 6 months 5. 254 (b) Not exceeding 3 months 355,731 (c) Sight.... 292,190 653,175 (3) Other depositors— (a) Not exceeding 3 months 13, 794 (b) Sight 228 14, 021 IV. Miscellaneous items 6,581 595 V. Surplus—profit posted for the period from May 17, 1930, to March 31, 1931 11,187 Total resources . . . .. 1,901,149 302, 700 Total liabilities 1, 901,149 302, 700 i 124,000 shares. IN THOUSANDS OF DOLLARS Resources Mar. 31, Mav 31, Liabilities Mar. 31, May 31, 1931 1930 1931 1930 I. Cash on hand and on current account with I. Capital: * banks... _ 1,397 979 Authorized 200,000 shares, each of 2,500 III. Sight funds at interest 35,952 6,252 Swiss gold francs 96, 500 96, 500 III. Re c d o i ( s 1 s t c ) ) o : C un o t m ab m le e rc b i i a ll l s b il a l n s d a nd ac b c a e n p k ta e n rs c ' e a s c c ( e a p t t- II. Long I O s - s f t e u w r e m d h i c 1 d h 6 e 5 p 2 ,1 o 5 0 s p 0 it e s s r : h c a e re n s t paid up. 7 1 9 9 , , 6 9 6 1 1 5 i i 5 1 9 4 , , 8 9 3 5 0 8 (2) Tr a e n a c s e u s r y bills _ 9 2 0 6 , , 9 6 8 5 5 4 2 19 4 , , 1 4 7 9 1 4 ( ( 2 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 , , 8 9 9 4 1 5 38,147 (3) French Government guaranty fund . 13, 294 117,639 43, 665 58 130 38 147 IV. Time funds at interest: III. Short-term and sight deposits: (1) Not exceeding 3 months 164,184 1,378 (1) Central banks for their own account— (2) Between 3 and 6 months _ 2,468 (a) Between 3 and 6 months 1,100 166,652 1,378 ( ( b c ) ) N Si o g t h t exceeding 3 months 6 9 0 5 , , 0 5 1 6 9 0 5,202 V. Sundry bills and investments: 156, 679 5,220 (1) Maturing within 1 year 35, 663 3,081 (2) Central banks for the account of (2) Over 1 year 7,309 2,947 others— (a) Between 3 and 6 months 1,014 42,972 6,027 (b) Not exceeding 3 months. _. 68,656 VI Other assets 2,310 120 (c) Sight .._ 56,393 126,063 (3) Other depositors— (a) Not exceeding 3 months 2,662 (b) Sight - - 44 2,_706_ IV. Miscellaneous items 1,270 115 V. Surplus—profit posted for the period from May 17, 1930, to March 31, 1931 ___ 2,159 Total resources 36*5. 922 58, 421 Total liabilities 366, 922 58, 421 1124,000 shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN JULY, 1931 CURRENCY REFORM IN YUGOSLAVIA The currency law of May 11, 1931, estab- The notes issued by the National Bank shall conlished the legal parity of the Yugoslav dinar at tinue to be legal tender. The denominations, form, and inscription of the 26.5 milligrams of fine gold (about 1.76 cents). notes shall be fixed by a special law on motion of the The dinar had been de facto stabilized at ap- Minister of Finance and in consultation with the proximately this level since the middle of 1925. National Bank. Preliminary to legal stabilization of the ART. 3. The National Bank shall be obligated to redeem its notes to bearer at sight, at its head office in dinar, negotiations for an international loan of Belgrade. Redemption may be made in gold bullion 1,025,000,000 French francs (about $40,000,000) at the rate laid down in article 1, or, at the option of were concluded by the signing of the loan con- the bank, in foreign exchange which is legally and in tract in Paris on May 8, 1931. Of the total fact freely convertible into gold for export. In the latter case the delivery of foreign exchange shall be amount of the loan, 675,000,000 francs were made at a price not to exceed legal parity plus the costs taken by a group of French banks, while the of shipping gold. remainder was floated in Switzerland, Holland, The National Bank shall be obligated to redeem its Sweden, and Yugoslavia. The maturity of notes without limitation as to amount. The minimum amount, however, which may be presented for redempthe loan was fixed at 40 years and the rate of tion in gold is 250,000 dinars. interest at 7 per cent, with a selling price of The export of gold and foreign exchange shall be free. 87 & ART. 4. The National Bank shall at all times, at its In anticipation of the legal stabilization of head office in Belgrade, exchange for bank notes any amount of gold that may be offered to it, at the rate the dinar, the board of the Bank for Interfixed in article 1 of this law. national Settlements allotted 4,000 of its shares ART. 5. The National Bank is obligated to maintain to the National Bank of the Kingdom of a reserve in gold or in such foreign exchanges as are Yugoslavia, for delivery as soon as the stabili- legally and in practice freely redeemable in gold for export; the amount of this reserve shall be at least 35 zation program has been completed. per cent of the aggregate amount of its demand liabil- The currency law, which becomes effective ities; and at least 25 per cent of the demand liabilities on June 28, 1931, is given herewith: of the bank shall be covered by gold in vault or earmarked abroad and freely available for export. ART. 6. Gold and silver coins minted in accordance CURRENCY LAW OF THE KINGDOM OF YUGOSLAVIA with previous laws shall cease to be legal tender. ARTICLE 1. The monetary unit of the Kingdom of ART. 7. A special law shall, on motion of the Minister Yugoslavia shall be the dinar. The value of the dinar of Finance and in consultation with the National Bank, shall be equal to that of a weight of 26.5 milligrams of fix the issue of subsidiary coins of nickel, aluminum fine gold. alloy, and silver. The total amount of subsidiary coins ART. 2. The National Bank shall have the privilege in circulation shall not exceed 650,000,000 dinars. The of issuing bank notes throughout the Kingdom of methods and conditions of minting subsidiary coins Yugoslavia under the conditions established by the shall be established by the Minister of Finance. law. ART. 8. All laws and regulations which may be in During the full term of the duration of its privilege, conflict with this law are abolished. the administration of the currency in the Kingdom of ART. 9. Publication in the Official Gazette constitutes Yugoslavia shall be assigned to the National Bank as notification of this law. The law shall become effective a public service to be executed in the name of the on June 28, 1931. Government. The bank shall be accountable for the (Signed) ALEXANDER. proper discharge of such service under the conditions BELGRADE, May 11, 1931. fixed by the present law and by the law governing the National Bank of the Kingdom of Yugoslavia. ANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF YUGOSLAVIA The annual report of the National Bank of dition of world agriculture, however, did not the Kingdom of Yugoslavia for 1930 was sub- seriously impair economic conditions in this mitted to the general meeting of shareholders country. Not only did Yugoslavia avoid the full on March 18, 1931. Selections from the report brunt of the crisis, but—especially at the end of are given herewith.1 1929—it showed definite progress. Not until the The Kingdom of Yugoslavia, being preemi- latter half of 1930, when economic conditions nently an agricultural country, has in the past in other countries began to show a rapid and few years felt the weight of the world-wide de- serious decline, did economic activity in this pression in agriculture. The unfavorable con- country begin to weaken to any marked extent, and even yet the situation in this country is not 1 Taken with some textual revision from the official English version published by the bank. In addition to the passages included here, the depressed to the same extent as that in many report contains tables showing the operations of the bank in detail and sections dealing with industry, agriculture, foreign trade, crafts, the other countries. It is true that in 1930, as commovement of prices, etc. For earlier reports see FEDERAL RESERVE pared with 1929, some recession occurred in BULLETIN for July, 1930, 1929; June, 1928; July, 1927; June, 1926; etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

381 JULY, 1931 FEDERAL RESERVE BULLETIN particular lines. Thus, for instance, the volume money markets both at home and abroad. In of foreign trade declined by 11.4 per cent; the Yugoslavia the private rate of discount on yield of the harvests in spite of a larger area first-class bills continued to fall during 1930, sown decreased by 11.3 per cent; and railway and in some cases loans were obtained at 7% traffic by 7.6 per cent. If, however, 1930 is com- per cent. In foreign countries generally dispared with 1928, when no general economic count rates of banks of issue were lowered one crisis existed, it is evident that economic activ- or more times. ity in 1930 showed definite progress. Whereas The rate on loans against securities was lowthe trade balance for 1930 showed a deficit of ered in order to stimulate business on the stock about 180,000,000 dinars ($3,168,000), in 1928, market, and especially to create favorable conwith a slightly larger total volume of trade, the ditions for investment in Government bonds deficit amounted to 1,390,000,000 dinars ($24,- of funds accumulated in the banks as a result 464,000). The yield of the harvests in 1930 of ease in the money market and the reduced was 18 per cent greater than that in 1928, and demand for short-term loans. For the same the number of trucks loaded was practically the purpose the bank management raised to same as in that year. 450,000,000 dinars ($7,920,000) the amount Credit policy.—The management of the bank which may be used for discounting Governpaid special attention last year to the method ment securities. of granting credits. Immediately after the Another fact which should be noted is that general meeting at the beginning of March, rates of interest paid on deposits declined durthe management ordered an examination of all ing 1930. At the more important banks these authorized credits, and a study of possible rates are 5 and 7 per cent, respectively, on improvements in the method of granting them. demand and time deposits. When the larger At the April meetings of the administrative banks realized that they could no longer find committees, the principal question discussed borrowers at former rates and were therefore was that of attempting the introduction of obliged to lower their interest charges, they limited discounting of bills in cases where no also lowered the rate which they paid on previous credit had been authorized. On deposits. April lla resolution was passed at the meeting The National Bank continued its efforts of the chief administrative committee that the during the past year to bring about a reduction discount committees at each branch of the of interest rates on both loans and deposits. bank might authorize the discount of bills Two conferences were held, as a result of which within certain limits, whether the applicant had the National Bank sent to all its customer a credit with the bank or not. The limited dis- banking institutions a circular letter on June counting of bills without previous credit author- 23. This letter urged them in the general ization is a temporary and provisional meas- economic interest to reduce competition among ure, which in time should lead to modification themselves in securing deposits, and to refrain of the system of crediting hitherto in use— from paying unduly high rates of interest. In the so-called system of fixed credits. this way the banks would be enabled to mod- Hitherto the bank has maintained its inter- erate their interest charges to their debtors, est rate unchanged, and has exercised control especially the poorer ones. over the volume of bank notes in circulation— As to the organization of the money market, and thereby the value of the national cur- the National Bank believes that this country rency—through authorization, increase, de- should have a number of large banks with an crease, or cancellation of credits. In 1914, extensive system of branches throughout the before the war, it seemed necessary on several Kingdom. This would be the most effective occasions to suspend discount operations. Since means of reducing high rates of interest charged the war no necessity of this character has arisen, by banks in the smaller towns. At present in although the bank has frequently been forced Yugoslavia there are 637 banks. At the end to employ measures of credit restriction. of 1929 627 of these had paid-up capital of Interest rates.—On May 27 the bank man- 2,192,797,000 dinars ($38,587,000); savings deagement reduced the discount rate from 6 to posits (in current accounts) of 9,344,194,000 5% per cent, and the rate on loans against ($164,458,000), which was 933,358,000 dinars securities from 8 to 7 per cent. These reduc- ($16,427,000) more than in 1928; and cash in tions were intended to afford some relief, how- vault and balances with the National Bank ever slight, to the economic situation, and amounting to 758,967,000 dinars ($12,323,000). reflected the intention of the management to This large number of banks had in all only 272 adapt rates in the future to conditions in branches. 64652—31 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN JULY, 1931 The National Bank will continue to work for cover against the total note circulation was reduction in the number of banks through 50.66 per cent and the minimum 26.93 per cent, the amalgamation of groups of small banks, or while the maximum cover against aggregate by changing small banks in the provincial demand liabilities was 37.02 per cent and the towns into branches of large banks in the finan- minimum 23.29 per cent. cial centers. In this work, however, the Na- It should be noted that during 1930 the untional Bank needs the assistance of the com- covered part of the circulation was reduced not petent Government authorities, especially in the only by the amount fixed by law, but by rather matter of granting concessions for the founda- more. This clearly shows that the State and tion of new banks. the National Bank are cooperating to strengthen Foreign exchange reserves.—The resources the conditions necessary for the permanent with which the National Bank maintains the stabilization of the dinar. When the dinar is stability of the dinar fell appreciably during legally stabilized,1 settlement will be made of last year from 1,633,508,211 dinars ($28,749,- all accounts between the State and the bank, 745) to 608,249,938 dinars ($10,705,199). This and the position of the bank will be expressed is the so-called foreign exchange reserve of the in dinars at their current value. It will then National Bank, a special term applying to all be evident that the bank's position is far better foreign bills bought on the basis of the legal than it appears now when the reserves are still interpretation of article 20 of the national bank shown at the conventional rate. act. In consequence of this decline, the de- Conclusion.—The figures of operations since mand liabilities of the bank were reduced by 1920 are sufficient evidence that the National over 1,000,000,000 dinars ($17,600,000). Bank has fulfilled its task in so far as circum- In order to make an exact estimate of the stances have permitted. It has developed decline in the stock of foreign exchange, it gradually but surely into a modern bank of should be explained that up to the present issue, performing all the functions of a central time bonds representing foreign loans in the banking institution. Moreover, although all amount of $11,000,000 have been repatriated. the laws which govern it contain a provision Assuming that these bonds were bought at an assigning it the duty of supplying cheap credit, average of $85 per 100, the operation represents the bank has always made that task secondary an effective payment of about $9,500,000, or to the primary duty of every monetary instituabout 530,000,000 dinars. Except for this tion—namely, that of working for the stability repatriation of our bonds abroad, therefore, of the national currency. Without extraneous the reduction in foreign bills would have been assistance, without special legal provision, but less by the above amount. Thus the decline by carefully planned agreement between the in foreign exchange by about 1,000,000,000 Ministry of Finance and the National Bank, dinars ($17,600,000) during 1930 does not currency stability has been maintained from the entirely represent final expenditure, inasmuch latter half of the year 1925 at the rate of about as almost one-half (about 530,000,000 dinars) 26.5 milligrams of fine gold per dinar. This rate was placed in Yugoslav dollar loans—an opera- is not yet legally fixed,1 but when this has been tion which may be regarded as strengthening done, confidence in the currency of Yugoslavia, the national foreign exchange reserve. On the especially in foreign countries, will undoubtedly basis of the figures given above, the annual be enhanced. service of foreign loans will be reduced by about On the eve of the second decade of its ex- $400,000, which is undoubtedly a favorable panded activity within the Kingdom of Yugocircumstance. slavia, the bank is inspired with the great ideal Note cover.—The National Bank is legally of international cooperation, and will endeavor obligated to maintain a reserve of 33% per cent, in future, either directly or by acting as interbut only for that part of the note circulation mediary, to establish closer connections bewhich represents its own note issues. The tween the Yugoslav and other money markets, actual cover is considerably greater than that and at the same time to maintain especially required by law, for the average cover for 1930 close relations with the Bank for International against the total note circulation was 40.72 per Settlements. cent, and for the bank's aggregate demand liabilities was 31.81 per cent. The maximum 1 Legal stabilization effected as of June 28, 1931; see copy of law on p. 380. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 JULY, 1931 FEDERAL RESERVE BULLETIN BALANCE SHEET OP THE NATIONAL BANK OP THE KINGDOM OF YUGOSLAVIA AS OP DECEMBER 31, 1930 Resources t D ho in u a s r a s n d (i s n ) ( s D i a n n o t d l h l s a o ) r u s i - Liabilities t D ho in u a s r a s n d (i s n ) ( D s in a o n l t d l h a s o r ) s u- Metallic reserve: Notes in circulation: Gold » 98, 576 81, 735 Permanent dinar notes _ 5,222,476 91,916 Silver 2 17,582 2 309 Dinar notes 166, 590 2,932 Dinar-crown notes 7,467 131 2 116,157 2 2, 044 5, 396, 533 94, 979 Foreign exchange: In vault __. 2 1, 100 M9 Liabilities on current and various accounts: Deposited with correspondents abroad 3118, 855 » 2,092 On current accounts 667,235 11, 743 On various accounts _ 195, 620 3,443 2 119,955 » 2, 111 Total reserves _ _ 2 236,113 2 4,156 12,854 15,186 Cash in nickel coins _ 27,058 476 Credits of State: On account of temporary exchange in various Loans: moneys _ 126, 263 2,222 On bills at ordinary discount 1,433, 684 25,233 On various accounts... 59, 3S6 1,045 On pledge of securities 203,472 3,581 185, 649 3,267 1,637,156 28,814 Capital: Fixed at 50,000,000 dinars in minted gold; State debt on account of— paid up on this head: Purchase of crowns... 927, 831 16, 330 In minted gold.- 10,000 176 Plus cost of printing notes S,641 152 In bank notes.__ 20,000 352 Less State share in profit of bank.. 38, 672 681 30, 000 528 897, 800 15, 801 Temporary exchange 126,263 2,222 Bank reserve funds: Regular credit of 1,000,000,000 dinars... 996, 843 17, 544 Surplus _. 12,964 228 Extraordinary credit 2,000,000 35,200 Fund for purchase of gold for capital 83,056 1,462 Fund for supplementing dividends 44,621 785 4, 020,906 70, 768 Depreciation reserve 30, 743 541 Fund for building warehouses _. 3,384 60 Securities held for account of bank's reserve Fund for assisting agriculture _. 444 funds: Fund for assisting agricultural literature 328 Surplus __ 12,964 228 Fund for supplementing dividends 44,474 783 175, 541 3,090 Depreciation reserve _. 26, 758 471 Fund for building warehouses 3,337 59 Pension fund of employees of bank _ 31, 548 555 Fund for assisting agriculture , 444 8 Bonuses _ 4,114 72 Fund for assisting agricultural literature 325 6 Unpaid dividends 436 8 Net year's profit for division among shareholders. 25, 781 454 88, 303 1,554 Total liabilities exclusive of contra ac- Pension fund of employees of the bank 31, 551 555 counts _ _ 6, 712,456 118,139 Bank premises: Head office and branches 86, 549 1,523 Contra accounts: Bank-note printing works 44,698 787 To owners of goods in safe keeping 31,125 548 Furniture and equipment-_ 2,739 48 To owners of deposits on various accounts, Difference on rate of exchange of foreign bills and guarantees 4,920, 390 86, 599 purchased 537,383 9,458 State credit for pledged domains 2,138, 377 37, 635 To Ministry of Finance on account of metal Total resources, exclusive of contra ac- money deposits 30,281 533 counts _ _ 6, 712,456 118,139 Contra accounts: Deposits for safe keeping 31,125 548 Deposits on various accounts, and guarantees _ 4,920, 390 86, 599 Value of State domains pledged for note issue- 2,138,377 37, 635 Deposit of coined money 30, 281 533 Total resources _ 13,832, 629 243, 454 Total liabilitie S, 832.629 243,454 i Conversion at $0.0176, the rate at which de facto stabilization of the dinar has been maintained for nearly 5 years. On the balance sheet however, the bank carries the reserves at a "conventional" rate, based in general upon the pre-war parities of the dinar ($0,193) and of other cur rencies. The actual situation of the reserves, as revalued by the bank in terms of the current dinar, is as follows: o ' ( r t i C s d i n p a o i o r n n t n e n d a h - a v r s w o l s e ) " u a n - r - d r ( C e i b s i n b n v u a y a a a n r t r l r n h t d u s e h k o s e n e ) a u d t s - ( D i s n a o n t l h d la o s r ) u s - Metallic reserve: Gold 98,576 1,077,581 18,965 Silver - 17,582 43,439 765 Foreign exchange: In treasuries 1,100 8,118 143 Deposited with correspondents abroad 118,855 350,242 6,164 Total reserves 236,113 1,479,380 26,037 2 Conventional value. For actual values see note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN JULY, 1931 ANNUAL REPORT OF THE BANK OF JAPAN The annual report of the Bank of Japan for of exports on the other, in addition to stabilizing 1930 was presented to the general meeting of prices by means of coordinated marketing. shareholders on February 21, 1931. The major The financial institutions also began to take part of the address of Mr. Hisaakira Hijikata, concerted action in easing the stringent condigovernor of the bank, is given herewith: x tions of industrial financing. Meanwhile, The past year witnessed the removal on although neither exports nor imports were January 11 of the embargo on gold. In adapt- unaffected by the general depression, an iming themselves to the new regime, trade and provement was noted in the balance of our industry had to undergo readjustments which foreign trade. The downward movement of involved continued inactivity in all lines of commodity prices, with the exception of rice business. The depression was intensified as and grain, gradually became less marked after conditions in other countries became steadily July. By August the foreign exchange rates, worse, while the downward trend of commodity which had shown some weakness, since the prices, which had already been observed in beginning of the past year, became firm and 1929, was further accelerated during the past steady. Security values likewise, from the year. This trend was particularly marked in early weeks of October, generally showed the case of such principal staples as raw silk, greater stability. In the circumstances, a feelsilk tissues, cotton manufactures, wheat, iron ing of ease developed, notwithstanding the and steel, copper, fertilizers, and sugar, all of cautious attitude generally adopted. which suffered severe price declines as a result Foreign trade.—Foreign trade of the country of adverse foreign influences. The sharp de- during the past year showed a continued recescline in prices placed many industries in a sion both in exports and imports as the result difficult position. In the rural communities of adverse factors abroad and depression at the fall in the price of cocoons as well as ofhome. Owing to the excessively low levels of rice, barley, and other farm products, reduced world prices, moreover, the volume of trade the purchasing power of the people. Thus showed a marked decline in value. The setting throughout the country trade was extremely up of high tariff walls in various countries and dull. In the securities markets there was a the slump in the price of silver—combined steady general decline in values, particularly with civil disturbances in China—the boycotts of industrial shares. The prices of bonds and in India against foreign goods, and the low debentures also declined, rendering the flota- prices of the main products of the countries of tion of new issues exceedingly difficult. The the South Seas, all reacted unfavorably on the futures markets experienced a general slump foreign commerce of this country. The net and in some cases transactions were temporarily import balance, however—162,000,000 yen ($80, suspended. Future dealings in rice were thrown 757,000)—was the lowest since 1918 and was into great confusion upon publication of theeven lower by 9,000,000 yen ($4,865,000) than official crop estimates forecasting a heavy the corresponding figure for 1929, when the harvest. trade balance had shown marked improvement For the purpose of relieving the situation, the as the result of an increase in exports and a Government urged the rationalization of indus- decrease in imports in anticipation of the tries, and established the export credit com- country's return to the gold standard. pensation system for the promotion of indus- Foreign exchange.—In the foreign-exchange try and export trade. It endeavored also to market the rate quoted by the Yokohama facilitate the movement of funds by applying Specie Bank on New York, which by the end of the law of Government compensation relating 1929 had already recovered to $49 (per 100 to advances on raw silk and by making credit yen), was further raised to $49% in January. available to minor industrialists. At the same The tone of the market, however, was sometime the business community was making what uncertain, mainly as the result of a strong every effort to reduce costs of production, demand for foreign exchanges for financing decrease the accumulated stocks of goods, and import trade, repayment of loans, and investadjust output to consumption through curtail- ments abroad, and, to some extent, of speculament of production on one hand and expansion tive dealing in exchange. From the end of July, as the Yokohama Specie Bank adopted a 1 Taken with some textual revision and rearrangement from the official policy of freely meeting the demand for foreign English version, published (in abridged form) by the Bank of Japan. exchange, the situation improved, and the In addition to the address of the governor, the report contains numerous tables showing the condition and operations of the bank. For earlier quotation in the open market tended ta reports see FEDERAL RESERVE BULLETIN for May, 1930; April, 1929; strengthen. The credits arranged in the pre- May, 1928, 1927; June, 1926; etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 385 ceding year by the Yokohama Specie Bank Bank of Japan, nevertheless, in view of the with banking groups in London and New York monetary conditions at home described above, were allowed to lapse without their having ever and of the consistent downward trend of money been drawn upon. rates in other countries, while the exchange Gold reserves.—Withdrawals of gold from value of the yen was stabilized, lowered its the bank during the year in the form of sales of rates early in October by 0.1 sen per diem (from buiiion and redemption of bank notes amounted 5.48 to 5.11 per cent per annum). Meanwhile, to 316,000,000 yen ($157,526,000). Against bankers and financiers made concerted efforts this there were receipts of gold, primarily from to meet the requirements of industry for ac- Manchuria and China proper, to the total value commodation. Business conditions gradually of about 70,000,000 yen ($34,895,000), so that became more settled, the feeling of undue cauthe reduction in the bank's gold reserves was tion was moderated, and by the end of the year 246,000,000 yen ($122,631,000). On December the money position was moderately easy. 31,1930, the gold holdings of the bank amounted Conclusion.—Because of the fact that the to 825,000,000 yen ($411,263,000). The gold removal of the gold embargo was effected in the withdrawals and the reduction in business activ- midst of the world depression, the year has been ity were reflected in the note issue, which showed one of unusual difficulty. Thanks, however, to a declining tendency throughout the year. the united efforts of the Government and the Money and capital market.—Notwithstand- Nation at large, the difficulties have been sucing the loss of gold and the reduced volume of cessfully met, and the first year of the return currency in circulation, the money market, to the gold standard has closed with business except for some hardening in the call-loan rates, reorganization well in progress. Conditions in was characterized by continued ease, and dis- other countries, however, are such that an early count rates on commercial paper remained at improvement can hardly be expected, and, about 1.5 sen (5.48 per cent per annum) in moreover, international economic competition Tokyo. More than ordinary caution, however, is becoming more intense. The maintenance of was exercised in the matter of long-term invest- the gold standard on a firm basis and the ments, with the result that the bond market strengthening of Japan's economic position was extremely depressed, and the total volume among the nations will, in these circumstances, of corporation issues during 1930 scarcely ex- call for greater cooperation by all classes for ceeded 188,000,000 yen ($93,718,000). Bank the promotion of industries and foreign comdeposits, reflecting the unsatisfactory state of merce through rationalization of business entertrade and industry, continued the downward prises and management. It is essential for movement which had begun in 1929, whereas bankers and financiers to watch the trend of the loans failed to show a corresponding contrac- world economic situation and to do their share in tion. Some provincial banks found themselves hastening the recovery of the country's business in difficulties, a circumstance which served to by so administering the supplies of credit that intensify the general feeling of caution. The the legitimate needs of business shall be satisfied. BALANCE SHEET OF THE BANK OF JAPAN, AS OF DECEMBER 31, 1930 Yen (in Dollars Yen (in Dollars Resources thou- (in thou- Liabilities thou- (in thousands) sands)1 sands) sands)1 Gold: Notes issued 1, 436, 296 715,993 Bullion 605, 269 301, 727 Current accounts 112,625 56,144 Coin.. 220, 750 110, 044 Government deposits: Total gold. 826,019 411,771 Current account 45,609 22,736 Silver bullion.__ . 86 43 Other 298.135 148, 620 Subsidiary coin _ _ 51, 556 25,701 343, 744 " 171, 356 A D B A A A D B G F O o i i g g d d e u o t l l h r e p e v v l e l v e s s e n n o a a e i f r c c g n d d n s r r i i o i n n a c i i c e e t s s m d m e e s s s c c a s s v w o a o a g e a t o o c c u u e n o i n t c c n n n n t t h c h G o o c t t b e f e e e u i u o o r s e o o d d n n r v s t n , b e t t t h e o s s i a d L a g e r c s n s r n n G a c . p w k m b o o e b s u a c v e i . N i l n n n e . f l . k s t i r t o e s , n s . d a m 5 r 5 t e i n c o l t _ f e 1 2 9 , 2 b 7 ank note act. 5 2 1 1 3 2 6 2 8 7 0 2 5 8 3 2 5 5 5 2 3 9 , , , , , , , , , , 0 1 9 4 0 3 7 0 6 7 9 0 2 3 3 1 4 0 4 7 5 1 9 9 4 8 5 0 0 5 5 2 1 3 9 5 8 1 1 1 1 4 2 2 1 1 7 6 4 1 0 , , , , , , , , , , 0 7 8 3 6 4 4 6 9 5 3 7 6 3 0 5 7 2 6 1 2 1 5 9 3 9 8 8 4 7 7 D D C R N R R R P S R r u e e e a e e i u e o v s s s s p m t d e f p e e e i i e i p d i e r r r t t t m t o a v r v v n e t o b l e e e a n s p o f r e s n d i f a t f o t u t i u o c h s g r u o b n e e e r f a u g n s o s c d r i t n h c n e a r b t r p x i s f t i p a t u a h e f b t n o i n s e d e s d k r d e d w c s p u a r r f e r o r d c e r i n a fr t t f o i r h o m a a n c _ l t f l o i a o f y s n b e t a a a h l r _ n a k lf G p y o r e e v a m e r r i n s m es e — n _ t . 6 9 8 7 6 7 4 4 0 8 , , , , , , , 4 9 4 9 0 4 5 6 9 8 7 2 0 3 1 3 6 1 4 5 0 9 1 5 5 4 2 4 3 3 8 2 2 4 9 , , , , , , , 7 2 4 0 6 4 9 3 2 8 3 8 1 1 5 1 6 4 7 0 1 5 7 7 5 B C Su a a s n p p k i e t a n p l s r e e u m n p p a is y a e i m s d ents 22 4 4 , , , 1 7 5 5 2 0 6 0 0 1 2 2 1 , , , 3 2 0 5 1 7 6 3 2 Fu n n o d te s s f or payment of mint certificates — _. 11,680 5,8 1 2 9 2 6 Cash items on Government account 3,021 1,506 Redemption fund for fractional Government notes as per contra 11,680 5,822 Funds for payment of mint certificates as per contra _ 393 196 Total resources.. 2.175, 213 1, 084,344 Total liabilities 2.175.213 1.084,344 i Conversion at par of exchange: 1 yen=$0.4985. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JULY, 1931 ANNUAL REPORT OF THE BANK OF GREECE The annual report of the Bank of Greece for increase in advances of more than 1,000,000,000 1930 was presented to the general meeting of drachmas ($13,000,000), but in 1930 a reducshareholders on February 14, 1931. Sections tion in advances of more than 300,000,000 of the address of the governor of the bank, drachmas ($3,900,000). Mr. Alex. N. Diom&de, are given herewith:1 Owing to the decline in the volume of ad- The prevailing world crisis has affected all vances and to the fall of interest rates in countries, and Greece has been no exception. foreign markets, available funds were in The decline in the yield of the harvests for abundance throughout the year. As a result, 1930 was doubly unfortunate, both because it deposits were increased and the cash position reduced the revenue for the year and because of the banks showed a high degree of liquidity— it necessitated an increase in imports of grain. averaging 15 per cent against sight liabilities. The country met the situation, however, by Bankers were accordingly able to reduce the timely retrenchment, rapid adjustment to the interest on deposits, while the level of interest changed conditions, and by abandonment of on commercial and contango loans was well speculation. Among the working classes there beiow the official discount rate, which was has been practically no unemployment. maintained at 9 per cent. Furthermore, throughout the whole year, Foreign exchange.—Purchases of foreign exfluctuations in share prices on the Athens stock change by the bank during 1930 aggregated exchange averaged no more than 20 to 25 per £26,832,113 ($130,578,478), while sales aggrecent, whereas in foreign countries security gated £27,110,812 ($131,934,766), making a prices underwent fluctuations of 30 to 35 per net reduction of £278,699 ($1,356,288) in foreign cent. Finally, the public finances of Greece exchange holdings during the year. This recontinued to be sound, and national credit was duction was surprisingly small in view of the well maintained in spite of the prevailing crisis. fact that exchange requirements of the Govern- Banking position.—At the beginning of the ment and the International Financial Commiscrisis, it is true, Greece was taken somewhat sion rose by £1,047,610 ($5,098,194) compared unaw^ares. The belief that there would always with 1929, while profits on foreign exchange be a wide demand for Greek products had led invested abroad were reduced by £167,184 to an unreasonable extension of business and ($813,601), owing the the decline in interest to an excessive use of bank credit. As soon, rates. It compares with a reduction during therefore, as the crisis developed, business 1929 of £2,999,239 ($14,595,797). # undertakings found themselves handicapped The relative strength of the foreign exchange by heavy liabilities, and banks by nonliquid position in 1930 is attributable first, to the assets. The whole range of debtor-creditor reduction by £3,600,000 ($17,519,400) of the relationships was threatened. Many people in merchandise import surplus, and, second, to the their impatience urged an increase of the influx of foreign capital in the amount of some monetary circulation and an expansion of £3,000,000 ($14,599,500), representing a porbank credit as a cure for the difficulty, but tion of the proceeds of the Tripartite loan and practical wisdom prevented the bank from of the public works loan, contracted during adopting methods which would most certainly previous years. have made matters worse. The bank used its Remittances of Greek emigrants continue to influence to promote retrenchment, accom- play an important part in the balance of paypanied by methods of reducing costs of pro- ments. It might have been expected that the duction—achievement in this direction being crash on the American stock exchange and facilitated to some extent by the decline in other crises would have affected the economic interest rates. The general depression was strength of Greek emigrants to a greater degree. not in itself alleviated, but most domestic en- An increase, however, was shown in remittances terprises entered the new year with assets as compared with previous years, as indicated more liquid, liabilities reduced, and production by the following table: adjusted to existing demand. This situation is reflected in the statements of the four leading REMITTANCES OF GREEK EMIGRANTS commercial banks, which, in 1929 showed an 1927 £6, 923, 000 ($33, 691, 000) 1928. 6, 431, 000 ( 31, 296, 000) 1929 7, 814, 000 ( 38, 027, 000) i Taken with some textual revision from the official English translation published by the bank. In addition the report contains tables showing 1930 8, 034, 000 ( 39, 097, 000) the operations of the bank in detail, and sections dealing with the international depression, the balance of trade, public finances, and public Gold.—The gold which was transferred to the debt of Greece, etc. For the 1929 report, see FEDERAL RESERVE BUL- LETIN for October, 1930. Bank of Greece at the commencement of its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

