Federal Reserve Bulletin March 1931 - St. Louis Fed · 2018. 11. 6. · FEDERAL RESERVE BULLETIN...

FEDERAL RESERVEBULLETIN

MARCH, 1931

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

The Banking Position

New Regulations on Loans to Veterans

Annual Report of the Bank of France

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1931

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:A. W. MELLON,

Secretary of the Treasury, Chairman.J. W. POLE,

Comptroller of the Currency.

EUGENE MEYER, Governor., Vice Governor.

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

WALTER L. EDDY, Secretary.E. M. MCCLELLAND, Assistant Secretary.J. C. NOELL, Assistant Secretary.W. M. IMLAY, Fiscal Agent.

Chief, Division of Examination, and Chief FederalReserve Examiner.

WALTER WYATT, General Counsel.

E. A. GOLDENWEISER, Director, Division of Researchand Statistics.

CARL E. PARRY, Assistant Director, Division of Researchand Statistics.

E. L. SMEAD, Chief, Division of Bank Operations.

District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.

FEDERAL ADVISORY COUNCIL

1 (BOSTON) HERBERT K. HALLETT.2 (NEW YORK) R. H. TREMAN.3 (PHILADELPHIA) HOWARD A. LOEB.4 (CLEVELAND) J. A. HOUSE.5 (RICHMOND) JOHN POOLE.6 (ATLANTA) J. P. BUTLER.7 (CHICAGO) MELVIN A. TRAYLOR.8 (ST. LOUIS) W. W. SMITH, Vice President9 (MINNEAPOLIS) GEO. H. PRINCE.10 (KANSAS CITY) ___ W. S. MCLUCAS.11 (DALLAS) B. A. MCKINNEY, President12 (SAN FRANCISCO) HENRY M. ROBINSON.

WALTER LICHTENSTEIN, Secretary.


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof-

BostonNew York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago. -_ -

St. Louis

MinneapolisKansas City

Dallas

San Francisco

Chairman

Frederic H. CurtissJ. H. Case

R. L. Austin.._

George DeCamp

Wm. W. Hoxton

Oscar Newton

Eugene M. Stevens...

John S. Wood

JohnR. MitchellM. L. McClure

C. C. Walsh . .

Isaac B. Newton

Governor

Roy A. Young ..Geo. L. Harrison

Oeo. W. NorrisE. R. Fancher

George J. Seay

Eugene R. Black

J. B. McDougal

Wm. McC. Martin._.

W. B. GeeryW.J. Bailey....

Lynn P. Talley _

Jno. U. Calkins

Deputy governor

W. W. PaddockW. R. BurgessJ. E. CraneA. W. GilbartE. R. KenzelWalters. LoganL. R. RoundsL. F. Sailer....Wm. H. HuttM. J. Fleming

C. A. PepleR. H. BroaddusW.S.Johns-H. F. ConniffC. R. McKayJohn H. BlairJ. H. Dillard -

0. M. Attebery „

Harry YaegerC. A. Worthington...T W TTalmR. R. GilbertR. B. ColemanWm. A. DayIra Clerk

Cashier

W. Willett.C. H. Coe.iRay M. Gidney.iJ. W. Jones.iW. B. Matteson.iJ. M. Rice.iAllan Sprool.1

C. A. Mcllhenny.W G MrCrfifidv s

H. F. Strater.

Geo. H. Keesee.John S. Walden, Jr.*M. W. Bell.W. S. McLarin, jr.i ;

W. C. Bachman.» jD. A. Jones.* |0 . J. Netterstrom.iE. A. Delaney.1 !S. F. Gilmore.* IA. H. Haill.2 iF. N. HalUG. 0 . Hollocher.* ;C. A. Schacht.2

II. I. Ziemer.Frank C. Dunlop.* :J. W. Helm.

Fred Harris.W. 0 . Ford.1

Wm. M. Hale.

* Assistant deputy governor. J Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:New Orleans branchJacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch..

St. Louis:Louisville branchMemphis branchLittle Rock branch

Managing director

R. M. O'Hara.

C. F. McCombs.J. C. Nevin.

A. H Dudley.Hugh Leach.

Marcus Walker.Hugh Foster.A. E. Walker.J. B. Fort, jr.

W. R. Cation.

W. P. Kincheloe.W. H. Glasgow.A. F. Bailey.

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Omaha branchDenver branch-. _ _.Oklahoma City branch.

Dallas:El Paso branch._Houston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branchSalt 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 commu-nication with member banks of the Federal reserve system and is the onlyofficial organ or periodical publication of the board. The BULLETIN willbe sent to all member banks without charge. To others the subscriptionprice, which covers the cost of paper and printing, is $2. Single copieswill be sold at 20 cents. Outside of the United States, Canada, Mexico,and the insular possession, $2.60; single copies, 25 cents.

m


TABLE OF CONTENTS

PageReview of the month—The banking position 121

Current banking developments—Reserve bank credit—Volume of acceptances—Basis of acceptancecredit—Funds held in New York—Decrease in volume of credit—Bank credit by districts.

Changes in discount rates 124Condition of all member banks on December 31, 1930 (from Member Bank Call Report No. 50) 176-177National summary of business conditions 125Annual report of the Bank of France ; 146

Financial, industrial, and commercial statistics:Reserve bank credit and factors in changes (chart and table) 126, 127Analysis of changes in monetary gold stock, gold movements 127Member bank borrowings at Federal reserve banks 128Discount rates and money rates 128Member and nonmember bank credit:

All banks in the United States—Loans and investments, deposits 129Bank suspensions 131Number of banks, banking offices, banks operating branches 131

All member banks—Loans and investments, deposits, reserve position 129Loans to banks 131Loans to customers, open-market loans and investments 129Holdings of eligible assets (Government securities and eligible paper) 131

Weekly reporting member banks in leading cities 130, 143Bankers' acceptances, commercial paper, brokers' loans 130Security prices, security issues, and security loans 132Production, employment, car loadings, and commodity prices 133Industrial production 134Factory employment and pay rolls 135Building contracts awarded, by types of building 136Merchandise exports and imports 136Department stores—Indexes of sales and stocks 136Wholesale prices, by groups of commodities, 1913-1930 137

Banking and business conditions in Federal reserve districts (chart and tables) 138-145

Financial statistics for foreign countries:Gold holdings of central banks and governments, gold movements 151Foreign exchange rates 152Condition of Bank for International Settlements 152Condition of central banks 153-155Government note issues and reserves 156Condition of commercial banks 156Discount rates of central banks 157Money rates 157Price movements:

Security prices 158Wholesale prices 159

Law department:Change in law with regard to loans on notes secured by adjusted-service certificates 160Revision of Federal Reserve Board's regulation G 161Revision of regulations of Administrator of Veterans' Affairs 162Text of sections 502 and 503 of World War adjusted compensation act 165

Detailed Federal reserve statistics, etc 167-175Index 178

IV


FEDERAL RESERVE BULLETINVOL. 17 MARCH, 1931 No. 3

REVIEW OF THE MONTH

Reserve bank credit outstanding showed afurther decline February, corresponding to a

decrease in member bank re-serve balances, together withan inflow of gold from abroad.

Member bank credit, as indicated by loans andinvestments of member banks in leading cities,was at a somewhat higher level in Februarythan at the end of the preceding month.Commercial loans continued to decline, butthis reduction was more than offset b}r a con-siderable growth in the banks' investments, to-gether with a slight increase in their loans onsecurities. Brokers' loans, which had shown analmost continuous decline for the precedingnine months, showed an increase in Februaryaccompanying the advance in security prices.Conditions in the money market becameslightly firmer in the second half of February,and rates on bankers' acceptances and on timeloans advanced.

Toward the end of February the volume ofreserve bank credit outstanding declined to

$900,000,000 for the first timeReserve bank s i n c e ^^ r^ d e d i n e be_

tween the last report dates inDecember and in February was $470,000,000,reflecting chiefly an increase of $70,000,000 inthe stock of gold and a return flow of $320,000,-000 of money from circulation. In January alarge part of the gold came from Canada, whichusually exports gold to this country at the turnof the year when the seasonal peak in theCanadian demand for currency is passed, whilegold received in February came for the mostpart from Argentina. The return flow ofmoney from circulation, taking January andFebruary as a whole, was approximately thesame as in most other recent years, but smallerthan in 1930. The amount of currency in cir-culation at the end of February was somewhat

larger than a year ago, indicating that cashwithdrawn by the public on account of dis-turbances in the banking situation in Novem-ber and December was still outstanding in largevolume.

Of the decrease of $470,000,000 in the vol-ume of reserve bank credit from December 31to February 25, only $60,000,000 represented adecline in bills discounted for member banks;discounts had reached their seasonal peak onDecember 24 and had declined by $200,000,000in the following week, when the reserve banksmade large purchases of acceptances andUnited States securities. Holdings of these se-curities declined during January and Februaryby $130,000,000, as the reserve banks soldsecurities acquired temporarily in December.At the end of February the reserve banks' port-folio of Government securities, at $600,000,000,was at the same level as during the autumnmonths of last year. Acceptance holdings ofthe reserve banks, which had increased by$100,000,000 during the last week of Decem-ber, declined by $260,000,000 in the followingtwo months.

The decrease in the bill portfolio of the re-serve banks during the first two months of the

year was considerably largerthan usual and its level at theend of February was the lowest

for that season since 1922. This rapid liqui-dation of the reserve banks7 acceptance hold-ings occurred notwithstanding the reduction ofthe reserve banks' buying rate to the excep-tionally low level of 1 }i per cent for the shortermaturities. In January the abundance ofshort-time funds resulted in a decline in open-market bill rates for a time below the reservebank buying rate. This differential, togetherwith the fact that member banks in New YorkCity were out of debt to the reserve banks andhad a considerable volume of surplus reserves,

121

Volume ofacceptances


122 FEDERAL RESERVE BULLETIN MARCH, 1931

caused the seasonal decline of reserve bankcredit taking largely the form of a reduction inthe reserve banks' bill holdings.

The total volume of acceptances outstandingalso declined after the turn of the year, butthis decline was no greater than usually occursat this season. The chart shows, for the past

MILLIONS OF DOLLARS2000

1500

1000

MILLIONS OF DOLLARS2000BANKERS ACCEPTANCES OUTSTANDING

VZ% Held by ottersHllllllH Held by accepting banks

.Wh Held by reserve banks-accf. of correspondentsHeld by reserve bonks-own account

500

"19256 1927 1928 1929 1930 '31

five years, the movement in the total volume ofAmerican acceptances outstanding, and theirdistribution among different classes of holders.

Acceptance holdings of the reserve banks in1930 were smaller, on the average, than ineither of the two preceding years, although thetotal volume of acceptances outstanding waslarger throughout the year than in 1928 andduring the larger part of the year was alsolarger than in 1929. This circumstance re-flected the easy condition of the money market,the abundance of short-time investment funds,and the generally smaller demand for reservebank credit. The volume of acceptances heldby the reserve banks for account of foreigncentral banks, on the other hand, though it de-clined during the year, was larger, on the aver-age, than in any previous year. The greatestgrowth during 1930 was shown in the billholdings of accepting banks. Owing to theabundance of short-time funds in 1930 and thedecreased demands from their commercial cus-tomers, member banks greatly increased theiracceptance holdings, which in recent monthsreached important proportions for the first timesince the establishment of the acceptance mar-

ket. There was a further large increase inbank holdings of acceptances in January of thisyear, the total reaching $570,000,000 at the endof the month. Acceptance holdings by otherinvestors were also larger in 1930 than in otherrecent years, but declined during the year, asaccepting banks absorbed an increasing propor-tion of acceptances available in the market.The proportion of acceptances held by thedifferent classes of investors at the end ofJanuary of the past six years is shown in thefollowing table:

BANKERS' ACCEPTANCES OUTSTANDING

End of January

1926.1927.1928-1929.1930.1931.

1926.1927.1928.1929.1930.1931.

Held by reservebanks

For ownaccount

For ac-count offoreigncorre- i

spondents'

Held byaccepting

banksHeld byothers Total

Amounts in millions of dollars

29931737743829389

8494237313526447

119558079220571

286307364449653412

788773

1,0581,2791,6931,520

Percentage distribution

38413634176

111222243129

157861338

364034353927

100100100100100100

Source: American Acceptance Council.

The principal facts brought out by the table,as well as by the chart, are the decrease between1927 and 1931 from 41 to 6 per cent in theproportion of acceptances held by the reservebanks and the increase during the same periodfrom 7 to 38 per cent in the proportion heldby the accepting banks.

Another analysis of American acceptancesshows the nature of the transactions underlyingthem. The second chart shows acceptances

based on imports and exports,on domestic shipments andwarehouse credits, bills drawnto create dollar exchange, and

bills based on goods stored in or shipped betweenforeign countries. Export and import ac-

Basis ofacceptancecredit


MAKCH, 1931 FEDERAL RESERVE BULLETIN 123

ceptances decreased last year accompanyingthe decrease in foreign trade; acceptancesbased on domestic transactions and drawn tocreate foreign exchange did not change mate-

MILLIONS OF DOLLARS

BANKERS'ACCEPTANCES OUTSTANDING

te>~| Goods shred or in transit abroad

1 Dollar exchange \

Wft Based M domestic shipments & warehouse credits

on imports am/exports

MILLIONS OF DOLLARS

2000

1500

1000

500

1926 1927 1928 1929 1930

rially, while acceptances based on goods storedabroad or shipped between foreign countriesincreased from $43,000,000 at the end ofJanuary, 1927, to $550,000,000 at the end ofJanuary, 1931. This increase reflects chieflythe growing extent to which foreign countriesuse dollar acceptances in financing internationaltrade. This class of acceptances has increasedrapidly since the conditions under which theymay be drawn were liberalized by the FederalReserve Board in the autumn of 1927. Anotherimportant factor in the increase of this type ofacceptances has been the continuance for alarge part of the period of a lower level of rateson bills in the United States than in othercountries.

The lower level of rates in the open-marketin recent months has also been an influence

in reducing the total volume ofFunds held in funds held in New York by out-New York of-town banks, as is shown by

the following chart.Street loans placed by out-of-town banks

through their New York correspondents, aftera rapid decline in the autumn of 1929 and asharp recovery in the early part of 1930,declined again for a period of 10 months, andat the end of February of this year were ata level below $300,000,000, compared with

$1,900,000,000 in September, 1929. Thisdeclinewas due both to the diminished demand forcredit by the security market and the low levelof rates on street loans, which made it nearly as

MILLIONS Of DOLLARS

4000

3000

2000

NEW YORK FUNDS OF OUT-OF-TOWN BANKS

1000 — 3

MILLIONS OF DOLLARS

4000

3000

2000

1000

1926 1927 1928 1929 1930

profitable to leave funds on deposit with NewYork correspondents as to place them in themarket. New York balances of out-of-town banksaccordingly increased during 1930, and wereat the relatively high level of $1,300,000,000during the first two months of this year.

The slight increase in total loans and in-vestments of member banks in leading cities,

. which was mentioned in thevolum|Sofcnredit opening paragraph of this re-

view, iollowed upon a declinethat began last autumn. For the period fromOctober 1 to February 25, taken as a whole,the total amount of credit extended by thesebanks decreased by $820,000,000, following uponan increase during the preceding six months,and carrying the total to the level of last spring.The largest liquidation during the past fivemonths, $1,160,000,000, was in loans on securi-ties, mostly in brokers' loans, but "all other"loans also decreased by $390,000,000, notwith-standing the increase in acceptance holdings,which are included in this item, while invest-ments showed an increase of $730,000,000 forthe 5-month period.

Declines in total loans and investments ofweekly reporting banks were shown for the

period from the beginning ofOctober to the end of Februaryin all of the Federal reserve dis-

tricts, except Philadelphia. A table showingchanges in the principal asset items of thebanks in leading cities for the period fromOctober 1 to February 25 is shown belowby Federal reserve districts. Changes for theperiod have been influenced by suspensions


124 FEDERAL RESERVE BULLETIN MARCH.

among reporting banks. The amounts forOctober 2, 1929, October 1, 1930, and February25, 1931, are shown in a table at the end of thereview.

CHANGES IN PRINCIPAL ASSETS OF MEMBEK BANKSIN LEADING CITIES: OCTOBER 1, 1930, TO FEBRUARY25, 1931

[In millions of dollars]

Loans and investments

Federal reserve districtTotal

Total i_. -821

Boston...New York'Philadelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _.Kansas City..-DallasSan Francisco .

I

-95-360

+7 !-84-46-41-80-30-21-26-23- 2 1

Loanson secu-

rities

-1,163

All otherloans

-388

-92-678-14-56-11-13-147-30-3-21

^-92

-12-125-50-11-22-22-104-20-19-18-20+34

Invest-ments

j-729

+9+442+71-17-13- 6

+171+20

+13+1

+37

i Changes for the period reflect, in part, suspensions of reporting banks.

Security loans show declines for the periodin all the districts, as do all other loans in all thedistricts except San Francisco, while invest-ment holdings increased in most districts, par-ticularly New York, Chicago, Philadelphia,and San Francisco. For the period of abouta year and a half from October 2, 1929, whenthe banks7 investments were at a low point, toFebruary 25 of this year, when they were asthe highest level on record, investment holdingtof reporting member banks showed an increaseof $1,750,000,000, or 33 per cent. These pur-chases of investments by member banks havebeen an important influence in maintainingthe prices of high-grade bonds at a fairly highlevel throughout most of 1930 and the openingmonths of the present year.

At the end of February the member banks,with a relatively low level of total loans and in-vestments, a large volume of balances with cor-respondents, and a small amount of indebetednessto the reserve banks, were in a strong position tomeet the financial requirements of trade andindustry in the approaching spring season.

PRINCIPAL ASSETS OF MEMBER BANKS IN LEADING CITIES, BY FEDERAL RESERVE DISTRICTS

lln millions of dollars]

Total loans and invest-ments

Federal reserve district

Total i

BostonNew York i___Philadelphia-_ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. __Kansas City.. .DallasSan Francisco.

Oct. 2,1929

22,829

1,5538,8251,2422,200

683652

3, 397700414696494

1,973

Oct. 1,1930

23,467

1,5469,5571,3012,304

659«03

3,382657371658456

1,972

Feb. 25,1931

22,646

1,4519,1971,3082,220

613562

3,302627350632433

1,951I

Loans on securities

Oct. 2,1929

7,825

Oct. 1, ; Feb. 25,1930 1931

8,476 i 7,313

5333,390

487740204161

1,299 j241 !

88 j131 I105 i446 !

5094,197

460736175145

1,27621579

12495

463

4173,519

446680164132

1,12918576

10391

371

All other loans

Oct. 2,1929

9,600

6823,449450829321367

1,439305204337271947

Oct. 1,1930

2,893448

1,312282163295245876

Feb. 25,1931

8,150

6502,768398751271286

1,208262144277225910

Total investments

Oct. 2,1929

5,401

Oct. 1, I Feb. 25,1930 | 1931

6.454 1 7,183

3381,986305630157124658154122228119580

3752,468393806191150794160130239116633

3842,910464789178144965180130252117670

1 Changes for the period reflect, in part, suspensions of reporting banks.

Meeting of the Federal Advisory Council

The first meeting of the Federal AdvisoryCouncil in 1931 was held on Tuesday, February17. Mr. B. A. McKinney, of Dallas, was re-elected president and Mr. Walter W. Smith, ofSt. Louis, was reflected vice president. Theseofficers as ex officio members and Messrs. Loeb,Traylor, Prince, and McLucas will comprise theexecutive committee. Mr. Walter Lichten-stein was reappointed secretary of the council.Mr. Robert H. Treman has been appointed torepresent the New York district in place of Mr.

William C. Potter, Mr. J. A. House has beenappointed to represent the Cleveland district inplace of Mr. Harris Creech, and Mr. Henry M.Robinson has been appointed to represent theSan Francisco district in place of Mr. F. L.Lipman.

Changes in Foreign Central Bank Discount Rates

The Bank of Sweden reduced its discountrate from 3% to 3 per cent, effective on Febru-ary 6, 1931. The 3% per cent rate has been ineffect since April 3, 1930.


MARCH, 1931 FEDERAL RESERVE BULLETIN 125

NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled February 21 and released for publication February 26]

Industrial activity increased in January byslightly less than the usual seasonal amount,and factory employment and pay rolls declined.Money rates in the open market declined fur-ther from the middle of January to the middleof February.

Production and employment.—The board'sindex of industrial production, which is adjust-ed for seasonal variation, showed a decrease ofless than 1 per cent in January, compared withdeclines of 3 per cent in November and inDecember. Activity in the steel industry,which was at a low level in December, increasedduring the following month by considerablymore than the usual seasonal amount; outputof automobiles, which had shown an unusualincrease in December, increased less in Januarythan in the corresponding month of otherrecent years. The cotton and wool textileindustries were more active in January, whilethe output of copper, petroleum, and coaldeclined.

The number of wage earners employed atfactories was smaller in the pay-roll periodending nearest the 15th of January than in thepreceding month, reflecting in part extendedyear-end shutdowns. There were large de-clines in employment at foundries and at estab-lishments producing hosiery, women's clothing,lumber, brick, cement, and tobacco products;employment in the men's clothing, leather, andagricultural implement industries increasedsomewhat more than usual for the season.Factory pay rolls were considerably reduced inJanuary.

Value of contracts awarded for residentialbuilding continued to decline in January,according to the F. W. Dodge Corporation,while contracts for public works and utilitiesincreased. In the first half of February thedaily average of contracts awarded for resi-dential building increased.

Distribution.—Volume of freight-car load-ings was reduced further in January, contraryto the usual seasonal tendency, reflecting

42038—31 2

decreases in shipments of coal, merchandise,and miscellaneous freight. Department-storesales, which always show a sharp reductionfrom December to January, declined by lessthan the estimated seasonal amount.

Wholesale prices.—The general level ofwholesale commodity prices declined furtherby 2 per cent in January, according to theBureau of Labor Statistics. Prices of manyleading agricultural products and of copperand silver decreased substantially, while pricesof cotton and silk advanced. In the first halfof February the price of cotton continued torise, and in the middle of the month copperalso advanced, while the price of silver declinedto new low levels and prices of livestock con-tinued to decrease.

Bank credit.—Volume of credit at memberbanks in leading cities showed little changefrom January 14 to February 11, further de-clines of $200,000,000 in loans on securities andof $115,000,000 in all other loans being largelyoffset by an increase of $310,000,000 in thebanks' holdings of investments.

In the first three weeks of February banksuspensions declined sharply, and a number ofbanks, previously suspended, resumed oper-ations.

Volume of reserve bank credit outstandingdecreased by $175,000,000 between the weeksending January 17 and February 14, reflectinga reduction of $70,000,000 in member-bankbalances and $80,000,000 in money in circula-tion, together with an increase of $25,000,000in the stock of monetary gold. The principalreduction has been in acceptance holdings ofthe reserve banks.

Money rates.—Money rates in the openmarket continued to decline after the middleof January and by the middle of February wereat new low levels. The prevailing rate on primecommercial paper declined to a range of 2% to2% per cent; and the rate on bankers' accept-ances was reduced to 1% per cent, but subse-quently advanced to 1% per cent.


126 FEDERAL RESERVE BULLETIN MAECH, 1931

FEDERAL RESERVE BANE CREDIT

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGESMILLIONS OF DOLLARS MILLIONS, OF DOLLARS

5W0

800

600

400

200

1927 1926 1929 1930 1931

Based on weekly averages of daily figures; latest figures are for week ending February 28



RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES[Average of daily figures. In millions of dollars]

Month or week

Reserve bank credit outstanding

Bills dis-counted

Billsbought

UnitedStates

securities

Otherreservebank

credit»Total

Monetarygoldstock

Factors of decrease

Treasurycurrency

(ad-justed)

Factors of increase

Moneyin circu-lation

Memberbank

reservebalances

Non-memberdeposits,

etc.

Unex-pendedcapitalfunds

1929—September . . .OctoberNovemberDecember

1930—JanuaryFebruary.-MarchAprilMayJuneJuly._August.SeptemberOctoberNovemberDecember __

1931—JanuaryFebruary-..

Week ending (Saturday)—Jan. 31Feb. 7Feb. 14Feb. 21Feb. 28 _.

885953803501378274231247251226214189196221338253216

229337296320314285246266182141154153197185184257206102

224231231208193

12710992

102105

165154315446485480540530529571

597602599644647603

615610607

1,4271,4501,6311,6431,3571,1811,0951,072996

1,0001,003998

1,0161,0201,0331,2731,129

976964945925911

4,3684,3814,3744,3244,2834,3194,3954,4434,5054,5284,5324,4964,5034,5204,5534,5834,6224,656

4,6364,6484,6524,6614,663

1,7661,7851,7891,7971,7841,7811,7971,7811,7791,7751,7891,7871,7851,7871,7931,7931,7841,780

1,7841,7761,7831,7801,781

4,8114,8104,8454,9434,6524,5564,5334,5184,4974,4894,4834,4764,4924,5014,5284,8234,6954,598

4,5814,5994,6054,5904,596

2,3352,3862,5212,3952,3492,3052,3302,3502,3562,3922,4172,3922,3972,4072,4332,4152,4332,370

2,4112,3862,3672,3722,357

28 387392395399394393397400398395389385

388384379379

379379380380379

1 Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.Back figures.—See Annual Report for 1929 (Tables 1, 2, and 3).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK

[End of month basis. In millions of dollars]

Month

1929—JuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.).-

1930—JanuaryFebruary , . .MarchAprilMay .JuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mos.)._

1931—JanuaryFebruary »

Goldstockat end

ofmonth

4,3244,3414,3604,3724,3864,3674,284

4,2934,3554,4234,4914,5174,5354,5174,5014,5114,5354,5714, 593

4,6434,664

Increase or decrease (—) duringmonth

Total

23.416.318.912.114.4

- 1 9 . 2- 8 2 . 9

142.4

8.861.968.268.525.917.6

- 1 8 . 4- 1 5 . 5

10.223.336.822.1

+309. 4

+49.4+20.8

Throughnet goldimport

orexport

30.234.718.417.617.5

- 2 3 . 2-64 .4

175.1

4.060.055.565. 723.513.9

- 19 .6-19 .6

2.526.435.232.7

+280. 2

+34.4+14.1

Throughear-

markingopera-tions

- 7 . 5- 2 2 . 0- 1 . 0- 6 . 6- 4 . 5

1.0- 2 2 . 0

-55 .4

2.50.0

13.00.52.02.0

- 3 . 00.04.0

- 6 . 1- 2 . 1

- 1 5 . 2

- 2 . 4

+11.9+2.5

Throughdomesticproduc-

tionetc.i

0.73.61.51.11.42.33.5

22.7

2.31.9

- 0 . 32.30.51.74.34.23.73.13.84.5

+32.0

+3.1+4.2

1 For explanation of this figure, which is derived from preceding col-umns, see BULLETIN for December, 1928, p. 831.

* Preliminary.

GOLD MOVEMENTS TO AND FROM UNITEDSTATES

[In thousands of dollars]

From or to—

England _.France ._ . . _.-GermanyItalyNetherlandsCanada-Central America.. _MexicoArgentinaBrazi]ChileColombiaEcuadorPeruVenezAiela ._ __UruguayChina and Hong

KongDutch East IndiesJapanPhilippine IslandsNew ZealandAll other countries i_

Total- ._

1931

February(preliminary)

Im-ports

9, 289

1,100

2,742

972

214,103

Ex-ports

January

Im-ports

Ex-ports

|

3

5

22, 563127536

5,441

313,022

14345

849161748179

14656

34,426

6

48

54

1930

January-December

Im-ports

14133274

1743,618

1,69720,80520,27287,776

4389,0971,5516,8964,7478,354

22, 6121,752

156,6093,715

2205,700

396,054

Ex-ports

28973,808

2013,000

136,746

41550

965

40150

41

115,967

i Includes all movements of unreported origin or destination.* At New York—imports, $11,361,000. Elsewhere—imports, $2,742,000.


128 FEDEKAL RESERVE BULLETIN MARCH, 1931

MEMBER BANK BORROWINGS AT FEDERALRESERVE BANKS

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

Month

JanuaryFebruaryMarchAprilMayJuneJuly _AugustSeptemberOctoberNovemberDecember

Total i

1930 ! 1931

462 i 245371 ! 209247225226222218196186193211

Reporting memberbanks in leading cities

New YorkCity

1930 1931

26

Other lead-ing cities

1930 1931

20815280544848

355065

115

Memberbanks

outsideleadingcities i

1930 1931

215 163198 152166154167169165153142137140167

i Includes (in small amounts) discounts by Federal reserve banks fornonmembers: (1) Bills discounted for intermediate credit banks and(2) notes secured by adjusted-service certificates discounted for non-member banks.

FEDERAL RESERVE BANK RATESDISCOUNT RATES

[Rates on all classes and maturities of eligible paper]

Federal reserve bank

Boston __New YorkPhiladelphia-ClevelandRichmondAtlanta _.ChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco .

Rate ineffect onMar. 1

Date estab-lished

Jan. 2,1931Dec. 24,1930July 3,1930Dec. 29,1930July 18,1930Jan. 10,1931

doJan. 8,1931Sept. 12,1930Aug. 15,1930Sept. 9,1930Jan. 9,1931

Previousrate

BUYING RATES ON ACCEPTANCES

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

Maturity

1-15 d a y s . . .16-30 days,_31-45 d a y s . .46-60 days- _61-90 days . .91-120 days.121-180 days

Rate ineffect onMar. 1

m2

Date estab- Previouslished rate

I .

Jan. 26,1931 |do _.J

.....do

.—.do

.....dodo

Dec. 24,1930

m

1%mm2%

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

OPEN-MARKET RATESRATES IN NEW YORK CITY

Prevailing rate o n - Average rate Average_yield

„,• , PrimeMonth or week com- I

| mercialI paper,| 4 to 6j months

January __.| 4%-5February i ift-5March. 3%-4%April 3%-4May ! 3/^-4June ! 3K-3?4July j 3 -3]/2August I 3September \ 3October j 3November I 2% -3December • 2^4-3

1931 iJanuaryFebruary . .Week e n d i n g -

Jan. 31Feb. 7 I 2y2-2%Feb. 14. |Feb. 21 iFeb. 28 j 2H

Primebank-

ers'accept-ances,

90days

3%-43/4-3%2/^-3%

fr35/

Timeloans,

90days 2

%4H-5

4 -43)4-32H-332K2-3

2 -2%2 -2ft

1H-2H 1.50m-2 1.50

Call loans 1

N e w

4.314.283.563.793.052.602.182.222.172.002.002.27

IX

_ 1M-2 1.504 1H-2 1.50

1.501.501.50

1H-2

2 -2H

Re-newal

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

4.644.323.694.003.122.622.202.212.192.002.002.23

1.571.50

1.501.501.501.501.50

3.393.36

<2.953.002.41

<1.891.831.53

< 1.771.741.40

*1.48

1.24 j1.06 jI1.091.07.95

1.031.19

Treas-ury

bonds *

3.513.503.463.403.413.373.373.383.373.343.323. 34

3.333.40

3.383.393.363.413.44

1 Stock exchange call loans; new and renewal rates.2 Stock exchange 90-day time loans.3 3 issues—3 s> 3%, 4 per cent; yields calculated on basis of last redemp-

tion dates—1947, 1956, and 1954.• Change of issues on which yield is computed.

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages]

Month

JanuaryFebruaryMarch\prilMavJuneJulyAugust _September. _.OctoberNovember.._December.-_

New York City

1929

5.745.735 815 855.885.935.886.056.066.085.865.74

1930

5.645.355.224 914.744.594.484.414.294.264.17, 1 6

1931

4.244.31

: : : : : :

Eight othernorthern andeastern cities

1929

5.875.865.916.006.096.026.086.116.246.256.125.94

1930

5.885.665.475.225.135.064.814.794.744.754.664.68

1931

4.614.63

Twenty-sevensouthern andwestern cities

1929

5.945.966.046 076 106.166.176.226.276.296.296.20

1930

6.126.045.985 865 755.695.625.575.545.535.495.42

1931

5.495.41

......

NOTE.—Figures relate to rates charged by reporting banks to theirown customers as distinguished fro en open-market rates (which are givenin preceding table). All averages are based on rates reported for 3 typesof customer loans—commercial loans, and demand and time loans onsecurities. The method of computing the averages takes into account(a) the relative importance of each of these 3 types of loans and (6) therelative importance of each reporting bank, as measured by total loans.In the two group averages the average rate for each city included isweighted according to the importance of that city in the group, asmeasured by the loans of all banks in the city.


