Federal Reserve Bulletin, 1931-09
FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON The Banking Situation Annual Reports of Central Banks: Bulgaria, Rumania 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 Directory Division of Research Chief Division of Examination, and Chief Federal and Statistics. f Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) HERBERT K. HALLETT. District No. 2 (NEW YORK) R. H. TREMAN. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) J. A. HOUSE. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) JOHN K. OTTLEY. District No. 7 (CHICAGO) MELVIN A. TRAYLOR. District No. 8 (ST. LOUIS) W. W. SMITH, Vice Presidents District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNEY, Presidents District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f s - erve Bank Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss... Roy A. Young W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.* A. W. Gilbart J. W. Jones.J E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan Sproul.1 L. F. Sailer Philadelphia R. L.Austin Geo. W. Norris Wm. H. Hutt 0. A. Mcllhenny. W. G. McCreedy.a Cleveland George DeCamp E. R. Fancher ... . M. J. Fleming H. F. Strater. Frank J. Zurlinden Richmond Wm. W. H«xton. _ 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 II. Blair D. A. Jones.i J. H. Dillard 0. J. Nettcrstrom.i E. A. Delaney.* St. Louis._ John S. Wood Wm. McC. Martin... 0. M. Attebery S. F. Gilmore.a A, H. HailU F. N. Hall.* G. 0. Hollocher.* C. A. Schaeht.i Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemor. H. I. 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. TaJley R. R. Gilbert Fred Harris. R. B. Coleman W. 0. Ford.i San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk » Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch. C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch... Hugh Leach. El Paso branch J. L. Hermann. Atlanta: Houston branch... W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch Hugh Foster. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloc. Memphis branch. _. W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico*, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—The banking situation 495 Increase in reserve bank credit—Excess reserves and free gold—Reserve position of member banks— Member bank investments. Changes in foreign central bank discount rates _ 498, 527 Condition of all member banks on June 30, 1931 (from Member Bank Call Report No. 52) 546, 547 Annual report of the National Bank of Bulgaria „ 513 Annual report of the National Bank of Rumania 516 National summary of business conditions 499 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 500, 501 Analysis of changes in monetary gold stock, gold movements 501 Member bank borrowings at Federal reserve banks * 502 Discount rates and money rates 502 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 503 Bank suspensions 505 Number of banks, banking offices, banks operating branches 505 All member banks— Loans and investments, deposits, reserve position 503 Loans to banks 505 Loans to customers, open-market loans and investments 503, 545 Holdings of eligible assets (Government securities and eligible paper) 505 Weekly reporting member banks in leading cities 504, 534 Bankers' acceptances, commercial paper, brokers' loans 504 Security prices, security issues, and security loans 506 Production, employment, car loadings, and commodity prices 507 Industrial production 508, 509 Factory employment and pay rolls 510 Building contracts awarded, by types of building 511 Merchandise exports and imports 511 Department stores—Indexes of sales and stocks 511 Freight-car loadings, by classes 511 Wholesale prices, by groups of commodities 512 Financial statistics for foreign countries: Gold reserves of central banks and governments 520 Gold movements 521 Foreign exchange rates 522 Bank for International Settlements 522 Central banks 523-525 Government note issues and reserves 526 Commercial banks 526 Discount rates of central banks 527 Money rates 527 Price movements: Security prices 528 Wholesale prices 529 Retail food prices and cost of living 529 Banking and business conditions in Federal reserve districts 530-537 Law department: Eligibility for rediscount of a veteran's note on which the veteran has waived notice of transfer 538 Reserves against deposits received by member banks in connection with certain "personal loans"__ 538 Detailed Federal reserve statistics, etc 539-545 Index 548-549 T IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 17 SEPTEMBER, 1931 No. 9 REVIEW OF THE MONTH increased by $40,000,000 during August and was early in September at the highest point Reserve-bank credit outstanding increased ever reached—$5,000,000,000. Of the gold in August by about $240,000,000 and amounted imports in August $25,000,000 was received at the end of the month to from Japan and most of the remainder from Increase in re- $1 200,000,000. This addi- Latin America. The course of reserve-bank serve bank ' ' ' credit and related items during the month is credit tional demand ior reserve-bank brought out in detail in the table. credit was caused in part by For more than two years, as a consequence of continued transfers of funds by foreign correthe increase in the gold reserves without a corspondents of the reserve banks from the responding growth in either acceptance market to balances with the reserve andefreeegSoTdVeS note or deposit liabilities, the banks, and in part by an increase of money in reserve ratio of the reserve circulation, which during August was larger banks has been at a very high level. For the by $100,000,000 than is usual at this season. month of August it averaged 81.4 per cent, and In meeting this increased demand for reservethe amount of gold held by the reserve banks bank credit the Federal reserve banks purin excess of the required 40 per cent against chased $115,000,000 of acceptances and $50,notes and 35 per cent against deposits was 000,000 of United States Government securiabout $2,000,000,000. This volume of excess ties and made additional loans of $55,000,000 reserves is about $400,000,000 larger than two to member banks. At the end of August years ago. Notwithstanding this increase in Government security holdings of the reserve gold and some decrease in Federal reserve note banks at $728,000,000 were close to the largest circulation, the amount of so-called free gold at volume on record, while discounts for member the reserve banks was about $350,000,000 less banks, although somewhat larger than earlier than two years ago. The free gold comprises in the summer, were still at a low level. The the gold held by the reserve banks above the monetary gold stock of the United States, amount required as 35 per cent reserve against which had increased very rapidly in June and deposits plus the amount that is pledged with remained practically unchanged during July, the Federal reserve agent as collateral against RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES Federal reserve notes and a 5 per cent gold [Weekly averages of daily figures. In millions of dollars] redemption fund that must be carried with the Treasurer of the United States against the part Week I Week ending | ending of the notes that is not covered by gold. Aug. 1, ! Aug. 29, Change 1931 1931 Under the law the Federal reserve banks are "I" obliged to pledge with the Federal reserve agent Bills discounted j 185 241 i +56 eligible paper or gold up to the full amount of Bills bought j 66 181 i +115 United States securities '• G78 728 ! +50 notes issued by the agent to the reserve bank, Other reserve bank credit | 24 44 | +20 including notes held by the Federal reserve Total reserve bank credit j 953 1,194 j +241 Monetary gold stock I 4, 951 4,991 ! +40 banks themselves as well as notes in actual cir- Treasury currency adjusted __j 1, 788 1,729 ! -59 culation. The reason that the amount of free Money in circulation __ 4,812 5,013 +201 Member bank reserve balances I 2,388 2,336 -52 gold is smaller now than it was two years ago, Nonmember deposits—total \ 123 200 +77 Foreign j 96 176 +80 notwithstanding the growth in reserves and the Other ; 27 24 -3 Unexpended capital funds I 369 365 A decrease in notes in circulation, is that eligible 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
496 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 paper, consisting of discounts and acceptances, excess of their over-the-counter requirements, diminished by more than $900,000,000 during the amount was approximately $1,000,000,000. the period. The reserve balances of the member banks The chart shows changes in excess reserves continued in August to be larger than these of the Federal reserve banks and in free gold banks are required to hold by for a period of years and indicates that at a Reserve posi- i d ^ lume of their aw an t e vo time of active business, such as 1928 and 1929, tion of member , ., when borrowings at the reserve banks are banks excess reserves, while not so large, there is an abundance of eligible paper, large as in June and July when they approximated $120,000,000, were close to the $100,000,000 level and w^ere larger than at the same season in 1930 or 1929. This fact is indicated by the chart, which shows the excess reserves of the member banks for the period MILLIONS OF DOLLARS MILLIONS Of DOLLARS EXCESS RESERVES Of MEMBER BANKS 200 200 1925 1926 1927 1928 1929 1930 1931 Monthly average of daily figures; latest figures are for August 20 and the amount of gold that has to be pledged with the Federal reserve agent is relatively small, leaving a considerable volume of free 1929 1930 1931 Monthly averages of daily figures; latest figures are for July gold. At a time like the present, when the volume of borrowings at the reserve banks is since the beginning of 1929, with separate at a low level and the portfolio of the reserve curves for banks in New York City, in other banks consists to an unusually large extent of reserve cities, and elsewhere. The chart shows Government securities, the major part of the that since the autumn of 1929 there has been collateral back of the Federal reserve notes has an irregular growth in the volume of excess reto be held in gold, with the consequence that serves at all three classes of banks, with minithe amount of free gold available is consider- mum figures in 1931 at about $60,000,000 inably smaller than at a time of active business. stead of the minimum of about $35,000,000 Nevertheless, during the month of August the that prevailed in certain months of 1929. volume of free gold of the reserve banks aver- This growth reflects in part the fact that since aged $700,000,000, and when allowance is 1929 many of the member banks then borrowmade for notes held by the reserve banks in ing at the reserve banks have been able to get Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 497 completely out of debt and consequently can INVESTMENTS OF MEMBER BANKS ON JUNE 29, 1929, AND JUNE 30, 1931 not use surplus funds to retire rediscounts. It may also reflect a disposition on the part of [Amounts in millions of dollars] banks to maintain a stronger cash position at a time when banking disturbances have been re- Amount Per t c r e ib n u ta t g io e n liscurring at intervals in different parts of the country. In addition to their reserve balances 1929 1931 1929 i 1931 and their vault cash, the member banks at the Total investments.. 10,052 12,106 100.0 100.0 present time hold a large amount of assets, United States Government securicarrying low rates of interest but available as ties—total 4,155 5,343 38.9 44.1 a basis for obtaining credit at the reserve Other domestic securities—total 5,263 6,121 54.5 50.6 State, county, and municipal banks. These assets include about $5,000,000,- bonds.._ 1,144 1,535 11.8 12.7 Railroad bonds 832 1,016 8.4 000 of United States Government securities— Other public service corporation bonds 932 1,116 10.0 9.2 some of which are yielding less than one-half All other bonds __. 1,317 1. 266 12.8 10.5 Stock of Federal reserve banks... 158 165 1.6 1.4 of 1 per cent—and more than $3,000,000,000 Stock of other corporations. 469 587 5.4 4.8 Collateral trust and other corpoof loans eligible for rediscount, including more ration notes 169 227 1.7 1.9 Municipal warrants.__ — 151 166 1.6 1.4 than $500,000,000 of bankers7 acceptances of Allother 90 43 I .7 .4 which the larger part are yielding less than Foreign securities—total 635 642 I 6.6 5.3 Government bonds 309 319 3.3 2.6 1 per cent. Other foreign securities.. 326 323 3.3 2.7 A more detailed classification of investments of all member banks has recently become Member bank investments increased during available for the end of June. the two years by $2,060,000,000, reflecting For the year ending at that increases of about $1,190,000,000 in United time the member banks showed States Government securities, $860,000,000 in a growth of $1,280,000,000 in United States other domestic securities, and $7,000,000 in Government securities, of which $700,000,000 foreign securities. The classes of securities to was in Government bonds and $580,000,000 in show a decrease for the 2-year period were short-term Government obligations, and a industrial bonds, which declined by $51,000,growth of $380,000,000 in other securities. 000, miscellaneous securities, which declined Among the different classes of domestic secu- from $90,000,000 to $43,000,000, and foreign rities, other than United States Government securities other than Government bonds, wThich securities, there were increases of $300,000,000 declined by $3,000,000 to the level of $323,000,in State, county, and municipal bonds, 000. The proportion of total member bank $100,000,000 in railroad bonds, and $70,000,000 investments represented by United States in other public service corporation bonds, while Government securities increased from 38.9 per holdings of miscellaneous bonds decreased by cent in 1929 to 44.1 per cent in 1931, that of $75,000,000. Holdings of foreign securities State, county, and municipal bonds from 11.8 decreased by $47,000,000 to the level of $642,- per cent to 12.7 per cent, and that of corpora- 000,000. tion notes from 1.7 per cent to 1.9 per cent. The following table shows the composition All other classes of security holdings, although of the investment holdings of the member in most cases increasing in absolute amount banks at the end of June, 1931, in comparison during the two years, showed some decrease in with the corresponding figures for June, 1929: relative importance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
498 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 Condition of All Member Banks on June 30, 1931 Central Bank of Chile—August 25, from 9 to 7 per cent. Detailed figures of condition of all member National Bank of Czechoslovakia—August 5, from 4 to 5 per cent. banks on June 30, including the detailed Bank of Danzig—August 10, from 10 to 7 per cent; classification of loans, are given in this issue of September 1, from 7 to 6 per cent. Bank of Estonia—September 1, from 7 to 6}i per the BULLETIN, and in greater detail by States, cent. cities, and class of bank in Member Bank Call German Reichsbank—August 12, from 15 to 10 per cent. Report No. 52. Imperial Bank of India—August 6, from 6 to 7 per cent. Bank of Portugal—August 10, from 7% to 7 per Changes in Foreign Central Bank Discount Rates cent. The following changes have been reported in the discount rates of central banks in foreign countries: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 499 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 24 and released for publication August 26] Industrial production and factory employ- was estimated by the Department of Agriculment declined by somewhat more than the ture to be about 15,584,000 bales, an increase of usual seasonal amount in July, while the general 1,600,000 bales over last year. level of commodity prices remained unchanged. Distribution.—Freight-car loadings increased Conditions in the money market continued by slightly less than the usual seasonal amount easy. in July, and department-store sales, which Production and employment.—Indus trial pro- ordinarily decline sharply at this season, apparduction, as measured by the board's index, ently decreased somewhat more than usual. which is adjusted to allow for the usual sea- Wholesale prices.—The general level of sonal variations, declined 1 per cent further in wholesale prices in July continued at 70 per cent July to 83 per cent of the 1923-1925 average, of the 1926 average, according to the index of compared with the low point of 82 for last the Bureau of Labor Statistics. Increases were December and the year's high point of 90 in reported in the prices of livestock and meats, April. Output of iron and steel, automobiles, while prices of building materials and of grains, lumber, and copper decreased further, while particularly wheat, declined. During July and activity at textile mills and shoe factories was the first half of August prices of cotton and maintained at a high level. cotton textiles declined sharply, while prices of Factory employment and pay rolls declined dairy products increased. by somewhat more than the seasonal amount Bank credit.—Loans and investments of from the middle of June to the middle of July. reporting member banks in leading cities de- Large decreases in employment were reported clined by about $340,000,000 between July 15 at car-building shops and machinery and auto- and August 12, reflecting chiefly further liquidamobile factories, and at lumber mills. In the tion of loans on securities and a decrease in all textile industries as a whole employment other loans, which was partly a consequence of decreased somewhat less than is usual in July; sales of acceptances to the reserve banks. The and there were increases in employment in the volume of the member banks' investments also woolen goods and men's clothing industries. showed a slight decline for the period. Figures on the value of building contracts At the reserve banks there was an increase awarded during July and the first half of Au- in the total volume of credit of $190,000,000 gust, as reported by the F. W. Dodge Corpora- between July 15 and August 19. Demand for tion, show a continuation of the downward reserve bank credit during this period increased movement of recent months. as a result of an outflow of $144,000,000 of cur- Department of Agriculture estimates, based rency, which was larger than is usual at this on August 1 conditions, indicated an unusually season, and further transfers of foreign funds large crop of winter wheat, an exceptionally from the open market into balances at the small yield of spring wheat, and a total wheat reserve banks. This demand for reserve-bank crop of 894,000,000 bushels—72,000,000 bushels credit was met by the reserve banks for the larger than the 5-year average. The corn crop most part through the purchase of bills and was estimated at 2,775,000,000 bushels, about United States Government securities in the the usual size and 700,000,000 bushels larger open market, but also through increased disthan last year's small crop. In spite of a 10 counts for member banks. per cent reduction in acreage, the cotton crop Money rates remained at low levels. 73809—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
500 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1927 1928 1929 1950 1931 Based on weekly averages of daily figures; latest figures are for we^k ending August 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 501 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 i Factors of decrease Factors of increase Month or week : ! B c i o l u ls n d te i d s- bo B u il g ls ht se U S cu n ta r i t t i e e ti s d e s: j r O e b s a t e h n r e k v r e Total s g to ol c d k cur ( r a e d n - cy i M n l a c o ti i n o r e c n y u- M re b e s a m e n r b k v e e r ; ' i d m e N e p m o o s n b i - t e s r , p c U e a n p n d i e t e x a d - l 'i credit 1 justed) balances i etc. funds 1930—April 231 530 j 45 1 1,072 ! 4, 443 j 1,781 4, 518 2,350 ; 28 400 May 247 182 529 ! 38 i 996 ! 4,505 1,779 4,497 2.356 29 398 June _ 251 141 571 ! 37 | 1,000 4,528 ] 1,775 4,489 2; 392 , 27 395 July 226 154 583 ' 40 ! 1,003 ; 4, 532 I 1,789 4,483 I 2,417 35 389 August 214 153 599 ! 32 ! 998 • 4, 496 1, 787 4,476 j 2,392 28 385 September . 189 197 597 i 33 1,016 I 4,503 1,785 4,492 2,397 ! 26 389 October 196 185 602 I 37 ! 1,020 i 4, 520 1,787 4,501 ! 2,407 ; 27 392 November. 221 184 599 29 ' 1,033 ! 4,553 I 1,793 4, 528 I 2,433 30 388 December_. 338 257 644 I 34 i 1,273 i 4, 583 I | 1, 793 4.823 2,415; 27 3 m 84 .1931—January 253 206 647 ' 23 1,129 4,622 1,784 4,695 2,433 i 28 379 February 216 102 603 15 936 4, 656 1,780 4,598 2,370 25 379 March 176 123 604 18 921 4,682 1,778 4,590 2.386 i 24 381 April 155 173 600 24 952 4,711 1,770 4,647 2,376 27 383 May ._ 163 144 599 20 926 4,767 1,783 4,679 2.387 ! 28 382 June 188 121 610 26 945 4,865 1,759 i 4,750 2,404 35 380 July _ 169 79 674 32 954 4,958 1.784 I 4, 836 2,407 83 370 August 222 135 712 38 1,107 4,975 1, 764 4,947 2,345 187 367 Week ending (Saturday)— July25 _... 177 67 679 21 944 4,956 1,781 4,817 2,405 ! 370 Aug. 1 185 66 678 23 952 4,951 1,788 4,812 2.388 i 123 369 Aug. 8 208 71 681 30 990 4,955 1,787 4,873 2,336 i 155 368 Aug. 15 __. 209 125 712 38 1,084 4, 969 1,778 4,918 2, 344 : 201 368 Aug. 22 227 150 728 34 1,139 4,982 1,769 4,969 2,358 ! 197 366 Aug. 29 241 181 !! 728 44 ],194 4,991 1,729 5, 013 2,336 I 200 365 I I 1 Includes " Other securities," foreign loans on gold, 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 fin millions of dollars] fin thousands of dollars] Analysis of changes 1931 Gold stock Month I at o e f nd j I n in c r s e t a o s c e k;Net gold N l e e t a s r e e- D p o ro m d e u s c ti - c From or to— (pre A li u m gu in s a t ry) July Jan J u u a ly rymonth I during import from ear- tion, I month mark 1 etc. 2 Im- Ex- Im- Ex- Im- Ex- 1930—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 July 4,517 i -18.4 -19.6 -3.0 4.3 England 1,500 4 9 4 August 4,501 ! -15.5 -19.6 0.0 4.2 Fran*e 17 8 19, 248 September. 4,511 ! 10.2 2.5 j 4.0 3.7 Germany 11,000 26,072 40 October 4, 535 23.3 26.4 I -6.1 3.1 Italv 5 1,000 8 1,000 November. 4,571 36.8 i 35.2 I -2.1 3.8 Canada . .. 4,876 5 52, 576 72 December- 4,593 22.1 32.7 i -15.2 4.5 Central America 78 590 Total (12 mos.)_ 305.4 280.2 ! -4.4 32.0 A M r e g x e i n co tina . 7 5 , , 3 6 2 4 8 9 8,3 4 0 6 5 6 94 8 , , 7 3 1 6 2 9 600 931—January—. 4,643 49.4 34.4 11.9 3.1 Brazil 16 February. 4, 665 22.0 16.1 2.5 3.3 Chile 16 165 March 4, 697 32.0 25.6 3.0 3.3 Colombia 87 9,821 April. 4.726 28.7 49.5 -7.5 »—13. 3 Ecuador _ 112 607 May 4,798 72.4 49.6 4.0 8 18.8 Peru 2,177 4,950 June 4,956 158.0 63.8 92.3 1.9 Uruguay 1,000 2, 330 July 4,949 -6.6 19.5 -29.7 3.6 Venezuela 119 600 August p_. 4,994 44.6 53.2 —16. 0 7.4 China and Hong Total(8mos.K-|__ I 400.5 60.5 i 28.2 Du K t o ch n g East Indies 1,033 1,5 7 4 0 4 6 2 2 1 , , 7 86 3 3 0 63 Japan 25, 000 1,240 7,568 1 Gold released from earmark at Federal reserve banks less gold placed Philippine Islands 463 2,232 under earmark. New Zealand 14 126 2 This figure, derived from preceding columns, represents the excess of All other countries *. in 16 279 5,844 19 domestic production over nonmonetary consumption of gold—chiefly consumption in the arts. In any given month, however, it may be Total . 2 53, 224 2 38 20, 497 1,009 260, 438 1,798 predominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have reached a reserve bank or the Treasury, and (6) gold bullion recently 1 Includes all movements of unreported origin or destination. withdrawn from stock for export may not yet have been actually ex- 2 At New York—imports, $26,408,000; exports, $38,000. Elsewhere— ported. The figures are subject to certain unavoidable inaccuracies in imports, $26,816,000. official reports ©f gold imports and exports. 8 $15,649,000 of gold bullion imported on Apr. 30 from France was not purchased by the New York Assay OfSce until May 1. v Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
502 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [Monthly averages of weekly figures. In millions of dollars] i Prevailing rate on- ! Average rate i Average yield • on— I on— Month Total i N b e a R w n C e k i p t Y s y o i o r n t r i k n le g a d O m i i n t n e h g g m e r c c b i i l e t t e i i r e a e s d s - M l o c b e u i e a a t t m d i n s e i i k s b n d s l e g e r Month or week i ! | r m F a j o j e ™ n r t c h s i ' \ a l b d ^ » a ° n t y k s - * d l T o a i a 9 y m n 0 s s e , > N C e a w ll l I o n a e RS n w Te s a - l » ,! i c c T n e u a a u r r o t . e n t r e i t y a d f e s S i s s , - - . : ; ' ' b T o u r n e r d y a s s 3 - 1930 1931 1930 1931 1930 1931 1930 1931 ! 3 to 6 ! I months January 462 245 39 5 208 77 215 163 February 371 209 21 2 152 55 198 152 1930 I March 247 173 1 80 35 166 138 July 1 3 -3^! iy8 2}4-Z . 2.18 2.20 1.83 3.37 M Ap ay ril 2 22 2 6 5 1 14 4 9 6 1 1 7 1 5 4 4 8 2 2 8 6 1 1 5 6 4 7 1 12 2 0 1 August 3 ! 1%; 2.22 2.21 1.53 3.38 June . 222 185 5 48 56 169 129 September | 3 ! 1J|| 2.17 2.19 « 1.77 3.37 July 218 168 53 44 165 124 October 3 w 2.00 2.00 1.74 3.34 A Se u p g t u e s m t ber - -. - 1 1 9 8 6 6 214 4 9 3 3 3 9 5 72 1 1 5 4 3 2 139 November ! 2^-3 | 1% 2 -2^i 2.00 2.00 1.40 j 3.32 October 193 6 50 137 December ! 2^-3 , l% 2 -2y2\ 2.27 2.23 *1.48 3.34 November 211 6 65 140 1931 | ; | December 308 26 115 167 January | 2^-3 \ l%-\% \V\-2y2x 1.50 L57 1.24 .3.33 February j 2lA-2% \%~VA l%-2 i 1.50 1.50 1.06 3.40 1 Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) Bills discounted for intermediate credit banks and March j 2}/2 \y2 2 -2\£, 1.56 1.55 < 1.38 3.39 (2) notes secured by adjusted-service certificates discounted for non- April i 2^-23^ \y2 1&-2KJ 1.57 1.52 1.49 3.38 member banks. May | 2 -2>il H-lH \\i-2 \ 1.45 1.45 .88 3.31 June.___ i 2 I %; VA-1K1 1.50 1.50 «.55 3.30 FEDERAL RESERVE BANK RATES July __.| 2 • %' 1H-Ui! 1.50 1.50 .41 3.32 August i 2 | 7/i lH-l^il 1.50 1.50 .42 3.34 DISCOUNT RATES Week ending— ! I j j [Rates on all classes and maturities of eligible paper] July 25 : 2 | %. l^-lKj 1-50 1.50 .30 3.32 Aug. 1 I 2 I % lH-lW- 1.50 1.50 .41 3.34 Previous Aug. 8 ! 2 j %[ lH-l^j 1.50 1.50 .45 3.34 Federal reserve bank Sept. 1 rate A A u u g g . . 2 1 2 5 i j 2 2 j i H <& ' V lM A-1 - W l^ { j 1 1 - .5 5 0 0 1 1 . . 5 5 0 0 . . 4 3 9 9 3 3 . . 3 3 3 3 Aug. 29 2 % 1M-I^i 1.50 1.50 .35 3.34 Boston 2 May 7,1931 New York VA May 8,1931 1 Stock exchange call loans; new and renewal rates. Philadelphia... 3 I May 7,1931 J 1 3 S i t s o s c u k e s e — xc Z h % an , g V e A 9 , 0 4 - d p a e y r c ti e m nt e ; l y o i a e n ld s. s calculated on basis of last redemp Cleveland 2y2 May 9,1931 tion dates—1947, 1956 and 1954. Richmond 3 i May 15,1931 * Change of issues on which yield is computed. Atlanta 3 ! Jan. 10,1931 Back figures.—See Annual Report for 1930 (Tables 36 and 37). Chicago 2Y2 May 9,1931 St. Louis 2x/i do__ RATES CHARGED CUSTOMERS BY BANKS IN Minneapolis.. _ Zy2 Sept. 12,1930 PRINCIPAL CITIES Kansas City 3 i May 21,1931 [Weighted averages of prevailing rates] Dallas. 3 I May 8,1931 San Francisco . 2H! May 22,1931 ! New York City 8 othor 27 southern and Serndtfes : western cities M ont h ; Back figures—See Annual Report for 1930 (Table 33). 1929 1930 1931 1929 1930 1931 1 19291930 1931 BUYING RATES ON ACCEPTANCES January j 5.74 5.64 4.24 5.87 5.88 4.61 : 5.94 6.12 5.50 [Buying rates at the Federal Reserve Bank of New York] February ' 5.73 5.35 4.31 5.86 5.66 4.63 ! 5.96 6.04 5.42 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 i 6.07 5.86 5.36 Maturity e R ff a ec te t i o n n Da l t i e s h e e s d tab- Pr r e a v t i e ous J M un a e y ... ! i 5 5 . . 8 9 8 3 4 4 . .7 5 4 9 4 4 . . 1 1 1 3 6 6. . 0 0 2 9 5 5 . .0 1 6 3 4 4 . . 4 5 9 5 : : 6 6 . . 1 1 0 6 5 5. . 6 7 9 5 5 5 . . 2 3 6 4 Sept.l July , 5.88 4.48 4.05 6.08 4.81 4.48 ! 6.17 5.62 5.30 August 1 6.05 4.41 3.97 6.11 4.79 4.47 ; 6.22 5.57 5.27 September '< 6.064.29 6.24 4.74 •; 6.275.54 1-15 days 1 May 13,1931 N O o ct v o e b m e b r. e . r.. ._ .' , ' 5 6 . . 8 0 6 8 4 4 . .2 1 6 7 6 6. . 1 2 2 5 4 4. . 6 7 6 5 [ 1 6 6 . . 2 2 9 9 5 5 . .4 5 9 3 16-30 days.. 1 May 19,1931 December...! 5.74 4.16 5.94 4.68 , 6.20 5.42 31-45 days— 1 ....do IK 46-60 days.. 1 ..._do NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are 6 9 1 1 - - 9 1 0 2 0 d d a a y y s. s . . . 1 IK M ... a . y d o 13,1931 m g ty iv p e e n s i o n f p c r u e s c to ed m in er g l t o a a b n l s e — ). co A m ll m av er e c r i a a g l e l s o a a n re s , b a a n s d e d d e o m n a r n a d te s a n r d ep t o im rte e d l o fo a r n 3 s 121-180 days on securities. The method of computing the averages takes into account (0) 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 baaks in the city. Hack figures.—See Annual Report for 1930 (Table 34). Back figures.—See Annual Report for 1930 (Table 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
