Full text of Federal Reserve Bulletin : May 1931
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FEDERAL RESERVE
BULLETIN
MAY, 1931
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Money Rates and Member Bank Credit
Business Conditions in the United States
Annual Reports of Central Banks: Austria,
Hungary, Poland, Norway
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,
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division oj Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 ( R I C H M O N D ) . .
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.
R. H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
JOHN POOLE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR.
W. W. SMITH, Vice President.
G E O . H. PRINCE.
W. S. MCLUCAS.
B. A. MCKINNEY, President.
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Boston
New York..
Richmond
_
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
_
Governor
Deputy governor
Cashier
W. W. Paddock .
W. Willett.
W. R. Burgess
C. H. Coe.i
J. E. Crane
Ray M. Gldney.*
A. W. Gilbart
J. W. Jones.i
E. R. Kenzel
W. B. Matteson.i
Walters. Logan
J. M. Rice.i 1
L. R. Rounds
Allan Sproul.
L. F. Sailer
R. L. Austin
Geo. W. Norris
C. A. Mcllhenny.
Wm. H. Hutt
W. G. McCreedy.1
George DeCamp
E. R. Fancher
_ M. J. Fleming
_ H. F. Strater.
Frank J. Zurlinden
Win. W. Hoxton
George J. Seay
C. A. Peple
Geo. H. Keesee.
R. H. Broaddus
John S. Walden, Jr.'
Oscar Newton
Eugene R. Black
W. S. Johns
M. W, Bell.
H. F. ConnifE
W. S. McLarinJr.i
Eugene M. Stevens... J. B. McDougal
C. R. McKay
W. C. Bachman.1
John H. Blair
D. A. Jones.i
J. II. Dillard
0. J. Netterstrom.i
E. A. Delaney.1
John S. Wood...
Wm. McC. Martin... 0. M. Attebery
S. F. Gilmore.'
A. H. HailU
F. N. Hall.'
G. 0. Hollocher.'
C. A. Schacht.*
JohnR. Mitchell
W. B. Geery
Harry Yaeger
11.1. Ziemer.
H. I. Ziemer
Frank C. Dunlop.1
M. L. McClure
W.J. Bailey
C. A. Worthington... J. W. Helm.
T W TTnl m
C.C.Walsh..
R. R. Gilbert
Fred Harris.
Lynn P. Talley
R. B. Coleman
W. 0. Ford.i
Isaac B. Newton
Jno. U. Calkins
_ Wm. A. Day
Wm. M. Hale.
Ira Clerk
Frederic H Curtiss
J. H. Case
Philadelphia.
Cleveland
Atlanta
Chicago
Chairman
Roy A. Young . ..
Geo. L. Harrison
i Assistant deputy governor.
l
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch_„__
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
A. n Dudley.
Hugh Leach.
Marcus Walker.
Hugh Foster.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
_
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch.
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch _
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only
official organ or periodical publication of the board. The BULLETIN will
be sent to all member banks without charge. To others the subscription
price, which covers the cost of paper and printing, is $2. Single copies
will be sold at 20 cents. Outside of the United States, Canada, Mexico,
and the insular possessions, $2.60; single copies, 25 cents.
TABLE OF CONTENTS
Page
Review of the month—Money rates and member bank credit
Money market conditions—Member bank credit—First quarter of 1931—Movement since 1922—
Loans to customers and investments.
Changes in bill rates and discount rates
National summary of business conditions
Annual report of the National Bank of Austria
Annual report of the National Bank of Hungary
Annual report of the Bank of Poland
Annual report of the Bank of Norway
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes (chart and table)
Analysis of changes in monetary gold stock, gold movements
Member bank borrowings at Federal reserve banks
Discount rates and money rates
Member and nonmember bank credit:
All banks in the United States—
Loans and investments, deposits
Bank suspensions
Number of banks, banking offices, banks operating branches
All member banks—
Loans and investments, deposits, reserve position
Loans to banks
Loans to customers, open-market loans and investments
Holdings of eligible assets (Government securities and eligible paper)
Weekly reporting member banks in leading cities
Bankers' acceptances, commercial paper, brokers' loans
Security prices, security issues, and security loans
Production, employment, car loadings, and commodity prices
Industrial production
Factory employment and pay rolls
Building contracts awarded, by types of building
Merchandise exports and imports
Department stores—Indexes of sales and stocks
Wholesale prices, by groups of commodities
Financial statistics for foreign countries:
Gold holdings of central banks and governments, gold movements
Foreign exchange rates
Bank for International Settlements
Central banks
Government note issues and reserves
Commercial banks
Discount rates of central banks
Money rates
:
Price movements:
Security prices
Wholesale prices
Retail food prices and cost of living
245
248
249
262
267
271
274
250, 251
251
252
252
253
255
255
253
255
253
255
254, 289
254
256
257
258
259
260
260
260
261
2 76
277
277
278-280
281
281
282
282
283
284
284
Banking and business conditions in Federal reserve districts
285-291
Detailed Federal reserve statistics, etc
Index
.
292-297
298
IV
FEDERAL RESERVE BULLETIN
VOL.
17
MAY, 1931
REVIEW OF THE MONTH
Conditions in the money market showed a
further easing tendency in April and the early
part .of May. Open-market
rates on
commercial paper in
New York declined further and
rates on time money, which had gone down
considerably since the close of last year, continued at low levels. This low level of money
rates has been reflecting itself in reductions in
rates paid on deposits by commercial banks
both on commercial accounts and in many cases
on savings accounts. This movement was not
confined to New York, Chicago, Philadelphia,
and other financial centers, but occurred also
in many of the moderate size and smaller communities. Notwithstanding the low and declining level of money rates in this country,
there continued to be a large inflow of gold from
abroad. Gold imports, which amounted to
$100,000,000 during the first three months of
the 3rear, were proceeding at an even more rapid
rate after the beginning of April. Particularly
noteworthy was the receipt of $19,000,000 of
gold from France in the course of one week. In
view of the large balances on which French
interests could draw in this market as an
alternative to shipping gold, this movement of
gold indicates that, however low the level of
money rates may have appeared from the
domestic banking point of view, it has not been
sufficiently low to discourage the flow of foreign
funds to this market.
At the reserve banks, buying rates for
bankers' bills, which had remained unchanged
between the latter part of January and the
middle of April, were reduced several times in
subsequent weeks, and discount rates, in which
no changes had occurred after January 10, were
reduced in the early part of May, the New
York rate declining to 1% per cent and the
No. 5
Boston rate to 2 per cent. In view of the existing world situation, which was causing a continuous movement of funds to this country, the
recent rate reductions by the Federal reserve
system represent essentially an adjustment of
reserve bank rates to prevailing financial conditions.
Total loans and investments of city banks
were considerably larger in April than in any
of the preceding months of this
year, notwithstanding the continued decline in loans both
on securities and "all other." This increase
in member bank credit was due largely to
the rapid growth of member bank investments
in United States Government securities, which
was continuous since the beginning of this year,
and became more rapid after the middle of
March. Since that time the Government has
issued more than $2,000,000,000 of new securities, about one-half of which has represented
refunding operations, and the other half new
borrowing. A substantial part of these Government issues has been acquired by the member banks. For the reporting banks in leading
cities, Government security holdings showed
an increase of $560,000,000 between March
11 and April 29. The larger part of the
Government deposits created by the banks'
subscriptions to the issues was gradually withdrawn, as the Treasury utilized the funds to
meet current expenditures and to make loans
to veterans under the provisions of the recent
law. The banks, however, having an abundance of funds, did not dispose of the Government securities acquired at the time the
new issues were made. In effect, therefore,
the Government has borrowed considerable
amounts from the banks, and the funds thus
created have passed into private hands and
have been used in part in the liquidation of
debt.
245
246
FEDERAL RESERVE BULLETIN
Preliminary figures for all member banks for
the first quarter of the year, which have just
become available, indicate that
First quarter of there has been a decrease of
1931.
$112,000,000 in loans and investments during the first quarter of 1931, a
smaller decrease than is usual for this period of
the year. The decrease in loans and investments at the member banks in New York City
was of the same magnitude as the total decrease, while banks in Chicago and other reserve
cities showed an increase of over $200,000,000,
offset by an equivalent decrease in country
banks. Analysis of figures for the member
banks as a whole shows that during the first
quarter of the year there was a decrease of
$185,000,000 in member bank loans to banks
and of $1,079,000,000 in loans to other customers, while open-market loans increased by
$220,000,000 and investments by $931,000,000,
of which $920,000,000 was in holdings of United
States Government securities.
Of the decrease in loans to customers,
$573,000,000 represented a liquidation of loans
to trade and industry, reflecting the reduced
volume of business activity, and $400,000,000
represented a decline in security loans to customers, excluding brokers outside of New York
City. This decrease in security loans to such
customers has carried the total considerably
below the level of the autumn of 1929. The
rapid liquidation of loans to New York brokers
following upon the break in the stock market
at that time was accompanied by an increase
in security loans made by the banks directly
to their customers, so that at the end of 1930
this class of loans was still above its level in
October, 1929. Since the beginning of this
year, however, there has been a considerable
liquidation of these security loans to customers,
and it has occurred in all classes of banks.
All classes of banks also showed decreases
for the quarter in loans to banks and to other
customers, and all the banks except country
banks showed increases in holdings of openmarket paper. Investment holdings also increased in all classes of banks, the largest
increase being at banks in reserve cities. At
MAY,
1931
all classes of banks, furthermore, practically
the entire increase was in holdings of Government securities, and in the case of country
banks there was a decrease of $43,000,000 in
other securities, while holdings of United
States Government securities increased by
$107,000,000.
The following table shows
changes in the various items for the different
groups of banks for the first quarter.
CHANGES IN MEMBER BANK LOANS AND INVESTMENTS
DURING FIRST QUARTER OF 1931
[In millions of dollars. Preliminary figures]
Increase or decrease during first
quarter of 1931
Total
New Other
York reserve "Country"
city
City
banksi banks 2 banks
-112
-111
+207
-185
-129
-51
-3
-1,079
Loans to customers—total
Secured by stocks and bonds 3_ -505
Otherwise secured and unsecured
-573
-333
-165
-497
-291
-249
-50
-168
-207
-199
Open-market loans—total
To brokers in New York CityOther open-market loans 4
+220
+131
+89
+126
+85
+41
+114
+59
+55
-18
-13
-5
Investments—total
U . S . Government securities.
Other securities.
+931
+920
+ 11
+227
+227
-1
+641
+587
+55
+63
+107
-43
Loans and investments—total
Loans to banks
-206
1 Central reserve city banks only.
23 Includes Chicago banks.
Includes loans to brokers outside New York City.
* Acceptances purchased and commercial paper purchased.
The course of total loans and investments of
member banks since the beginning of 1922, wath
certain classifications, is shown
Movement since j n
the
following
chart
j
t
brings out the fact that total
loans and investments increased fairly continuously to the end of 1928 but showed
relatively little change after that time. During the year 1929 there was a rapid growth in
loans to customers, largely offset by liquidation
both of investments and of open-market loans.
Since the beginning of 1930, however, there has
been a large growth in investments and relatively
little change in open-market loans, while loans
to customers have decreased in the aggregate by
$3,250,000,000, of which $2,250,000,000 represents a decrease in loans not secured by stocks
and bonds.
MAY,
or DOIUBS
ALL M E M B E R BANKS
i
•L10HS QT DOLLARS
LOANS TO CUSTOMERS
B1LLI0HS OF DQLLAI
10
MLLI0MS 0F D0LLARS
Tota
Loans Uuvestments
s
30
sy
>
/
V
\
—i—i*o
35
25
247
FEDERAL RESERVE BULLETIN
1931
.•-
Other
Reserve City Banks
35
"Country'Banks ^
^
30
LoanstoCu
25
tomers
y
NewYork City Banks
20
20
15
15
3
f
Invest merrfs
10
10
2
n-marke Loans
1922
1923
mi*
1925
1926
J927
}
1928
CJ
1929
1930
1931
Figures are for dates on which member banks made call reports
An analysis of the course of loans to customers beginning with the last quarter of 1928,
when these figures first became
Loans to
available, to the present time is
customers and
.,
,
J • .
investments
presented in the next chart.
Customer loans of New York
City banks, which rose rapidly in 1929, have
declined since the beginning of 1930 and are
now at approximately the same level as two
and one-half years ago. The course of customer loans in other reserve cities has been
somewhat similar, but the decline since October, 1929, has carried them materially below
the figure in the autumn of 1928. In country
banks the increase in 1929 was much less
marked; a decline began with the fourth
quarter of the year and has been continuous
since that time. At the present time the level
of country bank loans to customers is $700,000,000 below the level in the autumn of 1928.
The chart brings out the fact that for the period
covered there has been no liquidation of loans
to customers at New York City banks, while
the other banks of the country show a large
liquidation.
1930
1931
1928
1929
Chicago is included with "other" reserve cities; so-called "country*
banks include all member banks other than central reserve and
reserve city banks.
The course of investment holdings shown in
the next chart indicates a large growth of investments in reserve cities while at country
banks the volume of investments has fluctuated relatively little. The growth of investBILLIONS OF DOLLARS
INVESTMENTS
BILUOHS OF DOLLARS
6
6
5
4
1928
1929
1930
1931
Chicago is included with "other" reserve cities; so-called "country"
banks include all member banks other than central reserve and
reserve city banks.
ments in the reserve city banks other than
New York during the first quarter of this year
amounted to $650,000,000, a larger growth
than at any earlier period of similar duration.
248
FEDERAL RESERVE BULLETIN
The net result of the movements of the
different items in the banks' loans and investments since October, 1928, is shown in the
fourth chart, which compares the course of
total loans and investments in New York City,
in other reserve cities, and in country banks.
It appears from this chart that there has been
little change in member bank credit in New
York City since the beginning of 1930. In
BILLIONS OF DOLLARS
~
15
T O T A L LOANS A N D INVESTMENTS
BIlLI0NS
OF DOLLARS
15
Other Reserve City Banks
"Country" Banks
13
13
12
12
11
10
10
New York City Banks
9
and industry has been more than offset by purchases of investments and open-market paper,
while at country banks liquidation of commercial loans has not been accompanied by
increased purchases in the open market. It
appears that the banks, taken as a w^hole, having an abundance of funds released from trade
and industry, have not kept them idle but have
employed them in the investment market.
Until the end of 1930 the increase in investments was in bonds other than United States
bonds, while in the first quarter of this year,
with the increase in Government issues, the
banks' purchases have been largely concentrated in this class of investments.
Changes in Bill Rates and Discount Rates
At the Federal Reserve Bank of New York
buying rates on bills of all maturities were
successively reduced during April and in the
early part of May, as shown in the following
table:
Date effective
B
7
In effect Apr. 1
Apr. 9
Apr. 21
Apr. 27
May 5
May 6
May 8
In effect May 9
\
1928
1929
1930
1931
Chicago is included with "other" reserve cities; so-called "country"
banks include all member banks other than central reserve and reserve city banks.
other reserve cities there w^as little change
after the last quarter of 1929. In country
banks the rapid growth of credit stopped in the
middle of 1928; the volume then remained
practically unchanged until the last quarter of
1929, and after that time diminished continuously and rapidly. This decrease in
country-bank assets has been due to a continuous process of liquidation of local loans,
reflecting diminished demand for credit because of the decline in business activity and
in the prices of agricultural commodities.
This survey brings out the facts that for a
period of more than twT> years there has been
no growth in bank credit, and that at the
financial centers liquidation of loans to trade
MAY, 1931
1 to 30 - 31 to 45
days
days
46 to 90 91 to 120 | 121 to 180
days
days
days
1%
m
11/4
1H\
m
"m
VA
Discount rates on all classes of paper of all
maturities were reduced as follows:
May 7—Federal Reserve Bank of Boston from 2}£
to 2 per cent and Federal Reserve Bank of Philadelphia
from Z){ to 3 per cent.
May 8—Federal Reserve Bank of New York from 2
to l}i per cent and Federal Reserve Bank of Dallas
from 3% to 3 per cent.
May 9—Federal Reserve Banks of Cleveland,
Chicago, and St. Louis from 3 to 2}i per cent.
Reappointment of Mr. James
George R. James, of Tennessee, whose term
of office as member of the board expired on
April 27, 1931, was reappointed by the President for a 10-year term.
Appointment of Mr. Magee
Wayland W. Magee, of Nebraska, was
appointed by the President on May 5, 1931,
to fill the vacancy created by the death of
Edward H. Cunningham last November.
MAT,
FEDERAL RESERVE BULLETIN
1931
249
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled April 22 and released for publication April 24]
Further increase in industrial activity was
reported for the month of March, which usually
shows little change from February. Factory
employment and pay rolls increased by the
usual seasonal amount between the middle of
February and the middle of March. The volume of building contracts awarded in March
showed considerable growth, largely of a seasonal nature. The general level of wholesale
prices continued to decline.
Production and employment.—Industrial
production increased 2 per cent further in
March and the Federal Reserve Board's seasonally adjusted index stood at 88 per cent of
the 1923-1925 average, compared with 104 per
cent in March, 1930. There was a considerable
increase in daily average output of steel, which
ordinarily shows little change from February
to March, while production of automobiles increased by about the usual seasonal percentage.
Activity at cotton mills increased slightly, contrary to the ordinary seasonal movement, and
there was a substantial increase in output of
shoes. In the first half of April steel mill
activity declined.
The number of men employed at factories
increased between the middle of February and
the middle of March by about the usual
seasonal amount. In the iron and steel and
automobile industries somewhat larger than
usual increases were shown, and at textile mills
and shoe factories, where the number employed
ordinarily declines in March, substantial increases in employment were reported. In the
agricultural machinery and petroleum refining
industries and at car-building shops employment declined contrary to the usual seasonal
trend, and in the automobile tire and fertilizer
industries employment increased less than usual.
Volume of building contracts awarded in
March increased considerably from February,
according to the F. W. Dodge Corporation,
reflecting in large part developments of a seasonal character. Contracts for residential
building increased seasonally and were in about
the same volume as a year ago, while contracts
for public works and utilities rose to the high
level of March, 1930.
Agriculture.—Definite improvement in moisture conditions in the drought area w^as an important development in March and the first
week of April; supplies of moisture in the topsoil have been replenished, but the subsoil continued to be dry in certain areas, particularly
in the spring-wheat belt. Department of
54780—31
2
Agriculture estimates, based on April 1 conditions, indicate a winter wheat crop of 644,000,000 bushels—about 100,000,000 bushels larger
than the 5-year average and 40,000,000 more
than last year. Intentions to plant, as reported
March 1, indicate a considerable reduction in
spring-wheat acreage, and an increase in acreage to be planted to corn.
Distribution.—Volume of freight-car loadings
increased seasonally in March, and departmentstore sales increased during the Easter season
by about the usual amount.
Prices.—The general level of wholesale commodity prices continued to decline in March,
according to the Bureau of Labor Statistics,
reflecting chiefly reductions in the prices of
petroleum products, bituminous coal, and textile products. Prices of farm products increased slightly, and there was a substantial
advance in the price of hides. In the first half
of April prices of many commodities, including
cattle, cotton, rubber, and coffee, declined,
while the price of wheat advanced.
Bank credit.—Loans and. investments of
member banks in leading cities, which had increased in the middle of March as the result of
Treasury operations, showed a decline for every
week between March 18 and April 8, but on the
latter date were still $270,000,000 larger than
four weeks earlier. Investment holdings of
these banks were at a new high figure on April
8, owing largely to an increase in their holdings
of United States Government obligations,
while loans on securities as well as all other
loans showed a decline for the 4-week period.
Volume of reserve bank credit has fluctuated
since the middle of February around a level of
$925,000,000. Continued imports of gold, deposited by member banks with the reserve
banks, have provided the member banks with
sufficient funds to meet an increase in the demand for currency. United States Government security holdings of the reserve banks
have remained at the level of $600,000,000
established last summer, while discounts for
member banks have continued to decline, and
holdings of purchased acceptances have fluctuated in response to temporary changes in the
demand for reserve bank credit.
Money rates showed little change from the
middle of March to the middle of April. Rates
on commercial paper declined further from a
prevailing rate of 2% per cent to a range of 2){2% per cent, while bond yields increased
slightly.
250
FEDERAL RESERVE BULLETIN
MAY,
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
ShOO
——
1927
MILLIONS,OF DOLLARS
—
—
1928
1929
1930
Based on weekly averages of daily figures; latest figures are for week ending April 25 I
1931
1931
MAY,
251
FEDERAL RESERVE BULLETIN
1931
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929, pp. 432-438.]
Reserve bank credit outstanding
Month or week
Bills discounted
1929—November
December
1930—January
February
_
March
April
May
__June
July...
August-September
October
November
December
1931—January.
February
March
•
April
Week ending (Saturday)—
Mar.28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Bills
bought
Other
United
reserve
States
bank l
securities credit
953
803
501
378
274
231
247
251
226
214
189
196
221
338
253
216
176
155
296
320
314
285
246
266
182
141
154
153
197
185
184
257
206
102
123
173
315
446
485
480
540
530 !j
529
571
583
599
597
602
599
644
647
604
600
18
24
157
188
153
147
145
108
158
184
172
164
605
602
600
600
599
14
28
21
27
25
Factors of increase
Factors of decrease
Total
NonMonetary Treasury
Money Member
currency in
bank
member
gold
circu(adreserve
deposits,
stock
lation
justed)
balances
etc.
4,374
1,631
4,324
1.643
4,283
1,357
r
4,317
1,181
'4,394
1,095
4,443
1,072
4,505
996
4,528
1,000
4,532
1,003
4,496
998
4,503
1,016
1,020 I 4,520
1,033 j 4,553
1,273 | 4,5S3
1,129 i 4,622
4,656
936 i
4,682
921
4,711
952 !
I
946 I
4,689
4,699
4,705
4,711
4,713
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
1,784 i
1, 780 !
1,778 !
1,770 j
4,845 I
4,943 I
4,652 i
'4,554
'4,532
4,518
4,497
4,489
4,483
4,476
4,492
4,501
4,528 i
4,823
4,695
4,598
4,590
4,647
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
2,433
2,370
2,376
2,376
1,782 !j
1,752
1,764 j
1,780 ;
1,776 !
4,577
4,638
4, 647
4,648
4,645
2,370
2,380
2,372
2,378
2,367
1
Includes "other securities," amounts due from foreign banks, and reserve bank float.
Back figures—See Annual Report for 1929 (Tables 1, 2, and 3).
r
Unexpended
capital
funds
33
27
29
27
27
28
29
27
35
28
26
27
30
27
28
25
24
27
24
27
26
28
27
395
393
397
400
398
395
389
385
389
384
379
379
381
383
384
382
382
383
383
Revised.
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[End of month basis. In millions of dollars]
[In thousands of dollars]
Increase or decrease (—) during
month
Gold
stock
at end
of
month
Month
1929—August
September
October _
November
December
_-.
4,360
4,372
4, 386
4 367
4,284
Total (12 mos.)—
1930—Januarv
February
March
April
May
June
July
August
September
October.
November
December
_.
_
4,293
4,355
4,423
4,491
4 517
4, 535
4,517
4,501
4,511
4, 535
4,571
4, 593
Total (12 mos.)..
1931—Januarv
February
March .
April P
_
1
4,643
4,665
4,697
4.726
Total
1931
Through Through Through
ear- domestic
net gold
import marking producor
operation
ii export tions
etc.1
1
18.9 i 18.4
12.1
17.6
14.4 1 17.5
— 19 2 1 —23.2
-82.9 I -64.4
-22.0
1.0
1.5
1.1
1.4
23
3.5
142.4 j 175.1
-55.4
22.7
8.8 i
4.0
60.0
61.9
55.5
68.2
68.5
65.7
25.9
23.5
13.9
17.6
-18.4
-19.6
— 15. 5 —19. 6
10.2
2.5
23.3
26.4
36.8 I 35.2
22.1
32.7
2.5
0.0
13.0
0.5
2.0
2.0
-3.0
2.3
1.9
-0.3
2.3
0. 5
1.7
4.3
42
-1.0
— 6.6
-4.5
0.0
4.0
3.7
-6.1
-2.1
-15.2
3.1
3.8
4.5
+309. 4
+280. 2
-2.4
+32.0
+49.4
+22. 0
+32.0
+28.8
+34.4
+16.1
+25.6
+30.8
+11.9
+2.5
+3.0
-7.5
+3.1
+3.3
+3.3
+5.4
For explanation of this figure, which is derived from preceding eol
umns, see BULLETIN for December, 1928, p. 831.
» Preliminary.
April
(preliminary)
From or to—
Imports
England - 3,492
France
Germany
Italy
Netherlands
Canada
Central America.
1,141
Mexico
14,782
Argentina
Brazil
Chile
Colombia Ecuador
Peru
Venezuela
Uruguay
China and Hong
7,638
Kong
Dutch East Indies
2,743
Japan
Philippine Islands
New Zealand . .
All other countries». 1,015
Total _ .
1
,
2 30,811
Exports
JanuaryMarch
March
Imports
Exports
Exports
9
54
1
5
50
1
!
Imports
922
92
4,032
11,601
16
13
2,996
195
165
1,230
17
9
1,612
312
1,586
317
17
486
15
25, 661
24, 771
289
4,871
26,331
16
29
55
6,134
311
270
2,330
116
63
2
5,201
581
2,335
826
47
1,688
26
76,243
94
2
Includes all movements of unreported origin or destination.
»At New York—imports, $20,430,000. Elsewhere—imports, $10,381,000
252
FEDERAL RESERVE BULLETIN
MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS
MAY,
OPEN-MARKET RATES
RATES IN NEW YORK CITY
[Monthly averages of weekly figures. In millions of dollars]
Reporting member
banks in leading cities
Total »
Month
1930 ! 1931
1930
Average rate Average yield
on—
on—
Member
banks
outside
leading
cities i
l
N e w Y o r k j O t h e r leadCity
j ing cities
1931 | 1930
1931
1930
5 i 208
2 ' 152
,
80
i 54
j 48
i 48
! 53
! 39
. !: 35
50
1 65
. . . . ! 115
77
55
35
26
215
198
166
154
167
169
165
153
142
137
140
167
1931
Month or week
1931
1
Januarv
February
March
April
May
June
July—
August
September
October
November
December
462
371
247
225
226
222
218
196
186
193
211
308
i 245
i 209
173
1 146 !
1
'• 1
39
21
1
17
1
5
4
9
6
6
26
163
152
138
120
* 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
Rate in
effect on
May 9
Date estab- Previous
lished
1930
March
April
May
June
July....
August...
September
October
November
December
1931
January
February
March
April
____j
Week ending—
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
1
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
May
May
3 May
2H May
July
Jan.
May
Stock exchange call loans; new and renewal rates.
* Stock exchange 90-day time loans.
• 3 issues—3^8. 3%, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
4
Change of issues on which yield is computed
7,1931
8,1931
7,1931
9,1931
18,1930
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
10,1931
9,1931
do
Sept. 12,1930
3H Aug. 15,1930
M a y 8,1931
3
Jan.
9,1031
3
[Weighted averages of prevailing rates]
4
4
New York City
3K
Month
Eight other
northern and
eastern cities
Twenty-seven
southern and
western cities
1929
1930
1931
1929
1930
1931
1929
1930
5.74
5.73
5.81
5. 85
5.88
5 93
5. 88
6.05
6.06
6.08
5.86
5.74
5.64
5.35
5.22
4.91
4.74
4 59
4.48
4.41
4.29
4.26
4.17
4.16
4.24
4.31
4.20
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6. 12
5.94
5.88
5.68
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68
4.61
4.63
4.62
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
6.49
5.42
1931
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
1-15 days
16-30 d a y s . . .
31-45 d a y s . . .
46-60 d a y s . . .
61-90 days.._
91-120 d a y s . .
121-180 days.
1
, i Date estab- \ Previous
May 9 i
1^1 May 6,1931
1H\
do
1H Apr. 27,1931 i
1H May 5,1931
IH\\
do
Apr. 27,1931 j
May 8,1931 '
IK
IK
19*
m
m
m
2
For other changes during April see p. 248.
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
January
February
March. _
April
May
June
July
August
September...
October
November
December.._
4.17
4.57
5.49
5.41
5.39
5.35
NOTE.—Figures relate to rates charged by reporting banks to their
own customers as distinguished fro m 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 in the city.
MAY,
253
FEDERAL RESERVE BULLETIN
1931
MEMBER AND NONMEMBER BANK CREDIT
ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS,
OPEN-MARKET LOANS AND INVESTMENTS
RESERVE, RESERVES HELD, AND INDEBTED[Exclusive of loans to banks. In millions of dollars]
NESS AT FEDERAL RESERVE BANKS
[Averages of daily figures. In millions of dollars]
Net demand and time
deposits
Held
Total
TOTAL
!
1930—July
- _ J 32,663
August
| 32,581
September
32,643
October
J 32,726
November
j 33,0J5
December
32,314
1931—January
• 32, 048
February
31, 968
March.
__ 32,067
RESERVE CITY
BANKS l
OTHER BANKS
20,436
20,440
20,484
20,625
21,005
20,554
20,387
20. 385
20,475
:
21,460 ' 7, 347;
21,903 7,539,
22, 516 ' 7, 734:
23, 249'| 8,109:
23,194!! 8,488'
21,495! ' 7, 730'
21, 565! I 8,061 f
21,010 i 7,864|
21,0071: 7,942!
19, 927!: 7,436;
RESERVE CITY !
BANKS * j
I
1.928—Dec. 31..J
1929—Mar. 27. j
June29_.
Oct.4.._
Dec. 31..
1930— Mar. 27.
June 30..
Sept. 24.
Dec. 31..
1931—Mar. 25v
13,207! 5. 442
13, 5391: 5| 484.
13,966!; 5, 596
14,622M 5,814:
14,712i; 6,174:
13,288; 5, 539
13,337!'- 5, 834;
13.0031:' 5,663:
13,244.', 5, 793
12,414' 5, 337'
!
7,174
7,161
7,243
7,311
7,419
7,118
6,980
7, 0 J5
7,146
13,262 j
I 13,279 \
! 13.241 !
[ 13.314 j
13. 586 i
! 13.435 ,
j; 13,406 ,
j 13. 200 ,
!i 13,329 \
|;
223
214
189
196
220
337
252
216
176
74
52
59
59
51
73
105
57
66
1,802
1,784
1,789
1,801
1 835
1,825
1,846
1. 792
1,805
12,140 j
12,160 ;
12,101 !:
12.009 \>
11. 760 j
11.662 !
11.583 1;
11,593 !
48
27
34
33
29
45
74
30
!
I
I
I
j
!
i
46
48
44
53
62
144
87
63
41
10,529
10,448
10,052
9,749
9,784
9,937
10, 442
10, 734
10, 989
11,920
14,1131 13,686!
14, 304! 12,942:!
14, 783! 12, 524 ,'
15,141 12,024 i
14, 706 12,026:
13, 765 13,034;!
13, 505 13, 555;i
13,146 13,997i
13,066 13, 222'I
12, 491 14, 375 !
212,
238,
198,
163
292 j
254;
241 ;
2671
370;
462:
390;
376!
24911
228|
290
499
507
8,310'
7,604
7,405
6,937
7,179
8,062
8, 688
9,121
174i
186;
158';
130:
254!
2231
229;
260',
362
455;
179!
184)
109:
S3|
128j
292:
336
359:
246;
247!
2,180
l,525i
l,708 !
l,509i
1,452'
2,086!
2,235|
2,357'
1,448!
1,593:
5, 777
5,708
5, 429
5, 215
5.345
5,462
5,888
6,145
6,470
7,338
38/
52',
40 i
32
37-'
31!
12
211,
192;
140!
144:
376!
354:
316;
376!
208!
258
129:
115j
49'
36;
4,751
4, 740
4, 623
4,554
4,43?
4, 475
4, 554
4, 589
4, 519
4,582
7, 765 i
8,055
8,371
8,808
8,538
7,749
7, 503
7,340
7, 452
7,077
8. 527'
9, 633:
2,556!
1,879,
2.025!
l,885 j
l,660 :
2, 344;
2, 365,
523 2, 472.
366 1. 498 j
1,6291
363!
I
OTHER BANKS
|
- 12,227 ! 1 5,558 ! 6, 669
August
September....
October
November....
Decem her
:
1931—January
February
March
I
TOTAL
1928—Dec. 31..
1929—Mar. 27.
June 29..
Oct.4...
Dec. 31..
1930-Mar. 27.
June 30..
Sept. 21.
Dec. 311931—Mar. 25 »|
13,843 ; 2,417
13,835
2, 392
13.936
2.397
14,000 2,407
14,056
2, 433
13,654 i 2,415
13.477 ;•'2, 433
13! 580 2, 370
13,637 2,386
InStreet vest|loans» ments
Ac''s dal
! paper
j
18,820 i
18, 746 :
18, 707
18, 726
18,959
18. 660 !
18,572 !
18.380 |
18,430 !
Purchased
paper
Se- j Othercured wise
seTotal
Total "|i b ?
Call date
I
[
'
1930— July._
August
September....
October
November
December
1931—January
February
March
1930— July...
Indebted.! ness at
j Federal
I reserve
Excess banks
Reserves
Month
Open-market loans and
investments
Loans to customers
5,468 i
5,407 ;
5.412 !
