Full text of Federal Reserve Bulletin : August 1931
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FEDERAL RESERVE
BULLETIN
AUGUST, 1931
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Bank Credit and the Balance of Payments
Annual Reports of Central Banks: Brazil,
Czechoslovakia, Germany, Latvia, Netherlands
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1931
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE MEYER, Governor.
Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
-, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
WAYLAND W. MAGEE.
WALTER WYATT, General Counsel.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant.Director, Division of Research
and Statistics.
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District
District
District
District
District
District
District
No.
No.
No.
No.
No.
No.
No.
1
2
3
4
5
6
7
(BOSTON)
( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
HERBERT K. HALLETT.
R. H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
JOHN POOLE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR.
District No. 8 (ST. LOUIS)
W. W. SMITH, Vice President.
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
G E O . H. PRINCE.
W. S. MCLUCAS.
District No. 11 (DALLAS)
B. A. MCKINNEY, President.
District No. 12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of-
Chairman
Governor
Deputy governor
W. W. Paddock
W. R. Burgess
J. E. Crane
A. W. Oilbart
E. R. Kenzel
Walters. Logan
L. R. Rounds
L. F. Sailer
Wm. II. Hutt
M. J. Fleming
Frank J. Zurlinden..
C. A. Peple
R. H. Broaddus
W. S. Johns
H. F. Conniff.
C. R. McKay
John H. Blair
J. H. Dillard
._
Boston
New York
Frederic H. Curtiss.
J. H. Case
Roy A. Young
Geo. L. Harrison
Philadelphia
Chicago
R. L. Austin
George DeCamp
Wm. W. Hoxton.....
Oscar Newton
Eugene M. Stevens.
Geo. W. Norris
E. R. Fancher
George J. Seay
Eugene R. Black....
J. B. McDougal
St. Louis
John S. Wood..
Win. McC. Martin.
O. M. Attebery.
Minneapolis.
John R. MitchellM. L. McClure—
C. C. Walsh
Isaac B. Newton..
W. B. Geery
W. J. Bailey
Lynn P. Tailey.
Jno. U. Calkins.
Harry Yaeger
H. 1. Zierner
C. A. WorthingtonJ. W. Helm
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk.
Cleveland
Richmond
Atlanta....
Kansas City
Dallas
San Francisco
s
* Assistant deputy governor.
Cashier
W. Willett.
C. H. Coe.i
Ray M. Gidney.i
J. W. Jones.i
W. B. Matteson.i
J. M. Rice.i
Allan Sproul.i
C. A. Mcllhenny.
W. G. McCreedy.*
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.*
M. W. Bell.
W. S. McLarin, jr.i
W. C. Bachman.i
D. A. Jones.i
O. J. Netterstrom.i
E. A. Delaney.»
S. F. Gilmore.2
A. H. HailU
F. N. Hall.2
G. O. Holloeher.'
C. A. Schacht.a
H. I. Ziemor.
Frank C. Dunlop.1
J. W. Helm.
Fred Harris.
W. O. Ford.i
Wm. M. Hale.
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
. Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Hugh Leach.
Marcus Walker.
Hugh Foster.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch.
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch..
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
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.
TABLE OF CONTENTS
Page
Review of the month—Bank credit and the balance of payments
Reserve bank developments—Comparison with a year ago—Member bank credit—Balance of international payments.
Changes in foreign central bank discount rates
Annual report of the German Reichsbank
Annual report of the Netherlands Bank
Annual report of the Bank of Czechoslovakia
Annual report of the Bank of Latvia
Annual report of the Bank of Brazil
Earnings and expenses of Federal reserve banks
435
National summ-ary of business conditions
439
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes (chart and table
Analysis of changes in monetary gold stock, gold movements
Member bank borrowings at Federal reserve banks
Discount rates and money rates
Member and nonmember bank credit:
All banks in the United States—
Loans and investments, deposits
Bank suspensions
Number of banks, banking offices, banks operating branches
All member banks—
Loans and investments, deposits, reserve position
Loans to banks
_i
Loans to customers, open-market loans and investments
Holdings of elibigle assets (Government securities and eligible paper)
Weekly reporting member banks in leading cities
Bankers' acceptances, commercial paper, brokers' loans
Security prices, security issues, and security loans
Production, employment, car loadings, and commodity prices
Industrial production
Factory employment and pay rolls
Building contracts awarded, by types of building
Merchandise exports and imports
Department stores—Indexes of sales and stocks
Freight-car loadings, by classes
Wholesale prices, by groups of commodities
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold movements
Foreign exchange rates
Bank for International Settlements
Central banks
Government note issues and reserves
Commercial banks
Discount rates of central banks
Money rates
Price movements:
Security prices
Wholesale prices
*
Retail food prices and cost of living
Banking and business conditions in Federal reserve districts
438
452
457
459
461
463
490
440, 441
441
442
442
443
445
445
.
T
443
445
443, 491
445
444, 480
444
446
447
448
449
450
450
450
450
451
466
467
468
468
469-471
472
472
473
473
474
475
475
476-483
Detailed Federal reserve statistics, etc
485-489
Index
492-493
IV
FEDERAL RESERVE
VOL. 17
No. 8
AUGUST, 1931
REVIEW OF THE MONTH
During the month of July there was little
change in the total volume of reserve bank
credit outstanding and in the
stock of monetary gold, which
prior to that month had increased continuously since last autumn, while
there was some return of money from circulation, as is usual at this season. Reserve bank
holdings of United States securities showed a
small increase, and discounts for member banks
in the interior also became larger, while holdings
of acceptances declined further to a low level.
A recent development in the Federal reserve
position has been an increase in deposits held
by foreign banks with the reserve banks. This
item increased from $6,000,000 in the'middle of
June, a level at which it had been for a number
of years, to $114,000,000 at the end of July.
This increase was accompanied by a somewhat
larger decline in the reserve banks' holdings of
acceptances for account of foreign correspondents, which decreased their holdings of American acceptances, earning a low rate of return,
and kept most of the proceeds on deposit with
the Federal reserve banks. Accumulation of
foreign deposits at the reserve banks represents
a transfer of funds from the market and has
the same effect, therefore, as increases in other
classes of deposits at the reserve banks, in that
it tends to increase the demand for reserve bank
funds.
In the foreign central banking situation an
important development of recent weeks has
been the cessation of the outflow of gold from
Germany following upon the adoption of measures of control. The discount rate at the
Reichsbank, which had been advanced from 5 to
7 per cent on June 13, was further raised to 10
per cent on July 16 and to 15 per cent on
August 1. In the latter part of July there was
a large withdrawal of foreign balances from
England, with a consequent outflow of gold
principally to France. The gold stock of the
Bank of England, which had increased by
BULLETIN
$125,000,000 between the end of January and
the first week of July, declined by $160,000,000
in the following three weeks. On July 23 the
discount rate of the Bank of England was
raised from 2% to 3% per cent, and on July 30
it was further advanced to 4% per cent. On
August 1 the Federal Reserve Bank of New
York announced that it "in association with
other Federal reserve banks, has agreed to purchase from the Bank of England, if requested,
up to the approximate equivalent of $125,000,000 of prime commercial bills. This agreement of the Federal Reserve Bank of New York
has been made in cooperation with the Bank of
France as a part of a credit arrangement in
favor of the Bank of England aggregating in all
about $250,000,000." At the same time the
Bank of England, in accordance with article 8
of the currency and bank notes act of 1928,
received from the Treasury authority to increase its fiduciary note issue from £260,000,000
to £275,000.000 for a period of three weeks.
For the year ending in the last week of July,
changes in the position of the reserve banks
reflected chiefly an increase in
the
a
demand for currency and a
a y™ar agT
growth in the stock of monetary
gold. The following table brings out these
facts in detail:
RESERVE
BANK
C R E D I T OUTSTANDING
IN C H A N G E S
AND
FACTORS
[Weekly averages of daily figures. In millions of dollars]
Week
ending
July 26,
Week
ending
July 25,
1931
196
151
574
32
953
4,528
1,793
4,436
2,414
35
389
177
67
679
21
944
4,956
1,781
4,817
2, 405
89
370
1930
Bills discounted.
Bills bought
United States securities
Other reserve bank credit
Total reserve bank credit
Monetary gold stock
Treasury currency adjusted
Money in circulation
Member bank reserve balances
Nonmernber deposits, etc
Unexpended capital funds
Change
-19
-84
+105
-11
-9
+428
-12
+381
-9
+54
-19
Between the week ending July 26, 1930, and
that ending July 25, 1931, there was an addition to the gold stock of the United States
435
436
FEDERAL RESERVE BULLETIN
amounting to $428,000,000. Funds resulting
from this inflow of gold were utilized to the
extent of $381,000,000 in meeting a demand for
money in circulation caused by cash withdrawals from the banks in localities with disturbed banking conditions. As there was little
change in other elements that enter into the
situation, except the recent increase in foreign
bank deposits referred to above, Federal reserve
bank credit remained practically unchanged.
The principal change in the composition of Federal reserve bank credit during the year was an
increase of $105,000,000 in Government securities, a decline of $19,000,000 in discounts for
member banks, and a decrease of $84,000,000 in
holdings of acceptances. Of the $67,000,000 of
acceptances held by the reserve banks in the
week ending July 25, $31,300,000 were acceptances payable in foreign currencies.
Accompanying the decline of domestic acceptances held by the reserve banks, there was
also a considerable decrease in the volume of
bills held by the reserve banks for account of
their foreign correspondents. The volume of
such bills decreased from $480,000,000 at the
end of July, 1930, to $240,000,000 at the end of
July, 1931. The decrease in the reserve banks'
holdings of acceptances, both for own account
and for account of foreign correspondents, did
not, however, reflect a decrease in the total volume of acceptances outstanding, which, on the
contrary, had increased. On June 30, the latest
date for which these figures are available,
this total was $1,368,000,000, compared with
$1,305,000,000 a year earlier. There was thus
during the year a large shift in holdings of
acceptances from the reserve banks (for own
account and for account of foreign correspondents) to commercial banks, which, in view of the
decline in loans to customers and to the security
market, have increased their investment both in
securities and in bankers' acceptances.
Preliminary figures for all member banks for
the end of June, which have just become available, are presented in detail
Member bank elsewhere in this BULLETIN,
Credit
and a table showing changes in
the principal classes of loans and investments
AUGUST, 1931
of the member banks for the quarter and for
the year appears at the end of this review.
Total loans and investments of member banks
showed a decrease of $853,000,000 for the
quarter, a larger liquidation of loans being
offset to the extent of $221,000,000 by an
increase in investments. As in other recent
three-month periods, the decrease for the
second quarter of the year was largest in loans
to customers and in street loans, while the
banks' investment in acceptances and in openmarket commercial paper increased. Member
bank holdings of United States Government
securities increased by $340,000,000, while their
holdings of other securities declined by $118,000,000. The table brings out the fact that
during the quarter all classes of member banks
continued to liquidate their security loans both
to customers and in the open market, and that
member banks outside of New York City also
sold acceptances and commercial paper as well
as corporate securities. In fact, the only assets
of the interior banks which show an increase
for the quarter are United States Government
securities. New York City banks, on the other
hand, made considerable purchases of bankers7
acceptances and commercial paper in addition
to Government securities.
The accompanying chart shows the course of
member bank credit since 1919. Separate lines
are shown for investments and for loans, and for
the more recent period also for loans to
customers and open-market loans. Credit
liquidation, as measured by the decline in total
loans and investments of member banks, as
shown in the chart, was not so large after 1929
as the liquidation that began in the last quarter
of 1920 and continued until the spring of 1922.
The difference between the two periods, however, is not in the course of loans, which showed
drastic liquidation both after 1920 and after
1929, but in the course of the banks' investments, which showed little change in the
earlier period but rose rapidly in the more
recent period. Separate figures for loans to
customers and open-market loans are not
available in the earlier years, but in the later
period it is to be noted that the loan liquidation
437
FEDERAL RESERVE BULLETIN
AUGUST, 1931
was entirely in loans to customers and not in
open-market loans, which increased in the first
three quarters of 1930 and after that declined to
about the level of the latter part of 1929. In
the latest quarter member banks report a
further decline in street loans, but some increase in open-market commercial paper, as
well as in acceptances. Member bank holdings
of acceptances at the end of June totaled
$500,000,000, of which $113,000,000 were
acceptances payable abroad and represented a
part of the banks' short-term loans to foreigners.
BILLIONS OF DOLLARS
A L L
MEMBER BANKS
B1UWHS 0 F D0LLA1
fact that the amounts due to the United States
and the amounts due to foreigners do not
balance in the table is due both to the omission
of these miscellaneous items and to inaccuracies
or omissions in the items included.
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED
STATES
[Figures represent net balances in millions of dollars to the nearest
hundred million; + indicates amounts due to United States and —
amounts due to foreigners]
Commodity trade
Tourist expenditures and shipping costs
Immigrant remittances
Interest on private investments
War debt receipts
Movement of capital funds
Movement of short-term funds.
Movement of gold and currency
1928
1929
+900
+G00
-f»00
-200
-700
-200
+500
+200
-700
-200
+300
+600
+200
-300
0)
-100
1930
+300
-700
-200
+600
+200
-300
-400
-300
i Less than $50,000,000.
1919 1920 1921 1922 1923 m1* 1925 1926 1927 1928 1929 1930 1931
Figures are for dates on which member banks made call reports
The Department of Commerce has recently
published its annual statement of the balance
of international payments of
ments
^T
the United States
The most
*
important items of this balance
of payments are shown—in
round amounts to the nearest $100,000,000—
in the following table for the years 1928, 1929,
and 1930. According to the statement of the
Department of Commerce, the figures for
many of the items, on account of the impossibility of obtaining complete returns, are
rough approximations. Only the principal
items are shown in the table, omitting a group
of miscellaneous items, which in no year
amounted to as much as $100,000,000. The
The balance of commodity trade has been in
favor of the United States in each of the years
shown, but this has been largely or wholly offset by expenditures of American tourists, shipping costs, and immigrant remittances. The
United States has also received between
$500,000,000 and $600,000,000 each year as
interest on private investments and $200,000,000 as payment on war debts. During 1928
the United States exported $300,000,000 of
gold and currency, while in 1929 it imported
$100,000,000 and in 1930 $300,000,000. The
volume of credit at short term extended by
Americans to foreigners—in the form of
deposits to their credit, dollar acceptances,
etc.—increased by $200,000,000 in 1928, showed
no change in 1929, and increased by $400,000,000 in 1930.
One of the most important items in the
balance of payments was the movement of
capital funds. In 1928 the net outward movement of capital from America to foreign countries was $700,000,000 and both in 1929 and
1930 it was $300,000,000. These figures represent net balances, however, and do not give acoinplete picture of the situation. The follow
ing table gives an analysis (in millions of dollars
to the nearest hundred million) of this movement, of investment funds for the past three
years
438
FEDERAL RESERVE BULLETIN
CAPITAL
MOVEMENTS I N AND OUT OF THE UNITED
STATES
[In millions of dollars to the nearest hundred million]
Foreign investment in United States—Total. .
Bond redemptions
Repurchase of foreign stocks and bonds...
Purchase of American stocks and bonds. _
Direct investment in United States
American investment abroad—Total
Foreign securities purchased
Direct investment (net)
Repurchase of American stocks and bonds.
Redemptions, etc
Net American investment abroad
1928
1929
2r400
400
500
1,500
100
3,100
1,700
300
1,000
100
700
2,300
300
400
1,600
0)
2,700
1,200
300
1,100
100
300
1930
2,000
300
800
900
0)
2,300
1,200
200
800
100
300
i Less t h a n $50,000,000.
While American investment abroad during
the three years increased, respectively, by
$3,100,000,000, $2,700,000,000, and $2,300,000,000, foreigners at the same time invested in
America $2,400,000,000, $2,300,000,000 and
$2,000,000,000, so that the net increase of
American investments abroad was only $700,000,000, $300,000,000, and $300,000,000, respectively. Analysis of the amounts invested
by foreigners in the United States shows that
between $300,000,000 and $400,000,000 was
used for bond redemptions, and minor amounts
AUGUST,
were directly invested in the United States.
The two big items, however, were repurchases
by foreigners of foreign stocks and bonds in the
American market, which amounted during the
three years to $500,000,000, $400,000,000, and
$800,000,000, respectively, and purchases by
foreigners of American stocks and bonds, which
amounted to$l,500,000,000, $1,600,000,000, and
$900,000,000, respectively, for the three years.
The large volume of foreign investments in
the United States in 1930, at a time when there
was a strong demand for American capital
abroad and when payments to the United States
bad to be balanced by gold shipments, reflects
chiefly the greater confidence felt by foreign
investors in American securities, and the attractiveness to international capital of foreign bonds
in this market at the prevailing low level of
prices. The movement of investment funds to
the United States in large part Offset theflowof
American capital abroad, with the consequence
that the net outflow of capital from the United
States to foreign countries was in relatively
small volume.
ALL MEMBER BANKS—ANALYSIS OF LOANS AND INVESTMENTS—CHANGE
1930, TO JUNE 30, 1931
[Preliminary figures. In millions of dollars]
FROM MARCH 25, 1931, AND JUNE 30,
Change for quarter
New
Total
Total loans and investments..
Total loans
Loans to banks
Loans to customers *—totalSecured by stocks and bonds
Secured by real estate
Otherwise secured and unsecured-__
Open-market loans—total
Purchased paper—
Acceptances payable in United States...
Bills, acceptances, etc., payable abroadCommercial paper
Street loans 2
York
City
Total
New
York
City
Other
reserve
cities
"Country"
banks
-853
-189
-441
-223
-1,780
-514
-176
- 1 , 091
-329
-4
-172
-68
-513 !
-232
0
-208
-60
-13
-135
-24
-3,447
-80
- 2 , 355
-949
-1,114
-46
-473
—130
-1,456
-1,012
-351
-594
-1,238
-30
-968
-628
+81
-421
-240
-1,095
-4
-912
-190
-39
-684
-178
-3
0
-13
+219
+42
-124
-1,149 I
+152
+15
+59
+71
+30
-113
-228
2
-70
-100
+599
+509
+90
+1,064
+722
+343
+5
+49
-962
-852
-284
+8
-730
-311
-14
-405
-353
+28
+12
+22
+16
-118
-154
+97
-7
+12 I
-349
-181
-15
-152
-176
!
i
j
I
!
+20 I
+51
+59
-24 i
-103 !
+72
+94
+54
-22
-45
+1,668
+1,281
+388
-64
-2,099
-414
-304
+221
+340
-118
+140
+190
-50
Total loans secured by stocks and bonds.
-715
-376
2
Change for year
Other I "Counreserve j t r y "
banks
-1,075
Total investments
United States Government securities.
Other securities
_
1 Exclusive of banks.
1931
-273
+9
-
-45
Loans on securities to brokers and dealers in securities in New York City.
Bank of England—July 23, from 2% to 3l/2 per cent;
July
30, from 3J4 to 4 ^ per cent.
The following changes have been reported
German Reichsbank—July 16, from 7 to 10 per cent;
in the discount rates of central banks in foreign August 1, from 10 to 15 per cent.
countries:
National Bank of Hungary—July 24, from 7 to 9
Austrian National Bank—July 23, from 7% to 10 per cent.
per cent.
Bank of Spain—July 8, from 6 to Ql/2 per cent.
Bank of Danzig—July 13, from 5 to 6 per cent;
Bank of Sweden—July 31, from 3 to 4 per cent.
July 17, from 6 to 7 per cent; July 28, from 7 to 10
National Bank of the Kingdom of Yugoslavia—
per cent.
July 20, from 6}/2 to 7 ^ per cent.
Changes in Foreign Central Bank Discount Rates
FEDERAL RESERVE BULLETIN
AUGUST, 1931
439
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 22 and released for publication July 24]
Industrial production showed more than the
usual seasonal decline in June, and factory
employment and pay rolls decreased. Wholesale prices, which had continued to decline
until the end of May, advanced in June, but
for most commodities declined again in the
first half of July.
Production.—A decrease in industrial output
from May to June was reflected in a decline in
the board's index of industrial production,
which is adjusted for seasonal variations, to
86 per cent of the 1923-1925 output, as compared with 89 per cent in May. Taking the
second quarter of the year as a whole, production has averaged about 4 per cent above its
low level in the last three months of 1930.
The reduction of activity in June was most
marked in the iron and steel industry, with
steel plants operating at 38 per cent of capacity.
Automobile output declined further, and there
was some recession in production of lumber,
meat products, and flour. Petroleum output,
however, was not reduced. Activity of textile
mills and shoe factories continued in relatively
large volume; in the woolen industry, activity
was sustained at the unusually high level of
May, and the decline in the consumption of
cotton was not in excess of the usual seasonal
amount.
During the first half of July there were
further reductions, partly seasonal in nature,
in output of steel, automobiles,
and lumber.
Factory employment wTas further reduced by
nearly 3 per cent, and pay rolls declined by
6 per cent between the middle of May and the
middle of June. The largest decreases were in
the steel, machinery, and women's clothing
industries, while reductions at automobile
plants and cotton mills were partly seasonal in
character, and employment at woolen and
hosiery mills increased.
Building contracts awarded in June were
somewhat larger than in May, but declined
again in the first half of July. Since the early
spring, awards have not increased as much as is
usual for the season. In residential buildingthere has been relatively little change for about
a year and a half, except for seasonal fluctua69285—31
2
tions, and the decline in construction has been
chiefly in other types of building.
Distribution.—At department stores daily
average sales were seasonally smaller in June
than in May. Freight-car loadings were also
reduced, reflecting principally a further reduction in loadings of miscellaneous commodities.
Prices.—During June wholesale prices of
many commodities advanced considerably,
after having reached low levels late in May and
early in June. Prices of livestock and meats
increased; and after June 21 there were rapid
advances in prices of raw materials important
in world markets, especially cotton, hides,
sugar, silk, copper, silver, and rubber. Subsequently, however, most of these prices receded somewhat, although in mid-July they
were, in general, above their lowest levels.
The price of wheat declined during June and the
first half of July, as the domestic price became
adjusted to world levels.
Bank credit.—At reporting member banks
in leading cities loans on securities continued to
decline between the middle of June and the
middle of July, while all other loans increased by
$140,000,000. This increase was concentrated
at New York City banks, and was largely in
the form of acceptances purchased in the open
market. Member banks' investments continued at about the same level as in May and
early June.
Notwithstanding a further addition of $77,000,000 to the country's stock of monetary
gold between the weeks ending June 20 and
July 18, there was no decrease in Federal
reserve bank credit outstanding. During the
period the reserve banks' portfolio of United
States securities was increased by $75,000,000,
while their combined holdings of acceptances
and of discounts for member banks decreased
by approximately the same amount. The gold
inflow provided member banks with funds to
meet an added demand for currency, as well as
to increase their balances with the reserve banks.
There w^as also a considerable growth in foreign
bank deposits with the reserve banks.
Money rates continued at low levels.
440
FEDERAL RESERVE BULLETIN
AUGUST, 1931
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF- DOLLARS
MILLIONS OF DOLLARS
5400
5^00
5200
5000
4800
4600
4400
4200
4000
1927
1926
1929
1930
Based on weekly averages of daily figures; latest figures are for week ending July 25
1931
441
FEDERAL RESERVE BULLETIN
AUGUST, 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
Month or week
Bills discounted
1930—February
March
April
May
June
July
August
September
October
November
_
December
1931—January
February
March
_
April
_.
May
June
_
July
Week ending (Saturday)—
June 27
,
July 4..
July 11
July 18..._
July 25
._
Other
United reserve
Bills
States
bought securities
bank
credit *
Factors of decrease
Total
Factors of increase
NonUnexMember
Monetary Treasury
member pended
currency inMoney
bank
gold
circu- reserve
deposits,
capital
(adstock
lation
funds
justed)
balances
etc.
378
274
231
247
251
226
214
189
196
221
338
253
216
176
155
163
188
169
285
246
266
182
141
154
153
197
185
184
257
206
102
123
173
144
121
79
480
540
530
529
571
583
599
597
602
599
644
647
603
604
600
599
610
674
1,181
1,095
1,072
996
1,000
1,003
998
1,016
1,020
1,033
1,273
1,129
936
921
952
926
945
954
4,317
4,394
4,443
4,505
4,528
4,532
4,496
4,503
4,520
4,553
4,583
4,622
4,656
4,682
4,711
4,767
4,865
4,958
1,781
1,797
1,781
1,779
1,775
1,789
1,787
1,785
1,787
1,793
1,793
1,784
1,780
1,778
1,770
1,783
1,759
1,784
4,554
4,532
4,518
4,497
4,489
4,483
4,476
4,492
4,501
4,528
4,823
4,695
4,598
4,590
4,647
4, 679
4,750
4,836
2,305
2,330
2,350
2,356
2, 392
2,417
2,392
2,397
2,407
2,433
2,415
2,433
2,370
2,386
2,376
2,387
2,404
2,407
393
397
400
398
395
389
385
389
392
388
384
379
379
381
383
3R2
380
370
198
158
162
167
177
108
103
93
74
67
617
662
665
677
679
957
963
959
954
944
4,925
4,955
4,963
4, 963
4,956
1,731
1,765
1,788
1,781
1,781
4,765
4,849
4,860
4,830
4,817
2,429
2,400
2,416
2,418
2,405
379
373
371
370
370
i Includes " Other securities,' amounts due from foreign banks, and reserve bank float.
Back figures.—See Annual Report for 1930 (Tables 1, 2, and 3).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
GOLD MOVEMENTS TO AND FROM UNITED
STATES
[In thousands of dollars]
fin millions of dollars]
Month
Analysis of changes
Gold
stock
at end Increase
Net re- Domestic
of
in stock Net gold lease producmonth during import from eartion,
month
mark 1
etc.2
1930—February..
March
April
May
June
_
July
August
September.
October
November.
DecemberTotal (12 mos.)_.
1931—January
February
March
April
May
June
Julyp._
Total(7mos.)p
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
59.9
68.2
68.5
25.9
17.6
-18.4
-15.5
10.2
23.3
36.8
22.1
305.4
4,643
4, 665
4,697
4,726
4,798
4,956
4,948
49.4
22.0
32.0
28.7
72.4
158. 0
-7.6
354.9
60.0
55.5
65.7
23.5
13.9
-19.6
-19.6
2.5
26.4
35.2
32.7
280.2
34.4
16.1
25.6
49.5
49.6
63.8
14.7
253.9
0.0
13.0
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
-15.2
-4.4
11.9
2.5
3.0
-7.5
4.0
92.3
-29.7
76.5
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5
32.0
3.1
3.3
3.3
8-13.3
8
18.8
1.9
7.4
24.5
1931
From or to—
July
(preliminary)
Imports
England
France
Germany
Italy
Canada America
__
Central
Mexico
Argentina
Brazil
Chile
Colombia . .
Ecuador
Peru
TjruEuav
Venezuela
China and Hong
Kong
Dutch East Indies
Japan
Philippine Islands
New Zealand
All other countries L
Exports
JanuaryJune
June
Imports
Exports
Imports
21
26,010
20
9
19, 241
26,072
40
o
93
47.700
513
8,246
86,065
16
149
9,734
495
2,774
2,330
481
6,361
363
399
300
16
1,693
20,318
2,024
6,322
1,769
112
5,565
8,248
20, 727
101
438
4,923
2, 024
43
155
93
2,151
2,004
1,537
1,250
3
1 Gold released from earmark at Federal reserve banks less gold placed
under
earmark.
17
665
2
This figure, derived from preceding columns, represents the excess of
domestic production over nonmonetary consumption of gold—chiefly
215, 728 n.ooo 63,887
40 239,941
Total .
consumption in the arts. In any given month, however, it may be
predominantly affected by the fact that on the final day of the month
1
(a) gold bullion or foreign gold coin recently imported may not yet have
Includes all movements of unreported origin or destination.
reached a reserve bank or the Treasury, and (6) gold bullion recently
2 At New York—imports, $10,937,000; exports, $1,000,000.
withdrawn from stock for export may not yet have been actually ex- where—imports, $4,791,000.
ported. The figures are subject to certain unavoidable inaccuracies in
official
reports of gold imports and exports.
3
$15,649,000 of gold bullion imported on Apr. 30 from France was not
purchased by the New York Assay Office until May 1.
v Preliminary figures.
Exports
67
600
63
19
789
Else-
442
FEDERAL RESERVE BULLETIN
AUGUST, 1931
OPEN-MARKET RATES
MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS
RATES IN NEW YORK CITY
[Monthly averages of weekly figures. In millions of dollars]
Prevailing rate o n Reporting member
banks in leading cities
Member
banks
outside
leading
cities»
Total»
New York Other leadCity
ing cities
Month
January _ _
February
March
__
April
May
June
July
August
September
October
November
December
-.
__
1930
1931
1930
1931
1930
1931
1930
462
371
247
225
22fi
245
209
173
146
149
39
21
1
17
11
5
2
77
55
35
26
28
215
198
166
154
167
163
152
138
120
121
222
218
185
168
208
152
80
54
48
56
44
169
165
129
124
5
48
53
196
186
193
211
4
9
6
6
39
35
50
65
153
142
137
140
308
26
115
167
1931
1
Includes (in small amounts) discounts by Federal reserve banks for
nonmembers: (1) Bills discounted for intermediate credit banks and
(2) notes secured by adjusted-service certificates discounted for nonmember banks.
FEDERAL RESERVE BANK RATES
DISCOUNT RATES
[Rates on all classes and maturities of eligible paper]
Federal reserve bank
Boston
New York
Philadelphia—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas City...
Dallas
San Francisco.
Dateestab-
effect
Previous
rate
2 , May
m
3
!
7,1931
M a y 8,1931
M a y 7,1931
M a y 9,1931
M a y 15,1931
Jan. 10,1931
M a y 9,1931
do
Sept. 12,1930
M a y 21,1931
M a y 8,1931
May 22,1931
2K
2
T\
3 !
2K!
3V
3
3
2Kl
Call loans»
Prime
Month or week commercial
paper,
4 to 6
months
1930
June
July
August
September
October
November
December...
3 -3H
3
3
3
2^-3
2%-Z
1931
January
February
March
April
May
June
July
2 -2
2
2
Prime
bank- Time
ers'
accept- loans,
90
ances, days»
90
days
2.60
2.18
2.22
2.17
2.00
IK. 2KI K 2 -2H 2.00
VA 2 -2K 2.27
2 -23IK: 1$£-2J
j lfc-2
May 13,1931
May 19,1931
do_
_do_do.
l\i\ May 13,1931
l
l4
do
1.24 j
1.50
1.50
1.50
1.50
1.50
.50
.50
.50
1.50
' 1.50
1
!
I
3.37
3.38
3.37
3.34
3.32
3.34
1.06 |
« 1.38
1.49
.88
«.55
.41
3.33
3.40
3.39
3.38
3.31
3.30
3.32
.65
.58
.48
.36
.30
3.33
3.33
3.32
3.31
3.32
i
2
2
2
2
2
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
Month
i 1929
Previous
rate
IK
IX
IK
IK
IK
1H
IK
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Report for 193:) (Table 34).
1.57
1.50
1.55
1.52
.45
.50
.50
3.37
33^2
[Buying rates at the Federal Reserve Bank of New York]
1-15 d a y s . . . .
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
U.89
1.83
1.53
<1.77
1.74
1.40
M.48
*J Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
1
3 issues—3H, 3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
• Change of issues on which yield is computed.
3K
BUYING RATES ON ACCEPTANCES
Date established
1.50
1.50
1.56
1.57
1.45
1.50
1.50 I
i
Week endingJune 27
July 4
July 11
July 18
July 25
2.62
2.20
2.21
2.19
2.00
2.00
2.23
Back figures.—See Annual Report for 1930 (Tables 36 and 37).
3
3
4
Back figures.—See Annual Report for 1930 (Table 33).
Rate in
effect on
August 1
U.S.
Treasury
notes Treasury
and
ReNew newal certifi- bonds•
3 to 6
months
VA
VA\
New York City
Maturity
Average rate Average yield
January
j 5. 74
February
j 5.73
March
j 5.81
April
! 5.85
May
i 5.88
June....
! 5.93
July.—
! 5.88
August
! 6.05
September... 6.06
October
6.08
November...,1 5.86
December...! 5.74
8 other
northern and
eastern cities
1930 1931
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16
4.24
4.31
4.20
4.17
4. 11
4.13
4.05
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68
27 southern and
western cities
1931
1929
1930
4.61
4.63
4.62
4.57
4.55
4.49
4.48
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
6.12
6.04
5.98
5.86
5.75
5.69
5.62
5.57
5.54
5.53
5.49
5.42
5.50
5.42
5.40
5.36
5.26
5.34
5.30
NOTE.—Figures relate to rates charged by reporting banks to their
own customers as distinguished from open-market rates (which are
given in preceding table). All averages are based on rates reported for 3
types of customer loans—commercial loans, and demand and time loans
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
weighted according to the importance of that city in the group, as
measured by the loans of all banks in the city.
Back figures—See Annual Report for 1930 (Table 39).
443
FEDERAL KESERVE BULLETIN
A U G U S T , 1931
MEMBER AND NONMEMBER BANK CREDIT
ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS,
RESERVE, RESERVES HELD, AND INDEBTEDOPEN-MARKET LOANS AND INVESTMENTS
NESS AT FEDERAL RESERVE BANKS
[Exclusive of loans to banks. In millions of dollars. For back figures
see p. 343 of June BULLETIN]
[Averages of daily figures. In millions of dollars. For backfiguressee
June BULLETIN, p. 487]
Net demand and time
deposits
Indebtedness
at
Federal
reserve
Excess banks
Reserves
Month
Total tel-i Time
Held
32,314
32,048
31,968
32, 069
32,179
32,168
31, 602
13, 654
13, 477
13, 580
13, 637
13, 688
13, 749
13, 548
2,415
2,433
2,370 i
2,386 !
2,376 !
2, 387 I
2,404
6,171
6,163
6,120
6,169
6,019
6,094
5,934
1,357
1,282
1,334
1,303
1,317
1, 345
1,297
869
891
847
860
829
848
882
7,264
7,243
7,170
7,159 !
7,309 j
7,236
7,132
5,762
5,698
5,761
5,843
5,872
5,921
5,807
956
955
945
945
962
961
949
103
67
46
27
19
24
45
5,225
5,165
5,099
5,103
5,163
5,090
4,988
6,535
6,496
6,485
6,491
6,498
6,483
6,444
590
587
578
580
585
578
573
193
166
153
136
119
126
139
Call date
TOTAL
18,660
18, 572
18,389
18, 431
18, 491
18,419
18,055
73
105
57
66
56
67
129
337
252
216
176
154
163
187
I
N E W YORK CITY »
1930—December
1931—January
February
March
April
May
June
1930—December
1931—January
February
March
April
May
June
Secured
by
Total stocks
and
bonds
Otherwise
secured Total
and
unsecured
23,194
21, 495
21, 565
21,010
21,007
19, 940
19, 210
8,488
7,730
8,061
7,864
7,942
7,423
7,112
14,706
13,765
13,505
13,146
13,066
12, 517
12,099
12,026
13,034
13, 555
13,997
13, 222
14,342.
14,211
4,961
4,338
4,309
4,278
4,338
4,007
3, 835
2,200
1,935
2,023
2,031
2,137
1,960
1, 891
2,765
2,403
2,286
2,247
2,201
2,046
1,944
3,488
3,701
4,294
4,110
3,961
4,313
4, 299,
9,748
8,951
9,029
8,726
8,906
8,409
8,060
3,974 5, 773 3,691
3,6041 5,346 4,361
3,811| 5,217 4,395
3,632 5,093 5,011
3,656 5,250| 4,566i
3. 366 5,043: 5,322
3,183 4,876j 5,219
8,481
8,206
8,229
8,007
7,762
7,524
7, 315
2.314J
2,190|
2,227
2, 201
2,149|
2, 0971
2,037
TOTAL
1930—December
1931—January
February
March
April
May
.-.
