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FEDERAL RESERVE
BULLETIN




JANUARY, 1931

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Review of Business in 1930
Condition of All Banks in United States
Classified Loans of Member Banks
Recent German Banking Legislation

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.

ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.

WALTER WYATT, General Counsel.

WALTER L. EDDY, Secretary.

E. M. MCCLELLAND, Assistant Secretary.
3. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.

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
E. L. SMEAD, Chief\ Division of Bank Operations.
Reserve Examiner.

FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)

HERBERT K. HALLETT.
W M . C. POTTER.
HOWARD A. LOEB.
HARRIS CREECH.
JOHN POOLE.
J. P. BUTLER, Jr.
MELVIN A. TRAYLOR.

W. W. SMITH, Vice President.
G E O . H. PRINCE.
W. S. MCLUCAS.
B. A. MCKINNEY, President.
F. L. LIPMAN.

WALTER LICHTENSTEIN, Secretary.

II




OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of-

Governor

Chairman

Boston
New York

Frederic H. Curtiss
J. H. Case

Roy A. Young
Geo. L. Harrison

Philadelphia
Cleveland

Geo. W. Norris.
E. R. Fancher

Richmond ___

R. L. Austin
George DeCamp
Wm. W. Hoxton

Atlanta
Chicago

Oscar Newton
Eugene R. Black
Eugene M. Stevens... J. B. McDougal

St. Louis...

John S. Wood

Minneapolis
Kansas City
Dallas

.

San Francisco

John R. Mitchell
M. L. McClure
C. C. Walsh
Isaac B. Newton

George J. Seay

Deputy governor
W. W. Paddock
W. R. Burgess
J. E. Crane
A. W, Gilbart
E. R. Kenzel...
Walters. Logan
L. R. Rounds
L. F. Sailer
Wm. H. Hutt
M. J. Fleming

Cashier
W. Willett.
C. H. Coe.i
Ray M. Gidney.1
J, W. Jones.*
W. B. Matteson.i
J. M. Rice.*
_ Allan SprouD
_
_.
C. A. Mcllhenny.
W. G. McCreedy.*
H, F. Strater.

Geo. H. Keesee.
John S. Walden, Jr.*
M. W. Bell.
W. C. Bachman.i
0. J. Netterstrom.»
J. H. Dillard
E. A. Delaney.i
Wm. McC. Martin... 0. M. Attebery
S. F. Gilmore.1
A. H. HailU
F. N. HalU
G. 0. Hollocher.*
C. A. Schacht.*
W. B. Geery.
Harry Yaeger
H. I. Ziemer.
H. I. Ziemer
Frank C. Dunlop.1
W.J. Bailey.
C. A. Worthington... J. W. Helm.
T W TTftlm
R.R.Gilbert
Lynn P. Talley.
Fred Harris.
R. B. Coleman
W. 0. Ford.i
Jno. U. Calkins. - . Wm. A. Day
Wm. M. Hale.
Ira Clerk

i Assistant deputy governor.

C. A. Peple
R. H. Broaddus
Hugh Foster
C. R. McKay

» Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
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.
W. S. McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.

Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Omaha branch
Denver branch
Oklahoma City branch.
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Agneles 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 possession, $2.60; single copies, 25 cents.




TABLE OF CONTENTS
Page

Review of the month—Review of business in 1930
1
A year of declining business activity—Building—Industrial production analyzed—Manufacturing
since beginning of century—Employment—Wholesale prices—Foreign trade—Corporate profits—
Retail trade—Bank credit and money rates.
Condition of all banks in the United States on September 24, 1930
7,48-50
Changes in discount rates
6
Recent German banking legislation
._
27
National summary of business conditions

7

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 borrowing at Federal reserve banks
Discount rates and money rates
Member and nonmember bank credit—
All banks in the United States, all member banks
Weekly reporting member banks in leading cities
Bankers' acceptances, commercial paper, brokers' loans
Security prices and security issues
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

9, 10
10
11
11
12
13
13
14
15
16
17
18
18
18

Banking and business conditions in Federal reserve districts:
Federal reserve banks—
Discounts (chart and tables)
Reserves, deposits, note circulation, and reserve percentages
Member and nonmember bank credit—
All banks, all member banks
Weekly reporting member banks
Discount rates and money rates
Building
Commercial failures
Bank debits
Bank suspensions
December crop report
Financial statistics for foreign countries:
Gold holdings of central banks and governments
Gold exports and imports
Foreign exchange rates, 1922-1930
Condition of Bank for International Settlements
Condition of central banks
Condition of commercial banks
Discount rates of central banks
Money rates
Price movements
Detailed Federal reserve statistics, etc
Index
IV




-

21, 22
24
23
26
26
26
26
25

^

.

19-20
20

31
31
32-35
35
36
38
39
39
40
42-50
51

FEDERAL RESERVE BULLETIN
VOL. 17

JANUARY, 1931

REVIEW OF THE MONTH
In November and December there was a
further decline in output and in employment
in most manufacturing indusA year of
Wholesale prices for
trjes
declining busi-

ness activity

.

^

many important commodities
also continued to decline during
the last two months of the year.
Business activity, which began to recede in
midsummer of 1929 after the rapid expansion of
the preceding year and a half, continued to
decline at a rapid rate during the last half of
1930, following a brief recovery in the spring.
Almost all branches of industry shared in the
decline. Employment declined, and total income of both wage earners and farmers decreased. At the same time wholesale prices
throughout the world declined considerably,
and retail prices also reflected this decline,
although in smaller degree. Conditions in the
money market were easy during the year, and
money rates declined to low levels.
During the entire period of declining activity,
which has lasted about 18 months, the major
groups of American industries most affected
have been building, in which a decline began
as early as 1928, the automobile and steel
industries and their accessories, and the railroads, w^hich have reflected reduced activity
in other lines of industry. Agricultural output for the year 1930 was smaller than in the
preceding year, largely as a result of prolonged
drought. At the close of the year stocks
of raw materials, especially agricultural products, were large; in some manufacturing industries, notably cotton textiles, automobiles, and
tires, inventories were reduced considerably
in comparison with the preceding year, while
in the cement, lumber, and copper industries
stocks were large notwithstanding a smaller
volume of output. Developments in some of




No. 1

these industries are discussed in more detail in
the following paragraphs.1
Building construction, which had increased
rapidly from 1921 to 1928, partly to supply
Buildin
housing shortage created by
the reduction in the volume of
building during the war, was one of the major
factors in the expansion of business activity
during postwar years. When construction
began to decline late in 1928, graduall}7 at first,
and more rapidly during 1929 and 1930, it was
an important influence in the recession of
business. The course of contracts awarded for
construction in 37 eastern States, as reported
to the F. W. Dodge Corporation, is shown on
the chart, which indicates by years the value of
most important types of building and also gives
an index of house rents. For the year 1930, as
a whole, the chart indicates that construction
contracts awarded were the smallest for any
year since 1923.
Throughout this post-war period the course
of residential building has been the principal
factor in the total volume of construction activity. Residential building began to decline in
the latter part of 1928, several months before
the volume of industrial production and factory
employment began to recede, owing in large
part to special factors affecting the demand for
and supply of housing facilities. The postwar
shortage of houses resulted in a period of rising
rents and of rapidly increasing building activity.
House rents reached a peak in December, 1924,
according to the index of the Bureau of Labor
Statistics shown on the chart, but the volume
of residential building increased further in 1925
and continued at about the 1925 level until
1928. Since 1924 house rents have been
gradually declining. In 1929 the financing of
building projects became more difficult, owing
1
Tables giving detailed statistics of business developments will be
found on pp. 14-18 and 46.

FEDERAL RESERVE BULLETIN

in part to developments in the money market
and in part to the fact that a growing surplus
of housing facilities rendered uncertain the
prospects for income from further building, and
by the end of the year contracts had declined
to a low level. Changes in the volume of
residential building during 1930 were largely
seasonal in character.
BUILDING CONTRACTS AWARDED

JANUARY, 1931

the end of the year output was about twothirds as large as at the peak of activity 18
months earlier and smaller than at any time
since the spring of 1922.
In this recession in manufacturing, as in the
period of expansion that preceded it, the automobile and steel industries have been a dominating influence. This is illustrated by the
25

25

o
VOLlJME OFNMANUFACTURING PRC)DUC"n N
rREGATES IN F.R. BOARD lHDEX
iitNNUlkL AGG
1919-1930
I

I
20

1
20

I
Manufacturii
/

•IC

\

/
\

15

/

in

10

1U

Ste
1923

192*

1925

1926

1927

1928

1929

1930

Statistics of value of building contracts awarded in 37 States east of the
Rocky Mountains, from F. W. Dodge Corporation. Figures of rents
reported by U. S. Bureau of Labor Statistics are shown for June and
December dates. See table, p. 46.

Industrial and commercial construction projects, which make up in large part the "all
other" sector of the chart, increased in 1929
but declined in 1930, especially in the latter
part of the year. Public works and public
utility construction, however, increased substantially during 1930, reflecting larger expenditures on highways and pipe lines and about the
same outlay on railroad construction as in 1929.
The financing of these projects during 1930
was aided by the improvement in the bond
market, which facilitated the flotation of State
and municipal issues.
Output of factories and mines declined
during most of the year 1930, with the exception of a brief period in the spring. During
October and November the deI
C n e n o u t u t w a s ra
roduction
^ *
P
Pid, and
analyzed
for December preliminary reports indicate a further decline
of more than the usual seasonal amount. At




5

s

r

t o s . d C.
* ^

\

Textiles

Foods & Tohar CO

0
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930

Weighted aggregates in billions. "Steel, autos, etc.," includes also
tires, shipbuilding, locomotives, by-product coke; textile group includes cotton, wool, and silk; foods and tobacco group includes flour,
sugar, meatpacking, and all tobacco products. Other groups comprised in total not shown.

accompanying chart, which presents by years
for the period 1919-1930 an analysis of fluctuations in manufacturing production in three
major groups of industries included in the
board's index. The top line represents all
manufacturing industries, the second a group
of industries consisting of steel and iron,
automobiles, shipbuilding, and related industries; the third, textiles; and the last the food
and tobacco industries. The chart is so
constructed as to show the relative importance
of each of these groups.
In the first group, consisting of the steel,
automobile, shipbuilding, and related industries, the reduction in aggregate output during
the year 1930 as a whole accounted for more

JANUARY, 1931

FEDERAL RESERVE BULLETIN

than half the reduction in all manufacturing packing, and sugar—while output of tobacco
industries and was larger than in either the products, which ordinarily increases each year
textile or food groups. This group of indus- was about the same as in 1929. Other industries was also more severly affected than the tries in which declines in output were almost
others in the depression of 1920-21. In 1930, as large as in the steel industry, were the
however, the curtailment of output and also of lumber and copper industries, while, in conemployment was much smaller than in the trast, paper and printing and the leather indusearlier period. In 1919 and 1920 the large tries reduced output by 10 per cent or less.
increase in steel output was a result of con- In some industries, notably automobiles,
tinued d e m a n d from war-time industries, tires, and cotton textiles, stocks of newly
especially shipbuilding; and t h e collapse of manufactured products were reduced from
that demand in 1920 and 1921 forced curtail- their earlier levels as a result of curtailment
ment and reorganization. In the years 1922 to of operations during the past year. Stocks of
1929, however, this group of industries had an crude petroleum were also reduced somewhat,
exceptionally rapid expansion, and soon ex- and stocks of coal continued small. In nonceeded its war-time output. The rapidly grow- ferrous metals, however, and in cement, luming automobile industry replaced shipbuilding ber, leather, and paper, as well as in agricultural
as a consumer of steel, and there was also a raw materials, stocks showed a large increase.
growing demand for steel for construction
Present conditions can be better undeistood
purposes and for machinery and miscellaneous by reference to the course of industry over a
equipment for foreign and domestic use.
longer period. A chart is,
Following an unusual growth in 1929 the auto- Manufacturing therefore, presented showing
'
.
°
mobile industry in the United States reduced since beginning
of century
by years the physical volume
output by about 40 per cent in 1930—from
of output of manufactured
5,360,000 to about 3,350,000 cars, and all other
goods since the beginning of the century,
industries in the group, especially steel, felt the
expressed as a percentage of the volume in
effects of this reduction. A reduction in pur1899.
chases by the railroads in the latter part of 1930
MANUFACTURING '
I
also reduced the demand for steel.
VOLUME OF PRODUCTION AND NUMBER OF EMPLOYEES, 1899-1930
In the textile industries, in contrast to steel,
300
output declined more from 1929 to 1930 than
from 1919 to 1920-21, when the silk industry
was in the midst of an expansion which continued for a number of years. Of the three
major textile industries, output of cotton and
wool was curtailed more in the last year than
that of silk. In the latter part of 1930, as a
result of curtailment during earlier months,
stocks of cotton textiles were reduced to a
level that caused some increase in operations
from the low level reached in midsummer, and
150
activity at silk mills also increased.
W 1900
1905
1910
1915 1920
1925
Food and tobacco industries have been the
For underlying figure see page 46
most stable of the three groups shown on the
chart. Their output showed little growth from
It appears from the chart that production
1923 to 1929, and in 1930 declined much less by American factories has increased at a rate
than that of other industries. The entire de- of about 3.5 per cent a year, and in 1929, with
cline, moreover, occurred in foods—flour, meat output at the highest level of the postwar




r

PER CENT

1

4

FEDERAL RESERVE BULLETIN

period, the physical volume of goods produced
by factories was three times as large as at the
end of the nineteenth century.
This general rise has been accelerated at
times but has also been interrupted by recessions of varying severity. The expansion of
1900 to 1907 was followed by the panic of 1907
and a decrease in production in 1908 of more
than 15 per cent; the subsequent rapid increase
was halted briefly in 1911, and again in 1914,
during the unsettled period following the outbreak of the World War. There followed the
war-time expansion, when American factories
increased their output by almost one-third.
This advance w^as checked briefly in 1918 and
early 1919, following the cessation of war, but
was resumed in 1919-20; in 1921 production
was reduced by one-fourth and reached the
approximate level of 1914. A year later, however, manufacturing plants were producing in
the aggregate about as much as in 1920. The
rapid rate of expansion was resumed in 1923,
with interruptions in 1924 and 1927, and in
1929 output was 40 per cent greater than in
1922. In 1930, taking the year as a whole,
manufacturing output was about 20 per cent
below the level of 1929 and in about the same
volume as in 1924.
The course of employment in manufacturing
is shown by another line on the same chart with
production. During the period
Employment
from 1900 to 1929, while physical volume of output of manufactures increased
threefold, the number of workers employed in
factories was almost doubled. This slower
rate of increase was the result both of the
introduction of labor-saving devices in established industries and of the relatively more
rapid growth in output of new industries—
such as petroleum and automobiles—that use
less labor per unit of product.
During the war years the number of factory
employees increased at a rate almost as rapid
as production. In 1921 the decline in employment was large, and since that time, while the
number of factory employees has increased
somewhat, the war-time total has not been
equaled. During each of the other periods of




JANUARY, 1931

business recession since the war methods""of
factory production have been so reorganized
as to require less labor, and in the ensuing
periods of business activity the total volume
of factory employment has not regained its
former level. Other occupations, however,
have absorbed a large part of the workers
released from factories.
In the depression of the past 18 months
employment declined substantially. Manufacturing industries, which employed approximately 8,600,000 wage earners in June, 1929,
when industrial activity was at its height,
had laid off about 1,100,000 workers by June,
1930, and by mid-November, the latest date
for which comprehensive data are available,
another 600,000 had been laid off, partly in
response to seasonal influences. Allowing for
the usual seasonal changes, it is estimated that
the decline in number of wage earners in factories during this period was approximately 21
per cent, a relatively less severe decline than in
the depression of 1920-21, in which postwar reorganization of manufacturing was being effected.
Total pay rolls for manufacturing industries
have shown a decline of nearly one-third since
June, 1929, after allowance for seasonal variations. This reflects not only reduced volume
of employment, but the spread of part-time
operations, and, to some extent, reductions in
wage rates. In the aggregate, factory wage
payments amounted to about $970,000,000 in
the month of June, 1929, and by November,
1930, they had been reduced by approximately
$300,000,000.
In this same period railroads laid off
about 280,000 workers, while employment at
coal mines, which was smaller in the summer
of 1930 than in 1929, subsequently showed a
seasonal increase. The Department of Agriculture reports a smaller than usual demand
for agricultural labor during the past season.
Declines in wholesale prices during the past
year and a half have occurred in all markets,
especially for the staple products
> s u c ^ a s w ^ e a t ; livestock,
cotton, wool, silk, coffee, and
rubber, and also the metals—copper, lead, and

FEDERAL RESERVE BULLETIN

JANUARY, 1931

silver. Price declines, which started in some
countries in 1928, became more rapid after the
break in the New York securities markets in
October and November, 1929, and continued
throughout 1930, with the exception of a brief
period of rising prices for agricultural products
during the summer. By the end of December,
wholesale prices in the United States had declined 20 per cent from their high point of July,
1929, and were approximately 15 per cent above
their 1913 level. In many other countries the
decline from the high level of 1929 to November, 1930, ranged from 14 to 29 per cent. Declining prices were caused by numerous
factors, including overproduction of many raw
materials, the collapse of pools organized in
recent years to support prices, the continuation
of a downward trend in prices of highly fabricated articles as a result of improved methods
of manufacture, as well as the reduction in purchasing power of consumers.
International trade declined in value during the past year, reflecting both the influence
of declines in wholesale prices
Foreign trade
and reduced demand by consumers. The countries most affected are
those whose wholesale trade consists in large
part of a few commodities which have declined substantially in price: In Japan, silk; in
Australia, wool and wheat; in Argentina, hides
and wheat; in Cuba, sugar; in the Malayan
States, rubber. The decline in the price of
silver has affected also the trade of the silverusing countries of the Far East.
The dollar volume of American foreign trade
was approximately 28 per cent smaller in
1930 than in 1929, and smaller than in any
other recent year since 1922. Exports of most
important commodities were reduced, the
largest part of the decline being attributable to
smaller foreign purchases of automobiles, cotton, iron and steel, machinery, and copper.
Imports were also smaller in value.
Profits of American corporations in 1930
were reduced from the exceptional returns of
1929, as a result of progresCorporate
sively reduced business activity
profits
and of price declines which in
many cases necessitated large allowances for
30404—31




2

depreciated value of inventories. While fourthquarter returns are not yet available, estimates
indicate the year's results for a large group of
important industrial corporations to be 30 to
40 per cent less than for the preceding years,
profits for the first three-quarters having been
35 per cent smaller. Net operating income of
railroads declined by about the same percentage. Public utility corporations, which in
other depression years have maintained a
growth in earnings, apparently had slightly
smaller profits in 1930 than in 1929.
Reduction of earnings by industrial workers
and the decline in farmers7 income, which has
been estimated by the DeRetail trade
partment of Agriculture at
about 20 per cent, was reflected in a decreased volume of retail sales to consumers.
At department stores in leading cities the
value of sales reached a maximum in the autumn of 1929, considering usual seasonal
changes, and by November of 1930, prior to
the holiday trade, they had declined 14 per
cent, or almost as much as in 1920-1921.
Holiday sales in December showed less than
the usual seasonal expansion, and the board's
index, which is adjusted for seasonal fluctuations, recorded a further small decline. Reductions in sales during the past year were largest
in the predominately industrial cities of the
Cleveland, Chicago, St. Louis, and Atlanta Federal reserve districts. There is no evidence of
either excessive accumulation or unusual liquidation of inventories by department stores.
The percentage decline in value of stocks approximated that of sales, and the rate of stock
turnover averaged about the same as in 1929.
Reduced volume of business activity in 1930
was reflected in a decrease in the demand for
credit from bank customers enBank credit and gaged in trade and industry.
money rates.
Total volume of bank credit,
however, showed little change
during the year because banks used the funds
released by trade and industry in the purchase
of investments. There was also an increase in
the banks' holdings of acceptances and of openmarket commercial paper. In addition, the
banks took over a part of the loans to brokers

6

FEDERAL RESERVE BULLETIN

which previously had been made by nonbanking
lenders, with the consequence that the banks7
total loans on securities showed little change
for the year.
Money rates moved downward throughout
the year. An important factor in this decline
was the reduction of member bank indebtedness to the reserve banks from a level of about
$1,000,000,000, which prevailed in 1929, to a
level of about $200,000,000 throughout a large
part of 1930. This reduction in indebtedness
in turn was due to three principal causes: Increase in the country's stock of monetary gold;
inflow of currency from circulation, the level
of which during the larger part of the year was
$200,000,000 lower than in 1929, owing to the
decline in the volume of retail trade and retail
prices and industrial pay rolls; and the considerably larger volume of United States Government security holdings of the reserve banks.
Kates on call money, which had averaged
8K per cent in September, 1929, had declined
to 2 per cent by the latter part of 1930; during
the same period rates on prime bankers'
acceptances declined from 5% per cent to 1%
per cent, anfl rates on open-market commercial
paper from 6% per cent to 2%-3 per cent. The
lower level of money rates in the open market
was reflected in lower quotations on direct
loans by banks to their customers in the larger
centers. Average rates charged customers by
banks in principal cities, which had been above
6 per cent in the autumn of 1929, had declined
by the end of 1930 to 4.15 per cent in New York
City, 4.68 per cent in 8 other northern and eastern cities, and 5.42 per cent in 27 southern and
western cities.
Low levels of rates in the money market were
reflected during the first nine months of the year
in a gradual rise of bond prices. In the autumn
however, prices of many foreign bonds declined
sharply, owing to political disturbances and uncertainties abroad, and domestic bonds, particularly of the lower grades, also declined. A
factor in the decline of bond prices was a large
volume of sales of bonds to establish losses for
income tax purposes. Prices of United States
Government securities, however, remained rel-




JANUARY, 1931

atively firm. Toward the end of December
there was a recovery in bond prices.
Federal reserve credit policy throughout the
year was directed toward assisting in the
maintenance of easy conditions in the money
market. In addition to purchases of United
States securities by the reserve banks, which
between October, 1929, and the end of 1930
amounted to $500,000,000, discount rates at all
of the reserve banks were reduced in the course
of 1930 and the first half of January, 1931—
at seven of the banks to 3% per cent; at Cleveland, St. Louis, and San Francisco to 3 per
cent; at Boston to 2% per cent, and at New York
to 2 per cent. The reduction at New York to
the lowest rate since the establishment of the
Federal reserve system, as well as the latest
reductions at Cleveland, St. Louis, San Francisco, and Boston, were made toward the end
of December and in the early days of the new
year, and the effect they may have on the general situation will not become apparent until
later.
Changes in Discount Rates and Bill Rates

The discount rate on all classes and maturities of paper was reduced from 2% to 2 per cent
at the Federal Reserve Bank of New York,
effective December 24; from 3% to 3 per cent
at the Federal Reserve Bank of Cleveland,
effective December 29; from 3 to 2% per cent
at the Federal Reserve Bank of Boston, effective
January 2, 1931; from 3% to 3 per cent at the
Federal Reserve Bank of St. Louis, effective
January 8; and from 3^ to 3 per cent at the
Federal Reserve Bank of San Francisco, effective
January 9.
At the Federal Reserve Bank of New York
buying rates on bills of all maturities were reduced on December 24 as follows: On bills having maturities up to 75 days, from 1% to 1%
per cent; 76 to 90 days, from 2 to 1% per cent;
91 to 120 days, from 2% to 1% per cent; 4 to
6 months, from 2% to 2 per cent.
Changes in Foreign Central Bank Discount Rate

The Bank of France lowered its discount rate
from 2% to 2l per cent, effective on January 3,
1931. The 2 /2 per cent rate had been in effect
since May 2; 1930.

FEDERAL RESERVE BULLETIN

JANUARY, 1931

Member Bank Reporting Service

The list of member banks in leading cities
that report their condition weekly to the Federal Reserve Board has been affected from time
to time throughout the life of the reporting
service by changes resulting from consolidations, suspensions, etc., and compensating
changes — eliminations, substitutions, etc.—
made by the board with a view to maintaining
the figures on a basis as nearly comparable as
possible. During the week ending December
17, 1930, however, the comparability of the
figures was affected materially by the closing
on December 11 of a large reporting member
bank in New York City (Bank of United
States) for which no other bank or group of
banks was substituted. It was decided that
in this instance the usual rule of substitution
would not be followed, at least for the present,
for the reason that in course of time readjustments in the New York banking situation resulting from the suspension of this one bank
will in large part automatically reflect themselves in the weekly condition statement of the
reporting member banks. That this outcome
may reasonably be anticipated is indicated by
the fact that the member banks now on the
weekly reporting list hold about 87 per cent of
the total banking resources of all commercial
banks in New York City.

Condition of All Banks in the United States on September 24, 1930

The Federal Reserve Board's usual quarterly
compilation of the principal resources and
liabilities of all banks in the United States—
including national banks, State commercial
banks and trust companies, mutual and stock
savings banks, and all private banks under
State supervision—is presented for September
24, 1930, in this issue of the BULLETIN. National totals are given on page 12, district totals
on page 22, and State totals on page 48.
During the third quarter of 1930 the total
loans and investments of all banks decreased
by $518,000,000, or about nine-tenths of 1 per
cent, reflecting a decrease of $903,000,000 in
loans and an increase of $385,000,000 in investments. The decrease for member banks was
$183,000,000 and for nonmember banks $335,000,000.
For the year ending with the third quarter
of 1930 the loans and investments of all banks
decreased by $1,245,000,000—from $58,835,000,000 to $57,590,000,000, while those of
member banks decreased by $442,000,000 to the
level of $35,472,000,000.

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 23 and released for publication December 26]

Volume of industrial production and factory
employment decreased further in November
and wholesale commodity prices continued to
decline. Distribution of commodities by department stores increased less than is usual
for November.
Production and employment.—Industrial
production declined about 4 per cent in November, according to the Federal Reserve Board's
seasonally adjusted index. Output of iron and
steel decreased further, while the number of
automobiles produced per working day continued at a low level. Daily average cotton
consumption increased further by somewhat
more than the usual seasonal amount, and
activity at silk mills continued to increase,
while wool consumption decreased by an
amount substantially larger than is usual in
November. Production at cement mills was
reduced considerably, daily output at meatpacking establishments increased less than the




usual seasonal amount, and output of minerals
declined.
Factory employment and pay rolls showed
decreases in November, reflecting in part
changes of a seasonal character. The number
employed in the clothing and shoe industries
decreased by more than the usual amount,
while employment at silk mills showed an increase contrary to the ordinary seasonal movement. In the industries producing building
materials, including lumber, cement, and brick,
declines in employment exceeded the usual
seasonal proportions. In the automobile industry employment declined further, but by
an amount considerably smaller than is usual
in November.
Value of contracts awarded for residential
building and for public works and utilities, as
reported by F. W. Dodge Corporation, declined in November, and contracts for commercial and industrial building continued at

8

FEDERAL RESERVE BULLETIN

the low levels of other recent months. In the
first two weeks of December the daily average
of total contracts awarded was somewhat
smaller than in November.
According to the December crop report of
the Department of Agriculture, output of
corn in 1930 was 2,081,000,000 bushels, about
500,000,000 bushels less than last year and
600,000,000 bushels less than the 5-year average,
while the total wheat crop of 851,000,000
bushels was about equal to the 1924-1928
average. The cotton crop of 14,243,000 bales
was slightly smaller than in the two previous
seasons. Total crop production was about 5
per cent smaller than a year ago.
Distribution.—Freight-car loadings decreased
further in November by more than the ordinary
seasonal amount. Expansion of departmentstore sales from October to November was
smaller than usual, following a growth in
October that was larger than usual.
Wholesale prices.—The general level of
wholesale commodity prices declined further
in November, according to the Bureau of Labor
Statistics, and there were additional price
declines in the first half of December, when
several commodities, including silver and cotton, reached new low levels. From the end
of October to the middle of December there
were substantial decreases in prices of many
other commodities, including corn, hogs, pork,
hides, tin, and coffee, while prices of copper
and rubber fluctuated widely, declining at the
end of the period.
Bank credit.—Loans and investments of
reporting member banks in leading cities
declined by about $250,000,000 during the
three weeks period ending December 10, reflecting a further reduction of $69,000,000 in




JANUARY, 1931

loans on securities and a decline of $196,000,000
in all other loans, offset in part by a further
small increase in investments. There was also
a decline in time deposits, reflecting in large
part withdrawal of Christmas funds.
In the following week, December 10 to December 17, changes in the figures for reporting
banks reflected in part the closing of a large
reporting bank in New York City. This resulted in a decline in the reported assets and
liabilities of New York City banks.
Keserve bank credit outstanding increased by
about $294,000,000 during the four weeks ending December 17, and there was also an addition of $30,000,000 to the country's stock of
gold. Discounts for member banks increased
by $126,000,000, acceptance holdings of the
reserve banks by $74,000,000, and their holdings of United States securities, including 1-day
Treasury certificates issued in connection with
December 15 fiscal operations, by $96,000,000.
The increase in reserve bank credit outstanding
reflected a large growth in the demand for currency by the public and by banks, resulting in
part from the currency requirements for the
holiday trade, and in part from demand for
cash from banks and from the public in regions
where important bank failures occurred during
the period.
During November and the first two weeks of
December money rates continued fairly steady
at extremely low levels, with prime commercial
paper at a range of 2% to 3 per cent and bankers'
acceptances at 1% per cent. In the third week
of December there was a slight increase in rates
for call and time loans on the New York Stock
Exchange. The yields on high-grade bonds
increased during the latter part of the period.

JANUARY,

FEDERAL RESERVE BULLETIN

1931

FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS

Ml LUPUS, Of DOLLARS

5<*00

5W0
5200

200

1926




1927

1928

1929

Based on weekly averages of daily figures; latest figures are for week ending December 27

1930

10

FEDERAL RESERVE BULLETIN

JANUARY, 1931

RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
Averages of daily figures. In millions of dollars]
Reserve bank credit outstandingI
Month or week

Bills discounted

1929—June
July
August
September
October
November
December 1930—January
February
.March -_.__ April
May
June - - July
_-.
August
September
October
November
December
Week ending (Saturday)—
Dec. 6 .
.
Dec 13
Dec 20
Dec. 27

Bills
bought

United
States
securities

Other
reserve
bank
credit»

Factors of increase *

Factors of decrease*
Monetary

gold

Total

8tock

Treasury

Money

i ™ < * in circuI justed)

lation

NonMember
bank
member
reserve deposits,
balances
etc.

29
34

1,016
1,020
1,033
1,273

4,311
4,335
4,351
4,368
4,381
4,374
4,324
4,283
4,319
4,395
4,443
4,505
4,528
4,532
4,496
4, 503
4,520
4,553
4,583

1,779
1,790
1,781
1,766
1,785
1,789
1,797
1,784
1,781
1,797
1,781
1,779
1,775
1,789
1,787
1, 785
1,787
1. 793
1,793

4,687
4,764
4,777
4,811
4,810
4,845
4,943
4,652
4, 556
4,533
4,518
4,497
4,489
4,483
4,476
4,492
4,501
4.528
4,823

2,314
2,334
2,322
2,335
2,386
2,521
2,395
2,349
2,305
2,330
2,350
2,356
2,392
2,417
2,392
2,397
2,407
2.433
2,415

26
20
40
57

1,115
1,179 !
1,325 !
1,386

4,572
4,577
4,586
4, 590

1,784
1,794
1,810
1,787

4,638
4,730
4,870
4,977

2,420
2,409
2,440
2,376

978

99

179

61

1,096
1,043

75
124

147
155

62
54

969

229

165

64

885
953

337.
296

154
315

74
67

803
501
378
274
231
247
251
226
214

320
314
285
246
266
182
141
154
153

446
485
480
540
530
529
571
583
599

74
57
38
35
45
38
37
40
32

189
196

197
185

597
602

33
37

221
338

184
257

599
644

2G9
293
353
423

216
249
254
262

604
017
678
644

1,317
1,380
1,376
1,427
1,450
1,631
1,643
1,357
1,181
1,095
1,072
996

1,000
1,003
998

Unexpended
capital
funds

30

376

31
27
28
33

376
382
387
392
395

27
29
27
27
28
29
27
35
28

399
394
393
397
400
398
395
389
385

26
27

389
392

28

30
27

388
384

27
27
27
26

386
384
384
384

i For explanation see BULLETIN for July, 1929, pp. 432-438.
«Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.
Back figures,—See Annual Report for 1929 (Tables 1, 2, and 3).
ANALYSIS OF CHANGES IN MONETARY GOLD STOCK

GOLD MOVEMENTS TO AND FROM UNITED STATES

[End of month basis. In millions of dollars]

[In thousands of dollars]
1930

Increase or decrease (—) during
month
Month

1929—February...
March
April.
May
June
July
August
SeptemberOctober
NovemberDecember..

Gold
stock
at end
of
month

4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284

Total (12 mos.) _
1930—January
4,293
4,355
February
4,423
March.
._
4,491
April
May
i 4,517
June.
_
._| 4,535
July
| 4,517
4, 501
August
4,511
September.. _
4,535
October
4, 571
November
4,593
December v

; Through Through Through
i net gold i ear- domestic
Total ! import marking production,
! or
operaetc.1
export ' tions
26.4
25.5 ,
34.4
24.8 i
7.5
72.4
23.1
48.6
23.6 :
40.6
16.1
30.2
23.4
-7.5
34.7
16.3
-22.0
18.4
18.9
— 1.0
12.1 ! 17.6
-6.6
17.5
14.4 I
-4.5
-19.2 ! -23.2
1.0
-82.9 | -64.4 • -22.0
142.4

175.1 ;

8.8

4.0

61.9
68.2
68.5
25.9
17.6
-18.4
-15.5
10.2
23.3
36.8
21.5

60.0
55.5
65.7
23.5
13.9
-19.6
-19.6
2.5

26.4
35.2
30.6

-55.4
2.5
0.0
13.0
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
-15.2

2.1
0.7
0.9
0.7
3.6
1.5
1.1
1.4
2.3
3.5
22.7

2.3
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
3.8
6.0

Imports
England
France
._
Germany
_ _
_
Italy
_
Netherlands
Canada _
22 000
Central America _
_
Mexico.
Argentina
_ 4,922 i
Brazil. _.
Chile
Colombia
973 I
Ecuador
Peru
_
Venezuela
Uruguay
China and Hong
Kong
201
I
Dutch East I n d i e s . .
Japan...
:
Philippine Islands.New Zealand
All other countries *_ 2,551
Total
1

1

For explanation of this figure, which is derived from preceding columns, see BULLETIN for December ,1928 p . 831.
' Preliminary.




December
(preliminary;

From or to—

2

30,647

Exports

JanuaryNovember

November

Imports

Exports

1
11
1

Imports
14
123

27
3

1

799
85
557

14, 384
5,000
25
1 742
97
97
5

735

16, 250
300
8
61

40,159

5,007

Exports
289

73 808
201
3 000
1

20, 721
1 597
20 409
15, 350
87,776
417
7 990
1,328
6 686
4 666
8 354

36,734

22 338
1,587
156, 609
3,268

377
50

415

965

194

3,815

91

5,008 363, 275 115,931

Includes all movements of unreported origin or destination.
2 At New York—imports, $8,446,000. Elsewhere—imports, $22,201,000.

