Full text of Federal Reserve Bulletin : June 1930
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FEDERAL RESERVE
BULLETIN
JUNE, 1930
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Movement of Commodity Prices
New Form of Weekly Statement
Condition of All Member Banks
Annual Reports of Central Banks—
Austria, Norway, Poland, and Yugoslavia
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1930
FEDERAL RESERVE BOARD
Ex officio members:
ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasuryt Chairman.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES,
EDWARD H. CUNNINGHAM.
J. W. POLE,
Comptroller of the Currency.
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.
Chief, Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY).
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
.
.
.
.
HERBERT K. HALLETT.
WM. C. POTTER.
HOWARD A. LOEB.
HARRIS CREECH.
JOHN POOLE.
J. P. BUTLER, Jr.
FRANK 0. WETMORE, President.
W. W. SMITH.
GEO. H. PRINCE.
W. S. MCLUCAS.
B. A. MCKINNEY, Vice President.
F. L. LIPMAN.
WALTER LICHTENSTEIN,, Secretary.
OFFICERS OF FEDERAL RESERVE BANKS
Boston
New York _
Frederic H. Curtiss
J. H. Case
Geo. L. Harrison
Philadelphia.
R. L. Austin.
Geo. W. Norris
W. W. Paddock
L. F. Sailer
E. R. KenzeL.._
W. R. Burgess
A. W. Gilbart
L. R. Rounds...
J. E. Crane
Walter S. Logan
Wm. H. Hutt
__ George DeCamp
E. R. Fancher
M. J. Fleming
Cleveland
Wm.W. Hoxton.
George J. Seay
C. A. Peple
1 Atlanta
Oscar Newton
Eugene R Black
Chicago
Win. A. Heath
J. B. McDougal
Hugh Foster
Creed Taylor
C. R. McKay
John H. Blair
St. Louis
John S. Wood..
Wm. McC. Martin
0. M. Attebery
Richmond.
Minneapolis
_. John R. Mitchell
. .
W. B. Geery
_
Kansas City
M. L. McClure
W. J. Bailey
Dallas
C. C.Walsh
Lynn P. Talley
San Francisco
Isaac B. Newton
Jno. U. Calkins
W. Willett.
C. H. Coe.i
Ray M. Gidney.i
J. W. Jones.i
W. B. Matteson.i
J. M. Rice.i 1
Allan Sproul.
C. A. Mcllhennv.
W. G. McCreedy.*
H. F. Strater.
_
Geo. H. Keesee.
John S. Walden, Jr.*
M. W. Bell.
W. C. Bachman.*
K. C. Childs.'
J. H. Dillard.*
D. A. Jones.*
0. J. Netterstrom.J
S. F. Gilmore.*
A. H. HailU
F. N. Hall.*
G. 0. Hollocher.*
C. A. Schacht.*
_- Gray Warren.
Frank C, Dunlop.*
J. W. Helm.
Harry Yaeger
H, I. Ziemer
C. A. Worthington
T W
1
Cashier
Deputy governor
Governor
Chairman
Federal Reserve Bank of—
TT«1 m
Fred Harris.
W. 0. Ford.*
Wm. M. Hale.
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
Assistant deputy governor.
* 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 Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the board's medium of communication
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or periodical publication of the board. The BULLETIN will be sent to all member
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paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the
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25 cents.
in
!
TABLE OF CONTENTS
Page
Review of the month—Movement of commodity prices
335
Commodity pric3 decline—Grouping by source of raw materials—Agricultural products—Metal
prices—Attempts at price maintenance.
Condition of all member banks on March 27, 1930
340, 388-393
Change in form of weekly statement of Federal reserve banks
341
Reparations plan and Bank for International Settlements
358
Annual report of the National Bank of Austria
359
Annual report of the Bank of Norway
363
Annual report of the Bank of Poland
364
Annual report of the National Bank of the Kingdom of Yugoslavia
368
National summary of business conditions
344
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes (chart and table)
345, 346
Analysis of changes in monetary gold stock
346
Gold movements to and from United States
346
Member bank borrowings at Federal reserve banks
347
Discount rates and money rates
347, 348
Member bank credit
349
Bankers' acceptances and commercial paper outstanding
349
Brokers' loans
349
Security prices, security issues, and building contracts awarded
350
Production, employment, car loadings, and commodity prices
351
Industrial production
352
Factory employment and pay rolls
353
Banking and business conditions in Federal reserve districts:
Federal reserve banks—
Discounts (chart and tables)
354, 355
Reserves, deposits, note circulation, and reserve percentages
:
'
355
All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks-_ 355
Member banks in leading cities—Principal resources and liabilities
356
Building
357
Department stores—Indexes of sales and stocks
357
Commercial failures
357
Bank suspensions
357
Financial statistics for foreign countries:
Gold holdings of central banks and governments
372
Gold exports and imports
372
Condition of central banks
373, 374
Condition of commercial banks
375
Discount rates of central banks
376
Money rates
376
Foreign exchange rates
377
Price movements
378, 379
Industrial statistics for England, France, Germany, and Canada
380, 381
Detailed Federal reserve statistics, etc.:
Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement
382
Condition of each Federal reserve bank at end of month
383, 384
Maturity distribution of bills and short-term securities held by Federal reserve banks
385
Membership in par collection system
385
Bank debits
385
Kinds of money in circulation
385
Changes in national and State bank membership
386
Fiduciary powers granted to national banks
387
IV
FEDERAL RESERVE BULLETIN
VOL. 16
JUNE, 1930
REVIEW OF THE MONTH
An important factor in the recent course of
business has been a continuous decline in
wholesale commodity prices.
This
decline, which began in
August of last year, carried the
general average of prices in the United States to
a level in April about 7 per cent below that of
last July and below any earlier date in the past
13 years. There was a further recession in
prices, chiefly of industrial products, in May,
while prices of grains and livestock products
became firmer in the latter part of the month.
The downward movement of prices in recent
months has not been confined to the United
States, but has been in progress in all the
important commercial countries of the world.
During the period from July, 1929, to April,
1930, the price decrease of 7 per cent in the
United States has been paralleled by declines of
8 per cent in Germany, 10 per cent in England
and in Italy, and 12 per cent in France.
Other countries, including Japan and Canada,
have also experienced declines in prices. In
view of the fact that the commodities entering
into the indexes of wholesale prices in the different countries are largely articles of world
trade, whose prices are determined in international markets, a general similarity in the
course of the indexes is to be expected with the
reestablishment of the gold standard and the
removal of restrictions on the movement of
gold and of funds. Gradual price recessions,
which were reported for all countries beginninglast summer or earlier, appear to have accompanied a general slowing down of trade and
industry, to which the high level of money
rates throughout the world caused largely by
the strong demand for credit from the American
securities market was a contributing factor.
The more abrupt declines that occurred last
autumn were in response to the break in
security prices, wThich at first affected chiefly
commodities with organized exchanges, but
No. 6
later spread to all classes of goods; and the
continuation of price declines in 1930 appears to
reflect the inactive condition of business and a
loss of purchasing power by ultimate consumers
through the decrease of employment and the
reduction in wage payments. Prices to the
consumer have also tended downward in recent
months, but the reduction has been considerably smaller than that of wholesale prices.
Changes in the general level of prices, when
they are as widespread geographically as in the
present recession and comprise
Grouping by
changes in all groups of cornsource of raw
. . T
I
T
material
modities, as has been the case
in recent months, of necessity
reflect broad economic influences that are not
confined to any country or to any class of goods.
Some of these general influences have been
briefly mentioned in the preceding paragraphs.
There have been, however, pronounced differences in the course of prices of the different
groups of commodities and of individual commodities, and these differences have reflected
conditions in particular industries or groups of
industries. The chart on page 336 presents in
aggregates the course of the general price index
of the Bureau of Labor Statistics since 1922
and a classification of this average into three
groups—farm products and their manufactures,
mineral and forest products and their manufactures, and raw imports and their manufactures.
These three groups combined comprise nearly
all of the commodities that enter into the
wholesale price index. This chart is so constructed as to bring out the relative importance
of the three groups in the general average and
their influence upon the fluctuations in that
average, but minimizes the relative extent of
price fluctuations in the two less important
groups.
It appears from the chart that the major
movements in the general index since 1922
have been dominated by changes in prices of
farm products and their manufactures. Move335
336
FEDERAL RESERVE BULLETIN
ments in this group of commodities largely
account for the rise in the index in 1924 and
the early part of 1925, for the decline in 1926,
and for the rise in the latter part of 1927 and
in the subsequent six months. It is this group
VALUE AGGREGATES
IN BILLIONS OF DOLLARS
VALUE AGGREGATES
N BILLIONS OF COLLARS
50
bO
B.L.S. Index-All Commodities
r
45
U
40
40
Three Groups Combined
!
i
35
1
~
35
if)
30
Farm Products
& their Manufactur es
25
> ^
20
20
1
" ^15
/-
15
Mineral and Forest Products
tk their Manufactures
10
10
i
Raw Imports
& their Manufact res
._ ... | . . . . . . .
5
5
—
0
1922
1923
192<f
1925
1926
1927
1928
1929
0
1930
of commodities also that accounts for the
major part of the downward trend of prices
since the late summer of 1928 and of the sharper
decline since the autumn of 1929, though in
this last decline the other two groups have also
participated.
Price trends over the period as a whole have
been different in the three groups shown on
the chart. Farm products have shown an upward tendency from their relatively low level
in 1922, while prices of mineral and forest
products have tended downward; and prices of
imported raw materials and their manufactures
have also declined. These movements reflected largely fluctuations in the prices of
raw materials—rising prices of livestock and
meats in the farm product group, which more
than offset lower prices of wheat and cotton;
and declining prices of petroleum and coal in
the mineral group, and of rubber, silk, and
sugar in the import group. All of these
prices are chiefly influenced by conditions of
JUNE,
1930
supply not readily adjustable to demand.
When manufactured products in general are
considered, they show a definite downward
trend in price throughout the period, accompanying reduced cost of certain raw materials,
a large volume of production, increased use of
machinery, larger output per worker, with
consequent lower labor costs per unit, and
in many industries keen competition for the
preference of the consumer.
The course of prices of four leading agricultural commodities is shown by the chart on page
337. As the chart indicates,
Agricultural
there are wide fluctuations from
products
o n e c r O p y e a r £0 a n o ther and
from season to season, reflecting
the uncertainties of the weather and delays in
the adjustment of supplies to demand. In the
price declines in recent months, decreased demand has been an important factor.
Cotton prices declined rapidly in 1925' and
1926, following large acreage and high yields
in those years. In the following year the crop
was smaller and prices rallied, and from 1927
until the latter part of 1929 fluctuated between
18 and 21 cents a pound. Prices have declined
sharply since the middle of last summer, reflecting reduced demand. Exports from the
United States began to decrease before the
beginning of the 1929-30 season and have continued at a low level largely because of reduced activity in the industry abroad and
some substitution of cheaper foreign cotton for
the American staple. Domestic consumption
also declined, beginning late in 1929. Stocks
of American cotton abroad are now smaller
than at this time last year, while stocks in this
country are substantially larger.
In the case of wheat, weather conditions in
producing countries have determined in considerable degree variations in the world supply.
Wheat prices declined in general from 1925 to
1929 with expansion of production in a number
of countries. For the current season prices have
averaged higher than the relatively low level
of last year, but have declined unevenly since
January. The higher level from July, 1929,
to January, 1930, was largely due to the small
JUNE,
FEDERAL RESERVE BULLETIN
1930
world crop, caused *by unfavorable weather
conditions/and the decline since January has
reflected chiefly the slow rate at which the
visible commercial supply in this country was
passing into consumption. Exports from the
United States since July have been at about
the low level of a year earlier, notwithstanding
reduced crops in Canada, Argentina, and
Australia. This relatively small volume of
WHOLESALE PRICES
Wheai
\IBO
J
1W)
too
-412
1925
1926
1927
1928
1929
1930
Wheat, dollars per bushel; cotton, cents per pound; cattle and hogs,
dollars per hundredweight
exports from the United States has been
attributable in part to a small volume of consumption in Europe, to larger European production, and to heavy shipments early in the
year from Argentina, where stocks have been
reduced materially as compared with a year ago.
Cattle and hog production are also industries
which respond relatively slowly to market con-
337
ditions, with the result that there are wide
cyclical variations in prices of both livestock
and meats. Seasonal fluctuations are also
wi.de, especially in hog prices. The high price
of hogs in late 1925 and 1926, relative to the
price of corn, was followed by an increase in
the number raised. In 1927 and 1928, when
this increased supply was marketed, prices declined. By 1929, however, market supplies
were smaller, and average prices for the year
increased. Cattle prices, which in 1925 and
1926 had risen only slightly from postwar low
levels, increased rapidly in 1927, in response to
a reduction in market supply, and were sustained at that high level until midsummer of
1929, when a decline began. The recent decline in prices of both hogs and cattle, especially in March and April, 1930, appears to
reflect decreased demand.
The course of prices of four of the principal
metals is illustrated by the third chart. Prices
of pig iron and steel declined
Metal prices
gradually over a period of years
until the middle of 1928, when
a rise began that continued for about 12 months.
Since the summer of 1929, the steel industry
has made gradual concessions in price, especially since the beginning of 1930, and, in May,
steel prices were at their lowest level in a number of years. The course of copper prices is
discussed in a later paragraph. In the case of
silver, which is now at the lowest price in a
century, the downward movement of prices,
which has lasted for several years, has been
due to diminished use of silver for monetary
purposes, including decreases in silver contents
of many coins, to sales of silver by India, which
is going through a transition from silver to
gold as a monetary basis, a development that
is taking place also in other oriental countries,
and a diminished demand for silver from China
in the past two years. Silver, at its present
price of less than 40 cents an ounce, is over 30
per cent below its pre-war level. The effect
of this drop in the price of silver has been to
raise exchange rates in silver-using countries,
338
FEDERAL RESERVE BULLETIN
JUNE, 1930
especially China, and to curtail their buying association. The fourth chart shows the course
power in western markets.
of prices of four principal raw materials imported into the United States, prices of which
have been influenced at one time or another
during recent years by efforts at stabilization.
The price of coffee, though it has but a small
weight in the general price index, is important
because it largely determines the prosperity
and buying power of Brazil. The latest attempt
at control of coffee prices under the direction of
Copper
the Coffee Institute was begun in 1924 by the
20 P ~
State of Sao Paulo. Loans were made to
producers and the price of coffee was regulated
opper/
through limiting the amount available in the
ports for export at any one time; fairly high
Pig ron
P/£ Iron
SteeL
2.ar
2.6
Steel
2.2
2.0
1925
1926
1927
1928
1929
1930
Silver, cents per ounce; copper at refineries, cents per pound; pig iron,
dollars per gross ton; steel, cents per pound
Among the raw materials, price declines in
recent years have occurred in commodities of
which the supply can not be
adjusted promptly to demand.
Attempts at
price mainThis is true of the principal
tenance
agricultural staples, of such
mineral products as petroleum
and coal, and of such imported raw materials
as rubber, silk, sugar, and coffee. In the case
of many raw materials—among them coffee,
silk, sugar, rubber, tin, and copper—organized
attempts to stabilize prices have been made
by governmental or private agencies. During
the past year, the first part of which was characterized by high money rates and the last
part by a falling off of demand, many of these
agencies found themselves unable further to
maintain the prices of their commodities.
Examples are afforded by the Brazilian coffee
pool, and the American copper exporters'
1925
1926
1927
1928
1929
1930
Sugar, dollars per hundred pounds; coffee, cents per pound; silk, dollars
per pound; rubber, cents per pound
prices were in general maintained from 1925
to the last part of 1929. The problem of large
production become especially acute in 1927-28
and thereafter, largely on account of the maturing of new trees that had been planted in Brazil
FEDERAL RESERVE BULLETIN
JUNE, 1930
339
some years before. In the crop season of 1927Declines in commodity prices in recent
28 production rose to about 29,000,000 bags, months, which have been world-wide in extent,
equal to more than a year's consumption requirehave accompanied a recession
ment for the whole world. Last year, in spite Summary
in business activity that has
of a smaller crop, the coffee supply in Brazil
reduced the volume of employcontinued to be excessive. At the same time ment and the purchasing power of consumers.
production in other South American States, Differences in the course of prices in different
in Central America, and in the Dutch East groups of commodities can be explained only
Indies had been increasing. In 1929 the Cof- with reference to a large number of circumfee Institute had difficulty in obtaining funds to stances affecting individual industries and
cany stocks of coffee. In the spring the price markets. In raw materials the principal cause
of coffee began to move downward, and in the of price fluctuations has been the difficulty of
autumn it declined rapidly, especially at the adjusting the supply to the demand, while in
time of the break in the securities market. manufactured goods the trend of prices has
The Bank of Brazil came to the relief of the been downward for a number of years, reflectinstitute for a short time; later loans from ing chiefly lower raw-material costs and
British and American banking houses for economies of production through increased
£2,000,000 were obtained; and recently arrange- efficiency.
ments have been made principally in America
There appears to be no evidence in the availand England for a loan of £20,000,000 to Sao able information that price declines in recent
Paulo, with the understanding that stocks will years have at any time reflected a general
be liquidated. Meanwhile the price of coffee shortage of banking reserves, or of gold, but
fluctuates at levels that prevailed before the there are indications that the diversion of
formation of the Coffee Institute.
funds to this countiy during the period of high
The Copper Exporters (Inc.) was organized money rates contributed to the difficulties of
in 1926 by a group of American producers for economic reconstruction in Europe. Reduced
the purpose of maintaining export prices of industrial activity abroad, in turn, diminished
copper. The price of copper moved upward, the demand for raw materials, and w^as a factor
beginning in the summer of 1927, accompany- in the price decline. Furthermore, unfavoring a sharp increase in European consumption. able conditions in our bond market in 1929
World production during 1927 and 1928 was made it difficult for foreign countries to arrange
increasing. Consumption, however, exceeded for long-time financing in this country, and
production, and stocks of copper were in were a further factor tending to delay indusgeneral being reduced during this period. trial recovery abroad and to depress the world
Prices continued to rise in the first quarter level of commodity prices.
of 1929, and for a short time late in March and
early in April were at 24 cents a pound, but
later declined to about 18 cents, which was Appointment of Federal Reserve Agent at St. Louis
held for a year. During the last half of 1929
The Federal Reserve Board on May 9, 1930,
and the first quarter of 1930, however, sales
appointed John S. Wood, of St. Louis, Mo., as
were small and on a hand-to-mouth basis, and a class C director of the Federal Reserve Bank
stocks increased rapidly. On April 15, 1930, of St. Louis for the unexpired portion of the
the price was reduced to 14 cents, with little term ending December 31, 1930, to succeed
effect on the demand for copper. When the Rolla Wells, resigned, and designated him as
price declined to about 12 cents in May, chairman of the board of directors of the bank
and as Federal reserve agent for the balance
however, large orders were placed both for of the current year. Since 1920 Mr. Wood has
domestic and foreign consumption, and the been chief national bank examiner of the eighth
price advanced to 13 cents.
Federal reserve district.
115478—30
2
340
FEDERAL RESERVE BULLETIN
Changes in Discount Rates and Bill Rates
The discount rate on all classes and maturities of paper was reduced at the Federal Reserve Bank of New York, from 3% to 3 per
cent, effective May 2, and at the Federal
Reserve Bank of Boston, from 4 to 3K per cent,
effective May 8.
At the Federal Reserve Bank of New York
buying rates on bills of all maturities were
successively reduced during May and the early
part of June, as shown in the following table:
Date effective
In effect Apr. 30_.
May 1
May 2
MayS
May 19
June 3
CONDITION OF ALL MEMBER BANKS ON
MARCH 27, 1930.
Total loans and investments of all member
banks on March 27, at $35,056,000,000, showed
a decrease of. $878,000,000 during the first quarter of 1930, according to figures based on the
first call report of the year that have recently
become available. The following table summarizes these figures, showing the condition of
all member banks on March 27, 1930, compared
with other call dates during the past year:
ALL MEMBER BANKS
1 to CO 61 to 90 91 to 120 121 to
days 180 days
days days
3
3
3
2%
2Vs
2H
2M
2%
2%
2\h
25/ 8
2^/2
2H
2H
2H
2H
21/2
[In millions of dollars]
334
3
3
3
3
Loans and investments
Net
demand
and
time
Total Loans
, U. S. I Other deposTotal ! securi- J securi- its
Investments
i Rate of 2Yi per cent for 46 to 60 day maturity.
Changes in Foreign Central Bank Discount Rates
The following changes have been made since
the 1st of May in the discount rates of central
banks in foreign countries:
May 1.—Bank of England, from 3}£ to 3 per cent,
and National Bank of Belgium, from 3}£ to 3 percent.
May 2.—Bank of France, from 3 to 2J4 per cent
and Bank of Danzig from 5}£ to 5 per cent.
May 3.—Bank of Denmark, from 4}£ to 4 per cent.
May 19.—Bank of Italy from 6 to b}i per cent.
May 20.—German Reichsbank, from 5 to 4 ^ per cent.
May 21.—Bank of the Republic of Colombia, from
9 to 8 per cent.
May 24.—Austrian National Bank, from 6 to 5%
per cent.
May 26.—Czechoslovak National Bank, from 5 to
4}£ per cent.
May 28.—National Bank of the Kingdom of Yugoslavia, from 6 to 5% per cent.
May 30.—National Bank of Hungary, from 6 to
hY<L per cent.
Annual Report of the Federal Reserve Board
The complete edition of the annual report of
the Federal Reserve Board, covering operations
for the year 1929, is now available. It contains,
in addition to the text of the report, which w^as
issued in April, tables giving all the items of
the so-called elements analysis—reserve bank
credit, gold stock, money in circulation, member
bank reserve balances, etc.—and statistics
relating to discount rates and money rates and
to banking and business conditions generally.
It also gives the recommendations made by
the Federal Advisory Council during 1929 and
court decisions relating to the Federal reserve
system.
J U N E , 1930
Borrowings at
Federal reserve
banks
ties I ties
Mar. 27, 1929
June 29, 1929
Oct. 4, 1929
Dec. 31, 1929
Mar. 27, 1930
Change since—
Dec. 31, 1929.
Oct. 4, 1929-.
Mar. 27, 1929.
35,393
35,711,
35,914!
35,934:
35,056'
24,945 10,44Si 4,454
25,658 10, 052 4,155
26,165 9, 749i 4,022
26,150 9, 784!
25,119 9,937^ 4, 0851
-878-1,031 + 153
-858-1,046 + 188
-337 +174 -512
32,162
32,302
32. 269
33,030
32, 008
981
1,029
899
646
206
+222,
-69-1,023
+63 +125 -261
-369 -143 -155
-440
-693
-775
5,994
5,898
5, 727
5,921
5, 85:
The decrease of $878,000,000 in loans and
investments during the quarter reflected a
further decrease in loans of $1,031,000,000,
offset in part by an increase in investment
holdings. Investments of member banks,
which declined steadily between June, 1928
and October, 1929, increased by $188,000,000
during the past six months; the increase
between the autumn call date and the end of
the year was entirely in holdings of securities
other than United States Government obligations, but during the past quarter the whole
increase took place in United States securities.
The decrease in member bank loans during
the past three months was accompanied by a
decrease of $1,308,000,000 in their net demand
deposits and of $440,000,000 in their borrowings at the Federal reserve banks. Time
deposits, which, while tending downward from
the high point reached in December, 1928, had
shown relatively little change on successive
call dates to the end of 1929, increased by
$285,000,000 between December 31 and March
27, and were on that date in the largest volume
on record.
JUNE,
FEDERAL RESERVE BULLETIN
1930
341
During the quarter the decrease in loans
The accompanying chart shows the course
of member bank loans, investments, and was entirely in those made to customers,
while open-market loans increased. Decreased
deposits since the beginning of 1919.
loans to customers were shown in all of the
classifications, except loans on farm land,
40
ALL MEMBER BANKS
which increased slightly. Customers' loans,
other than those made on collateral of stocks,
35
35
bonds, or real estate, were $920,000,000 smaller
Loans & Investments
on March 27 than at the end of 1929, and
30
30
loans to customers on securities decreased by
$758,000,000. Open-market loans increased
$855,000,000 during the period, the large
25
25
part of the increase being due to an increase
Total Loans,,
/
of $684,000,000 in loans on securities to brokers
20
20 f
and dealers in New York City. Net purchases
N
of $208,000,000 of commercial paper were
t Demand Deposits
i
AK
15
made during the quarter, while holdings of
!
1
domestic acceptances of other banks decreased
Time Deposits^,
$37,000,000, and holdings of acceptances and
1fi
10
bills payable in foreign countries remained
-^i
|
Investments
Aunchanged.
i
Condition figures of all member banks are
published on pages 388-393 of this issue of the
0
0
BULLETIN, and in more detail, by States and
1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930
cities, in member bank call report No. 47.
Figures are for dates on which member banks made call reports
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
s
5
10 j
The following table summarizes a classification of loans recently included in the
reports of condition required of member
banks. Similar figures are available for all
call dates since December 31, 1928, and are
shown in Table 44 of the Annual Report of
the Federal Reserve Board covering operations
for the year 1929. The publication of these
figures is made possible through the courtesy
of the Comptroller of the Currency.
CLASSIFICATION OF M E M B E R B A N K L O A N S
fin millions of dollars]
Cr mnge since—
Amount
on Mar. Dec. 31, Oct. 4, Mar. 27,
27,1930 1929
1929
1929
Loans—total
Loans to customers—total
25,119 -1,031 -1,046
22, 022 -1,887 -1,868
-113
527
-187
+174
-429
-21
-758
-22
-28
- 9 2 0 -1,393
+822
+855
+363
+171
+190
+47
-9
+56
-645
+605
+140
+81
+29
To banks
On securities (exclusive of loans
to banks)
7,730
Real estate loans—total __
3,170
On farm land
_
394
On other real estate
2,776
All other (including overdrafts) _. 10, 595
Open market loans—total
3, 097
Open market paper—total
753
Acceptances of other banks
payable in the United
States
175
Bills, acceptances, etc., payable in foreign countries
79
Commercial paper bought in
open market
..
499
Street loans ! _
2,344
1
+6
-=,
0
+208
+684
-379
+17
+2
+15
+10
-13
+272
+459
+124
+465
Loans on securities to brokers and dealers in New York City.
CHANGE IN FORM OF WEEKLY STATEMENT OF
CONDITION OF FEDERAL RESERVE BANKS
Several changes in the form of presenting
the weekly condition statement of the Federal
reserve banks were inaugurated on May 29,
1930. The first page of the statement, which
has heretofore shown changes in the principal
balance-sheet items of the 12 Federal reserve
banks combined for the preceding week and
the preceding year and text pointing out the
principal changes for these periods, has been
revised. In other parts of the release, however, the complete balance sheet will continue
to be shown, both for the system as a whole
and for the 12 individual reserve banks.
Principal reason for change.—The first page
of the statement as. it will appear in the future
is devoted to a presentation of changes in the
items which make up the total of outstanding
reserve-bank credit and in other items that
have a bearing upon changes in the demand for
reserve-bank credit or on the uses to which it is
put. The more important of these items are
money in circulation and monetary gold stock,
both of which are derived in part from other
sources than the weekly statement of condition
of the Federal reserve banks. The reason why
the balance sheet of the Federal reserve banks
fails to reflect accurately changes in these items
is largely that under existing practice gains or
342
FEDERAL RESERVE BULLETIN
losses in the gold holdings of the reserve banks
are caused not only by movements of gold into
and out of the country but also by payments
by the reserve banks of gold into circulation or
withdrawals by them of gold from circulation.
Changes of this character have an influence on
the reserve ratio of the reserve banks, but in no
way affect the demand for reserve-bank credit.
The fact that the reserve banks pay out gold
into circulation has also the effect of depriving
changes in Federal reserve notes in circulation
of their character as indicators of the demand
for currency, since an increase in Federal reserve notes may be the result of withdrawals of
gold rather than of an increase in the demand
for currency, and a decrease in Federal reserve
notes may reflect the payment out of gold
rather than a decrease in total money in circulation. It is for this reason that the Federal
reserve statement has been revised so as to
show in the analysis changes in the country's
monetary stock of gold, rather than in the gold
holdings of the reserve banks, and in total
money in circulation, rather than in Federal
reserve notes alone.
The new statement.—The table appearing
on the first page of the condition statement for
May 28 is shown below:
fin millions of dollars]
May 28,
1930
Bills discounted
Bills bought..
United States securities
Other reserve-bank credit..
Total reserve-bank credit
Monetary gold stock
Treasury currency—adjusted...
Money in circulation
Member-bank reserve balances
Unexpended capital funds,
deposits, etc
Increase or
decrease since—
! May 21, May 29.
1930
1929
247
+37
+1
-4
-741
+58
+385
-13
+23
+2
—6
-311
+216
-28
+53 i
— 27 \
i
-6 !
-203
+61
+20
-11
530
24
|
976
\ 4, 516 \
__i 1, 766 i
nonmember
\ 4,491 ;
! 2,347
j
421!
In addition to gold stock and money in circulation, this statement shows other items, the
derivation of which has been described in detail
on page 432 of the FEDERAL RESERVE BULLETIN for July, 1929, and also in a statement
attached to the press release of May 29, 1930.
The items that appear in this table have been
published currently in the FEDERAL RESERVE
BULLETIN since July, 1929 (see pp. 345-346 of
this issue), in the form of weekly and monthly
averages of daily figures, and retrospective
figures back to 1918 are published in the
Annual Report of the Federal Reserve Board
J U N E , 1930
for 1929. The figures that are given in the
weekly statement refer to the Wednesday
preceding this statement, however, while the
figures published in the BULLETIN are weekly
and monthly averages. Averages covering the
week preceding the current statement will
hereafter be available on Tuesday of each week
and can be obtained by writing to the Federal
Reserve Board.
Factors in demand for reserve bank credit.—
In general terms, the significance of the items
shown in the new statement is that they enable
the public to determine accurately from week
to week changes in financial conditions that
account for changes in the outstanding volume
of reserve-bank credit. Member banks require
balances with the reserve banks in order to
comply with the requirements of the law,
which prescribes that a certain proportion of
member-bank deposits must be covered by
reserves held with the reserve banks. When
member banks have to meet an increased
demand for currency from the public or for
gold for export they find it necessary to use an
equivalent amount of their reserve balances to
meet this demand; in order to replenish their
balances, in accordance with legal requirements,
the banks borrow from the reserve banks, and
the volume of reserve-bank credit consequently
increases. When, on the contrary, there is an
inflow of gold from abroad or of currency from
circulation, the member banks, to avoid the
accumulation of idle gold or cash in their
vaults, deposit it with the reserve banks, and
thus obtain the means of reducing their
borrowings from the reserve banks. In these
circumstances the volume of reserve-bank
credit tends to decrease.
Changes in the volume of member-bank
deposits, reflecting changes in their loans and
investments, constitute another important factor in the demand for reserve-bank credit,
since they result in changes in their legal
reserve requirements. When member-bank deposits increase—their reserve requirements and
their need for balances at the reserve banks are
likewise increased—but an increase of $100 of
deposits under the law causes an increase of
reserve requirements of only $7.50, on the
average. When deposits decrease, the reverse
takes place and in the same ratio, that is, a
decrease of $100 in member-bank deposits
results in a decrease, on the average, of $7.50 in
member-bank reserve requirements and in
their need for balances with the reserve banks.
The other factors that affect the demand for
reserve-bank credit are generally of minor
importance over short periods of time. Cur-
JlNE, 1930
FEDERAL RESERVE BULLETIN
rent information on changes in the country's
gold stock, in money in circulation, and in
member-bank balances shows, therefore,
through what channels changes in economic
conditions have influenced the demand for
reserve-bank credit; on the other hand, changes
in the volume of discounts, acceptances, and
United States Government securities held by
the reserve banks show the channels through
which the reserve banks have met an increased
demand for reserve-bank credit or have absorbed funds arising from a diminished demand
for such credit.
Changes in body of statement.—Certain
changes have been made also in the regular
condition statement of the Federal reserve
banks. The balance sheet of the Federal reserve banks has been modified to show the
reserve banks' holdings of Federal reserve notes
of other banks separately from uncollected
items with which they had previously been
343
combined. The object of this change is to
make it possible to determine from the weekly
statement the amount of Federal reserve notes
outside of the Federal reserve banks, and also
the net float carried by the reserve banks,
which arises principally from giving credit for
checks and other cash items, in accordance with
published time schedules, in advance of actual
collection.
In the note account of the Federal reserve
agents the amount of Federal reserve notes
received from the Comptroller of the Currency
and of notes held by the Federal reserve agents
has been omitted and the remaining items have
been rearranged with a view to bringing out
more clearly the difference between Federal reserve notes issued to the reserve banks, against
which 100 per cent collateral of gold or eligible
paper must be pledged with the Federal reserve
agents, and notes in circulation, against which a
reserve of 40 per cent in gold is required.
344
FEDERAL RESERVE BULLETIN
J U N E , 1930
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 21 and released for publication May 24]
Industrial activity increased slightly in
April from the rate prevailing in March.
Factory employment declined by the usual
seasonal amount, while factory pay rolls showed
a smaller reduction than usual. Wholesale
prices continued to decline in April and the
first half of May. There was a further easing
of open-market money rates.
Production.—Production in basic industries
in April was slightly larger than in March, and
the board's index, which makes allowance for
the usual seasonal changes, shows an increase
of about 2 per cent, offsetting a large part of
the decrease in March.
Output of automobiles showed the usual
seasonal expansion. Steel output declined
seasonally in April and the early part of May.
The output of silk textiles was considerably
reduced, and woolen mills curtailed operations,
though less than seasonally. Cotton mills
were more active in April and there was some
increase in stocks. In the first half of May,
however, a program of curtailment was instituted in the industry.
In comparison with the first four months of
1929, a year of exceptionally active business,
production was smaller in almost all major
branches of industry, with the exception of
tobacco. In comparison with 1928, however,
output was larger in the automobile, petroleum,
and silk industries, slightly smaller in steel
and coal, and considerably smaller in cotton
and wool textiles, flour, meat packing, automobile tires, and lumber.
Building contracts awarded during April,
according to the F. W. Dodge Corporation,
were 6 per cent larger than in March, reflecting further expansion in awards for public
works and utilities, and some increase in residential construction, largely seasonal in character. In the first two weeks in May there was
a further increase in building activity. In
comparison with 1929, awards in the first four
months of the year were 17 per cent smaller,
reflecting chiefly the continued small volume
of residential building, which more than offset
increases in public works and in utility construction.
Employment and pay rolls.—Factory employment, which had been decreasing since last
September, declined by about 1 per cent in
April, which represents the usual development
for that month, while the reduction in factory
pay rolls from March to April was smaller
than usual.
Distribution.—Department-store sales increased during the month by an amount estimated to be slightly larger than is accounted
for by the late Easter holiday.
The value of foreign trade decreased further
in April, and for the first four months of the
year exports were about 20 per cent smaller
than a year ago, when trade was exceptionally
active. In part this decline reflected the lower
level of wholesale prices.
Wholesale prices.—An increase in wholesale
prices in the first week in April was followed
by a substantial decline which continued into
May and brought the level of prices to the
lowest point in a number of years. Prices of
important raw materials, such as wheat, cotton,
and silk, declined during most of the period,
but steaded somewhat around the middle of
May, while prices of silver, hides, and coffee
were comparatively stable. There were fairly
continuous price declines in steel, sugar, raw
wool, and the textiles. Copper prices were
reduced further early in May, but recovered
somewhat following large purchases for domestic and foreign consumption.
Bank credit.—Loans and investments of
member banks increased by about $160,000,000
in the latter half of April, but declined by
$140,000,000 in the first two weeks in May,
both movements reflecting chiefly fluctuations
in loans on securities. Investments
increased
further, while "all other77 loans continued to
decline, and on May 14 at $8,560,000,000 were
the smallest in more than two years.
The volume of reserve-bank credit declined
further by $125,000,000 between the weeks
ending April 19 and May 17, largely as a
result of the addition of about $65,000,000 to
the stock of monetary gold and of a further
substantial reduction in the volume of money
in circulation, which reflected chiefly smaller
volume of pay rolls and declines in retail
prices. The system's holdings of bills declined,
while United States securities and discounts
for member banks showed little change.
Money rates on all classes of paper declined
further in May. The discount rate of the
Federal Reserve Bank of New York was reduced from 3}o to 3 per cent on May 2, and that
at the Federal Reserve Bank of Boston from
4 to 3% per cent on May 8.