5,372 j
5,225 '
5,165 j
5, 0U<) |
5,101 '•
6,674
6, 689
6, 637
6, 535
6,496
fi, 485
6,491
615
60S
608 :
605
597 '
590 i
587
578 :
580 i
26 i
26 ,
25
26 !
22 i
28;
31 :
27 i
28 I
178
166
144
144
158
193
166
1 f>3
136
i Member banks in 62 legally designated cities: 2 centra] reserve
cities (New York and Chicago) and 60 other reserve cities; see table on
p. 295.
1928— Dec. 3 1 . .
1929—Mar. 2 7 . '
J u n e 29..!
Oct. 4 . . .
Dec. 31. J
1930—Mar. 27. i
J u n e 30_. |
Sept. 24.
Dec. 31 __ j
1931—Mar. 2 5 P
8,254!
8,3648,551;!
8, (>27!
8,481';
8,206::
8,229.';
8,007j:
7.762
7, 513
1, 905 j
2,055;
2,139'
2, 295|
2,314!
2.1901
2,227:
2, 201!
2, 149,
2, 099
6, 348; 5,376--'
6,309; 5,338-!
6,412" 5, lltf'j
6,333 5,107'
6,168 4,847 '
6,016 4,972;
6,001 4,867;'
5,806 4,875,
5,614'
5,414i 4,742!
163!
207!
170'
164 j
120;
116
* See note 1 of preceding tablo.
*> Preliminary figures.
1
Loans (secured by stocks and bonds) to brokers and dealers in securities in New York City.
ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, AND DEPOSITS
(EXCLUSIVE OF INTERBANK DEPOSITS)
[In millious of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks,, and all private
banks under State supervision]
Total loans and investments
All banks
['
I
ij Total' ! Loans
Date
1924—June 3 0 . . .
Dec. 3 1 . . .
1925—June 3 0 . . .
Dec. 3 1 . . .
1926—June 3 0 . . .
Dec. 3 1 . . .
1927—June 3 0 . . .
Dec. 3 1 . . .
1928—June 3 0 . . .
Oct. 3
Dec. 31_._
1929—Mar. 2 7 . . .
June 2 9 . . .
Oct. 4
Dec. 3 1 . . .
1930—Mar. 2 7 . . .
June 30...
Sept. 24...
Dec. 3 1 . . . .
1931—Mar. 2 5 . . .
Preliminary figures.
45,180
47,182
i8, 83C
50, 603
51, 562
52.018
53, 750
55,450
57.265
57,219
58.266
58.019
58,474
58,835
58,417
57,386
58,108
57,590
56,209
I
!
I
j
!
i
I
i
I
I
i
31,523 i
32,440 ;
33,865 i
35,640 i
36,157 !
36,759 i
37,360 \
38,407 i
39,464 ;
39,671 ].
40,763 !
40,557 j
41,512 !
42,201 I
41,898 '
40,686 '
40,618 !
39,715 !
38,135 i
13,657
14,742
14, 965
14,963
15,404
15,260
16,391
17,043
17,801
17,549
17,504
17,462
16,962
16,634
16,519
16,700
17,490
17,875
18,074
I
i
Member banks
27,167 ; 19, 204
28,746 ! 19,933
29,518
20, 655
j 30,884 i 21, 996
31,184
22,060
i 31.642 ! 22, 652
32,756 I 22,938
' 34,247 ; 23,886
, 35,061
24, 303
! 34,929 ! 24,325 I
, 35,684 i 25,155
! 35,393 ; 24,945
' 35,711 ! 25, 658
I 35,914 i 26,165
• 35,934 ; 26,150
l
35,056 '' 25,119 !
j 35,656 i 25,214 j
i 35, 472
24,738
34, 860 ! 23, 870 !
\\P 34,748 i '22,828 ;:
\
^
7,963
8,813
8,863
8,888
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
11,920
Nonmember banks
All
Total
|
!
I
j
!
I
:
j
j
18,013
18, 437
19,312
19, 720
20, 378
20, 376
20, 994
21, 204
22, 204
22, 291
22, 582
22, 626
22, 763
22. 922
22, 483
22, 331
22,453
22,118
21,349
Deposits (exclusive of.
interbank deposits)
banks
12, 320
12, 507
13, 210
13, 644
14, 097
14,106
14.421
14, 521
15,161
15, 346
15,607
15,612
15,853
16, 036
15. 748
15, 568
15, 404
14, 977
14,264
5,693 I 43,405
5,929 I 45, 835
6,102 I 47, 612
6,076 ! 49, 224
6,281
49, 733
6, 269 50, 029
6,573 51,662
6.683 52, 909
7,043 53, 398
6,945 53, 720
6,975 56, 766
7,013 54, 545
6.910 53,852
6,885 55, 180
6,735 55,289
6,763 53,185
7.048 54,954
7, 141 52. 784
7,085 53,039
Member
banks
25, 711
27,836
28, 440
30, 029
29, 781
30,474
31, 269
32, 063
32,133
32,138
34, 826
33,215
32, 284
33, 004
33, 865
32, 082
33, 690
31,839
32,560
Xonrnember
banks
17, 694
17,999
19, 172
19,195
19,952
19,555
20,393
20,846
21, 265
21, 582
21,940
21,330
21, 567
22,176
21,424
21,103
21,264
20, 945
20, 479-
254
FEDERAL RESERVE BULLETIN
REPORTING MEMBER BANKS
MAY,
1931
BROKERS' LOANS
[In millions of dollars. Monthly data are averages of weekly figures]
REPORTED BY THE NEW YORK STOCK EXCHANGE
Loans and investments
Loans
Month or date
Borrowings
at
! vest
AII
;; i F.. R
R..
AII
ments
other l
banks
{Net borrowings on demand and on time. In millions of dollars]
End of month
BY M0NTH3
Total:
1930—April
22,657
May
._ 22,662
June
23,024
July
_.
23,101
August
23,128
September
23,220
October
23,409
November
23,455
December
-. 23,117
1931—January
22,660
February
22,659
March.. _
_j 22.839
April
I 22,942
New York City:
;
1930—April
._{ 7,829
May
1 7,852
June
I 8,117
July
i 8.078
August
- J 8,097
September
8,088
October
8,313
November
8,421
December
_. 8,166
1931—January
7,906
February
7,965
March
7. W75
April
7,889 ,
Other leading cities: |
1931—January—
| 14,754 I
February
—' 14.694 j
March
I 14.864
April
j 15,054
BY WEEKS
Total:
1931—Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
New York City:
1931—Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
Other leading cities:
1931—Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
1930
16,901
16,825
17,047
16, 906
16,838
16,859
16, 834
16, 673
16, 332
15,894
15,557
15,452
15,197
8,270
8,312
8,560
8,391
8,349
8,383
8,237
7,897
7,776
7,495
7,315
7,302
7,157
5,756
5,837
5,977
6,194
6,291
6,361
6,575
6,782
6,784
6,766
7,102
7,387 j
8,631
8,513
8,487
8,515
8,488
8,476
, 8, 597
8,776
8,557
8,399
8,242
8,150
8,040
7,745 j
5,868
5,878
6.099
5; 984
6,004
5,998
6,141
6,055
5,837
5,583
5,489
5. 471
5,322
3,383 2,485
3,459 2,418
3, 701 2,398
3,558 2, 426
3,588 2,416
3,584 2,415
3,629 2,512
3,401 2,653
3,341 2,496
3,111 2,472
3,079 2,410
3.176 2, 295
3,080 2,242
10,311
10,068
9.981
9,875
4,384
4,236
4,126
4,078
23.046
I 22.933
22,845
23.051
22,987
j 22.896
j
I 8,036
7,974
| 7,858
j 7,897
! •? «™
7,834
15.470
15, 382
15, 212
15, 258
15,139
14, 993
7,349 8,121
7,256 8,126
7,146 8, 0G6
7,194 8, 004
7,138 8,001
7, 052 i 7, 941
5,521
5, 451
5,302
5,338
5,311
5,207
3,244
3,183
3, 066
3,083
15,010
14, 959
14,987
15,154
15,107
15,062
9,949
9,931
9,910
9,920
9.828
9,786
I
;
71
59
53
53
43
44
56
71
141
82
57
35
26
1,961 !
1,974 !
2,019 i
2,094 '.
2,093
2, 090 j
2,172
2, 367 i
2, 329 '
2,323 i
2,476 !
2,504 L
2,567 '.
5,927
5.832
5,855
5,797
17
11
5
4,443 !
4,626 j
4,883 '
5,179 !
7,576 I
7, 551 1
7,633 •
7,793 '
7,848 I
7,903 i
3, 063
3,003
2,277
2, 268
2, 236
2, 255
2,248
2,204
2,515 ;
2,523 :
2,559 '
2,569 i
2, 627 ;
4,105
4,073
i,080
4,111
4, 075
4,049
5,844
5, 858
5, 830
5,809
5,753
5,737
5,061 I
5,028
5,077
5,234
5,279
5,276
From New
From private
York banks banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
January
February
March
April
May
June
July.—
August
September
October
November
December
_
_.
__
1931
1,720
3,985
4,168
1,840
4,656
1,909
5,063 1 1,651
4,748
3,728
3, 689
3,599
3,481
2, 556
2,162
1,893
i;
1930
!
I
!
I
3,368
3,529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
2,299
1,928
1,694
1931
!
|
I
|
U
1,557
1,646
1,692
1,389
1930
616
639
631
654
609
527
462
489
425
257
234
199
1931
163
194
217
262
1 Call loans, $1,466,000,000; time loans, $185,000,000.
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures
Month or date
1930—April
May
Juno.
_.
July
August
September..
October
November..
December..
1931— January....
February...
March
April
2,556 •
For acFor
count of For acout-of- count of
own ac1
town
count
others
banks 2
Total
4,115
4,030 !
3,825
3,224
3,150
3,174
2, 769
2, 249
2. 013
1,798
1. 759
1.858 !'
31,824:
1,557
1,665
1,831
1, 631
1, 659
1,676
1,675
1,357
1, 266
1,132
1,186
1. 335
1,322
1,183
1,062
917
747
692
750
537
435
339
329
290
264
271
1, 376
1,302
1,078
1,875
1,822
1,849
1,844
1,730
1,391
1,277
1,324
1, 350
1,268
258
300
286
270
243
226
245
239
224
219
Apr. 1...
Apr. 8...
Apr. 15..
Apr. 22..
Apr. 29..
i
'.
:
!
!
;j
748
557
458
407
337
283
259
231
1
Weekly reporting member banks in New York City.
* Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
» Call loans, $1,463,000,000; time loans, $361,000,000.
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]
Bankers' acceptances outstanding dollar acceptar ces)
HelcI by Federal reserve
banks
End of month
Total
January _. _.
February
March
April
May
June
July
August
September
October
December
For own
account
For account
of foreign correspondents
1930
1931
1930
1931
1930
1931
1, 693
1,624
1,539
1 414
1 382
1 305
1 350
1 339
1,367
1,508
1 571
1,556
1,520
1,520
1,467
293.3
269.2
277.3
208 5
184.0
126 8
129 0
167 0
207.7
141.3
143 0
327! 9
89. 3
85.0
123.2
525. 9
503. 0
482.5
465 5
462.8
469 7
479 2
470.7
431.6
433.1
428 8
439. 3
447.4
456.0
431.5
-J
Held by group of accepting banks
Own bills
Total
Bills bought
others
Commercial
paper outstanding
i
1930
1931
1930
1931
63.1
220.5 571.4
182.9 549.5
70.7
166.7 472.2
71.9
157.5
54.7
62.6
165.6
63.7
205 1
62.5
278.6
95.1
267.3
130.9
316.7
172.4
384.2
493 0 i
j 180 2
371.5 i
i 89.6
134.0
151.4
130.9
157.3
112.2
94.7
102.8
103.0
141.4
216.1
172.2
185.8
211.8
312 8
281.8
437.4
398.2
341.3
1930
1931
19309 1931
653.2
668.8
612.9
582.2
569.8
503.3
462.9
434.4
410.8
549.7
506 6
417.4
411.9
429.5
440.1
1930
404
457
529
553
541
527
528
526
1931
327
315
311
513
485
448
358
Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council; for commercial paper as reported by about
dealers.
MAY,
1931
255
FEDERAL RESERVE BULLETIN
INTERBANK LOANS: MEMBER BANK LOANS
TO BANKS
BANK SUSPENSIONS
[In millions of dollars]
[Banks closed to public on account of financial difficulties by order of
supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened.]
Date
1928—Dec. 31
1929—Mar. 27
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
1931—Mar. 25 P
By reserve city banks l
Total,
by all
member
banks
By
In New In Chi- In other other
Total
York cago 2 reserve banks
City 2
cities 3
538
548
670
640
714
527
535
466
631
446
_
501
509
621
595 |
669 !
462
474
404
569
388
288
251
314
302
322
199
196
169
283
154
40
62
67
68
88
58
50
41
55
41
37
39
49
45
45
65
62
62
62
58
173
196
241
225
258
205
228
193
231
194
1 Member banks in 62 legally designated cities: 2 central reserve cities
(New York and Chicago) and 60 other reserve cities; see table on p. 295.
2 Central reserve city banks.
« Other reserve city banks; see table on page 295.
p Preliminary figures.
Number of banks Deposits (in thousands of dollars)
Month
1928 1929,11930 1931
January _.
February
March...
April
May
June
July
August
September
October...
November
December
I 41
! 72
! 44
68 j 254
52 | 344
Year
491
642 j 1,345
203
78
63
1928
1929
10,983
18,352
16,953
8,190
6,394
13,496
5,368
6,147
7,888
9,011
24, 784
11,076
16,413
21, 746
9,002
7,790
24,090
19, 219
66,161
8,532
10,050
13,153
22,646
15, 730
1930 i 1931
28,903
32,800
23, 769
33, 388
19, 315
70, 566
32,333
21,951
23, 666
24, 599
186, 306
367,119
78,675
'35,337
'35,426
49,468
138, 642 234,532 |864,715
Back figures.—See Annual Report for 1928 (Table 64).
r Revised.
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars. Back figures not available]
Holdings of Government securities * and eligible paper (including paper under rediscount)
2
By reserve city t)anks
Date
U.S. 1
Govern- 1 Eligible
ment sepaper
curities 1 \
1926—June 30
1927—June 30
1928—June 30
Oct 3
Dec. 31
1929—Mar. 27
June 29
Oct. 4 _
Dec 31
1930—Mar 27
June 30
Sept 24
Dec. 31
.
2,210
2,299
2,714
2,823
2,730
2,832
2,577
2,469
2,403
2,619
2, 640
2,682
2, 777
-.
i
!
!
1
!
i
,
|
:
i
i
:
:
Total
5,035
5,074
5,394
5,374
5,079
5,414
5,265
5,334
5,116
5,161
4,925
4,953
4,877
2,825
2.775
2,680
2, 551
2,349
2.582
2,688
2,865
2,713
2,542
2,285
2,271
2,100
By all member banks
By other banks
U. S.
Government securities *
Eligible
paper
884
847
862
914
932
974
929
912
814
818
772
764
708
2,100
1,992
1,967
1,817
1811
1,761
1,773
1,733
1,684
1,662
1,620
1,541
1,438
Total
2,984
2,839
2,829
2,731
2,744
2, 735
2,702
2,645
2,498
2,480
2,392
2,305
2,146
U.S.
Government se-1
curities
Eligible
paper
3,094
3,146
3,576
3,738
3,662
3,807
3,506
3,381
3,217
3,438
3,412
3,446
3,485
4,925
4,767
4,647
4,368
4, 160
4,343
4,461
4, 598
4,397
4,204
3, 905
3,812
3,538
Total
Member
bank
borrowings at
Federal
reserve
banks
8,019
7,913
8,223
8,106
7,822
8,150
7,968
7,979
7, 614
7, 642
7,317
7, 2-58
7,023
516
441
1,096
1,020
1,041
981
1,029
899
646
206
274
173
248
i Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.
* Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and CO o thcr reserve cities; see table on p. 295.
NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC.
[For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for De uiber, 1930, p p . 766-768 and 411-417]
Banks operating branches
Single-office banks
Date
1924—June 30
1925—Dec. 31
1926—Dec. 31
1927—Feb. 2 5 '
J u n e 30
1928—June 30
1929—-June 30 . .
Dec. 31
1930—June 30
Dec. 31
Banking
offices
Banks * (banks
plus
branches)
28,996
28,257
27,377
26,973
26, 781
25,950
25,115
24, 630
23,852
22, 769
31,289
30,899
30,158
29,873
29,775
29,180
28,555
28,177
27,470
'26,308
Total
National
28,282
27,472
26,581
26,194
25,989
25,115
24,297 i
23,808
23,035
21,993
7,972
7,916
7,760
7,677
7,638
7,516
7,366
7,237
7.082
6,872
Nonmeinber
Member
Member
State
1,379
1,245
1,160
1,133
1,123
1,058
987
939
899
859
Nonmember
18,931
18,311
17,661
17,384
17, 228
16, 541
15,944
15,632
15,054
14,262
State
National
Banks
Branches
Banks
108
132
248
332
191
196
146
406
194
145
152
390
722
169
164
166
165
161
941
993
1,027
1,041
1,106
189
186
186
190 i
180
169
160
Branches
1,137
1,277
1,366
,560
,301
1L, 220
]L, 298
L,299
L, 308
1,286
Banks
415
457
456
445
454
480
464
476
483
455
Branches
908
1,033
1,009
950
971
1,069
1,149
1,221
1,269
r
1,147
1 All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks
and all private banks under State supervision.
r
2 Date of the McFadden Act; see BULLETIN for May, 1927.
Revised.
256
FEDERAL RESERVE BULLETIN
MAY,
1931
SECURITY PRICES, SECURITY ISSUES, AND SECURITY LOANS
SECURITY PRICES
[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926=100)
Selected groups of industrial issues
Pre-
.Bonds1 ferred ;
Month or date
stocks
337
i 97.8 ! 128.2
| 98.0 j 127.6
98.2 126.8
98.7 125.9
| 99.6 ; 126.5
j 100. 0 | 127.9
: 99.9 j 126.8
i 99.1 124. 7
• 97.8 121.7
! 99.6 I 123.6
| 99.4 | 124.8
! 100.0 126.4 j
I 99.6 125.3 \
181
171
153
149 !
148 |
149 I
128 ;
117
109
112
120
122
109
171 | 142
!
!
j
;
'
!
123
115
114
112
106
100 ]
113;
106 j
105
1 0 3 '•
60;
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr.29
1
20
100.2 | 126.7 j
99.9 i 126.1 \
99.6 125.7 •'
99.7 I 125.5 !
96.6 125.0 !
99.4 124.4 1
160
143
140
139
139
118
109
102
103
Public
BuildCoputility AutoChain Chem- per
ing
and
mobile equip- store ical
ment
brass
33
404
Number of issues
1930—April
May
June
July
August
September
October
November
December
1931—January
February
March
April
RailTotal I Indus- road
! trial
:
!
!
|
!
!
no;
112 !
100 ;
34
136
125
124
121
123
111
102
94
100
105
97
87
97 !
91
91
88 ;
85
82
97 i
90 i
17
9
264
250
224
215
213
216
187
167
158
163
178
189
170
162
152
134
132
134
133
108
101
100
106
120
129
117
127
116
100
98
97
100
84
77
71
74
78
81
70
101
97
90
S9
90
96
88
82
78
78
86
90
86
282
257
223
217
219
230
191
176
168
162
174
173
148
174
151
135
129
121
114
93
91
80
82
91
96
79
190
177
176
174
165
157
133
122
123
124
112
106
81
75
74
72
92
89
87
87
86
83
174
160
157
152
145
127
95
84
83
83
76
Average price of 60 high-grade bonds adjusted for differences in coupon rate and m a t u r i t y .
CAPITAL ISSUES
ElecMatrical
equip- chinery
ment
Oil
10
16
10
30
359
327
290
277
278
283
225
196
182
176
194
201
172
173
170
152
155
152
154
134
120
117
120
126
125
109
156
148
133
133
130
125
106
97
88
89
91
85
74
196
174
161
159
160
162
142
131
125
124
132
133
116
83
77
69
67
67
68
56
55
51
53
55
58
52
204
184
184
172 !
165
156
125
121
83
78
118 i
113 !
101
95
77 i
71 !
65 j
133
125
123
118
112
101
Domestic issues
1922
1923
1924
1925
1926
1927...
1928
1929.
1930
[In millions of dollars.
For explanation, see March BULLETIN (p. 132)]
l
Corporate
(munic-. Bonds
ipal)
(and
I notes)
; 4,395
4,440
i 5,557
i 6,205
6,282
i 7,489
_.i 7,979
' 10,005
1 6,918
3,631
4,019
4,588
5,129
5,157
6,152
6,728
9,334
6,013
1,096
753
559
183
381
351
332
381
658
729
990
528
475
166
376
295
248
365
385
232
<992
334
202
*959
;
1,645
1,072
1,043 I 1,989
1,380 I 2,200
2,452 i
1,356
2.667 '
1,312
3,182
1,423
2,378
1,387
2,068
1,398
1,441
2,980
Foreign
issues 3
122
147
142
143
108
82
77
168
86
186
393
321
440
225
297
44
222
105
117
93
49 I
119
* 685
235
48
250
1
570
659
829
1,152
1,087
1,460
2,900
5,868
1,503
764
421
969
1,076
1,125
1,337
1,251
671
905
123
261
407
152
70
40
62
22
18
71
147
169
106
225
84
17
5
56
84
16
Source Commercial and Financial Chronicle.
* Annual totals of foreign issues are as finally reported by Department of
Commerce-; monthly figures of foreign issue are as compiled currently
by3 the Federal Reserve Bank of New York and are subject to revision.
Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
* Includes Treasury issues (exclusive of refunding): $408,925,000.
I Total* i
By
other
lenders*
To
brok
To , ers in
others N e w
York
< City
, Total
1931
January
February
March
Call date
Stocks
1930
March
April
May
June,.
July
August
September.
October.—.
November.
December..
59
56
54
53
51
48
2 20 high-grade industrials; average price.
By member banks
Government
i
!
!
!
TOTAL REPORTED SECURITY LOANS
[Exclusive of refunding issues. In millions of dollars]
I Total,
Year and month I1 domestic and
! foreign
Textile
Steel
l
1928—Oct. 3 . . . . J12,429 !! 8,819
Dec. 3 1 — .14,062 ! 110,172
274
1,899
2,556
850
975
1929—Mar. 27... Jl4,613 ! 9,693
J u n 8 2 9 . . . _ 115,144 !j 10,094
Oct. 4 . . . . -i 16,974 10,314
Dec. 3 1 . . . .. (12,835 .; 10,505
274
335
320
357
1,879
2,025
1,885
1,660
1,014
921
939
803
6,526 • 4,920
6,813 ! 5,050
7,170
6, 660
7,685
2,330
260
230
175
315
2,344 j
2,365 I
2,472 •
1,498 !
706
819
774
675
7,024
2, 310
7,242
1,360
7,090 i 1,010
7,266
400
218
1,629 :
570 ; 6,866
il
1930—Mar. 27... I
J u n e 30... .112,644 '110,334
10,655
.j
12,015
Sept. 24...
Dec. 3 1 . . -|11,521 'j 10,511
9,754
.i 10,154
1931—Mar. 25 P . . _ ' 9,563
5,796
6,373
3,610
3,890
280
1
For lenders other than member banks—i. e., nonmember banks, foreign banks, corporations, etc.—only security loans to brokers in New
York City are included in available reports.
v Preliminary figures.
MAT,
257
FEDERAL RESERVE BULLETIN
1931
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Industrial production *
Year and month
Total
Minerals
Manufactures
Freightjcar loadings '
Building con-|
tracts
awarded
Factory employment
Factory
pay
rolls
Unadjusted
Unad- j Adjusted | justed
Unadjusted
Unadjusted
118
77
81
103
96
101
104
102
102
108
87
84
91
79
87
100
97
103
106
103
103
106
92
j Merchandise in Comj less-than-car- mod|
load lots
ity
Total
pricesf
Unad- ] Adjusted j justed
Unadjusted
83 1
87 i
1919._
1920..
1921..
1922..
1923..
1924..
1925..
1926-.
1927..
1928.1929..
1930--
1926
December...
1927
January
February
March
April
May...
June
July....
August
September...
October
November...
Deeember...
1928
January
February
March
April
May
June
July.
August
September...
October
November...
December-..
101
i ...
1
119 I.
!
Adjusted
77
89
70
74
105
96
99
108
107
106
115
99
84
87
67
87
101
94
10.'
108 !.
106 j.
112 j.
67
85 |101
95
104
108
106
111
119
97
Ad- U n a d justed j u s t e d
96 |.
62
62
56
78
84
94
122
129
128
134
117
92
107
108
82
90
104
96
100
101
99
97
101
i.
!.
j.
;
I.
i.
I
I
Ad- i UnadAdjusted | justed I justed
139
154
98
97
101
98
104
100
95
98
97
71
87
94
96
99
105
105
105
104
105
97
104
113
119
131
100 ,
I
101
104
108 j
101
105
106
108
111
108
111
108
106
106
105
103
100
101
104
110
113
112
113
107
102
104
106
104
100 •
95 |
104 :
107 !
1 0 9 '••
109 :
111 ;
109 i
107 !
106 !
105 i
102 I
100 I
100 :
112
113
111
96
108
108
103
111
111
112
105
97
116 !
117 !
118
107
109
105
100
106
104
105
101
103
94
96
151
147
134
154
130
134
127
137
114
116
98 i
100
100
100
99
105
106
105
104
102
99
102
102
103
106
107
109
106
103
104
102
104
103
101
98
102
106
106
106
105
104
105
110
109
106
105
104
105
104
104
105
105
105
105
104
104
104
105
111
112
110
110
108
105
110
116 |
118 :
115
109
106
108
109
109
109
109
109
114
116
116
117
106
113
114
113
Ill
109
105
110
llfl
117
115
110
106 !
109 !
109 I
110 !
110 I
111
111 '.
113 ,
115 i
116 :
116 |
117 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
156
162
158
142
126
142
145
115
105
117
121
122
124
126
125
120
122
124
121
108
118 !
118
119
122
124
126
124
123 i
122 :
118 i
108
101
117 .
122 !
126 !
128 !
128 i
127 i
120 i
122 i
123
119
107
93
118
117
120
123
126
129
126
124
122
118
108
114
116
101
103
116
116
118
121
127
127
114
110
118
120
107
115
116
112
114
115
118
118
110
116
99
88
118
156
143
129
159
119
108
108
95
77i
104
107
104
107
104
100
95
91 ;
91
87 •
85 :
82
103
111
110
111
106
99
90
103
107
106
107
105
100
94
91
90
85
84
i
i
;
|
i
j
;
|
i
108 j
104 !
91 !
93 !
102 ;
103 !
100 |
101
100 i
104 !
112
109
96
104
103
100
97 I
96
93 ;
93
93 !
93 !
91 '
!
95 I
79
77
111
118
111
146
89
84
81
82
62
61
:
'82
89
55
57
90
76 '
77
(
I
105
111
113
110
112
107
102
105 j
107 !
105
101
96
106
in
!
j
!
!
i
!
100
100
100
99
101
99
97
95
100
99
99
98
98
97
97
99
102
99
105
105
104
109
116
114
101
|
I
I
j
!
|
92
94 I
97
96
105
101 i
105
109
119
119
109
94
102 !
102 j
100
96
101
103
100
101
101
98
103
104
107
104
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
95 |
99 [
98 I
102
109
110
111
115
121
118
102
108 i
94
89
91
90
93
97
95
95
96
99
97
86
74
100 ,
100 I
103 I
101 i
103 i
100 i
102
103
105
106 !
107 j
101
105
105
108
103
104
104
109
109
107
106 I
i
i
j
!
!
i
|
97
96
95
94
94
94
94
95
97
97
97
97
105 !
104 !
104 I
103
104
103
105
104
105
104
105
105
;
l
!
i
i
!
i
i
96
97
99
98
98
99
100
98
97
97
1929
January
February
March
April
May
June
July
August.
September...
October
November...
December...
1930
January
February
March.
April..
May
June
July
August
SeptemberOctober
November...
December...
1931
January
February
March
104
110
107
108
106
99
91
90
93
90
'83
,
i
'
;
'
i
84
76 i
j
:
!
!
J
i
'
j
!
'
'
'82 :
86 !
84 i
"82 i
94 I
98 j
92
94 |
90 i
88 j
87
97
100
101
102
102
102
102
104
105
103
99
95
85 :
81 :
79 i
96
94
93
92
91
90
87
84
83
82
81
80
!
!
!
i
I
I
i
i
i
!
I
!
1
i
I
!
!
78 ,
78 '
74 !
74 ,
75 I
!
;
j
i
i
'
!
!
;
97
97
98
97
96
96
98
98
''
94
94
97
101
106
107
107
105
105
106
110
109
106
96
104
104
105
104
104
105
106
106
106
104
104
103
100
99
96
97
96
93
92
89
87
86
84
84
94
98
101
101
101
98
94
95
99
97
94
101 :
101 !
100
82
80
80
87
107
105
108
107
108
107
107
106
104
102
102
!
!
i
I
i
j
!
95;
95
95 ,
93
92
92
90 ;
89
93
92
91
91
89
87
84
84
84
83
77
76
75
* Average per working-day. For recent revision of indexes of production and freight-car loadings see BULLETIN for February, 1931, pp. 107-108.
I t Wholesale price index of
Bureau of Labor Statistics; 1926=100. Index numbers for groups and subgroups of commodities are given on p. 261.
r
» Preliminary.
Revised.
54780—31
3
258
FEDEKAL KESEKVE BULLETIN
MAT,
1931
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average** 100]
1931
Industry
MANUFACTURES
IRON AND STEEL
Pig iron
Steel ingots
—
TEXTILES
_
Cotton consumption
Wool
—
Consumption
Machinery activity
Carpet, rug loom activity
Silk
Deliveries
Loom activity l
FOOD PRODUCTS
Slaughtering, meat packing.
Hogs...
Cattle
Calves
SheepFlour
-Sugar meltings. _
PAPER AND PRINTING
Wood pulp and paper
Newsprint
-.Book paper
Wrapping paper.
Fine paper-.
Paper boards
Wood pulp, mechanical
Wood pulp, chemical.
Paper boxes
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
Sole leather 1 -_Upper leatherCattle
Calf and kip.
Goat and kid
Boots and shoes
CEMENT AND GLASS:
Cement__
Glass, plate
>T ONFERROUS METALS 2.
Copper (smelter)
Tin deliveries) 1.
FUELS, MANUFACTURES:
Petroleum refining
Gasoline *
Kerosene
Fuel oil
Lubricating oil l
Coke (by-product)
R U B B E R TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS.
Cigars
Cigarettes
MINERALS
COAL:
Bituminous
Anthracite
Petroleum, crude
Iron ore shipments
Copper (mined)
Zinc
_
Lead
Silver-.
_.
J
i Without seasonal adjustment.
Includes also lead and zinc; see " Minerals.
Revised.
» Preliminary.
NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals)
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. For recent revision
see BULLETIN for February, 1931 (p. 107).
MAT, 1931
259
FEDERAL RESERVE 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 employment
Without seasonal adjustment
Industry
1930
1931
March February March
T O T A L — A L L MANUFACTURING INDUSTRIES
IRON AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural iron work _
_ . _. ._
Heating apparatus
Steam fittings
Stoves
_
Cast-iron pipe
MACHINERY
Foundry and machine-shop products
Machine tools
__
Agricultural implements
Electrical machinery .- -
T E X T I L E S AND PRODUCTS
_
.
A. Fabrics
Cotton goods
Woolen and worsted manufactures
Woolen and worsted goods
Carpets and rugs
Hoisery and knit goods
Silk manufacturers
Dveing andfinishingtextiles
B. Wearing apparel
__
Clothing, men's
Shirts and collars
Clothing, women's
Millinery
._
_ .
F O O D AND FRODUCTS
Baking
_._
Slaughtering and meat packing
Confectionery
Icecream
Flour
Sugar-refining cane
_ _._
P A P E R AND PRINTING
_
Printing, book and job
Printing, newspapers and periodicals
Paper and pulp
Paper boxes
L U M B E R AND PRODUCTS
Lumber, sawmills
Lumber, mill work
Furniture
_
TRANSPORTATION EQUIPMENT
Automobiles
Shipbuilding
_
_ ,
.
L E A T H E R AND MANUFACTURES
-
Boots and shoes
Leather __ _- - -
.
-
_- _
C E M E N T , CLAY, AND GLASS PRODUCTS
Clay products
_
Brick, tile, and terra cotta
Pottery
Glass
.
Cement
NONFERROUS METAL PRODUCTS
Stamped and enameled ware
Brass, bronze, and copper
CHEMICALS AND PRODUCTS
Chemicals and drugs
Petroleum refining.Fertilizers
.-
-
.
_
R U B B E R PRODUCTS
Automobile tires and tubes
Rubber boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snull
MUSICAL INSTRUMENTS
Pianos and organs
_
. .