June
OTHER R E S E R V E
CITIES *
Open-market loans and
investments
Loans to customers
1 7,528
_J 7,445
7,453
i 7,472
I 7,336
7,439
I 7,232
N E W YORK
CITY *
1929—Dec. 3 1 . .
1930—Mar. 27.
J u n e 30.
Sept. 24.
Dec. 3 1 . .
1931—Mar. 25.
J u n e 30 *>
i
OTHER R E -
!
SERVE CITIES *
! 13,026
j 12,942
12,932
\ 13,003
_J 13,181
13, 157
, 12,939
" C O U N T R Y " BANKS
1930—Decem ber
1931—January
February
March
_..i
April
...J
May
!
June
:
1929—Dec. 3 1 . .
1930—Mar. 27.
J u n e 30..
Sept. 24.
Dec. 3 1 . .
1931—Mar. 25.
J u n e 30 »
11,760
11,662
11,583
11,594
11,662
11,573
11,432
1
1
Central reserve city banks only.
Member banks in 61 legally designated cities: 1 central reserve city
(Chicago) and 60 other reserve cities; see table on p. 487.
1929—Dec. 31 _.
1930—Mar. 27.
J u n e 30Sept. 24.
Dec. 31..
1931—Mar. 25.
J u n e 30 v
"COUNTRY"
BANKS
1929—Dec. 3 1 . .
1930—Mar. 27.
J u n e 30.
Sept. 24.
Dec. 31..
1931—Mar. 25.
J u n e 3G »
6,168!
6,016!
6,001!
5, 806!
5,614!
5, 427
5,278;
4,847J
4,972!
4,867,
4,875
4,696;
4, 708'
4,693:
* See notes 1 and 2 of preceding table.
1
Loans (secured by stocks and bonds) to brokers and dealers in securities in New York City * Preliminary.
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)]
I
Total loans and investments
All banks
Member banks
Nonmember banks
Deposits (exclusive of
interbank deposits)
Date
1926—June 30.
Dec. 3 1 . .
1927—June 30.
Dec. 31.
1928— J u n e 30
Oct. 3
Dec. 31
1929—Mar. 27
J u n e 29
Oct. 4 . . .
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 2 4 . . .
Dec. 31
1931—Mar. 25
J u n e 30
* Preliminary.
Total
Loans
51,562
52,018
53. 750
55,450
36,157
36,759
37,360
38,407
39, 464
39,671
40, 763
40, 557
41,512
42, 201
41,898
40,686
40,618
39, 715
38,135
! 57,265
57,219
58,266
! 58,019
! 58,474
j 58,835
i 58,417
! 57,386
j 58,108
57,590
! 56,209
1 55,924
I
Investments
15,404
15,260
16. 391
17, 043
17,801
17,549
17,504
17.462
16,962
16, 634
16, 519
16, 700
17,490
17, h75
18,074
19,111
Total I! Loans
31,184
22,060
31,642
22,652
32,756
22,938
34,247
23,886
35,061
24,303
34,929
24, 325
35,684
25,155
35,393
24.945
35,711
25,658
35,914
26,165
35,934
26,150
35,056
25,119
35,656
25, 214
35,472
24,738
34,860
23,870
34,729
22,840
v 33. 876 v 21. 766
Invest- Total
ments !
9,123
8,990
9,818
10,361
10, 758
10,604
10, 529
10,448
10,052
9,749
9,784
9,937
10,442 i
10,734
10,989
11,889
P12.H0
20,378
20,376
20,994
21,204
22, 204
22, 291
22, 582
22,626
22, 763
22,922
22,483
22,331
22,453
22,118
21, 349
21,195
Loans
Investments
14,097
14,106
14,421
14, 521
15,161
15,346
15,607
15,612
15, 853
16,036
15,748
15,568
15,404
14,977
14, 264
13,974
6,281
6,269
6,573
6,683
7,043
6,945
6,975
7,013
6,910
6,885
6,735
6,763
7,048
7,141
7,085
7,222
banks
Member
banks
49.733
50,029
51,662
52,909
53,398
53, 720
56,766
54, 545
53,852
55,180
55, 289
53,185
54,954
52, 784
53,039
51,427
29. 781
30,474
31,269
32,065
32,133
32,138
34,826
33. 215
32,284
33,004
33,865
32,082
33,690
31,839
32, 560
31,153
All
Nonmember
banks
19,952'
19, 555
20,39a
20, 846
21, 265
21, 582'
21, 940*
21, 330
21, 567
22,17fr
21,424
21,103
21, 264i
20,945
20,479
20, 274
444
FEDERAL RESERVE BULLETIN
REPORTING MEMBER BANKS
Month or date
Total
1931
BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE
[In millions of dollars, monthly data are averages of weekly figures]
Loans and investments
AUGUST,
[Net borrowings on demand and on time. In millions of dollars)
Bor-
Investments rowLoans All
ings at
on
other
i
U. S. , tF.
. Xfc
R..
securi- loans ! Total !! securibanks
ties
1
:
' tics
From New
F r o m private
York banks
b a n k s , brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
BY MONTHS
Total:
23,101
1930—July
—
23,128
August
23,220
September
23, 409
October
23, 455
November
23,117
December
22, 660
1931—January
22, 659
February
22, 839
March
~22, 042
April
22, 713
May
—
22, 439
June.
-22,393
JulyNew York City:
8, 078
1930—July
8,097
August
8,088
September
8,313
October
8,421
November
8,106
December
7, 906
1931—January
7, 965
February
7, 975
March
7,889
April
-7,875
May
7,694
June
7,780
July
Other leading cities:
14, 864
1931—March
April
_. 15,054
14, 838
May
14, 745
June
14, 613
July-
8,391
8, 34tf
8,383
8,237
7,897
7,776
7,495
7,315 !
7,302 |
7, 157
6, 998 I
6,770 !
6,631 j
8, 515
8,488
8, 476
8,597
8,770
8,557
8,399
8,242
8, 150
8,040
7, S93
7,853
7,964
6,194 2,898
fi, 2912,892
6,361 2.923
6,575 3,004
6, 782 3,076
6,784 3,120
6, 766 3,163
7,102 3,385
7,387 3,638
7,745 3,913
7.822 3, 957
7,816 4,048
3, 558
3,588
3,584
3,629
3,401
3,341
3,111
3.079
3,176
3.080
3,039
2,846
2,764
2,426
2,416
2, 415
2, 512
2,653
2, 496
2,472
2.410
2,295
2,242
2,194
2, 204
2,365
2,094 '1,102
2,093 !1,078
2.090 !1. 009
2,172 j 1,084 •
2,367 j 1, 177 j
2,329 1, 228 !
2,323 :1,254 I
2,476 i 1,353 I
2,504 ;1,391 I
2, 507 1,414
2, 642 i1,460
2.644 !1,523
2,651 1,608 |
4,883 2,247 I
5,179 i 2,499 ;
5,180 2,497 :
5,172 2,525 I
5,147 2,513 j
4,126
4,078
3,959
3,924
3,867
i
|
j
|
I
|
I
5, 855
5,797
5, 699
5,649
5,599
53
43
44
56
71
141
82
57
35
26
28
50
44
4,121
January
February
March
April
May
June
July
August
September.
October
November
December
_
1931
1930
1931
1930
3,985
4,168
4,656
5,063
4.748
3,728
3,689
3,599
3,481
2, 556
2,162
1,804
1,720
1,840
1, 909
1,651
1,435
1,391
1,344
3,308
3,529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
2,299
1.928
1,694
1931
1930
1,557
1, 646
1, 692
' 1,466
1.293
1,221
1,171
616
639
631
654
009
527
402
489
425
257
234
199
163
194
217
'185
141
170
r
Revised.
Backfigures.—SeeAnnual Report for 1930 (Table 57).
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
Month or date
otal
For acFor
count of For acown ac- out-of- count of
count *
town
others
banks »
BY WEEKS
Total:
22, 486 6,745 7,946 7, 795 4,129
1931—July 1.
22,487 6,665 7,971 7,851 4,124
July8
22, 415 6,633 8,002 7,780 4,119
July 15
22, 234 6,570 7,957 7, 757 4,101
July 22
22, 296 6,544 7, 942 7,810 4,133
July 29
New York City:
1931—July 1
7,844 2,862 2,329 2,653 1,607
7, 789 2,803 2,343 2,643 1, 6C3
July8
7,805 2,758 2.397 2,650 1,607
July 15
July 22
_. 7,712 2,712 2, 381 2, 619 1.587
July 29
_. 7,752 2,685 2,375 2,692 1,639
Other leading cities:
14, 642 3,883 5,617 5,142 2,522
1931—July 1
14, 698 3,862 5,628 5,208 2,521
July8
14, 610 3,875 5,605 5,139 2,512
July 15
14, 572 3, 858 5, 576 5,138 2,514
July 22
14. 544 3,859 5. 567 5.118 2.494
July 29
Back figures.—See Annual Report for 1930 (Tables 51-54).
22
40
43
60
55
1930—June
July
August
September..
October
November..
December..
1931—January
February...
March
April
May
June
July
July 1
July 8
July 15
July 22
July 29
3,825
3,224
3,150
3,174
2, 769
2,249
2,013
1,798
1,759
1,858
1,824
1,644
1,464
1,434
1,479
1,455
1,430
1,416
1,390
1,831
1,631
L, 659
1,676
1,675
L, 357
L, 266
1,132
1,186
1,335
1,322
1,279
1,110
1,062
L, 129
1,090
1,055
1, C33
1,002
917
747
692
750
537
435
339
329
290
264
271
191
181
204
181
194
209
215
219
1,078
846
798
748
557
458
407
337
283
259
231
174
173
168
169
171
106
168
169
i1 Weekly reporting member banks in New York City.
Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
Back figures—See Annual Report for 1930 (Table 56).
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollarsl
Bankers' acceptances outstanding ( dollar acceptances)
j Held by Federal reserve banks
Held by group of accepting banks
End of month
Total
For own
account
1930
1931
1930
1931
For account
of foreign correspon dents
1930
525.9
293.3
89.3
January
1,693 1,520
1.624 1,520
269.2
503.0
85.0
"February
277.3 123.2
482.5
1,539 1,467
March
—
1,422
208.5
161.6
465.5
1,414
April
124.4
184.0
462.8
1,382 1,413
"May
.
126.8
469.7
95.0
L,
305
1 368
June
129.0
479.2
L 350
July
167.0
470.7
L,339
August
,367
207.7
431.6
September
.ins
141.3
433.1
October
428.8
143.0
November
1 571
439.3
327.9
1.556
December.. _
Figures for acceptances outstanding (and held by accepting
about 25 dealers.
Total
Own bills
Commercial
Bills bought
Held by
others
1931
1930
1931
1930
1931
1930
1931
1930
1931
447.4
456.0
430.8
408.9
380.2
340.8
220.5
182.9
166.7
157.5
165.6
205.1
278.6
267.3
316.7
384.2
493.0
371.5
571.4
549.5
472.2
410.2
404. 2
553.5
63.1
70.7
71.9
54.7
62.6
63.7
62.5
95.1
130.9
172.4
180.2
89.6
134.0
151.4
130.9
125.0
171.4
196.2
157.3
112.2
94.7
102.8
103.0
141.4
216.1
172.2
185.8
211.8
312.8
281.8
437.4
398.2
341.3
285.3
292.8
357.4
653.2
668.8
612.9
582.2
569.8
503.3
462.9
434.4
410.8
549.7
506. 6
417.4
411.9
429.5
440.8
441.3
444.2
378.7
standing
1930
404
457
529
553
541
527
528
526
513
485
448
358
1931
327
315
311
307
305
292
banks) from American Acceptance Council; for commercial paper as reported by
AUGUST,
INTERBANK LOANS: MEMBER BANK LOANS
TO BANKS
[In millions of dollars. Back figures not available]
Date
1928—Dec. 31
1929— M a r . 27
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
1931—Mar. 25
J u n e 30*
445
FEDERAL RESERVE BULLETIN
1931
!
|
I
|
'
By reserve city banks »
Total, '
by all
inem11 In New I n C h i - i I n o t h e r
ber :
i
r g 0L.1 i reserve
banks ! Total !j! York
C i t y * fc anfT
i cities 3
i
j
I
!
!
501
509
621
595
669
402
474
404
509 I
388
397
538
548
670
640 ;
714
527 :
535
466
631 i
446 !
455 \
;
!
288
251
314
302
322
199
196
109
283
154
150
40 !
02 !
67
08 i
88 •
.58
50
41
55
41
70
:
|
!
|
By
other
member
banks
-
BANK SUSPENSIONS
[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]
177 i
* Member banks in 02 legally designated cities: 2 central reserve cities
(New
York and Chicago) and 60 other reserve cities; see table on p. 487.
2
Central reserve city banks.
3
Other reserve city banks; see table on p. 487.
» Preliminary.
1928
1928 1929 1930 1931
January
February
March
April
May
June
July
August
September
October..
November
December
173
196
241 |
225 |
258 !
205 i
228 \
193 !
231 !
194 i
Deposits (in thousands of dollars)
Number of banks
Month
10. 983
18, 352
16, 953
8,190
6,394
13, 496
5, 308
6,147
7,888
9,011
24, 784
11,076
_
_
Year
1929
642 1,345
491
1930
1931
16, 413 28.903 i 78,130
21, 746 32, 800 I 35,123
9,002 23,769 i 35,285
7,790 33,388 I 42,417
24, 090 19, 315 I r 43, 963
19, 219 70,506 '196,884
60,101 32,333
46,440
8,532 21,951 ! . .
10, 050 23,006 | - _
13,153 24,599 L
22, 046 186,306 |
15, 730 367,119 I
138, 642 234, 532 804,715 I
r Revised.
Back figures.—See Annual Report for 1928 (Table 64).
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars. Back figures not available]
Holdings of Government securities i and eligible paper (including paper under rediscount)
By reserve city banks *
Date
U.S.
Government se-1
curities
1926—Jun 30.1927—June 3 0 1928—June 30—
Oct. 3 . —
Dec. 31.1929—Mar. 27..
June 29.Oct. 4 . - .
Dec. 31..
1930—Mar. 27_.
June 30.Sept. 24..
Dec. 31. .
1931—Mar. 25..
1
1
Eligible
paper
Total
2,825
2,775
2,680
2, 551
2,349
2,582
2,210
2,299
2,714
2,823
2,730
2,832
2, 577
2,469
2,403
2,619
2,640
2,682
2,777
3,584
5,035
5,074
5,394
5,374
5,079
5,414
5,265
5,334
5,116
5,161
4,925
4,953
4,877
5,629
2,865
2,713
2,542
2,285
2,271
2,100
2,045
By other banks
U. 8. j
Govern- I Eligible
ment se-! \ paper
curities I
347
862
914
932
974
929
912
814
818
772
764
708
776
2,100
1,992
1,967
1,817
1,811
1, 761
1,773
1,733
1,684
1, 662
1,620
1,541
1,438
1,373
By all member banks
U.S.
Government securities '
Total
2,984
2,839
2,829
2, 731
2,744
2,735
2,702
2,645
2,498
2,480
2,392
2,305
2,146
2,149
Eligible j
paper |
3,094
3,146
3,676
3,738
3,662
3,807
3,506
3,381
3,217
3,43S
3,412
3,446
3,485
4,360
Total
4,925
4,767
4,647
4,368
4,160
4,343
4,461
4,598
4,397
4,204
3, 905
3,812
3,538
3,418
Member
bank
borrowings at
Federal
reserve
banks
516
441
1,096
1,020
1,041
9S1
1,029
899
646
206
274
173
248
165
8,019
7,913
8,223
8,106
7,822
8,150
7,968
7,979
7,614
7,642
7,317
7, 258
7,023
7,778
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 . 487.
NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC.
[For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, pp. 766-768 and 811-817]
i
Date
1924—June
1925—Dec.
1926—Dec.
1927— Feb.
June
1928—June
1929—June
Dec.
1930—June
Dec.
30
31
31.
25 »
30
30
30
31
30
31
Single-office banks
i Banking
i offices
B a n k s * | (banks
1
plus
branches)
28,996 1
28,257 !
27,377
26,973
26,781
25, 950 ,
25,115
24,630
23,852
22,769:
3
31,289
30,899
30.158
29,873
29,775
29, ISO
28,555
28,177
27,470
26,308
Banks operating branches
Member
Member
Total
National
28,282
27,472
26, 581
26,194
25,989
25,115
24, 297
23,80S
23,035
21,993
j
!
i
i
|
7,972
7,916
7,760
7,677
7,638
7,516
7.366
7,237
7,082
6,872
State
1,379
1,245
1,160
1,133
1,123
1,058
987
939
899
859
Nonmember
18,931
18,311
17,661
17,384
17,228
16, 541
15,944
15,632
15, Q54
14, 262
State
National
Banks
108
132
146
145
152
69
164
166
165
161
Nonmember
Branches
248
332
406
390
722
941
993
1,027
1,041
1,106
Banks
191
196
194
189
186
186
190
180
169
160
Branches
1,137
1,277
1,366
1,560
1,301
1,220
1,298
1, 299
1,308
1,286
Banks
415
457
456
445
454
480
464
476
483
455
Branches
908
1,033
1,009
1950
971
1,069
1,149
1,221
1,269
1,147
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.
» Date of the McFadden Aet; see BULLETIN for May, 1927.
446
FEDERAL RESERVE BULLETIN
AUGUST, 1931
SECURITY PRICES, SECURITY ISSUES, AND SECURITY LOANS
SECURITY PRICES
[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926=100)
Selected groups of industrial issues
Bonds1
Month or date
Indus- Rail- Public!
trial ; road u t i l i t y! Autoi mobile
60 !
Number of issues.
98.7
99.6
100.0
99.9
99.1
97.8
99.6
99.4
100.0
99.6
99.7
99.4
99.4
1930—July
August
September..
October
November..
December..
1931—January
February...
March
April
May
June
July
June 24..
Julyl...
July 8 . .
July 15.
July 22..
July 29..
99.6
99.7
----! 99.9
9.1
99.4
99.1
Cop- Elec- MaChain Chem- per trical chinand equipstore ical
brass I m e n t ery
337
33
31
13
13
125.9
126.5
127.9
126.8
124.7
121.7
123.6
124.8
126.4
125.3
122.6
119.7 |
121.1
|
149
148
149
128
117
109
112
120
122
109
98
95
98
140
139
139
118
109
102
103
110
112
100
89
87
90
124
121
123
111
102
94
100
105
97
87
77
74
75
215
213
216
187
167
158
163
178
189
170
156
153
158
132
134
133
108
101
100
106
120
129
117
110
101
105
98
97
100
84
77
71
74
78
81
70
59
58
60
89
89
217
219
230
191
176
168
162
174
173
148
127
128
131
119.7
120.1
121.1
121.2
121.8
121.5
103
104
99
95
99
95
95
95
90
87
90
87
80
81
77
73
75
71
164
165
159
153
158
153
111
109
105
102
105
104
63
64
60
58
61
59
92
92
88
88
90
89
139
139
132
127
130
126
20 i 404
i
I
I
I
I
.
!
i
i
,
i
!
|
!
!
j
129
121
114
93
91
80
82
91
96
79
67
62
66
V \
75 i
66
60
66
62
Oil
Steel
Textile
10
16
10
30
277
278
283
225
196
182
176
194
201
172
159
157
161
155
152
154
134
120
117
120
126
125
109
89
83
88
133
130
125
106
97
88
89
91
85
74
63
63
159
160
162
142
131
125
124
132
133
116
94
85
67
66
67
58
55
51
53
55
58
52
47
45
46
172
172
163
156
159
153
91
90
90
85
89
86
71
71
68
64
69
66
93
97
90
86
88
79
47
48
46
45
46
45
i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
» 20 high-grade industrials; average price.
TOTAL REPORTED SECURITY LOANS
CAPITAL ISSUES
[Exclusive of refunding issues. In millions of dollars]
[In millions of dollars. For explanation, see March BULLETIN (p. 132)]
Domestic issues i
Year and month
1922
1923
1924
1925
.
1926
1927
1928
1929
1930
1930—June
July
August
September
October
November
December
1931—January
February
March
April
May
June
Total,
domestic and
foreign Total 3
4,395
4,440
5,557
6,205 |
6, 282
7, 489
7,979
10, 005
6,918
706
553
183
381
381
249
384
420
211
< 061
' r<837
352
4
574
Government
By
Corporate
Foreign
issues 2
Bonds
(and Stocks
notes)
3,631
1,072
1,043
4,019
4,588 [ 1,380
5,129
1,356
1,312
5,157
6,152
1,423
1,387
6, 728
9,334
1.398
6,013
1,441
528
143
1,645
1,989
2,200
2,452
2,667
3,182
2,378
2,068
2,980
225
570
659
829
764
421
969
1,152
1,087
1,460
2,900
5,868
1,503
152
1,076
1,125
1,337
1,251
108
82
77
168
86
186
49
119
<685
« 526
172
M29
297
70
78
44
222
105
117
93
235
48
250
166
132
40
62
22
18
71
45
27
9
102
29
17
5
86
1
19
96
9
2
'43
t 19
100
6
39
475
166 !
376 :
2<)5
248
365 |
334
202
<959
333
<535
671
905
178
other
lenders x
(*)
By member banks
Call date
Total i
(*)
Total
To
broTo kers in
banks New
York
City
To
broTo
kers
in
broTo
New
kers
else- others York
City i
where
C)
1928—Oct. 3 . Dec. 31
12,429 8,819
14, 052 10,172
274
269
1,899
2,556
850
975
5,796
6,373
3,610
3,880
1329—Mar. 27
June 29
Oct 4
Dec. 31
14, 643 9,693
15,144 10,094
16,954 10, 314
12, 955 10, 505
274
335
320
357
1,879
2,025
1,885
1,660
1,014
921
939
803
6,526
6,813
7,170
7,685
4,950
5,050
6,640
2,450
1930—Mar. 27
June 30
Sept. 24
Dec. 31
!l2,544 10, 334
12,085 10, 655
111,701 10, 511
10,364 9,754
260
230
175
315
2,344
2,365
2,472
1,498
706
819
774
675
7,024
7,242
7,090
7,266
2,210
1,430
1,190
219
229
1,630
1,216
575
516
6,848
6,596
480
380
1931—Mar. 25
9,752
June 30 *.__ 8,937
9,272
8,557
610
1
For lenders other than member banks—i. e., nonmember banks, foreign banks, corporations, etc.—only security loans to brokers in New
York City are included in available reports.
i Source: Commercial and Financial Chronicle.
• Issues publicly offered; annual totals are as finally reported b y Dep Preliminary figures.
partment of Commerce; monthly figures are as compiled currently and
* Revised series.
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.
' Revised.
447
FEDERAL RESERVE BULLETIN
AUGUST, 1931
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
I Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
I: Building contracts awarded
(value)**
Industrial production*
Year and month
Total
Manufactures
Minerals
Factory employment
Residential
Total
Factory
pay
rolls
Freight-car
loadings *
Commodity
prices t
Unad- Ad- Unad- Ad- Unad- Ad- ! Unad- Ad- Unad-! Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed : justed, justed justed justed | justed justed justed justed justed justed
1919
1920....
1921
1922
1923
1924
3925
1926
1927
1928
1929
1930
January
February
March
April
May
June
July
August
September
October
November
December
.._.
84
87
67
87
101
94
105
108
106
112
119
83
87
67
85
101
95
104
108
106
111
119
97
1927
_.
_.
106
108
111
108
111
108
106
106
105
103 !!
100 i
105
111
113
110
112
107
102
105
107
105
101
77
89 ;;
70
74 j
105 ,
96 |
99 !
108 !
63
63
56
79
84
94
122
129
129
135
117
92
106
115
99
84
91
79
87
100
97
103
106
103
103
106
92
99
105
106
105
104
102
99
102
102
103
96
99
102
99
105
105
104
109
116
114
101
106
107
109
106
103
104
102
104
103
101
100
101
103
100
101
101
98
103
104
107
104
104
92
94
97
96
105
101
105
109
119
119
109
94
102
102
103
101
103
100
102
103
105
106
107
106
100
100
101
102
102
103
103
103
102
101
99
97
101
108
111
111
111
110
106
111
112
111
103
99
95
99
98
102
109
110
111
115
121
118
102
108
107
105
108
107
108
107
107
106
104
102
102
90
104
100
101
97
101
104
110
113
112
113
107
102
104
106
104
100
95
104
107
109
109
111
109
107
106
105
102
100
100
112
113
111
96
108
108
103
111
111
112
105
97
116
117
118
107
109
105
100
106
104
105
101
103
107
114
132
144
145
140
140
131
133
126
122
111
132
131
128
128
128
128
128
126
128
128
129
131
97
105
123
133
132
117
115
108
119
120
120
111
117
117
116
115
115
114
114
113
118
119
121
125
100
100
100
99
101
99
97
95
139
154
98
97
101
98
104
100
95
98
97
86
98
118
77
81
103
96
101
104
102
102
108
87
107
108
44
30
44
68
81
95
124
121
117
126
87
50
100
100
100
99
99
100
99
99
97
96
95
94
94
94
94
95
97
97
97
97
101
January
February
March
April
May
June
July...
August
September
October...
November
December
January
February
March
April
May
June
July
August
September
October
November
December
1928
106
108
109
109
109
109
109
111
114
116
116
117
:| 106
I 113
114
!i 113
111
109
105
110
, 116
I 117
. 115
I 110
106
109
109
110
110
111
111
113
115
116
116
117
100
99
98
94
104
104
103
111
115
123
117
106
103
103
103
105
105
101
101
105
107
114
113
112
111
121
138
155
159
154
142
137
138
134
122
107
137
138
137
137
137
139
132
131
134
136
132
127
116
128
143
152
149
140
127
116
118
115
112
93
142
136
130
130
133
126
119
118
115
114
106
117
121
122
124
126
125
120
122
124
121
108
96
118
118
119
122
124
126
124
123
122
118
108
101
117
122
126
11 128
jj 128
; 127
120
! 122
I! 123
119
107
118
117
120
123
126
129
126
124
122
118
108
114
116
101
103
116
116
118
121
127
127
114
110
118
120
107
115
116
112
114
115
118
118
110
116
98
102
121
139
143
144
136
129
112
104
94
84
120
118
121
123
121
126
124
122
110
107
103
102
81
84
106
117
113
102
94
84
73
67
66
53
97
94
101
100
97
95
93
86
73
67
67
61
103
110
107
108
106
99
91
90
92
90
86
78
104
107
104
107
104
100
94
91
91
87
85
82
103
111
110
110
106
99
90
88
91 I
88 j
108
104
91
93
102
103
100
101
100
104
95
89
112
109
96
104
103
100
97
96
94
98
92
94
78
89
102
113
125
116
107
85
82
75
84 I
76 I
103
107
105
107
105
100
94
90
90
85
84
80
95
104
102
101
105
99
95
81
81
78
76
73
82
89
91
92
90
83
81
86
88
90
89
»>85
86
84
82
83
84
90
88
87
92
86
58
71 ;
75
77
73
66
64
100
100
96
96
97
99
LOO
97
97
1929
1930
January
February__
March
April
_.
May
June
July._
August
September
October
November
December
January
February
March
April
May
June
105
111
112
110
110
108
105
110
116
118
115
109
97
100
101
102
102
102
102
104
105
103
99
95
94
100
99
96
97
96
93
92
89
87
86
84
84
97
97
98
97
96
94
94
92
91
91
89
87
84
84
84
83
80
78
1931
79 I
!
,
!
j
82
77
76
75
73
71
70
* Average per working-day.
** Revised index: 3-month moving average, centered at second month; see July, 1981, BULLETIN, p. 358. For " other " building see this issue, p.450<
t Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on p. 451.
» Preliminary.
69285—31-
-3
448
FEDERAL RESERVE BULLETIN
AUGUST, 1931
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100]
1930
1931
Industry
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
MANUFACTURES
IRON AND STEEL
Pig iron
Steel ingots
_
110
104
111
90
91
70
74
69
60
117
121
111
98
94
94
TEXTILES
Cotton consumption
Wool
Consumption
M achinery activity i
Carpet, rug loom activity
Silk
Deliveries
Loom activity l
FOOD PRODUCTS
Slaughtering, meat packing...
Hogs
Cattle
Calves
Sheep
Flour
Sugar meltings
PAPER AND PRINTING
Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Paper board..
Wood pulp, mechanical...
Wood pulp, chemical
Paper boxes
Newsprint consumption
_
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
Sole leather l
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS »
Copper (smelter)
Tin (deliveries) i
FUELS, MANUFACTURES:
Petroleum refiningGasoline >
Kerosene
Fuel oil*
Lubricating oil *
Coke (by-product)
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
,
Cigarettes
MINERALS
COAL:
Bituminous-_
Anthracite
Petroleum, crude
Iron ore shipments
Copper (mined)
Zinc
Lead
Silver
» Without seasonal adjustment.
142
104
105
119
113
89
120
99
111
132
90
115
151
132
109
101
110
84
85
71
78
73
49
100
99
102
93
90
88
90
86
137
104
84
116
108
88
114
95
105
122
98
110
173
132
91
93
84
82
69
80
65
43
113
120
98
94
89
85
89
93
139
101
106
111
105
84
111
89
108
124
88
103
146
124
92
86
93
81
78
67
76
62
47
109
117
91
91
89
85
89
95
143
103
84
109
101
83
105
89
100
115
92
108
151
123
85
80
85
88
79
69
78
67
49
139
158
101
96
92
91
88
97
146
98
104
109
100
80
104
87
99
115
88
106
159
126
74
71
74
91
81
69
75
68
52
150
170
109
94
93
94
85
97
158
90
105
107
100
81
97
101
43
147
98
99
100
91
42
164
97
103
100
75
40
347
95
107
100
62
38
310
95
102
99
62
33
229
95
102
102
72
95
128
98
77
92
145
94
73
106
154
67
101
143
90
119
143
101
101
107
119
114
96
94
116
105
97
95
103
173
213
90
123
133
137
121
125
96
134
94
167
170
210
90
117
126
132
119
122
93
141
91
183
92
'81
127
104
90
94
104
1
103
95
77
94
89
93
115
74
97
133
119
64
57
64
86
82
62
68
64
40
134
143
117
93
91
95
84
80
82
98
101
136
142
92
91
102
93
106
98
69
91
78
79
118
100
79
86
94
80
116
72
95 i 91
123 ! 122
115 I 124
73
61
74
93
84
75
81
77
54
146
158
121
92
94
96
85
99
136
91
87
110
103
77
117
86
98
122
78
97
144
124
91
99
138
93
74
110
101
81
114
84
100
121
75
90
146
129
49
28
343
89
74
25
196
81
86
85
85 I 63
18 i 11
144
246
81
78
83
76
81
68
7
115
87
79
80
68
90
151
91
61
93
132
85
62
71
126
78
114
79
53
62
103 1
80
117
65
96
92
101
111
95
97
94
111
97
101
95
90
127
86
91
87
86
119
83
65
85
82
118
84
90
78
70
126
111
79
77
105
166
206
85
113
126
123
93
96
71
137
88
177
164
205
84
109
124
119
96
98
79
130
89
164
165
207
78
112
117
114
84
87
64
125
85
158
160
203
74
108
106
109
88
91
68
129
88
164
151
188
69
109
104
101
77
80
58
119
86
147
149
186
67
108
105
97
73
75
61
128
68
173
144
177
70
106
102
97
88
91
68
121
74
157
82
88
117
96
84
94
106
70
85
80
114
79
89
93
101
73
87
105
115
74
83
90
94
70
77
120
95
83
91
J03
114
51
83
70
83
73
89
••77
124
108
123
72
104
141
122
65
63
65
93
83
63
66
64
52
162
182
123
94
87
94
71
83
147
56
59
87
77
57
61
61
39
157
178
116
60 !
85
93
in
93
110
76
68
92
71
72
65
S3
65
110
102
80
114
90
92
124
77
92
155
125
72
64
72
'98
93
'90
'105
79
63
123
136
96
91
92
88
94
94
156
96
77
113
104
79
118
94
91
126
79
93
166
127
67
7
61
92
80
72
77
13
99
103
92
85
77
14
112
'108
91
80
118
100
79
84
123
109
83
92
116
••118
85
93
126
106
82
119
77
76
90
117
73
70
109
112
73
72
104
112
91
68
70
92
149
188
69
107
94
99
94
96
71
132
78
174
152
191
76
112
96
100
98
102
74
131
83
169
161
205
71
113
100
102
107
111
81
134
89
171
163
211
71
109
95
100
123
127
95
137
88
177
161
207
76
111
90
91
126
130
96
133
87
171
73
89
110
72
112
77
84
121
75
71
122
27
68
54
78
-51
74
66
122
46
67
54
57
67
113
78
64
79
97
89
76
81
75
60
149
165
117
87
103
71
CO
119
122
114
96
97
93
97
104
159
c
64
56
64
97
92
S9
105
83
55
122
136
75
154
85
83
v 111
»102
79
113
92
83
91
172
123
65
101
94
79
eo
52
Corrected.
NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals)
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. For recent revision
see BULLETIN for February 1931 (D. 107).
Includes also lead and zinc; see "Minerals."
? Preliminary.
'Revised.
449
FEDERAL RESERVE BULLETIN
AUGUST, 1931
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal aljustment
Industry
1931
June
TOTAL—ALL MANUFACTURING INDUSTRIES. __
IRON AND STEEL AND PRODUCTS
Steel works and rolling mills.-Hardware
Structural iron work
Heating apparatus
Steam fittings
Stoves
Cast-iron pipe
MACHINERY
Foundry and machine-shop products..
Machine tools
.
Agricultural implements
Electrical machinery
TEXTILES AND PRODUCTS
A. Fabrics
Cotton goods
Woolen and worsted manufactures.
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods
Silk manufactures
Dyeing and finishing textiles
B., Wearing apparel.
Clothing, men's
Shirts and collars
Clothing, women's.-.
Millinery
FOOD AND PRODUCTS
Baking
Slaughtering and meat packing
Confectionery
Icecream
Flour
Sugar refining cane
PAPER AND PRINTING
Printing, book and job
Printing, newspapers and periodicals...
Paper and pulp
Paper boxes
LUMBER AND PRODUCTS_
Lumber, sawTmills
Lumber, millwork
Furniture
TRANSPORTATION EOUIPMENT...
Car building and repairing..
Automobiles
.'
Shipbuilding
FATHER AND MANUFACTURES..
Boots and shoes
Leather
1
EMENT, CLAY, AND GLASS PRODUCTS..
Clay products
Brick, tile, and terra cotta
Pottery
Glass
Cement
NONFERROUS METAL PRODUCTS._.
Stamped and enameled ware.
Brass, bronze, and copper
CHEMICALS AND PRODUCTS
Chemicals and drugs
Petroleum refining
Fertilizers
RUBBER PRODUCTS
Automobile tires and tubes..
Rubber boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snuff..
MUSICAL INSTRUMENTS
75.0
72.6
74.4
68.0
81.6
63.5
60.3
66.4
67.4
73.9
68.1
81.2
57.7
87.4
76.7 I
77.9 !