345
FEDERAL RESERVE BULLETIN
J U N E , 1930
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
5^00 ~~
—
MILLIONS OF DOLLARS
—
—
—
—
—
—
0L
1926
1927
1928
1929
Based on weekly averages of daily figures; latest figures are for week ending May 31
1930
346
FEDERAL RESERVE BULLETIN
J U N E , 1930
RESERVE BANE CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Averages of daily figures. In millions of dollars]
Factors of decrease
Reserve bank credit outstanding
Month or week
Bills
bought
United
States
securities
859
889
969
1,004
956
978
1,096
1,043
969 |
885
953
803
501
378
274
231 !
247
473
385
265
156
145
99
75
124
229
337
296
320
314
285
246
266
182
229
184
197
165
163
179
147
155
165
154
315
446
485
480
540
530
529
252
263
226
222
263
210
184
173
180
180
529
528
528
529
529
Bills discounted
1929—January
February
March
April
May
June
July
August
September
October
November
December
1930—January
February
March
April
May
Week ending (Saturday)—
May 3 . . . M a y 10
M a y 17.
May24___
M a y 31
-
Other
reserve
bank
credit»
52
44
50
62
49
61
62
64
64
74
67
74
67
1,613
1,502
1,481
1,377
1,303
1,317
1,380
1,376
1,427
1,450
1,631
1,643
1,357
1,181
1,095
1,072
996
i
!
I
1,033
1, 018
971
964
999
Factors o f increase »
Treasury
Monetary currency
gold
(adstock
justed)
Money
in circulation
!
;
4,115
4,143
4,166
4,226
4,292
4,311
4,335
4,351
4,368
4,381
4,374
4,324
4,283
4,319
4,395
4,443
4,505
1,789
1,784
1,791
1,785
1,787
1,779
1,790
1,781
1,766
1,785
1,789
17W
1,784
1,781
1,797
1,781
1, 779
4,748
4,686
4,709
4,679
4,684
4,687
4,764
4,777
4,811
4,810
4,845
4,943
4,652
4,556
4,533
4,518
4, 497
2,387
2,357
2,337
2,308
2,296
2,314
2,334
2,322
2,335
2,386
2,521
2,395
2,349
2,305
2,330
2,350
2,356
i
i
|
I
•
4,481
4,496
4,502
4,512
4,516
1,780
1,781
1,798
1,772
1, 769
4,502
4,508
4,484
4,475
4,507
2,361
2,356
2,359
2,348
2,355
Total
i
i
,
]
!
!
'•
Member
Nonbank
member
reserve deposits,
balances
etc.
Unexpended
capital
funds
351
357
361
366
370
376
376
383
387
392
395
'
i
<
i
i
393
397
400
398
'
;
'
i
;
401
400
400
398
396
i For explanation see BULLETIN for July, 1929, p p . 432-438.
8
Includes "other securities," a m o u n t s d u e from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.
Back figures.—See A n n u a l E e p o r t for 1929 (Tables 1, 2, a n d 3).
GOLD M O V E M E N T S T O A N D F R O M U N I T E D S T A T E S
ANALYSIS OF C H A N G E S I N M O N E T A R Y GOLD S T O C K
[End of m o n t h basis.
Month
Gold
stock
at end
of
month
1928—August
. . ._
September
October
November . .
December _
4,123
4,125
4,142
4,128
4,141
Total (12mos.)._
1929—January
February
March
April
May
June
July
August
September
October
November
December
4,127
4,153
4,188
4.260
1,301
1,324
i 1,341
1,360
1,372
1 386
1,366
1.284
7
Total (12 mos.)1930—January
February. _ .
March _
April
May *
4,293
4,355
4,423
4,491
4,516
I n millions of dollars]
[In thousands of dollars}
Increase or decrease (—) during
month
Total
1930
Through Through Through
net gold
eardomestic
import marking producor
operation,
export
tions
etc. i
10.3
2.1
17.3
-14.0
13.2
0.7
0.5
13.3
6.7
23.3
5.9
-1.2
1.2
-25.0
-15.7
3.7
2.8
2.8
4.3
5.6
-237. 9
-392.0
119.6
34.5
-14.4
26.4
34.4
72.4
40.6
23.4
16.3
18.9
12.1
14 4
-19.8
-82.3
47.2
25.5
24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23.2
-64.4
-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
2.4
4.1
142.4
175.1
-55.4
22.7
8.8
61.9
68.2
68.5
25.0
4.0
60.0
55.5
65.7
15.8
.
2.5
0.0
13.0
0.5
2.0
273
1.9
-0.3
2.3
7.2
F r o m or to—
Imports
England.
France...
Germany.
Italy
aly..
Netherlands
_.
Canada
_.
Central America..
Mexico
Argentina..
Brazil
Chile
Colombia
_.
Ecuadbr. _
_l
Peru
I 2,454
Venezuela
British I n d i a
China a n d Hong |
Kong
;
Dutch East Indies..!
_.
Japan.
_
13,023
Philippine Islands _ _!. _
New Zealand
\
All other countries. _ i 1360
Total
1 For explanation of this figure, which is derived from preceding columns, see BULLETIN for December, 1928, p. 831.
» Preliminary.
M a y (preliminary)
1
1
. . . . 2 15,837
April
Exports
|
ImExports j ports
JanuaryApril
Imports
7:
28 !
26 -I
15
756
66
1 36,733
3i
-
|_
i.
L
,.
2,
355 i
103 '<
286 i
263 i
is :
130 i
65,835
Exports
285
8.497
156
11,156
,
625 :
I 7,484 i
j
391 :
i 59.411 '
115 j
2. 513 I
592 |3.186 !.
188 L
5 j 10, fOn
A<2Q
26
50
-j 93,507
.I 1,027
3,290 i
41
110 194,709 !
9,555
Includes all movements of unreported origin or destination.
A t New York—imports, $2,814,000. Elsewhere—imports, $13,023,000.
347
FEDERAL RESERVE BULLETIN
JUNE, 1930
MEMBER BANK BORROWINGS AT FEDERAL RESERVE BANKS
[Monthly averages of weekly figures. In millions of dollars]
I
|
!
Reporting member banks in leading cities
, Mem ber banks
1 outsideleading
!
cities>
!
Total»
Other leading cities
Month or date
i
New York C i t y
Total
Chicago
Total
1929
January
February
March
April
May
June
July
August
September
October
November
December
._
462 I
371 ;
247 •
891
893
978
991
951
972
1,100
1,013
974
885
944
755
..
_._
1929
1930
663
659
740
725
661
670
801
717
706
634
655
490
225
i
i
!
i
!
i
. 1929
1930
247 !
174 1
81
71 ;
|
j
i
1929
1930
39
21
190
131
166
162
145
165
319
196
166
74
17
f>0
80
1930
473
528
574
563
516
505
482
521
540
560
595
410
1929
208
153
80
54
69
93
121
46
36
«4
47
32
18
38
28
37
1930
1 1929
7 i
1
2 '
;
!
.
.
!
!
!
i
i
228
234
23S
266
290
302
299
296
1930
215
197
166
154
2f>8
251
289
265
i
1
Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) bills discounted for intermediate credit banks arid (2)
notes secured by adjusted service certificates discounted for nonmember banks.
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
[Rates on all classes and maturities of eligible paper]
RATES IN NEW YORK CITY
Average rate
on—
Prevailing rate o n Date
established
Rate in
effect on
June 3
Federal reserve bank
May
May
Mar.
Mar.
Apr.
Apr.
Feb.
Apr.
Apr.
Feb.
Apr.
Mar.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Previous
rate
Call loans «
Month or week
8
2
20
15
11
12
8
12
15
15
8
21
BUYING RATES ON ACCEPTANCES
Rate in j Date
effect on , estabJune 3 ! lished
1-15 d a y s . . .
16-30 days..
31-45 days..
46-60 days..
61-90 d a y s . .
»l-120 days.
121-180 days
' June
Previous
rate
3
j
2J/2J
2H\
2\i
3
1 Reduced from 2% to 2H per cent on May 8.
2 Reduced from 2% to 2H per cent on May 8.
NOTE.—Rates on prime bankers' acceptances.
be charged for other classes of bills.
115478—30
3
May
May
June
May
8
19
3
2
Prime Prime
com- bank- Time
merical accept- loans,
90
! ances, days
»
months:
New
U. S.
Treas| ury
i notes TreasI and
ury
Re- I certifi- bonds 3
newal i cates,
, 3 to 6
'months
I
1929
May
June
July
August
September
October
November
December
[Buying rates at the Federal Reserve Bank of New York]
Maturity
Average yield
i 2H
l
2te
*2H
2%
»2%
«2fs
3H
1930
January
February.
March
April
May
__
Week e n d i n g May 3
May 10
May 17
May 24
May 31
1
1
1
Higher rates may
6 -6H
6H
6H
5J4-6H
5
8.79
8 -8H 7.83
9.41
8.15
894-0
5H 894-9
8.62
7 -9
6.10
5.40
394-4*6
394-4
494-5
4.88
494-5
4H-5
394-494
4 -AH
3H-3U
8.91
7.70
9.23
8.23
8.50
6.43
5.44
4.83
5.09
•4.80
4.55
4.70
•4.58
4.37
3.47
«3.03
3.67
3.71
3.68
3.72
3.70
3.67
3.45
3.46
494-5
4H-5
394-494
394-4
3J6-4
394-3%
2^-394
2J6-3
296-296
4.31
4.28
3.56
3.79
3.05
4.64
4.32
3.69
4 00
3.12
•2.95
3.00
2.41
3.51
3.50
3.40
3.46
3.41
394-4
334-4
3.80
296-3
3% 3.02
2^-296
21/2 3^-394 3.00
3.00
3.00
3.90
3.20
3.00
3.00
3.00
2.97
2.68
2.45
2.20
2.04
3.44
3.42
3.41
3.41
3.40
33/4-4
394-4
3.39
3.36
Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
3 issues—394, 4. and 4H per cent; yields calculated on basis of last
redemption dates—1956, 1954, and 1952.
• Change of issues on which yield is computed.
348
FEDERAL RESERVE BULLETIN
JUNE, 1930
PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
WEIGHTED AVERAGES
Eight other northern and
eastern cities
New York City
Twenty-seven southern and
western cities
Month
1927
January
February -March
April
May
June
July
August
September
October
November
December
-..
-
- - -
-
_ _ _ _
__ _.
4.66
4.56
4.56
4.63
4.63
4.60
4.56
4.41
4.44
4.49
4.35
4.50
1928
1930
1929
1927
5.64
5.35
5.22
4.91
4.74
4.56
5.74
4. 44
5. 73
4. 59
5. 81
4. 72
5. 85
4.97
5.88
5.09
5.93
5. 38 ;
5. 88
5.56
6.05
5.63
6.06
5.63 : 6.08
5.56
5.86
5.63 ! 5.74
1928
1929
4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5.82
5.91
4.99
4.98
4.88
4.90
4.95
4.93
4.90
4.87
4.77
4.79
4.82
4.76
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
1930
5.88
5.66
5.47
5.22
5.12
1927
1928
5.72
5.71
5.65
5.57
5.59
5.54
5.52
5.53
5.61
5.56
5.56
5.60
1930
1929
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91
6.12
6.04
5.98
'5.86
5.75
NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given
on preceding page). All averages are based on rates reported for three 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 three 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.
r
Revised.
PREVAILING QUOTATIONS
Prime commercial loans
Federal reserve
bank or branch city
March,
1930
April,
1930
May,
1930
New York City
Loans secured by prime stockexchange collateral
March,
1930
April,
1930
5 -6
Loans secured by warehouse
receipts
May,
1930
March,
41/2-51/2!
April,
1930
1930
5 -5KI
5
Northern and Eastern Cities
May,
1930
Interbank loans
March,
1930
April,
1930
41/2-6
May,
1930
41/2-5
I
Boston
Buffalo
Philadelphia.
Pittsburgh. _.
Cleveland
Cincinnati
Detroit..
Chicago
5 -6
4^-5
5 -6
5 -6
5 -6
4^-6 i
5 %
6
6 I
j
6 -&4
6'
6
5 -6
/
5H-6
5 -5
-7
5
2
-5>|
5J.2-6
5 -5H
5M
6H
6
6
6 -7
6 -6>
5 -6
5 -6
6 -6J5 -6
6
5 -6
6 -7
6
5 -51/
454-5
VA5
A
5 -6
6
4U-4H
6
5 -5
5 -6
5H-6
5
5
- 6 '-•
5 -G "
5 -6 *
5 -5H
Southern and Western Cities
Richmond
Baltimore
Charlotte
Atlanta
Birmingham_.
Jacksonville..
Nashville
New Orleans..
St. Louis
Little Rock..Louisville
Minneapolis..
Helena
Kansas City
Denver..
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland.
Salt Lake City
Seattle
Spokane
5H-6
4^-6
5 -6
6 -6J,
6 -8
5 -5
6 -6
514-6
6 -8
5 -6
6
5 -6
6
5^-6
6
5 -h\
6 -6
6 -7
6 -7
6
6 -7
-5
5 -b
5 -7
6 -8
6
6 -6}
-7
-6
6
-6
6 -6H
5 -1
6 -
6 -7
6
5M-6
8
5^6
6 -7
8
6 -7
6 -8
6 -8
6 -7
6 -8
6 -6H
6 -7
6 -6
6 -7
6 -6H
6 -7
6 -7
5H-6
6 -7
5
5
6
6
6
6
5
6
6
-7
-7
-7
6
-6
-6
-7
6
6
6 -7
6 -8
5
6 -8'
6 -7
51/2-6
5H-6
6 -8
5 -6
H
6 -8
6
5 -5H
6 8
5M-6
6 -8
6 -8
6
!J
6 -7
6 -8
6
6 -8
6 -6>
6 -61.
6 -6J6 -7
6 -6X
6 -8
6 -8
6 -8
5H-6
6 -8
6 -8
6
6 -7
6 -8
6 -7
6
6 -m\
6 -en;
6
6 -8
6
6 -7
6 -7
7
6H-7
6 -8
6 -7
414-5
6 -8
H
6 -8
6 -8
8
6
6 -7
6
6 -7
7
6H-7
6
6H-6
5H6
H
6 -7
7
6V2-7
7
6 -6M
6
6 -6H
6
-6
-6
5
5
-5H
-6
6
5
6
5
-6
-7
-6
5M-6
6
5 -6
5 -6
6
5 -6
5M-6
6 -8
5H-6
6 -6M
5H-6
6 -8
51/2-6
6 -6i/
6
6
5H-6
6
5 -6
6
5 -5
6 -6
5 -5M
6
6
5 -m
6
6
6
6
NOTE.—Rates shown are those at which the bulk of the loans of each class were made by representative banks during week ending 15th of
month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective eities.
JUNE,
349
FEDERAL RESERVE BULLETIN
1930
BROKERS' LOANS
MEMBER BANK CREDIT
REPORTING MEMBER BANKS
[In millions of dollars. Monthly data are averages of weekly figures]
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
Loans and investments
BorDue rowings
to
banks F.atR.
banks
Loans
jjOnseTotal i curities
BY MONTHS
Total:
j
1929—January
22,320 16, 300]
February
22,263 16, 260
March
22,472r 16,491
April
22,388i 16,464 I
May.
22,113! 16, 277 !
June
22,231 16,480 i
July
22,479j 16,950; j
August
22,465! 16,969 1
September
22,646j 17,197)
October..
23,124, 17, 706
November
23, '""' 18, 041
December
23,012! 17, 444
1930—January
22, 368! 16,821
February
22, 0831 16, 542
March
22,352J 16, 746
April
: 22,657! 16,901
May
! 22,662 16,825 j
New York City:
\
\
1929—January
I 7,262 5, 378! |
February
\ 7,190' 5, 306Ji
March
| 7, 296i! 5,424j!
April
7,297i| 5,437!
May
I 7,182j' 5,344;!
:
June
7,281! 5,46811
July
; 7,496' 5,804'August
I 7,407i 5,688j
September
7, 507j! 5,803!
October
j 7,837;: 6,108!:
November
i 8,349; 6,380 '
December
' 8, 001' 6, 021j I
1930—January
• 7, 664!; 5, 705 j j
February
| 7,493] i 5,584.1
March
\ 7,649'! 5,720j!
April
i 7,8291 5, 868! I
May
! 7,852'; 5,878;|
Other leading cities:
j
1929—January
; 15, 059; 10. 922 i
February
j 15,073 10. 954
March
I 15,176 \ 11,067!
April
! 15, 092,' ll,027J
May
! 14,931'j 10, 933 I
June
.. 14, 950. | 11,01211
July
14,983! 11,146
August
I 15, 058 ; ll,28lj
September....! 15,139!: 11,394!
October
i 15, 288 i 11, 598;
November
15,314,' 11,661|
December
15,011! i 11,424!
1930—January
j 14, 705j 11,115.
February
14,590! 10, 958
March
14,703 ll,026i
April
i 14,828i 11,033'
May
; 14,810J 10, 948
BY WEEKS
Total:
1930—Apr. 30
May 7
M a y 14
M a y 21
M a y 28
N e w York City:
1930—Apr. 30
May 7
M a y 14
M a y 21
M a y 28
O t h e r leading c i t i e s :
1930—Apr. 30
May 7
M a y 14
M a y 21
M a y 28
r
:
!
|
;'22, '53
:
22, 645! I
22, 6161'
j 22,66111
22, '26!|
947j
., 840 :
7, 832,
! 7, 831j
7, 903
j
!
'14, 807!
; 14,804
i 14,784
! 14,830
14, 8231
Revised.
7, 506
7,522
7, 580
7,392
7,218
7,332
7,716
7,578
7,654
8,098
8,249
7,968
7,794
7, 671
7,964
8,270
8,312
8,794 6,021
8,737: 6,004
8,911' 5,981
9,073 5,924
9,059, 5,"'"
9,149| 5, 751
9,234
9,390
9,543
1,608!
9,792
1,476
i,027|
5,529
5,496
5,449
5,418
5,623
5,567
5,548
8,871
8,781
8, 631
8,513
5,541 2^818
5,607
5,756 2*940
5,837 2,870
663
659
740
725
661
670
801
717
706
634
655
490
247
174
81
71
59
2,904 2,473
2,820 2,486
2,823 2, 601
2,729 2,708
2,653 2, 691
2,749 2, 719
3, 045 2, 758
2,845 2,843
2,892 2,911
3,191 2, 916
3,340 3,040
3,1121 2,909
2,945! 2,760
2,909: 2,6r~
3,115 2,605
3, 383 2,485
3, 459 2,418
1,884 1,012
949
•., 8 8 5
.,872 916
874
81
,812 796
,692 935
,720 827
,704 887
,729 1,023
, 969 1,132
, 981 980
1, 959 931
1,909 902
1,929 952
1, 961 982
1, 974 931
190
131
166
162
145
165
319
196
166
74
60
80
39
21
1
17
11
4, 602 6, 321 4,136
4,703 6, 251 4,119
4, 756 6,310 4,109
4, 663 6, 364 4, 065
4, 565 6, 368 3,998
4,582 6, 430 3, 938
4, 670 6, 476 3,837
4,734 6,54' 3, 776
4, 762 6, 632 3,745
4,906 6, 692 3, 690
4,909 6, 752 3, 654
4, 856 6, 568 3,587
4,849 6,267 3,589
4, 762 6,196 3,632
4,850 6,176 3, 677
4, 888| 6,146 3, 795
4, 853 6, 095 3, 862
16, 964 8,381
16, 852 8,259!
16, 806 8, 2461
16,806 8,322|
16,837' 8,42l|
3,074
2,918
2,861
2,709
2,545
2,532
2,738
2,604
2,718
2,914
3,008
2,!"-
2, 062
1, 969
1, 945
1,835
1, 72!
1, 736
1, 803
1,77'
1,830
1,891
1,875
1, 90(:
1,897
1,91fi
1, 946
1,959
1, 939
8,583
8,593
8,560
8,484
8,416
5,789
5,792
5,811
5, 855
5,1 ""
1, 977 1, 030
1,971
949
1,967 942
1, 984 908
1,975 927
5, 969
5,870
5, 865
5,848
5, 928
3,511
3, 409
3,407
3, 456
3, 565
2, 458
2, 461
2,458
2, 391
2,363
10,995
10,983
10, 941
10, 958
10, 909
4,870
4,850
4,838
4, 866
4, 856
6,125 ,-3,812
6,132 3,822
6,102 3,843
6, 092 3,871
6, 053 3,914
2,930
2,924
2, 935
2, 825
2,798
1,900
1,974
1,993
1,917
1,871
473
528
574
563
516
505
482
521
540
561
594
410
208
152
80
54
48
From New
From private
! York banks banks, brokers,
! and trust com- foreign banking
agencies, etc.
Total
End of month
1930 I
1929
January
February...
March
April
May
June
__.
July...
August
September..
October
November..
December..
1
6,735 . 3,985
6,679 4,168
6,804 4,656
6,775 5,063
6, 665 1 4,748
7,071
7,474
7,882
8,549
6,109
4,017
3,990
1929
1929
1930
5,664
5,619
5,713
5,580
5,482
5,797
6,154
6,492
7,077 i
5,313
3,432
3,370
3,368
3,529
4,026
1930
1,071
1, 060
1,091
1,194
4,409
1,183
4,139
1,275
1,320
1,390
1472
I 1,472
796
585
620
616
631
654
Call loans, $3,967,000,000; time loans, $781,000,000.
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
For banks
Month or date
Total
Total
In
New
i York
! Cityi
Outside
New
York
City*
For
others
•~r
1929—January..
February
March
April
May
June..
July.
August
September
October..
November
December
1930—January
February
March
April
May
May
May
May
7...
14..
21..
28..
3
5,408
5,555
5,679
5,477
5,491
5,383
5,841
6, 069
6,540
6,498
4,023
3,391
3,351
3,459
3,741
4,115
2,974
2,899
2,800
2,583
2,526
2,443
2,849
2,778
2,898
2,896
1,869
1,601
1,706
1,913
2,310
2,740
1,173
1,082
1,071
934
861
895
1,198
993
1,048
1,257
1,090
888
844
942
1,210
1, 557
1,801
1,817
1,729
1,649
1,665
1,548
1, 651
1,786
1,850
1,639
779
713
862
971
1,100
1,183
2,434
2,656
2,879
2,893
2,965
2,940
2,992
3,290
3,642
3,602
2,154
1,790
1,644
1,546
1,430
1,376
4,074
4,007
4,015
4,022
2,734
2,687
2,724
1,611
1,618
1,655
1,777
1,123
1,069
1, 069
988
1,341
1, 320
1.290
1,257
2,765
1 Weekly reporting member banks in New York City.
> Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
3 Call loans, $3,585,000,000; time loans, $530,000,000.
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]
End of month _.
January..
February
March...
April
A pi
Ma
• ayJune
July
August
September.
October...
November.
December.
Bankers' acceptances out
standing
1,279
1,228
1,205
j 1,111
1,107
1,113
1,127
,201
,272
,541
,658
732
Figures for acceptances as compiled by American Acceptance Council;
for commercial paper as reported by about 25 dealers.
350
FEDERAL RESERVE BULLETIN
J U N E , L930
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)
Month or date
Selected groups of industrial issues
! PreBondsi ferred 2
I BuildCop- Elec- |
stocks Total Indus- Rail- Public
trial road ! utility Auto- I ing Chain Chem- per
Oil
mobile equip- store
ical and
! ment
brass m e n t I
Number of issues.
1929—January
February...
March
April
May
June
July
August
September..
October
November..
December. .
1930—January
February.__
March
April
May
May 7
May 14
May 21
May 28
20
97.0
96.3
95.8
95.8
95.7
95.3
95.2
95.0
94.8
95. 1
95.7
96.5
96.5
96.4
97.8
97.9
97.9
97.9
97.9
97.9
129.2
128.8
128.7
128.6
128.6
127.7
127.0
126.3
126.8
126.4
123.9
126.4
126.5
126.9
127.8
128.2
127. 6
! 127.1
! 127.7
127. 9
127.8
33
34
13
142
193
281 !
142
202
277 ;
140
204
284 !
138
201
278
139
212
261
145
233
242 i
160 ; 273
241 i
165
304
241
168
321
241 !
157 I 277
196 i
1 3 5 ''• 195
134 j
201
136
134 |
209
137
135 !
143 ! 231
145 ! !
242
155
143
264
162 i
142
136 | 250
152 j
135 ! 243 | 144 !
137
154
256
137
246 | 153
136
255
155
337
193
192
196
193
193
191
203
210
216
194
145
147
149
156
163
171
160
157
164
15*
162
185
187
189
187
188
191
207
218
225
202
151
154
156
166
172
181
171
167
174
169
172
13
164
163
160
157
158
158
169
165
172
152
114
113
117
125
125
127
116
116
117
9
223"
231
232
235
248
270
315 :
320
338
305
214
228
240
254
266
282
257
254
264
249
260
17
159
153
150
149
148
145
148
149
155
139
104
106
102
100
100
101
H6
117
262
286
329
294
280
271
281
289
294
259
204
196
193
193
193
174
151
140
159
150
155
257
258
257
255
282
308
360
405
399
345
227
241
265 I
307 !
323 !
359 I
327 !
315
338
318
336
10
168
174
167
163
161
159
172
177
191
172
135
143
146
154
161
173
170
167
174
Textile
j
Steel
16 ;
10
174
179
187
191
185
188
212
238
244
217
169
170
30
144
138
136
132
127
122
120
118
114
103
78
77
177
188
192
174
78
85
85
83
77
173
177
172
175
76
77
77
77
137
133
!
141
148 ;
146
144:
149
158
167
161 !:
131
132 :
129 !
128
141
156
148
r
146
152 ,
145
148
196
ip Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.
* 20 high-grade industrials; average price.
Revised.
FOREIGN CAPITAL ISSUES
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
[In millions of dollars. Source: Commercial and Financial Chronicle]
January-April
April, 1930
Class of issue
Total
Corporate issues
Bonds and notes—
Long term
Short term
Stocks
Farm-loan issues
Municipal issues
_.
Total new and refunding
January-April
April, 1930
192*
1930
New
728.7
50.6
Refunding
New
Refunding
New
2, 568. 8
154. 4
3, 124. 2
581.9
47.2
2,096. 3
145. 5
2, 803. 4
455.4
250.7
69.8
261.4
46.4
.8
122.4
21.8
1.3
785.3
67.1
1, 951. 0
271.0
20.0
164.4
146.8
3.4
1, 278. 8
157.2
660.3
22.0
450.5
8.9
320.8
5.2
3, 584. 8
2, 723.1
779 3
Gov- Cor149. 1
Total
460.6
1929
1930
Class of issue
Refunding
New issues...
_._
_. 148. 1
Europe
__. 31. 0
Canada and Newfound3.7
land
104.7
Latin America
1.3
U. S. insular possessions_
7.5
M iscellaneous
1.0
Refunding issues, _
__
Total Government and
corporate
Gov- Cor- Government porate ment
205.9
21. 2 ! 264. 7
21. 2
8. 0
214. 4
58.8
216.4
36.6
47.5
23.6
203.9
20.8
1.2
12.0
22.2
113.2
2.8
17. 5
50.3
22.0
13.0
2.0
20.4
1.5
37. 6
2.2
7.7
135.7
2.0
144. 8
9.3
262. 6
481.1
BUILDING CONTRACTS AWARDED. BY TYPES OF BUILDING
[Value of contracts in millions of dollars]
Total
1929
January __
_
February
March
April
Year to date
Mav
June
July
Ausrust
September
October
Novem ber
December
410.0
361.3
484.8
642.1
1,898.1 1,
587.8
545.9
652.4
488.9
445.4
445.6
391.0
316.4
1930
Residential
! 1929
324.0 i 138.1
317.1
129.5
456. 1 i 197.2
483.3
256.8
580. 4
721.5
192.0
189.8
199.9
146.1
118.4
137. 7
113. 5
j 114.0
Industrial
Commercial
Public works and
public utilities
Educational
All other
1930
1929
1930
1929
1930
1929
1930
1929
1930
1929
6a 6
74.8
101.5
123.1
366.0
63.1
56.1
55.8
68.2
243.3
80.8
70.0
66.6
75.3
52.6
60.9
39.7
67.4
38.3
33.5
74.3
38.1
184.2
100.4
68.3
75.6
78.0
322.2
86.5
80.9
91.3
72.0
76.9
67.7
101.8
33.4
54.1
72.9
77.0
73.2
277.2
66.5
57.6
71.5
152.1
347.8
139.4
120.8
194.5
119.3
117.2
85.1
72.4
51.8
112.1
85.8
105.3
149.7
452.9
17.7
22.6
37.5
29.9
107.7
38.2
43.4
48.0
32.3
29.8
36.9
25.7
19.8
19.0
21.2
35.4
35.4
111.0
24.1
27.3
47.2
57.1
155.7
50.9
40.9
52 0
43.9
50.4
57.3
38.0
29.9
Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
1930
34.0
28.8
62.6
63.7
189.0
351
FEDERAL RESERVE BULLETIN
J U N E , 1930
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES
[Index numbers; 1923-1925 average=100. The terms "adjusted " and "unadjusted " refer to adjustment for seasonal variations]
Industrial production*
Year and month
Manufactures i !
Total i
Minerals
Adjusted
1919_
1920.
1921 _
1922_
1923_
19241925.
1926_
1927_
19281929_
1926
January
February
March
April
May.June
July
August
September
October
November
December
67
85
101
95
104
108
106
111
118
r
106
' 109 ;
108
107
106
103
109
113
114
110
101
77
89
70
74
105
96
99
108
107
106
115
84
87
67
87
101
94
105
108
106
111
119
•
!
!
i
.
'107
106
107
107
106
108
107
110
112
111
108
' 105
i
'
,
!
j
;
|
!
'
.
i
!
1927
January
_
February
March
April
May
June
July
August
September
October
November
December
' 105
rill
113
110
112
107
102
105
' 107
105
101
96
106
108
111
109
111
108
106
107
105
' 103
1928
January
February
March
April
May
June
July
August
September
October
November
December
105
' 111
112
110
110
108 j
105 j
'110 !
116 i
118
115 !
108 I
106
109
110
109
109
109
110
112
114
115
113
'113
1929
January
February
March
April
May
June
July
August
September
October
November
December
116
120
121
123
125
125
119
121
123
120
108
95
117
117
118
122
'124
127
124
123
'121
117
106
1930
January .
February.
March
April
103
109
106
107
'
j
•
i
i
i
i
99
100
108
111
111
110
108
106
102
108
112
112
108
99
109
108
108
107
106
108
107
111
112
'111
106
103
106
110
111
110
109
Ill
111
113
116
115
113
'114
116
120
125
|
127
127
i
126
119
121
i
122
|
i '119
107
!
92
117
116
120
123
125
129
'125
122
117
105
96
|
i
!
:
102
'107
105
F1G7
!
i
|
i
90
92 !
92
95
98
104
96
'108 j
'103
104
109
106 !
110 |
107
115
109
'119
110
114
124
118
123
119
113
112
113
111
96
108
108 j
103
104
105
110
107
113
'110
112
109
113
111
107
109
102
107
104
107
106 I
105
104 !
102
-•100
99
95
99
106
114
115
113
111
'109
106
110
116
117
115
109
'
in !
Ill I
112
105
97
i
i
!
,
!
100
99
98
94
104
104
,
103
111
i
115
;
! '123 j
117 |
,
106 i
!
116
117
118
107
109
105
'100
106
104
105
101
103
103
103
103
105
105
101
101
105
107
114
113
112
!
j
!
!
i
!
'•
,
!
;
!
!
!
i
I
i
I
!
i
|
i
i
!
j
!
i
i
!
| '114 !
116 |
'
:
!
104 I
,
116
126 I
116
118
121
127
127
114
110
118 i
120 :
107 !
115
116
113
114
'115
118
118
110
'117
107
104
91
'111
109
96
Factory
pay
rolls
Merchandise in
, less-than-carload lots
Total
!
Unad- Unad- UnadAdjusted justed justed justed
UnadAd- I Unadjusted I justed justed
Commodity
prices t
Freight car loadings*
Build- Facling con' tory
| tracts
emaward- ployed
ment
UnadAdjusted justed
64
63
57
81
84
95
122
130
128
135
117
107
108
82
90
104
96
100
101
99
97
100
98
118
77
81
103
96
101
104
102
102
107
84
91
79
86
100
98
103
107
103
103
106
111
106
146
139
134
133 '
126
148
137
126
119
131
101
102
103
102
101
101
99
101
103
103
101
100
101
106
107
105
104
104
99
104
105
108
105
104
94
96
99
98
106
110
111
113
122
123
113
98
102
104
104
107
107
109
108
108
109
109
109
107
98
102
107
107
108
108
106
107
112
112
110
103
107
106
106
106
105
107
106
106
107
107
108
108
94
96
151
147
135
154
130
135
127
137
114
116
:
I
!
j
I
100
100
100
99
99
98
99
101
99
97
95
105
106
105
104
102
99
102
102
103
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
104 j
113 !
144 i
157 ,
163 I
158;
142 !
126 j
143 !
145 i
115 ,
105 I
94
96
97
96
96
96
90
98
100
100
99
98
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
i
100 I
88 !
118 !
156 ]
143
133 !
159 'j
119 !
108 !
109 i
95
77
97
100
101
102
102
101
101
102
103
102
101
108
111
111
111
109
105
109
111
110
102
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
89
92
90
93
97
99
95
101
94
98
101
101
102
102
100
100
!
I
I
!
i
|
!
!
;
'
i
,
I
I
I
98 !
95 !
All Farm
com- prodmod- ucts
ities
158
151
139
154
72
87
93
96
99
104
107
105
104
104
QO
oo
94
97
101
98
104
100
95
98
97
99
100
110
100
99
106
105
104
102
100
100
101
101
100
99
100
99 '
107
105
102
103
102
101
99
97
99
95
95
97
96
95
94
94
94
94
95
j
,'
i
i
97 i
97 i
97 ,
97
96 |
96 i
97
99 !
100
97 !
97
97
97
98
97
96
96
98
98
|
|
!
|
I
106
105
104
108
110
107
107
107
109
104
102
104
106
105
107
105
102
103
108
107
107
104
101
102
I
'104
107
104
P106
102 ,
110
109
M04
79
77
111
118
93
93
93 !
92 i
* 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 379.
i Slight revisions noted are occasioned by revisions of basic data.
* Preliminary.
'Kevised.
97
95
94
94
96
97
98
102
106
105
104
104
101
98
95
96
352
FEDERAL RESERVE BULLETIN
JUNE, 1930
INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variations. 1923-1925 average=100]
1930
Industry
MANUFACTURES *
IRON AND STEEL
Pi^iron
Steel ingots _
TEXTILES ._
Cotton consumption
Wool
Consumption
Machinery activity l
Carpet, rug loom activity*.
Silk
—.
Deliveries
Loom activity
FOOD PRODUCTS
-
Slaughtering, meat packing..
Hogs
Cattle....
Calves
Flour
Sugar meltings...
PAPER AND PRINTING
Wood pulp and paper.
Newsprint.
Book paper
Fine paper.
Wiapping paper
Paper board
Wood pulp, mechanical . .
Wood pulp, chemical
Paper boxes
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding.
LEATHER AND PRODUCTS
Tanning
Sole leather i
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes.
CEMENT AND GLASS:
108
131
105
103
132
Cement
Glass, plate
2
NONFERROUS METALS .
Copper ^smelter)
Tin&deliveries) *.
FUELS, MANUFACTURED:
Petroleum refining
Gasoline 1.
Keroseni
Fuel oil*
Lubricating oil V
Coke (by-product)
RUBBER TIRES AND TUBES
Tires, pneumatic.
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes.
COAL:
87
135
74
168
130
Qfi
yc
160
••103
116
140
107
123
112
115
94
98
92
131
98
118
105
114
114
QQ
yy
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
120
136
107
110
85
133
92
' 1C6
168
204
99
117
130
135
105
108
84
128
87
'161
174
214
93
121
138
138
122
126
96
136
92
172
'104
••100
121
132
106
132
'92
'101
135
81
69
125
97
73
128
'115
101
103
92
88
95
99
106
98
88
96
'107
89
90
91
105
90
MINERALS
\- Bituminous.
" Anthracite,._
Petroleum, crude..
Iron ore shipments
Copper (mined)
Zinc.
Lead.
Silver
r
102
105
87
2
i Without seasonal adjustment.
Includes also lead and zinc; see " Minerals."
» Preliminary.
' Revised.
NOTE.—The combined index of industrial production is computed from figures for 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.