503 SEPTEMBER, 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 June BULLETIN, p. 343] [Averages of daily figures. In millions of dollars. For back figures see June BULLETIN, p. 347] Open-market loans and Loans to customers investments Net dTra?eop Csois?ists nd tlme j Reserves ! I i n ie d d e n bt e-ss See-- ! OI?ther- Pu p rc a h p a e s r ed Month ; ! at Call date cured] ™se Invest- '• T | j j j Federal Total ments Total j ^i^f" Time j Held ' Excess I ! lXlctlJ.ll I j ! paper; TOTAL ! TOTAL 1931—January 32,048 i 18, 572 13,477 ! 2,433 '• 105 j 252 1929—Dec. 31 . 23,194 8,488 14,706 12,026' 292[ 290; 1,660 9,784 February 31,968 : 18, 389 13,580 i 2,370 5/ ! 216 1930—Mar. 27. 21, 495 7,730 13, 765 13,034 254! 499; 2,344 9,937 March 32,069 ! 18, 431 13,037 ! 2,386 66 i 176 June 30.. 21,565 8,061 13,505 13, 555 241! 507 2,365 10,442 J A J M u u p n a l r y y e i l 3 3 3 3 2 1 1 2 , , , , 5 1 6 1 2 6 0 7 6 8 2 9 ! | | 1 1 1 1 8 8 8 8 . , , , 1 4 4 0 2 1 9 5 2 9 1 5 1 1 1 1 3 3 3 3 , , , , 4 6 7 5 0 4 8 4 4 9 8 8 i \ i 2 2 2 2 , , , , 4 3 3 4 0 7 8 0 4 6 7 7 i ' 1 S 3 i ! 1 1 1 1 5 6 6 8 4 9 3 7 1931— J D S M u e e n a p c e r t . . 3 3 2 2 1 0 4 5 . - . . . 2 1 2 1 9 9 1 1 , , , , 0 0 9 2 0 1 4 5 7 0 0 7 7 7 7 7 , , . , 1 9 4 r 1 4 2 ' * 2 3 ! , 1 1 1 1 13 2 2 3 3 , , , 1, 1 5 0 14 4 1 6 46 0 7 6 6 1 1 1 1 4 3 4 3 , , , , 3 2 2 9 4 2 0 9 2 2 9 7 - j 4 5 3 2 0 6 7 6 1 2 0 7 3 3 3 5 8 2 6 6 4 3 l 6 ! , ! 1 1 1 2 , , , , 6 2 4 4 3 1 9 7 0 7 8 2 1 1 1 1 2 0 1 0 , , , , 1 8 9 7 0 8 8 3 6 9 9 4 NEW YORK CITY * : NE C W IT Y Y O * RK 1931—January ' 7,445 ! 6,163 j 1,282 ! 891 February 7,453 ; 6,120 1,334 : 847 1929— Dec. 31.. 4,961 2,200 2,765 174 211,202 2,091 March _. 7,472 j 6,169 : 1,303 j 860 1930—Mar. 27.1 4,338 1, 935 2,403 3,701 129 491,477 2,046 April 7,336 6,019 | 1,317 829 June 30. 4,309 2,023 2,286 4,294 173 351,883 2,203 May 7,439 6,094 i1,345 ! 848 Sept. 24. 4,278 2,031 2, 247; 4,110 176 221,714 2,198 June 7.232 [ 5,934 ! 1.297 ! 882 Dec. 31.. 4,338 2,137 2,201 3,961 210 341,281 2,435 July 7,325 \ 6,064 1,260 j 887 1931—Mar. 25. 4,007 2,046 4,313 249 351,367 2,662 June SO- 3,839 1'i 1,942 4,298i 340 941,063 2,801 OTHER RESERVE j I OTHER RE- CITIES * | SERVE CITIES * 1931—January 12,942 I 7,243 !5,698 955 23 1929—Dec. 31. 9, 748 i 3,974: 5,773: 3,691 80 108 250 3,253 February 12,932 7,170 5,761 945 18 1930—Mar. 27. 8,9511! 3,604j 5,346i 4, 361 94 242 609 3,416 J J A M M u u p a n a l r y y e r i c l . h 1 1 1 1 12 3 2 3 3 , , , , , 1 9 0 1 8 5 3 8 0 3 7 9 1 1 3 i i 7 7 7 7 7 , , , , , 1 1 1 2 3 3 5 3 0 0 2 9 6 9 2 - ] I ; 5 5 5 5 5 , , , , , 8 9 8 7 8 0 2 2 4 7 1 7 8 3 2 9 9 9 9 9 4 4 6 5 6 9 5 2 0 1 j 2 2 3 2 1 0 7 3 4 9 ! 1931— J S D J M u u e e n n p c a e e . r t . . 3 3 3 2 2 1 0 0 4 5 - . . . . . 8 8 8 8 9 , , , , , 1 7 0 9 4 C 2 2 0 0 6 9 0 6 9 J j j ! I : ! 3 3 3 3 3 , , , , , 8 1 6 6 3 1 8 3 6 5 1 8 2 6 6 1 , , ! j 4 5 5 5 5 , , , , , 9 0 2 0 2 1 9 1 4 5 1 3 7 3 0 , : : ! J 5 5 4 5 4 , , , , , 0 2 3 5 3 1 2 6 2 9 1 6 1 5 2 ' ! : i 2 1 1 8 0 5 5 5 4 6 8 6 1 3 3 2 2 1 0 3 1 8 1 1 7 2 9 2 6 2 1 3 1 4 2 2 5 6 3 7 4 3 7 3 4 3 4 4 , , , , , 9 7 6 6 0 4 7 5 8 3 7 6 0 5 5 "COUNTRY" BANKS "COUNTRY" 1931—January 11,662 5, 165 j6, 496 587 31 i 166 BANKS February 11,583 5,099 i6, 485 578 27 153 1029—Dec. 31.. 8,481 2.314! 6, 1681 4,847: 37 163 208 4,439 March 11,594 5, 103 :6, 4SJ1 580 28 i 136 1930—Mar. 27. 8, 206 | 2,190 6,016! 4,972| 31 207 258 4,475 April 11.662 5,163 | t),'S!8 585 28 119 June 30. 8, 229 ! 2,227 6, OOli 4,867i 12 170 129 4,554 May 11.573 5,090 !6,483 578 28 ' 126 Sept. 24. 8,007 2,201 5,806l 4,875; 7 164 115 4,589 June 11,432 4,988 16, 444 573 so ; 139 Dec. 31.. 7, 762 i2, 149! 5, 614! 4, 696! 8 120 49 4,519 July 11,371 4,956 i 6,415 570 128 1931—Mar. 25. 7,524 2,097J 5,427! 4,708J 7 114 36 4,550 31 ! June 30- 7,318 2,032: 5,2861 4,680; 4 101 30 4,555 1 Central reserve city banks only. * See notes 1 and 2 of preceding table. 1 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. 541. 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)1 Total loans and investments Deposits (exclusive of All banks Nonmember banks interbank deposits) Date Total 1927—June 30 : 53.750 ! 6, 573 51.662 20, 393 Dec. 31 55,450 6, 683 52, 909 20, 846 1928—June 30 ' 57.265 ij 7,043 53,398 21, 265 Oct. 3. : 57,219 ]j 6,945 53, 720 21,582 Dec. 31 ! 58,266 !' 75 56,766 21,940 1929—Mar. 27 : 58,019 N 7,013 54, 545 21,330 June 29 ,• 58,474 ji ,910 53,852 21,567 Oct. 4. ', 58,S35 i 6,885 55,180 22,176 Dec. 31 ! 58,417 ! 6,735 55, 289 21,424 1930—Mar. 27 \ 57.386 ' 63 53,185 21,103 June 30 58,108 1,048 54,954 21,264 Sept. 24... : 57,590 7,141 52,784 20,945 Dec. 31 : 56,209 7,085 53,039 20,479 1931—Mar. 25 55,124 7,222 51, 427 20,274 June 30 , » 55,055 7, 535 51, 952 20, 386 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
504 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 REPORTING MEMBER BANKS BROKERS' LOANS In millions of dollars. Monthly data are averages of weekly figures] REPORTED BY THE NEW YORK STOCK EXCHANGE Loans and investments [Net borrowings on demand and on time. In millions of dollars] Montfh or date From New From private Total York banks banks, brokers, Total and trust com- foreign banking End of month panies agencies, etc. I" BY MONTHS Total: 1930 1931 1930 1931 1930 1931 1930—August 23,128 8,349 8,488 6,291 2,892 43 September 23, 220 8,383 8,476 6,361 2,923 44 October 23, 409 8,237 8,597 6,575 3,004 56 January 3,985 1,720 I 3,368 1,557 616 163 November 23, 455 7,897 8,776 6,782! 3,076 71 February _ 4,168 1,840 I 3,529 1,646 639 194 December 23,117 7,776 8,557 6,784I 3,120 141 March _ _. 4,656 1,909 [I 4,026 1,692 631 217 1931—January 22, 660 7, 495 8,399 6,766 3,163 82 April .: 5,063 1,651 j 4,409 1,466 654 185 February 22, 659 7,315 8,242 7,102I 3, 385 57 May. I 4,748 1,435 4,139 1,293 609 141 March 22, 839 7,302 8,150 7,387 3, 638 35 Jane. 1 3,728 1,391 I 3,201 1,221 527 170 April -. 22,942 7,157 8,040 7,745I 3,913 26 July 3,689 1,344 3,227 1,171 462 173 May 22, 713 6,998 7,893 7,822i 3,957 23 August.. 3,599 1,354 \\ 3,109 1,160 489 194 June 22,439 6,770 7,853 7,816! 4,048 56 September 3,481 3,057 425 July- 22,393 6,631 7,964 7,798 4,121 44 October.. 2,556 2, 299 257 August 22,093 6,483 7,897 7,713 4,074 75 November 2,162 1,928 234 New York City: December 1,8S4 1,694 199 1930—August 8,097 3,588 2,416 2,093 1,078 4 September 3,584 2,415 2,090 1,869 9 October 8,313 3,629 2, 512 2,172 1,084 Back figures.—See Annual Report for 1930 (Table 57). November 8,421 8,401 2,653 2,367 1,177 December 8,166 3,141 2,496 2,32,9 1,228 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY 1931—January 7,906 3,111 2,472 2,323 1,254 [In millions of dollars. Monthly data are averages of weekly figures] February 7,905 3,079 2, 410 2,476 1, 353 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 Fer ac- June__ 7,694 2,846 2,204 2,644 1,523 Month or date Total own ac- out-of- count of July 7,780 2,764 2, 365 2,651 1,6(58 ! count i town others August 7,633 2,640 2,370 2\623 1,600 banks » Other leading cities: 1931—April _-- 15,054 4yO78 5, 797 5.179 2,499 1930—July. 3,224 1,631 747 846 May 14,838 3,959 5,699 5.180 ; 2,497 August 3,150 1,659 692 798 June 14, 745 3,924 5, 649 5,172 i 2, 525 September.. 3,174 1,676 750 748 July— 14, 613 3,867 5,599 5,147 2, 513 October 2,769 1,675 537 557 August 14,460 3,843 5,527 5, 090 2,474 November.. 2,249 1,357 435 458 December,. 2,G13 1 1,266 339 407 BY WEEKS 1931—January 1,798 i 1,132 32§ 337 To 1 t 9 a 3 l 1 : — A Ju u l g y . 2 5 9 _. 2 22 2 , , 2 2 9 6 6 4 6 6 , ,5 5 1 4 2 4 7 7 , , 9 9 4 9 2 4 7 7 , , 8 7 1 5 0 8 4 4 , , 1 1 3 1 3 7 ! M A Fe p a b r r i r c l u h ary... 1 1 1 , , , 8 7 8 2 5 5 4 9 8 ! 1 1 1 , , , 3 1 3 2 8 3 2 6 5 2 2 2 9 6 7 0 4 1 2 2 2 3 5 8 1 9 3 Aug. 12 22, 075 6,479 7,863 7, 733 T,069 : May 1,644 1,279 191 174 Aug. 19 - 22,001 :6,453 7, 885 7, 663 4,031 June. 1,464 1,110 181 173 Aug. 26 22,030 ;6,490 7, 845 7, 695 4,«73 ; July 1,434 1,062 204 168 Ne 1 w 9 3 Y 1— or J k u l C y i 2 t 9 y: 7,752 I2, 685 2,375 2, 692 1, 639 ' August 1,342 951 226 165 Aug. 5 7,763 j2, 648 2, 452 2, 663 1, 636 Aug. 5__ 1,346 960 222 164 Aug. 12 7, 566 2, 633 2,316 ,2,617 1,586 i Aug. 12_ 1,329 ! 936 230 163 Aug. 19 7,563 !2, 622 2,360 2,581 1,563 ! Aug. 19 _ 1,343 950 228 165 Aug. 26 7,041 :2,655 2,354 2,632 1,615 Aug. 26_ 1,349 ; 960 223 166 Other leading cities: 1931—July 29 14,544 !3,859 5, 567 5,118 2,494 i Weekly report Jag member banks in New York City. Aug. 5 14,501 i3,864 5,542 5,095 2,481 1 Member and nonmember banks outside New York City (domestic Aug. 12 14, 509 3,846 5,547 5,116 2, 4S3 banks only); includes unknown amount for customers of these banks. Aug. 19 14, 438 3,831 5, 525 5,082 2,468 • Back figures .—See Annual Report for 1930 (Table 56). Aug. 26 14, 389 3,835 5,491 5, 063 2,463 „ Back figures.—See Annual Report for 1930 (Tables 51-64). ACCEPTANCES AND COMMERCIAL PAPER [Jn mfllions of dollars] Bankers' acceptances outstanding (dollar acceptances) Held by Federal-reserve banks; Held by group of accepting banks Commercial Paper out- End of month Total F ac o c r o o u w n n t o r F f e o f s o r p r o a e n i c g c d n o e c u n o n ts r t - Total Own bills Bills bought standiD* 1 1931 I, 1930 I 1931 1930 1931 1930 1031 1930 i 1931 W30 1931 1930 i 1931 1930 | 1931 January 1,693 ,520 j 293.3 89.3 525.9 447.4 220.5 571.4 63.1 134.0 157.3 437. 4 653.2 411.9 i 404 327 February ., 021 ,52ft ! 269. 2 85.0 503.0 456.0 i 182.9 549.5 70.7 151. 4 112.2 398. 2 668.8 429.5 I 457 315 March — L, 539 ,467 I 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 :, 414 ,422 i 208. § 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 ,382 1,413 ii 184.0 124.4 402. 8 380.2 165.6 464.2 62.6 171.4 103. 0 292.8 569. 8 444.2 ! 541 305 June ,305 1, 368 ! 126. 95.0 469.7 ! 340.8 205.1 I 553.5 63.7 196.2 141.4 357.4 503.3 378.7 ! 527 292 July —. ,350 1,228 129.0 39.0 479. 2 i 243.0 278.6 668.0 62.5 ! 231.7 216.1 436 3 4/52.9 278.0 ! 528 289 August 167.0 4ft). 7 2C>7. 3 95.1 172.2 434.4 526 September !l 207.7 431.fi 316.7 130.9 i 185.8 | 410.8 513 October _ 141.3 433.1 -. 384. 172.4 211.8 i 549. 7 485 November _ ,571 143.0 428.8 493.0 180.2 312.8 506. 6 44K ,556 327.9 ' 439.3 371.5 89.6 i 281.8 417.4 358 Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council; for commercial paper as reported by about 25 dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 505 INTERBANK LOANS: MEMBER BANK LOANS BANK SUSPENSIONS TO BANKS [Banks closed to public on account of financial difficulties by order of [In millions of dollars. Back figures not available] supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened] By reserve city banks l : Total, By Number of banks Deposits (in thousands of dollars) Date 1 ' . b n b h a i y e n e m a r k l - s l '• Total M i j; ; I C Y n i o t N y rk e 2 w I c n a g C o h 2 i-I r c n e i s t o i e e t r h s v e 3 e r b m o a b t e h n e m e r k r s - Month 1928 1929 1930 1931 1928 1929 1930 1931 January | 53 202 10,983 16,413 28,90-3 78,130 1928—Dec. 31 538 501 1 288 40 173 37 February ' 18, 352 21, 746 32,800 i 35, 123 1929—Mar. 27 . . 548 509!' 251 62 106 39 March 16, 953 9,002 23,769 35, 285 June 29 i 670 621 314 G7 241 49 April. ___ 8,190 7,790 33,388 j 42,417 Oct. 4 640 595!: 302 68 225 45 May 6, 394 24, 090 19,315 • 43, 963 1930— J D M u e n a c e r . . 3 3 2 1 0 7 .. . ' ' • 5 7 5 3 1 2 4 7 5 [ • 4 4 6 7 6 6 4 2 9 , ! i 1 3 1 9 2 9 9 6 2 8 5 5 8 8 0 2 2 2 5 0 2 8 5 8 , 4 6 6 5 5 2 J J A u u u l n y g e ust _ 21 13 5 6 , , , 1 3 4 4 6 9 7 8 6 6 19 8 6 , , , 1 2 5 6 1 3 1 9 2 3 7 2 2 0 1 , , , 5 9 3 6 5 3 6 1 3 ! • r 2 1 4 2 9 1 6 6 , , , 0 3 5 2 3 4 2 4 2 Sept. 24 i 466 : 404 1: 169 41 193 62 September I 20 7,888 10,050 23,666 Dec. 31 . 631 509 283 55 231 62 October. J 41 9,011 13,153 I 24,599 ! 1931—Mar. 25.....-J 446 ; 388 154 41 194 | 58 November j 72 24, 784 22, 646! 186, 306 i June 30 -| 457 ; 397 150 70 177 60 December i 44 11,076 15, 7301367,119 Year I 491 | 042 1,345 138, 642 234, 532 ;8G4, 715 I * Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chieago) and 60 other reserve cities; see table on p. 541. 2 3 C O e th n e tr r a r l e r s e e s r e v r e v e c i c ty it y b a b n a k n s k ; s s . ee table on p. 541. r B l a i c e k v i f s ig e u d r . es.—See Annual Report for 1928 (Table 64). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars. Back figures not available] Holdings of Government securities * and eligible paper (including paper under rediscount) Member bank By reserve city banks * By other banks By a]1 member banks borrow- Date U. S. U. S. ! U.S. F in e g d s e r a a t l m G e o n v t e r s n e - - E p li a g p i e b r le Total m Go en v t e r s n e - - , , E p li a g p i e b r le Total m G e o n v t e r s n e - - E p li a g p i e b r le Total r b e a se n r k v s e curities 1 curities i, curities 1 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 j 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 9S1 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 ' I,6fi2 2,480 3,43S 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 1P.5 June 30 _ _- 3, 871 1,870 5,741 836 1,328 2,164 4,707 3,198 7,905 147 i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. * Member banks iu 62 legally designated cities: 2 central reservo cities (New York and Chicago) and 60 other reserve cities; see table on p. 541. 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. 760-768 and 811-817] Single-office banks Banks operating branches Banking i offices i Member Member Nonmember Date Banksl br ( a b p n a l c n u h s k e s s)! ! Total National State ; ' m N em on b - e r | | _ " National State Banks Branches Banks Branches Banks Branches 1924—June 30 28,996 31,289 | 28, 282 7,972 ! 1,379 i 18,931 108 248 191 1,137 415 908 1925—Dec. 31 28. 257 30,899 j 27, 472 7,910 1, 245 i 18,311 132 332 196 1,277 457 1,032 1926—Der?. 31 27, 377 30,158 ; 26, 581 7, 760 I 1,160 i 17,061 146 406 194 •• 1, 366 456 1,009 1927— Feb. 25 » 26,973 29, 873 i 26,194 7,677 I 1,133 i 17,384 145 390 189 1,560 445 195C June 30. 26, 781 29,775 ; 25,989 7,638 1,123 i 17, 228 152 722 186 1,301 454 971 192S-June30 25. 95C M, 1*0 25,115 7, 516 1,058 j 16, 541 69 941 186 1,220 480 1,069 1929—June 30 25,115 25, 555 i 24, 297 7, 366 987 I 15,944 164 993 190 1,298 464 1,149 Dec. 31 24,630 28,177 I 23, 808 7,237 I 939 I 15, 632 168 1,027 180 1,299 476 1, 221 1930—June 30 23, 852 27, 470 i 23,035 7,082 j 899 ! 15, 054 165 1.041 169 1, 308 483 1,269 Dec. 61 22, 769 26, 308 ! 21, 993 6, 872 j 859 ! 14, 262 161 1,106 160 1,286 455 1,147 All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks amd 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
506 FEDERAL RESERVE BULLETIN SEPTEMBER, 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 (192(5=100) 1 Pre- | Selected groups of industrial issues Month or date Bonds1 s f t e o r c re k d s2 Total In tr d i u a s l -1 j j R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e B e m q i u n e u i g n l i d p t - - C st h o a r i e n C i h c e a m l - b C a p r o n a e p d s r - s e m t E r q i l e u c e n i a c p t l - - c M e h r i a y n - - Oil Steel T ti e l x e - Number of issues 60 20 404 337 ! 33 M 13 13 17 9 9 4 10 16 10 30 1930—July j 98.7 125.9 149 140 i 124 215 132 98 89 217 129 277 155 133 169 67 August.. 99.6 126.5 148 139 | 121 213 134 97 90 219 121 278 152 130 160 66 100.0 127.9 149 139 123 218 133 100 96 230 114 283 154 125 162 67 October . _- _. 99.9 126.8 128 118 ; 111 187 108 84 88 191 93 225 134 106 142 58 November 99.1 124.7 117 109 102 167 101 77 82 176 91 196 120 97 131 55 December 97.8 121.7 109 102 •' 94 158 100 71 78 168 80 182 117 88 125 51 1931—January 99.6 123.6 112 403 100 163 106 74 78 162 82 176 120 89 124 53 February 99.4 124.8 120 110 105 178 120 78 86 174 91 194 126 91 132 55 March _ .. _ _ 100.0 126.4 122 112 97 189 129 81 90 173 96 201 125 85 133 58 April 99.6 125.3 109 100 , 87 170 117 70 86 148 79 172 109 74 116 52 May 99.7 122.6 98 89 77 156 110 59 89 127 67 159 89 63 94 47 June , 99.4 119.7 95 87 i 74 153 101 58 89 128 62 157 83 63 85 45 July 99.4 121.1 98 90 ' 75 158 105 60 89 131 66 161 88 67 88 46 August 98.5 120.7 96 89 66 154 103 58 92 127 61 155 84 70 81 45 July 29 99.1 121.5 95 87 i 71 153 104 59 89 126 62 153 86 66 79 45 Aug. 5 - 99.0 121.1 94 87 • 68 151 104 58 91 123 61 151 84 65 79 45 Aug. 12 98.7 120. 9 95 88 1 66 154 105 58 91 126 62 154 85 66 81 45 Aug. 19 98.1 120.8 97 91 i 66 156 104 59 93 129 62 158 86 75 83 45 Aug 26 98.2 120.0 96 89 , 64 155 101 57 92 128 60 158 83 74 45 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] Domestic issues i By I other Year and month d t f T i o o c o r m e a t i a e n g l s d n , - i Total » | Gov- Bo C nd o s r p j orate ! ! I „ i F ss o u r e e s i g 2 n By member banks l e e O r n s d i n ( o a t n e d s) ! j Stocks j Call date Total i To To bro- To bro- 1 1 9 9 2 2 2 3 4 4 , , 4 39 4 5 0 3 4, , 0 6 1 3 9 1 j j 1 1 , , 0 0 7 4 2 3 1 1, , 9 6 8 4 9 5 6 5 5 7 3 0 i : 4 7 2 6 1 4 Total ba T n o ks k Y N er e o s w r k in e b k r l e s o r e - s - ot T h o ers k Y N er o e s r w k in 1924 5,557 4,588 i 1,380 2,200 829 : 969 City where City i 1925_ _.. 6,205 5,129 i 1,356 2,452 1,152 1,076 (•) 1926 | 6,282 5,157 j 1,312 2,667 1,087 ! 1,125 1927 ! 7,489 6, 152 : 1,423 3,182 1,460 i 1,337 1928 ; 7,979 6,728 : 1,387 2,378 2,900 ! 1,251 1928—Oct. 3... .112,429 8,819 274 1,899 850 5,796 3,610 1929 i 10,005 9,334 i 1,398 2,068 5,868 ; 671 Dec. 31.. .114,052 10,172 269 2,556 975 6,373 3,880 1 19 9 3 3 0 0 . — A S O J e u u c p l t g y t o u e b s m e t r b . er l 6, 3 9 3 5 1 8 1 8 5 8 1 1 8 3 3 ; 6,0 3 2 4 1 1 1 7 7 6 ) 3 6 5 6 5 [ ! i 1 / ! 1,4 1 1 4 8 7 6 0 1 2 7 8 8 ! ! I 2,9 2 2 1 8 4 2 9 0 0 4 2 7 5 1,50 4 6 2 7 3 0 2 2 0 i i ! I 9 8 0 7 1 5 6 5 8 7 1329— J D O M u e c n c a t . e . r . 4 2 3 2 9 . 1 7 . . . . . . .. . _ . . | | 1 1 l 1 6 2 4 5 , , , , 6 9 6 1 5 5 4 4 4 5 3 4 ; ! , 1 1 9 0 0 1 , , , 0 6 5 , 9 3 0 0 3 1 5 9 4 4 3 2 3 3 2 5 7 3 0 7 4 5 2 1 1 1 , , , , 6 8 8 0 7 6 8 2 9 0 5 5 1, 9 9 8 0 2 3 0 1 1 9 3 4 6 6 7 7 , , , , 5 1 8 6 2 7 8 1 6 0 5 3 4 5 6 2 , , , , 0 6 4 9 5 4 5 5 0 0 0 0 N De o c v e e m m b b e e r r. _. 2 3 4 8 9 4 2 3G 48 5 i i 1 8 8 6 6 i j 1 9 1 3 7 7 1 1 8 : ' 1 1 9 1930— J M un a e r. 3 2 0 7 _ , . . J J 1 1 2 2 , , 0 5 8 4 5 4 1 11 0 0 , , 6 3 5 3 5 4 2 2 3 6 0 0 2 2, , 3 3 6 4 5 4 819 7 7 , , 2 0 4 2 2 4 2 1 , , 2 4 1 3 0 0 1931—January ; 420 i 334 :! 49 ! 235 45 i 96 Sept. 24.. .ill, 701 10,511 175 2,472 774 7,090 1,190 February ! 211 ! 202 ' 119 i 48 27 9 Dec. 31.. .110,364 !I 9,754 315 1, 498 675 7,266 610 A M p a r r i c l h _ __ _ • ^ ' 8 9 3 6 7 1 ! ! * ' 9 7 5 9 9 4 ' i i ' ' 5 6 2 8 6 5 ! i 2 1 5 6 0 6 10 9 2 : , 43 2 1931—Mar. 25.. 9, 752 i 9,272 219 1,630 575 6,848 j 480 May 352 '} 333 jj 172 ' 132 29 : 19 June 30-. 8,943 ! 8,563 229 1,217 515 6,602 380 June.... ; '574 ;| ' 535 i '429 • 100 39 July i 216 ,i 211 || 113 5 * For lenders other than member banks—i. e., nonmember banks, foreign banks, corporations, etc.—only security loans to brokers in New i Source: Commercial and Financial Chronicle. York City are included in available reports. * Issues publicly offered; annual totals are as finally reported by De- * Revised series. partment of Commerce; monthly figures are as compiled currently and are subject to revision. * Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. * Includes Treasury issues (exclusive of refunding) as follows: March, $408,925,000; April, $425,404,000; .Time, $310,826,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 507 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES 1 Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production* Building contracts awarded (value)** F p ac lo to y r m y e e n m t - F l r o e a i d g i h n t g -c s a * r Com- Year and month Total Manufactures Minerals Total Residential modity prices f Unad- Ad- I! Unad- Ad- iUnad-1 Ad- I Unad- Ad- Unad-; Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed I justed justed ; justedjusted justed justed justed justed justed justed justed I 1919. 84 63 44 107 98 I 84 |. | 139 1920.. 87 63 30 108 118 ] 91 I I 154 1921.. 67 70 ,. 56 44 82 77 i 79 j 98 1922.. 85 '86 74 . 79 68 90 81 87 1 97 1923.. '102 101 105 ._ 84 81 104 103 100 i 101 1924.. 95 94 96 ;. 94 95 96 96 97 I 1 98 1925.. 104 10; 99 j. 122 124 100 101 103 i 104 1926.. 108 108 108 !_ 129 121 101 104 106 ! 100 1927.. 106 106 107 129 117 99 102 103 i 95 1928... 111 112 106 135 126 97 102 i 103 : 98 1929.. 119 119 115 117 87 101 108 106 | 97 1930.. 96 99 92 50 88 8: 92 ' 86 February. 1927 ••110 108 no 107 113 117 114 131 105 117 100 100 105 99 107 96 March 113 in ; ' 114 109 111 118 132 128 123 116 100 100 106 102 109 95 April ' 1C9 108 ! 112 109 96 107 144 128 133 115 100 99 105 99 106 94 May .- 112 no ••112 r no 108 109 145 128 132 115 99 99 104 105 103 94 N J A D J S O u u e u c o e l n p t y c g v e o t e u e e b m s m m e t r b b b e e e r r r . . . . ••1 1 1 1 1 1 0 0 0 0 0 0 5 6 2 1 5 7 1 1 1 1 1 1 10 0 0 0 0 0 0 1 3 0 6 6 8 5 ' j i ! i 1 1 1 1 1 1 1 9 0 0 0 0 0 0 5 6 0 4 4 2 7 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 5 6 2 7 0 9 1 1 1 1 1 1 9 1 0 1 1 0 0 7 1 5 1 2 3 8 1 1 1 1 1 1 1 0 0 0 0 0 0 0 3 1 5 6 4 0 5 1 1 1 1 1 1 1 1 3 2 2 3 4 4 1 3 6 2 1 0 0 1 1 1 1 1 1 1 3 2 2 2 2 2 2 1 8 9 8 8 6 8 1 1 1 1 1 1 1 1 1 2 0 2 1 1 1 9 0 8 0 5 7 1 1 1 1 1 1 1 2 2 1 1 1 1 1 5 1 9 3 8 4 4 10 99 1 1 9 9 9 9 9 9 0 8 7 7 9 8 9 0 1 1 1 1 9 9 9 0 0 0 0 8 9 9 3 2 2 2 1 1 1 1 1 1 0 8 1 0 1 0 0 1 8 4 9 6 4 5 1 1 1 1 1 9 9 0 0 0 0 0 8 8 1 3 4 2 4 9 9 9 9 9 9 9 7 7 7 5 7 4 4 1928 January.. 105 -•105 106 106 100 103 111 137 116 139 92 102 96 February. _ 111 108 , 113 109 99 103 121 138 128 142 101 94 102 96 March 112 -•108 ! 114 109 98 103 138 137 143 136 103 97 103 96 April _. 110 109 | 113 110 94 105 155 137 152 130 100 96 101 97 May no 109 ! 111 110 104 105 159 137 149 130 101 105 103 June 109 |! 109 111 104 101 154 139 140 133 101 101 100 July 108 109 105 ' 110 103 101 142 132 127 126 96 97 98 105 102 August 105 111 110 ' 112 111 105 137 131 116 119 98 97 103 109 103 99 September. no 114 116 115 115 107 138 134 118 118 100 98 104 119 105 100 N D O o c e t c v o e e b m m er b b e e r r . . . 1 1 1 1 1 1 8 5 6 1 1 1 1 6 6 n 117 o 1 1 1 1 1 1 6 7 6 1 1 1 2 0 1 3 6 7 1 1 1 1 1 1 4 2 3 1 1 10 3 2 7 4 2 1 1 1 3 2 3 6 7 2 1 1 9 1 1 3 5 2 1 1 1 0 1 1 6 5 4 10 9 0 9 1 9 0 9 8 0 9 1 1 1 0 0 0 4 4 7 1 1 9 0 1 4 9 9 1 1 1 0 0 0 6 7 6 9 9 7 7 109 1929 January.. 117 117 117 r 117 114 118 120 81 97 97 100 101 95 108 97 February._ 121 118 122 r 118 116 120 102 118 84 94 100 100 ! 108 99 107 97 March ••123 118 126 120 101 107 121 121 106 101 101 101 111 98 105 April 124 122 128 rl24 103 115 139 123 117 100 102 102 111 102 108 97 J M u a n y e 1 1 2 2 5 6 1 1 2 2 4 7 1 1 2 2 7 8 1 1 2 2 6 9 1 1 1 1 6 6 1 1 1 1 6 2 1 1 4 4 3 4 1 1 2 2 6 1 1 1 1 0 3 2 9 9 7 5 1 1 0 0 2 2 1 10 0 3 2 1n1o1 1 10 1 9 0 1 10 0 8 7 July 120 125 120 126 118 114 136 124 94 93 102 103 106 111 107 August 122 123 122 124 121 115 129 122 84 86 104 103 111 115 107 September. ' 123 122 123 122 127 118 112 110 73 73 105 102 112 121 106 October 121 118 119 118 127 118 104 107 67 67 103 101 111 118 104 96 November. 108 108 107 108 114 110 94 103 66 67 99 99 | 103 102 102 94 December.. 100 93 110 116 84 102 53 61 95 97 || 99 89 102 94 i 1930 January 103 104 103 103 108 112 95 96 • 100 February _ '109 107 ' no 107 104 109 104 94 92 March 107 104 ' 109 105 91 96 102 102 93 ! 91 April 108 106 no 107 93 104 113 101 92 ; 91 May ' 1C5 104 106 ' 104 102 103 125 105 91 ! 89 June 99 100 99 100 103 100 116 99 90 | 87 July 91 94 '89 94 100 97 107 95 87 ! 84 August 90 91 88 90 101 96 85 81 84 84 September 92 91 91 90 100 94 82 81 83 84 October. _. 90 87 88 85 104 98 75 78 SI 83 November '85 '84 '^3 '83 95 92 68 76 80 December. 78 82 76 89 94 59 73 78 1931 80 | January.. ••82 '81 81 86 90 58 77 February. 86 '88 '85 84 88 68 76 March '87 91 '87 82 87 77 75 April '89 '91 '89 83 92 82 73 May 89 90 89 84 86 '78 71 June. 84 ! 82 84 85 85 '74 70 July '83 *79 70 • Average per working-day. ** Revised index: 3-month moving average, centered at second month; see July, 1931, BULLETIN, p. 358. For " other " building see this issue, p. 541. f Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on p. 512 ' Revised. For revised figures of lumber production; see pp. 508 and 542. v Preliminary. 73809—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
508 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 INDUSTRIAL PRODUCTION [Index numbers; 1923-1925 average=100] Without seasonal adjustment Adjusted for seasonal variation Month 19191920119211922 1923 1924 1925 1926 1927 1928 1929 1930 j 1931! 1919 1920 1921 1922 1923 1924 1925 1926 1927 j 1928 \ 1929 1930 1931 Industrial production (manufactures and minerals) January 81 92 66 72 99 99 105'105 105 105 !117 103 82 82'95 67 73 100'100 105'106 106'105 '117 104 '82 February--- 78 93 65 76 101 104 107'108 '110 Ill !121'109 '87 79'95 i 66 76 100 102 105 106 108 108 118 107 86 J J A M A M u u u p n l a a y g r r y e i c u l h s .— t 8 8 8 7 8 7 0 4 7 6 9 7 ' ' 8 9 9 8 9 8 7 4 2 9 2 8 6 6 6 6 6 6 4 4 7 4 6 7 ' 8 7 8 8 8 8 1 8 2 4 3 6 ' 1 1 1 1 1 1 0 0 0 0 0 0 1 5 8 7 5 0 ' 1 8 9 8 9 8 0 8 6 5 0 1 3' ' 1 1 1 1 1 9 0 0 0 0 0 6 1 9 1 4 4 ' ' 1 1 1 1 1 1 0 0 0 0 0 0 9 4 8 6 7 9 '1 1 1 1 1 1 0 1 1 0 0 0 9 3 2 7 2 5 1 1 1 1 1 1 1 1 1 0 0 1 2 0 0 8 5 0 :1 1 1 1 1 1 2 2 2 2 2 2 3 6 4 5 0 2 '1 1 1 0 9 9 9 0 0 5 9 1 0 8 7' * 9 8 8 8 8 0 9 9 3 0 7 7 8 8 7 8 6 8 3 9 8 7 ' ' ' 9 8 9 9 8 8 3 9 1 0 8 9 j 6 6 6 6 6 6 4 4 5 6 7 5 ' ' ' 8 8 8 7 8 8 0 1 5 7 3 5 ' ' 1 1 1 1 1 1 0 0 0 0 0 0 6 2 3 7 6 4 1 9 8 8 8 8 0 5 9 5 4 9 0 '1 1 1 1 1 1 0 0 0 0 0 0 2 3 4 2 3 3 '1 1 1 1 1 1 0 0 0 0 0 1 8 7 7 6 8 0 '1 1 1 1 1 1 1 1 0 0 0 0 0 1 8 8 6 6 '1 1 1 1 1 1 0 0 0 0 0 1 8 9 9 9 9 1 ' ' ' 1 1 1 1 1 1 1 2 2 2 2 2 8 5 7 2 4 3 '1 1 1 1 0 9 9 0 0 0 6 4 1 4 4 0 ' ' P 8 8 8 8 83 9 4 9 7 S O e c p to te b m er ber.. 8 8 9 9 ' 8 8 8 6 6 7 9 3 8 9 9 6 1 1 0 0 1 2 9 9 5 8 '1 1 0 0 2 7 1 1 1 1 4 3'1 1 0 0 6 5 1 1 1 1 6 8 1 1 2 2 3 1 9 9 2 0 8 8 7 6 8 8 6 3 ' i 68 71 ' 8 9 8 3 1 1 0 0 0 0 9 9 4 5 1 1 0 0 1 4 1 1 1 1 1 1 1 1 0 0 5 3 1 1 1 1 4 6 1 11 2 8 2 8 9 7 1 N D o ec v e e m m b b e e r r . . . . 8 8 7 1 6 7 8 8 7 6 2 6 9 9 9 5 9 9 9 2 9 9 9 7 1 1 0 0 3 8 1 1 1 0 0 1 1 9 0 6 1 1 1 1 0 5 9 1 9 0 6 8 8 7 5 8 ' 8 8 5 6'7 7 2 6 7 7 1 0 1 9 0 7 0 9 9 8 7 1 9 0 7 1 '1 1 0 0 6 9 1 1 0 0 9 6 1 10 0 1 0 '1 1 1 1 6 6 r1 1 0 0 0 8 '8 8 4 2 Year. 83 87 67 85'102 95 104 108 106 111 119 ... 1 Production of manufactures I January 94 106 108 ! 104 106 117 103'81 82 96 r64 73 '99 105 i'108 104 ; 106'117 | 103 81 February. _- 96 109 i 111 ; 110 113 122'110 '88'80 64 '74 100 '102 106 ! 108 107 ' 109'118 | 107 '85 March '96 109 I 111 '114 114 126'109 91 78r95 63 78 103 i 101 105 | 107 109 ! 109120 I 105 '87 April '90 106 ! 110 • 112 113 128 110'91 79'89 63 81 106 | '96 103 ! 107 109 i 110'124 '89 May 93 104 108 :'112 111 128 106 90 78 91 64 106 102 106 '110 ! 110! 126 89 June '92 100 ! 106 i 107 109 127 99 82 84 91 '65 i 90 105 108 109 i 111129 84 July 87 '87 98 '103 | 102 105 120 '89P79 '89'89 64 ! '90 i 103 '108 107 '110 126 August 90 '99 i 108 104 110 122 88 91 89 67 ! 87 i 100 102 '111 106 '112 124 September _ 87 '103 112 106 116 123 91 '88 86 '68 ! IOI '103 j'112 105 : 115122 October '88 j 83 •108 '113 104 117 119 88 86 82 71 94 i 98 '106 111 102 116 118 November.. 74 110 ! 108 100 115 107 '83 89 73 71 97 i '97 109 107 100 i 116: 108 | '83 December. . •83 '65 95 '105 99 95 110 93 76 '88 68 70 ; 100 '97 102 ,'111 104 100 i 117I 98 i 80 Year. 84 87 67 86 | 101 i 94 ! 105 108 106 112 119 96 i Production of minerals 1 January 74 82 77 73 97 100 101 90 112 100 114 ! 10886 79 86 81 77 101 103 105 92 116 103 118 112 90 February. ..63 78 72 81 94 100 95 92 113 99 116 i 10484 70 84 77 85 99 105 100 95 117 103 120 109 '• 88 March 61 80 67 88 97 93 90 98 111 98 101 | 91 82 66 87 72 92 102 98 95 104 118 103 107 96 ! 87 April 65 73 65 48 99 83 89 96 96 94 103 I 93 83 71 82 72 53 111 93 99 108 107 105 115 104 , 92 May 75 86 73 53 107 93 105 103 108 104 116 i 10284 74 85 73 54 108 93 105 104 109 105 116 103 ; 86- June 82 9£ 73 63 112 96 104 109 108 104 116 | 10385 76 88 71 59 108 92 101 106 105 101 112 100 i 85 July 88 94 70 61 115 95 106 110 103 103 118 : 100 81 88 68 57 111 92 104 107 100 101 114 97 i *>84 August 83 98 71 67 116 96 112 115 111 111 121 ! 101 78 91 69 62 110 92 107 109 106 105 115 96 : September . 94 94 72 88 106 103 97 119 111 115 127 ' 100 • 8585 67 81 97 97 89 110 104 107 118 94 !.._. October 95100 78 98 119 103 97 124 112 123 127 ! 104 | 8791 71 90 107 96 90 114 105 114 118 98 !._-. November. .63 97 71 98 108 100 98 123 105 117 114 95 ! 6394 68 94 105 96 94 118 101 113 110 92 ! December. . 70 87 64 94 93 95 89 113 97 106 110 ! 89 ....! 7794 69 100 99 100 93 119 103 112 118 94 .... Year. 77 89 70 74 105 96 99 108 107 106 115 ! 99 i r Revised. p Preliminary. ESTIMATED LUMBER CUT: REVISED INDEX [1923-1925 average=100. For basic data see p. 542] Without seasonal adjustment Adjusted for seasonal variation 19191920192119221923 1924 119251926 1927 1928 1929 1930 19311919192019211922 1923 1924 1925 1926 1927 1928 1929 19301931 January 64 84 51 75 87 91 1 98 88 83 82 84 66 j 43 74 95 57 84 96 99 108 98 92 92 94 75 49 February. ..71 90 61 75 85 99 | 102 99 91 91 84 77 i 44 76 97 66 81 91 103 104 101 93 92 86 79 45 March... _ 77 94 65 79 101 101 i 103102 91 94 94 86 I 5179 96 66 80 102 100 101 100 89 92 91 83 50 April 84 99 69 83 105 106 ! 103103 86 97 99 86 j 52«1 96 67 80 101 103 100 100 84 93 94 80 49 May 90 96 78 93 107 104 1 104104 93 93 98 82 53 83 89 72 86 99 97 100 100 89 90 93 78 50 June 77 96 109 98 ! 104103 94 94 97 75 ! 5183 88 7?, 89 102 94 101 100 91 91 94 73 49 July 90 88 77 95 106 92 ! 98 100 95 82 93 64 j 4386 84 73 90 103 92 99 101 96 84 95 65 44 August 95 92 77 95 109 103 ' 106101 102 93 98 64 89 86 72 90 103 97 100 95 96 88 93 61 September _ 98 89 77 95 109 99 i 105100 101 89 93 58 ;....92 84 73 91 104 95 101 97 97 86 92 57 October _.. 99 S3 79 94 106 98 j 105101 97 94 92 56 ! 93 79 76 91 102 95 101 97 93 90 89 54 November.. 91 72 78 90 103 93 j 96 92 92 90 84 46 ....93 73 79 92 105 96 99 95 94 93 87 47 December. . 74 53 70 78 87 84 i 94 84 82 85 76 45 ....93 66 86 93 104 97 105 93 91 94 85 50 1 Year. 84 86 72 87 101 98 ! 101 98 92 91 91 67 l] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
