Full text of Federal Reserve Bulletin : October 1931
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FEDERAL RESERVE
BULLETIN
OCTOBER, 1931
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
The President's Proposal on Banking.
Suspension of Gold Standard in Great Britain.
Condition of All Banks in United States.
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.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
WATLAND W. MAGEE.
J. W. POLE,
Comptroller of the Currency.
FLOYD R. HARRISON, Assistant to the Governor.
WALTER WYATT, General Counsel.
CHESTER MORRILL, Secretary.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
Chief, Division of Examination, and Chief Federal E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District
District
District
District
District
District
District
No.
No.
No.
No.
No.
No.
No.
1
2
3
4
5
6
7
(BOSTON)
( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
District No. 8 (ST. LOUIS)
District
District
District
District
No.
No.
No.
No.
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.
9 (MINNEAPOLIS)
_
G E O . H. PRINCE.
10 (KANSAS CITY)
W. S. MCLUCAS.
11 (DALLAS)
J. H. FROST.
12 (SAN FRANCISCO) _
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.
n
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
o—
f
Governor
Chairman
Deputy governor
Cashier
Boston
New York
Frederic H. Curtiss.., Roy A. Young
J. H. Case
Geo. L. Harrison
W. Wiliett.
C. H. Coe.i
Ray M. Gidney.»
J. W. Jones.i
W. B. Matteson.i
J. M. Rice.*
Allan SprouU
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
R. L. Austin
George DeCamp
Wm. W. Hoxton
Oscar Newton
Eugene M. Stevens.
C. A. Mcllhenny.
W. G. McCreedy.'
H. F. Strater.
St. Louis
John S. Wood
Minneapolis
Kansas City
Dallas
John R. Mitchell—
M. L. McClure--.
C.C.Walsh
San Francisco
Isaac B. Newton...
W. W. Paddock-...
W. R. Burgess
J. E. Crane
A. W. Gilbart
E. R. Kenzel
Walter S. Logan...
L. R. Rounds
L. F. Sailer
Wm. H. Hutt
Geo. W. Norris
M. J. Fleming
E. R. Fancher
Frank J. Zurltnden.
C. A. Peple
George J. Seay
R. H. Broaddus
W.S.Johns
Eugene R. Black
H. F. Conniff
C. R. McKay
J. B. McDougal
JohnH. Blair
J. H. Dillard
Wm. McC. Martin.. O. M. Attebery....
W. B. Geery
W. 2. Bailey
B. A. McKinney
Jno. U. Calkins
Harry Yaeger
H. I. Ziemer
C. A. Worthington.
J. W. Helm
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
s
» Assistant deputy governor.
Geo. H. Keesee.
John S. Walden, jr.»
M. W. Bell.
W. S. McLarin, jr.i
W. C. Bachman.i
D. A. Jones.»
O. J. Netterstrom.i
E. A. Delaney.i
S. F. Gilmore.*
A, H. Haill.a
F. N. Hall.*
G. O. Holloeher.1
C. A. Schacht.*
H. I. Ziemer.
Frank C. Dunlop.1
J. W. Helm.
Fred Harris.
W. O. Ford.i
Wm. M. Hale.
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branchDallas:
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.
W. H. Glasgow.
A. F. Bailey.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only
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price, which covers the cost of paper and printing, is $2. Single copies
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and the insular possessions, $2.60; single copies, 25 cents.
in
TABLE OF CONTENTS
Pag©
Review of the month—The President's proposal on banking
551
Appointment of committee—Statement by Governor Harrison—Suspension of gold payments in
England—Suspension by other countries—Gold withdrawals and earmarking.
Changes in foreign central bank discount rates
557, 581
Suspension of the gold standard in Great Britain. _.
571
Condition of all banks in the United States on June 30, 1931
_
598-600
Annual report of the National Bank of Albania
571
National summary of business conditions
„
558
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
Freight-car loadings, by classes
Wholesale prices, by groups of commodities
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold movements
Foreign exchange rates
Bank for International Settlements
Central banks
Government note issues and reserves
Commercial banks
Discount rates of central banks
Money rates
Price movements:
Security prices
Wholesale prices
Retail food prices and cost of living
Banking and business conditions in Federal reserve districts
Detailed Federal reserve statistics, etc
Index
-
559, 560
560
561
561
562, 588, 598-600
564
564
562
564
562
564
563, 589
563
565
566
567
568
569
569
569
569
570
.
574
575
576
576
577-579
580
580
581
581
_.
-
-
582
583
583
584-592
593-597
601
FEDERAL RESERVE BULLETIN
VOL.
OCTOBER, 1931
J7
REVIEW OF THE MONTH
The President of the United States, on October 7, after consultation with leading bankers
and representatives of both
P r e s i d e n t political parties, issued the folHoover s
pro- f
posal
.
lowing statement:
"The prolongation of the
depression by the succession of events in
Europe, affecting as they have both commodity
and security prices, has produced in some
localities in the United States an apprehension
wholly unjustified in view of the thousand fold
resources we have for meeting any demand.
Foolish alarm in these sections has been accompanied by wholly unjustifiable withdrawal of
currency from the banks. Such action results in
limiting the ability of the banks in these localities to extend credit to business men and farmers for the normal conduct of business, but beyond this to be prepared to meet the possibility
of unreasoning demands of depositors the banks
are compelled to place their assets in liquid form
by sales of securities and restriction of credits
so as to enable them to meet unnecessary and
unjustified drains. This affects the conduct of
banking further afield. It is unnecessary to
specify the unfortunate consequences of such a
situation in the districts affected both in its
further effect on national prices of agricultural
products, upon securities, and upon the normal
conduct of business and employment of labor.
It is a deflationary factor and a definite impediment to agricultural and business recover}7.
"There is no justification for any such situation in view of the strength of our banking
system and the strong position of our Federal
reserve system. Our difficulty is a diffusion of
No. 10
resources and the primary need is to mobilize
them in such a way as to restore in a number of
localities the confidence of the banker in his
ability to continue normal business and to
dispel any conceivable doubt in the mind of
those who do business with him.
"In order to deal with this wholly abnormal
situation and to bring about an early restoration of confidence, unity of action on the part
of our bankers and cooperative action on the
part of the Government is essential. Therefore, I propose the following definite program
of action, to which I ask our citizens to give
their full cooperation:
" 1 . To mobilize the banking resources of
the country to meet these conditions, I request
the bankers of the Nation to form a national
institution of at least $500,000,000. The
purpose of this institution to be the rediscount
of banking assets not now eligible for rediscount at the Federal reserve banks in order to
assure our banks, being sound, that they may
attain liquidity in case of necessity, and thereby
enable them to continue their business without
the restriction of credits or the sacrifice of their
assets. I have submitted my proposal to the
leading bankers of New York. I have been
advised by them that it will receive their support, and that at my request they will assume
the leadership in the formation of such an
organization. The members of the New York
City Clearing House Association have unanimously agreed to contribute their share by pledging $150,000,000, which is 2 per cent of their
net demand and time deposits. I have been
assured from other large centers, as far as I
have been able to reach, of their support also.
551
552
FEDERAL RESERVE BULLETIN
I consider that it is in the national interest,
including the interest of all individual banks
and depositors, that all the banks of the country
should support this movement to their full
responsibility. It is a movement of national
assurance and of unity of action in an American
way to assist business, employment, and
agriculture.
"2. On September 8 I requested the governors of the Federal reserve banks to endeavor
to secure the cooperation of the bankers of their
territory to make some advances on the security
of the assets of closed banks or to take over some
of these assets in order that the receivers of
those banks may pay some dividends to their
depositors in advance of what would otherwise
be the case pending liquidation. Such a measure will contribute to free many business activities and to relieve many families from hardship
over the forthcoming winter, and in a measure
reverse the process of deflation involved in the
tying up of deposits. Several of the districts
have already made considerable progress to
this end, and I request that it should be taken
up vigorously as a community responsibility.
" 3 . In order that the above program of unification and solidarity of action may be carried
out and that all partis of the country be enlisted, I request the governors of the Federal
reserve banks in each district to secure the
appointment of working committees of bankers
for each reserve district to cooperate with the
New York group and in carrying out the other
activities which I have mentioned.
"4. I shall propose to the Congress that the
eligibility provisions of the Federal reserve act
should be broadened in order to give greater
liquidity to the assets of the banks, and thus a
greater assurance to the bankers in the granting
of credits by enabling them to obtain legitimate
accommodation on sound security in times of
stress. Such measures are already under consideration by the Senate committee on currency
and banking.
"5. Furthermore, if necessity requires, I will
recommend the creation of a finance corpora-
OCTOBER, 1931
tion similar in character and purpose to the
War Finance Corporation, with available funds
sufficient for any legitimate call in support of
credit.
"6. I shall recommend to Congress the sub
scription of further capital stock by the
Government to the Federal land banks (as
was done at their founding) to strengthen their
resources so that on the one hand the farmer
may be assured of such accommodation as
he may require and on the other hand their
credit may be of such high character that
they may obtain their funds at low rates of
interest.
"7. I have submitted the above-mentioned
proposals which require legislation to the Members of Congress whose attendance I was able
to secure on short notice at this evening's
meeting—being largely the members of committees particularly concerned—and they approve of them in principle.
"8. Premier Laval of France is visiting the
United States. It is my purpose to discuss
with him the question of such further arrangements as are imperative during the period of
the depression in respect of intergovernmental
debts. The policy of the American Government in this matter is well known and was set
out by me in a public statement on June 20
in announcing the American proposal for a
year's postponement of debt payments. Our
problem in this respect is one of such adjustment during the period of depression as will at
the same time aid our own and world recovery.
This being a subject first of negotiation with
foreign governments was not submitted for
determination at this evening's conference.
"9. The times call for unity of action on
the part of our people. We have met with
great difficulties not of our own making. It
requires determination to overcome these difficulties and above all to restore and maintain
confidence. Our people owe it not only to
themselves and in their own interest, but they
can by such an example of stability and pur-
OCTOBER, 1931
FEDERAL RESERVE BULLETIN
pose give hope and confidence in our own
country and to the rest of the world."
In accordance with the President's request,
bankers in New York assumed the leadership
in the formation of a $500,000,° f 000 corporation proposed by
the President. Gov. George L.
Harrison, of the Federal Keserve Bank of New
York, announced the formation of a committee
of bankers to carry out the President's plan.
The committee consists of Mortimer N.
Buckner, president of the New York Clearing
House Association and chairman of the New
York Trust Co.; Charles S. McCain, of the
Chase National Bank; Harry E. Ward, president
of the Irving Trust Co.; George W. Davison,
president of the Central Hanover Bank &
Trust Co.; Herbert P. Howell, president of the
Commercial National Bank & Trust Co., and
Gordon S. Rentschler, president of the National
City Bank.
In announcing the formation of the committee, Governor Harrison
i ^ e d the following statement:
" President Hoover has requested the bankers
of the Nation to form a national institution of
at least $500,000,000 for the purpose of
rediscounting for banks, when necessary, sound
assets not now legally eligible for rediscount at
the Federal reserve banks. He has also requested the bankers of New York to assume the
leadership in the formation of such a corporation.
" Progress has already been made toward the
immediate organization of the corporation and
the development of the procedure by which it
may promptly and effectively operate in various
sections of the country. It is contemplated
that there will be a board of directors of 12
members, one from each Federal reserve district, to be selected by the organization
committee.
"All banks throughout the country will
shortly be asked to participate in this undertaking by subscribing to the extent of 2 per
cent of their net demand and time deposits.
The members of the New York Clearing House
553
Association have evidenced their unanimous
support by agreeing to participate to the extent
of $150,000,000.
"While the organization committee will
issue the appropriate notices regarding the
procedure for filing subscriptions, nevertheless any bank desiring to participate may
immediately advise the governor of the Federal
reserve bank of its district of the amount of its
subscription.
"This procedure will afford an immediate
means by which all other banks may evidence
their cooperation pending the preparation of
formal subscription blanks, which will be in the
nature of an agreement to purchase debentures
of the proposed corporation as and when funds
are required. The organization committee
itself will from time to time make appropriate
announcements of the progress of its work and
define its procedure.77
The proposed plan for the organization and
operation of the national credit organization
is published in detail at the end of this review.
This plan was submitted by the organization
committee to the clearing house associations
in a large number of cities.
In the international field, the principal occurrence in September was the suspension by Great
Suspension of Britain of the gold standard act,
gold payments which had been in effect since
in England
Bank of England was relieved from the obligation, which it had assumed six years before, to
redeem its notes in gold. Prior to the war the
Bank of England had been under the obligation
to redeem in gold coin or bullion its notes presented in any amount. During the war there
was no legislative action on the subject, but
gold was concentrated at the Bank of England
and gold exports were strictly controlled by the
Government. In March, 1919, gold exports
were prohibited by an order in council, and in
December, 1920, this prohibition was enacted
into law for a period of five years. In April,
1925, under the postwar gold standard, however, the obligation of the Bank of England to
redeem its notes in gold was limited to redemr
tion in gold bars and in amounts of not less t1
554
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
400 ounces, i. e., about $8,000. Since 1925, to suspend the operation of the gold standard.
therefore, England has been on what has been At the same time the Bank of England raised
sometimes called the gold bullion standard, its discount rate from A.% to 6 per cent.
under which gold is not used for domestic cirSuspension of gold payments by Great
culation, but is available freely for export pur- Britain was followed by similar action in several
poses. The suspension of gold payments on
other countries.
Denmark,
September 21 relieved the Bank of England for otUherecotnntrieb/ Norway, Sweden, and Finland
the time being of its obligation to furnish gold for
took formal action in this
export. At the same time, the recent act, which direction. The same is true of India, Colomis printed elsewhere in the BULLETIN, confers bia, and Bolivia. In some other European
upon the British Treasury for a period of six countries, such as Austria, Greece, Czechoslomonths authority to take such measures "in vakia, and Italy, the Government undertook
relation to exchanges and otherwise" as they to control foreign exchange transactions. Even
msij consider expedient for meeting difficulties prior to the suspension of gold payments by
arising in connection with the suspension of the Great Britain, certain countries had taken
gold standard. In a statement made by the action for the suspension or control of gold
British Government at the time of the suspen- payments. Thus Argentina closed its conversion of gold payments, it was asserted that this sion office as early as December 16, 1929. In
action does not affect obligations of the Bank Australia early in 1930 gold movements were
of England or the Government which are pay- placed under complete control by the Comable in foreign currencies. Among such obli- monwealth Bank, and in New Zealand, the de
gations are included the credit of approximately facto stabilization of currency at par was
$125,000,000 extended on August 1 to the Bank abandoned at about the same time. During
of England by the Federal reserve banks; that July, 1931, exchange transactions were placed
of equal amount extended at that time by the under control in Germany, Hungary, and Chile.
Bank of France; and the credit of approxi- Some control of gold exports is also in operamately $400,000,000 subsequently established tion in Canada, as indicated by the fact that
by the British Government with private gold is not moving freely from that country,
notwithstanding the fact that Canadian exlenders in the United States and in France.
Suspension of the gold standard was decided change is far below the gold export point.
upon by the British Government in consultation I Suspension of free movements of gold and
with the Bank of England in consequence of exchange by numerous countries has been
continued large withdrawals of funds from the accompanied by advances in discount rates at
London market. These withdrawals were al- most of the important central banks. On
most continuous from the middle of July to October 9 the rate at the Federal Reserve Bank
September 19, and amounted for the period to of New York was advanced from 1% to 2% per
$1,000,000,000, of which about $160,000,000 cent, and on October 10 the rate at Boston was
represented a loss of gold during the latter part increased from 2 to 2% per cent and the rate at
of July, which red uced the gold reserves of the Cleveland from 2% to 3 per cent.
Suspension of gold payments by England
Bank of England from $810,000,000 to $650,was followed in this country by the conversion
000,000, and the rest the loss of foreign exof considerable parts of balances
change, including that acquired through the
foreign credits already mentioned. In August Gold withdraw- held by foreign central banks
and September the use of these credits had pro- als and ear. __ J ^.T _ ?
__
m New York into gold, some of
tected the Bank of England from further loss of marking
which has been exported, but
gold, and it was only after these amounts were
lbstantially exhausted that England decided most of which has been retained in this country
under earmark for account of foreign corre-
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
spondents. Between September 19 and October 7 the amount of gold held under earmark
for foreign account increased by $300,000,000,
and in addition $100,000,000 was exported,
largely to France. There were, however, at
the same time imports of gold from Argentina,
Canada, and other countries, and the net decrease in the monetary gold stock of the
country for the period was $370,000,000. This
decrease in gold stock, together with an increase of $303,000,000 in money in circulation,
was reflected in an increase of $576,000,000 in
the volume of reserve bank credit outstanding.
Of this increase, $182,000,000 represented bills
discounted for member banks, $10,000,000
United States Government securities, and
$369,000,000 acceptances. A considerable part
of this increase in acceptances represented the
taking over by the reserve banks of $160,000,000 of bills previously carried for account of
foreign correspondents and disposed of by them
for the purpose of increasing their gold holdings. The foreign banks also used for that
purpose a portion of their deposits with the reserve banks, which decreased from a maximum
of $264,000,000 on September 9 to $153,000,000
on October 7.
Gold exports and the conversion into gold
earmarked for foreign account of a large volume
of foreign balances previously held in the New
York market, which were reflected in a net
decrease of $370,000,000 in the country's
stock of monetary gold, had little effect, however, on the amount of free gold at the disposal
of the Federal reserve system, owing to the fact
that the reserve banks met the demand for
reserve bank credit arising from these transactions and from the increase in the demand for
currency through the discount of paper and the
purchase of acceptances, which are eligible as
collateral against Federal reserve notes. The
decrease in the gold stock, therefore, has resulted in. a substitution of eligible paper for
gold in the collateral back of Federal reserve
notes, with the consequence that the amount
of free gold in the possession of the reserve
banks has remained substantially unchanged.
78715—31
2
555
PROPOSED PLAN FOR ORGANIZATION AND OPERATION OF NATIONAL CREDIT CORPORATION *
A corporation is to be organized under the
laws of the State of Delaware, to be called
National Credit Corporation or other suitable
name. The corporation is to have a nominal
capital consisting of 12 shares of capital stock
of the par value of $100 each.
It is to have the usual corporate officers and
a board of directors of 12, one from each of the
12 Federal reserve districts, with the usual
powers of directors and provisions for an
executive committee. Each director is to
subscribe to one share of stock and the shares
are to be deposited with the governor of the
Federal Reserve Bank of New York.
Purposes of the corporation.—National
Credit Corporation (hereinafter called the
"corporation") will be organized primarily for
the purpose of aiding and assisting banks
throughout the United States to utilize their
resources and credit so as to further the
stabilization of financial and economic conditions and to enable them better to serve their
respective communities.
The main function of the corporation will be
to lend or advance funds to banks or groups or
associations of banks, upon such terms and
conditions as shall be determined by the board
of directors or executive committee.
The corporation is to be authorized to issue
up to $1,000,000,000 principal amount of debentures. Interest upon the debentures will
be payable only if earned, and when and as
ascertained and declared by the board of
directors.
Method of operation.—Banks throughout the
United States will be requested to subscribe to
the debentures at par in a principal amount
equal to 2 per cent of their respective net demand and time deposits. This should provide
at least the fund requested by the President of
the United States. Subscriptions will be payable in installments, on call of the board of
directors, when and as required. Debentures
1
Statement issued by organization committee on Oct. 8 and telegraphed to clearing house associations.
556
FEDERAL RESERVE BULLETIN
are to be issued from time to time to the
principal amount of the installments paid.
It is contemplated that one or more groups
or associations of banks will be set up in every
Federal reserve district. Each group or association will be composed of the subscribing banks
within the area covered by the group or association. Each director of the corporation is to
undertake the responsibility of organizing the
groups or associations within his Federal reserve district, availing of existing groups or
associations wherever feasible. The area covered by and the composition of each group or
association are to be approved by the corporation. Each such group or association is to
have its own loan committee, which is to pass
upon the loans requested by any of its own
members and upon the security therefor.
The articles of agreement of the various
groups or associations will provide that the
liability of each member in respect of the obligations of the association shall be in the proportion that the amount of the net demand and
time deposits of each member as of the last
preceding call date bears to the aggregate of
the net demand and time deposits so determined of all of the members of the association.
This proportion will change as the number of
the members of the association changes, but in
respect of any obligation of the association, the
proportion applicable at the time the obligation
is incurred, measured by said deposits so
determined, shall govern.
No group or association shall incur any liability which shall cause its total obligations at
any one time outstanding (exclusive of interest), to exceed the aggregate amount of the
subscriptions of the members of such group or
association, except in each instance with the
consent of the members of such group or association together having such percentage of said
subscriptions as may be specified with the
approval of the director of the corporation of
the Federal reserve district in which such group
or association is located, in the agreement
under which such group or association is formed.
Any member who has paid the entire amount of
its debenture subscription (the right to antici-
OCTOBER, 1931
pate full payment being available to all debenture subscribers), shall with respect to any
liability or obligation to the corporation incurred by or through the group or association
of which it is a member and not discharged
through the application of the security therefor,
have the option to liquidate such liability or
obligation in whole or in part by surrendering
for cancellation debentures at par, without
interest except to the extent previously declared
by the board of directors and unpaid.
When a loan is approved by the local loan
committee the note of the borrowing bank and
the security therefor, together with the note of
the group or association (of which the borrowing bank is a member) in a like amount shall
be forwarded to the home office of the corporation or delivered to its authorized agent.
The corporation is thereupon to advance to the
group or association the amount of the loan if
approved and the group or association in turn
is thereupon to pay over the funds to the
borrowing bank. The note of the borrowing
bank and the security therefor shall be security
for the payment of the note of the group or
association, which will contain a provision
fixing the liability of the member banks of the
group or association with respect to such note
in accordance with the articles of agreement
of the group or association herein provided.
The debentures of the corporation will therefore have behind them all of the assets of the
corporation, which will consist of:
(1) The notes of the various groups or associations limited with respect to liability of
their respective members as aforesaid, secured
by(a) The notes of the borrowing banks;
(b) The security furnished by the borrowing banks.
(2) The cash on hand from time to time, subject to the payment of the running expenses
of the corporation.
Additional subscriptions.—In addition to
subscriptions from banks as above provided,
the corporation may receive subscriptions to
debentures from other sources to which, however, loans are not available.
OCTOBER, 1931
FEDERAL RESERVE BULLETIN
Character of debentures.—The debentures
will be issued under an indenture and will be
payable one year from their date with the
right to the corporation to one or more renewals not exceeding in the aggregate three
additional years, but subject to earlier redemption. Debentures will carry interest if earned
at a rate up to but not exceeding 6 per cent
per annum until maturity, payable only out
of the surplus and net income of the corporation when and as ascertained and declared by
the board of directors. The debentures will
be issued in registered and nontransferable
form only and will be authenticated by a
trustee. The debentures and the indenture
under which they are issued will contain such
other terms and provisions as shall be approved
by the board of directors of the corporation.
Office.—It is contemplated that the corporation will have its main office in the city of
New York.
Forms.—All agreements, subscriptions, notes
and other instruments as required hereunder
will be provided by the corporation and forms
will be furnished on application therefor.
Dated, New York, October 8, 1931.
Appointments to Staff of the Board
On September 16, 1931, Mr. Floyd R. Harrison was appointed assistant to the governor of
the Federal Reserve Board.
On October 7, 1931, Mr. Chester Morrill
was appointed secretary of the board, to fill the
vacancy caused by the resignation, on May
31, of Mr. Walter L. Eddy.
Change of Governor at Dallas Bank
Mr. Lynn P. Talley, who has been associated
with the Federal Reserve Bank of Dallas since
April 15, 1915, and its governor since July 1,
1925, resigned as of October 1, 1931. Mr.
B. A. McKinney, who has been associated
with the Federal Reserve Bank of Dallas since
it was organized in 1914, served as governor
from 1922 to 1925, and has recently been
557
president of the Federal Advisory Council, has
been elected governor of the bank to succeed
Mr. Talley, effective October 5, 1931.
Changes in Discount Rates and Bill Rates
The discount rate on all classes and maturities of paper was increased from 1% to 2% per
cent at the Federal Reserve Bank of New
York, effective October 9; at the Federal Reserve Bank of Boston from 2 to 2% per cent,
effective October 10; and at the Federal Reserve Bank of Cleveland from 2}{ to 3 per cent,
effective October 10.
At the Federal Reserve Bank of New York
buying rates on bills of all maturities were
increased as follows: On September 25 bills
having maturities up to 90 days, from 1 to \}i
per cent; 91 to 120 days, from 1% to 1% per
cent; 4 to 6 months, from 1% to 1% per cent;
and on October 9 bills having maturities up to
90 days from 1% to 1% per cent; 91 to 120 days,
from 1% to 2 per cent; 4 to 6 months, from \}{
to 2 per cent.
Changes in Foreign Central Bank Discount Rates
The following changes have been reported, in
the discount rates of central banks in foreign
countries:
National Bank of Bulgaria—September 29, from 8J4
to 9}4 per cent.
Central Bank of Chile—October 6, from 7 to 6% per
cent.
Czechoslovak National Bank—September 23, from
5 to 6J^ per cent.
Danish National Bank—September 5, from 3}£ to 4%
per cent; September 26, from 4}^ to 6 per cent.
Bank of England—September 21, from 4}£ to 6 per
cent.
Bank of Finland—October 1, from 6 to 7}i per cent.
Bank of France—October 10, from 2 to 2}£ per cent.
German Reichsbank—September 2, from 10 to 8 per
cent.
Bank of Greece—September 26, from 9 to 12 per cent.
National Bank of Hungary—September 11, from 9
to 8 per cent.
Imperial Bank of India—September 22, from 7 to 8
per cent.
Bank of Italy—September 28, from 5% to 7 per cent.
Bank of Japan—October 6, from 5.11 to 5.84 per cent.
Netherlands Bank—September 29, from 2 to 3 per
cent.
Bank of Norway—September 12, from 4 to 5 per
cent; September 26, from 5 to 6 per cent; September 28,
from 6 to 8 per cent; October 8, from 8 to 7 per cent.
Bank of Sweden—September 21, from 4 to 5 per
cent; September 25, from 5 to 6 per cent; September 28,
from 6 to 8 per cent; October 8, from 8 to 7 per cent
558
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled September 23 and released for publication September 26]
Volume of industrial production and factory
employment, which usually increases at this
season, showed little change from July to
August, and the board's seasonally adjusted
indexes consequently declined. The general
level of wholesale prices remained in August at
about the same level as in the two preceding
months, but declined somewhat in the first
three weeks of September.
Production and employment.—Industrial production, as measured by the board's seasonally
adj usted index, declined from 83 per cent of the
1923-1925 average in July to 80 per cent in
August, which compares with the previous low
level of 82 per cent for December, 1930. Output of steel, which ordinarily increases in
August, declined further to 31 per cent of
capacity, reflecting in part curtailment in automobile production; lumber output also decreased, contrary to seasonal tendency. Activity at textile mills and shoe factories showed
about the usual seasonal changes, and production in these industries continued to be
in substantially larger volume than a year
ago. In the latter part of August output of
crude petroleum decreased 30 per cent, the
reduction being in east Texas, following earlier
curtailment in Oklahoma fields; in the middle
of September production increased somewhat.
Factory employment, which usually increases
at this season, showed little change from the
middle of July to the middle of August. The
number employed in the clothing and shoe industries and in canning factories increased,
while employment at steel mills, automobile
plants, foundries, and car-building shops
declined.
Value of building contracts awarded, as reported by the F. W. Dodge Corporation, continued to decline in August and for the first
eight months of 1931 was 31 per cent less than
in the corresponding period of 1930, reflecting
decreases of 18 per cent in contracts for residential building, 30 per cent for public works
and utilities, 54 per cent for factories, and 56
per cent for commercial building.
Department of Agriculture crop estimates,
based on September 1 conditions, were about
the same as estimates made a month earlier.
High yields per acre and large crops were indicated for cotton, winter wheat, and tobacco,
while crops of spring wheat and hay were expected to be unusually small, chiefly on account
of dry weather. The corn crop was estimated
at 2,715,000,000 bushels—600,000,000 bushels
larger than last year, but 50,000,000 bushels
smaller than the 5-year average.
Distribution.—Daily average freight-car loadings declined somewhat in August, contrary to
the seasonal movement, while department-store
sales increased, but by an amount slightly
smaller than is usual in August.
Prices.—The general level of wholesale prices
increased from 70 percent of the 1926 average
in June and July to 70.2 per cent in August,
reflecting increases in the prices of livestock,
meats, dairy products, and petroleum, offset in
large part by decreases in the prices of grains,
cotton, and cotton textiles. During the first
three weeks of September prices of livestock,
meats, hides, and cotton declined, while prices
of dairy products continued to increase.
Bank credit.—Volume of reserve bank credit,
which had increased by $240,000,000 during
the month of August, increased further by
$70,000,000 in the first part of September, and
in the week ending September 19 averaged
$1,265,000,000. The demand for the additional
reserve bank credit arose chiefly from an increase of $295,000,000 in the volume of currency
outstanding; there were also further transfers
to the reserve banks by foreign correspondents
of funds previously employed in the acceptance
market, offset in large part by a growth of
$60,000,000 in the country's stock of monetary
gold. Following suspension of the gold standard act by Great Britain, more than $100,000,000
in gold was added to the amount held by Federal reserve banks under earmark for foreign
account, and there was a corresponding decrease
in the country's stock of monetary gold.
Loans and investments of reporting member
banks in leading cities, after declining in July
and the first half of August, showed little
change in the 3-week period ending September 9.
There was a further decline in loans on securities,
while holdings of investments increased somewhat. In the following week the banks added
$227,000,000 to their holdings of United States
Government securities when an issue of $800,000,000 of United States Government bonds
was brought out, while holdings of other securities were reduced by $40,000,000. Loans on securities continued to decline, and all other loans
were also reduced, contrary to seasonal tendency.
Money rates in the open market continued
at low levels. On September 22 the rate on
bankers' acceptances advanced from seveneighths of 1 per cent to 1 per cent. Yields on
high-grade bonds increased during the last half
of August and the first part of September.
559
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
MILLIONS,OF DOLLARS
5^00
5200
200
1927
1926
1929
1950
1931
Based on weekly averages of daily figures; latest figures are for week ending September 26
560
FEDERAL RESERVE BULLETIN
OCTOBER, 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
Factors of decrease
Factors of increase
NonUnexMonetary T r e a s u r y Money Member member pended
gold i currency in circu- bank
(adreserve deposits, capital
lation balances
stock
justed)
etc.
funds
Bills discounted
1930—May
June
July
August
September .
October
November.
December..
247
251
226
214
189
196
221
338
4,505 !
4,528 j
4,532 !
4,496 j
4,503 '
4,520 !
4,553 !
4,583 i
1931—January
February
March
April
May
June
July
_
August
September
Week ending (Saturday)—
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
253
216
176
155
163
188
169
222
280
241
259
,779
,775
,789
,787
,785
,787
,793
,793
4,497
4,489
4,483
4,476
4,492
4,501
4,528
4.823
2,356
2,392
2,417
2,392
2,397
2,407
2,433
2,415
4.622
4,656
4,682
4,711
4,767
4,865
4,958
4,975
4,948
,784
,780
,778
,770
,783
,759
.784
,764
1, 768
4,695
4,598
4,590
4,647
4,679
4,750
4,836
4,947
5,133
2,433
2,370
2,386
2,376
2,387
2,404
2,407
2,345
2,333
28
25
24
27
28
35
83
187
199
379
379
381
383
382
380
370
367
364
4,991
4,996
5,001
5,013
4,888
1,729
1,743
1,761
1,790
1.770
5,013
5,060
5,105
5,108
5,176
2,336
2,349
2,296
2,371
2, 317
200
202
230
222
183
365
364
363
367
364
395
389
385
389
392
388
384
I
298
1
Includes "Other securities," foreign loans on gold, amounts due from foreign banks, and reserve bank float.
Backfigures.—SeeAnnual Report for 1930 (Tables 1, 2, and 3).
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STATES
STOCK
[In millions of dollars]
Month
Gold
stock
at end
of
month
1930—May
June
July
August
September.
October
November .
December—
Total (12 mos.).
1931—January
February
March
April
May
June
July
August
_September »
Total (9 mos.) P.
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
4,643
4,665
4,697
4,726
4,798
4,956
4,949
4,995
4,738
[In thousands of dollars]
Analysis of changes
| Net re- 'Domestic
Increase
in stock j Net gold lease 1 producduring j import from ear- tion,
mark * I etc.8
month I
25.9
23.5
17.6
13.9
-18.4
-19.6
-15.5
-19.6
10.2
2.5
23.3
26.4
36.8
35.2
22.1
32.7
305.4 j
280.2
49.4
34.4
22.0
16.1
32.0
25. 6
28.7
49. 5
72.4 !
