Full text of Federal Reserve Bulletin : December 1930
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FEDERAL RESERVE
BULLETIN
DECEMBER, 1930
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Branch, Chain, and Group Banking
Annual Reports of Central Banks: Denmark,
Colombia, Java
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1930
FEDERAL RESERVE BOARD
Ex officio members:
EUGENE MEYER, Governor.
-, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
Chieff Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No.
District No,
District No,
District No,
1
2
3
4
5
6
7
(BOSTON)
( N E W YORK)
(PHILADELPHIA)
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
HERBERT K. HALLETT.
W M . C. POTTER.
HOWARD A. LOEB.
HARRIS CREECH.
JOHN POOLE.
J. P. BUTLER, Jr.
MELVIN A. TRAYLOR.
8 (ST. LOUIS)
W. W. SMITH, Vice President.
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
G E O . H. PRINCE.
W. S. MCLUCAS.
B. A. MCKINNEY, President.
F. L. LIPMAN.
WALTER LICHTENSTEIN, Secretary.
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank !
of—
Governor
Chairman
: Frederic H. Curtiss... Roy A. Young
Geo. L. HarrisoTi.-; J. H. Case
Boston
New York
Philadelphia
R. L. Austin
Geo. W. Norris___
Cleveland
George DeCamp.
E. R. Fancher
Richmond
Wm. W. Hoxton.
George J. Seay
Atlanta
Oscar Newton._
Eugene R. Black.
Chicago
Wm. A. Heath.
J. B. McDougal..
St. Louis
. . . John S. Wood
1
Minneapolis.
John R. Mitchell
Kansas City.
j M. L. McClure
Dallas
! C.C.Walsh
San Francisco
Isaac B. Newton
Cashier
Deputy governor
| W. Willett.
| C. H. Coe.i
j Ray M. Gidney.i
J. W. Jones.*
| W. B. Matteson.i
| J. M. Rice.* 1
i Allan Sproul.
W. W. Paddock
W. R. Burgess
J. E. Crane
A. W. Gilbart
E. R. Kenzel
Walter S. Logan
L. R. Rounds
L. F. Sailer
Wm. H. flutt
M. J. Fleming
:
Frank J. Zurlinden. _ _
C. A. Peple
j; R. H. Broaddas
Hugh Foster
W.S.Johns
C. R. McKay
l! John H. Blair
J. H. Dillard
C. A. Mcllhenny.
W. G. McCreedy.'
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.»
M. W. Bell.
W. C. Bachman.i
D. A. Jones.i
O. J. Netterstrom.»
E. A. Delaney.i
Wm. McC. Martin....i 0. M. Attebery_
S. F. Gilmore.1
A. H. Haill.2
F. N. HalU
|
:
G. O. Hollocher.*
C. A. Schacht.*
Harry Yaeger
H. I. Ziemer.
W. B. Geery
Frank C. Dunlop.*
H. I. Ziemer
j W. J. Bailey
C. A. Worthington... J. W. Helm.
J. W. Helm
R. R. Gilbert
Lynn P. Talley
Fred Harris.
R. B. Coleman
W. O. Ford.i
Wm. A. Day
Jno. U. Calkins
Wm. M. Hale.
Ira Clerk
1 Assistant deputy governor.
2
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Hugh Leach.
Marcus Walker.
W. S. McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch _
. . .
Denver branch
Oklahoma City branch.
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Agneles branch.. .__
Portland branch
Salt Lake City branch..
Seattle branch _ _ _ _ _
Spokane branch
1
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
!
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only
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price, which covers the cost of paper and printing, is $2. Single copies
will be sold at 20 cents. Outside of the United States, Canada, Mexico,
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m
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
763
Member bank credit—Commercial loans and bills—Reserve bank credit—Smaller currency demand.
Branch, chain, and group banking
766-768, 811-817
Annual report of the National Bank of Denmark
785
Annual report of the Colombian Bank of the Republic
789
Annual report of the Bank of Java
793
National summary of business conditions
^
769
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes (chart and table)
770-771
Analysis of changes in monetary gold stock
771
Gold movements to and from United States
771
Member bank borrowing at Federal reserve banks
772
Discount rates and money rates
772
Member bank credit
773
Bankers' acceptances and commercial paper outstanding
773
Brokers' loans
773
Security prices, security issues, and building contracts awarded
774
Production, employment, car loadings, and commodity prices
775
Industrial production
776
Factory employment and pay rolls
:
777
Department stores—Indexes of sales and stocks
778
Banking and business conditions in Federal reserve districts:
Federal reserve banks—
Discounts (chart and tables)
779-780
Reserves, deposits, note circulation, and reserve percentages
780
All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks-_ 780
Discount rates and money rates
781
Member banks in leading cities—Principal resources and liabilities
782
Building
783
Commercial failures
783
Bank debits.
783
Bank suspensions
783
November crop report
784
Financial statistics for foreign countries:
Gold holdings of central banks and governments
796
Gold exports and imports
796
Foreign exchange rates
797
Condition of Bank for International Settlements
797
Condition of central banks
798
Condition of commercial banks
800
Discount rates of central banks
801
Money rates
801
Price movements
802
Industrial statistics for England, France, Germany, and Canada
804
Detailed Federal reserve statistics, etc.:
Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement
806
Condition of each Federal reserve bank at end of month
807
Maturity distribution of bills and short-term securities held by Federal reserve banks
808
Membership in par collection system
808
AH banks in the United States—total loans and investments
808
Kinds of money in circulation
808
Changes in national and State bank membership
L
_ 809
Fiduciarv powers granted to national banks
810
rv
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
VOL. 16
No. 12
REPORTING MEMBER BANKS
[In millions of dollars]
It is with the deepest regret that the
Federal Reserve Board announces the
death of Mr. Edward H. Cunningham,
member of the Board since May 14,
1923. He died suddenly on November
28, 1930.
REVIEW OF THE MONTH
During November money rates, which have
been at a low level throughout the year, showed
a further easing tendency, inRecent develop- -,. , -, ,
-.
r
Sept. 24
Nov. 26
Change
Loans and investments
23, 297
23,381
+84
Loans on securities
All other loans
Investments
8,461
8,451
6,385
7,761
8,766
6,854
-700
+315
+469
Investments of the reporting banks increased
to the highest level on record, as the consequence of purchases by these banks of investment securities in the amount of $1,460,000,000
since the low point in October of last year.
Investments of members banks had been at a
high level in the spring of 1928, but had declined continuously during the following 15
months of high money rates, and toward the
end of October of last year were $800,000,000
dicated by declines in rates on
open-market commercial paper
and on bankers' acceptances of the longer
maturities, as well as in rates charged by banks
to their customers and in yields on United States
Government bonds. The general level of money
rates at the opening of December was as low
as at any time since records became available.
This ease in the money market has accompanied a further decrease in the demand
for credit from the security market, which is
shown by a rapid decline in brokers' loans to the
•wiv
lowest level in five years. Security loans of
member banks consequently decreased, while
investments continued to increase, and there
was also an increase in all other loans. At
the reserve banks there was little change
through the third week in November in the
total volume of credit outstanding or in its
composition, a large part of the seasonal
demand for currency being met by imports of
gold from abroad.
1926
1927
1928
1929
1930
During the 2-months period from September
24 to November 26 total loans and investments lower than at their previous high point. Since
of reporting member banks in- that time easy conditions in the money market
Member bank
-, ,
~OA r\nn nnn ±\.and the small demand for credit from trade and
creased
by
$84,000,000;
this
credit
industry have influenced the banks, not only
change in the total reflected
to repurchase securities in an amount sufficient
changes in the component parts shown by the
to replace the sales of the preceding 15 months,
accompanying chart and in the following table:
B1LU0NS OF DOLLARS <
BILLIONS OF DOLLARS
Investments
763
764
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
but to add a further $660,000,000 to their the present level of brokers' loans, while it is
the lowest in five years, is higher than at any
holdings.
Security loans of the reporting member banks earlier time.
Commercial loans of the member banks indecreased by $700,000,000 during the two
months covered by the table. This decrease creased by $315,000,000 during the past two
months, an increase that has
reflected a rapid decline in loans to brokers
continued beyond the middle of
and dealers, the course of \% which is shown Commercial
loans and bills October when the seasonal peak
in more detail in the following table:
of this class of loans is usually
LOANS TO BROKERS AND DEALERS MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY
reached. These loans had decreased rapidly
[In millions of dollars]
from the middle of last November, when the
recession in business activity became proSept. 24 Nov. 26 Change
nounced, until the middle of June of this year;
3,222
Total
2,123
-1,100 from May through September these loans
1,721
-433 showed little change, notwithstanding the fact
1,288
For own account
-402
782
For account of out-of-town banks -..
380
-264 that usually they show a seasonal growth with
719
For account of others.
455
the beginning of the crop marketing season in
Brokers' loans declined by $1,100,000,000 dur- the middle of August. The volume of the soing the two months, the decline being shared called "all other" loans, however, turned up
among all classes of lenders. On November at the end of September and continued to rise
26, 1930, brokers' loans were smaller by during October and the first three weeks in
November. The growth after the middle of
October was contrary to the usual seasonal
trend and represented, at least in part, an increase in member bank holdings of bankers'
acceptances. The volume of acceptances oatstanding at the end of October this year, though
somewhat smaller than a year ago, was much
larger than in any earlier year, and the member
banks, in view of the low rate of return and the
absence of demand for credit in the security
market, have supplemented their purchases of
17 1918 1919 1920 .1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930
longer time securities by buying acceptances in
Based on weekly figures reported to the Federal Reserve Board;
the open market and by holding acceptances of
figures beginning with 1926 are somewhat more inclusive than
earlier figures
their own creation. Member bank holdings of
$300,000,000 than at the low point in 1926. acceptances are consequently larger now than
The decrease, compared with the low point in at any previous time, and member bank absorp1926, was chiefly in loans for account of tion of acceptances has been a factor in the
out-of-town banks, an item that includes a smaller than usual growth of acceptance holdcertain amount of loans placed by these banks ings of the reserve banks during this autumn.
for their customers, i. e., for nonbanking
The following table shows changes in the total
lenders. Reported loans for account of non- volume of reserve bank credit and in its compobanking lenders also were smaller than in May,
sition between the last week in
1926, while loans to brokers by New York Reserve bank July and the week ending November 22, 1930, compared
City banks for their own account were larger credit
with changes during the correby $400,000,000 on November 26, 1930, than
at the earlier date. The chart shows the sponding period, on the average, for the years
course of brokers' loans since 1917, when fig- 1923-1929. The chart shows the composition
ures first became available. It indicates that of reserve bank credit since 1926.
W.LI0N5 OF
BILLIONS
DOLLARS
765
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
RESERVE BANK CREDIT
following table shows changes between the last
week in July and the third week in November
in the volume of reserve bank credit, in the
Changes from last week country's stock of monetary gold, which toin July to third week
in November
gether represent the available supply of reserve
bank funds, and in money in circulation and
Average,
oft
1Q
iydU
1923-1929
member bank reserve balances, which represent
the principal demand for these funds. The
+212
+65
Total reserve bank credit
.._ . . . . .
-38
+18 table compares 1930 in this respect with the
Bills discounted .
+181
+26
Bills bought
+66
+22 average for 1923 to 1929. It also includes a
United States securities
column showing on an average basis the
As compared with a 7-year average increase changes that have occurred in these items
of $180,000,000 in acceptance holdings of the during the remainder of the calendar year.
reserve banks during this period of the year, CHANGES IN RESERVE BANK CREDIT AND PRINCIPAL
FACTORS
these holdings in 1930 increased by only $26,[In millions of dollars]
000,000. This smaller increase has been due
[In millions of dollars]
MILLIONS OF DOLLARS
2000
1500
1500
1000
1000
500
500
1926
Change from last Change
week in July to from third
t h i r d week in week in
November
November to last
week of
year (avAverage
erage
1930
1923-1929
1923-1929)
MILLIONS OF DOLLARS
2000
1927
1928
1929
1930
Based on monthly averages of daily figures
in part to the active market for bills at member banks, already mentioned, but chiefly it
has reflected the smaller than usual seasonal
demand for reserve bank credit, the total of
which increased this year by $65,000,000, compared with $212,000,000 on the average during
the corresponding period of the preceding seven
years.
Diminution in the seasonal demand for
reserve bank credit this autumn
Smaller curhas reflected slack demand for
rency demand
currency, which in turn has
been due in part to the decrease in pay-roll
disbursements by factories, and to the continued decline in commodity prices, which
have made the requirements for currency to
transact the country's business much smaller
than they have been in other recent years. The
Reserve bank credit..
Monetary gold stock..
+212
+20
+65
+31
+223
Reserve bank credit plus gold
stock
Money in circulation
Member bank reserve balances
+232
+143
+83
+96
+77
+25
+203
+205
-8
-20
Changes in monetary gold have not been
large during the period from July to November,
either this year or, on the average, for the preceding seven years. When the two sources
of reserve-bank funds are combined it appears
that this year the increase during the autumn
was $96,000,000, as compared with $232,000,000 on the 7-year average. This diminution in the growth is accounted for in part
by the decrease in the seasonal demand for
currency, which was only half as large this year
as on the average for the preceding years, and in
smaller part by a decrease of about $60,000,000
in the growth of member-bank reserve balances.
It is usual for member banks to increase their
loans, and consequently their deposits and
their reserve requirements during the autumn
months, but this year the relatively small demand for bank credit, caused by the inactive
state of business, has resulted in a relatively
small growth of bank credit and of bank
reserves.
766
FEDERAL RESERVE BULLETIN
In the last column of the table are shown
average changes in reserve funds and in sources
of demand between the third week in November, when the increased demand for currency
to be used in the Christmas trade usually
begins, and the last week of the year, for the
seven years 1923-1929. The growth in these
funds, combining reserve bank credit and gold,
has been during the seven years on the average equal to about $200,000,000 and has been
entirely accounted for by the demand for currency for the holiday trade. In entering upon
this season of increased demand for currency
the member banks this year start with a smaller
DECEMBER, 1930
volume of indebtedness to the reserve banks
than at any time since 1917 and are, therefore,
in an exceptionally strong position to meet this
temporary demand.
Changes in Foreign Central Bank Discount Rates
The following changes have been made since
the 1st of November in the discount rates of
central banks in foreign countries: November
7—Bank of Norway, from 4K to 4 per cent;
November 13—Danish National Bank from
4 to 3% per cent; November 20—Bank of India,
from 5 to 6 per cent.
BRANCH, CHAIN, AND GROUP BANKING IN JUNE, 1930
Compilations of the board covering branch,
chain, and group banking developments to
June 30, 1930, are presented in detail in general
tables on pages 811-817 of this issue of the BULLETIN, indicating changes during the first half
of the year as well as over longer periods of time.
These tables give, by States, statistics of banks
and banking offices affiliated in branch, chain,
and group systems, as well as the number of
independent unit banks, and include revised
figures with respect to groups and chains for
June and December, 1929.
During the six months ending June 30, 1930,
the number of branch banking systems in the
United States decreased by 5 and the number
of group 2 systems increased by 1, while the
number of banking offices embraced in branch
and group systems increased by 130, reflecting
an increase of 66 offices in branch systems and
of 64 single-office banks in group systems. At
the end of June there were 27,470 banking offices
in the United States, of which 21,028 were independent single-office banks, 817 were head
offices of banks operating one or more branches,
3,618 were branch offices, and 2,007 represented single-office banks belonging to groups
or chains. Details in this respect are summarized in the following table:
NUMBER
OF BANKING OFFICES IN AND OUTSIDE OF
BRANCH AND GROUP SYSTEMS
June 30,
1930
Dec. 31,
1929 i
Banking offices—total
* 27,470
28,177
Single-office banks
23,80823 035
Banks operating branches (head offices).
822
817
Branches
3,547
3, 618
752
Banking offices in groups—total
3,620
3,
Single-office banks
2, 007
1,943Banks operating branches (head offices).
122
137
1
Branches
1, 608
1,555
Articles on this subject have been published during the past few years
in the following numbers of the BULLETIN: December, 1924, pp. 925-940; Banking offices not in groups—total
23 718
24,557
June, 1926, pp. 401-408; May, 1927, pp. 315-318, 384-389; February, 1929,
Single-office banks 3
21,865
21 028
pp. 97-103; December, 1929, pp. 762-771; April, 1930, pp. 144-157.
Banks operating branches (head offices).
680
70O
2 The word' * group " i s used in the text of this article to include chains
Branches
_..___
_
2,010
1,992
as well. Three types of chain or group systems have been reported,
which may be characterized with reference to the controlling agency,
as follows:
1 Revised figures.
(1) Instances where control is exercised by a holding corporation,
23 Representing 23,852 banks: on Dec. 31, K29, there were 24,630 banks.
which has usually been formed by interests connected with one or
Independent single-office banks.
more of the principal banks belonging to the system.
(2) Instances where control is exercised by the principal bank of
During the 6-year period ending wTith June
the system, either through direct ownership of stock by the bank, or
through ownership by the stockholders or directors of the bank.
(3) Instances of ownership of controlling or substantial interest in 30,1930, a decrease of 5,144 occured in the numa number of banks by an individual, family, or group of individuals. ber of banks in the United States, accompanied
Recent developments have been conspicuously of the first and second
types, and these developments, commonly utilizing holding companies by a smaller decrease—3,819—in the number of
as controlling agencies, have been distinguished in some discussions as banking offices, the difference being accounted
"group systems," the designation of "chain system" being reserved for
organizations of the third type. These classifications by types of control for by an increase of 1,325 in branches.
are however, very general, since the actual method and agency of control
The group of 22 States in which the estabvaries from system to system and may in the case of any given system be
modified from time to time.
In the board's compilations, only affiliations of three or more banks are lishment of branches is now prohibited lost
classified as chain or group systems. It follows that some single banks 3,051 banking offices, nearly one-fifth of those
classified as independent unit banks may be affiliated through stock
in existence at the beginning of the 6-year
ownership with other single banks.
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
period. In the area where state-wide branch
banking is permitted, banking offices decreased
by 287, or about one-twelfth—reflecting a
decrease of 760 banks offset in part by an increase of 473 in branches. On the other hand,
the group of States in which branches are restricted as to location showed a net increase in
banking offices of 262, resulting from an increase
of 860 branches, offset in part by a decrease of
598 in the number of banks. Details are given
in Tables 1 and 2, pages 811-812.
Metropolitan branches.—Of the 3,618 branch
offices in the country in June, a large majority—
2,898—were located in the home-office city or
county and a minority—720—were located outside the home city and county—California
accounting for 451, South Carolina for 58,
North Carolina for 46. The number of branch
offices outside the home city and county increased during the half year by 28.
Twenty-five large banks in the cities of New
York, Detroit, Los Angeles, Cleveland, Boston,
Buffalo, and New Orleans, each with 18 or
more branches, confining their branch activity
to the city, had among them nearly 1,000
branches, and of the nearly 900 branches
operated by 16 large systems whose branch
activities were not so. limited, more than onefourth were within the home-office city.
Details regarding the location of branches
are given in Table 3, p. 812.
Branch systems.—The net decrease of 5 during the first half of 1930 in the number of banks
operating branches resulted from a gross loss of
39, offset in part by 32 new branch systems.
Twelve branch-operating banks suspended during the half year and 20 merged with other
banks. While 151 new branches were reported, these were partially offset in number by
60 discontinued and 22 suspended with their
parent offices, and of the gross increase 89
were de novo branches and 62 represented
banks converted into branches.
Number of branch systems:
Dec. 31, 1929
Increases—
New branch systems
-f32
Suspended branch systems reopened
+2
Decreases through—
Mergers with other banks
Suspensions
Discontinuance of branches
June 30, 1930
25186—30
— 20
—12
—7
822
+34
-39
817
2
767
Number of branches:
Dec. 31, 1929
3, 547
Increases—
De novo branches
+89
Banks converted into branches. _ +62
Resumption following suspension
+2
hl53
Decreases—
Discontinued
— 60
Suspended (with suspension of
parent bank)
—22
-82
June 30, 1930
3, 618
Principal branch-banking States.—At the
end of June, 1930, branches were in operation in
30 States and the District of Columbia—1,308
in the 9 States and the District of Columbia
which permit state-wide branch banking,
2,257 in the 12 States which restrict the establishment of branches to the home city of the
parent bank or territory nearly contiguous
thereto, 52 in 8 States in which the further
extension of branch banking is prohibited by
State law, and 1 in the State of New Hampshire
where there is no provision in State law regarding branch banking.
Two-thirds of the 3,618 branches in operation
in June were located in 5 States—California,
New York, Michigan, Ohio, and Pennsylvania—
while more than 100 branches were in operation
in each of 4 other States, Massachusetts, New
Jersey, Louisiana, and Maryland.
Size of branch banking systems, etc.—A
large majority of the banks operating branches
in June were operating only 1 or 2 branches
each. Of the 817 banks operating branches,
443, or more than one-half, were operating only
1 branch each, 144 were operating 2, and 132
were operating 3 to 5 branches each.
Of the 1,148 branches located outside the
home city of the parent bank, 634 were located
in places of less than 2,500 population; 144 in
places of 2,500 to 5,000; 92 in places of 5,000 to
10,000; and 278 in places of over 10,000. The
278 outside branches located in places of over
10,000 population represented largely branches
of state-wide California systems with head
offices in Los Angeles and San Francisco
operating branches in other large cities of the
State. The number of outside branches located
in places of less than 2,500 increased by 22 in
the period from December, 1929, to June, 1930.
Two-thirds of the branches in operation in
June were offices which had been established
de novo as branches, the remaining branches
representing largely conversions of independent
768
FEDERAL RESERVE BULLETIN
banks into branches, although in some instances
the method of establishment was
not ascertained. In the recent six months7 period the
number of de novo branches increased by 31,
and the number of branches representing conversions of banks increased by 43.
Of the 817 banks in June which were operating branches 165 were national banks with
1,041 branches, 169 were State member banks
with 1,308 branches, and the balance nonmember State banks (including mutual savings
and private institutions) with 1,269 branches.
Details are given in Tables 4, 5, and 6,
pages 813-814.
Group systems.—The net increase in the
number of groups during the half year was only
1, with 289 in existence at the end of the period.
New groups were created to the number of 12,
but suspensions, mergers, etc., accounted for
the disappearance of 11 groups. The movement as a whole gained 79 banks, the accession
of 180 new banks being offset in part by losses
from mergers, suspensions, and the like.
Number of groups:
Dec. 31, 1929
Increases—new groups
Decreases through—
Suspensions3
Mergers3
Sales and withdrawals 3
+288
+12
—3
—2
—6
^l
June 30, 1930
Number of constituent banks:
Dec. 31, 1929
Increase in—
New groups—
Transferred from
groups
Other banks
Existing groups—
Transferred from
groups
Other additions
289
4
other
other
2,065
5
3
+53
5
15
+127
+180
Decreases through—
Mergers with banks in same
groups
—25
Other mergers
—5
Suspensions
—24
5
Sales to other groups
18
Withdrawals or other disposal
— 29
Dissolution of groups 6
—18
-101
June 30, 1930
8
2, 144
Reducing the number of constituent banks to less than 3.
* Revised.
• Not included in the total—represents merely transfers from one group
to6another.
Represents banks left in a group after mergers, suspensions, sales or
withdrawals had reduced the number of constitutent banks to less than
3, thereby dissolving the group.
DECEMBER, 1930
Area of group banking.—While group-banking developments have not been generally
restricted by provisions in State banking codes,
the area within which these developments have
been more considerable in extent is composed
largely of States which have prohibited the
establishment of branch-banking offices either
by statute or by administrative policy, as, for
example, in Minnesota, North Dakota, Kansas,
Iowa, Illinois, Oklahoma, and Texas. Developments of this character have, however, by
no means been restricted to these States, as
groups have shown very considerable developments in certain other States, particularly in
several which have restricted the development
of branch banking to the building up of homecity or local branch systems, as in Michigan
and New York, as well as in California, which
permits state-wide branch banking. There
were, in fact, few States in w^hich no affiliation
of banking institutions in group systems was
reported in June, 1930, and the group-banking
area is in general much more extensive and less
clearly defined than the branch-banking area.
During the six months' period the group
movement showed considerable gains in Illinois,
where 12 banks were reported as additional
members, in Wisconsin, ,9; and in Florida, 8—
all States in which branches are prohibited by
law—and in Tennessee, 11; and in Ohio, 7—
States in which branches are restricted as to location. In Iowa there were 14 fewer banks members of chains and groups than six months earlier.
Details with respect to group systems appear in Table 1 (p. 811) and also in Table 7
(p. 815) which presents revised figures for
December, 1929, and June, 1929.
Large group systems.—Several of the large
group systems in operation in June included
one or more banks operating branches, and
while in some instances all of the banking offices
of the group were located within the confines of
a single State, in other instances banks and
branches of a system were located in several
States. Forty-fourimportantgroups, none with
less than six banks, had among them 902 of
the total number of 2,144 banks associated with
groups in the country as a whole. In addition,
the members of these large groups had 1,037
branches in all, 621 in the home-office city and
416 outside the home-office city. One large
group in the Northwest had as many as 108
bank members, another in the Northwest 100,
while an important group with its head office
in New York City, operating chiefly in that city
and in California, reported 22 bank members
having 475 branches.
FEDERAL RESERVE BULLETIN
DECEMBEB, 1930
769
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled November 21 and released for publication November 24]
Volume of industrial production and factory
employment declined in October, and there was
a further downward movement of commodity
prices. Volume of sales by department stores
increased by more than the usual seasonal
amount. There was a considerable inflow of
gold from South America and the Orient, and
a further slight easing of money rates.
Production and employment.—Industrial
production, including both factories and mines,
decreased by about 3 per cent in October,
according to the Federal Reserve Board's index,
which makes allowance for usual seasonal
changes. This decline reflected chiefly a further decrease in output of steel ingots, contrary to the usual seasonal movement, and a
larger than seasonal decline in the output of
automobiles. Output in the shoe industry w^as
also curtailed. Consumption of cotton by
domestic mills showed a further increase of
slightly more than the usual seasonal amount,
and stocks of cotton cloth were further reduced;
increased activity was also reported for the
silk industry. Output of coal was in substantially larger volume than in September,
while production of copper and petroleum
declined.
Number of workers employed showed a
decrease for the month in foundries and in the
automobile, machine tool, woolen, and shoe
industries, while increases were reported in
number of persons employed in the production
of silk goods, hosiery, and radios. Employment at coal mines increased considerably,
partly in response to seasonal influences.
Value of contracts for residential buildings,
as reported by the F. W. Dodge Corporation,
which had shown a growth in September, increased further in October, but by an amount
smaller than is usual for that month. Contracts
for public works and utilities also increased
somewhat, reflecting a larger volume of awards
for pipe lines. Owing to a substantial decrease
in contracts for industrial building, however,
there was little change in the total value of
building contracts awarded.
Distribution.—Volume of distribution of commodities by rail showed a decline from September to October. Retail trade, however, as
indicated by sales of department stores, increased by considerably more than the seasonal amount, according to preliminary reports
to the Federal reserve system.
Wholesale prices.—The general level of
wholesale prices, as measured by the Bureau
of Labor statistics index, declined in October,
and the decline continued in the first half of
November. Further decreases in the prices of
many agricultural products, including grains,
livestock, and meats, were accompanied by
reduction in the prices of hides, tin, petroleum,
and gasoline, while sugar and copper advanced.
The price of cotton rose considerably at the end
of October from the low level prevailing early
in the month.
Bank credit.—Total volume of credit at
reporting member banks in leading cities
showed relatively little change for the 4-week
period ending November 12. Loans on securities declined further by.$350,000,000, reflecting
reductions in loans to brokers and dealers in
securities, while all other loans increased by
$150,000,000, partly on account of purchases
of acceptances by the member banks. The
banks also increased their holdings of investments. The volume of reserve-bank credit
in use showed little change between the middle
of October and the middle of November.
There was a further addition of $30,000,000 to
the stock of monetary gold and a decline of
$20,000,000 in money in circulation, while
member-bank reserve balances increased. No
material change in the composition of the reserve-bank portfolio was shown for the month.
Money rates in the open market have eased
slightly since the middle of October. The rate
on prime commercial paper declined from 3 per
cent to a range from 2% to 3 per cent, and there
was a reduction in the rate on bankers7 acceptances of the longer maturities. Long-time
money rates, as measured by yields on United
States Government securities, declined slightly.
770
FEDERAL RESERVE BULLETIN
DECEMBER,
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
200
1926
1927
1928
1929
Based on weekly averages of daily figures; latest figures are for week ending November 29
1930
1930
771
FEDERAL RESERVE BULLETIN
D E C E M B E R , 1930
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Average of daily figures. In millions of dollars]
Month or week
Bills discounted
1929—June
July
August
September
October
November
-December
1930—January
February- March
April....
May
June
July
August
September
October..
November
Week ending (Saturday)—
Nov. 1__
Nov. 8_
Nov. 15
Nov. 22
Nov. 29
Bills
bought
United
States
securities
Other
reserve
bank
credit>
Factors of increase 1
Factors of decrease J !
Reserve bank credit outstanding
Total
978
1,096
1,043
969
885
953
803
501
378
274
231
247
251
226
214
189
196
221 |
75
124
229
337
296
320
314
285
246
266
182
141
154
153
197
185
184
179
147
155
165
154
315
446
485
480
540
530
529
571
583
599
597
602
599
1,317
1,380
1,376
1,427
1,450
1,631
1,643
1,357
1,181
1,095
1,072
996
1,000
1,003
998
1,016 !
1,020 !
1,033 j
4,311
4,335
4,351
4,368
4,381
4,374
4,324
4,283
4,319
4,395
4,443
4,505
4,528
4, 532
4,496
4, 503
4,520
4,553
204
220
198
214
246
164
189
203
176
172
602 !
602 i
601 !I
596
597
902
1,038
1,038
1,018
1,037
4,530
4, 536
4,549
4, 559
4, 567
Unexpended
capital
funds
NonMoney Member
bank
member
in circureserve deposits,
lation
balances
etc.
gold
I
4,483
4, 476
4,492
4,501
4, 528
2,314
2,334
2,322
2,335
2,386
2,521
2,395
2,349
2,305
2,330
2,350
2,356
2,392
2,417
2, 392
2.397
2,407
2, 433
30
31
27
28
28
33
27
29
27
27
28
29
27
35
28
26
27
30
376
376
382
387
392
395
399
394
393
397
400
398
395
389
385
389
392
388
4,467
4,506
4,498
4, 513
4,580
2,430
2,435
2, 465
2,439
2,403
27
35
33
28
25
391
391
391
386
383
1,779 I
1,790 |
1,781 !
1,766 j
1,785 i
1,789 I
1,797
1,784
1,781
1,797
1,781
1,779
1,775
1,789
1,787
1, 785
1,787
1,793 !
4,687
4,764
4,777
4,811
4,810
4,845
4,943
4,652
4,556
4, 533
4,518
4,497
I,7f3 i
1,793 !
1,800 !
1,789 I
1,787 \
1
For explanation see BULLETIN for July, 1929, pp. 432-438
.
Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.
Back figures—See Annual Report for 1929 (Tables 1, 2, and 3).
1
ANALYSIS OF CHANGES I N MONETARY GOLD STOCK
GOLD MOVEMENTS TO AND FROM UNITED STATES
[End of month basis. In millions of dollars]
[In thousands of dollars]
1930
Increase or decrease (—) during
month
Gold
stock
at end
of
month
Month
1929—January
February...
March
April
May..
June
July.
August
SeptemberOctober
NovemberDecember..
Total (12 mos.) _
1930—January
February
March
April
May
June
July
August
September
October
November
p
1
4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284
I
-14.4
26.4
34.4
72.4
40.6
23.4
16.3
18.9
12.1
14.4
-19.2
-82.9
47.2
25.5
24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23.2
-64.4
142.4
175.1
4,293 I
8.8
4,355
61.9
4,423 I
68.2
4,491 j
68.5
4, 517 i
25.9
4,535 |
17.6
4,517
-18.4
4,501
-15.5
4,511
10.2
4,535
23.3
4,571
36.3
4.0
60.0
55.5
65.7
23.5
13.9
-19.6
-19.6
2.5
26.4
33.3
-65.0
7.5
48.6
16.1
-7.5
-22.0
-1.0
-6.6
-4.5
1.0
-22.0
3.4
.9
2.1
0.7
0.9
0.7
3.6
1.5
1.1
1.4
2.3
3.5
-55.4 I
22.7
2.5
0.0
13.0
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1
-2.1
2.3
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
3.1
5.1
For explanation of this figure, which is derived from preceding columns, see BULLETIN for December, 1928 p. 831.
v Preliminary.
From or to—
, Through Through Through
| net gold
eardomestic
import marking producTotal
or
operation,
export
tions
etc.*
November
(preliminary;
Imports
England
France
Germany
.. ..
Italy
Netherlands
Canada _. _ __
Central America
Mexico
Argentina
14,384
5 000
Brazil
Chile
Colombia
1,618
Ecuador
._
Peru
Venezuela
Uruguav China and Hong
Kong
587
Dutch East Indies
Japan
16, 240
Philippine Islands _
New Zealand
All other countries i_
621
Total
1
2
i38,450
Exports
JanuaryOctober
October
Imports
Exports
1
13
112
i
30
5,000
810
197
1 281
575
15,405
179
1 124
9,022
114
272
46
53
1
1
947
317
13, 750
333
29
J
5 000
Imports
215
27
Exports
289
73 80S
201
3 000
19,922
1 512
19 852
966
82, 776
393
6 248
l' 230
6, 590
4 661
8,354
31,728
21, 639
1 551
140,359
2,968
377
50
415
965
173
3,759
91
35,635
9,267 323,117
110,923
Includes all movements of unreported origin or destination.
At New York—imports, $21,623,000. Elsewhere-imports, $16,827,000; exports, $5,000,000.
772
FEDERAL RESERVE BULLETIN
MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS
DECEMBER, 1930
OPEN-MARKET RATES
RATES IN NEW YORK CITY
[Monthly averages of weekly figures. In millions of dollars]
Prevailing rate o n Reporting member
banks in leading cities
Member
banks
outside
leading
citiesi
Total 1
Month
New York
City
1929
January
February
March
April
May
June
July
August
September
October
November.
December
1930
1929
462
371
247
225
226
222
218
196
186
193
211
190
131
166
162
145
165
319
196
166
74
60
80
891
893
978
991
951
972
1,100
1,013
974
885
944
_.
755
1930
Other leading cities
1929
1930
473
528
574
563
516
505
482
521
540
561
595
410
208
152
80
54
48
48
53
39
35
50
65
1929 i 1930
228
234
238
266
290
302
299
296
268
250
215
193
166
154
167
169
165
153
142
137
140
265
1
Includes (in small amounts) discounts by Federal reserve banks for
nonmembers: (1) Bills discounted for intermediate credit banks and
(2) notes secured by adjusted-service certificates discounted for nonmember banks.
FEDERAL RESERVE BANK RATES
DISCOUNT RATES
[Rates on all classes and maturities of eligible paper]
Federal reserve bank
Date
established
Rate in
effect on
Dec. 1
Previous
rate
Average rate
Averagejield
Month or week Prime
commercial
paper,
4 to 6
months
1929
November
December
| 5H-6H
5
1930
January
February
March
April
May
June
July
„
August
September
October
November
Week ending—
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
434-5
33/4-4
3 -S
3
3
3
2-K-3
17A\ 2^-3
! 2H-2H
; 2M-2H
2U-2H
2 ~2\i
3
3
2)4-3
2?4-3
2?4-3
1J6
1
2
Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
3 3 issues—3%, 3?4,4 per cent; yields calculated on basis of last redemp
tion dates—1947, 1956, and 1954.
* Change of issues on which yield is computed.
« Maturities of 6-9 months.
3 . July 3
2V, June 20
July 3
31/2 June 7
July 18
July 12
June 21
3H Aug. 7
Sept. 12
Aug. 15
Sept. 9
Aug. 8
Boston
New York_...
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas C i t y Dallas
San Francisco
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
m
m
[Weighted averages]
New York City
Month
1928
Eight other northern a n d eastern
cities
Twenty-seven
southern a n d
western cities
1929 1930
1928
1929 1930
1928
1929
1930
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5.82
5.91
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.53
5.53
5. 54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
6.12
6.04
5.98
5.86
5.75
5.69
5.62
5.57
5.54
5.53
5.49
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
1-15 days
16-30 days—.
31-45 days—.
46-60 d a y s . . .
61-75 days—
76-90 days—
91-120 d a y s 121-180 days-
Rate in
effect on
Dec. 1
Date
established
1% June 30
Previous
rate
i —do
_do
July 21
l%...do
2 i June 20
2
2
2
2
2
2H
2%—do
23/4
2i/ 4
ii
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
January
4.56
February
4.44
March
..! 4.59
ApriL._
4.72
4.97
May—
June
5.09
July
5.38
August
5.56
September... 5.63
October
5.63
November
5.56
December . . . 5.63
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
NOTE.—Figures relate to rates charged by reporting banks to their
own customers as distinguished from open-market rates (which are given
in preceding table). All averages are based on rates reported for 3 types
of customer loans—commercial loans, and demand and time loans on
securities. The method of computing the averages takes into account
(a) the relative importance of each of these 3 types of loans and (6) the
relative importance of each reporting bank, as measured by total loans.
In the two group averages the average rate for each city included is
weighted according to the importance of that city in the group, as measured by the loans of all banks.
DECEMBER,
773
FEDERAL RESERVE BULLETIN
1930
MEMBER BANK CREDIT
BROKERS' LOANS
REPORTING MEMBER BANES
[In millions of dollars. Monthly data are averages of weekly figures]
REPORTED BY THE NEW YORK STOCK EXCHANGE
; Total
BorDue rowLoans
ings
to
In- banks F.atR.
vestOn sebanks
Total curi- All ments
ties other
BY MONTHS
Total:
1929—July
August
September
October
November
December
1930—January
_
February
March
_
April
May
June
i
July
August
I
September
j
October
\
November
New York City:
1929—July_
August
September
October.
November
December
1930—January
February
March
April
May
June
July
August
-.
September
October
__
November
Other leading cities:
1929—July_
August
September
October.
November
December
1930—January
February
March
April
May
June
__
July
August
September
October
November
BY WEEKS
Total:
1930—Oct. 29._
N o v . 5.
N o v . 12
N o v . 19
N o v . 26
New York City:
1930—Oct. 29
Nov. 5
N o v . 12
N o v . 19
N o v . 26
O t h e r leading cities:
1930-Oct. 29
Nov. 5
N o v . 12
N o v . 19
N o v . 26
r
22,479
22,465
22,646
23,124
23,663
23,012
22,3681
22,083
22, 352
22,657,
22, 662
23,024
23,101
23,128,
23,220!
23,409
23,455:
7,496:
7,407
7,5071
7,837,
8,349!
8,001,
7,66* i
7,493
7,649
7,829|
7,852
8,117!
8, 078
8,097
8,089:
8,313
8,421
5,804
5,688
5,803
6,108
6,380
6,021
5,705
5,584
5,720
5,868
5,878
6,099
5,984
6,004
5,998
6,141
6,055
14,983!
15,058
15,139!
15,288:
15,314j
15,011!
11,146
11,281
11,394
11,598
11, 661
11,424
11,115
10, 958
11,026
11,033,
10.948
10.949
10,922
10,834
10.860
10,692
10, 618
14, 705
14,590.'!
14,703
14,828
14,810
14,907
15,023
15,031
15,132
15,096
15, 034;
|
23,495
23,511
23,435
23,491;
23, 381
8,414
8, 157
8,363
8,452
8,413
2,738
2,604
2,718
2,9141
3,008
2,886
2,828
2,818
2,898
2,940
2,870
3,063
3,404
3,334
3,505[
3,545j
3,528
801
717
706
634
655
490
247
174
81
71
59
53
63
43
44
56
71
2,758!
2,843!
2, 911;
2,916 i
3,040:
2,909!
2,760,
2, 675!
2,605:
2,485;
2,418
2,398j
2,426!
2, 416i
2,415,
2,512!
3,401 2, 653:
1,692|
., 7201 827
.,704
887
L, 729 1,023
.,969j 1,132
, 981
—
931
,909
,929
1,961
1,974!
2,019 1,009
2,094 1,100
2,093!
999
2,090! 1,076
2,172 1,154
2,367 1,201
319
196
166
74
60
80
39
21
1
17
11
5
5, 529j
5,496
5,449
5,418
5,623
5,567
5,548
5,541
5,607
5,756
5,837
5,977
"6,194
""
6,291
6,36l!
6, 575;
6.7821
4,670 6,476;
4,734 6,5471
4,762 6,632'
4,906 6,692
4,909 6,752;
4,856 6,568!
4,849 6,267i
4,762 6,196
4,850 6,176
4,888 6,146j
4,853 6,095!
4,866 6,082.
4,839 6,082;
4,769 6,065;
4,806 6,054!
'4,'614|r6,079|
4,496 6,123!
3,837
3,776 ,777
3,745 ,830
3,690 L, 891
3,654 L,875
3,587 , 906
3,589 1,89"
3,632 1,916
3, 6771 1,946
3,7951 1,959
3,862 1,939
3,958 2,054
4,101 2,304
4,198 2,336
4, 272 2,429
4,403 2,391
4,416, 2, 327
482
521
540
561
594
410
208
152
80
54
48
48
53
39
35
50
65
I
:
6,116
6,1391
6,022!