509 SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100] 1930 1931 Industry Sept. Oct. Nov. Jan. Feb. Mar. May June July MANUFACTURES IRON AND STEEL _ 109 93 92 85 74 65 64 73 78 75 64 59 Pig iron 101 91 86 80 71 63 56 57 61 64 65 56 51 Steel ingots _. 110 93 93 85 74 65 59 64 74 79 76 64 60 TEXTILES __ 84 84 81 88 91 93 87 86 93 97 98 97 102 Cotton consumption 85 82 78 79 81 83 77 82 84 89 96 92 96 Woo M C l o a n c s h u in m e p ry ti o a n c tivity1 _ 7 7 7 3 1 8 6 6 8 5 9 0 6 6 7 2 7 6 fo 6 7 yi 8 7 Q fo 6 7 yi 5 8 Q D 6 6 o 6 4 6 5 6 1 7 1 6 6 6 2 8 4 8 7 7 1 5 7 8 7 7 1 6 5 1 8 7 0 6 1 3 1 9 7 0 0 9 5 1 8 8 0 9 3 5 1 1 9 0 2 0 0 2 Carpet, rug loom activity1 49 43 47 49 52 52 39 40 54 60 60 63 55 52 Silk — 100 113 109 139 150 162 157 134 146 149 119 123 122 120 Deliveries 93 120 117 158 170 182 178 143 158 165 122 136 136 132 Loom activity * 102 98 91 101 109 123 116 117 121 117 114 96 96 95 FOOD PRODUCTS 93 94 91 96 94 94 89 93 92 87 96 91 83 88 Slaughtering, meat packing 90 89 89 92 93 87 86 91 94 88 97 92 83 82 Hogs 88 85 85 91 94 94 84 95 96 83 93 88 75 74 Cattle 90 89 89 88 85 71 82 80 85 91 97 94 88 88 Calves _ 86 93 95 97 97 83 101 98 99 99 104 94 96 88 Sheep 137 139 143 146 158 147 142 136 136 138 159 156 154 147 Flour 104 101 103 98 90 93 91 92 91 93 98 96 85 95 Sugar meltings 84 106 84 104 105 123 93 102 87 74 89 77 83 98 PAPER AND PRINTING 116 111 109 109 107 103 98 106 110 110 110 113 108 Wood pulp and paper 108 105 101 100 100 95 91 C9 103 101 102 104 99 N Bo e o w k s p p r a i p n e t r 1 8 1 8 4 1 8 1 4 1 1 8 0 3 5 1 8 0 0 4 8 9 1 7 9 7 4 7 1 7 0 9 0 1 7 1 8 8 1 7 1 7 7 1 8 1 1 4 1 8 1 0 4 1 7 1 9 8 1 7 1 9 3 i 81 W F P W a in o r p a e o e p d r p p a b p in p o u g e a l r p r p d , a m pe e r chanic _ al 1 1 9 9 2 0 8 5 2 5 1 1 8 8 2 0 8 9 4 8 I 1 1 9 8 1 0 2 9 5 0 1 8 8 9 1 7 8 9 5 1 9 9 7 2 1 9 2 3 1 8 9 7 1 9 3 4 5 1 8 8 7 0 6 0 7 1 1 9 7 7 1 4 9 2 6 1 8 9 7 2 6 8 8 2 1 1 7 8 2 0 5 4 1 0 1 9 9 7 2 0 2 7 4 1 9 9 7 2 1 4 9 6 1 9 8 8 1 2 8 3 0 Wood pulp, chemical 110 103 ! 108 106 104 97 95 91 97 90 92 93 91 Paper boxes _. 173 146 151 159 141 133 123 122 144 146 155 166 172 Newsprint consumption 132 124 i 123 126 122 119 115 124 124 129 125 127 123 123 LUMBER: Lumber cut (see p. 508) 65 61 57 54 47 50 49 45 50 49 50 49 44 TRANSPORTATION EQUIPMENT: Automobiles 91 75 62 62 49 74 85 63 68 67 77 '78 Locomotives 42 40 38 33 28 25 18 11 7 7 13 14 Shipbuilding 164 347 310 229 343 196 144 246 115 61 99 112 116 LEATHER AND PRODUCTS 97 95 95 95 89 81 81 78 87 92 M02 r107 100 101 Tann S i o n le g leather l _ 1 1 0 0 3 0 1 1 0 0 7 0 102 1 1 0 0 2 2 9 9 6 6 8 8 6 5 8 8 9 3 8 7 1 6 8 7 0 9 8 7 0 2 9 8 2 5 9 8 1 0 9 7 4 9 1 7 0 9 0 Upper leather- Cattle 77 73 67 68 61 62 60 53 57 68 79 83 85 84 Boots an G C d a o l s a f h t o a a e n n s d d k k i i p d 1 9 9 4 2 4 5 1 1 5 0 4 6 1 1 9 0 4 0 1 3 1 9 9 5 0 1 1 1 8 9 3 5 3 2 1 7 7 2 1 8 6 1 7 6 1 9 6 4 1 8 6 0 0 2 3 | 1 9 6 1 2 7 3 1 1 6 1 0 9 8 0 1 1 8 2 0 4 3 9 •• 1 1 9 1 1 2 6 7 1 1 Q 2 0 O 6 5 1 1 Qy 0 4 »Q 6 1 CEMENT AND GLASS: Cement 119 116 | 117 111 97 86 83 84 80 82 90 112 108 Glass, plate 114 105 i 65 95 101 91 65 90 111 119 117 112 91 91 NONFERROUS METALS ». 96 97 ' 96 97 95 87 85 78 79 77 73 73 68 65 Copper (smelter) 94 95 | 92 94 90 86 82 70 77 76 70 72 70 65 Tin (deliveries) i 103 | 101 111 127 119 118 126 105 96 109 104 92 88 FUELS, MANUFACTURES: Petr G ol a e s u o m li n r e e f l ining._ _ 2 1 1 7 0 0 2 1 0 6 6 6 i I 2 1 0 6 5 4 2 1 0 6 7 5 2 1 0 6 3 0 1 1 5 8 1 8 1 1 4 8 9 6 1 1 4 7 4 7 1 1 4 8 9 8 1 19 5 1 2 2 1 0 6 5 1 2 1 1 6 1 3 2 1 0 6 7 1 2 1 0 6 8 2 Kerosene 90 85 j 84 78 74 69 67 70 69 76 71 71 76 80 Fuel oil i _ 117 113 ! 109 112 108 109 108 106 107 112 113 109 111 107 Lubricating oil * 126 126 I 124 117 106 104 105 102 ! 94 96 100 95 90 98 Coke (by-product) 132 123 I 119 114 109 101 97 97 ' 99 100 102 100 91 84 RUBBER TIRES AND TUBES _. 119 96 84 88 77 73 88 94 98 107 123 126 112 Tires, pneumatic - 122 98 87 91 80 75 91 96 102 111 127 130 116 TOBA I C n C i n g C e a O r r s P t R u O b D es UCTS 1 9 9 4 3 1 1 i ! 1 8 7 3 8 1 7 j 1 8 7 3 9 9 0 1 8 6 2 5 4 5 1 8 6 2 8 8 9 1 8 5 1 6 8 9 1 6 2 1 8 1 6 2 8 1 1 7 7 3 1 8 2 1 8 7 3 3 4 1 13 8 4 1 1 9 8 3 5 8 7 13 y 8 3 o 7 1 oD 2 7 oO 2 7 Cigarettes 183 177 164 158 164 147 173 174 169 177 171 156 I MINERALS I COAL: i Bituminous 89 , 82 85 87 86 85 77 73 76 77 75 74 74 Anthracite. _ 88 80 105 83 93 93 89 72 84 71 66 57 P troleum. crude. _ 124 I 120 i 117 114 115 114 in 110 110 112 121 122 122 122 Iron ore shipments 108 i 95 96 79 74 51 27 46 55 Copper (mined) 86 ! 83 84 89 83 83 72 76 70 68 67 59 Zinc '99 ! 91 94 93 90 70 65 65 65 54 54 49 Lead 99 ; 103 106 101 ff4 83 83 82 79 78 60 64 Silver 75 70 73 70 73 65 61 63 51 '46 43 i Without seasonal adjustment. * Includes also lead and zinc; i 'Minerals." r 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
510 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100] Factory employment Factory pay rolls Without seasonal adjustment | Adjusted for seasonal variation ! Without seasonal adjustment Industry 1931 I 1930 i 1931 11993300 j 1931 1930 July June j July July June July | July June July TOTAL—ALL MANUFACTURING INDUSTRIES. .. 73.8 75.0 ; 85.5 75.1 76.0 86.6 ! 64.4 67.6 82.6 IRON AND STEEL AND PRODUCTS 71.1 72.6 86.1 72.1 72.6 87.3 ! 52.4 57.6 78.0 Steel works and rolling mills 73.4 74.4 : 88.4 74.4 74.6 89.6 i 52.6 58.8 80.9 Hardware _ 65.6 68.0 77.4 66.6 67.7 78.6 i 47.3 52. 2 65.4 Structural ironwork 82.4 81.6 109.6 81.3 80.9 108.2 71.7 69.0 103.9 Hea S ti t n e g a m ap p fi a t r ti a n tu g s s 5 5 8 8. . 4 8 6 6 0 3 . . 3 5 ; 6 7 6 0 . . 8 5 6 6 1 1 . . 4 4 6 5 3 9. . 9 2 6 7 8 4 . . 2 1 I | 4 4 3 4 . . 5 1 4 4 8 5 . . 0 9 6 6 0 0 . . 8 8 Stoves 58.2 66.4 74.0 62.6 66.1 79.5 I 42.9 50.1 i 60.9 Cast-iron pipe 66.1 67.4 | 80.1 64.0 65.8 77.6 55.6 55.6 I 77.4 MACHINERY 70.4 73.9 ' 95.2 70.3 73.4 95.2 57.4 62.4 I 90.9 Foundry and machine-shop products. _. 64.8 68.1 89.2 64.4 67.4 88.8 49.8 55.3 ! 83.0 Machine tools - ... 76.0 81.2 119.0 77.1 81.8 120.6 i 61.6 63.5 i 105.3 Agricultural implements 46.2 57.7 , 104.4 48.8 58.1 110.2 ! 38.6 44.6 ( 89.1 Electrical machinery.._ 84.6 87.4 103.9 84.6 87.4 103.9 | 76.7 81.3 107.4 TEXTILES AND PRODUCTS 75.2 76.7 ! 76.6 79.6 78. 6 j 81.0 j 65.9 66.7 | 69.2 A. Fabrics 77.1 77.9 77.8 80.0 78.7 80.6 I 67.0 69.4 68.1 Cotton goods 76.2 77.0 75.9 78.6 77.7 78.3 j 63.9 66.2 62.9 Woolen and worsted manufactures,. 74.7 72.0 68.1 78.6 73.4 71.6 : 64.1 61.6 58.4 Woolen and worsted goods 75.6 72.1 68.9 79.5 73.4 72.4 ! 66.3 62.8 61.3 Carpets and rugs 69.7 71.4 63.6 73.6 73.2 67.2 54.0 56.3 45.3 Hosiery and knit goods 84.1 86.2 , 85.2 87.9 86.0 89.0 74.4 83.6 81.8 Silk manufactures. _. 65.4 69.3 80.9 66.9 70.2 82.7 60.4 63.2 73.6 Dyeing and finishing textiles... 93.5 97.3 95.2 96.9 98.3 98.7 88.2 91.3 87.2 B. Wearing apparel 70.6 73.6 . 73.5 78.8 78.3 82.0 63.4 61.1 71.4 Clothing, men's 59.2 56.9 ' 61.8 58.7 56.7 61.1 54.0 48.4 61.1 Shirts and collars 81.6 83.1 87.0 85.6 85.8 91.3 70.6 68.8 77.5 Clothing, women's 89.7 97.6 94.2 106.4 111.5 111.8 80.8 77.7 92.2 Millinery 52.2 64. 0 . 50.4 75.1 65.3 72.5 44.1 54.6 46.8 FOOD AND PRODUCTS . 87.8 88.4 95.0 88.1 88.7 95.2 88.2 89.7 100.2 Baking _. 97.3 96.7 103.3 96.6 94.9 102.6 94.4 95.4 106.1 Slaughtering and meat packing 84.4 85.5 91.8 84.4 85.9 91.8 88.8 90.4 100.0 Confectionery— 71.7 80.2 79.4 81.8 89.3 90.5 63.4 76.9 78,2 Icecream 97.1 92.7 105.4 80.4 80.8 87.4 100.6 96.8 113.4 Flour 81.1 76.4 87.6 81.0 | 78.8 87.4 79.4 74.6 91.1 Sugar refining cane 81.9 78.4 ; 97.0 78.7 77.2 93.3 79.3 74.4 94.6 PAPER AND PRINTING... 92.0 92.7 ! 100.5 93.0 93.6 101.7 93.6 96.6 107.3 Printing, book and job 94.7 95.3 ! 107.8 95.9 96.5 109.2 95.0 97.6 114.5 Printing, newspapers and periodicals.. 101.3 103.0 • 104.6 102.7 103.3 106.0 110.2 113.4 115.4 Paper and pulp 84.2 84.1 ! 93.4 84.2 84.1 93.4 74.2 77.6 91.4 Paper boxes. 82.6 83.4 : 90.1 85.0 86.6 92.7 80.1 83.2 94.2 LUM L L B u u E m m R b b A e e N r r D , , s m P a R i w l O l m w DU i o l C r ls k T . S . . . . . 5 4 5 2 6 4 . . . 2 4 5 5 4 5 8 4 5 . . . 8 3 8 i ; 6 6 6 8 4 5 . . . 2 3 3 5 4 5 5 2 3. . . 7 4 0 5 4 5 4 7 5 . . . 4 5 1 6 6 6 7 4 2 . . . 8 9 4 4 4 3 1 4 7 . . . 7 8 3 4 4 4 4 0 7 . . . 6 4 5 6 6 5 3 2 9 . . . 0 4 8 Furniture 67.0 69.2 81.1 69.1 73.1 83.5 49.4 51.9 66.5 TRANSPORTATION EQUIPMENT... 60.2 63.5 74.8 60.2 62.4 74.9 52.7 58.8 71.7 Car building and repairing. 52.1 54.0 67.2 51.8 53.6 66.8 49.0 53.0 66.8 Automobiles 67.2 72.6 81.0 67.6 70.7 81.4 53.2 62.1 72.4 Shipbuilding 88.8 91.7 105.4 90.9 90.6 108.0 | 85.6 91.4 115.3 LEATHER AND MANUFACTURES. 84.6 79.7 86.6 84.8 83.9 86.8 ! 72.6 66.7 78.6 Boots and shoes 86.4 80.8 87.7 86.4 85.5 87.7 i 71.8 64.7 77.3 Leather 77.0 75.1 82.0 78.4 77.4 83.4 | 75.4 74.2 83.5 CEMENT, CLAY, AND GLASS PRODUCTS. 63.7 67.0 75.8 62.7 64.4 74.3 j 49.4 54.4 66.4 Clay products 60.8 63.3 75.1 58.6 60.4 71.9 ! 40.7 44.4 61.1 Brick, tile, and terra cotta 54.3 56.5 71.9 50.2 52.6 66.4 ; 35.8 39.2 59.4 Pottery.-. — 78.4 81.6 83.6 81.4 81.4 86.8 j 53.7 58.4 65.6 Glass 67.9 74.9 73.6 70.7 73.0 76.7 ' 60.2 68.3 67.2 Cement... 66.6 66.3 82.9 63.3 63.3 78.8 ! 60.4 64.8 82.8 NONFERROUS METAL PRODUCTS.. 63.4 65.4 77.7 64.2 65.4 78.7 i 54.5 59.1 76.0 Stamped and enamel ware.. 40.1 43.7 56.8 41.1 42.6 58.2 34.2 38.1 56.7 Brass, bronze, and copper. _. 71.3 72.8 84.8 72.0 73.2 85.7 60.4 65.2 81.7 CHEMICALS AND PRODUCTS 86.2 86.7 101.0 89.4 89.6 105.4 82.9 84.1 100.8 Chemicals and drugs 91.0 90.2 98.7 94.2 92.1 102.2 82.6 83.2 91.9 Petroleum refining 89.0 91.1 113.6 87.1 90.2 111.1 89.6 91.1 118.1 Fertilizers _ 45.4 48.9 72.2 66.5 71.8 105.6 45.6 49.4 79.4 RUBBER PRODUCTS 74.1 75.6 82.7 73.8 75.7 82.4 64.0 72.4 80.8 Automobile tires and tubes... 75.9 78.3 85.4 74.5 76.8 83.9 66.4 77.7 83.6 Rubber boots and shoes 68.6 67.8 74.2 71.8 72.4 77.7 54.6 51.4 69.7 TOBACCO MANUFACTURES 79.4 79.9 88.2 81.4 80.4 90.4 i 67.5 68.6 81.9 Cigars and cigarettes _ 81.7 90.6 82.8 82.1 92.2 1 68.0 69.1 83.4 Chewing and smoking tobacco, snuff. 66.0 69.8 70.8 67.3 75.9 ! 63.9 64.2 70.6 MUSICAL INSTRUMENTS.. 38.1 55.3 40.4 40.7 59.9 I 32.2 33.8 60.0 Pianos and organs. 25.6 34.4 25.8 26.8 38.0 i 17.4 20.8 31.9 NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 511 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation] Total Residential Factories Commercial P p u u b b li l c ic w u o t r i k li s ti e an 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 88.9 37.4 16.3 73.3 26.3 152.1 108.9 36.9 23.8 41.1 41.8 June.. . 600.6 r 318. 1 96.8 72.7 22.7 8.9 59.1 27.6 322.9 r 140.8 48.9 22.5 50.2 45.6 July - — 366.9 286.0 84.3 63.9 28.9 10.4 46.9 29.5 121.2 116.3 42.7 26.1 42.8 39.8 Year to date 3, 004. 9 2, 080. 5 663.7 554. 6 174.7 84.8 456.6 202.8 1,147. 5 824.6 239.3 155.8 323.1 257.9 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 r Revised. 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 423 385 320 204 354 400 285 180 69 * 15 35 24 June 389 393 295 187 317 353 250 174 71 40 44 14 July 379 403 267 *183 318 353 221 »175 61 50 46 *8 Year to date 2,757 3,026 2,342 P 1, 499 2,404 2,639 1,957 »1, 282 353 387 386 p 217 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. 9 Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [1923-1925 average=100. For back figuress ee BULLETIN for November, [Index numbers; i 1923-1925 average^ 100. Source of basic data: Ameri- 1930, p. 686] can Railway Association] Index of stocks (end of Index of sales * month) March April May June July Adjusted Without Adjusted Without Month for seasonal seasonal ad-for seasonal seasonal ad- Adjusted for seasonal variation variation justment variation justment Total 80 80 79 77 76 Coal __ 78 78 76 73 73 1930 1931 1930 1931 1930 1931 1930 1931 Coke _ __.. 64 60 56 49 46 Grain and grain products _ 96 104 97 90 100 January 107 97 79 Livestock 67 69 68 65 67 February... 108 98 80 93 Forest products 45 43 44 41 38 March 107 97 92 100 Ore. 62 41 30 43 51 April 107 106 110 101 101 M iscellaneous 83 85 85 82 79 May 105 97 105 97 Merchandise» 89 88 89 89 88 June 103 95 98 90 July 100 91 71 65 87 Without seasonal adjustment August 102 77 87 S N D O e o c e p t c v o t e e e b m m m er b b b e e e r r r . - . . 1 9 9 0 9 2 4 1 1 1 1 0 1 6 1 3 3 5 2 1 1 9 8 0 0 5 5 4 1 Tota C C G l— o o ra k a i l e n and - grain pro — d- 7 7 6 5 4 4 7 6 5 7 5 7 7 6 5 9 7 6 4 6 7 5 3 7 4 6 7 1 4 8 ucts 82 80 80 78 120 Year. 102 94 Livestock 59 65 64 55 56 Forest products 47 45 47 43 38 i Based throughout on figures of daily average sales—with allowance Ore 15 20 45 77 92 for changes from month to month in number of Saturdays and for six Miscellaneous 79 87 89 86 83 national holidays: New Year's Day, Memorial Day, Independence Day, Merchandise > 89 91 92 89 87 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects i Based throughout on daily average loadings, upon sales of changes in the date of Easter. i In less-than-carload lots. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
512 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics; 1926=100) Other commodities All com-1 Farm Year and month modities ' products Foods Total H l i e d a e t s h e an r d p T ro e d x u ti c le ts F li u g e h l t i a n n g d an M d e m ta e l t s al Building c C a h ls e a m n i d - f H ur o n u is s h e- - l M an i e sc o e u l s products materials products materials drugs ing goods 1926 (base) 100.0 i 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 8a 3 90.1 85.1 99.9 80.7 ! 76.1 95.3 90.3 88.7 95.7 73.4 1930—June 86.8 88.9 90.5 85.7 102.4 i 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 i 80.0 I 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 I 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 1 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 j 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 89.3 82.9 83.6 91.1 64.7 February 75.5 70.1 77.1 77.1 86.6 i 70.4 88.9 81.8 82.2 90.8 63.9 March 74.5 70.6 76.7 75.6 87.4 f 69.2 64.5 89.0 81.9 81.9 90.8 64.7 April. 73.3 70.1 75.6 74.2 87.3 ! 67.6 61.6 88.7 80.9 80.1 90.8 63.9 May 71.3 67.1 72.9 73.2 87.3 i 66.3 60.9 87.8 78.4 79.1 89.2 62.8 June 70.0 65.4 72.4 71.9 87.8 ! 65.4 58.1 87.4 77.5 77.9 88.6 61.8 July 70.0 64.9 73.1 71.8 89.2 ! 65.4 58.2 87.5 75.8 77.3 88.0 61.0 1930 1931 Subgroups May June July Aug. Sept. Oct. ! Nov. Dec. Jan. I Feb. f Mar. Apr. May \ June July FARM PRODUCTS: Grains 82.1 78.7 74.1 80.4 ! 77.0 i 72.1 64.0 64.0 62.4 60.4 59.3 I 59.5 59.6 56.0 49.0 Livestock and poultry 93.2 88.5 81.8 84.6 i 88.0 i 82.4 77.7 76.3 75.2 69.6 70.7 i 70.3 64.1 61.9 63. 0 O ther farm products 96.5 92.7 86.9 86.7 i 86.4 | 86.3 85.4 78.1 76.0 73.7 74.2 73.4 71.5 70.8 71.3 FOODS: I i Butter, cheese, and milk 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 79.1 M Ot e h a e t r s foods _ 1 8 0 6 1 . . 3 3 9 85 9 . . 1 9 9 80 1 . . 7 8 9 7 3 9 . . 1 4 I ! 9 7 9 9 . . 2 3 ; ! 9 7 6 9 . . 7 8 9 7 1 8 . . 4 4 8 7 9 4. . 5 2 8 7 8 3 . . 4 4 8 7 3 0 . . 6 8 8 7 2 0 . . 0 8 7 7 9 0 . . 9 9 7 69 4 . . 7 4 7 7 1 0. . 1 3 7 69 3 . . 7 4 HIDES AND LEATHER PRODUCTS: Hides and skins 96.8 99.0 94.0 91.2 94.2 83.6 75.1 69.4 64.4 57.7 62.1 62.0 62.6 65.5 72.7 Leather 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 87.8 Boots and shoes 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 94.7 Other leather products 105.3 105.1 105.2 104.9 105.0 104.2 104.2 104.2 102.4 102.0 102.0 101.6 101.3 101.3 101.3 TEXTILE PRODUCTS: Cotton goods 90.7 89.3 87.4 85.0 82.8 j 81.6 81.9 79.7 77.3 76.9 76.5 75.7 73.9 | 72.6 72.4 Silk and rayon 70.3 64.3 60.4 57.6 55.4 I 52.1 50.7 51.7 50.1 48.8 47.0 45.2 44. 0 43.8 45.0 Woolen and worsted goods... 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 75.9 75.3 Other textile products 72.1 69.0 65.5 63.5 61.3 I 59.0 57.9 57.8 57.5 59.0 57.4 55.6 55. 9 53.1 52.1 FUEL AND LIGHTING MATERIALS: Anthracite coal 85.8 86.5 87.8 89.1 89.6 89.6 89.6 88.9 88.9 88.2 86.6 87.6 88.8 90.8 Bituminous coal_. 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 83.2 83.5 Coke 84.0 84.0 84.0 83.8 83.9 83.9 83.8 83.8 83.8 83.7 83.7 83.7 81.5 81.5 Gas 97.9 99.7 99.4 99.8 101.3 99.7 97.0 95.4 95.8 95.8 94.6 96.1 99.0 101.9 Petroleum products 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 30.7 30.3 METALS AND METAL PRODUCTS: Iron and steel 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 86.9 87.1 Nonferrous metals 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 58.9 59.4 Agricultural implements. _ ^.. 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 94.6 94.5 Automobiles 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. R 98.6 98.9 Other metal products 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 94.4 92.5 BUILDING MATERIALS: Lumber 89.7 85.3 83.3 81.1 80.8 80.2 78.1 76.0 73.2 74.2 73.3 68.4 67.8 Brick 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 80.8 80.5 Cement 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 77.7 75.8 Structural steel 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 84.3 84.3 Paint materials 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 70.1 69.5 Other building materials 101.8 99.4 98.7 98.0 97.3 97.8 97.1 95.5 95.6 95.4 94.2 93.2 91.7 88.7 CHEMICALS AND DRUGS: Chemicals 95.3 93.8 92.5 92.1 90.9 89.2 89.1 87.0 85.0 84.8 83.3 81.9 80.2 80.1 Drugs 67.8 67.9 67.3 66.8 66.8 66.8 66.3 65.5 65.1 65.0 64.6 63.0 02. 8 62.1 61.6 Fertilizer materials 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 79.8 78.7 Mixed fertilizers 93.6 94.1 93.1 92.7 92.5 92.9 91.1 90.6 90.4 88.3 83.5 82.8 82.4 ! 80.2 HOUSE-¥URNISHING GOODS: Furniture 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 92.8 92.4 Furnishings -> 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 85.0 84.3 MISCELLANEOUS: Cattle feed 110.3 102.0 94.8 104.8 93.6 83.0 78.2 75.0 71.6 82.1 81.2 67.9 61.1 55.8 Paper and pulp 85.6 85.2 83.8 83.8 83.5 83.5 83.5 83.6 83.6 83.1 82.3 31.4 81.3 80.3 80.1 Rubber 29.2 25.9 23.6 I 20.3 17.1 16.9 18.6 18.6 17.1 16.1 16.0 13.3 13.7 13.3 13.2 Automobile tires 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 45.7 45.7 Other miscellaneous 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 84.0 82.6 Back flgures.—For indexes of groups, see FEDERAL RESERVE BULLETIN for March 1931 (p. 137); of subgroups, see FEDERAL RESERVE BULLETIN for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics Nos. 473, 493, and 521. 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SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 513 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF BULGARIA The annual report of the National Bank of their respective governments to seek through Bulgaria for 1930 was presented to the Minister closer cooperation a more systematic and more of Finance on April 30, 1931. Sections of the profitable marketing of their farm products. report are given herewith:* To this end several conferences have been The world-wide crisis, which began in 1929, called, which brought together representatives became still further intensified during the past from southeastern and eastern Europe. Alyear. It has especially affected this country, though their discussions have not yet produced which is a producer of raw materials and agri- any practical results, the international charcultural products, the prices of which have acter of the crisis requires, nevertheless, that declined sharply, and the sale of which, in some measures of an international scope should consequence, has become more and more diffi- be taken. It is especially in the field of agricult. The reduction of the purchasing power cultural credit—so necessary for the relief of of the agricultural population was reflected to backward agricultural countries—that practical a serious extent in every branch of the economic schemes are contemplated for closer cooperation and financial life of the country. with the richer industrial countries. Agriculture.—The great difficulties of agri- Studies and discussions of the existing culture, due not merely to a temporary over- economic crisis—which varies in each country production but also to more permanent causes— according to conditions peculiar to that counamong which are the increasing use of machin- try—show more and more clearly that this ery and the rationalization of production of crisis will not be quickly overcome by the action cereals in the principal agricultural countries— of any one factor or by any magic formula. have required and still require the adoption On the contrary, the reestablishment of balance of emergency measures of assistance to the between production and consumption will only farmers adversely affected by the general crisis. come slowly, as a result of the natural and For example, all the export duties remaining beneficent reaction of all the factors in the from pre-war or post-war times have been economic situation. Some important improveabolished. In order to maintain the prices of ments in this respect were to be noted during grain at a certain level, and to assist producers the past year. to pay their taxes, the law of December 26, Balance of trade.—Our merchandise balance, 1930, created a managing board for the pur- which in 1929 showed a very great increase in chase of grain. In view of the disorganized imports and closed with a deficit of about state of the wheat market resulting from the 2,000,000,000 leva ($14,400,000), presented an rapid fluctuations and sharp fall in price, the entirely different picture during the past year. new board, as the instrument necessary for Imports declined from 8,300,000,000 leva unifying and organizing the export of grain and ($59,760,000) to the extremely low figure of flour on a rational basis in this country, can 4,600,000,000 leva ($33,120,000). Similarly, render a lasting service to our small farmers. the quantity of imports fell from 508,000 tons Other important measures have been taken to 317,000 tons. to improve agricultural production and to Exports, on the other hand, increased in further its adjustment to the demands of the quantity from 313,000 tons to 543,000 tons. market. The considerable increase in the The aggregate value of exports, however, export of eggs and poultry, the prospects of declined by about 208,000,000 leva ($1,498,exporting livestock and animal products more 000)—from 6,397,000,000 leva to 6,189,000,000 regularly, as well as the encouraging start made leva—as a result of the considerable fall in price in exporting raisins, wine, fruits, legumes, etc., of those commodities which we export. The indicate clearly the new lines along which trade balance for 1930 closed with a surplus of Bulgarian agriculture is developing. about 1,600,000,000 leva ($11,520,000). The difficulties against which the agricultural Commerce.—The commercial position was countries have to contend have compelled marked by lowered sales, by reduction to the minimum of stocks of merchandise, by diffi- 1 The report, available in French, contains in addition tables showing the operations of the bank in detail and sections dealing with the mer- culty in collecting loans, and by great reluctance chandise balance by months for the past four years, prices, production, the Bank for International Settlements, the state budget, etc. For to make sales on credit. Manufactured arearlier reports see FEDERAL RESERVE BULLETIN for September, 1930, and ticles, ironware, and other branches of trade July, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
