Federal Reserve Bulletin, 1931-12

FEDERAL RESERVE BULLETIN DECEMBER, 1931 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Annual Report of the Colombian Bank of the Republic 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. WATLAND W. MAGEE. FLOYD R. HARRISON, Assistant to the Governor. WALTER WTATT, General Counsel. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. J. C. NOELL, Assistant Secretary. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research and Statistics. Chief, Division of Examination, and Chief Federal E. L. SMEAD, Chief, Division of Bank Operations. Reserve Examiner. 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, Vice President District No. 8 (ST. LOUIS) __- W. W. SMITH, President. District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) J. H. FROST. District No. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank C hainuan Governor Deputy governor Cashier of— Boston Frederic H. Curtiss Roy A. Young W. W. Paddock W. Willett. New York .. J. H. Case.. Geo. L. Harrison .. . W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.» A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.1 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.. - C. A. Mcllhenny. W, G. McCreedy.i Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Richmond Wm. W. Hoxton George J. Seay _ C. A. Peple - Geo. H. Keesee. R. H. Broaddus— John S. Walden, jr." Atlanta Oscar Newton Eugene R. Black W S.Johns M. W. BeJl. H. F. ConDiff W. S. McLarin, Jr.* Chicago Eugene M. Stevens... J. B. McDougal C. R. McKay— W. C. BaoLman.* John H. Blair D. A. Jones.* J. H. Dillard O. J. Netterstrom.i E. A. Delaney.i St. Louis „ John S. Wood Win. McC. Martin... 0. M. Attebery. 8. F. Gilmore.* A. H. Haill.* F. N. Hall.' G. 0. Hollocber.* Minneapolis John R. Mitchell W. B. Geery Harry Yaeger H Fr . a I n . k Z i C em . D er u . nlop.1 Kansas City M. L. McCiure W.J. Bailey CTT. AT . r7W\nrort€krTthington. J. W. Helm. Dallas C. C. Walsh B. A. McKinney T R . W R . T G TA i I l T b T e I rt Fred Harris. San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk i Assistant deputy governor. • Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch.. R. E. Towle. Cleveland: Kansas Citv: Cincinnati branch C. F. McCombs. Omaha branch_ L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch . J. E. Olson. Richmond: Oklahoma City branch- C. E. Daniel. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. 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 John T. Moore. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 655 Changes in foreign central bank discount rates 657, 682 Condition of all member banks on September 29, 1931 (from Member Bank Call Report No. 53) _ 699, 700 Annual report of the Colombian Bank of the Republic 671 National summary of business conditions 658 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 659, 660 Analysis of changes in monetary gold stock, gold movements 660 Member bank borrowings at Federal reserve banks 661 Discount rates and money rates 661 Member and nonmember bank credit: All banks in the United States— Loans and investments, deposits 662 Bank suspensions 664 Number of banks, banking offices, banks operating branches 664 All member banks— Loans and investments, deposits, reserve position 662 Loans to banks 664 Loans to customers, open-market loans and investments 662 Holdings of eligible assets (Government securities and eligible paper) 664 Weekly reporting member banks in leading cities 663, 689 Bankers' acceptances, commercial paper, brokers' loans 663 Security prices, security issues, and security loans 665 Production, employment, car loadings, and commodity prices 666 Industrial production 667 Factory employment and pay rolls 668 Building contracts awarded, by types of building 669 Merchandise exports and imports 669 Department stores—Indexes of sales and stocks 669 Freight-car loadings, by classes 669 Wholesale prices, by groups of commodities 670 Financial statistics for foreign countries: Gold reserves of central banks and governments 675 Gold movements 676 Foreign exchange rates 677 Bank for International Settlements 677 Central banks 678-680 Government note issues and reserves 681 Commercial banks 681 Discount rates of central banks 682 Money rates 682 Price movements: Security prices 683 Wholesale prices 684 Retail food prices and cost of living 684 Banking and business conditions in Federal reserve districts 685-692 Detailed Federal reserve statistics, etc 693-698 Index to Volume 17 701-721 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 17 DECEMBER, 1931 No. 12 REVIEW OF THE MONTH declines in the deposit liabilities and in the excess reserves of member banks. Reserve bank credit outstanding, which had Deposits of member banks have been declinincreased by $1,000,000,000 during the period ing continuously since the autumn of 1930, and of gold exports and currency this decline has become more expansion between the middle Decline in mem- id since the end of September bank de- .r arp _ . . ,, . of September and the third posits ber. Jbor member banks in week in October, declined by $300,000,000 dur- leading cities the decrease in net ing the following five-week period. The prin- demand deposits for the 8-week period from cipal factors accounting for this decrease, which September 30 to November 25 has been was almost entirely in the form of a reduction of $1,000,000,000, and the decrease in time dethe reserve banks' holdings of acceptances, were posits has been $550,000,000, while Governan increase of $75,000,000 in the country's stock ment deposits declined by $300,000,000. This of monetary gold, a decline of $25,000,000 in cur- decrease in deposits has reflected withdrawals rency outstanding, a reduction of $40,000,000 in the form of gold for export and of currency in deposits of foreign banks and nonmember for domestic use, as well as the use of deposits banks, and of $160,000,000 in reserve balances for the liquidation of loans and investments of maintained by member banks with the reserve member banks. The decrease in loans and banks. The outflow of gold, which had begun investments, however, has not been as large as in the middle of September and by the end of the decline in deposits, because member banks October had resulted in a loss of $725,000,000 met the withdrawal of deposits in part by of gold, came to an end at that time, and was drawing upon their excess reserves and by borfollowed by an inward movement, chiefly from rowing from the reserve banks. During the Japan. Currency' outstanding reached its high- period, the reporting banks show a decrease in est figure in the beginning of November and loans on securities of $500,000,000, in all other declined after that time, except in the wxeek loans of $300,000,000, and in investments of ending the day before the Thanksgiving holi- $400,000,000, about an equal part of which was day. During that week currency increased in holdings of United States Government oblislightly, but by a much smaller amount than gations and in other securities. is usual for that week of the year, indicating Of the decrease in security loans a large part that the seasonal increase in the demand for represented a reduction of loans to brokers and currency has been offset to a large extent by a dealers in securities, the total of such loans in return flow of currency to the reserve banks, the last week of November at $750,000,000 reflecting some improvement in banking condi- representing not much more than one-tenth of tions. The larger part of the decline in reserve the maximum amount reached in October, 19 29 bank credit, however, has been due to a decrease Security loans to customers, other than brokers in member bank reserve balances, reflecting however, also show a considerable liquidation 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN DECEMBER, 1931 At their November level, loans and invest- decrease in security loans, have been offset by ments of the reporting banks were about the a corresponding growth in the banks' investsame as four years ago, in Novem- ments, so that the total volume of credit extended by the reporting banks is no smaller ber> 1927> as is brouSht out hJ the chart, which shows the course of now than four years ago, when the current loans and investments of these banks during financial requirements of trade and industry the past five years. The composition of the were considerably larger. This difference betotal, however, has shown considerable change tween the relative volume of credit and of during the period. The banks' security loans business activity reflects in large part a less have declined by $650,000,000 and their in- active use by depositors of their bank balances, MEMBER BANKS IN LEADING CITIES or a lower velocity of bank deposits, which BILLIONS OF DOLLARS BILLIONS OF DOLLARS results in a relatively larger volume of bank 25 5 credit being required to finance a given volume of trade. While the volume of credit extended by reporting member banks is at about the level of four years ago, and this statemember banks on the latest date for which figures are available, the volume of reserve bank credit is about $650,000,000 larger, owing to a decrease during the period in the country's stock of gold and an increase in the volume of currency outstanding. The volume of reserve bank credit, in fact, although it has declined from its peak in the middle of last October, has been larger, on the average, in recent weeks than at any other time in the past 10 years. December is a month when reserve bank credit usually increases in response to the sea- 1927 1928 1329 1930 1931 sonal demand for currency for the holiday trade. This year, with the lower level of vestments have increased by $1,750,000,000, prices, this demand may be expected to be while their other loans, largely commercial, smaller than in other recent years, particularly have declined by $1,250,000,000. It is to be if the recent return flow of currency should observed that this decrease in the commercial persist during December and offset in part the loans of reporting banks amounting to 15 per seasonal increase in the demand for cash. cent has been much smaller, relatively, than the decrease in the physical volume of industrial production, which has amounted to 25 per cent for the period of four years and has been ac- Report of System Committee on Bank Reserves companied by a decrease of 30 per cent in the The Committee on Bank Reserves of the wholesale price level. Notwithstanding, there- Federal Reserve System, appointed at the end fore, the rapid liquidation of commercial credit of 1929, in accordance with a resolution adopted by the conference of governors of the in recent months, the decline in its volume over Federal reserve banks on December 12, 1929, a four-year period has been much smaller than has recently made its report. With the the decline in business activity; the decline in consent of the Federal Reserve Board and commercial loans, furthermore, as well as the pending consideration of the committee's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

657 DECEMBER, 1931 FEDERAL RESERVE BULLETIN report by the board and the Federal reserve November 18 showed a reduction in brokers' banks, the report has been published and copies loans by weekly reporting member banks in sent to all member banks and to subscribers to New York City "for account of others7' to the FEDERAL RESERVE BULLETIN. $12,000,000 from $162,000,000 the week before, The members of the committee are as follows: partly offset by increases in loans for own E. L. Smead, chief, Division of Bank Operations, account and for out-of-town banks. Brokers' Federal Reserve Board, chairman; Ira Clerk, loans "for account of others77 now embrace deputy governor, Federal Reserve Bank of only (a) those made by weekly reporting banks San Francisco; M. J. Fleming, deputy governor, that are not members of the clearing house Federal Reserve Bank of Cleveland; E. A. and do not clear through members, and Goldenweiser, director, Division of Research (b) loans made by clearing-house banks for and Statistics, Federal Reserve Board; L. R. account of (1) nonmember banks located in Rounds, deputy governor, Federal Reserve New York City and (2) agencies of foreign Bank of New York. W. W. Riefler, Division banks. of Research and Statistics, Federal Reserve Board, is executive secretary of the committee. Changes in Discount Rates and Bill Rates The discount rate on all classes and maturi- Changes in Advisory Council ties of paper was increased from 3 to 3^ per cent at the Federal Reserve Bank of Atlanta, The Federal Advisory Council at its meeting effective November 14. on November 17, 1931, made certain changes At the Federal Reserve Bank of New York in its organization as a result of the recent the buying rate of bills having maturities to resignation of Mr. B. A. McKinney, of Dallas, 45 days was reduced from Z% to 3 per cent, former president of the council, to become effective November 20. governor of the Federal Reserve Bank of Dallas. Mr. J. H. Frost, of the First National Bank of San Antonio, succeeds Mr. McKinney as representative of the eleventh district. Mr. Rate Changes in October—A Correction Walter W. Smith, of St. Louis, former vice Changes in discount rates and bill rates president of the council, has been elected during the month of October were all in the president to fill the vacancy caused by Mr. direction of increase, as specified in detail on McKinney's resignation, and Mr. Melyin A. page 557 of the October BULLETIN and page Traylor, representative of the seventh district, 605 of the November BULLETIN. Consehas been elected vice president. These officers, quently the general statement made in two as ex officio members, and Messrs. Loeb, places on page 605 of the November BULLETIN Prince, and McLucas will comprise the execu- to the effect that rates had been "reduced as tive committee of the council. Mr. Walter follows77 should have read "have been increased Lichtenstein, of Chicago, will continue as as follows.77 secretary. Changes in Foreign Central Bank Discount Rates Brokers' Loans—Recent Action by New York Clearing House Association The following changes in discount rates, during the month ended December 1, have Effective November 16, the New York Clearbeen reported by central banks in foreign ing House Association amended section 5, countries: Article XI, of its constitution to read as follows: Austrian National Bank—November 13, from 10 to No member of this association (nor any nonmember 8 per cent. clearing through a member) shall directly or indirectly Bank of Danzig—November 24, from 6 to 5 per cent. make or attend to the service of any loan for the Bank of Japan—November 4, from 5.84 to 6.57 per account of any person, firm or corporation, other than cent. a bank, banker or trust company, where such loan is South African Reserve Bank—November 13, from 5 secured in whole or in part by stocks and/or bonds to 6 per cent. and/or acceptances. Where such a loan is made or service rendered for the account of a bank, banker or trust company the member (or nonmember clearing Condition of All Member Banks on September 29, 1931 through a member) shall charge and collect for so doing not less than at the rate of one-half of 1 per Detailed figures of condition of all member cent per annum upon the amount of such loan during banks on September 29 are given in this issue the period it shall remain in effect. of the BULLETIN, and in greater detail by Reflecting the effect of this new rule, the States, cities, and class of bank in Member board's weekly member bank statement for Bank Call Report No. 53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN DECEMBER, 1931 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 24 and released for publication November 27] Production and employment in manufactur- Distribution.—Total volume of freight-car ing industries declined further in October, loadings remained unchanged in October, while output of minerals increased more than while loadings of merchandise decreased. Deis usual at this season. There was a con- partment-store sales increased by somewhat siderable decrease in the demand for reserve- more than the usual seasonal amount. bank credit after the middle of October, Wholesale prices.—The general level of reflecting a reduction in member bank reserve wholesale prices declined from 69.1 per cent of balances and, in November, an inflow of gold, the 1926 average in September to 68.4 per cent largely from Japan. Conditions in the money in October, according to the Bureau of Labor market became somewhat easier. Statistics. Prices of grains, cotton, and silver, Production and employment.—Total output after showing a rapid rise beginning early in of manufactures and minerals, as measured by October, declined considerably, but in the the board's seasonally adjusted index of in- third week of November were still above their dustrial production, declined from 76 per cent October low points; prices of hides and peof the 1923-1925 average in September to troleum were also higher in the middle of 74 per cent in October. Output of steel re- November than in early October. During this mained unchanged at 28 per cent of capacity period the prices of livestock and meats in October, although it usually showTs an indeclined rapidly, reflecting in part developcrease for that month; in the first half of ments of a seasonal character. November activity at steel mills increased Bank credit.—Reserve bank credit, which somewhat. Automobile production declined had increased rapidly between the middle of sharply in October; production of shoes and September and the third week of October, woolens decreased and cotton mill activity declined by $265,000,000 during the following showed little change, although an increase is usual at this season. Output of bituminous coal in- four weeks. This decline reflected a large creased seasonally and there were large increases reduction in member bank and other balances in the output of anthracite and petroleum. at the reserve banks and also an inflow of gold, chiefly from Japan. Demand for currency, Volume of factory employment declined subwhich had been on a large scale during Sepstantially from the middle of September to the tember and the first three weeks of October, middle of October. At woolen mills, where an showed relatively small fluctuations after that increase in employment is usual at this season, time and in the second week of November there was a large decrease. In the automobile declined by somewhat more than the seasonal and shoe industries reductions in employment amount. were considerably larger than usual, while in the canning industry the decline was wholly Loans and investments of member banks in of a seasonal character. In the silk-goods and leading cities continued to decline during hosiery industries employment increased by recent weeks, and on November 18 the total more than the usual seasonal amount. volume was $500,000,000 smaller than five The November cotton crop estimate of the weeks earlier. This decrease reflected sub- Department of Agriculture was 16,903,000 stantial reductions in loans on securities and in bales—600,000 bales larger than the October other loans, as well as in the banks' holdings of estimate and 3,000,000 bales larger than last investments. At the same time deposits of year in spite of a reduction in acreage. these banks also declined with a consequent Data on the value of building contracts reduction in the reserve balances which they awarded in the period between September 1 were required to hold with the reserve banks. and November 15, as reported by the F. W. Money rates in the open market, which had Dodge Corporation, showed a continuation of advanced sharply during October, declined the downward movement. In this period somewhat early in November. Rates on value of contracts was 29 per cent smaller prime commercial paper declined from a than in the corresponding period of 1930, range of 4-4){ per cent to a range of 3%-4 per reflecting smaller volume of construction and cent, and rates on bankers' acceptances from somewhat lower building costs. 3% to 2% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

659 FEDERAL RESERVE BULLETIN DECEMBER, 1931 FEDERAL RESERVE BANK CREDIT MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5600 5600 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES 54Q0 5400 5200 5200 5000 5000 4800 4600 4600 4400 4200 4000 2600 2400 2200 2000 1800 1600 1400 1200 1000 ..JO 1927 1928 1929 1930 193? Based on weekly averages of daily figures; latest figures are for week ending November 28 88091—31 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN DECEMBER, 1931 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929, pp. 432-438] Reserve bank credit outstanding Factors of decrease | Factors of increase Month or week B co il u ls n t d e i d s- ! I b B ou il g ls ht I U £S n t™a i t t e e s- d M r O e b s a t e h n r e k v r e Total Mo s g t n o o e l c d t k ary T c j r u u e r ( s r a a t e d s e n - u d c ) r y y M n ?? r £ ir S a ? i " I ! • ; M b r b e a e s a l m a e n n r k b v c e e e r s i ; m d N e e p e m o o t b c n si . e - t r s, p c U f e a u n p n n d e i d t x e a s d - l 1930—August 214 ! 153 599 32 4,496 1,787 4,476 2,392 28 385 September. 189 197 597 33 1,016 4,503 1,785 4,492 2,397 26 October 196 185 602 37 1,020 4,520 1,787 4,501 2,407 27 November. 221 184 599 29 l 1,033 4, 553 1,793 4,528 2,433 30 December,. 338 257 644 34 ; 1,273 4,583 1,793 4,823 2,415 : 27 384 1931—January 253 206 647 23 ] 1,129 4,622 1,784 4,695 2,433 28 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 24 381 April 155 173 600 24 i 952 4,711 1,770 4,647 2,376 27 May 163 144 599 20 ! 926 4.767 1, 783 4,679 2, 387 28 June 188 121 610 26 I 945 4,865 1,759 4,750 2,404 35 380 July 189 79 674 32 ; 954 4,958 1,784 4,836 2,407 83 370 August 222 135 712 38: 1.107 4,975 1,764 4,947 2,345 187 367 September 2S0 259 I 736 38 j 1,313 4. 948 1,768 5,133 2, 333 199 364 N O o c v to e b m e b r. e . r 6 6 1 9 3 5 6 5 9 6 2 0 i I 7 7 2 3 7 3 5 5 3 0 j i 2 2 , , 0 0 3 8 5 8 4 4, , 3 4 6 4 3 7 1 1, , 7 7 t6 6 o6 8 o i 5 5 , , 4 5 7 1 8 8 2 2, , 1 2 1 5 8 6 2 1 0 7 8 1 3 3 5 6 7 1 Week ending (Saturday)- Oct. 31 - 713 726 ; 727 46 ! 2,212 4,288 1, 762 5, 512 2,202 190 358 Isov. 7 717 646 | 726 52 ! 2.141 4,318 1,761 5, 552 2,132 181 355 Nov. 14 694 595 | 727 57 i 2, 073 4,347 1, 755 5, 535 2,117 167 356 Nov. 21 - 671 542 727 55 I 1,995 4,371 1,770 5, 497 2,116 167 356 Nov. 28 - - 691 487 727 49 1,954 4,402 1,773 5,486 2,114 171 358 i 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] [In thousands of dollars! Analysis of changes Gold 1931 | Increase!! Net re- ;Domestic Month (in stock |Net gold lease i producmonth m du o r n in th g i ij import fr m om ar k e a i r - i ! t e i t o c n .* , From or to— (p N re o l v im em in b a e r r y) October J O an c u to a b r e y r - 1930— A J u u g ly u . s - t . . Im- Ex- Im- Ex- Im- Ex- September ports ports ports ports ports ports October... November. December. Belgium i 9,678 23 Total (12 mos.) England 305 807 i 122 2,340 126 France 109 324,609 19, 379 348,734 1931—January 4,643 49.4 Germany 37 i 831 37, 073 871 P'ebruary 4,665 22.0 Italy _ ! 4,119 5,120 March 4,697 32.0 Netherlands 130 i 35,904 40,076 April. 4,726 28.7 Portugal _._.i 2,088 2,088 May 4,798 72.4 Sweden. _. 5,019 i 30 5,313 30 N J J S O A u u e o c u n l p v t y g e o t e u e . b m s m e t b r b . e e _ r r _ *». 4 4 4 4 4 4 , , , , , , 4 2 9 7 9 9 1 9 9 4 4 5 2 2 1 5 9 6 4 1 2 1 - . 4 4 5 5 6 1 5 8 8 4 9 . . . . . . 6 7 0 3 4 4 S M A C C C w o a e r e g n n l i x o t e t a i z r m n c d e a o t a b l r i l n i a A a a n m d erica. -I 2 1 3 3 0 4 265 1 5 1 5 , , , 2 6 4 1 0 7 7 5 4 1 3 4 4 5 4 6 17 2 , , 4 6 4 7 2 2 ! 1 6 4 2 1 0 9 2 3 , , , , 3 9 9 0 9 1 8 5 1 9 7 3 1 5 0 6 4 f"3 18 ," , 0 0 4 3 9 7 8 9 Total (11 Ecuador 108 i 910 Peru 683 146 399 I 7,397 399 "Uruguay ; __j_ 2,750 6,080 i Gold released from earmark at Federal reserve banks less gold placed Venezuela. '• ' 83 S03 un 1 d T er h i e s a f r i m gu a r r e k , . derived from preceding columns, represents the excess of Ch K in o a n g and Hong • 1,515 5, 533 - 32,037 r c d p ( e a o o r a ) e n m c d g s h e o u o e s m m l d t d i p i c n a b t i u a p o r n l r e n l t o i s l o e d y i n r u n v a c o e f t t r f i h e b o f e c n o a t r n e a e k d o i r g v ts n o e b . r r y g t o n I t h l n h o d e e n a c T m f o n a r o i c y e n n t a e g r s t e t u i h a v c r a r e e y t y n n , t o l a c m y n o n o n t d im h n s u e ( t p 6 h m o f , ) i r p n g t h t a e o i o l d o l w d n d m e a b v o y a u e y f l r o l , n i g f o o o i t n t l h t d e y m — r e e m a c c t e h y o h n i n a e b t v f t l e h l y e y J D A P a h l u p l i t a l o c i n t h p h p e E i r n a e c s o t I u s I n l n a t d r n i i d e e s s s . . i . . . . 1 ' - - 7 7 5 , , 0 7 9 2 3 4 3,18 4 9 2 22, 5 6 4 15 7 0 7 7 0 1 2 702 55 4 2 , , , 9 0 4 9 6 8 1 9 9 771 withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in Total ..2 91,090 2 4,346 I 60,919 398, 604 428,181 |429,150 official reports of gold imports and exports. • $15,649,000 of gold bullion imported on Apr- 30 from France was not 1 Includes all movements of unreported origin or destination. purchased by the New York Assay Office until May 1. » At New York—imports, $6,671,000; exports, $4,304,000. Elsewhere— ^Preliminary figures. imports, $84,419,000; exports, $42,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1931 FEDERAL RESERVE BULLETIN 661 MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [MoDthly averages of weekly figures. In millions of dollars] Prevailing rate on- Average rate Average yield on— on— Reporting member MenQber Month 19 T 30 otal 1 9 i 31 N 1 b 9 e a 3 w C n 0 k i s t Y y 1 i o 9 n r 3 k l 1 ead O 1 i i 9 n t n 3 h g g 0 e r c c i i l t t 1 e i i 9 e e a 3 s s d 1 - 19 l o c 3 e b u i 0 a a t t d i ii e i k n s 1 s 1 9 g 31 Month or week m P c e r o r i c m m ia - e l a b c e a c r n e s k p ' - t- l T o i a m ns e , N C e a w ll lo n a e R n w e s - a * l c T c n U e a u a r o r n e t . r t t e i S y a d e f s s . s i , - - b T o r u e n r a y d s s - 8 montns days 3 to 6 months January 462 245 39 5 208 77 215 163 February 371 209 21 2 152 55 198 152 1930 March 247 173 1 SO 35 166 188 September 3 Hi 2H-2H 2.17 2.19 * 1.77 3.37 April . 225 146 17 54 26 154 120 May 226 149 11 48 28 167 121 October 3 2K-2% 2.00 2.00 1.74 3.34 June 222 185 5 48 56 169 129 November 2^-3 1% 2 -2l/i 2.00 2.00 1.40 3.32 July . 218 168 53 44 165 124 December 23^-3 VA 2 -2H 2.27 2.23 •1.48 3.34 August 198 214 4 3 39 72 153 139 September 186 284 9 3 35 124 142 157 1931 N Oc o t v o e b m er ber 2 1 1 9 1 3 6 6 8 2 4 7 6 6 7 1 4 6 5 6 0 5 3 3 2 8 4 8 1 1 3 4 7 0 2 2 2 8 9 0 January 2^-3 1.50 1.57 1.24 3.33 December _ __ 308 26 115 167 February 2}£-2% 15^-15^ 15^-2 1.50 1. 50 1.06 3.40 March 11 / 2 -2M 1.56 1.55 * 1.38 3.39 1 Includes (in small amounts) discounts by Federal reserve banks for April 2}4-2}4 \y 2 \%-2\i 1.57 1. 52 1.49 3.38 nonmembers: (1) Bills discounted for intermediate credit banks and May. 2 -2*4 H-iH 1H-2 1.45 1.45 .88 3.31 (2) notes secured by adjusted-service certificates discounted for non- Juno 2 V/i-1%1.50 1.50 «.65 3.30 member banks. July 2 iy±-\\i 1.50 1.50 .41 3.32 FEDERAL RESERVE BANK RATES August 2 7/i 1%-lVi 1.50 1.50 .42 3.34 September 2 IH-2 1.50 1.50 *.45 3.42 DISCOUNT RATES October 2 -4M 2^-4 2.10 2.10 1.70 3.71 [Rates on all classes and maturities of eligible paper] November 3H-4M 2%-3H 3 -4 2.50 2.50 1.77 3.69 Week ending— ! Rate in Oct. 31 3U 3H-4 2.50 2.50 2.22 3.81 Federal reserve bank ! ! ef D fe e c c t . o 1 n Nov. 7 33^-414 33^-4 2.50 2.50 1.81 3.71 Nov. 14 4 -4]4 3 3%-4 2.50 2.50 1.69 3.66 Nov. 21 3%-4 2J4 3 -3M 2.50 2.50 1.70 3.67 Boston --.; V/i Oct. 17,1931 2H Nov. 28. 3%-4 2%-3 3 ~~3/i'2 2.50 2.50 1.85 3.73 New York —; 3M> Oct. 16,1931 ; Philadelphia .' 3\i Oct. 22,1931 i 3 » i S S t t o o c c k k e e x x c c h h a a n n g g e e c 9 a 0 ll - d l a o y a n t s im ; n e o l w oa a n n s. d renewal rates. Cleveland | 3^ Oct. 24,1931 ; 3 13 issues—3^, 354, 4 per cent; yields calculated on basis of last redemp- Richmond— ' 4 Oct. 20,1931 I 3 tion dates—1947, 1956 and 1954. Atlanta : 3tt Nov. 14,1931 I 3 * Change of issues on which yield is computed. Chicago .- $¥2 Oct. 17,1931 ! 2^ Bach figures.—Ses Annual Report for 1930 (Tables 36 and 37). St. Louis. ... ; Oct. 22,1931 i 2H Minneapolis 1 : Sept. 12,1930 4 RATES CHARGED CUSTOMERS BY BANKS IN Kansas City ; ; Oct. 23,1931 3 PRINCIPAL CITIES Dallas ; Oct. 21,1931 3 San Francisco __; i do [Weighted averages of prevailing rates] Back figures.—See Annual Report for 1930 (Table 33). Month New York City n e o as r 8 t t e h r o e n t r h n c e i a r ti n e d s 27 w s e o st u e t r h n e r c n i ti a e n s d BUYING RATES ON ACCEPTANCES 1929 1930 1931 1929 ! 1920 1931 ! 1929 1930 1931 [Buying rates at the Federal Reserve Bank of New York] January i 5.74 5.6-4 4.24 5.87 i 5.88 4.61 ! 5. 94 6.12 5.50 February ; 5.73 5.35 4.31 5.86 i 5.66 4.63 i 5.96 6.04 5.42 Maturity ' ' i . e R f D f a e e t c e c t . i o n 1 n J Da l t i e s h e e s d tab- Pre ra v t i e ous M A M p a a r r y c il . h . - . - . ; i ; 5 5 5 . . . 8 8 8 8 5 1 i 5 4 4 . . . 2 9 7 2 1 4 4 4 4 . . . 1 2 1 7 0 1 6 5 6 . . . 0 0 9 0 9 1 | 5 5 5 . . . 2 1 4 2 3 7 4 4 4 . . . 5 6 5 7 2 5 ! 6 6 6 . . . 0 0 1 7 4 0 5 5 5 . . . 8 9 7 6 8 5 5 5 5 . . . 3 4 2 6 0 6 June '. 5.93I 4.59 4,13 6.02 5.06 4.49 I 6.16 5.69 5.34 July— i 5.88 4.48 4.05 i G.08 4.81 4.48 6.17 5.62 5.30 I August ; 6.05 4.41 3.97 ! 6.11 I 4.79 4.47 6.22 5.57 5.27 1-15 days— 3 | Nov. 20,1931 September... 6.06 4.29 3.93 I 6.24 ! 4.74 4.48 6.27 5. 54 5.32 16-30 days.. 3 | do October ; 6.08 4. 26 4.27 i 6.25 i A IK 4.62 6.29 5. 53 5.38 31-45 days... 3 ! do N De o c v e e m m b b e e r r . . _ . . . i ! 5 5 . . 8 7 6 4 4 4 . . 1 1 7 6 4.67 I ! 6 5 . . 1 9 2 4 | : 4 1 . 6 6 6 8 4.87 ! 6 6 . . 2 2 9 0 5 5 . . 4 4 9 2 5.53 46-60 days.. 3H' Oct. 16, 1931 2% 61-75 days_. 3^; do 2% NOTE.—Figures relate to rates charged by reporting banks to their 76-90 days... 3J41 do. _. 234 o g w iv n e n c i u n s p to re m c e e r d s i n a g s t a d b i l s e ti ) n . gu A i l s l h a e v d e ra fr g o e m s a o re p e b n a - s m ed a rk o e n t ra r t a e t s e s r ep (w or h te ic d h fo a r r 3 e 91-120 days.. 3MJ do types of customer loans—commercial loans, and demand and time loans 121-180 days 3*61 do on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is NOTE.—Rates on prime bankers' acceptances. Higher rates may bo weighted according to the importance of that city in the group, as charged for other classes of bills. measured by the loans of all banks in the city. Back figures.—Bee 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

662 FEDERAL RESERVE BULLETIN DECEMBER, 1931 MEMBER AND NONMEMBER BANK CREDIT ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS, RESERVE, RESERVES HELD, AND INDEBTED- OPEN-MARKET LOANS AND INVESTMENTS NESS AT FEDERAL RESERVE BANKS [Exclusive of loans to banks. In millions of dollars. For back figures see June BULLETIN, p 343] [Averages of daily figures. In millions of dollars. For back figures see June BULLETIN, p. 347] Loans to customers Open-m in a v r e k s e t t m lo e a n n ts s and Net demand and time Reserves Indebt- Other- Purchased deposits at Call date cured wise paper Month Total N m e a t n d d e- Time Held Excess F r b e e a s d e n e r k r v s a e l Total b a o n n d ds c u a u n n r s e d e d - Total a c n e c p e t s - p c a i p a e l r StreetI m nv e e n s t t s - TOTAL TOTAL 1931-April 32,179 18,491 13,688 2,376 56 154 1930—Mar. 27. 21,495 7,730 13,765 13,034 254 499 2,344 9,937 May 32,168 18,419 13,749 2,387 67 163 June 30.. 21,565 8,061 13,505 13,555 241 507 2,365 10,442 June 31,602 18,055 13,548 2,404 129 187 Sept. 24. 21,010 7,864 13,146 13,997 267 523 2,472 10,734 July.- 31,526 18,122 13,404 2,407 125 169 Dec. 31.. 21,007 7,942 13,066 13,222 370 366 1,498 10,989 August 31,041 17,783 13,259 2,345 101 222 1931—Mar. 25. 19,940 7,423 12,517 14,342 462 361 1,630 11,889 September 30,500 17,525 12, 974 2,333 120 280 June 30- 19,257 7,117 12,140 14,209 501 384 1,217 12,106 October 29,138 16,859 12, 279 2,256 129 608 Sept. 29.. 18,713 6,842 11,871 13,762 338 296 928 12,199 NEW YORK CITY • NEW YORK CITY * 1931—April 7,336 6,019 1,317 May 7,439 6,094 1,345 848 1930—Mar. 27. 4,338 1,935 2,403 3,701 129 49 1,477 2,046 June-__ 7,232 5,934 1,297 882 June 30. 4,309 2,023 2,286 4,294 173 35 1,883 2,203 July -_._ 7,325 6,064 1,260 887 Sept. 24. 4,278 2,031 2,247 4,110 176 22 1,714 2,198 August— 7,147 5,946 1,201 843 Dec.31_. 4,338 2,137 2,201 3,961 210 34 1,281 2,435 September 7,126 5,962 1,163 864 1931—Mar. 25. 4,007 1,960 2,046 4,313 249 35 1,367 2,662 October 6,937 5,872 1,065 848 June30- 3,8391 1,897 1,942 4,298 340 94 1,063 2,801 Sept. 29- 3,850 1,816 2,034 4,153 234 48 839 3,032 OTHER RESERVE OTHER RE- CITIES » SERVE CITIES * 1931— J J M S O A A u u e c u n p a l p t g y r e y o t i u e l b .- s m e t r ber „ 1 1 1 1 1 1 11 2 3 2 2 3 2 , , , , , , , 7 9 1 3 1 8 6 0 3 5 5 8 3 5 2 9 7 7 1 1 8 7 7 7 7 7 6 6 , , , , , , , 1 0 1 4 3 2 8 3 0 1 2 0 3 0 2 2 2 1 9 6 5 5 5 5 5 5 5 5 , , , , , , , 6 9 8 2 5 8 7 9 2 0 3 5 7 2 1 1 7 6 2 2 8 9 9 9 9 8 9 9 4 4 1 6 6 7 5 9 3 8 1 2 2 0 2 1 4 3 6 2 7 0 1 5 9 0 4 7 0 9 1 19 9 3 3 1 0 — — J S S D J M M u u e e e n n p p c a a e e . t r r t 3 . . . . 3 1 3 2 2 2 2 _ 0 0 9 4 5 7 . _ - . - . . . 8 8 8 7 8 9 8 , , , , , , , 1 9 9 8 7 4 0 0 5 0 4 0 2 2 0 1 5 6 9 6 9 1 ! 3 3 3 3 3 3 3 , , , , , , , 1 8 3 6 0 6 6 8 1 6 0 9 3 5 8 1 6 4 2 2 6 4 5 4 5 5 5 5 , , , , , , , 9 7 2 2 3 0 0 5 1 1 5 4 4 9 3 1 7 0 6 3 3 5 4 4 4 5 4 5 , , , , , , , 8 5 0 3 3 3 2 8 1 6 9 6 2 2 7 1 6 5 1 2 1 2 1 1 1 9 8 5 0 0 5 5 4 4 8 6 2 6 1 2 3 3 2 2 1 1 4 0 1 3 1 8 6 2 1 2 7 2 9 7 6 3 6 2 1 1 0 5 4 2 2 5 6 9 3 3 7 4 6 7 3 3 4 4 4 3 4 , , , , , , , 4 0 6 7 5 6 9 1 7 3 5 6 4 8 6 6 5 0 1 7 5 "COUNTRY" BANKS "COUNTRY" 1931-April 11, 662 5,163 6,498 585 28 119 BANKS May -_ 11, 573 5,090 6,483 578 28 ! 126 1930—Mar. 27. 8,206 2,190 6,016 4,972 31 207 258 4,475 June 11,432 4,988 6,444 573 30 i 139 June 30. 8,229! 2,227 6,001 4,867 12 170 129 4,554 July 11,371 4,956 6,415 570 31 | 128 Sept. 24. 8,0071 2,201 5,806 4,875 7 164 115 4,589 August 11,192 4,825 6,367 559 31 148 Dec.31.. 7,762 2,149 5,614 4,696 8 120 49 4,519 September 11,018 4,758 6,259 551 30 i 167 1931—Mar. 25. 7,524 2,097 5,427 4,708 7 114 36 4,650 October 10,544 4,567 5,977 536 37 I 248 June 30_ 7,318 2,032 5,286 4,690 4 101 30 4,555 Sept. 29- 7,018 1,935 5,083 4,722 3 81 32 4,606 1 Central reserve city banks only. * See notes 1 and 2 of preceding table. • 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. 695. ties in New York City. ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, AND DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS) [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. For back figures see May BULLETIN (p. 253) and Annual Report for 1930 (Tables 42-43)] Total loans and investments Deposits (exclusive of All banks Member banks Nonmember banks interbank deposits) Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total ba A n l k l s b M a b e n e m r ks - 1927—June 30 53,750 37,360 16,391 32,756 22,938 9,818 20,994 14,421 6,573 51,662 31,2S9 20,393 1 1 1 1 9 9 9 9 3 3 2 2 1 0 8 9 — — — — J J S J S D D D D O O M J M M u u u e e u e e e e c c e n n n p p c c c n a a a c t c t e e . e . . . . r t r r t e .. . . . . . 3 3 4 3 3 2 3 3 3 3 2 2 2 2 2 _ 1 0 . 7 0 9 1 1 1 _ 0 5 4 7 9 . . . _ _ . . . . . . . . . . . . - . . . . . . . r 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 5 8 7 7 8 8 8 8 8 5 7 7 5 , , , , , , , , , . , , . , , 4 2 2 0 9 1 3 5 4 4 0 8 2 2 5 1 6 2 0 8 2 9 1 7 1 3 6 0 0 9 5 1 4 8 6 0 7 4 9 5 6 9 '3 3 4 4 4 3 3 4 4 4 3 3 4 3 5 9 2 6 0 8 0 1 0 1 9 8 0 9 , , , , , , , , , , , , , , 3 8 6 1 6 5 8 5 4 4 7 6 7 2 8 8 1 3 1 5 1 6 9 0 6 7 1 0 4 6 3 5 8 7 2 4 8 7 3 1 5 1 '1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 8 7 6 7 6 6 7 6 7 7 7 7 , , , , , , , , , , , , , , 6 0 7 8 6 4 5 5 9 5 4 0 8 1 3 7 0 3 9 7 1 0 6 4 6 4 0 1 7 4 0 4 0 5 9 4 2 9 2 3 1 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3 4 4 5 5 5 5 5 5 5 4 4 5 , , , , , , , , , , , , , , , 0 7 0 8 6 0 9 9 4 3 9 6 2 9 7 7 2 5 6 5 6 1 3 9 8 7 2 4 1 2 3 9 6 0 6 1 4 4 3 4 2 9 7 1 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 0 5 3 2 4 5 5 6 4 6 4 4 3 5 , | , , , , . , , , , , , , , 8 8 8 7 1 6 1 9 1 3 8 3 1 2 8 7 7 4 3 1 5 5 6 4 2 8 5 0 1 1 4 0 0 8 9 8 0 5 5 5 6 5 3 4 6 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 0 2 1 2 0 0 0 0 0 0 0 0 , , , , , , , , , , , , , , , 7 9 7 8 1 1 7 9 4 6 5 4 7 3 0 8 9 3 8 0 8 3 4 0 4 2 4 5 6 5 6 9 9 4 9 2 4 4 7 9 9 8 8 1 2 I i I i ! '2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 2 2 2 2 2 2 2 2 2 2 1 , , , , , , , , , , , , , , 0 1 3 1 9 2 2 6 4 4 3 5 2 7 9 9 4 1 2 0 0 2 8 5 3 8 9 6 9 5 9 8 2 4 4 6 3 3 1 2 1 3 '1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 3 5 4 4 6 5 5 5 5 5 5 4 , , , , , , , , , , , , , , 5 9 4 2 9 0 7 5 3 8 6 1 5 6 6 7 0 6 7 3 4 6 4 5 1 2 6 0 8 4 4 4 7 6 8 8 6 3 2 1 1 7 ! ! ' | 6 6 6 7 7 6 6 6 7 6 7 7 7 7 , , , , , , , , , , , , , , 5 9 2 0 1 8 0 7 9 7 0 9 6 0 3 1 1 4 2 8 4 8 7 3 6 4 8 4 1 0 3 1 2 5 8 5 5 5 3 5 3 3 ' 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 6 1 5 1 4 4 2 3 3 3 3 5 3 , , , , , , , , , , , , , , 4 9 5 9 0 7 1 7 8 1 3 7 7 2 2 5 4 0 3 8 8 2 5 8 9 8 6 8 7 4 5 9 9 5 2 0 2 0 8 4 6 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 3 2 1 2 4 1 3 3 2 2 3 2 2 , , , , , , , , , , , , , , 1 5 0 8 8 0 8 6 2 0 1 5 1 2 6 5 6 2 3 6 8 0 8 3 9 6 3 1 6 3 3 6 9 5 4 4 2 3 0 0 8 5 '2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 1 2 1 1 1 1 0 0 1 1 1 0 0 , , , , , , , , , , , , , , 6 2 1 4 1 8 9 3 5 2 4 9 2 2 6 7 1 4 2 0 4 3 6 8 7 4 7 6 7 6 6 6 4 3 0 0 5 2 9 5 4 4 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