6,068
5,989
End of month
January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1930
1929
6,735
6,679
6,804
6,775
6,665
7,071
7,474
7,882
8,549
6,109
4,017
3,990
3,985
4,168
4,656
5,063
4,748
3,728
5,664
3,368
5,619
3,529
5,713
4,026
5,580
4,409
5,482
4,139 !
5,797
3,201 j
6,154
3,227
6,492
3,109
7,077
3,057 !
5,313
2,299
3,432
1,928
3,370 !
3, 500
3,535 ;
3,377|
3,352|
3,342l
2, 616!
2,604
2,644
2,716
2,648
2,299
2,318'
2,341
2,384
2,423
3,427
1,138
1,230
1,183
1,174
1,215
2,290
2,376
2,410
2,325
2,197
24
3,599
3,481
2,556
12,162
1929
1930
1,071
1,060
1,091
1,194
1,183
1,275
1,320
1,390
1,472
796
585
620
616
639
631
654
609
527
462
489
425
257
234
I
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
in millions of dollars. Monthly data are averages of weekly figures]
For banks
Total
Total
1929—October...
November.
December.
1930—January...
FebruaryMarch
April
May
June
July
August
September
October
November.
6,498
4,023
3,391
3,351
3,459
3,741
4,115
4,030
3,825
3,224
3,150
3,174
2,769
3 2, 249
Nov. 5
Nov. 12....
* Nov. 19
Nov. 26
2,454
2, 235
2,185
2,122
In
For
! Outside
New ! New
others
York
York
City» I City*
1,869
1,601
1,706
1,913
2,310 ,
2,740
2,727
2,748
2,378
2,351
2,426
2,212
1,792
1,257
1,090
888
844 i
942 I
1, 210 I
1,557
1,665
1,831
1,631
1,659
1, 676 1
1,675 i
1,357 i
1,639
779
713
862
971
1,100
1,183
1,062
917
747
692
750
537
435
3,602
2,154
1,790
1,644
1,546
1,430
1,376
1,302
1,078
846
798
748
557
458
1,981
1,786
1,731
1,668
1,512 I
1,335 I
1, 292 !
1, 288 I
469
451
439
380
473
449
455
455
18 Weekly reporting member banks in New York City.
Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
• Call loans, $1,664,000,000; time loans, $585,000,000.
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]
End of month
3, 593
3,499
3,413
1930
1929
1 Call loans, $1,691,000,000; t i m e loans, $471,000,000.
!
16. 764 8,065>8,699! 6,731;
16,806 r 8,084 8,72li 6,704
16,668 7,904 8,763! 6,767
16, 690 7,838 8,852: 6,804
16, 5271 7,761 8,766i 6,854
From New
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies
Total
Month or date
3,045
2,845
2,892
3,191
3,340
3,112
2,945
2,909
3,115
3,383
3,459
3,701
3,558
3,588
3,584
15, 081
15,054
15,071
15,042
14, 969 10, 538|
Revised.
9,234
9,390'
9,543
),608
9,792;
9,4761
9,027
8,871
8,781
8,631j
8,513!
8,480;
8,508
,
8,4811
" ~"
8,469
8, 59i;
8,776;
7, 716
16,9.50
7,578
16,969
7,654
17,197
8,098
17,706
8,249
18,041
7,968
17,444
7,794
16,821
7,671
16,542
7,964
16,746
16,901 8,270
8,312
16,825
17,048
8, 568
16,906
16,838 8, 357
8,390
16.859
16, 834 ' 8,243
16, 673 7 *
[Net borrowings on demand and on time. In millions of dollars]
I
Loans and investments
January
February...
March
April
May
June
July
August
September
October
November..
December
Bankers' acceptances outstanding
Commercial paper outstanding
1927
1928 ! 1929 ! 1930
927
1928
1929
774
785
809
811
775
751
741
782
864
975
1,029
1,081
1,058
1,056
1,085
1,071
1,041
1,026
978
952
1,004
1,123
1,200
651
577
606
599
582
579
569
591
600
611
603
555
577
567
570
571
541
503
483
458
430
427
421
383
407
411
387
351
304
274
265
267
265
285
316
1,284
1,279
1,228
1,205
1,111
1,107
1,113
1,127
1,201
1,272
1,541
1,658
1,732
1,693
1,624
1,539
1,414
1,382
1,305
1,350
1,339
1,367
1,508
404
457
529
553
541
527
528
526
513
485
334
Figures for acceptances as compiled by American Acceptance Council;
for commercial paper as reported by about 25 dealers.
774
FEDERAL RESERVE BULLETIN
D E C E M B E R , 1930
SECURITY PRICES, SECURITY ISSUES, AND BUILDING CONTRACTS
SECURITY PRICES
[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926 = 100)
Selected groups of industrial issues
PreBonds1 ferred 1
BuildIndusPublic
Cop- Elec- MaRailstocks Total
trial road utility Auto- ing Chain Chem- per trical chinOil
mobile equip- store ical
and equip- ery
ment
brass ment
Month or date
Number of issues
20
60
192Q—November
December
1930—J anuar v
February - . . March ___.
April
May
June
.
July
August
September
October
November _
Nov 5
Nov. 12
Nov. 19
Nov 26
95.7
96.5
96.5
06.4
97.8
97.9
97.9
98.2
98.7
99.6
100.0
99.9
99.1
99.4
99.0
99.1
98.8
123.9
126.4
126.5
126.9
127.8
128.2
127.6
126.8
125.9
126.5
127 9
126.8
124.7
125.4
124.3
124.5
124.4
404
337
33
34
13
13
17
9
9
4
10
16
10
30
151
154
156
166
172
145
147
149
156
163
135
136
137
143
143
195
201
209
231
242
114
113
117
125
125
104
106
102
100
100
214
228
240
254
266
204
196
193
193
193
227
241
265
307
323
135
143
146
154
161
131
132
129
128
141
169
170
177
188
192
78
77
78
85
85
181
171
142
264
134
134
135
145
155
162
127
282
136
125
124
121
123
111
102
105
99
250
224
215
213
216
187
167
170
161
116
100
98
97
100
84
77
77
74
174
160
143
140
139
139
118
109
108
105
152
134
132
134
133
108
101
98
98
101
171
153
149
148
149
128
117
118
113
257
223
217
219
230
191
176
172
171
359
173
156
196
151
135
129
121
114
93
91
85
92
237
290
277
278
283
225
196
195
189
148
133
133
130
125
106
97
99
95
111
109
103
101
172
167
105
103
80
77
182
178
97
90
202
196
123
123
98
96
174
161
159
160
162
142
131
131
128
83
170
152
155
152
154
134
120
121
114
119
117
97
90
89
90
96
88
82
83
78
82
83
i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
DOMESTIC CAPITAL ISSUES
fin millions of dollars. Source: Commercial and Financial Chronicle]
Class of issue
Class of issue
New
Refunding
294.9
57.1
New
Refunding
Government
Refunding
New
Total.
Total..
127.2
Corporate issues
Bonds and notes—
Long-term
85.5
Short-term
20.1
Stocks.
_ 21.6
Farm-loan issues
Municipal issues
167.7
Total new and refunding
352
5,397. 4 495.9
8, 559. 7 1,286.0
54.8
4,183. 0
463.2
7, 541. 6 1,276.0
16.1
30.2
8.5
2, 350. 0 344.7
419.5 95.2
1,413.5 23.3
45.5
1,168. 9 32.7
1, 769. 4 480.2
43.9
153.7
5, 618. 5 751.9
5 893 2
9,845. 7
2.3
1,018.1
10.0
•*•
o
132
131
55
55
* 20 high-grade industrials; average price.
October,
1930
1929
1930
77
69
67
66
67
58
55
56
54
FOREIGN CAPITAL ISSUES
[In millions of dollars]
January-October
October,
1930
Textile
Steel
New issues
Europe
Canada and Newfoundland
Latin America
U. S. insular possessions._
Miscellaneous
Refunding issues
Total Government and
corporate
January-October
1930
Cor- Govpoernrate ment
1929
Corporate
Gov- Corern- poment rate
84.1
13.9
778.0
327.7 282.8
431.4
47.2
8.9
601.4
135.2
322.7 265.4
36.6 87.6
47.2
8.9
36 9
an
155.6
77.6 105.1
146.8
17.6 70.7
106.5
2.0
57.3 "190.9"
176.6
5 0 17.5
415.9
87.5
107.0
51.4
7.7
162.2
15.5
98.0
714.2
1,105. 7
BUILDING C O N T R A C T S A W A R D E D , BY T Y P E S O F BUILDING
[Value of contracts in millions of dollars]
Total
Industrial
1929
Commercial
1929
1929
1930
1929
1930
410.0
361 3
484.8
642.1
587.8
545.9
652.4
488.9
445.4
445.6
324.0
317.1
456.1
482.9
457.4
600.6 '
367.5 ;
347.3
331.9 i
337. 3 !
138.1
129.5
197.2
256.8
192.0
189.8
199.9
146. 1
118.4
137.7
66.6
74.8
101.5
123.1
116.6
96.8
84.3
82.7
98.5
104.7
63.1
56.1
55.8
68.2
80.8
70.0
66.6
75.3
52.6
60.9
38.3
33.5
74.3
38.1
54.6
93.6
35.2
20.7
31.7
16-. 1
100.4
68.3
75.6
78.0
86.5
80.9
91.3
72.0
76.9
67.7
54.1
72.9
77.0
73.2
73.3
59.1
46.9
50.9
31.1
35.7
5,064. 2 4,022. 0 I 1, 705. 4
391.0
113.5
316.4
114.0
949.6
649.4
39.7
67.4
436.1
797.5
101.8
33.4
574.2
January
_ . _.
February
March
April . .
May
June
July
August
September
_. _
October
Year to date
November
December
Residential
1930
1930
Public works and
public utilities
Educational
1929
1930
66.5
57.6
71.5
152.1
139.4
120.8
194.5
119.3
117.2
85.1
112.1
85.8
105.3
149.7
134.9
251.9
114.9
124. 2
101.4
111.2
17.7
22.6
37.5
29.9
1,124. 2 1, 291. 4
72.4
51.8
336.4
25.7
19.8
1929
43.4
48.0
32.3
29.8
36.9
1930
All other
1929
19.0
21.2
35.4
35.2
36.9
48.9
42.7
25.9
28.2
28.6
24.1
27 3
47.2
57.1
50.9
40.9
52.0
43.9
50.4
57.3
34.0
28 8
62.6
63.5
41.1
50.2
43.5
43.0
40.8
41.1
322.0
451.3
38.0
29.9
448.6
Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
1930
775
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES
[Index numbers; 1923-1925 average** 100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production *
Year and
month
Manufactures
Total
Unad- Adjusted justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1926
June
July.
August
September
October.
November
December
1927
January
February
March
April
May
June
July. .
August
September
October. _
November
December
1928
January
February
March
April.. ..
May
June.. __
July
August
September
October .
November
December
1929
January
February
March
April
May
June.
July
August
_
September
October
November
December
1930
January
February
March
April
May
June
July
August
September...
October.
Minerals
Building contracts
awarded
Commodity
prices t
Freight car loadings *
Factory employment
Factory
pay
rolls
Merchandise in
less-than-carload lots
Total
1
All
com- Farm
prodmodI
ucts
Unad- UnadUnad- Unad- AdAd- Unad- Ad- j ities
Unad- AdUnad- Adjusted justed justed justed justed justed justed justed justed justed justed i justed
77
84
87
67
87
101
94
105
108
106
111
119
83
87
67
85
101
95
104
108
106
111
118
89
70
74
105
96
99
108
107
106
115
107
64
63
57
81
84
95
122
130
128
135
117
108
82
90
104
96
100
101
99
97
101
98
118
81
103
96
101
104
102
102
108
84
91
79
86
100
98
103
107
103
103
106
77
72
87
93
96
99
104
107
105
104
104
i 139
i 154
98
97
| 101
98
104
100
95
98
97
158
151
88
94
99
100
110
100
99
106
105
106
103
109
113
114
110
101
108
107
110
112
111
108
105
106
102
108
112
112
108
99
108
107
111
112
111
106
103
109
110
115
119
124
123
113
106
107
109
110
114
118
119
133
126
148
137
126
119
131
101
99
101
103
103
101
100
101
101
101
102
102
101
101
104
99
104
105
108
105
104
110
111
113
122
123
113
98
109
108
108
109
109
109
107
108
106
107
112
112
110
103
107
106
106
107
107
108
108
101
100
99
100
99
98
98
101
99
97
99
98
95
95
105
111
113
110
112
107
102
105
107
105
101
96
106
108
111
109
111
108
106
107
105
103
99
100
104
110
113
112
113
107
102
104
106
104
100
95
105
107
110
109
111
109
107
107
105
102
99
99
112
113
111
96
108
108
103
111
111
112
105
97
116
117
118
107
109
105
100
106
104
105
101
103
94
96
151
147
135
154
130
135
127
137
100
100
100
99
99
100
99
99
98
98
97
97
99
105
106
105
104
102
99
102
102
103
98
99
97
100
102
100
105
106
104
109
116
114
101
88
105
109
108
108
106
104
101
104
104
101
97
95
100
104
108
108
106
105
104
105
110
109
106
98
108
109
107
107
104
104
104
104
104
105
104
103
97
96
95
94
94
94
94
97
95
94
94
96
97
"*116
98
100
100
100
99
99
98
99
101
99
97
95
97
97
97
97
102
106
105
104
104
105
111
112
110
110
108
105
110
116
118
115
108
106
109
110
109
109
109
110
112
114
115
113
113
106
114
115
113
111
109
106
110
116
117
115
109
106
110
111
110
109
111
111
113
116
115
113
114
100
99
98
94
104
104
103
111
115
123
117
106
103
103
103
105
105
101
101
105
107
114
113
112
104
113
144
157
163
158
142
126
143
145
115
105
94
96
97
96
96
96
96
98
100100
99
98
96
96
96
96
96
97
97
97
98
98
99
100
96
101
103
100
101
101
98
103
104
107
104
104
92
94
97
96
104
103
105
109
119
119
108
95
100
102
102
104
105
102
102
104
106
106
104
103
98
101
105
105
106
105
104
104
109
109
106
100
106
105
104
104
104
103
104
103
104
105
104
105
90
96
90
97
99
98
98
99
100
98
97
97
10H
105
104
108
110
107
107
107
109
104
102
104
116
120
121
124
125
125
119
121
123
120
108
95
117
117
118
122
124
127
124
123
122
117
106
99
116
120
125
127
127
126
119
121
122
119
107
92
117
116
120
123
125
129
126
125
122
117
105
96
114
116
101
104
116
116
118
121
127
127
114
110
118
120
107
115
116
113
114
115
118
118
110
116
100
88
118
156
143
133
159
119
108
109
95
77
97
100
101
102
102
102
102
104
105
103
99
95
100
100
101
102
102
103
103
103
102
101
99
97
101
108
111
111
111
110
106
111
112
111
103
99
95
99
98
102
110
109
111
114
121
118
102
90
104
107
103
111
111
108
108
109
108
104
99
97
97
101.
106
107
108
105
105
106
110
109
106
96
105
105
105
106
108
104
105
105
105
105
104
101
97
97
98
97
96
96
98
98
98
96
94
94
106
105
107
105
102
103
108
107
107
104
101
102
103
109
106
107
105
99
90
90
92
104
107
104
106
104
100
94
92
91
102
110
109
110
106
99
89
88
91
102
106
105
107
104
100
93
91
90
107
104
91
93
102
'103
100
101
100
112
109
96
104
'103
100
97
96
94
79
77
111
118
111
146
89
85
81
82
93
93
93
93
91
89
86
85
86
84
96
94
93
92
91
90
87
84
83
82
94
98
98
97
94
91
83
82
83
81
89
92
90
93
97
95
95
96
99
97
97
99
96
101
98
94
92
91
89
86
94
98
101
101
101
98
94
95
99
97
102
102
100
100
99
97
94
94
95
93
93
92
91
91
89
87
84
84
84
83
101
98
95
96
93
89
83
85
85
83
* Average per working-day, except for annual indexes.
t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for all major groups of commodities are given on p. 803.
»Preliminary
Revised.
25186—30
3
776
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average =» 100]
i
1929
1930
Industry
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
IRON AND STEEL
TEXTILES
Mar.
Apr.
May
June
July
93
91
93
84
Aug.
Sept.
Oct.
1
MANUFACTURES
Pig iron
Steel ingots
Feb.
- ._
Cotton consumption
Wool
-Consumption
Machinery activity»
Carpet, ruglooin activity L
Silk
•"Deliveries
Loom activity l
FOOD PRODUCTS
Slaughtering, meat packing . .
Hogs
Cattle
Calves
Sheep
- Flour .
.- . --L
Sugar meltings
PAPER AND PRINTING
Wood pulp and paper
Newsprint
Book paper
Fine paper
Wrapping paper
- _
Paper board
Wood pulp, mechanical..
Wood pulp, chemical
Paper boxes
Newsprint consumption _
143
128
144
120
119
101
114
86
90
150
161
130
100
93
94
88
85
126
L07
113
125
119
95
134
118
101
131
101
120
169
135
140
122
142
116
115
98
106
89
90
148
158
128
98
101
106
91
99
126
99
84
130
121
94
143
119
101
128
100
120
178
148
124
118
125
118
117
101
109
91
96
148
158
130
96
97
104
86
88
125
91
99
126
120
94
145
119
96
130
91
118
156
139
100
107
100
108
104
89
94
82
88
145
153
128
96
95
101
82
88
125
92
106
123
118
92
139
120
97
131
85
113
144
133
90
95
90
96
90
77
80
74
75
140
148
124
95
91
96
81
91
113
94
111
118
113
93
139
116
95
107
91
116
125
134
99
94
100
103
102
78
85
72
69
141
145
133
96
89
89
87
97
116
92
127
'120
'114
95
'127
118
93
127
96
115
147
131
119
101
120
99
94
76
81
73
70
145
149
138
94
92
93
86
92
132
97
94
122
116
97
'124
118
92
131
111
119
147
137
113
102
114
98
94
71
77
65
66
150
155
140
90
85
80
88
92
141
101
90
'120
116
91
'127
121
99
125
106
117
149
130
114
102
115
96
100
72
80
62
66
125
123
128
97
94
93
89
100
147
105
96
'121
116
86
'132
116
98
132
89
114
149
132
111
104
112
90
91
70
74
69
60
117
121
111
98
94
94
88
89
142
104
105
119
113
89
120
111
99
132
90
115
151
132
110
101
111
84
85
71
78
73
49
100
99
102
93
90
88
90
86
137
104
84
'116
108
88
'114
105
95
122
98
110
173
132
89
'124
88
103
146
124
L43
55
175
117
103
93
133
49
101
116
105
94
113
57
75
113
108
94
81
45
69
106
103
95
49
32
97
93
99
94
103
39
170
96
93
99
110
40
102
96
93
101
109
48
80
98
98
97
109
51
128
99
99
99
104
43
147
94
99
100
98
42
164
100
103
100
80
108
136
125
87
102
144
123
98
100
147
117
88
88
145
108
83
70
151
90
76
68
129
98
66
76
127
97
80
80
136
97
79
85
131
99
72
95
128
91
122
168
122
126
120
118
174
125
127 ;
131
113
172
122
125
125
109
149
119
126
112
110
117
113
122
106
108
124
105
110
99
110
122
101
103
92
111
117
104
103
117
108
131
106
103
132
176
209
108
142
131
152
119
123
87
133
99
163
1
173
208
95
141 •
123
147
116
120
90
136
100
168 :
178
215
103
142
121
146
114
117
87
135
99
168
171
209
93
136
110
139
94
97
74
130
96
160
166
201
90
132
115
131
80
82
70
133
83
172
163
199
89
121
120
132
106
109
85
131
84
167
168
204
96
125
126
136
107
110
85
133
92
166
168
204
99
117
130
135
105
108
84
128 !
87
161 ;
99
78
145
121
119
127
107
91
103
102
140
121
125
120
119
89
103
'112
140
107
123
119
115
94
98
92
131
98
118
106
114
114
104
121
132
100
106
132
92
101
135
81 '•
69
125
115 !
98
105
87
101
104
92
88
95
98
106
98
88
96
107
89
93
86
94
81
78
67
76
62
47
109
117
91
91
89
85
89
95
143
103
84
108
101
83
105
100
89
'115
92
'108
151
123
86
80
86
88
79
69
78
67
49
139
158
101
r
96
92
91
88
97
146
98
' 104
109
100
80
104
99
87
115
'88
106
159
126
40
347
100
107
100
67
38
310
102
102
99
'66
33
229
100
102
102
45
"
77
92
145
98
73
106
154
96
67
101
143
102
66
90
151
'99
61
93
132
86
119
143
101
101
107
119
114
96
94
99
116
105
97
117
65
96
92
101
111
95
97
94
111
97
101
95
90
127
174
214
93
121
138
138
123
127
97
136
92
172
173
213
90
123
133
137
121
125
96
134
94
167
170
210
90 !
117
126
132
1
119
122
93 i
141 !
91
183 i
166
206
177
164
205
84
109
124
119
90
98
79
130
89
164
165
207
78
112
117
114
84
87
64
125
85
158
160
203
74
108
106
109
88
91
68
129
8S
164
97
73
128
92
81
127
104
90
94
104
80
89
86
82
120
95
83
'91
103
69
82
88
117
96
84
94
106
70
85
80
114
79
89
94
101
'73
87
105
115
74
83
90
94
71
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
Sole leather *
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
82
69
80
65
43
113
120
98
94
89
85
89
93
139
101
106
111
105
84
111
108
75
71
75
91
81
69
75
68
52
150
170
109
94
93
94
85
97
158
90
105
P 106
v 98
81
97
99
91
72
104
141
122
90
96
95
CEMENT AND GLASS:
Cement
__
Glass, plate
NONFERROUS METALS '
Copper (smelter)
Tin (deliveries) 1
- --
:
_.
FUELS, MANUFACTURED:
Petroleum refining
Gasoline 1
Kerosenel
Fuel oil
Lubricating oil 1
Coke (bv-product)
;
- -
i
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tube''
TOBACCO PRODUCTS
Cigars
Cigarettes
!
1
!
i
j
!
95
103
85
113
126
123
93
96
71
137
88
MINERALS
COAL:
Bituminous
Anthracite _
Petroleum, crude
Iron ore shipments
Copper (mined)
Zinc
Lead
Silver . . . .
:
.
;
90
94
' 111
88
i
j
1
j
!
1
!
i
78 !
124
108
86 1
99
C9 ;
75
1
2
Without seasonal adjustment.
Includes also lead and zinc; see " Minerals."
p Preliminary.
' Revised.
NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927.
777
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers of the Federal Reserve Board. 1923-1925 average=100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variatior Without seasonal adjustment
Industry
October
TOTAL—ALL MANUFACTURING INDUSTRIES
IRON AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural iron work
Heating apparatus
Steam fittings
Stoves
Cast-iron pipe
MACHINERY
Foundry and machine-shop products
Machine tools
Agricultural implements
Electrical machinery
TEXTILES AND PRODUCTS
A. Fabrics
Cotton goods
Woolen and worsted manufactures
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods
Silk manufactures
D yeing and finishing textiles
B. Wearing apparel
Clothing, men's
Shirts and collars
Clothing, women's
Millinery
FOOD AND PRODUCTS
Baking
Slaughtering and meat packing
Confectionery
Ice cream
Flour
Sugar refining, cane
PAPER AND PRINTING
Printing, book and job
Printing, newspapers and periodicals...
Paper and pulp
Paper boxes
LUMBER AND PRODUCTS
Lumber, sawmills
Lumber, mill work
Furniture
TRANSPORTATION EQUIPMENT..
Car building and repairing.
Automobiles
Shipbuilding
LEATHER AND MANUFACTURES-.
Boots and shoes
Leather
CEMENT, CLAY, AND GLASS PRODUCTS.
Clay products
Brick, tile, and terra cotta
Pottery
Glass
Cement
_._..
NONFERROUS METAL PRODUCTS...
Stamped and enameled wareBrass, bronze, and copper
CHEMICALS AND PRODUCTS
Chemicals and drugs
Petroleum refining
Fertilizers
RUBBER PRODUCTS
Automobile tires and tubes..
Rubber boots and shoes
TOBACCO MANUFACTURES
Cigars and cigarettes
Chewing and smoking tobacco, snufr_.
MUSICAL INSTRU MENTS
Pianos and organs
1929
1930
84.3
81.6
82.4
75.1
100.4
74.0
69.5
78.2
74.1
87.4
80.0
106.9
92.9
100.2
82.4
78.6
74.5
66.5
66.1
68.7
91.6
82.1
103.4
92.0
59.8
89.3
144.8
79.7
94.7
101.1
89.2
98.8
86.3
87.0
84.9
98.8
102.7
105.0
90.4
94.3
64.3
58.3
60.4
83.4
67.0
61.4
69.6
103. 6
83.1
83.7
80.8
73.2
71.4
66.1
85.7
75.2
76.5
71.6
48.7
79.4
101.4
101.8
104.1
88.6
75.3
74.6
77.6
88.0
90.1
71.3
122.3
40.4
September
86.4
82.3
83.2
75.5
104.4
73.2
69.0
77.1
76.4
89.8
83.1
110.4
91.7
101.3
82.2
77.7
74.5
69.0
69.6
66.0
88.5
78.4
96.7
93.4
63.1
88.1
143.2
85.6
95.2
102.2
89.4
94.6
94.3
87.4
88.7
98.6
102.4
104.3
91.4
93.4
64.4
59.2
59.7
82.4
70.3
64.6
73.2
106.1
86.1
87.1
81.7
74.5
73.3
69.2
84.3
74.1
80.2
72.5
50.0
80.2
102.7
101.1
108.5
92.9
77.4
78.4
74.4
87.7
89.8
71.4
100.3
37.9
October
103.3
99.4
99.0
93.7
122. 6
97.4
87.5
106.4
90.4
118.7
107.1
169.0
144.7
134.3
99.8
98.3
94.8
89.9
87.8
101.0
108.7
100.9
115.8
103.4
72.4
108.3
151.2
91.8
104.2
110.7
96.1
115. 1
92.9
95.4
94.1
106.1
109.4
107.6
100.6
106.9
90.1
81.4
82.0
119.5
90.2
81.2
101.3
99.2
99.3
100.7
93.5
91.9
91.7
89.3
98.5
96.6
83.6
98.4
74.9
106.4
116.1
113.8
124.6
100.8
102.7
101.5
106.1
95.0
98.3
69.3
87.0
53.6
1929
1930
October
82.2
81.3
83.1
75.4
98.2
70.0
68.1
71.7
73.9
88.0
80.7
107.3
97.4
100.2
80.7
77.9
73.9
65.3
64.5
69.4
90.9
81.6
103.2
87.9
59.1
87.6
136. 0
72.4
90.9
98.0
89.6
81.9
88.1
83.7
82.0
98.4
103. 7
104.8
90.4
89.5
62.1
57.3
60.5
76.4
67.2
61.2
69.6
110.4
80.2
80.0
80.8
71.4
70.1
64.6
85.2
73.1
73.6
72.6
49.8
80.3
101.1
100. 8
104.3
91. 9
75.4
75.8
74.2
83.5
85.0
71.9
113.1
38.9 !
September
October
83.4
81.7
83.3
74.6
101.0
70.1
67.4
72.6
75.4
90.2
83.3
111.7
98.8
101.3
82.4
78.8
75.7
70.0
70.4
68.2
89.4
79.1
99.2
91.3
61.6
88.9
140.2
79.7
92.9
100.8
90.3
86.0
86.4
84.4
87.7
99.0
103.1
105.4
91.4
92.0
62.4
57.3 1
101.3
99.1
99.7
94.2
119.8
92.1
85.7
98.0
90.1
119.5
108.0
169.4
151.8
134.3
97.9
97.4
94.0
88.3
85.7
101.9
107.9
100.3
115. 6
99.0
71.6
106.1
141.9
83.5
99.8
107.2
96.6
95.3
94.9
91.3
90.9
105.6
110.4
107.4
100.6
101.4
87.2
80.0
82.1
110.6
90.4
80.8
101.3
105.8
96.0
96.6
93.5
89.7
90.1
87.2
97.9
93.9
80.4
99.9
76.6
107.8
115.8
112. 7
124.9 i
103.9 !
102.9
103.2 !
102.0
89.9
92.6 :.
69.4
81.3
51.6 j
58.9 ''
79.2
69.7
64.3
71.1
113.8
82.7
83.0
81.7
71.7 :
70.5
65.4
84.4
71.6 •
76.1
73.6
51.4
81.1
102.3
101.2
106.6
94.3
75.3
76.2
72.6
85.1
86.8
72.1
97.4
37.7
i
j
;
'
i
1929
1930
October
80.8
75.8
76.4
65.4
98.0
67.7
64.4
70.8
71.6
81.4
72.1 !
90.2
80.2
102.0
80.3
73.7
64.9
56.7
57. 1
54.4
99.7
82.6
104.1
93.5
52.2
81.2
155.2
76.1
98.4
103.1
96.9
99.0
92.9
91.0
81.2
105.4
107.4
116.1
90.3
99.2
60.4
55.4
55.0
74.8
62.8
61.9
58.4
108.0
69.7
66.7
80.5
66.4
60.6
56.3
72.0
71.5
77.4
69.4
45.6
76.4
99.9
95.3
109. 3
86.7
65.9
65.3 ;
68.5
78.0
79.4
66.3
133. 7
39.7
September
83.0
75.4
76.2
64.3
100.7
65.3
61.7
68.7
75.0
84.2
75.6
94.0
78.1
103.9
81.2
70.9
62.8
59.7
62.0
49.3
91.3
76.4
95.7
102.1
60.3
77.9
160.4
102.7
100.8
105.4
98.3
99.7
102.6
92.6
87.2
106.3
109.8
116.4
91.1
97.4
60.9
56.9
55.4
73.1
66.0
64.2
62.4
113.7
76.2
74.4
82.8 :
66.4 !
60.8
58.9 i
65.7 :
68.9 :
80.6 ;
70. 7
49.1
76.9
101.3
93.9
113.8
96.6
71.8
72.9
67.4
80.0
81.0
72.4
107.6
36.2
October
110.9
107.9
107.7
100. 6
132. 8
103.3
95.0
111.4
91.9
129.0
117.3
183.7
157. 5
145.4
104.8
101.8
91.6
87.1
85. 0
97. 1
131.3.
110. &
123. 9110.9
74.2
112.4
164. 1
91.0
108.8
113. 9
103.1
119.5
101. 1
103. 2
94.1
117.8
119.0
122. 5
109.7
118.3
96.887.4
83.2
126.4
99.8
92.0
108. O
100. 0
99.4
102.1
90.686.4
83.5
94.3
100.0
88.6
112.5
78.3
122.5
118.2
112.5
129.4
103.7
100.9
97.4
114.9
94.2
96.7
74.4
103.5
61.9
NOTE.—For description of these indexes see FEDERAL RESERVE BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677.
778
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
DEPARTMENT STORES—INDEX OF SALES
[Daily average sales,11923-1925=100]
1919
Month
Without seasonal adjustment
January
_
February
_
March
April..
May
June
July
August
September
October
November
December
Year
With seasonal adjustment:
January
February
March
_
April
May
June
July
August
September
October
November
December
1920
60
59
65
77
73
76
59
60
76
89
101
137
78
90
91
101
96
73
73
88
102
112
146
94
66
71
72
72
90
89
93
93
1921
82
83
76
88
87
91
86
64
63
75
95
97
135
87
74
RQ
76
96
QA
80
83
81
86
86
97
95
92
96
92
1922
1923
1924
26
1925
73
69
77
90
89
85
64
66
85
102
108
152
88
79
77
93
97
100
99
73
75
94
111
117
164
98
86
84
88
103
98
97
71
72
96
105
117
166
99
84
85
94
105
103
98
75
76
97
122
122
176
103
83
83
84
87
87
86
86
88
91
93
92
93
91
93
95
100
98
101
98
101
100
101
100
99
99
101
99
98
97
100
96
96
101
96
100
99
103
103
102
102
102
101
101
101
111
104
104
,
i
I
90
87
97
102
109
100
I
'
!
!
i
i
|
!
1927
1928
1929
1930
82
104
120
124
184
106
77
91
89
95
109
105
101
76
85
103
117
126
182
107
91
88
97
105
107
102
80
81
113
118
125
192
108
90
91
107
103
109
108
79
84
117
122
125
191
111
88
89
93
110
105
98
71
77
103
112
106
105
101
105
109
105
106
108
106
109
106
108
107
108
106
106
105
106
105
111
104
107
108
106
108
106
107
106
107
107
110
107
112
108
108
111
110
111
112
110
109
113
109
111
114
112
108
108
107
108
110
105
105
103
100
102
99
102
1
Computed on the basis of the number of week days and the number of Saturdays in each month—Saturday being considered equivalent to one
and one-third days—with allowance for the number of Sundays in each month and for six national holidays: New Year's Day, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day, and Christmas.
SEASONAL ADJUSTMENT FACTORS USED IN INDEX OF DEPARTMENT-STORE SALES
[Average for year=100]
1919
Month
January
February
1
March
April1
May
June
July
August
September
October
November
December
1
91
83
89
106
105
99
74
75
92
110
117
159
--
--
1921
1920
91
83
97
98
105
99
74
75
92
110
117
159
90
83
98
97
104
99
74
75
92
110
117
161
1922
88
83
91
104
103
99
74
75
93
110
117
163
1923
87
83
98
97
102
98
74
75
94
110
117
165
1924
87
83
89
105
101
97
74
75
95
110
117
167
1925
1926
85
83
91
103
101
96
74
75
96
110
117
169
85
83
96
97
100
95
73
76
98
110
117
170
1927
85
83
90
103
100
95
73
76
99
109
116
171
1928
84
83
91
99
100
95
73
76
101
109
116
173
1929
82
82
96
94
100
95
72
76
103
109
115
176
1930
82
82
85
105
100
95
71
76
104
109
115
176
Adjustment has been made for the effects of changes in the date of Easter.
DEPARTMENT STORES—INDEX OF STOCKS
[1923-1925 average=100]
1919
E n d of month
Without seasonal adjustment:
January
February
March
April
-_ _-.
May....
June
July
„
August
September
' October
November
December
Year.
With seasonal adjustment:
January
February __ - _____
March
April
_
May
June
July
August
September .
- _October
Novpmhpr
December -
-
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
65
68
72
73
72
70
73
82
92
98
100
87
79
86
96
107
110
107
104
103
108
117
119
114
90
105
78
82
88
90
89
86
84
89
97
100
101
83
89
80
84
91
91
88
85
82
86
93
96
100
85
89
83
90
98
101
99
93
91
96
105
110
113
94
98
89
96
105
107
103
97
93
96
105
111
112
94
101
90
96
105
106
103
98
94
98
107
112
115
97
102
93
98
107
107
104
98
93
97
107
114
117
96
103
93
98
107
107
104
98
95
98
108
114
117
96
103
92
98
105
106
102
96
93
97
103
112
115
94
101
89
95
102
103
101
95
92
96
104
112
115
94
100
88
93
100
101
98
93
87
87
95
101
73
71
70
70
71
72
78
85
88
89
88
93
97
101
104
106
105
107
110
113
113
108
101
96
88
86
85
87
87
88
90
93
93
91
89
89
90
89
89
87
86
88
88
90
90
88
89
90
93
94
95
97
97
96
97
100
101
100
100
99
100
101
102
103
101
100
100
100
101
101
99
100
102
101
102
102
101
101
101
102
103
101
102
103
105
104
104
103
102
101
100
101
102
104
103
102
104
103
103
103
102
101
102
102
104
104
104
103
103
103
101
101
100
99
100
101
99
102
102
100
100
100
99
99
99
98
99
100
100
101
102
100
99
98
97
97
96
96
94
91
91
92
779
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS
MILLIONS OF DOLLARS
1M>
1926
MILLIONS OF DOLLARS
( Weekly report date figures )
1927
1928
1929
1930
1926
1927
1928
Latest figures are for November 26; see table on following page
1929
1930
780
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Averages of daily figures. Amounts in thousands of dollars]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
._
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1929
1930
November
October
November
157,022
152,110
305,441
231,162
153,565
225,524
1,106,942 1,075,039 1,172,924 1,044, 787 1,025,170 1,126, 248
143, 966
224, 670
136,206
142, 779
166, 856
221,303
201,073
186, 504
314, 241 210,100
196,348
307,106
67, 715
67,956
66, 354
95, 724
97, 825
96, 599
61,664
62, 300
63,904
133, 357
143,440
144, 630
359, 287
346,907
418,852 479,696
348,326
409,837
118, 800
80, 292
77. 072
99, 876
116,071
76, 882
54, 763
53, 358
53,556
80, 671
72,614
72, 923
91,331
90,095
87,966
98, 600
106, 435
111,818
66,685
61,163
61,108
66,995
58,066
57, 216
183, 667
194,710
186, 316
292,995
288, 335 237, 549
128,697
247, 303
120, 561
184,711
70,512
122, 663
143,501
73, 552
48, 591
66, 371
32,950
154,930
133,214
230,458
119,814
184, 906
67, 318
122, 262
152,245
62, 855
50, 633
66,898
34,604
155, 574
207,352
376,181
143,512
178,306
92, 031
154,081
307,650
92,040
66, 553
85,195
50,922
183,595
November
October
November
October
Reserve percentages
1929
1930
November
November
Total
1929
1930
Federal reserve banks
Federal reserve notes in circulation i
Total deposits
Tot U cash reserves
N
1930
1929
° b V e e r m -October
Novem
ber
79.9
85.7
84.0
80.6
70.6
78.5
83.3
77.1
71.1
69.0
61.7
83.8
3,158,122 3,135, 397 3,166,713 2,488, 235 2,464,406 2, 576, 514 1,394,342 1, 380, 781 1,937,418
-
!
i
;
;
•
1
1
i
!
81.0
85.6
85.2
81.4
72.4
77.7
83.9
71.5
70.1
71.2
; 59.7
J 85.0
81.3 |
81.5
83.8
78.1
59.7
57.6
59.8
61.2
71.9
68.9
66.5
55.9
57.0
64.2
70.2
i Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $16,727,000; month ago, $18,092,000; year ago,
$29,050,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE
BANKS
[Averages of daily figures. In millions of dollars]
Net demand deposits
Time deposits
Reserves held
Total
Federal reserve district
October ^September
Indebtedness at Federal reserve banks
Excess
October jSeptemberOctober
September
October
September
October
||
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco
1,353
7,344
1,173
1,556
531
511
2,506
635
428
820
593
1,276
1,334
7,241
1,176
1,612
530
511
2, 543
649
423
817
593
1,278
1,029
3,509
1,185
1,707
567
438
2,214
536
456
383
238
1,738
1,025
3,446
1,167
1,720
566
441
2,221
537
Total. __
18, 726
18, 707
14,000
13, 936 I
449
394
238
1,733
149.1
1,008. 3
141.1
196.0
63.3
59.6
342.6
74.4
51.6
88.1
59.1
173.4
2,406. 6 •
146.8
989.6
141.2
200.8
63.4
59.9
348.5
75.7
51.3
88.2
58.5
173.4
2.7
23.0
2.8
4.4
1.3
2.1
7.3
2.3
2.4
4.5
2.4
4.0
2, 397.1
59.1
|
1
i
|
2.2
21.1
3.2
3.8
1.4
2.3
9.8
2.1
2.8
4.6
2.1
3.9
8.9 i
36.7;
17.5 !
25.0 j
18.9 I
24.7 !
15.8
17.3
4.3
10.2
10.2
196.2 !
59.2
September
11.6
32.1
16.5
14.6
20.0
28.2
14.4
17.7
4.1
8.7
13.2
7.5
188. 5
DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS
DISCOUNTS OF FEDERAL RESERVE BANKS, BY M O N T H S
fin thousands of dollars]
[Averages of daily figures. In millions of dollars]
Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
I
Nov. 5 I Nov. 12 Nov. 19 Nov. 26
> 8,399 |
i 54,078!
:
18,387 i
I 24,728
17,800 !
i 23,881 i
! 18,370 i
i 13,717!
3,710 I
' 13, 541 |
i 8,991 j
i 7,165!
! 212,767
10,799
32,768
18,459
25,002
17,721
22,412
15,902
16,246
3,602
14,159
8.450
6,137
191,657
13,981
31,546
18, 374
27,905
22, 000
27,496
17,138
15,993
3,843
12, 832
7,949
5,980
205,037
16, 058
38, 205
21, 454
30, 649
29, 341
29, 642
19,113
14, 708
3,812
14,819
8, 286
7, 765
233,852
1930
Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San Francisco
Total
._
-
. .
___..
.
1929
November
October
12 3
42.6
19.6
27.1
21.7
26 6
18 5
17 4
38
14.0
84
89
36.7
17.5
25.0
18.9
24 8
15.8
17 3
4.3
10.3
10 2
8.9
6.7
220.8
196. 4
November
46 9
154.7
106.8
124.4
51.9
59 1
139.3
47 1
28.6
57.7
30 2
106.0
952.6
781
FEDERAL RESERVE BULLETIN
DECEMBER. 1930
FEDERAL RESERVE BANK DISCOUNT RATES
[Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1929 (Table 32).]
1Federal reserve bank
Date effective
Boston
In effect Jan. 1,1930Jan.16
Feb. 7
Feb. 8
Feb. 11
Feb. 13
Feb. 15
Mar. 14
Mar.
15
VA
VA
Philadelphia
5
Richmond
Cleveland
Kansas
Chicago St. Louis Minneapolis
City
Atlanta
5
5
4
5
VA
VA
4H
4
4H
San
Francisco
Dallas
5
5
4^
VA
4H
4
VA
4
V/2
'•
Mar. 20
Mar 21
Apr. 8
Apr. 11
Apr 12
Apr. 15
May 2
May 8
June 7
June 20
June 21
July 3
July 12
July 18
Aug. 7..