77.0
72.0 i
72.1
71.4
86.2 i
69.3
97.3
73.6
56.9
83.1
97.6
64.0
88.4
96.7
85.5
80.2
92.7
76.4
78.4
92.7
95.3
103.0
84.1
83.4
54.3
48.8
55.8
69.2
63.5
54.0
72.6
91.7
79.7
80.8
75.1
67.0
63.3
56.5
81.6
74.9
66.3
65.4
43.7
72.8
86.7
90.2
91.1
48.9
75.6
78.3
67.8
79.9
81.7
66.0
38.1
25.6
1930
May
77.1
75.7
78.2
69.3
83.1
65.4
61.7
68.8
69.5
76.8
71.1
85.4
65.3
89.5
80.6
79.8
79.1
69.4
68.9
72.4
85.7
79.1
103.2
82.4
56.4
85.7
120.4
78.3
88.3
96.5
85.8
81.5
85.9
77.3
76.9
94.6
98.3
104.5
85.8
83.9
54.9
48.8
57.4
70.4
66.1
55.3
77.3
92.0
80.8
82.2
75.1
67.3
64.2
56.2
86.1
72.8
68.3
67.4
46.0
74.7
91.4
91.5
94.4
80.2
74.3
77.4
65.1
80.7
82.3
68.2
41.5
31.4
June
88.8
90.0
92.3
81.2
110.0
76.1
69.3
82.4
82.9
100.1
93.4
129. 4
120.2
108.6
83.6
83.7
81.3
71.5
71.2
73.0
93.6
88.6
102.2
83.3
63.3
91.4
113.6
71.4
95.6
104.1
93.4
82.1
101.7
85.6
90.9
101.5
106.6
105.0
97.4
90.7
71.7
67.7
68.2
85.3
80.2
70.8
88.8
109.8
84.5
84.9
82.6
80.4
77.5
74.1
87.1
83.2
86.1
80.2
58.8
87.5
101.8
100.3
114.0
69.0
88.0
91.9
76.3
89.2
91.5
70.9
42.7
36.6
1931
June
76.0
72.6
74.6
67.7
80.9
63.2
59.9
66.1
65.8
73.4
67.4
81.8
58.1
87.4
78.6
78.7
77.7
73.4
73.4
73.2
86.0
70.2
98.3
78.3
56.7
85.8
111.5
65.3
88.7
94.9
85.9
89.3
80.8
78.8
77.2
93.6
96.5
103.3
84.1
86.6
54.4
47.5
55.1
73.1
62.4
53.6
70.7
90.6
83.9
85.5
77.4
64,4
60.4
52.6
81.4
73.0
63.3
65.4
42.6
73.2
89.6
92.1
90.2
71.8
75.7
76.8
72.4
80.4
82.1
67.3
40.7
26.8
1930
May
77.8
74.8
77.0
68.6
83.6
64.8
61.2
68.1
68.2
76.3
70.4
85.2
63.3
89.5
81.2
80.0
79.4
70.7
70.4
71.6
84.9
78.8
103.4
84.1
59.4
86.7
123.7
72.1
90.8
97.1
88.8
90.7
82.0
80.6
76.5
95.3
99.4
104.2
85.8
87.2
55.4
48.0
57.0
74.9
63.2
54.9
70.9
89.7
84.2
86.0
77.0
65.4
61.8
53.1
85.3
71.7
66.9
66.6
44.3
74.2
93.0
S2.9
94.5
88.1
74.0
75.9
68.5
82.1
83.5
70.9
43.9
32.8
June
89.7
90.0
92.6
80.8
109.0
75.7
68.8
82.0
81.0
99.5
92.3
130.5
121.1
108.6
85.7
84.4
82.1
72.9
72.5
74.8
93.4
89.8
103.3
88.7
63.1
94.3
129.8
72.8
95.8
102.2
93.9
91.4
88.7
88.3
89.4
102.4
108.0
105.3
97.4
94.2
71.6
66.0
67.4
90.1
78.9
70.3
86.5
108.5
88.9
89.9
85.1
77.1
73.8
69.0
86.9
81.1
82.3
80.3
57.4
88.1
105.7
102.3
113.0
101.2
88.0
90.1
81.6
89.7
92.0
72.4
45.4
38.4
1931
June
67.6
57.6
58.8
52.2
69.0
48.0
45.9
50.1
55.6
62.4
55.3
63.5
44.6
81.3
66.7
69.4
66.2
61.6
62.8
56.3
83.6
63.2
91.3
61.1
48.4
68.8
77.7
54.6
89.7
95.4
90.4
76.9
96.8
74.6
74.4
96.6
97.6
113.4
77.6
83.2
44.6
40.4
47.5
51.9
58.8
53.0
62.1
91.4
66.7
64.7
74.2
54.4
44.4
39.2
58.4
68.3
64.8
59.1
38.1
65.2
84.1
83.2
91.1
49.4
72.4
77.7
51.4
68.6
69.1
64.2
33.8
20.8
Pianos and organs
NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677.)
1930
May
72.1
64.9
67.5
56.9
71.4
51.5
48.1
54.8
63.9
67.8
60.4
68.4
50.7
87.0
71.7
73.3
70.6
60.6
61.1
58.5
86.3
72.9
101.4
69.4
44.1
74.6
100.1
69.0
89.7
95.4
91.0
77.8
91.6
77.1
72.6
100.0
101.4
115.9
81.9 »
85.1
45.7
40.3
49.3
55.2
66.1
55.3
75.6
98.3
68.7
67.0
75.0
56.7
48.4
40.8
68.8
67.9
65.5
63.4
39.7
70.3
88.4
85.0
96.1
74.4
71.0
76.6
48.8
68.3
68.6
65.4
37.9
24.9
June
90.7
90.8
94.6
73.0
112.6
70.7
64.7
76.6
83.1
102.7
93.8
123.1
113.4
119.6
77.8
77.4
71.4
62.4
65.0
50.7
98.3
87.0
95.8
78.4
60.4
80.5
103.8
70.1
102.3
108.0
101.6
87.6
111.1
92.4
90.8
111.9
116.3
118.7
102.4
95.9
70.9
70.5
67.3
74.3
83.8.
75.7
89.2'
121.1
73.870.7
85.2
76.1
67.7
66.3
71.3
82.7
93.4
85.0
60.0
92.3
105. 3
97.4
121. 7
79.1
88. a
91.7
75.1
84.4
85.8
73.6
46.2
35.1
450
FEDERAL RESERVE BULLETIN
AUGUST,
1931
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars. Figures are for 37 States east of the Eocky Mountains, as reported by F. W. Dodge Corporation]
Total
Factories
Residential
Public works and
public utilities
Commercial
Educational
All other
Month
January - .
February
March
April
. _.
May
June
Year to date
July
August
October
November
December
1931
1931
1930
1931
1930
1931
1930
1931
1930
324.0
317.1
456.1
482.9
457.4
600.6
228.0
235 4
370.0
336.9
306.1
331.9
74.8
101.5
123.1
116.6
96.8
54.4
77.9
100.9
95.9
88.9
72.7
13.5
20.4
29.8
22.1
37.4
22.7
10.1
7.3
20.6
11.3
16.3
8.9
54.1
72.9
77.0
73.2
73.3
59.1
28.4
27.5
36.7
26.6
26.3
27.6
136.8
99.0
149.8
165.7
152.1
322.9
95.2
78.6
151.7
133.0
108.9
154.5
19.0
21.2
35.4
85.2
36.9
48.9
19.4
16 7
24.3
23.0
23.8
22.5
34.0
28 8
62.6
63.5
41.1
50.2
20.5
27 3
35.7
47.1
41 8
45.6
579.4
490.7
145.8
28.9
18 2
24.0
13.8
13 0
12.9
74.4
409.6
46 9
50 9
31 1
35.7
29.5
25.1
173.2
1,026.3
121 2
126 7
109.1
113.0
76 4
78.6
722.0
196.6
42.7
25 9
28.2
28.6
29 5
24.5
129.8
280.3
42.8
42 3
40.8
41 1
24 4
37.3
218 1
66.6
1930
1930
1931
2,638.0 1,808.2
366.9
346 6
331.9
336.7
253 6
249.4
S$ptflm h(?r
1931
1930
84.3
82 7
98.5
104.7
80 8
70.9
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports
Merchandise exports
1928
January
February
March ._
April
May
June
Year to date
July
A ufimst
September
-
- -
October
November
December
1929 1
411
371
421
364
423
389
488
442
490
425
385
393
2,378
379
379
422
550
545
476
2,623
403
381
437
529
442
427
1931
1930
411
349
370
332
320
295
369
369
384
411
400
353
311
282
300
308
285
250
2,076 v 1,316
267
298
312
327
289
275
2,086
318
347
320
355
327
339
2,286
353
369
351
391
338
310
1,736
221
218
226
247
204
209
1931
1930
1931
1930
1931
1930
107
108
107
107
105
103
100
102
99
102
98
94
97
98
97
106
97
95
88
89
93
110
105
98
71
77
103
112
113
165
79
80
92
101
97
90
99
98
97
97
96
96
94
91
91
92
92
91
88
86
84
83
83
82
88
93
100
101
98
93
87
87
95
101
104
85
1931
78
81
87
87
85
80
94
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for six
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
1929
1930
1931
183
175
210
186
180
9 176
73
20
40
19
69
71
119
72
106
15
* 15
40
100
67
69
24
35
44
67
49
26
29
24
J»ll
1,110
292
61
32
102
195
218
136
337
50
11
86
137
104
117
340
46
79
86
80
85
67
v 206
FREIGHT-CAR LOADINGS, BY CLASSES
1931
Index of stocks (end of
month)
1930
102
P
1928
[Index numbers; i 1923-1925jiverage=100. Source of basic data: American Railway Association]
Febru- March April
ary
Without
Adjusted
Without
Adjusted
for seasonal seasonal ad- for seasonal seasonal adjustment
variation
variation
justment
Year
Excess of exports
1931
v Preliminary.
For back figures see BULLETIN for November,
1930; p . 686]
Index of sales 1
January
February
March
April
May
June
July
August..
September
October
November
December
1930
338
351
380
345
354
317
DEPARTMENT STORES—SALES, STOCKS
Month
1929
250
224
236
215
204
»187
* Excess of imports.
[1923-1925 average=100.
1928
May
TJune
Adjusted for seasonal variation
Total
_..
Coal
Coke
Grain and grain products_._
__.
Livestock
Forest products
Ore
Miscellaneouss
Merchandise
80
73
64
80
78
64
80
78
60
79
76
56
77
73
49
94
70
48
60
85
89
96
67
45
62
83
89
104
69
43
41
85
88
97
68
44
30
85
89
90
65
41
43
82
Without seasonal adjustment
Total
_..
Coal
Coke
Grain and grain products
Livestock
_._
Forest products
_
Ore
MiscellaneousJ
Merchandise
74
79
73
75
74
64
77
65
57
79
67
56
77
63
45
90
67
48
15
73
87
82
59
47
15
79
89
80
65
45
20
87
91
80
64
47
45
89
92
78
55
43
77
86
i Based throughout on daily average loadings,
i In less-than-carload lots.
451
FEDERAL RESERVE BULLETIN
AUGUST, 1931
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics; 1926=100]
Other commodities
Year and month
All com
Farm
modities ' products
1926 (base)
1927
1928
1929
1930.
_
100.0
95.4
97.7
96.5
86.3
100.0
99.4
105.9
104.9
88.3
1930—May
June..
_
JulyAugust
September..
October
November..
December..
89.1
86.8
84.0
84.0
84.2
82.6
80.4
78.4
93.0
88.9
83.1
84.9
85.3
82.6
79.3
75.2
1931—January
February.-.
March
April.
May
June
77.0
75.5
74.5
73.3
71.3
70.0
73.5
70.1
70.6
70.1
67.1
65.4
Foods
Total
100.0
96.5
101.0
99.7
90.1
Hides and Textile Fuel and
leather
lighting
products products materials
100.0
93.7
93.2
92.6
85.1
100.0
107.9
121.7
109.2
99.9
92.0
90.5
86.3
87.1
89.2
88.6
85.7
81.8 I
87.5
85.7
84.3
83.3
82.8
81.5
80.1
79.0
102.6
102.4
100.7
98.9
99.1
96.5
94.0
91.2
80.1
77.1 I
76.7 !
75.6 I
72.9 i
72.4 I
77.8
77.1
75.6
74.2
73.2
71.9
87.4
87.3
87.3
87.8
100.0
86.5
82.8
81.6
76.1
84.6
82.2
80.0
77.7
75.5
73.8
73.3
72.4 '
71.0
70.4
69.2
67.6
66.3
65.4
104.4
95.3
100.0
93.3
93.7
97.1
90.3
100.0
96.6
95.5
94.4
88.7
100.0
98.2
97.4
96.9
95.7
100.0
89.9
83.0
80.5
73.4
78.0
76.4
75.4
75.4
76.3
75.1
71.8
70.5
96.8
95.4
94.3
92.7
91.8
90.4
90.2
90.0
92.9
90.0
88.9
87.4
86.4
85.8
85.6
84.4
88.9
87.8
87.3
86.6
86.0
85.2
84.8
96.2
96.2
96.2
95.9
95.4
95.3
95.2
91.3
77.5
74.5
71.7
71.2
69.7
68.8
67.8
66.9
69.8
69.6
64.5
61.6
60.9
58.1
89.3
88.9
89.0
88.7
87.8
87.4
82.9
81.8
81.9
80.9
78.4
77.5
83.6
82.2
81.9
80.1
79.1
77.9
91.1
90.8
90.8
90.8
89.2
88.6
64.7
63.9
64.7
63.9
62.8
61.8
100.0
1930
Subgroups
June
July
82.1
93.2
96.5
78.7
88.5
92.7
74.1
81.8
86.9
80.4 i 77.0 I
!
84.6 I 88.0
86.7 I 86.4 i
1
99.3! 92.5
103.2 I 101.3
87.7
86.3
90.4
99.9
85.1
96.8
L04.2
103.7
105.3
91.4
72.0
89.6
72.3
Nov.
Dec.
Jan.
Feb.
72.1
82.4
86.3
64.0
77.7
85.4
64.0
76.3
78.1
62.4
75.2
76.0
60.4
69.6
73.7
59.3
70.7
74.2
59.5 ! 59. 6
70.3 I 64.1
73.4 71.5
56.0
61.9
70.8
92.0
91.8
80.7
97.9 | 99.6 98.7
93.1 i 99.2 96.7
79.4 , 79.3 i 79.8
95.8
91.4
78.4
89.4
89.2
74.5
85.2
88.4
73.4
83.3
83.6
70.8
83.7
82.0
70.8
80.9 I 78.4
79.9 74.4
70.9 ! 69.7
79.1
71.3
70.1
99.0
102.9
103.0
105.1
94.0
100.1
102.9
105.2
75.1
93.3
100.3
104.2
69.4
91.5
97.7
104.2
64.4
90.8
95.1
102.4
57.7
89.0
95.0
102.0
62.1
88.4
94.9
102.0
62.0
88.4
94.8
101.6
62.6
88.1
94.8
101.3
65.5
87.8
94.7
101.3
90.7
70.3
88.9
72.1
89.3
64.3
88.6
69.0
87.4
60.4
88.0
65.5
91.2 | 94.2 i 83.6
99.9 i 98.2 | 96.7
100.6 100.5 ! 100.3
104.9 105.0 i 104.2
85.0 82.8 | 81.6
57.6
55.4 , 52.1
86.6
84.6 ! 83.6
63.5
61.3 j 59.0
81.9
50.7
83.2
57.9
79.7
51.7
82.3
57.8
77.3
50.1
82.1
57.5
76.9
48.8
81.7
59.0
76.5
47.0
79.7
57.4
75.7
45.2
77.3
55.6
73.9
44.0
76.4
55.9
72.6
43.8
75.9
53.1
90.2
88.4
84.2
94.9
65.6
86.9
88.4
84.0
97.9
66.5
85.8
88.2
84.0
99.7
63.6
86.5
88.8
84.0
99.4
61.0
87.8
88.6
83.8
99.8
60.9
89. 2 !I 89. 2
83.9 83.9
101.3 99.7
59.4
62.0
89.6
89.1
83.9
97.0
53.3
89.6
89.1
83.8
95.4
51.1
88.9
88.1
83.8
95.8
50.4
88.9
87.8
83.8
95.8
50.2
88.2
85.8
83.7
94.6
41.8
86.6
84.4
83.7
96.1
37.4
87.6
83.9
83.7
99.0
35.9
88.8
83.2
81.5
93.8
90.5
95.0
106.8
98.4
92.9
80.6
95.0
106.8
98.4
91.7
78.1
95.0
105.5
98.4
90.7
73.5
94.9
105.5
90.1
72.7
94.9
102.5
98.4
89.5 !
71.2
94.9 |
101.6 !
98.4 |
88.6
67.8
94.9
100.2
98.4
88.3
68.4
94.9
99.8
98.0
88.0
69.7
94.9
99.5
95.2
88.1
67.4
94.7
98.7
95.0
88.4
66 1
94.7
98.0
95.0
88.1
67.1
94.7
98.0
95.0
87.5
65.1
94.7
98.6
95.0
87.2 I
60.6 i
94.7 j
98.6 i;
94.4
86.9
58.9
94.6
98.6
94.4
91.8
88.4
92.7
91.9
91.4
104.0
89.7
86.4
92.7
91.9
89.1
101.8
85.3
83.0
91.7
86.8
88.7
99.6
83.3
82.9
91.7
84.3
87.1
99.4
81.1
82.5
91.7
84.3
83.7
98.7
80.8
82.3
91.7
81.7
78.1
98.0
80.2
82.5
91.7
81.7
75.9
97.3
80.1
81.8
91.1
81.7
74.4
97.8
78.1
81.6
90.6
81.7
72.4
97.1
76.0
81.7
90.5
83.0
70.2
95.5
73.2
81.5
87.9
84.3
70.9
95.6
74.2
81.5
84.1
84.3
73.0
95.4
73.3
81.0
81.0
84.3
72.5
94.2
68.4 i
80.8 i
79.7 I!
84.3
93.2 j
67.8
80.8
77.7
84.3
70.1
91.7
96.6
68.0
88.1
94.4
95.3
67.8
86.5
93.6
93.8
67.9
85.3
94.1
92.5
67.3
84.3
93.1
92.1
66.8
83.3
92.7
90.9
66.8
83.1
92.5
89.6
66.8
83.6
92.9
89.2
66.3
82.1
91.1
89.1
65.5
81.4
90.6
87.0
65.1
81.4
90.4
85.0
65.0
81.1
89.1
84.8
64.6
80.8
88.3
63.0
80.6
83.5
81.9 i
62.8 !
80.5 j
82.8 !
80.2
62.1
79.8
82.4
96.6
95.8
96.6
95.8
96.5
95.9
96.5
95.8
96.5
95.3
96.5
94.4
96.5
94.2
96.5
94.0
95.5
87.6
95.5
87.3
95.5
86.7
95.5
86.7
95.5
86.7
93.5
85.5
92.8
85.0
117.1
86.0
30.9
54.7
108.3
110.3
85.6
29.2
54.5
107.9
102.0
85.2
25.9
52.2
103.3
94.8
83.8
23.6
52.0
97.2
104.8
83.8
20.3
52.0
94.5
93.6
83.5
17.1
52.0
93.8
89.6
83.5
16.9
52.0
91.5
83.0
83.5
18.6
51.3
88.9
78.2
83.6
18.6
51.3
86.9
75.0
83.6
17.1
45.7
86.1
71.6
83.1
16.1
45.7
85.1
82.1
82.3
16.0
45.7
86.3
81.2
81.4
13.3
45.7
85.9
67.9
81.3
13.7
45.7
84.9
61.1
80.3
13.3
45.7
84.0
i84.1 :
96.9 I
99.0 I
FOODS:
Butter, cheese, and milk
Meats
Other foods
H I D E S AND LEATHER PRODUCTS:
Hides and skins
Leather
Boots and shoes
Other leather products
95.8
- 105.3
103.8
105.3
T E X T I L E PRODUCTS:
Cotton goods
Silk and rayon
Woolen and worsted goods...
Other textile products
F U E L AND LIGHTING MATERIALS:
Anthracite coal
Bituminous coal
Coke
-___
Gas
Petroleum products
M E T A L S AND METAL PRODUCTS:
Iron and steel..Nonferrous metals
Agricultural implements
Automobiles
Other metal products
BUILDING MATERIALS:
Lumber
Brick
Cement
Structural steel.
Paint materials
_.
Other building materials
CHEMICALS AND DRUGS:
-
HOUSE-FURNISHING GOODS:
Furniture
Furnishings-
-
MISCELLANEOUS:
Cattle feed
-_
Paper and p u l p .
Rubber
Automobile tires
Other miscellaneous
Aug. I Sept. | Oct.
Mar. Apr. ! May June
T
F A B M PRODUCTS:
Grains
Livestock and poultry
Other farm products
1931
May
Apr.
Chemicals
Drugs
Fertilizer materials
Mixed fertilizers
100.0
95.7
96.3
93.7
80.7
Chemi- House- Miscelcals and furnish- laneous
drugs ing goods
89.1 i 89.6
[
70.5 I
30.7
Back figures.—For indexes of groups, see FEDERAL R E S E R V E BULLETIN for March, 1931 (p. 137); of subgroups, see FEDERAL RESERVE BULLETIN
for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics, Nos. 473, 493, and 521.
452
FEDERAL RESERVE BULLETIN
AUGUST, 1931
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE GERMAN REICHSBANK
The annual report of the German Reichsbank for 1930 was presented to the general
meeting of shareholders on April 29, 1931.1
The main text of the report is given herewith:
The crisis in Germany.—The deterioration
in the German economic situation which had
been observed since 1928 was seriously aggravated during the year under review as a result
of the world economic crisis. The circumstance which gives the depression in Germany
its especial severity is that Germany—although
greatly weakened by the domestic and foreign
burdens of the war and postwar period, dependent even for preserving the bare existence
of its population and for the maintenance of
its productive forces upon a continuous inflow
of capital from abroad—has had, nevertheless,
to support excessive reparation deliveries.
Under the pressure of its lack of capital Germany must make every effort to improve the
trade balance, must at any price build up
exports iii spite of tariff barriers and without
regard to reasonable profit or indeed any profit
at all, and at the same time cut down imports—
all of which the disturbances in the interchange
of commodities between world markets, resulting from the world economic crisis, has inevitably tended to make more difficult. The
difficulty of the situation is greatly increased
by the fact that the reparation payments, from
the close of the Paris conference of 1929 up to
the present time, have increased in real value
by about one-fifth, owing to the decline in the
level of w^orld prices which has taken place
during that period. The cessation of the flow
of foreign capital, without which reparation
deliveries would have been impossible, has
helped to a clearer appreciation of conditions
even while it has added to the severity of the
present situation. The economic crisis, which
has simultaneously affected production, trade,
agriculture, and all other industries, is reflected in an unprecedented amount of unemployment. In addition there is the seriously
strained and increasingly threatening financial
condition of the Reich, the Provinces, and the
communes, caused in part by the depression
itself. It has become alarmingly clear, as the
German representatives at the Paris conference continually insisted—though without suci The report, available in German, contains in addition tables showing
the operations of the bank in detail, as well as sections dealing with personnel, etc. For earlier reports see FEDERAL RESERVE BULLETIN for
May, 1930; March, 1929; May, 1923, 1927, 1926, etc.
cess—that the unremitting pressure of the
demands of the victorious countries has continued to create new political and economic
disturbances; that the burdens directly and
indirectly imposed by this pressure upon the
German economic system have left it no adequate compensation; that, above all, the
method hitherto followed of obtaining through
the flotation of foreign loans the sums necessary
to cover reparation payments and the demand
for capital has led to a most dangerous and
in the long run intolerable burden of interest.
There is a growing realization of the truth1 which
the Young plan states in these words: "The
solution of the reparations problem is not alone
a German task but is the common interest of
all the countries concerned; and requires the
cooperation of all parties."
This situation during the past year provided
a fertile soil for the growth of anxieties regarding the currency—anxieties of a character similar to those which had been felt the year before
during the Paris conference, but now occasioned
by domestic events which must be interpreted
as the reaction of a people driven to desperation.
The Reichstag elections in the autumn of 1930,
with their heavy gains for the radical parties,
created sharp apprehensions both within the
country and abroad and led to withdrawals of
foreign credit, as well as to a flight of German
capital. The Reichsbank, meanwhile, was
again able to prove that all fears concerning the
stability of the reichsmark were absolutely
without foundation, and panic gradually yielded
to calmer reflections; but the harm already accomplished, which was reflected in a severe loss
of credit and a corresponding rise in interest
charges, and above all in most unfavorable
developments on the stock exchange, could not
be undone. The determination to effect a reform on the part of the Government of the
Reich, which at once prepared a financial program—even though a temporary one—and the
resolute putting into effect of the measures as
announced, gradually improved the conditions
essential for an effective bank policy.
The money market.—In the money market,
the decline of the high interest rates of the preceding year, which had begun on an international scale toward the end of 1929, continued
in Germany during the first half of the year.
Directly after the close of 1929, a perceptible
i See FEDERAL RESERVE BULLETIN, July, 1929, p. 479.
AUGUST, 1931
FEDERAL RESERVE BULLETIN
relaxation took place, owing chiefly to the decline in the demand for short-term credit on the
part of business enterprises, which were becoming ever more deeply involved in the depression,
and in the substantial cheapening of money in
the most important foreign markets. When
business failed to show more than an inconsiderable revival in the spring, open-market rates
declined almost uninterruptedly until August,
and at times reached a level less than half what
they had been at the close of the previous year.
The position of the Reichsbank improved considerably, so that it was able to follow the discount rate reductions of the more important
foreign central banks, and gradually to reduce
the difference between the rates abroad and its
own discount rate. The bank, however, was
obliged to proceed in this matter with great
caution because of the large volume of shortterm foreign indebtedness; and was unwilling
to risk the danger of an excessive outflow of
foreign funds by too great or too rapid discount
rate reductions. This point of view was all the
more worthy of consideration, as a number of
important central banks were proceeding cautiously and refusing to be guided entirely by
money market conditions and money market
rates in their own countries. The Reichsbank,
however, was able to reduce its discount rate
by successive stages of one-half of 1 per cent from
the 7 per cent rate prevailing at the beginning
of the year, to 4 per cent on June 21, and to
lower its lombard rate correspondingly. In
order to make the measures of relief of benefit
to all borrowers as quickly and as widely as
possible, the Reichsbank renewed its earlier
attemnts to bring about a general reduction of
interest rates. For East Prussia, where very
unfavorable conditions prevailed, and for certain
other provinces, it was possible to effect a
corresponding agreement among the credit
institutions.
The small demand for credit at the Reichsbank was reflected during the first threequarters of the year in a sharp reduction in the
volume of discounted bills. Moreover, compared with the total turnover of discounted
bills in Germany, which with slight fluctuations
declined steadily as a result of the economic
recession, the proportion of bills discounted by
the Reichsbank showed a relative decline until
autumn. The liquid position of the money
market had also enabled the Reichsbank, until
well into the third quarter, to place in the
market large amounts of noninterest bearing
treasury bills of one 3^ear's maturity, and in
this way to afford the Reich a sensible measure
of relief in its cash position. The demand on
453
the Reichsbank to discount treasury bills, or to
make loans against them, continued on the
whole to be very moderate until toward the
close of the year.
About the middle of September a decided
change took place in the German money market
as a result of the causes already referred to,
which was not parallel to the lines of development in other financial centers, and resulted in
a loss of confidence. Demands for credit and
for foreign exchange suddenly increased to a
very large extent, so that the Reichsbank,
which could not contemplate an undue depletion of its currency reserve, felt obliged to raise
its discount rate on October 9 by 1 per cent as
a measure of defense against demands arising
out of political and not out of economic conditions. This decision was taken with great
reluctance, but fortunately it was adequate so
that no more stringent measures of credit
policy became necessary. Considering the
situation of the open money market, however,
there could be no question up to the end of the
year or afterwards of any reduction of the rate
from 5 per cent.
Withdrawals of gold and foreign exchange.—
During the critical weeks from about the
middle of September until about the middle of
October—that is, from election day for the
Reichstag until the passage of a vote of confidence in the Government by the Reichstag,
and the conclusion of a foreign emergency
credit for the Reich in the amount of $125,000,000 with the cooperation of the Reichsbank—
more than 1,000,000,000 reichsmarks ($238,200,000) in gold and foreign exchange were
withdrawn from the Reichsbank. The bank
was well fortified against these deliveries; the
increase in its stocks of gold and foreign exchange during the first half year stood the
Reichsbank in good stead. The gold inflow
of this first half year, wiiich amounted to about
336,000,000 reichsmarks ($80,035,000), arose
almost exclusively out of private arbitrage
transactions and was for the most part of
English origin; but shipments of gold from
France also came to the Reichsbank at the end
of February and the beginning of March.
The reduction of the German interest level
caused some slight withdrawals of gold for a
time during July, but they ceased again in
August. During the election campaign there
were gradual withdrawals, which after the
elections very quickly assumed alarming proportions. The gold shipments required to
furnish the necessary amounts of foreign
exchange were undertaken entirely by the
Reichsbank itself. Between September 21 and
454
FEDERAL RESERVE BULLETIN
AUGUST, 1931
October 14, 386,000,000 reichsmarks in gold the desire to consolidate short-term obliga($91,945,000) were shipped and sold in Paris, tions—was not particularly great, owing to the
and 52,000,000 reichsippks ($12,386,000) in business depression. In the German capital
Amsterdam. A final shipment of gold in the market, the demand for mortgage bonds was
amount of 72,000,000 reichsmarks ($17,150,000) satisfactory until the end of August, so that the
to Paris did not have to be sold during 1930 conversion of the 8 per cent type of mortgage
owing to an improvement in the exchange bonds into 7 per cent bonds could be undermarket, but was placed on deposit with the taken. Other fixed-interest-bearing securities
Bank of France as a free and unpledged holding also found a relatively good market, while the
of the Reichsbank. The heavy withdrawals issue of shares continued to be in only
of gold and foreign exchange from the Reichs- moderate amount. Unfortunately, however,
bank were financed almost exclusively in the the greater ease which was beginning to be felt
first instance by the private discount market, in the capital market was again interrupted in
and then through rediscounts with the Reichs- the second half of the year by the tension in the
bank; the bank's holding of domestic bills rose political situation at home; the yield of fixedduring the period in question by about the same interest-bearing securities, which until July had
amount as its loss of gold and foreign exchange. declined to an encouraging extent, began to
The critical nature of conditions was shown in rise again in August. The level of dividendthe fact that the maturities of domestic bills paying stocks, which had been maintained from
presented for discount, which until August had January until about the end of May, began to
shown a gradual downward trend, increased decline sharply thereafter. Even the German
rapidly again in the autumn.
foreign loan suffered a considerable loss in
Parallel with the development just described, quoted value in connection with the autumn
the quotation of the reichsmark in terms of the crisis.
most important foreign currencies was satisfacIn the face of increasingly unsatisfactory
tory. The quotations of dollars, pounds, and conditions in the German capital market,
Netherlands florins up to that time was slightly which were not only the result of inadequate
below parity on the Berlin Bourse; on the capital accumulation and the strong demand for
other hand, the Swiss franc generally stood long-term credit, but were also in no small deabove par, as did the Swedish krona after the gree a result of the incomplete restoration of
early part of the year. The fluctuations of the confidence, some restriction of capital demand
French franc were particularly marked; in the on the part of the Reich, the Provinces, and
first half year it declined below the gold import the communes could no longer be avoided.
point for Germany; from about the middle of This necessity was met by the " Regulations
the year it stood above par; and in September governing the indebtedness of the communes/'
and October it reached the gold export point. of December 3, 1930, which, departing from
After the middle of October the demand for earlier practice, covered not only foreign loans
foreign exchange weakened, and rates declined but also domestic credits; and, in addition, by
rapidly, but at the end of December they again the discussions which have taken place since
showed a temporary advance. Events in the July between the Reichsbank and officials of
foreign exchange market during September and the Reich regarding the current capital needs
October, however, revealed once more with of these political units. The capital-yield tax,
terrible clearness the dangers of the large which hindered the recovery of the market,
short-term foreign indebtedness of Germany, was abolished in response to a long-felt wish of
which weighs like a great mountain upon Ger- most of the public, the abolition to be effective
man business and politics.
on income payable after January 2, 1931, from
Capital market.—The development of the fixed-interest-bearing securities.
capital market both at home and abroad reto the Reichsbank law.—Duracted but slowly to the easier conditions pre- ingAmendments
the past year changes in the bank law of
vailing in the money market during the first August
1924, were made by the amendpart of the year. The restricted capacity and ment of 30,
March 13, 1930,1 which became effecinclination of foreign capital markets were tive on May
17, 1930, at the same time that
still further weakened by the flotation of the the "new plan"
came into force, in accordance
undoubtedly excessive amount of the mobiliza- with the announcement
May 19, 1930; and
tion loan, and the rates at which it was issued. also by the "Decree of of
the
of the
The possibility, therefore, of securing long-term Reich, December 1, 1930, forPresident
safeguarding
its
foreign capital for private German enterprise
was slight. The need for it, also—except for 1 See FEDERAL RESERVE BULLETIN for January, 1931. pp. 28-30.
AUGUST, 1931
FEDERAL RESERVE BULLETIN
455
national economy and public finances." The 52 of the bank law, in the Official Gazette of
changes took into account the situation created April 19, 1930. The provisions of article 31
by the "new plan," or were designed to meet give the Reichsbank the choice of redeeming its
exigencies which had arisen in the meantime. notes in either gold or foreign exchange. The
The provisions of the bank law were divided Reichsbank directors have up to the present
into those in respect to which Germany had decided to effect redemption in foreign exgiven definite international undertakings, and change. The delivery of gold is made as herethose which were of a purely domestic German tofore exclusively for purposes of currency
character and therefore matters for German policy—i. e., stabilization of the reichsmark
legislation exclusively. The first group of between the so-called gold points. Even
amendments contains in particular the provi- though no change has been made in practice as
sions respecting the organization of the Reichs- compared with former procedure—and indeed
bank, especially as to the guaranty of its inde- there was no occasion for change—an essential
pendence. The office of " commissioner of and fundamental difference, nevertheless, lies
notes" was retained under the reorganization in the fact that the former voluntary practice
of administrative functions and was trans- of the Reichsbank has now become a legal
ferred to one of the offices belonging to the obligation.
Reich, but independent of the Government—
Capital, surplus, and profits.—The decree
namely, to the president of the audit office of of the President of the Reich, December 1,1930,
the German Reich. Foreign representation on provided, among other changes in previous
the general council was abolished. Of the new practice, for the expansion of the surplus,
provisions subject entirely to German legisla- beginning with 1930, in the following manner:
tion, the repeal of the former requirement that That 10 per cent of the annual profits should be
the share capital of the Reichsbank must allocated thereto until the surplus had reached
amount to at least 300,000,000 reichsmarks the level of the paid-in capital. Furthermore,
($71,460,000) should be mentioned. More- the proposed change in the distribution of
over, in connection with the provisions of the profits became law in the manner approved by
bank law of March 14, 1875, changes have the general meeting of shareholders on Februbeen made in the granting of loans on security ary 15, 1930, and described in last year's
by the Reichsbank: Hereafter, in addition to report.1 In accordance with this law, cominterest-bearing bonds maturing within a year, pensation was made to the shareholders by
the longer-term nonregistered interest-bearing giving them the right to receive new shares free
bonds of the Reich, of any German State or any of charge in the manner discussed in the general
German communal corporation, as well as meeting of last year and announced in the
bonds of German public credit institutions, annual report for 1929. The Reichsbank, in
may be declared eligible as security for loans. carrying out this operation, declared its willThis authority has been used up to the present ingness, in view of the intention to limit the
only in favor of loans of the Reich. The profits of the Gold Discount Bank, to offer the
Reichsbank was also authorized to acquire and shareholders the choice of a cash bonus of
to sell shares of the Bank for International Set- 224.40 reichsmarks for each £10 Gold Discount
tlements. The Reichsbank participated in the Bank share, in place of the shares themselves of
financing of the Bank for International Settle- the Gold Discount Bank allotted to them, in
ments by the purchase of shares in the nominal addition to the dividend certificates for 1930.
amount of 40,000,000 Swiss francs, 25 per cent
The new capital of the Reichsbank has been
of wiiich, amounting to 8,100,000 reichsmarks reduced to the round sum of 150,000,000
($1,929,000) was paid in. Moreover, Germany reichsmarks ($35,730,000). This was done
is represented on the board of directors of this under authority conferred upon the Reichsbank
bank by the president of the Reichsbank and directors in article 5 of the bank law (resolution
two other members.
of March 13, 1930); and in execution of the
Note redemption.—The board of directors of decision of the general meeting of shareholders
the Reichsbank decided to put into effect para- on February 15, 1930, in regard to the issue of
graph 31 of the bank law, respecting the re- new Reichsbank shares, to repurchase any
demption of bank notes, at the same time that amount of outstanding Reichsbank shares necthe "new plan" became effective. The general essary to round out the figure.