514 FEDERAL RESERVE BULLETIN SEPTEMBER, 193showed a sharp decline in sales. The market- 1929. Other foreign exchange holdings rose ing of consumers' goods was somewhat easier. from 246,000,000 leva ($1,771,000) to 480,- During the second half year, when trade had 000,000 leva ($3,456,000). Liabilities in forbecome better adjusted to the new conditions, eign exchange at the end of the year amounted sales became more normal; the stocks of to 112,000,000 leva ($806,400), against 152,commodities in most branches of trade were 000,000 leva ($1,094,000) at the close of 1929. reduced, harsh and unscrupulous competition Mention should be made of the disappeardisappeared and gave place to more normal ance since October, 1930, of the silver reserve— trading conditions. 169,000,000 leva ($1,217,000). Under article Industry.—The process of adjustment was 80 of the bank law, the bank was obligated to considerably slower in industry. In many dispose of its silver holding within a period of branches of industry the productive capacity three years, especially by sales to the Governand the number of enterprises far exceeded the ment. The entire silver reserve has now been extremely modest demands of the domestic bought by the Government, at the market market. On the other hand, the financial or- price, for the minting of new silver coins. ganization of most of the recently established Henceforth the bank is not permitted to buy industrial enterprises was very insecure. Ow- silver for its own account. ing to the lack of opportunities for export, flour The lowest level of the gold and foreign exmilling found itself involved in great difficul- change reserves (deduction being made for ties. The beer and alcohol industries as well liabilities in foreign currency) was 1,859,000,000 as metallurgy also experienced an appreciable leva ($13,385,000) on March 23; the peak was decline. Industrial production as a whole, dur- 2,503,000,000 leva ($18,022,000) on November ing the first half of the year, was marked by 23. The highest reserve ratio was 42.46 per the limitation and the reduction to the mini- cent on January 7 and the lowest 36.02 on mum of stocks of raw materials. Something August 31. Most of the time it fluctuated of an exception to this was noted in the copper between 36 and 37 per cent. industry, which has thus far withstood the During the course of the year 288,000,000 crisis, and shown activity throughout the year, leva ($2,074,000) of foreign exchange came into as its products have been in steady demand. the coffers of the bank from the League of Na- The textile industry, however, subsisted to a tions loan for the settlement of refugees (1926). very large extent on subsidies from the Gov- The available balance of this loan, in foreign ernment. The price of textiles fell by from 15 currency, amounted at the end of the year to to 20 per cent. The efforts looking toward a about 196,000,000 leva ($1,411,000). From union of the manufacturers of woolen textiles the stabilization loan, foreign exchange to were unsuccessful. Similar associations for co- the amount of 405,000,000 leva ($2,916,000) operative selling were successfully established was received during the year. The available in certain other branches of industry. balance of this loan, in foreign currencies, Reserves in gold and foreign exchange.—Al- amounts to 215,000,000 leva ($1,548,000). though the balance of payments for 1929 was Discounts and advances.—The general ecoseriously adverse, the foreign exchange reserves nomic depression, which began in the second of the National Bank of Bulgaria during 1930 half of 1929 and continued throughout the past showed only moderate fluctuations, and at the year, brought about a large decrease in the end of the year had declined by only 300,000,000 volume of commercial transactions and a leva ($2,160,000), as compared with a reduction steady reduction in demands for commercial of 1,500,000,000 leva ($10,800,000) in 1929. and industrial credit. As a result of reduced Gold holdings increased by 66,000,000 leva sales on credit by merchants and industrialists ($475,200). They rose from 1,388,000,000 leva the offer of strictly commercial discounts and ($9,994,000) at the end of 1929 to 1,454,000,000 rediscounts declined steadily. This decline was leva ($10,469,000) at the close of 1930. This further aggravated as a result of the sharp increase is due to purchases of gold made in our recession in prices and the reduced demand market against leva. for currency. Because of this decline in the Foreign bills of exchange on gold standard commercial and industrial portfolio, as well as countries amounted to 424,000,000 leva the large increase of deposits with credit insti- ($3,053,000) at the end of the year, as com- tutions and the smaller need of these instipared with 1,063,000,000 leva ($7,654,000) in tutions to rediscount with the National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 515 of Bulgaria, the portfolio of the bank, as well one credit institution—the Union of Bulgarian as its advances, showed an almost uninterrupted Banks—with a share capital of 100,000,000 downward trend throughout the past year. leva ($720,000). A number of small provincial At the close of the year the portfolio of the banks also amalgamated. The past year bank stood at 362,000,000 leva ($2,606,000), as showed considerable improvement of the banks compared with 907,000,000 leva ($6,530,000) at from the point of view of their organization, the end of 1929 and 588,000,000 leva ($4,234,- even at the cost of some unavoidable liqui- 000) at the close of 1928. dations. Bank amalgamations.—The hope expressed The Hague convention.—Although the conin last year's report for the restoration of the vention of The Hague in January, 1930, credit of the country, the reduction of the burdened this country with a very heavy annual unduly large number of banks, and a stronger payment of about 300,000,000 leva ($2,160,000) organization within the country of the indi- payable for the next 36 years, it nevertheless vidual banks, was fulfilled to a certain extent. removed the grave dangers of previous con- The Bulgarian Bank, the Bank for National ventions and treaties, which in the past offered Credit, and the Franco-Bulgarian Bank for serious obstacles to our economic and financial International Commerce amalgamated into development. BALANCE SHEET OF THE NATIONAL BANK OF BULGARIA AS OF DECEMBER 31, 1930 Leva (in Dollars i Leva (in Dollars i Resources thou- (in thou- Liabilities thou- (in thousands) sands) sands) sands) Gold coin and bullion 1,454,801 10,475 Notes in circulation _ . 3,295, 514 23,728 Foreign exchange (art. 10 of the bank law)_ 424, 299 3,055 Other foreign exchange 480,663 3,461 Demand deposits in leva: Subsidiary coin _.. 152, 027 1,095 Government 115,537 832 Banks. 869, 028 6,257 Loans and discounts: Other ._ 562,478 4,050 362, 260 2,608 Treasury bills ...J 1, 547, 043 11,139 362, 260 2, 608 Time deposits in leva: frfivprn m PTI t Advances: Banks . _ I. To be repaid in leva— Other 270, 225 1,946 157, 200 1,132 Other... _-.. - -- 269, 778 1,942 270, 225 1,946 426, 978 3,074 Liabilities in foreign currencies: II. To be repaid in foreign exchange Gold currencies (art. 10 of the bank law) 112, 364 809 426,978 3,074 Government debt -- 3,161, 846 22, 765 112, 364 809 Investments -J 22, 466 162 Capital 500, 000 3,600 ORtehael re sretastoeu racneds. eouiDment 352, 377 2,537 Surplus: General reserve fund 1,097,308 7,901 Other reserve funds 71, 483 515 1,168, 791 8,415 Net profit. _ 83,313 eoo Other liabilities.... 176, 613 1,272 Total resources 7,153,863 51, 508 Total liabilities 7,153, 863 51, 508 i Conversion at par: 1 lev—$0.0072. 73809—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
516 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 ANNUAL REPORT OF THE NATIONAL BANK OF RUMANIA The annual report of the National Bank of necessary to maintain a perfectly sound cur- Rumania for 1930 was submitted to the general rency, which is indispensable to the prosperity meeting of stockholders on February 15, 1931. of the country. Yet it is obvious that the The main text of the report is given herewith.1 effectiveness of these means depends upon a The existence of large stocks of grain at the genuine equilibrium in the State budget. beginning of the past year and the prospect of In accordance with the stabilization program, an abundant harvest gave hope for improve- however, the State and the National Bank ment in the economic situation. This hope should cooperate in the supervision of all was not realized. Moreover, the American foreign loans, both public and private, so crisis, which has now continued for 16 months, that in future the country may assume no exhas come to be recognized as having more cessive obligations, nor any intended for other fundamental and more general causes than than strictly productive purposes. were realized at its beginning. Hence, the An advance in the price of grain during the anticipated resumption of capital movements second semester led to increased exports of from America to Europe, seeking investment warehoused stocks. The new harvest, abundin securities with fixed yield, failed to take ant and satisfactory both as to amount and place. Depression and uncertainty continued quality, also augmented the export movein the leading countries of the world, and this ment, which was particularly strong during; affected the economic situation in Rumania. August. The National Bank availed itself Prices.—During the first half year the con- of the resulting inflow of foreign bills both to tinued downward trend of prices of raw ma- build up its own reserves and to provide the terials on the world market was reflected in the Government with foreign exchange in view prices of our own products, especially of grain. of the approaching foreign debt maturities. Exportation of the large grain reserves held Foreign exchange policy.—Last year the over from 1929, which normally should have Government, availing itself of the opportunities begun in April, was almost at a standstill. offered, created a permanent revolving fund for The producers, impelled by the necessity of the'Treasury, amounting to 1,000,000,000 lei recouping their high production costs on the ($6,000,000), for the express purpose of providone hand, and on the other hand influenced by ing for the foreign debt payments at maturity. the higher prices of former years, preferred to This fund was established out of the payment wait for a price recovery which did not ma- due to the Government from the telephone conterialize. Consequently, the general economic cession. Built up by regular monthly payposition derived none of the benefits that the ments from the Treasury in proportion to export of these commodities could have ren- budget receipts, it is automatically renewed dered. The period of capital outflow—nor- by the end of each year. The existence of this mally the winter months—was thus pro- special fund enables the National Bank to purlonged almost to the end of the first half year. chase for account of the Government, in ad- It was not until June that the export movement vance and at the most favorable rates, the began again, bringing about an inflow of foreign exchange required by the Government. foreign bills. This foreign exchange holding is entirely separate from that of the bank. Similarly, the In spite of these unfavorable circumstances National Bank provided the Autonomous Office the National Bank of Rumania had no diffiof Government Monopolies with foreign exculty in honoring all demands made upon it change, by using for this purpose such funds as for foreign exchange, either by the market or the office had deposited with the bank. In by the Government, while it maintained the consequence, the foreign exchange holdings of ratio of reserves against liabilities at a level the bank stood at a somewhat lower, but cerconsiderably above the legal minimum of 35 tainly more stable, figure than heretofore— per cent. Once more the elasticity and strength which enables the bank to pursue a more advanof our monetary system has been proved. tageous monetary policy. Following its traditional policy of prudence, The National Bank regulated its purchases of the National Bank has taken everv means foreign exchange so that the course of the lei 1 The report, available in French, contains in addition tables showing followed the export movement and the effective the operations of the bank in detail, as well as sections dealing with offer of foreign bills on the market. Thus at international economic relations, personnel, agencies, participation of the bank in the Bank for International Settlements, etc. For earlier the end of August and the beginning of Septemreports see FEDERAL RESERVE BULLETIN for September, 1930, August, ber the pound sterling declined almost to its 1928, and October, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 517 parity, 813.75 lei. As a result of the new decline able to exercise such control as pertains to a in the price of grain during September, sterling bank of issue. advanced again to 817.50 lei. We mentioned last year the prejudice of Loans and discounts.—The volume of dis- many business houses against giving promiscounted bills fluctuated considerably—though sory notes in payment for purchases of merless during the second half year—and showed a chandise—bills which quite properly constitute declining tendency. This decline resulted in the discount portfolio of the National Bank. the first place from the transfer to the Govern- We recognize, however, that a genuine effort ment, under the stabilization plan, of bills has been made by a number of firms to overwhich had not a sufficient degree of liquidity; come this prejudice, and we urge them to and to some extent from the creation of Gov- continue their efforts in this direction. ernment funds out of minting profits. The Discount rates.—The discount rate of the transfer of nonliquid bills to the Government National Bank stood unchanged throughout is especially important not only for the Na- the year at 9 per cent, for monetary conditions tional Bank, which finds its portfolio relieved up to the present time have prevented any of mere "ballast" that can not be mobilized, reduction. In a number of foreign markets but also for the general economic position of an improvement in exchange and an effective the country, inasmuch as these short-term inflow of capital made it possible to reduce the credits are converted into long-term credits— rates of discount. As soon as similar condithe advantage of which is beyond question. tions on our market justify the step, we shall Companies which are in debt will benefit as a not hesitate to follow this example; and we result of this joint action on the part of the hope that, with the resumption of river naviga- Government, for it initiates a program of reor- tion, the movement of our large stocks of grain ganization and gradual liquidation, which will permit a rate reduction without danger to wisely applied will have excellent effects upon the currency. Reduction of the rate while the Rumanian market. the balance of payments is unfavorable, while In the second place, the portfolio of the bank, high money rates prevail abroad and the having thus acquired a sufficient degree of greatest caution is necessary in currency affairs, liquidity, could readily adapt itself to changes would be most imprudent. On the other in economic activity. Thus, at the end of the hand, we believe that, judging from the volume first half year, the marketing of grain was fol- of available currency and credit with the banks, lowed by the repayment of discounted bills. the existing rate is no handicap to business. This seasonal movement, which was normal Business is handicapped by the general depresand altogether satisfactory, and proof of a very sion—which Rumania is experiencing in comliquid position, continued until a new price mon with other countries and perhaps to an decline checked commercial operations. even greater degree—and by the lack of assur- In the third place, although in a smaller de- ance that loans will be paid when they fall due. gree, the volume of our commercial portfolio This lack of assurance is owing in part to undeclined as a result of assigning part of these sound legislation which all economic authorities bills to the Bank for International Settlements, insist should be amended. A reduction of the as an investment in Bucharest of the funds of discount rate, in our judgment, would have n<? that institution. Mention should be made influence on the level of commercial interest. here of the undue caution of Rumanian banks The official rate of the National Bank should in making new investments. This policy, which be maintained at a level which will attract and has served no good purpose, has now been rec- retain the foreign funds which are indispensable ognized as unwise and is to be abandoned. to this market. By no creation of fictitious Finally, the development of discounting credits could the National Bank make good operations has been influenced by the general the lack of foreign funds and domestic capital, business recession, which has been serious without which the Rumanian market can not even in countries with a far stronger economic function. organization than our own. In the case of Note circulation.—The volume of notes in discounts with the National Bank, means circulation was determined by the normal should be taken to insure their regular liquida- conditions of issue, and fluctuated according tion at maturity. For this purpose the bank to the demands and the capacity for absorphas under consideration a plan by which it tion of the market. The note issue has varied can make collections directly on bills placed but slightly, owing to the fact that lei put into in the portfolio. In this way the bank will be circulation through the purchase of foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
518 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 bills have replaced those withdrawn from all that could be expected from that type of circulation through the repayment of dis- organization. counted bills. In this connection, also, every effort should The Government used the entire credit pro- be made to establish in due time a series of vided by law under the account " Temporary public warehouses for storing grain. The advances to the Treasury7' and repaid the mobilization of agricultural products in this advance in full before the end of the year, way would facilitate the creation of credit as required by the statutes of the bank. instruments which would be eligible not only Agricultural credit.—Agriculture, which is at the commercial banks but also at the bank our principal branch of production, benefited of issue. greatly during the past year by the assistance While the Government and the National which the National Bank was able to render. Bank exerted themselves vigorously to estab- Although bills with a maturity of four and a lish the foundations of future prosperity— half months—renewable for a similar period— namely, a sound currency and order in public amounted to somewhat less than 25 per cent finance—private business was gradually adaptof the total portfolio, the inclusion with these ing itself to the changed conditions, although of bills maturing in three months and bearing it still suffered from the economic and financial the indorsement of a farmer shows that agri- distress of the past 15 years. The debts of culture availed itself to the extent of 43.1 the Government, the abuse of all forms of per cent of the total discounts of the bank. credit, the habit of speculation, and the The organization of agricultural credit on illusion of great profits which is inevitable in a broad foundations—as mentioned also in earlier period of inflation—all these factors imperiled reports—has still failed of achievement. As a the situation in Rumania. result, the consuming power of our agricultural Under the stabilization program, large funds population suffers, as well as our economic from the international loan were made availsituation as a whole. The Central Cooperative able for economic rehabilitation. With this Bank, through its normal and systematic func- assistance and the abundant harvests of 1929 tioning, has achieved excellent results, but the and 1930, it was reasonable to expect economic demands to be satisfied are far in excess of its recovery and a return of prosperity. Unincreasing capacity. In an attempt to or- fortunately, the fall in prices of our agriculganize all forms of agricultural credit under a tural products and the resulting decline in financial institution capable of helping farmers exports deprived the country of the anticipated to obtain mortgage credits in sufficient volume benefits. The abuse of credit, especially in at more or less long term, as well as agricultural granting loans to enterprises which had proved credits in proportion to the volume of produc- unprofitable, weakened the confidence of lenders tion, the National Bank succeeded in establish- and resulted in unduly high rates of interest. ing within the limitations of its statutes an Under these circumstances a return to saner agency for seasonal credit on a percentage policies was initiated by lowering the rates of basis against the harvest; this will enable holders interest paid to depositors, and to some degree, of grain throughout the farming districts to also, the rate payable by first-class borrowers. obtain the credits which they need, at an It is also important to take effective measures annual maximum rate of 9 per cent. to strengthen the banking system through ab- The establishment of this seasonal credit sorption or amalgamation of small banks, which was achieved in collaboration with the French have such insufficient capital and are so badly Acceptance Bank of Paris, which placed at managed that they can hardly survive. the disposal of the Rumanian market 200,000,- Business will have to adapt itself to the 000 French francs ($7,840,000). As a result lower level of prices for raw materials, and to m of this credit and the method of its operation, make its adjustment through increased proall financial risk was avoided. This credit, duction, lower costs, and better quality, if it is because it was established so late, did not to hold its own on international markets. The accomplish what it would otherwise have done. confidence of capitalists must be won, and the It can, however, be used from the beginning scrupulous fulfillment of all obligations must of the next harvest; it will undoubtedly meet be guaranteed. Only by these methods, slow the requirements of production and accomplish indeed but certain, can prosperity be assured. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
519 SEPTEMBER, 1931 FEDEKAL KESEEVE BULLETIN BALANCE SHEET OF THE NATIONAL BANK OF RUMANIA AS OF DECEMBER 31, 1930 Resources tho L u e s i a ( n i d n s) ( D i s n o a l n t l h d ar o s s ) u - i Liabilities tho L u e s i a ( n i d n s) ( D i s n o a l n t l d h ar s o s ) u - i Metallic reserve: Demand liabilities: Gold held in Rumania,. 5, 355, 968 32,136 Notes in circulation. 19,604,584 • 117,628 Gold held abroad 3,919,467 23,517 Current accounts and demand deposits— 9, 275, 435 55, 653 (a) Ministry of Finance... 314,588 1,888 Foreign exchange. 1, 745, 517 10, 473 (6) Public services, Caisse Autonome.. 4,199 (c) 7 per cent loan of 1929 and payments Total reserves ; 11,020,952 66,126 in conformity with the convention Foreign exchange not included in reserves_. 76,980 462 of Nov. 10, 1928 _. 2,101,056 12,6Q6 Subsidiary coin 306,464 1,839 (d) Current accounts 1, 728, 745 10,372 Bills discounted __ _ 7, 379, 737 44, 278 (c) Other 232,646 1,396 Advances on securities and precious metals: Total demand deposits.. 5,076, 885 30,461 Ordinary 477,034 2,862 In current account 275, 664 1, 654 Total demand liabilities 24,681,469 148,089 Capital _ 600,000 3,600 752,697 4,516 Surplus 369,019 2,214 Government debt 3, 616, 746 21, 700 Amortization funds _ 385,176 2,311 Pension and insurance fund for employees of the Public securities representing investment of— bank 136,405 818 Capital 157,791 i 947 Other liabilities 2,200,878 13,205 Surplus 150,855 | 905 j Amortization funds 244, 730 1,468 Participation in the Bank for International Settlements 80,645 484 Participation in Credit Industriel 150,000 900 784, 022 | 4,704 Public securities—Pension and insurance fund for employees of the bank 131,168 ' 787 Real estate 528, 789 3,173 Furniture and equipment 79, 920 480 Silver bullion and sundry coin 7, 279 44 Other resources 3,688,193 22,129 Pre-war gold deposited at Moscow (£12,497,- 223-12-8)2 _.. Total resources. 28, 372, 948 170, 238 Total liabilities. 28, 372, 948 170, 238 Memorandum account: Securities and advances Memorandum account: Securities and advances to be repaid by the Government 2, 723,812 16, 343 in account with the Minister of Finance 2, 723,812 16,34& 1 Conversion at par: 1 leu=$0.006. 2 The annual report of the bank for 1916 contains the following statement: "In order to provide against any eventuality, the board of directors; with the approval of the Government decided upon the transfer of the bank's gold stock—which had been accumulated with so much persistence during a number of years—to Jassy; and finally, availing themselves of the great kindness of the Government of His Majesty the Emperor of Russia,, who put at our disposal a special room in the Kremlin Palace (at Moscow), we transferred to that place, with the authorization of the Government and in conformity with the law of Dec. 25, 1916, the 314,580,457 lei which we had in our vaults at Jassy." The pre-war lei had a par value of $0.193> thus the value of the gold stock deposited in Moscow was about $60,714,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
520 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for last report date of month*] Europe 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 Canada c T o o u t n a t l r i ( e 2 s 6 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1930—February 10,431 3,988 78 4,784 ! 24 164 10 37 46 735 1,680 582 March _. 10,507 4,061 79 4,808 24 164 10 37 46 755 1,668 595 April 10,573 4,131 79 4,872 24 164 10 37 46 795 1,660 611 May __ 10,613 4,159 80 4,920 24 167 10 39 46 765 1,717 617 June 10,671 4,178 81 4,960 24 167 10 39 46 763 1,727 624 July 10, 705 4,160 94 5,009 24 167 10 42 46 741 1,775 624 August 10, 787 4,148 100 5,122 24 168 10 42 46 754 1,852 624 September. _. 10,823 4,159 110 5,141 I 30 173 10 42 46 761 1,899 590 October 10,852 4,184 122 5, 207 i 30 180 10 44 46 776 1,992 519 November__. 10,894 4,220 129 5,238 ; 30 180 10 46 46 762 2, 037 519 December _._ 10, 907 4,225 110 5,281 ! 30 191 10 46 46 718 2,100 528 1931—January 10, 953 4,285 92 5, 313 i 30 191 10 46 46 679 2.176 535 February 11,008 4,309 94 5, 3S0 ' 30 197 11 46 46 685 2, 192 544 March 11,071 4,343 96 5,388 i 30 200 11 46 46 699 2,200 553 April _. 11,107 4,373 99 r 5,395 30 201 11 46 46 712 2,180 564 May Ml, 217 4,445 102 '5,428 30 201 11 46 46 735 2,181 569 June -._ 11,264 4, 593 87 5,351 30 199 11 46 46 793 2,212 339 July P 11, 217 4,587 87 P 5,353 30 214 11 45 46 643 2, 290 325 August P 4, 631 221 649 P 2, 296 325 Month Hungary Italy N l e a t n h d e s r- Norway 1930—February 28 273 176 39 March 28 274 174 39 April 28 274 174 39 May 28 274 174 39 June 28 274 174 39 July 28 274 157 39 August 28 275 157 39 September 28 278 157 39 October 28 278 171 39 November 28 279 171 39 December.... 28 279 171 39 1931—January . 28 279 175 39 February 26 279 179 March . . 22 279 179 April 20 279 181 20 280 181 June -_ . 20 282 200 July - 20 2S3 236 August 18 Month To (1 t 0 al Argen- coun- tina tries) 1930—February—.- 707 448 March - 703 445 April 660 442 May _ ~ 657 441 June 650 440 July 634 436 August _ 616 434 September. _. 613 434 October 575 429 November... 550 417 December. ._ 534 412 1931—January 506 397 February 497 390 March 483 378 April 475 370 May 465 362 June . 451 350 July P423 v 323 CO CO Europe—Continued Poland 79 79 79 79 79 79 79 39 39 39 39 Latin America Brazil Colom- Peru bia 127 21 21 127 20 22 90 20 20 90 21 17 89 20 17 80 20 17 69 20 17 65 20 17 32 19 17 20 18 18 11 17 18 0 14 18 0 15 18 0 12 18 0 12 18 0 10 18 0 10 16 10 P16 S o O c o S c OSOOC SOOC SOOC Rumania 55 56 56 56 56 56 56 56 56 56 56 56 63 63 64 64 64 64 Urug- 5 other uay c tr o i u es n - 2 68 22 1 68 22 67 21 67 21 64 19 63 18 60 17 : 60 17 i 60 17 60 17 60 17 | 59 17 58 17 58 16 58 16 58 17 58 17 p 17 SO OC Spain Sweden Sw la i n tz d er- u. R s . . s. Y sl u av g i o a - co 7 u o n t t h r e ie r s2 476 65 108 150 19 476 65 108 156 19 477 65 112 167 19 477 65 112 177 19 477 65 112 203 19 477 65 118 234 19 477 65 123 249 19 478 65 123 249 19 478 65 128 249 19 474 65 130 249 471 65 138 249 466 64 126 249 466 64 124 249 467 64 124 259 53 467 64 124 259 53 468 64 I 124 262 53 468 64 | 162 262 53 439 64 ! 225 267 _ 229 '280 Far East Total New co ( u 5 n- Au l s i t a ra- India Japan Java l Z a e n a d - tries) 817 124 128 477 56 32 802 133 128 453 56 32 775 114 128 443 56 33 744 92 128 434 56 33 749 98 128 434 56 33 755 98 128 440 56 33 748 98 128 433 56 33 747 99 128 431 56 33 711 79 128 414 56 33 701 75 128 409 56 33 704 75 128 412 56 33 704 76 128 415 52 34 703 76 128 417 48 34 709 77 135 415 48 34 714 74 141 419 46 34 724 74 147 422 46 34 730 75 151 425 46 ! 34 714 66 158 412 44 34 OC OC OC 35 35 35 35 35 34 34 34 34 34 34 34 19 34 19 34 19 r 35 19 r 36 27 36 27 v 34 Africa Egypt ococ© South Africa 37 36 37 19 35 19 34 19 32 20 33 20 33 20 34 20 35 20 33 20 34 20 35 20 31 21 31 21 32 21 31 P21 33 i All figures are as of final day of month except those of 15 countries, for which last report days are shown on page 399 of the FEDERAL RESERVE BULLETIN for July, 1931. » Countries which, for the period shown in the table, have not had gold reserves in excess of $10,000,000. For Europe these countries are: Albania, Estonia, Finland, Greece, Latvia, Lithuania, and Portugal. For Latin America they are Bolivia, Chile, Ecuador, Guatemala, and Mexico. p Preliminary. r Revised. NOTE.—For institutions represented, items included, and rates of conversion into dollars, see note to similar table on p. 399 of the FEDERAL RESERVE BULLETIN for July, 1931. The July BULLETIN also contains separate figures for the 45 countries by months for the period June, 1928-May, 1931 (pp. 399-400); and by years for the period 1913-1930 (p. 394). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
521 SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS fin thousands of dollars] United States India Month Im- Ex- j ports ports i Net Net 1930—May 23,552i 82i 7,096 6,851 j 61,134 June 13,938 26! 7,529 7,270 13,747 20,659 July 21,889j 41,529 1,414 1.187 24,646 40,355 August 19,714 39,331 1,545 1,335 24,201 21,390 September.. 13,680 11,1331 1,967 -23,391 22,339 20,245 October 35,635 9,266! 3,162 -93,514 45.416! 34,754 November.. 40,159! 5,008i 1,458 1,185 41,199| 43,164 December,. 32,778 36' 9,524 9,250 43,124 78,507 1931—January 34,426| 54; 12,252 11,965 35,304 78,774 -43,470 February.-. 16,156! 141 12,335 12,098! 31,335 28,892 2,443 March 25,6711 26) 11,077 10,598 22,829 16,377 6,452 April 49,543] 27; 11,728 11,383 28,495 4,411 24,084i May 50. 258! 628: 6,665 6,371 20, 742 1.620 19,12?| June 63,8S7 40 11,203 -124,3291 66, 956 12, 656i 54, 300 i July 20,497 1, 009' 10, 279 —87,456i 48,444j 179, 252 130,808 • 1 Partly exported in June. 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— July January-July Calendar year From or to— June January-June | Calendar year tm]portsEx]sortsImportsExports! ImportsExports ImportsExportsImports Exports ImportsExports ! Belgium 10,751 27,549 5 9,095 England ... 79 2, 333 1,370 ' 3,955 ! 8,848 167 France . _. . 89 110.233 332 209935 1,470 270, 301 United States 4 ! 4 j Germany .- - 5,656 3,891 49, 057 14593 7 78, 842 Aden and dependen Netherlands 293 50.426 724 51000 19 1.000 cies. 58 ?17 650 Spain and Canaries. 34 4. 867 1,0J9 29,229 1, 610 A rabia 54 509 ! 1 : 759 S w it norland 1, 65S 6594 23,190 British Oceania 170 1,191 i S.053 United States ], 5()!> 1,506 283 Bahrein Islands 53 191 ! 196 South America 602S 25998 68 57,944 49 Ceylon 79 ; 2 718 British India 3.132 4919 289 I 8,178 China 65 i 3,670 Australia - 10,096 15531 116,417 2 Mesopotamia 146 826 ! 2,402 New Zealand 262 558 127 Straits Settlements.. 69 i 2,828 1*4 Egypt _- 219 94 Egypt _ ; 1 1,177 Rhodesia 488 3,079 5,197 Natal _« 25 531 i ; 26,513 Transvaal . 20.141 134,486 203, 513 All other countries. . i 39 W Al e l s o t th A e f r r ic c a ountries. 1.S 4 4 1 6 3 753" 1 3 1, , 0 5 2 2 7 4 3 205 5 2 . , 4 0 3 7 6 5 5,66 1 9 1 Total . 586 2, 337 5, 042 j ! 3, 960 i 57, 854 182 Total 48,444 79,252 254 104 321,932 421, 725 308,040 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