Aug. 8
Aug 15
Sept 9
Sept. 12
In effect Nov. 30,1930.
New
York
I
|
4
4
1
4
4
4
4
4
;
3
VA
VA
2H
3
.....
... .
.
VA
. . _
v/2
4
VA
VA
VA
VA
VA
i
VA i
VA
3
2V2
VA
VA
VA
VA
VA
VA
VA
VA
VA
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
Federal reserve
bank or branch
city
Loans secured by prime
stock-exchange collateral
Loans secured by warehouse
receipts
September
September ! October
October
November
November
Interbank loans
September
October
43^-5
5 -5J.
Boston
4M-5
5 -5
4
New York
4 -5
4 -5
4 -5
4 -5
4 -4
4 -4
Buffalo
5
5H-6
5^-6
6
6
Philadelphia.
4 y2s
4 -5
5 -6
43/6-6
5 -6
5 -6
5 -6
Cleveland
5 -6
5 -6
5 -6
5 -6
4 -6
4 -6
5 -6
5 -6
5 -6
Cincinnati
6
5 -6
5 -5>
5 -6
Pittsburgh.
51^-6
5 /2-6
5 -5>
4H-5
Richmond
5 -6
5 -6
4M-6
5H-6
5 v'\
6
Baltimore
6
5M-6
5 -5V
5 -6
5
4 -i
Charlotte.
4
5 -5
5 -6
0 -8
Atlanta
6
6 -8
A
0 /2-7
6>f-7
5
-7
Birmingham
53^-7
53^-7
6 -7
6-7
6
6
Jacksonville
5^-6
5H6
6
6
Nashville.
53^-6
6 -6K2
6
New Orleans
434-5
4
5 -6
Chicago
5 -6
5-6
5-6
5-53-4
5-6
5-5^!
Detroit.
5 -5
5-6
5-6
6
6-8
6-7
-7
6-7
6-7
St. Louis.
6 -7
6
6
53/3-6
6
6
Little Rock
Louisville.
4-43
5-6
4 -4J-6 i
5-6
4-4^
6-8
6-8
6-8
8
8
6 -8
Minneapolis.
8 j
5-6
5-6
/2-Q
5^-6
5 -6
-6
53^-6
Helena..
f>
6-8
6-8
6 -7
!
6
Kansas City
0
5^6
2
8
6-8
6-8
6 -8
8 1
6
8
Denver.
6
6
6
Oklahoma City
i
6 -6H;
Omaha
5-53^
6-7
6-7
534-6
Dallas
J
6-8
6-8
8
8
El Paso.
5-6
6
5 -6
5-6
6
5-6
6-8
6-7
Houston.
6 -8
6
6-7
6-8
San Antonio.
53^-6
5
51^-6
5-6
5H-6
San Francisco.
0
-7
6
6-7
6-6K2
6-7
Los Angeles.
6 -7
6-7
/2-63J
6-7
Portland..
6-7
7
6
7
6-7
Salt Lake City
7
6—63^2
7
6-6M
Seattle
7
6K>-7
7
6~63/2
Spokane
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during week ending 15th
from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities
November
4 -41/
4 -414
5
4 -4}
5
5
2
-6
-6
}2
5 -6
6
5 -by
5 -6
6
5^-6
5 -6
5-6
5-5J/.
6
534-6
6-8
51/2-6
5-53/2
5-6
5-6
6
5
5H-6
6
5H-6
6
6
ot month.
5 -6
5 -6
4H-5
5 -6
f>
5
-5^
6
6
53^-6
5 -6
5 -6
5 -5
6 -7
5 -5
53^-6
6 -8
6
6
53^-6
5 -5y
VA-G
0
-6
6
5
6
6
6
6
Rates
782
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS
[In millions of dollars]
Federal Reserve District
Total
Loans and investments:
Nov. 5.
Nov. 12.
Nov. 19
Nov. 26
Loans:
Nov. 5
Nov. 12
Nov. 19.__
Nov. 26
On securites—
Nov. 5
Nov. 12._.
Nov. 19
Nov. 26
AJ1 other—
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Investments:
Nov. 5
_
Nov. 12
Nov. 19
Nov. 26
U. S. Government securities—
Nov. 5
Nov. 12
Nov. 19
Nov. 26
All other—
Nov. 5
_.
Nov. 12
_
Nov. 19
__
„.
Nov. 26—
Reserves with FederaQeserve
banks:
Nov. 5
Nov. 12
Nov. 19
Nov. 26_
Cash in vaults:
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Net demand deposits:
Nov. 5
__.
Nov. 12
__.
Nov. 19
Nov. 26
Time deposits:
Nov. 5
Nov. 12
No.vl9
Nov. 26
Government deposits:
Nov. 5
Nov. 12
._.
Nov. 19
Nov. 26
Due from banks:
Nov. 5
_
Nov. 12
Nov. 19
Nov. 26
Due to banks:
Nov. 5
Nov. 12_.._
_.
Nov. 19
Nov. 26
Borrowings from Federal reserve banks:
Nov. 5
_
Nov. 12
Nov. 19
Nov. 26
..._
City
Min- KanSt.
sas
Louis neapCity
olis
San
New
Fran- York
cisco
Boston
New Philadel- Cleve- Rich- AtYork phia land mond lanta
23,511
23,435
23,494
23,381
1,543
1,524
1,517
1,506
9,692
9,594
9,682
9,639
1,294
1,303
1,292
1,296
2,248
2,248
2,252
2,234
657
656
654
652
596
594
595
596
3,359
3,384
3,388
3,343
649
651
646
644
374
369
368
368
659
664
658
655
457
454
454
451
1,982
1,994
1,989
1,997
8,457
8,363
8,452
8,413
2,021
2,043
2,045
2,003
16,806
16,668
16, 690
16, 527
1,161
1,138
1,127
1,120
6,980
6,863
6,910
6,828
887
892
887
888
1,484
1,485
1,489
1,484
469
467
466
465
450
449
451
452
2,552
2,550
2, 553
2,494
485
485
484
478
245
243
240
237
410
414
411
410
339
337
336
334
1,345
1,345
1,337
1,336
6,139
6,022
6,068
1,530
1,528
1,528
1,473
8,085
7,904
7,838
7,761
469
459
451
450
3,934
3,777
3,748
3,734
447
448
442
445
720
722
721
720
174
174
174
172
145
142
140
141
1,261
1,251
1,244
1,195
207
208
203
193
110
112
110
110
93
92
92
91
447
444
437
434
3,535
3,377
3,352
3,342
908
8,721
8,763
8,852
8,766
692
679
676
670
3,046
3,086
3,162
3,093
440
444
445
443
763
763
768
765
295
293
293
293
305
307
310
310
1,291
1,299
1,309
1,300
278
277
281
285
78
75
77
77
166
167
164
161
300
302
301
301
246
245
243
243
901
899
902
2,604
2,644
2,716
2,648
621
632
640
6,704
6,767
6,804
6,854
382
386
390
387
2,713
2,732
2,772
2,811
407
411
406
408
765
763
763
749
188
189
188
186
146
145
144
144
807
834
835
848
164
166
162'
166
129
126
127
131
249
250
246
245
118
117
118
117
637 2,318 1
649 2,341
652 2,384
662 2,423
3,042
3,063
3,105
3,093
152
153
159
155
1,279
1,272
1,318
1,322
127
128
124
125
365
365
354
77
77
77
75
355
382
380
3,662
3,704
3,699
3,761
230
233
231
231
1,434
1,459
1,454
1,489
280
283
282
283
396 I
110
398 I 111
398 ! 111
112
395
452
452
456
469
1,791
1,881
1,830
1,814
99
105
107
98
857
930
890
889
85
88
85
82
141 !
136 I
139
138
223
229
222
237
14
14
13
13
65
64
64
77
13
15
13
15
13,829
14,049
13,974
13,882
929
933
912
881
6,395
6,498
6,579
6,558
7,547
7,552
7,486
7,487
541
536
540
537
71
48
34
31
Chicago
Dallas
38
38
35
105
107
104
102
330
335
338
342
1,154
1,151
1,200
1,204
126'
128
125
131
143
143
143
143
307
314
315
320
1,164
1,191
1,184
1,219
57
55
56
54
102
110
110
109
Chicago
838
492
516
518
530
200
224
224
224
i
i
j
!
|
292
292
294
306
j
796 | 188
867 I 196
831
186
185
40
39
40
40
39
36
39
37
269
277
264
263
26
29
29
27
12
12
11
12
9
10
11
10
36
34
31
33
11
10
5
5
10
12
10
10
7
7
18
19
18
19
52
50
51
64
15
14
13
14
745
752
737
737
1,097
1,105
1,086
1,082
348
354
344
344
315
316
310
306
1,937
1,904
1,878
359
363
355
356
236
234
233
235
477
495
475
464
282
283
282
279
748
779
759
762
5,821
5,924
6,017
5,996
1,304
1,340
1,312
1,288
2,053
2,046
2,000
1,997
362
369
369
373
1,018
1,025
1,021
1,013
257
257
254
252
245
237
235
1,323
1,318
1,318
1,315
236
235
233
241
142
143
146
146
199
199
199
152
153
153
151
1,025
1,027
1,015
1,028
1,495
1,487
1,441
1,440
633
629
628
631
6
4
3
3
20
14
10
10
5
3
2
2
4
2
2
2
1
1
1
1
7
5
4
4
4
3
3
4
3
2
2
18
12
9
2
1
1
1
1,627
1,672
1,658
1,531
138
104
121
90
161
171
162
151
105
103
118
95
142
149
138
130
92
92
79
79
258
276
280
278
80
86
77
83
99
104
94
92
97
91
79
156
174
187
184
3,606
3,593
3,499
3,413
157
152
141
137
1,310
1,263
1,254
1,290
218
229
227
214
337
337
329
316
124
125
116
109
505
508
494
469
127
131
122
112
93
94
90
1,230
1,183
1,174
1,215
358
361
350
329
78
61
62
84
1
1
2
3
33
12
10
13
3
3
2
2
111
109
102
95
9
10
14
15
171
185
190
169
107
103
97
215
219
213
196
217
215
231
208
118
122
117
114
277
268
24
783
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
BUILDING CONTRACTS AWARDED
BUILDING PERMITS ISSUED
[Value of contracts in thousands of dollars]
[Value of permits in thousands of dollars]
1930
1929
Federal reserve district
Oct.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
1__
Total (11 districts)
Oct.
Sept.
27,932
95, 490
] 0. 202
41,342
25, 509
12, 488
52, 022
31,705
6,347
17,003
10, 002
337,301 \ 331,804
36,019
105,025
33, 574
74, 307
25, 001
17,434
83,009
25, 049
0, 343
10,397
21.085
445,042
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
1930
I
Oct.
Boston
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-_.
Kansas City_..
Dallas
San Francisco.
Total
1
3,731
46, 330
8,221
10,412
5,293
2, 687
24, 203
3.342
3,128
4. 785
5, 945
18, 2fio
9,063
61,485
14, 258
17, 563
9,686
3,615
41,183
3.637
3, 385
0, 678
7,554
20, 924
168
118,215
136,344 i
199,031
Liabilities
1929
1930
Sept. I Oct. j Oct.
i 1929
Sept. j Oct.
188
211 I 4,996 4,956 ', 3,740
329
356 i 18,587 8,615
8,314
96
131 i 3, 797 1,939 ' 2,080
148
132 3,470 2 , 7 3 8 •• 1,006
1,832 ! 1,066
114
91 ! 1,431
107
104 I 3,048 2,104
1,322
335
243 :, 8,130 7,000: 4,514
153
124 i 3, 506 4,428: '• 1,881
921
56 j 418
667
59
113 j 1, 400 2,004 i 1,897
139
1,321 i
47 ! 840
00
580
214 I 6, 001 8,424 i 3, 647
235
1,9631, 822 56, 297 46,947 ! 31,314
177
458
122
185
121
100
337
118
50
129
51
270
2,124
5,484
34,029
6,866
14,096
6.454
3,501
15, 299
1,765
2,076
9,018
4, 712
14,914
[Debits to •individual accounts. In millions of dollars]
[Amounts in thousands of dollars]
Number
14
22
14
12
15
15
19
5
9
14
9
20
Oct.
BANK DEBITS
COMMERCIAL FAILURES i
Federal reserve district i
Sept.
;
,
1929
Oct.
i
Total
Figures for building contracts awarded are for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation.
1930
Num- i
i berof !
j cities
Federal reserve district
New York City
Outside New York City.
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.._
.._
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
Jl
7
10
13 j
7
15
21
5
9
15 ,
10
JLL
141 I
Total.
2, 767
31, 635
2,246
2,654
805
1,059
5,956
1,112
761
1,388
694
3,404
2, 066
28.101
1,941
2,424
708
928
5, 021
1,015
772
1,281
043
3,076
3,847
64, 614
3,026
3,348
865
1,317
8,75S
1,521
1,015
1,672
935
4,613
54,481 |
48,036 I
95,527
Figures reported by R. G. Dun Co.
BANK SUSPENSIONS
[Banks closed to public permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks.
Deposit figures are for the latest available date prior to suspension and are subject to revision. Figures for the latest month are preliminary]
Deposits (in thousands of dollars)
Number of banks
All banks
Federal reserve district I
1930
2
Nonmembers |
All banks
1930
! 1929
Jan.Nov.
Nov.
Members
l
Jan.Nov.
Nov.
Jan.Nov.
Nov.
Jan.Nov.
Nov.
| 1929
—
•— I
Jan.Nov.
Nov.
Jan.Nov.
1,643
23, 567
15, 539
2,324
46, 081
4,709
1, 581
975
115
21,050
999
2,785
30, 442
39, 743
54,450
70, 557
68, 567
17, 560
19,968
3,866
4,709
—
21, 902 i
2,157 , 19,101
2,785 ! 1.411
i 1,928 41,421 i 8, 301
I 27,151 50,911 I16,173
30,589 82,249 1 61, 838
I 3,291 82,115l 31, 678
3
150,561 i 8, 658
jl33,046 19,097 i 14,239
I 4,971 27,946 i 35, 341
I 1,831 15,350 '.1,931
1,160
9,892 I 20,131
115
5 ;
124 i
119 |
34
15
6
2
13
50
113
81
41
78
181
10
15
981
590
4
37
70
101
210
247
4
20
16
14
141
27
10
San Francisco.
Total..
31
129
l\
i
1930
Jan.- i Jan.- Nov.
Nov. ! N o v .
— -
Boston
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas City...
Dallas
Nonmembers
Members i
1,158 !
285
3,584
15,050
967
86, G65
262
250
185
10, 979
11,168
27, 799
11,558
91,094
1,537
7,978
11, 484
5,183
3
18
13
10
124
26
8
2
1
28
68
83
188
223
114
105
20
11
205
852 204,082 515,486 ;218,802 107, 548 180, 790
96,534 ' 334,696
1 November figures include 25 national banks with deposits of $68,837,000 and 6 State bank members with deposits of $38,711,000; January to
November,
1930, figures include 111 national banks with deposits of $134,664,000 and 18 State bank members with deposits of $46,126,000.
2
Includes private banks for which deposit figures are not available, as follows: November, none; January to November, 1930, 4 banks.
25186—30
4
784
FEDERAL RESERVE BULLETIN
DECEMBER,
1930
NOVEMBER CROP REPORT
[Based on estimates, by States, for Nov. 1* as made by the Department of Agriculture]
fin thousands of units]
Total wheat
Corn
Spring wheat
Oats
Federal reserve district
ProducProducEstimate,
ProducEstimate,
ProducEstimate,
Estimate,
tion, 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930 tion. 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930
Bushels
110
136
99
97
Bushels
98
176
119
104
189,929
290,807
28, 622
113,799
4,410
417
172,350
12,187
343
37,857
6,040
610
178,876
11, 530
257
44,410
Bushels
8,722
25,937
18,771
64,498
26,875
15,814
501,169
51,166
283,837
152,447
49,434
34,904
839,612
228,006
242, 220
1,233,574 !
Boston
_.
New Y o r k . . . .
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
„
San Francisco
Bushels
8,818
24,625
42,371
170,082
148,109
174,605
880,741
312,957
294, 781
445,415
101,149
10,654
Bushels
9,459
25,187
28,017
109, 408
106, 596
129, 650
731, 750
185, 806
254, 323
402,125
100, 974
11,186
Bushels
110
5,373
18,620
38, 539
26,147
4,144
62,550
44,676
184,665
267,493
39,923
113, 550
Bushels
98
6,545
22,954
35,866
29,278
3,717
69,054
Total-
2, 614,307
2, 094, 481
805, 790
Tame hay
Federal reserve district
Tobacco
White potatoes
Bushels
9,788
47,542
25,046
83,464
26,0C0
15,313
568,452
63,130
310, 654
168,185
55, 352
37, 775
1,410,761
Cotton
ProducEstimate,
ProducEstimate, ! ProducEstimate.
ProducEstimate,
tion, 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930, tion, 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930
Boston
_
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco
Tons
4,981
6,958
3,061
7,168
4,190
2,890
23,333
9,105
12,190
12,348
1,284
14, 278
Tons
4,912
6,370
2,632
4,137
2,552
2,425
16, 722
5, 763
10,360
11,770
1, 257
15,171
Pounds
38,406
1,078
47,601
149,879
726,638
185,390
46,360
316, 507
4,508
2,714
Pounds
43,571
1,090
38,104
139,920
752.171
209, 277
48,820
278,162
4,530
3,136
T o t a l . _.
101, 786
84,071
1.519,081
1,518,781 !
Bushels
58, 593
28,010
23, 623
19,695
37,845
11,964
44,914
13,313
47, 707
31,933
3,122
39,077
Bushels
56, 748
36, 330
22,963
17,094
33, 677
11,986
38, 742
15, 684
41,167
38, 717
4,406
50,930
359,796
368, 444
Bales
Bales
1,625
3,468
1,909
3,787
2 3,306
3 2, 436
1,169
4,862
944
4,983
379
14,828
14, 438
1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat, included in total wheat, from estimate for Aug. 1;
no estimates made for Nov. 1.
2
Includes 9,000 bales grown in miscellaneous territory.
3
Includes 5,000 bales grown in miscellaneous territory.
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
785
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE NATIONAL BANK OF DENMARK
The annual report of the National Bank of
Denmark for the year ended July 31, 1930, was
presented to the general meeting of shareholders on September 20, 1930. Sections of
the report dealing with discount policy, price
movements, interest rates, and the
gold policy
of the bank, are given herewith: 1
Discount policy.—A few days after the
annual report for the year 1928-29 was submitted', the upward movement of discount
rates, which had marked the situation in the
international money market for several months
previous, reached its climax when the Bank of
England raised its rate to 6K per cent on September 26, 1929. As noted in our last report,
this rise in the level of rates abroad had to be
reckoned with in Denmark; and although the
banking situation was such as to enable this
country to meet for a considerable period the
difficulties arising out of the increased margin
between the Danish rate of 5 per cent and the
higher English rate, the National Bank nevertheless thought it prudent to counteract the
effects to some extent. The bank therefore
raised its discount rate to 5}i per cent on
December 27; on the same day the Swedish
Riksbank advanced its rate from 4% to 5%
per cent, and the Norges Bank from 5% to 6
per cent.
With these advances, the upward movement
came to an end and was followed, some time
after the crisis on the New York Stock Exchange in October, 1929, by a decline which
carried the rates down to their present level.
This decline was not only very abrupt, but
was also notable for the fact that it applied
chiefly to short-term funds, whereas securities
with fixed yield followed the movement only
very gradually. Thus the decline of the interest rate on bonds, according to computations made by a number of countries (the
United States, England, the Netherlands,
France, Germany, and Denmark), amounted
to only from one-fourth to one-half of 1 per
cent. A considerable margin was thus created
between rates of interest on bank deposits and
the rate on bonds in several countries (Germany, Sweden, and Denmark, for example);
this caused friction between the commercial
banks and the savings institutions, because the
i The report, available in French, cortain^ in addition sections dealing
with the international situation and with the operations of the bank in
detail, ?s well as a number of tables. For earlier reports, see FEDERAL
RESERVE BULLETIN, December, 1929 and
192S.
latter were not obliged to reduce interest rates
on their deposits to any considerable extent,
inasmuch as the return on their investments
underwent only slight fluctuations. From time
to time the central banks tried to foster an
upward movement in bond prices and thus to
bring about a reduction in interest rates of
savings institutions. No results of importance
were accomplished along this line, however,
because of the general situation in the international money market.
The margin between interest rates for short
and long term funds was reflected in the rates
established by those central banks which
quote, besides the discount rate, other official
rates on advances. It is always difficult to
compare the situation in the money markets
of different countries, because of differences in
the organization of the market and the position of the central bank; it should be noted,
however, that the Bank of France, for example, with a discount rate of 2}i per cent,
kept its rates on advances on collateral at 4%
per cent, and to this latter figure must also be
added the transfer tax of four-tenths of 1 per
cent. Similar differences, though less marked,
are shown in the rates on advances of the Bank
of Netherlands; while the discount rates, as
well as the low rates for bills of exchange in
the open markets, are generally lower than the
rates charged by the banks for other forms of
advances (advances on security, current accounts, advances in current account, etc.).
In this country, where the bond market is of
exceptional importance, and so long as the
National Bank chooses to quote one rate only,
at which it discounts prime bills and grants
advances on securities and advances under other
forms, it has seemed necessary to keep the
discount rate closer to the interest rate on
bonds than in cases where the rate applies only
to short-term funds. Accordingly, the National Bank stopped the reduction of the discount rate at 4 per cent, which has thus been
in force since May 3, 1930.
Price movements and foreign trade.—The
decline in international rates of interest followed
a course parallel to, and was party caused by,
the decline in prices which began in July, 1929,
primarily as the result of the fall in the price of
grain, and became still more pronounced at the
time of the crash on the American stock market
in October of the same year. The various
wholesale price indexes differed, of course, to
786
FEDERAL RESERVE BULLETIN
some extent, but the decline from July, 1929,
to July, 1930, might be estimated at about 15
per cent. The central banks endeavored to
check the price decline by the reduction in discount rates which has been mentioned, but this
reduction led in turn to a renewed discussion
of the importance of gold in international settlements. This question has become of the
greatest importance — especially in England
where large purchases of gold for account of
the Bank of France have made it difficult for
the Bank of England to replenish its gold reserves after the losses to the United States during the stock exchange boom, and to Germany
during the negotiations over the Young plan.
The export of gold from London caused some
anxiety at one time lest England should be
compelled to abandon the low discount rate
which she had established; this would have
resulted in a further depression of the economic
situation both in England and in those countries
with which she had close relations. It is,
therefore, entirely reasonable to hope that the
Bank for International Settlements, which
began operations in June of the current year,
may be able to induce the central banks to
come to an agreement on the subject of gold
policy, of such character that the various
countries will maintain only so much of a stock
of -gold as is actually necessary for their needs,
and may be able to intervene in any markets
which are suffering particularly from gold
movements and may moderate the disastrous
effects of such movements.
Although in a number of countries the economic depression seems by no means to have
reached its climax, the situation of Denmark
has by contrast been rather favorable during the
past year. It is true, of course, that prices in
Denmark have followed somewhat closely the
trend of prices in other countries on the gold
standard, and Danish shipping has suffered as
a result of the depression in commerce; but in
general the price decline has affected to a more
marked degree those commodities which we import rather than those which we export—the
raw materials which we do not produce (or produce only in very limited quantity) rather than
manufactured commodities which our national
industry and agriculture supply to our own or
to foreign markets. This situation is reflected
DECEMBER, 1930
in the following table, which shows the average
of monthly indexes of wholesale prices for the
past two years:
1929-30 | 1928-29
Raw materials and semimanufactured
commodities
Commodities for consumption
Commodities imported
Commodities exported
121
161
137
141
:
'
!
i
134
170
148
146
Decline
13
9
11
5
It should be borne in mind, however, that
only when the year is considered as a whole is
the situation seen in so favorable a light. If,
for instance, the indexes for July, 1929, are
compared with those of July, 1930, the index
of imported commodities has declined from 145
to 126, or by 19 points; whereas the index of
exported commodities has declined from 150 to
122, or by 28 points, as a result of the decline
in the price of butter and lard. Moreover, in
spite of the favorable change which took place
in these prices from 1928-29 to 1929-30, our
foreign trade shows results for the past year
which are considerably below those for the year
1928-29; and excess imports amounted to
115,000,000 kroner ($30,820,000) in 1929-30
as against 43,000,000 kroner ($15,240,000) in
1928-29. This has been due to the increase in
imports.
[In millions of kroner]
1929-30
Imports
Exports:
Danish commodities.
Foreign commodities.
Excess of imports
1928-29
1,802
1,727
1,589
100
115
1,583
101
43
That the value of imports has risen in spite
of the fall in prices is due to the increasing
importation of lumber and iron, (for example,
for the construction of dwellings), of automobiles, of gasoline and other fuel oils, of
commodities for consumption properly socalled (provisions). This increased consumption of foreign commodities is clearly reflected
in the volume of foreign balances of the banks,
which have been reduced by about 40,000,000
kroner ($10,720,000) during the course of the
year.
787
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
[In millions of kroner]
[In millions of kroner
i
National Bank, Private banks,
July 31
July 31
1930
Due from foreign
correspondents
Due to foreign correspondents
Net balances. _
66.5
1929
91.6
Discounts and
advance?,
July 31
Total,
July 31
1930
1929
1930
122.6
138.0
189.1
229.6
66.0
68.4
123.1
161.2
0.5
2.0
65.5
66.4
66.0
89.6
57.1
71.6
1929
A considerable part of the excess imports,
therefore, was not covered by current receipts
in the balance of payments or by the flotation
of loans, but had to be covered by means of
the foreign balances of the banks, especially
by those of the National Bank. This was
made possible by the fact that the National
Bank, through expansion of its advances, made
a large volume of purchasing power available
to the market, which employed it to buy foreign
exchange. The following table shows the
movement of advances (in the broad sense of
the word) of the National Bank:
[In millions of kroner]
July 31,
1930
Mortgage loans
Advances on collateral and real estate bonds.
Advances on securities
Advances guaranteed by the State
Liquidation office of 1910
Danish bills
Current accounts
Bonds and shares
Total .
3.4
8.0
40.2
3.1
July 31,
1929
46.0
52.1
51.5
3.8
9.9
30.3
1.1
1.1
48.5
60.5
28.9
204.3
184.1
Demand deposits of the private banks with
the National Bank have also been reduced by
about 8,000,000 kroner ($2,144,000), partly for
conversion into foreign exchange.
The money market.—While the greater part
of the increase in the advances of the National
Bank has been converted into foreign exchange,
it may be presumed that a smaller part remains on deposit with the banks, inasmuch as
their deposits have risen by about 58,000,000
kroner ($15,544,000), while advances have
risen by 44,000,000 kroner ($11,792,000).
1930
Three leading banks
Other private bpnks...
Total
1929
Total deposits,
July 31
1930
1929
!
817
i 1,001
809
965
947
1,063
934
1,018
j 1,818
1,774
2,010
1,952
Thus the national money market has been
w^ell supplied with funds, and the National
Bank has been able, through its purchases of
bonds, to make the low discount rate effective.
While the rates of interest charged on advances
by the banks have generally followed the discount rate rather closely—that is to say, they
have shown a reduction of 1 per cent during
the course of the year—interest rates on deposits have been reduced in the majority of cases
by one-half of 1 per cent; and this, according
to the best information available, is true also
for the majority of savings banks.
The rates of interest on bonds were less
affected, as was noted above, inasmuch as the
effective rate on these investments was reduced
by only about one-fourth of 1 per cent during
the course of the year. This may be due to
the fact that, in spite of the slight advance in
the price of bonds—the bond price index rose
from 93.3 in July, 1929, to 97.1 in July, 1930—
the net increase in the volume of mortgage
bonds nevertheless amounted to 39,000,000
kroner ($10,452,000) more in 1929-30 than in
1928-29 (being 276,000,000 kroner and 237,000,000 kroner, respectively). The effects of
such purchases as the National Bank felt
justified in making were, therefore, considerably lessened by this augmentation of the
enormous volume of bonds outstanding on our
market. Yet it would have been dangerous
for the bank to undertake much larger purchases of bonds, in view of drafts upon its
foreign exchange holdings, described above,
for the purpose of covering the deficit in the
balance of payments—all the more as it was
necessary to reckon with the possibility that
the world-wide depression might make itself
felt more keenly in Denmark, in which case
788
FEDERAL RESERVE BULLETIN
it would be necessary to afford some measure of protection to the portfolio of foreign
bills.
The fact that is has been difficult to lower
bond yields, and the resulting spread between
rates of interest paid on bank deposits and
those paid on deposits in savings institutions,
has constituted an argument against creating,
by successive reductions, too great a disparity
between the discount rate and the prevailing
return on bonds. Although the bank was
persuaded that it should follow the international
movement of discount rates in a falling market
during the spring, it did so in order to maintain
practically the same level as the other Scandinavian countries and because it wished to
contribute to the reduction of interest rates
on advances to the extent which, in the nature
of the case, could be accomplished by reductions
in the official discount rate. Furthermore, it
was desirable to avoid the disturbance which
might take place in the Danish money market
if the reduction of the discount rate were
•delayed while commercial circles felt that they
had reason to expect it.
Gold policy and the Scandinavian Monetary
Union.—Although the Danish level of interest
rates has reflected to a marked extent the
influence of the international market, the
question of gold has not become acute with us
because the National Bank has protected its
gold reserve by sales of foreign exchange, and
the quotation of the Danish krone has at no
time been high enough to permit the importation of gold. We have, however, thought it
advisable, especially in view of the interest
which this entire question has assumed for
England, and in view of the importance which
the Bank of England attaches to it, that
Denmark should for the time being maintain
unchanged her system of conversion into gold
bars which is in force at present, in order to
further, even though to a slight degree, economy
in the use of gold. So long as this is the case,
and so long as the system of a uniform fractional currency has not been adopted in the
three Scandinavian countries, the conditions
necessary for the reestablishment of the
Scandinavian Monetary Union will remain
unfulfilled. The conversations of the past year
DECEMBER, 1930
among the three Scandinavian banks of issue
have also indicated that, in view of the great
differences which have been gradually introduced into the structure of the money markets
of the three countries, there might be serious
disadvantages in coordinating the discount and
credit policy of the three countries so closely
that it would be necessary to give the three
Scandinavian crowns an absolutely uniform
international value. On the other hand, it
may be supposed that no national economy
attaches any decisive importance to such uniformity, inasmuch as the system of the gold
standard renders impossible any great fluctuations in the exchanges.
BALANCE SHEET OF THE DANISH NATIONAL BANK AS OF
JULY 31, 1930
j Kroner Dollars l
(in thou- (in thousands)
sands)
RESOURCES
Gold:
Scandinavian gold coin
Foreign gold coin
Gold bars
Gold at mint
Demand deposits with the Sveriges Riksbank,
Norges Bank, and Reichsbank, Berlin
Subsidiary coin
Due from foreign correspondents
Foreign currencies and bills
Danish bills
Current accounts—
_
Mortgage loans
Advances on real estate bonds
Advances on other securities
Advances guaranteed by the State
Securities
Bank premises
Pension fund
Other assets
Total resources..
22, 799
81, 095
2,558
65,701
6,110
21.733
686
17,624
172,213
46,153
324
7,288
62,618
3, 543
45, 959
52,117
3,390
8,035
40,206
3,123
51,478
6, 073
5,816
2,134
87
1,953
16, 782
950
12, 317
13, 967
909
2,153
10,775
837
13,796
1,628
1,559
572
464,318
124,437
347,246
25,377
3,000
14, 527
540
110
27,000
12,060
6,135
20,290
6,104
1,930
93, 062
6,801
804
3,893
' 145
29
7,236
3,232
1,644
5,438
I,6o6
517
464,318
124,437
LIABILITIES
Notes in circulation
Demand deposits
Current accounts
Government account
Due to foreign correspondentsCashier's checks outstanding...
Capital
Surplus
Undivided profits
Reserve for dividends
Pension fund
Other liabilities
Total liabilities.
1
Conversion at par: 1 krone= $0,268.
DECEMBER, 1930
FEDERAL RESERVE BULLETIN
789
ANNUAL REPORT OF THE COLOMBIAN BANK OF THE REPUBLIC
The annual report of the Colombian Bank
of the Republic for the year ended June 30,
1930, was presented to the board of directors on
July 20, 1930. Sections of the report dealing
with the economic situation of the country,
national finance, and banking policies are given
herewith:*
Economic depression.—The period reviewed
by this report has been one of serious difficulties
for Colombia from both an economic and a
fiscal point of view. These difficulties have
been aggravated to a large degree by the international recession in business, which made
itself felt with special severity in the coffee
industry, the basis of our foreign trade and the
foundation of our economic life. This decline
in the price of coffee, which amounted to about
30 per cent during the year, came at the
precise moment when imports were at their
highest level as a result of large external loans
floated in 1927 and 1928, and when conditions
prevailing in the foreign bond markets had
made it necessary to suspend such credit
operations. The violent disorder which these
events produced in the commercial balance of
the country made it necessary to draw upon the
metallic reserves of the Bank of the Republic
in order to meet our foreign commitments.
The withdrawal of gold automatically caused a
sharp contraction in the volume of notes in
circulation, and this in turn brought its logical
consequences—a general reduction in prices
and salaries, restriction of consumption and
therefore of sales, paralysis of all commerce
with its inevitable accompaniment of enormously increased unemployment, and lowered
standards of living for the general public. No
public works could be undertaken as relief
measures, because the supply of funds from
foreign loans, which were used to finance them,
had been stopped. Added to this was the fact
that the ordinary income of the nation barely
sufficed to cover the most urgent general expenses, inasmuch as the almost complete
stoppage of sales had greatly reduced the
proceeds of customhouse duties, which are the
principal source of revenue.
Political factors.—This difficult situation
was further adversely affected by the political
agitation which accompanied the approach ng
presidential election and which threatened
to disturb public order. One of its worst
i Taken with some textual revision from the English translation published by the bank. In addition, the report, contains sections dealing
with the recent elections, recommendations for economic improvement
and for education, personnel, and operations of the bank in detail.
consequences was the inaction of the previous
Congress, which solved none of the grave
problems confronting the nation, nor enacted
any of the remedial measures demanded by
national opinion for alleviating the crisis.
Among the measures advocated were immediate
reduction in public expenditure, and a budget
drawn up and balanced according to actual
necessities; scientific organization of the department of public works, both as to projects
and management; carefully thought-out legislation on petroleum, which should assure the
exploitation of this national resource and
contribute to the public treasury; and authorization to establish a fiscal agency abroad—
this being indispensable for maintaining the
nation's credit.
Recommendations of the special committee.—Inasmuch as the National Congress had
recessed without passing the budget for the
period under review, and in the face of an
exceedingly difficult fiscal situation, the Government appointed a special committee composed of three cabinet ministers, the comptroller, the managers of the Bank of the Republic and the Agricultural Mortgage Bank, and
one member of each of the legislative chambers,
to study and to draw up a budget which,
although observing the normal legal restrictions, might meet the emergency. The committee worked faithfully at its difficult task and
had the constant assistance of the President
and members of the cabinet. They made an
estimate of revenues based on a " minutely cautious and guarded study of the probabilities in
perspective"; and they estimated expenditures
at an amount considerably less than that
presented to Congress by the Government.
This enabled the Government to appropriate
the anticipated surplus for payments immediately due and forming part of the deficit
brought forward from previous fiscal yeais.
The results of the budget were not all that
might have been desired, because the Government lacked authority to reduce the salaries of
employees and to introduce economies in
certain branches of public expenditure, such as
the administration of justice. Moreover, several measures proposed by the committee for
reduction of expenditure were ineffective, as
they required the express authorization of Congress to make them operative. These circumstances, in addition to the fact that the decline
in revenues during the first half of the year
exceeded even the most cautious calculations,
continue to aggravate the fiscal situation.
790
FEDERAL RESERVE BULLETIN
Post-election improvement.—The result of
the election, the comprehensive program of
the President-elect, and his repeated promises
to establish a Government of a genuinely
national character with the assistance of all
well-meaning citizens, contributed greatly to
relieve the misgivings of the people and to
reestablish confidence. Immediately after the
election a marked decline in the demand for
drafts on foreign centers was noticeable.
Later, during May and June, a considerable
increase took place in the metallic reserves of
the Bank of the Republic, indicating that the
funds which many apprehensive persons had.
converted into gold during the previous period,
and had hoarded or sent abroad, were returning
to circulation. A sharp decrease in imports into
the country also contributed to this reaction.
During the first four months of the year imports a m o u n t e d to only 19,000,000 pesos
($18,493,000), so that, even allowing for a considerable increase from now on, the total for the
year will probably not exceed 70,000,000 pesos
($68,131,000). In this case the adverse commercial balance which we have experienced in
recent times will be changed to a balance in
our favor.
Successful functioning of the central bank.—
Two facts should be emphasized in reviewing the
incidents of the year as having an important
influence on the nation's credit. The first is
the satisfactory manner in which the central
bank, during the grave crisis through which the
country has passed, was enabled to fulfill its
essential functions. As the result of a conservative, wise, and far-seeing policy pursued
during times of prosperity, the Bank of the
Republic was able at all times to effect the
redemption of its notes in gold and to meet the
demand for bills of exchange, in spite of the
fact that its metallic reserves declined in 18
months by 30,000,000 pesos ($29,199,000), or
about 50 per cent. This was a perfectly
normal development, because it is just to meet
such emergencies that reserves are built up in
prosperous periods. The bank was at all times
in a position to assist affiliated institutions in
case a panic should arise; this, indeed, appeared
quite likely on several occasions in view of
the lack of confidence which existed among the
public. The course adopted by the bank kept
the foreign exchanges stable throughout the
crisis—a result that not all the nations in America were able to achieve, since Argentina, one of
the richest and most prosperous, was obliged
to close its conversion office.
Foreign obligations fully met.—The second
fact which should be emphasized is that, even
DECEMBER, 1930
at times of greatest fiscal difficulty, our public
bodies have fully met their foreign-credit obligations—not only the national Government,
but also the departmental governments and
municipalities. I n t h i s respect they have
followed the custom established by this country
during the World War, when Colombia continued to fulfill its international obligations
with unfailing punctuality, although nearly all
other nations found themselves obliged to
delay their payments in varying degrees.
The period reviewed briefly thus proved a
severe test for Colombia; at the same time it
furnished valuable experience which will help
the country to proceed in future with more
caution, and therefore with greater ability. It
is possible now to perceive clearly what errors
were committed and what are the real necessities of the country.
Measures for rehabilitation of foreign credit.—
The rehabilitation of the nation's foreign credit
is one of the most important and most urgent
needs. To achieve this end strict compliance
with our contractual obligations is obviously
not sufficient; sincere and serious consideration must be given to matters involving revenue
and expenditure, and strict technical control,
combined with judicious handling, must be
exercised over the use of funds obtained through
loans [and allocated to public works].
In order to secure proper consideration of
expenditure it will be necessary to embody in
the constitution the provisions of law No. 34
of the year 1923; withdraw from members of
Parliament the right to propose expenditure
or financial assistance of any nature, leaving
such proposals exclusively in the hands of the
Minister of Finance; create the post of Chief of
the Budget (Director del Presupuesto), investing this official with fullest powers, including the authority to visit and inspect the
ministries and their dependent offices. The
Chief of the Budget would be appointed by the
President of the Republic, would act exclusively on his instructions, and would make to
him final recommendations in all matters concerning the estimates of expenditure of the
different ministerial offices. These measures
may appear to be excessively severe, but it is
necessary to bear in mind the chaotic state of
our finances resulting from lavish parliamentary
decrees of assistance and expenditure, which
have produced continual deficits in recent fiscal
years in spite of the steady and considerable
increase in public revenues.
Regarding the necessity of proper control
over funds allocated to public works, no argument is needed. The public realizes that they
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
791
have been mismanaged; that purely local unhesitatingly accepted the loss involved in the
interests have often determined the under- operation.
taking and completion of these works. UnCredit policy.—The credit policy of the bank
doubtedly, any prospective lenders will first during the period covered by this report was
wish to know for what purpose and in what governed by many factors, chief among which
manner their funds are to be used.
were the movements of gold to and from the
Another factor which would aid greatly in bank and the fluctuating volume of the bank's
the reestablishment and maintenance of exter- credit operations. Credit policy was reflected
nal credit is the creation of fiscal agencies in especially in changes of discount rates.
foreign countries. These should be first-class
For reasons stated in the previous report,
firms of high financial standing in their respec- the bank raised the discount rate in March,
tive countries, who would make the interests 1929, to 8 per cent after it had stood at 7 per
of Colombia their own, and would use their cent for several years. The principal reason
nfluence to create a favorable impression re- for the advance was the continued fall in the
garding this country and to advise and support institution's gold reserves. In July, 1929, howit in all ts credit operations. Many nations, ever, when the bank's credit operations had
indeed, owe their high credit standing to the declined to 11,500,000 pesos ($11,193,000), and
wise choice of a competent fiscal agency of reserves once more exceeded 100 per cent in
high standing.
relation to demand liabilities, the discount rate
In connection with external loans there is a was restored to 7 per cent. Unfortunately,
point which should be carefully considered— this rate could not long be maintained, inasnamely, that the bank of issue should be con- much as in August the general situation again
sulted when such arrangements are being made, became acute, causing an increase in discounts
whether the loans are floated for public bodies and a corresponding decrease in the gold reor private credit institutions. The annual re- serves. Another occurrence about this time
port of the bank for 1927, after calling attention also affected the situation adversely—namely,
to the risks involved in such operations, made the sudden and unexpected action of the Federal Reserve Bank of New York in raising its
the following recommendation:
discount rate to 6 per cent, a level which had
It appears reasonable, in connection with the not been reached by that institution since the
raising of loans, that the Bank of the Republic should
be consulted and its advice followed in regard to the crisis of 1921. This measure, by giving still
opportuneness, convenience, and conditions of each further cause for uncertainty and apprehension
negotiation, as it must be remembered that the bank in addition to the factors already affecting the
is entrusted with the control of the monetary circula- commerce of this country, accentuated and
tion and the stability of the foreign exchange, on which
aggravated the depression.
external loans may exert a decisive influence.