11

FEDERAL RESERVE BULLETIN

JANUARY, 1931

MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS

OPEN-MARKET RATES
RATES IN N E W YORK CITY

[Monthly averages of weekly figures. In millions of dollars]
Prevailing rate on—

Total 1
Month

Reporting member
banks in leading cities i Member
! banks
.i outside
New York ', Other lead-'
^1
City
ing cities ' cities

1929

1929

1930

891
893
978
991
951
972
1,100
1,013
974
885
944
755

January
February._
March
April
May
__
June
July
August
September.
October
November.
December.,

1930
462
371
247
225
226
222
218
196
186
193
211
308

190
131
166
162
145
165
319
196
166
74
60
80

39
21
1
17
11
5

26

228 !
234 !
238 |
266
290
302
299
296
268
250
289
265

595:
410:

215
198
166

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 C i t y . . .
Dallas
San Francisco.

i Rate in
! effect on
! Jan. 9

Date
estab- i Previous
rate
lished

1929
November
December

5H-6

1930
January..
February.
March
April
May
June
July
August
September
October
November
December
Week ending—
Dec. 6
Dec. 13
Dec. 20
Dec. 27

T

Previous
rate

m—do.....
!

VA
VA
VA
VA
VA
2

m —do
;

NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.




3.47
*3.03

3.45
3.46

4.31
4.28
3.56
3.79
3.05
2.60
2.18
2.22
2.17 ;'
2.00 :
2.00 1
2.27 I

3.39
4.64
4.32
3.36
3.69 ' 2 . 9 5
3.00
4.00
2.41
3.12
2.62 '1.89
1.83
2.20
2.21
1.53
2.19 ' U . 7 7
2.00
'1.74
r
2.00
1.40
2.23
U.48

3.51
3.50
3.40
3.46
3.41
3.37
3.37
3.38
3.37

2i/2-33/4| 394-4%
2>i~6 1 4 -4H

-|3

! 2%-3
j
!
2?4-3
:
;
2-K-3

VA
VA
VA'
VA
VA

2H-2H
2H-2H
234-2%'
2 -2H|
2 -2\k\

VA
VA
VA
VA

2 -2^1 2.00 I
2 -2^1 2.09 !
2M-2H]\ 2.21 j
2\i-2\<i\ 2.04 :

Month

Dec. 24 :
...do
;
—do
I
...do
:

....do

5.44
4.83

37,s-4

New York City

Rate in
Date
effect on ! estabJan. 9 i lished

2

5.40
4.88

1.36
1.44
« 1.56
1.51

2.00
2.00
2.30
2.00

3.34
3.32
3.34

3.33
3.35
3.34
3.35

[Weighted averages]

[Buying rates at the Federal Reserve Bank of New York]

1%'—do

SU-4H

j

1928

1U
1%
1U
1H

434-6
4?4-5

merciali
paper,
4 to 6
months days

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

BUYING RATES ON ACCEPTANCES

1-15 d a y s . . .
16-30 d a y s . .
31-45 d a y s . .
46-60 d a y s . .
61-75 d a y s . .
76-90 d a y s . .
91-120 days.
121-180 days

U.S.
Treasury
notes Treasury
and
ReNew newal certifi- bonds*
cates,
3 to 6
months
Call loans *

1
Stock exchange call loans; new and renewal rates.
* Stock exchange 90-day time loans.
3 3 issues—3%, 3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
* Change of issues on which yield is computed.
r
Revised.

2H Jan. 2
2
Dec. 24
July 3
Dec. 29
July 18
July 12
June 21
Jan. 8
Sept. 12
Aug. 15
3*4 Sept. 9
Jan. 9
3

Maturity

Time
loans,
90
days 2

Month or week Prime j

1929 I 1930 : 1929 j 1930
473 :
528 :
574 :
563 i
516;
505
482
521
540 i
561 I

Average rate Average yield
on—
on—

January
February
March
April
May
_
June
July
August
September...
October
November...
December

1929 i 1930

5.74 i 5.64
5.73 : 5.35
5.81 i 5.22
5.85 ! 4.91
5.88 ' 4.74
5.93 ! ! 4.59
5.88 4.48
6.05 ; 4.41
6.06 i 4.29
5.63 j 6.08 i 4.26
5.56 5.86 i 4.17
5.63 5.74 i 4.16

4.56
4.44
4.59
4.72
4.97
5.09
5.38
5.56
5.63

Eight other northern and eastern
cities

Twenty-seven
southern and
western cities

1928 : 1929 1930

1928

1929

1930

4.73 5.87
4.76 : 5.86
4.81 ; 5.91
4.91 j 6.00
5.04 6.09
5.36 ; 6.02
5.57 ! 6.08
5.59 ! 6.11
5.80 : 6.24
5.80 ! 6.25
5.82 ' 6.12
5.91 5.94

5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91

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

5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68

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 (b) 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.

12

FEDERAL RESERVE BULLETIN

JANUARY, 1931

MEMBER AND NONMEMBER BANK CREDIT
ALL M E M B E R BANKS—DEPOSITS SUBJECT TO RESERVE,
RESERVES HELD, AND INDEBTEDNESS AT FEDERAL
RESERVE BANKS

ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPENMARKET LOANS AND INVESTMENTS
[Exclusive of loans to banks. In millions of dollars]

[Averages of daily figures. In millions of dollars]
Loans to customers
Net demand and time !
deposits
I

; In;
debted.j ness at
i Federal
! T i m . | H d d | Excess

Month

Reserves

Call date

1

TOTAL

1929—November
December
1930—J anuary
February
March
April
May
June
July
August..
September
October
November

j 33,173
j 32,182
31,980
31,531
31,791
32,159
32,229
32,505
- 32,663
32,581
32,643
32,726
33,015

2,521
2,395
2.349
2,306
2,330
2.350
2,356
2,392
2,417
2,392
2,397
2,407
2,433

!
i
i
j
I
i
!

950
801
498
378
272
231
245
250
223
214
189
196
220

20,661
19,846
19,672
19,250
19,501
19,829
19,911
20,228
20,436
20,440
20,484
20,625
21, 038

14,124
13,358
12,990
12,586
12,742
12,982
12,990
13,208
13,262
13,279

13, 241
13,314
13, 586

6,537
6,488
6,682
6,664
6,759
6,847
6,921
7,020
7,174
7,161
7,243
7,311
7,419

1,892 !
1,776 !
1,728 i
1,688 i
1,710 j
1,728 i
1,737 !
1,774 I
1,802 I
1,784 !
1,789 !
1,801
1, 835

617
490
261
169
96
71
74
72
46
48
44
53
02

June 30 Sept. 24.

5,855
5,754
5,729
5,677
5,648
5,671
5,655
5,603
5,558
5,466
5,467
5,412
5,372

6,657 j
6,582
6,579
6,605 !
6,642
6,660
6,663
6,673
6,669
6,674
6,637

630
619
621
618
620
621
619
618
615
608
608
605
597

20
19
23
23
26
25
23
25
26
26
25
26
22

332
312
237
210
176
160
172
178
178
166
144
144
158

21.242
21,462!
21,903;
22, 516
23,249
23,194
21,495
21,565
21,010

in-

Acceptances

1
Com- Street vestmer- loans ments
cial
paper

180
212
238
198
163
292
254
241
267

457
390
376
249
228
2S0
499
507
523

1,899
2,556
1,879
2,025
1,885
1,660
2,344
2,365
2,472

10,604
10,529
10,448
10, 052
9,749
9,784
9,937
10,442
10,734

8,098
7,765
8,055
8,371
8,808
8,538
7,749
7,503
7,340

7,800
8,310
7,604
7,405
6,937
7,179
8,062
8,688
9,121

140
174
186
158
130
254
223
229
260

262
179
184
109
83
128
292
336
359

1,521
2,180
1,525
1,708
1,509
1.452
2,086
2,235
2,357

5,877
5,777
5,708
5,429
5,215
5,345
5,462
5,888
6,145

6,497
6,348
6,309
6,412
6,333
6,168
6.016
6,001
5,806

5,341
5,376
5,338
5,119
5,107
4,847
4,972
4,867
4,875

41
38
52
40
32
37
31
12
7

195
211
1P2
140
144
163
207
170
164

378
376
354
316
376
208
258
129
115

4,727
4,751
4,740
4,623
4,554
4,439
4,475
4,554
4,589

CITY BANKS *

COUNTRY
BANKS *
1928—Oct. 3 . Dec. 3 1 .
1929—Mar. 2 7 .

June 2 9 .
Oct. 4__.
Dec. 3 1 .
June 30 Sept. 24.

8,225
8,254
8.364
8,551
8,627
8,481
8,206
8,229
8,007

1,727
1,905
2,055
2,139
2,295
2,314
2,190
2,227
2,201

* See notes 1 and 2 of preceding table.
1
Loans (secured by stocks and bonds) tc brokers and dealers in securities in New York City.
ALL BANKS IN T H E UNITED STATES—TOTAL LOANS AND
INVESTMENTS
[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]
All banks

i Member banks in 60 legally designated cities: 2 central reserve
cities—New York and Chicago (subject to reserve requirement of 13 per
Date 1
cent against net demand deposits), and 58 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. 49 (pp. 10-17).
»Member banks outside the 60 designated cities; including (in addition to banks in towns and villages) banks located in undesignated 1924—June 30
Dec. 31
cities.




Purchased
paper

13,141
13, 686
12,942
12, 524
12,024
12, 026
lo, 034
13, 555
13,997

6,64614,595
7,347 14,113
7.539 14,364
7,734 14.783
8,109 15 141
8,488 14,706
7,730 13,765
8,061 13, 505
7,864 13,146

1928—Oct. 3_._ 13, 016 4,918
Dec. 31 _ 13,207 5,442
1929—Mar. 2 7 . 13, 539 5,4^4
J u n e 29 . 13,966 5,596
Oct. 4 _ - 14,622 5,814
Dec. 31 . 14, 712 6,174
1930—Mar. 27. 13,288 5,539
June 30 - 13,337 5,834
Sept. 24. 13, 003 5,663

1930—Mar. 27.

COUNTRY BANKS *

1929—November
12, 512
December
12,336
12,308
1930—January
12,282
February
12, 290
March
12,331
April
12,318
May
June
.- 12, 276
12, 227
July
12,140
August
12,160
September
12,101
October
12,009
November

1928—Oct. 3_-_
Dec. 31 .
1929—Mar. 27 _
Juno 29.
Oct. 4___
Dec. 31 .
1930—Mar. 27.

Otherwise
secured Total
and
unsecured

i

TOTAL
19,979 13,194
19,112 13,070
18,719 13,261
18, 262 13, 269
18,390 13,401
18,653 13, 506
18,645 13,584
18,812 13,693
18,820 13,843
18,746 13,835
18,707 13,936
18,726 14,000
x8,959i 14, 056

CITY BANK3 1

1929—No vember
December
1930—January
February
March
April
May
June
July
August
September
October
November

So
cured
by
Total stocks
and
bonds

Open-market loans and
investments

1925—June 30
Dec. 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31
1928—June 30
Oct. 3
Dec. 31
1929—Mar. 27
J u n e 29.
Oct. 4_
D e c . 31
1930— M a r . 27
J u n e 30
Sept. 24

All'member banks

! Loans |
Loans l\
and
Invest; invest- Loans ments invest-i
: ments ;
ments \\
. . : 45,180
_J 47,182
48,830
;
50,603
__! 51,562
i 52,018
i 53,750
; 55,450
; 57,265
!
57,219
! 58,266
j 58,019
.! 58,474
J 58,835
__! 58,417
i 57,386
! 58,108
I 57,590

31,523
32,440
33,865
35, 640
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

13,657 27,167
14,742 28,746
14,965 29,518
14,963 30,884
15,404 31,184
15, 260 31,642
16,391 32,756
17.043 34,247
17,801 35,061
17, 549 34,929
17,504 35,684
17,462 35,393
16,962 35,711
16,634 35,914
16,519 i 35,934
16, 700 35,056
17,490 35,656
17,875 35,472

19,204
19,933
20,655
21,996
22,060
22,652
22,938
23,886
I 24,303
24,325
I 25,155
24,945
25.658
26,165
26,150
25,119
25,214
24,738

;
;
•
i
I
;

Investments
7,963
8,813
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
10,734

1
Dates of reports of member banks; figures included for nonmember
banks are as of nearest available date.

13

FEDERAL RESERVE BULLETIN

JANUARY, 1931

REPORTING MEMBER BANKS

BROKERS' LOANS

[In millions of dollars. Monthly data are averages of weekly figures]

REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars)

Loans and investments

Total

Total

BorDue rowLoans
to ings
In- banks at
F.R.
vestOn se- All ments
banks
curities

Total:
1929—September
October
November
December
1930—January
February
March
April
May
June
|
July
j
August
i
September
|
October
j
November
j
December
i
New York City:
,
1929—September
October
;
November
|
December
,
l
1930—January
February
;
March
April
j
May
June
July
-|
August
,
September
:
October
November
j
December
;
Other leading cities:
1929—September
j
October
_i
November
i
December
j
1930—January
February
i
March
j
April
J
May
June
July
August
September
October.
November
December
BY WEEKS
Total: i
1930—Nov. 26
Dec. 3
Dec. 10
Dec. 17..
Dec. 24
Dec. 31
New York City:*
1930-Nov. 26
Dec. 3
Dec. 10.
Dec. 17
Dec. 24
_
Dec. 31
Other leading cities:
1930—Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31

22,646
23,124
23,663
23,012
22,368
22,083
22,352
22,657
22,662
23,024
23,101
23,128
23,220'
23,409!
23,455,j
23,117'
I

17,197
17,706
18,041
17,444
16,821
16,542
16,746
16,901
16,825
17,048
16,906
16,838
16,859
16,834
16, 6731
16,332

7, 5071
7,8371
8,349i
8,001j
7, 664
7,4931
7,649;
7,829|
7,852!
8,1171
8,078i!
8,0971

5,803
6,108

2,718
2,914
3,008
2,886
2,828
2,818

7,654 9,543
9,608l
9,792!
9,476!
9,027
8,871
8, 7811
8,63l|
8,513,
8,487j
8,5151
8,488!
8,476i
8, 237 8,5971
8.776:
7,897
7,774 8,558J

5,449
5,418
5,623
5,567
5,548
5,541
5,607
5,756
5,837
5,977
6,194
6,291
6,361
6,575
6,782l
6,784

2,940
2,870
3,063
3,404
3,334
3,505
3,545
3, 528
3,394

2,892
3,191
3,340
3,112
2,945
2,909
3,115
3,383
3,459
3,701
3,558
3,588
3,584
3,629
3,401
3,341

2,91l!
2,916;
3,040
2,909!
2,760!
2, 675J
2,605!
2,485
2,418
2,398,
2,426i
2,416!
2,415'
2, 512
2,6531
2,496|

1,704
1,729
1,969
1,981
1,959
,909
L, 929
., 961
,974
.
2,019
2,094
2,093
2,090
2,172
2,367
2,329

887
1,023
1,132
980
931
902
952
982
931
1,009
1,100
999
1,076
1,154
1,201
1,181

166
74
60
80
39
21
1
17
11
5

1,830
1,891
1,875
1,906
1^ 916
1,946
1,959
1,939
2,054
2,304
2,336
2,429
2,391
2,327
2, 212

540
561
594
410
208
152
80
54
48
48
53
39
35
50
65
115

84
99
106
160
250
89

8,249
7,968
7,794
7,671
7,964
8,270
8,312
8,560
8,391
8, 349

8,313
8,421 |
8,166 I

6,021
5,705
5,584
5,720
5,868
5,878
6,099
5,984
6,004
5,998
6,141
6,055
5,837

15,139 |
15,288 |
15,314
15,011
14, 705
14,590|
14,703
14,828,
14,810||
14,9071
16,023
15,031
15,132
15,096'
15,034i
14,950!

11,394
11, 598
11,661
11,424
11,115
10,958
11,026
11,033
10, 948
10,949
10,922
10,834
10,860
10,692
10, 618
10,495

4,762 6,632 !!
4,906 6,692
4,£" 6,7521
4,856 6,568!
4,849 6,267J
4,762 6,196
4,850 6,176i
4,8" 6,146|
4,853 6,0951
4,859 6,090|
4, 833; 6,090;
'ir 6,i
4 7 6 1 ' 6,072]
4, 799'6,061!
4, 608 r 6,085
4, 496 6,123
4,434 6,062

3,745
3,690
3,654
3,587
3,589
3,632
3,677
3,795
3,862
3,958
4,101
4,198
4,272
4,403
4,416
4,455

23, 381
23, 316]
23, 242
23,084
22,985
22, 956

16, 527
16, 516
16,426
16, 258
16, 200
16, 263

7,761
7,769
7,769
7,741
7,779
7,814

8,766
8,747
8,656
8,517
8,421
8,449

6,854
6,800
6,816
6,827
6,785
6,693

3,413
3,455;
3,339
3,4341
3,203'
3,539j

8,413
8, 352
8,280i
8,003
8,045
8,152 !

6, 975
5,896
5,706
5,749
5,859

3,342
3,341
3,310
3,248
3,366
3,4381

2,648
2,634
2,586
2,457
2,383
2,421

2,423
2,377
2,384
2,297
2,295
2,293

1,215...
1,185;
1,104!
1,2111
l,090i
1, 317|

14,969
14,964
14,961
15, 082
14,940
14,804

10, 538
10, 541
10, 530
10, 552
10, 450
10,404

4,419
4,428
4,459
4,493
4,413|
4,376

6,119
6,113
6,071
6,060
6,037
6,028

4,431
4,424
4,432
4,529
4,490
4,400

2,1971
2,270
2,234
2,222
2,113!
2, 222

706
634
655
490
247
174
81
71
59
53
53
43
44
56
71
141

26




3

1929

1930

6,735
6,679
6,804
6,775
6,665
7,071
7,474
.7,882
8,549
6,109
4,017
3,990

January...
February..
March
April
May
June
July
August
September.
October...
November.
December.

3,985
4,168
4,656
5,063
4,748
3,728
3,689
3,599
3,481
2,556
2,162
11,893

1930

1929
5,664
5,619
5,713
5,580
5,482
5,797
6,164
6,492
7,077
5,313
3,432
3,370

3,529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
1,928
1,694

1929

1930

1,071
1,060
1,091
1,194
1,183
1,275
1,320
1,390
1,472
796
585

616
639
631
654
609
527
462
489
425
257
234
199
!

1 Call loans,* 1,519,000,000; t i m e Joans, $374,000,000.

MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures)

For banks
Month or date

In
New

Total

Total
1929—December.
1930—January...
February._
March
April
May
June
July
August
September
October
November.
December.
Dec.
Dec.
Dec.
Dec.
Dec.

York
City*

Outside For
others
New
York
City»

3,391
3,351
3,459
3,741
4,115
4,030
3,825
3,224
3,150
3,174
2,769
2,249
3 2,013 j

888
844
942
1,210
1,557
L, 665
L,831
1,631
1,659
1,676
1,675
1, 357
1,266

713
862
971
1,100
1,183
1,062
917
747
692
750
537
435
339

1,790
1,644
1,546
1,430
1,376
1,302
1,078
840
798
748
557
458
407

2, 111
2,099 I
2,008
1,920
1,926

3
10
17 *_..
24___.
31--.

1,601
1,706
1,913
2,310
2,740
2,727
2,748
2,378
2,351 i
2,426 :
2,212
1,792
1,605 1
1,669
1,669 i
1,579 !
1,556
1,556

1,296
1,269
1,184
1,262
1,321

373
400
395
294
235

442
430
430
363
370

* Weekly reporting member banks in New York City.
J
Member and nonmember banks outside New York City (domestie
banks only); includes unknown amount for customers of these banks.
» Call loans, $1,487,000,000; time loans, $525,000,000.
* Beginning with December 17, the figures are exclusive of those for
one bank in New York City which closed December 11.

ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]

84
93
87
135
181
81

End of month

January
February
March
April
May
June
July
August
September
October.
November
December

_

Bankers' acceptances outstanding

Commercial paper outstanding

1927
6
19
25
70
9

' Revised.
1 Beginning with December 17, the figures are exclusive of those for
one bank in New York City which closed December 11. Last report of
bank showed loans and investments of about $190,000,000.

30404—31

End ot month

other

BY MONTHS

From private
!! From New
!| York banks banks, brokers,
jl and trust com- foreign banking
panies
agencies, etc.

Total

1928 I 1929

1930

1927

1928

774
785
809
811
775
751
741
782
864
975
1,029
1,081

1,058 1 1,279
1,056 I 1,228
1,085 I 1,205
1,071 ! 1,111
1,041 ! 1,107
1,026 j'1,113
978 : 1,127
952 1,201
1,004 I 1,272
1,123 ] 1,541
1,200 1,658
1,284 '1,732

,624
,539
,414
,382
,305
,350
,339
,367
,508
,571

651
577

577
667
570
671
541
503
483
458
430
427
421

582
579
569 !
591
600
611
603
555

1929 1930

407
411
387
351
304
274
265
267
265
285
316
334

404
457
529
553
541
527
528
526
513
485

I
Figures for acceptances as compiled by American Acceptance Council;
for commercial paper as reported by about 25 dealers.

14

FEDERAL RESERVE

BULLETIN

JANUARY, 1931

SECURITY PRICES AND SECURITY ISSUES
SECURITY PRICES
[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926 =100)
Selected groups of industrial issues
PreBonds1 ferred3
BuildCop- Elec- Mastocks Total3 Indus- Rail- Public
trial road utility Auto- ing Chain Chem- per trical chinOil
and equip- ery
mobile equip- store
ical
ment
brass ment

Month or date

Number of issues
1929—November
December
1930—January
February
March
April
May
..
June
July
August
September
October
November
December
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31

Steel

Textile

60

_.
.
_.

. ....

. . . - ..-

__

,

__

20

404

337

33

34

13

13

17

9

9

4

10

16

10

30

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
98.4
97.6
96.8
97.8
98.5

123.9
126.4
126.5
126.9
127.8
128.2
127.6
126.8
125.9
126.5
127.9
126.8
124.7
121.7
123.8
123.5
119.9
120.5
120.8

151
154

145
147

135
136

195
201

134
134

114
113

104
106

214
228

204
196

227
241

135
143

131
132

169
170

78
77

156
166
172
181
171
153
149
148
149
128
117
109

149
156
163
171
160
143
140
139
139
118
109
102

137
143
143
142
136
125
124
121
123
111
102
94

209
231
242
264
250
224
215
213
216
187
167
158

135
145
155
162
152
134
132
134
133
108
101
100

117
125
125
127
116
100
98
97
100
84
77
71

167
158
154
153
158

104
98
98
101
102

79
73
68
68
68

146
154
161
173
170
152
155
152
154
134
120
117
123
119
112
113
118

129
128
141
156
148
133
133
130
125
106
97
88
96
92
83
83
85

78
85
85
83
77
69
67
66
67
58
55
51

100
94
89
92
92

265
307
323
359
237
290
277
278
283
225
196
182
195
184
180
177
174

177
188
192
196
174
161
159
160
162
142
131
125

110
104
98
99
100

240
254
266
282
257
223
217
219
230
191
176
168
180
168
163
166
163

193
193
193
174
151
135
129
121
114
93
91
80

117
111
106
106
108

102
100
100
101
97
90
89
90
96
88
82
78
84
79
76
75
76

132
126
122
122
122

54
52
49
49
51

i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.

93
82
73
75
77

'• 20 high-grade industrials; average price.

CAPITAL ISSUES
[Exclusive of refunding issues. In millions of dollars]
Foreign issues 2

Domestic issues i
Government

Total

Year and month

Total 3

YEAR
6,162
6,209
7,534
7,972
10, 097

MONTH
1930—January
February
March
April

4 588
5,129
5,157 i
6,152
6,728
9,334

1 380
1,356
1,312
1,423
1,387
1,398

776
-

June __
July
August September
October
November
Total (11 months)

717

522
805
898

753
559
183

466
658
729
990
528
475
166

332

248

106
76
122
147
142
143
108
82
77
168
86 ;

5,648

1,255 i

1, 096

May

--

381
351
6,656

Total

Bonds and notes
Municipal

1924
1925
1926--1927
1928
1929

Corporate

376
295

2

Stocks

Corporate

Long-term Short-term
1 924
2, 231
2,418
2,961
2,168
1,863

276
221
249
221
210
205

829
1,152
1,087
1,460
2,900
5, 868

1,033
1,052
1,382
1,244
763

634
628
854
723
308

399
424
528
520
455

436
224
368
251
375
156
241
35
178
85
55

48
14
25
70
65
69
56
9
44
20
62

127
149
123
261
407
152
70
40
62
22
18

59
56
147
169
106
225
84
17
5
56
84

16
12
39
148
84
193
55
3
4
47
84

43
44
108
21
22
32
29
15

2,405

481

1,432

1,008

685

323

i Source: Commercial and Financial Chronicle.
Compiled by the Federal Reserve Bank of New York.
3
Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately.




ment

9

15

FEDERAL RESERVE BULLETIN

JANUARY, 1931

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES
[Index numbers; 1923-1925 average™ 100.

The terms adjusted and unadjusted refer to adjustment for seasonal variation]

Industrial production *

Year and
month

Total

Manufactures

UnadAdjusted justed
1919
1920
1921
1922
1923
1924
1925__
192G
1927
1928
1929..
1926

_.

July
August
._
September
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
ApriJ
May
June
July
August
September...
October
j
November., j

Minerals

Unad- Ad- ! Unadjusted justed ! justed

83
87
67
85
101
95
104
108
106
111
118

Adjusted

77
89
70
74
105
96
99
108
107
106
115

84
87
67
87
101
94
105
108
106
111
119

103
109
113
114
110
101

10 7
110
112
111
108
105

102
108
112
112
108
99

107
111
112
Ill
106
103

105
111
113
110
112
107
102
105
107
105
101

106
108
111
109
111
108
106
107
105
103
99
100 1
1

104
110
113
112
113
107
102
104
106
104
100
95

105
111
112
110
110
108
105
110
116
118
115
108

106
109
110
109
109
109
110
112
114
115
113
113

116
120
121
124
125
125
119
121
123
120
108
95
103
109
106
107
105
99
90
90
92
90
"85

Building contracts
awarded

Factory employment

Unad- I Unad- A d justed justed j u s t e d
64
63
57
81
84
95
122
130
128
135
117

107
108
82
90
104
96
100
101
99
.97
101

101
103
103
101
100

107
109
110
114
118
119

126
148
137
126
119
131

105 l
107 !
110 I
109 :
111 I
109 !
107 !
107 j
105 I
102 !

112
113
111
96
108
108
103
111
111
112
105
97

116
117
118
107
109
105
100
106
104
105
101
103

94
96
151
147
135
154
130
135
127
137
114
116

106
114
115
113
111
109
106
110
116
117
115
109

106
110
111
110
109
111
111
113
116
115
113
114

!
I
I
!

100
99
98
94
104
104
103
111
115
123
117
106

103
103
103
105
105
101
101
105
107
114
113
112

104
113
144
157
163
158
142
126
143
145
115
105

100
100
99 j
98 !

117
117
118
122
124
127
124
123
122
117
106

116
120
125
127
127
126
119
121
122
119
107
92

117
116
120
123
125
129
126
125 !
122 |
117 j
105
96 !

114
116
101
104
116
116
118
121
127
127
114
110

118
120
107
115
116
113
114
115
118
118
110
116

100
88
118
156
143
133
159
119
108
109
95
77

97
100
101
102
102
102
102
104
105
103
99
95

104
107
104
105
104
100
94
92
91
88

102
110
109
110
106

102 j
106
105
107
104
100
93;
91
90
86
P82 I

107
104
91
93
102
103
100
101
100
104
'95

112
109
96
104
103
100
97
96
94
98

79
77
111
118
111
146
89
85
81 ,
82 i
62

;
,

i
j
j
i
I
!
|

85

|
i

97
100
102
100
105
106
104
109
116
114
101

105
109
108
108
106
104
101
104
104
101
97 I
95 !

100
1Q4
108
108
106
105
104
105
110
109
106

i
I
i
!
j
I
j
j
'
I
'

108
109
107
107
104
104
104
104
104
105
104
103

97
96
95
94
94
94
94
95
97
97
97
97

102
106
105
104
104

100

101
103
100
101
101
98
103
104
107
104
104

92
94
97
96
104
103
105
109
119
119
108
95

106
105
104
104
104
103
104
103
104
105
104
105

96
96
9b
97
99
98
98
99
100
98
97
97

I 106
! 105
104
108
I 110
| 107
! 107
i 107
109
104
102
104

100
100
101
102
102
103
103
103
102
101
99
97

101
108
111
111
111
110
106
111
112
111
103
99

100 '
102
102
104 I
105
102
102 I
104 !
106 I
106 I
104 I
103
I
104
107
103
111
111
108
108
109
108
104
99
97

96

106
105
107
105
102
103
108
107
107
104
101
102

96
94
93
92
91
90
87
84
83
82
81

94

96

95
102
110
109
111
114
121
118
102
90
89
92
90
93

97
9
5
95
96
99
97
86

97
99
QK

101
98
94
92
91
89
86
82

101
105
105
106
105
104
104
109
109
106
100

I
j
'
!
'
i
;

97 !
101 '
106 !
107 i
108 i
105 I
105 !
106 i
110 !
109;
106 :

105
105
105
106
108
104
105
105
105
105
104
101

94
98
101
101
101
98
94
95
99
97
94

95
95

102
102
100
100
99
97
94
94
95
93
92

* Average per working-day.
t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for all major groups of commodities are given on p. 41.
» Preliminary




99
97

105
106
105
104
102
99
102
102
103

104
105
108
105
104

I

I
!
i

100 |
99
100

106
106
107
107
108
108

94 i

j
i

158
151
88
94
99
100
110
100
99
106
105

!
i
!
|
'
!

j
i
I
I
|

|

139
154
98
97
101
98
104
100
95
98
97

72 87 I.
93 .
96 L
99 L
104 !
.
107 ;_
105 i.
104 i.
104 ;
.
106
107
112
112
110
103

100
100
100

96 |
97
96 !
96 |
96

84
91
79
86
100
98
103
107
103
103
106

All
com- Farm
mod- prodities ucts

108
108
109
109
109
107

100
99
101
99
97
95

Merchandise in
less-than-carload lots

111
113
122
123
113

101
101
102
102
101
101

100
100
100

I

Total

Ad- I Unad- ! AdUnad- Unadjusted justed justed ! justed ! justed

118
77
81
103
96
101
104
102
102
108

110
115
119
124
123
113

|
:
!

Commodity
prices f

Freight car loadings *
Factory
pay
rolls

97
95
94
94

101
98
95
96
93
89
83
86
85

16

FEDERAL RESERVE BULLETIN

JANUARY,

1931

INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board; adjusted to censuses. Adjusted for seasonal variation. 1923-1925 average=100]
1929

1930

Industry
Sept.

Oct.

Nov. Dec.

Jan.

Feb.

Mar.

Apr.

May

June

140
. 122
142
116
115
C otton consumption„
98
106
C onsumption
Machinery activity i
89
Carpet, rug loom activity * _ 90
148
Silk
158
Deliveries
.
128
Loom activity *
98
F O O D PRODUCTS
Slaughtering, meat packing -_ 101
106
91
Cattle
99
Calves . . .
126
Sheep—
99
Flour
84
Sugar meltings.
130
P A P E R A N D PRINTING
121
Wood pulp and paper
94
NewsDrint
143
Book paper . .
.
119
Fine paper.
WraDDing DaDer .
101
128
Wood pulp, mechanical.. 100
Wood pulp, chemical.. .
120
178
Paper boxes
Newsprint consumption
148
TRANSPORTATION EQUIPMENT:
133
Automobiles..
49
Locomotives «
.
101
Shipbuilding
116
LEATHER AND PRODUCTS . .
105
94
Sole leather *

124
118
125
118
'116
101
109
91
96
148
158
130
96
97
104
86
88
125
91
99
126
120
94
145
119
96
130
91
118
156
'138

100
107
100
108
104
89
94
82
88
145
153
128
96
95
101
82
88
125
92
106
123
118
92
139
120
97
131
85
113
144
133

90
95
90
96
90
77
80
74
75
140
148
124
95
91
96
81
91
113
94
111
118
113
93
139
116
95
107
91
116
125
134

99
94
100
103
102
78
85
72
69
141
145
133
96
89
89
87
97
116
92
127
120
114
95
127
118
93
127
96
115
147
131

119
101
120
99
94
76
81
73
70
145
149
138
94
92
93
86
92
132
97
94
122
116
97
124
118
92
131
111
119
147
137

113
102
114
98
94
71
77
65
66
150
155
140
90
85
80
88
92
141
101
90
120
116
91
127
121
99
125
106
117
149
130

114
102
115
96
100
72
80
62
66
125
123
128
97
94
93
89
100
147
105
96
121
116
86
132
116
98
132
89
114
149
132

111
104
112
90
91
70
74
69
60
117
121
111
98
94
94
88
89
142
104
105
119
113
89
120
111
99
132
90
115
151
132

110
101
111
84 ;
. 85 i

113
57
75
113
108
94

81

45
69
106
103
95

49
32
97
93
99
94

103
39
170
96
93
99

110
40
102
96
93
101

109
48
80
98
98
97

109
51
128
99
99
99

87
102
144
123

98
100
147
117

88
88
145
108

83
70
151
90

76
68
129
98

66
76
127
97

80
80
136
97

118
174
125
127
131

113
172
122
125
125

109
149
119
126
112

110
117
113
122
106

108
124
105
110
99

110
122
101
103
92

173
208
95
141
123
147
116
120
90
136
100
168

178
215
103
142
121
146
114
117
87
135
99
168

171
209
93
136
110
139
94
97
74
130
96
160

166
201
90
132
115
131
80
82
70
133
83
172

163
199
89
121
120
132
106
109
85
131
84
167

103
102
140
121
125
120
119
89

103
112
140
107
123
119
115
94

98
'88
'132
98
118
106
114
114

104
'117
'133
115
98
105
87

IRON AND STEEL...

-

Aug. Sept.

Oct.

Nov.

1

MANUFACTURES

Pig iron
Steel ingots --

July

-

Upper leatherCattle

Calf and kip

Goat and kid

78
73
49
100
99
102
93
90
88
90
86
137
104
84
116
108
88
114
105
95
122
98
110
173
132

93
91
93
84
82
69
80
65
43
113
120
98
94
89
85
89
93
139
101
106
111
105
84
111
108
89
124
88
103
146
124

93
86
91
81
78
67
76
62
47
109
117
91
91
89
85
89
95
143
103
84
108
101
83
105
100
89
115
92
108
151
123

86
80
86
88
79
69
78
67
49
139
158
101
96
92
91
88
97
146
98
104
109
100
80
104
99
87
115
88
106
159
126

75
71
75
91
81
69
75
68
52
150
170
109
94
93
94
85
97
158
90
105
106
98
81
97
99
91

»95
77
94
93
89

72
104
141
122

74
98
133
119

104
43
147
94
99
100

98
42
164
100
103
100

75
40
347
100
107
100

67
38
310
102
102
99

66
33
229
100
102
102

45
28
343
90
96
'96

50

79
85
131
99

72
95
128
91

77
92
145
98

7*
106
154
96

67
101
143
102

'68
90
151
99

61
93
132
86

62
71
126
72

111
117
104
103
117

108
131
106
103
132

119
143
101
101
107

119
114
96
94
99

116
105
97
95
103

117
65
96
92
101

111
95
97
94
111

97
101
95
90
127

86
91
88
86
119

168
204
96
125
126
136
107
110
85
133
92
166

168
204
99
117
130
135
105
108
84
128
87
161

174
214
93
121
138
138
123
127
97
136
92
172

173
213
90
123
133
137
121
125
96
134
94
167

170
210
90
117
126
132
119
122
93
141
91
183

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
82
58
119
86
147

100
106
132

92
101
135

81
69
125

97
73
128

101
104
92
88

95
98
106
98

88
96
107
89

90
94
111
88

92
81
127
104
90
94
104

89
78
124
108
86
99
99
75

86
82
120
95
83
91
103
69

82
88
117
96
84
94
106
70

85
80
114
79
89
94
101
73

87
105
115
74
83
90
94

86
83
114
51
83
70
83
76

71 j

65
63
66
93
83
63
66
64
52
164
182
128
94
87
94
71
83
147
93
123

78
87
85

C E M E N T A N D GLASS:

Cement

'
!
!