663 DECEMBER, 1931 FEDERAL RESERVE BULLETIN 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 I ! Bor- [Net borrowings on demand and on time. In millions of dollars] Month or date Total s L e t o o i c e a n u s n ri s - o llo t A a h l n e l s r | 1 ! T I o n t v a e l st i ' m . s . u e t e c . i n u e S t s r s i . -j j b I F r n .a o g n w s Rk - a .s t Total an Y F d o r o t r r k m u s b N t a c n e o w k m s - f b o F a r r e n o i k m g s n , p b b r r a i o v n k a k e t i r e n s g , End of month panies agenczes,-etc. BY MONTHS Total: 1930—No vember 23,455 7,897 8,776 6,782 3,076 i 71 1930 1931 1931 1930 1931 December 23,117 7,776 8,557 6,784 3,120 i 141 1931—January 22,660 7,495 6,766 3,163 ' 82 February 22,659 7,315 8,242 7,102 3,385 ! 57 January _ 3,985 1,720 3,368 1,557 616 163 March 22,839 7,302 8,150 7,387 3,638 | 35 February 4,168 1,840 3,529 1,646 639 194 April 22,942 7,157 8,040 7,745 3,913 ! 26 March _ 4,656 1,909 4,026 1,692 631 217 May 22,713 6,998 7,893 7,822 3,957 i 28 April 5,063 1,651 4,409 1,466 654 185 June 22,439 6,770 7,853 7,816 ! 4,048 i 56 May | 4,748 1,435 4,139 1,293 609 141 July 22,393 6,631 7,964 7,798 ! 4,121 44 June 3,728 1,391 3,201 1,221 527 170 August 22,093 6,480 7,900 7,713 4,074 75 July 3,689 1,344 3,227 1,171 462 173 N O Se o c p t v o t e e b m m er b b e e r r 2 2 2 2 1 1 , , , 4 0 0 2 2 7 5 3 8 6 5 5 , , , 4 9 8 1 7 5 3 1 9 7 7 7 , , , 8 6 5 7 7 8 0 9 6 7 7 7 , , , 7 7 5 9 7 7 5 5 8 ! i i 4 4 4 , , , 1 0 1 5 7 7 4 2 1 4 3 1 0 9 2 4 8 7 A S O e u c p t g o t u e b s m e t r ber 3 3 2 , , , 4 5 5 8 5 9 1 6 9 1 1, , 0 3 7 4 5 9 4 4 6 3 3 2 , , , 1 2 0 0 9 5 9 9 7 1,1 9 6 6 3 8 0 2 8 4 4 2 8 2 5 9 5 7 1 1 1 9 1 0 4 2 8 New York City: November 2,162 730 1,928 582 234 148 1931—January 7,906 3,111 2,472 2,323 : 1,254 5 December 1,864 1,694 199 February 7,965 3,079 2,410 2,476 i 1,353 2 March 7,975 3,176 2,295 2,504 1,391 April _. 7,889 3,080 2,242 2, 567 j1,414 Back figures.—See Annual Report for 1930 (Table 57). May 7,875 3,039 2,194 2,642 1,460 June 7,694 2,848 2,204 2,644 : 1,523 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY July 7,780 I 2,764 2,365 2,651 j 1,608 August 7,633 | 2, 640 2,370 1,600 fin millions of dollars. Monthly data are averages of weekly figures] September 7,744 ! 2, 657 2,375 2,712 ! 1,652 3 October 7,466 i 2,369 2,272 2,825 i 1,750 74 For ac- November 7,258 ! 2,277 2,243 2,738 1,705 16 For count of For ac- Other leading cities: Month or date Total own ac- out-of- count of 1931—July 14,613 ! 3,8675,599 5,147 2,513 44 count * town others August ... 14,460 j 3,840 5,530 5,090 2,474 72 banks > September 14,334 i 3,750 5,495 5.083 2, 502 124 N O o c v to e b m e b r. e r . .„ .. 1 1 3 3 , ,7 9 6 5 5 9 i ! 3 3 , , 6 5 0 8 2 2 5 5 , , 4 3 0 4 7 3 4 4 , , 8 9 4 5 0 0 2 2 , , 4 3 2 6 1 7 324 1930— D N e o c v e e m m b b e e r r . . 2 2 , , 2 0 4 1 9 3 1 1 , , 3 2 5 66 7 4 33 3 9 5 4 40 5 7 8 BY WEEKS 1931—January... 1,798 1,132 329 337 Total: February.. 1,759 1,186 290 283 1931— N O o c v t. . 2 4 8... 2 2 1 1, , 1 2 4 2 7 1 ! | 5 5 , , 8 8 9 6 7 7 : I 7 7 , , 6 6 2 4 4 3 7 7 , ,6 7 3 0 7 0 4 4 . , 1 1 0 3 8 3 4 4 2 5 8 3 M Ap a r r i c l h 1 1, , 8 8 5 2 8 4 1 1, , 3 3 2 3 2 5 2 2 6 7 4 1 2 23 5 1 9 Nov. 11 21,033 5,848 ' 7,573 7,612 4,099 '406 May 1,644 1,279 191 174 Nov. 18. 21,002 5,889 j 7,553 7,560 4,064 385 June 1,464 1,110 181 173 Nov. 25 20,908 • 5,831 • 7,574 7,503 4,017 397 July 1,434 1,062 204 168 New York City: August 1,342 951 226 165 1931—Oct. 28 7,326 ! 2,305 I 2,2472,774 I 1,722 47 September. 1,268 943 174 151 Nov. 4 7,310 , 2,287 ! 2,2602. 763 1, 724 17 October... 921 674 90 157 Nov. 11 7,240 ! 2,270 2,2042.766 ! 1,732 16 No vember 802 124 Nov. 18 7,262 ; 2,297 2,2282,737 ! 1,702 16 Ot 1 h 9 e 3 r 1 — le N N a O d o o c i v t v n . . . g 2 4 2 8 c 5 ities: 1 1 3 3 7 , , , 8 8 2 3 9 2 7 5 0 j 3 3 , , 2 5 5 , 9 2 8 5 2 0 5 j ! ! 5 5 , . 2 3 3 , 7 8 2 7 8 3 0 4 4 2 , , , 8 9 6 7 2 8 4 6 5 ! ' ! 2 2 1 , , , 4 3 6 1 8 6 1 4 0 4 4 0 1 1 6 1 6 N N N N o o o o v v v v . . . . 1 4 2 18 1 5 . . . . _ . . . . _ . . . 7 7 8 7 5 3 5 1 1 6 5 5 2 9 5 3 1 3 1 1 1 9 4 1 4 7 1 6 0 1 1 1 6 6 9 2 9 Nov. 11 13,793 3,578 ! 5,3694,846 2,367! '390 N N o o v v . . 2 1 5 8 1 1 3 3 , , 6 7 8 4 8 0 3 3, , 5 5 7 9 6 2 j i 5 5 , , 2 9 3 4 254 4 , , 8 8 2 1 3 8 j | 2 2 , , 3 3 6 5 2 7 3 3 6 8 9 1 i 1 W Me ee m k b ly e r r e a p n o d r t n in o g n m m e e m m b b e e r r b b a a n n k k s s o in u t N si e d w e N Y e o w rk Y C or it k y . City (domestic banks only); includes unknown amount for customers of these banks. r Revised. be 3 c a N m e e w e f c f l e e c a t r i i v n e g - N ho o u v s . e 1 6 ru ; s le e e r e p l . a t 6 i 5 n 7 g . to "Loans for account of others'* Back figures.—See Annual Report for 1930 (Tables 51-54). Back figures.—See Annual Report for 1930 (Table 56). ACCEPTANCES AND COMMERCIAL PAPER [In millions of dollars] Bankers' acceptances outstanding (dollar acceptances) Held by Federal reserve banks Held by group of accepting banks Commercial End of.montb Total For own For account Held by p s a t p a e n r d o in u g taccount of foreign cor- Total Own bills Bills bought others respondents 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 J D J S N J F A M A O M u u a e e e c p u o n a l a n p b t c y r g v y r e o u t i e r u c e l e b a u m h s m m e r a t y r b r b b e y e e r . r r . . - - . . 1 L 1 1 1 1 1 L , , , , , 5 , , , , 5 , 3 5 , , 6 Q 3 3 3 4 5 5 7 6 0 9 3 5 8 8 1 3 2 6 1 7 8 3 3 0 2 5 4 9 4 9 -- 1 1 1 1 1 1 1 1 1 , , , , , , , , , 0 0 2 3 4 5 5 4 4 9 4 9 2 6 1 2 9 2 2 6 0 6 0 8 8 3 0 0 2 7 j ! i ! J • 3 2 1 1 2 1 1 1 2 2 2 1 2 S 0 4 4 2 6 2 7 6 0 9 4 7 7 3 1 6 9 7 9 7 8 3 . . . . . . . . . . . . 9 7 0 3 0 8 0 2 5 3 3 0 6 4 1 1 1 4 8 9 7 1 8 3 2 2 6 9 7 0 5 9 9 5 4 3 1 . . . . . . . . . . 7 3 1 0 0 4 0 3 6 2 4 4 4 4 4 4 4 4 5 5 4 4 3 3 3 2 6 7 6 7 2 0 8 6 9 1 3 8 9 9 2 0 5 3 2 5 . . . . . . . . . . . . 6 1 8 7 2 8 7 9 3 0 5 5 3 3 2 2 1 4 4 4 4 9 0 4 4 8 2 4 5 0 3 9 0 0 3 0 7 8 6 8 0 . . . . . . . . . . 3 1 8 4 0 2 0 0 9 8 3 3 3 4 2 2 2 1 2 1 1 1 1 8 7 9 7 0 6 6 2 8 6 5 6 4 1 3 8 5 5 7 0 2 6 7 . . . . . . . . . . . . 7 2 5 0 6 6 1 7 9 3 5 5 6 4 2 4 5 5 5 6 4 4 3 0 0 6 7 5 4 6 1 7 0 9 4 1 6 3 9 8 0 2 . . . . . . . . . . 4 9 2 4 5 5 2 5 0 2 1 1 1 8 6 9 6 6 6 7 5 3 7 7 8 9 2 3 5 2 0 2 0 4 0 3 1 . . . . . . . . . . . . 6 4 9 8 7 2 5 7 1 7 1 9 2 1 1 1 1 1 1 1 1 1 6 3 1 7 5 3 6 9 2 3 1 1 1 2 1 4 6 8 5 0 . . . . . . . . . . 6 4 7 3 4 0 2 0 0 9 3 1 2 2 1 2 1 1 1 1 1 1 9 8 1 8 0 1 4 7 1 5 0 2 5 1 4 1 3 1 6 2 2 7 2 . . . . . . . . . . . . 8 8 8 0 7 8 4 1 2 2 3 8 2 2 3 4 3 4 4 1 3 2 4 5 9 3 9 3 3 1 4 8 7 8 2 7 8 8 8 6 1 5 . . . . . . . . . . 4 4 3 1 8 2 5 3 3 3 5 4 6 5 5 4 5 6 6 4 5 4 4 1 0 6 3 5 0 6 6 1 1 8 9 0 6 9 4 3 3 2 7 8 2 2 . . . . . . . . . . . . 7 8 6 8 4 4 9 2 3 8 9 2 3 4 4 2 4 4 1 4 6 6 4 7 1 7 2 8 4 4 6 3 4 8 1 8 9 5 1 0 . . . . . . . . . 0 3 7 9 5 4 0 3 8 2 5 4 4 3 4 4 5 5 5 5 5 5 4 1 5 8 0 5 2 2 4 2 2 5 3 5 4 7 7 6 1 8 9 8 8 3 3 2 2 3 3 2 2 2 3 3 2 4 1 1 8 0 9 7 0 1 7 8 0 5 9 5 2 1 7 1 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

664 FEDERAL RESERVE BULLETIN DECEMBER, 1931 INTERBANK LOANS: MEMBER BANK LOANS BANK SUSPENSIONS TO BANKS [Banks closed to public on account of financial difficulties by order of [In millions of dollars] supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened] Date Number of banks Deposits (in thousands of dollars) Month 1928 1929 1930 1931 1928 1929 1930 1931 1929—Mar. 27.... January 99 10,983 16,413 28,903 78,130 June 29 February 85 18,352 21, 746 32,800 35,123 Oct. 4 March 76 16,953 9,002 23,769 35, 286 Dec. 31 April 96 8,190 7,790 33,388 42,417 1930-Mar. 27 May 55 24,090 19,315 43, 963 June 30 June 66 13,496 19,219 70, 566 195,951 Sept. 24 July 65 5,368 66,161 32,333 41,334 Dec. 31 August 67 6,147 8,532 21,951 185,902 1931—Mar. 25 September 66 7,888 10, 050 23,666 236,511 June 30 October 72 9,011 13,153 24,599 493,751 Sept. 29 November 254 24,784 22, 646 186,306 83,409 December 344 11,076 15, 730 367,119 (N 1 e M w e Y m o b rk e r a b n a d n C ks h i i c n a g 6 o 2 ) le a g n a d ll 6 y 0 d o e t s h i e g r n a re te s d e rv c e it i c e i s t : i e 2 s ; c e se n e t r t a a l b r l e e s e o r n v e p . c 6 it 4 i 9 e . s Year 491 1,345 138,642 234,532 864,715 | 1 Central reserve city banks. 1 Other reserve city banks; see table on p. 695. Back ftgures.SQe Annual Report for 1928 (Table 64). r Revised. MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars. Back figures not available] Holdings of Government securities i and eligible paper (including paper under rediscount) Member By reserve city banks * By other banks. By all member banks bo b r a r n o k w- Date U.S. U. S. i F in e g d s e r a a t l E p li a g p ib e l r e Total m Go en ve t 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 r b e a se n r k v s e curities * curities *; 1927—June 30.. 2,299 2,775 5,074 847 1,992 2,839 3,146 ! 4,767 I 7,913 441 1928—June 30.. 2,714 2,680 5,394 862 1,967 2,829 3, 576 ; 4,647 ! 8,223 l,09fi Oct. 3—. 2,823 2,551 5,374 914 1,817 2,731 3,738 | 4,358 • 8,106 1,020 Dec. 31- 2,730 2,349 5,079 932 1,811 2,744 3,662 4,160 j 7,822 1,041 1»29—Mar. 27.. 2.832 2,582 5,414 974 1,761 2,735 3,807 4,343 ! 8,150 981 June 29.- 2,577 5,265 929 1,773 2,702 3,506 47461 i 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 I 7,614 646 1930—Mar. 27.. 2,619 2,542 5,161 818 1,662 2,480 3,438 4,204 I 7,642 200 Jane 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 ^931—Mar. 25.. 3, 584 2,045 5,629 776 1,373 2,149 4,360 3,418 7,778 165 June 30__ 3,871 1,870 S, 741 836 1. 328 2,164 4,707 3.198 7,905 147 Sept. 29., 3,944 1,787 5,731 1,210 2,204 4,936 2,997 7,933 323 i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. * Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. 695. NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC. (For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, pp. 766-768 and 811-8171 Single-office banks Banks operating branches Banking offices Member Member Nonmember Date Banks * i ^D p B l U u K s S Total m N em on b - er National ' State National State Banks Branches Banks Branches Banks Branches 1925—Dec. 31 28,257 30,899 27,472 1 7,916 1,245 18,311 132 332 196 1,277 457 1,033 1926—Dec. 31 27,377 30,158 26,581 7,760 1,160 17,661 146 406 194 1,366 456 1,009 1927—Feb. 25» 26,973 29,873 26,194 7,677 1,133 17,384 145 390 189 1,560 445 950 June 30 26,781 29,775 26,989 7,638 1,123 17,228 152 722 186 1,301 454 971 192S—June 30 25,950 29,180 25,115 ; 7,516 1,058 16,541 169 941 186 1,220 480 1,069 1929—June 30 25,115 28,555 24,297 | 7,366 987 15,944 164 993 190 1,298 464 1,149 Dec. 31 24,630 28,177 23,808 7,237 939 15,632 166 1,027 180 1.2&9 476 1,221 1930—June 30 23,852 27,470 23,035 7,082 899 15,054 165 1,041 169 1,308 483 1,269 Dec. 31 22,769 26,308 21,993 6,872 859 14,262 161 1,106 160 1,286 455 1,147 1931—June 30 21,903 25,480 21,107 6,636 827 13, 644 164 1,110 155 1,287 477 1,180 i All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks and all private banks under State supervision. a Date of the McFadden Act; see BULLETIN for May, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

665 DECEMBEB, 1931 FEDERAL RESERVE BULLETIN SECURITY PRICES, SECURITY ISSUES, AND SECURITY LOANS SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926-100) Selected groups of industrial issues Month or date (Bonds1 i P ut u i b li l t i y c m A o u b to il - e i B e m q i u n e u i g n l i d t p - - • ! C st h o a r i e n C i h c e a m l - b C a p r n o a e d p 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 - 1 ' Number of issues 34 13 13 i 17 9 9 4 10 16 10 30 1930— October 187 108 84 | 88 191 93 225 134 106 142 58 November. 167 101 .77 82 176 91 196 120 97 131 55 December. 158 100 71 I 78 168 80 182 117 88 125 51 1031—January 163 106 74 i 78 162 82 176 120 89 124 S3 February 178 120 78 ! 86 174 91 194 126 91 132 55 March. 189 129 81 i 90 173 96 201 125 85 133 58 April 170 117 70 i 86 148 79 172 109 74 116 62 May 156 110 59 ! 89 127 67 159 89 63 94 47 June. 153 101 58 i 89 128 62 157 83 63 85 45 July. 158 105 60 I 89 131 66 161 88 67 88 46 August 154 103 58 : 92 127 61 155 84 70 81 45 September... 132 85 47 : 80 110 50 132 72 60 72 40 October 112 70 38 70 90 43 113 59 53 59 36 November. 115 75 39 ! 69 96 45 114 61 57 59 36 Oct. 28 88.0 ! 108.2 112 71 37 ! 71 91 44 111 59 53 56 37 Nov. 4 88.5 ! 108.7 | 118 76 39 ; 73 98 49 121 63 60 60 36 Nov. 11,. 121 81 41 ' 72 103 49 125 64 59 64 37 Nov. 18.. 113 75 40 ; 69 94 43 110 60 55 59 36 Nov. 25 i 87.7 ' 105.6 107 70 37 ! 64 88 39 101 56 52 53 34 I i i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. * 20 high-grade industrials; average price. CAPITAL ISSUES TOTAL REPORTED SECURITY LOANS [Exclusive of refunding issues. In millions of dollars] [In millions of dollars] Domestic issues i By Year and month d t T i o c o m t a a e n l s d , - Gov- Corporate F is o s r u e e i s g J n By member banks o le t n h d er foreign Total» ern- Bonds ment (and Stocks notes) Call date Total i To To bro- To bro- 1 1 1 1 9 9 9 9 2 2 2 2 4 5 2 3 4 4 5 6 , , , , 5 3 4 2 5 0 4 0 7 5 0 5 3 5 4 4 , , , , 1 6 0 5 2 3 1 8 9 1 9 8 i 1 1 1 1 , , , , 0 3 0 3 7 8 4 5 2 0 3 6 2 2 1 1 , , , , 4 2 9 6 8 5 4 0 9 2 0 5 1,1 8 6 5 5 2 5 7 2 9 9 0 1,0 9 4 7 7 6 6 2 6 9 4 1 Total j j b T a o nks k Y N C er o i e s t r w y k in w e b k h l r e s o e r e s - r - e To k C Y N er i o e s t r w y k i * n 1926 6,282 5,157 1,312 2,667 1,087 1,125 1927 7,48S 6,152 1,423 3,182 1,460 1,337 1928 7,979 6,728 1,387 2,378 2. 900 1,251 1928—Oct. 3 12.429 ! 8,819 274 1,899 850 5,796 3,610 1929 -. _ 10,005 ! 9,334 1,398 2,068 5,8f>8 671 Dec. 31 |14,052 10,172 269 2,556 975 6,373 3,880 1930 6,918 6,013 | 1,441 2,980 1,503 905 1929—Mar. 27 14,643 ; 9,693 274 1,879 1,014 6,526 4,950 1930— N D O o e ct c v o e e b m m er b b e e r r 3 2 3 8 4 8 1 9 4 ! 2 2 3 9 4 6 5 8 5 1 1 8 6 8 6 8 6 1 1 9 1 0 3 7 5 2 7 1 2 1 8 8 1 6 9 1 J D O u e c n c t e . . 4 3 2 1 9 1 1 1 6 5 2 , , , 9 1 9 5 4 5 4 4 5 ; 1 1 1 0 0 0 , , , 0 3 5 9 1 0 4 4 5 3 3 3 3 2 5 5 0 7 2 1 1 , . , 8 6 0 8 6 2 5 0 5 9 9 8 3 2 0 9 1 3 6 7 7 , , , 1 8 6 7 1 8 0 3 5 5 6 2 , , , 0 4 6 5 5 4 0 0 0 1931—January _ 420 334 ! 49 235 45 96 February 211 1 202 119 48 27 9 1930—Mar. 27 12, 544 10,334 260 2,344 706 7,024 2,210 March «961 «959 i *685 250 9 2 June 30 12,085 10, 655 ! 230 2, 365 819 7,242 1,430 April < 837 < 7U4 <526 166 102 43 Sept. 24 11,701 10, 511 | 175 2,472 774 7,090 1,190 May 352 333 •• 172 132 29 19 Dec. 31 10,364 9,754 ! 315 1,498 675 7,266 610 <574 •535 1 «429 100 6 39 July 228 226 i 96 113 2 2 1931—Mar. 25 9, 752 •!9,272 i 219 1,630 575 6,848 480 August 4 200 « 200 < 1£4 34 12 June 30 8,943 : 8,563 229 1,217 515 6,602 380 September. __ <725 <701 «595 94 12 24 Sept. 29 8,361 : 8,081 311 928 521 6,321 280 October *45 «45 *16 14 4 * For lenders other than member banks—i. e., nonmember banks, fori Source: Commercial and Financial Chronicle. eign banks, corporations, etc.—only security loans to brokers in New * Issues publicly offered; annual totals are as finally reported by De- York City are included in available reports. 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; June, $310,826,000; August ,$80,042,000; September, $483,872,000; October, $779,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN DECEMBER, 19*1 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average-* 100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production* I | Building c (v o a n l t u r e a ) c • ts • awarded Fac- Factory em- tory Freight-car ployment pay loadings' |£5f. Year and month Total * Manufactures1 Minerals * Total Residential rolls I ity -I prices t Unad- Ad- Unad- Ad- Unad- Ad- Unad-l Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad justed justed justed justed justed justed justed iusted Justed ! Justed usted Justed justed justed Justed 1919 84 77 j.. 63 44 107 84 139 1920 87 87 89 ]. 63 30 108 118 91 154 1921 67 67 70 |. 66 44 82 77 j 79 98 1922 85 86 74 ! 79 68 90 81 I 87 97 1923 102 101 105 L 84 81 104 103 100 101 1924 95 94 94 95 96 96 97 98 1925 104 105 99 122 124 100 101 103 104 1926 - 108 108 108 129 121 101 104 106 100 1927 _ 106 106 107 129 117 99 102 I 103 95 1928 Ill 112 106. 135 126 97 102 j 103 98 1929 119 119 115 117 87 101 108 ! 106 97 1930 - 96 99 92 50 87 i 92 i 1927 ! May -—I 112 110 112 110 108 109 145 128 132 115 104 105 103 94 June _ J 107 108 107 109 108 105 140 128 117 114 99 100 102 105 104 94 July I 102 106 102 107 103 100 140 128 115 114 99 99 104 102 94 August -I 106 106 104 106 111 106 131 126 108 113 102 109 104 95 September [ 106 105 106 105 111 104 133 128 119 118 101 102 116 103 97 October | 105 103 104 102 112 105 126 128 120 119 99 103 114 101 97 November \ 101 100 100 100 105 101 122 129 120 121 97 98 101 9S 97 December _ I 96 101 95 100 97 103 111 131 111 125 95 88 98 97 1928 January ... 105 106 106 100 103 111 137 116 139 94 96 92 102 96 February 108 113 109 99 103 121 138 128 142 101 94 102 96 March 108 114 109 98 103 138 137 143 136 103 97 103 96 April 109 | 113 110 94 105 155 137 152 130 100 96 101 97 May 109 j 111 110 104 105 159 137 149 130 101 105 103 99 June 109 ' 109 111 104 101 154 139 140 133 101 101 100 July "I 109 105 110 103 101 142 132 127 126 96 98 105 102 August | 110 111 110 112 111 105 137 131 116 119 98 103 109 103 99 September — 116 114 116 115 115 107 138 134 118 118 100 104 119 105 100 October i 118 116 117 116 123 114 134 136 115 115 100 107 119 106 November I 115 116 115 116 117 113 122 132 112 114 99 104 109 107 97 December 109 116 110 117 106 112 107 127 93 106 100 104 94 106 97 1929 January ___ 117 117 117 117 114 118 120 81 97 97 100 101 95 | 108 97 February 121 118 122 118 116 120 102 118 84 94 100 100 108 99 107 97 March _ ! 123 us ;!126 j 120 101 107 121 121 106 101 101 101 111 98 105 98 April -1 124 122 i 128 ! 124 103 115 139 123 117 100 102 102 111 102 108 97 May. 126 124 || 128 126 116 116 143 121 113 97 102 102 111 109 107 96 June 125 127 || 127 129 116 112 144 126 102 95 102 103 110 110 108 06 July 120 125 I 120 126 118 114 136 124 94 102 103 106 111 107 98 August 122 123 | 122 124 121 115 129 122 84 104 103 111 115 107 September. 123 122 ;| 123 122 127 118 112 110 73 105 102 112 121 106 October 121 118 I 119 118 127 118 104 107 67 103 101 111 118 104 96 November. 108 108 | 107 108 114 110 94 103 66 99 99 103 102 102 94 December- 100 j! 93 98 110 116 84 102 53 95 97 102 94 1930 January.. 103 104 ! 103 103 108 112 78 95 94 j 100 February.. 109 107 ! 110 107 104 109 89 104 99 92 March 107 104 | 109 105 91 96 102 102 96 91 April 108 106 110 107 93 104 113 101 97 91 May 105 104 || 106 104 102 103 125 105 96 89 June 99 100 l 99 100 103 100 116 99 93 87 July 91 94 j 94 100 97 107 95 92 84 August 90 91 90 101 96 85 81 89 84 September. 92 91 90 100 94 82 81 87 84 October 90 87 85 104 98 75 78 97 86 83 November. 85 84 83 95 92 68 76 86 ! 84 80 December.. 78 82 76 80 89 94 59 73 74: 84 78 "IjjI 1931 January.. 81 86 90 77 February.. 88 84 88 76 March 91 82 87 74 ! 75 April 91 83 92 75 73 May 90 84 86 77 71 Juue 83 85 85 79 70 July 79 85 84 77 70 August 77 82 79 78 70 September . 77 82 77 76 69 October »73 78 68 78 1 For back figures see BULLETIN for September (p. 508). * Average per working-day. •• 3-inonth moviiig average, centered at second month; see July, 1931, BULLETIN, p. 358. For "other" building see this issue, p, 695. t Wholesale price index of Bureau of Labor Statistics: 1926—100. Index numbers for groups and subgroups of commodities are given on p. 670. v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

667 DECEMBER, 1931 FEDERAL RESERVE BULTETIN 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. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. MANUFACTURES IRON AND STEEL 85 74 65 64 73 78 75 72 64 59 51 46 43 Pig iron 80 71 63 56 57 61 64 65 64 56 51 ' 44 41 39 Steel ingots 85 74 65 59 64 74 79 76 72 64 60 52 47 44 TEXTILES ~~ 88 91 93 87 86 93 97 98 98 97 102 100 100 Cotton consumption 79 81 83 77 82 84 89 96 93 92 96 i 95 93 Wool .- 69 69 63 57 62 75 76 86 90 89 100 97 85 71 Consumption. 78 75 66 61 68 81 81 103 105 105 122; 115 97 80 Machinery activity 1 67 68 64 61 64 77 75 71 79 83 90 ! 92 84 65 Carpet, rug loom activity1 49 52 52 39 40 54 60 60 63 55 52 | 51 54 52 Silk 139 150 162 157 134 146 149 119 123 122 120 ! 120 140 144 Deliveries 158 170 182 178 143 158 165 122 136 136 132 ; 131 153 159 Loom activity 1 101 109 123 116 117 121 117 114 96 96 95 i 99 114 115 FOOD PRODUCTS 96 94 94 93 92 87 96 91 83 88 '89 '93 91 Slaughtering, meat packing 92 93 87 91 94 97 92 83 82 ! 86 93 96 Hogs 91 94 94 84 95 96 93 88 75 74 I 78 97 101 Cattle 88 85 71 82 80 85 91 97 94 92 80 80 Calves.. 97 97 83 101 98 99 99 104 94 93 102 90 Sheep 146 158 147 142 136 136 138 159 156 154 147 161 153 165 FFloouurr... 98 90 93 91 92 91 93 98 96 85 95 '94 '85 83 Suggar meltings | 104 105 123 93 102 87 74 89 77 83 98 88 104 86 PAPE W R oo A d N D pu P l R p IN a T n I d NN G paper GI 109 100 1 1 0 0 0 7 1 9 0 5 3 9 9 1 8 1 9 0 9 6 1 10 1 3 0 1 10 1 1 0 1 1 0 1 2 0 1 1 1 0 3 5 1 1 0 0 9 0 1 1 0 0 1 9 1 9 0 5 5 1 9 0 3 4 102 Newsprint 80 81 ! 77 79 78 77 81 80 79 79 81 72 77 Book paper 104 97 94 100 118 117 114 114 118 111 112 107 100 Wrapping paper 87 91 89 86 79 84 90 94 92 94 90 81 N Pa e p w e P F W W s r a i p n o o b p r e o o o i e n d d x r p t e a b p p s c p o u u o e a l l n r p p r d s , , u c m m h e e p c m t h io i a c n n a i l c al I j ! ! 1 1 1 1 0 2 8 9 1 5 9 6 6 8 9 5 9 9 1 1 1 1 9 0 7 2 4 2 9 4 2 2 1 3 1 1 1 9 1 9 3 7 1 7 9 3 3 4 5 1 1 1 9 8 0 1 2 7 5 0 1 5 3 7 1 1 1 9 9 7 2 2 1 1 4 2 4 2 6 1 1 1 9 7 2 4 2 7 8 4 4 2 1 1 1 1 9 7 4 2 2 0 0 5 6 9 1 0 1 1 1 9 7 9 5 2 2 2 7 2 5 5 4 1 1 1 9 9 7 2 6 3 3 1 9 7 6 0 1 1 1 9 8 8 2 7 1 1 8 1 3 2 8 1 1 1 9 8 8 2 2 5 1 6 6 3 1 4 1 1 1 9 8 8 7 1 1 0 2 3 8 8 0 1 1 1 8 2 8 9 7 1 9 1 3 2 3 2 1 1 2 5 0 0 LUMBER: ! Lumber cut | 57 54 i 50 49 45 50 49 50 49 40 35 TRANSPORTATION EQUIPMENT: Automobiles.. - ; 62 74 85 63 67 77 78 65 60 52 40 26 Locomotives I 33 •! 25 18 11 7 7 13 14 10 8 5 4 Shipbuilding _ 229 28 196 144 246 115 61 99 112 116 121 114 88 LEATHER AND PRODUCTS I 95 343 81 81 78 87 92 102 107 100 101 104 97 82 Tanning _.j 102 89 | 86 83 76 79 80 92 91 94 100 101 9G 86 Sole leather » ! T02 85 81 80 72 85 80 79 79 87 84 83 Upper leather— I Cattle 61 62 60 53 57 79 85 84 85 84 Calf and kip. 93 71 66 62 67 84 92 93 99 79 68 Goat and kid 132 126 114 103 113 118 123 116 126 146 141 141 113 Boots and shoes 85 78 79 92 100 109 117 105 102 106 '97 79 CEMENT AND GLASS: Cement 97 83 84 82 90 112 108 102 95 83 Glass, plate. — 101 91 65 90 111 119 117 112 91 91 72 55 53 NONFERROUS METALS «... 95 '86 85 '77 '78 '76 73 73 68 65 '65 65 Copper (smelter) 90 86 82 70 77 76 70 72 70 ! 65 65 65 Tin (deliveries)» ! Ill 127 119 118 126 105 109 104 92 i 88 89 88 FUELS, MANUFACTURES: J Petroleum refining.- \ 165 160 151 149 144 149 152 161 163 161| 162 165 161 161 Gasoline! ._ j 207 203 188 186 177 188 191 205 211 207 208 213 210 209 Kerosene _ 78 74 69 67 70 69 76 71 71 76 80 78 66 71 Fuel oil i -. 112 108 109 108 106 107 112 113 109 111 107 110 108 104 Lubricating oil i 117 106 104 105 102 94 96 100 95 90 92 95 Coke (by-product) _. 114 109 101 97 97 99 100 102 100 91 77 RUBBER TIRES AND TUBES 84 88 77 73 94 98 107 123 126 112 . 79 Tires, pneumatic 87 91 80 75 96 102 111 127 130 116 92 82 Inner tubes ! 64 68 58 61 71 74 81 95 96 88 73 57 TOBACCO PRODUCTS 125 129 119 128 121 132 131 134 137 133 122 118 118 112 Cigars 85 88 86 68 74 78 83 89 88 87 77 81 73 77 Cigarettes 158 164 147 173 157 174 169 171 177 171 156 148 151 137 MINERALS COAL: Bituminous 85 87 85 77 73 76 77 75 74 74 70 70 71 Anthracite 80 105 83 93 93 89 72 84 71 66 57 61 65 91 Petroleum, crude 114 115 114 111 110 110 112 121 122 122 122 107 102 116 Iron ore shipments 79 74 27 46 55 59 51 42 Copper (mined) 89 83 72 68 67 59 59 60 Zinc 93 90 65 54 54 49 49 49 47 Lead '98 '80 '75 '58 '62 '66 '65 '66 Silver 73 65 ! 63 51 46 42 44 '40 40 »Without seasonal adjustment. 1 Includes also lead and zinc; s 'Minerals." r Revised. Preliminary. NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals!) most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March 1927. 88091—31 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN DECEMBER, 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 1 Without seasonal adjustment Adjusted for t i s o e n asonal varia- Without seasonal adjustment Industry 1931 1930 1931 1930 1931 1930 October Se b p e te r m- October October ep b t e e r m- October October Sep b t e e r m- October -I- TOTAL—ALL MANUFACTURING INDUSTRIES ! 71.4 74.7 84.3 70.3 72.8 82.2 59.4 61.8 80.8 IRON AND STEEL AND PRODUCTS 66.3 68.0 81.6 662 67.4 81.3 43.9 45.2 75.8 Steel works and rolling mills 66.9 69.1 82.4 67.3 69.1 83.1 41.7 43.9 76.4 Hardware _ ... 63.0 62.7 75.1 63.3 62.0 75.4 45.1 42.0 65.4 Structural iron work _ .. 75.2 79.4 100.4 73.4 76.9 98.2 57.5 63.5 98.0 Heating apparatus 63.8 62.3 74.2 60.3 59.6 70.0 48.6 45.9 67.7 Steam fittings _ - 59.0 56.4 69.5 57.8 55.1 68.1 43.9 39.3 64.4 Stoves _ .- 68.3 67.7 78.4 62.6 63.7 71.7 53.0 52.2 70.8 Cast-iron pipe -- 58.2 60.7 74.1 58.0 59.9 73.9 42.0 43.2 71.6 MACHINERY. 65.2 67.0 87.4 65.6 67.3 88.0 50.2 51.2 81.4 Foundry and machine-shop products- 59.4 61.4 80.0 59.9 61.6 80.7 42.7 43.6 72.1 Machine tools 67.7 69.4 106. 9 67.9 70.2 107.3 50.4 49.9 90.2 Agricultural implements 42.1 40.7 92.9 44.1 43.9 97.4 32.8 32.4 80.2 Electrical machinery _- 80.2 82.0 100.2 80.2 82.0 100.2 69.8 71.6 102.0 TEXTILES AND PRODUCTS.,_ _ 77.4 79.8 82.4 76.0 80.0 80.7 66.0 71.0 ! 80.3 A. Fabrics — 75.6 77.3 78.6 74.9 78.4 77.9 62.9 65.1 ! 73.7 Cotton goods 74.1 75.4 74.5 73.5 76.5 73.9 58.4 60.6 j 64.9 Woolen and worsted manufactures- 61.7 71.3 66.5 60.6 72.3 65.3 48.3 55.7 i 56.7 Woolen and worsted goods 61.2 72.6 66.1 59.7 73.4 64.5 49.0 57.6 ! 57.1 Carpets and rugs. 64.4 64.6 68.7 65.0 66.7 69.4 45.5 47.1 ! 54.4 Hosiery and knit goods 83.9 85.9 91.6 88.3 86.8 90.9 81.5 77.9 99.7 Silk manufactures 75.1 71.5 82.1 74.7 72.2 81.6 67.9 j 64.4 82.9 Dyeing and finishing textiles 93.8 97.3 103.4 93.6 99.8 103.2 84.9 91.8 104.1 B. Wearing apparel --- 82.2 86.0 92.0 78.7 84.0 87.9 72.2 82.9 93.5 Clothing, men's -- 59.8 61.9 59.8 59.1 60.4 59.1 47.7 51.6 52.2 Shirts and collars 86.8 85.3 89.3 85.1 86.1 37.6 67.8 70.2 81.2 Clothing, women's 117.0 122.7 144.8 109.9 120.2 136.0 107.5 123.7 155.2 Millinery. 71.2 82.1 79.7 64.7 76.4 72.4 63.2 87.4 76.1 FOOD AND PRODUCTS _ 89.2 89.7 94.7 85.5 87.5 90.9 85.9 87.4 98.4 Baking 94.8 96.0 101.1 91.9 94.7 98.0 90.4 92.2 103.1 Slaughtering and meat packing 84.4 83.7 89.2 84.8 84.6 89.6 84.3 84.7 96.9 Confectionery 96.4 92.8 98.8 79.9 84.4 81.9 88.5 87.6 99.0 Ice cream -- 78.7 89.1 86.3 80.4 81.6 88.1 79.6 91.4 92.9 Flour 79.3 79.7 87.0 76.3 77.0 83.7 77.0 76.4 91.0 Sugar refining, cane --- 77.5 80.5 84.9 74.9 79.7 82.0 68.8 72.8 81.2 PAPER AND PRINTING 91.4 90.8 98.8 91.0 91.1 98.4 91.4 90.4 105.4 Printing, book and job 91.6 92.4 102.7 92.4 93.0 103.7 89.0 90.2 107.4 Printing, newspapers and periodicals. __ 101.9 100.0 105.0 101.7 101.1 104.8 j 110.3 108.4 116.1 Paper and pulp 82.7 82.6 90.4 82.7 82.6 90.4 ! 71.2 69.9 90.3 Paper boxes 87.3 85.6 94.3 82.9 84.3 89.5 I 86.3 81.0 99.2 LUMBER AND PRODUCTS 50.1 51.1 64.3 48.4 49.4 62.1 ! 38.2 40.3 60.4 Lumber, sawmills 43.1 44.3 58.3 42.4 43.0 57.3 32.1 34.8 55.4 Lumber, millwork 49.3 50.6 60.4 49.3 49.9 60.5 ! 36.8 38.9 ! 55.0 Furniture 70.4 70.4 83.4 64.6 67.6 76.4 I 52.4 53.1 ' 74.8 TRANSPORTATION EQUIPMENT .-- 51.5 57.7 67.0 51.7 57.2 67.2 ! 45.3 45.6 | 62.8 Car building and repairing 49.0 50.4 61.4 48.8 50.2 61.2 j 44.7 45.5 ! 61.9 Automobiles 50.5 63.9 69.6 50.5 62.0 69.6 i 41.4 41.5 | 58.4 Shipbuilding - 84.1 84.7 103.6 89.7 90.9 110.4 I 83.5 78.8 ; 108.0 LEATHER AND MANUFACTURES 79.2 84.2 83.1 76.4 80.9 80.2 56.4 67.7 I 69.7 Boots and shoes 80.8 86.4 83.7 77.3 82.3 80.0 53.7 66.6 i 66.7 Leather - 72.4 75.2 I 80.8 72.4 75.2 80.8 66.6 71.8 i 80.5 CEMENT, CLAY, AND GLASS PRODUCTS 59.0 61.7 ! 73.2 57.6 59.4 71.4 43.9 46.1 66.4 Clay products. -- 54.4 57.4 71.4 53.5 55.4 70.1 35.9 37.3 60. 6 Brick, tile, and terra cotta _. 46.2 50.1 66.1 45.1 47.3 64.6 I 28. 6 31.8 56.3 Pottery 77.0 77.3 85.7 76.5 77.4 85.2 j 55.1 51.7 72.0 Glass 68.1 71.1 ! 75.2 66.2 68.7 73.1 I 57.0 (JO. 3 71.5 Cement 58.8 60.1 ; 76.5 56.5 57.1 73.6 I 48.5 51.7 77.4 NONFERROUS METAL PRODUCTS 60.8 61.7 71.6 61.7 62.5 72.6 I 49.9 50.2 69.4 Stamped and enameled ware. 39.7 39.5 j 48.7 40.6 40.6 49.8 ! 34.3 33.0 45.6 M T C R O H U U B E B S A M A P B P F C R C C I B C C i e e I r i u h h u E a A C g C r a t R e t e b n r t a L O s A o m i w o b o s r l m L s l i , P s e i I i z S e M n N c R r o b a e u a g a A O S b r r b A m n n l T o s N i D s o a d N l d R n U e U o n a r D z U c o F d e t C n e i t s M r A f g T i , P g i d s r C a n S a R E e a a m . n r d T i N O s n n n e d U r o s T D g t d u a k R t S U s n g e i E h c d s s n C S o o g T e p t S u s p t . o b _ e b r e _ a s c . co, snuff— -- - - 2 8 9 8 5 7 6 7 8 6 5 6 7 0 5 9 8 3 5 3 0 1 1 9 2 8 . . . . . . . . . . . . . 9 4 9 9 7 3 0 2 3 2 1 1 9 8 2 6 8 9 8 5 7 7 7 6 4 7 5 1 1 4 6 1 6 1 9 5 1 5 9 . . . . . . . . . . . . . 9 7 4 4 2 7 0 8 2 5 5 2 1 : : : ] I I I i 1 1 1 1 9 4 8 7 7 7 8 7 7 0 0 2 0 0 0 8 4 8 1 7 5 9 1 4 2 1 . . . . . . . . . . . . . 4 6 6 4 0 3 1 6 3 4 8 1 3 9 8 5 7 7 6 6 4 2 6 8 7 7 5 4 1 9 1 3 0 7 5 8 8 6 5 . . . . . . . . . . . . . 4 4 0 0 2 2 9 3 3 7 1 8 8 9 5 6 6 4 2 7 8 8 6 6 7 7 4 5 9 1 9 5 5 0 2 9 7 8 7 . . . . . . . . . . . . . 4 9 9 7 0 8 8 8 9 4 4 2 2 1 1 1 1 8 9 7 8 8 3 7 7 7 0 0 0 1 0 1 3 5 5 8 4 5 1 0 1 4 3 . . . . . . . . . . . . . 3 9 5 4 8 8 3 1 2 0 9 9 1 • I i i i i ! | | j I i j 4 5 8 8 5 4 8 5 6 6 2 6 6 0 4 4 1 6 0 4 3 1 0 0 4 4 . . . . . . . . . . . . . 4 4 9 9 9 7 4 8 6 9 5 8 3 4 5 8 5 6 3 8 8 5 6 6 6 2 3 9 2 5 7 0 2 2 4 2 3 2 1 . . . . . . . . . . . . . 4 6 2 9 3 4 8 6 7 0 8 0 0 1 1 9 9 8 6 6 7 6 3 7 6 7 3 0 5 9 9 9 6 8 5 6 6 5 8 3 9 . . . . . . . . . . . . . 9 7 3 4 4 9 7 5 3 3 0 7 3 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