Under these circumstances prudence and
Operations with the National Government.— good banking technique justified the advance
The difficult fiscal situation of recent months of the discount rate to 8 per cent on October
has led the Government on frequent occasions 9 and the further advance to 9 per cent on
to apply to the bank for discount of treasury November 19. On both occasions the rate for
bills in order to meet its most immediate discount of obligations guaranteed by agrarian
obligations. The bank has always considered Hen, produce, or livestock was fixed at 1 per
such requests to the full extent permitted by cent lower than the discount rate in order to
law, and in certain operations has made assist agricultural production even under the
special concessions to the Government in the prevailing unfavorable conditions.
rate of interest. Desiring to render all pos- These high rates—which were, however, not
sible assistance in the present difficult times, so high as those in force during the first year
the bank went so far as to sell, at a discount, of the bank's establishment—were maintained
practically its total holding of bonds of the until May, 1930, when, in view of the improvepublic debt, which had previously been acquired ment in volume and ratio of the metallic refor investment. Thus, of its total holdings of serves as well as of the marked decline of dis442,800 pesos ($430,980) of bonds of the Col- count rates in the world's monetary centers,
ombian internal debt, the bank had in its pos- the discount rate of the Bank of the Republic
session on June 30 last only 42,800 pesos was reduced to 8 per cent and the rate for opera($41,660). This action enabled the bank to tions guaranteed by agricultural produce or
expand the scope of its operations with the livestock to 7 per cent.
Since this reduction several suggestions have
Government to the extent of these bond sales.
For the sake of the national welfare, the bank been made to the bank by the press and by
25186—30
5
792
FEDERAL RESERVE BULLETIN
important bodies for still further reduction in
the interest rate. Under existing economic and
financial conditions in this country such a step
appears inadvisable. It is sincerely to be hoped,
however, that a favorable change may shortly
take place in these conditions and justify such
reduction, which would be of great benefit to
the general situation.
The organic law of the Bank of the Republic,
following the* accepted principles of banking
technique, prohibits the bank from granting
discounts if the proceeds are intended for speculative purposes or for permanent investment.
This is not a condemnation of such operations,
but merely a recognition of the fact that such
paper is unsuitable for inclusion in the portfolio of a bank of issue, which should at all
times maintain a liquid position and use its
resources exclusively to assist industry and
commerce. The Bank of the Republic has
always endeavored to comply faithfully with
this provision, and has accordingly made every
effort to find out for what purpose the proceeds
of discounting are intended. This feeling of
responsibility is shared to a great extent by all
banks of issue, as is indicated by the following
extract from the annual report just published
by the Federal Reserve Board, Washington,
covering the operations of the Federal reserve
banks in the United States:
The protection of Federal reserve credit against diversion into channels of speculation constitutes the most
difficult and urgent problem confronting the Federal
reserve system in its effort to work out a technique
of credit control that shall bring to the country such
steadiness of credit conditions and such maintenance
of economic stability as may be expected to result from
competent administration of the resources of the
system.
With us the problem presents more serious
difficulties than in any other country, as a
result of the small volume of strictly commercial operations and the nonexistence of negotiable instruments such as bankers' and trade
acceptances.
Credit operations are usually effected in this
country by means of promissory notes at 90
days, with two signatures, one of which is
usually given as a favor or accommodation.
Such procedure gives no indication of the use
for which the proceeds of the operation are
intended. The bank of issue, therefore, must
rely on the statement of the establishment
applying for rediscount. These statements are
frequently unreliable, inasmuch as private
banks are naturally more interested in the
security of a discount than in its purpose.
Desiring to correct this situation the Bank of
the Republic is trying in every way to improve
DECEMBER, 1930
its information service. The bank realizes
that only by possessing exact and detailed
information respecting every firm will it be
able to fix with justice the amount of credit
which each firm should receive and to know
exactly the object for which the proceeds will
be used. Unfortunately, in this country the
purposes and principles of banking are not
generally understood. The Bank of the Republic, accordingly, incurs the deep resentment
of firms to whom discounting must be refused
because the funds so obtained are intended for
uses outside the scope of the bank's legitimate
activities; or firms who feel that they should
receive larger credits than have been assigned
to them.
Operations with member banks.—Owing to
the crisis, the deposits of private banks with the
Bank of the Republic declined in proportion to
the reduced deposits which the private banks
received from the public; this, in turn, lowered
the "basic line" fixed by the Bank of the
Republic and representing the volume of its
operations with member banks. Although this
line does not represent a rigid maximum for
such operations, and may be passed by applying a slightly higher discount rate it was considered advisable, in order to facilitate commerce, to raise the basic line by 20 per cent
during the last few months as a temporary
measure. The augmented limit thus fixed for
the month of July amounted to nearly
24,000,000 pesos ($23,359,000), whereas the
loans and discounts granted to member banks
amounted to slightly more than half this total.
BALANCE SHEET OF THE BANK OF THE REPUBLIC AS OF
JUNE 30, 1930
Dollars »
(in thou- (in thousands)
sands)
RESOURCES
Reserves:
Gold coin
Bullion
Colombian paper money
Subsidiary coin
Treasury notes
Treasury bonds
Bonds and coupons of internal debt.
Frivate bank notes
Foreign balances:
Demand deposits.
Time deposits
Loans to member banks:
Falling due within 30 days.
Falling due within GO days_
Falling due within 90 days.
1
Converted at par of exchange: 1 peso—$0.9733.
16,840
3,673
192
1,059
16,390
3,575
187
1,031
21,770
21,189
9,621
1,028
9,364
1,001
10,649
10,365
203
198
58
56
261
254-
793
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
BALANCE SHEET OF THE BANK OF THE REPUBLIC AS OF
BALANCE SHEET OF THE BANK OF THE REPUBLIC AS OF
JUNE 30, 1930—Continued
JUNE 30, 1930—Continued
Pesos Dollars
(in thou- (in thousands)
sands)
RESOURCES—continued
Discounts to member banks:
Falling due within 30 days.
Falling due within 60 days.
Falling due within 90 days.
Falling due after 90 d a y s . . .
X-oans to National Government:
Falling due within 30 days...
Falling due within 60 <iays__.
Falling due within 90 days...
Dollars
(in thou- (in thousands)
LIABILITIES
3,810
4,406
4,463
579
3,708
4,288
4,344
564
13,257
12,903
1,290
1,200
1,557
1,256
1,168
1,515
Notes in circuit tion
Treasury notes in circulation.
Deposits:
Member banks
National Government
J udicial
Other official bodies
Individual
Amortization of Treasury bonds
Amortization of notes of private banks.
30,776 i
26 J
3,650 ;!
998
328 .
330 i
575 !
1
0
5,891
Goyernment securities
Office furniture, etc
Bank buildings
Amounts receivable
Interest receivable
Sundry debtors
Investments of the staff gratuity and pension fund.
Investments of the staff life insurance fund
Total resources..
4,047
3,939
43
57
42
55
1,699
20
64
290
48
13
,746
21
66
298 I
49
13
Dollar accounts:
National Government—external debt.
Judicial deposits
3,553
971
319
321
560,
1
9
5,734
2
42
36, 746
35.765
551
1
552
536
1
537
52,278
50,882
14,501
1,409
612
47, 750
5
2,203
19
4
7,004
2,200
8
8
Branches and agencies (balance) _
165
170
Interest received in advance
761
782
Profit and loss__-11,736
11,423
14,114 Capital.
1.371 "Reserve fund
1,897
1,846
387
377
' 596 Reserves
46,475
PA 278
5
50,8*2
Total liabilities..
2,144
18 Contra accounts
75, 707
73, 686
4
6,817
2,111
Per cent
Legal reserve (art. 18, law 25 of 1923, 60 per cent)
79. 57
73,686
Total reserves
86.72
Contra accounts
Securities in custody
Securities in guarantee
Exchange of national coins and notes fund..
Unissued bank notes
Deposits with the banking superintendent..
Securities in custody with affiliated banks..
National notes withdrawn from circulation.
Deposits with the municipality
Securities in custody with banks abroad
Forward exchange contracts
Managers' checks
Sund, y creditors
National Government—internal debt..
29,954
25
75,707
ANNUAL REPORT OF THE BANK OF JAVA
The annual report of the president of the tively speaking, the raising or lowering of the
Java Bank for the year ended March 31, 1930, rates of interest in the international markets
was presented to the general meeting of share- only slightly affects those ruling in the Netherholders on July 9, 1930. Sections of the report land East Indies. Supply and demand of
dealing with the money market, and with the foreign exchanges, as well as of guilders,
proposed substitution of nickel for silver originate from genuine trade and the possibilities of their increase or decrease are confined
coinage are given herewith: l
The money market.—The Netherland East within narrow limits. The same might be said
Indies find themselves in a somewhat different with regard to the speeding up or slowing down
position from that of other countries. Being an of exports.
The absence of a local money market causes
agricultural country, they feel the influence of
a dearer international money market to only a the working capital, employed by the banks
slight extent. It is true that it proved neces- here, to remain more or less tied to the country,
sary to raise the rate of discount from 4% to 5% and outward movements can only develop
per cent on July 22—a rate which even then gradually. A too pronounced difference bewas below both the English and Federal tween the rates of interest in Europe and in this
reserve bank rates, although a country like the country would in the long run naturally inNetherland East Indies, poor in capital, might fluence the financing of the Netherland East
well be expected to have higher rates of interest Indian trade, because, whenever rates are lower
than those ruling in states which are provided here, business concerns, which are normally
with an international capital market. Rela- financed in Holland, will seek accommodation
locally, while an incentive is created for the
i Taken, with some textual revision, from the English translation
The resulting
published by the bank. In addition the report contains sections dealing banks to transfer funds abroad.
with international conditions, the exchanges, trade movements, prices, demand for foreign remittances had to be
•etc., and with the operations of the bank in detail.
794
FEDERAL RESERVE BULLETIN
counteracted by a raising of the rates of discount, while a simultaneous shrinkage of loans
against stocks and bonds could only be deemed
desirable.
In these times the close connection between
the Netherland East Indies and Holland causes
local economic conditions to be less dependent
on the prices of agricultural produce than is the
case with other agricultural countries. The
plantation industry is for the greater part
financed by Dutch capital, and the unfavorable
consequences of a general trade recession are
mostly felt by Dutch investors.
Proposed substitution of nickel for silver
coins.—The monetary system of the Netherland East Indies during 1929 required special
attention. The problem of replacing the silver
token coins by nickel money, which was being
dealt with by a committee appointed by the
Minister of Finance and the Colonial Secretary
as per decree of April 12-18, 1929, particularly
attracted public attention.
During some months of the past financial
year a thorough investigation was made by the
branches of the Java Bank into the composition
of the circulating medium in use. The data
thus collected made it possible to form an estimate of the total coinage in circulation in
regions which come within the sphere of the
Java Bank. On March 31, 1930, the circulation of new coinage of a fineness of 720/1000
amounted to 34,438,757.50 florins ($13,844,381),
in addition to which the Java Bank held an
amount of 26,361,242.50 florins ($10,597,219).
These figures may be taken as accurate. As
regards old coinage it was estimated with the
aid of the above mentioned data, that the
maximum still in circulation amounted to
51,250,000 florins ($20,602,500), to which had
to be added 4,562,270.50 florins ($1,834,033)
in the vaults of the Java Bank. The total
amount of silver coinage, therefore, was estimated at not higher than 116,612,000 florins
($46,878,024), of which 30,923,513 florins
($12,431,252) was held by the Java Bank. It
should again be emphasized, however, that
available figures can not form a basis for an
estimate of the amount of coinage withheld
from circulation by temporary hoarding, or of
the amount in circulation in those districts
which are more or less out of contact with the
Java Bank. The above figures, therefore, are
given with due reserve.
Should it be decided to replace the silver
coinage by nickel coins, it is to be expected
that the native population will be unwilling to
use this new material for hoarding purposes.
DECEMBER, 1930
At present ryksdaalders and guilders are preferably used, and the fact that these are of silver
has a profound psychological significance.
Although the nickel token coinage would
bear the same fiduciary character as the existing
silver circulating medium, this has no practical
bearing ofi the question as to how the native
population will react on the proposed alteration. Therefore I do not consider the argument
that paper money has been successfully put into
circulation in the Netherland East Indies,
brought to bear by the supporters of nickel
coinage against its opponents, either consistent
or valid. The latter circulating medium has
never occupied the same preponderant position
in this country that it holds in Holland, while,
since the regulation of the monetary system in
the middle of the nineteenth century put an
end to the circulation of copper stivers and
doubtful paper money, there has never been
in the Netherland East Indies any tampering
with the significance of silver as the savings
medium of the native population. Replacement of silver by jiickel coins will necessarily result in a considerable decline in the
demand for coinage. It is improbable that
this measure would induce the populace to
abandon their hoarding methods in favor of a
more modern savings system. What may be
expected is, that gold will in this instance be
resorted to as a substitute for the silver token
coins, and with a view to the existing banking
policy of the country, I consider the issue of
gold standard coins for this purpose undesirable.
A further development which may be expected is the probable increase in the demand
for ducats and other foreign gold coins, so that
quantities of hoarded silver coins having at the
moment an intrinsic value of 25 to 30 per cent
of their face value, but practically representing
gold for the natives, will be replaced by coinage
of an intrinsic value of 100 per cent.
The result will be that the objective of the
advocates of nickel coinage, viz, the release
for productive purposes of that part of the
people's wealth now locked up in unproductive
silver, will not be attained.
The conclusion which I would draw from the
above is, that the introduction of nickel coinage
would on the one hand effect an undesirable
change in the savings methods of the population—methods which may indeed be primitive
but can not at present be dispensed with; while
on the other hand the financial benefits accruing
to the State are sure to fall below expectations.
Under these circumstances, and merely for the
795
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
sake of uncertain financial gains, there can be
no justification for replacing a satisfactory
monetary system by a new one, the reaction of
which on the primitive social conditions prevailing can not be foreseen.
BALANCE SHEET OF THE BANK OF JAVA AS OF MARCH
31, 1930
Florins Dollars i
(in thou- (in thousands)
sands)
RESOURCES
Cash in hand:
Gold coin
Silver coin
_
Subsidiary coin
72,325
30, 924
537
29,075
12,431
216
103, 786
41, 722
Foreign coin and bullion:
Gold coin
Gold bullion
Silver coin
Silver bullion
51, 059
15,860
20,526
6,376
256
103
Foreign bills
67,176
32,476
27,005
13,055
7, 515
1,519
3,021
611
9,033
3,631
44,180
9,820
684
34
17, 760
3,948
275
14
54,718
21,997
_
Bills discounted:
Commercial bills
__ _ _
Government auction bills
Loans and advances in current account, against:
Stocks and bills of exchange
_
Merchandise
Hypothecated claims—
Gold and silver
i Conversion at par: 1 florin=$0,402.
BALANCE SHEET OF THE BANK OF JAVA AS OF MARCH
31, 1930—Continued
Florins Dollars
(in thou- (in thousands)
sands)
RESOURCES—continued
Advances to the Government
25,455
10,233
Investments:
Invested capital
Invested reserve funds
Invested pension and provident fund
4,455
14, 313
3,784
1,791
5,754
1,521
Buildings .._
Furniture
Sundry accounts
22, 552
5,936
305
30, 725
9,066
2,386
123
12,351
352,162
141,569
280,444
34,150
1,669
28
9,000
13,500
2,698
479
4,211
112, 738
13,728
671
11
3,618
5,427
1,085
193
1,693
1,620
3,600
631
651
1,447
254
5,850
2,352
1
132
53
352,162
141, 569
Total resources
LIABILITIES
Notes in circulation.
_
Deposits
Drafts payable
Unclaimed dividends
Capital paid up
Reserve fund
_
_
Extra reserve
Reserve for company tax
Pension and provident fund
Net profits:
Shareholders
Government
Bonuses
_
_
_
-..-
_ _
__ _
Unpaid balance of profits due to shareholders for
the year 1928-29
Sundry accounts
Total liabilities
796
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 372
Month
1929—October
November..
December...
1930—January
February
March
April....
May
June
July
August
September..
October
November
Total
(45
countries) r
United gen- AusStates tina tralia
10,299
10, 304
10, 297
10, 362
10,434
10,505
10, 568
10, 613
10,673
10, 709
10, 791
*10,828
*10,867
4,023
4,003
3,900
3,921
3,988
4,061
4,131
4,159
4,178
4,160
4,148
4,159
4,184
P4, 220
Bel-
109
97
89
88
124
126
109
91
97
97
97
98
79
476
451
434
445
448
445
442
441 I
440
436
434
434
429
151
77
151
78
150
78
139
78
127
78
127
79
90
79
90 ! 80
89
81
94
80
100
69
110
65
122
"43
143
151
163
164
164
164
164
167
167
167
168
173
180
v Preliminary, based on latest available figures.
r
643
659
711
732
740
759
795
765
768
746
759
766
782
P767
1,570
1,600
1,633
1,683
1,680
1,668
1,659
1,717
1,727
1,775
1,852
1,899
1,992
P2, 037
29
Swit- other
Ja- NethItaly pan
er- RusSpain zer- counsia
lands
land tries '
India
Bra- Can- Eng- France Germany
zil
ada land
531
534
544
547
582
595
611
617
624
624
624
590
519
128
128
128
128
128
128
128
128
128
128
128
128
128
272
273
273
273
273
274
274
274
274
274
275
278
278
541
542
542
520
477
453
443
434
434
440
433
431
414
178
180
180
177
176
174
174
174
174
157
157
157
171
142
142
147
147
150
156
167
177
203
233
249
249
249
249
495
495
495
495
476
476
477
477
477
477
477
478
478
103
105
115
108
108
108
112
112
112
118
123
123
128
715
714
714
717
715
713
712
710
701
701
698
*688
"689
Revised on account of altered figures for gold held by Reserve Bank of Peru.
NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for
44 countries are given by years back to 1913. For the 16 countries here shown separately —all of which have held gold in recent years to the amount
of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina—
Government conversion fund and Bank of the Nation; Brazil— Bank of Brazil and Government stabilization fund: Canada—Government reserve
against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standard
reserves of Government; Japan—domestic holdings of Bank of Japan and Government.
GOLD MOVEMENTS
[In thousands of dollars]
Germany
United States
Month
Imports
1929—October....
November.
December.
1930—January...
Exports
21,321
7,123
8.121
12,908
60,198
55,768
65,835
23,552
13,938
21,889
19,714
13, 680
35, 635
February..
March
April
May
June
July
August
September.
October. _.
Imports
Net
3,805
30,289
72,547
8,948
207
290
110
82
26
41,529
39,331
11,133!
9, 267!
17,516
-23,166
-64,426
3,960
59,991
55,478
65.725
23, 170
13,912
-19,640
-19,617
2,54"
26,368
Exports
Great Britain
Imports
Net
28,591
36,249
65,343
41, 702
38,961
38,258
42,741
45,388
13, 747
24,646
24,201
22, 339
97,305—94,0:0 45,416
3.622
1,002
4,174
919
806 10,290
4,423
629
687 37, 505
769 14,350
703 17,967
6,596
722
5,746
1,815
853
628
958
656
25,859 -23,829
4,624
5,093
11,096
5,052
38,252
15,119
18,670
7,318
7,561
1,481
1,614
2,030
3,215
Exports
Netherlands
Imports
Net
26,794
1,796
27,844
8,405
16,439 48,903
16,102 25,600
34,074
4,886
12,826 25,432
14,828 27,913
61,134 -15,746
20.659 -6,912
40,335 -15,709
21, 390
2,811
20, 245
2,094
34,754 10,662
Exports
177
107
297
248
80
89
81
75
34
48
281
81
12,338
Net
South
Africa
India
Net
Net
12
166 -15,812 3,146
15
92 -20,922 4,408
280 -18,220 4,603
17
5,370
3,224 -2,975 -17,808
1,026
-946 -20, 786 3,844
3,447
79 -13,777
10
5,953
60 -18,134
21
56 -22, 798 6,452
19
23 -18,190i 9,204
n
3,404
16, 587-16.539 -22,415
8
273 -18,708 13,461
3,568
13
68 -17,149
199 12,139 -20,259
MOVEMENTS TO AND FROM GREAT BRITAIN
MOVEMENTS TO AND FROM BRITISH INDIA
[In thousands of dollars]
[In thousands of dollars!
1930
From or to—
October
Imports
France
Germany
Netherlands
Spain and Canaries _
Switzerland
United Spates
409
South America
2,447
British India
Australia
19, 967
New Zealand
Egypt
Rhodesia
424
Transvaal
21,133
West Africa
581
All other countries..
455
Total
45,416
Exports
1930
1929
January-October Calendar year
Imports
Exports
Imports
2,066
1,470 164,869
3,203
7 67, 938
880 14, 382
19
150
4
19, 496
21,891
4,251
23,090
283
29, 048
49 39,129
1
240
7,676
110,983
2 24, 603
127
2,433
94
4,641
4,384
166, 225
. . . 184,954
4,216
4,241
1,003
1,118
612
12, 808
26, 827
2,681
142
34, 754 337,402 276,369 J3O3,725
From or to—
Exports
162, 527
92,991
2,006
359
10, 781
61, 293
10, 320
3,786
8
33,434
377,505
England
United States
Aden and dependencies
Arabia
British Oceania
Bahrein Islands . _.
Ceylon...
China
Mesopotamia
Straits Settlements..
Egypt
Natal
All other countries._
Total .
.,
1929
January-August Calendar year
August
Imports
Exports
Imports
Exports
Imports
1,145
1
7,501
1
10, 461
22
436
566 1 -._
6,940 i
133
2, 459
3,560
..
1 632 _.
2,314
14
1,176
24 392
39
1,045
1,287
7,701
119
4,151
188
2,613
19
6,867
29,595
206
51,150
64, 275
30
87
1,389
33
421
2,128
154
1,154
6,922
13,462
1
16
Exports
1
28
19
48
797
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1 In cents per unit of foreign currency]
1930
Country
Monetary unit
1930
Par |
of exchange SeptemOctober
ber
Country
EUROPE
Monetary unit
Par
of exchange SeptemOctober
ber
November
SOUTH AMERICA
14.071 14.1131
Austria..
- Schilling
14.1046 14.0917
Belgium
! Belga
13.90i
13. 9476 13.9441 13.9421
Bulgaria
| Lev
_
_
. 7181
.72|
.7224
.7209
C zechoslovakia. Crown
2.96
2. 9672
2.9664 2.9650
Denmark
Krone
26.80
26.
7417
26. 7670 26. 7557
England
_ Pound
486. 65 486.1101 485.8969 485. 6409
2.52
Finland
Markka
2. 5173
2. 5170 2. 5170
3.92
France
Franc
3. 9273
3.9235 3. 9271
Germany
Reichsmark..
23.82!
23. 8229 23.8050 23. 8287
Greece.
Drachma
1.30
1. 2958
1.2949 1. 2950
Hungary
17. 49
Pengo..
17. 5160 17.5050 17. 4949
5.26
Italy
Lira.
_.
5. 2371
5.2360 5. 234'
40.20
Netherlands— Florin
40. 2880 40.2982 40. 2393
26.80
Norway
Krone
26. 7604 26. 7544 26. 7427
Poland
11.22
Zloty
11. 2063 11.2119 11.2158
Portugal.Escudo
108.051
4.4872 4. 4833
4. 4925
Rumania
. 5944
Leu
.5959
.5949
.60
Russia 2
Chervonetz.
514.60 3 515. 0000 s 515. 0000 '515. 0000
Spain
Peseta
19. 30j
10. 7255 10.3448 11.2963
Sweden
Krona
26. 80
26. 8680 26. 8523 26. 8284
Switzerland
Franc
19.
19. 4060 19.4193 19.3875
Yugoslavia
Dinar
19. 30|
1. 7716
1.7717 1. 7701
Argentina
Peso
Bolivia 2
Boliviano.
Brazil
Milreis
Chile
Peso.
Colombia2
do
Ecuador
Sucre
Peru 2 . . .
_. Sol
Uruguay
Peso.
Venezuela 2
Bolivar. _.
96.48
36.50
11.96
12.1'
97.33
20.00
40.00
103.42
19.30
81.7843
36. 7500
10.0850
12.1365
96. 5300
20.0000
34.4100
82. 37471
18. 5000|
78. 0538
36.7500
78.1187
36. 7500
12. 0834
96. 5300
20. 0000
31. 2596
79. 2496
18.5000
12. 0702
96. 5300
20.0000
31.0435
79. 9226
18. 5000
28. 2598
39. 0962
28.0003
31. 9163
36. 0222
49. 5896
27. 9918
38.8392
27. 8000
31. 4542
35. 9656
49.5987
40. 2339
55.9461
ASIA
China 4«
China
China «___.
Hong Kong*...
India
Japan
Java 2_
Straits Settlements.
Turkey...
Mexican dollar.. 28.46
Shanghai tael... 39.23
27.83
Yuan dollar
28.25
Dollar.
36.50
Rupee _
49.85
Yen
40.20
Florin
Singapore dol- 56.78
lar.
Turkish pound. 439. 65
28. 7591
39. 6795
28. 5500
32. 2015
35. 9899
49.407
40. 3068
56. 0320
8 47.0019
40. 3188
56.1687
6
47.1035 ' 47.1640
AFRICA
NORTH AMERICA
Canada
Cuba
Mexico
Dollar.
Peso..,
do-
Egyptian pound 494. 31JM98. 9320 6 490. 4600 M98.5066
100.1206 100.1033 100.1037 Egypt
99. 9704 99.9359 99. 9639
47. 3740 47.1678 46.0995
100. 00;
100. 00
49.85
1
8
1
4
Based on noon buying rates for cable transfers in New York.
Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
Chervonetz quotations nominal.
Silver currency. The figure given for parity represents gold value of unit in November, 1930, computed by multiplying silver content of unit
by New York average price of silver for November, 1930, which was $0.36220 per fine ounce. On the same basis, parity in November, 1929, for the
Chinese-Mexican dollar was 39.23 cents; for the Shanghai tael, 54.08
cents; for the Yuan dollar, 38.37 cents;7and for the Hong Kong dollar, 38.94 cents.
6
« July, 1930.
August, 1930.
September, 1930.
Back figures.—See BULLETIN for January, 1930, 1929, and 1928.
CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars *]
1930
1930
I October
RESOURCES
I
Cash on hand and on current account with j
banks
_
!
Demand funds at interest
_.j
893
5,584
1,073
13, 290
641
20, 765
Rediscountable bills and acceptances (at |
cost):
;
Commercial bills and bankers' accept- ;
ances
_
43,418
Treasury bills
32,144
39, 316
19,463
29,429
16, 308
58, 779
45, 737
192,833 182, 733
j 30, 271 29,714
Total
Time funds at interest:
Not exceeding 3 months
Between 3 and 6 months
Between 6 and 9 months
Total..
Sundry investments (at cost):
Maturing within 2 years ...
Over 2 years
Total
Other resources..
Total resources..
1
' 75,562
._
4,866
104, 541
85,110
14, 595
223,105
217,312
204,246
36,827
202
35,853
202
29,032
282
37,030
2,183
36,056
1,672
29,314
1,080
344, 356
328,181
301, 782
Short-term deposits:
Central banks for own accountDemand
Time: Not exceeding 3 months..
Time: Between 3 and 6 months..
Total
Central banks for account of others—
Demand—-...
Time: Not exceeding 3 months
Time: Between 3 and 6 months
Total...Other depositors:
Demand
_
Time: Not exceeding 3 months..
Long-term deposits:
Annuity trust account
German Government deposit
French Government guarantee fund
Total
Capital paid in
Other liabilities
Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930.
October
tember
Au
&ust
14,439
69,782
20,000
14,002
51,889
37, 289
14,381
50,646
24,930
104,221 103,179
89, 957
24,783 24, 697
134, 528 112,441
28
7,563
28,257
27,436
76,018
LIABILITIES
Total liabilities..
159,339
144, 700
22
23
131,711
1,218
i 29,820
15,442
13,265
29,786
15, 424
13, 262
29,824
14, 748
13,190
58,526
19,795
2,452
58,472
19,783
2,024
57,762
19,783
1,351
344,356 328,181
301.782
798
FEDERAL RESERVE BULLETIN
DECEMBER,
1930
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
October
Bank of England (millions of pounds
sterling):
Issue d e p a r t m e n t Gold coin and bullion
Notes issued
—
Banking d e p a r t m e n t Gold and silver coin
Bank notes
Government securities
Other securities
Discounts and advances...—.
Public deposits
Bankers' deposits
Other deposits
Reserve ratio »(per cent)
Bank notes in circulation • . . „ .
Bank of France (millions of francs):
Gold
Sight balances abroad
Foreign bills
Loans and discounts
Negotiable bonds
Note circulation
Public deposits
Other deposits
German Reichsbank (millions of
reichsmarks):
Gold reserve
Gold abroad..
±leserves in foreign exchange
Loans and discounts
Deposits
Reichsmarks in circulation—
Rentenmarks in circulation
Bank of Italy (millions of lire):
Gold at home
,
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
_
Other deposits
Bank of Japan (millions cf yen):
Gold
_
Advances and discounts
Government bonds
Notes issued
Total depositsCommonwealth Bank of Australia
(thousands of pounds sterling):
Issue d e p a r t m e n t Gold coin and bullion.
Securities
___
Banking d e p a r t m e n t Coin, bullion, and cash
Money at short call in London
Loans and discounts
Securities
Deposits
Bank notes in circulation
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Domestic bills
Government debt
Note circulation
Deposits
_
1930
1929
Sep-
October
August
Central Bank «f Bolivia (thousands
of bolivianos):
Gold
Foreign exchange
131.0
Loans and discounts
391.0
Notes in circulation
Deposits
1.1
32.2
Bank of Brazil (millions of milreis):
68.9
Gold
20.2
Currency
5.9
Correspondents abroad
14.4
Loans and discounts
58.1
Securities
38.1
Note circulation
30.1
Deposits
358.8
National Bank of Bulgaria (millions
of leva):
40,051
Gold
__
7,220
Net foreign exchange
18, 705
Total foreign exchange
11,231
Loans and discounts
5,612
Government obligations
68,267
Note circulation.
13,373
Other sight liabilities
_
6,681 Central Bank of Chile (millions of
159.5
419.5
157.4
416.3
154.8
414.8
1.2
63.9
37.7
26.6
4.2
21.0
55.7
35.0
58.2
355.6
1.1
60.5
41.1
21.6
5.7
13.3
64.2
34.2
55.2
355.8
1.0
54.0
49.1
22.2
6.5
18.2
62.6
33.8
48.0
360.9
50,807
6,492
19,124
9,874
5,304
74, 787
13, 089
8,378
48, 431
6,567
19,027
8,984
5,304
73,053
10,509
8,780
47,242
6,838
18. 764
9,200
5,304
73,677
10,109
7,734
1,959
221
198
2,642
383
4,675
447
2,329
150
171
2,387
472
4,744
448
2,469
150
369
1,942
416
4,707
448
2,079
150
359
2,542
454
4,833
421
5,293
4,893
4,317
15, 738
300
1,699
5,291
4,969
4,137
16,172
300
1,716
5,232
5,103
3,929
16,074
300
1,674
5,180
5,196
5,436
16,977
300
1,507
842
749
118
1,081
707
710
118
1,072
741
868
776
79
1,165
635
1,062
758
195
1,290
882
16,285
5,316
20,177
4,691
19, 976
4,941
22,451
19,092
1,488
1,549
3,220 2,727
12,398 12,138
22,083 22, 708
40,757 41,133
38,469 37, 322
214
226
498
102
101
1,035
110
215
218
479
96
101
1,008
103
1,555
1,975
5,106
11,015
22,458
40,887
37,857
6,334
15,339
14,030
37,108
38, 342
169
274
478
110
101
1,018
117
169
218
331
307
110
1,081
56
A iul £ run ss tt
A
S
October
2,742
41,056
21,997
35, 080
14, 424
2,734
43,119
20,822
13 365
9,254
47,868
22, 502
44,173
17,476
137
166
181
1,327
122
170
1,218
407
338
326
1,759
122
5£2
1,571
407
418
299
1,682
126
592
1,549
407
664
270
1,364
128
592
1,519
1,440
402
1,057
733
3,210
3,656
1,350
1,434
234
1,164
782
3,279
3,660
1,375
1,428
223
1,155
788
3,279
3,683
1,372
1,383
1,222
1,654
1,719
3,546
4,255
2,267
62
Gold at home...
379
Deposits abroad
_
44
Loans and discounts
304
Note circulation
Deposits against which reserve
50
is held
Bank of the Republic of Colombia
(thousands of pesos):
19,669
Gold at home
Gold abroad
... 8,602
11,365
Loans and discounts
26,085
Note circulation.
5,865
Deposits
62
362
32
316
63
317
77
321
63
442
70
332
70
65
120
20,549
8,751
11,090
5,136
20,130
11,460
11,820
27,075
6,647
23,494
20,843
16,135
41,041
9,043
1,413
2,423
284
1,414
2,309
337
1,192
1,825
1,197
331
7,198
575
334
7,077
555
391
7,763
449
172
81
78
345
29
172
71
88
350
27
172
92
79
372
13, 027
9,041
24,117
37, 616
1,720
14, 295
10, 633
21, 780
37, 583
1,904
15,801
12, 500
22,905
38,199
1,744
5,606
23,992
14,142
24,107
14,091
5,603
25, 220
14, 359
24,414
14,860
5,576
28, 241
15, 027
30, 777
14,810
6,546 6,533
16,958 16,424
24, 943 24,687
33, 638 33,241
6,361
20,177
27, 542
36, 342
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold
1,480
2,345
Foreign balances and currency.Loans and advances.
268
Assets of banking office in liqui327
dation
7,144
Note circulation
_
__
568
Deposits
Danish National Bank (millions of
kroner):
Gold..
Foreign bills, etc
78
Loans and discounts
370
Note circulation
27
Deposits
Bank of Danzig (thousands of Danzig gulden):
Balances with Bank of England.. 17,145
10, 208
Foreign bills, etc
19,323
Loans and d i s c o u n t s . . .
38,164
Note circulation
1,573
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold
5,617
23,481
Foreign exchange
14,787
Loans and discounts
24,060
Notes in circulation
14,641
Deposits
Bank of Estonia (thousands of
krones):
6,552
Gold....
17, 635
Net foreign exchange.
26,439
Loans and discounts
34,152
Note circulation.
Deposits9,047
Government
4,384
Bankers
1,117
Other
National Bank of Belgium (millions
of belgas):
1,295
1,248
1,210
1,028
Gold
887
852
872
604
Foreign bills and balances in gold.
747
744
776
820
Domestic and foreign bills.
312
311
311
344
Loans to State
3,127 3,051 3,056
2,722
Note circulation
157
149
165
127
Deposits
1
Ratio of gold and notes in banking department to deposit liabilities.
2
Notes issued, less amounts held in banking department and in currency note account.
1929
1930
OctoSepber
tember
7,033
4,789
1,793
7,586
4,442
1,393
7,812
5,908
1,998
799
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1930
1929
SepOctotember August
ber
October
Bank of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills
_
Domestic bills
Note circulation
Demand liabilities
Bank of Greece (millions of drachmas):
Gold
Net foreign exchange in reserveTotal foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
526
2,849
3,578
318
5,055
1,667
301
302
197
578
1,350
94
907
191
583
1,352
149
522
2,957
3,747
324
3,389
5,077
1,680
304
599
31
1,217
1,377
241
516
2,853
3,770
306
3,489
4,761
1,876
631
2,762
4,857
193
3,596
5,364
1,497
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to treasury
Other assets
Note circulation
_
Deposits
_Miscellaneous liabilities
163
14
299
69
58
500
22
52
163
25
189
69
89
430
28
51
163
42
198
70
101
440
58
51
163
39
345
89
60
526
83
58
Bank of Java (millions of florins):
Gold_
Foreign bills
Loans and discounts
Note circulation
Deposits
139
31
55
257
39
139
29
53
257
43
139
29
50
261
38
146
42
130
306
62
Bank of Lithuania (millions of litas):
Gold
_
Foreign currency
Loans and discounts
Note circulation
Deposits
37
99
97
118
105
35
94
94
109
106
35
76
93
103
95
35
67
91
105
81
Netherlands Bank (millions
florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
_.
426
250
130
815
54
391
243
140
831
21
391
234
132
800
25
443
209
145
825
21
Bank of Norway (millions of kroner):
Gold
...
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
146
31
217
312
2
81
147
23
217
309
1
71
147
24
220
315
1
62
147
54
246
307
2
95
of
..
Reserve Bank of Peru (thousands of
soles):1
Gold.—
Foreign exchange reserve
Bills
Note circulation
Deposits
1
October
Bank of Poland (millions of zlotys):
Gold at home
Gold abroad..
Foreign exchange of the reserve...
Other foreign exchange
Loans and discounts
Note circulation
_
Current account of the treasury..
Other current accounts
43,519
10,168
17,041
56,443
7,202
43,164
10,473
16,966
56,524
7,145
53, 768
15, 603
21,822
63,616
11, 056
485
77
312
122
787
1,408
66
140
Bank of Portugal (millions of escudos):
Gold
Balances abroad
_
Bills
Note circulation
_
Deposits
_
_
_
National Bank of Roumania (millions
of lei):
Gold at home
_
Gold a b r o a d . .
Foreign exchange of the reserve._
Other foreign exchange
Loans and discounts
State debt
Note circulation
Deposits
5,356
3,919
1,696
145
8,316
4,999
19,054
October
484
77
322
115
784
1,373
67
125
484
219
226
119
696
1,355
98
144
Bank of Spain (millions of pesetas):
Gold
Silver
_
Balances abroad
Loans and discounts
Note circulation
Deposits
Bank of Sweden (millions of kronor):
Gold
_
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
_
_.
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
Loans and discounts
Note circulation
Demand deposits
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign notes and credits
Loans and discounts
Advances to State
Note circulation
Deposits
_
433
250
412
100
820
1,392
275
137
160
394
1,919
118
| 189
j 402
311
: 1,926 1,950
i 94
48
5,356
3,919
1,613
159
5,216
3,854
6,449
80
9,935
6,752
21,962
10,894
5,356
3,919
1,595
62
8,696
5,349 5,599
19,355 19,134
6,806 7,006
State Bank of Russia (thousands of
chervontsi):
Loans and discounts
Deposits
Issue department—
Gold
Other precious metals
Foreign exchange
Note circulation
South African Reserve Bank (thousands of pounds sterling):
Gold
Foreign bills
Domestic bills
Note circulation
DepositsGovernment
Bankers
Others
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
_
_..
Loans
_
Note circulation
Government deposits
Other deposits
1929
1930
438,670
243, 051
27,603
3,687
8,555
156, 586
6,C53
6,253
889
8,533
6, 694 6,843
7,250 7,511
40 ! 360
7,743 | 8,676
2,102
4,908
137
2,065 I 1,881 1,934
4,444 I 4,764
4,780
131 i 426
322
2,477
702
97
2,099
4,699
836
2,475 2,474
712
720
38
26
2,103 I 2,000
4,508 i 4,456
807 !
8,307
6,238
1,600
7,988
2,565
705
89
2,212
4,442
242
410
115
581
107
242
398
158
613
109
242
349
160
570
106
241
233
313
554
141
664
354
72
989
189
640
335
70
987
157
639
342
65
943
176
534
281
189
944
171
1,516
2,997
5,572
860
189
1,503
2,997
5,536
202
1,441
2,997
5,521
1,072
94
276
1,588
3,000
5,773
1,176
Figures for October, 1929, have been converted from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930.
800
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
CONDITION OF COMMERCIAL BANKS
Millions of na ional
currency
Country
1929
1930
August
Canada:
Gold and subsidiary coin 1.
Money at call and short notice
Current loans and discounts _
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes...
Dominion note circulation
_
Argentina:
Bank of the N a t i o n Gold. .
Other cash
Loans and discounts.
Deposits
Other banks in Buenos A i r e s Gold
Other cash
.
Loans and discounts
Deposits ._ .
England:
Cash in vault and at banks
Money at call und vhort notice
Advances and discounts....
Investments
Deposits.
.
France:
Bills and national-defense bonds
Loans and advances
Demand deposits
Time deposits
Germany:
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances
Denmark:
Loans and discounts
Due from foreign banks
Due to foreign banks
Deposits and current accounts
Norway:
Loans and discounts
.. . . .
Due from foreign banks
Due to foreign banksi
Rediscounts
Deposits
Sweden:
Loans and discounts . .
Foreign bills and credits abroad
Due to foreign banks
Rediscounts
Deposits
Japan:
Cash on hand
Total loans
Total deposits
Millions of dollars
Mil lions of p esos
7
114
121
608
603
.