M A R C H , 1931 FEDERAL RESERVE BULLETIN 129

MEMBER AND NONMEMBER BANK CREDITALL MEMBER BANKS—DEPOSITS SUBJECT TO

RESERVE, RESERVES HELD, AND INDEBTED-NESS AT FEDERAL RESERVE BANKS

[Averages of daily figures. In millions of dollarsl

Month

TOTAL

1930—MayJuneJulyAugustSeptember . . .OctoberNovemberDecember

1931—January

Net demand and timedeposits

Total

32,22932,50532, 66332, 58132,64332, 72633,01532,31432, 048

CITY BANKS 1 \

1930—May _ . . | 19,911J u n e . . . . _i 20,228July ! 20,436August. I 20,440September I 20,484October 20,625November 21,005"December ! 20,554

1931— January ; 20,387

COUNTRY BANKS2 j

1930—May ! 12,318June ! 12,276July „ . : 12,227August ! 12,140September.. . .! 12,160October | 12,101November ! 12,009December i 11,760

1931—January \ 11,662

Reserves [, tI n ' ,

idebted-I ness at

I | FederalHeld Excess;

18, 64518,81218,82018,74618, 70718, 72618,95918,66018, 572

12,99013, 20813, 26213, 27913, 24113,31413, 58613, 43513, 406

5,6555,6035,5585,4665,4675,4125,3725,2255,165

13, 58413, 69313,84313,83513,93614,00014,05613,65413,477

6,9217,0207,1747,1617,2437,3117,4197,1186, 980

i 6,663, 6,6731 6,669! 6,674' 6,693! 6,689| 6,637| 6,535| 6,496

2,3562,3922,4172, 3922. 3072,4072.4332,415 !2,433 I

1,737 !1.7741,8021,7841,7891,8011 8351,8251,846

619 j618 j615 j608608605597590587

45547452 |59595173

105

22294827 |3433294574

245250223214189196220337

74724648445362

144

172178178166144144158193166

i Member banks in 62 legally designated cities: 2 central reservecities (New York and Chicago) and 60 reserve cities; see table on p. 171.

* Member banks outside the 62 designated cities; including banks inother cities as well as banks in towns and villages.

ALL MEMBER BANKS—LOANS TO CUSTOMERS,OPEN-MARKET LOANS AND INVESTMENTS

[Exclusive of loans to banks. In millions of dollars]

Call date

TOTAL

1928—Oct. 3 —Dec. 3 1 . .

1929—Mar. 27.June 29. .Oc t . 4 . . _Dec. 3 1 . .

1930—Mar. 27.June30—Sept. 24.Dec. 3 1 -

CITY BANKS *

1928—Oct. 3 —Dec. 31 . -

1929—Mar. 27.June 29. .Oc t . 4 . . _Dec.31._

1930—Mar. 27.June 30. .Sept. 24.Dec. 31 —

COUNTRYBANKS *

1928—Oct. 3_._Dec.31._

1929—Mar. 27.June 29__Oct. 4_._Dec. 3 1 -

1930—Mar. 27.June 30—Sept. 24.Dec. 3 1 -

Loans to customers

!

Total

21,24221, 46021,90322, 51623,24923,19421,49521, 56521,01021,007

13,01613, 20713,53913,96614, 62214, 71213,28813, 33713,00313, 244

8,2258,2548,3648,5518,6278,4818,2068,2298,007;7,762

oe-cured

bystocks

andbonds

[

6,6467,3477,5397,7348,1098,4887,7308,0617,8647,942

4,9185,4425,4845,5965,8146,1745,5395,8345,6635,793

1,7271,9052,0552,1392, 2952,3142,190

! 2,2272, 2012,149

Other-wisese*

curedand

unse-cured

14,59514,11314, 36414, 78315,14114, 70613, 76513,50513,14613,066

8,0987,7658,0558,3718,8088,5387,7497,5037,3407,452

6,4976,3486,3096,4126,3336,1686,0166,0015,8065,614

Open-market loans andinvestments

Total

13,14113,68612,94212,52412,02412,02613,03413,55513,99713,222

7,8008,3107,6047,4056,9377,1798,0628,6889,1218,527

5,3415,3765,3385,1195,1074,8474,9724,8674,8754,696

Purchasedpaper

Ac-cept-ances

180212238198163292254241267370

140174186158130254223229260362

413852403237311278

Com-mer-cial

paper

457390376249228290499507523366

26217918410983

128292336359246

195211192140144163207170164120

Streetloans1

1,8992,5561,8792,0251,8851,6602,3442,3652,4721.498

1,5212,1801,5251,7081,5091,4522,0862, 2352,3571,448

37837635431637620825812911549

Tnin-vest-

ments

10,60410, 52910,44810,0529,7499,7849,937

10,44210, 73410, 989

5,8775,7775,7085,4295,2155,3455,4625,8886,1456,470

4,7274,7514,7404,6234,5544,4304,4754,5544, 5894,519

* See notes 1 and 2 of preceding table.1 Loans (secured by stocks and bonds) to brokers and dealers in securi-

ties 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 privatebanks under State supervision]

Date

1924—June 30..Dec. 31..

1925—June 30..Dec. 31...

1926—June 30..Dec. 31. .

1927— June 30..Dec. 31. .

1928—June 30..Oct. 3—.Dec. 31. .

1029—Mar. 27_.June 29..Oct. 4_...Dec. 31. .

1920—Mar. 27..June 30..Sept. 24..Dec. 31. .

Total loans and investments

All banks Member banks

Total

45,18047,18248, 83050, 60351, 56252, 01853, 75055,45057, 26557, 21958, 26658,01958,47458,83558, 41757,38658,10857, 590

Loans

31, 52332, 44033, 86535, 64036,15736, 75937, 36038,40739, 46439, 67140,76340, 55741, 51242, 20141, 89840, 6S640,61839, 715

Invest- ;

inents \

13,657 i14,742 !14,965 !14,963 '15,404 :15,260 !16,391 !17,043 |17,801 j17,549 !17,504 j17,462 i16,962 j16,634 j16, 51916, 70017,49017,875

Total j. Loans

27,16728, 74629, 51830,88431,18431. 64232, 75634, 24735,06134,92935, 68435,39335,71135,91435,93435, 05635, 65635,47234, 860

19, 20419,93320, 65521, 99622,06022, 65222,93823, 88624,30324, 32525,15524,94525, 65826,16526,15025,11925, 21424,73823, 870

Nonmember banks

Invest-ments

7,9638,8138,8638,8889,1238,9909,81810,36110,75810,60410,52910,44810, 0529,7499,7849,93710,44210, 73410,989

Total

18, 01318,43719, 31219, 72020,37820,37620,99421, 20422, 20422, 29122, 58222,62622, 76322. 92222,48322, 33122,45322,118

Loans

12,32012, 50713, 21013, 64414,09714,10614.42114, 52115,16115, 34615,60715,61215,85316,03615,74815, 56815,40414, 977

Invest-ments

5,6935,9296,1026,0766,2816,2696,5736,6837,0436,9456,9757,0136,9106,8856,7356,7637.0487,141

Deposits (exclusive ofinterbank deposits)

Allbanks

43,40545,83547, 61249,22449, 73350,02951,66252,90953,39853, 72056,76654, 54553,85255,18055, 28953,18554,95452,784

Mem-ber

banks

25,71127,83628,44030, 02929,78130,47431, 26932, 06332,13332,13834,82633, 21532, 28433,00433,86532,08233,69031,839

Non-memberbanks

17,69417,99919,17219,19519,95219, 55520,39320,84621,26521,58221,94021, 33021,56722,17621,42421,10321,26420,945



REPORTING MEMBER BANKS[In millions of dollars. Monthly data are averages of weekly figures

Month or date

BY MONTHS

Total:1930—February

MarchAprilMayJune.JulyAugustSeptemberOctoberNovemberDecember

1931—January _.February

New York City:1930—February

MarchAprilMayJuneJulyAugust -.SeptemberOctober...NovemberDecember

1931—JanuaryFebruary

Other leading cities:1930—November

December1931—January

FebruaryBY WEEKS

Total:1931—Jan. 28

Feb. 4Feb. 11Feb. 18Feb. 25

New York City:1931—Jan. 28


Other leading cities:1931—Jan. 28


Loans and investments

Total

22,35222, 65722,66223,02423,10123,12823,22023,40923,45523,11722, 66022,659

7,4937,6497,8297,8528,1178,0788,097

8,3138,4218,1667,9067,965

15,03414,95014,75414,694

22,59622,68222, 65922,65022,647

7,8867,9657,9627,9537,980

14,71014, 71714,69714,69714, 667

Loans

Total

16,54216, 74616, 90116, 82517,04816, 90616,83816, 85916,83416,67316, 33215,89415, 557

5,5845,720

5,8786,0995,9846,0045,9986,1416,0555,8375,5835,489

10,61810,49510,31110,068

15,75315,66815,60515,49415, 464

5,5345,5175,5135,4565,469

10, 21910,15110, 09210,0389, 995

On se-curi-ties

7,6717,9648,2708,3128,5608,3918,3498,3838,2377,8977,7767,4957,315

2,9093,1153,3833,4593,7013,5583,5883,5843,6293,4013,3413,1113,079

4,4964,4354,3844,236

7,3797,3037,3197,3257,313

3,0243,0143,0503,1143,137

4,3554,2894, 2694,2114,176

Allother

8,8718,7818,6318,5138,4878,515

8,4768, 5978,7768,5578,3998,242

2,6752,6052,4852,4182,3982,4262,4162,4152,5122,6532,4962,4722,410

6,1236,0615,9275.832

8,3748,3658,2868,1698,151

2,5102,5032,4632,3422,332

5,8645,8625,8235,8275,819

In-vest-

ments

5,5415,6075,7565,8375,9776,1946,2916,3616,5756,7826,7846,7667,102

1,9091,9291,9611,9742,0192,0942,0932,0902,1722,3672,3292,3232,476

4,4164,4554,4434,626

6,8437,0147,0547,1567,183

2,3522,4482,4492,4972,511

4,4914,5664,6054,6594,672

Bor-row-ingsat

F.R.banks

1748171595353434456711418257

21117115

62652

651157755

65

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings on demand and on time. In millions of dollars]

End of month

January. _FebruaryMarchAprilMayJune-July...AugustSeptember-October _NovemberDecember _ -. .

Total

1930

3,9854,1684,6565,0634,7483,7283, 6893,5993,4812, 5562,1621,893

1931

1,720i 1, 840

From NewYork banks

and trust com-panies

1930

3,3681 3,529

4,0264,409

1931

1,5571,646

4,139 13,2013,2273 1093,0572,2991,9281,694

From privatebanks, brokers,foreign banking

agencies, etc.

1930

616639631654609527462489425257234199

1931

163194

i Call loans, $1,505,000,000; time loans, $335,000,000.

MADE BY REPORTING MEMBER BANKS IN N. Y. CITY

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

Month or date

1930—February-MarchAprilMayJuneJulyAugustSeptember.October. . .November.December.

1931-January . . .February. .

Feb. 4Feb. 1 1 - - -Feb. 18-.--Feb. 25 - . - .

Total

3,4593,7414,1154,0303,8253,2243,1503,1742,7692,2492,0131,798

3 1, 759

1,7161,7491,7721,798

]

Total

1,9132,3102,7402,7272,7482,3782,3512,4262,2121,7921,6051,4611,476

1,4171,4621,4961,527

^or banks

InNewYorkCity i

9421,2101,5571,6651,8311,6311,6591,6761,6751,3571,2661,1321,186

1,0991,1471,2291,267

OutsideNewYorkCity 2

9711,1001,1831,062

917747692750537435339329290

318315267260

Forothers

1,5461,4301,3761,3021,078

846798748557458407337283

299287276271

1 Weekly reporting member banks in New York City.2 Member and nonmember banks outside New York City (domestic

banks only); includes unknown amount for customers of these banks.3 Call loans, $1,346,000,000; time loans, $413,000,000.

ACCEPTANCES AND COMMERCIAL PAPER[In millions of dollars]

End of month

January

March — ---AprilMayJune —Julv

D6C6infc)8r

Total

1929

1,2791,2281,2051 1111,1071,1131,1271 2011 2721,5411 6581,732

1930

1,6931,6241,5391,4141,3821,3051,3501 3391,3671,5081,5711,556

1931

1,520

Bankers' acceptances outstanding

Held by group of accepting banks

Total

1929

79.280.1

117.495.187.484.390.082.470.8

129.4244. 5191. 1

1930

220.5182.9166.7157.5165.6205.1278.6267.3316. 7384.2493.0371.5

1931

571.4

Own bills

1929

24.634.228.931.626.836.424.233.732.131.170.458.5

1930

63.170.771.954.762.663.762.595.1

130.9172.4180.289.6

1931

134.0

Bi

1929

54.754.988.563.560.647.965.848.738.698.3

174.0132.5

11s bought

1930

157.3112.294.7

102.8103.0141 4216.1172. 2185.8211.8312.8281.8

1931

437.4

Commercial paperoutstanding

1929

407411387351304274265267265285316334

1930

404457529553541527528526513485448358

1931

327

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



INTERBANK LOANS: MEMBER BANK LOANSTO BANKS


Date

1928—Oct. 3Dec. 31

1929—Mar. 27June 29_Oct. 4Dec. 31

1930—Mar. 27June 30Sept. 24Dec. 31

Total,by allmem-

berbanks

548538548670640714527535466631

By city banks l

Total

502501509621595669462474404569

In NewYorkCity 2

287288251314302322199196169283

In Chi-cago 2

35406267688858504155

In othercities 3

179173196241225258205228193231

Bycountrybanks *

46373949454565626262

1 Central reserve and reserve city banks.2 Central reserve city banks.3 Reserve city banks; see table on page 171.< All other member banks.

BANK SUSPENSIONS

[Banks closed to public on account of financial difficulties by order ofsupervisory authorities or directors of the bank. Figures of suspen-sions include banks subsequently reopened.]

Month

JanuaryFebrua ry . .MarchAprilMayJuneJulyAugust ISeptember ,October ! 41November j 72December j 44

Number of banks Deposits (in thousands of dollars)

1928 1929 1930 1931

Year I 491

55

6567

43 72 |68 j 25452 i 344

642 i 1,345

1928

10,98318,35216, 9538,1906,394

13,4965,3686,1477,8889,011

24,78411,076

138, 642

1929

16,41321, 7469,0027,790

24,09019, 21966,161

8, 53210,05013,15322, 64615,730

234, 532

1930 1931

28,903 80,72832,800 41,96823,76933,38819,31570,56632,33321,95123,666:24, 5991

186,306367,119|

864,7151

Back figures.—See Annual Report for 1928 (Table 64).

MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLEPAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS

[In millions of dollars. Back figures not available]

Date

1926—June 30.1927—June 30.1928—June 30.

Oct. 3_ .Dec. 31.

1929—Mar. 27.June 29.Oct. 4__Dec. 31.

1930—Mar. 27.June 30.Sept. 24Dec. 31.

Holdings of Government securities l and eligible paper (including paper under rediscount)

By city banks2

U.S .Govern- Eligiblement se- j papercurities 1 j

2,210 I2,299 !2,714 !2,823 I2,730 !

•2,8322,5772,4692,4032,6192,6402,6822,777

2,8252, 7752,6802,5512,3492,5822,6882,8652,7132,5422,2852,2712,100

Total

5,0355,0745,3945,3745,0795,4145,2655,3345,1165,1614,9254,9534,877

By country banks 3

U.S.Govern-ment se-curities 1

884847862914932974929912814818772764708

Eligiblepaper

2,1001,9921,9671,8171,8111,7611,7731,7331,6841,6621,6201,5411,438

Total

2,9842,8392,8292,7312,7442,7352,7022,6452,4982,4802,3922,3052,146

By all member banks

U.S.Govern-ment se-curities 1

3,0943,1463,5763,7383, 6623,8073,5063,3813,2173,4383,4123,4463,485

Eligiblepaper

4,9254,7674,6474,3684,1604,3434,4614,5984,3974,2043,9053,8123,538

Total

8,0197,9138,2238,1067,8228,1507,9687,9797,6147,6427,3177,2587,023

Memberbank

borrow-ings atFederalreservebanks

516441

1,0961,0201,041981

1,029899646206274173

1 Available as collateral for borrowings at Federal reserve banks—i. e., exclusive (for all dates shown) of approximately $650,000,000 of Govern-ment securities pledged against national bank note circulation.

2 Central reserve and reserve city banks; see table, p. 171.3 All other member banks.* Of this amount 56 per cent ($139,000,000) represents bills payable at Federal reserve banks—collateral consisting chiefly of Government secu-

rities—and 44 per cent ($109,000,000) represents rediscounts at Federal reserve banks. For other dates shown such bills payable have varied between45.5 and 79.7 per cent of the total, such rediscounts between 20.3 and 49 per cent.

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, pp. 766-768 and 411-417.]

Date

1924—June 301925—Dec. 311926—Dec. 311927—Feb. 25 2

June 301928—June 301929—June 30

Dec. 311930—June 30

Banks»

28,99628,25727,37726,97326, 78125,95025,11524, 63023,852

Bankingoffices(banks

plusbranches)

31,28930,89930,15829,87329,77529,18028, 55528,17727,470

Single-office banks

Total

28,28227,47226, 58126,19425,98925,11524,29723,80823,035

Member

National

7,9727,9167,7607,6777,6387,5167,3667,2377,082

State

1,3791,2451,1601,1331,1231,058

987939899

Non-member

18,93118,31117, 66117, 38417,22816, 54115,94415, 63215,054

Banks operating branches

Member

National

Banks Branches

108132146145152169164166165

248332406390722941993

1,0271,041

State

Banks

191196194189186186190180169

Branches

1,137L, 277,366

1,5601,301L, 220L, 298[,2991,308

Nonmember

Banks

415457456445454480464476483

Branches

9081,0331,009

950971

1,0691,1491,2211,269

1 All'banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks,and all private banks under State supervision.

2 Date of the McFadden Act; see BULLETIN for May, 1927.


132 FEDERAL RESERVE BULLETIN M A R C H , 1931

SECURITY PRICES, SECURITY ISSUES, AND SECURITY LOANS

SECURITY PRICES[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]

Month or date

Number of issues.

1930—JanuaryFebrua ry . . .March .AprilMayJuneJulyAugustSeptember-OctoberNovember. .December . .

1931—JanuaryFeb rua ry . - .

Bonds1

60

Pre-ferred

|stocks :

20

Common stocks (1926=100)

96.596.497.797.898.098.298.799.6

100.099.999.197.899.699.4

Jan . 28 I 99.7Feb. 4 • 99.0Feb. 11 ! 99.4Feb. 18 99.6Feb. 25 .; 99.6

126.5126.9127.8128.2127.6126.8125.9126.5127.9126.8124.7121.7123.6124.8

124.1124.2124.6125.1125.4

Total

404

156166172181171153149148149128117109112120 i

113 !114120 :120 I125;

Indus-trial

337

149156163171160143140139139118109102103110

103105111111115

Rail-road

33

137143143142136125124121123111102

94-100105

102103105104106

Publicutility

34

209231242264250224215213216187167158163178

166169178178188

Auto-mobile

13

135145155162152134132134133108101100106120

108111124121126

Build-ing

equip-ment

13

1171251251271161009897

1008477717478

7574797880

Selected groups of industrial issues

Chainstore

17

10210010010197908990968882787886

7982868890

Chem-ical

9

240254266282257223217219230191176168162174

161165174173185

Cop-perandbrass

9

1931931931741511351291211149391808291

8282909299

Elec-tricalequip-ment

4

263307323359327290277278283225196182176194

173178195194208

Ma-chin-

ery

10

146154161

• 1 7 3170152155152154134120117120126

122122125128128

Oil

16

12912814115614813313313012510697888991

8888929192

Steel

10

177188192196174161159160162142131125124132

123125132133137

Tex-tile

30

78858583776967676856555153-55

53-54545658-

1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturi ty .2 20 high-grade industrials; average price.

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

Year and month

1923..1924.1925..1926..1927..1928..1929..1930..

1930JanuaryFebruaryMarchAprilMay _.JuneJulyAugustSeptember...OctoberNovember...December

January..1931

Total,

foreign

4,3954,4405,5576,2056,2827,4897,979

10, 005' 6, 918

776522805898

1,096753559183381351332381

385

Domestic issues 1

Total 3

3,6314,0194,5885,1295,1576,1526,7289,3346,013

717466658729990628475166376295248365

334

Gov-ern-ment

(munic-ipal)

1,0721,0431,3801,3561,3121,4231,3871,3981,441

10676

1221471421431088277

16886

186

49

Corporate

Bonds(and

notes)

1,6451,9892,2002,4522,6673,1822,3782,0682,980

48423839332144022529744

22210511793

235

Stocks

570659829

1,1521,0871,4602,9005,8681,503

127149123261407152704062221871

45

Foreignissues

764421969

1,0761,1251,3371,251

671'905

5956

14716910622584175

568416

51

r Revised.- Source: Commercial and Financial Chronicle.• Annual totals of foreign issues are as finally reported by Department of

Commerce; monthly figures of foreign issue are as compiled currentlyby the Federal Reserve Bank of New York and are subject to revision.

'Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.

TOTAL REPORTED SECURITY LOANS[In millions of dollarsl

Call date

1928—Oct. 3Dec. 31

1929—Mar. 27June 29Oct. 4Dec. 31


Total

12,42914,062

14,61315,14416,97412,835

12, 64412, 01511,52110,154

! Total

! 8,81910,172

i 9,693,10,094!l 0,314110, 505

10,33410,655

110, 511! 9,754

By member banks

Tobanks 1

274269

274335320357

260230175315

Tobrok-ers inNewYorkCity

1,8992,556

1,8792,0251,8851,660

2,3442,3652,4721,498

Tobrok-

erselse-

where

850975

1,014921939803

706819774675

Toothers

5,7966,373

6,5266,8137,1707,685

7,0247,2427,0907,266

Byotherlend-ers *

Tobrok-ers inNewYorkC i t y 1

3,6103,890

4,9205,0506,6602,330

2,3101,3601,010

400

1 Security loans to banks, not available separately prior to 1930, esti-mated for 1928 and 1929 at half of total loans to banks.

2 Nonmember banks, foreign banks, corporations, etc.; total loans ofnonmember banks (separate figures of total security loans not being avail-able) approximated $16,000,000,000 on Oct. 4, 1929, and $15,000,000,000on Sept. 24, 1930.

8 Total borrowings at New York as reported for end of month by mem-bers of Stock Exchange minus loans to brokers in New York as reportedfor call dates by all member banks; resulting figures, except in Decemberand June, reflect in part differences in these dates.



PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES[Index numbers; 1923-1925 average—100. The terms adjusted and unadjusted refer to adjustment for seasonal variation]

Industrial production •

Year andmonth Total Manufactures

i Unad-j justed

191919201921192219231924-1925.19261927192819291930- -

1926OctoberNovemberDecember

1927JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober !

November.—December

1929January |February .March iApril !May |June IJuly iAugustSeptemberOctober..NovemberDecember

1930JanuaryFebruaryMarchApri)MayJuneJuly !August . . iSeptember.--iOctober !November. .- |December ;

1931January

83876785

1019510410810611111997

114110101

10511111311011210710210510710510196

105111112110110108105110116118115109

11712112212412612512012212412110896

104110107108106999190939086 I78 j

Ad-justed

Unad-justed justed

111109106

106108111108111108106106105103100101

106108109109109109109111114116116117

118118119122124126124123122118108101

104107104107104100959191878582

8487678710194105108106112119

11210899

10411011311211310710210410610410095

106113114113HI109105110116117115110

117122126128128127120122123119107

10311111011110699908991888476

Ad-

111107104

104107109109111109107106105102100100

106109109110110111111113115116116117

118117120123126129126124122118108

103107106107105100949190858480

' 81

Minerals

Build-ing con-tracts

award-ed

Unad-justed

778970741059699108107106115

124123113

1121131119610810810311111111210597

100999894104104103111115123117106

114116101103116116118121127127114110

108104 I9193 !102 j103 I10010110010495

Ad-justed

114118119

116117118107109105100106104105101103

103103103105105101101105107114113112

118120107115116112114115118118110116

11210996104103100979694989294

Unad-justed

'62'62'56"78849412212912813411792

126119131

9496151147134154130134127137114116

104113144156162158142126142145115105

881181561431291591191081089577

7977111118111146898481826261

55

Factory em-ployment

Unad-justed

1071088290104961001019997101

103101100

10010010099999899101999795

949697969696969810010099

97100101102102102102104105

95

76

Ad-justed

102101101

100100100

1009999

9797

9696969696979797989899100

1001001011021021031031031021019997

78

Fac-tory

rPo1fs

Unad-justed

9811877811039610110410210210887

108105104

99105106105104102991021021039899

101,10310010110198103104107104104

10110811111111111010611111211110399

949898979491838283817574

Freight car loadings *

Total

Unad-justed

849179871009710310610310310692

122113

10299105105104109116114101

9294979610510110510911911910994

95999810210911011111512111810289

74

Ad-justed

108109108

1061071091061031041021041031019898

102102103101103100102103105106107106

108107105108107108107107106104102102

1009996979693928987868484

82

Merchandise inless-than-car-

load lots

Unad-justed

718794969910510510510410597

109108101

102106106106105104105110109106

101105105108103104104109109107

9710110610710710510510611010910696

949810110110198949599979486

83

Ad-justed

104106105

105104105104104105105105105104104104

105104104103104103105104105104105105

104104105104104105106106106104104103

101101100

95

90

Commodityprices f

Allcom-mod-ities

139154989710198104100959897

100989797

97979897

78

77

Farmprod-ucts

1581518894991001101009910610588

989595

97959494969798102106106104104

106105104108110107107107109104102104

106105107105102103108107107104101102

1019895969389838580837975

74

• Average per working-day. For recent revision of indexes of production and freight-car loadings see FEDERAL RESERVE BULLETIN for Feb-.ruary, 1931, pp. 107-108.

t Wholesale price index of Bureau of Labor Statistics; 1926-100. Index numbers for all major groups of commodities are given on p. 137.» Preliminary. r Revised.

42038—31 3



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

I n d u s t r y

M A N U F A C T U R E S

I R O N A N D S T E E L _ _ _ _ _ _Pig ironStppl insots

TFXTILES _ - - -Cotton consumptionWool

ConsumptionMachinery activity *

Carpet, rug loom activitty 1

SilkDeliveries -_Loom activity 1

FOOD PRODUCTS _ _ __ _Slaughtering, meat packing _

HogsCattleCalves _ _ _ _ _ _ _ _Sheep

FlourSugar meltings _

PAPER AND PRINTINGWood pulp and paper

Newsprint - _Book paperWrapping paper _ _ _Fine Da/oerPaper board _ _ _Wood pulp, mechanicalW ood pulp, chemical._

Paper boxes - -Newsprint consumption-

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding

LEATHER AND PRODUCTS __Tanning

Sole leather l __ __Upper leather-

Cattle _ _Calf and kipGoat and kid _

Boots and shoes __CEMENT AND GLASS:

Glass, plateNONFERROUS METALS 2

Copper (smelter)Tin deliveries) 1

FUELS, MANUFACTURES:Petroleum refining

Gasoline! _ _. _KeroseneFuel oilx

Lubricating oil1

Coke (by-product)RUBBER TIRES AND TUBES

Tires, pneumaticInner tubes __ -_

TOBACCO PRODUCTSCigarsCigarettes

MINERALSCOAL:

BituminousAnthracite.

Petroleum, crudeIron ore shipmentsCopper (mined)-_ _ .ZincLead .Silver- _

1929

Dec.

9095909689778074

751401481249591968191

11394

11111811293

13995

11610591

116125134

653297

1009994

8370

151102

110117

122106

16720389

132115131808270

13383

172

104117133

11598

10587

1930

Jan.

9994

100103102

788572

691411451339689898797

11692

12712011495

12793

11812796

115147131

9739

1701009399

7668

129104

10812410511099

16319989

12112013210610985

13184

167

100106

r 133

1011049588

Feb.

1191011209994768173

701451491389492938692

1329794

12211597

12492

118131111119147137

10240

1029793

101

6676

127100

11012210210392

16820496

12512613610711085

13392

166

92«-ioo

135

9598

11298

Mar.

1131021149894717765

661501551409085808892

14110190

12011591

12799

121125106117149130

984880999897

8080

13699

111117104103117

16820499

11713013510510884

12887

161

8169

125

8896

10789

Apr .

11410211596

100728062

6612512312897949389

10014710596

12111686

13298

11613289

114149132

10251

1281039999

7985

131106

108131106103132

17421493

12113813812312797

13692

172

9773

128

9094

11188

May

1111041129091707469

601171211119894948889

14210410511911389

12099

11113290

115151132

10143

1479899

100

7295

12898

119143101101107

17321390

12313313712112596

13494

167

9281

1271049094

10480

June

1101011118485717873

4910099

1029390889086

13710484

11610888

11495

10512298

110173132

9042

16497

103100

7792

14594

119114969499

17021090

11712613211912293

14191

183

8978

124108869999/5

July

9391938482698065

43113120989489858993

13910110611110584

11189

10812488

103146124

7540

34795

107100

7310615488

1161059795

103

16620685

113126123939671

13788

177

8682

120958391

10369

Aug.

9386948178677662

47109117919189858995

14310384

109101

8310589

10011592

108151123

6238

31095

10299

6710114390

117659692

101

16420584

109124119969879

13089

164

8288

117968494

10670

Sept.

8680868879697867

491391581019692918897

14698

10410910080

1048799

11588

106159126

6233

22995

102102

6890

15191

111959794

111

165207

78112117114848764

12585

158

8580

114798993

10173

Oct.

757175918169

' 7568

521501701099493948597

15890

10510710081979199

12372

104141122

4928

343899696

6193

13285

971019590

127

160203

74108106109889168

12988

164

87105115

7483909470

Nov.

6563669383636664

521S218212394

• 87947183

14793

1231039577948993

1157497

133119

7425

196818685

6271

12678

86918786

119

15118869

109104101

77«"80

5811986

147

8683

1145183708373

Dec.

5956608777576161

3915717811689868482

1011429193989179

1008680987795

123115

8518

144818389

6066

11479

83658582

118

14918667

10810597737561

12868

173

8593

111

76689271

1931

Jan.

6457658682626864

401341431179a91958098

13692

102105

80ioa90

7a94

122124

63

7776-81

5362

ioa78

84907870

126

1447770

106102

97889168-

12174

157

7793

110

71658368.

1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." ' Revised.

NOTE.—The combined index of industrial production is computed from figures for 57 statistical series, 49 of manufactures, and 8 of mineralsmost of which are shown in this table. Adjustments have baen made in the different industries for the varying number of working days in eachmonth and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relativeimportance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. For recent revisionsee FEDERAL RESERVE BULLETIN for February, 1931, p. 107.


MARCH, 1931 FEDEKAL EESERVE BULLETIN 135

FACTORY EMPLOYMENT AND PAY ROLLS[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures througi

Industry

TOTAL—ALL MANUFACTURING INDUSTRIES

IRON AND STEEL AND PRODUCTSSteel works and rolling millsHardwareStructural iron workHeating apparatus

Steam fittingsStoves

Cast-iron pipeMACHINERY

Foundry and machine-shop productsMachine toolsAgricultural implementsElectrical machinery. -

TEXTILES AND PRODUCTSA Fabrics

Cotton goodsWoolen and worsted manufactures

Woolen and worsted goodsCarpets and rugs

Hosiery and knit goodsSilk manufacturesDyeing and finishing textiles ._

B. Wearing apparelClothing, men'sShirts and collars ._.Clothing, women'sMillinery _

FOOD AND PRODUCTS _.Baking . . .Slaughtering and meat packing _ __ConfectioneryIcecreamFlourSugar refining, cane

PAPER AND PRINTING __ _Printing, book and jobPrinting, newspapers and periodicalsPaper and pulpPaper boxes

LUMBER AND PRODUCTSLumber, sawmills __Lumber, millwork.Furniture__

TRANSPORTATION EQUIPMENTCar building and repairingAutomobiles ._Shipbuilding

LEATHER AND MANUFACTURESBoots and shoesLeather

CEMENT, CLAY, AND GLASS PRODUCTSClay products

Brick, tile, and terra cottaPottery .