Reorganization of Gold Discount Bank.—In
council had already given the necessary authorthe
decree of December 1, 1930, the reorganizaization in its session of August 1, 1929. The
See FEDERAL RESERVE BULLETIN,May, 1930,-pages 300-301.
decision was promulgated, according to article
69285—31 4
1
456
FEDERAL RESERVE BULLETIN
tion of the German Gold Discount Bank and
a change in the method of liquidating the
Rentenbank notes were legally provided for.
According to the new provisions the German
Gold Discount Bank has the explicit and sole
duty "of satisfying the demands for credit on
the part of German business, especially by way
of stimulating export trade." In order to obtain funds for this purpose it may issue a limited
amount of interest-bearing bonds.
AUGUST,
1931
Liquidation of Rentenbank notes.—The liquidation of the Rentenbank notes still outstanding-will henceforward be effected by the
Reichsbank, but the term of their redemption
has been postponed until December 31, 1942.
The amortization fund for this purpose is to be
built up from the annual share of the Reich in
the profits of the Reichsbank, although the
allocation of other revenues to this fund is also
contemplated.
BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 31, 1930
Resources
Gold, not under lien (gold bars, domestic and foreign coins):
In the cash offices of the bank
With foreign central banks of issue
Cash balances:
Reichsbank notes
Subsidiary coin
Rentenbank notes
Notes of German private banks of issue
Credit balances in foreign currencies (of which the
equivalent of 466,823,000 reichsmarks was assigned as cover for the notes in circulation)
Foreign n o t e s . .
_
Foreign bills and checks
Domestic bills and checks:
Treasury bills of the Reich
_
Other domestic bills and checks
Silver.
Loans against collateral (lombards), viz:
Loans against gold and silver (sec. 21, 3a, of
the bank law)
Loans against securities (sec. 21, 3b, c, d, of
the bank law)
Loans against bills (sec. 21, 3e, of the bank
law)
Loans against goods (sec. 21, 3f, of the bank
law)
Loans against treasury bills of the Reich (sec.
21, 3g, of the bank law)
Securities owned
Doubtful assets
Land and buildings
Claims resulting from the settlement with the
Reich
Miscellaneous:
Bank notes no longer fit for circulation
Postponed claim on the German Government
in virtue of sec. 11, 4 of the law of Aug.
30, 1924, for the liquidation of Rentenbank
notes in circulation
Credit balances with postal check c 2es
Other claims.
,___
Reichs- Dollars 1
marks (in (in thouthousands) sands)
i Conversion at par: 1 reichsmark = $0.2382.
Reichs- Dollarsl
marks (in (in thouthousands) sands)
Total bank-ncte issue
6, 493, 784
Credit balances of giro and current accounts
651,819
Original capital-_
150, 000
Legal reserve fund (including transfer from net
profits of the year 1930)
57,920
Reserve for pensions, etc.
..
80,000
Reserve for probable losses
90, 000
1,935, 551
222, 231
474,864
52,935
2,215, 782
527,799
1, 714, 655
136,868
5,560
3,990
408,430
32, 602
1,324
950
Reserves for:
Printing of newT notes.__
New buildings
1,861,074
443,308
471,100
2,421
290,734
112, 216
577
69,253
206, 010
2,075,230
344
49, 072
494, 320
82
Special reserve fund for future payments ol dividends__
_
_
Miscellaneous:
Interest on bills due in 1931
Dividends due but not yet paid
_
Rentenmark sinking fund...
_.
Dollar treasury notes of the Reich to be redeemed by the Reichsbank
Liabilities in foreign currencies
Other book debts
_
28
51
32
46,403
205,215
Net profits for the year 1930, less 10 per cent as- j
signed to the legal reserve fund
233,263
55, 563
16, 233
3,867
6,516
1,552
256, 013
60,982 ;
102,972
10, 583
30, 000
24,528 I!
2,521 jl
7,146 ij
99, 744
23,759 I!
870
207
70,082
19, 237
161, 987
16,694
4,582
38, 585
252,177
Total resources..
Liabilities
7, 874,184
36,046
I!
60,069 |l
1, 875, 631
Total liabilities.
7, 874,184
1, 875, 631
AUGUST, 1931
FEDERAL RESERVE BULLETIN
457
ANNUAL REPORT OF THE NETHERLANDS BANK
The annual report of the Netherlands Bank
for the year ended March 31, 1931, was presented to the general meeting of shareholders
on June 23, 1931. Sections of the report are
given herewith:1
The narrator of the events of the past year
has no stimulating task to perform. The
severe economic depression which began in the
year 1929-30 continued unbroken during the
period under review, and increased both in extent and in intensity. As a natural consequence
of this, an unmistakable pessimism respecting
the future course of the industrial situation
took possession of the business world. And
this pessimism, contagious as it always is
during periods of depression, contributed in
its turn in no small degree to intensify the
depression and to make it more and more
general, with the result that there is now
scarcely a country in the world in which it is
not felt to a greater or less extent.
Favorable situation of the Netherlands.—
Obviously, a country like the Netherlands,
which because of its foreign trade, its interests
in overseas countries, and its position as a
financial center, is deeply involved in international trade, could not escape the consequences of the business depression. It can be
said, however, that the economy of the Netherlands has up to the present shown great resistance, and that the business recession was felt
later and in general has been less severe than
elsewhere.
The causes for this—apart from the fact that
Holland was not a belligerent in the World War,
and that in this country there was never any
question of currency inflation such as many
other countries have experienced—are apparently to be found mainly in the economic
structure of the country. The Netherlands is
accustomed to getting her income from a great
variety of sources, while as a capital-exporting
country she can always count upon a large
credit item which is important in the balance of
payments. Moreover, the economic situation
in this country, generally speaking, continues
to be sound in spite of the coming of the depression—the more so because a number of very
weak business organizations had already been
liquidated as a result of the previous crisis
which ended in the boom period of 1919-20.
Also the fact that the Netherlands has thus far
1
The report, available in Dutch, contains in addition tables showing
the operations of the bank in detail, and sections dealing with the international situation, the Bank for International Settlements, etc. For
earlier reports see FEDERAL RESERVE BULLETIN for August, 1930;
September, 1929, 1928; August, 1927, 1926, etc.
continued to maintain the principle of free trade
has exerted a positive influence for good as
regards this country.
To these favorable factors must be attributed
the fact that unemployment, for example, in
this country, although it has increased considerably as a result of the depression, has by
no means reached the proportions which it has
attained in various other countries. Accurate
statistics of the number of persons out of work
here are lacking, but the highest estimate would
be a total of 200,000. Even with this figure,
which applies to a time in which unemployment
is most subject to seasonal influences, Holland
makes an excellent showing in comparison with
most other countries.
Figures for the foreign trade of the Netherlands during the calendar year 1930 reflect a
remarkable ability to resist the depression.
It is true that, in comparison with the previous
calendar year, the value of our exports declined from 1,989,400,000 florins ($799,739,000)
to 1,718,900,000 florins ($690,998,000), and
that of our imports from 2,752,300,000 florins
($1,106,425,000) to 2,418,300,000 florins ($972,157,000), yet these declines are relatively
much smaller than those which most other
countries have to show. Moreover, they are
due entirely to the decline in prices, for the
volume of both exports and imports had
increased. In spite of the depression, therefore,
Holland was able in 1930 to maintain its foreign trade in undiminished volume, and to pay
for a quantitatively larger import surplus at
less cost—at 699,400,000 florins ($281,159,000)
as against 762,900,000 florins ($306,686,000) in
1929.
Finally, it has been satisfactory to note the
remarkably small increase in the number of
bankruptcies. The total for 1930, it is true,
was somewhat higher than that for 1929; yet
one must go back to the year 1921 to find as
low figures as those shown for the past two
calendar years.
The Netherlands money market.—The lending rate of the Netherlands Bank was changed
twice during the period under review. On the
occasion of the reduction of the discount rate on
March 25, 1930—mention of which was made
in the last report—the rate on loans and advances in current account was left unaltered,
in order that no encouragement should be
given to undesirable rate arbitrage operations.
In the autumn of 1930, however, it appeared
that there was no longer any need for anxiety
458
FEDERAL RESERVE BULLETIN
on this account, and therefore on October 4,
1930, the rate for loans on securities and goods
and for advances in current account was lowered by one-half of 1 per cent, so that the former
proportion between the rates was reestablished.
The steadily increasing liquidity of the money
market enabled the bank to reduce its rates
again after the turn of the year—on January 24,
1931, they were reduced all along the line by a
further one-half of 1 per cent.
Although actually not falling within the
period under review, it should be noted, for the
sake of completing the record, that as a result
of the continued ease of the money market the
bank made another reduction on May 16, 1931,
of one-half of 1 per cent in all its rates, so that
the discount rate of the Netherlands Bank now
stands at 2 per cent. It is necessary to go back
to the year 1855 to find another instance of so
low a rate.
Rates for long-term funds have likewise
shown a downward tendency during the past
fiscal year, but the decline began much later
and proceeded much more slowly than in the
case of rates for short-term funds. The index—
computed by the Central Bureau of Statistics—
of the yield of gilt-edged bonds, which was as
high as 4.71 per cent at the beginning of 1930,
declined during the period under review to 4.58
per cent in June, 1930, to 4.49 per cent in
September and to 4.46 per cent in February,
1931. The average figure for the calendar year
1930 was 4.59 per cent, as compared with 4.76
per cent for 1929, 4.64 per cent for 1928, and
4.72 per cent for 1927.
Loans and discounts.—The total of our loans
and discounts showed a considerable recession.
Their volume averaged 145,900,000 florins
($58,652,000) as compared with 185,300,000
florins ($74,491,000) in 1929-30. Throughout
the period the amount showed an almost
continuous downward trend, except that the
monthly averages from August through October showed an advance, which, however, was
due to the advances made during those months
to the treasury. The maximum figure was
209,900,000 florins ($84,380,000) on May 1,
1930, and the minimum was 127,900,000 florins
($51,416,000) on March 19, 1931.
The domestic bill portfolio was maintained
during the greater part of the fiscal year at a
level of about 50,000,000 florins ($20,100,000),
while toward the end of the year a slight decline
took place. Loans showed an almost uninterrupted decline. From 65,000,000 florins ($26,130,000) at the beginning, they declined to
50,200,000 florins ($20,180,000) at the close of the
period. Advances in current account showed
AUGUST, 1931
more marked fluctuations. In these advances
the requirements of the money market are
most clearly reflected. The limits between
which these advances fluctuated were 23,900,000 florins ($9,608,000) and 85,000,000
florins ($34,170,000); while the volume of advances outstanding averaged 33,700,000 florins
($13,547,000) as compared with 24,500,000
florins ($9,849,000) in the previous fiscal year.
Capital issues.—As a result of declining rates
in the capital market, the total volume of new
capital issues during the past fiscal year was
slightly higher than in the previous year.
Domestic issues, exclusive of treasury bills,
amounted to about 264,000,000 florins ($106,128,000) during 1930-31, and foreign issues
floated in the Amsterdam market to almost
186,000,000 florins ($74,772,000). For the year
1929-30 the corresponding figures were 263,000,000 florins ($105,726,000) and 134,000,000
florins ($53,868,000), respectively. A great decline in the volume of stock issues during the
past fiscal year was to be observed in comparison with the previous year. During 1930-31
a total of only 15,600,000 florins ($6,271,000)
was issued in common and preferred stocks, as
compared with 204,700,000 florins ($82,289,000) in 1929-30. On the other hand, the volume of bond issues advanced sharply. It
totaled 434,000,000 florins ($174,468,000) in
1930-31 as against 192,000,000 florins ($77,184,000) during the previous year.
Foreign exchanges.—Foreign exchanges during the year were considerably influenced by
the existence of large amounts of liquid funds
which were easily transferable from one market
to another. Transfers of these funds between
the various money markets, governed sometimes by the margin between interest rates,
and at other times by political or psychological
factors—so that frequently countries with relatively high rates had to meet withdrawals of
funds, while markets which were already
abundantly supplied were still further glutted—
took place on a large scale. In addition, there
was an accompanying flight of capital, in which
considerations which were in no sense financial
played a great part.
Gold coins in circulation.—For the requirements of currency during the past year the
bank put gold coins into circulation to the
value of 706,195 florins ($283,890), while coins
to the value of 150,360 florins ($60,445) came
back to the bank.
After its gold stock had increased considerably in 1925, the Netherlands Bank decided in
November of that year, by way of experiment,
to give out 10-florin gold coins for domestic
459
FEDERAL RESERVE BULLETIN
AUGUST, 1931
circulation. When in the course of a few
months it became clear that the domestic circulation had reached saturation point, and that
traders were trying to get possession of the
gold 10-florin pieces for export to those countries where a premium was paid on these coins,
the delivery of gold coins was limited to 250
florins ($100) per day to any one person. In
1927 a further restriction seemed necessary for
the same reason—to 50 florins ($20) per day
to any one person.
During the past year, however, it has become
more and more evident that the trading in
gold coins—very undesirable from the point of
view of the bank—has continued to play a
much greater part in the demand for gold coins
than have other kinds of demand. Ten-florin
coins continued to be bought up at a premium
not justified by the level of the foreign exchanges, and the outflow to foreign countries
of gold coins given out by the bank continued
to take place. Although this trading represented relatively small amounts as a result of
the restrictions mentioned above, and although
the total gold stock of the bank at the beginning
of last year was but slightly lower than when
the experiment was undertaken—the stock of
10-florin coins was even larger—nevertheless,
under existing circumstances, we have thought
it wiser to suspend the regular delivery of gold
coins for domestic use at the close of this
fiscal year.
BALANCE SHEET OF THE NETHERLANDS BANK AS OF MARCH 31,
Resources
Florins
Dollars 1
(in thou- (in thousands)
sands)
Gold and silver coin
118,243
Gold bullion.__
361, 553
Cash items
_
35
Correspondents abroad
31, 757
Shares of the Bank for International Settlements,
of which 25 per cent is paid in
1,200
Foreign bills
217,885
Domestic bills
44, 606
Loans
50,188
Advances in current account
68, 288
Investments in shares listed by the Amsterdam
Brokers' Association
j 18,146
Other investments._
I
8,177
Net balance with banking correspondents
•
125
Interest accrued on loans
216
Interest accrued on advances in current account. 226
Interest accrued on investments
162
Commission account
41
Bank premises and furniture
5,000
Total resources
i Conversion a t p a r : 1
! 925,848
47, 534
145, 344
14
12, 766
482
87, 590
17,932
20,176
27, 452
7, 295
3,287
50
87
91
65
16
2,010
372,191
1931
Liabilities
Notes in circulation
Current accounts
Other demand liabilities
Capital
Reserve fund
Special reserve (art. 9 of the bank act of 1919)
Pension fund
Unearned discount on domestic bills
Unearned discount on foreign bills
Expenses
Dividends payable
Balance of profits at the disposal of the general
meeting
Total liabilities.
Florins Dollars 1
(in thou- (in thousands)
859,975
20,892
398
20, 000
7,563
8,000
7,137
27
315
1
719
345,710
8,399
160
8,040
3,040
3,216
2,869
11
127
289
330,
925, 848
372,191
florin=$0,402.
ANNUAL REPORT OF THE NATIONAL BANK OF CZECHOSLOVAKIA
The annual report of the National Bank of
Czechoslovakia for 1930 was presented to the
general meeting of shareholders on February
26, 1931. A selection from the address of the
governor, Dr. V. PospISil, is given herewith:*
Monetary developments in Czechoslovakia
during the past year continued to be satisfactory. The balance of payments showed a
favorable development, owing chiefly to a
larger surplus in the trade balance, and monetary reserves increased.
Easier conditions in the Czechoslovak money
market came about more gradually than in
other countries, and it was not until the second
1
Taken with some textual revision from the English translation published by the bank. In addition the report contains tables showing the
operations of the bank in detail, and sections dealing with the international situation, the report of the Gold Delegation of the League of Nations, the Bank for International Settlements, position of the exchanges,
gold movements, etc. For earlier reports, see FEDERAL RESERVE
BULLETIN for August, 1930, 1929, July, 1928, and June, 1927.
half of the year that a definite relaxation could
be noted. The greater liquidity of the money
market made it possible to reduce the discount
rate by 1 per cent and prepared the way for a
gradual lowering of interest rates, including
rates paid on deposits. Competition among
the various banks for deposits gradually
became less acute, excessive rate inducements
ceased to be offered, and rates showed a growing tendency toward uniformity. Not only
rates on deposits—which were reduced by onehalf of 1 per cent on July 1—but rates on
loans and advances also tended to decline
during the second half of the year, which
resulted in a reduction of the burden of interest on economic enterprises.
The long-term credit market, after a period
of considerable stringency, became somewhat
easier, and there was a steady demand for
460
FEDERAL RESERVE BULLETIN
long-term credits at acceptable rates. The
share market during the first six months was
generally inactive, while in the second half of
the year there were some important movements. The market for fixed-interest-bearing
securities, on the other hand, continued firm,
and the yields of this class of securities declined
steadily, particularly toward the close of the
year.
Throughout the year there was an uninterrupted decline in the price level of both agricultural and industrial products as reflected
in the wholesale price index, which declined
more rapidly in the second half of the year.
Only very small and rather gradual recessions
occurred in the indexes of the cost of living.
The condition of industrial production continued to grow worse, and in the closing months
of the year the depression affected the majority
of industries, bringing about a rapid increase
of unemployment. In addition to the difficulties of selling in the world market, which
were especially severe in the case of textile,
sugar, glass, and porcelain industries, the reduced purchasing power of the agricultural population had a further depressing influence, while
the recession in building activities reacted on a
large number of other branches of manufac-
AUGUST, 1931
ture. No improvement in agricultural profits
took place during the year—in fact, except
for stock breeding, agricultural conditions
became rather worse. This situation compelled
the Government to seek means for relieving
the crisis prevailing in agriculture.
Although the total volume of Czechoslovak
foreign trade declined, the merchandise balance showed an increased surplus, owing to
the fact that imports declined more than exports. Notwithstanding obstacles to trade of a
political and commercial nature, export sales
of manufactures were fairly well maintained—
which indicates the high quality of the products
as well as the resourcefulness of Czechoslovak
industries.
The depressed business situation had an
unfavorable effect on the development of
Government finances. Revenues of the Government in 1930, although in excess of budget
estimates, were lower than in 1929, whereas
expenditures in 1930 increased to such an extent that continuous drafts had to be made
upon the budget reserves. The budget for
1931 called for an increase in both revenue and
expenditure, and after a time the financial
administration was compelled to raise the
rates of taxation.
BALANCE SHEET OF THE NATIONAL BANK OF CZECHOSLOVAKIA AS OF DECEMBER 31, 1930
Resources
Czecho- Dollars i
slovak
thoucrowns (in (in
thousands) sands)
1, 544, 597
Gold
Foreign bank notes, silver and token coin (in26,046
cluding silver stock)
Balances abroad and advances in foreign exchange- 2,469,895
8,021
Foreign bills
442
Foreign checks in course of collection
45,720
2, 504. 404
74,130
771
73,109
237
13
Czechoslovak token coin
Local bills
Other bills
Short-term securities discounted
Advances on collateral
Sites, premises, furniture, and fixtures
Banking Office of the Ministry of Finance in
liquidation:
(a) State notes debt
(b) Assets of the Banking Office of the Ministry of Finance in liquidation, in
charge of the National Bank of Czechoslovakia
Temporary resources:
In foreign accounts
Interest due in 1930 to be collected in 1931
Other resources
63, 973
308,832
51,616
133,190
31,608
91, 968
1,894
9,141
1,528
3,942
936
2,722
3,452, 514
102,194
Total resources, exclusive of contra accounts
Contra accounts
Total resources..
322, 929
9,559
545, 700
8,867
58, 508
16,153
262
1,732
M18,704
79, 243
269.914
2,346
, 197,947
272,259
i Conversion at par: 1 Czechoslovak crown=$0.0296.
Liabilities
Bank notes in circulation
Check accounts
Current accounts
Cash vouchers in circulation, taken over from the
Austro-Hungarian Bank
Temporary balances abroad
Share capital
Capital reserve fund
Reserve fund according to section 135 of the Bank
Law
Special reserve fund according to Art. I l l of the
amendment of the Bank Law No. 102/25
Building fund
Net profit:
Carry-over from the year 1929
Results of the year 1930
Temporary liabilities (interest due in 1931, already
collected in 1930).State's gold treasure
Other liabilities
Czecho- Dollars i
slovak
thoucrowns (in (insands)
thousands)
', 823, 691
569, 766
39,843
231,581
16, 865
1,179
65
67, 409
405, 000
1,800
2
1,995
11,988
53
7,181
213
94, 576
10, 000
2,799
296
818
51, 639
24
1,529
3,142
30, 404
13, 369
900
396
Total liabilities, exclusive of contra accounts. 9,118, 704
Contra accounts
79, 243
269,914
2,346
Total liabilites..
9,197,947
272, 259
AUGUST, 1931
FEDERAL RESERVE BULLETIN
461
ANNUAL REPORT OF THE BANK OF LATVIA
The Bank of Latvia has issued its annual trade returns improved solely as a result of
report covering the }^ear 1930.
Sections of the decreased imports and not of increased exports.
report are given herewith: l
The export trade of Latvia was greatly hamDuring the past year the world-wide depres- pered by the general economic depression, and
sion was more and more severely felt in Latvia. by the fact that prices of Latvian exports
Being an agricultural country, Latvia would declined even more rapidly last year than those
have been in a favorable position as the result of imported commodities. Moreover, as a
of an excellent harvest if the general economic result of favorable terms of payment granted
situation had developed normally. But as by foreign exporters, our domestic market is
prices of agricultural products fell rapidly in overstocked with various foreign articles in
the world market—more rapidly than those of competition with similar commodities produced
manufactured goods—the situation of our in this country.
farmers not only did not improve but became
The balance of our foreign trade was suffiworse. Latvia as a whole suffered from the ciently adverse in 1930 to bring about an outfact that our agriculture w^as not protected flow of foreign currency. This outflow was
from overstocking of the market with foreign increased by payments for earlier purchases of
grain, which some countries for competitive grain and by refusal of some of our private
purposes had made artificially cheap through banks and enterprises to employ further
export premiums. It became necessary to in- foreign capital, since it became unprofitable to
troduce special laws for the protection of agri- do so in the face of the recently lowered rates
culture. The limitation of grain imports, and of interest in Latvia. The foreign currency
the passage of a law enabling our farmers to reserves of the Bank of Latvia declined consell their grain to the Government, helped to siderably at the turn of the year.
relieve this condition. The import of cereals
Credit policy of the bank.—In spite of the
in 1930, therefore, amounted to only 25,000,000 cautious credit policy pursued by the bank, its
lats ($4,825,000), as compared with 66,000,000 aggregate loans increased during the year by
lats ($12,738,000) in 1929, while most of the approximately 10,000,000 lats ($1,930,000),
cereals imported in 1930 were brought in before though the total amount of loans granted to
the passage of the laws just mentioned. Farm- private enterprise directly or through private
ers have recently begun to increase their culti- credit institutions declined by 11,100,000 lats
vated areas, so that Latvia will probably be ($2,142,300). On the other * hand, the loans
able in future to raise enough grain for her own granted to State institutions rose by 18,800,000
needs.
lats ($3,628,400)—from 7,600,000 lats ($1,466,The difficulties of agriculture affected other 800) to 26,400,000 lats ($5,095,200). Credits
branches of industry which are largely depend- on behalf of the State increased chiefly as a
ent upon the purchasing power of the farmers. result of the new law authorizing purchase of
The industrial situation was further depressed domestic grain by the Government. The bank
as a result of overproduction in foreign coun- lent the Ministry of Agriculture about 16,000,tries, which made competition keener and 000 lats ($3,088,^000) for this purpose.
During the past year the bank maintained
forced prices down. As these difficulties became more acute toward the close of the year, its general credit policy of promoting domestic
some important branches of industry found production and improving the balance of foreign
themselves*compelled to reduce the volume of trade. This policy is in general well adapted to
our conditions, but the world economic crisis
their operations.
Foreign trade.—The balance of our foreign calls for extraordinary measures in order to
trade was less unfavorable than in the preceding- meet the increasing difficulties and foreign
year, the deficit being only 48,000,000 lats competition. Because of the large and con($9,264,000), as against 88,000,000 lats ($16,- tinuous demand for foreign currency for the
984,000) in 1929—a year in which imports were requirements of private enterprise, the council
still influenced by the bad harvest of 1928. It of the bank decided at the end of last year to
should be observed, however, that our foreign undertake a general restriction of credits. I t
w«,s found necessary gradually to restrict,
1
Taken with some textual revision from the English translation pub- ana in some cases even to close, various credits
lished by the bank. In addition the report contains tables and charts
.showing the operations of the bank in detail, and sections dealing with granted to private credit institutions in towns
note circulation, Government finance, private credit institutions, etc.
and to commercial enterprises, but it was
For the 1929 report see FEDERAL RESERVE BULLETIN for July, 1930.
462
FEDERAL RESERVE BULLETIN
considered unwise to restrict credits to industries which were utilizing their credits to increase
their productive efficiency. Further, it was
decided to restrict the loans granted to credit
institutions in rural districts by not more than
one-twentieth, which is about the annual percentage of redemption under the favorable
credit terms enjoyed by those institutions.
The bank does not intend to treat all cases
alike; every case calls for individual treatment, owing to the difference in position of each
enterprise as to the character of its operations
and resources, the origin of its capital, etc.
The bank, therefore, accepts or refuses bills
presented for discount or rediscount, in accordance with the nature of the operations upon
which the bills are based. These resolutions
were made effective on January 1 of the current
year.
It would be premature to pass judgment upon
the results of these measures at present, inasmuch as this is the first large-scale restriction
of credit in Latvia, and comparision with conditions prevailing in other countries does not
always lead to accurate conclusions. Though
for some enterprises the restriction caused
difficulties and complications, for the country
as a whole the results of the measure are
generally satisfactory. In view of the credit
conditions in this country, it is obvious that
restriction of credits by the Bank of Latvia can
accomplish the desired results only in cooperation with State budget and credit policy, since
bank notes represent only about 45 per cent of
the aggregate circulation of money in Latvia,
while loans of the Bank of Latvia amount to
only 157,000,000 lats ($30,301,000) as compared
with aggregate State and private credits of
about 600,000,000 lats ($115,800,000).
Agricultural credits.—Last year the bank
began to grant seasonal credits to farmers
through their credit institutions. These credits
represent a new form of loan, designed for the
requirements of one season only. They are
granted in the spring and must be liquidated by
the end of the same year. A comparatively
small amount—1,500,000 lats ($289,500)—
was granted for this purpose last year, in order
AUGUST, 1931
to accustom the farmers and their credit institutions to repay such loans in due time. In
most cases this was done.
Interest rates.—In order to meet the requirements of private enterprise, the Bank of Latvia
took steps last year to bring about a general
reduction in the cost of credits at private credit
institutions. The bank reduced its own rates
of interest on loans. Thus rates on loans to
farmers made through the medium of rural
credit institutions were lowered considerably
from January 1, 1930, and rates on loans to
industrial and commercial enterprises from
October 1. As a result, the bank's profit from
loan operations decreased considerably during
the past year. Under the economic conditions
obtaining at present the rates of interest charged
by the Bank of Latvia are very low, and the
bank can make no further reduction while the
rates of interest which it pays are comparatively
high. It would be undesirable to lower the
rates of interest on deposits, as this would discourage saving on the part of the public. The
rates on private deposits and current accounts,
in force in the bank at present, are as follows:
Per cent
On fixed deposits, over 6 months
On fixed deposits up to 6 months and on net
demand deposits
On current account deposits
On current accounts in foreign currency
On bills paid at least 15 days before the stipulated term, the bank refunds discount
5. 5
5
4
1. 5-2
4
Gold stock.—The greater part of the bank's
reserves against notes in circulation is composed
of stable foreign currencies and a smaller part
consists of gold. Except during the first few
years of the bank's existence when certain
quantities of gold were purchased abroad, the
gold reserves have remained practically unchanged. The stock of gold totals 9,300,000
lats ($1,794,900), as against 9,200,000 lats
($1,775,600) a year ago and 8,900,000 lats
($1,717,700) six years ago. The bank purchases only gold which is offered in this country, and does not endeavor to augment its
stock, as no interest is paid on gold deposits
abroad.
463
FEDERAL RESERVE BULLETIN
AUGUST, 1931
BALANCE SHEET OF THE BANK OF LATVIA AS OF JANUARY 1, 1931
Lats (in
thousands)
Resources
Stock of gold:
Foreign gold coin
.__[ 1,466
Gold bullion belonging to the bank, abroad.__|
7,873
Gold bullion deposited by the exchequer
| 14,733
1,519
2,843
24,072
4,646
Foreign currency:
Foreign silver coin
Foreign currency
Due from foreign banks
!
j
__|
376
-.., 36,075
Latvian State money: Silver money, Treasury
notes, and small coin
Postal checks
Short-term bills:
Discounted foreign drafts
Discounted bills
Discounted bills with branches and correspondents
Special currency account secured by bills
Lats (in i Dollars i
thou(in thousands)
sands)
Liabilities
Bank notes issued
_._
Deposits:
Net demand deposits
Fixed deposits...
__
_
36,451
Current accounts:
Current accounts
Current accounts not bearing interest..
Current accounts in foreign currency..
Due to banks
19,322 I
409 |
Exchequer
4,315 |
45,360 |
947 '
38, 651
73
Capital:
Capital paid u p . . .
Surplus.
183 ;
Special reserve fund
j
...-.
_
7, 460 '
49,630
9,579
15,481
5,105
2,988
985
20,586 !
3,973
51,801 !
5,612
774 I
2,779 !
I
60,966 !
11,766
j
86,897 j
16,771
!
18,735 '
4,352 j
3,500 i
3,616
840
676
3,766
1,096
5,131
727
212
I 249,527
48,159
26, 587
89,272
Special current accounts and loans:
!
Against obligations on real property and other
values
|
Against agricultural and industrial plant
|
Against goods....
Profit and loss: Net profit for 1930.
Other liabilities
41,747
714
25,683 j
68,145 |
Bonds
Inventory and real property:
Inventory
•_
Real property
17, 229
149
536
13,152
297
357
Other resources.
Total resources..-
_J
654
126
2,212
427
249,527
Total liabilities
» Conversion at par: 1 lat=$0,193.
ANNUAL REPORT OF THE BANK OF BRAZIL
The annual report of the Bank of Brazil for
1930 was presented to the general meeting of
shareholders on April 30, 1931.
Sections of the
report are given herewith: 1
Although the world-wide depression added
to the difficulties of the commercial and financial situation of Brazil, that situation is to a
large extent the result of the economic mistakes
committed by the country itself within the past
few years.
Coffee valorization.—Valorization under the
name of "Coffee Defence" (a term adopted to
prevent hostility abroad) barred the natural
course of economic laws, while at the same time
it checked consumption and led to increased
production in Brazil and in competing countries. Coffee planters, seeing only the imme1
Taken with some textual revision from the official English translation
published by the bank. In addition the report contains tables and
charts showing the operations of the bank in detail, and sections dealing
with economic and political developments. For earlier reports, see
FEDERAL RESERVE BULLETIN for July, 1930, August, 1929, and July, 1928.
diate benefits of the official action, willingly
accepted the scheme without realizing to what
it must lead, and those who opposed the establishment of the Coffee Institute were decried as
enemies of the farmer.
Available capital, energy, and man power
were diverted from other pursuits and concentrated on coffee growing, in the assurance that
Government support would be available to
finance the output and that a high price would
be assured even if artificially maintained.
The inevitable price decline took place, and the
farmer is now in a worse position than before.
Loss of gold.—At the beginning of 1930
Brazil held gold to the value of £30,000,000 in
the Caixa de Estabilizagao and in the Bank of
Brazil. This gold might have been used to
estabilish convertibility of the paper money in
circulation except for the traditional inflationist point of view prevailing in the circles from
which the President of the Republic came.
464
FEDERAL RESERVE BULLETIN
AUGUST, 1931
The £20,000,000 ($97,330,000) in gold, im- have been in restricted volume, this is due to
ported between 1927 and 1929, together with lack of confidence and not to lack of funds.
the £10,000,000 ($48,665,000) of gold in the
The coffee situation still remains unsettled.
Bank of Brazil, should have been used as cover Valorization was a ruinous venture, the liquidafor the 2,570,000,000 milreis ($307,372,000) of tion of which, owing to its proportions, exceeds
notes in circulation, instead of being made the the powers and resources of the banks. It is a
basis for a further inflation of 800,000,000 milreis settlement which will have to be effected at
(95,680,000). This aggregate gold stock would some future time.
have provided a cover of 46 per cent against
The October moratorium.—The disturbance
notes, and would have made conversion possible caused in October by the simultaneous revoluwithin one or two years. Such a measure, com- tionary outbreaks in the south, center, and
bined with a wise discount policy on the part of north of the country, led to a moratorium of 15
the Bank of Brazil, would certainly have pre- days. This suspension of payments, which was
vented many difficulties of the situation which several times extended, gave temporary relief
developed later, and would have saved a part to the commercial community and prepared the
of the stock of gold necessary for our monetary way for the resumption of normal business.
rehabilitation. As it was, the Caixa de Es- The banks went through the period without
tabilizagao produced two currencies in water- mishap, with the exception of the Banco Pelotight compartments.
tense, which was forced to apply for liquidation
The Bank of Brazil, deprived of the auto- owing to the fact that a large portion of its
matic check on the export of gold, had to let assets was employed in long-term operations.
events take their course. Gresham's law oper- The government of Rio Grande do Sul underated unhindered. The gold of the Caixa de took the liquidation of the liabilities of this
Estabilizacao was withdrawn, and with it the institution, which will probably be effected
gold stock of the bank. As a result, we have without loss to the creditors.
those erratic fluctuations in exchange rates
Foreign exchange.—The commercial situawhich, in countries with unsecured paper tion, however, is suffering frorn the consemoney, occur upon every fluctuation in the quences of the fall in exchange. The preceding
balance of payments.