78.1
77.7
80.3
70.6
86.4
67.6
66.4
68.7
66.6
80.4
74.0
90.7
87.3
92.3
82.7
79 4
76.8
68.4
68.1
70.4
84.3
85.6
108.0
91.0
60 1
84.8
138 6
90.3
88.1
95.3
85.5
85.4
78.2
73 6
79.9
95.0
99.9
104.7
85.2
84.4
54.4
47.5
56 4
72.6
65.7
57 4
73.4
91.4
83.2
84.9
76.1
63.1
59.4
50.9
82.9
71.0
61 9
68.8
47.8
76.0
93 3
95.7
86.3
103.0
69.0
72.9
57.1
82.9
84.0
74.3
43.9
34.1
77.3
76.5
79.1
70.5
86.9
65.0
66.4
63.7
64.7
81 1
74.0
90.8
99 6
93.1
79.4
77 4
73.3
66.6
66.6
66.3
83.4
86.7
108.1
84.1
58.7
81.7
126 8
72.8
89.4
95.3
89.1
87.0
76.7
79.8
77.6
95.1
101.9
102.6
85.6
84.2
54.6
47.7
56.2
73.0
65.2
58.9
69.8
93.9
80.3
81.5
75.3
60.7
57.2
47.6
83.3
69.0
58.8
68.1
48.0
75.0
95.6
97.4
96.2
81.6
72.0
72.7
69.8
83.4
84.5
75.6
56.7
33.9
93.1
92.8
95.1
86.9
107.4
81.4
77.4
85.0
80.1
108 5
99.2
142.1
160 3
118.1
92.9
89 3
87.7
73.3
70.3
89.4
96.0
99.9
112.9
101.9
67.4
102.1
154 9
94.6
95.0
102.1
92.7
89. 4
82.6
89.7
91.2
103.7
110.2
105.9
99.3
93.4
75.0
69.5
70.0
93.6
83.2
74.6
91.0
112.0
91.5
92.7
86.5
78.4
73.6
65.7
95.3
90.4
73.8
84.3
63.3
91.5
112.5
102.9
118.5
152.9
87.2
85.7
91.6
89.6
91.4
75.5
41.9
40.3
Factory pay rolls
AdjustecI for seasonal variation
1931
1931
1930
March February
77.9
76.6
78.6
69.6
S8.8
67.9
65.6
70.1
67.0
79.3
72.7
89.0
81.3
92.3
79.7
77.9
75.3
68.1
68.1
68.0
82.6
83.3
105.3
84.0
58.9
83.4
122.2
79.6
89.9
95.9
87.2
88.8
87.5
78.9
79.3
94.7
98.7
104.5
85.2
85.5
55.7
49.1
56.5
73.5
64.3
57.7
70.2
86.1
82.2
84.1
74.3
65.2
62.2
55.2
81.3
70.6
66.2
66.6
44.8
74.0
89.8
94.4
87.2
69.1
68.4
71.9
58.3
83.4
85.0
70.8
44.3
34.0
Without seasonal adjustment
77.8
75.9
78.0
69.3
88.9
65.9
65.7
66.0
67.2
80 6
73.7
89.2
93 6
93.1
77.2
75 9
71.4
65.3
65.3
64.9
82.4
85.4
105.4
80.4
57.2
80.1
116 7
74.3
90.3
97.1
86.4
88.8
88.6
79.8
81.1
94.9
100.9
102.4
85.6
85.4
56.3
49.9
57.0
74.1
64.9
59.7
68.8
88.9
78.4
79.8
73.1
65.0
62.1
54.7
82.3
70.9
64.7
66.8
46.8
73.6
94.5
95.6
97.4
77.4
71.4
72.4
68.7
84.6
86.3
71.2
56.9
33.2
March
92.9
91.6
93.0
85.6
110.3
81.8
76.4
86.7
80.5
106.9
97.5
139.4
149.2
118.1
89.4
87.6
86.0
72.9
70.3
86.3
94.0
97.3
110.2
94.2
66.0
100.5
136.6
83.4
96.9
102.7
94.6
93.0
92.5
90.0
90.4
103.4
108. 9
105.7
99.3
94.7
76.8
71.9
70.1
94.8
81.4
75.0
87.0
105.4
90.4
91.8
84.4
81.1
77.2
71.3
93.4
90.0
78.9
81.6
59.4
89.1
107.5
101.6
119.7
102.6
86.8
84.5
93.4
90.2
92.5
71.9
42. 2
40.1
March
74.9
70.0
73.8
58.9
75.0
54.6
54.4
54. S
62.4
72.0
64.3
73.1
74.9
89.6
SI. 9
74.3
67.9
60.9
61.6
57.9
81.7
82.9
113.2
97.4
57.6
74.3
150.5
104.8
89.2
94.5
89.5
81.9
85.3
78.1
77.1
101.9
105.3
116.0
84.0
86.4
46.2
39.8
47.8
59.3
64.1
. 58. 2
67.7
94.0
73.4
73.0
75.0
54.0
46.1
38.0
67.3
68.0
57.0
66.3
44.7
72.6
89.8
89.4
90.8
87.6
63. 2
69.8
37.3
68.3
68.1
70.2
40.9
29.4
NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677).
1930
February March
73.2
67.5
70.5
57.8
75.9
54.2
57,2
51.3
57.9
71.9
63.4
72.3
92.9
89.6
76.9
72.7
63.9
59.8
60.6
56.2
83.2
85.5
115.2
85.4
54.8
70.3
132.7
72.1
91.6
95.2
95.6
83.9
84.4
80.5
75.2
100.7
104.9
112.6
84. 9
84.0
45.6
38.8
47.3
59.1
62.2
59.5
61.1
98.0
68.8
67.6
73.2
51.4
43.4
35.2
65.3
66.1
53.9
64.4
44.4
70.2
92.9
89.8
100.8
74.4
63.8
67.2
50.7
65.3
64.3
73.3
47.6
27.7
98.2
97.1
101.3
84.5
108.6
77.8
75.6
79.9
81.4
115.1
104.6
142.8
179.6
128.2
96.6
87.3
80.3
63.6
61.5
73.3
108.8
106.8
120.4
115.4
68.8
96.7
179.3
113.9
99.7
105.4
98.4
93.3
87.4
96.1
91.7
115.0
119.6
120.1
107.3
100.3
74.6
72.0
67.0
85.4
90.6
81.5
97.3
127.1
85.2
84.2
88.7
73.4
65.0
57.4
85.3
89.2
75 0
91.0
66.2
98.2
111.6
101. 6
123.1
137.1
90.0
89.1
93.8
81.0
81.4
78.0
45.1
40.9
260
FEDERAL RESERVE BULLETIN
MAY,
193 L
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation]
Total
Residential
Month
January
February
March
1931
1930
1931
324.0
317.1
456.1
228.0
235.4
370.0
66.6
74.8
101.5
54.4
77.9
100.9
13.5
20.4
29.8
10.1
7.3
20.6
54.1
72.9
77.0
1,097.1
482.9
457.4
600.6
366.9
346.6
331.9
336.7
253.6
249.4
833.8
242.9
123.1
116.6
96.8
84.3
82.7
98.5
104.7
80.8
70.9
233.6
63.7
22.1
37.4
22.7
28.9
18.2
24.0
13.8
13.0
12.9
38.0
204.0
73.2
73.3
59.1
46.9
50.9
31.1
35.7
29.5
25.1
_
Year to date
April
May
June
July
August
September
October
November
December
.
1930
1930
1930
Public works and
public utilities *
Commercial
Factories»
1931
Educational
1931
1930
All other
1930
1930
1931
28.4
27.5
36.7
136.8
99.0
149.8
95.2
78.6
151.7
19.0
21.2
35.4
19.4
16.7
24.3
34.0
28.8
62.6
20.5
27.3
35.9
92.6
385.7
165.7
152 1
322.9
121.2
126.7
109.1
113.0
76.4
78.6
325.6
75.6
35.2
36 9
48.9
42.7
25.9
28.2
28.6
29.5
24.5
60.4
125.4
63.5
41.1
50.2
42.8
42.3
40.8
41.1
24.4
37.3
83.5
1931
1931
i Changes made recently b y the F . W. Dodge Corporation in classification of data have p u t figures for factories (formerly "industrial"
building) and for public works and utilities on a new basis.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
! 1928
January
February __
March
Year to date
April
May .
June
July
August
September
October
November ... December
-
. _»
.
j
-
-
-
- i
_
-
. -
i
i
_- - __-
i
1929
1930
Merchandise imports
1931
1928
1929
1930
338
351
369
369
311
282
370
250
224
*237
380
384
300
1,420
1,129
P711
1,069
1,122
425
385
393
403
381
437
529
442
427
332
320
295
267
298
312
327
289
275
345
354
317
318
347
320
355
327
339
411
400
353
353
369
351
391
338
310
893
308
285
250
221
218
226
247
204
209
411
371
421
488
442
490
411
349
1,203
364
423
389
379
379
422
550
545
476
!
Excess of exports
1931 i 1928
183
175
»211 i
*569
;
1929
1930
1931
73
20
40
119
72
106
100
67
66
49
133
19
69
71
61
32
102
195
218
136
297
236
24
35
44
46
79
86
80
85
67
P142
15
•15
40
50
11
86
137
104
117
69
Preliminary.
* Excess of imports.
DEPARTMENT STORES—INDEX OF SALES, INDEX OF STOCKS
[1923-1925 average=100]
Index of sales 1
Month
Adjusted for seasonal variation
1928
January
February
March
April
May
June
July
Aucnist
September
October
November
December
Year
1
|
108
106 '•
107 i
106
107 i
107
110
107
112
108 •
108 i
111 !
1929
110
111
112
110
100
113
109
111
114
112
108
108
1930
107
108
107
107
105
103
100
102
99
102
98
94
1931
97
98
97
Index of stocks (end of month)
Without seasonal adjustment
1928
1929
1930
91
88
97
105
107
102
80
81
113
118
125
192
90
91
107
103
109
108
79
84
117
122
125
191
88
89
93
110
105
98
71
77
103
112
113
165
108
111
102
1931
79
80
92
Adjusted for seasonal
variation
1929
100
100
99
99
99
98
99
100
100
101
102
100
1930
99
98
97
97
96
96
94
91
91
92
92
91
1931
88
86
84
Without seasonal
adjustment
1929
1930
89
95
102
103
101
95
92
96
104
112
115
94
88
93
100
101
98
93
87
87
95
101
104
85
100
94
1931
78
81
87
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. Adjustment for seasonal variation makes allowance in March and April for the effects
upon scales of changes in the date of Easter.
MAY,
261
FEDERAL RESERVE BULLETIN
1931
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics; 1926=100]
Other commodities
Year and month
Farm
modities | products
! All corn-
Foods
! Total
100.0
95.4
97.7
96.5
86.3
100.0
99.4
105.9
104.9
88.3
100.0
96.5
101.0
99.7
90.1
1930—February
i
March
_.l
April.._
i
May
i
June
!
July.
i
August
•
September.. ;
October
'
November...;
December. __'
92.1
90.8
90.7
89.1
86.8
84.0
84.0
84.2
82.6
80.4
78.4
98.0
94.7
95.8
93.0
88.9
83.1
84.9
85.3
82.6
79.3
75.2
95.5
93.9
94.6
92.0
90.5
86.3
87.1
89.2
88.6
85.7
81.8
1931—January
February
March
77.0
75. 5
74.5
73.5 I
70.1 j
70.6 !
80.1
77.1
76.7
1926 (base)..
1927
1928
1929
1930.
_.
100.0
93.7
93.2
92.6
85.1
100.0
107.9
121.7
109.2
99.9
i
!
!
:
i
!
:
88.7 i'
88.3 i.
87. 5 I
85.7 I
84.3 i
83.3 !
82.8 !
81.5 i
80.1 i
79.0 :
Metals
100.0
86.5
82.8
81.6
76.1
100.0
98.2
99.8
104.4
95.3
78.8
77.4
77.9
78.0
76.4
75.4
75.4
76.3
75.1
71.8
70.5
100.9
100.6
93.8
90.8
95.4
94.3
92.7
91.8
90.4
90.2
90.0
100.0
95.7
96.3
93.7
80.7
103.9 ,
103. 2 i
102.7 :
102.6 !
102.4 ;
100.7
98.9 •'
99.1 :
96.5 '
94.0
91.2
i
;
'
:
Fuel a n d
lighting
materials
88.3
86.5
85.5 I
84.6
82.2
80.0
77. 7 |
75.5 i
73.8
73.3 !
72.4 I
I
71.0
70.4
60. 2
77. 8 ';
77.1 !
75.6 i
04. 5 j
Chemi- j HouseMiscelcals and ; furnish - laneous
drugs | ing goods
Building
!
!
j
I
100.0
93.3
93.7
97.1
90.3
!
i
95.7
95.4
94.7
92.9
90.0
88.9
87.4
80.4
85.8
85.6
84.4
i
:
;
i
100.0
98.2
97.4
96.9
95.7 j
100.0
89.9
83.0
80.6
73.4
92.3
91.2
91.0
89.9
88.9 ;
87.8 •
S7.3
86.6
86.0
85.2
84.8
97.0
96.5
96.2
96.2
96.2
96.2
95.9
95.4
95.3
95.2
91.3
78.
78.
78.
77.
74.
71.
71.
69.
68.
67.
66.
83.6
82.2
81.9 :
!
91.1 ;
90.8 ;
90.8 i
64.7
63.9
64.7
100.0
96.6
95.5
94.4
88.7
|
i
j
!
;
|
!
'
I
i
:
••
;
i
89.3
88.9 :
89.0
82.9 i
81.8 !
81. 9 i
1931
1930
Subgroups
Jan. ! Feb.
!
I
M a y •: J u n e j July
Mar. Apr.
6
2
5
5
6
7
2
7
8
8
9
Aug.
Sept.
Oct.
Nov. \ Dec. i Jan. ' Feb.
Man
.
F A R M PRODUCTS:
Grains
Livestock and poultry
Other farm products
FOODS:
Butter, cheese, and milk
Meats
Other foods
H I D E S AND LEATHER PRODUCTS:
Hides and skins
Leather
Boots and shoes
Other leather products
T E X T I L E PRODUCTS:
!
| 93. 8
\ 100. 5
\ 103.9
89.0
101.3
83. 5
99.6
95.2
• 97.5 ; 97.4
! 106.2 I 105. 1
| 91.7 ! 89.2
98.5
104.2
86.2
84.1 j 82.1 i
93.2 ;
96.9
99.0 • 96.5 I
78.7
88.5
92.7
74.1
81.8
86.9
80.4
84.6
86.7
77.0
88.0
86.4
72.1
82.4
86.3
64.0 i 64. 0 ; 62.4 : 60.4
77.7 | 76.3 i 75. 2 : 69. 6
85.4 i 78.1 76.0 ; 73.7
92.0
91. 8
80.7
97.9
93.1
79.4
99.6
99.2
79.3
08.7
96. 7
79.8
95.8
91.4
78.4
94.2
91.2
98.2
99.9
100.6 i 100. 5
104.9 ! 105.0
83.6
90.7
100.3
104.2
j
99. 3 ! 92. 5 90.4
103.2 i 101.3 ; 99.9 •
87.7 | 86.3 | 85.1
;
104.2
; 108.3
103.8
1 105.8
95. 8
99.0
107.7 , 107.4
103. 8 103. 8
105.8 105. 8
95.8 I 96.8 ; 99.0
105. 3 104.2 102.9
103. 8 103.7 103.0
105.1
105.3 105.
94.0
100.1
102.9
105.2
!
95. 4
7G.0
94.0 i
72.3 ;
93.8
74.9
93.2
72.2
91.9
73.7
91.0
70.6 i
91.4 ! 90.7
72.0
70. 3
89.6
88.9
72. 3
72.1
91.2
92.2
84.1
92. 5
67.3
91.2
91.4
84.2
94.0
65.7
91.2
89.9
84.2
94.1
63. 7
90.2
88.4
84. 2
94.9
65.6
86.9
88.4
84. 0
97.9
66.5
95.7
100.6
, 96.1
"• 106.8
98. 4
94.8
100. 2
96.1
106. 8
98. 4
94.9
08.6
S5.0
1C6.8
98. 4
93.8
90. 5
95. 0
106. 8
98. 4
92.9
80.6
95.0
106. 8
98.4
Cotton goods
Silk and rayon
;
Woolen and worsted g o o d s . . .
Other textile products
j
I
i
I
|
|
•
!
!
89.3 '
64.3 j
88.6 !
69. 0
87.4
60.4
88.0
65.5
85.0 \
57.6
86.6 !
63. 5 !
M E T A L S AND METAL PRODUCTS:
Iron and steel
Nonferrous metals
Agricultural implements
Automobiles
Other metal p r o d u c t s . _
,
85.8 i
88.2
84.0 !
99.7
63.6 i
86.5
88.8
84.0
99.4
61.0
87.8
88.6
83.8
99.8
60.9
,
91.7 j 90.7
78.1 , 73.5
95.0 | 94.9
105.5 105. 5
98.4 ! 98.4
90.1
72. 7
94.9
102.5
98.4
I
j
j
!
j
89.5
71.2
94.9
101.6
98.4
80.8
82.3
91.7
81.7
78.1
98.0
:
82.8
55.4 j
84.6 i
61.3 !
, 98.9
69.0 '
89.8 ;
97.1
91.8
91.6
88.4
88.3
92.7
92. 7
91.9
91. 9
91.4
92.1
106.4 , 104.0
97.9
68. 6
89.5
96.2
__•
96.6 96.6
97.3
97. 7
MISCELLANEOUS:
Cattle feed.._
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
I
I
I
i
113.5 107.5
87.0
87.3
31.1 ; 32.8
55.2 •. 55.2
• 108.3 . 108.5
:
! 88.6 j
! 07.8 j
I 94.9 ;
100.2 ;
j 98.4 j
88.3
68.4
94.9
99.8 i
98.0
88.0
69.7
94.9
99.5
95.2
!
!
I
|
!
:
83.1 . 88.4 !
67.4
66. 1 j
94.7 : 94.7 j
98.7 , 98.0
95.0
95. 0
88.1
67.1
94.7
98.0
95.0
74.2
8.1. 5
84.1
84.3
73.0
95.4
89.7
86.4
92.7
91.9
89.1
10L8
85.3
83.0
91.7
86.8
88.7
99.6
83.3 '
82.9 ;
91.7
84.3 i
87.1
99.4
81.1
82.5
91.7
84.3
83.7
!
;
!
;
80.2 I
82.5 I
91.7 I
81.7
75.9
97.3
80.1
81.8
91.1
81.7
74.4
97.8
78.1 ;
81.6 i
90.6 i
81.7 ;
72.4
97.1
76.0
81.7
90.5
83.0
70.2
95.5
i 90.9 ' 89.6
: 66.8 ! 66. 8
' 83.1 ! 83.6
j 92.5 | 92.9 I
89.2
66.3
82.1
91.1
89.1
65. 5
81.4
90. 6
87.0 85.0
65.1 : 65. 0
81.4 81.1
90. 4 89.1
84.8
64.6
80.8
88.3
96. 5
94.2
96.5
94.0
95.5 ! 95.5 i 95.5
87.6 j 87.3 ! 86.7
95.5
86.7
i 93.6 : 89.6
83.5
|
I 83. 5 ' 16.9
17.1
52.0
52.0
91.5
!
83.0
83.5
18.6
51.3
88.9
78.2 I
83.6 i
18.6
51.3
86.9 I
82.1
82.3
16.0
45.7
86.3
96.8 '
63. 3
88.2
94.8
96.6
68.0
88.1
94.4
95.3
67.8
86.5
93.6
67.9
85. 3
94.1
92.5
67.3 :
84.3 :
93.1 .
92.1
66.8
83.3
92.7
96.6
96.3
96.6
95.8
96. 6
95.8
96.5
95.9
96.5
95.8
96.5 !
95.3 |
103.8 : 117.1 110.3
85.6
86.0
87.0
29.2
30.9
31.6
55.2 : 54.7 ; 54.5
108.6 : 108.3 ,• 107.9
102.0
85.2
25.9
52.2
103.3
94.8
83.8
23.6
52.0
97.2
HOUSEFURNISHING GOODS:
Furniture
Furnishings
'•• 80.1 i
! 89.2 I
83.9 |
; 101.3 !
: 02.0 !
;
I
91.9
92. 7
88.3
90.4
92.7
90.4
91.9
97.0
93.0
93.7
106.4 ( 106.5
CHEMICALS AND DRUGS:
Chemicals..
Drugs..
Fertilizer m a t e r i a l s . . .
Mixed fertilizers
83.
83.3 I
83. 6
82.0
70.8 1 70.8
;
BUILDING MATERIALS:
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
85.2
S8.4 i
73.4 '
75.1
69.4
64.4 ! 57. 7 1 62. 1
91.5 !
89. 0 ! 88. 4
93.3
90.8 ! 95. 0
97.7
100.3
94. 9
104.2 104.2 '
102. 0 ! 102. 0
102! 4 ;
76.5
81.6 I 81.9 79.7 i
76.9
77.3 i 48.8
47.0
52.1 ! 50.7 51.7
83.6 i 83.2 82.3 ; 50.1 i 81.7 j 79.7
82.1
:
59.0 | 57.9 5 7 . 8 ;
59.0 ! 57.4
57.5 i
88.9 : 88.9 ! 88.2
89.6 • 89.6
89.6
85.8
89. 2 i 89.1
89.1 i 88.1
87.8 !
83.9 ! 83.9
83.8 ! 83.8 : 83.8 ! 83.7
99.7 ; 97.0
95.8 95.4 j 95.8
59.4 | 53.3
41.8
50.2 \
51.1 ! 50.4
F U E L AND LIGHTING MATERIALS: \
Anthracite coal
Bituminous coal
Coke
Gas
Petroleum products
89.4 i
89.2 ;
74.5 |
59. 3
70.7
74.2
;
104.8
83.8
20.3
52.0
94.5
!
'
i
i
;
96.5 I
8
14
i
1
I
!
i
: 73.2 I
' 81. 5 '
87.9 i
54.3 j
: 70.9
' 95.6 I
!
75.0
71.6
83.6
83.1
17.1 ; 16.1
45.7 i 45.7
> . 1 i 85.1
Back figures.—For indexes of groups, see FEDERAL RESERVE BULLETIN for March, 1931 (p. 137), of subgroups, see FEDERAL RESERVE BULLETIN
for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics, Nos. 473, 493, and 521.
262
FEDERAL RESERVE BULLETIN
MAY,
1931
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE NATIONAL BANK OF AUSTRIA
The annual report of the National Bank of
Austria for the year 1930 was submitted to the
general meeting of shareholders on March 20,
1931. Selections from the report are given
herewith:1
The economic situation throughout the
world in 1930 was depressed as the result of a
severe crisis which gradually became evident
in all branches of production and trade in
every country, and brought about unemployment on an unprecedented scale. The situation was further aggravated by heavy expenditures for unemployment relief.
Effects of the crisis in Austria.—An artificially created state such as Austria, not yet
securely established along economic lines,
could not fail to be seriously affected by the
crisis. The fact that certain consequences of
the crisis are less pronounced in Austria than
elsewhere should deceive no one. For example,
it is true that the percentage increase in unemployment during 1930 was less in Austria than
in many other countries such as England and
Germany, but this was because the level of
industrial employment in Austria had already
declined in preceding years, and therefore the
number of unemployed was at that time relatively greater. While economic reports on the
past year show, in a number of other countries,
a sharp decline in stock-exchange quotations
and suspensions of payment by great credit
institutions, Austria has been spared such
experiences because the Vienna stock exchange
had not yet recovered from the collapse of
1924-25, and the Austrian banking system had
already undergone a sharp contraction between
1925 and 1929. It is also easy to explain why
business losses resulting from a fall in the price
of raw materials should have assumed smaller
proportions than elsewhere in a country like
Austria, where production of raw materials—
except for lumber—is of little importance and
where business enterprises are unable for lack
of capital to maintain large stocks. In fact,
the price decline and the decrease in the volume
of foreign trade have not been altogether
unfavorable to this country, which is dependent on large imports of raw materials and in
which a predominant place is held by those
1
The report, available in German and in English, contains in addition tables showing the operations of the bank in detail and sections
dealing with causes of the international depression, the pension fund,
personnel, etc. For earlier reports seed FEDERAL RESERVE BULLETIN,
June, 1930, May, 1929, June, 1928, 1927, July, 1926, etc.
industries which turn out finished products.
It is true that even with a decline of 17.60 per
cent in the value of imports, and of 15.14 per
cent in the value of exports, the merchandise
balance for 1930 again shows an import surplus, but this is 22.50 per cent less than in
1929, and thus relieves the balance of payments to the extent of 246,000,000 schillings
($34,612,000). Considering individual items,
about 20 per cent more grain was imported
than in 1929, but this larger quantity cost 10
per cent less than the smaller amount in 1929.
Imports of petroleum and petroleum products
increased by 21 per cent in amount but by
only 7 per cent in value. The decline in
imports of cotton and wool amounted to about
one-sixth in quantity and one-third in value as
compared with 1929. On the other hand, the
price decline had an unfavorable effect on certain Austrian exports, such as lumber and
paper. Austrian exports of finished products,
however, exert a decisive influence in the
matter of values, and the decline in prices of
these products was by no means so great as
in those of raw materials. Invisible exports,
however, which form an important element in
the balance of payments, showed a rather
sharp decline.
The capital loan.—It was of especial importance for Austria that, after the removal of
the last political obstacles through The Hague
agreement of January 20, 1930, and the agreement with Italy in regard to the relief debts,
a portion at least of the investment loan—
which had been under negotiation since 1927—
could at last be realized in July, 1930, through
the issue of the Austrian Government international loan of 1930, in the total nominal
amount of 438,000,000 schillings ($61,627,000),
with net proceeds of 395,000,000 schillings
($55,577,000). The Austrian Government had
expected to float a loan of 725,000,000 schillings
($102,008,000) in order to cover the estimated
costs of the program of capital expenditure
to be effected by the Federal railways and the
Postal Administration Department between
1928 and 1932. As a result of the postponement of the loan, the Government was compelled to cover the scheduled expenditure
during the period from 1928 to the summer of
1930 out of cash holdings and by short-term
credit operations. Through the net proceeds
of the installments of the loan floated in July,
MAY, I93i
FEDERAL RESERVE BULLETIN
1930, repayment was made possible of the
short-term debts incurred in the meantime
for the purpose of continuing the capital
undertakings, and the cover for the further
investment requirements of the railways and
postal administration was assured until the
end of 1931. For the continuation of these
capital expenditures after 1931, flotation of a
second tranche of the loan has been provided.
By this issue a further 330,000,000 schillings
($46,431,000) can be made available under
authority granted to the Government by the
Federal law of March 21, 1930. It is to be
hoped that this issue can be floated promptly,
so that there may be no interruption to the
program of capital expenditure.
In spite of unfavorable market conditions,
the loan was successfully floated in seven
countries. In Austria the loan was floated
under the auspices of the Austrian National
Bank. The nominal amount offered was
50,000,000 schillings ($7,035,000) while subscriptions reached 152,800,000 schillings
($21,499,000). These satisfactory results were
due in large measure to the favorable conditions of the loan, which nevertheless met a
certain amount of criticism. If, however, the
situation of the market at the time of flotation
is taken into consideration, as well as the
firmness which the quotation of this loan has
since exhibited in all markets—at times under
very adverse circumstances and in contrast to
similar loans carrying less favorable conditions—the criticism seems unwarranted.
Pre-war debts of the Austrian Government.—
The efforts initiated at The Hague conference
to effect a final settlement of all financial
questions raised by the treaty of St. Germain
have also given hope of a,n early adjustment of
the difficult and complicated question of the
pre-war debts of the old Austrian State. At
The Hague the Austrian Government expressed
its willingness to do everything in its power to
this end. Its intention to settle before the end
of 1930 all questions still pending could not be
realized because of various obstacles of apolitical
character, but the Government is determined
to conclude this business as soon as possible.
Federal budgets.—The final accounts of the
budget of the Federation for 1929 showed
a surplus of 166,900,000 schillings ($23,483,000)
on current operations, although this figure
included an amount of 36,800,000 schillings
($5,178,000) resulting merely from a bookkeeping change in an item of the loan, and thus
represents only an operation in accounting.
After deduction of this amount, there remained
263
an actual surplus of 130,100,000 schillings
($18,305,000), resulting from increased revenues
from taxation. Inasmuch as the capital expenditure of the Federal Government during
1929 amounted to 147,200,000 schillings ($20,711,000), there is a net deficit on the total
operations of the Government in the amount of
17,100,000 schillings ($2,406,000). This capital
expenditure includes investments on behalf
of the Federal railways only to the extent that
they were actually covered out of Federal
funds during 1929. In addition to this, however, the railways made capital expenditures of
59,200,000 schillings ($8,329,000) which were
covered by independent short-term credit
operations on the part of the corporation of
Austrian Federal railways. Not until after
the realization of the international loan in
July, 1930, was it possible to put at the disposition of the Federal railways the necessary
funds for meeting these short-term obligations,
so that these do not appear in the Federal
accounts until 1930. Mainly for this reason,
capital expenditure in the final budget for 1929
appears relatively small, whereas a corresponding increase is shown in the final budget for
1930.
Returns thus far available for the budget
operations of 1930 show a deficit of 17,000,000
schillings ($2,392,000), whereas budget estimates anticipated a surplus of 32,000,000
schillings ($4,502,000). Effective capital expenditure during 1930 amounted to 250,000,000
schillings ($35,175,000). The greater part of
this was covered according to program out of
the net proceeds of the Federal loan of 1930,
while the balance, as well as the deficit shown
in current operations, could be met out of
cash holdings provided by operating surpluses
of earlier years. Nevertheless, it can not be
denied that the budget position in Austria has
become serious. The unsatisfactory results of
the budget as compared with the estimates is
owing chiefly to an increase of about 51,000,000
schillings ($7,176,000) for social insurance.
The preliminary budget for 1931 shows a
surplus of 35,700,000 schillings ($5,023,000) in
current operations, with capital expenditure
of 171,600,000 schillings ($24,144,000), resulting
in an aggregate net deficit of 135,900,000 schillings ($19,121,000), due solely to capital investment. To meet this, the proceeds of the loan
can be drawn upon. i\jialysis of the very
considerable increase in expenditures over
estimates for 1930 shows that by far the greater
part is owing to such expenditures as were made
necessary by the crisis and could generally be
264
FEDERAL RESERVE BULLETIN
met by correspondingly increased revenues—
chiefly by higher indirect taxes. It is true that
the preliminary estimates of tax returns have
in many cases been placed so high as to make
it doubtful whether the actual results will come
up to the estimates. For this reason the declaration of the Government in the course of the
budget debate—that it proposed to reduce
expenditures, and would effect such reductions
in 1931 if necessary, in order to insure a favorable balance of accounts—is very welcome.
The greatest economy will therefore have to
be practiced henceforward by Austria—as by
other countries more seriously affected by the
crisis—in order to build up reserves with which
to meet unforeseen expenditures and inadequate
revenues, and to prepare for the seemingly
inevitable cutting down of the budget next year.
Vienna loan of 1902.—In October, 1930, the
municipality of Vienna reached a preliminary
agreement with the foreign bondholders of the
Vienna loan of 1902, whereby the amortization
and interest service of these obligations to foreign holders will be subject to new regulations.
Distribution of proceeds of taxation.—While
the financial position of the province and
municipality of Vienna continued to be satisfactory, the adverse situation of the other provinces and larger cities has been further aggravated. As a result they have insisted more
urgently than ever that the distribution ratio
of the proceeds of so-called general taxes—
according to which the municipality receives
50 per cent, while the population of Vienna
is only 28% per cent of the total population of
the country—is seriously in need of revision,
even though all arguments in favor of giving
preference to the nation's capital are given due
weight. After lengthy negotiations during the
past year, the Government was successful in
bringing about a satisfactory settlement. At
the same time the right of veto of the Federal
Government in respect to tax legislation of the
provincial diets—which by previous legal provision was to terminate at the close of 1930—
was extended and given somewhat wider
application.
Commercial treaties.—In the field of commercial treaties, the most important event was
the conclusion and ratification of the convention
with the German Reich, even though no very
considerable revival of Austrain exports to
Germany is expected to result from it. No
greater concessions could be obtained because of
the principle of most-favored nations, on which
almost all the commercial treaties of Europe
are based. Inasmuch, however, as Austria
MAY,
1931
believes that, as a preponderantly importing
country, and especially in consideration of her
special relations with a number of neighboring
States, she might well demand favored-nation
treatment for her exports, the Government
endeavored to find new lines of commercial
policy. At the session of the League of Nations,
in which the creation of a European union was
up for debate, the Government proposed the
conclusion of regional agreements, which should
enable it to make certain mutual concessions
which could not be demanded by other States
on the basis of the most-favored-nation clause.
At the second tariff truce conference, however,
in November, 1930, the opinion was expressed
by the majority of the participants that exceptional departures from the most-fayored-nation
clause should be permitted only with the consent of all the States bound by the clause, and
only in emergencies. It is not yet easy to see,
therefore, how the urgently needed improvement in our export position is finally to be
achieved.