669 DECEMBER, 1931 FEDERAL RESERVE BULLETIN 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 1 Total Residential Factories Commercial P p u u b b li l c i c w u o t r i k li s t a ie n s d Educational All other Month 1930 1931 : 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 324.0 228.0 : 66.6 54.4 13.5 10.1 54.1 28.4 136.8 95.2 19.0 19.4 34.0 20.5 February 317.1 235.4 74.8 77.9 20.4 7.3 72.9 27.5 99.0 78.6 21.2 16.7 28.8 27.3 March.- __ ._ 456.1 370.0 101.5 100.9 29.8 20.6 77.0 36.7 149.8 151.7 35.4 24.3 62.6 35.7 April 482.9 336. 9 , 123.1 95.9 22.1 11.3 73.2 26.6 165.7 133.0 35.2 23.0 63.5 47.1 May 457.4 306.1 116.6 88.9 37.4 16.3 73.3 26.3 152.1 108.9 36.9 23.8 41.1 41.8 June.... _ - 600.6 316.1 96.8 72.7 22.7 8.9 59.1 27.6 322.8 14a 8 48.9 22.5 50.2 43.0 July 3G6. 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 August 346.6 233.1 82.7 60.2 18.2 4.7 50. 9 19.4 126.7 73.0 25.9 19.3 42.3 56.5 September 331.9 251.1 98.5 54.6 24.0 11.0 31. 1 30.0 109.1 85.1 28.2 21.2 40.8 49.3 October _ 336. 7 242.1 104.7 60.5 13.8 8.9 35.7 41.8 113.0 82.5 28.6 14.7 41.1 33.8 Year to date 4, 020.1 2, 804. 8 949. G 729.9 230.7 109.4 574.2 293.9 1, 490. 2 1,065.1 322.0 210.9 447.3 395.5 November 253. 6 80.8 13.0 29.5 76.4 29.5 24.4 r)ec©Tnbpf 249 4 70.9 12.9 25.1 78.6 24.5 37 3 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports Excess of exports Month 1928 1929 1930 1931 1928 1929 1930 1931 1928 1929 1930 1931 January _ - _ _ _. 411 488 411 250 338 369 311 183 73 119 100 66 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 May 423 385 320 204 354 400 285 180 69 * 15 35 24 June . .. 389 393 295 187 317 353 250 173 71 40 44 14 July 379 403 267 181 318 353 221 174 61 50 46 a August 379 381 298 165 347 369 218 167 32 11 79 •2 422 437 312 180 320 351 226 170 102 86 86 10 October 550 529 327 355 391 247 »169 195 137 80 *>36 Year to date . .. . - 4,108 4,372 3, 279 * 2,047 3,425 3,751 2,649 ' 1,788 682 621 631 *259 November 545 442 289 327 338 204 218 104 85 476 427 275 339 310 209 136 117 87 • Excess of imports. » Preliminary. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [1923-1925 average=»100. For back figures see BULLETIN for November* [Index numbers; i 1923-1925 average-100. Source of basic data: Ameri- 1930, p. 686] can Railway Association] Index of sales» Index o m f s o to n c th k ) s (end of 1931 June July August ' October Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal ad- Adjusted for seasonal variation variation justment variation justment Total 77 76 72 69 Coal 73 73 70 69 72 1930 1931 1930 1931 1930 1931 1930 1931 Coke. 49 46 42 42 44 Qrain and grain prod ucts 90 100 78 68 74 January 107 97 88 79 99 88 88 78 Livestock 65 67 72 64 64 February 108 98 89 80 98 86 93 81 Forest products 41 38 36 35 33 March 107 97 93 92 97 84 100 87 Ore 43 51 52 49 36 April 107 106 110 101 97 83 101 87 Miscellaneous 82 79 73 68 69 May 105 97 105 97 96 83 98 85 Merchandise> 89 88 86 85 83 June 103 95 98 90 96 82 93 80 July 100 91 71 65 94 81 87 75 Without seasonal adjustment August 102 88 77 67 91 79 87 76 S N D O e e o c p c t v o t e e e b m m m e b r b b e e e r r r „ 1 9 9 9 0 4 9 8 2 8 8 4 6 1 1 1 16 0 1 1 5 3 2 3 8 9 7 3 9 9 9 9 1 1 2 2 8 8 1 0 1 1 8 9 0 0 5 5 4 1 8 8 4 8 Tota G C C l o o r .. a a k i l e n and grain prod- 4 6 7 5 3 7 4 6 7 1 4 8 6 3 7 8 8 6 4 7 7 2 4 8 4 7 8 5 8 3 Year 102 94 Li u v c e t s s tock 5 7 5 8 1 5 2 6 0 9 6 5 4 7 8 6 3 8 8 6 2 Forest products 43 38 38 37 33 1 Based throughout on figures of daily average sales—with allowance Ore.-__ 77 92 89 79 50 for changes from month to month in number of Saturdays and for six Miscellaneous 86 83 81 81 81 national holidays: New Year's Day, Memorial Day, Independence Day, Merchandise * 89 87 86 88 87 Labor Day, Thanksgiving Day, and Christmas. Adjustment for seaional 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. a In less-than-carload lots Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN DECEMBER, 1931 WHOLESALE PRICES, BY GROUPS OF COMMODITIES flndex of Bureau of Labor Statistics; 1926-100] Other commodities All com- Farm Year and month modities products >ods Total jl p l l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s c C a d h l r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an i e sc o e u l s i 1 19 9 2 27 6 _ ( _ b _ ase) 1 9 0 5 0 . . 4 0 1 9 0 9 0 . . 4 0 1 9 0 6 0 . . 5 0 1 9 0 3 0 . . 7 0 1 10 0 7 0 . . 9 0 1 9 0 5 0 . . 7 0 1 8 0 6 0 . . 5 0 1 9 0 8 0 . . 2 0 1 9 0 3 0 . . 3 0 1 9 0 6 0 . . 6 0 1 9 0 8 0 . . 2 0 1 8 0 9 0 . . 9 0 1928. 97.7 105.9 101.0 93.2 121.7 96.3 82.8 99.8 93.7 95.5 97.4 83.0 1929_ 96.5 104.9 99.7 92.6 109.2 93.7 81.6 104.4 97.1 94.4 96.9 80.5 1930 - 86.3 88.3 90.1 85.1 ! 99.9 80.7 76.1 95.3 90.3 88.7 95.7 73.4 1930—-September, 84.2 85.3 89.2 82.8 i 99.1 75.5 76.3 91.8 86.4 86.6 95.4 69.7 October... 82.6 82.6 88.6 81.5 ! 96.5 73.8 75.1 90.4 85.8 86.0 95.3 68.8 November. 80.4 79.3 85.7 80.1 i 94.0 73.3 71.8 90.2 85.6 85.2 95.2 67.8 December _-.j 78.4 75.2 81.8 79.0 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 1931—January ! 77.0 73.5 80.1 77.8 88. 6 71.0 69.8 89.3 82.9 83.6 91.1 64.7 February | 75.5 70.1 77.1 77.1 : 86.6 70.4 69.6 88.9 81.8 82.2 90.8 63.9 March J 74.5 70.6 76.7 75.6 ! 87.4 69.2 64.5 89.0 81.9 81.9 90.8 64.7 April I 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 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 1 89.2 65.4 58.2 87.5 75.8 77.3 88.0 61.0 August 70.2 63.5 73.7 72.3 88.5 64.2 62.3 87.1 75.4 75.5 87.5 58.5 September... 69.1 60.5 72.9 72.0 84.8 62.9 63.3 87.2 74.9 74.8 84.7 58.4 October 68.4 58.8 72.6 71.4 i 82.2 61.5 63.4 86. 5 74.3 74.1 83.2 59.0 1930 I 1931 Subgroups Aug. | Sept. Oct. Nov. Dec. Jan. FFebe.b . MMara. r.ApArp. r.May June July Aug. Sept. Oct FARM PRODUCTS: Grains 80.4 77.0 72.1 64.0 64.0 62.4 60.4 59.3 59.5 59.6 56.0 49.0 44.8 44.2 44.3 Livestock and poultry 84.6 88.0 82.4 77.7 76.3 75.2 69.6 70.7 70.3 64.1 61.9 63.0 67.0 61.0 57.6 Other farm products 86. 7 | 86.4 86.3 85.4 78.1 76.0 73.7 74.2 73.4 71.5 70.8 71.3 67.3 65.4 64.2 FOODS: Butter, cheese, and milk 97.9 ! 99.6 98.7 95.8 89.4 85.2 83.3 83.7 80.9 78.4 79.1 80.9 82.5 84,8 86.4 Meats 93.1 99.2 96.7 91.4 89.2 88.4 83.6 82.0 79.9 74.4 71.3 73.4 76.0 73.6 71.1 Other foods 79.4 | 79.3 79.8 78.4 74.5 73.4 70.8 70.8 70.9 69.7 70.1 69.7 68.8 67.6 67.7 HIDES AND LEATHER PRODUCTS: Hides and skins _._ 91.2 94.2 83.6 75.1 69.4 64.4 57.7 62.1 62.0 62.6 65.5 72.7 69.1 58.6 50.0 Leather 99.9 1 98. 2 ! 96.7 93.3 91.5 90.8 89.0 88.4 88.4 88.1 87.8 89.8 90.3 83.4 80.7 Boots and shoes. 100.6 ! 100.5 j 100.3 100.3 97.7 95.1 95.0 94.9 94.8 94.8 94.7 93.5 93.5 93.5 93.1 Other leather products 104.9 105.0 ! 104.2 104.2 104.2 102.4 102. 0 102.0 101.6 101.3 101.3 101.3 101. 3 101. 0 101.0 TEXTILE PRODUCTS: Cotton goods 85.0 82.8 81.6 81.9 79.7 77.3 76.9 76.5 75.7 73.9 72.6 72.4 69.8 67.7 66. 2 Silk and rayon 57.6 55.4 52.1 50.7 51.7 50.1 48.8 47.0 45.2 44.0 43.8 45.0 44.8 44.8 43.9 Woolen and worsted goods... 86.6 84.6 83.6 83.2 82.3 82.1 81.7 79.7 77.3 76.4 75.9 75.3 75.3 73.5 72.4 Other textile products 63.5 61.3 59.0 57.9 57.8 57.5 59.0 57.4 55.6 55.9 53.1 52.1 50.9 50.8 47.3 FUEL AND LIGHTING MATERIALS: Anthracite coal 87.8 89.1 89.6 89.6 88.9 88.2 86.6 87.6 CO. 8 92.2 94.3 94.2 Bituminous coal... 88.6 89.2 89.2 89.1 89.1 88.1 87.8 85.8 84.4 83.9 83.2 83.5 83.7 83.9 83.6 Coke 83.8 83.9 83.9 839 83.8 83.8 83.8 83.7 83.7 83.7 81.5 81.5 81.5 81.5 81.5 Gas__ 99.8 101.3 99.7 97.0 95.4 95.8 95.8 94.6 96.1 99.0 101.9 103.5 103. 2 103.4 Petroleum products 60.9 62.0 59.4 53.3 51.1 50.4 50.2 41.8 37.4 35.9 30.7 30.3 37.5 38.9 39.2 METALS AND METAL PRODUCTS: Iron and steel 90.1 89.5 88.6 88.3 88.0 88.1 88.4 88.1 87.5 87.2 86.9 87.1 86.6 86.6 86.2 Nonferrous metals 72.7 71.2 67.8 68.4 69.7 67.4 66.1 67. 1 65.1 60.6 58.9 59.4 58.0 56.8 53.7 Agricultural implements 94.9 94.9 94.9 94.9 94.9 94.7 94.7 94.7 94.7 94.7 94.6 94.5 94.5 94. 5 92.3 Automobiles 102.5 101.6 100.2 99.8 99.5 98.7 98.0 98.0 98.6 98.6 98.6 98.9 98.9 99.7 99. 7 Other metal products 98.4 98.4 98.4 98.0 95.2 95.0 95.0 95.0 95.0 94.4 94.4 92.5 92.1 90. 5 90.5 BUILDING MATERIALS: Lumber 81.1 80.8 8G.2 80.1 78.1 76.0 73.2 74.2 73.3 68.4 67.8 66.3 66.0 65.5 64.5 Brick 82.5 82.3 82. 5 81.8 81.6 l 81.7 81.5 81.5 81.0 80.8 80.8 80.5 80.4 79.8 79.9 Cement. 91.7 91.7 91.7 91. 1 90.6 I 90.5 87.9 84.1 81.0 79.7 77.7 75.8 75.8 75. 8 75.1 Structural steel 84.3 81.7 81.7 81.7 81.7 ! 83.0 84.3 84.3 84.3 84.3 84.3 84.3 81.7 81.7 81.7 Paint materials _. 83.7 78.1 75 9 74.4 72.4 j 70.2 70.9 73.0 72.5 70.5 70.1 69. 5 66.8 64.9 63.8 Other building materials 98.7 98.0 97.3 97.8 97.1 ! 95.5 95.6 95.4 94.2 93.2 91.7 88.7 89.3 89.0 88.6 CHEMICALS AND DRUGS: Chemicals 92.1 90.9 89.2 89.1 87.0 85.0 84.8 83.3 81.9 80.2 ! 80.1 78.5 77.8 77.7 Drugs 66.8 66.8 66.8 j 66 3 65.5 65. 1 65.0 64.6 63.0 62.8 62.1 j 61.6 61.4 61.1 61.1 Fertilizer materials 83.3 83.1 83.6 ! 82. 1 81.4 I 81.4 81.1 80.8 80.6 80.5 79.8 ! 78.7 74.4 74.2 70.2 Mixed fertilizers 92.7 92.5 92.9 j 91.1 90.6 | 90.4 89. 1 88.3 83.5 82.8 82.4 80. 2 78.7 77.6 77.2 HOUSK-JURNISHING GOODS. ! Furniture.. — 96. 5 96. 5 96.5 ! 96.5 95.5 j 95.6 95.5 95.5 95.5 93.5 92.8 92.4 91.9 87.3 84.7 Furnishings.. _.. 95.3 94.4 94.2 j 94.0 87.6 \ 87.3 86.7 86.7 86.7 85.5 85.0 84.3 83.7 82.4 82.0 MISCELLANEOUS: Cattle feed 104.8 93.6 89.6 ! 83.0 78.2 ! 75.0 71.6 82. 1 81.2 67.9 61.1 55.8 50.8 44.4 49.4 Paper and pulp 83.8 83.5 83 5 | 83.5 83. 6 I 83.6 83.1 82.3 81.4 81.3 80.3 80.1 80.1 80.3 80.4 Rubber 20.3 17. 1 16.9 , 18.6 18.6 ! 17. 1 16.1 16.0 13.3 13.7 13.3 13.2 11.2 10.6 10.2 Automobile tires 52 0 52 0 52.0 I 51.3 51.3 i 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 Other miscellaneous 94.5 93.8 91.5 i S8.9 86 9 [ se. i Sfi. 1 86.3 85.9 84.9 84.0 82.6 75.5 76.9 77.9 Back figures.—-For indexes of groups, see FEDERAL RESERVE BULLETIN for March 1931 (p. 137); of subgroups, see FEDERAL RESERVE BULLETIN for April, 1931 (p.197) and bulletins of the Bureau of Labor Statistics Xos. 473, 493. and 52J. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

671 DECEMBER, 1931 FEDERAL RESERVE BULLETIN FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE COLOMBIAN BANK OF THE REPUBLIC The annual report of the Colombian Bank of maturing within six months; to rediscount for the Republic for the year ended June 30, 1931, member banks their holdings of private paper was presented to the board of directors on July secured by such documents; and to acquire and 20, 1931. Sections of the report are given here- sell such instruments in open market operations. with:1 Such transactions require the affirmative vote of Discount policy.—In order to assist the dis- at least seven members of the board. count operations of member banks during the In accordance with this authorization, and abnormal state of business throughout the with a view to assisting the work of fiscal recountry, the board of directors decided early adjustment in every possible way, the bank has this year to suspend temporarily the " basic purchased, with the board's unanimous apline" requirement, established in prosperous proval, a total of 2,000,000 pesos ($1,946,600) times to regulate and limit such credit opera- of 8 per cent Treasury notes at four to five tions. The monthly calculations of the respec- years' maturity. tive figures have been continued for purposes of At the board meeting on October 1, 1930, comparison, and for information as to the rela- a proposal was adopted" to grant advances to tive activity of member bank credit operations. the general public against certificates and All our member banks have nevertheless en- warrants of bonded warehouses covering agrideavored to keep their rediscounts within the cultural products. This action was taken under respective "basic lines," and have not had to Article 14 of the bank act, which authorizes the exceed them to any appreciable extent. bank to carry on credit operations with the The regulations established by the board in public. It was intended—as was the assignregard to the eligibility of all credit instruments ment of special interest rates for paper secured presented for rediscount are being most strictly by agricultural lien or farm products—to observed. Each such instrument, in addition benefit agricultural production, which is vital to complying with all legal requirements for its to the economic structure of this country. rediscount by the bank, must come within the These transactions have not yet reached any credit limits assigned to its signatories, b.^sed considerable volume—amounting only to 22,010 on their own financial statements and on infor- pesos ($21,422) on June 30—because of the mation obtained from other sources. These fact that so far only one bonded warehouse credit limits are subject to constant revision as exists (in Medellin) and that coffee and tobacco, a result of later reports or of changes in the the only products so far authorized, are comsituation of the respective firm. The only in- modities for which their producers find ready struments excepted from, credit limit restric- credit at the commercial banks. It is to be tions are those secured by agricultural liens, or hoped that other bonded warehouses will be by agricultural products; this exception is based established throughout the country, and that on the safety and liquidity offered by such this service can be extended to other products. transactions, as well as on the desire to en- Such a result may be anticipated since comcourage and stimulate agricultural production. mercial banks are now legally authorized to The policy outlined above, fully justified in invest up to 5 per cent of their capital and practice, assures the complete security and surplus in shares of companies formed for this liquidity of the credit portfolio of the Bank of purpose. the Republic. Discount rates.—The interest rates, estab- Law 73 of 1930 empowered the bank to make lished on May 20, 1930, of 8 per cent per annum advances to its member banks and to the public, for ordinary transactions and of 7 per cent for up to the equivalent of 15 per cent of its capital agricultural paper, were continued until the and surplus against the security of Government board meeting of September 17, when they bonds or promissory notes with a maturity not were each reduced by 1 per cent for loans and exceeding five years, and against Treasury bills discounts. This step was taken both as a result of the considerable decline of interest 1 Taken with some textual revision and rearrangment from the English rates in the principal money markets of the translation published by the bank. In addition the report contains tables showing the operations of the bank in detail, and sections dealing world, and also for the purpose of expressing with monetary circulation, relations with the Government, the Kemmerer Mission, bank clearings, the general economic situation, etc. For confidence in the financial policies of the new the report for the year ended June 30,1930, see FEDERAL RESERVE BUL- Government. A certain section of the public, LETIN for December, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN DECEMBER, 1931 however, continued to urge still lower interest cede rather than follow those of the bank of rates as the most effective means of relieving issue. Thus, in important financial centers, the depression. One of the principal news- market discount rates for prime commercial papers of the Capital requested the opinion of paper are sometimes lower than those of the some of our leading financiers for publication central bank. Any endeavor to counteract on the subject. The great majority of the the natural tendency of the money market by replies were to the effect that a further reduc- force of law has harmful results. For example, tion of interest rates might bring some slight at the commencement of the present depresrelief to banking debtors, but would provide sion an advance in interest rates would have no solution whatever for the difficulties of the enabled the banks to reduce their portfolios, general situation. The agitation in favor of and to effect the necessary liquidations under lower rates, nevertheless, continued and led more favorable conditions than now exist, and the interparliamentary committee, engaged in also to check the withdrawal of deposit accounts studying means for improving the economic by paying a higher rate of interest. They situation, to recommend a further reduction of were unable, however, to take such action the discount rate at least to 5 per cent for paper except within the narrow margin established secured by farm products, and to 6 per cent by the Bank of the Republic, and were obliged for other operations, " while the present state to reduce their rates still further when those of business depression and monetary contrac- of the central bank were lowered. tion continues." Foreign exchange and gold.—During the Had the bank maintained such high interest entire year the bank maintained the selling rate rates as prevail elsewhere in Latin America, of 103.50 per cent unchanged for dollar drafts. and are warranted by banking technique under The Bank of the Republic, considering the staexisting circumstances, such action by Con- bilization of exchange within the so-called gress might be understandable, even if not "gold points'7 as one of its essential functions, justified. The present rates, however, are the has not attempted to place any restriction on lowest in effect since the establishment of the the sale of drafts, and has at all times met the bank. In this connection a statement from demand freely at rates that have not exceeded the report of the Kemmerer committee on the the cost of gold shipments from our seaports. Reserve Bank of Peru is pertinent: "The The bank has considered that any other policy danger that the Central Reserve Bank of might react to the detriment of our currency Peru may maintain its rates at too high a level and therefore of our national economy, and that during the first few years of its existence is the gold reserves of a bank of issue are primarily much less than the danger of its placing them intended to be used for these purposes in critical at too low a level, inasmuch as the pressure of situations, even though they should fall below public, commercial, banking, and political the legal requirements. opinion generally is exerted in behalf of low The gold reserves reached their lowest point central bank discount rates and a downward in May last, after which an increase took place rather than an upward trend. The danger of as a result of an improvement in the balance of yielding to such pressure is one of the greatest international payments. to be guarded against by the directors of the It is satisfactory to note that receipts of gold Central Reserve Bank during the early y^ars at the bank in exchange for notes were considof its existence, until such time as an en- erably in excess of deliveries of gold for notes. lightened public opinion has been created." The persistence of this movement during recent For the purpose of preventing the commer- months is most significant in view of the severm cial banks from charging excessive interest, a ity of the depression, when a weakening of provision in the enabling act of the Bank of the public confidence might have been feared. Republic denies the rediscount privilege to any Undoubtedly, confidence throughout the counmember bank that charges its customers in- try in the central bank has been a decisive factor terest rates more than 2 or 3 per cent above in preventing a banking panic, and should be a those of the Bank of the Republic. This powerful influence in the economic readjustprovision is most unwise, since it practically ment of the country. gives the central bank authority to fix interest Amendments to the bank act.—Laws 73 of rates for the commercial banks. 1930 and 82 of 1931 contain important amend- As a rule fluctuations in the rates of com- ments in respect to the gold reserves of the mercial banks serve as a guide to the central Bank of the Republic, based on recommendainstitution in judging market conditions, and tions of the Kemmerer Mission and urged by changes in commercial bank rates usually pre- the bank for several years past. 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673 DECEMBER, 1931 FEDERAL RESERVE BULLETIN The legal gold reserve against note circulation ing a currency based on the gold standard, the and deposits is reduced from 60 per cent, the Bank of the Republic requested authorization highest ratio of its kind in the world, to 50 per from Congress to enable it, upon invitation, cent, the ratio obtaining in all other central to become a member bank in the institution. banks of Latin America. The bank may, at Authorization was granted by Law 57 of this its discretion, maintain this reserve either in its year. ^ own vaults, or on demand deposit with first- While it is important for Colombia to mainclass banking establishments in foreign finan- tain cordial relations with all central credit cial centers. Furthermore, it is provided that banks, it is of greatest importance for her to the bank may redeem its notes in any of the do so with the Federal reserve banks of the following forms, at its own option: United States, especially with the Federal (a) In legal Colombian gold coin; (6) in gold Reserve Bank of New York. This is not only bars of approximately 100 per cent fineness and because of their prestige, and because these not less than 500 grams in weight, according to banks served as the model of our own, with pure-gold content; (c) in drafts at sight or adaptation to the particular needs of this counthree days' sight on New York or London, pay- try, but also because of the magnitude of our able in gold, on which the premium charged by trade with the United States, the volume of the bank above parity for American gold dollars which exceeds the combined total of Colombian or pounds sterling, respectively, shall not ex- trade with all other countries. At the time of ceed an amount sufficient to cover the cost of its foundation, the Bank of the Republic shipment of gold bars in considerable quantity, established relations with the Federal Reserve from Bogota to the foreign point drawn upon. Bank of New York, which have been main- Another most important provision tends to tained in a most cordial spirit of friendliness concentrate the country's reserves in the hands and cooperation, and the New York institution of the bank of issue by authorizing member has rendered this bank many important servbanks to include in their reserves the full ices. The New York bank in its recently pubamount of their demand deposits with the Bank lished annual report expressed the desire to of the Republic, instead of only 50 per cent, as increase its contacts with the central banks of formerly. It is to be regretted that this amend- South America, as it has also repeatedly done ment was not framed on the model of the in correspondence with our bank. We there- United States Federal reserve banks where fore recently sent to New York our auditor, member banks' demand deposits in the bank of Mr. Julio E. Lleras, and two other representaissue are alone counted as legal reserve. tives of the bank for the purpose of studying the general organization of the New York Relations with other central banks.—The institution and the working of the money movement toward cooperation among central market. The results of their visit will unbanks continues to grow. Evidence of this is doubtedly be of great benefit to this bank and found in the activities of the Bank for Interto the country as a whole. national Settlements, which seems destined to extend its sphere of benevolent cooperation We have also maintained equally cordial and beyond European boundaries to countries that pleasant relations with other central banks of took no part in the World War, such as those of Latin America, with several of which we have Latin America, and to become the center of exchanged opinions relative to problems cominternational credit policies of great importance. mon to our countries, to amendments proposed In view of this possibility, and inasmuch as or adopted in the organic laws governing these Colombia meets the essential condition of hav- institutions, and to other matters of interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN DECEMBER, 1931 BALANCE SHEET OF THE COLOMBIAN BANK OF THE REPUBLIC AS OF JUNE 30, 1931 Resources I s n a p g n e t o d h s l o s o d s u o - f I s d n a o n l t l d h a s o r s u o l - f Liabilities I s n a p g n e t o d h s l o s o d s u o - f I s d n a o n l t l d h a s o r s u o 1 - f Reserves: Notes in circulation __ | 23,889 | 23,251 Gold coin __ 9,507 9,253 Bullion 573 558 Treasury notes in circulation 25 24 Colombian paper currency - 226 220 Subsidiary coin 1,019 992 Deposits: Internal debt bonds and coupons 3 3 Member banks 3,872 3,769 National Government 1,731 | 1,685 11, 328 11,026 Judicial 393 I 383 Other official bodies 297 289 Foreign balances: Individuals _ 593 577 Demand deposits. 8,971 8,731 Amortization of Treasury bonds 1 1 Time deposits 2,118 2,061 Amortization of bonds of other banks. 11,089 10, 793 6,895 | 6,711 Discounts to member banks: Manager's checks outstanding 2 2 Maturing within 30 days.. 4,697 4,572 National Government, internal debt 23 I 22 Maturing within 60 days.. 4,921 4,790 Maturing within 90 days.. 4,254 4,140 Dollar accounts (converted at 103.50 per cent) : Maturing after 90 days.... 809 787 National Government, external debt 536 Judicial deposits ___ 1 14, 680 14, 288 552 I 537 Loans to member banks: Maturing within 30 days.. 114 111 Capital 11, 736 11,423 Maturing within 60 days.. 118 115 Surplus.. 2,178 2,120 Maturing within 90 days.. 30 29 Reserve for contingencies 188 183 Unearned interest on discounts. 134 130 262 255 Profit and loss account 469 456 Other liabilities 55 54 Loans to National Government: Maturing within 30 days 3,976 3,870 Loans to other public bodies: Maturing within 30 days.. Maturing within 60 days.. 40 120 117 Loans to individuals: Maturing within 30 days.. Maturing within 60 days.. Maturing within 90 days.. 22 Government securities 2,125 2,068 Accounts receivable 23 22 Interest receivable 48 47 Investments of staff bonus and pension fund 66 64 Investments of staff life insurance fund 25 24 Branches and agencies (balance) 6 6 Furniture and fixtures _. 66 64 Bank premises 2,185 2,127 Other assets 126 123 Total resources.. 46,146 44,914 Total liabiliteis. 46,146 44,914 Contra accounts I s n a p g n e t o d s h l o s d o s u o - f I s d n a o n l t l d h a s o r s u o - i f Unissued notes of Bank of the Republic 46,396 45,157 Fund for exchange of national notes and silver 567 552 Currency withdrawn from circulation 15 15 Securities received in guarantee 1,823 1,774 Securities in custody, in vault 13,738 13,371 Securities in custody with member banks 2,654 2,583 Securities in custody with banks abroad 7,014 6,827 Deposit with banking superintendent Deposit with municipality of Bogota 19 18 72, 231 70, 302 1 Conversion at par: 1 peso=$0.9733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1931 FEDERAL RESERVE BULLETIN 675 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for last report date of month i] 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 countries) Austria Belgium Bulgaria Denmark England France Germany 1930—May 10,613 4,159 80 4,920 167 765 1,717 617 June 10,671 4,178 81 4,960 167 763 1,727 624 July 10,705 4,160 94 5,009 167 741 1,775 624 August 10,787 4,148 100 5,122 168 754 1,852 624 September... 10,823 4,159 110 5,141 173 761 1,899 590 October 10,852 4,184 122 5,207 180 776 1,992 519 November... 10,894 4,220 129 5,238 180 762 2,037 519 December... 10,907 4,225 110 5,281 191 718 2,100 528 1931—January 10,953 4,285 92 5,313 191 679 2,176 535 February I 11,008 4,309 94 5,350 197 685 2,192 544 March 11,071 4,343 96 5.388 200 699 2,200 553 April 11,107 4,373 99 5,395 201 712 2,180 564 May 11,217 4,445 102 5,428 201 735 2,181 569 June._ 11,264 4,593 87 5,351 199 793 2,212 339 July 11,210 4,587 87 5,353 214 643 2.290 325 August 11,283 4,032 89 5.413 221 649 2,296 325 September... P 11,260 4,364 83 '5,686 346 656 2,326 310 October v 11,107 3,905 v 6,060 357 660 2,534 273 November... P 4,030 p 587 2, 659 *239 Europe—Continued Month Hungary Italy N l e a t n h d e s r- Norway Poland Rumania Spain Sweden u. s. s. Y si u a g v o ia - c 7 o u o n th tr e i r es1 R. 1930—May 28 274 174 477 112 177 35 June 28 274 174 477 112 203 35 July 28 274 157 ; 477 118 234 34 August 28 275 157 I 477 123 249 34 September 28 278 157 i 478 123 249 34 October 28 278 171 i 478 128 249 34 November.... 28 279 171 474 130 249 34 December..." 28 279 171 j 471 138 249 34 1931—January 28 279 175 466 126 249 34 February 26 279 179 466 124 249 34 March 22 279 179 467 124 259 34 April 20 279 181 ! 467 124 259 35 May.. 20 280 181 ! 468 124 262 36 June 20 282 200 : 468 162 262 36 July 20 283 236 439 225 267 34 August 18 283 260 i 439 229 280 35 September 18 286 282 ' 439 328 293 *35 October 18 ! 293 336 434 422 309 M2 November I 315 Latin America Far East Africa Month T c tr o ( o i 1 u e t 0 s n a ) l - Ar t g in e a n- Brazil Co b l i o a m- Peru U u r a u y g- 5 c t r o o i u t e h n s e - * r T c tr o o i ( u e 5 t s n a ) - l Aus l t i r a a- India Japan Java N l Z a e e n a w d - Egypt S Af o r u i t c h a 1930— May 657 441 21 744 92 128 434 19 35 June 650 440 19 749 128 434 33 19 34 July 634 436 18 755 128 440 19 32 August 616 434 17 748 128 433 20 33 September. 613 434 17 747 128 431 20 33 October 575 429 17 711 128 414 20 34 November. 550 417 17 701 128 409 20 35 December . 534 412 17 704 128 412 20 33 1931—January 506 397 17 704 128 415 20 34 February. . 497 390 17 703 128 417 20 35 March 483 378 , 16 709 135 415 20 31 April 475 370 16 714 141 419 21 31 May 465 362 ! 17 724 147 422 21 32 June _. 451 350 17 730 151 425 21 31 July 417 322 I 12 714 158 412 21 33 August 400 309 I 12 698 162 406 21 31 September- 369 281 I 13 706 162 408 21 32 October P361 270 | P13 644 162 j 342 P21 30 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. 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). 88091—31 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN DECEMBER, 1931 GOLD MOVEMENTS fin thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net p I o m rt - s Net Net Net _L 1930—July— 21,889 41,529 -19,640 1,414 227 1,187 24,646 40, 355 -15,709 -22,415 3,404 August 19,714 39,331 -19,617 1,545 210 1,335 24,201 21,390 2,811 -18,708 13,461 September. 13,680 11,133 2,547 1,967 25,358 -23,391 22,339 20,245 2,094 -17,149 3,568 October. 35,635 9,2661 26,369 3,162 96,677 -93,514 45,416 34,754 10,662 -20,259 967 November. 40,159 5,008 35,151 1,458 273 1,185 41,199 43,164 -1,965 -18,762 1,323 December.. 32,778 36 32,742 9,524 274 9,250 43,124 78,507 -35,383 -16, 966 681 1931—January. 34,426 54 34,372 12, 252 287 11,965 35,304 78, 774 -43,470 -21, 005 -286 February. _ 16,156 14 16,142 12,335 237 12,098 31,335 28,892 2,443 -18,482 880 March 25,671 26| 25,645 11,077 479'! 10,598 22,829 16,377 6,452 -17,557 643 April 49,543 27! 49,516 11, 728 345i 11,383 28,495 4,411 24,084 -16,895 900 May...— 50, 258 628 49, 630 6,665 294: 6,371 20, 742 1,620 19,122 -21,391 696 June 40 i 63, 847 11,203 216,745:-205,542 66,956 12, 656 54, 300 -16,915 -1,752 July 20,497 1,000: 19,488 10, 279 16, 522 -6, 243 48, 444 179,252 -130,808 -22, 729 -803 August 57, 539 39 j 57, 500 1,487 554l 933 39,862 64. 012 -24,150 -17,852 -270 September. 49,284 28,708- 20, 5766 1,344 18, 291 -16,947 23, 327 34,214 -10,887 -18,760 62 October... 60, 919 398,604: 337, 885|| 7,073 38, 546 -31,473 41, 970 25, 654 16,316 -16, 625 -33, 507 ' Corrected p Preliminary MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDI.A [In thousands of dollars] [In thousands of dollars] 1931 1930 1931 1030 From or to— October Janua b ry e - r Octo- Calendar year From or to— August J A an u u g a u r s y t - Calendar year ImportsExportsImportsExportsImportsExports ImportsExportsImportsExportsImportsExports Belgium 9 36, 739 5 9,095 England . 67 1,047 1,456 6,560 8,848 167 France. _ 51 8,559 2,942 235,179 1,470 270,301 United States _. 10 14 Germany » 149 49, 069 14,820 7 78,842 Aden and dependen «™ Netherlands 1,127 11, 876 2,586 108, 526 19 1,000 cies... 38 331 Spain and Canaries 4,867 1,019 29,229 1,610 Arabia 72 660 759 Switzerland 3,076 33, 071 23,190 British Oceania 224 1,820 8,053 United States. 1,735 521 1,746 3. 054 283 Bahrein Islands 35 300 196 South America 1 255 28 608 1 fiK 57,944 49 Ceylon 78 169 2 718 British India 9, 368 31 16, 227 1,652 1 8,178 China 71 3,670 Australia 524 31, 619 118,417 2 Mesopotamia 202 1,107 2,402 H New Zealand 221 1 003 127 Straits Settlements- 69 2,828 Egypt „ ""419" 94 Egypt 1,177 Rhodesia , 638 4,529 5,197 Natal 70 602 26 513 Transvaal 24, 845 195, 579 203,513 All other countries.. 39 A W l e l s o t t h A e f r r ic c a ountries.. 1,3 8 7 1 2 4 1,434 15 4 , , 6 8 4 4 2 8 11,310 7 5 2, , 4 0 3 7 6 5 5,66 1 9 1 Total 787 1,057 6,583 6,575 57,854 182 Total 41,970 25, 654 359,263 |445,862 421, 725 398,040 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

677 DECEMBER, 1931 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations; based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] 1931 1931 Par of Par of Country Monetary unit j ex- Country Monetary unit exchange Se b p e te r m- October 1 No b v e e r m- change Septem- Octobei No b v e e r m- EUEOPE SOUTH AMERICA Austria... Schilling 14.07 14.0388 13. 9158 13.9516 ! Argentina j Peso __. 96.48 59. 6948 51. 99tH 58. 8403 Belgium 13.9091 13. 9852 13.9070 ! Bolivia * j Boliviano 36.50 36. 7500 36. 7500 36. 2283 Bulgaria Lev .7160 .7127 . 7138 Brazil j Milreis 11.96 5. 9099 5. 6202 6.1704 Czechoslovakia.. Crown. 2.9621 2. 9619 2.9625 Chile I Peso 12.17 12. 0430 12. 0691 12. 0750 Denmark Krone. 25. 2636 22. 0209 20.6700 iColombia do 97.33 96. 5700 96. 5701' 96. 5700 England Pound __ 453.1260 388. 9291 371.9934 ! Ecuador i_ —-- — Sucre 20.00 20.0000 20. 0000 20.0000 Finland Markka. 2. 5133 2. 3082 1. 9839 !Perui Sol__ 28.00 27. 9168 27. 3673 27. 9739 France Franc 3. 9257 3. 9383 3.9201 Uruguay Peso... 103.42 41.9254 j 34. 8968 45. 0027 Germany Reichsmark— 23. 4212 23. 2395 23.6777 Venezuela i Bolivar 19.30 16.9952 ' 16. 638oi 15.4130 H G u re n e g c a e ry D Pe ra n c g h o m — a. 17 1 . . 2 4 9 4 2 9 6 6 1 1 7 . . 4 2 6 8 4 8 0 3 17 1 . . 4 2 6 8 7 7 0 9 j ! ASIA I I Italy Lira 5.26 5.1699 5.1645 5.1548 I Netherlands Florin I 40.20 40. 2677 40. 4256 40.1916 China 3 Mexican dollar.. 25.56 22.0696 22. 8205 21. 5833 Norway Krone j 26.80 25. 3982 22. 0737 20. 5163 China3 Shanghai tael 35.24 30. 6604 31. 8314 34. 0732 Poland Zloty i 11.22 11.1978 11.1955 11.1903 China3 Yuan dollar 25.00 21. 9166 22. 7019 24. 7246 Portugal Escudo J 4.42 4.4232 3. 9271 3.6401 ,Hong Kong3 Dollar 25.38 24.1853 24. 6765 26. 0124 Rumania Leu j .60 .5936 .5953 .5966 iIndia Rupee 36.50 33. 9117 28. 6799 27.9874 Spain Peseta I 19.30 8.9839 8. 9631 8.6137! Japan Yen. 49.85 49. 3351 49. 252£ 49. 2968 Sweden Krona \ 26.80 26. 0857 23. 1140 20.7378 ! Javai Florin 40.20 40.3364 j 40. 502r 40. 2196 Switzerland Franc ! 19.30 19. 5096 19. 6009 19.4632 :Straits Settle- Singapore dol- 56.78 53.5566 45.1250 43.1386 U. S. S. R.i Chervonetz___ 514.60 515. 0000 2 515.0000 ^515.0000 ; ments. lar. Yugoslavia Dinar 1.76 1. 7653 1. 7734 1.7856 Turkey Turkish pound. 439. 65 NORTH AMERICA AFRICA Canada | Dollar 100.00 96. 2476 I 89.1025 88.9914 Egypt j Egyptian pound-494.31 Cuba ! Peso- ..J100.00 99.9678 i 99.9944 99.9913 Mexico I do I 49.85 33.4081 j 36.5878 39.1364 I i I 1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 2 Chervonetz quotations nominal. 3 Silver currency. The figure given for parity, represents gold value of unit in November, 1931, computed by multiplying silver content of unit by New York average price of silver for November, 1931, which was $0.32535 per fine ounce. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc=$0.1930] 1931 1930 1931 1930 Resources Liabilities Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Cash on hand and on current account with Short-term deposits: banks -. 1,914 1,754 893 Central banks for own account— Demand funds at interest _ 32,605 24, 526 5, 584 Demand 73,003 61,163 14,439 Rediscountable bills and acceptances (at Timecost): Not exceeding 3 months 21,006 59, 371 69,782 Commercial bills and bankers' accept- Between 3 and 6 months 20,000 ances 57,304 69,374 43,418 Treasury bills 27, 694 31,147 32,144 Total - 94, 009 120,534 104,221 Total 84, 998 100, 521 75, 562 Central banks for account of others— Demand 26 608 23 833 24 783 Time funds at interest: Time- Not exceeding 3 months 49,121 76,588 192, 833 Not exceeding 3 months 6,020 17, 420 134, 528 Between 3 and 6 months 30, 272 Between 3 and 6 months 28 Total - - - 49,121 76, 588 223,104 Total _ 32,628 41,252 159, 339 Other depositors— Sundry bills and investments: Demand 695 383 22 Maturing within 6 months 31,320 31, 705 Time—Not exceeding 3 months 295 Between 6 months and 1 year 6,529 6,529 Long-term deposits: Over 1 year _ 2, 057 2,067 Annuity trust account 29, 677 29,677 29,820 Other T re o s t o a u l rces _ _ 39 2 , , 4 9 7 0 1 7 40 2 , , 1 3 1 0 8 1 i 3 2 7 , , 1 0 8 3 3 0 F G r e e r n m ch an G G o o v v e e rn rn m m e e n n t t g d u e a p r o a s n i t t y fund--. 1 1 4 3 , , 8 2 3 4 9 9 1 1 3 4 , , 2 83 4 9 9 1 1 5 3 , , 4 2 4 6 2 5 Total 57,765 57,765 58, 527 Capital paid in _ _ __ 20,941 20,941 19, 795 Reserves: Legal reserve fund 108 108 Dividend reserve fund 211 211 General reserve fund 422 422 Other liabilities _ - 4,236 3,898 2,452 Total resources - 211,016 245,808 344, 356 Total liabilities 211,016 245,808 ! 344,356 i Composed of $36,827,000 short-term investments not exceeding 2 years and $203,000 of investments exceeding 2 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN DECEMBER, 1931 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, pp. 81-83] Resources of banking department Liabilities of banking department Gold (in Notes in Bank of England d m e is e p s n a u t r e ) t - J C C o a in sh rese N rv o e t s es D ad is v ao c a n o n u a c J n e t s s Se t c ie u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia ti t b e h i s e li r - Millions of pounds sterling: 1930—May 28 157.2 0.9 61.1 6.8 57.1 356.1 59.0 13.2 35.9 17.8 June 25 156.9 .9 58.4 15.9 64.2 358.5 63.8 21.5 36.1 17.9 July 30 152.3 1.0 43.9 6.7 74.0 368.4 61.0 9.1 37.4 18.1 Aug. 27 154.8 1.0 54.0 6.5 71.3 360.9 62.6 18.2 33.8 18.2 Sept. 24 156.3 1.1 60.5 5.7 62.6 355.8 64.2 13.3 34.2 18.3 Oct. 29 159.5 1.2 63.9 4.2 60.0 355.6 55.7 21.0 35.0 17.7 Nov. 26 156.6 1.0 65.4 6.1 56.8 351.1 55.9 18.9 36.8 17.8 Dec. 31 147.6 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Jan. 28 139.5 .7 52.7 9.7 62.9 346.8 55.2 19.4 33.4 18.1 Feb. 25 140.8 .8 53.2 8.5 64.4 347.7 ! 59.1 16.2 33.3 18.2 Mar. 25 143.6 .9 54.8 11.4 52.1 348.8 57.7 9.5 33.7 18.3 Apr. 29 146.3 .9 56.5 7.2 £6.7 349.8 48.9 17.7 37.0 17.7 May 27 151.0 1.1 56.2 6.8 59.8 354.9 54.8 17.4 33.8 17.8 June 24 162.9 1. 1 70.1 9.6 57.5 352.8 61.6 25.2 33.5 17.9 July 29 132.0 1.3 32.7 9.7 79.2 359.4 55.8 15.2 33.7 18.1 Aug. 26 133.3 1.3 58.0 9.3 78.2 350.3 53.6 26.3 48.7 18.2 Sept. 30 134.8 1.3 52.6 14.8 94.9 357.2 62.6 30.1 52.6 18.3 Oct. 28 135.7 1.3 54.6 10.5 84.6 356.0 63.5 17.3 52.6 17.7 Nov. 25 v 120.7 1.0 41.3 12.7 87.3 354.4 59.8 27.0 38.1 17.3 Resources Liabilities Bank of France f, lrJ ! j 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! j Se l c o u an ri s ty s N ec e u g b r o l i e t t i i e a s - * a O s t s h e e ts r N ci o t r i t c o e u n s l a i - n GSn" Depo O s t i h ts er l O ia t b h i e li r - Millions of francs: 1930—May 30. 43,809 25,562 7,654 2,541 5,395 5,879 73,079 5,363 10,062 2,335 June 27. 44, 052 25,633 6,292 2,693 5,395 6,040 72,594 4,938 10,420 2,152 July 25. 45,283 ; 26,083 6,228 2,682 5,395 6,075 72,110 9,132 8.363 2,142 Aug. 29. 47,242 I 25,602 6,469 2,731 5,304 6,379 73, 677 10,109 7, 734 2,207 Sept. 26. 48,431 I 25, 594 6,188 2,796 5,304 6,228 73,053 10,509 8,780 2,200 Oct. 30. 50,807 I 25, 616 7,104 2,770 5,304 6,979 74, 787 13, 089 8,378 2,327 Nov. 28. 51.967 ! 25,897 8,777 2,868 5,304 6, 687 75,951 13, 354 9,833 2,362 Dec. 26. 53,578 ' 26,179 8,429 2,901 5,304 6,609 76, 436 12, 624 11,698 2,241 1931—Jan. 30.. 55, 510 26, 323 9,463 2,866 5,199 6,898 78, 559 13,844 11,659 2,198 Feb. 27. 55,924 26,316 ' 8,250 2,801 5,199 6,982 78,947 13,339 10,963 2,221 Mar. 27. 56, J16 26,307 i 7,084 2,858 5,082 7,026 77,864 11,773 12, 577 2,260 Apr. 24. 55,616 26,305 6,502 2,795 5,082 7,134 77, 231 11,680 | 12,062 2,462 May 29. 55, 634 26,160 6,190 2,806 5,082 7,316 78,185 9, 940 12,669 2,394 June 26_ 56, 426 26, 209 5,576 2,779 5,082 6,807 76, 927 8,513 15,187 2,250 July 31. 58,407 26, 242 4,564 2,860 5,065 8,958 79,862 9,303 14,736 2,195 Aug. 28. 58,563 27, 611 5,820 2,729 5,065 8,193 78,635 9,470 17, 649 2,227 Sept. 25. 59,346 25, 194 5,880 2,754 5,065 78,173 7,357 18, 542 2,266 Oct. 30. 64, 648 27, 600 8,809 2,712 * «r.-, 8,428 83,639 8,227 22,954 2,441 Nov. 27 67, 844 24, 263 7, 757 2, 73G 5,065 (3) 82, 542 7,169 24,171 Resources Liabilities Reichsbank Gold i e n R x e c s f h e o a r r v n e e i g g s e n ' ; b c il O h l e s t c h ( k a e s r n ) d Se lo c a u n ri s ty Securities a O s t s h e e ts r N ci o t r t i c e o u s n l a i - n Deposits l O i t a i t b e h i s e li r - Millions of reichsmarks: 1930-May31 2, 591 351 1,874 188 101 729 4,812 401 705 June 30 2,619 459 1,777 186 101 736 4,685 492 708 July 31 2, 619 261 1, 759 133 101 839 4,638 398 714 Aug. 30 2,619 369 1, 730 212 103 4,707 416 719 Sept. 30 2,479 171 2,097 290 103 4,744 472 768 Oct. 31 2,180 198 24 2,301 318 102 4,675 383 751 Nov. 30 2,180 525 106 2,003 231 102 643 4,601 381 808 Dec. 31 2,216 469 206 2,366 256 102 638 4,778 652 822 1931—Jan. 31. 2,244 199 86 1,942 174 103 733 4,383 267 831 Feb. 28 2,285 166 76 1,979 301 102 676 4,428 325 832 Mar. 31 2.323 183 142 1,951 274 103 4,456 387 775 Apr. 30 2,368 157 45 1,816 287 103 4,340 355 749 May 30 2,390 18G 25 1,791 167 103 721 4,299 353 731 June 30 1,421 300 74 2,579 355 103 936 4,295 398 1,074 July 31 1,363 246 249 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 Sept. 30 1,301 139 124 3, 545 301 103 1,016 4,609 613 1,306 N Oc o t v . . 3 3 1 0 P 1 1 . , 1 0 4 0 5 5 1 1 3 7 1 0 3 4 , , 9 0 5 1 7 0 2 25 4 4 0 1 1 0 0 3 3 963 4 4 , , 7 6 4 4 6 1 5 5 1 0 8 6 1 1 , , 3 3 2 2 3 6 1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. Since Aug. 1, however, a temporary increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been permitted, a Issued by the independent office for retirement of public debt (caisse autonome d'amortissement). 3 Figures not yet available. p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