Government, by a decree dated October 20 last,
Inflationary proposals.—With the gold stock and as an emergency measure, gave the excluexhausted, and with increasing financial em- sive privilege of exchange operations to the
barrassment resulting from the decline in public Bank of Brazil. This monopoly has been canrevenue, the demand for Federal paper money celed by the Provisional Government, together
issues was inevitable, especially as some States with the greater part of the restrictions which
had already anticipated them by issuing State had been in force for a long time previously.
paper money. The Provisional Government, The Government has thus gone a long way
however, in spite of the considerable reduction toward the gradual restoration of freedom in
in revenue, resisted the pressure brought to international trade and exchange operations.
bear on it by the inflationists, and preferred a
The Government and the Bank of Brazil.—
polic}^ of strict economy and increased taxation. The difficulties of the late Government led it, on
For essential requirements the actual circu- October 11, to cancel the contract of April 24,
lation is more than sufficient. Commerce and 1923, between the treasury and the Bank of
industry find in the banks at low rates all the Brazil. On the date mentioned the treasury
money which they need for legitimate trans- owed the bank 517,563,135 milreis ($61,900,"actions. For short-term operations the bank's 551), consisting of the debit balances, of the
rate of discount has been reduced to 7% per cent.accounts "Advances
on revenue" and "Bills
The requirements for the production and han- due and unpaid/7 Under the terms of the condling of the sugar crop have been met. A tract, the treasury had assumed the responsiplan for financing the rice and cocoa crops, bility for the notes issued by the bank, amountaccording to central banking principles, is now ing to 592,000,000 milreis ($70,803,000); and
being worked out.
the amortization and conversion fund, including
The rediscount office, reopened at the be- the balance of the reserve set aside in compliginning of the year, is being carried on with ance with clause 3d, paragraph b, of the conthe ordinary resources of the bank, which refused tract of 1923, were divided equally between the
a treasury note issue offered to it for this treasury and the bank. The cancellation of
purpose. The balances of the commercial this contract (on October 11) before the termibanks show cash on hand equal to 30, 40, or nation of its 10-year currency, freed the bank
even 60 per cent of deposits. If operations' from the obligation to resell to the treasury the
£10,000,000 ($48,665,000) which it had received
in 1923. The treasury was accordingly credited
with 706,394,983 milreis ($84,484,840), with
which its debt to the bank was liquidated,
leaving a credit balance of 188,831,848 milreis
($22,584,289) which the treasury used for
current expenditures.
As a result of this operation, the bank was
obliged on the one hand to anticipate a payment of 706,000,000 milreis ($84,438,000), thus
depriving itself of the use of these funds for the
remaining period of the contract and the further
period of the liquidation. It also, however,
came into possession of large resources, enabling
it to increase its reserve fund by a considerable
amount, and, in agreement with the Government, to transfer 70,000,000 milreis ($8,372,000)
to the special liquidation fund against contingent losses. Thus the bank strengthened to
a considerable degree its ability to meet
emergencies which might arise as a result of the
business depression, which fortunately is already showing signs of improvement.
On October 17 the Government authorized
by decree an issue of 300,000,000 milreis
($35,880,000) of paper money, of which the
bank immediately issued 120,000,000 milreis
($14,352,000) guaranteed by £1,000,000 ($4,866,500) in gold and 80,000,000 milreis ($9,568,000) of securities. The governing council
authorized a second issue of 50,000,000 milreis
($5,980,000), bringing the total issue to
170,000,000 milreis ($20,332,000). When the
continued scarcity of export bills of exchange
caused the rate of exchange to weaken further,
the Government released the reserve of
£1,000,000, and stipulated that the bank
should redeem the note issues within 6 years by
semiannual quotas of a minimum of 25,000,000
milreis ($2,990,000) each.
Stabilization office abolished.—By a decree
dated November 22 last, the Government
abolished the Caixa de Estabilizagao, suspending the issue and redemption of notes; redemption when resumed shall be effected by means
of sight drafts on London by the Bank of
Brazil. This decree provided, in view of the
scarcity of bills, for the remittance to London
of the remaining gold in the Caixa to meet the
payments due on the foreign debt. The functions of the Caixa as laid down in Law No.
5,108 of 1926 were transferred to the Bank of
Brazil, which, however, will obviously be unable
to assume them until the value of the milreis
returns to the level mentioned in this law.
By this measure the Provisional Government
demonstrated its firm resolve to meet the obligations of the nation at the cost of every
sacrifice, thereby establishing confidence in the
situation resulting from the October revolution.
BALANCE SHEET OF THE BANK OF BRAZIL AS OF DECEMBER 31,
Milreis
(in thousands)
Dollars i
Cash
I
Gold bonds deposited abroad; nominal value |
£2,595,030; latest quotation £1,757,863 6s. 8(1.-J
Correspondents abroad
I
Correspondents in Brazil
Branches and agencies in Brazil
Bills discounted
Loans in current account
Securities
Securities and accounts in liquidation
Bills receivable for bank's own account
Bills receivable for outside account:
Foreign
Domestic
323, 293
38, 666
52, 736
260, 981
9,251
467, 648
609, 230
652, 775
52, 067
9,340
61, 826
6, 307
31,213
1,106
55, 931
72, 864
78, 072
6,227
1,117
7, 394
176,002 |
305,336
21,050
36, 518
481,338 j
57,568
Other items for collection in Brazil
Bank premises
Other resources
305,055 j
24,211
41,382
36,485
2,896
4,949
Resources
!
|
Total resources exclusive of contra accounts. 1 3, 351,132
Contra accounts:
Securities held as collateral
! 1, 017, 758
Customers' securities
I 805,105
Total resources
1
465
FEDERAL RESERVE BULLETIN
AUGUST, 1931
Conversion at par: 1 milreis=$0.1196.
I 5,173,995 |
(in thousands)
400, 796
121, 724
96, 291
618,810
1930
Milreis Dollars i
(in thou- (in thousands)
sands)
Liabilities
Notes in circulation
Deposits:
In current accounts without interest.
In current accounts with interest
In limited current accounts
In time accounts
In bankers' clearing accounts
Due to branches and agencies in Brazil
Due to correspondents in Brazil
Due to correspondents abroad
Due on account of items for collection
Capital
Surplus
Balance from previous year
Forty-ninth dividend to be paid
Other liabilities
j
170,000
20, 332
244,868
415, 648
122, 096
494, 867
53, 641
29, 286
49,712
14,603
59.186
6,415
1,331,119
159,202
450, 206
206
3,400
192,134
786, 393
100, 000
208, 309
1,322
10, 000
98, 249
53, 845
407
22,979
94, 053
11,960
24,914
158
1,196
11,751
Total liabilities exclusive of contra accounts. > 3, 351,132 j 400, 796
Contra accounts:
;
Securities held as collateral and deposited !
with the bank
1,822,863
218,014
Total liabilities.
5,173, S
618,810
466
FEDERAL RESERVE BULLETIN
AUGUST, 1931
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. Figures for last report date of monthl]
Europe
Month
Total (45
countries)
10,362
1930—January
10,431
February
10,507
March
._
10,573
April
10,613
May
10,671
June
10, 705
July
10,787
August
10,823
September..
10,852
October
10,894
November. _
10,907
December..
« 10,953
1931—January
11,008
February.._.
11, 071
March
v 11,106
April
11,215
May
_
v 11,262
June
July
United
States
3,921
4,061
4,131
4,159
4,178
4,160
4,148
4,159
4,184
4,220
4,225
4,285
4,309
4,343
4,373
4,445
4,593
v 4, 586
Canada
Total (26
countries)
Austria
Czechoslovakia Denmark England
Belgium
78
78
79
79
80
81
94
100
110
122
129
110
4,762
4,784
4,808
4,872
4,920
4,960
5,009
5,122
5,141
5,207
5,238
5,281
164
164
164
164
167
167
167
168
173
180
180
191
92
94
96
99
102
* 87
5,313
5,350
5,388
5,393
5,426
5,349
191
197
200
201
201
199
731
736
755
795
765
763
741
754
761
776
762
718
679
685
699
712
735
793
643
France
Germany
547
582
595
611
617
624
624
624
590
519
519
528
535
544
553
564
569
339
P 325
1,683
1,680
1,668
1,660
1,717
1,727
1,775
1,852
1,899
1,992
2,037
2,100
2,176
2,192
2,200
2,180
2,181
2,212
* 2, 290
Europe—Continued
Month
Italy
1930—January
February...
March
April
May
June
_-.
July
August
September..
October
November..
December..
1931—January
February. __
March
April
May
June
July
273
273
274
274
274
274
274
275
278
278
279
279
279
279
279
279
280
Netherlands
Norway
Poland
Rumania
Spain
177
176
174
174
174
174
157
157
157
171
171
171
55
55
56
56
56
56
56
56
56
56 j
56 ;
56 |
175
179
179
181
181
200
236
56
56
53
53
53
53
;
;
i
SwitzerSweden !
i land
;l~
495
476
476
65 I
477
477
477
477
477
478
478
474
471
466
466
467
467
65 !
65
65
65
65
65
65
65
64
64
64
64
64
64
!
i
Latin America
Month
1930—January
February. _March
April
May
June
July
August
September..
October
NovemberDecember. _
1931—January
February. _.
March
April
May
June
108
108
108
112
112
112
118
123
123
128
130
138
126
124
124
124
124
162
65
65
u. s. s.
R.
147
150
156
167
177
203
234
249
249
249
249
249
249
249
259
259
262
262
267
826 !
817
802
775
744
749
755
748
747 :
711 !
701 i
704
704 !
703
709
714
724
730
89
124
133
114
92
98
98
98
99
79
75
75
76
76
77
74
74
75
128
128
128
128
128
128
128
128
128
128 i
128 I
128 j
128 !
128
135
141
147
151
7 other
countries2
18!
19 |
19|
19 |
19
19
19
19
19
35
35
35
35
35
35
34
34
34
34
34
34
19
19
19
19
19
27
34
34
34
34
34
34
19 i
19
19 I
Africa
Far East
Total !
(5 ; Austra- India
coun- • lia
tries) i
Yugoslavia
Japan
Java
520
477
453
443
434
434
440
433
431
414
409
412
415
417
415
419
422
425
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 E urope these countries are: Albania,
Estonia, Finland, Greece, Latvia, Lithuania, and Portugal. For Latin
America they are Bolivia, Chile, Ecuador, Guatemala, and Mexico.
c
p Preliminary.
Corrected.
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).
467
FEDERAL EESERVE BULLETIN
AUGDST, 1931
GOLD MOVEMENTS
[In thousands of dollars]
United States
Month
1930—May
June
July
August—
September.
October.
November.
December.
1931—January....
February. March
April
May
June
Germany
Im-
Ex-
ports
ports
23,552
13,938
21,889
19,714
13,680
35,635
40,159
32,778
34,426
16,156
25,671
49,543
50, 258
63, 887
82
23,470
13,912
26
41,529 -19,640
39,331 -19,617
2,547
11,133
26,369
9,266
35,151
5,008
32,742
36
34,372
54
16,142
14
25,645
26
49,516
27
49,630
628
40
63,847
Net
Imports
Exports
Net
7,096
245
6,851
7,529
259
7,270
1,414
227
1,187
1,545
210
1,335
1,967 25,358 -23,391
3,162 96,677 -93,514
1,458
1,185
273
9,524
274
9,250
12,252
287
11,965
12,335
237
12,098
11,077
479
10,598
11,728
11,383
345
6,665
6,371
294
11,203 135,532 -124,329
MOVEMENTS TO AND FROM GREAT BRITAIN
[In thousands of dollars]
1931
219
94
5,197
1203,513
11
7 I 5,075
24, 247 2,441 14,764
142,730 421,725 398,040
Net
45,388
13,747
24,646
24,201
22,339
45,416
41,199
43,124
35,304
31,335
22,829
28,495
20, 742
66, 956
75
34
48
281
81
12,338
150
42
301
59
59
25
32
24,939
19
56 -22,798
11
23 -18,190
16,587 -16,539 -22,415
8
273 -18,708
13
68 -17,149
199 12,139 -20,259
115
35 -18,762
39
3 -16,966
52
249 -21,005
167
-109 -18,482
215
- 1 5 5 -17,557
458
- 4 3 3 -16,895
551
-519 -21,391
563 24,376 —16,915
61,134
20,659
40,355
21,390
20,245
34,754
43,164
78,507
78,774
28,892
16,377
4,411
1,620
12, 656
-15,746
-6,912
-15,709
2,811
2,094
10,662
-1,965
-35,383
-43,470
2,443
6,452
24,084
19,122
54,300
Net
6,452
9,204
3,404
13,461
3,568
967
1,323
681
943
600
MOVEMENTS TO AND FROM BRITISH INDIA
[In thousands of dollars]
1931
Imports1 Exports Imports Exports Imports! Exports
283
57,944
1
116,417
127
Net
Exports
Netherlands
From or to—
France
Germany
Netherlands
Spain and Canaries.
Switzerland
United States.South America
British India
Australia
New Zealand
Egypt.,
Rhodesia..
Transvaal
West Africa
All other countries..
Total
66,956
India
Imports
1930
From or to—
South
Africa
Great Britain
Im- | ExNet
ports ports
May
1930
January-May
Calendar year
Imports Exports Imports Exports Imports Exports
England..
United States
Aden and dependencies
. .
Arabia
British Oceania
Bahrein Islands
Ceylon
China
Mesopotamia
Straits Settlements
Egypt . . . .
Natal
All other countries..
Total
295
24
45
99
35
8
167
24
696
1,291
1,622
158
455
1,021
138
72
65
680
69 . . . . . . . .
507 !
4,456
1,623
8,848
650
759
8,053
196
2,718
3,670
2,402
2,828
1,177
26,513
39
57,854
167
14
182
468
FEDERAL RESERVE BULLETIN
AUGUST, 1931
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations; based on noon buying rates for cable transfers In New York. In cents per unit of foreign currency)
Country
Monetary unit
1931
Par of |
ex- ;
change! May
Monetary unit
Country
June
Par of
exchange
1031
May
June
July
96.48
36.50
11.96
12.17
97.33
20.00
28.00
103.42
19.30
70.7121
36.7500
6.6756
12.0673
96.5700
20.0000
27.9600
61.4301
16.4332
70.2524
36.7500
7.4991
12.0868
96. 5700
20.0000
27.9308
58.5356
17.1685
69. 8840
36. 7500
7.1937
12. 079&
96. 5700
20.0000
27. 9738
54. 2652
17. 3800
Mexican dollar.. 22.45
Shanghai tael... 30.94
21.95
Yuan dollar
Dollar
22.28
36.50
Rupee
49.85
Yen.
Florin
40.20
Singapore dol- 56.78
lar.
Turkish pound. 439.65
22.0118
30.2520
21.8950
24.0131
36.1423
49.3813
40.1720
56.0348
21.4575
29.5980
21.4375
23.8226
35.9986
49.3740
40. 2331
56. 043:
22. 4315
31.0097
22.4247
24. 7295
35. 9865
49. 3550
40. 2558
56. 0198
July
SOUTH AMERICA
EUROPE
Austria
Schilling
Belgium
Belga
Bulgaria
Lev
Czechoslovakia- Crown
Denmark
Krone
England
Pound
Finland
Markka
France
Franc
Germany
Reichsmark
Greece
Drachma
Hungary
Pengo
Italy
Lira
Netherlands
Florin
Norway
Krone
Poland—
Zloty
Portugal
Escudo
Rumania
Leu
Spain
Peseta
Sweden
Krona
Switzerland
Franc
U.S. S.R.i
Chervonetz
Dinar
Yugoslavia
11.07 14.0543
13.90J 13.9119
.7176
.72!
2.9622
2.96
26.80; 26.7738
486.651 486.4039
2.5172
2.52,
3.9114
3.92
23.82 23.8036
1.2949
1.30
17.49 17.4376
5.2353
5.26
40.20 40.1847
26.80 26.7761
11.22 11.1950
4.4918
4.45
. 5943
.60
19.30 10.0004
26.80 26.8070
19.30 19.2845
514.60 * 515.0000
1.76
1. 7603
14.0457 14. 0413
13.9242 13. 9453
.7180 .7183
2,9621 2. 9605
26. 7795 26. 7340
486. 4863 485. 6052
2, 5167 2. 5156
3.9158 3. 9215
23.7327 23. 2782
1.2951 1. 2939
17.4450 17. 4433
5.2348 5.2300
40. 2442 40. 2775
26.7801 26. 7346
11.1996 11.1991
4. 4234 4. 4162
.5949 .5943
9.6749 9. 3139
26.8045 26. 7558
19. 3956 19. 4309
2 515.0000 2 515. 000
1. 7685 1. 7665
NORTH AMERICA
Argentina
Bolivia^
Brazil
Chile
Colombia
Ecuador 1
Peru*
Uruguay
Venezuela l
Boliviano
Milreis
Peso
do
Sucre
Sol
Peso
Bolivar
ASIA
China «
China*8
China
Hong Kong s
India
Japan
Java*
Straits Settlements.
Turkey
47.1764
AFRICA
100.00 99.9449 99.7201 99.6607 Egypt
Egyptian pound. 494.31 498.8149
Canada
Dollar
100.00 99.9187 99.9157; 99.9124
Cuba
Peso
49.85 48.0200 49.0305! 47. 5231
Mexico
do
1
Averages based on daily quotations ot closing rates as published by New York Journal of Commerce.
> Chervonetz quotations nominal.
3
Silver currency. The figure given for parity represents gold value of unit in July, 1931, computed by multiplying silver content of um't by
New York average price of silver for July, 1931, which was $0.28567 per fine ounce. On the same basis, parity in July, 1930, for the Chinese-Mexican
dollar was 27.23 cents; for the Shanghai tael, 37.54 cents; for the Yuan dollar, 26.63 cents; and for the Hong Kong dollar, 27.03 cents.
BANK FOR INTERNATIONAL SETTLEMENTS
[Amounts in thousands of dollars; converted into dollars from Swiss francs at par: 1 Swiss franc—$0.1930]
1931
Resources
Cash on hand and on current account with
banks .
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
Total
Time funds at interest:
Not exceeding 3 months
Between 3 and 6 months
Total
1930
June
May
2,153
32,518
1,722
25,766
988
4,448
84, 562
56, 567
87,990
40, 608
46,184
50,441
141,129
128, 598
96,625
114,644
4,757
200, 524
5,732
90, 907
119,401
206, 257
90,907
Sundry investments (at cost):
Not exceeding 1 year
Over 1 year
40, 763
5,699
36,369
8,868
Total
Other resources
46,462
1,958
45, 237
2,733
1931
1
16,265
311
June
Short-term deposits:
Central banks for own accountDemand
.
TimeNot exceeding 3 months
Between 3 and 6 months
Total
Central banks for account of others—
TimeNot exceeding 3 months
Between 3 and 6 months
Total
Other depositorsDemand
-.
Time—Not exceeding 3 months
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund
Total
Capital paid in
Reserves:
Legal reserve fundDividend reserve fund..
General reserve fund
Profits allocated for distribution on July 1,
1931:
Dividend to shareholders (6 per cent)..
Participation of long-term depositors
per article 53 (e) of statutes
Other liabilities
Total resources
343, 621
410, 313
209, 544
1930
Liabilities
June
Total liabilities
May
75,066
64,392
106,517
792
99,340
1,678
182,375
165, 410
21,444
29,660
21,441
32,617
30,686
39,236
6,033
131,357
77,886
162,043
29,660
219
166
703
29,735
14,867
13, 279
29,760
14,880
13,277
29,188
23,842
57,881
20,941
57,916
20,458
53, 030
19, 783
108
211
422
108
211
422
995
995
422
2,161
422
2,162
343, 621
410,313
1 Composed of $3,073,000 short-term investments not exceeding 90 days and $13,192,000 of investments exceeding 90 days.
2
Including undistributed proceeds of the German Government international 5lA per cent loan 1930 to the amount of $84,572,000.
June
2 84, 926
209,544
469
FEDERAL RESERVE BULLETIN
AUGUST, 1931
CENTRAL BANES
[For explanation of these tables see BULLETIN for February, pp. 81-83]
Resources of banking department
Bank of England
Gold (In
issue
depart-1
ment)
Cash reserves
Coin
Notes
Discounts
and
advances
Liabilities of banking department
Securities
Notes
in circulation
Deposits
Bankers'
Public
Other
liabilities
Other
Millions of pounds sterling:
1931—May 27_.
J u n e 24
J u l y 29
Millions of dollars:
1 9 3 0 - M a y 28
J u n e 25
J u l y 30
Aug. 27
Sept. 24
Oct. 29
N o v . 26
Dec. 31
1 9 3 1 - J a n . 28
F e b . 25
M a r . 25
A p r . 29
M a y 27
J u n e 24.._
J u l y 29
_.
151.0
lt>2. \f
132.0
1.1
1. 1
1.3
765
763
741
754
761
776
762
718
679
685
699
712
735
793
643
5
4
5
5
5
56.2
70. 1
32.7
59.8
57.5
79.2
6.8
9.6
9.7
297
284
214
263
295
311
318
77
33
31
28
21
30
256
259
267
275
273
341
159
47
41
55
35
33
47
47
278
312
360
347
305
292
277
510
306
313
254
276
291
280
385
354.9
3*2. 8
359.4
1,733
1,745
1,793
1,756
1,731
1,731
1,709
1,795
1,688
1,692
1,697
1,702
1,727
1,717
1,749
54.8
61.6
55.8
287
310
297
305
312
271
272
645
268
287
281
238
266
300
272
Resources
Bank of France
Gold
Millions of francs:
1931—May 29..
June 26..
July 31 p.
Millions of dollars:
1930—May 3 0 June27_.
July25__
Aug. 29..
Sept. 26..
Oct. 3 0 . .
Nov. 28..
Dec. 26..
1931—Jan. 30..
Feb. 27..
Mar. 27..
Apr. 24..
May 29..
June 2f!__
July 31 p_
17.4
25. 2
15.2 i
Millions of reichsmarks:
1931—May 30
June 30
July 31 P
Millions of dollars:
1930—May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1931—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 30.
June 30
July 31 v
86
87
87
87
86
87
87
Liabilities
Foreign Domestic Security , Negotiablese- Other
exchange
bills
loans ! curities * assets
55,634
56, 426
58, 407
26,160
26, 209
26, 431
6,190
5, 576
4,564
2,806
2,779
2,858
5,082
5, 082
5,064
7,316
6,807
1,717
1,727
1,775
1,852
1, 899
1,992
2,037
2,100
2,176
2,192
2,200
2,180
2,181
2,212
2,290
1,002
1,005
1,022
1,004
1,003
1,004
1,015
1,026
1,032
1,032
1,031
1,031
1,025
1,027
1,036
300
247
244
254
243
278
344
330
371
323
278
255
<243
219
179
100
106
105
107
110
109
112
114
112
110
112
110
110
109
112
211
211
211
208
208
208
208
208
204
204
199
199
199
199
199
230
237
238
250
244
274
262
259
270
274
275
280
287
267
Gold
17.8
17.9
18.1
175
176
1S2
164
166
170
179
176
162
162
164
180
165
ir,3
164
105
44
88
65
102
92
32
94
79
46
86
85
123
74
!
()
Notes in
circulation
78,185
76, 927
79, 861
2,865
2,846
2,827
2,888
2,864
2,932
2,977
2,996
3,079
3,095
3,052
3,027
3,065
3,016
3,131
Deposits
Govern- Other
ment
9,940
8, 513
9,302
Other
i liabilities
2,394
2,250
(3)
12,669
15,187
14,321
210
194
358
396
412
513
523
495 j
543
523
461
458
390
334
365
394
408
328
303
344
328
385
459
457
430
493
473
497
595
561
;
92
84
84
87
86
91
93
88
86
87
89
97
94
88
Liabilities
Resources
Reichsbank
33.8
33. 5
33.7
Reserves
Other
in foreign Treasury
(and Security
bills bills
loans
exchange
checks)
2,390
1,421
1,363
186
300
246
25
74
195
1,791
2. 579
3,273
167
355
347
617
624
624
624
590
519
519
528
535
544
553
564
569
339
325
109
62
88
41
47
125
112
47
39
45
37
44
71
59
84
20
2
446
423
419
412
499
548
477
563
463
471
465
432
427
614
780
45
44
32
51
69
76
55
61
41
72
65
68
40
85
Securities
103
103
103
Other
assets
Notes in
Other
circula- Deposits liabilities
tion
721
136
957
4,299
4,295
4,454
353
398
834
731
1,074
1,197
174
175
200
193
200
163
153
152
175
161
152
159
172
223
228
1,146
,116
,105
1,121
[,130
,113
•,096
1,138
1,044
1,055
1,061
,034
1.024
. 023
,061
117
95
99
112
91
91
155
63
77
92
85
84
95
199
168
169
170
171
183
179
192
196
198
198
185
178
174
256
285
1
In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law
at £260,000,000
($1,265,000,000).
2
Issued by the independent
office for retirement of public debt (Caisse autonome d'amortissement).
3
c
Figures not yet available.
p Preliminary.
Corrected.
470
FEDERAL RESERVE BULLETIN
AUGUST,
1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1931
June
Commonwealth Bank of Australia
(thousands of pounds sterling):
Issue d e p a r t m e n t Gold coin and bullion
Securities
Banking d e p a r t m e n t Coin, bullion, and cash
Money at short call in London
_
Loans and discounts
Securities
Deposits
Bank notes in circulation
Austrian National Bank (millions of
schillings):
Gold.
.._
Foreign exchange of the reserve..
Other foreign exchange
Domestic bills
_
Government debt
..
Note circulation
_
Deposits..
National Bank of Belgium (millions
of belgas):
Gold....
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits
_
Central Bank of Bolivia (thousands
of bolivianos):
Gold.
Foreign exchange
Loans and discounts
Notes in circulation
Deposits
Bank of Brazil (millions of milreis):
Gold
Currency
Correspondents abroad
Loans and discounts
Securities
_
Note circulation
Deposits
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Central Bank of Chile (millions of
pesos):
Gold at home...
Foreign exchange
Loans and discounts
Note circulation
Deposits against which reserve
is held
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
Gold abroad
Loans to member banks
Note circulation
Deposits
Czechoslovak National Bank (millions of Czecholsovak crowns):
Gold
Foreign balances and currency...
Loans and advances
Assets of banking office in liquidation
_
Note circulation
_
Deposits
May
1930
Apr.
June
15,227
35,300
15,227
35,300
15,141 |
32,058 !
19,931
4,941
873
1,243
2,263 j
1,643
8,332 7,431
28,105 28,385
18, 083 18,083
55,544 54,372
46, 591
214
133
311
529
96
1,111
180
214
116
401
451
96
1,141
142
1,434
874
738
292
3,193
205
1,448
870
744
292
3,218
184
4,863 I 5,856
30,326 i 11,533
20,583 j 21,410
42,418
57,003
44,351 j 38,855
214 I
138
507
90
96
984
64
1,445
891
748
292
3,279
147
2,811 2,808
25,722
23,872 23,237
28,446 28,314
i
!
j
169
266
421
125
101
1,028
i
1,202
734
785
310
2,902
170
7,959
8,420
3,801
45,926
22,207
39,686
15,139
371
40
1,655
148
170
1,681
394
93
1,604
148
170
1,650
375
98
1,530
149
170
1,633
407
509
231
1,463
129
592
1,438
1,501
255
661
691
3,064
2,283
1,439
1,491
211
644
680
3,064
3,183
1,408
1,483
242
734
643
3,064
3,212
1,490
1,418
236
837
894
3,279
3,396
1,540
2,819
24,894
23,640
27,288
7,562
189
179
272
38
10,080
11,089
14,942
23,889
7,472
63 i
196 I
U92
62
247
279
100
340
54
85
9,844 12,840
10,420 7,231
14,744 13, 746
23,107 22,875
7,433 6,495
20,513
10,650
13, 518
30,776
6,452
32 |
1,540
1,921
500
1,541
2,043
245
1,542
2,078
159
1,313
2,135
433
313
315
6,732
665
315
343
7,196
439
392
711
1931
! Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Danzig (thousands of Danzig
gulden):
Balances with Bank of England __
Foreign bills, etc
_
Loans and discounts
_
Note circulation
_
Deposits
_
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange
Loans and discounts.
Notes in circulation
Deposits
Bank of Estonia (thousands of krooni):
Gold
Net foreign exchange
Loans and discounts
Note circulation
DepositsGovernment
Bankers.
Other
Bank of Finland (millions of Finnish
marks):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation..
Demand liabilities
Bank of Greece (millions of drachmas):
Gold
1
Net foreign exchange in reserve...
Total foreign exchange
Loans and discounts
Government obligations
Note circulation __
Other sight liabilities. _
172
58
87
343
June
172
67
92
354
30
366
39
14,050 14,843
7,379 6,842
21,698 22,160
35,096 36,126
1,801
1,303
13,200
10, 686
21,860
36, 505
2,175
172
70
84
342
16, 277
5,937
21,493
35,817
1,625
Apr.
172
78
5,666
18,052
14,176
20,829
13,871
5,601
25, 746
14,141
26. 685
14, 669
6,532 6,526 6,517
17, 379 17,019 17,258
20,900 25,326 26,809
32,059 32,896 35, 536
6,516
16,081
25, 524
30,176
5,659 5,647
18,422 18,542
14,288 14,350
20,763 21, 388
14,786 13, 995
5,534
6,402
2,376
9,462
6,514
1,685
8,560
5,787
1,620
10,127
3,790
2,450
302
301
301
302
662
218
646
1,232
182
720
242
670
1,257
240
722
236
621
1,301
154
877
191
710
1,373
151
487
1,968
2,868
354
3,289
4,255
1,448
580
481
2,726
2,162 2,171
3,555
3,096 3,092
258
338
357
3,489
3,289 3,389
4,894
4,304 4,436
2
1,697 2 1, 644 2 1,525
National Bank of Hungary (millions
of pengos):
112
112
Gold
112
10
21
• Foreign bills, etc
47
279
Loans and discounts
257
263
60
Advances to treasury
60
60
33
2b
Other assets. _
18
385
370
Note circulation-406
47
42
Deposits
31
40
44
M iscellaneous liabilities
40
Bank of Italy (millions of lire):
Gold at home.
5,318
;
5,368
5,313
Credits and balances abroad
3,923 4,058 4,150
4,669 3,933 ! ! 4,026
Loans and discounts
14, 683 14,722 14,881
Total note circulation
300
300
300
Public deposits
Other deposits
_. 1,504 1,654 j 1,652
Bank of Japan (millions of yen):
851
Gold.
847
840
697
Advances and discounts. _
710
713
111
136
Government bonds
136
1,110
1,078
1,058
Notes issued
515
635
672
Total deposits
Bank of Java (millions of florins):
115 !
Gold
115
115
25 j
Foreign bills
21
29
46
Loans and discounts
48
47
244
Note circulation
240
242
41 !
40
Deposits
36
* Revised to include 'Loans to the Government" and "Loans to
non-member banks."
May
June
1930
2 Revised to include " S i g h t drafts."
s Average for week ending last report date of month.
163
32
234
79
84
449
71
46
5,208
4,893
4,497
15,846
300
1,499
3 870
808
80
1,282
667
139
45
56
274
51
471
FEDERAL RESERVE BULLETIN
AUGUST, 1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
I 1930
1931
June
May
Apr.
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation..
Government deposits
Other deposits
Bank of Lithuania (millions of litas):
Gold
Foreign currency
Loans and discounts
Note circulation
_
Deposits
...
39
67
104
111
90
39
63
107
109
92
39
74
105
112
Netherlands Bank (millions of
florins):
Gold
Foreign bills
Loans and discounts
^
Note circulation
Deposits...
_
497
229
145
879
68
450
224
136
837
43
450
221
133
838
33
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
146
22
176
296
4
53
146
25
178
291
4
64
146
32
185
296
2
67
Reserve Bank of Peru (thousands of
soles):
Gold
Foreign exchange reserve
Bills
Note circulation.
_
Deposits
56,251 63,453 163,301
10,425 6,919 i 6,859
14,526 18,492 17,918
58,052 58,082 60,497
4,943
4,066 6,614
Bank of Poland (millions of zlotys):
Gold at home
_
Gold abroad
82
Foreign exchange of the reserve..
230
Other foreign exchange
i
119
Loans and discounts
!
637
Note circulation
! 1,230
Current account of the treasury., j
53
Other current accounts
_
I
217
486
82
250
99
618
1,222
43
163
82
229
116
619
1,259
39
149
j_
Bank of Portugal (millions of es- j
cudos):
!
Gold
;_.
Balances abroad
_i
Bills
!_
Note circulation
L
Deposits
_
L
141
348
1,849
170
!
j
I
I
« 129
370
1,864
158
1930
June
National Bank of Rumania (millions
of lei):
Gold at home
5,704 5,670
5,356
Gold abroad
_
3,114 3,114
3,919
Foreign exchange of the reserve.
2,374 2,370
1,371
Other foreign exchange
619
652
41
7,
7,
8,921
Loans and discounts
3,617 3,617
5,797
State debt
_
18, 709 18,905 18, 222
Note circulation. _
7,911 8,118
7,481
Deposits
,
South African Reserve Bank (thousands of pounds sterling):
Gold
i 6,303
Foreign bills
j 6,814
Domestic bills
! 830
Note circulation
I 7,383
Deposits—
I
Government
i 2,752
Bankers
_.| 4,879
432
Others
238
159
Bank of Spain (millions of pesetas):
843 ,
Gold
31 |
Silver
Balances abroad
Loans and discounts
Note circulation
147
Deposits
53
228
Bank of Sweden (millions of kronor):
316
Gold
2
Foreign bills, etc
90
Loans and discounts
Note circulation
Deposits
Swiss National Bank (millions of
1 61,404
francs):
i 24,235
Gold.
_
_
840
14, 239
Foreign balances and bills
420
57,453
Loans and discounts
74
8,376
Note circulation
1,078
Demand deposits
| 315
State Bank of U. S. S. R. (thousands
484
of chervontsi):
219
Loans and discounts
241
Deposits
112
Issue department654
50,893 i 50,396 39,450
Gold
1,317
1,892 1 1,917 2,548
Other precious metals
5,822
2 95
5,254 i 4,863
Foreign exchange
2 142
224,489 224,551 186,037
Note circulation
__.
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
7
7 1,067
Gold
1, 092
7 94
7 222
9
Foreign exchange
7 95
1,387
1,345
205
Loans and discounts
1,437
2,997
315
Advances to State
2,997 2,997
5,230
4,791 4,692
Note circulation
1,890
Other sight liabilities
8 1,049 8 1,062 8 1,388
82
1 Converted to basis of new sol (par value $0.2800) adopted May 18,1931.
2 Revised by transfer from "Other current accounts" to "Current account of the Treasury" of a special account for the purchase of silver
amounting to 13,000,000 zlotys.
3 Revised to include foreign exchange acquired under agreement
of March, 6, 1930.
5
* Revised to include " D u e from foreign correspondents."
Figures not yet available. fl Revised to include "Loans of branches."
7 Figures for gold made comparable with current figures by conversion to new par adopted June 28,1931; information not available for converting
figures of foreign exchange to new basis.
s Revised to include " Government deposits."
NOTES
Reserve requirements of central banks.—For tabulated statement giving legal reserve requirements of foreign central banks (36 countries)
see FEDERAL RESERVE BULLETIN for August, 1930 (p. 502).
Detailed balance sheets.—For detailed balance sheets of 29 foreign central banks, with figures in dollars as well as in units of national currency,
see FEDERAL RESERVE BULLETIN, as follows:
Central Bank of—
Austria.Belgium.Bolivia
Brazil
_
Bulgaria
Colombia
CzechoslovakiaDanzig
Denmark
Ecuador.
Bulletin
May, 1931, p. 266.
April, 1931, p. 207.
July, 1930, p. 441.
August, 1931, p. 465.
__ September, 1930, p. 557.
_. December, 1930, p. 792.
August, 1931, p. 460.
April, 1931, p. 213.
_. December, 1930, p. 788.
June, 1931, p. 321.
Central Bank of—
Egypt.
England
Estonia
! France
Germany.i Greece
Hungary
Italy
Japan
Java
_
Bulletin
July, 1931, p. 390.
February, 1931, p. 83.
July, 1931, p. 399.
March, 1931, p. 150.
August, 1931, p. 456.