387 JULY, 1931 FEDERAL RESERVE BULLETIN operations amounted to £2,336,817, which is amount of 125,000,000 drachmas ($1,625,000), the equivalent of 876,306,260 drachmas ($11,- and by the more rapid turnover of funds 372,120). Of this gold, £985,532 ($4,796,091) effected through the clearing house. consisted of gold bullion deposited many years Economic policies.—During the present peago with the Bank of England, while £1,351,285 riod of transition, three leading policies should ($6,576,029) consisted of gold coins. be followed. The first is the maintenance of a There was no reason why the Bank of Greece safe equilibrium in the national budget. should keep so large a quantity of gold on un- Constant endeavors have thus far been made productive deposit. Most of the recently not only to keep the budget in balance, but to established central banks have, in fact, adopted produce a surplus; and the treasury has conthe gold exchange standard. Immediately sistently maintained an absolutely liquid cash after the commencement of business, therefore, position, thus avoiding all danger of incurring the bank converted its gold bullion into foreign a floating debt. No one fails to realize that, gold exchange at considerable profit, but re- under conditions of a world crisis and a gentained the £1,351,285 in gold coin. Sirce eral restriction of revenues, a budgetary deficit then, in accordance with its statutes, the bank would be fraught with great danger. has purchased gold coin in the following The second policy is the restriction of imports amounts: in order to reduce the excess of imports in the balance of trade, and, consequently, the 1928 £177,038 ($861,555) 1929 233, 990 (1, 138, 712) foreign indebtedness. It is true that imports 1930 146, 414 (712, 524) of cereals, which constitute the largest liability item in the merchandise balance, are necessary Total 557, 442 (2, 712, 791) and can not be reduced at will. Only certain Foreign exchange reserve.—The foreign ex- classes of imports, therefore, can be cut down, change reserve against demand liabilities de- and to these all efforts at restriction must be clined from £8,309,111 ($40,436,289) on De- directed. cember 31, 1929, to £8,030,412 ($39,080,000) The third policy is the encouragement of on December 31, 1930. It fluctuated during production, which must be directed toward the year between £7,568,013 ($36,829,735) on two main ends, namely, the expansion of indus- January 23 and £9,277,693 ($45,149,893) on try and agriculture. Such expansion, however, September 30, and averaged £8,623,285 ($41,- produces results very slowly, and can not be 965,216), or 49.18 per cent. In addition to the realized without the assistance of foreign reserves in foreign exchange, the Bank of capital, inasmuch as the accumulation of Greece has a secondary reserve which can at capital within the country is inadequate. any moment be used to reinforce the legal Relations with the Bank for International reserves in face of any unforeseen demand. Settlements.—Relations of the Bank of Greece The bank has invested part of its capital in with the Bank for International Settlements gold securities to a value of £380,000 ($1,849,- during the past year have been very close and 270), which, through conversion into foreign have developed into systematic collaboration. exchange, can increase the reserves without For the further development of such collaboracreating a corresponding increase in active note tion, certain amendments to the bank statutes circulation. Furthermore, the bank has on have been proposed. The bank has particideposit and at its immediate disposal funds of pated in the share capital of the Bank for the State in foreign currencies amounting on International Settlements by subscribing to an average during the past year to £2,020,000 4,000 shares of a nominal value of 10,000,000 ($9,830,330), and available at any time for Swiss francs. The Bank for International strengthening the reserve position. These ad- Settlements, in pursuance of the policy of ditional resources are entirely adequate to pro- investing its available funds in different countect the general economic position of the tries and thus helping to narrow the wide country. margins between money rates in various cen- Note circulation.—Note circulation declined ters, has up to the present time invested from 5,193,000,000 drachmas ($67,509,000) on 114,000,000 drachmas ($1,482,000) in this December 31, 1929, to 4,803,000,000 ($62,439,- country, through the medium of the Bank of 000) on December 31, 1930, a reduction of Greece. These investments were made in 390,000,000 drachmas ($5,070,000). This re- drachmas and not in foreign currencies; and the m duction was partly offset by subsidiary coins, rate of interest, in view of conditions prevailing which were issued and put into circulation here, was comparatively low. The Bank for during the year for account of the State in the International Settlements would be disposed to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN JULY, 1931 increase these investments considerably if mar- ($975,000) were granted, through the Bank of ket conditions permitted. Greece, to the Agricultural Bank out of the Special emphasis should be laid upon the available funds of the Bank for International assistance which the Agricultural Bank of Settlements, while a still larger advance could Greece received from the Bank for Interna- be made if the Agricultural Bank should need tional Settlements. During the past year further capital. credits amounting to 75,000,000 drachmas BALANCE SHEET OF THE BANK OF GREECE AS OF DECEMBER 31, 1930 Drachmas Dollars i Drachmas Dollars * Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) sands) sands) Gold coin and bullion 510,033 6,630 Banks notes in circulation _. 4,802,907 62,438 Foreign gold exchange (art. 62 of statutes) 3,279,357 42,632 Other sight liabilities, in drachmas: Other foreign exchange 2,866 37 A. Current and deposit accounts— Subsidiary Greek coin 29, 520 384 I. Government accounts 613,146 7,971 Domestic bills and notes 144, 642 1,880 II. Bankers' accounts... _. 566,659 7,367 III. Other accounts ... 497,899 6,473 Advances: IV. Dividend, 1930 32,000 416 I. Repayable in drachmas 120,101 1,561 II. Repayable in foreign exchange 61, 842 804 1, 709, 703 22,226 . B. Bills and sight drafts 18,125 236 181,943 2,365 1, 727,828 22,462 Stat I e . d F e r b o t m s: loans in respect of forced circulation 2.2,714,111 35,283 Bankers' time deposits 140,000 1,820 II. From other loans _. 674,652 8,770 Foreign exchange liabilities: I. Foreign gold exchange (art. 62 of statutes) 777,985 10,114 3, 388, 763 44, 054 II. Other foreign exchange 2,222 29 Investments _ 298, 723 3,883 780, 208 10,143 Bank buildings and equipment __. 86, 220 1,121 Capital paid up 400,000 5,200 Less amount written off 5,277 69 Reserve funds: 80, 943 1,052 I. Provision (art. 71 of statutes) 10,198 133 II. Ordinary reserve fund... 60,400 785 Cost of bank notes _ 83, 999 1,092 Less amount written off 16, 800 218 70, 598 918 Other liabilities.. 520,002 6,760 67,199 874 Other assets 457, 554 5,948 Total resources . , 8, 441, 544 109, 740 Total liabilities 8,441, 544 109. 740 PROPORTION OF GOLD AND NET FOREIGN GOLD EXCHANGE TO SIGHT LIABILITIES Drachmas Dollars l (in thou- (in thousands) sands) Gold . . 510,033 6,630 Net foreign gold exchange (art. 62 of statutes) _2, 501, 371 32, 518 Reserve (art. 62 of statutes) (total (a)) 3, 011, 404 39,148 Notes 4,802,907 62, 438 Other sight liabilities in drachmas-.. 1, 727,828 22,462 (Total (6)) 6, 530, 736 84, 900 Proportion of total (a) to total (6) = 46.11 per cent. 1 Conversion at par of exchange: 1 draehma=$0,013. » Old fiduciary note circulation with legal tender powers issued for State account by the National Bank of Greece and taken over by the Bank of Greece. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

389 JULY, 1931 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE BANK OF ESTONIA The Bank of Estonia has issued its annual bank's long-term loans resulting from the report covering the year 1930. Sections of the conversion, under a special law, of new settlers7 report are given herewith: 1 "purchase debts" (contracted in connection The economic development of Estonia dur- with stocks, buildings, materials, etc., proing 1930 was greatly influenced by the prevail- vided under the agrarian reform law), and ing international situation. The world-wide other outstanding loans. These operations depression which had begun in 1929 became represented 4,000,000 krooni ($1,072,000). still more severe. The abnormal fall in com- A special investment of 3,000,000 krooni modity prices was most acutely felt in agri- ($804,000) in the oil-shale industry was arranged culture, which is the principal industry of the through the agency of one of the private banks. country. Yet even at the greatly reduced Except for this increase of 7,000,000 krooni, prices, it was difficult, owing to the glut in accounted for by the two special credits deforeign markets, to find buyers for such agri- scribed above, the aggregate volume of credits cultural products as were available for export. remained virtually unchanged during the year. Industries manufacturing for export had simi- The Bank of Estonia lowered its discount larly to contend with many obstacles. The rate in October, 1930, from 8 to 7 per cent, with sale of timber, in particular, was hampered corresponding reductions in the rates on loans by foreign competition. and advances. The private banks followed The inactivity of the domestic market the example'of the Bank of Estonia in this throughout the year, resulting from the reduc- respect, and decided to fix the rates on distion in purchasing power, seriously disturbed counts and loans at a maximum of from 10 trading conditions and forced many enter- per cent (on 3-month bills) to 12 per cent, to prises to go into liquidation. In the money become effective not later than January 1, market there was considerable stringency, 1931. which was accentuated toward the end of the Note circulation was lower than in the preyear by the failure of one of the smaller joint- ceding year, while the amount of subsidiary stock banks, and this in turn caused con- coin showed some increase. Total circulation siderable anxiety among private depositors. declined from 37,994,000 krooni ($10,182,000) Notwithstanding the difficulties described at the beginning of the year to 36,517,000 above, the Bank of Estonia was successful in krooni ($9,787,000) at its close, whereas during performing its essential function—that of the same period token currency rose from maintaining the stability of the currency. 3,952,000 krooni ($1,059,000) to 4,283,000 Money market and banking.—The strin- krooni ($1,148,000). The monthly average gency prevailing throughout 1930 in the of the aggregate circulation of notes and token Estonian credit market became more marked currency was 36,900,000 krooni ($9,889,000), at the close of the year. Notwithstanding the as compared with 38,300,000 krooni ($10,increase in deposits, the banks were very 264,000) in 1929. cautious in granting fresh loans. The share The stability of the kroon was fully mainof the Bank of Estonia in the total credits tained during the year, and the reserve percentgranted was reduced by 1.2 per cent to 12.8 age against aggregate demand liabilities generper cent; that of the National Mortgage Bank ally stood at a level of about 50 per cent as by 0.5 per cent to 18.5 per cent; and that of compared with a minimum of 40 per cent rethe joint-stock banks by 0.3 per cent to 38.7 quired by the statutes of the bank. per cent, while the share of the larger coopera- In consideration of the great importance of tive banks was increased by 0.2 per cent to the Bank for International Settlements for 12.9 per cent, and that of the land bank by cooperation of central banks and the regulation 1.8 per cent to 13.9 per cent. The latter in- of world financial conditions, the Bank of crease is to be attributed to an increase of the Estonia availed itself of the opportunity which the Bank for International Settlements 1 Taken with some textual revision from the English translation pub- offered, to participate in its capital by acquiring lished by the bank. In addition the report contains tables showing 100 shares. the operations of the bank in detail, and sections dealing with agriculture, trade, and industry. For the 1929 report see FEDERAL RESERVE BULLETIN for September, 1930. 64652—31—6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDEKAL RESERVE BULLETIN JULY, 1931 BALANCE SHEET OF THE BANK OF ESTONIA AS OF DECEMBER 31, 1930 Krooni Dollars Krooni Dollars Resources (in thou- (in thou- Liabilities (in thou- (in thousands) sands) ! sands) sands) l Reserve: Demand liabilities: Gold coin and gold bullion- 6,558 1,758 Notes in circulation _ 32,234 8,639 Net foreign exchange 16,514 4,426 Sight deposits and current accounts- Government -_ 8,927 2,392 23,072 6,183 Bankers.- _. 4,167 1,117 Other 2,270 608 Subsidiary Estonian coin.. 1,731 464 Domestic bills discounted: 15,364 4,118 Commercial, __ 11,415 3,059 Agricultural 1,679 450 47, 598 12,756 Timber 18 5 Capital - — 5,000 1,340 Reserve fund 4,394 1,178 13,111 3,514 Other liabilities..- _._. 4,447 1,192 Net profit for 1930. __ _ _. 1,327 356 Loans and advances (including 5,461,912.08 krooni ($1,463,792) guaranteed by the Government). - . 12,306 Bank premises..- _ ~._ 1,625 Other assets - _ 10,920 2,927 Total resources. 62,765 16,821 Total liabilities 62, 765 16,821 i Conversion at par of exchange: 1 kroon=$0,268. ANNUAL REPORT OF THE NATIONAL BANK OF EGYPT The annual report of the National Bank of have been fruitless; and experience has shown Egypt for 1930 was presented to the general in more than one country that government meeting of shareholders on March 19, 1931. action for the purpose of maintaining an Sections of the report dealing with the economic artificial level of prices by restriction of prodepression in Egypt are given herewith, to- duction or by intervention in the markets is gether with the detailed balance sheet of the finally destined to fail. Indeed, if any country bank at the end of the year: x succeeds in bringing about a temporary im- Position of the country.—No apology is provement, it ultimately does more harm than needed for referring to the international situa- good by checking the natural course of readtion, for the Egyptian people are fully aware justment, which alone can reestablish equilibthat the interests of producers and consumers rium and confidence. throughout the world are interdependent. It In the second place, it is clear that the first is no exaggeration to say that the Egyptian countries to enjoy a return to stability will be peasant, who cultivates his fields thousands of those which have established their economy miles from the markets where his products—or on a solid foundation and have managed their the commodities manufactured from them— finances wisely. Egypt is one of those countries. are sold, can feel the effect of a civil war in It has a very fertile soil, which is cultivated by China, political events in India, strikes in an industrious people, and the principal crop England, a stock-market crisis in New York, constitutes one of the necessities of the whole in short, of any and all circumstances which world. Its financial position may w^ell excite prejudice the purchasing power of a large part the envy of many other countries. Its public of the consumers of the world. debt represents less than £7 ($34) per capita, Certain conclusions in connection with the and is but slightly in excess of its ordinary revcrisis seem to be established beyond question. enues for two years. The debt, furthermore, is First of all, even though it were admitted that not a dead weight, for it is balanced to the exall the governments of the world, acting with a tent of about three-fourths by the plant and common purpose and following a common plan, equipment of Government irrigation services could have prevented the crisis, and even now and Government railways. Finally, Egypt has could hasten its solution, it is clear that no an inestimable advantage from the point of government by itself can do much to save its view of commerce, namely, the stability of its own country from the effects of the general exchange, the maintenance of which is insured fall of prices. The efforts made to this end by the volume and liquidity of the reserve held against the issue of bank notes. i The report, available in French, contains in addition tables showing _ These are the favorable elements in the the operations of the bank in detail and the trade balance since 1920-21, situation which have helped the country in the and sections dealing with the international situation and personnel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 391 past and are still helpful in the difficult times that month, in fact, imports rose to £9,500,000 through which it is now passing. This is not ($46,232,000), while in March they declined to to say that Egypt need have no concern for the £2,500,000 ($12,166,000). It is highly probfuture. The word "deflation" has been in able that imports for the year 1930-31 will be constant use in recent years. What is actually considerably reduced. needed in Egypt, as elsewhere, is a deflation of The Sudan.—The world-wide depression has ideas. Most prices have now reached the pre- affected the Sudan more than it has affected war level, and the world will be almost at the Egypt. The Sudan is less developed; the counend of its difficulties when the ideas of every- try as a whole has accumulated little in the one—governments, classes, and individuals— way of reserves and has almost no wealthy adapt themselves to this level. class among its population. As to public Balance of trade.—In respect to the unfavor- finances, the State budget depends to a great able trade balance of the country, which was extent upon certain commercial enterprises. more than £14,000,000 ($68,131,000) in 1929-30, Fortunately, harvests have been excellent, and it should be remembered that during that year the country has sufficient food for its own uses, imports were stimulated by an artificial factor— but the purchasing power of the people has namely, the imposition of a new tariff law which been greatly reduced and commerce has sufbecame effective in February, 1930. During fered in consequence. BALANCE SHEET OF THE NATIONAL BANK OF EGYPT AS OF DECEMBER 31, 1930 BANKING DEPARTMENT Egyptian Dollars Egyptian Dollars Resources pounds (in thou- Liabilities pounds (in thou- (in thou- sands) * (in thou- sands) 1 sands) sands) Cash; Bank notes. 1,127 5,571 Current, deposit, and other accounts 15,875 78, 472 Coin 1,202 5,942 Accounts with banks 454 2,244 Deposits of Egyptian Government 3, 699 18, 285 2,329 11,513 Deposits of Government of Sudan 232 1,147 Accounts with banks 299 1,478 Deposits of mixed tribunals 1,998 9,876 Foreign bills 1,256 6,209 Unpaid dividends 22 109 Domestic bills 458 2,264 Checks and bills payable 152 751 Advances on merchandise 1,740 8, 601 Rediscount 14 69 Advances on securities 3,710 18, 339 Capital _ 2, 925 14, 459 Advances on other collateral 1,371 6,777 Legal reserve 1, 462 7,227 Other advances 644 3,183 Reserve for contingencies 1,462 7, 227 Investments at short term . 1,609 7, m Provision for payment of dividend of 18 per cent_ 409 2,022 Government securities and securities guaranteed Profit and loss 232 1,147 by the Egyptian Government 14,413 71, 245 Acceptances, etc 1,237 6,115 Other securities 902 4, 459 Furniture and fixtures 204 1,008 Acceptances, etc 1,237 6,115 Total resources- 30,173 149,148 Total liabilities- 30,173 149,148 ISSUE DEPARTMENT Gold 3,340 16, 510 Notes issued. __ ... 22,100 109,243 British Government Treasury bills 7,710 38, 111 11,050 54,621 Egyptian Government securities guaranteed by the Egyptian Government 1,500 7,415 Treasury bills and "war loan " of the British Government-- -_ -- - 9,550 47, 207 11, 050 54, 621 Total resources 22,100 109,243 Total liabilities _ 22,100 109,243 i Conversion at par of exchange: 1 Egyptian pound=$4.9431. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN JULY, 1931 GOLD RESERVES OF PRINCIPAL COUNTRIES ANNUAL TABLE OF GOLD RESERVES issue. The gold reserves of these banks are not reported separately from subsidiary coin, and The annual table showing for 1913-1930 the the total coin figures are not given for specific central gold reserves of all countries for which dates prior to 1928, but only in the form of satisfactory figures are available is presented averages for a period. As, however, these six herewith, together with a new table (p. 399), banks are the sole source of currency issues in showing monthly figures beginning with June, New Zealand and as it appears desirable that 1928—the date on which the Bank of France gold reserves against New Zealand currency resumed publication of the full amount of its should not be disregarded, the figures for total gold holdings. The new form of the monthly coin holdings of these banks are included in table differs from that previously employed in the table. It is understood that subsidiary that it shows figures for each country instead coin represents about 10 per cent of the total. of presenting figures for 16 countries individ- In South Africa the present central bank was ually and for 29 countries as a group. preceded by note-issuing joint-stock institu- Basis of table.—The figures represent phys- tions. The gold reserves of these institutions ical gold, in the form of coin or bullion, held were transferred to the South African Reserve either at home or abroad by central banks and Bank following its establishment in 1921. In public treasuries. They do not include gold view of the fact that the currency of South technically known as "in circulation/' that is, Africa was supplied solely by the joint-stock monetary gold held by commercial banks, busi- banks in the earlier period and in order to ness concerns, and private individuals. The preserve continuity, the gold reserves of these principal reason for excluding gold in circula- banks are included in the table. From 1920 tion is that satisfactory figures are not availa- through 1925 gold certificates were held in ble; but it is also considered that gold in the reserves of both the central bank and the jointhands of the central authorities represents in stock institutions. These certificates repregeneral the effective gold reserves of the world sented an equivalent amount of gold deposited and should be separately stated, even if accu- with the South African treasury, and hence are rate figures for other types of monetary gold included in the table. holdings could be shown. In Italy the note issue was in the hands of Some comments relating to particular cases three banks before it was concentrated in the will help to understand the table. Gold held by Bank of Italy alone. When the privilege of note the United States Treasury as cover for gold issue was transferred to the Bank <of Italy in certificates is treated in the table as a part of the 1926, the gold reserves behind the issues were central gold holdings, although technically it likewise transferred. For the period previous to might be held to belong to the holders of the 1926 the reserves of the three banks, all Governcertificates. This is done, because to treat it ment institutions, are counted in the table. otherwise would result in abrupt and mean- In Germany, in addition to the Reichsbank, ingless variations in the figures for central there are certain private banks of issue which gold reserves of the United .States according hold a small amount of gold. This gold is not as the Federal reserve banks^chose to pay out included in the table, however, for the reason gold certificates or Federal reserve notes. that these banks are not sole banks of issue and Furthermore, the effective gold reserves of the do not perform the functions of central banks. United States would be understated; for it is In several other cases some question might always possible to free the gold behind the gold be raised as to whether the bank taken as the certificates by paying out Federal reserve notes central bank of a country does in all respects instead. perform central banking functions. This ques- Although the Canadian chartered banks are tion might apply to the present banks in not central banks, that portion of their gold Argentina, Brazil, and Australia, and to the which is deposited in the so-called " central banks which preceded the present central banks gold reserves," where it is set aside under semi- in Greece and Bolivia. In all cases, however, public administration against note issues, is the banks concerning which a question might counted as a part of the central gold reserves be raised are either sole banks of issue or governof the country. ment banks; and in view of the desirability of New Zealand has no central bank. The cur- making the table as representative as possible, rency of the counrty is supplied by six banks of they have been included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 393 Recent revisions.—Several changes have been as such gold is in fact held for account of others. made this year in figures formerly published. During the period 1914-1922 the Government With regard to the Bank of England, the item conversion office in Argentina reported gold as "gold and silver coin" reported in the banking held abroad with the Argentine legations. This department has been omitted in view of infor- item represented in part gold earmarked abroad mation to the effect that in general only a small for account of the legations and in part deposits amount of gold coin is included in the item.1 of the legations with foreign banks. Informa- With the omission of this item the only silver tion is not yet available as to the amount of now included in the figures is that which can physical gold included in the account. In the not be eliminated from the New Zealand figures case of several other countries—e. g., Chile, for coin and bullion. Japan, Peru, and Uruguay—items shown in Through the cooperation of the Common- the official returns under the general designawealth Bank of Australia, which supplied for tion of gold abroad continue to be excluded the purpose certain figures not currently pub- from the table in view of statements from the lished, it has now become possible to include in institutions concerned that the items represent the tables for the first time the gold held in the balances in gold standard countries rather than banking department—amounting in 1925 to physical gold. $34,650,000. It has become possible also to Figures for Bolivia are included in the annual improve the figures for several countries through table for the first time. Gold reserves of the receipt of information definitely identifying as Bank of the Bolivian Nation are counted for gold held abroad under earmark certain items the period 1913-1928, notwithstanding the formerly understood to represent balances fact that the institution was not in all respects abroad. This applies to the gold deposit of the a central bank; gold reserves of the Central old National Bank of Greece with the Bank of Bank of Bolivia, successor to the Bank of the England during the years 1922-1927, amount- Bolivian Nation, are counted for the period ing to 25,000,000 drachmas ($4,825,000). For 1929-30. the Bank of the Republic in Colombia the A number of minor corrections have been figures of gold earmarked abroad ("Oro en made in figures previously employed. The custodia") are this year available in full for countries affected by these corrections, in so the first time and are included in the table; far as the items have not already been covered while two other items designated in general as in preceding paragraphs, are as follows: Belgold on deposit with foreign banks are excluded, gium, Chile, Czechoslovakia, Egypt, Guateas in previous years, since they represent de- mala, Japan, India, Peru, Rumania, and posit balances in gold standard countries rather Uruguay. than physical gold. With regard to Spain, it The institutions covered by these tables are is understood that gold recently earmarked listed on page 394, together with detailed inforabroad and included in the item "Corresponmation relative to the sources of the data, the sales y Agencias del Banco en el extranjero items employed, and the rates of conversion (oro y divisas) " has been pledged against loans; into dollars. Although this information is and as consequently it is not at the free dis- presented with reference to the annual figures, posal of the bank, it is omitted from the table. it is in general applicable to the monthly Similarly, the item "Oro de cuentos corrientos" figures also (p. 399)—the chief difference being as reported by the Bank of Spain is omitted, that current balance sheets rather than annual reports have been employed in compiling the 1 The largest difference between present and previous figures for Eng- i monthly data. land on account of this change is $13,614,000 in July, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN JULY, 1931 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, BY YEARS, 1913-1930 [In thousands of dollars, converted at par of exchange] Aus- E y n e d a r of Total U S n ta i t t e e s d E la n n g d - France m G a e n r y - ! b A an l i - a A t r i g n e a n- t A ra u l s i - a A tr u i s a - H tr u ia n - - g B iu e m l- Chile gary 1913.. 4,933,372 1,290,420 164,853! 678,858 278,687 256,126 21,987_ 251,421 1914. 5,424,579; 1, 206,487 425,974; 802, 583| 498, 508 241.539 38,995. 213, 757 1915.. 6,231,949 1, 706, 922 388, 532! 967,950, 582,443 238,906 73,552|. 138, 758 1916_. 6, 619, 614 2, 202,157 395, 841 j 652,886! 600,377' 265.540 78, 351L 24,588 13,124 1917.. 7,132, 692 2, 523, 084 416, 7231 639,682. 573, 249i .__ 288,020 85,787'. 24,588' 12,159 1918.. 6. 800. 877 2, 657,885! 520, 969 664, 0091 538,8611 I O3f0\A4 ,4AR6C6* 11f0\44 ,0A0A7T ;j . 26,227 12,352 1919.. 6, 788, 064 2, 517, 722| 578,130, 694,847] 259,519!. 336, 707 116,850;. 24, 391 1920. 7,231,071 2, 451,182; 754, 230! 685,517: 260, 028:_ 473,913: 122,369! 32, 902 1921_. 8,022, 835 3, 221, 215 754,867 690,141 i 237,102!- 472,415| 124,197, 34, 034 1922. S. 394,109 3, 505, 551 742, 740! 708, 403! 239, 354!. 472,529, 127,309! 34,034 1923. 8', 627,499 3, 833,735! 745, 543 709,480 111,247:. 466,495 131,2181 1,313 34, 034 1924. 8,947, 948 4, 090, 067|748,156! 710,394| 180,939;. 443,896 129,620, 1,560 34, 035 1925. 8, 965, 253 3, 985,399694,761i 710, 968i 287, 763: 19 450,592 162,488 2,087 52,855 6,553: 54, 305, 7, 156, 768 34,034 1926. i 9,200,665 4, 083,380729, 274 711,106 436, 235i 303 450,557; 109,555: 7,388 86,214! 6,899 56, 329i 8,464 158,105 10,303 1927. i 9, 558, 835 3,977,181737,119 954,0001 444,158' 251 529,134 106,001: 11,883 99,878 6,919 100, 746! 9,198 151, 978 7,439 1928.. 10,018,713 3, 746,111748, 390 1, 253, 500! 650.127 24 J 607, 2901 109, 410| 23,743 125,576i 9,001i 148, 555j 9, 529 113,948 7,363 1929.. 10,297,034 3, 900,160709,769 1,633,402 543,838 340 433,932 89,547 23,727 163,351! 3, 379| 150, 395 9, 997 77, 626 7,695 1930- | 10,907,399 4, 225,109718,422 2,100,242, 527,799] 376 412,023 75,316 30,168 190,754 1,014: 10, 531 10, 475 109, 843 7,495 Co b l i o a m- C v o z a s e k l c o i h a - - m D a e r n k - E d c o u r a- Egypt E n s i t a o- l F a i n n d - Greece G m u a a l t a e- H ga u r n y - India Italy Japan Java Latvia 1913 19, 666 10, 464 6,973 4,825 123, 921 265,476 64,963 10,398 1914 24,506 21,552 8,236 7,0861 80,068 269, 584 64,062 15,118 1915 29, 833 35, 734 8,230 10,939 67, 881 263,278 68,187 12,053 1916 42, 847 29,624 8,232 11, 378 78,127 223,400 113,411 29,452 1917 46, 611 19,219! 8,227 11,907 90,118 206,721 229,980 31, 517 1918 52,159 16,520 8,234 10,246 64,231 202,403 225, 622 43, 423 1919 2,835 60, 807 16, 538 8,227 10, 744 128,819 200,098 349, 971 69,134 1920 4,515 60,992 16, 539 8,227 10, 765 116, 249 204,372 556,475 88,214 1921 12, 458i 61,192 16, 5i4400ji 94! 8,227 10,770 118,341 210,739 610, 822 58,728 2,123 1922 20,474 61,173 16', 510 1, 476| 8,371 10, 769 118, 341 217, 284 605, 532 61, 306 2,512 1923 4,875 26, 932 56,171 16,540, I 8,242 12,007 108,609 215, " 602, 343 3,188 1924 9,274 27,075 56,145 16, 540 1, 427 8,354 12, 358 6,872 108,609! 218,382 558855 ,773388 53,726 4,553 1925 14, 599 27,147 56, 085 16, 591 1,318 8,357 12,658 10,365 108,609 218,825 575,768 73,394 4,547 1926 18, 401 27, 221 56,007 17, 156 1, 3531 8, 250 13,554 1,769 29, 526; 108, 609 220, 732] 561, 810 79,369 4,558 1927 20, 462 29, 8451 48,780 2,046 18,459 1, 377j 7,979 14, 728 1, 739 34, 432 119,097 239,177 541, 870 71, 640 4,570 1928 24, 271 34, 352 46, 298 1,124 17,698 1,710! 7,672 7,196 1, 618 35,169; 123, 988 265, 732 540, 873 68,264 4,585 1929 21, 774 37, 375 46, 204 1,114 18,794 1,717 7,608 8,326 2,167 28,465| 128,076] 273,001 542,4751 56,101 4,619 1930 17,015 45, 765 46,107 1,1311 20, ml 1,758 7,591 6,630 2,673 28,448 128,2751 278,610 411, 770 55,693 4,645 1 L a i n th ia u- M ic e o x- N l e a t n h d e s r- N l Z a e e a n w - d N w o a r y - Peru Poland Portu- m R a u n - ia A So fr u ic th a Spain Sweden Sw la i n tz d er- g U u r a u y - U (R .S u . s S s . i R a) . Y sl u av g i o a - 60,899 25,325 11,892 8,140 29, 242 34, 377 92,447 27,372 32,801 10,826 872,367 11,194 1914.. 83, 664 30, 250 10,290 2,151 8,662 29, 733 30, 693 110, 589 29, 088 45, 922 13, 481 891,542 11,034 1915.. 172,531 33,827 13, 837 2, 608 9,195 42, 647 32, 056 167, 331 33, 385 48,275 22,530 830, 572 12, 381 1916.. 236, 21637,414 33,027 5,280 9,247 °5, 201 27,048 241,443 49,183 66, 585 33, 251 758,962 12,321 1917.. 280,690 39,161 31,193 9,319 9,261 34, 531 30, 036 379, 438 65, 514 69, 025 42, 003 666, 523 12,310 1918.. 277,155 39,506 32,691 13, 251 9,263 34,466 33,340 429, 541 76, 532 80, 041 46, 718 (2) 12, 306 1919 256,204 38,260 39, 590 16,181 1,644 9,265 34, 725 35, 540 471, 516 75, 351 99, 779 56, 756 12,233 1920 255, 729 37, 263 39,472 20,843 2,954 9,267 34, 794 50,441 473,762 75, 516 104, 780 57,307 12,386 1921 243, 600 37,394 39,474 20, 955 5,931 9,267 34, 794 49, 361 484, 660 73,631 106, 058 56,813 () 14,318 1922 1,519 233,879 38,367 39,474 21,009 9,769 9,267 42, 050 51, 692 486, 971 73,428 103, 283 56,812 2,609 12,355 1923 1,645 233,876 38,290 39,472 21, 563 13, 099 9, 267 46, 364 52, 500 487, 687 72,853 103,669 56.812 45,043 13, 286 1924 3,078 202,854 37, 579 39,457 21, 520 19, 949 9,267 47, 821 489,164 63, 508 97, 642 56.813 73,047 13,965 1925 3,229 16,683 178,080 37,667 39.456 21, 534 25, 793 9,267 48, 537 43, 594 489, 460 61, 647 90,140 56,815 93,858 14,657 1926 3,136 4,689 166, 23138,007 39.457 21, 641 26,677 9,267 49, 588 36, 703 493, 282 60,162 91,050 84,605 16, 620 1927 3,320 5,900 160, 79638,280 39.458 23,583 58, 041 9,267 50,805 40, 032 502, 302 61,685 99,785 59,319 97,043 17,133 1928 3,427 6,238 174, 69234,868 39,362 21, 520 9,267 49,325 39,273 493,807 63, 223 102,874 68, 365 91,887 17, 566 1929 3,508 7,229 179,881 31,978 39,302 21,510 78, 598 9,267 55,112 36,474 495,148 65, 569 114,832 68,205 147, 021 18,426 1930 3,939 4,430 171,318 33, 394 39,242 17, 567 9,267 55, 653 32, 688 470, 531 64, 543 137, 594 60,447 248,881 19,025 * Austrian account only. > Figures not available. NOTE.—For information as to institutions represented, sources of data, items employed, rates of conversion into dollars, and exact dates to which figures relate, see pp. 395-398. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