* Slight revisions noted are occasioned by revisions of basic data.
JUNE,
353
FEDERAL RESERVE BULLETIN
1930
FACTORY EMPLOYMENT AND PAY ROLLS
INDEXES OF FACTORY E M P L O Y M E N T
[Without seasonal adjustment.
AND PAY
ROLLS
Monthly average 1923-1925=100]
Fa ctory p ay rolls
Factory employment
Month
1927
1927
1928
1929
1930
98.1
99.7
100.4
99 8
99.1
June
__ 99.0
July
98.0
August
_. 99.2
September
100.6
October __
99.3
November
96.9
December
05.5
Annual index. 98.8
94.2
95.7
96.6
96.0
95.7
96.2
95.7
98.3
100. 3
100.2
98.8
98.1
97.2
97.4
99.7
101.3
101 8
101.6
101.2
100.7
102.0
103.4
102.1
08.2
94.8
100.4
92.9
92.9
92.7
92.1
January
February
March..
April...
May
-_
1928
1929
1930
98.6
95.7
104.8 , 101.1
106.3 : 102.5
105. 0 100.3
! 104.3 100.8
102. 5 100.9
98.6 : 98.3
102.2 102.5
101.9 104.2
j 102. 5
107.5
98.5 103. 6
99.4 104.2
102. 0 ' 101.8
100.7
10S. 0
110.8
111 3
111.2
109.2
104 8
109.4
110. 5
110 0
102.0
98.7
107.2
94.2
97.4
98.0
96 7
/idjusted fcr Seasonal Variations
Without Seasonal Ads'usfrce.'ir
80L
1923
1924
1925
1926
1927
1328
1929
1930
Seasonal adjustment provisional
FACTORY EMPLOYMENT: INDEXES BY GROUPS
Month
1928—December...
1929—January
February...
March
April..
May
June
July
._
August.
September..
October
November..
December...
1930—January
February
March
April
Iron
and
steel
97.1
97.1
98.3
99. 3
99.7
100.7
100.8
99.8
101.0
101.0
99.4
97.0
92.2
91.7
93.5
92.8
93. 0
Machinery Textiles
105.2
106. 7
110.4
113.8
116.7
119.1
120.8
121.5
119.4
119.5
118.7
115.0
112.1
109.9
109.3
108.5
106. 9
97.0
95.9
98.0
101.1
99.3
97.3
96.3
91.5
94.2
98.4
99.8
97.1
94.3
92.8
92.9
92.9
90.3
Food
products
102.0
98.6
98.8
97.6
96.2
97.3
99.2
99.8
99.7
102.4
104. 2
101.6
100.5
97.4
96.7
95. 0
91.0
Paper
and
printing
103.6 !
102.5 !
103.4 i
103.1 j
102.5 i
102.8 i
103.2 i
103.6 j
104.1
106.0 !
106.1 !
106. 7
106.9
105.1 |
104. 0 j
103.7 :
102.6 |
Lumber
and
products
Transportation
equipment
Chemicals
CeLeather ment,
Rubber
Nonfer
and
prodclay,
rous
products
met 8ls
and
Group mobiles ucts
"
| Group ! Teum
glass
i
; refining
107.7
88.2
89.9
85.5
85.8
86.6
88.2
89.2
90.0
90.5
92.2
91.8
90.1
86.7
81.6
94.0
99.0
100.5
101.7
101.5
97.6
96.4
95.5
94.8
90.2
82.9
81.3
118.3
129.5
131.1 |
131.4
130.0
120.6
117.8
115.0
113.1
101.3
83.7
79.6
88.6
91.9
94.1
92.7
90.6
90.3
89.4
94.6
98.1
99.5
99.3
94.4
90.0
89.5
84.3
84.5
86.8
90.5
93.1
93.8
91.6
93.8
93.6
91.9
88.9
82.3
76.8
75.0
75.0
7-1.2
83.2
83.9
83.2
84.0
85.7
89.7
91.0
93. 9
91.4
92.4
91.5
89. 8
74.7
75.3
78.4
81.2
102.4 [
102.4 i
106.1 !
107.9 i
107. 7
105.3 I
102. 9 !
100. 5 I
107. 8 |
107.6 j
110.9 j
115.5 !
119.0
110.3
107.9
108.9
111.2
114.5
98. 5 ! 116.1
93.6 i 113.8
89.9 i 111.8
85.9 ! 110.6
84. 6 i 110.2
84.3 i 112.5
82.9 : 111.7
Tobacco
products
104. 7
104.0
106.7
109.2
111.9
114.4
116.4
120.0
121.9
124.0
124.6
123.7
120.9
109.6
112.2
112.3
113.3
114.3
115.3
115.0
114.2
111.5
108.3
102.7
91.2
89.2
95.7
84.1
92.0
92.0
91.3
90.3
91.4
90.6
93.0
93.7
95.0
96.1
80.2
120.8
120.9
118.5
116.1
89.7
87.9
87.2
88. 0
84.2
88.9
89.6
SS.O
FACTORY PAY ROLLS: INDEXES BY GROUPS
Month
1928—December...}
1929—January
February. _.
March
April
May
June
July
August
September..
October
November.
December...
1930—January
February._
March
April
Iron
and
steel
103.3
101.3
107.2
108.5
110.5
111.6
109.9
103.5
109. 3
108.9
107.9
100.0
93.5
90.5
98.1
97.1
97.7
Machinery Textiles
114.0 I 100.3
97.0
112.3
103. 6
120.7
108.8
126.5
103.2
129. 5
99.3
131.9
97.8
131. 6
90.4
128.2
97.4
127.5
103. 0
127.9
104.8
129.0
96.2
121.6
93.8
119.9
113.8
92.2
94.1
115.2
96.6
115.1
89.3
113.1
Food
prod-
Paper
and
printing
113.7
111.4
113.0
114.9
113.3
114.3
113.6
111.4
112.8
116.3
117.8
117.2
118.2
114.9
102.5
101. 6 | 114.9
99.7 i 115.0
99.7 ! 113.5
106.3
102.2
102.5
101.2
100.4
103.1
105.6
105.6
105.0
108.1
108.8
105.5
105. 5
Lumber
and
products
Transportation
|
Chemicals
equipment
Leather; Cei Rubber
ment, Nonfer-!
and
clay,
rous
i
. p o< - rr . ! prodprodmetals
ucts
Autoand
ucts
Group
I
Group
leumi
'
glass
mobiles
90.8 I 95.8
83.4
93.6
86.5
111.4
88.4
113.9
90.9
117.0
92.8
116.0
92.2
107.9
93.5
97.1
94.7
106.8
96.6
103.3
96.8 ! 99.8
89.2
89.4
82.7
85.6
80.9
72.8
89.8
72.6
90.6
74.6
92.0
73.8
!
112.4
114.5
147.4
148.2
152.0
147.1
130.9
110.2
128.0
120.3
108.0
84.3
72.9
74.0
92.7
97.3
100.8
». 0 !
90.2
94.5
91.4
87.9 '.
88.1 i
89.8 ;
97.8 '
105.0 i
104.3 ,
100.0
83.9 ;
84.1
85.4 i
86. 2 j
85.2 !
81.6 i
88. 4 j 120. 5
79.0
81.0
84.8
89.3
91.8
92.5
86.1
91.2
91.3
90.6
86.4
80.2
67.3
70.2
73.4
77.1
117.4 !
124.1 i
127.6 j
127.0
123.1 i
117.0 [
112.6 !
113.2 i
112.1 !
112.5 !
99.6 !
96.1 j
91.5
91.7
91.0
88.3
Tobacco
products
refining.
10S. 1 ; 107. 2 \ 114.1
106.3 !
111.3
113.6
117.8 !
113.1
111.2 '
111.2
ii3.o;
116.0
118.2
115.6
114.0
109.3 ,
110.0 '
111.6 I
110.9 !
105.3
110.2
112.1
117.1
118.9
120.0
123.3
125.1
129.3
129.4
126.3
124.8 !
121.1
125.0
123.1
122.1
111.7
123.3
123.6
124.4
125.7
120.6
115.1
110.9
104.9
100.9
85.9
85.0
88.9
92.1
90.0
94. 5
94.3
76.3
82.3
84.4
86.1
86.1
88.5
87.9
90.6
93.4
94.2
94.3
88.8
77.0
80.0
81.0
77.1
NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes for
important industrial components. The nature and sources of basic data and the method of construction were described and the indexes for the
period January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716.
354
FEDERAL RESERVE BULLETIN
JUNE,
1930
BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS
MILLIONS OF DOLLARS
O
MILLIONS OF DOLLARS
( Weekly report date figures )
300
i
1926
1927
1928
1929
1930
1926
i DALLAS i
1927
1928
Latest figures are for May 28; see table on following page
1929
1930
355
FEDERAL RESERVE BULLETIN
JUNE, 1930
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Average daily figures. Amounts in thousands of dollars]
Federal reserve bank
1930
Boston
New York...
Philadelphia
Cleveland..
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
D alias .
San Francisco.
Total
1929
April
May
I 254,110
977,444
227,216
323,241
| 105,712
i 146,177
518, 746
120, 994
| 82,370
126,643
61,216
282,498
1930
172, 675
987,419
196,789
288. 704
78, 285
120, 359
542, 543
84, 419
88, 553
93, 825
66,196
267 717
1929
April
May
May
258,974
903, 055
234, 241
316,156
109, 888
156, 704
540, 921
124, 440
84, 568
138, 260
63.993
278. 267
Federal reserve notes in
circulation »
Total deposits
Total cash reserves
148,612
987,162
137,279
193, 764
67,016
65,866
351,107
79, 528
52,367
88,877
63, 078
183,774
149, 531
970. 671
138,696
192, 266
68, 299
68, 212
350, 049
80. 684
52, 770
89, 507
64, 263
183, 091
April
May
143.464
932, 550
136, 669
186,995
68, 303
66,149
346, 855
80, 347
51, 539
89, 035
66, 461
182, 560
158,819
176,748
139,184
183,612
68, 556
126,765
76, 521
57,538
73, 299
31, 771
154,464
serve
1929
1930
May
K
1930
May
163,789
184,993
146, 422
182, 434
72. 339
128, 852
270,381
78,141
59. 858
76, 582
33, 925
157,194
April
May
82.7
84.0
82.2
85.7
78.0
75.9
88.0
77.5
74.9
78.1
64.5
83.5
138. 536
284. 480
144.182
207, 346
67,526 i
132,714 I
307,225 !
58, 060
63,423
66, 384
37, 561
156, 067
13,226,367 3,209,467 |2, 987.484 2,418,430 2, 408, 039 2,350,927 11,485,509 1,554,910 ,1,663,504
82.6
I
May
82.7
78.1
82.2
84.4
78.1
79.5
87.2
78.4
75.1
83.2
65.2
81.8
61.2
81.1
70.1
73.2
57.6
60.5
82.9
61.0
77.0
60.4
63.6
79.1
81.0
74.4
i Includes " F . R. notes of other F . R. b a n k s " as follows: Latest month, $19,475,000; month ago, $18,514,000; year ago, $16,636,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE
BANKS
[Averages of daily figures. In millions of dollars]
Reserves held
Net demand deposits
Federal reserve district
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas Citv..
Dallas.
San Francisco
Excess
Total
March
...
j
1,342
6,821
1,334
6,912
1,136
1.486
543
570
2,553
6S1
428
842
640
1,257
18,384
Total..
February
1,130
1,471
559
575
2,494
682
417
833
655
1,277
18,256
Indebtedness at Federal reserve banks
Time deposits
March
February
961
3,300
1,106
1,656
550
443
2,065
536
451
361
229
1, 740
13,397
956
3,210
March
531
453
359
233
1, 735
144.6
944.0
134.7
l?f>. 2
64.2
65.0
340.1
77.7
51.8
88.3
63.2
171.0
13,265
2,330.0
1,097
1,636
5G4
443
2,049
February
March
145.3
930.1
133.1
182.9
65.4
64.4
332. 5
78.7
50.4
87.1
63.6 I
172.4 |
2,305.9
I February
March
February
1.6
20.9
2.6
3.1
1.8
2.9
7.8
1.0
' 2.8
3.8
3.5
3.6
1.8
21.5
2.0
2.7
1.4
1.8
7.3
27
2. 5
3.6
2.7
3.3
21.1
54.3
35. 8
31.1
17.0
21.6
35.2
14.0
2.3
15.9
8.3
15. 5
23.2
70.5
50.8
53.3
22.4
25.7
63.0
16.7
3.0
22.8
11.9
15.0
55.7
53.2
271.8
378.3
DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS
DISCOUNTS OF FEDERAL RESERVE BANKS, BY M O N T H S
[In thousands of dollars]
[Averages of daily figures. In millions of dollars]
Apr. 30 M a y 7 | M a y 14 M a y 21 i M a y 28
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
13,737
41, 270
29, 581
20, 717
18,931
25, 652
23, 298
Total-
233,452
16,118
3,681
15,099
8,190
17,178
115478—30
19, 578
30, 304
28, 519
22, 974
16,807
24,935"
17,967
14,506
3,953
14, 718
7,776
8,449
18,069
29,280
29,431
18, 371
16, 737
26,003
18,779
16,932
3,231
15, 606
237,448 210,486
14,979
57,185
27, 770
20, 955
17, 623
25,190
21,900
13, 606
4,249
13,825
9,192
10,974
4
1930
Federal reserve bank
8,751
19, 712
52,827
31, 496
21, 531
16, 521
28, 714
17, 365
19, 258
3,561
16,134
8,596
11,331
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.. .
Kansas C i t y . . .
Dallas.
San Francisco.
209, 999
247,046
Total....
May
|
1929
April
May
17.7 i
58.0
29.8
21.0 i
17.2 :
27.6
20.6
15.5
3.8 ;
15.2
15.6
53.7
28.3
25.7
16.0
18.8
22.7
13.9
11.8
13.1
96.5
234.5
86.7
93.8
58.1
73.4
109.8
48.7
18.1
49.1
23.1
64.4
246.9 1
231. 2
956.3
8.7
3.1
12.8
7.5
356
FEDERAL RESERVE BULLETIN
JUNE, 1930
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS
[In millions of dollars]
City
Federal Reserve District
Total
Loans and investments:
May 7
_
May 14
May 21
May 28..._
Loans:
May 7
May 14
_
May 21
May 28
On securitiesMay?
_
May 14
May 21
May 28
All otherMay?
May 14.
May 21
May 28
Investments:
May 7
May 14..
_
May 21
May 28
U. S. Govt. securitiesMay 7
May 14
May 21..
May 28
_
All otherMay?
May 14
May 21
May 28
Reserve with F. R. banks:
May 7
May 14
May 21
May 28
_
Cash in vault:
May 7
May 14..
_
_.
May 21
May 28
Net demand deposits:
May 7
May 14
May 21
_.
May 28.—
Time deposits:
May 7
May 14
May 21...
May 28__
Government deposits:
May 7
May 14
May 21
May 28...
Due from banks:
May 7
May 14
May 21
May 28
Due to banks:
May 7
May 14..
May 21
May 28
Borrowings from F. R. banks:
May 7
May 14
May 21
May 28
New Phila- Cleve- Rich- AtBoston York delphia land mond lanta
22,645
22,616
22,661
22, 726
1,498
1,487
1,502
1,505
9,164
9,144
9,139
9,206
16,852
16,806
16,806
16,837
1,153
1,142
1,153
1,152
8,259
8,246
8,322
8,421
Chicago
San New
St. Min- Kansas Dallas FranLouis neapcisco York
olis City
Chicago
1,213
1,208
1,207
1,207
2,164
2,167
2,184
2,180
643
643
642
643
610
607
601
607
3,241
3,248
3,267
3,248
664
678
697
362
364
358
360
658
661
659
656
462 1,968
457 1,964
456 1,967
452 1,964
7,840
7,832
7,831
7,903
I 6,836
6,815
6,802
6,873
912
907
904
904
1,518
1,519
1,529
1,519
485
482
480
479
479
478
470
2,571
2,571
2,592
2,578
507
505
496
492
250
249
240
241
440
442
441
438
352 1,350
348 1,350
347 1,352
344 1,347
5,870
5,865
5,848
5,928
520
513
518
530
i 3,903
' 3,887
I 3,943
4,045
486
478
472
472
728
732
744
732
198
197
193
194
153
155
152
152
1,252
1,257
1,285
1,282
230
228
220
220
91
94
142
145
142
140
119
116
117
116
438
444
451
449
3,409
3,407
3,456
3,565
8,593
8,560
8,484
8,416
633
628
636
622
: 2,933
2,928
2,859
2,828
427
429
432 I
432 j
790
787
786
787
287
285
287
285
322
319
317
1,319
1,314
1,308
1,295
277
276
276
272
159
155
152
152
298
297
299
298
233
231
230
228
912
906
901
2,461
2,458 :
2,391 I
2,363 j
614
608
605
598
5,792
5,811
5,855
5,889
345 2,328
346 2,329
349 2,337
353 2,333
301
301 j
646
649
655
661
157
161
162
164
131
130
131
138
670
678
675
670
156
160
182
204
113
116
118
119
217
219
218
218
110
109
110
109
618
615
615
616
1,971
1,967
1,984
1,975
I
,
I
j
373
381
384
379
2,837
2,831
2,842
2,811
158 1,225
157 1,216
158 1,216
158 1,198
77 I
77
314
315
314
313
75
75
75
74
63
62
62
314
320
311
305
40
61
64
65
66
95
95
94
94
67
39
61
48
349
345
343
342
1,099
1,091
1,097
1,078
i
j
j
I
161
167
163
158
2,955
2,980
3,013
3,078
187 1,103
189 1,113
190 1,121
196 1,135
332
333
341
348
82
86
68
356
358
364
365
116
120
121
156
52
52
53
53
122
123
125
124
269
270
272
274
872 '
876
886
897
213
214
220
221
1,727
1,755
1,757
1,742
96
101
96
92
848
135
128
138
136
41
41
42
38
54
58
56
54
107
108
105
101
741
760
765
780
175
183
186
173
218
225
213
235
15
16
15
15
62
58
71
13
14
13
15
27
28
27
28
11
11
11
11
10
10
11
10
11
17
19
17
18
47
49
46
57
13
13
13
14
13,327
13,467
13,389
13,388
6,014
6,070
6,050
6,118
715
715
701
702
1,041
1,052
1,070
1,069
344
347
342
340
331
326
318
313
723
751
726
714
5,384
5,444
5,417
5,508
1,246
1,251
1,269
1,2G4
7,079
7,100
7,132
7,159
892
890
887
877
479
482
492
502
1,947
1,950
1,947
1,966
297
304
304
242
247
250
250
51
51
51
51
4
4
4
4
19
19
19
19
1,181
1,237
1,187
1,137
58
56
51
51
181
157
149
141
2,924
2,935
2,825
2,798
124
124
115
109
1,017
1,010
972
996
167
169
163
156
32
5
2
22
4
4
79
47
43
67
805
825
303 j
304 j
I
223
225
226
226
79 j
82
78 j
72 |
966
3
3
S:
f
5
5 ,
5!
5 i
116
114
112
59
64
63
63 !
233
250
252
251
99
95
91
6
4
260
270
271
256
36
36
34
37
1,897
1,927
1,940
1,911
6
7
378
382
366
363
5
i
i
222
223
215
219
485
497
485
480
287
289
290
283
242
243
243
244
1,195
1,202
1,207
1,206
230
229
232
231
129
129
129
128
179
180
180
180
149 1,023
150 1,024
149 1,032
151 1,027
4
4
4
2
2
2
2
1
1
1
1
1
1
1
1
72
70
66
195
202
196
195
54
56
55
51
118
131
120
115
106
103
98
94
465
466
445
448
121
120
113
112
192
193
181
177
1
3
5
4
5 i
3
3
3
82
1,866
1,863
1,888
1,889
*- • m
1,493
1,482
1,504
1,510
im
879
874
899
912
1,370 !
1,372 I
1,370 i
1,388
539
540
514
542
5
18 ]
5
18
5 \ 18 |
5
18 i
2
2
2
2
174
190
177
160
141
112
106 i
96
115
115
111
114
233
240
232
212
949
942 !
908 i
927 !
334
336
319
321
JUNE,
BUILDING CONTRACTS AWARDED
BUILDING PERMITS ISSUED
[Value of contracts in thousands of dollars]
[Value of permits in thousands of dollars]
1929
1930
!
April
April
'. M a r c h
28,102
38,459
105,493
171,551
25,511
67, 064
42,034
60,012
51, 469
46,918
43, 220
52,139
40,972
20,898
37,387
21, 745
73,812 ' 108,181
81,424
54, 363
28, 331
23, 705
14, 735
13,822 ; 15,131
22,365
20,754 , 35,974
24, 346
24,068 ; 24, 260
Boston
N e w York
Philadelphia.
Cleveland
Richmond
I
39,690
! 123,494 '
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
Total (11 districts)
; 483,252: 456,119 j
r
March
168
'•• April
r
5,827
53, 840
14, 229
13, 508
12, 351
3,740
18, 349
6,605
3,707
7,768
6,158
18, 491
Total __.
1929
April
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco.
642,061
Figures for building contracts awarded are for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation.
1930
Number of
cities
Federal reserve district
Federal reserve district
r
12,017
270,252
13, 362
16, 030
11,476
7,980
51,905
7,381
10, 659
10, 568
18, 659
28,014
7,453 !
44,610
11,020
15,850 :
12,126 I
6,630 ,
15,503 i
3,085 ,
2,035
8,022 ,
5,840 :
19, 887 '
•152,060 j 458,302
164,572
Revised.
INDEX OF DEPARTMENT STORE SALES
INDEX OF DEPARTMENT STORE STOCKS
[ M o n t h l y average 1923-1925=100]
[Monthly average 1923-1925=100]
Without seasonal
adjustment
j
Federal reserve
hereof
1930
Apr.
Boston.
New York
Philadelphia.Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis !
Kansas City
Dallas
San Francisco.
Total
!
36
60
57
55
28
41
• 97
. 19
; 18
27
22
36
107
120
95
112
113
104
. 119
109
99
97
106
114
: 496
112
'.
'
With seasonal
adjustment
1929
Mar.
1930
Apr.
88
103
83
88
98
93
96
s?
89
99
112
95
Federal reserve
district
97
115
88
95
103
M03
r
l07
100 !
98
95
109
91
102
103
104
111
99
79
104
113
106
120
110
117
Boston
NewYork
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St.Louis
Minneapolis.1 .
Kansas City .
Dallas
San Francisco.
104
106
104
105
Total...
COMMERCIAL FAILURES
l
Federal reserve district
Boston
N e w York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
M i n n e a p o l i s , _.
Kansas C i t y . . .
Dallas
_*___.
San Francisco..
Total
!
j
!
226
436
114
136
130
96
357
128
67
118
58
332
j 2,198
2(54 :
416 !
,
'
;
'
!
!
!
132 i
169;
126 :
204 I
333 j
133
101
124
66
279
;
!
2,347
!
!
!
,
Figures reported by R. G. Dun Co.
j
Apr.
Mar.
Apr.
Apr.
95
107
85
92
100
94
••114
'89
73
116
82
' 109
102
110
90
100
102
103
114
93
78
124
84
107
91
107
81
86
94
91
109
85
70
93
105
81
'89
97
91
109
'87
70
99
106
86
:
!
94
111
85
92
99
95
114
90
72
115
82
109
78
104
80
106
80
102
413 |
100
100
103
97
97
99
:
,
r
9a
97
98
108
88
75
Revised.
[Amounts in thousands of dollars]
1930
I Apr. 1 Mar. ! Apr. A p r .
34
34
45
49
28
29
79
19
14
21
21
32
1929
1930
BANK SUSPENSIONS * IN APRIL, 1930
Liabilities
1930
1929
i M o n t h l y average 1925 = 100.
[Amounts in thousands of dollars]
Number
,1q9od 00
i Apr. Mar.
99
115
90
103
107
99
111
102
88
Revised.
ber of 1
stores
Apr.
97
108
90
105
102
104
113
99
85
99
105
111
r
Writh seasonal
adjustment
j Without seasonal
1
adjustment
1929
Mar.
Apr.
i M o n t h l y average 1925=100.
1
357
FEDERAL RESERVE BULLETIN
1930
Mar.
223
328
90
158
132
94
295
126
81
128
51
315
5,100 5.020
8,483 11,401
2,315 2,054
2, 573 5, 263
7,244 2, 639
1, 956 3, 659
8,214 15, 854
4,114 2,420
936
1.100
2, 369 1,827
1,551
926
4,203 4, 685
2,021
49, 059 56, 846
All banks
Federal reserve
district
NumDeber
posits 3
Member
banks 2
Nonmember
banks
NumNumDeDeber
posits 3
posits 3
ber
1
1
Boston .
1,160
1,160
Cleveland
3
1,592
3
1,592
New York
__
1
Philadelphia.
3, 904 Richmond
11
1
4,243
1,275
10
2,968
8,847 Atlanta
11
5,413
1,154
3
8
4,259
2,015 Chicago.
26
9,076
26
9,076
2,539 St. Louis
15
14
4,898
1
4,719
179
2, 573
11
11
3,142
3,142
2,076 Minneapolis
15
14
1
3,738
._
4,176
438
4,984 Kansas City
1
1
276
276
1,993 Dallas
1
San
Francisco
275
_
.
.
.
_
1
275
718
1, 272
34,
251
Total
95
7
3,322
88
30,
929
515
3,833
1 Banks closed to the public on account of financial difficulties by
of supervisory authorities or directors of the bank.
j
35, 270 order
2
Includes 5 national banks with deposits of $2,911,000 and 2 State
member
banks with deposits of $411,000.
3
Subject to revision
358
FEDERAL RESERVE BULLETIN
J U N E , 1930
FOREIGN BANKING AND BUSINESS CONDITIONS
REPARATIONS PLAN AND BANK FOR INTERNATIONAL SETTLEMENTS
The "new plan" embodying the experts'
report of June
7, 1929/ the protocol of August
31, 1929,2 and The
Hague agreements of
January 20, 1930 ?—altogether constituting a
final settlement of reparations and other
financial claims arising out of the 5World War4—went
into force on May 17, 1930.
The Bank for International Settlements
created by the plan received its charter from
Switzerland on February 25, 1930. On February 26 the governors of the central banks of
Belgium, England, France, Germany, and
Italy, and a representative of the governor of
the Bank of Japan met at Rome and appointed
the following board of directors for the bank:
Belgium.—M. Louis Franck, governor of the
National Bank of Belgium and member of the
organization committee of the Bank for International Settlements; M. fimile Francqui,
Belgian financier and member of the Young
committee of experts.
England.—Mr. Montagu Norman, governor
of the Bank of England; Sir Charles Addis, a
director of the Bank of England and member of
both the Young committee of experts and the
organization committee of the Bank for
International Settlements.
France.—M. Emile Moreau, governor of the
Bank of France; Baron Brincard, president of
the Credit Lyonnaise; the Marquis de Vogue,
president of the Compagnie de Suez.
1
2
3
4
See FEDERAL RESERVE BULLETIN for July, 1929, pp. 465-495.
See FEDERAL RESERVE BULLETIN for December, 1929, pp. 792-796.
See FEDERAL RESERVE BULLETIN for April, 1930, pp. 172-249.
As noted in the FEDERAL RESERVE BULLETTN for April, 1930, p. 172,
the settlement with Hungary embodied in The Hague agreements
"was not in all respects final, but was rather the definitive basis for a
more detailed agreement to follow." This detailed agreement was
reached in due course and signed by the various powers concerned on
Apr. 28, 1930.
* At the same time sec. 31 of the German bank law of Aug. 30, 1924,
became effective in accordance with the stipulations of the new plan.
This section requires the Reichsbank to redeem its notes in gold coin or
gold bars, or in foreign exchange at the market value of the foreign currency in gold. Under sec. 52 the coming into force of sec. 31 required a
concurrent resolution of the managing board and the general council of
the Reichsbank. This resolution was announced Apr. 17 to become
effective on the same date as the new plan.
Italy.—Signor Bonaldo Stringher, governor of
the Bank of Italy; Prof. Alberto Beneduce,
deputy in the Italian Parliament and member
of the organization committee of the Bank for
International Settlements.
Japan.—Mr. Tetsunosuke Tanaka, London
representative of the Bank of Japan and member of the organization committee of the Bank
for International Settlements; Mr. Daisuke
Nohara, London manager of the Yokohama
Specie Bank.
Formal invitations were at the same time
sent to Mr. Gates W. McGarrah, chairman of
the board of the Federal Reserve Bank of New
York, and Mr. Leon Fraser, New York attorney
and former general counsel for the Dawes plan,
to become the representatives from the United
States on the board. The German representatives were announced on April 4 as follows:
Dr. Hans Luther, president of the Reichsbank;
Dr. Carl Melchior, Hamburg banker and
alternate on the Young committee of experts;
Dr. Paul Reusch, well-known Rhenish industrialist. As his personal substitute, Doctor
Luther designated Dr. Wilhelm Vocke, member of the board of directors of the Reichsbank
since 1919.
The first meeting of the new board was held
on April 22, at which time Mr. McGarrah was
elected chairman and president of the bank,
and other officers were appointed. Shares of
the bank were issued and paid for on May 20.
Of the 200,000 authorized shares (par 2,500
Swiss gold francs equivalent to $482.37)
124,000 were issued; and of this original issue
112,000 shares were distributed among the
seven countries represented on the board, the
remainder being taken in equal amounts by
the central banks of Holland, Sweden, and
Switzerland. The shares are 25 per cent
paid-up and carry a liability for the unpaid 75
per cent. The bank opened for business May
20, 1930, at its registered offices in Basel.
FEDERAL RESERVE BULLETIN
JUNE, 1930
359
ANNUAL REPORT OF THE NATIONAL BANK OF AUSTRIA
The annual report of the National Bank of
Austria for 1929 was submitted to the general
meeting of shareholders on April 25, 1930.
Sections of the report dealing with the general
situation, the money
market, and banking are
given herewith:l
The year 1929 ushered in a new and difficult
phase in the struggle for economic consolidation
which the Republic of Austria has had to wage
ever since its establishment.
As early as the preceding year the steadily
rising cost of money—a development which
had its origin in America—and the further
postponement of the capital loan, which the
Government had striven so long to procure
and which was indispensable for an economic
revival in Austria, had checked the more
favorable economic trend observable in 1927.
In 1929 the persistence of these two factors
brought about a serious recession, which was
most clearly reflected in the increase of unemployment. Pessimism and discontent became
widespread, and internal political disturbances
ensued. In addition, the position of the Allgemeine osterreichische Boden-Credit-Anstalt
became precarious and necessitated a further
restriction of Austrian banking facilities, which
was keenly felt by all business circles.
In this disturbed period the great significance
of a firmly established system of Government
finance based on a farsighted financial policy,
and of a currency stability supported by a
strong central bank, was again clearly apparent.
On these firm foundations the Federal Chancellor, Doctor Schober, who was called to the head
of the Government at this critical moment,
succeeded in solving the difficult political and
economic problems with which he was faced.
In cooperation with Doctor Juch, the Minister
of Finance, Doctor Schober very soon brought
about the amalgamation of the Allgemeine
osterreichische Boden-Credit-Anstalt with the
Oesterreichische Credit-Anstalt fur Handel
und Gewerbe, thus saving Austrian business
from impending catastrophe. By the introduction of a constitutional reform bill the Chancellor succeeded during the following weeks in
concentrating within Parliament the political
opposition which might easily have found other
outlets; and after delicate negotiations, he
conciliated the opposition sufficiently to enable
the new constitution to become law before the
1
In addition the report deals with Government finances, the agricultural and industrial situation, and the operations of the bank in detail.
For earlier reports see FEDERAL RESERVE BULLETIN, May, 1929, June,
1928, 1927, July, 1926, etc.
close of the year. The amendments to the
constitution may be differently estimated by
different political groups, but ope fact is undeniable—that the manner of their introduction
may be regarded as a definite acknowledgment
by the Austrian people of the fundamental
principles of modern democracy.
These achievements of the Schober Government, together with the relaxation in the international money market following the crash on
the New York Stock Exchange, enabled us at
the end of the year to face the future once again
with confidence—a confidence which has since
been further justified by the satisfactory outcome of The Hague conference. By its final
acceptance of the Young plan, this conference
has strengthened public belief in the value of
international negotiation and mediation, has
contributed to a better understanding among
the great powers of Europe, and has on the
whole created an atmosphere favorable to increased concentration upon urgent economic
problems. For Austria in particular the results attained at The Hague—assuming constitutional ratification by the Governments
participating in the conference—have finally
removed the political obstacles which have
hitherto blocked the capital loan. It may therefore be anticipated that, after having been
seriously handicapped for two and a half years,
negotiations for floating the loan can shortly
be resumed. Its prompt and successful conclusion is particularly desirable, so that Austria
may take advantage of present easy conditions
in the international market.
International money market.—The relaxation in the money market came about suddenly
and in a somewhat drastic manner after the
crash on the New York Stock Exchange, as
appears from the fact that the Federal Reserve
Bank of New York and the Bank of England
were able several times during the next few
months to reduce their rates from the peak
levels recorded at the end of October. Openmarket rates in some cases underwent a still
greater decline, with the result that central
European countries once more received extensive offers of funds from abroad on acceptable
terms. On the other hand, the anticipated
revival in the American investment market
has not yet taken place, and bond quotations,
which at first tended to strengthen, proved
able to offer but little resistance. A considerable body of opinion holds that the period of
easy money will be of brief duration and will
360
FEDERAL RESERVE BULLETIN
shortly be followed by a renewed advance on
the stock exchange, such as will bring back
monetary stringency and restrict the flotation
of large bond issues in America. On the other
hand, it may be anticipated that the pending
Franco-German and Austrian issues will arouse
interest in the banking centers of western Europe, especially in France, where the continued
favorable balance of payments and the increase
of national wealth have created conditions
favorable to a more active participation in
international financial operations. The exceptional facilities, however—which have developed in London as the result of centuries of
experience—for the negotiation of international
short-term financial operations will not soon be
duplicated in the Paris market, even with the
coordinated efforts of all the parties concerned.
Nevertheless, it certainly seems possible now
that France will participate more actively in
large international issues.
The policy of European banks of issue has
been predominantly influenced by events in
America. When, in consequence of the boom
on the New York Stock Exchange and high
money rates in America, the export of capital
from the United States ceased and funds
flowed to America from Europe in ever-increasing volume, European countries were forced to
take steps to protect themselves against this
exodus of capital. The American boom, therefore, was followed by a series of extraordinary
advances in discount rates. The Bank of
England, whose discount policy appears to
have been considerably influenced recently by
the business situation, hesitated to adopt this
course, and not until its gold holdings had
declined to £134,000,000 as the result of an
outflow of gold to America, France, and Germany did it decide to raise its rate to 6K per
cent. The country least affected by the international advance in money rates was France,
where the bank of issue was able to keep its
rate at 3% per cent throughout the entire period,
and at the same time to add considerably to its
stock of gold. With the collapse on the New
York Stock Exchange, the peak of discount-rate
advances was passed. Early in October a
fairly general tendency toward rate reduction
by the banks of issue became evident. The
Austrian National Bank, in order to keep its
rates in line with the movement just described
and to give due consideration to the special
conditions in Austria during the past year,
raised its discount rate on April 24 from 6K to
7% per cent and on September 28 from 7%
Sy2 per cent; on November 23 and December
J U N E , 1930
9 reductions of one-half per cent in each case
were made, so that at the close of the year the
rate stood at 7}i per cent, which has since been
still further reduced.
The development of conditions in the international money markets, and particularly the
large gold movements of the past year, suggest
the advisability of more active cooperation
between central banks; great interest, therefore, is felt in the work of the Bank for International Settlements, for among the functions
of this bank as prescribed by law is the special
duty of promoting and developing the principle
of cooperation.
The international economic situation was
strongly influenced by the decline in prices of
certain commodities important to wholesale
trade; su6h a decline was to be noted in the
case of certain metals, of crude rubber, coffee,
and grain. This price recession worked especial
harm to European agriculture, which finds itself
in a critical situation as the result of excessive
cheapening of agricultural products in foreign
countries. In this connection mention should
be made of the decline in the price of silver,
which has reached the lowest level recorded for
decades. It is generally believed that this
decline in wholesale prices exercised considerable influence during recent months on the
discount policy of leading central banks. If,
however, it is borne in mind that the recession
in wholesale prices is in most cases clearly the
result of overproduction, there remains some
doubt as to the efficiency of central bank policy
in this direction under existing circumstances,
and there is even some question as to whether
an advance in prices—creating a real incentive
to maintain overproduction—would indeed be
a desirable aim for a policy of cooperation
between central banks.