NONFERROUS METALS *

Copper (smelter)
Tin (deliveries) *

F U E L S , MANUFACTURED:

Petroleum refining

Gasoline *

.

Fuel oil*
Lubricating oil * .
Coke (by-product)
R U B B E R TIRES A N D T U B E S
Tires, pneumatic
Inner tubes
.
TOBACCO PRODUCTS .

Cigars. ...
Cigarettes

.

...

MINERALS
COAL:

Bituminous
Anthracite
. .
Petroleum, crude.
.
Iron ore shipments
. .
Copper (mined)
. . . . .
Zinc
Lead
Silver -.
.

s

80

'70

i Without seasonal adjustment.
Includes also lead and zinc; see " Minerals."
» Preliminary.
' Revised.
NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 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.




FEDEBAL BESERVE

JANUARY, 1931

17

BULLETIN

FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100]
Factory pay rolls

Factory employment

Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry

November
TOTAL—ALL MANUFACTURING INDUSTRIES
IRON AND STEEL AND PRODUCTS

Steel works and rolling mills
Hardware
Structural ironwork
Heating apparatus
_
Steam
fittings
Stoves
_
Cast-iron pipe.

-

_

-_

MACHINERY

Foundry and machine-shop products
Machine tools
Agricultural implements
Electrical machinery

97.4 j

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
_

Baking
Slaughtering and meat packing
Confectionery
Ice cream
_
Flour
Sugar refining, cane.__
_

_

_-

P A P E R AND PRINTING

Printing, book and job
Printing, newspapers and periodicals
Paper and pulp
_
Paper boxes

--.

LUMBER AND PRODUCTS

Lumber, sawmills
Lumber, mill work
Furniture

-

TRANSPORTATION EQUIPMENT

_

Car building and repairing
Automobiles
Shipbuilding

_

LEATHER AND MANUFACTURES

Boots and shoes
Leather
Clay products
Brick, tile, and terra cotta
Pottery
Glass
Cement
NONFERROUS METAL PRODUCTS—.

Stamped and enameled wareBrass, bronze, and copper
CHEMICALS AND PRODUCTS

..

RUBBER PRODUCTS

Automobile tires and tubes..
Rubber boots and shoes
TOBACCO MANUFACTURES

Cigars and cigarettes
Chewing and smoking tobacco, snuff-

MUSICAL INSTRUMENTS

Pianos and organs

79.1 I
75.4 I
64.3 j
63.9
66.3 I
92.0 |
85.8
104.9 I
82.4 I
55.0 i
88.2
125.4 [
68.4 |
93.6
99.6
90.5
96.0
79.9
84.1
85.5
98.4
103.0
105.9
88.2
93.7
61.6
55.6
59.2
80.3
64.9
59.4
67.9
97.5
76.9
76.7 i
77.8 !

CEMENT, CLAY, AND GLASS PRODUCTS..

Chemicals and drugs
Petroleum refining
Fertilizers

81.0
79.8
80.9
73.5
97.1
72.7
69.6
75.6
68.7 |
84.7 !
77.4 •
101.0 j
93.6
80.1 j

TEXTILES AND PRODUCTS

FOOD AND PRODUCTS

1929

1930

70.4 i
68.9 :
62.6 j

86.1 i
73.4 i
70.7 I
70.9 |
48.6 I
78.5 I
98.6 |
100.7 !
99.8 !
80.9 |
72.6 !
70.8 j
77.7
87.1 I
89.2 !
70.6 i
111.7 !
39.3 i

October

November

84.3
81.6
82.4
75.1
100.4
74.2
69.5
78.4
74.1
87.4
80.0
106.9
92.9
100.2
82.4
78.6
74.5
66.5
66.1
68.7
91.6
82.1
103.4
92.0
59.8
89.3
144.8
79.7
94.7
101.1
89.2
87.0
84.9
98.8

102.7 I
105.0
90.4
94.3 I
64.3 j

58.3 ;
60.4 I
83.4 I
67.0 | .
61.4 :
69.6
103.6 j
83.1 !
83.7 i

80.8 !
73.2 !
71.4 i
66.1 I
85.7 I

75.2 i
76.5 |

71.6 i

48.7 |
79.4 I
101.4 I
101.8 !
104.1 |
88.6 I
75.3
74.6
77.6
88.0
90.1
71.3
122.3
40.4

97.0
97.3
90.5
119.0
92.8
86.8
98.3
84.4
115.0
103.6
164.2
146.1
129.8
97.1
96.7
93.8
86.1
83.4
100.3
107.9
99.5
114.1
98.2
69.9
107.8
141.6
81.4
101.6
107.9
96.4
110.0
84.4
92.7
88.3
106.7
111.8
107.9
99.7
107.3
86.7
79.1
76.4
114.5
82.9
80.2
83.7
103.8
94.4
95.2
91.5
88.9
88.1
83.8
99.9
95.0
80.4
93.6
69.8
101.8
113.8
110.9
123.7
97.5
91.2
87.7
101.5
96.0
99.4
71.1
73.6
53.8

1930
November
81.1
80.2
81.9
73.5
96.9
70.6
70.0
71.2
85.7
78.9
101.1
96.6
97.4
79.4
77.9
74.1
52.8
61.5
65.4
90.7
85.9
104.1
83.0
56.4
85.3
127.6
66.1
91.4
98.5
89.6
83.4
88.5
82.4
86.4
97.0
102.4
104.6
88.2
87.8
60.4
55.2
60.2
75.2
68.6
59.6
76.4
101.5
77.4
77.4
77.3

70.0
69.0
62.8
85.9
72.3
69.7
71.8
49.3
79.4
98.3

98.8
100.8
85.6
75.2
75.7
73.7
82.0
83.6
70.2
100.9
37.0

1929

October
82.2

81.3
83.1
75.4
98.2
70.0
68.1
71.7
73.9
88.0
80.7
107.3
97.4
100.2
80.7
77.9
73.9
65.3
64.5
69.4
90.9
81.6
103.2
87.9
59.1
87.6
136.0
72.4
90.9
98.0
89.6
81.9
88.1
83.7
82.0
98.4
103.7
104.8
90.4
89.5
62.1
57.3
60.5
76.4
67.2
61.2
69.6
110.4
80.2
80.0
80.8
71.4
70.1
64.6
85.2
73.1
73.6
72.6
49.8
80.3

101.1
100.8
104.3
91.9
75.4
75.8
74.2
83.5
85.0
71.9
113.1

1930

1929

November

November

October

99.3
97.4
98.4
90.5
118.8
90.0
87.2
92.6
85.8
116.4
105.6
164.4
150.8
129.8
96.2
95.2
92.3
83.3
80.3
99.0
106.4
99.7
113.2
98.9
71.8
104.4
144.0
78.7
99.1
106.7
95.5
95.7
93.6
90.2
89.2
105.2
111.1
106.5
99.7
100.4
85.0
78.6
77.7
107.6
87.3
80.4
93.8
108.0
95.1
96.1
90.9
88.4
88.3
84.1
99.6
93.4
79.4
94.8
70.9
102.9
113.4
108.8
124.9
103.2
94.4
93.7
96.2
90.9
93.4
71.0

75.1
68.9
69.1
62.9
89.1
61.8
61.6
62.0
63.3
75.1
65.3
79.9
79.9
96.9
73.4
73.0
64.9
53.3
53.7
51.9
98.8
83.2
105.5
74.4
44.1
77.8
118.0
58.3
96.5
101.1
98.3
92.9
87.2
85.7
79.4
105.0
108.2
117.3
87.1
96.8
54.7
50.4
51.7
66.4
60.8
58.9
57.4
106.5
55.0
49.2
75.8
60.9
56.1
49.8
72.6
68.3
64.8
67.3
45.4
73.6
96.1
93.4
103.2
77.9
58.7
56.8
66.4
76.8
78.0
67.4
92.8
38.5

75.8
76.4
65.4
98.0
67.7
64.4
70.8
71.6
81.4
72.1
90.2
80.2
102.0
80.3
73.7
64.9
56.7
57.1
54.4
99.7
82.6
104.1
93.5
52.2
81.2
155.2
76.1
98.4
103.1
96.9
99.0
92.9
91.0
81.2
105.4
107.4
116.1
90.3
99.2
60.4
55.4
55.0
74.8
62.8
61.9
58.4
108.0
69.7
66.7
80.5
66.4
60.6
56.3
72.0
71.5
77.4
69.4
45.6
76.4
99.9
95.3
109.3
86.7
65.9
65.3
68.5
78.0
79.4
66.3
133.7
39.7

67.4
50.6

November
102.5
100.0
100.4
94.9
123.7
91.6
87.9
95.1
83.2
121.6
109.9
172.4
155.0
137.8
96.2
96.2
87.1
79.3
75.8
95.5
128.4
103.9
115.6
96.2
68.2
112.2
134.7
76.7
105.5
110.9
103.7
111.8
92.9
96.5
82.6

117.2
119.1
122.4
107.6
116.9
89.2
82.6
72.7
114.5
89.4
90.9
84.3
116.3
83.9
80.4
96.5
86.4
81.6
77.1
93.7
97.7
83.3
99.6
68.9
108.5
115.6
110.6
126.3
97.8
85.9
79.9
110.0
94.3
97.3
70.1
75.3
60.2

NOTE.—For description of these indexes see FEDERAL RESERVE BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677.




18

FEDERAL RESERVE BULLETIN

JANUARY, 1931

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars]
Public works and
public utilities

Commercial

Industrial

Eesidential

Total

Educe tional
1929

1930

All other
1929

1930

1929

January
February
March
April
May.
June
July_
August
September
October
November

1930

1929

1930

1929

1930

410.0
361.3
484.8
642.1
587.8
545.9
652.4
488.9
445.4
445.6
391.0

324.0
317.1
456.1
482.9
457.4
600.6
367.5
347.3
331.9
337.3
253.6

138.1
129.5
197.2
256.8
192.0
189.8
199.9
146.1
118.4
137.7
113.5

66.6
74.8
101.5
123.1
116.6
96.8
84.3
82.7
98.5
104.7
80.8

63.1
56.1
55.8
68.2
80.8
70.0
66.6
75.3
52.6
60.9
39.7

38.3
33.5
74.3
38.1
54.6
93.6
35.2
20.7
31.7
16,1
16.1

100.4
68.3
75.6
78.0
86.5
80.9
91.3
72.0
76.9
67.7
101.8

54.1
72.9
77.0
73.2
73.3
59.1
46.9
50.9
31.1
35.7
31.0

66.5
57.6
71.5
152.1
139.4
120.8
194.5
119.3
117.2
85.1
72.4

112.1
85.8
105.3
149.7
134.9
251.9
114.9
124.2
101.4
111.2
71.7

17.7
22.6
37.5
29.9
38.2
43.4
48.0
32.3
29.8
36.9
25.7

19.0
21.2
35.4
35.2
36.9
48.9
42.7
25.9
28.2
28.6
29.5

24.1
27.3
47.2
57.1
50.9
40.9
52.0
43.9
50.4
57.3
38.0

34.0
28.8
62.6
63.6
41.1
50.2
43.5
43.0
40.8
41.1
24.4

5,455 2 4,275.6 1,818.9 1,030.4
114.0
316.4

689.1
67.4

452.3

899.3
33.4

605.2

1,196.5
51.8

1,363.1

362.1
19.8

351.5

489.2
29.9

473.1

.

Year to date
December
_

__

1929

1929

1930

1930

Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.

EXPORTS AND IMPORTS
[In millions of dollarsj

1927

January
February
March
April
May
June
July.
August
September
October

.

1928

1929

Excess of exports

Merchandise imports

Merchandise exports

•

1930

1927

1929

1928

1930

1927

1928

1929

1930

.

...

. . .

__

Novfimhfir

Year to date
December

_.

Total (12 months)

411
371
421
364
423
389
379
379
422
550
545

488
442
490
425
385
393
403
381
437
529
442

411
349
370
332
320
295
267
298
312
327
J>289

357
311
378
376
347
355
319
369
342
356
344

338
351
380
345
354
317
318
347
320
355
327

369
369
384
411
400
353
353
369
351
391
338

311
282
300
308
285
250
221
218
227
246
*205

63
62
31
40
47
2
23
6
83
133
117

73
20
40
19
69
71
61
32
102
195
218

119
72
106
15
*15
40
50
11
86
137
104

100
67
69
24
35
44
46
79
86
80
*84

4,457
408

4,653
476

4,814
427

3,568

3,854
331

3,752
339

4,090
310

2,853

604
76

900
136

725
117

715

4,865

-.

419
372
409
415
393
357
342
375
425
489
461

5,128

5,241

4,185

4,091

4,399

681

1,037

842

* Excess of imports.

» Preliminary.

DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS
[1923-1925 average =100]

Index of sales J
Month

1926

1927

* 1928

Index of stocks (end of month)
1929

91
89
95
109
105
101
76
85
103
117
126
182

91
88
97
105
107
102
80
81
113
118
125
192

..

103

106

107

108

111

With seasonal adjustment:
January
February
March
April
May
June
July
August
September
October .
_
November
December

99
103
103
102
102
102
101
101
101
111
Iu4
104

106
105
101
105
109
105
106
108
106
109
106
108

107
108
106
106
105
106
105
111
104
107
108
106

108
106
107
106
107
107
110
107
112
108
108
111

110
111
112
110
109
113
109
111
114
112
108
108

__

1927

1928

1929

88
89
93
110
105
98
71
77
103
112
112

107
108
107
'107
105
103
100
102
99
102
98

r

90
96
105
106
103
98
94
98
107
112
115
97

93
98
107
107
104
98
93
97
107
114
117
96

93
98
107
107
104
98
95
98
108
114
117
96

92
98
105
106
102
96
93
97
103
112
115
94

89
95
102

102

'90
91
107
103
109
108
79
84
117
122
125
191

Year.

1926

103

103

101

102
101
102
102
101
101
lul
102
103

105
104
104
103
102
101
100
lul
102
104
103
102

104
103
103
103
102
101
102
102
104
104
104
103

103
103
101
101
100
99
100
101
99

1U0
100
99
99
99
98
99
100
100

1930

100

HI

90
87
97
102
109
100
77
82
104
120
124
184

1925

HI

84
85
94
105
103
98
75
76
97
122
122
176

1930

HI

Without seasonal adjustment:
January
February
March..
April
May.
.
June
July
_
August
September
__
October
November. .
December

1925

101
95
92
96
104
112
115
94

88
93
100
101
98
93
87
87
95
101
104

99
98
97
97
96
96
94
91
91
92
92

i Based throughout on figures of daily average sales, which are computed on the basis of the number of week days in each month—Saturday being
considered equivalent to one and one-third days—with allowance for six national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas.
•• Revised.




JANUARY,

19

FEDERAL RESERVE BULLETIN

1931

BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS
MILLIONS OF DOLLARS
10

1926




MILUOHS OF DOLLARS

( Weekly report date figures )

1927

1928

1929

1930

1926

1927

1928

Latest figures are for December 31; see table on following page

1929

1930

20

FEDERAL RESERVE BULLETIN

JANUARY, 1931

FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Averages of daily figures. Amounts in thousands of dollars]
Total cash reserves
Federal reserve bank

1930
December

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco

1929

November

Total

1930

December

215, 525 225,524
1,077,864 1,106,942
230,803 221,303
298,438 307,106
96,599
109,376
143,088 144,630
385,942 409,837
116,071
117,949
71,229
72, 614
103,834 106, 435
55,654
58,066
...I 278,895 292,995

Federal reserve notes in
circulation l

Total deposits

December

1929

November

December

302,904 146,405 153,565 151, 583
874,425 1,053,848 1,044,787 1,013,693
209,358 143.011 142,779 135,234
251,691 191,468 196,348 183,529
67,499
108,139
66,354
63, 326
64,282
148,831
61,664
59,901
461,696 347, 418 348,326 345,984
122,095
80,550
77,072
71, 976
54, 571
87,866
53,556
51,672
90,075
117,214
87,966
86, 556
65,728
71,816
61,108
283,975 192, 956 194,710 185,186

1929

1930
December
133,474
341, 708
137,979
195,927
97, 219
129,087
141,136
84,571
51,448
69, 097
32,697
172, 707

Reserve percentages

November
128,697
247, 303
120,561
184,711
70,512
122,663
143,501
73,552
48,591
66,371
32,950
154,930

1930

1929

Decem- Decem- Novem« December
ber
ber
ber
77.0
77.2
82.1
77.0
68.1
75.7 !
79.0 i
75.3
69.1
66.7
60.7
76.3

79.9
85.7
84.0
80.6
70.6
78.5
83.3
77.1
71.1
69.0
61.7

83.7
65.2
69.1
67.1
65.3
70.1
70.0
69.8
72.7
65.4
62.4
75.7

76.2

81.3

69.3

210,317
328,328
167,826
191,812
97,997
147,893
313,114
94,465
66,318
89,255
49,323
189,754

3,088,597 3,158,122 3,040,010 2,467,472 2,488,235 2,437,914 1,587,050 1,394,342 1,946,402 !

1

Includes "Federal reserve notes of other Federal reserve b a n k s " as follows: Latest month, $16,870,000; month ago, $16,727,000; year ago,
$30,500,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE
BANKS
[Averages of daily figures for 3 months ending November, 1930. In millions of dollars]

Federal reserve'district

Reserves held

Deposits subject to reserve
(Net demand and time
deposits)

Indebtedness at Federal
reserve banks

Excess

Total

Septem- October Novem- Septem- October Novem- Septem- October Novem- Septem- October November
ber
ber
ber
ber
ber
ber
ber
Boston
_
New York
Philadelphia
Cleveland. ._
Richmond
Atlanta
Chicago .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

2 359
10,687
2,343
3 332
1,096
952
4,764
1,186

2,382
10,853
2,358
3,263
1,098
949
4,720
1,171

2,397
11,012
2,355
3,222
1,097
980
4,723
1,130

1,211
831
3,011

1,203
831
3,014

1,185
828
3,226

146 8
989.6
141.2
200 8
63.4
59 9
348.5
75.7
51 3
88.2
58 5
173.4

32,643

32, 726

33,048

2,397.1

872

Total -

884

891

DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Federal reserve bank

Dec. 3

149.1
1, 008.3
141.1
196.0
63.3
59 6
342.6
74.4
51.6
88.1
59.1
173.4

150.7
1,026.3
140.5
191.8
63.1
59 0
344.8
73.6
52 3
86.6
58.8
185.1

2,406.6

2, 432. 7

2.2

21.1
3.2
3.8
1.4
2.3
9.8
2.1
2.8

4.6
2.1

2.7

23.0
2.8
4.4
1.3
2.1
7.3
2.3
2.4

4.5
2.4

3.9

4.0

59.2

59.1

Total . .

12,921
60,775
21,811
32,089
28, 224
32,415
22,410
13,251
3,880
15, 980
7,347
5,994

14, 549
77,740
24, 224
42,225
32,171
28,947
23,144
15, 205
3,861
14, 720
6,586
47,949

13,238
61,898
25,663
37,216
22, 766
18,069
22,804
11,301
3,576
15,042
4,342
15,483

24,869
141,486
40, 759
47, 556
38,459
28,814
31,674
14,352
4,162
15, 380
6,688
54,150

250,927

257, 097

331, 321

251, 398

448,349

_

.




4.1

2.6

8.9

36.7
17.5
25.0
18.9
24.7
15.8
17.3
4.3

10.2
10.2

12.3
42.5
19.6
27.1

21.7
26.6
18.5
17.4
3.8

4.6
2.4

8.7
13.2

3.8

7.5

6.7

8.6

50.7

188.5

196.2

220.3

13.9
8.4

1929

Dec. 10 Dec. 17 Dec. 24 Dec. 31

14,036
46,965
21,149
34, 021
25,185
32,985
21,159
13, 782
3,798
16, 372
7,535
13,940

__

11.6
32.1
16.5
14.6
20.0
28.2
14.4
17.7

DISCOUNTS OF FEDERAL RESERVE BANKS, BY MONTHS
[Averages of daily~figures. In millions of dollars]

Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.._
San Francisco

2.1

15.9
3.1
3.2
1.0
.6
7.2
4.0

December

Novem- I December
ber

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.
San Francisco

17.3
90.3
27.5
37.9
33.1
30.4
26.4
14.2
3.9
16.0
6.9
33.7

12.3
42.6
19.6
27.1
21.7
26.6
18.5
17.4
3.8
14.0
8.4
8.9

40.4
188.3
80.2
98.4
41.8
43.0
133.0
30.9
17.4
45.9
19.1
65.0

Total...

337.6

220.8

803.4

21

FEDERAL RESERVE BULLETIN

JANUARY, 1931

NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS
[Averages of daily figures. In millions of dollars]
Larger centers (places over 15,000)

Total (all member banks)
Net demand

Federal reserve district

November
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis..
Kansas City
Dallas
San Francisco _

__
-

Total

- -

October

1,385
7,535
1,159
1,524
533
512
2,521
614
432
802
589
1,352

November

1,353
7,344
1,173
1,556
531
511
2.506
635
428
820
593
1,276

18,959

Net demand

Time

18, 726

October

October

Net demand

Time
November

October

November

October

Time
November

October

185
659

1,029
3,509
1,185
1,707
567
438
2,214
536
456
383
238
1,738

1,261
7,197
958
1,309
400
396
2,254
473
266
523
341
1,154

1,225
6,997
968
1,331
397
397
2,232
492
264
541
342
1,077

828
2,821
732
1,331
334
347
1,783
370
202
226
184
1,705

845
2,850
719
1,338
335
318
1,793
387
199
224
183
1, 566

124
338
201
215
133
116
267
141
166
279
248
198

128
347
205
225
134
114
274
143
163
279
251
198

185
656
464
367
230
121
419
146
257
157
55
169

466
369
232
119
422
149
258
159

14, 000

16, 533

16, 265

10,862

10, 757

2,426

2,461

3,227

3,244

1,013
3,477
1,196
1,698
564
468
2,202 •
516
459
383
239
1,874
14,089

November

Smaller centers (places under 15,000)

55
173

ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS, AND INVESTMENTS
[Exclusive of loans to banks. In thousands of dollars]
Federal reserve district
Total

Call date

NewYork

Boston

Philadel-' Clevephia I land

Richmond

Atlanta. Chicago

St. Minne-1 Kansas
San
Louis apolis City Dallas Francisco

LOANS TO
CUSTOMERS

All member banks:
1929—Oct. 4
Dec. 31 —
1930—Mar. 27...
June 30-..
Sept.24...
City banks: i
1929—Oct. 4
Dec. 31.-.
1930—Mar. 27—
June 30-. _
Sept. 24. _.
Country banks: 2
1929—Oct. 4
Dec. 31.—
1930—Mar. 27...
June 30. __
Sept. 24-.

23,249,400
23,193,486
21,494,446
21, 565, 230
21, 009,942
14, 621, 595
14, 711, 741
13, 288, 303
13,337,448
13, 003,440
8, 627,805
8,481,745
8, 206,143
8, 227,782
8, 006, 502,

1, 751,160 7,132,048
1,702,823 7,230, 685
1,614, 890 6, 503,097
1, 616, 012 6,511,526
1, 555,441 6,391,'"""

1,774,128
1,749,832!
1,696,860'
1,715,159!
1,671,9261

2,255,030
2, 295, 527j
2,208,952!
2,216,304|
2,152,884J

920,019
919,769
849,942
835,968
824,442

810,326
795, 695
746, 781
724,164
703, 392

3, 640, 335 926,158
3, 554, 577 882, 686
3, 264, 564 830, 368
3,350, 674 810,132
3,206, 393 795, 741

541,508
514,8061
483,185
474,716
475, 740

747,761
735,076
683, 601
680,976
659, 247

672,727
650, 753
611,854
614,934
615, 766

2,078,200
2,161,257
2,000, 352
2,014,665
1,957,273

774, 916
756, 057
695,103
693, 798
647, 25:

5,268, 580
5, 370, 613
4, 727, 023
4, 707, 718
4, 644,433

786,2141
766,016^
742,078'
756,714:
726,760

1,265,169';
1,352,648!
1,272,703
1,282,800!
l,245,998j

330,152
335,975
300,687
298,779
294,049

427, 708
423, 364
388, 319
369, 551
355, 815

2, 533,420 557, 213
2,454, 086 524, 795
2, 207, 689 483,453
2, 306,498 462, 985
2, 206, 530 455,992|

229,818
205,838
185,354;
175,601!
187,70c1

429,771
422,192
372,151
366,490
355,019

331,045
331,980
291,367
287, 701
296, 229

1,687, 589
1,768,177
1,622,376
1,628,813
1, 587,663

976, 244
946, 766
919,787
922, 214
908,189

1,863,468
1,860,072
1,776,074
1,803, 808
1, 747, 264

987, r 14
983,816
954,782!
958,445
945,166

989, 861
942,879
936, 249
933, 504

589, 867
583,794
549, 255
537,189
530, 393

382,618
372,331
358,462
354, 613
347, 577

1,106,915
1,100,491
1,056,875
1, 044,176
999,863

368,945
357,891
346,915
347,147
339, 749

31L6901
308,968
297,831!
299,115|
288, 040!

317,990
312,884
311,450
314,486
304,228

341,682
318, 773
320,487
327, 233
319, 537

390,611
393,080
377,976
385,852
369, 610

929,640
322,746
871,771
757, 338
921,020
072, 048
948,886|
673, 751
528, 337 1,037,933^

1,208,935
1,110,771
1,210,419
1,231,904
1,348,421

353,682
339, 635
354, 020
344, 282
357, 734

308, 507
296, 894
333, 879
302,484
315, 838

1,382,932 417,993
1, 247, 733 428,340
1,477,447 462,143
1, 501, 220 444,964
1, "' ~ ~ 454, 315
~

408,6211
389,325
406, 647j
387,311'
389, 355

479,294
453,565
459,716
442,660
479,155

306, 332 1,042, 294
280, 013 1, 017, 670
1,114, 338
243, 562 1, 084,981
241,414 1,150,880

287,553!
262,732:
307, 226'
327,988,
415, 532

695,196
648,766
746,174
772, 882

142, 694
142,216
152, 483
155,925
169, 874

145, 086 778, 069 174, 825
135,121
681,054 191,793
154, 620 899, 576 228, 703
146, 971 941,905 223, 564
162,914 1,125,923 235.157

100,172
95,291'
107,634J
100,616;
100,061

255,257
240,838
245,640
244,056
283,500

136, 282
112,954
140, 746
120, 769
127,650

752,152
852, 936
837, 373
906,477

642,087
609,039
613, 794'
620,898
622,4011

513,739
462,005
464,245
459, 022
449,997

210,988 163,421
197,419' 161,773!
201,5371 179, 259!
188, 357 j 155, 513
187,860 152,924

308,449
294.0341
299,013
286,695
289,294;

224,037
212,727
214,076
198,604
195,655

170, 050
167, 059
147, 640
122, 793
113, 764

275, 655
265, 518
261.402
247, 608
244.403

OPEN-MARKET
LOANS AND INVESTMENTS

All member banks:
1929—Oct. 4
Dec. 3 1 . . .
1930— Mar. 27—
June 30.. _
Sept. 24...
City banks: l
1929—Oct. 4
Dec. 31 —
1930—Mar. 27—
June 30. ._
Sept. 24...
Country banks: 2
1929—Oct. 4
Dec. 31 —
1930—Mar. 27—
June 30.. .
Sept. 24...

12, 024, 070; 863, 094
12, 026, 388| 833, 333
13, 034,1701 934,107
13, 555,122: 949, i r
13,996,5151 1, 001,446

4,
4,
5,
5,
5,

6,916, 701 314, 871 3,120, 057 j
300,870 3,615,103,
7,178,890
8, 062,4661 377,433 3, 849, 2951
8, 688,458' 377, 617 4,438, 792:
9,121,179, 410, 636 4, 285, 0311
!
5,107, 369 548, 223 1, 202, 689!
4,847,498, 532.463 1,142, 235,!
556, 674 1, 222, 753
4,971,704
4, 866, 6641 571, 500 1,234,9591
4,875, 336 590,810 1, 243, 306

604,863
566, 679
577, 871
559, 315
565,764

243,168
236, 547
233,440
221,400
219.158

1 Member banks in 60 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per cent
against net demand deposits), and 58 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. 49 (pp. 10-17).
.
, _ , . „ .
2 Member banks outside the 60 designated cities; including (in addition to banks in towns and villages) banks located in undesignated cities.

30404—31




4

22

FEDERAL RESERVE BULLETIN

JANUARY, 1931

ALL BANKS IN THE UNITED STATES—PRINCIPAL RESOURCES AND LIABILITIES ON
CALL DATES
[In millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare available]
Loans and investments

Federal reserve
district

1929

1930

1929

Oct. 4 June 30 Sept. 24

Deposits (exclusive of
interbank deposits)

Investments

Loans

Total

1929

1930

1930

1929

Rediscounts and
bills payable

1929

1930

1930

Oct. 4 June 30 Sept. 24 Oct. 4 June 30 Sept. 24 Oct. 4 June 30 Sept. 24 Oct. 4 June
30

Sept.
24

ALL BANKS *

Boston
New York

6,865
18,835
4,505
4,964
2,501
1,719
8,065
2,160
1,580
1,901
1,245
4,494

6,862
19, 718
4,420
4,840
2,398
1,528
7,655
2,013
1,455
1,740
1,105
4,375

4,508
6,871
13,839
19.280
2,929
4,409
3,450
4,893
1,868
2,391
1,346
1,505
7,627 i 6,195
1,596
1,975
f 987
1,447
1,332
1,720
957
1,096
3,196
4,377

4,440
14,009
2,807
3,272
1,730
1,166
5,764
1,485
874
1,209
842
3,021

4,408
13.500
2,753
3,223
1,706
1,128
5,668
1,440
863
1,175
830
3,022

2,358
4,996
1,576
1,515
633
373
1,871
564
593
569
288
1,298

2,422
5,709
1,613
1,568
669
362
1,891
528
582
531
263
1,353

2,463
5,781
1,656
1,670
685
377
1,959
535
585
544
265
1,355

6,308
18,090
3,752
4,568
2,262
1,571
7,590
1,980
1,561
1,958
1,209
4,332

6,351
18,809
3,777
4,439
2,231
1,441
7,287
1,879
1,482
1,841
1,108
4,310

6,340
17,033
3,754
4,413
2,212
1,401
7,201
1,818
1,475
1,829
1,085
4,223

103
284
170
114
111
123
224
122
47
48
41
125

47
181
95
67
60
67
65
55
13
28
22
23

32
80
56
45
59
66
81
60
13
20
28
22

58,835

58,108

57,590

42,201

40,618

39,715

16,634

17,490

17,875

55,180

54,954

52,784

1,512

722

563

2,634
11, 763
2,755
3,498
1,299
1,149
5,117
1,375
957
1,247
987
3,133

2,592
12,385
2, 713
3,479
1,204
1,059
4,933
1,289
870
1,151
870
3,109

2,583
12,093
2,737
3, 530
1,206
1,053
4,967
1, 289
872
1,160
868
3,116

1,920
8,813
1,890
2,418
990
889
3,901
984
597
823
749
2,192

1,836
8,914
1,829
2,336
888
791
3,682
910
516
750
653
2,109

1,808
8,595
1,814
2,300
882
768
3,642
899
515
741
649
2,124

715
2,950
865
1,080
309
260
1,216
391
360
424
238
941

756
3,472
884
1,144
316
268
1,251
379
354
401
217
1,001

775
3,498
922
1,230
324
284
1,324
389
358
419
219
992

2,368
11,056
2,255
3,164
1,142
1,004
4,757
1,199
906
1,202
935
3,016

2,355
11,981
2,301
3,182
1,105
994
4,615
1 172
876
1 187
867
3,056

2,328
10, 358
2,280
3,159
1 104
962
4,594
1,151
876
1 192
850
2,984

80
255
102
104
65
91
147
82
40
45
35
105

30
166
45
39
29
32
27
25
5
13
13
12

17
69
27
23
26
34
50
29
5
9
18
10

35,914

PhiladelDhia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City . _
Dallas
.
San Francisco
Total

35,656

35, 472

26,165

25, 214

24, 738

9,749

10, 442

10, 734

33, 004

33,690

31,839

1,150

435

316

4,231
7,072
1,750
1,466
1,202
570
2,949
785
623
655
258
1,362

4,270
7,333
1,706
1,361
1,194
469
2,721
724
585
589
235
1,265

4,287
7,188
1,672
1,364
1,185
453
2,660
686
575
559
228
1,261

2,588
5,025
1,039
1,031
878
457
2,294
612
390
509
208
1,004

2,604
5,096
977
937
841
375
2,081
575
358
459
189
912

2,599
4,905
939
924
824
360
2,026
541
348
434
181
898

1,643
2,046
711
435
324
113
655
173
233
145
50
357

1,666
2, 237
729
425
353
93
640
149
227
130
46
353

1,688
2,283
733
440
361
93
635
146
227
125
47
363

3,940
7,034
1,497
1,403
1,119
567
2,834
781
655
756
274
1,316

3,996
6,829
1,476
1 257
1,125
447
2,672
706
606
655
241
1,254

4,011
6,675
1,474
1 253
1,108
439
2,607
666
600
638
235
1,239

23
29
68
10
46
33
77
39
8
3
6
20

17
15
51
28
31
35
38
30
8
15
9
12

15
10
29
22
34
33
31
32
8
11
10
11

22, 922

22,453

22,118

16,036

15, 404

14,977

6,885

7,048

7,141

22,176

21, 264

20, 945

363

287

247

MEMBER BANKS

Boston
New York

PhiladelDhia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
NONMEMBER BANKS
Boston.

New York

.

.

Philadelphia
Cleveland
.- .Richmond
Atlanta - -Chicago _
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total _

.

1

Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision.
Backfigures—SeeBulletin for July, 1930, and Tables 40, 41, and 81-84, Annual Report of the Federal Reserve Board for 1929.




23

FEDERAL RESERVE BULLETIN

JANUARY, 1931

FEDERAL RESERVE BANK DISCOUNT RATES
[Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1929 (Table 32).]
Federal reserve bank
Date effective

New
York

Boston

In effect Jan. 1,1930..
Jan. 16
Feb 7
Feb 8
Feb. 11
Feb. 13
Feb 15
Mar. 14
Mar 15
Mar 20
Mar. 21
Apr. 8 Apr 11
Apr 12
Apr 15
May 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, 1931..
Jan 8
Jan 9
In effect Jan. 9,1931..