395 JULY, 1931 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, 1913-1930—Continued DATES TO WHICH FIGURES RELATE All figures are as of Dec. 31 except as noted below Country 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 Belgium... Dec. 29Dec. 29 Dec. 2' Dec. 26 Brazil»_ Dec. 29 Dec. 28 Colombia- Dec. 24 England.. . Dec. 30 Dec. 2<Dec. 27 Decs..26Dec. 21 Dec. 29 Dec. 28 Dec. 27Dec. 26 Dec. 30 Dec. 29 Dec. 28 Dec. 26 Dec. France Dec. 26 Dec. 24 Dec:..3ODec. 22:8 Dei<c. 27Dec. 26 Dec. 26Dec. 30 Dec. 30 Dec. 29 Deecc. .28 Dec. 26 Dec. 30 Dec. 30 Dec. 28 Dec. 27Dec. 26 Greece6«_. Jan. 13 Jan. 13 Jan.. 1133 "Jaann. 13 Jan. 13 aJna.n. 13 Jan. 13 Jan. 13 Jan. 13, nJ.a i13 Java* Jan. 2Jan. 1Dec. 30 Dec. 29Dec. 28 Dec. 27 Dec. 25 Dec.30 Dec. 29 Dec. 27 Dec. 26Dec. 25 Dec.29 Dec. 2!!8 Dec. 27 Latvia* Dec. 28 Jan. 1 Jan. 1 Jan. JJan. 1Jan. 1 Jan. 1Jan. 1 Netherlands Dec. 27 Dec. 24 Dec. 30 Dec. 29 Dec. 28 Dec. 27Dec. 27Dec. 27Dec. 27 Dec. 29 Dec. 28 Dec. 27 Dec. 2\ Dec. 30 Deci.. 29 New Zealand Dec. 30 Dec:.. 2299 Portugal- Dec. 24 South Africa... Dec. 30 Dec. 28 Dec. 27Dec. 24 Spain Dec. 2 Dec. 27 Dec. 30Dec. 29Dec. 27 Dec. 26 Doc. 29 Dec. 28 1Dec. 27 U. S. S. R. Jan. 1 Jan. 1 Jan. 1 Jan. 1Oct. 16 Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1a Jna.n. ] Jan. 1 (Russia) ° Caixa de Estabilisacao. b From 1913 through 1922 figures for Greece were reported as of Dec. 31, Julian calendar. c January dates are those of following year. d Annual average, 1913; fourth quarter average, 1914-1927. SOURCES OF DATA, ETC. Country Institution Source Items R in a t t o e o U f . c S o . n d v o e l r l s a i r o s n United States. _ 1913, United States Treasury 1913-1930, United States Treasury, 1913, Gold coin and bullion of Circulation Statement of U. S. United States Treasury. Money. 1914-1930, United States Treasury 1914-1930, Gold coin and bullion; and Federal reserve banks. total held in Treasury and by Federal reserve banks and agents. Albania. Banca Nazionale d'Albania.. 1925, League of Nations, Monthly 1925, Gold; 1926-1930, Oro in cassa; 1 franc=$0.1930. Bulletin of Statistics; 1926-1930, pro presso Corrispondenti; 1926, annual report. in addition, "Oro in verghe " Argentina- Caja de Conversion - 1913-1929, Memoria de Caja de Garantia de la Emision Fiduciaria.. 1 peso oro=$0.9648, Conversion. 1930, Banco de la Nacion Argen- Garantia metalica. tina, Revista Economica, January, 1931. Banco de la Nacion Argentina 1913-1929, annual report; 1930, Caja-oro. current balance sheet. Australia- 1913-1919, Commonwealth Treas- Letter from Commonwealth Bank. Gold. 1 pound=$4.8665. ury: State note-issuing department. 1920-1930, Commonwealth Bank of Australia: Issue department Annual report Gold coin and bullion. Banking department Letter from Commonwealth Bank- Gold included in item " Coin, bullion and cash balances." Austria.. Oesterreichische Nationalbank Annual report.. Gold gemiinzt und ungemunzt 1923-1924, 1 gold krone = $0.2026; 1925-1930,1 schilling =$0.1407. Austria-Hunga- Oesterreichisch-Ungarische Bank. 1913-1921, annual report; 1922, cur- Gold gemiinzt und ungemunzt. 1 gold krone = ry. rent balance sheet. $0.2026. Belgium _. Banque Nationale de Belgique..- 1913, 1919-1930, annual report 1913, 1919-1930, Encaisse, or.._. 1913-1925, 1 franc= $0.1930; 1926-1930, 1 be!ga=$0.1390. 1914-1918, letter from National 1914-1P18, Gold. Bank of Belgium. Bolivia. 1913-1928, Banco de la Nacion Annual report 1913-1928, Encaje en oro _. 1913-1927, 1 bolivi- Boliviana. ano = $0.3893; 1928-1930,1 boliviano =$0.3650. 1929-1930, Banco Central de Bo- 1929, annual report; 1930, letter 1929-1930, Gold coin; Gold bars. livia. ' from Banco'Central de Bolivia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN JULY, 1931 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, 1913-1930—Continued SOURCES OF DATA, ETC.—Continued Country- Institution Source Items Rate of conversion into U. S. dollars Brazil. 1913-1922, Caixa de Amortizagao... League of Nations, memorandum Government guarantee fund _ 1913-1926; 1 milreis on currency (1913-1923). = $0.5464; 1927- 1929, 1 milreis= $0.1190; 1930, 1 pound sterling= $4.8665. 1923-1930, Banco do Brasil. 1923-1929, annual report; 1930, 1913-1926, Ouro em deposito na current balance sheet. Caixa de Amortizagao; Ouro em deposito na em nossos cofres; 1927-1929, Ouro em deposito: na Caixa de Amortizagao. 1927-1930, Caixa de Estabilisagao-. 1927-1929, Wileman's Brazilian Re- 1927-1930, gold at the Caixa de view; 1930, letter from Banco do Estabilisacao. Brasil. Bulgaria-. B an quo Nationale de Bulgarie 1913-1918, League of Nations, 1913-1918, Gold. 1913-1926, 1 lev= Memorandum on Currency and $0.1930; 1927-1930, Central Banks (1913-1924). 1 lev = $0.0072. 1919-1929, annual report; 1930, cur- 1919-1923, Especes: or; 1924-1927, rent balance sheet. Encaisse metallic: or; 1928-1930, Or monnaye et non monnaye. Canada.. Ministry of Finance.. 1913-1919, Dominion Bureau of 1913-1930, Gold held against Do- 1 Canadian dollar Statistics, Canada Yearbook; minion notes; Gold held against =$1.0000. 1920-1930, Minister of Finance, savings bank deposits. circulation and specie states ment. Chartered banks. 1913, 1914, 1921-1930, current bal- 1913-1930, gold included in "Deance sheet; 1915-1920, Dominion posits in the central gold re- Bureau of Statistics, Canada serves." Yearbook. Chile- 1913-1925, Caja de Conversion Anuario Estadistico de la Repub- 1913-1925, Fondos de Conversion; 1913-1930, 1 peso = lica de Chile Vol. VI, Hacienda Oro en areas fiscales. $0.1217. (1925). 1926-1930, Banco Central de Chile. Annual report 1926-1930, Oro en el Pais. Colombia.. Banco de la Republica 1923-1930, Revista del Banco de la 1923-1930, Oro en caja 1 peso=$0.9733. Republica, March, 1931. 1923-1927, letter from Banco de la 1923-1927, Oro en custodia. Republica. Czechoslovakia- 1919-1925, Office Bancairedu Min- Letter from National Bank of 1919-1925, Gold _ The original figures istere des Finances. Czechoslovakia. in fine kilograms converted at rate of 1 kilogram= $664.6145. 1926-1930, National Bank of Czech- Letter from National Bank of 1926-1930, Gold. oslovakia. Czechoslovakia. Denmark Nationalbanken I Kjobcnhaven. _. 19 1 1 9 3 3 -1 0 9 , 1 c 8 u , r r A en n t n b u a a l l a n r c e e p s o h rt e ; e t. 1919- Guld i ni0nt og metal 1 krone=$0.2880 Ecuador.. Banco Central del Ecuador Ba ti n n c o M C e e n n s t u r a a l l . del Ecuador, Bole- Oro en Boveda.. 1 sucre=$0.2000. Egypt..-. National Bank of Egypt _. Le E tt g e y r p f t r . om the National Bank of Go m ld e n in ts . issue and banking depart- 1 $4. E 94 g 3 . 1. pound** England-. 1913-1930, Bank of England 19 1 1 9 3 2 -1 5 9 -1 2 9 4 3 , 0, L cu o r n r d e o n n t bal E a c n o c n e o s m he is e t t ; . Gold in issue department 1 pound=$4.8665. 1914-1924, Government currency London Economist _ Gold coin and bullion in currency note account. note account. Estonia... Bank of Estonia — Annual report.. 1921-1922, Deposits in foreign 1921-1923, 1 Est. banks; 1924, Gold abroad; 1925- mark = $0.00238; 1927, Gold; 1928-1930, Gold coin 1924-1927, 1 Est. and bullion. mark = $0.00268; 1928-1930, 1 Est. mark=$0.2680. Finland.. Banque de Finlande 1913, Annuaire Statistique de 1913, Or monnaye ou brut et mon- 1913-1924,1 markka Finlande, 1914-1930, annual re- naie d'or russe ou 6trangere; = $0.1930; 1925port. 1914-1930, Encaisse metallique 1930, 1 markka= or. $0.0252. France-.. Banque de France 1913-1914, annual report 1913-1914, Encaisse or... 1913-1927, 1 franc= 1915-1926, current balance sheet.... 1915-1926, Or en caisse. $0.1930; 1928- 1927, estimate. 1930, 1 franc= 1928-1930, current balance sheet.... 1928-1930, Encaisse or (monnaies et lingots). Germany. Reichsbank .,-,... _. 1913-1921, Die Reichsbank (1901- 1913-1923, Gold; 1924-1930f Gold- 1913-1923,1 mark= 1925); 1922-1930, annual report. bestand. $0.2382; 1924-1930 1 reichsmark=» $0.2382. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

397 JULY, 1931 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, 1913-1930—Continued SOURCES OF DATA, ETC.—Continued Rate of conversion Country- Institution Source Items into U. S. dollars Greece.. 1913-1927, Banque Nationale de 1913, League of Nations, Memo- 1913, Gold. 1913-1927, 1 drach- Grece. randum on Central Banks (1913, ma = $0.1930; 1918-1923). 1928-1930, 1 1914-1927, annual report 1914-1927, Especes d'or. drachma = $0.0130. 1928-1930, Banque de Grece. 1928-1929, annual report; 1930, cur- 1928-1930, Ormonnaye" etenlingots rent balance sheet. Guatemala.. Banco Central de Guatemala Current balance sheet as pub- Oro nacional acuflado; Dolares 1 quetzal=$1.0000. lished in El Guatemalteco. acunados. Hungary National Bank of Hungary. Annual report _ Gold coin and bullion 1924, 1 korona= $0.2026; 1925-1930 1 pengo=$0.1749. India- 1913-1930, Government: Gold London Economist Gold in gold standard reserve, in 1913-1919,1 rupee standard reserve. England and in India. $0.3244; 1920- 19*13-1930, Government: Paper 1913, League of Nations, Memo- 1913, Total Currency Reserve (less 1926, 1 rupee= currency reserve. randum on Currency (1913-1923). gold in gold standard reserve). $0.4866; 1927- 1914-1930, Montagu & Co., Weekly 1914-1930, Indian Currency Re- 1930, 1 rupee= Bullion Letter. turns: Gold in England and in $0.3650. India. Italy- 1913-1925, Banco di Napoli Annuario Statistico Italiano. Oro - 1913-1926, 1 lira= $0.1930; 1927- 1930; 1 lira=« $0.0526. 1913-1925, Banco di Sicilia. Annuario Statistico Italiano Oro. 1913-1930, Banca d'ltalia.. 1913-1926, Annuario Statistico Ital- Oro. iano. 1927-1930, annual report Oro in cassa. Japan. Japanese Government and Bank 1913, 1929-1930, letter from New Stock of gold at home. 1 yen=$0.4985. of Japan. York agent of Bank of Japan; 1914-1928, Bank of Japan, Economic Statistics of Japan. Java.. Javasche Bank.. Current balance sheet _ 1913, 1917, 1924-1930, Legal tender 1 florin=$0.4020. gold coin; Foreign gold coin; Foreign gold bullion; 1918-1923, Goud: munt goud: muntmateriaal goud. Latvia.. 1921, Latvian Government. League of Nations, Memorandum Gold of the Government, at home.. Hat=$0.1930. on Currency and Central Banks (1913-1924). 1922-1930, Latvijas Banka (includ- 1922, current balance sheet 1922, Gold in coin and bullion. ing Government account). 1923-1930, annual report 1923-1927, Gold specie, bullion; 1928-1930, Stock of gold. Lithuania. Bank of Lithuania _._ Current balance sheet.. Gold reserve 1 lita=$0.1000. Mexico Banco de M6xico Annual report.. 1925-1926, Efectivo en oro, Mone 1 peso oro=$0.4985 das extranjeras, oro; 1927-1930. Efectivo en oro. Netherlands.. Netherlands Bank 1913-1929, annual report; 1930, Gold coin; Gold bullion 1 florin=$0.4020. current balance sheet. New Zealand. 6 banks of issue 1913-1929, Dominion of New Zea- Metal reserves: Coin, Bullion— 1 pound=$4.8665. land, Monthly Abstract of Statistics; 1930, current balance sheet. Norway. Norges Bank... Annual report Gullbeholding i bankens kjeldere. 1 krone=$0.2680. Peru 1914-1921, Junta de Vigilancia 1914-1916,1918-1921, Bureau of Sta- Visible stock of gold 1914-1929, 1 pound tistics, Statistical Abstract of =$4.8665; 1930, Peru. 1917, letter from Banco sol=$0.4000. de Reserva del Peru. 1922-1930, Banco de Reserva del Annual report __ 1922-1930, Garantfa en oro en Peru. Lima; Oro movilizado; Oro en Garantfa de Imposiciones a la Vista; 1922-1923, Deposito de oro en garantia de certincados. Poland. 1919-1923, National Loan Bureau. 1919-1921, League of Nations, Gold 1913-1923, 1 Polish Memorandum on Central Banks mark = $0.2382: (1913, 1918-1923). 1924-1926,1 zloty= 1922-1923, annual report. Encaisse mfitallique, or. $0.1930; 1927-1930, 1 zloty=$0J122. 1924-1930, Banque de Pologne.— Annual report.. 1924-1926, Encaisse, or; 1927-1930, Or encaisse; Or a l'Stranger. Portugal. Banco de Portugal _ Annual report.. Ouro amoedado e em barra 1 escudo=$1.0805. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN JULY, 1931 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, 1913-1930—Continued SOURCES OF DATA, ETC.—Continued. Country Institution Source Items Rate of conversion into U. S. dollars Rumania.. Banque Nationale de Roumanie-- 1913, letter from National Bank of Or dans le pays 1913-1928, 1 leu= Rumania. $0.1930; 1929- 1914-1929, annual report; 1930, cur- 1914-1915, Or; 1916-1928, Or mon- 1930, 1 leu= rent balance sheet. nay§; Lingots d'or; Or depose" & $0.0060. l'e"tranger (and variants of these three headings); 1929-1930, Or en Roumanie; Or a l'etranger. South Africa. _ 1913-1924, Joint Stock Banks of 1913-1920, Report on Resumption Gold coin and bullion at home 1 pound=$4.8665. South Africa. of Gold Payments (1925). 1920, 1921, 1924, Union of South 1920-1924, Gold certificates. Africa, Official Yearbook; 1922, 1923, League of Nations, Memorandum on Currency (1913- 1923). 1921-1930, South African Reserve Current balance sheet 1921-1925, Gold certificates; Gold Bank. coin and bullion; 1926-1930, Gold coin and bullion. Spain. Banco de Espafia (including Gov- 1913-1917, League of Nations, Gold of the bank; Gold of the 1 peseta=$0.1930. ernment account). Memorandum on Currency Treasury. (1913-1923). 1918-1930, current balance sheet... 1918-1930, Oro en caja del Tesoro; Oro en caja del banco. Sweden Sveriges Riksbank Annual report Encaisse me"tallique, or 1 krone=$0.2680. Switzerland-_ Banque Nationale Suisse Annual report _ 1913-1927, Or; 1928-1930, Encaisse or. 1 franc=$0.1930. Uruguay Banco de la Republica... 1913-1928, annual report; 1929-1930, 1913-1928, Total of "Oro: Casa 1 peso=$1.0342. current balance sheet. Central, Agendas, and Sucursales" without deduction for gold held against " Certificados de Depositos en circulation"; and "Oro en custodia" except in 1914, when deduction is made for " Oro en custodia de la Legacion Argentina." 1929-1930, En efectivo oro sellado; En efectivo oro sellado por Certificados de Depositos en Circulacion. U. S. S. R__ 1913-1917, Russian State Bank 1913-1915, Report of Russian State 1913-1914, Gold at home; Gold 1913-1917,1 ruble= * (Russia) Bank; 1916-17, current balance abroad; 1915-1917, Or (lingots, $0.5146; 1922sheet. monnaies, et bons de l'Admin- 1930, 1 chervoistration des mines). netz=$5.1460. 1922-1930, State Bank of the U. S. Current balance sheet of issue Gold in coin and bars. S. R. department. Yugoslavia 1913-1919, National Bank of Serbia. League of Nations, Memorandum 1913, 1914, 1919, Gold at home; 1 dinar=$0.1930. on Central Banks (1913, 1918- 1915-1918, Gold abroad. 1923). 19 R 20 o -1 y 9 a 2 u 8 m , e B d a e n s q S u e e r be N s a , t C io r n o a a l t e e s, d e u t Annual report Couverture me'tallique, or. Slovenes. 19 R 29 o -1 y 9 a 3 u 0 m , e B d a e n q Y u u e g o N sl a a t v io ie n . ale du Annual report.. Couverture me'tallique, or. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