679 DECEMBER, 1931 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 O b c e t r o- | j te S m ep b . er August O b c e t r o- O b c e t r o- te S m ep b - er August O b c e t r o- National Bank of Albania (thousands I Central Bank of China—Continued. of Albanian francs): Deposits—Continued Gold_ 3,080 3,081 1,957 Bank 29,865 19, 839 7,431 Foreign exchange 25,216 23,230 24,911 Other 5,485 5,820 3,447 Loans and discounts _ 4,429 4,266 3,261 Other liabilities 32,085 32 656 28, 994 Other assets _ 7,943 8,328 7,893 Bank of the Republic of Colombia Note circulation _ 12,619 12,494 13, 585 (thousands of pesos): Demand deposits 14,119 12,045 10, 756 Gold at home 8,108 10,656 19, 669 Other liabilities 13,930 14,366 13,681 Gold abroad 6, 590 9,768 ^8,602 Commonwealth Bank of Australia Loans to member banks 19, 396 I 14,843 11,365 (thousands of pounds sterling): Note circulation 18,730 I 19,802 26,085 Issue department- Deposits _ 7,097 I 7,271 5,865 Gold coin and bullion 10,500 10, 500 10,500 i 16, 285 National Bank of Czechoslovakia Securities _ 41,498 41, 498 41,550 ! 5,316 (millions of Czechoslovak crowns): Banking department- Gold 1,552 1, 520 j 1, 530 1,480 Coin, bullion, and cash 1,035 943 871 | 1,488 Foreign balances and currency... 1,128 1,177 ; 1, 387 2,345 Money at short call in Lon- Loans and advances 1, 765 1, 722 ! 1,172 don 6,400 5,965 3,220 Assets of banking office in liqui- Loans and discounts 22,884 26. 804 24, 765 12, 398 dation _ 299 300 ! 301 327 Securities _ _.. 17,434 17, 261 16,891 22,083 Note circulation... _ 7,218 7,172 I 6,979 7,144 Deposits 49,712 51, 677 47,831 40, 757 Deposits 238 309 i 238 568 Bank notes in circulation 46, 395 47, 344 48,057 38, 469 Danish National Bank (millions of Austrian National Bank (millions of kroner): schillings): Gold. 164 161 172 172 Gold 190 190 214 214 Foreign bills, etc. 45 55 49 103 Foreign exchange of the reserve.. 112 115 122 226 Loans and disccunts 151 115 101 Other foreign exchange 43 87 154 498 Note circulation. 366 334 330 370 G D o o v m e e r s n t m ic e b n i t l l d s ebt 7 9 6 6 7 6 9 8 6 9 6 9 2 6 4 1 1 0 0 1 2 Bank D o e f p o D s a it n s zig (thousands of Danzig 41 36 30 27 Note circulation __ 1,134 1,111 1,095 1,035 gulden): Deposits __. 91 74 121 110 Gold... _ 21, 784 15, 706 10, 570 118 National Bank of Belgium (millions Foreign exchange of the reserve.. 15, 079 15, 593 9,434 17,145 of belgas): Other foreign exchange _ 11, 776 10, 474 11,605 10, 208 Gold 2,567 2,492 1,588 1,295 Loans and discounts 10, 231 11, 446 21,806 19, 323 Foreign bills and balances in gold. 0 0 824 887 Note circulation 43,827 42,133 40,999 38,164 Domestic and foreign bills _. 957 859 843 I 747 Deposits 5,972 3, 556 3,007 1,573 Loans to State 290 290 290 312 Central Bank of Ecuador (thousands Note circulation _ _ 3, 602 3,457 3,323 3,127 of sucres): Deposits.. 313 260 157 Gold _ 5,653 5, 666 5,653 5,617 Central Bank of Bolivia (thousands Foreign exchange 11,649 15,044 16,257 23, 481 of bolivianos): Loans and discounts 14, 400 15,305 14, 502 14, 787 Gold _ _ 2,864 2,855 2,748 Note circulation _ 20, 229 20, 473 21,029 24, 060 Foreign exchange __ 23, 233 24,036 38,914 Deposits 9,584 12, 777 12,291 14, 641 Loans and discounts... 22, 045 22, 685 21,124 National Bank of Egypt 1 (thousands Note circulation 26,298 27,041 33,442 of Egyptian pounds): Deposits 9,093 10,133 14, 424 Gold 4,224 4,210 4,018 Bank of Brazil (millions of milreis): Foreign exchange 1, 099 2,031 1,362 G C Co u o r l r d r r e e s n p c o y ndents abroad 24 5 7 1 2 4 2 2 1 27 3 1 7 1 1 1 3 6 8 7 6 1 B L E o g ri a y t n i p s s t h i a a n G n d o G v d o e is r v c n e o m r u n e n m n ts t e n s t e c s u e r c i u ti r e i s ties. 1 1 5 4 8 , , ,3 3 7 3 6 2 1 8 9 1 1 7 5 4 , , , 3 3 1 8 0 6 0 0 0 2 1 0 8 4 , , , 1 4 0 4 5 6 0 5 0 Loans and discounts 1,611 1,660 1,665 1,327 Other assets _. 3, 846 3,582 3,623 Securities... _ 146 152 152 122 Note circulation 19, 264 17,923 23,161 Note circulation _ 170 170 170 170 Deposits- Deposits _. 1,536 1,481 1,554 1,218 Government 4,424 5,002 4,667 National Bank of Bulgaria (millions Other 15, 890 15,810 15, 241 of leva): Other liabilities _. 8,019 7,928 8,591 Gold 1,510 1,509 ; 1,508 1,440 Bank of Estonia (thousands of BH Net foreign exchange. 53 141 : 402 krooni): Total foreign exchange 455 420 | 486 1,057 Gold 6,549 I 6,547 6,543 Loans and discounts.. _. 813 861 845 733 Net foreign exchange 15,927 ! 17,253 20,467 6,552 Government obligations 3,030 3,051 3,059 3, 210 Loans and discounts 23,558 ! 20,614 20,352 17,635 Note circulation _ 3,185 3,335 3,338 3,656 Note circulation 38,094 j 34,362 33, 519 26, 439 Other sight liabilities 1,274 1,233 1,288 1,350 Deposits— 34,152 Central Bank of Chile (millions of Government 5,673 ! 5,117 6,211 9,047 Bankers _ 3,101 I 5,434 5,680 4,384 Gold at home _ 67 64 62 Other. _ 1,961 1,996 1,781 1,117 Foreign exchange 138 144 153 332 Bank of Finland (millions of Finnish Loans and discounts 199 179 167 44 marks): Note circulation 301 292 274 304 Gold 305 J 301 301 301 Deposits against which reserve Balances abroad and foreign •af is held 85 ! 50 credits 365 j 462 591 856 Central Bank of China 1 (thousands Foreign bills _ 213 ! 185 207 198 of Yuan dollars): Domestic bills _ 936 | 707 644 624 Gold... I 15,281 11,348 I 3,374 Note circulation... 1,264 ; 1,201 1,189 1,313 Silver I 48,542 46,071 '30, 024 Demand liabilities.. 164 i 31 119 215 Due from banks abroad J 8,485 11,867 j 2,474 Bank of Greece(millions of drachmas): Due from domestic banks .: 58,055 61,126 | 24, 503 Gold.. 868 I 491 489 526 Loans and discounts J 66,652 52,189 31,175 Net foreign exchange in reserve.. 1, 510 j1,865 1,852 2,849 Securities J 14,727 13,006 2, 695 Total foreign exchange 1,713 2,503 2,566 3, 578 Other assets J 11,959 8,813 10, 566 Loans and discounts 443 454 384 318 Note circulation _; 43,576 39, 392 22,638 Government obligations 3,148 3,168 3,168 3,389 Deposits- Note circulation.. _. 4,297 4,422 4,153 5,055 Government .112,690 106,713 , 42,301 Other sight liabilities 635 1,381 1,690 1 Items for issue and banking departments consolidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN DECEMBER, 1931 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1930 1931 1930 October October August October Central Bank of Guatemala (thou- Bank of Poland (millions of zlotys) :— sands of quetzales) : Continued Gold coin 2, 246 2,619 I2, 594 2,637 Current account of the treasury.. 12 24 38 79 Balances abroad 637 435 928 359 Other current accounts 153 ] 174 188 127 Loans and discounts 5,907 5,810 I 5,645 6,378 Bank of Portugal (millions of es- Other assets ... 1,660 1,295 I 1,318 1,007 cudos): Note circulation 6,570 6,122 6,297 6,151 Gold 219 209 Demand deposits... 1,278 1,377 |1,370 1,890 Net foreign exchange and other Other deposits _. 101 145 i 144 530 reserves 544 () Na o t f i O o p n e th a n e l g r o B l s a i ) a n : b k i l o it f i e H s ungary (millions 2,501 2,514 I 2,674 2,311 D N G i o o s t v c e e o r c u n i n r m c ts u e l n a a t n t d i o o b n a l d ig v a a t n i c o e n s s 1 1 , , 3 0 8 7 3 5 1 9 8 1,5 4 3 0 1 2 G Fo o r l e d ign bills, etc 10 1 5 6 10 7 5 1 1 0 6 5 1 1 6 4 3 Nati O on th al e r B s a i n g k h t o l f i a R b u il m iti a e n s ia (millions 323 ( 1 3 , ) 944 Loans and discounts 422 385 397 299 of lei): Advances to treasury 58 59 59 69 Gold at home.. _ 5,842 5,816 5,786 5,356 Other assets 41 44 104 58 Gold abroad 3,114 3,114 3,114 3,919 Note circulation 435 383 415 500 Foreign exchange of the reserve.. 1,738 1,554 1,485 1,696 Deposits 114 119 115 22 Other foreign exchange 20 14 84 145 Miscellaneous liabilities 61 65 118 52 Loans and discounts 13, 727 12,261 12,091 8,316 Bank of Italy (millions of lire): State debt 5,337 5,485 5,485 4,999 Gold at home 5,570 5 445 5,374 5,293 Note circulation 23,243 21,861 21,161 19,054 Credits and balances abroad 2,551 2,937 3,465 4,893 Demand deposits 6,027 6,160 6,469 6,838 Loans and discounts 5,251 4,838 4,448 4,317 Total note circulation __ 14,441 14,481 14,645 15,738 South African Reserve Bank (thous- Bank A G P O u d o o th b l v f d e l a i J r n c a d c p d e e a e s p n p o a o s ( n s i m t i d s t i s d ll i i s o c n o s u o n f ts yen): 1, 3 4 0 5 0 0 1, 3 8 7 6 0 1 1 0 0 8 2 4 1, 3 8 7 5 1 0 9 3 5 0 7 7 1, 3 8 6 7 0 3 9 4 0 5 9 9 an N D G F d o s o o o r l t m o e d e f i e g c S s n i t r o i c c b u u i t l b l h l a i s t l A i ls o f n ri _ c _ a n pou _ nds) : _. 4 6 8 , , , 1 5 3 8 7 4 9 0 0 0 6 6 6 , , , 2 5 8 1 4 4 3 5 1 1 3 2 6 5 7, , , 8 8 9 4 0 8 2 2 1 1 6 6 6 8 6 1 , , , , 0 5 9 2 8 3 5 5 8 3 3 3 Bank T G N o o o o t t v f a e e l J s r a d n i v s e m a s p u e o e ( n s m d t i t i s b ll o io n n d s s of florins): 1, 4 0 1 5 9 1 9 3 8 9 6 1 2 8 1 1 9 7 1, 5 0 1 4 9 1 1 1 4 1, 7 0 1 8 0 1 1 7 8 Depo B G O s a t o i h t n v s e k — e r rnment 4 1 , ,9 3 1 8 0 9 6 0 2 4 1 , , 2 8 6 9 0 9 9 4 9 4 1 , , 4 8 4 0 1 6 7 2 5 4 2 , , 9 1 1 0 0 3 2 7 8 Gold _ - 132 126 110 139 Bank of Spain (millions of pesetas): Foreign bills 3 4 21 31 Gold _•_ 2,247 2,277 2,276 2,477 Loans and discounts _ 51 52 54 55 Silver 530 559 624 702 Note circulation 239 238 240 257 Balances abroad 286 255 256 97 Deposits 27 30 26 Loans and discounts 3,220 3,073 3,180 2,099 Bank of Latvia (millions of lats): Note circulation 5,073 5,025 5,220 4,699 Gold 32 24 24 24 Deposits 1,104 1,054 1,040 836 Foreign exchange reserve 14 22 25 41 Bank of Sweden (millions of kronor): Bills 81 80 80 86 Gold 213 199 230 242 Loans _. 59 60 62 60 Foreign bills, etc 28 36 128 410 Note circulation 42 44 44 51 Loans and discounts 528 574 462 115 Government deposits 58 61 65 85 Note circulation 579 594 567 581 Other deposits 85 81 83 71 Deposits 102 124 165 107 Bank of Lithuania (millions of litas): Swiss National Bank (millions of Gold 48 40 40 37 francs): Foreign currency ._ 42 55 58 99 Gold 2,188 1,699 1,189 664 L N o o a te n s c i a r n cu d l d at i i s o c n ounts 1 12 2 1 4 1 1 1 1 8 8 1 11 1 7 3 1 9 1 7 8 L Fo o r a e n i s g n a n b d a l d a i n s c c e o s u n a t n s d . _ b _ ills.. 1 1 0 2 5 7 3 1 4 2 9 4 578 36 7 5 2 Deposits 84 86 105 Note circulation 1,498 1,462 989 Netherlands Bank (millions of ] Demand deposits 934 716 632 189 florins): Gold _._ 836 702 648 426 Bank of the Republic of Uruguay Bank L N D F o o o o e r a p f t e e n o N i s g s c o i n i a t r r s n w c b u d i a l l y l d a s t i ( i s o m c n o il u l n io ts ns of kroner): 1, 2 2 0 1 3 6 2 0 4 0 7 0 1, 2 2 0 1 2 1 3 8 1 9 5 7 9 2 1 1 3 3 8 4 4 0 4 0 j I I 2 8 1 5 1 5 3 4 5 0 0 (th N L G O o o o t o u h a t l s e e n d a r s . c n a i a d r s n s c s d u e o l t f d s a i t p s io e c n s o o u s n ) t : s.__ 1 5 3 7 0 2 5 4 4 , , , , 6 3 5 7 6 5 4 7 5 9 0 81 5 3 7 0 5 4 3 3 , , , , 9 0 3 6 4 1 3 5 3 5 6 1 1 3 1 7 5 0 0 8 1 , , , , 8 0 2 7 3 9 2 3 1 9 7 9 N F D G F o o o o o r r l m t e e d e i i e g g c s n n i t r i c c d b u e a c l p l a r a o e t n i s d o c i i t n e t s s s and bills ___ 2 2 1 9 3 1 7 2 5 0 1 2 2 3 1 1 0 3 4 4 8 2 6 5 2 1 1 9 4 8 1 4 4 6 8 2 | I 2 3 1 3 1 1 4 2 1 7 2 6 D Ot e h p e T J D o r u i e s d m l m i i i a t e c s b a i - a n il l d i t a ie n s d Administrative- 4 3 35 9 0 3 , , , , 5 1 6 2 4 4 4 9 3 9 2 0 3 4 3 2 3 9 3 , , , , 1 5 7 6 8 1 2 4 1 4 2 3 4 4 3 3 5 3 8 , , , , 7 1 2 5 6 5 2 6 5 1 1 0 Total deposits 96 81 56 81 State Bank of U. S. S. R. (note-issu- Central Reserve Bank of Peru1 ing department; thousands of (thousands of soles): chervontsi): Gold 39, 386 40,133 62,380 Gold 60,025 56,931 54,416 Foreign exchange 25, 900 (2) 11,193 Other precious metals 2,226 2,238 2,347 2,431 N Bi o ll t s e circulation 5 17 8 , , 0 8 7 0 6 4 21, 594 2 66 4 , , 9 2 3 2 8 8 N Fo o r t e e i g c n ir c e u x l c a h t a io n n ge 25 4 9 , ,6 8 3 0 3 8 25 5 2 , , 2 7 5 1 9 5 24 5 0 , , 2 34 4 6 5 210 4 , , 7 5 4 1 4 4 Bank D e o p f o P si o t l s and (millions of zlotys): 8,168 58, ( 2 3 ) 58 4,850 Na Y ti u o g n o a s l l av B i a a nk (m o il f l io t n h s e o K f i d n i g n d a o rs m ) : of Gold at home 486 486 485 Gold 1,757 1,657 1,544 1,076 Gold abroad 108 82 77 Foreign exchange 657 550 610 171 Foreign exchange of the reserve.. 78 116 145 312 Loans and discounts 2,088 1,819 1,674 1,516 Other foreign exchange 132 134 136 122 Advances to State... 2,325 2,294 2, 294 2,997 Loans and discounts 765 737 742 787 Note circulation 5,302 5,197 4,983 5,572 Note circulation 1,254 1,225 1,245 1,408 Other sight liabilities 871 342 647 919 1 On August 3, 1931, the Reserve Bank of Peru was reorganized and the name changed to the Central Reserve Bank of Peru. 2 Figures not yet available. 3 Figures published previous to reorganization of bank July 1,1931, are not comparable with current figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

i)ECEMBER, 1931 FEDERAL RESERVE BULLETIN 681 GOVERNMENT NOTE ISSUES AND RESERVES I Figures are for last report date of month] 1931 1930 1931 1930 Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. Argentine Conversion Office (millions of Canadian Minister of Finance (millions of dollars): 280 290 319 440 Gold reserve against Dominion notes 70 67 72 105 Currency issued 525 524 532 569 Advances to banks under finance act._ 25 20 23 Irish Currency Commission (thousands Dominion notes- ©f pounds sterling): Issued 158 150 142 181 Legal tender note fund- Outside chartered bank holdings._ 30 28 29 29 British legal tender and bank Indian Government (millions of rupees): balances 1, 059 493 76 90 Gold standard reserve- British securities 6,239 6,333 6,456 7,201 Gold 399 401 320 29 Notes issued. , _ ... 7,298 6,826 6,533 7,297 Foreign exchange 134 132 214 505 Consolidated bank notes 1— Paper currency reserve- Issued - -«.-- 4,310 4 209 4,245 3,853 Gold 43 42 124 323 Deemed such under sec. 60 (4) Silver coin and bullion 1,316 1,325 1,321 1,231 of currency act, 1927 1,687 1,707 1,724 2,114 Other assets 239 120 92 148 Notes issued. 1,598 1,487 1,536 1,701 * The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Oct. 17, Sept. 19, and Aug. 22, 1931, and Oct. 18, 1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. COMMERCIAL BANKS 1930 1931 Country Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July j Aug. Sept. Oct, Argentina (millions of gold pesos): Bank of the Nation— Gold 5 1 2 ! 1 1 1 1 Other cash _ 115 120 85 125 i 118 108 94 91 Loans and discounts 600 612 624 610 606 626 640 i 633 642 655 I 656 681 Deposits 714 730 729 713 706 695 712 j 690 706 680 i 662 Other banks in Buenos Aires— Gold 9 9 9 7 Other cash 200 189 206 202 209 173 172 180 202 194 ' 199 190 Loans and discounts 895 I 906 918 913 910 912 910 885 871 857 i 843 852 Deposits 1,029 1,032 1,047 1,045 1,043 1,020 997 996 990 971 ! 971 966 Canada (millions of dollars): Assets entirely in Canada- I Cash in vault» _ 178 203 174 158 151 148 157 156 150 : 147 ; 147 I 157 159 Cash in central gold reserves. __ 36 37 33 22 25 | 27 26 29 28 26 28 I «24 27 Security loans _._ 214 212 205 192 186 175 181 187 182 163 159 i 167 159 Other current loans __ 1,230 1,184 1,149 1,141 1,116 1,115 1,130 1,139 1,127 1,126 1,127 I1,137 1,141 Security loans abroad 165 193 146 120 132 137 117 98 108 105 : 110 i 91 91 Securities 544 551 604 593 654 649 651 669 695 094 ; 701 ! Liabilities entirely in Canada- Notes in circulation 148 145 133 129 131 153 124 129 128 126 126 j 128 140 Individual demand deposits | 633 605 642 557 543 579 596 580 601 561 ! 568 i 594 581 Individual time deposits ],432 1,439 1,426 1,429 1,436 1,445 1, 453 1,456 1,450 1,451 1,461 i 1,456 1,462 England (millions of pounds sterling): Cash in vault and at bank 189 204 195 187 181 175 ! 176 184 181 177 ! 171 173 Money at call and short notice 144 137 142 143 115 112 115 129 131 128 112 | 106 113 Advances and discounts 1,220 1,230 1,234 1, 237 : 1,2081,159 1,134 1,141 1,172 1,178 1,156 ! 1,132 I 1,131 Investments 257 265 269 281 ! 293 295 292 274 272 283 286 i 288 | 288 Deposits 1,791 1,801 1,839 1,836 i 1,7821,726 1,698 1,700 1,744 1,750 1, 708 j 1, 675 j 1,688 France (millions of francs): Bills and national-defense bonds,__ = 19,894 =20, 564 ;20, 502 21,081 ' 21.098 =21, 363 21, 809 22, 930 122, 507 20. 91921,153 ! Loans and advances 11, 280 11,288 ai, 392 10, 704 ; 11,326 11,232 11,156 10,762 j 10, 342 j 9,8989,808 ; Demand deposits =35,106 ^35, 767 '35, 302 35, 090 I 35,456 -36, 108 30, 971 37,861 37,938 130,642 30,991 Time deposits... c 1, 735 «1, 605 «1,397 1,521 ; 1,656c 1, 0G9 1, 023 1,601 1, 564 1, 5391,545 ! Germany (millions of reichsmarks): Bills and treasury notes 2,390 2,453 2,573 2,497 2,532 2,529 | 2,548 1,914 1,280 1, 500 j 1, 509 1,406 Due from other banks 1,017 1,011 946 956 981 I 857 686 546 514 ! 465 373 Miscellaneous loans.._ 8,534 8,192 8,225 8,144 8,021 I 7,8187,699 7,337 7,115 I 6,884 6,837 Deposits 11, 092 11,077 | 11,130 10,729 10, 778 10,683 10,395 9,277 8,167 8,060 i 7,873 7, 500 Acceptances _ 652 670 701 ! 657 630 600 1 582 816 874 840 | 818 891 Japan (millions of yen): T Cash on hand 224 272 281 275 •• 277 274 332 361 274 134 217 | 197 126 Loans 2,167 2,206 2,225 2,220 2,217 2,176 2,184 2,156 2,166 2,169 2,140 I 2,146 2,171 Deposits 2,055 2,076 2,100 2,009 ; 2,142 2,150 2,161 2,181 2,23 2,151 2,122 2,102 2,066 i Gold, Dominion notes, and subsidiary coin. « Corrected. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN DECEMBER, 1931 DISCOUNT RATES OF CENTRAL BANKS Date effective o B f la a E n n n d k g- F B ra a o n n f c k e G R b e e a r i m n ch k a s n - B It a o a n l f y k N B la e a n th n d e k s r- N S B a w t a a i n o l is k n s - Country R D a e 1 c te . I s n in e c f e f — ect Country R D a e 1 c te . I s n i n e c f e f — ect Albania 8 July 1,1931 A I A n p p e r r f . . f e 3 2 c 4 t Apr. 1,1930. 3H 3 5 6 3 A B B e o u l l s g i t v i r u i i a a m 8 A A N u u o g g v . . . 1 2 1 3 6 , , , 1 1 1 9 9 9 3 3 3 1 0 0 J J L a a a v p t a a v n ia 6.57 N M O o c a t v r . . . 1 4 1 1 , , , 1 1 1 9 9 9 3 3 3 1 0 0 May 1 3 Bulgaria Sept. 29,1931 Lithuania 6 Apr. 1,1930 May 2 2H Chile Oct. 6,1931 May 19 . 5H Colombia 7 Sept 18,1930 Norway 6 Oct. 19,1931 May 20 Czechoslo- Peru 7 Sept. 1,1930 June 21 \H vakia Sept. 23,1931 Poland 7H Oct. 3,1930 July 10.. 2H Danzig 5 Nov. 24,1931 Portugal Aug. 10,1931 J J J O a a a c n n n t . . 2 2 3 9 2 4 ,1931 . . 2 5 2H 2 E D E s c e t u n o a m n d i a a o r r k . .. 1 6 0 S S M e e a p p r t t . . . 2 1 1 6 3 , , , 1 1 1 9 9 9 3 3 3 1 1 1 R S Sp o u a u m i t n h a n A ia frica. 8 6 6H J A N u p o l r v y . . 1 1 8 3 , , , 1 1 1 9 9 9 3 3 3 1 1 1 May 14 2H Finland ' 8 Oct. 24,1931 May 16 2 Greece i ll Oct. 29,1931 Sweden 6 Oct. 19,1931 June 13 . 7 Hungary 8 Sept. 11,1931 U. S. 8. R... 8 Mar. 22,1927 July 16 10 India 8 Sept. 22,1931 Yugoslavia— July 20,1931 July 23 July 30 4^ A Au u g g . 1 1 2 1 1 0 5 Ch D a a n n g z e i s g — sin N c o e v N . o 24 v , . d 1 o : w Au n s f t r r o ia m — 6 N t o o v 5 . 1 p 3 e , r d c o e w n n t: fr J o a m pa 1 n 0 — to N o 8 v p . e r 4 c , e u n p t; Sept 2 8 from 5.84 to 6.57 per cent; South Africa—-Nov. 13, up from 5 to 6 Sept. 21 6 per cent. Sept. 28 . - 7 Sept 29 3 Oct. 10 2V4 In effect Dec. 1,1931. 6 8 7 3 2 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month 3 B a a m a c n n c c o k e e n p e s t t , r h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n ll a o d n w e k p a e o n r s c s i e t ' s d P is r r c i a v o 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 -d y ay d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h or d P i r s r i c a v o t a e u t n e t 1930—October 2.09 2.13 1.65 1 4.66 5,93 5.15 1.59 1.48 1.29 November 2.18 2.15 2.01 1 179 6,51 5.48 1.31 1.29 1.16 December 2.30 2.34 1.60 1 4.82 7.24 5.54 1.39 1.86 1.18 1931—January 2.25 2.24 1.74 1 4.75 6.64 4.93 1.38 1.55 1.17 February 2.56 2.37 2.29 1 4.88 6.31 5.49 1.12 1.05 1.00 March 2.60 2.56 2.20 1 4.76 6.17 5.00 1.09 1.04 .99 April-_ 2.58 2.57 2.17 l 4.65 5.87 5.67 1.50 1.61 1.06 May. 2.24 2.21 1.87 l 4.65 5.83 5.38 1.39 1.55 1.12 June ..- 2.09 2.10 1.64 1 6.05 7.05 6.74 1.05 1.07 1.12 July.— 2.58 2.44 2.05 1 -2^ »7.00 18.98 »8.89 1.53 1.40 1.55 August 4.28 4.21 3.59 2H »8.92 »9.18 »9.15 1.30 1.22 1.98 September 4.74 4.57 4.04 2*4-4 7.99 C9.18 9.15 1.30 1.21 1.80 October 5.68 5.46 4.36 4 8.00 9.84 9.21 2.76 3.07 1.90 (B B r e u lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n , Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t 1 | M m fo o o r n n e t 1 h y c c i o a P l m r i p m m a e p e r e - r Da m y- o t n o e -d y ay L m oa t o o n n s 3 t h u s p Disc b o il u l n s ted ov m e C o rn a n l i e l g y ht i 1930—October-. 2.27 2.00 5.25 4 -4H 5H-6U 5%- 7 4H-5 3H-5H 5.48-5.66 3.29 November 2.05 2.00 5.43 4M«-4H 5fi-6M b%- 7H 4^-5 3J4-5H 5.48-5.66 3.65 December 2.34 2.03 5.50 m -4H 5H-6H 5%- 7U 4H-5 3H-5^ 5.48-5.66 3.65 1931—January 2.38 1.89 5.50 5H-6M 5%- 7% 4H-5J* 5.48-5.66 3.10 February 2.31 1.77 5.50 4 -4H 5^-6 5H- 7H 4H-5 3 -5 5.48 2.92 March 2.25 1.57 5.50 3H -4 5H-6 5H- 7H 4J4-5 3 -5 5. 29-5.48 2.74 April 2.25 1.47 5.48 VA -4M« 5H-6 5H-7 4 -5 3 -5 5.29-5.48 2.92 May 2.20 1.28 5.25 m -4 5^-6 5W- 7 4H-5 3 -5 5.29-5.48 2.19 June 2.13 1.06 5.25 »5#-6 h%- 8 4H-6^ 3 -5 5.29-5.48 2.19 July 2.15 1.20 5.25 4 («) 7H-10H 5 5H-6M 4 -6 4.93-5.48 2.74 August.- 2.41 1.50 5.25 4 -6H («) 8^-10^ (4) 4 -6 4. 93-5. 48 3.65 September 2.44 1.50 5.47 (*) (0 4. 93-5. 48 2.56 October 2.44 1.80 7.50 (4) («) 1 Average for first 11 days of July, no quotations being available for remainder of month. 1 Average for final 22 days of August, no quotations being available for remainder of month. 1 Average for first week of June, no quotations being available for remainder of month. « No quotations available. s Range for first 13 days of July, no quotations being available for remainder of month. c Corrected. NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929 (p. 503), November, 1929 (p. 736), and May, 1930 (p. 318) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

683 DECEMBER, 1931 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average™ 100) Year and month ( U a S p v n t r e a i i r c t t a e e e ) d g s e ( 1 D E 9 e n 2 c 1 g e - l m a 1 n 0 b 0 d e ) r ( a 19 g F 1 e r 3 = a 1 n a 0 c v e 0 e ) r- G (a e p v r r e m i r c a e a ) g n e y U S n ta i t t e e s d England France Germany Number of issues -..- 60 87 35 »177 404 278 300 329 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 86.9 149.9 115.9 178.5 138.1 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—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 99.6 130.3 1927—January 97.9 111.3 66.0 105.6 104.1 109.4 149.3 February 98.1 110.5 65.4 107.9 105.1 112.4 158.3 March 98.4 110.3 71.0 109.1 104.4 120.2 153.7 April 99.0 110.6 73.9 111.1 105.5 129.2 162.8 May 99.1 110.6 72.7 114.2 106.4 125.8 156.1 June 98.4 110.1 72.1 115.4 106.3 120.6 142.4 July 98.4 110.3 72.2 117.2 106.7 124.9 147.0 August 98.8 110.6 72.6 122.0 107.4 123.6 144.5 September 99.3 110.7 73.1 127.7 108.3 125.3 139.4 October 99.6 111.9 72.3 126.7 109. 7 126.2 134.9 November 99.7 110.6 72.7 129.6 109.6 124.5 122.2 December 100.0 111.2 76.8 133.1 110.4 135.2 129.3 1928—January __ 100.3 112.4 80.4 89.4 134.4 111.1 148.1 135.8 February 100.3 112.3 80.2 88.5 132.3 111.0 143.3 132.4 March . _ . 100.6 112.4 80.3 87.8 137.9 114.0 157.9 130.6 April 100.3 113.7 81.3 87. fi 146.9 116.2 177.3 136.1 May 99.7 112.4 81.8 87.2 152.1 118.6 179.8 140.2 June _. .- -.- 98.5 112.4 84.3 86.8 145.3 114.7 180.7 141.2 July 97.9 112.1 83.7 86.5 144.2 114.0 170.4 137.2 August 97.2 112.1 84.9 86.2 148.3 115.9 189.3 136.9 September .. .. 97.5 111.7 84.9 85.9 156.6 117.7 193.6 137.2 October 97.5 112.3 84,4 85.6 159.1 119.2 193.1 135.2 November 97.8 112.1 83.8 85.4 171.1 119.8 200.4 135.0 December - 97.2 112.1 84.1 85.4 171.4 119.8 207.3 136.4 1929—January __ ._ „- 97.0 113.4 83.6 85.6 185.2 122.8 • 233.0 135.4 February 96.3 111.7 81.8 85.3 186.5 121.7 235.2 130.0 March 95.8 111.1 81.7 84.8 189.1 121.0 229.6 129.4 April 95.8 111.9 83.0 84.2 186.6 119.8 222.3 129.5 May 95.7 110.4 84.2 82.7 187.8 118.3 219.7 124.2 June _ . _. .. 95.3 109.8 84.8 82.7 190.7 118.6 210.7 127.2 Julv 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 81.0 161.1 110.4 197.9 109.9 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 96.4 110.1 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 87.6 147.6 98.4 182.0 94.8 September 100.0 112.0 96.4 88.9 148. 8 101.1 182.4 93 9 October 99.9 113.1 95.4 84.7 127.6 95.4 169.fi 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 Mav _ 99.7 110.8 98. 4 86.4 98.0 70.8 138. 2 76.1 June - 99.4 111.1 98.8 83.9 95.1 77.8 141.2 69,6 July.- 98 5 107.2 99.5 9 95 8 ! 2 5 7 7 9 3 .8 2 r 113320 .56 SAe upcterumsrber - 95.6 103.6 97.7 81.7 67.2 115.5 October 89.4 104.2 94.8 69.7 75.6 106.9 1 Approximate number; series originally included 20S 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 reviseedd sseeries on German bonds—see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158). ' Revised. SOURCES- United States—Standard Statistics Co., New York; description (and back figures) in Standard Statistics Bulletin, General Section, Base Book Issue for 1930-31 (pp. 63, 66, and 104). England—Bankers Magazine, London; description in issues for February, 1922 (p. 227) and February, 1923 (p. 251); back figures in current issues. France—Statistique Generate, Paris; description (and back figures) in Bulletin de la Statistique Ge"nerale, 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). 88091—31- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN DECEMBEB, 1931 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued WHOLESALE PRICES—ALL COMMODITIES Japan United States Canada England France Germany Italy Netherlands (1926=100) (1926-100) (1913= 100) (1913-100) (1913=100) (1913-100) 1900-100; (1913-100) Month 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 93 77 95 77 131 107 576 541 132 115 417 342 201 158 131 105 February... 92 76 94 76 128 106 567 538 129 114 408 338 200 158 126 104 March 91 75 92 75 125 106 553 539 126 114 400 339 196 158 122 103 April 91 73 91 75 124 106 548 540 127 114 396 337 193 158 122 102 May_ 89 71 90 73 122 104 546 520 126 113 389 332 189 154 118 102 June _-. 87 70 88 72 121 103 540 518 125 112 382 327 181 151 118 100 July 84 70 86 72 119 102 558 500 125 112 375 324 177 153 115 97 August 84 70 84 71 118 100 560 488 125 110 379 322 176 152 114 94 September- 84 69 82 70 116 99 656 473 123 109 374 319 172 150 112 91 October 83 68 81 70 113 104 562 457 120 107 364 322 165 147 111 89 November.. 80 80 112 551 120 361 162 110 December.. 78 78 109 541 118 350 161 107 WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] United States (1926=100) England (1913-100) France (1913-100) Germany (1913=100) Month and year pr F o a d r u m cts Foods co O m it t i m h e e s o r d- * F o n o n d r s U p In ro d d u u st c r t i s al 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 l ct 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 h a t i r e n - i d d al I p n f r i d n o u i d s s h u tr e c i d t a s l products 1930—September... 85 89 83 124 111 562 551 114 108 116 148 October 83 89 82 121 109 562 543 109 108 114 147 November. __ 79 86 80 121 107 570 535 112 103 113 145 December 75 82 79 116 105 670 516 110 105 110 143 1931—January 74 80 78 113 104 :,-, 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 73 113 100 566 480 109 96 103 137 June 65 72 72 113 98 571 472 107 95 103 137 July — G5 73 72 110 98 541 465 105 97 103 136 August 64 74 72 108 95 528 452 103 96 102 136 September. .. 61 73 72 108 95 508 •"443 101 94 100 135 October 73 71 113 100 489 429 99 95 99 133 RETAIL FOOD PRICES COST OF LIVING United England France Germany 1 United England France Germany States (July, (July, (1913- States (July, Jan .-June, (1913- Month (1913=100) 1914=100) 1914=100) 14=100) i Month (1913=100) 1914=100) 1914-100) 14=100) * 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 January 155 133 157 138 124 132 150 134 January . ._ 166 153 152 140 February 153 127 154 136 121 132 148 131 February 164 152 150 139 M arch 150 126 150 134 120 131 145 130 , March 161 150 115 120 149 138 April 151 124 143 129 119 130 143 129 April 157 147 147 137 AT ay 150 121 140 129 120 129 142 130 May 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 A ugust 144 120 144 128 127 121 145 126 August 157 145 149 135 September 146 119 144 128 129 119 142 125 September 157 145 120 115 147 134 October 144 119 143 128 129 116 140 123 October 156 145 145 133 November 141 144 131 138 November . 157 144 December 137 141 132 135 December 161 155 121 142 i 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 Reichsanit; France—tor retail food prices, Statistique GenGrale, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1931 FEDERAL RESERVE BULLETIN 685 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PER- CENTAGES [Averages of daily figures. Amounts in thousands of dollars] Total cash reserves j Total deposits Federal res l e a r t v i e o n n » otes in circu- Reserve percentages Federal reserve bank 1931 1930 1931 I 1930 1931 1930 1931 i 1930 ! ! No b v e e r m-..I October No b v e e r m- No b v e e r m- QctoheT No b v e e r m- No b v e e r m- I j : No b v er e m- I j No b v e e r m- I j O b c e t r o - I N o b v e e r m- Boston ! 167,494 193,713 225, 524 149,463! 168,068 153, 565 148,293 151,150 128,697 79.9 New York 1,033,957 1,029, 5471,106,942 980,07511,086,201 1,044,787 496,742 ! 462,424 247,303 85.7 Philadelphia.... 270,785 255, 743 221, 303 145, 218! 149,688 142, 779 273,966 : 237, 722 120, 561 84.0 Cleveland i 304,063 296,647 307,106 175, 543 184, 740 196, 348 312,781 ! 289, 356 184,711 80.6 Richmond... : 86,528 79,335 96, 599 64,408 68,012 66,354 100, 062 ! 93, 325 70,512 70.6 Atlanta. ! 83,622 90,299 144,630 56, 815 59,907 61, 664 120,708 i 117, 472 122, 663 78.5 Chicago 575,027 586,793 409,837 312,647 331,243 348, 326 492,958 484, 239 143, 501 83.3 St. Louis 83,550 82, 219 116,071 72,412 73,154 77, 072 85,958 : 81, 546 73, 552 77.1 Minneapolis j 65,293 62,392 72, 614 51, 236 52, 299 53, 556 64,256 61, 325 48, 591 71.1 Kansas City __J 77,972 78,466 106,435 80,172 84, 204 87,966 80,381 ! 74,365 66, 371 69.0 Dallas i 53,908 53,474 58,066 56, 546 60, 582 61,108 50,922 48, 881 32, 950 61.7 San Francisco ' 213,459 211, 090 292,995 178, 339 178,060 194, 710 226,373 • 229,131 154, 930 83.8 Total ,3,015, 658 3,019, 7183,158,122 2,322,874 2,496,158 2,488, 235 [2,453,400 2,330,936 1,394,342 63.1 81.3 i Includes "Federal reserve notes of other Federal reserve banks" as follows: latest month, $17,359,000; month ago, $16,033,000; year ago, $16,752,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures for 3 months ending October 31,1931. In millions of dollars] Deposits subject to reserve Reserve held (net demand and time Indebtedness at Federal deposits; see following reserve banks page) Total Excess Federal reserve district Septem- Septem- Septem- October August ber October August ber October August ber October _ .. . .._. Boston . -. 2,269 , 2,261 2,210 141.0 142.7 3.0 5.0 19.6 8.9 8.1 17.0 New York _ 10, 228 10,146 9,853 999.9 1,015.8 919546., 13 43.9 62.5 62.6 48.1 50.9 152.9 Philadelphia 2,399 i 2,351 2. 206 143. 5 139.8 131. 5 3.3 2.7 3.1 18.6 31.7 89 3 Clpveland 3,131 i 2,997 2,690 187.2 178.6 159.9 2.8 3.6 3.9 25.0 35.8 78.5 Richmond 1,051 1,048 993 61.0 59.2 57.9 2.2 .1 1.7 18.5 22.7 35 1 Atlanta - . 875 ; 853 823 54.4 53.6 51.4 1.4 1.9 1.7 20.3 25. 3 35.5 Chicago 4, 302 4,181 3,934 332.8 327.9 306. 0 23.1 25. 2 19.8 15.9 24.0 50.3 St Louis - - 1,046 1,032 998 67.1 65.9 64.7 2.5 2.4 3.6 10.6 12.2 18.5 Minneapolis 824 819 798 47.6 47.6 46. 4 2.3 2.5 2.5 4.5 4.1 6.0 Kansas City 1,097 : 1,085 1,049 80.7 79.6 76.8 6.1 6.1 5.8 13.1 13.3 23 6 Dallas 746 ' 725 690 52.6 52.4 53.4 1.6 3.0 6.3 13.3 13.5 20.5 San Francisco 3,074 ; 3,003 2,894 177.5 169. 7 157. 2 8.4 5.1 -1.6 25.4 38.1 81.0 Total 31,041 30,500 29,138 2,345.4 2, 332. 7 2,255. 6 100.6 120.3 129.1 222.2 279.6 608.1 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 Federal reserve bank j Nov. 4 Nov. 11 Nov. 18 Nov. 25 D S N R S K B P C A C M a t h h i l o a e a t . i e n c l i w l i s n n a v c h L l l t s a n a F n a o e m o a s d e g n t l r Y s u a a a o a o e i n n o p n l s C d p c r d o i i k h l s t i i . c y s a . o . . . - . . . . 1 1 1 9 3 4 2 3 7 2 0 1 0 2 5 9 7 7 4 5 8 5 6 8 1 4 , , , , , , , , 1 , , , , 9 8 9 9 2 1 0 9 0 8 2 6 6 2 5 7 3 0 6 6 7 6 0 8 7 3 6 0 1 4 6 1 1 3 6 1 1 1 8 3 2 5 6 3 2 0 0 2 1 8 4 5 6 0 9 6 4 9 2 1 6 , , , , , , , , , , , , 1 2 3 6 0 3 5 0 2 2 2 6 4 4 3 7 8 8 1 7 3 0 0 6 5 9 5 1 7 5 2 8 0 1 9 2 1 1 8 6 3 2 3 5 2 9 2 0 0 0 8 5 9 2 1 5 1 4 5 9 7 , , , , , , , , , , , , 1 0 4 5 3 1 8 5 8 7 6 6 6 7 9 8 2 1 2 2 9 6 4 3 9 1 6 2 8 7 4 3 6 2 1 2 1 1 2 9 4 6 3 3 2 1 3 0 2 3 9 7 9 1 7 6 8 9 2 , , , , , , , , , , , 9 1 8 8 5 5 4 7 3 2 7 5 0 7 4 3 8 6 2 9 6 5 3 3 0 1 1 2 4 0 1 5 3 D A K S N C S M R P C B a t e h h a . i l o a t n i w e c l l i i n s n a L c v l h l t F s n a a n a o e m o a s Y d e r g t n l s u a a a a o o e o i n n p C l n s r d p c d o k i h i l t s i i y s c a . . o . . . . . _ - . . . Total.-. 705,224 683,764 662,041 686,401 Total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN DECEMBER, 1931 NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS [Averages of daily figures. In millions of dollars] Total (all member banks) Larger centers (places over 15,000) Smaller centers (places under 15,000) Federal reserve district Net demand Time Net demand Time Net demand Time October Sep b t e e r m- October Se^m" October Sep b t e e r m- October Sep b t e e r m- October Septem- October Sep b t e e r m- Boston . 1,228 1,251 982 1,010 1,125 1,146 824 851 103 104 158 159 New York 7,033 7,166 2,821 2,980 6, 767 6,887 2,258 2,400 266 279 563 580 Philadelphia . 1,081 1,149 1,125 1, 202 906 966 688 750 175 183 437 452 Cleveland 1,239 1,405 1,451 j 1,593 1,070 1,231 1,152 1,288 169 173 300 305 Richmond __ 480 496 513 1 552 381 393 328 355 99 103 185 JL97 Atlanta 436 454 387 399 368 382 310 319 69 71 77 80 Chicago 2,143 2,266 1,791 1,915 1,952 2,065 1,486 1, 593 191 201 305 322 St. Louis --_ 535 558 462 474 429 447 345 354 107 110 117 120 Minneapolis 371 381 427 437 241 249 201 205 130 132 226 232 Kansas City _. _ 679 704 370 381 470 485 233 242 210 219 137 139 Dallas 487 509 203 216 331 347 168 179 157 162 34 37 San Francisco 1,146 1,188 1,748 ; 1,815 1,011 1,049 1, 618 1,682 135 139 131 133 Total 16,859 17, 525 12,279 12,974 15,048 15, 648 9,609 10, 218 1,811 1,878 2,670 2,757 NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY [Amounts due from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars] Federal Reserve District Call date Total Bostonj Y N o e r w ki d P e h lp il h a i - a C la le n v d e - I i m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - ; K C an it s y as F c S i r s a a c n n o - 1928—Oct 3 452,478 32,943 63, 933 37,688 47, 465 23,150 25,055 79,862 19,136 17, 593 28,737• 25,923 50,993 Dec. 31... 509, 786 48, 227 70, 991 43,812 55. 529 23, 268 29,119 83,164 20,734 18, 686 29, 582 26,887 59,787 1929—Mar. 27... 391, 495 36, 147 56,145 31, 320 39, 303 15, 598 26,885 62,120 17,402 14,855 25,124 22,102 44,494 June 29... 438,933 36, 654 56, 784 39, 676 39,098 21, 758 26, 452 72, 700 18, 999 16,523 26, 712I 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, 222i 26,109 47, 344 Dec. 31... 519,107 82, 262 72, 538 41, 553 41,210 23,111 28,182 62,965 18, 303 16,154 27,972: 27,781 77,076 1930—Mar. 27... 462, 976 33, 884 60, 281 35, 251 47, 833 19, 656 30, 831 82, 790 22, 385 14,180 35,341 ! 28,191 52, 353 June 30__. 552, 394 40,854 81,924 37, 854 65, 419 21, 293 33,838 96, 321 26, 486 17,596 42, 345| 31,339 57,125 Sept. 24... 585,847 45,131 78, 380 49, 361 61,230 23,976 28,453 106,160 26,663 23, 587 52,047 I 31,072 59,787 Dec. 31 641, 271 '• 77,082 92, 706 45, 703 62, 796 27, 064 34, 777 116, 899 33,112 23, 814 33, 487i 25,012 68,819 1931—Mar. 25... 771, 795 67,353 107,124 105,737 87,916 33,244 44,716 127,354 43, 834 25,268 39,007 29,219 61,023 June 30... 649,709 55.569 104,866 72,076 55,267 34, 351 41,436 126,268 22,759 24,120 I32,781 ; 24,289 65.927 Sept. 29.. 533,001 59, 361 72,781 31.840 68,677 21, 730 19, 237 124, 596 19,625 18,980 i26,276 | 22,586 47, 312 1 Due from banks in New York City as reported by member banks located in New York district but outside New York City. Back figures.—Not available. INTERBANK LOANS: MEMBER BANK LOANS TO BANKS [In thousands of dollars. Back figures not available] Federal Reserve District Total- Call date all m b e a m nk b s er Boston: Y N o e r w k P p d h h e i l i l - a a- C a 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 - 1928—Oct S.- 547,795 13,891 292,837 37,003 20,084 24,688 30,792 61,799 27,094 7,989 15,919 6,752 8,947 Dec. 31. 537,501 16,040 294,865 38,502 27,768 15,033 22,018 73,477 14,519 7,437 18,231 3,399 6,212 1929—Mar. 27. 548,152 21,186 260,622 49,201 33,249 17,155 23,386 15,622 7,601 17,447 4,519 9,380 June 29. 670, 277 25,178 321, 628 47, 681 35, 494 27, 719 34,107 96,922 27, 767 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 T>2,732 34.932 19,283 26,702 94,520 22,678 6,351 21,681 6,953 11,929 June. 30 535,307 26,509 199,925 49,173 30,825 24, 230 32,551 81,513 33,481 8,384 27, 630 11,296 9,790 Sept 24. 465,793 26,572 172,685 26,711 28,478 23,541 33,307 68,425 38,622 7,249 21,936 10,909 7,458 Dec. 31. 630,545 26, 674 288,276 £?, 849 42,802 24, 438 27,478 28,308 7,284 23,442 7,988 8,110 1931—Mar. 25. 446,274 18, 779 157,530 46, 237 32,846 18,374 21,060 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 8,660 22, 707 8,608 8,213 Sept. 29. 16,901 264,420 47, 076 49, 545 19, 081 25, 009 102,193 24, 022 8,549 19, 739 10,376 11,619 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