GlassCement

NONFERROUS METAL PRODUCTSStamped and enameled ware.Brass, bronze, and copper

CHEMICALS AND PRODUCTSChemicals and drugsPetroleum refining ._Fertilizers

RUBBER PRODUCTSAutomobile tires and tubesRubber boots and shoes

TOBACCO MANUFACTURESCigars and cigarettesChewing and smoking tobacco, snuff

MUSICAL INSTRUMENTSPianos and organs

]factory employment

Without seasonal adjustment

1931

January

76.476.178.871.090.461.467.455.961.381.073.692.6

101.993.376.075.173.261.461.462.179.084.0

105. 078.455.376.9

117.865.690.195.291.686.276.281.079.296.3

104.0103.985.785.354.448.055.071.865.259.768.397.177.578.175.359.456.346.982.266.257.968.447.675.496.297.897.880.873.073.671.475.475.475.563.734.8

1930

Decem-ber

78.878.079.773.195.966 968.265.763.183.376.697.495.894.778.177.674.861.962.160.388.084.9

105.379.353.482.4

123.260.892.398.291.194.077.382.577.598.4

105.3105.288.290.458.452.258.775.965.359.369.098.374.574.674.366.464.757.484.470.964.870.247.478.097.899.399.682.473.271.677.884.986.770.787.137.7

January

93.291.793.489.4

111.777.377.077.675.9

109.999.6

148.7155.2122.092.891.890.480.978.494.297.296.9

112.395.168.6

103.2136.978.097.4

102.898.395.178.789.888.1

105.1112.8106.599.795.676.870.670.798.083.278.285.7

113.391.492.287.974.771.862.996.283.868.285.961.594.1

110.6106.4120.8101.689.787.297.284.285.077.441.438.3

I 1927. 1923-1925 average=100]

Adjusted for seasonal variation

1931

January

78.377.579.870.793.166.469.563.664.181.975.192.598.693.375.574.672.260.260.160.679.884.4

104.377.955.376.3

114.969.491.297.688.487.988.981.485.195.6

101.7103.585.785.856.350.356.473.367.160.672.394.377.177.974.064.461.553.483.870.663.769.249.675.996.697.199.782.873.775.269.381.382.572.363.433.8

1930 ]

Decem-ber

80.179.181.073.196.768.371.765.364.684.278.097.396.194.777.476.473.359.960.159.187.784.7

103.880.154.479.2

125.063.090.899.086.785.288.081.983.196.7

102.7103.488.286.858.853.259.674.169.459.478.998.376.677.374.068.666.960.684.172.767.271.249.478.697.997.6

100.889.174.775.372.783.585.468.679.135.7

January

95.693.694.589.0

115.084.079.488.279.4

111.0101.6148.7150.1122.092.291.289.379.276.891.998.297.5

111.694.668.7

102.4133.482.498.7

105.394.997.091.890.294.6

104.3110.2106.199.796.279.673.972.5

100.085.679.490.7

110.190.992.086.481.278.771.698.189.374.986.864.094.6

111.1105.6123.1104.190.489.094.490.892.974.240.837.1

Factory pay rolls

Without s

1931

January

68.462.463.957.279.149.457.141.953.669.961.071.093.387.768.466.963.450.952.244.974.477.1

102.971.446.962.9

108.161.093.395.3

101.086.081.980.372.4

101.3108.5113.681.683.244.038.645.154.951.856.540.0

100.160.657.771.046.640.433.160.058.347.664.145.169.690.486.599.374.563.865.158.464.363.372.453.730.0

easonal adjustment

1930

Decem-ber

73.766.767.262.488.656.060.451.858.175.066.778.282.393.172.272.367.252.954.247.188.784.6

105.572.143.470.2

116.651.394.998.298.095.982.283.872.3

105.7111.4118.186.391.150.445.750.760.760.860.455.5

107.258.154.072.856.351.444.370.265.257.967.945.674.494.792.0

101.478.562.660.969.677.778.968.463.135.8

January

94.490.592.688.1

110.672.073.370.768. 91

113.8-101.3148.3167.4131.792.288.983.172.971.181.1

108.098.2

114.399.071.998.8

140.379.8

102.5106.4105.899.084.994.686.8

114.9121.0119.8105.0100.572.868.164.188.980.982.474.0

123.185.483.791.867.360.752.083.781.565.691.562.0

100.1109.3102.7121.1100.488.985.6

102.377.076.680.946.238.3

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



BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING[Value of contracts in millions of dollars]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober _NovemberDecember

Year

Total

1930

324.0317.1456.1482.9457.4600.6366.9346.6331.9336.7253.6249.4

4, 523.1

1931

228.0235.4

Residential

1930

66.674.8

101.5123.1116.696 884.382.798 5

104.780.870.9

1,101. 3

1931

54.477.9

Factories l

1930

13.520.429.822.137.422 728.918.224.013.813.012.9

256.6

1931

10.17.3

Commercial

1930

54.172.9

1931

28.427 *

77.073.273.3 ;59.146.950.931.135.729.525.1

628.8

Public works andpublic utilities *

1930

136.899.0

149.8165 7152. 1322 9

1931

95.278.6

121.2126.7 '109 1 !113.076.478.6

1,651.3 ;

Educational

1930

19.021.235.435.236.948 942.725.928.228.629.524.5

376.1

1931

19.416.7

All other

1930

34.028.862.663.541.150 242 842.340 841.124.437.3

509.1

1931

20.527.0

i Changes made recently by the F. W. Dodge Corporation in classification of data have put figures for factories (formerly "industrial"building) and for public works and utilities on a new basis.

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

MERCHANDISE EXPORTS AND IMPORTS[In millions of dollarsj

Month

JanuaryFebruary _ .MarchApril __MayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Merchandise exports

1928

411371421364423389379379422550545476

5,128

1929

488442490425385393403381437529442427

5,241

1930

411349370332320295267298312327289275

3,843

1931

*>250

Merchandise imports

1928

338351380345354317318347320355327339

4,091

1929

369369384411400353353369351391338310

4,399

1930

311282300308285250221218226247204209

3,061

1931

v 183

1928

7320401969716132

102195218136

1,037

Excess of exports

1929

11972

10615

*1540501186

137104117

842

1930

1006'69243544467986808567

782

1931

* 67

• Excess of imports. » Preliminary.

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

Without seasonal ad jus tmen t :

JanuaryFebruary. _MarchAprilMay.. _ _ _JuneJuly.__ _AugustSeptemberOctoberNovemberDecember

Year

Adjusted for seasonal variation:JanuaryFebruarvInarchApril -MayJuneJulyAugust - -Seutember 'OctoberNovemberDecember -

1926

908797

1021091007782

104120124184

106

106105101105109105106108106109106108

1927

918995

109105101

7685

103117126182

107

107108106106105106105111104107108106

Index of salesl

1928

918897

1051071028081

113118125192

108

108106107106107107110107112108108111

1929

9091

1071031091087984

117122125191

111

110111112110109113109111114112108108

1930

888993

110105987177

103112113165

102

10710810710710510310010299

1029894

1931 1926

79 9398

107; 107

104989397

107. . - 114

11796

. . 103

97 105104104103102

• 101100lol102

: 104103102

Index of stocks (end of month)

1927

9398

107107104989598

10811411796

103

104103103103102101102102104104104103

1928

9298

105106102969397

10311211594

101

10310310110110099

10010199

102102100

1929

8995

102103101959296

10411211594

100

1001009999999899

100100101102100

1930

8893

1001019893878795

101104

85

94

999897979696949191929291

1931

78

88

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



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics; 1926=100]

Year and month

19131914__191519161917191819191920192119221923192419251926 (base)19271928192919301926— March

AprilMayJune—JulyAugustSeptember..OctoberNovember..December..

1927—JanuaryFebruary. _.MarchApril _.MayJuneJulyAugustSeptember..OctoberNovember-December..

1928—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1929—JanuaryFebruary...March.AprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1930—JanuaryFebruary...MarchAprilMayJuneJ u l y -AugustSeptember.OctoberNovember.December..

1931—January....

All com- i

moditiesFarm

products

-:l69.868.169.585.5

117.5131.3138.6154.497.696.7

100.698.1

103.5100.095.497.796.586.3

100.4100.1100.5100.599.599.099.799.498.497.996.695.994.593.793.793.894.195.296.597.096.796.896.396.496.097.498.697.698.398.9

100.197.896.796.797.296.797.596.895.896.498.097.797.596.394.494.2

93.492.190.890.789.186.884.084.0 i84.282.680.478.477.0

71.571.271.584.4

129.0148.0157.6150.788.493.898.6

100.0109.8100.099.4

105.9104.988.3

101.7102.8102.4100.998.697.299.397.994.794.996.595.494.294.396.396.597.6

102.2105.9105.0104.3104.4106.1104.5103.5107.6109.8106.7 j107.1107.0 |108.8 j103. 5 i101.6103.6105.9105.4107.1104.9102.2103.3107.6107.1 ;

106.6 ;103.9 !101.1 i101.9 !101.0 !98.0 :94.795.893.088.983.184.985.382.6 i79.3 I75.2 ;

73.5 I

Foods

64.264.765.475.7

104.5119.1129.5137.490.687.692.791.0

100.2100.0 i96.5

101.099.790.1 !99.1

100.4100.1100.598.897.599.8

100.8100.5100.7

96.995.994.594.694.494.493.994.296.5

100.9101.5100.798.598.798.099.5

101.2100.3102.3104.1106.9102.3100.198.0

98.898.198.197.797.798.9

102.8103.1103.2101.298.898.6

97.295.593.994.692.090.586.387.189.288.685.781.8

80.1

Total

70.066.468.088.3

114.2124.6128.8161.3104.9102.4104.399.7

102.6100.093.793.292.685.1

100.699.6

100.0100.099.499.699.799.499.398.096.896.094.292.892.892.992.993.193.493.192.693.092.892.992.792.993.392.893.093.593.693.693.593.693.493.093.292.992.593.192.992.592.792.791.791.490.389.688.788.387.585.784.383.382.881.580.179.077.8

Hides andleather

products

68.170.975.593.4

123.8125.7174.1171.3109.2104.6104.2101.5105.3100.0107.9121.7109.299.9

100.198.798.998.899.099.798.8

101.0100.4100.4101.0100.2100.5101.7103.7107.3111.7111.7112.5113.0114.3116.9121.0124.1124.0126.7126.3123.7124.2121.0120.7117. 5115.5115.7113.6109.0108.3107.9106.8108.0109.2109.7110.8110.5108.4107.4105.1

| 103.91 103.2

102. 7102.6102.4100.798.999.196.594.091.288.6

Textileproducts

57.354.654.170.498.7

137.2135.3164.894.5

100.2111.3106.7108.3100.095.796.393.780.7

103.0101.3100.199.498.598.598.997.796.395.294.394.694.094.293.994.394.396.298.598.497.597.296.796.696.596.596.696.396.896.395.696.196.196.196.496.196.195.594.293.392.893.193.192.791.590.489.488.386.585.584.682.280.077.775.573.873.372.471.0

Other commodities

Fuel andlighting

materials

61.356.651.874.3

105.4109.2104.3163.796.8

107.397.392.096.5

100.086.582.881.676.198.197.7

100.8101.099.5

100.6101.5101.3102.599.497.795.890.084.983.984.284.284.184.283.882.982.580.881.280.880.881.882.182.884.685.184.984.483.582.581.380.680.681.183.382.080.981.181.781.781.379.978.877.477.978.076.475.475.476.375.171.870.569.8

Metalsand metalproducts

90.880.286.3

116.5150.6136.5130.9149.4117.5102.9109.3106.3103.2100.098.299.8

104.495.399.398.898.399.1

100.7101.0101.2101.0100.8100.498.898.098.297.898.698.297.798.097.697.197.098.498.198.398.498.498.698.798.6

100.4100.5101.0101.7102.9103.6104.4106.4106.4105.2105.1105.0104.3104.1103.6102.3102.1101.2100.9100.698.8

! 96.895.494.392.791.890.490.290.089.3

Buildingmaterials

56.752.753.567.688.298.6

115.6150.197.497.3

108.7102. 3101.7100.093.393.797.190.3

101.1100.099.198.999.499.599.599.5

100.199.297.596.295.395.095.194.693.792.992.191.690.290.490.891.091.092.593.593.994.494.694.795.096.096.896.697.598.897.996.896.496.796.797.597.896.096.296.295.795.494.792.990.088.987.486.485.885.684.482.9

Chemi-cals and

drugs

80.281.4

112.0160.7165.0182.3157.0164.7115.0100.3101.198.9

101.8100.096.695.594.488.7

100.299.9

100.2100.9100.499.8

100.299.198.698.897.697.697.197.895.495.895.395.496.497.197.497.296.395.895.695.895.394.994.594.795.195.696.096.195.996.195.694.994.293.493.493.793.994.294.093.693.092.391.291.089.988.987.887.386.686.085.284.883.6

House-furnish-ing goods

56.356.856.061.474.293.3

105.9141.8113.0103.5108.9104.9103.1100.098.297.496.995.7

100.9100.8100.2100.099.999.899.599.499.198.897.997.997.897.897.898.098.098.698.698.598.998.898.698.498.397.997.897.096.997.297.296.596.496.496.696.696.596.796.796.697.297.197.197.197.197.397.397.096.596.296.296.296.295.995.495.395.291.391'. 1

Miscel-laneous

93.189.986.9

100.6122.1134.4139.1167.5109.292.899.793.6

109.0100.089.983.080.573.4

106.3103.9102.5101.097.595.494.293.490.889.990.390.690.991.391.390.289. a89.989.288.388.389.089.087.386.884.985.182.280.879.379.780.380.080.180.580.480.079.279.680.481.381.381.781.380.179.878.778.578.278.577.574.571.771.269.768.867.866.964.7



BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS

MILLIONS OF DOLLARS1M> ~~

FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS( Weekly report date figures ) MILLIONS OF DOLLARS

1927 1328 1929 1930 1931 1927 1928 1929 1930 1931Latest figures are for February 28; see table on following page



FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVEPERCENTAGES

[Averages of daily figures. Amounts in thousands of dollars]

Total cash reserves

Federal reserve bank I 1931

February

Boston ! 225,142New York 11,120,408Philadelphia 239,497Cleveland 318,048Richmond _J 116,412Atlanta 161,581Chicago I 407,395St. Louis I 119,607Minneapolis I 70,904Kansas City j 104,897Dallas I 55,279San Francisco | 310,048

Total 3.249,218

January

1930

Total deposits

1931

February February

219,4731,139,821243,859302,982116, 612158,738379,232115,44069, 591102, 20854, 392299,865

3,202,213 3,161,315 ,2,426,456

266,297910,040209,986279,819112,175152,758509,129118, 98188,455144,43063, 780305,465

145,6821,024, 573143,442197, 34664,40761,074338. 32072,26249,11484,43259,141186,663

January

148,7401,069,471147, 362196,98064,17561, 882343,18672,01450, 51887, 08358, 842189,538

'2,489,841

1930

February

148,337952,221135.034186.03568,32066, 538336,18780, 65651,75888,87965, 327

182,468

2,361,760 1,471,516

Federal reserve notes in cir-culation 1 Reserve percentages

1931

February

126,002271,733140, 725180, 72084,298

130,965147,32179,47048, 56266, 39327,225

168,102

January February

127,542331,200145, 678186,28791,945

134, 280143,36582,48550,88367, 55330,014

174,409

1,565,641 1,677,809 78.3

1 Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $17,010,000; month ago, $24,221,000; year ago,$24,282,000. r Revised.

ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND I NDEBTEDNESSAT FEDERAL RESERVE BANKS

[Averages of daily figures for 3 months ending January, 1931. In millions of dollars]


BostonNew York.__:Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _Kansas City..DallasSan Francisco

Total . . .

Deposits subject to re-serve (net demand andtime deposits; see fol-lowing page)

Novem-ber

2,39711,0122,3553,2221,097

9474,7231,130

8911,185

8283,226

33, 014

Decem-ber

2,30810, 7082,3573,1671,057

9134,6561,070

8781,164

8103,227

32, 314

Janu-ary

2,32410,6092,3633,1701,048895

4,5941,071849

1,150798

3,177

32,048

Reserves held

Total

Novem- Decem-ber ber

150.71026. 3140.5191.863.159.0

344.873.652.386.658. 8

185.1

144.51, 031. 6

140.6187.161.358.1

343.470.250.285.457.7

184.9

2, 432. 7 ! 2, 415. 0

Janu-ary

146.11,051.7

143.8190.960.858.2

339.269.949.085.057.1

181.5

2, 433. 3

Excess

Novem-ber

2.115.93.13.21.01.67.24.02.64.62.43.8

51.7

Decem-ber

3.035.51.91.71.32.48.83.42.15.12.65.0

72.8

Janu-ary

2.959.84.14.31.33.19.13.22.95.82.85.5

Indebtedness at Federalreserve banks

104.7

Novem-ber

12.342.519.627.121.726.618.517.43.8

13.98.48.6

Decem-ber

17.390.327.537.933.130.426.414.23.9

15.96.9

33.3

220. 3 ! 337. 1

Janu-ary

11.555.727.328.722.323.425.911.84.1

17.25.2

19.3

252. 3

DISCOUNTS OF FEDERAL RESERVE BANKS,BY WEEKS



Boston 10, 972New York 44,473Philadelphia 24,299Cleveland 24,038Richmond 19, 925Atlanta *23, 637Chicago 22, 556St. Louis 9,942Minneapolis 4,205Kansas City 16,913Dallas 6,064San Francisco '• 15, 893

1931

Feb. 4 Feb. 11 Feb. 18 Feb. 25

Total l 222,917

10, 72351, 46123, 97825, 72518, 45321, 97918, 7598,9203,94614, 4236,11317, 709

222,189

10,19537, 64123, 58522, 81517, 34521, 91719, 0898,7413,95411, 8105.85016, 881

199, 823

10,42338, 01623, 79720, 80017, 25016, 37817, 7259,1683,91711,1696,78414, 420

189, 847

DISCOUNTS OF FEDERAL RESERVE BANKS,BY MONTHS

[Averages of daily figures. In millions of dollars]


Boston. _ __ - -_New YorkPhiladelphiaCleveland _ _ _ _ _ _ _ . _RichmondAtlantaChicago _ _ _St. Louis.MinneapolisKansas CityDallasSan Francisco

Total

1931

February

10.747.824.223.118.321.620.59.44.0

13.66.2

16.3

215.8

January

11.555.727.328.722.323.425.911.84.1

17.25.2

19.9

252.9

1930

February

23.270.550.553.322.225.363.016.73.0

23.011.915.1

377.6



NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS, FOR JANUARY, 1931, ANDDECEMBER, 1930

[Averages of daily figures, in millions of dollars]


BostonNew York - _ __ ._PhiladelphiaClevelandRichmond __AtlantaChicago . _ -_ .St. Louis . . .MinneapolisKansas City . _.DallasSan Francisco

Total

Total (all member banks)

Net demand

January

1 3197,4611,1891,513

513497

2,469590392774565

1,290

18, 572

Decem-ber

1,2957,4781,1781,497

517499

2,497595415786575

1,329

18, 660

Time

January

1,0053,1481,1741,657

535398

2,125481458376233

1,887

13,477

Decem-ber

1,0133,2311,1791,670

540414

2,159476463377235

1,898

13, 654

Large centers (places over 15,000)

Net demand

January

1,2067,145

9971,301

388381

2,216462238504327

1,112

16,276

Decem-ber

1,1787,153

9791,286

390383

2,241463255512336

1,139

16, 316

Time

January

8222,501

7141,296

315288

1,717348205221180

1,720

10,327

Decem-ber

8302,588

7211,308

317298

1,746338208222182

1,731

10, 488

Smaller centers (places under 15,000)

Net demand

January

113316191212125117253128154270238178

2,295

Decem-ber

117325199210127115256131160274239190

2,345

Time

January

183648461361220110407133252155

53167

3,150

Decem-ber

183643458362223116413138255155

54167

3,165

NEW YORK BALANCES OF MEMBER BANKS OUTSIDE NEW YORK CITY

[Amounts due from banks in New York City as reported by member banks in Federal reserve district specified. In thousands of dollars]

Call date

1928— Oct. 3 . .Dec. 31.

1929—Mar. 27.June 29.Oct. 4 . .Dec. 31.

1930—Mar. 27.June 30.Sept. 24.Dec. 31.

452,478509,786391,495438,933428, 665519,107462,976552, 394585,847641, 271


New1! York i

Phila- Cleve-; Rich- ! A t l f l n t J r h i p _ _ ndelphia land j mond Atlanta.Chicago

32,94348, 22736,14736, 65448,22082,26233,88440,85445,13177,082

63,93370,99156,14556, 78457, 54272, 53860, 28181,92478,38092, 706

37, 68843,81231,32039, 67632,61541, 55335,25137, 85449,36145,703

47,46555, 52939,30339,0"841, 50241, 21047,83365, 41961, 23062, 796

23,150 !23, 268 !15, 598 !21,758 ;18,10523, 11119,65621, 29323,97627,064

25,05529,11926,88526.45227, 74528,18230,83133,83828.45334,777

79,86283,16462,12072,70068,41562,96582,790

i 96,321106,1601116,899

St.Louis

19,13620,73417,40218,99919,27718, 30322,38526,48626,66333,112

Minne-apolis

17,59318,68614,85516, 52315, 56916,15414,18017, 59623, 58723, 814

Kansas! D n l l j wCity I 1 J a i l a s

i

23,73729, 58225,12426,71226,22227,97235,34142,34552,04733,487

25,92326,88722,10221, 22626,10927, 78128,19131,33931,07225,012

i Due from banks in New York City as reported by member banks located in New York district but outside New York City.

INTERBANK LOANS: MEMBER BANK LOANS TO BANKS[In thousands of dollars]

Call date

: T o t a l -all

memberbanks

1928—Oct. 3 ; 547,795Dec. 31 _.! 537,501

1929—Mar. 27 _._ 548,152June 29. . . _ ! 670,277Oct. 4. _ ; 640,301Dec. 31 i 714,076

1930—Mar. 27 ; 527,081June 30 _ ; 535,307Sept. 24 ! 465,793Dec. 3 1 . . . _| 630,545

Federal Reserve District

Boston

13,89116,04021,18625,17820,14724,60221,90726,50926,57226, 674

NewYork

292,837294,865260, 522321, 628308,654328,180207, 413199,925172, 685288, 276

Phil-adel-phia

37,00338,50249,20147,68151,15965,118

I 52,732I 49,173! 26,711

55,849

Cleve-land

20,08427, 76833,24935,49434,30049,10734,93230,82528,47842, 802

Rich-mond

24, 68815,03317,15527,71925,18718,15519, 28324,23023,54124, 438

Atlanta

30,79222,01823, 38534,10729,82322,14126, 70232, 55133,30727,478

Chicago

61,79973,47788,88596,92293,297

132,17694, 52081,51368,42589,896

St.Louis

27,09414,51915,62227,76731,05925,85422, 67833,48138, 52228, 308

Min- Ineap-olis

i KansasI City

7,989 !7,437 i7,6018, 5936,944 !6,793 |6,351 ;8,3847,2497,284

15,91918, 23117,44723,79819,49923,25121,68127, 63021,93623, 442

Dallas

6,7523,3994,5198,7198,0295,3926,953

11, 29610,9097,988

SanFran-cisco

50,99359, 78744,49462,35147,34477,07652,35357,12559, 78768,819

SanFran-cisco

8,9476,2129,38012,67112, 20313,30711,9299,7907,4588,110


M A E C H , 1931 FEDERAL RESERVE BULLETIN 141

ALL MEMBER BANKS—LOANS TO CUSTOMERS, OPEN-MARKET LOANS AND INVESTMENTS

[Exclusive of loans to banks. In millions of dollars]

Call date

LOANS TO CUSTOMERS

AH member banks:1929—Oct. 4__

Dec. 311930—Mar. 27

June 30Sept. 24 _Dec. 31

City banks:1

1929—Oct. 4_Dec. 31 _

1930—Mar. 27 ._June 30Sept. 24Dec. 31

Country banks:2

1929—Oct. 4Dec. 31

1930—Mar. 27 _.June 30 _Sept. 24Dec. 31

OPEN-MARKET LOANS AND INVEST-MENTS

All member banks:1929—Oct. 4__

Dec. 31 _.. .1930—Mar. 27 ._

June 30Sept. 24Dec. 31

City banks: i1929—Oct. 4

Dec. 311930—Mar. 27_

June 30Sept. 24Dec. 31

Country banks:2

1929—Oct. 4_Dec. 31.

1930—Mar. 27June 30Sept. 24__Dec. 31

23,24923,19321,49421, 56521,01021,007

14, 62214, 71213, 28813, 33713,00313,244

8,4828,2068,2288,0077,762

12,02412,02613,03413, 55513, 99713, 222

6,9177,1798,062

9,1218,527

5,1074,8474,9724,8674,8754, 696


Boston

1,7511,7031,6151,6161,5551,534

775756695694647650

976947920922

863833934949

1,001950

315301377378411388 j

548 !532 !557 j572 !591 i562 i

NewYork

7,1327,2316,5036,5126,3926,428

5,2695,3714,7274,7084,6444,694

1,8631,8601,7761,8041,7471,734

4,3234,7575,0725,6745,5285,307

3,1203,6153,8494,4394,2854,119

1,2031.1421, 2231,2351,2431,189

Phila-del-phia

1,7741,7501,6971,7151,6721,654

786766742757727716

955958945

930872921949

1,0381,023

288263307328416407

642609614621622616

Cleve-land

2,2552,2962,2092,2162,1532,182

1,2651,3531,2731,2831,2461,290

990943936934907893

1,2091,1111,2101,2321,3481,194

695649746773898761

514462464459450433

Rich-mond

920920850836824801

330336301299294296

590584549537530505

354340354344358329

143142152156170145

211197202188188184

At-lanta

810796747724703678

428423388370356360

383372358355348318

309297334302316284

145135155147163140

163 I162 !179 I156153 !144 !

Chi-cago

3,6403,5553,2653,3513,2063,182

2,5332,4542,2082,3062,2072,213

1,1071,1001,0571,0441,000

1,3831,2481,4771,5011,6921,538

778681900942

1,126995

605567578559566543

St.Louis

Min-neapo-

lis

926883830810796708

557525483463456402

358347347 I340

418428462445454417

175192229224235213

243237233221219204

541515483475476461

230206185176188178

312309298299288285

409389407387389382

10095

108101100103

308294299287289279

KansasCity

748735684681659667

430422372366355372

318313311314304296

479454460443479456

255241246244284266

224213214199196190

Dallas

673651612615616576

332331291288296297

342319320327320280

306280288244241238

136113141121128121

170167148123114117

SanFran-cisco

2,0782,1612,0002,0151,9572,135

1,6881,7681,6221,6291,5881,778

391393378386370356

1,0421,0181,1141,0851,1511,104

767752853837906868

276266261248244236

* Member banks in 62 legally designated cities: 2 central reserve cities—New York and Chicago (subject to reserve requirement of 13 per centagainst net demand deposits), and 60 reserve cities (subject to reserve requirement of 10 per cent against net demand deposits); for list of thesecities see Member Bank Call Report No. 49 (pp. 12-17).

2 Member banks outside the 62 designated cities; including banks in other cities as well as banks in towns and villages.

42038—31 4



BANK SUSPENSIONS

[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensionsinclude banks subsequently reopened. Figures for latest month are preliminary]


BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis __.Kansas City...DallasSan Francisco.

Total.

Number of banks suspended Deposits of banks suspended (inthousands of dollars)

February,1931

January- j |February, I Year 1930 \\

1931 I II 1931

78 277

12 :1 1 i

!152 j140 '266 j358 '•156 j13741 j21 I

5,48011, 618

6032,641

10, 9674,853

3661,6112,2381,591

1,345 i| 41, 968

January-February,

1931

6,3258,548

19, 3126,443

22,15827, 76718, 2134,1044,1872,7302,909

122, 696

Year 1930

36,158187,29943,42141, 86685, 64091,151

111, 279182,23624,10928,92616, 48516,145

864, 715

Number of banks reopened

February,1931

45

January-February,

1931Year 1930

2121627527

2541

147

Back figures—SQQ Annual Reports for 1929 (Table 111), 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98).

MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLEPAPER)

[In millions of dollars. Includes all Government securities held except those pledged against national bank note circulation]

Date

1928—Oct. 3Dec. 31

1929—Mar. 27June 29Oct. 4Dec. 31

1930—Mar. 27June 30Sept. 24 _ ._Dec. 31

Total-all

memberbanks

8,1067,8228', 1507,8967,9797,6147,6427,3177,2587,023

Boston

501436495473488424455430426386

NewYork

2,6162,4682,6672,5302,6612,6402,6162,4132,3682,429

Phil-adel-phia

499444441439454409396394399408

Cleve-land

621602624620617599613608671576


Rich-mond

288284292293284267264272264233

Atlanta

314329328311280275276267270236

Chicago

1,0871,0281,0391,0601,051

942966956925922

St.Louis

332327333302309284292270273245

Min-neapo-

lis

294292300297304288286287263261

KansasCity

426435439445438417395391383373

Dallas

355368384361339320322302290262

SanFran-cisco

772809809765754750759727725693

INDEBTEDNESS OF NONMEMBER BANKS: TOTAL BILLS PAYABLE AND REDISCOUNTS

[In millions of dollarsl

Date

1928—Oct.3.___Dec. 31.

1929—Mar. 27.June 29.Oct. 4 . . .Dec. 31.

1930—Mar. 27.June 30.Sept. 24.

Total-all

non-memberbanks

347350354399363359287287247

!

Boston

! 22i 17i 241 25i 231 30

19! 17

15

New-York

374343352921161510

Phila-del-phia

575455586881615129


Cleve-land

Rich-mond

492531434628293134

Atlanta

192126323323183533

Chi-cago

577171797758443831

St.Louis

344334393924323032

Min-neapo-

lis

88698

10688

KansasCity

8127

133

15101511

Dallas

72486459

10

SanFran-cisco

182015182011121211



WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS

Loans and investments:Feb. 4Feb. 11Feb. 18Feb. 25

Loans:Feb. 4Feb. 11Feb. 18Feb. 25

On securities—Feb. 4Feb. 11Feb. 18Feb. 25

All other—Feb. 4Feb. 11Feb. 18Feb. 25

Investments:Feb. 4 _Feb. 11Feb. 18Feb. 25

United States Governmentsecurities—

Feb. 4Feb. 11 _Feb. 18Feb. 25

All other—Feb 4Feb. 11Feb. 18Feb. 25

Reserves with Federal Reservebanks:

Feb. 4F e o . I I . . .Feb. 18.Feb. 25

Cash in vault:Feb. 4Feb. 11 .Feb. 18Feb. 25

Net demand deposits:Feb. 4Feb. 11Feb. 18Feb. 25

Time deposits:Feb. 4 .Feb. 11Feb. 18Feb. 25

Government deposits:Feb. 4 . .Feb. 11Feb. 18Feb. 25

Due from banks:Feb.4Feb.11Feb. 18Feb. 25

Due to banks:Feb.4Feb. 11Feb. 18Feb. 25

Borrowings from Federal re-serve banks:

Feb. 4 ..Feb. 11Feb. 18 ..Feb. 25

Total


I i Boston

22, 68222, 65922, 65022, 647

15,66815, 60515,49415,464

7,3037,3197,3257,313

8,3658,2868,1698,151

7,0147, 0547,1567,183

3, 3563, 3553,4143,414

3,6583,6993,7423,769

1, 7851,7861, 7961,801

217234213224

13,64913, 67213, 57013, 614

7,1607,1757, 2437,275

93808080

1,7361,7781,7821, 848

3, 7793,8263,8073,777

471470470451

089074084067

418419418417

671655666650

382396386384

144146136134

238250250250

97989895

14141313

876877868856

520517519522

Y o r k

9,1779,1759,1699, 197

6,3386, 3316,2786,287

3,4073.4413, 5083,519

2,9312,8902,7702,768

2,8392,8442,8912,910

1,4781,4791,4961,484

1,3611, 3651,3951,426

phia

1,3161,3121,3071,308

858853847844

456453448446

402400399

458459460464

171170169169

287289291295

851857869877

62685659

6,4266, 4096,3586,419

1,7571,7741,8271,830

!1 9 I1616 j16 I

Cleve-land

87868787

12151313

762755745752

370374377

2.2172.2272)2182,220

1,4401,4391,4321,431

690689682680

75Q750750751

777788786789

380383383390

397405403399

141137142140

26

"\1,106 |1,119 '1,1041,109 |

991 I991 !996 ]

1,000 |

10 '

124110112115

155151145139

1222

166159174180

1,3801,4091,3901,363

71633

127128131165

259255260261

4443

159158177185

372382397400

101010

7

Rich-mond

623621615613

439437438435

168167166164

271270272271

184184177178

77767071

107108107107

39403839

15171718

333333323325

245246248250

6555

101100101105

122123121121

At-lanta

567574572562

424421419418

131132132132

Chi-cago

3,3193,2983,3073,302

2,4192,4032,3472,337

1,1931,1831,1291,129

293 1,226289 | 1, 220287 I 1, 211

' 1,208

143153153144

900895960965

437431491490

463464469475

263260265260

10 3210 i 339 ! 3110 j 33

299 1,843302 1,844316 1,840309 I 1,830

220220221224

9l8 i8 !

90

108113112119

1,2971,2961,3001,305

15121212

272288277293

532525529536

St.Louis

Min-neap-olis

633630631627

455453451447

188187186185

267266265262

178177180180

42424143

136135139137

360365358359

237237238237

104111111115

135134133130

353352350350

224223221220

77777676

147146145144

129129129130

55

199200197200

150150150149

Kan-sasCity

637635633633

387385383381

106106106103

281279277278

250250250252

107106106108

143144144144

54555254

11121212

448451448450

194195197197

1111

176189187182

220222227225

Dallas

434435433

318316317

SanFran-cisco

1,9331,9311,9431,951

1,2771,2701,277

316 | 1, 281

227225225225

118118118117

378374375371

899896902910

656661666670

326328330331

330333336339

36 I 10933 11232 10733 107

5 ! 187 | 206 197 ! 20

274 | 723274 ; 743275 i 738272 ! 733

151 j 1,028151 j 1,024151 1,019150 i 1,026

1 1 2 •121 '120 i118 j

126 i129129 I125

City

NewYork

7,9657,9627,9537,980

5, 5175,5135,4565,469

3,0143,0503,1143,137

2,5032.4632,3422,332

2,4482,4492,4972,511

1, 3491,3481,3651. 351

1,0991,1011,1321,160

789798804816

49544346

5,8515,8335,7855, £38

1,209

Chi-cago

2,0041,9892,0031,998

1,4181,4091, 3551,345

837829785777

581580570568

586580648653

289282345345

297298303308

185182187182

13141314

1,2631,2601,2701,261

6231, 2251.274 i 6241.275 | 623

11 1610 1410 14 |10 14

229241 |215202

284300281272

11 I.12 1011 !9 !

i

1,1,11,

101106

296328308276

11101010

162169159160

377371373373



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

Date effective

In effect Mar. 1,1930-Mar. 14 . . . .Mar. 15Mar. 20Mar. 21Apr. 8Apr. 11 . .Apr. 12Apr. 15May 2May 8June 7 -June 20June 21 -July 3July 12July 18Aug 7Aug. 8Aug 15Sept 9Sept. 12 .Dec. 24Dec 29Jan. 2,1931Jan. 8Jan .9Jan 10Jan. 10In effect Mar. 1,1931.