399 JULY, 1931 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, BY MONTHS, JUNE, 1928—MAY, 1930 [In thousands of dollars. Figures for last report date of month*] Month c T o o u t n a t l r i ( e 4 s 5 ) U S n ta i t t e e s d E la n n g d - France m O a e n r y - A n l i b a a- Ar t g in e a n- t A r u a s li - a A tr u i s a - g B iu el m - l B iv o i - a Brazil g B a u ri l- a C ad an a - Chile 1928—June 9, 754,806 3,732,134 825,524 1136,409 496,365| 258 622,049 110, 748 16,490 110,120 6,925 139,739 9.367 104,415 7,344 J A u u ly gust 9 9 , , 8 8 4 8 4 5 , , 4 7 4 0 9 6 3 3 , , 7 7 4 3 9 7 , , 3 2 3 2 4 3 1 8 8 4 4 2 2 , , 9 6 8 5 7 4 ! | 1 l'f , 1 1 7 8 2 9 , , 7 7 9 7 7 3 5 53 2 5 3 , , 5 9 0 5 5 8 1 ! 2 2 5 5 1 4 6 6 2 2 1 1 , , 2 5 2 7 1 0 1 1 1 1 1 0 , , 8 0 9 8 0 9 1 1 8 6 , , 9 7 1 1 8 5 1 1 1 1 1 1, , 6 8 3 5 9 0 1 1 6 6 , , 9 9 2 2 5 5 , 1 1 1 3 4 9 3 , , 8 0 9 9 7 0 9 9, , 4 3 1 9 7 1 1 9 0 8 0 , , 4 5 2 2 6 8 7 7 , , 3 3 7 6 3 8 September. 99,,993311,,112200 33,,775522,,003388' 830,079i 1,AAA Af\O 570,958! 249 620,873 107, 658 18,918 112,214 1 6,925| 143,263 9,448 105,628 7,367 October... 99 , 995555, 224455 I 3,769,0651795,4631 1,206,' 800 603,3171 244 610,734 107, 368 23,765 112,951 16,925 145,564 9,482 107, 632 7,366 November- 10,003.5301 3,753,936 774,2071 1,238, 720 624,916, 244 610,486 107, 708 23, 743 115,283 16,925 148,351 9,499 132,854 7,366 December . 10, 018, 713 ! 3,746, 111 748,390 1,253,500 650,127j 241 607,290 109, 410 23,743 125,576 9,001! 148,555 9,529 113,948 7,363 1929—January... 10, 049, 785 3,745,615 743,183j 1,332,621 650,091i 238 605,125 109, 654 23,743 125,809 148, 723 9,566 78,646 7,386 February. _ 10, 073,151 3,775,924 734,340| 1,334,274 650,032 235 602,621 110,184 23, 743 125,963 , 150,395 9,589 78,333 7,387 March 10, 099, 749 j3,813,631!746,190j 1,340,109 639,020; 266 585,340 110, 480 23, 743 126,178 9,00l 150,371 9,660 77,536 7,404 April 10,057,199 '3,888, 702759,388 1,402,893 450, 573 265 569,198 111, 296 23,727 133,722 1 9,001 150,379 9,728 78,098 7,411 May 10,124, 402 3,930,948 790,646 1,434,580 420,311; 263 560,230 108, 387 23,727 133,895 19,001 150,532 9,799; 78,367 7,516 June 10,137, 352 3,955,862 774,143 1,435,688 455,292: 264 524,944 108,288 23,727 139,454 19,001 150,586 9,853| 76,277 7,602 July 10,152, 025 j3,974,446 688,006 1.462,144 511, 733! 262 512,734 111,012 23,727 140,722 9,447 150,819 9,927; 76,447 7,602 August 10, 240, 9651,3,994,971 663,611 1, 526,070 520,095, 268J 507,042 116,202 23,727 140,904 6,955 150,984 9,9891 76,861 7,667 September. 10. 265, 260 j4,007,939 642,076 1,544,904 526,909, 3461 495,600 118. 756 23,727 142,1591 6,952 151,108 9,97l! 77,136 7,671 October-.. 10, 296, 543 ;4,022,954 637,594 1,569,996 530,977; 342 476,356 112, 528 23,727 142,825 3,380 151,272 9,956! 77,328 7,687 November. 10, 298, 931, i4,002,898!655, 576 1,599,684 533,652 341 450, 705 97, 482 23,727 150,561 3,378 151,439 9,976! 77,568 7,701 December . 10, 297, 034 ;3,900,160!709, 7f~ 1,633, 402543,838| 340 433,932 89, 547j23,727 163,351 3,375 150,395 9,997; 77,626 7,695 3,379 1930—January... 10, 361, 509 !3,921,222i 730,632/ 1,682, 503547,157i 445,478 89, 097 23,727 163,550i 3,377 138,646 10,040 77,855| 7,694 February.. 10, 430, 812 3,987,8061 736,433! 1,679,934 582,253: 448,450 123,807 23,727 1,421 126,584 j 10,077 78,41017,697 March 10, 507, 436 4,060,523! 755,008 i1,668,229 594,5311 332 445,000 132, 725 23, 727 164,109 1,425 126, 52310.105 78,520 7,695 April 10, 572, 653 4,131,320: 794,904' 1,660,152!611,1031 334 441,825 113,653123,727 164,43H 1,425 89, 79310,133 79,313,17,696 May 10, 613, 346 4,158,704! 764,946, 1, 717,308617,208 351 441, 276 92, 043123, 716 166, 767' 1,433 80,115; 7,692 June 10,670,773 4,177,630; 763,466 1,726,846 623,816 351 440,258 97, 534' 23, 714 167,040 1,387 89,389110,211 80,8571 7,689 July. 10, 704, 694 4,160,4311 741,066! 1, 775,088623, 774 349 436,366 97, 799: 23, 717 167,349! 1,727 79,820,10,240 94,223; 7,675 August 10, 786, 693 4,147,685 753,529 1,851,872 623,831 348 433,931 97, 853:23,720| 168,153, 998 68, 710; 10,280 100,417; 7,673 September- 10,823, 415 4,159,474 760,658 1,898,506 590,458, 346 433,935 98,541130,194 173,408 1,001 64,69410,323 109,854 7,509 October ... 10, 851,888 4,184,348 776,226 1,991,635 519,327i 378 429,074 79, 451 30,157 180,033, 1,003 31,83210,369 121,827 7,504 November- 10, 893, 978 4,220,487 761,943j 2,037,103 519,274| 378 417,215 74, 976 30,159 180,293 1,007 20,26410,4271 129,148 7,577 December . 10, 907, 399 4,225,109 718,422J 2,100,242 527,799 376 412,023 75,316| 30,168 190,754 1,014 10,53110,475 109,843 7,495 1931—January.... 11, 953, 484!4,285,341 678,809 2,175,996 534,575 371 397,289 75,656 30,160 191,299 1,015 0jl0,499 91,506 7,497 February... 11, 007,95314,308,964 685,281 2,192,205 544,313 369 389,575 76,196 30,161 196,847 1,020 0110,529 93,705 7,496 March 11, 070, 620i4,343,186 698,898 2,199, 764 553,434 367 378,439 76,602! 30,161 200,075: 1,026 0! 10,592 96,304 7,511 April Pll, 106, 766;4, 373, 482 711.872 2.180,145 £64,154 365 369, 906 73, 784 30,156 200,868 1,025 0 10,675 99, 2777,513 May _. »11, 215,033:H, 445,421 734,924 2,180,855 569, 376 *363,160 74,252! 30,156 201,284 Pi,025 0 10, 738H01,877 7,647 * Preliminary. 1 Monthly data not available; figures for June and December, 1928, carried forward. * All figures are as of final day of month except those for 15 countries in which official returns are as of days indicated below: Monday—Australia, Latvia, ° New Zealand, Netherlands.b Wednesday—England, Portugal. Thursday—Belgium.c Friday—Chile, France, South Africa. Saturday—Brazil,d Java, Rumania, Spain. First day of succeeding month—U. S. S. R. December figures are for same dates as those shown in table of Gold Reserves of Central Banks and Governments, by years, 1913-1930, pp. 394-398. 0 Previous to March, 1931, report made as of Wednesday. 6 Report sometimes made as of Tuesday. « Report sometimes made as of Wednesday. <* Stabilization office (Caixa de EstablisacSo), which was abolished Nov. 22,1930. NOTE.—The institutions represented and, in general, the method employed in deriving the monthly figures are the same as those shown in "Sources of Data, etc.," p. 395. The sources of the monthly figures, however, are current balance-sheet items as sent directly to the Federal Reserve Board or as reported in official publications of the institutions concerned. Exceptions to this statement are as follows: Commonwealth Bank of Australia, Issue Department, June-November, 1928, Australasian Insurance and Banking Record; Brazilian Caixa de Estabilisacao, June, 1928- September, 1930, Wileman's Brazilian Review; Indian Government gold standard and paper currency reserves, London Economist. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN JULY, 1931 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS, BY MONTHS, JUNE, 1928—MAY, 1930—Continued. Month Co b l i o a m- s C lo ze v c a h k o ia - m D a en rk - E d c o u r a- Egypt Estonia l F a i n n d - Greece G m u a a l t a e- H ga u r n y - India Italy Japan Java L v a ia t- 1928—June 22, 785 29, 799 48, 736 1,023 18,715 2,779 7,827 6,737 1,637 34, 375 119,097 259,047 541, 371 69,911 4,579 July.. 23, 749 30, 308 48, 724 1,020 18,799 2,691 7,802 6,905 1,842 34,386 119,097 263,079 541,371 69,672 4,580 August 23,887 31, 284 48, 712 1,018 18, 794 2,693 7,778 6,923 1,778 34,386 119,097 263, 085 541, 371 69,397 4,580 September. 23, 993 32, 507 46, 334 1,018 18,888 2,692 7,746 6,984 1,830 34,383 119,097 265, 720 541,371 69,119 4,582 October 24, 284 32,505 46, 322 1,024 18, 927 2,684 7,723 7,055 1,745 35,170 119,097 265, 730 541,371 68, 791 4,582 November. 24,380 32,501 46,299 1,130 17,519 1,719 7,697 7,129 1,994 35,170 120, 301 265, 729 541,371 68,549 4,683 December.. 24, 271 34, 352 46,298 1,124 17,698 1,710 7,672 7,196 1,618 35,169 123,988 265, 732 540,873 68,264 4,585 1929—January 24,472 34,258 1,122 17,805 1,680 7,655 7,256 1, 657! 35,776 128,039 265, 739 540,873 68,030 4,586 February. _ 24,586 34, 269 46, 276 1,121 17,805 1,671 7,640 7,286 1,962 35,755 128,039 266,083 540,811 67,819 4,588 March 24, 717 34,264 46, 276 1,116 17,820 1,673 7,617 7,343 1,745 35, 754 128, 076 269, 617541, 977 67, 281 4,595 April _. 24,913 34, 287 46,281 1,119 17,899 1,681 7,601 7,410 1,944 30.891 128,039 269, 597 541, 966 67,208 4,597 May 25,058 34, 277 46, 266 1,118 17, 973 1,687 7,588 7,558 2,009 30,891 128,076 269, 621 541,966 65, 052 4,602 June 25,178 34,253 46, 252 1,117 17,998 1,692 7,587 7,728 1,875 30.892 128,076 271, 341 541,966 64,863 4,605 July 25, 341 34, 268 46,241 1,116 18,116 1,696 7,589 7,862 2,010 28.461 128,039 271, 358 540, 720 59,545 4,608 August 25,532 34, 258 46, 242 1,117 18,230 7,r~ 8,041 2,085 28.462 128,076 271,410 540, 721 59,325! 4,611 S D N O e e c o p t c v o t e e e b m m m er b b b e e e r r r . . . . 2 2 2 2. 4 2 2 1 , , , , 2 7 8 7 9 7 6 7 1 1 7 4 3 3 3 3 4 7 7 5 , , , , 2 3 2 2 5 7 7 6 6 5 7 1 4 4 4 4 6 6 6 6 , , , , 2 2 2 2 0 1 3 2 4 7 3 6 1 1 1 1 , , , , 1 1 1 1 1 1 1 1 6 5 4 5 1 1 1 1 8 8 8 8 , , , , 5 7 4 7 7 8 0 9 1 9 4 8 1 1 1 1 , , , , ' 7 7 7 0 1 0 7 5 7 8 02 7 7 7 7 , , , , 6 6 6 6 1 3 4 0 4 1 9 8 8 8 8 8 , , , , 1 2 3 2 0 0 2 6 1 5 6 7 2 2 2 2 , , , , 0 0 1 0 4 0 6 9 1 7 6 0 2 2 2 2 8 8 8 8 , , , , 4 4 4 4 6 6 6 6 5 4 4 4 1 1 1 1 2 2 2 2 8 8 8 8 , , , , 0 0 0 0 7 7 7 7 6 6 6 6 2 2 2 2 7 7 7 7 2 2 2 3 , , , , 2 0 4 9 7 0 7 6 2 1 4 0 1 ! ! 5 5 5 5 4 4 4 4 0 1 2 2 , , , , 0 4 0 7 9 7 0 2 6 5 8 1 5 5 5 5 8 6 6 8 , , , , 4 9 1 8 2 5 0 0 9 6 1 9 ! ; | 4 4 4 4 , , , , 6 6 6 6 1 1 1 1 4 5 9 3 1930—January 20, 702 37,346 46,186 1,117 18,922 1,725 7,596 8,370 2,192 28,465 128, 258 272,967i519,943 56,100| 4,620 February._ 20, 7461 37,350 46,184 1,117 18,957 1,729 7,,"-' 8, 422| 2,270 28, 443 128,258; 272, 989!477,123 55, 908| 4,622 March 20,004| 37,354 46,174 1,117 19, 016 1,732 7,666 8,153 2,335 28,443 128,258] 273, 619!453, 088 55,939, 4,626 April 20,328| 37,360 46,150 1,118 19, 041 1,736 7,649 8,069 2,417 28,443 128, 258 273, 708!443,353 55, 859 4,629 May 20, 7411 38,856 46,166; 1,120 19,085 1,742 7,631 7,840 2,463 28,445 128, 295! 273,817;434, 008 55,851 4,632 June 19, 965 38,861 46,152j 1,120 19,313 1,746 7,606 7,544 2,502 28, 445 128, 295 273,925;434, 389 55, 960 4,635 July 19, 769 41,859 46,153 1,121 19,476 1,749 7,590 7,355 2,534 28,445 128, 295 274,030!439, 738 55,928 4,638 August 19, 593 41,855 46,150; 1,121 19, 585 1,751 7,617 6, 7141 2,545 ' 28, 446128, 295 275,207|432, 656 55, 810 4,642 September. 20,000 41, 835 46,143 1,121 19, 748 1,754 7,,"- 6, 7911 2,591 28.447 128, 295 278, 292 431, 278 55, 804 4,643 October 19,144 43,803 46,129, 1,123 19, 861 1,756 7,579 6,835 2,637 28,448 128, 295 278, 396 413, 977 55, 790 4,644 November. 17, 763 45, 77,r 46,120 1,124 19,985 1,753 7,612 6,862| 2,647 28.448 128,258J 278, 551!408,833 55, 786 4,644 December.. 17,015 45, 765 46,107 1,131 20,118 1,758 7,591 6,630j 2,673 28,448 128, 275! 278, 610;411, 770 55, 693 4,645 I 1931—January 14, 398 45, 696 46, 081 1,131 20,232 1, 7541 7,582 6, 663 2, 679 28,449 128, 278i 278,716 414,864 51, 690 4,645 February. _ 14, 739 45, 664 46, 056i 1,130 20,445 1, 750! 7,574 6, 690 2, 679 25,886| 128, 287| 279,088 416,878 47, 719! 4,646 March 12,178 45,646 46,050: 1,132 20,499 1, 745; 7,607 6,4821 2, 696 21,9871 135, 229| 279,333 415,439 47, 703 4,646 April 12,497 45,630 46, 0811 1,133 20,548 1, 747^ 7,594 6, 259; 2, 692 19, 554! 141, 398j 279,451 418, 80P 46,129! 4,647 May 9,581 45,616 46,074: P 1,133 v 20,548 1, 749, 7,579 6,287; *2,692 19, 555 147,264 279,739 422,449 46, 203 4,651 U. S. Month u L a i n th ia - Mex- N la e n th d e s r N l Z a e e n w a d - - N w o a r y - Peru P an o d l- Portu- Ru- A So fr u ic th a Spain Swedenze S r w la i n t- d g U u r a u y - ( S R s . i u a R s ) - . Y sl u av go ia - 1928—June 3,424 174.886 35,886 39, 399 21,495 67, 463 9,267 51.495 40, 265 503, 203 61,802 86, 294 68, 324 79,995 17,419 J A S u e u l p y g t u e s m t ber- 3 3 3 , , , 4 4 4 2 2 2 5 2 4 6 7 , , 5 3 8 5 1 1 1 1 1 7 7 7 4 4 4 , , , 8 8 8 4 4 3 6 0 8 3 3 3 5 5 5 , . , 8 7 5 2 5 8 7 9 4 3 3 3 9 9 9 , , , 3 3 3 9 7 8 1 7 1 2 2 2 1 1 1 , , , 5 5 5 2 2 2 0 0 0 6 6 6 7 7 7 , , , 6 6 6 6 4 0 1 3 5 9 9 9 , . , 2 2 2 6 6 6 7 7 7 5 5 5 1 1 1 , , , 6 7 5 9 4 9 8 6 8 3 3 9 8, , 2 0 4 5 3 6 5 5 5 0 0 0 3 3 3 , , , 3 3 4 6 2 1 3 7 7 6 6 6 1 3 1 , , , 5 6 7 3 7 9 2 6 0 8 8 9 6 6 0 , , , 4 7 3 3 3 0 4 4 9 6 6 6 8 8 8 . , , 3 3 3 3 2 3 2 6 5 8 7 7 5 6 5 , , , 1 4 2 3 0 1 0 4 2 1 1 1 7 7 7 , , , 4 4 4 3 4 9 4 7 1 N D O e o c c t v o e e b m m er b b e e r r . - . 3 3 3 , , , 4 4 4 2 2 2 7 5 6 6 6 6 , , , 1 2 6 4 3 3 4 1 8 1 1 1 7 7 7 4 4 4 , , , 6 8 7 9 6 7 2 5 7 3 3 3 5 5 4 , , , 8 7 2 6 3 3 8 5 8 3 3 3 9 9 9 , , , 3 3 3 7 7 6 1 5 2 3 2 2 1 1 1 , , , 5 5 5 2 2 2 0 0 0 6 6 68 9 8 , , , 6 1 4 8 8 0 5 3 7 9 9 9 , , , 2 2 2 6 6 6 7 7 7 4 5 5 9 2 1 , , , 9 0 3 5 5 2 3 6 5 3 3 3 3 5 9 9 7 , , , , 5 6 3 2 9 2 6 7 6 1 5 3 4 5 49 9 0 3 3 3 , , , 8 4 7 5 0 8 9 7 1 6 6 6 3 3 3 , , , 6 2 4 0 2 1 1 3 5 1 9 9 0 0 0 2 , , , 6 8 5 5 7 3 9 4 6 6 68 8 , , 3 3 4 6 3 5 8 9 9 1 1 1 , , , 8 5 6 8 9 0 7 7 2 1 1 1 7 7 7 , , , 5 5 56 2 4 6 0 4 1929—January 3,429 6,103 174, 68535, 423 39, 358 21,515 69, 705 9,267 49, 383 38,153 493, 833 63,171 93, 030 68,464 92,036 17, 593 February... 3,432 6,701 174, 688 35, 350 39, 356 21, 515 69, 736 9,267 49,614 37, 749 493,848 63,085 92, 949 68,464 92,036 17,629 March 3,433 169, 84435, 204 39, 352 21, 515 69,811 9,267 51,669 39, 934 493, 916 62, 973 68,475 92, 026 17, 711 April 3,43; 173,746 35,199 39,349 21, 51569,905 9,267 51,845 39,170 493,957 62, 880 95, 070 68,479 92,484 17, 788 May _. 3,43( 3,771 175,679 35, 219 39, 341 21. 515 70, 061 9,267 51, 958 40,183 494, 039 62, 759 95, 751 68, 479 93,132 17,868 June 3,439 4,224 175, 58635,097 39, 33821, 515 70, 276 9,267 52,149 37, 701 494,194 62, 638 95, 741 68,197 93,158 17,982 July 3,442 4,435 180, 66435,160 39, 335 21, 515 70, 373 9,267 52, 307 37, 321 494, 528 62, 593 97,882 68,200 103,424 18,073 August 3,446 5,197 178,152 34, 567 39, 33121, 505 73, 003 9,267 52,498 38, 450 494,871 64, 935 97,824 68,202 118,862 18,115 September- 3,450 5,"" 178,101 32,756 39, 33221, 505 74, 531 9,267 52,617 494,886 64,840 102, 801 68, 203 131,712 18,159 October 3,487 5,569 177, 975 31,851 39, 32421, 505 76, 559 9,267 54, 418 40,426 494, 887 64, 685 103, 003 68, 203 142, 045 18. 234 November. 3,504 6,722 179,904 32, 260 39,317 21, 505 76, 579 9,267 54, 975 38, 343 494,889 64, 448 105, 352 68, 204 142, 251 18, 330 December.. 3,508 7,229 179,881 31, 978 39, 30221, 510 9,267 55,112 36,474 495,148 65,569 114,832 68,205 147,021 18,426 1930—January 3,510 8,140 176,692 32.406 39,296 21, 505 78,641 9,267 55,199 38, 513 495, 299 65, 467108, 059 68, 205147, 006 18,481 February... 3,516 9,253 175, 67632, 396 39, 29421,494 78,658 9,267 55, 362 37, 375 476, 025 65, 380108, 260 68, 207 149,646 18,529 March 3,519 8,942 173, 649 32,337 39,293 21.695 78, 754 9,267 55, 502 35.598 476, 351 65, 315108, 270 68, 205 156,171 18, 585 April 3,520 8,65: 173,637 33, 486 39.289 19, 56078, 785 9,267 55, 592 36,640 476,508 65,228 111,702 67, 207 167,008 18,645 May _. 3,522 7,951 173, 62933, 48239, 286 17,161 78,804 9,267 55, 653 35.29! 476, 778 65,155 111.714 67, 207177, 383 18, 725 June. _. 3, 5246,268 173,630 33, 267 39,281 17,193 78.856 9,267 55, 653 33, 691 476,876 65,074 111, 728 64, 023 203, 010 18, 787 July 3,526 5.009 157, 045 33, 331 39, 278 17,228 78,898 9,267 55, 653 31, 574 477,021 65, 024117, 752 63,215 233,752 18,817 August 3,530 4,228 157, 033 33, 301 39, 270 17, 26678, 924 9,267 55, 653 33,301 477, 393 64,975 123, 376 60, 218249, 08: 18,884 September- 3, 5314,933 157,013 33, 336 39,260 17,408 63,043 9,267 55,653 32, 576 477,657 64,900 123, 450 60, 218249,010 18,921 October 3,711 4,697 171,056 33,199 39. 242 17,466 63,054 9,267 55.653 33, 837 477,""" 64, 807 128, 248 60, 218249, 010 18,947 November- 3.838 4,414 171, 315 33,452 39,245 17, 52063,064 9,267 55,653 34,859 474, 037 64, 734129, 696 60, 380249,102 18,990 December.. 3,939 4,430 171, 31833, 39439, 242 17, 56763,084 9,267 55, 653 32.688 470,531 64, 543137,594 60,447 248,881 19,025 1931—January 3,939 4,467 175, 31433,905 39,241 17,608 63, 111 9,267 55,653 33,939 466,005 64,474 126, 325 59,451 248,866 19,048 February. _ 3, 9414,460 179, 31434,104 39, 238 17, 63,124 9,26: 55, 653 34, 508 466.121 64,390 124, 096 58, 224248, 866 19,068 March 3,945 3.990 179,285 33, 774 39, 238 17,689 63,156 9,26: 52, 562 31, 258 466,875 64, 318124, 060 58, 249259,106 19,117 April 3,94'"3, 990 180.890 33, 778 39, 235 17, 72463. 660 9,26: 52, 709 30,678 467,45" 64,260 124,061 58,331 259,338 19,164 May -_ 3,947'3,990 180.891 33, 769 39, 230 63,683 9,26: 52, 912 32,036 467, 715 64,165 124,057v 58,331 261,895 19,228 *> Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1XTLY, 1931 FEDERAL RESERVE BULLETIN 401 GOLD MOVEMENTS fin thousands of dollars] United States Germany Great Britain Netherlands South Africa India Month p I o m r - ts p E o x r - ts Net p I o m r - ts l ! p E o x r - ts Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net Net Net 1930—May 23,552 82 23,470 7,096i 245 6,851 45,388i 61,134 -15,746 75 19 56 -22,798 6,452 June 13,938 26 13,912 7,529: 259 7,270 13,747 20,659 -6,912 34 11 23 -18,190 9,204 July 21,889 41, 529 -19,640 1,414, 227 1,187 24,646 40,355 -15,709 48 16,587 -16, 539 -22,415 3,404 August 19,714 39,331 -19,617 1,545; 210 1,335 24,201 21,390 2,811 281 8 273 -18, 708 13,461 September. 13,680 11,133 2,547 1,967 25,358 -23,391 22,339 20,245 2,094 81 13 68! -17,149 3,568 October.... 35,635 9,266 26,369 3,1621 96,677 -93,514 45,416 34,754 10,662 12,338 199 12,139j -20,259 967 November. 40,159 5,008 35,151 1,458' 273 1,185 41,199 43,164 -1,965 150 115 35 -18, 762 1,323 December. 32, 778 36 32,742 9,5241 274 9,250 43,124 78, 507 -35,383 42 39 3 -16,966 681 1931—January—.. 34,426 54 34,372 12, 252| 287 11,965 35,304 78, 774 -43,470 301 52 249 -21,005 -286 February.. 16,156 14 16,142 12,335! 237 12,098 31,335| 28,892 2,443 167 -109 -18,482 880 March 25,671 26 25, 645 11,077 i 479 10,598 22,829 16,377 6,452 215 -155 -17,557 943 ApriL 49,543 27 49,516 11,728! 345 11,383 28,495 4,411 24,084 458 -433 -16,895 600 May 50, 258 628 49,630 6,665! 294 6,371 20, 742 1,620 19,122 551 -519 -21,391 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— May January-May Calendar year From or to— April January-April Calendar year Imports ExportsImports ExportsImportsExports ImportsExportsImportsExportsImportsExDorts 1o ! QflQ 1 1 Q QQ 34.^ 1 47A 97O W\ Germany 4 ! 424 5 4,819 7 78,842 England 102 996 1,622 8,848 167 Netherlands 156 | 10 263 324 19 1 000 Unitod States Spain and Canaries. 1 112 4,867 911 29,229 1,610 Aden and dependen- Switzerland 1 133 1,598 23,190 cies. . 7 135 650 United States j 283 Arabia 54 410 1 759 South America 2,753 ! 19,581 68 57,944 49 British Oceania 199 923 8,053 British India i 258 1 788 1,264 1 8 178 Bahrein Islands 36 103 196 \ustralia 398 , 4,924 116,417 2 Ceylon - ._ 72 2,718 New Zealand . 93 ' 191 127 China 10 58 3,670 Egypt 219 94 Mesopotamia 118 513 2,402 Rhodesia — ... 473 2,197 5,197 Straits Settlements., 69 2,828 14 Transvaal 15 298 94 152 203,513 Egypt 1,177 West Africa - 414 2,172 1 5,075 11 Natal 74 482 26,513 All other countries.. 1,042 ! 375 8,448 21,523 2,441 14,764 All other countries.. 39 Total 20,742 ; 1,620 138, 704 130,074 421, 725 398,040 Total .. . 600 3,760 1 1,623 57,854 182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN JULY, 1931 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 April May June change April May June EUROPE SOUTH AMERICA Austria Schilling 14.07 14.0568 14.0543 14.0457 Argentina. - Peso 96.48 76.4629 70.7121 70.2524 Belgium Belga 13.90 13.9039 13.9119 13. 9242 Bolivia l Boliviano 36.50 36.7500 36,7500 36.7500 Bulgaria Lev .72 .7174 .7176 .7180 Brazil Milreis 11.96 7 2668 6.6756 7.4991 Czechoslovakia _ Crown 2.96 2.9619 2.9622 2,9621 Chile Peso 12.17 12.0628 12.0673 12.0868 D E Fi n e n g n l l a m a n n a d d rk M K Po r a o u r n n k e d ka. 48 2 2 6 6 . . 5 8 6 2 0 5 4 2 8 2 6 5 . . . 5 7 9 1 5 8 7 0 6 2 3 3 4 2 8 2 6 6 . . . 5 4 7 1 0 7 7 3 3 2 9 8 48 2 6 2 6 . , . 4 7 5 8 7 1 6 9 6 3 5 7 E P U C e c o r r u u l u o g a m u l d a b o y i r a 1 SP S oe u sl c o r d e o « 1 2 9 2 0 8 0 7 3 . . . 0 3 4 0 0 3 2 0 2 6 9 2 8 7 6 0 . . . 7 5 0 3 1 7 0 4 9 0 0 6 9 0 0 1 9 2 2 61 6 0 7 . . . . 4 5 0 9 3 7 0 6 0 0 0 0 1 0 0 0 5 9 2 2 8 6 7 0 . . . . 9 0 5 5 0 3 3 7 0 5 0 0 0 6 8 0 France Franc 3.92 3.9104 3.9114 3.9158 Venezuelal . .. Bolivar 19.30 16.9984 16.4332 17.1685 Germany Reichsmark 23.82 23.8105 23.8036 23. 7327 Greece Drachma 1.30 1.2943 1.2349 1. 2951 ASIA Hungary Pengo 17.49 17.4368 17.4376 17.4450 China3 Mexican dollar 21.66 22.5646 22. 0118 21.4575 Italy Lira 5.26 5.2360 5.2353 5. 2348 China 3 Shanghai tael-.. 29.86 31.0951 30. 2520 29. 5980 N No et r h w e a r y lands F K l r o o r n in e - . 4 2 0 6 . . 2 8 0 0 4 2 0 6 . . 1 7 3 5 9 3 1 0 4 2 0 6 . . 1 7 8 7 4 6 7 1 4 2 0 6 . . 7 2 8 4 0 4 1 2 H C o h n in g a K 3 ong3 Y Do u l a l n ar dollar 2 2 1 1 . . 1 5 8 0 2 2 4 2 . . 3 49 3 4 1 9 2 2 2 1 4 . . 8 0 9 1 5 3 0 1 2 2 1 3 . . 4 8 3 2 7 2 5 6 Poland Zloty - 11.22 11.1929 11.1950 11.1996 India Rupee - -- -. 36.50 36.1028 36.1423 35.9986 Portugal Escudo ° 4.45 4.4782 4.4918 4. 4234 Japan Yen 49 85 49 3601 49.3813 49 3740 Java *.. . Florin 40 20 40.1312 40.1720 40. 2331 Rumania Leu .60 .5942 . 5943 .5949 Straits Settle- Singapore dol- 56.78 56.0462 56.0348 56.0432 S Sw pa e i d n en K Pe r s o e n t a a 2 1 6 9 . . 8 3 0 0 2 1 6 0 . . 7 4 7 7 5 3 8 6 2 1 6 0 . . 8 0 0 00 7 4 0 2 9 6 . . 8 6 0 7 4 4 5 9 Tu m rk e e n y ts. Tu la rk r. ish pound 439 65< 47.1323 Switzerland.. .. Franc 19.30 19.2559 19. 2845 19. 3956 U.S. S.R.i Chervonetz 514.602 515.00002 515.0000 2 515.0000 AFRICA h 1.76 1.7585 1. 7603 1. 7685 Egypt Egyptian pound. 494.31 498. 3359 NORTH AMERICA Canada Dollar 100.00 99.9517 99.9449 99.7201 Cuba Peso 100.00 99.9248 99.9187 99. 9157 Mexico do 49.85 47.4843 48.0200 49. 0305 « Effective July 1,1931. » Effective June 28, 1931. «Effective May 18,1931. i Averages based on daily quotations of closing rates as published by New York Journal of Commerce. »Chervonetz quotations nominal. » Silver currency. The figure given for parity represents gold value of unit in June, 1931, computed by multiplying silver content of unit by New York average price of silver for June, 1931, which was $0.27562 per fine ounce. On the same basis, parity in June, 1930, for the Chinese-Mexican dollar was 27.43 cents; for the Shanghai taei, 37.82 cents; for the Yuan dollar, 26.83 cents; and for the Hong Kong dollar, 27.23 cents. * March, 47,1404. Back figures.—See BULLETIN for January, 1931,1930,1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 403 BANK FOR INTERNATIONAL SETTLEMENTS [Amounts in thousands of dollars: converted into dollars from Swiss francs at par: 1 Swiss franc=> $0.1930] 1931 1930 1931 1930 Resources Liabilities May April May May April May Cash on hand and on current account with Short-term deposits: banks 1,722 1,458 979 Central banks for own account- Demand funds at interest _. 25, 766 19,840 6,252 Demand 64,392 56,987 5 201 Rediscountable bills and acceptances (at Timecost): Not exceeding 3 months 99,340 88, 243 Commercial bills and bankers' accept- Between 3 and 6 months 1,678 2,102 ances 87,990 85,578 24,171 Treasury bills 40, 608 39, 347 19,494 Total 165,410 147,331 5,201 Total 128, 598 124, 926 43, 665 Central banks for account of others- Demand 30,686 29,424 Time funds at interest: Time- Not exceeding 3 months 200, 524 181, 399 1,378 Not exceeding 3 months __131, 357 113,869 Between 3 and 6 months 5,732 1,420 Between 3 and 6 months Total 206, 257 182, 820 1,378 Total 162, 043 143, 293 Sundry investments (at cost): Other depositors— Not exceeding 1 year 36,369 36,338 3,081 Demand 166 44 Over 1 year _. 8,868 7, 263 2,947 Time—Not exceeding 3 months 2,664 Long-term deposits: Tota^ _ 45, 237 43, 601 6,027 Annuity trust account 29, 760 29, 842 38,147 Other resources 2,733 2,428 120 German Government deposit 14,880 14, 921 French Government guaranty fund 13, 277 13, 279 Total 57,916 58, 042 38,147 Capital paid in _ . 20,458 19,976 14,957 Reserves: Legal reserve fund__ 108 Dividend reserve fund__ 211 General reserve fund 422 Profits allocated for distribution on July 1, 1931: Dividend to shareholders (6 per cent).. 995 Participation of long-term depositors per article 53(e) of statutes... 422 Other liabilities 2,162 3,722 115 Total resources 410, 313 375,072 58,421 Total liabilities 410,313 375, 072 58, 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN JULY, 1931 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Bank of England d m e is e p s n a u t r e ) t 1 - C C o a in sh rese N rv o e t s es ad c v o D a a u n i n n d s- c ts es Se t c ie u s ri- cu N in l o a c t t i i e o r s - n Bankers' D P e u p b o l s i i c ts Other lia O b t i h li e ti r es Millions of pounds sterling: 1931-Apr. 29 146.3 .9 56.5 7.2 56.7 349.8 48.9 17.7 37.0 17.7 May 27 151.0 1.1 56.2 6.8 59.8 354.9 54.8 17.4 33.8 17.8 June 24 162.9 1.1 70.1 9.6 57.5 352.8 61.6 25.2 33.5 17.9 Millions of dollars: 1930-Apr. 30 795 5 314 33 337 1,746 322 102 178 86 May 28 765 5 297 33 278 1,733 287 64 175 86 June 25 763 4 284 77 312 1,745 310 105 176 87 July 30 741 5 214 33 360 1,793 297 44 182 Aug. 27 754 5 263 31 347 1,756 305 88 164 Sept. 24 761 5 295 28 305 1,731 312 65 166 Oct. 29 776 6 311 21 292 1,731 271 102 170 86 Nov. 26 762 5 318 30 277 1,709 272 92 179 87 Dec. 31 718 3 189 238 510 1,795 645 32 176 87 1931—Jan. 28 679 3 256 47 306 1,688 268 94 162 Feb. 25 685 4 259 41 313 1,692 287 79 162 Mar. 25 699 4 267 55 254 1,697 281 46 164 Apr. 29 712 5 275 35 276 1,702 238 86 180 May 27 735 5 273 33 291 1,727 266 85 165 87 June 24 793 5 341 47 280 1,717 300 123 163 87 Resources Liabilities Bank of France Gold e F x o c r h e a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty c N a u b r e l i g e ti o s e t e s i - - 2 Other N ci o t r i t c o e u s n l a i - n G m ov e e n D r t n e - posi O ts ther lia O b t i h li e t r ies Millions of francs: 1931—Apr, 24.. 55,616 26,305 6,502 2,795 5,082 7,134 77,231 11,680 12,062 2,462 May 29.. 55,634 26,160 6,190 2,806 5,082 7,316 78,185 9,940 12,669 2,394 June 26 P. 56,425 26,185 5,402 2,777 5,082 (3) 76,927 8,512 15,188 (3) Millions of dollars: 1930—Apr. 25.. 1,660 1.005 224 102 211 2,774 257 313 90 May 30.. 1,717 L,002 300 100 211 230 2,865 210 394 92 June 27_. 1,727 ., 005 247 106 211 237 2,846 194 408 84 July 25.. 1,775 L.022 244 105 211 238 2,827 358 328 84 Aug. 29.. 1,852 ,004 254 107 208 250 2,888 396 303 87 Sept. 26.. 1,899 ,003 243 110 208 244 2,864 412 344 86 Oct. 30.. 1,992 ,004 278 109 208 274 2,932 513 328 91 Nov. 28.. 2,037 ,015 344 112 208 262 2,977 523 385 93 Dec. 26.. 2,100 ,026 330 114 208 259 2,996 495 459 88 1931—Jan. 30.. 2,176 ,032 371 112 204 270 3,079 543 457 86 Feb. 27.. 2,192 1,032 323 110 204 274 3,095 523 430 87 Mar. 27.. 2,200 ,031 278 112 199 275 3,052 461 493 89 Apr. 24.. 2,180 1,031 255 110 199 280 3,027 458 473 97 May 29- 2,181 1,025 242 110 199 287 3,065 390 497 94 June 26 ». 2,212 1,026 212 109 199 3,016 334 595 Resources Liabilities Reichsbank Gold i e R n x e c s f h e o a r r n v e g e i e s gn 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 r ti t c o e u s n l a i - n Deposits lia O b t i h li e t r ies Millions of reichsmarks: 1931—Apr. 30 2,368 157 1,816 287 103 4,340 355 749 May 30 2,390 186 1,791 167 103 721 4,299 353 731 June 30 *» 1,421 300 2,579 355 103 856 4,295 398 994 Millions of dollars: 1930—Apr. 30 611 78 462 32 22 171 1,111 128 156 May 31 617 84 446 45 24 174 1,146 96 168 June 30 624 109 423 44 24 175 1,116 117 169 July 31 624 419 32 24 200 1,105 95 170 Aug. 30 624 412 51 24 193 1,121 99 171 Sept. 30. 590 41 499 69 24 200 1,130 112 183 Oct. 31.. 519 47 548 76 24 163 1,113 91 179 Nov. 30 519 125 477 55 24 153 1,096 91 192 Dec. 31 528 112 563 61 24 152 1,138 155 196 1931—Jan. 31 535 47 463 41 24 175 1,044 63 198 Feb. 28 544 39 471 72 24 161 1,055 77 198 Mar. 31 553 45 465 65 24 152 1,061 92 185 Apr. 30 564 37 432 68 24 159 1,034 85 178 May 30 569 44 427 40 24 172 1,024 84 174 June 30 » 339 71 614 85 24 204 1,023 95 237 * 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). 8 Issued by the independent office for retirement of public debt (Caisse autonome d'amortissement) • Figures not available. p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 405 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 May Apr. Mar. May May Apr. Mar. May Commonwealth Bank of Australia Danish National Bank (millions of (thousands of pounds sterling): kroner): Issue department— Gold... 172 172 172 172 Qold coin and bullion 15,227 15,141 15,640 18,743 Foreign bills, etc 70 67 78 107 Securities 35, 300 32,058 31,157 4,941 Loans and discounts 84 92 75 Banking department- Note circulation 342 354 341 371 Coin, bullion, and cash 1,243 2,263 4,394 1,631 Deposits _ _ 36 30 23 30 Money at short call in Lon- Bank S D L e o e d n c a p o o u n o n t r s e i s t s a i i e t n i s s n d . . c . d ir is c c u o la u t n io ts n 4 2 5 1 6 8 7 8 4 , , , , , 3 5 3 0 4 7 8 8 8 3 2 1 0 5 3 . 5 3 2 44 4 7 0 0 , , , , , 8 3 0 5 3 2 6 0 8 5 6 3 3 3 1 2 2 4 5 1 2 4 5 5 , , , , , 2 1 4 8 3 5 2 4 5 4 4 2 3 2 8 4 3 2 1 1 5 8 1 2 , , , , , 2 2 4 1 1 6 5 6 4 8 5 8 4 5 6 Ba g n u N B F L k ld o o a o o e r l a t f e a n e n i D n ) s g c : c a n i a e n r s n c b z d w u i i g l l l d i a s t ( i h t , s t i h e c o B o t o n c a u u . n n s k a ts n o d f _ s E o n f g D la a n n d z . i g . 2 3 1 7 1 5 4 , , , , 6 3 0 0 9 7 9 5 8 6 9 0 2 3 1 2 6 6 4 , , , , 1 1 8 8 2 6 4 4 6 0 3 2 2 3 1 1 0 6 6 2 , , , , 5 5 7 4 2 1 5 6 3 9 0 2 2 3 1 1 4 0 6 1 , , , , 0 4 4 7 3 4 3 1 7 5 5 0 Austrian National Bank (millions of Deposits 1,801 1,303 1,699 1,541 schillings): Gold 214 169 Central Bank of Ecuador (thousands Foreign exchange of the reserve.. 139 258 of sucres): Other foreign exchange 499 394 Gold 5,666 5,658 5,602 Domestic bills 93 133 Foreign exchange _ 18,052 18,829 25, 715 Government debt i 96 102 Loans and discounts 14,176 13, 961 14, 023 Note circulation 978 1,022 Notes in circulation 20,829 21, 783 26, 903 Deposits 66 39 Deposits 13, 871 13,833 13,190 National Bank of Belgium (millions BankofEstonia(thousandsofkrooni): of belgas): Gold 6, 526 6,517 6,512 6,500 Gold 1,439 1,200 Net foreign exchange 17,019 17,258 17,551 16,917 Foreign bills and balances in gold. 914 672 Loans and discounts _ 25, 326 26,809 27,572 26, 628 Domestic and foreign bills 755 830 Note circulation- _* 32,896 35, 536 35, 658 30, 812 Loans to State _ 292 315 Deposits- Note circulation 3,164 2, 909 Government 9,462 8.5C0 10,384 10, 034 Deposits 282 144 Bankers. 6, 514 5,787 5,437 3, 535 Other 1,685 1,620 1,573 1,934 Central Bank of Bolivia (thousands of bolivianos): Bank of Finland (millions of Finnish Gold 2.811 3,925 marks): Foreign exchange 32, 120 45, 274 Gold 301 301 302 303 Loans and discounts 28, 853 21,910 Balances abroad and foreign Notes in circulation 39, 227 38,799 credits. 720 722 761 1,024 Deposits 14,112 14, 992 Foreign bills 242 236 217 145 Domestic bills 670 621 709 766 Bank of Brazil (millions of milreis): Note circulation 1,257 1,301 1,320 1,392 Gold 407 Demand liabilities 240 154 124 260 Currency 394 365 450 Correspondents abroad 165 360 Bank of Greece (millions of drach- Loans and discounts 1,504 1,431 mas): Securities _ 149 129 Gold 484 481 499 603 Note circulation 170 592 Net foreign exchange in reserve.-. 2,162 2,171 2,259 2,667 Deposits _ 1,614 1,361 Total foreign exchange 3, 096 3,092 2,671 3,786 Loans and discounts 357 338 348 241 Na o t f i N G o le n o e v t a l d a l f ) o B : re a i n g k n o e f x c B h u an lg g a e ria (millions I 1,4 2 9 1 1 1 1, 2 47 55 1 1,4 2 1 6 1 4 N G O o t o h t v e e e r r c n s ir i m g c h u e t l n a t l t i i a o o b b n i l - l i i g t a ie ti s ons 4 3 1 , , , 3 2 6 8 0 8 9 4 8 4 3 1 , , , 4 3 6 3 8 3 6 9 6 4 1 3 , , , 6 4 3 7 6 8 5 5 9 4 3 1 , , , 4 4 9 8 6 4 9 0 3 Total foreign exchange 644 647 858 National Bank of Hungary (millions Loans and discounts _ 622 983 of pengos): Government obligations 3,064 3,339 Gold 112 112 126 163 Note circulation _ 3, 129 3, 364 Foreign bills, etc 21 47 25 19 Other sight liabilities 1,445 1,706 Loans and discounts 257 263 258 220 C p en e D L G s tr o o e o a s a p l l ) d n o : s B s a i a a t t s n n h k d a o b m d o r i o e f s a c d C ou h n il t e s (mill _ ions of 1 6 3 3 1 23 6 8 7 2 9 2 9 6 4 1 2 7 j ; I 3 1 6 3 0 3 7 1 N M A D O d e o t i h s p v te c e o a e r n s c l i a c l i t a r s e s c n s s u e e l t o t a s o u t i s t o r n l e i _ a a _ s b u il r i y ties 3 4 4 6 2 7 4 2 0 b 0 4 3 4 0 6 1 1 0 6 0 8 3 3 3 8 6 1 8 8 5 0 6 4 4 3 4 8 6 9 1 1 3 4 Note circulation 293 279 344 Bank of Italy (millions of lire): Deposits against which reserve 290 | Gold at home 5,318 5,313 5,311 5,206 is held 32 j 54 101 Credits and balances abroad 4,058 4,150 4,100 5,037 Ba (t n h G G k o o o u o l l s d d f a n a a th b d t s e r h o o o a R m f d e p e p e u s b o l s i ) c : of Colombia 1 9 0 , , 8 4 4 2 4 0 1 7 2 , , 2 8 3 4 1 0 1 8 2 , , 7 5 5 5 1 5 7 2 | j !21 9 , , 3 9 1 0 1 9 L T P O u o o th b a ta e n l l r i s c n d a d o e n e t p d e p o o c d s s i i i r t i s s c t c s u o l u a n ti t o s n 1 3 4 1 , , , 6 ( 3 7 3 5 0 2 3 4 0 2 1 4 1 4 , , , 3 0 8 6 0 2 8 5 0 5 1 2 1 4 2 5 , , , 3 3 3 0 7 7 0 3 1 0 5 4 1 3 5 1 , , , 5 9 3 9 4 4 0 4 6 0 0 4 Loans to member banks 14, 744 13,746 13,414 13,591 Bank of Japan (millions of yen): Note circulation 23,107 22,875 23,336 !30, 719 Gold 847 840 833 1871 Deposits 7, 433 6,495 6,062 | 6,445 Advances and discounts 710 713 715 761 Czechoslovak National Bank (mil- Government bonds 136 136 136 90 lions of Czecholsovak crowns): Notes issued 1,078 1,058 1,112 1,186 Gold 1,541 1,542 1,542 1,313 Total deposits 635 672 678 753 Foreign balances and currency 2,043 2,078 2, ls# 2,052 Bank of Java (millions of florins): Loans and advances 245 159 163 319 Gold 115 119 139 Assets of banking office in liqui- Foreign bills 29 29 38 dation _ 315 315 315 345 Loans and discounts 47 Note circulation 6,732 6, 609 6,699 6,896 Note circulation 242 239 273: Deposits 665 711 828 491 Deposits 40 56 48 1 Average for week ending last report date of month. c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN JULY, 1931 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 May Apr. Mar. May May : Apr. Mar. May Bank of Latvia (millions of lats): National Bank of Rumania (millions Gold _ 24 24 24 24 of lei): Foreign exchange reserve 27 27 31 49 Gold at home - -- 5,704 5,670 5,646 5, 356 Bills 79 81 83 89 Gold abroad 3,114 3,114 3,114 3,919 Loans 69 70 71 56 Foreign exchange of the reserve.- 2,374 2,370 1,270 1,425 Note circulation 42 46 47 45 Other foreign exchange 619 652 52 36 Government deposits 71 71 74 101 Loans and discounts _ 7,893 7,828 7,894 9, 687 Other dPDosits 87 87 89 77 State debt 3,617 3,617 3,617 5,797 Note circulation 18,709 18,905 18,341 18, 521 Bank of Lithuania (millions of litas): Deposits 7,911 "8,118 5,300 7,345 Gold . 39 39 39 35 South African Reserve Bank (thou- Foreign currency 63 74 71 73 sands of pounds sterling): Loans and discounts 107 105 109 96 Gold 6 583 6,304 6,423 7,252 Note circulation 109 112 113 98 Foreign bills - - - 6,499 6,882 6,751 7,372 Deposits.. 92 98 98 99 Domestic bills 568 272 382 951 Note circulation 8,143 6,692 7,412 8, 979 Netherlands Bank (millions of Depositsflorins): Government - - - 1,962 2,657 2,135 1, 565 Gold 450 450 446 432 Bankers 4,736 4,756 4,705 5,075 Foreign bills 224 221 218 236 Others 123 131 122 417 Loans and discounts 136 133 143 144 Bank of Spain (millions of pesetas): Note circulation 837 838 841 804 Gold 2 424 2,423 2,420 2,471 Deposits 43 33 17 54 Silver .- - . 701 706 717 718 Balances abroad 115 108 120 34 Bank of Norway (millions of kroner): Loans and discounts _ - 2,569 2,257 1,952 1,910 Gold 146 146 146 147 Note circulation 5,197 4,951 4,604 4,391 Foreign balances and bills . 25 32 37 35 Deposits 822 752 794 835 Domestic credits 178 185 183 232 Bank of Sweden (millions of kronor): Note circulation 291 296 296 308 Gold 239 240 240 243 Foreign deposits. . . . 4 2 2 2 Foreign bills etc 281 297 303 365 Total deposits 64 67 72 83 Loans and discounts 346 296 299 204 Note circulation 542 548 580 557 Reserve Bank of Peru (thousands of Deposits.._ 240 201 175 183 soles): Swiss National Bank (millions of Gold 44,311 44,222 42,902 francs) * Foreign exchange reserve 6,774 7,958 16, 747 Gold 643 643 643 579 Bills 17,918 18,495 15,791 Foreign balances and bills 310 315 306 376 Note circulation 60,497 61,688 58 500 Loans and discounts 78 99 95 80 Deposits 4,943 6,281 6,799 Note circulation 990 988 994 908 Demand deposits ._ 147 149 134 169 Bank of Poland (millions of zlotys): State Bank of U. S. S. R. (thousands Gold at home 486 486 485 483 of chervontsi): Gold abroad _ 82 82 77 219 Loans and discounts (2) (2) 8 3519 722 Foreign exchange of the reserve.. 256 229 256 270 Deposits 196,167 Other foreign exchange 99 116 125 110 Issue department- Loans and discounts 018 619 656 672 Gold 50, 893 50,396 50,351 34,470 Note circulation 1,222 1,259 1,261 1, 333 Other precious metals 1, 892 1,917 2,025 2, 734 Current account of the treasury._ 43 39 58 i 121 Foreign exchange- 5, 254 4,863 4,907 5, 864 Other current accounts 103 149 161 i 131 Note circulation 224, 489 224, 551 219,385 170, 086 National Bank of the Kingdom of Bank of Portugal (millions of es- Yugoslavia (millions of dinars): cudos) : Gold 100 99 99 97 Gold 9 9 9 9 Foreign notes and credits _. 95 94 87 252 Balances abroad 141 102 160 218 Loans and discounts 1 437 1,387 1,405 1,297 Bills . 348 370 392 323 Advances to State 2, 997 2,997 2,997 2, 997 Note circulation _ 1,849 1,864 1,860 1, 8(51 Note circulation 4 791 4,692 4,729 5, 281 Deposits., ._ . _ 170 158 187 101 Deposits 1,003 1,002 952 1,441 «Corrected. 1 Eevised 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. 3 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 29 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 1 Central Bank of— i Bulletin Central Bank of— Bulletin Austria. May, 1931, p. 266. Egypt July, 1931, p. 390. Latvia July, 1930, p. 439. Belgium April, 1931, p. 207. England-- ! February, 1931, p. 83. Netherlands. _ August, 1930, p. 505. Bolivia July, 1930, p. 441. Estonia ! July, 1931, p. 399. Norway May, 1931, p. 275. Brazil.... July, 1930, p. 444. France. March, 1931, p. 150. Poland May, 1931, p. 273. Bulgaria _. September, 1930, p. 557. Germany. May, 1930, p. 301. Portugal June, 1931, p. 322. Colombia December, 1930, p. 792. , Greece July, 1931, p. 396. Rumania. September, 1930, p. 553. Czechoslovakia August, 1930, p. 509. Hungary May, 1931, p. 270. Spain June, 1931, p. 324. Danzig April, 1931, p. 213. Italy ! June, 1931, p. 318. Switzerland.. April, 1931, p. 198. Denmark.. _ December, 1930, p. 788. Japan ; Julv, 1931, p. 384. Yugoslavia July, 1931, p. S80. Ecuador June, 1931, p. 321. Java December, 1930, p. 795. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