687 DECEMBEB, 1931 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS [Exclusive of loans to banks. In millions of dollars] Federal Reserve District Call date Total Boston C l l a e n ve d - m Ri o c n h d - l A a t nt - a C ca h g i o - L S ou t. is n M o ea l i i n p s - - Ka C n it s y as Dallas F c S r i a a s n c n o - LOANS TO CUSTOMERS All member banks: 1929—Oct. 4 23,249 1,751 7,132 1,774 2,255 920 810 3,640 926 541 748 673 2,078 Dec. 31 .... 23,193 1,703 7,231 1, 750 !2,296 920 796 3,555 883 515 735 651 2,161 1930—Mar. 27 21, 494 1,615 6,503 1,697 2,209 850 747 3,265 830 483 684 612 2,000 June 30 21, 565 1,616 6,512 1,715 2,216 836 724 3,351 810 475 681 615 2,015 Sept. 24 21, 010 1,555 6,392 1,672 2,153 824 703 3, 206 796 476 659 616 1,957 Dec. 31 21,007 1,534 6,428 1,654 2,182 801 678 3,182 708 461 667 576 2,136 1931—Mar. 25 19,940 1,467 6,051 1,596 2,127 775 635 2,956 676 463 626 558 2,009 June 30 19, 257 1,419 6,833 1,568 2,061 751 614 2,782 654 | 444 605 545 1,981 Sept. 29 18, 713 1,410 5,746 1,535 1,948 736 602 2,669 637 j 431 579 613 1,905 Reserve city banks: * 1929—Oct. 4 14, 622 775 5,269 786 1,265 330 428 2,633 557 230 430 332 1,688 Dec. 31 14,712 756 5,371 766 1,353 336 423 2,454 525 206 422 331 1,768 1930—Mar. 27 _ 13, 288 695 4,727 742 1,273 301 388 2,208 483 185 372 291 1,622 June 30 13,337 694 4,708 757 1,283 299 370 2,306 463 176 366 288 1,629 Sept. 24. 13,003 647 4,644 727 1,246 294 356 2,207 456 188 355 296 1,588 Dec. 31 13, 244 650 4,694 716 1,290 296 360 2,213 402 178 372 297 1,778 1931—Mar. 25 12,416 601 4,353 678 1,265 284 340 2,025 386 188 343 283 L, 668 June 30 11,939 665 4,164 661 1,240 272 325 1,927 362 173 328 274 L, 648 Sept. 29 11,694 585 4,150 647 1,169 266 322 1,877 352 171 314 252 1,589 Other banks: 1929—Oct. 4 8,628 976 I 1,863 990 590 383 1,107 369 312 318 342 391 Dec. 31... 8,482 947 1,860 984 | 943 584 372 1,100 358 309 313 319 393 1930—Mar. 27 8,206 920 ; 1,776 955 936 649 358 1,057 347 298 311 320 378 June 30 _ 8, 228 922 1,804 958 934 637 355 1,044 347 299 314 327 386 Sept. 24 8,007 908 j 1,747 945 | 907 530 348 1,000 340 288 304 320 370 Dec. 31... 7,762 884 j 1,734 938 i 893 505 318 969 306 285 296 280 356 1931—Mar. 25 7,524 866 | 1,698 918 ! 862 491 295 931 290 275 283 274 841 June 30 7,318 854 i 1,668 I 907 i 821 479 288 856 292 271 277 271 333 Sept. 29.— 7,018 825 1,596 779 470 280 792 286 260 265 261 316 OPEN-MARKET LOANS AND INVEST- ! MENTS I AH member banks: \ ! 1929—Oct. 4 _ : 12,024 : 863 ! 4,323 930 1,209 354 309 1,383 418 409 479 306 1,042 Dec. 31 ! 12,026 j 833 4,757 872 1,111 340 297 1,248 428 389 454 280 1,018 1930—Mar. 27 _j 13,034 i 934 ! 5, 072 921 1,210 354 334 1,477 462 407 460 288 ,114 June 30 i 13,555 i 949 ! 5,674 949 1,232 344 302 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._ j 13,222 j 950 I 5,307 1,023 1,194 329 284 1,538 417 382 456 238 1,104 1931—Mar. 25 | 14,342 1,015 ! 5,672 1,170 1,274 351 318 1,742 449 384 457 260 1,249 June 30 I 14,209 ; 1.019 j 5,666 1,171 1,285 373 323 1,604 465 474 250 1,193 Sept. 29-— j 13,762 j 1,005 5,504 1,158 1,205 382 333 1,467 447 466 253 1,160 Reserve city banks: i 1929— Oct. 4_ __j 6,917 . 315 3,120 288 695 143 145 778 175 100 255 136 767 Dec. 31 7,179 ! 301 3,615 263 649 142 135 681 192 95 241 113 752 1930—Mar. 27 ___ 8,062 ; 377 ! 3,849 307 746 152 155 900 229 108 246 141 853 June 30 8,688 378 ! 4,439 328 773 156 147 942 224 101 244 121 837 Sept. 24 9,121 : 411 i 4,285 416 898 170 163 1,126 235 100 284 128 906 Dec. 31 _ ! 8,527 4,119 407 761 145 140 995 213 103 266 121 868 1931—Mar. 25 J 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 ! 117 290 137 968 Sept. 29—- ! 9,040 4,302 512 789 188 178 235 | 113 280 137 936 Other banks: i 1929—Oct. 4 : 5,107 548 i 1,203 642 514 211 163 605 243 : 224 276 Dec. 31 _ ...i 4,847 532 i 1,142 609 462 19 7 162 667 237 ! 294 213 266 1930—Mar. 27 _j 4,972 557 I 1,223 614 464; 202 179 578 233 ! 299 214 261 June 30 _; 4,867 572 j 1,235 621 459j 188 156 559 221 287 199 248 Sept, 24 ..: 4,875 591 ! 1,243 622 450I 188 153 566 219 i 289 196 244 Dec. 31 J 4,696 562 1,189 616 4331 184 144 543 204 ! 279 190 236 1931— J S M u e n p a e r t . . 3 2 2 0 9 5 . i ' 4 4 4 , , , 7 6 7 2 9 0 2 0 8 6 5 8 8 1 9 1 1 1 , , , 1 2 2 8 0 0 8 8 2 6 6 2 2 1 7 4 4 41 2 1 6 2 2 ! ! 1 1 1 8 8 9 9 7 4 1 1 1 5 4 5 5 7 0 5 51 4 1 9 2 2 2 0 1 1 6 2 2 2 2 2 7 8 6 1 1 8 1 1 1 8 8 8 7 5 5 2 2 2 2 2 2 7 4 5 * 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. 53 (pp. 12-17). Back flaunt.—See Annual Report for 1929 (Table 93). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN DECEMBER, 1931 BANK SUSPENSIONS, BY DISTRICTS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank, Figures of suspensions inelude banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) ]Slumber Deposi o ts f d ( o in ll ar th s) ousands Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - All banks National State m N b e e o m r n s - - ba A n l k l s M be e r m s » - m N b e e o m r n s - - ba A n l k l s M be e r m s^ - m N b e e o m r n s - - Jan.-Nov., 1931: 7 7 16,553 16,553 2 2 5,206 5,206 New York 52 23 8 21 121,369 35,872 51,255 34,242 3 2 1 24,423 21, 740 2,683 Philadplnhiq 93 22 6 65 149,965 18,772 8,706 122,487 1 1 239 239 Cleveland 165 43 15 107 399,162 121, 752 104, 710 172, 700 3 3 1,296 1,296 Richmond 164 35 5 124 93,044 26, 761 5,024 61,259 52 4 48 19,321 6,044 13,277 Atlanta 117 24 5 88 47, 059 23,470 1,817 21, 772 12 2 10 9,144 5,481 3,663 Chicago 536 63 28 445 393, 617 79,541 89,822 224,254 30 1 29 19,320 7,502 11,818 St. Louis 210 28 8 174 59, 403 18,088 4,262 37,053 95 11 84 44,416 9,577 34,839 Minneapolis 254 43 1 210 57,047 11, 937 496 44,614 20 2 18 5,971 1,269 4,702 192 17 175 46,345 8,143 38, 202 12 12 3,273 3,273 Dallas 87 32 8 47 53, 604 23, 671 12, 775 17,158 12 5 7 3,670 1,535 2,135 San Francisco 55 15 6 34 30, 954 13, 719 2,547 14, 688 Total.. 1,932 345 90 1,497 1,468,122 381,726 281,414 804,982 242 28 214 136,279 53,387 82,892 November, 1931: Boston 6 1 5 6,015 2,184 3,831 4 2 1 1 3,090 2,276 510 304 Cl«v^l«uu1 ^ 9 4 1 4 10,397 3,364 2,588 4,445 2 2 884 884 Richmond _ _ __ 11 3 1 7 12,188 6,379 354 5,455 5 1 4 4,649 2,152 2,497 Atlanta 15 3 12 8,063 4,976 3,087 32 2 30 12,614 1,841 10, 773 3 3 678 678 St Louis 29 6 3 20 10,094 4,679 2,251 3,164 1 1 125 125 19 5 14 4,639 1,099 3,540 3 2 1 1,419 1,269 150 28 3 25 7,721 1,722 5,999 3 3 1,627 1,627 Dallas 10 2 1 7 5,017 2,577 447 1,993 3 1 2 565 263 302 San Francisco -.- 6 3 1 2 3,571 3,243 224 104 Total 169 34 8 127 83, 409 34,340 6,374 42,695 20 4 16 9,947 3,684 6,263 1 Represents national banks only, except as follows: January-November, 1 State member in New York district with deposits of $18,801,000; 1 State member in Richmond district with deposits of $2,152,000; 3 State members in St. Louis district with deposits of $6,313,000 and 1 State member in Minneapolis district with deposits of $496,000. November, 1 State member in Richmond district with deposits of $2,152,000 and 1 State member in Minneapolis district with deposits of $496,000. Back figures.—TOT district figures back to 1921 see BULLETIN for February, 1931; also Annual Reports for 1930 (Table 117), 1929 (Table 111). 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) [In millions of dollars. Includes all Government securities held except those pledged against national bank note circulationl Federal Rest;rve 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 la le 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 Sept. 29_ 7,933 498 3,041 517 669 249 249 919 265 261 362 244 660 INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS [In millions of dollars] Total- Federal Reserve District Date m b n e a m o n n k b - s er Boston Y N o e r w k P p d h h e i l i l - a a- C la le 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 - 1928—Dec. 31 350 17 43 54 34 25 21 71 43 8 12 2 20 1929— Mar 27 354 24 43 55 37 31 26 71 34 6 7 4 15 June 29 . .. 399 25 35 58 40 43 32 79 39 9 13 8 18 Oct. 4 363 23 29 68 10 46 33 77 39 8 3 6 20 Dec. 31 359 30 21 81 55 28 23 58 24 10 15 4 11 1930—Mar. 27 _ 287 19 16 61 34 29 18 44 32 6 10 5 12 June 30 . - 287 17 15 51 28 31 35 38 30 8 15 9 12 Sept. 24 247 15 10 29 22 34 33 31 32 8 11 10 11 Dec 31 - - 269 17 15 56 37 25 20 42 23 7 13 4 9 1931—Mar. 25 — — 242 15 16 47 33 23 15 38 24 7 10 5 9 June 30 234 11 17 51 27 21 14 42 19 8 10 6 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1931 FEDERAL RESERVE BULLETIN 689 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Total Bos- New P d h e i l l - a- Cleve-I Rich, ton York phia land Loans and investments: ] N N o o v v . . 4 11 2 2 1 1 , , 0 1 3 4 3 7 1 1 , , 4 40 0 1 1 8 8 , , 4 3 5 8 4 1 1,262 i 2,072 Nov. 18 21,002 1,389 | 8,398 1,250 ! 2,062 Nov. 25- - 20,908 1,378 | 8,357 1,232 i 2,052 Loans: 1, 224 i 2, 035 Nov. 4 13,510 916 5,285 769 ; 1,317 Nov. 11 13,421 922 5,209 759 1,312 Nov. 18 --. 13,442 914 5,258 749 1,304 Nov. 25. 13, 405 5, 266 746 1,299 On securities— Nov. 4 _.- -- 5,867 337 2,613 396 Nov. 11 5,848 336 2,597 391 Nov. 18 5,889 333 2,624 387 Nov. 25 5,831 | 332 ! 2,581 381 All other— Nov. 4 7,643 ' 579 2,672 373 Nov. 11 — 7,573 586 2,612 368 Nov. 18 7,553 581 2,634 362 | Nov. 25 7,574 567 2, 685 365 ! Investments: Nov. 4 7,637 485 3,169 493 ! Nov. 11 7,612 479 3,172 491 ! Nov. 18 -. 7,560 475 3,140 483 | Nov. 25 7,503 479 J 3,091 478 ! U. S. Government securities— Nov. 4 4,108 231 1,876 i. 197 j Nov. 11_ 4,099 229 I 1,885 i 197 i Nov. 18 4,064 229 I 1,854 i 190 I Nov. 25 4, 017 234 1,813 ; 189 ! All other— i Nov. 4 3,529 i 254 1,293 ! 296 I Nov. 11 -. 3,513 ! 250 1,287 ! 294 : Nov. 18... 3,496 246 1,286 j 293 I Nov. 25 3,486 245 1,278 i 289 Reserves with Federal reserve bank: Nov. 4 1,605 93 783 : 74 ! Nov. 11 1,583 95 776 j 76 Nov. 18 1,608 89 786 77 ; Nov. 25 r 1, 614 86 801 75 | Cash in vault: Nov. 4 _ 264 16 76 20 : Nov. 11 254 17 67 17 Nov. 18 238 17 61 15 : Nov. 25 245 16 68 17 I Net demand deposits: Nov. 4 12, 343 817 5,922 695 Nov. 11 12,287 817 5,855 692 ! Nov. 18. 12,279 803 5,862 685 ; Nov. 25 12, 206 778 5,853 682 Time deposits: Nov. 4 6,297 478 1,397 319 Nov. 11 6,256 474 1,388 307 i Nov. 18 6,241 476 1,396 299 Nov. 25 ' 6,211 478 1,392 293 . Government deposits: i Nov. 4 i 129 5 44 14 ! Nov. 11 : 89 4 30 10 Nov. 18 89 4 30 10 ; Nov. 25 71 3 23 Due from banks: Nov. 4 ! 1,043 86 116 73 Nov. 11 i 1,057 70 115 73 Nov. 18 I 1,020 69 97 71 Nov. 25 j 952 63 94 64 Due to banks: j Nov. 4__ 1 2,654 137 1,050 168 I Nov. 11 l 2,626 127 1,034 157 i Nov. 18 - 2,543 120 952 159 i Nov. 25 i 2,452 115 942 151 ! Borrowings from Federal re- ; | serve banks: j Nov.4 ' 428 | 6 57 55 | 18 31 j 49 Nov. 11 ; '406 l| 8 51 59 | 18 32 ' 43 Nov. 18 i 385 jj 10 49 59 : 19 32 34 Nov. 25 397 ij 12 53 59 i 18 29 i 40 p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN DECEMBER, 1931 FEDERAL RESERVE BANK DISCOUNT RATES [Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1930 (Table 33)] Federal reserve bank Date effective Boston Y N o e r w k Ph p il h a i d a e l-; l C la le n v d e- m Ri o c n h d - Atlanta ! Chicago St. Louis M ap in ol n is e- K^CPit+y sa s | DXJaa llaaos F c S i r s a a c n n o - S In e p e t f . f e 0 ct Sept. 1,1930. 3 2V2 VA VA 3/^' 3/^2' 3J^ 3H 4 VA 4 m Sept 12 3H Dec. 24 2 Dec. 29 3 Jan. 2,1931 2M jan 8 3 Jan 9 3 Jan.10 - - - -- _i . -.1 3 3 May 7 2 m 3 May 8 3 May 9 2V£ May 15 3 May 21 3 May 22 2H Oct. 9 2H Oct. 10_- 2H 3 Oct. 16 - - 3H.I zir Oct. 17 — VA 3M Oct. 20_- 4 Oct. 21 _.- 4 VA Oct 22 3M 3J// Oct. 23 _ ! /2 3H Oct 24 ! 33^ 1 Nov. 14 ~VA 1 1 — In effect Dec. 1,1931. 4 | VA 3^| 334 3H 3K 4 VA 1 1 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Interbank ioans Federal reserve bank or branch city Boston New York Buffalo Philadelphia Cleveland Cincinnati Pittsburgh Richmond Baltimore Charlotte. Atlanta. Birmingham. Jacksonville Nashville New Orleans Chicago Detroit St. Louis... Little Rock Louisville .. Minneapolis. _ i 4 Helena • 6 Kansas City j 4^-5 Denver Oklahoma City ; 53^-6 Omaha ! 5 -hxA Dallas 4H-6 El Paso : 6 -S Houston... J 534-6 San Antonio 5 -7 San Francisco 4; _ Los Angeles 534-6 Portland 5 -7 Salt Lake City i Seattle j 53^-6 Spokane ' 6 NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during «he wTeek ending 15th of month. Rates from 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

DECEMBER, 1931 FEDERAL RESERVE BULLETIN 691 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 cit b ie e s r Septem- Federal reserve district October ber October Septem- October ber October Boston 2,926 12,380 5,484 New York 32,133 21,022 34,029 N Bo ew st o Y n ork.._ __. 1 2 0 4 1 , , 1 3 2 4 6 5 8 2 9 1 , , 2 7 6 5 4 4 2 95 7f , 9 4 3 9 2 0 P C h le i v la e d la e n lp d hia.. 3 5 , , 6 4 8 0 4 5 4 2 , , 4 9 4 0 1 7 1 6 4 , , 8 09 6 6 6 Philadelphia 23,066 14,351 16,202 Richmond 4,019 4,868 6,454 Cleveland 13,159 19,342 41,342 Atlanta 1,763 2,067 3,501 Richmond... 23,342 20, 573 25, 569 Chicago 4,488 7,601 15, 299 Atlanta _ 11,961 13, 722 12,488 St. Louis 1,708 1,941 1,765 Chicago 18,606 33,361 52,622 Minneapolis.. 1,306 2,418 2,076 St. Louis. 7,538 11, 791 31,705 Kansas City.. 3,194 2,573 9,018 Minneapolis 5,754 8,396 6,347 Dallas 3,163 2,171 4,712 Kansas City 4,822 9,204 17,003 San Francisco 20 8,545 8,026 14,914 Dallas 8,376 9,351 10,602 Total.. 168 72,334 72,416 I 118,215 Total (11 districts) 242,094 251, 110 337,301 BANK DEBITS COMMERCIAL FAILURES [Debits to individual accounts. In millions of dollars] [Amounts in thousands of dollars; figures reported by R. G. Dun Co. 1931 1930 Number Liabilities Number of Federal reserve district i 1931 1930 1931 1930 centers October I Se October L I Octo- ! Sep- Octo- i Octo- j Sep- Octo- New York City '• 1 20, 678 20,073 ! 30, 781 j ber tember ber ! ber i tember ber Outside New York City j 140 18,124 16,627 : 23,679 Federal reserve district: ! Boston 187 143 177 4,406 2,183 4,996 Boston ; 2,344 1,751 2,767 New York 403 335 458 16,496 7,293 18,587 New York ! 21,402 20,713 I 31,635 Philadelphia .. 165 113 122 8,924 2,694 3,797 Philadelphia. j 1,879 1,710 2,246 Cleveland 255 i 165 185 10,554 4,314 3,476 Cleveland ! 1,960 1,863 I 2,653 Richmond 92 ! 102 121 1,365 2,741 1,431 Richmond i 664 610 805 Atlanta 131 111 100 2,891 I 1,592 3,048 Atlanta ! 740 | 1,047 Chicago 353 315 337 14,670 j7,501 8,136 Chicago : 4,273 i 4,163 5,956 St. Louis 126 102 118 2,498 I 2,622 3,506 St. Louis j 855 I 790 I 1,106 Minneapolis... 108 53 50 1,493 1,858 418 Minneapolis i 555 I 529 i 761 Kansas City... 125 128 129 1,055 I3,324 1,400 Kansas City 959 913 1,388 Dallas 130 93 51 1,930 j 2,230 840 Dallas : 568 472 ' 694 San Francisco. 287 276 276 4,377 8,905 6,661 San Francisco : 2,495 2,447 | 3,404 Total I 2,362 ; 1, 2,124 ; 70,660 47,256 56, 297 Total i 38, 802 36,700 i 54,460 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN DECEMBER, 1931 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for November 11 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district ti P o r n o , d 1 u 9 c 3 - 0 N E o s v t . i m 1, a 1 t 9 e 3 , 1 t P io r n o , d 1 u 9 c 3 - 0 N E o s v t . i m 1, a 1 t 9 e 3 , 1 t P io r n o , d 1 u 9 c 3 - 0 E N st 1 o i 9 m v 3 . a 1 1 te , , t P io r n o , d 1 u 9 c 3 - 0 N E o s v t . i m 1, a 1 t 9 e 3 , 1 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston _ _ _ 7,919 8 433 86 84 86 84 New York 20,222 26, 364 5,031 5,816 4,861 5,636 170 180 Philadelphia 25, 969 56, 378 20,418 19. 805 20,248 19, 618 170 187 Cleveland _ _ _ 106, 417 212, 621 33,311 57, 685 32, 929 57, 213 382 472 Richmond 107, 542 175, 002 26, 662 31, 231 26, 662 31, 231 Atlanta 124, 415 184 852 2,563 4,798 2,563 4 798 Chicago - - 731, 749 901,038 63, 737 78.054 59, 447 74, 680 4 290 3 374 St Louis 183,254 399,923 44,241 65, 546 43,819 65, 264 422 282 Minneapolis _ _ _ 253, 740 177, 661 204.044 84,460 11, 768 8,590 192, 276 75, 870 Kansas City 427,107 394,421 311, 774 381,060 300, 633 376,038 11 141 5 022 Dallas 96, 478 128, 584 34, 383 60, 581 34, 240 60,388 143 193 San Francisco 8,740 9,092 117,180 ' 95,166 75,098 71, 724 42,082 23,442 Total 2,093, 552 2, 674,369 863,430 884,286 612, 268 775,180 251,162 109,106 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, tion, 1930 Nov. 1, 1931 tion, 1930 Nov. 1, 1931 tion, 1930 Nov. 1,1931 tion, 1930 Nov. 1,1931 tion, 1930 Nov. 1,1931 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,969 7,094 4,182 4,183 43,479 39,155 55,268 59 268 New York 38,993 27,817 5,526 6,360 1,081 1,333 27, 710 35, 352 Philadelphia 21,984 19, 216 2.361 2,662 39, 372 57, 772 18, 804 25 163 Cleveland 77,746 75, 111 3,605 5,589 157, 416 192, 905 15, 619 19,837 Richmond _ _ _ _ 22,338 29, 713 2,194 3,657 816,106 716,905 30,482 34,940 1,818 1,832 Atlanta 10,764 17, 253 1,937 2,809 215, 681 173,128 11,350 15,888 3,713 3,570 Chicago 565,861 479, 627 15, 881 14, 998 52, 685 49, 340 37,118 51,823 St. Louis 55, 262 67, 943 5,033 6,889 306,070 407,512 12, 724 13,280 2 2, 289 3 3,684 Minneapolis 314,479 179, 610 10,428 9,216 6,049 5,598 39, 650 48, 927 Kansas City . _ 171.858 166, 728 10, 914 9,107 3,498 4,327 38, 398 25, 441 860 1,278 Dallas 42,034 80,104 901 1 130 5 929 6 632 4 849 6 247 San Francisco 28, 764 23, 783 14, 888 12, 692 50,184 45, 774 403 292 Total 1, 358,052 1,173, 999 77, 850 79, 292 1, 641,437 1, 647,975 343, 236 382, 325 13, 932 16, 903 1 Figures for spring wheat, oats, and tame hay, from estimates for Oct. 1; for winter wheat, from Aug. 1; no estimates made for Nov. 1. 2 Includes 7,000 bales grown in miscellaneous territory each year. 3 Includes 8,000 bales grown in miscellaneous territory each year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

693 DECEMBER, 1931 FEDERAL RESERVE BULLETIN DETAILED FEDERAL RESERVE, STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT fin thousands of dollars] 1931 1930 Nov. 30 Oct. 31 Nov. 30 RESOURCES Gold with Federal reserve agents 1, 734, 676 1, 552, 076 1, 592, 356 Gold redemption fund with United States Treasury 70, 082 70, 561 35, 334 Gold held exclusivelv against Federal reserve notes - - 1, 804, 758 1, 622, 637 1, 627, 690 Gold settlement fund with Federal Reserve Board 366, 547 372, 556 472, 009 Gold and gold certificates held by banks ___ 747,166 751,144 881,169 Total gold reserves 2,918,471 2, 746, 337 2, 980, 868 Reserves other than gold... ._ 161,855 , 156, 738 J 33, 887 Total reserves 3,080,326 2, 903, 075 3,114, 755 Nonreserve cash . _ _ 62,889 ' 60,446 51, 302 Bills discounted ! 718, 265 728, 203 274, 596 Bills bought: Outright2 _. _ _ 445, 507 677, 018 166, 863 Under resale agreement _ 6,205 3,746 7,710 Total bills bought 451, 712 680, 764 174, 573 United States securities: Bought outright 717, 031 727,175 599, 286 Under resale agreement _ __ . Total United States securities 717, 031 727,175 599, 286 Other reserve bank credit: Other securities 30, 227 30,183 6,358 Due from foreign banks - -- - - - - 8 724 9 297 707 Reserve bank float3 _._ _ 4,939 8,777 23, 080 Total reserve bank credit outstanding __ .._ 1, 930,898 2,184, 399 1, 078, 600 Federal reserve notes of other reserve banks 15,182 16, 570 13, 571 Uncollected items not included in float .. .. 390, 861 398, 466 546, 756 Bank premises . 59, 475 59, 390 59, 702 All other resources _ _ 41, 055 43, 470 21, 420 Total resources 5, 580,686 5, 665, 816 4, 889,106 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 15,182 16, 570 13, 571 Outside Federal reserve banks. 2, 464, 518 2,412,424 1,441, 684 Total notes in circulation .... 2, 479, 700 2, 428, 994 1, 455, 255 Deposits: Member bank—reserve account _ 2, 050, 596 2,167, 422 2, 373, 260 Government ._ ._ „ _ _ _____„ 31 765 31 570 23 347 Foreign bank. ._ 142 665 150 077 5 552 Other deposits 27, 437 30, 633 19, 520 Total deposits 2, 252,463 2, 379, 702 2,421, 679 Deferred availability items _ 390, 861 398, 466 546, 756 Capital paid in ,. 163, 593 164, 548 170, 467 Surplus ._ ___ ___ . _ _ 274 636 274 636 276 936 All other liabilities _ . . 19,433 19, 470 18, 013 Total liabilities. __ _ 5, 580, 686 5, 665, 816 4, 889,106 Contingent liability on bills purchased for foreign correspondents.- 126, 389 99, 333 428. 842 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks bv Federal reserve agents 2, 773, 021 2, 745, 763 1, 851. 749 Held by Federal reserve banks«_.*_ 293, 321 316, 769 396,494 In actual circulation _ 2, 479, 700 2, 428, 994 1, 455, 255 Collateral held by agents as security for notes issued to banks: Gold 1, 734, 676 1, 552, 076 1, 592, 356 Eligible paper 1,107,313 1, 348, 626 400, 051 Total collateral 2,841,989 2, 900, 702 1, 992, 407 1 Includes bills discounted for Federal intermediate credit banks as follows: Latest month $11,320,000, month ago $9,073,000; year ago $1,111,000 and notes secured by adjusted-service certificates discounted for nonmember banks as follows: Latest month, $488,000, month ago, $550,000: year ago, $41,000. 2 Includes bills payable in foreign currencies as follows: Latest month, $33,386,000; month ago, $33,501,000; year ago, $31,587,000. 3 Uncollected items in excess of deferred availability items. * Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN DECEMBER, 1931 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, NOVEMBER 30, 1931 [In thousands of dollars] | Total Boston Y N o e r w k i I d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - AtlantaiChic< go L S ou t. is M ap i o n l n is e- K C an it s y as j Dallas F c b r is a a c n n o - RESOURCES Gold with Federal reserve agents 1,734, 676 91, 627 372,336 200,000 216,470 54,170 53,150 448,140 44, 205 45, 835 41,680! 27,300 139, 763 Gold redemption fund with i U. S. Treasury 70,082 4, 805 16,972 6,375 7,550 2,800 4, 362 9, 678J 2,398 1,312 8,783 3,134! 1,913 Gold held exclusively against Federal reserve notes 1,804,758 96,432 389,308; 206,375 224,020 56,97o! 57, 512; 457,818! 46,603 47,147 44,814 29,213 148, 546 Gold settlement fund with I Federal Reserve Board 366,547 9,245 141,950 16,418 60,306 12,40f)| 4,629! 31,368 9,351 8,997 22,935; 12, 830 36,113 Gold and gold certificates held by banks 747,166 33,611 511,321 35,61O| 22,772 6,314 9, 7511 63,041 14, 855 7,006 11,905 3,820 27,160 Total gold reserves 2, 918, 471 139,288 1,042,579 258,403! 307,098 75,689 71,892' 552,227 70, 809 63,150 79, 654 45,863! 211,819 Reserves other than gold 161,855 19,943 32,818| ll,968j 12,887 8,051 6,145! 28,388 12,432 4,873 8,250; 8,0751 8,025 Total reserves- 3,080,326 159,2311 1,075,397 270,371| 319,985 83, 7-10 78,037 580,6151 83,241 68,0231 87,904 i 53,938| 219,844 Nonreserve cash 62, 889 11,0341 16,536 3, 2841 2,525 2,997 3, 571 9,459] 2, 8(,9 1,7391 1,654: 2,563j 4,658 Bills discounted: Secured by U. S. Government obligations 365, 324 22,487 i 74,9501 46,997 49,389 13,954 15,616' 56,080: 15,531 1,056 8,644! 4,677 55, 943 Other bills discounted 352, 941 12,5021 48,277j 60,437 46,270 27,972 40,594 20,144| 11,917 7,154 23,132; 16,122 38,420 Total bills discounted... _ 718, 265 34,989! 123,227 107,434i 95,659 41,926 56,210; 76,224: 27,448 8,210 31,776! 20,799| 94,363 Bills bought 451,712 51,662I 121,094 5, 5621 29,162 15,052 28,663! 79,816 j 20,009 15,2961 25,615; 11, 851 j 47,930 U. S. Government securities: Bonds 316,478 23,2C0 107,045 22,510! 25,304 11,016 6,024; 52,929 11,299 15, 808 7, 649: 15, 750 j 17,884 Treasury notes 19,954 86| 379 3,472 97 42 2,431! 119 3,541 36 29; 29! 9,693 Certificates and bills 380,599 33,461 j 131,809 31,515 37,550 16,348 8,738: 46,429 16,011 12,104 11,281: 8, 853 j 20,500 Total U. S. Government securities 717,031 56, 807 j 239,233 57,497 j 62,951 27,406! 17,193; 99,477! 30,851 27,948 18,959 24,632j 54,077 Other securities 30,227 1,710! 13,225 7,835! 7001 600| 3,085j 630 782 •• 1,660 Total bills and securities. 1,917,235 145,168 496, 779 178,328 187,772 85,084 lG2,666i 25 78, 938 52, 236 76,350; 57,282 j 198,030 Due from foreign banks 8,724 692 3,171 913 884 350 315: 1,245] 25 17 254: 263j 595 Federal reserve notes of other banks 15,182 235 j 4,209 625 75500 1,452 1,086; 2,456; 1,290 693 1,082 308i 996 Uncollected items 395, 800 48,0401 109,531 34,215 37,2291 32,748! 9,8181 44,380! 15,199 9,285 20,421: 13,465 21,469 Bank premises . 59, 475 3, 458! 15, 240 2, 614' 77, 998888 3, 722 2, 573. 8,06l| 3,635 1,926 3,804 1,832! 4, 622 All other resources 41, 055 1,030! 15, 097 2, 0081 5, 541 2, 761 3,636' 1,6621 2. 519 1, 536 1, 361 2, 774J 1,130 Total resources ! 5, 580, 686 368,888; 1,735,960; 492, 358| 562,674 212, 8o4| 201,702 906, 480! 187, 716J 135,455J 192,830 132, 425J 451,344 LIABILITIES I Federal reserve notes in actual i circulation \ 2,479, 700 150,720: 519,530| 275,537; 312,44o[ 99,310! 120,474 497,481 86,306 65, 872 81, 058; 50,125! 220, 847 Deposits: ' Member bank—reserve ac- j I i ! Go c v ou er n n t ment I j 2,0 3 5 1 0 , . 5 7 9 6 6 5 124 1 , , 3 5 7 4 2 4 89 9 5 , , 0 6 6 0 0 3| 124 1, , 7 38 8 9 9;143 2 , , 8 1 5 5 4 5 5 3 4 , , 0 0 6 5 4 2 ' : 4 2 5 , , 0 7 2 8 3 4 28 2 0 , , 9 7 0 4 5 9 ^ , 59 2 , , 1 4 2 0 0 4 44 l, , 3 3 6 3 7 0 i ; 71 1 , , 9 2 8 0 2 1 ! 47 1 , . 0 7 1 6 7 8 1 ! 15 3 8 , , 3 5 1 1 1 8 Foreign bank 142, 665 11, 000' 44, 254 14, 520 14,813 ' 5,280 19,800; 5,133i 3, 3731 4, 253 i 4. 400j 9,973 Other deposits 27,437 42 10, 970 282 7,222 298| 91 i 809; 420 339i 243; 6,644 Total deposits 2, 252, 463 136, 958 959, 887 140,980: 168,044 63, 280! 53,178 304. 263 67, 077 49, 409 77, 513 53,428i 178,446 Deferred availability items 390, 861 47, 727i 105, 976 31, 483! 36, 565 31, 716! 9, 755: 44,109| 17,231! 9,201 20, 790 14, 996J 21, 312 Capital paid in 163, 593 11, 756; 63, 841 16, 706! 15,142 5, 503' 5,188! 18,109 4, 7221 2,962 4,184 4,142'' 11,338 Surplus 274, 636 21, 299| 80, 575 27, 065! 28, 971 i 12,114 10,8571 39, 936! 10, 562 7,144 8,702 18, 475 A11 other liabilities 19, 433 428 6,151 587: 1, 512: 931 2, 250 2, 582i 1, 8I81 867 583 798| 926 Total liabilities-,.. 5, 580,686 368, 888 1, 735, 960 492,358; 562,674' 212,854 201,702; 906,480; 187,716 135,455 192, 830 132,425! 451,344 Reserve ratio (per cent). 65.1 55.4' 72.7 64. 9! 51. 5 44. £ 72.4; 54. 3 59. 0 55.4 52. li 55.1 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F. R. bank by F. R. agent 2, 773,021 173, 767 564, 775 302,819; 337,459. 107.792 135,994! 576,159! 88,656 67, 408 92, 410 58,000 267, 782 Held by F. R. bank 293, 321 23, 047; 45, 245 27, 282 25.019 8, 482 15, 520] 78, 678) 2, 350 1,536 11, 352 7,875 46,935 In actual circulation 2, 479, 700 150, 720, 519, 530 275,537| 312,440] 99,310 120,474! 497,481i 86,306 65,872 81, 058 50,125 220,847 Collateral held by agent as security for notes issued to banks: Gold 1, 734, 676 91, 627 372, 336 200,000 216,470 54,170 53,150 448,140J 44, 205 45,835 41, 680 27,300 139, 763 Eligible paper 1,107,313 84,087, 213,023 105,298 121,413 55, 550 83,321 151,050 45, 035 21,958 55,7591 31,246 139, 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