Bank amalgamation.—The most important
event in the banking world was the amalgamation of the Allgemeine osterreichische BodenCredit-Anstalt with the Oesterreichische CreditAnstalt fur Handel und Gewerbe, rendered
necessary in October last by the danger that
the former bank might be forced to suspend
payments. The merger involved no danger to
the creditors of the Allgemeine osterreichische
Boden-Credit-Anstalt, as the resulting loss of
capital was borne exclusively by the shareholders. This occurrence, so regrettable from
the standpoint of Austrian economy, was
brought about through serious errors in bank
management, arising in part from the failure
to the banking authorities to adapt their poliof
cies to changed conditions in Austria, in part
JUNE, 1930
FEDERAL RESERVE BULLETIN
from the peculiar structure of the industrial
interests of the bank, and finally from adverse
financial and economic developments, the duration of which had been underestimated. The
Allgemeine osterreichische Boden-Credit-Anstalt failed to adapt its policies soon enough to
Austria's restricted economic activity, and continued for reasons of prestige to maintain a
higher level of dividends and share quotations
than was warranted under the present difficult
conditions. Encouraged by its industrial experts, it still hoped to maintain its various industrial enterprises—which ranked among the
greatest in Austria—on as large a scale as formerly. It repeatedly obtained advances in
current account for this purpose, so that its
resources became frozen to an increasing extent,
while it nevertheless continued to hope that
an improvement in stock-exchange conditions
would enable it to liquidate its obligations
through issues of shares and obligations of the
industrial enterprises concerned. This hope
proved vain in view of the continued inactivity
of the Vienna stock exchange, and at the same
time deposits fell off as a result of a less favorable opinion of the bank's position, and also of
a malicious press campaign directed against the
institution. As a result, the liquidity of the
bank became more and more doubtful—a fact
which led the Austrian National Bank to make
representations repeatedly to the Boden-Credit
management, though without avail.
When finally, in the autumn of 1929, political
disturbances within the country, which w^ere
reported abroad by an unscrupulous press,
caused large and unexpected cancellations of
credit and withdrawals of deposits, the Allgemeine osterreichische Boden-Credit-Anstalt
could no longer obtain adequate support from
the Austrian National Bank, inasmuch as
credit had already been granted to the limit in
normal times. The Austrian National Bank
therefore could do nothing more than grant a
final emergency credit and recommend that
the respite thus gained be used in seeking the
necessary support from other credit institutions. Negotiations with the Oesterreichische
Credit-Anstalt fur Handel und Gewerbe respecting amalgamation—initiated with the
active support of the Government and under
the auspices of the Austrian National Bank—
were speedily concluded, thanks to the intelligent cooperation of that institution. As
mentioned earlier, the amalgamation required
the shareholders of the Allgemeine osterreichische Boden-Credit-Anstalt to make a considerable sacrifice. This fact, however, enabled
the Oesterreichische Credit-Anstalt fxir Handel
361
und Gewerbe to effect substantial write-offs
which had come to be necessary in the accumulated holdings of securities and in the large
volume of liabilities on account of affiliated
industrial enterprises.
The board of the Oesterreichische CreditAnstalt fur Handel und Gewerbe and its chairman, the head of the Vienna firm of Rothschild, deserve the lasting gratitude of the
Austrian business world for their decision in
favor of prompt amalgamation, which averted
what might have proved a far-reaching catastrophe. The Austrian National Bank assisted
the transaction by granting the Oesterreichische
Credit-Anstalt firr Handel und Gewerbe longer
maturities for somewhat more than half the
discounted bills of the Allgemeine osterreichische Boden-Credit-Anstalt, which were at
the same time taken out of the bill portfolio
and allocated to the special reserves of the
Austrian National Bank as an interest-bearing
investment. Furthermore, the Austrian National Bank guaranteed the Oesterreichische
Credit-Anstalt fur Handel und Gewerbe, within
certain limits as to time and amount, its support in procuring foreign credits in the following manner—that in its foreign-exchange investments the Austrian National Bank would
show special consideration to such foreign
correspondents of the Oesterreichische CreditAnstalt fur Handel und Gewerbe as in their
turn should grant credits to Austria. In view
of the large volume of foreign exchange at the
disposal of the Austrian National Bank, the
observance of this reservation in regard to
part of its foreign-exchange investments is of
no great importance. On the other hand, the
Oesterreichische Credit-Anstalt fur Handel and
Gewerbe took over the obligations of the
Allgemeine osterreichische Boden-Credit-Anstalt toward the Austrian National Bank without any reservations or special stipulations.
It is to be hoped that the union of the two
foremost banks of Austria—even though it has
unfortunately thrown a considerable number of
employees out of work—will benefit the general
business situation. It makes possible a considerable saving in administrative and overhead
expenses. Likewise, the association of industries of the same character under the control of
the combined bank will make for concentration
and rationalization, so that once the arduous
period of transition with its inevitable sacrifices
is over, the final result should be a strengthening of the industrial situation of Austria.
Savings.-—In the movement of saving deposits, two periods may be clearly distinguished.
Up to the end of August there was a gradual
362
FEDERAL RESERVE BULLETIN
JUNE, 1930
rise of about 184,600,000 schillings ($25,973,With increasing dullness on the stock ex000), as compared with 215,000,000 schillings change and the unsatisfactory outlook for
($30,251,000) during the corresponding period business in foreign bills, the leading banks have
of the previous year, but September and Octo- come to pay more attention to the financing of
ber recorded a very pronounced drop in connec- industry, which is, however, only moderately
tion with the critical situation of the Allgemeine profitable at present in view of the unfavorable
osterreichische Boden-Credit-Anstalt and the business position. The limitation of their
political disturbances. In the last two months activity on the one hand and heavy tax burdens
of the year there was a renewed upward move- on the other force the banks to keep their
ment, so that at the end of the year there was terms at a fairly high level in order to meet
a total of 1,627,000,000 schillings ($228,919,000) overhead charges and to earn an .adequate
at the more important savings banks in Vienna dividend for their shareholders. The reducand the provincial capitals—about the same tion of 2}i per cent effected in the special tax
figure as shown at the end of August.
on salaries (Fiirsorgeabgabe), imposed upon
Foreign exchange.—The recession of our the Vienna banks, is not considered sufficient
foreign-bill holdings noticeable in the autumn by the groups concerned; this measure, neveris by no means wholly to be attributed to a theless, is very welcome as a first step toward
flight of capital. A greater demand for foreign the repeal of this special burden on banking.
bills is a phenomenon recurring annually at that
season and based on economic requirements, BALANCE SHEET OF THE AUSTRIAN NATIONAL BANK AS
OF DECEMBER 31, 1929
though it was more pronounced than usual in
1929. It may be assumed, moreover, that the
Schillings Dollars 1
call for foreign bills would have been more
(in thou- (in thoumoderate had an attempt not been made in
sands)
sands)
various quarters to foster the misgivings of the
public by an exaggeration and distortion of the
RESOURCES
events of the time and of their probable effects Cash:Gold coin and bullion
168,634
23,727
237,714
Foreign exchange 2 3
33,446
on the economic situation. Nevertheless, our
currency suffered no harm, the cover in gold and
406, 348
57,173
Foreign exchange not included in cash 3
334,169
47, 018
foreign currency representing, even at its low- Subsidiary
coin
2,461
346
305,634
Bills discounted
43,003
est point on November 23, 64.72 per cent of the Advances
1,029 i
on security
145
total circulation. The average quotation of Government debt..
108,649 '
15, 287
3,851 i
Securities.
542
Vienna exchange in New York, which had been Premises...
6,000 I
844
83
quipment
590 I
99.92 per cent in January, rose to 100.02 per EMachinery
45
320 j
cent in August, and during the following months Materials, etc
80
569
remained close to par—100.01 per cent in Other resources:
16,002
Foreign exchange other than note cover.
113,729 !
September, 99.97 per cent in October, 99.93 per
14,556 !
2,048
Forward exchange
cent in November, and 100.02 per cent in
154,307 j
Sundry accounts
21,711
December.
282,591
39, 761
Total other resources..
The security market.—The Vienna stock
Total resources
1,452,210
204,326
exchange continued inactive almost without
I
LIABILITIES
interruption throughout the year. The index
1,094,362
in circulation.
153,977
of Austrian shares (exclusive of mining shares) Notes
Demand deposits, _.
63, 927
8,995
quoted on the stock exchange declined from
1,158,289
162, 971
1,053 in January to 882 in December, or by Capital
43,200
6,078
9,283
1,306
more than 16 per cent. On the investment Surplus
7,500
1,055
Reserve against losses
9,731
1,369
reserve
market quotations declined as the cost of money Currency
47, 242
6,647
Pension fund
rose, and reached their lowest level in October. Interest
4,987
702
carried forward to 1930..
19, 844
2,792
Not until the tension on the international Net profit
money market relaxed did investment quota- Other liabilities:
25,127
Foreign currency liabilities
3,535
tions change their trend; after that there was a
14, 556
Foreign exchange per contra..
2,048
112,452
Sundry
accounts
15,
822
partial recovery. Austrian rentes and pre-war
obligations valued in silver showed consider21,405
152,134
Total other liabilitiesable advances, owing probably to the recurrent
Total liabilities
1,452,210
204,326
revival of expectations that they might be
valorized. Mortgage bonds continued to be 21 Conversion at par: 1 schilling=$0.1407.
Under art. 85 of the statutes of the bank.
3
in good demand.
Dollars and pounds only.
363
FEDERAL RESERVE BULLETIN
JUNE, 1930
ANNUAL REPORT OF THE BANK OF NORWAY
The annual report of the Bank of Norway
for 1929 was submitted to the general meeting
of shareholders on February 17, 1930. The
address of Mr. N. Rygg, governor of the bank,
contains the following 1discussion of the credit
and banking situation:
Reserve policy of the bank.—Since 1920 the
note circulation has undergone a reduction
of
about one-third. The gold stock, howrever,
stands at practically the same level as the
maximum figure recorded during the war, and
as a consequence the reserve percentage is now
very high. Shipments of gold have been
avoided because the Bank of Norway maintains a secondary reserve in the form of considerable holdings of foreign exchange. The
gold reserve alone represented 48 per cent of
the average note circulation in 1929; and
balances held abroad inclusive of foreign
securities, which fluctuated between 31,500,000
kroner ($8,442,000) and 66,000,000 kroner
($17,688,000), represented an additional 10 to
20 per cent of the circulation. It may be
urged that this reserve ratio is excessive, and
that the Bank of Norway would do well to
cooperate with endeavors to economize gold
in the international credit system by bringing
about a reduction in reserves. But even
though this ratio should be considered too
high, the bank has been willing to maintain it
for the sake of the sense of security which it
affords.
International situation and the Norwegian
money market.—During 1929 the rise of
interest rates in foreign centers had its influence
on the Norwegian money market. Attractive
investments abroad were found for short-term
funds. Foreign investments of Norwegian banks
showed an expansion of nearly 50,000,000 kroner
($13,400,000) between March and September,
while through other channels as w^ell funds were
withdrawn from the domestic market.
The resumption of specie payments in Norway in 1928 was followed by the reestablishment of stable conditions in the foreign exchange market. As a result of this, banks now
place part of their liquid funds in foreign
exchange. The amount of foreign exchange
thus held by banks showed an increase of about
30,000,000 kroner ($8,040,000) during 1929.
1
Taken with some textual revision from the English translation of
the governor's address published in abbreviated form in the February
Bulletin of the Bank of Norway. The full text of the annual report,
available in Norwegian, gives in addition detailed information regarding
foreign trade, the industrial situation, prices, operations of the bank,
etc.. as well as a number of tables. For earlier reports, see FEDERAL
RESERVE BULLETIN, August, 1929 and
1928.
Statistics relative to the turnover of securities
with foreign countries disclose an excess of purchases from foreign countries over sales to foreign
countries. Substantial amounts of Norwegian
dollar bonds were thus purchased. Finally it
should be mentioned that in the past year loans
were negotiated abroad to only a small extent.
The developments on the international
market are responsible for the disparity between
the level of interest rates at home and of those
abroad. The attraction of higher rates continuously offered in foreign centers drained the
domestic market of funds. Nevertheless the
Bank of Norway tried to keep its discount rate
as low as possible, and in fact did not advance
its rate to the level of 6% per cent reached by
the Bank of England, but held its maximum at
6 per cent. While the British bank rate
averaged 1 per cent higher in 1929 than in
1928, the Bank of Norway maintained practically the same average in both years.
BALANCE SHEET
OF THE BANK OF NORWAY
DECEMBER 31, 1929
AS OF
Kroner Dollars i
(in thou- (in thousands)
sands)
RESOURCES
Gold...
Foreign bank notes
Due from foreign banks
Foreign bills
Other foreign exchange
Domestic bills
Advances on collateral
Advances on current account
Mortgage loans
Negotiable bonds
Other securities
Overdue bills
Interim expenses
Stamps
Capital adjustment account
Furniture and fixtures (taxes at 7,312,820 kroner)..
Total^resources, exclusive of contra accounts.
Contra accounts:
Subsidiary coin
Guarantees
Total resources..
146, 654
105
31, 243
26,125
1,183
114,545
2,478
69, 921
187
26,955
15,611
34, 225
18
11
6
0
469, 267
39, 303
28
8,373
7, 002
317
30, 698
664
18, 739
50
7,224
4.184
9,172
5
3
2
0
125, 764
6,614
1,342
477, 223
1,770
363
127, 896
317, 720
89, 720
298
82
15
35, 000
15,337
2,838
550
502
4
2, 856
4,347
469, 267
85,149
24,045
80
22
4
9, 380
4,110
761
147
135
1
765
1,165
125, 764
6,614
1,342
477,223
1,773
360
127,896
LIABILITIES
Notes in circulation
Demand deposits
Checks
Collection accounts
Mortgage debt
Capital
Surplus
Reserve for losses
Reserve for stabilizing dividends.
Reserve for construction
Reserve for salary bonuses
Dividends unpaid
Miscellaneous liabilities
Total liabilities, exclusive of contra accounts.
Contra accounts:
Subsidiary coin account of the Treasury.
Guarantees
^
Total liabilities..
1
Conversion at par: 1 krone = $0.268.
364
FEDERAL RESERVE BULLETIN
JUNE, 1930
ANNUAL REPORT OF THE BANK OF POLAND
The annual report of the Bank of Poland for
the year 1929 was presented to the general
meeting of shareholders on February 13, 1930.
Sections of the report dealing with the banking
and economic situation are given herewith:*
After three years of improvement in the
economic situation a recession in business activity occurred in 1929. The stabilization of
the currency in 1927 and the subsequent influx
of foreign capital stimulated business activity,
but at the same time made this country dependent to a much greater extent on the international economic situation. In 1929 the
latter underwent a period of depression, of
which the most distinguishing symptoms were
the financial and agricultural crisis. The prolonged period of speculation on the New York
Stock Exchange led to a flow of capital from
Europe to America and to a considerable advance in the rates of discount of European
banks. The crisis on the New York Stock
Exchange in October helped to moderate the
rise in interest rates but has not up to the
present time corrected the financial situation
on both sides of the Atlantic. The agricultural
crisis has likewise been prolonged as a result of
world overproduction and the sharp decline in
prices of agricultural products.
The situation in the international markets
produces similar conditions in the economic life
of Poland, most particularly the lack of available capital in the money market and the
decline in the price of grains. Yet in spite of
the tension of the international situation the
economic organism of this country gives evidence of great power of resistance. Savings
have advanced, although in more moderate
proportion. The returns from Government
revenues have shown no appreciable decline;
monthly budgets continue in balance and
regularly show a surplus. The rate of industrial production has fallen off but the number
of unemployed did not increase in any disturbing proportion until November. The
general price level showed a downward tendency. After more than two years of unfavorable trade balances a revival took place
in the course of the summer and the merchandise balance showed a surplus, a circumstance
all the more encouraging in that it was a result
of an increase in exports. The reserve in gold
and foreign exchange of the Bank of Poland
i In addition the report deals with the agricultural, industrial, and
commercial situation, the General Exposition at Poznaii, and statistics
of the bank's operations. For earlier reports see FEDERAL RESERVE
BULLETIN April, 1929, May, 1928, 1927, 1926, etc. The official report is
available in French.
declined during the second quarter, but thereafter showed a slight but continuous advance.
The legal reserve against bank notes and demand liabilities never fell below the level of
60 per cent and continues to be one of the
highest in Europe.
Government finances.—The budgetary year
ended March 31, 1929, was favorable for the
Government Treasury. Actual budget receipts
reached the highest level ever noted, exceeding
estimates by 17 per cent. In spite of the
simultaneous increase of expenditures, exceeding estimates by 5 per cent, the surplus allocated to the cash reserve of the Treasury
amounted to approximately 200,000,000 zloty
($22,440,000). In the budget for the year
1929-30 revenue estimates have been slightly
reduced, while estimates of expenditures have
been fixed at an amount somewhat above the
actual expenditures for the budgetary year
1928-29.
The budgetary surpluses thus obtained constitute a considerable cash reserve for the
Treasury, guarantee the equilibrium of the
budget, and are an indication of the favorable
position of Government finances. On December 31, 1929, the available funds in the vaults
of the Treasury and in the account of the
Minister of Finance at the Postal Savings
Bank and at the Bank of Poland amounted to
463,700,000 zloty ($52,027,000).
Budgetary estimates for the financial year
1930-31, as presented to the Diet, were fixed
as follows: Revenues, 2,943,000,000 zloty
($330,205,000); expenditures, 2,934,700,000
zloty ($329,273,000).
In comparison with budget estimates for the
year 1929-30, it should be emphasized that the
execution of the budget shows a tendency to
keep public expenditures within the limits of
a wise economy.
Trade balance.—The distinguishing feature
of the foreign trade of Poland in 1929 was a
decline in imports and a parallel advance in
exports. This reacted on the trade balance by
lessening considerably the unfavorable surplus.
During the second part of the year, after 27
months in which deficits occurred, the trade
balance became favorable.
Monetary circulation.—The monetary circulation throughout the year tended to maintain the level already reached and showed but
a slight increase. Whereas in 1927 the circulation increased by 28.5 per cent, the corresponding increase in 1928 was 17.3 per cent
and in 1929 only 3.9 per cent.
JUNE, 1930
FEDERAL RESERVE BULLETIN
From the end of 1928 to the end of 1929 bank
notes rose from 1,295,300,000 zlotys ($145,333,000) to 1,340,300,000 zlotys ($150,382,000).
The total volume of circulation, including bank
notes, Treasury bills, and subsidiary coins,
rose during the same period from 1,539,400,000
zlotys ($172,721,000) to 1,599,700,000 zlotys
($179,486,000). In order to consolidate the
monetary circulation and in order that the
Bank of Poland might with its own resources
control the note issue in the country, the
stabilization plan provided for the withdrawal
of 5-zloty Treasury notes which had been
issued in the amount of 280,000,000 zlotys
($31,416,000). Accordingly, the Bank of Poland gradually retired from circulation during
1927 and 1928 140,000,000 zlotys ($15,708,000)
of Treasury notes and replaced them with its
own bank notes. In 1929 the Government
undertook the conversion of the remaining
Treasury notes into 5-zloty silver coins. At
the end of the year the circulation of Treasury
notes declined in comparison with the year
before from 98,900,000 zlotys ($11,097,000) to
63,800,000 zlotys ($7,158,000), while new 5zloty silver coins were put into circulation in
the amount of 54,300,000 zlotys ($6,092,000).
Reserve position of the bank.—The reserve
injgold and foreign bills used as cover declined
until June, when it reached its lowest level.
During the second part of the year the offerings
of foreign exchange became larger and the total
reserve in gold and foreign bills declined on
balance during 1929 by only 29,600,000 zlotys
($3,321,000). The reserve against bank notes
in circulation and other demand liabilities fluctuated between 60.8 per cent and 64.9 per cent.
Aside from the metallic reserves and foreign
exchange bills included in the reserve, the
Bank of Poland held foreign exchange reserves
not used as cover amounting at the end of the
year to 107,600,000 zlotys ($12,073,000). If
these holdings of foreign exchange are also included, the aggregate cover against bank notes
in circulation and other demand liabilities
amounted to 67.8 per cent.
The cover in actual gold against bank notes
and other demand liabilities rose during 1927 to
the level of 30 per cent prescribed as the minimum in the statutes, and then advanced from
34.13 per cent at the end of 1928 to 38.74 per
cent at the end of the past year. The Bank of
Poland continued to strengthen its gold reserve,
realizing the advantages of a metallic cover.
Under existing conditions, a central bank is
strong in proportion as it holds its reserves in
•gold. The reserve against bank notes held in
the form of foreign exchange is equivalent to
gold from the theoretical and commercial
365
standpoint. It is, however, inferior to metallic
reserves from the psychological standpoint.
The needs of importing industries, the variable
conditions of export, the redemption of foreign
loans, inevitably bring about frequent and considerable fluctuations in the reserve held in
foreign bills. The function of the gold reserve
in a central bank is, first of all, to inspire and
sustain the conviction on the part of the public
that the national currency is sound and in all
respects worthy of confidence. One of the
essential duties of the management of a central
bank is to maintain between the foreign exchange reserve and the metallic reserve a
proportion corresponding to the functions—
partly identical and partly unlike—which each
of these reserves should perform.
The gold reserves in the past year showed an
increase of 79,400,000 zlotys ($8,909,000), or
12.9 per cent, in comparison with the end of
December, 1928. Purchases of gold were made
abroad in the amount of 72,200,000 zlotys
($8,101,000) and within the country in the
amount of 7,200,000 zlotys ($808,000).
The exchange value of the dollar was maintained on the Warsaw bourse until October at
the stabilized level of 8.90 zlotys per dollar
for sight drafts on New York. The policy of
an unchanged quotation for New York sight
drafts gradually lost its raison d'etre as credit
relations were reestablished between the Polish
and foreign money markets. Under these
circumstances, the Bank of Poland adopted the
system in practice on foreign bourses, under
which quotations are determined by supply and
demand within the limits of the gold points.
At the end of October the sight quotation on
New York declined to 8.8975 zlotys, while at
the end of November it stood at 8.8950 zlotys
and at the end of December at 8.8775 zlotys.
Bank credit, business, and the security
market.—After a period of increasing activity
up to the end of 1928, a recession in production
and a general slowing down of business occurred, as well as a crisis of solvency; and during
the second half of the year under review- there
developed a period of depression and stagnation.
At the end of the year, the general situation
still showed no signs of improvement.
In the second half year the crisis affected
agriculture most of all. The marketing of crops
proceeded rather slowly because the price of
grains was below the normal average. Consequently, it was difficult to pay back the advances which had been granted on the security
of crops. Purchases of articles intended for
improvements and for consumption declined,
and deposits came more slowly into the banks.
The situation of the textile and copper indus-
366
FEDEKAL RESERVE BULLETIN
tries was particularly difficult. The building
industry, which had been assisted during the
year to a limited extent by Government funds,
was driven by the force of circumstances to
seek support from private short-term credit.
During the last two months of the year the pressure on the Bank of Poland moderated, which
may be regarded as evidence of the shrinkage
in production and general business activity.
The short-term credit situation developed
under favorable conditions. The fear that,
because of the advance of money rates in
New York and in the countries of western
Europe, the investments of foreign banks would
be withdrawn to seek higher rates of interest
proved to be unfounded. Instead there was a
new inflow of capital both through the medium
of the banks and through commercial and
industrial enterprises.
The retarded increase of bank deposits, which
characterized the second half of 1928, showed no
improvement in 1929. The effects of the business depression made themselves felt during the
third quarter of the year and brought about some
increase in the total volume of deposits, but this
tendency was not continued after October 1.
The total volume of bank deposits rose from
2,542,000,000 zlotys ($285,212,000) at the end of
1928 to 2,709,900,000 zlotys ($304,051,000) on
September 30> 1929. The character of these
deposits underwent a change for the better.
Demand deposits at the end of October
amounted to 42 per cent of the total as against 49
per cent at the end of 1928, while the proportion
of savings deposits rose from 31 to 37 per cent,
and that of time deposits from 20 to 21 per cent.
The growth of long-term credit was appreciably retarded during the year under review,
because the principal resources of the country-—
in particular, the special funds allocated to
economic development—were almost entirely
exhausted during 1928.
The slower growth of deposits checked the
expansion of credit granted by the banks.
Whereas in 1928 during the first nine months
the monthly average of short-term credits was
82,500,000 zlotys ($9,257,000), it declined to
50,100,000 zlotys ($5,621,000) during the corresponding period of 1929.
The economic situation and the position of
the money market were unfavorable to the accumulation of capital funds and to the creation
or to the increase of share capital of joint-stock
companies. The number of new companies
organized during the first half of the year was
32, as compared with 38 for the corresponding
period of the year before. Fifty-seven companies showed an increase of share capital in
the amount of 99,700,000 zlotys ($11,186,000),
J U N E , 1930
while during the corresponding period of the
previous year 87 companies increased their
share capital in an aggregate amount of 113,100,000 zlotys ($12,690,000).
The quotations of shares and securities with
fixed yield on the Warsaw bourse declined.
Because of the high cost of credit, bonds generally showed a declining tendency except for
certain types such as the 10 per cent railway
bonds and those issued by Government banks,
which did not fluctuate. Share quotations became steadily worse. As a result of the decline, the volume of transactions on the Warsaw
bourse was considerably smaller in 1929 than
during previous years.
The unfavorable position of the bourse in
this country coincided with the general downward trend in New York for securities with
fixed yield. Polish bonds lost several points in
comparison with 1928. The monthly average
of the quotation of the 1920 6 per cent loan
declined from 82.30 in January, 1929, to 75.84
in December; the 1925 8 per cent loan declined
from 98.69 to 92.80; and the 7 per cent stabilization loan of the year 1927 from 87.93 to 81.97.
As a result of the collapse of speculation on the
New York Stock Exchange, and the reduction
of interest rates in the United States, one may
expect some improvement in these quotations.
Shares of the Bank of Poland continued to
be one of the securities most in demand in this
country. Transactions in these shares were
very active and represented about 40 per
cent of the total volume of share turnover
on the Warsaw bourse. In January the
quotation of shares of the Bank of Poland
fluctuated between 178 zlotys and 195 zlotys,
during the next few months between 168
zlotys and 158 zlotys, and during the second
half of December the quotation rose to 180
zlotys. The second issue of shares of the
Bank of Poland amounting to 50,000,000 zlotys
($5,610,000) is held entirely by the Treasury.
Credit policy of the bank.—The high level of
the metallic reserves of the Bank of Poland
enabled it to expand its credit operations in
1929, particularly as regards agriculture, in
spite of the unfavorable conditions of the
market. The registration of grain as security
for loans, which was only partly developed
during 1928, was considerably expanded. The
Bank of Poland granted credits of this character through the agency of commercial banks in
the amount of 54,900,000 zlotys ($6,160,000),
as compared with 15,600,000 zlotys ($1,750,000)
in 1928. This new type of credit was included in the discount portfolio; at the end of.
the year 65 per cent of the available credits had
been taken up. They were granted on the
J U N E , 1930
basis of 50 per cent of the value of the grain
whether threshed or not.
In May 1929, the directors of the Bank of
Poland decided under the provisions of article
56 of the bank statutes to participate in the
establishment of a company for the purpose of
building grain elevators. The bank also granted
special credits, through the agency of the Bank
of the National Economy, to milling concerns for
the purpose of facilitating purchases of grain.
The total of protested bills fluctuated between
3.75 per cent in January and 5.44 per cent in December of the total volume of discounted bills.
At the beginning of the year the discount
rate stood at 8 per cent, at which level it had
been maintained since May 13, 1927. Efforts
to reduce this relatively high rate were unsuccessful throughout the year, owing to the
dearness of money in America and the increase
in the rates of interest on European markets
as a result of the flow of funds to America.
Under these circumstances the authorities of
the Bank of Poland decided on April 19 to
raise the discount rate from 8 to 9 per cent and
the rate on advances from 9 to 10 per cent.
This decision was taken in the belief that a
moderate advance in the cost of credit would
have a less harmful effect upon the economic
situation of the country than a decline in the
volume of available credit. When, in the course
of the second part of the year, the reserves in
gold and foreign exchange gradually increased
and an easier situation made itself felt in foreign
money markets, the Bank of Poland lowered
its discount rate on November 15 from 9 to 8%
per cent and the rate on advances from 10 to
9% per cent.
The rate of discount on foreign bills originating
in export transactions not only was not advanced
in April but was even lowered by one-half of 1
per cent from the levels formerly adopted.
The portfolio of securities with fixed yield
purchased by the bank for its own account or
for account of the reserve portfolio and the
portfolio of the pension fund for employees increased during the year by 15,600,000 zlotys
($1,750,000). The bank, moreover, purchased
public securities for the account of funds allocated to the economic development of the
country and administered, in accordance with
stabilization plan, by the Government, the
financial adviser, and the Bank of Poland. The
available balance of these funds, provided in
the stabilization plan in the amount of 141,300,000 zlotvs ($15,854,000), was 18,900,000
zlotys ($2,121,000) at the beginning of 1929.
Inasmuch as in the execution of the plan it was
found that funds allocated to the purchase of
silver in the amount of 90,000,000 zlotys
367
FEDERAL RESERVE BULLETIN
($10,098,000) had not been entirely used, the
Government, by agreement with the financial
adviser and the Bank of Poland, transferred
the sum of 32,000,000 zlotys ($3,590,000) from
the funds intended for the purchase of silver
to the fund allocated to the economic development of the country. As a result of this increase in available funds, it was possible to use
50,000,000 zlotys ($5,610,000) for the purchase
of securities with fixed yield.
Profits of the bank/—Profits of the Bank of
Poland for the year under review amounted to
a total of 97,640,978 zlotys ($11,677,861), and
were 21.3 per cent larger than the profits for
1928. This increase was due to the expansion
of the portfolio of bills and to the advance in
the discount rate of the bank as well as to high
rates of interest on foreign balances. The
dividend for 1929 was fixed at 20 per cent, 4 per
cent higher than that for 1928. Shares of the
second issue, inasmuch as they are the property
of the Treasury, carry a dividend of only 10 per
cent in accordance with the stabilization plan.
BALANCE
SHEET
OF THE BANK OF POLAND
DECEMBER 31, 1929
AS OF
1
Zlotys (in Dollars
thouthousands) (in
sands)
RESOURCES
Gold reserve:
Gold in vault
Gold held abroad
5?0, 965
179, 553
58, 452
20, 146
Foreign exchange included in the reserve
700, 517
418, 571
78, 598
46.964
1, 119,088 1
125, 502
107, 577
159
704, 220
76, 947
25,000
5, 856
76, 880
30, 798
20. 000
12,070
18
79,013
8,633
2, 805
657
8, 626
3, 456
2, 244
14, 800
638
15,438
5, 683
67,990
1,661
72
Foreign exchange not included in the reserve
Polish silver and copper coin
Bills discounted
Advances on securities
Advances to the Government
._
Securities
Assets in which the surplus of the bank is invested
Assets of employees' pension fund
Bank premises
Bank participations:
In printing offices for bank notes and securities
In the Polish Wheat Elevator Co
Suspense accounts of branches and agencies
Miscellaneous assets
Total resources
2. 255. 636
1, 732
638
7, 628
253. 082
1,340,263
150,378
269, 125
177,404
13, COO
30,196
19, 905
1, 459
2,231
6, 095
467. 855
250
684
52, 493
76, 000
150,000
110,000
30, 798
3,750
48,192
10, 635
19,142
8,415
16, 830
12, 342
3,456
421
5, 407
1,193
2.148
2, 255, 636
2o6,082
LIABILITIES
Notes in circulation
Demand deposits:
Treasury current account
Other current accounts
Silver purchase account...
_
Government funds allocated to economic development
—
Other demand liabilities.
Special Treasury account
Capital
-Surplus
Employees' pension fund
Reserve for costs of printing bank notes
Net profits
Unearned discount on bills...
Miscellaneous suspense accounts
Total liabilities
1 Conversion at par: 1 zloty—$0.1122.
---
368
FEDERAL RESERVE BULLETIN
J U N E , 1930
ANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF YUGOSLAVIA
The annual report of the National Bank of
the Kingdom of Yugoslavia for 1929 was submitted to the meeting of shareholders on March
9, 1930. Selections from the report are given
herewith:l
Change of name of bank.—By the law of
October 3, 1929, this country was given the
name "Kingdom of Yugoslavia" in recognition
of the achievement of State and national unity,
which His Majesty the King had announced on
January 6 to be the purpose of the present
Government. In consequence the name of the
bank had to be changed in conformity with the
new law, so that the former "National Bank
of the Kingdom of the Serbs, Croats, and
Slovenes" becomes "The National Bank of the
Kingdom of Yugoslavia."
Business with the State.—Liquidation of the
State debt to the bank, as provided for in the
bank law and by agreement with the Government, was continued satisfactorily during the
past year. The amount of the debt outstanding
on the account "State debt without interest
on crown notes" was reduced from 1,007,429,595 dinars ($17,730,761) on December 31,
1928, to 948,330,056 dinars ($16,690,609) on
December 31, 1929—a reduction of 59,099,539
dinars ($1,040,152). Bank notes in the same
amount, which had been issued on account of
the Government, were accordingly withdrawn
from circulation. In addition,
the two accounts
of temporary exchange2 of the Ministry of
Finance, w^hich have been combined on the
1929 end-of-year balance sheet, were reduced
from 227,824,926 dinars ($4,009,719) to 205,899,693 dinars ($3,623,835)—a reduction of
21,925,233 dinars ($385,884). This repayment
also represented a corresponding withdrawal
of bank notes from circulation. Thus the total
reduction during the past year of the State
debt to the bank, and accordingly of notes in
circulation which had been issued on behalf
of the State, amounted to 81,024,772 dinars
($1,426,036).
It is evident that the unification of the note
circulation, through the withdrawal of notes
issued on behalf of the State at the time when
the bank law was passed, is making steady
progress. This gradual withdrawal will wipe
out these accounts; and notes issued on behalf
1 Taken with some textual revision from the official English version
published by the bank. In addition to the passages included here, the
report deals with agriculture, industry, and foreign trade, and presents
tables showing the operations of the bank in detail. For eariier reports
see FEDERAL RESERVE BULLETIN, Jiuy, 1929, June, 1928, July, 1927,
June,
1926, etc.
2
Of gold, silver, and foreign funds of the State for notes of the bank.
[Ed.l
of the State, which have formed the "blocked"
part of the circulation, will entirely disappear.
The total circulation will then consist of notes
issued for account of the bank's own credit
operations. Up to the end of 1929, the aggregate reduction in the volume of notes issued for
account of the State is 510,963,554 dinars
($8,992,959).
Of the credit extended by the bank to the
Government (under authority of clause 12 of
the bank law) for the creation of working
capital in the amount of 1,000,000,000 dinars
($17,600,000), the State drew another tranche
of^ 32,500,000 dinars ($572,000) last year,
bringing the account up to 998,855,034 dinars
($17,579,849). This account, however, can
not be considered as "blocked/ 7 nor can the
issue of notes representing it be regarded as in
circulation throughout the year, for if all Government revenues accruing to the bank were
deducted from the sum mentioned above, the
account would be only about 600,000,000 dinars
($10,560,000), and would reach the larger figure
only at month ends, when the State settles its
monthly accounts. This account bears interest
at 1 per cent, but in reckoning the interest, all
sums included in the Government credit at the
bank are taken into consideration, as indicated
by the amount of income representing interest
on that credit in the profjt-and-loss account.
The permanent noninterest-bearing debt
of the State to the bank, amounting to 2,000,000,000 dinars ($35,200,000) and authorized
by clause 10 of the provisional regulations of
the bank law, again remained unchanged during
the past year. This debt, in accordance with
these regulations, must be repaid to the bank
on April 19, 1931, and all bank notes issued on
its account must be withdrawn from circulation. The method of payment is prescribed in
amendments to the bank law and statutes,
which were adopted
at the extraordinary
meeting in 1928,3 and will become effective
when the law respecting the stabilization of the
dinar has been passed.
On debts dating from previous years, which
the Ministry of Finance has undertaken to
repay—namely, the secured loan to the Ministry
of Posts and Telegraph, the debt of the Ministry of Social Policy, and the debt of the Agricultural Society at Zagreb, aggregating 87,766,182 dinars ($1,544,685)—repayment has been
made thus far in the amount of 28,068,684
dinars ($494,009), leaving 59,697,498 dinars
3
See annual report of the bank for 1928, in FEDERAL RESERVE BULLETIN, July, 1929, p. 497.