407 JULY, 1931 FEDERAL RESERVE BULLETIN GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1931 1930 1931 1930 May I Apr. | Mar. May May Apr. Mar. May Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of dollars): Gold p 375 i 390 451 Gold reserve against Dominion notes. 65 Notes issued 511 519 580 Advances to banks under finance act, Irish Currency Commission (thousands 1923 ' 45 of pounds sterling): Dominion notes— i Legal tender note fund— Issued 152 148 141 170 British legal tender and bank I Outside chartered bank holdings..! 27 28 26 balances — 136 130 ! 242 101 Indian Government (millions of rupees): I British securities 7,326 ! 7,227 I 6,939 7,199 Gold standard reserve— I Notes issued... -. 7,402 I 7,357 7,181 7,301 Gold ....'. 201 112 i 112 ; 29 Consolidated bank notes *— Foreign exchange J 332 421 j 421 ! 505 Issued - — 4,166 4,079 I 4,044 3,782 Paper currency reserve— Deemed such under sec. 60 (4) Gold 202 275 ! 259 j 323 of currency act, 1927 _ _. 1,783 1,844 !1,872 2,214 Silver coin and bullion 1,274 1,254 i 1,248 | 1,104 Other assets _ —. 71 72 I 102 ! 279 Notes issued 1,548 1,601 i 1,608 j 1,707 i The figures of consolidated bank noces issued represent daily averages for the 4 weeks ending May 30, Apr. 4, and Mar. 7, 1931, and May 31, 1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. c Corrected. v Preliminary. COMMERCIAL BANKS Millions of national currency Millions of dollars Country 1931 1930 1931 Mar. Apr. May Apr. May Nov. Dec. Feb. Mar. Apr. May Argentina: Bank of the Nation- Gold 6 6 1 1 1 2 1 Other cash 108 110 94 75 59 66 89 Loans and discounts 533 492 478 472 436 488 453 Deposits 646 629 570 551 508 543 503 Other banks in Buenos Aires- Gold 10 10 8 8 8 8 8 Other cash 166 165 148 155 150 135 122 Loans and discounts 780 759 708 693 654 712 643 Deposits 890 875 806 791 750 796 705 Canada: Assets entirely in Canada- Cash in vault l 162 153 203 174 151 148 157 Cash in central gold reserves.. 44 46 37 33 25 27 26 Security loans 233 235 212 205 186 175 181 Other current loans 1,345 1,330 1,184 1,149 1,116 1,115 1,130 Secui ity loans abroad 182 182 193 146 132 137 117 Securities 431 551 604 654 649 651 Liabilities entirely in Canada- 428 Notes in circulation 145 140 148 145 133 131 153 124 Individual demand deposits.. 616 644 575 605 642 543 579 596 Individual time deposits- 1,445 1,432 1,439 1,426 1,436 1,445 1,453 Millions of pounds England: sterling 1,441 Cash in vault and at banks 181 175 176 882 911 897 919 994 910 879 853 858 Money at call and short notice 112 115 | 129 645 650 666 665 692 559 547 560 630 Advances and discounts 1,159 1,134 j 1,141 5, 631 5,729 5,857 5,985 6,006 5,880 5,642 5,520 5,555 Investments 295 292 I 274 1,096 1,095 1,127 1,288 1,311 1,428 1,436 1,423 1,332 Deposits 1,726 1,6 1,700 8,185 8,478 8,762 8, 949 8,672 8,399 8,264 8,271 France: Millions of francs 8,331 Bills and national-defense bonds.. 21, 221 804 733 762 799 793 832 Loans and advances 10,875 -I- 418 440 420 443 448 426 Demand deposits 35,863 1,314 1,325 1,338 1,392 1,373 1,406 Time deposits 1, 621 T 58 61 59 53 64 Germany: Millions ofreichsinarks 57 Bills and treasury notes 2, 532 2,529 2,548 770 755 755 584 613 594 603 602 607 Due from other banks 956 981 857 282 271 275 242 241 225 228 234 204 Miscellaneous loans 8,143 8,020 7,818 2,052 2,059 2,033 1,951 1, 959 1,940 1,910 1,862 Deposits 10, 778 10,683 10, 395 2,920 2,076 2,916 2, 639 2, 651 2,556 2,567 2,545 2,476 Acceptances 630 600 582 122 2,921 116 160 167 156 150 143 139 Japan: Millions of i 117 Cash on hand 274 332 361 114 140 128 136 140 138 137 165 180 Total loans 2,176 2,184 2,156 1,080 1,061 1,077 1,100 1,109 1,105 1,085 1,089 1,075 Total deposits 2.150 2,161 2,181 1,022 1,017 1,021 1,035 1,047 1,068 1,072 1,077 1,087 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

408 FEDERAL RESERVE BULLETIN JULY, 1931 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f l a E a 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 ch k a s n - B It a o a n l f y 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 l t y e l I s n i n e c f e f — ect Country J R u a ly te l I s n i n e c f e f — ect In effect Jan. 1,1930. 5 7 7 3K Austria 7H June 16,1931 Java Mar. 11,1930 Jan.14 . .. Belgium Aug. 1,1930 Latvia Oct. 1,1930 Jan 16 A Bolivia 7 Aug. 26,1930 Lithuania 6 Apr. 1,1930 Jan.30 3 Bulgaria m June 4,1931 Norway 4 Nov. 8,1930 Feb 5 6 F M e a b r . 6 3 . 4^ 6H C C o h l i o le mbia 9 S M e a p y t. 1 7 8 , , 1 1 9 93 3 0 1 P P e o r la u nd 7 S O e c p t. t . 1 3 , , 1 1 9 9 3 3 0 0 M Ma ar r . 6 7 .. 4 &A Cz v e ak c i h a oslo- 4 7 June 25.1930 R Po u r m tu a g n a i l a 8 2 J A u p n r e . 1 2 , , 1 1 9 9 3 30 1 Mar. 8 Danzig 5 Oct. 10,1930 M M a a r r . . 2 2 5 0 sy 2 5 3 i Denmark Nov. 13,1930 S S o pa u i t n h Africa- 5 6 J M ul a y r . 1 1 7 3 , , 1 1 9 9 3 3 0 1 Apr. 3 _. . Z i Ecuador io 2 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 Yugoslavia... June 29,1931 May 19 5H Greece 9 Nov. 30,1928 May 20 Hungary 7 June 16,1931 June 21 i 4 India . _ . 6 May 28,1931 July 10 i 2K2 Japan.. 5.11 Oct. 7,1930 Oct. 9 i 5 Jan 3 1931 2 Jan. 22 2 Changes: Austria—June 6, up from 5 to 6 per cent; June 16, up from 6 Jan. 24 i VA to 1H per cent; Bulgaria—June 4, down from 9 to Wi per cent; Germany— M M a a y y 1 1 6 4 2V2 2 p Ju er n e c e 1 n 3 t; , u Y p u g fr o o s m la v 5 ia t — o J 7 u n p e e r 2 9 c , e u n p t; fr H o u m n g 5 a * r A y— to J u 6 n H e p 16 er , u c p en f t r . om b\i to 7 June 13 \ 7 In effect July 1,1931. 2XA 2 7 2 2 i MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month 3 B A a m a 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 Da m y- o t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or d P i r s r i c a v o t a e u t n e t 1930—May 2.16 2.11 v 1.93 1 3.89 5.00 3.62 2.29 '1.5Z 2.44 June 2.31 2.30 1.93 1 3.58 4.80 3.74 1.89 1L. 93 2.06 July 2.37 2.38 1.78 i 3.40 4.57 4.30 1.85 ]L.85 1.92 August- 2.21 2.17 1.85 3.24 4.43 3.73 1.83 L. 63 1.75 September 2.07 2.05 1.68 i 3.30 4.54 3.78 1.96 L.84 1.50 October 2.09 2.13 1.65 4.66 5.93 5.15 1.59 L.48 1.29 November 2.18 2.15 2.01 1 4.79 6.51 5.48 1.31 .29 1.16 December 2.30 2.34 1.60 1 4.82 7.24 5.54 1.39 L. 86 1.18 1931—January 2.25 2.24 1.74 1 4.75 6.64 4.93 1.38 L. 55 1.17 February 2.56 2.57 2.29 1 4.88 6.31 5.49 1.12 L. 05 1.00 March 2.60 2.56 2.20 1 4.76 6.17 5.00 1.09 L.04 .99 April 2.58 2.57 2.17 1 4.65 5.87 5.67 1.50 L. 61 1.06 May 2.24 2.21 1.87 1 4. G5 5.83 5. 38 1.39 L. 55 1.12 (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m fo o o r n n t e 1 h y c c i o a P m l r p i m m ap e e r e - r Da m y o -t n o e y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1930—May 2.87 2.36 5.81 m -5 6^-7 5^-8 4%-6 ZH-5H 5.48 3.10 June 2.78 2.11 5.50 AH -^Me 6 -6H 5^-8 AH-6H ZHrhH 5.48 3.83 J A u u l g y u .. st 2 2 . . 4 7 4 8 2 2 . . 1 0 0 8 5 5 . . 5 5 0 0 4 4 Ma - - 4 4 j H 4 6 6 - - 6 6 H H 5 5 H H - - 7 7 H H 4 A M H- - 5 5 H S Z H H - - 5 S H H 5 5 . . 4 4 8 8 3 3 . . 6 8 5 3 September 2.39 1.99 5.48 VA -AH 5H-4H 5H-7H 4M-5M 3H-5H 5.48 3.65 October.. 2.27 2.00 5.25 4 -AH 53/4-6H 53/1-7 4*4-5 ZH-5H 5.48-5. 66 3.29 November 2.05 2.00 5.43 Aftt-AH 5?4-6H 5?4-7M AH-5 3H-5H 5.48-5.66 3.65 1931— D M A F M J e e a p a a b n c r r y r e u i c l u m a h . a . r _ b y ry er 2 2 2 2 2 2 . . . . . . 2 2 2 3 3 3 5 5 0 8 1 4 2 1 1 1 1 1 . . . . . . 4 8 5 7 0 2 3 7 9 7 7 8 5 5 5 5 5 5 . . . . . . 5 5 5 4 2 5 0 0 0 8 5 0 A 4 V 3 2 ? > A H 4 % - - - A - 4 4 - m H 4MB & 5 5 5 5 H H H M H - - - - - & G 6 6 G J H 4 5 5 5 5 6 3 3 3 H H / 4 4 4 - - - - - 7 7 7 7 7 3 3 H % / 4 4 A 4 4 4 4 1 J ! H 4 4 4 - - - - - 5 5 5 5 5 H S Z 3 3 3 3 H H - - - - - - 5 5 5 5 5 5 H H 5 5 5 5 . . . . 4 4 2 2 8 8 9 9 - - - - 5 5 5 5 5 . . . . . 4 6 4 6 4 8 6 8 6 8 3 3 2 2 2 . . . . . 7 6 1 9 9 4 5 0 2 2 NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1928 (p. 503), November, 1929 (p. 736), and May, 1930 (p. 318). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 409 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average== 100) Year and month ( U a S p v n r t e i a i c r t t e a e e ) s g 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 m ic ra e a g ) n e y U S n ta i t t e e s d England France Germany Number of issues 60 87 35 U77 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 83.0 190.3 119.5 217.2 122.8 1930 98.3 111.8 95.8 85.0 149.8 102.6 187.6 100.2 1926—May 97.3 110.2 56.4 93.2 98.4 90.6 86.9 June _ _ _ . __ 97.3 110.2 54.3 97.2 100.4 98.3 92.4 July 97.0 110.0 54.6 100.0 99.8 U1.6 99.9 August 97.2 110.2 56.6 102.9 101.7 109.0 109.5 September 97.0 110.0 56.6 104.3 102.6 115.5 112.1 October _ __ _ . 97.0 110.2 58.3 101.6 101.1 111.2 123.1 November 97.6 109.3 60.2 103.1 102.1 102.6 130.6 December . _ __ 97.8 109.3 62.8 105.4 102.0 99.6 130.2 1927—January _. 97.9 111.3 66.0 105.6 104.1 109.4 149.3 February 98.1 110.5 65.4 107.9 105.1 112.4 158.3 March 98.4 110.3 71.0 109.1 104.4 120.2 153.7 April 99.0 110.6 73.9 111.1 105.5 129.2 162.8 May 99.1 110.6 72.7 114.2 106.4 125.8 156.1 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 1C9.5 87.9 November 99.1 112 8 94.7 84.5 116.7 94.1 162.2 84.7 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 87.4 109.2 85.1 148.5 84.8 May 99.7 110.8 98.4 98.0 76.8 138.2 . i Approximate number; series originally included 208 issues, from which those bearing 10 per cent interest have been eliminated in recent revision. In 1928 the number of such issues was 31. Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures—except for revised series on German bonds—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 G6n6rale, Paris; description (and back figures) in Bulletin de la Statistique Generate, for July, 1927 (pp. 390-397). Germany—Statiscbes Reichsamt, Berlin; description in Wirtschaft und Statistik: Bonds- February, 1928 (p. 144) and April, 1931 (p. 338); stocks (with back figures)—January, 1929 (p. 62). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN JULY, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES U ( n 1 i 9 t 2 ed 6= S 1 t 0 a 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) (19 F 1 r 3 a = n 1 c 0 e 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 J ( 9 a O 0 p 0 c a = t n . 1 , 00) N (1 e 9 th 1 e 3 r = l 1 a 0 n 0 d ) s Month 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January.. 93 77 95 77 131 107 576 541 132 115 417 342 201 158 131 105 February 92 76 94 76 128 106 567 538 129 114 408 338 200 158 126 104 March _„ _. _ _._-.. 91 75 92 75 125 106 555 539 126 114 400 339 196 158 122 103 April 91 73 91 75 124 106 548 540 127 114 396 337 193 158 122 102 May -- 89 71 90 73 122 104 546 520 126 113 389 332 189 154 118 102 June 87 88 121 540 125 382 181 118 July 84 86 119 558 125 375 177 115 \u?ust 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 80 112 551 120 361 162 110 78 78 109 541 118 350 .61 107 WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Month and year pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods I p n r d o u d s u tr c i t a s l p an r F o d a d r f u m o c o t d s I p n r d o u d s u tr c i t a s l p A r t g o u r d r i u c a u c l t l s - P s r io o n v s i- ! i i I r n a d s f w i e u n m s i a s t i h r n - i e d a d l i • I p f n i r n d o i u d s s h u t e c r d t i s al i products I 1930—April 129 121 481 112 118 : 125 152 May 127 119 483 601 111 117 124 152 June 127 117 488 587 110 115 ' 122 151 July 83 127 115 540 573 115 114 119 151 August 85 126 113 550 568 117 HI : 118 149 September. 85 I 124 111 562 551 114 108 116 148 October 83 I 121 109 562 543 109 108 114 147 November. 79 121 107 570 535 112 108 i 113 145 December. 75 | 116 105 570 516 110 105 110 143 1931—January.... 74 I 113 104 507 107 102 108 142 February.. 70 I 112 103 575 505 106 100 106 140 March 71 ! 111 103 581 503 107 99 106 139 April 113 102 592 495 108 97 105 138 May 113 100 566 480 109 96 103 138 RETAIL FOOD PRICES COST OF LIVING I United | England France Germany United England France Germany States i (July, (July, (1913- States (July, Jan.-June, (1913- (1913=100) i 1914=100) 1914=100) 14 = 100) i (1913=100) 1914=100) 1914=100) 14=100) i Month Month 1930 1931 1930 19311930 1931 1930 I 1931 1930 I 1931 1930 1931 1930 1931 1930 1931 January 155 133 | 157138 124 132 150 134 January... 166 153 152 140 February 153 127 I 154 !136 121 132 148 131 February. 164 152 150 139 March _- 150 126 i 150 !134 120 131 145 130 March 161 150 115 120 149 April - 151 124 i 143 |129 119 130 143 129 April 157 147 147 137 May 150 121 j 140 ;127 120 129 142 130 May 155 145 147 137 June - 148 138 120 143 June. 167 154 116 148 July— -— 144 141 122 146 July 155 149 August -. 144 144 127 145 August 157 149 September 146 144 129 142 September. 157 120 147 October 144 143 129 J 140 October 156 145 November 141 144 131 -! 138 November. 157 144 December 137 141 132 J 135 December.. 155 142 1 Average of October, 1913, January, April, and July, 1914=100. SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States- Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Keichsamt; France—for retail food prices, Statistique Generate and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

411 JULY, 1931 FEDERAL RESERVE BULLETIN BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars! Total cash reserves Total deposits Federal reserve notes in cir- Reserve percentages culation i Federal reserve bank 1931 1930 1931 1930 1931 1930 June May June June May June June May June June May June Boston 229, 662 230, 955 244,110 144,694 144,034 149, 559 135. 329 137, 283 150, 669 82.0 82.1 81.3 New York 1,234,514 1,171,193 1,000, 724 1,077, 958 1, 029. 925I, 010,955 283, 390 272, 302 181, 080 90.7 89. 9 84.0 Philadelphia 263, 369 259,299 224,669 150,588 149, 253 141, 639 147, 615 144.108 131, 364 88.3 88.4 82.3 Cleveland 330.198 323, 022 331,297 197,920 197, 252 200, 902 196, 348 188,805 187, 036 83.7 83.7 85. 4 Richmond 90, 551 102, 729 102, 630 64, 672 65, 349 67, 952 72, 581 75, 622 66.513 66.0 72. 9 76. 3 Atlanta 147, 909 157.866 148. 344 59, 291 60,174 64,149 123, 856 129,835 127,120 80.8 83. 1 77. 6 Chicago 574,538 491, 972 491, 505 333, 850 337, 759 354,982 317,263 227, 980 210, 289 88.2 87.0 87.0 St. Louis 112, 892 115,998 116,227 73,673 75, 576 78, 992 72, 988 74, 609 73,213 77.0 77.2 76. 4 Minneapolis 68,718 68, 267 77, 680 50, 615 49. 873 53, 457 47, 945 47, 993 54, 699 69.7 69. 8 71.8 Kansas City 98, 343 99, 867 124, 274 83,728 83, 504 89, 660 62, 874 63,838 70,877 67.1 67.8 77.4 Dallas 47, 392 50, 984 60, 458 56. 244 57, 705 61,919 27,102 27, 839 31. 961 56. 9 59. 6 64.4 San Francisco 292, 265 300, 331 290, 921 189, 486 189,187 183,523 167,082 156, 482 81.5 84.3 85.6 Total |3, 490 351 •3,372,483 3,212.839 2,482,719 2,439,591 2,457,689 1, 656, 271 1,557,356 1,441,303 84.3 84.4 82.4 1 Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $15,657,000; month ago, $14,828,000; year ago $20,208,000. r Revised. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months e ding May 31, 1931. In millions of dollars] Deposits subject to reserve Reserves held (net demand and time Indebtedness at Federal deposits; see following reserve banks Federal reserve district page) Total Excess March April May March April May March April May March April May Boston . 2, 297 2,312 2, 295 141. 9 143.8 142.2 2.1 2.0 1.9 9.9 8.4 10.6 New York 10, 620 10, 526 10, (.05 1, 018,1 990. 5 1,008.8 26. 2 14.2 23.1 41.3 41.9 37.4 Philadelphia 2, 416 2, 467 2, 426 146. 2 151.5 147.0 3.9 4.0 4.0 20.6 16.0 18.2 Cleveland 3,227 3,240 3,197 194.8 196. 9 192.8 4.1 4.2 3.8 16.4 14.0 14.1 Richmond . . ... 1,042 1,061 1, 064 61.0 61. 6 62. 4 2.4 2.1 2.7 15. 9 13.2 15. 9 Atlanta 903 905 896 58. 8 59. 5 58.2 2.9 3.5 2.5 13 4 10 8 11.0 Chicago. 4, 537 4, 586 4, 602 327.4 330. 8 334. 0 7.4 8.8 9.3 14.7 12.7 13.5 St Louis 1, 077 1,108 1,117 70.2 72. 5 73. 9 3.2 3.2 3.9 8.2 7.9 7.4 Minneapolis _. ___ 853 862 847 48. 9 50.0 48. 6 2.4 2.6 2.6 3.6 3. 5 3.9 Kansas Citv 1,133 1,138 1,129 82.2 81.8 81.7 4.9 4.3 4.7 10.5 8. 9 9.5 Dallas . .. 802 801 797 57.0 57.1 56. 3 2.4 2.3 1.8 7.2 7. 5 8.5 San Francisco 3,162 3,174 3,193 179. 3 179. 9 181.1 4.6 4.4 6.4 14.8 9.4 12.6 Total _ _-_ 32, O'i9 32, 179 32,168 2, 385. 7 2, 375. 9 23, 871 C)(). 5 55. 6 66.8 176. 4 154.4 162. 6 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 June 3 June 10 June 17 June 24 June May June Boston 9,870 9,461 11,260 12,964 Boston 11.3 10.6 17.3 New York. 29, 927 29, 001 33, 264 34, 059 NewYork 33.0 37.4 57.1 Philadelphia 19, 712 19, 768 18,823 17, 685 Philadelphia 19.4 18.2 28.1 Cleveland 13, 908 17,530 20,173 16, 853 Cleveland 17.8 14.1 23.6 Richmond 19, 028 19,035 17, 835 21, 922 Rich]nond 19. 4 15.9 19. 7 Atlanta 12, 498 12,461 12,299 12, 807 Atlarit a 12.7 11.0 30.4 Chicago .. __ - -_ _ 12, 342 16, 850 16,340 17, 073 ChiefigO- . 16.2 13.5 18.1 St. Louis 8,075 6,852 7,216 7,565 St. Louis 7.8 7.4 18.1 Minneapolis 4,193 3, 959 4,317 4,485 Minrleapolis 4.2 3.9 3.8 Kansas Citv 10, 832 11,105 11,833 11,040 Kansas Citv 11.6 9.5 14.2 Dallas 9,428 9, 694 10, 279 10, 509 Dallas 10.0 8.5 10.2 San Francisco 23, 013 29, 039 21, 749 30, 716 San Francisco . 24.6 12.6 10.6 Total 172, 826 184, 755 185, 388 197, 678 Total 187.8 162.8 251.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN JULY, 1931 NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS [Averages of daily figures. In millions of dollars] Total (all member banks) Larger centers (places over15,000)! Smaller centers (places under 15,000)1 Federal reserve district Net demand Time Net demand Time Net demand Time May April May April May April May April May April May April Boston . 1,281 1,300 1,014 1,012 1,184 1,202 853 848 97 99 161 164 New York _ _ 7,401 7,342 3,204 3,184 7,125 7,067 2,616 2,593 276 275 588 590 Philadelphia 1.206 1, 256 1,220 1,211 1,023 1,068 761 750 183 188 459 462 Cleveland . __ __ 1,526 1,563 1,671 1,677 1,348 1,381 1,349 1,351 178 182 322 326 Richmond 508 507 555 554 400 396 355 350 108 111 201 203 Atlanta __ 505 511 391 394 418 417 310 309 87 94 81 85 Chicago 2,415 2,397 2,187 2,188 2,180 2,162 1,828 1,828 235 236 359 361 St. Louis ______ 625 615 493 493 500 494 371 372 125 121 122 121 Minneapolis 389 403 458 459 248 260 216 215 141 143 242 244 Kansas City 743 751 386 387 508 508 245 246 236 243 141 141 Dallas 563 567 234 234 379 377 194 195 185 190 39 39 San Francisco 1,257 1,279 1,937 1,895 1,109 1,129 1,798 1,754 148 150 139 141 Total 18,419 18,491 13, 749 13, 688 16, 422 16, 459 10, 896 10,812 1,998 2,032 2,853 2,875 11930 census; for figures through January on 1922 basis see BULLETIN for March, 1931 (p. 140). NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY [Amounts due from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars] Federal Reserve District Call date Total New Phila- Cleve- Rich- . St. Minne- Kansas San Boston York* delphia land mond Atlanta; Chicago Louis apolis City Dallas Francisco 1928—Oct 3... 452, 478 32,943 63,933 37,688 47, 465 23,150 25, 055 79, 862 19,136 17, 593 28, 737 25,923 50,993 Dec. 31. 509,786 48, 227 70,991 43,812 55, 529 23, 268 29,119 83,164 20,734 18, 686 29, 582 26, 887 59, 787 1929—Mar. 27. 391,495 36,147 56,145 31, 320 39,303 15, 598 26,885 62,120 17, 402 14,855 25,124 22,102 44, 494 June 29. 438,933 36, 654 56, 784 39, 676 39,098 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, 538 41, 553 41,210 23,111 28,182 62,965 18,303 16,154 27, 972 27, 781 77,076 1930—Mar. 27. 462,976 60, 281 35, 251 47, 833 19, 656 30, 831 82, 790 22,385 14,180 35, 341 28,191 52, 353 June 30. 552,394 40,854 81,924 37,854 65, 419 21, 293 33, 838 96,321 26, 486 17, 596 42, 345 31, 339 57,125 Sept. 24. 585,847 45,131 49, 361 61, 230 23,976 28, 453 106,160 26, 663 23, 587 52, 047 31,072 59,787 Dec. 31. 641, 271 77, 082 92,706 45, 703 62, 796 27, 064 34, 777 33,112 23,814 33, 487 25,012 68, 819 Mar. 25. 771,795 67,353 107,124 105, 737 87, 916 33, 244 44, 716 127, 354 43, 834 25, 268 39,007 29, 219 61,023 i 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 [In thousands of dollars. Back figures not available] Federal Reserve District Total- Call date all m b e a m nk b s er Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m R o ic n h d - Atlanta Chicago L °j£ s n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - 1928—Oct 3... 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 30,825 24, 230 32,551 81,513 33,481 8,384 27, 630 11, 296 9,790 Sept 24. 465, 793 26, 572 172, 685 26, 711 28,478 23,541 33,307 68,425 38,522 7,249 21,936 10,909 7,458 Dec. 31. 630,545 26, 674 288,276 55,849 42,802 24, 438 27,478 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

413 JULY, 1931 FEDEKAL RESERVE BULLETIN ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS, AND INVESTMENTS [Exclusive of loans to banks. In millions of dollars] Federal Reserve District Call date Total Boston Y N o e r w k P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M e l a i i s p n o - - Ka C n it s y as Dallas F c S r i a a s n c n o - LOANS TO CUSTOMERS AH member banks: 1929—Oct. 4 23,249 1,751 7,132 ,774 2,255 920 810 i 3,640 926 541 748 673 2,078 Dec. 31 23,193 1,703 7,231 ,750 2,296 920 796 3,555 883 515 735 651 2,161 1930—Mar. 27 21, 494 1,615 6,503 ,697 2,209 850 747 3,265 830 483 684 612 2,000 June 30 21,565 1,616 6,512 715 2,216 836 724 3,351 810 475 681 615 2,015 Sept. 24 21,010 1,555 6,392 ,672 2,153 824 703 3,206 796 476 659 616 1,957 Dec. 31 21,007 1,534 6,428 I, 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 5,269 786 1,265 330 428 2,533 557 230 430 332 Dec. 31 14, 712 756 5,371 766 1,353 336 423 2,454 525 206 422 331 1930—Mar. 27 13, 288 695 4,727 742 1,273 301 388 2,208 483 185 372 291 ,622 June 30_ 13, 337 694 4,708 757 1,283 299 370 2,306 463 176 366 288 i,629 Sept. 24 13,003 647 4,644 727 1,246 294 356 2,207 456 188 355 296 _,588 Dec. 31 _ 13, 244 650 4,694 716 1,290 296 360 2,213 402 ! 178 372 j 297 1,778 1931—Mar. 25 12,416 601 4,353 678 1,265 284 340 2,025 386 j 188 343 1,668 Other banks: 1929—Oct. 4 8,628 976 1,863 990 383 1,107 369 j 312 318 342 391 Dec. 31 8,482 947 1,860 984 943 584 372 1,100 358 ! 309 313 319 393 1930—Mar. 27 8,206 920 1,776 955 936 549 358 1,057 347 ! 298 311 320 378 June 30 8,228 922 1,804 958 934 537 355 1,044 347 i 314 327 386 Sept. 24 8,007 908 1,747 945 907 530 348 1,000 340 j 304 320 370 Dec. 31 7,762 884 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 1,209 354 309 1,383 418 i 409 479 306 1,042 Dec. 31 _ 12,026 833 4,757 872 1,111 340 297 1,248 428 454 1,018 1930—Mar. 27 13,034 934 5,072 921 1,210 354 334 1,477 462 i 407 460 1,114 June 30. 13,555 <)49 5,674 949 1,232 344 302 1,501 445 i 387 443 244 1,085 Sept. 24 13,997 1,001 5,528 1,038 1,348 358 316 1,692 454 479 241 1,151 Dec. 31 13, 222 950 5,307 1,023 1,194 329 284 1,538 417 382 456 238 1,104 1931—Mar. 25 14,342 1,015 5,672 1,170 1,274 351 318 1,742 449 ; 457 260 1,249 Reserve city banks: i 1929—Oct. 4 _ 6,917 315 3,120 695 143 145 778 175 | 100 255 136 767 Dec. 31 7,179 301 3,615 263 649 142 135 681 192 ' 95 241 113 752 1930—Mar. 27 8,062 377 3,849 307 746 152 155 900 229 i 108 246 141 853 June 30 378 4,439 328 773 156 147 942 224 j 101 244 121 837 Sept. 24 9,121 411 4,285 416 898 170 163 1,126 235 j 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 4,483 852 162 172 1,193 243 103 271 151 1,022 Other banks: 1929—Oct. 4 5,107 548 1,203 642 514 211 163 605 243 308 224 170 276 Dec. 31 4,847 532 1,142 609 462 197 162 567 237 294 213 167 266 1930—Mar. 27 4,972 557 1,223 614 464 202 179 578 233 299 214 148 261 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 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

414 FEDERAL RESERVE BULLETIN JULY, 1931 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 Deposi o ts f d (i o n l la th rs o ) usands Federal reserve district ba A n l k l s ti N o M n a- a e l mbe S r t s ate m N b e e o m r n s - - ba A n l k l s ti N o M n a- a e l mbe S r t s ate m N b e e o m r n s - - ba A n l k l s M be e r m s i - m N b e e o m r n s - - ba A n l k l s M be e r m s i - m N b e e o m r n s - - January-June, 1931: Boston 1 1 2,312 2,312 1 1 2,426 2,426 New York 13 1 5 35, 985 7,274 6,056 22, 655 3 2 1 24,423 21, 740 2,683 Philadelphia 25 8 17 23, 280 7,224 16, 056 Cleveland 52 17 3 32 70,096 15, 394 6,302 48,400 1 1 412 412 Richmond 48 10 1 37 15, 962 5,398 219 10,345 34 3 31 10,881 3,892 "6,989 Atlanta 66 12 4 50 30,420 15, 602 1,715 13,103 11 1 10 4,542 879 3,663 Chicago. ... __ 223 26 11 186 212,712 40, 615 46,166 125, 931 24 1 23 17, 029 7,502 9,527 St. Louis 83 10 3 70 18,871 4,835 741 13, 295 84 11 73 27, 796 9,577 18, 219 Minneapolis . 79 14 1 64 21,135 4,409 496 16, 230 12 12 3,983 3,983 Kansas City 52 3 49 10,945 1,497 9,448 2 2 356 356 Dallas 22 10 12 6,839 3,415 3,424 5 3 2 1,814 520 1, 294 San Francisco 20 4 3 13 5,437 793 1,433 3,211 Total _..„ 684 121 27 536 453, 994 106, 456 63,128 284, 410 177 21 156 93,662 44,110 49, 552 June, 1931: Boston New York 4 2 22, 622 1,879 20, 743 I 2 1 18,801 218,801 Philadelphia 5 1 4 2,012 473 1 539 Cleveland 10 1 9 31, 764 323 31,441 Richmond 9 4 5 4,020 3,006 1,014 1 1 233 233 Atlanta 4 1 3 1,848 839 1,009 Chicago 80 13 10 57 139,962 29,800 40,185 69,977 St. Louis 5 1 4 1,594 937 657 2 1 1 352 95 257 Minneapolis 31 3 28 8,880 964 7, 916 i Kansas City 10 10 2,467 2, 467 ! Dallas 5 1 4 1,834 120 1,714 1 1 108 108 San Francisco 3 3 1,010 1,010 Total 166 27 10 129 218,013 38, 341 40,185 139, 487 5 4 1 19,494 19, 237 257 1 Represents national banks only, except as follows: January-June, 1 State member in New York district with deposits of $18,801,000, and 3 State members in St. Louis district with deposits of $6,313,000; June, 1 State member in New York district with deposits of $18,801,000. 2 At the time of suspension this was a nonmember bank. Back figures.—For district figures back to 1921 see Bulletin for February, 1931, also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) [In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation] Federal Reserve District Total— i Call date m b e a a m n ll 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 Ri o c n h d - Atlanta Chicago; St. n M e l a i i p s n o - - I K C an i s ty as; Dallas F c S i r s a a c n n o - -I- 1929—Oct. 4.. 7,979 4S8 2,661 454 617 284 280 1,051 309 304 438 339 754 Dec. 31. 7,614 424 2,640 409 599 267 275 i 942 284 288 417 320 750 1930—Mar. 27. 7,642 455 2,616 396 613 264 276 i 966 292 286 395 322 759 June 30- 7,317 430 2,413 394 608 272 267 270 287 391 302 727 Sept. 24. 7,258 426 2,368 671 264 270 ! 925 I 273 263 383 290 725 Dec. 31. 7,023 386 2,429 576 233 236 I 922 i 245 261 373 262 693 1931—Mar. 25. 7,778 423 2,693 520 | 669 249 260 i 1,050 | 259 273 356 283 743 INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS [In millions of dollars] Total- Federal Reserve District all Date m b n e a m o n n k b - s er 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 Ri o c n h d - 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 49 19 18 Dec. 31. 350 25 21 20 1929—Mar. 27. 354 31 26 15 June 29. 399 43 32 18 Oct.4._ 363 46 33 20 Dec. 31. 359 28 23 11 1930—Mar. 27. 287 29 18 12 June 30. 287 31 35 12 Sept. 24 247 34 33 11 Dec. 31. 269 25 20 1931—Mar. 25 242 23 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