Boston

4

3

NewYork

4

3

2

2

Philadel-phia

4K

4

334

Cleve-land

m4

3H

3

3

Rich-mond

4H

4

3H

3H

Atlanta

4

3H

3

3

Chicago

1

3H

3

3

St. Louis

4

3M

3

3

Minneap-olis

4H

4

334

3K2

KansasCity

4

334

Dallas

4

3M

3*4

SanFran-cisco

4

3

3

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES

Federal reservebank or branch

city

Prime commercial paper Loans secured by primestock-exchange collateral

Loans secured by warehousereceipts i Interbank loans

I

Decem-ber

BostonNew YorkBuffaloPhiladelphiaCleveland.CincinnatiPittsburghRichmondBaltimoreCharlotte ___.AtlantaBirminghamJacksonville :Nashville INew Orleans jChicago jDetroit jSt. Louis. .Little Rock. . __iLouisville ;Minneapolis— iHelena !Kansas City _JDenver.. !'Oklahoma CityOmaha iDallas jEl Paso !Houston iSan Antonio jSan Francisco jLos Angeles. jPortland. __'Salt Lake CitySeattleSpokane.. . !

4 -43*3^15 -6

January

3*3-43*3-45 -6

4 -55 -65 -5*34 -54 -65 - 6 I4 -6 i5*3-74 - 5 I6 -85 -5*34 -4*34 -64 -4*3

4 -4*38

4*3-54*3-55 -5*3

55 -5*36 -85 -6

64H-5

3*3-5*35 -65 -64*3-55 -5*35 -6

56 -0*33 -56 -84*3-3%4*3-54 -4*3

66

3*3-48

4*3-55 -5*35*3-6

54 -67 -8

J46 -6*343/4-56 - 6 /6 -6* 2

Febru-ary

Decem-ber

33/2-4^5 -6

4 -65 -55 -6

55 -6

6 -63 -5

63 -4

84^-54^-5534-6

54 -77 -8534-6

4*|^55 -76 -634

666

4 -54 -551/3-64 -65 -65 -65 -65 -5*341S65*3-6

51/2-76 -76 -8

641/2-551/3-65 -5*3

5^3-65 -6

85*3-6

86 -6*36 -6*36 -8

66 -75 -66 -6/36 -6*3

66 -61/361,3-7

January |

4 -54^3-551/2-641,3-65 -651,2-651/3-65 -64^-651/2-65 -66 -76 -76 -85 -74 -5

5 -66 -651/3-65 -6

8

68

5),3-76 -77 -851/3-66 -85 -66 -61/6 -6>

66 -6^36^3-7

Febru-ary

Decem-ber January

5 -65 -65 -65 -bH

5 -64^-656654A.15

5

-8-7-8-7-5

/ R-6

66

-5348

534-6a

536751

b56

66

8

-84-6

2-6-7

6 2

- 7 / 2

5 -5H4 -5

65 -64 -6

66

5 -5*3H-5

65 -64 -6

6

6

6 -85 -76 -851/3-643/4-5

6

4 -4*6 -86 -76 -8

6 I-6I/2 i

66

6

4 -46 -85 -66 -86 -8

6bH-6

85 -66 -85^3-66 -76 -7

777

*44*3-5

64*3-66 -6*3:

6 •33/i

6 -8 ;5 -6 •6 -8 ;6 -8

6 !

5 -6 ;8 :

5 -6 I6 -8 :

5*3-6 16*3-7 j6 -7 !

6*3-7 ;

Febru-ary

5 -63 -6

66

4 -4>6 -8

6 -77

Decem-ber January

6 -8

65 -66 -6H

63M

6 -85 -66 -86 -8

5 -66 -8

4 -4*34 -4*3

54 -4*34*3-65 -6

64*3-5*35 -f

5 -5*35 -6

66

5 -64*3-5*35 -65 -5*3

65

5*3-66 -85*3-6

66

5*3-65 -5*35*3-65 -6

6566

Febru-ary

4 -4*33*3-5

54 -4*34 -65 -6

5 -5*35 -6

65 -5*35 -6

5 -65

4*3-5*3!4 1 !

5 !5*3-6 |6 -8 I5*3-6 I

6 ;6 i6

5 -65*3-65 -6

65

5*3-6l

4 -4*14 1 *4 -43/4 -65 -65 -6

55 -6

65 -5*i5 -6

5 -65

5^-64 -65H-6

5*4-66 -8

5 -5V25*4-65 -534

5 -VA

NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15thof month. Ratesfrom about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities.



BUILDING CONTRACTS AWARDED[Value of contracts in thousands of dollars]


1931 1930

Jan. I Dec.

Boston _ 14,814New York : 60,314Philadelphia.. . ; 11,018Cleveland ____i 17,971Richmond i 21,534Atlanta _J 17,860Chicago -_i 31,767St. Louis ! 13,306Minneapolis _; 2, 591Kansas City ! 17,756Dallas _ - - ! 19,027

Total (11 districts) i 227,956

22,33173, 55918,97616,46928,1399,943

35,18016,1035,989

12,8989,848

249,436

Jan.

16, 63179,46250,91434,86127,43321,43339,90613,1143,868

14,92221,432

323,975

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

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

Number Liabilities

Federal reserve district 1931 I 1930 1931

Jan. Dec. Jan. j Jan.

BostonNew YorkPhiladelphia-ClevelandRichmondAtlanta _.ChicagoSt. Louis _.Minneapolis...Kansas City...DallasSan Francisco..

Total....

26375619325420324550224392

167127271

24253712920913916840113163

13288

286

3, 316 ! 2,525

2515881771971841474531866317767

28,96513, 5244,12811,9524,3394,68614, 5734,837776

1,8511.9553,023

1930

Dec. Jan

5,52718,1964,5504,4873,13121,4738,14110,610

5491,902 |1,9263,191

2,759 94,608 83,683 61,185

3,99916,6036,8876,1014,5102,6198,1823,1261,0734,067740

3,281

BUILDING PERMITS ISSUED[Value of permits in thousands of dollars]


BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City_.DallasSan Francisco.

Total...

Numberof cities

1422141215 !15 |1 9 I59

149

20

168

1931

Jan.

1,67136, 9281,9254,4094,0301,7429,8283,1861,1951,9252,657

12,159

81,655

1930

Dec.

7,60935,9022,1326,0903,8671,4928, 7312,7513,0785, 6934,762

18,252

100, 359

Jan.

4,46434, 6493,9138,0989,3633,177

14,1741,202

8083,0114,179

20,132

107,168

BANK DEBITS[Debits to individual accounts. In millions of dollars]

New York CityOutside New York City

Federal reserve district:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City ___DallasSan Francisco

Total

Numberof centers

1140

117

10137

152159

151018

141

1931

Jan.

24, 55721, 697

2,24825,3222,0632,754

7301,0315,4121 060

6171,200

6133,205

46, 253

1930

Dec.

29,00123,107

2,53029,8272,3612,803

8101 0105,842

982732

1,296649

3,266

52,107

Jan.

34,73225,691

3,05035,6622,6092,827

7801 2116,5631 249

7511,409

7413,569

60, 423



FOREIGN BANKING AND BUSINESS CONDITIONS

ANNUAL REPORT OF THE BANK OF FRANCE

The annual report of the Bank of France for1930 was submitted to the regular general meet-ing of shareholders on January 29, 1931. Themain text of the report is given herewith:1

Increase in gold reserves.—Unusual events inthe sphere of business and finance characterizedthe year 1930, and necessarily influenced theFrench market. The crisis which began sud-denly in the United States in 1929 and after-wards spread throughout Europe caused, greatdisturbances in the international movements ofcapital, and these in turn led to transfers ofgold on an extraordinary scale.

At the beginning of the year the inflow ofgold into the vaults of the Bank of France wasin only moderate amount. From December24, 1929, the day on which accounts for thatyear were closed, up to February 21, 1930, thegold reserves increased gradually by more than1,300,000,000 francs, from 41,622,000,000francs ($1,631,582,000) to 42,960,000,000 francs($1,684,032,000). At this time, owing chieflyto the extreme monetary ease which prevailedin the Paris market, the trend of the exchangesaltered; for two months they were almost con-stantly unfavorable to France. The bank metthis appreciation of foreign currencies by per-mitting gold to flow out freely on demand.Instead of realizing its holdings of foreignexchange, which showed no appreciable fluctu-ation during this period, the bank preferredto part with some of its metallic reserve.Between February 21 and May 2 withdrawalsof gold continued almost without interruptionand amounted to more than 600,000,000 francs($23,520,000).

In May the export of gold ceased entirelyand gave place to a movement in the oppositedirection, which was rapidly accelerated afterthe middle of September. Imports of goldamounted to about 1,800,000,000 francs($70,560,000) in May and June; to almost5,000,000,000 francs ($196,000,000) from July4 to October 3; and to almost 4,500,000,000francs ($176,400,000) during the last quarterof the year. On December 24, the day onwhich the accounts for the year were closed,the gold reserve had risen to more than

1 The report, available in French, contains in addition, remarks con-cerning personnel and details of banking operations, as well as a num-ber of tables. For earlier reports, see FEDERAL RESERVE BULLETIN,March, 1930,, 1929, 1928, 1927, etc.

53,500,000,000 francs ($2,097,200,000), that isto say, to more than 53 per cent of the aggre-gate demand liabilities. It had increased inone year by almost 12,000,000,000 francs($470,400,000).

These movements of gold were the result ofthe free play of the gold standard and, as wasstated in the previous report, the bank intendsto put no obstacle in the way of the flow of goldin either direction. In accordance with themonetary law of June 25, 1928, the Bank ofFrance during 1930, as in 1929, confined itselfto accepting gold bars offered at its wickets orselling them on demand. Far from seeking toattract gold into its vaults or even to hinderits outflow, the bank has lowered its discountrate on two occasions in an endeavor either tocheck the inflow of gold or to encourage itsexport. The attraction which France exercisedduring 1930 upon the floating capital of theworld was in reality and before all else the con-sequence of the decline in money rates in allthe great foreign markets, and of the securityafforded by the French currency.

The development of the world economiccrisis considerably diminished credit require-ments abroad. In London and in New York,exceptionally low levels for short-term creditsprevailed almost throughout the year. TheFrench banks, which had invested a part oftheir available funds in these great marketsduring the previous year, were unable toobtain renewals of their loans on as remunera-tive terms as in the past. Moreover, when onvarious occasions they were confronted withlarge demands for francs in their own marketduring 1930, they naturally preferred to repa-triate part of these unproductive balancesrather than have recourse to the rediscountfacilities obtainable at the Bank of France.

The stocks of gold which the French marketreceived during 1930 did not, however, arisesolely out of the repatriation of French bal-ances. They represented, in part, an influx offoreign capital desirous of profiting from thestability and the security which the Frenchfranc now offers. They are a tribute to thegreat work of financial reconstruction accom-plished by this country, which has now one ofthe most soundly guaranteed currencies in allthe world.



Measures to encourage lending abroad.—The strong metallic basis of the franc assuresthe French market of great opportunities forexpansion. The bank feels that these possi-bilities should be realized. Every measurewhich is calculated to extend the range of theParis market will receive the unreserved sup-port of the bank. Excellent beginnings alongthis line have been made during the past yearby the French Government. The stamp taxpayable on foreign securities—which had beenreduced in 1929 from 4 to 2 per cent—wasfurther reduced to 1 per cent. The tax oninterest from foreign investments, which hadbeen 25 per cent, was fixed at 18 per cent.The stamp tax payable on foreign commercialbills drawn on France was reduced from 0.15franc to 0.025 franc.

The bank supported these measures, andendeavored to obtain for the money market asmuch benefit as possible from them. As wasstated in the preceding report, the bank adoptedcertain measures during 1929 in order to in-crease the flexibility of the money market,and especially to extend the traffic in interna-tional acceptances drawn in francs. During1930 the bank continued to work along thisline by cooperating in the establishment of theFrench Acceptance Bank, and by admitting todiscount on a large scale foreign credit instru-ments at short term.

These reforms have not yet proved whollyeffective. Political events in certain countries,the economic crisis w hich has disturbed theequilibrium of the entire world, the depressedstate of the money markets, have all created anatmosphere very unfavorable to the realizationof vast international operations. When, how-ever, existing conditions improve, there is nodoubt that foreign borrowers will have recourseto the French market on a large scale. Bothduty and self-interest require the Paris mar-ket, while surrounding itself with all desirablesafeguards, to satisfy the demands of foreigncountries for capital for the improvement oftheir production and of their exchanges. It isespecially important to facilitate the floating oflong-term foreign loans, which constitute, justas they did before the war, the normal outletfor excess French capital.

In its own special field the bank will maintainand if possible will strengthen the cordial rela-tions which it has had with other central banks.It hopes to increase with each of these institu-tions those exchanges of views which are more

important than ever during the present eco-nomic crisis; and it is a matter for congratula-tion that the existence of the Bank for Interna-tional Settlements furnishes the opportunityfor regular and mutually advantageous meet-ings between the governors of the central banks.

The money market.—During the entire yearthe money market w as adequately providedwith funds on easy terms. During the earlymonths of the year, the plethora of funds wasincreased by payments of the treasury and theCaisse d'Amortissement; these balances on thebooks of the Bank of France declined by almost6,000,000,000 francs ($235,200,000) betweenDecember 24 and the end of April. This inflowof new funds resulted in a lowering of the rateof interest. The board of directors, on twooccasions, took advantage of the situation toreduce the official discount rate. On January30, the rate was reduced from 3% to 3 per cent,and on May 1 from 3 to 2}i per cent. This isthe lowest rate in force since 1898. In initiat-ing these twx> reductions, the bank did not in-tend merely to remove every impediment tothe export of gold. It was anxious also tobenefit the commerce and industry of the coun-try by the lowest possible rate of interest ata time of world-wide business depression.

From the month of May on, various circum-stances, both normal and exceptional, increasedthe requirements for capital. During thesecond half of May, the flotation of the Frenchtranche of the capital of the Bank for Inter-national Settlements—carried through mostsuccessfully by the Bank of France—was fol-lowed by a very large demand for funds on thepart of the public, the effects of which, however,were only temporary; on the same afternoonon which the subscriptions were floated, thebank placed at the disposal of the subscribersthe greater part of the funds which they haddeposited. A month later, the issue of thebonds of the international 5% per cent loan ofthe German Government caused several billionfrancs to be withdrawn temporarily from themarket. Beginning with July, the payment ofdirect taxes to the treasury, and the operationsof the Caisse d'Amortissement created anusual demand for funds at this season. Finallyduring the last quarter, a somewhat seriouscrisis brought about a sudden large demandfor funds.

The banking crisis.—During recent years ageneral upward movement has brought theprice of most securities with variable yield to



levels which were based too largely on expecta-tions of the future and on an indefinite increaseof productivity of the enterprises concerned,and which ignored the possibilities of consump-tion. The speculators, who had supportedthese fictitious quotations too long in theirdetermination to keep the market price ofsecurities of their groups at their highest levelin spite of the unfavorable background, becamebankrupt and involved in their ruin some finan-cial houses, which suddenly found their re-sources inadequate. One of the oldest re-gional banks, which had thus been put indifficulties, was compelled to close its door^From that moment the confidence of depositorswas shaken, and the crisis which had been con-fined to the stock exchange now spread%to thefield of banking. Within a few weeks, a dozenhouses in different parts of the country foundthemselves unable to meet the flood of demandsfor withdrawal of deposits and were compelledto suspend business.

During this difficult period the bank madeevery effort to reconcile its essential monetaryfunction with its desire to furnish to the banks,through rediscounting, the resources whichthey needed in this time of crisis. Desirous ofaiding the threatened institutions to the fullextent permitted by the statutes, but at thesame time careful not to prejudice the coverheld against the fiduciary circulation byquestionable operations, the bank adopted thepolicy of refusing the support of its discountfacilities only to those institutions which weresuffering not merely from temporary embarrass-ment for lack of funds, but which were in anessentially weakened condition.

For a number of years past, the wide marginexisting between the rate of interest for short-term funds and that for long-term investmenthas induced many institutions to expand theircapital loans to a dangerous extent; invest-ments of this character, made too freely in aperiod of prosperity, frequently cause severelosses as soon as business activity begins todecline.

Such mistakes—which, fortunately, are onlyisolated phenomena and should prove a salu-tary lesson for the future—should not be al-lowed to obscure the soundness of the Frenchbanking organization, which has always beenperfectly healthy, nor to disturb for any lengthof time that confidence which the other banking

houses continue to deserve, since they have ingeneral remained scrupulously faithful to thoserules of prudence which are among the tradi -tions of our country.

Discounts.—Our discount portfolio, whichregulates the market, has adapted itself withgreat flexibility to these alternating movementsof extreme abundance and sudden withdrawals.From December 24, 1929, to April 25, 1930, thevolume of discounts declined by about 3,000,-000,000 francs ($117,600,000), falling from ap-proximately 8,500,000,000 francs ($333,200,000)to 5,500,000,000 francs ($215,600,000). Itrose sharply at the time when the shares of theBank for International Settlements were offeredand on May 23 reached its maximum of 8,800,-000,000 francs ($344,960,000). Five monthslater it stood at about 6,000,000,000 francs($235,200,000). During the last two monthsof the year, as a result of the crisis, it resumedits upward movement, and on December 24last, it again amounted to about 8,500,000,000francs ($333,200,000), the level at which itstood at the beginning of the year.

Increase in circulation.—As a result not onlyof the imports of gold, but also of the expansionof discounts during the second half of the year,,the volume of francs in circulation, in the formof credits or of bank notes, increased consider-ably. Credits in current account and otherdemand liabilities (exclusive of deposits ofpublic funds) have fluctuated—in round num-bers—between 7,900,000,000 francs ($309,680,-000) and 11,700,000,000 francs ($458,640,000).The fiduciary circulation underwent a verylarge and almost continuous advance, even dur-ing the two months in which we were exportinggold. It rose by about 3,800,000,000 francs($148,960,000) during the first quarter, byabout 1,700,000,000 francs ($66,640,000) duringthe second quarter, by about 1,250,000,000"francs ($49,000,000) during the third, and byabout 1,600,000,000 francs ($62,720,000) duringthe last quarter of the year. The volume ofnotes in circulation, which amounted to 67,-769,000,000 francs ($2,656,545,000) on the bal-ance sheet of December 24, 1929, reached 76,155,-000,000 francs ($2,985,276,000) on the balancesheet of December 24 last. It rose in one yearby 8,386,000,000 francs ($328,731,000). Theseissues do not in their full amount representbusiness transactions. A considerable volumeof notes—especially a great number of those.


MARCH, 1931 FEDEKAL RESERVE BULLETIN 149

which were withdrawn from the bank towardthe end of the year—are undoubtedly beinghoarded.

Economic situation in France.—During thelast few months, France has felt the first re-actions of the crisis which sw ept over the worldtoward the end of 1929. French statistics nowshow a certain amount of business recession,which was scarcely perceptible until last sum-mer but has become clearly evident sinceautumn. Coming after several years of greatprosperity, this depression was reflected in amarked decline in wholesale prices of rawr

materials and agricultural products, and in afalling off in manufactures.

The general index of wholesale prices at theend of December, 1930, was 498 as comparedwith 588 at the end of December, 1929. Amongthe group indexes making up the general index,the index of imported commodities declined toa greater extent than did the index of Frenchcommodities.

This situation should receive the full atten-tion of French producers, while to those whoare responsible for the economic future of thecountry it presents problems which are all themore important because, in contrast to thegeneral decline of wholesale prices, the cost ofliving in France is rising; the index of the costof living advanced during the past year from565 to 597.

The crops experienced unusually unfavorableweather conditions. The wheat harvest which,in 1929, exceeded the annual requirements ofthe country, amounted in 1930 to only 63,-000,000 quintals £—a level of production which,with the present acreage, will not be sufficientto satisfy completely the requirements ofnational consumption. The yield of the vine-yards fell off by one-third as compared with1929. ^ It actually amounted to only 42,000,000hectoliters 3 as compared with 63,000,000hectoliters the year before. One must go backto 1917 to find a poorer harvest than that of1930. On the other hand, the production ofnative sugar is reported as adequate to enablethe country to dispense with the need of anyimports from abroad. It wall even give anexportable surplus.

Commerce and industry have gone througha difficult period. Certain important i$dexes,however, show a slight improvement overthose of the previous year, indicating that up

2A quintal is equal to 220.46 pounds or 3.67 bushels measured in wheat.3 A hectoliter is equal to 26.42 gallons.

to the present time, the economic position ofthis country has been affected only indirectlyand to a slight extent by the world-wide eco-nomic crisis.

The volume of imports advanced somewhat,increasing during the year from 59,500,000tons to 60,800,000 tons. The tonnage of ex-ports, on the other hand, declined during thesame period from 39,900,000 tons to 36,600,000tons.

The world-wide decline of wholesale pricesenabled French manufacturers to replenishtheir stocks of raw materials at lower costs.The value in francs of imports fell from 58,000,-000,000 francs ($2,273,600,000) to 52,000,000,-000 francs ($2,038,400,000). A considerablefall was shown also in the value of exports,which amounted to only 43,000,000,000 francs($1,685,600,000) as against 50,000,000,000francs ($1,960,000,000) in 1929. As a result ofthe greater decline in exports, the deficit in thebalance of trade for 1930 was increased bymore than 1,000,000,000 francs ($39,200,000),as compared with 1929.

The tonnage of ships entering and leavingFrench ports rose to 172,000,000 tons for 1930,compared with 107,000,000 tons in 1929.

As regards railway traffic, the business re-cession was reflected in a decrease in the dailyaverage of freight car loadings, which declinedfrom 66,564 in December, 1929, to 58,907 inDecember, 1930. The actual reduction oftraffic, however, was not important because,with no change in charges, the revenues w erealmost equal to those of last year. In fact,during 1930 the decline was only from 15,-533,000,000 francs ($608,894,000) to 15,400,-000,000 francs ($603,680,000).

Production of coal from French minesamounted to 54,000,000 tons, that is to say, toalmost the level of the past year; the dailyoutput was remarkably well sustained, being190,000 tons in November as compared with188,000 tons for the corresponding month of1929.

The iron industry, with 133 blast furnaces inoperation, instead of 154 as in December, 1929,put out 10,100,000 tons of cast iron against10,360,000 tons the year before. It was notuntil June that production fell below theaverage for 1929 and that gradually some ofthe blast furnaces were closed down.

The textile industry, which had shown amarked recession in 1929, continued to beseriously depressed. The luxury trades were



particularly affected by the crisis which pre-vailed on foreign markets, where many of theircustomers are to be found. On the whole, it isevident that up to the present time France hassuffered less than other countries from the crisis.

In spite of the unfortunate conditions whichhave prevailed throughout the world, theprosperity oi France, diminished somewhatalong certain lines, has not been essentiallyaffected. In particular, it has escaped thescourge of unemployment which has beenkeenly felt almost everywhere else. Thefortunate diversity of the national wealth, theharmonious balance between industry andagriculture, which has always been character-istics of the economic life of this country, thequalities of work and the virtues of saving—thetraditional attribute of the population—haveonce more shown their effectiveness. Wedo not doubt that this country will shortlytriumph over the temporary difficulties throughwhich it is now passing.

The Bank of France, for its part, guided byits interest in the public welfare and faithfulto its essential function, has the consciousnessof having performed its duty in this troubledperiod, as it has always done hitherto, in themost liberal manner consistent with the letterand the spirit of its statutes.BALANCE SHEET OF THE BANK OF FRANCE AS OF

DECEMBER 24, 1930

RESOURCES

Gold reserve (coin and bullion)Silver and copper coinsFunds available on demand abroad.Foreign bills:

NegotiableOther

Domestic bills:NegotiableOther

Francs(in thou-sands)

53,563,485581, 583

6, 795,104

19, 378, 73030, 585

77, 3778,418, 314

Dollars i(in thou-sands)

2,099,68922,798

266,368

759,6461,199

3,033329,998

BALANCE SHEET OF THE BANK OF FRANCE AS OFDECEMBER 24, 1931—Continued

RESOURCES—continued

Advances against securitiesPostal current accountsNegotiable bonds of the Caisse autonome d'amor-

tissement (convention of June 23, 1928)Loans to the Government without interest (law

of June 9, 1857; convention of Mar. 29, 1878;law of June 13,1878, extended; laws of Nov. 17,1897, Dec. 29, 1911, Dec. 20, 1918, and June 25,1928)

Rentes earmarked for special purposesBank buildings and equipmentMiscellaneous resources

Total

LIABILITIES

Demand liabilities:Notes in circulationCurrent account of the treasuryCurrent account of the Caisse autonome

d'amortissementOther current accounts and depositsOther demand liabilities

CapitalSurplus (laws of June 9,1857, and Nov. 17,1897) „Reserve invested in legal securities (law of May

17,1834; decrees of Apr. 27 and May 2,1848; lawof June 9, 1857)

Depreciation reserve (real estate)

Profit and loss:Gross dividends: 2339.29 francs (net 285

francs)Payment to the Government of sum equal to

the annual dividend in excess of 240 francsnet

Carried forward

Miscellaneous liabilities

TotalTotal demand liabilities, 101,004,783,689 francs

($3,959,387,520).Ratio of gold reserve to demand liabilities,

53.03 per cent.

Francs(in thou-sands)

2,870,841604,953

5, 304, 399

Dollars 1

(in thou-sands)

112,53723, 714

207,932

3,200,000112,981220,509

2,001,737

103,160, 599

76,155, 754

5,136,337

7,995, 28011, 284,445

432,969

24,849, 030

182, 500272,696

22,1064,000

61,920

52,01346,231

160,163

1,514, 350

103,160, 599

125,4404,4298,64478,468

4, 043,895

2,985, 306

201, 344

313,415442, 35016,972

974,082

7,15410,690

867157

2,427

2,0391,812

6,278

59,363

4,043,895

1 Conversion at par; 1 franc=$0.0392.2 For second half year. Gross dividend for first half year, 398.81 francs

(net 335 francs).



FINANCIAL STATISTICS FOR FOREIGN COUNTRIESGOLD HOLDINGS OF CENTRAL BANES AND GOVERNMENTS

(In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 372]

Month

Total '(45 j

coun- I! tries)

1930—January i 10,362 iFebruary.. .! 10,434March j 10,505Aprii 10,569May _„i 10,613June I 10,675July ! 10,709August ; 10,791September-.; 10,829October I 10,862November..1 10,902December *10,915

1931—January P10,968February :

UnitedStates

3,9213,9884,0614,1314,1594,1784,1604,1484,1594,1844,2204,2254,285

P 4 , 3 0 8

Ar-gen-tina

445448445442441440436434434429417

i>412

Aus-

1241261099197979798797575

Bel-

164164164164167167167168173180180191191

Bra-zil

1391271279090

Can-ada

78787979808194

100110122129110

Eng-land

732740759795765768746759766782767722

v8 i 92 ! 682

1,6831,6801,6681,6601,7171,7271,7751,8521,8991,9922,0372,1002,176

v 2,192

Ger-many

547582595611617624624624590519519528535

In-dia

128128128128128128128128128128128128128

273273274274274274274275278278279279

520477453443434434440433431414409412415

Neth-er-

lands

177176174174174174157157157171171171175

M79

Swit-zer-land

495476476477477477477477478478474471466

108±08108112112112118123123128130138126

29othercoun«tries

147150156167177203233249249249249249249249

717715713712709702701

691

Preliminary, based on latest available figures.

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

GOLD MOVEMENTS[In thousands of dollars]

United States Germanyr Great Britain

MonthIm-

ports

1930—JanuaryFebruaryMarchAprilMayJuneJuly . . .AugustSeptember ! 13,680October | 35,635November ! 40,159December _.-| 32,778

1931—January | 34.426

12,90860,19855,76865,83523,55213,93821,88919,714

Net

3,960!59,991155,478|65,725!23,470;

13,912i-19,640-19,617

2,54726,368:35,15132, 742i34, 372j

Im-ports

5,00038,18910, 70818, 6177, 0967,5291,4141,5451,9673,1621,4589,524

12,252

Ex-ports

261246266280245259227210

25, 35896, 677

273274287

vrfli

IS 61

4,73937, 94410,44218, 3376,8517,2701,1871,335

- 2 3 , 391- 9 3 , 514

1,1859,250

11,965

Im-ports

41,70238,96138,25842,74145,38813,74724,64624,20122,33945,41641,19943,12435,304

Ex-ports

16,10234,07412,82614,82861,13420, 65940, 33521, 39020,24534,75443,16478,50778,774

Net

25,6004,

25,43227,913

- 1 5 , 746-6,912

-15,7092,8112,094

10,662-1 ,965

-35,3S3-43,470

Netherlands

Im-ports

248808981753448

28181

12,33815042

301

Ex-ports

3,2241,026

10211911

16,5878

131991153952

Net

-2 ,975-946

79605623

-16.53927368

12,139353

249

SouthAfrica

Net

-17,808-20,786-13,777-18,134-22,798-18,190-22,415-18,708-17,149-20,259- 1 8 , 762— 16,966—21,005

India

Net

5,3703,8443,4475,9536,4529,2043,404

13,4613,568

9671,323

681

Preliminary. r Revised to include only unmanufactured gold and gold coin.

MOVEMENTS TO AND FROM GREAT BRITAIN[In thousands of dollars]

1931 1930

From or to—

France..GermanyNetherlandsSpain and CanariesSwitzerlandUnited StatesSouth AmericaBritish IndiaAustraliaNew ZealandEgyptHb.od.6siaTransvaalWest AfricaAll other countries..

Total

January

Imports

31

* 4, 867

7,823417380

42119, 514

4391,440

35, 304

Exports

72, 6191,484

27627

992

219

73

_.

3,083

78, 774

January

Imports

3515

12,3'87

9,830

36118, 372

370

Exports

10,6763,481

1875

407

49885

2

1

525 403

41,702 16,102

Calendar year

Imports

1,4707

1929, 229

28357, 944

1116,417

127

5 197203, 513

5,0752,441

421, 725

Exports

270,30178,8421,0001,610

23,190

498,178

2

94

1114, 764

398,040

MOVEMENTS TO AND FROM BRITISH INDIA[In thousands of dollars]

From or to—

England.United StatesAden and dependen-

ciesArabiaBritish OceaniaBahrein IslandsCeylonChinaMesopotamiaStraits SettlementsEgyptNatalAll other countries .

Total

1930

November

Im-ports

360

7431

43318

1185

259

24

1,323

Ex-ports

January-November

Im-ports

8,691

607689

7,793178

2,7183,6662,2472,8121,177

26, 39039

57 007

Ex-ports

1

14

15

1929

Calendar year

Im-ports

10,46122

1,0451,2877,701

1194,151

1882,613

196,867

29,595206

64,275

Ex-ports

1

28

19

48



FOREIGN EXCHANGE RATES

[Monthly averages of daily quotations.1 In cents per unit of foreign currency]

Country

EUROPE

AustriaBelgium __.BulgariaCzechoslovakia.DenmarkEnglandFinland __FranceGermany __Greece. _HungaryItaly.—NetherlandsNorway.PolandPortugalRumaniaSpainSwedenSwitzerland 'U. S. S. R.3Yugoslavia jNORTH AMERICA i

CanadaCuba __!Mexico !

Monetary unitPar ! 1 9 3 0 I

of ex- ichange'

Schilling-

eCrown.Krone—PoundMarkkaFrancReichsmark..DrachmaPengoLira-Florin _.KroneZlotyEscudoLeu._PesetaKronaFrancChervonetzDinar

DollarPeso

do_

14.0713.90

.722.961

nc on

ber

14.084013.9648;

.717112. 9664j

.6U. OU

486. 652.523.9223.821.3017.495.26

40.2026.8011.22108.05

.6019.3026.8019.30514.6019.30

100.00100.0049.85

485. 66102.51663 929223!84041. 2944

17.49475. 2378

40. 269026. 743411. 21104. 4839.5945

10.746026.830919.3972

3515.00001.7697

99.896399.930045.5461

1931

January

14.070813.9422.71692.961726.7246485.46842. 51693.9207

23. 77191.294217.47515.2350

40. 231626. 726511.21144.4867.5944

10. 396726. 764319.3574

« 515.00001.7679

99.790999.936446.3566

Feb-ruary

14. 054413. 9410.71782. 9598

26. 7454485. 8389

2. 51783. 9197

23. 76931. 2946

17. 46005. 235040.137826. 746211. 20254.4854. 5948

10.185326. 770719. 2934

3 515. 00001. 7633

99.9761100. 019646.1950

Country

SOUTH AMERICA

ArgentinaBolivia2

BrazilChileColombiaEcuador 2Peru*Uruguay _.Venezuela a

ASIA

China*.China*China « _...Hong Kong<__.India.*JapanJava*Straits Settle-

ments.Turkey

AFRICA

Egypt..

Monetary unitPar

of ex-change

PesoBoliviano,.Milreis..

.do-SucreSolPesoBolivar.

Mexican dollar-Shanghai tael...Yuan dollarDollarRupeeYen.FlorinSingapore dol-

lar.Turkish pound-

Egyptian pound

96.4836.5011.9612.1797.3320.0040.00103.4219.30

21.2829.3420.8121.1336.5049.8540.2056.78

439. 65

1930

Decem-ber

75. 552136. 75009. 612112.095596.553120.000030.298174.993718.5000

25.715135.698725.639427. 996635. 930549.618540.258855.9322

»47.1369

494.315 498.3123

1931

January Feb-ruary

69.703836.75009.0721

12.066396.5700:20.0000|29.6731168.1414118. 5000;

22.9351 j31.840422.910224. 265335.934449.442640.226555.9309

•47.10481

• 498.0464 .