July, 1931, p. 396.
_ May, 1931, p. 270.
June, 1931, p. 318.
July, 1931, p. 384.
December, 1930, p. 795.
Central Bank of—
Latvia
Netherlands __
Norway
Poland
Portugal
Rumania..
Spain
_
Switzerland
Yugoslavia
Bulletin
August, 1931, p. 463.
August, 1931, p. 459.
May, 1931, p. 275.
May, 1931, p. 273.
June, 1931, p. 322.
September, 1930, p. 553.
June, 1931, p. 324.
April, 1931, p. 198.
July, 1931, p. m
472
FEDERAL RESERVE BULLETIN
AUGUST,
1931
GOVERNMENT NOTE ISSUES AND RESERVES
IFigures are for last report date of month]
June
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued
Irish Currency Commission (thousands
of pounds sterling) •
Legal tender note f u n d British legal tender and bank
balances
British securities
Notes issued
Consolidated bank notes *—
Issued
Deemed such under sec. 60 (4)
of currency act 1927
May
*325
*539
375
551
Apr.
June
382
'558
450
579
93
6 934
7,027
136
7 326
7,462
130
7,227
7,357
52
6,958
7,010
4,191
4,166
4,079
3,782
1 783
1,844
2,202
1 762
1931
1930
1931
June
Canadian Minister of Finance (millions
of dollars) :
68
Gold reserve against Dominion notes.
14
Advances to banks under finance a c t Dominion notes—
145
Issued
..
.
Outside chartered bank holdings..
(2)
Indian Government (millions of rupees):
Gold standard reserve—
241
Gold
*>92
Foreign exchange
Paper currency reserve—
171
Gold
Silver coin and bullion. .
1,300
54
Other assets
1,525
Notes issued
1930
May
Apr.
June
78
11
73
11
66
50
152
28
148
27
174
30
201
332
112
421
29
5C5
202
1,274
71
1,548
275
1,254
72
1,601
323
1,124
191
1,637
1 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ending June 27, May 30, and Apr. 4, 1931, and June 28,
L930.2 The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
Figures not yet available.
* Preliminary.
« Corrected.
COMMERCIAL BANKS
Millions of national
currency
Country
Millions of dollars
1931
1931
Apr.
May
June
Apr.
May
June
Jan.
Feb.
Mar.
Apr.
May
June
Argentina:
Bank of the N a t i o n Gold
Other cash
__
Loans and discounts
Deposits
_
Other banks in Buenos A i r e s Gold
Other cash
_
_
Loans and discounts
Deposits
_
Millions of pesos
425
497
1
59
436
508
2
66
488
543
'544
1
83
447
488
10
166
735
857
8
141
637
728
8
150
654
750
135
712
796
'132
'696
'762
127
626
704
153
46
235
1,330
182
431
158
46
239
1,301
196
444
158
22
192
1,141
120
593
151
25
186
1,116
132
654
148
27
175
1,115
137
649
157
26
181
1,130
117
651
156
29
187
1,139
98
669
140
644
1,441
148
575
1,432
146
624
1,410
129
557
1,429
131
543
1,436
153
579
1,445
124
596
1,453
129
580
1,456
911
650
5,729
1,095
8,331
5,857
1,127
8,478
921
699
5,993
1,132
8,701
947
695
'6,020
1,368
8,934
910
559
5,880
1,428
8,672
879
547
5,642
1,436
8,399
853
560
5,520
1,423
8,264
858
630
5,555
1,332
8,271
897
640
5,704
1, 325
8,489
733
440
1,325
57
'773
420
1,338
61
793
425
1,378
57
817
422
° 1,364
61
of reichsmarks
2,548
1,914
857
686
7,818 7,699
10, 395 9,277
582
816
755
271
2,076
2,921
117
776
265
2,046
2,929
115
Millions of yen
332
361
274
2,184
2,156
2,166
i 2,161
2,181
2,233
755
275
2,059
2,916
116
140
1,061
1,017
128
1,077
1,021
115
1,093
1,033
1
125
640
712
_._
1
118
633
690
108
533
646
110
492
629
104 i
495 !
613
180 !
885 !
10
166
780
890
10
165
759
875
Millions of dollars
157
156
26
"29
181
187
1,130
1,139
117
98
669
651
162
44
233
1,345
182
428
124
596
1,453
172
910
997
r
Canada:
Assets entirely in C a n a d a Cash in vault i
Cash in central gold reserves
Security loans
_
Other current loans
Security loans abroad
_
Securities
_
Liabilities entirely in Canada—
Notes in circulation
Individual demand deposits
Individual time deposits
_.
_
England:
Cash in vault and at banks
Money at call and short notice
Advances and discounts
Investments
_
Deposits
_
_.
France:
Bills and national-defense bonds
Loans and advances
Demand deposits
_
Time deposits
Japan:
Cash on hand
Total loans
Total deposits
1
c
Millions of pounds
sterling
175
184
176
115
131
129
1,134
1,172
1,141
292
272
274
1,
1,700
1,744
Millions of francs
_
Germany:
Bills and treasury notes__
Due from other banks
_
Miscellaneous loans
Deposits
_
Acceptances
129
580
1,456
__
__
__
_
_
Millions
2,529
'• 981
' 8 , 021
10,683
600
137
1,107
l,G01
832
«440
' 1, 407
'63
594
225
1,959
2,556
156
603
228
1,940
2,567
150
602
234
1,911
2,545
143
607
204
1,862
2,476
139
456
163
1,834
2,210
194
138
1,105
1,068
137
1,085
1,072
165
1,089
1,077
180
1,075
1,087
137
1,080
1,113
Gold, Dominion notes, and subsidiary coin.
Corrected.
NOTE.—Banks included are as follows: Canada—chartered banks; England—-nice London clearing banks; France—four commercial banks;
Germany—six Berlin banks; Japan—Tokyo banks.
473
FEDERAL RESERVE BULLETIN
AUGUST, 1931
DISCOUNT RATES OF CENTRAL BANKS
Date effective
In effect Jan. 1,1930.
Jan. 14
Jan. 16
Jan. 30
Feb. 5. .
Feb. 6
Mar 3
Mar. 6
Mar. 7
Mar. 8
. . .
Mar. 20
Mar. 25
Apr. 3
Apr. 24
May 1
May 2
May 19
May 20
June 21
July 10
Oct. 9.
Bank Bank German Bank Bank of Bank of
Reichsof Engof
of
Nether- SwitItaly
land France bank
lands zerland
5
3K2
7
3H Austria
Belgium
Bolivia
Bulgaria
4
3
6
4H
.
5*6
3H
3
5
3
6
3
VA
5V2
4
2
2y2
5
2
2
2*6
2*6
2
7
10
4*
2
15
15
2
In effect
since—
10 July
Aug.
Aug.
8*6 June
Chile
Colombia
Czechoslovakia
Danzig
6V2
4
Tan 3 iqq-i
Jan 22
Jan. 24
May 14
May 16
June 13
July 16 _
.
July 23
July 30..
Aug. 1
In effect Aug. 1,1931.
7
Rate
Augl
Country
Country
23,1931 Java
1,1930 Latvia
26,1930 ; Lithuania
4,1931 : Norway
In effect
since—
4H Mar. 11,1930
6 I Apr. 1,1930
4 I Nov. 8,1930
!
Peru
7 ! Sept. 1,1930
Poland
7lAl Oct. 3,1930
Portugal
714 Tuna 9 1QQft
June 25,1930 I Rumania
8
Apr. 1,1931
July 28,1931
South Africa.
5
Mar. 13,1931
Denmark
Nov. 13,1930 Spain
July 8,1931
Ecuador
4
io 2 Mar. 14,1931 Sweden
July 31,1931
Estonia
7 Oct. 7,1930
Finland
8
Mar. 22,1927
6 Aug. 27,1930 I U. S. S. R . . .
Yugoslavia...
July 20,1931
Greece
9 Nov. 30,1928
Hungary
9 July 24,1931
India
6 May 28,1931
Japan
5.11
Oct. 7,1930
"
Changes: Austria—July 23, up from 7y2 to 10 per cent; Danzig—July
13, up from 5 to 6 per cent; July 17, up from 6 to 7 per cent; July 28, up from
7 to 10 per cent; lEngland—July 23, up from 2y2 to 3H per cent; July 30,
up from VA to A A per cent; Germany—July 16, up from 7 to 10 per cent;
Aug. 1, up from 10 to 15 per cent; Hungary—July
24, up from 7 to 9 per
cent; Spain—July 8, up from 6 to 6lA per cent; Sweden—July
31, up from
3 to 4 per cent; Yugoslavia—July 20, up from Q}/2 to 7lA per cent.
9
7
4
10
May 7,1931
Sept. 18,1930
Rate
Aug 1
2
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
Bankers'
Acceptances,
3 months
1930—June
July
August
September
October
November
December
1931—January
February
March
April
May
June
Month
2.31
2.37
2.21
2.07
2.09
2.18
2.30
2.25
2.56
2.60
2.58
2.24
2.09
Treasury
bills, 3
months
2.30
2.38
2.17
2.05
2.13
2.15
2.34
2.24
<=2.37
2.56
2.57
2.21
2. 10
Bankers'
Day-to-day allowance
money
on deposits
France
(Paris)
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
1930—June
July
August
September.....
October.November
December
1931—January
February
March
April
May
June
2.78
2.78
2.44
2.39
2.27
2.05
2.34
2.38
2.31
2.25
2.25
2.20
2.13
2.11
2.08
2.10
1.99
2.00
2.00
2.03
1.89
1.77
1.57
1.47
1.28
1.C6
1
1
1
1
1
1
1.93
1.78
1.85
1.68
1.65
2.01
1.60
1.74
2.29
2.20
2.17
1.87
1.64
Belgium
(Brussels)
5.50
5.50
5.50
5.48
5.25
5.43
5.50
5.50
5.50
5.50
5.4S
5.25
5.25
Netherlands (AmsterSwitzerdam)
i
land
Germany (Berlin)
!
Private
discount
rate
3.58
3.40
3.24
3.30
4.66
4.79
4.82
4.75
4.88
4.76
4.65
4.65
6.05
Austria (Vienna)
Private
discount
rate
4Mo-4^
4 -4H
3% -4H
4 -4J4
m -4%
4
-AYi
ZH -4
SU -4Me
3%-4
4
Money
for 1
month
6 -6fc
6 -m
6 -m
53,4-6 J4
5%-6M
5%-6M
5H-6J4
5H-6
5^-6
5VS-6
Private
Money for Day-to-day discount
1 month
money
rate
4.80
4.57
4.43
4.54
5.93
6.51
7.24
6.64
6.31
6.17
5.87
5. 83
7.05
3.74
4.30
3.73
3.78
5.15
5.48
5.54
4.93
5.49
5.00
5.67
5.38
6.74
1.89
1.85
1.83
1.96
1.59
1.31
1.39
1.38
1.12
1.09
1.50
1.39
1.05
Sweden
(Stockholm)
Hungary
Loans up
Prime
to 3
commer- Day-to-day
money
months
cial paper
5*6-8
5*6-7%
5*6-7H
5*6-7*4
5H-7
5H-7Y4
5U-7H
5H-7V4
5H-7H
5*6-7*6
5*6-7
4*6-6*i
4*6-5*6
4J4-5
4J4-5J4
4H-5
4*6-5
4J4-5
4*4-5*6
4]4-5
4J4-5
4 -5
3*6-5*6
3*6-5*6
3*6-5*6
3*6-5*6
3*6-5*6
3H-5H
m-m
3tf-5fc
•as."; *sr
1.93
1.85
1.63
1.84
1.48
1.29
1.86
1.55
1.05
1.04
1.61
1.55
1.07
2.06
1.92
1.75
1.50
1.29
1.16
1.18
1.17
1.00
.99
1.06
1.12
1.55
Japan (Tokyo)
Call
Discounted
money
bills
overnight
5.48
5.48
5.48
5.48
5.48-5.66
5.48-5.66
5.48-5.66
5.48-5.66
5.48
5.29-5.48
5.29-5.48
5. 29-5.48
3.83
3.65
3.83
3.65
3.29
3.65
3.65
3.10
2.92
2.74
2.92
2.19
3 -5
3 -5
5^2-6
3 -5
3 -5
*-*
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November. 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929
<p. 503), November, 1929 (p. 736), and May, 1930 (p. 318).
c Corrected.
474
FEDERAL RESERVE BULLETIN
AUGUST, 1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average 3= 100)
Bonds
Year and month
Number of issues...
-
1926
1927
1928
1929
. . . ..
1930
,
1926—June
July
August
«
•
SeDtember
October
November
_ __
December
1927—January
February
_. .
March
April
May
_.
.
June
July
August
September
.
October
November
December
_
1928—January
February
.
March
._ .
April
May.
. ..
.June
July
August
September
October
_
November
December
._
1929—January
February
March .
April
.
May
June . . . .
. . .
July
August
.
. .
September
October
November..
. .
December
1930—January
.
February.
.
March
April
May
. . .
. .
June
July
August
September
October..
November .
December
. . . . . .
1931—January
.
February
March.
..
April
May
June
_
.. !
United
States
(average
price)
60
97.0
98.9
98.7
95.7
98.3
97.3
97.0
97.2
97.0
97.0
97.6
97.8
97.9
98.1
98.4
99.0
99.1
98.4
98.4
98.8
99.3
99.6
99.7
100.0
100.3
100.3
100.5
100.3
99.7
98.5
97.9
97.2
97.5
97.5
97.8
97.2
97.0
96.3
95.8
95.8
95.7
95.3
95.2
95.0
94.8
95.1
95.7
96.5
96.5
96.4
97.8
97.9
97.9
98.2
98.7
99.6
100.0
99.9
99.1
97.8
99.6
99.4
100.0
99.6
99.7
99.4
France
England
(December (1913 aver1921=100) age =100)
87
110.0
110.7
112.3
110.2
111.8
110.2
110.0
110.2
110.0
110.2
109.3
109.3
111.3
110.5
110.3
110.6
110.6
110.1
110.3
110.6
110.7
111.9
110.6
111.2
112.4
112.3
112.4
113.7
112.4
112.4
112.1
112.1
111.7
112.3
112.1
112.1
113.4
111.7
111.1
111.9
110.4
109.8
109.3
109.0
108.9
109.3
108.5
108.5
109.6
110.1
112.7
112.7
111.4
110.0
112.3
111.9
112.0
113.1
112.8
112.5
112.8
109.7
111.6
111.3
110.8
111.1
35
Germany
(average
price)
U77
57.4
71.7
82.8
85.1
95.8
54.3
54.6
56.6
56.6
58.3
60.2
62.8
66.0
65.4
71.0
73.9
72.7
72.1
72.2
72.6
73.1
72.3
72.7
76.8
80.4
80.2
80.3
81.3
81.8
84.3
83.7
84.9
84.9
84.4
83.8
84.1
83.6
81.8
81.7
83.0
84.2
84.8
84.6
84.8
86.9
86.6
87.7
91.6
97.5
96.3
95.8
95.5
95.3
95.8
95.7
96.6
96.4
95.4
94.7
94.1
95.7
97.1
97.9
99.0
98.4
98.8
86.9
83.0
85.0
89.4
88.5
87.8
87.5
87.2
86.8
86.5
86.2
85.9
85.6
85.4
85.4
85.6
85.3
84.8
84.2
82.7
82.7
82.8
82.5
82.1
81.3
81.0
80.7
81.2
82.2
82.6
84.7
86.7
87.1
88.0
87.5
86.9
84.7
84.5
83.9
84.0
84.3
85.9
87.4
86.4
United
States
England
France
Germany
404
278
300
329
100.0
118.3
149.9
190.3
149.8
97.2
100.0
102.9
104.3
101.6
103.1
105.4
105.6
107.9
109.1
111.1
114.2
115.4
117.2
122.0
127.7
126.7
129.6
133.1
134.4
132.3
137.9
145.9
152.1
145.3
144.2
148.3
156.6
159.1
171.1
171.4
185.2
186.5
189.1
186.6
187.8
190.7
207.3
218.1
225.2
201.7
151.1
153.8
156.3
165.5
172.4
181.0
170.5
152.8
149.3
147.6
148.8
127.6
116.7
109.4
112.3
119.8
121.6
109.2
98.0
95.1
100.0
107.0
115.9
119.5
102.6
100.4
99.8
101.7
102.6
101.1
102.1
102.0
104.1
105.1
104.4
105.5
106.4
106.3
106.7
107.4
108.3
109.7
109.6
110.4
111.1
111.0
114.0
116.2
118.6
114.7
114.0
115.9
117.7
119.2
119.8
119.3
122.8
121.7
121.0
119.8
118.3
118.6
121.7
123.5
124.3
120.8
110 4
110.5
110.2
109.9
109.2
111.1
108.0
101.8
103.1
98.4
101.1
95 4
94.1
89.0
89.6
89.3
89.4
85.1
76.8
77.8
100.0
123.2
178.5
217.2
187.6
98.3
111.6
109.0
115.5
111.2
102.6
99.6
109.4
112.4
120.2
129.2
125.8
120.6
124.9
123.6
125.3
126.2
124.5
135.2
148.1
143.3
157.9
177.3
179.8
180.7
170.4
189.3
193.6
193.1
200 4
207.3
233.0
235.2
229 6
222.3
219.7
210 7
213.3
215.0
222.3
209.9
197.9
198.7
212.9
205.6
205.2
208 6
198.3
187.6
188.8
182.0
182.4
169 5
162.2
149.8
156.7
160.1
155.4
148.5
138.2
141.2
100.0
145.0
136.1
122.8
100.2
92.4
99.9
109.5
112.1
123.1
130.6
130.2
149.3
158.3
153.7
162.8
156.1
142.4
147.0
144.5
139.4
134.9
122.2
129.3
135.8
132.4
130.6
136.1
140.2
141.2
137.2
136.9
137.2
135.2
135.0
136.4
135.4
130.0
129.4
129.5
124.2
127.2
-124.5
123.1
121.5
114.4
109 9
105.7
110.1
110.6
109.2
112 1
111.7
106.8
100.9
94.8
93.9
87 9
84.7
80.0
75.0
78.5
83.6
84.8
76.1
1
Approximate number; series originally included 208 issues, from which those bearing 10 per cent interest have been eliminated in recent revision. In 1928 the number of such issues was 31.
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures—except for revised series on German bonds—see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158).
SOURCES: United States - S t a n d a r d 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 G6n6rale, for July, 1927 (pp. 390-397). Germany—Statisches Reichsamt, Berlin; description in Wirtschaft und Statistik: B o n d s February, 1928 (p. 144) and April, 1931 (p. 338); stocks (with back figures)—January, 1929 (p. 62).
AUGUST,
475
FEDERAL RESERVE BULLETIN
1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—ALL COMMODITIES
United States
(1926=100)
Canada
(1926=100)
England
(1913=100)
1930
1930
France
(1913=100)
Germany
(1913=100)
Italy
(1913=100)
1930
1930
Japan
(Oct.,
1900=100)
Month
1930
January February
March
April
May
June
July
August
September
October
November
December
.___-._
93
92
91
91
89
87
84
84
84
83
80
78
_
«*
.
1931
77
76
75
73
71
70
1931
77
95
94
92
91
90
88
86
84
83
81
80
78
1931
131
128
125
124
122
121
119
118
116
113
112
109
76
75
«
107
106
106
106
104
103
1930
576
567
553
548
546
540
558
560
556
652
551
541
1931
541
538
539
540
520
518
132
129
126
127
126
125
125
125
123
120
120
118
1931
1931
342
338
339
337
332
327
417
408
400
396
389
382
375
379
374
364
361
350
115
114
114
114
113
112
1930
Netherlands
(1913=100)
1930
1931
201
200
196
193
189
181
177
176
172
165
1G2
161
158
158
158
158
164
151
131
126
122
122
118
118
115
114
112
111
110
107
1931
105
104
103
102
102
100
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those comprised in indexes shown in preceding table]
United States (1926=100)
Month and year
Farm
products
England (1913=100)
Other
commodities
Foods
Foods
Germany (1913=100)
France (1913=100)
Farm
AgriculIndustrial and
food Industrial
tural
products products
products products
Industrial
raw and Industrial
finished
products
! products
Provi-
1930—May
June
JulyAugust
September...
October
November
December
93
89
83
86
86
83
79
76
92
91
86
87
89
89
86
82
88
86
84
83
83
82
80
79
127
127
127
126
124
121
121
116
119
117
115
113
111
109
107
105
483
488
640
550
562
562
570
570
601
587
573
568
551
643
535
516
111
110
115
117
114
109
112
110
117
115
114
111
108
108
108
105
1931—January
February
March
April
May
June
74
70
71
70
67
65
S
78
77
76
74
73
72
113
112
111
113
113
113
104
103
103
102
100
98
580
575
581
592
566
571
507
605
503
495
480
473
107
106
107
108
109
107
_
77
76
73
72
RETAIL FOOD PRICES
United
States
Month
1930
January
February
March
April
May
June....
July
August.-.September
October
November
December
England
(July,
(1913=100) I 1914=100)
j
!
'.
,
I
-—!
'
i
I
I
j
155
153
150
151
150
148
144
144
146
144
141
137
1
133
127
126
124
121
118
157
154
150
143
140
138
141
144
144
143
144
141
!
!
j
.
_
;
124
121
120
119
120
120
122
127
129
129
131
132
152
151
151
149
148
147
145
143
102 :
100
99 i
97
96 !
95 j
108
106
106
105
103
103
142
140
139
138
••137
137
.
COST OF LIVING
United
States
France
(July,
1914=100)
1931 , 1930 I 1931 ' 1930
i
.
124
122
119
118
116
114
113
110
]
Month
1931 ! 1930 j 1931
132
132
131
130
129
128
150
148
145
143
142
143
146
145
142
140
138
135
134
131
130
129
130
131
January
__
February
March..
April
May ._
June
July
August . - September
October
November
December.- . .
(1913=100)
England
(July,
1914=100)
France
Jan.-June,
1914-100)
Germany
(191314=100) i
1930
1930
1931
1930
1931
1930
166
164
161
157
155
154
155
157
157
156
157
155
153
152
150
147
'147
145
115
120
116 |
120
1931
167 j 150
I
"161
1
r
120
12l"
152
150
149
147
147
148
149
149
147
145
144
142
1931
140
139
138
137
137
138
Average of October, 1913, January, April, and July, 1914=100.
Revised.
SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living—United StatesBureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices,
Statistique G6nerale and for cost of living, Commission d'etudes relatives au cout de la vie a Paris
476
FEDERAL RESERVE BULLETIN
AUGUST, 1931
BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE
PERCENTAGES
[Averages of daily figures, amounts in thousands of dollars]
Federal reserve bank
1931
July
1930
236,168 223, 662
11,251,553 1, 234, 514
259,919 263, 369
338,221 330, U8
90,954
90, 551
139, 817
147,909
574, 538
110,335
112,892
68, 718
72,327
98, 343
99,165
47, 392
47, 029
I 302,413 292, 265
Boston
New York
Philadelphia
Cleveland
Richmond...
Atlanta
Chicago
St. Louis....
Minneapolis.
Kansas City
Dallas.
San Francisco
Total
1931
July
June
Federal reserve notes in circulation i
Total deposits
Total cash reserves
July
1930
June
July
244,623 147,376
144,694
151,387
9.^5,481 1,089,150 1,077, 958 1,021,197
224, 764
152,203
150,588
141,777
332, 828 201,979
197,920 205,177
98,030
65, 731
04, 672
67, 694
139, 462
59, 926
5-9, 291
63,335
467,890 337, 774 333,850 356,113
114,241
73, 673
79, 235
73,146
72, 626
50, 615
51.828
51, 626
118, 571
83,728
90, 656
84,802
56.244
60, 739
57, 011
55, 770
305, 570
187, 586
192,466
189,486
1931
July
Reserve percentages
1931
1930
June
July
July
June
1930
July
127, 813
189, 861
65,062
119,437
191, 832
71, 268
52, 726
69, <-30
31,936
161, 365
83.0
90.1
86.6
84.0
67.1
78.8
89.1
75.6
71.1
67.0
55.7
81.5
82.0
90.7
88.3
83.7
66.0
80.8
88.2
77.0
69.7
67.1
56.9
81.5
82.4
84.0
83.4
84. a
73.876. a
85.4
75.9
69.5
73.8
60.2
87.6
J3, 584, 709 13,490,351 3,169, 856 2, 513, 090 2,482,719 J2,476, 724 1,741,720 1,656,271 1,390, 267
84.3
84.3
82.0
?•'•
137,192
300,018
147, 768
200,650
69,845
117, 570
376, 562
72, 853
50, 037
63, 266
27,443
178, 516
135,329
283,390
147, 615
196,348
72,581
123, 856
317,263
72.988
47, 345
62, 874
27,102
145,339
I'
1
Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $14,992,000 month ago, $15,657,000; year ago,
$20,707,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS
AT FEDERAL RESERVE BANKS
[Averages of daily figures for 3 months ending June 30,1931. In millions of dollars]
Federal reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco . .
Total
-
- -•-
Reserve held
Deposits subject to reserve
(net demand and time
deposits; see following
page)
-
-
April
May
June
2,312
10,526
2,467
3,240
1,061
2,295
10, 605
2,426
3,197
1,064
2,273
10, 385
2,405
3,179
1,061
3,174
3,193
3,152
32,179
32,168
31,602
2, 375. 9
905
801
.-.
896
4,602
1,117
847
1,129
797
887
4,418
1,091
853
1,123
775
Indebtedness at Federal
reserve banks
Excess
May
June
142.2
1,008. 8
147.0
192.3
62.4
58.2
334.0
73.9
48.6
81.7
56.3
181.1
141.1
1, 042.9
145.5
192.0
61.5
57.4
325.2
71.9
49.1
82.0
54.7
180.6
2, 387.1
2,403. 7
April
143.8
990.5
151.5
196.9
61.6
59.5
330.8
72.5
50.0
81.8
57.1
179.9
4,586
1,108
862
1,138
-
Total
April
2.0
May
1.9
June
2.6
April
8.4
14.2
4.0
4.2
2.1
23.1
4.0
3.6
2.7
80.5
3.4
3.8
1.8
3.5
8.8
3.2
2.5
9.3
3.9
12.6
2.6
4.7
2.3
5.4
3.5
8.9
2.6
4.3
2.6
3.4
41.9
16.0
14.0
13.2
10.8
12.7
7.9
May
10 6
37.4
18.2
14.1
15.9
11.0
13.5
7.4
2.3
44
1.8
6.4
2.1
8.4
7.5
9.4
3.9
9.5
85
12.6
55.6
66.8
128.9
154.4
162.6
June
11 3
33.0
19.4
17.8
19 4
12.7
16.2
7.8
4.1
11.6
99
24.4
187.5
DISCOUNTS OF FEDERAL RESERVE BANKS, BY DISCOUNTS OF FEDERAL RESERVE BANKS, BY
WEEKS
MONTHS
[In thousands of dollars]
[Averages of daily figures. I n millions of dollars]
1931
1930
Federal reserve bank
Federal reserve bank
July 1
July 8
11,569
27, 868
16, 516
17, 611
16, 595
11, 469
10, 222
7,874
4,025
8,741
9,611
8,099
8, 359
26, 341
15, 201
15, 720
16, 745
11,299
10, 233
7,244
4,179
9,506
10,120
27, 439
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis.-_
Kansas City...
Dallas
San Francisco.
Total
150,200
July 15 July 22 I July 29
8,576
24, 230
15,298
15, 535
17, 235
12, 013
11, 670
9,189
3,923
9,413
10, 509
24, 212
162, 386 161,803
9,376
26, 845
17,055
16, 262
17, 785
16,008
13,636
9,724
4,667
10,340
12, 241
29, 097
Boston
New York
Philadelphia.
Cleveland.
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City.
Dallas
San Francisco
181,602 i 183,036
Total-.
8,174
23,181
16, 597
16,952
17, 429
13, 538
11, 897
9,286
4,354
9,115
11,206
39,873
226.0
477
FEDERAL RESERVE BULLETIN
AUGUST, 1931
NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS
[Averages of daily figures. In millions of dollars]
Total (all member banks)
Federal reserve district
Net demand
June
Boston
. . .
_ _
New York
Philadelphia
Cleveland
Richmond
__
Atlanta
.
Chicago.
.
St. Louis
Minneapolis . ,
Kansas Citv
Dallas
San Francisco
__ _
._ __
Total
1
May
Time
June
Smaller centers (places under 15,000) l
Larger centers (places over 15,000) i
Net demand
May
June
May
Time
June
Time
Netdj?mand
June
May
May
June
May
1,260
7,228
1,199
1,519
505
492
2,324
612
398
738
543
1,236
1,281
7,401
1,206
1, 526
508
505
2,415
625
389
743
563
1,257
1,012
3,157
1,206
1,661
555
396
2,094
479
455
385
232
1,916
1,014
3,204
1,220
1,671
555
391
2,187
493
458
386
234
1,937
1,164
6,948
1,015
1,344
401
408
2,102
490
257
507
365
1,091
1,184
7,125
1,023
1,348
400
418
2,180
500
248
508
379
1,109
852
2,567
750
1,342
355
312
1,745
358
215
244
193
1,778
853
2,616
761
1,349
355
310
1,828
371
216
245
194
1,798
97
280
184
175
104
83
222
121
141
232
179
146
97
276
183
178
108
87
235
125
141
236
185
148
160
590
457
319
201
84
349
121
240
140
39
138
161
588
459
322
201
81
359
122
242
141
39
139
18, 055
18,419
13, 548
13, 749
16,091
16, 422
10, 712
10, 896
1,964
1,998
2,836
2,853
1930 census; for figures through January on 1922 basis see BULLETIN for March, 1931 (p. 140).
NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY
[Amounts due from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars]
Federal Reserve District
Call date
Total
New
Phila- CleveBoston Yorki delphia land
I
1928—Oct 3 . . . ,
Dec. 31.
1929—Mar. 27.
June 29.
Oct. 4__
Dec. 31.
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31.
1931—Mar. 25.
452,478 . 32,943
509,786 | 48, 227
391,495 I 36,147
36, 654
48,220
428,665
519,107 | 82,262
462,976 ! 33,884
40,854
552,394
45,131
585,847
77,082
641,271
67,353
771,795
63,933 37, 688
70,991 43,812
56,145 31,320
56, 784 39, 676
57, 542 32,615
72, 538 41, 553
60, 281 | 35,251
81,924 j 37,854
78, 380 I 49,361
92,706 I 45,703
107,124 1105, 737
Richmond Atlanta Chicago;
47, 465 23,150
55,529 23, 268
39,303 15, 598
21, 758
41, 502 18,105
41, 210 23,111
47,833 19, 656
65, 419 21,293
61,230 23,976
62, 796 27,064
87,916 33,244
25,055
29,119
26,885
26, 452
27, 745
28,182
30,831
79,862
83,164
62,120
72,700
68, 415
62,965
82, 790
96,321
28,453 106,160
34, 777 116,899
44, 716 127,354
St.
19,136
20, 734
17, 402
18,999
19, 277
18,303
22,385
26,486
26,663
33,112
43,834
Minne- Kansas
apolis City Dallas
17, 593
18,686
14,855
16, 523
15,569
16,154
14,180
17,596
23, 587
23,814
25, 268
28,737
29, 582
25.124
26, 712
26, 222
27,972
35, 341
42,345
52,047
33,487
39,007
25,923
26,887
22,102
21,226
26,109
27, 781
28,101
31, 339
31,072
25,012
29,219
San
Francisco
50,993
59, 787
44, 494
62, 351
47,344
77,076
52, 353
57,125
59, 787
68,819
61,023
i Due from banks in New York City as reported by member banks located in New York district but outside New York City.
Backfigures—Notavailable.
INTERBANK LOANS: MEMBER BANK LOANS TO BANKS
[In thousands of dollars. Backfiguresnot available]
Federal Reserve District
Call date
1928—Oct 3 . . . .
Dec. 31._
1929—Mar. 27..
June 29..
Oct. 4___
Dec. 3 1 . .
1930—Mar. 27..
June. 30.
Sept 2 4 . .
Dec. 3 1 1931—Mar. 25..
J u n e 30 *>.
Preliminary.
Totalall
member
banks Boston
547,795
537,501
548,152
670,277
640,301
714,076
527,081
535,307
465, 793
630,545
446,274
454, 698
13,891
16,040
21,186
25,178
20,147
24,602
21,907
26,509
26,572
26,674
18, 779
16, 585
New
York
Philadelphia
Cleve- Rich- Atlanta Chicago St.
Louis
land
mond
292,837
294,865
260,522
321,628
30«,654
328,180
207,413
199, 925
172, 685
288, 276
157,530
162, 523
37,003
38,502
49, 201
47,681
51,159
65,118
52, 732
49,173
26, 711
55,849
46,207
48, 239
20,084
27,768
33,249
35,494
34,300
49,107
34,932
30,825
28,478
42,802
32,846
23, 759
24,688
15,033
17,155
27, 719
25,187
18,155
19,283
24,230
23,541
24,438
18, 374
17, 083
30,792
22,018
23,385
34,107
29,823
22,141
26, 702
32,551
33,307
27,478
21,050
20, 877
61, 799
73,477
88,885
96,922
93,297
132,176
94,520
81, 513
68,425
89,896
86,148
99, 504
27,094
14, 519
15,622
27,767
31,059
25,854
22,678
33,481
38, 522
28,308
22,219
18,001
Minneapolis
Kansas
City Dallas
7,989
7,437
7,601
8,593
6,944
6,793
6,351
8,384
7,249
7,284
6,284
9,094
15,919 6,752
16,231 3,399
17,447 4,519
23, 798 8,719
19,499 8,029
23,251 5,392
21,681 6,953
27,630 11, 296
21,936 10,909
23,442 7,988
21,112 7,925
22, 709 8,512
San
Francisco
8,947
6,212
9,380
12,671
12,203
13,307
11,929
9,790
7,458
8,110
7,800
7,810
478
FEDERAL RESERVE BULLETIN
AUGUST, 1931
ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS
[Exclusive of loans to banks. In millions of dollars]
Federal Reserve District
Call date
Total
Boston
New
York
Minneapolis
Philadelphia
Cleveland
1,774
1,750
1,697
1,715
1,672
1,654
1,596
1,563
2,255
2,296
2,209
2,216
2,153
2,182
2,127
2,068
920
920
850
836
824
801
775
751 !
810
796
747
724
703
678
635
612
3,640
3,555 I
3,265 j
3,351
3.206 i
3,182 [
2,956 i
2,746 !
926
883
830
810
796
708
676
650 j
541
515
483
475
476
461
463
444
330
336
301
299
294 i
296 I
284 ,
272.!
428
423
388
370
356
360
340
325
2,533
2,454
2,208 ;
2,306 '
2.207 ,
2,213 !
2,025 !
1,894 i
557 '
525
483
463
456
402
386
357
230
206
185
176
188
178
Richmond
Atlanta
Chicago
St.