49.6
158.0
63.8
-6.6
19.5
45.7
57.5
-256. 9
17.0
+ 1 4 4 . 7 .j
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
-15.2
0.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5
-4.4 !
32.0
11.9
2.5
3.0
-7.5
4.0
92.3
-29.7 '
—16.0
-279.1
3.1
3.3
3.3
-13.3
•18.8
1.9
3.6
4.2
5.2
333.2 I - 2 1 8 . 6 \
30.1
1931
From or to—
September
(preliminary)
Imports
England
France
Germany
Italy
Netherlands
Canada
Central America
Mexico
Argentina .
Brazil
Chile
Colombia ..
Peru
Uruguay
Venezuela
China and Hong
Kong
Dutch East Indies
Japan
Philippine Islands
New Zealand
All other countries i_
Total
Exports
Imports
23, 669
3
1, 501
1
11,000
1
3,695
25, 653
2, 946
2,024
ImExports* ports
17
1,510
19, 249
37, 072
8
Exports
4
17
40
1,000
4
4,266
6,312 '•
JanuaryAugust
August
2.212
75
8 804
5, 383
15
142
9o
109
1,000
8
2
54, 788
665
17,516
99, 752
16
181
9, 963
702
5,120
3,330
608
76
602
i Gold released from earmark at Federal reserve banks less gold placed
3,486
l,04G
22,909
under earmark.
63
64P
3,376
» This figure, derived from preceding columns, represents the excess of
25, 000
32,568
domestic production over nonmonetary consumption of gold—chiefly
217
2,449
consumption in the arts. In any given month, however, it may be
9
136
predominantly affected by the fact that on the final day of the month
1,805
215
G,059
(a) gold bullion or foreign gold coin recently imported may not yet have
973
16
35
reached a reserve bank or the Treasury, and (6) gold bullion recently
2 45,921 j 28,911 57, 539
withdrawn from stock for export may not yet have been actually ex39 317, 977
1,837
ported. The figures are subject to certain unavoidable inaccuracies in
official reports of gold imports and exports.
1
Includes all movements of unreported origin or destination.
« $15,649,000 of gold bullion imported on Apr. 30 from France was not
> At New York—imports, $42,435,000; exports, $28,911,000. Elsepurchased by the New York Assay Office until May 1.
where—imports, $3,486,000.
v Preliminary figures.
561
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS
OPEN-MARKET RATES
RATES IN NEW YORK CITY
[Monthly averages of weekly figures. In millions of dollars]
Average rate Average yield
on—
on—
Prevailing rate on—
Reporting member
banks in leading cities
Member
banks
outside
leading
cities »
Total»
New York Other leadCity
ing cities
Month
1930
..
_.
1930
1931
1930
1931
1930
462
371
January.
February
March
April
May
June
July
August
September
October . .
November.
1931
245
209
173
39
21
5
2
247
215
198
225
226
222
218
196
186
193
211
308
208
152
77
55
1
80
35
146
149
17
11
185
168
214
284
5
54
48
4
9
6
6
26
3
3
48
53
39
35
50
65
115
1931
163
152
166
138
26
28
154
167
120
121
56
44
72
124
169
185
153
142
137
140
167
129
124
139
157
1
Includes (in small amounts) discounts by Federal reserve banks for
nonmembers: (1) Bills discounted for intermediate credit banks and
(2) notes secured by adjusted-service certificates discounted for nonmember banks.
FEDERAL RESERVE BANK RATES
DISCOUNT RATES
[Rates on all classes and maturities of eligible paper]
Dateestab-
Federal reserve bank
Oct. 10
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Previous
rate
; Oct. 10,1931
i Oct. 9,1931
May 7,1931
3
3 | Oct. 10,1931
3 i M a y 15,1931
3 I Jan. 10,1931
2y2 M a y 9,1931
iy%
do
zy2 Sept. 12,1930
3 I M a y 21,1931
3 I M a y 8,1931
2y2\ M a y 22,1931
Call loans l
U.S. |
Treas- j
ury !
notes jTreasand ! ury*
n?wal certifi- ibonds
cates,
3 to 6
months
Prime
bank- Time
Month or week |
ers'
|mercial accept- loans,
paper,
90
4 to 6
days *
90
! months days
1930
August
September
October
November
December
I
:
IVs
2 -2
2 -2
1931
January
February
March
April
May
June
July
August
September
j
j
2y2
! 2; -2>$'
2 -2^
_
2
2
2 !
:
2 |
Week ending—
!
Aug. 29
;
2
2 i
Sept. 5.
;
2 j
Sept. 12
|
2
Sept. 19
1
Sept. 26
I
V/2 2 -?
V/2
-1%
2.22
2.17
2.00
2.00
2.27
2.21
2.19
2.00
2.00
2.23
1.53
< 1.77
1.74
1.40
U.48
3.38
3.37
3.34
3.32
3.34
1.50
1.50
1.56
1.57
1.45
1.50
1.50
1.50
1.50
1.24
1.57
1.50
1.06
1.55 * 1.38
1.52
1.49
1.45 |
.88
1.50 j «.55
1.50 |
.41
1.50 j
.42
1.50 I *. 45
3.33
3.40
3.39
3.38
3.31
3.30
3.32
3.34
3.42
!
1H-1H 1.50
1.50
1.50
1.50
1.50
3H
* Stock exchange call loans; new and renewal rates.
1
Stock exchange 90-day time loans.
1
3 issues—3H» 3^4,4 per cent; yields calculated on basis of last redemption dates—1947, 1956 and 1954.
* Change of issues on which yield is computed.
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York City
Month
8 other
northern and
"astern cities
BUYING RATES ON ACCEPTANCES
Maturity
1-15 days
16-30 days
31-45 d a y s . . . .
46-60 d a y s . . . .
61-90 days
91-120 d a y s _ _
121-180 d a y s . .
27 southern and
western cities
1931
Previous
rate*
m
Oct. 9, 1931
1% . . . . d o
1% . . . . d o .
do
1%
..._do_
m
do
2
....do
2H
1
For changes during September, see p. 557.
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Report for 1930 (Table 34).
i
3.34
3.34
3.38
3.41
3.46
Back figures.—See Annual Report for 1930 (Tables 38 and 37).
[Buying rates at the Federal Reserve Bank of New York]
Date established
.35
.41
.30
4.41
.31
2
Back figures.—See Annual Report for 1930 (Table 33).
Rate in
effect on
Oct. 10
1.50
1.50 !
1.50 |
1.50 j
1.50
January
5. 74
February
5.73
;
March
5.81
April
5.85
May.__
I 5.88
June
I 5.93
July
; 5.88
August
j 6.05
September.— ' 6.06
October
j 6.08
November..., 5.86
December...! 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
4.17
4.11
4.13
4.05
3.97
3.93
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68
1929
1930
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
6.12
6.04
5.98
5.86
5.75
5.69
5.62
5.57
5.54
5.53
5.49
5.42
5.50
5.42
5.40
5.36
5.26
5.34
5.30
5.27
5.32
NOTE.—Figures relate to rates charged by reporting banks to their
own customers as distinguished from open-market rates (which are
given in preceding table). All averages are based on rates reported for 3
types of customer loans—commercial loans, and demand and time loans
on securities. The method of computing the averages takes into account
(a) the relative importance of each of these 3 types of loans and (6) the
relative importance of each reporting bank, as measured by total loans.
In the two group averages the average rate for each city included is
weighted according to the importance of that city in the group, as
measured by the loans of all banks in the city.
Back figures.—See Annual Report for 1930 (Table 39).
562
FEDERAL RESERVE
BULLETIN
OCTOBER, 1931
MEMBER AND NONMEMBER BANK CREDIT
ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS,
RESERVE, RESERVES HELD, AND INDEBTEDOPEN-MARKET LOANS AND INVESTMENTS
NESS AT FEDERAL RESERVE BANKS
^Exclusive of loans to banks. In millions of dollars. Foi• back figures
see June BULLETIN, p. 343]
[Averages of daily figures. In millions of dollars. For back figures see
June BULLETIN, p. 347]
Net demand and time
deposits
Reserves
Month
Total Net de- Time
mand
! IndebtI edness
! at
| Federal
Excess !reserve
i banks
Held
TOTAL
Call date
Secured
by
Total stocks
and
bonds
OtherPurchased
wise
paper
seStreet Investcured Total Ac- Com- loans1 ments
and
cept- mercial
unseances paper
cured
23,194
21,495
21,565
21,010
21,007
19,940
19, 257
8,488
7,730
8,061
7,864
7,942
7,423
7,117
14,706
13,765
13,505
13,146
13,066
12,517
12,140
12,026
13,034
13, 555
13,997
13,222
14,342
14, 209
292
254
241
287
370
462
501
290
499
507
523
366
361
384
1,660
2,344
2,365
2,172
1,498
1,630
1,217
9,784
9,937
10,442
10, 734
10,989
11,889
12,106
4,961
4,338
4,309
4,278
4,338
4,007
3,839
2,200
1,935
2,023
2,031
2,137
1,960
1,897
2,765
2,403
2,286
2,247
2,201
2,046
1,942
3,488
3,701
4,294
4,110
3,961
4,313
4,298
174
129
173
176
210
249
340
21
49
35
22
34
35
94
1,202
1,477
1,883
1,714
1,281
1,367
1,063
2,091
2,046
2,203
2,198
2,43&
2,662
2,801
9,748
8,951
9,029
8,726
8,906
8,409
8,100
3,974
3,604
3,811
3,632
3,656
3,366
3,188
5,773
5,346
5,217
5,093
6,250
5,043
4,911
3,691
4,361
4,395
5,011
4,566
5,322
5,221
80
94
56
84
151
206
158
108
242
301
337
212
212
189
250
609
353
643
167
227
124
3,253
3,416
3,686
3,947
4,035
4,676
4,750
8,481
8,206
8,229
8,007
7,762
7,524
7,318
2.314
2,190
2,227
2,201
2,149
2,097
2,032
6,168
6,016
6,001
5,806
5,614
5,427
5,286
4,847
4,972
4,867
4,875
4,696
4,708
4,690
37
31
12
163
207
170
164
120
114
101
208
258
129
115
49
36
30
4,439
4,476
4,554
4,589
4,519
4,550
4,555
TOTAL
1931—February
March
April—.
May
June
July.__.
August-
I 31,968
j 32,069
32,179
32,168
31,602
31, 526
31,041
18,389
18,431
18, 491
18,419
18,055
18,122
17,783
13,580
13, 637
13, 688
13, 749
13, 548
13,404
13, 259
6,120
6,169
6,019
6,094
5,934
6,064
5,946
2,370
2,386
2,376
2,387
2,404
2,407
2,345
57
66
56
67
129
125
101
216
176
154
163
187
169
222
847
860
829
848
882
887
843
12
19
7
16
71
61
34
17
13
17
12
4
2
14
1,334
1,303
1,317
1,345
1,297
1,260
1,201
N E W YORK CITY » j
1931—February
March
April
May
June.July
August—
j 7,453
_ 7,472
7,336
7,439
-i 7,232
7,325
7,147
OTHER RESERVE
CITIES *
1931—February
March
April
May
June
July
August
"COUNTRY"
Open-market loans anci
investments
Loans to customers
N E W YORK
CITY *
1929—Dec. 31..
1930—Mar. 27.
June 30.
Sept. 24.
Dec.31_.
1931—Mar. 25.
June SOOTHER R E SERVE CITIES *
7,170
7,159
7,309
7,236
7,132
7,102
7,012
5,761
5,843
5,872
5,921
5,807
5,728
5,691
945
945
962
961
949
950
943
18
19
20
24
27
33
36
46
27
19
24
45
39
60
5,099
5,103
5,163
5,090
4,988
4,956
4,825
12,932
13,003
13,181
13,157
- . 12, 939
12,831
12,702
6,485
6,491
6,498
6,483
6,444
6,415
6,367
578
580
585
578
573
570
559
2?
28
28
28
30
31
31
153
136
119
126
139
128
148
BANKS
1931—February
March
April
May
June
July
August
1929—Dec. 31..
1930—Mar. 27.
June 30..
Sept. 24.
Dec. 31..
1931—Mar. 25.
June 30-
11,583
11, 594
11,662
11, 573
11, 432
11,371
11,192
1
Central reserve city banks only.
* Member banks in 61 legally designated cities: 1 central reserve city
(Chicago) and 60 other reserve cities; see table on p. 595.
1929—Dec. 31..
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31..
1931—Mar. 25.
June 30..
"COUNTRY"
BANKS
1929-Dec.31_.
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 3 1 1931—Mar. 25.
June 30..
7
8
7
4
* See notes 1 and 2 of preceding table.
i 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,
(EXCLUSIVE OF INTERBANK DEPOSITS)
AND DEPOSITS
In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision. For back figures see May BULLETIN (p. 253) and Annual Report for 1930 (Tables 42-43)]
Total loans and investments
All banks
Member banks
Nonmember banks
Deposits (exclusive of
interbank deposits)
Date
Total
1927—June 30
Dec. 31
1928—June 30.
Oct. 3
Dec. 31
1929—Mar. 27.._
June 29
Oct. 4.
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
J
Loans
53 750
55.4f)0
57,265
57, 219
58, 266
58, 019
58,474
58,835
58,417
57. 386
58,108
57, 590
56, 209
55, ?24
55, 014
37,360
38,407
39,464
39.671
40, 763
40, 557
41,512
42, 201
41,898
40,686
40,618
39, 715
38,135
36,813
35, 381
Invest- i
ments ;
.
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
19,111
19,634
T uw
t
j
*
32, 756
34,247
35,061
34,929
35,684
35.393
35,711
35,914
i! 35,934
i 35,056
!! 35,656
:
i: 35.472
h 34,860
| 34,729
!
; 33, 923
:
Total
22,938 |
23,886 |
24,303 I
24.325 !
25,155 !
24.945 i
25,658 !
26,165! !
26,150
25,119
25,214
24,738 j
23,870 ,
22,840 !
21,816 I
9,818
10,361
10,758
10,604
10, 529
10,448
10. 052
9,749
9. 784
9. 937
10,442
10,734
10,989
11,889
12,106
Loans
20,994
21,204
22. 204
22, 291
22, 582
22, 626
22, 763
22.922
22,483
22,331
22,453
22,118
21,349
21,195
21,092
14,421
14,521
15,161
15. 346
15, 607
15,612
15, 853
16, 036
15, 748
15,568
15,404
14.977
14, 264
13, 974
13, 564
Invest| ments
6,573
6,683
7,043
6.945
6,975
7,013
6,910
6,885
6,735
6, 763
7,048
7,141
7, 085
7, 222
7,527
All
banks
Member
banks
57,662
52,909
53,398
53,720
56,766
54,545
53,852
55,180
55,289
53,185
54, 954
52, 784
53,039
51, 427
51,777
31,2C9
32,063
32.133
32.138
34, 826
33, 215
32, 284
33, 004
33.865
32,082
33, 690
31,839
32, 660
31,153
31,566
Nonmember
banks
20,393
20,84$
21,265
21,582
21,940
21.380
21,567
22.176
21.424
21,103
21.264
20,945
20, 479
20,274
20, 212
563
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
REPORTING MEMBER BANKS
BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE
[In millions of dollars. Monthly data are averages of weekly figures]
Loans and investments
:
Borrowings at
F.R.
banks
Investments
All
other
:se°cSri. loans Total | securiu. s.
i ties
ties
Month or date
Loans
BY MONTHS
Total:
!
1930—September
; 23,220 8,383 8,476 6,361 2,923
October
I 23,409 8,237 8,597 6,575 3,004
November
, 23,455 7,897 8,776 6,782 3,076
December
J: 23,117 7,776 8,557 6,784 3,120
1931—January
22,660 7,495 8,399 6,766 3,163
February
_.; 22,659 7,315 8,242 7,102
March
..I 22,839 7,302 8,150 7,387 3,638
April
! 22,942 7,157 8,040 7,745 3,913
May
i 22,713 6,998 7,893 7,822 3,957
June...i 22,439 6,770 7,853 7,816 4,048
Julyi 22,393 6,631 7,964 7,798 4,121
August
I 22,093 6,480 7,900 7,713 4,074
September
22,078 6,413 7,870 7,795 4,154
New York City:
1930—December
j 8,166 3,341 2,496 2,329 1,228
1931—January
; 7,906 3,111 2,472 2,323 1,254
:
February
7,965 3,079 2,410 2,476 1,353
March
_..: 7,975 3,176 2,295 2,504 1,391
April
7,889 3,080 2,242 2,567 1,414
May
7,875 3,039 2,194 2,642 1,460
June
7,694 2,846 2,204 2,644 1,523
July
._..: 7,780 2,764 2,365 2,651 1,608
August
; 7,633 2,640 2,370 2,623 1,600
September
, 7, 744 2,657 2, 375 2,712 1,652
Other leading cities:
1931—May
! 14,838 3,959 5,699 5,180 2,497
June
' 14,745 3,924 5,649 5,172 2,525
July
14,613 3,867 5,599 5,147 2,513
August
14,460 • 3,840 5,530 5,090 2,474
September
j 14,334 3,756 5, 495 5, 083 2,502
BY WEEKS
Total:
22, 030 6,477 7,858 7,695 4,078
1931—Aug. 26
22, 063 • 6,500 7,898 7, 665 4,046
Sept. 2
22, 016 6,442 7,891 7,683 4,038
Sept. 9
22,132 6,414 7,849 7,869 4,265
Sept. 16
22,072 G, 361 7,867 7,844 4,197
Sept. 23
22,107 6, 346 7, 845 7,916 4,223
Sept. 30
New York City:
7,641 2,655 2,354 2,632 1,615
1931—Aug. 26
7,692 2,683 2,389 2,620 1,588
Sept. 2
7,666 2,643 2,374 2,649 1,592
Sept. 9
7,663 2,641 2,333 2,689 1,663
Sept. 16
7,775 ! 2,641 2, 395 2, 739 1, 673
Sept. 23
7,924 ! 2,677 2,382 2, 865 1, 745
Sept. 30
Other leading cities:
!
1931—Aug. 26
I 14,389 'j 3,822 5,504 5,063 2,463
Sept. 2
I 14,371 !r 3,817 5,509 5,045 2,458
Sept. 9
i 14,350 ! 3,799 5,517 5,034 2,446
Sept. 16
! 14,469 I 3,773 5,516 5,180 2,602
14,297 3,720 5, 472 5,105 2,524 i
Sept. 23
14,183 I 3,669 5, 463 5,051 2,478 I
Sept. 30
» Revised (Boston district).
•
Back figures.—See Annual Report for 1930 (Tables 51-54).
[Net borrowings on demand and on time. In millions of dollars!
From New
From private
York banks
banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
44
56
71
141
82
57
35
26
28
56
44
75
127
26
5
2
1930
3,985
4,168
4,656
5,063
4,748
3,728
3,689
3,599
3,481
2,556
2,162
1.8&4
January
February
March
April
May
June
July
August
September
October
November
December
1931
1930
1,720
1,840
1,909
1,651
1,435
1,391
1,344
1,354
1,044
1931
1,557
1,646
1,692
1,466
1,293
1,221
1,171
1,160
932
3,529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
2,299
1,928
1,694
1930
616
639
631
654
609
527
462
489
425
257
234
199
1931
163
194
217
185
141
170
173
194
112
Backfigures.—SeeAnnual Report for 1930 (Table 57).
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
3
3
28
56
44
72
124
94
107
113
113
146
154
99
111
113
143
152
[In millions of dollars. Monthly data are averages of weekly figures!
Month or date
Total
1930—August
September..
October
November..
December..
1931—January
February.,.
March
April
May__
June
July
August
September..
3,150
3,174
2,769
2,249
2,013
1,798
1,759
1,858
1,824
1,644
1,464
1,434
1,342
1,268
Sept.
Sept.
Sept.
Sept.
Sept.
! For ac- I
For i count of For acown ac- out-of- count of
count * , town
others
I banks *
1,366
1,325
1,271
1,207
1,172
2..
9__
16.
23.
30.
1,659
1,676
1,675
1,357
1,266
1,132
1,186
1,335
1,322
1,279
1,110
1,062
951
943
i
i
i
!
I
I
'
;
i
!
'
750
537
435
339
329
290
264
271
191
181
204
226
174
798
748
557
458
407
337
283
259
231
174
173
168
165
151
983
949
913 ;
921 I
948 I
220
215
203
145
87
163
161
155
141
137
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.
Backfigures.—SeeAnnual Report for 1930 (Table 56).
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]
Bankers' acceptances outstanding (dollar acceptances)
Held by group of accepting banks
Held by Federf il reserve banks
End of month
Total
1930
1931
For own
account
1930
1931
For account
of foreign correspondents
1930
January .
_ _
1,693 1,520 293.3 89.3 525.9
1,624 1,520 269.2 85.0 503.0
February..
March
1,539 1,467 277.3 123.2 482.5
1,414 1,422 208.5 161.6 465.5
April
1,382 1,413 184.0 124.4 462.8
May
95.0 469.7
1,305 1,368 126.8
June
- -.-.
39.0 479.2
1,350 1,228 129.0
July
1,339 1,090 167.0 70.1 470.7
August
SeDtember
1 367
207 7
431 6
1,508
October
433.1
141.3
428.8
1,571
143.0
November
327.9
December
1,556
439.3
Figures for acceptances outstanding (and held by accepting
about 25 dealers.
78715—31
3
1931
Total
1930
1931
220.5 571.4
182.9 549.5
166.7 472.2
157.5 410.2
165.6 464.2
205.1 553.5
278.6 668.0
267.3 606.5
316.7
384.2
493.0
371.5
banks) from American
447.4
456.0
430.8
408.9
380.2
340.8
243.0
228.0
Own bills
1930
1931
Bills bought
1930
1931
Held b y
others
1930
63.1 134.0 157.3 437.4 653.2
70.7 151.4 112.2 398.2 668.8
71.9 130.9 94.7 341.3 612.9
54.7 125.0 102.8 285.3 582.2
62.6 171.4 103.0 292.8 569.8
63.7 196.2 141.4 357.4 503.3
62.5 231.7 216.1 436.3 462.9
95.1 168.0 172.2 438.5 434.4
130.9
185.8
410 8
172.4
211.8
549.7
180.2
312.8
506.6
89.6
281.8
417.4
Acceptance Council; for commercial
Commercial
paper outstanding
1931
1930
411.9
429.5
440.8
441.3
444.2
378.7
278.0
185.4
404
457
529
327
315
311
553
541
307
305
527
528
526
513
292
289
271
1931
485
448
358
paper as reported by
564
FEDERAL RESERVE BULLETIN
OCTOBER,
1931
BANK SUSPENSIONS
INTERBANK LOANS: MEMBER BANK LOANS
TO BANKS
[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]
[In millions of dollars. Back figures not available]
By reserve city banks *
Total,
By
by all
other
mem- \
memIn New In Chi- In other ber
ber
York
banks Total City» cago* reserve
cities»
Date
1928—Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930-Mar. 27
June 30
Sept. 24.
Dec. 31
1931-Mar. 25
June 30
538
548
670
640
714
527
535
466
631
446
457
._
501
509
621
595
669
462
474
404
569
388
397
40
62
67
68
88
58
50
41
55
41
70
288
251
314
302
322
199
196
169
283
154
150
Deposits (in thousands of dollars)
Number of banks
Month
1928 1929 1930 1931
1928
January
_
February
March
April
May
.._.
June
July..__
August
...
September
October
j
November
December
173
196
241
225
258
205
228
193
231
194
177
Year
* Member banks in 62 legally designated cities: 2 central reserve cities
(New York and Chicago) and 60 other reserve cities; see table on p. 595.
i Central reserve city banks.
8
Other reserve city banks; see table on p. 595.
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
491
1930 ; 1931
78,130
16,413 28,903
21, 746 32,800 ' 35,123
9,002 23,769
35,285
7,790 33,388 ! 42,417
24,090 19,315 { 43,963
19, 219 70,566 7196,032
66,161 32,333 ! 41,334
8,532 21,951 '185,902
10. 050 23,666 ! 271,299
13,153 24,599 l
22, 646 186,300 |
15, 730 367,119 i
138, 642 234, 532 864,715
1,345
;
Back figures.—See Annual Report for 1928 (Table 64).
Revised.
r
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars. Back figures not available]
Holdings of Government securities i and eligible paper (Including paper under rediscount)
Date
U.S.
Govern- Eligible
ment se- paper
curities *
1927—June 30.
1928—June 30.
Oct. 3—
Dec. 311929—Mar. 27.
June 29.
Oct. 4 . .
Dec. 31.
1930— Mar. 27.
J a n e 30.
Sept. 24
Dec. 3 1 .
1931—Mar. 25.
June 30.
1
1
2,299
2,714
2,823
2,730
2,832
2,577
2,469
2,403
2,619
2,640
2,682
2,777
3,584
3,871
2,775
2,680
2,551
2,349
2,582
2,688
2,865
2, 713 i
2,542
2, 285
2,271
2,100
2,045
1,870
Total
By all member banks
By other banks
By reserve city banks •
U.S.
Government securities i
5,074
5,394
5,374
5,079
5,414
5,265
5,334
5,116
5,161
4,925
4,953
4,877
5,629
5,741
847
862
914
932
974
929
912
814
818
772
764
708
776
Eligible
paper
1,992
1,967
1,817
1,811
1,761
1, 773
1,733
1,684
1,662
1,620
1, 541
1,438
1,373
1,328
U.S.
Govern- Eligible
ment se- paper
curities *
Total
2,839
2,829
2, 731
2,744
2,735
2,702
2,645
2,498
2,480
2,392
2,305
2,146
2,149
2,164
Total
4,767
4,647
4,358
4,160
4,343
4,461
4,598
4,397
4,204
3,905
3, 812
3,538
3,418
3,198
3,146
3,576
3,738
3,662
3,807
3,506
3,381
3,217
3, 43S
3,412
3,446
3,485
4,360
4,707
Member
bank
borrowings at
Federal
reserve
banks
441
1,096
1,020
1,041
981
1,029
899
646
206
274
173
248
165
147
7,913
8,223
8,106
7,822
8,150
7,968
7,979
7, 614
7, 642
7,317
7,258
7.023
7, 778
7,905
Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation.
Member banks in 62 legally designated cities: 2 central reserve cities (New York and Chicago) and 60 other reserve cities; see table on p. £95.
NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC.
IFor additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, pp. 760-768 and 811-817]
Single-office banks
Banksi
Date
1925—Dec. 31
1926—Dec. 31
1927—Feb 25 »
June 30
1928—June 30
1929—June 30
Dec. 31
1930—June 30
Dec. 31.
1931—June 30
-
28,257
27,377
26,973
26, 781
25,950
25,115
24, 630
23,852
22. 769
21, 903
Banking
offices
(banks
plus
branches)
30,899
30,158
29,873
29, 775
29,180
28,555
28,177
27,470
26,308
Banks operating branches
Member
Member
Non-
Total
National
27,472
26,5S1
26,194
25,989
25,115
24, 297
23, 808
23,035
21,993
7,916
7,760
7,677
7,638
7,516
7.366
7,237
7,082
6,872
State
1,245
1,160
1,133
1,123
1,058
987
939
899
859 <
18,311
17,661
17,384
17,228
16, 541
15,944
15,632
15,054
14,262
State
National
Banks
132
146
145
152
69
164
166
165
161
Nonmember
Branches
332
406
390
722
941
993
1,027
1,041
1,106
Banks
196
194
189
186
186
190
180
169
160
Branches
1,277
1,366
1,560
1,301
1,220
1,298
1,299
1,308
1,286
Banks
457
456
445
454
480
464
476
483
455
Branches
1,033
1.009
1950
971
1,069
1,149
1,221
1,269
1,147
i All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks and
all private banks under State supervision.
J
Date of the McFadden Act; see BULLETIN for May, 1927.
565
FEDERAL RESERVE BULLETIN
OCTOBER, 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
Month or date
[Bonds1
Indus- Rail- Public
road utility
Number of issues.
33
1930— August
September
October...
November..
December
1931—January
February.
March
April
May
June
July
August
September
34
121
123
111
102
94
100
105
97
87
99.6
100.0
J 99.9
_ 99.1
i 97.8
._ 99.6
_j 99.4
. . . i 100.0
! 99.6
99.7
99.4
99.4
98.5
95.6
213
218
187
167
158
163
178
189
170
156
153
158
154
132
77
74
75
66
56
98.2
98.2
97.9
96.5
94.5
91.1
Aug. 26..
Sept. 2___
Sept. 9...
Sept. 16_,
Sept. 23Sept. 30..
64
62
58
52
i
j
!
i
51
155
153
144
131
124
107
128
125
120
110
107
101
100
89
86
84
65
87
»
60
57
50
44
39
83
83
78
72
68
57
i
i
!
i
i
i
74
70
63
59
59
50
45
45
43
41
38
82
80
74
72
73
61
35
* Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
» 20 high-grade industrials; average price.
TOTAL REPORTED SECURITY LOANS
CAPITAL ISSUES
[Exclusive of refunding issues. In millions of dollars]
[In millions of dollars]
Domestic issues i
Total,
domestic and
foreign
Year and month
1922
4,395
1923
4,440
1924
5,557
1925
6,205
1926
6,282
1927
7,489
1928
7,979
1929
10,005
1930
6,918
1930—August
;
183 :
September
381 i
381 i
October
249 !
November...
384 !
December
'
1931—January
420
!
February
211
March
J * 961
April
*837
May
352
June
* 574
July
• 4
'231
AUJIUS!
:
200
Govern- Bonds
ment (and Stocks
notes)
3,631
4,019
4,588
5,129
5,157
6, 152
6,728
9,334
6,013
166
376
295
248
365
334
202
«959
<794
333
*535
••226
< 200
!
i
I
i
!
;
;
j
1,645
1,9S9
2,200
2,452
2, 667
3,182
2,378
2,068
2,980
44
222
168 |
105
86 I
117
185 :
93
1,072
1,043
1,380
1,356
1,312
1,423
1,387
1,398
1,441
!
|
j
!
i
i
|
!
I
4 9
••
119 :
* 685 I
<526 ;
172 i
* 429 !
96 ;
235
48
250
166
132
100
113
31
Call date
570
659
829
1,152
1,087
1,460
2,900
5,868
1,503
40
62
22
18 I
71 |
45
27
9
102
29
6
2
12
:
i
'
764
421
969
1,076
1,125
1,337
1,251
671
905
17
5
86
1
19
96
9
2
43
19
39
5
i
1 Source: Commercial and Financial Chronicle.
2
Issues publicly offered; annual totals are as finally reported by Department of Com pierce; monthlyfiguresare as compiled currently and
are subject to revision.
1
Includes issues of Federal land banks and Federal intermediate
credit banks, not shown separately.
* Includes Treasury issues (exclusive of refunding) as follows: March,
$408,925,000; April, $425,404,000; June, $310,826,000; August, $80,042,000.
' Revised.
By
other
lenders i
By member banks
Corporate
Total
Total
To
To
To
brobrobroTo kers In
kers in kers
New
banks N e w
else- others \ York
York where
City*
City
To
1928—Oct. 3 . . .
Dec. 3 1 . .
12,429 >'. 8,819
14,052 10,172
274
269
1, 899
2,556
850
975
5, 796
6,373
3,610
3,880
1929—Mar. 27._
June 29__
Oct. 4 . . .
Dec. 3 1 . .
14,643 il 9,693
115,144 ; 10, 094
116,954 : 10,314
12,955 10,505
274
335
320
357
1,879
2,025
1,885
1,660
1,014
921
939
803
6,526
6,813
7,170
7,685
4,950
5, 050
6,640
2,450
7, 024
7,242
7, 090
7, 266
2,210
1,430
1,190
610
J12, 544
-i 12, 085
.111,701
.110,364
10, 334
10, (355
10,511
9,754
260
230
175
315
2,344
2,365
2,472
1, 498
706
819
774
675
1931—Mar. 25._ J 9,752
June 30-_ J 8,943
9,272
8,-563
219
229
1,630
1,217
575 6,848
515 6,602 j
1930—Mar. 27..
June 30__
Sept. 24..
Dec. 3 1 . .
380
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.
566
FEDERAL RESERVE BULLETIN
OCTOBER, 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]
i Building contracts awarded
|
(value)**
Industrial production*
Year and month
Manufactures1
Total i
Minerals l
Total
Residential
Factory employment
Factory
pay
rolls
Freight-car
loadings *
Commodity
prices f
Ad- Unad- Ad- Unad-i Ad- j Unad- Ad- Unad-| Ad- Unad- Ad- Unad- Unad- Ad- ,
justed justed justed justed | justed justed justed justed • justed justed justed justed justed justed
1919..