61
584
1,585
462
190
2,551
60
199
June
40
6
6
122
558
110
492
104
495
734
12
161
1,767
Mill
20, 436
10,931
35, 423
1, 451
Millioi
2,918
1,054
8,592
11,804
522
Mill
1,823
128
68
2,015
Mill
1,211
124
65
' 76
1,485
Mill
4,487
283
220
36
3. <09
M
181
2,148
2,051
144
1,220
255
257
1,764
1,791
ions offr ancs
s of raid smarks
2,390
2,654
984
1,096
8,598
8,627
11, 672 11,092
652
546
ons of kr oner
1,822
132
60
435
1,550
444
166
2,449
66
174
57
9
208
134
60
417
1,573
431
165
2,401
65
170
122
554
725
1,211
62
521
1,715
487
185
2,679
60
212
62
10
214
883
865
1,026
1,026
Mill ons ofpc unas
sterling
189
188
186
61
594
1,639
487
197
2,654
60
201
122
552
730
250
_ .
May
July August September October
1
135
.
1
i
Septem- October August ; Septem- October
ber
ber
Mill ons of do liars
62
62
72
379
413
445
1,456
1,483
1,481
544
480
458
164
160
166
2,460
2,439
2,387
93
105
83
170
181
163
1,215
..
1930
853
975
723
705
629
613
12
160
12
146
10
165
10
166
759
875
735
857
861
979
844
952
62
413
1,481
480
164
2,460
93
170
6
6
104
486
100
497
10
163
10
177
599
712
826
602
713
847
915
701
929
725
5,803
1,175
8,534
757
418
1,237
42
422
424
420
1,248
40
425
448
429
1,306
41
1,338
61
1,378
57
1,185
56
1,389
57
669
336
679
342
755
275
776
265
706
290
695
251
5,829
1,171
8,587
804
897
666
62
445
1,483
458
166
2,387
93
163
5,864
1,176
8,558
770
921
733
63
422
1,502
447
152
2,391
77
166
5,857
1,127
8,478
762
921
699
5,993
1,132
8,701
793
931
697
6,015
1,171
8,730
792
915
657
5,912
1,217
8,600
62
379
1,456
544
160
2,439
105
181
6
93
497
5C3
9
170
721
839
907
654
5,891
1 240
8,484
918
699
5,935
1,250
8,716
801
644
328
1,902
2,687
121
1,935
2,760
121
1,931
2,777
118
2,059
2,916
116
2,046
2,929
115
2,044
2,874
121
2,04V
2,812
124
2,054
2,780
130
476
39
17
528
476
43
17
533
477
39
16
529
486
29
22
532
489
33
18
537
487
33
18
539
489
34
18
540
488
35
18
552
337
36
22
27
417
336
38
23
27
414
331
30
20
22
399
328
28
18
21
397
328
32
18
21
399
325
33
17
20
398
324
28
18
20
396
1,128
93
34
57
955
1 141
94
39
47
954
1,173
68
42
15
981
1 181
72
69
19
978
1,189
81
64
4
997
1 193
76
59
10
994
1 209
67
57
7
1,001
1,210
66
5
983
140
971
982
157
974
990
128
1,077
1,021
115
1,093
1,033
98
1,08o
1,023
90
1,071
1,022
140
1,219
1,031
112
1,080
1,024
2,060
ions of k oner
1,213
340
1,210
105
85
35
23
67
72
27
75
76
1,477
1,441
418
ions of k onor
4,511
1,125
4,515
250
82
247
213
208
31
17
25
54
3,669
3,736
946
llions of yen
141
281
2,446
2,167 !
974
2,068
2,055 j 983
632
261
569
234
2,048
2,641
155
325
23
19
20
386
i Not including amounts held abroad.
NOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks;
Germany—six Berlin banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks.
801
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
DISCOUNT RATES OF CENTRAL BANKS
[Rate prevailing December 1, 1930, with date of latest change]
Country
Austria...
Belgium
Bolivia
Bulgaria
Chile
Colombia
Czechoslovakia.
Danzig
Denmark
Rate
;
5
2*4
10
7
7
4
5
3*4
In effect
since—
Sept.
Aug.
Aug.
July
Aug.
Sept.
j une
Oct.
Nov.
Country
10,1930
1,1930
26,1930
2,1929
4,1930
EcuadorEngland..
Estonia. -Finland..France
18,1930
25, 1930
10,1930
13,1930
Changes: Denmark—November
cent.
Germany Greece
HungaryIndia
Rate
9
3
7
6
2*4
5
9
5*4
6
In effect
since—
Jan.
May
Oct.
Aug.
May
Oct.
Nov.
May
Nov.
10,1930
1,1930
7,1930
27,1930
2,1930
9,1930
30,1928
30,1930
20,1930
Country
Rate
Italy
Japan
Java
Latvia
Lithuania...
5*4
5.11
4*4
6
6
Netherlands.
Norway
Peru
....
Poland
3
4
7
7*4
In effect
since—
May
Oct.
Mar.
Oct.
Apr.
Mar.
Nov.
Sept.
Oct.
19,1930
7,1930
11,1930
1,1930
1,1930
25,1930
8,1930
1,1930
3,1930
Country
Rate
Portugal
Rumania
Russia
South AfricaSpain
Sweden
SwitzerlandYugoslavia.-
In effect
since—
2,1930
Nov. 26,1929
y June
Mar. 22,1927
8
Sept. 29,1930
6
3*4
2*4
5*4
July 17,1930
Apr. 3,1930
July 10,1930
May 28,1930
13, from 4 to V/z per cent; India—November 20, from 5 to 6 per cent; Norway—November 8, from 4H to 4 per
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
Bankers'
acceptances, 3
months
Treasury
bills, 3
months
5.21
5.32
5.21
5.35
4.67
4.23
3*4
3*4
7.49
7.50
9.65
9.89
July
August
September
October
November
December
5.38
5.47
5.59
6.13
5.35
4.76
5.39
5.48
5.63
6.19
5.30
4.75
4.54
4.35
4.39
5.45
5.15
4.23
3*4
3*4
3*4-4*4
4*4-4
4 -3*4
3*4-3
7.39
7.18
7.18
7.28
6.89
6.98
1930—January
February
March
April
May
June
July
August
September
October
4.07
3.82
2.78
2.48
2.16
2.31
2.37
2.21
2.07
2.09
4.04
3.72
2.55
2.49
2.11
2.30
2.38
2.17
2.05
2.13
3.62
3.76
3.20
2.28
1.93
1.93
1.78
1.85
1.68
1.65
3
3 -2*4
2*4-1*4
1*4
1
1
1
1
1
1
6.33
5.53
5.12
4.46
3.89
3.58
3.40
3.24
3.30
4.66
1929—May
June
Netherlands (Amsterdam)
Germany (Berlin)
Private
discount
rate
Money for
1 month
9.32
7.90
5.37
5.30
5.88
5.30
3.34
3.26
9.35
9.43
9.48
9.06
8.29
8.78
8.21
7.42
7.86
8.06
7.79
8.14
5.20
5.06
5.36
5.15
4.26
3.52
4.90
4.68
5.32
4.52
4.17
3.87
3.19
3.33
3.38
3.38
3.32
3.15
7.71
6.72
6.35
5.57
5.00
4.80
4.57
4.43
4.54
5.93
6.03
6.01
5.57
4.40
3.62
3.74
4.30
3.73
3.78
5.15
2.99
2.80
2.50
2.52
2.29
1.89
1.85
1.83
1.96
1.59
2.85
2.94
2.61
3.08
2.53
1.93
1.85
1.63
1.84
1.48
2.97
2.71
2.60
2.61
2.44
2.06
1.92
1.75
1.50
1.29
Bankers' : Private M o n p v f o rr Day-to-day
Day-to-day allowance
discount
, ??57i?
money
money
on deposits
rate
: X montn
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
3.96
3.97
3.49
3.50
6.83
6.75
July
August
September
October
November
December
4.04
4.93
4.94
4.94
4.57
4.40
3.50
3.50
3.50
3.50
3.50
3.50
1930—January
February
March
April
May
June
July
August
September
October
3.40
3.41
3.31
3.33
2.87
2.78
2.78
2.44
2.39
2.27
3.38
2.91
2.70
2.57
2.36
2.11
2.08
2.10
1.99
2.00
Austria
(Vienna)
Switzerland
Sweden
(Stockholm)
Hungary
Private
discount
rate
Japan (Tokyo)
Month
1929—May
June
..
Private
discount
rate
Money
for 1
month
8 -9
8*4-9
6.75
6.85
7.01
7.18
7.00
7.00
7H -7*4
73/16-7H
7*4 -794
7H -7^6
734
8 -8*4
7% -8*4
734 -73/4
7.00
6.95
6.57
6.43
5.81
5.50
5.50
5.50
'5.48
5.25
6*4-7*4
6*16-6*4
5^1-6
5 -5*4
4#-51
4*4-* M«
4M6-4&
4 -4*4
3% -4*4
4 -4*4
7^-8%
7 -8
634-734
6V4-7H
6*4-7
6 -6*4
6 -6*4
6 -6*4
834-9
8*4-9
8*4-9*4
9 -10
834-10
8*4-9*4
53/4-6K
Loans up
Prime
to 3
commer- Day-to-day
money
cial paper
months
Call
Discounted money
bills
overnight
-9
-9
4*4-6*4
4*4-6*4
5.48-5.66
5.48-5.66
3.29
3.29
7 -8*4
7 -8
634-8
7*4-8
6*4-7%
7 -7*4
4*4-6*4
4*4-6*4
5*4-7
5*4-7
5*4-7
5*4-7
5.48-5.66
5.48
5.48
5.48
5.48
5.48
3.10
3.10
2.92
3.47
3.47
3.10
6*4-7*4
5*4-6%
5*4-6*4
5 -6*4
4*4-6
4*4-6
4 -6
3*4-5*4
3*4-5*4
3*4-5*4
3*4-5*4
3*4-5*4
3*4-5*4
3*4-5*4
5.48
5.48
5.48
5.48
5.48
5.48
5.48
5.48
5.48
2.74
3.83
3.83
3.65
3.10
3.83
3.65
3.83
3.65
8H- 9*4
894- 9*4
834-10
8?4-10*4
894-10*4
9 -10*4
8*4- 934
8*4- 9%
7
7
7*4-10
7-9*4
6?4-8^
6*$- 8*4
5J4-8
5*4-8
5*4- 7*4
VA- 7H
5*4- 7*4
m-e
4*4-6*4
4*4-5*4
414-5
4*4-5*4
' Revised.
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and
May, 1930.
802
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
United States
France
England
Canada
Germany
Japan
Italy
Month
1929
January.
February
March
April
May
June
July
August
September
October
November
December
1930
97
97
96
96
98
91
89
87
84
95
93
94
97
92
90
88
86
98
98
84
84
98
98
1930
157
156
157
158
156
158
159
160
163
161
158
154
151
147
144
146
148
145
144
142
134
130
1929
_ _ ._ __
125
122
123
120
114
108
109
112
113
115
1930
109
106
101
101
101
100
102
104
104
112
110
January
February
March
April
May
June
July
August
September
October
November
December
._
186
185
189
185
186
__
186
187
187
186
186
184
182
1929
81
1930
128
130
133
134
135
134
132
132
128
127
125
123
125
123
121
119
118
121
119
118
115
112
1929
1930
94
93
92
92
90
90
90
89
100
100
100
99
98
98
97
97
88
86
96
96
Poland
1930
181
181
180
179
179
178
177
175
178
177
1929
98
99
99
98
95
95
96
95
94
93
95
92
1929
1929
657
576
660
654
567
558
124
122
121
119
648
643
629
624
548
546
540
558
118
116
598
608
113
607
560
' 556
in
750
739
729
712
705
1930
106
104
100
96
96
94
99
93
88
85
85
85
83
83
84
82
80
78
603
596
1929
145
144
143
140
139
138
142
143
143
140
107
107
137
134
1929
1930
182
185
187
187
180
188
181
182
187
189
1929
1930
139
139
140
137
136
135
138
138
138
137
136
134
1929
1929
146
146
147
144
142
141
141
142
111
108
141
140
129
126
127
126
125
125
125
123
120
1930
126
124
122
121
120
119
120
118
115
113
1930
131
126
122
122
118
118
115
114
112
137
135
1930
121
131
117
129
112
1929
171
173
174
174
170
169
170
171
172
171
172
1929
1930
461
463
461
455
452
447
440
437
437
436
431
425
228
201
226
226
200
196
396
390
382
375
225
223
222
220
193
189
181
177
379
375
364
157
156
1930
143
140
136
135
132
130
129
128
126
123
1930
155
155
154
154
154
153
152
• 154
1929
172
173
173
172
144
145
144
141
168
140
166
170
173
174
139
140
141
140
138
165
1929
1930
149
149
150
148
150
149
149
148
148
147
146
144
143
141
139
138
136
134
132
131
Norway
1929
149
150
150
148
146
147
149
148
148
147
1930
144
143
142
141
140
139
138
137
135
132
146
146
Sweden
1930
176
172
216
Dutch East
Indies
New Zealand
155
155
155
155
155
155
156
156
218
218
211
205
151
159
154
150
148
146
149
150
150
149
147
146
1929
1930
408
400
Denmark
1929
1929
417
155
154
Spain
171
128
132
139
139
141
141
137
134
135
134
132
131
130
128
131
126
125
123
121
116
115
114
135
188
1930
Netherlands
South Africa
177
177
178
179
181
180
180
181
182
170
175
174
174
173
186
190
189
188
182
India
1929
1929
Czechoslovakia
1930
160
162
164
161
162
163
163
165
167
168
165
165
109
111
Russia
1930
552
China
808
791
774
111
132
136
136
135
123
122
119
114
1930
128
125
1930
867
865
869
862
851
848
858
850
846
838
834
823
1929
131
Hungary
95
95
Peru
1929
84
83
97
Finland
Egypt
January .
February
March
April
May
June
July
August
September
October
November
December
Belgium
94
92
1929
_
Austria
96
95
96
94
94
1930
96
96
94
83
1929
138
138
140
139
136
136
137
136
136
136
134
133
93
92
91
96
-
1930
97
98
Australia
January
February
March
April
May
June
July
August
September
October
November
December
1929
Switzerland
1930
1929
1930
131
128
125
124
143
143
142
140
123
139
128
139
143
143
142
142
126
126
126
123
122
123
121
121
119
135
134
136
133
131
129
140
139
r
Revised.
NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indicated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which currentfiguresof the index numbers may
be found.
The base periods are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium—April, 1914; Canada—1926;
China—February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913
Finland—1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan—October, 1900; Netherlands—IMS; New Zealand—
1909-1913; Norway—December 31, 1913-June 30, 1914; Peru—1913; Poland—1927; Russia—1913; South Africa—1910; Spain—1913; Sweden—1913;
Switzerland—July, 1914.
Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were given in the BULLETIN for April (p. 256).
803
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
WHOLESALE PRICES—GROUPS OF COMMODITIES
Other commodities
UNITED STATES (1926=- All com
Farm
100)
modities products
1929—October...
1930—April
May
June
JulyAugust
September.
October
Foods
104
96
93
89
83
85
85
83
Hides
Houseand Metals
and
Building ChemiTextile Fuel
and
Misceland furnishlighting metal
Total 1 leather products
materials cals
ing laneous
drugs
materials
products
products
goods
93
101
95
92
91
86
87
89
89
111
103
103
102
101
99
99
97
104
99
97
95
94
93
92
90
ENGLAND (1913=100)
1929—October ___
1930—April
May
June
July
August
September.
October...
Meat
Cereals and
fish
,al
Other
foods
Total
136
145
137
148
150
131
124
122
121
119
118
116
113
129
127
127
127
126
124
121
117
114
111
108
109
105
99
141
136
135
136
138
138
136 |
130
132
137
138
134
130
131
121
119
117
115
113
111
109
Iron
and
steel
115
114
114
114
113
112
112
111
Farm and food products
FRANCE (1913=100)
All commodities
1929—October....
1930—April
May
June
July
August
September.
October...
Animal Vegetable
products products
Total
607
556
548
546
540
558
560
'556
552
481
483
488
540
550
••562
562
599
570
587
595
587
'619
626
Coal
1929—October....
1930—April
May..
June
July
August
September.
October
All commodities
137
127
126
125
125
125
123
120
Total
96
84
84
84
83
114
122
119
117
116
116
120
121
104
95
93
92
91
90
84
Total
652
411
431
428
507
528
527
523
606
601
587
573
568
551
543
Minerals
and
Textiles
metals
551
547
542
539
537
532
522
1929—October....
1930—April
May
June
July
August
September.
October...
133
116
116
111
105
101
96
90
137
115
110
104
98
97
89
87
127
128
126
124
122
121
120
455
608
114
677
1,003
636
405
405
403
399
409
420
429
598
592
593
582
571
570
552
86
81
74
65
59
48
59
667
667
667
664
654
654
636
987
978
978
956
937
937
963
708
708
708
725
725
725
725
Industrial raw and semifinished products
Cattle
Animal
products
Fodder
Provisions
122
134
153
113
126
118
119
118
120
124
117
109
113
110
109
112
112
108
105
110
109
110
121
121
125
128
99
96
90
97
100
97
87
118
117
115
114
111
108
108
121
110
111
112
108
108
111
111
130
705
112
111
110
115
117
114
109
Chemicals
127
129
127
124
122
119
110
620
615
583
562
554
517
503
Total
131
125
124
122
119
118
116
114
Industrial raw and semifinished products—Continued
Textiles
152
131
130
126
123
119
113
107
Cement
Hides Chemiand
and
cal prod- Rubber Paper Lumber brick,
leather
ucts
etc.
132
Hides
and
leather
Other MiscelWool textiles laneous
Industrial products
487
Vegetable
foods
Other
minerals
Cotton
and
metals
128
Agricultural products
GERMANY (1913 = 100)
94
89
97
Industrial products
Foods
All commodities
Nonagricultural
commodities
Artificial Technical
and Rubber
fertilizers oils
fats
Coal
Iron
131
128
128
126
125
125
124
124
138
136
136
135
136
136
137
137
Non ferrous
metals
116
103
90
87
84
82
80
74
Industrialfinishedproducts
Paper
materials Building
and paper material
Producers'
goods
Total
127
132
151
162
157
127
126
126
125
125
125
124
127
135
134
131
133
129
118
149
147
145
143
139
139
136
157
156
153
149
145
142
140
152
152
151
151
149
148
147
|
:
!
;
|
!
140
139
139
138
138
138
138
137
Consumers'
goods
170
162
161
161
160
158
157
154
1 The index for other commodities, recently published by the Bureau of Labor Statistics, includes the prices of articles In the all-commodities
index with the exception of those for farm products and foods; the nonagricultural index omits merely j'arm products.
' Revised.
NOTE—Annual indexes for the groups shown in the table are given for the years 1913 and 1925-1929 in the BULLETIN for April (p. 257). Original sources for these indexes are: United States—Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England—
Board of Trade Journal and Commercial Gazette, Board of Trade; France—Bulletin de la Statistique G§n6rale de la France, Supplement Mensuel,
Statistique Ge"ne"rale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt.
804
FEDERAL RESERVE BULLETIN
DECEMBER, 193
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
TRANSPORTATION
PRODUCTION
Coal
Raw
British railways
cotton Iron
Cot- Woolen
Steel
Ships
and
Finvisible
ton
ingots
Raw Crude Raw
and Raw
cleared
Pig and ished supply1 steel Coal mancot- wool rubber wet with Freight Freightmaniron cast- steel
ufac- worsted
hides cargo: train
tissues ton
train
ufactures
ings
receipts traffic
tures
1929*
April
May
June
July
August
September—
October
November
December
19,462
18,401
3 24,786
18,875
3 23,589
20,380
20,613
3 26,420
19,975
611
655
658
672
682
665
689
631
643
809
844
831
805
753
848
890
815
661
:i930
January
February
March
April
May
June...
July
August
September..
October
21,087
22,085
26,966
18,120
3 24,462
16,489
16,581
3 21,539
18,222
18,771
650
607
666
620
615
563
486
417
425
771
776
826
600
621
451
581
621
577
575
555
594
646
610
568
551
649
555
598
499
508
348
Million
Thous. Thous.
ster- tontons £ ling
miles
Thousand Million Thous.
sq. yd.
long tons sq.yd,
Million
pounds
1,267
1,190
1,047
956
910
892
923
1,060
1,154
340
443
307
376
358
300
390
383
332
4,756
5,328
4,883
5,848
4,977
5,206
5,761
5,394
4,988
353 9,513
325 11,286
227 10,211
360 17,543
325 17,084
240 11.287
269 11,105
287 10,815
276 11,410
118
115
76
68
66
64
131
191
196
119
99
70
39
33
18
22
49
78
28,387
22,748
20,123
22,501
43,192
46,122
46,379
38.580
34,561
6,437 5,514
4,071 6,013
4,713 5,750
7,058 6,182
5,229 i 6,484
5,737 ! 5,963
7,161 | 6,227
9,256 5,857
8,556 5,167
8,946
8,943
1,213
1,175
1,129
1,096
995
947
885
352
294
338
268
295
251
303
219
200
264
5,493
4,736
4,783
4,423
5,056
4,057
4,654
3,934
4,633
4,797
316 !14,089
302 13,050
284 9,844
219 6,985
220 7,930
161 6,641
200 10,116
170 10,999
345 9,593
152 8,711
172
125
91
76
102
63
41
49
57
107
95
82
101
86
90
71
49
39
26
29
35,685
32,833
35,364
35,427
31,222
29,297
23,765
23,226
42,256
37,947
6,720
5,643
4,211
6,721
6,310
7,297
7,038
5,942
8,881
5,788
4,953
5,341
5,259
! 5,981
i 5,335
! 5,714
I 5,889
' 5,787
5,814
Thous.
bales
Thousand long tons
945
2
* End-of-month figures.
Thousand
pounds
s
Includes Irish Free State.
Unemployment
among
insured
r
5 weeks.
Per
cent
9,054
8,821
8,875
9,690
9,329
8,244
1,519
1,552
1,476
1,580
1,571
1,564
1,695
1,658
1,518
9.9
9.9
9.8
9.9
10.1
10.0
10.4
11.0
11.1
9,133
8,409
8,915
8,185
8,648
7,274
8,197
7,537
1,636
1,529
1,611
1,458
1,539
1,277
1,448
1,378
12.6
13.1
14.0
14.6
15.3
15.8
'16.7
17.1
17.6
18.1
Revised
FRANCE
EXPORTS
PRODUCTION
Coali
Pig
iron
Registered
Raw
Raw
Freight- Receipts unem-:
Coal
silk
cotton
of princi- ployed
car
Crude Cotton Cotton Total Total for con- for con- for con- cleared
pal railcloth volume volume sump- sump- sump- with
loadyarn
steel
ways
tion
cargo
ings
tion
tion
Thousand metric tons
Thous.
kilograms
Pieces
of 1,000
meters
1929
April
May
June
July
August
September
October
November...
December
5,713
5,472
5,626
6,077
5,894
5,504
6,220
5,850
5,631
871
897
865
878
893
851
894
852
879
810
820
795
815
827
763
847
786
812
11,193
10,766
10,894
11,525
11,445
10,851
11,488
10,235
10,826
28,651
26,346
26,366
25,558
27, 248
29,699
26, 590
26,884
1930
January
February
March
April
May
June..
July
August
September
October
6,254
5,768
5,950
5,693
5,736
5,270
5,721
5,494
5,771
875
815
898
854
901
'841
861
845
801
800
772
848
787
855
••753
790
775
767
11, 689
10,640
11, 072
10, 660
10, 796
9,485
27,819
25,635
26,186
26,707
27,645
22, 656
1
Thousand
metric tons
Metric tons
5,073
4,921
5,322
5,062
5,121
5,151
5,037
5,173
5,292
28,508
28,675
21,987
20,717
22,346
14,324
28, 708
38.709
47,756
321
521
450
361
420
556
602
547
2,018
1,889
1,998
2,056
2,013
2,130
2,073
2,064
2,192
4,279
4,378
4,426
4,207
4,578
4,275
4,403
4,191
3,649
67, 586
63,358
66,370
63, 510
63, 536
66, 776
69, 674
68,153
66,332
2,908
3r227
3,351
3,012
3,087
2,966
3,066
3,192
3,083
5,210
5,383
4,681
5,521
4,926
4,741
4,893
4,978
5,192
45,166
31, 807
34,802
29,776
23,942
17,499
16, 631
13,806
18,462
280
322
358
311
333
256
319
411
597
2,371
2,393
1,750
2,315
2,078
1,883
1,937
1,954
2,034
3,699
3,337
4,078
4,435
4,826
4,365
4,620
4,510
4,869
64,353 1,105,281
66,703 1,122, 822
66,295 1,128,663
62,750 3 1,451,352
65, 052 1,171,690
63,372 1,180,868
2
Business
failures
Thous. Thous. Average Thousand Num- Nummetric tons
daily
francs
ber
ber
number
tons
3,217
3,087
3,617
3,741
3,214
3,609
3,217
3,314
3,485
Coal and lignite, including Lorraine and the Saar.
TRANSPORTATION
End-of-month figures.
3 5 weeks.
706
558
394
399
403
385
396
577
817
561
791
746
812
645
420
734
804
764
1,484
1,683
1,630
1,203
859
1,019
856
964
988
1>663
907
772
871
732
852
733
748
579
469
243
3r 1,491,845
' 1,171,025
' 1,209,080
3r1,556,686
' 1,268,762
3r1,617,466
1,278,657
1,189,981
3 1,497,782
3 1,529,992
3 1,266,866
3 1,591,725
' Revised.
805
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA- -Continued
GERMANY
TRANSPORTATION
PRODUCTION
Lignite
Coal
MaIron chinery
and
and Dyes
and
Pig Crude P o t - iron
eleciron steel ash manutrical dyefacstuffs
suptures
plies
ArrivCoal
Raw
I Raw copj wool per
Cotton
Iron ore
vessels
in
Hamburg
UNEMPLOYMENT
Unem- Business
Trade- ployed
union persons
failmem- receivures
car
bers
loadj
ing
ings !unem-| State
! ployed:
aid 1
™ou, T h o u J
Thousand metric tons
1929
April
May
June
_
July
-.
August
September.
October
November.
December.
1930
January...
February..
March
April
May
June
July
August
SeptemberOctober...
Metric tons
1,415
1,421
1,430
1,466
1,402
1,231
1, 377;
1, 287j
1,156
Number
reg.
tons
68,159,16,46Ji 2,355,068 24, 544 21, 349;32,933
67, 598; 16, 655 2, 258, 510; 19, 63418,42125,335
62,946,16,630 2,152, OH',15, 890 22, 693 19, 589
6J, 177,14,831 2, 385, 043 12, 577 17,', 367 20, 698
76, 203'14, 778 2,541,646 10,81116,i, 209:20, 268
67,49313,616' 2,687,443! 5, 823 14, 646 20, 555
75, 516|13, 326! 2,214, 582j 5,
5,511 13,61038,875
66.903i 13,164 2,106,138 5,
" 484 14,523 58,045
63, 094; 12, 381 2,611,289 10,722 9,437:47, 466
1. 558,607
1,933,229
1,925, 538
1, 635, 792
2,108,464
1,755,834,
1,704,731'
1, 579,999
1,491,627!
1,933
2,030
1,922
1,932
2,010
1, 856
1,926,
1,8561,949!
3,929|
3,922l
3,934
4,218
4,182
3,980
4,454
4,131
3,431
11.1
9. lj
8.5i
8.6
8.9
9.6
10.9
13.7
20.1
1,324,748!
1,010, 781j
929,579:
863, 594i
883,002j
910, 245
1, 061,134
1,387,079!
1,984,811.
885
846
803
845
739
657
840
813
881
14,398 14,008 1,092 1,275; 152 521,398! 76,162112,696 2, 556, 693 19, 559 11,823 43, 950
12,168,11,372
965 1,176! 142 434,093| 76,370|12,814 2,056,75212,998 9, 607i33, 674
12,539111,303 1,008 l,202| 132 491,149 ! 82,334116,554 2, 028,909 11,957 10, 684129,838
11,48110,826
901 1, 034' 104 423, 996 72, 698! 14,407 1, 729, 629! 14, 683 9,496 29,742
11,953 12,315
860 1,034
112 462, 956 76, 363-17,012| 2,061, 682 13, 057 12, x63 24,489
10, 805111,746
767
859
92 360, 642 06,860!l4,941 1, 937, 851 17, 945 18, 042 18, 327
11, 605 12, 250
771
906 115 349, 357 65, 873 j 15, 233 2,061, 615 14, 74114, 039 19, 386
11,47112,285
739
113 337, 680 72,867 14,078 1,821,018 13, 370 18,61420,939
11,72912,821
653
814!
368,137 68, 656|12, 741 2,086,766 7,94014,634 27,814
12,21713,141 1,158 1,378!
348,114 67,348.14,430| 2,301,576 10,653 15,653 47, 711
I
1,619,111
1, 686, 050 i
1,327,068:
1,339,841;
1,371,425!
1,450, 7201
1,322,424
1,349,778
1,284,681
1,132,227
1, 763 i
1,725
1,918
l,806 :
2,036;
1,955!
1,786!
1,961!
3.281
2,989
3,416
3,218
3,577
3,162
3,449
3,333
3,479
22.0
23.5
21.7
20.3
19.5
'19.6
20.5!
21.7
22.5
i
2,482, 648;
2,655,723!
2,347,102:
2,081,038;
1,889, 240
1,834,662
1,900,961
1,947,811
* 1,965,400
*3,255,000i
1,106
1,103
1,142
1,006
1,062
853
977
810
759
843
13,407 14,226
12,759jl3,669
13,22113,763
14,36214,885
14,467(15,136
13, 480 14, 220
14,835 16,050
14,157J15, 623
13, 652 14, 520
1,105
1,133
1,164
1,204
1,168
1,109
1,157
1,091
1,100
619,460
587,115
522,037
545, 568
519, 569|
470, 0681
505, 883!
463,082!
473,415!
I
r
End-of-month figures.
Revised.
Preliminary
CANADA
Index
of
industrial
production
19191924=
100
1929
April
May
June
July
August
September..
October.-..
November..
December..
1930
January
February. _
March
April
May.
June
July
August
September.
October
197.5
199.9
189.9
192.2
193.6
174.5
197. 5
195.8
161.3
Reei]
PRODUCTION
of
Con- !
wheat
struc-1
at
tion i
Fort
con- 1 Wiltracts I liam
award-, and
Newsed ! Port
Coal print Flour
Arthur
Thousand
short tons
1,394
1,405
1,361
1,316
1,362
1,408
1,599
1,534
1,491
187.8 1,630
164.3 1,185
167.0 1,130
169.8
907
186.7 1,115
168.0 • 1,192
••164.6 1,061
156.1 1,101
154.4 1,230
143.2
1
Cattle
Hogs
i
Planks ,
and j ^ ° ° n d Wheat Coal
(boards' p u l p
Number
feet
222
246
225
229
226
228
252
252;
230
1,606
1,749;
l,548i
1,603,
1,607
1,283
1,528!
1,629!
1,073
43,328
64,860
72,420
57,941'
58, 622
46,959
57,084
45, 376
32, 548
9,691 i
13,839
14,683
14,606
2,373
27,759
28.918
17,010
6,178
42,003
38,956
30,969|
54,388i
52, 587|
57, 547|
73,078J
63,668|
39,060J
47,464
206
189,
207,
228
238'
214|
217
202
195!
214|.
168
0511
219i
215,
394
16ll
436
548
624!
37, 530
28,464
24,263
48, 779:
46,862
54,428
37, 374'
49, 409
32, 407
33,332
2,789
1,832
1,576
1,596
7,406
23,691
14, 211
11,122
49,040
36,361
27,062
25,871
35,161
29, 916
28,247
54,388
31,707
42,490!
First of month.
Thous. j Thous. Thous.
bardol- bushrels
lars ' els
Receipts at
stockyards in
Toronto and
Winnipeg
2
lbs.
Crude Raw
Mapetro-j cotchinleum i ton | ery
Index
of
employment 1
Business
failures 2
l
Thous. Thous.
gals.
lbs.
els
Total
revenue
car
loadings
Thous, Num- 1926= Numdolber
100
ber
lars
I
36, 744!
36,874j
30,2701
25,808
41, 514
50, 085
54,558
109 115, 075
168 151, 249,
158 144,976,
172 121,390
186 166,421!
165 143,419
193 140,482
152 165,169
116 131,694
7,314
27,073
25,588
17,019|
10,156
7,410
20, 722
22,445!
15,9611
71,130
1,369! 55,969|
l,313j 124,275
1,428117,725
1,608(123,627
1, 5831 84,759
1,942128,959
1, 649 162,979
1,451 73,583
5,377 283,745
6,925 306,728
6,390 310,885
5,969 313,292
5,838 318,200
5,597 335,338j
6,454 353,095
5, 214 284,740
5, 210 230, 630
110.4
116.2
122.2
124.7
127.8
126.8
125.6
124.6
119.1
174
185
148
149
137
151
176
176
224
50, 587
37, 535
34, 605
44,815
33, 265
36, 224
36,874
24, 221
24,874
138150,618!
109133,024'
156 172,403
90 94,537i
154 125,647!
146 116, 606
142 115,426
116100,601;
119130,847'
4,994
6,733
11, 592
3,428
13,467
18,990!
19, 862;
17,639
27,817
29,784
1,763 81,900 10, 626; 5,173 241, 603!
1,309! 80,522 7, 678! 4,415 231, 515!
1,627| 72,772! 10,153; 6, 575 257,460J
971! 61,162 5,262! 4,147243,810!
1,356134,468 7,056! 5,185276,620
1, 382 135,913 4,981 4,875 268,990
1,402 100,273 4,732 4, 000 264,180
1, 368 102, 589 3,457 3,263281,150
2,878 114,896 5,524 3,454 302,890
12,716.
'307,970
111.2
111.6
110. 2
107.8
114.4
116. $
118.9
118.8
116.6
116.2
261
205
201
195
170
'178
169
159
192
179
H '
Total number of firms failing during the month.
12,201
11,219
6,402
6,447
5,233
3,550
11,812!
18,159!
13,029!
p
Revised.
806
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
DETAILED FEDERAL RESERVE STATISTICS, ETC,
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT
[In thousands of dollars]
1929
1930
N o v . 30
O c t . 31
Nov. 30
RESOURCES
Gold with Federal reserve agents .
Gold redemption fund with United States Treasury
- _ - . .
Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by bank
Total gold reserves
Reserves other than gold_
_
_
Total reserves
Nonreserve cash
.
Bills discounted i__
_
Bills bought:
Outright *
Under resale agreement
_
_
_._
_._
_
Total bills bought
United States securities:
Bought outright
Under resale agreement
_
Total United States securities
Other reserve bank credit:
Other securities
Due from foreign banks
Reserve bank float8
_
_
_
__ _ _
Total reserve bank credit outstanding
Uncollected items not included in float _
_..
Federal reserve notes of other reserve banks
Bank premises
All other resources
Total resources
_
__ _ .
_
. ._
_
_
1,580.615
34. 755
1,639,265
76,287
1,627,690
472, 009
881,169
1,615,370
514,463
874.093
1,715, 552
577,816
654,891
2,980,868
133,887
3,003,926
144, 734
2, 948, 259
142,065
3,114,755
54,302
3,148, 660
60, 633
3, 090,324
74,423
274, 596
207,101
1,030,442
166 863
7,710
159,631
3.228
244,703
11,372
174,573
162, 859
256,075
599,286
601, 559
322,155
3,910
599, 286
601, 559
326,065
6, 358
707
23, 080
6, 322
702
19.238
18,698
724
44,897
1, 078, 600
997, 781
1,676, 901
546 756
13,571
59, 702
21,420
496,899
16, 418
59, 632
14,048
639 810
26 988
59,157
11, 837
4,889,106
4, 794,071
5, 579,440
13,571
1, 441, 684
16,418
1, 351, 337
26,988
1,922,618
1, 455,255
1,367, 755
1, 949,606
LIABILITIES
Federal reserve notes:
Held by other Federal reserve banks __
Outside Federal reserve banks
Total notes in circulation
1,592,356
35,334
_ ._ _
___
_
•
Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits
.
. _
_
_
Total deposits
DefftTeri availability itp.ms
Capital paid in
Surplus
All other liabilities
.
.
_
_
_
, .
. .
„
___
_.
_
r.
_.
_
Total liabilities
Contingent liability on bills purchased for foreign correspondents
_ _
2, 373, 260
23,347
5,552
19, 520
2, 418, 005
18,181
5,334
23,331
2 458 021
38, 871
5 278
20, 233
2,421, 679
2, 464, 851
2, 522,403
546, 756
170,467
276,936
18,013
496, 899
170, 426
276,936
17, 204
639,810
168,369
254, 398
44, 854
4,889,106
4, 794,071
5, 579,440
428,842
433,137~
503. 792
1,851, 749
396,494
1,783,356
415,601
2,446,282
496,676
1, 455, 255
1,367,755
1,949,606
1, 592, 356
400,051
1,580,615
326,557
1,639,265
1,257,050
1,992,407
1,907,172
2,896,315
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks *
In actual circulation
Collateral held by agents as security for notes issued to banks:
Gold
Eligible paper
Total collateral
i Includes bills discounted for intermediate credit banks as follows: Latest month, $1,111,000; month ago, $117,000; year ago, $2,332 000* and note
secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $42,000; month ago. $44,000; year ago, $50,000.
* Includes bills payable in foreign currencies as follows: Latest month, $31,587,000; month ago, $21,583,000; year ago, $1,027,000.
»Uncollected items in excess of deferred availability items.
«Excludes " F . R. notes of other F . R. Banks," which are consequently included in "actual circulation'*.
DECEMBER,
807
FEDERAL RESERVE BULLETIN
1930
RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BAJSfK ON NOVEMBER 30, 1930
[In thousands of dollars]
Total
Philadelphia
New
York
Boston
Cleveland
St.
Louis
Minneapolis
Kansas Dallas
City
63, 000 116,000 1179, 000 74, 245
46, 595
Richmond
Atlan- I Chita
cago
San
Francisco
i
RESOURCES
Gold with Federal reserve
agents
1, 592, 35 3 149, 917
Gold redemption fund with
U. S. Treasury
35, 331
1,583
65, 000 27,050
195, 763
1,142
1,620
817 j 1,470 1,117
6,074
369, 861 141, 350 182, 584
04, 686 117,816 180,142
75, 865
47,412 I 66,470 28,167
201, 837
154, 662
49, 289
50, 013
14,195
8,900 46, 057 34, 206
16, 849 I 29,168 9,553
42, 051
519, 870
24, 541
60,351
8,878
7,938 162, 016 13, 606
355,636 1139, 600 180, 550
14, 225
1,750
2,034
1,686
1, 810
Gold held exclusively against
1,027,693 151, 500
Federal reserve notes
Gold settlement fund with
Federal Reserve Board
472,003
17, 066
Gold and gold certificates held
881,163
by banks
36, 778
4,883 I 6,729
10, 981
24, 598
Total gold reserves _
Reserves other than gold.
2,980,805 205,344 1,044,393 215,180 1292, 948
133,887
12,145
33,116
8, 646
8, 681
87, 759 134, 654 388, 215 123, 677 69,144 102, 367 48, 701
5,957
8,503 18, 276 9,866 4,372 7,273 7,622
268,486
9,430
Total reserves.
Nonreserve cash
3,114,755 217,489 1,077,509 223, 826 301, 629
54,302
8,775 ! 11,963
3,479
3,108
93, 716 143,157 406,491 133, 543 73, 516 109, 640 56, 323
8,142 3,549 1,020
1, 308 2,584
2,560
3,180
277, 916
4,634
Bills discounted:
Secured by IT. S. Government obligations
Other bills discounted
112,411
162,18.5
7, 646
8,179
35, 486
22, 856
10,177
13, 636
20,187
15, 392
8,720
20,107
661
31,122
Total bills discounted
Bills bought
274, 59-3
174, 573
15, 825
13,901
58, 342
45, 996
23, 813
2,945
35, 579
17, 570
28, 827
9,283
31, 783 20, 036 14, 648
9, 810 19, 333 6,954
U . S . Government securities:
Bonds
Treasury notes
•_
Certificates and bills
47, 76 L
258, 27.5
293, 250
1,518
5,503
20,299 '
75,979
25,930 • 107,888
1,273
24,223
28,513
1,044
31,500
27,463
1,452
7,343
9,377
114 21,059
4,747 27,718
2,835 35,410
500
8,125
6,050
11,375
10,439
Total U. S. Government
securities
_.
Other securities
599, 280
6,358
189, 370
47,747
1,000 '•
4,250
54, 009
1,000
60, 007
18,172
84,187
78,473 I 297, £
81, 767 113,156
Total bills and securities. 1,054, 813
Due from foreign banks
Uncollected items
Federal reserve notes of other
Federal reserve banks
Bank premises
All other resources
T o t a l resources
LIABILITIES
F e d e r a l reserve notes in actual
circulation
Deposits:
M e m b e r bank—reserve account
Government
Foreign b a n k . . .
Other d e p o s i t s Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Reserve ratio (per cent)
FEDERAL RESERVE NOTE
STATEMENT
70 7
569, 83-3
!