Philadelphia

Richmond

Atlanta

5

5

434

5
434

4K

434

land

Cleve-

4

4K

Chicago St. Louis Minneap- Kansas
olis
City
5

434

43^

4

5
4^

4H

4H
4

334
4

4

4

3H

4

4
4

4

3

4

334

234

3H

3

33/2

334

VA
334

i

334

334

i

3H

334

2
3

234
VA

5

434

4M

4

San
Francisco

Dallas

3
2

3

&A

3H

VA

3

3M

VA

VA |

3
3

334

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES

.




ososv

4-434
8
43^-5
5-6
5-5H
434-5
4-6
6-8
534-6
6-6J4
5-51^
6
6
6

6

5 -534
4 -434
434-6
4 -43-3
6
6
4 -434
8
434-5
534-6
5 -534
434-5
5 -534
6 -8
6
6

5 -6
3H-4H
4 -5
5 -6
5 -5H
4 -5
4 -6
5 -6
4 -6
4
6
5
4
4
4

-5
-8
-53^
-4H
-6
-434
6
6
4 -4H
8
4H-5
413-5
5 -5H
5 -534
6 -8
5 -6
6
4^-5

6
6
6

6

43^-5
4 -5
534-6
4^-6
5 -6
5 -6
534-6
53^-6
434-6

434-5
4 -5
534-6

5 -534
5J4-7
6 -7
6
6 -634
4^-5
5-6
5-6
6-7
5^-6
5-6
8
534-6
534-6
8
6-634
6-7
6-8
6
6-7
5-6
6-634
53-2-634
6
6-634

6^-7

4^-6
5 -6
5 -6

5 -534
5 -534
5 -6
534-6
5 —534
5J4~ 7
6-7
6
6
4312-5
5 -6
5 —534
6 -7
534-6
5 -6

8
534-6
8
6 -634
6 -7
6 -8

6
6 -7
5 -6
6 -634
6 -634
6
6 -%y2

4 -5
4 -5
534-6
4 -6
5 -6
5 -6
5 -6
5 -534
4^-6
534-6
434-6
5^-7
6 -7
6 -8
6
4^-5
534-6
5 -5V£
6
53^-6
5 -6
8
534-6
5^-6
8
6 -634
6 -63^
6 -8
6
6 -7
5 -6
6 -6H
6
6 -63^
6^-7

October

November

5 -534
4 -5
6
5 -6
4 -6
534-6M
6

5 -5K
4 -434
6
5 -6
4 -6

6
6
4H-5
6-8
534-7
534-6
534-6

6
534-6
4
6 -8
5 -7
5H-6
534-6
4^-5
6
434-6
6-7
6

4

6
5-6
6-7
6
4-434
6-8
5-6
6-8

5-6
6-8
5H-6
6-7
6-7
6-7
7
7

6

6

4 —4)/o

6 -8
5 -6
6 -7
OS

6
6

4 -5

4 -4H

December

OS OS 00

434-5
6
5 -5M
4-4^
434-6
4-4^

4 -434
334-4
5 -6
334-4H
4 -5
5 -6
4 -6
4 -5
4 -6
5 -6
4 -6

November

en

4J4-6
5 -6
4 -6

-6
-434
-5
-6
-6

October

en

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

5
4
4
5
5

COCO

4 -4%

December

coco

Boston
-_
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh

November

OS OS

October

Loans secured by warehouse
receipts

OS OS 00

Loans secured b y prime
stock-exchange co llateral

Prime commercial paper

Federal reserve
bank or branch
city

8
5 -6
6 -8
534-6
6-7
6 -7
7
7
7

December

Interbank loans
October

5 -5H
4 -5
6
5 -6
4 -6
6
6

4 -434
4 -4^
5
4 -434
434-6
5 -6
5 -6

6
5^-6
4
6 -8
5 -7
6 -8
5H-6
4^-5
6
434-6
6 ~6H
6
4 -434
6 -8
5 -6
6 -8
6 -8
6
5^-6
8
5 -6
6 -8
53^-6
6 -7
6 -7
7
7
7

5 -6
6

5 -534
5 -6
6
5 -6
5-6
5-534
6
5-534
6-8
534-6
6
6
5^-6
5-534
5-6
5-6
6
5
5H-6
6
534-6
6
6

November
4y2-4y±
4 -43^
5
4 -4M
434-6
5 -6
5 -6
434-5
5 -6
6
5 -534
6
53^-6
5 -6
4M-534
5 -6
5 -534
6 -7
5 -534
534-6
6 -8
534-6
6
6
5^-6
5 -53^
534-6
5 -6
6
5
6
6
6
6
6

December
4 -4H
4 —4V

5
4 -434

5 -6
6

5 -6
6

5 -5H
5 -6
6
6
5 -6
5 -6
5 -5H
6
5
6 -8
6
6
5^-6
5 -5H
5^-6
5 -6
6
5
6
6
6
6
6

24

FEDERAL RESERVE BULLETIN

JANUARY, 1931

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In millions of dollars]
Federal Reserve District
Total i

Loans and investments:
Dec. 3
- Dec 10
Dec. 17
Dec. 24
__
Dec 31
Loans:
Dec. 3
Dec 10
Dec. 17
Dec 24
Dec. 31
.
On securities—
Dec 3
Dec. 10
Dec 17
Dec. 24
Dec. 31
All o t h e r Dec. 3
Dec. 10
Dec 17
Dec. 24
Dec. 31
Investments:
Dec. 3
Dec 10
Dec. 17
Dec. 24
_
Dec 31
U. S. Government
tiesDec 3
Dec. 10
Dec 17
Dec. 24
Dec 31
All o t h e r Dec. 3
Dec 10
Dec. 17
Dec. 24
Dec 31
Reserves with Federal
banks:
Dec. 3
Dec. 10
Dec 17
Dec. 24
_
Dec 31
Cash in vault:
Dec. 3
Dec 10
Dec. 17
Dec 24
Dec. 31
Net demand deposits:
Dec. 3
Dec. 10
Dec 17
Dec. 24
,
Dec 31
Time deposits:
Dec. 3
Dec. 10
Dec. 17
Dec. 24
. ._
Dec. 31
Government deposits:
Dec. 3
_
Dec. 10
Dec. 17
-.
Dec. 24

- 23,316

RichNew PhilaAtBoston York* del- Cleve- mond lanta
land
phia

Chicago

City

MinSt.
Louis neapolis

KanSan- New
sas Dallas Fran- York
City
cisco

Chicago

1,502
1,495
1,495
1,485
1,492

9,579
9,512
9,234
9,263
9,365

1,306
1,307
1,314
1,318
1,291

2,228
2,227
2,247
2,227
2,216

648
643
648
644
629

593
591
605
601
577

3,349
3,361
3,415
3,350
3,312

642
638
640
645
650

369
365
371
364
364

657
656
653
650
662

448
444
449
449
444

1,996
2,002
2,011
1,987
1,954

8,352
8,280
8,003
8,045
8 152

2,008
2,018
2,061
1,999
1 978

16,200
16, 263

1,120
1,113
1,100
1,098
1,115

6,812
6,737
6,545
6,581
6,687

895
891
878
884
883

1,487
1,493
1,503
1,482
1,475

463
461
464
461
450

452
448
452
451
436

2,496
2,499
2,518
2, 466
2,444

476
472
477
480
483

237
233
240
233
233

412
412
412
408
409

332
330
327
329
329

1,332
1,339
1,340
1,326
1,320

5,975
5,896
5,706
5 749
5,859

1,472
1,475
1,487
1,438
1,414

7,769
7,769
7,741
7,779
7,814

451
451
450
440
454

3,734
3,708
3,644
3,756
3,828

450
450
452
463
476

723
724
735
720
706

171
171
175
173
171

140
135
137
136
130

1,197
1,219
1,231
1,193
1,150

193
192
198
198
206

77
78
78
78
79

111
112
111
107
108

93
94
95
95
95

429
436
436
420
412

3,341
3,310
3 248
3,366
3,438

840
861
874
835
789

8,747
8,656
8,517
8,421
8,449

669
662
651
658
661

3,078
3,029
2,901
2,826
2,859

446
440
426
422
407

765
769
768
762
769

292
289
289
288
280

312
313
315
315
307

1,299
1,280
1,288
1,272
1,294

283
280
279
282
277

160
155
162
155
154

302
301
302
301
301

239
236
233
234
234

903
903
904
906
908

2,634
2,586
2,457
2,383
2,421

632
614
613
603
625

6,800
6,816
6,827
6,785
6,693

382
382
394
387
377

2,767
2,775
2,689
2,681
2,679

411
417
436
434
408

741
735
744
746
741

185
182
184
183
179

141
144
153
151
140

853
863
897
884
868

166
166
163
166
167

131
132
131
131
131

244
244
241
242
253

116
114
122
120
115

664
662
671
660
634

2,377
2,384
2,297
2,295
2,293

536
543
574
561
564

3,095
3,144
3,214
3,156
2,992

153
152
165
153
149

1,336
1,388
1,356
1,352
1,298

127
127
145
143
114

343
342
353
348
335

75
73
74
74
70

62
63
73
69
58

387
392
431
415
389

36
36
32
32
34

70
70
68
67
67

98
99
100
98
106

66
64
71
69
61

343
338
347
336
313

1,217
1,271
1,236
1,234
1,182

232
239
273
258
250

3,706
3,672
3, 612
3,629
3,701

228
230
229
234
228

1,431
1,387
1,334
1,329
1,381

283
289
291
291
294

398
393
391
397
406

110
110
110
109
109

79
81
81
82
83

467
470
466
469
479

131
131
131
133
133

61
63
64
64
65

146
145
142
144
147

50
50
51
51
54

321
324
324
324
322

1,160
1,114
1,061
1,061
1,111

304
304
301
304
314

1,816
1,849
1,854
1,772
1,878

99
99
100
97
107

867
905
904
848
921

88
89
86
82
85

139
139
136
136
134

41
38
40
38
39

39
39
38
39
40

272
270
275
265
287

45
46
46
45
45

27
26
28
25
24

54
54
57
55
57

34
32
35
33
32

111
112
110
108
107

806
841
841
782
861

193
192
194
186
215

230
269
293
318
287

13
15
16
18
16

70
93
105
118
99

14
16
17
25
19

28
31
33
30
32

13
14
17
17
15

10
10
10
11
12

34
37
38
39
39

9
9
9
9
8

5
5
5
6
5

10
11
10
11
11

6
7
7
7
7

18
21
26
26
25

56
79
90
104
85

14
14
15
17
16

13,908
13,914
13,771
13, 603
13,999

891
883
870
857
896

6,504
6,515
6,438
6,398
6,663

i 764
764
756
750
767

1,082
1,080
1,066
1,062
1,070

344
345
339
329
332

306
305
299
299
303

1,907
1,922
1,911
1,855
1,872

365
369
374
376
393

228
224
221
215
207

467
466
468
463
476

281
277
276
271
269

767
765
752
729
751

5,933
5,947
5,855
5,832
6,070

1,323
1,328
1,306
1,275
1,273

7,372
7,355
7,180
i 7,126
.- i 7,070

535
530
523
520
509

1,927 !
1,911
1,763
1,756
1,741

366
365
361
356
351

1,010
1,010
1,005
992
985

248
245
243
241
241

234
234
230
230
229

1,297
1,300
1,300
1,284
1, 265

233
232
229
227
226

152
151
151
150
148

197
197
195
195
190

150
150
148
147
147

1,023
1,030
1,032
1,027
1,037

1,377
1,360
1,216
1,209
1,201

615
616
617
601
602

23
19
19

50
41
41

20
16
16

26
21
21

16
12
14

24
20
20

39
32
32

1
1
1

1
1
1

3
2
2

14
12
12

43
35
35

31
25

23,242
23,084
22,985
22,956

.

16,516
16,426

_ 16,258

- - - __.
_-

securi-

_
reserve
:

I

•

248
202
204

30
25 !
25,

25
Bsginnin? with Dae. 17, the figures are exclusive of those for 1 bank in New York City, which closed Dec. 11. Last report of bank showed
loans and investments of about $190,000,000.
Dec. 3 1 .

1




JANUARY,

25

FEDERAL RESERVE BULLETIN

1931

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In millions of dollars]
Federal Reserve District

Total
Boston

Due from banks:
Dec. 3
Dec. 10
Dec. 1 7 . - .
Dec. 24
Dec. 31
D u e to banks:
Dec. 3
Dec. 10
Dec. 1 7 . .
Dec. 24
Dec. 31
Borrowings from
serve banks:
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31

1,526
1,492
1,481
1,407
1,617
3,455
3,339
3,434
3,203
3,539

XT

I Phila- Cleve- Richland mond

T

124
118
106
99
126

160
102
134
97
167 I 87
158 ! 69
204 ! 97
1,263
1,178
1,283
1,154
1,389

!
!
i
!
i

21
37
38
89
17

140
131
131
120
150

Atlanta

314
312
298
284
289

Chicago

f City

St.
Louis

261
250
235
237
300

100
101
98

82
97
89
83
73

477
477
496
488
514

74
67
83

Min- Kanneapolis

115
120
118
115
116

99
95
84
87

sas

City

New
Dallas Fran- York
! Cisco

166
165
168
147 j

101
109
108
100
97

I
i
:
I
I

239
232
230
210
214

117
110
104
97
102

214 | 118
207
118
213
115
208
109
204
112

Chicago

| 92
i 78
! 99
| 94
; 132

169
155
142
150
207

274 1,185
1,104
264 i1,211
240 !1,090
263 i1,317

335
335
358
354
368

199
200
206
195
219

Federal re99
106
160
250
89

2
2
1
2
1

9
3
44
49
11

DECEMBER CROP REPORT
[Based on estimates, by States, for December 1 as made by the Department of Agriculture]
[In thousands of units]

Corn
Federal reserve district

Production,
1929

Total wheat

Estimate,
Dec. 1,1930

Production,;
1929

Winter wheat

Estimate, Production, Estimate, Production, Estimate,
Dec. 1,1930
1929
Dec. 1,1930
1929
Dec. 1,1930

Bushels
7 721
24, 355
42, 363
170,010
152, 032
174, 605
879, 380
312, 580
294, 502
444, 781
101,149
10,654

Atlanta

Chicago
St. Louis
_.
Minneapolis
Kansas CityDallas
San Francisco... . . .

Total

Bushels
8,028
23, 155
27, 778
107, 808
110,120
126, 380
730, 306
182, 698
248, 540
404,168
100,951
11,116

Bushels
110
5,188
18, 690
36, 862
26, 059
4,144
62, 550
44, 676
189, 853
267, 571
39,923
113, 550

Bushels
86
5,619
22,911
34, 632
28, 626
3,790
69, 718
50,141
196, 950
296,197
29, 116
113,179

2, 614,132

Boston
New York
Philadelphia.
Cleveland
Richmond . .

2,081,048

809,176

850,965

Tame hay

Oats

Tobacco

Federal reserve district
Production, Estimate,
1929
Dec. 1,1930

Production,

Bushels
8,369
25,493
18, 750
64,498
26,999
15, 814
501,169
51,166
283,837
151,856
45, 514
34,904

Bushels
8,754
46, 675
25, 268
81, 866
25, 451
14, 510
571,158
62,404
312,857
167, 547
48,881
36, 655

Tons
4,531
6,838
3,037
7,168
4,198
2,884
23,180
9,057
12,032
12,411
1,279
14,278

Tons
4,214
5,852
2,674
4,084
2,486
2,211
16, 726
5,724
10, 343
11, 678
1,232
15,432

Pounds
39,811
1,085
49, 536
149, 879
725,898
185, 390
49,167
316,511
4, 687
2,713

1,228, 369

1,402,026

100,893

82, 656

1, 524, 677

Boston
STew York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
M inneapolis
Kansas City
Dallas
San Francisco
Total
1

1929

Includes 9,000 bales grown in miscellaneous territory.

NOTE.—Figures for 1929 are as revised in December, 1930.




Bushels

Bushels

5,052
18, 591
36, 765
26, 059
4,144
58,140
44, 259
12, 455
255,475
39, 580
75, 693

5,449
22, 809
34, 532
28 626
3, 790
64,110
49, 564
11,064
285. 271
28,926
70, 196

576, 213

604, 337

Pounds
43,181
1,081
38,118
139, 252
740, 651
210, 766
52, 685
275, 389
6,049
3,136
---

Bushels
110
136
99
97

- -

1,510, 308

Bushels
57, 650
27, 642
23,196
19,531
37, 244
11, 945
46,151
13, 318
48, 510
31, 595
3,189
39,077

Bushels
55 820
33,421
22, 548
16, 783
32, 605
12,166
38, 637
15, 278
40, 342
37, 380
4,594
51, 516

359,048

361,090

Bushels
86
170
102
100

4,410
417
177, 398
12,096
343
37, 857

5,608
577
185,886
10,926
190
42, 983

232,963

246, 628

Cotton

White potatoes

Estimate, Production, Estimate, Production, Estimate,
Dec. 1,1930
1929
Dec. 1,1930
1929
Dec. 1,1930

2

Spring wheat

Production,
1929

Estimate,
Dec. 1,1930

Bales

Bales

1,625
3,468

1,877
3,778

3, 306

2 2, 531

1,169
4,862
398

847
4,816
394

14,828

14, 243

1

Includes 6,000 bales grown in miscellaneous territory.

26

FEDEKAL RESERVE BULLETIN

JANUARY, 1931

BUILDING CONTRACTS AWARDED

BUILDING PERMITS ISSUED

[Value of contracts in thousands of dollars]

[Value of permits in thousands of dollars]

1930

Federal reserve district

1929

Nov.

Oct.

20,993
70,835
12,651
37,488
15,067
15,851
39,443
15,530
5, 694
11,004
9,017

27,932
95,490
16, 202
41, 342
25, 569
12, 488
52, 622
31, 705
6,347
17, 003
10, 602

22,746
168,750
24,226
23.950
22,870
12,568
57,879
18,679
J 11,703
; 13,541
14,100

253,574

337,301

'
'•
i
-j
j
;
I
i

-

Total (11 districts)

.

1.

20
168

Figures for building contracts awarded are for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

Oct.

St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Nov.

Oct.

Nov.

177
458
122
185
121
100
337
118
50
129
51
276

173
391
95
120
98
112
298
126
53
125
37
168

2,769
17,196
4,068
4,057
1,718
3,208
5,582
3,870
398
5,495
2,497
4,401

4,996
18, 587
3,797
3,476
1,431
3,048
8,136
3,506
418
1,400
840
6,661

8,459
21,302
2,026
3,450
1,907
1,245
6.154
1,773
743
2,179
438
2,368

2,031

2,124

1,796

55, 261

56, 297

- -

1929

Nov.

Oct.

1
140

22,490
19, 696

30,781
23,693

53,604
28,486

11
7
10
13
7
15
21
5
9
15
10
18

2,326
23,192
1,821
2,171
699
871
4,880
928
673
1,179
564
2,882

2,767
31, 635
2,246
2,654
805
1,053
5,956
1,112
761
1,388
694
3,404

3,296
54, 700
2,926
2,985
805
1,148
7,625
1,342
912
1,533
812
4,006

141

New York City
Outside New York City
Federal reserve district:
Boston

52, 046

...

159, 651

42,186

54,474

82,090

Nov.

1929

1930

Nov.

182
411
93
169
121
110
304
92
48
160
91
250

. -

Chicago

1929

1930

14, 914
118,215

14, 096
6,454
3,501
15, 299
1,765
2,076
9,018
4,712

1930

Number of
centers

Liabilities

]XTumbei

109,420

4,174
62, 208
10, 284
12, 678
5,312
2,595
28, 658
3,024
2,759
6,627
4,684
16, 649

[Debits to individual accounts. In millions of dollars]

[Amounts in thousands of dollars; figures reported by R. G. Dun Co.]

Nov.

5,484
34,029

Nov.

BANK DEBITS

COMMERCIAL FAILURES

Federal reserve district

Oct.

4,627
48, 784
8,916
6,992
5,242
1,774
10,004
1,673
1,600
3,464
3,316
13,030

Boston..
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco.
T o t a l . _.

'

-

1929

Nov.

391,013

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas

1930

Number of
cities

Federal reserve district

Nov.

New York
Philadelphia

Cleveland
Richmond
Atlanta

_

._

Chicago

St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

_

Total

BANK SUSPENSIONS
[Figures for latest month are preliminary. For statistics of bank suspensions by States see p. 47]
[Banks closed to public permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks.
Deposit figures are for the latest available date prior to suspension and are subject to revision]
Number of banks
Members

All banks

Federal reserve district

Dec,
Boston
New York

__

Year,

Year,

1930

1930

1929

Dec,
1930

1

Year,
1930

]Deposits

Nonmembers2

Dec,

All banks

(in thousands of dol ars)
Members i

Year,

Dec,

Year,

Year,

1930 ! 1930

1930

1930

1929

! Dec,

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..

5
6
6
4
62
35
53
97
31
16
8
5

11
11
10
41
145
141
263
352
155
135
42
20

6
3
14
59
119
93
44
84
193
11
16

10
4
10
17
7
1
4
1

1
4
1
9
22
22
32
42
17
15
18'
5

Total
Banks reopened

328
34

1,326
138

642
58

57
1

188
8

2
1

5i
4
5
4
52 ;
31
43
80
24 .
15
4
4
271
33 i

Year,

Dec,

Year,

1930

1930
| . _

Nonmembers 2
1930

1930

.

10
7
9
32
123
119
231
310
138
120
24
15

17,114
187, 642
57, 320
780
34,065
15, 215
32, 346
40, 626
8,787
3,751
4,014
5,667

39 016
189,799
60,105
41,987
86,674
92, 771
114,164
188,015
26, 857
30,110
18, 880
15, 576

19,101
161,377
3,304
553
8 431
19,601
11, 385
62,405
7,881
35, 579
16, 092
9,422 • 13,688
15, 300
2,495
39,204 ;
68
1,931
2,892
952
20, 254

852
162, 535
553
10 940
22^ 694
33,162
27, 565
98,150
3,953
7,940
14, 320
6,135

17 114
26, 265
56, 767
780
22,680
7,334
16,254
26, 938
6,292
3,683
1,122
4,715

38 164
27, 264
59, 552
31 047
63,980
59,609
86,599
89, 865
22, 904
22,170
4,560
9,441

1,138
130

407,327
13, 783

903,954
54,678

234,532 i 217,383
25,829
797

388, 799
4,501

189,944
12,986

515,155
50,177

1 December figures include 50 national banks with deposits of $52,584,000 and of 7 State bank members with deposits of $164,799,000; year 1930
figures include 162 national banks with deposits of $180,843,000 and 26 State bank members with deposits of $207,956,000.
2 Includes private banks for which deposit figures are not available, as follows: Dec. 3; year, 1930, 6 banks.




FEDERAL RESERVE BULLETIN

JANUARY, 1931

27

FOREIGN BANKING AND BUSINESS CONDITIONS
RECENT GERMAN BANKING LEGISLATION
Under Article IX of the agreement with
Germany signed on January 20, 1930, at The
Hague, the German Government agreed to
take the measures necessary for the enactment
of a law for the amendment of the bank law of
August 30, 1924, in accordance with Annex V
of the agreement. The provisions of Annex
V were later embodied by the German Government in an act approved March 13, 1930,
though it was not to be made effective until
some future date fixed upon by the Government.
At the same time advantage was taken of this
amending act to alter a number of other articles
in the bank law not referred to in Annex V of
the agreement.
On April 15 the managing board and the
general council of the Reichsbank concurrently
decided to put into force article 31 of the bank
law, the decision to take effect at the same
time as the New Plan.1 Article 31 requires
the Reichsbank to redeem its notes in gold or
gold bars, or in foreign exchange at the market
value of the foreign currency in gold. Under
article 52 the coming into force of article 31
required a concurrent resolution such as was
actually adopted on April 15.
The New Plan became effective on May 17,
1930. In accordance with the decision already
taken, article 31 of the bank law automatically
went into force on that date; and on May 19
the German Government decreed the law
amending the bank law and approved March
13, 1930, to be in effect as from May 17, 1930.
Section III of the amending law, provided
for a special act for the purpose of altering
distribution of profits of the Reichsbank. This
special act amending article 37 of the bank law
took the form of a decree dated December 1,
1930. In connection with the change in the
provisions governing distribution of profits
of the Reichsbank, a portion of the shares of
the Deutsche Golddiskontbank, a subsidiary of
the Reischbank, was assigned to shareholders
of the latter institution. By decree of December 1, 1930, the legal status of the Golddiskontbank was redefined. A third decree as of December 1, 1930, established a new schedule for
i This is the official term for the series of arrangements by which a
final settlement of reparations and other financial claims arising out of
the World War was effected. The New Plan embodies the experts'
report of June 7,1929, the protocol of Aug. 31,1929, and The Hague agreements of Jan. 20, 1930.




the liquidation of outstanding notes of the
Deutsche Rentenbank (Rentenbankscheine)
which is now taking place under the management of the Reichsbank.
This series of alterations in the status of the
Reichsbank and allied institutions, the last
of which became effective December 1, 1930,
are presented in full below. A brief analysis
of the most comprehensive act—the law amending the bank law of August 30, 1924—is given
herewith.
In general this law embodies provisions
which were rendered necessary by the shift
from a situation in which the general council
of the Reichsbank was half composed of
nationals of foreign countries and notes were
issued under the supervision of a foreign
commissioner, to a situation in which all
foreign control over the banking and currency
system has been removed. Most of these
provisions were in fact formulated in Annex V
of the agreement with Germany signed at The
Hague on January 20, 1930. Articles 2-8, 10
(final paragraph), 12, 14, and 15 of section 1 of
the law approved March 13, 1930, amending
the bank law of August 30, 1924, merely carry
out the stipulations of Annex V of The Hague
agreement. Articles 2,4-9,14, and 18 all have to
do with changes in regard to the general council
and the commissioner for the issue of notes.
Articles 11 and 13 and the final paragraph of
article 10 deal with other matters connected with
The Hague agreements. Article 2, in addition
to dealing with the general council, includes
provisions which enlarge the power of the
President of the Reich. Article 10, aside from
the final paragraph, alters certain of the conditions governing security loans. Loans on security of Government and municipal bonds maturing within one year, formerly made to banks
only, can now be made to any type of borrower;
but the power of the Reichsbank to lend on
long-term bonds of the Reich w^ith the added
security of two obligees liable on the loan, one
of them a bank, is rescinded. The period at
which the German Government must be
entirely out of^ debt to the Reichsbank is
changed by article 12 from the end of any
business year to July 15 of each year. The
remaining articles of the amending act are
either routine in character or self explanatory.

28

FEDERAL RESERVE BULLETIN

JANUARY, 1931

LAW AMENDING THE BANK LAW OF AUGUST or his deputy shall consult the government of the
30, 1924
Reich concerning the election."

VII. Article 17 shall read as follows:
Approved March 13, 1930 (Reichsgesetzblatt II, p.
"The following classes of persons shall not be elected
355)
as members of the general council:
"(a) Officials in the immediate service of the German
The Reichstag has adopted the following law, which' Reich or of any German State, unless they are in a
with the assent of the Reichsrat, is hereby promulgated: permanent state of retirement.
"(6) Persons who receive any payment from the
SECTION i
German Reich government, or from the government of
any German State. Remuneration for earlier services
The bank law of August 30, 1924 (Reichsgesetzblatt does not count as payment."
II, p. 235), shall be amended as follows:
VIII. Article 18 shall read as follows:
I. In article 5, paragraph 1, the words "provided
"Decisions of the general council require a simple
always that such original capital shall not be less than majority; if the votes are equally divided the chairman
300 million reichsmarks" shall be omitted.
shall have a casting vote. This provision shall not apply
Paragraph 2 of article 5 shall be canceled.
to the election of the president, nor to the assent to be
given to the appointment of the members of the
II. Article 6, paragraph 4, shall read as follows:
"The president shall be elected by the general managing board.
council after the latter has heard the managing board
"At each of its meetings and at least once in three
of the Reichsbank. Such election requires a majority months, the general council shall examine the reports
of 7 votes and the confirmation of the President of the submitted to it by the president. It shall decide on
Reich, who signs the deed of appointment. By the all proposals made to it by the president, provided that
delivery of the deed the president elected is duly such decisions do not encroach upon the rights of adminappointed."
istration of the bank reserved to the managing board."
IX. Article 19 shall be deleted,
Paragraph 5 of article 6 shall be canceled.
X. Article 21, subsection 3 b, last sentence, shall
The present paragraph 6 of article 6 shall read as
read as follows:
follows:
"viz, the bonds to bearer of German public credit
"The members of the managing board shall be
appointed by the president after approval by the institutions as well as * * *" (i. e., the word
general council. The same majority is required for "land" shall be deleted).
Article 21, subsection 3 c shall read as follows:
such approval as for the election of the president. The
"On the security of interest-bearing bonds to bearer
appointment requires confirmation by the President of
the Reich. The members are duly appointed by or bonds to bearer (maturing within a year) of the
delivery of the deed of appointment. The appoint- Reich, of any German State, or of any German comment shall be for a term of 12 years, subject always to munal corporation or on the security of interest-bearing
the condition that on attaining the age of 65 years a bonds to bearer of which the interest is guaranteed by
the Reich or by a German State, the amount lent not
member shall cease to hold office."
The present paragraph 9 of article 6 shall be supple- to exceed three-quarters of the market value of such
securities."
mented by the following passage:
Article 21, subsection 3, last paragraph, shall be
"The approval shall be considered as refused if twothirds of the members have voted against the new deleted.
Article 21, add at end as new paragraph:
candidate."
"All functions confined to and obligations imposed on
The present paragraph 10 of article 6 shall be supplecentral banks in general or any one such central bank
mented by the following passage:
"The dismissal of the president or of a member of specially by the New Plan (Hague agreement, January,
the managing board requires confirmation by the 1930), will be performed in Germany by the Reichsbank . All functions confided to and obligations imposed
President of the Reich."
on presidents of central banks in general or any one
III. Article 12, paragraph 2, shall read as follows:
"The general meeting shall also determine the stat- such president specially by the New Plan will be perutes and any changes in the statutes on the proposal formed ifl Germany by the president of the Reichsbank."
XI. Article 24 shall be supplemented by the followof the managing board and with the consent of the
general council. The statutes and any changes therein ing paragraph 2:
"The bank is entitled to acquire or to sell shares of
shall be published by the managing board in the
the Bank for International Settlements and to guarReichsanzeiger."
antee their subscription."
IV. Article 14 shall read as follows:
XII. Article 25, paragraph 2, in the second sentence
"A general council of the Reichsbank shall be constituted consisting of 10 members. These members the words "at the end of any business year" shall be
replaced by "on July 15 of each year."
must be German nationals."
XIII. Article 26, paragraph 1, the second sentence
V. Article 15 shall read as follows:
"The president of the Reichsbank managing board shall be deleted.
Paragraph 2 of article 26 shall be deleted.
shall be one of the members and also chairman of the
XIV. Article 27, paragraphs 1 to 3, shall read as
general council."
*. The term of office of a member of the general council follows:
"The preparation and completion; the issue, the
with the exception of the president shall be three years.
withdrawal, and the destruction of bank notes shall
VI. Article 16 shall read as follows:
"The members of the general council, with the ex- be effected under the control of the president of the
ception of the president, shall be elected by means of Rechnungshof of the German Reich as commissioner.
"The checking of the issue of notes shall be effected
cooption by those members of the general council who
are in office at the time, subject to confirmation on the by numerically ascertaining the available note cover as
part of^such of the shareholders as are German nationals. prescribed by law. The examination shall take place
Before the election the chairman of the general council on those days for which the bank, according to article




36, paragraph 1, regularly publishes its returns. The
reports as to such examinations must be submitted to
the general council at each of its meetings. No examination or discussion concerning the credit, discount,
and currency policy of the bank shall take place in
connection with the checking.
" Statements as to the cover of notes and as to the
notes in circulation must be given to the commissioner
daily."
XV. Article 38 paragraph 4 shall read as follows:
" While the note issue privilege is in force, the Reichsbank may only go into liquidation with the consent of
the government of the Reich. Thereafter, the Reichsbank shall, before going into liquidation, give notice
to the government in good time."
XVI. (1) Article 39: The words from " t o a fine"
to the end of the sentence shall be modified as follows:
" t o a fine of from five thousand to one hundred thousand reichsmarks."
(2) Article 41: (a) Paragraph 1, the word "knowingly" shall be deleted; (b) Paragraph 2, the words
from "with a fine" to the end of the sentence shall be
modified as follows: " t o a fine of from five thousand
to one hundred thousand reichsmarks."
XVII. Articles 42 and 43 shall be deleted.
XVIII. Article 44, subsection 10, both paragraphs
shall be deleted.
SECTION II

Members of the managing board as well as German
members of the general council, in office at the time of
the coming into operation of this law, shall remain in
office. The duration of their term of office is governed,
respectively, by the provisions of article 6, paragraph 6,
and of article 15, paragraph 2, of the bank law of
August 30, 1924.
As regards their first term of office the new members
joining the general council after this law comes into
force, shall be distributed amongst the three preexisting groups of German members. The first meeting
of the general council taking place after this law comes
into force shall decide upon the distribution amongst
the several groups by lot.
SECTION III

Article 37 and the distribution of profits for 1930 and
for the following years shall be altered by a special act
SECTION IV

The date of the coming into force of this law shall be
fixed by the Government.
REICHSPRASIDENT.

BERLIN, March 13, 1980.

NOTIFICATION OF THE REDEMPTION OF
REICHSBANK NOTES, APRIL 17, 1930
(Reichsgesetzblatt II, p. 691)
The managing board of the Reichsbank has issued
the following notification, which is published herewith
in accordance with article 52 of the bank law of August
30, 1924.
REICHSWIRTSCHAFTSMINISTER.
REICHSMINISTER DER FINANZEN.

BERLIN, April 17, 1930.
NOTIFICATION

29

FEDERAL RESERVE BULLETIN

JANUARY, 1931

REGARDING THE REDEMPTION OF
REICHSBANK NOTES

In pursuance of article 52 of the bank law of August
30, 1924 (Reichsgesetzblatt II, p. 235) the managing
board and the general council of the Reichsbank have
concurrently decided to put into force article 31 of the




bank law. This decision shall become effective at the
same time the New Plan is put into force.
REICHSBANK-DIREKTORIUM.

Berlin, April 15, 1930.
DECREE PUTTING INTO EFFECT THE LAW
AMENDING THE BANK LAW, MAY 19, 1930
(Reichsgesetzblatt II, p. 777)
In pursuance of Section IV of the law amending the
bank law and approved March 13, 1930 (Reichsgesetzblatt II, p. 355), the following shall be enacted:
" The law amending the bank law and approved on
March 13, 1930 (Reichsgesetzblatt II, p. 355), shall
come into force as of May 17, 1930."
REICHSWIRTSCHAFTSMINISTER.