695 DECEMBER, 1931 FEDERAL RESERVE BULLETIN 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] To in ta v l e l s o tm an e s n a ts nd Total W i d i n a t y h 1 s - 5 d 16 a 3 0 y t s o 3 d 1 6 a 0 y to s 6 d 1 a 9 y 0 to s m 91 t o o d n a 6 t y h s s m O o v n er t h 6 s Number of banks Amount Percent- (millions age dis- Bills discounted: of dollars)tribution Nov. 4 705, 224 503,065 45,789 98,030 42,670 14,077 1,593 Nov. 11 683, 764 486,659 49, 62795,123 35,556 15,129 1,670 All banks in the United States » _. 21,903 55,021 100 Nov. 18 662,041 474, 059 57,838 80,108 30,214 18,061 1,761 Nov. 25 686,401 496,31863,758 71,242 33,918 19,366 1,799 Member banks—total. 7,782 33,923 62 Bills bought in Reserve city banks (62 cities) 444 21,854 40 open market: Central reserve city banks: Nov. 4 642,033 122,03131837 129,0,, 216 93, 941 4,458 Ot N N C h h e e e w w r ic r a e Y Y g s o o o e r r r k v k e C C c i i i t t t y y y _ banks: _ I • 4 1 1 8 3 1 8 1, , 7 2 5 8 4 7 Cert N N N ifi o o o c v v v a . . . t e 2 1 1 s 5 8 1 and 5 5 4 9 7 ? 6 9 4 , , , 0 7 0 7 7 1 99 1 5 7 88 7 2 1 11 1 1,3 55 3, 2 5 8 5 8 7, , , , 8 22 2 1 33 9 7 66 3 1 1 1 1 , 5 6 33 5 9 0 9 , , , 33 3 9 6 4 6 1 4 8 4 , 2 2 1 1 , 5 62 6 9 5 2 9 , , 2 4 5 , 3 3 2 7 5 5 5 6 3 2 9 9 6 1 4 1 1 9 8 1 11 , 5 8 , 8 6 , 7 2 8 56 3 1 7 8 838 3 1 1 , , , 1 7 2 5 1 9 1 3 3 Chicago I 27 bills: Other Federal reserve bank j Nov. 4 383,662 28,836 48,868 106,375 13,024 121,044 65,515 cities (10 cities) j 104 5,789 Nov. 11 383,661 36,391 20,588 95,873 40,176 125,118 65,515 Federal reserve branch cities j Nov. 18 386,586 45,868 73,221 16,653 60, 286 125,044 65,514 (25 cities) _ ! 145 4.587 Nov. 25 390, 593 20, 58853, 223 15,152 88, 286 147,829 65, 515 Other reserve cities (25 cities)... j 96 1,291 j Municipal warrants: "Country" banks' j 7,338 12,068 Nov. 4 2,704 255 10 2,250 166 23 Nonmember banks I 14,121 21,099 Nov. 11 4,109 595 30 3,290 166 Nov. 18 4,209 655 270 3,1941 63 Includes national banks, State commercial banks and trust com- Nov. 25 4,379 750 250 3,265 panies, mutual and stock savings banks, and all private banks under State supervision. J Includes certain outlying banks in reserve cities. INDEX OF BUILDING CONTRACTS AWARDED KINDS OF MONEY IN CIRCULATION [Index numbers based on 3-month moving averages; 1923-1925=100] [End of month figures. In thousands of dollars] Without seasonal adjust* Adjusted for seasonal vament riation 1931 Resi- Resi- Kind of money Month Total dential All other Total dential All other Aug. 31 Sept. 30 Oct. 31 Nov. 30 P Gold coin 362,983 376,312 387, 051 381,254 193019311930 19311930 1931 193019311930 19311930 1931 Gold certificates 989,272 1, 036, 668 971,928 927,965 S T S S M U N F F i u t r e e n a l a i e b v d d n t i n a i t e s e e o o e d s i r r r r d d n u a a a c i l l a r r c a e y d S r l o r r r - e e t i y t b a n s n s i s f e a i t o e s i l e r n r c v t i s v e v l k a e v e s e t n r e e b n o o r s n d o a t f o o e n t t e l 1 s k e l s 8 a s 9 n r 0 s ote _ . s . . . 1,9 3 2 3 6 1 4 8 3 4 7 0 1 0 3 7 2 1 5 0 0 6 , , , , , , , , , 2 2 9 9 8 7 6 3 7 3 3 0 5 7 5 9 7 5 7 4 1 0 6 1 2 4 6 2, 6 3 2 2 1 0 3 7 7 4 8 9 1 2 9 2 3 1 2 4 9 7 , , , , , , , , , 2 8 6 1 1 0 6 7 5 3 5 9 8 7 5 1 0 7 6 7 1 1 5 2 1 6 5 2,4 2 6 2 3 1 1 8 7 3 5 9 1 3 7 1 1 2 6 1 9 6 , , , , , , , , , 5 8 2 6 6 8 5 4 2 3 6 6 5 0 3 5 5 6 3 5 1 6 6 1 9 9 6 2,4 3 2 2 6 1 6 8 3 7 9 5 1 6 3 3 1 2 1 4 4 7 , , , , , , , , , 2 2 8 4 0 8 2 6 7 3 7 5 4 3 6 9 2 0 2 3 2 7 7 8 9 8 1 J J J S A A M M F u u a e e u p n l a n a p b y g r r e u y i t r u c l a e u h . s r m . t a y . r b y e .- r _ .. i 1 1 1 1 1 8 8 7 1 0 0 1 2 5 9 8 6 2 7 3 5 6 5 5 8 3 9 I 46 1 1 1 1 1 1 1 1 1 0 2 6 7 0 4 5 5 1 4 6 6 8 8 1 5 6 5 ' 1 1 1 8 9 8 8 9 0 0 7 0 1 4 7 9 8 1 4 5 7 1 1 1 1 9 9 9 8 8 0 0 0 0 9 5 5 1 1 4 2 5 1 ' 1 1 8 8 9 9 8 8 8 0 0 2 0 3 6 5 4 1 4 0 Total 5,052,027 5, 246,064 5, 54 C, 016 5, 534, 557 October 52 94 71 78 75 November.. 46 86 76 December _...! 37 77 73 » Preliminary. MEMBERSHIP IN PAR-COLLECTION SYSTEM For description see FEDEKAL RESERVE BULLETIN for July, 1931, p. 358. r Revised. [Number of banks at end of October] RESERVE BANK CREDIT AND FACTORS IN Nonmember banks CHANGES (WEDNESDAY SERIES) Member banks [In millions of dollars] Federal reserve district On par list Not on par list 1931 1931 1930 1931 1930 1931 1930 Oct. Oct. Nov.Nov.Nov. Nov. 28 18 25 United States. 7,426 8,228 9,541 11,269 3,296 3,607 Boston 383 397 250 267 Bills discounted 717 705 684 662 686 New York 864 919 366 401 Bills bought 769 725 642 597 534 480 Philadelphia 725 754 373 458 United States securities 727 727 728 727 727 727 Cleveland 673 776 810 943 6 Other reserve bank credit 44 42 34 56 48 47 Richmond 420 484 448 546 408 496 Total reserve bank credit l 2,238 2,211 2,109 2,064 1,972 1, 941 Atlanta 356 408 158 206 809 886 Monetary gold stock 4,336 4,287 4,311 4,316 4,3704,409 Chicago 927 1,111 2,702 3,254 255 238 Treasury currency adjusted 1,774 1,761 1,767 1,746 1,7751,774 St. Louis - 488 548 1,297 1,523 423 483 Money in circulation 5,504 5,4 5, 5435, 5175,4715,479 Minneapolis 588 656 398 514 899 1,035 Member bank reserve balances. _ 2,276 2,229 2,122 2,099 2,124 2,117 Kansas City 836 878 1,692 1,955 211 187 Unexpended capital funds, non- Dallas . 625 708 483 583 226 213 member deposits, etc 569 550 522 540 522 527 San Francisco 541 589 564 619 59 60 i Averages of daily figures for weeks ending on Wednesday, as follows Figures cover all incorporated banks (other than mutual savings (in millions of dollars): Oct. 21, 2,278; Oct. 28, 2,232: Nov. 4, 2,174; Nov. 11, banks). 2,095; Nov. 18, 2,036; Nov. 25, 1,961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN DECEMBER, 1931 BANK SUSPENSIONS, BY STATES, DURING NOVEMBER, 1931 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened and are preliminary] Banks suspended Banks reopened Number Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) State Members Members ba A n l k l s Na- State m N b e o e m r n s - - ba A n l k l s ! Na- State m N b e e o m r n s - - ba A n l k l s ' M be e r m s i - m N b e e o m r n s - - ba A n l k l s M be e rs m l - m N b e e o m r n s - tional , tional New England: New Hampshire i "V ermont Massachusetts Rhode Island Connecticut i i Middle Atlantic: New York _ 2 2 2,456 2,456 | New Jersev 4 3 3, 559 2,184 1,375 Pennsylvania _ 5 3 ! 1 1 3,995 3,181 510 304 East North Central: Ohio 7 3 1 3 7,942 2,459 2,588 2, 895 1 1 250 250 Indiana 5 1 4 2,959 1,135 1, 824 2 2 448 448 I M lli i n ch o i i g s an 1 4 2 i 3 1 9 3 3 1 , , 7 4 6 7 4 6 1,0 7 6 0 2 6 2,7 7 0 7 2 0 1 1 230 1 230 Wisconsin 7 i 1 6 2,926 : 318 2,608 1 1 773 773 West North Central: Minnesota. 5 i 5 1,030 1,030 1 1 496 1 4fl« Iowa 10 ' 10 2,991 2,991 Missouri 16 14 4,975 2,535 2,440 1 1 125 '.. 125 North Dakota 7 2 5 1,923 473 1,450 South Dakota 3 ! 1 2 1,129 195 934 N K e a b n r s a a s s ka li 4 ; 2 1 4 5 5,0 6 9 8 0 2 1, 253 3,8 6 3 8 7 2 3 3 1,627 i| 1,627 South Atlantic: Delaware i Maryland 1 529 529 1 1 237 237 Dist of Columbia "Virginia ; West \ irginia 5 i 2 3 9,599 5,668 3,931 4 1 3 4,864 2,152 2,712 North Carolina 2 ! 1 1 808 711 97 South Carolina 3 1 2 1,252 354 898 1 1 182 182 Georgia 4 , 4 514 514 Florida 2 2 999 999 ! East South Central: Kentucky 2 : 2 1,749 1,749 Tennessee 3 2 1 1,542 1,360 182 I Alabama 4 4 389 389 Mississippi 4 2 2 5,125 4,698 427 West South Central: Arkansas 7 3 4 2,565 2,251 314 Louisiana 1 1,003 1,003 Oklahoma 3 3 916 916 Texas. _._ 8 ! 1 1 6 2,778 1,753 447 578 3 1 22 565 263 302 Mountain: Montana 2 1 1 165 113 52 1 1 150 150 Idaho 2 1 1 445 413 32 Wyoming 1 1 300 300 Colorado 1 1 469 469 New Mexico Arizona _ _ 2 1 1 2,239 824 1,415 Utah ij Nevada Pacific: Washington 3 2 1 3,054 2,830 224 Oregon ,j California 1 1 72 72 j| Total 169 34 8 127 83,409 34, 340 6,374 42,695 20 4 16 9,947 3,684 6,263 1 Represents 2 national banks with deposits of $1,036,000 and 2 State member banks with deposits of $2,648,000. 2 At the time of suspension these were State member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1931 FEDERAL RESERVE BULLETIN 697 BANK SUSPENSIONS, BY STATES, JANUARY 1 TO NOVEMBER 30, 1931 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary] Banks suspended Banks reopened Deposits (in thousands Number Deposits (in thousands of dollars) NTumbei of dollars) State Members Members ba A n l k l s ti N on a a - l State m N b e e o m r n s - - All banks National State r N a b e o e m r n s - - ba A n l k l s j b M e e rs m i - m N b e e o m r n s - - ba A n l k l s M be e rs m - i m N b e e o m r n s - - New England: Maine 1 1 743 743 New Hampshire Vermont __ Massachusetts- 4 , 4 14,983 14,983 1 1 2,426 2,426 Rhode Island _ Connecticut 2 > 2 827 827 2 -- 5,463 5,463 Middle Atlantic: New York 36 17 7 12 80,903 18,356 45,199 17, 348 1 1 18,801 18,801 New Jersey 28 12 2 14 49, 391 22,550 6,653 20,188 2 2 3,178 3,178 Pennsylvania 129 40 6 83 269,282 104,359 12,668 152,255 East North Central: Ohio 101 17 14 70 256, 959 27,876 100,151 128, 932 2 2 662 662 Indiana 84 7 2 75 60,403 10, 397 10, 823 39,183 16 16 5,214 5,214 Illinois 189 30 5 154 169,663 51,847 16,984 100,832 16 1 15 10,003 5,200 4,803 Michigan 92 12 19 61 81,923 10 744 32,103 39, 076 1 1 704 704 Wisconsin 47 6 41 23, 344 4,975 18, 369 10 1 9 4,723 773 3,950 West North Central: Minnesota 90 12 1 77 23, 717 4 367 496 18, 854 6 1 5 1,741 496 1,245 Iowa - 183 19 3 161 82,210 6,501 30, 051 45, 658 2 1 1 7,710 7, 502 208 Missouri 105 11 1 93 21, 522 5,724 1,157 14, 641 8 1 7 1,629 166 1,463 North Dakota._ _ _ 62 12 50 8,474 1 867 6,607 1 1 172 172 South Dakota 72 12 60 13 721 3 435 10 286 9 9 2 962 2 962 Nebraska 96 6 9C 28,453 5 171 23, 282 6 2 100 2,100 Kansas ._ . 31 4 27 6,195 1 599 4,596 South Atlantic: Delaware. Alary land 20 3 17 26,659 3 784 22,875 1 1 237 237 Dist. of Columbia i Virginia 34 5 1 28 11 938 3 539 1 515 6 884 13 13 4,525 4,525 West Virginia. _ _ .. 53 18 2 33 38, 816 14! 695 2,936 21,185 5 1 4,987 2,152 2,835 North Carolina 34 5 29 9,762 3,464 6,298 33 3 30 10, 024 3,892 6,132 South Carolina 28 4 2 22 9 690 1 279 573 7,838 1 182 182 Georgia -. 31 4 4 23 8,098 1 680 1,461 4,957 1 no 110 Florida 13 3 10 10 015 4 036 5,979 1 1 816 816 East South Central: Kentucky 24 3 21 17, 670 8,062 9,608 10 10 16, 057 16,057 Tennessee 28 3 1 24 5 741 2 464 3,164 3 3 306 306 Alabama - 34 8 1 25 6,680 2 093 315163 4,231 Mississippi 46 8 1 37 25,321 14,905 400 10, 016 38 ; 5 33 18, 308 8,268 10,040 West South Central: ; Arkansas 41 8 4 29 10,810 3,239 2,453 5,118 36 30 8,926 1,424 7,502 Louisiana 5 5 1,974 1,974 1 1 748 748 Oklahoma 21 1 2 19 3,600 223 3,377 4 493 493 Texas . - 80 29 8 43 48,987 21, 996 12, 775 14,216 10 4 2,170 783 1,387 Mountain: M^ontana 10 3 7 1,081 439 642 150 150 Idaho . 8 3 1 4 1,551 588 680 2S3 Wyoming 2 2 1,013 1,013 Colorado 16 5 11 2, 423 765 1,658 New Mexico 1 1 752 752 1 1 752 752 Arizona 5 1 4 3,958 824 3,134 Utah - . 5 5 7,648 7, 648 Nevada 2 2 172 172 Pacific: Washington 16 2 10 7,902 ! 3,617 432 3, 853 Oregon 11 3 2 6 3, 251 1 986 1,225 1,040 California 12 5 1 6 9,897 8,528 210 1,159 Total 1,932 345 90 1,497 1,468,122 381,726 281,414 804,982 242 214 136, 279 53, 387 82,892 28 1 Represents national banks only, except as follows: 1 State member in New York with deposits of $18,801,000; 1 in Illinois with deposits of $5,200,000; 1 in Minnesota with deposits of $496,000; 1 in WTest Virginia with deposits of $2,152,000; 1 in Mississippi with deposits of $911,000, and 1 in Arkansas with deposits of $202,000. 2 At t-he time of suspension 2 of these banks were State member banks. 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 O [Amounts in millions of dollars. For back figures see BULLETIN for June, p. 343] 00 Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments S st e o c c u k r s e d a n b d y Secured by Purchased paper Total Call date a m T l v n o o e d e a s n t n i a 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 c u e w a u c t n n h r i u s s e d e r e e d e r - - d Total b o Y r N u C o T t o e i s k o w t r i e y b d k r - o e s nd to o s c m T t u h s o e e - r r s F l a r a e n r a d m l es e O t r s e t a t h a a t e t l e e r s O e c u w a c u t n n h u r i s s e d r e e e e d r - d - Total A U a S a b p c n t n l a a c i e c y t t e e e e p i - s s d n t-a a a B c b P e a n c t r b i a c c l o e y l e l . p e 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 S n v - s i - . - t - O c t u t i h e r s e i- r s s b e l t o a o c o b n a n u c y n d r d k e s s s d Total: 1929—June 29.... 35,711 25,658 670 22,516 921 6,813 404 2,760 11,618 2,472 108 90 249 2,025 10,052 4,155 5,898 •10,094 Oct. 4 35,914 26,165 640 23,249 7,170 392 2,760 11,988 2,276 93 70 228 1,885 9,749 4,022 5,727 »10,314 Dec. 31 35, 934 26,150 714 23,194 7,685 2,803 11,515 2,243 212 80 291 1,660 9,784 5,921 »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 2,769 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24._. 35,472 24,738 466 175 291 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 4,125 9,754 1931—Mar. 25... 34,729 22,840 446 219 228 19,940 575 6,848 2,834 9,298 2,454 361 101 361 1,630 11,889 5,002 9,272 June 30 33,923 21,816 457 229 228 19, 257 515 6,602 2,830 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29...- 33,073 20,874 599 311 288 18, 713 521 6,321 376 2,773 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 New York City:* 1929— O Ju c n t. e 4 29.... 8 8, , 1 1 5 6 0 0 6 6 , , 3 3 4 4 4 1 3 3 1 0 4 2 4 4 , ,8 5 4 3 6 2 6 4 3 6 1 1 , , 8 8 1 9 4 8 1 1 7 7 3 5 2 2, , 7 4 2 8 6 0 1 1 , , 4 1 9 9 6 6 5 5 8 9 5 3 8 3 2 8 1 1 1, , 0 3 9 5 6 9 1 1 , , 8 8 0 1 7 9 1,0 9 0 8 6 9 8 8 1 1 3 7 » » 3 3 , , 3 1 9 9 3 1 0 E 0 l Dec. 31.... 8,774 6,683 322 () 4,964 55 2,145 169 2,595 1,397 128 46 21 1,202 2,091 1,112 979 »3,562 1930—Mar. 27... 8,238 6,192 199 107 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 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 1931— D M ec a . r . 3 2 1 5 .. . . . . . 8 8 , ,4 5 7 8 3 2 6 5 , , 1 8 4 1 7 1 2 1 8 5 3 4 1 7 3 0 2 1 8 5 4 1 4 4 , , 3 0 3 0 8 7 1 12 0 1 4 2 1, , 8 0 3 3 9 3 1 1 4 4 9 7 2 1, , 8 0 9 5 6 4 1 1, , 6 5 5 2 1 5 1 19 8 9 8 2 5 2 1 3 3 4 5 1 1, , 3 2 6 8 7 1 2 2, , 6 4 6 3 2 5 1 1, , 4 2 6 3 6 9 1 1, , 1 1 9 9 6 7 3 3 , , 5 3 5 9 0 7 W June 30 8,287 5,486 150 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 Sept. 29 ... 8,253 5,220 250 125 125 3,850 116 1,699 152 1,881 1,121 201 48 839 3,032 1,830 1,202 2,780 Other reserve cities: 1929—June 29.... 13,832 10, 222 308 (*) 9,434 753 2,965 111 1,392 4,213 480 17 349 3, 611 1,765 1,846 3 4,221 D O e c c t . . 4 31.... 1 1 3 3 , , 7 9 8 » 5 3 1 1 0 0 , , 5 5 3 9 2 6 2 3 9 4 4 6 ( ( 2 ) ) 9 9, , 7 7 4 7 8 5 7 6 6 6 7 6 3 3 , , 1 30 0 9 2 1 1 1 1 1 2 1 1 , , 3 4 7 4 9 8 4 4 , , 4 2 1 1 5 4 5 43 2 8 6 5 8 1 1 7 0 5 8 4 2 1 5 3 0 3 3 , , 3 2 8 5 8 3 1 1 , , 6 48 7 4 1 1 1 , , 7 71 6 7 9 * » 4 4 , , 3 4 9 2 7 9 3 >—i 1930—Mar. 27... 13, 575 10,159 263 155 108 8,951 553 3,051 115 "., 429 3,802 945 59 242 609 3,416 1,662 1,754 4,368 June30.__- 13, 7C1 10,016 277 142 136 9,029 660 3,151 112 ,412 3,693 710 18 301 353 3,685 1,686 1,999 4,306 Sept. 24.._ 13,971 10,025 235 112 123 8,726 599 3,033 112 ,414 3,567 1,064 54 337 643 3,947 1,785 2,161 4,387 Dec. 31.... 13, 758 9,723 z86 167 118 8,906 513 3,143 122 ,509 3,620 531 122 212 167 4,035 1,727 2,308 3,991 1931—Mar. 25... 13,965 9,289 235 135 99 8,409 390 2,976 123 ,496 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June30 13,567 8,818 247 146 100 8,100 340 2,848 128 ,493 3,291 470 91 189 124 4,750 2,408 2,342 3,459 Sept. 29.... 13,016 8,455 2s4 115 7,845 362 2,730 122 ,463 3,168 326 67 167 56 4,561 2,301 2,260 3,317 " Country" banks: 1929—June 29..- 13,719 9,096 49 8,551 105 2,034 291 ,195 4,926 496 33 140 316 4,623 1,384 3,240 »2,480 Oct. 4 13, 780 9,226 45 8,627 125 2,170 279 ,206 4,847 553 27 144 376 4,554 1,361 3,193 »2, 694 Dec. 31__-_ 13, 375 8,936 45 8,481 83 2,231 276 ,186 4,705 409 33 163 208 4,439 1,267 3,172 »2,545 1930—Mar. 27... 13, 243 8,768 65 8,206 93 2,097 279 ,196 4,541 496 27 207 258 4,475 1,273 3,202 2,462 June 30 13,157 8,602 63 8,229 90 2,137 274 ,201 4,527 312 8 171 129 4,554 1,229 3,326 2,367 Sept. 24... 12, 944 8,354 62 8,007 88 2,112 275 ,205 4,326 286 4 164 115 4,589 1,219 3,370 2,326 Dec. 31..-. 12, 519 8,001 62 7,762 59 2,090 264 ,191 4,158 177 5 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25... 12,290 7,740 58 7,524 64 2,033 261 ,188 3,978 158 5 114 36 4,550 1,224 3,326 2,147 June 30 12,068 7,513 60 7,318 47 1,984 260 , 177 3,849 135 2 101 30 4,555 1,279 3,276 2,078 Sept. 29___ 11,805 7,199 64 7,018 43 1,892 254 L, 157 3,673 116 1 81 32 4,606 1,433 3,172 1,985 * Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. * Figures not available. 8 Loans to banks on securities for these dates estimated as one-half of total loans to banks. * Central reserve city banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON CALL DATES DECEMBER 31, 1928, TO SEPTEMBER 29, 1931 [Amounts in thousands of dollars] 1928 1929 1930 1931 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 Mar. 27 June 30 Sept. 24 ' Dec. 31 Mar. 25 June 30 Sept. 29 i RESOURCES Loans (including overdrafts) 25,155,255 24,944,641 25,658,491 26,164,829 26,150,061 25,118, 78325,213,770 24,738,011 123,870,488 22,839,94621,816,243 20,874,084 United States Government securities 4,311,790 4,453,953 4,154,929 4,021,636 3,862,968 4, 085,006 4,061,395 4,095,270 4,124,776 5,002, 55,334433,003322 5, 564,461 Other securities _ _. 6,216,890 5.994,432 5. 897,541 5, 727,306 5,920,921 5,851,908 6,380,494 6,638, 969 6, 864,247 6,886, 6,763,247 6,634,689 Total loans and investments 35,683,935 35,393,026 35,710,961 35,913,771 35,933,950 35,055,697 35,655,659 35,472,250 34,859,511 34,728,565 ;33,922,522 33,073,234 Customers' liability on account of acceptances 929,540 836,028 802,188 988,912 1,252,147 1,111,153 928,807 912, 852 1,117,833 1,035,978 ! 888,454 662,415 Banking house, furniture, and fixtures 1,107,287 1,118,418 1,169,752 1,175, 393 1,190,306 1,202,486 1,217,963 1, 230, 754 1,240,444 1,239,993355 ii 1,234,404 1,220,317 Other real estate owned 177,716 184,873 179,878 182, 796 183, 989 188, 815 190,995 197, 869 191,169 199,935 j 206,569 209,518 Cash in vault 564,384 516,742 433,491 497, 212 558,450 496, 633 484,262 470,367 592, 504 461,267 519,135 554,150 Reserve with Federal reserve banks 2, 409,367 2, 338, 569 2, 359, 077 2,321,806 2,373, 760 2, 352, 738 2,407, 960 2,414, 991I 2,474,509 2, 364,478 2,396,421 2,339, 230 Items with FeAral reserve banks in process of collec- I tion _ 967,836 841,606 775,822 923,363 994,373 719,201 836,471 698, 871i 757,216 524,765 629,418 531, 691 Due from banks in United States 2,124,252 1,741,478 1,885,167 2, 004, 938 2,167,756 1,901,517 2,360,377 ;2,462, 827 2,455,948 2,791,204 2,517,096 1, 935,119 Due from banks in foreign countries (including own branches) _ _.. 305,299 287,248 272, 682 246,996 263,834 247, 612 220, 793 202,447 i 260,818 296,376 351,320 215,692 Exchanges for clearing house and other checks on local banks 3,493,061 2,486,203 1,446,186 2,132, 331 2, 762,463 1, 616, 954 2, 645, 057 1,146, 915 2, 076,189 975,215 1,771,312 959,218 Outside checks and other cash items 203,884 142,395 117,298 102,363 139,056 65,331 118, 552 51, 706 92, 766 43,344 87,358 50,696 Redemption fund and due from United States Treasurer __ 32,995 32, 761 32, 715 32,828 32,889 32,823 32, 658 32, 604 32, 318 32,264 32,001 31,524 Acceptances of other banks and bills of exchange or drafts sold with indorsement .-. 677,994 475,155 453,826 551, 587 735,193 612,193 557, 748 592,732 524,104 452,045 329, 756 Securities borrowed. 35,947 48,844 36,337 32, 592 35,533 25,744 26,324 23, 866 21, 069 24,822 20,279 17,150 Other assets 222,149 229, 751 232, 621 198, 700 219,379 231,482 223,114 242, 062 222,911 300, 024 260, 254 249, 067 Total 48, 935,64646, 673, 09745,908.001 147,305,588 48, 843, 07845,860, 379 47, 906, 740 46,153,113 ;47,057,89145, 542, 27645,288, 588 42,378, 777 LIABILITIES Capital stock paid in _ 2,474,223 2,563,278 2, 640, 928 2,739, 645 2, 757,113 2,744, 975 2,721,997 2, 728, 664 2,665,151 2, 657,172 2, 620,606 2, 580,550 iw Surplus 2,440,709 2,548,155 2, 650, 336 2,811,269 2,864,612 2,881,944 2, 870,800 2,903, 258 2,822,091 2,804,906 2,741,351 2,695,285 Undivided profits—net __ 832,564 918,145 882. 806 909,548 956,053 950,072 1,009,435 894,388 910,480 804,199 811,456 Reserves for dividends, contingencies, etc _ 151,744 144,242 164,430 143,603 177,252 176,610 182,940 185,602 211,407 225,483 264,068 271,408 Reserves for interest, taxes, and other expenses accrued and unpaid _ 120,676 157,144 148,825 172,193 137,660 175,896 148,960 182,397 121,190 158,416 127,345 162, 507' Due to Federal reserve banks 56,510 51,433 51,883 55,720 54,458 51,915 46,206 47,147 49,267 43,323 41,073 41,070 Due to other banks in United States 3,649,037 3,070,084 3,091,639 3,153,077 3, 517,325 3,204,316 3,831,656 3,817,132 3,872,842 4,236,451 4,004,077 3,222,466 Hi Due to banks in foreign countries (including own branches) 543,273 462, 649 464,871 481,696 576,664 498,075 571, 766 660,612 634,927 566, 579 657, 285 747,282 Certified and officers' checks outstanding _. 2,184,138 1,739,947 753,620 j 1,405,446 1, 603, 562 1,134,283 1,493,437 771,941 ! 1,223,777 626,747 999,310 617,053 Cash letters of credit and travelers' checks outstanding 23,128 27,385 43,182 27,613 23,460 25,038 41,389 26, 638 20, 960 22, 506 33,231 23,701 Demand deposits 18,903,658 17,708,269 17,814,603 17,937,478 18,861,582 17,078, 90518,061,977 16,838, 35117,501,550 16,338,728 16,622,224 15,526,182 Time deposits 13,453,311 13, 328, 71213,325,066 13,317,649 13,233,481 13, 518, 73113,811,978 13, 944,86813, 546, 20113, 663, 25813,515,468 12, 776,332 United States deposits 261,505 410, 867 347,967 315,479 143,203 324,893 280, 769 257,185 267,415 502, 204 395,397 526,161 Total deposits _ 39,074,560 36,799,346 35,892,831 36,694,158 38,013,735 35,836,156 38,139,178 36,363,874 37,116,939 1,999,796 1,268,065 33,480,247 Agreements to repurchase U.S. Government or other securities sold 134,084 102,423 103, 758 ! 149,090 ! 136, 957 66,214 37,164 ;8,144 158,141 23,599 i 15,371 25, 303 Bills payable and rediscounts: J With Federal reserve banks - 1,040,608 981,434 1,029,391 ! 899,311 646,334 206,124 273,880 I 172,578 248,017 165,106 146,819 323,354 All other 121,570 171,601 168,975 250,587 232,188 140, 467 161,090 j 143,402 107,151 116,336 70, 079 142,357 Acceptances of other banks and bills of exchange or drafts sold with indorsement 677,994 475,155 453,826 | 551,586 735,193 612,193 557, 748 592,732 662, 686 524,104 452,045 329, 756 Acceptances executed for customers _ 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, 351 681,145 Acceptances executed by other banks for account of reporting banks _. 43,636 45,025 42,075 40,400 29,647 24, 654 34,998 18,127 15, 031 15, 553 11,514 13,197 National-bank notes outstanding 649,893 647,354 648,944 640,610 645, 562 647,481 649, 098 648, 999 639, 640 642,284 636,041 628,334 Securities borrowed _. 35,947 48,844 36,337 32, 592 35,533 25, 744 26,324 23,866 21, 069 24,822 20,279 17,150 Other liabilities 209,109 224,581 238,116 __214,_946_ 245, 585 239,961 226, 915 212,698 236,366 210,885 209,455 216,728 Total 48,935,646 46,673,097 45,908,001 47,305,588 48,843,078 45, 860,379 47, 906, 740 46,153,113 47, 057.891 45, 542,27645,288, 588'42,378, 777 o Number of banks 8,837 8,755 | 8,707 | 8,616 8,522 8,406 8,315 8,246 8,052 7,928 7,782 7,599 CO CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL AND STATE MEMBERS—CONDITION ON SEPTEMBER 29, 1931, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks * State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city banks Total city city banks Total city city banks banks banks banks banks banks banks RESOURCES Loans (including overdrafts) 20,874,084 6, 349, 821 7,325,353 198,910 12, 465, 556!2, 682, 877 4,, 459, 8825, 322, 797 8,408,528 666,944 2,865,4711,876,113 United States Government securities 5,564,461 2,138, 348 1,992,688 433, 425 3, 283, 905; 797,512 1,, 322,6561,163, 737 2, 280, 556 340, 836 670,032 269,688 Other securities. 6,634, 689 1,408,325 2,054,011 172, 353 4, 372, 508 672, 777 1,, 221, 2462, 478,485 2, 262,181 735, 548 832, 765 Total loans and investments. 33,073,234 9,896,494111,372,052 It 804,688;20,121,969 4,153,166 7,,003,784 8,965,019 12,951,265 743,328 4,368,268 2, Customers' liability on account of acceptances 662,415 529, 212 127, 306 5,897 344,438 246, 997 95,062 2, 379 317, 977 282, 215 32, 244 3,518 Banking house, furniture, and fixtures 1, 220, 317 256, 652 440, 526 523,139 789, 843 99, 673 283, 873 406, 297 430, 474 156, 979 156, 653 116, 842 Other real estate owned 209,518 16, 290 79, 078 114,150 124, 085 6,404 31, 569 86,112 85, 433 9,886 47, 509 28, 038 Cash in vault 554,150 81, 626 163,194 309, 330 387,045 30, 609 111, 465 244, 971 167,105 51, 017 51, 729 64, 359 Reserve with Federal reserve banks 2,339,230 1,065, 315 719, 597 554, 318 1,365, 334 455, 326 478, 565 431,4431 973, 896 609, 989 241, 032 122, 875 Items with Federal reserve banks in process of collection. 531, 691 175, 782 257, 527 98,382 343,830 100,110 174, 776 68,944 187, 861 75, 672 82, 751 29, 438 Due from banks in United States 1,935,119 267, 250 880, 505 787,364 1,338, 421!, 66,637 626,023 615, 761 596, 698 200, 613 254, 482 141, 603 Due from banks in foreign countries (including own branches) 215,692 159, 055 52, 830 3, 807 153,597 104,141 47,151 2,305 62,095 54,914 5,679 1,502 Exchanges for clearing house and other checks on local banks 959,218 743,133 172, 560 43, 525 435, 835 285, 609 121, 859 28, 367 523, 383 457, 524 50, 701 15,158 Outside checks and other cash items _ 50,696 6,449 28, 690 15,557 33, 233| 3,279 17,202 12, 752 17,463 3,170 11,488 2,805 Redemption fund and due from United States Treasurer _. 31,524 2,028 7,460 22,036 31, 524! 2,028 7,460 22, 036; Acceptances of other banks and bills of exchange or drafts sold with indorsement 329, 756 260, 251 67,118 2,387 98, 601' 81,468 14, 752 2, 381 231,155 178, 783 52, 366 Securities borrowed 17,150 9, 266 7,884 9, 534 3,992 5, 542 7,616 5,274 2,342 Other assets _. 249,067 82, 793 100, 902 65,372 125,535 31, 380 54, 753 39,402 123, 532 51,413 46,149 25, 970 Total.... 42,378,777 13, 542, 330 14, 478, 611 14, 357, 83625, 702,824 ;5, 666, 827 9,072, 286 10, 963, 71116, 675, 9537, 875, 503 5, 406, 325 3, 394,125 LIABILITIES Capital stock paid in _ 2,580,550 811,064 817, 477 952,009 1, 652, 949 379, 854 535,196 737,899! 927, 601 431, 210 282, 281 214,110 td Surplus 2,695,285 1,072,726 817,995 804, 564 1,468,229| 434,491 434, 790 598,948! 1,227, 056 638, 235 383,205 205, 616 Undivided profits—net 811,456 293,125 218, 665 299,666 454, 701 93, 546 127,166 233, 989 356, 755 199, 579 91,499 65, 677 F Reserves for dividends, contingencies, etc 271,408 97, 587 112, 801 61,020 115, 619 30, 322 53, 954 31, 343 155, 789 67, 265 58, 847 29, 677 Reserves for interest, taxes and other expenses accrued and unpaid- 162, 507 49,489 67, 046 45, 972 82, 906 14, 201 30, 025! 79, 601 35, 288 28, 366 15, 947 Due to Federal reserve banks 41,070 7,182 33, 888 31, 359^ 6,279 25,080 9,711 903 8,808 Due to other banks in United States 3,222,466 1,419, 064 471, 769 331, 633 1, 917,909i », 772 1, 095, 644 255, 493 1, 304, 5571 852, 292 376,125 76,140 Due to banks in foreign countries (including own branches). 747, 282 697, 069 48, 968 1,245 353, 637 311,033! 41, 782 822 393, 645 386,036 7,186 423 Certified and officers' checks outstanding 617,053 455, 830 104, 351 56,872i 296,140 189,666i 65, 014 41, 460 320, 913 266,164 39, 337 15, 412 Cash letters of Iredit and travelers' checks outstanding 23, 701 17, 277 6,137 287| 10, 255 4,1161 5, 972 167 13,446 13,161 165 120 Demand deposits 15,526,182 5,924, 862 965, 517 4, 635, 803 9, 379, 3622, 592,0053, 269, 960 3, 517, 397 6,146, 820 3,332, 85^7 1i, 695, 557 1,118, 406 Time deposits 12, 776,332 1, 590,054 979, 317 6, 206,961 8,134, 514 564, 509 2, 841,473 4, 728, 532! 4, 641,818 1,025,545 2,137, 844 1,i478, 429 United States deposits 526,161 140, 677 253, 576 131, 908 305, 889 55, 248 150, 426 100, 215 220, 272 85,429 103,150 31,693 Total deposits 33,480,247 10,244,83311,836,81711,398,597 20,429,065 4,283,349 7,476,550 8,669,166 13,051,182 5,961,484 4,,360,267 2,,729,431 Agreements to repurchase U. S. Government or other securities sold.. 25,303 14,676 10, 627 17, 752 9, 523 8, 229| 7, 551 5,153 2,398 Bills payable and rediscounts: With Federal reserve banks 323, 354 13, 581 117,198 192, 575 233, 776 10, 200 78, 517 145, 059- 89, 578 3,381 38, 681 47, 516 Allother 142, 357 22, 725 51, 301 68, 331 90,422 10, 725 32,135 47,562; 51, 935 12, 000 19,166 20, 769 Acceptances of other banks and bills of exchange or drafts sold with indorsement 329,756 260,251 67,118 2,387 98, 601 81,468 14, 752 2,381 231,155; 178, 783 52, 366 Acceptances executed for customers 681,145 546,982 129, 487 4,676 354,443 256,378| 96,207 1, 858! 326, 702 290, 604 33, 280 2,818 Acceptances executed by other banks for account of reporting banks. 13,197 8,370 3,085 1,742 6,257 2, 7161 2,1" 659 6, 940; 5,654 203 1,083 National-bank notes outstanding 628,334 40, 357 148, 294 439,683 628, 334 40,357i 148, 294 439,683 Securities borrowed 17,150 9,266 7,884 9,534 3,992 5, 542 7, 616 5,274 2,342 Other liabilities.... 216, 728 81, 240 67, 385 68,103 60, 236 29, 220! 19, 648 11, 368 156,492! 52,020 47,737 56, 735 Total... 42, 378, 77713, 542, 330 14,478, 61114, 357,836 25, 702,824 5, 666, 827 9,072, 286 10, 963, 71116,675, 9537,875, 503 5, 406, 325 3, 394,125 Number of banks.. 7,599 54 366 7,179 6,653 241 262 6,367; 30 104 812 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. 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INDEX TO VOLUME 17 Acceptances: Annual reports—Continued. Based on imports and exports, discussion of _ 122 Foreign central banks—Continued. Buying rates at reserve banks— Bank of Danzig 213 Changes in 6, 57, 248, 303, 557, 605, 657 Bank of Estonia 389 Monthly figures 11, 63, 128, Bank of France 146 188, 252, 308, 364, 442, 502, 561, 610, 661 Bank of Greece 386 Held by group of accepting banks 13, 65, Bank of Italy 318 130, 190, 254, 310, 366, 444, 504, 563, 612, 663 Bank of Japan 384 Held by Federal reserve banks, discussion Bank of Latvia 461 of 121 Bank of Norway 274 Held by member banks on call dates 111, Bank of Poland 271 172, 294, 393, 491, 545, 652, 698 Bank of Portugal 322 Open market rates— Bank of Spain 324 Foreign countries 39, 90, 157, Central Bank of Bolivia 622 220, 282, 331, 408, 473, 527, 581, 636, 682 Central Bank of Chile 624 New York City 11, 63, 128, Central Bank of Ecuador 321 188, 252, 308, 364, 442, 502, 561, 610, 661 Colombian Bank of the Republic 671 Outstanding— Commonwealth Bank of Australia 620 Chart showing 122, 123 German Reichsbank 452 Monthly figures 13, 65, 130, National Bank of Albania 571 190, 254, 310, 366, 444, 504, 563, 612, 663 National Bank of Belgium 207 Purchased by member banks on call dates. 12, 64, National Bank of Bulgaria 513 129, 189, 253, 309, 365, 443, 503, 562, 611, 662 National Bank of Czechoslovakia 459 Acts: National Bank of Egypt 390 Suspension of gold standard in Great National Bank of Hungary 267 Britain 553, 571 National Bank of Rumania 516 World War adjusted compensation act, re- National Bank of Yugoslavia 380 vision of 160, 165 Netherlands Bank 457 (See also Laws.) South African Reserve Bank 626 Adjusted-service certificates: Swiss National Bank 198 Discount of notes secured by 11, 63, Argentina: 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 Commercial banks, condition of 38, Loans on, change in law and regulations. 160-166 89, 156, 219, 281, 330, 472, 526, 580, 635, 681 Administrator, power to act as. (See Fiduciary Foreign exchange rates— powers.) Monthly averages 34, 35, 85, 152, 215, Admission of State banks in Federal reserve 277, 326, 402, 468, 522, 576, 631, 677 system 44, 96, 169, 234 Yearly averages, 1922-1930 32 Advisory Council, Federal: Gold reserves— Conferences, expenses of 115, 490 Chart showing 354 Meetings of 124, 657 Discussion of 354 Agricultural implements: Monthly figures 31, 84, 151, Factory employment and pay rolls 17, 70, 214, 276, 325, 399, 466, 520, 574, 629, 675 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Years 1913-1930 394 Wholesale prices 197, Government note issues and reserves 156, 261, 317, 373, 451, 512, 570, 619, 670 219, 281, 330, 407, 472, 526, 580, 635, 681 Agricultural production, income from 80 Assessment for expenses of Federal Reserve Agricultural products, wholesale prices 41, 92, Board 115, 490 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Assignee, power to act as. (See Fiduciary Albania: powers.) Gold reserves, 1913-1930 394 Australia: National Bank of— Bank of— Annual report 571 Annual report 620 Condition of 578, 633, 679 Condition of 36, 87, 154, Discount rates 581, 636, 682 217, 279, 328, 405, 470, 524, 578, 633, 679 Animal products, income from 80 Gold reserves— Annual reports: Chart showing 354 Bank for International Settlements 374 Discussion of 354 Federal Reserve Board 184, 304 Monthly figures 31, 84, 151, 214, Foreign central banks— 276, 325, 399, 466, 520, 574, 629, 675 Austrian National Bank 262 Years 1913-1930 394 Bank of Brazil 463 Wholesale prices 40 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 INDEX TO VOLUME 17 Austria: Balance sheets—Continued. Foreign exchange rates— Foreign central banks—Continued. Monthly averages 33, 35, 85, 152, South African Reserve Bank 628 215, 277, 326, 402, 468, 522, 576, 631, 677 Swiss National Bank 206 Yearly averages, 1922-1930 32 Balances, bankers': Money rates 39, 90, Member banks outside New York City 75, 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 140, 225, 286, 335, 412, 477, 531, 585, 640, 686 National Bank of— Reporting member banks 25, 78, Annual report 262 143, 229, 289, 338, 416, 481, 534, 589, 643, 689 Condition of 36, 87, 154, Balances, reserve, of member banks. (See 217, 279, 328, 405, 470, 524, 578, 633, 679 Reserves.) Discount rates— Bank credit. (See Credit.) Changes in 356, 438, 657 Bank debits 26, 80, Monthly figures..-. 39, 90, 157, 220, 282, 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 331, 408, 473, 527, 581, 636, 682 Bank deposits. (See Deposits.) Gold reserves— Bank failures. (See Bank suspensions.) Monthly figures _ _ 399, Bank for International Settlements: 466, 520, 574, 629, 675 Annual report 374 Years 1913-1930 394 Balance sheet 379 Wholesale prices 40 Banks allotted shares in 378 Automobiles: Condition of 35, 85, Factory employment and pay rolls.__ 17, 70. 135, 152, 215, 277, 326, 403, 468, 522, 576, 631, 677 195, 259, 315, 371, 449, 510, 568, 617, 668 Participation in, by— Price index _ 197 Bank of Greece 387 German Reichsbank 455 261, 317, 373, 451, 512, 570~619, 670 Swiss National Bank 198 Production 16, 69, 134, 194, Bank of. (See under name of particular 258, 314, 370, 448, 509, 567, 616, 667 country.) Discussion of 2 Bank premises, Federal reserve banks: Revised index 107 Depreciation charges 116 Balance of international payments of the United End of month figures 42, 94, States 437 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Balance of trade. (See Foreign trade.) Bank suspensions: Balance sheets: By Federal reserve districts— Bank for International Settlements— Monthly figures 26, 77, 112, 142, 173, 227, 288, 337, 414, 479, 533, 587, 642, 688 As of Mar. 31, 1931, and May 31, Years 1921-1930 112 1930 1 _____' 379 By months 66, Monthly figures 35,85,152, 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 215, 277, 326, 403, 468, 522, 576, 631, 677 By States— Federal reserve banks _ __ 42 94 167 During year 1930 113 232, 292, 341, 419, 484, 539, 593,W, 693 During year 1931— Foreign central banks— Current month 114, 174, 237, Austrian National Bank 266 296, 345, 422, 488, 543, 596, 650, 696 Bank of Bolivia ~_ 623 Consecutive months 175, 238, Bank of Brazil 465 297, 346, 423, 489, 544, 597, 651, 697 Bank of Danzig 213 Years 1921-1930 47 Bank of Estonia " _ 390 Bankers' acceptances. (See Acceptances.) Bank of France I_~_ 150 Bankers' balances: Bank of Greece ""__ 388 Discussion of 183 Bank of Italy ~_~ 320 Member banks outside New York City 75, Bank of Japan 385 140, 225, 286, 335, 412, 477, 531, 585, 640, 686 Bank of Latvia ~ 463 Reporting member banks 25, 78, Bank of Norway " 275 143, 229, 289, 338, 416, 481, 534, 589, 643, 689 Bank of Poland __ 273 Banking laws, amendments to: Bank of Portugal I~__ 323 Bolivia 623 Bank of Spain 324 Colombia 672 Central Bank of Chile !""!_ 626 Germany 27, 455 Central Bank of Ecuador ~ 322 Great Britain, suspension of gold standard Colombian Bank of the Republic 674 act 553, 571 Commonwealth Bank of Australia 621 Italy 319 Condensed form as used in Bulletin___ 82 Switzerland 198 German Reichsbank 456 Yugoslavia 380 Monthly figures 36~ 86, 153, Banking situation, organization of national 216, 278,, 327, 404, 469, 523, 577, 632, 678 credit corporation for relief of: National Bank of Albania 573 Outline of plan 555 National Bank of Belgium___ _ _ 212 President Hoover's statement regarding— 551 National Bank of Bulgaria 515 Statement of governor of Federal Reserve National Bank of Czechoslovakia 460 Bank of New York 553 National Bank of Egypt 391 Bankruptcies. (See Failures.) National Bank of Hungary " _ 270 Banks, Federal reserve. (See Federal reserve National Bank of Rumania 519 National Bank of Yugoslavia 383 banks.) Netherlands Bank _ 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 17 703 Banks, foreign. (See Foreign central banks.) page Bills payable and rediscounts: Banks, foreign, commercial, condition of 38, 89, AH banks on call dates— 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 By Federal reserve districts. 22, 228, 415, 588 Banks, member. (See Member banks.) By States 48, 239,430, 598 Banks reopened after suspension: Member banks on call dates 176, 348, 546, 699 By Federal reserve districts 77, National banks on call dates 49, 240, 431, 599 142, 227, 288, 337, 414, 479, 533, 587, 642, 688 Nonmember banks on call dates— By States 114, By Federal reserve districts 77, 142, 174, 237, 296, 345, 422, 488, 543, 596, 650, 696 227, 288, 337, 414, 479, 533, 587, 642, 688 Belgium: Years 1923-1930. _ 99, 171, 236, 295, 344, 421 Foreign exchange rates— State banks on call dates 50, 241, 432, 600 Monthly averages 33, 35, 85, 152, Bolivia: 215, 277, 326, 402, 468, 522, 576, 631, 677 Central Bank of— Yearly averages, 1922-1930 32 Annual report 622 Money rates 39, 90, Condition of 36, 87, 154, 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 217, 279, 328, 405, 470, 524, 578, 633, 679 National Bank of— Discount rates 39, 90, 157, Annual report 207 220, 282, 331, 408, 473, 527, 581, 636, 682 Condition of 36, 87, 154, Gold reserves, 1913-1930 394 217, 279, 328, 405, 470, 524, 578, 633. 