522 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 FOREIGN EXCHANGE RATES (Monthly averages of daily quotations; based on noon buying rates (or cable transfers in New York. In cents per unit of foreign currency] Par of 1931 Par of 1931 Country Monetary unit ex- Country Monetary unit exchange June July August change June July August EUROPE SOUTH AMERICA Austria Schilling 11.071 14.0457 14. 0413 14. 0406 Argentina 96.48 70.25241 69. 8840 64. 5722 Belgium 13.901 13.9242 13. 9453 13. 9376 Bolivia 1 Boliviano _. 36.50 36.7500 36. 7500 36. 7500 Bulgaria — Lev .72 .7180 .7183 .7154 Brazil Milreis_ 11.96 7.4991 7.1937 6. 3693 Czechoslovakia- Crown 2.96! 2,9621 2. 9605 2. 9624 Chile i Peso 12.17 12.0868 12. 0798 12. 0549 Denmark Krone 26.80i 26. 7795 26. 7340 26. 7292 Colombia j do 97.33 96. 5700196. 5700 96. 5700 England Pound 486.65i 486.4863 485.6052 485. 7725 Ecuador i Sucre 20.00 20. 0000| 20. 0000 20.0000 Finland Markka 2.52: 2, 5167 2. 5156 2. 5148 Peru * _ ! Sol 28.00 27. 9308J 27. 9738 27. 9481 France Franc 3.92 3. 9158 3. 9215 3. 9196 Uruguay I Peso _ 103.42 58.5356154. 2652 46. 0147 Germany -. Reichsmark 23.82 23. 7327 23. 2782 23.6575 Venezuela * I Bolivar 19.30 17.1685. 17. 3800 17.2423 Greece Drachma -- 1.30 1. 2951 1. 2939 1. 2936 Hungary Pengo 17.49 17.4450 17. 4433 17.4515 ASIA Italy... Lira 5.26 5. 23481 5. 2300 5. 2304 Netherlands Florin 40.20 40.2442J 40. 2775 40. 3182 China* Mexican dollar.. 21.88 21.4575 22.4315 21.4301 Norway— Krone 26.80 26.78011 26.7346 26. 7328 China3 -- Shanghai tael... 30.16 29.5980 31. 0097 29. 7255 Poland Zloty --| 11.22 11.1996 11.1991 11.1970 China» Yuan dollar 21.40 21.4375 22. 4247 21. 3485 Portugal Escudo | 4.45 4.4234 4. 4162 4.4216 Hong Kong 8 Dollar 21.72 23.8226 24. 7295 23. 7830 Rumania Leu | .60 .5949i .5943 .5936 India Rupee 36.50 35.9986 35. 9865 35. 9425 Spain Peseta --! 19.30 9.6749; 9.3139 8. 7964 Japan _ Yen -— 49.85 49. 374049. 3550 49. 3532 Sweden Krona ! 26.80 26.8045 i 26. 7558 26. 7487 Java l Florin -- 40.20 40. 233140. 2558 40. 3069 Switzerland Franc -j 19.30 19.3956| 19.4309! 19.4862 Straits Settle- Singapore dol- 56.78 56.0432 56. 0198 56. 0044 U. S. S. R.i Chervonetz ! 514.60*515.0000'2515.000'2 515.0000 ments. lar. Yugoslavia Dinar ' 1.76 1.7685; 1.7665 1. 7694 Turkey Turkish pound.. 439.65 NORTH AMERICA. AFRICA Canada Dollar 100.00 99. 7201! 99.6607 99. 6898 Egypt.. Egyptian pound. 498. 8827 Cuba Peso 100.00 99.91571 99.9124 99. 9703 494.31 Mexico do 49.85 49.0305J 49. 0109 * 30. 0269 * Averages based on daily quotations ot closing rates as published by New York Journal of Commerce. ' Chervonetz quotations nominal. 3 Silver currency. The figure given for parity represents gold value of unit in August, 1931, computed by multiplying silver content of unit by New York average price of silver for August, 1931, which was $0.27842 per fine ounce. On the same basis, parity in August, 1930, for the Chinese- Mexican dollar was 27.90 cents; for the Shanghai tael, 38.46 cents; for the Yuan dollar, 27.28 cents; and for the Hong Kong dollar, 27.69 cents. 'Quotation is for silvsr peso. BANK FOR INTERNATIONAL SETTLEMENTS [Amounts in thousands of dollars: converted into dollars from Swiss francs at par: 1 Swiss franc«-$0.1930] 1 1931 1939 1931 1930 Resources Liabilities July 31 June 30 July 31 i July 31 June 30 July 31 Cash on hand and on current account with Short-term deposits: banks 1,956 2,153 1,315 Central banks for own account— Demand funds at interest _ 37,214 32,518 15,532 Demand 73, 774 75,066 18,349 Rediscountable bills and acceptances (at Timecost): Not exceeding 3 months 84,300 106,517 30,955 Commereial bills and bankers' accept- Between 3 and 6 months 794 792 JO, 963 ances 75 251 84 562 35 539 Treasury bills _ 49,138 56,567 34,827 Total 158,868 182,375 60,267 Total 124,389 141,129 70,367 Central banks for account of others— 30,182 32,617 42,055 Time funds at interest: Time- Not exceeding 3 months 102,323 114,644 57,505 Not exceeding 3 months 37,205 39,236 15,045 Between 3 and 6 moiaths 4,757 4,757 68,278 Between 3 and 6 months 6,031 6,033 52,572 T^ptwppn fi and Q mnnthtj 14,594 Total 73,418 77,886 109,672 Total 107,080 119,401 140,377 Other depositors- Sundry investments (at cost): Demand _. 168 219 Not exceeding 1 year . _ _ 40,240 40,763 Time—Not exceeding 3 months 295 1,219 Over 1 year . 2,121 5,699 Long-term deposits: 29,731 29,735 29,839 Total 42,361 46,462 i 23,465 German Government deposit 14,865 14,867 16,920 Other resources 1,957 1,958 549 French Government guaranty fund 13,273 13,279 13,187 Total 57,870 57,881 59,946 Capital paid in 20,941 20,941 19,78a Reserves: Legal reserve fund 108 108 Dividend reserve fund 211 211 General reserve fund _ _. _. . 422 422 Profits allocated for distribution on July 1, 1931: Dividend to shareholders (6 per cent) . 995 Participation of long-term depositers per article 53 (c) of statutes 422 Other liabilities 2,655 2,161 719- Total resources - 314,957 343,621 251,605 Total liabilities 314,957 343,621 251,605 1 Composed of $20,830,000 short-term investments not exceeding 2 years and $2,635,000 of investments exceeding 2 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 523 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, pp. 81-83] Liabilities of banking department Notes Bank of England in cir- Deposits culation Other Bankers' Public Other liabilities Millions of pounds sterling: ' 1931— June 24 I lf,2. 9 352. 8 fil.O 25. 2 33. 5 17.9 July 29 i 132.0 359.4 55.8 15.2 33.7 18.1 Aug. 26 ' 133.3 350.3 53.6 26.3 48.7 18.2 Millions of dollars: 1930-June 25 i 763 1,745 310 105 176 87 July 30-. ! 741 1,793 297 44 182 88 Aug. 27 .! 754 1,756 305 88 164 89 Sept. 24__ j 761 1,731 312 65 166 89 Oct. 29 ! 776 1,731 271 102 170 86 Nov. 26 i 762 1,709 272 92 179 87 Dec. 31 ! 718 1,795 645 32 176 87 1931-Jan. 28 _ ! 679 1,688 268 94 162 88 Feb. 25 ' 685 1,692 287 79 162 89 Mar. 25 i 699 1,697 281 46 164 89 Apr. 29 ! 712 1,702 238 86 180 86 May 27 _ i 735 1,727 266 85 165 87 June 24 _ '< 793 1, 717 300 123 lf-3 87 July 29 _.! 643 1,749 272 74 164 88 Aug. 26 I 649 1,705 261 128 237 89 Resources Liabilities Bank of France Gold e F x o c r h e a i n g g n e Do b m il e l s s t ic: | Se lo c a u n ri s ty O as t s h e e ts r 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 ttler i ! li O ab t i h l e it r ies Millions of francs: 1931—June 26.. 56, 426 26, 209 2,779 5, 082 1 6,807 76,927 8,513 15,187 j 2, 250 July 31.. 58,407 26, 242 2, 800 5,065 i 8. 958 79,862 9, 303 14 736 2,195 Aug. 28 P 58, 562 27, 610 2,728 5,065 j (3) 78, 635 9,469 17 650 I (3) Millions of dollars: 1930—June 27.. 1,727 1,005 106 211 | 237 2,846 194 408 : 84 July25__ 1,775 1,022 105 211 238 2,827 358 328 ! 84 Aug. 29.. 1,852 1,004 107 208 250 2,888 396 303 i 87 Sept. 26.. 1,899 1,003 110 244 2,864 412 344 ; 86 Oct. 30. _ 1,992 1,004 109 274 2,932 513 328 I 91 Nov. 28.. 2,037 1,015 112 262 2,977 523 385 ; 93 Dec. 26-. 2,100 1,026 114 208 259 2,996 495 459 ! 88 1931—Jan. 30... 2,176 1,032 112 204 270 3,079 543 457 l 86 Feb. 27.. 2,192 1,032 110 204 274 3,095 523 430 i 87 Mar. 27.. 2,206 1,031 112 199 275 3,052 461 493 j 89 Apr. 24.. 2,180 1,031 110 199 280 3,027 458 473 ! 97 May 29.. 2,181 1,025 110 199 287 3,065 390 497 94 June 20.. 2,212 1,027 109 199 i 267 3, 016 334 595 i 88 July 31.. 2,290 1,029 112 199 351 3,131 365 578 86 Aug. 28 * 2,296 1,082 107 199 (3) 3,082 371 692 ; (3) Resources Liabilities Reichsbank Gold i e R n x e c s f h o e a r r e n v i g e g e s n Treasury b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n ri s ty Other N ci o r ti t c o e u s n l a in - Deposits lia O b t i h li e t r ies Millions of reichsmarks: 1931—June 30 1,425 300 74 2, 579 355 103 £36 4,295 398 1,074 July 31 1, 303 246 249 3,273 347 103 958 4,454 834 1,251 Aug. 31 _ 1,366 356 38 3,101 208 103 972 4,384 509 1,251 Millions of dollars: June 30. 624 109 2 423 44 24 175 1,116 117 169 July 31 624 62 9 419 32 24 200 1,105 95 170 Aug. 30 624 88 412 51 24 193 1,121 99 171 Sept. 30 590 41 1 499 69 200 1,130 112 183 Oct. 31 519 47 6 548 76 163 1,113 91 179 Nov. 30 519 125 25 477 55 153 1,096 91 192 Dee. 31 628 112 49 563 61 152 1,138 155 1931—Jan. 31_ 535 47 20 463 41 175 1,044 63 Feb. 28 544 39 18 471 72 161 1,055 77 Mar. 31 553 45 34 465 65 152 1,061 92 185 Apr. 30 564 37 11 432 68 159 1,034 85 178 May 30 569 44 6 427 40 172 1,024 84 174 June 30 339 71 18 614 85 223 1,023 95 256 July 31 325 59 59 780 83 228 1,061 199 Aug. 31 325 85 9 739 49 231 1,044 121 * 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 £260,900,000 ($1,265,000,000). On August 1 and 21, however, permission was given to increase the fiduciary issue (and securities held as cover) by £15,000,000 for three weeks. * Issued by the independent office for retirement of public debt (Caisse autonome d'amortissement). * Figures not yet available. * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
524 FEDERAL RESERVE BULLETIN SEPTEMBER. 1931 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 I 1930 1931 1930 July July j June May July Commonwealth Bank of Australia Danish National Bank (millions of (thousands of pounds sterling): kroner): Issue department- Gold Gold coin and bullion 13,226 15, 227 15,227 20, 006 Foreign bills, etc Securities 35,800 35,300 35,300 ; 4,941 Loans and discounts.. Banking department— Note circulation.- Coin, bullion, and cash 873 1,243 1,528 Deposits Money at short call in London 6, 578 8,332 7,431 : 5, 802 Bank of Danzig (thousands of Danzig Loans and discounts 23,167 28,105 28,385 ' 10,947 gulden): Securities _ 17, 344 18, G83 18,083 21,458 Balances with Bank of England.. 25,449 16, 277 14,050 14, 771 Deposits 46,813 55,544 54,372 40,972 Foreign bills, etc 14,007 5,937 7,379 11,320 Bank notes in circulation 47, 405 46, 591 46,580 38,005 Loans and discounts 27.996 21,493 21,698 19, 508 Note circulation 40,899 35, 817 35,096 36, 639 Austrian National Bank (millions of Deposits 7, 675 1,625 1,801 1,893 schillings): Gold. 214 214 214 1R9 Central Bank of Ecuador (thousands Foreign exchange of the reserve.J 128 133 116 273 of sucres): Other foreign exchange ! 225 311 401 470 Gold ! 5,659 5, 647 5,607 Domestic bills 632 529 451 115 Foreign exchange 18,422 18, 542 25, 856 Government debt I 96 96 96 101 Loans and discounts._ • 14,288 14, 350 14, 349 Note circulation 1,205 1,111 1,141 1,021 Notes in circulation 20, 763 21,388 26, 538 Deposits 94 180 142 : 115 Deposits 14, 786 13, 995 15,116 National Bank of Belgium (millions Bank of Es tonia (thousands of kroom"): of belgas): j Gold f>, 535 6,532 6, 526 6, 526 Gold 1, 538 1,434 1,448 ! 1,204 Net foreign exchange 20, 062 17, 379 17,019 16,803 Foreign bills and balances in gold., 874 874 870 ! 844 Loans and discounts 19, 868 20. 900 25,326 24,860 Domestic and foreign bills ! 831 738 744 i 776 Note circulation- _ 33,262 32,059 32,^96 | 31,897 Loans to State | 290 292 292 I 311 Deposits- Note circulation. 3,358 3,193 3,218 j 3,083 Government 5,813 5,534 9,462 ! 9,401 Deposits I 259 205 1.84 I 112 Bankers 5,854 6, 402 6, 5]4 ! 4,959 Other 2, 030 2,376 1,685 ! 1.808 Central Bank of Bolivia (thousands j of bolivianos): I Bank of Finland (millions of Finnish Gold J 2,819 i 2.811 4,731 marks): Foreign exchange j 24,894 '25, 722 42, 930 Gold 302 302 301 301 Loans and discounts 23,640 23,872 21, 761 Balances abroad and foreign Notes in circulation 27, 288 28,446 36,885 credits 642 662 720 949 Deposits 7,562 7,959 15,123 Foreign bills 207 218 242 185 Domestic bills 618 646 670 630 Bank of Brazil (millions of milreis): Note circulation .... 1,204 1,232 1.257 1,355 Gold 407 Demand liabilities 127 182 240 203 Currency 371 394 469 Correspondents abroad 40 93 268 Bank of Greece (millions of drach- Loans and discounts 1, 655 1,604 1,547 mas): Securities.._ 148 148 125 Gold 488 487 484 566 Note circulation 170 170 592 Net foreign exchange in reserve.. _ 1,835 1,968 2, 162 2,712 Deposits.. 1,681 1,650 1,480 Total foreign exchange 2,418 2,868 3,096 3,853 Na o t f i G N o l n e o e v a t 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 r ia (millions 1, 2 2 50 4 6 1, 2 50 5 1 5 1,4 2 9 1 1 1 j j 1,4 1 2 8 2 7 N L G O o o o th a t v e e n e r s r c s n i a r i m n g c d u h e t l n d a t l i t i s i a o o c b b n o i l u l i i g n t a i t e s t s ions 4 3 1 , , , 1 1 3 2 6 7 2 5 8 2 0 4 4 3 1 , , , 2 3 4 2 8 4 5 5 9 4 8 5 i 4 3 1 , , , 3 2 3 6 8 5 0 9 7 9 4 7 ; ! j i 3 4 1 , , , 2 4 8 8 8 5 1 2 9 9 6 7 Total foreign exchange 477 661 644 910 National Bank of Hungary (millions Loans and discounts 828 691 680 845 of pengos): Government obligations 3,064 3,064 3,064 3,279 Gold.... _ 112 112 112 163 Note circulation 3, ' 3,283 3,183 3,435 Foreign bills, etc 10 10 I 21 43 Other sight liabilities 1,475 1,439 1,408 1,446 Loans and discounts 389 279 257 203 Ce p n e t G L F s r o o o o a s r a l l ) d e n : i B s g a n a a t n n h e k d o x m c d o h i e f s a c n C o g u h e n il t e s (millions of I i 2 1 2 8 7 0 1 1 6 7 8 3 9 9 1 1 6 9 9 3 6 2 2 9 9 6 7 9 3 N D O M A e o t d i h p t s v e e c o a r c s n c l i a c i l t r a e s s c n s s u e e l t o t a o s u t . i s t . o r l n e i a a s b u il r i y ti es _ j 5 4 4 4 0 5 0 7 2 1 9 3 4 4 8 6 3 7 0 5 0 3 3 6 4 2 4 7 0 4 b 2 0 4 9 4 6 7 3 1 7 6 2 3 Note circulation 315 272 293 322 Bank of Italy (millions of lire): Deposits against which reserve Gold at home. 5,372 5,368 5,318 5,210 is held Credits and balances abroad 3,545 3,923 4,058 5,080 Ba ( n th G G k o o o u o l l s d d f a n a a t t h d b s r e h o o o a R m f d e p e p e u so b s li ) c : of Colombia 1 11 0 , , 7 3 8 6 4 4 1 11 0 , , 0 0 8 8 9 0 1 9 0 , , 8 4 4 2 4 0 2 8 0 , , 2 8 3 27 3 L T P O u o o th a b ta e n l l i r 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 t c c s u o l u a n ti t o s n 1 4 4 1 , , , 3 3 9 6 8 5 0 7 9 8 0 8 1 4 4 1 , , , 6 3 5 6 6 0 0 8 9 4 0 3 14 3 1 , , ,6 & 3 7 5 0 3 2 4 0 3 2 1 3 1 6 , , , 8 8 1 3 4 5 8 0 9 4 2 0 Loans to member banks 13,320 14,942 14, 744 12,188 Bank of Japan (millions of yen): Note circulation 21, 944 23,889 23,107 28,398 Gold 855 851 847 881 Deposits 7,533 7,472 7,433 6, 568 Advances and discounts. 691 697 710 735 Cz li e o c G n h s o o l s o d l f o v C a z k e ch N o a s t l i o o v n a a k l c B ro a w nk n s) ( : mil- 1,537 1,540 1,541 ! 1,414 N T G o o o t t v a e e l s r d n is e m s p u e o e n s d t i ts bonds 1, 4 0 1 1 6 1 2 5 1 1, 5 1 1 1 1 1 5 0 1 1,0 6 1 7 3 3 8 5 6 1,1 6 0 7 4 7 Foreign balances and currency... 1,628 1,921 2,043 2,063 Bank of Java (millions of florins): I Loans and advances. 844 500 245 393 Gold 110 115 115 139 Assets of banking office in liqui- Foreign bills 17 21 25 34 dation 303 313 315 342 Loans and discounts 46 48 46 53 Note circulation 7,017 6,732 6,897 Note circulation 241 240 244 237 Deposits 392 665 482 Deposits 21 36 41 53 i Revised to include "Sight drafts." c Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 525 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1931 1930 July June May July Bank of Latvia (millions of Iats): National Bank of Rumania (millions I Gold _. _ of lei): ! Foreign exchange reserve Gold at home i 5, 753 5,723 5,704 5, 356 Bills Gold abroad ; 3,114 3,114 3,114 3,919 Loans _ Foreign exchange of the reserve. -! 1,687 1,667 2.374 1,527 Note circulation Other foreign exchange i 174 621 619 40 Government deposits Loans and discounts | 9,855 8,573 7,893 8,748 Other deposits State debt ! 5,485 5,485 ' 5,617 5,699 Note circulation ' 19,401 18, 715 18, 709 18, 534 Bank of Lithuania (millions of litas): Deposits... I 7,550 7,060 7,911 6,979 Gold South African Reserve Bank (thou- j Foreign currency sands of pounds sterling): ! Loans and discounts Gold ' 6,712 6,303 6,583 6,488 Note circulation Foreign bills.. _J 7, 295 6,814 6, 499 7,736 Deposits Domestic bills ! 575 830 568 461 Note circulation * 8,328 7,383 8,143 7,459 Netherlands Bank (millions of ! Deposits— i florins): i Government i 2,394 2,752 1,962 2,312 Gold ! 580 ! 497 450 391 Bankers I 4,989 4,879 4,736 4,730 Foreign bills 229 ! 229 224 241 Others I _1_83_ 266 123 _ _122 Loans and discounts - j 153 ; 145 136 136 Bank of Spain (millions of pesetas): Note circulation 932 | 879 837 809 Gold 2,275 2,426 2,424 2,472 Deposits 126 ; 43 16 Silver I 672 691 701 721 Bank G F D N T F o o o o o o o r r t l m t f e e d a e i N i l e g g c s d o n n i t r e r i c w c b d p u a e o a c l l p s y a r a i o e t n t i ( d s s c o m i i e n t t s s i s l _ l a io n n d s b o i f l l k s roner): 2 1 1 9 2 5 7 4 6 i 6 6 8 4 i ! : I : i 2 1 1 9 4 5 7 2 6 6 3 6 2 4 2 1 1 9 2 6 4 7 4 1 5 4 6 8 1 2 3 4 2 1 2 6 7 2 5 2 0 1 Bank B L N D G F L o o a o o e o o r l a f a p l t a e d e n n o S n i s s g s c w c i n a i e a t r e s s n n c b d d u d a i e l l b n l d d a s r t i i , o ( i s s o m a e c c n d o o t i c l u u l n n io t t s s n s of kronor): , ' ! • 5 3 , , 3 2 9 4 2 1 2 5 2 6 3 6 1 5 2 2 8 3 4 9 6 2 5, , 2 8 8 3 2 2 1 1 4 1 7 9 3 0 4 5 5 5 6 8 6 2 5, , 1 5 8 2 2 3 1 9 6 2 3 4 1 8 7 9 2 9 6 5 1 4 1 , ,9 3 8 3 2 1 2 9 6 1 3 4 3 3 6 0 8 2 3 1 Reserve Bank of Peru (thousands of , Note circulation j 562 587 542 551 soles): Deposits 164 235 240 110 Gold 56,251 63, 453 61, 529 Swiss National Bank (millions of | Foreign exchange reserve 10,425 6,919 i 17,157 francs): Bills : 14,526 18,492 14,863 Gold 1,164 840 643 610 Note circulation __ ; 58,052 58,082 57, 081 Foreign balances and bills 480 420 «324 «346 Deposits ! 4,066 6,614 4, 501 Loans and discounts 110 74 78 79 Note circulation 1,255 1,078 990 928 Bank of Poland (millions of zlotys): \ j Demand deposits 551 315 147 171 N L G G O C O Fo o u o o o t t h h r a l l r t e d d e e e n r i r r e s g c a a n n f c i a b t t o r u n r h c r e a o r e d u o x r c a i l e m c g c d d a n h n o t i e t a i s u o e c n a n n x o g c t c u e c o h n o o f a t . u s f n t . n . h g t t h e e s e t r r e e a s s e u rv ry e . . . . i | [ 1, 4 2 7 1 1 1 8 8 5 5 3 6 9 2 6 2 2 4 0 7 3 9 ' | | j i j j 1, 4 6 2 2 1 2 8 8 5 3 1 1 3 3 6 3 2 7 9 7 0 0 1, 4 2 6 2 1 9 8 4 8 5 1 2 0 9 3 2 6 6 8 2 3 1 2 2 , 3 4 2 6 2 1 1 1 2 8 2 1 8 1 4 0 4 2 9 1 5 1 0 2 St o a f t e D I L c s o h e B s a u p e a n e F r G O o n s v o s k o t d o i h r a l t n e o e d e n s i t p f r . d g s a U n i p d ) r r . : i e t e s S m x c c . c i o o e S h u u n a . n s n t R - t g s m . e e (t t h a o ls u . s . ands -[ 5 2 5 1 , , , 3 2 9 6 2 4 6 6 9 I 5 2 0 5 , , , 4 8 2 7 3 5 0 4 1 6 2 4 1 4 2 5 5 1 4 , , , , , 5 9 4 1 4 4 2 5 0 0 9 4 7 9 3 Bank of Portugal (millions of es- j I Note circulation 231, 5311223,445 210, 860 cudos): I National Bank of the Kingdom of Gold 217 i 3 252 i 3 249 3 209 Yugoslavia (millions of dinars): Net foreign exchange and other | Gold 1,544 1,540 81, 092 8 1, 068 reserves j 530 : () : () (*) Foreign exchange 594 933 8 95 *226 N D G O o i t o s h t v c e e e o r r c u n s i n r i m g c ts u h e t l n a a t n l t i i d a o o b b n a i l d l i i g v t a i a e t n s io c e n s s j I I j 1 1 , , 8 3 0 2 4 5 6 7 4 9 0 2 1 1 ( , , 3 5 8 4 3 3 3 ) 1 8 6 i | : 1 1 ( , , 3 5 8 4 3 4 ) 4 8 1 9 ( 1 1 ) , , 9 3 5 5 4 3 7 1 1 A N L O o d o th a v te e n a r s n c c s i a r i e n c g s u d h t l t d o a l t i i i s S a o c t b n o a i t u l e i n t t i s es 4 1 1 , , , 8 6 9 7 2 4 7 3 4 0 0 3 4 1 1 1 , , , , 4 8 5 0 5 2 1 6 9 5 1 4 » 2 4 1 1 , , , , 4 9 7 0 3 9 9 4 7 7 1 9 8 2 5 1 1 , , , , 3 3 9 4 9 1 9 0 4 7 7 6 1 Converted to basis of new sol (par value $0.2800) adopted May 18,1931. 2 Revised by transfer from "Other current accounts" to "Current account of the Treasury" of a special account for the purchase of silver amounting to 13,000,000 zlotys. 3 Figures for gold made comparable with current figures by conversion to new par effective July 1, 1931. Figures for May and June have been revised to include the gold acquired by the Bank of Portugal under agreement of Mar. 6, 1930, which was first shown on the bank statement of Apr. 22, 1931. 4 Figures published previous to reorganization of bank, July 1, 1931, are not comparable with current figures. 5 Revised to include "Due from foreign correspondents." 6 Figures not yet available. 7 Revised to include "Loans of branches." s Figures for gold made comparable with current figures by conversion to new par adopted June 28,1931; information not available for converting figures of foreign exchange to new basis. • Revised to include "Government deposits." « Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
526 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1931 1930 1931 1930 July June May July July June May July Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of dollars): Gold . »334 362 «374 446 Gold reserve against Dominion notes. 68 68 78 77 Notes issued »537 543 «550 575 Advances to banks under finance act- 8 14 11 32 Irish Currency Commission (thousands Dominion notesof pounds sterling): Issued 139 145 152 166 Legal tender note fund- Outside chartered bank holdings.. 28 28 28 29 British legal tender and bank Indian Government (millions of rupees): balances. - _ 158 93 136 41 Gold standard reserve- N Br o i t t e is s h i s s s e u c e u d r . i ties _ - 6 6, , 5 4 6 0 1 3 6 7 , , 9 0 3 2 4 7 7,326 6 6 , , 6 6 1 5 0 1 F G o o r l e d ign exchange 2 26 6 6 7 2 29 4 2 1 2 33 0 2 1 5 2 0 9 5 Consolidated bank notes *— 7,462 Paper currency reserve- I D s e su em ed ed such under sec. 60 (4) 4,214 4,191 4,166 3,784 G Si o lv ld er coin and bullion._. 1,3 1 2 6 6 6 1,3 1 0 7 0 1 1,2 2 7 0 4 2 1,1 3 6 2 9 3 of currency act, 1927 1 744 1 762 1,783 2,187 Other assets . ._ 65 54 71 191 Notes issued 1,557 1,525 1,548 1,683 1 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended July 25, June 27, and May 30,1931, and July 26, 1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. » Preliminary. « Corrected. COMMERCIAL BANKS Millions of national Millions of dollars currency Country 1931 1930 1931 May June July May June July Feb. Mar. Apr. May June July Argentina: Bank of the Nation- Millions of pesos Gold 1 1 6 6 6 1 1 1 Other cash 118 108 110 104 104 59 66 83 76 Loans and discounts 633 642 492 495 486 436 488 490 447 451 Deposits 690 706 629 613 599 508 543 544 496 Other banks in Buenos Aires- Gold 9 10 10 10 Other cash _ _ 180 202 165 166 163 150 135 132 127 142 Loans and discounts 885 871 759 735 712 654 712 696 626 612 Deposits. 996 990 875 857 826 750 796 762 704 Canada: Assets entirely in Canada- Millions of dollars Cash in vault1 156 150 153 158 161 151 148 157 156 150 Cash in central gold reserves.. 29 28 46 46 38 25 27 26 29 28 Security loans _. 187 182 235 239 223 186 175 181 187 182 Other current loans 1,139 1,127 1,330 1,301 1,277 1,116 1,115 1,130 1,139 1,127 Security loans abroad 98 108 182 196 189 132 137 117 98 108 Securities 669 695 431 444 447 654 649 651 669 695 Liabilities entirely in Canada- Notes in circulation 129 128 148 146 139 131 153 124 129 128 Individual demand deposits.. 580 601 575 624 605 543 579 596 580 601 Individual time deposits 1,456 1,450 1,432 1,410 1,402 1,436 1,445 1,453 1,456 1,450 Millions of pounds England: sterling Cash in vault and at banks 176 184 181 897 921 931 910 879 853 858 897 879 Money at call and short notice 129 131 128 666 099 697 559 547 560 630 640 624 Advances and discounts 1,141 1,172 1,178 5,857 5,993 6,015 5,880 5,642 5,520 5,555 5,704 5,731 Investments... ___ 274 272 283 1,127 1,132 1,171 1,428 1,436 1,423 1,332 1,325 1,379 • Deposits.. 1,700 1,744 1,750 8,478 8,701 8,730 8,672 8,399 8,264 8,271 8,489 8,518 France: Millions of francs Bills and national-defense bonds.. 773 793 792 832 Loans and advances 420 425 448 440 Demand deposits 1,338 1,378 1,185 1,407 Time deposits 61 57 56 Germany: Millions of reichsmarks Bills and treasury notes 2,548 1,914 755 776 706 594 603 602 607 456 Due from other banks 857 686 275 265 290 225 228 234 204 163 Miscellaneous loans 7,818 7,699 2,059 2,046 2,044 1,959 1,940 1,911 1,862 1,834 Deposits 10,395 9,277 2,916 2,929 2,874 2,556 2,567 2,545 2,476 2,210 Acceptances 582 816 116 115 121 156 150 143 139 194 Japan: Millions of yen Cash on hand 361 274 134 128 115 98 138 137 165 180 137 67 Total loans 2,156 2,166 2,169 1,077 1,093 1,085 1,105 1,085 1,089 1,075 1,080 1,081 Total deposits 2,181 2,233 2,151 1,021 1,033 1,023 1,068 1,072 1,077 1,087 1,113 1,072 i Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks, Qermany—six Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 527 DISCOUNT RATES OF CENTRAL BANKS i Bank Bank German Bank Bank ofBank of Rate Rate Date effective of l a E n n d g- Fra o n f ce R b e a i n c k hs- It o a f ly N la e n th d e s r- ze S r w la i n t- d Country Se 1 pt. I s n i n e c f e f — ect Country Se 1 pt. I s n i n e c f e f — ect In'effect Feb. 1,1930. 5 3 7 4 Austria 10 July 23,1931 Java Mar. 11,1930 Feb. 5 Belgium Aug. 1,1930 Latvia 6 Oct. 1,1930 Feb. 6 4^ Bolivia Aug. 26,1930 Lithuania 6 Apr. 1,1930 Mar. 3 Bulgaria 8H June 4,1931 Norway 4 Nov. 8,1930 Mar. 6 4 Mar 7 Chile 7 Aug. 25,1931 Peru V Sept. 1,1930 Mar. 8 5H i Colombia 7 Sept. 18,1930. Poland Oct. 3,1930 Mar. 20 Hi Czechoslo- Portugal Aug. 10,1931 Mar. 25 5 3 K Aug. 5,1931 Rumania 8 Apr. 1,1931 Apr. 3 3~~1 Danzig 6 Sept. 1,1931 Apr. 24 6 South Africa _ 5 Mar. 13,1931 May 1 3 j Denmark 'i^ Nov. 13,1030 Spain July 8,1931 May 2 2H Ecuador 10 Mar. 14,1931 Sweden 4 July 31,1931 May 19 «_ 5^ i Fstonia VA Sept. 1,1931 May 20 Finland 6 Aug. 27,1930 U. S. S. R... 8 Mar. 22,1927 June 21 _ - . 4 Yugoslavia... July 20,1931 July 10 Greece 9 Nov. 30,1928 Oct 9 5 Hungary 9 July 24,1931 Jan. 3, 1931 2 India 7 Aug. 6,1931 Jan. 22 2 Japan 5.11 Oct. 7,1930 Jan. 24 2H May 14 2H May 16 2 Changes: Chile—Aug. 25, down from 9 to 7 per cent; Czechoslovakia— June 13 7 \ Aug. 5, up from 4 to 5 per cent; Danzig—Aug. 10, down from 10 to 7 per July 16-_ 10 1 cent; Sept. 1, down from 7 to 6 per cent; Estonia—Sept. 1, down from 7 July 23 81 i to 6^ per cent; Germany—Aug. 12, down from 15 to 10 per cent; India— July 30 j Aug. 6, up from 6 to 7 per cent; Portugal—Aug. 10, down from 7H to 7 Aug. 1 ; 15 : per cent. Aug. 12 .._ 10 In effect Sept. 1,1931. 4M 2 10 i %A 2 2 MONEY RATES IN FOREIGN COUNTRIES | Netherlands (Amster- Switzer- England (London) Germany (Berlin) dam) land Month Bankers' T m b re i o l a l n s s t , u h 3 r s y Jr>»x7 o a B n ll a d o n e w k p a e o n r s c s i e t ' s i '• 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 «= tssf d P is r r i c a v o t a e u t n e t 3 months 1930—July. 2.37 2.38 ! 1.78 3.40 4.57 4.30 1.85 1.85 1.92 August 2.21 2.17 I 1.85 3.24 4.43 3.73 L. 83 1.63 1.75 September 2.07 i 2.05 j 1.68 3.30 4.54 3.78 .96 1.84 1.50 October 2.09 ! 2.13 1.65 4.66 5.93 5.15 S .59 1.48 1.29 November 2.18 | 2. 15 ! 2.01 4.79 6.51 5.48 ! .31 .29 1.16 December 2.30 ! 2.34 i 1.60 4.82 7.24 5.54 j .39 .86 1.18 1931—January __ 2.25 ! 2.24 ; 1.74 4.75 6.64 4.93 i .38 ! :.55 1.17 February 2.56 I 2.37 ; 2. 29 4.88 6.31 5.49 i .12 j .05 ; 1.00 March 2.60 2.56 ! 2.20 4.76 6.17 5.00 ! .09 ! .04 .99 April 2.58 ; 2.57 ! 2.17 4.65 5.87 5.67 ! .50 i .61 1.06 May 2.24 ; 2.21 ; 1.87 4. 65 5.83 5.38 | .39 I 1.12 June 2.09 I 2.10 I 1.64 6.05 7.05 6.74 ' 1.05 j !07 •1.12 July 2.58 ! 2.44 I 2.05 17.00 i 8. 89 I 1.53 I .40 ; 1.55 Sweden France Italy Austria (Vienna) Hungary (Stock- Japan (Tokyo) (Paris) (Milan) holm) Month d P is r c iv o a u t n e t d P is r c iv o a u t n e t d P is r c iv o a u t n e t M fo o r n e 1 y co P m ri m m e e r- Day-to-day Loa to n s 3 up Discounted m C o a n l e l y rate rate rate month cial paper months Vnllc overnight 1930—July 2.08 5.50 6 -6H 5^-7% 4>S-5V6 3H-5H 5.48 3.65 August 2.10 5.50 4 -4J4 6 -6H 5H-7H 4)4-5 3H-5H 5.48 3.83 September 1.99 5.48 3% -414 5^-6^ 5^-7H 4H-5M 3VS-5H 5.48 3.65 October 2.00 5.25 4 -4!4 5K-6M 5%-7 4H-5 3^-5H 5.48-5. 66 3.29 November 2.00 5.43 4M«-43/i 53/i-6M 5H-7H 4^-5 3H-5H 5. 48-5.66 3.65 December 2.03 5.50 4^ -4% 5%-6 M 5H-7H 4J4-5 3^-5H 5. 48-5. 66 3.65 1931—January 1.89 5.50 I 4 -4^ 5H-6M 5H-7U 4M-5H 3JM& 5.48-5. 66 3.10 February 1.77 5.50 : 3?4 -4 5H-6 53/4-7% 4J4-5 3 -5 5.48 2.92 March 1.57 5.50 I VA -4M6 5H-6 5V6-7H 4J4-5 3 -5 5. 29-5. 48 2.74 April 1.47 5.48 i 5H-6 4 -5 3 -5 5.29-5.48 2.92 May 1.28 5.25 : 5H-6 5H-7 4K-5 3 -5 5. 29-5.48 2.19 June 1.06 5.25 i 4 -6J/2 3 -5 5.29-5. 48 2.1S July 1.20 5.25 i. 1 Averages for only the first 11 days of July, no quotations being available for the remainder of the month. NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929 (p. 503), November, 1929 (p. 736), and May, 1930 (p. 318). cCorrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