1920..
1921..
1922..
1923..
1924..
1925..
1926..
1927..
1928..
1929..
1930..
119
96
1927
March.
April
May
June
July
August
September.
October
November.
December..
1928
January
February..
March
April
May
June
July..
August
September
October
November
December
77 !_
89 L
84
87
67
86
101
94
105
108
106
112
119
83
87
67
85
102
95
104
108
106
111
44
30
44
68
81
95
124
121
117
126
87
50
63
63
56
79
84
94
122
129
129
135
117
92
70 i_
74 L
105 L
96 L
108 \
107 !
106
115
107
108
82
90
104
96
100
101
99
97
101
113
109
112
107
102
105
106
105
101
96
111
108
110
108
106
106
105
103
100
101
114
112
112
107
102
104
106
104
100
95
109
109
110
109
107
106
105
102
100
100
111
96
108
108
103
111
111
112
105
97
118
107
109
105
100
106
104
105
101
103
132
144
145
140
140
131
133
126
122
111
128
128
128
128
128
126
128
128
129
131
123
133
132
117
115
108
119
120
120
111
116
115
115
114
114
113
118
119
121
125
| 105
105
111
112
110
110
108
105
110
116
118
115
109
105
108
108
109
109
109
109
111
114
116
116
116
106
113
114
113
111
109
105
110
116
117
115
110
106
109
109
110
110
111
110
112
115
116
116
117
100
99
98
94
104
104
103
111
115
123
117
106
103
103
103
105
105
101
101
105
107
114
113
112
111
121
138
155
159
154
142
137
138
134
122
107
137
138
137
137
137
139
132
131
134
136
132
127
116
128
143
152
149
140
127
116
118
115
112
93
139
142
136
130
130
133
126
119
118
115
114
106
117
121
123
124
126
125
120
122
123
121
108
96
117
118
118
122
124
127
125
123
122
118
108
100
117
122
126
128
128
127
120
122
123
119
107
93
117
118
120
124
126
129
126
124
122
118
108
114
116
101
103
116
116
118
121
127
127
114
110
118
120
107
115
116
112
114
115
118
118
110
116
98
102
121
139
143
144
136
129
112
104
94
84
120
118
121
123
121
126
124
122
110
107
103
102
81
84
106
117
113
102
94
84
73
67
66
53
97
94
101
100
97
95
93
86
73
67
67
61
103
109
107
108
105
99
91
90
92
90
85
78
104
107
104
106
104
100
94
91
91
87
84
82
103
110
109
110
106
99
89
88
91
88
83
76
103
107
105
107
104
100
94
90
90
85
83
80
108
104
91
93
102
103
100
101
100
104
95
89
112
109
96
104
103
100
97
96
94
98
92
94
78
89
102
113
125
116
107
85
82
75
68
59
95
104
102
101
105
99
95
81
81
78
76
73
82
87
89
90
89
83
80
82
86
87
89
89
84
83
86
84
82
83
84
85
85
90
88
87
92
86
85
84
118
77
81
103
96
101
104
102
102
108
87
106
105
104
102
99
102
102
103
139
154
98
97
101
98
104
100
95
98
97
86
84
91
79
87
100
97
103
106
103
103
106
92
101
100
99
99
100
99
99
98
98
97
97
100
100
100
102
99
105
105
104
109
116
114
101
88
109
106
103
104
102
104
103
101
S8
98
95
94
94
94
94
95
97
97
97
97
92
94
97
96
105
101
105
109
119
119
109
94
102
102
103
101
103
100
102
103
105
106
107
106
S6
96
96
97
101
108
111
111
111
110
106
111
112
111
103
95
99
98
102
109
110
111
115
121
118
102
89
108
107
105
108
107
108
107
107
106
104
102
102
97
97
98
97
96
96
94
100
100
99
89
91
90
93
97
95
95
96
99
97
86
74
100
99
96
97
96
93
92
89
87
86
84
84
93
92
91
91
89
87
84
84
84
83
80
78
74
74
75
77
79
77
78
76
82
80
80
80
79
77
76
72
77
76
75
73
71
70
70
70
101
103
100
101
101
98
103
104
107
104
104
100
97
97
1929
January..
February. _
March
April
May
June
July
August
September.
October
November.
December..
97
100
101
102
102
102
102
104
105
103
99
95
100
100
101
102
102
103
103
103
102
101
99
97
96
94
94
1930
January.^
February. _
March
April
May
June
July
August
September .
October
November.
December..
January..
February _
March
April
May
June
July
August
1931
71
79 j
77 I
73
65
63
61
59
\
i
!
i
1
For back figures, as recently revised, see BULLETIN for September (p. 508).
* Average per working-day.
** Revised index: 3-month moving average, centered at second month; see July, 1931, BULLETIN, p. 358. For "other " building see this issue, p. 595.
t Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on p. 570.
v Preliminary.
567
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100j
1931
1930
Industry
July
Aug. Sept.
Oct. Nov. Dec,
Jan.
65
63
65
93
83
63
66
64
52
162
182
123
94
87
94
71
83
147
93
123
103
95
77
94
89
93
115
74
97
133
119
59
56
59
87
77
57
61
61
39
157
178
116
89
86
84
82
101
142
91
93
98
91
79
100
86
80
101
77
95
123
115
64
57
64
86
82
62
68
64
40
134
143
117
93
91
95
80
98
136
92
102
106
99
78
118
79
94
116
72
91
122
124
122
78
97
144
124
45
Feb. Mar. Apr. May
June
July
Aug.
59
51
60
102
96
100
122
90
52
120
132
95
88
82
74
88
88
147
95
51
44
52
100
95
97
115
92
51
120
131
99
110
102
80
114
90
92
124
77
92
155
125
90
105
79
63
123
136
96
91
92
88
94
94
156
96
77
113
'105
79
118
94
91
'130
79
93
166
127
64
56
64
97
92
89
105 i
83 !
55 |
122 I
136 :
96 ;
83 I
83
75 I
88
96
154
85
83 i
'109 !
'100
79 |
'111 i
92 ;
88 :
'1]8 !
'81 ;
91 !
172 |
123 j
QQ
y&
QQ
OO
109
101
81
112
94
86
121
86
91
154
123
105
95
72
107
91
83
110
81
90
178
118
49
50
49 I
44
40
77
13
99
102
92
85
78
14
J12
107
91
65 : 60
8
io!
121
116
ioo! 101
94 j 100
79
79|
52
5
104
101
87
69
84
118
123
100 ! 109
83
92
116
117
85 ' 84
99
93
146
126
'102
105
91
94
141
106
96
112
73 i
72 I
104 j
112
108
91
91
68 ! 65
70 i 65
92 ! 88
102
163 | 161
207
211
76
71
111
109
90
95
91
100
126
123
130
127
96
95
133
137
88 ! 87
171
177
162
208
80
107
98
84
112
116
88
122
77
156
165
213
78
110
96
80
90
92
73
118
81
148
74
66
122
46
67
54
60
46
74
57
122
55
59
I 49
64
'42
61
107
59
59
49
61
45
MANUFACTURES
IRON AND STEEL
Pig iron
Steel ingots
65
61
57
54
50
49
62
38
310
95
102
62
33
229
95
102
102
49
28
343
89
96
96
74
25
196
81
86
85
85
18
144
81
83
63
11
246
78
76
81
7
115
87
79
! 67
j 101
! 143
[ 90
90
151
91
132
85
62
71
126
78
60
66
114
79
53
62
103 :
i
80
57
67
113
92
111
95
97
94
111
97
101
95
90
127
91
87
86
119
83
65
85 j
82
118
84
90
78
70
126
j 80
I 111
; 79
77
! 105
82 i
119 !
77 :
76
160
203
74
108
106
109
129
88
164
109
104
101
77
80
58
119
86
147
149
186
67
108
105
97
73
75
61
128
68
173
144
177
70
106
102
97
88
91
68
121
74
157
!
j
79
130
89
164
165
207
78
112
117
114
84
87
64
125
85
158
152
161
191
205
76
71
112 ! 113
96 ] 100
100 j 102
107
98
111
102
74
81
331
134
83
169
82
'86
117
96
84
94
106
70
85
80
114
79
89
93
101
73
87
105
115
74
83
90
94
70
83
114
51
83
70
83
73
85
93
111
77 j 73
93 ; 89
110 ! 110
-
-
93
139
101
106
PAPER AND PRINTING.._
111
Wood pulp and paper
Newsprint
Book paper..
Wrapping paper
_
Fine paper
Paper board
Wood pulp, mechanical
Wood pulp, chemical.
Paper boxes
Newsprint consumption
_
105
84
_ 111
|
89
> 108
124
88
' 103
j 146
| 124
LUMBER:
j
TRANSPORTATION EQUIPMENT:
j
Lumber cut
'
---
--
I
-
LEATHER AND PRODUCTS
Tanning
Sole leather i
Upper leather—
Cattle
Calf and kip
Goat and kid
Boots and shoes
>
_
95
—!
:
>
—-1
_|
i
i
-
107
100
CEMENT AND GLASS:
Cement
Glass, plate.
NONFERROUS METALS
78
64
79
97
89
76
81
75
60
149
165
117
87
88
83
91
99
138
93
74
110
101
81
114
84
100
121
75
90
146
129 i
I
50 ;
146
98
104
109
100
80
104
87
99
115
88
106
159
126
91
93
84
82
69
80
65
43
113
120
98
94
89
85
Cotton consumption
_
Wool
Consumption
Machinery activity1
_
Carpet, rug loom activity*
Silk
Deliveries-_
Loom activity !
FOOD PRODUCTS
._
Slaughtering, meat packing
Cattle
Automobiles
Locomotives
Shipbuilding
73
61
74
93
84
75
81
77
54
146
158
121
92
94
96
85
99
136
91
87
110
103
77
117
74
71
74
91
81
69
75
68
52
150
170 j
109 !
94
93
94
85
97
158
90
105
107
100
81
97
91
99
123
72
104
141
122
75
40
I 347
TEXTILES
Calves
Sheep
Flour
Sugar meltings
85
80
85
88
79
69
78
67
49
139
158
101
96
92
91
86
93
81
78
67
76
62
47
109
117
91
91
89
85
89
95
143
103
84
109
101
83
105 I
89 I
100
115
92
108
151
123
»
.
73
106
154
88
•
I
95 \
103 '
96
92
101
! 166 I
j 206
_! 85
113 !
126 '
; 123
164
205
84
109
124
119
1
Copper (smelter)
Tin (deliveries) i . . .
!
FUELS, MANUFACTURES:
97 !
90
117
73
70
109
I
,
Petroleum refining-Gasoline i
Kerosene
Fuel oil»
Lubricating oil»
Coke (by-product)
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS..
Cigars
Cigarettes
_
-
93
;
j
78
92
93
161
91
!
1 116 j 117
. . . . ; 105 ! 65
2
67 I
7
61
92
80
72
103
71
60
119
122
114
96
97
93
97
104
159
G6
71
137 !
88
177 I
149
188
69
! 107
j 94
I 99
i 94
96
71
132
78
174
64
65
89
MINERALS
COAL:
Bituminous
Anthracite
Petroleum, crude.
Iron ore shipments
Copper (mined)
Zinc
Lead
Silver
80:
120 !
95 !
83 i
91 !
103 I
76
72 ;,
65
83 j
65 !
76 i
72 I
112 I
77
84
121
75
71
122
27
68
54
78
51
I
!
I
J
i Without seasonal adjustment.
Includes also lead and zinc; see "Minerals."
Preliminary*
' Revised.
NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 o'
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance wit1
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927-
70
568
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average=100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation
Without seasonal adjustment
Industry
1931
August
T O T A L — A L L MANUFACTURING INDUSTRIES. . .
I R O N AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural ironwork
Heating apparatus
Steam fittings
Stoves
Cast-iron pipe
MACHINERY
F o u n d r y and machine-shop products
Machine tools
__
Agricultural implements
Electrical aiachinery
.
T E X T I L E S AND PRODUCTS
A. Fabrics
Cotton goods
Woolen and worsted manufactures
Woolen and worsted goods
Carpets and r u g s . . .
Hosiery and knit goods
Silk manufactures
Dyeing and finishing textiles
B . Wearing apparel
Clothing, men's
_
Shirts and collars
Clothing, women's
Millinery
__
___
F O O D AND PRODUCTS
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
L u m b e r , sawmills
Lumber, millwork
Furniture
TRANSPORTATION EQUIPMENT
Car building and repairing
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
R u b b e r boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snuff.. _
MUSICAL INSTRUMENTS
Pianos and organs
_
__
74.2
69.9
71.8
63.2
82.7
60.4
56.9
63.7
64.3
67.8
62.3
*76. 0
41.2
81.8
77.8
77.4
75. 0
76.2
77.2
70.9
85.6
67.1
95.2
78.9
61.1
82. 8
104.8
74.4
87.9
96.4
83.6
76.8
95.6
80.6
82.0
91.7
95.0
99.6
84.3
83.6
52.1
45.6
54.0
69.4
58.7
51.1
65.4
83.2
86.7
88.8
77.8
62.6
58.9
52.1
77.4
69.7
63.2
62.3
42.6
69.0
84.4
89.0
86.4
48.6
71.5
74.1
63.9
79.1
80.6
67.2
38.8
27.8
1930
July
73.8
71.1
73.4
65.6
82.4
58.4
58.8
58.2
66.1
70.4
64.8
76.0
46.2
84.6
75.2
77.1
76.2
74.7
75.6
69.7
84.1
65.4
93.5
70.6
59.2
81.6
89.7
52.2
87.8
97.3
84.4
71.7
97.1
81.1
81.9
92.0
94.7
101.3
84.2
82.6
52.2
46.5
54.4
67.0
60.2
52.1
67.2
88.8
84.6
86.4
77.0
63.7
60.8
54.3
78.4
67.9
66.6
63.4
40. 1
71.3
86.2
91.0
89.0
45.4
74.1
75.9
68.6
79.4
81.3
65.1
37.4
23.4
August
85.1
83.6
85.1
74.4
105. 4
73.2
68.5
77.4
78.1
90.9
84.6
114.6
90.8
101.0
77.9
76.6
73.0
69.6
69.9
68.0
83.8
80.2
98.0
81.3
61.8
84.9
114.4
65. 3
92.9
101.1
89.4
78.2
103.7
87.3
90.1
99.7
105.6
103.3
93.5
91.7
66.5
61.7
63.3
82.0
72.1
65.6
76.3
106.4
87.4
88.7
82.2
74.8
74.1
70.5
83.8
71.7
83.1
75.1
53.1
82.6
101.5
99.4
112.2
77.1
81.0
82.6
76.4
84.0
85.8
70.5
67.2
34.4
1931
August
74.1
70.3
72.4
65.2
80.0
59.9
56.1
63.4
62.7
67.8
62.2
*76.8
43.4
81.8
80.9
80.1
78.4
78.0
78.8
73.6
88.0
68.2
99.1
82.8
59.3
85.9
113.9
89.1
88.1
96.9
84.4
82.0
81.4
79.0
77.7
93.0
96.6
101.6
84.3
85.0
51.1
44.3
53.0
68.8
58.3
51.0
64.2
88.0
84.3
85.8
78.2
60.1
56.2
48.1
78.3
68.7
58.8
63.1
44.2
69.6
86.6
91.3
84.8
63.2
70.5
72.0
66.2
79.1
80.3
69.2
40.9
28.8
1930
July
75.1
72.1
74.4
66.6
81.3
61.4
60.1
62.6
64.0
70.3
64.4
77.1
48.8
84.6
79.6
80.0
78.6
78.6
79.5
73.6
87.9
66.9
96.9
78.8
58.7
85.6
106.4
75.1
88.1
96.6
84.4
81.8
80.4
81.0
78.7
93.0
95.9
102.7
84.2
85.0
52.0
45.4
53.7
69.1
60.2
51.8
67.6
90.9
84.8
86.4
78.4
62.7
58.6
50.2
81.4
70.7
63.3
64.2
41.1
72.0
89.4
94.2
87.1
66. 5
73.8
74.5
71.8
81.4
82.8
70.8
40.4
25.8
August
84.4
83.9
85.8
76.8
101.9
72.6
67.6
77.1
76.1
90.8
84.4
115.9
95.9
101.0
81.0
79.2
76.3
71.3
71.4
70.6
86.1
81.4
102.1
85.6
60.0
88.1
124.4
78.2
93.0
101.6
90.3
83.5
88.4
85.6
85.4
101.1
107.4
105.4
93.5
93.2
65.1
60.0
62.0
81.4
71.7
65.4
74.8
112.4
85.1
85.7
82.6
71.4
70.4
65.1
84.7
70.6
77.3
76.1
55.1
83.3
104.4
102.0
110.1
100.1
80.0
80.2
79.2
84.1
85.5
72.6
71.1
35.6
1931
August
'
64.3
50.6
50.3
47.2
67.9
4.3.1
42.9
47.3
50.6
55.2
46.6
P61.6
33.4
76.8
70.2
68.3
62.4
65.9
68.7
52.8
77.6
64.1
92.7
74.2
56.6
70.3
98.2
71.6
86.7
92.2
85.9
71.2
97.1
79.1
75.0
93.1
94.8
107.4
75.7
81.2
41.3
35.8
43.7
51.7
50.9
48.1
50.4
82.8
75.5
75.1
76.9
48.1
39.1
33.6
53.6
60.9
56.7
52.9
35.7
57.9
80.4
80.7
85.6
45.7
62.2
64.0
55.3
66.3
66.4
65.3
33.0
21.3
NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677).
» Preliminary.
1930
July
64.4
52. 4
52. 6
47.3
71.7
43.5
44.1
42.9
55.6
57.4
49.8
61.6
38.6
76.7
65.9
67.0
63.9
64.1
66.3
54.0
74.4
60.4
88.2
63.4
54.0
70.6
80.8
44.1
88.2
94,4
88.8
63.4
100.6
79.4
79.3
93.6
95.0
110.2
74.2
80.1
41.7
37.3
44.8
49.4
52.7
49.0
53.2
85.6
72.6
71.8
75.4
49.4
40.7
35.8
53.7
60.2
60.4
54.5
34.2
60.4
82.9
82.6
89.6
45.6
64.0
66.4
54.6
67.5
68.0
63.9
32.2
17.4
August
81.7
77.5
78.9
63.8
105.9
63.6
61.9
65.3
75.5
85.8
78.2
99.7
79.3
101.7
73.2
68.1
59.8
59.2
61.5
48.9
81.9
78.5
91.4
83.5
62.6
76.7
116.4
70.5
97.6
103.0
96.1
79.8
111.3
92.6
86.6
106.9
112.1
114. 5
94.0
94.4
61.6
58.0
59.4
71.1
66.3
67.9
58.1
116.9
80.0
78.7
84.8
66.4
61.1
59.6
64.9
66.5
83.4
72.0
50.1
78.4
100.7
92.4
117.2
79.1
77.6
79.8
69.0
77.2
77.8
72.4
76.4
32.6
569
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
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
Factories
Commercial
Public works and
public utilities
Educational
All other
Month
1930
January February
March
April
May
June
July
_
August
Year to date
September. _ _ ._
_
October
November
_
December
r
1931
1930
1931
324.0
317.1
456.1
482.9
457. 4
600.6
366.9
346.6
228.0
235.4
370.0
336, 9
306.1
*-316.1
286.0
233.1
66.6
74.8
101.5
123.1
116.6
96.8
84.3
82.7
54.4
77.9
100.9
95.9
88.9
72.7
63.9
60.2
13.5
20.4
29.8
22.1
37.4
22.7
28.9
18.2
10.1
7.3
20.6
11.3
16.3
8.9
10.4
4.7
54.1
72.9
77.0
73.2
73.3
59.1
46.9
50. 9
3, 351. 5 2,311.6
331.9
336.7
253.6
249 4
746.4
98.5
104 7
80.8
70.9
614.8
192.9
24.0
13 8
13.0
12 9
89.6
507.4
31 1
35.7
29.5
25.1
Revised.
1931
1930
1931
1930
1931
1931
1930
1931
28.4
27.5
36.7
26.6
26.3
27.6
29.5
19.4
136.8
99.0
149.8
165.7
152.1
322.8
121.2
126.7
95.2
78.6
151.7
133.0
108.9
140.8
116.3
73.0
19.0
21.2
35.4
35.2
36.9
48.9
42.7
25.9
19.4
16.7
24.3
23.0
23.8
22.5
26.1
19.3
34.0
28.8
62.6
63.5
41.1
50.2
42.8
42.3
20.5
27.3
35.7
47.1
41.8
'43.6
39.8
56.5
222.2
1, 274. 2
109 1
113.0
76.4
78.6
897.5
265.2
28.2
28.6
29.5
24.5
175.1
365. 4
40 8
41.1
24.4
37.3
312.4
1930
-
1930
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports
Month
1928
January
February
March
April
May
June
July
August
1929
1930
411
371
421
364
423
389
379
379
Year to date _
_
September
October
November
December..
_
411
349
370
332
320
295
267
298
3,136
422
550
545
476
.
488
442
490
425
385
393
403
381
3,407
437
529
442
427
2, 640
312
327
289
275
! 1931
!
'
i
i
!
250
224
236
215
204
187
181
*165
;
:
i
v l, 662
_._
:
•Excess of imports.
1928
1929
1930
Excess of exports
1931
1928
1929
1930
338
351
380
345
354
317
318
347
369
369
384
411
400
353
353
369
311
282
300
308
285
250
221
218
183
175
210
186
180
173
174
73
20
40
19
69
71
61
32
119
72
106
15
•15
40
50
11
2,750
320
355
327
339
3,009
351
391
338
310
2,175
226
247
204
209
»1,448
385
102
195
218
136
398
86
137
104
117
1931
100
67
69
24
35
44
46
79
465
86
80
85
67
66
49
26
24
14
*v\
214
9 Preliminary.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
1923-1925 average=100. For back figures see BULLETIN for November,
1930, p. 686]
[Index numbers; i 1923-1925 average=100. Source of basic data: American Railway Association]
1931
Index of stocks (end of
Index of sales x
month)
April
Month
Adjusted
Without
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal advariation
justment
variation justment
1930
January .
February
M a r c h . . __
April
May
June
July
August
September..
October
November.. _ _ _
December
1931
1930
1931
1930
1931
1930
107
108
107
107
105
103
100
102
99
102
98
94
97
98
97
106
97
95
91
88
89
93
110
105
98
71
77
103
112
113
165
79
80
92
101
97
90
65
67
99
98
97
97
96
96
94
91
91
92
92
91
88
86
84
83
83
82
81
79
88
93
100
101
98
93
87
87
95
101
104
85
88
1931
78
81
87
87
85
80
75
76
May
July
August
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise 8
80
78
60
79
76
56
77
73
49
76
73
46
72
70
42
104
69
43
41
85
88
97
68
90
65
41
43
100
67
44
30
85
89
82
89
79
88
78
72
36
52
73
86
38
51
Without seasonal adjustment
77
79
Total67
65
Coal
56
57
Coke
Grain and grain prod80
80
ucts
102
Year
94
64
65
Livestock
47
45
Forest products
45
20
Ore
i Based throughout onfiguresof daily average sales—with allowance
89
87
Miscellaneous
for changes fr@m month to month in number of Saturdays and for six
92
91
Merchandise* _
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
i Based throughout on daily average loadings.
8
upon sales of changes in the date of Easter.
In less-than-carload lots
June
77
63
45
78
64
41
76
68
78
55
43
77
86
89
120
56
38
92
83
95
64
y
87
38
570
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics; 1926=100]
Other commodities
Year and month
All com- Farm
modities products
Foods
Hides and Textile Fuel and Metals Building Chemilighting and metal
leather
cals and
products products materials products materials drugs
Total
House-
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
100.0
93.7
93.2
92.6
85.1
100.0
107.9
121.7
109.2
99.9
100.0
95.7
96.3
93.7
80.7
100.0
86.5
82.8
81.6
76.1
100.0
98.2
99.8
104.4
95.3
100.0
93.3
93.7
97.1
90.3
100.0
96.6
95.5
94.4
88.7
100.0
98.2
97.4
96.9
95.7
100.0
89.9
83.0
80.5
73.4
1930—July
August
September.
October
November.
December..
84.0
84.0
84.2
82.6
80.4
78.4
83.1
84.9
85.3
82.6
79.3
75.2
86.3
87.1
89.2
88.6
85.7
81.8
84.3
83.3
82.8
81.5
80.1
79.0
100.7
98.9
99.1
96.5
94.0
91.2
80.0
77.7
75.5
73.8
73.3
72.4
75.4
75.4
76.3
75.1
71.8
70.5
94.3
92.7
91.8
90.4
90.2
90.0
88.9
87.4
86.4
85.8
85.6
84.4
87.8
87.3
86.6
86.0
85.2
84.8
96.2
95.9
95.4
95.3
95.2
91.3
71.7
71.2
69.7
68.8
67.8
66.9
1931—January
February ...
March
April
May
June
July
August
77.0
75.5
74.5
73.3
71.3
70.0
70.0
70.2
73.5
70.1
70.6
70.1
67.1
65.4
64.9
63.5
80.1
77.1
76.7
75.6
72.9
72.4 I
73.1
73.7 I
77.8
77.1
75.6
74.2
73.2
71.9
71.8
72.3
88.6
86.6
87.4
87.3
87.3
87.8
89.2
88.5
71.0
70.4
69.2
67.6
66.3
65.4
65.4
64.2
69.8
69.6
64.5
61.6
60.9
58.1
58.2
02.3
89.3
88.9
89.0
88.7
87.8
87.4
87.5
87.1
82.9
81.8
81.9
80.9
78.4
77.5
75.8
75.4
83.6
82.2
81.9
80.1
79.1
77.9
77.3
75.5
91.1
90.8
90.8
90.8
89.2
88.6
88.0
87.5
64.7
63.9
64.7
63.9
62.8
61.8
61.0
58.5
1926 (base)
1927.
1928
1929
193O_
1930
Subgroups
June
July
Grains
Livestock and poultry. _
Other farm products
78.7
88.5
92.7
74.1
81.8
Butter, cheese, and milk
Meats
Other foods
90.4
99.9
85.1
Hides and skins.__
Leather..._
Boots and shoes
Other leather products
TEXTILE PRODUCTS:
Cotton goods
Silk and rayon
Woolen and worsted goods...
Other textile products
FUEL AND LIGHTING MATERIALS:
Anthracite coal
Bituminous coal
Coke
_
Gas
Petroleum products
METALS AND METAL PRODUCTS:
Iron and steel.__
Nonferrous metals
Agricultural implements
Automobiles
O ther metal products
1931
Oct. | Nov. Dec.
Aug. Sept.
Jan.
Feb. Mar.
Feb. Mar. Apr. j May
June
July
56.0
61.9
70.8
49. 0
63.0
71.3
FARM PRODUCTS:
FOODS:
HIDES AND LEATHER PRODUCTS:
BUILDING MATERIALS:
Lumber
Brick
Cement
Structural steel
Paint materials..
_
Other building materials
CHEMICALS AND DRUGS:
Chemicals
Dugs»
Fertilizer materials
Mixed fertilizers
HOUSE-FURNISHING GOODS:
Furniture.
FurnishingsMISCELLANEOUS:
Cattle feed
Paper and pulp
Kubber
Automobile tires
Other miscellaneous
86.7
80.4
77.0
88. 0
86.4
72.1 • 64.0
82. 4 77. 7
86.3
85.4
64.0
76.3
78.1
62.4
75.2
76.0
60.4
69.6
73.7
59.3
70.7
74.2
5.5 ! 59.6
70.3 j 64.1
73.4 j 71. 5
92.0
91.8
80.7
97. 9
93.1
79.4
99. 6
99.2
79. 3
98. 7
95.8
96.7 i 91.4
79.8
78.4
89.4
89.2
74.5
85.2
88.4
73.4
83.3
83.6
70.8
83.7
82.0
70.8
80. 9
79.9
70.9
78. 4
74. 4
69. 7
99.0
102.9
103.0
105.1
94.0
100.1
102.9
105.2
91.2
99.9
100.6
104.9
94.2
98.2
100.5
105.0
83.6
69.4
75.1
96.7
93.3
91.5
100.3 100.3
97.7
104. 2 | 104. 2 104.2
64.4
90.8
95.1
102.4
57.7
89.0
95.0
102.0
62.1
88.4
94.9
102.0
62.0
88.4
94.8
101.6
62.6
88.1
94.8
101. 3
64.3
88.6
69.0
87.4
60.4
88.0
65.5
85.0
57.6
86.6
63.5
85.8
88.2
84.0
99.7
63.6
86.5
88.8
84.0
99.4
61.0
87.8
91.7
78.1
95.0
105.5
98.4
90.7
73.5
94.9
105.5
98.4
90.1
72.7
94.9
102.5
98.4
85.3
83.0
91.7
86.8
88.7
83.3
82.9
91.7
84.3
87.1
99.4
81.1
82.5
91.7
84.3
83.7
98.7
80.8 ; '
82.3
91.7
81.7 i
78.1 i
98.0
67.9
85.3
94.1
92.5
67.3
84.3
93.1
92.1
66.8
83.3
92.7
96.5
95.9
96.5
95.8
102.0
85.2
25.9
52.2
103.3
94.8
83.8
23.6
52.0
97.2
Aug.
44.5
67.0
67.3
82.5
79.1
71.3 ! 73.4
76.0
70.1 I 69.7
68.8
|
69. 1
65. 5 i
90.3
87.8
93.5
93.5
94.7
101.3 ! 101.3 ! 101. 3
81.9
50.7
83.2
57.9
79.7
51.7
82.3
57.8
77.3
50.1
82.1
57.5
76.9
48.8
81.7
59.0
76.5
47.0
79.7
57.4
75.7
45.2
77.3
55.6
73.9
44.0
76.4
55.9
72 6
43. 8
75. 9
53 1
89.2
83.9
99.7
59.4
89.6
89.1
83.9
97.0
53.3
89.1
83.8
95.4
51.1
88.9
88.1
83.8
95.8
50.4
88.9
87.8
83.8
95.8
50.2
88.2
85.8
83.7
94.6
41.8
86.6
84.4
83.7
96.1
37.4
87.6
83.9
83.7
99.0
35.9
88.8
83.2
81.5
101.9
89.5
67.8
71.2
94.9 i 94.9
101.6 ; 100.2
98.4 ! 98.4
88.3
68.4
94.9
99.8
98.0
88.0
69.7
94.9
99.5
95.2
88.1
67.4
94.7
98.7
95.0
88.4
66.1
94.7
98.0
95.0
88.1
67.1
94.7
98.0
95.0
87.5
65.1
94.7
98.6
95.0
87.2
60.6
94.7
98.6
94.4
86.9
58.9
94.6
98.6
94.4
87.1
59.4
94.5
98.9
92.5
86.6
58.0
94.5
98.9
92.1
80.2
82.5
91.7
81.7
75 9
97.3
80.1
81.8
91.1
81.7
74.4
97.8
78.1
81.6
90.6
81.7
72.4
97.1
76.0
81.7
90.5
83.0
70.2
95.5
73.2
81.5
87.9
84.3
70.9
95.6
74.2
81.5
84.1
84.3
73.0
95.4
73.3
81.0
81.0
84.3
72.5
94.2
68.4
80.8
79.7
84.3
70.5
93.2
67.8
80.8
77.7
84.3
70.1
91.7
66.3
80.5
75.8
84.3
69.5
88.7
66.0
80.4
75.8
81.7
66.8
89.3
90.9
66.8
83.1
92.5
89.6
66.8
83.6
92.9
89.2
66.3
82.1
91.1
89.1
65.5
81.4
90.6
87.0
65.1
81.4
90.4
85.0
65.0
81.1
89.1
84.8
64.6
80.8
88.3
83.3
63.0
80.6
83.5
81.9
62,8
80.5
82.8
80.2
62.1
79.8
82.4
80.1
61.6
78.5
61.4
74.4
96.5
95.3
96.5
94.4
96.5
94.2
96.5
94.0
95.5
87.6
95.5
87.3
95.5
86.7
95.5
86.7
95.5
86.7
92.8 i 92.4
85.0 ; 84.3
91.9
83.7
104.8
83.8
20.3
52.0
94.5
83.5
17.1
52.0
93.8
89.6
83.5
16.9
52.0
91.5
83.0
83.5
18.6
51.3
78.2
83.6
18.6
51.3
86.9
75.0
83.6
17.1
45.7
86.1
71.6
83.1
16.1
45.7
85.1
82.1
82.3
16.0
45.7
86.3
81.2
81.4
13.3
45.7
85.9
93.5
85.5
67.9
81.3
13.7
45.7
84.9
61.1
80.3
13.3
45.7
84.0
50.8
80.1
11.2
45.7
75. 5
60.9
82.8
81.6
55.4 : 52.1
84.6
83. 6
61.3
59.0
89.1 i
89.2
83.9 |
101.3 ;
62.0
72.4
45. 0
75. 3
52 1
69.8
44.8
75.3
50. 9
£0.8 : 92.2
83.5
83.7
81.5
81. 5
103.5
30.3 "~37.~5
55.8
80.1
13.2
45.7
82.6
Back figures.—For indexes of groups, see F E D E R A L R E S E R V E BULLETIN for March 1931 (p. 137); of subgroups, see F E D E R A L R E S E R V E BULLETIN
for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics Nos. 473, 493, and 521.