The proposed convention for stabilizing commercial relations could not be held during the
year under review, because a number of states
declined to participate. In March, 1930,
Austria tried to make such agreements, after
the expiration of her commercial treaties with
several neighboring States. Negotiations with
Hungary—although the two countries had
made a friendly agreement to abrogate the
existing commercial treaty—had to be postponed until 1931 because of certain obligations to Yugoslavia. Conversations respecting
an Austro-Eumanian and an Austro-Czechoslovak commercial agreement were begun during the year but accomplished nothing. In
this time of widespread economic crisis, both
industry and agriculture consider that the most
effective remedy lies in the maintenance and
promotion of sales at home, and are urging the
Government to protect their interests by a
substantial increase of customs duties on individual items. This increase is to be embodied
in the new tariff bill now under consideration.
Features of the depression.—Apart from the
marked increase in the number of insolvencies,
the economic depression is most clearly reflected in the decline of traffic on the Federal
railways, the growth of unemployment, the
decrease in consumption of coal, and in figures
of production. The number of cars used on
the Federal railways declined by 7.6 per cent
in 1930 as compared with 1929. According to
such preliminary figures as have been published
thus far, the revenue of the Federal railways
MAY,
1931
FEDERAL RESERVE BULLETIN
declined by 11 per cent in freight car loadings
and by 1 per cent in passenger service—for
bothVbranches, by an average of 7.5 per cent.
The number of unemployed persons registered
as looking for work was 341,073 at the close of
1930, as compared with 265,684 at the close of
1929, an increase of about 28 per cent. The
number receiving unemployment relief was
294,845 at the close of 1930, as against 226,567
a year earlier. The Austrian output of coal
(chiefly brown coal) amounted to 3,300,000
tons in 1930, compared with 3,700,000 tons in
1929. During the same period imports of coal
fell from 6,700,000 to 4,800,000 tons. Thus
the total supply of coal showed a reduction of
about 22 per cent. The output of crude steel
declined by 37.8 per cent; that of pig iron by
38.9 per cent; that of paper by 8.4 per cent, and
cellulose by 4.9 per cent. The economic situation became especially critical in the textile
and the lumber industries, in which the greatest
number of suspensions occurred. Sawmills
were seriously affected by Russian dumping.
Exports of lumber from Austria in 1930 represented a value of 187,000,000 schillings ($26,311,000), as against 238,000,000 schillings
($33,487,000) in 1929.
Under existing circumstances, the expansion
of water power and the resulting increase in the
production of electricity—which has developed
into an important export industry—may be
regarded as a favorable element in the economic
situation.
Amalgamations.—The difficulties of industry
during the past year strengthened the tendency
toward amalgamation along several lines.
The tendency was further strengthened by the
fact that, as a result of the merger of the
Allgemeine osterreichische Boden - Credit -Anstalt with the Oesterreichische Credit-Anstalt
ftir Handel und Gewerbe, several enterprises
working in the same line were united in the
group controlled by the Credit-Anstalt. Amalgamations were effected in the locomotive
industry, in the automobile industry, in metals,
and in cotton.
Agriculture.—The depressed situation of
agriculture, which had already become a serious
problem in 1929, was made worse by the further
price decline on international grain markets
and necessitated extraordinary measures for
relief. The most far-reaching proposal—that
of the introduction of a grain monopoly—was
debated for some time, but was abandoned,
partly because of strong objections on the part
of interested groups, but chiefly because it
would have required long preparation. The
54780—31
4
265
raising of import duties on grain could not be
considered because of obstacles in the form of
commercial treaty commitments. Recourse
was had, therefore, to the provisional expedient
of subsidies, granted as general premiums for
cultivation and special subventions for the
mountain farmers. The aggregate funds required by this action, which also covered the
related milling industry, amounted to 96,000,000 schillings ($13,507,000), and were provided through extraordinary additions to the
taxes on beer and sugar.
Banking situation.—The business depression
seriously affected the development of banking
in 1930. The crippling of enterprise in commerce and industry and the stagnation prevailing, with only brief interruptions, on the Vienna
stock exchange, made it impossible to earn
profits from consortium or issuing business and
reduced the income from commissions on the
sale of securities to a minimum. As a result of
the downward trend of commodity prices,
which threatened commerce, industry, the
trades and agriculture with increasing losses,
especial caution had to be exercised in credit
operations. The volume of short-term foreign
funds in Austria in 1930 probably underwent a
considerable decline, owing to the increase in
domestic deposits and the small demand for
credit in the domestic market. Inasmuch,
however, as foreign short-term funds under
various forms still play a very important part
in the operations of the Austrian banks, the
lowering of foreign interest rates which took
place during the second half of the year may
have had a favorable effect on the net income
of banks in Austria. In other branches of
business, however, only a very small part of
their losses is likely to have been made good in
this way. The lessened opportunity for profit
in domestic business caused Austrian banks to
expand their foreign connections. Thus the
Oesterreichische Credit-Anstalt fur Handel und
Gewerbe cooperated with an international
group in the foundation of the Continental
Trust Co. for Bank and Industrial Securities,
with its seat at Basel. The company will have
a capital of 60,000,000 Swiss francs ($11,580,000), two-thirds of which have been paid up.
A bond issue of 40,000,000 Swiss francs ($7,720,000) has also been floated by the company.
Other leading banks have made new foreign
connections or expanded those which already
existed.
The Austrian Post-Office Savings Bank continued to develop favorably. Its savings deposits increased by 17,900,000 schillings ($2,-
266
MAY, 1931
FEDERAL RESERVE BULLETIN
519,000), or 20.3 per cent, to a total of 106,000, loan, which was 105.50 at the end of 1928 and
000 schillings ($14,914,000). At the close of 107.0 at the end of 1929, rose to 108.15 at the
the year deposits in its checking accounts close of 1930. The average quotation of the 7
amounted to 206,800,000 schillings ($29,097,- per cent mortgage bonds rose during the year
000), which is slightly less than at the close of from 96.03 to 97.08. Since the beginning of
1931 considerable activity has been shown in
the preceding year.
Money market.—The great liquidity prevail- the Austrian Government international loan of
ing in the international money markets was re- 1930, and its quotations have responded acflected on the Vienna market in large offers of cordingly. Quotations of the Austrian and the
short-term foreign funds. The Austrian Na- Swiss issue have risen above par since the midtional Bank was able to lower its discount rate dle of February, 1931, while most other issues
five times during the year—on January 25, are quoted at 1 or 2 per cent above the issue
February 11, March 22, May 24, and Septem- price.
Discounts.—The bill portfolio of the National
ber 10—by one-half of 1 per cent in each case.
Thus the official discount rate, which at the be- Bank was in smaller volume during the past
ginning of the year stood at 7% per cent, hasyear, while holdings of foreign bills were conbeen 5 per cent since September 10. The aver- siderably increased. The decline in the volume
age rate for the year was 5.7379 per cent as of discounts is chiefly the result of the recession
in business activity and of the fact that, espeagainst 7.3658 per cent for 1929.
The share market continued to be wholly in- cially in the second half of the year, part of the
active. The turnover in stocks and shares, as relatively cheap funds in schillings, procured
estimated by the Wiener Giro- und Kassen- by "swap" transactions, was available to the
Verein, showed a decline of 24.4 per cent. The market for discounting. The increase in holdindex of shares (including mining shares), com- ings of foreign exchange is in large measure due
puted by the Federal Office of Statistics, de- to the realization by the Government of the
clined from 1,530 in the middle of January to proceeds of the international loan of July, 1930.
1,295 in the middle of December. On the It should be noted, however, that as early as
other hand, securities with fixed yield showed the spring of 1930, prior to the flotation of the
a satisfactory improvement, especially during loan, and independently of credit operations on
the second half of the year. The quotation of the part of the Government, the influx of forthe Austrian issue of the League of Nations eign exchange was very considerable.
BALANCE SHEET OF THE AUSTRIAN NATIONAL BANK AS OF DECEMBER 31,
Resources
Schillings I Dollars *
(in thou- ! (in thousands)
sands)
Liabilities
Notes in circulation
Cash:
Gold coin and bullion
Foreign exchange 2 3
214,415
197,560
30,168 i Demand deposits
27,797
Foreign exchange not included in cash 3
Subsidiary coin
Bills discounted
_...
Advances on security..
Government debt
_
_.
Securities
Premises
Equipment
_
Machinery
___
Materials, etc
_
411, 975
517,859 i
2, 737
148,011
981 i
101,211 :
6, 790 !
6,335 i
520 !
275 !
569 !
57, 965
72,863
385
20, 825
138
14,240
955
891
73
39
Other resources:
Foreign exchange other than note cover.
Forward exchange
Sundry accounts
151,486 !
354 i
153,722 !
21,314
50
21,629
305,563 ;
42,993
Total other resources
Total resources
i Conversion at par: 1 schilling=$0.1407.
Under art. 85 of the statutes of the bank.
Dollars and pounds only.
a
a
1,502,825 I 211,447
1930
Schillings Dollars »
(in thou- (in thousands)
sands)
1,090,070
92,703
153,373
13,043
Capital
Surplus
Reserve against losses
Currency reserve
Pension fund
Interest carried forward in 1931..
Net profit
1,182,773
43,200
10,272
7,500
9,731
39,636
1,254
10,733
166,416
6,078
1,445
1,055
1,369
5,577
Other liabilities:
Foreign currency liabilities..
Foreign exchange per contra.
Sundry accounts
66,319
354
131,052
9,331
50
18,439
Total other liabilities
197,726
27,820
1,502,825
211,447
Total liabilities
_
176
1,510
MAY,
FEDERAL RESERVE BULLETIN
1931
267
ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY
The annual report of the National Bank of
Balance of payments.—In contrast to the
Hungary for 1930 was presented to the general agricultural situation and the position of the
public finances, the power of recovery shown
meeting of shareholders on February 3, 1931.
Selections from the report are given herewith:l by the country in face of altered conditions,
The decline of economic activity in Hungary, and especially of the difficulties in procuring
which became apparent in 1929, was aggravated foreign capital, was a gratifying surprise even
in 1930. The conventions signed in Paris on to those experts who were best informed reApril 28, after protracted negotiations, imple- garding the country's economic structure. The
mented the principles laid down at The Hague balance of payments during both 1927 and
in January and effected a final settlement of 1928 showed a deficit of some 500,000,000
the reparations question for Hungary. Al- pengo ($87,450,000), and in 1929 of more than
though these conventions cleared the political 200,000,000 pengo ($34,980,000). Thus in the
situation in central and eastern Europe, the three years the country's indebtedness to foranticipated economic benefits have not ma- eign countries increased by an aggregate of
terialized. Difficulties in the way of market- 1,200,000,000 pengo ($209,880,000). t In 1930,
ing farm products led to proposals for coopera- however, in spite of the increase in the intion with neighboring countries to the south terest service on foreign debts, the adverse
and southeast, where the situation is similar to balance probably did not exceed 100,000,000
that of Hungary; but these States undertook pengo ($17,490,000). In 1930 the volume of
to assist their own agrarian production by pro- foreign capital imported was considerably
tective customs duties, and in the course of the larger. The influx of capital in the form of
negotiations made demands which were either long-term credits amounted to about 85,000,unacceptable or difficult to meet. At the end 000 pengo ($14,867,000); and to about 175,of the year, therefore, the marketing situation 000,000 pengo ($30,608,000) in the form of
for farm products was considerably worse than medium-term loans, including the provisional
at the beginning. The depressed situation of State loan of £3,000,000 and various export
agriculture, for which no offset was to be found credits. It is probable, therefore, that such
in other branches of production, reduced the part of the total capital influx as was not renational revenue; and foreign capital, which quired to meet interest payments on foreign
might have afforded temporary relief, was loans not covered by a surplus of exported
commodities, was invested abroad or used for
available only in diminished volume.
repurchase of securities previously sold in
Budget position.—Under these circumstances foreign countries.
revenues of the State and of other public
The factor principally responsible for the
authorities declined. In contrast to previous
years, when budget surpluses of varying more favorable development of our balance
amounts were shown, the balance between re- of payments is the change in our foreign trade.
ceipts and expenditure in 1929-30 was effected It is true, indeed, that this change has been
only by the inclusion of certain nonrecurring due chiefly to the force of circumstances.
items under the head of departmental receipts. The difficulties in obtaining foreign capital,
The data so far made public for the second for example, restricted the financing of imhalf of the calendar year show a further decline ports. As compared with figures for the corin public revenues. It may be hoped, however, responding period of the previous year, imthat the measures taken for reduction by ports for the first 11 months of 1930 showed
45,000,000 pengo ($7,871,000) of expenditures a decline of some 23 per cent in value and of
already voted by Parliament will insure a some 15 per cent in quantity, whereas exports
balanced budget for the current year, and that showed a decline of only 8 per cent in value
the adoption of principles of economy will ob- and 2.5 per cent in quantity. This indicates
viate the need of further measures to increase that the country has made every effort to
adjust itself to the altered circumstances,
budget receipts.
partly by lowering its standards of living and
i Taken with some textual revision from the English translation fur- partly by increasing its productive capacity.
nished by the beink. The report contains in addition tables showing
Credit conditions.—The short-term money
the operations of the bank in detail, and sections dealing with the international situation, the situation of agriculture, industry and commerce, market experienced a considerable degree of
etc. For earlier reports see FEDERAL RESERVE BULLETIN, July, 1930,
relaxation in sympathy with the tendency
June, 1929, August, 1928, etc.
268
FEDERAL RESERVE BULLETIN
prevailing in the international markets; and
rates of interest declined during the year by
about 2}i per cent. The decline in rates
paid on deposits and in rates on foreign credits
offered to banks was slightly less, so that the
margin between rates of interest paid by the
banks and rates charged by them became
narrower. Funds were most abundant in
August and September, but toward the end
of the year reflected to some extent the stiffening of money rates throughout central Europe. During the entire year short-term
credits were freely offered from abroad, so
that for several months foreign credits were
cheaper—at times by nearly 1 per cent—than
rediscounting with the National Bank. Under
these circumstances, during the late summer,
banks sometimes discounted pengo bills at
rates below the official rate of the National
Bank. The downward trend of rates in the
money markets was reflected in the movement
of the official bank rate, which was lowered
four times by one-half of 1 per cent, from 7%
per cent at the end of 1929 to 5}i per cent in
May, and remained at that level to the end
of the year.
During the second half of the year there was
a decline in the number of insolvencies and
protested bills. Beginning with June the number of bills, and more particularly the amounts
which they represented, were considerably
below the figures for the corresponding months
of the previous year, due in part to the business
recession and the smaller demand for credit, to
the fall in prices, and to the cautious policy of
lenders. During September and October political events in central Europe led to some temporary withdrawal of deposits and conversion of
pengo balances into foreign currencies.
In the capital market conditions were less
favorable than in the money market, so that
the issue of the proposed large Government
loan had to be postponed. Although the
flotation of the provisional State loan of
£3,000,000 was an indication of confidence,
Hungary, as well as other countries of central
a,nd eastern Europe, was handicapped by the
situation in the leading capital markets, with
the result that Hungarian banking institutions
were unable to meet the demand for long-term
credit. It is true that, owing to the downward
trend of prices and the business recession, the
demand for capital was considerably less than
in 1929, as reflected in the fact that increases
of share capital of joint-stock companies aggregated nearly 50 per cent less than the year
before. The position of the Bourse reflected
similar influences. Quotations declined unin-
MAY,
1931
terruptedly, and at the end of the year were on
average 20 to 25 per cent lower than at the
beginning.
Gold and foreign exchange reserve.—Owing
to considerable improvement in the foreign
trade balance and to continued large-scale
offerings of foreign short-term credits, Hungary's international payments were more nearly
in balance than in previous years. This situation is reflected in the gold and foreign exchange reserve of the National Bank, which
showed
unusually slight fluctuations during the
37ear. The gold and foreign exchange reserve
reached its peak—217,900,000 pengo ($38,111,000)—on July 31, and its lowest point—
180,500,000 pengo ($31,569,000)—on April 23.
The difference between the highest and lowest
points was only 37,400,000 pengo, ($6,541,000),
whereas in 1929 the difference amounted to
73,700,000 ($12,890,000); in 1928 to 61,000,000
($10,669,000); in 1927 to 64,100,000 ($11,211,000); and in 1926 to 61,600,000 ($10,774,000)
pengo. During the first four months of the
year the reserve showed a downward tendency,
and then rose to its peak in July and August.
During the autumn it declined again as a
result of conditions in the central European
money markets. Toward the end of the year
the volume of foreign exchange representing
the proceeds of the provisional State loan
brought the reserve to about the same level at
which it had stood in January. On December
31 the reserve amounted to 206,400,000 pengo
($36,099,000), as against 209,800,000 pengo
($36,694,000) at the close of the previous year.
The position of the reserve was not a factor
in the four reductions of the bank rate during
the year, the rate being adjusted entirely with
reference to the situation prevailing in the international money market. The reserve in gold
alone showed but insignificant changes during
the year under review.
Discounts.—The volume of discounts was
considerably less than in the previous year.
This was due to two causes. The first was the
fact that the recession in business activity and
the fall of prices were accompanied by a parallel decline in the demand for means of payment, which led to a reduction of the demand
for bank credit. The second cause was the
continued withdrawal of Government deposits
with the bank, through which, instead of
through bank credit, part of the country's requirements for means of payment were supplied. During the first nine months of the year
there was a gradual decrease in the volume of
discounts, which declined from 329,500,000
pengo ($57,630,000) at the beginning of the
MAT,
1931
FEDERAL RESERVE BULLETIN
year to 163,200,000 pengo ($28,544,000) on
September 23—that is, by more than 50 per
cent. The change in the situation of the central European money market during September
led to a reduction in the foreign exchange reserve and to an increased demand for bank
credit at the time of the seasonal autumn
credit requirements, so that the volume of discounts rose during October and November.
The volume of discounts in November, 1930,
averaged only 21.6 per cent less than in November, 1929, whereas for the period May to
September the average was about 40 per cent
lower than in 1929, and in June was 43.4 per
cent lower. During the second half of October
discounts rose by 109,400,000 pengo ($19,134,000), while new discounts in the last week of
October were 76,000,000 pengo ($13,292,000)
in excess of bills maturing—the largest increase
during one week since the establishment of the
bank. These figures disprove the statement
that the bank followed a policy of credit restriction, for they show that the bank was always prepared to discount eligible bills. The
increased demand for bank credit in the autumn
reached its peak at the end of October, when
the bill portfolio amounted to 298,800,000
pengo ($52,260,000). Discounts at the end of
the year amounted to 297,700,000 pengo
($52,068,000), a decrease of 31,800,000 pengo
($5,562,000) as compared with the end of 1929.
The lessened credit demand is also reflected in
the generally shorter maturity of bills discounted.
The average maturity of discounted bills was 31
days, as against 36 days in 1929 and 39 days in
1928. Provincial and agricultural bills continued to gain in importance and averaged 65.9 per
cent of the total discounts, compared with 53.8
per cent in 1928 and 59.9 per cent in 1929. In
the past year very few warrants were presented
for discount. Only in January did warrants in
the portfolio of the bank reach the amount of
1,000,000 pengo ($174,900), and at times the
discounts included no warrants whatever.
The quality of the bills discounted with the
bank is attested by the fact that, in spite of the
number of insolvencies, not one of the bills discounted by us was dishonored during the entire
year.
Note circulation.—Note circulation was in
smaller volume than the year before. At the
end of June the withdrawal of 5-pengo notes
was begun, their place being taken in part by
newly-issued 2-pengo and 5-pengo silver coins.
As a consequence the note circulation was
from 7 to 10 per cent less during the second half
of the year than in the corresponding period of
1929. If the aggregate circulation of notes and
269
subsidiary coins is taken as the basis of comparison, the average decline in the circulating
medium for the year is 3.1 per cent. Notes
in circulation at the end of the year amounted
to 469,100,000 pengo ($82,046,000), which is
31,400,000 pengo ($5,492,000) less than at the
end of 1929, while the aggregate note and subsidiary circulation declined by 8,400,000 pengo
($1,469,000). The seasonal movement of
money in circulation during the year was unusual in only one respect, viz, that the monthly
averages reached their highest point in the
month of November, instead of in October, as
is usually the case—notwithstanding the fact
that the October end-of-month settlement day
involved an unusually large increase of 112,400,000 pengo ($19,659,000).
During the year demand liabilities declined
considerably—from 98,300,000 ($17,193,000)
to 66,800,000 pengo ($11,683,000). Mention
was made earlier of the sharp decline in Government deposits resulting from the changed
position of the public finances. With regard
to private deposits, it is worth noting that during the summer months these liabilities stood
at an unusually high figure as a result of the
plethora of money then prevailing.
Ratio of cover; State debt due to the bank.—
Owing to the decline of demand liabilities and
to the replacement of small notes by subsidiary
coins, the reserve ratio averaged 49 per cent,
or 6.1 per cent above the average for 1929.
The reserve ratio reached its highest level for
the year, 54.5 per cent, on September 23, and
the lowest, 40.9 per cent, on October 31. At
the end of the year the ratio was 43.8 per cent,
which^was 2.8 per cent higher than a year ago.
The State debt to the bank, which is to be
deducted from the circulation against which
reserves must be held, showed a decrease of
23,200,000 pengo ($4,058,000) during the year,
owing chiefly to the State's having been credited
with the amount of the seigniorage on the token
coins issued. The debt now stands at 64,300,000 pengo ($11,246,000).
Composition of circulation.—Eeference has
been made to the change in the composition of
the circulating medium, that is, the putting
into circulation as from June 25, 1930, of the
new 2-pengo and 5-pengo silver coins, and the
consequent withdrawal of the 5-pengo bank
notes dated August 1, 1928. The 5-pengo
notes were accepted as legal tender until
December 31, 1930; they will be exchangeable
at the offices of the National Bank until
December 31, 1933. The issue of the new type
of 20-pengo bank notes dated January 2, 1930,
was begun on November 20, 1930. At the
270
FEDERAL RESERVE BULLETIN
same time the withdrawal from circulation of
the older type of 20-pengo notes dated March
1, 1926, was begun, the period of withdrawal
expiring on May 31, 1931. For a further
period of 3 years the offices of the bank will
accept these notes for exchange.
MAT,
As a consequence of the putting into circulation of the 5-pengo and 2-pengo coins, the
circulation of subsidiary coins increased to
62,000,000 pengo ($10,844,000)—as against
39,000,000 pengo ($6,821,000) at the end of
the previous year.
BALANCE SHEET OF THE NATIONAL BANK OF HUNGARY AS OF DECEMBER 31,
Pengo Dollars 1
(in thou- (in thousands)
sands)
Resources
Metallic reserve:
Gold coin and bullion
Foreign bills of exchange and currencies included under art. 85 of the bank statutes
Token coin
162,652
28, 448
33, 638
10,139
5,883
1,773
Total metallic reserve
206,429
36,104
Domestic bills, warrants, securities
Advances on securities
State debt
Bank premises
_.
Other assets
297, 655
20
64 340
6,107
43, 936
52, 060
3
11 253
1,068
7,684
Note circulation:
Pengo notes
Crown notes
Total note circulation
Current accounts, deposits, and other liabilities
payable on demand:
Public
Private
Total.
Capital
Surplus
_
» Conversion at par: I pengo=$0.1749.
618, 488
108,174
Total liabilities. _
1930
Pengo Dollars i
(in thou- (in thousands)
sands)
Liabilities
_
Profits brought forward from 1929 and net profits
for 1930
Profits carried forward to 1931
Other liabilities
Total resources
1931
468, 961
189
82,021
33
469,150
82,054
32, 826
33, 936
5,741
5,935
66, 762
11,677
34, 756
8,119
6,079
1,420
8 285
1 212
30, 203
1 449
212
5,283
618, 488
108,174
MAY,
1931
FEDERAL RESERVE BULLETIN
271
ANNUAL REPORT OF THE BANK OF POLAND
The annual report of the Bank of Poland
for 1930 was presented to the general meeting
of shareholders on February 24, 1931. Sections of the report dealing with financial and
economic ] conditions in Poland are given
herewith:
The world crisis which began in 1929 became
very acute in 1930. Its most striking characteristics were the decline in prices, a general
falling off in production, widespread reduction
in purchasing power, the decrease in fiscal
revenues, and a considerable advance in the
number of unemployed. Although Poland is
preeminently a producer of those raw materials
and agricultural products which were most
seriously affected by the crisis, it showed great
power of resistance. The economic progress
of the country w^as retarded, it is true, but not
stopped. Although fiscal receipts declined,
the Treasury kept its monthly budgets in
equilibrium through reduction of expenditures.
The merchandise balance was favorable and
showed improvement in the quality of both imports and exports. The Bank of Poland made
every effort to counteract the depression, particularly along the line of credits to agriculture.
During the second half of the year, as a result
of its intervention, these credits reached a level
almost equal to that of 1929 in spite of the
business recession.
Trade balance.—The year 1930 closed with
a favorable surplus in the trade balance for
the first time since stabilization of the Polish
currency in 1927. The value of exports from
Poland declined by scarcely 13 per cent,
whereas imports declined by 28 per cent, the
excess of exports for the year amounting to
187,400,000 zlotys ($21,026,000). The decline
in imports was occasioned by the small inflow
of foreign capital into Poland as compared
with preceding years, the excellent harvests
which made it possible to reduce imports of
foodstuffs, and, finally, the tendency to substitute domestic products for certain foreign
commodities. As during previous years, more
than 50 per cent of the total exports were sent
to Germany, England, Austria, and Czechoslovakia, while more than 50 per cent of the
imports came from Germany, England, the
United States of America, and Czechoslovakia.
Exports to Germany declined, while those to
England increased.
1 The report, available in French, contains in addition a review of the
international situation, sections on the money market, agriculture, industry, transportation and personnel, and a number of tables showing
the operations of the bank in detail. For earlier reports, see FEDERAL
RESERVE BULLETIN, June, 1930, April, 1929, May, 1928, 1927, 1926, etc.
In comparison with the year before, an improvement was noted in the quality of imports
and exports. The average value of a ton of
exports showed no recession in spite of the
marked price decline of a number of exported
commodities, and was maintained at 120
zlotys as in 1929; on the other hand, the value
of a ton of imports rose from 609 zlotys to 627
zlotys as compared with the year before.
Finances of the Government.—The fiscal
year which closed on March 31, 1930, marked
the end of a period of increase in the general
expenditures of the Government. Actual
revenues were maintained approximately at
the level of the previous year and exceeded
estimates by 2.3 per cent, whereas actual
expenditures were only 1.7 per cent in excess
of budgetary estimates. On final account the
fiscal year 1929-30 closed with a budget surplus
of 38,400,000ezlotys ($4,308,000).
Budget estimates for the year 1930-31 were
based on the results of the fiscal year 1929-30.
Estimates of revenues were placed slightly
above the actual revenues of the previous
year, whereas estimates of expenditure were
slightly less than the corresponding figures for
1929-30. As a result of continuing the system
of monthly budgets and of reducing expenditures, the equilibrium of the budget has been
steadily maintained, and the Government has
even been able to obtain each month a slight
surplus of revenue over expenditure.
Budget estimates for the year 1931-32, as
presented to the Diet, were as follows: Revenues, 2,890,000,000 zlotys ($324,258,000); expenditures, 2,886,000,000 zlotys ($323,809,000).
These figures, it will be noted, are slightly
higher than those for the two previous years.
For the purpose of encouraging private
initiative in the construction of buildings, the
Government in June issued a domestic loan at
3 per cent in the amount of 50,000,000 zlotys
($5,610,000). The loan was well received and
considerably oversubscribed.
Foreign credits.—The situation in the international money market created conditions by
no means favorable for the flotation of longterm loans. It was not until the end of the
year that the Minister of Finance, in extending
the term of the match-monopoly concession,
was able to float a foreign loan at 6% per cent
in the amount of $32,000,000. The yield of the
loan will not be available until some time
during 1931.
Some progress, however, was shown in the
movement of short-term capital between for-
272
FEDERAL RESERVE BULLETIN
eign markets and Poland. The Bank for International Settlements, which was organized in
May, established relations with the Bank of
Poland in June, and invited it to participate in
the subscriptions to the bank's share capital.
The Bank of Poland subscribed for 4,000 shares
at 2,500 Swiss francs per share, and paid 25 per
cent of the amount subscribed, in accordance
with the statutes of the Bank for International
Settlements. The increasingly close cooperation with the Bank for International Settlements, which invested some of its resources in
zlotys in the Polish market, was especially
valuable and helpful to this country.
Foreign short-term capital continued to be
offered but was not fully utilized. Inasmuch
as the demand for working capital had declined
with the increasing severity of the economic
crisis, the banks and industrial and commercial
enterprises endeavored to liquidate any foreign
credits that were not indispensable. Credits
for merchandise were also liquidated to a great
extent. On the other hand, credits extended to
foreign buyers by Polish exporters were increased
in order to stimulate exports. These factors had
an unfavorable influence on the balance of payments, and resulted in drafts on the foreign
exchange holdings of the Bank of Poland.
Reserve position of the bank.—The reserves
in gold and foreign exchange eligible as cover
declined during the year by 268,400,000 zlotys
($30,114,000). The gold and foreign exchange
cover against notes in circulation and other
demand liabilities of the bank, at the end of
December, was 55.29 per cent, or 15.29 per
cent above the legal minimum prescribed in the
statutes.
The metallic reserves increased until August
by 2,900,000 zlotys ($325,400). In September
the bank exchanged part of its gold bars abroad
to the value of 141,600,000 zlotys ($15,888,000)
against balances in foreign exchange. This
measure was taken in order to reestablish a
better proportion between the reserves in gold
and those in foreign exchange. At the end of
the year the metallic reserves amounted to
562,200,000 zlotys ($63,079,000).
The purely metallic cover declined throughout the year, closing at 36.54 per cent at the
end of 1930; this was 6.54 per cent above the
minimum required by the statutes of the bank.
The proceeds from interest on foreign balances of the bank underwent a reduction, owing
as much to the smaller volume of balances held
as to the decline of interest rates in most of the
leading foreign markets. While in 1929 the
rate of interest payable to the bank on time
deposits abroad fluctuated between 4% and 6%
MAT,
1931
per cent, the average rate of interest in 1930
declined from 4.3 per cent at the beginning of
the year to 3.5 per cent in March, to 2.5 per
cent in July, and stopped at 2% per cent in
August. The proceeds from interest on foreign
balances and discounts in 1930 was 16,400,000
zlotys ($1,840,000), as compared with 26,300,000 zlotys ($2,951,000) in 1929.
Exchange.—The fluctuations of the exchange
rate of the zloty in the Warsaw market were
unimportant. The cable rate on New York
was 8.899 zlotys to the dollar at the beginning
of the year, 8.922 in February, and fluctuated
thereafter between 8.91 and 8.924 zlotys—
that is, not more than iy2 per cent. The rates
of the other exchanges depended on fluctuations
of the cable rate on New York in the important
foreign markets.
Money in circulation.—Several factors influenced the volume of money in circulation.
Withdrawals from the foreign exchange holdings of the Bank of Poland for which the bank
received its own notes in return, as well as the
lessened demand for credit, tended to reduce
the circulation. On the other hand, the cashing
of the demand deposits of the bank tended to
increase it. As a result of these two opposing
influences, the total circulation during the firstsix months of the year showed no fluctuations
of any importance but followed a course parallel with the growth of the securities portfolio.
At the end of October the circulation of bank
notes amounted to 1,408,400,000 zlotys ($158,022,000), an increase of 16,200,000 zlotys
($1,818,000) over the end of October figure for
last year, which was the peak for 1929. At
the same time the aggregate circulation of bank
notes and specie issued by the treasury
amounted to 1,647,100,000 zlotys ($184,805,000), the highest figure for the year. Beginning
with November the total circulation declined
and at the end of December amounted to
1,569,200,000 zlotys ($176,064,000), as compared with 1,599,700,000 zlotys ($179,486,000)
at the end of 1929.
Credit policy.—Credit operations of the Bank
of Poland were influenced by the business
depression. During previous years the portfolio of the bank showed a continuous rise,
more or less rapid according to the volume of
its reserves in gold and foreign exchange.
During the first six months of the past year,
however, in spite of the facilities extended by
the bank, the demand for accommodation
declined steadily because of the scarcity of good
commercial bills eligible for discount, which in
turn resulted from the recession in the volume
of production and business turnover. As a
MAT,
result of the general decline of money rates,
and in order to follow the policy of gradual
reductions in discount rates of the other banks
of issue, the Bank of Poland reduced its official
rate on January 31 from 8}i to 8 per cent; on
March 14 to 7 per cent, and on June 13 to 6}£
per cent. The rate on advances against collateral was similarly reduced to 9 per cent, 8
per cent, and 7}i per cent.
During the second half of the year rediscounting operations increased as the result of a
growing demand for loans on the part of
farmers as well as of a considerably larger
registration of grain as security for loans.1 Credits
of this type, included in the general discount
operations, were granted on the basis of 60
per cent of the value of the wheat, whether
threshed or not, and at the end of the year
aggregated 55,400,000 zlotys ($6,216,000). At
the end of September the large transfers of
foreign exchange and the marked increase of
the bill portfolio—movements which threatened
to become accentuated—made a policy of
caution desirable. In these circumstances the
official discount rate was raised (on October
3 from 6K to 7}i per cent), and at the same time
the bank adopted a more strictly selective
policy with regard to bills presented for discount. At the end of October a new measure
was adopted limiting the maturity of rediscounted bills to a maximum of 75 days.