Berlin, May 19, 1930.
DECREES OF THE PRESIDENT OF THE REICH
FOR SAFEGUARDING THE NATIONAL ECONOMY AND PUBLIC FINANCES, DECEMBER 1,
1930
(Reichsgesetzblatt I, pp. 591-592)
DISTRIBUTION

OF PROFITS OF THE REICHSBANK

The provisions of article 37 of the bank act of August
30, 1924 (Reichsgesetzblatt II, p. 235), shall be applied as follows:
Article 37 paragraph 1 shall read as follows:
"Ten per cent of the yearly net profit shall be paid
into a surplus fund until it shall amount to 100 per
cent of the paid-in capital stock of the bank."
Article 37 paragraph 3 shall read as follows:
"The balance of the net profit remaining after payment of the said dividend shall be distributed as follows:
75 per cent of the first 25,000,000 reichsmarks falls to
the Reich and 25 per cent to the shareholders, 90 per
cent of the next 20,000,000 reichsmarks falls to the
Reich and 10 per cent to the shareholders. Of the
remainder, if any, 95 per cent falls to the Reich and 5
per cent to the shareholders. The amounts so allotted
to the shareholders may, on the proposal of the managing board, either be paid out as an additional dividend
or be used for a special reserve for future dividends
created for the purpose of equalization of dividends."
REORGANIZATION OF THE DEUTSCHE GOLDDISKONTBANK
SECTION I

The following regulations henceforth govern the legal
status of the Deutsche Golddiskontbank established by
the law for the Deutsche Golddiskontbank of March
19, 1924 (Reichsgesetzblatt II, p. 71):
ART. 1. The purpose of the Deutsche Golddiskontbank is to supply the credit requirements of
the national economy, especially in the field of promotion of exports. The Deutsche Golddiskontbank has
its headquarters in Berlin. It has the legal status of a
private person and is subject to the regulations applying to stock companies, so far as not otherwise provided
in this law. Public notification of the statutes and their
modifications shall be made. Changes in the statutes
require the consent of the government of the Reich.
ART. 2. In order to create funds for the granting of
credit, the Deutsche Golddiskontbank may issue
interest-bearing bonds to bearer up to five times the
amount of its capital and reserves.
The general regulations for the bonds to be issued in
accordance with paragraph 1 shall be promulgated by
the government of the Reich. Interest on the bonds
is not subject to deduction for tax on capital yield.
ART. 3. The certification of the board of directors as
well as of other persons authorized to represent the
bank in legal matters may be effected by an official

30

FEDERAL RESERVE BULLETIN

certificate from the notary appointed at the Reichsbank in accordance with section 8 of the banking law
of August 30, 1924. The resolutions of the general
meeting may be recorded by this notary.
The general meeting shall adopt resolutions in all
cases by a simple majority of the votes cast.
The regulations of the German commercial code, which
apply to the register of the court of commerce, do not
affect the Deutsche Golddiskontbank. Similarly the
regulations for the establishment and the promoters'
liability, also the regulations in articles 40 (par. 1),
180, 182, 227, 246 (par. 4), 252 (par. 3, sentence 2),
259, 266, 267, 281 (par. 1, No. 4), 295 (par. 2), 302
(pars. Ito3), 309, 314 (par. 1, No. 4), and 319 of the
German Commercial Code, as well as the regulations of
the decree regarding gold balance sheets of December
28, 1923 (Reichsgesetzblatt I, p. 1253), have no application to the Deutsche Golddiskontbank. The
exemption from the regulations of article 40, paragraph
1, and of article 180 of the German Commercial Code
is postponed until December 31, 1931.
ART. 4. An advisory council of experts in the exporting business shall be formed in connection with the
Deutsche Golddiskontbank, the advisory opinions of
which the bank must consult with reference to the
principles of its operation, and which it may hear at
any time. The instructions with regard to the composition and the powers of the advisory council shall
be formulated by the board of directors of the bank.
ART. 5. All persons connected with the Deutsche
Golddiskontbank as managers or employees, as well
as those concerned in the supervision, are obligated to
observe secrecy in regard to the business of the bank,
even after their connection with the Deutsche Golddiskontbank is ended. Contrary provisions of other
laws have no application to the Deutsche Golddiskontbank. The regulations of the criminal procedure and
of the tax laws of the Reich are not affected.
ART. 6. The Deutsche Golddiskontbank must be
examined anually, before the verification of the balance
sheet, by an independent agency to be selected by the
board of directors. The board of directors reports to
the general meeting the result of the examination. The
provisions of section 5 of this decree apply likewise to
persons connected with the examination.
ART. 7. The regulations of the law for the Deutsche
Golddiskontbank of March 19, 1924 (Reichsgesetzblatt II, p. 71) are annulled. As regards the regulation
of article 11, paragraph 1, sentence 1, this is not in
effect, however, until January 1, 1931.
SECTION II

Articles 2 and 3 of the law for the amendment of the
bank law of March 19, 1924 (Reichsgesetzblatt II, p.
73), are annulled.
SECTION III

The tax exemption provisions, beginning January 1,
1931, in article 9, paragraph 1, No. 2, of the corporation tax law of August 10, 1925 (Reichsgesetzblatt I,
p. 208), and in article 4, paragraph 1, No. 1, of the
property tax law of August 10, 1925 (Reichsgesetzblatt I, p. 233), are not applicable to the Deutsche
Golddiskontbank.
LIQUIDATION OF RENTENBANK NOTES
SECTION I. The law of August 30, 1924, for the

liquidation of Rentenbank notes in circulation (Reichsgesetzblatt II, p. 252) is to be amended as follows:
1. Article 4, paragraph 3, shall include the following
sentences 3 and 4: " Interest payments legally due on
April 1, 1930, and later, are abolished. The government of the Reich, however, is empowered, with the
consent of the Reichsrat and of a committee of the




JANUARY, 1931

Reichstag, to decree the collection of the interest on
the succeeding legal due date."
2. Article 5 shall read as follows:
"(1) According to the provisions of this law, by
December 31, 1942, at the latest, the Reichsbank must
liquidate the total amount of the outstanding Rentenbank notes.
" (2) As soon after April 1, 1930, as an amount has
accumulated in the sinking fund which equals the total
of the outstanding Rentenbank notes, as published by
the minister of finance of the Reich in accordance with
article 7, paragraph 4, of this law, but not later than
January 1, 1943, the Deutsche Rentenbank must call
in the still outstanding Rentenbank notes for redemption and for exchange into lawful money within six
months. The Reichsbank must make the exchange
at its windows out of the resources placed at its disposal
by the term of article 7."
3. Article 7 shall read as follows:
"(1) The annual share of profits accruing to the
Reich according to article 37 of the bank law is allotted
to the sinking fund until all the Rentenbank notes
outstanding on April 1, 1930, are redeemed, at the
latest until December 31, 1942.
" (2) In case the collection of interest is again
decreed in accordance with the authority granted in
article 4, paragraph 3, sentence 4, the Deutsche
Rentenbank must remit to the sinking fund all the
receipts from the debtors as provided in article 4 of
this law. These payments are to be transmitted
direct to the sinking fund at the Reichsbank by the
payment offices (Finanzamtern).
"(3) If the total of the amounts remitted to the sinking fund up to December 31, 1942, is not sufficient for
the redemption of all outstanding Rentenbank notes,
the Reich shall place at the disposal of the Reichsbank
from time to time upon request the necessary funds so
far as the Deutsche Rentenbank is unable to furnish
them.
"(4) The total of the Rentenbank notes left in circulation on April 1, 1930, shall be published by the minister
of finance of the Reich."
4. Article 9 shall read as follows: "The Deutsche
Rentenbank is authorized, with the consent of the
government of the Reich, to transfer its property or
parts thereof to the Deutsche Rentenbank-Kreditanstalt."
5. Articles 8, 10, and 12 are annulled.
6. Article 13 shall read as follows: "Whatever
balance remains in the sinking fund after the expiration of the period for redemption shall accrue to the
Reich."
7. Article 14, paragraph 2, shall read as follows:
"After the expiration of the period for redemption
(art. 5, par. 2) the Deutsche Rentenbank shall be
placed in liquidation. At the completion of the liquidation the mortgages of the debtors are canceled. The
property of the Deutsche Rentenbank after completion
of the liquidation falls to the Reich. The government
of the Reich shall issue further regulations for the
carrying out of the liquidation and shall publish the
date of the close of the liqudation."
8. The following is added as article 22: "Mortgage
interest in arrears receivable after April 1, 1930, accrues
to the sinking fund."
SEC. II. Article 18 of the law for the establishment
of the Deutsche Rentenbank-Kreditanstalt of July 18,
1925 (Reichsgesetzblatt I, 145, 156), is annulled.
SEC. III. Article 15 of the decree for the establishment of the German Rentenbank of October 15, 1923
(Reichsgesetzblatt I, p. 963), is annulled.
SEC. IV. The provisions of this decree are effective
beginning April 1, 1930.

31

FEDEKAL RESERVE BULLETIN

JANUARY, 1931

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 372

Month

1929—November..
December...
1930—January
February
March
April
May
June
July
August
September..
October
November..
December...

Total
(45
countries)

United ArStates tina

10,304
10,297
10,362
10,434
10,505
10, 568
10,613
10,673
10, 709
10, 791
10, 828
no, 868
P10, 909

Aus- Bel- Bra- Can- EngGertra- gium zil
ada land France many
lia

451
97
434
89
445
88
448
124
445
126
442
109
441
91
440
97
436
97
434
97
434
98
»429 ! 79
*417 | 75

4,003
3,900
3,921
3,988
4,061
4,131
4,159
4,178
4,160
4,148
4,159
4,184
4,220
H, 224

151
163
164
164
164
164
167
167
167
168
173
180
181

151
150
139
127
127
90
90
89
80
69
65

78
78
78
78
79
79
80
81
94
100
110
122

659
711
732
740
759
795
765
768
746
759
766
782
767
724

I

1

1,600
,633
,683
,680
,668
,659
,717
,727
,775
1,852
1,899
1,992
2,037

India

534
544
547
582
595
611
617
624
624
624
590
519
519

128
128
128
128
128
128
128
128
128
128
128
128
128

*528

n, ioo

29
NethSwitother
erSpain zer- U.S. counS.R.
land
lands
tries

JaItaly pan

*128

273
273
273
273
274
274
274
274
274
275
278
278
*279

542
542
520
477
453
443
434
434
440
433
431
414
409

180
180
177
176
174
174
174
174
157
157
157
171
171

495
495
495
476
476
477
477
477
477
477
478
478
474

105
115
108
108
108
112
112
112
118
123
123
128
130

142
147
147
150
156
167
177
203
233
249
249
249
249
249

714
714
717
715
713
712
710
701
701
698
688

»691
*693

v Preliminary, based on latest available figures.
NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April, 1930, where separate figures for 44
countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount
of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina—
Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Cawada—Government reserve
against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standard
reserves of Government; Japan—domestic holdings of Bank of Japan and Government.

GOLD MOVEMENTS
[In thousands of dollars]
United Sta
Month

1929—November.
December.
1930—January...
February..
March
April
May
June
_July
August
September.
October. _.
November.

Germany

Imports

Exports

7,123
8,121
12,908

30,289 -23,166
72,547 -64,426)
3,960
8,948
59,9911
9ft7
All
55,478
290
65,725!
110
23, 47Oi
82
26
13,912
41,529 -19,640
-19,617
39,331
2,547
11,133
9, 267 26,368
35,151'
5,008

an IQQ
OU, l » o

55, 768
65,835
23,552
13,938
21,889
19, 714
13, 680
35, 635
40,159

Great Britain

Imports

Net

Imports
4,174
10,290
4,423
37,565
14,350
17, 967

5,093
11,096
5,052
38,252
15,119
18,670
7,318
7,561
1,481
1,614
2,030
3,215
1,539

Exports

36,249
65,343
41,702
38,961
38,258
42,741
45,388
13, 747
24,646
24,201
22, 339
45,416
41,199

27,844
16,439
16,102
34,074
12,826
14,828|
61,134
20,659,
40,3351
21, 390;
20,245|
34,7541
43,164

South
Africa

Net
8,405
48,903
25,600
4,886
25,432
27,913
-15,746
-6,912
-15,709
2,811
2,094

10,662
-1,965

Imports

Exports

107
297
248
80
89
81
75
34
48
281
81

12,338
150

Net

India

Net

Netherlands

Net

92;
15
20,922|
17
18,220!
280;,
3,224 -2,975; -17,808
, ~;
1,026
20,786
-946i
10
13,7771
79!
21
18,134!
60
19
22, 798'
56 ,
11
18,190
23
— 16.539i -22,415!

16,587
8
13
199

115]

4,408
4,603
5,370
3,844
3,447
5,953
6,452
9,204
3,404
13,461
3,568
949

273; -18,708
68! -17,149
12,139! -20,259
35! _

M O V E M E N T S T O AND F R O M GREAT BRITAIN

M O V E M E N T S T O A N D F R O M B R I T I S H INDIA

[In thousands of dollars!

[In thousands of dollarsl

1930
From or to—

November
Imports

France
Germany
Netherlands
Spain and Canaries. 4,866
Switzerland
United States
12, 396
South America
British India
5,371
Australia
New Zealand
Egypt
423
Rhodesia
Transvaal .
. . 17,089
420
West Africa
635
AH other countries..
41,199
Total




Exports

1929
JanuaryNovember

Imports

Exports

39,682
940
101
993
614

1,470 204, 551
7 68,878
J
19
981
24, 363
1,143
22, 505
283
41,442
49
377
1 8,054
115, 954
2
127
94

Calendar year
Imports
2,066
3,203
14,382
4

162,527
92,991
2,006
359
10,781
61,293

From or to—

24,603
2,433

4,807
4,641
184,954
183,314
11 4,216
4,668
459
1,003
2,146 13, 267
43,164 378,601 319, 533 303,725

10,320
3,786
8
33,434
377,505

September
Imports

Exports

23,090
39,129

1929

1930

England
United States
Aden and dependencies
Arabia .
British Oceania
Bahrein Islands
Ceylon
__ . .
China
_
Mesopotamia
Straits Settlements..
Egypt
Natal
AH other countries..
Total

Exports

JanuarySeptember

Calendar year

Imports

Exports

534

8,035

1

73
17
410
21
141
97
204
498

509
583
7,350

14

i 1 17fi

1,573
3,568

i 54,718

6,867
29,595
206

25,965
39
16

Exports

10,461 i
22 !
1,045
1,287 i
7,701
119
4,151
188
2,613

154

2.600
_J 3i657
•__! 1,836
._.: 2,812

Imports

64,275

1
28
19
48

32

FEDERAL RESERVE BULLETIN

JANUARY, 1931

FOREIGN EXCHANGE RATES, YEARLY AVERAGES 1922-1930
[In cents per unit of foreign currency. For explanation see note on p. 35]
Present monetary
unit i

Country
Europe:
Austria
Belgium
Bulgaria
Czechoslovakia
Denmark
England
Finland
France..
__
Germany
Greece
_
Hungary
Italy
Netherlands
Norway
Poland...
Portugal
_.
Rumania
Spain
Sweden
Switzerland
U. S. S. R
Yugoslavia
North America:
Canada
Cuba
Mexico...
South America:
Argentina
Bolivia
Brazil
Chile...
Colombia
Ecuador
Peru..
Uruguay
Venezuela
Asia:
China
China
China
Hong Kong
_
India
Japan
___
Java
Straits SettlementsTurkey
Africa:
Egypt.

Par of
exchange

1922

1923

1924

0. 0014
5. 2190
.8837
2. 9550
18. 3643
457. 4825
2. 6831
6. 0811
.0020
1. 7141
.0164
4. 6016
39.1005
16.6710
.0014
4. 2527
.4937
14. 4529
26. 5548
18.0600

1926

1927

1928

1929

1930

0. 0014
4. 6438
.7281
2. 9542
16. 7228
441. 7064
2. 5076
5. 2368
5 22.9980
1. 7900
.0017
4. 3580
38. 2109
13.9403
619.2280
3. 3850
.4982
13.3375
26. 5223
18. 2228

1925

Schilling i
Belga*
Lev i.
Crown
Krone.
Pound 1
Markka
Franc 1
Reichsmark *_,
Drachma 1
Pengo 1
LiraL
Florin
Krone
Zlotyi
Escudo
Leu K.
Peseta
Krona
Franc
Chervonetz.
Dinar

14.07
0.0097
13.90 7. 6829
.72
.6883
<2.96
2. 4151
26.80 20.9470
486. 65 442.9165
2.1634
2.52
3.92
8. 2013
23.82
.2323
1.30 3. 3059
17.49
.0906
5.26
4. 7559
40.20 38. 4975
26.80 17. 5016
11.22
.0188
108. 05 6.6700
.60
.6969
19.30 15.4828
26.80 26.1661
19.30 19.0652
514. 60
19.30
1. 3524

Dollar..
Peso.
.do..

100.00 98. 4783 98. 0352 98. 7322 99. 9615
100.00 99. 8516 99. 9508 99. 9783 99. 9359
49.85 48. 7150 48. 5465 48. 5143 49.3926

-do..
Boliviano *
Milreis i__
Peso
do
Sucre 1
Soli
Peso
Bolivar

96.48
36.50
11.96
12.17
97.33
20.00
40.00
103. 42
19.30

81.8166

79.3966

79. 0615

Mexican dollar»..
Shanghai tael fl ...
Yuan dollar»
Dollars
Rupee 1
Yen..
Florin
Singapore dollar..
Turkish p o u n d Egyptian p o u n d .

30.22
41.67
29.56
30.00
36.50
49.85
40.20
56.78
439. 65

54. 6337
74.9281
55. 6073
55. 7126
28. 7409
47. 8037

52. 0153
72.0248
52. 6223
52.8985
31.1103
48. 5845

1. 0722

78.5727

12. 9486 10. 2285
12. 2159 12. 2423

14,0740 14.0764
14.0891
U4.0612
14.0575
14.0743
4. 7580 3 3. 3721 13. 9157 13. 9281 13. 9124 13.9524
.7216
.7209
.7317
.7210
.7235
.7207
2. 9609
2.9640
2.9656
2. 9618
2. 9622
2.9625
26. 2257 26. 7251 26. 7426 26.6802 26. 7650
21.1310
482.8944 485. 8235 486.1024 486. 6223 485. 6879 486.2126
2. 5169
2. 5209
2. 5197
2. 5160
2. 5218
2. 5173
3.9249
3. 2427
3.9161
4. 7671
3. 9240
3.9210
23. 8013 23.7996 23. 7638 23. 8614 23. 8086 23.8541
1.2959
1.2934
1. 5614
1. 2579
1.3044
1.3173
.0014
17. 5612 17. 4741 17. 4443 17. 4414 17.4939
5. 2334
3.8894
5. 2374
3.9776
5.1560
5. 2571
40.1601 40. 0984 40.1065 40. 2238 40.1622 40. 2251
22. 3347 26. 0477 26. 6876 26. 6827 26.7598
17.8836
11.1796
17. 7432
11. 2881 11. 2097 11.1940 11. 2051
4. 4714
4.4940
5.1254
5. 0397
5.0290
4. 4675
.5953
.5961
.4832
.4620 ' .6042
.6133
11. 6670
14. 3443 14. 8959 17. 0592 16. 5942 14.6833
26.8479 i 26. 7646 26.8148 26. 8002 26. 7839 26.8543
19.3820
19.3268
19. 3130 19.2618 19. 2596 19.2792
515.0000 7 515.0000 515.0000 7 515.0000 7 515.0000
1. 7681
1. 7598
1. 7591
1. 7647
1. 7598
1. 2818 i.~7054~

99.9720 99. 9094 99. 2472 99.8424
99. 9310 99.9675 99.9634 99. 9647 99.9515
48. 3087 47. 2049 48.1067 48.1830 47.1331
78.1308 91. 3822 92.1497 96. 2950 96. 4801 95.1274 83.5050
34. 0941 34. 3913 35. 3911 36. 2776 36.3771
10. 7136
10. 9403 12.1962 14. 4357 11. 8383 11. 9737 11.8078
12.0601
12.0785
10. 5448 11. 6031 12. 0766 12. 0652 12.1451
98. 4547 97. 6879 97. 6937 96. 5512
20. 0571 18.9724
19.9127 20. 0000 20.0000
374. 0965 373.7739 397. 0488 399.9835 8 35.6170
82. 2695 98. 4009 101.4740 101.3361 102. 6567 98. 6294 85.8650
18.9009
19. 2565 18. 9835 19. 2525 19.2973
52. 3642
72. 6814
52. 6973
52.4691
31. 7835
41.1857

55. 5471
75. 7738
56.9066
56. 5199
36. 2642
41. 0362

50. 7753 53. 4984 51. 2523 56.1546

49. 9159
68. 4214
49. 9807
53. 3290
36.3267
47.1163
40. 2862
56. 2705
52. 2549

45.0315
62.0994
43. 9414
49. 2085
36. 3117
47.4113
40. 2377
56. 0476
51. 3204

46. 4710
64.3014
46.1378
50. 0717
36.4663
46. 4096
40. 2208
56. 2838
50. 9987

42.1541
58. 4153
41.9007
47.1669
36. 2020
46. 0997
40.0568
56. 0117
48. 4105

30.0861
41.8159
29.9166
33.8530
36.0672
49.3898
40.2328
55.9639

498. 0954 498. 3123 499. 0254 498. 0689

494. 31

1

In the following cases the present, monetary unit with present par value was quoted for only a part of the period 1922-1930, and the averages
given for earlier years are for the unit which has been superseded:
Country
Austria
Belgium...
Bolivia
Brazil..
Bulgaria
Chile
Ecuador
Finland...
France

Present monetary Previous monetary
unit first quoted
unit
in New YorkMar. 13, 1926
Oct. 25, 1926
Aug. 20, 1928
Dec. 18, 1926
Nov. 22, 1928. . : .
Aug. 21, 1925
_ Mar. 19, 1927 _
_ Jan. 2, 1926
June 25, 1928

Krone
Franc
Boliviano.Milreis
Lev
Peso
Sucre
Markka
Franc...

._
_

Par of
previous
unit
20.26
19.30
38.93
32.44
19.30
36.50
48.66
19.30
19.30

Present monetary Previous monetary Par of
previous
unit first quoted
unit
unit
in New York—

Country
Germany
Greece
HungaryIndia
Italy
Peru
Poland
Rumania

.

Oct. 29, 1924-_
May 14, 1928
Jan. 2, 1926
Apr. 1, 1927 .
Dec. 21, 1927..
Mar. 27, 1930
Oct. 13, 1927
Feb. 7, 1929

Mark
Drachma
Krone.
_
Rupee
.
..
Lira
Libra
. _.
Zloty*
Leu

23.82
19.30
20.26
48.66
19.30
486. 65
19.30
19.30

* The zloty (par value 19.30 cents) superseded the Polish mark (par value 23.82 cents) M a y 26, 1924.
2
»Average for schilling Mar. 13 to Dec. 31, inclusive. Average for krone, Jan. 2 to Mar. 12, was 0.0014 cent.
•'/Average for franc Jan. 2 to Oct. 25, inclusive. Average for belga, Oct. 26 to Dec. 31, was 13.9095 cents.
4
Established b y new currency law, effective Nov. 27, 1929; for previous status of Czechoslovak crown see BULLETIN for November, 1929, p . 737.
8
Average for 1,000,000,000,000 marks Jan. 2 to Oct. 28, inclusive. Average for reichsmark, Oct. 29 to Dec. 31, was 23.8008 cents.
6
Average for zloty M a y 26 to Dec. 31, inclusive. A verage for Polish mark, Jan. 2 to M a y 24, was 0.0113 cents pei thousand.
7
Nominal.
« Average for sol, Mar. 27 to Dec. 31, inclusive. Average for libra, Jan. 2 to Mar. 26 was 400.0000 cents.
• Silver currency. Par of exchange represents gold value of unit in 1930 computed b y multiplying silver content of unit b y New York average
price'of silver for 1930, which was $0.38466. Corresponding parities for the years 1922 to 1929 are as follows:
1922
Mexican dollar
Shanghai tael
Yuan dollar
Hong Kong dollar..




_-

53.37
74.15
52 79
52.99

1923
51.25
71.21
50.70
50.89

1924
52.72
73. 25
52 15
52.35

1925
54.53
75.76
53.93
54.14

1926
49.04
68.14
48.51
48.69

1927
44.53
61.87
44 05
44.21

1928
45.95
63. 84
45.45
45. 62

1929
41.88
58.18
41.42
41.58

33

FEDERAL RESERVE BULLETIN

JANUARY, 1931

FOREIGN EXCHANGE RATES, 1929-1930
MONTHLY AVERAGES
[In cents per unit of foreign currency]
Austria

1929
January
__
February
March
April
_. _ _

Finland

France

Germany

Greece

Hungary

14.0598
14. 0543
14.0522
14. 0467
14.0468
14. 0465
14.0519
14. 0745
14.0734
14.0666
14.0536
14.0636

__
_
.

13.8958
13.8944
13.8836
13.8847
13.8826
13.8832
13.8917
13. 8995
13. 8967
13.9579
13.9852
13.9977

0.7191
.7202
.7206
.7212
.7210
.7218
.7213
.7217
.7220
.7236
.7235
.7229

2.9605
2.9604
2. 9610
2.9600
2. 9599
2. 9602
2.9595
2. 9593
2. 9601
2. 9611
2.9624
2. 9670

26.6704
26. 6664
26. 6493
26. 6527
26. 6473
26. 6332
26. 6387
26. 6243
26. 6237
26. 7426
26. 7911
26.8309

484.9878
485. 2140
485. 2626
485. 3225
485.0785
484. 8230
485.1018
484. 8515
484. 8206
486. 9944
487.7481
488.1632

2.5171
2. 5169
2. 5165
2. 5160
2. 5155
2. 5144
2. 5147
2. 5148
2. 5155
2. 5174
2. 5164
2. 5169

3.9082
3.9057
3.9058
3.9070
3. 9071
3.9098
3.9158
3.9134
3.9135
3.9307
3.9375
3. 9390

23.7694
23.7306
23. 7218
23. 7039
23. 7570
23.8403
23. 8255
23.8140
23.8085
23.8733
23.9185
23. 9430

1.2917
1. 2915
1.2920
1. 2924
1. 2924
1. 2921
1.2922
1. 2918
1. 2917
1. 2957
1. 2983
1. 2993

17. 4246
17.4278
17. 4255
17.4239
17.4269
17.4280
17. 4300
17.4369
17. 4403
17. 4508
17.4767
17,5079

14. 0597
14. 0605
14. 0705
14. 0801
14. 0864
14.0898
14.1073
14.1182
14.1131
14.1046
14. 0917
14.0840

May
June
July
August
September .
October
November
December _

CzechoBelgium Bulgaria slovakia Denmark England

13.9377
13.9271
13.9373
13.9565
13.9541
13. 9529
13. 9754
13.9838
13. 9476
13. 9441
13.9421
13. 9648

.7213
.7212
.7216
.7221
.7219
.7208
.7218
.7219
.7224
.7209
.7181
.7171

2.9583
2. 9590
2.9622
2. 9621
2.9634
2. 9655
2. 9658
2. 9661
2.9672
2.9664
2. 9650
2. 9664

26. 7517
26. 7532
26. 7693
26. 7745
26. 7556
26. 7556
26. 7914
26.8150
26. 7670
26. 7557
26. 7417
26. 7442

486. 8823
486.1785
486. 3085
486. 3104
485.9675
485. 8667
486. 5691
487.0709
486.1101
485. 8969
485. 6409
485. 6610

2. 5160
2. 5162
2. 5166
2. 5171
2. 5172
2. 5172
2. 5173
2. 5175
2. 5173
2. 5170
2. 5170
2. 5166

3.9291
3. 9155
3.9132
3. 9185
3.9222
3.9241
3. 9343
3.9337
3.9273
3. 9235
3.9271
3.9292

23.8821
23. 8711
23. 8573
23. 8684
23. 8627
23.8498
23.8693
23. 8893
23. 8229
23. 8050
23.8287
23.8404

1. 2976
1. 2962
1. 2960
1.2967
1. 2960
1. 2955
1.2961
1. 2969
1. 2958
1. 2949
1. 2950
1. 2944

17. 4912
17. 4769
17. 4738
17. 4718
17. 4772
17.4820
17.5117
17. 5294
17. 5160
17. 5050
17. 4949
17.4947

1930
January
February
March
April

_.
_

.

May
June
July
August
September.
October
November
December

.

Italy

Netherlands

Norway

Polapd

Portugal Rumania

Spain

Sweden

Switzer- U.S.S.R.i
land

Yugoslavia

1929
January
February _
March
April .

.

. ._
_

May
June
July
August
September
October

November.
December

_
_

5. 2337
5.2343
5. 2351
5. 2355
5. 2357
5. 2313
5. 2302
5. 2286
5. 2300
5. 2357
5. 2357
5. 2355

40.1096
40. 0490
40. 0535
40.1409
40.1984
40.1512
40.1362
40. 0597
40. 0897
40. 2511
40. 3523
40. 3569

26. 6560
26. 6633
26. 6609
26. 6644
26. 6550
26. 6393
26. 6471
26. 6325
26. 6299
26. 7433
26. 7909
26. 8171

11.1883
11.1942
11.1923
11.1910
11.1859
11.1858
11.1866
11. 2039
11. 2011
11.1986
11.1976
11. 2031

4.4281
4.4069
4.4495
L 4645
L 4738
t. 4854
I. 4822
t. 4668
I. 4809
1. 4929
I. 5099
I. 5113

.6018
.6001
.5964
.5955
.5946
.5935
.5937
.5940
.5937
.5955
.5975
.5972

16.2954
15.5587
15.0656
14. 7495
14. 2245
14.1315
14. 5070
14. 6664
14. 7559
14. 5046
13. 9893
13. 7826

26.7392
26. 7275
26. 7101
26. 7054
26. 7181
26. 7623
26.8020
26. 7865
26. 7831
26.8412
26.8711
26.9637

19. 2405
19. 2318
19. 2333
19. 2468
19. 2572
19. 2409
19. 2347
19. 2379
19. 2641
19. 3402
19. 3899
19.4401

515.0000
515.0000
515. 0000515. 0000
515. 0000
515.0000
515. 0000
515. 0000
515. 0000
515. 0000
515.0000
515.0000

1. 7580
1. 7573
1. 7563
1. 7563
1. 7570
1. 7568
1. 7559
1. 7558
1. 7563
1. 7617
1. 7669
1. 7715

5. 2331
5. 2346
5. 2375
5. 2415
5. 2414
5. 2380
5. 2383
5. 2384
5. 2371
5. 2360
5. 2347
5. 2378

40. 2279
40.1028
40.1066
40. 2013
40. 2255
40.1991
40. 2375
40. 2908
40. 2880
40. 2982
40.2393
40. 2690

26. 7347
26. 7212
26. 7589
26. 7719
26. 7570
26. 7634
26. 7913
26. 8101
26. 7604
26. 7544
26. 7427
26. 7434

11.1973
11.1935
11. 2027
11. 2037
11. 2020
11. 2010
11. 2085
11. 2065
11. 2063
11. 2119
11. 2158
11.2110

1.4969
1.4957
t. 4930
1.4954
t. 5013
I. 4983
4.4947
4. 5046
4.4925
4.4872
4.4833
4.4839

.5962
.5950
.5953
.5957
.5953
.5947
.5955
.5958
.5959
.5949
.5944
. 5945

13.1044
12.6955
12.3131
12.4828
12.2283
11. 7490
11. 5243
10.8762
10. 7255
10. 3448
11. 2963
10. 7460

26.8460
26.8262
26.8563
26.8796
26.8342
26.8480
26.8837
26.8914
26. 8680
26.8523
26. 8284
26. 8309

19. 3486
19. 2938
19. 3453
19. 3790
19. 3550
19. 3669
19.4279
19. 4449
19.4060
19. 4193
19. 3875
19. 3792

515. 0000
515. 0000
515. 0000
515.0000
515. 0000
515. 0000
515.0000
515. 0000
515.0000
515. 0000
515. 0000
515.0000

1. 7658
1.7604
1. 7637
1.7674
1. 7669
1.7661
1.7704
1.7727
1. 7716
1. 7717
1. 7701
1. 7697

1930
January
February
March
April—
May
June
July .
August
September.
October
November

...

i Chervonetz quotations nominal.
NOT*.—For back figures (monthly basis) see BULLETIN for January, 1930, January, 1929, and January, 1928. All of the averages are based on
daily quotations, most of which are furnished by the Federal Reserve Bank of New York, in accordance with tariff legislation passed in May,
1921; the others are taken from unofficial sources, as indicated in detail on p. 35.




34

FEDERAL RESERVE BULLETIN

JANUARY, 1931

FOREIGN EXCHANGE RATES, 1929-1930—Continued
MONTHLY AVERAGES—Continued

Canada
January
February
March.
April. _.
May.._
June
July.
August
September.
October
November..
December..
January
February
March..'
April
May
June.
July
August
September.
October
November _
December..

! 99.7509 I
| 99.6411 !
99.4030
99.2394
99. 3012
99.1632
99.4760
_! 99-4390

1929
_

_.

99.9583
100.0307
100.0261
99.9721
100.0101
99.9522
99.9083
99.9655
99.9301
99. 9396
99.9567

99.2420
98. 8341
98. 3780
99. 0742

1930

Mexico Argentina Bolivia

..

j

98.8932
99.2408
_| 99. 7637
I 99.9501
! 99. 8360
99.9913
100.0697
100.0943
100.1206
100.1033
100.1037
99.8963

|
j
|
!
!
j

99.9322 i
99.9247
100.0313
99. 9596
99.9189
100. 0032
99.9403
99. 9092
99. 9449
99.9704
99.9359
99.9639
99. 9300

Brazil

Chile

48.3678 ; 95.7642
95.7650
48.4581
95. 5624
48.0515
95.5563
48. 2419
95. 5184
47. 9715
95. 2760
47. 8536
95. 3678
48. 0883
95. 3901
48. 5676
95. 3409
48.4325
95. 0015
48.1571
93.9192
48.0086
93. 0029
48. 0113

36.3308
36. 5000
36. 5000
36.5000
36. 5000
36. 5000
36. 5000
36. 0000
36. 0000
36. 0000
36.0000 !
36.0000 !