Louis
Kansas Dallas j FranCity
i Cisco
LOANS TO CUSTOMERS
AH member banks:
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25__._
June 30 »
Reserve city banks: *
1929—Oct. 4__
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30 *
Other banks:
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30 *
1,751
1,703
1,615
1,616
1,555
1,534
1,467
1,420
7,132
7,231
6,503
6,512
6,392
6,428
6,051
5,828
14,622
14,712
13,288
13,337
13,003
13, 244
12,416
11,895
775
756
695
694
647
650
601
565
5,269
5,371
4,727
4,708
4,644
4,694
4,353
4,162
786 1,265
1,353
766
742 1,273
757 1,283
727 1,246
716 ' 1,290
1,265
678
661 1,239
8,628
8,482
8,206
8,228
8,007
7,762
7,524
7,315
976
947
920
922
908
884
866
855
1,863
1,860
1,776
1,804
1,747
1,734
1,698
1,666
984
955
958
945
938
918
902
12,024
12,026
13,034
13, 555
13,997
13,222
14,342
14,211
833
934
949
1,001
950
1,015
1,022
4,323
4,757
5,072
5,674
5,528
5,307
5,672
5,664
930
872
921
949
1,038
1,023
1,170
1,177
1,209
1,111
1,210
1,232
1,348
1,194
1,274
1,286
6,917
7,179
8,062
8,688
9,121
8,527
9,634
9,518
315
301
377
378
411
388
434
429
3,120
3,615
3,849
4,439
4,285
4,119
4,483
4,459
263
307
328
416
407
549
543
695
649
746
773
898
761
852
876
5,107
4,847
4,972
4,867
4,875
548
532
557
572
591
562
581
593
1,203
1,142
1,223
1,235
1,243
1,189
1,188
1,206
642
609
614
621
622
616
621
633
514
462
464
459
450
433
422
410
23,249
23,193
21,494
21, 565
21,010
- 21,007
19,940
19,210 j
-.-.
-.
990
943
907
862
829
590
584
549
537
530
505
491
479
i
!
j
372
„.-
i, 107:
1,100 I
1,057 !
1,044 :i
1,000
|
j
i
;
188 •
173
312
309
298
299
288
285
275
271
673
651
612
615
616
576
558
544
2,078
2,161
2,000
2,015
1,957
2,135
2,009
1,981
332
331
291
288
296
297
283
274
1,688
,768
,622
,629
,588
,778
,,668
1,647
318
313
311
314
304
296
283
276
342
319
320
327
320
280
274
270
391
393
378
386
370
356
341
333
748
735
684
681
659
667
626
604
:
;
l
430
422
372
366
355
372
343
327
|
I
!
:
!
318 !
295 I
969 I
931 !
287
852
358
347
347
340
306
290
293
309
297
334
302
316
284
318
323
1,383
1,248
1,477
1,501
1,692
L, 538
1,742
1,600
418
428
462
445
454
417
449
465
409
389
407
387
389
382
384
387
479
454
460
443
479
456
457
474
306
280
288
244
241
238
260
250
1,042
1,018
1,114
1,085
1,151
1,104
1,249
1,191
143
142
152
156
170
145
162
186
145
135
155
147
163
140
172
173
778
681
900
942
1,126
995
1,193
1.091
175
192
229
224
235
213
243
252
100
95
108
101
100
103
103
117
255
241
246
244
284
266
271 |
290 i
136
113
141
121
128
121
151
137
767
752
853
837
906
868
1,022
965
211
197
202
188
188
184
189
187
163
162
179
156
153
144
147
150
605
567
578
559
566
543
549
509
237
233
221
219
204
206
213
308
294
299
287
289
279
281
271
224
213
214
199
196
190
187
185
170
167
148
123
114
117
110
112
276
266
261
248
244
236
227
226
!
358
355
348
!
'
:
i
!
OPEN-MARKET LOANS AND INVESTMENTS
All member banks:
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30 P
Reserve city banks: *
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30 *>
Other banks:
1929—Oct. 4
Dec. 31..
1930—Mar. 27
June 30
Sept. 24
Dec. 3 1 . . .
1931—Mar. 25
June 30 v
4,708
4,693
354
340 ,
354 !
344
358 ;
329 !
351 !
373
i
;
I
i
I
j
!
i Member banks in 62 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per cent
against net demand deposits)—and 60 reserve cities (subject to reserve requirement of 10 per cent against net demand deposits); for list of these
cities see Member Bank Call Report No. 51 (pp. 12-17).
p Preliminary.
Back figures—See Annual Report for 1929 (Table 93).
AUGUST,
479
FEDERAL RESERVE BULLETIN
1931
BANK SUSPENSIONS, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary]
Banks reopened
Banks suspended
Number
Federal reserve district
All
banks
January-July, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond.-.
Atlanta __
Chicago
St. Louis
Minneapolis. . . .Kansas City
Dallas
San Francisco
Total
July, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
. ._ ...
Chicago
St. Louis
_. .
Minneapolis_.
Kansas City
Dallas
San Francisco
Total
Members
National
1
15
27
61
54
67
252
86
102
63
27
23
9
18
11
13
30
10
16
6
11
4
778
2
2
9
1
29
3
23
11
5
3
92
Deposits (in thousands of dollars)
State
Nonmembers
Members
All
banks
National
3
1
2,312
6 29, 760
18 33, 062
39 70, 366
42 16, 558
50 30, 715
210 222, 724
73 19,183
85 25, 658
57 12, 883
16
8,933
16
6,088
7,506
7,859
15, 933
5,057
15, 918
44, 802
4,764
4,581
2,272
3,777
793
136
29
613 478, 242
113, 262
1
1
1
1
1
4
1
8
1
4
1
4
12
3
1
1
1
7
3
1.
2
3
1
15
2
24
3
21
8
4
3
2,903
9, 676
3,374
958
350
16, 258
453
6,402
3,001
2,140
925
600
737
566
280
350
4,099
75
46, 440
8,222
Nonmembers
All
banks
Members i
1
• 3
2
1,433
2,312
16,198
25, 203
47,032
11, 282
13, 082
131, 571
13, 678
20, 581
10, 611
5,156
3, 862
64,412
300,568
192
State
6,056
7,401
219
1,715
46, 351
741
496
1
35
12
26
90
16
2
6
2,303
8,939
1,709
678
1,099
Deposits (in thousands
of dollars)
Number
Nonmembers
3
2
1
11
3
22
All
banks
Members i
1
1
2,426
24,423
21, 740
1
32
10
25
79
16
2
3
412
11, 302
9,144
18, 585
30, 033
4,383
356
2,091
170 103,155
Nonmembers
2,426
2,683
520
412
7,410
3,663
11,083
20,456
4,383
3561,571
48, 712
54,443
3,892
5,481
7,502
9,577
1
1
421
421
936
11, 223
453
5,949
2 226
1,778
925
2
2
4
2
2
4
1,556
469
400
1,556
469
400
2,035
36,183
9
9
2,846
2,846-
453
775
362
1
Represents national banks only, except as follows: January-July, 1 State member in New York district with deposits of $18,801,000, and 3 State
members in St. Louis district with deposits of $6,313,000.
Back figures.—For district figures back to 1921 see BULLETIN for February, 1931; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 1928
(Table 115), 1927 (Table 111), and 1926 (Table 98).
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER)
[In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation]
Federal Reserve District
TotalCall date
member,
banks !
7,979
1929—Oct. 4 . .
Doc. 3 1 .
1930—Mar. 27.
June 30.
Sept. 24
Dec. 3 1 .
1931—Mar. 25.
7, 614
7, 642
7,317
7,258
7,023
7,778
Philadelphia
Boston!
4S8
424
455
430
426
386
423
2, 661
2, 640
2, 01 fi
2,413
2,368
2,429
2,693
454
409
396
394
399
408
520
Cleveland
617
599
613
608
671
576
Richmond
I
:
i
|
I
284
267
264
272
264
233
249
I San
Dallas ! FranI cisco
St.
Atlanta Chicago Louis
280
275
276
267
270
236
260
1,051
942
966
956
925
922
1,050
309
284
292
270
273
245
259
304
287 !
263
261 i
273
438
417
395
391
383
373
356
339
320
322
302
290
262
283
754
75G
759
727
725
693
743
INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS
[In millions of dollars]
Date
1928—Oct. 3
Dec 31
1929— Mar. 27
June 29
.
Oct 4
Dec. 31 .
1930—Mar. 27
_
June 30
Sept. 24 . . . .
Dec. 31
1931—Mar. 25
Totalall
nonmember Boston
banks
347
350
354
399
363
359
287
287
247
269
242
22
17
24
25
23
30
19
17
15
17
15
Federal Reserve District
New
York
37
43
43
35
29
21
lfi
15
10
15
16
Philadelphia
57
54
55
58
68
81
61
51
29
56
47
Cleve- Rich- Atlanta Chicago St.
land
mond
Louis
30
34
37
40
10
55
34
28
22
37
33
49
25
31
43
46
28
29
31
34
25
23
19
21
26
32
33
23
18
35
33
20
15
57
71
71
79
77
58
44
38
31
42
38
34
43
34
39
39
24
32
30
32
23
24
Minneapolis
8
8
6
9
S
10
6
8
8
7
7
Kansas Dallas
City
8
12
7
13
3
15
10
15
11
13
10
7
2
4
8
6
4
5
9
10
4
5
San
Francisco
18
20
15
18
20
11
12
12
11
9
9
480
FEDERAL RESERVE BULLETIN
AUGUST,
1931
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS
[In millions of dollars]
Federal Reserve District
Date
Total
New Philadel- Cleve- Rich- Atlan- Chiphia land mond ta cago
Boston York
Loans and investments:
July 1
July8
1
July 15
July 22
July 29
Loans:
July 1
July8
July 15
July 22
July 29
On securitiesJuly 1
July8
July 15
July 22
July 29
All otherJuly 1
_
July 8.
July 15
July 22
July 29
Investments:
July 1
July8.
July 15
July 22
July 29
U. S. Government securitiesJuly 1
July8
July 15
July 22
July 29
All otherJuly 1
July8
July 15
July 22
July 29
Reserves with Federal reserve
banks:
Julyl
•_
July8
July 15
_
July 22
July 29
Cash in vault:
Julyl
July8
July 15
July 22
July 29
Net demand deposits:
Julyl
July8
July 15
July 22
July 29
Time deposits:
Julyl
_
July8
_.
July 15
_
July 22
July 29
Government deposits:
Julyl
July8
..._
July 15
July 22
July 29
Due from banks:
Julyl
_.
July8
July 15
July 22
_.
July 29
,
1
Min-
Kansas Dallas
City
Chicago
9,056
8.999
9,007
8,912
8,949
1,364
1,353
1, 365
1,360
1,362
2,237
?, 228
2,221
2,220
2,224
628
637
632
631
631
567
563
560
551
554
3,148
3,218
3.161
3,154
3,145
641
636
630
627
627
373
372
370
373
368
640
636
636
635
632
435
434
430
427
425
1,944
1,955
1,948
1,946
1,939
987
994
989
977
972
5,979
5,929
5, 934
5, 869
5,833
817
812
822
815
817
1, 376
1,375
1,377
1,376
1,380
413
410
407
407
407
386
382
3S2
375
378
2,208
2,221
2,223
2, 215
2,212
414
409
406
404
404
234
234
232
231
231
369
365
364
362
358
299
298
298
296
294
1,209 I 5,191
1. 207 ! 5,146
1,201 I 5,155
1,200 j 5,093
1,200 | 5,060
6, 745
6,665
6, 633
6,570
6,544
384
376
381
374
371
3,220
3,162
3,113
3. 069
3,040
421
421
425
425
427
642
639
645
642
643
159
156
156
158
155
116
114
114
113
114
1,052
1,057
1,062
1,057
1,065
170
167
166
165
164
61
61
61
61
61
101
100
101
100
100
92
90
92
91
90
327
322
317
315
314
! 2,862
I 2,803
2, 758
! 2,712
! 2,685
718
727
732
727
735
7,946
7,971
8,002
7,957
7,942
603
618
608
603
601
2,759
2,767
2,821
2,800
2,793
396
391
397
390
390
734
736
732
734
737
254
254
251
249
252
270
268
268
262
264
1,156
1,164
1,161
1,158
1,147
244
242
240
239
240
173
173
171
170
170
268
265
263
262
258
207
208
206
205
204
882
885
884
885
886
!
i
i
i
!
2,329
2,343
2.397
2,381
2,375
538
549
548
547
538
7,795
7, 851
7,780
7,757
7,810
466
462
466
471
468
3,077
3,070
3,073
3,043
3,116
547
541
543
545
545
861
853
844
844
844
215
227
225
224
224
181
181
178
176
176
940
997
938
939
933
227
227
224
223
223
139
138
138
142
137
271
271
272
273
274
136
136 !
132
131
131
735 2,653
748 2,643
747 2,650
746 2,619
739 | 2,692
573
631
570
573
4,129
4,124
4,119
4,101
4,133
204
198
204
209
206
1,769
1,767
1,768
1,748
1,800
225
219
221
223
223
477
472
464
464
465
101
101
99
97
96
90
91
88
86
86
547
542
546
546
540
80
81
78
77
78
64
67
67
67
64
119
119
119
121
122
77
77
73
73
72
3, 666
3,727
3,661
3,656
3,677
262
264
262
262
262
1,308
1,303
1,305
1,295
1,316
322
322
322
322
322
384
381
380
380
379
114
126
126
127
128
91
90
90
90
90
393
455
392
393
393
147
146
146
146
145
75
71
71
75
73
152
152
153
152
152
59 | 359 j 1,046
59
358 ' 1,040
59
355 ; 1,043
58
356 1,032
59
358 | 1,053
1,808
1,854
1,854
1,855
1,844
91
98
93
95
91
907
941
947
930
93
92
92
90
90
139
146
139
136
136
39
41
41
39
39
39
38
38
37
38
254
267
253
251
261
45
44
42
45
43
24
26
24
25
26
56
53
53
54
52
108 !
109
107 ;
105
107 j
825
849
883
886
871
175
186
174
169
183
233
232
217
218
220
14
15
14
14
14
55
54
54
13
13
13
14
14
32
29
28
30
30
14
14
13
13
13
8
9
8
8
8
46
44
40
38
39
7
7
6
6
6
5
6
5
5
5
12
12
12
12
12
19
19
17
17
19
44
44
43
42
42
21
20
17
15
15
13, 688
13, 604
13, 634
13, 481
13, 473
874
863
874
861
837
6,465
6,368
6,446
6,356
6,393
793
775
784
778
780
1,096
1,087
1,068
1,074
1,075
328
328
335
329
326
307
304
302
295
292
1,771
1,853
1,782
1,769
1,766
377
365
362
359
355
215
216
222
221
216
459
448
447
444
440
271
270
271
269
268
732
727
741
726
725
5,863
5,786
5,871
5,791
5,829
1,170
1,256
1,183
1,181
1,189
22, 486
22, 487
22,415
22, 284
22, 296
1,453
1,456
1,455
1,448
1,440
14,691
14,636
14, 635
14, 527
14,486
!
i
|
j
!
376
390
392
390
381
7,844
7.789
7,805
7,712
7,752
1,607
1,603
1,607
1,587
1,639
1,829
1,907
1,850
1,847
1,836
1,256
1,276
1,280
1,274
1,273
339
335
340
340
331
234
296
230
233
232
7,172
7,176
7,142
7,121
7,144
I
i;
j
I
519
517
514
512
511
1,721
1,711
1,690
1,681
1,682
394
403
403
401
404
1,015
1,018
1,021
1,021
1,024
268
270
267
265
264
233
232
234
233
235
1,235
1,234
1,228
1,231
1,248
230
238
237
237
238
151
151
151
150
149
204
204
204
203
203
147
145
143
143
141
1,055
1,053
1,050
1,044
1,045
1,189
1,182
1,163
1,150
1,152
539
535
532
533
552
309
271
237
209
190
|
j
!
I
19
17
15
13
12
114
101
88
78
70
25
22
19
17
29
25
22
20
18
18
16
14
12
11
21
18
16
14
13
35
31
27
23
21
6
5
5
4
4
1
1
1
1
1
4
3
3
3
2
12
11
21
18
15
14
13
108
95
83
73
25
22
20
17
16
120
124
125
106
105
Figures for May 27, on page 338 of the
St.
City
1,719
1,702
1,698
1,606
1,557
|
11
|;
!
i
222
143
127
170
156
145
170
134
160
158
121
160
141
109
162
June BULLETIN, should
90
86
327
93
85
321
94
81
308
96
80
296
87
79 292
have been New York
69
156
79
164
79
76
158
81
86
156
76
76
155
77
74
78, Chicago 195.
202
195
203
190
188
r
Revised.
103
102
80
i 197
178
174
170
175
481
FEDERAL RESERVE BULLETIN
AUGUST, 1931
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued
[In millions of dollars]
City
Federal Reserve District
Date
Due to banks:
July 1
July 8
July 15
_.
July 22
July 29
Borrowings from Federal reserve banks:
July 1
_
July 8
July 15
July 22
July 29
Total
3,780 !
3,719 j
3,602
3,438
3,368
New
Boston York
153
160
159
150
138
1 496
1 414
1,353
1,287
1,265
1
1
2
1
1
6
8
7
7
10
Kan- |
San
Cleve-1 Rich- Atlan- Chi- St. Minl! Chinea- sas : Dallas Fran- New
land
ta
cago Louis polis
i mond
City !
; cisco York cago
phia
271 !!
266
262
248
247
1
2
2
2
2
!
!
!
j
j
343
365 i
370
358 !
357
7
5 |
5 i
7
6
115
116
113
112
110
3
2
3
3
3
106
106
103
98
97
517
516
483
459
450
115
122
113
110
109
216
217 j
211 i
205 |
201
103 '
101
95 ;
90
\!
i-i
1
1 j
11
2 :!
254
248
251
234
224
1
20
18
33
22
1,406
1,321
1,258
1,201
1,180
!
i
I
I
354
359
334
317
311
482
FEDERAL RESERVE BULLETIN
AUGUST, 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
In effect May 1,1930May 2
May 8
June 7
June 20
June 21
July 3
July 12
July 18
Aug 7
Aug 8
Aug 15
- Sept 9
Sept 12
Dec 24
Dec 29
Jan. 2 , 1 9 3 1 . . .
Jan 8
Jan. 9 .
Jan 10
Mav 7
May 8
May 9
May 15
May 21
May 22
4
n effect Aug. 1,1931
2
New
York
Philadelphia
Cleveland
Richmond
Atlanta
4
4
4
4
334
3
Chicago St. L o u i s
4
Minneapolis
4
Kansas
City
4
4
San
Francisco
Dallas
4
4
3H
2H
3H
3
3H
3H
3H
334
334
3M
3K
VA
2
3
234
3
3
3
2
3
3
134
3
91/
234
3
!
2H
3
2M
3
IK
3
3
3
334
234
23/2
2H
3
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
Boston
New York
Buffalo...
Philadelphia
Cleveland."
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville...
New Orleans..
Chicago
Detroit
St. Louis. _
Little Rock
Louisville
Minneapolis
Helena..
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
•
Loans secured by prime stock- Loans secured by warehouse
exchange collateral
receipts
Prime commercial paper
Federal reserve
bank or branch
city
May
-4
-6
-6
June
July
May
June
July
May
June
July
3 -4
3
4 -5
4 -4
4 -5
334-5
4 -5
5 -6
434-6
5 -6
5 -6
5 -5
334-4
6
5 -5H
5 -6
5 -7
5 -5
5 -534
334-4
6
5 -534
4 -5
6 -634
4
5 -6
334-4K
4
-5
5
534
5 -6
4VS-5
6 -7
5 -8
5 -6
4^-6
334-4
_
AVT-5
334-5
6
6
3 -4
8
43^-5
4 -434
5H-6
5
88
4 -5
5 -6
6 -634!
6
6
5
4
4
5
2
6
3*4-4
6 -8
4H-5
4 -6
7 -8
5 -6
5J4-6
4*4-5
5H~6
5 -7
6
-4
5 -6
-6
-AH
-5
-6
-
5 -6
5 -6
>/2
3%5
4*^-6
5K6
4 -6
5 -8
6 -7
6
5 -634
4 -5
5 -6
5 -6 1
6 -634
5*^-6
5 -6
8
53^-6
j2
5 -6
434-5
t> -7
6 -6i
5 -6
4H-5
334-4
4*4-5
3 -5
6
6
3 -4
6 -8
4*4-5
4 -6
534-7
6 -6M
7 -8
5 -7
7 -734
4M-6
4*^-5
4 -43
7 -8
534-6
5^
514-6
!
6 -6^j
.6
6
53^-6
6
6 -7
4 -6
5 -6
5 -6
5*^-6
4M5
5^-6 !
434-6 !
5 -8 !
5 -7
6 i
5 -6M
4 -5 I
5*4-6 i
414-6
6 -64'
!
5 -6
6 -8 '
5 -6 !
5V2-6
8
53^-7 ;
5 -7
7 -8
5 -7 :
6 -7 I
5 -6 i
5 -7 :
6 -634
6 :
6 -634'
6 -7
5
4*4-6
5 -6
4 -6
5 -8
6 -7
6 I
5 -6)4
4 i -4*4i
4*4-6
6 -6*4
6
4 -6
6 -8
5H-6
6
8
5H-7 i
7 -%
6 -7
5 -6
6 -634
6
6
6 -634
6^7
5 -514
5 -6
6
5 -1
4 -434
6 -8
6 -7
6
534-6
434-5
6
5 -6
6
6
334-4
6 -8
5 -6
534-8
6 -8
6
534-6
8
5 -6
6 -8
-7
634-7
634-7
6
4 -5
6 -8
6 -7
6
53^-6
4^5
6
5 -6
3
6
5
6
6
-5
-8
-6
-8
-8
May
-4%
4V
434-5
5 -6
5 -6
434-5
5 -6
4 -434
5 -hVi
5 -6
6
6
434-5
6
5 -6
6 -634
5
6
5 -534
6
5
534-6
6 -7
5 -6
6 -8
6 -6;
6
5 -6
6
6 2 -8
5 -6
5*4-7
5 -6
5 -6
6 -8
534-6
6 -7
6 -7
7
6J4-7
7
Interbank loans
5
6
5
6
-6
-8
-7
-7
7
-534
June
July
334-4
4-434
334-414M-5
4^6
5 -6
5
5
5
5
-6
-6
-51
-6
6
6
414-6
4 -6
6
5 -6
5 -6
6 -8
5 -6
5 -534
6
434-6
5V2-6
55M
-5
5
3 H-434
5 2 -6
5 -6
434-5
5 -6
534-6
5 -5
5 -6
434-6
4^-5
5
4 -6
6
6 -7
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities.
534
4^-6
6 -8
5 -6
6
6
6
5 -534
6
434-5^
5H-6
5
Rate
483
FEDERAL RESERVE BULLETIN
AUGUST, 1931
BUILDING CONTRACTS AWARDED
BUILDING PERMITS ISSUED
(Value of contracts in thousands of dollars. Figures are for 37 States
east of Rocky Mountains, as reported by the F. W. Dodge Corporation]
[Value of permits in thousands of dollars]
1930
1931
1931
1930
Federal reserve district
I
Boston
New York....
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
_.
Total (11 districts)
June
May
June
24, 507
91, 884
16, 664
25, 484
23, 636
18, 288
37, 498
32, 554
12, 490
16, 363
32, 511
30, 475
83, 035
18, 857
36, 406
20, 972
12, 877
41, 708
18,327
10, 951
13, 954
18,517
34.127
105, 745
306,079
600, 573
331,880
61, 659
49, 240
37, 666
26, 673
100, 884
73,077
16, 647
63, 727
31.128
Federal reserve district
Boston
N e w York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis-_.
Kansas C i t y . . .
Dallas
San Francisco..
Total
' Revised.
COMMERCIAL FAILURES
(Amounts in thousands of dollars; figures reported by R. G. Dun Co.]
i Number
! of cities
June
May
7,906
31,619
3,189 !
5, 629 |
5,957 |
1,622 |
6,175 !
1,584
5,183 !
4,206 |
3,189
7, 350
r 5, 060
42,547 !
4,854 |
12,322 i
9,602 I
2,271 !
7,688 !
2,130 I
3,997 !
4,400 I
3,036
11,256
83, 608 ! r 109,162
168
Federal reserve district
June
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago ._
_.
St Louis
Minneapolis
Kansas City
Dallas
...
.
San Francisco...
Total
May
199
370
86
138
112
135
327
133
46
83
61
303
237
524
108
191
149
138
275
104
71
113
70
268
1,993
2, 248
Liabilities
1930
1931
1931
1930
June
2,700
210
7,049
407
101
2,337
163 10. 969
2, 394
135
3, 014
145
8, 950
290
104
2, 615
60
366
130
2,502
62 • 1,523
219
7,237
5,015
11, 854
1,254
5, 934
2, 297
371
9,969
3,149
1,256
4,561
3,909
3, 802
3,980
21, 337
2, 962
3,828
2. 286
2.744
8,105
1, 779
1,826
1, 574
8, 455
4, 256
51, 656
53,371
63,131
2,026
June
137, 837
BANK DEBITS
New York City
Outside New York City
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
C hicago
St. Louis
M inneapolis
Kansas City
Dallas
San Francisco
Total.
1
140
141 |
1930
1931
Number
of centers
May
June
!
6,350
42,172
11,483
13,218'
6,187
2,848
18, 212
4,367
6,166
6,269
4,135
16, 431
[Debits to individual accounts. In millions of dollars]
I
Number
June
June
May
25,893
19,406 j
25, 072
18, 858
37,690
24, 621
2,080
26,665
2,004
2,094
664
864
5,123
997
609
1, 039
500
2,660
I
1,95'
25, 803
1,853
2,018
641
842
5,013 |
951 |
629 '
1,000
507
2,714
2,683
38, 706
2,386
2,872
742
935
6,707
1,199
723
1.326
618
3,415
45,299 j
43,930
62, 312
June
484
FEDERAL RESERVE BULLETIN
AUGUST, 1931
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for July 1 as made by the Department of Agriculture]
[In thousands of units]
Corn
Federal reserve district
Total wheat
Spring wheat
Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate,
1930
July 1, 1931
1930
July 1, 1931
July 1, 1931
1930
July 1, 1931
1930»
Boston
_
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas C i t y . . .
Dallas
San Francisco.
Bushels
7,919
20,222
25,969
106,417
107, 542
124,415
731, 749
183,254
253, 740
427,107
96,478
8,740
Bushels
8,127
23, 746
48,020
191,541
154,478
153,864
1, 005,782
382,709
355,404
519,998
115,716
8,568
Bushels
86
5,031
20, 418
33,311
26, 662
2,563
63, 737
44, 241
204, 044
311, 774
34,383
117,180
Total....
2, 093, 552
2,967,953
863,430
Bushels
95
4,977
16,064
47,986
25,672
4,364
68,953
58,630
132, 500
356,981
60, 528
92,263
869,013
Tame hay
Oats
Federal reserve district
Winter wheat
Bushels
Bushels
4,861
20, 248
32,929
26, 662
2,563
59, 447
43,819
11, 768
300,633
34, 240
75,098
4,822
15,908
47,551
25,672
4,364
65, 592
58,360
10,062
350,636
60,381
69, 263
612, 268
712, 611
Tobacco
Bushels
86
170
170
382
Bushels
95
155
156
435
4,290
422
192, 276
11,141
143
42,082
3,361
270
122,438
6,345
147
23,000
251,162
156, 402
White potatoes
Production, Estimate, Production, Estimate, ! Production, Estimate, Production, Estimate,
July 1, 1931
July 1, 1931
1930
1930
1930
July 1, 1931
July 1, 1931
1930
Boston
New Y o r k . . . .
Philadelphia _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas..
San Francisco
Bushels
7,969
38,993
21,984
77, 746
22,338
10, 764
565,861
55, 262
314,479
171,858
42,034
28, 764
Bushels
7,920
33,267
20,678
78,126
28,678
16,675
527,071
63,171
256,290
172,251
80,021
22,119
Tons
4,182
5,526
2,361
3,605
2,194
1,937
15,881
5,033
10,428
10,914
901
14,888
Tons
4,084
6,111
2,496
5,261
3,370
2,334
14,974
6,633
9,235
10,453
1,032
13,124
Pounds
43,181
1,081
39,372
139,879
738, 723
203,725
47,564
282, 253
5,716
3,437
Pounds
39,049
1,274
57, 772
173,472
695, 618
142,110
46,285
360,420
5,236
3,503
Bushels
55, 268
27,710
18,804
15, 619
30,482
11,350
37,118
12, 724
39,650
38/398
5,929
50,184
Bushels
58,634
29,565
22,691
19,182
36,922
16,265
58,079
13, 735
56,162
35,006
6,576
43, 634
Total...
1,358,052
1, 306,267
77,850
79,107
1, 504,931
1,524,739
343, 236
396,451
485
FEDERAL RESERVE BULLETIN
AUGUST, 1931
DETAILED FEDERAL RESERVE, STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL
RESERVE NOTE STATEMENT
[In thousands of dollars]
1930
1931
J u l y 31
J u l y 31
June 30
RESOURCES
Gold with Federal reserve agents
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes
Gold
fund withheld
Federal
Reserve Board
Gold settlement
and gold certificates
by banks
Total gold reserves
Reserves other than gold
Total reserves
Nonreserve cash
_
Bills discounted 1
Bills bought:
Outright *
Under resale agreement
Total bills bought
United States securities:
Bought outright
Under resale agreement
Total United States securities
Other reserve bank credit:
Other securities
Due from foreign banks
Reserve bank float *
Total reserve bank credit outstanding
Federal reserve notes of other reserve banks
Uncollected items not included in float
Bank premises
All other resources
Total resources
_
_._
,
_
-
_
_
2,056,339
29,984
1,917,864
30,166
1, 548, 714
36,814
2, 086,323
414, 523
930, 295
1,948,030
470,161
990, 493
1, 585, 528
596,215
808, 691
3, 431,141
166, 333
3,408,684
167,065
2,990,434
169, 710
3, 597, 474
71, 280
3,575, 749
65,421
3,160,144
62,939
195,058
149,161
199, 537
69,126
4,226
99,033
6,469
128,375
1,735
73, 352
105,502
130,110
677, 853
667,935
576,301
200
677, 853
667,935
576, 501
7,046
10, 726
11,935
8,988
1,425
10,011
7,272
706
20,237
975, 970
Federal reserve notes:
LIABILITIES
Held by other Federal reserve banks
Outside Federal reserve banks
_
__
Total notes in circulation
___
Deposits:
Member bank—reserve account
_
. .
Government
_
_
_
_
Foreign bank
Other deposits
_
_
_
Total deposits
_
Deferred availability items
Capital paid in
Surplus
_
_
All other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents..-
..
r
••
•
13,601
471,223
58,784
25,866
504,367
19,471
59, 584
13, 918
5,145, 581
5,153,666
4, 754, 786
15,104
1, 749, 547
13,601
1,709,833
19,471
1,322, 347
1, 764,651
1,723,434
1,341,818
2, 366, 582
20,122
113, 995
26,031
2,380, 518
46, 573
33,912
42,652
2, 395, 559
23, 367
6,956
21,505
2, 526, 730
2, 503,655
2, 447, 387
398,432
167, 445
274, 636
13, 687
471,223
168,188
274,636
12, 530
504, 367
109, 638
276, 936
14, 640
5,145, 581
5,153,666
4, 754, 786
242, 974
340,845
479,154
:
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks *
___
In actual circulation
_
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
Total collateral
_
934, 363
943,022
.
15,104
398,432
58, 915
28, 406
_
2,180, 421
415,770
2,101, 579
378,145
1, 703, 754
361, 936
1, 764, 651
1,723,434
1, 341. 818
2, 056, 339
225, 382
1,917,864
231,251
1, 548, 714
312, 743
2,281,721
2,149,115
1,861, 457
* Includes bills discounted for Federal intermediate credit banks as follows: Latest month, none; month ago, $370,000; year ago, $124,000, and
notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $131,000; month ago, $126,000; year ago,
$31,000.
* Includes bills payable in foreign currencies as follows: Latest month, $34,371,000; month ago, $10,551,000; year ago, $1,065,000.
• Uncollected items in excess of deferred availability items.
• Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation*
486
FEDERAL RESERVE BULLETIN
AUGUST, 1931
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE
NOTE STATEMENT, JULY 31, 1931
[In thousands of dollars]
Total
Philadelphia
Boston
New
York
Cleveland
159,917
456,919 170,000 212,550
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
Dallas
apolis
City
San
Francisco
RESOURCES
Gold with Federal reserve
2,056,339
gents.
Gold redemption fund with
29,984
U. S. Treasury
58,570 109,200 466,900 j 73,730
49,940
61,000
21,850
215, 763
1,467
643
1,209
1,038
1,878
59,565 110,277 470, 771
75,197
50,583
62,209
22,888
217,641
6,305
58,395
16,452
13,088
16, 744 11,272
29,865
9,150 101,070
9,280
4,657
10,211
4,482
40,670
Total gold reserves.
Reserves other than gold_
3,431,141 220, 791 1,210,182 258,073 323,401 77,487 125,732 !630,236 100,929
166,333
6,981 15, 528 10,901
13,417
6,773 23,669 10,032
51,735
68,328
4,000
89,164
7,413
38,642
8,050
288,176
7,834
Total reserves.
Nonreserve cash
3,597,474
71,280
72,328
1,591
96,577
1,639
46,692
3,404
296,010
4,466
Gold held exclusively against
2,086,323
Federal Reserve notes
Gold settlement fund with
414,523
federal reserve Board
Gold and gold certificates held
930,295
by banks
Bills discounled:
Secured by U. S. Govern'
ment obligations.
Other bills discounted
1,014
160,931
12, 724
1,778
2,290
469,643 171, 778 214,840
995
25,078
123,095
57,537
43,857
12,835
34, 782
617,444
28, 758
64,704
5,087
234,208 1,261,917 265,054 338,929
8,910
22,441
3,350
3,618
1,077
3,871
88,388 132,505 653,905 110,961
3,653
4, 548 9,170 4,490
78,966
116,092
4,857
4,952
21,964
5,537
12,074
8,662
9,640
1,825
15,845
1,057
16,428
5,777
9,144
4,814
6,094
753
3,984
1,229
10,284
295
12,106
22,196
5,712
Total bills discounted. _ _i 195,058
73,352
Bills bought
j
6,568
31, 793 17,611
3,406
27,220
18,302
6,121
17,670
2,286
17,485
6,769
14,921
7,966
10,908
1,838
4,737
1,139
11,513
2,272
12,401
1,489
27,908
6,278
4,604
7,747
3,718
248
23, 563 14,016
40,285
1,591
53,456
7,312
3,846
19,318
12,049
498
15,109
9,507
887
28,683
15,050
440
14,640
9,518
10,212
32,301
22,338
210
95,332
530
30,476
200
27,656
276
39,077
780
30,130
160
52,031
370
51, 734 46,802 118,749
25
94
28
43,422
25
33,808
16
53,642
20
44,180
21
86,587
48
1,612
46,851
8,061
2,225
831
16,604
3,635
1,177
1,184
7,821
1,926
1,037
734
22,466
3,803
723
318
11,683
1,831
975
1,685
21,160
4,621
1,015
__. 5,145,581 368,713 11,676,633 384,902 487,015 181,171 201,323 840,667 181,145 119,711 179,604 109,104
415,593
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
j
211,096
43,245
! 423,512
13,423
1,203
38,536
61,699
5,017
102,819
Total U . S . Government I
securities
.1 677,853
Other securities7,046
53,162
300
169, 535 54,473
760
2,840
953,309
10,726
69,839
52
231,388
10,257
76,250
69
71
15,104
410,367
58,915
28,406
248
51,183
3,458
815
4,525
118,226
15,240
12,639
347
36,059
2,614
1,159
1,019
36,914
7,570
1,986
Total bills and securities.
Due from foreign banks
Federal reserve notes of other
banks
Uncollected items
Bank premises
All other resources
Total resources
14,566 15,336
4,373 11,212
35, 534 45,537
72,085
400
31,558
220
1,783
30,495
3,583
1,507
817
10,905
2,573
3,148
LIABILITIES
Federal reserve notes in actual
1,784,651 137,810
circulation.