1 See annual report of the Bank of Poland for 1928, in FEDERAL R E SERVE BULLETIN, April, 1929, p. 276.
Special treasury reserve.—The special treas"
ury reserve of 75,000,000 zlotys ($8,415,000),
provided under the stabilization plan, was liquidated in November in agreement with the
financial adviser, and was allocated to the
following uses: 25,000,000 zlotys ($2,805,000)
for repayment of the noninterest-bearing credit
of the Bank of Poland to the Government;
25,000,000 zlotys to the account of the treasury
for strengthening its cash reserves; and the
remainder to the account of Government funds
allocated to economic development. These
latter funds at the end of the year amounted to
198,600,000 zlotys ($22,283,000), while capital
appropriations drawn from these funds
amounted to 198,400,000 zlotys ($22,260,000).
Profits of the bank.—Profits of the bank for
the past year represented a total of 71,100,000
zlotys ($7,977,000) and were 26,600,000 zlotys
($2,985,000) less than the profits for 1929.
The difference between the results for the two
years is owing to a decline in the volume of
discounted bills, lowering of the interest rate
of the bank, a decline in the aggregate of the
foreign balances of the bank as well as the
lower yield of interest on these balances, which
was due to the general reduction of money
rates in New York and almost all the financial
centers of Europe. The share dividend for
1930 was fixed at 15 per cent. Shares of the
second issue, all of which are the property of
the treasury, carried a dividend of only 10 per
cent, as provided in the stabilization plan.
BALANCE SHEET OF THE BANK OF POLAND AS OF DECEMBER 31,
Zlotys I Dollars 1
(in thou- ! (in thousands)
sands)
Resources
Gold reserve:
Gold in vault
Gold held abroad
.!
484,849 !
77,396 |
!
562,244 '
288,417 I
Foreign exchange included in the reserve.
124,268 ! 13,943
12,160 ! 1,364
672,047 i 75,404
86,344 I 9,688
991
8,835 i
86, 565 I 9,713
4,218
37,598
20,000 ! 2,244
Bank participations:
In printing offices for bank notes and securities
In the Polish Wheat Elevator Co
In the Bank for International Settlements
15, 500
3,000
4,300
1,739
337
482
Suspense accounts of branches and agencies..
Miscellaneous assets
22,800 !
3,903 j
43,497
2,558 !
438 j
4,880 i
Total resources
Conversion at par: 1 zloty=$0.1122.
_
1930
Liabilities
Notes in circulation
54, 400
8,684
63,084
32, 360
850,662 i 95,444
Foreign exchange not included in the reserve
Polish silver and copper coin
.
Bills discounted
Advances on securities
_._
__
Securities
Assets in which the surplus of the bank is invested.
Assets of employees' pension fund
Bank premises
_
1
273
FEDERAL RESERVE BULLETIN
1931
; 1,968,678 | 220,886 I
Demand deposits:
Treasury current account
__
Other current accounts
Treasury account for purchase of silver
:
Government funds allocated to economic
development
Other demand liabilities
Capital
Surplus
Employees' pension fund
Reserve for costs of printing bank notes.
Net profits
Unearned discount on bills
Miscellaneous suspense accounts
Total liabilities
Zlotys I Dollars l
(in thou- ! (in thousands)
sands)
1,328,198
149, 024
26, 643
162, 415
13,000
2,989
18, 223
1, 459
144
8,120
16
911
210,322 !
23,598
150,000 >
114,000 j
38,996 :
2,000
33,154
7,032
84, 976
16,830
12,791
4, 375
224
3,720
789
9, 534
1,968,678 '
220,886
274
FEDERAL RESERVE BULLETIN
MAY,
1931
ANNUAL REPORT OF THE BANK OF NORWAY
The annual report of the Bank of Norway
for 1930 was submitted to the general meeting
of shareholders on February 16, 1930. The
address of Mr. N. Rygg, governor of the bank,
contains the following discussion of the depression as it affects Norway and of the credit and
banking situation:*
Money market and interest rates.—The outstanding characteristics of the }7ear 1930 were
the easier conditions prevailing in the shortterm money market and the decline in rates of
interest. It would be inaccurate to say that
the position of the Norwegian market was
easy, inasmuch as the volume of bank deposits
showed a further decline as compared with the
previous year, the influx of foreign funds was
inconsiderable, the demand for funds was increasing, and a portion of the available funds
sought investment abroad, where it was possible to obtain up to 5 per cent for short-term
money.
The foreign exchange market was tight during the early part of the year, and the stocks
of foreign exchange held by the bank were considerably reduced. On January 1 these stocks
amounted to 66,000,000 kroner ($17,688,000),
but at the end of February they had fallen to
34,500,000 kroner ($9,246,000).
On February 6 the Bank of England reduced
its discount rate from 5 to 4K per cent, and by
successive reductions in the next three months
lowered it to 3 per cent. The example of England was followed by other countries. This
action helped to relieve the pressure in the
Norwegian market, since investments abroad
no longer offered the same attractive conditions.
In spite of this relief, however, the market continued to be inadequately supplied with funds.
On March 21 the bank lowered the discount
rate from 5 to 4% per cent, and again on November 7 to 4 per cent, which is the lowest rate
on record since 1898.
At the end of the year the Norges Bank held
foreign exchange in the amount of 71,200,000
kroner ($19,082,000). To this amount should
be added the holdings of the other banks, representing 75,000,000 kroner ($20,100,000), making a total of 146,200,000 kroner ($39,182,000),
as compared with 151,000,000 kroner ($40,468,000) at the close of 1929. Since the curi Taken with some textual revision from the English translation of
the governor's address, published in abbreviated form in the February
Bulletin of the Bank of Norway. The full text of the report, available
in Norwegian, gives in addition a number of tables showing the detailed
operations of the bank, and a discussion of the international situation,
various Norwegian industries, etc. For earlier reports, see FEDERAL
RESERVE BULLETIN, June, 1930, August, 1929 and 1928.
rency has been stabilized, the stocks of foreign
exchange held by others than the Norges Bank
are of more importance than before. In many
instances a decline in the foreign exchange
holdings of the Norges Bank means only that
foreign exchange has been transferred to other
banks. Such transfers may be fairlylarge. The
significant figure is, of course, the aggregate
stock of the Norges Bank and other banks.
Capital market.—Rates for long-term loans,
or bonds, have for some time been at a higher
level
everywhere than was the case before the
wrar. At present there is a definite downward
trend, which has been accelerated by reductions in discount rates, and is of great advantage. In this advantage Norway shared during the spring of 1930, when the conversion of
a Government loan was negotiated at 5 per
cent, and more recently, when another conversion was carried through at 4% per cent.
Neither of these conversion operations could be
assured in advance of a successful issue, and
doubts were freely expressed
as to their feasibility. The results wTere achieved by taking
advantage of opportune times and conditions,
and have themselves helped to accelerate the
downward trend in long-term rates.
Rates for mortgage loans are also showing a
gradual decline, and should become still more
moderate.
Depression in Norway.—It was impossible
that the international economic crisis should
fail to reach Norway. In the spring of 1930
unmistakable signs of depression became visible
in industry, and banks were affected by the
price changes, the reduced volume of trade,
and other manifestations of the crisis. The
effects will no doubt be still more widely felt.
But even under these circumstances it should
be remembered that in Norway the crisis is
making itself felt with far less severity than in
most other countries. Reasons for this are to
be found in the economic conditions which are
peculiar to Norway, the methods of capital
accumulation, and the manner in which production has developed. Production as a whole
has been less rapidly expanded in Norway than
in other countries, and has developed more
evenly. The country has engaged in activities
which do not offer vast opportunities for profit,
but yield a stable return. The country has
concentrated on those activities for which it is
best suited; that is, in which it has a relative
advantage. The most remarkable development has taken place in agriculture, and the
area under cultivation has in recent years shown
a great expansion. The output of fodder has
increased considerably, and the stock of domestic animals is growing. Mention should be
made of the remarkable growth of the merchant
fleet, which has attained a still higher degree of
competitive efficiency. Finally, there has been
an extraordinary development in whaling, in
which, possibly, there has been overexpansion.
On the other hand, the growth of unemployment presents a serious problem which requires
solution. There is evident need to reduce production costs. On balance, the situation is
sufficiently serious to induce everyone to look
beyond conflicting interests of minor importance, to build up a community of interest, and
endeavor to aid the progress of Norwegian production to the utmost.
Advances.—The Norges Bank is prepared to
lend its assistance in developing production.
Advances to commercial banks at present are
not in large amount, but this state of things
may change. In a country where the banking
system is so decentralized, and where many
local banks are dependent on special industries,
it is necessary for the central bank to be prepared for fluctuations in the volume of its
advances. The bank will, accordingly, have to
maintain reserves to meet such demands. The
direct contact with private customers will
always constitute a very important part of the
bank's operations. Such loans are granted
chiefly through the medium of the branches.
It is, of course, self-evident that the Norges
Bank can not make advances against mortgages. These are outside the functions of a
bank of issue and should be made by other
institutions.
With such exceptions, the bank is prepared
to meet demands from all branches of business
and all industrial groups as a supplement to the
facilities which other institutions are in a position to grant. It is necessary for the bank to
spread its loans and to maintain contact with
every branch of the national production and
with business of every size. Its aim is to build
up a portfolio of first-class paper with complete
impartiality.
BALANCE SHEET OF THE BANK OF NORWAY AS OF DECEMBER 31,
Resources
Kroner Dollars l
(in thou- (in thousands)
sands)
Gold.
Foreign banknotes
Due from foreign banks
_.
Foreign bills
_
_
Other foreign exchange.Domestic bills
_.
Advances on collateral
Advances on current account
Mortgage loans
_
Negotiable bonds
_
Other securities
Overdue bills
Interim expenses.
_
Stamps
Capital adjustment account
_
Furniture and fixtures (taxes at 7,327,820 kroner).
Other assets
_.
_
146,427
60
24,108
11,993
4,176
106, 748
2,845
49,832
158
47,123
11,052
23, 389
36
11
3
6,6S0
1,790
Total resources exclusive of contra accounts
Subsidiary coin...
_
Guaranties
434, 644
5,739
41
116,485
1,538
11
440,424
118,034
Total resources1
275
FEDERAL RESERVE BULLETIN
MAY, 1931
Conversion at par: 1 krone=$0,268.
1930
Kroner Dollars i
(in thou- (in thousands)
sands)
Liabilities
Notes in circulation
39,242
Demand deposits
16
Checks
_
6,461
3,214 ! Collection accounts
1,119
Mortgage debt
_
Capital
_
28, 608
Surplus
_
762
13, 355 Reserve for losses
Reserve for stabilizing dividends .
42
Reserve for construction
12, 629
Dividends unpaid
2,962
6,268
Total liabilities exclusive of contra accounts _
10
Subsidiary coin account of the treasury
3
1
Guaranties
-
Total liabilities
311,563
65,191
274
151
97
35,000
15,432
2,838
550
690
2,858
83,499
17,471
73
**40
26
9,380
4,135
761
147
185
766
434,644
5, 739
41
116,485
1,538
11
i 440,424
118,034
276
FEDERAL RESERVE BULLETIN
M A Y , 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 June, 1930, p. 372]
Month
Total
(45
countries)
ArUnited genStates tina
1930—March
April
May
June
July
August
September..
October
November..
December...
1931—January
February
M a r c h . . . _.
April
10,505
10,569
10, 613
10,675
10, 709
10, 791
10, 829
10,862
10,902
1Q. 915
10K964
»ll,011
"11,071
4,061
445
4,131
442
4,159
441
4,178
440
4,160
430
4,148
434
4,159
434
4,184
429
4,220
417
4,225
412
4,285
397
4,309 "392
4, 343 "378
» 4,373
^2f"! Bel- [ Bra- Can- Eng- France Germany
ft" | glum 1 zil ada land
126
109
91
97
97
97
98
79
75
75
75
75
76
'
I
,
:
;
164 127
164
90
167
90
167
89
167
80
168
69
173
65
180 . *37
180
23
191
15
191 ,
8
197
0
200 •
0
,
i
i
i
i
1
79
79
80
81
94
100
110
122
129
110
92
92
"92
759
1,668
795
1,660
765
1,717
768
1,727
746
1,775
759
1,852
766
1,899
782
1,992
767
2,037
722
2,100
682
2,176
689
2,192
703
2,200
"716 " 2,180
595
611
617
624
624
624
590
519
519
528
535
544
553
'564
j 29
NethSwitS.! other
erSpain zer- U.
lands i
land S.R. jcoun*
tries
India
Italy
Japan
128
128
128
128
128
128
128
128
128
128
128
128
135
274
274
274
274
274
275
278
278
279
279
279
279
279
453
443
434
434
440
433
431
414
409
412
415
417
415
174 !
174: i
174 I
174 |
157 '
157 i
157 !
171
171
171
175
179 !
179 ;
476
477
477
477
477
477
478
478
474
471
466
466
467
181 L
108
112
112
112
118
123
123
128
130
138
126
124
124
156
167
713
712
709
702
701
698
6S9
691
177 i
203
233
249
249
249
249
249
249
685
"678
259
259 !.
,
» Preliminary, based on latest available figures.
* No complete return of central gold holdings in Brazil is available for any date later than September 30, 1930; later figures shown represent
gold holdings as of that date with deductions based on amounts of Brazilian gold subsequently received in the United States and Great Britain.
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. The 16 countries here shown separately
include all those which have held gold in recent years to the
amount of $90,000,000 or more. Figures are for central banks only except as followrs: United States—Treasury and Federal reserve banks; Argentina—
Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Canada—Government reserve
against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—paper currency and gold
standard reserves of Government.
GOLD MOVEMENTS
[In thousands of dollars]
Germany
United States
Month
1930—March
April
May
June
July
August
September....
October
November
December
1931—January
February
March
Imports
j
I
i
I
_.i
'
i
'
!
55,768
65,835
23,552
13,938
21,889
19,714
13,680
35,635
40,159
32,778
34.426
r
, 16,156
25,661
Exports
Net
I
290
55,478
110
65,725
82
23,470
26
13,912
41,529 -19,640
39,331 -19,617
11,133
2,547
26,368
9,267
35,151
5,008
361 32, 742
54! 34,372
141 '16,142
26! 25,635
Imports
Exports
Netherlands
Great Britain
Net
Im- I Exports ! ports
10,708!
2661 10,442 38,2581
18,617
280! 18, 337! 42, 7411
7,096
245 6,85li 45,388
7,529
259
7, 2701 13, 747
227
1,414
1,187i 24,646
210
1,545
1, 335i 24, 201
1,967 25,358 -23,391, 22,339
3,162 96, 677 -93, 514; 45,416|
273
1,458
1,185, 41,199|
274 9, 250 i 43,124
9,524
287 11,965 i 35,304
12,252
237 12,098i 31, 335
12,335
479 10,598i 22, 829
11,077
12,826
14,828
61,134
20,659|
40,335
21,390
20,245
34, 754
43,164
78,507
78,774
28,892
16, 377
Imports
Net
25,432
27,913
-15,746
-6,912
-15,709
2,811
2,094
Exports
89
81
75
34
48
281
81
10
21
19
11
16,587
8
13
199
115
39
52
167
215
10,662 12,338
— 1,965
150
42
-35,383
301
-43,470
59
2,443
59
6, 452
79
60
56
23
-16.539
273
68
12,139
35
3
249
-109
-155
South
Africa
India
Net
Net
3,447
6,953
6,452
0,204
3,404
13,461
3,568
667
1,323
681
-286
880
-13,777 i
-18,134!!
-22,798
-18,190!
-22,4151
-18,708;
-17,149!
-20,269;
-18,762i,
-16,966|
—21,0051
-18,482!
-17,557.
' Revised.
MOVEMENTS TO AND FROM BRITISH INDIA
[In thousands of dollars]
MOVEMENTS TO AND FROM GREAT BRITAIN
lln thousands of dollars]
1931
From or to—
March
1931
1930
January-March • Calendar year
From or to—
i
I
I
i
I
Imports Exports Imports I Exports; Imports Exports
France
Germany
43
Netherlands
Spain and Canaries.
Switzerland
UnitediStates
South America
112
British India
Australia
365
New Zealand
\
1
Egypt
Ehodesia
395
Transvaal
i 20,620
;
West Africa
367
All other countries.. j
922
Total
22,829
98,650 ' 1,470 270,301
4,303 ,
78,842
7
314 !
19
1,000
595 29,229
1,610
1,340
23,190
283
10 57,944
49
867 ;
1
8,178
116,417
2
J
127
219 !
94
5,197
203,513
11
1
5,075
17,745 2,441
14, 764
England
United States
Aden and dependencies
Arabia.- - British Oceania
Bahrein Islands *..
Ceylon
China
Mesopotamia
Straits Settlements..
Egypt
,
Natal
All other countries..
Total
124,043 421,725
398,040
February
Imports
Exports
1930
January
Imports
323
157
22
48
81
163
94
16
211
22
37
38
113
17
Calendar year
Exports
Imports
1,181
8,848
1
138
49
247
880
895
1,181
650
759
8,053
196
2,718
3,670
2,402
2,828
1,177
26,513
39
57,854
Exports
167
14
182
MAT,
277
FEDERAL RESERVE BULLETIN
1931
FOREIGN EXCHANGE RATES
[MoDthly averages of daily quotations; based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Country
1931
Par i_
of ex-
Monetary unit
mary
March
April
Country
Monetary unit
1931
Par
of exchange
March I
ruary
April
SOUTH AMERICA
Austria
Belgium...
Bulgaria
_
CzechoslovakiaDenmark
England
Finland
France
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Rumania
Spain
Sweden
Switzerland
U. S.S. R . » . _ Yugoslavia
Schilling.
Belga
Lev
Crown.
Krone..
Pound,..
Markka..
Franc-.
Reichsmark.
Drachma
Pengo
Lira
Florin,.
Krone
ZIoty
Escudo
Leu
Peseta
Krona,
Franc.
Chervonetz
Dinar
14.07! 14. 0544
13.90! 13. 9410
.72!
.7178
2.961
2. 9598
26. [ 26. 7454
486.65 485. 8389
2.52
2. 5178
3.92
3. 9197
23.82 23. 7693
1. 301 1.2946
17. 49; 17. 4000
j
I
J
|
I
j
14.0568
13. 9039
. 7174
2.9619
26. 7503
14.0552
13.9294
.7173
2. 9624
26. 7458
485.8293 485.9863
2.5177|
2.5172
3.9138
3.9104
23.8072 23.8105
1.2943
1. 2945
17.4411 17.4368
5.2e!
5. 2350
5.2360
5.2383
40. 20| 40.1378
40, C869 40.1391
26.80 26. 7462
26. 7501 26. 7530
11. 22; 11.2025
11.1931 11.1929
108. 05:
4. 4854
4. 4782
4.4823
I
.5942
. 5948
. 594
.60
10. 4736
19.30 10.1853! 10. 7298
26.80; 26. 7707J 26. 7775
26.7758
19.30| 19. 2934
19. 2429 19. 2559
514.60;* 515. 0000 «515. 0000 515.0000
19. 30|
1. 7633
1. 7537
1. 7585
Argentina
Bolivia i
Brazil
Chile
Colombia
Ecuador»
Peru*
Uruguay
Venezuela *
Peso
_
Boliviano
Milreis
Peso
do
Sucre
Sol
Peso
Bolivar
96.48:
36. 50!
ll.fi
12.17!
97.33i
! 20.00!
40.001
103.42]
19. 30';
71.9416
36. 7500
8. 5601 •
12. 0673
96. 5700
20. 0000;
27.8750
69. 0778'
18.1364:
78.0406
36. < 500
7.8897
12.0632
96.5700
20.0000j
27.8635!
73.36171
18. 0000'
76. 4629
36.7500
7.2668
12.0628
96. 5700
20.0000
28.3461
67. 7199
16. 9984
20.8153
28. 9578!
20. 8390:
22. 66731
35.9374
49. 4054
40.1409
56.0028
22. 7936;
31. 59861
22.7948;
24.5297
36.0805!
49.3656:
40.0904!
56.06151
22. 5646
31.0951
22.4949
24. 3312
36.1028
49.3601
40.1312
56.0462
\
ASIA
China*
China*
China»
Ilong Kong 1 .,.
India
Japan
_.
Java *
Straits Settlements.
Turkey
Mexican dollar.. 22.46;
Shanghai t a e l . . . 30. 97|
Yuan dollar
21.97|
Dollar
.., 22. 30i
Rupee
! 36.50;!
Yen
j 49.85
Florin
I 40.20j
Singapore dol- j 66.78'
lar.
Turkish pound..| 439.65
47.1255
AFRICA
NORTH AMERICA
Canada..
Cuba
Mexico
Dollar
__ Peso
.do.
100. OOi 99.9761!
100.00' 100.0196!
| 49.85J 46.1950|
99.9517
99. 9248
47.4843
99.9789
100. 0238
47.3546|
Egypt
E g y p t i a n pound
494.31 j 498,2255;
I
i1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
Chervonetz quotations nominal.
a
Silver currency. The figure given for parity represents gold value of unit in April, 1931, computed by multiplying silver content of unit
by New York average price of silver for April, 1931, which was $0.28589 per fine ounce. On the same basis, parity in April,; 1930, for the ChineseMexican dollar was 33.58 cents; for the Shanghai tael, 46.30 cents; for the Yuan dollar, 32.84 cents; and for the Hong Kong dollar, 33.34 cents.
Back figures—See BULLETIN for January, 1931, 1930, 1929, and 1928.
BANK FOR INTERNATIONAL SETTLEMENTS
[Amounts in thousands of dollars; converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930]
1931
Resources
January j ruary
Cash on hand and on current account with
banks...
Demand funds at interest
1,099 |
16,505!
Rediscountable bills and acceptances (at
i
cost):
:
!
Commercial bills and bankers' accepti
ances....
66,965 i
Treasury bills
35,789 j
Total
Time funds at interest:
Not exceeding 3 months.
Over 1 year
Total..
Liabilities
Feb-
: 102,754
M.'irch
Short-term deposits:
Central banks for own accountDemand
Time;
Not exceeding 3 months._
Between 3 and 6 months _.
j
!'
Total..
00,997!:
1,3111 1, 397 j
10,892, 35, 952 ;:
;
j
;
82,866,
33,708 26,653 i
116,575; 117,651 |
139, 367 ! 139, 662 164,184
31,312
50,261,
2,468
61,002
60,019
112,022: 107,150 95,560
1,099
1,100
1,1961
159,115; 169,251 156,679
Central banks for account of o t h e r s Demand
35,306
36, 761
56, 393
TimeNot exceeding 3 months
Between 3 and 6 months
29,064
24.063;
29,041
41,477i
68,656
1,014
Total
29,050 !
7,176 i
30,867!
7,173:
Total
Other resources..
36,226
2,369
38,041 j 42, 960
2, 440:
2, 310
45,897;
March
j
88,433;
107,278; 126,063
j
1
j
43:
44
44:
1, 688 •' 2,662
170,679 I 189,923 166,652
Sundry investments (at cost):
Not exceeding 1 year
Over 1 year
Total resources..
1931
Feb(January!
ruary
35,603 !
7,297 j
.j 329,631 I 359,181 j 366,922
Other depositors:
Demand.-Time—Not exceeding 3 months
Long-term deposits:
I
29, 770! 29, 891
A
u y trust
rust account
ccot
Annuity
I 29,779
German Government d e p o s i t j 14,890 14,885 j 14,945
13,273; 13.294
French Government guaranty fund
13,277
57,928 £8,130
Total
C7,945i
19,855!
19,8551 19, 915
Capital paid in
2,557.
3,138
3,429
Other liabilities
329,6311 359,181} 366,922
Total Liabilities
278
FEDERAL RESERVE BULLETIN
MAT,
1931
CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, pp. 81-83]
Resources of banking department
Gold (in
issue
depart-1
ment)
Bank of England
Cash reserves
Coin
Millions of pounds sterling:
1931—Feb. 25
?.far. 25
Apr. 29
Millions of dollars:
1930-Mar.26
Apr. 30
May 28
June 25
July 30
Aug. 27._
Sept. 24
Oct. 29__
Nov. 26....
Dec. 31
1931—Jan. 28__
Feb. 25
Mar. 25
Apr. 29
_.
140.8
143.6
146.4
Notes
Discounts
and
advances
53.2
54.8
56.5
306
314
297
284
214
283
295
311
318
189
256
259
267
275
755
795
765
763
741
754
761
776
762
718
679
685
699
712
Liabilities of banking department
Notes
in circulation
Securities
Deposits
Bankers'
64.4 i
52.1
56.7
8.5
11.4
7.2
283
337
278
312
360
347
305
292
277
510
306
313
254
276
30
33
33
77
33
31
28
21
30
238
47
41
55
35
347.7 i
348.8 !
349.8 |
]
1,714
1,746
1,733
1,745
1,793
1,756
1,731
1,731
1,709
1,795
1,688
1,692
1,697
1,702
i
Resources
Bank of France
Gold
Public
Liabilities
Deposits
i Notes in
' circula- Governtion
Other
ment
;
Foreign Domestic Security Negotiablese- j
loans
bills
exchange
curities * I
Other
liabilities
Millions of francs:
1931—Feb. 2 7 . . .
M a r . 27—
Apr. 24._.
Millions of dollars:
1930—Mar. 28...
Apr. 2 5 . . .
M a y 3O._.
J u n e 27. _.
July 25-..
Aug. 29...
Sept. 26~.
Oct. 3 0 . . .
N o v . 28...
Dec. 2 6 —
1931—Jan. 30__.
Feb. 27...
M a r . 27...
Apr. 2 4 . . .
55,924
56,116
55, 615
26,316
26.307
26, 306
8,250
7,084
6,502
,717
,727
,775
,852
,899
,992
2,037
2,100
2,176
2,192
2.200
2, L80
,006
1,005
L,002
1,005
L,022
1,004
L,003
1,004
1,015
1,026
1,032
1,032
1,031
1,031
251
224
300
247
244
254
243
278
344
330
371
323
278
255
2,801
2.858
2,794
5,199 !
5,082 i
5,082 !
99;
102 !
ioo !
106
105
107
110
109
•
i
!
I
i
112!
114
112
110
112
I
i
|
I
no I
212
211
211
211
211
208
208
208
208
208
204
204
199
199
!
i
:
;
i
!
78,947
7,026 : 77,864
77, 231
233
233
230
237 ;
238
250 i
244 jI
274
262
259 :
270
274 '
275
2,776
2,774
2,865
2,846
2,827
2,888
2,864
2,932
2,977
2.996
3,079
3,095
3,052
3,027
13,339
11,773
11,679
10,963
12, 577
12,062
2,221
2,260
267
257
210
194
358
396
412
513
523
495
543
523
461
458
342
313
394
408
85
90
92
84
84
87
86
91
93
Gold
87
89
Liabilities
Resources
Reichsbank
344
328
385
459
457
430
493
473
Reserves
Other
in foreign Treasury
bills (and Security
bills
loans
exchange
checks)
Securities
Other
assets
Notes in
Other
circula- Deposits liabilities
tion
Millions of reichsmarks:
1931—Feb. 28
Mar.31
Apr. 30
Millions of dollars:
1930—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1931—Jan. 31
F e b . 28
M a r . 31
A p r . 30
-..
.
. . . .
2,285
2,323
2,368
166
595
611
617
624
624
624
590
519
519
528
535
544
553
564
92
78
84
109
62
88
41
47
125
112
47
39
45
37
ill
76
142
1,979
1,951
1,860
301
274
287
102
103
103
676
638
668
4,428
4,156
4,340
325
387
355
832
775
749
4
18
20
2
9
489
462
446
423
419
412
499
548
477
563
463
471
465
443
48
32
45
44
32
61
69
76
55
61
41
72
65
68
22
22
24
24
24
24
24
24
24
24
24
24
24
24
158
171
174
175
200
193
200
163
153
152
175
161
152
159
1,145
1,111
1,146
1,116
1,105
1,121
1,130
1,113
1,096
1,138
1,044
1,055
1,061
1,034
109
128
96
117
95
99
112
91
91
155
63
77
92
85
154
156
168
169
170
171
183
179
192
196
198
198
185
178
1
6
25
49
20
18
34
i In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at
£260,000,000 ($1,265,000).
'Issued by the independent office for retirement of public debt (Caisse autonome d'amortissement).
279
FEDERAL RESERVE BULLETIN
MAY, 1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1930
1931
Mar.
Commonwealth Bank of Australia
(thousands of pounds sterling):
Issue department—
Gold coin and bullion
Securities
Banking departmentCoin, bullion, and cash
Money at short call in London
Loans and discounts
Securities
Deposits
._.
Banks notes in circulation
15,640 15,386
31,157 25,758
4,394
Mar.
Feb. ! Jan. Mar.
1,568
15, 386
5,682
1,421
25,993
6,191
2,600
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
Austrian National Bank (millions of i
Deposits
schillings):
Bank of Ecuador (thousands
214
214
169 Central
214
Gold
;
of sucres):
221
139
137
140
Foreign exchange of the reserve..
Gold
_
._..
336
O ther foreign exchange
I
499
490
496
Foreign exchange
166
Domestic bills
j
93
114
136
Loans and discounts
108
Government debt
j
98
101
101
Notes in circulation
980
Note circulation
!
978
976
979
Deposits
26
Deposits.
._
!
66
83
112
Bank of Estonia (thousands of
krooni):
National Bank of Belgium (millions •
I
I
Gold
_
ofbelgas):
!
•
1,181
1,416
!
1,376
Net foreign'exchange
_
Gold—. . . ! 1,439
545
912 i 889 j
Loans and discounts
Foreign bills and balances in gold.[
914
837
764
Note circulation
_.
793 |
Domestic and foreign bills
j 755
309
292 | 292
DepositsLoans to State
_i 292
3,213 i 3,206
Government
2,790
Note circulation
j 3,164
219 I 194
128
Deposits
| 282
Bankers
Other
Central Bank of Bolivia (thousands of
Bank of Finland (millions of Finnish
bolivianos):
marks):
2,794 I 2,781 | 3,904
Gold
__
32,622 I 37,088 I 48,157
Gold
Foreign exchange
24,733 | 24,031 j20, 964
Balances abroad and foreign
Loans and discounts
29,795 | 30,811 ]39,800
credits
__.
Notes in circulation.
14,644 j 15,265 15,148
Foreign bills
Deposits
Domestic
bills...
Bank of Brazil (millions of milreis):
Note circulation
407
Gold
Demand liabilities
373 ' 341 I
643
Currency..
__
Bank of Greece (millions of drach303
234 i 306 I
Correspondents abroad
mas):
1,484 ! 1,413 ! 1,423
Loans and discounts
Gold
148 I 124 I
127
Securities.
___
_
Net foreign exchange in reserve...
170 j 170
592
Note circulation.—
.!
j
Total foreign exchange
Deposits
._
!
| 1,612 ! 1,527 ! 1,521
Loans and discounts
National Bank of Bulgaria (millions i
\
Government obligations
of leva):
j
|
Note
circulation
_
__
1,404
1,458 !
Gold
_
i 1,471 ! 1,462
Other sight liabilities
231
267 i
325
N e t foreign exchange
j
255
704 |
687
718 National Bank of Hungary (millions
Total foreign exchange
J
647
of pengos):
683 i 1,245
655
Loans and discounts
!
622
Gold
3,101 j
Government obligations
; 3,064 \ 3,064
3,339
Foreign bills, etc
Note circulation
_i 3,129
3,029 3,059
3, 350
Loans and discounts
1,503 i
1,485
Other sight liabilities
| 1,445
1,780
Advances
to treasury
Central Bank of Chile (millions of I
Other assets
_•pesos):
!
;
Note
circulation
63
62
62 !
Gold at home
j
62 |
Deposits
258 ; 1340
Deposits abroad
j
247 j 264
Miscellaneous liabilities..
94 i
128
85
Loans and discounts
|
91}
Bank of Italy (millions of lire):
292
366
Note circulation...
J
290 j 301
Gold at home
Deposits against which reserve is I
Credits and balances abroad
42
87
44
held
-..
|
55
Loans and discounts
Bank of the Republic of Colombia |~
Total
note circulation
(thousands of pesos):
Public deposits
12, 512 15,143 14, 793 20,553
Gold at home
Other
deposits
8,757 7,179
9, 268 I 9,872
Gold abroad
13,414 13,445 13, 230 I 14,466 Bank of Japan (millions of yen):
Loans to m e m b e r b a n k s
Gold.—
Note circulation
_
\ 23336
23,336 24,339 25,352 j 31, 573
Advances and discounts
Deposits
_
_
| 6,062
7,768 8,130 ! 5,532
Government bonds
Czechoslovak National Bank (mil- ;
Notes issued
lions of Czechoslovak crowns):
j
i
Total deposits
1,262
1,544 i
Gold
' 1,542 j '1,543
Bank of Java (millions of florins):
2,233 !
1,907
Foreign balances and c u r r e n c y . . . ! 2,199 | 2,143
Gold
123
255 i
639
Loans and advances
_
!
163
Foreign bills
_
Assets of banking office in liqui|
352
Loans and discounts
_.