415 JULY, 1931 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES [In millions of dollars; figures for nonmemberbanks are for dates indicated ornearest thereto for whichfigures are available] Loans and investments Deposits, exclusive of Rediscounts and interbank deposits bills payable Total Loans Investments Federal reserve district 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 Mar. Dec. Mar. Mar. Dec. Mai. Mar. Dec. Mar. Mar. Dec. Mar. Mar. Dec. Mar. 27 31 25 27 31 25 27 31 25 27 31 25 27 31 25 ALL BANKS 1 Boston 6,739 6, 758 6-, 760 4,457 4,319 4,248 2,332 2,440 2,512 6,205 6,312 6, 274 50 37 31 New York 18, 929 19,288 19,218 13, 657 13,174 12, 788 5,273 6,115 6,430 17,367 17,894 17,008 99 103 77 Philadelphia 4,353 4,321 4,385 2,806 2,633 2,544 1,547 1,688 1,841 3, 705 3,755 3, 798 HO 97 74 Cleveland .._ 4,847 4,712 4,688 3,356 3,142 3,035 1,492 1,570 1,653 4,399 4,299 4,190 69 88 57 Richmond 2,385 2,242 2,232 1,765 1,581 1,541 620 661 691 2,207 2,120 2,102 50 56 42 Atlanta 1,604 1,394 1,366 1,239 1,045 981 364 349 384 1,524 1,347 1,323 44 46 34 Chicago 7,619 7,374 7,244 5, 799 5,370 5,105 1,820 2,005 2,139 7,158 7,131 6,808 88 73 76 St. Louis 2,060 1, 753 1,740 1,512 1,247 1,190 548 506 550 1,913 1,678 1,677 51 44 38 Minneapolis _ 1, 492 1,396 1,387 917 837 823 575 559 £63 1,485 1,429 1,407 9 12 10 Kansas City 1, 766 1,662 1, 592 1,234 1,114 1,040 532 548 553 1,841 1,736 1,664 23 30 19 Dallas.. 1,149 1,037 1,035 882 766 739 267 271 296 1,129 1,055 1,042 13 10 14 San Francisco 4,394 4,270 4,278 3,062 2, 907 2,780 1,332 1,362 1,498 4,253 4,281 4,133 26 28 51 Total 57,386 56,209 55, 924 40,686 38,135 36, 813 16, 700 18,074 19,111 53,185 53,039 51,427 633 624 524 MEMBER BANKS Boston 2,571 2, 511 2, 501 1,869 1,750 1,684 702 761 817 2, 293 2,317 2,280 31 19 16 New York 11,783 12,023 11,880 8,541 8,300 7, 919 3,241 3,724 3,961 10,731 11,035 10,056 83 88 61 Philadelphia 2,671 2,733 2,813 1,834 1,767 1,704 837 966 1,109 2,227 2,339 2,413 49 41 27 Cleveland 3,454 3,419 3,434 2,374 2, 262 2,194 1,080 1,156 1,240 3,140 3,114 3,037 36 51 24 Richmond 1,223 1,154 1,145 929 842 812 295 312 333 1,106 1,074 1,061 21 32 18 Atlanta. _. __ ._ 1,107 989 975 845 726 676 263 264 299 1,026 944 927 27 26 18 Chicago 4,837 4,809 4,784 3, 646 3,406 3,257 1, 191 1,403 1, 527 4,470 4,558 4,386 44 31 38 St. Louis _ 1,315 1,154 1,148 929 787 742 386 366 406 1,179 1,072 1,076 19 21 14 Minneapolis 896 851 854 548 495 492 348 357 362 865 863 851 3 5 4 Kansas City .. 1,165 1,147 1,104 769 717 672 396 430 432 1,156 1,158 1,109 13 16 9 Dallas. 907 822 826 688 601 579 219 221 247 879 820 818 8 6 9 San Francisco 3,127 3,246 3,266 2,147 2,218 2,108 980 1,028 1,157 3,011 3,265 3,140 14 19 42 Total 35,056 34,860 34,729 25,119 23,870 22,840 9, 937 10, 989 11, 889 32,082 32, 560 31,153 347 355 281 NONMEMBER BANKS Boston ... _ 4,218 4,248 4,259 2,588 2, 569 2,564 1,630 1, 679 1,696 3,912 3, 995 3, 995 19 17 15 New York 7,147 7,265 7,338 5,115 4,874 4, 869 2,032 2,391 2,469 6,635 6,859 (/, 952 16 15 16 Philadelphia 1,682 1,588 1,572 972 866 840 711 722 732 1,478 1,416 1,385 61 56 47 Cleveland 1,393 1,293 1,254 982 880 840 411 414 413 1,260 1,185 1,153 34 37 33 Richmond. 1,162 1,088 1,087 837 739 729 325 349 358 1,101 1,046 1,041 29 25 23 Atlanta 496 405 391 395 319 305 102 86 86 498 403 395 18 20 15 Chicago 2,783 2 565 2, 4G0 2,154 1, 964 1,848 629 601 612 2, 688 2,574 2,422 44 42 38 St. Louis 744 '599 592 583 459 448 162 140 144 734 606 601 32 23 24 Minneapolis ... 596 545 533 368 342 331 227 203 202 621 565 557 6 7 Kansas City 001 515 488 465 397 367 135 117 121 686 578 555 10 13 10 Dallas.... _.. 241 214 209 194 165 161 47 49 48 250 235 224 5 4 5 San Francisco 1,268 1,024 1,012 9]5 690 671 352 334 341 1,242 1,017 993 12 9 9 Totil 22, 331 21, 349 21,195 15, 568 14,264 13, 974 6, 763 7,085 7,222 21,103 20, 479 20, 274 287 269 242 ^Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. Back figures—See BUILETIN for July, 1930, and January, 1931; also Tables 42, 43, and 87-90, Annual Report of the Federal Reserve Board for 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN JULY, 1931 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P a p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o e r w k c C a h g i o - Loans and investments: June 3 22, 536 1,444 9,009 1,349 2,241 623 552 3, 263 648 ••367 635 424 1,981 7,804 1 935 June 10 22, 452 1,447 8,964 1,350 2,239 626 550 3,227 648 365 635 422 1,979 7,756 1,911 June 17 22, 425 1,461 8,807 1,380 2,258 641 570 3,237 648 368 638 431 1,986 7,594 1 909 June 24 22, 343 1,446 8,835 1,362 2,252 642 564 3,183 642 369 640 435 1,973 7,621 1,857 Loans: June 3-_ . 14, 730 984 5,896 819 1,388 419 384 2,290 421 230 368 301 1,230 5,107 1,328 June 10 14, 641 986 5,850 820 1,389 420 382 2,252 420 229 368 298 1,227 5,060 1 301 June 17 . 14, 582 980 5, 793 825 1,385 420 381 2, 256 421 232 369 297 1,223 5,006 1 303 June 24-._ _ . . _ 14, 540 971 5,814 815 1,381 417 379 2,232 414 231 368 299 1,219 5,028 1,279 On securities- June 3 6,867 389 3,281 420 646 160 117 1,096 170 58 101 92 337 2,920 759 June 10-_ 6,791 381 3,237 419 647 161 116 1,073 172 58 101 92 334 2,876 736 June 17 6,720 380 3,154 422 649 161 117 1,080 172 59 102 91 333 2,797 743 June 24 . . 6,703 380 3,147 423 648 161 115 1,071 169 59 102 94 334 2,791 736 All other- June 3 7,863 595 2,615 399 742 259 267 1,194 251 172 267 209 893 2,187 569 June 10 _ 7, 850 605 2,613 401 742 259 266 1,179 248 171 267 206 893 2,184 565 June 17 7, 862 600 2,639 403 736 259 264 1,176 249 173 267 206 890 2,209 560 June 24-._ 7,837 591 2,667 392 733 256 264 1,161 245 172 266 205 885 2,237 543 Investments: June 3 -. r7, 806 460 3,113 530 853 204 168 973 227 '137 267 123 751 2,697 607 June 10 7,811 461 3,114 530 850 206 168 975 228 136 267 124 752 2,696 610 June 17. _ 7.843 481 3,014 555 873 221 189 981 227 136 269 134 763 2,588 606 U. S Ju . n G e o 2 v 4 ernment securi- 7,803 475 3,021 547 871 225 185 951 228 138 272 136 754 2,593 578 ties- June 3 _ 3,989 203 1,681 211 466 87 81 552 69 66 114 68 391 1,525 352 June 10.-- -. 4,019 201 1,711 211 462 88 80 552 74 66 114 69 391 1, 553 353 June 17 4,091 218 1.656 233 487 1C3 99 559 75 65 118 77 401 1,491 351 June 24 4,094 212 1,687 226 486 104 95 546 78 66 122 79 393 1,521 338 All other- June 3 '3,817 257 1,432 319 387 117 87 421 158 '71 153 55 360 1,172 255 June 10 3,792 260 1,403 319 388 118 88 423 154 70 153 55 361 1,143 257 June 17 3,752 263 1,358 322 386 118 90 422 152 71 151 57 362 1,097 255 June 24_ _ 3,709 263 1,334 321 385 121 90 405 150 72 150 57 361 1,072 240 Reserves with Federal reserve banks: June 3 1,790 97 856 91 143 41 38 261 49 27 51 30 106 792 178 June 10 _ 1,821 97 865 90 146 40 40 273 49 27 52 33 109 805 188 June 17 1,816 94 908 89 133 38 38 '255 45 27 53 31 105 847 172 June 24 » 1,879 94 980 89 138 38 35 245 46 24 53 31 ]06 917 109 Cash in vault: June 3 215 14 56 14 26 16 8 34 7 5 10 7 18 44 14 June 10 238 14 57 15 26 15 9 54 5 11 7 18 45 33 June 17 _ _ _ 232 14 53 14 30 15 8 52 6 5 11 6 18 42 28 June 24 232 14 55 14 29 15 9 46 7 5 13 7 18 43 20 Net demand deposits: June 3_ 13, 605 861 6,365 799 1,119 341 306 1, 776 379 218 444 268 729 5, 775 1,193 June 10 _ 13, 552 863 6,309 800 1,123 339 306 1,761 392 214 442 269 734 5,729 1,175 June 17 13, 255 853 6,067 804 1,106 334 302 1,748 376 217 446 269 733 5,495 1 156 June 24 13, 286 839 6,179 785 1,095 328 296 1,742 376 215 447 264 720 5,611 1 164 Time deposits: June 3 -. __ 7,347 516 1,744 390 1,013 261 228 1,371 244 154 204 147 1,075 1,215 664 June 10 7,325 519 1,749 390 1,010 263 227 1,348 241 154 206 147 1,071 1,217 635 June 17 7,191 516 1, 713 387 1,009 262 226 1,281 237 153 204 146 1,057 1,175 577 June 24 7,169 517 1,726 391 1,011 263 226 1,241 235 152 204 148 1,055 1,192 539 Government deposits: June 3 9 1 2 1 1 1 1 1 1 2 I June 10 9 1 2 1 1 1 1 1 1 0 I June 17 310 19 115 29 29 18 21 35 6 1 4 12 21 108 26 June 24 309 19 114 29 29 18 21 35 6 1 4 12 21 108 25 Due from banks: June 3 1,718 106 177 141 140 97 90 288 81 99 181 115 203 100 172 June 10 . 1,793 114 194 155 155 102 88 296 84 104 177 114 210 122 150 June 17 1,555 93 170 120 124 89 77 236 86 95 165 114 186 107 117 June 24 _ . 1,523 94 174 119 123 83 77 242 78 90 156 105 182 107 136 Due to banks: June 3. 3,705 156 1,287 278 396 132 119 497 134 97 228 116 265 1,189 336 June 10 3,698 156 1,300 285 402 125 118 493 127 100 218 111 263 1,203 332 June 17 3,392 139 1,171 245 363 113 110 484 120 92 204 107 244 1 079 337 June 24 3,339 136 1,195 237 355 102 100 473 112 89 206 101 233 1,107 331 Borrowings from Federal reserve banks: June 3 r46 1 7 2 4 6 3 1 2 1 17 1 June 10 59 2 8 4 6 5 2 6 2 1 23 5 June 17 57 2 11 3 9 4 2 7 1 2 1 15 5 June 24 63 2 11 1 6 8 2 6 2 1 24 2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 417 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 Boston Y N o e r w k Ph p il h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - In effect May 1,1930. 4 4 4 4 4 4 4 4 4 4 4 May 2 3 May 8 3H June 7 - - June 20 June 21 .- . J J u u l l y v 1 3 2 3 V/2 1 3H J \ u u l g y 1 7 8 V/2 3H 1 Aug. 8 .- - Aug 15 Sept. 9 -- . • 3M Sept 12 V/2 Dec. 24 .- 2 Dec 29 3 ! Jan. 2,1931 ..-! 2Y2 Jan. 8 • 3 Jan. 9 3 Jan.10 3 3 May 7 2 3 1 May 8 lYz 3 May 9 2H 2M May 15 3 May 21 3 May 22 . .. L 2y2 In effect July 1,1931, 2 1H 3 2M 3 3 2M 2H 3H 3 3 2y2 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Federal reserve Prime commercial paper Loans e x se c c h u a r n e g d e b c y o l p la ri t m er e a l stock Loans secu r r e e c d e i b p y ts warehouse Interbank loans bank or branch city April May Boston _ . 3J/-4 New York 3J/-4 Buffalo . 5 -6 Philadelphia Cleveland Cincinnati 5 -6 Pittsburgh 5 -6 Richmond 4 -5 Baltimore __ 5 -5 Charlotte 5 -6 Atlanta 2*3 Birmingham Jacksonville Nashville 5 -8 New Orleans 5 -6 Chicago 3/^~4 Detroit 4/^~5 St. Louis 3 -5 Little Rock 6 Louisville 6 Minneapolis 3H1 Helena. Kansas City Denver Oklahoma City Omaha 5 Dallas El Paso 7 -8 Houston San Antonio 6 San Francisco 4^-5 Los Angeles 5H-6 Portland 5 -7 Salt Lake City 6 Seattle 6 Spokane 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

418 FEDERAL RESERVE BULLETIN JULY, 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 Number Federal reserve district of cities May April Mav May April A ray Boston 5,051 4,485 5,677 Boston 30,475 27,319 34,247 New York 42, 547 i 66,334 48, 712 New York 83,035 107, 248 122,954 Philadelphia.. 4,854 9,463 7,473 Philadelphia 18,857 21,337 23,254 Cleveland 12, 322 i 6,885 13, 226 Cleveland 36,406 36,888 51, 214 Richmond 9,602 9,274 8,492 Richmond 20,972 21,937 29,943 Atlanta 2,271 5,059 4,158 Atlanta 12,877 14,445 37,923 Chicago 7,688 12, 748 25,684 Chicago 41, 708 46,030 79,187 St. Louis 2,130 5,887 5,917 St. Louis 18, 327 17, 081 32,876 Minneapolis.. 3,997 3,497 3,832 Minneapolis 10,951 14,421 12,405 Kansas City.. 4,400 4,554 Kansas City 13,954 13,105 17, 216 Dallas. 3,036 3,933 5,127 Dallas 18, 517 17,114 16,196 San Francisco. 11, 256 11,130 19,866 Total (11 districts) 306,079 336,925 457, 416 Total... 168 109,153 143, 249 156,433 i Revised. COMMERCIAL FAILURES BANK DEBITS [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] [Debits to individual accounts. In millions of dollars] Number Liabilities 1931 1930 Number of centers Federal reserve district 1931 1930 1931 1930 May April May May April May May April May New York City. 1 25,072 26, 821 37,423 Outside New York City 140 18,858 19,620 24, 388 Boston 237 197 254 5,015 4,720 9,078 Federal reserve district: New York 524 473 475 11,854 12,190 14,195 Boston 11 1,959 2,173 2,602 Philadelphia.. 108 176 113 1,254 3,897 1,498 New York . 7 25,803 27,605 38,539 Cleveland 191 166 189 5,934 4,648 3,023 Philadelphia _ 10 1,853 1,982 ,2,272 Richmond 149 156 124 2,297 3,873 3,068 Cleveland.. . 13 2,018 2,222 [2,739 Atlanta 138 121 58 371 2,118 2,338 Richmond 7 641 654 771 Chicago 275 339 362 9,969 7,243 Atlanta 15 842 858 1,026 St. Louis 104 153 133 3,149 2,917 4,959 Chicago 21 5,013 5,071 6,513 Minneapolis.. 71 99 51 1,256 1,966 514 St. Louis 5 951 920 1,203 Kansas City.. 113 120 107 4, 561 1,284 2,263 Minneapolis 9 629 574 716 Dallas 70 85 51 3,909 1,651 982 Kansas City 15 1,000 1,039 1,320 San Francisco. 268 298 262 3,802 4,362 5,234 Dallas . 10 507 522 643 San Francisco 18 2,714 2,819 3,468 Total... 2,248 2,383 2,179 53,371 50,868 55, 541 Total 141 43,930 46,440 61,811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

419 JULY, 1931 FEDERAL RESERVE BULLETIN DETAILED FEDERAL RESERVE, STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1931 1930 June 30 May 31 June 30 RESOURCES Gold with Federal reserve agents 1,917,864 ' 1,785,864 1, 596, 214 Gold redemption fund with United States Treasury _. 30,166 ! 32,613 36, 677 Gold held exclusively against Federal reserve notes.. 1,948,030 I 1,818,477 1, 632, 891 Gold settlement fund with Federal Reserve Board... 470,161 , 593,053 603.134 Gold and gold certificates held by banks 990,493 i 838,012 770*147 Total gold reserves... 3,408,684 ! 3,249,542 3,012,172 Reserves other than gold 167,065 . 163,932 161, 998 Total reserves _ __ 3,575,749 , 3, 413, 474 3,174,170 Nonreserve cash 65,421 ! 58,753 57,122 Bills discounted 1 149.161 i 173,861 271, 828 Bills bought: Outright2- 99, 033 120, 560 103. 883 Under resale agreement. 6,469 4,893 23,955 Total bills bought.. 105, 502 125,453 127, 838 United States securities: Bought outright 667,935 581, 404 Under resale agreement. 9, 505 Total United States securities. 667,935 598,336 590, 909 Other reserve bank credit: Other securities 1,687 5,301 Due from foreign banks. 1,425 699 706 Reserve bank float3 10, 011 17,366 20,996 Total reserve bank credit outstanding.. 943, 022 917,402 1, 017, 578 Federal reserve notes of other reserve banks.. 13,601 12,670 19, 982 Uncollected items not included in float 471, 223 450, 447 509,453 Bank premises _ 58, 784 58,580 59, 552 All other resources _ 25, 866 20,722 11,758 Total resources- 5,153, 666 4,932,048 4, 849, 615 Federal reserve notes: LIABILITIES Held by other Federal reserve banks. 13, 601 12,670 19, 982 Outside Federal reserve banks 1,709,833 1,567,806 1,403, 790 Total notes in circulation.. 1,723,434 1,580,476 1,423, 772 Deposits: Member bank—reserve account. 2, 380, 518 2,389,288 2, 389, 070 Government 46, 573 21,703 26, 523 Foreign bank 33,912 7,760 5, 879 Other deposits 42, 652 22,764 33, 753 Total deposits- 2, 503, 655 2,441,515 2, 455, 225 Deferred availability items. Capital paid in Surplus All other liabilities Total liabilities Contingent liability on bills purchased for foreign correspondents FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents Held by Federal reserve banks * _ _ In actual circulation Collateral held by agents as security for notes issued to banks: Gold Eligible paper ... Total collateral _ _" i 2,149,115 1 Includes bills discounted for Federal intermediate credit banks as follows: Latest month, $370,000; month ago, none; year ago, $656,000, and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $120,000; month ago, $93,000; year ago, 2 Includes bills payable in foreign currencies as follows: Latest month, $10,551,000; month ago, $1,073,000; year ago, $1,064,000. a Uncollected items in excess of deferred avMlability items. * Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN JULY, 1931 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE STATEMENT, JUNE 30, 1931 [In thousands of dollars] Total Boston Y N o e r w k d P el h p il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is Mi i n o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - RESOURCES Gold with Federal reserve agents 1, 917, 864 149,917 386, 919 160, 000 202, 550 62, 570 117,100 426, 900 70,230 46, 565 58,000 21, 350 215, 763 Gold redemption fund with U. S. Treasury 30,160 1,097 12,960 918 2,403 1,233 1,172 3,936 1,494 658 1,326 1,054 1,915 Gold held exclusively , against Federal reserve notes 1, 948,030 151,014 399, 879 160,918 204,953 63, 803 118,272 430, 836 71, 724 47, 223 59, 326 22, 404 217, 678 Gold settlement fund with Federal Reserve Board 470,161 27, 824 71, 934 73, 421 51, 717 17,486 10, 064 81, 281 20, 030 18, 571 23,161 15, 588 59, 084 Gold and gold certificates held by banks 990, 493 34, 638 685, 829 27, 979 65, 632 5,448 8,968 91, 378 10, 519 4, 10, 514 3,423 41, 485 Total gold reserves. 3, 408, 684 213, 476 1,157, 642 262, 318 322,302 86, 737 137, 304 603, 495 102, 273 70, 474 93, 001 41,415 318, 247 Reserves other than gold- 167, 0651 11, 705 57,159 6,673 15, 272 10, 71" 8,323 20,422 8,668 4,015 8,100 8,229 7,782 Total reserves. 3, 575, 749 225,181 1, 214, 801 268, 991 337, 574 97, 454 145, 62' 623, 91' 110,941 74, 489 101,101 49, 644 326, 029 Nonreserve cash 65, 421 7,790 17, 050 3,602 3, 365 4,154 5, 20' 8, •'»!." 4,6 1,566 1,846 3,063 4,555 Bills discounted: Secured by U. S. Government obligations 47, 392 5,594 20, 075 5,462 6,244 1,313 3,096 2,652 385 845 481 858 Other bills discounted 101, 769 5,732 12,169 10, 876 10, 350 14,131 10,896 6,176 4,63: 3,693 8,078 9,199 5,832 Total bills discounted- _. 149,161 11, 326 32, 24- 16, 338 16, 594 15, 444 11,283 9,272 7,289 4,078 8,923 9, 680 6, 690 Bills bought. — - 105, 502 9,596 35,176 442 8,680 3,477 9,509 8,405 5,644 3,73' 5,965 3,818 11, 056 U. S. Government securities: Bonds 192, 421 9,541 52,148 11, 045 10, 544 5,382 2,853 34, 357 5,090 11, 384 6,599 13,891 29, 587 Treasury notes 60, 741 2,856 9, 591 5,761 13,156 1,218 4,332 3, 4, 666 1,153 2,11 1,220 10, 784 Certificates and bills 414, 773 37,392 110,152 34,164 43,844 23, 383 13, 583 51, 027 18, 299 15, 087 28, 302 15, 919 23, 621 Total U.S. Government securities 667, 935 49, 789 171,891 50, 970 67, 544 29, 983 20, 768 89, 271 28, 055 27, 62< 37, 018 31, 030 63, 992 Other securities 485 4,310 750 635 245 230 835 225 288 255 180 550 Total bills and securities. 931, 586 71,196 243, 621 68, 500 93, 453 49,149 41, 790 107, 783 41, 213 35, 72' 52,161 44, 708 82, 288 Due from foreign banks 1,425 52 95^ 69 71 28 25 94 24 16 20 21 48 Federal reserve notes of other banks — 13, 601 271 4,509 133 619 1,783 l,03< 1,463 719 623 798 234 1,415 Uncollected items 481, 234 59, 747 145, 276 39, 859 43, 512 35, 681 13,168 54,176 20, 018 8,556 23, 896 14, 09: 23, 248 Bank premises 58, 784 3,458 15, 240 2,614 7, "" 3,538 2,572 8,061 3,635 1,926 3,804 1,831 4, 621 All other resources 25,866 668 9,782 1,04" 1,853 1,351 3,317 2,263 1,145 60' 888 2,090 Total resources. 5,153, 666 368, 363 1, 651, 23i 384, 815 487,931 193,138 212, 740 806, 372 182, 303 123, 755 184, 233 114,486 444, 294 Federal reserve notes in actual circulation 1, 723, 434 134, 586 305, 03£ 145, 603 201, 371 71, 802 119,735 359,222 72, 524 49,45' 61, 938 27, 380 174, 778 Deposits: Member bank—reserve account 2, 380, 518 136, 477 1, 006, 49; 145, 529 188, 806 60, 966 57, 895 322, 06C 68,44' 53, 325 84, 231 55, 912 200, 373 Government 46, 573 2,782 8,270 5,574 3,972 6,125 2,919 6,080 2,352 1,475 1,985 1,477 3,562 Foreign bank 33, 91: 2, 426 12, 208 3,202 3,267 1,294 1,164 4,367 1,132 744 938 970 2,200 Other deposits 42, 65! 36 29, 058 510 2,303 11' 98 1,065 220 16! 169 65 8,852 Total deposits 2, 503, 651 141, 721 1, 056, 02t 154, 815 198, 346 68, 499 62, 07( 333, 578 72,15 55, 704 87,323 58,424 214,987 Deferred availability items... 471, 221 58, 782 140, 946 40, 438 42, 70S 34, 314 12, 841 51, 997 21, 005 7,70^ 21, 662 14, 750 24, 079 Capital paid in 168,188 11, 837 65, 453 16, 775 15, 68£ 5,692 5,19, 19, 84! 4,81 2,99' 4, 223 4,242 11,419 Surplus 274, 636 21, 299 80,57 27, 065 28, 12,11 10, 85- 39, 93< 10, 562 7,14' 8,702 8,936 18, 475 All other liabilities 12, 53C 138 3,195 119 849 717 2,037 1,79 1,243 74 385 754 556 Total liabilities 5,153, 66C 368, 363 1, 651, 236 384,81 487, 931 193,138 212, 740 806, 37 182, 303 123, 75, 184, 231 114,486 444, 294 Heserve ratio (per cent). 84. 81.5 9.3 89. 84.5 80.1 90. 70. 67.7 57.9 83. € FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F.R.agent 2,101, 57< 158,641 427, 336 170, 45; 224, 601 80, 082 137, 429 437, 435 81, 958 53, 84' 68, 65£ 34,004 227,130 Held by Federal reserve bank _ 378,14J 24, 055 122, 298 24, 854 23, 230 17, 694 78,21 9,434 4,39C 6,72: 6,624 52,352 In actual circulation 1, 723, 43 134, 586 305, 038 145, 60.*: 201, 371 71, 802 119, 735 359, 222 72, 524 49, 45 61, 93S 27, 38C 174, 778 Collateral held by agent as security for notes issued to bank: Gold 1, 917,86- 149, 91 386, 919 160, 00C 202, 550 62, 571 117,100 4ty, 90C 70, 230 46, 565 58,00C 21,351 215, 763 Eligible paper 231, 25 20, 862 50,481 14, 224 24, 803 20, 579 16, 60t 12, 405 7,577 14, 483 13,16. 17,372 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDEKAL RESERVE BULLETIN 421 BANK LOANS AND INVESTMENTS, PERCENT- MEMBERSHIP IN PAR-COLLECTION SYSTEM AGE DISTRIBUTION [Number of banks at end of May] [Figures for March 25, 1931—latest date for which comprehensive data are available] Nonmember banks Total loans and Member Number investments Fede d r i a s l t r r i e c s t erve banks On par list Not on par list of banks Amount Percent- (millions age disof dollars)tribution 1931 1930 1931 1930 1931 1930 All banks in the United States * 22,372 55,924 100 United States. 7,842 8,359 10,471 11, 635 3,452 3,640 Member banks—total 7,928 34, 729 62 Re C O se e t N C N C O h r n v h h e e e t t h e r w i i r w c c a e r a a c l r e Y Y g g i r s t o o e y o o e F s r r r e b v k k e r e a d v C C n e e c r k i i i a t t s c t y y l y i _ t ( y 6 b - r 2 _ a e b n s c a e i k n t r s i v k e : e s s ) : bank _ 1 | i 45 3 4 1 1 9 4 8 4 2 2 8 2 1 , , , 4 4 8 1 5 7 3 5 3 9 8 3 4 1 3 0 5 A N B R P C S C t h o i l h e t . e c l i w s i a l v h L c t a n o e m a o d Y n t l g u a a e o o o i n l n s r p . d d k hi _ a . ._ . 1,0 9 4 3 5 3 7 7 4 0 6 0 4 7 8 2 0 3 5 9 2 6 2 7 1,1 9 4 4 4 5 7 7 4 1 2 0 9 5 5 9 5 5 2 7 4 4 3 4 3 1, . 3 0 3 4 9 5 2 1 6 3 3 9 6 5 0 0 5 7 4 0 7 7 0 2 3 1 , , 5 4 4 2 9 5 2 3 8 6 0 2 7 7 6 5 4 8 2 0 8 2 1 4 4 4 8 2 3 3 4 4 3 7 8 5 4 5 8 2 8 0 9 3 9 1 0 4 9 F O e t c ( d h 2 i e t e 5 i r r e a c s r l i e t ( i s 1 e r e s 0 e r ) s v c e e i r t v i c e e i s t ) ie b s r a (2 n 5 c h c it c ie it s i ) e . s . . : I ] j 1 1 0 4 6 8 4 5 1 , , , 6 3 9 6 0 2 1 8 9 M D K Sa a a i n l n n l n s a F a s e r s a a p n C o c i l i t i s y s co. 6 8 6 56 5 5 2 2 6 8 2 7 6 8 59 6 2 9 6 6 1 2 1,8 4 5 5 2 9 5 3 5 7 9 8 2,0 6 5 5 3 2 4 9 1 9 4 2 9 2 2 9 0 6 1 1 9 7 5 1,0 2 1 5 1 6 8 9 0 3 5 97 "Country" banks2 7,469 12, 290 Figures cover all incorporated banks (other than mutual savings Nonmember banks. 14,444 21,195 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. 2 Includes certain outlying banks in reserve cities. 1923-1930 FEDERAL RESERVE BANKS—MATURITY DIS- In millions of dollars. Back figures not available on comparable basis] TRIBUTION OF BILLS AND SHORT-TERM SECURITIES Bills Bills [In thousands of dollars] Date p a a n y d a b re le - 1 Date p a a n y d a r b e l - e 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 to s 6 d 1 a 9 y 0 t s o 9 m 1 t o o d n a 6 t v h s s m O o v n er t h 6 s discounts i discounts 1923—Dec. 31 415 ! 1927—Dec. 31 230 1924—Mar. 31.... 350 1928—Feb. 28 208 Bills discounted: June 30 344 i June 30 361 June 3 172,826 107,645 14,893 21,324 12,185 16,130 649 Oct. 10 337 | Oct. 3 347 June 10 184, 755 116,071 16,426 21,433 13,330 17,021 474 Dec. 31 339 Dec. 31 350 J J u u n n e e 2 1 4 7 1 1 8 97 5 , , 6 3 7 8 8 81 1 1 2 6 6 , , 0 3 1 3 7 2 1 14 5 , , 4 1 7 0 0 1 2 2 0 2 , , 9 2 3 0 8 8 1 1 4 5 , , 7 9 6 0 7 7 1 1 8 8 , , 1 3 6 1 4 8 4 44 0 3 1 1925— J A u p n r e . 3 6 0 3 3 2 6 6 1 ; 1929— J M un a e r . 2 2 9 7 3 3 5 9 4 9 Bills bought in Sept. 28 352 Oct. 4 363 open market: Dec. 31 372 i Dec. 31 359 June 3. 134,155 62,110 33, 242 34,418 4,008 377 1926—Apr. 12 350 1930—Mar. 27 287 June 10 127, 217 52, 076 39, 003 30,927 5,034 177 June 30 398 June 30 287 June 17 106,814 49,808 32,025 20,665 4,200 116 Dec. 31 324 ! Sept. 24. 247 June 24 106, 390 57, 073 27, 832 17, 280 4,088 117 1927—Mar. 23 259 Dec. 31 269 Certificates and June 30 275 ; 1931—Mar. 25_— 242 bills: Oct. 10 276 June 3.. 472,405 22,352 39, 300 35, 500 59, 050 120, 682 195, 521 June 10 469, 679 19, 617 39,300 51, 350 50,125 108,272 201, 015 June 17 429, 562 9,300 20, 500 31, 850155, 297 128, 273 84, 342 1 Includes all banks (including mutual savings banks) in the conti- June 24 427, 781 15, 500 57, 550131,615 128, 273 94,843 nental United States that are not members of the Federal-reserve system Municipal war- (14,444 banks on Mar. 25, 1931, with total loans and investments of rants: $21,195,000,000). June 3 37 37 June 10 37 37 RESERVE BANK CREDIT AND FACTORS IN J J u u n n e e 2 1 4 7 .. 4 6 8 3 4 6 8 3 CHANGES (WEDNESDAY SERIES) [In millions of dollars] KINDS OF MONEY IN CIRCULATION I 1931 [End of month figures. In thousands of dollars] May June June June 1931 27 3 10 17 Kind of money Mar. 31 Apr. 30 May 29 June 30 » Bills discounted j 149 153 173 185 185 198 Bills bought : 131 125 134 127 107 106 Gold coin 353, 647 352, 055 352, 525 361,213 United States securities ! 599 598 598 599 599 619 Gold certificates 1,047,327 1, 034, 633 1, 020,452 996,516 Other reserve bank credit : 16 10 33 18 16 38 Standard silver dollars 34, 679 34,338 34,299 34,326 Total reserve bank credit * 894 886 938 929 907 960 Silver certificates.-- -. 372,030 374,779 380,103 377,149 Monetary gold stock 4, 772 4, 795 4,793 4,803 4,893 4,915 Treasury notes of 1890 1, 243 1,242 1,240 1,240 Treasury currency adjusted 1,792 1,787 1,747 1,799 1,764 1,734 Subsidiary silver 270, 596 271, 504 272,867 272,985 Monef in circulation 4,639 4,634 4, 673 4,723 4,756 4,733 Minor coin 116,383 116, 707 117, 071 119,383 Member bank reserve balances..% 411 2,425 2,389 2,398 2,401 2,457 United States notes 289,452 294, 747 299, 619 297, 427 Unexpended capital funds, non- • Federal reserve notes 1,471,090 1, 518,175 1, 566, 480 1,708,418 member deposits, etc ! 408 409 417 409 407 419 Federal reserve bank notes. 2,972 2,955 2,945 2,929 National-bank notes 648,495 651,278 654,673 648,363 1 Averages of daily figures for weeks ending on Wednesday, as follows Total 4, 607, 914 4, 652, 414 4, 702, 275 4, 819,950 1 (i 0 n — m 93 i 4 ll ; i o J n u s n e o f 1 7 d — ol 9 la 41 rs ; ): J u M ne a 2 y 4 — 20 9 — 56 9 . 17; May 27—891; June 3—924; June Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN JULY, 1931 BANK SUSPENSIONS, BY STATES, DURING JUNE, 1931 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspension include banks subsequently reopened and are preliminary] Banks suspended Banks reopened Number Deposits d ( o in ll a t r h s o ) usands of 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 Na a ti l on- State m N b e e o m r n s - - ba A n ll ks Na a ti l on- State m N b e e o m r n s - - ba A n l k l s M be e r m s i - m N b e e o m r n s - - ba A n ll ks M be e r m s - i m N b e e o m r n s - - New England: Maine New Hampshire Vermont Massachusetts Rhode Island.. Connecticut Middle Atlantic: New York 2 2 1,879 1,879 1 21 18,801 2 18,801 New Jersey 2 2 20, 743 20, 743 Pennsylvania _. 6 2 4 2,335 796 1,539 East North Central: Ohio 9 9 31,441 31 441 Indiana 5 1 4 11, 220 4,842 6,378 Illinois 47 8 3 36 91, 587 26, 242 16,142 49, 203 Michigan.._ 16 4 6 6 33,026 3,410 19, 201 10,415 Wisconsin 9 9 4,150 4 150 West North Central: Minnesota 15 1 14 5,415 340 5 075 Iowa 5 1 4 1,193 148 1,045 Missouri 5 1 4 1,537 937 600 North Dakota 9 2 7 1,362 624 738 South Dakota 3 3 627 627 Nebraska 6 6 1,301 1,301 Kansas 2 2 821 821 South Atlantic: Delaware Maryland District of Columbia- Virginia _._ 1 1 1,186 1,186 West Virginia 2 1 1 443 303 140 North Carolina 5 1 4 1,867 993 874 1 1 233 233 South Carolina 1 1 524 524 Georgia Florida 1 1 221 221 East South Central: Kentucky 1 1 145 145 Tennessee 1 1 788 788 Alabama 1 1 Mississippi 1 1 839 839 West South Central: Arkansas _ 1 1 257 257 2 1 1 352 95 257 Louisiana 1 1 341 341 Oklahoma _ Texas _ ._ 3 1 2 344 120 224 1 1 108 108 Mountain: Montana 2 2 262 262 Idaho __ _ 1 1 202 202 Wyoming Colorado New Mexico— Arizona 1 1 1,149 1,149 Utah __ Nevada Pacific: Washington Oregon 1 1 183 183 California- 1 1 625 625 Total 166 27 10 129 218,013 38, 341 40,185 139,487 5 4 1 19,494 19, 237 257 1 Represents national banks only, with the exception of 1 State member bank in New York with deposits of $18,801,000. 2 At the time of suspension this was a nonmember bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