71. 941636. 75008. 560112. 067396. 570020. 000027. 875069. 077818.1364

20. 815328.957820. 839022. 667335. 937449.405440.140956. 0028

1 Based on noon buying rates for cable transfers in New York.1 Averages based on daily quotations of closing rates as published by New York Journal of Commerce.1 Chervonetz quotations nominal.4 Silver currency. The figure given for parity represents gold value of unit in February, 1931, computed by multiplying silver content of unit

by New York average price of silver for February, 1931, which was $0.27085 per fine ounce. On the same basis, parity in February, 1930, for theChinese-Mexican dollar was 34.18 cents; for the Shanghai tael, 47.13 cents;for the Yuan dollar, 33.43 cents; and for the Hong Kong dollar, 33.93 cents.

« October, 1930. « November, 1930.

Back figures.—See BULLETIN for January, 1931,1930,1929, and 1928.

CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of dollars: Converted into dollars from Swiss francs at par: 1 Swiss franc—$0.1930]

Resources

Cash on hand and on current account withbanks

Demand funds at interest

Rediscountable bills and acceptances (atcost):

Commercial bills and bankers' accept-ances

Treasury bills

1930 1931

Novem-ber

Total..

Time funds at interest:Not exceeding 3 months...Between 3 and 6 months...

Total...

Sundry Investments (at cost):Not exceeding 1 yearBetween 1 and 2 yearsOver 2 years

TotalOther resources..

Total resources..

13,779

46,31732,958

79,275

202,80625,941

228,747

36, 767101

' ! January

1,17314,439;

1,09916,505

61, 68134,194

95,875

126, 03528,037

154,072

29, 6817,154

2,616 2,186

362,112; 304,580

35, 789

102, 754

139, 36731, 312

170, 679

29,0507,176

36, 2262,369

329, 631

Liabilities

Short-term deposits:Central banks for own account-

DemandTime-

Not exceeding 3 months...Between 3 and 6 months..

Total

Central banks for account of others-Demand-

Time-Not exceeding 3 months...Between 3 and 6 months-

Total..

Other depositors:DemandTime—Not exceeding 3 months..

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund...

TotalCapital paid inOther liabilities

Total liabilities

1930

Novem- Decem-ber ber

19,242

92,9963,002

38,415

116,767

1931

January

45,897

112,0221,196

115, 240J 155,183| 159,115

37,293 27,135 35,306

128,341

165,644

23

29,82015,44013, 255

58,51419,7952,896

362,112

29,78310,641

67,559

431,679

29, 79014,89513, 253

57,93819,8552,322

304, £

29,06424,063

88,43a

431,681

29, 77914,89013, 277

57,94519, 8552,557

329,631



CONDITION OF CENTRAL BANKS[For explanation of these tables see BULLETIN for February, pp. 81-83]

BANK OF ENGLAND

Millions of pounds sterling:1930—Nov. 26

Dec. 311931—Jan. 28

Millions of dollars:1929—Dec. 251930—Jan. 29

Feb. 26Mar. 26 _..Apr. 30May 28June 25July 30Aug. 27__Sept. 24Oct. 29Nov. 26Dec. 31

1931—Jan. 28-__

Gold (inissue

depart-ment)1

156.6147.6139.5

710731736755795765763741754761776762718679

Resources of banking department

Cash reserves

Coin

1.0.6.7

11345545556533

Notes

65.438.852.7

128302314306314297284214263295311318189256

Dis-counts

andadvances

6.149.09.7

109272330333377333128213023847

Securi-ties

Notesin cir-

culation

56.8104.762.9

413332230283337278312360347305292277510306

351.1368.8346.8

1,8471,6941,6881,7141,7461,7331,7451,7931,7561,7311,7311,7091,7951,688

Liabilities of banking department

Deposits

Bankers'

55.9132.455.2

346328247267322287310297305312271272645268

Public

18.96.6

19.4

43715891

10264

105448865

102923294

Other

36.836.233.4

174175176175178175176182164166170179176162

Otherliabili-

ties

17.818.018.1

87888989868687

8787

BANK OF FRANCE-

Millions of francs:1930—Nov. 28 51,967

Dec . 26._ . . . _ 53,5781931—Jan. 30___ 55,510

Mil l ions of dollars:1929— Dec . 27 1,6331930—Jan. 31._ 1,683

F e b . 28 1,680M a r . 28 1,668Apr . 25 1,660M a y 30 1,717J u n e 27 1,727J u l y 25 ! 1,775Aug. 29 i 1,852Sept . 26 i 1,899Oct . 30 | 1,992N o v . 28 j 2,037Dec . 26. _. 2,100

1931—Jan. 30 ! 2,176

Resources Liabilities

Gold Foreignexchange

25,89726,17926,323

1,0171,0081,0071,0061,0051,0021,0051,0221,0041,0031,0041, 0151,0261,032

Domesticbills

8,7778,4299,463

338233209251224300247244254243278344330371

Securityloans

Negoti- jable se- |

curities 31 assets

2,8682,9012,866

99101104 i99 I102100106105107110109112114112

5,304 |5,304 ;5,199 i

220 i214 !214 i212 '211211 !211211 j208 !208 i208 :208 :208 •204 i

6,6876,609

220292280233233230237238250244274262259270

Notes incircula-

tion

75,95176, 43678, 559

2, 6882, 7572,7882,7762,774

! 2,8652,8462, 8272, 888

! 2,8642,9322,9772.9963, 079

Deposits

Govern-ment

13,35412, 02413,844

460399344267257210194358396412513523495543

Other

9,83311, 69811, 659

308294280342313394408328303344328385459457

Otherliabilities

2,3622,2412,198

718083859092848487869193

REICHSBANK

Millions of reichsmarks:1930—Nov. 30

Dec. 31.1931—Jan. 31

Millions of dollars:1929—Dec. 301930—Jan. 30-...

Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 30.Sept. 30Oct. 31Nov. 30__Dec. 31— .

1931—Jan. 31

Gold

2,1802 2162 244

544547582595611617624624624590519519528535

Reservesin foreignexchange

525469199

969591927884

10962884147

12511247

Treasurybills

10620686

576

114

1820

29

I6

254920

Resources

Otherbills (andchecks)

2,0032,3661,942

621483457489462446423419412499548477563463

Securityloans(lom-bards)

231256174

60407748324544325169765561

Securi-ties

102102103

2222222222242424242424242424

Otherassets

643638733

156178149158171174175200193200163153152175

Notes incircula-

tion

4,6014,7784,383

1,2011,1081,1251,1451,1111,1461,1161,1051,1211,1301,1131,0961,1381,044

Liabilities

Deposits

381652267

18085

11210912896

1179599

1129191

15563

Otherliabilities

808822831

175178154154156168169170171183179192196198

1 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at£260,000,000 ($1,265,000).

2 Of the independent office for retirement of public debt (Caisse autonome d'amortissement).



CONDITION OF CENTRAL BANKS—Continued[Figures are for last report date of month]

Commonwealth Bank of Australia(thousands of pounds sterling):

Issue department-Gold coin and bullionSecurities _

Banking department—-Coin, bullion, and cashMoney at short call in Lon-

donLoans and discountsSecurities .Deposits

Banks notes in circulationAustrian National Bank (millions of

schillings):Gold - -.Foreign exchange of the reserve. _Other foreign exchangeDomestic bills _Government debtNote circulationDeposits

National Bank of Belgium (millionsof belgas):

GoldForeign bills and balances in gold.Domestic and foreign billsLoans to State _Note circulationDeposits _

Central Bank of Bolivia (thousands ofbolivianos):

Gold ._._ __.Foreign exchangeLoans and discountsNotes in circulationDeposits

Bank of Brazil (millions of milreis):GoldCurrency ___Correspondents abroadLoans and discountsSecuritiesNote circulationDeposits

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchangeTotal foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities.

Central Bank of Chile (millions ofpesos):

Gold at home __Deposits abroadLoans and discountsNote circulationDeposits against which reserve is

held

1931

Jan.

15, 3865,682

1,421

4,66219, 76523,18349, 72839, 306

214140496136101979112

1,376889793292

3,206194

1,458267704683

3,1013, 0591,503

Bank of the Republic of Colombia(thousands of pesos):

Gold at homeGold abroad.Loans and discountsNote circulationDeposits

Czechoslovak National Bank (mil-lions of Czechoslovak crowns):

GoldForeign balances and currencyLoans and advances .._Assets of banking office in liqui-

dationNote circulation _Deposits _

62263

94292

1, 5442,233

255

3186,608

1930

Dec.

15,3868,216

1,301

5,90913,19520,68341,57342,714

214198518148101

1,09093

1,372970896292

3,284294

2,77936,30823,00831,79514,659

323261

1,324124170

1,331

1,455312901778

3,1623,2861,567

62355112306

85

17,4819,93513,50827, 3576,689

1, 5452,447525

3237,824570

Nov.

15,3865,716

1,390

4,77413, 50021,68343,05039,480

214200491130101

1,04297

1,297896748312

3,157139

2,75937,41322,49732,47914,578

41265144

1,318123170

1,237

1,448404

1,135668

3,1953,5621,459

6233368

298

54

18,2509,17111, 39625, 5406,101

Jan.

18,14817,263

1,411

4,66916,49712,31933,23938,466

16920431223810998153

1,177542816322

2,768138

9,25244,33721,34140,60216,763

407680246

1,478128592

1,830

1,395506875

12273,3403,2601,886

63501103344

87

21, 27010,89717,97934,246

6,720

1,5462,344

180 j

3267,278

382

1,2622,039

364

3556,923

407

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulation.,Deposits .._

Bank of Danzig (thousands of Danziggulden)

Balances with Bank of England-Foreign bills, etcLoans and discountsNote circulationDeposits

Central Bank of Ecuador (thousandsof sucres):

GoldForeign exchangeLoans and discountsNotes in circulationDeposits

Bank of Estonia (thousands ofkrones):

Gold.—Net foreign exchangeLoans and discountsNote circulationDeposits—

GovernmentBankersOther

Bank of Finland (millions of Finnishmarks):

GoldBalances abroad and foreign

creditsForeign billsDomestic billsNote circulation.Demand liabilities

Bank of Greece (millions of drach-mas):

GoldNet foreign exchange in reserve-Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities

National Bank of Hungary (millionsof pengos):

GoldForeign bills, etcLoans and discountsAdvances to treasury _..Other assets . . .Note circulationDepositsMiscellaneous liabilities

Bank of Italy (millions of lire):Gold at homeCredits and balances abroadLoans and discountsTotal note circulationPublic depositsOther deposits

Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bondsNotes issuedTotal deposits

Bank of Java (millions of florins):GoldForeign billsLoans and discountsNote circulationDeposits.

1931

Jan.

1728185

34132

17,10016,15119, 61836,519

1,7633,479

6,54616, 22124,46033, 314

9,1783,5302,177

301

732188725

1,231170

5132,2722,843325

3,3894,5211,783

16314

2656428

4661944

5,2994,0385,03815, 212

3002,232

831739136

1,213577

1930

Dec.

172100

360

16, 64517,13321,07037, 9482,3123,226

5,65423,26113,31523,49116,092

6,55816, 51427,07432, 234

8,9274,1672,270

301

813128795

1,279208

5102,5013,282327

3,3894,8031,678

1633429864544696750

5,2974,3275,60815, 680

3002,121

825823172

1,409508

139314925246

Nov.

1729376

35430

16,33715,09918.86537, 3451.3013,345

5,62222. 35414,61923, 71713, 847

6,54116, 73026.19433,452

9,7824,0691,348

302

812212720

1,263215

5282,6653,343315

3,3894,7611,823

163272536710443932116

5,2964,5004,35015,679

3001,600

819768118

1,191635

139315225541

Jan.

17210678

34735

13, 96913, 88a20,48136, 2811,33a3,125

5,58527,02a13,91028,33415, 216

6,43719,47827,81932,260

8,73a6,1872,102

301

70515

1,1471,25930&

6442,6893,830377

3, 5964,9072,081

16318

2938897

4766394

5,1894,9114,71316, 329

3001,560

1,065732179

1,347822

140319527937


MAKCH, 1931 FEDERAL RESERVE BULLETIN 155

CONDITION OF CENTRAL BANKS—Continued[Figures are for last report date of month]

Bank of Latvia (millions of lats):GoldForeign exchange reserveBillsLoansNote circulationGovernment depositsOther deposits

Bank of Lithuania (millions of litas):GoldForeign currencyLoans and discountsNote circulationDeposits

Netherlands Bank (millions offlorins):

GoldForeign billsLoans and discountsNote circulationDeposits

1931

Jan.

397410111095

Dec. Nov.

3986103117101

43625113280164

42624714884330

Bank of Norway (millions of kroner):GoldForeign balances and billsDomestic creditsNote circulationForeign deposits ..Total deposits

14623 j

187290 I

1 I

14636

200312

Reserve Bank of Peru (thousands of jsoles):i I

Gold , I 44,019 43,917Foreign exchange reserve : 7,831 7,158Bills '_ ! 20,586 23,062Note circulation I 62,126 64,035Deposits ! 6,867 i 6,270

Bank of Poland (millions of zlotys):Gold at home 485Gold abroad • 77Foreign exchange of the reserve._.| 262Other foreign exchange ; 122Loans and discountsl ! 711Note circulation ! 1, 277Current account of the treasury. J 35Other current accounts ._! 150

48577

288124758

1, 32827184

Bank of Portugal (millions of es- jcudos): •

Gold |_Balances abroad :Bills •_.Note circulation LDeposits

I

3889

100116102

42624913581342

14631

200303

1

43, 8016.976

22, 31864, 8623,963

48577

301125755

1,33270

156

9192459

1, 951123

Jan.

24439454488779

3582849696

44021714178734

14730

233297

371

53, 7678,18826, 58861, 01611,102

521180372101756

1,247300154

313361

1,972108

National Bank of Rumania (millionsof lei):

Gold at homeGold abroadForeign exchange of the reserve.Other foreign exchangeLoans and discountsState debtNote circulationDeposits

South African Reserve Bank (thou-sands of pounds sterling):

Gold. .Foreign billsDomestic billsNote circulationD e p o s i t s -

GovernmentBankers ._Others

Bank of Spain (millions of pesetas):GoldSilverBalances abroad...Loans and discountsNote circulationDeposits

Bank of Sweden (millions of kronor):GoldForeign bills, etcLoans and discounts _Note circulation.Deposits __

Swiss National Bank (millions offrancs) :

GoldForeign balances and billsLoans and discountsNote circulationDemand deposits

1931

Jan.

6,9747,374589

8,256

1,9215,164229

2,415711107

2,0624, 667811

241371212533205

65537766949262

State Bank of U. S. S. R. (thousandsof chervontsi):

Loans and discountsDepositsIssue department-

Gold...Other precious metalsForeign exchange...Note circulation.. _

99

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign notes and credits | 123Loans and discounts j 1,552Advances to State j 2,997Note circulation I 5,064Deposits __j 925

Dec.

5, 3563,9191,746

778,1323,61719.6055,077

6,7177,1531,0968,032

1,9944, 689329

2,439701111

2,2184,724821

241400345594301

713345M8

1,062242

99120

1,6372,9975, 397863

1930

Nov.

5,3563,9191,736

998,0114,69918, 7266,713

7,1636,245'9028,462

1, 7654, 530205

2,458706110

2,0904,642841

242401144588119

672335

67968199

98162

1,5572,9975,404868

Jan.

5,2803,9195,063

399,5295,46919,7679,097

7,9146,0273,0819,156

1,7405,178386

2,56771186

2,0624,3991,017

244237296521183

560378135890

472,486268,314

28, 5673,4146, 687

150,027

I

96276

1,4342,9995,5861,372

1 Figures for January, 1930, have been converted from libras (par $4.8665) into soles (par $0.4000). See FEDERAL R E S E R V E BULLETIN forMay, 1930.

N O T E S

Reserve requirements of central banks.—For tabulated statement giving legal reserve requirements of foreign central banks (36 countries),see page 502 of the FEDERAL R E S E R V E BULLETIN for August, 1930.

Detailed balance sheets.—For detailed balance sheets of 24 foreign central banks (as given in their latest annual reports), with figures in dollarsas well as in units of national currency, see FEDERAL RESERVE BULLETIN for 1930, as follows:

Bank Bulletin Bank Bulletin

Sept.Mar.MayOct.,July,July,M a y

Dec,

• P2 PP.P.p .P-

559..150.301.636.435.432.

p.304.P. 795.

Bank Bulletin

Austrian National BankNational Bank of BelgiumCentral Bank of BoliviaBank of BrazilNational Bank of BulgariaBank of the Republic of Colombia-Czechoslovak National BankDanish National BankBank of England 1

June, p . 362.May, p . 297.July, p . 441.July, p . 444.Sept., p . 557.D e c , p . 792.Aug., p . 509.D e c , p . 788.Feb.,2 p . 83.

Bank of EstoniaBank of FranceGerman ReichsbankBank of GreeceNational Bank of HungaryBank of ItalyBank of JapanBank of Java

Bank of LatviaNetherlands BankBank of NorwayBank of PolandNational Bank of RumaniaSwiss National BankNational Bank of the Kingdom

of Yugoslavia.

July, p . 439.Aug., p . 505.June, p . 363.June, p . 367.Sept., p. 553.May, p. 312.June, p . 371.

1 Special article. a F E D E R A L R E S E R V E BULLETIN for 1931.


156 FEDERAL RESERVE BULLETIN M A R C H , 1931

GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]

1931

Jan.

*411*539

J>6, 896

J»129P7, 025

3,930

1,968

1930

Dec.

426555

7,698

2647,962

3,890

2,029

Nov.

431560

7,451

1797,629

3,869

2,092

Jan.

455584

6,377

896,466

3,782

2,118

1931

Jan.

1930

Dec. i Nov. Jan.

Argentine Conversion Office (millions ofgold pesos):

Gold _Notes issued. - _..

Irish Currency Commission (thousandsof pounds sterling) :

Legal tender note fund—British securitiesBritish legal tender and bank

balancesNotes issued..

Consolidated bank notes 1—Issued _Deemed such under sec. 60 (4) of

currency act, 1927

Canadian Minister of Finance (millionsof dollars):

Gold reserve against Dominion notes..Advances to banks under finance act,

1923....Dominion notes—

IssuedOutside bank holdings

Indian Government (millions of rupees):Gold standard reserve-

GoldForeign exchange ,

Paper currency reserve-Gold _Silver coin and bullionOther assets

Notes issued _

14728

444

2621,211

1091,582

17529

34

3171,200

961,613

112

39

20729

505

3231,227

991,648

63

50

17328

29505

3231,066

4131,802

i The figures of consolidated'bank notes issued represent daily averages for the 4 weeks ending Jan. 10,1931, and Dec. 13, Nov. 15, and Jan. 11»1930. The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. *> Preliminary.

CONDITION

Country

Argentina:Bank of the Nation-

GoldOther cashLoans and discounts . .Deposits

Other banks in Buenos Aires-GoldOther cashLoans and discountsDeposits .Canada:

Assets entirely in Canada-Cash in vault1

Cash in central gold reserves _Security loans .Other current loans

Security loans abroad . . .SecuritiesLiabilities entirely in Canada-

Notes in circulationIndividual demand depositsIndividual time deposits

England:Cash in vault and at banksMoney at call and short noticeAdvances and discountsInvestments . _Deposits _

France:Bills and national-defense bondsLoans and advancesDemand depositsTime depositsGermany:Bills and treasury notes . . .Due from other banksMiscellaneous loans..DepositsAcceptances

Japan:Cash on hand .Total loans _Total deposits

OF COMMERCIALMillions of national

currency

1930-31

Nov.

Mil1

120612730

189906

1,032

Mill203

37212

1,184193551

145605

1,439Milli

189137

1,230265

1,801Mill

20,36911 28835,509

1 516Millior2,4531 0178,534

11,077670

Mi272

2,2062,076

Dec. Jan.i

ions of p

99624729

*206918

1,047

'ons of dc17433

2051,149

146604

133642

1 426

esos

liars15822

1921,141

120593

129557

1 4'29ons of poundssterling

204 195142

1,234269

1,839ions offr

1431,237

2811,836

ancs

Is of reichsmarks

llions of281

2,2252,100

yen275

2,2202,009

BANKS

Millions of dollars

1929-30

Nov.

29113564694

12145835929

20757

2501,443

282475

171729

1,453

907707

5,8421,1428,522

819421

1,291il

687293

1 9692,774

116

1681,0031,021

Dec.

2979

576681

11146831925

17856

2621,403

245448

155729

1,434

979700

5,8291,1478,628

826421

1,28542

724309

1 9762,868

122

1561,0581,023

Jan.

6113534668

11155829916

17333

2371,384

212431

144645

1,440

935692

5,9031,1348,600

834420

1,29844

1381,0711,033

1930-31

Aug.

6100497602

10177713847

14847

2291,260

216458

150598

1,404

915657

5,9121,2178,600

801429

1,38957

695251

2,0472,812

124

901,0711,022

Sept.

693

497593

9170721839

16339

2261,256

187480

146

1,420

907654

5,8911,2408,484

761433

1,35060

632261

2,0542,780

130

1401,2191,031

Oct.

590

469557

9156699

Nov.

194

478570

8148708

803 806

178 '' 20336 l 37

2141 230

2121. 184

165 : 193544 SSI

148 145633

1,432

918699

5,9351,2508,716

772442

1,36764

569234

2 0482,641

155

1121,0801,024

6051,439

919665

5,9851,2888,762

799443

1,39259

584242

2 0332,639

160

1361,1001,035

Dec.

175

472551

8155693791

17433

2051,149

146604

133642

1,426

994692

6,0061,3118,949

1401,1091,047

Jan.

15822

1921,141

120593

129557

1,429

947695

6,0201,3688,934

1371,1071,001

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

Germany—six Berlin banks; Japan—Tokyo banks.



In effect Oct. 1,1929Oct. 31Nov 2Nov 21Dec. 12Jan 14,1930Jan. 30 -Feb 5Feb 6Mar. 3Mar 6Mar. 8Mar. 20Mar 25Apr. 24May 1May 2May 19May 20 ___June 21 _-Oct. 7__ _Oct 9Jan. 3, 1931In effect Mar. 1, 1931

Bankof Eng-

land

6H6

5H5

4M

4

DISCOUNT RATES OF CENTRALBank

ofFrance

VA

3

Z}/2

3234

2

3 ; 2

GermanReichs-

bank

7H. . .

6H

6

5H

5

4M4

5

5

Bankof

Italy

7

634

6

5H

5H

Bankof

Japan

5.48

_ __

5.11

5.11

Country

AustriaBelgiumBoliviaBulgaria

ChileColombiaCzechoslo-

vakiaDanzig

DenmarkEcuadorEstoniaFinland

Greece__HungaryIndiaJava

RateFeb.l

5

F97745

.BANKSIn effectsince—

Sept. 10,1930Aug. 1,1930Aug. 26,1930Jan. 29,1931

Aug. 4,1930Sept. 18,1930

June 25,1930Oct. 10,1930

V/2 Nov. 13,19309 • Jan 10.193076

9

Oct. 7,1930Aug. 27,1930

Nov. 30.1928hYi May 30,19307 j Jan. 15,1931Wi Mar. 11,1930

Country

LatviaLithuania. __Netherlands.Norway

PeruPolandPortugalRumania

South Africa.Spain _Sweden _Switzerland—

U. S. S. R___Yugoslavia-.

RateFeb.l

662tt

7V*9

5H632

85M

In effectsince—

Oct. 1,1930Apr. 1,1930Jan. 24,1931Nov. 8,1930

Sept. 1,1930Oct. 3,1930June 2,1930Nov. 26,1929

Sept. 29,1930July 17,193aFeb. 6,1931Jan. 22,1931

Mar. 22,1927May 28, 1930-

Changes: Sweden.—Feb. 6, down from 334 to 3 per cent.

MONEY RATES IN FOREIGN COUNTRIES

Month

1929— NovemberDecember

1930—JanuaryFebruaryMarchAprilMayJuneJuly _. . .AugustSeptemberOctober. _NovemberDecember

1931—January

Month

1929—October...NovemberDecember

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugust. __SeptemberOctober _NovemberDecember

1931—January

England (London)

Bankers'accept-ances, 3months

5.354.76

4.073.822.782.482.162.312.372.212.072.092.182.30

2.25

Belgium(Brussels)

Privatediscount

rate

4.944.574.403.403.413.313.332.872.782.782.442.392.272.052.342.38

Treasurybills, 3months

5.304.75

4.043.722.552.492.112.302.382.172.052.132.152.34

2.24

France(Paris)

Privatediscount

rate

3.503.503.503.382.912.702.572.362.112.082.101.992.002.002.03

1.89

Day-to-daymoney

5.154.23

3.623.763.202.281.931.931.781.851.681.652.011.60

1.74

Italy(Milan)

Privatediscount

rate

7.187.007.007.006.956.576.435.815.505.505.505.485.255.435.50

5.50

Bankers'allowance

on deposits

4 -ZVi334-3

33 -2H234-134

134

1111111

1

Germany (Berlin)

Privatediscount

rate

6.896.98

6.335.535.124.463.893.583.403.243.304.664.794.82

4.75

Austria (Vienna)

Privatediscount

rate

8 -8H7% -834734 -7%

6H -7346M6-6345^-65 -5344H -54H -4iM«4M6-4H4 -4H37A -4H4 -4344346-434

4H -456

4 -434

Moneyforl

month

9 -108?4-10834-934

7H-&A7 -86*4-7*46 34-7 H6^-76 -6346 -6H6 -6345?4-6345?4-634534-$345?4-6M534-634

Money for1 month

8.298.78

7.716.726.355.575.004.804.574.434.545.936.517.24

6.64

Day-to-daymoney

7.798.14

6.036.015.574.403.623.744.303.733.785.155.485.54

4.93

Hungary

Primecommer-cial paper

9 -10H834- 9M834- 9%7^-107 - 934

m- m634- SU5'A- 85H-85H- m5V2- 7H5H- 73453/4- 75%- 7H5?4- 7U

Day-to-daymoney

734-8634-7%7 -734

634-734534-6?4

5 -6344%-64H-8H434-5344^-5434-534434-5434-54^-5

Netherlands (Amster-dam)

Privatediscount

rate

4.263.52

2.992.802.502.522.291.891.851.831.961.691.311.39

1.38

Sweden(Stock-holm)

Loans upto 3

months

534-7534-7534-74^-64^-64 -6334-534334-534334-534334-5*43H-5^3 ^ - 5 ^334-534334-5^

334-5H

Money for1 month

4.173.87

2.852.942.613.082.531.931.851.631.841.481.291.86

1.55

Switzer-land

Privatediscount

rate

3.323.15

2.972.712.602.612.442.061.921.751.501.291.161.18

1.17

Japan (Tokyo)

Discountedbills

5.485.485.485.485.485.485.485.485.485.485.485.48

»• 5.48-5.665.48-5.665.48-5. 66

Callmoney

overnight

3.473.473.102.743.833.833.653.103.833.653.833.653.293.653.65

NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, andMay, 1930.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESSECURITY PRICES

flndex numbers except as otherwise specified]

Year and month

Number of issues

19261927192819291930

1926AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember



1929JanuaryFebruary _March..AprilMayJuneJulyAugustSeptemberOctoberNovember


1931January

UnitedStates

(averageprice)

60

97 098 998 795 798.3

96 997.397.397 097 297 097 097 697 8

97 998.198 499 099.198 498.498 899.399 699 7

100.0

100.3100 3100.5100 399.798 597.997.297.597.597.897.2

97.096.395.895.895.795.395.295 094.895.195 796.5

96 596.497.897.997.998.298.799.6

100 099.999.197.8

99.6

England(December1921=100)

87

110 0110.7112 3110.2111.8

110.1110.2110.2110.0110 2110.0110 2109.3109.3

111 3110.5110 3110.6110.6110.1110.3110.6110.7111 9110.6111.2

112.4112 3112.4113 7112.4112 4112.1112.1111.7112.3112.1112.1

113.4111.7111.1111.9110.4109.8109.3109 0108.9109.3108 5108.5

109 6110.1112.7112.7111.4110.0112.3111.9112 0113.1112.8112.5

112.8

Bonds

France(1913 average= 100)

52

57.471.782.8

57.256.454.354.656 656.658 360.262.8

66.065.471.073.972.772.172.272.673.172.372.776.8

80.480.280.381.381.884.383.784.984.984.483.884.1

86.084.584.585.586.687.5

35

85.195.8

83.681.881.783.084.284.884.684 886.986 687 791.6

97 596.395.895.595.395.895.796.696 495.494.794.1

95.7

Germany(average

price)

208

90.387.1

J>88.3

92.591.891.190.990.590.390.089.789.489.088.788.9

89.289.588.888.386.986.986.986 686.385.485 184.8

85 286.186.488.089.690.090.690.389 787.987.8

Common stocks

UnitedStates

(1926 aver-age =100)

404

100.0118.3149.9190.3149.8

92.993.297.2

100.0102.9104.3101.6103.1105.4

105.6107.9109.1111.1114.2115.4117.2122.0127.7126.7129.6133.1

134.4132.3137.9145.9152.1145.3144.2148.3156.6159.1171.1171.4

185.2186.5189.1186.6187.8190.7207.3218.1225.2201.7151.1153.8

156.3165.5172.4181.0170.5152.8149.3147.6148.8127.6116.7109.4

112.3

England(December1921=100)

278

133.1142.4154.3159.0136.6

128.7131.0133.6132.8135.4136.5134.5135.9135.7

138.5139.9139.0140.4141.6141.5142.0142.9144.2146.0145.9146.9

147.9147.7151.7154.7157.8152.7151.7154.2156.7158.7159.4158.8

163.4162.0161.1159.5157.4157.9162.0164.4165.4160.8147.0147.1

146.7146.3145.3147.9143.7135.5137.2131.0134.6127.0125.2118.5

119.2

France(1913 average=100)

288

233287416

207211229260254269259239232

255262280301293281291288292294290315-

345334368413419421397441451450467483

543548535518512491

300

506437

543548535518512491497501518489461463

496479478486462437440424425395378349

365

Germany(1924-1926average=

100)

329

109.0158.0148.4133.9109.2

96.094.7

100.7108.9119.4122.2134.2142.4141.9

162.7172.5167.5177.4170.1155.2160.2157.5151.9147.0133.2140.9

148.0144.3142.3148.4152.8153.9149.5149.2149.5147.4147.1148.7

146.6141.7141.1141.2135.4138.7135.7134.2132.4124.7119.8115.2

120.0120.6119.0122.2121.7116.4110.0103.3102.395.892.387.3

•SOURCES: United States—Standard Statistics Co., New York; description (and back figures) in Standard Statistics Bulletin, General Section,Base Book Issue for 1930-31 (pp. 63, 66, and 104). England—Bankers Magazine, London; description in issues for February, 1922 (p. 227) and February, 1923 (p. 251); back figures in current issues. France—Statistique Generate, Paris; description (and back figures) in Bulletin de la StatistiqueGenerale, for July, 1927 (pp. 390-397). Germany—Statisches Reichsamt, Berlin; description in Wirtschaft und Statistik, February, 1928 (p. 144)

~ "i January, 1929 (p. 62). »Preliminary.and (with back figures) January, 1929 (p. 62).



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedWHOLESALE PRICES—ALL COMMODITIES

r Revised.

Month

JanuaryFebruary _w _ _MarchApril _..MayJuneJuly. .AugustSeptemberOctober__November..December _

United States(1926=100)

1930

9392

1931

77

91 i91 ;8987 : .84 ;84 :84 :83 ,8078

• Canada(1926=100)

1930

' 9 59492

r 9 1

1931

77

9088868483818078

England(1913=100)

1930

131128125124122121119118116113112109

1931

107

France(1913=100)

1930

576567558548546540558560556552551

'541

1931

541

Germany(1913=100)

1930

132129126127126125125125123120120118

1931

115

Italv(1913=100)

1930

417408400396390382375379375364361350

1931

342

Japan(Oct.,

1900=100)

1930

201200196193189181177176172165162161

1931

158

Netherlands(1913=100)

1930

131

1931

iftK126122122118118115114112111110107

Month

1930—January _.June .JulyAugustSeptemberOctoberNovemberDecember

1931—January _

1930—JanuaryJune .JulyAugustSeptember..OctoberNovemberDecember..