235
161,471
50,137
71
53, 725
318 [
3,580 ;
518 j
3,043
15,664
6,210
469
2,614
284
897
7,064
1,230
52
61,941
9,491
10, 545
4,031
12, 084
1,394
6,578
8,428
9,331
3,897 16,115
4,748 7,658
7, 972
6,044
17, 759
30,331
528 8,168
12, 934 10, 866
16, 521 11, 601
552
23,166
17, 273
8,625
27, 864 29, 983 30, 635
108
40, 991
5,379
9,269
811
3,086
56, 282
49, 289 123, 556 30, 227
36, 617 53, 756 44, 651
89, 081
30
39, 557
94
25
25
17, 003 68, 902 24,424
21
21
16
11,146 31, 976 20, 521
49
29, 033
854
3,339
940
925
2,018
433
1,249
3, 972
646
376
1,877
462
1,498
4,810
1,373
|4,889,10'3 371,146 :l, 574, 053 1362,644 480,880 197, 278 220, 222 617, 917 201,498 125, 691 202, 568 126,815
I
408,394
13, 57 L
59, 702
21,420
1,455,25,5
i
j
2,373,260
23,34' 7
5,552
19,520
!
130,395
144,104
1,503
395
174
2,421,67!) 146,176
546, 75() 60, 507
11, 874
170,46''
21, 751
276,936
443
18, 0115
i
1,724
8,295
713
75,415 125,886 142,909
! 273,067 j 126,502 191,038
! 984,230 141,187 186, 515 60, 915
I 2,390 2, 006 1,612 3,417
224
533
517
; 1,973
81
426 1,795
8,255
996,848
152,049
66,230
80,001
5,858
863
2,658
4,047
1144,136 190,455 64, 637
| 47,763 52, 994 37,924
! 16,792 15,913 5,795
| 26,965 29,141 12, 496
1,011
j 486 1,339
57,029 346, 564
1,500
1,687
192
715
654
222
59,130
16,819
5,354
10, 857
2,176
1,355
3,811
4,564
84,510
),403
1,582
192
913
349,433 74,090
62, 897 25,412
20,158 5,258
40,094 10,877
2,426 1,351
48,829 67,
32,450
156,955
52, 827 89, 516 59, 594
1,499
1,291
1,391
123
160
160
153
37
25
181,376
1,469
368
6,785
54, 602 91,004 61,170 189,998
11,184 30, 274 19, 229 29, 704
3,060 4,314 4,353 11,366
9,162
8,935 19, 514
7,143
678
515
857
873
4,889,106 371,146 1,574,053 362,644 480, 880 197,278 220, 222 617,917 201,498 125,691 202,568 126,815
60.2
69.3
84.2
82.6
71.1
66.9
79.1
84.8
82.7
78.6
80. [\
77.4
I
|
Federal reserve notes:
Issued to Federal reserve
banks by Federal reserve
agent.
1,851, 749 163,889
Held by Federal reserve
33,494
396,494
banks '
In actual circulation
1,455, 255 130,395
Collateral held by agents as
security for notes issued to
banks:
|
Gold
1,592,350 149,917
Eligible paper
__
400,05:. 27,478
398,845 141,608 1219,258 92,062 153,409 185,164
125,778
15,106
28, 220 16,647
27,523 42,255
273, 067 126,502 1191, 038 75,415 i 125,886 142,909
355, 636 139,600 180,550
80, 525 22,340 ! 48,972
63,000 116,000 179, 000
36, 815 40,349 35, 247
38, 776 234,646
92,036 j 53,158
7, 526
4,329 11, £
6,326
77,691
84,510 ! 48,829 67, 299
32,450 i 156,955
65,000
22, 713
27, 050 195, 763
12,944 45,608
74,245 : 46,595
19,698 j 7,362
* Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation."
408, 394
80.1
808
DECEMBER, 1930
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES * -TOTAL
LOANS AND INVESTMENTS
MEMBERSHIP IN PAR-COLLECTION SYSTEM
[Number of banks at end of October]
[In millions of dollars]
Member banks
All member banks
All banks
Date 2
Loans
Loans
InvestInvest- and
and
invest- Loans ments invest- Loans ments
ments
ments
Nonmember banks
Federal reserve district
On par list
1930
United States.
8,228
Not on par list
1929
8,602
1930
1929
1930
11, 269
12,175
3,607
1929
3,769
Boston ._ _
397
267
271
407
7,963 New York
45,180 31,523 13,657 27,167 19,204
1924—June 30
919
401
932
408
8,813 Philadelphia
47,182 32,440 14,742 28,746 19,933
Dec. 31
458
769
754
478
8,863 Cleveland
48,830 33,865 14,965 29, 518 20, 655
1925—June 30
943
803
776
998
9
9
8,888 Richmond
50, 603 35,640 14,963 30,884 21,996
Dec. 31
546
523
484
588
496
552
9,123 Atlanta
51, 562 36,157 15,404 31,184 22,060
1926—June 30
206
436
408
930
253
886
8,990 Chicago
52,018 36,759 15,260 31, 642 22,652
Dec. 31
3,254
1,201
1, 111
228
3,503
238
9,818
53,750 37,360 16,391 32,756 22,938
1927—June 30
1,523
571
548
475
1,689
483
Louis
10, 361 St.
55,450 38,407 17,043 34, 247 23,886
Dec. 31
514
687
656
1,109
Minneapolis
591
1, 035
10,758 Kansas City
57,265 39,464 17,801 35,061 24,303
1928—June 30..
1, 955
900
878
200
2,144
187
10, 604 Dallas
57, 219 39,671 17,549 34,929 24,325
Oct. 3 583
757
708
205
612
213
10,529 San Francisco
Dec. 31
_. 58, 266 40,763 17,504 35,684 25,155
619
616
589
61
640
60
10,448
58,019 40, 557 17,462 35,393 24,945
1929— Mar. 27
10,052
June 29
_ 58,474 41, 512 16,962 35,711 25,658
9,749 a,1 Incorporated banks other than mutual savings banks.
Oct. 4 . .
_. 58,835 42,201 16, 634 35,914 26,165
9,784
58,417 41,898 16, 519 35,934 26,150
Dec. 31
9,937
57,386 40, 686 16,700 35,056 25,119
1930—Mar. 27
10, 442 FEDERAL RESERVE BANKS—MATURITY DIS58,108 40, 618 17,490 35,656 25,214
June 30
10, 734
*57,599 *39,742 *17,857 35,472 24,738
Sept. 24
TRIBUTION OF BILLS AND SHORT-TERM
SECURITIES
[In thousands of dollars]
* Preliminary.
1
Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under
With91 days
Over 6
State
supervision.
Total in 15 16 to 30 31 to 60 61 to 90 to 6
3
days
days
days m o n t h s m o n t h s
Dates of reports of member banks; figures included for nonmember
days
banks are as of nearest available date.
KINDS OF MONEY IN CIRCULATION
[End of month figures. In thousands of dollars]
Aug. 31
Gold coin
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
Minor coin
United States notes
Federal reserve notes
Federal reserve bank notes
National-bank notes
Total
Preliminary.
Sept. 30
Oct. 31 ! N o v 3 0 *
351,765
353,358
350,226
351,189
1,050, 595 1,026,036 1,019,584 1, 075,743
37, 312
37,087
38,234
37, 512
391, 3G6
400,101
390, 203
391,311
1,250
1,248
1,254
1,252
281,135 ;
280,162
280,868
281,216
117,859 '• 118,312
117,187
117,728
300,032 j
297, 603
297,307
304, 405
1,353, 200 1,359,358 1,349,940 1,440, 004
3,082
3,126
3,104
3,064
640,818
648, 274
635,237
648,251
4,633,197
4,501,478
4,492,604
4,660,621
Bills discounted:
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Bills bought in
open m a r k e t :
Nov. 5
N o v . 12
Nov. 19
Nov. 26
Certificates a n d
bills:
Nov. 5
N o v . 12
N o v . 19
Nov. 26
Municipal warrants:
Nov. 5
N o v . 12
Nov. 19
N o v . 26
212, 767
191, 657
205, 037
233,852
139,185
120, 509
131, 427
152,715
185, 602
207, 342
178, 273
176,106
60, 380
78,168
61, 282
65, 854
19, 247
20,462
19, 799
21,725
31,428
29, 015
29,428
30,117
15, 071
12,951
14, 089
16,958
7,146
7,948
8, 88o
10,995
38,
43,
41,
44,
56,123
56, 358
55, 766
53, 802
30,642
29,447
19, 865
12, 088
111
25
118
159
346
344
242
203
282, 653 29, 714
81, 395
281,423 31, 214
79, 7661
299, 626
79, 765
43,707
! 38.707
291, 741
73, 765
47
47
47
98
47
47
47
64 . . . . . . .
690
772
1,409
1,342
171, 544
170, 443
176,154
179, 269
24
CHANGES IN MEMBERSHIP—Continued
CHANGES IN MEMBERSHIP
On November 25, 1930, there were 8,175 active member banks in the Federal reserve system, including
7,139 national banks and 1,036 State bank members.
Below are given all changes, except suspensions and
insolvencies, between October 26, and November 25,
.affecting the list of active member banks.
CHANGES
("Consolidations" shown below include absorptions, mergers, etc.)
Date
CHANGES
("Consolidations" shown bolow include absorptions, mergers, etc.)
DISTRICT N O . 2 — N E W
1930
Nov.*17
Capital
YORK
Oct. 31
Oct. 31
American T r u s t Co., New York, N . Y., m e m b e r . $5,000.000
Bank of M a n h a t t a n T r u s t Co., member
_ . 22,250,000
Consolidated under charter and title of the
Bank of M a n h a t t a n T r u s t Co., m e m b e r . _ . 22,250, GOO
Nov. 3
DISTRICT N O . 3—PHILADELPHIA
Nov. 1
Nov. 14
Nov. 19
300, 000
200, 000 Nov. 13
First National Bank, Ocean City, N . J
Ocean City Title & Trust Co., nonmember
Consolidated under charter and title of First
National Bank
Bituminous National Bank, Winburne, P a
County National Bank, Clearfield, P a
Consolidated under charter and title of the
County National Bank, Clearfield, P a
300, 000 Nov. 10
50,000
500,000
500,000
Nov. 22
DISTRICT N O . 4—CLEVELAND
Nov. 1
Nov. 3
Bank of Commerce & Trust Co., Cincinnati,
Ohio, member
Provident Savings Bank & Trust Co., m e m b e r - .
Consolidated under titls of Provident Savings Bank & Trust C c , member
National Bank of Fayette County, Uniontown, !
Pa
',
Fayette Title & T r u s t Co., member
|
Consolidated under charter and title of the \
National Bank of Fayotte C o u n t y . !
DISTRICT N O . 5—RICHMOND
Oct. 31
Nov. 15
Nov. 10
Nov. 25
Federal-American National Bank, Washington,
D.C
.
!..__.
Merchants Bank & Trust Co., nonmember
Consolidated under tht charter of the national bank and title of Federal-American
National Bank & Truist Co
.
Charleston National Bank, Charleston, W. Va.._
Kanawha National Bank
Consolidated under charter and title of the
Charleston National E a n k . _
First National Bank, Forest City, N . C
P r i m a r y organization.
Sykesville National Bank, Sykesville, M d
Central Trust Co., Frederick, Md., n o n m e m b e r .
Consolidated under chaiter and title of Central Trust Co., Frederick, Md., nonmember
1,000, 000
1,700,000
2, 000, 000
$100,000
50,000
100,000
550, 000
200,000
550. 000
2, 000,000
300,000
2, 000,000
500, 000
" 300, 000
100, 000
50, 000
400, 000
300,000
450,000
400, 000
300, 000
600, 000
DISTRICT N O . 8—ST. LOUIS
200,000
150,000
Nov.
500,000
Nov.
Arkansas National Bank, I-Ieber Springs, Ark
Reopened (having closed Nov. 17, 1930).
First National Bank, Paducah, K y .
City National Bank
Consolidated under charter and title of City
National Bank
First National Bank, Poseyville, Ind
Bozeman-Waters National Bank
Consolidated under new charter and title of
Bozeman Waters First National Bank
j
1,600,000
1,000,000
Capital
DISTRICT N O . 7—CHICAGO
First National Bank, Morris, 111
First Trust & Savings Bank, nonmember
Consolidated under charter and title of First
National Bank..
_
First National Bank, Peoria, 111
First Trust & Savings Bank, nonmember
Consolidated under charter and title of First
National Bank
Union Industrial Bank, Flint, Mich., member...
Union Industrial Trust Co., nonmember
Consolidated under charter of Union Industrial Bank and title of Union Industrial
Trust & Savings Bank, member
First National Bank, Bloomington, 111
Succeeded by First National Bank & Trust
Co.
First National Bank, Decatur, Ind
Succeeded by First State Bank, nonmember.
State Bank of Seneca, Seneca, 111., member
Voluntary withdrawal.
Capital State Savings Bank, Chicago, 111.,
member
Builders & Merchants State Bank, nonmernber..
Consolidated under new charter and title of
Builders & Merchants Bank & Trust Co.,
nonmember
_
_
Federal Commercial & Savings Bank, Port
Huron, Mich., member
First National Bank & Trust Co
Consolidated under charter of the national
bank and title of First National Trust &
Savings Bank
Oct. 31
Date
809
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
Nov. 22
2,000,000
1, 000,000
250,000 Oct. 28
25, 000
150, 000
300, 000
300, 000
25, 000
50,000
50, 000
DISTRICT N O . 9—MINNEAPOLIS
First National Bank, Van Hook, N. Dak
Farmers State Bank, nonmember
Consolidated under charter and title of First
National Bank
First State Bank, Stratford, S. Dak
Voluntary withdrawal.
First National Bank. Garrison, N . Dak
Succeeded by First National Bank in Garrison, N . Dak.
1,062,500
50,000
Nov.
75, 000
1,000, 000 Nov.
25, 000
10, 000
25, 000
30, 000
25,000
1, 000, 000
DISTRICT N O . 10—KANSAS CITY
DISTRICT N O . 6—ATLANTA
Conqueror First National Bank, Joplin, Mo
Miners Bank, nonmember
Consolidated under charter and title of Conqueror First National Bank
First National Bank, Havelock, Nebr., title
changed to Havelock National Bank of Lincoln,
Nebr.
Commercial National Bank, Nowata, Okla
Succeeded by Commercial Bank, nonmember.
Oct. 27
Oct. 27
Nov. 3
Nov. 6
Nov. 6
Xov. 13
Nov. 17
Florida National Bank at St. Petersburg, Fla
Primary organization.
First National Bank, Gulfport, Miss
National Bank of Gulfport
Consolidated under the charter and title of
First National Bank
City National Bank, M o n \ s t o w n , Tenn., title
changed to llamblen National Bank.
Central National Bank, Decatur, Ala
First National Bank
Consolidated under char :er and title of First
National Bank
Fourth-First National Bank, Nashville, T e n n . . .
American National Bank
Consolidated under chari er and title of American National Bank
Tennessee-Hermitage National Bank, Nashville,
Tenn
Commerce Union Bank, nor member
Consolidated under char:er and title of Commerce Union Bank, nonmember
200, 000
250, 000
125, 000 Nov.
400,000
Nov.
200, 000
200, 000
I
250,000
100,000
250,000
50,000
DISTRICT N O . 11—DALLAS
200, 000
National Bank, Eastland, Tex
2, 625, 000 Oct. 6 i :j Exchange
Texas State Bank, nonmember
2, COO, 000
I
Consolidated under charter and title of Texas
I
State Bank, nonmember
2, 000, 000
Oct. 7i First National Bank, Borg*r, Tex
Borger
State Bank, nonmember
300, 000
Consolidated under charter and title of Borger
800, 000
State Bank, nonmember
1
800, 000
Not reported in period in which change took place.
50, 000
100,000
100, 000
25, 000
25, 000
25, 000
810
FEDERAL RESERVE BULLETIN
DECEMBER, 193Q
CHANGES IN MEMBERSHIP—Continued
Date
CHANGES
("Consolidations" shown below include absorptions, mergers, etc.)
New charters issued
Restored to solvency
Increase of capital approved
DISTRICT N O . 11—DALLAS—Continued
40,000
100,000
100,000
125,000
50, 000
50,000
50, 000
50,000
50, 000
50,000
65, 000
65,000
200, 000
25, 000
200, 000
300,000
20,000,000
20,000,000
50,000,000
20,000,000
50.000,000
50,000
250,000
The Comptroller of the Currency presents the following summary of increases and reductions in the number
and capital of national banks during the period from
October 25 to November 21, 1930, inclusive:
Total liquidations and reductions of capital.
29
Total consolidations..
8,192,500
1, 462, 500
52, 500,000
53,962, 500
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc..
Net decrease
2,199,039
8,192, 500
5,993,. 461
1
Includes one increase in capital of $25,000 incident to a consolidation
under act of Nov 7, 1918; also two increases aggregating $700,000 under
act2 of Feb. 25, 1927.
Includes one reduction in capital of $187,500 incident to a consolidation under act of Nov. 7, 1918.
Fiduciary Powers Granted to National Banks
During the month ended November 21, 1930, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section 11
(k) of the Federal reserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6)
assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
Location
50,000,000
Not reported in the period in which the change took place.
7, 555,000
637,500
Consolidation of national banks under act of Nov.
7, 1918
Consolidation of national banks and State banks
under act of Feb. 25, 1927
250,000
50,000
50, 000,000
2,199,039
Liquidations
Reducing capital 2
50, 000
50,000
50,000
50,000
$475,000
0
1,724.039
1
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
$300,000
DISTRICT N O . 12—SAN FRANCISCO
1
Amount of
capital
Capital
Oct. 20 i American National Bank, Shreveport, La
Succeeded by Commercial American Bank &
Trust Co., nonmember.
Oct. 20 i City National Bank, Grand Prairie, Tex
Succeeded by Grand Prairie State Bank, nonmember.
Oct. 20 i First National Bank, Plain view, Tex
Plainview National Bank
Consolidated under charter and title of Plainview National Bank
Oct. 22 i State National Bank, Santa Anna, Tex
First National Bank
Consolidated under charter and title of First
National Bank
j
Nov. 5 First National Bank, Kerens, Tex
First State Bank, member
|
Consolidated under the title of the First
National Bank
Nov. S First National Bank, in Anson, Tex
Anson State Bank, member
Consolidated under the title of the First
National Bank
Nov. 17 Farmers & .Merchants State Bank, Ferris, Tex.,
in emb er
Ferris National Bank
Consolidated under the charter and title of
the Farmers & Merchants State Bank,
member
Nov. 22 First National Bank, Bonham, Tex
First State Bank, Savoy, Tex., member
Consolidated under charter and title of First
National Bank, Bonham, Tex
July 19 i First National Bank, Ventura, Calif
Bank of America of California, San Francisco,
Calif., nonmember
Consolidated under title of the Bank of
America of California, San Francisco,
Calif., nonmember
Nov. 3 Bank of Italy National Trust & Savings Association, San Francisco, Calif
Bank of America of California, nonmember
Consolidated under the charter of the national
bank and title of Bank of America National
Trust & Savings Association
Nov. 5 Bank of Helix, Helix, Oreg., member
Inland Empire Bank, Pendleton, Oreg., member.
Consolidated under the charter and title of
the Inland Empire Bank, Pendleton,
Oreg., member
Nov. 18 Motherlode National Bank, Sonora, Calif
Bank of America National Trust & Savings Association, San Francisco, Calif
Consolidated under charter and title of Bank
of America National Trust & Savings Association, San Francisco, Calif
Number of
banks
District
No.
Farmington, Me
Central Valley, N . Y .
Frederick, M d .
1
2
5
Andalusia, Ala
Bloomington, 111
6
7
Clear Lake, S. Dak__.
9
1
Supplementary.
Name of bank
Powers
granted
First National Bank
Central Valley National Bank.
Farmers & Mechanics National Bank.
Andalusia National Bank
First National Bank & Trust
Co.
Deuel County National Bank.
Ito9.
1 to 9.
5 to 9.1
2 and 5. 1
Ito9.
Ito9.
811
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
BRANCH, CHAIN, AND GROUP BANKING
TABLE 1.—BANKS IN CHAIKS OR GROUPS, OPERATING AND NOT OPERATING BRANCH OFFICES, NUMBER OF
BRANCHES, AND TOTAL, OF BANKING OFFICES (BANKS PLUS BRANCHES), BY STATES: JUNE 30, 1930
Numbeof bank:;
State
Banks not in chains or groups
Banks in chains or groups
_
..
I Operating branches \
; Operating branches
i Number j
Number !
| number
Total
Total I operating j ~
ot
operating!
.
' branches
j
number ! no
I Number number
• Number
L
i branches j Number ;
branches j Number j
of
of
i
i
. I branches
!
• branches •
2,144
Total-
2,007 I
137 j
1, e 1
I
21,028 !
21, 708
680 j
2, 010
;
Total
number
of banking offices
(branches
plus
banks)
3, 61S
27,470
STATE-WIDE BRANCH BANKING PERMITTED
Total.
1,95?
Arizona
California.
Delaware
District of Columbia.
Maryland
North Carolina
Rhode Island
South Carolina
Vermont
Virginia
44
43/
4^
4C
22f
391
86
72
6
60
3
5
51
3
14
705 I
673
3£
17E
105
462
1,873
1,669 ;
38
377
45
40
226
390
32
161
102
462
29
333
38
28
195
354
21
153
95
423
204
603
1,308
3, 267
12
31
36
11
8
7
39
26
180
13
25
129
84
22
54
10
60
27
853
13
25
129
84
36
71
10
60
71
1,290
61
65
355
475
71
244
113
522
1,374
2,257
9,710
22
16
98
36
111
80
23
72
465
248
176
27
42
31
108
66
168
434
25
106
750
264
194
69
432
580
330
197
617
1,165
318
666
1,872
1,250
1,735
548
52
12,949
BRANCHES R E S T R I C T E D AS TO LOCATION
TotalGeorgia
Kentucky
Louisiana
Maine
MassachusettsMichigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania..
Tennessee
7,45c
538
422
39C
54t
222
131
44£
731
293
56C
1,122
98C
1, 541
47$
25
15 !
io:
17 ;
49 j
131 I
21
63
100
13
51
43
23
12
7
9
35
102
20
49
81
10
44
30
116 I
883
6,915
6,456
20
15
10
30
57
354
2
34
285
16
18
42
365
534
212
114
400
600
272
497
1,022
973
1,490
436
351
527
172
97
326
567
262
454
938
924
1,421
417
459
14
7
40
17
74
33
10 I
43 I
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW
Total-
12,897 •
Alabama
Arkansas
Colorado
Connecticut-.Florida
Idaho
Illinois
Indiana
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico...
Oregon
Texas
Utah
Washington
West Virginia.
Wisconsin
321
39C
27C
237
207
137
1,683
915
1,216
1,051
1,015
1, 235
185
773
35
53
228
1,27Q
102
333
29C
1,242 |
12
10
48
44
102
27
72
89
280
38
45
66
14
8
36
87
26
80
20 ;
1,235 I
26 '
69:
!
I
!
i
!
|
;i
!!
I1;
I
,
!
i|
26
69
12
10
48
44
102
26
72
89
278
38
45
66
14
8
36
87
26
i
i.
!
i
j,
2 i
735 •
5 '
1,197
140
707
21
45
192
1,192
76
253
290
873
32 i
11, 639
295
327
258
227
159
93
1,581
888
1,144 i!
962 |;
78 I
61
63 j
11,655
i!
!|
>
:
:
:
!
292 i
325
25S
227 !
159 I
93 !
1,581 |
885 I
1,144 i
962 '
735
1,197
140
705 |
21 j
45 !
191 !
1,192 ;
;
76 i
"'
•;
252 !
290
869
3
2
!
!
17 !
3 !
338
399
270
237
207
137
1,683
924
1,216
1,051
1,021
1,235
185
775
35
53
229
1,279
102
338
290
945
3 !
NO PROVISION I N S T A T E L A W R E G A R D I N G BRANCH B A N K I N G 2
Total..-
_
New Hampshire
North Dakota
Oklahoma
South Dakota
Wyoming
1,543 !
121 :
366 :
598
374 !
84 i
278
98
87
62
31
!
278
1,265 ;;
1,264
1
120
268
511
312
53
1
98
87
121
268
511 :
62
31
312 j :
1
i
1
1,544
1
122
366
598
374
84
53 I,
i
* Branches established prior to prohibitory legislation. Other States which have prohibited establishment of branches (no branches in operation)
include Colorado, Connecticut, Idaho, Illinois, Iowa, Kansas, Missouri, Montana, Nevada, New Mexico, Texas, Utah, West Virginia.
2 The branch shown for New Hampshire was authorized by the Comptroller of the Currency in 1930 upon the submission of satisfactory evidence
that it had been in operation for 25 years prior to the enactment of the McFadden Act. Other States which have enacted no legislation respecting
branch banking are North Dakota, Oklahoma, South Dakota, and Wyoming. No branches are in operation in these States.
812
FEDERAL RESERVE BULLETIN
TABLE 2.—NUMBER OF BANKING OFFICES, BANKS,
AND BRANCHES: JUNE 30, 1924, and JUNE 30, 1930
Number of
banking offices
(banks plus
branches)
Number of
banks
D E C E M B E R , 1930>
TABLE 3.—NUMBER AND LOCATION OF BRANCHES
WITHIN AND OUTSIDE OF HOME-OFFICE CITY AND
COUNTY, BY STATES: DECEMBER 31, 1929,
and
JUNE 30, 1930
Number of
branches
Number of branches
Outside home-office city
June 30, June 30, J u n e 30, J u n e 30, J u n e 30, June 30,
1924
1924
1930
1930
1924
1930
27,470 31,289
Total
23,852
28,996
3,618
2,293
States
S T A T E - W I D E BRANCH BANKING P E R MITTED
Total
Arizona
California
Delaware.
Dist. of Columbia—.
Maryland
North Carolina
Rhode Island
South Carolina
Vermont
Virginia
3,267
71
1,290
61
65
355
475
71
244
113
522
3,554
1,959
2,719
1,308
83
1,213
65
65
338
620
66
431
105
568
44
437
48
40
226
391
35
173
103
462
63
675
47
46
250
554
45
411
105
523
27
853
13
25
129
84
36
71
10
60
June D e c .
835
20
538
18
19
88
66
21
-
9,710
432
580
330
197
617
1,165
318
666
1,872
1,250
1,735
548
9,448
7,453
665
624
344
197
546
1,050
360
500
1,482
1,310
1,748
622
390
549
222
131
449
731
293
560
1,122
986
1,541
479
8,051
612
612
251
150
448
718
335
479
1,120
1,107
1,650
569
2,257
42
31
108
66
168
434
25
106
750
264
194
69
45
1,397
53
12
93
47
98
332
25
21
362
203
98
53
.
12,949
338
399
270
237
207
137
1,683
924
1,216
1,051
1,021
1,235
185
775
35
53
229
1,279
102
338
290
945
16,000
381
488
342
222
300
177
1,906
1,116
1,616
1,293
1,433
1,612
248
1,102
34
76
278
1,522
116
386
350
1,002
12,897
321
396
270
237
207
137
1,683
915
1,216
1,051
1,015
1,235
185
773
35
53
228
1,279
102
333
290
936
15,939
362
485
342
222
299
177
1,906
1,108
1,616
1,293
1,422
1,612
248
1,100
34
76
211
1,522
116
379
350
993
52
17
3
1
9
8
6
11
2
2
1
1
1,544
2,287
122
366
598
374
84
123
687
808
553
116
i See note 1, Table 1.
1,543
121
366
598
7
9
9
374
84
2,287
1
123
687
808
553
116
1
2 See note 2, Table 1.
31,
1929
3,618
3,547
Outside
home-office
county
June Dec. June Dec. June Dec.
30,
30,
31,
30,
31,
31,
1930 1929 1930 1929 1930 1929
2,470
2,432
428
423
720
692
Total
1,308 1,286
Arizona
California
Delaware
District of Columbia .
Maryland..
North Carolina
Rhode Island
South Carolina
Vermont
Virginia
27
853
13
22
863
13
25
129
84
36
71
10
60
24
124
77
35
57
10
61
475
226
217
621
594
301
3
318
10
101
8
94
4
17
451
6
14
451
6-
25
70
12
16
7
24
68
11
16
27
27
35
29
12
7
8
20
21
46
7
58
2
13
21
37
7
42
2
14
461
3
8
38
26
13
6
8
20
BRANCHES R E S T R I C T E D AS T O
LOCATION
2,257 2,207 1,982 1,930
Georgia
Kentucky..
Louisiana
Maine
Massachusetts
Michigan
Mississippi- . .
New Jersey
New York
Ohio
Pennsylvania
Tennessee
42
19
28
51
7
148
434
1
96
750
232
185
31
39
28
106
63
161
439
25
103
722
268
185
68
31
10S
66
168
434
25
106
750
264
194
69
16
25
49
6
142
436
1
93
721
235
176
30
193
195
82
82
10
10
13
1
5
21
1
13
1
5
20
1
17
2
52
38
19
2
52
37
18
3
7
8
28
9
29
9
4
17
2
1
4
20
20
18
18
2
ESTABLISHMENT OF BRANCHES
PROHIBITED BY LAW »
5
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING *
Total
New Hampshire.. _
North Dakota
Oklahoma
South Dakota
Wyoming.
61
19
3
30,
1930
In homeoffice
county
STATE-WIDE BRANCB[ B A N K I N G
PERMITTED
Total
ESTABLISHMENT OF BRANCHES
PROHIBITED BY LAW i
Total
Alabama
Arkansas
Colorado _
Connecticut
Florida
Idaho
Illinois
Indiana
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
Nevada.
New Mexico..
Oregon
Texas. _
Utah..
Washington
West Virginia
Wisconsin
Total
20
B R A N C H E S R E S T R I C T E D A S T O LOCATION
Total
Georgia
Kentucky
Louisiana . _
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York.. .
Ohio .
Pennsylvania
Tennessee
In homeoffice city
Total
Total...
Alabama
Arkansas
Indiana
Minnesota
Nebraska
Oregon..
Washington..
Wisconsin..
52
54
17
3
9
6
2
1
5
9
19
3
9
6
2
1
5
9
27
27
9
3
3
8
6
2
8
6
2
3
8
3
8
1
1
1
11
16
16
14
14
1
1
1
1
3
i
l
l
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING 2
i
New Hampshire...
1
1
1
See note 1, Table 1.
1
JSee note 2, Table 1.
1
FEDERAL RESERVE
DECEMBER, 1930
TABLE 4.—SUMMARY OF BRANCH BANKING
DEVELOP-
MENTS: 1924-1930
Class of bank or branch
Number of banks:
Total
Operating branches..
National banks
State-bank members
N o n m e m b e r commercial banks.Mutual savings banks
Private banks
_.
June
30,
1930
Dec.
31,
1929
June
30,
1929
June
30,
1928
June
30,
1924
165
169
166
180
164
190
169
186
108
191
414
407
65
4
62
4
415
58
7
387
28
C1)
512
256
517
257
518 !
252 ;
526
262
391
49
48
48 |
47
40
Number of parent banks in
cities with population of:
100,000 or more__
50,000 to 100,000....
25,000 to 50,000
Less than 25,000.
Not classified
_.
344
78
351
81
75 |
372
81
284
315
315 j
359 j
84
70
305 |
316
289
2 33
Number operating:
1 branch
2 branches
3-5 branches
6-10 branches
11-30 branches
Over 30 branches.
Not classified
443
144
132
38
41
19
448
150
124
41
41
18
443
153
130
37
38
17
469
150
126
35
41
14
376
129
|
j
|
;
i
i
I
i
i
;
,
108
176
3,618
3,547 I 3,440
3,230
2,293
1,027 , 993 I 941
1,299 | 1,298 j 1,220
248
1,137
1,115 j 1,046 '
96
2,470
1,148
2,432
1,115
634
144
92
278
612
136
Number established:
De novo as branches
2,410
By conversion of banks... 1,060
Not reported
148
2,379
1,017
151
973
86
2, 362 ! 2, 214 |
1,078
1,016 j
591
133
84
270
;
I
!
j
908
0)
0)
1, 508
785
572
128
79
237
June Dec. June June June Dec. June June
31,
30,
31,
30,
30,
30,
30,
30,
1930 1929 1929 1924 1930 1929 1929 1924
Total
817
National
State member
State nonmember
Mutual savings. .
Private
165
169
414
166
180
407
65
4
818
714 3,618 3,547 3,440
2,293
164
190
108 1,041 1,027
191 1,308 1,299
387 1,164 1,115
101
28
4
0)
248
1,137
908
1,298
1,046
0)
0)
STATE-WIDE BRANCH BANKING PERMITTED
Total
218
216
Arizona
California.
Delaware
Dist. of Columbia.
Maryland
North Carolina.-.
Rhode Island
South Carolina
Vermont
Virginia
215
237 1,308
38
27
853
13
25
129
84
36
71
10
60
31
22
863
13
24
124
77
35
57
10
61
1,265
835
22
861
12
23
125
77
35
50
20
538
18
19
88
66
21
20
60
45
BRANCHES RESTRICTED AS TO LOCATION
Total.
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan..
Mississippi
New Jersey
New York
Ohio
Pennsylvania
Tennessee..
575
581
578
16
_ 10
43
I 25
88
___! 62
16
10
42
24
88
62
11
55
106
55
80
32
16
9
42
24
86
61
11
53
106
58
81
31
!
j
447 2,257 2,207 2,121
42
31
108
66
168
434
25
106
750
264
194
69
21
4
34
23
61
63
11
14
77
51
67
21
39
28
106
63
161
439
25
103
722
268
185
68
34
26
108
61
154
433
25
103
682
259
169
67
53
12
93
47
98
332
25
21
362
203
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW 2
2,329 2,214
958 i
853
153
163
1 Not separately tabulated; included with ' 'nonmember commercial
banks."
2
Mutual savings and private banks.
3 Not available.
Number of branches
2 33
Of national banks
1,041
Of State-bank members... 1,308
Of nonmember commercial banks
1,164
Of mutual savings banks..
101
Of private banks __
4
In home city
Outside home city..
Outside branches in places
with population of:
Less than 2,500
2,500 to 5,000.
5,000 to 10,000
10,000 or over
Number of banks operating branches
28,996
714
Number operating branches:
Only in home city
Only outside home city...
Both in and outside home
city.
Number of branches:
Total
TABLE 5.—NUMBER OF BANKS OPERATING BRANCHES
AND NUMBER OF BRANCHES IN OPERATION, BY
STATES, FOR SPECIFIED DATES
Class of bank or
State
23,852 24, 630 25,115 25,950
817
822
835
818
813
BULLETIN
Total-
23
Alabama
Arkansas
Florida
Indiana
Minnesota...
Nebraska
Oregon
Washington.
Wisconsin
25
25
30
5
•'
2 ;
4 !
l\
1 ;
5I
7i
NO PROVISION IN STATE LAW REGARDING BRANCH B A N K I N G 3
New Hampshire .
1
Not separately tabulated.
2 See Note 1, Table 1.
3 See Note 2, Table 1.
19
3
1
8
11
2
1
7
814
FEDERAL RESERVE
BULLETIN
DECEMBER, 1930
TABLE 6.—NUMBER OF BANKS OPERATING BRANCHES AND NUMBER OF BRANCHES IN OPERATION, BY CLASS
OF BANK, BY STATES: JUNE 30, 1930
Number of banks operating branches
Number of branches
Location l
Operated by—
States
State
NonNational member
\ member
Total
Total
National I
banks
Total_
817
165
169
483
3,618
NonOutside
^
member In home- homemembers banks office city office city
1,308
1,041
STATE-WIDE BRANCH BANKING
Total.
Arizona
California
Delaware
District of ColumbiaMaryland
North Carolina
Rhode Island
South Carolina..
Vermont
Virginia
218
10
53
7
12
31
36
12
11
39
!
!
:
35 |
i
!
12 i
'••
'•
19
164
1,308
I
9
37
5
6
26
32
6
8
7
28
27
853
13
25
129
84
36
71
10
60
4
i
2
6
3 |
2 '
2 !
!
i
:
2
8i
i
2
2
4
1
3
1,269
2,470
1,148
PERMITTED
512
186
610
469
11
104
2
12
8
3
2
6
24
7
26
1
12
11
16
280
11
13
97
74
8
64
10
37
461
301
3
25
70
12
16
7
847
27
552
10
27
59
72
20
64
10
33
1,982
275
19
28
51
7
148
434
1
96
750
232
185
31
23
3
57
59
20
27
25
B R A N C H E S R E S T R I C T E D AS T O L O C A T I O N
m
Total- _.
575
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania.
Tennessee
16
10
43
4
4
1
88
62
11
57
103
52
76
32
17
12
1
19
31
7
16
9
145
309
2,257
42
31
108
66
168
434
25
106
750
264
194
19
35
21
14
1,113
511
7
15
35
3
27
302
67
72
1
33
210
13
45
41
467
178
38
533
11
4
65
63 i
74
60
24
32
73
73
111
43
24
10
32
9
38
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW *
Total.
23
Alabama
Arkansas....
Indiana
Minnesota..
Nebraska...
Oregon
Washington.
Wisconsin...
10
26
52
17
3
1
1 i
2 L
2 |_
1L
1 L
1 i
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING 3
_._
New Hampshire .
1 j
I
1 Of the.2,470 branches located in head-office cities, 701 were operated by national banks, 1,177 by State bank members, and 592 by nonmember
banks. Of the 1,148 branches located outside head-office cities, 340 were operated by national banks, 131 by State bank members, and 677 by
nonmember banks.
2 See note 1, Table 1.
3 See note 2, Table 1.
815
FEDERAL RESERVE BULLETIN
DECEMBEE, 1930
TABLE 7.—NUMBER OF NATIONAL, STATE MEMBER, AND NONMEMBER BANKS IN CHAIN OR GROUP SYSTEMS,
BY STATES: JUNE 30, 1929, DECEMBER 31, 1929, AND JUNE 30, 1930
[In this table the banks are included in those States in which the banks themselves are actually located, regardless of where the headquarters
of the groups or chains are located]
State
Total
..__! 2,144
STATE-WIDE BRANCH BANKING P E R M I T T E D
72 ;
Total.
Arizona
California
Delaware..
District of Columbia..
Maryland
North Carolina
Rhode Island
South Carolina
Vermont
Virginia
58
3
46
38
36 I
2
2
4 I
1 !
35 !
34 !
32
5
24
3
5
22
233
8
4
4
7
12
83
19
20
32
1
22
21
182
8
4
3
9
65
19
17
20
1 I .
1 I
li
BRANCHES RESTRICTED AS TO LOCATION
Total. _.
Georgia.
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania _
Tennessee
538
25
15
10
17
49
131
21
63
100
13
51
511
22
16
10
12
48
134
21
60
102
486
32
387
20
4 :
10
209 I
i
5 •'
33
86
21
56 ;
81 !
48
23
195
250
8
6
3
11
13
83
19
22
30
6
24
25
143
Q
Q
10
6
5
30
27
2
26
52
9
15
11
4
6
2
19
9
2
25
45
15
8
22
24
14
18
3
10
14
18
3
11
22
15
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW *
1,242
TotalAlabama
Arkansas
Colorado
Connecticut
Florida
Idaho
Illinois..
Indiana
Iowa
_.
Kansas-Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico
Oregon
_..
Texas
Utah
Washington
West VirginiaWisconsin
_.
26
69
12
10
48
44
102
27
72
89
280
38
45
63
TotalNew HampshireNorth Dakota. __
Oklahoma-South Dakota
Wyoming
___
i See note 1, Table 1.
1,208
274
35
40
78
13
9
36
84
26
75
1,087 437
43
41
85
14
83
85
234
34
27
73
16
9
33
81
27
11
12
9
4
21
9
21
7
27
26
124
9
19
20
3
5
19
26
6
33
431
363
44
38
36
761
739
15
56
3
6
27
32
74
19
44
62
154
23
22
46
11
2
13
59
16
42
9
56
3
4
21
27
64
17
53
63
149
21
18
56
10
4
13
57
17
44
13
15
9
4
19
11
20
- 7
32
24
123
9
17
22
3
5
18
25
6
28
35
33
26 I
21
20
I
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING «
54
53
278
272
256
138
98
87
62
31
94
87
60
31
88
83
54
31
42
54
33
9
131
3 See Note 2, Table 1.
134
105
135
44
3
29
27
60
9
51
62
133
20
15
55
12
4
12
55
17
38
33
145
61
25
21
r
Revised figures.
816
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
TABLE 8.—LOANS AND INVESTMENTS OF BANKS IN AND N O T IN CHAIN OR GROUP SYSTEMS, OPERATING AND
NOT OPERATING BRANCHES, BY STATES: JUNE 30, 1930
n millions of dollars]
Banks in chains or groups
All b a n k s
State
Total
Total
58,108
12,019
Banks not in chains nor groups
Operating
ino branches branches
1 Operating
5,122
6,897
Total
4V6,089
STATE-WIDE BRANCH BANKING
Total
Arizona
California
Delaware
District of Columbia
Maryland
North Carolina
Rhode Island
South Carolina
Vermont
Virginia
. _
.__
__.
__
-
Operating Operating
no branches branches
18,264
PERMITTED
6,524
2,195
236
1,959
4,329
75
3,353
166
243
847
354
540
160
246
540
18
1,974
1
17
190
1
1
1,784
3
153
45
1
3
11
13
1
57
1,379
165
243
847
351
387
115
245
540 i
142
32
27,825
2,241
2,088
32
530
59
96
529
203
153
71
218
350
25
849
106
147
318
148
234
44
27
190
B R A N C H E S R E S T R I C T E D AS T O L O C A T I O N
Total
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania
Tennessee
36,843'
_
__
_ . __
_
.__
__
_______
329
529
396
435
4,296
1,982
211
2,405
17,422
2, 629
5,779
430
6,121
1,601
4,520
30,722
14,629
16,093
173
134
33
80
893
1,220
15
431
2,059
99
808
176
42
47
17
23
93
261
12
156
199
45
678
28
131
87
16
57
800
959
3
275
1,860
54
130
148
156
395
363
355
3,403
762
196
1,974
15,363
2,530
4,971
254
124
325
133
260
2,376
558
169
1,161
5,049
1,149
3,122
203
32
70
230
95
1,027
204
27
813
10,314
1,381
1,849
51
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW *
Total
Alabama
__ _
Arkansas
Colorado
_. _ _.