528 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year and month ( U a S v n t e a i r t t a e e g s d e ( 1 D E 9 e n 2 c 1 g e = l m a 1 n 0 b d 0 e ) r ( a 1 g 9 F e 1 r 3 a = n 1 a c 0 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 price) 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.. . . 98.9 110.7 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—July. 97.0 110.0 54.6 100.0 99.8 111.6 99.9 August 97.2 110.2 56.6 102.9 101.7 109.0 109.5 September _ _ __ 97.0 110.0 56.6 104.3 102.6 115.5 112.1 October . 97.0 110.2 58.3 101.6 101.1 111.2 123.1 November 97.6 109.3 60.2 103.1 102.1 102.6 130.6 December . .. . - 97.8 109.3 62.8 105.4 102.0 99.6 130.2 1927—January _ 97.9 111.3 66.0 105.6 104.1 109.4 149.3 February 98.1 110.5 65.4 107.9 105.1 112.4 158.3 March 98.4 110.3 71.0 109.1 104.4 120.2 153.7 April 99.0 110.6 73.9 111.1 105.5 129.2 162.8 May „ 99.1 110.6 72.7 114.2 106.4 125.8 156.1 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 8126. 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 1^6.1 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 84.2 188.6 119.8 222.3 129.5 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 . . .. .. . 95.4 110.1 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 95.4 189.5 87.9 November . 99.1 112.8 94.7 84.5 116.7 94.1 162.2 84.7 December...... . . ._ 97.8 112.5 94.1 83.9 109.4 89.0 149.8 80.0 1931—January . 99.6 112.8 95.7 84.0 112.3 89.6 156.7 75.0 February 99.4 109.7 97.1 84.3 119.8 89.3 160.1 78.5 March . 100.0 111.6 97.9 85.9 121.6 89.4 155.4 83.6 April 99.6 111.3 99.0 87.4 109.2 85.1 148.5 84.8 May.. . . .. 99.7 110.8 98.4 86. 4 98 0 76.8 138 2 76.1 June 99.4 111.1 98.8 83 9 95.1 77.8 141.2 69.6 July 99.4 111.2 98.9 98.2 79.2 133.5 1 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, drawee—Statistique G6n6rale, Paris; description (and back figures) in Bulletin de la Statistique Ge"ne"rale, for July, 1927 (pp. 390-397). Germany—Statisches 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). 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529 SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES Japan United States lada England France Germany Italy Netherlands (1926=100) = 100) (1913 -100) (1913=100) (1913=100) (1913=100) 1900=100) (1913=100) Month 1930 I 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January... 93 77 77 131 107 576 541 132 115 417 342 201 158 131 105 February.. 92 76 76 128 106 567 538 129 114 408 338 200 158 126 104 March 91 75 75 125 106 558 539 126 114 400 339 196 158 122 103 April 91 73 75 124 106 548 540 127 114 396 337 193 158 122 102 May 89 71 73 122 104 546 520 126 113 389 332 189 154 118 102 June 87 70 72 121 103 540 518 125 112 382 327 181 151 US 100 July 84 70 72 119 102 558 501 125 112 375 324 177 153 115 97 August 84 118 560 125 379 176 114 September. 84 116 556 123 374 172 112 October... S3 113 552 120 364 165 111 November. 80 112 551 120 361 162 110 December. 78 109 541 118 350 161 107 WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) ! Month and year pr F o a d r u m c ts ! ! i F*fotfotrdisq po O r i n t t i h m 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- In r f a i d s n w e u i m s s a h t i n r e - i d d al I p n f r i d o n u d i s s u t h r c e i t a d s l products 1930—June 89 91 86 127 117 488 587 110 115 122 151 July.. 83 86 84 127 115 540 573 115 114 119 151 August 85 87 83 126 113 550 568 117 111 118 149 September... 85 89 83 124 111 562 551 114 108 116 148 October 83 89 82 121 109 562 543 109 108 114 147 N De o c v e e m m b b er er... g 8 8 6 2 8 7 0 9 1 1 2 1 1 6 1 1 0 0 7 5 5 5 7 7 0 0 5 5 1 3 6 5 1 1 1 1 2 0 1 1 0 0 8 5 1 1 1 1 3 0 1 14 4 3 5 1931—January 80 78 113 104 580 507 107 102 108 142 February 70 77 77 112 103 575 505 106 100 106 140 March 71 77 76 111 103 581 503 107 99 106 139 April 70 76 74 113 102 592 495 108 97 105 138 May 67 73 73 113 100 5«fi 480 109 96 103 137 June 65 72 72 113 98 571 '472 107 9* 103 137 July 65 73 72 110 98 541 466 105 97 103 136 RETAIL FOOD PRICES COST OF LIVING United England France | Germany United England France Germany States (July, (July, i (1913- States (July, Jan.-June, (1913- (1913=100) j 1914=100) 1914=100) | 14 = 100) » (1913=100) 1914=100) 1914» 100) 14=100) i Month 1930 1931 1930 1931 1930 1931 ! 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 155 133 157 138 124 132 I 150 134 January 166 153 152 140 February j 153 127 154 136 121 132 ' 148 131 February 164 152 150 139 March i 150 126 150 134 120 131 j 145 | 130 March 161 150 115 120 149 138 April i 151 124 143 129 119 130 ! 143 | 129April 157 147 147 137 May... ! 150 121 140 129 120 129 j 142 j 130May 155 147 147 137 June ! 148 118 138 127 120 128 ! 143 131 June 167 150 154 145 116 120 148 138 July ' 144 119 | 141 130 122 125 | 146 130 July 155 147 149 137 August --.! 144 144 127 145 August -. 157 149 September... • 146 144 129 142 September 157 120 | 147 October 144 143 129 140 October 156 145 November j 141 144 131 138 November 157 I 144 December. ; 137 141 132 135 December 161 155 142 1 Average of October, 1913, January, April, and July, 1914=100. r Revised. 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 Keichsarnt; France—for retail food prices, Statistique Ge'ne'rale, and for cost of living, Commission d'Studes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
530 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] Total cash reserves Total deposits Federal re c s u e l r a v ti e o n n o i tes in cir- Reserve percentages Federal reserve bank 1931 1930 1930 1931 1930 1931 1930 August July August I August August i August July August August July August Boston. 239,930 236,168 230,906 155,218 147,376 148, 623 139,457 137,192 136,476 81.4 83.0 81.0 New York 1,213,608 1,251, 553 973,123 1,081,769 1, 089, 050 999, 654 369, 589 300, 018 162, 926 83.6 90.1 83.7 Philadelphia... 262,162 259,919 232,180 161, 111 152, 203 143,466 149,969 147, 768 127,172 84.3 86.6 85.8 Cleveland 352,662 338, 221 339, 661 212,152 201,979 205,196 219, 550 200, 650 189, 881 81.7 84.0 86.0 Richmond 91, 335 90,954 93, 239 70, 583 65,731 67,748 67,809 69,845 63, 275 66.0 67.1 71.2 Atlanta 136,194 139,817 132,815 62,026 59,926 62,187 114,078 117, 570 114, 564 77.3 78.8 75.1 Chicago 672,300 453,602 357,981 337,774 356,131 405,955 376, 562 174, 332 88.0 89.1 85.5 St. Louis 111,066 110,335 109,256 74, 550 73,146 78, 593 73,225 72,853 67, 741 75.2 75.6 74.7 Minneapolis. __ 74,193 72, 327 69, 391 52,929 51, 626 51,065 50,880 50,037 49,407 71.5 71.1 69.0 Kansas City... 100,565 99,165 117,474 87,064 84, 802 91,028 66,322 63, 266 69, 353 65.6 67.0 73.2 Dallas 47,281 47, 029 51, 521 58,955 57,011 59,098 27,055 27,443 32,946 55.0 55.7 56.0 San Francisco. 318,618 302, 413 298, 758 196,690 192,466 184,924 191,871 178,516 I 158,985 82.0 81.5 Total 3,619,914 3,584,709 3,101,926 2, 571,028 |2, 513, 090 2,447,713 11,875,760 1,741,720 1,347,058 81.4 84.3 81.7 I i Includes "Federal reserve notes of other Federal reserve banks" as follows; Latest month, $15,887,000 month ago, $14,992,000; year ago $19,196,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending July 31,1931. In millions of dollars! Deposits subject to reserve Reserve held (net demand and time -; Indebtedness at Federal deposits; see following I reserve banks Federal reserve district page) Total Excess I May June July May June July May June July | May June July Boston I 2,295 2,273 2,284 142.2 141.1 142.3 1.9 2.6 2.8 10.6 11.3 9.0 New York.. 10,605 10,385 10,483 1,008. 8 1,042. 9 , 047. 4 23.1 80.5 69.1 37.4 33.0 26.0 Philadelphia... 2,426 2,405 2,407 147.0 145. 5 145.5 4.0 3.4 4.4 18.2 19.4 16.5 Cleveland 3,197 3,179 3,158 192.8 192. 0 190.7 3.8 3.8 4.8 14.1 17.8 15.8 Richmond 1,064 1,061 1,055 62.4 61.5 61.0 2.7 1.8 2.1 15.9 19.4 17.2 Atlanta 896 887 882 58.2 57.4 56. 5 2.5 2.6 2.5 11.0 12.7 13.5 Chicago 4,602 4,418 4,338 334.0 325.2 327. 6 9.3 12.6 15.9 13.5 16.2 12.1 St. Louis 1,117 1,091 1,066 73.9 71.9 69. 7 3.9 3.4 3.5 7.4 7.8 8.9 Minneapolis. __ 847 853 843 48.6 49.1 49.3 2.6 2.3 2.8 3.9 4.1 4.2 Kansas City... 1,129 1,123 1,123 81.7 82.0 82.2 4.7 5.4 5.4 9.5 11.6 | 9.5 Dallas 797 775 763 56.3 54.7 54.2 1.8 2.1 2.1 8.5 9.9 10.8 San Francisco. 3,193 3,152 3,125 181.1 180.6 180.4 6.4 8.4 9.1 12.6 24.4 25.0 Total _.! 32,168 31, 602 31,526 I 2,387.1 2,403.7 2,406.9 66.8 128.9 124.4 162.6 187.I 168.5 DISCOUNTS OF FEDERAL RESERVE BANKS, BY DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] 1931 1931 1930 Federal reserve bank Federal reserve bank Aug. 5 Aug. 12 Aug. 19 Aug. 26 August July August Boston 7,271 9,347 9,302 10, 212 Boston 8.9 9.0 12.6 New York 36,105 49,886 38,775 48,366 New York .. _ _ 48.1 26.0 47.6 Philadelphia.. 18,033 17, 876 18,221 18,105 Philadelphia 18.6 16.5 18.2 Cleveland 17,484 16,892 30, 517 29, 913 Cleveland 25.0 15.8 15.7 Richmond 18,231 17, 862 19, 721 18,751 Richmond 18.5 17.2 21.4 Atlanta 17.058 17,936 21,750 22,357 Atlanta 20.4 13.6 29.9 Chicago 14,992 14,791 14,945 16, 571 Chicago 15.9 12.1 16.5 St. Louis 9,553 10,048 9,977 10,939 St Louis 10.6 8.9 15.1 Minneapolis.. 4,796 4,498 4,347 4,513 Minneapolis __________ 4.6 4.3 4.4 Kansas City.. 12.059 12,073 16,089 12,659 Kansas City _ . 13.1 9.5 9.2 Dallas 12,577 13,082 13,464 13,750 Dallas 13.3 10.8 13.9 San Francisco, 20,416 10,689 33,501 35,582 San Francisco _ 25.4 25.3 9.5 Total.-. 188, 575 194,980 230, 609 241, 718 Total 222.3 169.0 214.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
531 SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS [Averages of daily figures. In millions of dollars] j Total (all member banks) Larger centers (places over 15,000) i j Smaller centers (places under 15.000)1 ! i Federal reserve district I Net demand I Time Net demand Time i Net demand I Time July June July June July June July June July une i July June i Boston _ _ ! 1,273 1,260 i 1,011 1,012 ' 1,173 ! 1,164 851 852 ! 100 97 i 160 160 New York 7,362 7,228 i 3,121 3,157 7,076 | 6,948 2,529 2,567 i 286 280 ! 592 590 Philadelphia - 1,184 1,199 i 1,223 1,206 i 1,000 1,015 766 750 i 183 184 i 457 457 Cleveland 1,497 1,519 ' 1,661 1,601 • 1,319 1,344 1,344 1,342 ; 178 175 '•• 317 319 Richmond 497 505 ! 558 555 • 395 401 359 355 j 102 104 200 201 Atlanta 481 492 j 401 396 400 408 315 312 i 81 83 ! 85 84 Chicago 2,333 2,324 i 2,004 2,094 i 2,117 2,102 1, 662 1,745 i 216 222 342 349 St. Louis 588 612 | 478 479 i 471 490 356 358 I 117 121 : 122 121 Minneapolis _ 395 398 i 448 455 258 257 211 215 | 137 141 l 237 240 Kansas City 740 738 i 385 i 497 507 234 244 ! 243 232 j 149 140 Dallas _ 537 543 j 226 232 365 365 186 193 | 172 179 ! 39 39 San Francisco __ 1,235 1,236 | 1,8 1,916 i 1,090 1,091 1,752 1,778 , 145 146 • 137 138 Total _ 18,122 I 18,055 13,404 13,548: 16,162 16,091 10, 568 10,712 1,960 1,964 ; 2,836 2,836 *1930 census; for figures through January on 1922 basis see BULLETIN for March, 1931 (p. 140). NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY [Amounts duo from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars] Federal Reserve District Call date Total Boston Y N o e r w k* d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago1I St. M ap in o n li e s - Ka C n i s t a y s Dallas F c S r is a a c n n o - 1928—Oct 3.... 452,478 32,943 63,933 37, 688 47, 465 23,150 25,055 79,862 19,136 17,593 28, 737 25,923 50,993 Dec. 31. 509,786 48, 227 70,991 43,812 55, 529 23,268 29,119 83,164 20, 734 18,686 29, 582 26, 887 59, 787 1929—Mar. 27. 391, 495 36,147 56,145 31, 320 39,303 15, 598 26, 885 62,120 17,402 14,855 25.124 22,102 44, 494 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 I 57,125 Sept. 24. 585, 847 45,131 78, 380 49, 361 61, 230 23,976 28, 453 106,160 26,663 23, 587 52,047 31,072 59,787 Dec. 31. 641,271 77,082 92,706 45, 703 62, 796 27, 064 34,777 116,899 33,112 23,814 33, 487 25,012 68,819 1931—Mar. 25. 771,795 67.353 107,124 105, 737 87,916 33, 244 44, 716 127. 3*4 43. S34 25, 268 39,007 29,219 ! 61.023 June 30. 649,709 ! 55, 569 104,866 72,076 55,267 34,351 41,436 126,268 22,759 | 24,120 32,781 24,289 55,927 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 e r I Boston Y N o e r w k P p h d h i e i l l - a a- C la le n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - I 1928-Oct 3... 547, 795 13,891 292,837 37,003j 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, 201i 33,249 17,155 23,385 15, 622 7,601 17,447 4,519 9,380 June 29_ 670,277 25,178 321,628 47,681 i 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, 732I 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 j 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 I 42,802 24,438 27,478 89,896 28,308 7,284 23,442 7,988 8,110 1931—Mar. 25. 446,274 18, 779 157,530 46,207 j 32,846 18, 374 21,T)50 86,148 22,219 6,284 21,112 7,925 7,800 June 30. 456,867 18,090 162,525 49,512 ! 23,320 17,068 20, 859 99, 589 17, 826 8,650 22,707 8,508 8,213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
532 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS fExclusive of loans to banks. In millions of dollars] Federal Reserve District Call date Boston Y N o e r w k ! P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t i . s n M o e l a i i n p s - - K C an it s y as Dallas , F c S i r s a a c n n o - LOANS TO CUSTOMERS All member banks: 1929—Oct. 4 23, 249 1,751 7,132 1,774 2,255 920 810 3,640 926 541 748 I 673 2,078 Dec. 31 23,193 1,703 7,231 1,750 2,296 920 796 3,555 883 515 735 ! 651 2,161 1930—Mar. 27 21,494 1,615 6,503 1,697 2,209 850 747 3,265 830 483 684 i 612 2,000 June 30 21, 565 1,616 6,512 1,715 2,216 836 724 3,351 810 475 681 | 615 2,015 Sept. 24 21,010 1,555 6,392 1,672 2,153 824 703 796 476 659 i 616 1,957 Dec. 31 21,007 1,534 6,428 1,654 2,182 801 678 3,182 708 461 667 ! 576 2,135 1931—Mar. 25 19,940 1,467 6,051 1,596 2,127 775 635 2,956 I 676 463 626 i 558 00& June 30 19,257 1,419 5,833 1,568 2,061 751 614 2,782 ! 654 444 605 ' 545 1,981 Reserve city banks:l 1929—Oct. 4 14,622 775 5,269 786 1,265 330 428 2,533 i 557 230 430 332 Dec. 31 14,712 756 5,371 766 1,353 336 423 2,454 ' 525 206 ! 422 331 ,768 1930—Mar. 27 13,288 695 4,727 742 1,273 301 388 2, 208 i 483 185 I 372 291 ,622 June 30 _ 13,337 694 4,708 757 1,283 299 370 2,306 i 463 176 j 366 288 ,629. Sept. 24 _. 13,003 647 4,644 727 1,246 294 356 2,207 456 188 i 355 296 .,588- Dec. 31 13,244 650 4,694 716 1,290 296 360 2,213 ! 402 178 i 372 ! 297 1,778 1931—Mar. 25 12,416 601 4,353 678 1,265 284 340 2,025 | 386 188 ! 343 ! 283 1,668 June 30 11,939 565 4,164 661 1,240 272 325 1,927 ! 362 173 ! 274 1,648- Other banks: 1929—Oct. 4 8,628 976 1,863 990 590 | 1,107 I 369 312 318 i 342 391 Dec. 31 8,482 947 1,860 984 943 584 372 1,100 i 358 309 313 | 319 393 1930—Mar. 27 8,206 920 1,776 955 936 549 j 358 1,057 i 347 298 311 i 320 378 June 30 8,228 922 1,804 958 934 537 355 1,044 j 347 299 314 ! 327 386 Sept. 24 8,007 908 1,747 945 907 330 ! 348 1,000 340 288 304 i 320 370 Dec. 31 7,762 884 1,734 938 893 505 I 318 306 285 296 i 280 356 1931—Mar. 25 7,524 866 1,698 918 862 491 ' 295 931 290 275 283 i 274 341 June 30 _ 7,318 854 1,668 907 821 479 ! 288 856 292 271 277 ! 271 333 OPEN-MARKET LOANS AND INVEST- MENTS I All member banks: 1929—Oct. 4 12,024 863 4,323 930 1,209 354 i 1,383 ! 418 409 479 ; 306 1,042 Dec. 31 12,026 833 4,757 872 1,111 340 ! 297 i1,248 428 389 454 ; 280 1,018. 1930—Mar. 27 13,034 934 5,072 921 1,210 354; 334 j1, 477 462 407 460 ! 288 1,114 June 30 13, 555 949 5,674 949 1,232 344 i 302 i 1,501 445 387 443 | 244 1,085. Sept. 24 13, 997 1,001 5,528 1,038 1,348 358 | 316 1,692 454 389 479 | 241 1,151 Dec. 31 13, 222 950 5,307 1,023 1,194 329 j 284 1,538 417 382 456 ; 238 1,104 1931—Mar. 25 14,342 1,015 5,672 1,170 1,274 351 318 1,742 449 384 457 I 260 1,249 June 30 14,209 1,019 5,666 1,171 1,285 373 I 323 1,604 465 388 474 | 250 1,193 R lerve city banks: * 1929— Oct. 4 6,917 315 3,120 695 143 I 145 778 175 100 255 I 136 767 Dec. 31 7,179 301 3,615 263 649 142 135 681 192 95 241 ! 113 752 1930—Mar. 27 8,062 377 3,849 307 746 152 155 900 229 108 246 ! 141 853 June 30 8,688 378 4,439 328 773 156 147 942 224 101 244 121 837 Sept. 24 9,121 411 4,285 416 898 170 163 1,126 235 100 284 i 128 906- Dec. 31 8,527 388 4,119 407 761 145 140 995 213 103 266 ! 121 868 1931—Mar. 25 9,634 434 4,483 549 852 162 172 1,193 243 103 271 151 1,022 June 30 9,519 429 4,458 543 873 185 173 1.093 252 117 290 137 Other banks: 1929—Oct. 4 _ 5,107 548 1,203 642 514 211 ioJ 605 243 308 224 I 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 June 30 4,690 589 1,208 627 412 187 150 511 212 271 185: 112 225 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. 52 (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
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 533 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 inelude banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Federal reserve dis- Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n l la th rs o ) usands trict 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 o e e m n rs - - 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-August, 1931: Boston 1 1 2,312 2,312 1 1 2,426 2,426 New York 28 13 6 9 79,890 24, 956 35, 322 19,612 3 2 1 24,423 21,740 2,683 Philadelphia 28 10 18 34, 016 8,813 25,203 Cleveland 84 20 6 58 177, 887 19, 566 37, 378 120,943 1 1 412 412 Richmond 61 11 1 49 18, 710 5,024 219 13,467 36 3 33 11,513 3,892 7,621 Atlanta... 69 13 4 52 31, 080 15, 744 1,715 13,621 12 2 10 9,144 5,481 3,663 Chicago 295 34 16 245 242,185 46, 736 51, 202 144,247 25 1 24 18, 214 7, 502 10,712 St. Louis 96 11 4 81 20, 986 4,992 1,035 14,959 91 11 80 43,961 9,577 34. 384 Minneapolis 130 24 1 105 29, 466 6,133 496 22,837 17 17 4,603 4,603 Kansas City 83 76 22,987 2, 356 20,631 3 3 393 393 Dallas. . . . .. 30 12 18 11,188 4,232 6,956 6 3 3 2,091 520 1,571 San Francisco 27 3 17 28,109 14,628 1,433 12,048 Total 932 162 41 729 698,816 153,180 128, 800 416, 836 195 22 173 117,180 48, 712 68,468 August, 1931: Boston New York 13 5 5 3 50,611 17,530 29, 266 3,815 Philadelphia 1 1 1,057 1,057 Cleveland 23 2 19 108, 219 3,781 30, 207 74,231 Richmond 2,344 2,344 1 1 211 211 Atlanta . 2 2 539 539 Chicago. 43 4 4 35 20, 695 1, 934 4,851 13,910 St. Louis 10 1 1 8 1,880 119 294 1,467 1 1 13, 928 13,928 Minneapolis 28 8 20 5,575 1,705 3,870 1 1 220 220 Kansas City 20 1 19 10, 712 176 10, 536 1 1 37 37 Dallas 3 1 2 2,182 455 1,727 San Francisco 4 3 1 22, 208 13,835 8,373 Total 154 26 12 116 226,022 40, 592 64^618 120,812 4 4 14,396 14, 396 1 Represents national banks only, except as follows: January-August, 1 State member in New York district with deposits of $18,801,000 and & State members in St. Louis district with deposits of P6.313,000. Back figures.—For district figures back to 1921 see BULLETIN for February, 1931; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 192& (Table 115), 1927 (Table 111), and 1926 (Table 98). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) [In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation] Federal Reserve District Total- Call date m b e a a m n ll k b s er ' ! • Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is n M e l a i i p s n o - - K C an it s y as Dallas F c S i r s a a c n n o - 1929—Dec. 31 _ 7,614 • 424 2,640 409 599 267 275 942 284 288 417 320 750 1930—Mar. 27 7,642 455 2, 616 396 613 264 276 966 292 286 395 322 759 June 30 7,317 430 2,413 394 608 272 267 956 270 287 391 302 727 Sept. 24 ... 7,258 426 2,368 399 671 264 270 925 273 263 383 290 725 Dec. 31 7,023 386 2,429 408 576 233 236 922 245 261 373 262 693 1931—Mar. 25 _ 7.778 423 2,693 520 669 249 260 1,050 259 273 356 283 743 June 30 7,905 437 2,895 518 711 250 249 1,016 269 271 361 259 669 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 m Ri o c n h d - Atlanta Chicago 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 i r s a a c n n o - 1928— Oct. 3.. 347 49 19 57 34 8 8 7 18 Dec. 31. 350 25 21 71 43 8 12 2 20 1929— Mar. 27. 354 31 26 71 34 6 7 4 15 June 29. 399 43 32 79 39 9 13 8 18 Oct. 4__ 363 46 33 77 39 8 3 6 20 Dec. 31. 359 28 23 58 24 10 15 4 11 1930—Mar. 27. 287 29 18 44 32 6 10 5 12 June 30. 287 31 35 38 30 8 15 9 12 Sept. 24. 247 34 33 31 32 8 11 10 11 Dec. 31. 269 25 20 42 23 7 13 4 9 1931—Mar. 25 242 23 15 38 24 7 10 5 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
534 FEDERAL RESERVE BULLETIN SEPTEMBER, 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 os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - At t l a an- c C a h g i- o Lo S u t. is n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S r i a a s n c n o - Y N o e r w k c C a h g i- o Loans and investments: Aug. 5 22,264 1,436 8,961 1,367 2,222 634 552 3,123 622 363 629 421 1,934 7,763 1,812 Aug. 12 22, 075 1,452 8,759 1,365 2,226 635 552 3,122 623 367 626 421 1,927 7,566 1,814 Aug. 19 22,001 1,442 8,751 1,361 2,212 629 548 3,101 622 369 626 417 1,923 7,563 1,794 Aug. 26.-. 22, 030 1,448 8,826 1,353 2.196 629 548 3,090 618 365 622 419 1,916 7,641 1,792 Loans: Aug. 5 ___. 14, 506 968 5,875 824 1,378 408 377 2,199 401 230 355 293 1,198 5,100 1,256 Aug. 12 _ _._. 14,342 981 5,720 816 1,377 407 378 2,189 402 230 353 292 1,197 4,949 1,251 Aug. 19 14, 338 975 5,752 812 1,367 406 375 2,183 401 229 352 290 1,196 4, 982 1,247 Aug. 26.... 14, 335 5,778 806 1,360 405 377 2,171 399 225 351 294 1,188 5,009 1,239 On securities— Aug. 5 6,512 371 3,005 425 643 158 1,071 163 60 100 315 2,648 742 Aug. 12..__ 6,479 372 2, 990 420 642 159 113 1,059 163 62 99 90 310 2,633 731 All o A A th u u e g g r . . — 2 1 6 9 _ 6 6 , , 4 4 9 5 0 3 3 3 7 9 3 1 2 3 , , 9 0 7 1 9 0 4 41 1 7 7 6 6 3 2 1 9 1 1 6 5 1 9 113 1 1 , , 0 0 5 5 7 3 1 1 6 6 3 2 6 6 0 2 9 9 8 8 8 9 7 0 3 3 1 0 2 6 2 2 , , 6 6 2 5 2 5 7 7 2 2 9 4 Aug. 5._ 7,994 597 2,870 399 735 250 265 1,128 238 170 255 204 883 2,452 514 Aug. 12._ 7,863 609 2,730 396 735 248 265 1,130 239 168 254 202 887 2,316 520 Aug. 19..._ 7,885 602 2,773 395 736 245 262 1,126 238 167 254 203 884 2,360 518 Aug. 26 7,845 590 2,768 389 731 246 262 1,118 237 165 253 204 2,354 515 Investments: Aug. 5 _. 7,758 468 3,086 543 844 226 175 924 221 133 274 128 736 2,663 556 Aug. 12 7,733 471 3,039 549 849 228 174 933 221 137 273 129 730 2,617 563 Aug. 19____ 7,663 467 2; 999 549 845 223 173 918 221 140 274 127 727 2,581 547 Aug. 26.. 7,695 467 3,048 547 836 224 171 919 219 140 271 125 728 2,632 553 U. S. Government securities— Aug. 5 _ 4,117 208 1,800 223 464 94 537 76 122 379 1,636 327 Aug. 12 4,069 206 1,749 228 470 96 536 76 122 371 1,586 325 Aug. 19 4,031 206 1,723 226 «469 97 526 76 124 371 1,563 314 Aug. 26 4,078 209 1,775 226 463 100 528 75 121 371 1,615 318 All other— Aug. 5 3,641 260 1,286 320 380 132 387 145 152 58 357 1,027 229 Aug. 12 3,664 265 1,290 321 379 132 397 145 151 359 1,031 238 Aug. 19 _ 3,632 261 1,276 323 376 126 392 145 150 356 1,018 233 Aug. 26 3,617 258 1,273 321 373 124 391 144 150 357 1,017 235 Reserves with Federal reserve banks: Aug. 5 _. 1,758 838 138 40 264 42 54 105 779 183 Aug. 12 1,821 900 91 136 41 270 41 51 106 844 191 Aug. 19 _ _. 1,814 897 137 41 256 42 52 108 836 178 Aug. 26 1,787 132 39 272 44 53 108 811 196 Cash in vault: Aug. 5 220 13 13 28 13 36 6 11 17 54 15 Aug. 12 233 14 71 13 29 13 37 6 12 18 55 15 Aug. 19 236 14 62 13 40 14 35 6 12 21 48 14 Aug. 26 247 13 77 13 36 13 36 6 12 21 64 14 Net demand deposits: Aug. 5._ 13,414 851 6, 316 781 1,081 331 293 1, 765 352 210 438 727 5,758 1,180 Aug. 12 13,355 855 6,222 780 1,089 334 294 1,777 354 216 432 270 732 5, 076 1,189 Aug. 19 13,196 837 6,145 776 1,071 325 288 1,755 351 217 434 268 729 5,605 1,172 Aug. 26 13,195 841 6,186 768 1,050 326 288 1,765 351 210 428 266 716 5,657 1,195 Time deposits: Aug. 5 7,099 513 1,656 408 1,021 263 236 1,243 238 147 202 1,031 1,123 546 Aug. 12 7,105 516 1,667 410 1,017 263 236 1,242 238 146 202 140 1,028 1,131 550 Aug. 19 7,058 527 1,651 408 1,013 264 234 1,222 237 146 200 139 1,017 1,113 533 Aug. 26 7,017 520 1,645 404 1,006 265 233 1,213 235 145 200 139 1,012 1,108 527 Government deposits: Aug. 5 130 47 12 12 7 15 3 2 5 45 10 Aug. 12 75 3 29- 7 7 4 5 9 2 1 3 5 27 6 Due A A fr u u o g g m . . 2 1 b 9 6 a - nks: 4 4 5 2 2 2 1 1 7 6 4 4 4 4 3 2 3 3 5 5 1 1 1 1 2 1 3 3 1 1 5 6 4 3 Aug. 5. 1,546 108 144 107 151 94 80 290 74 159 87 170 80 177 Aug. 12 "1,477 91 133 87 129 90 77 287 75 ••158 88 185 77 167 Aug. 19 _ 1,426 108 126 84 1J5 85 68 289 71 142 80 192 72 176 Aug. 26. _ 1,322 122 111 83 70 251 134 74 180 75 146 Due to banks: Aug. 5 - 3,456 148 1,299 251 362 117 102 459 110 211 223 1,212 317 Aug. 12 ' 3,343 143 1,215 240 355 114 102 455 107 ••205 236 1,130 308 Aug. 19 3,219 141 1,183 230 327 107 91 441 104 197 233 1,102 299 Aug. 26 3,052 130 1,108 222 304 105 423 100 188 226 1,029 Borrowings from Federal reserve banks: Aug. 5 Aug. 12 _ Aug. 19 Aug. 26-.. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
535 SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 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 ! York Ph p il h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap i o n l n is e- K C an it s y as Dallas F 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 J M u a n y e 7 8 3^ %y .""/-I " " •— 2 June 20 2*4 June 21 3H J uly 3 - - 3 334 - July 12 sy July 18 m 2 Aug. 7 3J4 Aug. 8 334 Aug. 15 zy Sept 9 2 3H Sept. 12 33^ Dec. 24 ._ 2 Dec 29 3 J J a a n n . . 8 2,1931.- iy2 3 Jan. 9 3 Jan.10 3 3 May 7 . . 2 3 May 8 -~-~Ty 2 3 May 9 2H 2)4 May 15 . . . . 3 May 21 .__ 3 May 22 234 In effect Sept. 1,1931. 2 3 3 3 2H 2V2 334 3 3 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Loans secured by prime stock- Loans secured by warehouse j Prime commercial paper exchange collateral receipts ; Interbank loans Federal reserve bank or branch city 1931 1930 1931 1930 1931 1930 1931 I 1930 August | July | August August July August August ! July i August i August July I August B N o ew st o Y n ork. 3 3 - - 4 4 34 ! 3 3 3 4 - - 4 4 ' i 4 -4H 3 4 34 - - 5 5 4 -5 4 4 - 3 M 4 - - 5 5 3 5 M - - 5 5 H 5 31 /2 - - 5 4 5 -6 434 41 4 -4 4 34 Buffalo 5 -6 i 5 -6 ! 5 -6 534-6 5 -6 53^-6 6 6 6 —634 5 -6 Philadelphia 3J4-4J4 4 -4H 4H-6 4^4-6 4H-6 5 -5y 5 -5 5 -6 4 -5 B P C R C i a i i l t c n e l t h t v c s i m e b i m n l u a o n o r n n a r g e d d t h i . j I 4 4 4 4 4 3 ^ - ^ - 5 - - - 6 6 5 6 ' ; 4 3 4 5 5 3 3 - 4 - ^ 6 - 5 - 5 - 6 5 3 4 4 5 4 5 5 5 - - 5 6 5 3^ 4 5 5 5 } H 4 - - - - 6 6 6 6 5 5 5 5 5i 3 3 ^ 4 ~ - - - 6 6 5 6 Y2 6 -6 6 4 6 5 - - - G G 5 G 5 6 34 - - 7 6 6 6 ! 5 5 5 3 H 4 - - - 3 6 6 6 4 I 5 5 4 5 34 - - - - 6 6 6 5 5 5 4 5 H - - - - 5 G 6 5 6 H Charlotte 4-6 5-6 5 -6 5 -6 5 -6 2 6 2 G 53/2-6 6 Atlanta ! 434~5 43^-5 5 -514 r f\\4, 4 -6 5 -6 4 -434. 4 5 -514 5 -5H 5 -534 5 -534 Birmingham j 6 -7 \ 6-7 >7 5 -8 5 -8 534-7 6 -8 , 6 6 -8 5 -6 5 -6 6 J N a a c s k h s v o i n l v le i lle j i 6 5 - -6 6 34 5 6 - - 6 6H 6 -7 6 6 -7 6 6H-7 6 6 -6 6 34 6 G H 5 5 3 ^ ^- 6 7 6 6 6 6 N D C e e h w t i r c o a O i g t o rl eans _.j j i 4 4 3 3 - 3 4 4 - - 5 G 4 4 4 '6 3 3 y ^ 4 2 - - - 5 5 4 4 5 - - 5 5 A 5 5 3^ - - 6 6 J. 3 ] 4 / : 4 5 5 . 3^-C 6 5 j Z - -6 6 H " 5 -6 6 ; 4 5 H - - 5 6 (5 4%-5 6 4 4 K H - - 5 6 5 4 4 H 34 - - 5 5 6 I i 4 5 5 % 34 - - - 6 5 6 34 S L t i . t t L le o u R i o s ck I : 3 -5 6 3- 5 6 6 *-t>14 4 6 )'2 - — 6 6 34 6 5 - - 7 6 5- 6 6 5 6 - - 6 6H G 5 - - 7 6 4 -6 6 4 -6 6 ! ! 434-534 L M o i u n i n sv e i a l p le o lis.. i j 2^-4 6 3 -4 6 5 4 1 4- - 6 6 4 -6 G 5 -6 G 3 -4 6 3H-4 4 -4 6 3^ 4 5 1 4- - 6 6 i i 434-6 5J /2 ; 5 6 34 Helena ! 6-8 6-8 6 -8 6 -8 8 6 -8 G -8 6 -8 : 6 -8 ! 6 -8 I 5H-6 Kansas City ' 434~5 434-5 5)4-6 514-6 5 -6 5 -6 5 -e ; 5 -6 ' 5 -6 ; 6 -8 Denver j 4 -6 4 -6 6 534-7 53^-7 6 -8 ! G G 5H-6 Oklahoma City j 53^-6 534-6 8 8 6 -8 6 -8 6 -8 ! 6 6 : 6 D O a m ll a a h s a. < j 3H-G 5 ; 4 4 3 4 - - 4 5 14 5 5 3 /2 - - 7 7 6 6 6 - - 7 7 G 5 -G 6 5 -6 6 i i 5 -5 G 3/2 5 -b 6 1 4 i 6 6 H El o u P s a t s o o n i i 7 5 34 - - r 6 8 : , 5 7 3 ^ - - 8 6 j i 6-8 6 7 -8 7 5 H- - 6 8 6 -8 G 5 -6 8 8 i 5V6 6 , 5 5 - - 5 6 34 San Antonio \ 5 -7 > 5J4-6 \ G G ^7 6 T~i7 I 6 -8 6 -8 G -8 ; 6 -8 6 5 -6 San Francisco j 4J4-5 i 4^-5 5 -G 5 -6 5 -6 5 -5k 5 -6 534-6 . 5^-6 5 -5 6 Los Angeles ' 534-G I 534-6 I 6 5 -6 6 -V/: G -63 5 -7 G -7 534-fl 5 P S S S e o p a a l o r t t t k t l L l a a e n n a e d k e City i j i 53^- G 6 6 6 i i i I 6 5> ^ - - 6 6 G 6 l A i i ! 5}4~ G 6 6 6 6 6 - - 6 G 7 6 3 > / 6 6 ^7 -C 6 6 M ' 6 6 6 1 1 6 4 - 1 - 7 7 6 6 - ~ 7 l '-6 -7 7 7 7 6 6 6 6 6 6 6 G G NOTE.—Kates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. Rate rom about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