318 i
318
dation
;
315
Note
circulation
7,011
6,608
6,571
Note circulation
6,699
Deposits
987 '
417
820
Deposits
;
828
* Includes deposits abroad for account of government, which were not separately reported until April, 1930.
Average for week ending last report date of month.
r
«Corrected.
Revised.
4,254
25,122
21,443
55,348
42,852
6,477
22,405
23,183
54, 921
39,058
4,662
19, 765
23,183
49, 728
39, 306
5,100
14, 637
20,208
42, 619
37, 727
1931
1930
Feb. | Jan.
Mar.
172
78
75
341
23
172
90
77
340
25
16,462
12,519
20, 750
36, 523
1,699
16,594
14.654
20,313
36,196
994
172
101
77
356
31
172
81
85
341
32
| 17,100 15,347
9,472
16,151
I 19,618 21,812
36, 519 36,661
1,763
1,659
5,651 ! 5,653
19,394 !'20,710
14,001 | 13,654
21, 938 22,147
14,102 ! 14, 368
6,529 6,546
6,512
17,551 15, 972 16, 221
27 572 23,457 24.460
35, 658 34, 902 33; 314
5,586
25, 409
13, 544
26, 823
14, 538
6,461
19,800
28,336
33,169
9,178 I 13,948
3,530
3,472
2,177
1, 849
10,384
5, 437
1,573
6,085
4,494
2,057
302
301
301
761
217
709
1,320
124
740
191
699
1,305
180
732
188
725
1,231
170
933
85
1,130
1,447
395
499
2,259
2, 671
348
3, 389
4,465
1,692
515
2,327
2,640
336
3,389
4,417
2,073
513
2,272
2,843
325
3,389
4,521
1,783
627
2,768
3,749
295
3,513
4,890
1,950
126
25
258
60
16
385
38
38
148
27
243
60
22
400
38
39
163
14
265
64
28
446
19
44
5,311
4,100
4,371
15,034
300
2,375
5,306
4,037
5,098
15,129
300
2,337
5,299
4,038
5,038
15, 212
300
2,232
5,202
4,858
4,379
16, 322
300
1,436
833
715
136
1,112
678
836
743
136
1,188
832
739
136
1,213
577
2 912
755
131
1,270
119
29
46
239
56
119
29
50
246
37
129
33
51
243
23
139
31
63
270
37
I
304
I
i
j
I
I
I
163
8
225
83
72
431
46
46
280
FEDERAL RESERVE BULLETIN
MAY,
1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1931
Mar.
Feb.
Jan.
24
48
93
55 j
4S
91
77
Bank of Lithuania (millions of litas):
Gold
_
Foreign currency—
Loans and discounts
Note circulation
Deposits...
ov
71
109 !
113 j
98
Netherlands Bank (millions of
florins):
Gold
Foreign bills
_
Loans and discounts
Note circulation
Deposits
_
446
218
143
841
17
Bank of Norway (millions of kroner): I
Gold
J
Foreign balances and bills
|
Domestic credits
_
j
Note circulation
Foreign deposits.
Total deposits
!
|
j
i
140 i
37 |
183
296 j
2
Reserve Bank of Peru (thousands of i
soles):
i
Gold
;..
Foreign exchange reserve
L
Bills
„__!_
Note circulation
I.
Deposits
L
39
72
103
108
39
74
101
110
95
35
81
90
101
446
227
130
803
54
436
2:>i
132
801
64
432
204
171
837
13
146
23
182
287
2
G2
146 !
23 >
187 !
290 I
1 i
67 i
147
29
241
305
44,217 k-44,020 ' r 54.238
^,580 S 7,831 i 5; 450
J 19,613 20,586 i 19,841
-! 62,716 62,126 j 57, 263
J 6,016 6,867 i 9,769
Bank of Poland (millions of zlotys): j
485
485 j
Gold at home
;
77
77
Gold abroad
244
256 •
Foreign exchange of the reserve. _ J
127
Other foreign exchange
,
125 i
(584
Loans and discounts
:
650 j
Note circulation
j 1,261 ; 1, 284
37
Current account of the treasury i_j
58 I
132
Other current accounts i
_._'
161 ;
262 !
122
711 !
1,277 i
48 ,
137 :
483
219
325
116
697
1.324
.175
162
Bank of Portugal (millions of escudos):
Gold
9
Balances abroad..
i
160
Bills
..__;
392
Note circulation..
' 1,860
Deposits
!
187
9
183
422
1,920
' 156
9
165
330
1, 879
59
9
181
413
1,871
172
Mar.
Mnr.
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
Government deposits.Other deposits
485 '••
'
:
:
i
;
1930
1931
1030 ||
Feb.
S Jan. \ Mar.
National Bank of Rumania (millions
of lei):
5.356 i 5, 356
5, 331
Gold at home
- 5,646
3,919 I 3,919
Gold abroad
3,114
3,919
1, 270 | 1,697
Foreign exchange of the reserve.._ 1,270
2,353
65 1
52
59
Other foreign exchange
18
7,894 8,001 ! 7,906 10,605
Loans and discounts
_
3,617 3,617 i 3.617
State debt
_
5,797
18,341 18,105 j 18,449 19, 708
Note circulation
_
5, 300 5,654 I 6, 070
Deposits
_
8,210
South African Reserve Bank (thousands of pounds sterling):
Gold
6,423 7,091 6, 974
7,315
Foreign bills
7, 272 j 7, 374 6, 633
6,751
323 ! 589
382
Domestic bills—
_
2,812
Note circulation
_
__j 7,412 8,190 I 8; 256
8,436
Deposits1,517 , 1,921 2,450
Government
! 2,135
Bankers
_
! 4,705 5, 933 ) 5,164 4,737
167 I 229
Others
|
122
393
Bank of Spain (millions of pesetas):
Gold
_
__
2,468
2,420 2,416 i 2.41.5
Silver
_._
716
713 i 711
717
34
113 I 107
120
Balances abroad
1, 952 2, 037 1 2,062
2,018
Loans and discounts
4,604 4,689 ! 4, 667
4, 365
Note circulation.—
795 ; 811
794
833
Deposits
Bank of Sweden (millions of kronor):!
244
Gold...
I
240 ! 241
240
262
353 ; 371
Foreign bills, etc
I
303
223 ; 212
302
Loans and discounts
_
299
545 ' 533
575
Note circulation
|
580
187 ! 205
159
D eposi ts
:
175
Swiss National Bank (millions of j ~
francs):
!
643
600
Gold
j
643
561
306
379
377
335
•
Foreign balances and bills.
_••
119
95
61
!
Loans and discounts
_ '
66
994
961
949
918
j
Note circulation
|
134
I
Demand deposits.
_
j
246
262
122
! State Bank of U. S. S. R. (thousands i
of chervontsi):
j
(2) j (*) i 3 488,992
LoaDS and discounts
| (<)
Deposits
' (2j
(2) j (2) I 198,530
Issue departmentGold
50, 351 48,301 !! 48,301 j 30,348
Other precious metals.
2,025 2.121 2,1S9 3, 079
Foreign exchange
4) 907 4,478 4,564 6,016
Note circulation
219, 385 210,770 210.835 I 155,598
National Bank of the Kingdom of
Yugoslavia (millions of dinars) :
Gold
_
99
291
87
123 I
Foreign notes and credits
94
1,319
Loans and discounts
1, 405
1,435 i 1, 552
2,997
Advances to State
2,997
2,997 2,997
Note circulation
4,917 5,064
5, 363
4, 729
830
Deposits
952
1,397
925
1 Revised by transfer from "Other current accounts" to "Current account of the Treasury" of a special account for the purchase of silver
amounting
to 13,000,000 zlotys.
1
8
Figures not yet available.
Revise! to include " Loans of branches."
»• Revised.
NOTES
Reserve requirements of central banks.—For tabulated statement giving legal reserve requirements of foreign central banks (36 countries)
see FEDERAL RESERVE BULLETIN for August, 1930 (p. 502).
Detailed balance sheets.—For detailed balance sheets of 26 foreign central banks, with figures in dollars as well as In units of national currency,
see FEDERAL RESERVE BULLETIN, as follows:
Central Bank of—
Austria
Belgium
Bolivia
Brazil...
Bulgaria
_
Colombia
Czechoslovakia
Danzig
Denmark
Bulletin
May 1931, p. 266.
April 1931, p . 207.
July 1930, p. 441
July 1930, p. 444.
September 1930, p. 557.
December 1930, p. 792.
August 1930, p. 509.
April 1931, p. 213.
December 1930, p. 788.
;
Central Bank of—
1
England
' Estonia...
;1 France
Germany
• Greece
; Hungary
Italy
Japan
Java
._
Bulletin
February 1931. p. 83.
September 1930, p. 559.
March 1931, p. 150.
May 1930, p. 301.
October 1930, p. 636.
May 1931, p. 270.
July 1930, p. 432.
May 1930, p. 304.
December 1930, p. 795.
'
•i
Central Bank of—
j Latvia
;i Netherlands
1 Norway
ii Poland
j Rumania..
!i Switzerland
! Yugoslavia
!i
j;
Bulletin
July 1930, p. 439.
August 1930, p. 505.
May 1931, p. 275.
May 1931, p. 273.
September 1930, p. 553.
April 1931, p. 198.
June 1930, p. 371.
281
FEDERAL RESERVE BULLETIN
M A T , 1931
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
I
1931
Mar.
Argentine Conversion Office (millions of
gold pesos):
;
Gold
*390
Nntps issued
» 519
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note f u n d British legal tender and bank !
balances
British securities
-- --Notes issued
Consolidated bank notes *—
Issued
Deemed such under sec. 60 (4)
of currency act, 1927
-
Feb.
Jan.
P405
P 534
p 411
v 539
Mar.
242
6,939
7,181
127
6,843
6,970
150
6,896
7,046
4 044
3 985
3 930
1,872
1,906
1,968
1930
1931
1930
Mar.
Canadian Minister of Finance (millions
of dollars):
Gold reserve against Dominion
455
80
notes
584
Advances to banks under finance
7
act 1923
Dominion n o t e s 141
Issued
Outside chartered bank holdings.
325
6,825 ! Indian Government (millions of rupees):
Gold standard reserve—
7,150 i
112
!
Gold
3 782
Foreign exchange
421
Paper currency reserve259
Gold
2,218
1,248
Silver coin and bullion
102
Other assets
-- . Notes issued.
1,608
Feb.
Jan.
Mar.
63
78
75
9
13
50
143
28
147
28
174
28
114
420
89
444
29
505
238
1,227
101
1,565
262
1,211
109
1,582
323
1,110
340
1,772
i The figures of consolidated bank notes issued represent daily averages for the 4 weeks ending Mar. 7, and Jan. 10,1931, and Mar. 8,1930.
The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
* Preliminary.
COMMERCIAL BANKS
Millions of national
currency
Country
Millions of dollars
Jan.
Feb.
1931
1930
1931
Alar.
Argentina:
B a n k of t h e N a t i o n —
I
Gold
Other cash
Loans and discounts
Deposits
Other banks in Buenos Aires—
Gold
Other cash
_
Loans and discounts
Deposits
Canada:
Assets entirely in C a n a d a Cash in vault L._
Cash in central gold reserves
Security loans
Other current loans
Security loans abroad
Securities
_
Liabilities entirely in Canada—
Notes in circulation
Individ ual demand deposits
Individual time deposits
England:
Cash in vault and at banks
Money at call and short notice
Advances and discounts
Investments
Deposits
France:
Bills and national-defense bonds
Loans and advances
Demand deposits
_
Time deposits
Germany:
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances
Japan:
Cash on hand
Total loans
Total deposits
Millions
1
!
98
I
610
I
713
i
i
9
I
202
j
913
i 1,045
113
534
209
910
1,043
;
5
90
469
557
1
94
478
570
1
75
472
551
425 !
497 !
1
59
436
508
156
8
148
708
806
155
693
791
141 |
637 !
728 i
8
150
654
750
178
36
214
1,230 ;
165
544
203
37
212
1,184
193
551
174
33
205
1,149
146
604
158
22
192
,14l!
120J
151
25
186
1,116
132
654
145
616
1,445
148;
633
1,432
145
605
1,439
133
642
1,426
129!
557!
1,429|
131
543
1,436
882
645
5,631
1,096
8,185
919
918 :
699
665
5,935
5,985
1,250: 1,288
8,716 ; 8,762
994
692
6,006
1,311
8,949
947J
695!
6,020i
1,368'
8,9341
910
559
5,880
1,428
8,672
879
547
5,642
1,436
8,399
804
418
1,314
58
772 :
442
1,367
64 ,
799
443
1,392
59
793
448
1,373
53
770
282
2,052
2,920
122 i
569
234
2,048 i
2,641 i
155
584
613
242
241
1,951
2,033
2,651
2,639
160 |
167
594
225
1,959
2,556
156
603
228
1,940
2,567
150
114 !
1,080 |
1.022 |
112
1,080 ,
1,024 ;
136 •'
140
1,100 j 1,109
1,035 ! 1,047
138
1,105
1,C68
137
1,085
1,072
532
649
525
631
11
156
789
867
10
166
754
867
161
40
227
1,362
201
423
162
44
231
1,347
184
418
144 '
14«
645 i
622
1,440 i 1,440
935
692
5,903
1,134
8,600
11
155 !
829 !
916
MiU'ons of dollars
_.
158
22
192
151
25
186
i 1,141 j 1,116
120
132
593
654
|
'
129
131
557
543
' 1,429 | 1,430
Millions of pounds
i
sterling
195
181
__'
187
143
115
112
[
1,208
i 1,237
1,159
293
281
'
295
1,782
__! 1,836
1,726
Millions of francs
j
j 20,833
•
10,754
173
33
237
1,384
212
431
j
884
j
621
' 5,799
1,113
! 8,341
834 i
420 j
829
427
! 34,750 i
1,298 ' 1,324
! 1, 544
44 i
50
j Millions of reichsmarks
2,532 il
!
2,497
750
'
946
956 ,i
276
I
8,225
8 , 1 4 3 !|.
2,039
!
j
I
I
10,729
657
10,778 l
Millions of yen
275
_
of pesos
1
83
606
706
277 i
2,867
125
630
274 i
138 j
119
j 2,220
2,217 ! 2,176 I 1,071 I 1,075
! 2,009 ! 2,142 j 2,150
1,033 ! 1,028
817
422
1,362
61
i
I
i
i
137
1,107
1,001
1 Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks
Germany—six Berlin banks; Japan—Tokyo banks.
282
FEDERAL RESERVE BULLETIN
MAT",
1931
DISCOUNT RATES OF CENTRAL BANKS
Date effective
Bank Bank German Bank Bank of Bank of
of Engof
ReiehS'
of Nether Switland France bank
Italy lands zerland
Conntrv
country
Austria
Belgium
Bolivia
B l i
Bulgaria
In effect Oct. 1,1929.
Oct. 31
Nov. 1
Nov. 2
Nov. 1 6 . . .
Nov. 21
Dec. 12
Jan. 14, 1930
Jan. 16..-.
Jan. 30
Feb. 5
Feb. 6.—
.Mar. 3
Mar. 6 - . - .
Mar. 7 . . .
Mar. 8
Mar. 20
Mar. 25
Apr. 3
Apr. 24
May 1
May2__
_
May 19
May 20
_
June 21
July 10
.--.
Oct. 9
_
Jan. 3, 1931
Jan. 22
Jan. 24
In effect May 1, 1931.
-j
5H!
IMRa ayt le
j
|
I n effect
sinco_
5 i Sept.
2Y2 Aug.
7 | Aug.
9 Jan.
10,1930
1,1930
26,1930
29,1931
ChileColombia
Czechoslovakia
I
Danzig
_j
June 25,1930
Oct. 10,1930
Denmark
Ecuador
Estonia
Finland
j
I
|
j
Nov.
Mar.
Oct.
Aug.
|
;
!
• 5.11
Nov.
May
Jan.
Oct.
I Greece
Hungary
i India
Japan
Rate i
Mayl'
Country
Java
I
Latvia
|
Lithuania...
Norway
4>
6
6
4
Peru
Poland
Portugal
Rumania
Aug. 4,1930
Sept. 18,1930
South Africa.
13,1930 I; Spain
—,1931 |1 Sweden
7,1930 j
27,1930 |i U. S. S. R...
Yugoslavia-.
30,1928 I j
30,1930 l!
15,1931 I!
7,1930 !
In effect
since—
Mar.
Oct.
Apr.
Nov.
11,1930
1,1930
1,1930
8,1930
Sept.
Oct.
June
Apr.
1,1930
3,1930
2,1930
1,1931
Mar. 13,1931
July 17,1930
Feb. 6,1931
Mar. 22,1927
May 28,1930
Changes: Ecuador—Mar. —, up from 9 to 10 per cent.
6H
MONEY RATES IN FOREIGN COUNTRIES
Germany (Berlin)
England (London)
Month
Bankers'
acceptances, 3
months
Treasury
bills, 3
months
2.78
2.48
2.16
2.31
2.37
2.21
2.07
2.09
2.18
2.30
2.25
2.56
2.60
2.55
2.49
2.11
2.30
2.38
2.17
2.05
2.13
2.15
2.34
2.24
2.57
2.56
1930—March
* April
May
June
July
August
September
October. _
November
December
1931—January
February
March..
Bankers'
Day-to-day allowance
money
on deposits
3.20
2.28
1.93
1.93
1.78
1.85
1.68
1.65
2.01
1.60
1.74
2.29
2.20
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
m
1
1
i
\
Private
discount
rate
5.12
4.46
3.89
3.58
3.40
3.24
3.30
4.66
4.79
4.82
4.75
4.88
4.76
Austria (Vienna)
NetherlandsUmster-
Switzerland
Money for
1 month
Private
discount
rate
Money for
1 month
6.35
5.57
5.00
4.80
4.57
4.43
4.54
5.93
6.51
7.24
6.64
6.31
6.17
5.57
4.40
3.62
3.74
4.30
3.73
3.78
5.15
5.48
5.54
4.93
5.49
5.00
i
i
|
;
!
j
!
!
j
;
:
2.50
2.52
2.29
1.89
1.85
1.83
1.96
1.59
1.31
1.39
1.38
1.12
1.09
Sweden
\ (Stock! holm)
Hungary
2.61
3.08
2.53
1.93
1.85
1.63
1.84
1.48
1.29
1.86
1.55
1.05
1.04
2.60
2.61
2.44
2.06
1.92
1.75
1.50
1.29
1.16
1.18
1.17
1.00
.99
Japan ( Tokyo)
Month
1930—March
April
May
June..
July
August
September
October.November
December
1931—January
February
March
3.31
3.33
2.87
2.78
2.78
2.44
2.39
2.27
2.05
2.34
2.38
2.31
2.25
2.70
2.57
2.36
2.11
2.08
2.10
1.99
2.00
2.00
2.03
1.89
1.77
!.«
6.57
6.43
5.81
5.50
5.50
5.50
5.48
5.25
5.43
5.50
5.50
5.50
5.50
Private
discount
rate
5H-6
5 -5H
4H -5
4H -4iMe
4*i«-4fc
4 -4H
Money
forl
month
m-7n
6H-7
6 -6H
6 -6H
6 -6H
5H-6H
534-6H
534-6M
5?4-6M
5H-6M
5^-6
L o
Prime
™
commer- Day-to-day;
mone
cial paper
y j months
6*4- Stt
574-8
5H- 8
5W-7H
5H-6#
5 -m
4H-6 i
4H-6H
4^-5^:
4^-5 i
4M-6H
4K-5
4^-5
4H-5
4H-5^
4K- 5
4 -6
3H-5H
3^-5^
3H-5H
3H-5^
3H-5H
ZH-5H
3H-5H
3H-5H
3^-5^
3^-5^
3-5
Call
Discounted money
bills
overnight
5.48
5.48
5.48
5.48
5.48
5.48
5.48
5.48-5.66
5.48-5.66
5.48-5.66
5.48-5.66
5.43
3.83
3.65
3.10
3.83
3.65
3.83
3.65
3.29
3.65
3.65
3.10
2.92
5H- 7K
534- 7
534- 7H
4 -4H
5?4- 7H
4M«-4^
5?4- 73,4
4H -4%
53/4- 734
4 -4H
5H-Q
394 -4
3% -4he
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929
(p. 503). November, 1929 (p. 736), and May, 1930 (p. 318).
zn-m
MAY,
283
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average—100)
Bonds
United
States
(average
price)
Year and month
Number of issues
.
._
_ ._
_
.
. . . .
February
March
April
May
June
July
August
September
October
November
Dfi(?fimber
1928—January
April
May
June
July
August..
September
October
November
December
1929—January
. - ,
_.
. _
._
.
.
.
February. _ . . .
March
April
May
June
July
_.
August
September
October. .
November
December .
1930—January
_.
February
__
!
_
March
April
__. . i
May
June _.
July
August
September
October
November
December
1931—January
87
60
1926
1927
1928
1929
1930. 1926—February.
March
April
May
June
July
AugustSeptember
October
November _
December
1927—January
February
March
France
England
(December (1913 aver1921=100) age =100)
__
_
February
jVTarch
;
'<
...
. _.
97.0
98.9
98.7
95.7
98.3
96.6
96.6
96.9
97.3
97 3
97.0
97.2
97.0
97.0
97.6
97.8
97.9
98.1
98.4
99 0
99.1
98.4
98.4
98.8
99.3
99.6
99.7
100.0
100.3
100.3
100.5
100.3
99.7
98.5
97.9
97.2
97.5
97.5
97.8
97.2
97.0
96.3
95.8
95 8
95.7
95.3
95. 2
95.0
94.8
95.1
95.7
96.5
96.5 !
96. 4 :1
97. 8
97.9 ;
97.9
98.2
98.7 ;;
99. 6
100.0
99.9 '
99.1 ;
97.8
99.6 !
99 4 !
100. 0 ,
i
110.0
110.7
112. 3
110.2
111.8
110.8
109.6
110.1
110.2
110 2
110.0
110.2
110.0
110.2
109.3
109.3
111.3
110.5
110.3
110.6
110.6
110.1
110.3
110.6
110.7
111.9
110.6
111.2
112.4
112.3
112.4
113.7
112.4
112.4
112.1
112.1
111.7
112.3
112.1
112.1
113.4
111.7
111.1
111 9
110.4
109. 8
109.3
109.0
108.9
109.3
108.5
108. 5
109.6
no.i
112.7
112.7
111.4
110. 0
112.3
111.9
112.0
113.1
112.8
112. 5
112.8
109.7 i
111.6
35
57.4
71.7
82.8
85.1
95.8
57.7
56.5
57.2
56.4
54.3
54.6
56.6
56.6
58.3
60.2
62.8
66.0
65.4
71.0
73.9
72.7
72.1
72.2
72.6
73.1
72.3
72.7
76.8
80.4
80.2
80.3
81.3
81.8
84.3
83.7
84.9
84.9
84.4
83.8
84.1
83.6
81.8
81.7
83.0
84.2
84.8
84.6
84.8
86.9
86.6
87.7
91.6
97.5
96.3
95.8
95. 5
95.3
95.8
95.7
96.6
96.4
95.4
94.7
94.1 I
95. 7 !
97.1
97.9
Germany
(average
price)
United
States
208
404
90.3
87.1
88.2 ,
92.5
91.8
91.1
90.9
90.5
90.3
90.0
89.7
89.4
89.0
88.7
88.9
89.2
89.5
88.8
88.3
88.9
86.9
86.9
86.6
86.3
85.4
85.1
84.8
85.2
86.1
86.4
88.0
89.6
90.0
90.6
90.3
89.7
87.9
87.8
87.3
87.5
100.0
118.3
149.9
190.3
149.8
101.8
95.8
92.9
93.2
97.2
100.0
102.9
104.3
101.6
103.1
105.4
105. 6
107.9
109.1
111.1
114.2
115.4
117.2
122.0
127. 7
126.7
129.6
133.1
134.4
132.3
137.9
145. 9
152.1
145.3
144.2
148.3
156.6
159.1
171.1
171.4
185.2
186.5
189.1
186.6
187.8
190.7
207.3
218.1
225.2
201.7
151.1
153.8
156.3
165.5
172.4
181.0
170.5
152.8
149.3
147.6
148.8
127.6
116.7
109.4
112.3
119.8
121.6
England ! France
278
1
:
•
:
i
",
!
300
100.0
107.0
115.9
119.5
102.6
98.9 :
97.1
96.7 '
98.4 ,
100 4
99.8
101.7
102.6
101.1 '
102.1
102. 0 '
104.1
105.1 ;
104.4
105.5 ;
106.4 i
106.3
106.7
107.4
108.3
109.7 :
109.6
110.4
111.1 '
111.0
114.0
116.2
118.6
114.7 ,
114.0 :
115.9 -•
117.7
119.2
119.8 •
119.3
122.8 •
121.7 ;,
121.0
119.8 i
118.3
118.6
121.7
123.5
124.3 j
120.8 ;
110.4
110.5
110.2
109.9
109.2
• 111.1
108.0
101.8
103.1
98.4
101.1
95.4
94.1
89.0
89.6
89.3
89.4
; Germany
;
100.0
123.2
178.5 :
217.2
187.6
92.7
88.0
88.8
90.6
98.3
111.6
109.0
115.5
111.2
102.6
99. 6
109.4
112.4
120.2
129.2
125.8
120.6
124.9
123.6
125.3
126.2
124.5
135.2 '
148.1
143.3
157.9
177.3
179.8
180.7
170.4
189.3
193.6
193.1
200.4
207.3
233.0
235.2
229.6
222.3
219.7
210.7
213.3
215.0
222.3
209.9
197. 9
198. 7
212.9
205.6
205.2
208.6
198.3
187. 6
188. 8
182.0
182. 4
169. 5
162. 2
149. S
156.7
l(>0.1
155,4
329
100.0
145 0
136.1
122.8
100.2
76.4
80.9
88 1
86.9
92 4
99.9
109.5
112.1
123.1
130.6
130. 2
149.3
158.3
153.7
162.8
156.1
142.4
147.0
144.5
139.4
134.9
122.2
129.3
135.8
132.4
130.6
136.1
140.2
141.2
137.2
136.9
137.2
135.2
135.0
136.4
135.4
130.0
129.4
129.5
124.2
127.2
124.5
123.1
121.5
114.4
109.9
105.7
U0.1
110.6
109. 2
112.1
111.7
106. 8
100.9
94.8
93.9
87.9
84. 7
80.0
75.0
78. 5
i
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures, see BULLETIN
for February, 1931 (p. 91) and March, 1931 (p. 158).
SOURCES: United States—Standard Statistics Co., New York; description (and back figures) in Standard Statistics Bulletin, Genera! Section,
Base Book Issue for 1930-31 (pp. 63, 66, and 104). England—Bankers Magazin e, London; description in issues for February, 1922 (p. 227) and February, 1923 (p. 251): back figures in current issues. France—Statistique G§n6rale Paris; description (and back figures) in Bulletin de la Statistique
Generale, for July, 1927 (pp. 390-397). Germany-Statisches Keichsamt, Berlin; description in Wirtschaft und Statistik, February, 1928 (p._144)
and (with back figures) January, 1929 (p. 62).
284
FEDERAL JEtESERVE BULLETIN
MAY,
1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE.PRICES—ALL COMMODITIES
United States
(1926=100)
England
(1913=100)
Canada
(1926=100)
France
(1913=100)
Germany
(1913=100)
1930
1930
Japan
(Oct.,
1900=100)
Italy
(1913=100)
Month
January
February
March -_ ,
April
May
July
August
September..
October
November
December
1930
1931
1930
93
92
91
91
89
87
84
84
84
83
80
78
77
76
75
95
94
92
91
90
88
86
84
83
81
80
78
- -
. _.
_
1931
1930
77
76
75
131
128
125
124
122
121
119
118
116
113
112
109
1931
107 j
106 ,
106 l
'
i
- . i
!
.'
!
576
567
558
548
546
540
558
560
556
552
551
541
1931
541
538
539
1931
115
114
114
132
129
126
127
126
125
125
125
123
120
120
118
1931
1930
1930
390
382
375
379
375
364
361
350
1930 j 1931
1931
201
200
196
193
189
181
177
176
172
165
162
161
342
338
339
417
408
400
396
Netherlands
(1913=100)
158
158
158
i
131 •
105
126
104
122 . . .
.
122
118
118
115
114
112
111
110
107
'_.. ,
•'
__.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those comprised in indexes shown in preceding table]
England (1913=100)
United States (1926=100)
Month and year
Farm
products
1930—February
March
April
May
June.
July
August
September...
October
November. _.
December
1931—January
February
March
Foods
Other
commodities
Foods
France (1913=100)
Industrial flI?rf™ , Industrial Agricultural
products p?oddu°c"s
****** products
96
94
95
92
91
86
87
89
89
86
82
90
89
88
88
86
84
83
83
82
80
79
135
129
129
127
127
127
126
124
121
121
116
124
122
121
119
117
115
113
111
109
107
105
503
495
481
483
488
540
550
562
562
570
570
623
612
606
601
587
573
568
551
543
535
516
116
110
112
111
110
115
117
114
109
112
110
115
118
118
117
115
114
111
108
108
108
105
127
126
125
124
122
119
118
116
114
113
110
155
153
152
152
151
151
149
148
147
145
143
74
70
71
80
77
77
78
77
76
113
112
111
104
103
103
580
575
581
507
505
503
107
IO«
107
102
100
99
108
106
106
142
140
139
United
States
January
February
March
April
May
June
July
August
September
October
November
December
,.
Industrial
raw and Industrial
seraifinished
finished products
products
Provisions
98
95
96
93
89
83
85
85
83
79
75
RETAIL FOOD PRICES
Month
G e r m a n y (1913 = 100)
COST OF LIVING
(1913=100)
England
(July,
1914=100)
1930
1931
1930 j 1931 1930
1931
155
153
150
151
150
148
144
144
146
144
141
137
133
127
126
124
121
120
119
120
120
122
127
129
129
131
132
i 132
I 132
I 131
I
|
157
138
154 ! 136
150 | 134
143
140 I
138
141
144
144
143
144
141
France
(July,
1914=100)
Germany
(191314=100i)
1930
150
148 i
145 !
143 '
142
143
146
145
142
140
138
135
United
States
Month
1931
134
131
130
January
February
March
April
I May
June
July
-.August
September...
I October
j November
December
(1913=100)
England
(July,
1914=100)
France
(Jan.-June,
1914=100)
Germany
(191314=100 l )
1930
1930
1931
1930
1930 1931
166
164
161
157
155
154
155
157
157
156
157
155
153
152
150
115
I
I
167
_
161
1931
116 J.
"120
1931
152
150
149
147
147
148
149
149
147
145
144
142
140
139
138
i Average of October, 1913, January, April, and July, 1914=100.
SOURCES: Wholesale prices.— For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany— Statistisches Reichsamt; France— for retail food prices,
Statistique Ge'ne'rale and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris.
285
FEDERAL RESERVE BULLETIN
MAY, 1931
BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE
PERCENTAGES
[Averages of daily figures. Amounts in thousands of dollars]
Federal reserve bank
April
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Fran cisco
April
March
235,003 i 228,602 j
1,094,320 11,134 10S !
261,055 I 251.071 ;
322,499 j 322,802 :
120,161' 117,697!
170,752 : 167,064
406,374 : 415,111 I
117,092
116,623:
70,259 . 70,490 :
103,156 : 103. 284 ;
52,328
53,486
299, 1(54 ! 296, 4 1 6 '
25S, 974
903, 055
234, 241
316,156
109, 888
J 50. 704
540,921
124,440
84, 568
138, 260
63, 993
278, 267
1930
1931
1930
1931
Federal reserve notes in circulation i
Total deposits
Total cash reserves
March j April
April
1931
April
j 147,512
145.328 '• 149, 531 136, 024
970, 671 269, 501
11,017,788 1,042.095
138,696 138, 559
149, 5S6
154.778
199, 332 192,266: 182,099
i 201', 444
78,948
63,721 ! 68,299
j 64,544
68.212 132,404
60,413
1 62,110
! 335,155
330.837 i 350,049 209,471
76,307
'• 74,559
7.1,714 • SO, 684
1
52,770
48, 515
49.865;
51,274
65, 831
83,655! 89,507
i
83,812
64, 263 . 27,756
59,220
I 58,857
161, 613
186,756 183,091
i 188,277
1
Reserve percentages
1931
1930
i March
129,553
259, 383;
139,307
180,212
80, 966
130,686
159,568! •
77,259
48,205
66,004:
26,948
161,991 I
i 1930
March j April
April
163,789
184, 993
146,422
182, 434
72, 339
128, 852
270,381
78,141
59, 858
76, 5S2
33, 925
157,194
82.9
85.0
89.2
84.1
83.7
87.8
85. 6
77.6
70.4
68.9
60.4
85. f>
83 2
87. 1
86. 9
85. 0
81. 3
87.4
84.6
7S. 3
71.9
69.0 i
62.1 i
85.0
82.7
78.1
82.2
84.4
78.1
79.5
87.2
78.4
75.1
83.2
65.2
81.8
83.5
84.0 !
81.0
3, 312, 703 3, 276, 754 3, 209, 467 12,440,110 :2, 442. 522 2, 408, 039 1, 527, 028 11, 460, 032 ' 1, 554,910
!