FEDEEAL RESERVE BULLETIN
OCTOBER, 1931
571
FOREIGN BANKING AND BUSINESS CONDITIONS
SUSPENSION OF THE GOLD STANDARD IN GREAT BRITAIN
Announcement was made by the British
Government on Sunday, September 20, that
a decision had been reached to suspend the
gold standard which had been resumed in
April, 1925. On September 21 the necessary
legislation, consisting in suspension of that
part of the gold standard act, 1925, which
required the Bank of England to sell bar gold
at a fixed price, went through all the stages in
both Houses of Parliament. Royal assent was
given on the same day. The text of the law
follows:
GOLD STANDARD (AMENDMENT) ACT, 1931
1. (1) Unless and until His Majesty by proclamation
otherwise directs, subsection (2) of section one of the
gold standard act, 1925, shall cease to have effect,
notwithstanding that subsection (1) of the said section
remains in force.
(2) The Bank of England are hereby discharged
from all liabilities in respect of anything done by the
bank in contravention of the provision of the said
subsection (2) at any time after the eighteenth day of
September, 1931, and no proceedings whatsoever shall
be instituted against the bank or any other person in
respect of anything so done as aforesaid.
(3) It shall be lawful for the Treasury to make, and
from time to time vary, orders authorizing the taking
of such measures in relation to the exchanges and
otherwise as they may consider expedient for meeting
difficulties arising in connection with the suspension
of the gold standard.
This subsection shall continue in force for a period
of six months from the passing of this act.
2. This act may be cited as the gold standard
(amendment) act, 1931.
The subsection suspended by the present law,
viz., subsection 2 of section 1 of the gold standard act, 1925/ reads as follows:
1. (2) So long as the preceding subsection remains
in force, the Bank of England shall be bound to sell
to any person who makes a demand in that behalf at
the head office of the bank during the office hours of
the bank, and pays the purchase price in any legal
tender, gold bullion at the price of 3 pounds, 17 shillings and 10?/£ pence per ounce troy of gold of the
standard of fineness prescribed for gold coin by the
coinage act, 1870, but only in the form of bars containing approximately 400 ounces troy of fine gold.
Subsection 1, which remains in force, provides that the Bank of England is not bound
to redeem its notes in gold coin and that the
notes continue to be legal tender; also that free
coinage of gold at the mint, except bullion
coined for the Bank of England, is suspended.
i The full text of the gold standard act, 1925, was published in the
FEDERAL KESERVE BULLETIN, June, 1925, p. 375.
ANNUAL REPORT OF THE NATIONAL BANK OF ALBANIA
The annual report of the National Bank of the League of Nations in regard to the estabAlbania for 1930 was presented to the general lishment of central banks in the difficult postmeeting of shareholders on April 29, 1931. war period of currency reorganization. It may
Sections of the address of the president and of well be considered a flattering recognition of
the report of the board of directors are given the work which the National Bank has performed that this institution was invited to
herewith:1
The record of the past five years in Albania participate in the Bank for International Settleshows the steady development of the activity ments, which—in addition to the original
of the National Bank, the gradual putting into founders, comprising the leading banking orcirculation of the new gold standard currency, ganizations of the more important countries—
the judicious extension of credit in support of admits to participation only the central banks
sound commercial initiative, and the conspicu- of countries in which the currency satisfies all
ous strengthening of the reserves held against the practical requirements of the gold or gold
exchange standard.
notes in circulation.
No detailed survey- of the results obtained in
Policy of the bank.—The principles which
have hitherto inspired the policy of the bank, the more than five years of the activity of this
and have been an important element in its institution need be presented here; this has been
continued stability, are in harmony with the done by the board of directors at each annual
recommendations of the financial committee of meeting. It will be more useful to outline what
still remains to be accomplished—in logical seThe report, available in Italian, contains in addition tables showing quence to the program which has hitherto been
the operations of the bank in detail, as well as sections dealing with the
condition of the various crops, the building and electrical industries, followed—and, first of all, in respect to t b '
mining, petroleum, foreign trade, etc. For the report for 1928 see FED- reorganization of the fractional currency,
ERAL RESERVE BULLETIN for August, 1929.
78715—31-
572
FEDERAL RESERVE BULLETIN
Silver currency.—The authorities of the bank
have repeatedly shown to how considerable an
extent the difficulties of the Albanian economic
situation are due to the fact that in various
parts of the country, for reasons for which the
bank can not be held responsible, trade and
savings have continued to be based very largely
on the silver currency remaining in the country
from the war and the period immediately following. According to the long-awaited estimates, the silver currency still circulating in
Albania in 1925 was valued at approximately
10,000,000 French gold francs ($1,930,000).
The value of this circulating medium has been
greatly reduced by the fall in the international
price of silver, which to-day is worth only onethird of what it was in 1925. It is regrettable
to think that the effects of the decline of silver—
wHich are especially grievous for the poorer
classes—would have been avoided if the reorganization of the fractional currency, as provided in the currency law of July, 1925, and
repeatedly urged by the National Bank, had
been made effective earlier. It is to be earnestly hoped that the Albanian Government
may be willing to give prompt consideration to
the complicated and urgent problem of the
subsidiary circulation. The National Bank
has done everything in its power to keep
Albania from the uncertainties and dangers of
an unstable currency. Proof of this is given
by the course of the note circulation, through
which the bank—having had the necessary freedom of action under the original law and agreement—has been able at all times to insure the
maximum of stability, as reflected in the firmness of the quotations both at home and abroad.
Moreover, the bank has always given the
Albanian Government its most willing cooperation, within the limits imposed by the technical
requirements of the situation.
Economic position of Albania.—No country
can develop its distinctive economic capacities
and achieve real and lasting progress without
political tranquillity. That this fundamental
requirement is met by the Government of our
new State is demonstrated by the undoubted
improvement in the economic situation of
OCTOBER, 1931
Albania during the past year notwithstanding
the severe depression which has affected even
the wealthiest countries.
While the depression weighed heavily on
Albania—since this is essentially a farming
country and the existing depression has affected
agricultural products severely everywhere—
certain favorable factors have enabled her, and
fortunately will continue to enable her, to meet
the crisis with exceptional powers of resistance.
First among these is the utilization of the "loan
for public works," which was placed at the disposal of the Albanian Government by the
(Italian) Society for the Economic Development of Albania at the end of 1925. As early
as 1929 the plans had been completed and a
beginning had been made on the actual work.
In 1930 the work was carried forward with
enthusiasm and energy; about 13,000,000 gold
francs ($2,509,000) were paid out on these projects in the course of the year, while an equal
sum was provided for disbursement in 1931.
These public works and the resulting disbursements not only helped to maintain the economic
activity of the country, but were—and will
continue to be during the current year—a decisive factor making for equilibrium in the balance of payments with foreign countries. The
importance of this inflow of funds from Italy
may be realized from the fact that their total
volume in 1930 was larger than the total volume of exports from Albania, which* according
to preliminary estimates, did not exceed
12,500,000 gold francs ($2,313,000).
Another factor which tends to counteract the
existing depression is the inherent honesty and
initiative of the producing and trading classes
of Albania. They have known how to take advantage of any favorable opportunity to improve production and have conducted their
business with prudence. An index has been
computed showing that of the various public
works recently undertaken Albanian enterprise
has contracted for 23 per cent of the roads, 42
per cent of the water works, and 81 per cent of
the small bridges. It is also important to note
that cases of insolvency among Albanian merchants continue to be rare and sporadic.
OCTOBER,
573
FEDERAL RESERVE BULLETIN
1931
BALANCE SHEET OF THE NATIONAL BANK OF ALBANIA AS OF DECEMBER 31, 1930
Resources
Albanian Dollars 1
francs
(in thou- (in thousands)
sands)
Gold:
In vault
With correspondents..
646
1,299
125
251
376
Foreign exchange:
Dollars.
Sterling, Swiss francs, Italian lireOther exchange
Silver..
.!
Treasury bills and Government bonds (in foreign [
currency)
i
Discounts
_
I
Advances on security
!
Creditor current accounts
Real estate
Unpaid capital
Furniture and fixtures..
Other resources
Total resources exclusive of contra accounts .
Contra accounts:
Deposit on account of fund for Albanian public works.
Bills for collection
Debtors' surety account.
_
Directors' surety account
Sundry items
Total resources....
12,454
9,272
206
2,404
1,789
40
21,931
32
1,024
447
217
562
160
1,672
(2)
225
46,220
8,920
32,231
1,049
1,772
23
34,289
6, 221
202
342
4
6,618
Notes in circulation
Demand deposits:
In Albanian francs
In gold, silver, and foreign exchange
2,495
10,966
1,508
2,116
291
12,474
12, 500
200
309
Capital
Surplus
_
Profits of the year 1930
12,925
2,407
2,413
39
60
4,233
5,304
2,317
1,122
2,913
828
8,663
(2)
1,166
Albanian Dollars i
francs
(in thou- (in thousands)
sands)
Liabilities
115,584
I
22,308
^Conversion at par: 1 Albanian franc=$0.193
Other liabilities
7,812
Total liabilities exclusive of contra accounts.
Contra accounts:
Deposit on account of fund for Albanian public works
Bills for collection
Debtors' surety account..
Directors' surety account
Sundry items
_.
Total liabilities
_
2
Carried at 1 franc.
1,508
46,220
8,920
32,231
1,049
1,772
23
34,289
6,221
202
342
4
6,618
115,584
22,308
574
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. Figures for last report date of month *]
Europe
Month
1930—March
April
May
_.
June
_July
August
SeptemberOctober
November.
December.
1931—January...
February..
March
April
May
_
June
_
July
August
September.
Total (45
countries)
United
States
10,507
10,573
10,613
10,671
10, 705
10, 787
10,823
10,852
10,894
10, 907
79
•79
80
81
94
100
110
122
129
110
4,061
4,131
4,159
4,178
4,160
4,148
4,159
4,184
4,220
4,225
10,953
11,008
11, 071
11,107
11,217
11,264
v 11,210
p 11, 288
Austria
4,285
4,309
4,343
4,373
4,445
4, 593
4,587
4,632
v 4,362
4,808
4,872
4,920
4,960
5,009
5,122
5,141
5,207
5,238
5,281
5,313
5,350
5,388
5,395
5,428
5,351
5,353
» 5,412
;
;
'
i
I
i
|
j
|
92 ;
94 !
96 ;
99
102 i
87 !
87 |
i
i
i
1
:
CzechoBelgium Bulgaria slovakia Denmark England
France
:L,
24
24
24
24
24
24
30
30
30
30
164
164
167
167
167
168
173
180
180
191
10
10
10
10
10
10
10
10
10
10
37
37
39
39
42
42
42
44
46
46
46
46
46
46
46
46
46
46
46
46
755
795
765
763
741
754
761
776
762
718
30
30
30
30
30
30
30
30
27
191
197
200
201
201
199
214
221
346
10
11
11
11
11
11
11
11
46
46
46
46
46
46
45
45
45
46
46
46
46
46
46
46
46
679
685
699
712
735
793
643
649
656
595
611
617
624
624
624
590
519
519
528
535
544
553
564
569
339
325
325
310
668
L.660
1,717
1,727
1,775
L, 852
]L,899
L.992
2, 037
2,100
2,176
2,192
2,200
2,180
2,181
2,212
2,290
2,296
2,326
Europe—C ontinued
Month
Hungary
1930—March
April
May
June
July.
August
September.,
October
November..
December.1931—January
February. __
March
April
May.June
July
August
September-
Italy
Netherlands
279
279
279
279
280
- 282
283
283
28
26
22
20
20
20
20
18
18
Poland
Rumania
Spain
Sweden
175
179
179
181
181
200
236
260
Month
1930—March
April
May
June
July
August
September.
October...
November.
December.
1931—January. _.
February..
March
April
_
May
June
July
August
Argen- Brazil Colombia
tina
703
660
657
650
634
616
613
575
550
534
445
442
441
440
436
434
434
429
417
412
127
90
90
89
80
69
65
32
20
11
506
497
483
475
465
451
M17
»405
397
390
378
370
362
350
0
0
0
0
0
0
0
»323
»311
0
20
20
21
20
20
20
20
19
18
17
14
15
12
12
10
10
10
. 10
Far East
Peru
22
20
17
17
17
17
17 I
17
18
18
18
18
18
18
18
16
14
Total
Urug- 5 other
(5
coun- counuay
tries » tries)
802
775
744
749
755
748
747
711
701
704
704
703
709
714
724
730
714
AustraIndia
lia
133
114
92
128
128
128
128
128
128
128
128
128
128
128
128
135
141
147
151
158
162
7 other
countries2
156
167
177
203
234
249
249
249
249
249
249
249
259
259
262
262
267
280
112
112
112
118
123
123
128
130
138
126
124
124
124
12,4
162
225
229
Latin America
Total
(10
countries)
Switzer- U. S. S. Yugoland
R.
slavia
476
477
477
477
477
477
478
478
474
471
466
466
467
467
468
468
439
439
174
174
174
174
157
157
157
171
171
171
274
274
274
274
274
275
278
278
279
279
28
28
28
28
28
28
28
28
28
28
Norway
35
35
35
35
34
34
34
34
34
34
34
34
34
35
36
36
34
34
Africa
Japan
453
443
434
434
440
433
431
414
409
412
415
417
415
419
422
425
412
406
Java
New
Zealand
South
Egypt Africa
37
35
34
32
33
33
34
35
33
34
35
31
31
32
31
33
31
i All figures are as of final day of month except those of 15 countries, for which last report days are shown on page 399 of the FEDERAL
RESERVE BULLETIN for July, 1931.
* Countries which, for the period shown in the table, have not had gold reserves in excess of $10,000,000. For Europe these countries are: Albania,
Estonia, Finland, Greece, Latvia, Lithuania, and Portugal. For Latin America they are Bolivia, Chile, Ecuador, Guatemala, and Mexico*
p Preliminary.
NOTE.—For institutions represented, items included, and rates of conversion into dollars, see note to similar table on p. 399 of the FEDERAL
RESERVE BULLETIN for July, 1931. The July BULLETIN also contains separate figures for the 45 countries by months for the period June, 1928-May,
1931 (pp. 399-400); and by years for the period 1913-1930 (p. 394).
575
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
GOLD MOVEMENTS
[In thousands of dollars]
Germany
United States
Great Britain
South
Africa
India
Net
Netherlands
Net
Month
Net
1930—May
June
July
August
September
October
November
December
1931—January
February
March..
April
May
June
July
August
23,470
13,912
-19,640
-19,617
2,547
26,369
35,151
32,742
34,372
16,142
25,645
49,516
49,630
63, 847
19,488
57, 500
Imports
Exports
7,096
245
6,851
7,529
259
7,270
1,414
227
1,187
1,545
210
1,335
1,967 25,358 -23,391
3,162 96,677 -93,514
1,458
273
1,185
9,524
274
9,250
12,252
287
11,965
12,335
237
12,098
11,077
479
10,598
11,728
345
11,383
6,665
294
6,371
11,203 216,745 -205,542
10,279 16,522 - 6 , 243
1,487
554
933
(In thousands of dollars]
1931
January-August
August
Exports
45,388 61,134 -15,746
13,747 20,659 - 6 , 9 1 2
24,646 40,355 -15,709
24,201 21,390
2,811
22,339 20,245
2,094
45,416 34,754
10,662
41,199 43,164 - 1 , 9 6 5
43,124 78,507 -35,383
35,304 78,774 -43,470
31,335 28,892
2,443
22,829 16,377
6,452
28,495
4,411
24,084
20,742
1,620
19,122
66,956 12,656
54,300
48,444 179,252 -130,808
39,862 64,012 -24,150
9 145
15,840
5
24,809
13, 218
99
24
870
75
34
48
281
81
12,338
150
42
301
59
59
25
32
24,939
10,343
61,131
1930
Calendar year
36, 690
5
2,840 225, 776
1,470
49, 069 14, 599
7
1,160 75, 810
19
1,019 29,229
4,867
19,812
11
1,506
283
68 57,944
26, 599
1,388
6,002
31,080
116,417
667
127
244
3,507
5,197
151,517
203,513
3,429
5,075
13, 216
9,076
2,436
64,012 293,966 385,994 421,725
Net
19
6,452
56 -22,798
9,204
11
23 -18,190
16,587 -16,539 -22,415
3,404
8
273 -18,708 13,461
13
68 -17,149
3,568
967
199 12,139 -20,259
115
1,323
35 -18,762
39
3 -16,966
681
52
-286
249 -21,005
167
- 1 0 9 -18,482
880
215
- 1 5 5 -17,557
943
458
- 4 3 3 -16,895
600
- 5 1 9 -21,391
696
551
563 24,376 —16,915 - 1 , 752
946
9,397 - 2 2 , 729
-803
1,055 60,076 - 1 7 , 852
From or to—
9,095
270,301
78,842
1,000
1,610
23,190
49
8,178
2
94
11
5,669
398,040
July
INDIA
1930
1931
January-July
Calendar year
Imports Exports Imports Exports Imports Exports
Imports Exports Imports Exports Imports Exports
Belgium
2,507
France
12
Germany
,
436
Netherlands
Spain and Canaries.
Switzerland
11
United States
602
South America
British India
1,083
Australia.
15,549
New Zealand
109
Egypt
428
Rhodesia
17, 031
Transvaal
402
West Africa
All other countries.. 1, 692
39,862
Total
Exports
Imports
Net
MOVEMENTS TO AND FROM BRITISH
[In thousands of dollars]
MOVEMENTS TO AND FROM GREAT BRITAIN
From or to—
Imports
Net
England..
...
United States
Aden and dependencies
Arabia.
..
British Oceania ,
Bahrein Islands
Ceylon
China
Mesopotamia
Straits Settlements..
Egypt
..
..
Natal
All other countries
Total
18
1,557
77
78
404
74
19
5
79
1,388
293
588
1,595
265
91
71
905
69
5,513
4
1
531
754
1,557
5,796
5,518
8,848
650
759
8,053
196
2,718
3,670
2,402
2,828
l|l77
26,513
39
57,854
167
14
182
576
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
FOREIGN EXCHANGE RATES
[Monthly averages of dally quotations; based on noon buying rates for cable transfers In New York. In cents per unit of foreign currency]
Country
Monetary unit
1931
Par of |
ex- !change: July
Sept.
August
EUROPE
1931
July
August
Sept,
69.8840
36.7500
7.1937
12. 0798
96. 5700
20. 0000
27.9738
54. 2652
17.3800
64. 5722
36. 7500
6.3693
12.0549
96. 5700
20. 0000
27.9481
46.0147
17. 2432
59. 6948
36. 7500
5.9099
12.0430
96. 5700
20.0000
27.9168
41. 9254
16.9952
22. 4315
31. 0097
22. 4247
24. 7295
35. 9865
49. 3550
40. 2558
56. 0198
21. 4301
29. 7255
21. 3485
23. 7830
35. 9425
49. 3532
40. 3069
56. 0044
22.0696
30. 6604
21.9166
24.1853
33.9117
49. 3351
40. 3364
53. 5566
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.i
Yugoslavia
Schilling.—
Belga
Lev.
Crown
Krone
Pound
Markka
Franc
Reichsmark
Drachma
Pengo
Lira
Florin
Krone
Zloty
Escudo
Leu.
Peseta
Krona
Franc
Chervonetz
Dinar
14.07
13.90
.72
2.96
26.80
486. 65
2.52
3.92
23.82
1.30
17.49
5.26
40.20
26.80
11.22
4.45
.60
19.30
26.80
19.30
51.460
1.76
14. 0413 14.0406
14. 0388
96.48
Argentina
j Peso
13.9091
13. 9453 13. 9376
36.50
Bolivia 1
1 Boliviano
.7183
.7160
11.96
.7154
Brazil
! Milreis
2. 9621
12.17
2.9605
2.9624
Chile...
— | Peso
25. 2636
97.33
26.7340 26. 7292
Colombia.do
20.00
485. 6052 485. 7725 453.1260 E c u a d o r 1
__| Sucre
28.00
2. 5133
2. 5148
2.5156
Peru i
! Sol
103. 42
3. 9257
3.9215
3. 9196
Uniguay
j Peso
,
19.30
23.4212
23. 2782 23.6575
Venezuela 1
Bolivar
1.2926
1. 2939
1. 2936
17. 4496
17.4433 17.4515
5.1699
5. 2300
5.2304
40. 2677
40. 2775 40.3182
China 8
Mexican dollar.. 22.39
8
26. 7346 26. 7328 25. 3982 China 8
. Shanghai tael.__ 30.87
11.1991 11.1970
11.1978
21.90
China
! Yuan dollar
3
4. 4232
4. 4162
4.4216
22.23
Hong Kong
' Dollar.
. 5936
.5943
.5936
36.50
India
Rupee
8. 9839
8. 7964
9. 3139
49.85
Japan
Yen.
26. 0857
26. 7558 26.7487
40.20
Java 1
-- Florin
19. 5096
19. 4309 19.4862
Straits Settle- Singapore dol- 56.78
J
515.000 2 515.0000 2 515.0000 , ments.
lar.
1.7653 ; Turkey..
1. 7665
1. 7694
Turkish pound.. 439.65
NORTH AMERICA
Canada
Cuba
Mexico
| Par of
Monetary unit j exchange
Country
Dollar
Peso
do
•-
I
96. 2476
100.00 99. 6607 99.6898
Egypt...
99. 9678
99.9703
100.00 99. 9124
49.85 49. 0109 « 30. 0269 < 33. 4081
47.1254
Egyptian pound. 494.31 497.9971
1
Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
3 Chervonetz quotations nominal
3 Silver currency. The figure given for parity represents gold value of unit in September, 1931, computed by multiplying silver content of unit
by New York average price of silver for September, 1931, which was $0.28500 per fine ounce. On the same basis, parity in September, 1930, for the
Chinese-Mexican dollar was 28.78 cents; for the Shanghai tael, 39.68 cents; for the Yuan dollar, 28.15 cents; and for the Hong Kong dollar, 28.57
cents.
4
Quotation is for silver peso.
BANK FOR INTERNATIONAL SETTLEMENTS
[Amounts in thousands of dollars; converted into dollars from Swiss francs at par: 1 Swiss franc*$0.19301
1931
1930
Aug. 31 J u l y 31
Aug. 31
Cash on hand and on current account with
banks
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
Total..
Time'funds at interest:
Not exceeding 3 months
Between 3 and 6 months
Between 6 and 9 months
Total..
Sundry investments (at cost):
Not exceeding 1 year
Over 1 year_.
Total
Other resources..
1931
3,006
54, 949
641
20, 765
1,956
37, 214
71,182
45, 796
75,251
49,138
29,429
16, 308
116, 978
124, 389
45, 736
91, 911
419
102,323
4,757
104, 541
85,110
14, 595
92,330
107,080
204,247
38,455
2,067
40, 522
2,143
40, 240
2,121
42,361
1,957
1
Short-term deposits:
Central banks for own accountDemand
TimeNot exceeding 3 months..
Between 3 and 6 months_.
TotalCentral banks for account of o t h e r s Demand
TimeNot exceeding 3 months
Between 3 and 6 months
Total-
Other depositorsDemand--Time—Not exceeding 3 months...
Long-term deposits:
Annuity trust account
29,314 |l
German Government deposit
1,080 j |
French Government guaranty fund._.
Total-|i Capital paid in._
Reserves:
Legal reserve fund
Dividend reserve fundGeneral reserve fund...
Other liabilities
Total resources. _
1930
Aug. 31 J u l y 31
Aug. 31
Liabilities
Resources
309,928
314, 957
301, 782
Total liabilities..
103, 559
73, 774
14,381
64,323
84,300
794
50,646
24, 930
167,882
158,868
89, 957
29,335
30,182
28,257
23,186
6,035
37,205
6,031
27,436
76, 018
58, 556
73,418
131, 711
322
296
168
295
1,218
29, 748
14,874
13,281
29, 731
14, 865
13,273
29,824
14, 748
13,191
57,902
20, 941
57,870
20,941
57,762
19,783
108
211
422
3,289
108
211
422
2,655
1,351
309,928
314,957
301,782
i Composed of $29,032,000 short-term investments not exceeding 2 years and $282,000 of investments exceeding 2 years.
577
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, pp. 81-83]
Resources of banking department
Bank of England
Millions of pounds sterling:
1931—July 29
Aug. 26
Sept. 30
Millions of dollars (at par):
1930-July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1931-Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July29_
Aug. 26
-.
Sept. 30 2
Gold (in
issue
department)1
Cash reserves
Coin
132.0
133.3
134.8
741
754
761
776
762
718
679
685
699
712
735
793
643
649
656
5
5
5
6
5
3
3
4
4
5
5
5
6
6
•
and
advances
Notes
1.3
1.3
1.3
32.7
58.0
52.6
214
263
295
311
318
189
256
259
267
275
273
341
159
282
256
7
Liabilities of banking department
Notes
in circulation
Dis-
9.7
9.3
14.8
33
31
28
21
30
238
47
41
55
35
33
47 '
47
45
72
ties
Deposits
Bankers'
79.2
78.2
94.9
359.4
350.3
357.2
1,793
1,756
1,731
1,731
1,709
1,795
1,688
1,692
1,697
1,702
1,727
1,717
1,749
1,705
1.738
360
347
305
292
277
510
306
313
254
276
291
280
385
381
462
55.8
53.6
62.6
297
305
312
271
272
645
268
287
281
238
266
300
272
261
305
Gold
Millions of francs:
1931—July 31
Aug. 28
Sept. 25
Millions of dollars (at par):
1930—July 25
Aug. 29
Sept. 26
Oct. 30
Nov. 28
Dec. 26
1931-Jan. 30
Feb. 27
Mar. 27
Apr. 24.
May 29
June 26
July 31
Aug. 28
Sept. 25
15.2
26.3
30.1
44
88
65
102
92
32
94
79
46
86
85
123
74
128
146
33.7
48.7
52.6
182
164
166
170
179
176
162
162
164
180
165
163
164
237
256
Other
liabilities
18.1
18.2
18.3
89
86
87
87
89
86
87
87
Foreign Domestic Security Negoti- Other
able seexchange bills
loans curities *
Deposits
Notes in
circula- GovernOther
tion
ment
Other
liabilities
58,407
58,563
59, 346
26,242
27,611
25,194
4,564
5,820
5,880
2,860
2,729
2,754
5,065
5,065
5,065
8,958
8,193
8,099
79,862
78,635
78,173
9,303
9,470
7,357
14,736
17,649
18,542
2,195
2,227
2,266
1,775
1,852
1,899
1,992
2,037
2,100
2,176
2,192
2,200
2.180
1,022
1,004
1,003
1,004
1,015
1,026
1,032
1,032
1,031
1,031
1,025
1,027
1,029
1,082
244
254
243
278
344
330
371
323
278
255
243
219
179
228
231
105
107
110
109
112
114
112
110
112
110
110
109
112
107
108
211
208
208
208
208
208
204
204
199
199
199
199
199
199
238
250
244
274
262
259
270
274
275
280
287
267
351
321
317
2,827
2,888
2,864
2,932
2,977
2,996
3,079
3,095
3,052
3,027
3,065
3,016
3,131
3,082
3,064
358
396
412
513
523
495
543
523
461
458
390
334
365
371
288
328
303
344
328
385
459
457
430
493
473
497
595
578
692
727
84
87
86
91
93
2.181
2,212
2,290
2,296
2.326
1
I
Gold
87
89
97
94
88
86
87
89
Liabilities
Resources
Reichsbank
Millions of reichsmarks:
1931—July 31
Aug. 31
_.._
Sept. 30
Millions of dollars (at par):
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1931—Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 30
June 30
July 31
Aug. 31
_..
Sept. 30
Other
Liabilities
Resources
Bank of France
Public
Reserves
Other
in foreign Treasury bills (and Security
loans
exchange bills
checks)
Securities
Other
assets
Notes in
Other
circula- Deposits liabilities
tion
1,363
1,366
1,301
246
356
139
249
38
124
3,273
3,101
3,545
347
208
301
103
103
103
1,016
4,454
4,384
4,609
834
509
613
1,251
1,251
1,306
624
624
590
519
519
528
535
544
553
564
569
339
325
325
310
62
88
41
47
125
112
47
39
45
37
44
71
59
85
33
9
1
6
25
49
20
18
34
11
6
18
59
9
30
419
412
499
548
477
563
463
471
465
432
427
614
780
739
845
32
51
69
76
55
61
41
72
65
68
40
85
83
49
72
24
24
24
24
24
24
24
24
24
24
24
24
25
25
25
200
193
200
163
153
152
175
161
152
159
172
223
228
231
242
1,105
1,121
1,130
1,113
1,096
1,138
1,044
1,055
1,061
1,034
1,024
1,023
1,061
1,044
1,098
95
99
112
91
91
155
63
77
92
85
84
95
199
121
146
170
171
183
179
192
196
198
198
185
178
174
256
298
298
311
958
972
1
In addition the issue department holds Government and other securities and silver coin as cover for thefiduciaryissue, which isfixedby law
at £260,000,000 ($1,265,000,000). On Aug. 1, however, permission was given to increase the fiduciary issue (and securities held as cover) by
£15,000,000 for three weeks; and, at intervals of 3 weeks, this permission has been renewed.
2
3 On Sept. 30 the actual quotation of sterling was at 88.44 per cent par.
Issued by the independent office for retirement of public debt (Caisse autonome d'amortissement).
578
FEDEJBAL RESERVE BULLETIN
OCTOBER,
1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1930
1931
August
National Bank of Albania (thousands of Albanian francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
_
Commonwealth Bank of Australia
(thousands of pounds sterling):
Issue departmentGold coin and bullion
Securities
Banking departmentCoin, bullion, and cash
Money at short call in London
_
Loans and discounts
Securities
Deposits
Bank notes in circulation
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Domestic bills
Government debt
..
Note circulation
Deposits
National Bank of Belgium (millions
of belgas):
Gold
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
Gold
Foreign exchange
Loans and discounts
Notes in circulation
Deposits
Bank of Brazil (millions of milreis):
Gold
Currency
Correspondents abroad
Loans and discounts
Securities
Note circulation
Deposits
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange
Total foreign exchange
_
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Central Bank of Chile (millions of
pesos):
Gold at home
Foreign exchange
Loans and discounts
Note circulation
Deposits against which reserve
is held
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
Gold abroad
Loans to member banks
Note circulation
Deposits
*
July
2,473
25,397
3,996
8,675
12,590
13,036
14,914
10,500
41,550
13,226
35,800
June August
1,872
27,121
4,025
5,796
12,879
12,858
13,076
15,227
35,300
19,976
4,941
1,555
5,965
24, 765
16,891
47, 831
48, 057
6,578
23,167
17,344
46,813
47,405
8,332
28,105
18, 083
55,544
46, 591
5,106
11,015
22,458
40,887
37,857
214
122
154
624
96
1,095
121
214
128
225
632
96
1,205
94
214
133
311
529
96
1,111
180
169
274
478
110
101
1,018
117
1,588
824
843
290
3,323
298
1,538
874
831
290
3,358
259
1,434
874
738
292
3,193
205
1,210
872
776
311
3,056
165
2,842 2,819
24,008 24,894
24,128 23,640
27,874 27,288
9,789
7,562
2,734
43,119
20,822
36,088
13,365
271
37
1,665
152
170
1,554
324
43
1,703
156
170
1,645
371
40
1,655
148
170
1,681
407
418
299
1,682
126
592
1,549
1,508
141
486
845
3,059
3,338
1,288
1,506
224
477
828
3,064
3,209
1,475
1,501
255
661
691
3,064
63
153
167
274
1,439
63
189
179
272
63
317
77
321
65
57
10,656
9,768
14,843
19,802
7,271
1,428
223
1,155
788
3,279
3,683
1,372
38
63
180
227
315
10,364
11,784
13,320
21,944
7,533
10,080
11,089
14,942
23,889
7,472
* Items for issue and banking departments consolidated.
1,805
24,804
3,184
6,654
13,626
10,384
12,438
873
871
1931
20,130
11,460
11,820
27,075
6,647
August
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold
Foreign balances and currency
Loans and advances
Assets of banking office in liquidation
Note circulation
_
Deposits
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Danzig (thousands of Danzig
gulden):
Balances with Bank of England. _
Foreign bills,, etc
Loans and discounts
_
Note circulation
Deposits
_
Central Bank of Ecuador (thousands
of sucres):
Gold
_.
Foreign exchange
Loans and discounts
Notes in circulation
Deposits
National Bank of Egypt1 (thousands
of Egyptian pounds):
Gold
Foreign exchange
British Government securities
Loans and discounts
Egyptian Government securities.
Other assets
Note circulation
DepositsGovernment.
Other
Other liabilities
Bank ofEstonia (thousands of krooni):
Gold
Net foreign exchange
Loans and discounts
Note circulation.DepositsGovernment
Bankers
Other
Bank of Finland (millions of Finnish
marks):
Gold
_
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation._
Demand liabilities
Bank of Greece (millions of drachmas):
Gold
Net foreign exchange in reserve. _.
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Central Bank of Guatemala (thousands of quetzales):
Gold coin
:_.
Balances abroad
Loans and discounts
Other assets..
Note circulation
Demand deposits
Other deposits..
_
Other liabilities
1930
July
June August
1,530
1,387
1,172
1,537
1,628
844
1,540
1,921
500
1,414
2,309
337
301
6,979
238
7,017
293
313
6,988
392
334
7,077
555
172
49
101
330
30
172
61
90
336
37
172
58
87
343
39
172
71
350
27
25,449 16, 277
14,007 5,937
27,996 21,493
40,899 35,817
7, 675 1,625
14, 295
10, 633
21, 780
37, 583
1,904
5,669 5,659
17,094 18,422
14,195 14, 288
20,949 20,763
13,195 14,786
5,603
25,220
14, 359
24, 414
14, 860
4,220 4,203
2,101
1,708
14, 360 14, 460
7,648 7,494
15,831 14,955
3,554 3,4C6
18,120 18, 371
3,962
1,00f>
10, 160
8,075
17, 731
3,384
19, 767
6,024 5 472
15, 563 14,444
8,007 7,940
6.408
15, 823
8,324
6,543 6,535 6,532
20,467 20, 062 17, 379
20,352 19,868 20,900
33, 519 33, 262 32,059
6,533
16, 424
24,687
33, 241
9,434
11,605
21,806
40, 999
3,007
6,211
5,680
1,781
5,813
5,854
2,030
5,534
6,402
2,376
301
302
302
302
591
207
644
1,189
119
642
207
618
1,204
127
662
218
646
1,232
182
907
191
583
1,352
149
1,852
2,566
384
3,168
4,153
1,381
1,835
2,418
352
3,168
4,170
1,224
487
1,968
2,868
354
3,289
4,255
1.448
516
2,853
3,770
306
3,489
4,761
1,888
2,610
990
5,693
1,215
6, 425
1,244
148
2, 691
2, 646
1,196
5,922
952
6,723
1,124
164
2, 704
2,545
385
6,469
1,019
6,312
1,444
F 238
r 2.424
7,586
4,442
1,393
•OCTOBER,
579
FEDERAL RESERVE BULLETIN
1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1931
August
July
June
August
Bank of Portugal (millions of escudos):
Gold
Net foreign exchange and other
reserves
Discounts and advances
Government obligations
Note circulation
Other sight liabilities
National Bank of Hungary (millions
of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to treasury
Other assetsNote circulation
Deposits
Miscellaneous liabilities
Bank of Italy (millions of lire) :
5,372
5, 374
5,368
Gold at home
_
3,545
3, 405
3,923
Credits and balances abroad
4,389
4,448
4,669
Loans and discounts
14, 045 14,678 ; 14, 683
Total note circulation
„
300
300
300 ;
Public deposits
1,504
Other deposits
_- 1, 597 1,958
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits
855
691
111
1,015 !
462 j
851
697
111
1,110
515
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation-_
Deposits
5, 232
5,103
3, 929
16,074
300
1, 674
868
776
79
1,165
635
South African Reserve Bank (thousands of pounds sterling):
Gold
_.
Foreign bills
Domestic bills
Note circulation
DepositsGovernment
Bankers
Others.
Bank of Sweden (millions of kronor):
Gold.
_
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Lithuania (millions of litas): i
Gold
|
Foreign currency
Loans and discounts
I
Note circulation
I
Deposits,._
I
of
648
230
140
934
184
586
229
153
932
126
ank of Norway (millions of kroner):
Gold
....
Foreign balances and bills
Domestic credits..
Note circulation
Foreign deposits
Total deposits
Reserve Bank of Peru (thousands ol
soles):
Gold
Foreign exchange reserve
Bills
Note circulation.Deposits
Bank of Poland (millions of zlotys):
Gold at home.
Gold abroad
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
Note circulation
Current account of the treasuryOther current accounts
49,120
19, 319
18, 350
60, 809
4,330
56,251
10,425
14,526
58,052
4,066
July
June
252
219
544
371
1,058
1,839
323
530
344
1,060
1,859
272
0)
338
1,531
1,836
(0
402
1,531
1,926
0)
5,723
3,114
1,667
621
8, 573
5,485
18, 715
7,060
5,356
3,919
1,595
62
8,696
5,599
19,134
7,006
6,426
5,881
926
7,801
0, 712
7, 295
575
8,328
6,303
6,814
830
7,383
6, 843
7,511
1,807
4,465
412
2,394
4, 989
183
2,752
4,879
266
1,881
4,764
426
2,276
624
256
3,180
5,220
1,040
2,275
672
"251
* 3,118
s 5,457
983
2,426
691
106
2,845
5,214
815
2,474
720
26
2,000
4,456
826
230
128
462
567
165
238
222
352
562
164
238
296
375
587
235
242
349
160
570
106
I
8,676
Swiss National Bank (millions of
francs):
I
639
840
1,164 !
Gold
_
— . 1,189
357
420
578
480
Foreign balances and bills
65
74
108
110
Loans and discounts
943
1,255
1,078 ,
1, 293
Note circulation
176
551
315 !
632
Demand deposits
Bank of the Republic of Uruguay
(thousands of pesos):
55,436 I 56,402 58, 227
Gold
103,137 jlOo, 166 107, 4S0
Loans and discounts
9,488 I 9,525
10,509
Investments
23,940 j 22,741 21, 002
Other assets
70,683
73,375 71,011
Note circulation
Deposits36,513 I 41,044 38, 658
Demand
43,110 I 43, 858 45, 577
Time
3,437 I 3,559
3,701
Judicial and Administrative
35,568 | 34,362 38, 609
Other liabilities
State Bank of U. S. S. R. (note-issuing department; thousands of
chervontsi):
54,416 51,920 ! 50,834 48, 404
Gold
2,364
2,347
2,366 ! 2,470
Other precious metals
5,249 | 5,251 5,317
5,245
Foreign exchange
240, 346 231,531 !223,445 217,692
Note circulation
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
1,544
1,544
1,072
1,540
Gold
594 I 933
202
610
Foreign exchange
1,441
1,674
1, 640 1,459
Loans and discounts
2,997
1,824
1,824 ! 1,825
Advances to State
5, 521
4, 970 ; 4,564
4,983
Note circulation
_
1,198
647
7 3 3 • 1,011
Other sight liabilities
Figures published previous to reorganization of bank, July 1, 1931, are not comparable with current figures.
« Corrected.
209
0)
5,753
3,114
1, 687
174
9,855
5,485
19,401
7,550
i
1
August
I
National Bank of Rumania (millions
of lei):
Gold at home
Gold abroad
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
State debt
Note circulation..
Demand deposits.
Bank of Spain (millions of pesetas):
Gold.
_
_._
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits.._
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
_
Loans
Note circulation
Government deposits
Other deposits
Netherlands Bank (millions
florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
-
1930
1931
580
FEDEftAL RESERVE BULLETIN
OCTOBER, 1931
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
July
Aug.
1931
June
Aug.
Aug. !
1930
July
1930
1931
June | Aug.
i_.
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued_
Irish Currency Commission (thousands
ef pounds sterling):
Legal tender note fund—
British legal tender and bank •
balances
I
British securities
Notes issued
l
Consolidated bank notes —
Issued
__
Deemed such under sec. 60 (4)
of currency act, 1927
*319
J>537
76
6,456
6,533
158
6,043
6,561
443
572
362
543
P334
P527
93
6,934
7,027
212
6,659
6,871
4,245
4,214
4,191
3,789
1,724
1,744
1,762
2,161
Canadian Minister of Finance (millions
of dollars):
Gold reserve against Dominion notes.
Advances to banks under finance a c t Dominion notes—
142
Issued
_
Outside chartered bank holdings,.
Indian Government (millions of rupees):
Gold standard reserveGold
320
Foreign exchange
214
Paper currency reserve124
Gold
1,321
Silver coin and bullion
92
Other assets
1,536
Notes issued
.
68
14 i
83
24
139
28
145
28 i
163
30
267
241
292
505
323
171
166
1,326 1,300 1,207
159
65
54
1, 557 1,525 ! 1,689
1 The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Aug. 22, July 25, and June 27,1931, and Aug. 23,
1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
2
Figure not yet available.
9 Preliminary.
COMMERCIAL BANKS
Millions of national
currency
Country
Millions of dollars
Argentina:
Bank of the N a t i o n Gold..
Other cash
Loans and discounts
_.
Deposits
Other banks in Buenos A i r e s Gold
_
Other cash
Loans and discounts
_.
Deposits
Canada:
Assets entirely in Canada—
Cash in v a u l t l
Cash in central gold reserves..
Security loans
_
_.
Other current loans
Security loans abroad
Securities
Liabilities entirely in C a n a d a Notes in circulation
Individual demand deposits..
Individual time deposits
England:
i
Cash in vault and at bank
\
Money at call and short notice
!
Advances and discounts
j
Investments
_
_
;
Deposits
\
France:
j
Bills and national-defense bonds
'
Loans and advances
j
Demand deposits.,
__IIII:
Time deposits
_
_
:
Germany:
i
Bills and treasury notes
j
Due from other banks
i
Miscellaneous loans
__!
Deposits
~__~_\
Acceptances
i
Japan:
I
Cash on hand
_
Total loans
|
Total deposits
_i
July
!
Aug. \ June
Millions of gold pesos
1 i
1
99
108 I
655
642
706 ;
202 j
871 |
990 I
1931
1930
1931
I June
9
194
857
971
6
104
495
613
10
166
735
857
July
Aug. i Mar.
104
100
497 !
602 1
10
163
712
10
177
713
847
j
|
j
i
Apr.
May
June
July
1
96
490
544
1
83
447
488
1
76
451
496
1
69
458
475
796
132
696
762
127
626
704
8
142
612
696
Aug.
8
136
599
679
543
135
712
Millions of dollars
158
150
147
147 ;
46
26
28 !
28
239
163
159
182
1,126
1,127 ! 1,301
1,127
196
105
110
108 !
444
701
695 i 694
161
38
223
1,277
189
447
148
47
229
1,260
216
458
148
27
175
1,115
137
649
157
26
181
1,130
117
651
156
29
187
1,139
150
28
182
1,127
108
695
147
26
163
1,126
105
694
147
28
159
1,127
110
701
146
624
1, 410
'139
605
1,402
150
598
1,404
153
579
1,445
124
596
1,453
129
580
1,456
128
601
1,450
126
561
1,451
126
568
1,461
921
699
5,993
1,132
8,701
931
697
6,015
1,171
8,730
915
657
5,912
1,217
879
547
5,642
1,436
853
560
5,520
1,423
8,264
858
630
5,555
1,332
8,271
897
640
5,704
1,325
8,489
879
624
5,731
1,379
8,518
861
544
5,626
1,391
8,313
603
228
1,940
2,567
150
602
234
1,911
2,545
143
607
204
1,862
2,476
139
456
163
1,834
2,210
194
305
130
1,748
1,945
208
357
122
1,695
1,920
200
137
1,085
1,072
165
1,089
1,077
180
1,075
1,087
137
1,080
1,113
67
1,081
1,072
128 !
126
126
601
561
568
1,450
1,451 I 1,461
Millions of pounds
sterling
184
131
1,172
272
1,744
181
128
1, 178
283
1, 750
,
177
112
1, 156
286
1, 708
Millions of francs
793
425
1,378
57
Millions ofreichsmarks
1,914
1,280
1,500
546
686
514
7,337
7,699
7,115
8,167
9,277
8,060
874
816
840
Millions of yen
134
274
2,169
2,166
2,151
2,233
792
448
801 :
429 ;
X, 1OO
56
57
776
265
706
290
695
251
2,046
2,929
2,044
2,874
115
121
2,047
2,812
115
1,093
1,033
98
90
1,085
1,023
1,071
1,022
124
832
440
1,407
63
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.
581
FEDERAL RESERVE BULLETIN
OCTOBEK, 1931
DISCOUNT RATES OF CENTRAL BANKS
Date effective
! Bank I Bank
I of Eng-1 of
land i France
Bank
of
Italy
Country
Bank
Rate
Oct.
10
In effect
since—
Bank
Albania.
July 1,1931
10 July 23,1931
Austria
VA Belgium
Aug. 1,1930
3 Bolivia
Aug. 26,1930
Sept. 29,1931
Bulgaria
Oct. 6,1931
Chile,.
Sept. 18,1930
Colombia
Czechoslo- |
vakia
! 6H Sept. 23,1931
Danzig
Sept. 1,1931
Sept. 26,1931
Denmark
Mar. 13,1931
Ecuador
Sept. 1,1931
Estonia
lW Oct. 1,1931
Finland
Greece
._ 12 | Sept. 26,1931
8 I Sept. 11,1931
Hungary
8 ! Sept. 22,1931
India
In effect Apr. 1,1930.
Apr. 3
Apr. 24
May 1
_
_
May 2...
May 19
May 20
_
June 21
_
July 10
Oct. 9
Jan. 3, 1931
„
Jan. 22
Jan. 24
May 14.__
May 16
June 13
July 16
July 23
July 30
Aug. 1Aug. 12
Sept. 2
_
Sept. 21._
Sept. 28
Sept. 29
Oct. 10
In effect Oct. 10,1831.
i
7 i
3
Rate
Oct.
10
Country
1
1
j
_j
!
!
-II
2H
!
In effect
since—
Japan
5.84
Java
Latvia
_
Lithuania
Oct.
Mar.
Oct.
Apr.
6.1931
11,1930
1,1930
1,1930
Norway
Peru
Poland
Portugal
Oct.
Sept.
Oct.
Aug.
8,1931
1,1930
3,1930
Rumania
South AfricaSpain
Apr. 1,1931
Mar. 13,1931
July 8,1931
Sweden
U. S. S. R . . .
Yugoslavia—
Oct. 8,1931
Mar. 22,1927
July 20,1931
10,1931
Changes: Bulgaria—Sept. 29, up from 8H to 9J^ per cent; Chile—Oct. 6,
down from 7 to 6H per cent; Czechoslovakia—Sept. 23, up from 5 to 6Y%
per cent; Denmark—Sept. 5, up from 3H to 4H Per cent; Sept. 26, up
from 4^j to 6 per cent; England—Sept. 21, up from \y% to 6 per cent;
Finland—Oct. 1, up from 6 to VA per cent; France— Oct. 10, up from 2
to 2Y2 per cent; Germany—Sept. 2, down from 10 to 8 per cent; Greece—
Sept. 26, up from 9 to 12 per cent; Hungary—Sept. 11, down from 9 to
per 8 cent; India—Sept. 22, up from 7 to 8 per cent; Italy—Sept. 28, up
from hYi to 7 per cent; Japan—Oct. 6, up from 5.11 to 5.84; Netherlands—Sept. 29, up from 2 to 3 per cent; Norway-Sevt. 12, up from 4
to 5 per cent; Sept. 26, up from 5 to 6 per cent; Sept. 28, up from 6 to 8
per cent; Oct. 8, down from 8 to 7 per cent; Sweden—Sept. 21, up from
4 to 5 per cent; Sept. 25, up from 5 to 6 per cent; Sept. 28, up from 6 to 8
per cent; Oct. 8, down from 8 to 7 per cent.
MONEY RATES IN FOREIGN COUNTRIES
Month
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
2.21
2.07
2.09
2.18
2.30
2.25
2.56
2.60
2.58
2.24
2.09
2.58
4.28
2.17
2.05
2.13
2.15
2.34
2.24
2.37
2.56
2.57
2.21
2.10
2.44
4.21
1930—August
September
October
November
December
1931—January
February
March
April
May
June
July
August
Bankers'
Day-to-day allowance
money
on deposits
1.85
1.68
1.65
2.01
1.60
1.74
2.29
2.20
2.17
1.87
1.64
2.05
3.59
Belgium
(Brussels)
1930—August
September
October
November
December
1931—January
February
March
April
May
June
July
August
Italy
(Milan)
Private
discount
rate
Month
France
(Paris)
Private
discount
rate
Private
discount
rate
_
2.44
2.39
2.27
2.05
2.34
2.38
2.31
2.25
2.25
2.20
2.13
2.15
2.41
2.10
1.99
2.00
2.00
2.03
1.89
1.77
1.57
1.47
1.28
1.06
1.20
5.50
5.48
5.25
5.43
5.50
5.50
5.50
5.50
5.48
5.25
5.25
5.25
Netherlands (Amsterdam)
Switzerland
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
Private
discount
rate
3.73
3.78
5.15
5.48
5.54
4.93
5.49
5.00
5.67
5.38
6.74
18.89
» 9.15
] .83
] .96
1.63
1.84
1.48
1.29
1.86
1.55
1.05
1.04
1.61
1.55
1.07
1.40
1.22
Germany (Berlin)
England (London)
1
1
1
1
1
1
1
1
1
1
1-2^
Private
discount
rate
3.24
3.30
4.66
4.79
4.82
4.75
4.88
4.76
4.65
4. 65
6.05
*7.00
» 8. 92
Austria (Vienna)
Private
discount
rate
4 -4H
3% -4H
4 -4H
4M«-4%
4^ -m
4 -4ft
m -4
VA -4Mc
m -4
4
4 -&H
(4)
Money
for 1
month
6 -6H
h%-6\i
53/4-6H
5H-6H
53/4-6H
5H-6J4
5H-6
5^-6
5H-6
51/2-6
3 5^-6
w
(«)
4.43
4.54
5.93
6.51
7.24
6.64
6.31
6.17
5.87
5.83
7.05
18.98
a 9.18
Prime
commer- Day-to-day
money
cial paper
5j^-7
5H-7
0)
1 Average for first 11 days of July, no quotations being available for remainder of month.
2 Average for final 22 days of August, no quotations being available for remainder of month.
* Average for first week of June, no quotations being available for remainder of month.
< No quotations available.
Sweden
(Stockholm)
Hungary
5H-7H
5^-7H
5?4-7
5H-7H
5%-7H
634-7%
534-734
.59
.31
L.39
.38
.12
.09
L.50
..39
L.05
L. 53
L.30
4)4-5
4M-5H
4}4-5
4^-5
4W-5
4H-5H
41,4-5
414-5
4 -5
4H-5
1.75
1.50
1.29
1.16
1.18
1.17
1.00
.99
1.06
1.12
1.12
1.55
1.98
Japan (Tokyo)
Call
Loans up Discounted
money
to 3
bills
overnight
months
Vti-Sft
3&-5H
3^-5H
3 -5
3 -5
3 -5
3 -5
3 -5
4 -6
5.48
5.48
5.48-5. 66
5. 48-5. 66
5. 48-5. 66
5.48-5. 66
5.48
5. 29-5. 48
5.29-5. 48
5.29-5.48
5. 29-5. 48
4.93-5.48
3.83
3.65
3.29
3.65
3.65
3.10
2.92
2.74
2.92
2.19
2.19
2.74
582
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927
1928
1929-. . .
1930
192($—August
September
October
November
December
1927—January
February
March
April
May
June
July
August-- September
October
November
December
1928—January. _
February
March _
April
May
„__
60
.
— —
1-
_ _ ._
..
--
__
__ . . _.
_-
-
- _ - _ .
June
July
August
September
October _
November
December
1929—January
February
March
April
_.
_. _
____
._
__ _.
... ... .
May
June
July
August
September
October
November
December >
1930—January
February. __ _ _March
April
May.
June
July
August
September
October
NovembersDecember
1931—January
February March .
April
May
June
July
August
__
__ __
__
.-_.__
_ . _ ..
_
»
.
....» _
„
..
.
97.0
98.9
98.7
95.7
98.3
97.2
97.0
97.0
97.6
97.8
97.9
98.1
98.4
99.0
99.1
98.4
98.4
98.8
99.3
99.6
99.7
100.0
100.3
100.3
100.5
100.3
99.7
98.5
97.9
97.2
97.5
97.5
97.8
97.2
97.0
96.3
95.8
95.8
95.7
95.3
95.2
95.0
94.8
95.1
95.7
96.5
96.5
96.4
97.8
97.9
97.9
98.2
98.7
99.6
100.0
99.9
99.1
97.8
99.6
99.4
100.0
99.6
99.7
99.4
99.4
98.5
Common stocks (1926 average=100)
England
France
(December (1913 aver1921=100) age=100)
87
110.0
110.7
112.3
110.2
111.8
110.2
110.0
110.2
109.3
109.3
111.3
110.5
110.3
110.6
110.6
110.1
110.3
110.6
110.7
111.9
110.6
111.2
112.4
112.3
112.4
113.7
112.4
112.4
112.1
112.1
111.7
112.3
112.1
112.1
113.4
111.7
111.1
111.9
110.4
109.8
109.3
109.0
108.9
109.3
108.5
108.5
109.6
110.1
112.7
112.7
111.4
110.0
112.3
111.9
112.0
113.1
112.8
112.5
112.8
109.7
111.6
111.3
110.8
111.1
111.2
107.2
35
57.4
71.7
82.8
85.1
95.8
56.6
56.6
58.3
60.2
62.8
66.0
65.4
71.0
73.9
72.7
72.1
72.2
72.6
73.1
72.3
72.7
76.8
80.4
80.2
80.3
81.3
81.8
84.3
83.7
84.9
84.9
84.4
83.8
84.1
83.6
81.8
81.7
83.0
84.2
84.8
84.6
84.8
86.9
86.6
87.7
91.6
97.5
96.3
95.8
95.5
95.3
95.8
95.7
96.6
96.4
95.4
94.7
94.1
95.7
97.1
97.9
99.0
98.4
98.8
98 9
99.5
Germany
(average
price)
United
States
England
France
Germany
»177
404
278
300
329
86.9
83.0
85.0
89.4
88.5
87.8
87.5
87.2
86.8
86.5
86.2
85.9
85.6
85.4
85.4
85.6
85.3
84.8
84.2
82.7
82.7
82.8
82.5
82.1
81.3
81.0
80.7
81.2
82.2
82.6
84.7
86.7
87.1
88.0
87.5
86.9
84.7
84.5
83.9
84.0
84.3
85.9
87.4
86.4
83.9
100.0
118.3
149.9
190.3
149.8
102.9
104.3
101.6
103.1
105.4
105.6
107.9
109.1
111.1
114.2
115.4
117.2
122.0
127.7
126.7
129.6
133.1
134.4
132.3
137.9
145.9
152.1
145.3
144.2
148.3
156.6
159.1
171.1
171.4
185.2
186.5
189.1
186.6
187.8
190.7
207.3
218.1
225.2
201.7
151.1
153.8
156.3
165.5
172.4
181.0
170.5
152.8
149.3
147.6
148.8
127.6
116.7
109.4
112.3
119.8
121.6
109.2
98.0
95.1
98 2
95.5
100.0
107.0
115.9
119.5
102.6
101.7
102.6
101.1
102.1
102.0
104.1
105.1
104.4
105.5
106.4
106.3
106.7
107.4
108.3
109.7
109.6
110.4
111.1
111.0
114.0
116.2
118.6
114.7
114.0
115.9
117.7
119.2
119.8
119.3
122.8
121.7
121.0
119.8
118.3
118.6
121.7
123.5
124.3
120.8
110.4
110.5
110.2
109.9
109.2
111.1
108.0
101.8
103.1
98.4
101.1
95.4
94.1
89.0
89.6
89.3
89.4
85.1
76.8
77.8
79 2
73.8
100.0
123.2
178.5
217.2
187.6
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
1S9.5
162 2
149.8
156.7
160.1
155.4
148.5
138.2
141.2
133 5
130.5
100.0
145.0
136.1
122.8
100.2
109.5
112.1
123.1
130.6
130.2
149.3
158.3
153.7
162.8
156.1
142.4
147.0
144.5
139.4
134.9
122.2
129.3
135.8
132.4
130.6
136.1
140.2
141.2
137.2
136.9
137.2
135.2
135.0
136.4
135.4
130.0
129.4
129.5
124.2
127.2
124.5
123.1
121.5
114.4
109.9
105 7
110.1
110.6
109.2
112.1
111.7
106.8
100.9
94.8
93.9
87.9
84 7
80.0
75.0
78.5
83.6
84.8
76.1
69.6
i Approximate number; series originally included 208 issues, from which those bearing 10 per cent interest have been eliminated in recent revision. In 1928 the number of such issues was 31.
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures—except for revised series on German bonds—see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158).
SOURCES: United States— Standard Statistics Co., New York; description (and back figures) in Standard Statistics Bulletin, General Section,_Base Book Issue for 1930-31 (pp. 63, 66, and 104). England—Bankers Magazine, London; description in issues for February, 1922 (p. 227)
;
and February, 1923 (p. 251); back figures in current. issues. France—Statistique . Generate, Paris;, description (and back figures) in Bulletin de la
. . . . . . .
. . _ , . . .. .,
.
„
w.. ._
Statistique Generate, for July, 1927 (pp. 390-397). Germany—Statisches Reichsamt, Berlin; description in Wirtschaft und Statistik; B o n d s February, 1928 (p. 144) and April, 1931 (p. 338); stocks (with back figures)—January, 1929 (p. 62)
OCTOBER,
583
FEDERAL RESERVE BULLETIN
1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—ALL COMMODITIES
United States
England
(1913=100)
(1926=100)
Canada
(1926=100)
1930
1931
1930
1931
1930
1931
93
92
91
91
89
87
84
84
84
83
80
78
77
76
75
73
71
70
70
70
95
94
92
91
90
88
86
84
83
81
80
78
77
76
75
75
73
72
72
71
131
128
125
124
122
121
119
118
116
113
112
109
107
106
106
106
104
103
102
100
Japan
(Oct.,
1900*100)
France
(1913=100)
Germany
(1913=100)
Italy
(1913=100)
1930
1930
1931
1930
1931
132
129
126
127
126
125
125
125
123
120
120
118
116
114
114
114
113
112
112
110
417
408
400
396
389
382
375
379
374
364
361
350
342
338
339
337
332
327
324
322
Month
January
February . . .
March . .
April
May .
June
July
August
._ .
September
October
November
December
,.
„__...
..
576
567
553
548
546
540
558
5(iO
556
552
551
541
1931
541
538
539
540
620
518
'500
488
1930
Netherlands
(1913=100)
1931
201
200
196
193
189
181
177
176
172
165
162
161
1930
158
158
158
158
164
151
153
131
126
122
122
118
118
115
114
112
111
110
107
1931
105
104
103
102
102
100
97
94
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those comprised in indexes shown in preceding table]
United States (1926=100)
Month and year
Farm
products
E n g l a n d (1913=100)
Other
commodities
Foods
Foods
France (1913=100)
Germany (1913=100)
Farm
Industrial and food Industrial Agricultural
products products products products
Industrial
raw and Industrial
semifinished
finished products
products
Provisions
1930-July
August
September...
October
November...
December
83
85
85
83
79
75
86
87
89
89
86
82
84
83
83
82
80
79
127
126
124
121
121
116
115
113
111
109
107
105
640
550
562
562
570
570
573
568
551
643
535
516
115
117
114
109
112
110
114
111
108
108
108
105
119
118
116
114
113
110
151
149
148
147
145
143
1931—January
February
March
April
May
June
July
August
74
70
71
70
67
65
65
64
80
77
77
76
73
72
73
74
78
77
76
74
73
72
72
72
113
112
111
113
113
113
110
108
104
103
103
102
100
98
98
95
580
575
581
592
566
571
541
528
507
505
503
495
480
472
r
465
452
107
106
107
108
109
107
105
103
102
100
99
97
96
95
97
96
108
106
106
105
103
103
103
102
142
140
139
138
137
137
136
136
-.
COST <OF LIVING
RETAIL FOOD PRICES
United
States
France
(July,
1914=100)
1931
1930
1931
1930
January
Ffibruarv
Ivlarch
April
M!ay
June
July
August
September
October
November
December
138
136
134
129
129
127
130
128
124
121
120
119
120
120
122
127
129
129
131
132
132
132
131
130
129
128
125
121
150
148
145
143
142
143
146
145
142
140
138
135
134
131
130
129
130
131
130
126
1931
1930
155
153
150
151
150
148
144
144
146
144
141
137
133
127
126
124
121
118
119
120
157
154
150
143
140
138
141
144
144
143
144
141
1
(191314=100) i
Month
January
February
March.
April
May . . .
June
July
August
September
October
November
December
Average of October, 1913, January, April, and July, 1914=100.
England
(July,
1914=100)
1930
1931
England
(July,
1914=100)
1930
Month
United
States
(1913=100)
Germany
(1913=100)
1930
1931
166
164
161
157
155
154
155
157
157
156
157
155
153
152
150
147
147
145
147
145
1931
167
.....
"161"
150
France
Jan.-June,
1914=100)
Germany
(191314=100) »
•
1930
1931
1930
115
120
116
120
120
~"l21~
152
150
149
147
147
148
149
149
147
145
144
142
1931
140^
139
138
137
137
138
137
135
' Revised.
SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—tor retail food prices,,
Statistique G6n6rale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris.
584
FEDERAL RESERVE
OCTOBER, 1931
BULLETIN
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]
1931
Federal reserve bank
September
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
1931
1930
1930
Septem- Septem- ; *..„„«,*
ber
hor
i August
August
Federal reserve notes in circulation !
Total deposits
Total cash reserves
1931
Reserve percentages
1931
1930
1930
Septem- SeptemSeptemAugust ber
ber
Septem- j Septem- August
hp.r
bar
133,538
196, 209
124,912
190, 290
64, 484
114, 523
163, 358
64,937
51, 339
68, 478
35, 085
158, 921
78.0
79.8
78.1
76.5
62.6
73.0
84.1
72.7
70.7
64.9
57.6
76.1
81.4
83.6
84.3
81.7
66.0
77.3
88.0
75.2
71.5
65.6
55.0
82.0
79.7
85.0
86.1
84.5
70.3
74.4
84.6
70.5
69.1
70.9
55.8
85.9
1,875,760 1,366,074
3,555,072 3, 619,914 3,106, 714 2,562,842 ; 2, 571, 028 2,451,862 2,025,287
77.5
81.4
81.4
157, 357 155, 218 149, 618 140,578
! 232,428 239,930 225, 566
il, 191,861 1, 213, 608 , 023, 300 1, 099,133 I, 081, 769 1, 007, 221 394, 748
262,162 231, 514
143,948 161, 248
158,149 161,111
j 249,452
_ . . . | 344,265 352, 682 334,144
203, 025 212,152 205, 210 246,850
70, 5S3
67, 049
91,335 I 92, 518
68, 997
75,199
j 90,306
131,391
62,026
62,180 112,678
136,194
61,269
I 127,036
354,277 357, 981 352, 577 446,021
673,350 672, 300 436, 337
100, 395
74, 550
77,512
111, 066
73,636
108,783
76,039
71, 750
52, 929
52, 486
74,193
52, 673
76,172
55,037
112,629
87, 064
90, 321
100, 565
85, 957
j 100,673
69,191
58, 955
60, 744
47, 281
53, 441
59, 003
51,785
30,835
293, 729
308, 961 318, 618
189, 366 196, 690 182, 996 216,863
Total...
139,457
369, 589
149,969
219, 550
67, 809
114,078
405,955
73, 225
50,880
66, 322
27, 055
191,871
i Includes " Federal reserve notes of other Federal reserve b a n k s " as follows: Latest month, $15,817,000; month ago, $15,887,000; year ago, $20,774,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS
AT FEDERAL RESERVE BANKS
[Averages of daily figures for 3 months ending August 31, 1931. In millions of dollars]
Reserve held
Deposits subject to reserve
(net demand and time
deposits; see following
page)
Federal reserve district
-
July
_
_
_
Total.. __ _
2,273
10,385
2,405
3,179
1,061
887
4,418
1 091
853
1,123
775
3,152
2,284
10,483
2,407
3,158
1, 055
882
4,338
1, 0C6
843
1,123
763
3,125
2,269
10, 228
2, 399
3,131
1, 051
875
4,302
1 046
824
1, 097
746
3,074
141.1
142.3
1, 042. 9 1, 047. 4
145. 5
145.5
192.0
190.7
61. 5
61.0
57.4
56.5
325. 2
327. 6
69 7
71 9
49.3
49. 1
82.2
82.0
54.2
54.7
180.4
180.6
31, 602
_
_
July
31, 526
31,041
2, 403. 7
June
•
—
Excess
Total
June
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City
Dallas . . . ._ ._
San Francisco
August
-
August
July
June
August
141.0
999.9
143.5
187.2
61.0
54.4
332 8
67 1
47.6
80.7
52.6
177.5
2.6
80.5
3.4
3.8
1.8
2.6
. 12 6
3 4
2.3
5.4
2.1
8.4
2.8
69.1
4.4
4.8
2.1
2.5
15.9
3 5
2.8
5.4
2.1
9.1
3.0
43.9
3.3
2.8
2.2
1.4
23.1
2.3
6.1
1.6
8.4
2,406. 9 2, 345. 4
128.9
124.4
100.6
2.5
Indebtedness at Federal
reserve banks
July
June
11.3
33.0
19.4
17.8
19.4
12.7
16.2
August
4.1
11.6
9.9
24.4
9.0
26.0
16.5
15.8
17.2
13.5
12.1
89
4.2
9.5
10.8
25.0
8.9
48.1
18.6
25.0
18.5
20.3
15.9
10.6
4.5
13.1
13.3
25.4
187.5
168.5
222.2
7.8
DISCOUNTS OF FEDERAL RESERVE BANKS, BY
WEEKS
DISCOUNTS OF FEDERAL RESERVE BANKS, BY
MONTHS
[In thousands of dollars]
[Averages of daily figures. In millions of dollarsj
1931
1931
Federal reserve bank
Federal reserve bank
Sept. 2 Sept. 9 j Sept. 16 j Sept. 23 i Sept. 30
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas..
San Francisco
Total.._
8,416
52, 762
18, 377
34,004
19. 480
22, 633
23, 288
11,319
4, 364
12, 793
14, 071
35, 778
7,372
48,973
21, 739
33, 293
20, 283
23,148
23,307
10,487
4,207
11,990
13, 622
41,811
7,272
46, 676
32, 299
31,890
22, 214
25,924
25, 582
13, 376
3,989
12,032
13, 552
28,188
257, 285 260,232 262,994
7,909 i
53,841 !
45, 209 '
45.315
26, 656
26, 190
32, 685
12, 514
4,079
15, 331
13, 083
27, 015
309, 827
12, 381
53, 521
48, 723
45, 836
27,198
29, 892
18, 015
14, 408
3,803
13.765
12, 774
47, 609
327, 925
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
September
81
._
_-
1930
August
8.9
September
11.6
32.2
16.4
14.6
20.0
28.2
14.4
17.7
51.3
31.7
35.8
22.7
25.3
24.0
12.2
1.1
13.3
13.5
38.1
48.1
18.6
25.0
18.5
20.4
15.9
10.6
13.1
13.3
25.4
8.8
13.2
280.2
222.3
188.7
4.6
4.1
7.6
585
FEDERAL RESERVE BULLETIN
O C T O B E R , 1931
NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS
[Averages of daily figures. In millions of dollars]
mber
Total (ail me
Net demand
Federal reserve district
August
Chicago
St Louis
August
August
July
Net d(jmand
Time
July
August
August
July
July
Time
August
July
_
- -_
1,273
7, 362
1,184
1,497
497
481
2,333
588
395
740
537
1,235
1,014
3,043
1,229
1, 643
557
407
1, 991
477
442
380
222
1,854
1,011
3,121
1, 223
1, 661
r
559
401
2,004
478
448
383
226
1,889
1,153
G, 897
988
1,309
394
392
2,103
456
250
492
359
1,080
1,173
7,076
1,000
1,319
395
400
2,117
471
258
497
365
1,090
855
2,452
773
1, 330
358
325
1, 656
357
206
240
184
1, 719
851
2, 529
766
1, 344
359
315
1, 662
356
211234
186
1,752
103
289
181
178
100
76
208
113
132
225
165
140
100
286
183
178
102
81
216
117
137
243
172
145
159
591
456
313
199
83
335
120
235
]40
38
135
160
592
457
317
200
85
342
122
237
149
39
137
17, 783
_
Minneapolis
Kansas City -Dallas
San Francisco.
Total
1
Net demand
Time
Smaller centers (places under 15,000) *
1,255
7,185
1,169
1,487
494
468
2,311
569
382
717
524
1,220
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
July
Larger centers (places over 15,000) i
banks)
18,122
13, 259
13, 404
15, S73
16,162
10,455
10, 568
1,910
1, 960
2,804
2,836
r
1930 census; for figures through J a n u a r y on 1922 basis see Bulletin for March, 1931 (p. 140).
Revised.
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 Resenre District
Total
Call date
Philadelphia
Cleveland
Richmond
32,943 63,933 37,688
48, 227 70, 991 43,812
36,147 56,145 31, 320
36, 654 56, 784 39,676
48, 220 57, 542 32, 615
82, 262 72, 538 41, 553
33, 884 60, 281 35, 251
40,854 81, 924 37, 854
45,131 78, 380 49, 361
77, 082 92, 706 45, 703
67, 353 107,124 105, 737
55,569 104,866 72,076
47, 465
55, 529
39, 303
39, 098
41, 502
41, 210
47, 833
65, 419
61, 230
62, 796
87,916
55,267
23,150
23,268
15, 598
21, 758
18,105
23, 111
19, 656
21, 293
23, 976
27, 064
33, 244
34,351
New
Boston Y o r k i
1928—Oct 3.._
Dec 31
1929—Alar 27
June 29
Oct 4
Dec. 31
1930—Mar 27
June 30
Sept 24
Dec. 31
1931—Mar 25
452,478
509, 786
391, 495
438, 933
428, 665
519,107
462, 976
552, 394
585. 847
641,271
771,795
649,709
..,-_
June 30
1
Atlanta Chicago
25,055
29,119
26,885
26, 452
27, 745
28,182
30,831
33,838
28, 453
34, 777
44, 716
41,436
79,862
83,164
62,120
72, 700
68, 415
62,965
82, 790
96. 321
106,160
116,899
127, 354
126,268
Minne- Kansas
St.
Louis
apolis
City
19,136
20, 734
17, 402
18, 999
19, 277
18, 303
22, 385
26,486
26, 663
33,112
43, 834
22,759
17, 593
18, 686
14, 855
16, 523
15, 569
16,154
14,180
17, 596
23, 587
23, 814
25, 268
24,120
Dallas
28, 737 25,923
29, 582 \2(S, 887
25.124 22, 102
26, 712 21,226
26, 222 26,109
27,972 27, 781
35, 341 28,191
42, 345 31, 339
52, 047 31, 072
33, 487 25,012
39, 007 29, 219
32,781 24,289
San
Francisco
50,993
59, 787
44, 494
62, 351
47, 344
77, 076
52, 353
57,125
59, 787
68,819
61,023
55, 927
Due from banks in New York City as reported by member banks located in New York district but outside New York City.
Back figures.—Not available.
INTERBANK LOANS: MEMBER BANK LOANS TO BANKS
[In thousands of dollars.
Back figures not available]
Federal Reserve District
Call date
Total—
all
member ]
banks j
New
York
Philadelphia
i Cleve- | Rich-
37,003
38, 502
49,201
47,681
51,159
65,118
52, 732
49,173
26, 711
55, 849
46,207
49, 512
20,084 i 24, 688
27,768 | 15,033
33,249 I 17,155
35, 494 27, 719
34, 300 25,187
49,107 18,155
34, 932 19, 283
30,825 24, 230
28,478 !23, 541
42,802 i 24, 438
32,846 !18, 374
23,320 I17,068
St.
Louis
I
1928—Oct 3.__
Dec. 3 1 .
1929—Mar. 27.
J u n e 29_
Oct. 4__
Dec. 3 1 .
1930—Mar. 27.
June. 30
Sept 24.
Dec. 3 1 .
1931—Mar. 25.
June 30.
547, 795
537, 501
548,152
670, 277
640, 301
714, 076
527, 081
535, 307
465,793
630, 545
446, 274
456, 867
13,891
16, 040
21, 186
25,178
20,147
24, 602
21,907
26, 509
26, 572
26, 674
18, 779
18, 090
292,837
294,865
260, 522
321, 628
308, 654
328,180
207, 413
199, 925
172, 685
288, 276
157, 530
162,525
30, 792
22, 018
23, 385
34,107
29, 823
22,141
26, 702
32, 551
33, 307
27, 478
21,050
20, 859
61, 799
73, 477
88,885
96, 922
93, 297
132,176
94, 520
81,513
68, 425
89,896
86,148
99,589
Minneapolis
Kansas
City
Dallas
27,094
14,519
15, 622
27, 767
31, 059
25, 854
22, 678
33, 481
38, 522
28, 308
22, 219
17, 826
7,989
7,437
7,601
8,593
6,944
6,793
6,351
8,384
7,249
7,284
6,284
8, 650
15,9J9
18,231
17,447
23, 798
19, 499
23, 251
21, 681
27, 630
21, 936
23, 442
21,112
22, 707
6,752
3, 399
4,519
8,719
8,029
5, 392
6,953
11,296
10, 909
7,988
7, 925
8,508
San
Francisco
8,947
6,212
9,380
12, 671
12, 203
13, 307
11, 929
9,790
7,458
8,110
7,800
8,213
586
FEDERAL RESERVE BULLETIN
OCTOBER,
1931
ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS
[Exclusive of loans to banks.
In millions of dollars]
Federal Reserve District
Total
Call date
,
Dallas
San
Francisco
LOANS TO CUSTOMERS
AH member b a n k s :
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Reserve city b a n k s : *
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Other b a n k s :
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931-Mar. 25
June 30.._
___
_
_
_.
_
_
_
_
__
23,249
23,193
21,494
21, 565
21,010
21,007
19,940
19,257
1,751
1,703
1,615
1,616
1,555
1,534
1,467
1,419
7,132
7,231
6,503
6,512
6,392
6,428
6,051
5,833
14,622
14,712
13, 288
13,337
13,003
13, 244
12,416
11, 939
2,255
2,296
2,209
2,216
2,153
2,182
2,127
2,061
3,640
3,555
3,265
3,351
3,206
3,182
2,956
2,782
,265
,353
,273
[,283
:, 246
,290
,265
1,240
5,269
5,371
4,727
4,708
4,644
4,694
4,353
4,164
8,628
8,482
8,206
8,228
8,007
7,762
7,524
7,318
1,774
1,750
1,697
1,715
1,672
1,654
1,596
1,568
2,533
2,454
2,208
2,306
2,207
2,213
2,025
1,927
2,161
2,000
2,015
1,957
2,1352,009
1,981
1,863
1,860
1,776
1,804
1,747
1,734
1,698
1,668
!
i
i
!
,768
. 622
,
,629
,588
,778
1,668
1,648
OPEN-MARKET LOANS AND INVESTMENTS
All member b a n k s :
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
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
June 30
Other b a n k s :
1929— Oct. 4
Dec. 3 1 . .
1930—Mar. 27
June 30
Sept. 24__
Dec. 31
1931—Mar. 25
June 30
_
___
__
__
__
12,024
12,026
13,034
13,555
13, 997
13,222
14, 342
14,209
6,917
7,179
8,062
863
833
934
949
1,001
950
1,015
1,019
4,323
4,757
5,072
5,674
5,528
5,307
5,672
5,666
9,121
8,527
9,634
9,519
_
_..
_
_
_._
__
3,120
3,615
3,849
4,439
4,285
4,119
4,483
4,458
5,107
4,847
4,972
4,867
4,875
4,696
4,708
4,690
1,203
1,142
1,223
1,235
1,243
1,189
1,188
1,208
930
872
921
949
1,038
1,023
1,170
1,171
1,209
1,111
1,210
1,232
1,348
1,194
1,274
1,285
354
340
354
344 I
358
329
351
373
!
!
!
i
309
297
334
302
316
284
318
323
1,383
1,248
,477
, 501
,692
,538
,742
,604
1,042
1,018
1,114
1,085
1,151
1,104
1,249
1,193
778
681
900
942
1,126
995
1,193
1,093
767
752
853
837
906
868
1,022
276
266
261
248
244
236
227
225
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. 52 (pp. 12-17).
Back figures.—See Annual Report for 1929 (Table 93).
OCTOBER,
587
FEDERAL RESERVE BULLETIN
1931
BANK SUSPENSIONS, BY DISTRICTS
Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank . Figures of suspensions
include banks subsequently reopened. Figures for latest month are preliminary]
Banks reopened
Banks suspended
All
banks
Jan-Sept., 1931:
Boston
New York
Philadelphia
Cleveland
Richmond _.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Members
National
State
Nonmembers
Members
All
banks
18
11
27
14
16
45
12
33
8
17
10
6
2
6
2
4
24
4
1
3
5
2
2,520
11 88,781
27 63,148
74 230,579
70 54,123
59 32,164
324 295,695
109 28,109
148 45,905
94 26, 385
24 35,167
24 26,909
1,234
211
57
966 929,485
1
7
12
23
25
8
97
29
51
19
14
12
5
1
7
3
1
11
1
8
1
5
3
8
298
46
16
_
Total
September, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco
2
35
40
107
86
79
393
125
182
102
44
39
_
Total
1
2
9
16
21
7
78
28
43
18
6
7
Nonmembers
National
State
28, 684
9,064
79,761
8,992
16,247
54,186
5,231
9,0S6
2,402
14,706
10,420
36,265
6,296
25,807
1, 878
1,715
63,040
854
496
All
banks
1
3
2
Members^
2
3
2
Nonmembers
All
banks
Members!
2
1
5,206
24,423
21, 740
1
34
10
25
81
18
4
4
412
12, 560
9,144
18,434
44,053
4,614
544
2?165
Nonmembers
12,970
2,677
2,520
23,832
47, 788
125,011
43,253
14, 202
178,469
22,024
36,323
23,983
7,491
13,812
238,779 151,998
538,708
202
1
1
2,780
2,780
1
1
1,047
1,047
1
2
1
1
1
2
1
1
92
231
151
74
92
231
151
74
7
7
4,375
4,375
208
8,367
29, 391
79, 617
35,868
870
58,025
7, 655
17, 863
4,287
24, 503
4,645
3,724
510
60,911
3,968
104
7,450
254
3,036
120
10,628
1,637
12,987
12,970
1,244
208
4,643
22, 585
18,706
30,241
766
37, 588
7,401
14,827
4,167
905
1,764
236 271,299
2
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars)
Number
Federal reserve district
92,342
35,156
143,801
6,296
1,659
1
3
2
1
11
12
26
92
IS
4
7
3
22
180 121, 555
5,206
2,6S3
520
412
8,668
3,663
10,932
34,476
4,614
544
1,645
48, 712
72,843
3,892
5,481
7, 502
9,577
* Represents national banks only, except as follows: January-September, 1 State member in New York district with deposits of $18,801,000 and
3 State members in St. Louis district with deposits of $6,313,000.
Backfigures.—Fordistrict figures back to 1921 see BULLETIN for February, 1931; also Annual Reports for 1930 (Table 11.7), 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]
Call date
member
banks
7,614
7,642
7,317
7,258
7,023
7,778 i
7, 905 i
1929— Dec. 31.
1930—Mar. 27.
J u n e 30.
Sept. 24
Dec. 31.
1931—Mar. 25.
J u n e 30.
Federal Reserve District
Totalall
Boston
424
455
430
426
386
423
437
New
York
2,640
2,616
2,413
2,368
2,429
2, 693
2,895
Philadelphia
409
396
394
399
408
520
518
Min- Kansas
Cleve- Rich- A t l a n t a Chicago St.
mond
Louis neapo- City Dallas
land
lis
599
613
608
671
576
669
711
267
264
272
264
233
249
250
275
276
267
270
236
260
249
942
96C
956
925
922
1,050
1,016
284
292
270
273
245
259
269
288
286
287
263
261
273
271
417
395
391
383
373
356
361
San
Francisco
320
322
302
290
262
283
259
750
759
727
725
693
743
669
INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS
[In millions of dollars]
Date
1928—Dec. 31.
1929—Mar 27.
June 29.
Oct. 4._
Dec. 3 1 .
1930—Mar. 27.
June 30Pept. 24.
Deo. 3 1 .
1931—Mar. 25
June 30-
Totalall
nonmember Boston
banks
350
354
399
363
359
287
287
247
209
242
234
17
24
25
23
30
19
17
15
17
15
11
Federal Reserve District
New
York
Philadelphia
54
55
58
68
81
01
51
29
56
47
51
Cleve- Rich- Atlanta Chicago St.
Louis
land mond
34
37
40
10
55
34
28
22
37
33
07
21
26
32
33
23
18
35
33
20
15
14
71
71
79
77
58
44
38
31
42
38
42
43
34
39
39
24
32
30
32
23
24
19
Kansas
City
12
7
13
3
15
10
15
11
13
10
10
Dallas
2
4
8
6
4
5
9
10
4
5
6
San
Francisco
20
15
18
20
11
12
12
11
9
9
8
588
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
ALL BANKS IN THE UNITED STATES—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES
[In millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]
|
Loans and investments
Deposits, exclusive of
interbank deposits
Total
Federal reserve district
1931
Rediscounts and
bills payable
1930
Investments
1930
1931
June I June i Mar.
30
30
25
June
30
ALL BANKS 2
Boston..
_.
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total
1931
June Mar. June
30
25
30
I
2,422 I 2,512
5,709 6,430
1,841
1,613
1,568 1,653
691
669
384
362
1,891 2,139
550
528
563
582
553
531
296
263
1,498
1,353
6,351
2,638
6,881 18,809
1,860 3,777
1,654 4,439
733 2,231
1,441
400
7, 287
2,000
1,879
574
565 | 1,482
566 I 1,841
293 1,108
1,475 4,310
6, 274 • 6,332
17,008 ; 17,822
3,798 3,749
4,190 i 4,138
2,114
2,102
1,323 i 1,304
6,808 : 6,446
1,677 : 1,669
1,383
1,407
1,664 ! 1,635
1,007
1,042
4,133 j 4,182
4'
181 j
95 I
67
60
67 '
65
55
13 !
28 I
22 !
6,862 6,760 6,767
19, 718 19,218 19, 323
4,420 4,385 4,339
4,840 4,688 4,550
2,398 2,232 2,224
1,528 1,366 1,338
7,655 7,244 6,619
2,013 1,740 1,718
1,455 1,387 1,363
1,740 1,592 1, 575
1,105
1, 035 1,012
4,375 4,278 4,194
4,440 4,248 4,130
14,009 12, 788 12,442
2,807 2,544 2,479
3,272 3,035 2,896
1,730 1,541 1,491
938
1,166
981
5,764 5,105 4,618
1,485
1,190 1,145
798
874
823
1,209
1,040 1,009
718
842
739
3,021 2,780 2,719
58,108
55,924 55,021
40,618 i 36,813 j 35,384 ! 17,490 19,111 19,637 | 54,954 j 51,427 i 51,782 I 722 524
452
2,592
12,385
2,713
3,479
1,204
1,059
i 4,933
.. ! 1,289
870
1,151
870
3,109
2,501 2, 456
11, 880 11, 661
2,813 2,788
3,434 3,370
1,145 1,141
957
975
4,784 4,486
1,148 1,137
854
840
1,104 1,102
803
826
3,266 3,182
1,836
8,914
1,829
2,336
888
791
3,682
910
516
750
653
2,109
35, 656 34, 729 33,923
25, 214
25
68
77
52
39
30
60
32
12
20
18
18
23 i
MEMBER BANKS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1,684 ! 1,588
7,919 ' 7,537
1,704 ; 1,674
2,194 i 2,113
812 ! 785
676 j 646
3,257 : 3,025
702
742
479
492 !
653
672
560
579
2,108 2,053
817
3,961
1,109
1,240
333
299
1,527
406
362
432
247
1,157
868
4,124
1,114
1,257
356
312
1,461
435
361
449
243
1,128
22,840 ; 21,816 \ 10,44211,889
12,106
756
| 3,472
I 884
1,144
I 316
I 268
1,251
I 379
j 354
! 401
! 217
I 1,001
2,355
11,981
2,301
3,182
1,105
994
4,615
1,172
876
1,187
867
3,056
2,280 :
10,056 i
" ~
2,413 '
3,037
1,061
927
4,386
1,076
851
1,109
818
3,140
13
51
26
24
19
16
18
14
5
9
12
10
30 j
2,260
10,637 166
45
2,402
39 |
3,042
29
1,079
32 |
916
27 !
4,265
25 !
1,057
5
846
13
1,101
13
789
12
3,172
33, 690 31,153 I 31, 566 435
281
217
NONMEMBER BANKS
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City.
Dallas
San Francisco
Total
I 4,270
' 7,333
j 1,706
!
1,361
i 1,194
! 469
! 2,721
_i
724
_!
585
J:
589
235
1,265
; 22,453
1
4,259
7,338
1,572
1,254
1,087
391
2,460
592
533
488
209
1,012
4,311
7,662
1,551
1,180
1,083
381
2,133
581
522
473
209
1,012
2,604
5,096
977
937
841
375
2,081
575
358
459
189
912
2,564
4,869
840
840
729
305
1,848
448
331
367
161
671
21,195 , 21,099
15,404
13, 974
2,542
4,906
805
783
705
293
1,593
442
319
356
158
666
! 1,666
! 2,237
' 729
j 425
! 353
i
93
! 640
i 149
j 227
! 130
i
46
i 353
1,696
2,469
732
413
358
86
612
144
202
121
48
341
1,770
2,757
746
397
377
88
540
139
204
117
51
346
3,996
6,829
1,476
1,257
1,125
447
2,672
706
606
655
241
1,254
3, 995
6,952
1,385
1,153
1,041
395
2,422
601
557
555
224
993
4,073
7,185
1,347
1,096
1,034
387
2,181
612
537
535
218
1,009
13,568 i 7,048
7,222
7,531
21, 264
20, 274
20,216
12
17
51
27
21
14
42
19
8
10
6
8
287 242
235
Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision.
Back figures.—See BULLETIN for July, 1930, and January and July, 1931; also Tables 42, 43, and 87-90, Annual Report of the Federal Reserve
Board for 1930.
589
FEDERAL RESERVE BULLETIN
O C T O B E R , 1931
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
Federal Reserve District [In millions of dollars]
la
New
Boston York l™ 1cieve-
Total
Loans and investments:
Sept. 2
Sept. 9
Sept. 16
Sept. 23.
Sept. 30
Loans:
Sept. 2
Sept. 9
Sept. 16
Sept. 23..
Sept. 30
On securitiesSept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
All o t h e r Sept. 2.
Sept. 9
Sept.16
Sept. 23
Sept. 30
Investments:
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
U. S. Govt. securitiesSept. 2
Sept. 9
Sept. 16
Sept.23
Sept. 30
All o t h e r Sept. 2
Sept. 9
-.
Sept. 16
.--.
Sept. 23
---Sept. 30
Reserves with reserve banks:
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30....
_
Cash in vault:
Sept. 2
Sept. 9.._Sept. 16
_
Sept. 23
Sept. 30
Net demand deposits:
Sept. 2
.
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Time deposits:
Sept. 2
Sept. 9 —
Sept. 1 6 — .
Sept. 23...
Sept. 30
1,452
1,451
1,454
1,433
1,441
22,063
22, 016
22,132
22,072
22,107
8,872
8,845
8,852
8,954
9,094
1, 347
1, 349
1,370
1,348
1,323
980
980
974
954
945
5,837
5,780
5,738
5,792
5,814
803
808
802
795
781
14,398 !
14,333:
14, 263
14,228
14,191
2
9
16
23
30
Due from banks:
Sept. 2
Sept. 9.
Sept. 16
Sept. 23
Sept. 30
Due to banks:
Sept. 2
Sept.9
Sept. 16.
Sept. 23
Sept. 30
Borrowings from reserve banks:
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
:
Revised.
630
630
639
637
633
546
543
570
571
562
3,097
3,092
3, 061
2,996
2,975
618
617
623
623
623
367
368
371
366
366
618
617
624
617
617
414
412
443
437
434
!
I
;
I
j
1,358
1,358
1,352
1,358
1,344
405
403
406 I
405 !
403 i
375
375
375
381
379
2,180
2,175
2,169
2,112
2,096
403
402
401
402
402
227
228
230
226
226
349
348
347
342
342
293 1,188
293 1,183
290 1,179
290 i 1,171
294 ; 1,165
626
623
618
616
612
160 !
159
158
157
155
113
114
114
115
115
1,059
1,048
1,038
1,012 ;
162
162
60
60
160 |
161 |
159 j
61 i
732
735
734
742
/32
245
244
248
248
248
262
261
261
266
264
1,121
1,127
1,131
1,100
1,100
827
825
862
838
811
225
227
233
232
230
171
168
195
190
183
917 !
917 !
892 j
884 '
879 )
80
77
104
99
92
531
533
514
504
500
r 375 3, 036 | 415
370 2,994 ! 421
367 ! 2,992 | 415
359 | 2,981 | 407
348 ; 3,015 i 402
1
!
| „
',898 ' ' 605 2,801 !
I
7,891 1
610 ; 2,786 I
7,849 ;
! 607 i 2 7 4 6 |
607 2,746
387
7,867 1
1
595 i 2,811 388
7,845 | 597 ! 2,799
379
996 I
I
;
!
|
7,665 i
j
7,683 1
7,869 i
7.844 '
,
!
7,916 !!
472 1 3,035
471 3,065
480 i 3,114
479 i 3,162
496 3,280
40* !
|
4,038!
213
211
217
212
228
! 1,747 ! 223 i
1,749
220
i 1,830
249
232
i 1,839
i 1,904
226 I
458
457
495
474
449
101
103
111
109
107
3,619 '
|
3,645 !
|
3,604 !
3,647 i!
259
260
263
267
268
i
'
i
!
'
321 .
321 i
319
321
316
369
368
367
364
362
324
124,
122
123 I
123
872
826
950
841
935
136
135
132
127
123
41
40
39
40
37
283 I
66
69
62
75
75
33
34
31
34
33
13
15
15
18
16
774
757
724
723
1,045
1,047
1,019
985
967
332
328
321
323
287
282
277
271
400
396
387
381
367
1, 003
999
990
984
975
262
264
260
254
251
231
229
228
228
241 !
240 i
241
241
243 I
35 I
3,693 1
1
1,807
1,739
1,858
1,736
1,816
\\ 95 !
94
i
l
95 ;
|
i
i
j 102 !
94 :
i
227
242
225
259
255
13
14
14
17
16
13, 244
13,195
13,134
12,885 I
13, 227 !
7,003
6, 950
6,895
6,837
6,775
544
541
568
553
542
1,288
1,316
1,284
1,323
1,376
848 6,242
849 6,171
846 6,202
6,177
6,537
822
828
519 1,642
i
j
1
!
1,622
1,632
1,613
1,596 !
517
514
513
504
Government deposits:
Sept.
Sept.
Sept.
Sept.
Sept.
2,185
2,183
2,214
2,196
I 2,155
' 6, 500
6,442
6,414
6,361
6,346
4,265
4,197 I
4,223 |
|
i
1,374
1,341 i
'
1.358 |
i
l',247 h
1,282 j.
r
3, 192 :
3,144
3, 078
r
2, 907 ;
3,071
107
113
113
146
154
45
43 !
41
78
72
78
139 : 1,190
143 1,130
110 1,126
130 1,100
134 1,278
226
222
214
190
201
1
2
2
2
4
,
'
i
I
380 I
379 |
261
268
252
265
!
|
;
!
23
19
19
20
16
'
'
;
;
'
58 !
57 !
167
168
169
168
169
i
:
i
i
221
221
76
77
84
85
140
140
141
140
140
i
|
i
I
63
64
63
62
222 i
i
i
j
;
139
138
138
136
135
76 |
77 !
77 i
43
43
41
43
39
26 I
6
8
6
6
6
5I
38 !
36
40
40 |
1,772
1,766
1,747
1,667
1,682
237
235
234
232
232
78 ;
•
28 :
25 j
26 i
23 I
5 ;
5 I
5 i
5l
214 j
219 j
215
208 !
206 |
350
351
339
341
335
1,211
1,196
1,178
1,165
1,163
77 i
!
I
j
;
146 I
146
145
145
145
!
j
'
j
l i.
138
119
141
135
148
92
88
87
87
100
!
|
;
i
!
215 I
215 |
16 \
17 i 141 ;
16 . 134 ;
15 : 127
420
404
376
City
KanSan
Minsas Dallas Franneapcisco
olis jCity_
St.
Louis
33
31
29
68
58
116
105
118
97
80
84
71
68
109
308
110
304
107
297
261
96
237 | 94
i
20 |
5
6
21 !
8
18 !
31 I
12
29 !
11
71 !
69 !
72
64 I
63 ,
17
17
16
257
262
252
261
276
453
90 ' 451
85 | 444
78 ! 428
79 ' 427
9
12
11
16
97
97 !
96 I
92 I
94
105
109
103
'95
94
9 I
10 j
V.
|
!
j
|
3 ,
2 !
-
91
89;
89 |
85
84 I
306
305
306
318
309
7, 692
7,666
7,663
7, 775
7,924
59 •
56 |
79
84
85
81
5,072
5,017
4,974
5,036
5,059
1,243
1,241
1,237
1,180
1,168
2,683
2,643
2, 641
2,641
I 2,677
725
718
711
686
673
|
I
!
202 I
204
201 j
205 I
210
882 j 2,389 I
878 |2, 374
8 7 3 • 2,333
853 |2,395 I
856 2,382 |
518
523
526
494
495
269
269
277
275
275
121 i
119 ;
153
147
140
729
726
732
723
719
2, 620 '
2,649
2,689
2,739
2,865
554
555
534
535
543
372
369
376
366
363
1,588
1,592
1,663
1,673
1, /45
322
323
306
307
314
357 1,032
357 1, 057
356 1,026
357 | 1,066
356 | 1,120
232
232
228
228
229
105 i
99 !
102
101
811
766
889
785
205
183
189
176
191
7
8
21
20
53
55
50
61
62
15
15
13
16
16
262
704
701
710
687
683
5,708
5,638
5,666
5,650
6,003
1,203
1,194
1,170
1,116
1,127
1,107
1,089
1,101
1,091
1,073
528
513
504
495
499
120
120
130
129
129
61
59
91
85
77
149
149
147
146
146
60 I
60 I
!
62
62
63
51
56
49
51
50
30
33
32
35
36
11
12
11
14
14
433
426
419
417
265
263
257
255
200
200
200
200
200
138 I 1,014
139 1,007
139
138
140
977
1
63 !
68 i
64
1, 797
1,796
1,771
1, 715
1,711
252
251
251
250
248
15
34
3!
3 i
70
75
70
60 ,
53
1,917
1,909
1,911
1,894
1,884
32 I
139
148
138
118
117
:
:
!
i
! 192 :
j 198
i 183 :
! 170
77 i
76 i
81 i
76 i
72 i
82 .
83 !
82 i
166 i
3
3
3
0
4
2
1
1
1
1
29
28
26
175
175
173
147
153
221
220
212
198
203
29
35
22
21
4!
128
121
115
65
89
82 '
95
1,107
1,050
1,046 |
1,027 !
1,204 |
13
13
12
157
158
143
165
176
314
311
306
288
286
1
2
2
2
1
590
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
FEDERAL RESERVE BANK DISCOUNT RATES
[Rates on all classes and maturities of eligible paper.
For back figures see Annual Report for 1930 (Table 33)]
Federal reserve bank
Date effective
Boston | * £
In effect June 1,1930.
June 7
June 20 June 21
July 3
Julv 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
May 15
May 21
May 22 _
Oct. 9
Oct. 10___
—
Philadelphia
Cleve- , Richland : mond
Chicago
4
4
4
4
3
Atlanta
St. Louis
4
Minneapolis
Kansas
City
4
4
Dallas
4
San
Francisco
4
4
2H
VA
3
!
&A
&A
3H
33^
3V
3H
2
3
2H
1
2
1
!
3
3
3
i
3
3
i*
3
2y2
2H
2M
3
2M
214
2H
3
In effect Oct. 10,1931.
3 I
3
3
3
2H
3M
2H
3
3
2H
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
Loans secured by prime stock- Loans secured by warehouse
receipts
exchange collateral
Prime commercial paper
Federal reserve
bank or branch
city
1930
1931
! Septem! ber
Boston
3 -4
New York
Buffalo
5 -6
Philadelphia
334-4M
Cleveland
4 -5
Cincinnati
__!
6
5 -6
Pittsburgh
5 -h\4
Richmond
j 3^5
Baltimore
Charlotte
5 -6
Atlanta
4^-5
Birmingham
6 -7
6 -6*
Jacksonville
5 -6
Nashville
4K-5
New Orleans
Chicago
K
Detroit
; 4 -6
St. Louis
! 314-0
Littl R
Little Rock k
i
6
Louisville.
Minneapolis
Helena...
Kansas City
Denver
4 -6
Oklahoma City
; 53^-6
Omaha
5
Dallas
: 3H-6
El Paso
i 7 8
El P
i
Houston
;
-6
l
San Antonio
San Franeisco
\
:
Los Angeles..
6
Portland
_
-6
Salt Lake City
6
Seattle
6
6
Spokane
, 514-6
August
3 -434
3 -4
5 -6 j
334-4H
4 -5
-6
-5
September
3M-4
4
4
5
5
4
-6
-6
-53-5
55-
6
6
4 -§
4 -6
43^-5
6 -7
6 -6},
5 -6
4H-5
4 -535M-7
5 -8
6
4
4- 6
3 -5
~b \
4H-6 i
4 -434
6 -7
6
5 -63^
4 -41/
5 -6
6 !
6 :
0 -8
43^-5
4 -6
5
3H-6
7 -8
5 -7
1930
1931
September
4 -4?4
8 :
4}/2~5 :
5 -6
5 -5
G I
5 -534
6 i
6 i
6 i
6 i
0 I
6
8
5 -7
7 -8
5H-6
6 -7
5 -6
2
August
4 -5
53^-6
4M-6
5 -6
5 -6
53^-6
5
43^-6
5 -6
5 -5
5 -8
6 -7
6
5 -6Mi
4 -43^
53^-6
43^-6
6 -6
5^2-6
4 -6
t> - 8
514-C
6
8
534-7
5 -7
7 -8
53^-6
6 -7
5 -6
5 -6
6 -ey2
6
6 -6
1931
September
1930
5 -53^
5 -6
5 -6
5 -6
5^-6
2
6
5 -6
6 -6J<
6
5 -6
2
5 -6
5 -5
6 -7
6
5 -6
8
6
4 -6
6 i
6 -7 I
6
6
23^-4
fi -8
5 -6
6 -7
6 -8
6
5 -G
8
5 -6
6 -8
6 -7 I
6 -6>
G -7
7
8
6 -GH
G
-7
6 -8
I
G -oH;
6
-63/2!
634-7
1931
September
August
6
5 -b1/
b -6
6
Interbank loans
33^-5
6
5 -&/
6
6 -63>
6
53^-6
4 -4
6 -8
6 -6H
6
5 -6
4H-5
6
5- 6
6
6
3 -4
6 -8
5 -6
534-7
6 -8
6
534-6
8
5 -b
6 -8
5 -6
6 -6M
6 -7
7
63^-7
August
4H-5
6
5 -6
5 -6
5 -5}
5 -6
i
G !
4 -434
6 8
5
6
4
6
5
G
6
5
5
6
6 2 -7
6 -7
7
7
7
5 -6
5 -6
4^-5
5 -6
5 -b\
b -6
5346
6
-6
-8
6
-i1/
-8
-6
-8
-S
G
-&
8
-G
-8
1930
4M6
4H-5
53^
4 -6
6
5 -6
6 -8
5 -6
6
G
6
5 -6
6
6
4^-6
434-5
5
4 -6
6
5 -6
6 -8
5 -6
6
5 -o1/
b -G
6
5 -5>
434-5H
5 -5M
5H-G
6
6
G
G
6
6
6
6
September
4
4 -4
5
4 -5
5 -6
5 -5
5 -6
5 -6
5H-6
5 -5
5 -6
6
5 -6
6 -8
6H-6
0
6
6
5 -fte
C
5 '-6
G
5
6
G
6
6
I
NOTE.—Rates at which the bulk of the loans of each class were made b y 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 largest banks in their respective cities.
Rate
591
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
BUILDING CONTRACTS AWARDED
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
(Value of contracts in thousands of dollars. Figures are for 37 States east
of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
1930
1931
1931
Number
of centers
1930
Federal reserve district
August
23,413
70,216
8,092
17,461
12,549
10,900
43,855
16, 457
8,625
8,312
13,226
Total (11 districts)
July
August
285,997
Total
1
140
21,007
18,444
25,052
20,941
11
7
10
13
_
17,501
16, 526
18
1,876
18,112
1,579
1,781
622
704
4,285
733
528
932
424
2,450
2,042
21,705
1,872
2,019
666
802
4,796
842
564
1,065
482
2,594
2,079
25,864
1,908
2,278
665
848
5,597
973
730
1,290
582
3,179
141
New York City
Outside New York Citv
26,886
94, 418 Federal reserve district:
19,859
Boston
33,784
New York
23,677
Philadelphia .
15,062
Cleveland
58,599
Richmond
23,320
Atlanta
8,822
Chicago
31, 455
St. Louis
11, 438
Minneapolis
Kansas C i t y . .
347,318
Dallas
San Francisco
27,520
72,432
30,193
27,173
17,449
20,8S9
40,327
17,543
8,368
12,060
12,043
233,106
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
August
August
July
34,027
39,451
45,993
15
21
5
9
15
10
BUILDING PERMITS ISSUED
[Value of permits.
In thousands of dollars]
1931
I Number
! of cities
Federal reserve district
August
1930
August
July
20
6,114
38,074
3,650
6,948
5,528
2,065
8,389
1,666
1,868
4,548
2,291
9,119
5,632
27,911
13, 440
5,157
8,465
2,189
5, 796
2,150
2,136
3,672
2,692
11.974
9,511
35,876
5,297
14,473
6,740
2,994
17, 705
2,720
2,391
4,486
6,446
15, 575
168
90, 261
91, 214
124, 213
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Total-_
FIDUCIARY POWERS GRANTED TO NATIONAL
BANKS
During the six months ended October 1, 1931, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section 11
(k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6)
assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
COMMERCIAL FAILURES
(Amounts in thousands of dollars; figures reported by R. G. Dun Co.]
Number
Liabilities
District
No.
Location
Mystic, Conn
Westfield, N. J
Plattsburg, N. Y
Sidney, N. Y._
Harleysville, Pa
Hatboro, Pa
New Kensington, Pa.
Welch, W. Va
1930
Federal reserve district
gust
July
192
435
152
L'3
89
99
308
80
Boston
New York
PhiladelphiaCleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
188
416
]C8
K2
(A
83
254
125
57
122
81
284
107
(0
252
Total...
1,944
1,983
August
198
405
1C3
145
119
84
297
112
47
99
48
1,913
1931
August
1930
July
August
3,349
13,t90
5,508
4, 406
2, 595
2,487
(i, 528
831
5C4
1,70(5
1,094
10,2(0
5,127
12,854
9,411
6, 423
1,321
2,6£2
9,800
5,298
3,472
18,191
2, 343
3.170
1', 187
2,224
8,050
1,9C9
i.3,025
(0,998 ! 49, .181
f92
883
1, 352
1, 050
5,119
2,944
890
3, 910
Decatur, Ala.
Belvidere, 111 _
Aurora, 111
Paris, 111
Do
Albion, Ind. _.
I
I
Jackson, Tenn
Dickinson, N. D a k . . .
Brookings, S. Dak
Helena, Mont
1
Supplementary.
Mystic River National Bank.
National Bank of Westfield...
Merchants National Bank
First National B a n k . . .
Harleysville National Bank...
Hatboro National Bank
Logan National Bank & Trust
Co.
McDowell County National
Bank.
First National Bank
do
Florida National Bank &
Trust Co.
j
Second National Bank
First National Bank
Citizens National Bank
Edgar County National Bank.
Albion National Bank
Gulfport, Miss.
Miami, Fla
East Chicago, Ind
Do
Name of bank
First National Bank
Union National Bank of Indiana Harbor at East Chicago.
First National Bank
do
Security National Bank
First National Bank & Trust
Co.
Powers
granted
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito7.
1 to 9.
1 to 3, 5
to 9.
1 to 9.
1 to 9.
5 to 9.1
1 to 9.
1 to 9.
1 to 9.
2, 3, 5,
and 8.
1 to 9.
1 to 9.
1.
1 to 9.
1 to 9.
1 to 9.
592
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for Sept. 1 as made by the Department of Agriculture]
[In thousands of units]
Total wheat
Corn
Federal reserve district
Production, 1930
Estimate,
Sept. 1,
1931
Boston
New Y o r k . . . .
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas.__
San Francisco
Bushels
7,919
20,222
25, 969
106, 417
107, 542
124,415
731, 749
183, 254
253, 740
427,107
96,478
8,740
Bushels
8,493
25, 888
53, 736
205,870
Total-.
2,093, 552
2, 715, 357
Oats
Federal reserve
district
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total
Production,
1930
166, 739
184, 911
906,012
399, 659
205, 236
422,078
128, 274
8,461
Tame hay
Estimate,
Sept. 1,
1931
Production,
1930
Production, 1930
Bushels
86
5,031
20, 418
33,311
26, 662
2,563
63, 737
44, 241
204,044
311, 774
34,383
117,180
Estimate,
Sept. 1,
1931
Bushels
84
5,794
19,801
57, 655
31, 231
4,798
77,904
65, 536
86,456
380,919
60, 544
94,921
863,430
885, 643
Tobacco
Estimate,
Sept. 1,
1931
Bushels
7,969
38,993
21,984
77, 746
22,338
10, 764
565, 861
55,262
314, 479
171,858
42, 034
28, 764
Bushels
7,227
27, 362
18, 610
72,309
29, 390
17,181
471,864
66, 953
182, 347
164,845
80,010
22, 779
Tons
4,182
5,526
2,361
3,605
2,194
1,937
15, 881
5, 033
10,428
10,914
901
14, 888
Tons
3,977
6,098
2,499
5,384
3,501
2,659
14, 386
6,739
9,383
9,892
1,056
12, 285
1,358,052
1,160,877
77, 850
77,859
Production,
1930
Pounds
43,479
1,081
39, 372
157,416
816,106
215, 681
52, 685
306, 070
6,049
3,498
1, 641,437
Estimate,
Sept. 1,
1931
Pounds
37,654
1,321
57, 772
190,103
736,463
168,088
47,424
400, 596
4,880
3,799
1, 648,000
1 Figures for winter wheat from estimate for August 1; no estimate made for September 1.
2
Includes 7,000 bales grown in miscellaneous territory.
3
Includes 6,000 bales grown in miscellaneous territory.
Winter wheat
Production, 1930
Bushels
Estimate,
Sept. 1,
19311
Bushels
4,861
20,248
32,929
26, 662
2,563
59, 447
43,819
11, 768
300,633
34,240
75,098
5,636
19, 618
57,213
31, 231
4,798
74, 680
65,264
8,590
376,038
60,388
71, 724
612, 268
775,180
Spring wheat
Production, 1930
Bushels
86
170
170
382
Estimate,
Sept. 1,
1931
Bushels
55, 268
27,710
18, 804
15, 619
30, 482
11, 350
37,118
12, 724
39, 650
38, 398
5,929
50,184
Bushels
57,216
31,052
22,941
17, 772
35,151
16,487
42, 772
13,209
47, 621
26, 748
6,583
43,484
343,236
361,036
Bushels
84
158
183
442
4,290
422
192,276
11,141
143
42,082
3,224
272
77,866
4,881
156
23,197
251,162
110,46a
White potatoes
Production,
1930
Estimate,
Sept. 1,
1931
Cotton
Production,
1930
Estimate,
Sept. 1,
1931
Bales
Bales
1,818
3,713
1, 685
3,288
3
3,065
4,849
403
1,280
6,077
290
13, 932
15, 685
593
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
DETAILED FEDERAL RESERVE, STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL
RESERVE NOTE STATEMENT
[In thousands of dollars]
1931
S e p t . 30
1930
Aug. 31
Sept. 30
RESOURCES
Federal reserve notes of other reserve banks.
Uncollected items not included in
Bank premises
All other resources
_
Total resources
Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks
Total notes in circulation
LIABILITIES
Deposits:
Member bank—reserve account
.
. Government
.
_
Foreign bank
_ _
Other deposits
_
__
_
Total deposits
Deferred availability items
_
Capital paid in
Surplus
All other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents
_
596, 858
6,452
18, 250
23,782
9,063
6, 772
701
17, 398
1,255,475
1,102, 832
14,335
356,728
59,084
33,536
18.266
557, 657
59, 644
12,196
5,409,219
4,931,611
14,335
1,948,370
18, 266
1, 360, 608
1,962,705
1, 378, 874
2,373,001
70,131
162,205
26, 996
2, 467, 396
38, 795
5,242
20,938
2,632,333
2, 532, 371
356,728
167,084
274,636
15, 733
557, 657
170, 648
276,936
15,125
5, 529, 534
a
727,873
467,639
166,759
274,636
16, 551
.
596, 538
320
5,409,219
4,931,611
100,118
.
727,873
2,506,156
_
208, 742
2,363, 584
22, 243
95,135
25,194
_
215,353
2,097, 793
__ _
193,112
15, 630
16,996
2,080, 797
. . . _ . ,
196,166
19,187
5, 529,534
float
272, 361
16,996
467, 639
59,225
36,359
.
254, 702
= = = = =
1, 577,996
..
3,117, 536
63, 480
14,405
4,768
8,752
11,274
_
3,618,833
71,228
742,345
Other reserve bank credit:
Other securities
Foreign loans on gold
Due from foreign banks
Reserve bank float3
Total reserve bank credit outstanding
2,967, 354
150,182
738,455
3,890
__
_
3,455,692
163,141
468, 527
-
1, 594. 424
549, 362
823, 568
449, 522
19,005
Bills discounted»
Bills bought: 1
Outright
Under resale agreement
Total bills bought
United States securities:
Bought outright
Under resale agreement
Total United States securities..
2,183,802
439,052
832,838
3,300,545 i
70,774
_
1, 559, 256
35,168
3,138,181
162, 364
.
2,153, 913
29,889
1,967,463
445, 634
725,084
. _
1,927,710
39,753
327,925
Gold with Federal reserve agents
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
Total gold reserves
.
. Reserves other than gold
Total reserves
Nonreserve cash
227,988
431,634
2, 521,647
423,854
2,097, 793
2,343,317
380,612
1,962, 705
1, 779, 582
400, 708
1, 378, 874
1,927,710
712,450
2, 640,160
2,153,913
316,536
2,470,449
1. 559, 256
452, 200
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks4by Federal reserve agents
Held by Federal reserve banks
In actual circulation
_
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
Total collateral
1
_
;
-
i
i
2, 011, 456
Includes bills discounted for Federal intermediate credit banks as follows: Latest month, $77,000; month ago, none; year ago, $365,000. and
notes secured by adjusted-service certificates discounted for nonmember banks as follows: Latest month, $437,000; month ago, $122,000; year ago,
$45,000.
2 Includes bills payable in foreign currencies as follows: Latest month, $48,804,000; month ago, $145,215,000; year ago, $1,075,000.
* Uncollected items in excess of deferred availability items.
< Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation.
594
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE
NOTE STATEMENT, SEPTEMBER 30, 1931
[In thousands of dollars]
Total
Boston
New
York
Phila- | Clevedelphia! land
ChiRichmond Atlanta! cago
Min- Kansas
| San
St.
j
Louis neapo- City Dallas ; Franlis
Cisco
RESOURCES
Gold with Federal reserve
agents
1,927,710 129, 917
Gold redemption fund with U.
39,753
S. Treasury.930
Gold held exclusively
against Federal reserve
1,967,463 130. 847
notes
Gold settlement fund with
445,634 10, 264
Federal Reserve Board
Gold and gold certificates held
725, 034 ij 37,462
by banks
431,575 162,000 '212,950
12,422
2, 598
4, 733
52,055
45,030
62,000
20,000
195,763
5,794
1,439
831
1,192
1,327
3,854
83,183 497,744
199,617
80,900 1491,950
43,570
2,350
2,283
443, 997 164,598 217,683 45,920
53,494
45,861
63,192 21,327
216, 213
33,676 | 34,749
14,888
5,752
48,929
12, 880
11,951
18,250 20,026
18,056
464, 675
26, 300 I 43, 626
'
4,194
9,235
68,210
12,472
4,647
4,778
41,626
Total gold reserves
3,138,181 i| 178, 573 1,124,885 224,574 296,058 65,002 98,170 614,883
36, 824 11,233 | 14,193 8,556 6,372 27,299
Reserves other than gold
162,364 ij 19,843
Total reserves
3,300,545 198,416 1,161,709 235,807 '310,251 73,558 104, 542 642,182
24,330
3,285 2,814
Nonreserve cash
70,774 11,254
2,872 3,557 8,976
Bills discounted:
Secured by U. S. Govern7,161
30,214 25,115 25, 569 4,925 4,362 8,100
132,951
ment obligations
194,974
5,220
23, 307 23,60S 20,267 22,273 25, 530 9,915
Other bills discounted
78,846
11,185
62,459
4,177
89,301 46,131
7,852 6,704
259,299
8,126
90,031
3,317
66,636 97,153
1,605
1,726
52,835
2,744
267,425
4,294
593
12,181
19,919
27,690
5,446
8,962
348
3,455
7,859
1,199
12,566
Total bills discounted...
Bills bought
327,925
468,527
12, 381
37, 799
53, 521
155,366
48, 723
9,137
45,836
45,227
27,198 29, 892 18,015
20,562 I 19,231 75,384
14,408
17, 695
3,803 13, 765 12, 774
13, 231 19,905 13,142
47,609
41,848
U. S. Government securities:
Bonds. _
_
_._
Treasury notes
Certificates and bills
309,185
18, 962
414,198
20,126
2
34, 699
97,271
5
128,429
20,032
3,403
32,909
26,170
3
49,802
12,063
2
19,493
7, 261 49,171
2,409
4
12,677 49,261
10,264
3,503
17,444
15, 089 10,479
2
1
13, 007 18,635
15,508
1
9,701
25, 751
9,627
28,141
Total U. S. Government
securities
Other securities
Foreign loans on gold
- - -.
742, 345
14,405
4,768
54. 827
960
225, 705 56,344 75,975
6, 840 1,260
4,768 |.
31, 558
700
22, 347
600
98,436
1,790
31,211
630
29,115
25,210
63,519
1,090
446,200-IT
115,464 167,038
3,217
910
881
80,018
349
72,070 193,625
314
1,241
63,944
25
45, 667 62, 785 51,126
262
17
253
154,066
594
2,972 1,513
53,846 16,834
3,636
8,061
2,595 1,236
914
817
370
8,831 22,902 13,925
1,926
3,804 1,832
1,378
845 2,620
957
22,432
4,622
1,606
5,529,534 [379,901 jl, 821,879 |40l, 202537,237 198,854 jl97,453 913,498 180,536 126,974 190,285 125,714
455,996
Total bills and securities 1,557,970 11105, 967
Due from foreign banks
8,752
Federal reserve notes of other
248
banks.
16,996
Uncollected items
| 478,913 58, 855
3,458
59, 225
Bank premises..
36, 359
1,014
All other resources..
Total resources.
6,040
148,636
15,240
16,507
I 136 1,005 1,294
i 41,620 45,245 35,245
2,614 7,803 3,656
1,366 2,200
1,862
730
10,542
2,573
3,130
535
LIABILITIES
Federal reserve notes in actual
2,097,793 |142,829
circulation..
406,051 j 171,988 263,624
82,087 !ll2,215 456,107
76,620 57,168
70,080 35, 613
223,411
! 136, 693 167,542
I 638 2,957
I 9,056 9,240
|
39 4,578
56,892 I 52,059 329,370
3,861
911
1,932
3,659 I 3,293 12,350
70 : 152
554
62, 272 44,773
2,710 3,160
3,202 2,104
281
236
73,321
1,743
2,653
902
56,648
817
2,744
622
163,338
811
6,221
8,432
68,420 50,318 I 83,619 60,831
18, 806 8,405 23,193 15,319
2,974 4,207 4,179
4,781
8,702
10, 562 7,144
484
965
836
1,347
178,802
23,115
11,386
18,475
807
5, 529, 534 379,901 1,821,879 401,202 1537,237 ! 198,854 197,458 913,498 180, 536 126,974 1190, 285 125, 714
68.8 I 76.0
74.1
69.3 ! 50.2
62.0
80.2
62.1
i3.2
62.0 !
54.8
71.7
455,996
66.5
Deposits:
i
Member bank—reserve ac- !
count
,2,363,584
Government
j 22,243
Foreign bank
I 95,135
Other deposits
25,194
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Reserve ratio (per cent)
!
.-,
h
,078,046
1,765
33,752
9,181
2, 506,156 !145, 566 il.122,754 1146,426 Il84, 317
467,639 i 58, 067 142,840 | 38,666I 43,469
775
64,069 ! 16,723 15, 648
166,759
274,636 21, 299 j 80, 575 27, 005 28, 971
365
4,990
334 1,208
16,551
64,482
33,686
5,654
12,114
831
\
i
I
!
'
56,415344, 206
10,638 51,435
5,211 19, 552
10,857 39, 936
2,122 2,262
FEDERAL RESERVE NOTE
STATE MNET
Federal reserve notes:
Issued to F. R. bank by
F. R. agent
2,521,647 i 106, 537
Held by F. R. bank
.J 423,854 I 23,708
550,316 198,999 298,625 88,697 127,466 554,411
144,265 27, 011 35, 001 6,610 j 15,251 98,304
81,843 60,823
5,223 3,655
79, 521 43,142 I 271,267
9,441 7,529
47,856
In actual circulation
'2,097,793 j j 142,829 406, 051 171, 988 263, 624 82,087 112,215 456,107 76,620 57,168
Collateral held by agent as se- j
|l
curity for notes issued to ;
Ij
banks:
j
\)
Gold...
,1,927,710 ! 129,917 431, 575 162,000 212,950 43,570 80,900 491,950 52,055 45,030
Eligible paper
; 712,450 I; 46,389
166,197 45,806 85, 955 45, 929 47,228 86,327 30, 384 15, 914
70,080 j 35,613 I 223,411
62,000 20,000
31,994 I 24,222
195,763
86,105
FEDERAL RESERVE
OCTOBER, 1931
BANK LOANS AND INVESTMENTS,
AGE DISTRIBUTION
PERCENT-
595
BULLETIN
MATURITY DISTRIBUTION OF BILLS, ETC.
[In thousands of dollars]
[Figures for June 30, 1931—latest date for which comprehensive data
are available]
Within 15
days
Total
investments
Number
of banks Amount Percent(millions age disof dollars) tribution
Bills discounted:
Sept. 2
Sept.9
Sept. 16.
55,021
All banks in the United States »
100
21,903
Sept.23
Sept.30
Member banks—total
62
33,923
7,782
Bills bought in
Reserve city banks (62 cities)
40
444
21,854
open market:
Central reserve city banks:
Sept. 2
15
48
8,287
New York City
Sept.9
1,754
13
3
Chicago
Sept. 16
Other reserve city banks:
Sept. 23
11
53
New York City
._
Sept. 30
93
Chicago
_
27
Cert ill cat es and
Other Federal reserve bank
bills:
11
cities (10 cities)
5,789
104
Sept. 2
Federal reserve branch cities
Sept.9
# 5 cities)._
.._
4,587
8
145
Sept. 16
Other reserve cities (25 cities)..
1,291
96
2
Sept. 23
Sept. 30
" C o u n t r y " banks 3
12,068
22
7,338
Municipal war21,099
Nonmember banks
14,121
38
rants:
Sept. 2
Sept. 9
> Includes National banks, State commercial banks and trust comSept. 16
panies, mutual and stock savings banks, and all private banks under
Sept. 23
State supervision.
2
Sept. 30
Includes certain outlying banks in reserve cities.
KINDS OF MONEY IN CIRCULATION
257, 285 171,731
260, 232 173,897
262.994 184,324
128,
3C9.827 228,Of 0
i,975
327,925 245,
197, 8f 8
197,788
217,770
243,189
468, 527
36,4C9
34,861
f,5, 712
87, 629
119,241
16 to
30
days
31 to 61 to 91 days Over 6
90
to 6
60
days days months months
22,942
24, 700
21,793
22,333
19,562
33,053
36,971
32,103
33,9.^0
35,058
23,232
18,974
19,415
20,013
21,808
5,861
5,230
4,876
4,9f 8
4.966
10,653 3, 794 146,9f;2
5,622 3,409 153,,890
308
3, 051 3, C99 155,308
33, 663 48,(88 72 Of 0
'2, O
60,113 116, 763 167,
',987
543
4,423
25 7,000 41,9C0 112,905
416, 998
417,07f 13,025 7,080 55,650 91,155
"1,054
440, 487 21,000 10,950 48,425 203;
!
134,688 7,000 10, 950 70, 15 .f 9, 529
',
414,198 4,950 15,950 76,480 117,249
131,625 123,543
120,624 123,542
109,844 53,214
112, 045 59, 014
139,055 60,514
10
105
INDEX OF BUILDING CONTRACTS
[End of month figures. I n thousands of dollars]
466
460
483
513
556
AWARDED
]Index numbers based on 3-month moving averages; 1923-1925=100]
1931
Without seasonal adjust-,
ment
Kind of money
June 30
July 31
Aug. 31
Sept. 30 *
Gold coin.*.
_. 363,020
996,510
Gold certificates.
34, 326
Standard silver dollars
377,149
Silver certificates..
1,240
Treasury notes of 1890
273,147
Subsidiary silver
117, 393
Minor coin
299,427
United States notes
1, 708,429
Federal reserve notes
2,929
Federal reserve bank notes.
648,363
National-bank notes
362,782
975,947
33,953
375,447
1,239
270, 856
117,059
301,275
1,748,709
2,915
646,902
362,983
989, 272
33,756
380,374
1,237
270,876
116, 751
300,692
1,947,231
2,904
645,950
376, 220
1, 036, 667
33,703
382,15G
l, 230
272,408
117,047
299,174
2,079, 502
2,891
644, 610
4,821 933 4,837,085
5,052,027
5, 245, 674
Month
Total
» Preliminary.
MEMBERSHIP
IN PAR-COLLECTION
SYSTEM
[Number of banks at end of August]
Residential All other
Total
1930 1931 1930 1931 1930 1931 1930 1931 1930 1931 1930 1931
January
February-..
March
April__
May .
June
July
August
September.October
November. _
December
78 58
83 : 68
102 ; 77
113 | 82
125 ; 78
116 74
107 68
85 63
82
75
68
59
46
44
54
62
61
54
48
48
52
51
46
37
37
42
50
52
47
41
32
104
126
141
156
178
166
155
115
108
94
86
77
75
89
98
107
104
101
94
87
95
104
102
101
105
99
95
81
81
78
76
73
71
79
77
73
65
03
01
59
44
47
47
44
40
37
35
33
56
49
52
53
5?
49
47
49
52
52
48
43
128
148
144
140
148
140
135
106
105
99
99
98
93
104
lOfl
96
85
84
82
81
For description see F E D E R A L R E S E R V E B U L L E T I N for J u l y , 1931, p . 358.
Nonmember banks
On par list
Residential All other
RESERVE BANK CREDIT AND FACTORS IN
CHANGES (WEDNESDAY SERIES)
Member banks
Federal reserve
district
Total
Adjusted for seasonal i7&riation
Not on par list
[In millions of dollars]
1931
1931
United States.
Boston
New York
Philadelphia
Cleveland .__
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
__
__
1930
1931
1930
1931
7,679
8,271
10,103
11,412
3,429
384
884
742
711
452
366
983
501
605
845
653
553
398
921
756
780
485
408
1,122
547
658
886
718
592
255
377
423
858
488
160
2,893
1,349
429
1,765
523
583
267
401
461
948
554
211
3,297
1,543
526
1,996
587
621
7
430
839
254
444
959
218
217
61
1930
Bills discounted
Bills bought
United States securities
9 Other reserve bank credit.
499 Total reserve bank credit l
893 Monetary gold, stock
237 Treasury currency adjusted
483 Money in circulation
1,053 Member bank reserve talances..
184 Unexpended capital funds, non214
member deposits, etc
60
Figures cover all incorporated banks (other than mutual savings
banks).
Aug. Sept. Sept. Sept. Sept. Sept.
30
16
23
26
2
9
3,632
242
181
728
49
1,199
4,992
1,720
4,994
2,342
257
198
728
38
1,221
4,998
1,758
5,035
2,374
260
198
728
30
1,216
5,000
1,702
5,092
2,290
263
218
742
£6
310
243
738
24
1,279
5,015
1,800
5,087
2,418
1,315
4,897
1,781
5,104
2,280
742
39
1,578
4,739
1,776
5,246
2,364
575
5C8
597
589
549
483
f.
1
Averages of daily figures for weeks ending on Wednesday, as follows
(in millions of dollars): Aug. 26,1,175; Sept. 2,1,224; Sept. 9,1,232; Sept.
10, 1,253; Sept. 23, 1,297; Sept, 30, 1,492.
596
FEDERAL RESERVE BULLETIN
OCTOBER,
1931
BANK SUSPENSIONS, BY STATES, DURING SEPTEMBER, 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 reopened
Banks suspended
Deposits (in thousands of
dollars)
Number
Deposits (>in thousands
of dollars)
Number
State
Members
All
banks
New England:
Maine
New Hampshire
Vermont
._
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey—
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
_
Iowa
Missouri
North Dakota.
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi.
West South Central:
Arkansas
Louisiana..
Oklahoma
Texas
_
Mountain:
Montana
.
Idaho
Wyoming. .
Colorado
New Mexico
Arizona
Utah
._
Nevada
Pacific:
Washington
Oregon
California.. .
Total
Nonmembers
2
8,367
512
96, 763
54, 389
6,296
4
10
21
13
7
6,259
4, 791
21, 880
15,139
6,688
2,394
91
2,969
3,842
1,174
7,631
13
37
9
10
16
10
2
4,850
16, 307
1,390
2,443
5,171
2,450
369
465
548
4, 182
162
2,232
7
25,132
3,064
1
5
4
4
2
1,899
4,677
1,079
3,081
163
5
8
11
26
21
7
4
1
4
2
1
6
14
42
9
11
21
•10
2
1
4
1
8
1
3
1
5
1
1
1
National
State
3,724
Nonmembers
All
banks
1
1
2,780
2,780
1
1
169
169
1
1
62
62
240
4,157
1,079
2,697
163
208
2
1
18
1
All
banks
All
banks
208
State
1
National
7
1
23
2
6
4
5
2
Members
Nonmembers
1
1
1,047
1,047
1
1
92
92
1
1
1
1
151
74
151
74
7
7
4,375
4, 375
Members
Members
Nonmembers
4 643
512
36,078
3,865
4,700
17, 737
3,666
6,688
4,385
11, 577
1 390
2,281
2,939
2,450
369
22,068
1,659
520
384
5
4
4
1
4
4
3
6,099
739
665
4,638 -
1
104
1,461
739
561
11
1
10
3,898
254
3,644
4
4
5
805
23, 516
9,876
177
1,000
177
2
150
752
961
120
752
1
175
4
12
1
1
1
2
1
2
3
1
1
1
1
1
3
4
2
1
2
298
46
-
12,970
805
670
1,000
30
961
175
724
913
1
2 .
879
2
1,283
1
582
16
236 271, 299
92, 342
244
155
370
338
35,156 143, 801
597
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
BANK SUSPENSIONS, BY STATES, JANUARY 1 TO SEPTEMBER 30, 1931
Banks closed to public on account offinancialdifficulties by order of supervisory authorities or directors of the bank
banks subsequently reopened. Figures for the latest month are preliminary]
Banks suspended
Number
Figures of suspensions include
Banks reopened
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars)
State
Members
New England:
Maine
New Hampshire
Vermont
Massachusetts .
Rhode Island
Connecticut.
Middle Atlantic:
New York . _
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa _ . _ . _
Missouri
North Dakota
South Dakota
Nebraska
.
Kansas
South Atlantic:
Delaware
Maryland
District of ColumbiaVirginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee Alabama
Mississippi
West South Central:
Arkansas.
Louisiana
Oklahoma
Texas . .
Mountain:
IVTontanfl
Idaho
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
Members
Nonmembers
NonMem- mem- All
bers i bers banks
Nonmembers
All
banks
1
1
2,312
2,312
i
1
1
20S
208
2
2
NonMem- members^ bers
2,426
1
5,463
All
banks
National
State
National
State
All
banks
26
12
64
15
4
23
5
1
3
6
7
38
55,164
35, 883
146, 665
15, 797
13.125
74, 986
30, 209
6,056
10,855
9,158
16, 702
60,824
1
1
70
58
143
74
34
12
4
19
9
3
5
2
5
17
53
52
119
48
31
133,148
34, 657
150, 643
67, 309
18,714
8,532
980
39, 518
8,587
3,320
21, 248
10,823
17, 402
30, 772
103, 368
22,854
93, 723
27, 950
15, 394
1
14
15
1
9
65
125
58
40
53
40
21
10
13
6
10
9
1
4
1
1
54
111
52
30
44
39
17
19,131
36,974
10,155
5,446
11, 459
13, 939
4,940
3,676
2,830
2,384
1,413
2,903
75
1,599
496
4,182
14, 959
29,962
7,771
4,033
8,556
13, 864
3,341
5
1
5
2
9
2
10
2
16
2
4
3
3
4
2
18
27
16
22
8
8
1
1
3
17
21
22
37
2
5
6
1
1
1
23
4
12
39
5
1
2
15
3
7
4
1
7
1
3
5
2
2
1
9
11
7
2
3
4
1
2
1
1,234
211
57
1
1
1
25, 607
3,311
13
14
24
12
15
6
6,218
9,608
8,189
5,448
7,374
6,425
944
1,230
2,359
1,148
1,680
3,843
15
20
16
30
12.901
3,130
4,466
18, 457
5,069
17
4
10
21
7,567
971
2,249
32, 789
5
2
1
6
877
1, 233
830
785
752
1,912
9,659
227
356
58
2,171
3,568
9,325
866
1,197
8,299
3
5
2
1
1
1
5,463
18, 801
2,939
18,801
2,939
1
14
14
1
9
412
4,766
9,773
704
3,950
5,200
5
1,245
7,502
824
234
2,962
356
1
1
2,426
4
2
9
2
412
4,766
4,573
704
3,950
1,245
7,502
166
658
234
2,962
356
22, 296
1,659
219
1, 359
1,143
10, 207
113
356
400
2,394
202
223
13, 855
12,970
1,000
120
752
3,615
8,378
5,830
4,081
4,335
2,582
5
2,623
29
9,937
1
1
1
1
110
816
110
816
9
2
9
2
15,985
140
15,985
140
5
32
3
2,623
3,892
6,045
7,832
3,017
2,967
7,850
38
5
33
18, 308
8, 268
10, 040
4,971
971
2,026
5,964
36
1
2
6
6
30
1
2
3
8,926
748
188
1,417
1,424
520
7,502
748
188
897
202
22
180 121, 555
48, 712
72,843
3
521
175
830
665
1,912
9,659
227
208
1,225
244
1,097
1,146
782
966 929,485 238, 779 151, 998
538, 708
6
6
2
i Represents national banks only, except as follows: 1 State member in New York with deposits of $18,801,000; 1 in Arkansas with deposits of
$202,000; 1 in Mississippi with deposits of $911,000, and 1 in Illinois with deposits of $5,200,000.
Backfigures.—SeeBULLETIN for February, 1931, also Annual Reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112),
1926 (Table 100), and 1925 (Tables 97 and 98).
598
FEDERAL RESERVE BULLETIN
OCTOBER,
1931
ALL BANKS IN THE UNITED STATES
ALL BANKS IN THE UNITED STATES.1—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30
AND MARCH 25, 1931, BY STATES
[Amounts in thousands of dollars]
Loans and investments
Loans
State
March
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.__
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
_.
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado..
Now Mexico
Arizona
Utah
Nevada...
PacificWashington
Oregon
California
Total
June
Investments
! March
June
Deposits, exclusive | Rediscounts
of interbank de- I and bills
posits
|
payable
March ! June
March
199,185 202,899 403, 285 399, 558
428, 282
229,097:
226,6811
429,530
151,711 148,908 268,457 267,468,
297,204
145,4931
146, 592
295, 500
84,557
230,081
145,524 i 145,761
232,600
86,839 222,757 219,852|
4,229, 246 4,234,101 2,714,033] 2,828,057 1,515, 213 1,406.044 3,960,560 3, 917, 548
265, 638 256, 396 512,748 513,349
542,629
276,991]
535,155
278, 759
567, 691 556,802 1, 251,802 1, 237,751
1,346, 907 1, 337, 541
779, 216:
780,7
June
March
Number of reporting banks
June
March
4,191
2,663
4,425
13,285
1,353
8,262
122
119
100
444
35
231
128
120
101
444
35
232
17,128,040 17,003,016 11,140,155 11,448,663 5,987,885 5,554,353,15,685,052 14,915,654 2 45,498 53,564
2,279,870 2,315,042 1,397,954^ 1,452,031
881,916 863,011 2,220,907 2, 210,860 35,944 38,590
5,663,201 5,752,166 3,073,384, 3,170,493 2,589,817 2, 581,673 4,800, 077 4,841,851 74,672 69,530
1,079
545
1,452
1,093
552
1,480
36, 248
14,825
22,353
34,116
8,025
921
812
1,463
672
915
941
867
1,549
702
931
4,348
8,751
9,122
937
1,107
1,101
302
320
727
975
957
1,128
1,102
318
329
737
994
4,408
2.787
3,777
9,219
350
6,447
673, 686 668,258 2,355,467 2,384,873 34,014
2,436,854 2,504,501 1,763,168: 1,836,243
200, 202 204,107' 687,570 712,634 9,628
669,024;
723,497
468,822!
519,390
3, 207,105 3, 591, 529 2,121,479, 2, 382, 381 1,085, 626 1, 209,148] 2, 998, 2753, 228,871 29,966
527,229 538,5481 1,745,070 1,801,090 15,459
1,744,089 1,887,500 1,216,800' 1,348,952
298,935 297,354; 861,227 876,378 7,137
871, 267
892, 789
572, 332!
595,435
849,973!
860,796
682,832]
699,419
1,102,418i 1,103,198
88, 565 i
92,069
109,128
110, 292
303,456
312,056
326, 251
326, 731
490,018
578, 333
683,974]
60,993]
71, 985!
209,816
225, 506
506,935 359, 955
595, 358 104,499
708, 663 418,444
63, S54i 27,572
37,143
73, 557
93, 640
218,917
229,480 100, 745
353,861! 856,120 861,177 4,842
104,061! 703,290 726, 580 6,593
394,535i 1,100,699 1,125,097 11, 705
98,436 1,549
28,215; 91,233
36, 735 112,390 114,067 2,476
93,139 308,560 312,476 4,902
97,251 340,008 335, 609 5,491
144,192
801,905
259, 720
438,481
283,290
259,630
139,045
283,130
202,016
138,397 1,096
1,861
772,032 5,849 9,586
262,194
260
357
433,680 10,953 12,961
282,160 8,724 9,362
272, 637 11, 668 9,494
146,858 2,933 1,597
283, 241 7,464 5,463
226, 747 1,738
1,716
48
219
39
430
262
324
141
344
193
43
221
39
439
270
334
146
346
202
V
2,230
5,860
5,263
165,816
842,663
249,483
489,085
301,708
277, 775
137,376
291,430
189, 660
164, 269
824,196
248,929
496,318
302, 240
289,250
144, 816
297,711
198.355
102,422
456,092
158, 293
390, 252
230, 654;
217,923
93,964
215, 528;
75,540
106,128
477,616
161,495
397, 251
235,142
228,548
97, 814
225,464
63,394
386, 571
91,190
71,054
59,852
43,412
75,902
114,120
58,141
346, 580
87,434
99,067
67,098
60,702
47,002
72,247
111, 374
420,958
347,952
226, 598
147,477
465,013
358, 767
225,924
144,242
323,019
280, 687
170,146
104,974|
360,932
296,166
172,721
102,903
97,939
67, 265
56,452
42, 503
104,081
62, 601
53,203
41,339
366, 761
343, 542
204, 374
148, 564
388,152
337,384
209, 875
154,371
10,984
14, 740
7,626
4,761
515
433
286
247
517
449
289
237
135,370
376,803
327,843
885,029
129, 804
381,461
342.356
913, 517
99,947]
277,311
202,281
631, 058
98,917
288,636
210,927
653,676
35,423
99,492
125, 562
253,971
30,887
92,825
131,429
259,841
137,127
373, 923
338,123
879, 581
130,282 4,177i 5,339
8,214
364,183 5,740
4,480
353, 022 5,231
917,063 14,353 10,892
321
206
550
1,176
319
212
555
1,187
119,763
67,560
52,096
241,269
35,247
62,801
150,698
33,943
122,168
68,564
51,621
244,432
35, 334
63,958
150,194
33,488
65,071
39,921
36,858]
131,427]
21, 691
34,015
106,854
25,674
64,416
41, 788
36,299
140, 691
21,540
37,006
108, 518
25,385
54,692
27, 639
15,238
109, 842
13, 556
28,786
43,844
57,752
26, 776
15,322
103, 741
13, 794
26,952
41,676
8,103
126,442
76,364
53, 946
260,435
37,189
70,754
121, 705
36,678
12S, 146
75, 225
53,837
270,698
37, 671
73,829
125,467
34, 658
439,938
438,168
229,430
233,124
3,238,910 3,316,686
55,021,103 55,923,
7,503
7,914
9,135
6,452
1,459
829
1,168
2,074
830
290
1,575
971
489
1,001
1,861
807
487
1,563
166
131
82
250
52
37
96
33
170
133
82
252
53
257, 548
259, 550
182, 390
178, 618 432,992 432, 720 2,346
111, 739
116,462'
117,691
116,662 241,485 236,845 2,601
2,158,089 2,203,555] 1,080,821 1,113,131 3,235,064 3,184, 534 10,578i
2,766
2,734
43,242
31
215
411
323
219
420
35, 384,111J36, 813,468J19,636,992 19,110,515 51, 782,012 51,427,087 451,804 523,64721,903
22,372
33
1 Includes all National and State banks and all private banks under State supervision. Figures for State institutions are taken from page 600
and represent in some cases the condition of banks as of dates other than June 30, and Mar. 25, 1931.
2 Excess over figures shown on pages 599 and 600 is due chiefly to technical differences between reports to the board and reports to State banking
authorities.
Backfigures.—SeeTables 91-93, Annual Report of Federal Reserve Board, 1930.
FEDERAL RESERVE
OCTOBEB, 1931
599
BULLETIN
NATIONAL BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30 AND MARCH 25,
1931, BY STATES
[Amounts in thousands of dollars]
Loans and investments
State
Total
June
New England:
131,189
Maine
_.
71,750
New Hampshire
64, 651
Vermont
1, 301, 914
Massachusetts
54, 089
Rhode Island
Connecticut
_
_
254,016
Middle Atlantic:
4, 972, 923
New York
835, 898
New Jersey
Pennsylvania
2, 629, 981
East North Central:
635, 465
Ohio....
318, 601
Indiana.._
Illinois
-. 1,120, 205
485,108
Michigan.
422, 739
Wisconsin
West North Central:
504,066
Minnesota
234,183
Iowa...
_
_..
409, 811
Missouri.._
61, 759
North Dakota
South Dakota
_. . 59, 906
188, 495
Nebraska
169, r~"
Kansas
South Atlantic:
20, 742
Delaware
191, 553
Maryland
132,626
District of Columbia...
280, 400
Virginia
146, 506
West Virginia
85,190
North Carolina
57, 516
South Carolina
196, 703
Georgia
134, 876
Florida
East South Central:
Kentucky
188, 392
217, 790
Tennessee...
162, 786
Alabama
51,078
Mississippi
West South Central:
54,994
Arkansas
99, 348
Louisiana
269,821
Oklahoma
685, 763
Texas
Mountain:
66,985
Montana
30,291
Idaho
_._
30,322
Wyoming
192,110
Colorado
25,614
New Mexico
22, 510
Arizona
43,132
Utah
16, 336
Nevada
Pacific:
256,991
Washington
171,456
Oregon
California
_ _ 2, 066,064
Total
Loans
March
June
Investments
March
June
March
June
Rediscounts
and bills
payable
Number of reporting banks
June
March
March
938
2,068
1,093
6,026
1,150
2,506
47
54
45
149
10
61
52
55
45
149
10
61
5, 053, 735! 3,184,5911 3,276,062 1, 788, 332 1,777,673 4,407,374 4, 222, 243 18, 741] 17,858
, , 1
335, 935
331,198| 820, 714 820,169 13, 6521 15, 418
844, 369: 4 9 9 9 6 3
513,171
513171
499,963
497314
1,455,273 1,497,314 1,174, 708 1,182, 688j 2, 215, 9192, 212, 034 20, 705: 22, 800
2, 680,002 4 5 5 2 7 3
541
294
808
549
295
823
138,628
71,390
65, 471
1, 344, 292
54, 909
251, 770
71,108
42,877
36, 528
870, 993
32, 802
177. 453.j
73, 897
42, 360
36, 662
946, 316
33, 666
179,162
60,081
28,873
28,123
430,921
21, 287
76, 563
332, 452
1, 244, 488
513,105
431, 7801
423, 772
205,016
723, 840
318, 670
269,219
438, 552
219, 326
791, 485
345, 615
281, 712
510, 6*30
240, 875
410, 591
63, 527
58, 943
191, 996
166, 546
300,191
142, 5351
242, 505
37, 8161
34,187
119, 546
103, 235
309,194 203, 875
150, 272 j 91, 648
267,194! 167,306
38, 990| 23, 943
33, 756| 25, 719
124,116
68, 949
104, 203
66, 651
20, 617
182,455
133, 213
287, 611
149, 065
88, 900
60, 482
202, 693
140, 328
11, 346
102, 301
81, 302
218, 202
107,127
66, 419
40, 728
133,522
47, 337|
11, 634
106, 766
84,062 i
223, 663
111, 096
69, 630
42, 2431
142, 9261
54, 549
192, 402
214, 526
160, 648
50, 521
134,327
168, 323
114, 593
35,353
52, 347
97, 797
282, 876
714, 986
30, 480
30,219
193,260
25, 471
21, 357
42, 577
15, 997
256, 237
173,128
2,151, 392
211,
113, 585
396, 365 i
166, 438|
153,520
122,296 128,400
59,568
59,176
56,476
56, 590
397, 976 1,207, 508 1, 222, 583
42,019
21, 243
42,113
72, 608
234, 551 228,449
64, 731
29,030
1,365
2,147
977
2,782
350
2,662
210, 274: 605, 819 605, 846
113,126 321, 904 314, 016
453, 003 1, 068, 679 1,137, 254
167,490 495, 817 504, 263
150, 068 401,350 409, 618
5,118
2,503!
7,726
3,997
1, 332!
8,202
4,607
8,650
2,363
1,579
290
187
418
119
148
294
194
434
126
152
201,436
90, 603 j
143, 397 j
24, 5371
25,187
67, 880!
62, 343!
874J
708J
619
1,465
2,207
767
1,167
3,216
1,817
244
214
118
98
92
165
237
251
222
119
104
92
167
241
503, 232
228, 363
354, 920
62, 528
59, 565
182,159
177, 783
498,811
236, 920
379, 318
67, 387
58, 695
179, 869
166,191
4, 790i
829
1,313
2,549
l,653i
9,396
89,252
51, 324
62,198
39,379
18,771
16, 7881
63,181
87, 539
17, 228
75, 689; 170,929
49,1511 141, 485
63, 948; 261,112
37, 969; 134, 719
19, 270
74, 926
18, 239i
55, 801
59, 767! 197, 308
85, 779 141,156
16,626
157, 313
143, 414
259, 555
135, 671
78, 662
58,170
194, 853
161, 513
317!
1,041
200;
4, 939!
3,966
5,825
1,151
2,285
655
395
1,393
10
5,693
4,741
4,594
503
1,471
16
73
12
153
104
55
31
69
51
16
73
12
154
108
58
32
68
52
140,206
171, 360
115, 791
35, 015
54, 065
49,467
15, 725
52,196
43,166
44, 857
15, 506
169,274
204, 355
145,352
51, 329
177, 238
195,153
145,925
51, 781
3,347
3113
4, 298!
1,165
3,431
4,613
3,668
1,599
123
93
92
28
124
93
94
28
32, 546! 32,462
75,110
71,331j
165,800j 173, 724
477,997 498, 602
22,448
28, 017
104,021
207, 766
19,885
22, 687
109,152
216, 384
53, 724j
90, 750!
277,203:
672, 703!
51, 005
86, 965
290, 762
706,195
1,526
3,085,
9, 783
1,173
1,634
2,354
7,641
56
29
260
537
54
30
262
545
33, 902
10, 748
10, 688
86,402
10, 576
10,430
16,995
5,813
71,076:
32,956
31, 024i
;
209, 0101
27, 748
24,468:
37,143
15,832
70, 211
32, 724
30,909
213, 698
27, 461
24,913
38, 655
15, 021
650
618!
324
1,274
516!
12|
113!
421
293
339
1,320
483
70
82
58
39
25
113
26
12
59
40
25
113
26
12
10,184
33, 526
11,494
10,648
93,499
10,451
11,820
18, 212
5,966
!
10!
17
10
135,9991
138,121
75, 450'
79,193
1,418,464: 1,457,156
120,992
96, 006
647, 600|
118,116
93, 935
246,112
246,659
179, 200:
174, 625
571!
1, 242'
3,884:
831
1,586
36, 923
100!
90;
189
102
92
196
33, 459
18, 797j
19,674i
98, 6111
15,163;
10, 690:
24, 920
10, 370
32, 667
19, 732
19, 531
106,858
14.895
10,927
25, 582
694, 236 2,055,870 2,035,531
20,824,530 21,356,479 13,162,271 13,706,710 7,662,259: 7,649,769 19,418,337 19,371,153 153,493! 194,466
1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
Deposits, exclusive
of interbank deposits
6,930
600
FEDERAL RESERVE BULLETIN
OCTOBER, 1931
STATE BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, AND MARCH 25, 1931,
BY STATES
[Amounts in thousands of dollars]
Loans and investments
State
Total
June
March
New England:
Maine
297,093
290,952
New Hampshire
225,454
224,110
Vermont
165, 430
167,129
M assachusetts
2,927, 332
Rhode Island
488, 540
480,246
Connecticut
1, 092,891 1,085, 771
Middle Atlantic:
New York
. . . 12,155,117 11L, 949,281
New Jersey
1,4*3,972 1, 470, 673
Pennsylvania
3,033,220 3,072,164
East North Central:
Ohio
1,801, 389 1,855, 675
Indiana
391,045
360, 423
Illinois
2,086,900 2, 347, 041
Michigan
1,258,981 1, 374, 395
Wisconsin
448, 528
461, 009
West North Central:
Minnesota
350,166
345,907
Iowa
458, 544
448, 649
Missouri
692, 607
692, 607
North Dakota
_.
28, 542
26,806
South Dakota
51, 349
49, 222
Nebraska
120,060
114,961
Kansas
_ 156,365 160,185
South Atlantic:
Delaware
143, 652
145,074
Maryland..
-641, 741
651,110
District of Columbia... 116,857 115,716
Virginia
208, 707
208, 685
West Virginia
153,175
155,202
North Carolina
_
_ 192, 585 200, 350
South Carolina
79,860
84, 334
Georgia
94, 727
95,018
erg
Forida
54,784
58,027
Florida
East South Central:
272,611
232, 566
Kentucky
130,162
Tennessee...
144, 241
Alabama..
63,812
65, 276
Mississippi...
96,399
93,721
West South Central:
Arkansas
77,457
80,376
Louisiana
283, 664
277,455
Oklahoma
58,022
59,480
Texas
199, 266
198,531
Mountain:
Montana..
55, 599
52, 778
38,084
37, 269
Idaho
21, 402
21, 774
Wyoming
51,172
49,159
Colorado
9,863
9,633
New Mexico
42,601
40, 291
Arizona
_
107, 617
107,566
Utah..
17,491
17, 607
Nevada
Pacific:
Washington
182,947
181,931
Oregon..
57,974
59, 996
California
1,172,846 1,165, 294
Total-
Investments
Loans
June
March
June
March
Deposits, exclusive
of interbank deposits
June
March
Rediscounts
and bills
payable
Number of reporting banks
June ! March June
152.784 139,104 138,168
157,989
271,158
280,989
104, 232 122, 838 119, 878 208,889
102,616
208,292
108,996 109,099
163,262
56, 434
58,030
166,281
1,843, 040 1,881, 741 1, 084, 292 1,008,068 2, 753,052 2, 694,965
244,189 245,093 244, 351 235,153
470,729
471, 236
601, 763 601, 577 491,128 484,194 1,017,251 1,009,302
3* 043
640
2,800
6, 437
7,955, 564 8,172, 601 4,199, 553 3, 776,680' 11,277,678 10,693,411
897,991 938, 860 545,981
531,813 1,400,193 1,390,691
1,618,111 1, 673,179 1, 415,109 1,398,985 2,584,158 2,629,817
March
3. 785|
3, 253
595
3, 332
7,259
203
5,756
75
65
55
295
25
170
76
65
56
295
25
171
15,357J
22,292!
53,967|
35,706
23,172
46.730
538
251
644
544
257
657
461,993
86, 617
689, 261
360,791
145, 415
457,984 1, 749, 648 1,779,027 2 28,896 2 28, 046
90,981
398, 618
10, 218
365,666
7,125
756,145 1,929,596 2, 091, 617 22.240
13,703
371,058 1, 249, 253 1, 296,827 11,462 31,753
147,286
6,446j
459,877
466, 760
5,805
631
625
1,045
553
767
647
673
1,115
576
779
197, 741
445,086
441, 469
24,864
39,801
94,801
125, 277
156,080
12, 851
251,138
3,629
11, 424
24, 691
34, 094
152, 425
13, 458
251,138
3,678
11, 548
25, 259
34,908
693
893
983
204
228
562
738
706
906
983
214
237
570
753
94, 494
91,076
353, 791 370,850
77, 433
76,991
172,050 173, 588
123, 527| 124,046
151, 504 158,918
55,571
53, 236
82, 538
82, 006
32, 432
28, 203
53,998
297, 319
39,866
36, 635
31, 675
41,081
26, 624
12, 721
26, 581
49,158
270,891
38,283
35,119
29,129
41, 432
28,763
12, 480
25,595
126,964
146
27
277
158
269
110
275
142
32
148
27
285
162
276
114
278
150
1,339,396 1,397,691
263, 806 300, 064
1, 397, 639
898,190 1,003,337
303,113 313, 723
189,827
435, 798
441, 469
23,177
37,798
90, 270
122, 271
121,771
614, 719
118,780
174,125
146, 489
193,975
88,688
88,388
65,234
60
6,014
4,758
5,843
1,782
5,179
1, " ~
3,729
7, r'"
6,915
522
1,063
2,644
3,446
1.466
8,193
347
7,:
4,621
4,900
1,094
3,992
1,027
352,888
362, 366
3 474,9^7 3 489, 660
» 745, 779 3 745,779
28, 705
31,049
52, 825
55, 372
126, 401
132,607
3162 ; 225 3169, 418
118, 235
177,369
148, 571
184, 704
83.244
85,822
3,968
5,885
6,915
720
1,163
2,353
. 3,838
779
188,692
112,364
55,553
69, 621
220, 726
124,806
56,930
67, 888
43,874
17, 798
8,259
26, 778
51,885
19,435
8,346
25,833
197,487
3 139,187
3 59,022
97, 235
210,914
»142, 231
3 63,950
102,590
4,156
4,801
4,837
5,287
7,553
10,127
3,958
3,162
392
340
194
219
393
356
195
209
67,401
205,980
36, 481
153,061
66,455
213, 526
37, 2031
155,074J
12,975
71,475
21,541
46, 205
11,002
70,138
22, 277
43,457
83,403
283,173
60,920
206,878
79, 277
277, 218
62, 260
210,868
3,357
4,214
2,146
4,570
4,166
6,580
2,126
3,251
177
290
639
265
182
293
642
31,612
21,124
17,184
32,816
6,528
23,325
81,934
15, 304
31, 7491
22,056
16, 768,
33,833j
6, 645j
26,079j
82,936;
15,201
21,166
16,145
4,590
16, 343
3,1051
16,966
25, 632!
2,303
23,850
16,028
4,634*
17,339
3,218
16, 522
24, 681
2,290
55,366
3 43,408
22,922
51,425
9,441
3 46, 286
84, 562
20,846
57,935
3 42,501
22,928
57,000
10, 210
3 48,916
86,812
19, 637
211
844
800
314
4
278
1,462
550
196
662
541
324
<417
1,481
108
92
57
137
26
25
79
111
93
57
139
27
27
81
23
1,935
1,148
6,319
217
125
222
221
127
224
34,196,573 34,567,504 22, 221,840 23,106, 758 11,974, 733 11,460, 746 32,363,675 32,055,934 286,911 329,181 15,103
15,442
121, 549
36, 289
739, 625
121,429
61,398
37, 269, 21, 685
746, 399| 433, 221
60,502
186, 880
186,061
22, 727
62, 285
62, 220
418,895 1,179,194 1,149,003
1,775
1,359
1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates
nearest thereto for whichfiguresare available.
2 Includes bonds borrowed.
3
Includes due to banks.
* Includes miscellaneous liabilities.
NOTE.—Allfiguresin the June columns are as of June 30, except as follows: Missouri, Apr. 24; Kansas, June 27; Tennessee, May 12; Colorado,
June 27; Utah, June 24. Allfiguresin the March columns are as of Mar. 25, except as follows: Maine, Mar. 28; New Hampshire, June 30, 1930;
Massachusetts, savings banks, Oct. 31; Rhode Island, State banks, Apr. 30; savings banks, Dec. 31; Connecticut, savings banks, Mar. 31; New
York, savings banks, Dec. 31; Indiana, Dec. 31; Missouri, Apr. 24; North Dakota, Dec. 31; Nebraska, Apr. 11; Kansas, Mar. 21; Maryland, Dec,
31; Kentucky, June 30, 1930—as adjusted for suspensions and for consolidations with national banks during the last half of 1930; Tennessee, Dec.
31; Texas, Mar. 27; Colorado, Feb. 28.
INDEX
Page
Acceptances:
Federal reserve bank buying rates on
561
Held by Federal reserve banks
563, 593, 594
Held by group of accepting banks
563
Held by member banks
__ 562
Open-market rates on
561
In foreign countries
581
Outstanding
563
All banks in the United States. (See Deposits; Loans, etc.)
Annual reports of the National Bank of Albania
571
Balance sheets:
Bank for international settlements
576
Federal reserve banks
593,594
Foreign central banks
573, 577
Bank debits
591
Bankers' balances
585, 589
Bank suspensions
564,587,596,597
Bills bought, holdings of Federal reserve banks. (See Acceptances.)
Bills discounted, holdings of Federal reserve banks
560,593, 594
Brokers' borrowings
563
Brokers' loans
563
Building statistics
566, 569, 591,595
Business conditions, national summary of
558
Business failures
591
Capital issues, domestic and foreign
_. 565
Charts:
Reserve bank credit and factors in changes
559
(See also Review of month.)
Commercial failures
591
Commercial paper outstanding
563
Condition statements. (See Balance sheets; also Deposits; Elements analysis; Loans, etc.)
Crop report
592
Debits to individual accounts
591
Department stores, indexes of sales and stocks
569
Deposits:
All banks in the United States
562,588,598-600
All member banks
562,584,585,586
Central banks in foreign countries
577-579
Commercial banks in foreign countries
580
Federal reserve banks
584
Member banks in larger and smaller centers
585
Reporting member banks
589
Discount rates:
Central banks in foreign countries
557,581
Federal reserve banks
561-590
Discounts, holdings of Federal reserve banks
560,593, 594
Elements analysis
559,560,595
Employment in manufacturing industries
566,568
Exports, merchandise
569
Factors:
Page
Of decrease in reserve bank credit outstanding
560,595
Of increase in reserve bank credit outstanding
560,595
Factory employment and payrolls
566,568
Failures. (See Bank suspensions; Commercial failures.)
Farm products, prices of
_ 570,583
Federal reserve bank buying rates on acceptances
561
Federal reserve bank credit and factors in changes
559,560,595
Federal reserve bank reserves, deposits, note circulation, and
reserve percentages
584
Federal reserve discount rates
561,590
Federal reserve notes
584,593,594,595
Fiduciary powers granted to national banks
591
Float, reserve bank
560,593
Foreign countries:
Annual report of National Bank of Albania
571
Balance sheets of central banks
573,577
Discount rates of central banks
557,581
Exchange rates
576
Gold reserves
574
Gold movements
575
Government note issues and reserves
580
Money rates
_
581
Security prices.
582
Statistics of central banks
577-579
Statistics of commercial banks
580
Wholesale prices
583
Freight-car loadings
566,569
Gold:
Analysis of changes in stock of United States
560
Circulation
595
Earmarked
560
Exports and imports
__
._. 560
At New York
560
Elsewhere
560
Movements_ 560,575
Production...
560
Reserves of foreign countries
574
Stock of United States
559,560
G old standard, suspension of, in G reat B ritain
571
Imports, merchandise
-.
569
Page
Indebtedness of member banks at Federal reserve banks
562,584
Index numbers of Federal Reserve Board
566-568
Indusstrial production, index of
566,567
Interbank loans:
Rates on
590
Volume of
564, 585, 595
Interest rates. (See Money rates.)
Loans and investments:
All banks in the United States
562,588,598-600
All member banks
562,586
Central banks in foreign countries
577-579
Commercial banks in foreign countries
580
Loans and investments:
Member banks in reserve cities
595
Member banks outside reserve cities
595
Nonmember banks
_
595
Reporting member banks in leading cities
563, 589
(See also Balance sheets.)
Manufacturing industries:
Index of employment
566, 568
Index of pay rolls
_
566,568
Index of production
566,567
Maturity distribution of bills and short-term securities
595
Member bank borrowings at Federal reserve banks (see also Bills
discounted)
--- 561
Member bank reserve balances
559, 560, 585, 594
Member banks. (-See Deposits, Loans, etc.)
Membership in par collection system..
595
Minerals, index of production
566,567
Monetary gold stock of the United States
559,560
Monetary units of 44 countries
576
Money in circulation:
By kinds
595
Chart showing
559
Coin, notes, etc
. . . 595
End of month
595
Monthly averages of daily
figures
560
Wednesday series
595
Weekly averages of daily
figures
559,560
Money rates:
Acceptances, New York City
.. 561
Acceptances, foreign countries
__
.- 581
Call loans, New York City
561
Call loans, England, Germany, Japan
- 581
Charged customers by banks in principal cities
561, 590
Commercial paper
561, 590
Interbank loans
590
Open market
561
Time loans
561
National summary of business conditions
558
Nonmember banks. (See Deposits, Indebtedness, Loans, etc.)
Nonmember deposits, etc., of Federal reserve banks
560
"Other" reserve bank credit
560,593
" Other securities" held by Federal reserve banks
560,593,594
Par list, number of banks on
595
Par of exchange for 44 countries
576
Pay rolls in manufacturing industries, index of
-- 566,568
Prices of commodities (wholesale), indexes of:
Foreign countries, all commodities
583
Foreign countries, groups of commodities
583
United States, all commodities
566,583
United States, groups of commodities
570,583
Prices of securities, indexes of
565,582
Production:
Industrial, index of
566,567
Manufactures
566,567
Minerals
566,567
Reporting member banks:
Borrowing at Federal reserve banks
561,563,589
Loans and investments
563,589
Due to banks.
589
Reserve bank credit outstanding and factors in changes
559,560,595
Reserve bank
float
560,593
Reserve ratios of Federal reserve banks
584,594
Reserves:
Federal reserve banks
__
584,593,594
Member banks
584,589,593,594
Central banks in foreign countries
- - - 577-579
Gold, of foreign countries
- 574
Review of the month—The President's proposal on banking
551
Security prices, indexes of565,582
Silver, price of
576
Stocks. (See Security prices; Capital issues.)
Stocks at department stores, index of
569
Time deposits of member banks
562,585,589
Treasury currency (adjusted)
560
Unexpended capital funds of Federal reserve banks
560
U. S. securities, holdings of Federal reserve banks
560, 593,594
U. S. Treasury notes and certificates, yield on
561
U. S. Treasury bonds, yield on
561
Wholesale prices. (See Prices.)
601
FEDERAL RESERVE DISTRICTS
ITP&o™1 J 1 1
——BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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