536 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars. Figures are for 37 States ' [Value of permits in thousands of dollars] east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1931 1930 1931 1930 Federal reserve district N of u m ci b ti e e r s i Federal reserve district July June July June July Boston 5,632 7^906 5,985 New York 27,911 31,619 62,951 Boston — 27,520 24, 507 29,951 Philadelphia--. 13,440 3,189 4,967 New York 72,432 91,884 88, 564 Cleveland 5,157 5,629 8,457 M P K A S K C C h t h l i a t . i e c l i n i n a l v h c L a n s n a e m d o a e g l t s a u e a a o o n l p i n C p s d o d h i l t i i y a s .. .-. 3 2 4 2 1 1 1 1 0 0 8 0 2 7 7 7 2 , , , , , , , , , 1 8 4 3 1 5 0 3 0 4 9 8 7 4 6 6 2 4 9 3 9 3 3 0 8 7 3 ' | 2 3 3 2 1 3 1 1 1 6 2 5 2 7 8 3 2 6 , , , , , , , , , 4 5 4 6 4 3 6 5 2 8 5 3 9 9 6 G 1 8 4 4 6 8 0 3 1 8 4 ' 4 2 3 2 5 1 1 1 1 0 5 8 4 6 1 9 8 5 , , , , , , , , , 1 3 1 2 0 4 3 5 5 5 2 8 9 8 2 6 9 8 7 8 1 4 4 7 2 1 9 A D S R S M K C a t i h a t a . i n c l l i n n a L c h l s n a n F a m o a s e g t r s u a o a a o i n p n s C d c o i i l s t i y c - s _ o . . . . . . . . . . 1 2 2 1 8 2 5 3 2 , , , , , , , , 7 1 1 6 1 4 6 9 9 3 7 5 8 6 9 7 6 6 2 0 9 2 5 4 4 3 5 6 1 5 7 1 , , , , , , , , 5 1 1 1 6 2 9 3 8 2 8 8 7 0 5 5 4 2 9 3 5 6 7 0 1 1 1 2 3 9 7 6 5 0 5 , , , , , , , , 5 4 0 1 3 9 5 9 2 3 6 8 7 7 9 9 7 6 0 9 0 3 3 3 Dallas Total- 168 91,214 83,608 153,499 Total (11 districts) 285,997 ! 331,880 j 367,528 BANK DEBITS COMMERCIAL FAILURES [ Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figuresr eported by R. G. Dun Co.] 1931 1930 Number Liabilities I Number : of centers July June July Federal reserve district 1931 1930 1931 1930 New York City ! l| 21,007 25,893 j 29,600 July j June j July July June July Outside New York City | 140 i 18,444 19,406 ! 23,145 Federal reserve district: i ! Boston __. 192 199 221 5,127 2,700 2,921 Boston l 11 i 2,042 2,089 2,476 New York 435 ; 370 341 12, 854 7,049 6,996 New York ' 7 1 21, 705 26, 665 30, 515 Philadelphia-.. 152 ! 86 96 9,411 2,337 2,513 Philadelphia.- -1 10 i 1,872 2,004 2,135 Cleveland 153 | 138 168 6,423 10, 969 2,426 Cleveland ' 13 i 2,019 2,094 2,765 Richmond 112 114 1,321 2,394 1,342 Richmond j 7 i 666 664 741 Atlanta 135 96 2,652 3,014 2,675 Atlanta i 15 I 802 864 917 Chicago 308 327 382 9, 800 8,950 10, 627 Chicago : 21 J 4, 796 5,123 6,138 St. Louis 80 133 107 5,298 2,615 2,272 St. Louis i 5 i 842 997 1,082 Minneapolis--. 56 46 51 592 366 416 Minneapolis ' 9 ; 564 609 679 Kansas City 107 83 124 1,352 2,502 1, 893 Kansas City ; 15 1,065 1,039 1,396 Dallas 60 61 37 1.050 1,523 765 Dallas i 10 482 500 600 San Francisco.. 252 303 291 5,119 7,237 j 4, 979 San Francisco ' 18 ' 2,594 2,660 3,300 Total 1,983 i 1,993 ; 2,028 I 60,998 j 51, 656 | 39, 826 Total --J 141 I 39,451 45,299 52, 744 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
537 SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, f or Aug. 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district j : t P io r n o , d 1 u 9 c 3 - 0 E A st 1 u i 9 m p 3 . a 1 1 te , , ti P o r n o , d 1 u 9 c 3 - 0 E A st u 1 i g 9 m . 3 1 a 1 t , e, ti P o r n o , d 1 u 9 c 3 - 0 E A st u 1 i g 9 m . 3 1 a 1 t , e, ti P o r n o , d 1 u 9 c 3 - 0 E A st 1 u i 9 m g 3 . a 1 1 t , e, i Bushels j Bushels Bushels J Bushels Bushels Bushels Bushels ! Busheis Boston ! 7,919 ; 8,493 86 j 98 86 I New York '• 20, 222 . 25,587 5,031 j 5,794 ! 4,861 : 5,636 ' 170 j 158 Philadelphia- 25,969 53,772 20,418 ! 19,774 | 20,248 l 19,618 ' 170 i 156 Cleveland > 106,417 •• 200,248 33,311 ! 57,591 i 32,929 I 57,213 ! 382 i 378 Richmond _ i 107,542 164,800 26,662 31,231 I 26,662 ! 31,231 ! Atlanta - 124,415 177,182 2, 563 4,798 I 2,563 ! 4,798 j Chicago .._ ! 731,749 940,382 1 63, 737 77,637 i 59,447 j 74,680 i 4,290 ; 2, 957 St. Louis : 183,254 384,445 44, 241 65. 502 I 43,819 j 65,264 i 422 j 238 Minneapolis 253,740 231,995 204,044 93,927 i 11,768 ! 8,590 ! 192,276 i 85, 337 Kansas City ; 427,107 i 458,157 311,774 381,483 I 300,633 376,038 ! n,i4i; 5,445 Dallas.. ' 96,478 i 121,571 34, 383 60,544 ! 34,240 : 60,388 i 143 , 156 San Francisco ! 8,740 . 8,669 j 117,180 95, 203 75,098 71, 724 ! 42,082 i 23. 479 Total I 2,093,552: 2, 775, 301 i 863,430i 893,582 j 612,268 i 775,180', 251,162 j 118,402 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Produe- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- j Estimate, tion, Aug. 1, tion, Aug. 1, tion, Aug. 1, tion, Aug. 1, tion, Aug. 1, 1930 1931 1930 1931 1930 r 1931 1930 1931 1930 1951 Bushels Bushels Tons Tons Pounds ! Pounds Bushels i Bushels Bales Bales Boston 7,969 7,712 4,182 3,936 I 43,479 ! 37,443 55,268 ' 55, 634 New York 38,993 29,533 5,526 6,107 ! 1,081 •! 1,320 27,710 29,835 Philadelphia- 21,984 19,485 2, 361 2,503 | 39,372 | 57,772 18,804 i 23,077 Cleveland 77,746 69,441 3,605 5,383 157,416 i 178,805 15, 619 18, 797 Richmond 22,338 28,616 2,194 3, 490 816,106 i 756,388 30,482 37, 384 1,818 i 1,586 Atlanta 10, 764 16,820 1,937 2,519 215,681 ! 152,721 11, 350 16,396 3,713 i 3,133 Chicago 565,861 478, 766 15,881 14,799 52,685 : 47,193 37,118 47, 218 St. Louis 55, 262 66, 873 5,033 6,828 306,070 376, 377 12, 724 13,199 3 2, 289 i 2 3, 338 Minneapolis 314,479 181,936 10,428 9,154 6,049 j 4,869 39, 650 47, 800 Kansas City.._ 171,858 168,011 10,914 ; 9,511 3,498 ' 3,905 38, 398 29, 987 SCO 1,227 Dallas.. 42, 034 80,021 901 1,038 5,929 6, 582 4, 849 5,988 San Francisco. 28, 764 22,443 14,888 ! 12, 319 50,184 44,671 403 312 Total 1, 358,052 1,169, 657 77,850 : 77, 587 ! 1, 641,437 ; 1, 616,793 j 343, 236 370,580 13,932 15, 584 1 Includes 7,009 bales grown in miscellaneous territory. 2 Includes 6,000 bales grown in miscellaneous territory. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
538 FEDEKAL RESERVE BULLETIN SEPTEMBER, 1931 LAW DEPARTMENT Eligibility for rediscount at a Federal reserve bank of other officer designated for the purpose by regulation a veteran's note on which the veteran has waived of the director, stating that— notice of transfer * * * * * * * * ** (4) Such bank has notified the veteran by mail at The Federal Reserve Board was recently his last known post-office address of any sale, discount, requested to rule upon the question whether, or rediscount of such note by such bank, as required by under the World War adjusted compensation section 502 (b) of the act. act, the note of a veteran secured by his In view of these provisions of regulation G adjusted-service certificate is eligible for redisand the position which the Veterans' Admincount at a Federal reserve bank if the notice istration has taken in this matter, the board of transfer of such note required by the statute ruled that a note of a veteran secured by his to be given to the veteran has not been given, adjusted-service certificate is not eligible for but in lieu thereof the veteran has waived such rediscount at a Federal reserve bank if the notice. notice of the transfer of such note has not Section 502 (b) of the World War adjusted been given to the veteran but has been waived compensation act, which authorizes loans to by him. veterans on their adjusted-service certificates, contains the following provision: Reserves against deposits received by member banks In case the note is sold, discounted, or rediscounted in connection with certain "personal loans" the bank making the transfer shall promptly notify The Federal Reserve Board was recently the veteran by mail at his last known post-office address. requested to rule upon the question whether a member bank is required to carry reserves The Assistant Administrator of the Veterans7 against amounts received on deposit in con- Administration has advised the Federal Reserve nection with loans made to individuals through Board that an attempted waiver by a veteran its personal loan department. In order to of the notification required under the aboveprovide for the repayment of such loans at quoted provision of section 502 of the World maturity, borrowers are required to make War adjusted compensation act would be term payments which, instead of being applied without legal force or effect and that a failure directly on their notes, are placed in special on the part of any bank to comply with this accounts evidenced by the issuance of special statutory requirement will be considered as pass books. Interest at the savings departsufficient cause for the Veterans' Administrament rate is allowed on these accounts and tion to refuse to make redemption of notes this, with accumulated payments, is held until deficient in this regard. there is a sufficient amount in the account to Section III of the Federal Reserve Board's retire the loan. Funds so received are appliregulation G governing the rediscount of vet- cable only toward retiring the depositors' erans' notes secured by adjusted-service certifi- obligations to the bank and are not subject to cates, provides in part as follows: withdrawal for any other purpose. In dis- In order to be eligible for rediscount at a Federal counting the borrower's note interest is charged reserve bank anv such note must— on the full amount of the loan until maturity. After a consideration of this subject, the (i) Be accompanied by the evidence of eligibility Federal Reserve Board expressed the opinion required by this regulation and such other evidence that payments made in connection with such of eligibility as may be required by the Federal reserve loans in the manner above described are deposbank to which it is offered for rediscount; * * * its within the meaning of section 19 of the Fed- Section IV of regulation G contains the eral reserve act, and that accordingly reserves following provisions: should be maintained against them by member banks. Whether or not these deposits are time (b) Affidavit of lending bank.—Any note offered to a Federal reserve bank for rediscount must be ac- or demand deposits should be determined in companied by the affidavit required by section 502 (h) accordance with the usual principles laid down of the act and the regulations of the director, in form in section 19 of the Federal reserve act and in approved by the director, made by an officer of the the Federal Reserve Board's regulation D. bank which made the loan, before a notary public or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
539 SEPTEMBER, 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 Aug. 31 July 31 Aug. 31 RESOURCES Oold with Federal reserve agents _ 2,153,913 2,056,339 ; 1,564,256 Oold redemption fund with United States Treasury 29, 889 29,984 i 35,918 Gold held exclusively against Federal reserve notes.. 2,183,802 2, 086, 323 1, 600,174 Gold settlement fund with Federal Reserve Board 439,052 414, 523 571,305 Gold and gold certificates held by banks 832,838 930, 295 755, 293 Total gold reserves , 3, 455, 692 3,431,141 2, 926, 772 Reserves other than gold _ 163,141 166,333 152, 655 Total reserves 3,618,833 3,597,474 ; 3,079,427 Nonreserve cash __ 71,228 71, 280 i 58,193 Bills discounted * 254,702 195, 058 214,545 Bills bought: Outright' 196,166 r 68,108 166, 887 Under resale agreement . 19,187 r 5, 244 1,174 Total bills bought. 215,353 73,352 I 168, 061 Unitcd States securities: Bought outright 727,873 677, 853 601, 648 Under resale agreement. Total United States securities. 727,873 677,853 601, 723 Other reserve bank credit: Other securities 6,452 7,046 8,572 Foreign loans pn gold 18. 250 Due from foreign banks 23,782 10, 726 703 Reserve bank float8 9,063 11, 935 31, 694 Total reserve bank credit outstanding.. 1,255,475 j 975,970 1, 025, 2 Federal reserve notes of other reserve banks.. 14,335 1 15,104 19.812 Uncollected items not included in float 356,728 ! 398, 432 457, 417 Bank premises 59,084 | 58,915 59, 609 All other resources 33,536 28, 406 16, 496 Total resources- 5,409,219 j 5,145,581 4, 716, 252 Federal reserve notes: Held by other Federal reserve banks. 335 15,104 19, 812 Outside Federal reserve banks. 1,948,370 i 1,749547 1,354,065 Total notes in circulation.. 1,962,705 . 1764,651 1,373, 877 Deposits: Member bank—reserve account. 2,373,001 i 2, 366, 582 I 2, 378,18' Government 70,131 2- 0- , 1—2, 2| _- 21, .-„3.87 Foreign bank 162.105 113,995 5,350 Other deposits _ 26,996 26, 031 18,479 Total deposits.. !. 632, 333 2, 526, 730 2,423,403 Deferred availability items.. 356,728 i 398, 432 457,417 Capital paid in _. 167,084 ; 167, 445 169,790 Surplus 274,636 274, 636 276, 936 All other liabilities 15,733 13, 687 14,829 Total liabilities >, 409,219 5,145, 581 4, 716, 252 Contingent liability on bills purchased for foreign correspondents __ 227, 988 242, 974 FEDERAL RESERVE NOTE STATEMENT j Federal reserve notes: j Issued to Federal reserve banks by Federal reserve agents _ I 2,343,317 2,180,421 1, 728, 762 Held by Federal reserve banks * _ _ __j 380,612 415,770 354,885 In actual circulation.. i" 1,962, 705 1, 764, 651 1,373,877 Collateral held by agents as security for notes issued to banks: i Gold _ 2,153,913 2,056,339 1,564, 256 Eligible paper _ i 316,536 225,382 360, 670 Total collateral _ __ | 2,470,449 2,281,721 1,924,926 1 Includes bills discounted for Federal intermediate credit banks as follows: Latest month, none; month ago, none; year ago, $296,000. and notes secured by adjusted service certificates discounted for nonmember banks as follows* Latest month, $122,000; month ago, $131,000; year ago. $39,000. 2 Includes bills payable in foreign currencies as follows- Latest month, $145,215,000; month ago, $34,371,000; year ago, $1,071,000. 1 Uncollected items in excess of deferred availability items. 4 Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
540 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, AUGUST 31, 1931 [In thousands of dollars] Total I Boston i Y N o e r w k d P e h lp il h a i - a ! ; C la le n v d e - [ ! m Ri o c n h d - Atlanta Chicago St. ! Minne-,K C an it s y as Dallas F c S r is a a c n n o - RESOURCES Gold with Federal reserve j agents.. | 2,153,913 1 159,917 501,408 170,000; 238,250| 55,570 106,900 486,9001 67,830| 50,965j 66,000 19,350i 230,763 Gold redemption fund with 'J i U. S. Treasury ._ 29,889j 975 12,592 1, 698: 2, 218! 1,100 3, 835; 1,452| 636 1,200 1,031 1,866 Gold held exclusively !j \ I against Federal reserve i [ : notes 2,183,802; 160,892! 514,060 171,698! 240,468 56,670 108,186! 4S0, 735 69,282 51,6011 67,200 20, 381 232, 629 Gold settlement fund with I ! Go F l e d d a e n ra d l g R o e ld se c rv er e t i B fi o ca a t r e d s held 439,052| | 17,788; 142,192 49, 432: 41, 812 23,238; 10,364: 60,643 19,486 15, 6211 14, 38715, 480 28, 659 by banks | 832,838:| 36,537: 514, 020 28,240 55,718j 4,713i 8,699; 107,315 11, 528 4,989 8,941 47, 075 Total gold reserves ! 3,455,692,i 215, 217' 1,170, 272 249.37c; 33% 998j 84, 621 j 127,249 658, 693100, 296 72,211 90,478 40,924 308,363 Reserves other than gold \ 163,141 16,480| 44,57; 9,417; 13,914! 9,432i 6.359 25, 076 10, 062 3,876 8,377 7,501 8,072 Total reserves. 3,618,833' 231,697! 1,214,847 258,787; 351,912 94,053' 133,608 683,769 110,358! 76,087 98,855 48,425 316,435 Nonreserve cash 71,228, 9,843; 25, 090 3,193: 2, 672 3, 446J 3, 599 9, 007 3,395' 1,483 1, 665 3,254 4,581 Bills discounted: Secured by U. S. Government obligations 103,407 4, 206! 30,306 5, 788 13, 965 2,274! l,50S 8,271 4,415 359 1,527 460 30, 327 Other bills discounted 151,295, 5,363, 19,871 13,014; 20,934| 16,582j 22,221 10,017 7,590 4,019 11,846 13, 603 6,235 Total bills discounted 254, 702, 9,569 50,177 18,802 34,899] 18,8561 23. 73oi 18,288 12,005 4,378 13, 373 14, 063 36, 562 Bills bought 215, 3531 16, 222 86,166 15,750 22,736i 4,971 3,675 29,803 3,519 3,019 7,074 5,47; 16, 941 U. S. Government securities: Bonds 291,903, 19, 2371 96,908 19,155; 21,710| 11,785 7,061 47, 734 9,839 14,478i 13,663 15, 289 15,044 Treasury notes 19, 242! 2! 285 3, 403 21 2, 409 3,503 l! 2 1 9,627 Certificates and bills 416, 728| 34,462 124, 355 32,524 50,372| 19,771 j 12,868! 48,600 17,3«6 13,183! 25,412 9,840 27,975 Total U. S. Government securities 727,873;j 53, 70li 221,548 55,082; 72,085! 31,558 j 22,3381 96,338 30, 708 27,662! 39,077 25,130 52, 646 Other securities 6,452| 70! 4,700 530 100J 60! 50 40! 821 560 40 90 Foreign loans on gold. 18, 250; 18, 250 Total bills and securities _ 1,222, 630, 79,5621 380,841 90,164; 129,820! 55,445 49,793! 144,5591 46,2721 35,141| 60,084 44, 710 106, 239 D Fe u d e e f r r a o l m r e f s o e r r e v i e g n n o b t a e n s k o s f other 23, 782; li 848! 16,985 1,119! 1,084! 429 38fi! 1,526 25) 17; 311 322 730 banks. 14,335]! 248; 3,686 670' 1,442 813 2,420 1,1481 92l! 1,245 311 1,015 Uncollected items _. j 365, 791! j 45,454' 101, 660 32,379! 32,455| 28,944 8,865 43, 526 14, 547 8,169! 19,721 11, 770 18,301 Bank premises.. 59,084i 3, 458i 15, 240 2, 615! 7, 696! 3, 625! 2, 573j 8,061 3,635 1,926; 3" ,8"0"3" 1,831 4,621 All other resources.. 33,536-! 912: 16, 976 1,359! 2,049| 1,581| 3,130; 1,950 1,211 1, 310| 794 1,101 1,163 Total resources j 5,409,219! 372,022; 1,775.321 390,028; 528,358: 188,9651 202, 767i 894,818 180, 591 125,0541 186,478 111, 728 453,085 LIABILITIES Federal reserve notes in actual circulation 1,962,705, 139, 212i 394, 270 150,957! 239,914 68, 277J 113,18i: 424,253 74,844 52,930] 68,444 27, 321 209,098 Deposits: j Member bank—reserve account _._) 2,373,00l| 135,255; 1,048.028 142,919 181,680! 60,525; 53,161 337,466 64,771! 47,479 77, 789 51,162 172, 766 Government.. 70,131 i 5, 390 33, 129 3,358! 4, 6, 242 3,12C! 4, 563 1, 633 1,580 2,050 1,878 2, 613 Foreign bank.. 162,205' 13,470! 41, 696 17,780J 18,139 7,184 6, 465! 24, 245 6,286 4,131 5,208 5,388 12, 213 Other deposits.. 26, 996! 57| 12,681 28! 5,677 34 751 818 746 244 53 40 6,543 Total deposits 2,632,333]! 154,172! 1,135,534 164,085' 210,065] 73,985) 62,8271 367,092 73,436: 53,434 85,100 58,468 194,135 Deferred availability items 356,728;: 45,320; 94, 891 30,9731 32,610! 28,155 i 8,596 41,771 15,677! 7,745 19, 587 12,095 19,308 Capital paid in.. 167,084 11,788! 64, 806 16,7271 15,724 5,661 *5 ,11806" 19, 634 4, 784j 2, 979 4,217 4,182 11, 396 Surplus 274, 636| 21,299! 80, 57f 27,065! 28,971 12,114 10,857 39, 936 10, 562 7,144 8,702 8,936 18,475 All other liabilities 15,733' 231, 5,249 221| 1,074 773 2,120: 2,132 1, 288! 8221 428 722 673 Total liabilities I 5,409,219,i 372,022! 1,775,325 390,028; 528,358| 188,9651 202, 7671 894,818J 180, 591! 125,054; 186,478 111, 728453,085 Reserve ratio (per cent). 78.8! 79.0 79.4 82.1; 78. 21, 66.1! 75.9; r«r 74.4' 71. Si 64.4 56.4 78.5 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent | 2,343, 317ij 161,769! 530,557,170,460264,879! 73,890| 128,712: 508,1191 80,857 57,242; 76,764 0033, , 2w07 256, 861 Held by F. R. bank 380,612; 22,557; 136,287j 19,503! 24,965| 5,613! 15,531j 83,866! 6,013 4,312i 8,320, 5,882 47, 763 In actual circulation | 1,962,705-! 139,212 394,270| 150,957; 239,914 68,277 113,181! 424,253! 74,844; 52,930; 68,444 27,325 209,098 Collateral held by agent as i ' security for notes issued to I j banks: i | Gold i 2,153,913! 159,917! 501,468 170,000' 238,250! 55, 570! 106, 900^ 486,900 67,830 50,965; 66,000 19, 350230, 763 Eligible paper \ 316,536 ' 13,8031 75, 906 16,420i 42,281; 21,9341 25,274! 26,312J 6,500; 15,737 14,988 43, 5-78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 541 BANK LOANS AND INVESTMENTS, PERCENT- MATURITY DISTRIBUTION OF BILLS, ETC. AGE DISTRIBUTION [In thousands of dollars] [Figures for June 30, 1931—latest date for which comprehensive data are available] ! | Total loans and Total W i ( n la i t y 1 h s 5 - lG da to y 3 s 0 31 d t a o y 6 s 0 6 d lt a o y 9 s 0 j |m^hs; : m O o v n e t r h 6 s 1 ; investments I Number j —, \ of banks Amount Percent- Bills discounted: (millions age dis- Aug. 5 188,575113.389 13,542 29,650 22.008i 9, 504 of dollars) tribution Aug. 12 194,980:116,253 16,168 30,862 22,588] 8,628 481 Aug. 19 230,609! 145, 614 18,316 35,830 22,904! 7,458 487 All banks in the United States i p. 21,902 55,055 100 Aug. 26 241,718 155, 446 17, 76837,689 23, 327 j 6,975 513 Member banks—total. 7,782 33,923 62 Bi o ll p s e n b o m u a g r h k t e i t: n Reserve city banks (62 cities) 444 21,854 40 Aug. 5 fi6,074 26.030 5,315 27,567 7,127 35 Central reserve city banks: Aug. 12 135,738: 53,259 24,533 8, 265 49, 544i 137;.. New York City _ _. 48 8.287 15 Aug. 19 154,628! 30,365 25,067 6,267 92,890j 39. Chicago _ 13 1,754 3 Aug. 26 180,518 29,120 25,181 2,128 124,05l! 38!. Other reserve city banks: Certificates and New York City 11 53 . bills: Chicago __ 27 9? j Aug. 5. 420, 511 18,700 23,425! 67, 271' 45,450! 137,373 128,292 Other Federal reserve bank Aug. 12 451, 266 15,700 29,425i 65,797 73,4251 140,628 126,291 cities (10 cities) 104 j 5,789 ! Aug. 19 444,307 31,925 28,866 37,950', 77,150 139,624 128,792 Federal reserve branch cities Aug. 26 403, 72421,425 24 32,950; 97,150! 128,031: 123,544 {•25 cities) 145 4,587 i Municipal war- "Co O un th t e r r y " r e b se a r n v k e s c 2_ it . ies (25 cities) — 7,33 9 8 6 | | 1 1 2 , , 2 0 9 6 1 8 i | ran A A t u u s: g g . . 1 5 2 I io|4 42 2 _ . Nonmember banks »__ 14,120 | 20,932 j A A u u g g . . 2 1 6 9 10 i 4 42 2 . _ 1 Includes National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. INDEX OF BUILDING CONTRACTS AWARDED 2 Includes certain outlying banks in reserve cities. * Preliminary figures. [Index numbers based on 3-month moving averages; 1923-1925=100] KINDS OF MONEY IN CIRCULATION I Without seasonal adjust- ] Adjusted for seasonal va- I ment \ riation (End of month figures. In thousands of dollars] 1931 Month Total ; d R en e t s i i a - l All other Total d R en e t s i i a - l All other Kind of money May 29 June 30 j July 31 | Aug.31 I 1930 193119301931 1930 1931 19301931 1930;1931 1930 11931 Gold coin 352, 525 363,020 362, 782 362,448 Gold certificates 1, 020,452 996, 510 975, 947 9S£, 297 Standard silver dollars 34, 299 34, 326 33, 953 33, 755 January ! 78 58 46 37 104 75 ! 44 ! 128 93 Silver certificates 380,103 377,149 375,447 380,134 February... 83 68 44 126 89 ! 47 148 ! 104 Treasury notes of 1890 1,240 1. 240 1,239 1,238 MMaarchr c h! ! 102 i 77 54 141 98 I 100 Subsidiary silver 272,867 273,147 270, 856 270, 937 April i 113 : 82 62 156 107 96 Minor coin _. 117,071 117, 393 117,059 116,762 May | 125 '78 61 178 104 40 148 '85 United States notes 299,619 299, 427 301, 275 300, 692 June i 116 '74 54 166 101 37 ! 140 '84 Federal reserve notes 1,566,480 1, 708.429 1, 748, 709 1,947,217 July ! 107 68 48 36 i 155 94 35 i 135 82 Federal reserve bank notes. 2,945 2. 929 2, 915 2,904 August ; 85 48 106 National-bank notes 654,673 648', 3§3 646, 902 645, 950 September..I 82 : 52 ...J 108 | ... .| 105 October j 75 51 I 94 i ....! 99 Total 4,702,275 |4, 821, 933 4,837,085 ! 5,051,334 November..1 68 ; 46 ...J 99 December : 59 37 77 !„..., — _| 98 » Preliminary. MEMBERSHIP IN PAR-COLLECTION SYSTEM ' Revised. For description see FEDERAL RESERVE BULLETIN for July, 1931, p. 358. [Number of banks at end of July] RESERVE BANK CREDIT AND FACTORS IN Nonraeraber banks CHANGES (WEDNESDAY SERIES) Member banks [In millions of dollars] Federal reserve On par list Not onpar list district 1931 1930 1931 1930 1931 1930 United States. 7,746 8,284 10, 238 11, 485 3,446 3, 624 Boston 386 400 255 268 Bills discounted New York 897 923 384 401 Bills bought Philadelphia 743 755 426 463 United States securities Cleveland 719 782 881 951 7 9 Other reserve bank credit Richmond . 456 484 493 560 432 501 Total reserve bank creditl Atlanta 369 408 160 216 840 886 Monetary gold stock Chicago .. 996 1,125 2,940 3,313 256 236 Treasury currency adjusted | St. Louis 504 548 1,359 1,563 445 481 Money in circulation Minneapolis 614 661 441 530 970 1,055 Member bank reserve balances.. Kansas Citv 848 886 1,784 2,011 221 182 Unexpended capital funds, non- Dallas 657 719 528 589 214 214 member deposits, etc 575 San Francisco 557 593 587 620 61 60 1 Averages of daily figures for weeks ending on Wednesday, as follows Figures cover all incorporated banks (other than mutual savings (in millions of dollars): July 22, 953; July 29, 938; Aug. 5, 971; Aug. 12, banks). 1,047; Aug. 19, 1,115; Aug. 26, 1,175. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
542 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 ESTIMATED LUMBER CUT OF UNITED STATES [In millions of feet, B. M.] Month 1919 1920 1921 1922 ]923 1924 1925 1926 1927 1928 1929 1930 1931 January | 2,187 2,835 1,657 I2,454 !2.957 3,071 3,334 2,879 2,687 2,859 • 2,253 1,449 February | 2,227 2,825 1,914 |2, 349 !2, 663 3,243 3,166 3,108 2,953 2, 619 j2,412 1,370 March I 2,612 3,321 2,281 j2,774 ! 3,544 3,436 3,486 3,608 3,321 3,190 i 2,912 1,741 April 2,835 3,348 2,356 | 2,700 j3,409 3,584 3,503 3,483 3,172 3,369 2,904 1,774 May_._ 3,159 | 3, 256 2, 646 j3,263 !3,783 3,652 3,527 3,523 3,291 3,416 2,896 1,793 June I 2.909 j 3, 240 2,622 ,3,260 I3,712 3,200 3,520 3,500 3,172 3,173 2,446 1,717 July ! 3,058 2,987 2.511 I3,088 13,463 3,118 3,335 3,399 2,862 3,166 2,169 1,471 August j 3, 219 3,105 2,696 !3,361 i3,847 3,500 3,601 3,432 3,280 3,456 2,184 September | 3,324 3, 013 2, 602 j3,220 3,544 3, 351 3, 554 3,409 2, 903 3,048 1,966 October I 3,483 2, 828 2.690 I3,199 !3,733 3, 466 3,682 3,432 3,294 3,244 1,966 November j 2,963 2.433 2, 639 j3,054 j3,503 3,041 3,119 3,132 3,054 2,866 1,496 December | 2,524 1, 809 2,386 I2,528 j2,842 2,838 3,173 2,845 2,761 2,494 1,516 Year I 34,500 35, 000 29,000 ! 35,250 41,000 39,500 41,000 39, 750 37, 250 36, 750 36,900 ! 27,120 I SEASONAL INDEXES OF LUMBER CUT [Average for the year=100; for description of method used in computing seasonal indexes, see BULLETIN for April, 1928, p. 236] 1919 1920 1921 ! 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 January 87 88 89 i 90 91 91 91 90 90 90 90 89 S8 February ! 93 93 93 93 93 97 98 98 98 98 97 97 97 March 98 98 98 98 99 101 102 102 102 102 103 103 103 April i 103 103 103 103 103 103 103 103 103 105 106 107 107 May.. ..- -J 108 108 108 108 108 107 104 104 104 104 105 106 106 June*. j 108 108 108 ' 108 107 104 103 103 103 103 103 103 104 July__ •; 105 105 105 j 105 103 100 99 99 99 98 98 98 98 August i 107 107 107 ! 106 106 106 106 106 106 106 105 105 105 September i 107 106 105 ' 104 104 104 104 104 104 103 102 101 101 October _.; 100 105 104 I 104 104 104 104 104 104 104 104 104 104 November , 98 98 98 ' 98 98 S7 S7 97 97 97 97 ^7 97 December ! 80 81 82 ! 83 84 86 89 90 90 90 90 90 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1931 FEDERAL RESERVE BULLETIN 543 BANK SUSPENSIONS, BY STATES, DURING AUGUST, 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 th rs o ) usands of Number Deposi o ts f d (i o n l la th rs o ) usands State Members Members ba A n l k l s Na a ti l on- State m N b e o e m r n s - - ba A n l k l s Na a ti l on- State m N b e o e m r n s - - ba A n l k l s M be e r m s - m N b e o e m r n s - - ba A n l k l s M be e r m s - m N b e o e m r n s - - New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut . Middle Atlantic: New York 9 3 5 1 38, 560 7,834 29, 266 1,460 New Jersey -- 4 2 2 12,051 9, 696 2,355 Pennsylvania 2 2 3,919 3,919 East North Central: Ohio 19 1 2 16 104,230 919 30, 207 73,104 Indiana 9 2 589 589 Illinois 12 1 11 4, 862 495 4, 367 Michigan... 10 1 4 5 8, 540 487 4,851 3,202 Wisconsin 6 2 4 2, 617 896 1,721 1 1 220 220 West North Central: Minnesota __ . 2 2 683 683 Iowa 17 1 16 5,043 263 4,780 Missouri 12 1 11 2,118 119 1,999 North Dakota 10 4 6 1,593 833 760 South Dakota 13 3 10 2,533 665 1,868 Nebraska -- 12 12 8,801 8,801 Kansas . 1 1 176 176 South Atlantic: Delaware Maryland 1 1 288 288 District of Columbia. Virginia 2 2 1,209 1, 209 West Virginia 2 2 708 708 North Carolina 2 2 139 139 1 1 211 211 South Carolina Georgia Florida , , East South Central: Kentucky... _ 4 4 1,273 1,273 1 1 13,928 13,92& Tennessee 1 1 294 294 Alabama 2 2 539 539 Mississippi .... West South Central: Arkansas Louisiana _ _ __ Oklahoma 1 1 37 37 1 1 37 37 Texas ._ 3 1 2 2,182 455 1,727 Mountain: Montana Idaho. .. 1 I 150 150 Wyoming 1 1 830 830 Colorado New Mexico Arizona Utah 1 1 8,373 8,373 Nevada . ._ Pacific: Washington Oregon California 2 2 13, 685 13, 685 Total... 154 26 12 116 226, 022 40, 592 64, 618 120,812 4 4 14, 396 14, 396. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