679 Foreign exchange rates— Discount rates 39,90, 157, Monthly averages 34, 35, 85, 152, 220, 282, 331, 408, 473, 527, 581, 636, 682 215, 277, 326, 402, 468, 522, 576, 631, 677 Gold reserves— Yearly averages, 1922-1930 32 Monthly figures 31, 84, 151, 214, Bonds: 276, 325, 399, 466, 520, 574, 629, 675 Industrial— Years 1913-1930 394 Average price of 60 issues 14, 67, 132, Wholesale prices 40 192, 256, 312, 368, 446, 506, 565, 614, 665 Bills: Issues of 14, 67, 132, Bought by Federal reserve banks— 192, 256, 312, 368, 446, 506, 565, 614, 665 Averages of daily figures 10, 62, 127, Loans by member banks secured by. 187, 251, 307, 363, 441, 501, 560, 609, 660 (See Loans.) Buying rates— Prices of, principal countries 91, 158, Changes in 6, 221, 283, 332, 409, 474, 528, 582, 637, 683 57, 248, 303, 557, 605, 657 United States. (See United States securi- Monthly figures 11,63, 128, 188, ties.) 252, 308, 364, 442, 502,561, 610, 661 Boots and shoes: Combined statement 42,94, 167, Factory employment and pay rolls 17, 70, 232, 292, 341, 419, 484, 539, 593, 647, 693 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Each bank 43,95, 168, Price, index 197, 233, 293, 342, 420, 485, 540, 594, 648, 694 261, 317, 373, 451, 512, 570, 619, 670 Earnings on 58, 115, 490 Production index 16, 69, Maturities 45, 99, 171, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 236, 295, 344, 421, 487, 541, 595, 649, 695. Borrowings by brokers 13, 65, Rate of earnings 58 Under resale agreement 42,94, 167, 130, 190, 354, 310, 366, 444, 504, 563, 612, 663 232, 292, 341, 419, 484, 539, 539, 647, 693. Borrowings of member banks at Federal reserve Wednesday series 99, 171, banks: 236, 295, 344, 421, 487, 541, 595, 649, 695 All banks— Discounted by Federal reserve banks— By class of banks— Average of daily figures 10, 62, 127, Back figures 347 187, 251, 307, 363, 441, 501, 560, 609, 660. Monthly figures 12, By months 20, 74, 139, 64, 129, 189,, 253, 309, 347, 365, 443, 224, 285, 334, 411, 476, 530, 584, 639, 685. 503, 562, 611, 662. By weeks 20, 74, 139, Bv Federal reserve districts 20, 74, 139, 224, 285, 334, 411, 476, 530, 584,639, 685. " 224, 285, 334, 411, 476, 530, 584, 639, 685 Combined statement 42, 94, 167, Monthly averages of weekly figures 11, 232, 292, 341, 419, 484, 539, 593, 647, 698. 63, 128, 188, 252, 308, 364, 442, 502, Discussion of 121 561, 610, 661. Each bank 43, 95, 168, Compared with eligible assets held 66, 233, 293, 342,420, 485, 540, 594, 648, 694. 131, 191, 255, 311, 367, 445, 505, 564, Earnings on 58, 115, 490 613, 664. Maturities 45, 99,171, Reporting banks in leading cities— 236, 295, 344, 421, 487, 541, 595, 649, 695. Monthly averages of weekly figures 13, 65, 130, 190, 254, 310, 366, 444, 504, Rate of earnings 58 563, 612, 663. Wednesday series 99, 171, Weekly figures 25, 78, 143, 236, 295, 344, 421, 487, 541, 595, 649, 695 Held by member banks on call dates 111, 229, 289, 338, 416, 481, 534, 589, 643, 689 172, 294, 393, 491, 545, 652, 698 Borrowings of nonmember banks: Prime commercial, purchase of, from Bank By Federal reserve districts 77, of England by Federal Reserve Bank of 142, 227, 288, 337, 414, 479, 533, 587, 642, 688 New York 435, 605 Years 1923-1930 99, 171, 236, 295, 344, 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 INDEX TO VOLUME 17 Page Page Branches, number of banks operating 66, Business and financial conditions: 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 Foreign countries. (See Annual reports.) Brazil: United States— Discussion of 1 Bank of— National summary 7, 60, 125, Annual report 463 185, 249, 305, 361, 439, 499, 558, 607, 658 Condition of 36, 87, 154, Business failures 26, 80, 217, 279, 328, 405, 470, 524, 578, 633, 679 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 Gold reserves— Call dates, condition of banks on. (See Con- Chart showing 354 dition of banks.) Discussion of 354 Call money rates: Monthly figures,__ 31, 84, 151, 214, 276, Foreign countries 39, 90, 325, 399, 466, 520, 574, 629, 675 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Years 1913-1930 394 In New York City 11, 63, Foreign exchanges rates— 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 Monthly averages 34, 35, 85, 152, 215, Canada: 277, 326, 402, 468, 522, 576, 631, 677 Commercial banks, condition of 38, 89, Yearly averages, 1922-1930 32 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 Brick, wholesale price index 197, Foreign exchange rates— 261, 317, 373, 451, 512, 570, 619, 670 Monthly averages 34, 35, 85, 152, Brokers' borrowings 13, 65, 215, 277, 326, 402, 468, 522, 576, 631, 677 130, 190, 254, 310, 366, 444, 504, 563, 612, 663 Yearly averages, 1922-1930 32 Brokers' loans: Gold reserves— Call report dates 111, Monthly figures 31, 84, 151, 172, 294, 393, 491, 545, 652, 698 214, 276, 325, 399, 466, 520, 574, 629, 675 Change in New York Clearing House rules Years 1913-1930 394 relative to 657 Government note issues and reserves 156, Monthly figures 13, 65, 219, 281, 330, 407, 472, 526, 580, 635, 681 130, 190, 310, 354, 366, 444, 504, 563, 612, 663 Wholesale prices 40, 92, Total reported, call dates 67, 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Capital: 132, 192, 256, 312, 368, 446, 506, 565, 614, 665 Federal reserve banks— Building: Combined statement 42, 94, 167, Contracts awarded— 232, 292, 341, 419, 484, 539, 593, 647, 693 Based on 3-month moving averages 487, Each bank 43, 95, 168, 541, 595, 649, 695 233, 293, 342, 420, 485, 540, 594, 648, 694 By Federal reserve districts 26, 80, 145, Member banks 105, 106, 424 231, 291, 340, 418, 483, 536, 591, 645, 691 National banks 105,428 By types of building 18, 71, 136, State bank members 106, 429 196, 260, 316, 372, 450, 511, 569, 618, 669 Capital issues 14, 67, Change in classification of data 136 132, 192, 256, 312, 368, 446, 506, 565, 614, 665 Chart showing 2 Car loadings: National summary 7, 60, 125, By classes 372, 450, 511, 569, 618, 669 185, 249, 305, 361, 439, 499, 558, 607, 658 Revised indexes 108-110 Revised index 358-360 Total 15, 68, Total 15, 68, 133, 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 193, 257, 313, 369, 447, 507, 566, 615, 666 Cattle slaughtered 16, 69, Years 1923-1930 46 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Discussion of 1 Cement: Materials, wholesale prices 72, Factory employment and pay rolls. 17, 70, 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Permits issued 26,80, Price index 197, 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 261, 317, 373, 451, 512, 570, 619, 670 Bulgaria: Production index 16, 69, Foreign exchange rates— 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Monthly averages 33, 35, 85, 152, Central banks, foreign: 215, 277, 326, 402, 468, 522, 576, 631, 677 Annual reports. (See Annual reports.) Yearly averages, 1922-1930 32 Balance sheets. (See Balance sheets.) National Bank of— Condition of. (See Condition of banks.) Annual report 513 Discount rates. (See Discount rates.) Condition of 36, 87, 154, Gold reserves. (See Gold reserves.) 217, 279, 328, 405, 470, 524, 578, 633, 679 Central reserve city banks: Discount rates— Classification of loans and investments 111, Changes in 57, 536, 557 172, 294, 343, 491, 545, 652, 698 Monthly figures 39, 90, 157, 220, Condition of, on call dates 177, 349, 547, 700 282, 331, 408, 473, 527, 581, 636, 682 Deposits, reserves, and indebtedness at Gold reserves— Federal reserve banks— Monthly figures 399, Monthly figures 12, 64, 129, 466, 520, 574, 629, 675 189, 253, 309, 365, 443, 503, 562, 611, 662 Years 1913-1930 394 i Years 1929-1930 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I3STDEX TO VOLUME 17 705 Central reserve city banks—Continued. Page China: Page Interbank loans— Central Bank of, condition of 633, 679 Percentage distribution 99, 171, Foreign exchange rates— 236, 295, 344, 421, 487, 541, 595, 649, 695 Monthly averages 34, 35, 85, 152, Volume of 66, 131, 215, 277, 326, 402, 468, 522, 576, 631, 677 191, 255, 311, 367, 445, 505, 564, 613, 664 Yearly averages, 1922-1930 32 Loans to customers, open market loans and Wholesale prices 40 investments— Cigars and cigarettes: On call dates 12, 64, Factory employment and pay rolls 17, 70, 129, 189 253, 309, 365, 443, 503, 562, 611 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 ; By districts 21, 76, 141, Production index 16, 69, 226, 287, 336, 413, 478, 532, 586, 641, 687 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Certificates of indebtedness, Treasury. (See Circulation, currency. (See Currency; Money.) Treasury certificates of indebtedness.) Classification of loans and investments of all Chairman of board of directors of Federal reserve member banks on call dates 111, banks. (See Federal reserve agents.) 172, 294, 393, 491, 545, 652, 698 Changes in member bank reporting service 7 By districts 21, 76, Changes in discount rates. (See Discount rates.) 141, 226, 287, 336, 413, 478, 532, 586, 641, 687 Changes in membership in Federal reserve Clearing-house bank debits 26, 80, system 44, 96, 169, 234 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 Charters issued to national banks 45 Closed banks. (See Bank suspensions.) Charts: Coal: Bank for International Settlements— Mines, employment and wages, 1919-1930. 46 Assets 376 Price index 197, Sources from which funds were derived. 375 261, 317, 373, 451, 512, 570, 619, 670 Bankers' acceptances outstanding 122, 123 Production index 16, 69, Building contracts awarded 2, 358, 359 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Discounts of Federal reserve banks 19, Coin circulation 46, 99, 73, 138, 223 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Employees in factories, number of 3 Collateral held by Federal reserve agents as Excess reserves of Federal reserve banks.- 496 security for Federal reserve notes 42, Excess reserves of member banks 496 94, 167, 232, 292, 341, 419, 484, 539, 596, 647, 693 Federal reserve bank credit and factors in Colombia: changes 9, 61, 126, Bank of— 186, 250, 306, 362, 440, 500, 559, 608, 659 Annual report 671 Free gold 496 Condition of 36, 87, 154, Gold reserves of central banks 354 217, 279, 328, 405, 470, 524, 578, 633, 679 Gold stock, monetanr, of United States 354 Discount rates 39, 90, 157, Based on monthly figures 9, 61, 126, 220, 282, 331, 408, 473, 527, 581, 636, 682 186, 250, 306, 362, 440, 500, 559, 608, 659 Gold reserves— Loans and investments of member banks. _ 247, Monthly figures 400, 248, 437, 656 466, 520, 574, 629, 675 Money in circulation 53 Years 1913-1930 394 Based on monthly figures 9,61,126, Foreign exchange rates— 186, 250, 306, 362, 440, 500, 559, 608, 659 Monthly averages 34, 35, 85, 152, Money rates 301, 302 215, 277, 326, 402, 468, 522, 576, 631, 677 New York funds of out-of-town banks 123 Yearly averages, 1922-1930 32 Production, manufacturing 2, 3 Commercial bills, purchase of, from Bank of Reserve balances of member banks 9, 61, England, by Federal Reserve Bank of Newr 126, 186, 250, 306, 362, 440, 500, 559, 608, 659 York 435, 605 Check collection system, number of banks in__ 46, 99, Commercial failures 26, 80, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Chemicals: 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 Factory employment and pay rolls 17, 70, Commercial paper: 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Held by member banks on call dates 111, Price index 72, 172, 294, 393, 491, 545, 652, 698 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Interest rates— Chile: Charged by banks in principal cities. _ 23, Central Bank of— 79, 144, 230, 290, 339, 417, 482, 535, 590, Annual report 624 644, 690. Condition of 36,87,154, Foreign countries 39, 90, 157, 217, 279, 328, 405, 470, 524, 578, 633, 679 220, 282, 331, 408, 473, 527, 581, 636, 682 Discount rates— Open-market rates in New York Changes in 304, 498, 557 City . 11, 63, 128, 188, Monthly figures 39, 90, 220, 157, 252, 308, 364, 442 502, 561, 610, 661 282, 331, 408, 473, 527, 581, 636, 682 ; Outstanding 13, 65, Gold reserves, 1913-1930 394 130, 190, 254, 310, 366, 444, 504, 563, 612, 663 Foreign exchange rates— Purchased by member banks on call dates. _ 12, 64, Monthly averages 34, 35, 85, 152, 129, 189, 253, 309, 365, 443, 503, 562,611, 662 215, 277, 326, 402, 468, 522, 576, 631, 677 Commodity prices, index of 15, 68, Yearly averages, 1922-1930 32 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 INDEX TO VOLUME 17 Page Page Condition of banks: Cost of living 222, All banks in United States on call dates— 284, 333, 410, 475, 529, 583, 638, 684 By Federal reserve districts 22, Cotton: 228, 415, 588 Consumption, index of 16,69, By States- 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 September 24, 1930 7, 48 Crop estimates 25, 537, 592, 646, 692 December 31, 1930 184,239 Manufactures, wholesale prices 197, March 25, 1931 430 261, 317, 373, 451, 512, 570, 619, 670 June 30, 1931 598 Country banks: Bank for International Settlements 35, 85, Classification of loans and investments 111, 152, 215, 277, 326, 403, 468, 522, 576, 631, 677 172, 294, 343, 491, 545, 652, 698 Federal reserve banks— Condition of, on call dates 177, 349, 547, 700 Combined 42, 94, 167, Deposits, reserves, and indebtedness at 232, 292, 341, 419, 484, 539, 593, 647, 693 Federal reserve banks 12, 64, 129, Each bank 43, 95, 168, 189, 253, 309, 365, 443, 503, 562, 611, 662 233, 293, 342, 420, 485, 540, 594, 648, 694 Interbank loans— Foreign central banks— Percentage distribution 99, 171, 236, Balance sheet— 295, 344, 421, 487, 541, 595, 649, 695 Austrian National Bank 266 Volume of 66, 131, Bank of Bolivia 623 191, 255, 311, 367, 445, 505, 564, 613, 664 Bank of Brazil 465 Loans to customers, open-market loans and Bank of Estonia 390 investments 12, 64, Bank of France 150 129, 189, 253, 309, 365, 443, 503, 562, 611, 662 Bank of Greece 388 By districts 21, 76, 141, Bank of Italy 320 226, 287, 336, 413, 478, 532, 586, 641, 687 Bank of Japan 385 Credit, bank: Bank of Latvia 463 Extended to German Reichsbank 353, 605 Bank of Norway 275 Federal reserve— Bank of Poland 273 Chart showing 9, 61, 126, Bank of Portugal 323 186, 250, 306, 362, 440, 500, 559, 608, 659 Bank of Spain 324 Discussion of 5, Central Bank of Chile 626 53, 121, 302, 435, 495, 604, 655 Central Bank of Ecuador 322 Factors in changes— Commonwealth Bank of Australia 621 Average of daily figures 10, 62, 127, Colombian Bank of the Republic. 674 187, 251, 307, 363, 441, 501, 560, 609, 660 German Reichsbank 456 Wednesday series 99, 171, National Bank of Albania 573 236, 295, 344, 421, 487, 541, 595, 649, 695 National Bank of Belgium 212 For relief of banking situation— National Bank of Bulgaria 515 Outline of plan 555 National Bank of Czechoslovakia, 460 President Hoover's statement regard- National Bank of Egypt 391 ing 551 National Bank of Hungary 270 Statement by governor of Federal Re- National Bank of Rumania 519 serve Bank of New York 553 National Bank of Yugoslavia 383 Member bank— Netherlands Bank 459 Discussion of 55, 123, 182, 245, 436, 655 South African Reserve Bank 628 Monthly figures 12, 64, 129, Swiss National Bank 206 189, 253, 309, 365, 443, 503, 562, 611, 662 Monthly figures 36,86,153, Nonmember bank 12, 216, 278, 327, 404, 469, 523, 577, 632, 678 64, 129, 189, 253, 309, 365, 443, 503, 562, 611, 662 Foreign commercial banks 38, 89, Crop estimates 25, 484, 537, 592, 646, 692 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 Crops, estimated cash income from 80 Member banks— Currency: All banks, on call dates—• Circulation— Dec. 31, 1930 176 Average of daily figures 10, 62, 127, Mar. 25, 1931 348 187, 251, 307, 363, 441, 501, 560, 609, 660 June 30, 1931 498, 546 By kinds 46, 99, 171, Sept. 29, 1931 605, 699 236, 295, 344, 421, 487, 541, 595, 649, 695 Reporting banks in leading cities— Chart showing 9, 61, 126, Change in method of reporting 186, 250, 306, 362, 440, 500, 559, 608, 659 service 7 Discussion of 53, 355, 603 Monthly averages of weekly figures 13, Discussion in annual reports— 65, 130, 190, 254, 310, 366, 444, 504, Belgium 207 563, 612, 663. Danzig 213 Weekly figures 24, 78, 143, 229, France 148 289, 338, 416, 480, 534, 589, 643, 689 Greece 387 (See also Loans and investments.) Hungary 269 National banks, on call dates_ _ _ 49, 240, 431, 599 Poland 272 State banks, on call dates 50, 241, 432, 600 Switzerland 205 Consolidations, member banks 44, 96, 169, 234 Wednesday series 99, 171, Copper production 16, 236, 295, 344, 421, 487, 541, 595, 649, 695 69, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Federal reserve, cost of 115, 490 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 17 707 Currency—Continued. 'P&se Denmark—Continued. Page Par value of foreign 32, 35, 85, National Bank of—Continued. 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 Gold reserves— Reserves against liabilities arising from a Monthly figures 400, deposit of, to the credit of a member bank 466, 520, 574, 629, 675 with a foreign correspondent; ruling 93 Years 1913-1930 394 Currency issues, Argentina, Canada, India, Wholesale prices 40 Ireland 156, Department-store sales and stocks: 219, 281, 330, 407, 472, 526, 580, 635, 681 Discussion of 5 Currency laws, amendments to: Monthly figures 18, 71, Bolivia 623 136, 196, 260, 316, 372, 450, 511, 569, 618, 669 Germany 27, 455 Deposits: Great Britain, suspension of gold standard All banks in United States on call dates— act in 553, 571 By Federal reserve districts. 22, 228, 415, 588 Italy 319 By States 48, 239, 430, 598 Switzerland 198 Years 1924-1931 64, 129, Yugoslavia 380 189, 253, 309, 365, 443, 503, 562, 611, 662 Cuba, foreign exchange rates: Banks suspended— Monthly averages 34, 35, 85, By Federal reserve districts 26, 77, 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 142, 173, 227, 288, 337, 414, 479, 533, Yearly averages, 1922-1930 32 587, 642, 688. Chechoslovakia: Years 1921-1930 112 Foreign exchange rates— By months 66, 131, Monthly averages 33,35,85, 152, 215, 191, 255, 311, 367, 445, 505, 564, 613, 664 277, 326, 402, 468, 522, 576, 631, 677 By States— Yearly averages, 1922-1930 32 During year 1930 113 National Bank of— During year 1031— Annual report 459 Current month. _ 114, 174, 237, 296, Condition of 36, 87, 154, 345, 422, 488, 543, 596, 650, 696 Consecutive months— 175, 238, 297, 217, 279, 328, 405. 470, 524, 578, 633, 679 346, 423, 489, 544, 551, 597, 697 Discount rates— Years 1921-1930 47 Changes in 498, 557 Federal reserve banks— Monthly figures.__ 39, 90, 157, 220, 282, By districts 20, 74, 139, 331, 408, 473, 527, 581, 636, 682 224, 285, 334, 411, 476, 530, 584, 639, 685 Gold reserves— Combined statement 42, 94, 167, Monthly figures 400, 232, 292, 341, 419, 484, 539, 593, 647, 693 466, 520, 574, 629, 675 Each bank 43, 95, 168, Years 1913-1930 394 233, 293, 342, 420, 485, 540, 594, 648, 694 Wholesale prices 40 Foreign central banks 36, 86, 153, Danzig, Bank of: 216, 278, 327, 404, 469, 523, 577, 632, 678 Annual report 213 Foreign commercial banks 38, 89, 156, Condition of 36, 87, 219, 281, 330, 407, 472, 526, 580, 635, 681 154, 217, 279, 328, 405, 470, 524, 578, 633, 679 Member banks— Discount rates— All banks, on call dates. __ 177, 348, 546, 699 Changes in 438, 498, 657 Discussion of 182, 655 Monthly figures 39, 90, 157, Government 24, 78, 143, 220, 282, 331, 408, 473, 527, 581, 636, 682 229, 289, 338, 416, 480, 534, 589, 643, 689 Debits to indi vidual account 26, 80, Time and demand— 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 Averages of daily figures 12, 64, 189, Debt payments of foreign Governments to 253, 309, 365, 443, 503, 562, 611, 662 United States, statement of President relative By districts 20, 74, 139, 224, to postponement of 353 285, 334, 411, 476, 530, 584, 639, 685 Deferred availability items, Federal reserve In larger and smaller centers 21, banks 42, 94, 75, 140, 225, 286, 335, 412, 477, 531, 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 585, 640, 686. Deficiencies in reserves, penalties on 115, 490 In smaller centers 100-104 Demand deposits. (See Deposits.) Reporting banks in leading cities. 24, Denmark: 78, 143, 229, 289, 338, 416, 480, 534, Commercial banks, condition of 38, 89 589, 643, 689. Foreign exchanges rates— Years 1929-30 347 Monthly averages 33, 35, 85, 152, National banks, on call dates. _. 49, 240, 431, 599 15, 277, 326, 402, 468, 522, 576, 631, 677 Nonmember banks— Yearly averages, 1922-1930 32 Averages of daily figures 10, 62, 127, National Bank of— 187, 251, 307, 363, 441, 501, 560, 609, 660 Condition of 36, 87, 154, Wednesday series 99, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 217, 279, 328, 405, 470, 524, 578, 633, 679 Reserves against, received by member banks Discount rates— in connection with certain " personal Changes in 557 loans"; ruling 538 Monthly figures 39, 90, 157, 220, State banks, on call dates 50, 241, 432, 600 282, 331, 408, 473, 527, 581, 636, 682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 INDEX TO VOLUME 17 Depreciation charges, Federal reserve bank Discount rates—Continued. premises 116, 490 Foreign central bank—Continued. Deputy Federal reserve agents, appointment of. 57 Discussion in annual reports—Con. Directors of Federal reserve banks: National Bank of Austria 266 Election of 57 National Bank of Belgium 207 Meetings, expenses of 115, 490 National Bank of Yugoslavia 381 Discount rates: Netherlands Bank 458 Charged customers by banks in principal South African Reserve Bank 626 cities 23, 79, 144, Swiss National Bank 203 230, 290, 339, 417, 482, 535, 590, 644, 690 Monthly figures 39, 90, 157, 220, Federal reserve banks— 282, 331, 408, 473, 527, 581, 636, 682 Back figures 23, 79, 144, Open-market rates— 230, 290, 339, 417, 482, 535, 590, 644, 690 In New York City 11, 63, 128, 188, Buying rates on bills— 252, 308, 364, 442, 502, 561, 610, 661 Changes in.. 6, 57, 248, 303, 557, 605, 657 Foreign countries 39, 90, 157, Monthly figures 11, 63, 128, 220,282, 331, 408, 473, 527, 581, 636, 682 188, 252, 308, 364, 442, 502, 561, 610, 661 (See also Interest rates.) Changes in— Discounts of Federal reserve banks: Atlanta 57, 657 Averages of daily figures 10, 62, Boston 6, 248, 557, 605 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Chicago 57, 248, 605 By montns 20, 74, Cleveland 6, 248, 557, 605 139, 224, 285, 334, 411, 476, 530, 584, 639, 685 Dallas 248, 605 By weeks 20, 74, Kansas City 304,605 139, 224, 285, 334, 411, 476, 530, 584, 639, 685 New York 6, 248, 557, 605 Dividends: Philadelphia 248, 605 Federal reserve banks 58, 116, 490 Richmond 303, 605 Member banks 105, 106, 424 St. Louis 6, 248, 605 National banks 105, 428 San Francisco 6, 304, 605 State bank members 106,429 Chart showing 19, 73, 138, 223 Drugs, wholesale prices L 72, Discussion of 6, 53, 245, 301, 554, 604 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Monthly figures 11, 63, 128, Due from foreign banks to Federal reserve banks: 188, 252, 308, 364, 442, 502, 561, 610, 661 Averages of daily figures 10, 62, Foreign central banks— 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Changes in— Combined statement 42,94 Austrian National Bank— 356, 438, 657 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Bank of Danzig 438, 498, 657 Each bank 43, 95, Bank of England 304, 438, 557 168, 233, 293, 342, 420, 485, 540, 594, 648, 694 Bank of Estonia 498 Due to banks. (See Bankers' balances.) Bank of Finland 557, 605 Earnings and expenses: Bank of France 6, 57, 557 Federal reserve banks 58, 115, 490 Bank of Greece 557, 605 Member banks 105, 106, 357, 424r-429 Bank of India 57, 304, 498, 557 Earnings on bills and securities held by Federal Bank of Italy 557 reserve banks 58, 115, 490 Bank of Japan 557, 657 Earmarked gold: Bank of Norway 557, 605 Discussion of 555 Bank of Portugal 498 Monthly figures 10, 62, Bank of Spain 438 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Bank of Sweden 124, 438, 557, 605 Ecuador: Central Bank of Chile 304, 498, 557 Central Bank of— Central Bank of Ecuador 304 Condition of 36, 87, 154, Danish National Bank 557 217, 279, 328, 405, 470, 524, 578, 633, 679 German Reichsbank__ 356, 438, 498, 557 Discount rates— National Bank of Bulgaria.. 57, 356, 557 Changes in 304 National Bank of Czechoslovakia. 498, Monthly figures 39, 90, 157, 220, 557 282, 331, 408, 473, 527, 581, 636, 682 National Bank of Hungary. 356, 438, 557 Gold reserves, 1913-1930 394 National Bank of Rumania 184 Foreign exchange rates— National Bank of Yugoslavia.. 356, 438* Monthly averages 34, 35, 85, 152, Netherlands Bank 57, 304, 557 215, 277, 326, 402, 468, 522, 576, 631, 677 South African Reserve Bank... 184, 657 Yearly averages, 1922-1930 32 Swiss National Bank 57 Eddy, Walter L., resignation of, as secretary of Discussion of 301, 435, 554 Federal Reserve Board 304 Discussion in annual reports— Egypt: Bank of France 146 Fo re m ign exchang rates— Bank of Norway 274 Monthly averages 34, 35, 85, 152, Bank of Poland 272 215, 277, 326, 402, 468, 522, 576, 631, 677 Bank of Rumania 517 Yearly averages, 1922-1930 32 Central Bank of Chile 625 National Bank of— Colombian Bank of the Republic. 671 Annual report 390 German Reichsbank 453 Condition of 578, 633, 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 17 709 Egypt—Continued. Estonia, Bank of—Continued. National Bank of—Continued. Discount rates— Page Gold reserves— Changes in 498 Monthly figures 400, Monthly figures 39, 90, 157, 466, 520, 574, 629, 675 220, 282, 331, 408, 473, 527, 581, 636, 682 Years 1913-1930 394 Gold reserves, 1913-1930 394 Election of directors of Federal reserve banks-_ 57 Exchange rates, foreign. (See Foreign exchange Eligible paper: rates.) Held by Federal reserve agents as security Expressage, Federal reserve banks, cost of 115, 490 for Federal reserve notes 42,94, Factors of changes in reserve bank credit: 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Averages of daily figures 10, 62, Holdings by member banks on call dates— 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 By Fed eral reserve districts 77, Chart showing 9, 61, 142, 227, 288, 337, 414, 479, 587, 642, 688 126, 186, 250, 306, 362, 440, 500, 559, 608, 659 Compared with borrowings at reserve Wednesday series 99, banks 66, 131, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 191, 255, 311, 367, 445, 505, 564, 613, 664 Factory employment and wages, 1919-1930 46 Employment: Failures, bank: Discussion of 4 By Federal reserve districts— Discussion in annual reports of banks— Monthly figures 26, 77, 112, 142, Belgium 211 227, 288, 337, 414, 479, 533, 587, 642, 688 Switzerland 199 Years 1921-1930 112 Factories, coal mines, and railroads, 1919- By months 66, 1930 46 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 Index of— By States— By industries 17, 70, 135, During year 1930 113 195, 259, 315, 371, 449, 510, 568, 617, 668 During year 1931— Total 15, 68, 133, Current month 114, 174, 237, 193, 257, 313, 369, 447, 507, 566, 615, 666 296, 345, 422, 488, 543, 596, 650, 696 Manufacturing industries— Consecutive months 175, 238, Chart showing 3 297, 346, 423, 489, 544, 597, 651, 697 Years 1921-1930 47 Years 1899-1930 4<5 Failures, commercial 26,80, England: 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 Bank of— Farm land, loans secured by, made by member Condition of 36, 86, 153, banks 111, 172, 294, 393, 491, 545, 652, 698 216, 278, 327, 404, 469, 523, 577, 632, 678 Farm production, income from 80 Discount rates— Farm products, price index: Changes in 304, 438, 557 Monthly figures 72, Monthly figures 39, 90, 157, 220, 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 282, 331, 408, 473, 527, 581, 636, 682 Principal countries 41, 92, Gold reserves— 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Chart showing 354 Years 1913-1930 46 Discussion of 354, 435 Federal Advisory Council: Monthly figures 31, 84, 151, 214, Conferences, expenses of 115, 490 276, 325, 399, 466, 520, 574, 629, 675 Meetings of 124, 657 Years 1913-1930 394 Federal intermediate credit banks, bills dis- Commercial banks, condition of 38, 89, counted for 11, 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 63, 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 Cost of living 222, Federal reserve agents: 284, 333, 410, 475, 529, 583, 638, 684 Appointment of 57 Foreign exchange rates— Conferences, expenses of 115, 490 Monthly averages 33, 35, 85, 152, Federal reserve note account 42, 94, 215, 277, 326, 402, 468, 522, 576, 631, 677 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Yearly averages, 1922-1930 32 Federal reserve bank credit. (See Credit.) Gold imports and exports 31, 84, Federal reserve bank notes, circulation 46, 151, 214, 276, 325, 401, 467, 521, 575, 630, 676 99, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Gold standard, suspension of— Federal reserve banks: Discussion of 553 Borrowings of member banks at. (See Text of act 571 Borrowings.) Money rates 39, 90, Condition of. (See Condition of banks.) 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Discount rates. (See Discount rates.) Retail food prices 222, Dividends paid 58, 116, 490 284, 333, 410, 475, 529, 583, 638, 684 Earnings and expenses 58, 115, 490 Security prices 91 Fiscal agency expenses 116 V 158, 221, 283, 332, 409, 474, 528, 582, 637, 683 Franchise tax paid 58, 116, 490 Wholesale prices 40, 92, Federal Reserve Board: 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Annual report 184, 304 Estonia, Bank of: Assessment on banks for expenses of 115, 490 Annual report 389 Eddy, Walter L., resignation as secretary _.. 304 Harrison, Floyd R., appointed assistant to Condition of 36, 87, 154, 217, 279, 328, 405, 470, 524, 578, 633, 679 governor 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 INDEX TO VOLUME 17 Federal Reserve Board—Continued. Foreign banks—Continued. James, George R., reappointed as member. 248 Deposits of, held by Federal reserve banks— Magee, Way land W., appointed member. _ 248 Combined statement 42, 94, 167, Morrill, Chester, appointed secretary 557 232, 292, 341, 419, 484, 539, 593, 647, 693 Federal reserve clearing system 46, Each reserve bank 43, 95, 168, 99, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 233, 293, 342, 420, 485, 540, 594, 648, 694 Federal reserve notes: Due from, to Federal reserve banks— Circulation— Averages of daily figures 10, 62, 127, By Federal reserve districts 20, 74, 139, 187, 251, 307, 363, 441, 501, 560, 609, 660 224, 285, 334, 411, 476, 530, 584, 639, 685 Combined statement 42, 94, 167, End of month figures 46, 99, 171, 232, 292, 341, 419, 484, 539, 593, 647, 693 236, 295, 344, 421, 487, 541, 595, 649, 695 Each reserve bank 43, 95, 168, Federal reserve agents' account. _ 42, 94, 167, 233, 293, 342, 420, 485, 540, 594, 648, 694 232, 292, 341, 419, 484, 539, 593, 647, 693 Foreign exchange: Cost of 115, 490 Discussion in annual reports— Gold held against 42, 94, Belgium 207 167, 232, 292, 314, 419, 484, 539, 593, 647, 693 Danzig 213 Financing of the Treasury 181 Germany 453 Fiduciary powers granted to national banks 45, Greece 386 98, 170, 235, 591 Hungary 268 Finland: Japan 384 Bank of— Netherlands 458 Condition of 37, 87, 154, Poland 272 217, 279, 328, 405, 470, 524, 578, 633, 679 Rumania 516 Discount rates— Switzerland 204 Changes in 557, 605 Yugoslavia 382 Monthly figures 39, 90, 157, 220, Rates— 282, 331, 408, 473, 527, 581, 636, 682 Monthly averages 33, 35, 85, 152, Gold reserves, 1913-1930 394 215, 277, 326, 402, 468, 522, 576, 631, 677 Foreign exchange rates— Yearly averages, 1922-1930 32 Monthly averages 33, 35, 85, 152, Foreign governments, Presidents' statement rel- 215, 277, 326, 402, 468, 522, 576, 631, 677 ative to postponement of debt payments due Yearly averages, 1922-1930 32 United States 353 Wholesale prices 40 Foreign investments in United States, discus- Fiscal agency expenses of Federal reserve banks 116 sion of 437 Float, Federal reserve: Foreign trade: Averages of daily figures 10, 62, Discussion in annual reports— 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Australia 621 End of month figures 42, 94, Bolivia 623 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Flour: Japan 384 Latvia 461 Factory employment and pay rolls 17, 70, 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Netherlands 457 Production 16, 69, Poland 271 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Switzerland 199 Foods and food products: United States, discussion of 5 Factory employment and pay rolls 17, 70, France: 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Bank of— Production 16, 69, Annual report 146 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Condition of 36, 86, 153, 216, Chart showing 2 278, 327, 404, 469, 523, 577, 632, 678 Retail prices, United States, England, Discount rates— France, Germany 222, Changes in 6, 57, 557 284, 333, 410, 475, 529, 583, 638, 684 Monthly figures 39, 90, 157, 220, Wholesale price index— 282, 331, 408, 473, 527, 581, 636, 682 Principal countries 41, 92, 159, Gold reserves— 222, 284, 333, 410, 475, 529, 583, 638, 684 Chart showing 354 United States— Discussion of 354 Monthly figures 72, 137, Monthly figures 31, 84, 151, 214, 197, 261, 317, 373, 451, 512, 570, 619, 670 276, 325, 399, 466, 520, 574, 629, 675 Years, 1913-1930 46 Years 1913-1930 394 Foreign banks: Commercial banks, condition of 38, 89, Central banks— 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 Annual reports. (See Annual reports.) Cost of living 222, Balance sheets. (See Balance sheets.) 284, 333, 410, 475, 529, 583, 638, 684 Condition of. (See Condition of Foreign exchange rates— banks.) Monthly averages 33, 35, 85, 152, Discount rates. (See Discount rates.) 215, 277, 326, 402, 468, 522, 576, 631, 677 Gold reserves. (See Gold reserves.) Yearly averages, 1922-1930 32 Commercial banks, condition of 38, 89, Money rates 39, 90, 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 17 711 France—Continued. Gold—Continued. Retail food prices 222, Coin and certifiates—Continued. 284, 333, 410, 475, 529, 583, 638, 684 Held by Federal reserve banks—Continued. Security prices 91, Each bank 43, 95, 168, 233, 158, 221, 283, 332, 409, 474, 528, 582, 637, 683 293, 342, 420, 485, 540, 594, 648, 694 Wholesale prices 40, 92, Earmarked— 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Discussion of 354, 555 Franchise tax paid by Federal reserve banks 58, Monthly figures 10, 62, 127, 116,490 187, 251, 307, 363, 441, 501, 560, 609, 660 Free gold: Free gold— Chart showing 496 Chart showing 496 Definition of 495, 604 Definition of 495, 604 Freight-car loadings, index of: Held by Federal reserve banks— By classes 372, 450, 511, 569, 618, 669 Combined statement 42, 94, 167, Revision 108-110 232, 292, 341, 419, 484, 539, 593, 647, 693 Total 15, 68, Each bank 43, 95, 168, 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 233, 293, 342, 420, 485, 540, 594, 648, 694 Furniture: Imports and exports— Factory employment and pay rolls 17, 70, Exports from United States, discussion 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 of 603,655 Wholesale prices 197, Imports at New York and elsewhere 10, 261, 317, 373, 451, 512, 570, 619, 670 62, 127, 187, 251, 307, 363, 441, 501, 560, Gasoline production 16, 69, 609, 660. 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Movements to and from United States 10, Germany: 62, 127, 187, 251, 307, 363, 441, 501, 560, Banking laws, amendments to 27 609, 660. Commercial banks, condition of 38, 89, United States, Germany, Great Britain, 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 Netherlands, South Africa, India 31, Cost of living 222, 84, 151, 214, 276, 325, 401, 467, 521, 575, 284, 333, 410, 475, 529, 583, 638, 684 630, 676. Foreign exchange rates— Production— Monthly averages 33, 35, 85, 152, Discussion of 303 215, 277, 326, 402, 468, 522, 576, 631, 677 Monthly figures 10, 62, 127, Yearly averages, 1922-1930 32 187, 251, 307, 363, 441, 501, 560, 609, 660 Gold imports and exports 31, 84, Reserves. (See Reserves, gold.) 151, 214, 276, 325, 401, 467, 521, 575, 630, 676 Stock, monetary, in United States— Money rates 39, 90, Analysis of changes in 10, 62, 127, 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 187, 251, 307, 363, 441, 501, 560, 609, 660 Reichsbank— Averages of daily figures 10, 62, 127, Annual report 452 187, 251, 307, 363, 441, 501, 560, 609, 660 Condition of 36, 86, 153, Chart showing 9, 61, 126, 216, 278, 327, 404, 469, 523, 577, 632, 678 186, 250, 306, 362, 440, 500, 559, 608, 659 Credit to, by Federal Reserve Bank Discussion of 603 of New York 353, 605 Wednesday series 99, 171, Discount rates— 236, 295, 344, 421, 487, 541, 595, 649, 695 Changes in 356, 438, 498, 557 Gold redemption fund: Monthly figures 39, 90, 157, 220, Combined statement 42, 94, 282, 331, 408, 473, 527, 581, 636, 682 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Gold reserves— Each bank 43, 95, Chart showing 354 168, 233, 293, 342, 420, 485, 540, 594, 648, 694 Discussion of 354, 435 Gold settlement fund: Monthly figures 31, 84, 151, 214, Combined statement 42, 94, 276, 325, 399, 466, 520, 574, 629, 675 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Years 1913-1930 394 Each bank 43, 95, Reparations, new plan in settlement of 27 168, 233, 293, 342, 420, 485, 540, 594, 648, 694 Retail food prices 222, Gold standard, suspension of: 284, 333, 410, 475, 529, 583, 638, 684 Discussion of 553, 554 Security prices 91, In Great Britain— 158, 221, 283, 332, 409, 474, 528, 582, 637, 683 Discussion of 553 Wholesale prices 40, 92, Text of act 571 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Government deposits: Glass: Held by Federal reserve banks— Factory employment and pay rolls 17, 70, Combined statement 42, 94, 167, 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 232, 292, 341, 419, 484, 539, 593, 647, 693 Production 16, 69, Each bank 43, 95, 168, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 233, 293, 342, 420, 485, 540, 594, 648, 694 Gold: Held bv member banks 24, 78, Coin and certificates— 143, 229, 289, 338, 416, 480, 534, 589, 643, 689 Circulation 46,99, 171, Government note issues and reserves, Argentina, 236, 295, 344, 421, 487, 541, 595, 649, 695 Canada, India, Ireland 156, Held by Federal reserve banks— 219, 281, 330, 407, 472, 526, 580, 635, 681 Combined statement. __ 42, 94, 167, 232, Governors of Federal reserve banks, conferences, 292, 341, 419, 484, 539, 593, 647, 693 expenses of 115, 490 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 INDEX TO VOLUME 17 Page Page Grains, wholesale prices 197, Imports and exports—Continued. 261, 317, 373, 451, 512, 570, 619, 670 Gold- Greece: Analysis of changes in stock through. 10, 62, Bank of— 127, 187, 251, 307, 363, 441, 501, 560, 609, Annual report __ 386 660 Condition of 37, 87, 154, Exports from United States., discus- 217, 279, 328, 405, 470, 524, 578, 633, 679 sion of 603, 655 Discount rates— Imports at New York and elsewhere. _ 10, 62, Changes in 557, 605 127, 187, 251, 307, 363, 441, 501, 560, 609, Monthly figures 39, 90, 660 157, 220, 282, 331, 408, 473, 527, 581, Movements to and from United States 10, 62, 636, 682. 