J U N E , 1930
FEDERAL RESERVE BULLETIN
($1,050,676) still outstanding. The State
budget for the fiscal year 1930-31 has allocated
a sum of 8,500,000 dinars ($149,600) toward
its amortization.
Policy in respect to foreign bills.—During the
past year, as in previous years, the National
Bank carried out its policy in respect to foreign
bills in agreement with the Ministry of Finance
in such a way as to maintain stability of the
dinar, and to maintain convertibility of its
notes into foreign exchange. The bank was
able throughout the year to meet all demands
for foreign exchange and still to have on hand
a reserve of 1,633,508,211 dinars in foreign bills.
Mention should be made in this connection
of the important change (of ministries) on
January 6, 1929, which was of great assistance
in establishing order in the country and in
strengthening confidence in the stability of the
dinar. During the year the last remaining
problem in connection with war debts was
satisfactorily settled with the French Government. The question of reparations also was
settled advantageously to this country.
The solution of all these questions completed
the preliminaries necessary for stabilizing the
currency and provided a firm basis for stabilization. One grave problem in the matter of
pre-war debts still remains to be solved, but is
to be disposed of during the present year. Its
solution will mark the end of the series of
obstacles which have heretofore prevented
financial stabilization.
During the year there were some occasions
when the stability of the dinar seemed to be
threatened, and it was even made the object
of attack from certain quarters; its value, however, remained unimpaired.
It is worth while to state once again that the
question of the value of the dinar is settled, and
that the stabilization law, when introduced,
will establish de jure the value at which it has
been de facto stabilized for almost five years.
Legal stabilization therefore will make no
change in either the economic or financial conditions of the country—a fact which the Minister
of Finance has emphasized on several occasions.
When the Koyal Government undertakes
legal stabilization of the dinar, the bank, under
the agreement with the Government contained
in the amendments to the bank law and statutes, will take over the technical execution of
the stabilization plan. The Government will
then be able to fulfill the obligations which it
has assumed, as successfully as it has heretofore performed its duty of maintaining stability.
The money market.—Difficulties in connection with granting credit still persist, owing to
369
the lack of precise information regarding credit
requirements and available capital. Such funds
as are available seek short-term and safe employment, whereas there is acute need for longterm capital, either for investment or for the
funding of short-term loans. Special difficulties also arise from the fact that in this
transitional period long-term investments do
not offer that assurance of payment at maturity
which capital rightly demands.
The absence of a land survey throughout
the whole of pre-war Serbia and Montenegro
has likewise created obstacles to mortgage
business, and without mortgage credit largescale improvements are practically impossible.
Townspeople, it is true, can get mortgage
loans on some terms or other; but peasants
can get them only with difficulty, if at all.
There are very few genuine short-term loans
of 92 days in this country; there are more of
nine months to a year. Such bills may be
exceedingly good discount material, for being
commercial bills they are liquid in character
even though their maturity is longer than that
prescribed by the bank law. The question of
the length of maturity is one of the chief difficulties in arranging discounts with the National
Bank. In order of liquidity, bills drawn by
domestic industries stand first; then come
exporters' bills, not for three months, but for
six or nine; finally come the bills of other merchants. This last group, however, does not
include wholesale merchants, who make every
effort to maintain the bills which they rediscount at the bank liquid and of short maturity.
The National Bank in formulating its discount
policy has tried to furnish capital cheaply
wherever there was actual need, whether the
borrowers were large capitalists or not, so long
as they were reputable and serious business men
and their work contributed to the economic
welfare of the country.
Industry, trade, and the large farmers
throughout the country have drawn upon the
National Bank and the commercial banks.
To serve the craftsmen of the country the
Crafts Bank was established. Small farmers
have their cooperatives, the Management of
Agricultural Credit, and smaller banks. But,
inasmuch as the first two were inadequate,
and as small banks and private lenders charged
far too high rates for their loans, the peasants—
who constitute the largest group in the nation
and whose need of credit is the greatest—
were unable to obtain credit facilities organized on modern lines. The National Bank
could not itself make direct grants of credit to
the peasants. In order to meet this need the
370
FEDERAL RESERVE BULLETIN
Koyal Government, on the initiative of His
Majesty the King, and with the assistance of
the National Bank, the State Mortgage Bank,
the Postal Savings Bank, and other credit
institutions, undertook the foundation of a
large bank intended exclusively for peasants—
the Privileged Agrarian Bank—with an initial
capital of 700,000,000 dinars ($12,320,000), to
be increased as necessary. In a previous report we stated that as soon as an agricultural
bank should be founded the National Bank
would be able to place a large part of its resources in agricultural bills. Hence the peasants will now be able to obtain loans with
convenient maturities according to their needs.
Interest rates.—The rates of interest at the
National Bank throughout the year were 6 per
cent for discounts and 8 per cent for loans on
securities. The total volume of bills discounted with the National Bank was between
1,500,000,000 and 1,600,000,000 dinars ($26,400,000 and $28,160,000), whereas the total
credit operations of the country amounted to
12,500,000,000 dinars ($220,000,000). Thus
about 11,000,000,000 dinars ($193,600,000) were
lent by private banks at rates of interest far in
excess of those charged by the National Bank.
This country is one of those in which interest
rates are abnormally high, and it is regrettably
true that the poorest classes pay the highest
rates. In respect to interest rates, the country
may be divided into three parts—Slovenia,
where rates are lowest and do not differ greatly
from official rates, owing to the excellent organization of savings banks; the large towns of
Croatia and Serbia, where the rates may be as
high as 14 per cent; and the rest of the Kingdom,
where rates move from 14 per cent upward.
Earlier reports have described the measures
taken to bring about a reduction in rates.
Partly as a result of these measures, partly as
a result of economic progress, some reduction of
excessive rates has been effected at least in the
large cities, but in small towns they are still
far too high. Large enterprises can obtain
credit cheaply, but all other merchants and
business men pay high rates.
Although the large banks complain that
they have considerable amounts of cash w^hich
they are unable to place, and which, for this
reason, add to their current expenses, they still
charge through their branches the same high
rates as are charged by the small banks according to local conditions. The large banks
make no distinction between rates to customers
who use the borrowed funds directly in their
business and rates to small banks which use
the borrowed funds for relending. Thus they
J U N E , 1930
prevent the reduction of interest rates in small
places on the excuse that money is dear and
that they can not afford to lend at lower rates.
Interest paid on savings deposits is still
high—from 6 to 10 per cent and even 12 per
cent. Competition for deposits in small towns
which have a number of banks still continues,
and tends to keep rates high. Heavy taxes
imposed both by the central and the local
governments are another factor in maintaining
money costs at a high level. As a result,
large enterprises which could be operated at a
profit under favorable credit conditions are
gradually passing into the hands of foreigners,
to whom cheap money is available. Thus our
enterprises are losing their national character,
while our citizens are faced with unemployment
or less remunerative work.
The control over bank credit exercised by
the National Bank is inadequate to prevent
all the measures used to maintain unduly high
terms for credit. At the meetings of the board
of directors two plans have been suggested—
first, that the National Bank should refuse to
extent its credit facilities to any bank which
charges excessive rates; second, that a maximum rate of interest should be fixed by law, as
was attempted in Serbia before the war, and
as is done in almost all countries.
The National Bank has opposed these
measures in the belief, first, that this matter
can not be regulated by law; and, second, that
curtailment of credits to the small banks
would achieve results quite the reverse of those
intended. The National Bank has urged that
excessively high rates should be prevented
through agreements among the large banks as
to rates charged on loans and paid on deposits;
and through bank amalgamations wherever
they would promote economy of operation or
greater efficiency. By this means capital
drawn from all parts of the country would be
concentrated in powerful banks in the larger
banking centers. Only such banks can command confidence, or offer depositors adequate
guarantees, or aid in developing the productive
power and economic strength of the country—
especially through reduction of excessive
interest rates. The National Bank must continue to work along this line, and demand the
creation, through agreement among the large
banks, of a private discount rate which would
be in harmony with the official rate. Such
an agreement would furnish a basis for determining what rates were fair and what were
excessive. Cooperation between the large
banks and the National Bank in respect to
discount operations is very desirable.
Reduction of excessive interest rates can
also be effected through the creation of large
city savings banks and other institutions for
that purpose—of which Slovenia furnishes
an excellent example. City savings banks,
however, should not be allowed to undertake
for account of municipalities any business
other than discount and treasury operations,
and should under no circumstances assume
the financing of municipal budgets or municipal
enterprises. Societies for mutual assistance
and cooperative savings institutions in small
towns would enable their members to obtain
loans at lower rates than they are now forced
to pa}^ at the banks.
BALANCE SHEET OF THE NATIONAL
KINGDOM OF YUGOSLAVIA AS OF
BANK OF THE
DECEMBER 31,
1929
Dinars (in !
h d ) /
i thousands)
I
(
RESOURCES
Metallic reserve:
Gold
Silver
371
FEDERAL RESERVE BULLETIN
JUNE, 1930
2 95,470
2 17, 579
•_.
Total reserves
Cash in nickel coins,.
Loans:
On bills at ordinary discount
On pledge of securities
!
|
;
2
i
2
1,311 ,
266, 620
Temporary exchange
Regular credit of 1,000,000,000 dinars.
Extraordinary credit
Securities held for account of bank's reserve funds:
Surplus
__.
Fund for supplementing dividends._
Depreciation reserve
Fund for building warehouses
Fund for assisting agriculture
Fund for assisting agricultural literature
Pension fund of employees of the bank
Bank premises: Head office and branches..
Bank-note printing works
Furniture and equipment. _
Difference on rate of exchange of foreign bills
chased
Total resources, exclusive of contra accounts
Contra accounts:
Deposits for safe keeping
Deposits on various accounts, and guarantees.
Value of State domains pledged for note issue.
Deposit of coined money
Total resources..
1929—Continued
Dinars (in
thousands)
Notes in circulation:
Permanent dinar notes..
Dinar notes
Dinar-crown notes
5,550,402 :
258,315 !
9,249 |
Liabilities on current and various accounts:
On current accounts
On various accounts
102, 396
1,250,062
160, 829
22,001
2,831
1,410, 891
24, 832
205, 900
99, 641
3,624
1,754
305,541
5,378
10, 000
20,000
30,000
176
352
528
Credits of State:
On account of temporary exchange in various
moneys..
_
On various accounts
Capital; fixed at 50,000,000 in minted gold; paid
up on this head:
In minted gold
In bank notes
__
^
Bank reserve funds:
Surplus.._
Fund for purchase of gold for capital
Fund for supplementing dividends
Depreciation reserve
2 1, 990
Fund for building warehouses
Fund for assisting agriculture
.
Fund for assisting agricultural literature
2 23
2
4, 693
!
12,011 i
83,056 i
37,685 i
25,642 i
3,024 i
468 ;
310;
211
1,462
663
451
53
8
5
162, 195 i
2. 855
2 4, 716
2
6, 705
408
\
1,287,529 j
230,120 '.
Pension fund of employees of bank
Bonuses
j
Unpaid dividends
.
Net year's profit for division among shareholders..
29,352
4,504
505
28,224
22, 661
4,050
Total liabilities exclusive of contra accounts^
Contra accounts:
,
To owners of goods in safe keeping
To owners of deposits on various accounts,
and guarantees
State credit for pledged domains
:
To Ministry of Finance on account of metal !
money deposits
Total liabilities
.
7, 789,179
985,619 I
5,047 j
42,336 !
948,330
205,900
998,855
2,000,000
;
'
•
'
26,711
17,347
89
745
16,
3,
17,
35,
691
624
580
200
4.153,085
73,094
12,010
32,437
17,186
3,023
467
309
211
571
302
53
65,432
29,339
83,919
41, 575
2,789
1,152
516
1,477
732
49
1,491, 209
26,245
7, 789,179
137,090
40, 244
5, 208, 666
2,138,377
708
91, 673
37, 635
534
15, 206,801
267,
640
97,687
4,546
163
5,817, 966
2 267, 931 ;
2 380, 979 i
23.202 ;
1,517,649 i
State debt on account of—
Purchase of crowns
Plus cost of printing notes
Less State share in profit of bank.
BALANCE SHEET OF THE NATIONAL BANK OF THE
KINGDOM OF YUGOSLAVIA AS OF DECEMBER 31,
2 1, 680
2 309
2 113,049 ;
Foreign exchange:
In treasuries.
Deposited with correspondents abroad
I
!
)
!
!
517
137,090
40, 244
708
5, 208, 666
2,138,377
91,673
37, 635
30, 335
15,206,801
534
267,
640
i Conversion at $0.0176, the rate at which de facto stabilization of the
dinar has been maintained for nearly five years. On the balance sheet
however, the bank carries the reserves at a "conventional" rate, based
in general upon the pre-war parities of the dinar ($0,193) and of other
currencies. The actual situation of the reserves, as revalued by the
bank in terms of the current dinar, is as follows:
I "ConCurrent
I venas
! tional" dinars
Dollars
i or pre- revalued
by
the
(in thouI war
sands)
I dinars (inbank
thou! (in thou- sands)
sands)
Metallic reserve:
Gold
Silver
Foreign exchange:
In treasuries
Deposited with correspondents
Total reserves.
2
'
'
:
!
95,470 1,043,564 ,
17,579 ,
59,921
113,049 : 1103,485
18,367
1.055
19, 421
9 273
163
266, 620 ! 1414.073
267, 931 1 1423, 346
24 888
25,051
380, 979 i 2,526,830
44 472
1,311
Conventional value. For actual values see note 1.
372
FEDERAL RESERVE BULLETIN
J U N E , 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]
Ar-
Month
1929—April
10,048
May
10,116 !
June.
I 10,132 |
July
! 10,150 j
August
I 10,233
September...! 10,260
October
| 10,292 j
November..-! 10,296 i
December...: 10,290 j
1930—January
! 10,356
February....! 30,429 !
March
| "10,500 j
April
;Pl0,567 !j
May
__j
Aus- Bel- Bra- Can- Eng- j
zil ada l d
569
3,8
3,931 !: 560
524
3,956
513
3,974
3,995 i 507
4,008 i 496
476
4,023
4,003 ; 451
3,900 , 434
445
3,921
3,988: 448
4,061 i
4,131
H, 156 |
110
106
108
111
113
114
109
97
89
88
124
126
134 j
134
139
141
141
.„ !
! 142
| 143
i 151
i 163
| 164
| 164
] 164
109 • 164
762 !
150
795 I
151 '
780 |
151 694 i
151
670 !
151
648 I
151
643
151
659 j
151
711 !
150
732
139
127
78 i 740
127
79 I 759
90
i | 795
Neth- RusSwit- 28
erSpain zer- other
sia
land counlands
tries
Ger- Inmany dia
1,403
1,435
1,436
1,462
1,526
1,545
1,570
1,600
1,633
1,683
1,680
1,668
1,659
Pl,717
451
420
455
512
520
527
531
534
544
547
582
595
611
270
270
271
271
271
272
272
273
273
273
273
274
274
128
128
128
128
128
128
128
128
128
128
128
128
542
! 542
542
I 541
541
i 541
| 541
: 542
! 542
520
477
! 453
; 443
174
176
176
181
178
178
178
180
180
177
176
174
174
92
93
93
103
119
132
142
142
147
147
150
156
167
177
P617
494
494
494
495
495
495
495
495
495
495
476
476
477
95
96
96
98
98
103
103
105
115
108
108
108
112
708
708
706
699
703
704
708
708
708
711
710
»708
P710
,
v Preliminary, based on latest available figures.
* Figures for gold held in the Government conversion fund are as of the last day of the month instead of the last Wednesday, as previously.
NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for the
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
Im- S Exports ! ports
1929—February
March
April
May
June
July
August
September
October
November
December
1930—January
February
March
April
™
: pms
Exports
Great Britain
ret
JNN pf
Imj ports
Exports
N
Netherlands
,
i Im- ; Ex! ports j ports
764
574 12,347 21,383 —9,036,
26,913!
1,425
25,488
1,338
7,746 17,987 j
24,835
1, 701
804
26,470!
1,635
23,093
1, 768 223, 247 -221,480!! 16', 144 3,714 12,430!
24,687! 1,594
4,652 23,632!
23, 630
1, 946
781
1,165 28,284
24,0981
467
30, 212,
7, 493
6,812: 21,085 40,001-18,917;
681
30,762'
550
34, 718 48, 728
48,012! 22,578 100,479-77,901:
716
35,5251
807
18, 390 27, 728
26,849 j 17,226 59, 278 -42, 052:!
879
19,271:
881
9,939
9, 088 18, 301 41,283-22, 982
851
18, 781 i 1,205 17, 576
1,796;
17, 516
4, 624
3,622' 28,591 26,794
1, 002
21,321! 3,805
8,405:
5, 093
4,174 i 36,249 27,844
919
7,123 30,289 -23,166'
10,290, 65,343 16,439, 48,903,
806
8,12lj 72,547 -64,426 11,096
3,960; 5,052
4,423 41,702 16,102 25,600!
629
12,9081 8,948
4,886,
59,991 38, 252
37,565 38,961 34,074
687
60,198!
207
55,478 15,119
14, 350 38, 258 12,826 25,432!
769
55, 7681
290
14,828
27,913,
65,
725
18,670
17,967,
42,741
703
65,835!
110
M O V E M E N T S T O AND F R O M G R E A T
fin thousands of dollars]
BRITAIN
South
Africa
India
Net
Net
Net
175
181:
6
133 14,320 -14,187
163
165
2
4,338
23
4,315
190;
17
173
129i
8
121
103! 2, 522 -2,419
116!
17
'99
177
12
166
107:
15
92
297,
17
280
248' 3,224 -2,975
80
1,026
-946
89;
10
79
81
21
60
- 1 7 , 848
- 2 1 , 542
-15,871
-17,975
-22,625
-14,816
-20,981
-15,375
-15,812
- 2 0 , 922
- 1 8 , 220
-17,808
-20,786
-13,777
-18,134
7,700
13,063
6,580
6,076
3, 596
4,164
2,771
3,390
3,146
4,408
4,603
5,370
3,844
3,473
M O V E M E N T S T O AND F R O M B R I T I S H INDIA
[In thousands of dollars]
1930
From or to—
I
j
April
1 January-April
Calendar year
From or to—
Imports
Exports
Imports
Exports
Im- ; Exports i ports
France64
1,044
982 ! 12,385
2,066 1 162,527
Germany
9,827
3,203 j 92,991
7 | 48,517
Netherlands
!
21
,
301 14,382 , 2,006
86 19,466 '
Spain and Canaries, j
96
4 '•
359
Switzerland
2, 684
J 10,781
3, 516
United States
'
282 |
!
283
23,090 i 61,293
South America
!
409
113,499!
49 39,129 '
British India
I
|
910 '
. 3,125
, 10,320
Australia
_..i 29,444 i
'• 59,329
24,603
New Zealand
37
2,433 L._
Egypt
i
6
: 3,786
Rhodesia
1,607 ;
430
4,641 !
Transvaal
64,769
!
11, 614
184,954 :
West Africa
1,516 ,
5
390
4,216 !
8
168 ! 9,827
All other countries..
255
1,003 i 33,434
Total....
42, 741
' Revised.
14,828 i 161, 664 j 77,829 303,725 ' 377,505
February
; Imi ports
England
4C8
-!
United States
j
Aden and dependen- :
cies
59
!
Arabia
35
British Oceania
| 1,805
Bahrein Islands
j
10
Ceylon
j
913
China..
Mesopotamia
Straits Settlements..
Egypt
Natal
All other countries..
Total
Exports
January-FebIm- j Exports I ports
Imports
1,731
10,461
22
178
123
161
67
3, G65
13
923
58
385
113
560
1,540
1,015
1, 287
7,701
119
4,151
188
2, (ji3
19
0,867
29,595
I 3,844
9,217
4 - til, 275
191
20f>
Exports
1
~28
19
48
373
FEDERAL RESERVE BULLETIN
Jl'NE, 1930
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
April
1930
1929
1930
March Febru-
April
April
1929
March [ Febru- April
i ary •.
J
Bank of England (millions of pounds
sterling):
Issue departmentGold coin and bullion
Notes issued
...
Banking departmentGold and silver coin
Bank notes
Government securities
Other securities
Discounts and advances
Public deposits..
Bankers' deposits.._
Other deposits
Reserve ratio l (per cent)
Bank notes in circulation J
163.3
423. 3
155.1
415.1
.9
.9
62.8
44.8
64. 5
59. 2
10. 0
0.8
21.0
06.2
36. 6
358. £
151.3
411.3
156. 0
416.0
.7
.5
64.5
34.4
12.9
13.3
6.1
18.8
54.9
35. 9
58.1
352. 3
58.8
44.3
15. 6
11.0
IS. 3
58. 4
35.7
52.7
357.3
4.7
12.0
50.7
36.2
65.9
346.8
Bank of France (millions of francs):
Gold
__ 42, 351 42, 557 42,855
6,956 ;
Sight balances abroad
I 6,902 6,920
Foreign bills....
I 18,736 18, 746 18,738 i:
Loans and discounts
'. 8, 296 8, 943 7,987
5, 453
5, 395 5,396
Negotiable bonds.
70, 770 70,826 71,116 '
Note circulation.
6, 554 6, 802 8,767 j '•
Public deposits. .
7, 997 8, 719 7,136
Other deposits...
German Reichsbank (millions of j
reichsmarks):
\
2, 346
Gold reserve
I 2,416
150
Gold abroad
I 150
387
Reserves in foreign exchange
j 327
2, 269
Loans and discounts
2,152
457
Deposits
i 537
Reichsmarks in circulation
| 4, 664 I 4,806
380
382
Rentenmarks in circulation
I
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits
!
j 5, 204 5,202 ! 5,190
4,855 i!
! 5,026 4,858
I 4, 359 4,379 | 4,614
10,062 16,322 '. 16,095 !
300
300 i
300
1, 514 1,436 ! 1,663 !
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits
895
749
85
1, 186
693
Commonwealth Bank of Australia j
(thousands of pounds sterling):
:
Issue departmentGold coin and bullion
22,493
Securities
5,190
Banking department—
Coin, bullion, and cash
2,215
Money at short call in Lon- i
don
6, 261
Loans and discounts
I 13,350
Securities
i 21, 208
Deposits
| 41,980
Bank notes in circulation.
_i 39,797
Austrian National Bank (millions of i
schillings):
I
Gold.
!
Foreign exchange of the reserve.. j
Other foreign exchange
!
Domestic bills
|
Government debt
i
Note circulation. _
I
Deposits
1
3
2,294
150
384
2,288
469
4,722
384
_.
169
231
365
146
102
982
36
*965 :
912
8 755
755
» 144
131
3
1,
277
1,270
• 733
706
25,993 I 25,379
6,191 i 9,769
2, t,00 ! 1, 345
5,100
14,637
20,308
42,019
37,727
!
i
:
i
i
169 I
221 !
336
166
108 i
980 :
26 .
;
4,351 |
15,483 !
17,208 :
38,348
37,648 i
169 !
204 ,
315 [
234
109
974 !
59 :
National Bank of Belgium (millions j
ofbelgas):
Gold
i 1,1S3
015
P"oreign bills and balances in gold.1
829
Domestic and foreign bills
;
309
Loans to State
._'
Note circulation
: 2, 877
105
Deposits
Bank of Brazil (millions of milreis): ;
Gold
Currency
Correspondents abroad
Loans and discounts
Securities
Note circulation
Deposits..
National Bank of Bulgaria (millions
35, 788
of leva):
8, 544
Gold
18, 539
Net foreign exchange
8,737 ,
Total foreign exchange
5,930 j
Loans and discounts
02,848
Government obligations
11,876 |
Note circulation
7,283 I
Other sight liabilities
Central Bank of Chile (millions of
pesos):
Gold at home
1,719
Deposits abroad
173
Loans
and discounts
99
Note circulation
3,189 I
Deposits
5 8 5 !•
4,631 li Bank of the Republic of Colombia j
498 !' (thousands of pesos):
Gold at home
Gold abroad
Loans and discounts
5,125
Note circulation
A, 879
Deposits.
5,523
16, 274 Czechoslovak National Bank (mil300
lions of Czechoslovak crowns):
!
1, 844
Gold
|
Foreign balances and currency...)
Loans and advances
|
1, 064
Assets of banking office in liqui- j
792
dation
'
175
Note circulation
1, 217
Deposits
789
Danish National Bank (millions of
kroner) :
Gold
Foreign bills, etc
Loans and discounts
22, 578
Note circulation
20,340;
Deposits..
1, 728 jBank of Danzig (thousands of Danzig gulden):
Balances with Bank of England .
15,460 •
Foreign bills, etc
11, 733
Loans and discounts
11,448 '
Note
circulation
39,649 ,
Deposits..
38,841
Bank of Estonia (thousands of j
krones):
Gold
169
Net foreign exchange.
197
Loans and discounts
346
Note circulation
207
Deposits110
Government
995
Bankers
38
Other
Ratio of gold and notes in banking department to deposit liabilities.
Notes issued, less amounts heJd in banking department and in currency note account.
*• Revised.
1,179 :
548
80S ;
309
2, 798
99 !
1,181
545
837
309
2, 790
128
962
456
764
345
2,431
123
407
725
412
1,196
147
592
1, 511
20, 553 I 21, 315 :25, 596
9, 872 ' 9,477 i 20,147
17,016 17,689 i 15, 273
31,573 j 33,241 ; 48, 302
5,532 ' 6,573 ' 9, 596
1,262
1,262
1,907
1,980
639 i 292
:
352 ' 354
7,011 , 6,838
417
395
172
101
77
356 :
31 :
15,347
'9,472
21,812
36,661
T
1,622
!
!
j
!
i
172
128
79
352
29
14,502
13,328
20,155
36,045
1,696
1.158
1. 688
653
411
7,133
466
173
89
359
33
13,407
16, 032
24, 228
37, 402
2,107
C,450
477 ! 6,461
18, 109 i 19,800 18,134
28, 268 ;28, 336 28,202
32, 327 '33,169 33,322
6, 271
19, 803
30, 048
34, 728
11,439 13,948
3,302 ! 3,472
1,584 1 1,849
12,044
3, 705
2,702
9,289
5,112
1,4S0
374
FEDEKAL RESERVE BULLETIN
JUNE, 1930
CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1930
April
1929
March February
April
April
1
Bank of Finland (millions of Finnish marks):
Gold
_
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation
Demand liabilities
946
122
916
1,440
237
Bank of Greece (millions of drachmas):
Gold
Net foreign exchange in reserve. .
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
_
Other sight liabilities
621
2,716
3,424
233 i
3,489 !
4,991 I
1,525 !
National Bank of Hungary (millions of pengos):
Gold
_._
_
Foreign bills, etc
Loans and discounts
Advances to treasury
Other assets.
_
Note circulation. _
Deposits
Miscellaneous liabilities
301
302
933
85
1,130
1,447
395
739
16
1,223
1,369
342
661
8
1,323
1, 556
217
627
2,768
3,749
295
3,513
4,890
1,950
64S I
2,537
3,739
340 |
3,513 I
4,842 !
1,874 I
304
163
10
248
83
58
464
25
47
163
8
225
83
72
431
46
46
163
25
227
83
93
441
77
46
Bank of Java (millions of florins):
Gold.
Foreign bills..
_.
Loans and discounts
Note circulation. __
Deposits
139
37
64
139
31
63
270
37
139
31
79
275
32
Bank of Latvia (millions of lats):
Gold
._
Foreign exchange reserve
Bills
Loans.
Note circulation
Government deposits
Other deposits
24
53
91
56
48
107
71
Bank of Lithuania (millions of litas): !
Gold
I
Foreign currency
!
Loans and discounts
j
Note circulation
j
Deposits
_
i
35
74
94
102
94
35
81
90
101
Netherlands Bank (millions
florins):
Gold
_
Foreign bills.
_
Loans ami discounts
_
Note circulation. _
Deposits
432!
213 I
145 j
829 ;|
18
432
204
171
837
13
437
201
130
782
23
147
35
240
310
2
84
147
29
241
305
2
80
147
27
233
297
2
68
of I
!
I
I
.!
!
|
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation.
Foreign deposits.
Total deposits. _.
_
Reserve Bank of Peru (thousands of
soles):*
Gold
.
Gold against demand deposits
Foreign exchange reserve
Bills
Note circulation
Deposits
8
49,340 49, 619
4,885 4,201
5,450 6,025
19,841 24,498
57, 263 59,919
9,769 8,354
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
Bank of Portugal (millions of escudos):
Gold
Balances abroad
Bills
Note circulation
Deposits
National Bank of Rumania (millions
of lei):
Gold at home
_
Gold abroad
Foreign exchange of the reserve..
177
Other foreign exchange
33
Loans and discounts
370
State debt
92
Note circulation
59
Deposits
485
154 State Bank of Russia (thousands of
chervontsi):
Loans and discounts..
I
Deposits
Issue department—
167;
Gold
27 j
Other precious metals
80
Foreign exchange
300
Note circulation
_.
36 I
South African Reserve Bank (thousands
of
pounds
sterling):
24
Gold
57
Foreign bills
86
Domestic bills
54
Note circulation
45
Deposits105
Government
Bankers
Others
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
,
296
Loans and discounts
840
Note circulation
_
I
27
Deposits
|
Swiss National Bank (millions of
147
francs):
56
Gold....
273
Foreign balances and bills.
308
Loans and discounts
1
Note circulation
114
Demand deposits
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold.
50, 721
3,005
Foreign notes and credits
10, 061
Loans and discounts
17,933
Advances to State
60,459
Note circulation..
4,932
Deposits
570
3,470
4,893
108
3,656
5,617
1,856
1929
1930
March February
April
483
219
298
112
669
1,326
127
174
483
219
325
116
697
1,324
162
••175
521 !
180 !
360 i
100 i
739 j
1,282 !
290 i
166
428.
195
483
94
78a
1,274
338
153
168
329
275 ;
359 !
1,906 |
62
165
336
1,879
59
9
314
278
.,798
70
5,346
3,919
2,154
41
10, 398
3,797
19, 254
7,944
5,331
3,919
2,353
18
10, 605
3,797
19, 708
8,210
77:
5,307
3,919
3,610
22
9, 661
5,197
19, 518
8,487
5,049
3,592
2,520
387
9,427
7,672
19,968
6,560
509,965
311,114
358, 798
197, 325
29, 080
17, 972
3, 298
4, 375
6, 813
9,170
153,580 I 115,450
I
7,529
6,170
1,575
7,726
7,315
6, 633
1,211 I
8,436 j
2,462
4,739
129
2,392
2,450 i 2,573
4,737 I 4,8'0 5,140
311
393 ! 250
2,469
714
38
1,890
4,395
834
2,468 3 2,467
716
3 714
34
3 185
2, 018 3 2,041
4, 365 3 4,431
833
3 889
243
356
201
545
183
7,680
6, 237
2,333
9,032
2, 560
720
96
1, 719
4, 258
1,070
244
262
302
575
159
!
I
!
|
244
234
298 !
534 I
166
561
335
119
918
122
!
!
j
!
i
561
344
120
893
129
96
291
1,319
2,997
5,363
1,397
96
291
1,377
2,999
5, 5< 0
1,409
8,049
7,706
1,431
8,755
|
|
j
I
i
235
186
364
518
188
493
247
201
875
112
92
192
1,619
2,966
5,212
891
r
Figures are for Mar. 1,1930.
Revised.
< Figures previous to February, 1930, have been converted from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin
for May, 1930.
375
FEDERAL RESERVE BULLETIN
J U N E , 1930
CONDITION OF COMMERCIAL BANKS
Millions of national
currency
Millions of dollars
Country
February
Canada:
Gold coin and bullion *
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
D eposits
England:
Cash in vault and at banks
Money at call and short notice__.
Advances and discounts
Investments
Deposits
France:
Bills and national-defense bondsLoans and advances
Demand deposits
Time deposits
Germany:
Bill and treasury notes
Due from other banks
M iscellaneous loans
Deposits
Acceptances
Italy:
Cash
Bills discounted
Due from correspondents
Due to correspondents
Deposits
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 banks
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
1930
1929
Febru- M a r c h
ary
Millions of dollars
64
60
60
60
428
415
415
597
1,628
1,626
1,601
1,506
423
418
428
530
159
163
155
162
2, 455
2, 459 2,472
2, 560
63
63
64 i
59
169
174
174 1
192
April '.Nov
ber
63
560
1, 560
524
189
2,560
58
205
64
564
1,572
516
171
2,596
59
205
61
532
1,684
475
187
2, 636
60
234
120
138
506
753
120
120
512
745
102
129
524
745
11
190
832
976
12
184
839
991
908
649
5,975
1,197
8,648
826
421
1,370
42
December
61
507
January
Febru- M a r c h
ary
April
448
175
2, 605
60
204
61
449
1,641
431
156
2,485
63
173
60
428
1,628
423
159
2, 455
63
169
60
415
1,626
418
163
2, 459
63
174
29
113
564
694
29
79
576
681
1
113
534
668
1
99
532
649
1
98
525
631
14
164
850
981
12
145
835
929
11
146
831
925
11
155
829
916
11
156
789
867
10
166
754
867
650
5, 815
1,187
8,463
917
694
5,734
1,188
8,363
907
707
5,842
1,142
8,522
979
700
5,829
1,147
8,628
935
692
5,903
1,134
8,600
884
621
\ 799
l, 113
8,341
882
645
5, 631
1. 096
8, 185
911
650
5,729
1, 095
8, 331
816
398
1, 323
37
793
410
1,299
38
819
421
1,291
41
826
421
1,285
42
834
420
1,298
39
829
426
1 324
45
750
276
2, 039
2,867
125
770
282
2,052
2 920
122
755
271
2,076
2,921
117
1,653
60
415
1,601
428
155
2,472
64
174
Millions of pesos
115
615
750
7
114
613
736
;
!
i
I
11
10
194
181
880
911
1,012
1,002
Millions of pounds
sterling
182
128
1,192
229
1,714
181
133
1,157
225
1,682
187
133
1,177
225
1,712
Millions of francs
!
21, 136 !
10,876 '
33,777 :
1,159 ;
Millions of reichsmarks
3,148
3,234 3,168
1,139
1,160
1,182
8,561
8, 619 8,710
12,
265
12, 035 12,259
491
525
510
Millions of lire
687
293
1,969
2,774
116
61
470
268
711
160
62
454
284
66
443
298
723
166
160
Millions of kroner
1,822
1,811
124
115
88
84
1,971
1, 986
Millions of kroner
462
45
25
520
462
45
24
520
466
41
21
522
476
37
16
526
479
38
19
526
479
34
20
520
485
31
23
528
488
33
24
532
1,233 i 1,228
117
106
75
92
88
1,521
1,507
348
34
22
27
426
347
31
23
27
420
27
23
27
419
336
34
23
26
412
335
32
21
24
412
332
33
20
25
408
330
31
20
25
408
329
28
20
24
404
333
30
21
24
402
1,109
1,107
71
33
45
945
71
40
62
949
1,105
74
34
56
945
1,141
80
31
45
944
1,117
79
30
67
933
1,146
80
33
42
965
1,159
71
32
41
970
1,166
72
38
42
980
1,167
70
42
24
989
156
936
953
116
934
953
117
917
941
168
1,003
1,021
156
1, 058
1,023
138
1,071
1,033
119
1,075
1,028
114
1,080
1,022
140
1,061
1,017
1,241
110
1,500
Millions of kroner
4,324 4,352 4,356
270
262
265
143
156
120
154
157
91
3,621
3,656
3,692
Mi 'lions ofyen
238
230
281
2,157
2,167 2,129
2,063
2,050 2,040
1
Not including gold held abroad.
NOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks;
Germany—six Berlin banks; Italy—four private banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks.
376
FEDERAL RESERVE BULLETIN
JUNE. 1930
DISCOUNT RATES OF CENTRAL BANKS
[Rate prevailing June 1, 1930, with date of latest change]
Country
Austria..
Belgium..
Bulgaria
Chile
Colombia
Czechoslovakia
Danzig
Denmark
Ecuador
Rate
3
10
6
8
5
4
9
In effect
since—
i Country
Rate
In effect
since—
Country
Rate
In effect
since—
Country
Rate
Portugal
Rumania
Russia
South Africa.
8
9
May
May
July
Oct.
24, 1930
1, 1930
2, 1929
22, 1928
' England..
: Estonia...
i Finland...
France
3
8
6H
2H
May
Oct.
Apr.