11. 9160
11.9171
11. 8235
11.8348
11. 8634
11.8553
11. 8579
11. 8598
11. 8577
11.8715
11. 7453
11. 2874

12.0630
12.0479
12. 0645
12.0644
12. 0423
12. 0362
12. 0448
12. 0589
12. 0642
12. 0681
12.0755
12. 0913

97.0900
97.0900
96. 7669
96. 3900
96. 3900
96.4320
96. 5712
96. 3900
96. 3900
96. 3900
96. 3775

20.0000
20. 0000
20.0000
20.0000
20. 0000
20. 0000
20. 0000
20. 0000
20. 0000
20. 0000
20.0000
20. 0000

400.0000
399. 7727
400.0000
400.0000
400. 0000
400. 0000
400. 0000
400. 0000
400. 0000
400. 0000
400.0000
400.0000

102.7469
102.6037
101. 6177
99.1120
97. 7018
96.6934
97. 5731
98. 5723
97. 8166
97. 6941
96. 7937
94. 8166

47.4393
47.4758
47.4921
47. 5414
47. 5356
47.4135
47.1287
47. 3364
47.3740
47.1678
46.0995
45. 5461

Cuba

36.0000 '
36. 0000 i
36.0385 j
36.5000 ,
36.5000 I
36.1000 j
36.0000 !
36.3750 j
36. 7500
36.7500 I
36.7500
36. 7500

11. 0857
11.1533
11. 5012
11. 7206
11. 8349
11. 3983
10. 8752
9.9571
10.20850

12. 0556
12. 0319
12. 0518
12.0549
12.0746
12. 0777
12. 0908
12.1133
12.1365
12. 0834
12.0702
12. 0955

96. 3900
96. 3900
96. 3900
96. 3900
96.4962
96. 6328
96. 5542
96. 5246
96. 5300
96. 5300
96. 5300
96. 5531

20.0000
20. 0000
20. 0000
20. 0000
20. 0000
20.0000
20. 0000
20. 0000
20. 0000
20. 0000
20. 0000
20. 0000

400. 0000
400. 0000
400. 0000
i 40. 0000
40. 0000
38. 2500
37. 6923
35. 9808
34.4100
31. 2596
31.0435
30. 2981

92. 9796
88. 9679
89. 0137
92. 9001
92. 2102
89.1731
85.4430
82. 9367
82. 3747
79.2496
79. 9226
74. 9937

91. 3355
86. 5311
85. 6357
88. 6349
87. 2153
84.4773
82. 0511
82. 4855
81. 7843
78. 0538
78.1187
75. 5521

()
9. 6121

Colombia Ecuador

Peru

Uruguay

I
China i China
China
iVenezuela 1(Mexican (Shanghai (Yuan
dollar)
tael) i dollar)

January
February
March.
April
May
June
July
August
September.
October
November.
December..

January
February._
March
April
May
June
July
August
September.
October
November.
December..
1
2

1929
..-

i
I
! 19.3400 ,
;
; 19.2636 '
19. 2500
19. 2550
19. 3300
19. 3800
19. 3800
19. 3100
19.2600
19. 2500
19. 2500
19. 2900

Hong
Kong

India

Japan

Java

Straits
Settlements

Turkey

Egypt

36.4487
36.3629
36. 3623
36.3107
36.1817
36.0292
35.9742
35.9714
36.0324
36.1646
36. 2460
36. 3638

45.5102
45.2103
44. 5203
44. 6176
44. 6460
43.8830
45. 5571
46. 6928
47. 2731
47. 7599
48. 7268
48. 9564

40. 0623
39. 9218
39. 9396
39.9896 i
40.1000 I
40.0500
40.0346 i
39.9600 I
40.0000 i
40.1377 j
40.2313 I
40.2520 I

56. 0027
55. 9681
56. 0752
55.9615
55. 9824
55.9284
55. 8775
55. 8666
55. 9884
56. 2211
56. 2144
56.0658 j

48.7296
49. 2150
48. 9973
49. 0731
48. 5304
47.8000
47. 9673
47. 6685
48. 0329
47. 4812
46. 8929
46. 7776

497. 3430
497. 5544
497. 6292
497. 6630
497. 4362
497.1610
497. 4458
497. 2178
497. 2008
499. 4394
500. 2389
500. 6147

49.0905 !
49.1295
49.3298
49. 3661
49. 3809
49. 4070
49. 3597
49.3853 j
49.4077 !
49.5896 j
49.5987 |
49.6185 j

40.1769
40. 0791
40.1365
40. 2350
40. 2385
40. 2292
40. 2565
40. 3023
40. 3068
40. 3188
40. 2339
40. 2588

56. 0259
56. 0006
55.8994
55. 8744
55. 8892
55. 9132
55. 9408
55. 9482

47. 3035
46. 6955
47. 0823
47. 0542
46. 9862
46. 9356
47. 0019
47.1035
47.1640
47.1369

499. 2997
498. 5970
498.6789
498. 6854
498. 3372
498. 2290
498.9320
499.4600
498. 5066
498. 3123

T
45. 6837
44. 7932
44. 8856
44. 2260
43. 2824
42.1116
41. 6354
41.4362
40. 2639
39. 3666
39.3730
38. 7331

63.1168
62.1973
62. 2304
61. 2516
59. 6191
57. 7650
57. 8368
57. 6873
56. 0436
54. 7721
54.7154
53. 6839

45. 4070
44. 5558
44. 6205
43.9839
42. 8005
41. 4866
41. 5521
41. 3649
40. 0963
39.1065
39.1987
38. 5741

49.8161
48. 8849
48.8437
48.6963
48.3424
47.8613
48.1230
47. 9432
47. 7035
44.1532
43. 2180
42. 2258

19.2500 35. 6106
19.2500 34. 3963
19.2408 ' 33.8100
19.1300 33. 6670
19.1300 32. 0607
18. 9748 26. 5046
19.0000 26. 6238
18. 8304 27. 8666
18. 5000 ' 28. 7591
18.5000 28. 2598
18. 5000 27. 9918
18. 5000 25. 7151

49. 6186
47.9616
47.1132
46. 9037
44. 6901
37. 0400
36. 9428
38. 5445
39. 6795
39. 0962
38. 8392
35. 6987

35. 5497
34. 2746
33. 6009
33.3822
31. 8181
26. 3800
26. 4839
27. 7580
28. 5500
28.0003 j
27.8000 !
25.6394 |
I

39.9497 i 36. 3102
38.2350 36. 2071
37. 2238 36.1138
37.1905 36.1163
35. 7697 36. 0567
31.1427 35. 9971
31.1799
36. 0598
32. 2054 36. 0417
32. 2015 35. 9899
31. 9163 36. 0222
31.4542 35.9656
27. 9966 35. 9305

I
!

i
i
:
j

1930

Quotation for sol, which superseded libra, on Mar. 27.
No quotations available Oct. 7-Dec. 1, inclusive.




56. 0320
56.1687
55. 9461
55. 9322

35

FEDERAL RESERVE BULLETIN

JANUARY, 1931

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1 In cents per unit of foreign currency!

Country

i Monetary unit

193

Par
change October |

1930

°

Monetary unit

Country

ber

Par
of ex
change October Novem- December
ber

1"

I
SOUTH AMERICA

Austria
._! Schilling
Belgium.._
j Belga
Bulgaria. _
•, Lev
Czechoslovakia.! Crown
Denmark
j Krone
_
England
j Pound
Finland
! Markka
France
| Franc
Germany
Reichsmark
Greece..
! Drachma
Hungary
• Pengo
Italy...
| Lira
Netherlands
j Florin
___
Norway.
j Krone
Poland..; Zloty
Portugal
j Escudo
Rumania
j Leu
Spain
Peseta
Sweden
| Krona._
Switzerland
i Franc.._
2
U. S. S. R.
! Chervonetz
Yugoslavia
j Dinar
NORTH AMERICA |

Canada
Cuba
Mexico

j Dollar
j Peso
...;
do

14.1046! 14.0917 14.0840
13.9441! 13. 9421 13.9648
.7181
.7209
.7171
2.9664 2. 9650 2. 9664
26.7557 26. 741' 26. 7442
486. 65j 485.8969 485.6409 485. 6610
2.52!
2. 5170! 2. 5170 2.5166
3.92!
3.92351 3. 9271 3.9292
23.82i
23.8050 23. 8287 23. 8404
1.30!
1. 29491 1. 2950 1. 2944
17.49;
17.5050! 17.4949 17. 4947
5.26>
5. 2360; 5. 2347 5. 2378
40. 20i
40. 2982; 40. 2393 40. 2690
26.80
26. 75441 26.7427| 26. 7434
11.2119: 11.2158! 11.2110
11. 22
4. 4872! 4.4833! 4. 4839
108. 05
.5944
. 5945
' .6ol
.5949
19. 30!
10.3448 11. 2963 10. 7460
26.801
26. 8523 26. 8284 26.8309
19. 30
19.4193 19. 3875 19.3972
514. 60 »515. 0000 3515.0000 '515. 0000
19. 30J
1.7717 1. 7701 1. 7697
i
100. 00 100.1033 100.1037 99.8963
100. 001 99.9359 99.9639 99.9300
49.85|
47.1678 46. 0995 45.5461
14.07|
13.90
.72:
2. 96i
26.80;

Argentina
Bolivia 2
Brazil
Chile
Colombia
Ecuador 2
Peru 2
Uruguay
Venezuela 2
ASIA

Peso
Boliviano.
Milreis
Peso.
do_.
Sucre
Sol
Peso
Bolivar.

96.48
36.50
11.96
12.17
97.33 !
20. 00
40. 00
103.42
19.30

78.1187 75. 5521
36. 7500 36. 7500
9.6121
12.0834 1276702 12.0955
96. 5300 96. 5300| 96. 5531
20.0000 20. 0000 20.0000
31. 2596 31.0435; 30. 2981
79. 2496 79.9226 74. 9937
18.5000 18. 5000 18. 5000
78. 0538
36.7500

i

4
China 4
China
China*
Hong Kong *...
India
Japan
Java 2
Straits Settlements.
Turkey...

Mexican dollarShanghai tael...
Yuan dollar
Dollar
Rupee
Yen.
Florin
Singapore

dol-

25.89;
35. 69;
25.32:
25. 70!
36. 50i
49.85!
40. 20!
56. 78'

27. 9918
38. 8392
27. 8000!
31. 4542
35. 9656
49. 5987
40. 2339
55.94611

28.2598
39. 0962
28.0003
31. 9163
36. 0222
49. 5896
40. 3188
56.1687'

25.7151
35.6987
25.6394
27. 9966
35.9305
49. 6185
40. 2588
55. 9322

J.

T u r k i s h p o u n d . . \ 439. 651 5 47.10351, 8 47.1640! 7 47.1369

AFRICA

I

E g y p t i a n pound I 494.31 « 49C. 4600 6 498.5066 M98. 3123

Egypt

1

Based on noon b u y i n g rates for cable transfers in N e w York.
* Averages based on daily quotations of closing rates as published b y N e w York Journal of Commerce.
8
Chervonetz quotations nominal.
4
Silver currency. T h e figure given for parity represents gold value of u n i t in December, 1930, computed b y multiplying silver content of u n i t
b y New York average price of silver for December, 1930, which was $0.32945 per fine ounce. On the same basis, p a r i t y in December, 1929, for the
Chinese-Mexican dollar was 38.33 cents; for the Shanghai tael, 52.85 cents; for the Y u a n dollar, 37.49 cents; and for the Hong Kong dollar, 38.05 cents.
6
7
* August, 1930.
September, 1930.
October, 1930.

CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars *]
1930
I Novem- j
ber
! October

1930

Novem- October Sepber
tember

September
LIABILITIES

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...
Between 6 and 9 months...
TotalSundry investments (at cost):
Maturing within 2 years...
Over 2 years
Total
Other resources..
Total resources
1

:

j
826 !
13,779 |

893
5,584

1,073
13, 290

Short-term deposits:
Central banks for own account—

!

Time: Between 3 and 6 months
Total....

j
46,317 i 43,418
32,958 | 32,144

39, 316
19,463

! 79,275 ; 75,562

58,779

192, 833
30, 271

182, 733
29,714
4, 866

202,£
25, 941
228,747
36, 767
101

223,105
36,827 !
202 i

36,869 ! 37,030 '
2,616 j 2,183 j

— J 362,112 | 344,356

-

—

Central b a n k s for account of o t h e r s Demand
T i m e : N o t exceeding 3 m o n t h s
T i m e : Between 3 and 6 m o n t h s
Total..
Other depositors:
Demand

! Long-term deposits:
=.|
Annuity trust account
_
j
German Government deposit
35,853 I
French Government guarantee fund
202
I
Total
36, 056 ! Capital paid in..
1,672 Other liabilities

!
I

j
'

| 19,242 ] 14,439
j 92,996 1 69,782
j 3,002 20,000

14, 002
51,889
37,289

I 115, 240

104,221

103,179

j 37, 293
j 128,341
j

24,783
134,528
28

24, 697
112,441
7,563

i 165,644
]
'__•
23

159,339

144,700

22

23

29,820 , 29,820
15,440 : 15,442
13,255 ! 13,265

29, 786
15,424
13, 262

58,514 ! 58,526
19,795 i 19,795
2,896 i
2,452

58,472
19,783
2,024

362,112 ! 344,356

328,181

217,312

328,181

Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930.




Demand
T i m e : N o t exceeding 3 m o n t h s

Total liabilities..

36

FEDERAL RESERVE BULLETIN

JANUARY, 1931

CONDITION OF CENTRAL BANES
[Figures are for the last report date of month]
1930
November
Bank of England (millions of pounds
sterling):
Issue department—
Gold coin and bullion
Notes issued
|
Banking d e p a r t m e n t Gold and silver coin
Bank notes
I
Government securities
Other securities
Discounts and advances
Public deposits...
Bankers' deposits
Other deposits
Reserve ratio * (per cent)
Bank notes in circulation
*_
Bank of France (millions of francs):
Gold
Sight balances abroad
Foreign bills
Loans and discounts
Negotiable bonds
Note circulation
Public deposits
_
Other deposits
German Reichsbank (millions of
reichsmarks):
Gold reserve
_~
Gold abroad
Reserves in foreig exchange
Loans and discoui i
Deposits
Reichsmarks in cii ;ulation
Rentenmarks in circulation
Bank of Italy (millions of lire):
Gold at home
-.
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits
„
Bank of Japan (millions of yen):
Gold
Advances and discounts......
Government bonds
Notes issued
Total deposits
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

1929

156.6
416.6

159.5
419.5

157.4
416.3

134.7
394.7

1.0
65.4
34.6
22.2
6.1
18.9
55.9
36.8
59.6
351.1

1.2
63.9
37.7
26.6
4.2
21.0
55.7
35.0
58.2
355.6

1.1
60.5
41.1
21.6
5.7
13.3
64.2
34.2
55.2
355.8

1.0
40.2
57.7
17.9
15.3
17.4
58.2
38.2
35.9
354.6

51,967
6,760
19,137
11,645
5,304
75,951
13,354
9,833

50,807
6,492
19,124
9,874
5,304
74, 787
13,089
8,378

48,431
6,567
19, 027
8,984
5,304
73,053
10,509
8,780

40,808
7,107
38,741
13,155
5,612
68,159
13,871
7,105

1,958
222
524
2,341
381
4,601
447

1,959
221
198
2,642
383
4,675
447

2,329
150
171
2,387
472
4,744
448

2,091
150
397
2,574
445
4,916
410

5,293 5,291
4,893 4,969
4,317 4,137
15, 738 16,172
300
300
1,699 1,716

5,189
5,167
5,194
16,828
300
1,422

5,296
4,500
4,369
15,679
300
1,600

842
749
118
1,081
707

710
118
1,072
741

1,063
769
195
1,279
872

15,386 16,285 20,177
5,716 5,316 4,691

19,951
19,650

819
768
118
1,191

1,549

1,386

4,774 3,220 2,727
13,500 12,398 12,138
22,708
21,683
43,050 40,757 41,133
37, 322
39,480

6,851
12,413
13,423
33,719
37,915

-215
218
479
96
101
1,008
103

225
328
301
109
1,072
61

1,390

214
200
491
130
101
1,042
97

214
226
498
102
101
1,035
110

National Bank of Belgium (millions
of belgas):
Gold
_
_
1,297 1,295 1,248
1,083
Foreign bills and balances in gold.
887
852
896
567
Domestic and foreign bills.
747
744
748
822
312
311
Loans to State
312
344
Note circulation
3,157 3,127 3,051
2,694
157
149
Deposits
139
161
*Ratio of gold and notes in banking department to deposit liabilities.




1930

Sep- NovemOctober
tember
ber

1929

Novem- OctoSep- November
ber
tember
ber
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
Gold at h o m e . . .
Deposits abroad
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 and discounts
Note circulation
Deposits
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold
Foreign balances and currency.-.
Loans and advances
Assets of banking office in liquidation
Note circulation
Deposits
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
krones):
Gold
Net foreign exchange.
Loans and discounts
Note circulation
DepositsGovernment
Bankers..
Other

2,748
38,914
21,124
33,442
14, 424

2,742
41, 056
21,997
35,080
14,424

9,247
47,138.
22,818
43, 30917, 438.

41
265
144
1,318
123
170
1,237

137
166
181
1,327
122
170
1,218

407
338
326
1,759
122
592
1,571

407
714
293
1,403
128
592
1,667

1,448
404
1,135
668
3,195
3,562
1,459

1,440
402
1,057
733
3,210
3,656
1,350

1,434
234
1,164
782
3,279
3,660
1,375

1,386
846
1,318
1,583
3,505
3,900
2,144

62
379
44
304

62
362
32
316

63
410
84
330

50

70

162

18, 250 19,669 20,549
9,171 8,602 8,751
11,396 11,365 11,090
25,540 26,085 26,363
6,101 5,865 5,136

23,396
17, 044
16, 585
38, 757
8,084

1,546
2,344
180

1,480
2,345
268

1,413
2,423
284

1,259
1,954
994

326
7,278
382

327
7,144
568

331
7,198
575

366
7,689
416

172
93
76
354
30

172
103
78
370
27

172
81
78
345
29

172
87
82
370
34

16,337
15, 099
18,865
37, 345
1,301

17,145 13,027
10, 208 9,041
19,323 24,117
38,164 37, 616
1,573 1,720

15,956
11,711
22, 526
38,121

5,622
22,354
14,619
23, 717
13,847

5,617
23,481
14,787
24,060
14,641

5,606
23,992
14,142
24,107
14,091

5,574
28,821
14,963
30,005
16,014

6,541
6,552 6,546
16, 730 17, 635 16,958
26,194 26,439 24,943
33,452 34,152 33, 638

6,373
18, 932
28,329
35,159

9,782
4,069
1,348

9,047
4,384
1,117

7,033
4,789
1,793

8,117
5,145
1,863.

37

FEDERAL RESERVE BULLETIN

JANUARY, 1931

CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]

No vein-1 Octo- • Sep-

ber

ber ; tember

Novem- Octo- | Sep-November
ber tember ber

November

Bank of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills
_
Domestic bills
Note circulation
_
_.
Demand liabilities
:

812
212
720
1,263
215

856
198
624
1,313
215

869
197
578
1,350
94

Bank of Greece (millions of drachmas):
Gold
__.
Net foreign exchange in reserve...
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
_.
Other sight liabilities

528
2,665
3,343
315
3,389
4,761
1,823

526
2,849
3,578
318

522
2,957
3,747
324
3,389
5,077
1,680

636
2,665
4,551
270
3,596
5,173
1,660

National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to treasury
Other assets
Note circulation
Deposits
Miscellaneous liabilities

163
27
253
67
104
439
32
116

Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
_
Deposits

ai
62
255
41

Bank of Latvia (millions of lats):
Gold.
Foreign exchange reserve
Bills
Loans
_
Note circulation
_
Government deposits
Other deposits
_

24
39
87
61
50
85
74

i
!
i
!
i
!
I

Bankrof Lithuania (millions of litas):
Gold
_
Foreign currency
Loans and discounts
Note circulation
Deposits
_
_.

38
89
100
116
102

!
i
i
I
I

37
99
97
118
105

35
94
94
109
106

35
74
87
97
91

Netherlands Bank (millions
florins):
Gold
_.
Foreign bills
Loans and discounts
Note circulation
Deposits

426 ;
249 :
813 !
:
42

426
250
130
815
54

391
243
140
831
21

448
216
148
821
29

146
31
200
303
1
58

146
31
217
312
2
81

147
23
217
309
i!
71 I

Bank of Poland (millions of zlotys):
Gold at home
Gold abroad
Foreign exchange of the reserve...
Other foreign exchange
Loans and discounts
Note circulation
j
Current account of the treasury..
_ Other current accounts
..:
Bank of Portugal (millions of escu
dos):
Gold
Balances abroad.
Bills
Note circulation..
Deposits
National Bank of Roumania (millions
of lei):
Gold at home
_
;
Gold abroad
;
Foreign exchange of the reserve. _;
Other foreign exchange
;
Loans and discounts
State debt
_
Note circulation
\
Deposits
i
South African Reserve Bank (thou- [
sands of pounds sterling):
!
Gold
-:
Foreign bills
Domestic bills
Note circulation

595
28
1,225
1,347
236

147
52
242
303
2
101

301

301

5,055
1,667

I
!
i
I
i
j
I
!

163
14
299
69
58
500
22
52

163
25
189
430
28
51

139
31
55
257
39

139
29
53
257

303

163
41
322
89
65
473
116
63
140
30
124
297
61

Government.
Bankers
Others

24
49
93
56
49
93 !
75 i

,
!
i
I

of
_.

Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
Reserve Bank of Peru (thousands of
soles)•i
Gold
_.._
Foreign exchange reserve.
Bills
Note circulation
Deposits
1

302

1 3 5 '•

I
43, 519
10,168
17,041
56,443
7,202

1929

1930

1929

1930

53,763
8,127
30,903
64, 222
11, 597

4.85
77
301
125
755
1,332
70
156

9
192
459
1,951
123

521
162
422
94
795
1,366
270
144

485 i

77 I

312
122
787
1,408
66
140

;
!
j
I

77
322
115
784
1,373
67
125

9
350
312
1,932
55

9
160
155
394
402
1,944 1,919
118
118
~\

5, 356 5,356
3,919 3,919
1,736 1,696
99
145
8,011 8,316
4,699 4,999
18, 726 19,054
6,713 6,838

| 5,356 j
3,919 li
1,613
I 159 I
! 8,378 I
j 5,349
19,355 i
6,806 i

7,879
5,288
3,099
9,270

7,163 • 6,653
6,245 ; 6,253 ! 7,250
823
889
40
8,4G2 8,533 ! 7,743
1,765
4,530
205

5,243
3,919
6,748
46
9,805
6,062
21, 387
10,125

2,102 • 2,065 ! 1,714
4,908 I 4,444 j 4,695
137 [ 131 I

Bank of Spain (millions of pesetas): ;
j
2,458 2,477 ! 2,475 I 2,565
Gold
._
712 i
706
711
702
Silver
_._.
!
110
38 |
97:
90
Balances abroad
;
Loans and discounts
I 2,090 2,099 2,103 i 2,181
i
Note circulation
', 4,642 ; 4,699 4,508 j 4,390
841
807 i
836
933
Deposits
._
.;
Bank of Sweden (millions of kronor): !
242
242 ; 242 i
240
Gold
398 '
401
410
256
Foreign bills, etc
'
!
158 i
115
144
323
Loans and discounts
573
588 . 581 i 613 *
Note circulation
_.
109 i
153
Deposits
:
119 : 107
Swiss National Bank (millions of I
francs):
i
664
672
640
546
Gold
354
335
288
335 :
Foreign balances and bills
72
67 i
174
70 '
Loans and discounts
989
968
928
Note circulation
I
987 :
189
102
Demand deposits
_ 199
157 :
State Bank of U. S. S. R. (thousands ;
of chervontsi):
\
456,745
Loans and discounts.
L
253, 290
Deposits
|Issue d e p a r t m e n t Gold.
Other precious metals
Foreign exchange
Note circulation

'.
I.
|.
l.

! 27,643
; 3,690
I 8,692
i 157,540

National Bank of the Kingdom of I
;
Yugoslavia (millions of dinars):
98
98 ]
98
Gold
;
Foreign notes and credits
i
162
171 j 189 !
Loans and discounts
._: 1,557 1,516 ! 1,503 '
Advances to State.
j 2,997 1 2,997 ! 2,997 i
Note circulation
! 5,404 5,572 ! 5, 536
Deposits
__
|
868
860 ! 998 i

95
289
1,507
3,000
5,690
1,308

Figures for November, 1929, have been converted from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930.




38

FEDERAL RESERVE BULLETIN

JANUARY,

1931

CONDITION OF COMMERCIAL BANKS
Millions of national
currency
Country

Millions of dollars

1930

1929

1930

August Septem-

October
Canada:
Gold and subsidiary coin 1
Money at call and short notice
Current loans and discounts.—.
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes...
Dominion note circulation
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
_

61
532
1,684
475
1.87
2,636
60
234

60
435
1,550
444
166
2,449
66
174

63
422
1,502
447
152
2,391
77
166

62
445
1,483
458
166
2,387
83
3

62
413
1,481
480
164
2,460
93
170

62
379
1,456
544
160
2,439
105
181

40
122
558
705

29
113
564
694

6
104
495
613

6
104
486
599

6
100
497
602

6
93
497
593

5
90
469
557

12
146
844
952

12
145
835
929

10
166
735
857

10
177
713
847

9
170
721

9
156 '
699
803

921
929 j
725 :
733
5,803
5,829
1,175 : 1,171
8,534
8,587

62
62
413 ,
379
1,481
1,456
480 ;
544
164
160
2,460
2,439
93 :
105
170
181

907
707
5,842
1,142
8,522

61
594
1,639
487
197
2, 654
60
201

Millions of pesos
7
0
114
115
600
608
714
725
9
208
883
1,026 ,

!
!

i

9
200
895
1,029

;
;

57
122
554
723
12 i

160
861
979

10

;
163 i
712 ;
826

Millio nsofvo unds
186
134
1,211
255
1,764

France:
Bills and national-defense bonds.
Loans and advances
Demand deposits
Time deposits

19,412 I
11,041
34,423
1,523

sterling
j
189
144
|
I 1, 220
i
257
i 1, 791

189
137
1, 230
265
1, 801

931
915
921 j
697 i
657
5,993 j 6,015 I 5,912
1,132 I 1,171 ! 1,217
8,701 ' 8,730 I 8,600

918
907
654
699
5,891 i 5,935
1,240 ! 1,250
8,484 ! 8,716
761
433
1,350
60

I
919
,
665
i 5,985
! 1,288
8,762

Millions of francs

Germany:

_

62
521
1,715
487
185
2,679
60
212

July

Millions of dollars

England:
Cash in vault and at banks
Money at call and short notice..
Advances and discounts
Investments
Deposits

Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
_
Acceptances

! v ££ er '

Millions of reichsmarks
2,452
1,017
8,533
11,077
670

2,654
2,390
984
\ 1,096
\ 8, 627
11,672 11,092
652
.._:
546

Denmark:
Loans and discounts
Due from foreign banks
_
D u e to foreign banks
Deposits and current accounts

Norway:
Loans and discounts
Due from foreign banks
Due to foreign banks..
Rediscounts
Deposits

770
422
1,248
40

|

|
:
',
"
,:
'

\
Millx 0725 Of kr
__j 1,822
1,821
_!
132
121
66
•
66
\ 2,060
2,065

j
Millions of kroner
J 1,210 j 1,213 1
\
105
°"
8 5 'j _ .
67
76
1,477

lit

Sweden:
Loans and discounts
Foreign bills and credits abroadDue to foreign banks
Rediscounts
Deposits
_.

1,441 l_.
Millions of kronor
4,511 j 4,515
250 I
247 I
213 !
208
25
17
3,737
3,669 ;

Japan:
Cash on hand...
Total loans
Total deposits...

281
2,446
2,068

804 I
819
424 i
421
1,306
1,291
41 I
41

793
425
1,378
57

i
792 :
801
!
448 i
429
i 1,185 i 1,389
|
56 !
57

669
336
1,935
2,760 j
121

679 i
687
293
342 j
1,969
1,931
2,777 j 2,774
116
118

776
265
2,046
2,929
115

632 =
569 !
695
706
i
251
261 !
234 i
290
I
2,054 | 2,048
j 2,044
2,047
I 2,874 \ 2,812 2,780 ! 2,641 |
i
121 | 124
130 !
155

476
43 i
17
533

477 !

476 i
37
16 !
526 i

33 !
18 i
537 •
:

487
33
18
539

489
34
18
540

18 !
552 I

33 |
18 ; .
.
554 L.

337
36
22
27
417

336
38
23
27
414

336
34
23
26
412

328 ;
28 |
18 ;
21
397 I

328
32
18
21
399

325
33
17
20
398

324
' 28
18
20
396

325
23
19
20
386

1,189
81
64
4
997

1,193
76
59
10

584
242
2,033
2,639
160

488 |

16 !
529 |

i
!
|
!
i

1,141
94
93 !
34 j
39
57 !
47
954
955 !

1,128 |

Millions of yen
224
272
2,167 ; 2,206 !
2,055 i 2,076

.
'
_
.
.

140 i
971 |
982 I

i
i
'
!
i

!
!
I
!
i

1,141
80 !
31 |
45
944 I

1,181
72
69
19
978

157 i
168 i
115 !
98
90
974 i 1,003 | 1,093 1,085
1,071
990 ; 1,021 I 1,033 , 1.023 1,022

35 I

1,209
67
57
7
1,001

'.
.
L.
j.
|.
_
j_.

I
1,210 L.
66 L
56 j.
5 j_.

140 I 112 !
1,219 i 1,0
1,031 | 1,024 !

136
1,100
1,035

* Not including amounts held abroad.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks;
Germany—six Berlin banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks.




39

FEDERAL RESERVE BULLETIN

JANUARY, 1931

DISCOUNT RATES OF CENTRAL BANKS
German Bank ! Bank
Reichsof j of
bank
Italy i Japan
In effect Oct. 1, 1929
Oct. 31
Nov. 2
Nov. 21
Dec. 12
Jan. 14, 1930
Jan. 30
Feb. 5
Feb. 6
Mar

In effect

Austria
Belgium
Bolivia
Bulgaria

Latvia
Lithuania
Netherlands.,
Norway
i

10,1930
1,1930
26,1930
2,1929

Chile
Colombia
Czechoslovakia
Danzig

Peru
Poland
Portugal
Rumania

Oct.
Apr.
Mar.
Nov.

Sept. 1,1930
Oct. 3,1930
, June 2,1930
9 | Nov. 2G, 1929

|
|
!

8 • Mai. 22,1927
Sept. 29,1930
0 , July 17,1930
Apr. 3,1930

13,1930
10, 1930
7, 1930
27, 1930

Apr. 24
May 1
May 2
May 19
May 20
June 21
Oct. 7

:

Switzerland.;
Yugoslavia.. I

Nov.
May
Nov.
Mar.

1,1930
1,1930
25,1930
8,1930

July 10,1930
May 28,1930

Jan. 3, 1931
In effect Jan. 3, 1931

MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month

Bankers' I Treasury
Bankers'
acceptbills, 3 j Day-to-day allowance
ances, 3 i months ! money one
months

Private
discount
rate

Switzerland

! Netherlands (Amstcr|
dam)

Germany (Berlin)

Money for Day-to-day
1 month
money

Private
discount
rate

Private
discount
rate

Money for
1 month

|

i

1929—September.
October
November..
December..

5.59 i
6.13 : •
5.35
4.76 |

5.63
6.19
5.30
4.75

1930—January
February...
March
April
May
June
July..
August
September.
October
November.

4.07 !
3.82 ;,
2.78 !
2.48
2.16 :
2.31 !
2.37
2.21 i
2.07
2.09 ;
2.18 '

4.04
3.72
2.55
2.49
2.11
2.30
2.38
2.17
2.05
2.13
2.15

i
I
I
'
i
i
i
I
I
i
j

4.39
5.45
5.15
4.23

3.62
3.76
3.20
2.28
1.93
1.93
1.78
1.85
1.68
1.65
2.01

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

discount
rate

Private
discount
rate

Private
discount
rate

7.18
7.28

I
I
!
j

3
3 -2

9.48
9.06
8.29
8.78

7.86
8.06
7.79
8.14

5.36
5.15
4.26
3.52

5.32
4.52
4.17
3.87

3.38
3.38
3.32
3.15

6.33
5.53
5.12
4.46
3.89
3.58
3.40
3.24
3.30
4.66
4.79

7.71
6.72
6.35
5.57
5.00
4.80
4.57
4.43
4.54
5.93
6.51

!
6.03 I
6.01 j
5.57 !
4.40 !
3.62 I
3.74 !
4.30 •
3.73 !
3.78 j
5.15 i
5.48 !

2.99
2.80
2.50
2.52
2.29
1.89
1.85
1.83
1.96
1.59
1.31

2.85
2.94 i
2.61 I
3.08 |
2.53
1.93
1.85
1.63
1.84
1.48
1.29

2.97
2.71
2.60
2.61
2.44
2.06
1.92
1.75
1.50
1.29
1.16

Sweden
(Stockholm)

Hungary

Austria [Vienna)

Japan (Tokyo)

Month

1929—September..
October
November..,
December..

4.94 i
4.94 i
4.57 !
4.40 I

3.50
3.50
3.50
3.50

7.01
7.18
7.00
7.00

1930—January
February...
March
April
May
June
July
August
September..
October
November..

3.40
3.41
3.31
3.33
2.87
2.78
2.78
2.44 !

3.38
2.91
2.70
2.57
2.36
2.11
2.08
2.10
1.99
2.00
2.00

7.00
6.95
6.57
6.43
5.81
5.50
5.50
5.60
5.48
5.25
5.43

2.39 I
2.27 I

2.05

Private
discount
rate
7%

Money
forl
month

Prime i -p.
commer- i
cial paper i

Loans up
to 3
months

8H-9H
9 -10
8^4-10

8%-10K
9 -10Hi
8H- 934!
8H- 9K:

63/4-8

8 -m
7% -8J4
6H-7H
6Me-6H
&H -6

7H-$7A
7 -8
6^4-7%

6H-7H

4H -51
4^-4 He
4M6—4H
4 -4>4
3% - 4 ^
4 -4H
4^6-4%

6^-7
6 -6H
6 -6H
6 -6V5
5%-6V>
5%-SH
5%~6H

7^-10
7 - 9H1
6%- 8H!
6H- 8H:
7

5 A- 8 ;

4^-6

5H-7f4
5H- 7^5 ^ - 7H\

4^-5^i
4^-5

7H -7H

5 —5^

5%-

7 •

i

7H-8
6^-7%
7 -7H

5 ^—6 J^
5 —6V^

4]?4~5K

4H-5

Viiilo

'

Call
money
overnight

5.48
5.48
5.48
5.48

• fifc-7
5^-7
5^-7
5^-7
4^-6
4^-6
4 -6
3^-5 ^
3 /^-5 H
3H~5^
3H-5W
3H~5H
3^-51,^
;

2.92
3.47
3.47
3.10

5.48
5.48
5.48 •
5.48
5.48
5.48
5.48
5.48
5.48
5.48 .

2.74
3.83
3.83
3.65
3.10
3.83
3.65
3.83
3.65
3.29

j

NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and
May, 1930.




40

FEDERAL RESERVE BULLETIN

JANUARY, 1931

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
Unitec States

Canada

England

Germany

France

Italy

Japan

Month
1929

January
February. _.
March
April
May
June
July
August
September..
October
November..
December..

1930

97
97
98
97
96
96
98
98
98
96
94
94

93
92
91
91
89
87
84
84
84
83
80

Australia

1929

January.—
February..
March
April
May
June
July
August
September.
October...
November.
December-

1930

157
156
157
158
156
158
159
160
163
161
158 .
154

151
147
144
146
148
145
144
142
134
130
126

Egypt

1929

January...
February..
March....
April
May
June
July
August
September.
October...
November.
December.

109
106
101
101
101
100
102
104
104
105
105

Peru
1929

January
February...
March
April
May
June
July..
August
September..
October
November..
December..