1931—January _

1930—JanuaryJuneJulyAugustSeptemberOctoberNovemberDecember

1931—January __

WHOLESALE PRICES—GROUPS OF COMMODITIESUnited States (1926=100)

Allcom-modi-

ties

938784848483807877

Allcom-modi-

ties

131121119118116113112109107

Farmprod-ucts

1018983858583797574

Total

139127127126124121121116113

France

All com-modities

1

1

1

!r

57654055S560556552

541541

Foods

979186878989868280

Other commodities

Total

908684838382807978

Foods

Cereals

12911110810910599959288

Meatand fish

154135136138138136140134130

(1913 = 100)

Farm andfood

products

i

i512488540550562562570570580

Hidesand

leatherprod-ucts

105102101999997949189

Otherfoods

135137138134130131132126126

Industrialproducts

630587573568551543535516507

Textileprod-ucts

898280787674737271

Fueland

lightingmate-rials

807675757675727170

Metalsand

metalprod-ucts j

10195949392 !9 0 •:909089

England (1913=100)

Total

127117115113111109107105104

All com-modities

132125125125123120120118

Ironandsteel

115114113112112111110109109

Agricul-tural

products

1m\

122110115117114109112110107

Build-ing

mate-rials

969089878686868483

Chemi-cals and

drugs

938988878786858584

Housefurnish-

inggoods

979696969595959191

Industrial products

Coal

130117116116120121121121122

Otherminerals

andmetals

1109392919084858582

Cotton

Germany (1913 =

Provi-sions

115115114111108108108105102

Industrialraw and

semi-finishedproducts

128122119118116114113110108

141126123119113107107101100

= 100)

Wool

14512712412211911010610299

Miscel-laneous

797572717069686765

Non-agricul-

turalcom-modi-ties

918684848483817978

Othertextiles

12310498978987868684

Miscel-laneous

130126124122121120118115112

Industrial finished products

Total

156151151149148147145143142

Pro-ducers'goods

140138138138138137136135134

Con-sumers'goods

168161160158157154152149147

NOTE.—Original sources for the indexes are: United States—Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor;Canada—Prices and Price Indexes, Dominion Bureau of Statistics, Department of Trade and Commerce; England—Board of Trade Journal;France—Bulletin de la Statistique Generate de la France, Supplement Mensuel; Germany—Wirtschaft und Statistik, Statistisches Reichsamt;Italy—Bollettino Mensile di Statistica dell' Istituto Centrale di Statistica; Japan—Index Number of Average Monthly Wholesale Prices inTokyo, Bank of Japan; Netherlands—Maandschrift van het Centraal Bureau voor de Statistiek. Secondary sources and compilers of theseindexes are listed on page 124 of the BULLETIN for March, 1930. Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 werepublished in the BULLETIN for April, 1930, page 256. r Revised.


160 FEDERAL RESERVE BULLETIN MARCH, 193)

LAW DEPARTMENTCHANGE IN LAW WITH REGARD TO LOANS ON NOTES SECURED BY ADJUSTED-SERVICE

CERTIFICATES

By act of Congress passeed February 27,1931, section 502 of the World War adjustedcompensation act with reference to loans uponadjusted service certificates was amended so asto provide that the loan basis of such a certifi-cate shall at no time be less than 50 per cent ofits face value and also that the rate of intereston any such loan shall in no event exceed 4}£per cent per annum compounded annually.The Federal Reserve Board on March 2, 1931,amended its Regulation G governing the redis-count by Federal reserve banks of notes securedby adjusted service certificates so as to con-form to the law as thus amended. As has beenthe case in the past, in order to be eligible forrediscount at Federal reserve banks such notesmust comply in all respects with the require-ments of the World War adjusted compensationact and the regulations of the Administrator ofVeterans' Affairs, and for practical reasons suchnotes should be accompanied at the time of re-discount by such evidence as the Administratorof Veterans' Affairs would require if it shouldbecome necessary for the Federal reserve banksto present such notes to him for payment.

The Administrator of Veterans' Affairs hasalso amended his regulations with reference toloans on adjusted service certificates so as toconform to the provisions of the law as amendedand there are published below the text of theFederal Reserve Board's Regulation G asamended, the text of the amended regulationsof the Administrator of Veterans' Affairs re-garding loans by banks on adjusted service cer-tificates, and the text of sections 502 and 503of the World War adjusted compensation act,as amended. Section 502 was amended by theact of February 27, 1931, by the addition ofsubsections (1) and (m).

It will be noted that, as to all loans made onthe security of adjusted service certificates onand after February 27, 1931, the rate of interestmust not exceed (a) simple interest at a rate

not exceeding by more than 2 per cent perannum the rate charged at the date of the loanfor the discount of 90-day commercial paper bythe Federal reserve bank of the Federal reservedistrict in which the lending bank is located, or(6) 4% per cent per annum compounded annu-ally, whichever is the lower.

It will also be noted that the Administratorof Veterans' Affairs has prescribed in his regu-lations a new form of note which may be usedby banks in making loans on the security ofadjusted service certificates, containing a pro-vision that if the principal and interest are notpaid at maturity, the maker and all indorsersauthorize the holder at his option, evidencedby the holder's indorsement to that effect onthe note, to extend its maturity for a period ofone year and to repeat such extensions fromyear to year. The Federal Reserve Board'snew Regulation G contains a provision thatwhere there is such a provision for the extensionof maturity of a note from year to year at theoption of the holder evidenced by his indorse-ment thereon, the maturity of said note (afterthe first maturity stated therein) shall, for thepurpose of determining its eligibility for re-discount, be deemed to be that stated in thelatest extension indorsed thereon by the holder.The new form of note prescribed by the Ad-ministrator of Veterans' Affairs (United StatesVeterans' Bureau Form No. 6615-a) will, there-fore, be eligible for rediscount at a Federal re-serve bank whenever the maturity date statedin the latest extension indorsed on the note isnot more than nine months after the date ofrediscount, provided, of course, that the notecomplies in all other respects with the re-quirements of the law and of the regulations.Banks making loans on notes secured by ad-justed service certificates, which do not desireto preserve the eligibility of such notes forrediscount after the first maturity may properlyuse the same form (United States Veterans'



Bureau Form No. 6615) which has been usedheretofore for making loans on the security ofadjusted service certificates.

REGULATION G, SERIES OF 1931[Superseding Regulation G of 1928]

REDISCOUNT OF NOTES SECURED BY ADJUSTED-SERVICE CERTIFICATES

SECTION I.—Statutory provisions

Under the terms of the World War adjusted com-pensation act as amended, loans may lawfully be madeto veterans upon their adjusted service certificates onlyin accordance with the provisions of section 502 thereof.

Any national bank, or any bank or trust companyincorporated under the laws of any State, Territory,possession, or the District of Columbia is authorized,after the expiration of two years after the date of thecertificate, to loan to any veteran upon his promisorynote secured by his adjusted service certificate anyamount not in excess of the loan value of the certificate,which is (a) 50 per cent of the face value of the certifi-cate, or (b) the loan value stated on the face of thecertificate, whichever is the greater amount. The lawprovides that the rate of interest charged upon the loanby the lending bank shall not exceed by more than 2per cent per annum the rate charged at the date ofthe loan for the discount of 90-day commercial paperby the Federal reserve bank of the Federal reservedistrict in which the lending bank is located and, as toloans made on or after February 27, 1931, shall in noevent exceed 4% per cent per annum compoundedannually.

Upon the indorsement of any bank, which shall bedeemed a waiver of demand, notice and protest bysuch bank as to its own indorsement exclusively, andsubject to regulations to be prescribed by the FederalReserve Board, any such note secured by an adjustedservice certificate and held by a bank is made eligible forrediscount with the Federal reserve bank of the Federalreserve district in which such bank is located, whetheror not the bank offering the note for rediscount is amember of the Federal reserve system and whether ornot it acquired the note in the first instance from theveteran or acquired it by transfer upon the indorsementof any other bank; provided that at the time of redis-count such note has a maturity not in excess of ninemonths, exclusive of days of grace, and complies inall other respects with the provisions of the law, theregulations of the United States Veterans' Bureau, andthe regulations of the Federal Reserve Board.

SECTION II.—Definitions

Within the meaning of this regulation—(a) The term "the act" shall mean the World

War adjusted compensation act as amended;(b) The term "director" shall mean the Ad-

ministrator of Veterans7 Affairs, who has beenvested by law with the power and duties formerlyvested in the Director of the United StatesVeterans' Bureau;

(c) The term "certificate" shall mean an ad-justed service certificate issued under the pro-visions of section 501 of the World War adjustedcompensation act as amended;

(d) The term "veteran" shall mean any personto whom an adjusted service certificate has beenissued by the director under the provisions ofthe World War adjusted compensation act asamended;

(e) The term "bank" shall mean any nationalbank or any bank or trust company incorporatedunder the laws of any State, Territory, possession,or the District of Columbia;

(/) The term "note" shall mean a promissorynote secured by an adjusted service certificate andevidencing a loan made by a bank on the securityof such certificate in full compliance with the pro-visions of the World War adjusted compensationact as amended and the regulations of the Admin-istrator of Veterans' Affairs.

SECTION III.—Eligibility

In order to be eligible for rediscount at a Federalreserve bank, any such note must—

(a) Arise out of a loan made by a bank to aveteran in full compliance with the provisions ofthe act and of any regulation which the directormay prescribe;

(6) Be secured by the certificate issued to themaker, which certificate must accompany the note;

(c) Be held by the offering bank in its own rightat the time it is offered for rediscount;

(d) Be in the form approved by the director;(e) Have a maturity at the time of rediscount

not in excess of nine months, exclusive of daysof grace; provided, however, that when such notecontains, in the form approved by the director,a provision for the extension of the maturitythereof from year to year, at the option of theholder evidenced by his indorsement thereon, thematurity of said note (after the first maturitystated thereon) shall, for the purpose of determin-ing its eligibility for rediscount, be deemed to be



that stated in the latest extension indorsed thereonby the holder;

(/) Evidence a loan the amount of which doesnot exceed (a) 50 per cent of the face value of thecertificate or (6) the loan value stated on the faceof the certificate for the year in which such loanwas made, whichever amount is greater;

(g) Be payable with interest accruing after thedate of the note at a rate stated in the face of thenote, which rate must not exceed by more than 2per cent per annum the rate charged at the dateof the loan for the discount of 90-day commercialpaper by the Federal reserve bank of the Federalreserve district in which the lending bank islocated; provided, however, that, if the loan wasmade on or after February 27, 1931, the rate mustnot in any event exceed 4J per cent per annum,compounded annually;

(h) Bear the indorsement of the bank offeringit for rediscount, which indorsement shall bedeemed a waiver of demand, notice, and protestby such bank as to its own indorsement exclu-sively;

(i) Be accompanied by the evidence of eligibilityrequired by this regulation and such other evidenceof eligibility as may be required by the Federalreserve bank to which it is offered for rediscount;and

(j) Comply in all other respects with the re-quirements of the law and of this regulation.

SECTION IV.—Evidence of eligibility

(a) General.—The Federal reserve bank to which anote is offered for rediscount must be satisfied eitherby reference to the note itself or otherwise that theloan evidenced by the note or any sale, discount, orrediscount thereof complies in all respects with the pro-visions of section 502 of the act and that the note iseligible for rediscount by a Federal reserve bank underthe terms of the law and the provisions of this regu-lation.

(6) Affidavit of lending banks.—Any note offeredto a Federal reserve bank for rediscount must be accom-panied by the affidavit required by section 502 (h) ofthe act and the regulations of the director, in formapproved by the director, made by an officer of thebank which made the loan, before a notary public orother officer designated for the purpose by regulation ofthe director, stating that—

(1) Such bank has not charged or collected, orattempted to charge or collect, directly or indi-rectly, any fee or other compensation in respect ofany loan, made by such bank to any veteranunder section 502 of the act, except the interestauthorized by such section;

(2) The person who obtained the loan evi-denced by such note is known to be the veterannamed in the certificate securing such note;

(3) Such bank has notified the director that ithas made a loan to the veteran named in the certi-ficate, as required by the regulations of the direc-tor; and

(4) Such bank has notified the veteran by mailat his last known post-office address of any sale,discount, or rediscount of such note by such bank,as required by section 502 (b) of the act.

(c) Affidavit of other banks.—If such note is offeredfor rediscount by a bank other than the bank whichmade the loan thereon, it must also be accompanied byan affidavit of an officer of the offering bank and anaffidavit of an officer of each other bank which has sold,discounted, or rediscounted such note, which affidavitshall be in form approved by the director and shall statethat the bank of which the affiant is an officer haspromptly notified the veteran by mail at his lastknown post-office address of the sale, discount, or redis-count of such note by such bank, as required by section502 (b) of the act.

SECTION V.—Application for rediscount

Every application for the rediscount of such notesshall be made on a form approved by the Federal re-serve bank to which such note is offered and shall con-tain a certificate of the offering bank to the effect that,to the best of its knowledge and belief, such note aroseout of a loan made in full compliance with the provisionsof the act and the regulations of the director and iseligible for rediscount under the provisions of section502 of the act and of this regulation.

SECTION VI.—Proper bank for rediscount

No such note shall be rediscounted by any Federalreserve bank for any bank not located in its own Federalreserve district, except that such notes may be redis-counted by any Federal reserve bank for any otherFederal reserve bank.

SECTION VII.—Rate of rediscount

The rate of interest charged by any Federal reservebank on any such note rediscounted by it shall be thesame as that charged by it for the rediscount of 90-daynotes drawn for a commercial purpose, except that whensuch notes are rediscounted for another Federal reservebank the rate shall be that fixed by the Federal Re-serve Board.

SECTION VIII.—Rediscounts for nonmember banks

No Federal reserve bank shall rediscount such notesfor any nonmember bank until such bank has furnished



to the Federal reserve bank such information as it mayrequest in order to satisfy itself as to the condition ofsuch bank and the advisability of making the redis-count for it.

VETERANS ADMINISTRATION,UNITED STATES VETERANS' BUREAU

Washington, D. C, March 4, 1931.

Loans by banks on adjusted service certificates undersection 502 of the World War adjusted compensa-tion act.

4675. Certificates.—Adjusted service certificates aredated as of the 1st day of the month in which theapplications were filed, but no certificates are datedprior to January 1, 1925. Loans on the security ofsuch certificates may not be made before the expira-tion of two years after the date of the certificate. Thefact that a certificate is stamped or marked "duplicate"does not destroy its value as security for a loan.

4676. To whom loan may be made.—Only theveteran named in the certificate can lawfully obtain aloan on his adjusted service certificate and neither thebeneficiary nor any other person than the veteran hasany rights in this respect. The person to whom theloan is made must be known to the lending bank to bethe veteran named in the certificate securing such note.The consent of the beneficiary is not required, the actproviding that a loan on the security of the certificatemay be made "with or without the consent of thebeneficiary thereof." Loans may be made to veteransadjudged incompetent only through the guardians ofsuch veterans and pursuant to specific order of the courthaving jurisdiction. Certified copy of court order mustbe submitted if note be presented for redemption bythe United States Veterans' Bureau.

4677. By whom loans may be made.—Any nationalbank or any bank or trust company incorporated underthe laws of any State, Territory, possession, or theDistrict of Columbia, hereinafter referred to as any"bank," is authorized to loan to any veteran upon hispromissory note secured by his adjusted service certifi-cate and after two years from the effective date there-of, any amount not in excess of the loan value of thecertificate at the date the loan is made. Each certifi-cate contains on its face a table for determining theloan value of the certificate, but it is provided by amend-ment to the World War adjusted compensation actdated February 27, 1931, that the loan value of anycertificate shall at no time be less than 50 per cent ofthe face value. Upon the making of such loan, thelending bank shall promptly notify the bureau of thename of the veteran, the A number shown immediatelyafter the name, the number of the certificate, theamount, the rate of interest, and date of loan; however,this requirement may be waived by the director.

4678. Form of note.—The form of note used mmaking loans secured by adjusted service certificatesshould substantially follow United States Veterans'Bureau Form No. 6615 or 6615-a. United StatesVeterans' Bureau Form 6615-a is as follows:

19...$

One year after date I promise to pay to the order of ,dollars for value received, with interest after date until paid

[at the rate of per cent per annum, simple interest ]^at the rate of per cent per annum, compounded annually on thef[anniversary of the date of the note. j

This note is payable at the bank named above.If the principal and interest of this note are not paid at maturity, the

maker and all indorsers hereby authorize the holder, at his option, evi-denced by the holder's indorsement to that effect hereon, to extend thematurity of this note for a period of one year, and to repeat such extensionfrom year to year. Whenever the holder shall indorse an extension ofmaturity hereon, this note and all indorsements hereon shall remainin full force and effect according to their original tenor, except thatthe maturity of the note shall then be deemed for all purposes to be thatstated in the latest extension.

As collateral security for the prompt payment of this note I havedelivered to and do hereby pledge with the holder of this note my ad-justed service certificate No. dated , further identifiedby No. A This note may be sold, discounted, or rediscountedand the certificate pledged herewith may be transferred in accordancewith the provisions of the World War adjusted compensation act, asamended. If the principal and interest of this note are not paid at itsmaturity, any bank holding this note and certificate may, at any timeafter maturity of the loan, but not before the expiration of six monthsafter the loan was made, present this note and certificate to the Directorof the United States Veterans' Bureau in order to secure payment of thisloan, as provided in the World War adjusted compensation act, asamended.

(Signature of veteran)

(Please print or typewrite Name of veteranname and address of veteran Street address or route numberhere.) City or town and State

The form of indorsement used in accordance with the second paragraphof Form 6615-a should be substantially as follows:

The principal and interest of this note not having been paid at matur-ity, the maturity is hereby extended to

(Date of new maturity)

, Holder(Signature of holder)

4679. Interest charges.—The rate of interest whicha bank may charge upon such a loan shall not exceedby more than 2 per cent per annum the rate chargedat the date of the loan for the discount of 90-day com-mercial paper under section 13 of the Federal reserveact by the Federal reserve bank of the district in whichthe lending bank is located. As to all loans made on orafter February 27, 1931, the rate of interest must notexceed (a) simple interest at a rate 2 per cent above theFederal reserve discount rate of the district of the lend-ing bank, or (b) 4}£ per cent interest compounded an-nually, whichever is the lower. In no event shall therate of interest charged exceed the maximum legal rateestablished for the State, Territory, or possession of theUnited States in which the bank is located. When aloan is made by a bank located in a Territory or pos-session not embraced in any Federal reserve district,the highest rate charged by any Federal reserve bankat the date of the loan for the discount of 90-day com-mercial paper may be taken as the basis for establish-ing the rate of interest on loans made in such Territoryor possession. In no event may the rate of interestcharged on loans made subsequent to February 27,1931, exceed 4% per cent compounded annually. The



rates of interest charged on loans made outside thecontinental limits of the United States by a branch of abank whose head office is in the Federal reserve dis-trict are governed by the discount rate charged by theFederal reserve bank in which such head office islocated, provided, however, that in no event shall arate charged for any loan made on or after February27, 1931, exceed 4% per cent compounded annually.No charge, other than the interest charge providedherein, may be made by the lending bank, the act pro-viding, under penalty, that such bank shall not chargeor collect, or attempt to charge or collect directly orindirectly, any fee or other compensation in respect ofany loan made upon the security of an adjusted-service certificate except the interest authorized by law.Any violation of this provision will make the loanvoid. On notes containing option of extension in theform prescribed in section 4678 of these regulations,the interest rate may continue at the rate charged onthe date the loan was originally made.

4680. Sale or discount of note by holding bank.—Anybank holding a note secured by an adjusted servicecertificate may sell the note to any bank authorizedto make a loan to a veteran and deliver the certificateto such bank. In case a note secured by an adjustedservice certificate is sold or transferred, the bank selling,discounting, or rediscounting the note is required bylaw to notify the veteran promptly by mail at his lastknown post-office address. No adjusted servicecertificate is negotiable or assignable, or may serve assecurity for a loan, except as provided in section 502of the World War adjusted compensation act, asamended. Any negotiation, assignment, or loan madein violation of section 502 of the World War adjustedcompensation act is void. In case of sale, discountor rediscount by the bank which made the loan, thenote or notes should be accompanied by the affidavitrequired by paragraph 4685 of these regulations.

4681. Rediscounts with Federal reserve banks.—Upon the indorsement of any bank, which shall bedeemed a waiver of demand, notice and protest bysuch bank as to its own indorsement exclusively, andsubject to regulations to be prescribed by the FederalReserve Board, any such note secured by an adjustedservice certificate and held by a bank is made eligiblefor discount or rediscount by the Federal reserve bankof the Federal reserve district in which such bank islocated, wThether or not the bank offering the note fordiscount or rediscount is a member of the Federalreserve system and whether or not it acquired thenote in the first instance from the veteran or acquiredit by transfer upon the indorsement of any other bank;provided that at the time of discount or rediscountsuch note has a maturity not in excess of nine months,exclusive of days of grace, and complies in all otherrespects with the provisions of the law, the regulationsof the Federal Reserve Board and these regulations.

Redemption by bureau.4682. If the veteran does not pay the loan at its

maturity, the bank holding the note and certificatemay at any time after the maturity of the loan, butnot before the expiration of six months after the loan wasmade, present them to the director of the bureau. Thedirector may in his discretion accept the certificate andnote and pay the bank in full satisfaction of its claim,the amount of the unpaid principal due it, and theunpaid interest at the rate fixed in the note, up to thedate of the check issued to the bank.

4683. It will be the policy of the bureau to redeemall loans made in accordance with the law and regu-lations made pursuant thereto, when such loans aremade in good faith to the veteran to whom the certifi-cate was issued. If, while his certificate is held by abank as security for a loan, the veteran applies for theincreased loan value authorized by the amendment tothe World War adjusted compensation act dated Feb-ruary 27, 1931, whether or not the loan has matured,the veteran and the bank will be informed fully of theprovisions of this section and that the bank may makethe loan for the additional amount or, upon request ofthe veteran, may send the note and certificate to thedirector of the bureau. The director shall, if the loanwas legally made, accept such certificate and note, andpay to the bank in full satisfaction of its claim theamount of the unpaid principal due it and the unpaidinterest at the rate fixed in the note, up to the date ofthe check issued to the bank, or up to the date ofmaturity of the loan whichever is the later date. Ifthe loan has not matured the bank may waive itsright to interest up to date of maturity or any portionof such interest.

4684. If the veteran dies before the maturity of theloan, the amount of the unpaid principal and theunpaid interest accrued up to the date of his deathshall be immediately due and payable. In such case,or if the veteran dies on the day the loan matures orwithin six months thereafter, the bank holding thenote and certificate shall, upon notice of the death,present them to the director, who shall pay to thebank, in full satisfaction of its claim, the amount ofthe unpaid principal and unpaid interest, at the ratefixed in the note, accrued up to the date of the checkissued to the bank; except that if, prior to the payment,the bank is notified of the death by the director andfails to present the certificate and note to the directorwithin 15 days after the notice, such interest shall beonly up to the fifteenth day after such notice.

4685. In order to be eligible for redemption by thebureau, the note and certificate must be accompaniedby an affidavit of a duly authorized officer (the capacityin which the officer serves must be shown) of the lendingbank showing that the said bank has not charged orcollected, or attempted to charge or collect, directly orindirectly, any fee or other compensation in respect of



the loan, or any other loan made by the bank underthe provisions of section 502 of the World War adjustedcompensation act, except the rate of interest specifiedin the section of the act cited; that the person who ob-tained the loan is known to the lending bank to be theperson named in the adjusted service certificate; andthat notice required by paragraph 4677 of these regula-tions was promptly given. In case the note was sold ordiscounted by the lending bank, there should be incor-porated in the affidavit a statement that the veteranwas notified promptly of the transfer by mail to his lastknown address. In case the note was resold or redis-counted by any other bank, affidavit shall be made bya duly authorized officer of such bank that proper noticeof such resale or rediscount was promptly mailed to theveteran at his last known address. The proper execu-tion of the appropriate affidavit on Form No. 6615 willbe considered as a compliance with the requirementsof this paragraph. A single affidavit setting forth thefull particulars may be accepted to cover any num-ber of veterans' notes submitted for redemption at onetime. The affidavit must be executed before a judgeof the United States court, United States commissioner,United States district attorney, United States marshal,collector of internal revenue, collector of customs,United States postmaster, clerk of court of recordunder the seal of the court, an executive officer of anincorporated bank or trust company, under his officialdesignation and the seal of the bank or trust company,or a notary public under his seal, or a diplomatic or con-sular officer of the United States, under his official seal.

SECTIONS 502 AND 503 OF THE WORLD WARADJUSTED COMPENSATION ACT, AS AMENDED

LOAN PRIVILEGES

SEC. 502. (a) A loan may be made to a veteranupon his adjusted service certificate only in accordancewith the provisions of this section.

(b) Any national bank, or any bank or trust com-pany incorporated under the laws of any State, Terri-tory, possession, or the District of Columbia (herein-after in this section called "bank") , is authorized, afterthe expiration of two years after the date of the certifi-cate, to loan to any veteran upon his promissory notesecured by his adjusted service certificate (with or with-out the consent of the beneficiary thereof) any amountnot in excess of the loan basis (as defined in subdivision(g) of this section) of the certificate. The rate of inter-est charged upon the loan by the bank shall not exceed,by more than 2 per centum per annum, the rate chargedat the date of the loan for the discount of 90-day com-mercial paper under section 13 of the Federal ReserveAct by the Federal reserve bank for the Federal reservedistrict in which the bank is located. Any bank holdinga note for a loan under this section secured by a certifi-cate (whether the bank originally making the loan or abank to which the note and certificate have been trans-ferred) may sell the note to, or discount or rediscountit with, any bank authorized to make a loan to a veteranunder this section and transfer the certificate to such

bank.' Upon the indorsement of any bank, whichshall be deemed a waiver of demand, notice, and protestby such bank as to its own indorsement exclusively,and subject to regulations to be prescribed by theFederal Reserve Board, any such note secured by acertificate and held by a bank shall be eligible fordiscount or rediscount by the Federal reserve bankfor the Federal reserve district in which the bank islocated. Such note shall be eligible for discount orrediscount whether or not the bank offering the notefor discount or rediscount is a member of the FederalReserve System and whether or not it acquired thenote in the first instance from the veteran or acquiredit by transfer upon the indorsement of any other bank.Such note shall not be eligible for discount or rediscountunless it has at the time of discount or rediscount amaturity not in excess of nine months exclusive of daysof grace. The rate of interest charged by the Federalreserve bank shall be the same as that charged by it forthe discount or rediscount of 90-day notes drawn forcommercial purposes. The Federal Reserve Board isauthorized to permit, or on the affirmative vote of atleast five members of the Federal Reserve Board torequire, a Federal reserve bank to rediscount, for anyother Federal reserve bank, notes secured by a certifi-cate. The rate of interest for such rediscounts shallbe fixed by the Federal Reserve Board. In case thenote is sold, discounted, or rediscounted the bankmaking the transfer shall promptly notify the veteranby mail at his last known post-office address.

(c) If the veteran does not pay the principal andinterest of the loan upon its maturity, the bank holdingthe note and certificate may, at any time after maturityof the loan but not before the expiration of six monthsafter the loan was made, present them to the Director.The Director may, in his discretion, accept the certifi-cate and note, cancel the note (but not the certificate),and pay the bank, in full satisfaction of its claim, theamount of the unpaid principal due it, and the unpaidinterest accrued, at the rate fixed in the note, up to thedate of the check issued to the bank. The Directorshall restore to the veteran, at any time prior to itsmaturity, any certificate so accepted, upon receiptfrom him of an amount equal to the sum of (1) theamount paid by the United States to the bank incancellation of his note, plus (2) interest on suchamount from the time of such payment to the date ofsuch receipt, at 6 per centum per annum, compoundedannually.

(d) If the veteran fails to redeem his certificate fromthe Director before its maturity, or before the death ofthe veteran, the Director shall deduct from the facevalue of the certificate (as determined in section 501)an amount equal to the sum of (1) the amount paid bythe United States to the bank on account of the note ofthe veteran, plus (2) interest on such amount from thetime of such payment to the date of maturity of thecertificate or of the death of the veteran, at the rate of6 per centum per annum, compounded annually, andshall pay the remainder in accordance with the pro-visions of section 501.

(e) If the veteran dies before the maturity of theloan, the amount of the unpaid principal and the un-paid interest accrued up to the date of his death shall beimmediately due and payable. In such case, or if theveteran dies on the day the loan matures or within sixmonths thereafter, the bank holding the note and certifi-cate shall, upon notice of the death, present them to theDirector, who shall thereupon cancel the note (but notthe certificate) and pay to the bank, in full satisfactionof its claim, the amount of the unpaid principal and



unpaid interest, at the rate fixed in the note, accruedup to the date of the check issued to the bank; exceptthat if, prior to the payment, the bank is notified ofthe death by the Director and fails to present the certifi-cate and note to the Director within fifteen days afterthe notice, such interest shall be only up to the fifteenthday after such notice. The Director shall deduct theamount so paid from the face value (as determinedunder section 501) of the certificate and pay the re-mainder in accordance with the provisions of section 501.

(f) If the veteran has not died before the maturity ofthe certificate, and has failed to pay his note to thebank or the Federal reserve bank holding the note andcertificate, such bank shall, at the maturity of thecertificate, present the note and certificate to theDirector, who shall thereupon cancel the note (but notthe certificate) and pay to the bank, in full satisfactionof its claim, the amount of the unpaid principal andunpaid interest, at the rate fixed in the note, accruedup to the date of the maturity of the certificate. TheDirector shall deduct the amount so paid from the facevalue (as determined in section 501) of the certificateand pay the remainder in accordance with the pro-visions of section 501.

(g) The loan basis of any certificate at any timeshall, for the purpose of this section, be an amountwhich is not in excess of 90 per centum of the reservevalue of the certificate on the last day of the currentcertificate year. The reserve value of a certificate onthe last day of any certificate year shall be the full re-serve required on such certificate, based on an annuallevel net premium for twenty years and calculated inaccordance with the American Experience Table ofMortality and interest at 4 per centum per annum,compounded annually.

(h) No payment upon any note shall be made underthis section by the Director to any bank, unless thenote when presented to him is accompanied by an affi-davit made by an officer of the bank which made theloan, before a notary public or other officer designatedfor the purpose by regulation of the Director, andstating that such bank has not charged or collected, orattempted to charge or collect, directly or indirectly,any fee or other compensation (except interest as au-thorized by this section) in respect of any loan madeunder this section by the bank to a veteran. Any bankwhich, or director, officer, or employee thereof who,does so charge, collect, or attempt to charge or collectany such fee or compensation, shall be liable to theveteran for a penalty of $100, to be recovered in a civilsuit brought by the veteran. The Director shall uponrequest of any bank or veteran furnish a blank form forsuch affidavit.

(i) The Director of the United States Veterans'Bureau is authorized, through such officers and at suchregional offices, suboffices, and hospitals of the UnitedStates Veterans' Bureau as he may designate, and outof the United States Government life insurance fundestablished by section 17 of the World War Veterans'Act, 1924, as amended, to make loans to veterans upontheir adjusted service certificates in the same amountsand upon the same terms and conditions as are applica-ble in the case of loans made under this section by a

bank, and the provisions of this section shall be appli-cable to such loans; except that the rate of interest shallbe 2 per centum per annum more than the rate chargedat the date of the loan for the discount of ninety-daycommercial paper under section 13 of the Federal Re-serve Act by the Federal reserve bank for the Federalreserve district in which is located the regional office,suboffice, or hospital of the United States Veterans'Bureau at which the loan is made, but in no event shallthe rate of interest exceed 6 per centum per annum.

(j) For the purpose of enabling the director to makesuch loans out of the United States Government lifeinsurance fund the Secretary of the Treasury is author-ized to loan not exceeding $25,000,000 to such fund withinterest at the rate of 4 per centum per annum (begin-ning on the date the check for each amount loaned toa veteran is paid by the Treasurer of the United States),compounded annually, on the security of bonds held insuch fund.

(k) The disbursing officers of the United StatesVeterans' Bureau shall be allowed credit in theiraccounts for all loans made in accordance with regula-tions and instructions of the director.

(1) For the purpose of this section the loan basis pro-vided in subdivision (g) shall at no time be less than 50per centum of the face value of the certificate, and inno event shall the rate of interest on any loan madeafter this subdivision takes effect exceed 4 ^ per centumper annum, compounded annually. If at the time ofapplication to the Administrator of Veterans' Affairsfor a loan the principal and interest on or in respect ofany prior loan under this section have not been paid infull by the veteran (whether or not the loan hasmatured), then, on request of the veteran, the Ad-ministrator shall (1) pay or otherwise discharge suchunpaid principal and so much of such unpaid interest(accrued or to accrue) as is necessary to make thecertificate available for use as security for the newloan and (2) deduct the same from the then existingloan basis of the certificate.

(m) Loans made by the Administrator of Veterans'Affairs under this section may at his option be madeout of the United States Government life insurancefund, or out of the Adjusted Service Certificate Fundcreated under section 505.

SEC. 503. No certificate issued or right conferredunder the provisions of this title shall, except as pro-vided in section 502, be negotiable or assignable orserve as security for a loan. Any negotiation, assign-ment, or loan made in violation of any provision ofthis section shall be held void. If any person is namedas beneficiary by the veteran as a consideration for themaking of a loan to the veteran by such person or anyother person, such naming shall be void. Any personwho accepts an assignment of a certificate or receives acertificate as security for a loan contrary to the pro-visions of this title, or who makes a loan to a veteran inconsideration of the naming by the veteran of suchperson or any other person as beneficiary, shall beguilty of a misdemeanor and shall upon convictionthereof be fined not more than $500 or imprisoned notmore than one year, or both.



DETAILED FEDERAL RESERVE STATISTICS, ETC.

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVENOTE STATEMENT


RESOURCES

O old with Federal reserve agents _ _ _Gold redemption fund with United States Treasury..

Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve Board . . __ .__ __ - _ .Gold and gold certificates held by banks

Total gold reservesReserves other than gold

Total reserves __ __ __ - . . __Nonreserve cash

Bills discounted 1

Bills bought:OutrightUnder resale agreement._ _.

Total bills boughtUnited States securities:

Bought outright2

Under resale agreement ._

Total United States securities. __.Other reserve bank credit:

Other securitiesDue from foreign banksReserve bank float3

Total reserve bank credit outstanding __

Federal reserve notes of other reserve banks. _. _. _ _ . _. ._TTnnnllftcted itarns not included in floatBank premises . . . _ __All other resources

Total resourcesLIABILITIES

Federal reserve notes:Held by other Federal reserve banksOutside Federal reserve banks

Total notes in circulationDeposits:

Member bank—reserve accountGovernmentForeign bank _Other deposits ._ __. _._ ._

Total deposits..