May
1,
3,
28,
2,
1930
1929
1930
1930
Japan
_
Java
_.
Latvia
Lithuania. _.
5.48
4^
6-7
6
Oct.
Mar.
Apr.
Apr.
May
May
May
May
Jan.
21, 1930
26, 1930
2, 1930
3, 1930
10, 1930
Germany.
Greece
Hungary..
India
Italy
4fc
9
sy2
6
5H
Mav 20,
Nov. 30,
May. 30,
Apr. 3,
May 19,
1930
1928
1930
1930
1930
Netherlands
Norway
Peru
Poland
3
4H
7
Mar. 25, 1930 1 Spain
Mar. 21, 1930 Sweden
Nov. 23, 1929 Switzerland.
Mar. 14, 1930 Yugoslavia .
10,
10,
1,
1,
1927
1930
1928
1930
s
m
3
5M
In effect
since—
July
Nov.
Mar.
Aug.
27, 1926
26, 1929
22, 1927
17, 1929
Dec.
Apr.
Apr.
May
19,
3,
3,
28,
1928
1930
1930
1930
f Changes.—Austria—May 24, from 6 to 5!/i per cent; Colombia—May 21, from 9 to 8 per cent; Czechoslovakia—May
26, from 5 to 4H per cent;
Germany—May 20, from 5 to 4 ^ per cent; Hungary—May 30, from 6 to 5}4 per cent; Italy—May 19, from 6 to 5l/z per cent; Lithuania—Apr. \1,
from 7 to 6 per cent; Yugoslavia—May 28, from 6 to hlA per cent.
MONEY RATES IN FOREIGN COUNTRIES
Germany (Berlin)
England (London)
Month
Bankers'
acceptances, 3
months
1929—January
February
March
April
May
June
July
August
September
October
November
December
1930—January
February
March
April
Month
Treasury
bills, 3
months
Bankers'
Day-to-day allowance
money
on deposits
Money for Day to-day
1 month
money
Switzerland
Private
discount
rate
Private
discount
rate
Money for
1 month
4.32
5.05
5.33
5.21
5.21
5.32
4.29
4.96
5.30
5.18
5.21
5.35
3.41
4.33
4.51
4.43
4.67
4.23
2H
2H-3H
3^
3&
3H
3^
5.80
5.80
6.31
6.63
7.49
7.50
7.51
7.07
7.30
7.57
9.65
9.89
5.13
6.33
6.97
6.85
9.32
7.90
4.20
4.39
4.64
5.36
5.37
5.30
4.4b
4.78
5.05
5.81
5.88
5.30
3.28
3.31
3.39
3.45
3.34
3.26
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
3H
3>i
3H-4H
4H-*
4 -3H
3^-3
7.39
7.18
7.18
7.28
6.89
6.98
9.35
9.43
9.48
9.06
8.29
8.78
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
4.07
3.82
2.78
2.48
4.04
3.72
2.55
2.49
3.62
3.76
3.20
2.28
3
3 -2H
2y2-iy2
6.33
5.53
5.12
4.46
7.71
6.72
6.35
5.57
8.21
7.42
7.86
8.06
7.79
a 14
6.03
6.01
5.57
4.40
2.99
2.80
2.50
2.52
2.85
2.94
2.61
3.08
2.97
2.71
2.60
2.61
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
1929—January
February
March
April
May_
June
July.
August
September
October..
November
December
1930—January
February
March
April
Private
discount
rate
Netherlands (Amsterdam)
3.97
3.97
3.97
3.97
3.96
3.97
4.04
4.93
4.94
4.94
4.57
4.40
3.40
3.41
3.31
3.33
3.50
3.39
3.37
3.44
3.49
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.38
2.91
2.70
2.57
5.83
6.00
6.31
6.75
6.83
6.75
6.75
6.85
7.01
7.18
7.00
7.00
7.00
6.95
6.57
6.43
Austria (Vienna)
Private
discount
rate
6fi«-6H
6M«-6Mo
6H -6H
6Mft-7H
7H-7^
7*i«-7M
7H -m
7\i -77A«
8 -m
7U -8H
7H-7%
63^ -7H
6Me-6M
5$£-6
5H-5M
Money
forl
month
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Prime
Loans up Discounted
commer- Day-to-day
to 3
money
bills
cial paper
months
7H-8H
7M-8H
7*4-8*4
7^-8*4
8 -9
8J4-9
8H-&
8K-9
8J4-9M
9 -10
7H -&H
7H -8fc
7H-8H
SH -9
8H-9^
8H-9J4
7$i-8%
7 -8
6H-7H
m-m
sn -m
894-10
8%-10H
824-10H
9 -10H
8^-9%
7^-10
7-9H
6M-8H
6J4-834
6J4-8J4
6H-8V4
7 -9
7 -9
7 -9
7 -8M
7 -8
6f4-8
7H-8
6^-754
7 -7H
VA-7H
5H-6U
4H-6H
4^-6^
4H-6H
4H-6H
4^-6^
4H-6#
4H-6H
5^-7
5^-7
5H-7
5H-7
4H-6
4^-6
4 -6
3H-5M
5.84-6.21
5.66-5.84
5.66-5.84
5.48-5.66
5.48-5. 66
5.48-5.66
5.48-5.66
5.48
5.48
5.48
5.48
5.48
fi.48
5.48
5.48
Call
money
overnight
2.37
2.92
3.10
3.65
3.29
3.29
3.10
3.10
2.92
3.47
3.47
3.10
2.74
3.83
3.83
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and
May, 1930.
377
FEDERAL EESERVE BULLETIN
JUNE, 1930
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1
Country
Monetary unit
Par
of exchange March
In cents per unit of foreign currency]
1930
Country
April
Monetary unit
May
EUROPE
Par
of exchange
1930
March
May
April
SOUTH AMERICA
Austria— . . _ _ Schilling
Belgium
Belga
Lev
Bulgaria
Czechoslovakia
Crown
Denmark
Krone
14.07
13.90
.72
2 96
26. 80
14. 0705
13.9373
.7216
2. 9622
26. 7693
14.0801
13.9565
.7221
2. 9621
26. 7745
14. 0864
13.9541
.7219
2. 9634
26. 7556
England
Finland
France
Germany
Greece
Hungary
Pound
Markka
Franc
Reichsmark
Drachma
Pengo
486. 65 486.3085 486. 3104 485. 9675
2. 5172
2 52
2.5171
2. 5166
3.9132
3. 9222
3. 9185
3 92
23.82 23.8573 23. 8684 23. 8627
1. 2967
1. 2960
1.30
1. 2960
17.49 17. 4738 17.4718 17.4772
Italy
Netherlands
Norway
Poland
Portugal
Lira
Florin
Krone
Zloty _.
Escudo
5 26
40 20
26.80
11.22
108. 05
Rumania
Russia 2
Spain
Sweden
Switzerland
Yugoslavia
Leu
Chervonetz
Peseta
Krona
Franc
Dinar
. 5957
.60
. 5953
514. 60 3 515.0000 3 515.0000 3
19. 30 12. 3131 12. 4828
26.80 26.8563 26.8796
19. 30 19. 3453 19. 3790
19.30
1. 7674
1. 7637
5. 2375
40.1066
26. 7589
11. 2027
4. 4930
5. 2415
40. 2013
26. 7719
11. 2037
4. 4954
5. 2414
40. 2255
26. 7570
11. 2020
4. 5013
.5953
515.0000
12. 2283
26. 8342
19. 3550
1. 7669
Argentina
Bolivia 2
Brazil
Chile
Colombia
Ecuador 2
Peru 2
Uruguay
Venezuela 2
.
Peso
Boliviano
Milreis
Peso
do
Sucre
Libra
Peso
Bolivar
96.48 85. 6357 88. 6349 87. 2153
36.50 36. 0385 36 5000 36. 5000
11.96 11.5012 11. 7206 11. 8349
12.17 12. 0518 12 0549 12. 0746
97. 33 96. 3900 96.3900 96. 4962
20.00 20. 0000 20 0000 20 0000
486. 65 400. 0000 400. 0000 400. 0000
103 42 89 0137 92 9001 92 2102
19.30 19. 2408 19 1300 19 1300
ASIA
China 4
China 4
China 4
Hong Kong 4
India
Japan
Java 2 .. ..
Straits Settlements.
Turkey
32. 24 33. 8100 33 6670
Mexican dollar
Shanghai t a e l . . - 44. 45 47.1132 46.9037
Yuan dollar
31.54 33 6009 33 3822
Dollar32.01 37. 2238 37.1905
Rupee
36.50 36.1138 36.1163
Yen49.85 49.3298 49. 3661
Florin
40.20 40.1365 40. 2350
Singapore dol56.78 55.8994 55.8744
lar.
Turkish p o u n d . . 439. 65 «47. 3035 6 46. 6955
32 0607
44. 6901
31 8181
35 7697
36. 0567
49. 3809
40. 2385
55. 8892
7
47. 0823
AFRICA
Egypt
Egyptian pound
494. 31 5 499.29976 498.59707 498. 6789
NORTH AMERICA
Canada
Cuba
Mexico
Dollar.
Peso
do._
1
_. 100. 00
100. 00
49. 85
99. 7637
99. 9596
47. 4921
99.9501 99. 8360
99. 9189 100. 0032
47. 5414 47. 5356
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. T h e figure given for parity represents gold value of unit in M a y , 1930, computed b y multiplying silver content of unit by
New York average price of silver for M a y , 1930, which was $0.41036 per fine ounce. On the same basis, parity in M a y , 1929, for the Chinese-Mexican
dollar was 42.77 cents; for the Shanghai tael, 58.97 cents; for the Yuan dollar, 41.83 cents; and for the Hong Kong dollar, 42.46 cents.
s January, 1930.
6 February, 1930.
7
March, 1930.
Back figures.—See BULLETIN for January, 1930, 1929, and 1928.
2
3
378
FEDEKAL RESERVE BULLETIN
J U N E , 1930
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
1929
1930
Country
Feb.
United States.
Mar. j Apr.
97 \
97
May
96 I
June I July
96
138
660
139
463
226
96
140
654
140
461
226
94
139
648
137
455
225
92
136
643
136
452
223
93
136
629
135
447
222
Australia
Austria
Belgium
China
Czechoslovakia
Denmark
Dutch East Indies.
Egypt
Finland
Hungary
India
Netherlands
New Zealand
Norway
Peru
Poland....
Russia
South Africa
Spain
Sweden
Switzerland
156 I 157
130 | 133
865 ! 869
164
162
141
139
154
159
150
149
123
122
100
100
136
136
143
144
147
146
155
155
150
150
189
185
99
99
178
177
158
134
862
161
141
150
148
120
99
135
140
144
155
148
185
98
179
131
174
141
140
156
135
851
162
137
148
150
114
98
123
139
142
155
146
186
95
180
158
134
848
163
134
146
149
108
98
122
138
141
155
147
186
95
181
171
140
139
170
139
139
173
145
143
|
I
(
I
174
144
142
Oct.
i
I
I
I
96
137
624
138
440
220
98
136
598
138
437
218
159
132
858
163
135
149
149
109
97
119
142
141
156
149
187
96
180
129
169
140
143
160
132
850
165
134
150
148
112
97
114
143
142
156
148
187
95
180
|
:
i
I
I
|
j
|
I
!
i
i
Nov.
Dec.
94
Jan.
Feb.
Mar.
Apr.
94
93
92
91 '
97
136
608
138
437
218
97
136
607
137
436
216
96
134
603
136
431
211
133
596
134
425
205
96
131
576
132
417
201
94
128
567
129
408
199
92
125'
558
126
400
196
92
124
548
127
396
193
163
128
846
167
132
150
148
113
96
109
143
141
157
148
186
94
181
161
127
838
168
131
149
147
115
96
111
140
140
156
147
186
93
182
128
172
138
142
158 j
125 i
834 I
165 !
130 I
147 !
146 i
112 |
95 ;
107
137 !i
137
155 |
146
184 !
95
181 i
154
123
823
165
128
146
144
110
95
107
134
135
154
146
182
92
182
147
123
791
175
124
140
141
106
93
104
126
126
155
143
181
85
144
121
774
174
122
136
146
119
777
174
121
135
101
92
100
125
122
101
92
142
180
85
141
179
89
171 ,
135
140 i
172
134
139
151
125
808
170
126
143
143
109
94
106
131
131
155
144
181
88
182
121
172
131
136
172
128
133
172
125
131
124
129
96
Canada...
England..
France
Germany.
Italy
Japan
i
Aug. ; Sept.
171
170
141 | 140
143 ' 142
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 current figures of the index numbers may
be found.
The base periods, which were systematically indicated in the BULLETIN for April (p. 256), 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—1913; New Zealand—1909-1913; Norway—December 31, 1913-June 30, 1914; Perit-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.
379
FEDERAL RESERVE BULLETIN
J U N E , 1930
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
1929
1930
Country and group
Feb.
Mar.
Apr.
May
June
ine
105
98
108
96
96
81
81
106
106
99
98
96
95
97 : 97
80 j
102
98
107
94
81
105
97
94
97
103
99
108
93
83
105
96
93
97
80
July
Aug.
Sept.
Oct.
Nov.
Dec.
108
103
109
93
82
105
97
93
97
81
107
103
110
93
81
104
97
94
97
81
107
103
111
93
81
104
104
101
111
93
82
104
98
94
97
81
101
99
108
92
82
102
96
94
97
80
102
99
107
90
81
102
96
94
97
80
101
97
105
89
80
101
96
93
97
94
93
92
Jan.
Feb. Mar. Apr,
UNITED STATES (1926=100)
Farm products
_
Foods
Hides and leather products..
Textile products .
Fuel and lighting materials.
Metals and metal products..
Building materials
Chemicals and drugs
Hqusefurnishing goods
Miscellaneous
105
!
Nonagricultural.
107
109
96
81
104
98
96
97
80
96
104
88
79
101
96
92
97
79
95
94
103
87
77
101
95
91
97
78
91
91
90
129
114
i 145
131
122
115
127
107
1?1
i 129
! 116
: 127
96
95
78
95
91
79
94
95
95
94
95
96
94
149
142
144
160
133
113
123
114
159
177
136
137
150
140
145
165
135
113
130
123
162
175
135
136
147
137
146
158
134
114
126
123
159
174
134
135
144
133
146
152
132
115
121
118
155
172
131
134
143
132
144
155
131
115
121
118
154
167
131
134
149
143
144
158
131
115
121
117
153
163
131
136
144
146
145
144
131
115
121
117
154
161
132
134
143
141
143
145
132
115
126
116
154
158
132
138
145
137
148
150
131
115
128
114
152
154
130
137
142
132
150
145
129
115
128
111
147
156
127
134
141
132
158
135
128
115
130
111
144
152
125
131
139
129
154
135
127
115
130
110
141
145
123
130
135
122
152
133
124
115
129
110
134
135
120
129
609 I
603
612
692
568
802
498
596
140
677
930
592
605
610
602
688
558
793
499
596
132
677
930
606
607
595
614
675
560
771
453
598
129
677
968
606
584
614
565
668
560
758
450
586
126
677
969
606
578
603
563
664
561
748
445
579
133
677
969
636
524 | 551
590 ' 639
499
484
656
664
561
562
745 ! 725
452
442
603
593
117
129
677
677
969
636
556
670
487
652
567
705
455
608
114
677
1,003
636
555
686
476
645
566
694
432
606
96
685
1,003
636
546
695
456
640
568
684
433
603
97
685
987
636
512
647
432
630
571
655
438
602
89
685
987
708
503 ;
634
424
623 I
570
639
439
613
94
667
987
708
495
622
419
612
562
621
425
607
90
667
481
599
411
607
551
620
405
132
122
134
153
113
126
128
119
128
153
107
120
126
120
126
146
105
115
122
117
128
134
98
115
116
112
123
129
88
115
110
109
116
118
86 I
118
112
118
113
110
99
118
126
138
129
109
114
111
127
86
126
22
150
157
153
139
163
125
136
128
103
116
110
127
86
127
21
149
157
152
139
162
ENGLAND (1913=100)
Total food
Cereals
Meat and fish _
Other foods...
Total not food...
Iron and steel
Coal
Other minerals and metals.
Cotton...
.Wool
Other textiles.
Miscellaneous
FRANCE (1913=100)
Farm and food products
Animal products
Vegetable products
All industrial products
Minerals and metals
Textiles
Hides and leather
Chemical products
Rubber
Paper
Lumber
Cement and brick, e t c .
I
620
642
607
693
551
812
530
590
141
677
930
592
129
117
141
130
121
114
L22
104
131
127
115
127
I
667
987
GERMANY (1913=100)
Total agricultural products
Vegetable foods
Cattle
Animal products
Fodder
Provisions. _
Total industrial raw ma terials and
semifinished products
Coal
Iron___
Nonferrous metals...
_.
Textiles
Hides and leather.
Chemicals
_
Artificial fertilizers
Technical oils and fats
Rubber
_
Paper materials and paper
Building material
Total industrial finished products.
Producers' goods..
Consumers' goods.
134
132
120
151
140
125
!
I
|
!
I
|
134
133
123
142
142
128
128
130
122
127
140
127
126
125
120
130
133
125
125
120
127
130
122
124
132
131
134
136
127
128
133
130
134
140
123
130
133
125
134
149
120
131
134
139
128
118
149
131
126
87
126
34
151
157
158
138
174
| 134
I 138
128
132
150
130
127
88
i 126
| 34
! 151
157
158
137
174
133
136
128
127
148
129
126
88
126
29
150
157
158
138
173
131
136
128
118
144
120
126
87
126
30
151
157
158
138
172
132
136
130
118
141
123
127
87
125
30
151
158
158
138
172
131
137
131
118
139
124
126
81
127
31
152
159
157
139
171
132
137
131
118
137
122
127
82
129
29
152
161
158
140
171
132
137
131
118
136
122
127
82
134 |
28 I
131
138
131
116
133
121
127
82
132
26
1 5 1 '• 151
162 ; 162
157 ! 157
140
140
170
170
.
!
j
I
I
I
!
129
130
138
139
130
130
112
113
128
130
116
118
127
127
83
84
129
130
22
23
151
152
161
161
156
157
139 ! 140
169
169
127
128
138
138
129
130
111
112
118
125
116 ! 114
127 ! 127
85 ! 86
127
128
22
21
150
151
158
158
155
156
139
140
166
168
NOTE.—For corresponding indexes for all commodities, see preceding page. Annual indexes for the groups shown in the table are given in the
April BULLETIN for the years 1925-1929 and also for 1913. For current figures of the group indexes given in this table the following sources may be
used: 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 G6n6rale de la France, Supplement Mensuel, Statistique G6n6rale de la
France; and Germany—Wirstschaft und Statistik, Statistisches Reichsamt.
380
FEDERAL RESERVE BULLETIN
JUNE,
1930
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
PRODUCTION
Coal
TRANSPORTATION
j UnemRaw
British railways, ploycotton Iron
Cot- Woolen
Steel
| ment
and
Ships
Raw Raw Crude Raw cleared
ton
ingots Fin- visible] steel
i among
and
Pig
cot- wool rubber
and ished supply man- Coal man- worsted
Freight-!
insured
w i t h
Frei ht
iron casthides
i
g ton
ufacsteel
m
a
e
s
2
ufactrain \
c a r g o ,1 train
tures tissues
ings
tures
receipts traffic |
Thous.
bales
Thousand long tons
1928
November..
December...
1929
January
February
March
April
May
June
July
August
September
October
November
December
1930
January
February
March...
April
19,213
23,310
544
540
763
683
628
546
19,778
21,326
3 26,992
19,462
18,401
. 3 24,786
18,875
....323,589
20,380
i 20,613
326,420
19,975
564
520
591
611
655
658
672
682
665
689
631
643
765
775
860
809
844
831
805
753
848
890
815
661
599
660
621
577
575
555
594
646
610
568
551
650
607
666
620
771
776
826
696
j
i
21,087 I
| 22,085 :
„ 26,966 |
- 18,120
559
552
Mil- Thous.
lion
sq.yd. sq. yd.
Thousand
long tons
1,070
Million
pounds
1,255
359
4,231
4,184
335
293
12,492
12,406
216 i
225
1, 277
1,326
1,268
1,267
1,190
1,047
956
910
892
923
1,060
1,154
421
380
350
340
443
307
376
358
300
390
383
332
4,473
3,890
4,763
4,756
5,328
4,883
5,848
4,977
5,206
5,761
5,394
4.988
383
329
337
353
325
227
360
325
240
269
287
276
18, 563
14, 587
12,061
9,513
11, 286
10, 211
17, 543
17,084
11, 287
11,105
10 815
11,410
241
128
144
118
115
76
68
66
64
131
191
196
' 3525,493
! 2944,736
j 338 4,783
268 4,423
316
302
284
219
14, 089
13,050
9,844
6, 985
172
125
91
76
1,213
1,175
1.129
1,096
2
i End-of-month figures.
Million
! Thous.!iThous.
£ ster- tonling
miles
Thousand
pounds
!
i
Per
cent
12,146
34,921
6,074
6,860
5,488 9,033
5,158 8,339
1,524
1,440
12.2
11.2
103
100
85
119
99
70
39
33
18
22
49
42,005
20, 374
30, 237
28, 387
22, 748
20,123
22, 501
43,192
46,122
46, 379
38. 580
34,561
3,622
4,947
6,437
4,071
4,713
7,058
5,229
5. 737
7.161
9,256
8,556
5,407
4,617
5,510
5,514
6,013
5, 750
6,183
6,485
5, 967
6,220
5,857
5,167
9,132
8,239
9,279
8,946
8,943
8,388
9,054
8,821
8,875
9,690
9,329
8,244
1,592
1, 478
1,662
1,519
1,552
1,476
1,580
1,571
1,564
1,695
1,658
1,518
12.3
12.2
10.1
9.9
9.9
9.8
9.9
10.1
10.0
10.4
11.0
11.1
95
82
101
86
35,685
32,833
35,364
j 35,427
6, 383
6,720
5,643
4,211
5,788
4,953
5,341
5,259
9,133
8,409
1,636
1,529
12.6
13.1
14.0
14.6
Includes Irish Free State.
3 5 weeks.
FRANCE
EXPORTS
PRODUCTION
Coal*
Pig
iron
Crude
steel
Thousand metric tons
IMPORTS
TRANSPORTATION
Raw
Raw
Coal
Ships Freight"silk
cotton
Cotton Cotton Total
Total for
car
for
con- for con- cleared
conyarn
cloth volume volume
with
loadsump- sump- sumpings
tion
cargo
tion
tion
Thous. Pieces
kilo- of 1,000
grams meters
Thousand
metric tons
Thous.
metric
• tons
Metric tons
T h
tn,"*
tons
|
Registered Busiunem- ness
ployed failures
Receipts
of principal railways
Average
Thousand j Xum- X umdaily
francs
i ber
ber
[number
i
I
1928
November..
December...
5,562
5,263
850
800
828
11,043
12,137
28,063
26, 820
3,337
3,262
4,199
4,240
1929
January
February. __
March
April
...
May
June
July
August
September.
October
November..
December...
5,485
5, 227
5,803
5, 713
5,472
5, 626
6, 077
5, 894
5, 504
6,220
5,S50
5,631
903
782
880
871
897
865
878
893
851
894
852
879
841
743
805
810
820
795
815
827
763
847
786
812
12,402
10,641
11,457
11,193
10, 766
10,894
11,525
11,445
10, 851
11,488
10. 235
10,826
31,811
28,190
29,678
26, 983
3.006
3,273
3,108
3, 217
3,087
3,617
3,741
3,214
3, (509
3,217
3,314
3,485
1930
January
February...
March
April
6,254
5, 768
4,800
875
815
899
800
772
849
2,908
3,227
28, 651
26,346
26, 36G
25, 558
27,248
29, 699
26, 590
26,884
i Coal and lignite, including Lorraine and the Saar.
2
933
622
1, 369
1, 386
3, 973 07, 861
4,050 62, 805
i
4,316 j 44,154
4,288 ! 39,988
% 690 i 29,380
5,073 28, 508
4,921 28,675
5,322 21,987
5, 062 20, 717
5,121 22,346
5,151 14,324
5,037 28,708
5,173 38, 709
5,292 47, 756
439
437
645
321
521
450
361
420
556
602
547
385
1, 510
1,703
2,005
2,018
1, 889
1, 998
2,056
2,013
2,130
2,073
2,064
2,192
3,534
3,236
4,034
4, 279
4, 378
t,426
4, 207
4, 578
4, 275
4,403
4,191
3,649
5,210 45,166
5,383 31,807
280
322
2,371
2,393
3,099
3,337
4,078
36, 684
45, 85*
End-of-month figures.
3 5 weeks.
r
503
895
6S7
703
59, 984 1,023,011 1,604
61,193 1,055,400 3, 527
05,185 1,102, 258 1,078
07, 5S0 3 1,480,393
700
63, 358 1,154,193
558
00, 370 1,198,412
394
03, 510 3 1, 525,234
399
03, 536 1,260,026
403
66,776 3 1,637,854
385
C9,674 1,278,657
396
1,189,981
68,153
577
r
66, 332 3 1,497,782
817
757
750
930
561
791
740
812
645
420
734
804
764
64,300
66, 700
O6, 300
Revised.
1,149,542 :
1,430,715
1,105,281
1,122,822
1,128, 663
3 1,451,352
1,484
1,683
1, 630
1,203
»Preliminary.
907
772
871
732
381
FEDERAL RESERVE BULLETIN
JUNE, 1930
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued
GERMANY
TRANSPORTATION
PRODUCTION
Lig- Pig Crude Pot-'
nite i iron steel ash !
Coal
Iron
and
iron
in amifactures
Ma- !
chinery
and i
j
eiec- |
I
tiical '
|
•
plies
Dyes ;
and '
dyestuffs
Thousand metric tons
Coal
ton
ArrivTradeI als of Freight'j union
I vescar j memIron ore sels load- i bers
in
Ham- mgs unem-j
ployed!
burg
Metric tons
1929
January
February..
March
April
May
June
July
August
SeptemberOctober.-.
November.•__!
December. .!
1930
January. ...j
February...;
March
April
I
1
3571
883 1.0911
1,
982
1,061
1,105
1,133
1,164
1,204
1,168
1,109
1 157
1 4 , 1 5 / 15, 623 1,091
13,652 14,520 1,100
13,490114,817
12,104113, 689
13,502114,727
13,407114, 226
12, 759113, 669
13, 221 13, 763
14, 362 14, 885
14, 467 15,136
13.480 14,220
14,835 16,050
14,398
12,168
12,539
11,481
14,008 1,092
965
11,372
11,303 1,008
981
10,826
l,470 !
1. 270!
1, 314j
1,421
1,430
1, 466
1,402
1,237'
1,156!
143
11
121
118
108
115
12.
125
124
133
132
1, 275!
1,1761
l,20l!_
1,033.
Number
54.014! 14,'33, 2, 278, 554 5, 818 14, 089 49, 662 1,157, 891j1,760
63,S46| 14,353 2,120, 291 11,682 15, 560 44, 645 615, 630 1,752
3.957
3, 404
9. n! 1,137,772|
16.7 1,829, /16;
419, 589
341. 312
346. 262
619, 460
u87, 115
522, 03:
545, 568
519, 569
470, 068
505, 883
463, 082
473, 415
61.386, 14, 975
63. 239! 11,639
58,4631 13, 585
68,1591 16, 469
67, 598 16, 655
62,946 16, 630
69,177 14, 831
76, 203 14, 778
67, 493 13,6ie
75,5161 13, 326
66, 903! 13,164
63, 094! 12, 381
3. 376
3.072
3,733
3,929
3,922
3,934
4,218
4.182
3.
4,454
4,131
3,431
19. 4 2, 391, 637!
22. 312, 622, 253
16. 9 2, 091, 435
11. 11. 324, 748
9.11,010,781
" " 929,579
8.5
8.6 863, 594
883, 002
8.
9.6 910, 245
521, 398
434, 093
491,149
423,996
76,162
76,370
82. 334
72, 698
3,281
2,989
3,416
22. 0 2, 482,648 1.106
23.5 2,655,723 1,103
21. 2,347,102 1,142
1. 909. 657 17, 786.5, 1,660 54,282=1. 312, 346'
1, 307,227 20, 294 ~!,227i31,893
12.
496,159:
2,240,475 19,899 18,
1,490 28,9001, 090, 958!
2,355,068 24,544 21,,34G;32,933il, 658 6071
25, 25,
335,1 933, 229
2, 258, 510 19. 634 1,421
18; 421
5.69319, 589jl. 925 538
2,152,011 15,890 22.
2, 385. 043 12,57717, 367i20, 698 1 635,792
2, 541. 646 10, 81116.209 20,268,2. 108. 464
2,687,443 5, ~~~14.646 20,55511, 755, 834
2,214,582 5,511 13, 610 38, 875; 1, 704, 731
t, 523 58, 04511, 579,999
2,106,138 5,484 14,
2, 611. 289 10, 7229,437:47,4661, 491, 627
1, 679
1,30'
1, 666
1, 933
2,030
1,922
1,932
2,010
1, 856
1.926
1, 856
1, 949
12, 696j 2,556, 693 19, 559 11,823 43,950;i, 619, 111 1,763
12,814
~ ~ 2,056.752 12, 998 9,607 33,6741,686,050 1,725
16, 554| 2. 028. 909 11. 95' 10, 684'29, 8371, 327, 068
14, 403! 1, 729, 329 14, 683 9,496 29,742 2,934,590
674
624
832
775
930
885
846
803
845
739
657
10. 9 1, 061,134 840
813
13.7 1.387,079
20.1 1, 984, 811 881
2,081,038
1,006
CANADA
PRODUCTION
Coal
State
aidi
410,
298, 890
End-of-month figures.
Index
of
industrial
production
Unem- Busiployed ness
persons failreceiv- ures
Per
cent
reg.
tons
1928
!
November..! 12,141|14, 548
December-. j 11.819; 14,105
UNEMPLOYMENT
Newsprin t Flour
ReReceipts at
stockceipts
EXPORTS
vards in
of
Con- wheat Toronto and
strucat
"Winnipeg
tion
Fort
con- "Wiltracts liam
Planks « ' ^
award- a n d
Cat
ed
Port
Arthur
tie
Hogs
pulp
boards
IMPORTS
Total
revenue
car
Wheat
Coal
Crude Raw
petro- cotleum
ton
Ma-
loadings
T r1
Of
ploy
Business
failures 2
chinery !
'•
19191924=
100
1928
November.. 1 7 , .
December. _ 165.3
1929
Januaiv
February.-.
March
April
Mav
June . . . _ Julv
August
SeptemberOctober
NovemberDecember. .
Thousand
short tons
Thous. T h o u s Thous.
barbushdolrels
els
lars
Number
224
208
2,175 29. 038 72. 861 60, S06 38, 484
1,672 18, 905 51, 633 36, 941 47,316
20).0 1, 58.3
203.1 1, 650
200.1 1. 388
197 5 1, 394
199. 9 1, 405
189. 9 1, 361
192.2 1. 316
193. 6 * 1, 362
174.5 1, 408
197. 5 r 1, 599
195. 8 r 1, 534
161. 3 r 1, 491
212
187
213
222
246
225
229
226
228
252
252
230
1. 698
1. 600
1, 631
1,606
1, 749
1,548
1, 603
1,607
1, 283
1, 528
1. 629
1,073
187.8
164. 3
167.0
169.8
206
189
207
228
1,168 37, 530
1,051 28, 464
1,219 24, 263
48,779
,7*
1,523
41,963
28, 426
27,125
43 328
64,860
72, 420
57, 941
58.622
46. 959
57, 0S4
45, 376
32, 548
10, 971
2, 918
5, 223
9, 691
13,839
14, 683
14,606
2, 373
27, 759
28. 918
17, 010
6,178
39,459
27, 507
32,101
42,003
38, 956
30, 969
54,388
52, 587
57, 547
73, 078
63, 668
39, 060
60,978
42, 226
38, 597
47, 464
43,609
36, 744
36, 874
30, 270
25, 808
41,514
50, 085
54, 558
£ ;T£r
Thous. Thous. Thous. Thous. Thous.
N u m - 1926= Numbushdollbs.
ber
100
ber
tons gals.
els
lars
158 155,448 75,417
124 153, 875 49,089
1, 637 86, 014 16, 955
1,639 79, 939 17, 481
4, 963 380,405
4, 682 275, 678
118.9
116.7
193
230
111136,365
94112,273
145 142. 909
109115,075
168 151,249
158144, 976
172121,390
186 166,421
165 143, 419
193 140,482
152 165,169
116 131,694
1,344 60,753
1,409 49, 214
1, 651 76,445
982 71,130
1,369 55. 969
1,313 124. 275
1,428117,725
1,608 123, 627
1,583 84, 759
1,942128,959
1, 649 i 162, 979
1,451 73, 583
18,485
13, 089
16, 671
12 201
11, 219
6,402
6, 447
5,233
3,550
11,812
18,159
13, 029
5,004 252, 217
4,675 261,410
6,922.282,315
5 377;283 745
6, 925 306, 728
6 390 310 885
5,969 313,292
5, 838 318. 200
5, 597 335. 338
6,454 353. 095
5, 214 284, 740
5, 210 230, 630
109.1
110. 5
111.4
110 4
116.2
122 2
124.7
127.8
126.8
125.6
124. 6
119.1
252
197
M80
174
185
1, 763 81, 900 10, 626
1, 309 80, 522 7,678
1,627 72.772 10,153
5,262
5,173 241. 603
4,415 231. 515
6,575i257,460
|243,810
111.2
111.6
110.2
107.8
'261
20, 831
15, 220
21,207
7,314
27,073
25, 588
17, 019
10,156
7, 410
20. 722
22, 445
15. 961
r
MS
149
r
137
<• 151
' 176
r 176
'224
1930
January
February. .March
April
1
1, 630
1,135
1,130
First,of month.
2, 789 36,361 50, 587
1, 832 27, 062 37, 535
1, 576 25,871 34, 605
2
138 150,618 4, 994
10S 133, 024 6, 733
156 172, 403 11,592
90
3,428
Total number of firms failing during the month.
e vised.
205
201
382
FEDERAL RESERVE BULLETIN
JUNE, 1930
DETAILED FEDERAL RESERVE STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT
fin thousands of dollarsj
1930
May 31
Gold with Federal reserve agents
_
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes..
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
Total gold reserves
Reserves other than gold--Total reserves
_
--
-
-
Nonreserve cash
Bills discounted 1
-
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 float3
-
-
---
-
Apr. 30
M a y 31
1,607,714 ;
37,857
],642,214
41,097
1, 304, 948
68,071
1,645,571
626,631 ,
766,236 !
1,683,311
634,847
754,502
1, 373,019
673, 330
767,054
3,038,438 i
156,940 •
3,072,660
178,937
2, 813,403
137, 320
3,195, 378
55,969 ;
3,251.597
62,607
2, 950, 723
71,262
312,602 |
233,452
1,067,867
135,413 j
49,653
161,845
47,719
104,448
12, 331
209, 564
116, 779
525, 772 |
2,495 |
527,124
2,385
137, 209
5,785
528,267 |
529,509
142,994
6,400 !
9,700
711
7,816
* 727
24,060
---
1929
709 |
15,697 I
Total reserve bank credit outstanding...
1,048,741 !
1,005,818
1, 360, 243
Federal reserve notes of other reserve banks...
Other uncollected items not included in float
Bank premises
All other resources
•
20,614
511,695
58,671 !
12,055 !
20, 968
562,769
58, 580
11, 542
16, 378
602, 724
58,581
7,947
4,903,123
4,973,881
5, 067,858
20, 614
1,468, 313
20,968
1,486, 300
16, 378
1,655,863
1,488,927 j
1,507,258
1,672,241
2,369,314 I
42,700 !
5,711 I
18,228
2,384,721
22,674
5,365
21,173
2, 288,192
32,126
7,742
25,198
2,435,953
2,433,933
=====
562, 769
174,209
276,936
18, 766
2, 353, 258
4,973, 881
========
465,458
5,067,858
462, 845
1,784,041
295,114
1,488, 927
1,826,987
319,719
1, 507,268
2, 072, 243
400,002
1, 672, 241
1, 606,914
491, 048
1,642,214
430,807
1, 304,948
1,114, 794
2, 097,962
2,073,021
2,419,742
Total resources..
Federal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks
LIABILITIES
Total notes in circulation.
Deposits:
Member bank—reserve account..
Government
Foreign bank
Other deposits
Total deposits..
Deferred availability items..
Capital paid in
Surplus
All other liabilities
Total liabilities.