!
:
.
.
I
I
1
Includes "Federal reserve notes of other Federal reserve b a n k s " as follows: Latest month, $15,203,000; month ago, $14,449,000, year ago,
$18,514,000.
Total
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS
AT FEDERAL RESERVE BANKS
[Averages of daily figures for 3 months ending March 31, 1931
: January
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
1
San Francisco
! 2,324 i
; 10,609 !
2, 363 I
i 3,170 \
1,0-18 I
895 i
4,594 !
1, 071 I
849 i
1,150 '
_. .
798
i 3, 17'
!
Total
" '"•"lions of dollars]
Reserves ^
Deposits subject to reserve
(net demand and time
deposits; see following
page)
Federal reserve district
T
Indebtedness at Federal
reserve banks
Excess
February
2,301
10,598
2, 364
3, 200
1. 049
892
4, 570
1.052
842
1, J33
8.13
3. r
| 32,048 i 31,908
2, 297 :
140.1
10,620 ; 1,051.7
2.416 :
143. 8
3, 227
190. 9
1,0*2 I
60.8
58. 2
903 !
4,537 ! 339. 2
69. 9
1,075 ;
49. 0
8o3
85.0
1. 133 i
57.1
' 802 !
181.5
3, 162
142.6
141.9
1, 005.1 3,018.1
141.3
146.2
192. 7 ;
194. 8
60.6 i
61. 0
58.8 i
58.8
332. 9 I
327. 4
69.6
70.2
4
48.9
82. 2
57. 0
179. 3
32,067 [ 2,433.3 ! 2,370.3 j 2,385.7
56.6
66.5 !
252.3
215.8
176.4
DISCOUNTS OF FEDERAL RESERVE BANKS, DISCOUNTS OF FEDERAL RESERVE BANKS,
BY WEEKS
BY MONTHS
[In thousands of dollars]
[Averages of daily
figures.
I n millions of dollars]
1931
Federal reserve bank
Boston
New YorR
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total...
•
—
Apr. 1 j Apr. 8
7,322
7,160
! 11,576
7, 534
36, 187 34, 755 26,144 31,192
15, 282 14, 385 15,822
18,042
13,711
14,437 11,768
! 14,057
15, 792 14, 475 11,937
15,054
11,245
9, 770 10, 048
i: 13,425
11,635 12,351 13, 337
12,324
7,421
7,490
' 7,899
3,417
3,415
3,401
3, 523
8,603
8,935
9, 059
! 9,657
7,572
7,326
7,477
; 6,991
5,830
5, 742
5, 560
'• 14, 295
j
_
..--; 163,630 142, 585 132, 004 j 135, 250
:
;
1930
1931
- •-;
Apr. 15 | Apr. 22 ; Apr. 29
10, 328
30, 560
18, 744
16,973
13,043
10, 321
13,669
8,173
3,629
8,624
7,903
13,184
Federal reserve b a n k
April
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y Dallas
San Francisco.
| 155,151
Total—
March
April
8.4
9.9
41.9
16.0
14.0
13.2
11.0
12.7
41.3
20.6
10.4
15.9
13.4
14.7
15.6
53.7
28.3
25.7
16.0
18.8
' 22.7
13.9
10.5
12.8
7.9
3.5
9.0
7.5
9.4
154.7
8.2
3.6
7.2
3.1
7.5
14.8
13.1
170.4
231.2
286
FEDERAL RESERVE BULLETIN
MAY,
1931
NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS
[Averages of daily figures. In millions of dollars]
Total (all member banks)
Net demand
Federal reserve district
Boston
New York
Philadelphia
. _
Cleveland
Richmond
Atlanta _ _____
Chicago
St. Louis
Minneapolis _
Kansas City..
Dallas
San Francisco ._
_ __
_______
_. _
Total
1
Time
Larger centers (places over 15,000) * Smaller centers (places under 15,000) *
Time
Net demand
Net demand
Time
March
February
March
February
March
February
March
February
March
February
March
1,276
7,446
1,199
1,543
500
508
2,383
592
396
749
567
1,270
1,288
7,397
1,163
1,536
509
504
2,428
577
383
757
577
1,270
1,020
3,175
1,216
1,684
542
395
2,154
483
457
384
235
1,892
1,013
3,201
1,200
1,665
540
388
2,142
475
459
376
236
1,885
1,178
7,175
1,013
1,356
389
416
2,150
478
251
506
374
1,122
1,188
7,123
976
1,342
396
413
2,200
463
240
511
376
1,119
855
2,585
754
1,350
339
311
1,791
363
213
244
195
1,749
847
2,610
738
1,329
336
304
1, 774
355
214
234
196
1,742
98
270
186
187
111
92
232
114
144
243
194
148
100
274
187
193
113
90
228
114
143
246
200
151
166
590
463
334
203
84
363
120
244
140
39
142
165
591
463
336
204
84
368
120
245
142
40
144
18,430
18, 389
13,637
13, 580
16, 409
16, 350
10, 749
10, 678
2,021
2,039
2,889
2,901
February
1930 census; for figures through January on 1922 basis see BULLETIN for March, 1931 (p. 140).
NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY
[Amounts due from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars]
Federal reserve district
Call date
1928—Oct. 3_.
Dec. 31.
1929—Mar. 27.
June 29.
Oct. 4 . .
Dec. 31.
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31.
Total
452,478
509,786
391, 495
438,933
428,665
519,107
462, 976
552,394
585,847
641, 271
New Phila- CleveBoston York*
delphia land
RichSt.
Minne- Kansas:
mond Atlanta Chicago Louis apolis City | Dallas
32,943
48,227
36,147
36,654
48,220
82, 262
33,884
40,854
45,131
77,082
23,150
23,268
15,598
21, 758
18,105
23,111
19,656
21, 293
23,976
27,064
63,933
70,991
56,145
56,784
57,542
72, 538
60, 281
81,924
78,380
92, 706
37,688
43,812
31,320
39, 676
32, 615
41,553
35,251
37,854
49,361
45, 703
47,465
55,529
39,303
39,0G8
41, 502
41,210
47,833
65, 419
61, 230
62, 796
25,055
29,119
26,885
26.452
27,745
28,182
30,831
33,838
79,862
83,164
62,120
72,700
68,415
62,965
82, 790
96,321
106,160
28.453
34, 777 1116,899
19,136
20,734
17,402
18,999
19,277
18, 303
22,385
26, 486
26,663
33,112
17,593
18,686
14,855
16, 523
15, 569
16,154
14,180
17, 596
23, 587
23,814
23,737
29,582
25,124
26,712
26,222
27,972
35,341
42,345
52,047
33, 487
25,923
26,887
22,102
21,226
26,109
27,781
28,191
31,339
31,072
25,012
San
Francisco
50,993
59,787
44,494
62,351
47,344
77,076
52,353
57,125
59,787
68,819
i Due from banks in New York City as reported by member banks located in New York district but outside New York City.
INTERBANK LOANS: MEMBER BANK LOANS TO BANKS
[In thousands of dollars]
Call date
1928—Oct. 3
Dec. 31...
1929-Mar. 27...
June 29...
Oct. 4.....
Dec. 31...
1930-Mar. 27...
June 30__.
Sept. 24..
Dec. 31...
1931^Mar. 25 P.
Preliminary figures.
Totalall
member
banks Boston
547,795
537,501
548,152
670,277
640,301
714,076
527,081
535,307
465,793
630, 545
446,475
13,891
16,040
21,186
25,178
20,147
24,602
21,907
26,509
26,572
26, 674
18,779
Federal reserve district
New
York
Philadelphia
Cleveland
RichSt.
mond Atlanta Chicago Louis
Minneapolis
292,837
294,865
260,522
321,628
308,654
328,180
207,413
199,925
172,685
288,276
157, 743
37,003
38,502
49,201
47,681
51,159
65,118
52,732
49,173
26,711
55,849
45,704
20,084
27,768
33,249
35,494
34,300
49,107
34,932
30,825
28,478
42, 802
32,846
24,688
15,033
17,155
27,719
25,187
18,155
19,283
24,230
23,541
24,438
18, 280
7,989
7,437
7,601
8,593
6,944
6,793
6,351
8,384
7,249
7,284
30,792
22,018
23,385
34,107
29,823
22,141
26, 702
32,551
33,307
27,478
21,051
61,799 27,094
73,477 14,519
96,922
93,297
132,176
94, 520
81,513
68,425
89,896
85,916
15,622
27,767
31,059
25,854
22,678
33,481
38,522
28,308
22, 705
San
Francisco
15,919 6,752
18,231 3,399
17,447 4,519
23,798 8,719
19,499 8,029
23,251 5,392
21,681 6,953
27,630 11,296
21,936 10,909
23,442 7,988
21,453 7,718
8,947
6,212
9,380
12,671
12,203
13,307
11,929
9,790
7,458
8,110
7,800
MAY,
287
FEDERAL RESERVE BULLETIN
1931
ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS
[Exclusive of loans to banks.
In millions of dollars]
Federal reserve district
Call date
Total i I
New
York
Boston
Philadelphia
Cleveland
Richmond
Chicago
Atlanta
MinSt.
Louis neapolis
San
Francisco
Kansas
City Dallas
LOANS TO CUSTOMERS
All member banks:
1929—Oct. 4
Dec. 31
1930-Mar. 27
June 30
Sept. 24
Dec. 3 1 . _ .
1931—Mar. 25 P
Reserve city b a n k s : *
1929—Oct. 4__
Dec. 31
1930—Mar. 27
June 30_
Sept. 24
Dec. 31
1931—Mar. 25 v
Other b a n k s :
1929—Oct. 4__
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
1931—Mar. 25 *
23,249
23,193
21,494
21, 565 ;
21,010
21,007
19, 927
-
_
_. 14, 622
14, 712
_. 13, 288
13,337
13,003
13,244
12,414 i
_
8,628
8,482
8,206
8,228
8,007
7,762
7,513
1, 751
1. 703
1,615
1,616
1,555
1,534
1,467
7,132
7,231
6,503
6,512
6,392
6,428
6,048
1,774
1,750
1,697
1,715
1,672
1,654
1,605
2,255
2,296
2,209
2,216
2,153
2,182
2,123
920
920
850
836
824
801
775
810
796
747
724
703
678
634
3,640
3,555
3,265
3,351
3,206
3,182
2,951
926
883
830
810
796
708
672
541
515
483
475
476
461
463
748
735
684
681
659
667
625
673
651
612
615
616
676
556
2,078
2,161
2,000
2,015
1,957
2,135
2,007
775
756
695
694
647
650
601
5,269
5,371
4,727
4,708
4,644
4,694
4,353
786
766
742
757
727
716
687
1,265
1,353
1,273
1,283
1,246
1,290
1,263
330
336
301
299
294
296
284
428. i 2,533
423
2,454
388 I 2,208
370 ] 2,306
2,207
356
2,213
360
2,024
340
557
525
483
463
456
402
381
230
206
185
176
188
178
188
430
422
372
366
355
372
343
332
331
291
288
296
297
283
1,688
1,768
1,622
1,629
1,588
1, 778
1,667
947
920
922
908
884
866
1,863
1,860
1,776
1,804
1, 747 j
1, 734 I
1,695 i
955
958
945
938
919
990
943
936
934
907
893
860
590
584
549
537
530
505
491
383
372
358
355
348
318
294 |
1,107
1,100
1,057
1,044
1,000
969
927
358
347
347
340
306
291
312
309
" 298
299
288
285
275
318
313
311
314
304
296
281
342
319
320
327
320
280
273
391
393
378
386
370
356
340
1,383
1,248
1,477
1,501
1,692
1,538
1,737
418
428
462
445
454
417
449
409
389
407
387
389
382
376
479
454
460
443
479
456
457
306
280
288
244
241
238
261
1,042
1,018
1,114
1,085
1,151
1,104
1,249
255
241
246
244
284
266
271
136
113
141
121
128
121
150
;
!
i
|
i
|
1,022
224
213
214
199
196
190
187
170 '
167
148
123
114
117
111
276
266
261
248
244
236
227
I
OPEN-MARKET LOANS AND INVESTMENTS
All member banks:
1929—Oct. 4__
Dec. 31
1930—Mar. 27..
June 30..
Sept. 24.
Dec. 31
1931—Mar. 25 v
Reserve city b a n k s : i
1929—Oct. 4
Dec. 31
1930— Mar. 27.
June 30
Sept. 24
Dec. 31
1931—Mar. 25 v
Other b a n k s :
1929—Oct. 4 .
Dec. 31
1930— M a r . 27
June30__
Sept. 24.
Dec. 31
1931—Mar. 25 v
12,024
12,026
13,034
13,555
13,997
13, 222
14, 375
833
934
949
1,001
950
1,015
6,917
7,179
8,062
8,688
9,121
8,527
9,633
315
301
377
378
411
388
434
5,107
4,847
4,972
4,867
4,875
4,696
4,742
548
532
557
572
591
562
581
4,323 ; 930
872
4, 757 •
921
5,072
5, 674 '
949
5, 528 i 1,038
5,307 | 1,023
5,713 ; 1,170
1,209
1,111
1,210
1,232
1,348
1,194
1,278
354
340
354
344
358
329
352
309
297
334
302
316
284
318
3,120 !
3,615 !
3,849 !
4, 439
4,285!
4,119 i
4,483 I
288
263
307
328
416
407
549
695
649
746
773
898
761
854
143
142
152
156
170
145
162
145 i
778 I
681
135;
900
155 !
942 i
147 !
163 | 1,126 i
995
140 !
172
1,191
175
192
229
224
235
213
242
100
95
108
101
100
103
103
1, 203
1,142 !
1,223 i
1,235 ;
1,243 j
1,189 !
1,231 |
642
609
614
621
622
616
620
514
462
464
459
450
433
424
211
197
202
188
188
184
190
163
162
179
156
153
144
146
243
237
233
221
219
204
207
308
294
299
287 j
289
279
273
i
605
567
578
559
566
543
546
,
!
j
I
!
767
752
853
837
I
i Member banks in 62 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per cent
against net demand deposits)—and 60 reserve cities (subject to reserve requirement of 10 per cent against net demand deposits); for list of these
cities see Member Bank Call Report No. 50 (pp. 12-17).
p Preliminary figures.
288
FEDERAL RESERVE BULLETIN
MAY,
1931
BANK SUSPENSIONS, BY DISTRICTS
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank, Figures of suspensions
include banks subsequently reopened. Figures for latest month are preliminary]
Banks reopened
Banks suspended
Number
Federal reserve district
Members
January-April, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
...
Chicago
-.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. .
Total
April, 1931:
Boston __
New York
Philadelphia
Cleveland
Richmond
Atlanta
....
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
432
3
2,312
13,351
13,688
32,637
12,915
27,313
57,245
16,344
9,125
5,571
4,521
3,884
:> 5,383
; 4,908
, 15,009
3,740
14,036
i 5,059
4,073
2,443
941
; 3,088
;,
284
15
347
198,906
58,964
1
13
6
10
9
2
1
4
1
3
1
7
1
70
2
1
1
2
5
1
17
1
8
5
1
1
3,939
3, 387
4,847
3 833
12,242 ! 10,314
4,943 • 2 717
5,058
2,675
12,116 '
515
350
2,778 i
952
800 .
661 ;
474
1,569 :
3
43
49,468 |! 24,702
3
4 •
3 !
6 :
4
2
1
3 i
1
17
1
3
2
11 •
5
2
3
1
63
17
banks ' National
1
3
9
20
25
42
110
64
28
31
6
8
5
Nonmembers
A 11
members
1
9
13
35
32
56
118
76
35
32
13
12
Mernbers
i!
All
banks
State
1,753
2,312
1,912
8,780
15,885
8,956
11,379
46, 205
11,530
6, 682
4, 630
1,433
1,847
18,391
121,551
6,056
1,743
219
1,898
5, 981
741
1 334
1,433
2,767
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars),L
All
banks
Members i
1
2
1
1
31
11
19
79
11
2
4
161
552
1 014
1,928
2 226
1,049
12,116
105
1,826
800
187
136
2
1
1
8
2
|
15
1 |
1
2
1
3
14
1
1
2
1
21, 999
Nonmembers
1
1
1
29
10
18
71
11
2
2
146
4
banks ! bers i
2,426 !;
5,622 ;: 2,939
412 |
9.605 !
4,866 [
15,167 :
26,199 !
3,368 i
356
1,706 !
69,727
;
2
1
2
12
1
19
497
161
8,570
8,238
191
3, 659
879
7,502
9,081
412
24,472
2,939
1
23 1
!
2,426
2,683
412
5,946
3.987
7,665
17,118
3, 368
356
1,294
45,255
2,939
i
|
! 7,502
:j 5,452
!
!
!
497
161
1,068
2,786
191
546
546 !
21,142
Nonmembers
15,893
5,249
i Represents national banks only, except as follows: January-April, 3 State members in St. Louis district with deposits of $6,313,000; April,
1 State member in St. Louis district with deposits of $5,200,000.
Back figures— For district figures back to 1921 see BULLETIN for February, 1931, also annual reports for 1929 (Table 111), 1928 (Table 115), 1927
(Table 111), and 1926 (Table 98).
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER)
[In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation]
Totalall
member ;
banks
Call date
1928—Oct. 3 . _ .
Dec. 3 1 . .
1929—Mar. 27.
June29_.
Oct. 4 . . .
Dec. 3 1 . .
1930—Mar. 27..
June 30Sept. 24
Dec. 31.
J
Federal Reserve District
Boston
501 ;
436
495 '
473 ,
488
424
455 i
430
420 '
386
8,106
7,822
8,150
7,896
7,979
7,614
7,642
7,317
7,258
7,023 I
New
York
2,616
2,468
2,667
2, 530
2,661
2, 640
2,616
2,413
2.368 i
2,429 i
Philadelphia
MinSan
CleveRich- At.antaCh.cago St. ^ neapo- Kansas Dallas Franland Sond
Louis
City
lis
cisco
314 |
329
328 ;
311 i
280 '
275
276 !
267 j
270 !
236 ;
499
444
441
439
454
409
396
408
671
576
1,087
1,028
1,039
1,060
1,051
942
966
956
332
327
333
302
309
284
292
270
273
245
925
922
294
292
300
297
304
288
286
287
263
261
426
435
439
445
438
417
395
oyi
383
373
355
368
384
361
339
320
322
O/-J9
290
262
772
765
754
750
759
727
725
693
INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS
| In millions of dollarsl
i Total— i
1
all i
non- !
;
member,
banks j
Date
1928—Oct.3
Dec. 31
1929—Mar. 27
June 29.
Oct. 4
Dec. 31
1930—Mar. 27
._..
y
June30
i- r
Sept. 24
Dec. 3 1 . . . .
_
.!1
!!
ji
!.!
i
!
!
j
I
Federal Reserve District
New
Boston York
347 !
350 i
354 !:
399 i
363 !
359 i
287
287 i
247 I
269 !
22
17
24
25
23
30
19
17
15
17
Phila- Cleve- RichChidelland mond '.Atlanta cago I
phia
57
54
55
58
68
81
61
51 ;
29
56 ]
30
34
37
40
10
55
34
28
22
37
49
25
31
43
46
28
29
31
34
25
19
21
26
32
33
23
18
35
33
20
i
|
;
!
I
!
!
j
57
71
71
79
77
58
44
38
31
42
i
i
i
i
i
;
;
1
MinSt. i neapoLouis i lis
34 :
43
34
39
39
24
32;
30 i
32
23
Kansas Dallas
City
8
12
7
13
3
15
10
15
11
13
7
2
4
8
6
4
5
9
10
4
San
Francisco
18
20
15
18
20
11
12
12
11
MAY,
289
FEDERAL RESERVE BULLETIN
1931
REPORTING MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In millions of dollars]
Federal Reserve District
Total
Loans and investments:
Apr. 1
Apr. 8
Apr. 15
Apr. 22 . .
. .
Apr. 29
Loans:
15,382
Apr. 1
15,212
Apr. 8
15,258
Apr. 15
15,139
Apr. 22
14, 903
Apr. 29
On securities—
7,256
Apr. 1
7,146
Apr. 8
7,194
Apr. 15
7,138
Apr. 22
7,052
Apr. 29
All other—
Apr. 1
Apr. 8
Apr. 15
_.
Apr. 22
Apr. 29
Investments:
7,551
Apr. 1
7,633 'j
Apr. 8
7,793 \
Apr. 15._
7,848
Apr. 22
7,903
Apr. 29
U. S. Securities—
3,777
Apr. 1
3,848
Apr. 8
3,977
Apr. 15
_
3,968
Apr. 22
3,996
Apr. 29
Allother—
3,774
Apr. 1
_._
3,785
Apr. 8
3,816
Apr. 15
3,880
Apr. 22
3,907
Apr. 29
Reserves with F. R. banks:
1,810 i;
Apr. 1
1,797 :;
Apr. 8
1,768 I
Apr. 15
1,790 !i
Apr. 22
1,832 ;'
Apr. 29
Cash in vault:
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
Net demand deposits:
13,749 .j
Apr. 1
13,678 i!
Apr. 8
13,811 i
Apr. 15
13,752 '•{
Apr. 22
13,004 ::
Apr. 29
Time deposits:
7,296
Apr. 1
-..
7,273 :
Apr. 8
7,304 \
Apr. 15
7,358 ;
Apr. 22
7,410
Apr. 29
Government deposits:
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
Due from banks:
Apr. 1
Apr. 8
Apr. 15
,
Apr. 22
; 1,686
Apr. 29
1,
003
;
Due to banks:
Apr. 1
i 3,989
Apr. 8
._.:! 3,907
Apr. 15
3,898
Apr. 22
i 3,680
Apr. 29
I 3,594
Borrowings from F. R. banks: I
Apr. 1
Apr. 8 . . .
Apr. 15
Apr. 22
_..
Apr. 29-,.
sas |Dallas j FranCity I
I cisco
023 | 0,014
2,283
2,277
2,290
2, 289
2, 273
1,976
1,967
1,982
1, 992
1, 989
7,974
7, 858
7,897
7, 880
7,834
1,918
1,948
2,010
2,005
2,011
1,439
1,432
1,426
1,406
1,407
1,247
1,237
1,240
1,238
1, 237
5,451
5,302
5, 338
5,311
5,207
1,302
1, 313
1,377
1,358
1,341
405 ' 3,561
408 3,447
406 3, 455
411 3,436
412 3,374
3,183
3,066
3, 083
3,063
3, 003
656 2,711
650 2,682
2, 268
2,236
2,255
2,248
2,204
2,523
2,556
2, 559
2, 569
2, 027
460 ! 2,984
464 j 2,995
464 i 3,045
1,398
1,423
1,412
1,393
1,445
1,548
1,575
1,578
1,556
1,598
6,457
6,306
6.356
6,376
0, 348
1,778
1, 752
1,749
1,750
1,780
1,125
1,133
1,147
1,176
1,182
151
151 I
150 !
150
151
1,384
1,391
1,406
1,439
1,447
383
392
391
391
|
I
i
!
1,017
1,019
1,009
1,016
33
29
40
29
23
i
!
!
i
j
16
14
24
18
10
| 1,782
312 | 1,821
311 | 1.793 i
312 | 1, 798 I
5, 849
5, 697
5, 749
5,775
5, 704
230
231
230
230
230
1, 235
1,217
1,219
1,214
1, 251
!
i
i
;
;
1, 325
1,312
1,352
1,392 j
1, 395 |
1,512
1, 354
1,363
1, 239
'
1
i
•
i
:
1
i
1
:
;
1
i
8 ;
j
1
8 !
1,141
1,200
1,225
1,198
1,215
290
FEDERAL RESERVE BULLETIN
MAY, 1931
FEDERAL RESERVE BANK DISCOUNT RATES
[Eates on all classes and maturities of eligible paper.
For back figures see January BULLETIN and Annual Report for 1929 (Table 32)]
]Federal
Date effective
New
York
Boston
In effect Apr. 1,1930Apr. 8
Apr. 11
Apr 12
Apr. 15
_
May 2
„
MayS.
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
Jan. 10
May 7 _ . .
May 8
May 9 _ .
In effect May 9,1931..
Philadelphia
4
4
Cleveland
Richmond
reserve bank
Kansas
Chicago St. Louis Minneapolis
City
Atlanta
4
4H
4
I
3
3>2
2H
3H
3H
j
3K
3H
1
I
3K
1
VA
3K
2
334
3>i|-
3
2M
3
3
2
4
4
4
33^
2
4
*
4
i
San
Francisco
Dallas
3
3
__________
IK
3
3
23-3
3H|
3
m
2H
VA
3H
i
3
3
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
Interbank loans
Federal reserve
bank or branch
city
Boston
New York
Buffalo
Philadelphia.
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte.
Atlanta.
Birmingham.
Jacksonville
Nashville.
New Orleans
Chicago
Detroit
St. Louis
Little Rock.
Louisville
Minneapolis..
Helena
._
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle.
Spokane
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities.
Rate
291
FEDERAL RESERVE BULLETIN
MAY, 1931
BUILDING CONTRACTS AWARDED
BUILDING PERMITS ISSUED
[Value of contracts in thousands of dollars. Figures are for 37 States
east of Rocky Mountains, as reported by F. W. Dodge Corporation]
[Value of permits in thousands of dollars]
1931
1930
1931
Mar.
Federal reserve district
Mar.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
I
I
_.
Total (11 districts)
I
I
I
j
'
!
;
Feb.
37,539
92,584 i
16,539
26,377
30,617 ,
20,189
69,099 i
22,970 ;
10,084
19,101
24,883
i 369,982
1930
Number
of cities
Federal reserve district
Feb.
19,517 !
70,060 i
14,143 I
16,493 |
19,666 I
20,354
29,011
12,509 I
5, 507 I
10,174
17,973 |
28,102
105,493
25,511
60, 012
43, 220
20,898
73, 812
23, 705
15,131
35,974
24, 260
235,405 i
456,119
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City__
Dallas
San Francisco
14
22
14
12
15
15
19
5
9
14
2,626
58,243
2,438
5,969
6,534
2,349
23,666
2,337
4,228
I 3,760
2,693
13, 027
20
Total
r
168
.
|
!
I
3, 340
' 31,606
2,257
6,000
8,463
r
1,891
12, 230
2,469
1,410
r 4, 552
3,264
10,842
127,870
'8S.325
BANK DEBITS
[Amounts in thousands of dollars; figures reported by R. G. Dun Co/
[Debits to individual accounts. In millions of dollars]
Federal reserve district
1931
Mar.
Boston
. .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1931
Feb.
Mar.
5,020
7,115
8,728
11,401
4,603
2,054
7,123
5,263
2,382
2,639
3. 659
3,089
5,740 1 15,854
5; 158 ! 2. 420
1.100
3,446
1,226 ! 1 827
920
2,153
4,685
8,845
247
490
115
202
160
183
371
181
69
108
114
323
264
416
132
169
126
204
333
133
101
124
66
279
5,351
9,950
3,261
6,502
4,702
3,311
13,661
2,970
1,638
2,184
1, 456
5,401
2,604
2,563
2, 347
60, 387
59, 608
Mar.
56, 846
New York Citv
Outside New York City
Federal reserve district:
Boston
New York _
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
_
Kansas City
Dallas San Francisco
Total
_
Mar.
Mar.
Feb.
1
140
27, 589
19, 421
20, 948
17,084
40, 740
24, 983
11
7
10
13
7
15
21
5
9
15
10
18
2,149
28, 336
1,937
2,118
644
880
5,040
921
554
1,052
526
2,853
1,760
21, 607
1,710
1, 932
597
860
4,266
809
507
950
511
2, 524
2,615
41, 715
2,505
2,667
764
1,068
6,635
1,157
730
1, 348
734
3,784
141
47,011
38,031
65, 723
1930
Feb.
262
562
106
233
168
174
361
144
69
136
76
313
Number
of centers
Mar.
152,060
1930
1931
Liabilities
1930
7,453
44, 610
11, 020
15, 850
12,126
6, 630
15, 503
3,085
2,035
8,022
5,840
19, 887
Revised.
COMMERCIAL FAILURES
]Number
Mar.
| Mar.
292
FEDERAL RESERVE BULLETIN
MAY, 1931
DETAILED FEDERAL RESERVE STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE
NOTE STATEMENT
fin thousands of dollars]
1931
Apr. 30
_
1, 733,124 I
32, 647 i
1,642,214
41,097
1,814,507 i
555,046 !
791,121 i
1,765,771 i
499,976 I
848,894 j
1,683,311
634, 847
754, 502
3,160,674 I
173,423 |
3,114,641
181,637
3,072, 660
178,937
3,334,097 i
64,127 I
3,296,278 !
73,124 |
3, 251, 597
62,607
157,076 !
250,225 j
233,452
132,291
30,361
115,343 i
8,960 I
161,845
47, 719
162,652 !
124,303
209, 564
598,314 I
598,431
100
527,124
2,385
598,314 i
598,531
529, 509
350
697
18,117
707
16,553
9,700
711
22,882
937,206 j
990,319
1,005,818
16,091
474, 098
58,420
17, 882
14,278
463,183
58,322
17, 601
20,968
562, 769
4,901,925
4,913,105
4,973,881
!
j
16,093
], 519,16fi
14, 278
1,472,080
20,968
1,486,300
i
1 535 259 I
1,486,358
1, 507,268
2,371,171
2,428,081
55,916
5,145
16, 515
2, 384, 721
22, 674
5,365
21,173
_._
Bills discounted »_
Bills bought:
Outright
Under resale agreement.
Total bills bought
United States securities:
Bought outright 8
Under resale agreement.
Total United States securities..
Other reserve bank credit:
Other securities
Due from foreign banks.._
_
Reserve bank
float3_..
Total reserve bank credit outstanding..
Federal reserve notes of other reserve banks..
Uncolleeted items not included in float
Bank premises
All other resources
Total resources
_
Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks
_
LIABILITIES
Apr. 30
1,782,314
32,193
Gold with Federal reserve agents
Gold redemption fund with United States Treasury
_.
Gold held exclusively against Federal reserve jjotes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
_
Total gold reserves.
Reserves other than gold
Total reserves
Nonreserve cash
Mar. 31
_J
11, 542
|
Total notes in circulation
Deposits:
Member bank—reserve account.
Government
Foreign bank
Other deposits
34.963
5,606
21, 889
Total deposits
j
2,433,629
2,505,657 I
2, 433, 933
474,098 !
168,fi00 i
274,636 I
15,703 !
463, 183 !
168,828 •
274,636
14, 443
562, 769
174, 209
276, 936
18, 766
4,901,925 j
408,916 I
4, 913,105 ;
430, 779 •
4, 973, 881
465, 458
1, 933,084
397,825 I
1,875,642 :
389,284 1
1,826,987
319, 719
j
1,535,259 j
1,486,358 ;
1, 507, 268
!
I
|
1,782,314 !
292,179 !
2,074,493
1, 733,124 I
351,122 j
1, 642, 214
430, 807
2, 073,021
Deferred availability items..
Capital paid in
Surplus
All other liabilities
Total liabilities...
Contingent liability on bills purchased for foreign correspondents
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks4 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
_
_
_
2,084, 246 j
1 I n c l u d e s bills discounted for Federal i n t e r m e d i a t e credit b a n k as follows: Latest m o n t h , $58,000; m o n t h ago, $121,000; year ago, $1,401,000,
a n d notes secured b y adjusted service certificates discounted for n o n m e m b e r b a n k s as follows: L a t e s t m o n t h , $78,000; m o n t h ago, $77,000; year ago,
$39,000.
H£§
2
I n c l u d e s bills p a y a b l e in foreign currencies as follows: L a t e s t m o n t h , $1,074,000; m o n t h ago, $1,063 000* y e a r ago $1 054 000
3
:
Uncollected i t e m s in excess of deferred availability i t e m s .
*
uw
*
*>-.
'
'
« E x c l u d e s " F e d e r a l reserve notes of o t h e r F e d e r a l reserve b a n k s " w h i c h are c o n s e q u e n t l y i n c l u d e d in a c t u a l circulation
MAY,
293
FEDERAL RESERVE BULLETIN
1931
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES—ALSO FEDERAL RESERVE
NOTE STATEMENT, APRIL 30, 1931
[Tn thousands of dollars]
Total
Boston
New
York
Phila- Clevedelphia! land
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
44,815
65, 000
San
Dallas i Francisco
RESOURCES
Gold with Federal reserve
agents
Gold redemption fund with
U. S. Treasury
1,782,314 146, 917!
32,193
Gold held exclusively
against Federal reserve
notes
Gold settlement fund with
Federal Reserve Board
._
Gold and gold certificates held
by banks
1,165!
361, 919 160,000 192, 550
13,158
1,050
I
2,5371
84, 070 140,400 276,9
53'
1,021
3,985
69,880j
24,100: 215,763
1,349
l,520!
764:
84, 607; 141,421, 280,885
71, 400J
45,484
66, 349
24,8641 220,201
35,823!
170,906
60,932
39,908
20,406;
10,937|
96,712
24,7201
28,388
18, 465
13,902;
33,947
791,1211 30,718-
513,036
25, 276
65, 716J
5,324'
7,819,
76,001
10, 837J
5,152
10, 858
4,965;
35,419
06, 957
3,160,674 214,623| 1,059,019 247, 258 300, 7111 110,337, 160,177J 453, £
106,
9, 379!