423 JULY, 1931 FEDEBAL EESEEVE BULLETIN BANK SUSPENSIONS, BY STATES, JANUARY 1 TO JUNE 30, 1931 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for the latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n l l t a h rs o ) usands 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- 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 r m s l - m N b e e o m r n s - - New England: Maine New Hampshire. __ Vermont Massachusetts 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.— 8 6 2 5,695 4,335 1,360 1 2 1 18, 801 218, 801 New Jersey 7 2 1 4 32,044 3,177 6,056 22,811 1 1 2,939 2,939 Pennsylvania 37 17 1 19 37, 022 16, 864 4,559 15, 599 East North Central: Ohio- 34 6 2 26 49,499 5,085 1,743 42, 671 1 1 412 412 Indiana 45 3 2 40 29,471 889 10, 823 17,759 14 14 4,766 4,766 Illinois . 100 13 4 83 123,708 33, 097 16, 281 74, 330 15 1 14 9,773 5,200 4,573 Michigan 35 5 6 24 43,152 4,014 19, 201 19,937 1 1 704 704 Wisconsin _. 18 1 17 9,150 2,497 6,653 5 5 2,372 2,372 West North Central: Minnesota 42 8 1 33 12,970 2,910 496 9,564 3 3 1,021 1,021 Iowa 49 6 43 11,411 1,033 10, 378 1 1 7, 502 7,502 Missouri 32 4 28 6,211 1,758 4,453 5 1 4 824 166 658 North Dakota 13 4 9 1,650 805 845 South Dakota 14 1 13 3,928 90 3,838 9 9 2,962 2,962 Nebraska _. 16 16 3,305 3, 305 2 2 356 356 Kansas 15 3 12 4,802 1,497 3,305 South Atlantic: Delaware _._ Maryland District of Columbia Virginia 12 2 10 3,739 1,447 2,292 3 3 1,155 1,155 WTest Virginia 8 3 5 4,037 775 3, 262 N So o u r t t h h C C a a r r o o l l i i n n a a 1 1 1 8 2 3 I 1 8 5 6 2 , , 7 4 1 1 6 7 2, 8 3 1 6 4 2 219 4 1 , ,3 3 8 5 4 4 31 3 28 9,726 3,892 5,834 Georgia 18 2 3 13 6, 812 1, 281 1,359 4,172 1 1 110 110 Florida... 8 2 6 6,460 3,843 2,617 1 1 816 816 East South Central: Kentucky ._ 6 1 5 5,541 431 5,110 5 5 1, 496 1,496 Tennessee.. 16 16 2,271 2,271 2 2 140 140 Alabama 15 3 1 11 3,264 863 356 2,045 Mississippi 37 6 1 30 18,491 10, 241 400 7,850 33 4 29 11,889 3, 666 8,223 West South Central: Arkansas 12 4 1 7 3,718 2,140 202 1,376 36 6 30 8,975 1,424 7, 551 Louisiana 4 4 971 971 1 1 748 748 Oklahoma 5 1 4 458 99 359 Texas 19 9 10 5,250 3,316 1,934 4 3 1 1,066 520 546 Mountain: Montana 3 3 298 298 Idaho 2 2 229 229 Wyoming Colorado 5 5 635 635 New Mexico Arizona 1 1 1,149 1 149 Utah 9 2 886 886 Nevada 1 1 52 52 Pacific: Washington 5 1 1 3 954 142 208 604 Oregon 7 1 2 4 2,324 284 1,225 815 California- _. 3 2 1 992 367 625 Total 684 121 27 536 453.994 106,456 63,128 284,410 177 21 156 93,662 44,110 49, 552 1 Represents National banks only, except as follows: 1 State member in New York with deposits of $18,801,000; 1 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. 2 At the time of suspension this was a nonmenber bank. 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

424 FEDERAL RESERVE BULLETIN JULY, 1931 EARNINGS AND EXPENSES OF MEMBER BANKS TABLE 1—ALL MEMBER BANKS, BY CLASS OF BANKS, YEARS ENDING DECEMBER 31, 1929 AND 1930 Amounts (in thousands of dollars) Amounts per $100 of earning assets i All member banks National member State member banks All member National State membanks banks member banks ber banks 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 Interest earned: On loans 2 1,349,364 1,562,769 828,203 919, 730 521,161 643, 039 $3.81 $4.38 $3.85 $4.23 $3. 76 $4.60 On investments 3 472, 351 472,868 310, 653 305,182 161, 698 167, 686 1.33 1.32 1.44 1.40 i. 17 1.20 On balances with other barks 35, 799 33, 264 26, 694 22, 213 9,105 11,051 .10 .09 .12 .10 .07 .08 Total - 1,857, 514 2, 068, 901 1,165, 550 1,247,125 691, 964 821,776 5.24 5.79 5.41 5.73 4. 99 5.88 Domestic exchange and collection charges 19, 588 23, 214 15, 920 18, 838 3,668 4,376 .00 .06 .07 .09 .03 .03 Foreign department 25, 011 26,209 14, 530 12, 473 10,481 13, 736 .07 .07 .07 .06 .08 .10 Commicsions received 30, 740 38,085 816 853 29, 924 37, 232 .09 . 11 .22 .27 Trust department 80, 280 77, 589 26,957 19,857 53, 323 57,732 .23 .13 .09 .38 .41 Profits on securities sold 70, 852 75,106 40, 952 38, 671 29,900 36,435 .20 !21 .19 .18 .22 .26 Other earnings 144, 789 164,995 99, 203 105,486 45, 586 59, 509 .41 .46 .46 .49 .33 .43 Gross earnings 2, 228, 774 2, 474, 099 1,363,928 1,443, 303 864,846 1, 030, 796 6.30 6.92 6.33 6.64 6.J4 7.38 Interest on deposits: Time - 450, 865 444, 636 292, 210 283, 048 158,655 161, 588 1.27 1.25 1.36 1.30 1.14 1. 16 Demand 225,280 246,493 122, 809 125, 760 102, 471 120, 733 .64 .09 .57 .58 .74 .86 Bank - 72,847 68, i31 46, 292 41,450 26. 555 26, 681 .2i .19 .19 .19 .19 Total 748, 992 759, 260 461,311 450, 258 287, 681 309, 002 2.12 2.13 2.14 2.07 2.08 2 21 Interest on borrowed money 22, 001 64, 265 12, S07 37, 350 9,194 26, 915 .06 .18 .06 .17 .07 .19 Salaries and wages 451, 776 463,847 277, 798 271,103 173, 978 192, 744 1.28 1.30 1.29 1.25 1.26 1.38 Taxes .- - 113,418 112,476 68, 373 64, 333 45, 045 48,143 .32 .31 .32 .30 .33 .34 Other expenses. -.. 268,148 283, 872 167, 740 164,096 100,408 119,776 .76 .79 .78 .75 .72 .86 Total expenses - 1, 604, 335 1, 683, 720 988,029 987,140 616, 306 696, 580 4.53 4.71 4. 59 4.54 4.45 4. 98 Net earnings 624, 439 790, 379 375, 899 456, 163 248, 540 334,216 1.76 2.21 1.75 2.10 1.79 2.39 Recoveries on charged-off assets: Loans and discounts 23,402 25,204 16,108 16, 663 7,294 8,541 .07 .07 .07 .08 .05 .06 Investments 12, 334 19,956 6,746 8,484 5,588 11, 472 .03 .06 .03 .04 .04 .08 All other 11,641 16,448 8,033 10, 707 3,608 5,741 .03 .05 .04 .05 .03 .04 Total... _ 47, 377 61,608 30,887 35, 854 16, 490 25, 754 .13 .18 .14 .17 .12 .18 Losses charged off: On loans and discounts 194, 725 139, 588 135, 085 93, 6S0 59, 640 45, 908 .55 .39 .63 .43 .43 .33 On investments.- 109, 028 95, 465 71, 202 63, 304 37, 826 32,161 .31 .27 .33 .29 .27 .23 On banKing house furniture and fixtures 36, 601 33,171 26, 643 23, 407 9,958 9,764 .10 .09 .12 .11 .07 .07 All other.. 24, 960 27, 249 15, 688 20, 242 9,272 7,007 .07 .08 .07 .09 .07 .05 Total losses 365,314 295,473 248,618 200, 633 116,696 94,840 1.03 .83 1.15 .92 .84 .68 Net losses 4 317, 937 233,865 217, 731 164, 779 100,206 69, 086 .90 .65 1.01 .76 .72 .50 Net additions to profits 306, 502 556, 514 i58,168 291,384 148,334 265,130 .87 1.56 .73 1.34 1.07 1.90 Dividends declared .- 371, 968 408, 628 215, 992 247,317 155,976 161, 311 Loans 5 25, 018, 222 25, 614, 655 14, 726,937 15, 007, 570 10, 291,285 10, 607, 085 Investments6 -. 10, 377,190 10,112,473 6,811,587 6,744,178 3,565,603 3,368,295 Earning assets 5 35, 395, 412 35, 727,128 21,538,524 21, 751, 748 13,856,888 13,975,380 Capital funds «8__. 6,722, 782 6,360,306 3,913,450 3,750, 521 2,809,332 2, 609,785 Other ratios * Earning assets per $1 of capital funds $5.26 $5.62 $5.50 $5.80 $4.93 $5. 35 Net profit per $100 of capital funds 4.56 8.75 4.04 7.77 5.28 10.16 Losses on loans per $100 of loans .78 .54 .92 .6* .58 .43 Losses on investments per $100 c)f investmeints 1.05 .94 1.05 .94 1.06 .95 1 The ratios are based upon data taken from the customary abstracts of reports of conditions and of earnings, expenses, and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number jn comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by thesechanges. 2 Includes discount. 3 Includes dividends. 4 Losses less recoveries. 5 Averages of amounts from reports of conditions for 5 call dates (December to December). • Capital, surplus, and undivided profits, including reserves for dividends and contingencies, and excluding reserves for taxes, interest, and other expenses accrued. 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JULY, 1931 FEDERAL RESERVE BULLETIN 425 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 2.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING DECEMBER 31, 1929 AND 1930 [In thousands of dollars] Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 Interest earned: On loans 95, 703 114, 663 403,996 505, 747 98, 607 106, 134, 338 144, 518 52,048 61, 613 48, 334 58,281 O n investments 34, 724 34,907 155,846 152, 488 45, 305 45, 478 54,980 54, 684 12, (' " 12,878 10, 755 10, 943 On balances with other banks 2,088 1,681 3,887 2,196 1,583 3,505 2,876 1,685 1,503 1,786 1,864 Total 132, 515 151,251 563,729 665,124 146,108 153, 677 192, 823 202,07i 66, 402 75, 994 60,875 71,088 Domestic exchange and collection charges 568 653 4,390 5,328 596 660 925 958 971 1,302 1,750 2,081 Foreign departmen t 5881 938 15,472 16,428 831 850 616 676 176 140 460 629 C ommissions received 537 1,412 24, 733 28, 935 363 644 900 1,358 398 487 234 269 Trust department 6,500 5,173 34,103 36, 846 8,821 7,596 7,811 7,424 1,339 1,239 1,267 1,105 Profits on securities sold 7,789 8,464 26,825 29, 294 5,773 8,074 8,436 8, 234 1,350 1,283 1,491 1,918 Other earnings 9,527 10, 684 46, 533 55, 394 6,111 6,795 16, 275 14,055 4,285 4,795 6,062 6,787 Gross earnings.. 158,024 178,575 715,785 837, 349 168, 603 178,296 227, 786 234, 783 74,921 85, 240 72,139 83,877 Interest on deposits: Time 36,198 35, 638 109,958 108,048 37,487 34, 935 59, 394 58,450 19, 294 20, 534 14,538 15,544 Demand ; 9,171 22, 484 88, 622 108, 770 16, 726 15, 228 21,988 21, 894 4,805 4,871 5,522 5,745 Bank 3,451 3,292 25, 720 27, 258 3,497 2,563 7,495 5,457 2, 187 2,082 2,188 2,203 Total 59,820 61,414 224, 300 244, 076 57, 710 52, 726 88,877 85, 801 26,286 27,487 22, 248 23, 492 Interest on borrowed money- 1,234 4,497 5,221 16, 600 2,431 7,031 2,082 5,603 1,336 3,593 1,816 5,269 Salaries and wages 28, 870 28,424 138, 375 148, 363 31, 785 30, 766 41,513 41,112 15, 501 16, 594 15,938 17,049 Taxes 7,768 7, 177 33, 186 32,711 8,485 8,543 13,083 12, 656 4,578 5,167 4,892 5,298 Other expenses 16, 630 18, 264 86,415 92, 333 17, 651 17, 835 22,118 22, 761 8,865 9,786 10,107 11,045 Total expenses.. 114, 322 119, 776 487,497 534,083 118, 062 116, 901 167, 673 167, 933 56, 566 62, 627 55,001 62,153 "Net earnings 43, 702 58, 799 228,288 303,266 50, 541 61, 395 60,113 66,850 18, 355 22, 613 17,138 21,724 Recoveries on charged-off assets: Loans and discounts 1,487 1,257 6,764 6,991 861 782 1,342 1,523 832 728 892 966 Investments 2,788 3,502 4,969 12,075 793 783 1,456 1,019 118 255 310 122 All other 1,315 1,154 1,991 3,422 312 463 874 1,258 467 1,249 506 952 Total. 5,590 5,913 13, 724 22, 488 2,028 3,672 3,800 1,417 2,232 1,708 2,040 Losses charged off: On loans and discounts... 14,074 11,313 74,983 38, 356 12,816 6,365 12, 079 9,128 7, 11, 273 On investments 11,600 25,014 55,421 35,606 9,150 5,670 10,033 6,552 2,148 2,265 2,537 2,348 On banking house, furniture, and fixtures 1,940 2,196 13, 776 6,050 1,857 2,028 3,019 3,274 764 1,027 1,038 All other 1,504 4,080 6,393 4,346 2,718 3,124 1,397 565 865 1,217 1,449 Total. 29,118 42, 603 150, 573 84, 358 24, 805 16, 781 28, 255 20,351 10,089 10,983 16,054 Net losses... 23, 528 36, 690 136,849 61,870 22,839 14, 753 24, 583 16, 551 8,672 8,751 14, 346 Net addition to profits.. 20,174 22,109 91,439 241, 396 27, 702 46, 642 35, 530 50,299 9,683 13,862 2,792 10,291 Dividends declared 28,158 28, 452 139,383 149,268 32, 961 33,070 31,414 31,018 11,830 13, 678 11,848 11,571 Loans 1, 834, 634 18,69, 7788, 689, 3408,644, 6621,820, 7431,827,804 2, 336,268 .2, 36>9,,446 903, 022 1, 003,893 796,901 888, 792 Investments.. 728, 894 726, 0733,430, 6743,108, 355 887, 322 878,417"1,131,188 1,097,220 309, 939 315,076 267, 749 275,138 Earning assets- 2, 563, 528 2, 595,851 12,120,014 11,753,012,708, 0652, 706, 221 3,467, 456 3,466, 6616, 212,961 1, 318, 969 1,064, 650 1,163,930 Capital funds 460,934 443,135 2, 663,2272, 387,26' 654, 75' 621,178 623, 582 599,324 228, 793 238, 529 197,849 203,025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN JULY, 1931 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 2.—ALL MEMBER BANKS, BY RESERVE DISTRICTS, YEARS ENDING DECEMBER 31, 1929 AND 1930—Continued [In thousands of dollars] Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 Interest earned: Oil loans 201,515 228, 791 49,878 59, 559 34, 239 38, 551 51,727 56, 925 46,639 53, 600 132,340 133,905 On investments 55, 335 55, 030 17, 357 19,449 15, 742 16,158 18, 094 18, 928 8,057 9,619 43, 487 42, 306 On balances with other banks 5, 025 4,479 1,697 1, 507 1,931 1,615 3,835 2,938 2,848 2,309 5,336 4,020 Total . . 261,875 288, 300 68, 932 80, 515 51, 912 56, 324 73, 636 78, 791 57, 544 65, 528 181,163 180, 231 Domestic exchange and collection charges 3,259 3,654 1,135 1,527 1,835 2,078 1,279 1,461 1,237 1,875 1, 643 1,637 Foreign department 4,190 3,487 119 133 112 116 26 33 139 215 2,282 2,564 Commissions received 1, 516 2, 564 971 1,171 446 582 116 llfi 75 71 451 479 Trust department _ 10,801 9,419 1,622 1,683 236 190 1,275 1,026 395 306 6,110 5,582 Profits on securities sold 8,722 6, 795 2, 111 2,155 1,943 738 1,447 963 955 535 4,010 6,653 Other earnings .- 18, 585 28,015 4,243 4, 586 2,747 2,655 7,013 7,746 5,384 5,422 18, 024 18,061 Gross earnings 308,948 342, 234 79,133 91, 770 59, 231 62,683 84, 792 90,133 65,729 73,952 2i3, 683 215, 207 Interest on deposits: Time 61,126 61, 764 16, 383 17,484 15, 519 15,704 12, 26S 12, 625 8, 529 8,491 60,171 55,419 Demand 34,165 33,944 6,459 6,983 3,237 3,183 7, 252 7,201 5,222 5,450 11,111 10, 740 Bank.. _ 9,138 8,700 2,687 2,921 1, 999 2,073 4,391 4,146 2,522 2,461 7,572 4,975 Total __ . 104,429 104,408 25, 529 27, 388 20, 755 20, 960 23,911 23, 972 16, 273 16, 402 78, 854 71,134 Interest on borrowed money 2,390 8,127 2,056 4,135 261 1,205 765 2,274 1, 510 2,174 899 3,757 Salaries and wages 62, 699 64,183 17,165 18,158 12,842 12, 581 20, 814 20, 731 16, 293 16, 586 49, 981 49, 300 Taxes 18,179 17,825 5,132 5,052 3,372 2,787 4,266 4,239 4, 552 4,907 5,925 6,114 Other expenses 38, 231 42, 542 9,618 10, 919 7,415 7,292 12, 246 12, 970 8, 963 9,329 29,889 28, 79& Total expenses 225, 928 237, 085 59, 500 65, 652 44, 645 44,825 62.002 64,186 47, 591 49, 398 165, 548 159,101 Net earnings 83, 020 105,149 19, 633 26,118 14, 586 17, 858 22, 790 25, 947 18,138 24, 554 48,135 56,106 Recoveries on charged-off assets: Loans and discounts -. 3,494 4, 038 1,120 1,030 1,133 1,330 2,296 2, 647 2,024 2,301 1,157 1,611 Investments 548 425 352 715 106 235 473 187 100 67 321 571 Allother 2, J81 2,015 821 822 ^80 306 1,262 1,320 703 552 929 2,935 Total 6,223 6, 478 2,293 2,567 1,519 1,871 4,031 4,154 2,827 2,920 2,407 5,117 Losses charged off: On loans and discounts 22, 675 24, 939 5, 736 4,440 4,078 5,076 8,ii62 7,643 10,762 8,187 11, 299 8,414 On investments 5, 806 5,975 3,375 2, 331 1,753 1,196 2,538 2,217 702 954 3,965 5,337 On banking house, furniture and fixtures 5,002 5,718 1,066 962 1,411 3,265 1,313 1,977 1,039 1,124 4, 463 4,775 Allother 3, 260 3,620 1,522 952 1,139 1,146 1,719 2, 416 1,377 1,881 2,158 2,379 Total 36, 743 40, 252 11, 699 8,685 8,381 10,683 13, 832 14, 253 13, 880 12,146 21,885 20, 905 Net losses 30, 520 33, 774 9, 406 6,118 6,862 8,812 9,801 10, 099 11, 053 9,226 19, 478 15, 788 Net additions to profits 52, 500 71.375 10, 227 20, 000 7,724 9,046 12,989 15, 848 7,085 15,328 28, 657 40, 318 Dividends declared 49,611 54, 253 12, 700 15,069 7,508 7,996 11,142 13, 050 8,371 10, 588 27,042 40, 615 Loans 3, 629, 2453,810, 341 896. 346 954, 922 527,322 568, 560 756,124 807, 776 660, 982 726, 8852,167, 2952,14 L, 796 Investments 1,266,8251,257,277 380, 239 412,416 352, 876 363, 699 410,985 430,468 219, 752 247, 743 990, 7491, 000, 591 Earning assets 4,896, 0705, 067, 6181, 276, 5851, 367, 338 880,198 932, 2591,167,1091, 238, 244 880, 734 974, 6283,158, 0443,142, 387 Capital funds 790, 707 778, 750 203, 474 208,971 119,118 118,299 165,236 162,157 171,075 171,219 444,030 428,452 NOTE.—See footnotes, Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 427 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 3.—ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS, YEARS ENDING 1929 AND 1930 Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 Amounts per $100 of earning assets: Interest earned __..... $5.17 $5. 83 $4. 65 $5.66 $5.40 $5. 68 $5. 56 $5.83 $5.47 $5.76 $5.72 $6.11 All other earnings 1.00 1.05 1.25 1.47 .83 .91 1.01 .94 .70 .70 1.05 1.10 Gross earnings 6.16 6.88 5.90 7.12 6.23 6.59 6.57 6.77 6.17 6.46 6.77 7.21 Interest on deposits 2.33 2.37 1.85 2.08 2.13 1.95 2.56 2.48 2.17 2.08 2.09 2.02 Interest on borrowed money .05 . 17 .04 .14 .09 .26 .06 .16 .11 .27 .17 .45 Salaries and wages 1.13 1.09 1.14 1.26 1.17 1.14 1.20 1.18 1.28 1.26 1.50 1.46 Taxes. .30 .28 .27 .28 .31 .32 .38 .37 .38 .39 .46 .46 All other expenses ... . -._ _.. .65 .70 .71 .79 .65 .66 .64 .66 .73 .74 .95 .95 Total expenses 4.46 4. 61 4.02 4.54 4.36 4.32 4.84 4.84 4.66 4.75 5.17 5.34 Net"earnings 1.70 2. 27 1.88 2.58 1.87 2.27 1.73 1.93 1.51 1.71 1.61 1.87 Total losses 1.14 1. 64 1.24 .72 .92 .62 .81 . 59 .83 .83 1.51 1.16 Recoveries. .22 .23 .11 .19 .07 .07 .11 .11 .12 .17 .16 .18 Net losses .92 1.41 1.13 .53 .84 .55 .71 .48 .71 .66 1.35 .98 Net addition to profits .79 .85 .75 2.05 1.02 1.72 1.02 1.45 .80 1.05 .26 .88 Other ratios: Earning assets per $1 of capital funds 5.56 5.86 4.55 4.92 4.14 4.36 5.56 5.78 5.30 5.53 5.38 5.73 Net profits per $100 of capital funds 4.38 4. 99 3.43 10.11 4.23 7.51 5.70 8.39 4.23 5.81 1.41 5.07 Losses on loans per $100 of loans . 77 .61 .86 .44 .70 .35 .52 .39 .74 .71 1.41 .97 Losses on investments per $100 of investments _- . - 1.59 3.44 1.62 1.15 1.03 .65 .89 .60 .69 .72 .95 .85 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 Amounts per $100 of earning assets: Interest earned $5.35 $5. 69 $5. 40 $5. 89 $5. 90 $6.04 $6. 31 $6. 36 $6.53 $6.72 $5.74 $5.74 All other earnings .96 1.06 .80 .82 .83 .68 .96 .92 .93 .86 1.03 1.11 Gross earnings 6.31 6.75 6.20 6.71 6.73 6.72 7.27 7.28 7.46 7.59 6.77 6.85 Interest on deposits 2 13 2.06 2.00 2.00 2.36 2 25 2.05 1.94 1.85 1.68 2.50 2.26 Interest on borrowed money . .05 .16 .16 .30 .03 .14 .07 .18 .17 .22 .03 .12 Salaries and wages.. . 1.28 1.27 1.34 1.33 1.45 1.35 1.78 1.67 1.85 1.70 1.58 1.57 Taxes .37 .35 .40 .37 .38 .30 .37 .34 .52 .50 .19 .19 All other expenses .78 .84 .75 .80 .84 .78 1.05 1.05 1.02 .96 .95 .92 Total expenses _ 4.61 4.68 4.66 4.80 5.07 4.81 5.31 5.18 5.40 5.07 5. 24 5.06 Net earnings 1.70 2.07 1.54 1.91 1. 66 1. 92 1.95 2.10 2.06 2.52 1. 52 1.79 Total losses ._ .75 .79 .92 .64 .95 1.15 1.19 1.15 1.58 1.25 . 69 .67 Recoveries _ -_ . .13 .13 .18 .19 .17 .20 .35 .34 .32 .30 .08 .16 Net losses .62 .67 .74 .45 .78 .95 .84 .82 1.26 .95 .62 .50 Net addition to profits 1.07 1.41 .80 1.46 .88 .97 1.11 1.28 .80 1.57 .91 1.28 Other ratios: Earning assets per $1 of capital funds... 6.19 6.51 6.27 6.54 7.39 7.88 7.06 7.64 5.15 5.69 7.11 7.33 Net profits per $100 of capital funds 6. 64 9.16 5.03 9.57 6.49 7.65 7.86 9.77 4.14 8.95 6.45 9.41 Losses on loans per $100 of loans .62 .65 .64 .46 .77 .89 1.09 .95 1.63 1.13 .52 .39 Losses on investments per $100 of investments. .46 .48 .89 .57 .50 .33 .62 .51 .32 .39 .40 .53 NOTE.—See footnotes, Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN JULY, 1931 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 4.—NATIONAL BANKS,1 BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1930 NOTEE..——1The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submniitlt—ed .b_y„ national banks. . Similar informa—tio n for the first half of 1930 was p, ublishe—d o n p^a gwe_ 10.5_ of. th_e _Fe_br.u„a,r y, 1931,, issue of th.e FEDERAL RESERVE BULLETIN; additional statistics for the fiscal year ending June 30, 1930, will be found in the Annual Report of the Comptroller of the Currency for 1930 [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago L S o t u . is 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 - Gross earnings: Interest received— On loans 2 400,614 32, 839 90, 378 33,605 31,495 19, 286 17,003 49,820 13,448 15,805 23,697 19,840 53,398 On investments 3 160, 553 13, 394 45, 775 16, 044 17, 206 5,099 4,447 16,387 4,834 7,441 8,168 3,758 18,000 On balances with other banks 14, 777 959 885 796 1,215 738 770 1,848 615 1,005 2,049 1,525 2,372 Domestic exchange and collection charges 8,039 227 2,081 226 265 342 761 970 289 904 615 667 692 Foreign exchange department 7,826 200 5,328 397 111 16 148 669 38 79 7 60 773 Commissions received 402 9 1 2 1 2 89 19 209 32 3 35 Trust department 14, 078 1,289 6,128 622 754 397 415 1,050 166 116 541 227 2,373 Profits on securities sold 22, 281 2,085 7,575 1,786 2,567 575 633 1,722 760 1,412 741 525 1,900 Other earnings 47, 303 3, 987 12, 939 1,938 3,869 1,620 2,099 5,977 1,260 1,390 2,795 2,371 7,058 Total earnings . 675, 873 54, 980 171, 098 55,415 57, 484 28, 074 26, 278 78, 532 21, 429 28, 361 38, 645 28,976 86, 601 Expenses: Salaries and wages 141, 700 10, 734 33,660 10,048 10, 266 5,794 6,331 16,476 4,775 6,095 9,626 7,405 20,490 Interest paid— On borrowed money 2. 4,988 254 795 523 519 449 584 351 280 99 286 569 279 On deposits— Time 148,101 13, 286 29,347 14,914 14, 651 7,965 5,701 16, 246 4,703 7,012 6,041 4,129 24,106 Demand 59, 231 6,525 18, 711 4,535 5,463 1,543 1,912 7,747 1,577 1,621 3,162 2,399 4,036 Bank _ _ 24, 909 1,468 6,418 1,373 2,759 726 784 2,679 791 937 2,102 1,241 3,631 Taxes 37,197 3,466 9,660 2,944 2,861 2,235 2,796 3,868 1,532 1,069 2,055 2,374 2,337 Other expenses 80,506 5,876 20, 717 5,128 5,680 2,984 3,580 9, 936 2,303 3,304 5,197 3,656 12,145 Total expenses 496, 632 41, 609 119,308 39,465 42,199 21, 696 21,688 57, 303 15,961 20,137 28,469 21, 773 67, 024 Net earnings _ 179, 241 13, 371 51, 790 15,950 15, 285 6,378 4,590 21, 229 5,468 8,224 10,176 7,203 19, 577 Recoveries on charged-off assets: Loans and discounts 8,003 452 1,669 412 432 422 275 1,168 381 361 1,037 950 444 Bonds, securities, etc 4,876 2,198 743 324 280 59 230 271 130 57 342 60 182 All other 4,232 806 521 114 247 212 263 478 364 90 419 262 456 Total net earnings and recoveries 196,352 16,827 54, 723 16,800 16, 244 7,071 5,358 23,146 6,343 8,732 11,974 8,475 20, 659 Losses charged off: On loans and discounts 85, 024 8,912 28,356 7,349 4,669 3,484 3,392 8,307 2,077 1,957 4,494 6,325 5,702 On bonds, securities, etc.__ 47, 506 5,305 21, 665 4,968 4,549 1,094 526 2,557 1,236 1,221 1,612 387 2,386 On banking house, furniture, and fixtures 11, 427 1,183 2,609 702 1,049 309 584 1,327 288 346 710 648 1,672 On foreign exchange 137 46 1 7 35 2 33 1 5 All other losses .. 7,463 937 1,070 258 635 239 517 1,081 366 560 699 634 467 Total losses charged off- 151, 557 16, 344 53, 746 13, 278 10, 909 5,161 5,021 13, 272 4,000 4,084 7,516 7,994 10,232 Net addition to profits.. 44, 795 483 977 3,522 5,335 1,910 337 9,874 2,343 4,648 4,458 481 10,427 Dividends declared 110, 751 11, 053 30, 489 10, 955 7,990 4,533 5,564 12,426 2,868 3,495 4,826 4,272 12, 280 Capital stock paid in < 1, 718, 734 155, 824 479,173 125, 522 125, 342 79,465 77, 390 197, 575 58, 522 60,195 84,878 83, 568 191,280 Surplus fund 4 1,546, 302 128, 753 534, 306 211, 542 138,425 64,405 52, 799 136,921 34,811 34,105 41, 513 44, 373 124,349 Capital and surplus 4 3, 265, 036 284, 577 1, 013, 479337, 064 263, 767 143, 870 130,189 334, 496 93, 333 94,300 126, 391 127, 941 315, 629 Number of banks 4 7,033 362 759~ 669 665 431 341 861 417 601 850 607 470 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. 2 Includes discount. 3 Includes dividends. 4 As on Dec. 31, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