Contingent liability on bills purchased for foreign correspondents
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.
511, 695
170, 546
276,
936
19, 066
4, 903,123
602, 724
157, 600
254, 398
27, 637
i Includes bills discounted for intermediate credit banks as follows: Latest month, $1,076,000; month ago, $1,401,000; year ago, $3,421,000; and
notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $53,000; month ago, $39,000; year ago, $130,000.
* Includes bills payable in foreign currencies as follows: Latest month, $1,058,000; month ago, $1,054,000; year ago, $1,040,000.
« Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items.
* Excludes " F . R. notes of other F. R. banks," which are consequently included in "actual circulation."
383
FEDERAL RESERVE BULLETIN
J U N E , 1930
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1930
[In thousands of dollars]
Total
Boston!
New
York
i Phila- Cleve| delphia land
San
Francisco
RichSt.
; Minne-; Kansas'
" A t l a n t a Chicago
Louis . apolis
City '
mond
i.
RESOURCES
Gold with Federal reserve ;
agents
i 1,642, 214| 184,917:
Gold redemption fund with j
17. 3. Treasury
\
1,347J
41, 097
Gold held exclusively
against Federal reserve I
notes...
I 1, 683, 311
Gold settlement fund with J
Federal Reserve Board
_
634, 847
Gold and gold certificates held
by banks
754, 502
258,594| 140,000 175,550
15,257
2,922
2,385
73,000 ; 107,400 279, 000
72, 345
55, 845
75, OOO:
1,814
T, 886
1,922
1, 635
2, 000;
2, 641
30,800 189, 763
912
6,376
i
i
273, 851 142, 922 177, 935
75,000' 110,041 280,814
74,231 !
57, 767|
76, 635
31, 712 196,139
21, 806!
217, 079
29, 639
13,563J
24, 042
17,147
38, 076!
14, 049
27, 362
35, 535j
449, 616
39, 317
6,459
10, 892!
9,009
28, 842
186, 264!
52, 337
8, 6301
14,088: 148,100
5, 851:
99,963
!
8,051j
Total gold reserves
Reserves other than gold
3, 072, 660'I 243, 60s!
178, 937
13, 224|
940,5461 211,878 300,168!
55, 663' 14, 272 13,003
97,193 129,980 528,877 106, 324
7, 014 14, 790 16, 320 12, 926
81,373 125,603
4, 357j
8, 589
54,770 252,343
7, 552 11, 227
Total reserves.
Nonreserve cash
3, 251, 597! 256,829)
62, 607
6, 957]
996,209; 226,1501 313,1711 104,207 144,770 545,197 119, 250
4,42"
11,319!
3,633
4,753J 4,491
5,091
85,730 134,192
1, 503J 2,124
62,322. 263,570
4, 656
5,173
Bills discounted:
Secured by U. S. Government obligations
Other bills discounted
105, 979,
127,473
6,038!
7, 699
Total bills d i s c o u n t e d . . .
Bills bought
233,452
209, 564
13,737
15,075;
41,270;
49, 7941
29,581
7,987
U. S. Government securities:
Bonds
Treasury notes
Certificates and b i l l s . . " " . "
66,1361
175,491
287,882
1,190
12, 646!
26, 487
27, 200
53, 397
114, 571
Total U. S. Government
securities
O ther securities
529, 509;
9, 700|
40, 323|
1,000!
982, 225|
711
20,968
585, 651
58, 580!
11, 542
Total bills and securities.
Due from foreign banks
Federal reserve notes of other
Federal reserve banks
Other uncollected items
Bank premises
......
All other resources
Total resources.
4, 973,881
5,
13,823
23^ 9721
14, 645
8, 653
5, 474
10, 644
975!
2, 706|
3,499
11, 600
1, 3381
6, 852?
11, 306
5,872
20, 717
19, 611
18, 931
8,978
25,6521
22, 262|
23,298!
19,429|
16,118
9,863
3, 681
8, 615!
15, 099
11, 703
8,1901
6,4201
17,178
29,827
978
17, 318
27,829
670
22, 695
26,631
1,299
3, 66O1
7,681
112
4, 508
4,1721
20, 564
16,140
33, 760
645
11,511
7,112
4,752
6, 503
7, 222'
81
1, 886
3, 957
8,279,
6, 978!
10,380j
366
18, 249
18, 080
195,168
7,700
46,125
1,000
49,996
12, 640
8,792
70,464
19, 268
18,477
5,924
25,637j
36,695
70,135
53
293,932
226
84,693
70
90, 324
72
40, 549
30!
56, 706 113,191
97
45, 249
26
30,773
17
32,726 40,247; 83,700
22|
22!
50
205!
61, 724
3,580:
53j
6,195
160, 503
15,664|
3,550
464
48,186
1,762
174
1,183
58,943
7,059
1,120
1,247
41, 273
3,204
632
1,144
19, 696
2,658
3,639
3,160
76,438
8,295
382
853
24, 902
3,811
308
2,056
10,520'
2,018
462
l,52ll
32,924|
3,972
334
29,153' 15, 042
12,117 ! 14, 539
11, 721
612! 2,328
19,844j 30,698
1,876 4,681
412
476
133,079! 207,815] 129,9911 390,676
399, 536J 1,487,598 365,132 476,625 195,633 233,730 755,240
LIABILITIES
Federal reserve notes in actual
circulation
Deposits:
Member bank — reserve
account
Gov eminent
Foreign bank
Other deposits
1, 507, 2681 159, 991
175,803 142,200 182, 277
68, 726 127, 896 254, 510
76,000
59, 616
74, 203
32,409J 153,637
2,384, 721
22, 674
5,365
21,173
991,131! 134,329 187,220
2, 787 j
1, 306
2,037
1,568'
549
566
10,528|
65
1,317
63, 736
2,949
237
117
64,599 361, 241
2,064
2,433
758
204
504
103
51,113
1,194!
130!
14L
87, 285
1, 573
170
61,709 163,900
1,067
2,004
170
390
411
7,896
Total deposits
Deferred availability items
Capital paid in
Surplus
A l l o t h e r l i a b i l i t i e s . ZZ_Z 1ZIZZI
2,433,933 144,5941 1,006,014 136,249 191,140
149,907 42, 218 56, 636
562, 769j 61,252i
11, 659i
69,756! 16, 727 15,898
174, 209
21,751
276,936
80,001! 26,965 29,141
18, 766
289
6,117]
773
1,533
67, 039
40,473
5,896
12,496
1,003
67, 339 364, 567
20, C12 73,043
5,461 20, 325
10, 857 40, 094
2,701
2,165
75,836
1,
204
290
78,139
26, 954
5,348
10, 877
1,508
52, 578J
9, 7401
3, 096;
7,143!
906:
89,097
30,644
4, 332
9,162
377
62,987 174,190
20, 548 31,342
4,360 11,351
8, 935 19,514
752
642
Total liabilities...
Reserve/atio (per cent).
142, 622!
l45|
419i
1021
4,973,88lj 399,536j 1,487,598 365,132 476, 625 195, 633 233, 730 755,240| 198,826 133,079. 207,815 129,991 390,676
82. 5||
84. 3!
84.3
81. 2
77.4
76.4!
82.2
91,345 153, 828 291,940| 92, 324
I
22,619 25,932 37,430j 16, 324
64,400
84,194
42, 603 207,864
4, 784;
9,991
10,194
76.8
74.2
88.1
65.3|
80.4
FEDERAL RESERVE NOTE
STATEMENT
Federal reserve notes:
Issued to Federal reserve
banks by Federal reserve
agents..
Held by Federal reserve
banks 1
I n actual circulation _ _
Collateral held b y agents as sec u r i t y for notes issued t o
banks:
Gold
Eligible p a p e r . _ .
1
1,826,9871 j 188,899:
319,719||
28,908,
1,507, 268j| 159,991
I
1, 642, 214 184,917!
430,807| 28,735;
230,287: 166,365 212,938
54,484; 24,165
30, 661
175,803: 142,200 182, 277
76,000
>9, 616|
74,203
32,409 153, 637
73,000 107,400 279,000,
27,015 47, 083 42, 546
72, 345
24, 683
55, 845
12,065
75, 000
26, 500
30,800 189, 763
14,204 46,801
I
258,5941 140,000 175, 550
87,677! 34,1\ 38, 740
Excludes " Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation."
54,227
68, 726 127, 896 254, £10
384
FEDERAL RESERVE BULLETIN
JUNE, 1930
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON MAY 31, 1930
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond Atlanta
Chi-
St.
Louis
Min- I
neap- jKansas Dallas
olis
City
San
Fran*
ciseo
RESOURCES
Gold with Federal reserve agents_ 1,607,714 164,917; 258,594; 140,000 185, 550
Gold redemption fund with
U. S. Treasury
37, 857
2,205
1,156
15,006;
2,693
Gold held exclusively
against Federal reserve
1,645,571 166,073 273,600!
notes
Gold settlement fund with Federal Reserve Board
626, 631 36,866 161,9791
Gold and gold certificates held
I
|
by banks
766, 236J 38,077 459,681:
Total gold reserves _
3, 038, 438' 241,016. 895,260!
156, 940 12,059,
Reserves other than gold49, 964:
Total reserves
Nonreserve cash
69, 245
53,845;
75,000
28,800 199, 763.
2,371
1,595
1,817
902:
1,592
6,281
74, 333 112,37!
250, 595
73,000 110,000 249,000
1,333
71,062
54, 747
76,592
29, 699 206, 044
49,273
81,436
16,956
10, 817 146, 091
25, 284!
14,874
29,809
15, 502
37, 744
30,651
54,3951
8, 948
6,036j 109,067
8,179J
5,125
10,088
9,193
26, 796.
142,693 187, 755
129,231 505,753 104, 525;
14,461 14,127 12,152:
74, 746 116,489
8, 371
4,584
54,394! 270,584
6,711
10,104
3,195,37! 253,075! 945,224! 230,014 334,489 106,344 143,692; 519.880' 116,677
3, 897
3, 036'
3, 583;
7, 874
3, 696|
5, 446|
13, 730|
3,144
I 55, 969
79,330 124, 860
1, 696
1,748
61,105| 280,688
3, 629
4, 490
323, 586 100, 23:
10, 903
6,101
222,61*
7, 39'
!
Bills discounted:
Secured b y U . S. Governm e n t obligations
Other bills discounted
132,657!
179,945.
9,348!
10,711,
Total bills discounted
Bills bought
312, 602j
185,066
20,059.
16,921
1, 039
15.9151
16,892'
12,823!
7,135!
3,160:
14, 906
2, 218!
29, 3041
7, 456!
10,819'
6, 074
14, 080]
603
3,081i
2,626
13,207
8,4r
113,591! 32,807.
57,494j
3,930;
19,9o8:
11,982;
18, 066
8,186
31,522!
13,895;
18,275
20,383
20,154
7, 472!
3, 684;
6, 984'
15, 833!
6, 694!
9, 456
6,150
9,197
24,975
1,096
26, 695;
22,235|
1,422
4, 814!
6,404i
210!
5, 155;
3,470|
21,104:
21,783;
28,192!
759!
12, 580'
5,929
5,153;
9, 678!
8,960'
1
6, 673
8,874
8,446
8, 550
8,641
655
20, 967
15,073
46, 124 j 49,996.
1,000!
12,640!
8,84lj
71,079.
19, -268
23,79l!
16,225
25,637
36, 695
Total bills and securities... 1, 032, 335! 78,303 353,133! 83,8611 81,936! 38,892! 54,258' 109,7371 46,894' 34, 459J 38,752
Due from foreign banks
709!
711
30
26i
95
26,
161
21
53
232;
69|
Federal reserve notes of other
Federal reserve banks
20, 614'
1, 388
1, 54'
243:
6,84s!
274
1,162
1,809
901'
2,728
971
Other uncollected items
527, 392 i 59,173; 150,778! 46,676 41, 8551
36, 2211 16, 260| 68,317| 21,361 11,0571 30,180
58, 671!
Bank premises
3,811'
2,018i
3,972
3,580!
15,664:
1,78' '
7, 059i
3, 204:
2, 658
8, 295
12,055
All other resources
293
494:
287
49
3,448
410
208:
1,163,
609!
4,173;
41,243
21
70, 867
49
IT. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government
securities
Other securities
Total resources
!
67,472!
46,119:
49,310!! 1,614;! 6,857;
233,602j 16,624;
79,639!
245,355: 22, 085: 91,152'
528, 267 •
6, 4001
40,323!
1,0C0!
177,648
4,400:
!
1,310
20,444
24,370,
J4, 903,123! 399, 922 1, 489, 779! 366, 033 470, 771! 190,8051 224,826; 717,336' 193,930 130, 510J 201,315
3, 9235,274
515
2,231
17, 886 27, 628
1,876
4, 747
414
507
126, 689 391, 207
LIABILITIES
Federal reserve notes in actual
circulation
'1,488, 927! 159,811 190,812! 138,890; 186,996
125,440 225,497
Deposits:
!
Member bank—reserve account
2,369,314 144,340 986,589i 137,694 182, 805! 62,938 63,541! 357,874
Government
2, 243'
42, 700:
3,119;
7,442!
2,354
6, 602
3,917
5,438
Foreign bank
537;
397
2,111
521
193
719
5,711!
225
Other deposits
1,437|
51
581
16
8,630:
58
123
18, 2281
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
T o t a l liabilities
Reserve ratio (per cent).
2,435,953! 147,872! 1,004, 772 140,627 187,022
511,695 58, 311 141,520 41,
50,170
170, 546, 11,822
66, 2521 16, 745| 15, 899
276,936! 21, 751
80,001 26, 965; 29,141
19,066
6,422
807 1,543
355
4,903,123; 399,9221,489, 779
81.4
82.3
366, C
69,888i 67,702
32,703i 13,249
K QVA\
K or A
5,8741
5,374
12, 496 10,857!
2,
204!
957
364,612
64,277
on
ns
20, o2031
40,094
2, 653
56,375. 72,088 31,415
I
60,154 166,874
72,533' 49,601! 84,371
1,540 1,991
3,420 2,490! 2» 1 4 4
161
370
193
123! 161
311|
203J
58
38 6,722
76,348
76,457; 52,417 86, 734
23,434 10,579 28, 639
4,330
K
5, OUO,
2821 O3,089
ncn
10, 877!
7,143! 9,162
362
1, 5321
907;
61,893 175,957
19,345
0
4,350
27, 469
11,326
1132
8,935 19, 514
7511
573
470, 7711 190,805 224,826! 717,336 193,930| 130, 510; 201,3151 126,689] 391,207
79.1; 82.3
88.1
76.6
76.4
72.9
78.6
89, 094 62,154
81,489
5,779
9,401
65.5
84.5
FEDERAL RESERVE NOTE STATEMENT
Federal reserve notes:
Issued to Federal reserve
banks by Federal reserve
I
agents
1,784,0411 182, 527 240,750 155,636 213,953
Held by Federal reserve
banks 1
295,114! 22, 716 49,938 16, 746; 26,957
88,269 150,127 260,795
19,382
24,687
35, 298 12, 746
In actual circulation
1,488, 927 j 159,811 190,812 138,8901 186,996; 68,887 125,440 225,497 76,348 56,375 72,088
Collateral held by agents as
security for notes issued to
banks:
Gold
1, 606, 914 164,917 258,594 140,000 185,550 73,000 110,000 249,000 69, 245 53,845 75,000
Eligible paper
491,048j 36,900 169,196 34,859! 31,218! 25,819 45,111 38, 480 26,955 10, 558 22,415
1
Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation."
40,129 219,118
8,714
62, 750
31,415 156,368
28,000 199,763
15,519 34,018
BANK DEBITS
KINDS OF MONEY IN CIRCULATION
[Debits to individual accounts. In millions of dollars]
N u m b e r '< April,
of centers
1930
New York Citv
Outside New York City
Federal reserve district:
Boston
.
New York
Philadelphia
Cleveland
Richmond
__
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total
March,
1930
[End of month figures in thousands of dollars]
April,
1929
1
140
38,631
24,347
40, 740
25, 014
47, 979
26, 803
11
7
10
13
7
15
21
5
9
15
10
18
2,698
39,597
2,273
2.733
756
1,053
6,489
1,159
730
I,bl5
(581
3,493
2. 615
41,715
2, 505
2, 667
764
1.068
6, 635
1,188
730
1, 348
734
3,784
2,936
49, 021
2,899
3,111
792
1,227
6, 932
1.299
738
1,428
741
3. 656
62,978
65, 754
74, 782
San Francisco
i
|
i
i
i
;
141 |
MEMBERSHIP IN PAR-COLLECTION SYSTEM
Feb. 28
Member banks
Federal reserve
district
Total
v
On par list
4, 578, 508 4, 549,187
390,152
1,261
281,155
117,575
289, 220
1,466, 549
3,221
649,926
4,476,068 ' 4,549,213
FEDERAL^iRESERVE BANKS—MATURITY DISTRIBUTION rtOF BILLS AND SHORT TERM
SECURITIES
, Total
16 to i 31 to 61 to 91 d f s l0ver6
ln
30
60
90
nths
days days days months'™
237,448! 153, 260
1210, 4861 124, 065"
209,999:120,
!0; 809
;247, 046 j| 152,
'" 044
18, 888 29, 991 16, 483
"'30,082116, 254
19,1,154
19, 815 31, 074J17, 202
20,736 33, 329! 18, 431
17, 047
19,1601
19, 956i
21, 3121
175, 20311 99,090 32, 293 29,864 12, 082
J171, 035!l 86,374 38,448 36,i,375 9,41
" '
186, 8S4J 103,146 36, 754 37, 118 9,212
175, 5C0 103,869 29, 069 32, 5' '3 9,177
1,8741
421!
654,
872
54,973 48, 350
285,950 26, 0C0
49, 642148, 355
281, 655, 26,000
47, 188 48, 350|52, 363
!291,857!
13,4' '4 40, 000 63, 213
244,868
82, 691
84, 736
74, 656
86,176
N o t on par list
United States.
8.382
8,743
11, 703
12,411
3, 645
3,903
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv _ . __
Dallas
San Francisco
403
929
758
794
501
417
1, 151
.'54
668
891
721
595
408
937
270
401
472
977
561
230
3, 379
1, 600
549
2, 037
594
630
252
404
485
1 005
608
295
3 543
1, 713
632
2, 191
617
666
9
503
902
226
480
1, 000
191
214
60
9
567
958
213
485
1,132
268
211
60
1930
Incorporated banks other than mutual savings banks.
360, 725
950, 820
.1.
1929
619
May 31
[In thousands of dollars]
1930
811
539
442
1, 236
585
708
917
Apr. 30
Preliminary.
Nonmember banks
1930 j 1929
Mar. 31
362, 272
360, 016
Gold coin
366, 789
873, 366
885,820
841, 235
Gold certificate
39,172
38, 798
39, 451
Standard silver dollars.__
385, 583
382,423
384, 339
Silver certificates
1, 265
1, 263
1,268
Treasury notes of 1870
280, 364
281,181
280, 395
Subsidiary silver
116,544
117,108
116, 773
Minor coin
277,111
268, 526
268, 964
United States notes
1, 628,064 1,571,519 1,483,711
Federal reserve notes
3,248
3,322
3,275
Federal reserve bank notes
645, 389
647, 301
647, 908
National-bank notes
[Number of banks at end of April]
1
385
FEDERAL RESERVE BULLETIN
JUNE, 1930
1929
Bills discounted:
May 7
May 14
May 21
May 28
Bills bought in open
market:
May 7
May 14
May 21
May 28
Certificates and
bills:
May 7
May 14
May 21
May 28
!
1, 779
1, 771
1,143
1,194
73, 936
72,921
69, 300
42, 005
386
FEDERAL RESERVE BULLETIN
JUNE, 1930
CHANGES IN MEMBERSHIP
STATE BANK MEMBERSHIP
NATIONAL BANK MEMBERSHIP
The following list shows the changes affecting State
The following list shows reported changes (except
bank membership during the month ended May 21, suspensions and insolvencies) affecting national bank
1930, on which date 1,097 State institutions were membership, concerning which information became
members of the system:
available between April 22 and May 19:
Date
Federal reserve district
1930
Apr. 19
30
May 13
20
Capital
No. 2—NEW YORK
Hooart Trust Co., Passaic, N. J
Absorbed by Peoples Bank & Trust Co.,
Passaic, N. J., member.
Bank of La Salle, Niagara Falls, N. Y.__
_
Absorbed by Power City Bank, Niagara
Falls, N. Y., member.
Park Row Trust Co., New York, N. Y
._
Admitted to membership.
North Ward Trust Co. and Equitable Trust Co.,
nonmembers, Newark. N. J., absorbed by
Fidelity Union Trust Co.
$500, 000
50,000
May 20
Bank of Victoria (Inc.), Victoria, Va
Absorbed by First National Bank of Victoria.
Savings Bank & Trust Co., Richmond, Va
Voluntary withdrawal.
Farmers Banking & Trust Co., Tarbcro, N . C . . .
Absorbed by nonmember.
1
No. 2—NEW YORK
I
North Ward National Bank, Newark, N. J
''
Succeeded by North Ward Trust Co.
Third National Bank, Walden, N. Y., title
changed to First National Bank and Trust Co.
$400,000
No. 3—PHILADELPHIA
500, 000
Apr. 30
May 10
No. 5—RICHMOND
Apr. 24
1930
Apr. 19
May
Capital
Federal reserve district
Date
30, 000
First National Bank, Philadelphia, Pa
j 2,500,00C
Eighth National Bank
j
275,000
Consolidated under charter and title of First :
National Bank..
J 3,111,000
Farmers National Bank, New Holland, Pa., title
changed to Farmers National Bank and Trust
Co.
No. 4—CLEVELAND
200,000
May 12
Second National Bank of Allegheny, Pittsburgh,
Pa., title changed to Second National Bank.
Apr. 22
Planters National Bank, Bennettsville, S. C
Absorbed by Peoples State Bank of South
Carolina, Charleston, S. C , nonmember.
Feb. 24
Commercial National Bank, Corydon, Iowa
Absorbed by Corydon State Bank, nonmember.
National Bank & Trust Co., Chariton, Iowa
Primary organization.
Mechanics National Bank, Milwaukee, Wis
Bay View Bank, nonmember
Consolidated under charter of Mechanics
National Bank and title of Bay View
National Bank
First National Bank, Williamsburg, Ind
Absorbed by First National Bank, Greens
Fork, Ind.
Merchants National Bank, Burlington, Iowa
Absorbed by First Iowa State Trust & Savings Bank, Burlington Savings Bank,
American Savings Bank & Trust Co., and
Farmers & Merchants Savings Bank.
100,000
No. 5—RICHMOND
No. 6—ATLANTA
Apr. 22
May
8
12
19
Columbus Bank & Trust Co., Columbus, Ga
Admitted to membership.
Peoples Bank, Evergreen, Ala
Admitted to membership.
Monroe County Bank, Forsyth, Ga
....
Voluntary withdrawal.
Roanoke Banking Co., Roanoke, Ala_
Voluntary withdrawal.
250, 000
100, 000
Apr. 19
No. 7—CHICAGO
Apr. 28
May 12
May
1
Marshall State Bank, Marshall, 111
Voluntary withdrawal.
Royal Oak Savings Bank, Royal Oak, Mich.,
title changed to Royal Oak Trust & Savings
Bank.
No. 8—ST. Loins
Bremen Bank, St. Louis, Mo
Succeeded by Bremen Bank & Trust Co.,
St. Louis, Mo., member
No. 7—CHICAGO
55,000
400, 000
60,000
26
May 6
200, 000
12
400,000
No. 9—MINNEAPOLIS
May
5
20
Commercial State Bank, Gregorv, S. Dak
Succeeded by Northwestern Bank, Gregory,
S. Dak., nonmember.
Ihlen State Bank, Ihlen, Minn
Voluntary withdrawal.
50,000
9
Security State Bank, Odessa, Wash
Admitted to membership. Succession to
Farmers & Merchants Bank, Odessa,
Wash., member.
_ .
40,000
100,0C0
200, 000
100, 000
200,000
25,000
100,000
No. 8—ST. LOUIS
24,000
Apr. 14
No. 12—SAN FRANCISCO
May
100,000
29
50,000
25, 000
May
6
National City Bank, St. Louis Mo
1,000,000
Absorbed by Franklin-American Trust Co.,
member.
|
First National Bank, Lamar, Ark...
__
I
25,000
Absorbed by Farmers National Bank, Clarksville, Ark.
First National Bank & Trust Co. Alton, 111
500,000
Primary organization.
387
FEDERAL RESERVE BULLETIN
J U N E , 1930
NATIONAL BANK MEMBERSHIP-Continued
! Amount of
Date
No. 9—MINNEAPOLIS
Jan. 29
29
Apr. 15
17
22
25
28
28
30
30
May 12
13
16
New charters issued
_
Restored to solvency
_
Increase of capital approved 1__
;
First National Bank of Neche, N. Dak
!
Succeeded by First National Bank in Neche. j
Bathgate National Bank, Bathgate, N. Dak
I
Absorbed by First National Bank in Neche,'
N. Dak.
i
First National Bank, Egeland, N. Dak
I
Absorbed by First National Bank, Cando,
N. Dak.
!
Union National Bank, Minot, N. Dak
Succeeded by Union National Bank <t Trust
Co.
First National Bank, Leola, S. Dak
j
Conversion of Bank of Leola, nonmember.
; First National Bank, Britton, S. Dak
Primary organization.
First National Bank, Sauk Center, Minn.
Absorbed by Merchants National Bank.
First National Bank, Madison, Minn.
Absorbed by Lac qui Parle County Bank and
Madison State Bank, nonmembers.
First National Bank, Chinook, Mcnt
Absorbed by Farmers National Bank.
S LaDor National Bank, Great Falls, M o n t . .
i
Absorbed by Conrad Banking Co., nonmem!
ber.
| Onida National Bank, Onida, S. Dak.
I First State Bank, nonmember...
Consolidated under charter and title of Onida
National Bank
Security National Bank, Huron, S. Dak
Primary organization.
First National Bank, Mobridge, S. Dak.
;
Primary organization.
$25, COO
25,000
25,000
100,000
25, 000
25, 000
50, 000
25, 000
80, 000
25,000
25,000
25,000
200, 000
50, 000
N o . 10.—KANSAS CITY
Manufacturers National Bank, Leavenworth, j
Kans.
_
_
|
!
Succeeded by Manufacturers State Bank.
28 City National Bank, Greeley, Nebr
j
Primary organization.
;
May 1 Citizens National Bank, St. Paul, Nebr..
i
Conversion of Citizens State Bank, nonmember.
St. Paul National Bank, St. Paul, Nebr
!
Conversion of the St. Paul State Bank, non- !
i
member.
I
No. 11.—DALLAS
First National Bank, Merit, Tex
!
Absorbed by Citizens State Bank, Green- I
ville, Tex., member.
>
29 ! First National Bank, Minden, La.
_..i
Absorbed by Bank of Webster, nonmembcr. i
100, 000
30, 000
35, 000
4
8
11
May
3
12
12
Liquidations
_
_
Reducing capital
_
Total liquidations and reductions of capital.
Consolidation of national banks under act of Nov.
7, 1918
;
Consolidation of national banks and State banks
under act of Feb. 25, 1927
_
Total consolidations
_
_.;
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net decrease.
First National Bank, Bingham Canyon, Utah
Absorbed by First Security Bank, nonmember.
First National Bank, Odessa, Wash
_._
Absorbed by Security State Bank, nonmember.
West Coast National Bank, Portland, Oreg
Absorbed by United States National Bank.
Reardan National Bank, Reardan, Wash
Succeeded by First National Bank.
Brotherhood Cooperative National Bank, Tacoma, Wash., title changed to Washington
National Bank in the City of Tacoma.
First National Bank, Orosi, Calif
Primary organization.
23 :
2,873,464
37
0
4,085, 000
0
37 ,
4,085,000
1 ;
3,111,000
3
425,000
4 > 3, 536,000
j
2,873,464
4,085,000
1,211,536
i Includes 1 increase in capital of $336,000 incident to a consolidation
under act of Nov. 7, 1918.
Fiduciary Powers Granted to National Banks
During the month ended May 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.
40, 000
Name of bank
50, 000
NTewton, Mass
Hanover, N. H
Poughkeepsie, N. Y__
Springville, N. Y
New Holland, Pa
100, 000
Ludlow, Ky_.
Butler, Pa....
40,000
Arnold, Pa
Adrian, Mich.
500, 000
50, 000
25, 000
|
;
Powers
granted
J
25, 000
No. 12.—SAN FRANCISCO
Apr.
Aggregate of new charters, banks restored !
to solvency, and banks increasing capital, j
j
Apr. 15
11 i $1,055,000
0 '
0
12
1,818,464
_
100, 000
Apr. 23
j
Mnks
Capital
Federal reserve district
Alton, 111
Owensboro, Ky_.
Monett, Mo
Sedalia, Mo
Newton National Bank
1 to 9.
Dartmouth National Bank.. 2.i
First National Bank
i 1 to 9.
Citizens National Bank
j 1 to 9.
Farmers National Bank & 1 to 9.
TrutsCo.
First National Bank
__ 1 to 9.
Butler County National 1 to 9.
Bank.
National Deposit Bank
I 1 to 9.
National Bank of Com- j 2, 3, 5, and
merce.
I 8.
First National Bank & j 1 to 9.
Trust Co.
i
National Deposit Bank
j 1 to 9.
First National Bank
i 1 to 9.
Sedalia, National Bank
j 1 to 9.
i Supplementary.
Acceptances to 100 Per Cent
The following named bank has been granted
The Comptroller of the Currency presents the follow- authority by the Federal Reserve Board to accept
ing summary of increases and reductions in the number drafts and bills of exchange up to 100 per cent of its
and capital of national banks during the period from capital and surplus: Public National Bank & Trust
April 19, to May 23, 1930, inclusive:
Co, New York, N. Y.
CO
OO
00
CONDITION OF ALL MEMBER BANKS
ALL MEMBER BANKS—CONDITION ON CALL DATES MARCH 23, 1927, TO MARCH 27, 1930
[Amounts in thousands of dollars]
M a r . 23,
1927
J u n e 30,
1927
Oct. 10,
1927
Dec. 31,
1927
F e b . 28,
1928
J u n e 30,
1928
Oct. 3,
1928
Dec. 31, Mar. 27, June 29,
1929
1929
1928
Oct. 4,
1929
Dec. 31, M a r . 27,
1929
1930
RESOURCES
325, 010 25,155, 255 24, 944, 641 25, 658, 491J26,164, 829 26,150, 061 25,118, 783
22,327, 037 22,938, 207 23, 226, 513 23, 886, 393^23, 098, 936 24, 302, 787
Loans (including overdrafts)
385, 830 4,311,790 4,453,953 4,154,929 4,021,636 3,862,968 4,085,006
3, 835,151 3,796,347 3,856,149i 3,977,557: 4,215,822' 4,224, 730
United States Government securities
216,890 5,994,432 5,897,541 5,727,306 5,920,921 5,851,908
218, 145 6,216,890
5, 786, 776 6,021,927 6,103,119 : 6, 382,962: o, 373, 630J 6,533, 656
Other securities
31,948, 964 32,1,756,481 33,185,781 34,246,912 33,688,388 35,061, 173 34, 928, 985 35,683,935 35,393,026 35,710,96135,913,77135,933,950 35,055,697
Total loans and investments
929, 540 836, 028 802,188 988, 912 1, 252, 147 1,111,153
727, 258
502,024
576,223
699,701
095,319!
710, 207
500, 232
Customers' liability on account of acceptances
107, 287 1,118,418 1,169, 752 1,175, 393 1,190, 306 1, 202,486
105, 558
1,012,103 1,036,731 1,059,930 1,067,200 1,077, 529! 1,099, 210
Banking house, furniture, and fixtures
177, 716 184, 873 179,878
178, 443
182, 796 183,989
188,815
175,829
180,546
177,229:
180,511;
184, 109
178, 230
Other real estate owned
564, 384 516,742 433, 491 497, 212 558, 450 496,633
519,
537,856
539,1371
523,370,
525,992!
449, 198
538, 305
Cash in vault
409, 367 2, 338, 569 2, 359, 077 2,321,806 2, 373, 760 2, 352, 738
348,
2, 321, 414 2,280,439 2,319,736 2,514,465! 2,366, 605! 2,342, 045
Reserve with Federal reserve banks
967, 836! 841,606' 775,822 S23, 363 994, 373 719, 201
Items with Federal reserve banks in process of collection 673, 512 740,816 739,871 784,39l| 686,881!! 680, 492 856,
124,252 1, 741,478 1,885,167 2, 004, 938 2,167, 756 1, 901, 517
026,
1,896, 383 1,968,326 2,077,441 2,209,831! 1,940, 619 1,897,231
Due from banks in United States
Due from banks in foreign countries (including own
258,337
247,612
269,373
291,490
286, 686 305, 299 287, 248 272, 682 246, 996 263,834
287,104
275,887
255, 821
branches)
Exchanges for clearing house and other checks on local
1, 222, 670 1,912,942 1, 564, 796 ., 508, 418 1,311,817 1, 447, 219 1, 634, 689 3, 493, 061 2,486, 203 1, 446,186 2,132, 331 2, 762, 463 1, 616,954
banks
200,159
65, 331
157, 841
217,291
102, 363 139,056
177, 771
134, 916
163, 527 203, 884 142, 395 117,298
101, 676
Outside checks and other cash items
32, 995
33, 281
32, 715
32,823
33,054
32,828
32, 891
32, 823
33, 025
32, 761
32,889
33, 001
32,480
Redemption fund and due from United States Treasurer.
Acceptances of other banks and bills of exchange or
612,193
431, 968
454, 958
436, 486
265, 00:
433, 668 677, 994 475,155 453, 826 551, 587 735,193
205,382
210, 519
drafts sold with indorsement.
35, 947
36, 337
37, 733
48, 844
25, 744
29, 464
35,212
29,248
36, 551
32, 592
35, 533
33,539
41,521
Securities borrowed..
232,
621
204,
940
222,149
171,070
205,
273
229,
751
231,482
168,141
197,
666
186,
677
198,
700
219,
379
158,488
Other assets
41,118, 464 42,810,192 43,155, 718 44, 888,140 43, 581, 656 45, 091, 849 45, 483, 697 48, 935, 646 46, 673, 097 45, 908, 001 47, 305, 588 48,843, 078 45, 860, 379
Total
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaid
Due to Federal reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own
branches)
_
Certified and officers' checks outstanding._
Cash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
United States deposits
Agreements to repurchase U.S. Government or other
securities sold
Bills payable and rediscounts:
With Federal reserve banks
Allother
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks
National-bank notes outstanding
Securities borrowed
Other liabilities
Total
Number of banks
}
2,248,210 2,273,737 2,304,708 2,337,780 2, 345, 519 2, 415,376 2,453, 859 2,474, 223 2, 563, 27 2, 646, 928 2, 739, 645 2, 757,113 2, 744,975
1,992,174 2,030,342 2, 049, 325J 2,124, 020 2,144,182 2, 285, 536 2, 382, 393 2,440, 709 2, 548,155 2, 650, 336 2, 811, 269 2,864, 612 2, 881,944
832, 564 918,145 882, 806 980, 928 909, 548 956,053
924, 012 f 886,025
914,114
845,596
843,319
940,505
879,480
151,744
I 120,020
144,242
164, 430
143, 603
177, 252
176,610
120, 676 157,144 148,825 172,193
137, 660 175,896
139,315
128,142;
152,531 !
128,757
137, 345
145,458
150,438
51, 883
51,433
54,458
51,915
47,221
53,043|
54,402
52,073
45, 360
49,823
56, 510
65, 379
55, 720
3,388,441 3, 507, 732 3, 567,193 3, 808, 222 3,495, 722| 3, 263,494 3,462, 377 3, 649, 037 3, 070,084 3, 091, 639 3,153, 077 3, 517, 325 3, 204,316
745,691
643,372
613,732
508, 571 543, 273
162, 649 464, 871 481, 696 576, 664 498,075
451, 747
567,800|
586, 869
753, 620 1, 405, 446 1, 603, 562 1,134, 283
839, 556
848, 064
787, 770 1,041,114 2,184,138 1,739,947
788, 522 1,064, 605|
977,944
43,182
25,038
21,6411
29,015
43,177
23,460
41,696
26, 391
27, 338
23,128
27, 385
27, 613
25, 015
',17,
814, 603',937,478
17,
18,861, 582
^ 17,078,905
16,830, 709 T7,735,244 17,374,426 18,1 "0,140'17, 304, 646 17, 606, 564 17.', 501,430 18, 903, 658 17, 708, 269
14, 798 12,922, 638 13, 438, 585 13J
13,518, 731
325, 066 13;
^,209,834 12,459,24812,704;
3, 409, 608 13,453, 311 13, 328, 712I,13,
t, 317, 649 13, 233, 481
11,817,694 12,
266, 981
86, 032
256, 681
143,203
217, 622j
435,475
158,761 261,505 410,867 347,967 315,479
406,850
134, 084
13,248
17,967i
17,845
32, 785
463,900
82,533
440, 565!