186
185
189
185
186
186
187
187
186
186
184
182

1930

94
95
96
95
93
94
97
98
98
97
96
96

96
94
92
92
90
88
86
84
83
81
80

Austria

1929

1930

125
123
121
119
118
121
119
118
115
112
110

128
130
133
134
135
134
132
132
128
127
125
123

1929

94
93
92
92
90
90
90
89
88
86

95 '

87

95
Poland

1930

181
181
180
179
179
178
177
175
178
177
175
173

1929

98
99
99
98
95
95
96
95
94
93
95
92

1930

138
138
140
139
136
136
137
136
136
136
134
133

131
128
125
124
122
121
119
118
116
113
112

1929

1930

867
865
869
862
851
848
858
850
846
838
834
823

1929

808
791
774
777
774
750
739
729
712
705
693

106
104
100
96
06
94
99
93
92
94

88
85
85
85
83
83
84
82
80
78

1929

177
177
178
179
180
181
180
180
181
182
181
182

657
600
654
648
643
629
624
598
608
607
603
596

576
567
558
548
546
540
558
560
556
552
551

1929

1930

170
175
174
174
173
186
190
189
188
182
178

160
162
164
161
162
163
163
165
167
168
165
165

1929

145
144
143
140
139
138
142
143
143
140
137
134

1930

182
185
187
187
188
187
189
188
187

1929

1929

1930

139
139
140
137
136
135
138
138
138
137
136
134

132
129
126
127
126
125
125
125
123
120
120

Czechoslovakia

1929

1930

139
139
141
141
137
134
135
134
132
131
130
128

126
124
122
121
120
119
120
118
115
113
113

1929

1930

417
408
400
396
390
382
375
379
375
364
361

461
463
461
455
452
447
440
437
437
436
431
425

1929

1930

151
159
154
150
148
146
149
150
150
149
147
146

1930

143
140
136
135
132
130
129
128
126
123
122

131
126
125
123
121
116
115
114
111
108
104

1930

135

121

131

117

129

112

128

112

N e w Zealand

1929

1929

1930

146
146
147
144
142
141
141
142
141
140
137
135

131
126
122
122
118
118
115
114
112
111

Spain

1929

171
173
174
174
171
170
169
170
171
172
171
172

1930

155
155
155
155
155
155
156
156
157
156
155
154

155
155
154
154
154
153
152
154
152
150

Sweden

1930

172
173
173
172
168
166
170
173
174
175

1929

144
145
144
141
140
139
140
141
140
138
Wo
134

1929

1930

228
226
226
225
223
222
220
218
218
216
211
205

201
200
196
193
189
181
177
176
172
165
162

Dutch East
Indies

Denmark

Netherlands

South Africa

Russia

1930

1930

India

1930

132
136
136
135
123
122
119
114
109
111
107
107

1929

China

Hungary

1930

100
100
100
99
98
98
97
97
96
96

1929

Belgium

Finland

1930

125
122
123
120
114
108
109
112
113
115
112
110

1929

1929

1930

149
149
150
148
150
149
149
148
148
147
146
144

143
141
139
138
136
134
132
131
129

Norway

1929

149
150
150
148
146
147
149
148
148
147
146
146

1930

144
143
142
141
140
139
138
137
135
132
131

Switzerland

1930

131
128
125
124
123
123
121
121
119
118
117

1929

143
143
142
140
139
139
143
143
142
142
140
139

1930

136
133
131
129
128
126
126
126
123
122
120

NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indi
cated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers may
be found.
The base periods are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium—April, 1914; Canada—1926;
China—February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913.
Finland—1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan—October, 1900; Netherlands—1913;New Zealand—
1909-1913; Norway—December 31, 1913-June 30, 1914; Peru—1913; Poland—1927; Russia—1913; South Africa—1910; Spain—1913; Sweden—1913;
Switzerland—July, 1914.
Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were given in the BULLETIN for (April, p. 256.)




41

FEDERAL RESERVE BTJTLETIN

JANUARY, 1931

WHOLESALE PRICES—GROUPS OF COMMODITIES
Other commodities

UNITED STATES (1926=- All COITl-jl

loo)

Farm

Foods

imoditiesilproducts

Non|agricul| tural
House! Fuel and! and
Cheml furnish- Miscel-, comBuilding
metal materials cals and ing laneous modidrugs goods
ties
products

j; Hides
i products

1929—November..
1930—May
June
July
August
SeptemberOctober
November..

94 j!

101

99 ;

89
83
85
85
83
79

92 j,

92 ;
91;
86;
87 i
89 :
89 |
86 j

93 j

89i;
37;;
84 :
84 i!
84 |l
83 |j
80 i!

!
|
j
i
!

84 !
83 I;
83
82
80

108 !

97
95
94
93
92
90

96 I

102

103 !
102 i
101 i
97!
94 ;

i
!
!
j
!

93 j
90 !
89 !
87 !
86 !
86 i
86 ;

93

97

84
84
84
83
81

85

i
Industrial products

Foods
ENGLAND (1913=100)

i
I Cereals

Total

1929—November. .
1930—May
June
July
August
SeptemberOctober
November-

Other
foods

Total

I Other
minerals Cotton
Coal i and
: metals

Iron
and
steel

Wool

Other Misceltextiles laneous

134 I

142 j:

132 !

150

145 !

129

115

128

147

156

127

134

122 |
121
119
118
116
113
112

1271;

114 •
111 !
108 I
109 !
105 i
99 :
95 I

136
135
136
138
138
136
140

132
137
138
134
130
131
132

119
117
115
113
111
109
107

114
114
113
112
112
111
110 I

119
117
116
116
120
121
121

130
126
123
119
113
107
107

129
127
124
122
119
110
106

110
104
98
97
89
87
86

128
126
124
122
121
120
118

127
127
126
124
121
121

jl
;
i!
:
i

I
;
i
:
i

Farm and food products

Industrial products
I
Cement
Chemical prod -Rubber Paper Lumber and
brick,
ucts
etc.

FRANCE (1913=100)

•

|
1929—November

|

606 i

96

685

1,003

636

1930—May
June
July
August
September
October
November

!

592
593
582
671
570
552
542

i
:
!

81
74
65

59

978
978
956
937
937
963
963

708

I

667
667
664
654
654
636
636

i
j
j
i
I
__i

i

!

48
59
59

708
725
725
725
725
725

I Industrial raw and semifinished products
GERMANY (1913 = 100)

1929—No vember..
1930—May
June
July
August
September..
October
November..

All com- i
modities :

136 ;
126 I
125 !
125
125
123 |
120
120 '

Toij-oT

128
111
110
115
117
114
109
112

Vegetable
foods

Animal
Cattle | p r o d u c l ; s

119

128

119
118
120
124
117
109
111

110
109
112
112
108
105
108

!
|
|
i
i
!
i

153
109
110
121
121
125
128
131

Provisions

Fodder
107 ;
96 !
90 ;
97
100 i
97 ;
87 i

Industrial raw and semifinished products—Continued
Hides
and
leather

Textiles
1929—November.
1930—May
June.
July.
August
September.
October...
November.

130
116
111
105
101
96
90
89

;
|
'•
I

!

!
Chemi- Artificial Technical,' Rubber
fertilizers oils and
cals
fats

118:

127 I

in '

126
126
125
125
125
124
124

112
108
108
111
111
107

!
|
i
1
I
I

Paper
materials
and paper

129 ;
135 ;
134
131
133
129
118
116

* The index for other commodities, recently published by the Bureau of Labor Statistics, includes the prices of articles in the all-commodities
index with the exception of those for farm products and foods; the nonagricultural index omits merely iarm products.
NOTE—Annual indexes for the groups shown in the table are given for the >ears 1913 and 1925-1929 in the BULLETIN for April (p. 257). Original sources for these indexes are: United States— Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England—
Board of Trade Journal and Commercial Gazette, Board of Trade; Franee— Bulletin de la Statistique G6n6rale de la France, Supplement Mensuel,
Statistique Ge"ne"rale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt.




42

FEDERAL RESERVE BULLETIN

JANUARY, 1931

DETAILED FEDERAL RESERVE STATISTICS, ETC.
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT
[In thousands of dollars]
1930

Dec. 31

1929

Nov. 30

Dec. 31

Gold with Federal reserve agents
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks

1,730,439
35,211

1,592,356:
35,334

1,676,918
73,287

1, 765,650
417,440
758,129

1,627, 690
472,009 •
881,169 '<

1, 750, 205
511, 243
595, 603

Total gold reserves
Reserves other than gold
Total reserves
Nonreserve cash

2,941,219
140, 298

2,980,868 i
133,887

2, 857,051
153,877

3,081,517
79,932

3,114,755
54,302 I

3,010, 928
81,909

Bills discounted »

_
_..

251,398

274,596 ,

632,421

Bills bought:2
Outright
Under resale agreement.

324,746
39,098

166,863
7,710 }
174,573 I

236,974
155, 235

Total bills bought..

363,844

United States securities:
Bought outright
Under resale agreement.

599,286 ;

392, 209

43,403
729,467

Total United States securities..
Other reserve bank credit:
0 ther securities
Due from foreign banks.
Reserve bank float3

487, 291
23, 296
510, 587

7,143
704
20,776

12,300
721
33,663

1,373,332

Total reserve bank credit outstanding..
Uncollected items not included in float
Federal reserve notes of other reserve banks.
Bank premises
_
All other resources

6,358
707
23,080 !
1,078,600 i

1, 581,901

564,007
21, 993
57.843
22,024

4, 889,106 j

5,458,445

21,993
1,641,545

Federal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks
_..

672,922
42,151
57, 359
11, 275

5,200, 648

Total resources..

546,756 i
13,571 j
59, 702 i
21,420 i

13,571 i
1,441,684 j

1,663,538

1,455,255 |

42,151
1,867,572
1,909, 723

Deposits:
Member bank—reserve accountGovernment
__
_
Foreign bank
Other deposits...
Total deposits

2,470, 583
18, 819
5,761
21,970
2, 517,133

2, 373, 260
23,347 !
5,552 i
19,520 1
2,421, 679 j

2, 355, 263
28,852
5,710
23,850
2,413,675

Deferred availability items..
Capital paid in
Surplus
All other liabilities
Total liabilities
,.

564,007
169, 640
274,636
11,694
5, 200,648

546,756
170,467
276,936
18,013
4,889,106

672,922
170,973
276,936
14,216
5,458,445

Total notes in circulation.

_

Contingent liability on bills purchased for foreign correspondents

i
|
;
!

439, 288

428,842 j

547,962

2,093,625
430,087
1,663,538

1,851,749 I
396,494 J

2,426, 584
516,861
1,909,723

1,730,439
507, 788
2, 238,227

1,592,356
400,051
1,992,407

1,676,918
970,462
2, 647,380

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.

_..

1
Includes bills discounted for intermediate credit banks as follows: Latest month, $737,000; month ago, $1,111,000; year ago, $1,094,000; and
notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $71,000; month ago, $41,000; year ago,
$51,000.
2 Includes bills payable in foreign currencies as follows: Latest month, $35,983,000; month ago, $31,587,000; year ago, $1,030,000.
3
Uncollected items in excess of deferred availability items.
< Excludes " F . R. notes of other F. R. Banks," which are consequently included in actual circulation.




43

FEDERAL RESERVE BULLETIN

JANUARY, 1931

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1930
[In thousands of dollars]

Total

ii Boston

New
York

Phila- Clevedelphia land

Richmond Atlanta

Chica

St.

*° Louis

San
Minne- Kansas Dallas I Fran!
apolis
City
i cisco
i

I

RESOURCES

Gold with Federal
agents
1,730,439 ; 1149,917
Gold redemption fund with U.
S. Treasury
35,211 !i 1,492
Gold held exclusively
against Federal reserve
notes
1,765,650 ;; 151,409
Gold settlement fund with
Federal Reserve B oard
417,440 li 18,711
Gold and gold certificates held
by banks
758,129 I' 31,149
Total gold reserves.
Reserves other than gold
Total reserves.
Nonreserve cash

420, 729 160,000 1185, 550
14,032

1,593 | 2,913

83,150 129,900 '173, COO | 74,885
I
I
2,375 ! 2,237
1,097 i 1,594

48,325

62,000

27,220 \ 215, 763

802

1,449

1,098 ! 4,529

434,761 161, 593 188,463

85,525 132,137 174,097 ; 76,479 49,127 63,449 j 28,318 220,292

135,358

61,416

36,196

18,231

437,003

15,543

53,812

9,464

10,803

49,660 \ 18,721 10,076

7,907 130,114

21,551 I 9,659 j 27,058

9,129

5,208

8,425

43,004

2,941,219 201,269 1,007,122 238,552 278,471 113,220 150,847 353,871 104,329
39,879
8,874
8,096 6,904
_ 140,298 10,096
"i, 578 21,591 j 9,303
3,081,517 ; 211,365 1,047,001 247,426 286,567 120,124 159,425 375,462 113,632
22,285
5,146
\ 428 4,556
4,693 11,382 I 4,675
79,932 ii 6,473

64,411
4,258

92,371 46,402
7,200 7,126

290,354
8,393

68,669
2,432

99,571 I 53,528 298,747
2,345
4,206
5,311

4,962 j 403
6,339 ! 3,173

1,298 ! 744 j 5,893
13,744 I 3,598 j 9,590

Bills discounted:
Secured by U. S. Government obligations
Other bills discounted

89,421
161,977 I

5,880
7,358

24,441
37,457

10,272
15,391

20, 930 3,235
16,286 19,531

472 10,891
17, 597 11,913

Total bills discounted...
Bills bought

251,398 !: 13,238
363,844 j! 25,315

61,898
158,273

25,663
3,496

37,216
25,931

22,766
10,936

18,069 22,804
15, 755 52,370

U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

163,785 !| 3,877
226,473 ! 17,959
339,209 | 28,089

89,226
58,332
135,774

3,289 3,614
22,510 29,303
28,405 30,008

2,010
4,716
7,181

523
4,380
2,974

30,905 ! 1,202 5,936
22,538 ; 15,056 10,185
36,160 | 10,125 11,181

Total IT. S. Government
securities
Other securities

729,467 |: 49,925
7,143 !j 850

283,332
2,850

54,204
610

13,907

7,877
600

89,603
1,000

Total bills and securities. 1,351,852 Ii 89,328
52
Due from foreign banks
704
Uncollected items
584, 783 65,638
Federal reserve notes of other
21,993 |i
337
banks
57,843 | 3,458
Bank premises
22,024 !
76
All other resources-

506,353
231
183,283

83,973 127,072
68
71
51,802 53,979

Total resources

!

LIABILITIES

i

7,173
15,240
8,615

350
2,614
136

11,301
10,788

7,371

3,576 I 15,042
8,411 12,971

4,342
15,483
8,575 I 31,023

2,063 11,381
11,555 7,807
17,993 j 12,128

9,759
22,132
19,191

i

62,925
1,000

1,397
6,833
990

26,383

27,302 31,611 ! 31,316 i 51,0
233
L
_!
_

47,609 42,301 165, 777 48,472 39,522 59,624 j 44,233 97,588
30
26
94
16
21
21
49
25
38,140 12,846 68,622 21,817 10,366 I 31,675 j 17,362 | 29,253
2,266
3,249
967

1,685
2,573
4,552

2,333 ! 1,056 805 ; 1,798 i 487 i 2,306
8,061 I 3,635 1,926 3,803 j 1,830 j 4,621
528
241 ! 551 ! 734
1,126 I 3,508

5,200,648 i ;376,727 1,790,181 391,515 483,337 216,941 1228,101 |632,857 196,820 124,264 199,078 122,218 438,609
,

Federal reserve notes in actual
jI
circulation
1,663,538 '132,035 384, 976 153, 727 194,948 100,515 133,854 139,162 ! 84,599 I 53,558 | 68,424 i 31,901 | 185,839
Deposits:
I
Member bank—reserve account
2,470,583 I i 150,936 1, 062, 276 142, 539 186,377 60,820 61, 014 360, 832 \ 69, 52148, 447
4,113
1,344
18,819 ••; 829
2,240
Government
444 1,211
2,590 ! 1,089 1,280
1,903
575
132
Foreign bank.
5,761 i 425
558
207
241
770 I 207
65
9,555
139
163 2,697
479
168
960 i 534
Other deposits
| 21, 970
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities.

|2, 517,133
564.007
I 169, 640
I 274, C3G
11,694

Total liabilities....
Reserve ratio (per cent).

5, 200,648
73.7

1152, 255 1,077,847 144,604
178, 877 49, 256
'j 59,167
65, 578 16, 793
! 11,877
-i 21,299
80, 575 27,065
70
94
2,328
376, 727
74.3

191,889 61, 673 62, 911
50, 765 36,110 13,130
15, 813 5,801
5,346
28,971 12,114 10, 857
951
728 2,003

365,152 71, 351 49,998 89, 529 58, 498 191,426
66, 524 23, 934 9,776 27, 711 17,964 30, 793
4,356 ! 11,504
3,063 4,311
20,145 5,053
8,702 8,936 i 18,475
39,936 10, 562 7,144
401
563
572
1,321
725
1,938

1,790,181 391,515 483,337 216,941 1228,101 '632,857 196,820 124,264 199,078 122,218 I 438,609
71. 6
82. 9
74.1
74.1
81.0 | 74. 5 I 72. 9 i 66.3 63. 0
59. 2 ! 79. 2

FEDERAL RESERVE NOTE
STATEMENT
Federal reserve notes:
Issued to Federal reserve
bank by Federal reserve
agent .
2,093,625 167,190
Held by Federal reserve bank.. 430,087 j : 35,155
In actual circulation
1,663,538 i 132,035
Collateral held by agent as
security for notes issued to
bank:
Gold
1, 730, 439 149, 917
Eligible paper
507, 788 35, 889




524,757 j181,135 233, 591 110,075 161,866 189,407 i 94,870 58,704 82,446 38, 510 251,074
14,022 6,609 65,235
9, 560 ! 28,012 I 50, 245 ! 10, 271 5,146
139,781 i 27,408
384,976 153,727 194,948 100,515 133,854 139,162 I 84,599 j 53,558 68,424 | 31,901

185,839

420,729 160,000 185, 550 83,150 129,900 173,000 74,885 i48, 325 ! 62,000 27, 220 215, 763
146,054 22, 444 55, 346 32, 077 32,483 70, 281 20,427 !10, 554 26,794 11, 609 43, 830

44

FEDERAL RESERVE BULLETIN

CHANGES IN MEMBERSHIP
On December 20, 1930, there were 8,099 active member banks in the Federal reserve system, including
7,075 national banks and 1,024 State bank members.
Below are given all changes, except suspensions and
insolvencies, between November 26 and December 20,
affecting the list of active member banks.
CHANGES
("Consolidations" shown below include "absorptions," "mergers," etc.)

Date

DISTRICT N O . 2—NEW YORK

Dec.

1

Dec.

1

Dec.

13

Dec.

15

Dec.

16

|
I Capital
|
I

Lincoln National Bank, Newark, N. J
•
Colonial Trust Co., member
'
Consolidated under charter and title of Lin- j
coin National Bank
I
Sunrise National Bank, Baldwin, N. Y., title I
changed to Sunrise National Bank & Trust Co.
State Bank & Trust Co., Hackensack, N. J
Admitted to membership; new organization.
Plattsburg National Bank & Trust Co., Plattsburg, N. Y_
__!
First National Bank
Consolidated under charter and title of '
Plattsburg National Bank & Trust Co
!
Grape Belt National Bank, Westfield, N. Y
I
National Bank of Westfield
Consolidated under charter and title of National Bank of Westfield

$600.000
300,000
600,000

100,000
500,000
100,000
500,000
50,000
150,000
150,000

DISTRICT N O . 3—PHILADELPHIA

Nov. 26

City National Bank & Trust Co., Philadelphia,
Pa.
Woodland Bank & Trust Co., nonmember
Consolidated under charter and title of CityNational Bank & Trust Co

1,125,000
150,000
1,125, 000

DISTRICT N O . 4—CLEVELAND

Nov. 17 i Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.,
member
_
5, 322, 000
Oakland Savings & Trust Co., member
300,000
Consolidated under charter and title of
Peoples-Pittsburgh Trust Co., member
5, 322, 000
Dec.
6 Masontown National Bank, Masontown, Pa
I
100,000
First National Bank
100, 000
Consolidated under charter and title of First !
National Bank
..j
100,000
DISTRICT N O . 5—RICHMOND

Dec.

6

Dec.

9

Dec.

16

Dec.

17

|

Gary National Bank, Gary, W. Va
50,000
Succeeded by Gary National Bank
100,000
West End Bank, Richmond, Va., nonmember...
100,000
American Bank & Trust Co., member
3,500,000
Consolidated under charter and title of American Bank & Trust Co., member
3,500,000
National Bank of Commerce, Charleston, W. Va.
200,000
Conversion of Bank of Commerce, non- j
member.
I
Bank of Tidewater (Inc.), Portsmouth, Va., non- |
member
_
j
250,000
American National Bank
i
500,000
Consolidated under charter and title of Ameri- j
can National Bank
__•
500,000
DISTRICT N O . 6—ATLANTA

Dec.

2

Dec.

3

Dec. .16

New Orleans Bank & Trust Co., New Orleans, i
La., member
_
! 1,200,000
Interstate Trust & Banking Co., member
\
750,000
Consolidated under charter and title of Inter- j
state Trust & Banking Co., member
{
750,000
First National Bank, Wetumpka, Ala
j
25,000
Bank of Wetumpka, member
j
25,000
Consolidated under charter and title of First j
National Bank
•
25,000
Bank of Portal, Portal, Ga., member
'
25,000
Voluntary withdrawal from membership.
;
DISTRICT N O . 7—CHICAGO

j

Oct. 17i Farmers National Bank, Cambridge, 111
___j
First National Bank
j
Consolidated under charter and title of!
Farmers National Bank
Nov. 241 Centennial National Bank, Virginia, 111
Petefish, Skiles & Co., nonmember
Consolidated under title of Petefish.. Skiles &
Co., nonmember
1

Not reported in period in which change took place.




50,000
50,000
50,000
50.000
100,000
100,000

Date

JANUARY, 1931

CHANGES
("Consolidations" shown below include "absorptions," "mergers," etc.)

Capital

DISTRICT N O . 7—CHICAGO—Continued

Nov. 241 City National Bank, Clinton, Iowa..
Citizens Savings Bank, Low Moor, nonmember..
Consolidated under charter and title of City
National Bank, Clinton, Iowa
Nov. 251 First National Bank, Mount Pleasant, Iowa
Henry County Savings Bank, nonmember
Consolidated under charter and title of Henry
County Savings Bank, nonmember
Nov. 251 National Bank of Monmouth, 111
First National Bank, Alexis, 111
Consolidated under charter and title of National Bank of Monmouth, 111
Nov. 101 Grant Trust & Savings Bank, Marion, Ind.,
member
First National Bank
___
Consolidated under charter and title of First
National Bank
. . . __
4 First National Bank, Frankfort, Ind
Dec.
Succeeded by First State Bank, nonmember.
Dec. 13 Ladoga State Bank, Ladoga, Ind., member
Voluntary withdrawal from membership.
Dec. 15 First National Bank, Dyers ville, Iowa
Succeeded by Dyersville National Bank
Dec. 15 First National Bank, Berwyn, 111
American State Bank, nonmember
Oakwyn State Bank, nonmember
Ridgeland State Bank, nonmember
Consolidated under charter of First National
Bank and title of First American National
Bank & Trust Co
_
Dec. 18 Commercial National Bank, Waterloo, Iowa.
First National Bank
Consolidated under charter and title of Commercial National Bank
Dec. 18 Indiana National Bank, Indianapolis, Ind
._
Continental National Bank
Consolidated under charter and title of Indiana National Bank
Dec. 20 First National Bank, Fort Dodge, Iowa
First Trust & Savings Bank, nonmember
Consolidated under new charter and title of
First State Bank & Trust Co., nonmember.

$300,000
30,000
300,000
100,000
36,000
36,000
200,000
50,000
200,000
240,600
250,000
350,000
200,000
25,000
50,000
25,000
100,000
100,000
50,000
100,000
175,000
400,000
200,000
400,000
2,000,000
400,000
2, 000,000
300,000
100,000
200,000

DISTRICT N O . 8—ST. LOUIS

Nov. 251 First National Bank, Fayetteville, Ark
Arkansas National Bank
Consolidated under charter and title of First
National Bank
1 First National Bank, Duquoin, Ill._
Dec.
First State Bank & Trust Co., nonmember
Consolidated under charter and title of First
National Bank
_
__
9 First National Bank, Mount Vernon, Mo
Dec.
Primary organization.

125,000
150,000
125,000
50,000
50,000
100,000
25,000

DISTRICT N O . 9—MINNEAPOLIS

Nov. 8i Northwestern National Bank, Minneapolis, Minn.
Metropolitan National Bank
Consolidated under charter and title of
Northwestern National Bank
__
Nov. 191 First National Bank, Kalispell, Mont
__.
Bank of Commerce, nonmember
Consolidated under charter and title of First
National Bank
Nov. 29 Hancock National Bank, Hancock, Minn
_
First National Bank
Consolidated under charter and title of Hancock National Bank . _ _ _ . ...
4 Malta National Bamk, Malta, Mont
Dec.
First State Bank, nonmember
Consolidated under charter and title of First
State Bank, nonmember
Dec. 20 Welcome National Bank, Welcome, M i n n . .
Welcome State Bank, nonmember.
Consolidated under charter and title of Welcome State Bank, nonmember..

S, COO, 000
500,000
S, 000,000
200,000
100,000
200,000
40,000
25,000
40,000
60,000
50,000
50,000
50,000

20,000
20,000

DISTRICT N O . 10—KANSAS CITY

Oct. 291 First State Bank, Newcastle, Wyo
Admitted to membership.
Nov. 12i Stephens National Bank, Fremont, Nebr
Farmers State Bank, Nickerson, Nebr., nonmember.
Consolidated under charter and title of
Stephens National Bank, Fremont, Nebr._

25.000
100,000
15,000
100,000

Date

Fiduciary Powers Granted to National Banks

CHANGES
("Consolidations" shown below include "absorptions," "mergers," etc.)
DISTRICT N O . 10—KANSAS CITY—Continued

Capital
!

Dec. 5 First National Bank, Hulbert, Okla
Dec. 5
Dec. 20

j
Converted to First State Bank, nonmember. \
Hartshorne National Bank, Hartshorne, Okla
!
Converted to a new State bank, nonmember.:
American National Bank, Tonkawa, Okla
•,
!
First National Bank
_
Consolidatad under charter and title of First i
National Bank
'

$25,000
50,000
25,000
25,000
25,000

DISTRICT N O . 11—DALLAS

Nov. 26 First National Bank, Grand view, Tex
Dec. 8
Dec. 9
Dec. 13
Dec. 20

Farmers & Merchants National Bank
Consolidated under charter and title of First
National Bank
_
Alba National Bank, Alba, Tex
Restored to solvency and absorbed by First
National Bank, Mincola, Tex
First National Bank, Frost, Tex
Succeeded by Frost National Bank
First National Bank, Garland, T e x . . .
State National Bank
Consolidated under charter and title of State
National Bank
First National Bank, Electra, Tex
First State Bank, nonmember
_..
Consolidated under charter and title of First
State Bank, nonmember

\
;
\

75,000
75,000
40.000
50,000
100,000

Dis- j
! t a c t '•
\ No. I

Location

Newport, N . IT

:

1 j Citizens National Bank

\

1 ! Union M a r k e t National
! Bank.
4 ; Central National Bank

100,000
100, 000
75, 000 Cambridge, Ohio
'

Powers
granted

N a m e of bank

Watertown, Mass

:

Bank of America National Trust & Savings Association, San Francisco, CalifFirst National Bank, Berkeley, Calif
First National Bank, Eureka, Calif
Consolidated under charter and title of Bank
of America National Trust & Savings Association, San Francisco, Calif
Dec. 5 Bank of America National Trust & Savings Association, San Francisco, Calif
First National Bank, Porterville, Calif
Consolidated under charter and title of Bank
of America National Trust & Savings Assoi
elation, San Francisco, Calif
Dec. 13 I B a n k of Wasco, Wasco, Oreg., member
j Bank of Commerce, nonmember
j
Consolidated under charter of Bank of Wasco
I
and title of Bank of Commerce, m e m b e r . . .

Nov.

40, 000
40, 000

During the month ended December 21, 1930, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section 11
(k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6)
assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.

40, 000
40,000

DISTRICT N O . 12—SAN FRANCISCO

1

45

FEDERAL RESERVE BULLETIN

J A N U A R Y , 1931

;

5 | National Capital Bank
6 ; First National Bank

75, 000 Washington, D . C__._
Greeneville, Ala
i

9 i National

Livingston, M o n t
50,000,000
375,000
300,000
50,000,000
50,000,000
100,000

St. Paul M i n n

Austin, Tex

.,

1

Park

Bank

;
Livingston.
9 | Empire National Bank
11 i American National Bank

'.

in

2, G, 7, and
9.1
5 to 9.1
1 to 7, and
9.
4.
4 and 6 to
9.i
1 to 9.
1 to 9
4 to 9. i

Supplementary.

FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND SHORT-TERM
SECURITIES
[In thousands of dollars]

50,000,000
25,000
40,000

91 days
With-1,
! Total in 15 16to30 31to60'61to90 to 6 Over 6
days days days | days months months

55,000

Not reported in period in which change took place.

The Comptroller of the Currency presents the following summary of increases and reductions in the number
and capital of national banks during the period from
November 22 to December 26, 1930, inclusive:

N e w charters issued
Restored to solvency
Increase of capital approved J__
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
j
Liquidations-._
_
j
2
Reducing capital
_
•
'
Total liquidations and reductions of capital. j
Consolidation of national banks under act of Nov. |
7,1918
._._!
Consolidation of national banks and State banks
under act of Feb. 25, 1927
Total consolidations
Ag negate increased capital for period
Re luction of capital owing to liquidations, etc..

Net decrease

Dec. 3
Dec. 10
Dee. 17
Dec. 24
Dec. 31
Bills bought in
open market:
N u m - A m o u n t of
Dec. 3
ber of
capital
Dec. 10
banks
Dec. 17
Dec. 24
$890,000
10
Dec. 31
Certificates and
1,880,000
bills:
Dec. 3
Dec. 10
26 I
2,770,000
Dec. 17
5,890,000
Dec. 24
400,000
Dec. 31
63 [ 6,290,000 Municipal warrants:
Dec. 3
1,250,000
Dec. 10
Dec. 17
1,475,000
Dec. 24
Dec. 31
2, 725,000
2, 770,000
6. 290,000
3,520,000

,2

* Includes three increases in capital aggregating $425,000 incident to
consolidations under act of Feb. 25, 1927.
* Includes three reductions in capital aggregating $275,000 incident to
^ onsolidations under act of Nov. 7,1918.




Bills discounted:

250,927 167, 3281
257,097 171,392|
331,321241,076!
448,349 355,958j
251,398175,50l|

23,983
24,4101
27,077
22,149
17,659

28, 745;
30,269!
30,673;
, :
26,966

19,230
19,530
19,838
23,255
19,459

10,701
10,433
10,998
11,060
10,634

1218, 937 84,859
1243, 697 92, 595
1,
90
1259,837 149,905
844
363,4 219, 272

51,691 i 68,277
70,9841 67,414
77,280i 55,973
60, 720| 40,712
68, 062; 47, 249

14, 062
12,655
11,160
8,218
28,129

48
49
48
282
1,132

;300,060 72,765:
!30G,Sn 73,555^
!371,117|109, 000!
;321,352(
!
'339,209! 2,425!
1081
108!
151j
233!
843!

!
.-I
__l
185!

_

38, 707,!
38,707 .
33,957' 101,370
23,457|
! 103, 879
24,182
__; 108, 929
10.

110
194
614

940
1,063
1,660
990
1,179

188, 588
194, 549
126, 781
194,016
203, 673

46

FEDERAL RESERVE BULLETIN

EMPLOYMENT AND WAGE PAYMENTS IN
SELECTED INDUSTRIES

MANUFACTURING: VOLUME OF PRODUCTION
AND NUMBER OF EMPLOYEES, 1899-1930
[Index numbers 1899=100] i

Average number employed
Total annual
factory wage
payments *
Railroads 3

Coal mines J

Year
Factories *

Anthracite
155,000
8,998,000
9,080,000
145,000
6,944,000
159,000
7,583,000
157,000
8, 777, 000
158,000
8,096, 000
160,000
8,382,000
160,000
165,000
8,537,000
8,350,000
165,000
161,000
8,177,000
8,514,000
152,000
P 7,400,000 v 129,000

1919.
1920
19211922
19231924
1925
1926
1927
19281929
1930-

JANUARY, 1931

Bituminous
622,000
1,908,000 $10,460,000,000
640,000
2,054,000 12, 562,000,000
664,000
1,661,000
8, 200,000,000
688,000
1, 645,000
8,627,000,000
705,000
1,880,000 11, 008,000,000
620,000
1, 777,000 10,177,000,000
588,000
1, 769, 000 10,727, 000,000
594,000
1,806,000 11,095,000,000
594, 000 •1, 761, 000 10,849, 000,000
522,000
1,680,000 10,829,000,000
503,000
1, 686, 000 11,462,000, 000
* 431,000 v 1,548,000 v 9,316,000,000

Number \
of employees

Year

Volume
of production

1899*
1900.
1901
1902
1903
1904*
1905
1906
1907
1908
1909* „
1910
1911
1912 _
1913
1914*

100 0
101.0
112.0
122.0
124.0
122.2
144 0
154. 0
153.0
129.0
159.2
162. 0
155.0
179.0
185. 0
1G9.4

100 0
105.0
110.0
118.0
123.0
117.5
127.0
135. 0
141.0
127.0
145. 1
149.0
150. 0
156. 0
159.0
156.2

Volume
of production

Year

1915
1916
1917
1918
1919* ._
1920
1921*
1922
1923*
1924
1925*
1926
1927*
1928 „_
1929
1930

Number
of employees

188 0
223.0
224.0
220 0
213.7
221.4
169 7
222.2
260. 5
243 4
273.3
281.2
274 9
290 6
v 308. 3
P 251.1

._

160 0
187.0
204.0
210 0
204.4
205.0
158 2
172.9
196.4—
181 4
188.4
191.8
188 4
185 4
P 192. 8
v 170. 8

v Preliminary.
* Data from Census of Manufactures in census years; other years dev Preliminary.
rived from indexes of Federal Reserve Board.
i Statistics for period 1899-1921 prepared by Woodlief Thomas. See
2 U. S. Bureau of Mines through 1929; 1930 estimated from data by Recent Economic Changes, Volume II, p. 454. For period 1922-1930,
U. S. Bureau of Labor Statistics.
prepared by Federal Reserve Board.
3 Interstate Commerce Commission. Figures for Class I railroads.
1
WHOLESALE PRICES IN THE UNITED STATES MEMBERSHIP IN PAR-COLLECTION SYSTEM

[Number of banks at end of November]

[Annual indexes of the Bureau of Labor Statistics. 1926=100]
All commodities

Farm
products

69.8
68.1
69.5
85.5
117.5
131.3
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
97.7
96.5
v 86.4

Year

71.5
71.2
71.5
84.4
129.0
148.0
157.6
150.7
88.4
93.8
98.6
100.0
109.8
100.0
99.4
105.9
104.9
v 88.5

Foods

Other
commodities

Member banks
Federal reserve district

1913
1914
1915
1916
1917.
1918-_
1919
1920
1921
1922
19231924
192519261927
1928
1929
1930

64.2
64.7
65.4
75.7
104.5
119.1
129.5
137.4
90.6
87.6
92.7
91.0
100.2
100.0
96.5
101.0
99.7
* 90.5

70.0
66.4
68.0
88.3
114.2
124.6
128.8
161.3
104.9
102.4
104.3
99.7
102.6
100.0
93.7
93.2
92.6
' 85.1

Nonmember banks
On par list

Not on par list

1929

1930

1930

United States.
Boston
New York
Philadelphia
Cleveland
Richmond _
Atlanta
Chicago
St. Louis
Minneapolis.. .
Kansas City
Dallas
San Francisco

1929

1930

1929

8,159

8,569

11,129

12,104

3,532

3,761

397
917
754
770
481
404
1, 099
528
653
874
698
584

406
933
767
801
520
433
1, 194
570
685
895
755
610

263
402
455
939
542
196
3, 243
1,443
507
1,942
578
019

271
406
478
994
583
254
3,493
1,677
583
2,113
613
639

9
480
881
239
445
1,014
189
215
60

g
547
928
228
478
1,105
198
207
61

Preliminary; estimated by Federal Reserve Board.
i Incorporated banks other than mutual savings banks.