429 JULY, 1931 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued TABLE 5.—STATE BANK MEMBERS BY FEDERAL RESERVE DISTRICTS, LAST SIX MONTHS OF 1930 [In thousands of dollars] Federal Reserve District Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- Lo S u t. is e M ap in ol n i - s K C an it s y as Dallas F c S r is a a c n n o - Gross earnings: Interest received— On loans l . 242,365 11,769 99,788 14,924 33, 663 5,554 4,571 45, 767 9,228 1,063 1,736 1, 639 12,663 On investments 2 83, 510 4,972 34, 811 7,910 11, 748 1,505 911 12,152 3,725 469 864 221 4,222 On balances with other banks 5,003 183 1,235 478 713 223 125 841 281 52 207 89 576 Domestic exchanges and collection charges. 1,751 32 196 43 171 157 82 595 239 30 24 45 137 Foreign department 4,870 69 2, 934 28 158 68 51 1, 354 20 1 5 182 Commissions received 12, 587 255 9, 916 189 497 200 109 641 457 32 25 44 222 Trust department 27,908 2,081 11,736 4,040 3,370 362 309 4,231 748 28 180 23 800 Profits on securities sold... 18, 687 3,748 5,940 1,029 2,932 102 109 3,815 476 7 215 75 239 Other earnings _ 23, 824 682 9,719 1,127 4,041 427 714 3,374 953 75 742 301 1,669 Total earnings 420, 505 23, 791 176, 275 29,768 57, 293 8, 598 6,981 72, 770 16,127 1,757 3,998 2,437 20, 710 Expenses: Salaries and wages 85,082 3,788 35,907 6,289 10, 701 1,933 1,372 14,595 3,466 373 930 774 4,954 Interest paid— On borrowed money *. 3,539 192 1, 276 332 256 133 137 426 595 15 19 75 83 On deposits- Time 78, 788 5,178 24, 226 5,487 15, 449 1,856 1,392 14, 688 3,062 526 291 273 6,360 Demand _. _ __ 48, 539 3,031 21,101 4,228 5, 587 863 732 9,455 1, 385 85 604 139 1,329 Bank 13, 025 191 6,458 709 1, 640 405 254 1,922 382 35 293 84 652 Taxes 23, 605 951 8, 864 1,327 3,355 483 555 5,847 1,199 95 101 166 662 Other expenses 46, 895 2,212 19,512 3, 508 5,295 1,276 1,133 7, 597 2,124 171 731 480 2,856 Total expenses 299, 473 15, 543 117,344 21, 880 42, 283 6,949 5, 575 54, 530 12, 213 1,300 2, 969 1,991 16, 896 Net earnings 121, 032 8, 24S 58, 931 7,888 15,010 1,649 1,406 18, 240 3, 914 457 1,029 446 3,814 Recoveries on charged-off assets Loans and discounts 3,155 129 1,607 139 212 62 92 513 171 29 47 62 92 Bonds securities etc 2 485 312 856 84 978 15 1 94 133 1 11 All other 1,844 85 477 40 185 32 19 732 154 66 18 29 Total net earnings and recoveries 128, 516 8,774 61, 871 8,151 16,385 1,758 1,518 19, 579 4,372 494 1,142 526 3,946 Losses charged off: On loans and discounts 45, 402 1,754 28,393 2,848 2,811 768 511 5,326 1,158 246 130 412 1,045 On bonds, securities, etc.-_ 31,111 4,196 19, 629 1,774 2,417 459 10 1,213 1,006 39 50 19 299 On banking house, furniture and fixtures 4,864 144 1,981 333 701 103 66 743 237 41 5 48 462 All other losses 4,774 78 1,735 235 1,374 55 70 478 107 16 224 89 313 Total losses charged off_. 86,151 6,172 51, 738 5,190 7,303 1,385 657 7,760 2,508 342 409 568 2,119 Net addition to profits - 42, 365 2,602 10,133 2,961 9, 082 373 861 11,819 1,864 152 733 449 1,827 Dividends paid 78, 815 3,460 40,115 6, 463 8,106 1,425 1,139 12, 971 2,401 226 486 328 1,695 Capital stock paid in3 946, 317 40, 325 426, 673 59,193 105, 726 26, 343 19, 726 167, 266 41, 600 3,045 8,505 8,085 39,830 Surplus fund 3 1, 275, 750 50,100 677, 698 150, 544 153, 817 16, 244 13, 295 158, 020 23, 614 1,678 3,193 2, 710 24, 837 Capital and surplus 3 2, 222,067 90, 425 1,104,371 209, 737 259, 543 42, 587 33, 021 325, 286 65, 214 4,723 11, 698 10,795 64, 667 Number of banks 3 1,017 34 155 84 92 39 48 220 96 40 21 77 111 1 Includes discount. 2 Includes dividends. 3 As of Dec. 31, 1930. * Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN JULY, 1931 ALL BANKS IN THE UNITED STATES ALL BANKS IN THE UNITED STATES *—PRINCIPAL RESOURCES AND LIABILITIES ON MARCH 25, 1931, AND DECEMBER 31, 1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts Number of of interbank de- and bills reporting Total Loans Investments posits payable banks State March Decem- March Decem- March Decem- March Decem- March Decem- March December ber ber ber ber ber New England: Maine 429, 580 430, 354 226,681 228, 786 202,899 201, 568 399, 558 400,208 4.191 6,761 128 128 New Hampshire 295, 500 295, 789 146, 592 147, 782 148,908 148,007 267, 468 269, 935 2,663 2,240 120 121 Vermont _ 232, 600 236, 743 145, 761 148, 954 86, 839 87, 789 219, 852 226, 856 4,425 4,542 101 102 Massachusetts 4, 234,101 4, 237,080 2,828,057 2,883,391 1,406,044 1,353, 689 3,917, 548 3,957,165 13, 285 13, 800 444 445 Rhode Island . 535,155 536, 633 278, 759 286, 579 256, 396 250,054 513, 349 506, 710 1,353 259 35 35 Connecticut 1, 337, 541 1, 326, 359 780, 739 783, 367 556, 802 542, 992 1, 237, 751 1,235,493 8,262 13,174 232 231 Middle Atlantic: New York 17,003,01617,045, 603 11,448,66311, 795, 247 5, 554, 353 5, 250, 35614, 915, 65415, 735, 909 53, 564 78, 540 1,093 1,099 New Jersey 2, 315,042 2, 349, 751 1, 452,031 1, 493, 825 863,011 855, 926 2, 210, 860 2, 279, 396 38, 590 36, 559 552 556 Pennsylvania 5, 752,166 5, 658, 643 3,170, 493 3, 282, 626 2, 581,673 2,376,017 4,841,851 4, 828, 261 69, 530 108,340 1,480 1,501 East North Central: Ohio 2, 504, 501 2, 543, 808 1,836,243 1,904, 5C9 668, 258 639, 299 2, 384, 873 2, 447, 714 36, 248 51, 974 941 965 Indiana 723,497 731, 848 519, 390 529, 774 204,107 202,074 712, 634 731,063 14,825 13, 922 867 873 Illinois 3, 591, 529 3, 703, 611 2, 382, 381 2, 585,080 1,209,148 1,118, 531 3, 228,871 3, 521, 478 22, 353 22, 907 1,549 1,589 Michigan 1, 887, 500 1, 897, 443 1, 348, 952 1, 386, 013 538, 548 511, 43C 1, 801 090 1,821,050 34,116 25, 004 702 722 Wisconsin 892, 789 889,149 595, 435 607, 923 297, 354 281, 226 876,378 858, 793 8,025 15, 748 931 931 West North Central: Minnesota - 860, 796 861,845 506,935 509, 991 353, 861 351,854 861,177 872,067 4,348 4,929 957 992 Iowa 699, 419 707,629 595, 358 605,018 104,061 102,611 726, 58C 739, 620 8,751 9,009 1,128 1,146 Missouri 1,103,198 1,119, 396 708, 663 768,042 394, 535 351, 354 1,125,097 1,128, 716 9,122 12, 392 1,102 1,146 North Dakota 92, 069 93, 053 63, 854 64, 686 28, 215 28, 367 98, 436 97, 996 1,289 1,389 318 321 South Dakota 110,292 113,523 73, 557 77, 762 36, 735 35,: 61 114,067 118, 388 2,230 2,210 329 328 Nebraska 312, 056 319, 901 218,917 229, 436 93,139 90,465 312, 476 321, 030 5,860 8,931 737 747 Kansas __. 326, 731 352,033 229, 480 252, 360 97,251 99, 673 335, 609 359, 526 5,263 9,170 994 1,012 South Atlantic: Delaware 164, 269 164, 932 106,128 109, 937 58,141 54. 995 138, 397 141, 826 1,861 1,712 48 48 Maryland 824,196 824, 734 477,616 480,085 346, 580 344, 649 772,032 778,093 9, 586 10,960 221 221 District of Columbia... 248, 929 247, 763 161, 495 167, 627 87, 434 80,136 262.194 250, 643 357 2,228 39 39 Virginia 496, 318 508, 405 397, 251 413, 537 99,067 94, 868 433,680 439,083 12, 961 17, 649 439 449 West Virginia 302, *40 318, 954 235,142 253,126 67,098 65, 828 282,160 288,159 9,362 15,820 270 280 North Carolina 289, 250 278,082 228, 548 226, 910 60, 702 51,172 27?, 637 275, 216 9,494 11.216 334 318 South Carolina 144,816 141,441 97, 814 101, 329 47,002 40,112 146, 858 157,163 1,597 1,072 146 160 Georgia 297, 711 299, 605 225, 464 240, 689 72, 247 58, 916 283, 241 289,091 5,463 5,975 346 365 Florida 198, 355 192,104 86, 981 92,880 111.374 99, 224 226, 747 208,190 1,716 3,696 202 201 East South Central: Kentucky . 465,013 458,470 360,932 359, 256 104,081 99, 214 388,152 386, 275 10, 984 12,318 517 519 Tennessee -- 358, 767 368,368 296,166 306,455 62, 601 61, 913 337, 384 338, S91 14, 740 20, 926 449 450 Alabama 225, 924 246,400 172, 721 193, 626 53, 203 52, 774 209, 875 227,211 7,626 8,444 289 315 Mississippi 144,242 155,884 102,903 114,902 41,339 40,982 154, 371 162, 659 4,761 7,673 237 249 West South Central: Arkansas... 129,804 130, 921 98, 917 101,833 30,887 29,088 130, 282 129,399 5,339 6,498 319 304 Louisiana. 381,461 384,779 288, 636 300, 647 92,825 84,132 364,183 383, 301 8,214 8,772 212 213 Oklahoma . _ __ __ 342,356 359, 612 210,9^7 225,893 131,429 133,719 353,022 368,475 4,480 8, 695 555 569 Texas 913, 517 908, 511 653, 676 677,513 259,841 230, 998 917,063 921, 232 10,892 7,552 1,187 1,215 Mountain: Montana 122,168 127,536 64,4i6 69,068 57,752 58,468 128,146 140,228 971 713 170 174 Idaho .- 68, 564 73, 596 41, 788 44,486 26, 776 29,110 75,225 83,246 489 402 133 136 Wyoming 51, 621 51, 737 36,299 36, 327 15, 322 15,410 53,837 58,285 1,001 384 82 83 Colorado - .- 244,432 254,490 140, 69i 149,031 103, 741 105,459 270,698 282,478 1,861 1,518 252 266 New Mexico 35, 334 36, Iz9 21, 540 22,338 13,794 13. 791 37,671 40,919 807 247 53 54 Arizona 63,958 69,460 37, 006 38,721 26,952 30,739 73, 829 78,874 487 535 39 41 Utah 150,194 155,239 108, 518 116,098 41, 676 39,141 125,467 133, 776 1,563 1,346 98 99 Nevada 33,488 35,559 25,385 27,095 8,103 8,464 34,658 37,322 33 35 Pacific- Washington ._ 438,168 442,189 259, 550 275,006 178, 618 167,183 432,720 440,315 2,766 2,826 323 330 Oregon.. _. 233,124 238,651 116,462 126, 789 116,662 Ul,862 236, 845 249, 551 2,734 1,853 219 225 California 3,316, 686 3, 284, 907 2,203, 555 2,292, 526 1,113, i3l 992, 381 3, i84, 534 3, 291,413 43,242 21,153 420 421 Total 55,923,98356,208, 652 36,813,46838,134,88119,110,51518,073,77151,427,08753,038, 688 523, 647 623,983 22, 372 22, 769 1 Includes all National and State banks and all private banks under State supervision. Figures for State institutions are taken from p. 432 and represent in some cases the condition of banks as of dates other than Mar. 25, 1931, and Dec. 31, 1930. Back figures.—See BULLETIN for January, 1931, October, 1930, and July, 1930; also Tables 91-93, Annual Report of Federal Reserve Board, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1931 FEDERAL RESERVE BULLETIN 431 NATIONAL BANKS -PRINCIPAL RESOURCES AND LIABILITIES ON MARCH 25, 1931, AND DECEM- BER 31, 1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts Number of of interbank and bills reporting State Total Loa o n v s e r ( d i r n a c f l t u s d ) ing Investments deposits payable banks March De b c e e r m- March De b c e e r m- March De b c e e r m- March De b c e e r m- March De b c e e r m- March De b c e e r m- New England: Maine 138,628 138,934 73,897 74,517 64,731 64, 417 128,400 128,950 52 52 New Hampshire 71,390 71,679 42,360 43,550 29,030 28,129 5°, 176 61,643 2,068 1,645 55 56 Vermont _._ 65,471 67,251 36,662 37,790 28,809 29,461 56,590 58,102 1,'" 1,436 45 45 M assachusetts 1,344,292 1,347,501 946,316 987,699 397,976 359.802 1,222,583 1,245,178 7,206 149 150 Rhode Island 54,909 53,920 33,666 33,227 21,243 20,693 42,113 43,300 6,026 250 10 10 Mid C dl o e n A ne t c la ti n c t u ic t : 251,770 250,422 179,162 181,501 72,608 68,921 228,449 231,591 2 1 , , 5 1 0 50 6 5,344 61 61 New York 5,053,735 5,160,852 3,276,062 3,472,603 1,777,673 1,688,249 4,222,243 4,704,013 17,858 34,034 549 553 New Jersey 844,369 848,224 513,171 523,909 331,198 324,315 820,169 835,272 15,418 13,432 295 295 Pennsylvania 2,680,002 2,618,024 1,497,314 1,558,608 1,182,688 1,059,416 2,212,034 2,200,567 22,800 43,879 823 831 East North Central: Ohio 648,826 665,083 438,552 461,959 210,274 203,124 605,846 618,270 8,202 17,944 294 304 Indiana __ 332,452 340,803 219,326 229,710 113,126 111,093 314,016 332,445 4,607 3,704 194 200 Illinois 1,244,488 1,232,750 791,485 832,832 453,003 399,91.8 1,137,254 1,205,723 8,650 8,070 434 444 Michigan 513,105 494,390 345,615 351,184 167,490 143,206 504,263 490,294 2,363 4,056 126 125 Wisconsin 431,780 424,019 281,712 287,957 150,068 136, 062 409,618 392,370 1,57 6,470 152 152 West North Central: Minnesota 510,630 503,982, 309,194 305,353 201,436 198,629 498,811 504, 603 619 872 251 258 Iowa 240.875 239,047 150,272 149,977 90,603 89,070 236,920 237,679 1,465 2,116 222 223 Missouri 410,591 417,622 267,194 288,717 143,397 128,905 379,318 379,824 2,207 2,321 119 122 North Dakota 63, 527 64,511 38,990 39,822 24,537 24,689 67,387 66,947 767 867 104 107 South Dakota 58,943 59,524 33,756 35,231 25,187 24,293 58,695 60,336 1,167 1,258 92 92 Nebraska 191,996 190,985 124,116 126,735 67,880 64,250 179,869 182,924 3,216 4,865 167 167 Kansas 166,546 177,522 104,203 115,332 62,343 62.190 166,191 182,657 1,817 3,061 241 244 South Atlantic: Delaware _. 20,617 21,159 11,634 11,907 9,252 16,626 17,253 395 528 16 16 Maryland 182,455 182,993 106,766 109,235 75,689 73,758 157,313 163,374 1,393 2,767 73 73 District of Columbia... 133,213 133,272 84,062 89,359 49,151 43,913 143,414 138,053 10 1, 549 12 12 Virginia 287, 611 294,117 223,663 234,903 63,948 59,214 259, 555 259,151 5,693 8,725 154 155 West Virginia 149,065 156,517 111,096 118,228 37,969 38,289 135, 671 137,509 4,741 9,623 108 111 North Carolina 88,900 86,658 69,630 69,401 19,270 17,25' 78,662 77,285 4,594 6,157 58 56 South Carolina 60,482 63,073 42,243 45,281 18,239 17,792 58,170 63,323 503 238 32 34 Georgia 202, ~ ~ 193,619 1*2,926 147,795 59,767 45,824 194,853 192,055 1,471 1,447 68 71 Florida _ . 140,328 133,670 54, 549 58,479 85,779 75.191 161,513 145,761 689 1,977 52 53 East South Central: Kentucky ___ 192,402 185,859 140,206 138, 530 52,196 47, 329 177, 23S 175,361 3,431 4,765 124 126 Tennessee 214, 526 224,127 171, 360 181, 649 43,166 42,478 195,153 196, 660 4,613 10,799 93 94 Alabama 160, 648 170, 552 115, 791 127,131 44,857 43, 421 145, 925 155,738 3,668 4,072 94 97 Mississippi _ 50, 521 61, 679 35, 015 45,104 15, 506 16, 575 51,78J 60, 726 1, 599 3,704 28 31 West South Central: Arkansas 52, 347 54, 280 32,462 35,407 19, 885 18, 873 51, 005 52, 506 1,173 1, 652 54 54 Louisiana 97, 797 97, 258 75,110 79, 514 2*, 687 17,744 86, 965 85, 670 1,634 2,948 30 30 Oklahoma 282.876 299, 034 173, 724 187,456 109,152 111, 578 290, 762 303,181 2,354 7,212 262 268 Texas 714,986 705, 757 498, 602 518, 954 216, 384 186.803 706,195 702,080 7,641 5,074 545 560 Mountain: Montana 66, 569 70, 036 32, 667 36,199 33, 902 33,837 70, 211 77,134 421 368 59 59 Idaho _ _ 30,480 33,100 19, 732 21, 295 10, 748 11,805 32, 724 36,150 293 244 40 41 Wyoming _ 30, 219 29,458 19, 531 18, 937 10,688 10, 521 30, 909 32, 573 339 60 25 25 Colorado 193, 26C 198, 238 106,858 109, 793 86,402 88,445 213,698 219, 619 1,320 875 113 116 New Mexico 25,471 Zb, 656 14, 895 ±5,247 10, 576 10,409 27,461 29, 586 483 94 s£ 27 Arizona __ 21, 357 26,270 10,927 12, 263 10,430 14,007 24,913 28, 558 70 158 12 13 Utah 42, 577 44, 232 25, 582 28, 023 16, 995 16, 209 38, 655 41, 331 82 70 17 17 Nevada.. _ 15,997 16, 65. 10,184 10, 781 5,813 5,870 15,021 15, 929 10 10 Pacific: Washington 256, 237 252,432 13S, . 148, 2iO 118,116 104, 222 246, 659 246,793 831 943 102 103 Oregon - 173,128 175,016 79,193 86,917 93, 935 88,099 174, 625 182, 294 1, 586 1,024 92 93 California. 2,151,392 2,123,879 1,457,156 1, 522, 551 694,236 601, 3282, 035, 5312,139, 278 36,923 13, 895 196 197 Total _ 21,356,479 21,425, 637 13, 706, 710 14, 346, 762 76,496,9 7 7,078, 875 19,371,15320,137,619 194,466 255,606 6,930 i Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN JULY, 1931 STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON MARCH 25, 1931, AND DECEMBER 31, 1930, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts Number of of interbank de- and bills reporting posits payable banks Total Loans Investments State March De b c e e r m- March De b c e e r m- March De b c e e r m- March De b c e e r m- March De b c e e r m- March De b c e e r m- New England: Maine 290,952 291,420 152, 784 154, 269 138,168 137,151 271,158 271, 258 3,253 4,953 76 76 New Hampshire 224,110 224,110 104,232 104,232 119,878 119,878 208,292 208,292 595 595 65 65 Vermont 167,129 169,492 109,099 111, 164 58,030 58,328 163, 262 168,754 3,332 3,106 56 57 M assachusetts 2,889,809 2,889, 579 1, 881, 7411,895, 6921, 008,068 2, 694,9652, 711,987 7,259 6,594 295 295 Rhode Island 480, 246 482, 713 245,093 253,352 235,153 229,361 471, 236 463,410 203 9 25 25 Connecticut 1,085, 7711,075,937 601, 7^ 601, 866 484,194 474,071 1,009,302 1,003,902 5,756 7,830 171 170 Middle Atlantic: New York 11,949,281.1,884,751 8,172, 6018,322, 6443, 776, 6803,562,107.0, 693,41111L, 031, 896 35, 706 44, 506 544 546 New Jersey 1,470,673 1, 501, 527 938,860 969,916 531,813 531,611 1,390,691 1,444,124 23,172 23,127 257 261 Pennsylvania 3,072,164 3,040, 619 1, 673,1791, 724, 0181,398, 9851,316, 6012,629,817 2,627, 694 46, 730 64,461 65; 670 East North Central: Ohio 1, 855, 6751,878, 725 1, 397, 6911,442, 550 457,984 436,175 1, 779,0271,829,444 2 28,046 2 34, 030 64; 661 Indiana 391,045 331,045 300,064 300, 064 90,981 90,981 398, 618 398,618 10, 218 10,218 673 673 Illinois 2,347,041 2, 470, 861 1, 590,8961, 752, 248 756,145 718,613 2,091,61' 2,315, 755 13, 703 14,837 1,115 1,145 Michigan 1, 374, 3951,403,053 1, 003,3371, 034,820 371,058 368, 224 1, 296, 8271, 330, 756 31, 753 20,948 576 597 Wisconsin 461, 009 465,130 313,723 319,966 147,286 145,164 466, 760 466,423 6,446 9,278 779 779 West North Central: Minnesota 350,166 357, 863 197, 741 204, 638 152,425 153, 225 362,366 367,464 3,729 4,057 706 734 Iowa 458, 544 468, 582 445,086 455,04 13,458 13, 541 3 489, 660 3 501, 94] 7,286 6,893 906 92a Missouri 701, T 441, 469 479, 325 251,138 222,449 3 745, 779 3 748, 892 6,915 10,071 983 1,024 North Dakota 28, 542 28, 542 24, 864 24, 864 3,678 3, 678 31, 4 31, 049 522 522 214 214 South Dakota 51, 349 53,999 39, 801 42, 53: 11,548 11,468 55, 372 58, 052 1,063 952 23; 236 Nebraska 120, 060 128, 916 94, 80: 102, 70: 25, 259 26, 215 132, 60: 138,106 2,644 4,066 570 580 Kansas. 160,185 174,51 125, 27' 137, 028 34,908 37,483 3 169, 4183 176, 869 3,446 6,109 753 South Atlantic: D elaware 143, 652 143, 771 94, 494 98, 03i 49,158 45, 743 121, 771 124, 573 1,466 1,184 32 32 Maryland. 641, 741 641, 741 370,850 370, 85C 270,891 270, 891 614, 719 614, 71i> 8,193 8,193 148 148 District of Columbia__. 115, 716 114,49 77,433 78, 268 38, 283 36,223 118,780 112, 590 34^ 679 27 27 Virginia 208, 707 214,288 173, 588 178, 634 35,119 35,654 174,125 179,932 7,268 8,924 285 294 West Virginia 153, r • 162,437 124,04i 134, 898 29,129 27,539 146,489 150, 650 4,621 6,197 162 169 North Carolina 200, 350 191,424 158,918 157, 501 41,432 33,915 193, 97r 197, J31 4,900 5, 05<J 276 262; South Carolina 84, 334 78, 368 55, 57: 56, 048 28,763 22,320 88,688 93, 840 1, 094 834 114 126 Georgia 95, 018 105,98i 82, 538 92,894 12,480 13,092 88, 388 97,036 3,9'J2 4,528 278 294 Florida.- 58, 027 58,434 32,432 34,401 25, 595 24,033 65, 234 62,421' 1,027 1,719 150 148 East South Central: Kentucky 272, 611 272,61: 220, 72i 220, 726 51, 885 51,885 210, 914 210, 914 7,553 7,553 393 Tennessee 144, 241 144, 24: 124,80< 124,806 19,435 19,435 3 142, 231 3 142, 231 10,12" 10,127 356 356 Alabama 65, 276 75,848 56, 930 66, 495 8,346 9, 353 2 63, 950 3 71,473 3,958 4,372 195 218 Mississippi 93, 721 94, 20£ 67, 888 69, 798 25,833 24,407 102, 590 101, 933 3,162 3,969 209 218 West South Central: Arkansas 77,457 76, 64: 66,455 66,426 11,002 10,215 79, 277 76, 893 4,166 4,846 265 250 Louisiana 283, 664 287, 52: 213, 526 221,133 70,138 66, 388 277, 218 297, 631 6,580 5,824 182 183 Oklahoma 59,480 60, 578 37, 203 22, 277 22,141 62, 260 65, 294 2,126 1,483 293 301 Texas 198, 531 202, 754 155, 074 ] 58, 55< 43,457 44,195 210, 868 219,152 3, 251 2,478 655 Mountain: Montana- _. 55, 599 57, 50C 31, 749 32, 861 23, 850 24, 631 57, 63, 094 550 345 115 I W da T h y o oming 3 21 8 , , 4 08 0 4 2 4 2 0 2 , , 4 27 9 < C J 2 1 2 6 , , 0 7 5 6 6 8 2 17 3 , , 1 3 9 9 1 C 1 4 6, , 6 0 3 2 4 8 1 4 7, , 8 3 8 0 9 5 3 2 4 2 2 , , 9 5 2 0 8 ] 3 2 4 5 7 , , 7 0 1 9 2 6 6 1 6 9 2 6 3 1 2 5 4 8 57 9 5 5 8 Colorado 51,172 56, 25: 33,832 39, 23f 17,339 17,014 57,000 62, 859 541 643 139 150 New Mexico 9,863 10, 47: 6,64, 7, 09] 3,218 3,382 10, 210 11,333 153 27 27 Arizona 42, 601 43,19C 26, 079 26, 45$ 16, 522 16, 732 3 48, 916 3 50, 31(] 4 417 4 377 27 28 Utah 107, 617 111, 007 82, 936 88, 07i 24,681 22, 932 86,812 92, 445 1,481 1,276 81 82 Nevada.. 17,491 18, 908 15, 20: 16,3L 2,290 2,594 19, 637 21, 393 25 Pacific: Washington 181,93: 189, 75; 121, 42? 126,796 60, 502 62,961 186, 061 193, 522 1, 1,883 22 227 Oregon 59,996 63, 63, 37, 265 39, 872 22, 72r 23, 763 62, 220 67, 25' 1,148 826 127 132 California 1,165, 2941,161,028 746, 39i 769,97i 418, 89£ 391,053 1,149,003 1 152 13 6,319 7, 258 22' 224 Total. 34, 567, 504 34, 783, 015 23,106, 758 23, 788,119 11, 460, 746 10,994, 89 632, 055, 93 432, 901, 06 9329,181 368, 377 15,442 15, 736 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. 2 Includes bonds borrowed. ' Includes due to banks. 4 Includes miscellaneous liabilities. NOTE.—All figures in the March columns are as of Alar. 25, except as follows: Maine, Mar. 28; New Hampshire, June 30, 1930; Massachusetts, savings banks, Oct. 31; Rhode Island, State banks, Apr. 30, savings banks, Dec. 31; Connecticut, savings banks, Mar. 31; New York, savings banks, Dec 31; Indiana, Dec. 31; Missouri, Apr. 24; North Dakota, Dec. 31; Nebraska, Apr. 11; Kansas, Mar. 21; Maryland, Dec. 31; Kentucky, June 30- 1930, as adjusted for suspensions and for consolidations with national banks during the last half of 1930; Tennessee, Dec. 31; Texas, Mar. 27; Colo, rado, Feb. 28. All figures in the December columns are as of Dec. 31, except as follows: Maine, Dec. 27; New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Dec. 10; Kansas, Dec. 26; Kentucky, June 30,1930, as adjusted for suspensions and for consolidations with national banks during the last half of 1930; Alabama, Nov. 20; Oklahoma, Dec. 30; Colorado, Nov. 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Pase Page Federal reserve bank buying rates on 364 Earnings and expenses of member banks. 357, 424-429 Held by Federal reserve banks 363, 419, 420 Elements analysis 362,363,421 Held by group of accepting banks 366 Employment in manufacturing industiies 369, 371 Held by member banks 365 Exports, merchandise 372 Open-market rates on 364 Factors: In foreign countries 408 Of decrease in reserve bank credit outstand- Outstanding 366 ing 363 Agriculture. (See Farm products; Deposits of Of increase in reserve bank credit outstandmember banks in smaller centers.) ing 363 All banks in the United States. (See Deposits; Factory employment and pay rolls 369, 371 Loans, etc.) Failures. (See Bank suspensions; Commercial Annual report of the Bank for International failures.) Settlements 374-379 Farm products, prices of 373, 410 Annual reports of central banks: Federal reserve bank buying rates on accept- Egypt 390 ances 364 Estonia 389 Federal reserve bank credit and factors in Greece 386 changes 362, 363 Japan 384 Federal reserve bank reserves, deposits, note Yugoslavia 380 circulation, and reserve percentages 411 Balance sheets: Federal reserve discount rates 364, 417 Bank for International Settlements 379, 403 Federal reserve notes 411, 419, 420, 421 Federal reserve banks 419, 420 Float, reserve bank 363, 420 Foreign central banks 383, 385, 388, 390, 404 Foreign countries: Bank debits 418 Annual reports— Bankers' balances 412, 416 Bank of Egypt 390 Bank suspensions 367, 414, 422, 423 Bank of Estonia 389 Bills bought, holdings of Federal reserve banks. Bank of Greece 386 (See Acceptances.) Bank of Japan 384 Bills discounted, holdings of Federal reserve Bank of Yugoslavia 380 banks 363, 419, 420 Balance sheets of central banks 383, Bills payable, etc., of nonmember banks 421 385, 388, 390, 400 Brokers' borrowings 366 Discount rates of central banks 408 Brokers' loans 366 Exchange rates 402 Building contracts, revised index 358-360 Gold reserves 392-400 Building statistics 369, 372, 418 Gold movements 401 Business conditions, national summary of 361 Government note issues and reserves 407 Business failures 418 Money rates 408 Capital issues, domestic and foreign 368 Security prices 409 Charts: Statistics of central banks 404-406 Building contracts 358, 359 Statistics of commercial banks 407 Reserve bank credit and factors in changes, 362 Wholesale prices 410 (See also Review of month.) Freight-car loadings 369, 372 Commercial failures 418 Gold: Commercial paper outstanding 366 Analysis of changes in stock of United Condition statements. (See Balance sheets; also States 363 Deposits; Elements analysis; Loans, etc.) Circulation 421 Currency reform in Yugoslavia 380 Earmarked 363 Debits to individual accounts. (See Bank Exports and imports 363 debits.) At New York 363 Department stores, indexes of sales and stocks-_ 372 Elsewhere 363 Deposits: Movements 353, 363, 401 All banks in the United States,. 365, 415, 430-432 Production 363 All member banks 365, 411, 412 Reserves of foreign countries 392-400 Central banks in foreign countries 404—406 Stock of United States 362, 363, 421 Commercial banks in foreign countries 407 (See also Review of month.) Federal reserve banks 410 Imports, merchandise 372 Member banks in larger and smaller cen- Indebtedness of member banks at Federal reters 412 serve banks 365, 411 Reporting member banks 416 Indebtedness of nonmember banks 421 Discount rates: Index numbers of Federal Reserve Board 369-371 Central banks in foreign countries 356, 408 Industrial production, index of 369, 370 Federal reserve banks 364, 417 Interbank loans: Discounts, holdings of Federal reserve banks. Rates on 417 (See Bill discounted.) Volume of 367, 412, 421 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN JULY, 1931 Interest rates. (See Money rates.) Pago Loans and investments: Nonmember deposits, etc., of Federal reserve All banks in the United States,_ 365, 415, 430-432 banks 363 All member banks 314, 365 "Other" reserve bank credit 363, 419 Central banks in foreign countries 404-406 " Other securities" held by Federal reserve Commercial banks in foreign countries 407 banks 363, 419 Member banks in reserve cities 421 Par list, number of banks on 421 Member banks outside reserve cities 421 Par of exchange for 44 countries 402 Nonmember banks 421 Pay rolls in manufacturing industries, index of _ 369, 371 Reporting member banks in leading cities. _ 416 Prices of commodities (wholesale), indexes of: (See also Balance sheets.) Foreign countries, all commodities 410 Manufacturing industries: Foreign countries, groups of commodities __ 410 Index of employment 369, 371 United States, all commodities 369 Index of pay rolls 369, 371 United States, groups of commodities 373, 410 Index of production 369, 370 Prices of securities, indexes of 368, 409 Maturity distribution of bills and short-term Production: securities 421 Industrial, index of 369, 370 Member bank borrowings at Federal reserve Manufactures 369, 370 banks (see also Bills discounted) 364 Minerals 369, 370 Member bank reserve balances. 362, 363, 411, 419, 420 Reporting member banks: Member banks. (See Deposits, Loans, etc.) Borrowing at Federal reserve banks 364, 366, 416 Membership in par collection system 421 Loans and investments 366,416 Minerals, index of production 369, 370 Due to banks 416 Monetary gold stock of the United States 362, 363 Reserve bank credit outstanding and factors in Monetary units of 44 countries 402 changes 362, 363, 421 Money in circulation: Reserve bank float 363, 420 By kinds 421 Reserve ratios of Federal reserve banks 411 Chart showing 362 Reserves: Coin, notes, etc 421 Federal reserve banks 411, 419, 420 End of month 421 Member banks 411, 419, 420 Monthly averages of daily figures 363 Central banks in foreign countries 404-406 Wednesday series 421 Gold, of foreign countries 392-400 Weekly averages of daily figures 362, 363 Review of the month—Gold and currency move- Money rates: ments 363 Acceptances, New York City 364 Security prices, indexes of 368, 409 Acceptances, foreign countries 408 Silver, price of 402 Call loans, New York City 364 Stocks. (See Security prices; Capital issues.) Call loans, England, Germany, Japan 408 Stocks at department stores, index of 372 Charged customers by banks in principal Time deposits of member banks 365, 412, 416 cities 364 Treasury currency (adj usted) 363 New York City 364 Unexpended capital funds of Federal reserve Other northern and eastern cities 364 banks 363 Southern and western cities 364 United States securities, holding of Federal Commercial paper 364 reserve banks 363, 419, 420 Interbank loans 417 United States Treasury notes and certificates, Open market 364 yield on 364 Time loans 364 United States Treasury bonds, yield on 364 National summary of business conditions 361 Wholesale prices. (See Prices.) Nonmember banks. (See Deposits, Indebtedness, Loans, etc.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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