Deferred availability itemsCapital paid in _ _, _ __SurplusAll other liabilities

Total liabilitiesContingent liability on bills purchased for foreign correspondents

FEDERAL RESERVE NOTE STATEMENTFederal reserve notes:

Issued to Federal reserve banks by Federal reserve agentsHeld by Federal reserve banks 4

In actual circulation __Collateral held by agents as security for notes issued to banks:

GoldEligible paper.

Total collateral

1931

Feb. 28

1, 709, 38433, 662

1, 743. 046473, 690853, 633

3, 070, 369173, 760

3, 244,12971,137

197, 563

108, 395578

108, 973

599, 463

599,463

69918, 806

925, 504

15, 874475, 522

58,19219, 529

4, 809, 887

15, 8741, 462, 248

1, 478,122

2, 343, 37333, 136

5, 19317, 494

2, 399, 196

475, 522169, 131274, 636

13, 280

4, 809, 887456, 038

1, 870, 232392,110

1,478,122

1, 709, 384265, 365

1, 974, 749

J a n . 3 1

1, 788, 65934,844

1, 823, 503421, 666816, 935

3, 062,104180,405

3, 242, 50977,181

231, 728

124,0001,384

125, 384

609,920

609,920

70112,328

980,061

22,648403,156

58,03518, 624

4, 802, 214

22, 6481,471,491

1,494,139

2, 397, 52326, 7735,753

18,378

2, 448,427

403,156169,493274,636

12, 363

4, 802, 214447,444

1, 974,999480, 860

1,494,139

1, 788, 659303, 702

2,092, 361

1930

Feb. 28

1, 619,40554, 297

1, 673, 702646,153644, 884

2,964, 739186,287

3,151,02660,874

352,917

233,08937,161

270, 250

477,0442,890

479, 934

13,080721

23,317

1,140, 219

24,721583,197

58,41914, 861

5, 033, 317

24, 7211, 631, 255

1, 655,976

2, 260,13042,2896,638

18, 385

2, 327,442

583,197171,841276,936

17,925

5,033,317502,969

2,027,350371,374

1, 655, 976

1, 619,405594, 683

2, 214, 088

1 Includes bills discounted for Federal intermediate credit bank as follows: Latest month, none; month ago, none; year ago, $250,000and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $43,000; month ago, $50,000; year ago,$21,000.

2 Includes bills payable in foreign correncies as follows: Latest month, $23,958,000; month ago, $36,119,000; year ago, $1,038,000.3 Uncollected items in excess of deferred availability items.« Excludes "Federal reserve notes of other Federal reservice banks" which are consequently included in actual circulation.



EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTESTATEMENT

[In thousands of dollars. Figures are for Feb. 28, 1931]

EESOUItCES

Gold with Federal reserveagents

Gold redemption fund withU. S. Treasury '_.

Total Boston

1,709,384! 144,917

33,662;! 1,:

Gold held exclusively |against Federal reserve inotes _ I

Gold settlement fund with |Federal Reserve Board...____|

Gold and gold certificates held jby banks

Total gold reserves \

Reserves other than gold.

1,743,046' 146,205

473,690; i 26,204

853, 633 | 35, 221

NewYork

Phila-delphia

366,919

13,600

160,000

1,235

380,5191

171, 844

534, 786

Cleve-land

192,550

2,659

161,235 195,209

38,604

30, 356

3,070,369! 207,630173,760|! 16, r—

48,062

67,961

Total reserves,.Nonreserve cash

|-3,244,129!: 223,718

71,137 ! 8, 320

Bills discounted:Secured by U. S. Govern-

ment obligations __.Other bills discounted

Total bills discounted

Biils boughtU. S. Government securities:

BondsTreasury notesCertificates and bills

Total U. S. Governmentsecurities

62, 987 i 4,145134, 576! i 7,447

197, 563 i 11,592108,973 i 8, 397

75,722168, 334355,407 i

1,087,149!48, 076J

230,195 311,23211,024 13,899

1,135,225!

16, 598;241, 219

3f-

16, 670'24, 379;

8,64316, 254

41, 049j37,4891

24, 8972,372

1,82011,91632, 817

,99,463 I 46, 553

Total bills and securities..Due from foreign banksFederal reserve notes of other

Federal reserve banksUncollected itemsBank premisesAll other resources

905,999||

15,874:494,3281:

58,192 j19, 529 !

Total resources..

LIABILITIES

4,809,887

I

Federal reserve notes in actual 'circulation |

Deposits: iMember bank—reserve ac- ;

count |Government iForeign bankOther deposits

1,478,122

66,54253

29054,2423,458

227

356,850

126, 335

Total depositsDeferred availability itemsCapital paid inSurplusAll other liabilities

Total liabilities...Reserve ratio (per cent).

FEDERAL RESERVE NOTESTATEMENT

Federal reserve notes:Issued to F. R. banks by

F. R. agentHeld by F. R. banks 0 ) . . .

In actual circulationCollateral held by agent as

security for notes issued tobank:

GoldEligible paper

2, 343, 373 j 139,86533,136 1 3,2495,193! 432

17,494(1 19

30,179;

41,140!112, 609i

1,35317,11032,101

183,928! 50, 564

262,466!228;

3, 6751

137, 492:15, 240:7, 024 i

77, 83369

39839. 798

2,614467

1, 577,948" 366,381

275,197^ 143,081

1,004,578, 139,7308,222! 1,2011,332: 5708, 771 j 216'

325,1314,342

Rich-mond Atlanta Chicago

84,080; 133,900

1,027 1,113

85,107

15, 508

5,318

135,013

13, 359

7,596

105,93310, 823

155,9688,458

116, 7564,892J

164,4264,825

8, 543|10, 519|

1, 525,15,962

19, 062!10, 217!

39217, 813

17,4871, 782|

18, 2056,693

1,161:22,433 !

34, 765;

1, 531j4,364i

11, 366

58,359; 17,261

87, 638!71 \

935!42, 812:

7,066!

1,279,

36, 53028

1,45335, 7."

3, 3651,168

469,274| 199,976

182, 885; 82,956

191,665| 59,9244, 217i

581!1,691J

2253,8993,602

7,726

32, 62425

1,16417,3022, 5733,951

St.Louis

191,000 74,880

4, 032 1, 551

195,032

84, 969

96,124

76,431

16, 497

11,016

376,12521,636

103, 94411, 743

397, 7619,870

7,03110, 842

17,87313, 507

22,19116, 50343,150

81, 844

115, 6875,019

Minne-apolis

47,025

481

47, 506

10,186

6,312

64,0045,064

69,068i r ~

3, 810!5,803

9,6135,378

69212,05811,401

24,151

4143,449

3,8633,251

5,1117,915

13,113

26,139

113,224195

2,97461,133!8, 0611

1, 343!

39,14225

80919,692|3,635j1,820|

33,25316

8219,7541,926

541

226,890 594,461 j 185,829 117,065

129, 724

58,9783,917 2,156

20751I 335

2,399,196 I 143,565475,522.1 53,595169,131!! 11,862|274,636' 21,299

13,280:! 194

4,883.7

i 356,850

1,870, 232 152,185392,110 25,850

1,022,903! 141,717, 198,154J130, 640! 37,498, 42,427,65,678! 16,778' 15,795!

80,575i 27,065' 28,971!2,955i 242: 1,042;

64,12234,257J

5,750i12,114

777J

1,577,9481 366,381! 469,274 199,97687. 5! 84. 7! 85.3; 79.4

396,595i 168,4841 214,098i 94,974121,398! 25,403! 31,213; 12,018

1,478,1221; 126,335 275,197; 143,081; 182,885i 82,956

1, 709, 384265, 365

j ;

144,917! 366,9191 160, 000J 192, 550| 84,08018,192 59,219 23,121: 26,667: 18,201

! ! i

61,67617,3805,257

10,8571,

150, 573: 78,451

319,111!3,202,777388

323,47858,30720, 03739, 9362,130

226,85.

594,461

154,44124, 717

129,724

133,90023,141

202,36051, 787

150,573

191,00028,074

67,8931,300

201324

48, 026

46,7761,220

132!79'

Kansas!City I

JD a l l a s I

J SanFran-cisco

67, OOO:

1,414;

6,350' 220,763

779j 4,483

II

68,414!

14, 515!

14,031;

I

27,129; 225,246

13,507 20,435

4,879; 40,033

96,960',7,682i

45,515| 285,7148,498j 10, 769

104,642!

2,024!54,013i 296,483-

3, 330, 6,248

8821 163. 10,76910, 648| 7,049| 4,411

11, 5305,516

7,212 15,1803, 279 11,092

679 10,380! 4008,766| 5,015' 17,215

24,5831 14,042: 21,858

34,028 29,437! 39,473

51,074i 39,928i 65,74520: 21! 48

1,248! 4011 1,70626, 300; 17,929! 32,090

3,8031 1,830j 4,621272| 883: 554

189,383| 118,335: 407,495

16,415! 26,844; 167,635

82,58411, 679!

167|264|

58,414) 173,8551,4551 1, 318

173j 39128! 5,328

69, 71820,887

4,871f10, 562!

1,340|

48,207i9,815;3,053'7,144!

820!

84, 694'24,896!4,255!8, 702i

4211

60,07017,4744,3308,936

180,89228, 34611,46518,475

682

78.1185,829 117,065; 189,383; 118,3351 407,495

71.8! >9.2| 62.1 85.1

87,081! 52,755 77,526! 32,271!4,729 11,111; 5,427

78,451 48,026

47,0256,022

237,46269,827

66,4151 26,844 167,635

1

67,000! 26,350| 220,76315,876j 9,164 24, 388

1 Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation."



CHANGES IN MEMBERSHIP

On February 20, 1931, there were 7,969 active mem-ber banks in tne Federal reserve system, including6,968 national banks and 1,001 State bank members.Below are given all changes, except suspensions andinsolvencies, between January 21, and February 20,affecting the list of active member banks.

I CHANGES jDate | (" Consolidations" shown below include "absorp- I

i tions," "mergers," etc.) ICapital

i DISTRICT N O . 1—BOSTONI !

Jan. 21 ! National Bank of Commerce, Providence, Ii. I., Ii title changed to National Bank of Commerce & :i Trust Co. i

Feb. 14 i First National Bank, Manchester, N. H ! $150,000i Voluntary liquidation; terminal.

Feb. 16 | First National Bank, West Newton, Mass j 100,000; Newton Trust Co., member i 1,000,000; Consolidated under charter and title of New- j

ton Trust Co., member 1,000,000

I

DateCHANGES

(" Consolidations" shown below include "absorp-tions," "mergers," etc.)

' DISTRICT N O . 2—NEW YORK ;

Jan. 23 I Marine Trust Co., Buffalo, N. Y., member |i Commercial Trust Co., nonmember \• Consolidated under charter and title of the !: Marine Trust Co., member '

Jan. 29 ; National Bank of Argyle, Argyle, N. Y i; Primary organization. !

Jan. 31 Le Roy National Bank, Le Roy, N. Y !

Bank of Le Roy, nonmember .\ Consolidated under charter and title of Bank

of Le Roy, nonmember :Jan. 31 ; Columbus National Bank, Paterson, N. J

: Second National BankI Consolidated under charter and title of Sec-1 ond National Bank

Feb. 20 ! First National Bank & Trust Co., Middletown,i N. Y: Merchants National Bank

Consolidated under new charter and title ofFirst Merchants National Bank & Trust

: Co

Jan. 29

Feb. 6

Feb. 11

Dec. 31

Nov. 29 2

10,000, 0001, 250, 000

10,000,00040,000

100,000100,000

100, 000200, 000750,000

750,000

100,000200,000

Dec. 4 i

Jan. 30

Jan. 28

Feb. 4

DISTRICT N O . 3—PHILADELPHIA

West Shore National Bank, Lemoyne, PaPrimary organization.

Miners National Bank, Nanticoke, PaConversion of Miners Trust Co., member

Pine Grove National Bank, Pine Grove, Pa., titlechanged to Pine Grove National Bank & TrustCo.

American Bank & Trust Co., Hazleton, Pa.,; member ij City Bank & Trust Co., nonmember !: Consolidated under new charter and title of iI American Bank & Trust Co., nonmember. j

i DISTRICT N O . 4—CLEVELAND j

Nov. 241! Citizens National Bank, Monessen, Pa ji First National Bank & Trust Co I! Consolidated under charter and title of First [j National Bank & Trust Co

Jan. 27 { Kentucky National Bank, Catlettsburg, Ky II Farmers & Merchants Bank, nonmember |{ Consolidated under charter of Farmers & j

Merchants Bank and title of KentuckyFarmers Bank, nonmember-.

Peoples Savings & Banking Co., Barberton,Ohio, member, title changed to First-City Sav-ings Bank.

First City Trust & Saving Bank, Akron, Ohio, jmember '•

Ohio State Bank & Trust Co., nonmember 'Consolidated under charter and title of First j

City Trust & Savings Bank, member ,Merchants State Bank, New Philadelphia, Ohio, j

member ILiquidation. \

Marine National Bank, Ashtabula, Ohio JSucceeded by Marine Savings Bank Co., j

nonmember. !Broadway National Bank, Scottsdale, Pa !First National Bank :

Consolidated under charter and title of First !National Bank i

Jan. 30

Jan. 31

Jan. 31

Feb. 6

Feb. 6

250,000

100,000

300,000300,000

400,000125,000

100,000160,000

160,00075,00050,000

50,000

3, 500,0001,000,000

3, 750,000

150,000

100,000

50,00050,000

50,000

Dec. 31

iJan. 19i

Feb. 12

Jan. 19

DISTRICT^NO. 5—RICHMOND

Union National Bank, Lenoir, N. CSuccession to First National Bank which

closed Dec. 17, 1930.First National Bank, Clendenin, W. VaFarmers & Citizens State Bank, nonmember

Consolidated under charter and title of Farm-ers & Citizens State Bank, nonmember

Bank of Romney, Romney, W. VaAdmitted to membership.

Peoples National Bank of Gate City, VaSucceeded by Peoples National Bank in Gate

City

Capital

Jan.

Feb.

Feb.

Feb.

Feb.

Feb.

Feb.

Feb.

Feb.

Jan.

Jan.

Jan.

Jan.

22

2

2

4

7

7

13

14

14

16*

201

24

27

DISTRICT N O . 6.—ATLANTA

First National Bank, Carrollton, Ga iPeoples Bank, member ]

Consolidated under charter and title of jPeoples Bank, member j

City National Bank, Knoxville, Tenn jEast Tennessee National Bank j

Consolidated under charter and title of EastTennessee National Bank

First National Bank, Newville, AlaFarmers State Bank, nonmember

Consolidated under charter and title ofFarmers State Bank, nonmember

First National Bank, McComb City, MissResumed business.

DISTRICT N O . 7—CITICAGO

First National Bank, Paris, 111 jAbsorbed by Edgar County National Bank

& Trust Co. and Citizens National Bank.First National Bank, Cuba, 111State Bank of Cuba, nonmember

Consolidated under charter and title of State jBank of Cuba, member !

American Trust Co., South Bend, Ind., member.;La Salle State Bank, nonmember... i

Consolidated under charter and title of Amer- ;ican Trust Co., member :

First National Bank, Stonington, 111 jFarmers State Bank, nonmember ]

Consolidated under charter of Farmers State jBank and title of First State Bank, non- jmember !

Citizens National Bank, Cheboygan, MichPrimary organization.

Strauss National Bank & Trust Co., Chicago, Ill-Franklin Trust & Savings Bank, nonmember

Consolidated under charter and title of StraussNational Bank

First National Bank, St. Clair Shores, MichLake Shore State Bank, nonmember

Consolidated under charter and title of FirstNational Bank

Farmers* Merchants National Bank,Roseville,Ill.National Bank of Monmouth, Monmouth, 111

Consolidated under the charter and title ofthe National Bank of Monmouth..

Irving Park National Bank, Chicago, 111Portage Park National BankInland Trust & Savings Bank, nonmember

Consolidated under the charter of Irving ParkNational Bank and title of Inland-IrvingNational Bank

Fenton State Savings Bank, Fenton, Mich,.member

Commercial State Savings Bank, memberConsolidated under charter of Commercial

State Savings Bank and title of StateSavings Bank, member..

DISTRICT N O . 8—ST. LOUIS

Peoples Savings Bank & Trust Co., Halls, Tenn.Bank of Halls, Halls, Tenn., nonmember

Consolidated under charter and title of Bankof Halls, nonmember

Federal Bank & Trust Co., Little Rock, ArkVoluntary liquidation.

First National Bank, Corinth, MissResumed business.

Phillips National Bank, Helena, Ark.__Succession to Merchants & Planters Bank,

nonmember, which closed Nov. 17, 1930.

$150,000

25,000100,000

100,000100,000

25,000

50,000

100,00060,000

60,0001,000,0001.000,000

1,000,00025, 00025,000

25, 00050,000

150, 000

50,00050,000

50,000500,00050,000

500,00050,00025,000

25,00050,000

1, 000,000200,000

1,000,00050,00050,000

50,00050,000200,000

200,000300,000300.. 000300,000

525,000

25, 00050,000

50,000

25,00070,000

70,000200,000

100,000

100,000



Date

Jan.Feb.

Feb.

Feb.

Feb.

Feb.

Feb.

31

2

10

16

11

17

20

CHANGES(" Consolidations" shown below include "absorp-

tions," "mergers," etc.)

DISTRICT NO. 8—ST. LOUIS—Continued

Bank of Marvell, Marvell, ArkResumed business.

First National Bank, Smithton, 111Conversion of First State Bank of Smithton,

nonmember.Greenwood Bank & Trust Co., Greenwood, Miss.

Resumed business.Citizens Bank, Festus, Mo

Voluntary withdrawal.First National Bank, Blytheville, Ark

Resumed business.First National Bank, Pontotoc, Miss.

Resumed business.First National Bank, Harrison, Ark

Restored to solvency and immediately soldto a State bank.

DISTRICT NO. 9.—MINNEAPOLISNov. 171 National Bank of Gary, Gary, S. Dak

j First National BankConsolidated under charter and title of FirstNational Bank

Jan. 101 Fergus Falls National Bank, Fergus Falls, Minn.,j title changed to Fereus Falls National Bank &

Trust Co.Jan. 19i

Jan. 19i

Jan. 2i

Jan.12 i

Jan.Jan.

Jan.

131

14

22

Jan. 26

Jan. 27

Feb. 3

Feb. 16

Feb. 20

Jan. 2i

Jan. 15i

Jan. 20i

First National Bank, Kenmore, N. DakKenmore National Bank

Consolidated under charter and title of theKenmore National Bank

National Bank of Lewistown, MontState Bank of Moore, Mont., nonmember

Consolidated under charter and title of Na-tional Bank of Lewistown, Mont

DISTRICT NO. 10—KANSAS CITYLiberty National Bank, Weatherford, OklaCorn State Bank, nonmember

Consolidated under charter and title ofLiberty National Bank

American National Bank, Pryor, OklaFirst State Bank, Strang, Okla., nonmember

Consolidated under charter and title of Ameri-can National Bank, Pryor, Okla

Citizens National Bank, Boulder, ColoVoluntary liquidation.

First National Bank, Windsor, ColoFarmers Bank, Severance, Colo., nonmember.._

Consolidated under charter and title of FirstNational Bank, Windsor, Colo

First National Bank, Ralston, OklaBank of Commerce, nonmember

Consolidated under charter of Bank of Com-merce and title of First Bank of Commerce,nonmember

First National Bank, Prague, OklaFirst State Bank nonmember

Consolidated under charter and title of FirstNational Bank _. _ _

City National Bank, York, NebrBank of Commerce, nonmember

Consolidated under charter and title of CityNational Bank

First National Bank, Marietta, OklaMarietta National Bank


Citizens National Bank, Pawhuska, OklaFirst National Bank

Consolidated under new charter and title ofCitizens-First National Bank

First National Bank, Haxtun, ColoFarmers State Bank, Haxtun, Colo., nonmember_

Consolidated under charter and title of Far-mers State Bank, nonmember

DISTRICT NO. 11—DALLASClyde National Bank, Clyde, TexFirst State Bank, nonmember...

Consolidated under charter and title of ClydeNational Bank _'

First National Bank, Mart, TexFirst State Bank, Otto, Tex., nonmember

Consolidated under charter and title of FirstNational Bank, Mart, Tex

Atlanta National Bank, Atlanta, TexFarmers State Bank, nonmember

Consolidated under charter and title ofAtlanta National Bank

Capital

$50,000

25,000

200,000

35,000

150,000

125,000

25, 000

25,00025,000

25,000

25,00025,000

25,000150,00025,000

150, 000

50.00010,000

50, 00025, 00010,000

25, 000100,000

40,00010,000

40,00025, 00010,000

25,00025, 00010,000

25,000100,00050, 000

100,00050,00060,000

50, 000160,000100,000

100, 00050, 00025, 000

25, 000

25,00025, 000

25, 00050,00020,000

50,00050, 00025,000

50, 000

Date

Jan. 22

Jan. 23

Jan. 23

Jan. 31

Feb. 4

Feb. 12

Jan. 2

Jan. 2

Jan. 24

Jan. 29

Jan. 21

Jan. 31

Feb. 9

CHANGES(" Consolidations" shown below include "absorp-

tions," "mergers," etc.)

DISTRICT N O . 11—DALLAS—Continued

Farmers & Merchants National Bank, De Leon,Tex

Security State Bank, nonmemberConsolidated under charter and title of

Farmers & Merchants National BankFirst National Bank in Hutto, TexCity National Bank, Georgetown, Tex

Consolidated under charter and title of CityNational Bank, Georgetown, Tex

First National Bank, Wills Point, Tex._Van Zandt County National Bank


First State Bank, Hillsboro, Tex., memberFarmers National Bank .

Consolidated under new charter and title ofCentral Bank <fe Trust Co., nonmember

First National Bank, Roscoe, TexRoscoe State Bank, nonmember

Consolidated under charter and title of theRoscoe State Bank, nonmember

First National Bank of Hemphill, TexSucceeded by First National Bank in Hemp-

hill

DISTRICT NO. 12—SAN FRANCISCOBroughton National Bank, Dayton, WashBank of Starbuck, Starbuck, Wash., nonmember

Consolidated under charter and title ofBroughton National Bank, Dayton, WTash.

First National Bank, Rialto, CalifCitizens National Bank


First National Bank, Preston, IdahoFirst Security Bank, nonmember

Consolidated under charter and title of theFirst Security Bank, nonmember

Garfield National Bank, Garfield, W ashState National Bank

Consolidated under charter and title of theState National Bank

Hollister National Bank, Hollister, CalifPrimary organization.

Citizens State Bank, Tekoa, Wash., memberTekoa State Bank, member

Consolidated under charter and title of TekoaState Bank, member

Bank of Oregon City, Oregon City, OregVoluntary withdrawal.

Capital

$50,00O48, 000

50,00O2o, 000'50,000

50,00050,00050,00O

50, 000)100,000100,000'

100,000-25, 00O30, 000

30, 000'25,000'

25, 000'

100,000'25,000

100,000-50,00035,000

50,00050,00025,00O

25,00O25,00O50,000

50,000100,00O

25,00030,000

30,000150,000

1 Not reported in period in which change took place.2 Previously reported in February BULLETIN, but Peoples Bank here-

referred to as nonmember instead of member.

Fiduciary Powers Granted to National BanksDuring the month ended February 21, 1931, the

Federal Reserve Board approved applications of thenational banks listed below for permission to exerciseone or more of the fiduciary powers named in section 11(k) of the Federal reserve act as amended, as follows:(1) Trustee; (2) executor; (3) administrator; (4) reg-istrar of stocks and bonds; (5) guardian of estates; (6)assignee; (7) receiver; (8) committee of estates oflunatics; (9) in any other fiduciary capacity in whichState banks, trust companies, or other corporationswhich come into competition with national banks arepermitted to act under the laws of the State in whichthe national bank is located.

Location

Beverly, Mass..Middletown, N. Y. . .

Nanticoke, PaGastonia, N. C __South Bend, IndBakersfield, CalifIdaho Falls, Idaho....Price, Utah

Dis-trictNo.

12

357

121212

Name of bank

Beverlv National Bank_.First Merchants National

Bank & Trust Co.Miners National BankCitizens National BankCitizens National BankFirst National BankAmerican National BankFirst National Bank

Powersgranted

5 to 9.i1 to 9.

1 to 9.1 to 9.1 to 9.Ito9.Ito9.2, 3,5 to 8

1 Supplementary.



BANK LOANS AND INVESTMENTS, PERCENT-AGE DISTRIBUTION

[Figures for Sept. 24, 1930—latest date for which comprehensive data areavailable]

| NumberI of banks

All banks in the United States i_.Member banks—total

City banks (62 cities)—total..Central reserve city banks:

New York CityChicago

Reserve city banks:New York CityChicagoOther F. R. bank cities(10 cities).,F. R. branch cities (25 cities)—JOther reserve cities (25) cities).

Country banks hNonmember banks. _

Total loans andinvestments

Amount Percent-(millions ! age dis-

of dollars) j tribution

1 Includes national banks, State commercial banks and trust com-panies, mutual and stock savings banks, and all private banks underState supervision.8 Includes certain outlying banks in reserve cities.

FEDERAL RESERVE BANKS—MATURITY DIS-TRIBUTION OF BILLS AND SHORT-TERMSECURITIES


Bills discounted:Feb. 4Feb. 11Feb. 18Feb. 25

Bills bought inopen market.

Feb .4Feb. 11Feb. 18Feb. 25

Certificates andbills:


222,917 139,548222,189140, 520199,823 123,265189, 847 117, 738

Total

104,27587, 73993, 995

106, 317

335, 593336, 593324,488340, 638

With-in 15days

16 to 30 31 to 60.61 to 90days days j days

32,46022,09724, 35239,496

25, 60726, 607

19, 92720, 099

16, 946

13, 31415, 68625,64236, 653

30,618' 20,844i 9,67429,801 j 19,439' 9,48128,841) 17, 575i 8,82027,1881 16, 388J 8,430j

2,3062,8493,0343,157

33,740 23,831135,734! 13,866i33,436j 10,215!23,608- 5,844j

i 1

930|-356.350.716 _

22,000 122,567I 29,000; 123,967

122,067; 187,919122,067! 187,919

179, 921187, 671

KINDS OF MONEY IN CIRCULATIONlEnd of month figures. In thousands of dollars]

Gold coinGold certificatesStandard silver dollarsSilver certificatesTreasury notes of 1890Subsidiary silverMinor coinUnited States notesFederal reserve notesFederal reserve bank notes_National bank notes

Total

1930

Nov. 30

350,9311,075, 770

37, 087400,104

1,248281, 221118, 227304,407

1,440,0033,064

648,252

4, 660, 315

Dec. 31

368, 3791,117, 630

36, 777403, 906

1,248281,133118, 740295, 515

1, 640, 5373,041

623, 218

4,890,123

1931

Jan. 31

357, 5651, 055, 740

35, 050371, 830

1,245269, 814116,188288, 972

1, 470, 2313, 020

640, 031

4, 609, 687

Feb.*

356, 0071, 060,903

35,123373,179

1,244269, 676116, 01429f, 260

1,460, 9712,989

649, 459

4, 620, 825

Preliminary.

MEMBERSHIP IN PAR COLLECTION SYSTEM[Number of banks at end of January]

Federal reservedistrict

United States.

BostonNew YorkPhiladelphiaCleveland _RichmondAtlantaChicagoSt. Louis __ -_MinneapolisKansas CityDallas . . . .San Francisco

Member banks

1931

8,006

396911752761469383

1,074505636868672579

1930

8,486

403928761795512425

1,173569682892740606

Nonmember banks

On par list

1931

10, 797

260394448932512177

3,1511, 389

4851,883

556610

1930

11,943

270405474990571250

3,4581,645

5662,080

602632

Not on par list

1931

3,413

8441847239408

1,003195211

61

1930

3,728

9533917230480

1,088199210

62

Figures cover all incorporated banks (other than mutual savingsbanks).

INDEBTEDNESS OF NONMEMBER BANKS1:TOTAL BILLS PAYABLE AND REDISCOUNTS,1923-1930

[In millions of dollars. Back figures not available on comparable basis]

Date

1923-Dec. 311924-Mar. 31

June 30Oct. 10Dec. 31

1925—Apr. 6June 30Sept. 28Dec. 31

1926—Apr. 12June 30. . . _.Dec. 31

1927—Mar. 23June 30

Billspayableand re-

discounts

415350344337339326361352372350398324259275

;

Date

1927-Oct. 10_. -Dec. 31

1 1928-Feb. 28June 30Oct. 3Dec. 31

1929-Mar. 2 7 . . . .j June 29

Oct. 4Dec. 31

1930—Mar. 2 7 . , .June 30Sept. 24 ._

1

Billspayableand re-

discounts

276230208

••361347350354399363359287287247

1 Includes all banks (including mutual savings banks) in the conti-nental United States that are not members of the Federal-reserve system(15,344 banks on Sept. 24, 1930, with total loans and investments of$22,118,000,000). r Revised.

RESERVE BANK CREDIT AND FACTORS INCHANGES (WEDNESDAY SERIES)


Bills discountedBills boughtUnited States securitiesOther reserve bank credit....

Total reserve bank credit!. .Monetary gold stockTreasury currency adjusted.

Money in circulationMember bank reserve bal-

ancesUnexpended capital funds,

nonmember deposits, etc..

1931

Jan.21

230152625

14

1,0204,6311,787

4,593

2,441

404

Jan.28

215120610

10

9564,6371,781

4,544

2,425

405

Feb.4

223104610

12

9494,6491,761

4,576

2,379

404I

Feb.11

6109

20094

60011

929 9054,651 14,6611,782 1,778

4,594 4,560

2,365 J2,380

403 404

Feb.25

190106

9044,663

1,784

4,569

2,378

1 Averages of daily figures for week ending on Wednesday as follows(in millions of dollars): Jan. 21—1,064; Jan. 28—991; Feb. 4—967; Feb.11—948; Feb. 18—940; Feb. 25—913.


ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES[Amounts in millions of dollars. Back figures available only for October 3, 1928; see BULLETIN for November, 1930, p. 753]

Investments

Call date

Total :1928—Dec. 311929—Mar. 27


1930—Mar. 27June 30Sept .24.__.Dec. 31

New York City:31923—Dec. 311929—Mar. 27



Chicago: 31928—Dec. 311929—Mar. 27

June 29Oct. 4_Dec. 31


Reserve city banks:1928-Dec. 311929—Mar. 27



Country banks:1928—Dec. 311929—Mar. 27



Totalloansand

invest-ments

35, 68435,39335, 71135,91435,93435,05635,65635, 47234,860

7,9517,7268,1608,1508,7748,2388,7988,5578,582

1,9101,7931,7671,8231,7571,7171,8491,9341,861

12.15612,13212,06512,16112,02911,85811,85212, 03811,897

13,66713,74113,71913,78013,37513,24313.15712,94412,519

Total !loans

25,15524,94525, 65826,16526,15025,11925, 21424,73823,870

6,0185,7546,3416,3446,6836,1926,5966.3596,147

1,5191,4561,4331,5101,4481,4061,4831,5241,344

8,7028,7338,7899.0859,0848. 7.528,533 i8,5008,379

8.915 |9,0019,0969,226

8,7688,6028,3548,001

Loans to banks

Total

538548670640714527535466631

288251314302322199196169283

406267688858504155

173196241225258205227193231

373949454565626262

SecuredVkTToy

stocksand

bonds

(2)

(2)(2)(2)

(2)260230175315

(2)(2)

(2)(2)

(2)927853

132

(2

(2

(2

(2

(2

50433542

(2)

(2)(2)

(2)(2)

1049977

125

(2)

(2)(I)

(2)(2)

14111115

Loans to customers (exclusive of banks) Open-market loans

Total

21,46221,90322, 51623, 24923,19421,49521, 56521,01021,007

3,9404,2534,5324,8464,9644,3384,3084,2764,338

1,3891,3531,3091,3741,3291,1601,2571,1871,194

7,8787,9338,1248,4018,4177,7907,7707,5407,712

8,2548,3648,5518,6278,4818,2068,2298,0077,762

' Secured bystocks and bonds

To bro-kers

outsidei New: Yorkj City

. 975! 1,014i 9211 939

803706

, 819774

i 675

! 50' 52i 63

46: 55i 60

6886

104

309311242257240194229239201

509538511510425360431360312

107114105125

8393908859

Toothercus-

tomers

6,3736,5266,8137,1707,6857,0247,2427,0907,266

1,6581,6921,8141,8982,1451,8761,9541,9452,033

598477484504533474487448472

2,3182,4152,4802,5982,7752, 5762,6632,5862,671

1,7991,9422,0342,1702,2312,0972,1372,1122,090

Securedest

Farmland

4124034043923883943863873S7

21

*32

• 2222222

118112109110110113110111120

290289291279276279274275264

Otherreal

estate

2,7112,7202,7602,7602,8032,7762,7692,7762,847

132148173175169150157157147

391922191918181618

1,3871,3761,3701,3601,4281,4111,3941,3981,491

1,1541,1761,1951,2061,1861,1961,2011,2051,191

Purchased paper

Otherwise

secured, Totaland un-secured i

10,99111, 24011,61811,98811, 51510, 59510, 3499,9829,831

3,1582,4942,4722,2762,2433,0973,1133,2622,233

Accept-ances

payablein United

States

Bills, jaccept- jances, j Com-

etc., pay- mercialable in j paperforeign i

countries

2,1002,3612,4802,7262,5952,2522.1292,0902,054

440544559592535472521482501

3,5463,4923,6543,8233,6793,3303,1723,0853,119

4,9044,8434,9264,8474,7054,5414,5274,3264,158

1,1,1,1,1,1,2,1,1,

790250 ;496 :

196 j397 i655091912525 ,

91 !4158 ;

68 !30 i

187 !176 !

