Full text of Federal Reserve Bulletin : January 1931
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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 -