127, 187, 251, 307, 363, 441, 501, 560, 609, Gold reserves, 1913-1930 394 660 Foreign exchange rates— Principal countries 31,84,151, Monthly averages 33, 35, 85, 152, 214, 276, 325, 401, 467, 521, 575, 630, 676 215, 277, 326, 402, 468, 522, 576, 631, 677 Merchandise 71, 81, 136, 196, Yearly averages, 1922-1930 32 260, 316, 372, 450, 511, 569, 618, 669 Guardian of estates, power to act as. (See Income from farm production 80 Fiduciary powers.) Indebtedness of member banks at Federal Guatemala, Central Bank of: reserve banks: Condition of 578, 643, 689 All banks— Gold reserves, 1913-1930 394 By class of banks— Harrison, Floyd R., appointed assistant to Back figures 347 governor of Federal Reserve Board 557 Monthly figures 12, 64, 129, 189, 253, Harrison, George L., governor of Federal Reserve 309, 347, 365, 443, 503, 562, 611, 662 Bank of New York, statement by, relative to By Federal reserve districts.- 20, 74, 139, 224, organization of credit corporation for relief 285, 334, 411, 476, 530, 584, 639, 685 of banking situation 553 Monthly averages of weekly figures 11, Hay crpp estimates 25, 484, 537, 592, 646, 692 63, 128, 188, 252, 308, 364, 442, 502, 561 Hides, wholesale prices 72, 610, 661. 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Compared with eligible assets held 66, Hogs slaughtered 16. 69, 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 134, 194, 258, 314, 370, 448, 509, 567, 616,'667 Reporting banks in leading cities— Hong Kong, foreign exchange rates: Monthly averages of weekly figures 13, Monthly averages 34, 35, 85, 65, 130, 190, 254, 310, 366, 444, 504, 563, 152, 215, 277, 326, 402. 468, 522, 576, 631, 677 612, 663. Yearly averages, 1922-1930 32 Weekly figures 25, 78, 143. House furnishing goods, wholesale prices 72, 229, 289, 338, 416, 481, 534, 589, 643, 689 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Indebtedness of nonmember banks: Hungary: By Federal reserve districts 77, Foreign exchange rates— 142, 227, 288, 337, 414, 479, 533, 587, 642, 688 Monthly averages 33, 35, 85, 152, Years 1923-1930 99, 171, 236, 295, 344, 421 215, 277, 326, 402, 468, 522, 576, 631, 677 Investments, foreign, in United States, dis- Yearly averages, 1922-1930 32 cussion of 437 Money rates 39, 90, India: 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Bank of— National Bank of—• Discount rates— Annual report 267 Changes in 57, 304, 498, 557 Condition of 37, 87, 154, Monthly figures 39, 90, 157, 220, 217, 279, 328, 405, 470, 524, 579, 643, 689 282, 331, 408, 473, 527, 581, 636, 682 Discount rates— Gold reserves— Changes in 356, 438, 557 Monthly figures 31, 84, 151, 214, Monthly figures 39, 90, 157, 220, 276, 325, 399, 466, 520, 574, 629, 675 282, 331, 408, 473, 527, 581, 636, 682 Years 1913-1930 394 Gold reserves— Foreign exchange rates— Monthly figures 400, Monthly averages 34, 35, 85, 152, 466, 520. 574, 629, 675 215, 277, 326, 402, 468, 522, 576, 631, 677 Years 1913-1930 394 Yearly averages, 1922-1930 32 Wholesale prices 40 Gold imports and exports 31, 84, Imports and exports: 151, 214, 276, 325, 401, 467, 521, 575, 630, 676 Acceptances based on, discussion of 123 Government note issues and reserves 156, Discussion of 5 219, 281, 330, 407, 472, 526, 580, 635, 681 Discussion in annual reports— Wholesale prices 40 Australia 621 Industrial production. (See Production.) Bolivia 623 Insurance, Federal reserve banks, cost of 115, 490 Japan 384 Interbank loans: Latvia 461 By class of banks 66, Netherlands 457 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 Poland 271 By districts 76, Switzerland 199 140, 225, 286, 335, 412, 477, 531, 585, 640, 686 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 17 713 Interbank loans—Continued. Japan—Continued. Interest rates 23, 79, Commercial banks, condition of 38, 89, 144, 230, 290, 339, 417, 482, 535, 590, 644, 690 156, 219, 281, 330, 407, 472, 526, 580, 635, 681 Percentage distribution 99, Foreign exchange rates— 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Monthly averages 34, 35, 85, 152, Interest rates: 215, 277, 326, 402, 468, 522, 576, 631, 677 Charged customers by banks in New York Yearly averages, 1922-1930 32 City and other cities 11, 63, Money rates 39, 90, 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Chart showing 301, 302 Wholesale prices 40, 92, Discussion of 6, 53, 245, 301 159, 222, 284, 333, 410, 475, 529, 583, 639, 685 Foreign countries 39, 90, Java: 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Bank of— Open-market rates in New York City 11, 63, Condition of 37, 87, 154, 217, 128, 188, 252, 308, 364, 442, 502; 561, 610, 661 279, 328, 405, 470, 524, 579, 634, 680 Prevailing in principal cities 23, 79, Discount rates 39, 90, 157, 220, 144, 230, 290, 339, 417, 482, 535, 590, 644, 690 282, 331, 408, 473, 527, 581, 636, 682 (See also Discount rates.) Gold reserves— Intermediate credit banks, bills discounted for. 11, 63, Monthly figures 400, 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 466, 520, 574, 629, 675 International payments of the United States, Years 1913-1930 394 balance of 437 Foreign exchange rates— Investments. (See Loans and investments.) Monthly averages 34, 35, 85, 152, Ireland, Government note issues and reserves. 156, 215, 277, 326, 402, 468, 522, 576. 631, 677 219, 281, 330, 407, 472, 526, 580, 635, 681 Yearly averages, 1922-1930 32 Iron and steel: Labor. (See Employment.) Factory employment and pay rolls 17, 70, Latvia, Bank of: 135, 195/259, 315, 371, 449, 510, 568, 617, 668 Annual report 461 Production _ 16,69, Condition of 37, 88 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 155, 218, 280, 329, 406, 471, 525, 579, 634,680 Wholesale prices 197, Discount rates 39, 90, 261, 317, 373, 451, 512, 570, 619, 670 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Iron ore shipments 16, 69, Gold reserves, 1913-1930 394 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Law department: Italy: Change in law and regulations regarding Bank of— loans on notes secured by adjusted- Annual report 318 service certificates 160—166 Condition of 36, 87, 154, Eligibility for rediscount of a veteran's note 217, 279, 328, 405, 470, 524, 579, 634, 680 on which the veteran has waived notice Discount rates— of transfer; ruling 538 Changes in 557 Reserves against liabilities arising from a Monthly figures 39, 90, 157, 220, deposit of foreign currency to the credit 282, 331, 408, 473, 527, 581, 636, 682 of a member bank with a foreign corre- Gold reserves— spondent; ruling 93 Monthly figures 31, 84, 151, 214, Reserves against deposits received by 276, 325, 400, 466, 520, 574, 629, 675 member banks in connection with certain Years 1913-1930 394 "personal loans"; ruling 538 Foreign exchange rates— Laws, amendments to: Monthly averages 33, 35, 85, 152, Banking— 215, 277, 326, 402, 468, 522, 576, 631, 677 Bolivia 623 Yearly averages, 1922-1930 32 Colombia 672 Monev rates 39, 90, Germany 27, 455 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Italy 319 Wholesale prices 40, 92, Great Britain, suspension of gold stand- 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 ard 553, 571 James, George R., reappointed member of Switzerland 198 Federal Reserve Board 248 Yugoslavia 380 Japan: World-war adjusted compensation act 160, 165 Bank of— Lead production 16, 69, Annual report 384 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Condition of 36, 87, 154, Leather: 217, 279, 328, 405, 470, 524, 579, 634, 680 Factory employment and pay rolls 17, 70, Discount rates— 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Changes in 557, 657 Production index 16, 69, Monthly figures 39, 90, 157, 220, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 282, 331, 408, 473, 527, 581, 636, 682 Revised index 107 Gold reserves— Wholesale prices 72, Charts showing 354 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Discussion of 354 Legal fees, Federal reserve banks 115, 490 Monthly figures 31, 84, 151, 214, Light, heat, and power, Federal reserve banks, 276, 325, 400, 466, 520, 574, 629, 675 cost of 115, 49Q Years 1913-1930 394 List of new and special tables in Bulletin 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 INDEX TO VOLUME 17 Lithuania, Bank of: Magee, Wayland W., appointed member of Fed- P»s« Condition of 37,88, eral Reserve Board 248 155, 218, 280, 329, 406, 471, 525, 579, 634, 680 Manufacturing production, index of: Discount rates 39, 90, By industries 16, 69, 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Gold reserves, 1913-1930 394 Revised index 107, 508 Livestock, wholesale prices 197, Total 15, 68, 261, 317, 373, 451, 512, 570, 619, 670 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 Living, cost of 222, Volume, and number of employees, 1899- 284, 333, 410, 475, 529, 583, 638, 684 1914 46 Loans: Maturitv of bills and short-term securities 45, 99, Interbank— 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 By class of banks 66, 131, Meats, wholesale prices 197, 191, 255, 311, 367, 445, 505, 564, 613, 664 261, 317, 373, 451, 512, 570, 619, 670 By districts 76, 140, Member-bank call report 176, 348, 546, 605, 699 225, 286, 335, 412, 477, 531, 585, 640, 686 Member-bank credit. (See Credit.) Interest rates 23, 79, 144, Member banks: 230, 290, 339, 417, 482, 535, 590, 644, 690 Bankers' balances. (See Bankers' balances.) Percentage distribution 99, 171, Borrowings at Federal reserve banks. (See 236, 295, 344, 421, 487, 541, 595, 649, 695 Borrowings.) On notes secured by adjusted-service certi- Changes affecting membership 44, 96, 169, 234 ficates, change in law and regulations re- Condition of. (See Condition of banks.) garding 160-166 Deposits. (See Deposits.) To brokers— Dividends paid 105, 106, 424 Call report dates 111, Earnings and expenses 105, 106, 357, 424-429 172, 294, 393, 491, 545, 652, 698 Interbank loans. (See Loans.) Change in New York Clearing House Loans and investments. (See Loans and rules relative to 657 investments.) Monthly figures 13, 65, 130, Loans to brokers. (See Loans to brokers.) 190, 254, 310, 366, 444, 504, 563, 612, 663 National banks. (See National banks.) Total reported, call dates 67, 132, Number of 46, 99, 192, 56, 312, 368, 446, 506, 565, 614, 665 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 To customers, open-market loans and in- Number on par list 46, 99, vestments— 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Call dates 12, 64, 129, Reserve balances. (See Reserves.) 189, 253, 309, 365, 443, 503, 562, 611, 662 Reserves. (See Reserves.) By districts 21, 76, 141, Suspensions— 226, 287, 336, 413, 478, 532, 586, 641, 687 By Federal reserve districts— Chart showing 247 Monthly figures 26, Loans and investments: 77, 112, 142, 173, 227, 288, 337, All banks in the United States on call 414, 479, 533, 587, 642, 688. dates— Years 1921-1930 _._ 112 By Federal reserve districts. 22, 228, 415, 588 By States— By States 48, 239, 430, 598 During year 1930 113 Total 12, 64, 129, During year 1931— 189, 253, 309, 365, 443, 503, 562, 611, 662 Current month 114, Member banks— 174, 237, 296, 345, 422, 488, All banks— 543, 596, 650, 696. Changes in 56, 246, 438, 606 Consecutive months 175, Chart showing 247, 248, 437, 656 238, 297, 346, 423, 489, 544, Classification, on call dates 111, 597, 651, 697. 172, 294, 393, 491, 545, 652, 698 Years 1921-1930 47 Discussion of 55, 56, Membership in par collection system 46, 123, 182, 245, 436, 497, 605, 655 99,171, 236, 295,344,421,487,541, 595,649, 695 On call dates 176, 348, 546, 699 Merchandise imports and exports 18, Reporting banks in leading cities— 71,136,196,260,316,372,450,511,569,618,669 Monthly averages of weekly fig- Mergers, member banks 44, 96, 169, 234 ures 13, 65, 190, Metals, wholesale prices 72« 254, 310, 366, 444, 504, 563, 612, 663 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Weekly figures 24, 78, 143, 229, Mexico: 289, 338, 416, 480, 534, 589, 643, 689 Foreign exchange rates— National banks on call dates 49, 240, 431, 599 Monthly averages 34, State banks on call dates 50, 241, 432, 600 35/85, 152, 215, 277, 326, 402, 468, 522, Locomotives, production index 16, 69, 576, 631, 677. 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Yearly averages, 1922-1930 32 Lumber: Gold reserves, 1913-1930 394 Factory employment and payrolls 17, 70, Minerals, index of production: 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 By industries 16, 69, Production 508, 509, 542, 567, 616, 667 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Revised index 508, 542 Revised index 107, 508 Wholesale prices 197, Total 15,68, 261, 317, 373, 451, 512, 570, 619, 670 133, 193, 257, 313, 369, 447, 507 566, 615, 666 ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 715 Money: Netherlands: Circulation— Bank of— Averages of daily figures 10, 62, 127, Annual report 457 187, 251, 307, 363, 441, 501, 560, 609, Condition of 37, 88, 155, 660. 218, 280, 329, 406, 471, 525, 579, 634, 680 By kinds 46, Discount rates— 99, 171, 236, 295, 344, 421, 487, 541, Changes in 57,304, 557 595, 649, 695. Monthly figures 39, 90, 157, 220, Chart showing 53 282, 331, 408, 473, 527, 581, 636, 682 Monthly figures 9, Gold reserves— 61, 126, 186, 250, 306, 362, 440, 500, Monthly figures 31, 84, 151, 214, 559, 608, 659. 276, 325, 400, 466, 520, 574, 629, 675 Years 1913-1930 394 Discussion of 53, 355, 603 Foreign exchange rates— Wednesday series 99, 171, Monthly averages 33. 35, 85, 152, 236, 295, 344, 421, 487, 541, 595, 649, 695 215, 277, 326, 402, 468, 522, 576, 631, 677 Rates— Yearly averages, 1922-1930 32 Charged customers by banks in New Gold imports and exports 31, 84, York City and other cities 11, 151, 214, 276, 325, 401, 467, 521, 575, 630, 676 63, 128, 188, 252, 308, 364, 442, 502, Money rates 39, 90, 561,610,661. 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Chart showing 301, 302 Wholesale prices 40, 92, Discussion of 6, 53, 245, 301 159, 222, 284, 333, 410, 475, 529, 583, 638, 684 Foreign countries 39, 90, 157, New York Clearing House, change in rules rela- 220, 282, 331, 408, 473, 527, 581, 636, 682 tive to brokers' loans 657 Open-market rates in New York City_ 11, New Zealand: 63, 128, 188, 252, 308, 364, 442, 502, 561, Gold reserves— 610,661. Monthly figures. _ 400, 466, 520, 574, 629, 685 Prevailing in principal cities 23, 79, 144, Years 1913-1930 394 230, 290, 339, 417, 482, 535, 590, 644, 690 Wholesale prices ,. 40 (See also Discount rates.) Nonferrous metals: Morrill, Chester, appointed secretary of Federal Factory employment and pay rolls 17, 70, Reserve Board 557 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Municipal warrants held by Federal reserve Production 16, 69, banks, maturities of _ _ 45, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 99, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Wholesale prices 197, National bank notes, circulation 46, 261, 317, 373, 451, 512, 570, 619, 670 99, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Nonmember banks: National banks: Bills payable and rediscounts— Branches of _ _ 66, By Federal reserve districts 77, 142, 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 227, 288, 337, 414, 479, 533, 587, 642, 688 Years 1923-1930. _ 99, 171, 236, 295, 344, 421 Capital '__.. 105, 428 Branches of 66, Charters issued to 45 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 Condition of, on call dates— Condition of, on call dates 22, 228, 415, 588 By States 49, 240, 431, 599 Deposits— Reserve city and countrv banks 177, Averages of daily figures 10, 62, 127, 349, 547, 700 187, 251, 307, 363, 441, 501, 560, 609, 660 Consolidations 44, 96, 169, 234 On call dates 64, 129, Dividends paid ' 105, 428 189, 253, 309, 365, 443, 503, 562, 611, 662 Earnings and expenses 105, 357, 428 Wednesday series 99, 171, Number of 44, 96, 169, 234 236, 295, 344, 421, 487, 541, 595, 649, 695 Suspensions— Interbank loans 99, By Federal reserve districts 112, 173, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 227, 288, 337, 414, 479, 533, 587, 642, 688 Loans and investments on call dates— By States— By Federal reserve districts._22, 228, 415, 588 During year 1930 113 Total 64, 129, During year 1931— 189, 253, 309, 365, 443, 503, 562, 611, 662 Current month. _ 114, 174, 237, 296, Number on par list 46, 99, 345, 422, 488, 543, 596, 650, 696 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Consecutive months._ 175, 238, 297, Suspensions— 346, 423, 489, 544, 597, 651, 697 By Federal reserve districts 112, 173, Trust powers granted to 45, 98, 170, 235, 591 227, 288, 337, 414, 479, 533, 587, 642, 688 National credit corporation for relief of banking By States— situation: During year 1930 113 Outline of plan 555 During year 1931— President Hoover's statement 551 Current month. _ 114, 174, 237, 296, Statement by governor of Federal Reserve 345, 422, 488, 543, 596, 650, 696 Bank of New York 553 Consecutive months. _ 175, 238, 297, National summary of business conditions. 7, 60, 346, 423, 489, 544, 597, 651, 697 125, 185, 249, 305, 361, 439, 499, 558, 607, 658 Years 1921-1930 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 INDEX TO VOLUME 17 Page Page Nonreserve cash held by Federal reserve banks: Penalties for deficient reserves 115, 490 Combined statement 42, 94, Permits, building, issued 26, 80, 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 145, 231, 291, 340, 418, 483, 536, 591, 645, 691 Each bank 43, 95, Peru: 168, 233, 293, 342, 420, 485, 540, 594, 648, 694 Foreign exchange rates— Norway: Monthly averages 34, 35, 85, 152, Bank of— 215, 277, 326, 402, 468, 522, 576, 631, 677 Annual report 274 Yearly averages, 1922-1930 32 Condition of 37, 88, 155, Reserve bank of— 218, 280, 329, 406, 471, 525, 579, 634, 680 Condition of 37, 88, 155, Discount rates— 218, 280, 329, 406, 471, 525, 579, 634, 680 Changes in 557, 605 Discount rates 39, 90, 157, Monthly figures 39, 90, 157, 220, 220, 282, 331, 408, 473, 527, 581, 636, 682 282, 331, 408, 473, 527, 581, 636, 682 Gold reserves— Gold reserves— Monthly figures 400, Monthly figures 400, 466, 520, 574, 629, 675 466, 520, 574, 629, 675 Years 1913-1930 394 Years 1913-1930 394 Wholesale prices 40 Commercial banks, condition of 38, 89 Petroleum: Foreign exchange rates— Factory emplovment and pay rolls 17, 70, 135, Monthly averages 33, 35, 85, 152, 195, 259, 315, 371, 449, 510, 568, 617, 668 215, 277, 326, 402, 468, 522, 576, 631, 677 Production 16, 69, Yearly averages, 1922-1930 32 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Wholesale prices 40 Wholesale prices 197, Number of banks in Federal reserve system 46, 99, 261, 317, 373, 451, 512, 570, 619, 670 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Poland: Number of banks on par list 46, 99, Bank of— 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Annual report 271 Number of banks operating branches 66, Condition of 37, 88, 155, 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 218, 280, 329, 406, 471, 525, 579, 634, 680 Number of banks suspended: Discount rates 39, 90, 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 By Federal reserve districts 26, 77, Gold reserves— 142, 227, 288, 337, 414, 479, 533, 587, 642, 688 Monthly figures 400, By months 66, 466, 520, 574, 629, 675 31, 191, 255, 311, 367, 445, 505, 564, 613, 664 Years 1913-1930 394 Oats crop estimates 25, 484, 537, 592, 646, 692 Foreign exchange rates— Oil production 16, 69, Monthly averages 33, 35, 85, 152, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 215, 277, 326, 402, 468, 522, 576, 631, 677 Open-market discount rates. (See Discount Yearly averages, 1922-1930 32 rates.) Wholesale prices 40 '"Other" reserve bank credit: Portugal: Averages of daily figures 10, 62, Bank of— 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Annual report 322 End of month figures 42, 94, Condition of 37, 88, 155, 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 218, 280, 329, 406, 471, 525, 579, 634, 680 Wednesday series 99, Discount rates— 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Changes in 498 <lOther" securities held by Federal reserve Monthly figures 39, 90, 157, 220, banks: 282, 331, 408, 473, 527, 581, 636, 682 Combined statement 42, 94, Gold reserves, 1913-1930 394 167, 232, 292, 341, 419, 484, 539, 593, 647, 693 Foreign exchange rates— Each bank 43, 95, Monthly averages 33, 35, 85, 152, 168, 233, 293, 342, 420, 485, 540, 594, 648, 694 215, 277, 326, 402, 468, 522, 576, 631, 677 Averages of daily figures 10, 62, Yearly averages, 1922-1930 32 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Postage, Federal reserve banks, cost of 115, 490 Paper: Potato crop estimates 25, 484, 537, 592, 646, 692 Factory employment and pay rolls 17, 70, President of United States: 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Statement by, relative to organization of a Production 16, 69, credit corporation for relief of banking 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 situation 551 Wholesale prices 197, Statement by, relative to postponement of 261, 317, 373, 451, 512, 570, 619, 670 debt payments due United States from Par list, number of banks on 46, 99, foreign countries 353 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Prices: Par value of foreign currency 32, 35, 85, Commodity, index of 15, 68, 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 Pay rolls in factories, index of: Food, in principal countries 222, By industries 17, 70, 284, 333, 410, 475, 529, 583, 638, 684 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Security— Total 15, 68, Monthly statistics 14, 67, 132, 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 192, 256, 312, 368, 446, 506, 565, 614, 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 17 717 Prices—Continued. Page Reserve city banks—Continued. Security—Continued. Deposits, reserves, and indebtedness at United States, England," France, Ger- Federal reserve banks— many 91, 158, 221, Monthly figures 12, 64, 129, 283, 332, 409, 474, 528, 582, 637, 683 189, 253, 309, 365, 443, 503, 562, 611, 682 Silver, par of exchange 32, 35, 85, Years 1929 and 1930 347 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 Interbank loans— Wholesale— Percentage distribution 99, 171, By commodity groups 72, 137, 236, 295, 344, 421, 487, 541, 595, 649, 695 197, 261,'317, 373, 451, 512, 570, 619, 670 Volume of 66, 131, Discussion of 4 191, 255, 311, 367, 445, 505, 564, 613, 664 Principal countries 40, 92, 159, Loans to customers, open-market loans and 222, 284, 333, 410, 475, 529, 583, 638, 684 investments— Years 1913-1930 46 On call dates 12, 64, 129189, Printing and stationery, Federal reserve banks, 253, 309, 365, 443, 503, 562, 611, 662 cost of 115, 490 By districts 21, 76, 141, 226, Production, industrial: 287, 336, 413, 478, 532, 586, 641, 687 By industries 16, 69, Reserves: 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Against deposits received by member Chart showing 2 banks in connection with certain "per- Discussion of „ 2 sonal loans;" ruling 538 Revised index 107, 508 Against liabilities arising from a deposit of Total 15, 68, foreign currency to the credit of a mem- 133, 193, 257, 313, 369, 447, 507, 566, 615, 666 ber bank with a foreign correspondent; Volume and number of employees, 1899- ruling . 93 1930 46 Federal reserve banks— Profit and loss account of Federal reserve banks, 116 By districts 20, 74, 139, Public utility stocks, index of prices 14, 224, 285, 334, 411, 476, 530, 584, 639, 685 67, 132, 192, 256, 312, 368, 446, 506, 565, 614, 665 Combined statement 42, 94, 167, Railroad stocks, index of prices 14, 232, 292, 341, 419, 484, 539, 593, 647, 693 67, 132, 192, 256, 312, 368, 446, 506, 565, 614, 665 Each bank 43, 95, 168, Railroads, employment and wages, 1919-1930 46 233, 293, 342, 420, 485, 540, 594, 648, 694 Rates: Discussion of 353, 495, 554, 604 Discount. (See Discount rates.) Excess— Earnings, of Federal reserve banks 58 Chart showing 496 Foreign exchange. {See Foreign exchange.) Discussion of 496, 604 Money. (See Money rates.) Ratio— Real estate, loans secured by, made bv member By Federal reserve districts 20, banks 111, 172, 294, 393, 491, 545, 652, 698 74, 139, 224, 285, 334, 411, 476, 530, Receiver, power to act as. (See Fiduciary 584, 639, 685. powers.) Discussion of 355, 495, 604 End of month figures 43, Rediscounts and bills payable: 95, 168, 233, 293, 342, 420, 485, 540, All banks in the United States on call 594, 648, 694. dates— Gold- By Federal reserve districts. 22, 228, 415, 588 Bank of England, Bank of France, and By States 48, 239,430,598 German Reichsbank, chart showing_ 354 Member banks, on call dates 176, 348, 546, 699 Federal reserve banks— National banks on call dates 49, 240, 431, 599 Combined statement. _._ 42, 94, 167, 232, Nonmember banks on call dates— 292, 341, 419, 484, 539, 593, 647, 693 By Federal reserve districts 77, 142, Each bank 43, 95, 168, 233, 227, 288, 337, 414, 479, 533, 587, 642, 688 293, 342, 420, 485, 540, 594, 648, 694 Years 1923-1930. _ 99, 171, 236, 295, 344, 421 Discussion of 353, 495, 554, 604 State banks on call dates 50, 241, 432, 600 Foreign central banks— Regulation G—Discount of notes secured by Discussion of 303, 354, 435 adjusted-service certificates; revision of 161 Discussion in annual reports— Reichsbank, German. (See Germany.) Bank of Brazil 463 Rent paid by Federal reserve banks 115, 490 Bank of Chile 625 Repairs, Federal reserve bank buildings, cost Bank of France 146 of 115, 490 Bank of Italy 319 Reparations, German: Bank of Japan 385 New plan in settlement of 27 Bank of Netherlands 458 President's statement relative to postpone- Bank of Poland 272 ment of debt payments due United States German Reihsbank 453 from foreign governments 353 National Bank of Belgium.__ 207 Report of system committee on bank reserves 656 National Bank of Bulgaria.-- 514 Reports, annual. (See Annual reports.) National Bank of Hungary __ 268 Reserve balances of member banks. (See Swiss National Bank 204 Reserves.) Monthly figures 31, 84, 151, 214, Reserve city banks: 276, 325, 399, 466, 520, 574, 629, 675 Classification of loans and investments, on Years 1913-1930 392-398 call dates.. Ill, 172, 294, 393, 491, 545, 652, 698 Revision in figures 393 Condition of, on call dates 177, 349, 547, 700 Sources of data 395-398 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 INDEX TO VOLUME 17 Reserves—Continued. Revision—Continued. Gold—Continued. Banking laws—Continued. Page Principal countries, discussion of 303, Germany 27, 455 354, 435 Italy 319 German Reichsbank, discussion of 353 Great Britain, suspension of gold Member banks— standard 553, 571 Balances— Switzerland 198 Averages of daily figures 10, 62, Yugoslavia 380 127, 187, 251, 307, 363, 441, 501, 560 Indexes— 609, 660. Building contracts awarded 358-360 Chart showing 9, 61, 126, 186, Freight-car loadings 108-110 250, 306, 362, 440, 500, 559, 608, 659 Lumber cut 508, 542 Wednesday series 99, 171, 236, Law and regulations regarding loans on 295, 344, 421, 487, 541, 595, 649, 695 notes secured by adjusted-service cer- By Federal reserve districts 20, 74, 139, tificates 160-166 224, 285, 334, 411, 496, 530, 584, 639, 685 New York Clearing House rules relative to Country banks— brokers' loans 657 Averages of daily figures 12, 64, 129, 189, Rubber: 253, 309, 365, 443, 503, 562, 611, 662 Factory emplovment and pay rolls 17, 70, Years 1919-1930 347 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Deficient, penalties on 115, 490 Production 16, 69, Discussion of 182 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Excess— Wholesale prices 197, Chart showing 496 261, 317, 373, 451, 512, 570, 619, 670 Discussion of 496, 604 Rulings of the Federal Reserve Board: Monthly averages of daily figures. 12, 64, 129, Eligibility for rediscount of a veterans' note 189, 253, 309, 365, 443, 503, 562, 611, 662 on which the veteran has waived notice Report of system committee on of transfer 538 reserves 656 Reserves against liabilities arising from a Reporting banks in leading cities. 24, 78, 143, deposit of foreign currency to the credit 229, 289, 338, 416, 480, 534, 589, 643, 689 of a member bank with a foreign corre- Reserve city banks— spondent 93 Averages of daily figures. 12, 64, 129, 189, Reserves against deposits received by mem- 253, 309, 365, 443, 503, 562, 611, 662 ber banks in connection with certain Years 1929-30 347 "personal loans" 538 Reserves and note issues, Argentina, Canada, Rumania: India, Ireland 156, Foreign exchange rates— 219, 281, 330, 407, 472, 526, 580, 635, 681 Monthly averages 33, 35, 85, 152, Resources and liabilities: 215, 277, 326, 402, 468, 522, 576, 631, 677 All banks in the United States on call Yearly averages, 1922-1930 32 dates— National Bank of— By Federal reserve districts. 22, 228, 415, 588 Annual report 516 By States 48, 239, 430, 598 Condition of 37, 88, 155, Bank for International Settlements 35, 85, 152, 218, 280, 329, 406, 471, 525, 579, 634, 680 215, 277, 326, 403, 468, 522, 576, 631, 677 Discount rates— Federal reserve banks— Changes in 184 Combined 42, 94, 167, Monthly figures 39, 90, 157, 220, 232, 292, 341, 419, 484, 539, 593, 647, 693 282, 331, 408, 473, 527, 581, 636, 682 Each bank 43, 95, 168, Gold reserves— 233, 293, 342, 420, 485, 540, 594, 648, 694 Monthly figures 400, Foreign central banks 36, 86, 153, 466, 520, 574, 629, 675 216, 278, 327, 404, 469, 523, 577, 632, 678 Years 1913-1930 394 Foreign commercial banks 38, 89, 156, Russia (U. S. S. R.): 219, 281, 330, 407, 472, 526, 580, 635, 681 Foreign exchange rates— Member banks— Monthly averages 33, 35, 85, 152, All banks, on call dates 176, 215, 277, 326, 402, 468, 522, 576, 631, 677 348, 546, 605, 699 Yearly averages, 1922-1930 32 Reporting banks in leading cities. 24, 78, 143, State Bank of— 229, 289, 338, 416, 480, 534, 589, 643, 689 Discount rates 39, 90, 157, National banks, on call dates 49, 240, 431, 599 220, 282, 331, 408, 473, 527, 581, 636, 682 State banks, on call dates 50, 241, 432, 600 Gold reserves— (See also Condition of banks.) Monthly figures 31, 84, 151, 214, Retail trade: 276, 325, 400, 466, 520, 574, 629, 675 Department stores 18, 71, 136, Years 1913-1930 394 196, 260, 316, 372, 450, 511, 569, 618, 669 Salaries: Discussion of 5 Federal reserve banks.... 115, 490 Review of month 1, 53, Member banks 105, 424 121, 181, 245, 301, 353, 435, 495, 551, 603, 655 Securities: Revision: Government. (See Government securities.) Banking laws— Held by Federal reserve banks— Bolivia 623 Averages of daily figures 10, 62, 127, Colombia 672 187, 251, 307, 363, 441, 501, 560, 609, 660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLU: 719 Securities—Continued. Page Spain—Continued. "Page Held by Federal reserve banks—Continued. Foreign exchange rates— Earnings and rates of earnings. _ 58, 115, 490 Monthly averages 33, 35, 85, 152, End of month figures 42, 94, 167, 215, 277, 326, 402, 468, 522, 576, 631, 677 232, 292, 341, 419, 484, 539, 593, 647, 693 Yearly averages, 1922-1930 32 Issues, monthly statistics 14, 67, Wholesale prices 40 132, 192, 256, 312, 368, 446, 506, 565, 614, 665 State banks: Loans on, by member banks— Branches of 66, Monthly averages of weekly figures 13, 131, 191, 255, 311, 367, 445, 505, 564, 613, 664 65, 130, 190, 254, 310, 366, 444, 504, 563, Condition of all banks on call dates 50, 612, 663. 241, 432, 600 Weekly figures 24, 78, 143, Member banks— 229, 289, 338, 416, 480, 534, 589, 643. 689 Capital 106, 429 Total reported, call dates 67, 132, Changes in membership 44, 96, 169, 234 192, 256, 312, 368, 446, 506, 565, 614, 665 Condition of, on call dates. 177, 349, 547, 699 Consolidations 44, 96, 169, 234 Monthly statistics 14,67, 132, ! Dividends paid 106, 429 192, 256, 312, 368, 446, 506, 565, 614, 665 Earnings and expenses 106, 429 Principal countries 91, 158, Number of 44, 96, 169, 234 221, 283, 332, 409, 474, 528, 582, 637, 683 Suspensions— Sheep slaughtered 16, By Federal reserve districts 112, 69, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 173, 227, 288, 337, 414, 479, 533, 587, Shipbuilding: 642, 688. Factory employment and pay rolls 17, 70, By States— 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 During year 1930 113 Production index 16, 69, During year 1931— 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Current month 114, Shoes: 174, 237, 296, 345, 422, 488, Production 16, 69, 543, 596, 650, 696. 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Consecutive months 175, Revised index 107 238, 297, 346, 423, 489, 544, Silk: 597, 651, 697. Production 16, 69, Steel production: 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Chart showing 2 Wholesale prices 197, Discussion of 2 261, 317, 373, 451, 512, 570, 619, 670 Monthly figures 16, 69, Silver: 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Coin and certificates in circulation 46, 99, Stocks: 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Common and preferred— Par of exchange, foreign countries 32, 35, 85, Interest rates on loans secured by 23, 79, 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 144, 230, 290, 339, 417, 482, 535, 590, 644, Production 16, 69, 690. 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Issues of 14, 67, 132, South Africa: 192, 256, 312, 368, 446, 506, 565, 614, 665 Gold imports and exports 31, 84, Loans by member banks secured by 12, 151, 214, 276, 325, 401, 467, 521, 575, 630, 676 64, 129, 189, 253, 309, 365, 443, 503, 562, Reserve Bank— 611, 662. Annual report 626 Classification on call dates 111, Condition of 37, 88, 155, 172, 294, 393, 491, 545, 652, 698 218, 280, 329, 406, 471, 525, 579, 634, 680 Prices— Discount rates— Index of 14, 67, 132, 192, Changes in 184, 657 256, 312, 368, 446, 506, 565, 614, 665 Monthly figures 39, 90, 157, 220, Principal countries 91, 158, 221, 282, 331, 408, 473, 527, 581,636, 682. 283, 332, 409,, 474, 528, 582, 637, 683 Gold reserves— Department-store 18, 71, Monthly figures 400, 136, 196, 260, 316, 372, 450, 511, 569, 618, 669 466, 520, 574, 629, 675 Street loans made by member banks on call dates: Years 1913-1930 394 Chart showing 123 Wholesale prices 40 Classification of 111, Spain: 172, 294, 393, 419, 545, 652, 698 Bank of— Discussion of 123 Annual report, 324 Monthly figures 12,64, Condition of 37, 88, 155, 129, 189, 253, 309, 365, 443, 503, 562, 611, 662 * 218, 280, 329, 406, 471, 525, 579, 634, 680 Straits Settlements, foreign exchange rates: Discount rates— Monthly averages 34, 35, 85, Changes in 438 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 Monthly figures 39, 90, 157, 220, Yearly averages, 1922-1930 32 282, 331, 408, 473, 527, 581, 636, 682 Sugar: Gold reserves— Factory employment and pay rolls 17, 70, Monthly figures 31, 84, 151, 214, 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 276, 325, 400, 466, 520, 574, 629, 675 Production 16, 69, 134, Years 1913-1930 394 194, 258, 314, 370, 448, 509, 567, 616, 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 TO VOLUME 17 Surplus: Page Tires, rubber: Page Federal reserve banks— Factory employment and pay rolls 17, 70, Amounts transferred to 58, 116, 490 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Combined statement 42, 94, 167, Production 16, 69 232, 292, 341, 419, 484, 539, 593, 647, 693 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 Each bank 43,95, 168, Wholesale prices .._ 197, 233, 293, 342, 420, 485, 540, 594, 648, 694 261, 317, 373, 451, 512, 570, 619, 670 Member banks 105, 106, 424 Tobacco: Suspensions, bank. (See Bank suspensions.) Crop estimates 25, 484, 537, 592, 646, 692 Sweden: Manufactures— Bank of— Chart showing 2 Condition of 37, 88, 155, Factory employment and pay rolls 17, 218, 280, 329, 406, 471, 525, 579, 634, 680 70, 135, 195, 259, 315, 371, 449, 510, 568, Discount rates—• 617, 668. Changes in 124, 438, 557, 605 Index of production. 16, 69, 134, Monthly figures.- 39, 90, 157, 220, 282, 194, 258, 314, 370, 448, 509, 567, 616, 667 331, 408, 473, 527, 581, 636, 682 Trade, retail: Gold reserves— Department stores _ 18,71, Monthly figures 400, 136, 196, 260, 316, 372, 450, 511, 569, 618, 669 466, 520, 574, 629, 675 Discussion of 5 Years 1913-1930 394 Traveling expenses. Federal reserve banks 115, 490 Commercial banks, condition of 38, 89 Treasury bonds, yield on 11,63, Foreign exchange rates— 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 Monthly averages 33, 35, 85, 152, Treasury certificates of indebtedness: 215, 277, 326, 402, 468, 522, 576, 631, 677 Held by Federal reserve banks—• Yearly averages, 1922-1930 32 Maturities 45, 99, 171, Money rates 39, 90, 236, 295, 344, 421, 487, 541, 595, 649, 695 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 Monthly figures 43, 95, 168, Wholesale prices 40 233, 293, 342, 420, 485, 540, 594, 648, 694 Switzerland: Issue of 181 Foreign-exchange rates— Yield on 11, 63, Monthly averages 33, 35, 85, 152, 128, 188, 252, 308, 364, 442, 502, 561, 610, 661 215, 277, 326, 402, 468, 522, 576, 631, 677 Treasury financing 181 Yearly averages, 1922-1930 32 Treasury notes: Money rates 39, 90, Circulation 46, 99 y 157, 220, 282, 331, 408, 473, 527, 581, 636, 682 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 Swiss National Bank—• Held by Federal reserve banks 43, 95, Annual report 198 168, 233, 293, 342, 420, 485, 540, 594, 648, 694 Condition of 37, 88, 155, Trust powers granted to national banks 45 218, 280, 329, 406, 471, 525, 579, 634, 680 98, 170, 235, 591 Discount rates— Turkey, foreign exchange rates: Changes in 57 Monthly averages 34, 35, 85, Monthly figures 39, 90, 157, 220, 152, 215, 277, 326, 402, 468, 522, 576, 631, 677 282, 331, 408, 473, 527, 581, 636, 682 Yearly averages, 1922-1930 32 Gold reserves— Unexpended capital funds of Federal reserve Monthly figures 31, 84, 151, 214, banks: 276, 325, 400, 466, 520, 574, 629, 675 Averages of daily figures 10, 62, Years 1913-1930 394 127, 187, 251, 307, 363, 441, 501, 560, 609, 660 Wholesale prices 40 Wednesday series 99, Tax, franchise, paid by Federal reserve banks. _ 58, 171, 236, 295, 344, 421, 487, 541, 595, 649, 695 116,490 Union of Socialist Soviet Republics. (See Taxes, Federal reserve banks 115, 490 Russia.) Telephone and telegraph expenses of Federal United States securities: reserve banks 115, 490 Held by Federal reserve banks—• Textiles: Averages of daily figures 10, 62, 127, Factory employment and pay rolls 17, 70 187, 251, 307, 363, 441, 501, 560, 609, 660 135, 195, 259, 315, 371, 449, 510, 568, 617, 668 Bills discounted, secured by 43, 95, 168, Production— 233, 293, 342, 420, 485, 540, 594, 648, 694 Chart showing 2 Combined statement 42, 94, 167, Monthly figures 16, 69, 134, 232, 292. 341, 419, 484, 539, 593, 647, 693 194, 258, 314, 370, 448, 509, 567, 616, 667 Each bank 43, 95, 168, Wholesale prices 72, 233, 293, 342, 420, 485, 540, 594, 648, 694 137, 197, 261, 317, 373, 451, 512, 570, 619, 670 Earnings on 58, 115, 490 Time deposits. (See Deposits.) Wednesday series 99, 171, Time loans: 236, 295, 344, 421, 487, 541, 595, 649, 695 Brokers 13, 65, 130, 190, 254 Held bjr all member banks on call dates— Interest rates 11, By districts 77, 142, 63, 128, 188, 252,308, 364, 442, 502, 561, 610, 661 227, 288, 337, 414, 479, 533, 587, 642, 688 Tin production 16, Classification 111, 69, 134, 194, 258, 314, 370, 448, 509, 567, 616, 667 172, 294, 393, 491, 545, 652, 698 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis