Full text of Federal Reserve Bulletin : September 1931
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FEDERAL RESERVE
BULLETIN
SEPTEMBER, 1931
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
The Banking Situation
Annual Reports of Central Banks: Bulgaria,
Rumania
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1931
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE MEYER, Governor.
—
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
-, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
, Vice Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
WAYLAND W. MAGEE.
WALTER WYATT, General Counsel.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Directory Division of Research
and Statistics.
Chieff Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District
District
District
District
District
District
District
No.
No.
No.
No.
No.
No.
No.
1
2
3
4
5
6
7
(BOSTON)
(NEW YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
HERBERT K. HALLETT.
R. H. TREMAN.
HOWARD A. LOEB.
J. A. HOUSE.
JOHN POOLE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR.
District No. 8 (ST. LOUIS)
W. W. SMITH, Vice Presidents
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
GEO. H. PRINCE.
W. S. MCLUCAS.
District No. 11 (DALLAS)
B. A. MCKINNEY, Presidents
District No. 12 (SAN FRANCISCO)
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary.
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of-
Chairman
Governor
Deputy governor
Cashier
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
Boston
New York
Frederic H. Curtiss... Roy A. Young
J. H. Case
Geo. L. Harrison
Philadelphia
Cleveland
Richmond
Geo. W. Norris
E. R. Fancher . . . . M. J. Fleming
Frank J. Zurlinden
George J. Seay
_ 0. A. Peple
R. H. Broaddus.
W. S. Johns
Oscar Newton
Eugene R. Black
H. F. Conniff.
C. R. McKay
Eugene M. Stevens... J. B. McDougal
John II. Blair
J. H. Dillard
Atlanta
R. L.Austin
George DeCamp
Wm. W. H«xton. _
_
Chicago
St. Louis._
John S. Wood
Minneapolis
Kansas City
Dallas
John R. Mitchell
M. L. McClure
C. C. Walsh
Isaac B. Newton
San Francisco
W. Willett.
C. H. Coe.i
Ray M. Gidney.*
J. W. Jones.J
W. B. Matteson.i
J. M. Rice.i 1
Allan Sproul.
0. A. Mcllhenny.
W. G. McCreedy.a
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.»
M. W. Bell.
W. S. McLarin, jr.i
W. C. Bachman.i
D. A. Jones.i
0. J. Nettcrstrom.i
E. A. Delaney.*
S. F. Gilmore.a
Wm. McC. Martin... 0. M. Attebery
A, H. HailU
F. N. Hall.*
G. 0. Hollocher.*
C. A. Schaeht.i
H. I. Ziemor.
W. B. Geery
Harry Yaeger
Frank C. Dunlop.1
H. I. Ziemer
W. J. Bailey
C. A. Worthington.... J. W. Helm.
J. W. Helm
Lynn P. TaJley
R. R. Gilbert
Fred Harris.
R. B. Coleman
W. 0. Ford.i
Jno. U. Calkins
Wm. A. Day
Wm. M. Hale.
Ira Clerk
» Assistant deputy governor.
* Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
Managing director
New York:
Buffalo branch
R. M. O'Hara.
Cleveland:
Cincinnati branch
C. F. McCombs.
Pittsburgh branch
J. C. Nevin.
Richmond:
Baltimore branch
A. H. Dudley.
Charlotte branch...
Hugh Leach.
Atlanta:
New Orleans branch
Marcus Walker.
Jacksonville branch
Hugh Foster.
Birmingham branch
A. E. Walker.
Nashville branch
J. B. Fort, jr.
Chicago:
Detroit branch
W. R. Cation.
St. Louis:
Louisville branch
W. P. Kincheloc.
Memphis branch.
_. W. H. Glasgow.
Little Rock branch
A. F. Bailey.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch.
Dallas:
El Paso branch
Houston branch...
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only
official organ or periodical publication of the board. The BULLETIN will
be sent to all member banks without charge. To others the subscription
price, which covers the cost of paper and printing, is $2. Single copies
will be sold at 20 cents. Outside of the United States, Canada, Mexico*,
and the insular possessions, $2.60; single copies, 25 cents.
TABLE OF CONTENTS
Page
Review of the month—The banking situation
495
Increase in reserve bank credit—Excess reserves and free gold—Reserve position of member banks—
Member bank investments.
Changes in foreign central bank discount rates
_
498, 527
Condition of all member banks on June 30, 1931 (from Member Bank Call Report No. 52)
546, 547
Annual report of the National Bank of Bulgaria
„
513
Annual report of the National Bank of Rumania
516
National summary of business conditions
499
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes (chart and table)
500, 501
Analysis of changes in monetary gold stock, gold movements
501
Member bank borrowings at Federal reserve banks
*
502
Discount rates and money rates
502
Member and nonmember bank credit:
All banks in the United States—
Loans and investments, deposits
503
Bank suspensions
505
Number of banks, banking offices, banks operating branches
505
All member banks—
Loans and investments, deposits, reserve position
503
Loans to banks
505
Loans to customers, open-market loans and investments
503, 545
Holdings of eligible assets (Government securities and eligible paper)
505
Weekly reporting member banks in leading cities
504, 534
Bankers' acceptances, commercial paper, brokers' loans
504
Security prices, security issues, and security loans
506
Production, employment, car loadings, and commodity prices
507
Industrial production
508, 509
Factory employment and pay rolls
510
Building contracts awarded, by types of building
511
Merchandise exports and imports
511
Department stores—Indexes of sales and stocks
511
Freight-car loadings, by classes
511
Wholesale prices, by groups of commodities
512
Financial statistics for foreign countries:
Gold reserves of central banks and governments
520
Gold movements
521
Foreign exchange rates
522
Bank for International Settlements
522
Central banks
523-525
Government note issues and reserves
526
Commercial banks
526
Discount rates of central banks
527
Money rates
527
Price movements:
Security prices
528
Wholesale prices
529
Retail food prices and cost of living
529
Banking and business conditions in Federal reserve districts
530-537
Law department:
Eligibility for rediscount of a veteran's note on which the veteran has waived notice of transfer
538
Reserves against deposits received by member banks in connection with certain "personal loans"__ 538
Detailed Federal reserve statistics, etc
539-545
Index
548-549
T
IV
FEDERAL RESERVE BULLETIN
VOL. 17
SEPTEMBER, 1931
No. 9
REVIEW OF THE MONTH
increased by $40,000,000 during August and
Reserve-bank credit outstanding increased was early in September at the highest point
in August by about $240,000,000 and amounted ever reached—$5,000,000,000. Of the gold
at the end of the month to imports in August $25,000,000 was received
Increase in re- $1 200,000,000.
This addi- from Japan and most of the remainder from
Latin America. The course of reserve-bank
serve bank
'
' '
credit
tional demand ior reserve-bank credit and related items during the month is
credit was caused in part by brought out in detail in the table.
For more than two years, as a consequence of
continued transfers of funds by foreign correthe increase in the gold reserves without a corspondents of the reserve banks from the
responding growth in either
acceptance market to balances with the reserve
andefreeegSoTdVeS n o t e o r deposit liabilities, the
banks, and in part by an increase of money in
reserve ratio of the reserve
circulation, which during August was larger
banks has been at a very high level. For the
by $100,000,000 than is usual at this season.
In meeting this increased demand for reserve- month of August it averaged 81.4 per cent, and
bank credit the Federal reserve banks pur- the amount of gold held by the reserve banks
chased $115,000,000 of acceptances and $50,- in excess of the required 40 per cent against
000,000 of United States Government securi- notes and 35 per cent against deposits was
ties and made additional loans of $55,000,000 about $2,000,000,000. This volume of excess
to member banks. At the end of August reserves is about $400,000,000 larger than two
Government security holdings of the reserve years ago. Notwithstanding this increase in
banks at $728,000,000 were close to the largest gold and some decrease in Federal reserve note
volume on record, while discounts for member circulation, the amount of so-called free gold at
banks, although somewhat larger than earlier the reserve banks was about $350,000,000 less
in the summer, were still at a low level. The than two years ago. The free gold comprises
the gold held by the reserve banks above the
monetary gold stock of the United States,
amount required as 35 per cent reserve against
which had increased very rapidly in June and
deposits plus the amount that is pledged with
remained practically unchanged during July,
R E S E R V E B A N K C R E D I T O U T S T A N D I N G AND FACTORS the Federal reserve agent as collateral against
IN C H A N G E S
Federal reserve notes and a 5 per cent gold
[Weekly averages of daily figures. In millions of dollars]
redemption fund that must be carried with the
Treasurer of the United States against the part
Week I Week
ending | ending
of the notes that is not covered by gold.
Change
Aug. 1, ! Aug. 29,
1931
1931
Under the law the Federal reserve banks are
obliged to pledge with the Federal reserve agent
"I"
241 i
Bills discounted
j
185
+56
Bills bought
j
66
+115 eligible paper or gold up to the full amount of
181 i
United States securities
'•
G78
+50
728 !
Other reserve b a n k credit
|
24
+20 notes issued by the agent to the reserve bank,
44 |
Total reserve b a n k credit
j
953
1,194 j
+241 including notes held by the Federal reserve
M o n e t a r y gold stock
I
4, 951
4,991 !
+40
1,729 !
Treasury currency adjusted
__j
1, 788
- 5 9 banks themselves as well as notes in actual cirThe reason that the amount of free
5,013
M o n e y in circulation
__
4,812
+201 culation.
2,336
M e m b e r b a n k reserve balances
I
2,388
-52
200
N o n m e m b e r deposits—total
\
123
+77 gold is smaller now than it was two years ago,
176
Foreign
j
96
+80
24
Other
;
27
- 3 notwithstanding the growth in reserves and the
365
Unexpended capital funds
I
369
decrease in notes in circulation, is that eligible
A
495
496
FEDERAL RESERVE BULLETIN
paper, consisting of discounts and acceptances,
diminished by more than $900,000,000 during
the period.
The chart shows changes in excess reserves
of the Federal reserve banks and in free gold
for a period of years and indicates that at a
time of active business, such as 1928 and 1929,
when borrowings at the reserve banks are
large, there is an abundance of eligible paper,
SEPTEMBER, 1931
excess of their over-the-counter requirements,
the amount was approximately $1,000,000,000.
The reserve balances of the member banks
continued in August to be larger than these
banks are required to hold by
Reserve posi- i a w a n d t ^ e vo lume of their
tion of member
, .,
banks
excess reserves, while not so
large as in June and July when
they approximated $120,000,000, were close to
the $100,000,000 level and w^ere larger than at
the same season in 1930 or 1929. This fact is
indicated by the chart, which shows the excess
reserves of the member banks for the period
MILLIONS OF DOLLARS
MILLIONS O f DOLLARS
EXCESS RESERVES Of MEMBER BANKS
200
200
1925
1926
1927
1928
1929
1930
1931
Monthly average of daily figures; latest figures are for August
20
and the amount of gold that has to be pledged
with the Federal reserve agent is relatively
small, leaving a considerable volume of free
gold. At a time like the present, when the
volume of borrowings at the reserve banks is
at a low level and the portfolio of the reserve
banks consists to an unusually large extent of
Government securities, the major part of the
collateral back of the Federal reserve notes has
to be held in gold, with the consequence that
the amount of free gold available is considerably smaller than at a time of active business.
Nevertheless, during the month of August the
volume of free gold of the reserve banks averaged $700,000,000, and when allowance is
made for notes held by the reserve banks in
1929
1930
1931
Monthly averages of daily figures; latest figures are for July
since the beginning of 1929, with separate
curves for banks in New York City, in other
reserve cities, and elsewhere. The chart shows
that since the autumn of 1929 there has been
an irregular growth in the volume of excess reserves at all three classes of banks, with minimum figures in 1931 at about $60,000,000 instead of the minimum of about $35,000,000
that prevailed in certain months of 1929.
This growth reflects in part the fact that since
1929 many of the member banks then borrowing at the reserve banks have been able to get
SEPTEMBER, 1931
completely out of debt and consequently can
not use surplus funds to retire rediscounts. It
may also reflect a disposition on the part of
banks to maintain a stronger cash position at a
time when banking disturbances have been recurring at intervals in different parts of the
country. In addition to their reserve balances
and their vault cash, the member banks at the
present time hold a large amount of assets,
carrying low rates of interest but available as
a basis for obtaining credit at the reserve
banks. These assets include about $5,000,000,000 of United States Government securities—
some of which are yielding less than one-half
of 1 per cent—and more than $3,000,000,000
of loans eligible for rediscount, including more
than $500,000,000 of bankers7 acceptances of
which the larger part are yielding less than
1 per cent.
A more detailed classification of investments
of all member banks has recently become
available for the end of June.
For the year ending at that
time the member banks showed
a growth of $1,280,000,000 in United States
Government securities, of which $700,000,000
was in Government bonds and $580,000,000 in
short-term Government obligations, and a
growth of $380,000,000 in other securities.
Among the different classes of domestic securities, other than United States Government
securities, there were increases of $300,000,000
in State, county, and municipal bonds,
$100,000,000 in railroad bonds, and $70,000,000
in other public service corporation bonds, while
holdings of miscellaneous bonds decreased by
$75,000,000. Holdings of foreign securities
decreased by $47,000,000 to the level of $642,000,000.
The following table shows the composition
of the investment holdings of the member
banks at the end of June, 1931, in comparison
with the corresponding figures for June, 1929:
497
FEDERAL RESERVE BULLETIN
INVESTMENTS OF MEMBER BANKS ON JUNE 29,
AND JUNE 30, 1931
1929,
[Amounts in millions of dollars]
Percentage listribution
Amount
1929
Total investments..
United States Government securities—total
Other domestic securities—total
State, county, and municipal
bonds.._
Railroad bonds
Other public service corporation
bonds
All other bonds
__.
Stock of Federal reserve banks...
Stock of other corporations.
Collateral trust and other corporation notes
Municipal warrants.__
—
Allother
Foreign securities—total
Government bonds
Other foreign securities..
1931
1929
10,052
12,106
100.0
100.0
4,155
5,343
38.9
44.1
5,263
6,121
54.5
50.6
1,144
832
1,535
1,016
11.8
12.7
8.4
932
1,317
158
469
1,116 10.0
1. 266 12.8
165
1.6
587
5.4
i 1931
169
151
90
227
166
43 I .7
9.2
10.5
1.4
4.8
1.9
1.4
.4
635
309
326
642 I 6.6
319
3.3
323
3.3
5.3
2.6
2.7
1.7
1.6
Member bank investments increased during
the two years by $2,060,000,000, reflecting
increases of about $1,190,000,000 in United
States Government securities, $860,000,000 in
other domestic securities, and $7,000,000 in
foreign securities. The classes of securities to
show a decrease for the 2-year period were
industrial bonds, which declined by $51,000,000, miscellaneous securities, which declined
from $90,000,000 to $43,000,000, and foreign
securities other than Government bonds, wThich
declined by $3,000,000 to the level of $323,000,000. The proportion of total member bank
investments represented by United States
Government securities increased from 38.9 per
cent in 1929 to 44.1 per cent in 1931, that of
State, county, and municipal bonds from 11.8
per cent to 12.7 per cent, and that of corporation notes from 1.7 per cent to 1.9 per cent.
All other classes of security holdings, although
in most cases increasing in absolute amount
during the two years, showed some decrease in
relative importance.
498
FEDERAL RESERVE BULLETIN
Condition of All Member Banks on June 30, 1931
Detailed figures of condition of all member
banks on June 30, including the detailed
classification of loans, are given in this issue of
the BULLETIN, and in greater detail by States,
cities, and class of bank in Member Bank Call
Report No. 52.
Changes in Foreign Central Bank Discount Rates
The following changes have been reported in
the discount rates of central banks in foreign
countries:
SEPTEMBER, 1931
Central Bank of Chile—August 25, from 9 to 7 per
cent.
National Bank of Czechoslovakia—August 5, from
4 to 5 per cent.
Bank of Danzig—August 10, from 10 to 7 per cent;
September 1, from 7 to 6 per cent.
Bank of Estonia—September 1, from 7 to 6}i per
cent.
German Reichsbank—August 12, from 15 to 10
per cent.
Imperial Bank of India—August 6, from 6 to 7 per
cent.
Bank of Portugal—August 10, from 7% to 7 per
cent.
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
499
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled August 24 and released for publication August 26]
Industrial production and factory employment declined by somewhat more than the
usual seasonal amount in July, while the general
level of commodity prices remained unchanged.
Conditions in the money market continued
easy.
Production and employment.—Indus trial production, as measured by the board's index,
which is adjusted to allow for the usual seasonal variations, declined 1 per cent further in
July to 83 per cent of the 1923-1925 average,
compared with the low point of 82 for last
December and the year's high point of 90 in
April. Output of iron and steel, automobiles,
lumber, and copper decreased further, while
activity at textile mills and shoe factories was
maintained at a high level.
Factory employment and pay rolls declined
by somewhat more than the seasonal amount
from the middle of June to the middle of July.
Large decreases in employment were reported
at car-building shops and machinery and automobile factories, and at lumber mills. In the
textile industries as a whole employment
decreased somewhat less than is usual in July;
and there were increases in employment in the
woolen goods and men's clothing industries.
Figures on the value of building contracts
awarded during July and the first half of August, as reported by the F. W. Dodge Corporation, show a continuation of the downward
movement of recent months.
Department of Agriculture estimates, based
on August 1 conditions, indicated an unusually
large crop of winter wheat, an exceptionally
small yield of spring wheat, and a total wheat
crop of 894,000,000 bushels—72,000,000 bushels
larger than the 5-year average. The corn crop
was estimated at 2,775,000,000 bushels, about
the usual size and 700,000,000 bushels larger
than last year's small crop. In spite of a 10
per cent reduction in acreage, the cotton crop
73809—31
2
was estimated by the Department of Agriculture to be about 15,584,000 bales, an increase of
1,600,000 bales over last year.
Distribution.—Freight-car loadings increased
by slightly less than the usual seasonal amount
in July, and department-store sales, which
ordinarily decline sharply at this season, apparently decreased somewhat more than usual.
Wholesale prices.—The general level of
wholesale prices in July continued at 70 per cent
of the 1926 average, according to the index of
the Bureau of Labor Statistics. Increases were
reported in the prices of livestock and meats,
while prices of building materials and of grains,
particularly wheat, declined. During July and
the first half of August prices of cotton and
cotton textiles declined sharply, while prices of
dairy products increased.
Bank credit.—Loans and investments of
reporting member banks in leading cities declined by about $340,000,000 between July 15
and August 12, reflecting chiefly further liquidation of loans on securities and a decrease in all
other loans, which was partly a consequence of
sales of acceptances to the reserve banks. The
volume of the member banks' investments also
showed a slight decline for the period.
At the reserve banks there was an increase
in the total volume of credit of $190,000,000
between July 15 and August 19. Demand for
reserve bank credit during this period increased
as a result of an outflow of $144,000,000 of currency, which was larger than is usual at this
season, and further transfers of foreign funds
from the open market into balances at the
reserve banks. This demand for reserve-bank
credit was met by the reserve banks for the
most part through the purchase of bills and
United States Government securities in the
open market, but also through increased discounts for member banks.
Money rates remained at low levels.
500
FEDERAL RESERVE BULLETIN
SEPTEMBER,
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
1927
MILLIONS OF DOLLARS
1928
1929
1950
1931
Based on weekly averages of daily figures; latest figures are for we^k ending August 30
1931
501
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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
Other
United
: Bills disBills
States j reserve
! counted bought securities: bank
'i credit 1
Month or week
1930—April
May
June
_
July
August
September .
October
November.
December_.
231
247
251
226
214
189
196
221
338
182
141
154
153
197
185
184
257
602 I
599
644 I
38
37
40
32
33
37
29
34
.1931—January
February
March
April
May
._
June
July
_
August
Week ending (Saturday)—
July25
_...
Aug. 1
Aug. 8
Aug. 15
__.
Aug. 22
Aug. 29
253
216
176
155
163
188
169
222
206
102
123
173
144
121
79
135
647 '
603
604
600
599
610
674
712
23
15
18
24
20
26
32
38
530 j
529 !
571 !
583 '
599 !
597 i
i Factors of decrease
45 1
i
|
!
!
!
'
i
NonMoney Member '; member
bank
currency in circureserve i deposits,
(adlation
balances i etc.
justed)
gold
stock
Total
1,072 !
996 !
1,000
1,003 ;
998 •
1,016 I
1,020 i
1,033 !
1,273 i
4, 443 j
4,505
4,528 ]
4, 532 I
4, 496
4,503
4, 520
4,553 I
4, 583 |
1,129
4,622
4, 656
4,682
4,711
4,767
4,865
4,958
4,975
936
921
952
926
945
954
1,107
Factors of increase
I
1,781
1,779
1,775
1,789
1, 787
1,785
1,787
1,793
1, 793
4, 518
4,497
4,489
4,483 I
4,476 j
4,492
4,501 !
4, 528 I
4.823
2,350 ;
2.356
2; 392 ,
2,417
2,392
2,397 !
2,407 ;
2,433
2,415;
1,784
1,780
1,778
1,770
1,783
1,759 i
1.784 I
1, 764
4,695
4,598
4,590
4,647
4,679
4,750
4, 836
4,947
4,817
4,812
4,873
4,918
4,969
5, 013
4,956
1,781
67
679
21
944
66
678
23
952
1,788
4,951
681
1,787
71
30
990
4,955
712
1,778
125
38
1,084
4, 969
34
1,769
150
728
1,139
4,982
44
1,729
181 !
!
728
],194
4,991
I
I
1 Includes " Other securities," foreign loans on gold, amounts due from foreign banks, and reserve bank
Back figures.—See Annual Report for 1930 (Tables 1, 2, and 3).
177
185
208
209
227
241
Unexpended
capital
funds
28
29
27
35
28
26
27
30
27
400
398
395
389
385
389
392
388
384
2,433 i
2,370
2.386 i
2,376
2.387 !
2,404
2,407
2,345
28
25
24
27
28
35
83
187
379
379
381
383
382
380
370
367
2,405 !
2.388 i
2,336 i
2, 344! :
2,358
2,336 I
123
155
201
197
200
370
369
368
368
366
365
m
float.
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STATES
STOCK
fin thousands of dollars]
fin millions of dollars]
Month
Analysis of changes
Gold
stock
Net re- Domestic
I at end Increase ;
of j in stock Net gold lease producmonth I during import from ear- tion,
etc. 2
mark 1
I month
1930—April
May
June
July
August
September.
October
November.
DecemberTotal (12 mos.)_
931—January—.
February.
March
April.
May
June
July
August p _.
Total(8mos.K-|__
4,491
68.5
25.9
4,517
17.6
4, 535 !
4,517 i - 1 8 . 4
4,501 ! -15.5
10.2
4,511 !
23.3
4, 535
36.8 i
4,571
22.1
4,593
65.7
23.5
13.9
-19.6
-19.6
2.5
26.4
35.2
32.7
305.4
I
280.2
49.4
22.0
32.0
4,643
4, 665
4, 697
4.726
4,798
4,956
4,949
4,994
34.4
16.1
25.6
49.5
49.6
63.8
19.5
53.2
28.7
72.4
158.0
-6.6
44.6
400.5
j
I
I
i
!
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
-15.2
2.3
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
3.1
3.3
3.3
»—13. 3
8
18.8
1.9
3.6
7.4
i
28.2
92.3
-29.7
—16. 0
60.5
1
Gold released from earmark at Federal reserve banks less gold placed
under earmark.
2
This figure, derived from preceding columns, represents the excess of
domestic production over nonmonetary consumption of gold—chiefly
consumption in the arts. In any given month, however, it may be
predominantly affected by the fact that on the final day of the month
(a) gold bullion or foreign gold coin recently imported may not yet have
reached a reserve bank or the Treasury, and (6) gold bullion recently
withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in
official reports © gold imports and exports.
f
8
$15,649,000 of gold bullion imported on Apr. 30 from France was not
purchased by the New York Assay OfSce until May 1.
v Preliminary figures.
1931
From or to—
August
(preliminary)
Imports
1,500
England
Fran*e
11,000
Germany
Italv
Canada . . .
Central America
7, 649
Mexico
5,328
Argentina .
Brazil
Chile
Colombia
Ecuador
_
Peru
Uruguay
1,000
Venezuela
China and Hong
Kong
1,033
Dutch East Indies
25, 000
Japan
Philippine Islands
New Zealand
All other countries *.
in
Total .
2 53, 224
JanuaryJuly
July
Exports
Imports
17
Exports
8
4
5
4,876
78
466
8,305
16
87
112
2,177
119
1,544
706
1,240
463
14
1,000
5
Imports
9
19, 248
26,072
8
52, 576
590
8,712
94, 369
16
165
9,821
607
4,950
2, 330
600
21,863
2,730
7,568
2,232
Exports
4
40
1,000
72
600
63
126
16
279
5,844
19
2 38
20, 497
1,009 260, 438
1,798
1
Includes all movements of unreported origin or destination.
2 At New York—imports, $26,408,000; exports, $38,000. Elsewhere—
imports, $26,816,000.
502
FEDERAL RESERVE
BULLETIN
MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS
S E P T E M B E R , 1931
OPEN-MARKET
[Monthly averages of weekly figures. In millions of dollars]
i
Reporting member
banks in leading cities
Member
banks
outside
leading
cities l
Total i
New York
City
Month
Other leading cities
1930
January
February
March
April
May
June
.
July
August
- -. September
October
November
December
1931
1930
1931
1930
1931
1930
462
371
247
225
226
222
218
196
245
209
173
146
149
185
168
214
39
21
1
17
11
5
5
2
4
3
208
152
80
54
48
48
53
39
77
55
35
26
28
56
44
72
215
198
166
154
167
169
165
153
186
193
211
308
9
6
6
26
35
50
65
115
142
137
140
167
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]
Previous
rate
Federal reserve bank
Sept. 1
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.. _
Kansas City
Dallas.
San Francisco .
2
M a y 7,1931
VA M a y 8,1931
3 I M a y 7,1931
2y2 M a y 9,1931
3 i M a y 15,1931
3 ! Jan. 10,1931
2Y2 M a y 9,1931
2x/i
do__
Zy2 Sept. 12,1930
3 i M a y 21,1931
3 I M a y 8,1931
2H! M a y 22,1931
1-15 days
16-30 days..
31-45 days—
46-60 d a y s . .
61-90 days...
91-120 days.
121-180 days
M a y 13,1931
M a y 19,1931
....do
..._do
....do
IK M a y 13,1931
1
1
1
1
1
i r a e r c i a l ^t! months'
d »° ys
1930
July
August
September
October
November
December
I
1 3 -3^!
iy8 2}4-Z . 2.18
3 !
1%;
2.22
|
3 !
1J||
2.17
3
w
2.00
! 2^-3 |
1% 2 -2^i 2.00
! 2^-3 ,
l% 2 -2y2\ 2.27
2.20
2.21
2.19
2.00
2.00
2.23
1.83
1.53
« 1.77
1.74
1.40 j
*1.48
1931
January
February
March
April
May
June.___
July
August
|
;
|
| 2 ^ - 3 \ l%-\% \V\-2y2x 1.50
j 2lA-2% \%~VA l%-2 i 1.50
j
2}/2
\y2 2 -2\£, 1.56
i 2^-23^
\y2 1&-2KJ 1.57
| 2 -2>il H-lH \\i-2 \ 1.45
i
2 I
%; VA-1K1 1.50
__.|
2 •
%' 1H-Ui ! 1.50
7
i
2 |
/i lH-l^il 1.50
L57
1.50
1.55
1.52
1.45
1.50
1.50
1.50
1.24
.3.33
1.06
3.40
< 1.38
3.39
1.49
3.38
.88
3.31
«.55
3.30
.41
3.32
.42
3.34
Week ending—
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
!
:
I
!
j
i
2
2
2
2
2
2
I
|
I
j
i
j
j
j
%. l ^ - l K j 1-50
% lH-lW- 1.50
%[ l H - l ^ j 1.50
H VA-1W{ 1.50
<&' l M - l ^ j 1-50
% 1M-I^i 1.50
1.50
1.50
1.50
1.50
1.50
1.50
.30
.41
.45
.49
.39
.35
3.37
3.38
3.37
3.34
3.32
3.34
3.32
3.34
3.34
3.33
3.33
3.34
Back figures.—See Annual Report for 1930 (Tables 36 and 37).
[Weighted averages of prevailing rates]
M ont h
! New York City
;
1929
Previous
rate
IK
m
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Hack figures.—See Annual Report for 1930 (Table 34).
Month or week | jj™ \ bank*
u . S.
Treas- '
ury
Time
notes 'Treasloans,
I
and
ury
90
ReS a
days > New n e wT l ,!i certifi- :;bonds3
cates,
! 3 to 6 !
I months
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Buying rates at the Federal Reserve Bank of New York]
Date established
Call loans »
Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
3 issues—Z%, VA, 4 per cent; yields calculated on basis of last redemp
tion dates—1947, 1956 and 1954.
* Change of issues on which yield is computed.
BUYING RATES ON ACCEPTANCES
Rate in
effect on
Sept.l
! Average rate i Average yield
•
on— I on—
1
J
1
Back figures—See Annual Report for 1930 (Table 33).
Maturity
Prevailing rate on-
F
1931
163
152
138
120
121
129
124
139
RATES
RATES IN NEW YORK CITY
8 othor
2 7s o u t h e r n a n d
Serndtfes
: western cities
1930
1931
1929
1930
1931 1 1929 1930
January
j 5.74 5.64
February
' 5.73 5.35
;
March
5.81 5.22
April
! 5.85 4.91
May...
! 5.88 4.74
June
i 5.93 4.59
July
, 5.88 4.48
August
1 6.05 4.41
September '< 6.06 4.29
October.. ._,' 6.08 4.26
November...' 5.86 4.17
December...! 5.74 4.16
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
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
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
: 5.94
! 5.96
6.04
i 6.07
: 6.10
: 6.16
! 6.17
;
6.22
• 6.27
;
[
6.29
1 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
1931
5.50
5.42
5.40
5.36
5.26
5.34
5.30
5.27
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
(0) 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 baaks in the city.
Backfigures.—SeeAnnual Report for 1930 (Table 39).
503
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
MEMBER AND NONMEMBER BANK CREDIT
ALL MEMBER BANKS—DEPOSITS SUBJECT TO ALL MEMBER BANKS—LOANS TO CUSTOMERS,
RESERVE, RESERVES HELD, AND INDEBTEDOPEN-MARKET LOANS AND INVESTMENTS
NESS AT FEDERAL RESERVE BANKS
[Exclusive of loans to banks. In millions of dollars. For back figures
see June BULLETIN, p. 343]
[Averages of daily figures. In millions of dollars. For back figures see
June BULLETIN, p. 347]
Net d
Tr?oCsi?snd t l m e
aeposits
Reserves
In debt
!i ednessi
j
;
! at
'• T
|
j
j
j Federal
Total j ^ i ^ f " Time j Held ' Excess I
Month
! lXlctlJ.ll
Open-market loans and
investments
Loans to customers
I
Purchased
paper
e !I?
- Other-
Se-
Call date
cured] ™ s e
Investments
Total
j
! paper;
TOTAL
!
1931—January
February
March
April
May
June
July
32,048 i
31,968 :
32,069 !
32,179 |
32,168 !
31,602
31,526 |
NEW YORK CITY *
1931—January
February
March
April
May
June
July
18, 572
18, 389
18, 431
18,491
18,419
18. 055
18,122
13,477 !
13,580 i
13,037 !
13,688 i
13,749 \
13, 548
13,404 i
2,433 '•
2,370
2,386
2,376 '
2,387 i
2,404
2,407
105 j
5/ !
66 i
Si
13!
252
216
176
154
163
187
169
OTHER RESERVE
CITIES *
6,163 j
6,120
6,169 :
6,019 |
6,094 i
5,934 !
6,064
1,282
1,334
1,303
1,317
1,345
1.297
1,260
!
:
j
!
!
j
891
847
860
829
848
882
887
j
|
1929— Dec. 3 1 . .
1930—Mar. 27.1
June 30.
Sept. 24.
Dec. 31..
1931—Mar. 25.
J u n e SOOTHER RESERVE CITIES *
I
12,942 I
12,932
13,003
13,181
13,157 i
12,939
12, 831 i
7,243 !
7,170
7,159 I
7,309
7,236]
7,132-
11,662
11,583
11,594
11.662
11.573
11,432
11,371
5, 165 j
5,099 i
5, 103 :
5,163 |
5,090 !
4,988 1
4,956 i
5,698
5,761
5,843
5,872
5,921
5,807
7,102 ; 5,728
955
945
945
962 j
961
949
950
23
18
19
20
24
27 !
33
587
578
580
585
578
573
570
31 i
27
28 i
28
28 '
1929—Dec. 31.
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31..
1931—Mar. 25.
June 30-
" C O U N T R Y " BANKS
1931—January
February
March
April
May
June
July
6, 496
6, 485
6, 4SJ1
t),'S!8
6,483
6, 444
6,415
so ;
166
153
136
119
126
139
128
31 !
1
1
1929—Dec. 31 .
1930—Mar. 27.
June 30..
Sept.24.
Dec 31..
1931—Mar. 25.
June 30-
12,026'
13,034
13, 555
13, 997
13,222
14,34214, 209j
292[
254!
241!
267
370
462
501
290;;
499
507
523!
366
36l!
384,
1,660
2,344
2,365
2,472
1,498
1,630
1,217
9,784
9,937
10,442
10, 734
10,989
11,889
12,106
2,765
2,403
2,286
2, 247;
2,201
2,046
1,942
3,701
4,294
4,110
3,961
4,313
4,298i
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
2,435
2,662
2,801
5,773:
5,346i
5,217:
5,093:
5, 250J
5,043!
4,911,
3,691
4, 361
4, 395:
5,011'
4, 566!
5, 322
5, 221 i
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
3,685
3,947
4,035
4,676
4,750
37
31
12
7
8
7
4
163
207
170
164
120
114
101
208
258
129
115
49
36
30
4,439
4,475
4,554
4,589
4,519
4,550
4,555
23,194 8,488 14,706
21, 495 7,730 13, 765
21,565 8,061 13,505
21,010 7r' , 13146
.
13,146
21,007 7,942! 13,066
19, 940 7,423 12,517
19, 257 7,11* 12,140
NEW YORK
CITY *
:
' 7,445 !
7,453 ;
_. 7,472 j
7,336
7,439
7.232 [
7,325 \
1931—January
February
March
April
May
June
July.
TOTAL
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. 541.
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'i
9, 748 i 3,974:
8,9511! 3,604j
9,029jj 3,8111
8,726J! 3,632,
8, 906 : 3, 656j
8, 409 ! 3, 366!
8,1C0 I 3,188,
"COUNTRY"
BANKS
1029—Dec. 31.. 8,481
1930—Mar. 27. 8, 206 !|
June 30. 8, 229
Sept. 24. 8,007
Dec. 31.. 7, 762 i
1931—Mar. 25. 7,524
June 30- 7,318
2.314!
2,190
2,227
2,201
2, 149!
2,097J
2,032:
6, 1681 4,847:
6,016! 4,972|
6, OOli 4,867i
5,806l 4,875;
5, 614! 4, 696!
5,427! 4,708J
5,2861 4,680;
* See notes 1 and 2 of preceding table.
1
Loans (secured by stocks and bonds) to brokers and dealers in securities in New York City.
ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, AND DEPOSITS
(EXCLUSIVE OF INTERBANK DEPOSITS)
[In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision. For back figures see May BULLETIN (p. 253) and Annual Report for 1930 (Tables 42-43)1
Total loans and investments
All banks
Date
Nonmember banks
Deposits (exclusive of
interbank deposits)
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. 2 4 . . .
Dec. 31
1931—Mar. 25
June 30
p Preliminary.
:
53.750 !
55,450
' 57.265 ij
: 57,219 ]j
! 58,266 !'
:
58,019 N
, 58,474 ji
•
', 58,S35 i
!
58,417 !
\ 57.386 '
58,108
: 57,590
: 56,209
55,124
, » 55,055
6, 573
6, 683
7,043
6,945
75
7,013
,910
6,885
6,735
63
1,048
7,141
7,085
7,222
7, 535
51.662
52, 909
53,398
53, 720
56,766
54, 545
53,852
55,180
55, 289
53,185
54,954
52,784
53,039
51, 427
51, 952
20, 393
20, 846
21, 265
21,582
21,940
21,330
21,567
22,176
21,424
21,103
21,264
20,945
20,479
20,274
20, 386
504
FEDERAL RESERVE BULLETIN
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
Montfh or date
SEPTEMBER, 1931
[Net borrowings on d e m a n d a n d on time.
Total
In millions of dollars]
From private
banks, brokers,
foreign banking
agencies, etc.
From N e w
York banks
and trust companies
Total
E n d of m o n t h
I"
BY MONTHS
Total:
1930—August
September
October
November
December
1931—January
February
March
April
-.
May
June
JulyAugust
New York City:
1930—August
September
October
November
December
1931—January
February
March
April
May
June__
July
August
Other leading cities:
1931—April
_-May
June
July—
August
1930
23,128
23, 220
23, 409
23, 455
23,117
22, 660
22, 659
22, 839
22,942
22, 713
22,439
22,393
22,093
8,488
8,476
8,597
8,776
8,557
8,399
8,242
8,150
8,040
7,893
7,853
7,964
7,897
6,291
6,361
6,575
6,782
6,784
6,766
7,102
7,387
7,745
7,822
7,816
7,798
7,713
2,892
2,923
3,004
! 3,076
I 3,120
3,163
I 3, 385
3, 638
8,097
8,313
8,421
8,166
7,906
7,905
7,975
7,889
7,875
7,694
7,780
7,633
3,588
3,584
3,629
8,401
3,141
3,111
3,079
3,176
3,080
3,039
2,846
2,764
2,640
2,416
2,415
2, 512
2,653
2,496
2,472
2, 410
2,295
2,242
2,194
2,204
2, 365
2,370
2,093
2,090
2,172
2,367
2,32,9
2,323
2,476
2,504
2,567
2,642
2,644
2,651
2\623
1,078
1,869
1,084
1,177
1,228
1,254
1, 353
1,391
1,414
1,460
1,523
1,6(58
1,600
15,054
14,838
14, 745
14, 613
14,460
4yO78
3,959
3,924
3,867
3,843
5, 797
5,699
5, 649
5,599
5,527
5.179 2,499
5.180 ; 2,497
5,172 i 2, 525
5,147 2, 513
5, 090 2,474
22,296 6,544
22, 264 6,512
22, 075 6,479
22,001 : 6,453
22,030 ;6,490
BY WEEKS
Total:
1931—July 29
_.
Aug. 5
Aug. 12
Aug. 19
Aug. 26
N e w York City:
1931—July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
O t h e r leading cities:
1931—July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
8,349
8,383
8,237
7,897
7,776
7, 495
7,315
7,302
7,157
6,998
6,770
6,631
6,483
7,942
7,994
7,863
7, 885
7, 845
7,810
7,758
7, 733
7, 663
7, 695
4,133 !
4,117
T,069 :
4,031
4,«73 ;
2,375 2, 692
2, 452 2, 663
2,316 , 2,617
2,360 2,581
2,354 2,632
1, 639 '
1, 636
1,586 i
1,563 !
1,615
7,752 I 2, 685
7,763 j 2, 648
7, 566 2, 633
7,563 ! 2, 622
7,041 :2,655
14,544 !3,859
14,501 i3,864
14, 509 3,846
14, 438 3,831
14, 389 3,835
5, 567
5,542
5,547
5, 525
5,491
5,118
5,095
5,116
5,082
5, 063
43
44
56
71
141
82
57
35
26
23
56
44
75
I 3,913
i 3,957
! 4,048
4,121
4,074
4
9
January
February
March
April
May.
_
_.
.:
I
_
1
Jane.
July
August..
September
October..
November
December
1931
1930
3,985
4,168
4,656
5,063
4,748
3,728
3,689
3,599
3,481
2,556
2,162
1,8S4
1,720
1,840
1,909
1,651
1,435
1,391
1,344
1,354
I
I
[I
j
I
\\
1931
3,368
3,529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
2, 299
1,928
1,694
1,557
1,646
1,692
1,466
1,293
1,221
1,171
1,160
1930
1931
616
639
631
654
609
527
462
489
425
257
234
199
163
194
217
185
141
170
173
194
Back figures.—See Annual Report for 1930 (Table 57).
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
For acFor count of Fer acown ac- out-of- count of
! count i town
others
[
Month or date
Total
banks »
1930—July.
August
September..
October
November..
December,.
1931—January
February...
March
April
May
June.
July
August
Aug.
Aug.
Aug.
Aug.
3,224
3,150
3,174
2,769
2,249
2,G13 1
1,798 i
1,759
1,858 !
1,824
1,644
1,464
1,434
1,342
1,346
1,329 !
1,343
1,349 ;
5__
12_
19 _
26_
747
692
750
537
435
339
32§
290
264
271
191
181
204
226
222
230
228
223
1,631
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
960
936
950
960
846
798
748
557
458
407
337
283
259
231
174
173
168
165
164
163
165
166
i Weekly report Jag member banks in New York City.
1
Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
Back figures .—See Annual Report for 1930 (Table 56).
2,494
2,481
2, 4S3
2,468 •
2,463
„ Back figures.—See A n n u a l Report for 1930 (Tables 51-64).
ACCEPTANCES AND COMMERCIAL PAPER
[Jn mfllions of dollars]
Bankers' acceptances outstanding (dollar acceptances)
Held by Federal-reserve banks;
Held by group of accepting banks
Total
End of month
For own
account
1
1931 I, 1930 I 1931
January
February
March
April
May
June
July
August
September
October
November
—
—.
_
_
1,693
., 021
L, 539
:, 414
,382
,305
,350
,571
,556
,520
,52ft
,467
,422
1,413
1, 368
1,228
j
!
I
i
ii
!
293.3
269. 2
277.3
208. §
184.0
126.
129.0
167.0
!l 207.7
141.3
143.0
327.9 '
89.3
85.0
123.2
161.6
124.4
95.0
39.0
For account
of foreign correspondents
1930
1931
525.9 447.4
503.0 456.0
482. 5 430.8
465.5 408. 9
402. 8 380.2
469.7 ! 340.8
479. 2 i 243.0
4ft). 7
431.fi
433.1
-.
428.8
439.3
Total
1930
1031
220.5
i 182.9
166.7
157.5
165.6
205.1 I
278.6
2C>7. 3
316.7
384.
493.0
371.5
571.4
549.5
472.2
410.2
464.2
553.5
668.0
Own bills
1930 i 1931
63.1
70.7
71.9
54.7
62.6
63.7
62.5 !
95.1
130.9 i
172.4
180.2
89.6 i
134.0
151. 4
130.9
125.0
171.4
196.2
231.7
Commercial
Paper outstandiD
Bills bought
W30
157.3
112.2
94.7
102.8
103. 0
141.4
216.1
172.2
185.8 |
211.8 i
312.8
281.8
1931
437. 4
398. 2
341.3
285.3
292.8
357.4
436 3
1930 i 1931
653.2
668.8
612.9
582.2
569. 8
503.3
4/52.9
434.4
410.8
549. 7
506. 6
417.4
411.9
429.5
440.8
441.3
444.2
378.7
278.0
*
1930 | 1931
i
I
!
|
!
!
!
404
457
529
553
541
527
528
526
513
485
44K
358
327
315
311
307
305
292
289
Figures for acceptances outstanding (and held by accepting banks) from American Acceptance Council; for commercial paper as reported by
about 25 dealers.
SEPTEMBER,
505
FEDERAL RESERVE BULLETIN
1931
INTERBANK LOANS: MEMBER BANK LOANS
TO BANKS
[In millions of dollars.
BANK SUSPENSIONS
[Banks closed to public on account of financial difficulties by order of
supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened]
Back figures not available]
By reserve city banks l
: Total,
By
1 by all
other
M
mem. niem- '•
i; I n New In Chi- In other
ber
her
reserve
Total j; York
2
' banks
City 2 cago
cities 3 banks
Date
538
548
1928—Dec. 31
1929—Mar. 27 . .
J u n e 29
i
Oct. 4
Dec. 31
1930—Mar. 27
'•
J u n e 30 . . . '
Sept. 24
i
Dec. 31 .
1931—Mar. 2 5 . . . . . - J
J u n e 30
- |
670
640
714
[
527 •
535
466 :
631
446 ;
457 ;
501 1
509 !'
621
595 !:
669 ,i
462 !
474
404 1:
509
388
397
288
251
314
302
322
199
196
169
283
154
150
40
62
G7
68
88
58
50
41
55
41
70
173
106
241
225
258
205
228 ,
193
231
194 |
177
Deposits (in thousands of dollars)
Number of banks
Month
1928
1928 1929 1930 1931
January
February
March
April.
May
June
July
August
September
October.
November
December
37
39
49
45
45
65
62
62
62
58
60
Year
* Member banks in 62 legally designated cities: 2 central reserve cities
(New York and Chieago) and 60 other reserve cities; see table on p. 541.
2
Central reserve city banks.
3
Other reserve city banks; see table on p. 541.
202
| 53
'
10,983
18, 352
16, 953
8,190
6, 394
13, 496
5,368
6,147
7,888
9,011
24, 784
11,076
___
_ 21
I 20
41
j 72
i 44
J
I 491 | 042 1,345
1929
1930
1931
16,413 28,90-3
78,130
21, 746 32,800 i 35, 123
9,002 23,769
35, 285
7,790 33,388 j 42,417
24, 090 19,315 • 43, 963
19, 219 70,566 • 196, 542
66,161 32,333 ! r 41, 334
8, 532 21,951 226,022
10,050 23,666
13,153 I 24,599 !
22, 646 ! 186, 306 i
15, 730 1367,119
138, 642 234, 532 ;8G4, 715 I
Back figures.—See Annual Report for 1928 (Table 64).
l i e vised.
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 * and eligible paper (including paper under rediscount)
Date
U. S.
Government securities 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, 5S4
3, 871
1927—June 30
1928—June 30
Oct. 3
Dec 31
1929—Mar. 27
J u n e 29
Oct. 4 .
Dec 31
1930—Mar. 27
J u n e 30
Sept. 24
.
Dec 31
1931—Mar 25
J u n e 30 _ _-
Eligible
paper
2, 775
2,680
2, 551
2,349
2,582
2,688
2,865
2,713
2,542
2, 285
2,271
2,100
2, 045
1,870
B y a] 1 member banks
B y other banks
By reserve city banks *
U. S. !
Govern- , Eligible
ment se- , paper
curities i ,
Total
347
862
914
932
974
929
912
814
818
772
764
708
776
836
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
•
j
;
'
1,992
1,967
1,817
1,811
1,761
1,773
1,733
1,684
I,6fi2
1,620
1,541
1,438
1,373
1,328
U.S.
Government securities 1
Total
Eligible
paper
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
4,767
4,647
4,368
4,160
4,343
4,461
4,598
4,397
4, 204
3, 905
3,812
3,538
3,418
3,198
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
Member
bank
borrowings at
Federal
reserve
banks
441
1,096
1,020
1,041
9S1
1,029
899
646
206
274
173
248
1P.5
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
i E x c l u s i v e of a p p r o x i m a t e l y $650,000,000 of G o v e r n m e n t securities pledged a g a i n s t n a t i o n a l b a n k n o t e c i r c u l a t i o n .
* Member banks iu 62 legally designated cities: 2 central reservo cities (New York and Chicago) and 60 other reserve cities; see table on p . 541.
NUMBER OF BANKS, BANKING OFFICES, BANKS OPERATING BRANCHES, ETC.
[For additional detail—and certain statistics of banks in groups or chains—see BULLETIN for December, 1930, p p . 760-768 and 811-817]
Banks operating branches
Single-office banks
Date
Banksl
Banking i
offices
(banks
plus
!
branches)!
i
Member
;
Total
National
State
Non- |"
' member |_
National
28,996
28. 257
27, 377
26,973
26, 781
25. 95C
25,115
24,630
23, 852
22, 769
31,289 |
30,899 j
30,158 ;
29, 873 i
29,775 ;
M, 1*0
25, 555 i
28,177 I
27, 470 i
26, 308 !
28, 282
27, 472
26, 581
26,194
25,989
25,115
24, 297
23, 808
23,035
21, 993
7,972 !
7,910
7, 760 I
7,677 I
7,638
7, 516
7, 366
7,237 I
7,082 j
6, 872 j
1,379
1, 245
1,160
1,133
1,123
1,058
987
939
899
859
i
i
i
i
i
j
I
I
!
!
18,931
18,311
17,061
17,384
17, 228
16, 541
15,944
15, 632
15, 054
14, 262
State
Banks
Banks
1924—June 30
1925—Dec. 31
1926—Der?. 31
1927— Feb. 25 »
June 30.
192S-June30
1929—June 30
Dec. 31
1930—June 30
Dec. 61
Nonmember
Member
108
132
146
145
152
69
164
168
165
161
Branches
248
332
406
390
722
941
993
1, 027
1. 041
1, 106
Banks
191
196
194 •
189
186
186
190
180
169
160
Branches
Branches
1,137
1,277
1, 366
1,560
1,301
1,220
1,298
1,299
1, 308
1,286
415
457
456
445
454
480
464
476
483
455
908
1,032
1,009
195C
971
1,069
1,149
1, 221
1,269
1,147
All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks amd
all private banks under State supervision.
2 D a t e of the McFadden Act; see BULLETIN for M a y , 1927.
506
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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 (192(5=100)
1
PreBonds1 ferred 2
stocks
Month or date
Total Indus-1j Rail- Public
Electrial road utility Auto- Build- Chain Chem- Cop- trical Maper
ing
and equip- chinmobile equip- store ical
ery
brass ment
ment
60
20
404
125.9
126.5
127.9
126.8
124.7
121.7
123.6
124.8
126.4
125.3
122.6
119.7
121.1
120.7
149
148
149
128
117
109
112
120
122
109
98
95
98
96
140
139
139
118
109
102
403
110
112
100
89
87
90
89
October .
_November
December
1931—January
February
March _ . . _ _
April
May
June
,
July
August
July 29
Aug. 5
Aug. 12
Aug. 19
Aug 26
99.1
99.0
98.7
98.1
98.2
121.5
121.1
120. 9
120.8
120.0
95
94
95
97
96
87
87
88
91
89
-
Oil
Steel
Textile
13
13
17
9
9
4
10
16
10
30
124
121
123
111
102
94
100
105
97
87
77
74
75
66
215
213
218
187
167
158
163
178
189
170
156
153
158
154
132
134
133
108
101
100
106
120
129
117
110
101
105
103
98
97
100
84
77
71
74
78
81
70
59
58
60
58
89
90
96
88
82
78
78
86
90
86
89
89
89
92
217
219
230
191
176
168
162
174
173
148
127
128
131
127
129
121
114
93
91
80
82
91
96
79
67
62
66
61
277
278
283
225
196
182
176
194
201
172
159
157
161
155
155
152
154
134
120
117
120
126
125
109
89
83
88
84
133
130
125
106
97
88
89
91
85
74
63
63
67
70
169
160
162
142
131
125
124
132
133
116
94
85
88
81
67
66
67
58
55
51
53
55
58
52
47
45
46
45
71
68
66
66
64
337 !
j 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
Number of issues
1930—July
August..
Selected groups of industrial issues
|
j
153
151
154
156
155
104
104
105
104
101
59
58
58
59
57
89
91
91
93
92
126
123
126
129
128
62
61
62
62
60
153
151
154
158
158
86
84
85
86
83
66
65
66
75
74
79
79
81
83
45
45
45
45
45
33
i
|
;
•
'
,
i
'
i
•
1
i
,
M
i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
* 20 high-grade industrials; average price.
CAPITAL ISSUES
TOTAL REPORTED SECURITY LOANS
[Exclusive of refunding issues. In millions of dollars]
Domestic issues i
Total,
Corporate
domesGovtic and i
Bonds j
Total » |
foreign
Year and month
[In millions of dollars]
I
I issues
(and j Stocks j
notes) !
1922
1923
1924
1925_
1926
1927
1928
1929
1930.
4,395
4,440
5,557
_..
6,205
| 6,282
! 7,489
;
7,979
i 10,005
6,918 ;
553
183
381
381
249
384
1930—July
l
August
September
October.
November. _.
December
1931—January
February
March
April
May
June....
July
;
!
__
__•
;
i
420
211
' 961
^837
352
'574
216
i
!
!
!
'}
3,631 j
4,019 j
4,588 i
5,129 i
5,157 j
6, 152 :
6,728 :
9,334 i
6,013 !
1,072
1,043
1,380
1,356
1,312
1,423
1,387
1,398
1,441
475 [
166 /
376 i!
21)5 1
248 i
108 !
82
77 !
168 I
3G5 i
186 j
334
202
'959
* 794
:
!
'
i
'i
;|
333 jj
' 535 i
,i
211 ||
86 i
49 !
119 i
' 685 i
'526 !
172 '
'429 •
1,645
1,989
2,200
2,452
2,667
3,182
2,378
2,068
2,980
297
44
222
105
117
93
235
48
250
166
132
100
113
570
653
829
1,152
1,087
1,460
2,900
5,868
1,503
:
i
:
!
i
!
;
i
70 !
40 I
62
22 i
18 '
71:
45 i
27
9 ,
102:
29 :
O
Call date
764
421
969
1,076
1,125
1,337
1,251
671
905
78
17
5
86
1
19
96
9
2
43
19
39
5
i Source: Commercial and Financial Chronicle.
* Issues publicly offered; annual totals are as finally reported by Department of Commerce; monthly figures are as compiled currently and
are subject to revision.
* Includes issues of Federal land banks and Federal intermediate
credit banks, not shown separately.
* Includes Treasury issues (exclusive of refunding) as follows: March,
$408,925,000; April, $425,404,000; .Time, $310,826,000.
By
other
lenders i
By member banks
!„
! Foreign
2
Total i
Total
1928—Oct. 3 . . . .112,429 8,819
Dec. 31.. .114,052 10,172
To
To
To
brobrobrokers in
To
To kers in kers
New
New
banks York else- others York
where
City i
City
(•)
274
269
1,899
2,556
850
975
5,796
6,373
3,610
3,880
1,014
921
939
803
6,526
6,813
7,170
7,685
4,950
5,050
6,640
2,450
2,210
1,430
1,190
610
1329—Mar. 27..
June 29..
Oct. 4 . . .
Dec. 31..
_|l4,643 ; 9,693
.|15,144 ! 10,094
.16,654 ,10, 314
.12,955 10,505
274
335
320
357
1,879
2,025
1,885
1,660
1930—Mar. 27,.
June 30_.
Sept. 24..
Dec. 3 1 . .
J12, 544
J12, 085
.ill, 701
.110,364
110, 334
10,655
10,511
!I 9,754
260
230
175
315
2,344
2,365
2,472
1, 498
819
774
675
7, 024
7,242
7,090
7,266
9, 752 i 9,272
8,943 ! 8,563
219
229
1,630
1,217
575
515
6,848 j
6,602
1931—Mar. 25..
June 30-.
480
380
* 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.
* Revised series.
507
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
1 Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Building contracts awarded
(value)**
Industrial production*
Year and month
Total
Manufactures
Minerals
Residential
Total
Factory employment
Freight-car
loadings *
Unad- Ad- I! Unad- Ad- iUnad- 1 Ad- I Unad- Ad- Unad-; Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed I justed justed ; justed j u s t e d justed justed justed justed justed justed justed I
1919.
1920..
1921..
1922..
1923..
1924..
1925..
1926..
1927..
1928...
1929..
1930..
84
87
67
'86
101
94
10;
108
106
112
119
96
85
'102
95
104
108
106
111
119
1927
February.
March
April
May
.June
July
August
September.
October
November.
December..
108
••110
113
' 1C9
112
107
102
105
••106
105
101
no
in ;
' 114
108 !
112
no i
108
••112
99
109
107
106
105
102
100
100
117
118
107
109
105
100
106
104
105
101
103
114
132
144
145
140
140
131
133
126
122
111
131
128
128
128
128
128
126
128
128
129
131
105
123
133
132
117
115
108
119
120
120
111
117
116
115
115
114
114
113
118
119
121
125
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
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
95
104
102
101
105
99
95
81
81
78
76
73
r no
103 i
100 !
101 1
-•105
108 ,
-•108 !
109 |
109 !
109 |
!
109
111
114
116
106
113
114
113
111
109
105
110
116
117
116
no
117
121
••123
124
126
125
120
122
' 123
121
108
117
118
118
122
124
127
125
123
122
118
108
100
117
122
126
128
128
127
120
122
123
119
107
93
r 117
r 118
120
rl24
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
103
_ '109
104
107
104
106
104
100
94
91
91
87
'84
82
103
103
107
105
107
' 104
100
94
90
90
85
'83
108
104
91
93
102
103
100
101
100
104
95
89
112
109
96
104
103
100
97
96
94
98
92
94
102
113
125
116
107
85
82
75
68
59
81
'85
'87
'89
89
84
86
84
82
83
84
85
90
88
87
92
86
85
58
68
77
82
'78
'74
105
107
108
82
90
104
96
100
101
99
97
101
88
113
111
96
108
108
103
111
11
1
112
105
97
107
109
109
107
102
104
106
104
100
95
106 '
106 j
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 ,
.
74 .
105 .
_
96 ;.
99 j.
108 !
_
107
106
115
98
118
77
81
103
96
101
104
102
102
108
8:
I
]
i
i
Commodity
prices f
|
I
j
84 |
.
91 I
79
87
100
97 I
103
106
103
103
106
92
1
i
1
i
!
i
:
|
'
139
154
98
97
101
98
104
100
95
98
97
86
100
100
99
99
100
99
99
98
98
97
97
105
106
105
104
102
99
102
102
103
98
99
99
102
99
105
105
104
109
116
114
101
88
107
109
106
103
104
102
104
103
101
98
98
96
95
94
94
94
94
95
97
97
97
97
97
97
98
98
99
100
92
94
97
96
105
101
105
109
119
119
109
94
102
102
103
101
103
100
102
103
105
106
107
106
96
96
96
97
96
98
100
100
99
101
103
100
101
101
98
103
104
107
104
104
97
100
101
102
102
102
102
104
105
103
99
95
100
100 !
101
102
102
103
103
103
102
101
99 |
|
97 |
95
99
98
102
109
110
111
115
121
118
102
89
108
107
105
108
107
108
107
107
106
104
102
102
100
100
100
99
99
101
1928
January..
February. _
March
April
_.
May
June
July
August
September.
October
November.
December..
105
111
112
110
no
108
105
no
116
118
115
109
1929
January..
February._
March
April
May
June
July
August
September.
October
November.
December..
January..
February.
March
April
May
June.
July
no
106
111
112
111
103
99
97
97
97
97
97
96
94
94
i
1930
January
February
March
April
May
June
July
August
September
October. _.
November
December.
101
108
111
111
111
99
100
107
108
' 1C5
99
91
90
92
90
'85
78
' 109
no
'
no
106
99
'89
88
91
88
'^3
76
96
94
93
92
91
90
87
84
83
•
!
;
!
|
!
SI
100
92
91
91
89
87
84
84
84
83
80
78
80 |
1931
'81
86
'88
'87
91
'89
'91
89
90
84 !
82
'83
*79
••82
77
76
75
73
71
70
70
• 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. 541.
f Wholesale price index of Bureau of Labor Statistics: 1926=100. Index numbers for groups and subgroups of commodities are given on p. 512
' Revised. For revised figures of lumber production; see pp. 508 and 542.
v Preliminary.
73809—31
3
508
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
INDUSTRIAL PRODUCTION
[Index numbers; 1923-1925 average=100]
Without seasonal adjustment
Month
Adjusted for seasonal variation
19191920119211922 1923 1924 1925 1926 1927 1928 1929 1930 j 1931! 1919 1920 1921 1922 1923 1924 1925 1926 1927 j 1928 \ 1929 1930 1931
Industrial production (manufactures and minerals)
January
February--March
April.—
May
June
July
August
September..
October
November..
December..
Year.
81
78
76
77
80
84
87
89
89
89
87
81
92
93
'94
87
92
92
'88
89
88
'86
78
68
66
65
64
64
67
66
64
67
69
73
72
66
72
76
81
78
82
'86
84
83
89
96
99
95
99 99 105
101 104 107
105 103 '106
107 96 104
108 90 104
105 85 101
'101
81 99
100 '88 '101
101 95 '102
102 98 107
99 99 108
92 97 103
83 87 67 85 '102
'105 105 105 !117
'108 '110 Ill !121
'109 113 112 :123
108 '109 110 124
107 112 110
106 107 108
102 105
109 105 110
113 '106 116
114 105 118
110 101 115
101 96 109
'104
126
125
120
122
123
121
108
96
103 82 82 '95
'109 '87 79 '95
107 '89 76 93
108 90 78 '88
'105 89 78 90
99 83 83 '91
91 *80 87 '89
90
89 89
92
87 86
100 '100 105
100 102 105
103 100 104
107 95 103
106 89 '102
'106
85 102
104 84 103
'102
89 103
100 94 101
100 95 104
98 97 '106
97 101 109
73
76
80
77
81
'85
'85
'83
88
86 83 i 71 '93
85 76 71 97
'86 '72 70 100
90
85
78
67
i 66
64
64
66
65
j 65
67
'68
95 104 108 106 111 119 ...
110
111
111
109
106
108
106
106
105
103
100
101
104
108 118 107
104
109 122 '106
109 124 104
109 '127 100
109 '125
94
111 123 91
114 122 91
116 118 87
116 108 '84
'116 r100
82
I
i'108
! 108
| 107
! 107
106
108
'108
'111
j'112
111
107
104
104
107
109
109
'110
109
107
106
105
102
100
100
; 106 '117 | 103
81
' 109 '118 | 107 '85
! 109 120 I 105 '87
i 110 '124
'89
!
! 110 126
89
i 111 129
84
'110 126
'112 124
: 115 122
116 118
i 116: 108 | '83
i 117 98 i 80
I
'106
106
107
107
106
108
'108
106
108
111
108
'110
'105 '117
'108 '118
'82
86
'87
'89
89
84
P83
1
Production of manufactures
94
January
96
February. _'96
March
'90
April
93
May
'92
June
87 '87
July
90
August
87
September _
'88 j 83
October
74
November..
December. . •83 '65
Y e a r . 84
87
106
109
109
106
104
100
98
'99
'103
•108
110
'105
95
67
108 ! 104
i 111 ; 110
I 111 '114
! 110 • 112
108 :'112
! 106 i 107
'103 | 102
i 108 104
112 106
'113 104
! 108 100
95
99
86 | 101 i 94 ! 105
108
106
106
113
114
113
111
109
105
110
116
117
115
110
117
122
126
128
128
127
120
122
123
119
107
93
112 119
8
73 '99
103 ' 1 82 96 r 64
64 ' 7 4 100 '102
'110 '88 '80 r
78 103 i 101
'109 91 78 9 5 63
81 106 | '96
9
110 ' 1 79 ' 8 9 63
106
106 90 78 91 64
99 82 84 91 ' 6 5 i 90 105
' 9 P79 '89 ' 8 9 64 ! ' 9 0 i 103
8
91 89 67 ! 87 i 100
88
! IOI
'88 86 ' 6 8
91
86 82 71 94 i 9 8
88
97 i '97
89 73 71
'3
8
'88 68 70 ; 100 '97 102
76
105
106
105
103
102
102
'103
'106
109
,'111
96
i
Production of minerals
74
January
February. .. 63
March
61
65
April
75
May
82
June
88
July
83
August
September . 94
95
October
November. . 63
December. . 70
82
78
80
73
86
9£
94
98
94
100
97
87
Year. 77 89
77 73
72 81
67 88
65 48
73 53
73 63
70 61
71 67
72 88
78 98
71 98
64 94
97
94
97
99
107
112
115
116
106
119
108
93
100
100
93
83
93
96
95
96
103
103
100
95
112
113
111
96
108
108
103
111
111
112
105
97
100
99
98
94
104
104
103
111
115
123
117
106
114 ! 108 86 79 86
116 i 104 84 70 84
101 | 91 82 66 87
103 I 93 83 71 82
116 i 102 84 74 85
116 | 103 85 76 88
81 88
118 : 100
121 ! 101
78 91
• 85 85
127 ' 100
127 ! 104
| 87 91
114 95
! 63 94
110 ! 89 ....! 77 94
81 77
77 85
72 92
72 53
73 54
71 59
68 57
69 62
67 81
71 90
68 94
69 100
101 103 105 92 116 103 118
99 105 100 95 117 103 120
102 98 95 104 118 103 107
111 93 99 108 107 105 115
108 93 105 104 109 105 116
108 92 101 106 105 1 1 112
0
111 92 104 107 100 101 114
110 92 107 109 106 105 115
97 97 89 110 104 107 118
107 96 90 114 105 114 118
105 96 94 118 101 113 110
99 100 93 119 103 112 118
1
112
90
109'•88
96 ! 87
104 , 92
103 ; 86100 i 85
97 i *>84
96 :
94 !.._.
98 !
!._-.
92
94 ....
99 108 107 106 115 ! 99
96
70 74 105
90
92
98
96
103
109
110
115
119
124
123
113
101
95
90
89
105
104
106
112
97
97
98
89
i
r
p Preliminary.
Revised.
ESTIMATED LUMBER CUT: REVISED INDEX
[1923-1925 average=100. For basic data see p . 542]
Without seasonal adjustment
Adjusted for seasonal variation
1919 1920 1921 1922 1923 1924 11925 1926 1927 1928 1929 1930 1931 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931
January
February. ..
March... _
April
May
June
July
August
September _
October _..
November..
December. .
64
71
77
84
90
84
90
94
99
96
90
95
98
99
91
74
88
92
89
S3
72
53
Year. 84 86
5
1
61
65
69
78
77
77
77
77
79
78
70
75
75
79
83
93
96
95
95
95
94
90
78
87
85
101
105
107
109
106
109
109
106
103
87
91
99
101
106
104
98
92
103
99
98
93
84
72 87 101
98
1
|
i
!
1
!
!
'
i
j
j
i
1
!
98
102
103
103
104
104
98
106
105
105
96
94
101
88 83
99 91
102 91
103 86
104 93
103 94
100 95
101 102
100 101
101 97
92 92
84 82
98
92
82
91
94
97
93
94
82
93
89
94
90
85
84
84
94
99
98
97
93
98
93
92
84
76
66 j 43
77 i 44
86 I 51
86 j 52
82 53
75 ! 51
64 j 43
64
58 ;....
56 !
46 ....
45 ....
91
91
67
l]
74
76
79
«1
83
83
86
89
92
93
93
93
95
97
96
96
89
88
84
86
84
79
73
66
57
66
66
67
72
7?,
73
72
73
76
79
86
84
81
80
80
86
89
90
90
91
91
92
93
96 99 108 98
91 103 104 101
102 100 101 100
1 1 103 100 100
0
99 97 100 100
102 94 1 1 100
0
103 92 99 1 1
0
103 97 100 95
104 95 101 97
102 95 101 97
105 96 99 95
104 97 105 93
92
93
89
84
89
91
96
96
97
93
94
91
92
92
92
93
90
91
84
88
86
90
93
94
94
86
91
94
93
94
95
93
92
89
87
85
75
79
83
80
78
73
65
61
57
54
47
50
49
45
50
49
50
49
44
509
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100]
1931
1930
Industry
Sept.
Oct.
85
80
85
88
79
74
71
74
91
65
63
65
93
83
June
Jan.
Nov.
Feb.
Mar.
64
57
64
86
82
62
68
64
40
134
143
117
93
91
95
80
98
136
92
102
106
C9
78
118
79
94
116
72
91
122
124
73
61
74
93
84
75
81
77
54
146
158
121
92
94
96
85
99
136
91
87
110
103
77
117
86
98
122
78
97
144
124
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
75
65
76
98
96
86
103
71
60
119
122
114
96
97
93
97
104
159
98
89
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
104
79
118
94
91
126
79
93
166
127
64
56
64
97
92
89
105
83
55
122
136
96
83
83
75
88
96
154
85
83
108
99
79
113
92
88
110
83
91
172
123
May
July
MANUFACTURES
IRON AND STEEL
109
101
110
84
85
71
78
73
49
100
93
102
93
90
88
90
86
137
104
84
116
108
88
114
95
105
122
98
110
173
132
_
FOOD PRODUCTS
Slaughtering, meat packing
Hogs
Cattle
Calves
_
Sheep
Flour
Sugar meltings
PAPER AND PRINTING
Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
_
Paper board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
_.
Newsprint consumption
75
68
52
150
170
109
94
93
94
85
97
158
90
105
107
100
81
97
91
99
123
72
104
141
122
64
52
162
182
123
94
87
94
71
83
147
93
123
103
95
77
94
89
93
115
74
97
133
119
61
57
54
47
50
49
45
50
49
50
49
44
75
40
347
95
107
100
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
89
63
11
246
78
76
81
68
7
115
87
79
80
67
7
61
92
80
72
77
13
99
M02
92
85
'78
14
112
r
107
91
80
116
100
94
79
101
100
79
73
106
154
67
101
143
90
68
90
151
91
61
93
132
85
62
71
126
78
60
66
114
79
79
84
123
109
83
92
116
••117
126
105
116
105
97
95
103
| 117
i 65
' 96
| 92
| 101
111
95
97
94
111
97
101
127
86
91
87
86
119
83
65
85
82
118
53
57
67
62
113
103 |
92
80
84
80
90
111
78
79
70
77
126
105
68
69
118
100
119
114
96
94
__
Cotton consumption
Wool
Consumption
Machinery activity 1
Carpet, rug loom activity 1
Silk
—
Deliveries
Loom activity *
67
49
139
158
101
96
92
91
88
97
146
98
104
109
100
80
104
87
99
115
88
106
159
126
77
92
145
94
TEXTILES
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
91
42
164
97
103
100
_.
92
93
86
91
93
93
81
84
78
82
67
69
76
80
62
65
47
43
109
113
120
117
98
91
94
91
89
89
85
85
89
89
93
95
139
143
101
103
106
84
111
109
105
101
84
83
111
105
89
89
108
100
124
115
88 I 92
103 ! 108
146
151
124 i 123
65
_
Pig iron
Steel ingots
82
119
77
76
96
90
117
73
70
109
112
73
72
104
112
91
68
70
92
108
91
65
65
88
170
166
210
206
85
90
113
117
126
126
123
132
119
122
93
71
141 ! 137
91 i 88
177
183
164
205
84
109
124
119
96
98
j 79
130
89
164
I
I
82
88
i 117
96
84
94
106
70
165
207
78
112
117
114
84
87
64
125
85
158
160
203
74
108
106
109
88
91
68
129
88
164
151
188
69
109
104
101
77
80
58
119
86
147
149
186
67
108
105
97
73
75
61
128
144
149
177
188
70
69
106
107
102 ! 94
97 ' 99
88
94
91
96
68
71
121
132
78
174
152
191
76
112
96
100
98
102
74
131
83
161
205
71
113
100
102
107
111
81
134
163
211
71
109
95
100
123
127
95
137
88
177
161
207
76
111
90
91
126
130
162
208
80
107
98
84
112
yo
133
116
DO
oo
122
85
80
114
79
89
93
101
73
87
105
115
74
83
90
ff4
70
86
83
114
51
83
70
83
73
85
93
77
93
110
73
89
110
76
72
112
72
65
83
65
76
65
82
61
70
65
79
63
75
71
122
27
68
54
78
51
74
66
122
46
67
54
60
'6
4
74
57
122
55
59
49
64
43
fiQ
oy
78
81
fiQ
oy
Do
66
59
51
60
102
96
100
122
90
52
120
132
95
88
82
74
88
88
147
95
98
i 81
123
LUMBER:
Lumber cut (see p. 508)
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
_
Sole leather l
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS ».
Copper (smelter)
Tin (deliveries) i
FUELS, MANUFACTURES:
Petroleum refining._
Gasoline l
Kerosene
Fuel oil i
Lubricating oil *
Coke (by-product)
_
_
RUBBER TIRES AND TUBES
_.
Tires, pneumatic
Inner tubes
-
TOBACCO PRODUCTS
Cigars
Cigarettes
MINERALS
COAL:
Bituminous
Anthracite. _
P troleum. crude.
Iron ore shipments
Copper (mined)
Zinc
Lead
Silver
89 ,
_
124 I 120
108 i 95
86 ! 83
'99 ;! 91
99
103
75
i
I
j
!
I
I
95
90
173
169
85
QO
87
171
84
QQ
y»
146
101
77
156
i
in
77
84
121
r
i Without seasonal adjustment.
* Includes also lead and zinc; i
'Minerals."
Revised.
NOTE.—The combined index of industrial production is computed from figures for 57 statistical series (49 of manufactures and 8 of minerals)
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927.
510
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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
Industry
1931
July
TOTAL—ALL MANUFACTURING INDUSTRIES. ..
IRON AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
_
Structural ironwork
Heating apparatus
Steam fittings
Stoves
Cast-iron pipe
MACHINERY
Foundry and machine-shop products. _.
Machine tools
...
Agricultural implements
Electrical machinery.._
TEXTILES AND PRODUCTS
A. Fabrics
Cotton goods
Woolen and worsted manufactures,.
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods
Silk manufactures.
_.
Dyeing andfinishingtextiles...
B. Wearing apparel
Clothing, men's
Shirts and collars
Clothing, women's
Millinery
FOOD AND PRODUCTS
.
Baking
_.
Slaughtering and meat packing
Confectionery—
Icecream
Flour
Sugar refining cane
PAPER AND PRINTING...
Printing, book and job
Printing, newspapers and periodicals..
Paper and pulp
Paper boxes.
LUMBER AND PRODUCTS.
Lumber, sawmills...
Lumber, mill w o r k . .
Furniture
TRANSPORTATION EQUIPMENT...
Car building and repairing.
Automobiles
Shipbuilding
LEATHER AND MANUFACTURES.
Boots and shoes
Leather
CEMENT, CLAY, AND GLASS PRODUCTS.
Clay products
Brick, tile, and terra cotta
Pottery.-.
—
Glass
Cement...
NONFERROUS METAL PRODUCTS..
Stamped and enamel ware..
Brass, bronze, and copper. _.
CHEMICALS AND PRODUCTS
Chemicals and drugs
Petroleum refining
Fertilizers
_
RUBBER PRODUCTS
Automobile tires and tubes...
Rubber boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes
_
Chewing and smoking tobacco, snuff.
MUSICAL INSTRUMENTS..
Pianos and organs.
Factory pay rolls
Without seasonal adjustment | Adjusted for seasonal variation ! Without seasonal adjustment
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
I
June
1930
j
July
75.0 ;
72.6
74.4 :
68.0
81.6
63.5
60.3 ;
66.4
67.4 |
73.9 '
68.1
81.2
57.7 ,
87.4
76.7 !
77.9
77.0
72.0
72.1
71.4
86.2 ,
69.3
97.3
73.6 .
56.9 '
83.1
97.6
64. 0 .
88.4
96.7
85.5
80.2
92.7
76.4
78.4 ;
92.7 !
95.3 !
103.0 •
84.1 !
83.4 :
54.3
48.8 ;
55.8 i
69.2
63.5
54.0
72.6
91.7
79.7
80.8
75.1
67.0
63.3
56.5
81.6
74.9
66.3
65.4
43.7
72.8
86.7
90.2
91.1
48.9
75.6
78.3
67.8
79.9
81.7
66.0
38.1
25.6
85.5
86.1
88.4
77.4
109.6
70.5
66.8
74.0
80.1
95.2
89.2
119.0
104.4
103.9
76.6
77.8
75.9
68.1
68.9
63.6
85.2
80.9
95.2
73.5
61.8
87.0
94.2
50.4
95.0
103.3
91.8
79.4
105.4
87.6
97.0
100.5
107.8
104.6
93.4
90.1
68.2
64.3
65.3
81.1
74.8
67.2
81.0
105.4
86.6
87.7
82.0
75.8
75.1
71.9
83.6
73.6
82.9
77.7
56.8
84.8
101.0
98.7
113.6
72.2
82.7
85.4
74.2
88.2
90.6
69.8
55.3
34.4
i
1931
July
75.1
72.1
74.4
66.6
81.3
61.4
61.4
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
1930
1930
June
76.0
72.6
74.6
67.7
80.9
63.2
59.9
66.1
65.8
73.4
67.4
81.8
58.1
87.4
78. 6 j
78.7
77.7
73.4
73.4
73.2
86.0
70.2
98.3
78.3
56.7
85.8
111.5
65.3
88.7
94.9
85.9
89.3
80.8
78.8
77.2
93.6
96.5
103.3
84.1
86.6
54.4
47.5
55.1
73.1
62.4
53.6
70.7
90.6
83.9
85.5
77.4
64.4
60.4
52.6
81.4
73.0
63.3
65.4
42.6
73.2
89.6
92.1
90.2
71.8
75.7
76.8
72.4
80.4
82.1
67.3
40.7
26.8
j
July
|
86.6 !
87.3 !
89.6 i
78.6 i
108.2
74.1 |
68.2 I
79.5 I
77.6
95.2
88.8
120.6 i
110.2 !
103.9 |
81.0 j
80.6 I
78.3 j
71.6 :
72.4 !
67.2
89.0
82.7
98.7
82.0
61.1
91.3
111.8
72.5
95.2
102.6
91.8
90.5
87.4
87.4
93.3
101.7
109.2
106.0
93.4
92.7
67.8
62.9
64.4
83.5
74.9
66.8
81.4
108.0 |
86.8 !
87.7 i
83.4 |
74.3 j
71.9 !
66.4 ;
86.8 j
76.7 '
78.8 !
78.7 i
58.2
85.7
105.4
102.2
111.1
105.6
82.4
83.9
77.7
90.4 i
92.2 1
75.9 !
59.9 I
38.0 i
1931
July
1930
June
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
NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677).
67.6
57.6
58.8
52. 2
69.0
48.0
45.9
50.1 i
55.6 I
62.4 I
55.3 !
63.5 i
44.6 (
81.3
66.7 |
69.4
66.2
61.6
62.8
56.3
83.6
63.2
91.3
61.1
48.4
68.8
77.7
54.6
89.7
95.4
90.4
76.9
96.8
74.6
74.4
96.6
97.6
113.4
77.6
83.2
44.6
40.4
47.5
51.9
58.8
53.0
62.1
91.4
66.7
64.7
74.2
54.4
44.4
39.2
58.4
68.3
64.8
59.1
38.1
65.2
84.1
83.2
91.1
49.4
72.4
77.7
51.4
68.6
69.1
64.2
33.8
20.8
July
82.6
78.0
80.9
65.4
103.9
60.8
60.8
60.9
77.4
90.9
83.0
105.3
89.1
107.4
69.2
68.1
62.9
58.4
61.3
45.3
81.8
73.6
87.2
71.4
61.1
77.5
92.2
46.8
100.2
106.1
100.0
78,2
113.4
91.1
94.6
107.3
114.5
115.4
91.4
94.2
63.0
62.4
59.8
66.5
71.7
66.8
72.4
115.3
78.6
77.3
83.5
66.4
61.1
59.4
65.6
67.2
82.8
76.0
56.7
81.7
100.8
91.9
118.1
79.4
80.8
83.6
69.7
81.9
83.4
70.6
60.0
31.9
511
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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]
Residential
Total
Public works and
public utilities
Commercial
Factories
Educational
All other
Month
1930
January February
March
April
May
June..
July
Year to date
August -September
October
November
December - _
r
1931
1930
1931
324.0
317.1
456.1
482.9
457.4
600.6
366.9
228.0
235.4
370.0
336.9
306.1
318. 1
286.0
66.6
74.8
101.5
123.1
116.6
96.8
84.3
54.4
77.9
100.9
95.9
88.9
72.7
63.9
13.5
20.4
29.8
22.1
37.4
22.7
28.9
10.1
7.3
20.6
11.3
16.3
8.9
10.4
54.1
72.9
77.0
73.2
73.3
59.1
46.9
3, 004. 9 2, 080. 5
346.6
331 9
336.7
253.6
249.4
663.7
82.7
98.5
104.7
80.8
70.9
554. 6
174.7
18.2
24.0
13.8
13.0
12.9
84.8
456.6
50.9
31.1
35.7
29.5
25.1
.
.
—
r
Revised.
1931
1930
1931
1930
1930
1931
28.4
27.5
36.7
26.6
26.3
27.6
29.5
136.8
99.0
149.8
165.7
152.1
322.9
121.2
95.2
78.6
151.7
133.0
108.9
140.8
116.3
19.0
21.2
35.4
35.2
36.9
48.9
42.7
19.4
16.7
24.3
23.0
23.8
22.5
26.1
34.0
28.8
62.6
63.5
41.1
50.2
42.8
20.5
27.3
35.7
47.1
41.8
45.6
39.8
202.8
1,147. 5
126.7
109 1
113.0
76.4
78.6
824.6
239.3
25.9
28.2
28.6
29.5
24.5
155.8
323.1
42.3
40 8
41.1
24.4
37.3
257.9
r
1930
1931
1930
1931
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports
Merchandise exports
1928
January
February
March «
April
May
June
July
Year to date
August
September
.
October
November
December
-.
-
-_.
-
1931
1930
488
442
490
425
385
393
403
411
349
370
332
320
295
267
2,757
379
422
550
545
476
_
--
1929
411
371
421
364
423
389
379
3,026
381
437
529
442
427
2,342
298
312
327
289
275
1928
1929
250
224
236
215
204
187
*183
P
338
351
380
345
354
317
318
369
369
384
411
400
353
353
1, 499
2,404
347
320
355
327
339
2,639
369
351
391
338
310
1930
311
282
300
308
285
250
221
Excess of exports
1931
1928
1929
1930
1931
183
175
210
186
180
174
»175
73
20
40
19
69
71
61
119
72
106
15
* 15
40
50
100
67
69
24
35
44
46
67
49
26
29
24
14
*8
1,957 »1, 282
218
226
247
204
209
353
32
102
195
218
136
387
11
86
137
104
117
386
79
86
80
85
67
p 217
9 Preliminary.
* Excess of imports.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[1923-1925 average=100. For backfiguressee BULLETIN for November,
[Index numbers; i 1923-1925 average^ 100. Source of basic data: American Railway Association]
1930, p. 686]
Index of stocks (end of
month)
Index of sales *
March April
Month
Adjusted
for seasonal
variation
Without
seasonal adjustment
1930
January
February...
March
April
May
June
July
August
SeptemberOctober
November .
December..
1931
1930 1931
107
108
107
107
105
103
100
102
99
102
97
98
97
106
97
95
91
79
80
92
101
97
90
65
110
105
98
71
77
103
112
113
165
Without
Adjusted
for seasonal seasonal advariation justment
1930
1931
1930
93
100
101
87
87
95
101
104
85
1931
May
July
Adjusted for seasonal variation
Total
Coal
_
_
Coke
_
__..
Grain and grain products
_
Livestock
Forest products
Ore.
M iscellaneous
Merchandise»
80
78
64
80
78
60
79
76
56
77
73
49
76
73
46
96
67
45
62
83
89
104
69
43
41
85
97
68
44
30
85
89
90
65
41
43
82
89
100
67
38
51
79
88
88
Without seasonal adjustment
77
75
Total—
74
65
Coal
57
64
Coke
—
94
Grain and grain prod82
80
ucts
94
102
Year.
65
59
Livestock
45
47
Forest products
20
15
Ore
i Based throughout onfiguresof daily average sales—with allowance
87
79
Miscellaneous
for changes from month to month in number of Saturdays and for six
91
89
Merchandise >
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seai Based throughout on daily average loadings,
sonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
i In less-than-carload lots.
June
79
67
56
77
63
45
78
64
41
80
64
47
45
89
92
78
55
43
77
86
89
120
56
38
92
83
87
512
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics; 1926=100)
Other commodities
Year and month
All com-1 Farm
modities ' products
Foods
Hides and Textile Fuel and Metals Building Chemi- House- Miscellighting and metal
cals and furnishleather
products products materials products materials drugs ing goods laneous
Total
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
i
i
:
!
1
!
j
82.2 !
80.0 I
77.7 I
75.5 !
73.8 •
73.3 ;
72.4 !
76.4
75.4
75.4
76.3
75.1
71.8
70.5
95.4
94.3
92.7
91.8
90.4
90.2
90.0
90.0
88.9
87.4
86.4
85.8
85.6
84.4
88.9
87.8
87.3
86.6
86.0
85.2
84.8
96.2
96.2
95.9
95.4
95.3
95.2
91.3
74.5
71.7
71.2
69.7
68.8
67.8
66.9
:
71.0
70.4
69.2
67.6
66.3
65.4
65.4
64.5
61.6
60.9
58.1
58.2
89.3
88.9
89.0
88.7
87.8
87.4
87.5
82.9
81.8
81.9
80.9
78.4
77.5
75.8
83.6
82.2
81.9
80.1
79.1
77.9
77.3
91.1
90.8
90.8
90.8
89.2
88.6
88.0
64.7
63.9
64.7
63.9
62.8
61.8
61.0
100.0 i
95.4 !
97.7
96.5
86.3
100.0
99.4
105.9
104.9
8a 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
1930—June
July
August
September...
October
November.._
December,-.
86.8
84.0
84.0
84.2
82.6
80.4
78.4
88.9
83.1
84.9
85.3
82.6
79.3
75.2
90.5
86.3
87.1
89.2
88.6
85.7
81.8
85.7
84.3
83.3
82.8
81.5
80.1
79.0
102.4
100.7
98.9
99.1
96.5
94.0
91.2
1931—January
February
March
April.
May
June
July
77.0
75.5
74.5
73.3
71.3
70.0
70.0
73.5
70.1
70.6
70.1
67.1
65.4
64.9
80.1
77.1
76.7
75.6
72.9
72.4
73.1
77.8
77.1
75.6
74.2
73.2
71.9
71.8
88.6
86.6
87.4
87.3
87.3
87.8
89.2
i
f
!
i
!
1926 (base)
1927-.
192819291930-
!
1930
Subgroups
1931
May
FARM PRODUCTS:
Grains
Livestock and poultry
O ther farm products
FOODS:
Butter, cheese, and milk
Meats
_
Other foods
HIDES AND LEATHER PRODUCTS:
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
Other metal products
BUILDING MATERIALS:
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
CHEMICALS AND DRUGS:
Chemicals
Drugs
Fertilizer materials
Mixed fertilizers
HOUSE-¥URNISHING GOODS:
Furniture
Furnishings
->
MISCELLANEOUS:
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
June
July
Aug. Sept.
Oct. ! Nov. Dec.
82.1
93.2
96.5
78.7
88.5
92.7
74.1
81.8
86.9
92.5
101.3
86.3
90.4
99.9
85.1
92.0
91.8
80.7
96.8
104.2
103.7
105.3
99.0
102.9
103.0
105.1
94.0
100.1
102.9
105.2
80.4 ! 77.0 i 72.1
84.6 i 88.0 i 82.4
86.7 i 86.4 | 86.3
I
i
97.9 i 99.6 98.7
93.1 I 99.2 ; 96.7
79.4 ! 79.3 ! 79.8
91.2
94.2
83.6
99.9
96.7
98.2
100.6 100.5 100.3
104.9 105.0 104.2
90.7
70.3
88.9
72.1
89.3
64.3
88.6
69.0
87.4
60.4
88.0
65.5
85.0
57.6
86.6
63.5
82.8
55.4
84.6
61.3
88.4
84.0
97.9
66.5
85.8
88.2
84.0
99.7
63.6
86.5
88.8
84.0
99.4
61.0
87.8
88.6
83.8
99.8
60.9
92.9
80.6
95.0
106.8
98.4
91.7
78.1
95.0
105.5
98.4
90.7
73.5
94.9
105.5
98.4
89.7
86.4
92.7
91.9
89.1
101.8
85.3
83.0
91.7
86.8
88.7
95.3
67.8
86.5
93.6
Jan. I Feb. f Mar. Apr.
May \ June
July
64.0
77.7
85.4
64.0
76.3
78.1
62.4
75.2
76.0
60.4
69.6
73.7
59.3 I 59.5
70.7 i 70.3
74.2
73.4
59.6
64.1
71.5
56.0
61.9
70.8
49.0
63. 0
71.3
95.8
91.4
78.4
89.4
89.2
74.5
85.2
88.4
73.4
83.3
83.6
70.8
83.7
82.0
70.8
80.9
79.9
70.9
78.4
74.4
69.7
79.1
71.3
70.1
73.4
69.7
75.1
93.3
100.3
104.2
69.4
91.5
97.7
104.2
64.4
90.8
95.1
102.4
57.7
89.0
95.0
102.0
62.1
88.4
94.9
102.0
62.0
88.4
94.8
101.6
62.6
88.1
94.8
101.3
65.5
87.8
94.7
101.3
101.3
81.6
52.1
83.6
59.0
81.9
50.7
83.2
57.9
79.7
51.7
82.3
57.8
77.3
50.1
82.1
57.5
76.9
48.8
81.7
59.0
76.5
47.0
79.7
57.4
75.7
45.2
77.3
55.6
73.9 | 72.6
44. 0 43.8
76.4
75.9
55. 9
53.1
72.4
45.0
75.3
52.1
89.1
89.2
83.9
101.3
62.0
89.6
89.2
99.7
59.4
89.6
89.1
83.9
97.0
53.3
89.6
89.1
83.8
95.4
51.1
88.9
88.1
83.8
95.8
50.4
88.9
87.8
83.8
95.8
50.2
88.2
85.8
83.7
94.6
41.8
86.6
84.4
83.7
96.1
37.4
87.6
83.9
83.7
99.0
35.9
88.8
83.2
81.5
101.9
30.7
90.8
83.5
81.5
90.1
72.7
94.9
102.5
98.4
89.5
71.2
94.9
101.6
98.4
88.6
67.8
94.9
100.2
98.4
88.3
68.4
94.9
99.8
98.0
88.0
69.7
94.9
99.5
95.2
88.1
67.4
94.7
98.7
95.0
88.4
66.1
94.7
98.0
95.0
88.1
67.1
94.7
98.0
95.0
87.5
65.1
94.7
98.6
95.0
87.2
60.6
94.7
98. R
94.4
86.9
58.9
94.6
98.6
94.4
87.1
59.4
94.5
98.9
92.5
83.3
82.9
91.7
84.3
87.1
99.4
81.1
82.5
91.7
84.3
83.7
98.7
80.8
82.3
91.7
81.7
78.1
98.0
80.2
82.5
91.7
81.7
75.9
97.3
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
80.5
75.8
84.3
69.5
88.7
93.8
67.9
85.3
94.1
92.5
67.3
84.3
93.1
92.1
66.8
83.3
92.7
90.9
66.8
83.1
92.5
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
84.8
64.6
80.8
88.3
83.3
63.0
80.6
83.5
81.9
02. 8
80.5
82.8
80.2
62.1
79.8
82.4 !
80.1
61.6
78.7
80.2
96.6
95.8
96.5
95.9
96.5
95.8
96.5
95.3
96.5
94.4
96.5
94.2
96.5
94.0
95.5
87.6
95.5
87.3
95.5
86.7
95.5
86.7
95. 5
86.7
93.5
85.5
92.8
85.0
92.4
84.3
110.3
85.6
29.2
54.5
107.9
102.0
85.2
25.9
52.2
103.3
94.8 104.8
83.8
83.8
23.6 I 20.3
52. 0 ! 52.0
97. 2
94.5
93.6
83.5
17.1
52.0
93.8
83.5
16.9
52.0
91.5
83.0
83.5
18.6
51.3
88.9
78.2
83.6
18.6
51.3
86.9
75.0
83.6
17.1
45.7
86.1
71.6
83.1
16.1
45.7
85.1
82.1
82.3
16.0
45.7
86.3
81.2
31.4
13.3
45.7
85.9
67.9
81.3
13.7
45.7
84.9
61.1
80.3
13.3
45.7
84.0
55.8
80.1
13.2
45.7
82.6
j
I
(
I
72.7
30.3
Back flgures.—For indexes of groups, see FEDERAL RESERVE BULLETIN for March 1931 (p. 137); of subgroups, see FEDERAL RESERVE BULLETIN
for April, 1931 (p. 197) and bulletins of the Bureau of Labor Statistics Nos. 473, 493, and 521.
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
513
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE NATIONAL BANK OF BULGARIA
The annual report of the National Bank of
Bulgaria for 1930 was presented to the Minister
of Finance on April 30, 1931. Sections of the
report are given herewith:*
The world-wide crisis, which began in 1929,
became still further intensified during the past
year. It has especially affected this country,
which is a producer of raw materials and agricultural products, the prices of which have
declined sharply, and the sale of which, in
consequence, has become more and more difficult. The reduction of the purchasing power
of the agricultural population was reflected to
a serious extent in every branch of the economic
and financial life of the country.
Agriculture.—The great difficulties of agriculture, due not merely to a temporary overproduction but also to more permanent causes—
among which are the increasing use of machinery and the rationalization of production of
cereals in the principal agricultural countries—
have required and still require the adoption
of emergency measures of assistance to the
farmers adversely affected by the general crisis.
For example, all the export duties remaining
from pre-war or post-war times have been
abolished. In order to maintain the prices of
grain at a certain level, and to assist producers
to pay their taxes, the law of December 26,
1930, created a managing board for the purchase of grain. In view of the disorganized
state of the wheat market resulting from the
rapid fluctuations and sharp fall in price, the
new board, as the instrument necessary for
unifying and organizing the export of grain and
flour on a rational basis in this country, can
render a lasting service to our small farmers.
Other important measures have been taken
to improve agricultural production and to
further its adjustment to the demands of the
market. The considerable increase in the
export of eggs and poultry, the prospects of
exporting livestock and animal products more
regularly, as well as the encouraging start made
in exporting raisins, wine, fruits, legumes, etc.,
indicate clearly the new lines along which
Bulgarian agriculture is developing.
The difficulties against which the agricultural
countries have to contend have compelled
1
The report, available in French, contains in addition tables showing
the operations of the bank in detail and sections dealing with the merchandise balance by months for the past four years, prices, production,
the Bank for International Settlements, the state budget, etc. For
earlier reports see FEDERAL RESERVE BULLETIN for September, 1930, and
July, 1928.
their respective governments to seek through
closer cooperation a more systematic and more
profitable marketing of their farm products.
To this end several conferences have been
called, which brought together representatives
from southeastern and eastern Europe. Although their discussions have not yet produced
any practical results, the international character of the crisis requires, nevertheless, that
some measures of an international scope should
be taken. It is especially in the field of agricultural credit—so necessary for the relief of
backward agricultural countries—that practical
schemes are contemplated for closer cooperation
with the richer industrial countries.
Studies and discussions of the existing
economic crisis—which varies in each country
according to conditions peculiar to that country—show more and more clearly that this
crisis will not be quickly overcome by the action
of any one factor or by any magic formula.
On the contrary, the reestablishment of balance
between production and consumption will only
come slowly, as a result of the natural and
beneficent reaction of all the factors in the
economic situation. Some important improvements in this respect were to be noted during
the past year.
Balance of trade.—Our merchandise balance,
which in 1929 showed a very great increase in
imports and closed with a deficit of about
2,000,000,000 leva ($14,400,000), presented an
entirely different picture during the past year.
Imports declined from 8,300,000,000 leva
($59,760,000) to the extremely low figure of
4,600,000,000 leva ($33,120,000). Similarly,
the quantity of imports fell from 508,000 tons
to 317,000 tons.
Exports, on the other hand, increased in
quantity from 313,000 tons to 543,000 tons.
The aggregate value of exports, however,
declined by about 208,000,000 leva ($1,498,000)—from 6,397,000,000 leva to 6,189,000,000
leva—as a result of the considerable fall in price
of those commodities which we export. The
trade balance for 1930 closed with a surplus of
about 1,600,000,000 leva ($11,520,000).
Commerce.—The commercial position was
marked by lowered sales, by reduction to the
minimum of stocks of merchandise, by difficulty in collecting loans, and by great reluctance
to make sales on credit. Manufactured articles, ironware, and other branches of trade
514
FEDERAL RESERVE BULLETIN
showed a sharp decline in sales. The marketing of consumers' goods was somewhat easier.
During the second half year, when trade had
become better adjusted to the new conditions,
sales became more normal; the stocks of
commodities in most branches of trade were
reduced, harsh and unscrupulous competition
disappeared and gave place to more normal
trading conditions.
Industry.—The process of adjustment was
considerably slower in industry. In many
branches of industry the productive capacity
and the number of enterprises far exceeded the
extremely modest demands of the domestic
market. On the other hand, the financial organization of most of the recently established
industrial enterprises was very insecure. Owing to the lack of opportunities for export, flour
milling found itself involved in great difficulties. The beer and alcohol industries as well
as metallurgy also experienced an appreciable
decline. Industrial production as a whole, during the first half of the year, was marked by
the limitation and the reduction to the minimum of stocks of raw materials. Something
of an exception to this was noted in the copper
industry, which has thus far withstood the
crisis, and shown activity throughout the year,
as its products have been in steady demand.
The textile industry, however, subsisted to a
very large extent on subsidies from the Government. The price of textiles fell by from 15
to 20 per cent. The efforts looking toward a
union of the manufacturers of woolen textiles
were unsuccessful. Similar associations for cooperative selling were successfully established
in certain other branches of industry.
Reserves in gold and foreign exchange.—Although the balance of payments for 1929 was
seriously adverse, the foreign exchange reserves
of the National Bank of Bulgaria during 1930
showed only moderate fluctuations, and at the
end of the year had declined by only 300,000,000
leva ($2,160,000), as compared with a reduction
of 1,500,000,000 leva ($10,800,000) in 1929.
Gold holdings increased by 66,000,000 leva
($475,200). They rose from 1,388,000,000 leva
($9,994,000) at the end of 1929 to 1,454,000,000
leva ($10,469,000) at the close of 1930. This
increase is due to purchases of gold made in our
market against leva.
Foreign bills of exchange on gold standard
countries amounted to 424,000,000 leva
($3,053,000) at the end of the year, as compared with 1,063,000,000 leva ($7,654,000) in
SEPTEMBER, 193-
1929. Other foreign exchange holdings rose
from 246,000,000 leva ($1,771,000) to 480,000,000 leva ($3,456,000). Liabilities in foreign exchange at the end of the year amounted
to 112,000,000 leva ($806,400), against 152,000,000 leva ($1,094,000) at the close of 1929.
Mention should be made of the disappearance since October, 1930, of the silver reserve—
169,000,000 leva ($1,217,000). Under article
80 of the bank law, the bank was obligated to
dispose of its silver holding within a period of
three years, especially by sales to the Government. The entire silver reserve has now been
bought by the Government, at the market
price, for the minting of new silver coins.
Henceforth the bank is not permitted to buy
silver for its own account.
The lowest level of the gold and foreign exchange reserves (deduction being made for
liabilities in foreign currency) was 1,859,000,000
leva ($13,385,000) on March 23; the peak was
2,503,000,000 leva ($18,022,000) on November
23. The highest reserve ratio was 42.46 per
cent on January 7 and the lowest 36.02 on
August 31. Most of the time it fluctuated
between 36 and 37 per cent.
During the course of the year 288,000,000
leva ($2,074,000) of foreign exchange came into
the coffers of the bank from the League of Nations loan for the settlement of refugees (1926).
The available balance of this loan, in foreign
currency, amounted at the end of the year to
about 196,000,000 leva ($1,411,000). From
the stabilization loan, foreign exchange to
the amount of 405,000,000 leva ($2,916,000)
was received during the year. The available
balance of this loan, in foreign currencies,
amounts to 215,000,000 leva ($1,548,000).
Discounts and advances.—The general economic depression, which began in the second
half of 1929 and continued throughout the past
year, brought about a large decrease in the
volume of commercial transactions and a
steady reduction in demands for commercial
and industrial credit. As a result of reduced
sales on credit by merchants and industrialists
the offer of strictly commercial discounts and
rediscounts declined steadily. This decline was
further aggravated as a result of the sharp
recession in prices and the reduced demand
for currency. Because of this decline in the
commercial and industrial portfolio, as well as
the large increase of deposits with credit institutions and the smaller need of these institutions to rediscount with the National Bank
515
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
of Bulgaria, the portfolio of the bank, as well
as its advances, showed an almost uninterrupted
downward trend throughout the past year.
At the close of the year the portfolio of the
bank stood at 362,000,000 leva ($2,606,000), as
compared with 907,000,000 leva ($6,530,000) at
the end of 1929 and 588,000,000 leva ($4,234,000) at the close of 1928.
Bank amalgamations.—The hope expressed
in last year's report for the restoration of the
credit of the country, the reduction of the
unduly large number of banks, and a stronger
organization within the country of the individual banks, was fulfilled to a certain extent.
The Bulgarian Bank, the Bank for National
Credit, and the Franco-Bulgarian Bank for
International Commerce amalgamated into
one credit institution—the Union of Bulgarian
Banks—with a share capital of 100,000,000
leva ($720,000). A number of small provincial
banks also amalgamated. The past year
showed considerable improvement of the banks
from the point of view of their organization,
even at the cost of some unavoidable liquidations.
The Hague convention.—Although the convention of The Hague in January, 1930,
burdened this country with a very heavy annual
payment of about 300,000,000 leva ($2,160,000)
payable for the next 36 years, it nevertheless
removed the grave dangers of previous conventions and treaties, which in the past offered
serious obstacles to our economic and financial
development.
BALANCE SHEET OF THE NATIONAL BANK OF BULGARIA AS OF DECEMBER 31,
Leva (in
thousands)
Dollars i
(in thousands)
1,454,801
424, 299
480,663
152, 027
10,475
3,055
3,461
1,095
362, 260
2,608
362, 260
2, 608
157, 200
269, 778
1,132
1,942
426, 978
3,074
426,978
-- 3,161, 846
-J
22, 466
352, 377
3,074
22, 765
Resources
Gold coin and bullion
Foreign exchange (art. 10 of the bank law)_
Other foreign exchange
Subsidiary coin
_..
Loans and discounts:
Treasury bills
...J
Advances:
I. To be repaid in leva—
Other...
_-..
-
- -
II. To be repaid in foreign exchange
1930
Leva (in
thousands)
Notes in circulation
_.
Demand deposits in leva:
Government
Banks.
Other
._
Time deposits in leva:
frfivprn m PTI t
Banks .
_
Other
Dollars i
(in thousands)
3,295, 514
23,728
115,537
869, 028
562,478
832
6,257
4,050
1, 547, 043
Liabilities
11,139
270, 225
Liabilities in foreign currencies:
Gold currencies (art. 10 of the bank law)
1,946
270, 225
1,946
112, 364
809
7,153,863
Total resources
i Conversion at par: 1 lev—$0.0072.
73809—31
4
162
2,537
51, 508
112, 364
809
Capital
Surplus:
General reserve fund
Other reserve funds
500, 000
3,600
1,097,308
71, 483
7,901
515
Net profit.
Other liabilities....
Government debt
Investments
Real resources.
Otherestate and eouiDment
1,168, 791
83,313
176, 613
8,415
7,153, 863
51, 508
Total liabilities
_
eoo
1,272
516
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
ANNUAL REPORT OF THE NATIONAL BANK OF RUMANIA
The annual report of the National Bank of
Rumania for 1930 was submitted to the general
meeting of stockholders on February 15, 1931.
The main text of the report is given herewith.1
The existence of large stocks of grain at the
beginning of the past year and the prospect of
an abundant harvest gave hope for improvement in the economic situation. This hope
was not realized. Moreover, the American
crisis, which has now continued for 16 months,
has come to be recognized as having more
fundamental and more general causes than
were realized at its beginning. Hence, the
anticipated resumption of capital movements
from America to Europe, seeking investment
in securities with fixed yield, failed to take
place. Depression and uncertainty continued
in the leading countries of the world, and this
affected the economic situation in Rumania.
Prices.—During the first half year the continued downward trend of prices of raw materials on the world market was reflected in the
prices of our own products, especially of grain.
Exportation of the large grain reserves held
over from 1929, which normally should have
begun in April, was almost at a standstill.
The producers, impelled by the necessity of
recouping their high production costs on the
one hand, and on the other hand influenced by
the higher prices of former years, preferred to
wait for a price recovery which did not materialize. Consequently, the general economic
position derived none of the benefits that the
export of these commodities could have rendered. The period of capital outflow—normally the winter months—was thus prolonged almost to the end of the first half year.
It was not until June that the export movement
began again, bringing about an inflow of
foreign bills.
In spite of these unfavorable circumstances
the National Bank of Rumania had no difficulty in honoring all demands made upon it
for foreign exchange, either by the market or
by the Government, while it maintained the
ratio of reserves against liabilities at a level
considerably above the legal minimum of 35
per cent. Once more the elasticity and strength
of our monetary system has been proved.
Following its traditional policy of prudence,
the National Bank has taken everv means
1
The report, available in French, contains in addition tables showing
the operations of the bank in detail, as well as sections dealing with
international economic relations, personnel, agencies, participation of
the bank in the Bank for International Settlements, etc. For earlier
reports see FEDERAL RESERVE BULLETIN for September, 1930, August,
1928, and October, 1927.
necessary to maintain a perfectly sound currency, which is indispensable to the prosperity
of the country. Yet it is obvious that the
effectiveness of these means depends upon a
genuine equilibrium in the State budget.
In accordance with the stabilization program,
however, the State and the National Bank
should cooperate in the supervision of all
foreign loans, both public and private, so
that in future the country may assume no excessive obligations, nor any intended for other
than strictly productive purposes.
An advance in the price of grain during the
second semester led to increased exports of
warehoused stocks. The new harvest, abundant and satisfactory both as to amount and
quality, also augmented the export movement, which was particularly strong during;
August. The National Bank availed itself
of the resulting inflow of foreign bills both to
build up its own reserves and to provide the
Government with foreign exchange in view
of the approaching foreign debt maturities.
Foreign exchange policy.—Last year the
Government, availing itself of the opportunities
offered, created a permanent revolving fund for
the'Treasury, amounting to 1,000,000,000 lei
($6,000,000), for the express purpose of providing for the foreign debt payments at maturity.
This fund was established out of the payment
due to the Government from the telephone concession. Built up by regular monthly payments from the Treasury in proportion to
budget receipts, it is automatically renewed
by the end of each year. The existence of this
special fund enables the National Bank to purchase for account of the Government, in advance and at the most favorable rates, the
foreign exchange required by the Government.
This foreign exchange holding is entirely separate from that of the bank. Similarly, the
National Bank provided the Autonomous Office
of Government Monopolies with foreign exchange, by using for this purpose such funds as
the office had deposited with the bank. In
consequence, the foreign exchange holdings of
the bank stood at a somewhat lower, but certainly more stable, figure than heretofore—
which enables the bank to pursue a more advantageous monetary policy.
The National Bank regulated its purchases of
foreign exchange so that the course of the lei
followed the export movement and the effective
offer of foreign bills on the market. Thus at
the end of August and the beginning of September the pound sterling declined almost to its
SEPTEMBER, 1931
FEDERAL RESERVE BULLETIN
parity, 813.75 lei. As a result of the new decline
in the price of grain during September, sterling
advanced again to 817.50 lei.
Loans and discounts.—The volume of discounted bills fluctuated considerably—though
less during the second half year—and showed a
declining tendency. This decline resulted in
the first place from the transfer to the Government, under the stabilization plan, of bills
which had not a sufficient degree of liquidity;
and to some extent from the creation of Government funds out of minting profits. The
transfer of nonliquid bills to the Government
is especially important not only for the National Bank, which finds its portfolio relieved
of mere "ballast" that can not be mobilized,
but also for the general economic position of
the country, inasmuch as these short-term
credits are converted into long-term credits—
the advantage of which is beyond question.
Companies which are in debt will benefit as a
result of this joint action on the part of the
Government, for it initiates a program of reorganization and gradual liquidation, which
wisely applied will have excellent effects upon
the Rumanian market.
In the second place, the portfolio of the bank,
having thus acquired a sufficient degree of
liquidity, could readily adapt itself to changes
in economic activity. Thus, at the end of the
first half year, the marketing of grain was followed by the repayment of discounted bills.
This seasonal movement, which was normal
and altogether satisfactory, and proof of a very
liquid position, continued until a new price
decline checked commercial operations.
In the third place, although in a smaller degree, the volume of our commercial portfolio
declined as a result of assigning part of these
bills to the Bank for International Settlements,
as an investment in Bucharest of the funds of
that institution. Mention should be made
here of the undue caution of Rumanian banks
in making new investments. This policy, which
has served no good purpose, has now been recognized as unwise and is to be abandoned.
Finally, the development of discounting
operations has been influenced by the general
business recession, which has been serious
even in countries with a far stronger economic
organization than our own. In the case of
discounts with the National Bank, means
should be taken to insure their regular liquidation at maturity. For this purpose the bank
has under consideration a plan by which it
can make collections directly on bills placed
in the portfolio. In this way the bank will be
517
able to exercise such control as pertains to a
bank of issue.
We mentioned last year the prejudice of
many business houses against giving promissory notes in payment for purchases of merchandise—bills which quite properly constitute
the discount portfolio of the National Bank.
We recognize, however, that a genuine effort
has been made by a number of firms to overcome this prejudice, and we urge them to
continue their efforts in this direction.
Discount rates.—The discount rate of the
National Bank stood unchanged throughout
the year at 9 per cent, for monetary conditions
up to the present time have prevented any
reduction. In a number of foreign markets
an improvement in exchange and an effective
inflow of capital made it possible to reduce the
rates of discount. As soon as similar conditions on our market justify the step, we shall
not hesitate to follow this example; and we
hope that, with the resumption of river navigation, the movement of our large stocks of grain
will permit a rate reduction without danger to
the currency. Reduction of the rate while
the balance of payments is unfavorable, while
high money rates prevail abroad and the
greatest caution is necessary in currency affairs,
would be most imprudent. On the other
hand, we believe that, judging from the volume
of available currency and credit with the banks,
the existing rate is no handicap to business.
Business is handicapped by the general depression—which Rumania is experiencing in common with other countries and perhaps to an
even greater degree—and by the lack of assurance that loans will be paid when they fall due.
This lack of assurance is owing in part to unsound legislation which all economic authorities
insist should be amended. A reduction of the
discount rate, in our judgment, would have n<?
influence on the level of commercial interest.
The official rate of the National Bank should
be maintained at a level which will attract and
retain the foreign funds which are indispensable
to this market. By no creation of fictitious
credits could the National Bank make good
the lack of foreign funds and domestic capital,
without which the Rumanian market can not
function.
Note circulation.—The volume of notes in
circulation was determined by the normal
conditions of issue, and fluctuated according
to the demands and the capacity for absorption of the market. The note issue has varied
but slightly, owing to the fact that lei put into
circulation through the purchase of foreign
518
FEDERAL RESERVE BULLETIN
bills have replaced those withdrawn from
circulation through the repayment of discounted bills.
The Government used the entire credit provided by law under the account " Temporary
advances to the Treasury 7 ' and repaid the
advance in full before the end of the year,
as required by the statutes of the bank.
Agricultural credit.—Agriculture, which is
our principal branch of production, benefited
greatly during the past year by the assistance
which the National Bank was able to render.
Although bills with a maturity of four and a
half months—renewable for a similar period—
amounted to somewhat less than 25 per cent
of the total portfolio, the inclusion with these
of bills maturing in three months and bearing
the indorsement of a farmer shows that agriculture availed itself to the extent of 43.1
per cent of the total discounts of the bank.
The organization of agricultural credit on
broad foundations—as mentioned also in earlier
reports—has still failed of achievement. As a
result, the consuming power of our agricultural
population suffers, as well as our economic
situation as a whole. The Central Cooperative
Bank, through its normal and systematic functioning, has achieved excellent results, but the
demands to be satisfied are far in excess of its
increasing capacity. In an attempt to organize all forms of agricultural credit under a
financial institution capable of helping farmers
to obtain mortgage credits in sufficient volume
at more or less long term, as well as agricultural
credits in proportion to the volume of production, the National Bank succeeded in establishing within the limitations of its statutes an
agency for seasonal credit on a percentage
basis against the harvest; this will enable holders
of grain throughout the farming districts to
obtain the credits which they need, at an
annual maximum rate of 9 per cent.
The establishment of this seasonal credit
was achieved in collaboration with the French
Acceptance Bank of Paris, which placed at
the disposal of the Rumanian market 200,000,000 French francs ($7,840,000). m As a result
of this credit and the method of its operation,
all financial risk was avoided. This credit,
because it was established so late, did not
accomplish what it would otherwise have done.
It can, however, be used from the beginning
of the next harvest; it will undoubtedly meet
the requirements of production and accomplish
SEPTEMBER, 1931
all that could be expected from that type of
organization.
In this connection, also, every effort should
be made to establish in due time a series of
public warehouses for storing grain. The
mobilization of agricultural products in this
way would facilitate the creation of credit
instruments which would be eligible not only
at the commercial banks but also at the bank
of issue.
While the Government and the National
Bank exerted themselves vigorously to establish the foundations of future prosperity—
namely, a sound currency and order in public
finance—private business was gradually adapting itself to the changed conditions, although
it still suffered from the economic and financial
distress of the past 15 years. The debts of
the Government, the abuse of all forms of
credit, the habit of speculation, and the
illusion of great profits which is inevitable in a
period of inflation—all these factors imperiled
the situation in Rumania.
Under the stabilization program, large funds
from the international loan were made available for economic rehabilitation. With this
assistance and the abundant harvests of 1929
and 1930, it was reasonable to expect economic
recovery and a return of prosperity. Unfortunately, the fall in prices of our agricultural products and the resulting decline in
exports deprived the country of the anticipated
benefits. The abuse of credit, especially in
granting loans to enterprises which had proved
unprofitable, weakened the confidence of lenders
and resulted in unduly high rates of interest.
Under these circumstances a return to saner
policies was initiated by lowering the rates of
interest paid to depositors, and to some degree,
also, the rate payable by first-class borrowers.
It is also important to take effective measures
to strengthen the banking system through absorption or amalgamation of small banks, which
have such insufficient capital and are so badly
managed that they can hardly survive.
Business will have to adapt itself to the
lower level of prices for raw materials, and to
make its adjustment through increased production, lower costs, and better quality, if it is
to hold its own on international markets. The
confidence of capitalists must be won, and the
scrupulous fulfillment of all obligations must
be guaranteed. Only by these methods, slow
indeed but certain, can prosperity be assured.
519
FEDEKAL KESEEVE BULLETIN
SEPTEMBER, 1931
BALANCE SHEET OF THE NATIONAL BANK OF RUMANIA AS OF DECEMBER 31,
Resources
Dollars i
Lei (in
thousands) (in thousands)
Metallic reserve:
Gold held in Rumania,.
Gold held abroad
5, 355, 968
3,919,467
32,136
23,517
Foreign exchange.
9, 275, 435
1, 745, 517
55, 653
10, 473
; 11,020,952
76,980
306,464
7, 379, 737
66,126
462
1,839
44, 278
477,034
275, 664
2,862
1, 654
752,697
3, 616, 746
4,516
21, 700
Total reserves
Foreign exchange not included in reserves_.
Subsidiary coin
Bills discounted
__
_
Advances on securities and precious metals:
Ordinary
In current account
Government debt
Public securities representing investment of—
Capital
Surplus
Amortization funds
Participation in the Bank for International
Settlements
Participation in Credit Industriel
Public securities—Pension and insurance fund
for employees of the bank
Real estate
Furniture and equipment
Silver bullion and sundry coin
Other resources
Pre-war gold deposited at Moscow (£12,497,223-12-8)2
_..
Total resources.
Memorandum account: Securities and advances
to be repaid by the Government
157,791 i
150,855 |
947
905 j
244, 730
Demand liabilities:
Notes in circulation.
Current accounts and demand deposits—
(a) Ministry of Finance...
(6) Public services, Caisse Autonome..
(c) 7 per cent loan of 1929 and payments
in conformity with the convention
of Nov. 10, 1928
_.
(d) Current accounts
(c) Other
Total demand deposits..
Total demand liabilities
Capital
_
Surplus
Amortization funds
_
Pension and insurance fund for employees of the
bank
Other liabilities
Dollars i
Lei (in
thousands) (in thousands)
19,604,584 •
117,628
314,588
1,888
4,199
2,101,056
1, 728, 745
232,646
12,6Q6
10,372
1,396
5,076, 885
30,461
24,681,469
600,000
369,019
385,176
148,089
3,600
2,214
2,311
136,405
2,200,878
818
13,205
28, 372, 948
170, 238
2, 723,812
16,34&
1,468
80,645
150,000
Liabilities
1930
484
900
784, 022 |
4,704
131,168 '
528, 789
79, 920
7, 279
3,688,193
787
3,173
480
44
22,129
28, 372, 948
2, 723,812
170, 238
16, 343
Total liabilities.
Memorandum account: Securities and advances
in account with the Minister of Finance
1 Conversion at par: 1 leu=$0.006.
2 The annual report of the bank for 1916 contains the following statement: " I n order to provide against any eventuality, the board of directors;
with the approval of the Government decided upon the transfer of the bank's gold stock—which had been accumulated with so much persistence
during a number of years—to Jassy; and finally, availing themselves of the great kindness of the Government of His Majesty the Emperor of Russia,,
who put at our disposal a special room in the Kremlin Palace (at Moscow), we transferred to that place, with the authorization of the Government
and in conformity with the law of Dec. 25, 1916, the 314,580,457 lei which we had in our vaults at Jassy." The pre-war lei had a par value of $0.193>
thus the value of the gold stock deposited in Moscow was about $60,714,000.
520
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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
Total (45
countries)
Month
United
States
1930—February
10,431
March
_.
10,507
April
10,573
May
__
10,613
June
10,671
July
10, 705
August
10, 787
September. _.
10,823
October
10,852
November__.
10,894
December _._
10, 907
1931—January
10, 953
February
11,008
March
11,071
April
_.
11,107
May
M l , 217
June
-._
11,264
July
P 11, 217
August
Canada Total (26
countries)
CzechoBelgium Bulgaria slovakia Denmark E n g l a n d
Austria
I
i
;
!
24
24
24
24
24
24
24
30
30
30
30
164
164
164
167
167
167
168
173
180
180
191
10
10
10
10
10
10
10
10
10
10
10
37
37
37
39
39
42
42
42
44
46
46
46
46
46
46
46
46
46
46
46
46
46
5, 313 i
5, 3S0 '
5,388 i
r
5,395
'5,428
5,351
P 5,353
30
30
30
30
30
30
30
191
197
200
201
201
199
214
221
10
11
11
11
11
11
11
46
46
46
46
46
46
45
46
46
46
46
46
46
46
3,988
4,061
4,131
4,159
4,178
4,160
4,148
4,159
4,184
4,220
4,225
78
79
79
80
81
94
100
110
122
129
110
4,784
4,808
4,872
4,920
4,960
5,009
5,122
5,141
5, 207
5,238
5,281
4,285
4,309
4,343
4,373
4,445
4, 593
4,587
P 4, 631
92
94
96
99
102
87
87
!
735
755
795
765
763
741
754
761
776
762
718
679
685
699
712
735
793
643
649
France
Germany
1,680
1,668
1,660
1,717
1,727
1,775
1,852
1,899
1,992
2, 037
2,100
582
595
611
617
624
624
624
590
519
519
528
2.176
2, 192
2,200
2,180
2,181
2,212
2, 290
P 2, 296
535
544
553
564
569
339
325
325
Europe—Continued
-_ .
39
39
39
39
65
65
65
65
65
65
65
65
65
65
65
108
108
112
112
112
118
123
123
128
130
138
56
63
63
64
64
64
64
466
466
467
467
468
468
439
64
64
64
64
64 I
64 |
64 !
126
124
124
124
124
162
225
229
53
53
53
53
_
Month
1930—February—.March
April
May _
~
June
July
August
_
September. _.
October
November...
December. ._
1931—January
February
March
April
May
June .
July
Argen- Brazil Colombia
tina
Peru
19
19
19
19
19
19
19
19
19
34
34
34
r
35
r
36
36
v 34
Africa
other
Urug- 5counuay
tries 2
Total
(5
countries)
Australia
India
Japan
Java
New
Zealand
448
445
442
441
440
436
434
434
429
417
412
127
127
90
90
89
80
69
65
32
20
11
21
20
20
21
20
20
20
20
19
18
17
21
22 1
20
17
17
17
17
17 :
17 i
18
18
68
68
67
67
64
63
60
60
60
60
60
22
22
21
21
19
18
17
17
17
17
17
817
802
775
744
749
755
748
747
711
701
704
124
133
114
92
98
98
98
99
79
75
75
128
128
128
128
128
128
128
128
128
128
128
477
453
443
434
434
440
433
431
414
409
412
56
56
56
56
56
56
56
56
56
56
56
32
32
33
33
33
33
33
33
33
33
33
506
497
483
475
465
451
397
390
378
370
362
350
v 323
0
0
0
0
0
0
14
15
12
12
10
10
10
18 |
18
18
18
18
16
59
58
58
58
58
58
17
17
16
16
17
17
p 17
704
703
709
714
724
730
714
76
76
77
74
74
75
66
128
128
135
141
147
151
158
415
417
415
419
422
425
412
52
48
48
46
46
46 !
44
34
34
34
34
34
34
34
P16
35
35
35
35
35
34
34
34
34
34
34
19
19
19
19
27
27
707
703
660
657
650
634
616
613
575
550
534
P423
7 other
countries2
Yugoslavia
Far East
Latin America
Total
(10
countries)
150
156
167
177
203
234
249
249
249
249
249
249
249
259
259
262
262
267
'280
476
476
477
477
477
477
477
478
478
474
471
R.
CO CO
39
u. s. s.
CO
175
179
179
181
181
200
236
Switzerland
Egypt
©coco
26
22
20
20
20
20
18
Sweden
55
56
56
56
56
56
56
56
56
56
56
79
79
79
79
79
79
79
coco
28
28
28
28
28
28
28
Spain
CO OS
June
July August
28
Rumania
Poland
OS OS OS OS
CO CO
May
39
39
39
39
39
39
39
39
39
39
39
279
279
279
279
280
282
2S3
28
28
28
28
June
July
August
September
October
November
December....
1931—January .
February
March
. .
April
176
174
174
174
174
157
157
157
171
171
171
Italy
OS
CO
1930—February
March
April
Norway
273
274
274
274
274
274
275
278
278
279
279
Hungary
Netherlands
CO CO
Month
19
19
19
20
20
20
20
20
20
20
20
21
21
21
P21
South
Africa
37
36
37
35
34
32
33
33
34
35
33
34
35
31
31
32
31
33
i All figures are as of final d a y of m o n t h except those of 15 countries, for which last report days are shown on page 399 of the 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.
» Countries which, for t h e period shown in t h e table, h a v e not had gold reserves in excess of $10,000,000. For E u r o p e these countries are: Albania,
Estonia, Finland, Greece, Latvia, L i t h u a n i a , and Portugal. For L a t i n America t h e y are Bolivia, Chile, Ecuador, G u a t e m a l a , and Mexico.
r
p Preliminary.
Revised.
N O T E . — F o r institutions represented, items included, and rates of conversion into dollars, see note to similar table on p . 399 of t h e F E D E R A L
R E S E R V E BULLETIN for J u l y , 1931. T h e J u l y BULLETIN also contains separate figures for the 45 countries b y m o n t h s for the period J u n e , 1928-May,
1931 (pp. 399-400); and b y years for t h e period 1913-1930 (p. 394).
521
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
GOLD MOVEMENTS
fin thousands of dollars]
India
United States
Month
Imports
1930—May
June
July
August
September..
October
November..
December,.
1931—January
February.-.
March
April
May
June
July
1
Ex- j
ports i
Net
Net
23,552i
82i
13,938
26!
21,889j 41,529
19,714 39,331
13,680 11,1331
35,635
9,266!
40,159!
5,008i
32,778
36'
34,426|
54;
16,156!
141
25,6711
26)
49,543]
27;
!
50. 258
628:
63,8S7
40
20,497
1, 009'
6,851 j
7,270
1.187
1,335
-23,391
-93,514
1,185
9,250
11,965
12,098!
10,598
11,383
6,371
-124,3291
—87,456i
7,096
7,529
1,414
1,545
1,967
3,162
1,458
9,524
12,252
12,335
11,077
11,728
6,665
11,203
10, 279
Partly exported in June.
MOVEMENTS TO AND FROM GREAT BRITAIN
MOVEMENTS TO AND FROM BRITISH INDIA
[In thousands of dollars]
[In thousands of dollars]
July
January-July
tm] ports Ex] sorts Im ports
Calendar year
9,095
270, 301
78, 842
1.000
1, 610
23,190
49
8,178
2
94
11
5,669
308,040
June
From or to—
;
1930
January-June | Calendar year
Imports Exports Imports Exports Imports Exports
Exports! Imports Exports
!
27, 549
10, 751
5
Belgium
332 209 935
89 110.233
1,470
France
. _. .
5, 656
3,891 49, 057 14 593
Germany
.- 7
724 51 000
293 50.426
19
Netherlands
1, 0J9 29,229
4. 867
34
Spain and Canaries.
6 594
1, 65S
S w it norland
] , 5()!>
283
United States
1, 506
6 02S
25 998
68 57,944
South America
I
4 919
289
3. 132
British India
116,417
15 531
Australia
10, 096
127
558
262
New Zealand
219
Egypt
_3,079
5,197
488
Rhodesia
203, 513
134,486
Transvaal .
20. 141
5. 075
3,027
413
West Africa
2,436
All other countries.
7 5 3 " 11, 524
1.S46
3 205
Total
48, 444 79, 252 254 104 321, 932 421, 725
1931
1930
1931
From or to—
61,134
13,747 20,659
24,646 40,355
24,201 21,390
22,339 20,245
45.416! 34,754
41,199| 43,164
43,124 78,507
35,304 78,774 - 4 3 , 4 7 0
31,335 28,892
2,443
22,829 16,377
6,452
28,495
4,411
24,084i
20, 742
1.620
19,12?|
66, 956 12, 656i
54, 300 i
48,444j 179, 252 130,808 •
England
...
United States
Aden and dependen
cies.
A rabia
British Oceania
Bahrein Islands
Ceylon
China
Mesopotamia
Straits Settlements..
Egypt
_
Natal _«
All other countries. .
Total
.
79
2, 333
4
58
54
170
53
?17
509
1,191
191
79
65
826
69
146
!
i
!
;
i
!
i
;
531 i
i
25
586
1,370 ' 3,955 ! 8,848
!
4 j
2, 337
650
759
S.053
196
2 718
3,670
2,402
2,828
1 1,177
; 26,513
39
167
1 :
5, 042 ! 3, 960 57, 854
j
i
14
*
182
522
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
FOREIGN EXCHANGE RATES
(Monthly averages of daily quotations; based on noon buying rates (or cable transfers in New York. In cents per unit of foreign currency]
Par of
exchange
Monetary unit
Country
1931
July
June
Country
August
SOUTH
EUROPE
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
Lev
Crown
Krone
Pound
Markka
Franc
Reichsmark
Drachma
Pengo
Lira
Florin
Krone
Zloty
Escudo
Leu
Peseta
Krona
Franc
Chervonetz
Dinar
--
--|
|
|
--!
!
-j
!
'
14. 0406
11.071 14.0457 14. 0413
13.901 13.9242 13. 9453
13. 9376
.72
.7183
.7180
.7154
2,9621 2. 9605
2.96!
2. 9624
26.80i 26. 7795 26. 7340 26. 7292
486.65i 486.4863 485.6052 485. 7725
2, 5167 2. 5156
2.52:
2. 5148
3. 9158 3. 9215
3.92
3. 9196
23.82 23. 7327 23. 2782 23.6575
1.30
1. 2951 1. 2939
1. 2936
17.49 17.4450 17. 4433
17.4515
5.26
5. 23481 5. 2300 5. 2304
40.20 40.2442J 40. 2775 40. 3182
26.80 26.78011 26.7346
26. 7328
11.22 11.1996 11.1991
11.1970
4.45
4.4234 4. 4162
4.4216
.60
.5949i .5943
.5936
19.30
9.6749; 9.3139
8. 7964
26.80 26.8045 i 26. 7558 26. 7487
19.30 19.3956| 19.4309 ! 19.4862
514.60 *515.0000'2515.000 ' 515.0000
2
1.76
1. 7694
1.7685; 1.7665
Par of
exchange
1931
June
July
August
AMERICA
Argentina
Bolivia 1
Brazil
Chile
Colombia
Ecuador i
Peru *
_
Uruguay
Venezuela *
96.48
36.50
11.96
12.17
97.33
20.00
28.00
103.42
19.30
70.25241
36.7500
7.4991
12.0868
96. 57001
20. 0000|
27. 9308J
58.53561
17.1685.
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
17.2423
Mexican dollar.. 21.88
Shanghai t a e l . . . 30.16
Yuan dollar
21.40
Dollar
21.72
36.50
Rupee
Yen
- — 49.85
Florin
-- 40.20
Singapore dol- 56.78
lar.
Turkish pound.. 439.65
21.4575
29.5980
21.4375
23.8226
35.9986
49. 3740
40. 2331
56.0432
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
Boliviano
Milreis_
i Peso
j
do
Sucre
! Sol
I Peso
_
I Bolivar
_.
ASIA
China*
China 3
-China»
Hong Kong 8
India
Japan
_
Java l
Straits Settlements.
Turkey
NORTH AMERICA.
Canada
Cuba
Mexico
Monetary unit
AFRICA
Dollar
Peso
do
100.00
100.00
49.85
99. 7201! 99.6607
99.91571 99.9124
49.0305J 49. 0109
Egypt..
99. 6898
99. 9703
* 30. 0269
Egyptian pound.
494.31
498. 8827
* Averages based on daily quotations ot closing rates as published by New York Journal of Commerce.
' Chervonetz quotations nominal.
3 Silver currency. The figure given for parity represents gold value of unit in August, 1931, computed by multiplying silver content of unit by
New York average price of silver for August, 1931, which was $0.27842 per fine ounce. On the same basis, parity in August, 1930, for the ChineseMexican dollar was 27.90 cents; for the Shanghai tael, 38.46 cents; for the Yuan dollar, 27.28 cents; and for the Hong Kong dollar, 27.69 cents.
'Quotation is for silvsr peso.
BANK FOR INTERNATIONAL SETTLEMENTS
[Amounts in thousands of dollars: converted into dollars from Swiss francs at par: 1 Swiss franc«-$0.1930]
1931
1939
1
1931
1930
Liabilities
Resources
July 31
Cash on hand and on current account with
banks
Demand funds at interest
_
Rediscountable bills and acceptances (at
cost):
Commereial bills and bankers' acceptances
Treasury bills
_
J u n e 30
July 31
1,956
37,214
2,153
32,518
1,315
15,532
J u l y 31 J u n e 30 J u l y 31
i
Short-term deposits:
Central banks for own account—
Demand
TimeNot exceeding 3 months
Between 3 and 6 months
Sundry investments (at cost):
Not exceeding 1 year
. _ _
Over 1 year
.
Total
Other resources
1
114,644
4,757
57,505
68,278
14,594
119,401
40,763
5,699
42,361
1,957
-
158,868
182,375
60,267
32,617
42,055
37,205
6,031
39,236
6,033
15,045
52,572
73,418
77,886
109,672
168
295
219
29,731
14,865
13,273
29,735
14,867
13,279
29,839
16,920
13,187
57,870
20,941
57,881
20,941
59,946
19,78a
108
211
422
108
211
422
140,377
40,240
2,121
18,349
30,955
JO, 963
Total
Central banks for account of others—
TimeNot exceeding 3 months
Between 3 and 6 months
Total
Total
Total resources
70,367
107,080
T^ptwppn fi and Q mnnthtj
141,129
75,066
106,517
792
30,182
35 539
34,827
102,323
4,757
Time funds at interest:
Not exceeding 3 months
Between 3 and 6 moiaths
84 562
56,567
124,389
Total
75 251
49,138
73, 774
84,300
794
314,957
46,462
1,958
343,621
Other depositorsDemand
_.
Time—Not exceeding 3 months
Long-term deposits:
i 23,465
549
251,605
German Government deposit
French Government guaranty fund
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund _ _.
_. .
Profits allocated for distribution on July 1,
1931:
Dividend to shareholders (6 per cent) .
Participation of long-term depositers
per article 53 (c) of statutes
Other liabilities
Total liabilities
995
2,655
422
2,161
719-
314,957
343,621
251,605
Composed of $20,830,000 short-term investments not exceeding 2 years and $2,635,000 of investments exceeding 2 years.
1,219
523
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
CENTRAL BANKS
[For explanation of these tables see BULLETIN for February, pp. 81-83]
Liabilities of banking department
Notes
in circulation
Bank of England
Millions of pounds sterling:
1931—June 24
July 29
Aug. 26
Millions of dollars:
1930-June 25
July 30-.
Aug. 27
Sept. 24__
Oct. 29
Nov. 26
Dec. 31
1931-Jan. 28
_
Feb. 25
Mar. 25
Apr. 29
M a y 27
_
June 24
_
July 29
Aug. 26
'
I
i
'
lf,2. 9
132.0
133.3
352. 8
359.4
350.3
i
!
.!
j
!
i
!
!
763
741
754
761
776
762
718
679
' 685
i 699
! 712
i 735
'< 793
_.! 643
I 649
1,745
1,793
1,756
1,731
1,731
1,709
1,795
1,688
1,692
1,697
1,702
1,727
1, 717
1,749
1,705
Deposits
Bankers'
fil.O
55.8
53.6
310
297
305
312
271
272
645
268
287
281
238
266
300
272
261
Millions of francs:
1931—June 26..
July 3 1 . .
Aug. 28 P
Millions of dollars:
1930—June 27..
July25__
Aug. 29..
Sept. 26..
Oct. 30. _
Nov. 28..
Dec. 26-.
1931—Jan. 30...
Feb. 27..
Mar. 27..
Apr. 24..
May 29..
June 20..
July 3 1 . .
Aug. 28 *
Gold
25. 2
15.2
26.3
105
44
88
65
102
92
32
94
79
46
86
85
123
74
128
Foreign Domestic: Security
exchange
bills | loans
56, 426
58,407
58, 562
26, 209
26, 242
27, 610
2,779
2, 800
2,728
1,727
1,775
1,852
1,899
1,992
2,037
2,100
2,176
2,192
2,206
2,180
2,181
2,212
2,290
2,296
1,005
1,022
1,004
1,003
1,004
1,015
1,026
1,032
1,032
1,031
1,031
1,025
1,027
1,029
1,082
106
105
107
110
109
112
114
112
110
112
110
110
109
112
107
Other
assets
Millions of reichsmarks:
1931—June 30
July 31
Aug. 31
_
Millions of dollars:
June 30.
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 30
Dee. 31
1931—Jan. 31_
Feb. 28
Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 31
Gold
17.9
18.1
18.2
33. 5
33.7
48.7
176
182
164
166
170
179
176
162
162
164
180
165
lf-3
87
88
89
89
86
87
87
88
89
89
86
87
87
88
89
164
237
Deposits
Notes in
circulation
Government
5, 082 1
5,065 i
5,065 j
6,807
8. 958
3
76,927
79,862
78, 635
8,513
9, 303
9,469
211 |
211
208
237
238
250
244
274
262
259
270
274
275
280
287
267
351
(3)
2,846
2,827
2,888
2,864
2,932
2,977
2,996
3,079
3,095
3,052
3,027
3,065
3, 016
3,131
3,082
194
358
396
412
513
523
495
543
523
461
458
390
334
365
371
208
204
204
199
199
199
199 i
199
199
( )
Resources
Reichsbank
Other
liabilities
Other
Liabilities
Resources
Bank of France
Public
Ott ler
15, 187
14 736
17 650
i Other
! liabilities
j
I
408 :
328 !
303 i
344 ;
328 I
385 ;
459 !
457 l
430 i
493 j
473 !
497
595 i
578
692 ;
2, 250
2,195
(3)
84
84
87
86
91
93
88
86
87
89
97
94
88
(3)
86
Liabilities
Reserves
Other
in foreign Treasury bills (and Security
loans
exchange
checks)
Other
Notes in
Other
circula- Deposits liabilities
tion
1,425
1, 303
1,366
300
246
356
74
249
38
2, 579
3,273
3,101
355
347
208
103
103
103
£36
958
972
4,295
4,454
4,384
398
834
509
1,074
1,251
1,251
624
624
624
590
519
519
628
535
544
553
564
569
339
325
325
109
62
88
41
47
125
112
2
9
20
18
34
11
6
18
59
9
175
200
193
200
163
153
152
175
161
152
159
172
223
228
231
1,116
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
117
95
99
112
91
91
155
63
77
92
85
84
169
170
171
183
179
192
47
39
45
37
44
71
59
85
44
32
51
69
76
55
61
41
72
65
68
24
24
24
1
6
25
49
423
419
412
499
548
477
563
463
471
465
432
427
614
780
739
40
85
83
49
95
199
121
185
178
174
256
* In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law
at £260,900,000 ($1,265,000,000). On August 1 and 21, however, permission was given to increase the fiduciary issue (and securities held as cover)
by £15,000,000 for three weeks.
* Issued by the independent office for retirement of public debt (Caisse autonome d'amortissement).
* Figures not yet available.
* Preliminary.
524
FEDERAL RESERVE BULLETIN
SEPTEMBER. 1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1931
I
1930
July
Commonwealth Bank of Australia
(thousands of pounds sterling):
Issue d e p a r t m e n t Gold coin and bullion
13,226 15, 227 15,227 20, 006
Securities
35,800 35,300 35,300 ; 4,941
Banking department—
1,243 1,528
Coin, bullion, and cash
873
Money at short call in Lon7,431 : 5, 802
6, 578 8,332
don
23,167 28,105 28,385 ' 10,947
Loans and discounts
17, 344 18, G83 18,083 21,458
Securities
_
46,813 55,544 54,372 40,972
Deposits
47, 405 46, 591 46,580 38,005
Bank notes in circulation
Austrian National Bank (millions of
schillings):
214
214
214
Gold.
1R9
116
128
133
Foreign exchange of the reserve.J
273
401
225
311
Other foreign exchange
!
470
451
632
529
115
Domestic bills
96
96
96
101
Government debt
I
1,141
1,205
1,111
1,021
Note circulation
142 :
94
180
115
Deposits
National Bank of Belgium (millions
of belgas):
j
1,448 ! 1,204
Gold
1, 538 1,434
870 !
844
874
Foreign bills and balances in gold.,
874
744 i
776
738
Domestic and foreign bills
! 831
292 I
311
292
Loans to State
|
290
3,218 j 3,083
3,193
Note circulation.
3,358
1.84 I
205
112
Deposits
I 259
Central Bank of Bolivia (thousands j
I
of bolivianos):
4,731
Gold
J
2,819 i 2.811
j 24,894 '25, 722 42, 930
Foreign exchange
23,640 23,872 21, 761
Loans and discounts
27, 288 28,446 36,885
Notes in circulation
7,562 7,959 15,123
Deposits
Bank of Brazil (millions of milreis):
407
Gold
394
469
Currency
371
93
268
40
Correspondents abroad
1,604
1,547
Loans and discounts
1, 655
148
125
148
Securities.._
170
592
170
Note circulation
1,650
1,480
1,681
Deposits..
j
National Bank of Bulgaria (millions
of leva):
1,422
1,491
Gold
1, 506 1,501
187
211 j
Net foreign exchange
224
255
644
910
Total foreign exchange
477
661
680
845
691
Loans and discounts
828
3,064
3,279
3,064
Government obligations
3,064
3,435
' 3,283 3,183
Note circulation
3,
1,446
1,408
1,439
Other sight liabilities
1,475
Central Bank of Chile (millions of
pesos):
63
63
63
Gold at home
299
196
189
Foreign exchange
i 180
192
97
179
Loans and discounts
I 227
293
322
272
Note circulation
315
Deposits against which reserve
is held
Bank of the Republic of Colombia
(thousands of pesos) :
10, 364 10,080
9,844 20,827
Gold at home
11, 784 11,089 10,420
8,233
Gold abroad
13,320 14,942 14, 744
12,188
Loans to member banks
21, 944 23,889 23,107
28,398
Note circulation
6, 568
7,533
7,472
7,433
Deposits
Czechoslovak National Bank (mil!
lions of Czechoslovak crowns):
Gold
1,414
1,541
1,537
1,540
Foreign balances and currency... 1,628
2,043
2,063
1,921
844
Loans and advances.
245
393
500
Assets of banking office in liqui342
303
313
315
dation
6,732
6,897
7,017
Note circulation
665
482
Deposits
392
i Revised to include "Sight drafts."
1930
1931
July
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts..
Note circulation.Deposits
Bank of Danzig (thousands of Danzig
gulden):
Balances with Bank of England..
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange
Loans and discounts._
Notes in circulation
Deposits
Bank of Es tonia (thousands of kroom"):
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
25,449
14,007
27.996
40,899
7, 675
f>, 535
20, 062
19, 868
33,262
c
July
16, 277 14,050
5,937
7,379
21,493 21,698
35, 817 35,096
1,625
1,801
! 5,659
18,422
• 14,288
20, 763
14, 786
14, 771
11,320
19, 508
36, 639
1,893
5,607
25, 856
14, 349
26, 538
15,116
5, 647
18, 542
14, 350
21,388
13, 995
6,532 6, 526
17, 379 17,019
20. 900 25,326
32,059 32,^96 |
6, 526
16,803
24,860
31,897
5,813
5,854
2, 030
Corrected.
302
301
301
642
207
618
1,204
127
j
5,534
6, 402
2,376
302
Bank of Greece (millions of drachmas):
Gold
N e t foreign exchange in r e s e r v e . . _
Total foreign exchange
Loans a n d discounts
G o v e r n m e n t obligations
N o t e circulation
Other sight liabilities
National Bank of Hungary (millions
of pengos):
Gold....
_
Foreign bills, etc
Loans and discounts
Advances to treasury
Other assets..
_
Note circulation
Deposits
M isccllaneous liabilities
Bank of Italy (millions of lire):
Gold at home.
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts.
Government bonds
Notes issued
Total deposits
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
May
j June
662
218
646
1,232
182
720
242
670
1.257
240
949
185
630
1,355
203
488
1,835
2,418
352
3,168
4,170
1,224
487
1,968
2,868
354
3,289
4, 255
1,448
112
10
389
59
42
501
40
47
9,462 ! 9,401
6, 5]4 ! 4,959
1,685 ! 1.808
566
484
2,712
2, 162
3,096
3,853
282
357 !
3,289 j 3,489
4, 816
4,304;
i 1,697 i 1, 597
112
10 I
279
60
33
385
47
40
112
2
1
257
60
2b
370
42
44
163
43
203
72
91
466
33
47
5,372
5,368 5,318
3,545
3,923
4,058
4,669
4,389
3, &33
14, 678 14, 683 14, 722
300
300
300
1,504
1,654
1,958
5,210
5,080
3,854
16,182
300
1,849
855
691
111
1,015
462
851
697
111
1,110
515
847
710
136
1,078
635
110
17
46
241
21
115
21
48
240
36
115
25
46
244
41
881
735
1,104
677
I
139
34
53
237
53
525
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
CENTRAL BANKS—Continued
[Figures are for last report date of month]
July
Bank of Latvia (millions of Iats):
Gold
_.
_
Foreign exchange reserve
Bills
Loans
_
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litas):
Gold
Foreign currency
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions
florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
of !
i
!
j
Bank of Norway (millions of kroner):
Gold
_
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
Reserve Bank of Peru (thousands of ,
soles):
Gold
Foreign exchange reserve
Bills
:
Note circulation __
;
!
Deposits
Bank of Poland (millions of zlotys): \
Gold at home
i
Gold abroad
...
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
[
Note circulation
Current account of the treasury..
Other current accounts
|
Bank of Portugal (millions of es- j
cudos):
I
Gold
Net foreign exchange and other
reserves
j
Discounts and advances
j
Government obligations
j
Note circulation
I
Other sight liabilities
I
1
2
1930
1931
1931
June
National Bank of Rumania (millions I
of lei):
!
Gold at home
i 5, 753 5,723
3,114
Gold abroad
; 3,114
1,667
Foreign exchange of the reserve. -! 1,687
621
Other foreign exchange
i 174
Loans and discounts
| 9,855 8,573
!
5,485
State debt
5,485
Note circulation
' 19,401 18, 715
Deposits...
I 7,550 7,060
South African Reserve Bank (thou- j
sands of pounds sterling):
!
Gold
' 6,712 6,303
Foreign bills..
_J 7, 295 6,814
830
Domestic bills
! 575
Note circulation
* 8,328 7,383
Deposits—
i
Government
i 2,394 2,752
580 !
450
497
391
Bankers
I 4,989 4,879
224
229 !
229
241
266
Others
I _1_83_
136
145
136
153 ;
Bank of Spain (millions of pesetas):
837
879
809
932 |
Gold
2,275 2,426
43
16
126 ;
691
Silver
I 672
106
254
Balances abroad
2,845
3,116
Loans and discounts
146 i
146
147
146
5,214
5,469
Note circulation
2i :
25
22
22
815
963
Deposits
178
222
178 :
176
Bank of Sweden (millions of kronor):
291
296 !
315
296
238
238
Gold
,
4
1
4 I
4
296
Foreign bills, etc
! 222
64
56 i
60
53
375
Loans and discounts
'• 352
587
Note circulation
j 562
235
Deposits
164
63, 453
61, 529
56,251
Swiss National Bank (millions of |
6,919 i 17,157
10,425
francs):
14,863
14,526 18,492
1,164
840
Gold
57, 081
58,052 58,082
420
480
Foreign balances and bills
6,614
4, 501
4,066
74
110
Loans and discounts
1,255
1,078
Note circulation
j
315
551
Demand deposits
486
484
486
486
State Bank of U. S. S. R. (thousands
82 j
219
82
82
of chervontsi):
167 j 230
222
256
Loans and discounts
129 |
99
111
119
Deposits.
-[
618
730 |
685
637
Issue d e p a r t m e n t 1,254 ' 1,230 1,222
1,321
51,926 50,834
Gold
52 i
43
2 102
53
2,470
2,366
Other precious metals..
193 j 217
103
2 140
5,249 I 5,251
Foreign exchange
1223,445
231, 531
Note circulation
I
National Bank of the Kingdom of
217 i 3 252 i 3 249
3 209
Yugoslavia (millions of dinars):
|
1,540
1,544
Gold
933
594
530 : () : ()
Foreign exchange
(*)
1,459
344
Loans and discounts
1,640
347
338
348
1,825
Advances to State
1,060
1,824
1,531 : 1,531
1, 531
4,564
Note circulation
4,970
1,859
1,836 | 1,849
1,951
1,011
Other sight liabilities
733
272
(4) i (4)
()
May
July
5,704
3,114
2.374
619
7,893
' 5,617
18, 709
7,911
5, 356
3,919
1,527
40
8,748
5,699
18, 534
6,979
6,583
6, 499
568
8,143
6,488
7,736
461
7,459
1,962
4,736
123
2,312
4,730
_ _122
2,424
701
115
2,569
5,197
822
2,472
721
32
1,923
4,396
818
239
281
346
542
240
243
360
131
551
110
643
«324
78
990
147
610
«346
79
928
171
611,107
244,403
45,424
2,549
5,959
210, 860
81, 092
8 95
1,437
2,997
4,791
» 1,049
8 1, 068
*226
1,394
2,997
5,317
8 1,406
Converted to basis of new sol (par value $0.2800) adopted May 18,1931.
Revised by transfer from "Other current accounts" to "Current account of the Treasury" of a special account for the purchase of silver
amounting to 13,000,000 zlotys.
3
Figures for gold made comparable with current figures by conversion to new par effective July 1, 1931. Figures for May and June have been
revised to include the gold acquired by the Bank of Portugal under agreement of Mar. 6, 1930, which was first shown on the bank statement of
Apr.4 22, 1931.
Figures published previous to reorganization of bank, July 1, 1931, are not comparable with 7
current figures.
5
6
Revised to include " D u e from foreign correspondents."
Figures not yet available.
Revised to include "Loans of branches."
s Figures for gold made comparable with current figures by conversion to new par adopted June 28,1931; information not available for converting
figures of foreign exchange to new basis.
• Revised to include "Government deposits."
« Corrected.
526
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
July
Argentine Conversion Office (millions of
gold pesos):
Gold .
Notes issued
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note f u n d British legal tender and bank
balances. - _
British securities
_
Notes issued.
Consolidated bank notes *—
Issued
Deemed such under sec. 60 (4)
of currency act, 1927
June
»334
»537
362
543
June
July
July
May
1930
1931
1930
1931
May
68
14
78
11
77
32
145
28
152
28
166
29
241
292
201
332
29
505
171
1,300
54
1,525
202
1,274
71
1,548
323
1,169
191
1,683
July
Canadian Minister of Finance (millions
158
6,403
6,561
93
6,934
7,027
4,214
4,191
1 744
1 762
446
575
«374
«550
136
7,326
7,462
4,166
1,783
41
6,610
6,651
3,784
2,187
of dollars):
Gold reserve against Dominion notes.
68
Advances to banks under finance a c t 8
Dominion n o t e s 139
Issued
28
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard reserve267
Gold
266
Foreign exchange
Paper currency reserve166
Gold
1,326
Silver coin and bullion._.
65
Other assets . ._
1,557
Notes issued
1
The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended July 25, June 27, and May 30,1931, and July 26,
1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
» Preliminary.
« Corrected.
COMMERCIAL BANKS
Millions of national
currency
Country
England:
Cash in vault and at banks
Money at call and short notice
Advances and discounts
Investments...
___
• Deposits..
France:
June
July
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances
June
July
Millions of pesos
Feb.
Mar.
Apr.
1
108
642
706
6
110
492
629
6
104
495
613
6
104
486
599
1
59
436
508
66
488
543
490
544
9
180
885
996
202
871
990
10
165
759
875
10
166
735
857
10
163
712
826
150
654
750
135
712
796
Millions of dollars
150
156
28
29
182
187
1,127
1,139
108
98
695
669
153
46
235
1,330
182
431
158
46
239
161
38
223
1,301
1,277
151
25
186
1,116
132
654
129
580
1,456
148
575
1,432
146
624
139
605
1,410
1,402
897
666
5,857
1,127
8,478
921
099
931
697
5,993
1,132
8,701
6,015
1,171
8,730
128
601
1,450
Millions of pounds
sterling
176
129
1,141
274
1,700
184
131
1,172
272
1,744
181
128
1,178
283
1,750
Millions of francs
Millions of reichsmarks
2,548
857
7,818
10,395
582
1,914
686
7,699
9,277
816
Millions of yen
Japan:
Cash on hand
Total loans
Total deposits
May
1
118
633
690
Bills and national-defense bonds..
Loans and advances
Demand deposits
Time deposits
Germany:
1931
1930
1931
May
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 1C a n a d a Cash in vault
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
Millions of dollars
361
2,156
2,181
274
2,166
2,233
134
2,169
2,151
773
420
1,338
61
755
275
2,059
2,916
116
128
1,077
1,021
196
444
189
447
793
425
706
290
2,046
2,929
2,044
2,874
132
696
762
127
626
704
142
612
148
27
175
1,115
137
649
157
26
181
1,130
117
651
156
29
187
1,139
98
669
150
28
182
1,127
108
695
131
543
1,436
153
579
1,445
124
596
1,453
129
580
1,456
128
601
1,450
910
559
5,880
1,428
8,672
879
547
5,642
1,436
8,399
853
560
5,520
1,423
8,264
858
630
5,555
1,332
8,271
897
640
5,704
1,325
8,489
57
115
July
1
76
451
496
879
624
5,731
1,379
8,518
832
440
1,407
1,185
776
265
June
1
83
447
792
448
1,378
May
56
121
115
98
1,093
1,033
1,085
1,023
594
225
1,959
2,556
156
603
228
1,940
2,567
150
602
234
1,911
2,545
143
607
204
1,862
2,476
139
456
163
1,834
2,210
194
138
1,105
1,068
137
1,085
1,072
165
1,089
1,077
180
1,075
1,087
137
1,080
1,113
67
1,081
1,072
i Gold, Dominion notes, and subsidiary coin.
NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; France—four commercial banks,
Qermany—six Berlin banks; Japan—Tokyo banks.
527
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
DISCOUNT RATES OF CENTRAL BANKS
Date effective
i Bank Bank German Bank Bank of Bank of
of
of EngReichsof
Nether- Switland France bank
Italy
lands zerland
In'effect Feb. 1,1930.
Feb. 5
Feb. 6
Mar. 3
Mar. 6
Mar 7
Mar. 8
Mar. 20
Mar. 25
Apr. 3
Apr. 24
May 1
May 2
May 19 «_
May 20
June 21
July 10
Oct 9
3
5
7
5
Aug. 25,1931
Sept. 18,1930.
Peru
Poland
1 Danzig
6
Aug. 5,1931
Sept. 1,1931
Rumania
South Africa _
Spain
Sweden
j Denmark
Ecuador
2H
5^
i Fstonia
4
5
2
Jan. 22
2
2H
2H
2
;
15
10
10 i
%A
Finland
Greece
Hungary
India
Japan
Portugal
' i ^ Nov. 13,1030
10 Mar. 14,1931
VA Sept. 1,1931
6 Aug. 27,1930
Nov.
July
Aug.
Oct.
9
9
7
5.11
U. S. S. R . . .
Yugoslavia...
30,1928
24,1931
6,1931
7,1930
Mar.
Oct.
Apr.
Nov.
11,1930
1,1930
1,1930
8,1930
V
Sept.
Oct.
Aug.
Apr.
1,1930
3,1930
10,1931
1,1931
5
Mar. 13,1931
July 8,1931
July 31,1931
8
4
8
Mar. 22,1927
July 20,1931
Changes: Chile—Aug. 25, down from 9 to 7 per cent; Czechoslovakia—
\ Aug. 5, up from 4 to 5 per cent; Danzig—Aug. 10, down from 10 to 7 per
1
cent; Sept. 1, down from 7 to 6 per cent; Estonia—Sept. 1, down from 7
i to 6 ^ per cent; Germany—Aug. 12, down from 15 to 10 per cent; India—
j Aug. 6, up from 6 to 7 per cent; Portugal—Aug. 10, down from 7H to 7
: per cent.
7
10
2
6
6
4
K
3
3
4M
Java
Latvia
Lithuania
Norway
23,1931
1,1930
26,1930
4,1931
In effect
since—
Sept.
1
7
7
Czechoslo-
6
81
Rate
Country
Chile
i Colombia
5H
3~~
Jan. 3, 1931
In effect
since—
10 July
Aug.
Aug.
8H June
Belgium
Bolivia
Bulgaria
4
_- .
Jan. 24
May 14
May 16
June 13
July 16-_
July 23
July 30
Aug. 1
Aug. 12 .._
In effect Sept. 1,1931.
Austria
4
4^
Hi
Rate
Sept.
1
Country
2
2
MONEY RATES IN FOREIGN COUNTRIES
Month
Bankers'
3 months
1930—July.
August
September
October
November
December
1931—January __
February
March
April
May
June
July
2.37
2.21
2.07 i
2.09 !
2.18 |
2.30 !
2.25 !
2.56 I
2.60
2.58 ;
2.24 ;
2.09 I
2.58 !
Treasury Jr>»x7
bills, 3
months
2.38 !
2.17 I
2.05 j
2.13
2. 15 !
2.34 i
2.24 ;
2.37 ;
2.56 !
2.57 !
2.21 ;
2.10 I
2.44 I
Bankers' i Private
allowance
discount
on deposits '• rate
Month
1930—July
August
September
October
November
December
1931—January
February
March
April
May
June
July
1
3.40
3.24
3.30
4.66
4.79
4.82
4.75
4.88
4.76
4.65
4. 65
6.05
17.00
1.78
1.85
1.68
1.65
2.01
1.60
1.74
2. 29
2.20
2.17
1.87
1.64
2.05
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
2.08
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
5.50
5.48
5.25
5.43
5.50
5.50 I
5.50 :
5.50 I
5.48 i
5.25 :
5.25 i
5.25 i.
| Netherlands (Amsterdam)
Germany (Berlin)
England (London)
Austria (Vienna)
Private
discount
rate
4 -4J4
3% -414
4 -4!4
4M«-43/i
4 ^ -4%
4 -4^
3?4 -4
VA -4M6
4
-6J/2
Money
for 1
month
6 -6H
6 -6H
5^-6^
5K-6M
53/i-6M
5%-6 M
5H-6M
5H-6
5H-6
5H-6
5H-6
Switzerland
« = tssf
Private
discount
rate
Money for Day-to-day
1 month
money
4.57
4.43
4.54
5.93
6.51
7.24
6.64
6.31
6.17
5.87
5.83
7.05
4.30
3.73
3.78
5.15 S
5.48 !
5.54 j
4.93 i
5.49 i
5.00 !
5.67 !
5.38 |
6.74 '
i 8. 89 I
Sweden
(Stockholm)
Hungary
Prime
commercial paper
5^-7%
5H-7H
5^-7H
5%-7
5H-7H
5H-7H
5H-7U
53/4-7%
5V6-7H
5H-7
1.85
L. 83
.96
.59
.31
.39
.38 !
.12 j
.09 !
.50 i
.39 I
1.05 j
1.53 I
Day-to-day Loans3 up
to
months
4>S-5V6
4)4-5
4H-5M
4H-5
4^-5
4J4-5
4M-5H
4J4-5
4J4-5
4 -5
4K-5
3H-5H
3H-5H
3VS-5H
3^-5H
3H-5H
3^-5H
3JM&
3
3
3
3
3
-5
-5
-5
-5
-5
1.85
1.63
1.84
1.48
.29
.86
:.55
.05
.04
.61
;
!07
.40 ;
1.92
1.75
1.50
1.29
1.16
1.18
1.17
1.00
.99
1.06
1.12
•1.12
1.55
Japan (Tokyo)
Discounted
Vnllc
5.48
5.48
5.48
5.48-5. 66
5. 48-5.66
5. 48-5. 66
5.48-5. 66
5.48
5. 29-5. 48
5.29-5.48
5. 29-5.48
5.29-5. 48
Call
money
overnight
3.65
3.83
3.65
3.29
3.65
3.65
3.10
2.92
2.74
2.92
2.19
2.1S
Averages for only the first 11 days of July, no quotations being available for the remainder of the month.
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926 (pp. 794-795), April, 1927 (p. 289), July, 1929
c
(p. 503), November, 1929 (p. 736), and May, 1930 (p. 318).
Corrected.
528
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average=100)
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927.. .
1928
1929 . .
1930
_
60
.
1926—July.
August
September _ _ __
October
November
December
1927—January
February
March
April
May „
June
.
July
August- September
October.
November
December
1928—January.
February
March . . .
.
April
May
June
.. ....
July
August
_. . . .
September
October
November
December
.
1929—January
February
.
March
April
May
June . . . . .
July
August
. ..
September..
October
November... . . . . .
December
1930—January
February
. . . .
March. .
April
May
June
July
August
September
October-.
November .
December......
.
1931—January
February
March
.
April
May..
June
July
.
.
_
..
. -
.
..-._._
._
.
.. .
.
..___..
,
.. .
.
.
. . . .
._
97.0
98.9
98.7
95.7
98.3
97.0
97.2
97.0
97.0
97.6
97.8
97.9
98.1
98.4
99.0
99.1
98.4
98.4
98.8
99.3
99.6
99.7
100.0
100.3
100.3
100.5
100.3
99.7
98.5
97.9
97.2
97.5
97.5
97.8
97.2
97.0
96.3
95.8
95.8
95.7
95.3
95.2
95.0
94.8
95.1
95.7
96.5
96.5
95.4
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
England
France
(December (1913 aver1921=100) age =100)
87
110.0
110.7
112.3
110.2
111.8
110.0
110.2
110.0
110.2
109.3
109.3
111.3
110.5
110.3
110.6
110.6
110.1
110.3
110.6
110.7
111.9
110.6
111.2
112.4
112.3
112.4
113.7
112.4
112.4
112.1
112.1
111.7
112.3
112.1
112.1
113.4
111.7
111.1
111.9
110.4
109.8
109.3
109.0
108.9
109.3
108.5
108.5
109.6
110.1
112.7
112.7
111.4
110.0
112.3
111.9
112.0
113.1
112.8
112.5
112.8
109.7
111.6
111.3
110.8
111.1
111.2
Germany
(average
price)
U77
35
57.4
71.7
82.8
85.1
95.8
54.6
56.6
56.6
58.3
60.2
62.8
66.0
65.4
71.0
73.9
72.7
72.1
72.2
72.6
73.1
72.3
72.7
76.8
80.4
80.2
80.3
81.3
81.8
84.3
83.7
84.9
84.9
84.4
83.8
84.1
83.6
81.8
81.7
83.0
84.2
84.8
84.6
84.8
86.9
86.6
87.7
91.6
97.5
96.3
95.8
95.5
95.3
95.8
95.7
96.6
96.4
95.4
94.7
94.1
95.7
97.1
97.9
99.0
98.4
98.8
98.9
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
United
States
England
France
Germany
404
278
300
329
100.0
118.3
149.9
190.3
149.8
100.0
102.9
104.3
101.6
103.1
105.4
105.6
107.9
109.1
111.1
114.2
115.4
117.2
122.0
127.7
126.7
129.6
133.1
134.4
132.3
137.9
145.9
152.1
145.3
144.2
148.3
156.6
159.1
171.1
171.4
185.2
186.5
189.1
188.6
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
100.0
107.0
115.9
119.5
102.6
99.8
101.7
102.6
101.1
102.1
102.0
104.1
105.1
104.4
105.5
106.4
106.3
106.7
107.4
108.3
109.7
109.6
110.4
111.1
111.0
114.0
116.2
118.6
114.7
114.0
115.9
117.7
119.2
119.8
119.3
122.8
121.7
121.0
119.8
118.3
118.6
121.7
123.5
124.3
120.8
110.4
110.5
110.2
109.9
109.2
111.1
108.0
101.8
103.1
98.4
101.1
95.4
94.1
89.0
89.6
89.3
89.4
85.1
76.8
77.8
79.2
100.0
123.2
178.5
217.2
187.6
111.6
109.0
115.5
111.2
102.6
99.6
109.4
112.4
120.2
129.2
125.8
120.6
124.9
123.6
125.3
8
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
189.5
162.2
149.8
156.7
160.1
155.4
148.5
138 2
141.2
133.5
100.0
145.0
136.1
122.8
100.2
99.9
109.5
112.1
123.1
130.6
130.2
149.3
158.3
153.7
162.8
156.1
142.4
147.0
144.5
139.4
134.9
122.2
129.3
135.8
132.4
130.6
1^6.1
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
1
Approximate number; series originally included 208 issues, from which those bearing 10 per cent interest have been eliminated in recent revision. In 1928 the number of such issues was 31.
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base; for original figures—except for revised series on German bonds—see BULLETIN for February, 1931 (p. 91) and March, 1931 (p. 158).
SOURCES: United States—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, drawee—Statistique G6n6rale, Paris; description (and back figures) in Bulletin de la
Statistique Ge"ne"rale, 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).
529
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—ALL COMMODITIES
Japan
England
France
Germany
Italy
(1913 - 1 0 0 )
(1913=100)
(1913=100)
(1913=100)
1931
1930
1930
1931
1930
1931
1930
1931
1930
1931
1930
77
76
75
75
73
72
72
U n i t e d States
(1926=100)
131
128
125
124
122
121
119
118
116
113
112
109
576
567
558
548
546
540
558
560
556
552
551
541
541
538
539
540
520
518
501
132
129
126
127
126
125
125
125
123
120
120
118
115
114
114
114
113
112
112
417
408
400
396
389
382
375
379
374
364
361
350
342
338
339
337
332
327
324
201
200
196
193
189
181
177
176
172
165
162
161
158
158
158
158
154
151
153
131
126
122
122
118
US
115
114
112
111
110
107
lada
= 100)
Month
1930 I 1931
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
93
92
91
91
89
87
84
84
84
S3
80
78
1930
77
76
75
73
71
70
70
1931
107
106
106
106
104
103
102
Netherlands
(1913=100)
1900=100)
1931
105
104
103
102
102
100
97
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those comprised in indexes shown in preceding table]
United States (1926=100)
E n g l a n d (1913=100)
France (1913=100)
G e r m a n y (1913=100)
!
i
Month and year
Farm !
products !
1930—June
July..
August
September...
October
November...
December
Fftftriq
oods
*
89
83
85
85
83
Foods
Farm
Industrial and food Industrial Agricultural
products products products products
86
84
83
83
82
80
79
127
127
126
124
121
121
116
117
115
113
111
109
107
105
488
540
550
562
562
570
570
587
573
568
551
543
535
516
110
115
117
114
109
112
110
115
114
111
108
108
108
105
122
119
118
116
114
113
110
151
151
149
148
147
145
143
80
77
77
76
73
72
73
70
71
70
67
65
65
78
77
76
74
73
72
72
113
112
111
113
113
113
110
104
103
103
102
100
98
98
580
575
581
592
5«fi
571
541
507
505
503
495
480
'472
466
107
106
107
108
109
107
105
102
100
99
97
96
9*
97
108
106
106
105
103
103
103
142
140
139
138
137
137
136
RETAIL FOOD PRICES
United
States
Industrial
raw and Industrial
semifinished
products
finished
products
Provisions
91
86
87
89
89
86
82
g
1931—January
February
March
April
May
June
July
Other
pornmodities
England
(July,
COST OF LIVING
(1913=100) j 1914=100)
January
February
March
April
May...
June
July
August
September...
October
November
December.
United
States
(1913=100)
England
(July,
1914=100)
France
Jan.-June,
1914» 100)
Germany
(191314=100) i
1930
Month
France
| Germany
(July,
i
(19131914=100) | 14 = 100) »
1930
1930
1930
1930 1931
1930
155
153
150
151
150
148
144
144
146
144
j 141
; 137
j
i
i
!
!
'
--.!
•
1931 1930 1931
133
127
126
124
121
118
119 |
157
154
150
143
140
138
141
144
144
143
144
141
138
136
134
129
129
127
130
124
121
120
119
120
120
122
127
129
129
131
132
1931 ! 1930
1931
January
February
March
| 129 April
j 130 May
131 June
130 July
August
September
October
November
December
1931
132 I 150 134
132 ' 148
131
131 j 145 | 130
130 !
129 j
128 !
125 |
143
142
143
146
145
142
140
138
135
167
-.
161
150
1931
166
164
161
157
155
154
155
157
157
156
157 I
155
153
152
150
147
147
145
147
115
120
116
120
120 |
152
150
149
147
147
148
149
149
147
145
144
142
1931
140
139
138
137
137
138
137
1
r
Average of October, 1913, January, April, and July, 1914=100.
Revised.
SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United States—
Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Keichsarnt; France—for retail food prices,
Statistique Ge'ne'rale, and for cost of living, Commission d'Studes relatives au cout de la vie a Paris.
530
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE
PERCENTAGES
[Averages of daily figures. Amounts in thousands of dollars]
Federal reserve bank
1931
August
Boston.
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas City...
Dallas
San Francisco.
Total
1930
July
1930
August I August
239,930
236,168
1,213,608 1,251, 553
262,162
259,919
352,662
338, 221
90,954
91, 335
136,194 139,817
672,300
111,066 110,335
74,193
72, 327
100,565
99,165
47,281
47, 029
318,618
302, 413
Federal reserve notes in circulation i
Total deposits
Total cash reserves
1931
August i August
230,906 155,218 147,376 148, 623
973,123 1,081,769 1, 089, 050 999, 654
232,180 161, 111 152, 203 143,466
339, 661 212,152 201,979 205,196
70, 583
65,731
93, 239
67,748
62,026
59,926
132,815
62,187
453,602 357,981 337,774 356,131
74, 550
109,256
73,146
78, 593
52,929
69, 391
51, 626
51,065
87,064
117,474
84, 802
91,028
58,955
57,011
51, 521
59,098
298, 758 196,690 192,466 184,924
139,457
369, 589
149,969
219, 550
67,809
114,078
405,955
73,225
50,880
66,322
27,055
191,871
Reserve percentages
1931
1930
July
August
137,192
300, 018
147, 768
200, 650
69,845
117, 570
376, 562
72,853
50,037
63, 266
27,443
178,516 I
136,476
162, 926
127,172
189, 881
63, 275
114, 564
174, 332
67, 741
49,407
69, 353
32,946
158,985
3,619,914 3,584,709 3,101,926 2, 571,028 |2, 513, 090 2,447,713 11,875,760 1,741,720 1,347,058
August
1930
July
81.4
83.6
84.3
81.7
66.0
77.3
88.0
75.2
71.5
65.6
55.0
82.0
83.0
90.1
86.6
84.0
67.1
78.8
89.1
75.6
71.1
67.0
55.7
81.5
81.4
August
84.3
81.0
83.7
85.8
86.0
71.2
75.1
85.5
74.7
69.0
73.2
56.0
81.7
I
i Includes "Federal reserve notes of other Federal reserve b a n k s " as follows; Latest month, $15,887,000 month ago, $14,992,000; year ago
$19,196,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS
AT FEDERAL RESERVE BANKS
[Averages of daily figures for 3 months ending July 31,1931. In millions of dollars!
Reserve held
Deposits subject to reserve
(net demand and time
deposits; see following
page)
Federal reserve district
Total
-; Indebtedness at Federal
I
reserve banks
Excess
I
May
June
July
May
June
July | May
June
July
May
July
2,295
10,605
2,426
3,197
1,064
896
4,602
1,117
847
1,129
797
3,193
2,273
10,385
2,405
3,179
1,061
887
4,418
1,091
853
1,123
775
3,152
142.2
141.1
2,284
10,483 1,008. 8 1,042. 9
147.0
145. 5
2,407
192.8
192. 0
3,158
62.4
61.5
1,055
58.2
57.4
882
4,338
334.0
325.2
1,066
73.9
71.9
48.6
49.1
843
81.7
82.0
1,123
56.3
54.7
763
3,125
181.1
180.6
142.3
, 047. 4
145.5
190.7
61.0
56. 5
327. 6
69. 7
49.3
82.2
54.2
180.4
1.9
23.1
4.0
3.8
2.7
2.5
9.3
3.9
2.6
4.7
1.8
6.4
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
10.6
37.4
18.2
14.1
15.9
11.0
13.5
7.4
3.9
9.5
8.5
12.6
11.3
33.0
19.4
17.8
19.4
12.7
16.2
7.8
4.1
11.6 |
9.9
24.4
9.0
26.0
16.5
15.8
17.2
13.5
12.1
8.9
4.2
9.5
10.8
25.0
_.! 32,168
Boston
New York..
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas City...
Dallas
San Francisco.
June
31, 602
31,526 I 2,387.1
2,406.9
66.8
128.9
124.4
162.6
187.I
168.5
I
Total
2,403.7
DISCOUNTS OF FEDERAL RESERVE BANKS, BY DISCOUNTS OF FEDERAL RESERVE BANKS, BY
MONTHS
WEEKS
[Averages of daily figures. In millions of dollars]
[In thousands of dollars]
1931
1931
Federal reserve bank
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco,
Total.-.
Aug. 5
Aug. 12 Aug. 19 Aug. 26
7,271
9,347
9,302
36,105 49,886 38,775
18,033 17, 876 18,221
17,484 16,892 30, 517
18,231 17, 862 19, 721
17.058 17,936 21,750
14,992 14,791 14,945
9,977
9,553 10,048
4,347
4,796
4,498
12.059 12,073 16,089
12,577 13,082 13,464
20,416 10,689 33,501
188, 575 194,980 230, 609
Federal reserve bank
10, 212 Boston
48,366 New York
18,105 Philadelphia
29, 913 Cleveland
18,751 Richmond
22,357 Atlanta
16, 571 Chicago
10,939 St Louis
4,513 Minneapolis
12,659 Kansas City _ .
13,750 Dallas
35,582 San Francisco
Total
241, 718
August
8.9
.. _ _
__________
_
48.1
18.6
25.0
18.5
20.4
15.9
10.6
4.6
13.1
13.3
25.4
222.3
1930
July
9.0
26.0
16.5
15.8
17.2
13.6
12.1
8.9
August
12.6
47.6
18.2
15.7
21.4
29.9
16.5
15.1
4.3
9.5
4.4
9.2
10.8
25.3
169.0
13.9
9.5
214.0
531
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS
[Averages of daily figures. In millions of dollars]
j
!
I
Federal reserve district
Boston
_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
_
-
_
_
Total
_
__
i
I
Net demand
July
i
!
Larger centers (places over 15,000) i j Smaller centers (places under 15.000)1
Total (all member banks)
July
June
1,273
7,362
1,184
1,497
497
481
2,333
588
395
740
537
1,235
1,260
7,228
1,199
1,519
505
492
2,324
612
398
738
Net demand
Time
July
June
i
i
i
'
!
j
i
|
i
i
1,011
3,121
1,223
1,661
558
401
2,004
478
448
543 j
226
1,8
1,012 '
3,157
1,206 i
1,601 •
555 •
396
2,094 i
479 i
455
385 i
232
1,916 i
13,404
13,548:
1,236 |
18,122 I 18,055
1,173 !
7,076 |
1,000
1,319
395
400
2,117
471
258
497
365
1,090
16,162
Time
June
July
i
July
June
1,164
6,948
1,015
1,344
401
408
2,102
490
257
507
365
1,091
851
2,529
766
1,344
359
315
16,091
10, 568
Net demand
1, 662
356
211
234
186
852
2,567
750
1,342
355
312
1,745
358
215
244
193
1,752
1,778 ,
10,712
Time
une i July
97 i
June
160
592
457
317
200
85
342
122
237
149
39
137
160
590
457
319
201
84
349
121
240
140
39
138
1,964 ; 2,836
100
286
183
178
102
81
216
117
137
243
172
145
!
i
i
;
j
i
i
I
|
!
|
I
2,836
280 !
184 i
1 7 5 '••
104
83 !
222
121 l:
141
232 j
179 !
146 •
1,960
*1930 census; for figures through January on 1922 basis see BULLETIN for March, 1931 (p. 140).
NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY
[Amounts duo from banks in New York City as reported by member banks in Federal reserve district specified.
In thousands of dollars]
Federal Reserve District
Call date
1928—Oct 3 . . . .
Dec. 31.
1929—Mar. 27.
J u n e 29_
Oct. 4__
Dec. 31.
1930—Mar. 27.
J u n e 30.
Sept. 24.
Dec. 31.
1931—Mar. 25.
J u n e 30.
Total
452,478
509,786
391, 495
438,933
428,665
519,107
462, 976
552,394
585, 847
641,271
771,795
649,709 !
New PhilaBoston York* delphia Cleveland
Rich1I
mond Atlanta Chicago
32,943
48, 227
36,147
36, 654
48,220
82, 262
23,150
23,268
15, 598
21, 758
18,105
23,111
19,656
21,293
23,976
27, 064
33, 244
34,351
40, 854
45,131
77,082
67.353
55, 569
47, 465
55, 529
39,303
39,098
41, 502
41,210
47, 833
65, 419
61, 230
62, 796
87,916
55,267
63,933 37, 688
70,991 43,812
56,145 31, 320
56,784 39, 676
57, 542 32,615
72, 538 41, 553
60,281 35, 251
81,924 37,854
78, 380 49, 361
92,706 45, 703
107,124 105, 737
104,866 72,076
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. 3*4
126,268
St.
Minne- Kansas
apolis City
19,136
20, 734
17,402
18,999
19, 277
18,303
22,385
26,486
26,663
33,112
43. S34
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
San
Francisco
25,923
26, 887
22,102
21,226
26,109
27,781
28,191
31,339
31,072
25,012
29,219
24,289
50,993
59, 787
44, 494
62, 351
! 47, 344
77,076
! 52,353
I 57,125
59,787
68,819
! 61.023
55,927
28, 737
29, 582
25.124
26, 712
26,222
27,972
35, 341
42, 345
52,047
33, 487
39,007
32,781
i 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
Totalall
member
banks I Boston
New
York
Phila- Clevedelland
phia
Richmond
St.
Atlanta Chicago Louis
Minneap- Kansas Dallas
City
olis
San
Francisco
I
1928-Oct 3 . . .
Dec. 31.
1929—Mar. 27.
June 29_
Oct. 4__
Dec. 31.
1930—Mar. 27.
June. 30
Sept 24 _
Dec. 31.
1931—Mar. 25.
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
37,003
38,502
49, 201
47,681
51,159
65,118
52, 732
49,173
26, 711
55,849
46,207
49,512
j 20,084
| 27,768
i 33,249
i 35,494
34,300
49,107
I 34,932
j 30,825
28,478
I 42,802
j 32,846
!
23,320
24,688
15,033
17,155
27, 719
25,187
18,155
19, 283
24,230
23,541
24,438
18, 374
17,068
30,792
22,018
23,385
34,107
29,823
22,141
26, 702
32,551
33,307
27,478
21,T)50
20, 859
61, 799 27,094
73, 477 14,519
15, 622
96,922 27,767
93,297 31,059
132,176 25,854
94,520 22,678
81,513 33,481
68,425 38,522
89,896 28,308
86,148 22,219
99, 589 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
15,919 6,752
18,231 3,399
17,447 4,519
23, 798 8,719
19,499 8,029
23,251 5,392
21, 681 6,953
27,630 11,296
21,936 10,909
23,442 7,988
21,112
22,707
7,925
8,508
8,947
6,212
9,380
12,671
12,203
13,307
11,929
9,790
7,458
8,110
7,800
8,213
532
FEDERAL RESERVE BULLETIN
S E P T E M B E R , 1931
ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS
fExclusive of loans to banks. In millions of dollars]
Federal Reserve District
Call date
Boston
New ! PhiladelYork
phia
Cleveland
Richmond
Atlanta
St.
Louis
Chicago
Minneapolis
541
515
483
475
476
461
463
444
, San
Kansas
Dallas FranCity
cisco
LOANS TO CUSTOMERS
All member banks:
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Reserve city banks: l
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Other banks:
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
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
1,774
1,750
1,697
1,715
1,672
1,654
1,596
1,568
2,255
2,296
2,209
2,216
2,153
2,182
2,127
2,061
920
920
850
836
824
801
775
751
810
796
747
724
703
678
635
614
3,640
3,555
3,265
3,351
3,182
2,956 I
2,782 !
926
883
830
810
796
708
676
654
14,622
14,712
13,288
13,337
_. 13,003
13,244
12,416
11,939
775
756
695
694
647
650
601
565
5,269
5,371
4,727
4,708
4,644
4,694
4,353
4,164
786
766
742
757
727
716
678
661
1,265
1,353
1,273
1,283
1,246
1,290
1,265
1,240
330
336
301
299
294
296
284
272
428
423
388
370
356
360
340
325
2,533 i
2,454 '
2, 208 i
2,306 i
2,207
2,213 !
2,025 |
1,927 !
557
525
483
463
456
402
386
362
230
206
185
176
188
178
188
173
8,628
8,482
8,206
8,228
8,007
7,762
7,524
7,318
976
947
920
922
908
884
866
854
1,863
1,860
1,776
1,804
1,747
1,734
1,698
1,668
984
955
958
945
938
918
907
990
943
936
934
907
893
862
821
590
584
549
537
330
505
491
479
1,107
1,100
1,057
1,044
1,000
369
358
347
347
340
306
290
292
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
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 i
340 !
354;
344 i
358 |
329 j
351
373 I
1,383 !
297 i 1,248
334 j 1, 477
302 i 1,501
316
1,692
284
1,538
1,742
318
1,604
323
6,917
7,179
8,062
8,688
9,121
8,527
9,634
9,519
315
301
377
378
411
388
434
429
3,120
3,615
3,849
4,439
4,285
4,119
4,483
4,458
263
307
328
416
407
549
543
695
649
746
773
898
761
852
873
143 I
142
152
156
170
145
162
185
145
135
155
147
163
140
172
173
5,107
4,847
4,972
4,867
4,875
4,696
4,708
4,690
548
532
557
572
591
562
581
589
1,203
1,142
1,223
1,235
1,243
1,189
1,188
1,208
642
609
614
621
622
616
621
627
514
462
464
459
450
433
422
412
211
197
202
188
188
184
189
187
ioJ
162
179
156
153
144
147
150
_
|
j
!
I
'
!
372
358
355
348
318
295
288
I
!
i
|
i
!
i
'
673
651
612
615
616
576
558
545
2,078
2,161
2,000
2,015
1,957
2,135
00&
1,981
430
422
372
366
355
372 !
343 !
332
331
291
288
296
297
283
274
,768
,622
,629.
.,5881,778
1,668
1,648-
312
309
298
299
288
285
275
271
318
313
311
314
304
296
283
277
i
|
i
!
i
i
i
!
342
319
320
327
320
280
274
271
391
393
378
386
370
356
341
333
418
428
462
445
454
417
449
465
409
389
407
387
389
382
384
388
479
454
460
443
479
456
457
474
;
;
306
280
288
244
241
238
260
250
1,042
1,018.
1,114
1,085.
1,151
1,104
1,249
1,193
778
681
900
942
1,126
995
1,193
1.093
175
192
229
224
235
213
243
252
100
95
108
101
100
103
103
117
255
241
246
244
284
266
271
290
136
113
141
121
128
121
151
137
767
752
853
837
906868
1,022
605
567
578
559
566
543
549
511
243
237
233
221
219
204
206
212
308
294
299
287
289
279
281
271
224 I
213
214 ,
199 '
196 !
190
187 ;
185:
170
167
148
123
114
117
110
112
276
266
261
248
244
236
227
225
I
i
i
j
931
856
748
735
684
681
659
667
626
605
!
I
j
i
i
!
!
OPEN-MARKET LOANS AND INVESTMENTS
All member banks:
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
R lerve 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 banks:
1929—Oct. 4
_
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
I
12,024
12,026
13,034
13, 555
13, 997
13, 222
14,342
14,209
!
|
|
;
I
|
I
!
!
i
!
i Member banks in 62 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per cent
against net demand deposits)—and 60 reserve cities (subject to reserve requirement of 10 per cent against net demand deposits); for list of these
cities see Member Bank Call Report No. 52 (pp. 12-17).
Backfigures.—SeeAnnual Report for 1929 (Table 93).
533
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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 inelude banks subsequently reopened. Figures for latest month are preliminary]
Banks suspended
Deposits (in thousands of dollars)
Number
Federal reserve district
All
banks
January-August, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
. . . . .
San Francisco
1
28
28
84
61
69
295
96
130
83
30
27
Total
Members
All
banks
3
1
9
18
58
49
52
245
81
105
76
18
17
2,312
79,890
34, 016
177, 887
18, 710
31, 080
242,185
20, 986
29, 466
22,987
11,188
28,109
729
698,816 153,180 128, 800 416, 836
State
13
10
20
11
13
34
11
24
6
6
1
4
16
4
1
12
162
41
13
1
23
5
1
5
2
43
10
28
20
3
4
4
1
8
1
1
3
4
1
154
Total
Members
Nonmembers
National
932
August, 1931:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Banks reopened
26
12
3 50,611
1,057
19 108, 219
2,344
539
2
35 20, 695
1,880
8
20 5,575
19 10, 712
2 2,182
1 22, 208
2
116
226,022
National
Nonmembers
State
All
banks
2,312
24, 956 35, 322 19,612
8,813
25,203
19, 566 37, 378 120,943
5,024
219
13,467
15, 744 1,715
13,621
46, 736 51, 202 144,247
4,992
1,035
14,959
6,133
496 22,837
2, 356
20,631
4,232
6,956
14,628
12,048
1,433
17,530
1,057
3,781
29, 266
1, 934
119
1,705
176
455
13,835
4,851
294
74,231
2,344
539
13,910
1,467
3,870
10, 536
1,727
8,373
40, 592 64^618
120,812
Members i
1
3
2
1
36
12
25
91
17
3
6
3
2
1
11
3
Nonmembers
All
banks
Members i
1 2,426
1 24,423
21,740
1
412
33 11,513
10 9,144
24 18, 214
80 43,961
17 4,603
3
393
3 2,091
Nonmembers
2,426
2,683
520
412
7,621
3,663
10,712
34. 384
4,603
393
1,571
48, 712
68,468
3,892
5,481
7, 502
9,577
173
117,180
1
1
211
211
1
1
1
1 13, 928
1
220
37
1
13,928
220
37
4
4
14, 396
195
22
3,815
30, 207
Deposits (in thousands
of dollars)
Number
14,396
1
Represents national banks only, except as follows: January-August, 1 State member in New York district with deposits of $18,801,000 and &
State members in St. Louis district with deposits of P6.313,000.
Back figures.—For district figures back to 1921 see BULLETIN for February, 1931; also Annual Reports for 1930 (Table 117), 1929 (Table 111), 192&
(Table 115), 1927 (Table 111), and 1926 (Table 98).
MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE
PAPER)
[In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation]
Totalall
member '• Boston New
banks
York
!
Call date
1929—Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
_
. . .
_
7,614
7,642
7,317
7,258
7,023
7.778
7,905
•
424
455
430
426
386
423
437
2,640
2, 616
2,413
2,368
2,429
2,693
2,895
Federal Reserve District
Phila- Clevedelland
phia
409
396
394
399
408
520
518
599
613
608
671
576
669
711
St.
Richmond Atlanta Chicago Louis
267
264
272
264
233
249
250
275
276
267
270
236
260
249
942
966
956
925
922
1,050
1,016
284
292
270
273
245
259
269
Minneapo- Kansas Dallas
City
lis
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— Oct. 3 . .
Dec. 31.
1929— Mar. 27.
June 29.
Oct. 4__
Dec. 31.
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 31.
1931—Mar. 25
Totalall
nonmember Boston
banks
347
350
354
399
363
359
287
287
247
269
242
Federal Reserve District
New
York
RichSt.
mond Atlanta Chicago Louis
49
25
31
43
46
28
29
31
34
25
23
19
21
26
32
33
23
18
35
33
20
15
57
71
71
79
77
58
44
38
31
42
38
34
43
34
39
39
24
32
30
32
23
24
Minneapo- Kansas Dallas
City
lis
8
8
6
9
8
10
6
8
8
7
7
8
12
7
13
3
15
10
15
11
13
10
7
2
4
8
6
4
5
9
10
4
5
San
Francisco
18
20
15
18
20
11
12
12
11
9
9
534
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS
[In millions of dollars]
City
Federal Reserve District
Total
Loans and investments:
Aug. 5
Aug. 12
Aug. 19
Aug. 2 6 . - .
Loans:
Aug. 5
___.
Aug. 12
_
_._.
Aug. 19
Aug. 26....
On securities—
Aug. 5
Aug. 12..__
Aug. 19
Aug. 26
_
All other—
Aug. 5._
Aug. 12._
Aug. 19..._
Aug. 26
Investments:
Aug. 5
_.
Aug. 12
Aug. 19____
Aug. 26..
U. S. Government securities—
Aug. 5
_
Aug. 12
Aug. 19
Aug. 26
All other—
Aug. 5
Aug. 12
Aug. 19
_
Aug. 26
Reserves with Federal reserve
banks:
Aug. 5
_.
Aug. 12
Aug. 19
_
_.
Aug. 26
Cash in vault:
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Net demand deposits:
Aug. 5._
Aug. 12
Aug. 19
Aug. 26
Time deposits:
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Government deposits:
Aug. 5
Aug. 12
Aug. 19
Aug. 2 6 Due from banks:
Aug. 5.
Aug. 12
Aug. 19
_
Aug. 26.
_
Due to banks:
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Borrowings from Federal reserve banks:
Aug. 5
Aug. 12
_
Aug. 19
Aug. 2 6 - . .
'Revised.
San
St. Min- KanNew
sas
Louis neap- City Dallas Fran- York
olis
cisco
Boston
New Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
cago
ta
22,264
22, 075
22,001
22, 030
1,436
1,452
1,442
1,448
8,961
8,759
8,751
8,826
1,367
1,365
1,361
1,353
2,222
2,226
2,212
2.196
634
635
629
629
552
552
548
548
3,123
3,122
3,101
3,090
622
623
622
618
363
367
369
365
629
626
626
622
421
421
417
419
1,934
1,927
1,923
1,916
7,763
7,566
7,563
7,641
1,812
1,814
1,794
1,792
14, 506
14,342
14, 338
14, 335
968
981
975
5,875
5,720
5,752
5,778
824
816
812
806
1,378
1,377
1,367
1,360
408
407
406
405
377
378
375
377
2,199
2,189
2,183
2,171
401
402
401
399
230
230
229
225
355
353
352
351
293
292
290
294
1,198
1,197
1,196
1,188
5,100
4,949
4, 982
5,009
1,256
1,251
1,247
1,239
6,512
6,479
6,453
6,490
371
372
373
391
3,005
2, 990
2,979
3,010
425
420
417
417
643
642
631
629
158
159
161
159
113
113
1,071
1,059
1,057
1,053
163
163
163
162
60
62
62
60
90
87
90
315
310
312
306
2,648
2,633
2,622
2,655
742
731
729
724
7,994
7,863
7,885
7,845
597
609
602
590
2,870
2,730
2,773
2,768
399
396
395
389
735
735
736
731
250
248
245
246
265
265
262
262
1,128
1,130
1,126
1,118
238
239
238
237
170
168
167
165
100
99
98
98
255
254
254
253
204
202
203
204
883
887
884
2,452
2,316
2,360
2,354
514
520
518
515
7,758
7,733
7,663
7,695
468
471
467
467
3,086
3,039
2; 999
3,048
543
549
549
547
844
849
845
836
226
228
223
224
175
174
173
171
924
933
918
919
221
221
221
219
133
137
140
140
274
273
274
271
128
129
127
125
736
730
727
728
2,663
2,617
2,581
2,632
556
563
547
553
4,117
4,069
4,031
4,078
208
206
206
209
1,800
1,749
1,723
1,775
223
228
226
226
464
470
«469
463
94
96
97
100
537
536
526
528
76
76
76
75
122
122
124
121
379
371
371
371
1,636
1,586
1,563
1,615
327
325
314
318
3,641
3,664
3,632
3,617
260
265
261
258
1,286
1,290
1,276
1,273
320
321
323
321
380
379
376
373
132
132
126
124
387
397
392
391
145
145
145
144
152
151
150
150
357
359
356
357
1,027
1,031
1,018
1,017
229
238
233
235
838
900
897
91
138
136
137
132
40
41
41
39
264
270
256
272
42
41
42
44
54
51
52
53
105
106
108
108
779
844
836
811
183
191
178
196
36
37
35
36
6
6
6
6
11
12
12
12
17
18
21
21
54
55
48
64
15
15
14
14
1,758
1,821
1,814
1,787
58
Chicago
220
233
236
247
13
14
14
13
71
62
77
13
13
13
13
28
29
40
36
13
13
14
13
13,414
13,355
13,196
13,195
851
855
837
841
6, 316
6,222
6,145
6,186
781
780
776
768
1,081
1,089
1,071
1,050
331
334
325
326
293
294
288
288
1, 765
1,777
1,755
1,765
352
354
351
351
210
216
217
210
438
432
434
428
270
268
266
727
732
729
716
5,758
5, 076
5,605
5,657
1,180
1,189
1,172
1,195
7,099
7,105
7,058
7,017
513
516
527
520
1,656
1,667
1,651
1,645
408
410
408
404
1,021
1,017
1,013
1,006
263
263
264
265
236
236
234
233
1,243
1,242
1,222
1,213
238
238
237
235
147
146
146
145
202
202
200
200
140
139
139
1,031
1,028
1,017
1,012
1,123
1,131
1,113
1,108
546
550
533
527
130
75
45
42
3
2
2
47
2917
16
12
7
4
4
12
7
4
4
7
4
3
2
5
3
3
15
9
5
5
2
1
1
1
5
3
2
1
5
3
3
45
27
16
15
10
6
4
3
1,546
"1,477
1,426
1,322
108
91
108
144
133
126
122
107
87
84
151
129
1J5
111
94
90
85
83
80
77
68
70
290
287
289
251
3
2
1
1
74
75
71
159
••158
142
134
87
88
80
74
170
185
192
180
80
77
72
75
177
167
176
146
3,456
' 3,343
3,219
3,052
148
143
141
130
1,299
1,215
1,183
1,108
251
240
230
222
362
355
327
304
117
114
107
105
102
102
91
459
455
441
423
223
236
233
226
1,212
1,130
1,102
1,029
317
308
299
110
107
104
100
211
••205
197
188
535
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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
Philadelphia
Boston ! York
In effect May 1,1930May 2
May 8
June 7
June 20
June 21
J uly 3 - July 12
July 18
Aug. 7
Aug. 8
Aug. 15
Sept 9
Sept. 12
Dec. 24
._
Dec 29
Jan. 2 , 1 9 3 1 . Jan. 8
Jan. 9
Jan.10
May 7
. .
May 8
May 9
May 15
. . . .
May 21 .__
May 22
4
In effect Sept. 1,1931.
2
Cleveland
Richmond
Atlanta
4
4
„ 4
4
Chicago
3^
Kansas
City
4
4
4
3
Minneapolis
4
St. Louis
San
Francisco
Dallas
4
"
4
•
—
%y2 .""/-I "
2*4
3H
3
334
-
sy2
m
3J4
334
zy2
33^
2
3
iy2
2
3H
3
3
3
-~-~Ty2
3
3
3
2)4
2H
3
3
234
3
3
3
2V2
2H
334
3
3
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
Prime commercial paper
Federal reserve
bank or branch
city
1931
August |
Boston
New York.
Buffalo
Philadelphia
Cleveland.
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
I
j
!
j
i
j
_.j
July
| August
3 -4 '
334-4 i
5 -6 !
4 -4H
4 -5
5-6
5 -534
33^-5
434-6
5-6
434~5
6 -7 \
6 -634
5 -6
434-5
43^-5
6-7
6 -6H
5 -6
43^-5
'6y2-4
i
334-4
Detroit
j
4-
G
434-5
St. Louis
Little Rock
Louisville
Minneapolis..
Helena
Kansas City
Denver
Oklahoma City
Omaha.
:
I
j
i
!
'
j
j
<
3 -5
6
6
2^-4
6-8
434~5
4 -6
53^-6
5
Dallas
El Paso
Houston
San Antonio
j
i
i
\
3H-G ; 4 -414
7 -r8 , 7 - 8 j
534-6 : 53^-6 i
5 - 7 > 5J4-6 \
San Francisco
Los Angeles
j
'
4J4-5 i
534-G I
Portland
Salt Lake C i t y
Seattle
Spokane
j
i
i
6
G
6
53^-6
4 -4H
5 -6
4
5
5
4
4^-5
534-6 I
6 -6lA
6 i
5>^-G !
6 i
334-5
4 -5
534-6
4H-6
5 -6
5
5 -6
5
August
5 -53^
-514
>7
5 -5
4 -5
3- 5
6
6
3 -4
6-8
434-5
4 -6
534-6
434-5
i
i
I
i
1931
1930
3 -434
3 -4 !
5 -6 i
3J4-4J4
4-5
4^-6 '
4 -6 ;
4 -5
43^-6
4-6
Chicago
Loans secured by prime stock- Loans secured by warehouse j
receipts
;
exchange collateral
5 -6
r
f\\4,
5 -8
6 -7
6
5 -634
A
J.] / :
53^-6
6 *-t>14
514-6
4 -6
6 -8
6-8
6
G
5 -G
6
5}4~6
G
6
6
6
8
53/2-7
5 -7
7 -8
G
5
5
6
^7
-6
-6
-63/
6
6
-G>
7
1930
July
4 -5
5 -6
4^4-6
5 -6
5 -6
5}4-6
5
4H-6
5
4
5
6
5
-6
-6
-8
-7
6
4.
53^-C
4) '2—6
6 -634
G
4 -6
6 -8
5) 4-6
6
7 -8
5H-6
T
6 ~i7 I
5 -6
6 -V/:
6'
6
6 -CM
6^7
1931
August
4-M-5
434-5
53^-6
4H-6
53^-6
5 -6
534-6
i ~5Y2
2
6 2
5 -6
6
5 -5y
6
6
-6
5
534-7
6H-7
6
6 j -6H
5 Z-6 "
5 -6
6 -7
G
5 -6
8
514-6
8
6 -7
6 -7
6 -8
G
6 -8
5 -5k
4 -434.
6 -8 ,
6 -634
6
5 -6 ;
6
5- 6
6
6
3 -4
6 -8
5 -6
534-7
6 -8
G
6
5
G
6
-8
-6
-63
-7
614-7
6161
1931
1930
August ! July
5 -5H
3M-5
Interbank loans
i August i August
5 -6
5 -5
31/2-4
6
5 -5
4 -5
6 -G
5 -G
G
434
6 —634
5 -6
534-6
6 -7 !
6
6
H
G
5 -6
4H-5
(5
5- 6
6 -6H
3H-4
G -8
5 -6
53^-7
6 -8
6
5 -G
8
5 -6
G
-8
5^6
4%-5
6
5 -6
G -7
6
4 -43^
6 -8 :
5 -e ;
;
534-6 .
5 -7
6
5 -514
6 -8
53^-7
6 -8
6 -8
6
5 -6
8
6 -8
5^-6
G -7
6 -7
~l '-
6 -7
7
7
7
4
534-6
5 -6
5 -6 I
H34
6
G
4
6
!
!
i
i
i
I 1930
July
53/2-6
5 -5H
5 -6
6
6
4H-6
4K-5
5
4 -6
6
5 -6 i
414-6 i
6 -8 !
5 -6 '
G
6
G
5 -53/2
5V6
6
5 -5
534-fl
6
6
6
6
I August
4
1
4
5
4
5
5
5 -6
5 -6
434-5
5 -6
5 -534
5 -6
6
6
434-6
4H-5 I
5 i
4 -6 !
6 !
5J/2
434-6 ;
6 -8 I
5 -6 ;
G
6
6
5
:
i
-b14
6 ,
-434
-6
-5
-6
-5H
6
4H-5
5 -G
6
5 -534
6
5 -6
4%-534
534-6
434-534
6
534
5H-6
6 -8
5H-6
6
6
6
5 -534
5 -6
5 -6
6
5
6
G
6
6
G
NOTE.—Kates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month.
rom about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities.
Rate
536
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
BUILDING CONTRACTS AWARDED
BUILDING PERMITS ISSUED
[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]
' [Value of permits in thousands of dollars]
1931
1931
July
June
27,520
72,432
30,193 |
27,173 '
17,449
20,889
40, 327
17,543
8,368
12,060
12, 043
24, 507
91,884
16, 6G4
25,484
23,636
18, 288
37,498
32,554
12,490
16,363 '
32, 511
29,951
88, 564
20, 362
48,128
36,357
18,084
54, 591
25, 589
11,294
19,181
15,427
Boston
New York
Philadelphia--.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
-_..
San Francisco..
Total-
July j June j July
Boston
__.
New York
Philadelphia-..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis--.
Kansas City
Dallas
San Francisco..
Total
192
199
435 ; 370
152 ! 86
153 | 138
112
135
327
308
133
80
46
56
83
107
61
60
303
252
221
341
96
168
114
96
382
107
51
124
37
291
1931
July
June
I Number
: of centers
153,499
July
2,921
5,127 2,700
12, 854 7,049
6,996
9,411
2,337
2,513
6,423 10, 969
2,426
1,321 2,394
1,342
2,652 3,014
2,675
9, 800 8,950 10, 627
5,298 2,615
2,272
592
366
416
1,352 2,502
1, 893
1.050
1,523
765
5,119
7,237 j 4, 979
!
New York City
Outside New York City
Federal reserve district:
Boston
New York
Philadelphia.Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
|
i
l
-1
'
'
j
i
:
i
'
;
i
'
--J
1930
July
June
l|
140 i
21,007
18,444
25,893 j
19,406 !
29,600
23,145
!
11 i
7 1
10 i
13 i
7i
15 I
21 J
5i
9;
15
10
18 '
2,042
21, 705
1,872
2,019
666
802
4, 796
842
564
1,065
482
2,594
2,089
26, 665
2,004
2,094
664
864
5,123
997
609
1,039
500
2,660
2,476
30, 515
2,135
2,765
741
917
6,138
1,082
679
1,396
600
3,300
39,451
45,299
52, 744
1930
1,983 i 1,993 ; 2,028 I 60,998 j 51, 656 | 39, 826
83,608
1931
Liabilities
1930
91,214
[ Debits to individual accounts. In millions of dollars]
[Amounts in thousands of dollars;figuresreported by R. G. Dun Co.]
1931
168
5,985
62,951
4,967
8,457
7,469
5,030
19, 973
2,527
3, 593
6, 993
10,186
15,370
BANK DEBITS
COMMERCIAL FAILURES
Federal reserve district
7^906
31,619
3,189
5,629
5,957
1,622
6,175
1,584
5,183
4,206
3,189
7,350
July
July
285,997 ! 331,880 j 367,528
Number
June
5,632
27,911
13,440
5,157
8,465
2,189
5,796
2,150
2,136
3,672
2,692
11, 974
Federal reserve district
Boston
—
New York
Philadelphia
Cleveland
Kichmond
.-.
Atlanta
Chicago
..
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
1930
Number
of cities i
Federal reserve district
1930
141 I
July
537
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, f or Aug. 1 as made by the Department of Agriculture]
[In thousands of units]
Corn
Federal reserve district
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
.._
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
i Bushels
7,919
20, 222
25,969
> 106,417
i
107,542
124,415
!
731,749
:
183,254
253,740
;
427,107
'
96,478
!
8,740
!
_
-
Total
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City.._
Dallas..
San Francisco.
Total
1
2
r
Produetion,
1930
Production,
1930
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
7,712
29,533
19,485
69,441
28,616
16,820
478, 766
66, 873
181,936
168,011
80,021
22,443
Tons
4,182
5,526
2, 361
3,605
2,194
1,937
15,881
5,033
10,428
10,914 ;
901
14,888 !
1, 358,052
1,169, 657
77,850 :
Includes 7,009 bales grown in miscellaneous territory.
Includes 6,000 bales grown in miscellaneous territory.
Revised.
Estimate,
Aug. 1,
1931
Production, 1930
Bushels
Bushels J Bushels
Bushels
86 j
98
8,493
5,031 j
25,587
5,794 !
4,861 :
20,418 !
19,774 |
53,772
20,248 l
33,311 !
57,591 i
•• 200,248
32,929 I
26,662
31,231 I
26,662 !
164,800
2, 563
4,798 I
2,563 !
177,182
63, 737
77,637 i
59,447 j
940,382 1
44, 241
65. 502 I
43,819 j
384,445
204,044
93,927 i
11,768 !
231,995
311,774
381,483 I
300,633
i
458,157
34, 383
60,544 !
34,240 :
i
121,571
117,180
95, 203
75,098
.
8,669 j
Tame hay
Estimate,
Aug. 1,
1931
Production, 1930
863,430i
893,582 j
Tobacco
Estimate,
Aug. 1,
1931
Production,
1930 r
Estimate,
Aug. 1,
1931
Pounds ! Pounds
Tons
3,936 I
43,479 !
37,443
6,107 !
1,081 •
!
1,320
2,503 |
39,372 |
57,772
5,383
178,805
157,416 i
3, 490
816,106 i
756,388
2,519
215,681 !
152,721
14,799
52,685 :
47,193
6,828
306,070
376, 377
9,154
6,049 j
4,869
9,511
3,498 '
3,905
1,038
12, 319
77, 587 ! 1, 641,437 ; 1, 616,793 j
Spring wheat
Winter wheat
j
;
.
I 2,093,552: 2, 775, 301 i
Oats
Federal reserve
district
Estimate,
A up. 1,
1931
j Produc:
tion, 1930
'•
Total wheat
612,268 i
Estimate,
Aug. 1,
1931
Bushels
Bushels ! Busheis
86
170
170
382
Bushels i
55,268 '
27,710
18,804 i
15, 619
30,482
11, 350
37,118
12, 724
39, 650
38, 398
5,929
50,184
343, 236
I
j
i
i
5,636 '
19,618 '
57,213 !
31,231 !
4,798 j
74,680 i
65,264 i
8,590 !
376,038 !
60,388 i
71, 724 !
192,276 i
n,i4i;
143 ,
42,082 i
2, 957
238
85, 337
5,445
156
23. 479
775,180',
251,162 j
118,402
4,290 ;
422 j
White potatoes
Production,
1930
Estimate,
Aug. 1,
1931
Production, 1930
Estimate,
Aug. 1,
1931
Bushels
55, 634
29,835
23,077
18, 797
37, 384
16,396
47, 218
13,199
47, 800
29, 987
6, 582
44,671
370,580
158
156
378
Cotton
Produc- j Estimate,
tion,
Aug. 1,
1930
1951
Bales
Bales
1,818 i
3,713 i
1,586
3,133
2, 289 i
2 3, 338
SCO
4, 849
403
1,227
5,988
13,932
15, 584
3
312
538
FEDEKAL RESERVE BULLETIN
SEPTEMBER, 1931
LAW DEPARTMENT
Eligibility for rediscount at a Federal reserve bank of other officer designated for the purpose by regulation
a veteran's note on which the veteran has waived of the director, stating that—
notice of transfer
* * * * * * * * * *
mail at
The Federal Reserve Board was recently his(4) Such bank has notified theofveteran bydiscount,
last known post-office address
any sale,
requested to rule upon the question whether, or rediscount of such note by such bank, as required by
under the World War adjusted compensation section 502 (b) of the act.
act, the note of a veteran secured by his
adjusted-service certificate is eligible for rediscount at a Federal reserve bank if the notice
of transfer of such note required by the statute
to be given to the veteran has not been given,
but in lieu thereof the veteran has waived such
notice.
Section 502 (b) of the World War adjusted
compensation act, which authorizes loans to
veterans on their adjusted-service certificates,
contains the following provision:
In case the note is sold, discounted, or rediscounted
the bank making the transfer shall promptly notify
the veteran by mail at his last known post-office
address.
The Assistant Administrator of the Veterans7
Administration has advised the Federal Reserve
Board that an attempted waiver by a veteran
of the notification required under the abovequoted provision of section 502 of the World
War adjusted compensation act would be
without legal force or effect and that a failure
on the part of any bank to comply with this
statutory requirement will be considered as
sufficient cause for the Veterans' Administration to refuse to make redemption of notes
deficient in this regard.
Section III of the Federal Reserve Board's
regulation G governing the rediscount of veterans' notes secured by adjusted-service certificates, provides in part as follows:
In order to be eligible for rediscount at a Federal
reserve bank anv such note must—
(i) Be accompanied by the evidence of eligibility
required by this regulation and such other evidence
of eligibility as may be required by the Federal reserve
bank to which it is offered for rediscount; * * *
Section IV of regulation G contains the
following provisions:
(b) Affidavit of lending bank.—Any note offered to
a Federal reserve bank for rediscount must be accompanied by the affidavit required by section 502 (h)
of the act and the regulations of the director, in form
approved by the director, made by an officer of the
bank which made the loan, before a notary public or
In view of these provisions of regulation G
and the position which the Veterans' Administration has taken in this matter, the board
ruled that a note of a veteran secured by his
adjusted-service certificate is not eligible for
rediscount at a Federal reserve bank if the
notice of the transfer of such note has not
been given to the veteran but has been waived
by him.
Reserves against deposits received by member banks
in connection with certain "personal loans"
The Federal Reserve Board was recently
requested to rule upon the question whether
a member bank is required to carry reserves
against amounts received on deposit in connection with loans made to individuals through
its personal loan department. In order to
provide for the repayment of such loans at
maturity, borrowers are required to make
term payments which, instead of being applied
directly on their notes, are placed in special
accounts evidenced by the issuance of special
pass books. Interest at the savings department rate is allowed on these accounts and
this, with accumulated payments, is held until
there is a sufficient amount in the account to
retire the loan. Funds so received are applicable only toward retiring the depositors'
obligations to the bank and are not subject to
withdrawal for any other purpose. In discounting the borrower's note interest is charged
on the full amount of the loan until maturity.
After a consideration of this subject, the
Federal Reserve Board expressed the opinion
that payments made in connection with such
loans in the manner above described are deposits within the meaning of section 19 of the Federal reserve act, and that accordingly reserves
should be maintained against them by member
banks. Whether or not these deposits are time
or demand deposits should be determined in
accordance with the usual principles laid down
in section 19 of the Federal reserve act and in
the Federal Reserve Board's regulation D.
539
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
DETAILED FEDERAL RESERVE, STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL
RESERVE NOTE STATEMENT
[In thousands of dollars]
1930
1931
Aug. 31
Aug. 31
J u l y 31
RESOURCES
Oold with Federal reserve agents
_
Oold redemption fund with United States Treasury
2,153,913
29, 889
2,056,339 ;
29,984 i
1,564,256
35,918
Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
2,183,802
439,052
832,838
2, 086, 323
414, 523
930, 295
1, 600,174
571,305
755, 293
Total gold reserves
Reserves other than gold
Total reserves
Nonreserve cash
Bills discounted *
3, 455, 692
163,141
3,431,141
166,333
2, 926, 772
152, 655
3,618,833
71,228
3,597,474 ;
71, 280 i
3,079,427
58,193
,
_
__
254,702
Bills bought:
Outright'
Under resale agreement .
196,166
19,187
Total bills bought.
215,353
Unitcd States securities:
Bought outright
Under resale agreement.
195, 058
68,108
r 5, 244
166, 887
1,174
73,352 I
r
214,545
168, 061
727,873
601, 648
727,873
677,853
601, 723
6,452
18. 250
23,782
9,063
Total United States securities.
Other reserve bank credit:
Other securities
Foreign loans pn gold
Due from foreign banks
Reserve bank float8
677, 853
7,046
8,572
10, 726
11, 935
703
31, 694
Total reserve bank credit outstanding..
1,255,475 j
975,970
Federal reserve notes of other reserve banks..
Uncollected items not included in float
Bank premises
All other resources
14,335 1
356,728 !
59,084 |
33,536
15,104
398, 432
58,915
28, 406
19.812
457, 417
59, 609
16, 496
5,409,219 j
5,145,581
4, 716, 252
335
1,948, 370 i
19, 812
1,354,065
1,962, 705 .
15, 104
1,749 547
1 764, 651
2,373,001 i
70,131
162.105
26,996
2, 366, 582 I
20, 122
113,995
26, 031
2, 378,18'
2, 526, 730
2,423,403
Total resourcesFederal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks.
Total notes in circulation..
Deposits:
Member bank—reserve account.
Government
Foreign bank
Other deposits
_
Total deposits..
!. 632, 333
Deferred availability items..
Capital paid in
_.
Surplus
All other liabilities
-
—
,
1,373, 877
|
_ -
.-„.
21, 387
5,350
18,479
432
445
636
687
457,417
169,790
276, 936
14,829
>, 409,219
5,145, 581
4, 716, 252
227, 988
242, 974
j
I
__j
2,343,317
380,612
2,180,421
415,770
i"
1,962, 705
1, 764, 651
1, 728, 762
354,885
1,373,877
i
_
i
|
2,153,913
316,536
2,470,449
2,056,339
225,382
2,281,721
1,564, 256
360, 670
1,924,926
356,728 i
167,084 ;
274,636
15,733
Total liabilities
Contingent liability on bills purchased for foreign correspondents
__
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks *
_
398,
167,
274,
13,
j
_
_
In actual circulation..
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
Total collateral
1
-
1, 025, 2
_
_
__
Includes bills discounted for Federal intermediate credit banks as follows: Latest month, none; month ago, none; year ago, $296,000. and
notes secured by adjusted service certificates discounted for nonmember banks as follows* Latest month, $122,000; month ago, $131,000; year ago.
$39,000.
2
Includes bills payable in foreign currencies as follows- Latest month, $145,215,000; month ago, $34,371,000; year ago, $1,071,000.
1
Uncollected items in excess of deferred availability items.
4
Excludes "Federal reserve notes of other Federal reserve banks " which are consequently included in actual circulation
r
Revised.
540
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE
NOTE STATEMENT, AUGUST 31, 1931
[In thousands of dollars]
Total
New
I Boston i York
Phila- ; Cleve- ! Richdelphia! land [ mond Atlanta Chicago
St.
! Minne-,Kansas Dallas
City
San
Francisco
RESOURCES
Gold with Federal reserve j
agents..
| 2,153,913 1 159,917
Gold redemption fund with
'J
i
U. S. Treasury
._
29,889j
975
Gold held exclusively
!j
\
against Federal reserve i
[
:
notes
2,183,802; 160,892!
Gold settlement fund with
439,052| | 17,788;
Federal Reserve Board
Gold and gold certificates held
by banks
| 832,838:| 36,537:
T o t a l gold reserves
Reserves other t h a n gold
501,408 170,000; 238,250|
12,592
1, 698:
2, 218!
55,570 106,900 486,9001
67,830|
50,965j
3, 835;
1,452|
636
1,100
66,000
1,200
514,060 171,698! 240,468
142,192
49, 432:
41, 812
514, 020
28,240
55,718j
56,670 108,186! 4S0, 735
I
!
23,238; 10,364: 60,643
1,866
4,713i
8,699; 107,315
69,282
51,6011 67,200
19,486
15, 6211 14, 387 15, 480
28, 659
4,989
8,941
47, 075
90,478
8,377
40,924 308,363
7,501
8,072
11, 528
3,455,692,i 215, 217' 1,170, 272 249.37c; 33% 998j
9,417; 13,914!
\
163,141
16,480|
44,57;
84, 621 j 127,249
9,432i
6.359
658, 693 100, 296 72,211
25, 076 10, 062 3,876
3,618,833' 231,697! 1,214,847 258,787; 351,912
71,228,
3,193:
2, 672
9,843;
25, 090
94,053' 133,608
3, 446J
3, 599
683,769 110,358! 76,087 98,855
9, 007 3,395' 1,483 1, 665
Bills discounted:
Secured by U. S. Government obligations
Other bills discounted
1,031
I
!
Total reserves.
Nonreserve cash
19,350i 230,763
20, 381 232, 629
48,425
3,254
316,435
4,581
103,407
151,295,
4, 206!
5,363,
30,306
19,871
2,274! l,50S
5, 788 13, 965
13,014; 20,934| 16,582j 22,221
8,271
10,017
4,415
7,590
359
4,019
1,527
11,846
460
13, 603
30, 327
6,235
Total bills discounted
Bills bought
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
254, 702,
215, 3531
9,569
16, 222
50,177
86,166
18,802
15,750
34,899]
22,736i
18,8561
4,971
23. 73oi
3,675
18,288
29,803
12,005
3,519
4,378
3,019
13, 373
7,074
14, 063
5,47;
36, 562
16, 941
291,903,
19, 242!
416, 728|
19, 2371
2!
34,462
96,908
285
124, 355
19,155;
3, 403
32,524
21,710|
7,061
11,785
21 2, 409
19,771 j 12,868!
47, 734
50,372|
9,839
3,503
17,3«6
14,478i
l!
13,183!
13,663
2
25,412
15, 289
1
9,840
15,044
9,627
27,975
Total U. S. Government
securities
Other securities
Foreign loans on gold.
727,873;j
6,452|
18, 250;
53, 70li
70!
221,548
4,700
18, 250
55,082;
530
31,558 j 22,3381
50
60!
96,338
30, 708
40!
27,662! 39,077
821
560
25,130
40
52, 646
90
Total bills and securities _ 1,222, 630, 79,5621
23, 782;
Due from foreign banks
848!
li
Federal reserve notes of other
banks.
14,335]!
248;
Uncollected items
_. j 365, 791! j 45,454'
59,084i
Bank premises..
3, 458i
33,536-!
912:
All other resources..
380,841
16,985
90,164; 129,820!
1,119!
1,084!
55,445
429
49,793! 144,5591
38fi!
1,526
46,2721
25)
35,141|
17;
60,084
311
44, 710
322
106, 239
730
3,686
101, 660
15, 240
16, 976
670'
32,379! 32,455|
2, 615!
7, 696!
1,359!
2,049|
1,442
28,944
3, 625!
1,581|
1,1481
14, 547
3,635
1,211
92l!
8,169!
1,926;
1, 310|
1,245
19,721
3,803
" """
794
311
11, 770
1,831
1,101
1,015
18,301
4,621
1,163
j 5,409,219! 372,022; 1,775.321 390,028; 528,358: 188,9651 202, 767i 894,818 180, 591 125,0541 186,478 111, 728
453,085
T o t a l resources
72,085!
100J
813
8,865
2, 573j
3,130;
48,600
2,420
43, 526
8,061
1,950
LIABILITIES
Federal reserve notes in actual
circulation
1,962,705, 139, 212i
394, 270 150,957! 239,914
68, 277J 113,18i: 424,253
74,844
52,930]
68,444
27, 321
818
64,771!
1, 633
6,286
746
47,479
1,580
4,131
244
77, 789
2,050
5,208
53
51,162 172, 766
2, 613
1,878
5,388 12, 213
6,543
40
62,8271 367,092
8,596 41,771
5,186"
19, 634
* 10
10,857
39, 936
2,120 :
2,132
73,436:
15,677!
4, 784j
10, 562
1, 288!
53,434
7,745
2, 979
7,144
8221
85,100
19, 587
4,217
8,702
428
58,468 194,135
12,095 19,308
4,182 11, 396
8,936 18,475
673
722
Deposits:
j
Member bank—reserve
account
_._) 2,373,00l| 135,255; 1,048.028 142,919 181,680!
70,131 i
Government..
5, 390
33, 129
3,358!
4,
162,205'
Foreign bank..
13,470!
41, 696 17,780J 18,139
26, 996!
Other deposits..
57|
12,681
28!
5,677
60,525;
6, 242
7,184
34
53,161 337,466
3,12C!
4, 563
6, 465! 24, 245
Total deposits
Deferred availability items
Capital paid in..
Surplus
All other liabilities
73,985)
28,155 i
5,661
12,114
773
Total liabilities
2,632,333]! 154,172! 1,135,534 164,085' 210,065]
356,728;: 45,320;
94, 891 30,9731 32,610!
167,084
11,788!
64, 806 16,7271 15,724
274, 636|
21,299!
80, 57f
27,065!
28,971
15,733'
231,
221|
1,074
5,249
I 5,409,219,i 372,022! 1,775,325 390,028; 528,358| 188,9651 202, 7671 894,818J 180, 591! 125,054; 186,478 111, 728 453,085
Reserve ratio (per cent).
FEDERAL RESERVE NOTE
STATEMENT
Federal reserve notes:
Issued to F. R. bank by
751
209,098
78.8!
79.0
79.4
82.1;
78. 21,
66.1!
75.9;
r«r
74.4'
71. Si
64.4
56.4
78.5
| 2,343, 317ij 161,769!
380,612;
22,557;
530,557,170,460264,879!
136,287j 19,503! 24,965|
73,890| 128,712: 508,1191
5,613! 15,531j 83,866!
80,857
6,013
57,242;
4,312i
76,764
8,320,
00, w
33, 207 256, 861
5,882 47, 763
In actual circulation
| 1,962,705-! 139,212
Collateral held by agent as i
'
security for notes issued to I
j
banks:
i
|
Gold
i 2,153,913 ! 159,917!
394,270| 150,957; 239,914
68,277 113,181! 424,253!
74,844;
52,930;
68,444
27,325 209,098
501,468 170,000' 238,250!
75, 906 16,420i 42,281;
55, 570! 106, 900^ 486,900
21,9341 25,274! 26,312J
67,830
50,965; 66,000
6,500; 15,737
19, 350 230, 763
14,988 43, 5-78
F . R . agent
Held by F . R. bank
Eligible p a p e r
\
316,536 '
13,8031
541
FEDERAL RESERVE BULLETIN
S E P T E M B E R , 1931
BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION
MATURITY DISTRIBUTION OF BILLS, ETC.
[In thousands of dollars]
[Figures for June 30, 1931—latest date for which comprehensive d a t a
are available]
| Total loans and
1
;
investments
I Number j
—,
\ of banks Amount Percent-
(millions age disof dollars) tribution
All banks in the United States i p.
Member banks—total.
Reserve city banks (62 cities)
Central reserve city banks:
New York City
_
_.
Chicago
_
Other reserve city banks:
New York City
Chicago
__
Other Federal reserve bank
cities (10 cities)
Federal reserve branch cities
{•25 cities)
Other reserve cities (25 cities) —
2
"Country" banks _.
Nonmember banks »__
21,902
7,782
444
55,055
33,923
100
62
21,854
40
48
13
8.287
1,754
15
3
11
27
53 .
9? j
104 j
5,789 !
145
96 |
7,338 |
14,120 |
4,587 i
1,291 i
12,068 |
20,932 j
1
Includes National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under
State supervision.
2
Includes certain outlying banks in reserve cities.
* Preliminary figures.
Bills discounted:
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Bills bought in
open market:
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Certificates and
bills:
Aug. 5.
Aug. 12
Aug. 19
Aug. 26
Municipal warrants:
Aug. 5
Aug. 12
Aug. 19
Aug. 26
188,575113.389 13,542 29,650 22.008i
194,980:116,253 16,168 30,862 22,588]
!
230,609! 145, 614 18,316 35,830 22,904
241,718 155, 446 17, 768 37,689 23, 327 j
26.030 5,315 27,567 7,127
53,259 24,533 8, 265 49, 544i
30,365 25,067 6,267 92,890j
29,120 25,181 2,128 124,05l!
420, 511
451, 266
444,307
403, 724
18,700 23,425! 67, 271' 45,450! 137,373
15,700 29,425i 65,797 73,4251 140,628
31,925 28,866 37,950', 77,150 139,624
21,425
24 32,950; 97,150! 128,031:
I
10 i
481
487
513
35
137;..
39.
38 ! .
128,292
126,291
128,792
123,544
io|4 2 .
42_
42.
42 _
I Without seasonal adjustI
ment
Month
Total
] Adjusted for seasonal va\
riation
Residential All other
Total
Residential All other
June 30 j July 31 | Aug. 3 1
363,020
352, 525
Gold coin
996, 510
Gold certificates
1, 020,452
34, 326
34, 299
Standard silver dollars
377,149
Silver certificates
380,103
1. 240
Treasury notes of 1890
1,240
273,147
Subsidiary silver
272,867
117, 393
Minor coin
_.
117,071
299, 427
United States notes
299,619
Federal reserve notes
1,566,480 1, 708.429
2. 929
Federal reserve bank notes.
2,945
648', 3§3
National-bank notes
654,673
Total
9, 504
8,628
7,458
6,975
fi6,074
135,738:
154,628!
180,518
;
M a y 29
: Over 6
^ h s ; months
INDEX OF BUILDING CONTRACTS AWARDED
(End of month figures. In thousands of dollars]
1931
m
[Index numbers based on 3-month moving averages; 1923-1925=100]
KINDS OF MONEY IN CIRCULATION
Kind of money
With- lGto30 31to60 6lto90j
in 15
days
days days |
(lays
Total
!
4,702,275 |4, 821, 933
362, 782
975, 947
33, 953
375,447
1,239
270, 856
117,059
301, 275
1, 748, 709
2, 915
646, 902
362,448
9S£, 297
33, 755
380,134
1,238
270, 937
116,762
300, 692
1,947,217
2,904
645, 950
4,837,085 ! 5,051,334
I 1930 193119301931 1930 1931 19301931 1930;1931 1930 11931
January
! 78 58
F e b r u a r y . . . 83 68
March
M a r c h ! ! 102 i 77
April
i 113 : 82
May
| 125 '78
June
i 116 '74
July
! 107 68
August
; 85
September..I 82 :
October
j 75
November..1 68 ;
December
: 59
46 37 104
75 !
126
44
89 !
141
54
98 I
156 107
62
178 104
61
166 101
54
48 36 i 155
94
48
52 . . . J 108 |
I 94 i
51
46
37
7 !„...,
7
44 ! 128 93
47 148 ! 104
100
96
40 148 ' 8 5
37 ! 140 ' 8 4
82
35 i 135
106
. . . . | 105
. . . . ! 99
. . . J 99
— _| 98
» Preliminary.
MEMBERSHIP IN PAR-COLLECTION SYSTEM
[Number of banks at end of July]
On par list
Federal reserve
district
Not on par list
1931
United States.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago . .
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
.
1930
1931
1930
1931
7,746
8,284
10, 238
11, 485
3,446
386
897
743
719
456
369
996
504
614
848
657
557
400
923
755
782
484
408
1,125
548
661
886
719
593
255
384
426
881
493
160
2,940
1,359
441
1,784
528
587
268
401
463
951
560
216
3,313
1,563
530
2,011
589
620
7
432
840
256
445
970
221
214
61
[In millions of dollars]
1930
3, 624
9
501
886
236
481
1,055
182
214
60
Figures cover all incorporated banks (other than mutual savings
banks).
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.
RESERVE BANK CREDIT AND FACTORS IN
CHANGES (WEDNESDAY SERIES)
Nonraera ber bank s
Member banks
' Revised.
Bills discounted
Bills bought
United States securities
Other reserve bank credit
Total reserve bank c r e d i t l
Monetary gold stock
Treasury currency adjusted
|
Money in circulation
Member bank reserve balances..
Unexpended capital funds, nonmember deposits, etc
575
1 Averages of daily figures for weeks ending on Wednesday, as follows
(in millions of dollars): July 22, 953; July 29, 938; Aug. 5, 971; Aug. 12,
1,047; Aug. 19, 1,115; Aug. 26, 1,175.
542
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
ESTIMATED LUMBER CUT OF UNITED STATES
[In millions of feet, B. M.]
Month
1920
1919
January
February
March
April
May_._
June
July
August
September
October
November
December
I 34,500
I
2,835
2,825
3,321
3,348
3, 256
3, 240
2,987
3,105
3, 013
2, 828
2.433
1, 809
1922
1924
1925
1926
1,657 I 2,454 ! 2.957
1,914 | 2, 349 ! 2, 663
2,281 j 2,774 ! 3,544
2,356 | 2,700 j 3,409
2, 646 j 3,263 ! 3,783
2,622 , 3,260 I 3,712
2.511 I 3,088 1 3,463
2,696 ! 3,361 i 3,847
2, 602 j 3,220
3,544
2.690 I 3,199 ! 3,733
2, 639 j 3,054 j 3,503
2,386 I 2,528 j 2,842
3,071
3,243
3,436
3,584
3,652
3,200
3,118
3,500
3, 351
3, 466
3,041
2,838
3,334
3,166
3,486
3,503
3,527
3,520
3,335
3,601
3, 554
3,682
3,119
3,173
2,879
3,108
3,608
3,483
3,523
3,500
3,399
3,432
3,409
3,432
3,132
2,845
35, 000 29,000 ! 35,250 41,000
| 2,187
| 2,227
I 2,612
2,835
3,159 |
I 2.909 j
! 3,058
j 3, 219
| 3,324
I 3,483
j 2,963
| 2,524
Year
1921
39,500
41,000
]923
1927
1928
1929
2,687
2,953
3,321
3,172
3,291
3,172
2,862
3,280
2, 903
3,294
3,054
2,761
2,859 •
2, 619 j
3,190 i
3,369
3,416
3,173
3,166
3,456
3,048
3,244
2,866
2,494
1930
2,253
2,412
2,912
2,904
2,896
2,446
2,169
2,184
1,966
1,966
1,496
1,516
1931
1,449
1,370
1,741
1,774
1,793
1,717
1,471
39, 750 37, 250 36, 750 36,900 ! 27,120
SEASONAL INDEXES OF LUMBER CUT
[Average for the year=100; for description of method used in computing seasonal indexes, see BULLETIN for April, 1928, p. 236]
1919
January
February
March
April
May..
..June*.
July__
August
September
October
November
December
!
i
-J
j
•
;
i
i
_.;
,
!
87
93
98
103
108
108
105
107
107
100
98
80
1920
88
93
98
103
108
108
105
107
106
105
98
81
1921
!
89 i
93
98
103
108
108 '
105 j
107 !
105 '
104 I
98 '
82 !
1922
90
93
98
103
108
108
105
106
104
104
98
83
1923
91
93
99
103
108
107
103
106
104
104
98
84
1924
91
97
101
103
107
104
100
106
104
104
S7
86
1925
91
98
102
103
104
103
99
106
104
104
S7
89
1926
90
98
102
103
104
103
99
106
104
104
97
90
1927
90
98
102
103
104
103
99
106
104
104
97
90
1928
90
98
102
105
104
103
98
106
103
104
97
90
1929
90
97
103
106
105
103
98
105
102
104
97
90
1930
89
97
103
107
106
103
98
105
101
104
^7
90
1931
S8
97
103
107
106
104
98
105
101
104
97
90
543
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
BANK SUSPENSIONS, BY STATES, DURING AUGUST, 1931
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank.
include banks subsequently reopened and are preliminary]
Banks suspended
Banks reopened
Deposits (in thousands of
dollars)
Number
Figures of suspension
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...
Nation- State
al
9
4
2
3
2
2
5
19
9
12
10
6
1
2
2
17
12
10
13
12
1
1
1
2
4
Nonmembers
Nation- State
al
Nonmembers
38, 560
12,051
3,919
7,834
9, 696
3,919
29, 266
16 104,230
589
2
4, 862
11
8, 540
5
4
2, 617
919
30, 207
495
487
896
4,851
73,104
589
4, 367
3,202
1,721
Nonmembers
Nonmembers
All
banks
1
1
220
220
All
banks
Members
Members
1,460
2,355
1
2
2
16
11
6
10
12
1
1
4
3
Members
All
banks
1
683
5,043
2,118
1,593
2,533
8,801
176
683
4,780
1,999
760
1,868
8,801
263
119
833
665
176
1
1
288
288
2
2
2
2
2
2
1,209
708
139
1, 209
708
139
1
1
211
211
4
1,273
294
539
1,273
1
1
13,928
13,92&
2
1
2
37
2,182
1
1
37
37
1
150
830
1
8,373
4
4
14, 396
14, 396.
4
1
2
1
1
3
1
1
1
I
1
2
2
154
26
294
539
455
150
830
8,373
13, 685
12
37
1,727
13, 685
116 226, 022
40, 592
64, 618 120,812
544
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1931
BANK SUSPENSIONS, BY STATES, JANUARY 1 TO AUGUST 31, 1931
(Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank
banks subsequently reopened. Figures for the latest month are preliminary]
Banks suspended
Banks reopened
Deposits (in thousands
of dollars)
Number
Deposits (in thousands of dollars)
Number
Figures of suspensions include
State
Members
Members
New England:
Maine
New Hampshire
Vermont
. .
M assachusetts
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
Colorado
Arizona
Utah
Nevada
PacificWashington
Oregon
California
Total
National
State
1
Nonmembers
1
All
banks
National
State
Nonmembers
2,312
2,312
Nonmembers
All
banks
1
1
2,426
1
All
banks
1
2,683
All
banks
Members^
19
11
41
10
4
20
5
1
1
4
6
20
46,309
35,335
50, 593
12, 321
12,873
21,288
29, 266
6,056
4,559
4,722
16,406
24, 746
1
1
1
1
62
47
117
53
27
8
3
15
7
3
5
2
4
11
49
42
98
35
24
153,328
29, 895
130, 335
54, 398
12, 738
6,422
889
36, 549
4,745
3,393
32,819
10,823
16, 228
24, 290
114, 087
18.183
77, 558
25, 363
9,345
1
14
15
1
9
1
50
82
49
29
32
30
19
8
9
6
9
4
1
4
1
41
73
43
20
28
29
15
14,125
20, 926
9,347
3,609
7,006
11,855
4,757
2,879
2,282
2,399
1,509
755
75
1,673
496
10,750
18, 644
6,948
2,100
6, 251
11, 780
3,084
4
1
5
1
9
2
2
1
1
535
247
2
3
3
2
2
2
12
9
20
8
13
6
4,445
5,108
7,202
2,367
6,812
6,425
944
710
2,359
764
1,281
3,843
3,501
4,398
4,843
1,384
4,172
2,582
12
17
18
37
4
6
1
1
1
11
16
13
30
6,933
2, 572
3,986
18, 457
1,039
10, 207
294
356
400
4
1
7
4
6
16
3,669
971
1,444
9,797
2,140
202
5
2
1
5
700
325
830
635
1
5
1
951
9,659
52
Nonmembers
2,426
2,683
18,801
2,939
18,801
2,939
1
14
14
1
9
412
4,766
9,773
704
3,950
5,200
4
1,076
7,502
824
172
2,962
356
4
1
9
2
412
4,766
4,573
704
3,950
1,076
7,502
166
658
172
2,962
356
288
14
12
23
11
18
8
1
1
Members i
12
4
8
27
6
3
1
5
1
3
1
2
11
1
1
1
5
1
6
7
5
1
1
4
1
2
4
4
1
1,292
2,285
14,496
932
162
41
729
698, 816
219
1,359
431
223
4,133
179
150
4
4
1, 576
29
9,937
1
1
I
1
110
816
110
816
8
2
8
2
15,893
140
15,893
140
32
3
1,576
3,892
6,045
6,502
2,278
2,591
7,850
38
5
33
18,308
8.268
10,040
1,327
971
1,221
5,664
36
1
1
5
6
30
1
1
2
8,926
748
37
1,343
1,424
520
7,502
748
37
823
195
22
173 117,180
48,712
68,468
3
521
175
830
635
951
9 659
52
142
284
14,052
208
1,225
942
776
444
153,180 128,800
416,836
i Represents national banks only, except as follows: 1 State member in New York with deposits of $18,801,000; 1 in Arkansas with deposits of
$202,000; 1 in Mississippi with deposits of $911,000, and 1 in Illinois with deposits of $5,200,000.
Back figures.—See BULLETIN for February, 1931, also Annual Reports for 1930 (Table 118), 1929 (Table 112), 1928 (Table 116), 1927 (Table 112),
1926 (Table 100), and 1925 (Tables 97 and 98).
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES
[Amounts in millions of dollars. For back figures see BULLETIN for June, p. 343]
Call date
Total:
1929—Mar. 27___.
June 2 9 . . . .
Oct. 4
Dec. 31
1930—Mar. 2 7 . . . .
June 30
Sept. 2 4 . . . .
Dec. 31
1931—Mar. 2 5 . . . .
June 30
New York City: *
1929—Mar. 2 7 . . . .
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 2 7 . . . .
June 30
Sept. 2 4 . . . .
Dec. 31
1931—Mar. 2 5 . . . .
June 30
Other reserve cities:
1929— Mar. 2 7 . . . .
June 2 9 . . . .
Oct. 4
Dec. 3 1 . . . .
1930—Mar. 2 7 . . . .
June 30
Sept. 24....
Dec. 3 1 . . . .
1931—Mar. 2 5 . . . .
June 30
"Country" banks:
1929-Mar. 2 7 . . . .
June 29
Oct. 4
Dec. 3 1 . . _ .
1930—Mar. 2 7 . . . .
June 30
Sept. 24...,
Dec. 3 1 . . . .
1931—Mar. 2 5 . . . .
June 30
Total
loans
and investments
Total
loans
35,393 24,945
35,711 25, 658
35,914 26,165
35,934 26,150
35,056 25,119
35, 656 25,214
35, 472
34,860 23, 870
34, 729 22,840
33,923 21,816
Secured
by
Total stocks
and
bonds
548
670
640
714
527
535
466
631
446
457
7,726
8,160
8,150
8,774
8,238
8,798
8,557
8,582
8,473
8,287
5,754
6,341
6,344
6,683
6,192
6,596
6,359
6,147
5,811
5,486
251
314
302
322
199
196
169
283
13,925
13,832
13,785
13, 575
13,701
13, 971
13, 758
13,965
13, 567
10,189
10, 222
10, 596
10, 532
10,159
10,016
10,025
9,723
9,289
8,818
258
308
294
346
263
277
235
286
235
247
13,741
13, 719
13, 780
13, 375
13, 243
13,157
12,944
12, 519
12, 290
12, 068
9,001
9,096
9,226
8,936
8,768
8,602
8,354
8,001
7,740
7,513
39
49
45
45
65
63
62
62
58
60
Otherwise
secured
and
unsecured
(2)
(2)
92
78
53
132
70
66
155
142
112
167
135
146
Secured by
stocks and
bonds
Total
1,014
921
939
803
706
819
774
675
575
515
107
118
116
151
84
84
4,253
4,532
4,846
4,964
4,338
4,308
4,276
4,338
4,007
3,839
52
63
46
55
60
68
86
104
121
127
108
136
123
118
99
100
9.286
9,434
9,775
9,748
8,951
9,029
8,726
8,906
8,409
8,100
848
753
767
666
553
660
599
513
390
340
2,892
2,965
3,102
3,309
3.051
3,151
3,033
3,143
2,976
2,848
8,364
8,551
8,627
8,481
8,206
8,229
8,007
7,762
7,524
7,318
114
105
125
83
93
90
88
59
64
47
1,942
2,034
2,170
2,231
2,097
2,137
2,112
2,090
2,033
1,984
1 Loans (secured by stocks and. bonds) to brokers and dealers in securities at New York City.
2 Figures not available.
403
404
392
388
394
386
387
387
386
388
1,692
1,814
1,898
2,145
1,876
1,954
1,945
2,033
1,839
1,770
(2)
Purchased paper
Secured by
real estate
6,526
6,813
7,170
7,685
7,024
7,242
7,090
7,266
6,848
6,602
267
305
291
316
228
228
Investments
OtherBills,
wise
secured Total Accept- accept- Com- Street Total
1
To
ances ances,
and
mer- loans
paybrokers To
etc.,
unsecial
able in payoutside other Farm Other cured
real
land estate
cuspaper
United able
New
States abroad
York tomers
City
21,903
22, 516
23, 249
23,194
21,495
21, 565
21,010
21, 007
19,940
19,257
(2)
260
230
175
315
219
229
Open-market loans
Loans to customers (exclusive of banks)
Loans to banks
Total
loans
U. S.
Gov- Other secured
by
ernsement curi- stocks
and
seties
bonds
curities
10,448 4,454
10,052 4,155
9,749 4,022
9,784 3,863
9,937 4,085
10, 442 4,061
10, 734 4,095
10, 989 4,125
11, 889 5,002
12,106 5,343
3 9,693
3 10,094
3 10,314
3 10, 505
10, 334
10, 656
10, 511
9,754
9,272
8,563
2,720
2,760
2,760
2,803
2,776
2,769
2,776
2,847
2,834
2,830
11, 240
11,618
11,988
11,515
10,595
10,349
9,982
9,831
9,298
8,922
2,494
2,472
2,276
2,243
3,097
3,113
3,262
2,233
2,454
2,103
146
108
93
212
175
170
205
315
361
389
93
90
70
80
79
71
62
55
101
113
376
249
228
291
499
507
523
366
361
384
1,879
2,025
1,885
1,660
2,344
2,365
2,472
1,498
1,630
1,217
148
173
175
169
150
157
157
147
149
160
2, 361
2,480
2,726
2,595
2,252
2,129
2,087
2,054
1,896
1,782
1,250
1,496
1,196
1,397
1,655
2,091
1,912
1,525
1,651
1,497
59
58
59
128
89
144
148
188
199
296
52
58
33
46
40
29
28
22
51
44
37
21
8
21
49
35
22
34
35
94
1,102
1,359
1,096
1,202
1,477
1,883
1,714
1,281
1,367
1,063
1,972
1, 819
1,807
2,091
2,046
2,203
2,198
2,435
2,662
2,801
1,135
1,006
989
1,112
1,150
1,147
1,091
1,239
1,466
1,656
838
813
817
979
897
1,056
1,107
1,197
1,196
1,145
114
111
112
111
115
112
112
122
123
128
1,395
1,392
1,379
1,448
1,429
1,412
1,414
1,509
1,496
1,493
4,036
4,213
4,415
4,214
3,802
3,693
3,567
3,620
3,423
3,291
645
480
526
438
945
710
1,064
531
645
470
43
17
8
51
59
18
54
122
158
91
32
25
31
29
35
38
31
29
48
67
147
88
75
108
242
301
337
212
212
189
423
349
413
250
609
353
643
167
227
124
3,736
3,611
3,388
3,253
3,416
5,685
3,947
4,035
4,676
4,750
1,896
1,765
1,671
1,484
1,662
1,686
1,785
1,727
2,313
2,408
1.840
1,846
1,717
1,769
1,754
1,999
2,161
2,308
2,364
2,342
3 4, 221
3 4,429
3 4, 397
4,368
4,306
4,387
3, 991
3,729
3,459
289
291
279
276
279
274
275
264
261
260
1,176
1,195
1,206
1,186
1,196
1,201
1, 205
1,191
1,188
1,177
4,843
4,926
4,847
4,705
4,541
4,527
4,326
4,158
3,978
3,849
598
496
553
409
496
312
286
177
158
135
44
33
27
33
27
8
4
5
5
2
192
140
144
163
207
171
164
120
114
101
354
316
376
208
258
129
115
49
36
30
4,740
4,623
4,554
4,439
4,475
4,554
4,589
4, 519
4,550
4,555
1,424
1,384
1,561
1,267
1,273
1,229
1,219
1,159
1, 224
1,279
3,316
3,240
3,193
3,172
3,202
3,326
3,370
3,359
3,326
3,276
3 2, 429
3 2, 480
3 2, 694
3 2, 545
2,462
2,367
2,326
2,213
2,147
2,078
5,994
5,898
5,727
5,921
5,852
6,380
6,639
6,864
6,886
6,763
3
3
3
3
2, 971
3, 393
3,191
3, 562
3,504
3,983
3,798
3, 550
3,397
3,026
i
td
d
s 4, 293
* Loans to banks on securities for these dates estimated as one-half of total loans to banks.
* Central reserve city banks only.
3
en
ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 30, 1928, TO JUNE 30, 1931
S
[Amounts in thousands of dollars]
1928
June 30
Oct. 3
OS
1929
1
Dec. 31
Mar. 27
June 29
1931
1930
Oct. 4
Dec. 31
Mar. 27
June 30 | Sept. 24
Mar. 25
Dec. 31
June 30
T
RESOURCES
Loans (including overdrafts)
-.124,302, 787 24, 325,010 25,155,255.24, 944, 641 25, 658,491J26,164, 829 26,150,061 25,118, 783 25, 213, 770 24, 738,011 23,
!, 870,488 22, 839, 946 21, 816, 243
United States Government securities
i 4,224,730 4,385,830 4,311,790' 4,453,953 .4,154,929! 4,021,636 3,862,968 4,085,006 4,061,395 4,095,270 4,124,776 5,002,
5,343,032
— .
.
...„„.„ ._. _ , .
Other securities
_
...
\ 6,533,656 6,218,145 6, 216,890i 5,994,432 5, 897, 541 j 5,727,306
6, 763,247
5,920,921 5,851,908 6,380,494 6,638,969 6,864,247 6,886,
i
,
Total loans and investments
135,061,173 34,928,985 35, 683,935 35,393,026|35,710,961;35,913, 35,933,950 35,055,697 35,655,659 35,473,350 3*;
4,859,511134,728, 565 33,922,522
771
Customers' liability on account of acceptances.
i 710,207
727,258
18, 807|
912, 852 1,117, 8331 1,035, 978
888,454
929,540; 836,028
802,188 j 988,912 1, 252,147 1,111,153
Banking house, furniture, and fixtures..
J 1,099,210 1,105,558 1,107,287; 1,118,418 1,169, 752j 1,175,393 1,190, 306 1, 202,486 1,217,963 1,230,754 1,240,4441 1,239, 935 1,234,404
184,873
177, 716
182, 796
188,815
Other real estate owned
! 184,109
178,443
179, 878
206,569
183, 989
197, 869
190, 995
191, 169| 199, 935
516, 742 433,491
564,384
497, 212
496, 633
519,135
Cash in vault
~ ! 449,198
519,126
558,450
484, 262
470, 367
592, 504 j 461, 267
Reserve with Federal reserve banks
2,342,045 2,348,018 2,409,36; 2, 338,569 2, 359, 077 2, 321, 806 2, 373, 760 2,352, 738 2,407,960 2,414,991 2,474,509 2,364. 478 2, 396,421
—
Items with Federal reserve banks in process of collec- ]
841,606
775,822
967,836
923, 363
tion
— J 680,492
856,655
994, 373
719,201
836,471
698, 871
757,216
524, 765
629,418
741,478 1,885,167 2, 004, 938 2,167, 756 1,901,517 2,360,377 2,462,827 2, 455, 948 2, 791, 204 2, 517,096
Due from banks in United States
! 1,897,231 2,026,259 2,124,252
Due from banks in foreign countries (including own !
305, 299 287, 248
272, 682 246,996
263,834
branches)
_
j 291,490
247,612
220,793
202,447
260, 818
296, 376
351, 320
Exchanges for clearing house and other checks on local j
,
banks
1,447,219 1,634,689 3,493,061 J 486, 203 1, 446,186 2,132, 331 2, 762,463 1,616,954 2,645,057 1,146,915 2,076,189
975,215! 1,771,312
117,298
203, 884
142, 395
102, 363
Outside checks and other cash items
217,291
163,527
139,056
92,766
43, 344
87, 358
65,331
118,552
51,706
Redemption fund and due from United States Treas32, 995
32, 715
32, 761
32, 828
32,889
urer
_
_
!
33,025
33,001
32,823
32, 658
32, 604
32, 318
32, 264
32,001
Acceptances of other banks and bills of exchange or
677,994
475,155
453, 826
433,668
551,587
735,193
612,193
557,748
592,732
662,686
524,104
452,045
drafts sold with indorsement
_
436,486
48, 844
36, 337
36, 551
Securities borrowed... _
I
37,733
32,592
35,533
25,744
26,324
23,866
21,069
24,822
20,279
35,947
229, 751
232, 621 _ 1 9 8 L Z ° _ °
Other assets
._.
! 204,940 _205,j273
219, 379
231, 482
223,114 _ 242,062
222, 911
300,024 j 260,254
222,149
I
Total
_
—
J45,091,849 45,483, 697 48,, 935, 646 46, 673, 097 45, 908, 001 305, 588 48, 843, 0~78 45,860, 379 47, 906, 740 46,153,113 47, 057, 891 45, 542,276 45, 288, 588
47,
Capital stock paid in
I 2,415,376 2,453, 859 2, 474, 223 2, 563, 278 2, 646,928 2, 739,645 2, 757,113 2, 744,975 2, 721,997 2, 728,664 2, 665,151 2,657,172! 2,620,606
Surplus
j 2,285,536 2, 382,393 2, 440, 709 2, 548,155 2, 650,336 2, 811, 269 2, 864,612 2, 881,944 2,870, 800 2,903, 258 2,822,091 2,804,906J 2,741,351
980,928
832, 564 918,145
Undivided profits—net
\\ q 24 0 1 2 f 886,025
882,806
909, 548
950, 072 1, 009,435
894,388
910,4801
804,199
956, 053
151, 744
143, 603
"Reserves for dividends, contingencies, etc
\f
'
L 120,020
177, 252
182,940
211,407
185,602
225,483264, 068
176,610
144, 242 • 164,430
Reserves for interest, taxes, and other expenses accrued i
J
172,193
157,144
120,
and unpaid
_._! 145,458
150,438
148, 825
137,660
148,960
182, 397
121,190
175,896
158,4161
127, 345
56,510
Due to Federal reserve banks
(
49,823
51, 433
55, 720
65,379
51, 883
54, 458
46, 206
49,267
51,915
47,147
43,3231
41,073
Due to other banks in United States
__.i 3,263,494 3,462,377 3,649, 037 3, 070, 084 3, 091,639 3,153, 077 3, 517,325 3, 204,316 3,831, 656 3,817,132 3,872,842
4,236,451! 4,004,077
Due to banks in foreign countries (including own |
branches)
..I 613,732
508, 571 543, 273 462,649
634,927
464,871
481,696
576,664
498,075
660, 612
571,766
566, 579|
657, 285
753,620 1,405,446 1,603,562 1,134,283 1, 493, 437
Certified and officers' checks outstanding
j 787> 770 1, 041,114 2,184,138 1,739,947
771, 941 1, 223, 777
626, 747'
999, 310
23,128
20,960
27, 338
27,385
43,182
27,613
23,460
25,038
41, 389
22, 506:
33,231
Cash letters of credit and travelers' checks outstanding-,
43,177
Demand deposits
'17,606,564 17,501,43018,903, 658 17, 708, 269 17, 814,603 17,937,478 18,861, 582 17, 078,905
18,061,977 16,, 838, ~ ^ 17, 501, 550J16, 338, 728 16, 622, 224
i
351
"
\ 325,066 13, 317,649 13, 233,48113, 518, 731
73113,811,97813,944,"" 13, 546, 201 13, 6G3, 258 13, 515, 468
868
Time deposits
!l3,438, 585 13,409,608 13,453, 311
United States deposits.
347,967
315,479
143,203
324,893
., . .
280, .769
256, 681
158, 761 261, 505
257, i«a
267,415
502,204'
395,397
Total deposits
36,059,826 36,174,578|39,074,560 36, 799,346 35,892,831 36,694,158 38,013,735 35,836,156 38,139,178 36,363,874 37', 116,939 35,999, 796 36,268,065
8,139,
i, 363,
Agreements to repurchase U. S. Government or other
18,103
securities sold
95,1611
134, 084
102,423
149, 090
37,164
38,144
158,141
15, 371
103, 758
66, 214
23, 599
136,957
Bills payable and rediscounts:
1,095,997 1,019,789, 1,040,608
With Federal reserve banks
981, 434 1, 029, 391 899, 311
273, 880
172, 578,
248,017
165,106
206,124
646,334
146, 819
113,440
All other
134,127: 121, 570
70, 079
171, 601
168,975
250, 587
116, 336
140,467
161,090
232,188
143,402|
107,151
Acceptances of other banks and bills of exchange or
436,486
drafts sold with indorsement
452, 045
475,155
433, 665, 677,994
551, 586
557, 748
524,104
453, 826
592,732!
612,193
735,193
716, 270 717,931
Acceptances executed for customers
928, 329
984,670 1, 276,159 1,125,907
901,351
846, 370 800, 423
925, 576
929,337! 1,138,624 1, 063, 334
Acceptances executed by other banks for account of re28,235
porting banks
1
43,636
41,417
40,400
29,647
24,654
34,998
18,1271
15,031
15,553i
11,514
45, 025
42, 075
648,602
National-bank notes outstanding
648, 046 649, 893
647, 354
648,944
640,610
645,562
647,481
649,098
648,9991
639,640
642,284,
636,041
37,782
Securities borrowed
48, 844
36,556
35,947
36,337
32,592
35,533
25,744
26,324
23,866 j
21,069
24,822
20,279
21
245 585
226 915
212 698
166, 726| 189,692
Other liabilities
224, 581
209,109
^Mlf?
^_ 9 _ 46
>
23M61
'
L i
236,366
210,885
209^455
Total
45,091,849 45,483,697 48,935, 640 40, 673, 097
457908, 0011477305, 58848~843707845, 860, 379 47,906,74046,1537113;47^057^891 45,"542,"276145, 288, 588
Number of banks
8,755
8,707]
8,616
8,246|
8,052
7,928j
7,782
8,522
8,406|
8,315
8,929j
8,896
8,837
F
i
H
W
NATIONAL AND STATE MEMBERS—CONDITION ON JUNE 30, 1931, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks
Central ;j Other re-1
reserve
serve j Country
rv
y
i
b k
city I city ' banks
banks
banks
Total
RESOURCES
Loans (including overdrafts)
.
.
United States Government securities
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and
fixtures
Other real estate owned
. _
_ _. . . .
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks in United States
Due from banks in foreign countries (including own branches)
Exchanges for clearing house and other checks on local banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
'<
Acceptances of other banks and bills of exchange or drafts sold
with indorsement
Securities borrowed
Other assets
j
National banks1
Central Other
reserve reserve
city
city
banks banks
Total
State bank members
II
Country
banks
Total
Central Other
reserve reserve Country
city
banks
city
banks banks
;
512,
21,816, 243 6, 676,233 627,240i 7, 770 13,162, 271 2, 968, 877 4,, 629, 807
061,687 1,279, 015 3, 250, 954 832,020 1,, 375,240
! 5,343,032 2,002,330
124,677 3,276, 463' 4, 411, 305 596, 439il,, 257,349
! 6,763,247 1, 362,107
33,922,522 10, 040,670 11,813,60412, 068,2481 20,824,530 4,397,3361 7,262,396
434, 691 296, 7921 134,431
171,180
5,829,
711,445
888,454
795, 387 103, 476 285, 229
260, 847 448, 251 525,306
1, 234,404
125, 674
6, 456i
32,107
13, 831
78, 729 114, 009
206,569
366, 626
32,126
97,180
: 519,135 ! 71, 026 151, 344 296, 765
,
! 2, 396,421 . 015, 822 802, 645 577,954 1, 418,096 450, 608 521, 365
220, 521 281, 709 127,188
408, 517 130,461 186,821
' 629,418
311,570 , 188, 362j 1,
i 2, 517,096
017,164 1, 810, 909 109, 619 867,429
260, 373
222, 260 142, 295 77, 944
i 351,320
86, 780
4,167
,
792, 111 571,487 174,875
1,771,312 . 438,769 263,481
69,062
34,114
12, 865
5,633
'
87,358
48,947
61, 540
25, 546
7,502
2,229
32,001
7,502
32,001
2,229
22, 270
j
370,141
1, 685
; 452,045
80, 219
168,137 132, 219 34, 977
5, 677
:
20,279
11, 222
9,057
11,986
; 260,254
100,249
58, 590
60, 917
126,135
29, 718
5, 563, 587|| 8,653,972(3,,707, 356 2, 997,433 1,, 949,183
310 686,447 235, 321
l,043,694|| 2,092,078' 1,, 170, ~ "
2, 557, 517!i 2,351,942! 765, 668 867,328 718,946
,551,208 2,,903,450
,
9,164,798| 113,097,992; !5, 643,334 4,
2,361
36, 749
3,468j
453,763, 414, 653
406,682!
439, 017! 157, 371 163,022 118, 624
26, 898
46, 622
7,375
80,895!
87,111!!
59,445
54,164
152, 509
38, 900
237, 320
446,123
978, 325; 565, 214 281, 280 131, 831
35, 953
94, 888
90, 060
91, 235
220,901|
706,187! 201,951 320, 933! 183,303
833, 861
2,146
129, 060! 118, 078
2,021
23, 313
88, 606
979, 201! 867, 282
45,749
3,753
7,232
14, 833
25, 818
21, 793
22,270
941
6, 309!
37,827)
283,908!
8, 293!
134,119!
237,922
69, 370
45,242!
5, 545!
41, 659
744
2, 748
23,090
;45,288,588 !14, 829,197 15,534, 224 14, 925,16727, 598, 600 6,410,455-9, 780,637 11,407,508 17, 689,988, 8,418, 742 5, 753, 587 3, 517, 659
Total
LIABILITIES
822, 514 833, 752 964, 340 1, 684, 238 393, 354 543,146
747, 738
Capital stock paid in_
_
I 2,620, <
613, 032
Surplus
I 2,741,351 1,080,367 838,471! 822, 513 1,491, 814 437,207 441, 575
294,042 219, 2611 290, 896
227,137,
92,923 122,949
Undivided profits—net...
! 804,199
443,009
102,123
41,183
94,463!
130,341
67,482
35,472
Reserves for dividends, contingencies, etc
_
j 264,068;
47, 676
22,823
43, 703! 35, 966
14,231
25, 755
Reserves for interest, taxes, and other expenses accrued and unpaid.j 127,345!
62, 809
1
24, 279
8, 685i 32,387
7,100
Due to Federal reserve banks
_
41,073
31,379
722, 689
Due to other banks in United States
' 4,004,077 1, 696, 723 L, 901, 955 405, 399 2, 435, 698 7 2 , 689 1,397, 356 315, 653
604, 634
2,813
49, 232
Due to banks in foreign countries (including own branches)
657, 285
415, 750 372, 941 39,996
3,419
774, 873 139, 642
62,365
Certified and officers' checks outstanding
999,310
516, 398 361,222 92,811
84, 795
353
24,108
8,287
Cash letters of credit and travelers' checks outstanding
33, 231
8,6001
523
14,067
5,427
495
Demand deposits
16, 622, 224 6, 228, 533 421,9751 4,971,716 10, 091, 200 2, 765, 3, 551,834 3, 773, 871
5, 495
Time deposits.
13,515,468 1, 772, 640 281,431 j 6,461,397 8, 562, 904 639,296 3,013,548 4,910, 060
51,700
64, 740 117, 328
141, 776 187, 021 j
233, 768
66, 600
United States deposits
i 395,397
Total deposits
36,268,065 11,243,288 12,998,54112,026,236 !22,301,164 4,931,810 8,228,260 9,141,694
10, 266
99
8,574
4,878
Agreements to repurchase U. S. Government or other securities sold.
15,371
Bills payable and rediscounts:
102, 669
4,992
With Federal reserve banks
146,819
11, 679;
5,751
130,148
108,464
All other
70,079
11,745
36, 717
8,217
47, 056
45, 029
11, 278]
Acceptances of other banks and bills of exchange or drafts sold with I
370,141
941
80, 219
indorsement
_.! 452,045
132, 219 34,977
1,685
168,137
3,214
Acceptances executed'for customers.
723, 468 172, 399
" "
901,351
5,484
303, 244 135, 751
442, 209
419
2,897
Acceptances executed by other banks for account of reporting banks.
11, 514
7,956
661
2,920
5,874
2,535
636,041
148,295
National bank notes outstanding
_
_
44,386
443,360
443,360
44,386 148,295
636,041
20,279
11,2221
Securities borrowed...
6,309
9,057
11, 986
5,677
209,455
61,346
Other liabilities
15,484
71, 709
22,550 19,185
57,219
Total....
197 15, 534, 224 14,925,167 27, 598, 600 6,410,455 9, 780, 637
11,407,508
Number of banks
272,
6,501
6,800
27
1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
429,160 290, 606 216, 602
643,160 396, 896! 209,481
1,249, 537
96, 312!
63. 759
201,119
361,190
40, 777! 26, 299
66, 651
133, 727
17, 948! 13,143
33, 445
64, 536
1, 58o|
8,108
9,694
89, 746
974,034 504, 599;
1, 568, 379
9, 236
606
231, 693
241, 535
46,83.11 22, 430
482,912 413, 651
313!
170
19,164
18, 681
6, 531, 024 3,463, 038 ,870,141 j 1,197, 845
' 267,
4, 952, 564 1,133, 344 2, 167,883!1,551,337
69, 6931
14, 900
77,036
161, 629
,770,2812,885,142
13,966,901 6,311,
1, 8201
3,186
99
5,105
38, 355
25, 050
4,948
11, 650
5, 928
3, 061:
27, 479
10, 339
283, 908'
459,142
5, 640,
237,922
420, 224
5,036
45, 242]
36, 648:
362'
744
2,270
242
8,293
152, 236
17,689,_988
982
53, 850
742
"34
5, 545; 2, 748
42,1611 56, 225
111,
837
I
INDEX
Acceptances:
Federal reserve bank buying rates on
502
Held by Federal reserve banks
504, 539, 540
Held by group of accepting banks
504
Held by member banks
503
Open-market rates on
502
In foreign countries
527
Outstanding
504
Agriculture. (See Crop report; Farm products;
Deposits of member banks in smaller centers.)
All banks in the United States. {See Deposits;
Loans, etc.)
Annual reports of central banks:
Bulgaria
513
Rumania
516
Balance sheets:
Bank for International Settlements
522
Federal reserve banks
539, 540
Foreign central banks
515, 519, 523
Bank debits
536
Bankers' balances
531, 534
Bank suspensions
505, 533, 543, 544
Bills bought, holdings of Federal reserve banks.
{See Acceptances.)
Bills discounted, holdings of Federal reserve
banks
501, 539, 540
Brokers' borrowings
504
Brokers' loans
504
Building statistics
507, 511, 536, 541
Business conditions, national summary of
499
Business failures
536
Capital issues, domestic and foreign
506
Charts:
Reserve bank credit and factors in changes.
500
(See also Review of month.)
Classification of member bank loans and investments
503, 532, 545
Commercial failures
536
Commercial paper outstanding
504
Condition statements. (See Balance sheets; also
Deposits; Elements analysis; Loans, etc.)
Crop report
537
Debits to individual accounts. {See Bank
debits.)
Department stores, indexes of sales and stocks. _
511
Deposits:
All banks in the United States
503
All member banks
503, 530, 531, 546
Central banks in foreign countries
523-525
Commercial banks in foreign countries
526
Federal reserve banks
530
Member banks in larger and smaller centers
531
Reporting member banks
534
Discount rates:
Central banks in foreign countries
498, 527
Federal reserve banks
502, 535
Discounts, holdings of Federal reserve banks.
(See Bills discounted.)
Elements analysis
500,501, 541
Employment in manufacturing industries
# 507, 510
Exports, merchandise
511
548
Factors:
Page
Of decrease in reserve bank credit outstanding
501, 541
Of increase in reserve bank credit outstanding
501, 541
Factory employment and pay rolls
507, 510
Failures. (See Bank suspensions; Commercial
failures.)
Farm products, prices of
512, 529
Federal reserve bank buying rates on acceptances
502
Federal reserve bank credit and factors in
changes
500, 501, 541
Federal reserve bank reserves, deposits, note
circulation, and reserve percentages
530
Federal reserve discount rates
502, 535
Federal reserve notes
530, 539, 540, 541
Float, reserve bank
501, 539
Foreign countries:
Annual reports—
National Bank of Bulgaria
513
National Bank of Rumania
516
Balance sheets of central banks
515, 519, 523
Discount rates of central banks
498, 527
Exchange rates
522
Gold reserves
520
Gold movements
521
Government note issues and reserves
526
Money rates
527
Security prices
528
Statistics of central banks
523-525
Statistics of commercial banks
526
Wholesale prices
529
Freight-car loadings
507, 511
Gold:
Analysis of changes in stock of United
States
501
Circulation
541
Earmarked
501
Exports and imports
501
At New York
501
Elsewhere
501
Movements
501, 521
Production
501
Reserves of foreign countries
520
Stock of United States
500, 501
Imports, merchandise
511
Indebtedness of member banks at Federal reserve banks
503, 530
Index numbers of Federal Reserve Board
507-510
Industrial production, index of
507-509
Interbank loans:
Rates on
535
Volume of
505, 530, 541
Interest rates. (See Money rates.)
Loans and investments:
All banks in the United States
503
All member banks
503, 532, 545, 546
Classification on call dates
503, 532, 545
(See also Review of month.) ^
Central banks in foreign countries
523-525
Commercial banks in foreign countries
526-
INDEX
549
Page
Loans and investments:
501, 539
Member banks in reserve cities
541 "Other" reserve bank credit
Member banks outside reserve cities
541 "Other securities" held by Federal reserve
banks
501, 539, 540
Nonmember banks
541
541
Reporting member banks in leading cities 504, 534 Par list, number of banks on
Par of exchange for 44 countries
522
(See also Balance sheets.)
Lumber cut, index of
508, 542 Pay rolls in manufacturing industries, index of. 507, 510
Prices of commodities (wholesale), indexes of:
Manufacturing industries:
Foreign countries, all commodities
529
Index of employment
507, 510
Foreign countries, groups of commodities__ 529
Index of pay rolls
507, 510
United States, all commodities
507. 529
Index of production
507, 508, 509
United States, groups of commodities
512, 529
Maturity distribution of bills and short-term
506, 528
securities
541 Prices of securities, indexes of
Production:
Member bank borrowings at Federal reserve
Industrial, index of
507, 508, 509
banks (see also Bills discounted)
502
Manufactures
507, 508, 509
Member bank reserve balances. 500, 501, 530, 539, 540
Minerals
507, 508, 509
Member banks. (See Deposits, Loans, etc.)
Membership in par collection system
541 Reporting member banks:
Borrowing at Federal reserve banks_ 502, 504, 534
Minerals, index of production
507, 508, 509
Loans and investments
504, 534
Monetary gold stock of the United States
500, 501
Due to banks
534
Monetary units of 44 countries
522
Reserve bank credit outstanding and factors in
Money in circulation:
changes
500, 501, 541
By kinds
541
(See also Review of the month.)
Chart showing
500
501, 539
Coin, notes, etc
541 Reserve bank float
530, 540
End of month
541 Reserve ratios of Federal reserve banks
Monthly averages of daily
figures
501 Reserves:
Federal reserve banks
530, 539, 540
Wednesday series
541
Member banks
530,534,539,540
Weekly averages of daily
figures
500, 501
Central banks in foreign countries
523-525
Money rates:
Gold, of foreign countries
520
Acceptances, New York City
502
Acceptances, foreign countries
527 Review of the month—The banking situation-_ 495
506, 528
Call loans, New York City
502 Security prices, indexes of
522
Call loans, England, Germany, Japan
527 Silver, price of
Stocks. (See Security prices; Capital issues.)
Charged customers by banks in principal
511
cities
502, 535 Stocks at department stores, index of
503, 531, 534
New York City
502 Time deposits of member banks
501
Other northern and eastern cities
502 Treasury currency (adjusted)
Southern and western cities
502 Unexpended capital funds of Federal reserve
Commercial paper
502, 535
banks
501
Interbank loans
535 United States securities, holdings of Federal
reserve banks.
501, 539, 540
Open market
502
Time loans
502 United States Treasury notes and certificates,
yield on
^ 502
National summary of business conditions
499
United States Treasury bonds, yield on
502
Nonmember banks. (See Deposits, Indebtedness, Loans, etc.)
Wholesale prices. (See Prices.)
Nonmember deposits, etc., of Federal reserve
banks
501
RESERVE DISTRICTS
MINNEAPOLIS^
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