Connecticut
Florida
Idaho
- - -Illinois
Indiana
. . .
Iowa
Kansas
Minnesota.
Missouri
Montana.
Nebraska
. . .
Nevada
New Mexico
Oregon .
.
Texas
Utah _ .
Washington
. . .
West Virginia
Wisconsin
._
13, 774
3,470
3,051
37
49
28
72
142
39
1 248
67
65
47
581
161
82
61
24
3
135
106
53
217
37
49
28
72
142
39
1,248
45
65
47
400
161
82
61
24
3
135
106
53
145
_.
262
194
242
1,355
213
70
3 814
811
756
376
877
1 183
135
334
37
40
249
966
159
455
333
907
253
109
. . .
_
419
22
181
72
144
10, 304
10, 225
79
225
145
214
1,283
71
37
2 566
744
691
329
296
1 022
53
273
13
37
114
860
106
238
333
654
217
143
214
1,283
71
37
2 566
718
691
329
296
1 022
53
265
13
37
113
860
106
237
333
621
g
2
26
8
1
1
33
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING *
Total
_
968
New Hampshire.
North Dakota _.
Oklahoma
South Dakota
. .
Wyoming
1
See note 1, Table 1.
300
101
381
131
55
234
60
105
48
21
1
234
734
733
1
299
41
276
83
34
1
60
105
48
21
300
41
276
83
34
See note 2, Table 1.
817
FEDERAL RESERVE BULLETIN
DECEMBER, 1930
T A B L E 9 . — L O A N S AND I N V E S T M E N T S O F N A T I O N A L , S T A T E M E M B E R , AND N O N M E M B E R B A N K S I N C H A I N OR
G R O U P SYSTEMS, BY S T A T E S : J U N E 30, 1929, D E C E M B E R 3 1 , 1929, AND J U N E 30, 1930
Iln this table the banks are included in those States in which the banks themselves are actually located, regardless of where the headquarters of the
group is located]
Loans and investments (in millions of dollars)
Total
State
National banks
DeJune, cember,
June,
1930
1929 r
1929'
12, 019
Total.
11,624
8,766
DeJune, cember,
1930
1929 r
6,535
6,343
Nonmember banks
State member banks
June,
DeJune,
June, cember,
1929 r
1929 '
1929r | 1930
I
4,604 i 3,411
DeJune, cember,
1930
1929'
2,500
3,381
2,073
June,
1929'
1,662
1,900
STATE-WIDE BRANCH BANKING PERMITTED
2,195 j 2,179
18 j
18
1,974 !
1i
Total
Arizona
California
Delaware
District of Columbia.
Maryland
North C arolina
Rhode Island
South Carolina
Vermont
Virginia
3!
153 :
45
1!
153
8
1
2,123
18
1,943
1
1,443
1,394
1,434
6
1,417
1, 326
367
367
368
1,310
225
225 i
226
142
142
142
153
385
12
355
1
376
12 I
355
1
427
12
406
1
832
4
17
3
65
42
189
8
197
137
8
116
46
771
2 i
7 I
3!
55 !
40
189 !
8
190
149
2
82
44 i
573
1
827
5
19
7
68
17
15
369
10
20
20
114
22
13
15
16
1
7
14
17
31
720
1
17
7
33
14
11
332
8
20
625
1
14
7
27
29
BRANCHES RESTRICTED AS TO LOCATION
6,121
173
134
33
80
893
1,220
15
431
2,059
Total.
Georgia
Kentucky
Louisiana
Maine
Massachusetts.
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania..
Tennessee
176
5,982
166
124
33
70
877
1,252
15
396
2,011
86
803
149
4,027
157
8
33
53
530
428
15
358
1,571
782
92
2,677
153
77
30
15
782
368
8
123
599
37
355
130
2,600
144
78
30
15
768
356
8
97
624
31
344
105
1,581 ! 2,614
143
8
30
10
281
21
663
98 :
111
576 I 1,324
I
54
344 i
337
62 !
1,875 i
2,615
69 !
707 i
220 !
348 i
109 :
1,238 j
54 I
377 |
:
861
356 !
3
43
29
59
8
184
134
82
30
ESTABLISHMENT OF ]BRANCHES PROHIBITED BY LAW
.
.. ..
..
253
211
2,122
31
22
20
4
120
17
706
35
48
24
458
26
42
46
8
2
71
78
29
154
1,534
7
15
20
129
37
993
31
66
44
261
157
44
30
23
3
82
92
51
91
2,216
32
16
20
4
125
16
707
35
45
26
465
26
43
46
8
2
125
78
29
159
207
209
181
178
94
17
636
5
45
22
191
26
15
14
9
2
69
66
29
74
427
396
254
14
11
11
9
173
22
1
1
2
113
26
9
176
22
1
1
111
29
9
53
22
1
1
2
111
23
3
14
7
26
3
14
2
15
3
14
3
1
16
19
12
1
8
12
19
20
...
.
...
._.;
!
Wyoming
1
See note 1, Table 1.
234
60
105
48
21
223
53
104
45
21
198
42
96
39
21
2
196
47
98
36
15
186
41
97
33
15
See note 2, Table 1.
161
29
89
28
15
3
3
29
3
r
?
3
34
33
34
3
10
6
12
6
9
6
13
7
8
6
...
3
18
16
i
N O PROVISION IN STATE L A W R E G A R D I N G B R A N C H B A N K I N G
Total.
New Hampshire
North Dakota
Oklahoma
South Dakota
35
11
304
4
20
20
68
20
6
15
14
1
too
-
2,417
7
41
28
too
. .
3,241
32
50
28
37
134
37
1,214
64
69
46
568
158
80
65
20
3
82
104
50
189
sOOOOO
... . .
3,470
37
49
28
72
142
39
1,248
67
65
47
581
161
82
61
24
3
135
106
53
217
to
NH
Total
Alabama
_
Arkansas
Colorado
Connecticut
Florida
Idaho
_
Illinois
Indiana
..
Iowa
Kansas . . .
Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico
Oregon
Texas
Utah
Washington
West Virginia
Wisconsin
Revised.
INDEX TO VOLUME 16
Acceptances:
Page
Bankers'—
Buying rates of Federal reserve
banks—
Changes in__. 54, 143, 277, 340, 399, 486
Monthly figures
10, 61, 103, 161,
281, 347, 419, 490, 539, 619, 680, 772
Holdings by Federal reserve banks,
discussion of
535
Market rates in foreign countries
26,
77, 122, 245, 318, 376, 449, 514, 564, 642,
743, 801
Open-market discount rates
10, 61, 103,
161, 281, 347, 419, 490, 539, 619, 680, 772
Outstanding—
Chart showing
535
Monthly
figures
13, 64, 105, 163,
283, 349, 421, 492, 541, 621, 681, 773
Banks granted authority to accept bills and
drafts up to 100 per cent of capital and
surplus
34, 387, 531
Act authorizing construction of building for
Federal reserve branch bank at Pittsburgh __
342
Act, Federal reserve, amendments to. (See
Federal reserve act.)
Administrator, power to act as. (See Fiduciary
powers.)
Admission of State banks in Federal reserve
system
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Advisory Council, Federal:
Changes in personnel
615
Conferences, expenses of
95,532
Meetings of
100, 615
Agent general for reparation payments, final
report of
694-737
Agricultural conditions, discussion of
336, 614
Agricultural credit:
Discussion of
614
Germany, discussion by agent general for
reparation payments
726
Latvia.
437
Rumania
553
Agricultural paper, maturity and limitation of
notes of farmers for purchase of farm
implements; ruling
453
Agricultural prices:
Discussion of
336,614
Monthly statistics
14, 65, 106,
257, 321, 379, 451, 517, 567, 644, 745, 803
Albania, Bank of:
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Annual report:
Bank of Austria
359
Bank of Belgium
294
Bank of Bolivia
439
Bank of Brazil
442
Bank of Bulgaria
554
Bank of Colombia
789
Bank of Czechoslovakia
506
Bank of Denmark
785
Bank of Estonia
558
Bank of France
112
818
Annual report—Continued.
Bank of Greece
631
Bank of Hungary
432
Bank of Italy
430
Bank of Japan
302
Bank of Java
793
Bank of Latvia
436
Bank of Netherlands
503
Bank of Norway
363
Bank of Poland
364
Bank of Rumania
551
Bank of Switzerland
305
Bank of Yugoslavia
368
Federal Reserve Board
278, 340
German Reichsbank
298
Argentina:
Buenos Aires commercial banks, condition
of
25, 76,121, 253,
317, 375, 448, 513, 563, 641, 742, 800
Foreign exchange rates—
Monthly averages
28, 78, 123, 255,
319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Gold holdings—
Discussion of
3
Monthly
figures
22, 73, 118,
250, 314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Assessment for expenses of Federal Reserve
Board
95, 532
Assets and liabilities. (See Resources and liabilities.)
Assignee, power to act as. (See Fiduciary powers.)
Attorney General of United States, opinion of,
relative to status of branches of a national
bank resulting from conversion of a State bank
having branches
81
Australia:
Bank of—
Condition o.
23,74,119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Gold holdings—
Monthly
figures
22,73,118,250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirements
502
Commonwealth bank act, text of
116
Retail food prices and cost of living
32
Wholesale prices
30, 79,
124, 256, 320, 451, 516, 566, 643, 744, 802
Austria:
Bank of—
Annual report
359
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Changes in
4, 54,
100, 143, 340, 615
Monthly
figures
25, 76,122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
INDEX TO VOLUME 16
Austria—Continued.
Page
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Money rates
26, 77,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Retail food prices
32
Wholesale prices
30, 79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Automobiles:
Factory employment and pay rolls—
Monthly index
18, 69, 109, 167,
287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 674
Production index
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Balance of payments:
Germany, discussion by agent general for
reparation payments
733
Greece
631
Latvia
436
United States, 1923-1929
414
Balance of trade:
B ulgaria
554
Estonia
558
France
114
Greece
632
Hungary
433
Japan
304
Latvia
436
Balance sheet. (See Condition of banks.)
Balances, bankers'. (See Bankers' balances.)
Balances, reserve, of member banks. (See
Reserve balances.)
Bank credit. (See Credit.)
Bank debits
44, 94,
110, 168, 290, 385, 468, 529, 600, 648, 692, 783
Bank deposits. (See Deposits.)
Bank failures
44, 94,
111, 169, 293, 357, 429, 500, 549, 629, 692, 783
Bank for International Settlements:
Condition of
638, 739, 797
Mentioned in annual report of Bank of
Switzerland
306
Organization
358
Bank of Albania. (See Albania.)
Bank of Australia. (See Australia.)
Bank of Austria. (See Austria.)
Bank of Belgium. (See Belgium.)
Bank of Brazil. (See Brazil.)
Bank of Bulgaria. (See Bulgaria.)
Bank of Chile. (See Chile.)
Bank of Colombia. (See Colombia.)
Bank of Czechoslovakia. (See Czechoslovakia.)
Bank of Danzig. (See Danzig.)
Bank of Denmark. (See Denmark.)
Bank of Egypt. (See Egypt.)
Bank of England. (See England.)
Bank of Estonia. (See Estonia.)
Bank of Finland. (See Finland.)
Bank of France. (See France.)
Bank of Greece. (See Greece.)
Bank of Hungary. (See Hungary.)
Bank of India. (See India.)
Bank of Italy. (See Italy.)
Bank of Japan. (See Japan.)
Bank of Java. (See Java.)
Bank of Latvia. (See Latvia.)
Bank of Lithuania. (See Lithuania.)
Bank of Netherlands. (See Netherlands.)
Bank of Norway. (See Norway.)
819
Bank of Peru. (See Peru.)
Page
Bank of Poland. (See Poland.)
Bank of Portugal. (See Portugal.)
Bank of Rumania. (See Rumania.)
Bank of Russia. (See Russia.)
Bank of the Kingdom of Serbs, Croats, and
Slovenes. (See Serbs, Croats, and Slovenes.)
Bank of South Africa. (See South Africa.)
Bank of Spain. (See Spain.)
Bank of Sweden. (See Sweden.)
Bank of Switzerland. (See Switzerland.)
Bank of Yugoslavia. (See Yugoslavia.)
Bank premises, Federal reserve banks
39, 89,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Bank suspensions
44, 94,
111, 169, 293, 357, 429, 500, 549, 629, 692, 783
Bankers' acceptances. (See Acceptances.)
Bankers' balances:
Monthly average of weekly figures
13, 64,
105, 163, 283, 349, 421, 492, 541, 621, 681, 773
Weekly
figures
43,
93, 292, 356, 428, 499, 548, 628, 691, 782
Banking, branch:
Digest of State laws relating to
258
Opinion of Attorney General relative to
status of branches of a State bank when
converted into a national bank
81
Study of
144-157, 766-768, 811-817
Banking legislation:
Australia
116
Denmark
72
Switzerland..
312
Bankruptcies. (See Failures.)
Banks, foreign central. (See Foreign central
banks.)
Banks, foreign commercial, condition of
25, 76,
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Banks granted authority to accept bills and
drafts up to 100 per cent of capital and surplus
34,387,531
Belgium:
Bank of—
Annual report
294
Condition of
23, 74, 119,
251, 315. 373, 446, 511, 561, 639, 740, 798
Discount rates—
Changes in
4, 54, 277, 340, 486
Monthly figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Money rates
26, 77,
122, 254? 318, 376, 449, 514, 564, 642, 743, 801
Retail food prices and cost of living
32
Wholesale prices
30,79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Bills:
Discounted by Federal reserve banks—
Amendment to Federal reserve act regarding rediscount of paper of one
borrower
325
Averages of daily
figures
8, 59, 102,
160, 280, 346, 418, 489, 538, 618, 679, 771
By months
9, 60, 110,
186, 290, 355, 427, 498, 547, 627, 688, 780
820
INDEX TO VOLUME 16
Bills—Continued.
Page
Discounted by Federal reserve banks—Con.
By weeks
38,
89, 289, 355, 427, 498, 547, 627, 688, 780
Chart showing
9, 60,
142, 288, 354, 426, 497, 546, 626, 687, 779
Earnings and rates of earnings on
55
End of month
figures
328-330,
383, 384, 467, 528, 599, 647, 749, 807
Maturities
42,
92, 331, 385, 468, 529, 600, 648, 750, 808
Discount rates—
Changes in
54, 143, 277, 340, 399, 486
Monthly
figures
10,61,103,
161, 281, 347, 419, 490, 539, 619, 680, 772
Bills payable and rediscounts:
All banks on call dates—
By Federal reserve districts
45,
270, 472, 650
By States
46, 271, 473, 651
Member banks on call dates
136,
137, 392, 393, 604-610, 755-761
National banks on call dates
47, 272, 474, 652
State banks on call dates
48, 273, 475, 653
Bolivia:
Bank of—
Annual report
439
Condition of
740, 798
Discount rates
743, 801
Legal reserve requirements
502
Organization of
439
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Bonds, industrial:
Average price of 40 issues
14, 65,
106, 164, 284, 350, 422, 493, 542, 622, 682, 774
Prices, discussion of
277
United States, held by Federal reserve
banks
38, 89,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Boots and shoes:
Production, index of
17,
68, 116, 286, 352, 424, 495, 544, 624, 684, 776
Wholesale trade
20, 71
Borrowings of brokers. (See Brokers' loans.)
Borrowings of member banks from Federal reserve banks:
All member banks—
Averages of daily
figures
168,
289, 355, 427, 498, 547, 627, 688, 780
Monthly averages of weekly
figures
103,
161, 281, 347, 419, 490, 539, 619, 680, 772
Classification, on call dates
136,
137, 392, 393, 604-610, 755-761
Discussion of
97, 140, 275, 396, 484, 534, 763
Reporting banks in leading cities—
Average of weekly
figures
12, 63, 105
163, 283, 349, 421, 492, 541, 621, 681, 773
Weekly
figures
43,
"93, 292, 356, 428, 499, 548, 628, 691, 782
Branch banking:
Digest of State laws relating to
258
Study of
144-157,766-768,811-817
Branches of national bank resulting from consolidation or conversion of State banks having
branches, status of; opinion of Attorney General
81
Brazil:
Page
Bank of—
Annual report
442
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Gold holdings—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Brokers' loans:
Call report dates
659, 753
Chart showing
276, 764
Discussion of
97, 141, 276, 396, 484, 611, 763
Monthly
figures
13, 64,
105, 163, 283, 349, 421, 492, 541, 621, 681, 773
Building:
Contracts awarded—
By Federal reserve districts
19, 70, 110,
169, 293, 357, 429, 500, 549, 629, 692, 783
By types of building
19, 70, 108,
* 164, 284, 350, 422, 493, 542, 622, 682, 774
Canada
127,381, 569, 805
Chart showing
19, 70
Index of
15, 66, 107,
165, 285, 351, 423, 494, 543, 623, 683, 775
Discussion of
53
Materials, wholesale prices
14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Permits issued
19, 70,
110, 169, 293, 357, 429, 500, 549, 629, 692, 783
Bulgaria:
Bank of—
Annual report
554
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates
25, 76, 122,
254, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Retail food prices
32
Wholesale prices
:
30, 79
Bureau of Labor Statistics price index
30, 79
Business and financial conditions:
Austria
359
Belgium
294
Bolivia
439
Bulgaria
554
Colombia
792
Czechoslovakia
506
Denmark
788.
Estonia
558
Germany
298
Discussion by agent general for reparation payments
734
Gree ce
631
Hungary
432
Italy
430
Japan
302
Java
795
Latvia
436
Netherlands
503.
INDEX TO VOLUME 16
Business and financial conditions—Continued.
Page
Norway
363
Poland
365
Rumania
551
Switzerland
305
United States—
Discussion of
52, 534
National summary
6, 57, 101,
158, 278, 344, 416, 487, 536, 616, 661, 769
Business failures:
Canada
127, 381, 569, 805
France
126, 380, 568, 804
Germany
127, 381, 569, 805
United States
111,
169, 293, 357, 429, 500, 549, 629, 692, 783
Calljdates, condition of banks on. (See Condition of banks.)
Call money rates:
Discussion of
395, 613
Monthly
figures
10, 61, 103,
161, 281, 347, 419, 490, 539, 619, 680, 772
Canada:
Chartered banks, condition of
25, 76,
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739. 797
Yearly averages, 1922-192927
Gold holdings—
Discussion of
4
Monthly
figures
22, 73, 118,
250, 314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Gold imports, discussion of
657
Industrial statistics
127, 381, 569, 805
Retail food prices and cost of living
32
Wholesale prices—
All commodities
30,79,
124, 256, 320, 451, 516, 566, 643, 744,802
Groups of commodities
31, 80
Cancellation of Federal reserve bank stock:
Amendment to Federal reserve act regarding
325
Amendment to Regulation I regarding
454
Capital:
Federal reserve banks
40,90,
328-330, 383, 384, 467, 528, 599, 647, 749,807
National banks
49, 480
State bank members
50, 481
Capital issues:
Czechoslovakia
509
Germany, discussion by agent general for
reparation payments
724
Monthly statistics
14,65,
106, 164, 284, 350, 422, 493, 542, 622, 682,774
Netherlands
503
Capital market:
Germany
300
Hungary
432
Switzerland
308
United States, discussion of
276
Capital stock of Federal reserve banks, cancellation of:
Amendment to Federal reserve act regarding
325
Amendment to Regulation I regarding
454
Car loadings:
Canada, England, France, and Germany, _ 126,
380, 568, 804
Index of
15, 20, 66, 71,
107, 165, 285, 351, 423, 494, 543, 623, 683, 775
Case, J. H., appointed Federal reserve agent at
New York
100
Cattle:
Prices, chart showing
Receipts at stockyards, Canada
821
Page
337.
127,
381, 569, 805
Slaughtered, index of
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Cement:
Factory employment and pay rolls—
Monthly index
18,69,109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 674
Production
16,67,
166, 286, 352, 424, 495, 544, 624, 684, 776
Central banks of issue, foreign:
Annual reports. (See Annual reports.)
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Gold holdings—
Monthly
figures
_• 22, 73,118,
250, 314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
170
Legal reserve requirements
502
Central reserve city banks:
Classification of loans, investments, deposits, and borrowings. _ 137, 393, 607, 608, 759
Condition of, on call dates
133, 389, 607, 758
Reserve position on call dates
135,391
Certificates of indebtedness, Treasury. (See
Treasury certificates.)
Chain banking
144-157, 766-768, 811-817
Chain stores, sales of
20, 71
Chairmen of board of directors of Federal reserve
banks. (See Federal reserve agents.)
Changes in discount rates. (See Discount
rates.)
Changes in weekly statement:
Federal reserve banks
341
Member banks
277
Changes in membership in Federal reserve system
33,
83, 128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Charters issued to national banks
34,
83, 130, 333, 387, 471, 531, 602, 649, 752, 810
Charts:
"All other" loans of member banks
51,
140, 397, 763
Bankers' acceptances outstanding
535
Brokers' loans
276, 764
Building contracts awarded
19, 70
Discounts of Federal reserve banks
142,
288, 354, 426, 497, 546, 626, 687, 779
Employment, factory
53, 662, 663
Monthly index
18, 69,
109, 167, 287, 353, 425, 496, 545, 625, 685
New index
662, 663
Gold stock of United States
655
Loans and investments of member banks. 98, 763
Loans, investments, and deposits of member banks
341
Money in circulation
140, 533
Monthly
7, 58,
159, 279, 345, 417, 488, 537, 617, 678, 770
Money rates
139, 395, 613
Pajr rolls in factories
18, 69
Prices, wholesale—
Farm products, mineral and forest
products, raw imports
336
Silver, copper, pig iron, and steel
338
Sugar, coffee, silk, and rubber
338
Wheat, cotton, cattle, and hogs
337
Production, industrial
52
Reserve balances of member banks
7,
58, 159, 279, 345, 417, 488, 537, 617, 678, 770
822
INDEX TO VOLUME 16
Charts—Continued.
Page
Federal reserve bank credit
765
Reserve bank credit outstanding and
principal factors in changes
7,
58, 159, 279, 345, 417, 488, 537, 617, 678, 770
Time and demand deposits of country
banks
613
Check clearing and collection:
Amendment to* Regulation J
523
Number of banks*on par list
44,
94, 331, 385, 468, 529, 600, 648, 750, 808
Chemicals:
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 676
Wholesale prices...14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Chile:
Bank of—
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Change in
535
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
China:
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802
Cigars and cigarettes, index of production
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Circulation, currency. {See Currency; Money.)
Classification of loans and investments of all
member banks on call dates
753
Classification of loans, investments, deposits,
and borrowings of member banks
136,
137, 392, 393, 604-610, 755, 761
Clayton Antitrust Act:
Amendment to Regulation L, exempting
joint-stock land banks from provisions of _ 455
Permits under, effect of consolidation of
banks on; ruling
525
Clearing-house bank debits
44,
94, 110, 168, 290, 385, 468, 529, 600, 648, 692, 783
Closed member banks
33,
83, 128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Clothing, wholesale trade
20, 71
Coal:
Exports—
England
126, 380, 568, 804
Germany
127, 381, 569, 805
Imports—
Canada
127, 381, 569, 805
France
126, 380, 568, 804
Production—
Canada
127, 381, 569, 805
England
126,380,568,804
France
126, 380, 568, 804
Germany
127, 381, 569, 805
United States, index of
16, 67, 108, 166,
286, 352, 424, 495, 544, 624, 684, 776
Coffee prices:
Page
Brazil, discussion of
338
Chart showing
338
Coin circulation
36,
m%
87, 385, 468, 529, 600, 648, 750, 808
Collateral held by Federal reserve agents as
security for Federal reserve notes
41, 91
328-330, 383, 384, 467, 528, 599, 647, 749,807
Colombia:
Bank of—
Annual report
789
Conditionof
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Changes in
340, 615
Monthly figures. __ 25,76,122,254, 318,
376, 449, 514, 564, 642,743,801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Commercial failures:
Canada
127,381,569,805
France
126, 380, 568, 804
Germany
127, 381, 569, 805
United States
111,
169, 293, 357, 429, 500, 549, 629, 692, 783
Commercial paper:
Open-market discount rates
10,61,
103, 161, 281, 347, 419, 490, 539, 619, 680, 772
Outstanding
13, 64,
105, 163, 283, 349, 421, 492, 541, 621, 681, 773
Relation between agricultural paper and,
under section 13 of Federal reserve act
and section 5200 of Revised Statutes;
ruling
453
Commodity prices
14,
65, 106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Condition of banks:
All banks in United States, on call dates—
By Federal reserve districts
45,
143, 270, 472, 615, 650
By States
46, 271, 473, 651
Balance sheet—
Austria
362
Bank of Belgium
297
Bank of Bolivia
441
Bank of Brazil
444
Bank of Bulgaria
557
Bank of Colombia
792
Bank of Czechoslovakia
509
Bank of Denmark
788
Bank of Estonia
559
Bank of France
116
Bank of Greece
636
Bank of Hungary
435
Bank of Italy
432
Bank of Japan
304
Bank of Java
795
Bank of Latvia
439
Bank of Netherlands
505
Bank of Norway
363
Bank of Poland
367
Bank of Rumania
553
Bank of Switzerland
312
Bank of Yugoslavia
371
German Reichsbank
301
Bank for International Settlements. 638, 739, 797
INDEX TO VOLUME 16
Condition of banks—Continued.
Federal reserve banks—
Page
Change in form of weekly statement, _ 341
End of month figures
36, 87, 328330, 383, 384, 467, 528, 599, 647, 749, 807
In detail
131,
269, 327, 382, 466, 527, 598, 646, 748, 806
Weekly
figures
37, 88
Foreign central banks
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
(See also Annual reports.)
Foreign commercial banks
25, 76, 121,
253, 317, 375, 448, 513, 563, 641, 742, 800
Member banks—
All banks, on call dates
132-137,
340, 388-393, 603-610, 659, 754-761
Change in form of weekly statement. _ 277
Reporting banks in leading cities
43,
93, 290, 356, 428, 499, 548, 628, 690, 782
National banks, on call dates
47, 272, 474, 652
State banks, on call dates
48, 273, 475, 653
Consolidations, bank:
Austria
360
Member banks
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Copper:
Imports, Germany
127, 381, 569, 805
Prices, chart showing
338
Production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Corn-crop estimates
21, 501, 550, 630, 693, 784
Corporate stocks, digest of State laws relating
to purchase of, by banks and trust companies.
456
Cost of living, principal countries
32
Cotton:
Consumption, index of
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Crop estimates
21, 550, 630, 693, 784
Manufactures—
Exports, England
126, 380, 568, 804
Production, France
126,380,568,804
Prices, chart showing
337
Raw, imports—
Canada
127, 381, 569, 805
England
126, 380, 568, 804
France
126, 380, 568, 804
Germany
127, 381, 569, 805
Wholesale prices
14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Country banks:
Classifications of loans, investments, deposits, and borrowings. _ 137, 393, 607, 608, 759
Condition of, on call dates
133, 389, 607, 758
Loans and investments, discussion of
398
Court opinion—Supreme Court of Tennessee in
case of First National Bank of Chattanooga
v. Chapman; transfer of trust powers upon
consolidation of a national bank and a State
trust company
322
Credit, agricultural:
Discussion of
614
Germany, discussion by agent general for
reparation payments
726
Latvia
437
Rumania
553
Credit, bank:
Brazil
443
Bulgaria
556
Colombia
791
Crop moving—
Discussion of
614
Federal Reserve Board statement regarding
614
823
Credit, bank—Continued.
Federal reserve—
Page
Averages of daily
figures
8, 59,
160, 280, 346, 418, 489, 538, 618, 679, 771
Chart showing
7, 58,
159, 279, 345, 417, 488, 537, 617, 678, 770
Discussion of
51
97, 140, 396, 483, 534, 614, 764
Germany, discussion by agent general for
reparation payments
709
Greece
634
Member bank—
Discussion of__ 51, 97, 141, 396, 483, 534, 763
Monthly averages of weekly figures. _
12,
63, 105, 163, 283, 349, 421, 492, 541, 621,
681, 773.
National summary
6, 57,
101, 158, 278, 344, 416, 487, 536, 616, 661, 769
Poland
366
Rumania
551
Yugoslav! a
368
Crop estimates
21, 501, 550, 630, 693, 784
Crop moving, credit for:
Discussion of
614
Federal Reserve Board statement regarding
614
Cuba, foreign exchange rates:
Monthly averages
28, 78,
123, 255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Cunningham, Edward H., member of Federal
Reserve Board, death of
763
Currency:
Circulation—
Belgium
295
Germany, discussion by agent general
for reparation payments
729
Poland
364
Switzerland
311
United States—
Averages of daily figures. 8, 59, 102, 160,
280, 346, 418, 489, 538, 618, 679, 771
By kinds
36.
87, 385, 468, 529, 600, 648, 750, 808
Discussion of
140, 483, 533, 765
Federal reserve, cost of
95, 532
Currency legislation:
Czechoslovakia
506
Denmark
72
German Reichsbank, proposed change in
law
300
Switzerland
312
Czechoslovakia:
Bank of—
Annual report
506
Condition of
23,74,119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Changes in
340, 399
Monthly
figures
25,76,122,254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28,78,123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Retail food prices and cost of living
32
Wholesale prices
30,79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Dairy products, wholesale prices
14, 65, 106
824
INDEX TO VOLUME 16
Danzig, Bank of:
Page Deposits—Continued.
Page
Condition of
23,74,
Member banks—Continued.
Government deposits
43,
119, 251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
93, 292, 356, 428, 499, 548, 628, 690, 782
Changes in
143, 277, 340, 399, 535, 659
Time and demand—
Monthly
figures
25,76,122,
Averages, of daily
figures
168,
254, 318, 376, 449, 514, 564, 642, 743, 801
289, 355, 427, 498, 547, 627, 688, 780
Legal reserve requirements
502
Chart showing
341
Debits to individual account
44,94,
Classification, on call dates
136,
110, 168, 290, 385, 468, 529, 600, 648, 692, 783
137, 392, 393, 604-610, 755-761
Debt:
Discussion of
612
Germany, discussion by agent general for
Reporting banks in leading cities. _
43,
reparation payments
700
93, 292, 356, 428, 499, 548, 628,
690, 782.
Italy
430
National banks, on call dates
47, 272, 474, 652
Switzerland
307
State banks, on call dates
48, 273, 475, 653
Yugoslavia
368
Depreciation charges, Federal reserve bank
Decision of Attorney General of United States
relative to status of branches of a national
premises
96
bank resulting from conversion of a State
Deputy chairmen of Federal reserve banks,
bank having branches
81
appointment of
5
Decision of Supreme Court of Tennessee in case
Digest of State laws regarding purchase of
of First National Bank of Chattanooga v. Chapcorporate stocks by banks and trust comman; transfer of trust powers upon consolidapanies
456
tion of a national bank and a State trust
Directors of Federal reserve banks:
company
322
Case, J. H., appointed class C at New
Deferred availability items, Federal reserve
York
100
banks
36, 87, 131, 269,
Election of—
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Amendment to Federal reserve act
Deficiencies in reserves:
regarding
518
Amendment to Regulation D regarding.
645
For 3-year term
5
Penalties on
95, 532
Expenses of meetings
95, 532
Definition of paper eligible for rediscount at
Heath, Wm. A., resignation of, at Chicago.658
Federal reserve banks
401
McGarrah, Gates W., resignation of, at
Demand deposits. (See Deposits.)
New York
100
Denmark:
Stevens, Eugene M., appointed class C at
Bank of—
Chicago
658
Annual report
785
Wood, John S., appointed class C at St.
Condition of
23,74,119,
Louis
339
251, 315, 373, 446, 511, 561, 639, 740, 798 Discount rates:
Currency legislation
72
Bank of Belgium, discussion in annual reDiscount rates—
port
295
Changes in
4, 143, 277, 340, 766
Bank of Bolivia, discussion in annual reMonthly
figures
25, 76, 122, 254,
port
441
318, 376, 449, 514, 564, 642, 743, 801
Bank of Denmark, discussion in annual
Gold holdings, 1913-1929
171
report
785
Legal reserve requirements
502
Bank of Latvia, discussion in annual reForeign exchange rates—•
port
438
Monthly averages
28,78,123,
Bank of Switzerland, discussion in annual
255, 319, 377, 450, 515, 565, 638, 739, 797
report
310
Yearly averages, 1922-1929
27
Bank of Yugoslavia, discussion in annual
Joint-stock banks, condition of
25, 76,
report
370
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Bill r a t e s Wholesale prices
30, 79,
Changes in
54, 143, 277, 340, 399, 486
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Monthly
figures
10, 61, 103,
Department-store sales and stocks, index of:
161, 281, 347, 419, 490, 539, 619, 680, 772
By Federal reserve districts
20,
Federal reserve banks—
71, 111, 169, 293, 357, 429, 500, 549, 629
Changes in—
By months
686, 778
Atlanta
277,486
Deposits:
Boston
100, 340, 399
All banks in United States on call dates—
Chicago
100, 399
By Federal reserve districts..45, 270, 472, 650
Cleveland
100, 143, 399
By States
46, 271, 473, 651
Dallas
100,277,615
Federal reserve banks—
Kansas City
4, 100, 536
Daily average
37, 88, 110,
Minneapolis
100, 277, 615
168, 289, 355, 427, 498, 547, 627, 688, 780
New York
100, 143, 340, 399
End of month figures.. 36, 87, 131, 269, 328Philadelphia
54, 143,399
330, 383, 384, 467, 528, 599, 647, 749, 807
Richmond
100, 277, 486
Member bank with nonmember bank, limiSt. Louis
100, 277, 536
tation on; ruling
747
San Francisco
143, 536
Member banks—
Discussion of
139
All banks, on call dates
136,
Monthly
figures
10, 61, 103, 161, 281,
137, 392, 393, 604-610, 755-761
347, 419, 490, 539, 619, 680, 689, 772, 781
INDEX TO VOLUME 16
Discount rates—Continued.
Foreign central banks—
Page
Changes in—
Austrian National Bank
4,
54, 100, 143, 340, 615
Bank of Belgium
4, 54, 277, 340, 486
Bank of Chile
535
Bank of Colombia
340, 615
Bank of Czechoslovakia
340, 399
Bank of Danzig
143,
277, 340, 399, 535, 659
Bank of Denmark __ 4, 143, 277, 340, 766
Bank of Ecuador
54
Bank of England. __ 4, 100, 143, 277, 340
Bank of Estonia
659
Bank of Finland
277, 535
Bank of France
277, 340
Bank of Hungary
54, 100, 143, 340
Bank of India...:
143, 277, 486, 766
Bank of Italy
143, 277, 340
Bank of Japan
659
Bank of Java
100, 143
Bank of Latvia
659
Bank of Netherlands
54, 143
Bank of Norway
4, 143, 766
Bank of Peru. J
486, 535
Bank of Poland
100, 143, 399, 659
Bank of Portugal
399
Bank of Spain
486
Bank of Sweden
4, 54, 143, 277
Bank of Switzerland
143, 277
Bank of Yugoslavia
340
German Reichsbank
54,
100, 143, 340, 399, 659
South African Reserve Bank
659
Discussion of
139
Monthly
figures
25, 76, 122,
254, 318, 376, 449, 514, 564, 642, 743, 801
German Reichsbank—
Discussion by agent general for reparation payments
715
Discussion in annual report
298
Hungary, discussion in annual report of
Bank of
434
Netherlands, discussion in annual report
of Bank of
503
Open-market rates in New York City
10,
61, 103, 161, 281, 347, 419, 490, 593, 619,
680, 772.
Prevailing rates charged customers
11,
62, 104, 162, 282, 348, 420, 491, 540,
620, 680, 689, 772, 781.
Yugoslavia
370
Discounts of Federal reserve banks:
Amendment to Federal reserve act regarding rediscount of paper of one borrower. _ 325
Amendment to Regulation A regarding
519
Paper eligible, study of
400
{See also Bills discounted by Federal reserve
banks.)
Dividends:
Federal reserve banks
96, 532
Member banks
49, 477
National banks
49, 480
State bank members
50, 481
Drug chain stores, sales of
20, 71
Drugs:
Wholesale prices
14, 65, 106
Wholesale trade
20, 71
Dry goods, wholesale trade
20, 71
Due from foreign banks to Federal reserve banks
36,
87, 131, 269, 328-330, 383, 384, 467, 528, 599,
647, 749, 807.
825
Due to and from banks and bankers. {See
Bankers' balances.)
Page
Dutch East Indies, wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802
Dyes, exports, Germany
127, 381, 569, 805
Earnings and expenses:
Federal reserve banks
55, 95, 532
Member banks
49, 50, 411, 476-481
Earnings on bills and securities held by Federal
reserve banks
55, 95, 532
Ecuador:
Bank of—
Discount rates—
Changes in
54
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Edge Act:
Amendment to regulation K regarding
titles of corporation? organized under
455
Corporation formed under
399
Egypt:
Bank of—
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802
Election of directors of Federal reserve banks.
(See Directors.)
Eligibility of paper for rediscount at Federal
reserve banks, study of
400
Eligible paper held by Federal reserve agents as
security for Federal reserve notes
328-330,
383, 384, 467, 528, 599, 647, 749, 807
Employment:
Canada
127, 381, 569, 805
England
126,380, 568, 804
France
126, 380, 568, 804
Germany
127, 381, 569, 805
United States—
Chart showing
18, 53, 69,
109, 167, 287, 353, 425, 496, 545, 625, 685
Discussion of
53
Index of—
By industrial groups. __ 18, 69, 109, 167,
287, 353, 425, 496, 545, 625, 685, 777
New index
662-677
Total
15, 66, 107, 165,
285, 351, 423, 494, 543, 623, 683, 775
National summary
6, 57, 101,
158, 278, 344, 416, 487, 536, 616, 661, 769
England:
Bank of—
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Changes in
4, 100, 143, 277, 340
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings—
Discussion of
3
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
826
INDEX TO VOLUME 16
England—Continued.
Page
Bank of—Continued.
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Gold imports and exports
22, 73,
118, 250, 314, 372, 445, 510, 560, 637, 73.8, 796
Industrial statistics
126, 380, 568, 804
London clearing banks, condition of
25, 76,
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Money rates
26, 77,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Retail food prices and cost of living
32
Wholesale prices—
All commodities
30, 79, 124,
256, 320, 378, 451, 516, 566, 643, 744, 802
Groups of commodities
31, 80, 125,
257, 321, 379, 452, 517, 567, 644, 745, 803
Estonia, bank of:
Annual report
558
Condition of
23, 74,
119, 251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Change in
659
Monthly
figures
25, 76, 122,
254, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Examination of member banks, amendment to
Federal reserve act regarding
518
Exchange, Federal reserve, liability incurred by
member-bank in purchasing
81
Exchange rates, foreign. (See Foreign exchange
rates.)
Executor, power to act as. (See Fiduciary
powers.)
Expenses of Federal Reserve Board, assessment
for
95, 532
Exports. (See Imports and exports.)
Expressage, Federal reserve banks, cost of
95, 532
Failures:
Bank
44, 94,
111, 169, 293, 357, 429, 500, 549, 629, 692, 783
Commercial—
Canada
127, 381, 569, 805
France
126, 380, 568, 804
Germany
127, 381, 569, 805
United States
111,
169, 293, 357, 429, 500, 549, 629, 692, 783
Farm products, prices of:
Discussion of
614
Monthly
figures
14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Federal advisory council:
Changes in personnel
615
Conferences, expenses of
95, 532
Meetings of
100, 615
Federal intermediate credit banks, loans of
44, 94
Federal land banks, loans of
44, 94
Federal reserve act, amendments to:
Section 4, relative to election of directors of
Federal reserve banks
518
Sections 6 and 9, facilitating cancellation of
Federal reserve bank stock of member
banks
325
Section 9, regarding notice required of banks
withdrawing from Federal reserve system
325
Section 9, relative to cost of examinations of
member banks
518
Federal reserve act, amendments to—Con.
Page
Section 11 (k), regarding surrender of trust
powers by national banks
518
Section 13, regarding rediscounts by Federal
reserve banks of paper of one borrower. _ 325
Federal reserve agents:
Appointment of, for year 1930
5
Case, J. H., appointed at New York
100
Conferences, expenses of
95, 532
Federal reserve note accounts
41, 91,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Heath, Wm. A., resignation of, at Chicago.
658
McGarrah, Gates W., resignation of, at
New York
100
Stevens, Eugene M., appointed at Chicago.
658
Wood, John S., appointed at St. Louis
339
Federal reserve bank credit. (See Credit.)