BUILDING CONTRACTS AWARDED
KINDS OF MONEY IN CIRCULATION

[Value of contracts. In millions of dollars]

[End of month figures. In thousands of dollars]
Year

1923
1924
1925_._
1926
1927.
1928
1929
1930 _

*
_
..

Total

4,130
4,656
6,006
6,381
6,303
6,628
5,754
v 4, 524

Public
Residen- works All other
tial
and utilities
1,788
2,116
2,748
2,671
2,573
2,788
1,916
v 1,101

674
742
902
1,113
1,264
1,338
1,248
v 1, 448

1,669
1,798
2,357
2,597
2,466
2,502
2,590
v 1, 974

p Preliminary.

Figures are for 37 States east of the Rocky Mountains, as reported by
the F. W. Dodge Corporation. Data for 1923 and January-April, 1924,
are estimated from data for 36 States.




Sept. 30
Gold coin
_
351,765
1,026,036
Gold certificates
37,512
Standard silver dollars
391,311
Silver certificates.—
1,252
Treasury notes of 1890
280,868
Subsidiary silver.
117,728
Minor coin
_
297,307
United States notes
1,359,358
Federal reserve notes
3,104
Federal reserve bank notes.
635,237
National-bank notes
Total
Preliminary.

Oct. 31

Nov. 30

350,226
350,931
1,019,584 1,075,770
37,312 '
37,087
391,366
400,104
1,250
1,248
281,135
281,221
117,859
118,227
300,032 ; 304,407
1,349,940 ; 1,440,003
3,082
3,064
640,818 !
648,252

4,501,478 j 4,492,604

4,660,315

Dec. 31>
368,488
1,117, 615
36,786
403,904
1,248
281,057
118,810
295,514
1, 640, 527
3,041
623, 218
4,890, 208

47

FEDERAL RESERVE BULLETIN

JANUARY, 1931

BANK SUSPENSIONS, BY STATES
[Banks closed to public permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks.
Figures for 1930 are preliminary]
Banks reopened

Banks suspended
Deposits (in thousands of
dollars)

Number

State

banks

Members

Nonmembers

501
354
648
776
612
956
662
491
642
1,326

70
57
124
159
146
160
124
73
81
188

431
297
524
617
466
796
538
418
561
1,138

6,968

1,182

All

All
banks

Members

196,460
110, 721
188,701
213, 338
172, 900
272, 488
193,891
138,642
234,532
903, 954

42,503
24,243
51,228
74, 469
67, 264
68, 812
66, 336
42,240
57,135
388, 799

Deposits (in thousands
of dollars)

Number

Members

NonAll
members banks

NonAll ! Mem- membanks I bers
bers

Nonmembers

United States:
1921
1922
1923
1924
1925
1926
1927
1928
1929.

_

. -

1930 (preliminary)
Total (10 years)

_

5,786 2, 625, 627

153,957
86, 478
137,473
138,869
105, 636
203, 676
127, 555
96,402
177,397
515,155

60
65
37
94
62
149
95
39
58
138

10
24
14
20
14
14
11
5
5
8

883, 029 1, 742, 598

797

125

672

11 400
916
10 124

17,493 , 3,132
11,618
35,565
5,068
11,674
22,462 ; 7,190
6,779
16, 618
60, 610 I 8,179
8,311
35,729
6,610
15,727
25, 829
2,273
54, 678
4,501

50
41
23
74
48
135
84
34
53
130

1

296, 385

63,661

14,361
23,947
6,606
15,272
9,839
52,431
27,418
9,117
23, 556
50,177
232, 724

1930
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
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
iVtontana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Pacific:
Wfi sh i n Erfon
Orpcron
California

i

1

1
1
3

11,400
1,768
10 124

G

2
3

18,407

852

4,867

4,867

18,407

8
3
19

2
2
6

6
1
13

186, 002
2,664
68 320

161,421
1,114
5 102

24, 581
1,550
63 218

25
89
124
20
24

4
5
23
2
1

21
84
101
18
23

29,394
39, 601
65,033
6,434
8,904

6,391
2,483
23, 523
1 551
182

23,003
37,118
41, 510
4 883
8,722

2
18
9 i
1
10

1
1
1

23
86
104
59
53
42
43

1
15
7
8
4
4
3

22
71
97
51
49
38
40

2,795
15,451
18, 621
4 208
12 171
8 888
5 831

3 ;

1

19
9
89
26
31
39

2
5
10
5
6
5

17
4
79
21
25
34

6,689
6,902
60,433
7,724
7,793
44, 555

525
6,027
12, 284
3,858
2,294
15,192

6,164
875
48,149
3 866
5,499
29, 363

29
28
33
51

4
3
8
5

25
25
25
46

63,222
27, 789
10, 309
29,327

52, 319
12 532
3,144
7,573

10,903
15 257
7,165
21, 754

2
4
2

133
9
23
35

15
1
6
16

118
8
17
19

48,425
5 924
4,891
13,631

21,488
2 471
1,798
11,573

26,937
3 453
3,093
2,058

31

3

8
1

2 324
46

310

2 014
46

2

2

1
5
5
3
3
2
6

3,395
31,107
20,067
5 474
13, 766
9 754
10.978

600
15, 656
1,446
1 266
1,595
866
5 147

4,926 1

4,926

1

4

922

81

1

3 064
2,024

952

3,064
1,072

1
2
4

1 066
174
9,202

4,202

1,010

I

1
2

98
136

7,304
447

7,304
447

967

967

1
7
2
1
8

660
3,321
683
202
3,577

2
4
2
1

i : : : : : : :1:

98
136

1

1

1,320

2,459
1,015
145
263
5,969 :
461
73
754

29
1
1
3

397
133

310

263
3,321
683
69
3,577
2,459
1,015
145
263

725

5,244
461
73
754

i

2
2

981

1

1

258

85
174
5,000

Back figures—See Annual Report for 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98).




3,761

2

841

5
2

1,344
10, 285
2,073

22
2

" " 22" 1
2 1

1
1
3

9

783
656
797

1
1

..
1

2
7
2
2
8

1,344
10, 285
2,856 '•
656
4,558 :

18
8

25S

48

FEDERAL RESERVE BULLETIN

JANUARY, 1931

CONDITION OF ALL BANKS IN THE UNITED STATES, BY STATES
ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 24 AND JUNE 30,1930, BY
STATES
[Amounts in thousands of dollars]

Loans and investments
Loans (including
overdrafts)

Total

State

eptember

| D e S;r

June

Total

!

Investments

September

June

June

.. ' I

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
Mississippi
West South Central:
Arkansas
Louisiana
_
Oklahoma
Texas.._
Mountain:
MontanaIdaho
Wyoming..Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California

Deposits, exclusive j Rediscounts
of interbank cieand bills payposits
able

June

Number of
reporting
banks

September; June

; Sep; tember

_•

i

^

i

I

I

442,837
410,785:
403,853
298,186 434,810,! 234,721 ; 231,537! 208,116! 203,273 271,379; 269,995
149,661
150,829:
148,525;
148,707
240,048 299,536
227, 581 i 232,816,
:
155,171)
89,093J
90,379 3,965,136, 3,981,262!
4, 299, 390 245,550'! 150,955
£1 Z KACi
Kf\fK 299'_
545,091 4, 296,010i! 2,931,626; 2,954,8351 l,367,764i 1,341,175 '515,54Q' ' 506; OQQ
235,7231
539,579i
299,903,
303,856245,1881
1, 354,803
551,316 1,233,941' 1, 242, 6271
:
1,355,049 I,

802,011

803,733'

552,792i

17, 002,163 17,
913,
',422,2671 12,088,916 12, 570, 758i 4, 247 4,
2, 376,969 2,404,928! 1,525,166, 1,566,543! 851,803
5,823, 427 5,779,339! 3,418,712' 3,483,778! 2,
404,715 2,
I
2, 638, 572 2,628,617 1,960,871 1,981,636! : 677, 701!
802, 596 810, 663
592, 411: 605, 330 210,185i
:
3,821, 908 3,,813, , : , 2,791,796: 2,822,062! ,030,112:
970
1, 963, 198 l,982,062 ! 1,412,566 1,452,920: 550, 632
894, 778; 906, 710 617,429 631,288; 277, 349;

6,0261
l,89lj
3, 9231
13,4111

9,184

5,952
4,425
5, 582
22, 395
325
10, 723

851, 509! 14, 897, 380 16,638, 016; 2 66, 672 159,698
838,385 2,237,658: 2, 271, 299i 17,342 33, 423
295, 561 4,884,019; 4, 923,176: 64,175 101, 393
:

646,981 2, 519,187 i 2. 527, 444
205,3331
768,447, '784,385 ;
991,908 3, 508, 235| 3, 528,466:
529,1421 1,868,120! 1, 902,92l|
275,422!
865,942
889,010i

2

25, 917
12,589
41, 362
24,379
5,960

39,
13,
22,
22,
9,

426
844
745
739
223j

508, 472
630, 496,
811,050
71,153
90, 362
234,8131
265, 5601

505, 794*
645, 997|
850,084;
72,8^8;
91,622i
241, 455
276, 886

370, 529'
112,168:
348,935:
28, 588!
39,865,
94,144
98, 200

4, 733!
371, 494; 879, 998:
880, 279|
5,150
110, 294! 772, 229;
6,163
7, 4181
783, 802
332, 893' 1,163, 387! 1,170,119! 11, 391 16, 005:
28, 650 106, 790. 104, 733! 1, 9381 2, 023!
39,608 138,199i
2,8951
2, 7291
139, 435!
92,128 341,214
3,203
5,079:
343,022!
99, 601 371,170
5,274 10, 032
385,746:

166, 336
846, 710!
242, 779,
540,489!
333,463
354,060
159, 553!
328, 563:
213,479

112, 297!
491,388;
176,3941
433,607:
258,644;
291, 779
113,408'
254, 645
103, 444

114, 574
495,803
176, 702
438,132
263,817
116, 971
266, 544
108, 961

54,665
357, 599
74, 259
102,644
69,453
56.837
41,342
75, 734
103,854

51, 762
350,907
66,077
102,357
69,646
55,192
42, 582
62,019
104, 518

137, 775:
795,077:
249, 783
461,963'
306,039;
318,701!
151,859;
308, 652!
215, 497

137, 252!
799,446!
246,970!
460,3801
314, 572i
323,110!
159,071!
302,31li
228, 559!

1,333
5,519
1,234
16,326
9,543
23,149
4,943
9,541
4,024

2,094
6, 308!
1, 008;
19, 691
10,966
19,309
4,123!
12,827
3,138!

524, 879, 528, 574!
427,087, 429, 532
251, 612, 262,225
204, 208 210, 822

410,920 !
352, 768!
198, 626!
158,559;

414, 573
354,552
210,816
161,920

113,959
74,319
52, 9861
45, 649

114, OOlj
74,980j
51, 409J
48, 902

419, 643|
398,470,
227,418!
179,305:

429, 447 <
411, 485!
232,672;
195,702|

11,072
17, 640
10,456
29,116

11,691;
14, 7541
16,711!
22,432|

184, 685 i 20, 644
379,920
14,6411
408, 224!
5,892j
971, 393 i 19, 466

11,745!
5,307
15, 739

879,001: 877,288
742,664 756,291
1,159, 985 1,182,977^
99,741
101,488
130, 227 131, 230
328,957: 333,583
363, 760 376, 487
166, 962!
250, 653!
536, 251 j
328,097!
348, 616;
154, 750'
330,379!
207,298'

--

--

188, 757;
390,389
370, 226
962,403|

194,094 !
396,134 !
380,831
966,478|

155,051'
310,478!
241,144j
731,398;

157,437
319,172
247,005
739,011

33,706
79,911
129,082
231,005

36,657
76,962|
133,826
227, 467

169,444
366,045
392, 625
955, 568

132,840 !
74,200
53,632;
259,960:
38, 293!
69, 894'
158,139
36, 646!

134, 753!
76, 095!
54, 754
241, 5091
39,904;
75,347
159, 276,

75,260!
46, 210!
38,370i
157, 553;
24,116:
42,426!
119, 2001
28,116!

79, 916
47,130
39, 282
152,972
24, 782j
46,535
121,421j
28,193

57, 580|
27,990
15, 262
102,407
14,177
27,468
38,939
8,530

54, 837
28,965
15,472
88, 537
15,122
28, 812!
37,855
8,705

140,808
82,153
56, 686
291,137
41, 684
75, 872
129, 718
37,487

447, 826!
455, 072
248, 253 i 249, 445
3,370,492| 3,352, 738!

157,590,030 58,108,347,

282,863, 296,749
164,963!
138, 687| 140, 428 109, 566!
2,379,113 j 2,356,928 991,379i

144,003
1,890
84,829
725J
56, 929
1,19l|
272, 576
3,257
43, 622
1,077
82, 975!
635
130, 531j
3,492
38,888,
150
i
158,323
443, 356
3,375l
454, 471:
109, 017
258, 934
2,055
260, 820i
995, 810 3, 226, 062 3, 290, 351 11, 424

14.087J

2, 205!
898|
1,414!
2,779
855
488!
3,041j

7

°ii

131!

131
121

102
447
35
236

103
449
35
237

1,124

1,122

559

560

1,523

1,541

977
912

986
915

1,652

1,683

727
930

731
936

1,002|
1,193
1,193

1,015
1,216
1,235
366
374
773
1,051

375'
7641
1,036!

4

224|
40i
459
287
385
170
3901
207
547
480!
317!
290|

48
226
40
462
290
391
173
390
207
549
479
321
293

386!
221!
587|
1, 267

396
222
598
1, 279

181
1351
83i
267
55
43

185
137
84
270
53
44
102
35

1011
35
332|
227!
430|

333
228
3,800;
437
3,816
11,247
39, 715,114 40,618,146117, 874,916 17,490, 201 52,784, 098 54, 953,899 562,661 722, 455 23,590j 23,852

1
Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from Table 4
and represent in some cases the condition of banks as of dates other than September 24 and June 30,1930.
2 Excess over figures shown in Tables 3 and 4 is due chiefly to technical differences between reports to the board and reports to State banking
authorities.
Back figures,—See Tables 85-87, Annual Report of Federal Reserve Board, 1929.




49

FEDERAL RESERVE BULLETIN

JANUARY, 1931

NATIONAL BANKS»—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 24 AND JUNE 30, 1930, BY STATES
[Amounts in thousands of dollars]
Loans and investments
..._._
Total

State

September

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..
Mississippi
West South Central:
Arkansas.
Louisiana
Oklahoma

: September

September

463, 7001
233, 782;
940, 358:
345, 570:
290,891,

472,179
246, 701
961, 251!
360,027
295, 394,

512,622
262,218
418,237
66,679:
63,122
193,925
181,356

504, 570;
263,8611
411,933 !
67,405!
64,125 I
193, 798 i
182,363;:

316,O18!
166,042
291,908!
41,927 i
36,816!
129,433!
121,187i

307, 566!
171,094:
296,062 ;
42,776!
38,076^
131, 562
124, 226:

21,479
191,358
130,836
303,462
159,143
104,768!
64,979i
218,318!
142.194!
,
221,397;
249,141!
175,764
72,229:
;
63,430;
93,936!
304, OR
752,481!

20,655! |
209,966;
125,316:!
307,504;!
161,12li|
10f>, 470;
65,010!
208,011 ,
148,375:

12,098
112,851
88, 776
241, 392
119,074;
85,0231
48,040j
155,3151
64, 3601

12,081
128, 750:

225,092!
251,586!
178,018 ;
74,335,

72,146
33, 559;
30,550
203,708!
;
27,317
24,389i
43,6181
•
16,876
•
255,009!
181,439
1,977.278

i

:
;
•
'

j

Sep- i
tern- June
ber

June

1,858|

52
56
45
152
10
62
556
297
845

65,020 132,267 129, 074
28,829
63,087
61, 703
28,084
59, 708
58,838
368,562, 1,258,779 1, 246, 790
18, 978; 43,079
42,102
69, 6111 224,383 235,470

4,819

216, 720! 206,621! 638> 635
639, 913
113,631: 108, 779! 327, 736 343,674
346,479 1,239,697 1,216,375
391,0441 156, 228 485, 751 511,535
164, 660!
128, 500; 128, 346 388,169 401,349
196,604! 197,004; 503,721
500,0701
92,767' 255,983
96,206;
255,653
126,329* 115,871! 379,555
365,808
24,629:
70,449
24,75268,701
26,049
64,312
26,303
65, 548
62, 236 186,183
64,492!
186, 509:
58,137; 181,479
60,169;
186,965

10, 06 lj
4, 848!
6,140|
3, 659!
1, 976!

18,302
168,538
131,616
270,070
145, 578
91, 616
61, 519
208, 224
146,097

16,410
188,185;
128,634!1
269, 785
146,791
92,098;
63, 711:
198, 637 i
159,159:

164, 501!
205,544
132,131
54,404

168,154
207,328
135,324
55,247

56,896!
43,597
43,633
17,825

56,938:
44,258
42,594'
19,119

185,404
218, 554
155,945!
63,058!

195,208!
231, 569i
159,391:
67,568 :

43,80S1!
77,835i
195,800:
562,826i

45,202
80, 587
198, 643
562, 762

19,654
16,101
108,214
189, 655

20,712
15, 559
112,162
187,255

58,12li
81,160
321,859
735, 740

63,097|
84,932:
330,829|
751, 266!

3,006!
3,672!
3,126:
13,499

73,121 !
34,313
31, 305
187, 588

39,295
22,290
20,088
118,315
18. 572
13,372
27,609
11,084

41, 572
22, 753
20, 652
114,035
17,174
14, 838
30,143
11,107

32,851;
11, 269
10,452
85,393
10, 745
11,017
16,009
5,792

76,884:
35, 778!
31,970
228,278
29,750
25, 921
37,140
15,953

77, 523!
37,473
31,782
213, 559
31,409!
28, 479:
38, 628;
16,429|

260, 937
151,966 163, 728
182, 9 7 5 '•• 95, 371
95,866
1, 960, 007 1,393,257 1,349,640

103,043
86,068
584,021

16
77
112
157
11
64
35
75
55

2, 779
10,789
6,084i
8,267;

65,914 ;
96,146 !
310,805!
750,017 :

263
241
125
112
95
171
245

7,933i
6,033
6,325
1,162;
3,702|
1,4921

241,312
121,329
85,997
49,088
159,445
69,877

8,574
81, 216
36,631
66,192,
39,792!
20,473
15,922
48, 566:

308
210
462
126
155

2,238!
3,557

9,381*
78, 507!
42,060!
62,070!
40,069!
19,745:
16,939:
63.003i
77,834

;

:

26, 705
45,145
16,921;

31, 549,
11, 560'
10, 653;
73, 503!
11,693,
12,067j
15,002i
5,814j

35

'

i

I

:

Member banks only, i, e., exclusive of national banks in Alaska and Hawaii.

i

5271
575
221;
357
2,614' 1,981
610j 466
14
20
513; 413
;
70
150;

41
25
120
26
14
18
10

97,209! 248,817 257,383
86,109: 188,818 190,868
010,387! 1,859,961! 1,903,137
I

i

133
99
101
35
67
31
278

105
93
205

21, 753, 373 21, 749,373 14,641, 94514,874, 216 7, 111, 428 6,875,157,19, 665, 934 20, 555, 754 219,8501 229,033
i




i Number of
j reporting
banks

1, 652,131 1,580,296^ 4,291,294 4, 987, 521 41, 229 23, 6581
328,911 317,638 822, 790 842, 527 8,555 15, 428
1,075, 2271 1,014,906: 2,207,206 2,234,689 25,640| 40, 289

680,420
678,800 !
355, 480^
: 347,413
i 1,331,402 l,307,730 ! ;
;
516, 255
510,230
423, 740!
419,391

-

September

Tune
J

66,327
28,647
29.030
370, 744
19, 680
69,465

76,921
141,493!;
76,473j
143,248
75,426; •
45,429
46,597'
74,076
68,280||
40,196
67,926:
1,389,002 1, 363, 532! 1,018,258|
994, 970,
53,083;
34,509:
34,105
!
54,189
I 256,984'
260, 600; i 187, 519|
190,989
:
;
6,109,316 5,156,311 I 3,457,185! 3, 576,015 !
535,747J
562,611:
j 864,658
880,249,!
; 2,672,081: 2,628,103: | 1,596,854! l,613,197i

Total
1

June

Rediscounts
and bills
payable

Deposits, exclusive
of interbank deposits

Investments

'
i
i
!

Texas

Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific*
Washington
Oregon
California

Loans (including
overdrafts)

•
;

I

I

7,192 7,247
i

50

FEDERAL RESERVE BtJLLETIN

JANUARY, 1931

STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 24 AND JUNE 30,1930, BY STATES
[Amounts in thousands of dollars]
Loans and investments
Total

State

! September
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island .
Connecticut
Middle Atlantic:
New Jersey
N e w York
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 V i r g i n i a North Carolina..
South CarolinaGeorgia
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 .

Loans (including
overdrafts)

Investments
September

June

June

Deposits, exclusive ' Rediscounts
of interbank de- \
and bills
posits
payable

September

June

| Sep; tember

Number of
reporting
banks

SepJune tember June

I
j
i

293,317i
299,589
224,110;
224,110
177,2701
172,122
2,910,388 2, 932, 478!
490,902 486,496:
1,097,819 1,094,449 i

141,7891
119,878 !
60,063;
997,020!
225, 508;
483,327!

4,988
595
2,940
8,475
4,365

4,094
595
3,637
11,861
200
5,883

79
65
57
295
25
175

79
65
58
297
25
175

3,261,116, 3,271,213 10, 606,086 11650,495 14,443
.,
522,892 520,747 1,414,868 1,428,772] 8,787
1,329,488 1,280,655 2,676,813 2,688,487 i 38,535

65,571
17,995
61,104

567
264

566
263

460,981
96, 554
639,068
385,972
148,849

440,360 1,880, 552 1,887,531! 2 16,022 2 29,365
96, 554 440,711
440,711,'
8,996
8,996
645,429 2,268, 538 2,312,0911 13,100 16,605
372,914 1,382,369 1,391,386; 13,064 19,"
147,076 477, 773
487,661 i
4,794
7,247

670
705
1,192
601
777

678
705
1,221
605
781

198,
474,
554,
30,06L
53,5461
109,893i
152,660

173,925
15,962
222,606
3,836
13,559
29,652
38,031

174,490 376, 277
380,209
17,527 3 516,246 3 528,149
217,022 3 783,832 3 804, 311
4,021
36, 341
36,032
13,559
73,887|
73,887
29,892 155,031
156,513
41,464 3189, 6911 a 198, 781

740

6,475J

246
279
596
790

752
975
1,110
254
279
602
806

45,284
279,092
32,199
40,574
29, 384
37,092
24,403
12,731
26,020

43,188
269,691
29,446
36,165
29,854
34,719
26,660
13,453
26, 020

1,32l!
4,581!
808'
11,758;
4, 933
12,984|
2,9611
9,125
1,646

32
149
28
302
175
321!
135
315
152

32
149
28
305
179
327
138
315
152
416
380
220
258

j
,11,892,847 12,265,956!
• 1,512,311 1, 524,679
_._| 3,151,346 3,151,236i

! 1,958,152 1,949,817!
455,183
455,183
2,490,506 2, 506,240|
.! 1,452,968 1, 465,807|
482,970!
i 475,387
:
!

480,416
741,748
33,062|
67,105;
135, 032i
182,404:

138,253 278, 518 274,779|
119,878 208,292 208,292
62,295 167,873 173,978
972,613 2,706,357 2,734,472<
216, 745 472,461
464,197i
481,705 1,009,558 1,007,157

372,718
492,430,
771,044
34,083;
67,1051
139,785;]
194,124 |

4,120
4,927
1,770
1,837
3,178

I
4,057
5,738;
ll,27l!
1,083 ;
1,770]
2,841

232,789!
168,954i
243,848
89, 771 !
112,061
65,104

145,68lj !
636, 7441 i
117,46311
232,985j:
172, 342ij
247,5901
94,543
120,552
65,104

100,199
378, 537
87,618
192, 215
139,570
206,756
65, 368
99,330
39,084

102,493
367,053
88,017
196,820
142,488
212,871
67,883
107,099
39,084

303,482 !
177,946^
75,848
131,979

303,482
177,946
84, 207
136,456

246,419
147,224
66,495
104,155

246,419
147,224
75,492
106,673

57,063
30,722
9, 353j
27,824|

57,063 233, 239
233,239
8,293i
O, £i\)O\
30,722 3 179,916; 3 179,916: 6,8511 6,851
8,715 3 71,4731 3 73, 281! 4, 372j 9, 290!
29,783 116,247
128,134, 20,849; 15,188j

416
380
218

125,2971
296,453
66, 212!
209,922

128,180
299,988
70,026
216,461

111, 245
232, 643
45,344
168,572

112,235
238,585
48,362
176, 249

14,052J
63,810
20,868
41, 350

15,945
61,403
21,664
40,212

111,323
284,885
70, 766
219,828

121,588!
294,988!
77, 395
220,127

17, 638*
10,969j
2, 766i
5,967|

12,037j
8, 730|
2, 540!
5, 805!

321
190
313
678

329
191
320

- 60, 694|
40,641
23,082
56,252
10,976'
45,505
114, 521
19,770

61, 632
41,782
23,449
53,941
11,037
48,642
114,131
19,977

35,965
23,920
18,282
39,238
7,544
29, 054
91, 591
17,032

38, 344
24,377
18, 630
38,907
7,608
31,897
91, 278
17,086

24, 729
16, 721
4,800
17,014
3,432
16,451
22,930
2,738

17,405:
4,819 !
15,034
3,429;
16,745 1
22,853:
2,891;

63,924
3 46,375
24, 716
62,859
11,934
3
49,951
92, 578
21,534

66,480i
3 47,356
25,147
59,017
12,213
3 54,496
91,903!
22,459|.

1,121 [
198!
970!
643!
467,
<621
2,979 !

1,257J
3231
1,057!
798|
389;
<468[
2,628

121
94
58
150
28
29
84!
25

122
96
59
150
27
30
84
25

130,897 133,021
43, 316
43, 562
985,856 1,007,288

61,920
23,498
407, 358

2, 337:
8971
8, 795|

2,494
1,539
7,681

227
134
229

228
135
232

35,836,657 36,358,974 25,073,169 25, 743,930:10, 763,488 10, 615, 044 33,118,164 34, 398,145 310,811; 422,953 16,398

16, 605

145,483 !

657,629;
119,817;

194,135
192,817
66,470
66,814
1,393,214; 1,392,731

119,473|
626,539!
118,1671
191,893
160,4611
227,0851
90, 340!
100,428!
69,400!

120,842
611,261
118, 336
190,595
167,781
231,012
95,360
103,674
69,400

61,114!
194,539
197, 088|
22,908;
70,116
69,952!
385,443! 1,366,101 1, 387, 214!

1,162
3,963
1,034
9,918
4,898
15,448j
3,455!
6,735;
1,646|

255

1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates
given or dates nearest thereto for which figures are available.
2
Includes bonds borrowed.
3 Includes due to banks.
* Includes miscellaneous liabilities.
NOTE.—All figures in the September columns are as of Sept. 24, except as follows: Maine, Sept. 27; New Hampshire, June 30; Massachusetts,
savings banks, Oct. 31; Rhode Island, savings banks, June 30, State banks, Sept. 10; Connecticut, savings banks, June 30; New York savings banks
June 30; Ohio, Sept. 25; Indiana, June 30; Minnesota, Nov. 10; Missouri, Aug. 22; South Dakota, June 30; Nebraska, Sept. 6; Kansas, Sept 10:
Maryland, savings banks, June 30, State banks, Sept. 2; Florida, June 30; Kentucky, June 30; Tennessee, May 19; Alabama, Nov. 20; Colorado,
Nov. 10; Utah, Sept. 27. All figures in the June columns are as of June 30, except as follows: Minnesota, June 16; Missouri, Apr. 16; Tennessee,
May 19.




INDEX
Acceptances:
Federal reserve bank buying rates on
11
Held by Federal reserve banks..
_
10,42,43,45
Held by member banks
_
__
12
Open-market rates on
_
_
11
In foreign countries
_
39
Outstanding
13
Agriculture. (See Crops; Farm products; Deposits of member
banks in smaller centers.)
All banks in the United States, condition on Sept. 24, 1930.. 7,12,22,48
Bank debits
__
26
Bankers' balances
13,24
Bank suspensions
_..
26,47
Bills bought, holdings of F. R. banks. (See Acceptances.)
Bills discounted, holdings of Federal reserve banks._. 11,19, 20,42,43,45
Brokers' borrowings
13
Brokers'loans..._
13
Building statistics
15,18,26,46
Business conditions, National summary of
_. 7-8
Business failures
26
Business in 1930, Review of
1-6
Capital issues, domestic and foreign
14
Changes in membership in Federal reserve system
44
Charts:
Reserve bank credit and factors in changes
9
Discounts of Federal reserve banks, by districts
19
(See also Review of the Month.)
Commercial failures
26
Commercial paper outstanding
13
Condition statements:
Allbanks___
7,12,22,48
All member banks
12,21
Bank for International Settlements
35
Central banks in foreign countries
__ 36-37
Commercial banks in foreign countries.-.
38
Federal reserve banks
10,42,43
Member banks in leading cities..
13,24
National banks
49
Nonmember banks...
22
Reporting member banks
13,24
State banks
50
Crops, condition of.
25
Debits to individual accounts. (See Bank debits.)
Department stores
18
Deposits:
All member banks
12,20,21
Central banks in foreign countries
36-37
Federal reserve banks
20,42,43
Member banks in larger and smaller centers.
_
21
Reporting member banks
24
Discount rates:
Central banks in foreign countries
7, 39
Federal reserve banks
6,11,23
Discounts, holdings of Federal reserve banks. (See Bills discounted.)
Elements analysis.
9,10
Employment in manufacturing industries
15,17,46
Employment on railroads
46
Exports, merchandise
18
Factors:
Of decrease in reserve bank credit outstanding.__
10
Of increase in reserve bank credit outstanding
10
Factory employment and payrolls
15,17,46
Failures. (See Bank suspensions; Commercial failures.)
Farm products, prices of
15,46
Federal reserve bank buying rates on acceptances
11
Federal reserve bank credit and factors in changes
9,10
Federal reserve bank reserves, deposits, note circulation, and
reserve percentages
20
Federal reserve discount rates
7,11, 23
Federal reserve notes
20,40,43,46
Fiduciary powers granted to national banks
45
Float, reserve bank
10,42
Foreign countries:
Condition of central banks
.
36-37
Condition of commercial banks
—
38
Discount rates of central banks
39
Exchange rates
32-34,35
Gold holdings
31
Gold movements
31
Money rates
39
Prices
40,41
Freight-car loadings
15
German banking legislation
27-30
Gold:
Analysis of changes in stock of United States
10
Circulation
-46
Earmarked
10
Exports and imports
10
At New York
10
Elsewhere
10




Gold—Continued.
Page
Holdings of central banks and governments
31
Movements
_
_
_
10,31
Production
_
_
10
Stock of United States
9,10
Imports, merchandise
___
18
Indebtedness of member banks at Federal reserve banks
12,20
Index numbers of Federal Reserve Board
15
Industrial production, index of_
15,16
Interbank loans, rates on
23
Interest rates. (See Money rates.)
Manufacturing industries:
Index of production
15,16,46
Index of employment
15,16,46
Index of pay rolls
15,17,46
Maturity distribution of bills and short term securities
45
Member bank borrowings at Federal reserve banks. (See also
Bills discounted)
11
Member bank reporting service
_
7
Member bank reserve balances
9,10,12,20,42,43
Member banks. (See Condition statements, Deposits, etc.)
Membership in Federal reserve system, changes in.
44
Membership in par collection system
_
46
Minerals, index of production
15,16
Monetary gold stock of the United States
9,10
Monetary units of 44 countries
32,35
Money in circulation:
By kinds
__
46
Chart showing
_
9
End of month
46
Monthly averages of daily
figures
10
Weekly averages of daily figures
_
_ 9,10
Money rates:
Acceptances, New York City
11
Acceptances, foreign countries
_
39
Call loans, New York City
11
Call loans, England, Germany, Japan
39
Charged customers by banks in principal cities
_ 11, 23
New York City
._
11
Eight other northern and eastern cities
11
Twenty-seven southern and western cities
11
Commercial paper
11
Interbank loans
23
Open market
11
Time loans
11
U. S. Treasury notes and certificates, yield on
11
U. S. Treasury bonds, yield on
_
11
National banks:
Condition of
49
Granted fiduciary powers
45
National summary of business conditions
7-8
Nonmember banks. (See Condition statements.)
Nonmember deposits, etc., of Federal reserve banks
10
" Other" reserve bank credit
10,42
"Other securities" held by Federal reserve banks..
10,42
Par list, number of banks, on
46
Par of exchange for 44 countries
32,35
Pay rolls in manufacturing industries, index of
15,17,46
Prices of commodities (wholesale), indexes of:
Foreign countries, all commodities
40
Foreign countries, groups of commodities
41
United States, all commodities
_
15,40,46
United States, groups of commodities
46
Prices of securities, indexes of__
_
14
Production:
Industrial, index of
15,16
Manufactures
_. 15,16,46
Minerals
'.
_.._ 15,16
Reporting member banks:
Borrowings at Federal reserve banks
11,13, 25
Loans and investments
13,24
Due to banks
_ 13,24
Reserve bank credit outstanding and factors in changes
9,10
Reserve bank
float
10,42
Reserve ratios of Federal reserve banks
20
Reserves:
Federal reserve banks
20
Member banks
12, 20
Central banks in foreign countries
36-37
Review of the month—Business conditions in 1930
1-6
Security prices, indexes of
14
Silver, price of
32,35
State banks, condition of
50
Stocks at department stores, index of
18
Time deposits of member banks
12,21
Treasury currency (adjusted)
10
Unexpended capital funds of Federal reserve banks
...
10
United States securities, holding of Federal reserve banks
10,42,43
United States Treasury notes and certificates, yield on
11
United States Treasury bonds, yield on
11
Wholesale prices. (See Prices.)

51

FEDERAL RESERVE DISTRICTS

.

DALLAS®

.ill

•
O

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY




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