100, 683
457, 758
70,457
583, 266
80, 2091
485, 874 1,095,997 1,019,789 1, 040, 608
95, 018
113,440
134,127
121, 570
205,382
505, 586
210, 519
503, 595
265,007
575, 636
431,968
721,473
454,958
705, 001
436,
716, 270
433, 665
717, 931
29,
642,
41,
153,
32,042
650,445
33, 564
147, 696
26, 075
649, 390
29,471
135, 062
22, 318
649,877!
35, 936
191,169
26, 008
646,162
29,352
201, 899
28,
648,
37,
166,
41,417
648, 046
36, 556
189, 692
013
067
546
695
21,375
18,103
235
602
782
726
95,161
103, 758
149,090
136,957
66,214
981,434 1, 029, 391
171, 601 168,975
899,311
250, 587
646, 334
232,188
206,124
140,467
677, 994
928, 329
475,155
846, 370
453, 826
800,423
612,193
551, 586 735,193
984, 670 1, 276,159 1,125, 907
43, 636
649,893
35, 947
209,109
45, 025
647, 354
48,844
224, 581
42, 075
102,423
36, 337
238,116
40,400
640, 610
32, 592
214,946
29, 647
645, 562
35, 533
245, 585
24, 654
647,481
25, 744
239,961
41,118,464 42, 810,192;43,155, 718 44, 888,140 43, 581, 656 45, 091,849 45,483, 697 48, 935, 646 46, 673,097 45, 908, 001 47, 305, 588 48, 843,078 45,860, 379
9,144
9,099
9,087
9, 034
8, 983
!,896
8,837
8, 755
8,707
8,616
8,522
8,406
CO
ALL MEMfcER BANKS—CONDITION OF NATIONAL AND OF STATE MEMBERS ON MARCH 27, 1930
[Amounts in thousands of dollars]
National banks !
All member banks
Total
Central
reserve
city
banks
Other
reserve
city
banks
Country
bank
State bank members
Central Other
reserve reserve Country
banks
city
city
banks banks
Total
Total
Central Other
reserve reserve Country
city
banks
city
banks banks
RESOURCES
Loans (including overdrafts)
... 25,118, 783
United States Government securties
4, 085, 000
Other securities
5. 851, 908
Total loans and investments
35,055,697
Customers' liability on account of acceptances
1, 111, 153
Banking house, furniture, and fixtures
1, 202, 480
Other real estate owned
188, 815
Cash in vault
496,633
Reserve with Federal reserve banks
2, 352, 738
Items with Federal reserve banks in process of collection
719,201
Due from banks in United States
1,901,517
Due from banks in foreign countries (including own branches)
247, 612
Exchanges for clearing house and other checks on local banks
1,616,954
Outside checks and other cash items
65, 331
Redemption fund and due from United States Treasurer
32, 823
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
612,193
Securities borrowed
25, 744
Other assets
231, 4§21
7,598,711 8, 752, 478
1.295, 651! 1, 515,916
1,000,047: 1, 589,515
9,955,009|ll, 857,909 13
835, 3141 260, 069
235, 914
433, 094
9, 538
66, 493
72, 4081 137,954!
964, 611
771,613;
278,951
337,127:
849,396
235, 235
191,798|
52, 160
1, 354, 252
212,775
11,670
33, 716
2, 056
7, 793
545, 55;
95, 151
65,195
14,4201
87, 060!
767, 594 14, 035, 349
273, 439 2, 718, 307
201,746 3, 820, 250,
242,779 21,179,91213
519, 514j|
15, 770
765,464'
533, 478
125, 798
112,784
347,910
286, 271
616,514 1,303,051
428, 532
103, 123:
816,886! 1,391,071
158,875
3,054!
008, 290'
49, 927
45, 029
19, 945
32,823;
22, 974
1,441
11,324;
49, 205|:
203,960
18, 0001
117,070.
400 5,238, 564 6, 520, 385' 10, 483, 434 !4, .'22,3113.,513,914 2,
1
953 1,077, 053 1,063, 301 1,366,699
717, 098 j 438, 863
090
880, 712 2, 536, 448i 2, 025, 652! 051, 551 i 708, 803
449 7, 196,329|10,120,134 13,875,785 fi, 091,500 4 , 661,580 3,
9, 368
591, 639 i 527,462;
202, 294!
57, 775
852
'
413,887
437, 022; 150, 259 167,172
265, 922
655
88, 901
63,017:
4, 376
162
34, 758
31,73f
228, 047
42, 469
939
48, 024
148,717:
89, 930
475, 752:
570, 644 277, 681
989, 087
493, 932
393, 967
69,
980!
142,4351
516
115,0911
290,
669
222,
036
130,
685, 0001
140, 0341 231,926
509, 8-16
617,470
89, 201
2,828!
80, 102'
7, 749
88, 737
44,411
111, 630
34,766 1,008,058
923, 837
143, 115
69, 660
430, 415
16,394
171
6,
499
10,252
20, 302
23, 464
22, 974
7, 793
2,050
161, 600
33400
41, 230
10,054
51,302
1,136
7, 946
32, 302
408, 227
7, 744.
114,412
383, 957
61,685
23,965
4, 366
35, 764
247, 209
210,138
665, 298
122,645
6,402
119,591
23, 883
58, 224
140,762
33,143
131,886
826
15,161
3, 551
305
3,378
16,963
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid.
Due to Federal reserve banks.
Due to other banks in United States
Due to banks in foreign countries ("including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
United States deposits
Agreements to repurchase U. S. Government or other securities sold.
Bills payable and rediscounts:
With Federal reserve banks
Allother
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks.
National-bank notes outstanding
Securities borrowed ._
. _.
Other liabilities
Total.
Number of banks..
2, 744, 9751
2, 881, 944
956, 053!
176,610
175.896
51,915
3, 204. 316
498, 075
1,134. 283
25, 03S
17,078,90,
13,518,731
324, 893
66, 214
553, 365
461,238
154,312
28, 299
39. 328
7, 514
560. 033 1,147,521
! 187,249
40. 722
! 386,572
72. 988
!
4,527
6,116
2,302, 059;3, 008,065,4,
090, 41212, 735. 850 5,
37,501
110,908
507
5,526
865, 359
883, 481
1,144, 778
866, 704
324, 285
250, 979,
77, 732
54, 4021
61, 973
07, 33fi!
33
8, 927
1.297, 124 1,542,510
442, 716
52,018
949, 423
110,950
17, 853
6. 465
5. 989, 748 5, 548, 543
1,895, 20P 4, 963, 208
98, 777
159,088
30, 552
28, 395
206,124
140, 467
2, 765
39, 025
32, 859
35, 943
612.193
1,125,90'
24, 654
647, 481
25. 744
239, 961
545, 557
845, 355
15,444
40, 860
05. 195
205, 879
7,819
151,424
14.420
81,631
,4, 777
370,182
435.088
89, 686
22. 806
18, 533
777, 436
(555, 100
296, 389
28, 027;
30, 806!
32. 7571
291,450'
2,230
55, 692
304
238. 657
067, 245
49, 603
4,090
2,150
3, 350
17,162
13, 805
139,475
49, 687!
101,600
310, 853;
4, 429
40, 860
41,230
203. 869:
5,671151,424
10,054
25, 990
1.130!
8, 450j
1,204'
455,197
7, 940
10,450
21,028
1.043,992, 513,299 311,994
1. 330, 452; 709.090 405, 526
234, 599 102, 667
415,666
26,103
54, 920
97,478
28. 008
43, 440
87, 229
1,413
33
11,644
1, 205, 306 737.091 394,995
11.896!
207, 874! 255, 467i
37,962;
562,851
619,031
349^
13,326!
14,091
fi, 929, 524 ;3.687,089 1,940,478:1
5.019, 224 1,198, 79412, 227, 418 1
61,216!
48,120
126,761
30, 045
22, 869
56,091;
218,699
215, 236
78,400
16.449
15, 781
10,198
73, 220
511
18,218
416
301, 957
593,012
17,425
3,177
47, 337i
73,625 !
I
408, 227
002, 729
13, 350
615
35, 675
15, 697
22,138
31,025
15,812
383,957
534, 502
11,015
23,965
62.010!
2,148:
305
6,217
187
7,744
176.487
63, 749
4, 366
55, 641 i
3, 378
57,097
W
cj
E
45, 860, 379| 14, 787, 404 15,180. 780 15, 880.135,127, 300, 517: 5, 050,085J9, 441,017 12, 209, 415 18, 553, 862 9,131, 379 5, 745, 76313. 676, 720
8,406
1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
1
12, 209, 41.r)!jl8, 553, 802 ;9,131, 379 5, 745, 763 3, 676, 720
45, 860, 379 14, 787, 46415, 180, 780J15, 880, 135 !27, 300, 517 |5, 056, 085-9, 441, 017
Total.
440
7,8951
7,311)1
33
0, 970
1,095
38
132!
925
CO
00
CD
CO
CO
O
ALL MEMBER BANKS—CONDITION ON MARCH 27, 1930, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of doliarsj
Federal Reserve District
Total
St. ! Minne- [ Kansas
Louis
apolis
City
Dallas
San
Francisco
RESOURCES
Loans (including overdrafts)
25,118,783 1. 868,945 8, 541,4371, 833,980 2, 374,125
United States Government securities
_
i 4,085,006 245,5821 1, 417,399j 189, 544; 444,159
Other securities
I 5,851,908; 456,377! 1, 823, 722; 647,088i 636,019
Total l o a n s and i n v e s t m e n t s
__
_
35,055,697 570,904 11, 782,558 2, 670,612 3,454,3031
26,371
27,525
98, 705!
771, 2841
Customers' liability on account of acceptances
_
j 1, 111, 153,
"
312,110 104,973 j 147,437
Banking house, furniture, and fixtures
__' 1,202,486! 72, 339
22,087 i 28,163
7,181
23, 782!
" ' owned'
188,815'
Other real* estate
53, 201
41,1731
33, 742
113,683'
496, 633:
flash in vault
Reserve with Federal reserve banks..
_ 2,352, 738 141, 753 949,841! 135,211 189,145'
49, 3791 71,146
292,902:
52, 631
719, 201
Items with Federal reserve banks in process of collection
219,566 ! 105,969; 163,521
82, 524
1,901,517,
Due from banks in United States
_
2,130
154,570
28,542
4, 210
Due from banks in foreign countries (including own branches) _ _. 247, 612
29, 570
317,906!
43, 923!
30, 651
1,616, 954
Exchanges for clearing house and other checks on local banks
5,784
1, 779'
4,068
65,3311
13.5101
Outside checks and other cash items.._
3,917
2, 355',
2,772
32,823
4, 444,
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold
25,
228;
515,
448
6,386
5,184'
612,193
i
with indorsement
273;
7,947
565
397!
25,744 i|
Securities borrowed
13,183
19,
565
105.465
21,
708
231,482i
Other assets
2, 708
2, 053
4,085
41,370
2,707
21,072
1, 515
4,978!
5,125
548, 434 768, 724
130.824 174,125
216,925 222,149
896,183 1, 164,998
6,669
545
24, 254! 42, 208
6,322
7,346
18,145i 26,355
50, 249 88,9F0
6,152
30,540
97, 257: 203, 621
2,105
699
6, 317, 17,319
2,733
3,019
1,341,
1,623
I
96
6,993!
538
1,564
3,749
687, 83C 2,146, 773
137,074 522,424
82,283 457, 422
907,193 1,126,619
4,381
62, 599
46,491 114,117
9,675
16,385
23,386
40,587
65, 343 178,314
28,788
21,056
141,676 233,026
10, 001
6,611
45, 713
2.560
11,331
2,291
3,107
36
356
2,066
11, «46
2,102
22,058
I
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
_
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid.
Due to Federal reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
.
United States deposits
Agreements to repurchase U. S. Government or other securities
sold.
Bills payable and rediscounts:
With Federal reserve banks
-.
Allother
Acceptances of other banks and bills of exchange or drafts sold
with indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting
banks
National-bank notes outstanding
Securities borrowed.
_
Other liabilities
Total.
1,843
2,706
6,413l
929,3871
113,828
271,974
315,189;
2, 277!
40, 472|
12, 779!
21,241
78,407 i
31, 542
104,699
326
13. 686
2,046
1,814
45, 860, 379 ,3,164, 079,16, 577, 63^ 3, 235, 748 4. 209, 740 1, 547, 468J1, 469,155 6,162, 106 1, 636, 096 1,124,907,1, 593,104 1, 233, 749 3, 906, 593
Total-
Number of banks.
928, 736 844, 621 3, 645, 785
123, 601 120,013, 466,433
170,908 142, 728! 724, 313
223,2451 ,107,362 4, 836,531
9,001
12, 836
88,960|
60,113 175, 542
62, 430
14, 624
15,895
24, 576
26, 723
24, 881
73,516
65, 236 344, 344
65,915
33,616
21,366
80,083
86,133 134,143 329,382
1,273!
42,715;
413!
83, 218|
11,505
10, 535!
2,934
13, 680
1,887|
2,194|
4,410,
2, 555;
2, 744, 975
2,881,944!
956,053;|
176,610
175,896
51,915
3, 204,316
498,075
1,134, 283
25,038
17,078,905
13, 518,731
324,893
193, 980! 948, 369 184,046i 234,240
178, 620 1, 251, 790 373, 706| 292,827
84,929
77, 281 403, 808 88, 765] 82,023
31, 229
11,370 18,149
66,964
9,757
5,906
7, 745; 17, 725
63,440
13, 749
5,971!
18,485
5, 765
7,597
144, 777 1,043, 768 173,743 246^ 732 107,988
3,929
3,0511
703
20, 217 417,193
9,092
22,188 944, 900 11,172 20,469
139
4,160
16, 265|
39|
607
277, 269 6, 303, 537 ,1 084, 592, 1410, 520, 514, 869,
968,882 3, 357, 316 1,108, 362 1, 679, 379 553, 619
109, 321 22,887 25,113
27, 899
23,888
2,e
103,115 376,844
72, 383 291, 076
90, 731
25,187|
37,849
3, 390
32,866
4,081
4,291
2,125
129, 502 526,175
29,330
3,496
43, 853
6,966
2,269
40
544,106 2,327, 999
445, 273 2, 074,416
29, 317
21, 446
111,269
63,133,
29, 656:
4, 692|
64, 5371
35,891!
15, 713'
3,225
3,819
'397:
64
149, 500,
97, 389
4611
1, 250,
8, 638
8, 627,'
44
151;
626, 591 395, 499
537, 006 456,978!
6,749
3,404:
66, 214
4,991
37, 749
677
6,541
2,039
6,469
1,607
206,124
140,467
19,182
12,046
37, 367
45, 484
515,448
779,042
32, 377
16, 328
24, 581
11,335
14, 660i
6, 462!
14, 741
11,8351
22, 621
21,186
12, 52o|
6,461!
2, 262,
523i
5,184
23, 254
6,386
26, 940
1,843
9,048
2, 708!
17, 503|
41, 370
90,452
1,51
2, 367!
16, 217
88, 588
565
112,018
3,906
55,186
397
22, 012
1,106
77, r *
7,947
7,797
137
50, 732
2,706
1,974
1,297
44,169!
2,053;
3, 829
329
87, 635
2, 707
30,192
10!
33, 014!
4,978
31,172
612,193 ] 25, 228
, 125,907 100,164
24, 654
647,481
25, 744
239,961
946
44, 964
273
17, 473
34
93, 587
44,892
25,025
2,843
3, 936
84
216,915
605
14, 990
115
770, 725
364, 428
5,255
93, 678 232, 315
47,884 144,813
27,461
59,174
3,472
8,993
2,988
15,027
1, 683
630
112,735 255,092
1,303
16, 537
11,624
31, 764
30
1,179
614, 353 1, 208,845
233,998 1, 739, 074
19, 220
30, 394
1,1
1,129
12,109
849
5, 522
8,177
5,665
6,774
538
548
36
5,042
11,846
64, 773
10.
26, 543^
96;
2,027
32,107
1, 564
1,535
45. 439
356
2,772
696
61, 208
2,102
7,160
454
45,860, 379 3,164,079116, 577, 634 3, 235,748 4, 209, 740 1, 547,468 1,469,155 6,162,106 1, 636, 096 1,124,907 1, 593,104 1, 233, 749 3,906, 593
8,406
403!
927
759
789,
504
1,156
562';
671;
893
722
601
391
FEDERAL RESERVE BULLETIN
JUNE, 1930
ALL MEMBER BANKS—RESERVE POSITION ON MARCH 27, 1930
[Amounts in thousands of dollars]
Reserve with Federal reserve
banks
Net demand deposits
Class of bank and Federal reserve iI
district
j
|
|
j
i
All member banks
Demand
deposits,
exclusive
of bank
and Goveminent
deposits !
Due to
banks,
net 2
17,078,905 1 1,409,764
Central reserve city banks.
Reserve city banks
Country banks
Total
Net de- i
Time de- : mand plus |
posits i time
!
I d e P ° s i t s I Required !
Held
18, 488, 669 13,518,731 I 32,007,400 . 2,290,644 j 2,352,738
Excess 3
j Ratio of
I required
| reserves
i to net
I demand
plus time
I deposits
i (per cent)
62,094
7.2
840,438
486,950
82, 376
6, 830,186 1,895,206 ! 8,725,392
6,035, 493 4,963,268 ! 10,998,761 |
5, 622, 990 6,660,257 ! 12,283,247 :
944,780 i
752,447 I
593,417 i
964,611
771,613
616,514
19,831
19,166
23,097 !
10.8
6.8
4.8
626, 591
395,499
770, 725
614, 353
1, 208, 845
59,496
666, 684
51,440
95,893
31,266
22, 759
241, 631
53,500
36,231
56,821
16,599
77, 444
1,336, 765
6,970, 221
1,136,032
1, 506,413
546,135
566,865
2, 569, 630
680. 091
431,730
827, 546
630,952
1, 286, 289
2, 305, 647
3, 357, 316 10,327,537
1,108, 362 2, 244,394
1, 679,379 3,185,792
553, 619
1,099, 754
445, 273
1,012,138
2,074, 416 4, 644, 046
537,006
1,217,097
456,978
888,708
364,428
1,191, 974
233,998
864, 950
1,739,074
3,025, 363
143,603
932, 023
132, 328
185,000
62,479
61,965
334, 807
76,180
49,474
83, 295
59,190
170, 300
141,753
949,841
135,211
189,145
65,915
65,236
344,344
78,407
50,249
65, 343
178,314
-1,850 i
17,818 !
2,883 i
4,145 •
3,436 !
3,271 j
9,537 !
2,227 !
775 i
5,685 ;
6,153 :
8,014 ;
6.2
9.0
5.9
5.8
5.7
6.1
7.2
6.3
5.6
7.0
6.8
5.6
4,987,434
1,002,314
644,109
196, 329
5,631,543
1,198, 643
1, 461, 530
433, 676
7,093,073 :
1,632,319 I
775,946 :
168,834 i
792,613
171,998
16,667 !
3,164 \
10.9
10.3
Reserve city banks:
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
646,862
182, 609
603,097
878,007
230, 520
278,963
656, 433
370, 658
153,045
429, 331
254,843
864, 175
51,901
591
48, 728
94, 314
24,192
18, 568
36, 321
44, 808
31, 730
51, 784
11,938
72,075
698, 763
183,200
651, 825
972,321
254,712
297, 531
692, 754
415,466
184,775 !
481,115 i
266,781 I
936,250 i
288, 379
295, 276
260, 576
901, 668
162, 524
205, 662
735,436
251,749
99,313
176,102
138,402
1,448,181
987,142
478,476
912, 401
1,873,989
417, 236
503,193
1,428,190
667,215
284, 088
657,217
405,183
2, 384, 431
78,528
27,178
73,000 :
124,282 .!
30, 347
35, 923
91,338
49, 099
21,457
53,395
30,830
137, 070
77, 387
26, 812
72, 219
126,642
31,367
36, 671
94, 023
50,239
21,016
56, 338
35,168
143,731
-1,141 I
-366 !
-781
2,360
1,020
748
2,685
1,140
-441
2,943
4,338
6,661
8.0
5.7
8.0
6.6
7.3
7.1
6.4
7.4
7.6
8.1
7.6
5.7
Country banks:
Boston...
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis...
Kansas C i t y . .
Dallas
_..
San Francisco..
630,407
1, 133,494
481,495
532,513
284,349
265,143
669, 252
255, 933
242, 454
341,394 |
859,510
344,670
680,503
1,600,510
847,786 I
777,711
391,095
239,611
905,304
285,257
357, 665
188, 326
95, 596
290,893
1,318,505
2, 755,988
1,331,993
1,311,803
682, 518
508,945 j
1,583,537 i
549,882 '
604, 620
534,757
459, 767
640,932
65, 075
64,366
130,416
62,992
62, 503
34, 548
28, 565
78, 323
28,168
29, 233
32,642
30,175
34,583
All member banks:
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis. _.
Kansas City...
Dallas
San Francisco..
Central reserve city banks:
New York....'.
Chicago
5,989,748 \
5,548,543 j
5,540,614 i
1,277,269 '
6,303,537
j 1,084,592 !
! 1,410,520 •
I
514,869 i
I
544,106 I
2,327,c '
"I
I
7, 595
638, 002 |
21,984
1,155,478 !
484,207 :
2,712
534,092 i
1,579
291,423 I
7,074
269,334 !
4,191
678,233
8.981
264,625 !
8, 692
246,955 j
4,501
346,431 ;
5, 037
364,171 !
4,661 I
350,039 I
5,369
59,328
60,718 !
32,132 ;
26,042 i
74,635 !
27,081 i
28,017 :
29,900 I
28,360 :
33,230 :
4.9
4.7
4.5
4.6
4.7
5.1
4.7
4.9
4.6
5.6
6.2
5.2
1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash and outstanding.
2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank,
amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are
computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from
banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or
treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include
items with Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars
due Irom foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.
» Deficiencies in reserves indicated by a minus (—) sign.
ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS OF
NATIONAL AND OF STATE MEMBERS ON MARCH 27, 1930
CO
CO
t
[Amounts in thousands of dollars|
All member banks
National banks i
Central Other
reserve reserve
city
city
banks banks
Central Other
reserve reserve
city
city
banks
banks
Total
Loans—Total
Acceptances payable in United States..
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks—On securities.--.
All other
Loans on securities, exclusive of loans tobanks
Real-estate loans—On farm land
On other real estate
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks
United States Government securities—Total
Bonds
Treasury notes
Certificates of indebtedness
Allother
Other securities—Total
Domestic securities—Total
State, county, and municipal bonds
Railroad bonds
Other public service corporation bonds
All other bonds
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes
Municipal warrants
All other. _.
Foreign securities—Total
Government bonds.
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit
State, county, and municipal deposits
Allother
Net demand deposits (see p. 11)
Time deposits—Total
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Other time depositsEvidenced by savings pass books..
Certificates of deposit
Open accounts, Christmas savings accounts, etc
Postal savings
Bills payable and rediscounts—Total
Bills payable—With Federal reserve banks.
Allother
Rediscounts—With Federal reserve banks.
Allother.-
35,118,783 7,598,711 3,752,478 8, 767,594
92,533
55,381
174, 509
26, 595
24, 157
50, 844
4,218
79, 219
82,772 209,135 207, 379
499, 286
13,723
260,1241 142,187 104, 214
51,209
115,141 100, 607
266,957
0,073,809 4, 220, 095 i, 405, 065 448, 649!
2, 250 112,744 279,123,
394,117
2,775, 673| 168, 5GE ,411,176 195, 932!
0, 595,089! 2, 724, 324 , 329, 999 4, 540, 766
4, 204, 395 j 1,193,69b ,348,738-1,661,959!
Total
Country
banks
Total
Central
reserve
city
banks
Other
reserve
city
banks
Country
banks
>,876,400
,520,385 10, 483,434
722,311 3,513,91412 ,247,209
" 55,369
34, 260
25, 285
59,595
37,164
1, 310
21,842
16, 739
7,4181
4,005
213
36, 033
29, 002
37, 656 166,803 177,622
42, 332!
29,757
117,205
45,116
48,151
76,162
28,052
2,101
11,622;!
124,
189
94, 036
65, 231
69, 602
6,651
31,005
44,558 ]
87, 566
49, 910
1,555,145 1,922,61'
732,944 4, 863,103
664, 950 1,, 482,448 715, 705
262
63,818
83,919 215, 305 i|
28,825
1,988
94,631
16, 312 537, 293 613,156!' 1, 608,912i! 152, 253 873, 883: 582, 776
!
844,878
1,076,432 2,331,169 3, 695, 888; 3,
491, 600[|l 647, 89f 998, 830
445,991 989,130 1,401, 702;!" 1, 367, 572J 747,707 359, 008: 260, 257
577,953 1, 077,053 1 ,063,3011 j 1,366,699,! 717,698 438,8631 210,138
4,085,006 j 1,295,651 [75157916 I,273,439 2,718,307
443, 203j" 847,892 ~~860~694!" 1,130, 179; 023, 227 352,965? "153,987
3, 287, 968 1,066, 43G ,200,857 1,020,681 2,157,789
362, 435
524, 452: 170, 286 179,176 174,990
99,447! 132, 260 130, 728:
46, 916!
44, 262
70,839
162,017
234, 543
60, 410
176, 703
56, 859 117,274
50, 817 i
90, 599
9, 593
57, 840
21,572 26, 6751
35, 287;
18, 60<)
17,358
38,043!
21, 380
15,062!;
2,076
6, 302
2,296
16,663 I 2, 060 12,307!
16|
40U,096| 880,712 7536,44$jl 2,025,652 j 651,551 708,803 J>65,298
851,908 , 060, 64 < ,589,515)3 201,746 3,826,256
"242~ 297
974, 382 "454.262J2, 813,~653 _3, 365,"300| 364,914 JHJO, 208 2,,200,118[ 1376,997" 609,468 653,994 _613, 535
168, 275i 200, 381 417,029 550, 805
"762,4021 " 65, 293 263,751 133,358
117, 507
405,873 135,088 15~3,~278~
95, 743 102, 032 378,943
781,4711 152, 799 160,493 468,179
576,7181
204,753
57, 056 58,461 : 89, 236
43, 608 122,892 579, 263
980, 210i
84, 977 200,734 694,499
745,76311
77,842 115,236
234, 4471 41,369
222,847! 186,409 303,719 732,71
835, 220 •;' 75,93" 166,990 592, 293
387, 627;' 110,472 136,729] 140, 426
24, 20'
56,512
64, 461
43, 420
98,166
173,384
52,411
30, 539
75,218; 40, 254 21, 872| 13,092
17,719
159, 978 217, 507 150,43S
105,174
52,143
35, 312
422, 743! 142,259 165,364 115,120
527, 917
21, 090
59, 000
40, 783
110, 6911
64,431
37,959
26,472:
7, 358
53, 523
51, 642
164, 214
19,693
20, 397
74,065
64, 879
98, 629!
24,490
17,338
64, 805i 44, 482
7, 152!
13,171
163,434
60, 894;
920
27,382
32,537!
13, 448
6, 624 _ 24, 993!. _ _2_8,_008j
2, 389
60, 545 _19/7U;
18, 79f _ 6,824;
44,182 "_80_L444 336, 330
"609, 611 ~86, 265 135,253 388,093
148"; 655 ~42,~083 _ M / S 0 9
51,763
'280," 835 " 33, 944
215,439 " 1 8 , 1 9 0
60,519 186,372
160,677
36, 5"72
15, 7Mj
23^ 0471 "" 25, 695
65,396
245,517
328, 776!
43,8'
175,653
52, 321
25,992
74,734 201,721
26, 329|
30, 8621
26, 068
83, 259
078,905! 5,989,748 5,548,543 5,540,614J1 10,149,381 12,302,65!9 i1,608,065 4,238,657 6,929,524 ^687^089.l,_940,478 1,301,957
194,883'J5,"729,"242 4, 983,"5"(35 4,482, 0761 i 8,833,168! 2,183,096 3,239, 579 3,410,493 ~6, 361, 715[I3,"54~6,140:1, 743, 986.1, 071, 583
182,828) 25, 854 36,115 120, 859
10, 584
132, 761
24, 484 97, 693
50,067:
15,2701
11,6311
23,166
, 446, 366! 87,903 474,875 883,588 1,058,605
44,012 316,494 698,099
387,761'
43,891 158,381j 185,489
254,828 146,749
54,091
64,967
53, 988
124,847
27, 508 32, 372
129, 981
81,782j
26,480
21,719
18,488, 669 ,6,830,186 6,035,493 5, 622,990 11,068,214 2,768,831 3, 990, 113,4', 309, 270 7, 420, 45." 4. 061, 35512,045,38011,313, 720
13,518,731 11,895,206 M 6 3 , 2 6 8 6,6601,257
8,4997507 J>96,412 2, 735,850.5,067,245! 5,019,224 j 1,198,794 !2,227,418 1
3
535,564
54,424 215,211 116,9781 ~ 148,951!;
386, 613
74, 561 313, 994 147,009"
20,137,
98,783
30,031
6,075
32,472
102, 793
64, 246
84,7621
53,311
26,457
4,994
6,015
1,081
18,031 i I 10,935;
162, 742
12,787
65,935
175, 529
53,148
12, 787
109,594'
109, 59411
), 626, 033
L, 811,315
L, 139,518j
127,979
346,591
105, 2091
134, 761
100, 915
5,706
1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii,
Country
banks
State bank members
800, 242 3,
155,06'
616, 768
21, 586
2,015
38, 92£
75C
10C
14^635,349
114,914
42, 586j
382,081!
135,935!
179,391!
5, 210, 706:
299, 486'
1,166,761
7,103,489
2, 836, 823
745, 429 5, 080,362 6,031,242J
439, 147 1,217,107 1,330,852
377,968 144, 782
499,393
64, 922'
41,471
100,710
68,802 235,^99J!
225,629
18,538
84,656j ""82,154
35,711
60,125 i
62, 515
14,321
85,844 |
76, 633
232
5,374!
4,327
r
255,155 2,, 006, 352 3, 769,
69, T,
735 3, 594,791i'
267,692 1,025, 293
37, 86'
480, 463 j;
92, 346
233,420 173, 621
640,125 M
33, 730
57,899
9,081
27,269 1
5,500 ^ 0 , 9 6 7 ! 189,162
120,962)
1,600
11,304'
69,250!;'
237055,
3, 250
13,747
45, 518 !
72,246
550
5,858
70, 225
24,282
100
58
4,169 I
1, 379
545,087 1, 739, 077 1,310, 627
117,194 171,455 191,814
383, 342| 204,347
52,436
12,505
7,741
7. 023
_36,2_90
"415
35, 675;
200!
37,835
7,234
21, 964
8,463
174
46,837
15,406
14, 607
15, 619
1, 205
i
W
d
F
F
ALL MEMBER BANKS
CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS ON
MARCH 27, 1930, AND DECEMBER 31, 1929, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks
Loans—Total
Acceptances payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks—On securities.__
All other
Loans on securities, exclusive of loans to banks
Real estate loans—On farm land
On other real estate
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks
United States Government securities—Total
Bonds
Treasury notes
Certificates of indebtedness.
Allother
Other securities—Total
Domestic securities—Total
State, county, and municipal bonds
Railroad bonds
Other public service corporation bonds
All other bonds.
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes
Municipal warrants.
Allother
.
Foreign securities—Total
Government bonds
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit
State, county, and municipal deposits
Allother
Net demand deposit (see p. 11)
Time deposits—Total
States, counties, and municipalities
Banks in United StatesBanks in foreign countries
Other time depositsEvidenced by savings pass books
Certificates of deposit
Open accounts, Christmas savings accounts, etc.
Postal savings
Bills payable and rediscounts—Total
Bills payable—With Federal reserve banks
Allother
Rediscounts—With Federal reserve banks
Allother
25,118,783 26,150,061
211,950
~ "174, 509
79, 577
79, 219
290, 822
499, 286
260,124
714, 076
266, 957
10, 073, 809 10,147,866
387,714
394,117
2, 775, 673 2, 803, 281
10, 595, 089 11, 514, 775
1, 224, 030
785,867
905, 606
1, 253, 469
170, 517
558, 794
166, 049
168, 947
896,521
827, 080
176, 634
142, 098
70, 603
171, 515
56, 348
154, 907
37, 251
7,909
9,815
69, 441
1,112,027
"888/721
165, 624
23, 477
34, 205
213, 980
142, 487
65, 215
179, 559
54,123
192, 022
30, 525
7,683
4, 386
146,092 j
119,370
16,990
7,750 I
1,982 |
116,306
93,853
19,139
2,404
910
L47, 302
237747
10, 701
14, 374
14, 894
8,113
5,071
3,532
56, 970
9,900
192,634
177,405
427334
12,617
16,014
14,846
8,102
7,080
11,427
54,117
10i868
15, 229
18,861,582 4,987,434
16,935,643 4/760,080 5, 574, 324
24,116
22, 638
201, 671
60, 926
127, 744
1, 335, 485
143, 790
248, 826
388, 783
13,233,481
594,896'i
95,170 j
, 626,033
1,811,315
1,139,518
127,979
1,44_7,6_72
8,~9~3l
4,941
5, 0G8
88,044
784, 402
1, 788
19, 352
535. 141
6,192,326 6,682,565
89,081
127,875
40,298 |
45,855
49,438 I
20, 738
91,814
107,303 ,
3,411,727 i
336 !
150,307 :
2, 252, 022
1,149,559
" 947, 0~60
153,296
49,109
94
1,168, 275
781, 471
980, 210
1, 222, 847
173, 384
527,917
164, 214
163,434
60, 545
609, 611
280, 835
328, 776
17,078^905
15,194, 883
182, 828
1, 446, 366
254, 828
, 592, 096
1, 740, 944
933, 902
122, 464
878,522
453,574
214, 209
192, 760
17, 979
Other reserve city
banks
Central reserve city banks
635, 675
101,136
494, 360
18,801
9,084,286
""" 427525
24,071
102, 469
258,320
3, 439,
109,
1, 428,
3, 679,
8,935,538
32,614
4, 710
162, 547
800
641
450
0.10
1,402,711
1,367,885 ! J,273,_439
1,112,408 "l"~ 020,681
164,568 I 174,990
66,366
60,410
24,543
17, 358
3,201,746 3,172,380
2, 813, 653 X782,899
550,865
548, 749
468,179
471,270
694, 499
650,185
732, 719
739, 379
56, 512
56, 039
150, 432
147, 623
59, 000
61,656
74, 065
77,806
27, 382
30,192
1,082^834 5,548,543 5,970,365 5,540,614
1, 033,136 4, 983, 565 5,422, 522 4, 482,076
3.021
36,115
41, 043
120,859
42, 237
474, 875
423, 370
,588
4,440
53, 988
83, 430
54, 091
1,336,182
~33,"154
39
133, 197
49, 655
21, 787
18, 549
617,125
77,162
417, 421
18, 435
164, 567
53, 925
122,408
2, 785
178,931
111,715
61.05Q
1, 266
4, 900
8,752,478
55, 381
24,157
209,135
104, 214
100, 607
3, 405, 065
112,744
1,411,176
329, 999
1,348,738 I
313, 994
32, 472
12,787
370, 783
29, 528
13, 675
18,538
35,711
14,321
232
291,700
17l7l72
42, 716
70, 906
6, 906
d
5,833,373
A, 905, 661
133,491
742,134
52,087
6,660,257 | 6,590,408
147,009 ! 1327874
6, 075
6, 493
87
155, 688 3, 745, 429 3, 723, 860 5,080, 362
54, 371
410, 600 1, 217,107
439,147
122,064
299, 035
144, 782
377, 968
2,113
40, 578
64, 922
41, 471
41,227
33, 627
5,100
2,500
1
235,999
84, 656"
60,125
85, 844
5, 374
5, 095,423
1,198,811
95, 382
61, 338
366,664
137,060
105, 343
118,088
6,173
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