Federal reserve bank notes, circulation
36,
87, 385, 468, 529, 600, 648, 750, 808
Federal reserve bank stock, cancellation of:
Amendment to Federal reserve act regarding
325
Amendment to Regulation I regarding
454
Federal reserve banks:
Branches of, act authorizing construction
of building at Pittsburgh
324
Change in form of weekly statement
341
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Dividends paid
55, 96, 532
Earnings and expenses
55, 95, 532
Fiscal agency expenses
96, 532
Franchise tax paid
55, 96, 532
Resources and liabilities
37, 88,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Federal Reserve Board:
Annual report
278, 340
Assessment on banks for expenses of
95, 532
Cunningham, Edward H., member, death
of
763
Meyer, Eugene, appointed governor
615
Platt, Edmund, vice governor, resignation
of
,_
615
Statement by, relative to credit for crop
moving
614
Young, R. A., governor, resignation of
535
Federal reserve clearing system:
Amendment to Regulation J
523
Number of banks on par list
44,
94, 331, 385, 468, 529, 600, 648, 750, 808
Federal reserve exchange, liability incurred by
member bank in purchasing; ruling
81
Federal reserve notes:
Circulation—
Averages of daily
figures
37, 88, 110,
168, 289, 355, 427, 498, 547, 627, 688, 780
End of month
figures
36,
87, 385, 468, 529, 600, 648, 750, 808
Cost of
95, 532
Federal reserve agents' accounts
41, 91,
131, 269, 327, 382, 466, 527, 598, 646, 748, 806
Gold held against
37, 88,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Fiduciary powers:
Amendment to Federal reserve act
518
Amendment to Regulation F
746
Granted to national banks
34, 83,
130, 268, 333, 387, 471, 531, 602, 649, 752, 810
Transfer of, upon consolidation of a national
bank and a State trust company; opinion
of Supreme Court of Tennessee
322
INDEX TO VOLUME 16
Finland:
Page
Bank of—
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
277, 535
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Cost of living
32
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Joint-stock banks, condition of
25, 76, 121
Wholesale prices
30, 79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Fiscal agency expenses of Federal reserve
banks
96,532
Five-and-ten-cent chain stores, sales of
20, 71
Float, reserve bank
36,
87, 131, 269, 327, 382, 466; 527, 599, 646, 749, 807
Flour production:
Canada
127, 381, 569, 805
United States
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Food prices
14,
65, 106, 257, 321, 379, 452, 517, 567, 644, 745, 803
Food products:
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 672
Production of
16,
67, 108, 166, 286, 424, 495, 544, 624, 684, 776
Foreign bank deposits held by Federal reserve
banks
39, 90,
328T330, 383, 384, 467, 528, 599, 647, 749, 807
Foreign banking corporations, amendment to
Regulation K regarding titles of, organized
under provisions of section 25a of Federal
reserve act
455
Foreign banks, due from, to Federal reserve
banks
39,
89, 328-330, 383, 384, 467, 528, 599, 647, 749, 807
Foreign capital issues. (See Capital issues.)
Foreign central banks:
Annual reports. (See Annual reports.)
Condition of. (See Condition of banks.)
Discount rates. (See Discount rates.)
Gold holdings—
Monthly
figures
22, 73, 118,
250, 314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
170
Legal reserve requirements
502
Foreign commercial banks, condition of
25,
76, 121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Foreign exchange:
Austria
362
Bulgaria
555
Denmark
788
Germany—
Discussion in annual report of Reichsbank
299
Discussion by agent general for reparation payments
715
Greece
631
Hungary
435
Italy.__"
431
Japan
304
Netherlands
504
827
Foreign exchange—Continued.
Page
Poland
365
Rumania
552
Switzerland
310
Yugoslavia
368
Foreign exchange rates:
Monthly averages
28, 78,
123, 255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Foreign trade:
Bulgaria
554
Denmark
786
Estonia
558
France
114
Germany, discussion by agent general for
reparation payments
731
Greece
632
Hungary
433
Japan
304
Latvia
436
France:
Bank of—
Annual report
112
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798
Discount rates—
Changes in
54, 277, 340
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings—
Discussion of
2
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirement
502
Commercial banks, condition of
25, 76,
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Gold imports, discussion of
656
Industrial statistics
126, 380, 568, 804
Money rates
26, 77,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Retail food prices and cost of living
32
Wholesale prices—
All commodities
30, 79, 124,
256, 320, 378, 451, 516, 566, 643, 744, 802
Group of commodities
31, 80, 125,
257, 321, 379, 452, 517, 567, 644, 745, 803
Franchise tax paid by Federal reserve banks
55, 96
Freight car loadings:
Canada, England, France, and Germany. _ 126,
380, 568, 804
Index of
15, 20, 66, 71, 107,
165, 285, 351, 423, 494, 543, 623, 683, 775
Gasoline production
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Germany:
Balance of trade, discussion by agent general- for reparation payments
733
Berlin commercial banks, condition of
25, 76,
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Budget, discussion by agent general for
reparation payments
695
Business conditions, discussion by agent
general for reparation payments
734
Credit conditions, discussion by agent
general for reparation payments
709
Currency circulation, discussion by agent
general for reparation payments
729
828
INDEX TO VOLUME 16
Germany—Continued.
Debt, discussion by agent general for
reparation payments
700
Foreign exchange, discussion by agent
general for reparation payments
715
Foreign exch ange rates—
Monthlv averages
28,78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Foreign trade, discussion of, by agent
general for reparation payments
731
Gold imports and exports
22, 73,
118, 250, 314, 372, 445, 510, 560, 637, 738, 796
Industrial statistics
127, 381, 569, 805
Money rates
26, 77
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Reichsbank—
Annual report
298
Condition of
23, 74, 119,
251, 315, 373, 446, 511, 561, 639, 740, 798.
Discount rates—
Changes in__. 54, 100, 143, 340, 399, 659
Discussion of, by agent general for
reparation payments
715
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801.
Gold holdings—
Discussion of
3
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796.
Years 1913-1929
171.
Legal reserve requirements
502
Reparations—
Hague conference, final act of
172
Report of agent general
694-737
Retail food prices and cost of living
32
Wholesale prices—
All commodities
30,79,124,
256, 320, 378, 451, 516, 566, 643, 744, 802
Groups of commodities
31, 80, 125,
257, 321, 379, 452, 517, 567, 644, 745, 803
Glass, production of
16,
67, 166, 286, 352, 424, 495, 544, 624, 684, 776
Gold:
Coin and certificates—
Circulation
36,
87, 385, 468, 529, 600, 648, 750, 808
Held by Federal reserve banks
41,
91, 328-330, 383, 384, 467, 528, 599, 647,
749, 807.
Exports, embargo on, removed in J a p a n - . .
72
Holdings—
Argentina, discussion of
3
Australia, amendment to bank act
regarding
116
Bulgaria
555
Canada, discussion of
4
Czechoslovakia
507
Denmark
788
England, discussion of
3
Foreign central banks—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
170
France, discussion of
2
Germany, discussion of
3
Greece
634
Netherlands
504
United States, discussion of
1, 612
Imports and exports—
Belgium
294
Gold—Continued.
Imports and exports—Continued.
Canada, discussion of
657
France, discussion of
656Germany
299
United States—
Discussion of
1, 483, 534, 655
Monthly
figures
8,59,102,160,
280, 346, 418, 489, 538, 618, 679, 771
United States, Germany, Great Britain,
Netherlands, South Africa, India. _
22,.
73, 118, 250, 314, 372, 445, 510, 560, 637,
738, 796.
Reserves of Federal reserve banks
37, 88,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Stock monetary—
Averages of daily
figures
8, 59, 102,
160, 280, 346, 418, 489, 538, 618, 679, 771
Chart showing
7, 58, 159,
279, 345, 417, 488, 537, 617, 655, 678, 770
Discussion of
655, 765
Gold redemption fund
37,
88, 32&-330, 383, 384, 467, 528, 599, 647, 749, 807
Gold settlement fund
37,42,88,
92, 328-330, 383, 384, 467, 528, 599, 647, 749, 807
Gold standard:
Bolivia
440
Japan
72, 304
Government deposits:
Held by Federal reserve banks
39, 90,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Held by member banks
43,
w
93, 292, 356, 428, 499, 548, 628, 690, 782
Governor of Federal Reserve Board:
Meyer, Eugene, appointed
615
Young, Roy A., resignation of
535
Governors of Federal reserve banks:
Conferences, expenses of
95, 532'
Harding, W. P. G., death of, at Boston
143
Young, Roy A., appointed at Boston
535
Greece:
Bank of—
Annual report
631
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates
25, 76, 122,
245, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Retail food prices and cost of living
32
Grocery chain stores, sales of
20, 71
Group banking
144-157, 766-768, 811-817
Guardian of estates, power to act as. (See
Fiduciary powers.)
Guatemala, Bank of:
Gold holdings, 1913-1929
171
Legal reserve requirement s
502'
Hague, Conference, final act of
172
Harding, W. P. G., governor of Federal Reserve
Bank of Boston, death of
143
Hay crop estimates
21, 501, 550, 630, 693, 784
Heath, Wm. A., Federal reserve agent at
Chicago, resignation of
65&
Hides:
Imports, England
126, 380, 568, 804
Wholesale prices
14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 80&
INDEX TO VOLUME 16
829
Page
Page
337 Industrial stocks, index of prices
14f
127,
65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774
381, 569, 805 Insurance agency, eligibility of note of, for reSlaughtered, index of
17,
discount by Federal reserve bank; ruling
746
68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Insurance, Federal reserve banks, cost of
95, 532
Hong Kong, foreign exchange rates:
Interest rates:
Monthly averages
28,78, 123,
Call loans—
255, 319, 377, 450, 515, 565, 638, 739; 797
Discussion of
395, 613
Yearly averages, 1922-1929
27
Monthly
figures
10, 61, 103,
House-furnishing goods, wholesale prices
14,
161, 281, 347, 419, 490, 539, 619, 680, 772
65, 106, 257, 321, 379, 451, 517, 567, 644, 802
Prevailing in principal cities
11, 62, 104, 162,
Hungary:
282, 348, 420, 491, 540, 620, 680, 689, 772, 781
Bank of—
(See also Discount rates.)
Annual report
432 Interlocking bank directorates under Clayton
Condition of
24, 75, 120,
Act:
252, 316, 374, 447, 512, 562, 640, 741, 799
Amendment to Regulation L regarding
455
Discount rates—
Permits, effect of consolidation of banks on. 525
Changes in
54, 100, 143, 340 Intermediate credit banks, loans of
44, 94
Monthly
figures
25, 76, 122, 254, International pavments of the United States,
318, 376, 449, 514, 564, 642, 743, 801
balance of, 1923-1929
414
Gold holdings, 1913-1929
171 Investments. (See Loans and investments.)
Legal reserve requirements
502 Iron and steel:
Cost of living
32
Exports—
Foreign exchange rates—
England
126, 380, 568, 804
Monthly averages
28, 78, 123,
Germany
127, 381, 569, 805
255, 319, 377, 450, 515, 565, 638, 739, 797
Factory employment and pay rolls—
Yearly averages, 1922-1929
27
Monthly index
18, 69, 109,
Money rates
26, 77,
167, 287, 352, 425, 496, 545, 625, 685, 777
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
New employment index
665, 666, 668
Wholesale prices
30, 79,
Production—
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
England
126, 380, 568, 804
Imports and exports:
France
126, 380, 568, 804
Bulgaria
554
Germany
127, 381, 569, 805
Canada
127, 381, 569, 805
United States
16, 67, 108,
England
126, 380, 568, 804
166, 286, 352, 424, 495, 544, 624, 684, 776
Estonia
558
Iron ore:
France—
Discussion in annual report
114
Imports, Germany
127, 381, 569, 805
Monthly statistics
126, 380, 568, 804
Shipments, United States
16, 67,
Germany
127, 381, 569, 805
108,
166,
286,
352,
424,
495,
544,
624,
684,
776
Gold, United S t a t e s Italy:
Discussion of
655
Bank of—
Monthly
figures
8, 59, 102,
Annual report
430
160, 280, 346, 418, 489, 538, 618, 679, 771
Condition of
23, 74, 119,
Greece
632
251, 315, 373, 446, 511, 561, 639, 740, 798
Hungary
433
Discount rates—
Japan
304
Changes in
143, 277, 486
Latvia __
436
Monthly
figures
25, 76, 122, 254,
India:
318, 376, 449, 514, 564, 642, 743, 801
Bank of—
Gold holdings—
Discount rates—
Monthly
figures
22, 73, 118, 250,
Changes in
143, 277,486, 766
314, 372, 445, 510, 560, 637, 738, 796
Monthly
figures
25, 76, 122, 254,
Years 1913-1929
171
318, 376, 449, 514, 564, 642, 743, 801
Legal reserve requirements
502
Gold holdings—
Commercial banks, condition of
25,
Monthly
figures
22, 73, 118, 250,
76, 121, 253, 317, 375, 448, 513, 563
314, 372, 445, 510, 560, 637, 738, 796
Foreign exchange rates—
Years 1913-1929
171
Monthly averages
28, 78, 123,
Foreign exchange rates—
255, 319, 377, 450, 515, 565, 638, 739, 797
Monthly averages
28, 78, 123,
Yearly averages 1922-1929
27
255, 319, 377, 450, 515, 565, 638, 739, 797
Money rates
26, 77,
Yearly averages, 1922-1929
27
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Gold imports and exports
22, 73,
Retail food prices and cost of living
32
118, 250, 314, 372, 445, 510, 560, 637, 738, 796
Wholesale prices
30,79,
Retail food prices and cost of living
32
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802 Japan:
Bank of—
Industrial production. (See Production.)
Annual report
302
Industrial statistics for England, France, GerCondition of
23, 74, 119,
many, and Canada
126,380,568,804
Hogs:
Prices, chart showing
Receipts at Canadian stockyards
251, 315, 373, 446, 511, 561, 639, 740, 798
830
INDEX TO VOLUME 16
Japan—Continued.
Bank of—Continued.
Page
Discount rates—
Changes in
659
Monthly
figures
25,
76, 122, 254, 318, 376, 449, 514, 564,
642, 743, 801.
Gold holdings—
Monthly
figures
22,
73, 118, 250, 314, 372, 445, 510, 560,
637, 738, 796.
Years 1913-1929
171
Legal reserve requirements
502
Embargo on gold exports removed
72
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages 1922-1929
27
Money rates
26, 77, 122
254, 318, 376, 449, 514, 564, 642, 743, 801
Return to gold standard
72
Tokyo commercial banks, condition of
25,
76, 121, 253, 317, 375, 448, 513, 563,
641, 742, 800.
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643,
744, 802.
Java:
Bank of—
Annual report
793
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
100, 143
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages 1922-1929
27
Joint-stock land banks:
Exempted from provisions of Clayton Act;
amendment to Regulation L
455
Loans of
44, 94
Labor. (See Employment.)
Latvia, Bank of:
Annual report
436
Condition of
24, 75,
120, 252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
659
Monthly
figures
25,76,122,
254, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Law department:
Act of Congress authorizing construction
of building for Federal reserve branch
bank at Pittsburgh
324
Branches of State banks, status of, upon
conversion into national bank; opinion of
Attorney General
81
Digest of State laws relating to purchase of
corporate stocks by banks and trust
companies
456
Federal reserve act, amendments to—
Section 4, relative to election of directors of Federal reserve banks
518
Law department—Continued.
Federal reserve act, amendments to—Con.
Page
Sections 6 and 9, facilitating cancellation of Federal reserve bank stock
of member banks
325
Section 9, regarding notice required of
banks withdrawing from Federal
reserve system
325
Section 9, relative to cost of examinations of member banks
518
Section 11 (k), regarding surrender of
trust powers by national banks
518
Section 13, regarding rediscounts by
Federal reserve banks of paper of
one borrower
325
Insurance agency, note of, eligibility for rediscount by Federal reserve bank
746
Opinion of Attorney General relative to
status of branches of national bank
resulting from conversion of State bank
haying branches
81
Opinion of Supreme Court of Tennessee in
case of First National Bank of Chattanooga v. Chapman; transfer of trust
powers upon consolidation of a national
bank and a State trust company
322
Regulation A, amendment to, relative to
rediscounts by Federal reserve banks
519
Regulation D, amendment to, relative to
penalties for deficiencies in reserves
645
Regulation F, amendment to
746
Regulation H, amendment to, regarding
withdrawals of State member banks
453
Regulation I, amendment to, regarding
Federal reserve bank stock held by
member banks
454
Regulation J, amendment to, regarding
check clearing and collection
523
Regulation K, amendment to, regarding
title of corporations organized under
section 25a of Federal reserve act
455
Regulation L, amendment to, regarding
interlocking bank directorates
455
Rulings—
Clayton Act permits, effect of consolidations pf banks on
525
Deposits of member banks with nonmember banks, limitation on
747
Federal reserve exchange, liability
incurred by member bank in purchasing
81
Relation between provisions of statute
as to eligibility of paper for rediscount and provisions limiting amount
of paper of one borrower which may
be rediscounted
453
State laws relating to bank reserves, summary of
570
Laws, banking:
Australia
116
Denmark
72
State laws relating to bank reserves, summary of
570
State laws relating to branch banking,
digest of
J_
258
Lead production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Leather:
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
INDEX TO VOLUME 16
Leattier—Continued.
Page
Factory employment and yay rolls—Con.
New employment index 1
665, 666, 674
Production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Legal fees, Federal reserve banks
95, 532
Light, heat, and power, Federal reserve banks,
cost of
95, 532
Lithuania, Bank of:
Condition of
24, 75,
120, 252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates
25, 76,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Living, cost of
32
Loans and investments:
All banks in United States on call dates
750
By Federal reserve districts
45,
143, 270, 472, 615, 650
By States
46, 27li 473, 651
Discussion of
612
Member banks—
All banks, on call dates
132-137,
340, 388-393, 602-610, 755-761
"All other" loans, discussion of
51,
140,275,396,534,611
Chart showing
98, 341, 397, 763
Classification of, on call dates
136,
137, 392, 393, 604-610, 753, 755-761
Discussion of
97,
141, 275, 396, 483, 543, 611, 763
Monthly averages of weekly figures. _ 12, 63,
105, 163, 283, 349, 421, 492, 541, 621, 681,
773.
Weekly
figures
43,
93, 290, 356, 428, 499, 548, 628, 690, 782
National banks, on call dates
47, 272, 474, 652
State banks, on call dates
48, 273, 475, 653
Loans to brokers:
Call report dates
659
Chart showing
276, 763
Discussion of
97, 141, 276, 396, 484, 611, 763
Monthly
figures
13, 64,
105, 163, 283, 349, 421, 492, 541, 621, 681, 773
Locomotives, index of production
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Lumber:
Exports, Canada
127, 381, 569, 805
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 672
Production
17, 68
Machinerv:
Exports, Germany
127, 381, 569, 805
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 668
Imports, Canada
127, 381, 569, 805
Manufacturing production, index of:
By industries
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Total
15, 66,
107, 165, 285, 351, 423, 494, 543, 623, 683, 775
Maps. (See Charts.)
Maturity of bills and short-term securities
42,
92, 331, 385, 468, 529, 600, 648, 750, 808
McGarrah, Gates W.:
Elected chairman of board of directors of
Bank for International Settlements
358
831
p
McGarrah,.Gates W.—Continued.
age
Resignation of, as Federal reserve agent at
New York
100
Member bank call report
132, 388, 603, 754
Member bank credit. (See Credit.)
Member banks:
Bankers' balances. (See Bankers' balances.)
Borrowings from Federal reserve banks.
(See Borrowings.)
Changes affecting membership
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Classification of loans and investments on
call dates
753
Classification of loans, investments, deposits, and borrowings, on call dates
136,
137, 392, 393, 604, 606, 755
Condition of—
All banks, on call dates
132-137,
340, 388-393
By class of bank__ 133, 389, 607, 608, 756
By Federal reserve districts
134,
390, 609, 610, 760
Reporting banks in leading cities—
Revision of weekly statement
277
Weekly
figures
43, 93,
209, 356, 428, 499, 548, 628, 690, 782
Deposits. (See Deposits.)
Dividends
477
Earnings and expenses
49, 50, 411, 476-481
Examination of, amendment to Federal
reserve act regarding
518
Loans and investments. (See Loans and
investments.)
Loans to brokers. (See Brokers' loans.)
National banks. (See National banks.)
Number on par list
44,
94, 331, 385, 468, 529, 600, 648, 750, 808
Reserve balances. (See Reserve balances.)
State banks. (See State banks.)
Suspensions
44, 94,
111, 169, 293, 357, 429, 500, 549, 629, 692, 783
Membership in Federal reserve system, changes
in
38, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Mergers, member banks
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Metals, wholesale prices:
Chart showing
338
Discussion of
337
Monthlv
figures
14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Mexico, foreign exchange rates:
Monthly averages
28, 78,
123, 255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Meyer, Eugene, appointed governor of Federal
Reserve Board
615
Minerals, index of production:
By industries
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Total
15, 66,
107, 165, 285, 351, 423, 494, 543, 623, 683, 775
Money in circulation:
By kinds. _ 36, 87, 385, 468, 529, 600, 648, 750, 808
Chart showing
7,58, 140, 159,
279, 345, 417, 488, 533, 537, 617, 678, 770
Discussion of
140, 483, 533, 612, 765
Money market:
Austria
359
Bulgaria
556
Chart showing
10, 61, 139, 395, 613
832
INDEX TO VOLUME 16
Money market—Continued.
Czechoslovakia
508
Denmark
787
Discussion of
139, 395, 613, 763
Estonia
558
Foreign countries, monthly figures
26, 77,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
France
112
Germany
298
Italy
430
Japan
302
Java
794
Netherlands
503
New York City
10,61,
103, 161, 281, 347, 419, 490, 539, 619, 680, 772
Norway
363
Prevailing rates charged customers
11, 62,
104, 162, 282, 348, 420, 491, 540, 620, 680,
689, 772, 781.
Switzerland
309
Yugoslavia
369
Municipal warrants held by Federal reserve
banks, maturities of
42,
92, 331, 529, 600, 648, 750, 808
National bank notes, circulation
36,
87, 385, 468, 529, 600, 648, 750, 808
National banks:
Capital, increases and reductions in
34,
83, 130, 333, 387, 471, 531, 602, 649, 752, 810
Changes affecting membership
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Charters issued to
34,
83, 130, 333, 387, 471, 531, 602, 649, 752, 810
Classification of loans, investments, deposits, and borrowings, on call dates
136,
392, 606, 756
Condition of, on call dates—
By class of bank
133, 389, 606, 756
By States
47,272,474,652
Earnings and expenses
49, 411, 480
Number of, on call dates
47, 272, 474, 652
Trust powers—
Amendment to act regarding surrender
of
518
Amendment to Regulation F
746
Granted
34, 83, 130,
268, 333, 387, 471, 531, 602, 649, 752, 810
Transfer of, upon consolidation with a
State trust company; opinion of
Supreme Court of Tennessee
322
Netherlands:
Bank of—
Annual report
503
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
54, 143
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Goldjholdings—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Gold imports and exports
22, 73,
118, 250, 314, 372, 445, 510, 560, 637, 738, 796
Money rates
26, 77,
K
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Retail food prices and cost of living
32
Netherlands—Continued.
Wholesale prices
30, 79, 124,
256, 320, 378, 451, 516, 566, 643, 744, 802
New Zealand:
Gold holdings, 1913-1929
171
Retail food prices
32
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802
Nonferrous metals:
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 676
Production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Nonmember banks:
Condition of, on call dates
45, 270, 472, 650
Deposits with member banks, limitation on;
ruling
747
Number on par list
44,
94, 331, 385, 468, 529, 600, 648, 750, 808
Suspensions
44, 94,
111, 169, 293, 357, 429, 500, 549, 629, 692, 783
Norway:
Bank of—
Annual report
363
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
4, 143, 766
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Commercial banks, condition of
25, 76, 121,
253, 317, 375, 448, 513, 563, 641, 742, 800
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Retail food prices and cost of living
32
Wholesale prices
30, 79, 124,
256, 320, 378, 451, 516, 566, 643, 744, 802
Number of banks on par list
44,
94, 331, 385, 468, 529, 600, 648, 750, 808
Number of reporting banks on call dates—
All banks in United States
46, 271, 473, 651
National banks
47, 272, 474, 652
State banks
48, 273, 475, 653
Oats, crop estimates
21, 501, 550, 630, 693, 784
Open-market discount rates. (See Discount
rates.)
Opinion of Attorney General of United States
relative to status of branches of a national
bank resulting from conversion of a State
bank having branches
81
Opinion of Supreme Court of Tennessee in case
of First National Bank of Chattanooga v.
Chapman; transfer of trust powers upon consolidation of a national bank and a State trust
company
322
Paper:
Eligible for rediscount at Federal reserve
banks, study of_
400
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 672
Production—
Canada
127, 381, 569, 805
Index of
16,
67, 108, 286, 352, 424, 495, 544, 624, 684
INDEX TO VOLUME 16
Page Portugal—Continued.
Par list, number of banks on
44,
94, 331, 385, 468, 529, 600, 648, 750, 808
Par value of foreign currency
27,
78, 123, 255, 319, 377, 450, 515, 565, 638, 739, 797
Pay rolls in factories, index of:
By industrial groups
18, 69,
109, 167, 287, 353, 425, 496, 545, 625, 685, 777
Chart showing
18, 69
Total
15,66,
107, 165, 285, 351, 423, 494, 543, 623, 683, 775
Penalties for deficiencies in reserves, amendment
to Regulation D regarding
645
Permits, building, issued
19,
70, 110, 169, 293, 357, 429, 500, 549, 629, 692, 783
Peru:
Bank of—
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
486, 535
Monthly figures
25, 76, 122, 254
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages 1922-1929
27
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802
Petroleum:
Imports, Canada
127, 381, 569, 805
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 676
Production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Pig iron prices, chart showing
338
Pittsburgh branch bank, act authorizing construction of building for
324
Platt, Edmund, vice governor of Federal Reserve
Board, resignation of
615
Poland:
Bank of—
Annual report
364
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
100, 143, 399, 659
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings 1913-1929
171
Legal reserve requirements
502
Commercial banks, condition of
25, 76, 121
Cost of living
32
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages 1922-1929
27
Wholesale prices
30, 79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Portugal:
Bank of—
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
399
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings 1913-1929
171
833
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages 1922-1929
27
Postage, Federal reserve banks, cost of
95, 532
Potash production, Germany
127, 381, 569, 805
Potatoes, crop estimates
21, 501, 550, 630, 693, 784
Prices:
Agricultural, discussion of
336, 614
Commodity, index of
165,
285, 351, 423, 494, 543, 623, 683, 775
Food, in principal countries
32,
257, 321, 379, 451, 517, 567, 644, 745, 803
Security
14, 65,
106, 164, 284, 350, 422, 493, 542, 622, 682, 774
Wholesale—
By commodity groups
14, 65, 106,
257, 321, 379, 451, 517, 567, 644, 745, 803
Chart showing
336, 337, 338
Discussion of
54, 335
National summary
._ _ 6; 57, 101,
158, 278, 344, 416, 487, 536, 616, 661, 769
New form of compilation
124, 256
Principal countries
30, 79, 124,
256, 320, 378, 451, 516, 566, 643, 744, 802
Printing and stationery, Federal reserve banks,
cost of
95, 532
Production, industrial:
Canada
127,381,569,805
England
126, 380, 568, 804
France. _
126, 380, 568, 804
Germany
127, 381, 568, 805
United States—
Chart showing
16, 52, 67
Discussion of
52
Index of—
By industries
16, 67, 108, 166,
286, 352, 424, 495, 544, 624, 684, 776
Total
15,66,107,165,
285, 351, 423, 494, 543, 623, 683, 775
National summary
6, 57, 101,
158, 278, 344, 416, 487, 536, 616, 661, 769
Profit and loss account of Federal reserve banks
96
Public-utility stocks, index of prices
14,
65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774
Railroad stocks, index of prices
14,
65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774
Railwav freight-car loadings:
Canada
127,381,569,805
England
126, 380, 568, 804
France..126,380,568,804
Germany
127, 381, 569, 805
Index of
15, 66,
107, 165, 285, 351, 423, 494, 543, 623, 683, 775
Rates:
Discount. (See Discount rates.)
Earnings, of Federal reserve banks
55
Foreign exchange. (See Foreign exchange
rates.)
Money. (See Money rates.)
Receiver, power to act as. (See Fiduciary
powers.)
Rediscounts and bills payable:
All banks in United States on call dates—
By Federal reserve districts. 45, 270, 472, 650
By States
46, 271, 473, 651
Member banks, on call dates
136,
137, 392, 393, 604-610, 756-761
National banks, on call dates. __ 47, 272, 474, 652
State banks, on call dates
48, 273, 475, 653
834
INDEX TO VOLUME 16
Rediscounts of Federal reserve banks:
Amendment to Federal reserve act regarding rediscount of paper of one borrower__
325
Amendment to Regulation A regarding
519
Paper eligible, study of
400
(See also Bills discounted by Federal reserve
banks.)
Regulations, amendments to:
Regulation A, relative to rediscounts by
Federal reserve banks
519
Regulation D, relative to penalties for deficiencies in reserves
645
Regulation F
746
Regulation H, regarding withdrawals of
State member banks from membership
in system
453
Regulation I, regarding Federal reserve
bank stock held by member banks
454
Regulation J, regarding check clearing and
collection
523
Regulation K, regarding titles of corporations organized under section 25a of
Federal reserve act
455
Regulation L, regarding interlocking bank
directorates
455
Reichsbank, German. (See Germany.)
Rent, Federal reserve banks, cost of
95, 532
Repairs, Federal reserve bank buildings, cost
of
95,532
Reparations:
Bank for International Settlements, organization of
358
Final act of Hague Conference
172
Final report of agent general
694-737
Reports:
Agent general for reparation payments- 694-737
Annual, of banks. (See Annual reports.)
Reserve balances of member banks:
Average of daily
figures
8, 59,
102, 160, 280, 346, 418, 489, 538, 618, 679, 771
Charts showing
7,
58, 159, 279, 345, 417, 488, 537, 617, 678, 770
End of month
figures
36,
87, 131, 269, 328-330, 383, 384, 467, 528, 599,
647, 749, 807.
Weekly
figures
43,
93, 291, 356, 428, 499, 548, 628, 690, 782
Reserve bank credit. (See Credit.)
Reserve bank
float
36,
87, 131, 269, 327, 382, 466, '527, 598, 646, 748, 806
Reserve city banks:
Classification of loans, investments, deposits, and borrowings. _ 137, 393, 607, 608, 759
Condition of, on call dates
133, 389, 607, 758
Reserve ratio:
Federal reserve banks
37, 88,
110, 169, 288, 355, 427, 498, 547, 627, 688, 780
Member banks, on call dates
135, 391
Reserve requirements, legal, of foreign central
banks
502
Reserves:
Deficient—
Amendment to Regulation D regarding
645
Penalties on
95, 532
Federal reserve banks—
Daily average
37, 88, 110,
168, 289, 355, 427, 498, 547, 627, 688, 780
End of month
figures
36, 87, 131,
269, 328, 383, 467, 528, 599, 647, 749, 807
State laws relating to, summary of
570
Resources and liabilities:
Page
All banks in United States, on call dates—
By Federal reserve districts. 45, 270, 472, 650
By States
46, 271, 473, 651
Federal reserve banks
36, 87,
131, 269, 328, 383, 467, 528, 599, 647, 749, 807
Member banks—
All banks, on call dates
132-137,
388-393, 603-610, 754-761
Reporting banks in leading cities
43,
93, 290, 356, 428, 499, 548, 628, 690, 782
National banks, on call dates
47, 272, 474, 652
State banks, on call dates
48, 273, 475, 653
Retail trade. (See Department stores.)
Revision:
Index numbers of factory employment. _ 662-677
Weekly Federal reserve bank statement
341
Weekly member bank statement
277
Rubber:
Crude, exports, England
126, 380, 568, 804
Factory employment and pay rolls—
Monthly index
18, 69, 109-,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 676
Prices, chart showing
338
Rulings of the Federal Reserve Board. (See
Law department.)
Rumania:
Bank of—
Annual report
551
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 648, 741, 799
Discount rates
25, 76, 122,
254, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Russia:
Bank of—
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates
25, 76, 122,.
254, 318, 376, 449, 514, 564, 642, 743, 801
Gold holdings—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Retail food prices
32"
Wholesale prices
30, 79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Salaries:
Federal reserve banks
95, 532
Member banks
49, 476Securities:
Held by Federal reserve banks—
Earnings and rates of earnings
55
End of month
figures
36, 87,
131, 328, 383, 467, 528, 599, 647, 749, 807
Held by member banks, classification, on
call dates__ 136, 137, 392, 393, 604-610, 753-761
Security loans:
Chart showing
276
Discussion of
98, 141, 276, 396, 484, 611, 763
INDEX TO VOLUME 16
p
Security loans—Continued.
age
Monthly
figures
13, 64,
105, 163, 283, 349, 421, 492, 541, 621, 681, 773
Total reported quarterly
659
Security market:
Austria
362
Belgium
296
Germany, discussion by agent general for
reparation payments
724
Poland
365
Security prices
14,
65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774
Serbs, Croats, and Slovenes, Kingdom of, Bank
of, change in name
368
Sheep slaughtered, index of
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Shipbuilding, index of
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Ships cleared:
England
126, 380, 568, 804
France
126, 380, 568, 804
Germany
127, 381, 569, 805
Silk:
Prices, chart showing
338
Production, index of
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Raw, imports, France
126, 380, 568, 804
Silver:
Coin and certificates in circulation
36,
87, 385, 468, 529, 600, 648, 750, 808
Prices, chart showing
338
Production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
South Africa:
Bank of—
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
659
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Gold imports and exports
22, 73,
118, 250, 314, 372, 445, 510, 560, 637, 738, 796
Retail food prices and cost of living
32
Wholesale prices
30,
79, 124, 256, 320, 451, 516, 566, 643, 744, 802
Spain:
Bank of—
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
486
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirements
502
Cost of living
32
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Wholesale prices
30, 79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Speculation, loans for:
Chart showing
276
Discussion of
98, 141, 276, 396, 484, 611
835
State banks:
Page
Admissions and withdrawals from membership in system
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Branches of, status of, upon conversion into
national bank; opinion of Attorney General
81
Condition of all banks on call dates
48,
273, 475, 653
Number in system
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Member banks—
Classification of loans, investments,
deposits, and borrowings on call
dates
136, 392, 606, 757
Condition of, on call dates
133,
389, 606, 756
Earnings and expenses
50, 411, 481
Withdrawals from system, amendment
to Regulation H, regarding
453
State laws:
Relating to bank reserves, summary of
570
Relating to branch banking
258
Relating to purchase of corporate stocks by
banks and trust companies, digest of
456
Steel:
Prices, chart showing
338
Production, index of
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Stevens, Eugene M., appointed Federal reserve
agent at Chicago
658
Stock, Federal reserve bank, held by member
banks, amendment to Regulation I regarding,
454
Stocks:
Common, index of prices
14, 65,
106, 164, 284, 350, 422, 493, 542, 622, 682, 774
Corporate, digest of State laws relating to
purchase of, by banks and trust companies
456
Department stores—
By Federal reserve districts
20,
71, 111, 169, 293, 357, 429, 500, 549, 629
By months
686, 778
Straits Settlements, foreign exchange rates:
Monthly averages
28, 78,
123, 255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Sugar, price of, chart showing
338
Supreme Court of Tennessee, opinion of, in case
of First National Bank of Chattanooga v.
Chapman; transfer of trust powers upon
consolidation of a national bank and a State
trust company
322
Surplus:
Federal reserve banks—
Amount transferred to
56, 96
End of month
figures
36,
87, 131, 328, 383, 528, 599, 647, 749, 807
National banks
49, 480
State bank members
50, 481
Suspensions, bank
44,
94, 111, 169, 293, 357, 429, 500, 549, 629, 692, 783
Sweden:
Bank of—•
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
4,54, 143,277
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
836
INDEX TO VOLUME 16
Sweden—Continued.
Bank of—Continued.
Gold holdings, 1913-1929
171
Legal reserve requirements
502
Commercial banks, condition of
25, 76,
121, 253, 317, 375, 448, 513, 563, 641, 742, 800
Cost of living
32
Foreign exchange r a t e s Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Money rates
26, 77,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Wholesale prices—
All commodities
30, 79, 124,
256, 320, 378, 451, 516, 566, 643, 744, 802
Groups of commodities
31, 80
Switzerland:
Bank of—
Annual report
305
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Changes in
143, 277
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings—
Monthly
figures
22, 73, 118, 250,
314, 372, 445, 510, 560, 637, 738, 796
Years 1913-1929
171
Legal reserve requirements
502
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Money rates
26, 77,
122, 254, 318, 376, 449, 514, 564, 642, 743, 801
Retail food prices and cost of living
32
Wholesale prices
30, 79,
124, 256, 320, 378, 451, 516, 566, 643, 744, 802
Tax, franchise, paid by Federal reserve banks. _ 56, 96
Taxes, Federal reserve banks
95, 532
Telephone and telegraph expenses of Federal
reserve banks
95, 532
Textiles:
Factory employment and pay rolls—
Monthly index
18, 69, 109,
167, 287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 670
Index of production
16, 67,
108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Wholesale prices
14, 65,
106, 257, 321, 379, 451, 517, 567, 644, 745, 803
Time deposits. (See Deposits.)
Tires, rubber, index of production
16,
67, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776
Tobacco:
Crop estimates
21, 501, 550, 630, 693, 784
Man uf actures—
Factory employment and pay rolls—
Monthly index
18, 69, 109, 167,
287, 353, 425, 496, 545, 625, 685, 777
New employment index
665, 666, 676
Index of production
16, 67, 108,
166, 286, 352, 424, 495, 544, 624, 684, 776
Trade:
RetailDepartment store sales
20, 71, 111,
169, 293, 357, 429, 500, 549, 629, 686, 778
National summary
6, 57, 101,
158, 278, 344, 416, 487, 536, 616, 661, 769
Wholesale, index of
15, 20, 66, 71
Page
Traveling expenses, Federal reserve banks
95, 532
Treasury bonds, average yield on
10,
61, 103, 161, 281, 347, 419, 490, 539, 619, 680, 772
Treasury certificates of indebtedness:
Average yield on
10,
61, 103, 161, 281, 347, 419, 490, 539, 619, 680, 772
Held by Federal reserve banks—
End of month
figures
328-330,
383, 384, 467, 528, 599, 647, 749, 807
Maturities
42,
92, 331, 385, 468, 529, 600, 648, 750, 808
Treasury notes:
Circulation
36,
87, 385, 468, 529, 600, 648, 750, 808
Held by Federal reserve banks
38, 89,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
Trust powers of national banks:
Amendment to Federal reserve act regarding surrender of
518
Amendment to Regulation F
746
Granted
34,83,
130, 268, 333, 387, 471, 531, 602, 649, 752, 810
Transfer of, upon consolidation of a national
bank and a State trust company; opinion
of Supreme Court of Tennessee
322
Turkey:
Foreign exchange rates—
Monthly averages
28,78,123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Unemployment:
Canada
127,381,569,805
England
126, 380, 568, 804
France
126, 380, 568, 804
Germany
127, 381, 569, 805
(See also Employment.)
United States.bonds held by Federal reserve
banks..
38, 89,
328-330, 383, 384, 467, 528, 599, 647, 749, 807
United States Government securities:
Held by Federal reserve banks—
Averages of daily
figures
8, 59, 102,
160, 280, 346, 418, 489, 538, 618, 679, 771
End of month
figures
36, 87, 131,
269, 328, 383, 467, 528, 599, 647, 749, 807
Held by member banks—
Classification on call dates
136,
137, 392, 393, 604-610, 755-761
Weekly
figures
43,
93, 292, 356, 428, 499, 548, 628, 690, 782
United States notes, circulation
36,
87, 385, 468, 529, 600, 648, 750, 808
Uruguay:
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Gold holdings, 1913-1929
171
Venezuela, foreign exchange rates:
Monthly averages
28, 78,
123, 255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Wages. (See Pay rolls.)
Warrants, municipal, held by Federal reserve
banks, maturities of
42,
92, 331, 529, 600, 648, 750, 808
Weekly statement:
Federal reserve banks, change in form
341
Member banks, change in form
277
(See also Condition of banks.)
INDEX TO VOLUME 16
Wheat:
Page
Crop estimates
21, 501, 550, 630, 693, 784
Prices, chart showing
337
Receipts and exports, Canada.. 127, 381, 569, 805
Wholesale prices. {See Prices.)
Wholesale trade index of
15, 20, 66, 71
Withdrawals from Federal reserve system:
Amendment to Federal reserve act regarding
325
Amendment to Regulation H regarding
453
Monthly figures
33, 83,
128, 267, 332, 386, 469, 530, 601, 649, 751, 809
Wood, John S., appointed Federal reserve agent
at St. Louis
339
Wood pulp:
Exports, Canada
127, 381, 569, 805
Production
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Wool:
Consumption, index of
17,
68, 166, 286, 352, 424, 495, 544, 624, 684, 776
Imports—
England
126, 380, 568, 804
Germany
127, 381, 569, 805
837
Page
Woolen exports, England
126, 380, 568, 804
Young, Roy A.:
Appointed governor of Federal Reserve
Bank at Boston
535
Resignation as governor of Federal Reserve
Board
535
Yugoslavia:
Bank of—
Annual report
368
Change in name
368
Condition of
24, 75, 120,
252, 316, 374, 447, 512, 562, 640, 741, 799
Discount rates—
Change in
340
Monthly
figures
25, 76, 122, 254,
318, 376, 449, 514, 564, 642, 743, 801
Gold holdings, 1913-1929
171
Foreign exchange rates—
Monthly averages
28, 78, 123,
255, 319, 377, 450, 515, 565, 638, 739, 797
Yearly averages, 1922-1929
27
Zinc production
16,
67, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776
FEDERAL RESERVE DISTRICTS
\
MINNEAPOLISJ
KANSAS CITY
KANS.
OKLA.
Oklahoma City
. —
®
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
.1
@FedFRASER