29695

650603 l

423458408 ,757 '534768436 ;

625598 :496553409 ''496 ;312286177

10914610893

212175170205315

1039390708079716255

61595859

12889

144148188

l1816 |35 !

16 |

11104 i30 I443327 |3327

: i

61 :52 ;58 !33 i404029 !2822

153 ;4 ;5 i11 :1913 !14

33 ;2722 i27;24 I2439 |17 ;15

£90376249228291499507523366

29372182149352234

141064533564218

1361368371102209245295194

211192140144163207171164120

Streetloans J

2,5561,8792,0251,8851,6602,3442,3652,4721,498

1,6391,1021,3591,0961,2021,4771,8831,7141,281

75184859111409923345

465405302354239469253409123

37635431637620825812911549

Total

10,52910, 44810,0529,7499,7849,937

10,44210, 73410,989

1,9331,9721,8191,8072,0912,0462,2032,1982,435

391337334312309310366409518

3,4543,4003,2763,0752,9443,1053,3193,5373,517

4,7514.7404,6234,5544,4394,4754,5544,5894,519

U.S.Gov-ern-ment

securi-ties

4,3124,4544,1554,0223,8634,0854,0614,0954,125

1,0941,1351,006989

1,1121,1501,1471,0911,239

174164159153116146160157240

Othersecuri-

ties

6,2175,994

5,7275,9215,8526,380

6,864

813817979897

1,0561,1071,197

217172176160193164205252277

1,6621,7321,6071,5191,3681,5161,5251,6281.486

1,3821,4241,3841,3611,2671,2731,2291,2191,159

1,7911,6681,6701,5571,5761,5901,7941,9092,031

3,3703,3163,2403,1933,1723,2023,3263,3703,359

Totalloans onstocksand

bonds

* 10,172• 9,693

* 10,094< 10,314* 10, 505

10,33410,65610,5119,754

• 3,491«2, 971• 3,393• 3,191• 3,562

3,5043,9833,7983,550

• 1,002•837'807•854•828

859859955761

•3,379• 3,456•3,414• 3,575•3 , 569

3,5093,4473,4313,230

•2,300•2,429• 2,480•2,694•2,545

2,4622,3672,3262,213

gii

wd

ii—i

3

1 Loans to brokers and dealers in securities at New York City.8 Figures not available.1 Central reserve city banks only.• Loans to banks on securities for these dates estimated as one-half of total loans to banks.


BANK SUSPENSIONS, BY DISTRICTS[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures

for latest month are preliminary]


January-February, 1931:BostonNew YorkPhiladelphiaClevelandRichmond _AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco _

Total

February, 1E31:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Allbanks

28

22204761621623

88

277

4162

1012153745

78

Total

1183

114

: 3: 2

; 46

172213

2: 2

i 20

Number

Members

Na-tional

i

16293

31

! 35

'• 612

2

21

15

State

1

21213

in

ll

ll

l

5

Banks suspended

Non-mem-bers

I714

173657511423

56

231

Deposits (in thousands of dollars)

Allbanks

6,3258,548

19,3126,443

22,15827, 76718, 2134," 1044,1872,7302,909

122, 696

!

39

--11123723

58

5,48011,618

6032,641

10,9674,853

366 •1,6112,2381,591 !

41,968

Members

Total

6,056358

5,407893

12, 2157,2914,601

703

1,615738

39, 877

3584,906

6031,2195,981

754

1,559738

16,118

Na-tional

3583, 630

60611,759

1,3103,861

703

1,615385

24,227

S583,630

3161,219

615

1,559385

8,082

State

6,056

1,777287456

5,981740

353

15, 650

1,276287

5,981139

353

8,036

NTon-members

2698,190

13, 9055,5509,943

20, 47613, 6123,4014,1871,1152,171

82, 819

5,1226,712

1,4224,9864,099

3661,611

679853

25, 850

Banks reopened

Number

Allbanks

11

120

6H51431

_

99

1

534

26231

45

i

Members

Na-tional

I1

4

11

8

State

2

2"

1

1 3 i

16 1

Non-mem-bers

1

1195

114542

89

1

524

2222

38


Allbanks

2,4262,683

4124, 3233, 5324,159

16, 7071,185

449177

36, 053

Me

Na-tional

mbers

State

1

404879

2,839

93177

4,392

i •2,683

5271 627

8869 884

677449177

16, 910

1|

879

1 589

93177

1,113

1,113

911

Non-mem-bers

2,4262, 683

4123,9192,6534,150

12, 7551,185

356

30, 548

2 683

527748886

7 384677356

! |2, 738 911 13, 261

Back figures.—For district figures back to 1921 see BULLETIN for February, 1931, also annual reports for 1929 (Table 111), 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98).

CO


BANK SUSPENSIONS DURING FEBRUARY, 1931, BY STATES

[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the banks. Figures of suspensions include banks subsequently reopened and arepreliminary]

State

Banks suspended

Number

i banks

New England:Connecticut 1 _ _..

Middle Atlantic:Pennsylvania

East North Central:OhioIndianaIllinoisMichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraska -Kansas

South Atlantic:West VirginiaNorth CarolinaSouth CarolinaGeorgia _Florida

East South Central:KentuckyTennesseeAlabamaMississippi

West South Central:ArkansasLouisianaTexas

Mountain:Colorado

Pacific:Oregon

Total

9

105711

1271122

1

111

1525

114

1

5

78

Members

Total

4

312

1

1

1

1

1

1

2

2

20

Na-tional

4

2

1

1

1

1

1

1

2

1

15

State

111

1

1

5

Non-mem-bers

5

74511

1261122

1

i5

112

1

3

58


Allbanks

7,981

8,6157,0303,893

151420

161233

1,19011788

841233

316

287149

1,100

502883373

3,274

66136

2,238

100

1,591

41, 968

Members

Total

2,035

2,7275,981

589

165

316

287

1,100

502

119

1,559

738

16,118

Na-tional

2,035

| 1,451

450

165

316

1,100

502

119

1,559

385

8,082

State

1,2765,981

139

287

353

8,036

Non-mem-bers

5,946

5,8881,0493,304

151420

161233

1,02511788

841233

149

883254

3,274

66136679

100

853

25, 850

Banks reopened

Number

Allbanks

1

31

1

1

221

5

16

11

1

45

Members

Na-tional

1

2

2

1

6

State

1

1

Non-mem-bers

1

31

1

1

22

5

13

9

38

Deposits (in thoi.

Allbanks

2,683

491111

395

811

67735693

527

7,495

3,094

177

16,910

isands of

Members

Na-tional

93

1,505

963

177

2,738

State

911

911

dollars)

Non-mem-bers

2,683

491111

395

811

677356

527

5,079

2,131

13, 261

wcj

E

NOTE.—In States not shown (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, New York, New Jersey, Delaware, Maryland, District of Columbia, Virginia, Oklahoma,Montana, Idaho, Wyoming, New Mexico, Arizona, Utah, Washington, and California) there were no suspensions in February, 1931.


BANK "SUSPENSIONS, BY STATES, JANUARY 1 TO FEBRUARY 28, 1931[Figures of suspensions include banks subsequently reopened]

State

NTew England:M assachusett sConnecticut

Middle Atlantic:New York.New JerseyPennsylvania ..

East North Central:OhioIndianaIllinoisMichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth DakotaSouth Dakota _NebraskaKansas

South Atlantic:Virginia^Vest VirginiaNorth Carolina.

Grporfifia.Florida,

East South Central:KentuckyTennessee

MississippiWest South Central:

ArkansasLouisianaOklahomaTexas

Mountain:M^ontanaColoradoUtahNevada

Pacific:"WashingtonOregon

Total

Banks suspended

Number

Allbanks

10

12

13279324

61821

1756

3558

144

4111130

10228

1311

15

277

Members

Total

14

423

213

1

231

1

36

4

3

2

46

Na-tional State

i4

\2

I3

1

121

1

25

3

3

211

. _

- . . .

11

11

1

1

35

1

n

Non-mem-bers

118

9252024

417181756

3456

113

3118

24

6225

1311

13

231


Allbanks

2697,5729, 533

11, 63913, 4909,027

8001,831

1,1764,1914,300

1172,7171. 632

576

6283,4381,8171, 5075,3892,317

4,8941,1932,474

20,478

3,140267203

2,730

36406

1,03552

2311,591

122, 696

Members

Total

6,0562,035

3,2286,3731,338

703169820

316

5771,3811,100

502

9589,801

2,167

1,615

738

39, 877

Na-tional

2,035

1,451392

1,199

703169820.

316

2901,2811,100

502

6029,402

1,965

1,615

385

24, 227

Stale

6, 056

1,7775,981

139

287100

356399

202

353

15, 650

Non-mem-bers

2691,5167,498

8,4117,1177,689

8001,831

4734,0223,480

1172,7171,632

576

6283 1221,817

9304,0081,217

4,3921,1931, 516

10,677

973267203

1,115

36406

1,03552

231853

82,819

Banks reopened

Number

Allbanks

1

173

3

3

421

3

17

1

22

19

28

1

99

Members

Na-tional

1

1

3

2

1

State

Non-mem-bers

11

1

1

I

8 2

1

3

3

3. . . . . .

2

3

16

1

22

15

25

Deposits (in thousands ofdollars)

Allbanks

2,4262,683

4122 596

456

1,280

1,171

1,18535693

1,155

3,168

816

551140

10,206

7,182

177

!

1

89 36.053

Members

Na-tional State

i

ii

i!

93

404

2,755

963

177

4,392

911

202

1,113

Non-mem-bers

2,4262, 683

4122. 596

456

1,280

1,171

1,185356

1,155

2,764

816

551140

6,540

6.017

30, 548

d

3wd

NOTE.—No suspensions in Arizona, California, Connecticut, Delaware, District of Columbia, Idaho, Maine, Maryland, Massachusetts, New Hampshire, New Mexico, Rhode Island,Vermont, or Wyoming.

Back figures.—See Bulletin for February, 1931; also Annual Report for 1929 (Table 112), 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98).


CONDITION OF ALL MEMBER BANKSALL MEMBER BANKS—CONDITION ON CALL DATES DECEMBER 31, 1927, TO DECEMBER 31, 1930

[Amounts in thousands of dollars]

1927 1928

Dec. 31 I Feb. 28 June 30

RESOURCES

802,1881,169,752

Loans (including overdrafts)..._ J23,886,393 23,098,936 24,302,787 24,325,010 25,155,255 24,944,641 25,658,491 26,164, S29 26,150,061 25,118,783 25,213,TT*%i4-rt^l ci4-rt J-,-vrt O rtT-r^««•-*-»rt-r. J- nsin.•••*{-*•;«« o r^TT T C T I A O-I er onnl A C\C\A T O A A ooer O O A A O H *ic\t\ A A CO r\en A t e A r\f\r\ A A O I ^Qftl Q Qf*O Q£& J A O P rwr\r»l ^ n/»i

5 727* 30C>l 5^920*, 921Tota l loans a n d inves tments |34,216; 912133; 688,388 35; 06i; 173 34; 928i 985 35,683; 935 35,393; 026 35; 710; 961 35,913,77l|35,933,950 35; 055; 69735; 655;~ ' . . . i 1 _»_ —.- 988,912j 1,252,147 " "

1,175,3931 1,190,306182,796 18;497,212 55!,

2,321,808! 2,373,760 2,352,738

Oct. 3

4,385,8306,218,145

M. u i a i MxranMo a u u 111 i r a u u c u i a wx, «iu, UISJUU, woo, i»oo i»«*, vvi, n a 34, 928, 985

Customers' liability on account of acceptances 699, 701 695,319 710,207 727,258Banking house, furniture, and fixtures 1,067,200; 1,077,529 1,099,210 1,105,558Other real estate owned I 177,229| 180,51l| 184,109 178,443Cash in vault j 523,370j 525,992Reserve with Federal reserve banks ! 2, 514,4651 2,366,605Items with Federal reserve banks in process of collec- ! I

tion j 784,391 jDue from banks in United States ; 2,209,83)Due from banks in foreign countries (including own

branches).Exchanges for clearing house and other checks on local

banksOutside checks and other cash itemsRedemption fund and due from United States Treas-

urerAcceptances of other banks and bills of exchange or

drafts sold with indorsementSecurities borrowed ._ _Other assets.-

Total 441888,_140 43, 581, 656 45, 091,849 45,483, 697 48,935,646 46, 673,097 45,908,00147,305,588 48,843,078 45t860,"379 47,906,740;46,153,113147,057,891

LIABILITIESCapital stock paid in _.Surp lus . - - .Undivided profits—net __.Reserves for dividends, contingencies, etcReserves for interest, taxes, and other expenses accrued

and unpaid ___ .__Due to Federal reserve banksDue to other banks in United StatesDue to banks in foreign countries (including own

branches)Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding.

258,337

1,508,418200,159

1,940, 619

269, 373

1,311,817134,916

33,281; 32,823

431,96835, 212

197, 666

2,337,7802,124, 020

\ 879,480

128, 75752,073

3,808,222

745,691839,55621,641

454,95829, 248

186, 677

2, 345, 5192,144,182

914,114

137,34545,3601

449,198 519,1262,342,045 2,348,018

680, 492 856, 6551,897, 231! 2,026,259

291, 490

1,447,219217, 291

33, 025

436,48637,733

204,940

2,415, 3762, 285, 536

924, 012

145,45849,823!

286, 686

1, 634, 689163, 527

33, 001

433,66836,551

205, 273

Dec. 31

929, 5401,107, 287

177, 716564,384

2,409,367

967,836

1929

Mar. 27

836,0281,118,418

June 29

184,873 179,878516, 742 433, 491

2,338,569 2,359,077

Oct. 4 Dec. 31

1930

Mar. 27 June 30

4,085,006! 4,061,395 4,5,851,908, 6,380,494 ".,m i \ m AAW'AW A m w f* ffQ Off

807963995

1,111,1531,202,486

188,815496, 633

841, C06| 775, 8222,124,252 1,741,478

305, 299! 287, 248

3,493, 061! 2,486,203 1,446,186

923,363, 994,373: 719,2011, 885,1671 2, 004, 938! 2,167, 756 1, 901, 517 3, 360, 377

928,8217£

' 190,484, 262

2,407,960

836,471

272, 682

203,884

32,995

142, 395 j

32, 7611

11

32, 715

246, 996

2,132, 331102, 363

32, 828

677, 994j 475,155J 453,82635,947 48,844! 36,337

222,149 229, 7511 232, 621

263,834

2, 762,463139,056

32,889

551,587 735,19332, 592' 35, 533

198, 700! 219, 379

2,453, 8592, 382, 393

f 886,025I 120,020|

160,438j65,379|

2,474,2232,440, 709

832, 564151, 744

120, 67656,510:

J, 563, 278 2,646,928>, 548,155 2,650,336

918,145 882,806144,242 164,430

157,14451, 433

148,82551,883!

2, 739, 6452,811,269

980,928143, 603

172,19355, 720

3,495,722 3, 263,494| 3,462,377 3, 649, 037] 3, 070,084 3, 091, 639| 3,153, 077

643,372848, 06429,0151

32,785

583,26680,209

431, 968721,473

22,318649,877|35,936

191,169

21,375 18,103

485,874, 1,095,99795,018! 113,440

454,9581705,001;

26,008|646,162;29,352|

201,8991

716,270

28,235

37, 782166,726

95,161

1,019,789134,127

433, 665717,931

134, 084! 102,423

613,732, 508,571 543,273787,770 l,041,114| 2,184,138! 1,

. „_. , . . . . __,.__ 43,177| 27,338' 23,128,Demand deposits ,18,170,14017,304,64617,606, 564 17,501,430|l8,903,65817,Time deposits __J12, 764, 79812,922, 638 13,438, 585 13,409,608113,453,311 13,United States deposits ! 266,9811 86,032l 256,68lj 158,7611 261,505|Total deposi ts _ QC fi<iO ' l n o * K 9^* at&ta n-n Qoa ta IIA OQI'—Agreements to repurchase U. S. Government or other

securities soldBills payable and rediscounts:

With Federal reserve banks__ _All other

Acceptances of other banks and bills of exchange ordrafts sold with indorsement--

Acceptances executed for customersAcceptances executed by other banks for account of re-

porting banks _National-bank notes outstandingSecurities borrowed-- _.-Other liabilities-.

464,871 j 481,696

2, 757,1132,864,612

909, 548177, 252

137, 66054, 458

3, 517,325

576, 6641,134,283

, 582 17,25,038

462,649739,947 753,620 1,405,446! 1,603,56227,385 43,182, 27,613! 23,460

708,269 17,814,603 17,937,47818,861, 582328, 712 13,325, 06613, 317, 64913,233,481 13,518; 731410,867| 347,967 315,479 143,203 ~~" " "

36,669,102 35,374;849 36,059;826 36,174;578 39,074;560 36,799,34635,892,831 36,694,158 38,013,735 35,

Total-

Number of banks..

41,417648, 04636,556

189, 692

1,040, 608121, 57f

677,9941928,329;

981,434171, 601

475,155846,370

103, 758, 149, 090

1,029,391168,975;

453,826;800,423!

43,636;649,893!35, 947

209,109

44,888,14043,581,65645,091,84945,483,691 48,935,64646,673,097,45,908,001,47,305, 58848,843,07845,860,37947,906,74046,153,113,47,057,891

9,034 8,6 8,929 8,837

45,025; 42, 075647,354 648, 94448,844 36,337

224,581 238,116i

899, 311250,587

551,586984,670

40,400640, 61032,592

214,946

8, 755| 8,707, 8,616

136,957

646,334232,188

735,1931,276,159

29, 647645, 56235, 533

245,585

247, 612, 220,7

1,616,954- 2,645.05765,331

32,823

Sept. 24 j Dec. 31

738,011 23,870, 488095,270638,969472,250 34,1912,852230, 754197,869470,367414,991

4,124,7766,864,24714,859,5111,117,8331, 240,444

191,169592, 504

2, 474, 509

698,871 757, 2162, 462, 827i 2,455, 948

202, 447

1,146.91551, 706

32, 604 i

612,193! 557,748 592,732 662,68625,744; 26,324 23,866 21,069

231,482 223,114 242,062| 222,911

260,818

2, 076,18992,766

32,318

2, 744,9752,881,944

956, 053176, 610

175, 89651,915

3,204, 316

498, 075

2, 721,9972,870,800

950, 072182, 940

148, 96046,206

3,831, 656

571,7661,493,437

41,389', 078, 905 18,061,

518,731 13,811,324,8931 280,769

>, 836,156 38,139,""

66,214

206,124140,467

612,1931,125,907

24,654647,48125,744

239, 961

8,522 8,406

37,164

273,880161,090

557, 748925, 576

34,998649,09826, 324

226,915

8,315

2,728,664 2,665,1512,903,258 2,822,0911,009,435: 894,388

185,602 211,407

182,39747,147

1,817,132

121,19049,267

3,872, 842

660, 612 634, 927771,941 1,223,77726,638| 20,960

977 16,838,351117,501,55097813,944,86813,546,201

257,185 267, 415178 36,363,87437,116,939

38,144 158,141

172,5:143, '

248,017107,151

592,732 662, 686929,337 1,138,624

18,127 15,031"»9i 639,640

I23,866 21,069236,366

8,246j 8,052

d

EHi—t

S2|


NATIONAL AND STATE MEMBERS—CONDITION ON DECEMBER 31, 1930, BY CLASSES OF BANKS[Amounts in thousands of dollars]

All member banks

ij CentralTotal || ™g™

ii banks

Otherreserve

citybanks

Loans (including overdrafts) .23,870,4881 7,490,506j 8,379,156United States Government securities ._: 4,124,776i| 1,479,081 i 1,486,289Other securities ._ i 6,864,247! 1,473,861! 2,03L140Total loans and investments 34,859,511 10,443,44811Customers' liability on account of acceptances i 1,117,833Banking house, furniture, and fixtures j 1,240,444Other real estate owned _ I 191,169Cash in vault i 592, 504JReserve with Federal reserve banks _ _ '• 2,474,509;Items with Federal reserve banks in process of collection _ 757,216 jDue from banks in United States . _! 2,455,948i'Due from banks in foreign countries (including own branches) i 260,818Exchanges for clearing house and other checks on local banks ; 2,076,189Outside checks and other cash items.Redemption fund and due from United States TreasurerAcceptances of other banks and bills of exchange or drafts sold with

indorsement - -Securities borrowedOther assets _

92,76632,318

Total..

21,069222,911 j |

858,038255,64112,498

105,970!1,109,346|

272, 963339, 574188, 571

1,617,60013, 5262,220

558,973

!,03L,89?,

Countrybanks

1,159,4063,359,246

85,669

47,057,891i !l5,864, 037 15,770,543 15,423,311 28, 753,832J .7,034,102 9,921,951

LIABILITIES

Capital stock paid in 2,Surplus ! 2,Undivided profits—netReserves for dividends, contingencies, etcReserves for interest, taxes, and other expenses accrued and unpaid.Due to Federal reserve banksDue to other banks in United StatesDue to banks in foreign countries (including own branches).Certified and officers' checks outstandingCash letters of credit and travelers' checks outstandingDemand deposits •Time deposits _United States deposits _Total depositsAgreements to repurchase U. S. Government or other securities sold..Bills payable and rediscounts:

With Federal reserve banks _All other

Acceptances of other banks and bills of exchange or drafts sold withindorsement _. .

Acceptances executed for customers _Acceptances executed by other banks for account of reporting banks,.National-bank notes outstanding _. -Securities borrowed -Other liabilities

Total

Number of banks

665,151822,091894,388211,407 ,121,190! I49,267'

872,842'634,9271223, 777120,960i

501,550,546,201 i267,415'!

37,116,939158,141.

248,017i107,151!

662,686138,624!15,0311

639,64021,069;

236,366

47, 057,891

8,052

838, 642., 109, 306

339,90377, 74347,972

9., 713, 815

577, 274874,584

15,105i, 687,470., 805,404

62, 6401,736,301

100,921

20, 51616,024

558,973873,151

9,87844,119

245,8661448,872J

67,432169, 217770, 591348,204

1,141, 77169,411

361,95254,2227,426

98,3099,752

80,933

58512,519,478 21,425,637 4,

90, 588

62

841,701854,245231,33572,12438,4029,420

1, 772, 50555,722

237,4585,471

5, 594,4685, 202,345

151,86713,029,25612,

42, 237

63,38011, 638

13,929535,931111,239317,317594,572136, 049974,6032,836

96, 63725,018

22,672

5,404!!

56,309J

National banks l

TotalCentral Otherreserve reserve

city j citybanks banks

- I -

8,000,826 114,346, 762 3,2,649,262!!4,429,613!l

613,607811,499120, 719 :

405,8211,460,365

450, 2291,777,037

204,4481, 010,263

63,01132,318|;

244,489!;15,803j!.

118,586 |

,293,670,922^;641,104 1,

,605,228 7,412, 584115,3266,375

41,621494,857131,376131,90l!142,811710, 6445,2902,220

195,269

38,600

252,889|3,471

144,2989,752

77,506

858, 540323,150|

61, 540;34, 81639,838

386, 5221,931

111,735384

5, 219, 6126,538,452'

52, 9081!, 351,382!

14,983;

164,12179,489 j

5,40412, 5841,6821

451,22311,31768,272:

1,718,7341 408,532l,546,302i 456,696

K1K 3»1 i 107 HQ7

15,864,037 15,770, 543 15,423, 311

402 7,588

515,381108,269 I64,277 '32,416 i

2,360,920|i388, 5971633, 590i

8, 777;

10, 622,893

127,09726,96716,414

733, 724 1342, 517390, 568

3,3493,057,997

711, 72111 764,1412,962,619160,638 21,108

22,919,552 404 8,33, 0731 1, 500

185, 73269, 8741

244,489!625,4501

8,242:639, 640:

15,803!59,014

28,753,832| 7, 034,102 9,921,951

7,C 29

131, 264009,109159,964300,337192,365281,909

28, 287110,411503, 612231,312836,975

59,882239,19137,7707,426

43,9217,046

41, 507

545,90S447,968133,92£41,42224,36t6,97t

., 321, 34cr:44, 671

163, 0895,265

3, 616,026

102, 045S222,039

18, 970

52,1727,170

43,921197, 381

3,227144, 298j

7,04632,138

Countrybanks

5, 922, 296969,231

2, 628, 5459,520,072

8,658414,26486,057

253,789461,896

87, 541808,161

1,75560,42819,951'22,672

5,2998,757

38, 479

11,797,779!

287

764,297641,638254,35939,88023,49425,437

305, 8511,409

79, 933163

3, 948, 8704, 984,961

37,4859,384,109

12, 603

128, 71662, 065

5,2997,7191,245

451, 2238,757

12, 375

11,797,779

6,717

State bank members

Totali CentralI reserveI city! banks

9, 523, 726:

1,475,514,2,434,634

13,433,874!504, 226428,945:

70,450186, 683

1,014,1441306,987678,911:

56,370;l,065,926!

29,755

418,1975,266

104,325

18,304,059

946,4171,275, 789

379, 007103,13856,91316,851

1,511,922246, 330590,18712,183

6,878, 6574,834,480

106, 77714,197,387

125,068

62, 28537, 277

418,197513,174

6, 789

5,266177,352

18,304, 059

1,019

4,197, 304 3,808,159832,757

5,838,220 4,445,454

: 140,315: 6,123

64,349614,489

1 141,587207,673

i 45,760; 906,956I 8,236

363, 704

47, 069

8,829,935 5,848, 592 3, 625,532

430,110652, 610212, 806

50,7^'31, 558

9980,091234,757484, 016

11, 7563,629, '""1,041,

41, 5326,422, "~

99,421897 43

15, 67215,385

363,704452,801

6,108

76,087

33

Otherreserve

citybanks

247,892 2,078,477,180871,176596,248 2,53, 501166,96339,145

266,979116,892304, 7969,529

122, 76116,452

54,3882,70639,426

Countrybanks

!,530190,175730, 701

1,999,4065,271

121,66725,18263, 528132,67648,508166,4421,081

36,2095,067

1052,56017,830

295, 796406, 27797,41030,70214, 0332,441

451,16011,05174, 369

206473 1,978,4421,263 2,239, 726 ji;

49,822,807,217,2,23,267

11,2084,468

54,38855, 508

244

2,70645,368

8,829,935 5,848,592 3,625,532

115

220,511216,90268,79121,66011,32214,40180, 671

52231,802

221, 270,742, 553,49115, 423

,967,2732,380

35,40517,424

1054,865437

2,56055,897

871

1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.NOTE.—For additional detail (by districts, States, cities, and class of bank) see Member Bank Call Report No. 50.

ai

wd

1


INDEX

Acceptances: PageFederal reserve bank buying rates on 128Held by Federal reserve banks. _ 127, 167, 168, 171Held by group of accepting banks ^ - 130Held by member banks 129Open-market rates on 128

In foreign countries 157Outstanding 130(See also Review of the Month.)

Adjusted-service certificates, loans on, changein law and regulations 160-166

Agriculture. (See Farm products; Deposits ofmember banks in smaller centers.)

All banks in the United States. (See Conditionstatements.)

Annual report of the Bank of France 146Balance sheets of foreign central banks 153, 154Bank debits'. 145Bankers' balances 140, 143Bank suspensions 131, 142, 173-175Bills bought, holdings of Federal reserve banks.

(See Acceptances.)Bills discounted, holdings of Federal reserve

banks 127, 167, 168, 171Brokers' borrowings . 130Brokers' loans 130Building statistics 133, 136, 145Business conditions, national summary of 125Business failures 145Capital issues, domestic and foreign 132Changes in membership in Federal reserve

system 169Charts:

Reserve bank credit and factors in changes. 126Discounts of Federal reserve banks, by

districts 138(See also Review of the Month.)

Commercial failures 145Commercial paper outstanding 130Condition statements:

All banks 129, 171All member banks 129, 141, 171, 172, 176, 177

On Dec. 31, 1930 176-177Bank for International Settlements 152Central banks in foreign countries 153-155Commercial banks in foreign countries 156Federal reserve banks 127, 167, 168Member banks in leading cities 130, 143Nonmember banks 129Reporting member banks 130, 143

Debits to individual accounts. (See Bank debits.)Department stores, sales and stocks 136Deposits:

All member banks 129, 139, 140Central banks in foreign countries 153-155Federal reserve banks 139, 167, 168Member banks in larger and smaller centers. 140Reporting member banks 143

Discount rates:Central banks in foreign countries 124, 157Federal reserve banks 128

Discounts, holdings of Federal reserve banks.(See Bills discounted.)

PageElements analysis 126, 127, 171Employment in manufacturing industries 133, 135Exports, merchandise 136Factors:

Of decrease in reserve bank credit out-standing 127

Of increase in reserve bank credit out-standing 127

Factory employment and pay rolls 133, 135Failures. (See Bank suspensions; Commercial

failures.)Farm products, prices of 133, 137, 1§9Federal reserve bank buying rates on accept-

ances 128Federal reserve bank credit and factors in

changes 126, 127Federal reserve bank reserves, deposits, note

circulation, and reserve percentages 139Federal reserve discount rates 128Federal reserve notes 139, 167, 168, 171Fiduciary powers granted to national banks 170Float, reserve bank 127, 167Foreign countries:

Annual report of Bank of France 146Balance sheets of central banks 153, 154Condition of central banks 153-155Condition of commercial banks 156Discount rates of central banks 157Exchange rates 152Gold holdings 151Gold movements 151Government note issueJ and reserves 156Money rates 157Securitjr prices 158Wholesale prices 159

Freight-car loadings 133Gold:

Analysis of changes in stock of UnitedStates 127

Circulation 171Earmarked 127Exports and imports 127

At New York 127Elsewhere 127

Holdings of central banks and governments. 151Movements 127, 151Production 127Stock of United States 126, 127

Imports, merchandise 136Indebtedness of member banks at Federal re-

serve banks 128, 139Index numbers of Federal Reserve Board 133-135Industrial production, index of 133, 134Interbank loans:

Volume of 131, 141, 171Rates on 144

Interest rates. (See Money rates.)Loans and investments. (See Condition state-

ments.)Manufacturing industries:

Index of production 133, 134Index of employment 133, 135Index of pay rolls 133, 135

178



PageMaturity distribution of bills and short-term

securities 171Member bank borrowings at Federal reserve

banks (see also Bills discounted) 128Member bank reserve balances. 126, 127, 139, 167, 168Member banks. (See Condition statements;

Deposits, etc.)Membership in Federal reserve system, changes

in 169Membership in par collection system 171Minerals, index of production 133, 134Monetary gold stock of the United States 126, 127Monetary units of 44 countries 152Money in circulation:

By kinds 171Chart showing 126End of month 171Monthly averages of daily figures 127Weekly averages of daily figures 126, 127

Money rates:Acceptances, New York City 128Acceptances, foreign countries 157Call loans, New York City 128Call loans, England, Germany, Japan 157Charged customers by banks in principal

cities 128New York City 128Eight other northern and eastern cities. 128Twenty-seven southern and western

cities 128Commercial paper 128Interbank loans 144Open market 128Time loans 128

U. S. Treasury notes and certificates, yield on__ 128U. S. Treasury bonds, yield on 128National banks granted fiduciary powers 170National summary of business conditions 125Nonmember banks 129, 131,142, 171, 173-175Nonmember deposits, etc., of Federal reserve

banks 127"Other" reserve bank credit 127, 167"Other securities" held by Federal reserve

banks 127, 167

PagePar list, number of banks on 171Par of exchange for 44 countries 152Pay rolls in manufacturing industries, index of_ 133, 135Prices of commodities (wholesale), indexes of:

Foreign countries, all commodities 159Foreign countries, groups of commodities_. 159United States, all commodities 133United States, groups of commodities 137, 159

Prices of securities, indexes of 132, 158Production:

Industrial, index of 133, 134Manufactures 133, 134Minerals , 133, 134

Regulation G, revision of 161Reporting member banks:

Borrowings at Federal reserve banks. 128, 130, 143Loans and investments 130, 143Due to banks 143

Reserve bank credit outstanding and factors inchanges 126, 127, 171

Reserve bank float 127, 167Reserve ratios of Federal reserve banks 139Reserves:

Federal reserve banks 139, 167, 168Member banks 126, 127, 139, 167, 168Central banks in foreign countries 153-155

Review of the month—The banking position __ 121-124Security prices, indexes of 132, 158Silver, price of 152Stocks at department stores, index of 136Time deposits of member banks 129, 140, 143Treasury currency (adj usted) 127Unexpended capital funds of Federal reserve

banks 127United States securities, holding of Federal

reserve banks 127, 167, 168United States Treasury notes and certificates,

yield on 128United States Treasury bonds, yield on 128Veterans', World War, loans to; change in law

and regulations 160-166Wholesale prices. (See Prices.)


FEDERAL RESERVE DISTRICTS

—-•BOUNDARIES OF FEDERAL RESERVE DISTRICTS—.-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


Federal Reserve Bulletin March 1931 - St. Louis Fed · 2018. 11. 6. · FEDERAL RESERVE BULLETIN...

Documents

Transcript of Federal Reserve Bulletin March 1931 - St. Louis Fed · 2018. 11. 6. · FEDERAL RESERVE BULLETIN...