544 FEDERAL RESERVE BULLETIN SEPTEMBER, 1931 BANK SUSPENSIONS, BY STATES, JANUARY 1 TO AUGUST 31, 1931 (Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank Figures of suspensions include banks subsequently reopened. Figures for the latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposi o ts f d (i o n ll a th rs o ) usands State Members Members ba A n l k l s tio N n a a - l State m N b e e o m r n s - - ba A n l k l s ti N on a a - l State m N b e e o m r n s - - ba A n l k l s M be e r m s^ - 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 . . M assachusetts 1 1 2,312 2,312 1 1 2,426 2,426 Rhode Island Connecticut 1 1 2,683 2,683 Middle Atlantic: New York 19 10 5 4 46,309 12, 321 29, 266 4,722 1 1 18,801 18,801 New Jersey 11 4 1 6 35,335 12,873 6,056 16,406 1 1 2,939 2,939 Pennsylvania 41 20 1 20 50, 593 21,288 4,559 24, 746 East North Central: Ohio . 62 8 5 49 153,328 6,422 32,819 114, 087 1 1 412 412 Indiana . 47 3 2 42 29, 895 889 10,823 18.183 14 14 4,766 4,766 Illinois 117 15 4 98 130, 335 36, 549 16, 228 77, 558 15 1 14 9,773 5,200 4,573 Michigan . 53 7 11 35 54, 398 4,745 24, 290 25, 363 1 1 704 704 Wisconsin _ 27 3 24 12, 738 3,393 9,345 9 9 3,950 3,950 West North Central: Minnesota 50 8 1 41 14,125 2,879 496 10,750 4 4 1,076 1,076 Iowa__ 82 9 73 20, 926 2,282 18, 644 1 1 7,502 7,502 Missouri 49 6 43 9,347 2,399 6,948 5 1 4 824 166 658 North Dakota 29 9 20 3,609 1,509 2,100 1 1 172 172 South Dakota 32 4 28 7,006 755 6, 251 9 9 2,962 2,962 Nebraska 30 1 29 11,855 75 11, 780 2 2 356 356 Kansas.. . 19 4 15 4,757 1,673 3,084 South Atlantic: Delaware Maryland 2 1 1 535 247 288 District of Columbia. Virginia 14 2 12 4,445 944 3,501 4 4 1, 576 1,576 West Virginia 12 3 9 5,108 710 4,398 North Carolina 23 3 20 7,202 2,359 4,843 32 3 29 9,937 3,892 6,045 South Carolina 11 2 1 8 2,367 764 219 1,384 Georgia . 18 2 3 13 6,812 1,281 1,359 4,172 1 I 110 110 Florida 8 2 6 6,425 3,843 2,582 1 1 816 816 East South Central: Kentucky 12 1 11 6,933 431 6,502 8 8 15,893 15,893 Tennessee 17 1 16 2, 572 294 2,278 2 2 140 140 Alabama 18 4 1 13 3,986 1,039 356 2,591 Mississippi 37 6 1 30 18, 457 10, 207 400 7,850 38 5 33 18,308 8.268 10,040 West South Central: Arkansas 12 4 1 7 3,669 2,140 202 1,327 36 6 30 8,926 1,424 7,502 Louisiana 4 4 971 971 1 1 748 748 Oklahoma 8 2 6 1,444 223 1,221 1 1 37 37 Texas.- 27 11 16 9,797 4,133 5,664 5 3 2 1,343 520 823 Mountain: "Montana 6 1 5 700 179 521 Idaho 3 1 2 325 150 175 1 1 830 830 Colorado 5 5 635 635 Arizona 1 1 951 951 Utah 5 5 9,659 9 659 Nevada 1 1 52 52 Pacific- Washington 6 1 1 4 1,292 142 208 942 Oregon 7 1 2 4 2,285 284 1,225 776 California 5 4 1 14,496 14,052 444 Total 932 162 41 729 698, 816 153,180 128,800 416,836 195 22 173 117,180 48,712 68,468 i 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. 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
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES [Amounts in millions of dollars. For back figures see BULLETIN for June, p. 343] Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments Secured by Purchased paper Call date a m T l n v o o e d e a s n t n a i t t n - s l s - T lo o a t n a s l Total S s b e t a o c o b n n u c y d d r k e s s d s O e c u w c a u n t u n h r i s s r e d e e e e d r - d - Total b o Y N r u o T s o t e k s t o r w o i e k b d c r o e s k n s d t a o o s c n m t T u h d s o e - e r r s F l S a a re n e r a m c d l u r e e s e d O t r s a e t t b t h a a e y e t l e r s O c u e w a u c n t n h r i u s s e d e e r e d e r - - d Total A U a S a b c p n t n c l a a i e c e t y t e e e p i - s s n d t- a a a a B c b p e n b c t r a i c c o l e l . y e e l , p a s - s d t , , - p C m c a o i p e a m r e l - r - S lo t a re n e s t 1 Total m U G c e t s u i r . e o e e n r - n v S s i - - t - . O c t s u i t e e h r - s i e - r s s b T l e t a o o o c b o n a n u c y t n d d r k a e s s l s d City Total: 1929—Mar. 27___. 35,393 24,945 548 21,903 1,014 6,526 403 2,720 11, 240 2,494 146 93 376 1,879 10,448 4,454 5,994 3 9,693 June 29.... 35,711 25, 658 670 (2) 22, 516 921 6,813 404 2,760 11,618 2,472 108 90 249 2,025 10,052 4,155 5,898 3 10,094 Oct. 4 35,914 26,165 640 23, 249 939 7,170 392 2,760 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 3 10,314 Dec. 31 35,934 26,150 714 23,194 803 7,685 388 2,803 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 3 10, 505 1930—Mar. 27.... 35,056 25,119 527 260 267 21,495 706 7,024 394 2,776 10,595 3,097 175 79 499 2,344 9,937 4,085 5,852 10, 334 June 30 35, 656 25,214 535 230 305 21, 565 819 7,242 386 2,769 10,349 3,113 170 71 507 2,365 10, 442 4,061 6,380 10, 656 Sept. 24.... 35, 472 466 175 291 21,010 774 7,090 387 2,776 9,982 3,262 205 62 523 2,472 10, 734 4,095 6,639 10, 511 Dec. 31 34,860 23, 870 631 315 316 21, 007 675 7,266 387 2,847 9,831 2,233 315 55 366 1,498 10, 989 4,125 6,864 9,754 1931—Mar. 25.... 34, 729 22,840 446 219 228 19,940 575 6,848 386 2,834 9,298 2,454 361 101 361 1,630 11, 889 5,002 6,886 9,272 June 30 33,923 21,816 457 229 228 19,257 515 6,602 388 2,830 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 New York City: * 1929—Mar. 27.... 7,726 5,754 251 4,253 52 1,692 148 2, 361 1,250 59 52 37 1,102 1,972 1,135 838 3 2, 971 i June 29 8,160 6,341 314 (2) (2) 4,532 63 1,814 173 2,480 1,496 58 58 21 1,359 1, 819 1,006 813 3 3, 393 Oct. 4 8,150 6,344 302 4,846 46 1,898 175 2,726 1,196 59 33 8 1,096 1,807 989 817 3 3,191 Dec. 31 8,774 6,683 322 (2) 4,964 55 2,145 169 2,595 1,397 128 46 21 1,202 2,091 1,112 979 3 3, 562 1930—Mar. 27.... 8,238 6,192 199 92 107 4,338 60 1,876 150 2,252 1,655 89 40 49 1,477 2,046 1,150 897 3,504 June 30 8,798 6,596 196 78 118 4,308 68 1,954 157 2,129 2,091 144 29 35 1,883 2,203 1,147 1,056 3,983 Sept. 24.... 8,557 6,359 169 53 116 4,276 86 1,945 157 2,087 1,912 148 28 22 1,714 2,198 1,091 1,107 3,798 td Dec. 31 8,582 6,147 283 132 151 4,338 104 2,033 147 2,054 1,525 188 22 34 1,281 2,435 1,239 1,197 3, 550 d 1931—Mar. 25.... 8,473 5,811 70 84 4,007 121 1,839 149 1,896 1,651 199 51 35 1,367 2,662 1,466 1,196 3,397 June 30 8,287 5,486 66 84 3,839 127 1,770 160 1,782 1,497 296 44 94 1,063 2,801 1,656 1,145 3,026 Other reserve cities: 1929— Mar. 27.... 13,925 10,189 258 9.286 848 2,892 114 1,395 4,036 645 43 32 147 423 3,736 1,896 1.840 s 4, 293 June 29.... 13,832 10, 222 308 9,434 753 2,965 111 1,392 4,213 480 17 25 88 349 3,611 1,765 1,846 3 4, 221 3 Oct. 4 10, 596 294 9,775 767 3,102 112 1,379 4,415 526 8 31 75 413 3,388 1,671 1,717 3 4,429 Dec. 31.... 13,785 10, 532 346 9,748 666 3,309 111 1,448 4,214 438 51 29 108 250 3,253 1,484 1,769 3 4, 397 1930—Mar. 27.... 13, 575 10,159 263 155 108 8,951 553 3.051 115 1,429 3,802 945 59 35 242 609 3,416 1,662 1,754 4,368 June 30 13,701 10,016 277 142 136 9,029 660 3,151 112 1,412 3,693 710 18 38 301 353 5,685 1,686 1,999 4,306 1931— J D S M u e e n p c a e . r t . . 3 3 2 2 0 1 4 5 . . . . . . . . . . . . 1 1 1 1 3 3 3 3 , , , , 9 9 5 7 6 7 6 5 5 1 7 8 1 8 9 9 0 , , , , 8 7 2 0 1 2 8 2 8 3 5 9 2 2 2 2 4 8 3 3 7 6 5 5 1 1 1 1 3 4 1 6 5 6 2 7 1 1 1 9 0 2 1 9 0 3 8 8 8 8 8 , , , , 7 9 4 1 2 0 0 0 6 6 9 0 3 3 5 51 9 4 9 3 0 0 9 3 3 2 2 , , , , 8 1 9 0 4 4 7 3 8 3 6 3 1 1 1 1 2 2 1 2 3 8 2 2 1 1 1 1 , , , , 4 4 5 4 1 9 0 9 4 6 9 3 3 3 3 3 , , , , 2 4 5 6 9 2 6 2 1 3 7 0 1, 4 6 5 0 4 7 3 6 5 0 1 4 1 1 9 5 5 2 1 4 8 2 3 4 6 2 1 8 7 9 3 2 2 1 3 8 1 1 7 9 2 2 6 2 1 1 4 2 2 6 3 7 4 7 4 4 3 4 , , , , 6 7 9 0 7 5 4 3 6 0 5 7 2 2 1 1 , , , , 7 7 4 3 8 2 0 1 5 7 8 3 2 2 2 2 , , , , 3 3 3 1 6 4 0 6 4 2 8 1 3 4 3 3, , , , 3 4 7 9 8 5 2 9 7 9 9 1 "Country" banks: 1929-Mar. 27.... 13,741 9,001 39 8,364 114 1,942 289 1,176 4,843 598 44 192 354 4,740 1,424 3,316 3 2, 429 June 29 13, 719 9,096 49 8,551 105 2,034 291 1,195 4,926 496 33 140 316 4,623 1,384 3,240 3 2, 480 Oct. 4 13, 780 9,226 45 8,627 125 2,170 279 1,206 4,847 553 27 144 376 4,554 1,561 3,193 3 2, 694 Dec. 31.._. 13, 375 8,936 45 8,481 83 2,231 276 1,186 4,705 409 33 163 208 4,439 1,267 3,172 3 2, 545 1930—Mar. 27.... 13, 243 8,768 65 8,206 93 2,097 279 1,196 4,541 496 27 207 258 4,475 1,273 3,202 2,462 1931— J J D S M u u e e n n p c a e e . r t . . 3 3 3 2 2 0 0 1 4 5 . . . . . . . . . . , . 1 1 1 1 1 2 2 2 2 3 , , , , , 9 1 2 0 5 5 4 9 6 1 7 4 0 8 9 8 8 8 7 7 , , , , , 0 5 3 6 7 0 1 5 0 4 1 3 4 2 0 6 6 6 6 5 2 0 3 2 8 8 8 7 7 7 , , , , , 0 2 3 7 5 2 0 1 2 6 9 7 8 4 2 4 8 9 6 5 7 8 0 4 9 2 2 2 2 1 , , , , ,9 1 0 0 1 8 3 3 9 1 4 7 3 0 2 2 2 2 2 26 7 7 6 6 1 4 5 0 4 1 1 1 1 1 , , , , , 2 1 1 1 2 0 9 8 7 0 1 1 8 7 5 3 4 4 4 3 , , , , , 8 3 5 1 9 2 2 4 5 7 6 7 9 8 8 3 2 1 1 1 8 1 7 3 5 6 2 7 5 8 8 4 2 5 5 1 1 1 1 1 7 6 2 0 1 1 4 0 1 4 1 1 4 3 3 2 1 9 6 0 9 5 4 4 4 4 4 , , , , , 5 5 5 5 5 5 8 5 5 1 4 9 0 5 9 1 1 1 1 1 , , , , , 2 2 1 2 2 2 1 5 7 2 9 9 9 9 4 3 3 3 3 3 , , , , , 3 3 2 3 3 2 7 7 2 5 6 0 6 6 9 2 2 2 2 2 , , , , , 3 3 0 1 2 6 2 7 4 1 7 6 8 7 3 1 Loans (secured by stocks and. bonds) to brokers and dealers in securities at New York City. * Loans to banks on securities for these dates estimated as one-half of total loans to banks. 2 Figures not available. * Central reserve city banks only. en Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 30, 1928, TO JUNE 30, 1931 S [Amounts in thousands of dollars] OS 1928 1929 1930 1931 1 June 30 Oct. 3 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 Mar. 27 June 30 | Sept. 24 Dec. 31 Mar. 25 June 30 T RESOURCES Loans (including overdrafts) -.124,302,787 24, 325,010 25,155,255.24, 944, 641 25, 658,491J26,164, 829 26,150,061 25,118, 783 25, 213, 770 24, 738,011! ,2 837,0,488 22, 839,946 21, 816, 243 United States Government securities i 4,224,7—30 4., 385,830 4., 311,790' 4.,.4.53„,„95.3„.4.,1_5.4 ,_92, 9!. 4,021,6363,862,968 4,085,006 4,061,395 4,095,270 4,124,776 5,002, 5,343,032 Other securities _ ... \ 6,533,656 6,218,145 6, 216,890i 5,994,4325, 897, 541 j 5,727,3065,920,921 5,851,908 6,380,494 6,638,969 6,864,247 6,886, 6, 763,247 Total loans and investments 135,061,173 34,928,985 35i,, 683,935 35,393,026|35,710,961;35,9137,71 35,933,950 35,055,697 35,655,659 35,473,350 34*,8;59,511134,728,565 33,922,522 Customers' liability on account of acceptances. i 710,207 727,258 929,540; 836,028 802,188 j 988,912 1, 252,147 1,111,153 18, 807| 912, 852 1,117, 8331 1,035,978 888,454 Banking house, furniture, and fixtures.. J 1,099,210 1,105,558 1,107,287; 1,118,418 1,169, 752j 1,175,3931,190, 306 1, 202,486 1,217,963 1,230,754 1,240,4441 1,239,935 1,234,404 Other real estate owned ! 184,109 178,443 177, 716 184,873 179, 878 182, 796 183, 989 188,815 190, 995 197, 869 191, 169| 199,935 206,569 Cash in vault ~! 449,198 519,126 564,384 516, 742 433,491 497, 212 558,450 496, 633 484, 262 470, 367 592, 504 j 461,267 519,135 Reserve with Federal reserve banks 2,342,045 2,348,018 2,409,36; 2, 338,569 2, 359, 0772, 321, 8062, 373, 760 2,352, 738 2,407,960 2,414,991 2,474,509 2,364.478 2, 396,—421 Items with Federal reserve banks in process of collec- ] tion —J 680,492 856,655 967,836 841,606 775,822 923, 363 994, 373 719,201 836,471 698, 871 757,216 524, 765 629,418 Due from banks in United States ! 1,897,231 2,026,259 2,124,252 741,478 1,885,167 2, 004, 9382,167, 756 1,901,517 2,360,377 2,462,827 2, 455, 948 2, 791, 204 2, 517,096 Due from banks in foreign countries (including own ! branches) _ j 291,490 305, 299 287, 248 272, 682 246,996 263,834 247,612 220,793 202,447 260, 818 296, 376 351, 320 Exchanges for clearing house and other checks on local j banks 1,447,219 1,634,689 3,493,061 J, 486, 2031, 446,1862,132, 331 2, 762,463 1,616,954 2,645,057 1,146,915 2,076,189 975,215! 1,771,312 Outside checks and other cash items 217,291 163,527 203, 884 142, 395 117,298 102, 363 139,056 65,331 118,552 51,706 92,766 43, 344 87, 358 Redemption fund and due from United States Treas- F urer _ _ ! 33,025 33,001 32, 995 32, 761 32, 715 32, 828 32,889 32,823 32, 658 32, 604 32, 318 32, 264 32,001 Acceptances of other banks and bills of exchange or drafts sold with indorsement _ 436,486 433,668 677,994 475,155 453, 826 551,587 735,193 612,193 557,748 592,732 662,686 524,104 452,045 Securities borrowed... _ I 37,733 36, 551 35,947 48, 844 36, 337 32,592 35,533 25,744 26,324 23,866 21,069 24,822 20,279 i Other assets ._. ! 204,940 _205,j273 222,149 229, 751 232, 621 _198LZ°_° 219, 379 231, 482 223,114 _ 242,062 222, 911 300,024 j 260,254 Total _ — J45,091,849 45,483, 697 48I,, 935, 646 46, 673, 097 45, 908, 4070, 1305, 588 48, 843, 0~78 45,860, 379 47, 906, 740 46,153,113 47, 057, 891 45, 542,276 45, 288, 588 H Capital stock paid in I 2,415,376 2,453, 8592, 474, 2232, 563, 2782, 646,9282, 739,6452, 757,113 2, 744,975 2, 721,997 2, 728,664 2, 665,151 2,657,172! 2,620,606 W Surplus j 2,285,536 2, 382,3932, 440, 7092, 548,1552, 650,336 2, 811, 2692, 864,612 2, 881,944 2,870, 800 2,903, 258 2,822,091 2,804,906J 2,741,351 Undivided profits—net \\ q24 012f 886,025 832, 564 918,145 882,806 980,928 909, 548 956, 053 950, 072 1, 009,435 894,388 910,4801 804,199 "Reserves for dividends, contingencies, etc \f ' L 120,020 151, 744 144, 242• 164,430 143, 603 177, 252 176,610 182,940 185,602 211,407 225,483- 264, 068 Reserves for interest, taxes, and other expenses accrued i J and unpaid _._! 145,458 150,438 120, 157,144 148, 825 172,193 137,660 175,896 148,960 182, 397 121,190 Due to Federal reserve banks ( 49,823 65,379 56,510 51, 433 51, 883 55, 720 54, 458 51,915 46, 206 47,147 49,267 158,4161 127, 345 Due to other banks in United States __.i 3,263,494 3,462,377 3,649, 0373, 070, 0843, 091,6393,153, 0773, 517,325 3, 204,316 3,831, 656 3,817,132 3,872,842 43,3231 41,073 Due to banks in foreign countries (including own | 4,236,451! 4,004,077 branches) ..I 613,732 508, 571 543, 273 462,649 464,871 481,696 576,664 498,075 571,766 660, 612 634,927 566, 579| 657, 285 Certified and officers' checks outstanding j 787> 7701, 041,1142,184,138 1,739,947 753,620 1,405,446 1,603,562 1,134,283 1, 493, 437 771, 941 1, 223, 777 626, 747' 999, 310 Cash letters of credit and travelers' checks outstanding-, 43,177 27, 338 23,128 27,385 43,182 27,613 23,460 25,038 41, 389 20,960 22, 506: 33,231 Demand deposits '17,606,564 17,501,43018,903,658 17, 708, 269 17, 814,603 17,937,478 18,861, 582 17, 078,90158,061,977 16i,, 838, ~3^5 117, 501, 550J16, 338, 728 16, 622, 224 Time deposits !l3,438, 585 13,409,608 13,453, 311 " \ 325,066 13, 317,649 13, 233,48113, 5187,3 713113,811,97813,9448,"6"8 13, 546, 201 13, 6G3, 258 13, 515, 468 United States deposits. 256, 681 158, 761 261, 505 347,967 315,479 143,203 324,893 28. 0,, .7.6.9 257, i«a 267,415 502,204' 395,397 Total deposits 36,059,826 36,174,578|39,074,560 36, 799,346 35,892,831 36,694,158 38,013,735 35,836,156 388,1,13399,,178 36,i3, 6336,38,74 37', 116,939 35,999, 796 36,268,065 Agreements to repurchase U. S. Government or other securities sold 18,103 95,1611 134, 084 102,423 103, 758 149, 090 136,957 66, 214 37,164 38,144 158,141 23, 599 15, 371 Bills payable and rediscounts: With Federal reserve banks 1,095,997 1,019,789, 1,040,608 981, 434 1, 029, 391 899, 311 646,334 206,124 273, 880 172, 578, 248,017 165,106 146, 819 All other 113,440 134,127: 121, 570 171, 601 168,975 250, 587 232,188 140,467 161,090 143,402| 107,151 116, 336 70, 079 Acceptances of other banks and bills of exchange or drafts sold with indorsement 436,486 433, 665, 677,994 475,155 453, 826 551, 586 735,193 612,193 557, 748 592,732! 524,104 452, 045 Acceptances executed for customers 716, 270 717,931 928, 329 846, 370 800, 423 984,670 1, 276,159 1,125,907 925, 576 929,337! 1,138,624 1, 063, 334 901,351 Acceptances executed by other banks for account of reporting banks 1 28,235 41,417 43,636 45, 025 42, 075 40,400 29,647 24,654 34,998 18,1271 15,031 15,553i 11,514 National-bank notes outstanding 648,602 648, 046 649, 893 647, 354 648,944 640,610 645,562 647,481 649,098 648,9991 639,640 642,284, 636,041 Securities borrowed 37,782 36,556 35,947 48, 844 36,337 32,592 35,533 25,744 26,324 23,866 j 21,069 24,822 20,279 Other liabilities 166, 726| 189,692 209,109 224, 581 ^Mlf? 21^_9_46 245>585 23M61 226'915 212L698i 236,366 210,885 209^455 Total 45,091,849 45,483,697 48,935, 64040, 673, 097457908, 0011477305, 58848~843707845, 860, 379 47,906,74046,1537113;47^057^891 45,"542,"276145, 288, 588 Number of banks 8,929j 8,896 8,837 8,755 8,707] 8,616 8,522 8,406| 8,315 8,246| 8,052 7,928j 7,782 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL AND STATE MEMBERS—CONDITION ON JUNE 30, 1931, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks1 State bank members II Central j Other re-1 Central Other Central Other Total re c s i e t rr y vve ; I s c e ii r t v y e j ' C b o ba u nk n k t s ryy Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry Total re c s i e t r y ve re c se it r y ve C b o a u n n k t s ry banks banks banks banks banks banks RESOURCES j ; Loans (including overdrafts) . . 21,816, 243 6, 676,233 627,240i 7,512, 770 13,162, 2712, 968, 877 4,, 629, 807 5, 563, 587|| 8,653,972(3,,707,356 2, 997,433 1,, 949,183 United States Government securities ! 5,343,032 2,002,330 061,687 1,279, 015 3, 250, 954 832,020 1,, 375,240 l,043,694|| 2,092,078' 1,, 170, ~3"1 0 686,447 235, 321 Other securities ! 6,763,247 1, 362,107 124,677 3,276, 463' 4, 411, 305 596, 439il,, 257,349 2, 557, 517!i 2,351,942! 765, 668 867,328 718,946 Total loans and investments 33,922,522 10,040,670 11,813,60412,068,248120,824,530 4,397,336 7,262,396 9,164,798| 113,097,992; !5,, 643,334 4,,551,208 2,,903,450 Customers' liability on account of acceptances 888,454 711,445 171,180 5,829, 434, 691 296, 7921 134,431 3,468j 453,763, 414, 653 36, 749 2,361 Banking house, furniture, and fixtures 1, 234,404 260, 847 448, 251 525,306 795, 387 103, 4761 285, 229 406,682! 439, 017! 157, 371 163,022 118, 624 Other real estate owned . _ _ _. . . . 206,569 13, 831 78, 729 114, 009 125, 674 6, 456i 32,107 87,111!! 80,895! 7,375 46, 622 26, 898 Cash in vault : 519,135 ! 71, 026 151, 344 296, 765 366, 626 32,126 97,180 237, 320 152, 509 38, 900 54,164 59,445 Reserve with Federal reserve banks ! 2, 396,421 ., 015, 822802, 645 577,954 1, 418,096 450, 608 521, 365 446,123 978, 325; 565, 214 281, 280 131, 831 Items with Federal reserve banks in process of collection ' 629,418 220, 521 281, 709 127,188 408, 517 130,461 186,821 91, 235 220,901| 90, 060 94, 888 35, 953 Due from banks in United States i 2, 517,096 311,570 , 188, 362j 10,17,164 1, 810, 909 109, 619 867,429 833, 861 706,187! 201,951 320, 933! 183,303 Due from banks in foreign countries (including own branches) i 351,320 260, 373 86, 780 4,167 222, 260 142, 295 77, 944 2,021 129, 060! 118, 078 2,146 Exchanges for clearing house and other checks on local banks 1,771,312 ., 438,769 263,481 69,062 792, 111 571,487 174,875 45,749 979, 201! 867, 282 88, 606 23, 313 Outside checks and other cash items ' 87,358 12, 865 48,947 25, 546 61, 540 5,633 34,114 21, 793 25, 818 7,232 14, 833 3,753 Redemption fund and due from United States Treasurer '< 32,001 2,229 7,502 22, 270 32,001 2,229 7,502 22,270 Acceptances of other banks and bills of exchange or drafts sold j with indorsement ; 452,045 370,141 80, 219 1, 685 168,137 132, 219 34, 977 941 283,908! 237,922 45,242! 744 Securities borrowed : 20,279 11, 222 9,057 11,986 5, 677 6, 309! 8, 293! 5, 545! 2, 748 Other assets ; 260,254 100,249 60, 917 126,135 29, 718 58, 590 37,827) 134,119! 69, 370 41, 659 23,090 Total ;45,288,588!14, 829,197 15,534, 224 14, 925,16727, 598, 6006,410,455-9, 780,637 11,407,508 17, 689,988,8,418, 742 5, 753, 587 3, 517, 659 LIABILITIES Capital stock paid in_ _ I 2,620, < 822, 514 833, 752 964, 340 1, 684, 238 393, 354 543,146 747, 738 429,160 290, 606 216, 602 Surplus I 2,741,351 1,080,367 838,471! 822, 513 1,491, 814 437,207 441, 575 613, 032 1,249, 537 643,160 396, 896! 209,481 Undivided profits—net... ! 804,199 294,042 219, 2611 290, 896 443,009 92,923 122,949 227,137, 361,190 201,119 96, 312! 63. 759 I Reserves for dividends, contingencies, etc _ j 264,068; 102,123 94,463! 67,482 130,341 35,472 41,183 133, 727 66, 651 40, 777! 26, 299 Reserves for interest, taxes, and other expenses accrued and unpaid.j 127,345! 47, 676 43, 703! 35, 966 62, 809 14,231 25, 755 22,823 64, 536 33, 445 17, 948! 13,143 Due to Federal reserve banks _ 41,073 1 8, 685i 32,387 31,379 7,100 24, 279 9,694 1, 58o| 8,108 Due to other banks in United States ' 4,004,077 1, 696, 723L, 901, 955 405, 399 2, 435, 698 77222,, 668899 1,397, 356 315, 653 1, 568, 379 974,034 504, 599; 89, 746 Due to banks in foreign countries (including own branches) 657, 285 604, 634 49, 232 3,419 415, 750 372, 941 39,996 2,813 241, 535 231, 693 9, 236 606 Certified and officers' checks outstanding 999,310 774, 873 139, 642 84, 795 516, 398 361,222 92,811 62,365 482,912 413, 651 46,83.11 22, 430 Cash letters of credit and travelers' checks outstanding 33, 231 24,108 8,6001 523 14,067 5,427 8,287 353 19,164 18, 681 313! 170 Demand deposits 16, 622, 224 6, 228, 533 421,9751 4,971,716 10, 091, 200 2, 756, 5 44,9955 3, 551,834 3, 773, 871 6, 531, 024 3,463, 038 ,870,141 j 1,197, 845 Time deposits. 13,515,468 1, 772, 640 281,431 j 6,461,397 8, 562, 904 639,296 3,013,548 4,910, 060 4, 952, 5641,133, 344 2' , 126677,,883!1,551,337 United States deposits i 395,397 141, 776 187, 021 j 66, 600 233, 768 64, 740 117, 328 51,700 161, 629 77,036 69, 6931 14, 900 Total deposits 36,268,065 11,243,288 12,998,54112,026,236!22,301,1644,931,810 8,228,260 9,141,694 13,966,901 6,311, ,770,2812,885,142 Agreements to repurchase U. S. Government or other securities sold. 15,371 99 8,574 10, 266 4,878 5,105 99 1, 8201 3,186 Bills payable and rediscounts: With Federal reserve banks 146,819 4,992 11, 679; 130,148 108,464 5,751 102, 669 38, 355 4,948 5, 928 27, 479 All other 70,079 11,745 11, 278] 47, 056 45, 029 8,217 36, 717 25, 050 11, 650 3, 061: 10, 339 Acceptances of other banks and bills of exchange or drafts sold with I indorsement _.! 452,045 370,141 80, 219 1,685 168,137 132, 219 34,977 941 283, 908' 237,922 45, 242] 744 Acceptances execut"e d' f "o r customers. 901,351 723, 468 172, 399 5,484 442, 209 303, 244 135, 751 3,214 459,142 420, 224 36, 648: 2,270 Acceptances executed by other banks for account of reporting banks. 11, 514 7,956 2,897 661 5,874 2,920 2,535 419 5, 640, 5,036 362' 242 National bank notes outstanding _ _ 636,041 44,386 148,295 443,360 636,041 44,386 148,295 443,360 Securities borrowed... 20,279 11,2221 9,057 11, 986 5,677 6,309 8,293 5, 545; 2, 748 Other liabilities 209,455 61,346 71, 709 57,219 22,550 19,185 15,484 152, 236 53, 850 42,1611 56, 225 Total.... 197 15, 534, 224 14,925,16727, 598, 6006,410,455 9, 780, 63171,407,508 17,689,_988 742 Number of banks 6,800 27 272, 6,501 982 "34 111, 837 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX Acceptances: Factors: Page Federal reserve bank buying rates on 502 Of decrease in reserve bank credit outstand- Held by Federal reserve banks 504, 539, 540 ing 501, 541 Held by group of accepting banks 504 Of increase in reserve bank credit outstand- Held by member banks 503 ing 501, 541 Open-market rates on 502 Factory employment and pay rolls 507, 510 In foreign countries 527 Failures. (See Bank suspensions; Commercial Outstanding 504 failures.) Agriculture. (See Crop report; Farm products; Farm products, prices of 512, 529 Deposits of member banks in smaller centers.) Federal reserve bank buying rates on accept- All banks in the United States. {See Deposits; ances 502 Loans, etc.) Federal reserve bank credit and factors in Annual reports of central banks: changes 500, 501, 541 Bulgaria 513 Federal reserve bank reserves, deposits, note Rumania 516 circulation, and reserve percentages 530 Balance sheets: Federal reserve discount rates 502, 535 Bank for International Settlements 522 Federal reserve notes 530, 539, 540, 541 Federal reserve banks 539, 540 Float, reserve bank 501, 539 Foreign central banks 515, 519, 523 Foreign countries: Bank debits 536 Annual reports— Bankers' balances 531, 534 National Bank of Bulgaria 513 Bank suspensions 505, 533, 543, 544 National Bank of Rumania 516 Bills bought, holdings of Federal reserve banks. Balance sheets of central banks 515, 519, 523 {See Acceptances.) Discount rates of central banks 498, 527 Bills discounted, holdings of Federal reserve Exchange rates 522 banks 501, 539, 540 Gold reserves 520 Brokers' borrowings 504 Gold movements 521 Brokers' loans 504 Government note issues and reserves 526 Building statistics 507, 511, 536, 541 Money rates 527 Business conditions, national summary of 499 Security prices 528 Business failures 536 Statistics of central banks 523-525 Capital issues, domestic and foreign 506 Statistics of commercial banks 526 Charts: Wholesale prices 529 Reserve bank credit and factors in changes. 500 Freight-car loadings 507, 511 (See also Review of month.) Gold: Classification of member bank loans and invest- Analysis of changes in stock of United ments 503, 532, 545 States 501 Commercial failures 536 Circulation 541 Commercial paper outstanding 504 Earmarked 501 Condition statements. (See Balance sheets; also Exports and imports 501 Deposits; Elements analysis; Loans, etc.) At New York 501 Crop report 537 Elsewhere 501 Debits to individual accounts. {See Bank Movements 501, 521 debits.) Production 501 Department stores, indexes of sales and stocks. _ 511 Reserves of foreign countries 520 Deposits: Stock of United States 500, 501 All banks in the United States 503 Imports, merchandise 511 All member banks 503, 530, 531, 546 Indebtedness of member banks at Federal re- Central banks in foreign countries 523-525 serve banks 503, 530 Commercial banks in foreign countries 526 Index numbers of Federal Reserve Board 507-510 Federal reserve banks 530 Industrial production, index of 507-509 Member banks in larger and smaller cen- Interbank loans: ters 531 Rates on 535 Reporting member banks 534 Volume of 505, 530, 541 Discount rates: Interest rates. (See Money rates.) Central banks in foreign countries 498, 527 Loans and investments: Federal reserve banks 502, 535 All banks in the United States 503 Discounts, holdings of Federal reserve banks. All member banks 503, 532, 545, 546 (See Bills discounted.) Classification on call dates 503, 532, 545 Elements analysis 500,501, 541 (See also Review of month.) ^ Employment in manufacturing industries # 507, 510 Central banks in foreign countries 523-525 Exports, merchandise 511 Commercial banks in foreign countries 526- 548 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 549 Loans and investments: Page Member banks in reserve cities 541 "Other" reserve bank credit 501, 539 Member banks outside reserve cities 541 "Other securities" held by Federal reserve Nonmember banks 541 banks 501, 539, 540 Reporting member banks in leading cities 504, 534 Par list, number of banks on 541 (See also Balance sheets.) Par of exchange for 44 countries 522 Lumber cut, index of 508, 542 Pay rolls in manufacturing industries, index of. 507, 510 Manufacturing industries: Prices of commodities (wholesale), indexes of: Index of employment 507, 510 Foreign countries, all commodities 529 Index of pay rolls 507, 510 Foreign countries, groups of commodities__ 529 Index of production 507, 508, 509 United States, all commodities 507. 529 Maturity distribution of bills and short-term United States, groups of commodities 512, 529 securities 541 Prices of securities, indexes of 506, 528 Member bank borrowings at Federal reserve Production: banks (see also Bills discounted) 502 Industrial, index of 507, 508, 509 Member bank reserve balances. 500, 501, 530, 539, 540 Manufactures 507, 508, 509 Member banks. (See Deposits, Loans, etc.) Minerals 507, 508, 509 Membership in par collection system 541 Reporting member banks: Minerals, index of production 507, 508, 509 Borrowing at Federal reserve banks_ 502, 504, 534 Monetary gold stock of the United States 500, 501 Loans and investments 504, 534 Monetary units of 44 countries 522 Due to banks 534 Money in circulation: Reserve bank credit outstanding and factors in By kinds 541 changes 500, 501, 541 Chart showing 500 (See also Review of the month.) Coin, notes, etc 541 Reserve bank float 501, 539 End of month 541 Reserve ratios of Federal reserve banks 530, 540 Monthly averages of daily figures 501 Reserves: Wednesday series 541 Federal reserve banks 530, 539, 540 Weekly averages of daily figures 500, 501 Member banks 530,534,539,540 Money rates: Central banks in foreign countries 523-525 Acceptances, New York City 502 Gold, of foreign countries 520 Acceptances, foreign countries 527 Review of the month—The banking situation-_ 495 Call loans, New York City 502 Security prices, indexes of 506, 528 Call loans, England, Germany, Japan 527 Silver, price of 522 Charged customers by banks in principal Stocks. (See Security prices; Capital issues.) cities 502, 535 Stocks at department stores, index of 511 New York City 502 Time deposits of member banks 503, 531, 534 Other northern and eastern cities 502 Treasury currency (adjusted) 501 Southern and western cities 502 Unexpended capital funds of Federal reserve Commercial paper 502, 535 banks 501 Interbank loans 535 United States securities, holdings of Federal Open market 502 reserve banks. 501, 539, 540 Time loans 502 United States Treasury notes and certificates, National summary of business conditions 499 yield on ^ 502 Nonmember banks. (See Deposits, Indebted- United States Treasury bonds, yield on 502 ness, Loans, etc.) Wholesale prices. (See Prices.) Nonmember deposits, etc., of Federal reserve banks 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE DISTRICTS MINNEAPOLIS^ S W S.DAK. ! V. »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
Cite this document
Federal Reserve (1931, August 31). Federal Reserve Bulletin, 1931-09. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193109
@misc{wtfs_bulletin_193109,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1931-09},
year = {1931},
month = {Aug},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193109},
note = {Retrieved via When the Fed Speaks corpus}
}