173, 423j 14, 947;
57, 646 8, 394 15,393j 11,046;
5,798, 21,102
79, 024!
4,084
95,672
7,541
1,814,5071 148, 0S2J
555, 046
Total gold reserves.
Reserves other than gold_
375,077 161,050 195, 087
43, 731! 289,567
8, 294! 9, 799
|| 3,334,097! 229,570 1,116,665 255,652 316,104! 121,383! 165,975 474,700! 116,336! 83,108 103,213|
O nOOf
O-VV
A O/JO
(\ !7AO
A OC7l
i
r> I- A
1,808[
3479
3,9881 4A f 370|
4,262
64,127;
7,466!
14,340;
3,479
9,703
4,867j
1,854
Total reserves
Nonreserve cash
Bills discounted:
;j
Secured by U. S. Govern- \\
ment obligations
ij
Other bills discounted
ii
455
3,183
963
7,884
8,204
7, 433|
3, 638!
5,105'
8,847
7,866
7,866!
4, 826
12,143
16, 530
20, 5901
1,972
58,566
7, 530!
600
3,976,
19,257; 17,483
379
1,110
32291
32,291
10,192.
623[
18,409;
319
10, 545
28,128
81,128
23,899,
25,613! 33,780! 29,224
38,992
17,7371
13,278;
7,047
11,428
11,583
6,753j
2,060
11, 752
329
9,774
6, 583J
7,187!
Total bills discounted™!'
Bills bought
I
157,076; 10,867;
162, 6521 16,206
31,015:
60,109;
18,475
105
18,336J
19,601
13,812:
42!
10,103
6,248
13, 770
18,581
U. S. Government securities:
Bonds
u y notes
t
Treasury
j
60, 508i 1, 202!
52,227
1, 502!
43 478
485, 579 43,478
16,523
11, 380
4,606
AO TCT
154,810i
54 810 43,757
520
11,549
CnA,
45,624j
1,325^
490i
15,168!
273
3,874
8,1
12, 755
;i
!
ji
Total U. S. Government I
securities
Other securities
Total bills and securities.
Due from foreign banks
Federal reserve notes of other
banks
Uncollected items
Bank premises
All other resources
_
63,128|
93,948j
AC
598, 314
350
46,182!
182,713! 49,352
350;
57,693
16,983
918,392
697
73,255!
53|
274,187! 67,932
223 i
70
95,630
30,837! 29,106 113,479
281
25
95
16,091
492,219
58,420
17,882
56, 568
3,458
452
5, 224|
140, 525
15, 240
4,854
981
1,333!
46,940|
35,821!
, !
,
7,1931
3,465!
1,919! 1,189
259J
44, 054
2,614
855
72J
1,634
15,600
2,573
3,748
52,025 299,366
3, 322| 4, 668
3, 215j
4,989|
5,522,
5,345|
Certificates and bills
4,438
I
2,272i
58,724!
8,0611
829
!
180
7,454
4,689
1
67, 665
39,536, 34,356] 50,493!
25;
16:
21
41,916
21
845!
20,
248
20,248!
3,635l
1,249!
291;
1,492
15,408! 26,198
1,8311 4,621
823J
806
6691
8,886!
1,926
694!
783
,24'
3,803
464
23
4,901,925| 371,081| 1, 571, 258j 374,964 472,827j 198,426! 222,923 667,863 186,741 j 131,509, 183,832 115, 637i 404,864
Total resources .
LIABILITIES
Federal reserve notes in actual
circulation
1,535,259 136, 706
270,772; 137,187 183,864
77,049; 130,231 222,159
74,711
Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits
_
2,371,171 140,858!
40,858!
34,963
32051
3,2051
5,606
386
21,889
701
992,994 149,412 192,398J
19891
102281
10,2281 2,752
2752
1
,1
509
520
2,1541
2,362
11,536
63,516
4836
4,836
206
100
56,807 322,624
3,404
1,736
185
695
214
521
71,781
1,492
180
299
62,601
973
118
151
82,553
1,168
149
125
, j 177,800
57,827j
1,019
1019
22,161
161
154
350
60
6,352
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,433,629 144,5191 1,016,912 152, 772 197, 269
474,098 56,3911
133,166 40, 765 45, 751 34,050
5,721
168, 600 11,8291
65,498 16,776 15, 753
28971 j 12114
12,114
274, 636 21,299'
80, 575 27,065 28,971
4,335
1,219
834
337
15, 703
58,942 327,244
15, 522 56, 243
5, 247 19,927
10,857 39,936
2.354
2,124
73,752
21,541
4,831
10,562
1,344
63,843
8,868
3,020
7,144
804
83,995
21,878
4,243
8,702
471
59,060, 186,663
14,753, 25,170
4,300 11,455
18,475
783
_.
Total liabilities
Reserve ratio (per cent) _
FEDERAL RESERVE
STATEMENT
T
I
1,933,084 162,175
397,825 25,469
In actual circulation
1,535, 259 136, 706
Collateral held by agent as
security for notes issued to
bank:
Gold
i 1,782,314 146,917
Eligible paper
292,179 27,011
52,508!
4,678;
69,995
5,452J
34,586 229,256
6,697j 66,938
270,772 137,187 183,864,1 77,049 130,231 222,159
74,7111 47,830^
64,543
27,889, 162,318
361,919 160,000 192, 550
72,882 15,921 34, 611
69,880 44,815
,
14, 679
8486
14, 679
8,486
65,000
1 , 224
16, 224
24,100, 215,763
12,195 28,464
395, 731 165,6911 212,3641
Art >A 4 I
flO pfiA'
500
124,959 28,
504 28,
85,693 155, 970 287, 272
O r* A A
8,644
25, 739 65,113
84, 070 140,400 276, 900
13, 677 15, 917 32,112
81,843!
7,132|
Excludes "Federal reserve notes of other Federal reserve b a n k s / ' which are consequently included in actual circulation.
i
; 4,901,925 371,081 1,571,258; 374,964 472,827\ 198,426 222,923 667,863 186,741| 131,509 183,832; 115,637 404,864
69. 5
59. 8
78.4J
85.8
18.2
82.9 !
83.3
87.7
86.4
84.0
86.7
74.4j
81.6
NOTE
Federal reserve notes:
Issued to F. R. bank by
F. R. agent
Held by F . R. bank 1
1
27,889; 162,318
47, 830
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES
to
[Amounts in millions of dollars. Back figures available only to October 3,1928; see BULLETIN for November, 1930, p. 7531
Loans to customers (exclusive of banks)
Loans to banks
Total
loans
and
investments
Call date
Total:
1929—Mar. 27
June 29
Oct 4
Dec 31
1930—Mar 27
June 30
Sept 24
Dec 31
1931—Mar. 25 P
N e w York C i t y : 8
IQOQ
Mar
27
June 29
Oct 4
Dec 31
iQQn
Mar
27
June 30
Sept 24
Dec 31
1931—Mar. 25 v
Chicago:»
1929—Mar. 27 . . .
June 29
Oct. 4 _ .
Dec. 31
1930—Mar. 27 _
June 30
Sept. 24
Dec. 31
1931—Mar. 25 P
Other reserve cities:
1929—Mar. 27
June 29
Oct 4
Dec 31
1930—Mar. 27
June 30
Sept. 24
Dec 31
1931—Mar. 25 *
"Country" banks:
1929—Mar. 27
June 29
Oct. 4
Dec. 31
'
1930— Mar. 27
June 30
._
Sept. 24
Dec. 31
1931—Mar. 25 »
Open-market loans
Secured by real
Secured by
estate
stocks and bonds
Total
loans
Secured
by
Total stocks Total
and
bonds
35,393
35,711
35,914
35,934
35, 056
35, 656
35,472
34,860
34,748
24,945
25,658
26,165
26,150
25,119
25,214
24,738
23,870
22,828
548
670
640
714
527
535
466
631
446
7,726
8,160
8,150
8,774
8,238
8,798
8,557
8,582
8,471
5,754
6,341
6,344
6,683
6,192
6,596
6,359
6 147
5,809
251
314
302
322
199
196
169
283
154
8
1,793
1,767
1,823
1,757
1,717
1,849
1,934
1,861
1,852
1,456
1,433
1,510
1,448
1,406
1,483
1,524
1,344
1,262
62
67
68
88
58
50
41
55
41
(2)
(2)
(2)
(2)
12,132
12,065
12,161
12,029
11, 858
11,852
12,038
11,897
12,113
8,733
8,789
9,085
9,084
8,752
8,533
8,500
8,379
8,027
196
241
225
258
205
227
193
231
194
8
(2)
13, 741
13,719
13, 780
13, 375
13, 243
13,157
12, 944
12, 519
12,313
9,001
9,096
9,226
8,936
8,768
8,602
8,354
8,001
7,730
39
49
45
45
65
62
62
62
58
(3)
(22)
()
260
230
175
315
218
92
78
53
132
70
50
43
35
42
35
104
99
77
125
101
8
14
11
11
15
13
To brokers
To
outside other
New
cusYork tomers
City
21,903
22,516
23,249
23,194
21,495
21, 565
21, 010
21,007
19, 927
1,014
921
939
803
706
819
774
675
570
6,526
6,813
7,170
7,685
7,024
7,242
7,090
7,266
6,866
4,253
4,532
4,846
4,964
4,338
4,308
4,276
4,338
4,006
52
63
46
55
60
68
86
104
119
1,692
1,814
1,898
2,145
1,876
1,954
1,945
2 033
1,853
1,353]j
1,309
1,374
1,329
1,160
1,257
1,187 1
1,194
1,050
311
242
257
240
194
229
239
201
159
477
484
504
533
474
487
448
472
452
7,933
8,124 j
8,401
8,417
7,790 1
7,770
7,540 |
7,712
7,358
538
511
510
425
360
431
360
312
231
8,364
8,551
8,627 !
8,481 !
8,206
8,229
8,007 !
7,762
7,513 i
114
105
125
83
93
90
88
59
61
Farm
land
Investments
Purchased paper
Otherwise
secured Total
Other and
unreal
estate secured
Acceptances
payable
in United
States
Bills,
acceptances,
Street
Com- loans * Total
mercial
paper
foreign
countries
2,720
2,760
2,760
2,803
2,776
2,769
2,776
2,847
2,828
11,240
11,618
11,988
11,515
10, 595
10,349
9,982
9,831
9,277
2,494
2,472
2,276
2,243
3,097
3,113
3,262
2,233
2,454
146
108
93
212
175
170
205
315
361
93
90
70
80
79
71
62
55
101
376
249
228
291
499
507
523
366
363
1,879
2, 025
1,885
1,660
2,344
2,365
2,472
1
148
173
175
169
150
157
157
147
150
2,361
2,480
2,726
2,595
2,252
2,129
2,090
2,054
1,882
1,250
1,496
1,196
1,397
1,655
2,091
1,912
1,525
1,650
59
58
59
128
89
144
148
188
199
52
58
33
46
40
29
28
22
51
37
21
8
21
49
35
22
34
35
2
2
2
2
2
2
2
2
2
19
22
19
19
18
18
16
18
16
544
559
592
535
472
521
482
501
422
41
58
68
30
187
176
296
95
171
8
1
1
9
3
2
7
18
14
5
3
4
5
11
19
13
14
25
10
6
4
5
33
56
42
18
21
2,415
2,480
2,598
2,775
2,576
2,663
2,586
2,671
2,523
112
109
110
110
113
110
111
120
122
1,376
L,370
,360
,428
L, 411
,394
L, 398
L. 491
1,476
3,492
3,654
3,823
3,679
3,330
3,172
3,085
3,119
3,006
603
423
458
408
757
534
768
436
475
35
16
6
43
55
17
47
104
144
27
22
27
24
24
19
17
15
23
1,942
2,034
2,170
2,231 '
2,097
2,137
2,112
2,090
2,038
289
291
279
276
279
274
275
264
262
1,176
1,195
1,206
1,186
1,196
1,201
1,205
1,191
1,185
4,843
4,926
4,847
4,705
4,541
4,527
4,326
4,158
3,967
598
496
553
409
496
312
286
177
159
44
33
27
33
27
8
4
5
5
8
7
6
403
404
392
388
394
386
387
387
387
2
1
2
i Loans to brokers and dealers in securities at New York City.
Figures not available.
4
Loans to banks on securities for these dates estimated as one-half of total loans to banks.
5
4
4
4
3
2
3
Total
U. S.
loans on
Gov- Other stocks
ern- securiand
ment
ties
bonds
securities
4
1, 629
10,448
10,052
9,749
9,784
9,937
10,442
10, 734
10,989
11,920
4,454
4,155
4,022
3,863
4,085
4,061
4,095
4,125
5,045
5,994
5,898
5 727
5,921
5 852
6,380
6,639
6,864
6,875
9,693
10,094
10,314
4
10,505
10 334
10, 656
10, 511
9,754
9,283
1,102
1,359
L, 096
L 202
I 477
L,883
1,714
L 281
1,366
1,972
1,819
1 807
2 091
2 046
2,203
2,198
2 435
2, 662
1,135
1,006
989
1 112
1 150
1,147
1,091
1 239
1,466
838
813
817
979
897
1,056
1,107
1 197
1,196
2,971
3, 393
3 191
4 3 562
3 504
3,983
3,798
3 550
3,408
18
48
59
11
140
99
233
45
111
337
334
312
309
310
366
409
518
590
164
159
153
116
146
160
157
240
329
172
176
160
193
164
205
252
277
261
136
83
71
102
209
245
295
194
191
405
302
354
239
469
253
409
123
116
3,400
3,276
3,075
2,944
3,105
3 319
3,537
3 517
4,086
1,732
1,607
1,519
1,368
1,516
1,525
1,628
1,486
1,984
1,668
1,670
1,557
1,576
1,590
1,794
1,909
2,031
2,102
* 3,456
3,414
3, 575
4
3, 569
3,509
3 447
3 431
3 230
2^971
192
140
144
163
207
171
164
120
116
354
316
376
208
258
129
115
49
36
4 740
4 623
4 554
4,439
4,475
4,554
4 589 i
4 519
1,424
1 384
1,361
1,267
1,273
1,229
1 219
1 159
1,266
3,316
3,240
3,193
3,172
3,202
3,326
3,370
3,359
3,316
4
1 4QR
4,582
Central reserve city banks only.
» Preliminary figures
1
4
4
4
4
4
837
807
854
4
828
859
859
955
761
756
4
4
4
4
2 429
4 2 480
i 2 694
4 2 545
2 462
2 367
2,326
2 213
2,148
I
MAY, 1931
BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION
MEMBERSHIP IN PAR-COLLECTION SYSTEM
[Number of banks at end of March]
[Figures for Dec. 31,1930—latest date for which comprehensive data are
available]
Member banks
Number
of banks Amount Percent(millions ' age disof dollars) tribution
All banks in the United States i_.
Member banks—totalReserve city banks (62 cities)
Central reserve city banks:
New York City__
Chicago
Other reserve city banks:
New York City
Chicago
_
_.
Other F. R. bank cities (10 cities).!
F. R. branch cities (25 cities)....
Other reserve cities (25 cities)..
Country banks *
Nonmember banks
22, 769
56,209
100
8,052
34,860
62
464
22,340 |
40
48
14
8,582
1,861 :
15
3
12
37
105
151
97
7,588
58 .
166
5,807 !
4, 567 i
1,298 |
12,519 j
14, 717
21, 349
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND SHORT-TERM
SECURITIES
[In thousands of dollars]
T™J-116 to 30 31 to 60 61 to 90| 9 1 ^ a / s Over 6
to £6 months
days days j m ™
ns
163,630 100,
1,343'
142, 585 82,237:!
132, 004 73,825
135, 250 78,833'
155,151 98,316
14,452
13,949
14,367
12,564
12,065
21,857
21,035
19,640
19,451]
19,123
166,622120,934;
L71,729 95,149!
131, 479 69, 3311
151,611 95,439!
169,765101,395
31,828
53,580
35,916
29,167
27,321
10,779! 2,891i
19, 539 i 3, 223;
14,432! 11, 661!
13,0971 13,800!
22,301! 18,440
14,744! 9,297
13,665i
8,772
12, 291! 9,819
12,333! 10, 001
13,143; 10, 277
468, 537
36, 000 120, 216
472, 711
.! 6,000 24, 500,134, 7261
480,, 684 ,
J 5,000 29,422i 122,7941
480,5861 5,000i 19,200 91,716| 40,300,
5,000: 19,200 89,716! 45,3001
United States.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
_.
1930
1931
1930
1931
7,924
8,407
10,648
11, 776
3,427
3,689
393
907
751
740
466
375
1,056
503
633
861
666
573
403
929
758
794
508
419
1,153
560
670
892
722
599
259
393
442
920
509
171
3,092
1,379
479
1,856
546
602
269
403
471
981
563
235
3,413
1,613
549
2,054
596
629
7
437
845
241
426
1,002
198
211
60
9
516
903
229
485
1,076
197
214
60
2,937
2,927
2,062
2,068
2,227
190
238!.
139
108
308
158, 697
158,697
159,712
149,743
149,717
[In millions of dollars. Back figures not available on comparable basis]
Bills
payable
and rediscounts
Date
1923-Dec. 31
1924—Mar. 31
June 30
Oct. 10
Dec. 31
1925—Apr. 6
June 30_
Sept. 28
Dec. 31
1926-Apr. 12
June 30.
Dec. 31
1927—Mar. 23
June 30
_.
_._
_
415
350
344
337
339
326
361
352
372
350
398
324
259
275
1927-Oct. 1 0 Dec. 31
1928-Feb. 28
June 30
Oct. 3.
Dec. 31
1929-Mar. 27
June 29
Oct. 4_
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
Total
t> Preliminary.
4,609,687
4, 620,414
276
230
208
361
347
350
354
399
363
359
287
287
247
269
1
Includes all banks (including m u t u a l savings banks) in t h e continental United States t h a t are not members of t h e Federal-reserve system
(14,717 banks on D e c . 31, 1930, with total loans and investments of
$21,349,000,000).
153, 624
148, 788
163,756
174, 627
176, 687
Kind of money
Gold coin
357, 565
355,912
Gold certificates
1,055,740 1,060,922
Standard silver dollars
35, 050
34,864
Silver certificates...
371,830
373,179
Treasury notes of 1890
1,245
1,244
Subsidiary silver
269,814
2G9,650
Minor coin._
_
116,188
115,988
United States notes
288,972
295, 203
Federal reserve notes
1, 470, 231 1,460,945
Federal reserve bank notes.
3,020
2,989
National bank notes
640, 031
649,459
Bills
payable
and rediscounts
Date
RESERVE BANK CREDIT AND FACTORS
CHANGES (WEDNESDAY SERIES)
M a r . 31
April P
353,647
1,047, 327
34,679
372,030
1,243
270, 596
116,383
289,452
1,471,090
2,972
648,495
352,886
1,034,690
34,358
374,778
1,242
271,571
116, 723
294,745
1, 518,168
2,955
651,278
4, 607, 914
4,653,395
IN
[In millions of dollars]
1931
Apr. Apr. Apr. A p r . A p r .
22
1
29
15
8
1931
Feb. 28
1930
INDEBTEDNESS OF NONMEMBER
BANKS: 1
TOTAL BILLS PAYABLE AND REDISCOUNTS,
1923-1930
KINDS OF MONEY IN CIRCULATION
[End of month figures. In thousands of dollars]
Jan. 31
Not on par list
1931
Figures cover all incorporated banks (other than mutual savings
banks).
1
Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under
State
supervision.
J
Includes certain outlying banks in reserve cities.
Total
Nonmember banks
On par list
Total loans and
investments
Bills discounted:
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
Bills bought in
open market:
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
Certificates and
bills:
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
295
FEDERAL RESERVE BULLETIN
165
Bills discounted
162
Bills bought
123
83
United States securities... 618 599
Other reserve bank credit.j
5
Total reserve bank credit i.] 907 858
Monetary gold stock
4,685 4,689
Treasury currency ad- !
I
justed
: 1,816 ,1,765
Money in circulation
A, 562 ,4,547
Member bank reserve |
I
balances
2,436 2,357
Unexpended capital funds, \
j
nonmember deposits, i
i
etc
! 410 I 407
164 143 132 135
167 172 131 152
598 599 599 599
33
16
26
15
943 929 895 911
4,698 4,703 4,710 4,713
155
170
598
13
936
4,721
1,778 1,775 1,789
4,621 4,611 4,623 4,612
4,621
2,392 2,389 2,356 2,380
2,408
407
407
414
410
408
i Averages of daily figures for week ending on Wednesday as follows
(in millions of dollars): Mar. 18—940; Mar. 25—880; Apr. 1—919; Apr. 8—
1,003; Apr. 15—920; Apr. 22—965; Apr. 29—924.
296
FEDERAL RESERVE BULLETIN
MAT, 1931
BANK SUSPENSIONS, BY STATES, DURING APRIL, 1931
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions
include banks subsequently reopened and are preliminary]
Banks suspended
Banks reopened
Deposits (in thousands of
dollars)
Number
Deposits (in thousands
of dollars)
Number
State
Members
Members
A 11
All
banks
'
|
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
Dist of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
._
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
__
Total
National
State
Nonmembers
All
banks
National
Nonmembers
State
!
All
banks
Nonmembers
Members*
All
banks
i
::::::::I - —
r :
'
Nonmembers
;
1
i
2
3
5
2
2
4
3
1
1
1
2
2
2
H
i
\
•
2
448
3, 830
11, 900
448
3,278
10, 886
4. 850
357
2 922
i
11
10 859!
3
3
741
650
5
2
1
1, 953
331
106
777
175
295
175
2
1
552
1,014
2,939
2,939
5,200
1 928
357
10 852
741
650
6
5
6,952 |
1
1
476 i
1,176
331
106
1
1
1
191 !
7, 502
:
1
1,752
476
7,502
191
i
!
295
i
1
i
j
j
i
!
2
2
:
2'
2
460
2
1
3,733
750
1, 334
3,724
1
1
1
460
2,717
1,016
750
I
2 j
2
497
497
1
1
366
366
1.334
2,675
1 049
_||
5 i
1
2
1
i
350
1
1
189
661
474
1
210
210
1
136
136
189
187
"
j
1
1
1
4
350
1
1
63 !
1
1
17
3
1,139
43 49, 468
24, 702
1
546 :
827
252
594
546
"1
1
::::::::
i
li"
j
I
294
1,139
2Q4
827 i
846
i
1
i
j
5
3
2,767
i
21, 999
23
4
19
21,142 i 15, 893
» Represents national banks only, with the exception of 1 State member bank in Illinois with deposits of $5,200,000.
Members*
5,249
MAT,
297
FEDERAL RESERVE BULLETIN
1931
BANK SUSPENSIONS, BY STATES, JANUARY 1 TO APRIL 30, 1931
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include
banks subsequently reopened. Figures for latest month are preliminary]
Banks suspended
Deposits (in thousands of
dollars)
Number
State
II
banks
Wvominfir
Colorado
New Mexico
Arizona
Utah
Pacific:
Washington
Oregon
California
Total
National
|
Members
Members
II. ....
State
I
1
Nonmembers
All
banks
1
2,312
National
State
Nonmembers
All
banks
2,312
1
1
2,426
2,426
1
1
2,683
4
2
9
2,683
1
23
37
45
16
8
6
2
4 ;
2
1
1
18
33
26
2
10
7
7
5 ....
2
3
1
1
8
6
10
9
17
6
1
2
2
1
2
2
4
14
12
36
1
2
2
10
-
I __
AAQTT,
Non-
bersi members
All
banks
Members 1
Nonmembers
•
i
6
5
19
Deposits (in thousands
of dollars)
Number
ii
A11
New England:
Maine.
New Hampshire
1
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
___
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
IowaMissouri..
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
Dist. of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentuck y
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana.
Oklahoma
Texas
Mountain:
M'ontana
Idaho
Banks reopened
3,804
11,402
21,330
2,444
3,278
13, 401
6,056
15 18, 039
34 14. 953
40 i 24,912
16 ! 9,431
8 ! 2. 740
5,746
578
4,425
1,743
5, 981
139
13
31
23
1
9
7
6
4, 880
7,644
4, 581
190
3,311
1,446
1,453
2,154
367
821
114
175
7
4
8
1,360
2,068
7,929
10,550
8, 394
20, 348
9, 431
2,740
1
1
1
11
14
1
2,939
2,939
1
11
13
412
3,702
9,679
5, 200
412
3.702
X, 479
5
5
2,372
2,726
7,277
3. 760
ii
2
4
406
7,502
658
9 I
2 ,
9
2
2, 962
356
941
3,136
1,446
512
261
472
2,717
290
1,281
3,437
3,768
3,122
3,333
1,680
4,137
2,266
3
3
1,155
1,155
8,450 j 3,659
4,791
12
4
2,029
3, 594
6,050
2,189
6,960
5,703
3
14
9
30
4,823
1,387
2,519
18, 037
431
1
2,372
406
7,502
658
2,962
356
i
11
2
3
13
1
3
2
5
1
1
4
1
7
1
1
i
5
6
3,471
2
226
3
392
6 j 4,521
36
27
219
1,542
542
9,402
356
400
2,315
202
3,088
4,392
1,387
1 621
8,235
954
22C
392
1,433
2
28
26
1
1
1
1
110
816
5
2
5
2
1 496 :
140
110
816
1,496
140
32
4
28
11,369
3,666
7,703
33
1
4
29
1
8,388
748
1,094
7,294
748
2
1
958
412
546
146 69,727
24, 472
45, 255
!
3
36
27
1 i
1 I
j
5 1
657
657
2
1
905
52
905
52
1
3
525
2,375
I
•
2
1
2
6
1
1
2
432
70
15
284
347 198, 9C6 ! 58.964
294
1,459
231
632
18, 391 121, 551
161
;
is
1
Represents national banks only, except as follows: 1 State member in Arkansas with deposits of $202,000, 1 in Mississippi with deposits of
$911,000, and 1 in Illinois with deposits of $5,200,000.
Back figures —See BULLETIN for March, 1931; also Annual Report for 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and
1925 (Tables 97 and 98).
INDEX
Acceptances:
Federal reserve bank buying rates on
252
Held by Federal reserve banks. 251, 293, 294, 295
Held by group of accepting banks
254
Held by member banks
253
Open-market rates on
252
In foreign countries
282
Outstanding
254
Agriculture. (See Farm products; Deposits of
member banks in smaller centers.)
All banks in the United States. (See Deposits;
Loans, etc.)
Annual reports of central banks:
Austria
262
Hungary
267
Norway
274
Poland
271
Balance sheets:
Bank for International Settlements
277
Federal reserve banks
293, 294
Foreign central banks
266, 270, 273, 275, 278
Bank debits
291
ankers' balances
286,289
Bank suspensions
255, 288, 296, 297
Bills bought, holdings of Federal reserve banks.
(See Acceptances.)
Bills discounted, holdings of Federal reserve
banks
251, 293, 294, 295
Bills payable, etc., of nonmember banks
295
Brokers' borrowings
254
Brokers' loans
254
Building statistics
257, 260, 291
Business conditions, national summary of
249
Business failures
291
Capital issues, domestic and foreign
256
Charts:
Preserve bank credit and factors in changes. 250
(See also Preview of month.)
Classification of member bank loans and investments
294
Commercial failures
291
Commercial paper outstanding
254
Condition statements. (See Balance sheets; also
Deposits; Elements analysis; Loans, etc.)
Debits to individual accounts. (See Bank debits.)
Department stores, indexes of sales and stocks. 260
Deposits:
All banks in the United States
253
All member banks
253, 285, 286
Central banks in foreign countries
278-280
Commercial banks in foreign countries
281
Federal reserve banks
285
Member banks in larger and smaller centers
286
Reporting member banks
289
Discount rates:
Central banks in foreign countries
282
Federal reserve banks
252, 290
Discounts, holdings of Federal reserve banks.
(See Bills discounted.)
Elements analysis
.'
250, 251, 295
298
Page
Employment in manufacturing industries
257, 259
Exports, merchandise
260
Factors:
Of decrease in reserve bank credit outstanding
251
Of increase in reserve bank credit outstanding
251
Factory employment and pay rolls
257, 259
Failures. (See Bank suspensions; Commercial
failures.)
Farm products, prices of
261, 284
Federal reserve bank buying rates on acceptances
252
Federal reserve bank credit and factors in
changes
250, 251
Federal reserve bank reserves, deposits, note circulation, and reserve percentages
285
Federal Reserve Board:
Annual report
248
James, Geo. R., reappointment of, as member. 248
Magee, W. W., appointment of, as member. 248
Federal reserve discount rates
248, 252, 290
Federal reserve notes
285, 293, 294, 295
Float, reserve bank
251, 293
Foreign countries:
Annual reports—
Bank of Austria
262
Bank of Hungary
267
Bank of Norway
274
Bank of Poland
271
Balance sheets of central banks
266,
270, 273, 275, 278
Discount rates of central banks
282
Exchange rates
277
Gold holdings
276
Gold movements
276
Government note issues and reserves !
281
Money rates
282
Security prices
283
Statistics of central banks
278-280
Statistics of commercial banks
281
Wholesale prices
284
Freight-car loadings
257
Gold:
Analysis of changes in stock of United
States
251
Circulation
295
Earmarked
251
Exports and imports
251
At New York
251
Elsewhere
251
Holdings of central banks and governments
276
Movements
251, 276
Production
251
Stock of United States
250, 251, 295
Imports, merchandise
260
Indebtedness of member banks at Federal reserve banks
252,285
Indebtedness of nonmember banks
295
MAY,
1931
FEDERAL RESERVE BULLETIN
299
Page
Index numbers of Federal Reserve Board
257-259
Industrial production, index of
257, 258
Interbank loans:
Rates on
290
Volume of
255, 286, 295
Interest rates. (See Money rates.)
James, Geo. R., reappointed as member of
Federal Reserve Board
248
Loans and investments:
All banks in the United States
253
All member banks
253, 287, 292, 295
Central banks in foreign countries
278-280
Commercial banks in foreign countries
281
Member banks in reserve cities
295
Member banks outside reserve cities
295
Nonmember banks
295
Reporting member banks in leading cities. _ 289
(See also Balance sheets.)
Magee, W. W., appointed member of Federal
Reserve Board
248
Manufacturing industries:
Index of employment
257, 259
Index of pay rolls
257, 259
Index ojf production
257, 259
Maturity distribution of bills and short-term
securities
295
Member bank borrowings at Federal reserve
banks (see also Bills discounted)
252
M e m b e r b a n k developments—Review of
month
245-248
Member bank reserve balances.. 250, 251, 285, 293, 294
Member banks. (See Deposits, Loans, etc.)
Membership in par collection system
„__
295
Minerals, index of production
257, 258
Monetary gold stock of the United States
250, 251
Monetary units of 44 countries
277
Money in circulation:
By kinds
295
Chart showing
250
Coin, notes, etc
295
End of month
295
Monthly averages of daily
figures
251
Wednesday series
295
Weekly averages of daily
figures
250, 251
Money rates:
Acceptances, New York City
252
Acceptances, foreign countries
282
Call loans, New York City
252
Call loans, England, Germany, Japan
282
Charged customers by banks in principal
cities
252
New York City
252
Other northern and eastern cities
252
Southern and western cities
252
Money rates—Continued.
Commercial paper
252
Interbank loans
290
Open market
252
Time loans
252
National summary of business conditions
249
Nonmember banks. (See Deposits, Indebtedness, Loans, etc.)
Nonmember deposits, etc., of Federal reserve
banks
251
"Other" reserve bank credit
251,293
"Other securities" held by Federal reserve
banks
251, 293
Par list, number of banks on
295
Par of exchange for 44 countries
277
Pay rolls in manufacturingindustries, index of _ 257, 259
Prices of commodities (wholesale), indexes of:
Foreign countries, all commodities
284
Foreign countries, groups of commodities __
284
United States, all commodities
257
United States, groups of commodities
261, 284
Prices of securities, indexes of
256, 283
Production:
Industrial, index of
257, 258
Manufactures
257, 258
Minerals
257, 258
Reporting member banks:
Borrowing at Federal reserve banks. 252, 254, 289
Loans and investments
254, 289
Due to banks
289
Reserve bank credit outstanding and factors in
changes
250, 251, 295
Reserve bank
float
251, 293
Reserve ratios of Federal reserve banks
285
Reserves:
Federal reserve banks
285, 293, 294
Member b a n k s . . . 182-184, 186, 187, 285, 293, 294
Central banks in foreign countries
278-280
Review of the month—Member bank developments
245-248
Security prices, indexes of
256, 283
Silver, price of
277
Stocks. (See Security prices; Capital issues.)
Stocks at department stores, index of
260
Time deposits of member banks
253, 286, 289
Treasury currency (adjusted)
251
Unexpended capital funds of Federal reserve
banks
251
United States securities, holding of Federal
reserve banks
251, 293, 294
United States Treasury notes and certificates,
yield on
252
United States Treasury bonds, yield on
252
Wholesale prices. (See Prices.)
FEDERAL RESERVE DISTRICTS
Birmingham
MTSS! j
---®
•
O
'BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
O
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@FedFRASER