72, 392
49,835
i3,131
26, 9C9
177,256
58,593
2,931
3,189
93
53,363 332,045 69,960
4,348
505
1,450
2,870 10, 763 2,790
107
694
260
47,930
824
1,834
174
79,242
947
2,312
53,780
154
2,392
44
172,105
1,128
5,421
7,524
2,526, 730 146,692 1,096,170 158,282 205, 776 64,806
56,845 347, 850 74,460
50, 762
82, 539
56,370
186,178
43, 782 17,637
4,808
20,318
39,936 10,562
1,950
1,286
8,203
2,986
7,144
781
20,607
4,219
8,702
406
11,926
4,219
8,936
744
21,648
11,416
18,475
620
5,145, 581 368, 713 1,676,633 384,902 487, 015 181,171 201,323 840,667 181,145 119,711 179,604 109,104
83.8
82.3
89.2
86.3
83.7
66.5
89.0
71.9
66.3
75.6
56.1
76.7
415,593
81.4
318,571 148,846 199,027
Deposits:
Member bank—reserve ac2,366,582 140,326 1,020,539 149,397 189,302
count..
20,122
Government
309
925
4,743
1,858
113,995
Foreign bank...
5.979
60,500
8,052
7,893
Other deposits..
26,031
78
10,388
6,564
67
Total deposits .
Deferred availability items
Capital paid in
Surplus
All other liabilities....
Total liabilities..-.
Reserve ratio (per cent) _
398,432
167,445
274,636
13,687
50,890
11,836
21,299
186
113,156 33,830
64,345 16,735
80, 575 27,065
144
3,816
68,092 115,951 386,831
36,592 29, 741 10,420
15, 710 5,670
5,183
28,971 12,114 10,857
939
2,067
748
FEDERAL RESERVE NOTE
STATEMENT
Federal reserve notes:
Issued to F. R. bank by
2,180,421 162, 546
F. R. agentHeld by F. R. b a n k .
415, 770 24, 736
In actual circulation
1, 764,651 137,810
Collateral held by agent as
security for notes issued to
bank:
Gold__
2,056,339 159,917
Eligible paper
225,382 16,318
459,837 178,276 225,945
141,266 29,430 26,918
74,491 131, 565 474, 599 84,405
6,399 15,614 87, 768 12,013
54,423
4,588
67,703
4,572
33, C20
6,711
233,011
55, 755
318,571 148,846 199,027
68,092 115,951 386,831
72,392
49,835
63,131
26,909
177,256
49,940
4,996
61,000
12,472
21,850
12, 737
215,763
31, 821
I
456,919 170,000 212, 550 58, 570 109,200 466,900 73, 730
40,016 16, 232 20,940 18,213 22,926 17, 771 10,940
BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION
MATURITY DISTRIBUTION OF BILLS, ETC.
[In thousands of dollars]
[Figures for March 25, 1931—latest date for which comprehensive data
are available]
Total loans and
investments
Number
of banks Amount Percent(millions age disof dollars) tribution
All banks in the United States *
Member banks—total
Reserve city banks (62 cities)
Central reserve city banks:
New York City
Chicago
Other reserve city banks:
New York City
Chicago
Other Federal reserve bank
cities (10 cities)
Federal reserve branch cities
(25 cities)
Other reserve cities (25 cities)...
"Country" banks 2
Nonmember banks
22,372
55,924
7,928
34, 729
459
22, 439
48
14
8,473
1,853
12
34
100
40
57
158 L
106
5,929 |
148
97
4,661
1,308 j
7,469
12,290 I
14, 444
21,195 I
i
1
Includes National banks, State commercial banks and trust com
panies, mutual and stock savings banks, and all private banks under
State
supervision.
2
Includes certain outlying banks in reserve cities.
KINDS OF MONEY IN CIRCULATION
Bills discounted:
July 1
July 8
• July 15.
July 22
July 29
Bills bought in
opan market:
July 1
July 8
July 15
July 22
July 29
Certificates and
bills:
July 1
July 8
July 15
July 22
July 29
Municipal warrants:
July 1
July 8
July 15
July 22
July 29
A p r . 30
Gold coin.. _ ._
352. 055
1, 034, 633
Gold certificates
34,338
Standard silver dollars
374, 779
Silver certificates
1,242
Treasury notes of 1890
271, 504
Subsidiary silver
116,707
Minor coin
294, 747
United States notes
1,518.175
Federal reserve notes
2, 955
Federal reserve bank notes.
651,278
National-bank notes
_
_
4, 652, 414
June 30
July 31 P
352,525
1, 020,452
34, 299
380,103
1,240
272, 867
117,071
299, 619
1, 566, 480
2,945
654, 673
363, 020
996, 510
34, 323
377,149
1,240
273,147
117,393
299, 427
1, 708, 429
2. 929
648, 363
362, 814
975, 956
33, 979
375, 445
1,239
270, 908
117,080
301, 273
1, 748, 697
2,915
646, 901
4, 702, 275
4, 821, 933 4, 837, 208
MEMBERSHIP IN PAR-COLLECTION SYSTEM
[Number of banks at end of June]
7,783
8,315 i 10,327
j 1931 | 1930
52,167
35,792
21, 373
19,087
21,782
18, 788
12, 203
11,710
10, 764
7,821
16,157
14, 683
8, 568
5,591
4,303
414,263
432,812
,
442, 312
441,813
428, 012
5,500
20, 500
26, 850
12, 850
10,500! 37,550124,597
26,8501 55,125 ; 96,171
12,850! 54,125! 97,171
26,700105,5971 29,700
25, 700103, 595: 29,700
i
76
75
93
99
146
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
;
387
; 901
'• 744
723
458
j 371
I 1,010
! 505
• 617
i 855
! 658
, 559
401
923
756
781
486
409
1,135
552
664
890
719
599
;
;
j
•
i
!
'
i
•
I
255
387
428
889
497
162
2,969
1,362
446
1,804
535
593
11,559
;
•
j
|
j
I
i
i
i
i
I
270
400
467
963
.'61
218
3,331
1,571
542
2,021
590
625
Not on par list
1931
139,023
137, 573
142, 273
137, 573
IOC OT/I
136,
374;
102, 593
111,593
115,393
115, 393
119, 793
i
99| _
Month
Total
.Adjusted for seasonal variation
Residential All other
1930 1931 1930 1931
January
February___
March
April
May
June
July
August
September __
October
November
December
78
83
102
113
125
116
107
85
82
75
68
59
58
68
77
8?
79
75
46
44
54
62
61
54
48
48
52
51
46
37
37
42
50
5?,
47
41
Residential All other
Total
1930 1931 1930 1931 1930 1931 1930 1931
104
126
141
156
178
166
155
115
108
94
86
77
75
89
98
107
106
103
95
104
102
101
105
99
95
81
81
78
70
73
71
79
77
73
66
fit
56
49
52
53
52
49
47
49
52
52
48
43
44
47
47
44
40
37
128
148
144
140
148
140
135
106
105
99
99
98
93
104
100
96
87
86
[In millions of dollars]
I 1930
3,437 I
June June JulyiJulyjJuly July July
7
432
843
249
441
981
211
212
61
i
I
!
'
:
24
1
8
15 | 22 i 29
3,629
Bills discounted-Bills bought
United States securities
9 Other reserve bank creditJ
502 Total reserve bank credit
891 Monetary gold stock..
236 Treasury currency adjusted
480 Money in circulation
1, 053 Member bank reserve balances.
183 Unexpended capital funds,
nonmember deposits, etc
215
60
Figures cover all incorporated banks (other than mutual savings
banks).
114
75
101
98
76.
75.
17
United States.
16, 223
28,996
28, 682
31, 490
32, 532
F o r d e s c r i p t i o n see F E D E R A L R E S E R V E B U L L E T I N for J u l y , 1931, p . 358.
Nonmember banks
1930
103,341
! 91,788
70, 408
67,033
66,536
719
444
363
352
18, 723
15,171
14,. ~
12, 666
12, 874
RESERVE BANK CREDIT AND FACTORS IN
CHANGES (WEDNESDAY SERIES)
: Member banks
1931
19, 765| 15,976
19,437 18, 857
20,157 19, 528
21, 769 21,902
23,942 22, 559
Without seasonal adjustment
M a y 29
On par list
12, 509
13,676
13, 672
12, 963
13,160
[Index numbers based on 3-month moving averages; 1923-1925=100]
» Preliminary.
Federal reserve
district
I
150,200 82,508
162,386 94,801
161,803 93,597
181, 602 111, 950
183,036 110,015
INDEX OF BUILDING CONTRACTS AWARDED
1931
Kind of money
With- 16to3031 to 6061 to 90 91 d a y s Over 6
in 15
to 6
days days days | days months months
! Total
[End of month figures. In thousands of dollars]
Total
487
FEDERAL RESERVE BULLETIN
AUGUST, 1931
185
198! 150 162 162 182 183
67
106; 103
92
70
107
678
599
619 663 668 678
16 18
33
38
41
16
38:
960! 950 960 951 942 945
907
4,893 4,915 ! 4,956 4,964 4, 959 "4, 951 4, 953
1,764 1,7341,7661,7941, 789 1, 787 1, 792
4,756 4,733 4,84l|4,836 4, 808 4,795 4,780
2, 401 2, 4572, 3892, 4402, 436 2, 432 2, 415
407
419! 441 442' 456 454: 495
1
Average of daily figures for weeks ending on Wednesday, as follows
(in millions of dollars): June 17, 941; June 24, 956; July 1, 954; July 8, 971;
July 15, 953; July 22, 953; July 29, 938.
488
FEDERAL RESERVE BULLETIN
AUGUST, 1931
BANK SUSPENSIONS, BY STATES, DURING JULY, 1931
[Banks closed to public on account offinancialdifficulties by order of supervisory authorities or directors of the bank. Figures of suspension
include banks subsequently reopened and are preliminary]
Banks suspended
Banks reopened
Deposits (in thousands of
• dollars)
Number
Deposits (in thousands
of dollars)
Number
State
Members
All
banks NationState
al
New England:
Maine
_.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut. _ _
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
_.
Iowa
_. _
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
. West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
WestMississippi
South Central:
Arkansas
Louisiana
Oklahoma.
Texas.
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico . . .
Arizona
Utah
Nevada . . . .
Pacific:
Washington
Oregon
California
Total
Nonmembers
Members
All
banks
Nation- State
al
NonAll
mem- banks
bers
2
1
1
2,903
600
2,303
2
1
1
9,676
737
8,939
9
1
1
7
3,374
566
5
8
3
i
1
4
6
3
5,757
5,364
1,852
2,869
244
6
14
4
5
5
2
2
1.683
5,137
1,218
1,244
1,014
531
223
6
16
5
6
5
3
2
1
I
2
1
1
1
280
1
2
1
2
1
1
2
5
1
1
3
1
2
1
617
61
2
231
1,099
1,709
936
2,888
4,184
1,852
1,683
4,151
678
1,084
1,014
421
223
986
540
160
110
231
1
4
1,251
2,140
125
362
1,126
1,778
2
609
293
316
2
2
558
558
1
1
367
367
2
75 46,440
NonMem- members
bers
1
1
371
371
3
3
1,358
1,358
1
1
55
55
1
1
172
172
1
1
421
421
2
2
469
469
9
9
2,846
2,846
617
61
350
15
All
banks
280
350
92
NonMem- members
bers
8,222
2,035
36,183
489
FEDEBAL KESERVE BULLETIN
AUGUST, 1931
BANK SUSPENSIONS, BY STATES, JANUARY 1 TO JULY 31, 1931
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include
tanks subsequently reopened. Figures for the latest month are preliminary]
Banks suspended
Number
Banks reopened
Deposits (in thousands of dollars)
Deposits (in thousands
of dollars)
Number
State
Members
All
banks
New England:
Maine
_
New Hampshire
Vermont. _
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey.
Pennsylvania
East North Central:
Ohio Indiana
Illinois
. .
Michigan
Wisconsin
West North Central:
Minnesota
_.
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
IVIaryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi._
West South Central:
Arkansas.
Louisiana Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
- Pacific:
Washington
Oregon
California
Total
National
Members
Nonmembers
State
1
1
10
7
39
7
2
18
43
45
105
43
21
All
banks
National
State
2,312
2,312
41,303
17, 594
73,191
22, 759
8.175
1
14
16
1
8
1
1
412
14 4,766
15 10,144
1
704
8 3,730
5,200
13,782
16.519
7,337
2,400
4,758
3,174
4,624
2,879
2,019
2,227
715
90
110
1,497
496
10, 407
14, 500
5.110
1 685
4.668
3.064
3.127
4
1
5
1
1
280
280
3,236
4,561
7,061
2,367
6,812
6,426
944
710
2.359
764
1,281
3,843
48
65
37
19
19
18
18
8
8
5
5
1
1
3
1
39
57
32
14
18
17
15
10
7
18
8
13
6
7
16
11
30
5,772
2,278
3,621
18,457
1,213
10, 207
356
400
7
4
5
14
3,669
971
1,709
7,365
2,140
202
5
2
907
175
1
1
4
1
12
4
7
24
6
2
1
2
10
1
219
1,359
431
224
3,678
2,292
3,851
4,702
1,384
4,172
2,582
5,341
2,278
2,052
7,850
1,327
971
1 485
3,687
5
635
635
1
4
1
1
4
1
1,128
1,444
52
1 128
1,444
52
1,321
2,285
811
1
1
2
1
2
4
4
1
778
136
29
613
208
1.225
971
776
444
478, 242 113, 262 64,412
300,568
142
284
367
4
10
2
10
2
4
31
4
3
1
1
7
2
1,076
7,502
824
7,502
166
4
1,576
9,726
1
1
110
816
7
2
1,965
140
1,076
658
3,134
356
3,134
356
28
412
4,766
4,944
704
3,730
1,576
3,892
5,834
110
816
1,965
140
38
5
33
18,308
8,268
10,040
36
1
6
30
1
1,424
7,502
748
5
3
2
8,926
748
1,343
520
823
192
22
170
103,155
48,712
54,443
614
175
293
5
6
7
3
2,683
2,842
10,823
16,228
19,439
49,796
29,306
125,473
46,456
10, 672
Nonmembers
2,426
5,651
889
36,054
4,258
2.497
33
40
87
30
20
4
6
2,683
6,056
4,559
3
2
4
7
8
16
16
37
2,426
1
18,801
2,939
7
3
14
6
1
1
3
1
1
18,801
2,939
1
1
2
3
3
2
2
2
1
Members i
1
1
4,567
3,177
17,472
1
All
banks
Members i
1
1
8,230
23, 284
46,777
1
Nonmembers
All
banks
3,663
14,051
24,746
3
4
20
12
10
21
11
18
8
Nonmembers
_
i Represents national banks only, except as follows: 1 State member in New York with deposits of $18,801,000; 1 in Arkansas with deposits of
$202,000; 1 in Mississippi with deposits of $911,000, and 1 in Illinois with deposits of $5,200,000.
Back figures.—See BULLETIN for February, 1931, also Annual Reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112),
1926 (Table 100), and 1925 (Tables 97 and 98).
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING SIX MONTHS ENDING JUNE 30, 1931
Total
Earnings:
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
._
Total earnings
Current expenses:
SalariesOfficers
Clerical employees
Other employees
Governors' conferences
--_
Federal Advisory Council
Directors' meetings
Traveling expenses 1
Assessments for Federal Reserve Board expenses
Legal fees
Insurance on currency and security shipments
Other insurance
Taxes on banking house
Light, heat, and power
Repairs and alterations
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
M iscellaneous expenses
Total, exclusive of cost of currency
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping
charges
Total, current expenses
Current net earnings
Dividends paid.
Reimbursable expenditures of fiscal agency department:
Salaries, employees
Allother
Total
Boston New York
$2, 759, 704
1,155,891
6,480, 512
86,118
853,829
$126, 228
100,550
440, 541
1,934
37,402
$411, 732
360, 343
1,820, 367
4,883
199,893
11,336,054
706,655
2, 797, 218
1, 356,914
5,801, 233
1, 386,495
2,464
8,081"
85,971
107,561
$284, 387
122, 790
639, 339
12, 570
94,451
Atlanta
$297, 267
22,681
188, 842
9,787
24, 445
Kansas
City
$267, 786 $129,891
165, 800
54,809
980, 241 297, 241
12, 305
13,648
24,194
219, 734
$206,847 $126,903
56, 944
36, 596
307, 533 350,982
4,722
3,029
141,110
11,178
$67,299
37,800
319,865
2,817
5,895
Dallas San Fran-
$241,462
117, 251
480, 566
3,520
44,400
486, 024 1,645,866
519,783
433,676
715,463
530, 381
887,199
278,075
66, 371
439, 077 1,625,060
319, 028
62,892
70
84
554
900
8,903
3,120
12, 594
4,721
68, 550
452, 846
64,959
51
500
3, 475
8,036
112,050
512,152
191, 210
181
529
4,186
10, 276
93,462
298, 919
78,639
67
250
4,276
7,544
116, 304
205,680
41, 301
129
666
11,421
11,419
162, 274
776, 322
209,993
140
550
5,886
9,114
274,457
69, 571
144
800
9,264
15,113
59, 250
166,497
50, 085
196
809
3,385
7,212
96, 500
315,464
116,428
342
800
13,965
4,697
88, 207
253,697
63,061
446
673
4,949
125, 888
481, 062
119, 328
614
1,050
13,141
8,147
118, 3S4
35, 525
1,250
36, 276
2,000
14, 511
579
13,125
103
48, 666
5,914
12, 648
2,134
8,268
5,372
10, 540
5,332
10, 767
5,703
24,283
5,855
56, 240
26,481
17,462
70,287
18, 728
7,035
43, 732
14,448
18,165
7,496
17,461
71,457
17, 079
22,196
16, 797
13, 075
33, 337
8,169
848
6, 705
7,693
10, 680
4,071
16, 890
53, 260
13, 656
14, 888
19, 369
13, 562
31,328
7,758
1,254
2,626
9,460
10, 380
4,101
35,165
43, 311
20, 335
17, 258
28,810
23, 318
144,934
17,915
5,948
5,136
19,776
32, 526
9,980
6,436
1,500
7, 361
13, 280
7,097
21,040
37, 865
6,741
15, 582
6,358
15,951
34, 710
8,575
2,956
7,723
24,451
47,056
23, 941
4,205
39,572
30, 688
30, 890
27,992
137, 296
50, 024
95, 558
31,102
17,150
20, 255
10,831
6,175
540
17,946
10, 579
15,406
6,960
78, 698
29,280
24, 502
8,044
8,231
2,673
8,638
23,498
6,012
14, 035
11, 059
10,695
4,152
29,687
59, 236
8,916
21, 316
10,497
13, 547
19, 232
8,944
1,204
750
5,419
10, 805
5,233
26, 336
41,511
9,544
19,159
21, 581
20,046
50,919
15,372
2,422
27,414
19,804
14,642
8,722
35, 034
56,398
11,980
35,442
905, 312 3,123,953
904, 616
1, 220,887
698, 316
616, 055
658, 434
440,755
816, 505
608, 372
1,099,144
36,465
262,850
232,051
756, 639
179,171
50,805
83, 507
171, 386
184, 538
110,187
248,241
32, 756
15, 027
66,840
11,687
469
240
9,254
16,896
9,937
3,257
90, 019
21, 720
21, 864
205, 215
37, 271
11,853
21, 326
29,497
10, 409
19, 781
106, 286
26, 720
41, 520
1, 695, 323
748, 571
76, 231
198,918
75, 678
73, 945
78,159
32,854
16,707
17, 041
22,139
19, 691
51, 007
4,921
10,824
4,836
4,260
3,790
3,939
3,093
1,806
2,063
1,619
5, 513
13, 587, 250
986,464
3, 333, 695
985,130
1, 299,092
780, 265
652,848
678, 234
459,602
840, 707
629,682
1,141,122
- 2 , 251,196
5,067, 283
-279,809
355, 515
-536,477
1,967, 435
-67,900
503, 396
- 1 4 5, 55J
473,482
-237, 243
172,170
-166,824
157, 512
-154,543
599,501
-158,451
146, 262
-25,926
91,157
-125,244
127,447
- 9 9 , 301
129, 593
-253,923
343,813
66,900
36,690
3,641
2,092
7,398
6,368
5,706
1,902
8,053
2,431
3,b97
2,783
2,640
1,861
7,281
9,054
5,440
2,400
7,385
2,121
1,706
3,824
1,236
2,971
2,736
103, 590
5,733
13, 766
10, 484
6,480
4,501
16, 335
7,840
9,506
10, 570
5,060
5,707
i Other than those connected with governors' and agents' conferences and meetings of directors and of advisory council.
Chicago St. Louis Minneapolis
543, 022
26,872
1,309
12, 787,672
$356,776
15,080
518,102
4,370
22,902
Richmond
917, 230 1,153, 537
359,865
35, 551
222, 007
343, 320
Philadelphia Cleveland
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES
d
[Amounts in millions of dollars. For back figures see BULLETIN for June, p. 343]
Call date
Total:
1929—Mar. 27...
June 29
Oct. 4
Dec. 31
1930—Mar. 27 .
June 30
Sept. 24 .
Dec. 31
1931—Mar. 25 .
June 30 »
New York City: 3
1929—Mar. 27
June 29... _
Oct. 4
Dec 31
1930—Mar. 27
June 30
Sept 24
Dec. 31
1931—Mar. 25
June 30 p
Other reserve cities:
1929—Mar. 27...
June 29
Oct. 4 . . .
Dec. 31
1930—Mar. 27
June 30
Sept. 24__.
Dec. 31
1931—Mar. 25
June 30 v
"Country" banks:
1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930—Mar. 27.
June 30._
Sept. 24
Dec. 3 1 . .
1931—Mar. 25
June 30 p._ ..
1
2
Total
loans
and investments
Total
loans
35, 393
35,711
35,914
35, 934
35,056
35, 656
35,472
34 860
34, 729
33,876
24, 945
25, 658
26,165
26,150
25,119
25, 214
24, 738
23, 870
22, 840
21,766
548
670
640
714
527
535
466
631
446
455
7, 726
8,160
8,150
8 774
8. 238
8 798
8,557
8,582
8,473
8,284
5, 754
6,341
6,344
6,683
6,192
6, 596
6, 359
6,147
5,811
5,482
251
314
302
322
199
196
169
283
154
150
13, 925
13, 832
13, 983
13, 785
13,575
13, 701
13,971
13, 758
13, 965
13, 525
10,189
10, 222
10, 596
10,532
10,159
10, 016
10,025
9,723
9,289
8,776
258
308
294
346
263
277
235
286
235
245
13,741
13, 719
13, 780
13, 375
13, 243
13, 157
12, 944
12,519
12, 290
12, 066
9, 001
9, 096
9, 226
8, 936
8,768
8,602
8, 354
8,001
7,740
7,507
39
49
45
45
Secured
by
Total stocks
and
bonds
63
62
62
58
58
Otherwise
secured
and
unsecured
(2)
(2)
(2)
(2)
260
230
175
315
219
229
(2)
267
305
291
316
228
226
(2)
Secured b y
stocks and
bonds
Total
Purchased paper
Secured by
real estate
OtherBills,
wise
Street Total
secured Total AcceptCom- loans
ances acceptTo
ances,
and
i
merpayTo
brokers
etc.,
unsecial
able in payoutside other
Farm Other
cured
real
paper
United able
New
cusland estate
York tomers
States abroad
City
21,903
22, 516
23, 249
23,194
21,495
21, 565
21, 010
21, 007
19, 940
19, 210
1,014
921
939
803
706
819
774
675
575
516
6,526
6,813
7,170
7, 685
7,024
7, 242
7, 090
7, 266
6,848
6,596
52
63
46
55
60
68
86
104
121
128
1,692
1,814
1,898
2, 145
1,876
1,954
1, 945
2, 033
1, 839
1, 764
403
404
392
388
394
386
387
387
386
389
2,720
2,760
2,760
2, 803
2,776
2,769
2,776
2,847
2,834
2,817
11,240
11,618
11,988
11, 515
10, 595
10, 349
9, 982
9, 831
9,298
8,893
2,494
2,472
2,276
2,243
3, 097
3,113
3,262
2, 233
2, 454
2,101
146
108
93
212
175
170
205
315
361
389
93
90
70
80
79
71
62
55
101
113
376
249
228
291
499
507
523
366
361
383
1,879
2,025
1,885
1, 660
2,344
2, 365
2,472
1,498
1,630
1,216
148
173
175
169
150
157
157
147
149
166
2,361
2,480
2, 726
2,595
2, 252
2,129
2,087
2,054
1,896
1,778
1, 250
1,496
1,196
1, 397
1, 655
2, 091
1,912
1, 525
1, 651
1,497
59
58
59
128
89
144
148
188
199
296
52
58
33
46
40
29
28
22
51
44
37
21
8
21
49
35
22
34
35
94
1,102
1,359
1,096
1,262
1,477
1, 883
1,714
1,281
1,367
1,063
Total
loans
U. S.
Gov- Other secured
by
ernsestocks
ment curiand
sebonds
curi- ties
ties
4,454
4,155
4,022
3,863
4,085
4,061
4,095
4,125
5,002
5,342
5,994
5,898
5,727
5,921
5,852
6,380
6,639
6,864
6,886
6,768
* 9, 693
* 10,094
* 10, 314
* 10, 505
10, 334
10, 656
10, 511
9,754
9,272
8,557
1.972
1,135
1, 819
1,006
989
1,807
2,091
1,112
1.150
2,046
2,203
1,147
1,091
2,198
2,435
1,239
2, 662 1 L, 466
2,802
L,656
838
813
817
979
897
1,056
1,107
1,197
1,196
1,146
* 2,971
4
3, 393
* 3,191
4
3,562
3,504
3,983
3,798
3,550
3,397
3,020
10,448
10, 052
9,749
9,784
9,937
10,442
10, 734
10,989
11,889
12,110
92
78
53
132
70
66
107
118
116
151
84
84
4, 253
4, 532
4, 846
4,964
4,338
4,308
4,276
4,338
4,007
3,835
(2)
(2)
(2)
155
142
112
167
135
146
(2)
(-)
(-)
108
136
123
118
99
100
9, 286
9, 434
9, 775
9, 748
8, 951
9, 029
8, 726
8, 906
8, 409
8,060
848
753
767
666
553
660
599
513
390
340
2, 892
2, 965
3,102
3, 309
3, 051
3,151
3, 033
3,143
2, 976
2,843
114
111
112
111
115
112
112
122
123
128
1,395
1, 392
1, 379
1, 448
1, 429
1,412
1,414
1, 509
1, 496
1,477
4,036
4,213
4,415
4,214
3, 802
3, 693
3,567
3,620
3,423
3, 272
645
480
526
438
945
710
1,064
531
645
470
43
17
8
51
59
18
54
122
158
91
32
25
31
29
35
38
31
29
48
67
147
88
75
108
242
301
337
212
212
188
423
349
413
250
609
353
643
167
227
124
3,736
3,611
3,388
3,253
3, 416
3, 685
3, 947
4,035
4,676
4,749
1,896
L 765
1, 671
1,484
1,662
1,686
1,785
1,727
2,313
2,407
1,840
1,846
1,717
1,769
1,754
1,999
2,161
2, 308
2,364
2,342
* 4, 293
* 4, 221
4
4, 429
* 4, 397
4,368
4,306
4,387
3,991
3, 729
3,454
(2)
(2)
(2)
14
11
11
15 4
14 *
17
(2)
(2)
(2)
51
52
51
46
44
41
8, 364
8, 551
8, 627
8, 481
8, 206
8, 229
8,007
7,762
7, 524
7,315
114
105
125
83
93
90
88
59
64
48
1,942
2,034
2,170
2, 231
2, 097
2,137
2,112
2, 090
2, 033
1, 989
289
291
279
276
279
274
275
264
261
261
1,176
1,195
1, 206
1,186
1, 196
1,201
1,205
1,191
1,188
1,175
4,843
4, 926
4, 847
4, 705
4,541
4, 527
4, 326
4, 158
3,978
3,843
598
496
553
409
496
312
286
177
158
134
44
33
27
33
27
8
4
5
5
2
8
7
6
5
4
4
4
3
2
2
192
140
144
163
207
171
164
120
114
101
354
316
376
208
258
129
115
49
36
29
4,740
4,623
4,554
4,439
4,475
4,554
4, 589
4, 519
4,550
4,559
1,424
1,384
1,361
1,267
1,273
1,229
1,219
1,159
1,224
1,278
3,316
3,240
3,193
3,172
3,202
3,326
3, 370
3,359
3,326
3,281
* 2,429
4
2,480
i 2, 694
4
2,545
2,462
2,367
2,326
2, 213
2,147
2,083
(')
(2)
(2)
(2)
Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
Figures not available.
* Preliminary.
Investments
Open-market loans
Loans to customers (exclusive of banks)
lyoans to banks
2
1
1
3
Central reserve city banks only.
* Loans to banks on securities for these dates estimated as one-half of total loans to banks.
1
w
d
1
INDEX
Acceptances:
Page
Federal reserve bank buying rates on
442
Held by Federal reserve "banks
441, 485, 486
Held by group of accepting banks
444
Held by member banks
443
Open-market rates on
442
In foreign countries
473
Outstanding
444
Agriculture. (See Crop report; Farm products;
Deposits of member banks in smaller centers.)
All banks in the United States. (See Deposits;
Loans, etc.)
Annual reports of central banks:
Brazil
463
Czechoslovakia
459
Germany
452
Latvia
461
Netherlands
457
Balance sheets:
Bank for International Settlements
468
Federal reserve banks
485, 486
Foreign central b a n k s . 456, 459, 460, 463, 465, 469
Bank debits
483
Bank credit and the balance of payments (review of month)
435
Bankers' balances
477, 480
Bank suspensions
445, 479, 488, 489
Bills bought, holdings of Federal reserve banks.
(See Acceptances.)
Bills discounted, holdings of Federal reserve
banks
441, 485, 486
Brokers' borrowings
444
Brokers' loans
444
Building statistics
447, 450, 483, 487
Business conditions, national summary of
439
Business failures
483
Capital issues, domestic and foreign
446
Charts:
Reserve bank credit and factors in changes440
(See also Review of month.)
Classification of member bank loans and investments
438, 443, 478, 491
Commercial jfeilures
483
Commercial paper outstanding.
444
Condition statements. (See Balance sheets; also
Deposits; Elements analysis; Loans, etc.)
Crop report
484
Debits to individual accounts.
(See Bank
debits.)
Department stores, indexes of sales and s t o c k s . .
450
Deposits:
All banks in the United States
443
All member banks
443, 476, 477
Central banks in foreign countries
469-471
Commercial banks in foreign countries
472
Federal reserve banks
476
Member banks in larger and smaller centers....
477
Reporting member banks
480
Discount rates:
Central banks in foreign countries
438, 473
Federal reserve banks
442, 482
Discounts, holdings of Federal reserve banks.
(See Bills discounted.)
492
Page
Earnings and expenses of Federal reserve banks.
490
Elements analysis
440, 441, 487
Employment in manufacturing industries
447, 449
Exports, merchandise
450
Factors:
Of decrease in reserve bank credit outstanding
441
Of increase in reserve bank credit outstanding
441
Factory employment and pay rolls
447, 449
Failures. (See Bank suspensions; Commercial
failures.)
Farm products, prices of
451, 475
Federal reserve bank buying rates on acceptances
1
442
Federal reserve bank credit and factors in
changes
440, 441, 487
Federal reserve bank reserves, deposits, note
circulation, and reserve percentages
476
Federal reserve discount rates
442, 482
Federal reserve notes
476, 485, 486, 487
Float, reserve bank
441, 485
Foreign countries:
Annual reports—
Bank of Brazil
463
Bank of Czechoslovakia
459
Bank of Latvia
461
Bank of Netherlands
457
German Reichsbank
452
Balance sheets of central banks
456,
459, 460, 463, 465, 469
Discount rates of central banks
473
Exchange rates
468
Gold reserves
466
Gold movements
467
Government note issues and reserves
472
Money rates
473
Security prices
474
Statistics of central banks
469-471
Statistics of commercial banks
472
Wholesale prices
475
Freight-car loadings
447, 450
Gold:
Analysis of changes in stock of United
States
441
Circulation
487
Earmarked
441
Exports and imports
441
At New York
441
Elsewhere
441
Movements
441, 467
Production
441
Reserves of foreign countries
466
Stock of United States
440, 441
Imports, merchandise
450
Indebtedness of member banks at Federal reserve banks
443, 476
Index numbers of Federal Reserve Board
447-449
Industrial production, index of
447, 448
Interbank loans:
Rates on
482
Volume of
445, 477, 487
Interest rates. (See Money rates.)
INDEX
Loans and investments:
Page
All banks in the United States
443
All member banks
443, 478, 491
Classification on call dates
443,478,491
(See also Review of month.)
Central banks in foreign countries
469-471
Commercial banks in foreign countries
472
Member banks in reserve cities
487
Member banks outside reserve cities
487
Nonmember banks
487
Reporting member banks in leading cities. _ 480
(See also Balance sheets.)
Manufacturing industries:
Index of employment
447, 449
Index of pay rolls
447, 449
Index of production
447, 448
Maturity distribution of bills and short-term
securities
487
Member bank borrowings at Federal reserve
banks (see also Bills discounted)
442
Member bank reserve balances. 440, 441, 476, 485, 486
Member banks. (See Deposits, 7Loans, etc.)
Membership in par collection S3 stem
487
Minerals, index of production
447, 448
Monetary gold stock of the United States
440, 441
Monetary units of 44 countries
468
Money in circulation:
By kinds
487
Chart showing
440
Coin, notes, etc
487
End of month
487
Monthly averages of daily
figures
441
Wednesday series
487
Weekly averages of daily
figures
440, 441
Money rates:
Acceptances, New York City
442
Acceptances, foreign countries
473
Call loans, New York City
442
Call loans, England, Germany, Japan
473
Charged customers bv banks in principal
cities
1
442, 482
New York City
442
Other northern and eastern cities
442
Southern and western cities
442
Commercial paper
442, 482
Interbank loans
482
Open market
442
Time loans
442
National summary of business conditions
439
Nonmember banks. (See Deposits, Indebtedness, Loans, etc.)
493
Page
Nonmember deposits, etc., of Federal reserve
banks
441
"Other" reserve bank credit
441, 485
"Other securities" held by Federal reserve
. banks
441,485,486
Par list, number of banks on
487
Par of exchange for 44 countries
468
Pay rolls in manufacturing industries, index of _ 447, 449
Prices of commodities (wholesale), indexes of:
Foreign countries, all commodities
475
Foreign countries, groups of commodities__
475
United States, all commodities
447
United States, groups of commodities
451, 475
Prices of securities, indexes of
446, 474
Production:
Industrial, index of
447, 448
Manufactures
447, 448
Minerals
447, 448
Reporting member banks:
Borrowing at Federal reserve banks. 442, 444, 480
Loans and investments
444, 480
Due to banks
480
Reserve bank credit outstanding and factors in
changes
440, 441, 487
(See also Review of the month.)
Reserve bank
float
441, 485
Reserve ratios of Federal reserve banks
476, 486
Reserves:
Federal reserve banks
476, 485, 486
Member banks
476, 480, 485, 486
Central banks in foreign countries
469-471
Gold, of foreign countries
466
Review of the month—Bank credit and the W%
balance of payments
435
Security prices, indexes of
446, 474
Silver, price of
468
Stocks. (See Security prices; Capital issues.)
Stocks at department stores, index of
450
Time deposits of member banks
443, 477, 480
Treasury currency (adj usted)
441
Unexpended capital funds of Federal reserve
banks
441
United States securities, holdings of Federal
reserve banks
441, 485, 486
United States Treasury notes and certificates,
yield on
442
United States Treasury bonds, yield on
442
Wholesale prices. (See Prices.)
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